0001004726-24-000075.txt : 20240306 0001004726-24-000075.hdr.sgml : 20240306 20240306131923 ACCESSION NUMBER: 0001004726-24-000075 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20231231 FILED AS OF DATE: 20240306 DATE AS OF CHANGE: 20240306 EFFECTIVENESS DATE: 20240306 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Victory Portfolios II CENTRAL INDEX KEY: 0001547580 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22696 FILM NUMBER: 24725162 BUSINESS ADDRESS: STREET 1: 4900 TIEDEMAN ROAD, 4TH FLOOR CITY: BROOKLYN STATE: OH ZIP: 44144 BUSINESS PHONE: 216-898-2411 MAIL ADDRESS: STREET 1: 4900 TIEDEMAN ROAD, 4TH FLOOR CITY: BROOKLYN STATE: OH ZIP: 44144 FORMER COMPANY: FORMER CONFORMED NAME: Compass EMP Funds Trust DATE OF NAME CHANGE: 20120417 0001547580 S000037769 Victory Market Neutral Income Fund C000116490 Class A CBHAX C000116492 Class C CBHCX C000116493 Class I CBHIX C000219860 Member Class CBHMX 0001547580 S000037778 Victory US 500 Enhanced Volatility Wtd Index Fund C000116524 Class A CUHAX C000116526 Class C CUHCX C000116527 Class I CUHIX 0001547580 S000044749 VictoryShares US 500 Volatility Wtd ETF C000139051 VictoryShares US 500 Volatility Wtd ETF CFA 0001547580 S000044750 VictoryShares US Discovery Enhanced Volatility Wtd ETF C000139052 VictoryShares US Discovery Enhanced Volatility Wtd ETF CSF 0001547580 S000044751 VictoryShares US 500 Enhanced Volatility Wtd ETF C000139053 VictoryShares US 500 Enhanced Volatility Wtd ETF CFO 0001547580 S000044752 VictoryShares Developed Enhanced Volatility Wtd ETF C000139054 VictoryShares Developed Enhanced Volatility Wtd ETF CIZ 0001547580 S000044753 VictoryShares US EQ Income Enhanced Volatility Wtd ETF C000139055 VictoryShares US EQ Income Enhanced Volatility Wtd ETF CDC 0001547580 S000049904 VictoryShares US Small Cap Volatility Wtd ETF C000157585 VictoryShares US Small Cap Volatility Wtd ETF CSA 0001547580 S000049905 VictoryShares International Volatility Wtd ETF C000157586 VictoryShares International Volatility Wtd ETF CIL 0001547580 S000049907 VictoryShares US Large Cap High Div Volatility Wtd ETF C000157588 VictoryShares US Large Cap High Div Volatility Wtd ETF CDL 0001547580 S000049908 VictoryShares US Small Cap High Div Volatility Wtd ETF C000157589 VictoryShares US Small Cap High Div Volatility Wtd ETF CSB 0001547580 S000049909 VictoryShares International High Div Volatility Wtd ETF C000157590 VictoryShares International High Div Volatility Wtd ETF CID 0001547580 S000056883 VictoryShares US Multi-Factor Minimum Volatility ETF C000180594 VictoryShares US Multi-Factor Minimum Volatility ETF VSMV 0001547580 S000056886 VictoryShares Dividend Accelerator ETF C000180597 VictoryShares Dividend Accelerator ETF VSDA 0001547580 S000065156 VictoryShares US Value Momentum ETF formerly VictoryShares USAA MSCI USA Value Momentum ETF C000210925 VictoryShares US Value Momentum ETF formerly VictoryShares USAA MSCI USA Value Momentum ETF ULVM 0001547580 S000065157 VictoryShares International Value Momentum ETF formerly VictoryShares USAA MSCI International Value Momentum ETF C000210926 VictoryShares International Value Momentum ETF formerly VictoryShares USAA MSCI International Value Momentum ETF UIVM 0001547580 S000065158 VictoryShares Emerging Markets Value Momentum ETF formerly VictoryShares USAA MSCI Emerging Markets Value Momentum ETF C000210927 VictoryShares Emerging Markets Value Momentum ETF formerly VictoryShares USAA MSCI Emerging Markets Value Momentum ETF UEVM 0001547580 S000065159 VictoryShares Short-Term Bond ETF formerly VictoryShares USAA Core Short-Term Bond ETF C000210928 VictoryShares Short-Term Bond ETF USTB 0001547580 S000065160 VictoryShares Core Intermediate Bond ETF formerly VictoryShares USAA Core Intermediate-Term Bond ETF C000210929 VictoryShares Core Intermediate Bond ETF UITB 0001547580 S000065161 VictoryShares US Small Mid Cap Value Momentum ETF formerly VictoryShares USAA MSCI USA Small Cap Value Momentum ETF C000210930 VictoryShares US Small Mid Cap Value Momentum ETF formerly VictoryShares USAA MSCI USA Small Cap Value Momentum ETF USVM 0001547580 S000069387 VictoryShares Nasdaq Next 50 ETF C000221407 VictoryShares Nasdaq Next 50 ETF QQQN 0001547580 S000073697 VictoryShares Corporate Bond ETF, formerly VictoryShares ESG Corporate Bond ETF C000230773 VictoryShares Corporate Bond ETF UCRD 0001547580 S000073698 VictoryShares Core Plus Intermediate Bond ETF, formerly VictoryShares ESG Core Plus Bond ETF C000230774 VictoryShares Core Plus Intermediate Bond ETF UBND 0001547580 S000073699 VictoryShares THB Mid Cap ETF, formerly VictoryShares THB Mid Cap ESG ETF C000230775 VictoryShares THB Mid Cap ETF, formerly VictoryShares THB Mid Cap ESG ETF MDCP 0001547580 S000077771 VictoryShares WestEnd U.S. Sector ETF C000238316 VictoryShares WestEnd U.S. Sector ETF MODL 0001547580 S000080688 VictoryShares Free Cash Flow ETF C000243210 VictoryShares Free Cash Flow ETF VFLO 0001547580 S000080690 VictoryShares Small Cap Free Cash Flow ETF C000243212 VictoryShares Small Cap Free Cash Flow ETF SFLO N-CSRS 1 primary-document.htm
 

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)
 
4900 Tiedeman Road, 4th Floor, Brooklyn, Ohio                      44144
 (Address of principal executive offices)                                        (Zip code)
 
Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH  43219
(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, 2023
 
 
Item 1. Reports to Stockholders.
 
December
31,
2023
Semi
Annual
Report
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
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
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
Investment
Objectives
and
Portfolio
Holdings
3
Schedules
of
Portfolio
Investments
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
5
Victory
Market
Neutral
Income
Fund
14
Financial
Statements
Statements
of
Assets
and
Liabilities
29
Statements
of
Operations
30
Statements
of
Changes
in
Net
Assets
31
Financial
Highlights
33
Notes
to
Financial
Statements
40
Supplemental
Information
Proxy
Voting
and
Portfolio
Holdings
Information 
49
Expense
Examples
49
Advisory
Contract
Approval
50
Privacy
Policy
52
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
3
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide investment
results
that
track
the
performance
of
the
Nasdaq
Victory
US
Large
Cap
500
Long/Cash
Volatility
Weighted
Index
before
fees
and
expenses.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
The
Coca-Cola
Co.
0.4%
McDonald's
Corp.
0.4%
General
Dynamics
Corp.
0.3%
Walmart,
Inc.
0.3%
The
Kraft
Heinz
Co.
0.3%
Cencora,
Inc.
0.3%
PepsiCo,
Inc.
0.3%
Waste
Management,
Inc.
0.3%
Republic
Services,
Inc.
0.3%
Colgate-Palmolive
Co.
0.3%
Industrials
18.0%
Financials
16.2%
Health
Care
13.4%
Information
Technology
12.6%
Consumer
Discretionary
10.0%
Consumer
Staples
9.3%
Utilities
7.3%
Materials
4.8%
Energy
4.3%
Communication
Services
3.2%
4
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide high
current
income.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Universal
Corp.
0.5%
SoftBank
Corp.
0.5%
Formosa
Plastics
Corp.
0.5%
Powertech
Technology,
Inc.
0.4%
The
Coca-Cola
Co.
0.4%
Bank
of
China
Ltd.,
Class
H
0.4%
Land
&
Houses
PCL
0.4%
Bajaj
Auto
Ltd.
0.4%
Japan
Tobacco,
Inc.
0.4%
China
Construction
Bank
Corp.,
Class
H
0.4%
Financials
23.6%
Utilities
13.5%
Energy
9.2%
Consumer
Staples
7.7%
Materials
7.4%
Communication
Services
6.8%
Consumer
Discretionary
6.7%
Industrials
5.5%
Information
Technology
5.4%
Health
Care
2.7%
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
5
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
Common
Stocks
(99.5%)
Communication
Services
(3.2%):
Alphabet,
Inc.
,
Class
A
(a)
.................................................
381
$
53,222
Charter
Communications,
Inc.
,
Class
A
(a)
.....................................
104
40,423
Comcast
Corp.
,
Class
A
..................................................
1,472
64,547
Electronic
Arts,
Inc.
.....................................................
622
85,096
Fox
Corp.
,
Class
A
......................................................
2,141
63,524
Liberty
Broadband
Corp.
,
Class
C
(a)
.........................................
481
38,764
Liberty
Media
Corp.-Liberty
Formula
One
(a)
...................................
908
57,322
Live
Nation
Entertainment,
Inc.
(a)
...........................................
589
55,130
Match
Group,
Inc.
(a)
....................................................
818
29,857
Meta
Platforms,
Inc.
,
Class
A
(a)
............................................
124
43,891
Netflix,
Inc.
(a)
.........................................................
98
47,714
News
Corp.
,
Class
A
.....................................................
2,607
64,002
Omnicom
Group,
Inc.
....................................................
783
67,737
The
Interpublic
Group
of
Cos.,
Inc.
..........................................
1,716
56,010
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
351
25,258
The
Walt
Disney
Co.
....................................................
703
63,474
T-Mobile
US,
Inc.
......................................................
603
96,679
Verizon
Communications,
Inc.
..............................................
2,084
78,567
Warner
Music
Group
Corp.
,
Class
A
.........................................
1,456
52,110
1,083,327
Consumer
Discretionary
(10.0%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
286
38,936
Amazon.com,
Inc.
(a)
....................................................
346
52,571
Aptiv
PLC
(a)
..........................................................
549
49,256
Aramark
.............................................................
1,554
43,667
AutoZone,
Inc.
(a)
.......................................................
32
82,740
Best
Buy
Co.,
Inc.
......................................................
824
64,503
Booking
Holdings,
Inc.
(a)
.................................................
20
70,944
BorgWarner,
Inc.
.......................................................
1,396
50,047
Burlington
Stores,
Inc.
(a)
.................................................
300
58,344
Caesars
Entertainment,
Inc.
(a)
..............................................
653
30,613
CarMax,
Inc.
(a)
........................................................
482
36,989
Chewy,
Inc.
,
Class
A
(a)
..................................................
1,255
29,656
Chipotle
Mexican
Grill,
Inc.
(a)
.............................................
30
68,609
Churchill
Downs,
Inc.
....................................................
441
59,504
D.R.
Horton,
Inc.
.......................................................
523
79,486
Darden
Restaurants,
Inc.
..................................................
618
101,537
Deckers
Outdoor
Corp.
(a)
.................................................
118
78,875
Dick's
Sporting
Goods,
Inc.
................................................
330
48,493
Domino's
Pizza,
Inc.
.....................................................
137
56,475
eBay,
Inc.
............................................................
1,246
54,351
Expedia
Group,
Inc.
(a)
...................................................
376
57,073
Five
Below,
Inc.
(a)
......................................................
321
68,424
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
......................................
422
47,078
Ford
Motor
Co.
........................................................
3,711
45,237
Garmin
Ltd.
...........................................................
794
102,061
General
Motors
Co.
.....................................................
1,438
51,653
Genuine
Parts
Co.
......................................................
481
66,618
Hilton
Worldwide
Holdings,
Inc.
............................................
500
91,045
Hyatt
Hotels
Corp.
,
Class
A
................................................
484
63,118
Las
Vegas
Sands
Corp.
...................................................
1,007
49,554
Lennar
Corp.
,
Class
A
....................................................
541
80,631
LKQ
Corp.
...........................................................
1,519
72,593
Lowe's
Cos.,
Inc.
.......................................................
303
67,433
Marriott
International,
Inc.
,
Class
A
..........................................
330
74,418
McDonald's
Corp.
......................................................
443
131,354
MGM
Resorts
International
(a)
..............................................
1,157
51,695
NIKE,
Inc.
,
Class
B
.....................................................
579
62,862
NVR,
Inc.
(a)
..........................................................
13
91,006
O'Reilly
Automotive,
Inc.
(a)
...............................................
90
85,507
Penske
Automotive
Group,
Inc.
.............................................
326
52,326
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
6
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Pool
Corp.
............................................................
137
$
54,623
PulteGroup,
Inc.
........................................................
719
74,215
Ross
Stores,
Inc.
.......................................................
673
93,136
Service
Corp.
International
................................................
1,299
88,917
Starbucks
Corp.
........................................................
786
75,464
Tesla,
Inc.
(a)
..........................................................
106
26,339
The
Home
Depot,
Inc.
...................................................
226
78,320
The
TJX
Cos.,
Inc.
......................................................
1,096
102,816
Tractor
Supply
Co.
......................................................
319
68,595
Ulta
Beauty,
Inc.
(a)
.....................................................
146
71,539
Yum!
Brands,
Inc.
......................................................
824
107,664
3,408,910
Consumer
Staples
(9.3%):
Altria
Group,
Inc.
.......................................................
2,292
92,459
Archer-Daniels-Midland
Co.
...............................................
918
66,298
Brown-Forman
Corp.
,
Class
B
.............................................
1,282
73,202
Bunge
Global
SA
.......................................................
461
46,538
Campbell
Soup
Co.
.....................................................
2,011
86,936
Church
&
Dwight
Co.,
Inc.
................................................
969
91,629
Colgate-Palmolive
Co.
...................................................
1,398
111,435
Conagra
Brands,
Inc.
....................................................
3,315
95,008
Costco
Wholesale
Corp.
..................................................
160
105,613
Coty,
Inc.
,
Class
A
(a)
....................................................
4,625
57,442
Darling
Ingredients,
Inc.
(a)
................................................
797
39,722
Dollar
General
Corp.
....................................................
354
48,126
Dollar
Tree,
Inc.
(a)
......................................................
433
61,508
General
Mills,
Inc.
......................................................
1,311
85,399
Hormel
Foods
Corp.
.....................................................
2,402
77,128
Kellanova
............................................................
1,813
101,365
Keurig
Dr
Pepper,
Inc.
...................................................
3,035
101,126
Kimberly-Clark
Corp.
....................................................
860
104,499
Lamb
Weston
Holdings,
Inc.
...............................................
784
84,743
McCormick
&
Co.,
Inc.
..................................................
888
60,757
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
1,116
68,310
Mondelez
International,
Inc.
,
Class
A
.........................................
1,416
102,561
Monster
Beverage
Corp.
(a)
................................................
1,460
84,111
PepsiCo,
Inc.
..........................................................
679
115,321
Performance
Food
Group
Co.
(a)
............................................
1,133
78,347
Philip
Morris
International,
Inc.
.............................................
1,060
99,725
Sysco
Corp.
...........................................................
1,281
93,679
Target
Corp.
..........................................................
500
71,210
The
Clorox
Co.
........................................................
440
62,740
The
Coca-Cola
Co.
......................................................
2,289
134,891
The
Estee
Lauder
Cos.,
Inc.
...............................................
302
44,167
The
Hershey
Co.
.......................................................
466
86,881
The
Kraft
Heinz
Co.
.....................................................
3,128
115,673
The
Kroger
Co.
........................................................
1,807
82,598
The
Procter
&
Gamble
Co.
................................................
738
108,146
Tyson
Foods,
Inc.
,
Class
A
................................................
1,061
57,029
U.S.
Foods
Holding
Corp.
(a)
...............................................
1,711
77,696
Walmart,
Inc.
..........................................................
741
116,819
WK
Kellogg
Co.
.......................................................
453
5,952
3,196,789
Energy
(4.3%):
APA
Corp.
............................................................
896
32,148
Baker
Hughes
Co.
......................................................
1,548
52,911
Cheniere
Energy,
Inc.
....................................................
343
58,553
Chesapeake
Energy
Corp.
.................................................
567
43,625
Chevron
Corp.
.........................................................
445
66,376
ConocoPhillips
Co.
.....................................................
453
52,580
Coterra
Energy,
Inc.
.....................................................
1,851
47,237
Devon
Energy
Corp.
.....................................................
890
40,317
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
7
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Diamondback
Energy,
Inc.
................................................
346
$
53,658
EOG
Resources,
Inc.
....................................................
416
50,315
EQT
Corp.
............................................................
948
36,650
Exxon
Mobil
Corp.
.....................................................
574
57,388
Halliburton
Co.
........................................................
1,061
38,355
Hess
Corp.
............................................................
320
46,131
HF
Sinclair
Corp.
.......................................................
815
45,290
Kinder
Morgan,
Inc.
.....................................................
5,364
94,621
Marathon
Oil
Corp.
.....................................................
1,716
41,459
Marathon
Petroleum
Corp.
................................................
361
53,558
Occidental
Petroleum
Corp.
...............................................
942
56,247
ONEOK,
Inc.
..........................................................
1,009
70,852
Ovintiv,
Inc.
..........................................................
765
33,599
Phillips
66
............................................................
480
63,907
Pioneer
Natural
Resources
Co.
.............................................
237
53,297
Schlumberger
NV
......................................................
778
40,487
Targa
Resources
Corp.
...................................................
737
64,023
Texas
Pacific
Land
Corp.
.................................................
23
36,166
The
Williams
Cos.,
Inc.
..................................................
2,288
79,691
Valero
Energy
Corp.
.....................................................
370
48,100
1,457,541
Financials
(16.2%):
Aflac,
Inc.
............................................................
1,034
85,305
American
Express
Co.
...................................................
377
70,627
American
Financial
Group,
Inc.
.............................................
608
72,285
American
International
Group,
Inc.
..........................................
993
67,276
Ameriprise
Financial,
Inc.
.................................................
179
67,990
Aon
PLC
,
Class
A
......................................................
269
78,284
Apollo
Global
Management,
Inc.
............................................
560
52,186
Arch
Capital
Group
Ltd.
(a)
................................................
864
64,169
Ares
Management
Corp.
,
Class
A
...........................................
534
63,503
Arthur
J.
Gallagher
&
Co.
.................................................
397
89,277
Bank
of
America
Corp.
...................................................
2,201
74,108
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
289
103,075
BlackRock,
Inc.
........................................................
106
86,051
Blackstone,
Inc.
........................................................
443
57,998
Brown
&
Brown,
Inc.
....................................................
1,089
77,439
Capital
One
Financial
Corp.
...............................................
475
62,282
Cboe
Global
Markets,
Inc.
................................................
621
110,886
Chubb
Ltd.
...........................................................
384
86,784
Cincinnati
Financial
Corp.
................................................
545
56,386
Citigroup,
Inc.
.........................................................
1,514
77,880
Citizens
Financial
Group,
Inc.
..............................................
1,439
47,688
CME
Group,
Inc.
.......................................................
427
89,926
Corebridge
Financial,
Inc.
.................................................
2,761
59,803
Discover
Financial
Services
...............................................
500
56,200
Equitable
Holdings,
Inc.
..................................................
1,719
57,243
Erie
Indemnity
Co.
,
Class
A
...............................................
183
61,290
Everest
Group
Ltd.
......................................................
172
60,816
FactSet
Research
Systems,
Inc.
.............................................
161
76,805
Fidelity
National
Financial,
Inc.
............................................
1,603
81,785
Fifth
Third
Bancorp
.....................................................
1,629
56,184
First
Citizens
Bancshares,
Inc.
,
Class
A
.......................................
17
24,123
Fiserv,
Inc.
(a)
..........................................................
594
78,907
FleetCor
Technologies,
Inc.
(a)
..............................................
209
59,065
Franklin
Resources,
Inc.
..................................................
2,255
67,176
Global
Payments,
Inc.
....................................................
399
50,673
Globe
Life,
Inc.
........................................................
741
90,195
Huntington
Bancshares,
Inc.
...............................................
3,933
50,028
Interactive
Brokers
Group,
Inc.
.............................................
603
49,989
Intercontinental
Exchange,
Inc.
.............................................
753
96,708
Jack
Henry
&
Associates,
Inc.
..............................................
360
58,828
JPMorgan
Chase
&
Co.
..................................................
497
84,540
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
8
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
KeyCorp.
............................................................
2,438
$
35,107
Loews
Corp.
..........................................................
1,355
94,294
LPL
Financial
Holdings,
Inc.
...............................................
195
44,386
M&T
Bank
Corp.
.......................................................
392
53,735
Markel
Group,
Inc.
(a)
....................................................
53
75,255
Marsh
&
McLennan
Cos.,
Inc.
.............................................
500
94,735
Mastercard,
Inc.
,
Class
A
.................................................
227
96,818
MetLife,
Inc.
..........................................................
896
59,252
Moody's
Corp.
.........................................................
216
84,361
Morgan
Stanley
........................................................
792
73,854
Morningstar,
Inc.
.......................................................
216
61,828
MSCI,
Inc.
...........................................................
95
53,737
Nasdaq,
Inc.
..........................................................
1,256
73,024
Northern
Trust
Corp.
....................................................
628
52,991
PayPal
Holdings,
Inc.
(a)
..................................................
695
42,680
Principal
Financial
Group,
Inc.
.............................................
752
59,160
Prudential
Financial,
Inc.
.................................................
659
68,345
Raymond
James
Financial,
Inc.
.............................................
553
61,660
Regions
Financial
Corp.
..................................................
2,679
51,919
RenaissanceRe
Holdings
Ltd.
..............................................
287
56,252
Ryan
Specialty
Holdings,
Inc.
(a)
............................................
1,375
59,153
S&P
Global,
Inc.
.......................................................
185
81,496
State
Street
Corp.
.......................................................
725
56,159
Synchrony
Financial
.....................................................
1,511
57,705
T.
Rowe
Price
Group,
Inc.
.................................................
473
50,937
The
Bank
of
New
York
Mellon
Corp.
.........................................
1,425
74,171
The
Carlyle
Group,
Inc.
..................................................
1,396
56,803
The
Charles
Schwab
Corp.
................................................
625
43,000
The
Goldman
Sachs
Group,
Inc.
............................................
210
81,012
The
Hartford
Financial
Services
Group,
Inc.
....................................
988
79,415
The
PNC
Financial
Services
Group,
Inc.
......................................
439
67,979
The
Progressive
Corp.
...................................................
390
62,119
The
Travelers
Cos.,
Inc.
..................................................
469
89,340
Tradeweb
Markets,
Inc.
,
Class
A
............................................
656
59,617
Truist
Financial
Corp.
....................................................
1,208
44,599
U.S.
Bancorp
..........................................................
1,126
48,733
Unum
Group
..........................................................
1,084
49,018
UWM
Holdings
Corp.
...................................................
5,659
40,462
Visa,
Inc.
,
Class
A
......................................................
418
108,826
W.R.
Berkley
Corp.
.....................................................
1,222
86,420
Wells
Fargo
&
Co.
......................................................
1,391
68,465
5,520,585
Health
Care
(13.4%):
Abbott
Laboratories
.....................................................
796
87,616
AbbVie,
Inc.
..........................................................
550
85,233
Agilent
Technologies,
Inc.
.................................................
543
75,493
Align
Technology,
Inc.
(a)
.................................................
86
23,564
Amgen,
Inc.
...........................................................
322
92,742
Avantor,
Inc.
(a)
........................................................
2,310
52,737
Becton
Dickinson
&
Co.
..................................................
331
80,708
Biogen,
Inc.
(a)
.........................................................
299
77,372
BioMarin
Pharmaceutical,
Inc.
(a)
...........................................
663
63,926
Bio-Techne
Corp.
.......................................................
683
52,700
Boston
Scientific
Corp.
(a)
.................................................
1,662
96,080
Bristol-Myers
Squibb
Co.
.................................................
1,521
78,043
Bruker
Corp.
..........................................................
826
60,694
Cardinal
Health,
Inc.
....................................................
924
93,139
Cencora,
Inc.
..........................................................
563
115,629
Centene
Corp.
(a)
.......................................................
990
73,468
Charles
River
Laboratories
International,
Inc.
(a)
.................................
224
52,954
CVS
Health
Corp.
......................................................
1,027
81,092
Danaher
Corp.
.........................................................
255
58,992
DaVita,
Inc.
(a)
.........................................................
531
55,628
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Dexcom,
Inc.
(a)
........................................................
454
$
56,337
Edwards
Lifesciences
Corp.
(a)
.............................................
775
59,094
Elevance
Health,
Inc.
....................................................
142
66,962
Eli
Lilly
&
Co.
.........................................................
106
61,790
GE
HealthCare
Technologies,
Inc.
...........................................
730
56,444
Gilead
Sciences,
Inc.
....................................................
1,085
87,896
HCA
Healthcare,
Inc.
....................................................
303
82,016
Henry
Schein,
Inc.
(a)
....................................................
966
73,136
Hologic,
Inc.
(a)
........................................................
1,126
80,453
Humana,
Inc.
..........................................................
130
59,515
IDEXX
Laboratories,
Inc.
(a)
...............................................
107
59,390
Incyte
Corp.
(a)
.........................................................
1,195
75,034
Insulet
Corp.
(a)
........................................................
267
57,934
Intuitive
Surgical,
Inc.
(a)
.................................................
182
61,400
IQVIA
Holdings,
Inc.
(a)
..................................................
299
69,183
Johnson
&
Johnson
.....................................................
597
93,574
Laboratory
Corp.
of
America
Holdings
........................................
411
93,416
McKesson
Corp.
.......................................................
197
91,207
Medtronic
PLC
........................................................
918
75,625
Merck
&
Co.,
Inc.
......................................................
765
83,400
Mettler-Toledo
International,
Inc.
(a)
.........................................
51
61,861
Moderna,
Inc.
(a)
.......................................................
290
28,841
Molina
Healthcare,
Inc.
(a)
................................................
194
70,094
Neurocrine
Biosciences,
Inc.
(a)
.............................................
598
78,792
Penumbra,
Inc.
(a)
.......................................................
209
52,572
Pfizer,
Inc.
............................................................
2,247
64,691
Quest
Diagnostics,
Inc.
...................................................
684
94,310
Regeneron
Pharmaceuticals,
Inc.
(a)
..........................................
76
66,750
Repligen
Corp.
(a)
.......................................................
203
36,499
ResMed,
Inc.
..........................................................
321
55,218
Revvity,
Inc.
..........................................................
528
57,716
STERIS
PLC
..........................................................
255
56,062
Stryker
Corp.
..........................................................
257
76,961
Teleflex,
Inc.
..........................................................
287
71,561
The
Cigna
Group
.......................................................
230
68,873
The
Cooper
Cos.,
Inc.
....................................................
198
74,931
Thermo
Fisher
Scientific,
Inc.
..............................................
130
69,003
United
Therapeutics
Corp.
(a)
..............................................
293
64,428
UnitedHealth
Group,
Inc.
.................................................
151
79,497
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
215
41,392
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
215
87,481
Viatris,
Inc.
...........................................................
6,180
66,929
Waters
Corp.
(a)
........................................................
204
67,163
West
Pharmaceutical
Services,
Inc.
..........................................
131
46,128
Zimmer
Biomet
Holdings,
Inc.
.............................................
745
90,666
Zoetis,
Inc.
...........................................................
339
66,908
4,596,943
Industrials
(18.0%):
A.O.
Smith
Corp.
.......................................................
776
63,973
Advanced
Drainage
Systems,
Inc.
...........................................
291
40,926
AECOM
.............................................................
934
86,330
AGCO
Corp.
..........................................................
412
50,021
Allegion
PLC
.........................................................
537
68,033
American
Airlines
Group,
Inc.
(a)
............................................
3,054
41,962
AMETEK,
Inc.
........................................................
539
88,876
Automatic
Data
Processing,
Inc.
............................................
316
73,619
Axon
Enterprise,
Inc.
(a)
..................................................
201
51,924
Booz
Allen
Hamilton
Holding
Corp.
.........................................
636
81,351
Broadridge
Financial
Solutions,
Inc.
.........................................
404
83,123
Builders
FirstSource,
Inc.
(a)
...............................................
303
50,583
C.H.
Robinson
Worldwide,
Inc.
.............................................
690
59,609
Carlisle
Cos.,
Inc.
.......................................................
249
77,795
Carrier
Global
Corp.
.....................................................
973
55,899
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
10
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Caterpillar,
Inc.
........................................................
205
$
60,612
Cintas
Corp.
..........................................................
171
103,055
Copart,
Inc.
(a)
.........................................................
1,702
83,398
CSX
Corp.
............................................................
2,512
87,091
Cummins,
Inc.
.........................................................
282
67,559
Deere
&
Co.
..........................................................
145
57,981
Delta
Air
Lines,
Inc.
.....................................................
1,264
50,851
Dover
Corp.
...........................................................
457
70,291
Eaton
Corp.
PLC
.......................................................
272
65,503
EMCOR
Group,
Inc.
....................................................
263
56,658
Equifax,
Inc.
..........................................................
282
69,736
Expeditors
International
of
Washington,
Inc.
....................................
580
73,776
Fastenal
Co.
...........................................................
1,311
84,913
FedEx
Corp.
..........................................................
240
60,713
Fortive
Corp.
..........................................................
937
68,991
General
Dynamics
Corp.
..................................................
450
116,852
General
Electric
Co.
.....................................................
579
73,898
Graco,
Inc.
...........................................................
786
68,193
HEICO
Corp.
..........................................................
387
69,223
Honeywell
International,
Inc.
..............................................
458
96,047
Howmet
Aerospace,
Inc.
..................................................
1,463
79,178
Hubbell,
Inc.
..........................................................
176
57,892
IDEX
Corp.
...........................................................
337
73,166
Illinois
Tool
Works,
Inc.
..................................................
303
79,368
Ingersoll
Rand,
Inc.
.....................................................
942
72,854
J.B.
Hunt
Transport
Services,
Inc.
...........................................
344
68,711
Jacobs
Solutions,
Inc.
....................................................
567
73,597
Johnson
Controls
International
PLC
..........................................
1,041
60,003
L3Harris
Technologies,
Inc.
...............................................
444
93,515
Leidos
Holdings,
Inc.
....................................................
622
67,325
Lennox
International,
Inc.
.................................................
148
66,233
Lincoln
Electric
Holdings,
Inc.
.............................................
352
76,546
Lockheed
Martin
Corp.
...................................................
231
104,698
Masco
Corp.
..........................................................
1,017
68,119
Nordson
Corp.
.........................................................
253
66,833
Norfolk
Southern
Corp.
..................................................
380
89,824
Northrop
Grumman
Corp.
.................................................
191
89,415
Old
Dominion
Freight
Line,
Inc.
............................................
113
45,802
Otis
Worldwide
Corp.
....................................................
970
86,786
Owens
Corning
........................................................
418
61,960
PACCAR,
Inc.
.........................................................
839
81,928
Parker-Hannifin
Corp.
...................................................
148
68,184
Paychex,
Inc.
..........................................................
595
70,870
Paycom
Software,
Inc.
...................................................
144
29,768
Paylocity
Holding
Corp.
(a)
................................................
225
37,091
Quanta
Services,
Inc.
....................................................
325
70,135
Regal
Rexnord
Corp.
....................................................
311
46,034
Republic
Services,
Inc.
...................................................
686
113,128
Rockwell
Automation,
Inc.
................................................
188
58,370
Rollins,
Inc.
...........................................................
2,072
90,484
RTX
Corp.
............................................................
874
73,538
Saia,
Inc.
(a)
...........................................................
92
40,316
Snap-on,
Inc.
..........................................................
266
76,831
Southwest
Airlines
Co.
...................................................
1,635
47,219
SS&C
Technologies
Holdings,
Inc.
..........................................
1,201
73,393
Stanley
Black
&
Decker,
Inc.
..............................................
490
48,069
Textron,
Inc.
..........................................................
845
67,955
The
Toro
Co.
..........................................................
671
64,409
Trane
Technologies
PLC
..................................................
330
80,487
TransDigm
Group,
Inc.
...................................................
87
88,009
TransUnion
...........................................................
656
45,074
U-Haul
Holding
Co.
.....................................................
802
56,493
Union
Pacific
Corp.
.....................................................
293
71,967
United
Airlines
Holdings,
Inc.
(a)
............................................
882
36,391
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
11
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
United
Parcel
Service,
Inc.
,
Class
B
..........................................
413
$
64,936
United
Rentals,
Inc.
.....................................................
91
52,181
Veralto
Corp.
..........................................................
85
6,992
Verisk
Analytics,
Inc.
....................................................
326
77,868
Vertiv
Holdings
Co.
,
Class
A
...............................................
694
33,333
Vestis
Corp.
...........................................................
777
16,426
W.W.
Grainger,
Inc.
.....................................................
84
69,610
Waste
Management,
Inc.
..................................................
639
114,445
Watsco,
Inc.
...........................................................
157
67,270
Westinghouse
Air
Brake
Technologies
Corp.
....................................
699
88,703
Xylem,
Inc.
...........................................................
660
75,478
6,144,575
Information
Technology
(12.6%):
Accenture
PLC
,
Class
A
..................................................
206
72,287
Adobe,
Inc.
(a)
.........................................................
89
53,097
Akamai
Technologies,
Inc.
(a)
..............................................
578
68,406
Amphenol
Corp.
,
Class
A
.................................................
938
92,984
Analog
Devices,
Inc.
....................................................
330
65,525
ANSYS,
Inc.
(a)
........................................................
175
63,504
Apple,
Inc.
...........................................................
388
74,702
Applied
Materials,
Inc.
...................................................
292
47,324
AppLovin
Corp.
,
Class
A
(a)
...............................................
518
20,642
Arista
Networks,
Inc.
(a)
..................................................
176
41,450
Autodesk,
Inc.
(a)
.......................................................
227
55,270
Bentley
Systems,
Inc.
,
Class
B
.............................................
1,087
56,720
Broadcom,
Inc.
........................................................
57
63,626
Cadence
Design
Systems,
Inc.
(a)
............................................
240
65,369
CDW
Corp.
...........................................................
289
65,695
Cisco
Systems,
Inc.
.....................................................
1,514
76,487
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
894
67,524
Corning,
Inc.
..........................................................
2,107
64,158
Dell
Technologies,
Inc.
,
Class
C
............................................
1,032
78,948
Dropbox,
Inc.
,
Class
A
(a)
.................................................
2,000
58,960
Dynatrace,
Inc.
(a)
......................................................
877
47,963
Enphase
Energy,
Inc.
(a)
..................................................
229
30,260
Entegris,
Inc.
..........................................................
329
39,421
EPAM
Systems,
Inc.
(a)
...................................................
136
40,438
F5,
Inc.
(a)
............................................................
438
78,393
Fair
Isaac
Corp.
(a)
......................................................
74
86,137
First
Solar,
Inc.
(a)
......................................................
158
27,220
Fortinet,
Inc.
(a)
........................................................
637
37,284
Gartner,
Inc.
(a)
........................................................
211
95,184
Gen
Digital,
Inc.
.......................................................
2,547
58,123
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
965
102,444
Hewlett
Packard
Enterprise
Co.
.............................................
3,582
60,822
HP,
Inc.
..............................................................
2,059
61,955
International
Business
Machines
Corp.
........................................
650
106,308
Intuit,
Inc.
............................................................
93
58,128
Jabil,
Inc.
............................................................
527
67,140
Juniper
Networks,
Inc.
...................................................
2,362
69,632
Keysight
Technologies,
Inc.
(a)
.............................................
394
62,681
KLA
Corp.
...........................................................
89
51,736
Lam
Research
Corp.
.....................................................
60
46,996
Lattice
Semiconductor
Corp.
(a)
.............................................
371
25,595
Manhattan
Associates,
Inc.
(a)
..............................................
299
64,381
Microchip
Technology,
Inc.
................................................
587
52,936
Microsoft
Corp.
........................................................
185
69,567
Monolithic
Power
Systems,
Inc.
............................................
61
38,478
Motorola
Solutions,
Inc.
..................................................
308
96,432
NetApp,
Inc.
..........................................................
849
74,848
NVIDIA
Corp.
.........................................................
61
30,208
NXP
Semiconductors
NV
.................................................
243
55,812
ON
Semiconductor
Corp.
(a)
...............................................
395
32,994
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
12
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Oracle
Corp.
..........................................................
579
$
61,044
Palo
Alto
Networks,
Inc.
(a)
................................................
169
49,835
PTC,
Inc.
(a)
...........................................................
530
92,729
QUALCOMM,
Inc.
.....................................................
429
62,046
Roper
Technologies,
Inc.
..................................................
199
108,489
Salesforce,
Inc.
(a)
......................................................
243
63,943
ServiceNow,
Inc.
(a)
.....................................................
82
57,932
Skyworks
Solutions,
Inc.
.................................................
457
51,376
Super
Micro
Computer,
Inc.
(a)
.............................................
76
21,604
Synopsys,
Inc.
(a)
.......................................................
129
66,423
TD
SYNNEX
Corp.
.....................................................
643
69,193
TE
Connectivity
Ltd.
....................................................
585
82,193
Teledyne
Technologies,
Inc.
(a)
.............................................
180
80,332
Teradyne,
Inc.
.........................................................
457
49,594
Texas
Instruments,
Inc.
...................................................
392
66,820
Trimble,
Inc.
(a)
........................................................
1,045
55,594
Tyler
Technologies,
Inc.
(a)
................................................
147
61,464
VeriSign,
Inc.
(a)
........................................................
437
90,005
Zebra
Technologies
Corp.
(a)
...............................................
145
39,633
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
..................................
573
41,204
4,293,647
Materials
(4.8%):
Air
Products
and
Chemicals,
Inc.
............................................
256
70,093
Albemarle
Corp.
.......................................................
192
27,740
Avery
Dennison
Corp.
...................................................
367
74,193
Ball
Corp.
............................................................
936
53,839
Celanese
Corp.
.........................................................
395
61,371
CF
Industries
Holdings,
Inc.
...............................................
657
52,231
Corteva,
Inc.
..........................................................
1,353
64,836
Crown
Holdings,
Inc.
....................................................
682
62,805
Dow,
Inc.
............................................................
1,317
72,224
DuPont
de
Nemours,
Inc.
.................................................
880
67,698
Eastman
Chemical
Co.
...................................................
665
59,730
Ecolab,
Inc.
...........................................................
412
81,720
FMC
Corp.
...........................................................
731
46,090
Freeport-McMoRan,
Inc.
.................................................
1,174
49,977
International
Paper
Co.
...................................................
1,682
60,804
LyondellBasell
Industries
NV
,
Class
A
........................................
701
66,651
Martin
Marietta
Materials,
Inc.
.............................................
144
71,843
Nucor
Corp.
...........................................................
268
46,643
Packaging
Corp.
of
America
...............................................
423
68,911
PPG
Industries,
Inc.
.....................................................
454
67,896
Reliance
Steel
&
Aluminum
Co.
............................................
231
64,606
RPM
International,
Inc.
..................................................
558
62,290
Steel
Dynamics,
Inc.
.....................................................
385
45,469
The
Mosaic
Co.
........................................................
1,164
41,590
The
Sherwin-Williams
Co.
................................................
229
71,425
Vulcan
Materials
Co.
....................................................
327
74,232
Westlake
Corp.
........................................................
401
56,124
1,643,031
Real
Estate
(0.4%):
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
695
64,698
CoStar
Group,
Inc.
(a)
....................................................
736
64,319
129,017
Utilities
(7.3%):
Alliant
Energy
Corp.
....................................................
1,683
86,338
Ameren
Corp.
.........................................................
1,085
78,489
American
Electric
Power
Co.,
Inc.
...........................................
1,065
86,499
American
Water
Works
Co.,
Inc.
............................................
612
80,778
Atmos
Energy
Corp.
.....................................................
759
87,968
CenterPoint
Energy,
Inc.
..................................................
3,142
89,767
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
13
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
CMS
Energy
Corp.
......................................................
1,512
$
87,802
Consolidated
Edison,
Inc.
.................................................
1,059
96,337
Constellation
Energy
Corp.
................................................
628
73,407
Dominion
Energy,
Inc.
...................................................
1,614
75,858
DTE
Energy
Co.
.......................................................
867
95,596
Duke
Energy
Corp.
......................................................
1,038
100,728
Edison
International
.....................................................
1,119
79,997
Entergy
Corp.
.........................................................
811
82,065
Essential
Utilities,
Inc.
...................................................
2,252
84,112
Evergy,
Inc.
...........................................................
1,554
81,119
Eversource
Energy
......................................................
1,254
77,397
Exelon
Corp.
..........................................................
2,276
81,708
FirstEnergy
Corp.
.......................................................
2,362
86,591
NextEra
Energy,
Inc.
....................................................
1,144
69,487
NiSource,
Inc.
.........................................................
3,398
90,217
PG&E
Corp.
..........................................................
5,245
94,567
PPL
Corp.
............................................................
3,759
101,869
Public
Service
Enterprise
Group,
Inc.
.........................................
1,442
88,178
Sempra
..............................................................
1,270
94,907
The
Southern
Co.
.......................................................
1,345
94,311
Vistra
Corp.
...........................................................
1,646
63,404
WEC
Energy
Group,
Inc.
.................................................
1,046
88,042
Xcel
Energy,
Inc.
.......................................................
1,524
94,351
2,491,889
Total
Common
Stocks
(Cost
$28,999,357)
33,966,254
Investment
Companies
(0.7%)
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares
,
5
.22
%
(b)
............
250,807
250,807
Total
Investment
Companies
(Cost
$250,807)
250,807
Total
Investments
(Cost
$29,250,164)
—
100.2%
34,217,061
Liabilities
in
excess
of
other
assets
—
(0.2)%
(
63,229
)
NET
ASSETS
-
100.00%
$
34,153,832
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
daily
yield
on
December
31,
2023.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
1
3/15/24
$
241,779
$
241,000
$
(
779
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
779
)
Total
net
unrealized
appreciation
(depreciation)
$
(
779
)
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
14
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
Common
Stocks
(90.2%)
Australia
(2.4%):
Communication
Services
(0.4%):
Telstra
Group
Ltd.
......................................................
4,098,522
$
11,072,937
Consumer
Staples
(0.3%):
Coles
Group
Ltd.
.......................................................
880,519
9,670,441
Energy
(0.4%):
Santos
Ltd.
...........................................................
1,318,516
6,854,132
Woodside
Energy
Group
Ltd.
..............................................
226,728
4,786,682
11,640,814
Financials
(0.6%):
ANZ
Group
Holdings
Ltd.
................................................
488,431
8,627,726
Westpac
Banking
Corp.
..................................................
567,126
8,846,640
17,474,366
Materials
(0.7%):
BHP
Group
Ltd.
........................................................
216,882
7,408,070
Fortescue
Ltd.
.........................................................
328,965
6,484,897
Rio
Tinto
Ltd.
.........................................................
85,221
7,889,553
21,782,520
71,641,078
Austria
(0.3%):
Energy
(0.2%):
OMV
AG
............................................................
104,798
4,597,154
Utilities
(0.1%):
Verbund
AG
..........................................................
39,258
3,637,607
8,234,761
Brazil
(3.7%):
Communication
Services
(0.6%):
Telefonica
Brasil
SA
.....................................................
833,400
9,157,730
TIM
SA
..............................................................
2,519,600
9,282,072
18,439,802
Consumer
Discretionary
(0.3%):
Lojas
Renner
SA
.......................................................
1,015,600
3,645,486
Vibra
Energia
SA
.......................................................
1,131,400
5,301,366
8,946,852
Consumer
Staples
(0.6%):
Ambev
SA
............................................................
4,056,200
11,403,583
JBS
SA
..............................................................
1,301,000
6,607,551
18,011,134
Energy
(0.3%):
Petroleo
Brasileiro
SA
,
Preference
Shares
.....................................
1,375,400
10,729,185
10,729,185
Financials
(1.1%):
Banco
Bradesco
SA
.....................................................
2,432,600
7,661,313
Banco
do
Brasil
SA
.....................................................
663,000
7,560,473
BB
Seguridade
Participacoes
SA
............................................
1,491,500
10,362,434
Caixa
Seguridade
Participacoes
S/A
..........................................
2,489,800
6,618,886
32,203,106
Materials
(0.5%):
Suzano
SA
............................................................
622,600
7,092,548
Vale
SA
..............................................................
440,400
6,977,798
14,070,346
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
15
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Utilities
(0.3%):
Engie
Brasil
Energia
SA
..................................................
1,133,100
$
10,575,073
112,975,498
Canada
(1.7%):
Communication
Services
(0.6%):
BCE,
Inc.
............................................................
269,849
10,625,725
TELUS
Corp.
(a)
.......................................................
517,519
9,210,580
19,836,305
Energy
(0.5%):
Pembina
Pipeline
Corp.
..................................................
261,177
8,993,052
Suncor
Energy,
Inc.
.....................................................
148,539
4,759,212
13,752,264
Financials
(0.6%):
Canadian
Imperial
Bank
of
Commerce
........................................
201,602
9,708,059
The
Bank
of
Nova
Scotia
.................................................
178,130
8,671,889
18,379,948
51,968,517
Chile
(0.6%):
Consumer
Staples
(0.0%):(b)
Cencosud
SA
..........................................................
73,108
137,466
Energy
(0.0%):(b)
Empresas
Copec
SA
.....................................................
38,596
281,026
Financials
(0.4%):
Banco
de
Chile
........................................................
60,398,965
7,102,083
Banco
Santander
Chile
...................................................
130,152,754
6,360,720
13,462,803
Utilities
(0.2%):
Enel
Chile
SA
.........................................................
68,640,908
4,448,321
18,329,616
China
(4.5%):
Consumer
Staples
(0.1%):
Tingyi
Cayman
Islands
Holding
Corp.
........................................
3,172,000
3,868,701
Energy
(1.0%):
China
Petroleum
&
Chemical
Corp.
,
Class
H
...................................
13,696,000
7,177,717
China
Shenhua
Energy
Co.
Ltd.
,
Class
H
......................................
2,874,000
9,856,555
Inner
Mongolia
Yitai
Coal
Co.
Ltd.
,
Class
B
(c)
..................................
1,060,269
1,633,584
PetroChina
Co.
Ltd.
,
Class
H
..............................................
9,004,000
5,949,984
Yankuang
Energy
Group
Co.
Ltd.
,
Class
H
.....................................
2,592,000
4,930,359
29,548,199
Financials
(2.7%):
Agricultural
Bank
of
China
Ltd.
,
Class
H
......................................
24,485,000
9,445,130
Bank
of
China
Ltd.
,
Class
H
...............................................
32,731,000
12,437,664
Bank
of
Communications
Co.
Ltd.
,
Class
H
....................................
16,979,000
10,599,138
China
Cinda
Asset
Management
Co.
Ltd.
,
Class
H
...............................
2,372,000
236,987
China
CITIC
Bank
Corp.
Ltd.
,
Class
H
.......................................
24,457,000
11,535,026
China
Construction
Bank
Corp.
,
Class
H
......................................
19,449,000
11,569,694
China
Galaxy
Securities
Co.
Ltd.
,
Class
H
.....................................
6,295,500
3,330,611
China
Merchants
Bank
Co.
Ltd.
,
Class
H
......................................
1,188,000
4,132,651
China
Merchants
Securities
Co.
Ltd.
,
Class
H
(d)
.................................
2,317,600
1,896,999
China
Minsheng
Banking
Corp.
Ltd.
,
Class
H
...................................
4,977,000
1,689,673
China
Pacific
Insurance
Group
Co.
Ltd.
,
Class
H
................................
1,708,600
3,456,468
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
H
.............................
16,775,000
8,175,499
Postal
Savings
Bank
of
China
Co.
Ltd.
,
Class
H
(d)
...............................
11,737,000
5,612,012
84,117,552
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
16
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Information
Technology
(0.1%):
China
Railway
Signal
&
Communication
Corp.
Ltd.
,
Class
H
(d)
.....................
6,889,000
$
2,294,873
Materials
(0.4%):
Anhui
Conch
Cement
Co.
Ltd.
,
Class
H
.......................................
1,993,000
4,602,315
China
Hongqiao
Group
Ltd.
...............................................
3,954,000
3,237,726
China
National
Building
Material
Co.
Ltd.
,
Class
H
..............................
10,396,000
4,452,083
12,292,124
Real
Estate
(0.2%):
China
Vanke
Co.
Ltd.
,
Class
H
.............................................
3,758,500
3,478,702
Longfor
Group
Holdings
Ltd.
(d)
............................................
1,254,500
2,013,410
5,492,112
137,613,561
Colombia
(0.0%):(b)
Utilities
(0.0%):(b)
Interconexion
Electrica
SA
ESP
.............................................
163,088
650,808
Czech
Republic
(0.3%):
Financials
(0.1%):
Komercni
Banka
AS
.....................................................
109,845
3,559,130
Utilities
(0.2%):
CEZ
AS
.............................................................
99,275
4,257,811
7,816,941
Denmark
(0.1%):
Industrials
(0.1%):
AP
Moller
-
Maersk
A/S
,
Class
B
...........................................
2,138
3,849,135
Finland
(1.0%):
Financials
(0.2%):
Nordea
Bank
Abp
.......................................................
551,134
6,844,407
Industrials
(0.2%):
Kone
Oyj
,
Class
B
......................................................
130,934
6,548,586
Materials
(0.4%):
Stora
Enso
Oyj
,
Class
R
..................................................
343,156
4,753,981
UPM-Kymmene
Oyj
....................................................
181,524
6,846,292
11,600,273
Utilities
(0.2%):
Fortum
Oyj
...........................................................
396,356
5,724,254
30,717,520
France
(2.0%):
Communication
Services
(0.3%):
Orange
SA
............................................................
854,164
9,734,152
Consumer
Discretionary
(0.2%):
Cie
Generale
des
Etablissements
Michelin
SCA
.................................
200,507
7,202,556
Energy
(0.2%):
TotalEnergies
SE
.......................................................
91,269
6,205,368
Financials
(1.0%):
Amundi
SA
(d)
.........................................................
89,953
6,134,827
AXA
SA
.............................................................
210,330
6,867,708
BNP
Paribas
SA
........................................................
73,437
5,099,198
Credit
Agricole
SA
......................................................
481,850
6,849,374
Societe
Generale
SA
.....................................................
160,270
4,263,463
29,214,570
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
17
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Industrials
(0.3%):
Bouygues
SA
..........................................................
223,483
$
8,430,710
60,787,356
Germany
(1.0%):
Communication
Services
(0.0%):(b)
Telefonica
Deutschland
Holding
AG
(a)
.......................................
71,100
184,686
Consumer
Discretionary
(0.4%):
Bayerische
Motoren
Werke
AG
.............................................
62,621
6,967,005
Mercedes-Benz
Group
AG
................................................
84,566
5,834,088
12,801,093
Health
Care
(0.1%):
Bayer
AG
,
Registered
Shares
..............................................
109,183
4,050,573
Industrials
(0.2%):
Deutsche
Post
AG
......................................................
131,858
6,525,574
Utilities
(0.3%):
E.ON
SE
.............................................................
602,723
8,096,532
31,658,458
Hong
Kong
(1.4%):
Consumer
Discretionary
(0.0%):(b)
China
Education
Group
Holdings
Ltd.
........................................
731,000
458,741
Financials
(0.1%):
BOC
Hong
Kong
Holdings
Ltd.
............................................
685,000
1,860,892
Industrials
(0.2%):
CK
Hutchison
Holdings
Ltd.
...............................................
1,264,000
6,791,232
Real
Estate
(0.6%):
CK
Asset
Holdings
Ltd.
..................................................
1,036,500
5,202,492
Henderson
Land
Development
Co.
Ltd.
.......................................
1,969,000
6,063,645
Sun
Hung
Kai
Properties
Ltd.
..............................................
50,000
541,089
Swire
Pacific
Ltd.
,
Class
A
................................................
650,000
5,505,481
17,312,707
Utilities
(0.5%):
CLP
Holdings
Ltd.
......................................................
1,072,000
8,857,331
Hong
Kong
&
China
Gas
Co.
Ltd.
...........................................
9,440,000
7,238,716
16,096,047
42,519,619
India
(1.2%):
Communication
Services
(0.1%):
Indus
Towers
Ltd.
(c)
....................................................
829,536
1,982,767
Consumer
Discretionary
(0.4%):
Bajaj
Auto
Ltd.
........................................................
143,444
11,714,297
Consumer
Staples
(0.1%):
ITC
Ltd.
.............................................................
684,582
3,800,176
Energy
(0.4%):
Bharat
Petroleum
Corp.
Ltd.
...............................................
1,269,051
6,873,102
Hindustan
Petroleum
Corp.
Ltd.
(c)
..........................................
1,064,132
5,101,498
11,974,600
Utilities
(0.2%):
NTPC
Ltd.
............................................................
1,434,045
5,357,976
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
18
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Power
Grid
Corp.
of
India
Ltd.
.............................................
734,778
$
2,093,029
7,451,005
36,922,845
Indonesia
(0.6%):
Communication
Services
(0.3%):
PT
Telkom
Indonesia
Persero
Tbk
...........................................
35,035,500
8,989,390
Energy
(0.1%):
PT
Adaro
Energy
Indonesia
Tbk
............................................
18,869,100
2,914,686
Industrials
(0.2%):
PT
Astra
International
Tbk
................................................
18,371,300
6,738,022
18,642,098
Ireland
(0.2%):
Health
Care
(0.2%):
Medtronic
PLC
........................................................
86,876
7,156,845
Israel
(0.2%):
Financials
(0.2%):
Bank
Hapoalim
BM
.....................................................
619,202
5,581,997
Materials
(0.0%):(b)
ICL
Group
Ltd.
........................................................
35,951
181,378
5,763,375
Italy
(1.9%):
Energy
(0.2%):
Eni
SpA
.............................................................
388,944
6,596,146
Financials
(0.9%):
Assicurazioni
Generali
SpA
...............................................
371,802
7,854,198
Intesa
Sanpaolo
SpA
.....................................................
1,946,800
5,696,340
Mediobanca
Banca
di
Credito
Finanziario
SpA
..................................
524,832
6,502,724
Poste
Italiane
SpA
(d)
....................................................
615,341
6,993,477
27,046,739
Utilities
(0.8%):
Enel
SpA
.............................................................
1,068,727
7,950,060
Snam
SpA
............................................................
1,483,960
7,633,828
Terna
-
Rete
Elettrica
Nazionale
............................................
971,015
8,099,756
23,683,644
57,326,529
Japan
(1.1%):
Communication
Services
(0.5%):
SoftBank
Corp.
........................................................
1,262,000
15,728,936
Consumer
Staples
(0.4%):
Japan
Tobacco,
Inc.
.....................................................
449,000
11,597,168
Materials
(0.2%):
Nippon
Steel
Corp.
......................................................
222,400
5,081,177
Real
Estate
(0.0%):(b)
Daiwa
House
Industry
Co.
Ltd.
.............................................
11,800
356,769
32,764,050
Malaysia
(0.9%):
Financials
(0.4%):
Malayan
Banking
Bhd
...................................................
5,465,700
10,583,566
RHB
Bank
Bhd
........................................................
2,306,100
2,737,623
13,321,189
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
19
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Materials
(0.1%):
Petronas
Chemicals
Group
Bhd
.............................................
2,737,700
$
4,269,419
Utilities
(0.4%):
Tenaga
Nasional
Bhd
....................................................
4,906,800
10,731,849
28,322,457
Mexico
(1.3%):
Communication
Services
(0.3%):
America
Movil
SAB
de
CV
,
Class
B
.........................................
8,883,862
8,236,070
Consumer
Staples
(0.3%):
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Class
A
.................................
3,504,354
7,878,501
Financials
(0.4%):
Banco
del
Bajio
SA
(d)
...................................................
1,158,967
3,877,331
Grupo
Financiero
Banorte
SAB
de
CV
,
Class
O
.................................
679,850
6,837,742
10,715,073
Industrials
(0.1%):
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
...............................
360,403
3,815,882
Materials
(0.2%):
Grupo
Mexico
SAB
de
CV
,
Class
B
..........................................
1,001,111
5,553,342
Orbia
Advance
Corp.
SAB
de
CV
...........................................
870,959
1,929,878
7,483,220
38,128,746
Netherlands
(1.5%):
Communication
Services
(0.4%):
Koninklijke
KPN
NV
....................................................
3,233,921
11,139,775
Financials
(0.6%):
ABN
AMRO
Bank
NV
(d)
.................................................
291,441
4,382,243
ASR
Nederland
NV
.....................................................
141,798
6,697,625
NN
Group
NV
.........................................................
141,125
5,576,632
16,656,500
Industrials
(0.2%):
Randstad
NV
..........................................................
95,484
5,991,776
Real
Estate
(0.3%):
NEPI
Rockcastle
NV
....................................................
1,510,926
10,349,192
44,137,243
Norway
(0.7%):
Communication
Services
(0.2%):
Telenor
ASA
..........................................................
629,391
7,226,394
Energy
(0.2%):
Aker
BP
ASA
.........................................................
168,324
4,891,480
Materials
(0.3%):
Norsk
Hydro
ASA
......................................................
758,117
5,097,923
Yara
International
ASA
...................................................
150,752
5,357,979
10,455,902
22,573,776
Philippines
(0.1%):
Communication
Services
(0.1%):
PLDT,
Inc.
............................................................
151,400
3,497,306
Poland
(0.5%):
Energy
(0.2%):
ORLEN
SA
...........................................................
464,089
7,731,905
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
20
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Financials
(0.3%):
Powszechny
Zaklad
Ubezpieczen
SA
.........................................
733,889
$
8,820,766
16,552,671
Portugal
(0.5%):
Energy
(0.2%):
Galp
Energia
SGPS
SA
...................................................
372,364
5,478,107
Utilities
(0.3%):
EDP
-
Energias
de
Portugal
SA
.............................................
1,611,418
8,109,179
13,587,286
Russian
Federation
(0.0%):(b)
Communication
Services
(0.0%):(b)
Mobile
TeleSystems
PJSC
(c)
(e)
(f)
...........................................
2,330,210
61,876
Rostelecom
PJSC
(c)
(e)
(f)
.................................................
6,752,730
54,174
116,050
Consumer
Staples
(0.0%):(b)
X5
Retail
Group
NV
,
GDR
(c)
(e)
(f)
..........................................
201,753
15,821
Energy
(0.0%):(b)
Tatneft
PJSC
(c)
(e)
(f)
....................................................
827,565
35,312
Financials
(0.0%):(b)
Moscow
Exchange
MICEX-RTS
PJSC
(c)
(e)
(f)
..................................
2,604,790
29,360
Materials
(0.0%):(b)
Evraz
PLC
(c)
(e)
(f)
......................................................
753,373
388,842
Magnitogorsk
Iron
&
Steel
Works
PJSC
(c)
(e)
(f)
.................................
4,673,660
—
MMC
Norilsk
Nickel
PJSC
(c)
(e)
(f)
..........................................
14,877
33,854
Novolipetsk
Steel
PJSC
(c)
(e)
(f)
.............................................
1,477,080
31,294
Polyus
PJSC
(c)
(e)
(f)
....................................................
34,403
43,243
Severstal
PAO
(c)
(e)
(f)
...................................................
223,944
—
497,233
Utilities
(0.0%):(b)
Inter
RAO
UES
PJSC
(c)
(e)
(f)
..............................................
128,274,200
41,309
RusHydro
PJSC
(c)
(e)
(f)
..................................................
694,437,000
54,927
96,236
790,012
Singapore
(1.4%):
Communication
Services
(0.3%):
Singapore
Telecommunications
Ltd.
.........................................
5,178,200
9,696,191
Consumer
Staples
(0.3%):
Wilmar
International
Ltd.
.................................................
3,249,300
8,779,912
Financials
(0.4%):
Oversea-Chinese
Banking
Corp.
Ltd.
.........................................
1,129,900
11,120,501
Industrials
(0.4%):
Keppel
Ltd.
...........................................................
1,045,500
5,595,751
Singapore
Airlines
Ltd.
...................................................
1,406,800
6,987,082
12,582,833
42,179,437
South
Africa
(1.8%):
Communication
Services
(0.2%):
Vodacom
Group
Ltd.
....................................................
1,078,646
6,260,416
Consumer
Discretionary
(0.1%):
Woolworths
Holdings
Ltd.
................................................
699,131
2,747,896
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
21
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Energy
(0.2%):
Exxaro
Resources
Ltd.
...................................................
622,499
$
6,991,634
Financials
(0.7%):
Absa
Group
Ltd.
.......................................................
703,057
6,277,121
Nedbank
Group
Ltd.
.....................................................
697,104
8,232,402
Standard
Bank
Group
Ltd.
................................................
670,989
7,652,957
22,162,480
Materials
(0.6%):
African
Rainbow
Minerals
Ltd.
.............................................
326,162
3,565,461
Anglo
American
Platinum
Ltd.
.............................................
35,814
1,880,548
Impala
Platinum
Holdings
Ltd.
.............................................
882,725
4,385,390
Sasol
Ltd.
............................................................
428,136
4,316,393
Sibanye
Stillwater
Ltd.
...................................................
2,828,975
3,794,443
17,942,235
56,104,661
South
Korea
(0.4%):
Consumer
Discretionary
(0.2%):
Kia
Corp.
............................................................
80,626
6,236,044
Consumer
Staples
(0.0%):(b)
KT&G
Corp.
..........................................................
12,506
842,637
Financials
(0.2%):
Shinhan
Financial
Group
Co.
Ltd.
...........................................
196,308
6,087,200
13,165,881
Spain
(0.6%):
Communication
Services
(0.2%):
Telefonica
SA
.........................................................
1,612,689
6,304,562
Industrials
(0.2%):
ACS
Actividades
de
Construccion
y
Servicios
SA
................................
123,432
5,481,475
Utilities
(0.2%):
Endesa
SA
............................................................
345,779
7,053,325
18,839,362
Sweden
(0.4%):
Financials
(0.2%):
Svenska
Handelsbanken
AB
,
Class
A
.........................................
620,829
6,749,198
Information
Technology
(0.2%):
Telefonaktiebolaget
LM
Ericsson
,
Class
B
.....................................
921,325
5,800,107
12,549,305
Switzerland
(1.2%):
Communication
Services
(0.3%):
Swisscom
AG
,
Registered
Shares
...........................................
16,541
9,958,483
Financials
(0.3%):
Swiss
Re
AG
..........................................................
64,695
7,282,326
Industrials
(0.2%):
Kuehne
+
Nagel
International
AG
,
Class
R
.....................................
19,507
6,733,808
Materials
(0.4%):
Glencore
PLC
.........................................................
784,613
4,715,438
Holcim
AG
...........................................................
108,659
8,536,770
13,252,208
37,226,825
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
22
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Taiwan
(5.0%):
Financials
(0.1%):
Cathay
Financial
Holding
Co.
Ltd.
...........................................
1,658,000
$
2,470,544
China
Development
Financial
Holding
Corp.
(c)
.................................
4,692,000
1,917,835
4,388,379
Industrials
(0.2%):
Wan
Hai
Lines
Ltd.
.....................................................
3,326,000
5,951,395
Information
Technology
(3.7%):
ASE
Technology
Holding
Co.
Ltd.
...........................................
1,797,000
7,876,295
Chicony
Electronics
Co.
Ltd.
..............................................
1,071,000
6,103,948
Hon
Hai
Precision
Industry
Co.
Ltd.
.........................................
2,823,000
9,606,235
MediaTek,
Inc.
.........................................................
312,000
10,304,056
Micro-Star
International
Co.
Ltd.
............................................
1,363,000
9,045,625
Nan
Ya
Printed
Circuit
Board
Corp.
..........................................
597,000
4,882,659
Novatek
Microelectronics
Corp.
............................................
519,000
8,730,760
Pegatron
Corp.
.........................................................
3,823,000
10,864,789
Powertech
Technology,
Inc.
................................................
2,887,000
13,255,237
Realtek
Semiconductor
Corp.
..............................................
446,000
6,840,603
Synnex
Technology
International
Corp.
.......................................
4,039,000
9,234,937
United
Microelectronics
Corp.
.............................................
5,193,000
8,849,563
WPG
Holdings
Ltd.
.....................................................
2,270,000
6,031,845
111,626,552
Materials
(1.0%):
Asia
Cement
Corp.
......................................................
7,786,000
10,516,558
China
Steel
Corp.
.......................................................
3,806,000
3,347,585
Formosa
Plastics
Corp.
...................................................
5,404,000
13,941,957
Nan
Ya
Plastics
Corp.
....................................................
1,444,000
3,127,476
30,933,576
152,899,902
Thailand
(1.6%):
Communication
Services
(0.3%):
Intouch
Holdings
PCL
...................................................
4,662,200
9,759,289
Energy
(0.8%):
PTT
Exploration
&
Production
PCL
..........................................
1,483,800
6,464,842
PTT
PCL
.............................................................
9,819,600
10,267,919
Thai
Oil
PCL
..........................................................
4,794,100
7,515,899
24,248,660
Real
Estate
(0.4%):
Land
&
Houses
PCL
.....................................................
51,162,500
12,208,685
Utilities
(0.1%):
Ratch
Group
PCL
(a)
.....................................................
2,499,700
2,305,672
48,522,306
Turkey
(0.3%):
Energy
(0.1%):
Turkiye
Petrol
Rafinerileri
A/S
.............................................
571,361
2,771,771
Financials
(0.2%):
Akbank
TAS
..........................................................
2,269,322
2,811,376
Yapi
ve
Kredi
Bankasi
AS
.................................................
4,637,819
3,070,700
5,882,076
8,653,847
United
Kingdom
(3.2%):
Communication
Services
(0.5%):
BT
Group
PLC
........................................................
3,203,063
5,045,730
Vodafone
Group
PLC
....................................................
5,659,281
4,941,528
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
23
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
WPP
PLC
............................................................
576,600
$
5,506,560
15,493,818
Consumer
Staples
(0.8%):
British
American
Tobacco
PLC
.............................................
227,109
6,643,747
Imperial
Brands
PLC
....................................................
360,936
8,309,962
Tesco
PLC
............................................................
2,502,850
9,270,592
24,224,301
Energy
(0.2%):
BP
PLC
..............................................................
799,355
4,737,723
Financials
(0.8%):
Admiral
Group
PLC
.....................................................
154,893
5,294,543
HSBC
Holdings
PLC
....................................................
845,396
6,837,909
Lloyds
Banking
Group
PLC
...............................................
11,660,132
7,070,942
NatWest
Group
PLC
.....................................................
1,807,067
5,032,445
24,235,839
Health
Care
(0.3%):
GSK
PLC
............................................................
473,239
8,738,667
Materials
(0.3%):
Anglo
American
PLC
....................................................
148,674
3,720,104
Rio
Tinto
PLC
.........................................................
85,063
6,325,864
10,045,968
Utilities
(0.3%):
National
Grid
PLC
......................................................
649,242
8,744,467
96,220,783
United
States
(44.6%):
Communication
Services
(1.2%):
Cogent
Communications
Holdings,
Inc.
.......................................
93,509
7,112,295
John
Wiley
&
Sons,
Inc.
,
Class
A
............................................
149,494
4,744,940
Omnicom
Group,
Inc.
....................................................
75,161
6,502,178
Shutterstock,
Inc.
.......................................................
112,712
5,441,735
The
Interpublic
Group
of
Cos.,
Inc.
..........................................
165,020
5,386,253
Verizon
Communications,
Inc.
..............................................
195,905
7,385,618
36,573,019
Consumer
Discretionary
(5.1%):
Best
Buy
Co.,
Inc.
......................................................
77,403
6,059,107
Bloomin'
Brands,
Inc.
....................................................
214,094
6,026,746
Carter's,
Inc.
..........................................................
98,547
7,380,185
Cracker
Barrel
Old
Country
Store,
Inc.
........................................
78,998
6,089,166
Darden
Restaurants,
Inc.
..................................................
57,967
9,523,978
Ford
Motor
Co.
........................................................
348,727
4,250,982
Guess?,
Inc.
...........................................................
188,000
4,335,280
Jack
in
the
Box,
Inc.
.....................................................
83,748
6,836,349
Kontoor
Brands,
Inc.
....................................................
99,349
6,201,365
La-Z-Boy,
Inc.
.........................................................
190,399
7,029,531
LCI
Industries
.........................................................
45,625
5,735,519
Levi
Strauss
&
Co.
,
Class
A
...............................................
402,098
6,650,701
MDC
Holdings,
Inc.
.....................................................
143,157
7,909,424
Nordstrom,
Inc.
........................................................
221,203
4,081,195
Oxford
Industries,
Inc.
...................................................
55,105
5,510,500
Papa
John's
International,
Inc.
..............................................
83,930
6,397,984
Patrick
Industries,
Inc.
...................................................
71,587
7,183,755
Red
Rock
Resorts,
Inc.
,
Class
A
.............................................
160,202
8,543,573
Steven
Madden
Ltd.
.....................................................
187,736
7,884,912
Strategic
Education,
Inc.
..................................................
94,112
8,693,125
The
Buckle,
Inc.
........................................................
195,175
9,274,716
The
Cheesecake
Factory,
Inc.
..............................................
185,710
6,501,707
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
24
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Travel
+
Leisure
Co.
.....................................................
160,272
$
6,265,033
154,364,833
Consumer
Staples
(4.8%):
Altria
Group,
Inc.
.......................................................
215,416
8,689,881
Campbell
Soup
Co.
.....................................................
188,738
8,159,144
Conagra
Brands,
Inc.
....................................................
311,148
8,917,502
Fresh
Del
Monte
Produce,
Inc.
.............................................
304,473
7,992,416
General
Mills,
Inc.
......................................................
122,664
7,990,333
J
&
J
Snack
Foods
Corp.
..................................................
11,548
1,930,133
Kellanova
............................................................
170,215
9,516,721
Kimberly-Clark
Corp.
....................................................
80,736
9,810,231
Nu
Skin
Enterprises,
Inc.
,
Class
A
...........................................
287,662
5,586,396
Philip
Morris
International,
Inc.
.............................................
99,628
9,373,002
Target
Corp.
..........................................................
47,008
6,694,879
The
Clorox
Co.
........................................................
42,338
6,036,975
The
Coca-Cola
Co.
......................................................
211,291
12,451,379
The
Kraft
Heinz
Co.
.....................................................
293,696
10,860,878
Tyson
Foods,
Inc.
,
Class
A
................................................
100,433
5,398,274
Universal
Corp.
........................................................
246,380
16,586,301
Vector
Group
Ltd.
......................................................
572,663
6,459,639
Weis
Markets,
Inc.
......................................................
53,400
3,415,464
WK
Kellogg
Co.
.......................................................
39,491
518,912
146,388,460
Energy
(4.0%):
Archrock,
Inc.
.........................................................
450,958
6,944,753
Chevron
Corp.
.........................................................
40,881
6,097,810
Comstock
Resources,
Inc.
(a)
...............................................
315,664
2,793,626
ConocoPhillips
Co.
.....................................................
42,570
4,941,100
CONSOL
Energy,
Inc.
...................................................
48,215
4,847,054
Coterra
Energy,
Inc.
.....................................................
177,167
4,521,302
Crescent
Energy
Co.
,
Class
A
(a)
............................................
363,226
4,798,216
CVR
Energy,
Inc.
.......................................................
149,527
4,530,668
Devon
Energy
Corp.
.....................................................
83,636
3,788,711
Diamondback
Energy,
Inc.
................................................
32,482
5,037,309
EOG
Resources,
Inc.
....................................................
38,731
4,684,514
Exxon
Mobil
Corp.
.....................................................
53,539
5,352,829
HF
Sinclair
Corp.
.......................................................
76,665
4,260,274
Kinder
Morgan,
Inc.
.....................................................
504,110
8,892,500
Kinetik
Holdings,
Inc.
(a)
.................................................
192,392
6,425,893
Northern
Oil
and
Gas,
Inc.
................................................
121,162
4,491,475
ONEOK,
Inc.
..........................................................
94,904
6,664,159
Phillips
66
............................................................
45,944
6,116,984
Pioneer
Natural
Resources
Co.
.............................................
22,574
5,076,441
Sitio
Royalties
Corp.
,
Class
A
..............................................
205,815
4,838,711
The
Williams
Cos.,
Inc.
..................................................
218,964
7,626,516
Valero
Energy
Corp.
.....................................................
34,794
4,523,220
World
Kinect
Corp.
.....................................................
282,246
6,429,564
123,683,629
Financials
(11.1%):
Ally
Financial,
Inc.
......................................................
6,624
231,310
Ameris
Bancorp
........................................................
13,000
689,650
Ares
Management
Corp.
,
Class
A
...........................................
3,659
435,128
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
183,268
8,096,780
Associated
Banc-Corp.
...................................................
335,210
7,170,142
Atlantic
Union
Bankshares
Corp.
............................................
176,821
6,461,039
B
Riley
Financial,
Inc.
(a)
.................................................
57,474
1,206,379
Bank
of
America
Corp.
...................................................
206,593
6,955,986
Bank
of
Hawaii
Corp.
....................................................
70,271
5,091,837
Banner
Corp.
..........................................................
114,100
6,111,196
Blackstone,
Inc.
........................................................
42,416
5,553,103
Bread
Financial
Holdings,
Inc.
.............................................
106,286
3,501,061
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
25
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Cathay
General
Bancorp
..................................................
22,400
$
998,368
Citigroup,
Inc.
.........................................................
142,170
7,313,225
Citizens
Financial
Group,
Inc.
..............................................
138,549
4,591,514
CME
Group,
Inc.
.......................................................
40,050
8,434,530
Columbia
Banking
System,
Inc.
............................................
206,657
5,513,609
Corebridge
Financial,
Inc.
.................................................
244,422
5,294,181
CVB
Financial
Corp.
....................................................
260,949
5,268,560
Fidelity
National
Financial,
Inc.
............................................
154,813
7,898,559
Fifth
Third
Bancorp
.....................................................
154,560
5,330,774
First
Financial
Bancorp
...................................................
347,389
8,250,489
First
Hawaiian,
Inc.
.....................................................
297,225
6,794,564
First
Interstate
BancSystem,
Inc.
,
Class
A
......................................
218,982
6,733,697
First
Merchants
Corp.
....................................................
92,100
3,415,068
Franklin
Resources,
Inc.
..................................................
212,018
6,316,016
Fulton
Financial
Corp.
...................................................
454,467
7,480,527
Hancock
Whitney
Corp.
..................................................
5,700
276,963
Hope
Bancorp,
Inc.
.....................................................
621,500
7,507,720
Huntington
Bancshares,
Inc.
...............................................
373,670
4,753,082
Independent
Bank
Corp.
..................................................
106,047
6,978,953
Jackson
Financial,
Inc.
,
Class
A
.............................................
117,562
6,019,174
KeyCorp.
............................................................
237,879
3,425,458
M&T
Bank
Corp.
.......................................................
36,748
5,037,416
MetLife,
Inc.
..........................................................
84,231
5,570,196
Moelis
&
Co.
,
Class
A
...................................................
128,961
7,238,581
Morgan
Stanley
........................................................
74,377
6,935,655
Northern
Trust
Corp.
....................................................
60,140
5,074,613
Northwest
Bancshares,
Inc.
................................................
747,493
9,328,713
Pacific
Premier
Bancorp,
Inc.
..............................................
215,362
6,269,188
Park
National
Corp.
.....................................................
21,100
2,803,346
Principal
Financial
Group,
Inc.
.............................................
73,113
5,751,800
Provident
Financial
Services,
Inc.
...........................................
414,949
7,481,530
Prudential
Financial,
Inc.
.................................................
61,837
6,413,115
Regions
Financial
Corp.
..................................................
256,276
4,966,629
Sandy
Spring
Bancorp,
Inc.
................................................
170,080
4,632,979
Simmons
First
National
Corp.
,
Class
A
.......................................
291,100
5,775,424
State
Street
Corp.
.......................................................
68,192
5,282,152
T.
Rowe
Price
Group,
Inc.
.................................................
44,453
4,787,144
The
Bank
of
New
York
Mellon
Corp.
.........................................
133,963
6,972,774
The
Carlyle
Group,
Inc.
..................................................
131,313
5,343,126
The
Goldman
Sachs
Group,
Inc.
............................................
19,771
7,627,059
The
PNC
Financial
Services
Group,
Inc.
......................................
41,201
6,379,975
Towne
Bank
..........................................................
98,800
2,940,288
TPG,
Inc.
............................................................
196,076
8,464,601
Truist
Financial
Corp.
....................................................
114,771
4,237,345
Trustmark
Corp.
........................................................
128,200
3,574,216
U.S.
Bancorp
..........................................................
106,825
4,623,386
United
Bankshares,
Inc.
..................................................
20,800
781,040
UWM
Holdings
Corp.
(a)
.................................................
693,862
4,961,113
Virtu
Financial,
Inc.
,
Class
A
...............................................
363,644
7,367,427
Wells
Fargo
&
Co.
......................................................
130,534
6,424,884
WesBanco,
Inc.
........................................................
222,810
6,989,550
340,133,907
Health
Care
(2.1%):
AbbVie,
Inc.
..........................................................
51,640
8,002,651
Amgen,
Inc.
...........................................................
30,278
8,720,670
Bristol-Myers
Squibb
Co.
.................................................
142,279
7,300,335
CVS
Health
Corp.
......................................................
96,537
7,622,562
Gilead
Sciences,
Inc.
....................................................
101,798
8,246,656
Patterson
Cos.,
Inc.
.....................................................
225,656
6,419,913
Pfizer,
Inc.
............................................................
209,762
6,039,048
Premier,
Inc.
,
Class
A
....................................................
299,290
6,692,124
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
26
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Viatris,
Inc.
...........................................................
580,781
$
6,289,858
65,333,817
Industrials
(3.0%):
CSG
Systems
International,
Inc.
............................................
2,542
135,260
FTAI
Aviation
Ltd.
......................................................
154,748
7,180,307
GATX
Corp.
..........................................................
1,322
158,931
H&E
Equipment
Services,
Inc.
.............................................
107,182
5,607,762
HNI
Corp.
............................................................
178,004
7,445,907
Insperity,
Inc.
..........................................................
60,050
7,039,061
Kennametal,
Inc.
.......................................................
233,049
6,010,334
Kforce,
Inc.
...........................................................
114,925
7,764,333
ManpowerGroup,
Inc.
...................................................
96,032
7,631,663
MillerKnoll,
Inc.
.......................................................
249,192
6,648,443
MSC
Industrial
Direct
Co.,
Inc.
.............................................
99,901
10,115,975
Stanley
Black
&
Decker,
Inc.
..............................................
48,869
4,794,049
The
Greenbrier
Cos.,
Inc.
.................................................
84,900
3,750,882
Trinity
Industries,
Inc.
...................................................
230,821
6,137,530
TTEC
Holdings,
Inc.
....................................................
168,412
3,649,488
United
Parcel
Service,
Inc.
,
Class
B
..........................................
38,798
6,100,210
90,170,135
Information
Technology
(1.4%):
Avnet,
Inc.
............................................................
163,100
8,220,240
Corning,
Inc.
..........................................................
200,689
6,110,980
HP,
Inc.
..............................................................
193,430
5,820,309
International
Business
Machines
Corp.
........................................
61,173
10,004,844
Juniper
Networks,
Inc.
...................................................
222,026
6,545,326
Texas
Instruments,
Inc.
...................................................
36,617
6,241,734
42,943,433
Materials
(2.3%):
Avient
Corp.
..........................................................
149,628
6,220,036
Cabot
Corp.
...........................................................
93,100
7,773,850
Dow,
Inc.
............................................................
123,675
6,782,337
Eastman
Chemical
Co.
...................................................
62,509
5,614,558
Greif,
Inc.
,
Class
A
......................................................
104,040
6,823,984
International
Paper
Co.
...................................................
159,520
5,766,648
Kaiser
Aluminum
Corp.
..................................................
41,500
2,954,385
LyondellBasell
Industries
NV
,
Class
A
........................................
65,942
6,269,765
NewMarket
Corp.
......................................................
2,770
1,511,949
Packaging
Corp.
of
America
...............................................
40,124
6,536,601
Sensient
Technologies
Corp.
...............................................
133,373
8,802,618
Sylvamo
Corp.
.........................................................
132,600
6,511,986
71,568,717
Real
Estate
(0.2%):
Kennedy-Wilson
Holdings,
Inc.
.............................................
387,237
4,793,994
Utilities
(9.4%):
ALLETE,
Inc.
.........................................................
177,495
10,855,594
Alliant
Energy
Corp.
....................................................
158,164
8,113,813
American
Electric
Power
Co.,
Inc.
...........................................
100,071
8,127,767
Avista
Corp.
..........................................................
279,348
9,983,898
Brookfield
Renewable
Corp.
,
Class
A
.........................................
188,060
5,413,698
California
Water
Service
Group
.............................................
171,000
8,869,770
Clearway
Energy,
Inc.
,
Class
C
.............................................
355,574
9,753,395
CMS
Energy
Corp.
......................................................
142,149
8,254,592
Consolidated
Edison,
Inc.
.................................................
99,429
9,045,056
Dominion
Energy,
Inc.
...................................................
151,749
7,132,203
DTE
Energy
Co.
.......................................................
81,370
8,971,856
Duke
Energy
Corp.
......................................................
97,383
9,450,046
Edison
International
.....................................................
105,114
7,514,600
Entergy
Corp.
.........................................................
76,261
7,716,851
Evergy,
Inc.
...........................................................
146,181
7,630,648
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
27
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Name
Acquisition
Date
Cost
Evraz
PLC
.................................................
3/19/2021
$
4,339,844
Inter
RAO
UES
PJSC
.........................................
3/19/2021
7,868,060
Magnitogorsk
Iron
&
Steel
Works
PJSC
............................
9/17/2021
4,370,482
MMC
Norilsk
Nickel
PJSC
.....................................
9/19/2014
4,446,120
Mobile
TeleSystems
PJSC
.....................................
5/15/2020
9,690,609
Moscow
Exchange
MICEX-RTS
PJSC
............................
9/17/2021
5,924,069
Novolipetsk
Steel
PJSC
.......................................
9/17/2021
4,421,417
Polyus
PJSC
...............................................
9/17/2021
6,022,105
Rostelecom
PJSC
............................................
9/18/2020
8,205,300
RusHydro
PJSC
.............................................
9/18/2020
7,349,118
Severstal
PAO
..............................................
3/17/2017
4,076,024
Tatneft
PJSC
...............................................
9/15/2017
5,787,174
X5
Retail
Group
NV
,
GDR
.....................................
9/18/2020
5,468,213
Security
Description
Shares
Value
Eversource
Energy
......................................................
117,821
$
7,271,912
Exelon
Corp.
..........................................................
213,597
7,668,132
FirstEnergy
Corp.
.......................................................
221,940
8,136,320
MGE
Energy,
Inc.
......................................................
131,955
9,541,666
NiSource,
Inc.
.........................................................
319,341
8,478,504
Northwest
Natural
Holding
Co.
.............................................
249,079
9,699,136
Northwestern
Energy
Group,
Inc.
...........................................
214,749
10,928,577
ONE
Gas,
Inc.
.........................................................
126,845
8,082,563
Otter
Tail
Corp.
........................................................
81,571
6,931,088
Portland
General
Electric
Co.
..............................................
221,315
9,591,792
PPL
Corp.
............................................................
352,811
9,561,178
Public
Service
Enterprise
Group,
Inc.
.........................................
133,837
8,184,133
Sempra
..............................................................
119,258
8,912,150
SJW
Group
...........................................................
144,253
9,426,934
Spire,
Inc.
............................................................
169,574
10,571,243
The
Southern
Co.
.......................................................
126,208
8,849,705
WEC
Energy
Group,
Inc.
.................................................
98,293
8,273,322
Xcel
Energy,
Inc.
.......................................................
143,171
8,863,717
285,805,859
1,361,759,803
Total
Common
Stocks
(Cost
$2,565,409,428)
2,753,050,219
Collateral
for
Securities
Loaned
(0.6%)^
United
States
(0.6%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(g)
........
4,725,178
4,725,178
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(g)
............
4,725,178
4,725,178
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(g)
...............
4,741,487
4,741,487
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(g)
.
4,708,870
4,708,870
Total
Collateral
for
Securities
Loaned
(Cost
$18,900,713)
18,900,713
Total
Investments
(Cost
$2,584,310,141)
—
90.8%
2,771,950,932
Other
assets
in
excess
of
liabilities
—
9.2%
279,633,550
NET
ASSETS
-
100.00%
$
3,051,584,482
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Amount
represents
less
than
0.05%
of
net
assets.
(c)
Non-income
producing
security.
(d)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
December
31,
2023,
the
fair
value
of
these
securities
was
$33,205,172
and
amounted
to
1.1%
of
net
assets.
(e)
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,
2023.
This
security
is
classified
as
Level
3
within
the
fair
value
hierarchy.
(See
Note
2
in
the
Notes
to
Financial
Statements)
(f)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
December
31,
2023.
(g)
Rate
disclosed
is
the
daily
yield
on
December
31,
2023.
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
28
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
GDR
—
Global
Depositary
Receipt
PCL
—
Public
Company
Limited
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
NASDAQ
100
E-Mini
Futures
.........
6,155
3/15/24
$
2,009,248,263
$
2,095,592,850
$
86,344,587
Futures
Contracts
Sold
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
MSCI
EAFE
Index
Futures
......
5,646
3/15/24
$
611,698,864
$
635,852,520
$
(
24,153,656
)
E-Mini
MSCI
Emerging
Markets
Index
Futures
..........................
12,042
3/15/24
595,107,289
622,390,770
(
27,283,481
)
E-Mini
Russell
2000
Index
Futures
......
5,990
3/15/24
569,856,478
613,286,150
(
43,429,672
)
E-Mini
S&P
500
Futures
..............
12,260
3/15/24
2,859,918,899
2,954,660,000
(
94,741,101
)
$
(
189,607,910
)
Total
unrealized
appreciation
$
86,344,587
Total
unrealized
depreciation
(
189,607,910
)
Total
net
unrealized
appreciation
(depreciation)
$
(
103,263,323
)
Statements
of
Assets
and
Liabilities
December
31,
2023
29
See
notes
to
financial
statements.
Victory
Portfolios
II
(Unaudited)
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
Victory
Market
Neutral
Income
Fund
Assets:
Investments,
at
value
(Cost
$29,250,164
and
$2,584,310,141)
$
34,217,061‌
$
2,771,950,932‌
(a)
Foreign
currency,
at
value
(Cost
$—
and
$1,137,588)
—‌
1,137,999‌
Cash
—‌
46,396,018‌
Deposit
with
broker
for
futures
contracts
43,902‌
235,180,996‌
Receivables:
Interest
and
dividends
51,878‌
5,926,788‌
Capital
shares
issued
—‌
6,776,302‌
Investments
sold
—‌
305,613‌
From
Adviser
25,886‌
815,401‌
Reclaims
69‌
1,674,019‌
Variation
margin
on
open
futures
contracts
—‌
16,947,574‌
Prepaid
expenses
16,344‌
47,771‌
Total
Assets
34,355,140‌
3,087,159,413‌
Liabilities:
Payables:
Collateral
received
on
loaned
securities
—‌
18,900,713‌
Capital
shares
redeemed
148,743‌
3,876,074‌
Variation
margin
on
open
futures
contracts
612‌
9,165,030‌
Accrued
foreign
capital
gains
taxes
—‌
1,769,151‌
Accrued
expenses
and
other
payables:
Investment
advisory
fees
20,305‌
897,079‌
Administration
fees
1,488‌
132,050‌
Custodian
fees
1,107‌
125,775‌
Transfer
agent
fees
1,616‌
164,428‌
Sub-Transfer
agent
fees
12,246‌
408,501‌
Compliance
fees
28‌
2,308‌
Trustees'
fees
65‌
4,747‌
12b-1
fees
1,831‌
4,636‌
Other
accrued
expenses
13,267‌
124,439‌
Total
Liabilities
201,308‌
35,574,931‌
Commitments
and
contingencies
(Note
5
)
Net
Assets:
Capital
35,667,409‌
3,514,800,238‌
Total
accumulated
earnings/(loss)
(
1,513,577‌
)
(
463,215,756‌
)
Net
Assets
$
34,153,832‌
$
3,051,584,482‌
Net
Assets
Class
A
$
20,655,904‌
$
87,958,217‌
Class
C
8,146,419‌
11,811,767‌
Class
I
5,351,509‌
2,937,270,085‌
Member
Class
—‌
14,544,413‌
Total
$
34,153,832‌
$
3,051,584,482‌
Shares
(unlimited
number
of
shares
authorized
with
a
par
value
of
$0.001
per
share):
Class
A
2,153,123‌
10,124,057‌
Class
C
910,361‌
1,379,801‌
Class
I
557,104‌
335,374,630‌
Member
Class
—‌
1,673,236‌
Total
3,620,588‌
348,551,724‌
Net
asset
value,
offering
and
redemption
price
per
share:
Class
A
$
9
.59‌
$
8
.69‌
Class
C(b)
8
.95‌
8
.56‌
Class
I
9
.61‌
8
.76‌
Member
Class
—‌
8
.69‌
Maximum
Sales
Charge
—
Class
A
5.75%
5.75%
Maximum
offering
price
(100%/(100%-maximum
sales
charge)
of
net
asset
value
adjusted
to
the
nearest
cent)
per
share
—
Class
A
$
10
.18‌
$
9
.22‌
(a)
Includes
$13,499,836
of
securities
on
loan.
(b)
Redemption
price
per
share
varies
by
the
length
of
time
shares
are
held.
Statements
of
Operations
For
the
Six
Months
Ended
December
31,
2023
30
See
notes
to
financial
statements.
Victory
Portfolios
II
(Unaudited)
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
Victory
Market
Neutral
Income
Fund
Investment
Income:
Dividends
$
427,044‌
$
62,702,043‌
Interest
2,117‌
7,676,448‌
Securities
lending
(net
of
fees)
386‌
117,892‌
Foreign
tax
withholding
—‌
(
4,599,903‌
)
Total
Income
429,547‌
65,896,480‌
Expenses:
Investment
advisory
fees
130,469‌
5,080,191‌
Administration
fees
10,323‌
804,485‌
Sub-Administration
fees
9,771‌
10,523‌
12b-1
fees
—
Class
A
27,245‌
115,096‌
12b-1
fees
—
Class
C
47,148‌
64,599‌
Custodian
fees
1,812‌
390,229‌
Transfer
agent
fees
—
Class
A
2,121‌
4,447‌
Transfer
agent
fees
—
Class
C
558‌
214‌
Transfer
agent
fees
—
Class
I
639‌
238,928‌
Transfer
agent
fees
—
Member
Class
—‌
9,641‌
Sub-Transfer
agent
fees
—
Class
A
12,380‌
12,878‌
Sub-Transfer
agent
fees
—
Class
C
4,012‌
7,507‌
Sub-Transfer
agent
fees
—
Class
I
5,090‌
1,297,752‌
Trustees'
fees
2,367‌
97,068‌
Compliance
fees
177‌
13,227‌
Legal
and
audit
fees
5,464‌
93,846‌
State
registration
and
filing
fees
22,175‌
118,966‌
Interfund
lending
—‌
7,300‌
Other
expenses
8,619‌
150,529‌
Recoupment
of
prior
expenses
waived/reimbursed
by
Adviser
—‌
85‌
Total
Expenses
290,370‌
8,517,511‌
Expenses
waived/reimbursed
by
Adviser
(
78,851‌
)
(
2,476,142‌
)
Net
Expenses
211,519‌
6,041,369‌
Net
Investment
Income
(Loss)
218,028‌
59,855,111‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
investment
securities
and
foreign
currency
transactions
(
1,294,579‌
)
19,925,852‌
Foreign
taxes
on
realized
gains
—‌
(
311,209‌
)
Net
realized
gains
(losses)
from
futures
contracts
10,416‌
6,993,414‌
Net
change
in
unrealized
appreciation/depreciation
on
investment
securities
and
foreign
currency
translations
610,521‌
168,038,399‌
Net
change
in
unrealized
appreciation/depreciation
on
futures
contracts
(
7,736‌
)
(
85,995,877‌
)
Net
change
in
accrued
foreign
taxes
on
unrealized
gains
—‌
(
586,927‌
)
Net
realized/unrealized
gains
(losses)
on
investments
(
681,378‌
)
108,063,652‌
Change
in
net
assets
resulting
from
operations
$
(
463,350‌
)
$
167,918,763‌
31
Victory
Portfolios
II
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
Victory
Market
Neutral
Income
Fund
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
From
Investment
Activities:
Operations:
Net
Investment
Income
(Loss)
$
218,028‌
$
566,798‌
$
59,855,111‌
$
162,693,818‌
Net
realized
gains
(losses)
(
1,284,163‌
)
(
3,499,950‌
)
26,608,057‌
(
375,995,956‌
)
Net
change
in
unrealized
appreciation/depreciation
602,785‌
2,788,910‌
81,455,595‌
220,154,566‌
Change
in
net
assets
resulting
from
operations
(
463,350‌
)
(
144,242‌
)
167,918,763‌
6,852,428‌
Distributions
to
Shareholders:
Class
A
(
96,963‌
)
(
6,956,793‌
)
(
1,810,599‌
)
(
13,710,723‌
)
Class
C
(
14,156‌
)
(
4,065,874‌
)
(
213,125‌
)
(
1,853,227‌
)
Class
I
(
34,139‌
)
(
2,646,462‌
)
(
58,857,796‌
)
(
410,481,501‌
)
Member
Class
—‌
—‌
(
295,844‌
)
(
1,652,693‌
)
Change
in
net
assets
resulting
from
distributions
to
shareholders
(
145,258‌
)
(
13,669,129‌
)
(
61,177,364‌
)
(
427,698,144‌
)
Change
in
net
assets
resulting
from
capital
transactions
(
5,809,237‌
)
224,126‌
68,273,002‌
(
1,659,421,176‌
)
Change
in
net
assets
(
6,417,845‌
)
(
13,589,245‌
)
175,014,401‌
(
2,080,266,892‌
)
Net
Assets:
Beginning
of
period
40,571,677‌
54,160,922‌
2,876,570,081‌
4,956,836,973‌
End
of
period
$
34,153,832‌
$
40,571,677‌
$
3,051,584,482‌
$
2,876,570,081‌
32
Victory
Portfolios
II
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
Victory
Market
Neutral
Income
Fund
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Capital
Transactions:
Class
A
Proceeds
from
shares
issued
$
1,264,683‌
$
2,464,259‌
$
13,276,478‌
$
62,987,365‌
Distributions
reinvested
94,556‌
6,757,772‌
1,776,478‌
13,520,880‌
Cost
of
shares
redeemed
(
3,125,709‌
)
(
5,025,449‌
)
(
27,300,975‌
)
(
116,168,631‌
)
Total
Class
A
$
(
1,766,470‌
)
$
4,196,582‌
$
(
12,248,019‌
)
$
(
39,660,386‌
)
Class
C
Proceeds
from
shares
issued
$
125,975‌
$
228,683‌
$
707,623‌
$
5,622,671‌
Distributions
reinvested
14,087‌
4,044,083‌
210,883‌
1,823,215‌
Cost
of
shares
redeemed
(
2,796,110‌
)
(
6,290,299‌
)
(
4,032,335‌
)
(
6,410,937‌
)
Total
Class
C
$
(
2,656,048‌
)
$
(
2,017,533‌
)
$
(
3,113,829‌
)
$
1,034,949‌
Class
I
Proceeds
from
shares
issued
$
59,202‌
$
211,251‌
$
720,325,496‌
$
1,938,576,092‌
Distributions
reinvested
34,008‌
2,612,050‌
53,602,295‌
381,387,646‌
Cost
of
shares
redeemed
(
1,479,929‌
)
(
4,778,224‌
)
(
689,929,243‌
)
(
3,942,679,807‌
)
Total
Class
I
$
(
1,386,719‌
)
$
(
1,954,923‌
)
$
83,998,548‌
$
(
1,622,716,069‌
)
Member
Class
Proceeds
from
shares
issued
$
—‌
$
—‌
$
880,949‌
$
4,183,963‌
Distributions
reinvested
—‌
—‌
295,844‌
1,652,693‌
Cost
of
shares
redeemed
—‌
—‌
(
1,540,491‌
)
(
3,916,326‌
)
Total
Member
Class
$
—‌
$
—‌
$
(
363,698‌
)
$
1,920,330‌
Change
in
net
assets
resulting
from
capital
transactions
$
(
5,809,237‌
)
$
224,126‌
$
68,273,002‌
$
(
1,659,421,176‌
)
Share
Transactions:
Class
A
Issued
133,743‌
213,758‌
1,558,583‌
7,204,386‌
Reinvested
9,897‌
647,293‌
209,209‌
1,604,814‌
Redeemed
(
333,272‌
)
(
442,647‌
)
(
3,207,932‌
)
(
13,366,593‌
)
Total
Class
A
(
189,632‌
)
418,404‌
(
1,440,140‌
)
(
4,557,393‌
)
Class
C
Issued
14,082‌
19,832‌
83,908‌
631,588‌
Reinvested
1,576‌
415,155‌
25,225‌
220,691‌
Redeemed
(
317,523‌
)
(
573,725‌
)
(
482,417‌
)
(
753,112‌
)
Total
Class
C
(
301,865‌
)
(
138,738‌
)
(
373,284‌
)
99,167‌
Class
I
Issued
6,172‌
20,474‌
83,600,160‌
218,354,542‌
Reinvested
3,557‌
249,545‌
6,258,270‌
44,830,914‌
Redeemed
(
156,283‌
)
(
420,028‌
)
(
80,424,663‌
)
(
447,180,482‌
)
Total
Class
I
(
146,554‌
)
(
150,009‌
)
9,433,767‌
(
183,995,026‌
)
Member
Class
Issued
—‌
—‌
102,457‌
469,592‌
Reinvested
—‌
—‌
34,807‌
196,577‌
Redeemed
—‌
—‌
(
180,913‌
)
(
443,553‌
)
Total
Member
Class
—‌
—‌
(
43,649‌
)
222,616‌
Change
in
Shares
(
638,051‌
)
129,657‌
7,576,694‌
(
188,230,636‌
)
Victory
Portfolios
II
Financial
Highlights
For
a
Share
Outstanding
Throughout
Each
Period
33
See
notes
to
financial
statements.
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
Class
A
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$9.71
$13.33
$16.62
$13.42
$14.26
$16.50
Investment
Activities:
Net
investment
income
(loss)(a)
0.06
0.16
0.08
0.07
0.08
0.13
Net
realized
and
unrealized
gains
(losses)
(0.14)
(0.05)
(1.31)
4.77
0.88
(0.36)
Total
from
Investment
Activities
(0.08)
0.11
(1.23)
4.84
0.96
(0.23)
Distributions
to
Shareholders
from:
Net
investment
income
(0.04)
(0.14)
(0.08)
(0.05)
(0.07)
(0.12)
Net
realized
gains
—
(3.59)
(1.98)
(1.59)
(1.73)
(1.89)
Total
Distributions
(0.04)
(3.73)
(2.06)
(1.64)
(1.80)
(2.01)
Net
Asset
Value,
End
of
Period
$9.59
$9.71
$13.33
$16.62
$13.42
$14.26
Total
Return
(excludes
sales
charge)(b)(c)
(0.79)%
(0.84)%
(9.25)%
38.05%
6.71%
(0.01)%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
0.99%
0.99%
0.99%
0.99%
0.99%
0.99%
Net
Investment
Income
(Loss)(d)
1.33%
1.37%
0.52%
0.47%
0.56%
0.84%
Gross
Expenses(d)(e)
1.37%
1.30%
1.25%
1.24%
1.28%
1.25%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$20,656
$22,745
$25,643
$31,504
$26,394
$33,406
Portfolio
Turnover(b)(f)
120%
266%(g)
101%
68%
54%
120%(h)
(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)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
(g)
Portfolio
turnover
increased
significantly
due
to
the
long/cash
strategy.
(h)
Portfolio
turnover
increased
significantly
due
to
changes
in
the
volume
and
timing
of
purchases
and
sales
of
portfolio
holdings
during
the
period.
Victory
Portfolios
II
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
34
See
notes
to
financial
statements.
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
Class
C
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$9.06
$12.68
$15.95
$12.99
$13.90
$16.16
Investment
Activities:
Net
investment
income
(loss)(a)
0.03
0.06
(0.03)
(0.04)
(0.03)
0.02
Net
realized
and
unrealized
gains
(losses)
(0.13)
(0.03)
(1.25)
4.59
0.87
(0.35)
Total
from
Investment
Activities
(0.10)
0.03
(1.28)
4.55
0.84
(0.33)
Distributions
to
Shareholders
from:
Net
investment
income
(0.01)
(0.06)
(0.01)
—(b)
(0.02)
(0.04)
Net
realized
gains
—
(3.59)
(1.98)
(1.59)
(1.73)
(1.89)
Total
Distributions
(0.01)
(3.65)
(1.99)
(1.59)
(1.75)
(1.93)
Net
Asset
Value,
End
of
Period
$8.95
$9.06
$12.68
$15.95
$12.99
$13.90
Total
Return
(excludes
contingent
deferred
sales
charge)(c)(d)
(1.07)%
(1.56)%
(9.97)%
36.98%
5.96%
(0.73)%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
1.74%
1.74%
1.74%
1.74%
1.74%
1.74%
Net
Investment
Income
(Loss)(e)
0.56%
0.60%
(0.22)%
(0.29)%
(0.19)%
0.10%
Gross
Expenses(e)(f)
2.18%
2.11%
2.03%
1.99%
2.03%
2.00%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$8,146
$10,986
$17,132
$24,465
$26,240
$35,649
Portfolio
Turnover(c)(g)
120%
266%(h)
101%
68%
54%
120%(i)
(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)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
(h)
Portfolio
turnover
increased
significantly
due
to
the
long/cash
strategy.
(i)
Portfolio
turnover
increased
significantly
due
to
changes
in
the
volume
and
timing
of
purchases
and
sales
of
portfolio
holdings
during
the
period.
35
Victory
Portfolios
II
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
Class
I
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$9.72
$13.34
$16.64
$13.43
$14.26
$16.50
Investment
Activities:
Net
investment
income
(loss)(a)
0.07
0.19
0.12
0.11
0.12
0.17
Net
realized
and
unrealized
gains
(losses)
(0.12)
(0.06)
(1.31)
4.77
0.88
(0.36)
Total
from
Investment
Activities
(0.05)
0.13
(1.19)
4.88
1.00
(0.19)
Distributions
to
Shareholders
from:
Net
investment
income
(0.06)
(0.16)
(0.13)
(0.08)
(0.10)
(0.16)
Net
realized
gains
—
(3.59)
(1.98)
(1.59)
(1.73)
(1.89)
Total
Distributions
(0.06)
(3.75)
(2.11)
(1.67)
(1.83)
(2.05)
Net
Asset
Value,
End
of
Period
$9.61
$9.72
$13.34
$16.64
$13.43
$14.26
Total
Return(b)(c)
(0.56)%
(0.60)%
(9.03)%
38.43%
6.97%
0.24%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
0.74%
0.74%
0.74%
0.74%
0.74%
0.74%
Net
Investment
Income
(Loss)(d)
1.57%
1.60%
0.78%
0.71%
0.86%
1.10%
Gross
Expenses(d)(e)
1.31%
1.14%
1.02%
0.98%
1.02%
1.00%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$5,352
$6,841
$11,386
$14,789
$14,179
$26,501
Portfolio
Turnover(b)(f)
120%
266%(g)
101%
68%
54%
120%(h)
(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)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
(g)
Portfolio
turnover
increased
significantly
due
to
the
long/cash
strategy.
(h)
Portfolio
turnover
increased
significantly
due
to
changes
in
the
volume
and
timing
of
purchases
and
sales
of
portfolio
holdings
during
the
period.
Victory
Portfolios
II
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
36
See
notes
to
financial
statements.
Victory
Market
Neutral
Income
Fund
Class
A
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$8.37
$9.30
$9.51
$9.77
$9.51
$9.61
Investment
Activities:
Net
investment
income
(loss)(a)
0.16
0.35
0.38
0.29
0.27
0.32
Net
realized
and
unrealized
gains
(losses)
0.33
(0.26)
(0.29)
(0.06)
0.23
(0.13)
Total
from
Investment
Activities
0.49
0.09
0.09
0.23
0.50
0.19
Distributions
to
Shareholders
from:
Net
investment
income
(0.17)
(0.36)
(0.30)
(0.24)
(0.24)
(0.27)
Net
realized
gains
—
(0.66)
—
(0.25)
—
(0.02)
Total
Distributions
(0.17)
(1.02)
(0.30)
(0.49)
(0.24)
(0.29)
Net
Asset
Value,
End
of
Period
$8.69
$8.37
$9.30
$9.51
$9.77
$9.51
Total
Return
(excludes
sales
charge)(b)(c)
5.89%
1.34%
0.90%
2.33%
5.31%
1.99%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
0.75%
0.75%
0.78%(f)
0.79%(f)
0.75%
0.75%
Net
Investment
Income
(Loss)(d)
3.82%
4.00%
3.94%
3.03%
2.78%
3.36%
Gross
Expenses(d)(e)
0.77%
0.80%
0.83%
0.95%
1.17%
1.03%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$87,958
$96,836
$150,010
$50,735
$12,870
$32,627
Portfolio
Turnover(b)(g)
44%
87%
61%
89%
119%(h)
82%
(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.
(h)
Portfolio
turnover
increased
significantly
due
to
changes
in
the
volume
and
timing
of
purchases
and
sales
of
portfolio
holdings
during
the
year.
37
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,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$8.25
$9.19
$9.40
$9.69
$9.43
$9.54
Investment
Activities:
Net
investment
income
(loss)(a)
0.13
0.28
0.34
0.22
0.21
0.25
Net
realized
and
unrealized
gains
(losses)
0.32
(0.26)
(0.31)
(0.08)
0.22
(0.14)
Total
from
Investment
Activities
0.45
0.02
0.03
0.14
0.43
0.11
Distributions
to
Shareholders
from:
Net
investment
income
(0.14)
(0.30)
(0.24)
(0.18)
(0.17)
(0.20)
Net
realized
gains
—
(0.66)
—
(0.25)
—
(0.02)
Total
Distributions
(0.14)
(0.96)
(0.24)
(0.43)
(0.17)
(0.22)
Net
Asset
Value,
End
of
Period
$8.56
$8.25
$9.19
$9.40
$9.69
$9.43
Total
Return
(excludes
contingent
deferred
sales
charge)(b)(c)
5.45%
0.53%
0.31%
1.40%
4.59%
1.19%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
1.50%
1.50%
1.53%(f)
1.54%(f)
1.50%
1.50%
Net
Investment
Income
(Loss)(d)
3.09%
3.28%
3.59%
2.28%
2.20%
2.57%
Gross
Expenses(d)(e)
1.68%
1.62%
1.93%
2.29%
2.62%
2.56%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$11,812
$14,468
$15,197
$1,976
$626
$441
Portfolio
Turnover(b)(g)
44%
87%
61%
89%
119%(h)
82%
(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.
(h)
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
38
See
notes
to
financial
statements.
Victory
Market
Neutral
Income
Fund
Class
I
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$8.44
$9.37
$9.57
$9.83
$9.55
$9.65
Investment
Activities:
Net
investment
income
(loss)(a)
0.18
0.38
0.42
0.33
0.31
0.38
Net
realized
and
unrealized
gains
(losses)
0.32
(0.26)
(0.29)
(0.08)
0.23
(0.16)
Total
from
Investment
Activities
0.50
0.12
0.13
0.25
0.54
0.22
Distributions
to
Shareholders
from:
Net
investment
income
(0.18)
(0.39)
(0.33)
(0.26)
(0.26)
(0.30)
Net
realized
gains
—
(0.66)
—
(0.25)
—
(0.02)
Total
Distributions
(0.18)
(1.05)
(0.33)
(0.51)
(0.26)
(0.32)
Net
Asset
Value,
End
of
Period
$8.76
$8.44
$9.37
$9.57
$9.83
$9.55
Total
Return(b)(c)
6.03%
1.68%
1.32%
2.62%
5.79%
2.25%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
0.40%
0.40%
0.43%(f)
0.44%(f)
0.40%
0.40%
Net
Investment
Income
(Loss)(d)
4.15%
4.31%
4.40%
3.37%
3.23%
3.91%
Gross
Expenses(d)(e)
0.58%
0.59%
0.62%
0.75%
0.89%
1.05%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$2,937,270
$2,750,882
$4,777,720
$1,007,909
$174,719
$54,920
Portfolio
Turnover(b)(g)
44%
87%
61%
89%
119%(h)
82%
(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.
(h)
Portfolio
turnover
increased
significantly
due
to
changes
in
the
volume
and
timing
of
purchases
and
sales
of
portfolio
holdings
during
the
year.
39
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,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
November
3,
2020(a)
through
June
30,
2021
Net
Asset
Value,
Beginning
of
Period
$8.38
$9.31
$9.51
$9.62
Investment
Activities:
Net
investment
income
(loss)(b)
0.17
0.38
0.41
0.25
Net
realized
and
unrealized
gains
(losses)
0.32
(0.27)
(0.29)
0.04
Total
from
Investment
Activities
0.49
0.11
0.12
0.29
Distributions
to
Shareholders
from:
Net
investment
income
(0.18)
(0.38)
(0.32)
(0.15)
Net
realized
gains
—
(0.66)
—
(0.25)
Total
Distributions
(0.18)
(1.04)
(0.32)
(0.40)
Net
Asset
Value,
End
of
Period
$8.69
$8.38
$9.31
$9.51
Total
Return(c)(d)
5.87%
1.55%
1.20%
3.05%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.55%
0.55%
0.58%(g)
0.60%
Net
Investment
Income
(Loss)(e)
4.00%
4.32%
4.34%
3.94%
Gross
Expenses(e)(f)
0.71%
0.80%
1.08%
5.38%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$14,544
$14,384
$13,910
$2,518
Portfolio
Turnover(c)(h)
44%
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,
2023
Victory
Portfolios
II
40
(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
26
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 two
Funds
(collectively,
the
“Funds”
and
individually,
a
“Fund”).
Each
Fund
is
classified
as
diversified
under
the
1940
Act.
Each
class
of
shares
of
a
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
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
management
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
Topic
946.
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
and
Liquidity
Committee
(the
“Committee”),
and
subject
to Board
oversight,
the
Committee
administers
and
oversees
the
Funds’
valuation
policies
and
procedures,
which
were
approved
by
the
Board.
Portfolio
securities
listed
or
traded
on
securities
exchanges,
including
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
Funds’
NAV to
be
more
reliable
than
it
otherwise
would
be.
Funds
(Legal
Name)
Funds
(Short
Name)
Investment
Share
Classes
Offered
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
US
500
Enhanced
Volatility
Wtd
Index
Fund
A,
C,
and
I
Victory
Market
Neutral
Income
Fund
Market
Neutral
Income
Fund
A,
C,
I,
and
Member
Class
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
41
(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
Funds’
NAV is
calculated.
The Funds use
a
systematic
valuation
model,
provided
daily
by
an
independent
third
party
to
fair
value
their
international
equity
securities.
These
valuations
are categorized
as
Level
2
in
the
fair
value
hierarchy.
A
summary
of
the
valuations
as
of
December
31,
2023,
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:
l
As
of December
31,
2023,
there
were
no
significant transfers
into/out
of
Level
3.
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:
Foreign
Exchange
Currency
Contracts:
The Funds
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
Funds
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
Funds
do
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
Funds’
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
Funds
record
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
Funds
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
Funds
enter
into
foreign
exchange
currency
contracts
solely
for
spot
or
forward
hedging
purposes,
and
not
for
speculative
purposes
(i.e.,
the
Funds
do
not
enter
into
such
contracts
solely
for
the
purpose
of
earning
foreign
currency
gains).
 As
of December
31,
2023,
the
Funds
had
no
open
forward
foreign
exchange
currency
contracts.
Level
1
Level
2
Level
3
Total
US
500
Enhanced
Volatility
Wtd
Index
Fund
Common
Stocks
............................
$
33,966,254
$
—
$
—
$
33,966,254
Investment
Companies
.......................
250,807
—
—
250,807
Total
....................................
$
34,217,061
$
—
$
—
$
34,217,061
Other
Financial
Investments:*
Liabilities:
Futures
Contracts
...........................
(779)
—
—
(779)
Total
....................................
$
(779)
$
—
$
—
$
(779)
Market
Neutral
Income
Fund
Common
Stocks
............................
1,459,013,911
1,293,246,296
790,012
2,753,050,219
Collateral
for
Securities
Loaned
................
18,900,713
—
—
18,900,713
Total
....................................
$
1,477,914,624
$
1,293,246,296
$
790,012
$
2,771,950,932
Other
Financial
Investments:*
Assets:
Futures
Contracts
...........................
86,344,587
—
—
86,344,587
Liabilities:
Futures
Contracts
...........................
(189,607,910)
—
—
(189,607,910)
Total
....................................
$
(103,263,323)
$
—
$
—
$
(103,263,323)
*
Futures
Contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
investment.
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
42
(Unaudited)
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
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,
2023,
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,
2023:
The
following
table
presents the
effect
of
derivative
instruments
on
the
Statements
of
Operations,
categorized
by
risk
exposure,
for
the period
ended
December
31,
2023:
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.
Assets
Liabilities
Variation
Margin
Receivable
on
Open
Futures
Contracts*
Variation
Margin
Payable
on
Open
Futures
Contracts*
Equity
Risk
Exposure:
86,344,587
(189,608,689)
US
500
Enhanced
Volatility
Wtd
Index
Fund
..................................................
$
–
$
779
Market
Neutral
Income
Fund
.............................................................
86,344,587
189,607,910
*
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:
7003830.00
(86003613.00)
US
500
Enhanced
Volatility
Wtd
Index
Fund
..............................................
$
10,416
$
(7,736)
Market
Neutral
Income
Fund
.........................................................
6,993,414
(85,995,877)
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
43
(Unaudited)
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,
2023.
Foreign
Currency
Translations:
The
accounting
records
of
the
Funds
are
maintained
in
U.S.
dollars.
Investment
securities
and
other
assets
and
liabilities
of
a
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
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.
Any
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,
2023,
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
Market
Neutral
Income
Fund
........................................
$
13,499,836
$
—
$
18,900,713
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
44
(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.
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,
2023,
were
as
follows:
4.
Affiliated
Fund
Ownership:
The
Funds
offer
shares
for
investment
by
other
funds,
including
funds
offered
by
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,
2023,
certain
affiliated fund-of-funds
owned
total
outstanding
shares
of
the
Funds
as
follows:
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,
2023,
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,
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,
2023,
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,
2023,
are
reflected
on
the
Statements
of
Operations
as
Sub-
Administration
fees.
Excluding
U.S.
Government
Securities
Purchases
Sales
US
500
Enhanced
Volatility
Wtd
Index
Fund
...............................................
$
59,000,694
$
34,689,537
Market
Neutral
Income
Fund
..........................................................
1,114,548,792
1,158,952,009
Market
Neutral
Income
Fund
Ownership
%
Victory
Cornerstone
Conservative
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.3
Victory
Target
Retirement
Income
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.2
Victory
Target
Retirement
2030
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.9
Victory
Target
Retirement
2040
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.7
Victory
Target
Retirement
2050
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.2
Rate
US
500
Enhanced
Volatility
Wtd
Index
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.70%
Market
Neutral
Income
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.35%
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,
2023
Victory
Portfolios
II
45
(Unaudited)
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,
Victory
Variable
Insurance
Funds,
Victory
Portfolios
and
Victory
Portfolios
III (collectively,
the
“Victory
Funds
Complex”),
in
aggregate,
compensate
the
Adviser
for
these
services.
Amounts
incurred
for
the six
months
ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Compliance
fees.
Transfer
Agency
Fees: 
FIS
Investor
Services,
LLC
(“FIS”)
serves
as
the
Funds’
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,
2023,
are
reflected
on
the
Statements
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,
2023,
are
reflected
on
the
Statements
of
Operations
as
Transfer
agent
fees.
Sub-Transfer
Agency
Fees:
The
Funds
have
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
Funds
and
have
agreed
to
compensate
the
intermediaries
for
providing
those
services.
Intermediaries
transact
with
the
Funds
primarily
through
the
use
of
omnibus
accounts
on
behalf
of
their
customers
who
hold
positions
in
the
Funds.
These
services
would
have
been
provided
by
the
Funds’
transfer
agent
and
other
service
providers
if
the
shareholders’
accounts
were
maintained
directly
at
the
Funds’
transfer
agent.
Amounts
incurred
for
the
six
months ended
December
31,
2023,
are
reflected
on
the
Statements
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
Funds
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
Funds
in
any
fiscal
year
exceed
the
expenditures
made
by
the
Distributor
in
that
year
pursuant
to
the
Plans,
the
Distributor
will
reimburse
the
Funds
for
the
amount
of
the
excess. 
For
the
six
months
ended
December
31,
2023,
the
Distributor
did
not
reimburse
the
Funds.
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,
2023,
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
the
Class
A.
For
the
six
months
ended
December
31,
2023,
the
Distributor
received
the
following
from
commissions
earned
in
connection with
sales
of
Class
A:
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,
2023,
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
by
certain
classes
of
the
Funds
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,
2023,
the
expense
limits
(excluding
voluntary
waivers) are
as
follows:
Class
A
Class
C
US
500
Enhanced
Volatility
Wtd
Index
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.25%
1.00%
Market
Neutral
Income
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.25%
1.00%
Amount
US
500
Enhanced
Volatility
Wtd
Index
Fund
.................................................................
$
50
Market
Neutral
Income
Fund
............................................................................
5,588
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
46
(Unaudited)
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,
2023.
For
the
year
ended
December
31,
2023,
the
following
recoupment
amounts
were
paid
to
the
Adviser.
As
of December
31,
2023,
the
following amounts
are
available
to
be
repaid
to
the
Adviser. 
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.
There
were
no
voluntary
waivers
or
reimbursements
for
the six
months
ended
December
31,
2023.
Certain
officers
and/or
interested
trustees
of
the
Funds
are
also
officers
and/or
employees
of
the
Adviser,
administrator,
fund
accountant,
sub-
administrator,
sub-fund
accountant,
custodian,
legal
counsel, and
Distributor.
6.
Risks:
The
Funds
may
be
subject
to
other
risks
in
addition
to
these
identified
risks.
Equity
Risk
—
The
value
of
the
equity
securities
in
which
the
Funds
invest
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.
Market
Risk
—
Overall
market
risks
may
affect
the
value
of
the
Funds.
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;
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.
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.
Foreign
Securities
Risk
—
Foreign
securities
(including
depositary
receipts)
are
subject
to
political,
regulatory,
and
economic
risks
not
present
in
domestic
investments.
Foreign
securities
could
be
affected
by
factors
not
present
in
the
United
States,
including
expropriation,
confiscation
of
property,
and
difficulties
in
enforcing
contracts.
Compared
to
U.S.
companies,
there
generally
is
less
publicly
available
information
about
foreign
companies
and
there
may
be
less
governmental
regulation
and
supervision
of
foreign
companies.
Foreign
securities
generally
experience
more
volatility
than
their
domestic
counterparts.
Depositary
receipts
may
have
additional
risks,
including
creditworthiness
of
the
depositary
bank
and
the
risk
of
an
illiquid
market.
In
addition,
to
the
extent
investments
are
made
in
a
limited
number
of
countries,
events
in
those
countries
will
have
a
more
significant
impact
on
the
Funds.
Fluctuations
in
the
exchange
rates
between
the
U.S.
dollar
and
foreign
currencies,
currency
exchange
control
regulations,
and
restrictions
or
prohibitions
on
the
repatriation
of
foreign
currencies
may
negatively
affect
an
investment.
In
effect
until
October
31,
2024
Class
A
Class
C
Class
I
Member
Class
US
500
Enhanced
Volatility
Wtd
Index
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.99%
1.74%
0.74%
N/A
Market
Neutral
Income
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.75%
1.50%
0.40%
0.55%
Amount
Market
Neutral
Income
Fund
............................................................................
$
85
Expires
2024
Expires
2025
Expires
2026
Expires
2027
Total
US
500
Enhanced
Volatility
Wtd
Index
Fund
.....................
$
65,358
$
182,939
$
165,662
$
78,851
$
492,810
Market
Neutral
Income
Fund
................................
1,073,794
4,525,747
7,053,744
2,476,142
15,129,427
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
47
(Unaudited)
Debt
Securities
Risk
—
The
value
of
a
debt
security
or
other
income-producing
security
changes
in
response
to
various
factors,
including,
for
example,
market-related
factors
(such
as
changes
in
interest
rates
or
changes
in
the
risk
appetite
of
investors
generally)
and
changes
in
the
actual
or
perceived
ability
of
the
issuer
(or
of
issuers
generally)
to
meet
its
(or
their)
obligations.
Other
factors
that
may
affect
the
value
of
debt
securities,
include,
among
others,
public
health
crises
and
responses
by
governments
and
companies
to
such
crises.
These
and
other
events
may
affect
the
creditworthiness
of
the
issuer
of
a
debt
security
and
may
impair
an
issuer’s
ability
to
timely
meet
its
debt
obligations
as
they
come
due.
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
Funds'
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
Victory
Funds
Complex
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,
2023,
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
(SOFR)
plus
1.10
percent.
Effective
June
27,
2023,
the
agreement
was
renewed
with
a
termination
date
of
June
24,
2024,
and
the
annual
commitment
fee
of
0.15%
remained
unchanged. Interest
charged
to each
Fund during
the
period,
if
applicable,
is
reflected
on
the
Statements
of
Operations
under
Line
of
credit
fees.
*
Based
on
the
number
of
days
borrowings
were
outstanding
for
the
six
months
ended
December
31,
2023.
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
each
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
each
Fund,
if
any,
during
the
period,
is
reflected
on
the
Statements
of
Operations
under
Interfund
lending
fees.
As
a
Lender
(as
defined
in
the
Order),
interest
earned
by
each
Fund,
if
any,
during
the
period,
is
reflected
on
the
Statements
of
Operations
under
Interfund
lending.
The
average
borrowing
or
lending
for
the
days
outstanding
and
average
interest
rate
for
the
Funds
that
utilized
this
Facility
during
the
six
months
ended
December
31,
2023,
were
as
follows:
*
Based
on
the
number
of
days
borrowings
were
outstanding
for
the
six
months
ended
December
31,
2023.
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. 
Amount
Outstanding
at
December
31,
2023
Average
Borrowing*
Average
Interest
Rate*
Maximum
Borrowing
During
the
Period
Market
Neutral
Income
Fund
................................
$
—
$
12,900,000
6.46%
$
12,900,000
Borrower
or
Lender
Amount
Outstanding
at
December
31,
2023
Average
Borrowing*
Average
Interest
Rate*
Maximum
Borrowing
During
the
Period
Market
Neutral
Income
Fund
...........................
Borrower
$
—
$
15,183,000
5.85%
$
15,183,000
Declared
Paid
US
500
Enhanced
Volatility
Wtd
Index
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Quarterly
Quarterly
Market
Neutral
Income
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Monthly
Monthly
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
48
(Unaudited)
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
Statement
of
Assets
and
Liabilities.
The
tax
character
of
current
year
distributions
paid
and
the
tax
basis
of
the
current
components
of
accumulated
earnings
(loss)
will
be
determined
at
the
end
of
the
current
tax
year.
As
of
the
tax
year
ended June
30,
2023,
the
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.
9.
New
Regulatory
Pronouncement:
In
October
2022,
the
SEC
adopted
the
Tailored
Shareholder
Reports
Rule
and
form
amendments
that
require,
among
other
things,
mutual
funds
and
ETFs
to
prepare
and
transmit
streamlined
annual
and
semi-annual
shareholder
reports.
In
connection
with
these
amendments,
certain
information
that
was
previously
disclosed
in
shareholder
reports
will
instead
be
made
available
online,
delivered
free
of
charge
upon
request,
and
filed
with
the
SEC
on
a
semi-annual
basis.
Also
in
connection
with
these
amendments,
annual
and
semi-annual
reports
will
be
provided
directly
to
shareholders,
either
in
paper
or
(if
the
shareholder
has
so
elected)
electronically.
Compliance
with
the
rule
and
form
amendments
begins
in
July
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Funds.
Short-Term
Amount
Long-Term
Amount
Total
US
500
Enhanced
Volatility
Wtd
Index
Fund
..................................
$
(5,131,877)
$
—
$
(5,131,877)
Market
Neutral
Income
Fund
.............................................
(361,193,145)
(185,060,389)
(546,253,534)
Supplemental
Information
December
31,
2023
Victory
Portfolios
II
49
(Unaudited)
Proxy
Voting
and
Portfolio
Holdings
Information 
Proxy
Voting:
Information
regarding
each
Fund’s
policies
and
procedures
—
which
describes
how
we
vote
proxies
relating
to
portfolio
securities
—
is
included
in
the
Funds'
Statement
of
Additional
Information
on
our
website
or
upon
request
by
calling
800-539-3863
(800-235-8396
for
Member
Class). Each
Fund
files
its
proxy
voting
record
with
the
U.S.
Securities
and
Exchange
Commission
(SEC)
for
the
12
months
ended
June
30
by
August
31.
The
proxy
voting
record
is
available
free
of
charge
on
the
SEC
website
at sec.gov and
on
our
website.
Availability
of
Schedules
of
Portfolio
Investments:
The
Trust
files
a
complete
list
of
Schedules
of
Portfolio
Investments
with
the
SEC
for
the
first
and
third
quarter
of
each
fiscal
year
on
Form
N-PORT-P
and are
available
on
the
SEC’s
website
at
sec.gov.
Expense
Examples
As
a
shareholder
of
the
Fund,
you
may
incur
two
types
of
costs:
(1)
transaction
costs, including
sales
charges
(loads)
on
purchases;
 and
(2)
ongoing
costs,
including
management
fees
and
other
Fund
expenses.
These
examples
are
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
These
examples
are
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
from
July
1,
2023,
through
December
31,
2023.
The
Actual
Expense
figures
in
the
table
below
provide
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
below,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
table
under
the
heading
entitled
“Actual
Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
The
Hypothetical
Expense
figures
in
the
table
below
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds.
Please
note
the
expenses
shown
in
the
table
below
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs.
Therefore,
the
hypothetical
expenses
in
the
table
are
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Beginning
Account
Value
7/1/23
Actual
Ending
Account
Value
12/31/23
Hypothetical
Ending
Account
Value
12/31/23
Actual
Expenses
Paid
During
Period
7/1/23
-
12/31/23*
Hypothetical
Expenses
Paid
During
Period
7/1/23
-
12/31/23*
Annualized
Expense
Ratio
During
Period
7/1/23
-
12/31/23
US
500
Enhanced
Volatility
Wtd
Index
Fund
Class
A
...............................
$
1,000.00
$
992.10
$
1,020.16
$
4.96
$
5.03
0.99%
Class
C
...............................
1,000.00
989.30
1,016.39
8.70
8.82
1.74%
Class
I
................................
1,000.00
994.40
1,021.42
3.71
3.76
0.74%
Market
Neutral
Income
Fund
Class
A
...............................
1,000.00
1,058.90
1,021.37
3.88
3.81
0.75%
Class
C
...............................
1,000.00
1,054.50
1,017.60
7.75
7.61
1.50%
Class
I
................................
1,000.00
1,060.30
1,023.13
2.07
2.03
0.40%
Member
Class
..........................
1,000.00
1,058.70
1,022.37
2.85
2.80
0.55%
*
Expenses
are
equal
to
the
average
account
value
multiplied
by
the
Fund’s
annualized
expense
ratio
multiplied
by
184/366
(the
number
of
days
in
the
most
recent
fiscal
half-year
divided
by
the
number
of
days
in
the
fiscal
year).
Victory
Portfolios
II
50
(Unaudited)
Supplemental
Information
—
continued
December
31,
2023
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
5,
2023.
The
Board
also
considered
information
relating
to
the
Funds
and
the
Agreement
provided
throughout
the
year
and,
more
specifically,
at
the
meetings
on
October
17,
2023
and
December
5,
2023.
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;
and
The
historical
relationship
between
each
Fund
and
the
Adviser.
The
Board
reviewed
each
Fund’s
current
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
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
met
with
the
consultant
to
review
its
inputs
and
methodologies,
among
other
things.
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
mutual
funds
compiled
by
the
consultant
and
a
peer
group
of
funds
with
similar
investment
strategies
selected
by
that
consultant
from
the
universe.
The
Board
reviewed
the
factors
and
methodology
used
by
the
consultant
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.
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.
For
Funds
with
total
net
expense
ratios
that
ranked
within
the
fourth
quartile
(most
expensive)
in
relation
to
their
peers
as
evaluated
by
a
consultant,
the
Board
requested,
and
the
Adviser
provided,
supplemental
information
about
the
level
of
fees
and
the
nature
of
the
services
provided.
The
Adviser
reviewed
additional
relevant
circumstances,
which
included,
among
other
things,
specialized
strategies,
small
or
decreasing
assets,
or
rapid
or
recent
changes
in
peer
expense
ratios.
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
found
that
the
gross
annual
management
fee
paid
by
each
Fund
was
within
the
range
of
management
fees
paid
by
each
Fund’s
respective
peer
group.
The
Board
also
found
that
each
Fund’s
Class
A
net
annual
expense
ratio,
taking
into
account
any
shareholder
servicing
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
II
51
(Unaudited)
or
distribution
fees,
was
reasonable
as
compared
with
each
Fund’s
respective
peer
group.
The
Board
considered
the
Adviser’s
contractual
agreement
with
each
Fund
to
waive
its
fees
and
reimburse
expenses
of
certain
classes
for
a
specified
period
of
time,
as
described
in
the
Fund’s
prospectus.
The
Board
reviewed
each
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
Funds
and
the
peer
group
funds
are
net
of
expenses,
while
the
performance
of
the
benchmark
index
is
gross
returns.
The
Board
considered
the
US
500
Enhanced
Volatility
Wtd
Index
Fund’s
tracking
error
as
a
factor
in
evaluating
performance,
in
addition
to
a
risk/return
summary
as
compared
to
its
peers.
The
Board
also
considered
that
the
US
500
Enhanced
Volatility
Wtd
Index
Fund’s
strategy
could
be
considered
unique
as
compared
to
the
peer
group
of
funds
selected
by
the
independent,
third-party
consultant.
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.
US
500
Enhanced
Volatility
Wtd
Index
Fund:
The
Board
compared
the
Fund’s
Class
A
performance
for
the
one-,
three-,
five-
and
ten-year
periods
ended
June
30,
2023,
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
noted
that
the
Fund’s
investment
objective
is
to
track
its
benchmark
index
before
fees
and
expenses.
The
Board
recognized
that
the
performance
of
the
Fund
is
net
of
expenses,
while
the
performance
of
the
benchmark
index
is
gross
returns
and
as
a
result,
the
Fund
generally
will
underperform
its
benchmark
due
to
fees
and
expenses.
The
Board
discussed
with
the
Adviser
how
market
conditions
affected
the
Fund
during
periods
of
underperformance
given
the
Fund’s
investment
strategy
and
fee
and
expense
profile.
Having
considered,
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
would
provide
stability
to
the
Fund’s
expenses
for
those
share
classes
during
that
period;
and
(4)
the
Fund’s
performance
during
the
periods
reviewed,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
Market
Neutral
Income
Fund:
The
Board
compared
the
Fund’s
Class
A
performance
for
the
one-,
three-,
five-
and
ten-year
periods
ended
June
30,
2023,
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
one-year
period,
outperformed
the
benchmark
for
the
three-,
five-
and
ten-year
periods,
underperformed
the
peer
group
median
for
the
one-
and
three-year
periods,
and
matched
the
peer
group
median
for
the
five-
and
ten-year
periods.
Having
considered,
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
would
provide
stability
to
the
Fund’s
expenses
for
those
share
classes
during
that
period;
and
(4)
the
Fund’s
performance
during
the
periods
reviewed,
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
Funds’
shareholders,
particularly
in
light
of
the
nature
of
the
Funds
and
the
services
required
to
support
the
Funds;
(ii)
it
was
generally
satisfied
with
the
nature,
quality
and
extent
of
the
services
provide
by
the
Adviser
to
the
Funds;
and
(iii)
the
Agreement,
on
behalf
of
the
Funds
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
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
Funds
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
Funds;
The
Adviser’s
representations
regarding
its
staffing
and
capabilities
to
manage
the
Funds,
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
Portfolios
II
52
(Unaudited)
Supplemental
Information
—
continued
December
31,
2023
Privacy
Policy
Facts
WHAT
DOES
VICTORY
DO
WITH
YOUR
PERSONAL
INFORMATION?
Why?
Financial
companies
choose
how
they
share
your
personal
information.
Federal
law
gives
consumers
the
right
to
limit
some,
but
not
all
sharing.
Federal
law
also
requires
us
to
tell
you
how
we
collect,
share,
and
protect
your
personal
information.
Please
read
this
notice
carefully
to
understand
what
we
do.
What?
The
types
of
personal
information
we
collect,
and
share
depend
on
the
product
or
service
you
have
with
us.
This
information
can
include:
■
Social
Security
number
and
income.
■
Account
balances
and
account
transactions.
■
Data
from
public
sources
and
third-party
data
services.
How?
All
financial
companies
need
to
share
customers’
personal
information
to
run
their
everyday
business
as
permitted
by
law.
For
example,
we
share
with
print
and
mail
companies
that
assist
us
in
sending
mail.
In
the
section
below,
we
list
the
reasons
financial
companies
can
share
their
customers’
personal
information,
the
reasons
Victory
chooses
to
share
and
whether
you
can
limit
this
sharing.
Reasons
we
can
share
your
personal
information
Does
Victory
share?
Can
you
limit
this
sharing?
For
our
everyday
business
purposes
—
such
as
to
process
your
transactions,
maintain
your
accounts,
respond
to
court
orders
and
legal
investigations,
or
report
to
credit
bureaus
Yes
No
For
our
marketing
purposes
—
to
offer
products
and
services
provided
by
Victory
Yes
No
For
joint
marketing
—
sharing
with
other
financial
companies
to
jointly
market
the
other
company’s
products
or
services
No
We
do
not
share
For
everyday
business
purposes
of
the
Victory
family
of
companies
—
this
can
include
information
about
your
Victory
transactions
and
experiences
Yes
No
For
everyday
business
purposes
of
the
Victory
family
of
companies
—
this
can
include
information
about
your
creditworthiness
or
insurability
No
We
do
not
share
For
non-Victory
companies
to
market
to
you
No
We
do
not
share
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
II
53
(Unaudited)
To
limit
our
sharing
■
Visit
us
online:
vcm.com/optout
■
Call
(877)
660-4400
–
our
menu
will
prompt
you
through
your
choices.
Please
note:
If
you
are
a
new
customer,
we
can
begin
sharing
this
information
30
days
from
the
date
we
sent
this
notice.
When
you
are
no
longer
our
customer,
we
continue
to
share
and
protect
your
information
as
described
in
this
notice.
However,
you
can
contact
us
at
any
time
to
limit
our
sharing.
Questions?
Call
your
account
representative
or
(877)
660-4400
and
ask
to
speak
to
a
representative.
Who
we
are
Who
is
providing
this
notice?
Victory
Capital
Holdings,
Inc.,
and
its
family
of
companies,
including
companies
identified
with
the
Victory
Capital
name
as
described
in
the
affiliates
section
below.
What
we
do
How
does
Victory
protect
my
personal
information?
To
protect
your
personal
information
from
unauthorized
access
and
use,
we
use
security
measures
that
comply
with
federal
law.
These
measures
include
computer
safeguards
and
secured
files
and
buildings.
How
does
Victory
collect
my
personal
information?
We
collect
your
personal
information,
for
example,
when
you:
■
Open
an
account
or
make
deposits
or
withdrawals
from
your
account.
■
Give
us
your
contact
or
account
information.
■
Direct
us
to
buy
or
sell
securities.
We
also
collect
your
personal
information
from
others,
such
as
credit
bureaus,
affiliates,
or
other
companies.
Why
can’t
I
limit
all
sharing?
Federal
law
gives
you
the
right
to
limit
only:
■
Sharing
among
affiliated
companies
for
everyday
business
purposes
information
about
your
creditworthiness
and
insurability.
■
Affiliates
from
using
your
information
to
market
to
you.
■
Sharing
for
nonaffiliates
to
market
to
you.
State
laws
and
individual
companies
may
give
you
additional
rights
to
limit
sharing.
See
below
for
more
on
your
rights
under
state
law.
What
happens
when
I
limit
sharing
for
an
account
I
hold
jointly
with
someone
else?
Your
choices
will
apply
to
everyone
on
your
account.
Definitions
Victory
family
of
companies
(affiliates)
Companies
owned
or
controlled
by
Victory
Capital
Holdings,
Inc.
They
can
be
financial
and
nonfinancial
companies
in
the
Victory
family
of
companies.
■
The
Victory
family
of
companies
includes:
companies
with
a
Victory
Capital
name,
including
without
limitation
Victory
Capital
Services,
Inc.,
Victory
Capital
Transfer
Agency,
Inc.,
Victory
Capital
Management
Inc.
and
its
subsidiaries,
RS
Investments
(UK)
Limited,
RS
Investments
(Hong
Kong)
Limited,
and
RS
Investment
Management
(Singapore)
Pte.
Ltd.,
as
well
as
pooled
vehicles
managed
or
administered
by
Victory
Capital
Management
Inc.,
from
time
to
time.
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
II
54
(Unaudited)
Non-Victory
companies
(nonaffiliates)
Companies
not
related
by
common
ownership
or
control.
They
can
be
financial
and
nonfinancial
companies.
■
We
only
share
with
non-Victory
companies
to
service
transactions
you
request
or
as
necessary
to
provide
our
services.
■
We
do
not
share
with
non-Victory
companies
so
they
can
market
their
products
to
you.
Joint
Marketing
A
formal
agreement
between
a
Victory
company
and
a
non-Victory
financial
company
to
market
the
non-Victory
company’s
products
or
services
to
you.
■
We
do
not
share
with
any
non-Victory
financial
company
for
joint
marketing.
Other
important
information
For
Nevada
Residents
:
Nevada
law
requires
that
we
tell
you
about
the
option
to
be
placed
on
our
internal
do-
not-call
list.
If
you’d
rather
not
receive
sales
calls
from
us,
please
call
(877)
660-4400
and
ask
to
speak
to
a
representative
so
we
can
place
you
on
our
do-not-call
list.
You
may
also
contact:
Bureau
of
Consumer
Protection
Office
of
the
Nevada
Attorney
General,
555
E.
Washington
Ave.,
Ste.
3900,
Las
Vegas,
NV
89101,
call
1-702-486-3132
or
Email:
BCPINFO@ag.state.nv.us.
For
Vermont
Residents
:
In
accordance
with
Vermont
law,
we
will
not
share
information
we
collect
about
you
with
companies
who
are
not
affiliates,
except
as
permitted
by
law,
such
as
with
your
consent
or
to
service
your
accounts.
We
will
not
share
information
about
your
creditworthiness
with
our
affiliates
without
your
authorization
or
consent,
but
we
may
share
information
about
our
transactions
or
experiences
with
you
with
our
affiliates
as
permitted
by
law.
For
California
Residents
:
In
accordance
with
California
law,
we
will
not
share
information
we
collect
about
you
with
nonaffiliates,
except
as
allowed
by
law.
For
example,
we
may
share
information
with
your
consent
or
to
service
your
accounts.
Among
our
affiliates,
we
will
limit
information
sharing
to
the
extent
required
by
California
law.
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
(12/23)
December
31,
2023
Semi
Annual
Report
VictoryShares
US
500
Volatility
Wtd
ETF
VictoryShares
US
Small
Cap
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
International
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
US
Discovery
Enhanced
Volatility
Wtd
ETF
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
VictoryShares
Nasdaq
Next
50
ETF
VictoryShares
Core
Plus
Intermediate
Bond
ETF
VictoryShares
Corporate
Bond
ETF
VictoryShares
THB
Mid
Cap
ESG
ETF
VictoryShares
WestEnd
U.S.
Sector
ETF
VictoryShares
Free
Cash
Flow
ETF
VictoryShares
Small
Cap
Free
Cash
Flow
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
Investment
Objectives
and
Portfolio
Holdings
3
Schedules
of
Portfolio
Investments
VictoryShares
US
500
Volatility
Wtd
ETF
22
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
31
VictoryShares
International
Volatility
Wtd
ETF
40
VictoryShares
US
Large
Cap
High
Div
Volatility
Wtd
ETF
56
VictoryShares
US
Small
Cap
High
Div
Volatility
Wtd
ETF
59
VictoryShares
International
High
Div
Volatility
Wtd
ETF
62
VictoryShares
Dividend
Accelerator
ETF
68
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
71
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
73
VictoryShares
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
82
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
85
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
95
VictoryShares
Nasdaq
Next
50
ETF
111
VictoryShares
Core
Plus
Intermediate
Bond
ETF
113
VictoryShares
Corporate
Bond
ETF
130
VictoryShares
THB
Mid
Cap
ESG
ETF
138
VictoryShares
WestEnd
U.S.
Sector
ETF
140
VictoryShares
Free
Cash
Flow
ETF
146
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
148
Financial
Statements
Statements
of
Assets
and
Liabilities
152
Statements
of
Operations
159
Statements
of
Changes
in
Net
Assets
166
Financial
Highlights
173
Notes
to
Financial
Statements
192
Supplemental
Information
Proxy
Voting
and
Portfolio
Holdings
Information 
209
Expense
Examples
209
Advisory
Contract
Approval
211
Privacy
Policy
217
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
800-539-3863
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
Foreside
Fund
Services,
LLC.
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.
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
3
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
track
the
performance
of
the
Nasdaq
Victory
US
Large
Cap
500
Volatility
Weighted
Index
before
fees
and
expenses.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
The
Coca-Cola
Co.
0.4%
McDonald's
Corp.
0.4%
General
Dynamics
Corp.
0.3%
Walmart,
Inc.
0.3%
The
Kraft
Heinz
Co.
0.3%
Cencora,
Inc.
0.3%
PepsiCo,
Inc.
0.3%
Waste
Management,
Inc.
0.3%
Republic
Services,
Inc.
0.3%
Colgate-Palmolive
Co.
0.3%
Industrials
18.0%
Financials
16.2%
Health
Care
13.5%
Information
Technology
12.6%
Consumer
Discretionary
10.0%
Consumer
Staples
9.4%
Utilities
7.3%
Materials
4.8%
Energy
4.3%
Communication
Services
3.2%
4
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
track
the
performance
of
the
Nasdaq
Victory
US
Small
Cap
500
Volatility
Weighted
Index
before
fees
and
expenses.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Universal
Corp.
0.5%
Nelnet,
Inc.,
Class
A
0.4%
Grand
Canyon
Education,
Inc.
0.4%
Graham
Holdings
Co.,
Class
B
0.4%
Brady
Corp.,
Class
A
0.4%
Northwestern
Energy
Group,
Inc.
0.4%
BellRing
Brands,
Inc.
0.4%
NewMarket
Corp.
0.3%
ALLETE,
Inc.
0.3%
FirstCash
Holdings,
Inc.
0.3%
Industrials
23.1%
Financials
21.7%
Consumer
Discretionary
15.2%
Information
Technology
8.5%
Consumer
Staples
8.0%
Materials
5.3%
Health
Care
5.3%
Energy
4.4%
Utilities
4.4%
Communication
Services
2.4%
5
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
track
the
performance
of
the
Nasdaq
Victory
International
500
Volatility
Weighted
Index
before
fees
and
expenses.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
SoftBank
Corp.
0.5%
Great-West
Lifeco,
Inc.
0.4%
Japan
Tobacco,
Inc.
0.4%
Beiersdorf
AG
0.4%
Oversea-Chinese
Banking
Corp.
Ltd.
0.3%
Royal
Bank
of
Canada
0.3%
Sun
Life
Financial,
Inc.
0.3%
Telstra
Group
Ltd.
0.3%
Koninklijke
KPN
NV
0.3%
Metro,
Inc.
0.3%
Financials
22.5%
Industrials
18.2%
Consumer
Staples
10.6%
Consumer
Discretionary
9.1%
Health
Care
7.4%
Materials
7.0%
Information
Technology
6.7%
Communication
Services
6.6%
Utilities
5.1%
Energy
3.9%
6
Victory
Portfolios
II
VictoryShares
US
Large
Cap
High
Div
Volatility
Wtd
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
track
the
performance
of
the
Nasdaq
Victory
US
Large
Cap
High
Dividend
100
Volatility
Weighted
Index
before
fees
and
expenses.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
The
Coca-Cola
Co.
1.8%
The
Kraft
Heinz
Co.
1.6%
International
Business
Machines
Corp.
1.5%
Kimberly-Clark
Corp.
1.4%
PPL
Corp.
1.4%
Darden
Restaurants,
Inc.
1.4%
Kellanova
1.4%
Duke
Energy
Corp.
1.4%
Philip
Morris
International,
Inc.
1.3%
Consolidated
Edison,
Inc.
1.3%
Utilities
24.2%
Financials
23.3%
Consumer
Staples
15.2%
Energy
11.3%
Health
Care
8.6%
Information
Technology
5.0%
Materials
4.5%
Consumer
Discretionary
2.9%
Communication
Services
2.8%
Industrials
1.5%
7
Victory
Portfolios
II
VictoryShares
US
Small
Cap
High
Div
Volatility
Wtd
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
track
the
performance
of
the
Nasdaq
Victory
US
Small
Cap
High
Dividend
100
Volatility
Weighted
Index
before
fees
and
expenses.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Universal
Corp.
2.4%
Northwestern
Energy
Group,
Inc.
1.6%
ALLETE,
Inc.
1.6%
Spire,
Inc.
1.5%
MSC
Industrial
Direct
Co.,
Inc.
1.5%
Avista
Corp.
1.4%
Clearway
Energy,
Inc.,
Class
C
1.4%
Portland
General
Electric
Co.
1.4%
Northwest
Natural
Holding
Co.
1.4%
MGE
Energy,
Inc.
1.4%
Financials
26.7%
Consumer
Discretionary
19.6%
Utilities
16.5%
Industrials
11.4%
Energy
6.7%
Consumer
Staples
6.4%
Materials
5.9%
Communication
Services
2.5%
Health
Care
1.9%
Information
Technology
1.2%
8
Victory
Portfolios
II
VictoryShares
International
High
Div
Volatility
Wtd
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
track
the
performance
of
the
Nasdaq
Victory
International
High
Dividend
100
Volatility
Weighted
Index
before
fees
and
expenses.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
SoftBank
Corp.
2.2%
Japan
Tobacco,
Inc.
1.6%
Oversea-Chinese
Banking
Corp.
Ltd.
1.6%
Telstra
Group
Ltd.
1.6%
Koninklijke
KPN
NV
1.6%
BCE,
Inc.
1.5%
ACS
Actividades
de
Construccion
y
Servicios
SA
1.4%
Swisscom
AG,
Registered
Shares
1.4%
Coles
Group
Ltd.
1.4%
Canadian
Imperial
Bank
of
Commerce
1.4%
Financials
25.1%
Communication
Services
16.2%
Utilities
12.3%
Industrials
10.3%
Materials
10.3%
Energy
8.2%
Consumer
Staples
7.7%
Consumer
Discretionary
3.7%
Real
Estate
2.6%
Health
Care
1.8%
9
Victory
Portfolios
II
VictoryShares
Dividend
Accelerator
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
track
the
performance
of
the
Nasdaq
Victory
Dividend
Accelerator
Index
before
fees
and
expenses.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
3M
Co.
3.7%
Flowers
Foods,
Inc.
3.2%
Apple,
Inc.
2.9%
Jack
Henry
&
Associates,
Inc.
2.5%
Agilent
Technologies,
Inc.
2.4%
Union
Pacific
Corp.
2.3%
Consolidated
Edison,
Inc.
2.3%
McDonald's
Corp.
2.2%
Colgate-Palmolive
Co.
2.2%
NetApp,
Inc.
2.1%
Industrials
26.5%
Consumer
Staples
23.9%
Financials
11.3%
Information
Technology
10.4%
Health
Care
9.1%
Materials
8.8%
Consumer
Discretionary
6.6%
Utilities
2.5%
Energy
0.6%
10
Victory
Portfolios
II
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
track
the
performance
of
the
Nasdaq
Victory
US
Multi-Factor
Minimum
Volatility
Index
before
fees
and
expenses.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Microsoft
Corp.
10.2%
Apple,
Inc.
10.1%
Johnson
&
Johnson
3.7%
AbbVie,
Inc.
3.5%
Lockheed
Martin
Corp.
3.4%
Merck
&
Co.,
Inc.
3.3%
Walmart,
Inc.
3.3%
Republic
Services,
Inc.
3.3%
Electronic
Arts,
Inc.
3.2%
Waste
Management,
Inc.
3.2%
Information
Technology
26.7%
Industrials
17.8%
Health
Care
16.4%
Consumer
Staples
12.2%
Energy
8.2%
Consumer
Discretionary
6.7%
Financials
6.1%
Communication
Services
4.4%
Materials
1.0%
11
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
track
the
performance
of
the
Nasdaq
Victory
US
Large
Cap
500
Long/Cash
Volatility
Weighted
Index
before
fees
and
expenses.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
The
Coca-Cola
Co.
0.4%
McDonald's
Corp.
0.4%
General
Dynamics
Corp.
0.3%
Walmart,
Inc.
0.3%
The
Kraft
Heinz
Co.
0.3%
Cencora,
Inc.
0.3%
PepsiCo,
Inc.
0.3%
Waste
Management,
Inc.
0.3%
Republic
Services,
Inc.
0.3%
Colgate-Palmolive
Co.
0.3%
Industrials
18.0%
Financials
16.2%
Health
Care
13.4%
Information
Technology
12.6%
Consumer
Discretionary
10.0%
Consumer
Staples
9.3%
Utilities
7.3%
Materials
4.8%
Energy
4.3%
Communication
Services
3.2%
12
Victory
Portfolios
II
VictoryShares
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
track
the
performance
of
the
Nasdaq
Victory
US
Large
Cap
High
Dividend
100
Long/Cash
Volatility
Weighted
Index
before
fees
and
expenses.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
The
Coca-Cola
Co.
0.5%
The
Kraft
Heinz
Co.
0.4%
International
Business
Machines
Corp.
0.4%
Kimberly-Clark
Corp.
0.4%
PPL
Corp.
0.4%
Kellanova
0.4%
Darden
Restaurants,
Inc.
0.3%
Duke
Energy
Corp.
0.3%
Philip
Morris
International,
Inc.
0.3%
Consolidated
Edison,
Inc.
0.3%
Utilities
6.1%
Financials
5.9%
Consumer
Staples
3.9%
Energy
2.8%
Health
Care
2.2%
Information
Technology
1.3%
Materials
1.1%
Consumer
Discretionary
0.7%
Communication
Services
0.7%
Industrials
0.4%
13
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
track
the
performance
of
the
Nasdaq
Victory
US
Small
Cap
High
Dividend
500
Long/Cash
Volatility
Weighted
Index
before
fees
and
expenses.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Universal
Corp.
0.1%
Nelnet,
Inc.,
Class
A
0.1%
Grand
Canyon
Education,
Inc.
0.1%
Graham
Holdings
Co.,
Class
B
0.1%
Brady
Corp.,
Class
A
0.1%
NewMarket
Corp.
0.1%
Northwestern
Energy
Group,
Inc.
0.1%
ALLETE,
Inc.
0.1%
BellRing
Brands,
Inc.
0.1%
FirstCash
Holdings,
Inc.
0.1%
Industrials
6.2%
Financials
5.8%
Consumer
Discretionary
4.1%
Information
Technology
2.3%
Consumer
Staples
2.1%
Materials
1.4%
Health
Care
1.4%
Energy
1.2%
Utilities
1.2%
Communication
Services
0.7%
14
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
track
the
performance
of
the
Nasdaq
Victory
International
500
Long/Cash
Volatility
Weighted
Index
before
fees
and
expenses.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
SoftBank
Corp.
0.5%
Great-West
Lifeco,
Inc.
0.4%
Beiersdorf
AG
0.3%
Japan
Tobacco,
Inc.
0.3%
Royal
Bank
of
Canada
0.3%
Sun
Life
Financial,
Inc.
0.3%
Oversea-Chinese
Banking
Corp.
Ltd.
0.3%
Telstra
Group
Ltd.
0.3%
Koninklijke
KPN
NV
0.3%
Metro,
Inc.
0.3%
Financials
22.4%
Industrials
18.2%
Consumer
Staples
10.5%
Consumer
Discretionary
9.2%
Health
Care
7.4%
Materials
6.9%
Information
Technology
6.7%
Communication
Services
6.6%
Utilities
5.0%
Energy
3.9%
15
Victory
Portfolios
II
VictoryShares
Nasdaq
Next
50
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
track
the
performance
of
the
Nasdaq
Q-50
®
 Index
before
fees
and
expenses.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Monolithic
Power
Systems,
Inc.
3.5%
Alnylam
Pharmaceuticals,
Inc.
2.8%
Ulta
Beauty,
Inc.
2.7%
ICON
PLC
2.7%
Tractor
Supply
Co.
2.7%
eBay,
Inc.
2.6%
Rivian
Automotive,
Inc.,
Class
A
2.6%
VeriSign,
Inc.
2.4%
Align
Technology,
Inc.
2.4%
PTC,
Inc.
2.4%
Information
Technology
37.2%
Health
Care
20.3%
Consumer
Discretionary
19.7%
Industrials
9.6%
Communication
Services
7.9%
Materials
2.2%
Utilities
1.5%
Energy
1.3%
16
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks high
current
income
without
undue
risk
to
principal.
Asset
Allocation*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Percentages
are
of
the
net
assets
of
the
Fund
and
may
not
equal
100%.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
**
Other
includes
investments
which
are
under
2%
of
the
net
assets
of
the
Fund.
17
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks maximum
current
income
without
undue
risk
to
principal.
Asset
Allocation*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Percentages
are
of
the
net
assets
of
the
Fund
and
may
not
equal
100%.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
18
Victory
Portfolios
II
VictoryShares
THB
Mid
Cap
ESG
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The Fund
seeks
capital
appreciation.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
NVR,
Inc.
4.5%
Amphenol
Corp.,
Class
A
4.3%
D.R.
Horton,
Inc.
4.2%
HEICO
Corp.
4.1%
Cintas
Corp.
3.8%
Rollins,
Inc.
3.8%
Fastenal
Co.
3.7%
PTC,
Inc.
3.6%
Pool
Corp.
3.6%
Graco,
Inc.
3.5%
Industrials
47.9%
Information
Technology
20.3%
Consumer
Discretionary
15.8%
Health
Care
9.6%
Materials
3.3%
Consumer
Staples
3.0%
19
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
long-term
capital
appreciation.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Apple,
Inc.
6.6%
Microsoft
Corp.
5.8%
Alphabet,
Inc.,
Class
A
3.5%
Amazon.com,
Inc.
3.3%
Meta
Platforms,
Inc.,
Class
A
3.3%
Alphabet,
Inc.,
Class
C
2.9%
Eli
Lilly
&
Co.
2.8%
UnitedHealth
Group,
Inc.
2.8%
NVIDIA
Corp.
2.6%
Johnson
&
Johnson
2.1%
Health
Care
28.9%
Information
Technology
26.0%
Consumer
Staples
14.8%
Communication
Services
14.7%
Consumer
Discretionary
10.3%
Utilities
4.9%
20
Victory
Portfolios
II
VictoryShares
Free
Cash
Flow
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to provide
investment
results
that
closely
correspond,
before
fees
and
expenses,
to
the
performance
of
the
Victory
U.S.
Large
Cap
Free
Cash
Flow
Index.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
The
Cigna
Group
3.4%
Bristol-Myers
Squibb
Co.
3.4%
QUALCOMM,
Inc.
3.3%
PulteGroup,
Inc.
3.2%
Humana,
Inc.
3.1%
CF
Industries
Holdings,
Inc.
3.0%
Vistra
Corp.
3.0%
Expedia
Group,
Inc.
3.0%
AbbVie,
Inc.
3.0%
D.R.
Horton,
Inc.
2.9%
Health
Care
31.6%
Energy
23.9%
Consumer
Discretionary
16.7%
Industrials
9.4%
Information
Technology
8.3%
Utilities
5.4%
Materials
4.4%
21
Victory
Portfolios
II
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to provide
investment
results
that
closely
correspond,
before
fees
and
expenses,
to
the
performance
of
the
Victory
U.S.
Small
Cap
Free
Cash
Flow
Index.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Globus
Medical,
Inc.
1.5%
SPX
Technologies,
Inc.
1.3%
Scorpio
Tankers,
Inc.
1.3%
Dillard's,
Inc.,
Class
A
1.3%
Chord
Energy
Corp.
1.3%
Cleveland-Cliffs,
Inc.
1.2%
Mueller
Industries,
Inc.
1.2%
Taylor
Morrison
Home
Corp.
1.1%
Graham
Holdings
Co.,
Class
B
1.1%
Jazz
Pharmaceuticals
PLC
1.1%
Energy
26.3%
Consumer
Discretionary
20.0%
Industrials
18.8%
Health
Care
9.9%
Information
Technology
8.0%
Communication
Services
6.7%
Materials
6.3%
Consumer
Staples
3.3%
Financials
0.2%
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
22
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
Common
Stocks
(99.7%)
Communication
Services
(3.2%):
Alphabet,
Inc.
,
Class
A
(a)
.................................................
6,154
$
859,652
Charter
Communications,
Inc.
,
Class
A
(a)
.....................................
1,680
652,982
Comcast
Corp.
,
Class
A
..................................................
23,744
1,041,174
Electronic
Arts,
Inc.
.....................................................
10,044
1,374,120
Fox
Corp.
,
Class
A
......................................................
34,547
1,025,010
Liberty
Broadband
Corp.
,
Class
C
(a)
.........................................
7,758
625,217
Liberty
Media
Corp.-Liberty
Formula
One
(a)
...................................
14,658
925,360
Live
Nation
Entertainment,
Inc.
(a)
...........................................
9,502
889,387
Match
Group,
Inc.
(a)
....................................................
13,203
481,910
Meta
Platforms,
Inc.
,
Class
A
(a)
............................................
2,006
710,044
Netflix,
Inc.
(a)
.........................................................
1,584
771,218
News
Corp.
,
Class
A
.....................................................
42,061
1,032,598
Omnicom
Group,
Inc.
....................................................
12,634
1,092,967
The
Interpublic
Group
of
Cos.,
Inc.
..........................................
27,681
903,508
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
5,668
407,869
The
Walt
Disney
Co.
....................................................
11,348
1,024,611
T-Mobile
US,
Inc.
......................................................
9,727
1,559,530
Verizon
Communications,
Inc.
..............................................
33,629
1,267,813
Warner
Music
Group
Corp.
,
Class
A
.........................................
23,499
841,029
17,485,999
Consumer
Discretionary
(10.0%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
4,610
627,605
Amazon.com,
Inc.
(a)
....................................................
5,590
849,345
Aptiv
PLC
(a)
..........................................................
8,853
794,291
Aramark
.............................................................
25,074
704,579
AutoZone,
Inc.
(a)
.......................................................
510
1,318,661
Best
Buy
Co.,
Inc.
......................................................
13,301
1,041,202
Booking
Holdings,
Inc.
(a)
.................................................
328
1,163,488
BorgWarner,
Inc.
.......................................................
22,533
807,808
Burlington
Stores,
Inc.
(a)
.................................................
4,832
939,727
Caesars
Entertainment,
Inc.
(a)
..............................................
10,541
494,162
CarMax,
Inc.
(a)
........................................................
7,779
596,960
Chewy,
Inc.
,
Class
A
(a)
..................................................
20,248
478,460
Chipotle
Mexican
Grill,
Inc.
(a)
.............................................
483
1,104,602
Churchill
Downs,
Inc.
....................................................
7,122
960,971
D.R.
Horton,
Inc.
.......................................................
8,432
1,281,495
Darden
Restaurants,
Inc.
..................................................
9,967
1,637,578
Deckers
Outdoor
Corp.
(a)
.................................................
1,907
1,274,696
Dick's
Sporting
Goods,
Inc.
................................................
5,321
781,921
Domino's
Pizza,
Inc.
.....................................................
2,217
913,914
eBay,
Inc.
............................................................
20,096
876,588
Expedia
Group,
Inc.
(a)
...................................................
6,069
921,214
Five
Below,
Inc.
(a)
......................................................
5,176
1,103,316
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
......................................
6,816
760,393
Ford
Motor
Co.
........................................................
59,877
729,901
Garmin
Ltd.
...........................................................
12,806
1,646,083
General
Motors
Co.
.....................................................
23,195
833,164
Genuine
Parts
Co.
......................................................
7,768
1,075,868
Hilton
Worldwide
Holdings,
Inc.
............................................
8,066
1,468,738
Hyatt
Hotels
Corp.
,
Class
A
................................................
7,806
1,017,980
Las
Vegas
Sands
Corp.
...................................................
16,255
799,909
Lennar
Corp.
,
Class
A
....................................................
8,729
1,300,970
LKQ
Corp.
...........................................................
24,511
1,171,381
Lowe's
Cos.,
Inc.
.......................................................
4,889
1,088,047
Marriott
International,
Inc.
,
Class
A
..........................................
5,323
1,200,390
McDonald's
Corp.
......................................................
7,154
2,121,233
MGM
Resorts
International
(a)
..............................................
18,668
834,086
NIKE,
Inc.
,
Class
B
.....................................................
9,342
1,014,261
NVR,
Inc.
(a)
..........................................................
203
1,421,091
O'Reilly
Automotive,
Inc.
(a)
...............................................
1,457
1,384,267
Penske
Automotive
Group,
Inc.
.............................................
5,259
844,122
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
23
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Pool
Corp.
............................................................
2,214
$
882,744
PulteGroup,
Inc.
........................................................
11,596
1,196,939
Ross
Stores,
Inc.
.......................................................
10,858
1,502,639
Service
Corp.
International
................................................
20,957
1,434,507
Starbucks
Corp.
........................................................
12,676
1,217,023
Tesla,
Inc.
(a)
..........................................................
1,715
426,143
The
Home
Depot,
Inc.
...................................................
3,651
1,265,254
The
TJX
Cos.,
Inc.
......................................................
17,686
1,659,124
Tractor
Supply
Co.
......................................................
5,152
1,107,835
Ulta
Beauty,
Inc.
(a)
.....................................................
2,353
1,152,947
Yum!
Brands,
Inc.
......................................................
13,302
1,738,039
54,967,661
Consumer
Staples
(9.4%):
Altria
Group,
Inc.
.......................................................
36,985
1,491,975
Archer-Daniels-Midland
Co.
...............................................
14,814
1,069,867
Brown-Forman
Corp.
,
Class
B
.............................................
20,687
1,181,228
Bunge
Global
SA
.......................................................
7,444
751,472
Campbell
Soup
Co.
.....................................................
32,442
1,402,468
Church
&
Dwight
Co.,
Inc.
................................................
15,628
1,477,784
Colgate-Palmolive
Co.
...................................................
22,552
1,797,620
Conagra
Brands,
Inc.
....................................................
53,490
1,533,023
Costco
Wholesale
Corp.
..................................................
2,521
1,664,062
Coty,
Inc.
,
Class
A
(a)
....................................................
74,626
926,855
Darling
Ingredients,
Inc.
(a)
................................................
12,860
640,942
Dollar
General
Corp.
....................................................
5,708
776,003
Dollar
Tree,
Inc.
(a)
......................................................
6,991
993,072
General
Mills,
Inc.
......................................................
21,152
1,377,841
Hormel
Foods
Corp.
.....................................................
38,748
1,244,198
Kellanova
............................................................
29,259
1,635,871
Keurig
Dr
Pepper,
Inc.
...................................................
48,964
1,631,480
Kimberly-Clark
Corp.
....................................................
13,878
1,686,316
Lamb
Weston
Holdings,
Inc.
...............................................
12,657
1,368,095
McCormick
&
Co.,
Inc.
..................................................
14,332
980,595
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
18,006
1,102,147
Mondelez
International,
Inc.
,
Class
A
.........................................
22,854
1,655,315
Monster
Beverage
Corp.
(a)
................................................
23,565
1,357,580
PepsiCo,
Inc.
..........................................................
10,951
1,859,918
Performance
Food
Group
Co.
(a)
............................................
18,290
1,264,753
Philip
Morris
International,
Inc.
.............................................
17,111
1,609,803
Sysco
Corp.
...........................................................
20,669
1,511,524
Target
Corp.
..........................................................
8,065
1,148,617
The
Clorox
Co.
........................................................
7,103
1,012,817
The
Coca-Cola
Co.
......................................................
36,931
2,176,344
The
Estee
Lauder
Cos.,
Inc.
...............................................
4,872
712,530
The
Hershey
Co.
.......................................................
7,516
1,401,283
The
Kraft
Heinz
Co.
.....................................................
50,479
1,866,713
The
Kroger
Co.
........................................................
29,163
1,333,041
The
Procter
&
Gamble
Co.
................................................
11,911
1,745,438
Tyson
Foods,
Inc.
,
Class
A
................................................
17,114
919,877
U.S.
Foods
Holding
Corp.
(a)
...............................................
27,611
1,253,816
Walmart,
Inc.
..........................................................
11,956
1,884,863
WK
Kellogg
Co.
.......................................................
7,314
96,106
51,543,252
Energy
(4.3%):
APA
Corp.
............................................................
14,459
518,789
Baker
Hughes
Co.
......................................................
24,976
853,680
Cheniere
Energy,
Inc.
....................................................
5,532
944,368
Chesapeake
Energy
Corp.
.................................................
9,156
704,463
Chevron
Corp.
.........................................................
7,175
1,070,223
ConocoPhillips
Co.
.....................................................
7,311
848,588
Coterra
Energy,
Inc.
.....................................................
29,869
762,257
Devon
Energy
Corp.
.....................................................
14,360
650,508
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
24
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Diamondback
Energy,
Inc.
................................................
5,586
$
866,277
EOG
Resources,
Inc.
....................................................
6,626
801,415
EQT
Corp.
............................................................
15,302
591,575
Exxon
Mobil
Corp.
.....................................................
9,269
926,715
Halliburton
Co.
........................................................
17,112
618,599
Hess
Corp.
............................................................
5,163
744,298
HF
Sinclair
Corp.
.......................................................
13,156
731,079
Kinder
Morgan,
Inc.
.....................................................
86,545
1,526,654
Marathon
Oil
Corp.
.....................................................
27,685
668,870
Marathon
Petroleum
Corp.
................................................
5,816
862,862
Occidental
Petroleum
Corp.
...............................................
15,193
907,174
ONEOK,
Inc.
..........................................................
16,284
1,143,462
Ovintiv,
Inc.
..........................................................
12,337
541,841
Phillips
66
............................................................
7,747
1,031,435
Pioneer
Natural
Resources
Co.
.............................................
3,831
861,515
Schlumberger
NV
......................................................
12,559
653,570
Targa
Resources
Corp.
...................................................
11,889
1,032,797
Texas
Pacific
Land
Corp.
.................................................
378
594,386
The
Williams
Cos.,
Inc.
..................................................
36,915
1,285,749
Valero
Energy
Corp.
.....................................................
5,965
775,450
23,518,599
Financials
(16.2%):
Aflac,
Inc.
............................................................
16,686
1,376,595
American
Express
Co.
...................................................
6,080
1,139,027
American
Financial
Group,
Inc.
.............................................
9,670
1,149,666
American
International
Group,
Inc.
..........................................
16,026
1,085,761
Ameriprise
Financial,
Inc.
.................................................
2,893
1,098,848
Aon
PLC
,
Class
A
......................................................
4,343
1,263,900
Apollo
Global
Management,
Inc.
............................................
9,040
842,438
Arch
Capital
Group
Ltd.
(a)
................................................
13,935
1,034,952
Ares
Management
Corp.
,
Class
A
...........................................
8,621
1,025,209
Arthur
J.
Gallagher
&
Co.
.................................................
6,412
1,441,931
Bank
of
America
Corp.
...................................................
35,506
1,195,487
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
4,670
1,665,602
BlackRock,
Inc.
........................................................
1,710
1,388,178
Blackstone,
Inc.
........................................................
7,155
936,733
Brown
&
Brown,
Inc.
....................................................
17,570
1,249,403
Capital
One
Financial
Corp.
...............................................
7,663
1,004,773
Cboe
Global
Markets,
Inc.
................................................
10,028
1,790,600
Chubb
Ltd.
...........................................................
6,189
1,398,714
Cincinnati
Financial
Corp.
................................................
8,797
910,138
Citigroup,
Inc.
.........................................................
24,431
1,256,731
Citizens
Financial
Group,
Inc.
..............................................
23,222
769,577
CME
Group,
Inc.
.......................................................
6,891
1,451,245
Corebridge
Financial,
Inc.
.................................................
44,664
967,422
Discover
Financial
Services
...............................................
8,066
906,618
Equitable
Holdings,
Inc.
..................................................
27,731
923,442
Erie
Indemnity
Co.
,
Class
A
...............................................
2,948
987,344
Everest
Group
Ltd.
......................................................
2,776
981,538
FactSet
Research
Systems,
Inc.
.............................................
2,602
1,241,284
Fidelity
National
Financial,
Inc.
............................................
25,861
1,319,428
Fifth
Third
Bancorp
.....................................................
26,290
906,742
First
Citizens
Bancshares,
Inc.
,
Class
A
.......................................
267
378,865
Fiserv,
Inc.
(a)
..........................................................
9,577
1,272,209
FleetCor
Technologies,
Inc.
(a)
..............................................
3,375
953,809
Franklin
Resources,
Inc.
..................................................
36,390
1,084,058
Global
Payments,
Inc.
....................................................
6,437
817,499
Globe
Life,
Inc.
........................................................
11,950
1,454,554
Huntington
Bancshares,
Inc.
...............................................
63,453
807,122
Interactive
Brokers
Group,
Inc.
.............................................
9,723
806,037
Intercontinental
Exchange,
Inc.
.............................................
12,149
1,560,296
Jack
Henry
&
Associates,
Inc.
..............................................
5,810
949,412
JPMorgan
Chase
&
Co.
..................................................
8,013
1,363,011
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
25
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
KeyCorp.
............................................................
39,335
$
566,424
Loews
Corp.
..........................................................
21,865
1,521,585
LPL
Financial
Holdings,
Inc.
...............................................
3,151
717,231
M&T
Bank
Corp.
.......................................................
6,319
866,209
Markel
Group,
Inc.
(a)
....................................................
862
1,223,954
Marsh
&
McLennan
Cos.,
Inc.
.............................................
8,066
1,528,265
Mastercard,
Inc.
,
Class
A
.................................................
3,669
1,564,865
MetLife,
Inc.
..........................................................
14,462
956,372
Moody's
Corp.
.........................................................
3,483
1,360,320
Morgan
Stanley
........................................................
12,779
1,191,642
Morningstar,
Inc.
.......................................................
3,480
996,115
MSCI,
Inc.
...........................................................
1,538
869,970
Nasdaq,
Inc.
..........................................................
20,263
1,178,091
Northern
Trust
Corp.
....................................................
10,126
854,432
PayPal
Holdings,
Inc.
(a)
..................................................
11,208
688,283
Principal
Financial
Group,
Inc.
.............................................
12,127
954,031
Prudential
Financial,
Inc.
.................................................
10,628
1,102,230
Raymond
James
Financial,
Inc.
.............................................
8,916
994,134
Regions
Financial
Corp.
..................................................
43,225
837,701
RenaissanceRe
Holdings
Ltd.
..............................................
4,625
906,500
Ryan
Specialty
Holdings,
Inc.
(a)
............................................
22,194
954,786
S&P
Global,
Inc.
.......................................................
2,980
1,312,750
State
Street
Corp.
.......................................................
11,698
906,127
Synchrony
Financial
.....................................................
24,384
931,225
T.
Rowe
Price
Group,
Inc.
.................................................
7,630
821,675
The
Bank
of
New
York
Mellon
Corp.
.........................................
22,995
1,196,890
The
Carlyle
Group,
Inc.
..................................................
22,519
916,298
The
Charles
Schwab
Corp.
................................................
10,083
693,710
The
Goldman
Sachs
Group,
Inc.
............................................
3,392
1,308,532
The
Hartford
Financial
Services
Group,
Inc.
....................................
15,938
1,281,096
The
PNC
Financial
Services
Group,
Inc.
......................................
7,084
1,096,957
The
Progressive
Corp.
...................................................
6,286
1,001,234
The
Travelers
Cos.,
Inc.
..................................................
7,572
1,442,390
Tradeweb
Markets,
Inc.
,
Class
A
............................................
10,591
962,510
Truist
Financial
Corp.
....................................................
19,497
719,829
U.S.
Bancorp
..........................................................
18,175
786,614
Unum
Group
..........................................................
17,493
791,033
UWM
Holdings
Corp.
(b)
.................................................
91,304
652,824
Visa,
Inc.
,
Class
A
......................................................
6,744
1,755,800
W.R.
Berkley
Corp.
.....................................................
19,437
1,374,585
Wells
Fargo
&
Co.
......................................................
22,437
1,104,349
89,045,766
Health
Care
(13.5%):
Abbott
Laboratories
.....................................................
12,848
1,414,179
AbbVie,
Inc.
..........................................................
8,873
1,375,049
Agilent
Technologies,
Inc.
.................................................
8,758
1,217,625
Align
Technology,
Inc.
(a)
.................................................
1,384
379,216
Amgen,
Inc.
...........................................................
5,202
1,498,280
Avantor,
Inc.
(a)
........................................................
37,268
850,828
Becton
Dickinson
&
Co.
..................................................
5,343
1,302,784
Biogen,
Inc.
(a)
.........................................................
4,827
1,249,083
BioMarin
Pharmaceutical,
Inc.
(a)
...........................................
10,691
1,030,826
Bio-Techne
Corp.
.......................................................
11,014
849,840
Boston
Scientific
Corp.
(a)
.................................................
26,821
1,550,522
Bristol-Myers
Squibb
Co.
.................................................
24,544
1,259,353
Bruker
Corp.
..........................................................
13,322
978,901
Cardinal
Health,
Inc.
....................................................
14,903
1,502,222
Cencora,
Inc.
..........................................................
9,087
1,866,288
Centene
Corp.
(a)
.......................................................
15,976
1,185,579
Charles
River
Laboratories
International,
Inc.
(a)
.................................
3,607
852,695
CVS
Health
Corp.
......................................................
16,568
1,308,209
Danaher
Corp.
.........................................................
4,114
951,733
DaVita,
Inc.
(a)
.........................................................
8,573
898,107
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
26
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Dexcom,
Inc.
(a)
........................................................
7,318
$
908,091
Edwards
Lifesciences
Corp.
(a)
.............................................
12,497
952,896
Elevance
Health,
Inc.
....................................................
2,284
1,077,043
Eli
Lilly
&
Co.
.........................................................
1,717
1,000,874
GE
HealthCare
Technologies,
Inc.
...........................................
11,781
910,907
Gilead
Sciences,
Inc.
....................................................
17,503
1,417,918
HCA
Healthcare,
Inc.
....................................................
4,897
1,325,520
Henry
Schein,
Inc.
(a)
....................................................
15,589
1,180,243
Hologic,
Inc.
(a)
........................................................
18,164
1,297,818
Humana,
Inc.
..........................................................
2,104
963,232
IDEXX
Laboratories,
Inc.
(a)
...............................................
1,718
953,576
Incyte
Corp.
(a)
.........................................................
19,275
1,210,277
Insulet
Corp.
(a)
........................................................
4,314
936,052
Intuitive
Surgical,
Inc.
(a)
.................................................
2,932
989,139
IQVIA
Holdings,
Inc.
(a)
..................................................
4,828
1,117,103
Johnson
&
Johnson
.....................................................
9,631
1,509,563
Laboratory
Corp.
of
America
Holdings
........................................
6,629
1,506,705
McKesson
Corp.
.......................................................
3,180
1,472,276
Medtronic
PLC
........................................................
14,805
1,219,636
Merck
&
Co.,
Inc.
......................................................
12,339
1,345,198
Mettler-Toledo
International,
Inc.
(a)
.........................................
822
997,053
Moderna,
Inc.
(a)
.......................................................
4,681
465,525
Molina
Healthcare,
Inc.
(a)
................................................
3,130
1,130,900
Neurocrine
Biosciences,
Inc.
(a)
.............................................
9,642
1,270,430
Penumbra,
Inc.
(a)
.......................................................
3,372
848,193
Pfizer,
Inc.
............................................................
36,252
1,043,695
Quest
Diagnostics,
Inc.
...................................................
11,038
1,521,919
Regeneron
Pharmaceuticals,
Inc.
(a)
..........................................
1,228
1,078,540
Repligen
Corp.
(a)
.......................................................
3,281
589,924
ResMed,
Inc.
..........................................................
5,185
891,924
Revvity,
Inc.
..........................................................
8,516
930,884
STERIS
PLC
..........................................................
4,115
904,683
Stryker
Corp.
..........................................................
4,140
1,239,764
Teleflex,
Inc.
..........................................................
4,632
1,154,943
The
Cigna
Group
.......................................................
3,715
1,112,457
The
Cooper
Cos.,
Inc.
....................................................
3,190
1,207,224
Thermo
Fisher
Scientific,
Inc.
..............................................
2,101
1,115,190
United
Therapeutics
Corp.
(a)
..............................................
4,727
1,039,420
UnitedHealth
Group,
Inc.
.................................................
2,443
1,286,166
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
3,461
666,312
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
3,470
1,411,908
Viatris,
Inc.
...........................................................
99,717
1,079,935
Waters
Corp.
(a)
........................................................
3,298
1,085,801
West
Pharmaceutical
Services,
Inc.
..........................................
2,107
741,917
Zimmer
Biomet
Holdings,
Inc.
.............................................
12,014
1,462,104
Zoetis,
Inc.
...........................................................
5,469
1,079,416
74,171,613
Industrials
(18.0%):
A.O.
Smith
Corp.
.......................................................
12,523
1,032,396
Advanced
Drainage
Systems,
Inc.
...........................................
4,700
661,008
AECOM
.............................................................
15,067
1,392,643
AGCO
Corp.
..........................................................
6,641
806,284
Allegion
PLC
.........................................................
8,660
1,097,135
American
Airlines
Group,
Inc.
(a)
............................................
49,281
677,121
AMETEK,
Inc.
........................................................
8,702
1,434,873
Automatic
Data
Processing,
Inc.
............................................
5,103
1,188,846
Axon
Enterprise,
Inc.
(a)
..................................................
3,237
836,214
Booz
Allen
Hamilton
Holding
Corp.
.........................................
10,255
1,311,717
Broadridge
Financial
Solutions,
Inc.
.........................................
6,525
1,342,519
Builders
FirstSource,
Inc.
(a)
...............................................
4,888
816,003
C.H.
Robinson
Worldwide,
Inc.
.............................................
11,134
961,866
Carlisle
Cos.,
Inc.
.......................................................
4,013
1,253,782
Carrier
Global
Corp.
.....................................................
15,696
901,735
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
27
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Caterpillar,
Inc.
........................................................
3,302
$
976,302
Cintas
Corp.
..........................................................
2,766
1,666,958
Copart,
Inc.
(a)
.........................................................
27,463
1,345,687
CSX
Corp.
............................................................
40,523
1,404,932
Cummins,
Inc.
.........................................................
4,556
1,091,481
Deere
&
Co.
..........................................................
2,341
936,096
Delta
Air
Lines,
Inc.
.....................................................
20,402
820,772
Dover
Corp.
...........................................................
7,371
1,133,734
Eaton
Corp.
PLC
.......................................................
4,383
1,055,514
EMCOR
Group,
Inc.
....................................................
4,240
913,423
Equifax,
Inc.
..........................................................
4,558
1,127,148
Expeditors
International
of
Washington,
Inc.
....................................
9,365
1,191,228
Fastenal
Co.
...........................................................
21,023
1,361,660
FedEx
Corp.
..........................................................
3,877
980,765
Fortive
Corp.
..........................................................
15,112
1,112,697
General
Dynamics
Corp.
..................................................
7,262
1,885,724
General
Electric
Co.
.....................................................
9,338
1,191,809
Graco,
Inc.
...........................................................
12,688
1,100,811
HEICO
Corp.
..........................................................
6,247
1,117,401
Honeywell
International,
Inc.
..............................................
7,390
1,549,757
Howmet
Aerospace,
Inc.
..................................................
23,612
1,277,881
Hubbell,
Inc.
..........................................................
2,848
936,793
IDEX
Corp.
...........................................................
5,446
1,182,381
Illinois
Tool
Works,
Inc.
..................................................
4,894
1,281,934
Ingersoll
Rand,
Inc.
.....................................................
15,199
1,175,491
J.B.
Hunt
Transport
Services,
Inc.
...........................................
5,542
1,106,959
Jacobs
Solutions,
Inc.
....................................................
9,145
1,187,021
Johnson
Controls
International
PLC
..........................................
16,801
968,410
L3Harris
Technologies,
Inc.
...............................................
7,167
1,509,514
Leidos
Holdings,
Inc.
....................................................
10,038
1,086,513
Lennox
International,
Inc.
.................................................
2,381
1,065,545
Lincoln
Electric
Holdings,
Inc.
.............................................
5,686
1,236,478
Lockheed
Martin
Corp.
...................................................
3,731
1,691,038
Masco
Corp.
..........................................................
16,406
1,098,874
Nordson
Corp.
.........................................................
4,090
1,080,414
Norfolk
Southern
Corp.
..................................................
6,135
1,450,191
Northrop
Grumman
Corp.
.................................................
3,081
1,442,339
Old
Dominion
Freight
Line,
Inc.
............................................
1,828
740,943
Otis
Worldwide
Corp.
....................................................
15,648
1,400,027
Owens
Corning
........................................................
6,737
998,626
PACCAR,
Inc.
.........................................................
13,100
1,279,215
Parker-Hannifin
Corp.
...................................................
2,385
1,098,769
Paychex,
Inc.
..........................................................
9,599
1,143,337
Paycom
Software,
Inc.
...................................................
2,327
481,037
Paylocity
Holding
Corp.
(a)
................................................
3,631
598,570
Quanta
Services,
Inc.
....................................................
5,240
1,130,792
Regal
Rexnord
Corp.
....................................................
5,022
743,356
Republic
Services,
Inc.
...................................................
11,063
1,824,399
Rockwell
Automation,
Inc.
................................................
3,028
940,133
Rollins,
Inc.
...........................................................
33,427
1,459,757
RTX
Corp.
............................................................
14,107
1,186,963
Saia,
Inc.
(a)
...........................................................
1,486
651,195
Snap-on,
Inc.
..........................................................
4,297
1,241,145
Southwest
Airlines
Co.
...................................................
26,387
762,057
SS&C
Technologies
Holdings,
Inc.
..........................................
19,385
1,184,617
Stanley
Black
&
Decker,
Inc.
..............................................
7,906
775,579
Textron,
Inc.
..........................................................
13,640
1,096,929
The
Toro
Co.
..........................................................
10,828
1,039,380
Trane
Technologies
PLC
..................................................
5,321
1,297,792
TransDigm
Group,
Inc.
...................................................
1,355
1,370,718
TransUnion
...........................................................
10,587
727,433
U-Haul
Holding
Co.
.....................................................
12,941
911,564
Union
Pacific
Corp.
.....................................................
4,729
1,161,537
United
Airlines
Holdings,
Inc.
(a)
............................................
14,236
587,377
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
28
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
United
Parcel
Service,
Inc.
,
Class
B
..........................................
6,657
$
1,046,680
United
Rentals,
Inc.
.....................................................
1,471
843,501
Veralto
Corp.
..........................................................
1,372
112,861
Verisk
Analytics,
Inc.
....................................................
5,262
1,256,881
Vertiv
Holdings
Co.
,
Class
A
...............................................
11,197
537,792
Vestis
Corp.
...........................................................
12,538
265,053
W.W.
Grainger,
Inc.
.....................................................
1,354
1,122,046
Waste
Management,
Inc.
..................................................
10,306
1,845,805
Watsco,
Inc.
...........................................................
2,535
1,086,171
Westinghouse
Air
Brake
Technologies
Corp.
....................................
11,274
1,430,671
Xylem,
Inc.
...........................................................
10,653
1,218,277
99,054,802
Information
Technology
(12.6%):
Accenture
PLC
,
Class
A
..................................................
3,319
1,164,670
Adobe,
Inc.
(a)
.........................................................
1,435
856,121
Akamai
Technologies,
Inc.
(a)
..............................................
9,321
1,103,140
Amphenol
Corp.
,
Class
A
.................................................
15,138
1,500,630
Analog
Devices,
Inc.
....................................................
5,330
1,058,325
ANSYS,
Inc.
(a)
........................................................
2,831
1,027,313
Apple,
Inc.
...........................................................
6,266
1,206,393
Applied
Materials,
Inc.
...................................................
4,719
764,808
AppLovin
Corp.
,
Class
A
(a)
...............................................
8,359
333,106
Arista
Networks,
Inc.
(a)
..................................................
2,847
670,497
Autodesk,
Inc.
(a)
.......................................................
3,670
893,572
Bentley
Systems,
Inc.
,
Class
B
.............................................
17,541
915,289
Broadcom,
Inc.
........................................................
917
1,023,601
Cadence
Design
Systems,
Inc.
(a)
............................................
3,878
1,056,251
CDW
Corp.
...........................................................
4,668
1,061,130
Cisco
Systems,
Inc.
.....................................................
24,432
1,234,305
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
14,425
1,089,520
Corning,
Inc.
..........................................................
34,000
1,035,300
Dell
Technologies,
Inc.
,
Class
C
............................................
16,659
1,274,414
Dropbox,
Inc.
,
Class
A
(a)
.................................................
32,264
951,143
Dynatrace,
Inc.
(a)
......................................................
14,145
773,590
Enphase
Energy,
Inc.
(a)
..................................................
3,701
489,050
Entegris,
Inc.
..........................................................
5,310
636,244
EPAM
Systems,
Inc.
(a)
...................................................
2,195
652,661
F5,
Inc.
(a)
............................................................
7,073
1,265,926
Fair
Isaac
Corp.
(a)
......................................................
1,197
1,393,320
First
Solar,
Inc.
(a)
......................................................
2,546
438,625
Fortinet,
Inc.
(a)
........................................................
10,278
601,571
Gartner,
Inc.
(a)
........................................................
3,406
1,536,481
Gen
Digital,
Inc.
.......................................................
41,100
937,902
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
15,571
1,653,017
Hewlett
Packard
Enterprise
Co.
.............................................
57,801
981,461
HP,
Inc.
..............................................................
33,225
999,740
International
Business
Machines
Corp.
........................................
10,497
1,716,784
Intuit,
Inc.
............................................................
1,508
942,545
Jabil,
Inc.
............................................................
8,498
1,082,645
Juniper
Networks,
Inc.
...................................................
38,113
1,123,571
Keysight
Technologies,
Inc.
(a)
.............................................
6,351
1,010,381
KLA
Corp.
...........................................................
1,431
831,840
Lam
Research
Corp.
.....................................................
963
754,279
Lattice
Semiconductor
Corp.
(a)
.............................................
5,990
413,250
Manhattan
Associates,
Inc.
(a)
..............................................
4,832
1,040,426
Microchip
Technology,
Inc.
................................................
9,471
854,095
Microsoft
Corp.
........................................................
2,991
1,124,736
Monolithic
Power
Systems,
Inc.
............................................
989
623,841
Motorola
Solutions,
Inc.
..................................................
4,961
1,553,240
NetApp,
Inc.
..........................................................
13,696
1,207,439
NVIDIA
Corp.
.........................................................
984
487,297
NXP
Semiconductors
NV
.................................................
3,920
900,346
ON
Semiconductor
Corp.
(a)
...............................................
6,381
533,005
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
29
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Oracle
Corp.
..........................................................
9,346
$
985,349
Palo
Alto
Networks,
Inc.
(a)
................................................
2,726
803,843
PTC,
Inc.
(a)
...........................................................
8,555
1,496,783
QUALCOMM,
Inc.
.....................................................
6,930
1,002,286
Roper
Technologies,
Inc.
..................................................
3,212
1,751,086
Salesforce,
Inc.
(a)
......................................................
3,924
1,032,561
ServiceNow,
Inc.
(a)
.....................................................
1,323
934,686
Skyworks
Solutions,
Inc.
.................................................
7,367
828,198
Super
Micro
Computer,
Inc.
(a)
.............................................
1,220
346,797
Synopsys,
Inc.
(a)
.......................................................
2,084
1,073,073
TD
SYNNEX
Corp.
.....................................................
10,372
1,116,131
TE
Connectivity
Ltd.
....................................................
9,435
1,325,618
Teledyne
Technologies,
Inc.
(a)
.............................................
2,911
1,299,150
Teradyne,
Inc.
.........................................................
7,378
800,661
Texas
Instruments,
Inc.
...................................................
6,325
1,078,160
Trimble,
Inc.
(a)
........................................................
16,862
897,058
Tyler
Technologies,
Inc.
(a)
................................................
2,378
994,289
VeriSign,
Inc.
(a)
........................................................
7,054
1,452,842
Zebra
Technologies
Corp.
(a)
...............................................
2,333
637,679
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
..................................
9,242
664,592
69,299,678
Materials
(4.8%):
Air
Products
and
Chemicals,
Inc.
............................................
4,131
1,131,068
Albemarle
Corp.
.......................................................
3,096
447,310
Avery
Dennison
Corp.
...................................................
5,922
1,197,192
Ball
Corp.
............................................................
15,097
868,380
Celanese
Corp.
.........................................................
6,369
989,552
CF
Industries
Holdings,
Inc.
...............................................
10,604
843,018
Corteva,
Inc.
..........................................................
21,828
1,045,998
Crown
Holdings,
Inc.
....................................................
11,003
1,013,266
Dow,
Inc.
............................................................
21,242
1,164,911
DuPont
de
Nemours,
Inc.
.................................................
14,197
1,092,175
Eastman
Chemical
Co.
...................................................
10,731
963,858
Ecolab,
Inc.
...........................................................
6,643
1,317,639
FMC
Corp.
...........................................................
11,802
744,116
Freeport-McMoRan,
Inc.
.................................................
18,946
806,531
International
Paper
Co.
...................................................
27,143
981,220
LyondellBasell
Industries
NV
,
Class
A
........................................
11,317
1,076,020
Martin
Marietta
Materials,
Inc.
.............................................
2,316
1,155,476
Nucor
Corp.
...........................................................
4,331
753,767
Packaging
Corp.
of
America
...............................................
6,823
1,111,535
PPG
Industries,
Inc.
.....................................................
7,317
1,094,257
Reliance
Steel
&
Aluminum
Co.
............................................
3,727
1,042,367
RPM
International,
Inc.
..................................................
9,011
1,005,898
Steel
Dynamics,
Inc.
.....................................................
6,211
733,519
The
Mosaic
Co.
........................................................
18,787
671,260
The
Sherwin-Williams
Co.
................................................
3,697
1,153,094
Vulcan
Materials
Co.
....................................................
5,274
1,197,251
Westlake
Corp.
........................................................
6,465
904,841
26,505,519
Real
Estate
(0.4%):
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
11,217
1,044,191
CoStar
Group,
Inc.
(a)
....................................................
11,872
1,037,494
2,081,685
Utilities
(7.3%):
Alliant
Energy
Corp.
....................................................
27,157
1,393,154
Ameren
Corp.
.........................................................
17,510
1,266,673
American
Electric
Power
Co.,
Inc.
...........................................
17,177
1,395,116
American
Water
Works
Co.,
Inc.
............................................
9,871
1,302,873
Atmos
Energy
Corp.
.....................................................
12,252
1,420,007
CenterPoint
Energy,
Inc.
..................................................
50,690
1,448,213
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
30
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
CMS
Energy
Corp.
......................................................
24,398
$
1,416,792
Consolidated
Edison,
Inc.
.................................................
17,087
1,554,404
Constellation
Energy
Corp.
................................................
10,133
1,184,446
Dominion
Energy,
Inc.
...................................................
26,049
1,224,303
DTE
Energy
Co.
.......................................................
13,987
1,542,207
Duke
Energy
Corp.
......................................................
16,745
1,624,935
Edison
International
.....................................................
18,056
1,290,824
Entergy
Corp.
.........................................................
13,089
1,324,476
Essential
Utilities,
Inc.
...................................................
36,331
1,356,963
Evergy,
Inc.
...........................................................
25,080
1,309,176
Eversource
Energy
......................................................
20,233
1,248,781
Exelon
Corp.
..........................................................
36,716
1,318,104
FirstEnergy
Corp.
.......................................................
38,105
1,396,929
NextEra
Energy,
Inc.
....................................................
18,464
1,121,503
NiSource,
Inc.
.........................................................
54,835
1,455,869
PG&E
Corp.
..........................................................
84,626
1,525,807
PPL
Corp.
............................................................
60,650
1,643,615
Public
Service
Enterprise
Group,
Inc.
.........................................
23,270
1,422,961
Sempra
..............................................................
20,492
1,531,367
The
Southern
Co.
.......................................................
21,700
1,521,604
Vistra
Corp.
...........................................................
26,563
1,023,207
WEC
Energy
Group,
Inc.
.................................................
16,877
1,420,537
Xcel
Energy,
Inc.
.......................................................
24,590
1,522,367
40,207,213
Total
Common
Stocks
(Cost
$436,578,069)
547,881,787
Collateral
for
Securities
Loaned
(0.0%)^(c)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(d)
........
37,343
37,343
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(d)
............
37,343
37,343
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(d)
...............
37,343
37,343
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(d)
.
37,343
37,343
Total
Collateral
for
Securities
Loaned
(Cost
$149,372)
149,372
Total
Investments
(Cost
$436,727,441)
—
99.7%
548,031,159
Other
assets
in
excess
of
liabilities
—
0.3%
1,545,395
NET
ASSETS
-
100.00%
$
549,576,554
^
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)
Rate
disclosed
is
the
daily
yield
on
December
31,
2023.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
5
3/15/24
$
1,180,700
$
1,205,000
$
24,300
Total
unrealized
appreciation
$
24,300
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
24,300
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
31
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
Common
Stocks
(99.5%)
Communication
Services
(2.4%):
Cargurus,
Inc.
(a)
.......................................................
2,724
$
65,812
Cars.com,
Inc.
(a)
.......................................................
2,854
54,141
Cogent
Communications
Holdings,
Inc.
.......................................
984
74,843
Gogo,
Inc.
(a)
..........................................................
4,172
42,262
Integral
Ad
Science
Holding
Corp.
(a)
.........................................
2,827
40,681
John
Wiley
&
Sons,
Inc.
,
Class
A
............................................
1,549
49,165
Liberty
Latin
America
Ltd.
,
Class
C
(a)
........................................
4,956
36,377
Madison
Square
Garden
Sports
Corp.
(a)
.......................................
446
81,096
Scholastic
Corp.
........................................................
1,196
45,089
Shutterstock,
Inc.
.......................................................
1,186
57,260
Sphere
Entertainment
Co.
(a)
...............................................
1,104
37,492
Vivid
Seats,
Inc.
,
Class
A
(a)
...............................................
5,694
35,986
Yelp,
Inc.
(a)
...........................................................
1,576
74,608
Ziff
Davis,
Inc.
(a)
.......................................................
1,133
76,126
ZipRecruiter,
Inc.
(a)
.....................................................
3,014
41,895
812,833
Consumer
Discretionary
(15.2%):
Abercrombie
&
Fitch
Co.
(a)
...............................................
646
56,990
Acushnet
Holdings
Corp.
.................................................
1,174
74,162
Adient
PLC
(a)
.........................................................
1,556
56,576
Adtalem
Global
Education,
Inc.
(a)
...........................................
1,396
82,294
American
Eagle
Outfitters,
Inc.
.............................................
3,012
63,734
Arhaus,
Inc.
(a)
.........................................................
3,491
41,368
Bloomin'
Brands,
Inc.
....................................................
2,252
63,394
Boot
Barn
Holdings,
Inc.
(a)
...............................................
489
37,536
Bright
Horizons
Family
Solutions,
Inc.
(a)
.....................................
623
58,711
Brinker
International,
Inc.
(a)
...............................................
1,752
75,651
Camping
World
Holdings,
Inc.
,
Class
A
.......................................
1,910
50,157
Carter's,
Inc.
..........................................................
1,037
77,661
Cavco
Industries,
Inc.
(a)
..................................................
208
72,097
Century
Communities,
Inc.
................................................
892
81,297
Chegg,
Inc.
(a)
.........................................................
2,689
30,547
Cracker
Barrel
Old
Country
Store,
Inc.
(b)
.....................................
830
63,976
Dave
&
Buster's
Entertainment,
Inc.
(a)
.......................................
1,162
62,574
Dorman
Products,
Inc.
(a)
.................................................
884
73,734
Dream
Finders
Homes,
Inc.
,
Class
A
(a)
.......................................
1,264
44,910
Dutch
Bros,
Inc.
,
Class
A
(a)
(b)
.............................................
1,411
44,686
Everi
Holdings,
Inc.
(a)
...................................................
4,216
47,514
First
Watch
Restaurant
Group,
Inc.
(a)
........................................
3,404
68,420
Foot
Locker,
Inc.
.......................................................
1,728
53,827
Frontdoor,
Inc.
(a)
.......................................................
2,031
71,532
Gentherm,
Inc.
(a)
.......................................................
1,021
53,460
Graham
Holdings
Co.
,
Class
B
.............................................
169
117,712
Grand
Canyon
Education,
Inc.
(a)
............................................
907
119,760
Green
Brick
Partners,
Inc.
(a)
...............................................
924
47,993
Group
1
Automotive,
Inc.
.................................................
244
74,357
Guess?,
Inc.
...........................................................
1,976
45,567
Helen
of
Troy
Ltd.
(a)
....................................................
337
40,713
Installed
Building
Products,
Inc.
............................................
386
70,568
Jack
in
the
Box,
Inc.
.....................................................
882
71,998
KB
Home
............................................................
1,362
85,070
Kontoor
Brands,
Inc.
....................................................
1,046
65,291
Laureate
Education,
Inc.
..................................................
5,359
73,472
La-Z-Boy,
Inc.
.........................................................
2,003
73,951
LCI
Industries
.........................................................
480
60,341
Leslie's,
Inc.
(a)
........................................................
5,663
39,131
Levi
Strauss
&
Co.
,
Class
A
...............................................
4,231
69,981
LGI
Homes,
Inc.
(a)
.....................................................
447
59,522
Life
Time
Group
Holdings,
Inc.
(a)
...........................................
2,632
39,691
M/I
Homes,
Inc.
(a)
......................................................
703
96,831
MDC
Holdings,
Inc.
.....................................................
1,506
83,206
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
32
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Meritage
Homes
Corp.
...................................................
471
$
82,048
Mister
Car
Wash,
Inc.
(a)
..................................................
6,871
59,365
Modine
Manufacturing
Co.
(a)
..............................................
791
47,223
Monarch
Casino
&
Resort,
Inc.
.............................................
1,262
87,267
National
Vision
Holdings,
Inc.
(a)
............................................
1,846
38,637
Nordstrom,
Inc.
........................................................
2,307
42,564
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
.......................................
767
58,208
Oxford
Industries,
Inc.
...................................................
578
57,800
Papa
John's
International,
Inc.
..............................................
883
67,311
Patrick
Industries,
Inc.
...................................................
753
75,564
Portillo's,
Inc.
,
Class
A
(a)
.................................................
2,799
44,588
Red
Rock
Resorts,
Inc.
,
Class
A
.............................................
1,684
89,808
SeaWorld
Entertainment,
Inc.
(a)
............................................
1,226
64,770
Signet
Jewelers
Ltd.
.....................................................
648
69,504
Six
Flags
Entertainment
Corp.
(a)
............................................
1,947
48,831
Skyline
Champion
Corp.
(a)
................................................
731
54,284
Steven
Madden
Ltd.
.....................................................
1,976
82,992
Strategic
Education,
Inc.
..................................................
989
91,354
Stride,
Inc.
(a)
..........................................................
1,153
68,454
Target
Hospitality
Corp.
(a)
(b)
..............................................
2,572
25,026
Taylor
Morrison
Home
Corp.
(a)
............................................
1,520
81,092
The
Buckle,
Inc.
........................................................
2,006
95,325
The
Cheesecake
Factory,
Inc.
..............................................
1,954
68,409
The
ODP
Corp.
(a)
......................................................
1,262
71,051
Topgolf
Callaway
Brands
Corp.
(a)
...........................................
3,474
49,817
Travel
+
Leisure
Co.
.....................................................
1,686
65,906
Tri
Pointe
Homes,
Inc.
(a)
.................................................
2,174
76,960
Urban
Outfitters,
Inc.
(a)
..................................................
1,569
55,998
Victoria's
Secret
&
Co.
(a)
.................................................
2,031
53,903
Visteon
Corp.
(a)
........................................................
473
59,078
Winmark
Corp.
........................................................
216
90,191
Winnebago
Industries,
Inc.
................................................
944
68,799
Worthington
Enterprises,
Inc.
..............................................
781
44,946
XPEL,
Inc.
(a)
.........................................................
664
35,756
YETI
Holdings,
Inc.
(a)
...................................................
989
51,210
5,066,002
Consumer
Staples
(8.0%):
BellRing
Brands,
Inc.
(a)
..................................................
2,031
112,578
Cal-Maine
Foods,
Inc.
...................................................
1,256
72,082
Central
Garden
&
Pet
Co.
,
Class
A
(a)
........................................
1,807
79,580
Coca-Cola
Consolidated,
Inc.
..............................................
84
77,986
Edgewell
Personal
Care
Co.
...............................................
2,037
74,615
elf
Beauty,
Inc.
(a)
.......................................................
304
43,879
Fresh
Del
Monte
Produce,
Inc.
.............................................
3,202
84,053
Grocery
Outlet
Holding
Corp.
(a)
............................................
2,447
65,971
Herbalife
Ltd.
(a)
.......................................................
2,496
38,089
Ingles
Markets,
Inc.
,
Class
A
...............................................
1,266
109,344
Inter
Parfums,
Inc.
......................................................
414
59,620
J
&
J
Snack
Foods
Corp.
..................................................
594
99,281
John
B
Sanfilippo
&
Son,
Inc.
..............................................
804
82,844
MGP
Ingredients,
Inc.
....................................................
562
55,368
National
Beverage
Corp.
(a)
................................................
1,572
78,160
Nu
Skin
Enterprises,
Inc.
,
Class
A
...........................................
3,026
58,765
Olaplex
Holdings,
Inc.
(a)
.................................................
13,542
34,397
PriceSmart,
Inc.
........................................................
997
75,553
Seaboard
Corp.
........................................................
26
92,823
Spectrum
Brands
Holdings,
Inc.
............................................
924
73,707
Sprouts
Farmers
Market,
Inc.
(a)
............................................
1,641
78,949
The
Andersons,
Inc.
.....................................................
1,143
65,768
The
Boston
Beer
Co.,
Inc.
,
Class
A
(a)
........................................
156
53,912
The
Chefs'
Warehouse,
Inc.
(a)
..............................................
2,164
63,687
The
Duckhorn
Portfolio,
Inc.
(a)
.............................................
6,801
66,990
The
Simply
Good
Foods
Co.
(a)
.............................................
2,209
87,476
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
33
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
The
Vita
Coco
Co.,
Inc.
(a)
................................................
1,558
$
39,963
Tootsie
Roll
Industries,
Inc.
................................................
2,887
95,964
TreeHouse
Foods,
Inc.
(a)
.................................................
1,830
75,853
United
Natural
Foods,
Inc.
(a)
..............................................
2,050
33,271
Universal
Corp.
........................................................
2,593
174,561
USANA
Health
Sciences,
Inc.
(a)
............................................
1,298
69,573
Utz
Brands,
Inc.
........................................................
4,501
73,096
Vector
Group
Ltd.
......................................................
6,024
67,951
WD-40
Co.
...........................................................
298
71,243
Weis
Markets,
Inc.
......................................................
1,161
74,258
2,661,210
Energy
(4.4%):
Archrock,
Inc.
.........................................................
4,742
73,027
Cactus,
Inc.
,
Class
A
.....................................................
963
43,720
California
Resources
Corp.
................................................
1,143
62,499
Callon
Petroleum
Co.
(a)
..................................................
1,128
36,547
CNX
Resources
Corp.
(a)
.................................................
3,030
60,600
Comstock
Resources,
Inc.
(b)
...............................................
3,322
29,400
CONSOL
Energy,
Inc.
...................................................
508
51,069
Crescent
Energy
Co.
,
Class
A
..............................................
3,794
50,119
CVR
Energy,
Inc.
.......................................................
1,497
45,359
Diamond
Offshore
Drilling,
Inc.
(a)
..........................................
2,679
34,827
Excelerate
Energy,
Inc.
,
Class
A
............................................
2,952
45,638
Gulfport
Energy
Corp.
(a)
.................................................
382
50,882
International
Seaways,
Inc.
................................................
1,153
52,438
Kinetik
Holdings,
Inc.
...................................................
2,023
67,568
Kosmos
Energy
Ltd.
(a)
...................................................
5,763
38,670
Liberty
Energy,
Inc.
.....................................................
2,977
54,003
Magnolia
Oil
&
Gas
Corp.
,
Class
A
..........................................
2,550
54,290
Northern
Oil
and
Gas,
Inc.
................................................
1,274
47,227
Oceaneering
International,
Inc.
(a)
...........................................
1,882
40,049
Par
Pacific
Holdings,
Inc.
(a)
...............................................
1,559
56,701
Patterson-UTI
Energy,
Inc.
................................................
2,883
31,136
Peabody
Energy
Corp.
...................................................
2,299
55,912
Permian
Resources
Corp.
.................................................
2,964
40,310
RPC,
Inc.
............................................................
5,767
41,984
Sitio
Royalties
Corp.
,
Class
A
..............................................
2,164
50,876
SM
Energy
Co.
........................................................
1,066
41,276
Talos
Energy,
Inc.
(a)
.....................................................
2,306
32,814
Tidewater,
Inc.
(a)
.......................................................
649
46,799
Weatherford
International
PLC
(a)
...........................................
564
55,176
World
Kinect
Corp.
.....................................................
2,934
66,837
1,457,753
Financials
(21.7%):
Ameris
Bancorp
........................................................
1,274
67,586
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
1,928
85,179
AssetMark
Financial
Holdings,
Inc.
(a)
........................................
2,324
69,604
Associated
Banc-Corp.
...................................................
3,264
69,817
Assured
Guaranty
Ltd.
...................................................
1,391
104,089
Atlantic
Union
Bankshares
Corp.
............................................
1,698
62,045
Axos
Financial,
Inc.
(a)
...................................................
999
54,545
B
Riley
Financial,
Inc.
(b)
.................................................
604
12,678
BancFirst
Corp.
........................................................
646
62,875
Bank
of
Hawaii
Corp.
....................................................
729
52,823
BankUnited,
Inc.
.......................................................
1,523
49,391
Banner
Corp.
..........................................................
1,309
70,110
BGC
Group,
Inc.
,
Class
A
.................................................
9,167
66,186
Bread
Financial
Holdings,
Inc.
.............................................
1,118
36,827
Cathay
General
Bancorp
..................................................
1,728
77,017
City
Holding
Co.
.......................................................
903
99,565
CNO
Financial
Group,
Inc.
................................................
2,933
81,831
Cohen
&
Steers,
Inc.
....................................................
1,133
85,802
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
34
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Columbia
Banking
System,
Inc.
............................................
2,174
$
58,002
Community
Bank
System,
Inc.
.............................................
1,208
62,949
CVB
Financial
Corp.
....................................................
2,574
51,969
Donnelley
Financial
Solutions,
Inc.
(a)
........................................
1,132
70,603
Enova
International,
Inc.
(a)
................................................
1,154
63,885
Enstar
Group
Ltd.
(a)
....................................................
378
111,264
Enterprise
Financial
Services
Corp.
..........................................
1,750
78,137
EVERTEC,
Inc.
........................................................
2,066
84,582
FB
Financial
Corp.
......................................................
1,723
68,662
Federal
Agricultural
Mortgage
Corp.
,
Class
C
...................................
430
82,225
Federated
Hermes,
Inc.
...................................................
2,542
86,072
First
Bancorp
..........................................................
1,892
70,023
First
Bancorp
..........................................................
4,317
71,015
First
Commonwealth
Financial
Corp.
.........................................
4,738
73,155
First
Financial
Bancorp
...................................................
2,998
71,202
First
Hawaiian,
Inc.
.....................................................
2,841
64,945
First
Interstate
BancSystem,
Inc.
,
Class
A
......................................
2,157
66,328
First
Merchants
Corp.
....................................................
1,999
74,123
FirstCash
Holdings,
Inc.
..................................................
1,041
112,834
Fulton
Financial
Corp.
...................................................
4,339
71,420
Genworth
Financial,
Inc.
(a)
................................................
9,178
61,309
Goosehead
Insurance,
Inc.
,
Class
A
(a)
........................................
617
46,769
Hamilton
Lane,
Inc.
,
Class
A
...............................................
789
89,504
Hancock
Whitney
Corp.
..................................................
1,323
64,285
Heartland
Financial
USA,
Inc.
..............................................
1,656
62,282
Hilltop
Holdings,
Inc.
....................................................
2,099
73,906
Hope
Bancorp,
Inc.
.....................................................
5,397
65,196
Independent
Bank
Corp.
..................................................
1,009
66,402
Independent
Bank
Group,
Inc.
..............................................
1,132
57,596
International
Bancshares
Corp.
.............................................
1,616
87,781
Jackson
Financial,
Inc.
,
Class
A
.............................................
1,237
63,334
Lakeland
Financial
Corp.
.................................................
1,138
74,152
Live
Oak
Bancshares,
Inc.
................................................
1,107
50,368
MGIC
Investment
Corp.
..................................................
5,409
104,340
Moelis
&
Co.
,
Class
A
...................................................
1,357
76,168
Mr.
Cooper
Group,
Inc.
(a)
.................................................
1,250
81,400
National
Bank
Holdings
Corp.
,
Class
A
.......................................
1,733
64,450
National
Western
Life
Group,
Inc.
,
Class
A
.....................................
70
33,811
Navient
Corp.
.........................................................
4,266
79,433
NBT
Bancorp,
Inc.
......................................................
1,739
72,881
NCR
Atleos
Corp.
(a)
....................................................
966
23,464
Nelnet,
Inc.
,
Class
A
.....................................................
1,414
124,743
NMI
Holdings,
Inc.
,
Class
A
(a)
.............................................
2,820
83,698
Northwest
Bancshares,
Inc.
................................................
6,738
84,090
OFG
Bancorp
.........................................................
2,224
83,356
Pacific
Premier
Bancorp,
Inc.
..............................................
2,166
63,052
Palomar
Holdings,
Inc.
(a)
.................................................
990
54,945
Park
National
Corp.
.....................................................
610
81,045
Pathward
Financial,
Inc.
..................................................
1,167
61,769
Payoneer
Global,
Inc.
(a)
..................................................
7,356
38,325
PennyMac
Financial
Services,
Inc.
..........................................
916
80,947
Piper
Sandler
Cos.
......................................................
462
80,790
PJT
Partners,
Inc.
,
Class
A
................................................
994
101,259
PROG
Holdings,
Inc.
(a)
..................................................
1,312
40,554
Provident
Financial
Services,
Inc.
...........................................
3,870
69,776
Radian
Group,
Inc.
......................................................
3,417
97,555
Renasant
Corp.
........................................................
2,140
72,075
Seacoast
Banking
Corp.
of
Florida
...........................................
1,812
51,570
ServisFirst
Bancshares,
Inc.
...............................................
764
50,905
Shift4
Payments,
Inc.
,
Class
A
(a)
............................................
794
59,026
Simmons
First
National
Corp.
,
Class
A
.......................................
3,064
60,790
SLM
Corp.
...........................................................
4,037
77,187
Stellar
Bancorp,
Inc.
.....................................................
2,656
73,943
StepStone
Group,
Inc.
,
Class
A
.............................................
1,964
62,514
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
35
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Stewart
Information
Services
Corp.
..........................................
1,474
$
86,597
Stock
Yards
Bancorp,
Inc.
.................................................
1,300
66,937
StoneX
Group,
Inc.
(a)
...................................................
876
64,675
Texas
Capital
Bancshares,
Inc.
(a)
...........................................
746
48,214
The
Bancorp,
Inc.
(a)
.....................................................
1,076
41,491
Towne
Bank
..........................................................
3,036
90,351
TPG,
Inc.
............................................................
2,062
89,017
Triumph
Financial,
Inc.
(a)
.................................................
804
64,465
Trustmark
Corp.
........................................................
2,481
69,170
UMB
Financial
Corp.
....................................................
732
61,159
United
Community
Banks,
Inc.
.............................................
2,063
60,363
UWM
Holdings
Corp.
...................................................
7,302
52,209
Victory
Capital
Holdings,
Inc.
,
Class
A
(c)
.....................................
2,233
76,905
Virtu
Financial,
Inc.
,
Class
A
...............................................
3,811
77,211
Virtus
Investment
Partners,
Inc.
.............................................
292
70,594
WaFd,
Inc.
............................................................
2,176
71,721
Walker
&
Dunlop,
Inc.
...................................................
671
74,488
WesBanco,
Inc.
........................................................
2,250
70,583
Westamerica
Bancorp
....................................................
1,647
92,907
White
Mountains
Insurance
Group
Ltd.
.......................................
54
81,271
WSFS
Financial
Corp.
...................................................
1,327
60,949
7,225,387
Health
Care
(5.3%):
AdaptHealth
Corp.
(a)
....................................................
2,934
21,389
Addus
HomeCare
Corp.
(a)
................................................
570
52,924
Agiliti,
Inc.
(a)
.........................................................
3,868
30,635
AMN
Healthcare
Services,
Inc.
(a)
...........................................
691
51,742
Amphastar
Pharmaceuticals,
Inc.
(a)
..........................................
924
57,149
Apollo
Medical
Holdings,
Inc.
(a)
...........................................
1,168
44,734
Catalyst
Pharmaceuticals,
Inc.
(a)
............................................
2,554
42,933
Certara,
Inc.
(a)
.........................................................
2,713
47,722
CONMED
Corp.
.......................................................
530
58,040
Corcept
Therapeutics,
Inc.
(a)
..............................................
1,573
51,091
CorVel
Corp.
(a)
........................................................
368
90,973
Doximity,
Inc.
,
Class
A
(a)
.................................................
1,691
47,416
Dynavax
Technologies
Corp.
(a)
.............................................
4,380
61,232
GoodRx
Holdings,
Inc.
,
Class
A
(a)
..........................................
4,374
29,306
Haemonetics
Corp.
(a)
....................................................
819
70,033
Harmony
Biosciences
Holdings,
Inc.
(a)
.......................................
1,159
37,436
Integer
Holdings
Corp.
(a)
.................................................
801
79,363
Kiniksa
Pharmaceuticals
Ltd.
,
Class
A
(a)
......................................
2,112
37,044
Lantheus
Holdings,
Inc.
(a)
................................................
661
40,982
LeMaitre
Vascular,
Inc.
...................................................
1,102
62,549
Ligand
Pharmaceuticals,
Inc.
(a)
.............................................
903
64,492
Maravai
LifeSciences
Holdings,
Inc.
,
Class
A
(a)
.................................
3,848
25,204
Merit
Medical
Systems,
Inc.
(a)
.............................................
1,306
99,204
Patterson
Cos.,
Inc.
.....................................................
2,374
67,540
Pediatrix
Medical
Group,
Inc.
(a)
............................................
4,512
41,962
Premier,
Inc.
,
Class
A
....................................................
3,124
69,853
Privia
Health
Group,
Inc.
(a)
...............................................
1,961
45,162
Progyny,
Inc.
(a)
........................................................
1,200
44,616
Schrodinger,
Inc.
(a)
.....................................................
744
26,635
Select
Medical
Holdings
Corp.
.............................................
2,344
55,084
STAAR
Surgical
Co.
(a)
..................................................
953
29,743
Supernus
Pharmaceuticals,
Inc.
(a)
...........................................
2,187
63,292
U.S.
Physical
Therapy,
Inc.
................................................
633
58,958
UFP
Technologies,
Inc.
(a)
.................................................
322
55,397
1,761,835
Industrials
(23.1%):
AAON,
Inc.
...........................................................
979
72,319
AAR
Corp.
(a)
.........................................................
1,257
78,437
ABM
Industries,
Inc.
....................................................
2,014
90,288
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
36
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Air
Transport
Services
Group,
Inc.
(a)
.........................................
1,940
$
34,163
Alamo
Group,
Inc.
......................................................
407
85,547
Albany
International
Corp.
................................................
913
89,675
Allegiant
Travel
Co.
.....................................................
456
37,670
Allison
Transmission
Holdings,
Inc.
.........................................
1,362
79,200
Ameresco,
Inc.
,
Class
A
(a)
................................................
854
27,046
American
Woodmark
Corp.
(a)
..............................................
724
67,223
ArcBest
Corp.
.........................................................
461
55,417
Arcosa,
Inc.
...........................................................
828
68,426
Armstrong
World
Industries,
Inc.
............................................
1,124
110,512
Array
Technologies,
Inc.
(a)
(b)
..............................................
1,273
21,386
ASGN,
Inc.
(a)
.........................................................
828
79,629
Astec
Industries,
Inc.
....................................................
994
36,977
Barnes
Group,
Inc.
......................................................
2,094
68,327
Beacon
Roofing
Supply,
Inc.
(a)
.............................................
849
73,880
Boise
Cascade
Co.
......................................................
621
80,333
Brady
Corp.
,
Class
A
....................................................
1,996
117,145
Casella
Waste
Systems,
Inc.
(a)
.............................................
1,114
95,202
CBIZ,
Inc.
(a)
..........................................................
1,699
106,340
Comfort
Systems
USA,
Inc.
...............................................
339
69,722
Construction
Partners,
Inc.
,
Class
A
(a)
........................................
1,462
63,626
Core
&
Main,
Inc.
,
Class
A
(a)
..............................................
2,296
92,781
CoreCivic,
Inc.
(a)
......................................................
5,070
73,667
CSG
Systems
International,
Inc.
............................................
1,390
73,962
CSW
Industrials,
Inc.
....................................................
402
83,379
Dycom
Industries,
Inc.
(a)
.................................................
577
66,407
Encore
Wire
Corp.
......................................................
320
68,352
Energy
Recovery,
Inc.
(a)
.................................................
2,107
39,696
Enerpac
Tool
Group
Corp.
................................................
2,862
88,980
EnerSys
..............................................................
580
58,557
Enpro,
Inc.
...........................................................
462
72,414
Esab
Corp.
............................................................
1,039
89,998
ESCO
Technologies,
Inc.
.................................................
754
88,241
Federal
Signal
Corp.
.....................................................
1,314
100,836
First
Advantage
Corp.
....................................................
4,511
74,747
Flowserve
Corp.
........................................................
1,864
76,834
Forward
Air
Corp.
......................................................
634
39,860
Franklin
Electric
Co.,
Inc.
.................................................
856
82,732
FTAI
Aviation
Ltd.
......................................................
1,628
75,539
GATX
Corp.
..........................................................
819
98,460
Gibraltar
Industries,
Inc.
(a)
................................................
868
68,555
GMS,
Inc.
(a)
..........................................................
974
80,287
Granite
Construction,
Inc.
.................................................
1,936
98,465
H&E
Equipment
Services,
Inc.
.............................................
1,124
58,808
Hayward
Holdings,
Inc.
(a)
................................................
3,618
49,205
Helios
Technologies,
Inc.
.................................................
1,036
46,983
Herc
Holdings,
Inc.
.....................................................
354
52,707
Hillenbrand,
Inc.
.......................................................
1,410
67,469
HNI
Corp.
............................................................
1,873
78,348
Hub
Group,
Inc.
,
Class
A
(a)
...............................................
931
85,596
Huron
Consulting
Group,
Inc.
(a)
............................................
524
53,867
ICF
International,
Inc.
...................................................
600
80,454
Insperity,
Inc.
..........................................................
626
73,380
Janus
International
Group,
Inc.
(a)
...........................................
5,636
73,550
JELD-WEN
Holding,
Inc.
(a)
...............................................
2,878
54,337
JetBlue
Airways
Corp.
(a)
.................................................
8,116
45,044
John
Bean
Technologies
Corp.
..............................................
594
59,073
Kadant,
Inc.
...........................................................
324
90,820
Kennametal,
Inc.
.......................................................
2,424
62,515
Kforce,
Inc.
...........................................................
1,184
79,991
Kirby
Corp.
(a)
.........................................................
953
74,791
Korn
Ferry
...........................................................
1,598
94,841
Leonardo
DRS,
Inc.
(a)
...................................................
3,828
76,713
Lindsay
Corp.
.........................................................
504
65,097
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
37
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
ManpowerGroup,
Inc.
...................................................
994
$
78,993
Marten
Transport
Ltd.
....................................................
3,881
81,423
Masterbrand,
Inc.
(a)
.....................................................
3,140
46,629
Matson,
Inc.
..........................................................
648
71,021
Maximus,
Inc.
.........................................................
1,102
92,414
McGrath
RentCorp.
.....................................................
854
102,155
MillerKnoll,
Inc.
.......................................................
2,622
69,955
Moog,
Inc.
,
Class
A
.....................................................
627
90,777
MSC
Industrial
Direct
Co.,
Inc.
.............................................
1,051
106,424
Mueller
Industries,
Inc.
...................................................
1,624
76,572
Mueller
Water
Products,
Inc.
,
Class
A
........................................
4,810
69,264
MYR
Group,
Inc.
(a)
.....................................................
468
67,687
NOW,
Inc.
(a)
..........................................................
4,983
56,408
NV5
Global,
Inc.
(a)
.....................................................
601
66,783
Parsons
Corp.
(a)
.......................................................
1,590
99,709
PGT
Innovations,
Inc.
(a)
..................................................
2,204
89,703
Primoris
Services
Corp.
..................................................
2,114
70,206
Resideo
Technologies,
Inc.
(a)
..............................................
3,379
63,593
Rush
Enterprises,
Inc.
,
Class
A
.............................................
2,060
103,618
RXO,
Inc.
(a)
..........................................................
3,181
73,990
Schneider
National,
Inc.
,
Class
B
............................................
2,667
67,875
Shoals
Technologies
Group,
Inc.
,
Class
A
(a)
....................................
1,828
28,407
Simpson
Manufacturing
Co.,
Inc.
...........................................
430
85,131
SPX
Technologies,
Inc.
(a)
.................................................
687
69,394
Standex
International
Corp.
................................................
489
77,448
Sterling
Infrastructure,
Inc.
(a)
..............................................
594
52,230
SunPower
Corp.
(a)
(b)
....................................................
5,000
24,150
Tennant
Co.
...........................................................
839
77,767
Terex
Corp.
...........................................................
850
48,841
The
AZEK
Co.,
Inc.
(a)
...................................................
1,650
63,113
The
Brink's
Co.
........................................................
862
75,813
The
Greenbrier
Cos.,
Inc.
.................................................
892
39,409
Trinity
Industries,
Inc.
...................................................
2,399
63,789
TTEC
Holdings,
Inc.
....................................................
1,744
37,792
UniFirst
Corp.
.........................................................
466
85,236
Verra
Mobility
Corp.
(a)
..................................................
4,779
110,060
Vicor
Corp.
(a)
.........................................................
344
15,459
Watts
Water
Technologies,
Inc.
,
Class
A
.......................................
453
94,378
Werner
Enterprises,
Inc.
..................................................
2,046
86,689
Zurn
Elkay
Water
Solutions
Corp.
...........................................
2,114
62,173
7,667,306
Information
Technology
(8.5%):
ACI
Worldwide,
Inc.
(a)
..................................................
2,300
70,380
Advanced
Energy
Industries,
Inc.
...........................................
539
58,708
Aehr
Test
Systems
(a)
....................................................
456
12,098
Agilysys,
Inc.
(a)
.......................................................
744
63,106
Alarm.com
Holdings,
Inc.
(a)
...............................................
894
57,770
AppLovin
Corp.
,
Class
A
(a)
...............................................
669
26,660
Avnet,
Inc.
............................................................
1,717
86,537
Axcelis
Technologies,
Inc.
(a)
..............................................
246
31,904
Badger
Meter,
Inc.
......................................................
441
68,077
Belden,
Inc.
...........................................................
804
62,109
BlackLine,
Inc.
(a)
......................................................
896
55,946
Calix,
Inc.
(a)
..........................................................
1,097
47,928
Cohu,
Inc.
(a)
..........................................................
1,803
63,808
Corsair
Gaming,
Inc.
(a)
..................................................
3,678
51,860
CTS
Corp.
............................................................
1,620
70,859
Digi
International,
Inc.
(a)
.................................................
1,694
44,044
Diodes,
Inc.
(a)
.........................................................
739
59,504
DoubleVerify
Holdings,
Inc.
(a)
.............................................
1,551
57,046
ePlus,
Inc.
(a)
..........................................................
898
71,696
Extreme
Networks,
Inc.
(a)
................................................
1,679
29,618
Harmonic,
Inc.
(a)
.......................................................
3,733
48,678
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
38
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Insight
Enterprises,
Inc.
(a)
................................................
513
$
90,898
InterDigital,
Inc.
.......................................................
741
80,428
Itron,
Inc.
(a)
..........................................................
771
58,218
MaxLinear,
Inc.
(a)
......................................................
1,549
36,820
Methode
Electronics,
Inc.
.................................................
1,900
43,187
MicroStrategy,
Inc.
(a)
....................................................
74
46,740
N-able,
Inc.
(a)
.........................................................
4,474
59,280
NCR
Voyix
Corp.
(a)
.....................................................
1,931
32,653
NetScout
Systems,
Inc.
(a)
.................................................
2,356
51,714
Onto
Innovation,
Inc.
(a)
..................................................
359
54,891
OSI
Systems,
Inc.
(a)
.....................................................
511
65,945
PDF
Solutions,
Inc.
(a)
...................................................
1,444
46,410
Perficient,
Inc.
(a)
.......................................................
717
47,193
Photronics,
Inc.
(a)
......................................................
2,249
70,551
Plexus
Corp.
(a)
........................................................
691
74,718
Progress
Software
Corp.
..................................................
1,529
83,025
Qualys,
Inc.
(a)
.........................................................
439
86,167
Rambus,
Inc.
(a)
........................................................
812
55,419
Rogers
Corp.
(a)
........................................................
537
70,922
Sanmina
Corp.
(a)
.......................................................
1,249
64,161
Super
Micro
Computer,
Inc.
(a)
.............................................
98
27,857
Teradata
Corp.
(a)
.......................................................
1,223
53,213
TTM
Technologies,
Inc.
(a)
................................................
4,071
64,362
Ultra
Clean
Holdings,
Inc.
(a)
..............................................
1,422
48,547
Veeco
Instruments,
Inc.
(a)
.................................................
2,223
68,980
Viavi
Solutions,
Inc.
(a)
...................................................
7,611
76,643
Vishay
Intertechnology,
Inc.
...............................................
2,348
56,282
Vontier
Corp.
..........................................................
2,564
88,586
2,842,146
Materials
(5.3%):
Alpha
Metallurgical
Resources,
Inc.
..........................................
250
84,730
Arch
Resources,
Inc.
....................................................
426
70,690
Avient
Corp.
..........................................................
1,574
65,431
Balchem
Corp.
.........................................................
599
89,101
Cabot
Corp.
...........................................................
979
81,747
Carpenter
Technology
Corp.
...............................................
801
56,711
Compass
Minerals
International,
Inc.
.........................................
1,743
44,133
Ecovyst,
Inc.
(a)
........................................................
5,996
58,581
Greif,
Inc.
,
Class
A
......................................................
1,094
71,756
H.B.
Fuller
Co.
........................................................
1,077
87,679
Ingevity
Corp.
(a)
.......................................................
984
46,465
Innospec,
Inc.
.........................................................
816
100,564
Kaiser
Aluminum
Corp.
..................................................
654
46,558
Materion
Corp.
........................................................
440
57,257
Minerals
Technologies,
Inc.
................................................
1,143
81,507
NewMarket
Corp.
......................................................
210
114,624
O-I
Glass,
Inc.
(a)
.......................................................
2,794
45,766
Orion
SA
.............................................................
2,547
70,628
Quaker
Chemical
Corp.
..................................................
331
70,642
Sensient
Technologies
Corp.
...............................................
1,403
92,598
Stepan
Co.
............................................................
918
86,797
Summit
Materials,
Inc.
,
Class
A
(a)
..........................................
1,883
72,420
Sylvamo
Corp.
.........................................................
1,394
68,459
Warrior
Met
Coal,
Inc.
...................................................
1,288
78,529
Worthington
Steel,
Inc.
(a)
.................................................
781
21,946
1,765,319
Real
Estate
(1.2%):
eXp
World
Holdings,
Inc.
.................................................
1,762
27,346
Howard
Hughes
Holdings,
Inc.
(a)
...........................................
966
82,641
Kennedy-Wilson
Holdings,
Inc.
.............................................
4,074
50,436
Marcus
&
Millichap,
Inc.
.................................................
2,190
95,659
Newmark
Group,
Inc.
,
Class
A
.............................................
6,877
75,372
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
39
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
The
St.
Joe
Co.
........................................................
1,063
$
63,972
395,426
Utilities
(4.4%):
ALLETE,
Inc.
.........................................................
1,860
113,758
American
States
Water
Co.
................................................
1,104
88,784
Avista
Corp.
..........................................................
2,937
104,968
California
Water
Service
Group
.............................................
1,799
93,314
Chesapeake
Utilities
Corp.
................................................
978
103,306
Clearway
Energy,
Inc.
,
Class
C
.............................................
3,739
102,561
MGE
Energy,
Inc.
......................................................
1,358
98,197
Middlesex
Water
Co.
....................................................
1,081
70,935
Northwest
Natural
Holding
Co.
.............................................
2,531
98,557
Northwestern
Energy
Group,
Inc.
...........................................
2,258
114,910
ONE
Gas,
Inc.
.........................................................
1,334
85,002
Otter
Tail
Corp.
........................................................
858
72,904
Portland
General
Electric
Co.
..............................................
2,328
100,895
SJW
Group
...........................................................
1,428
93,320
Spire,
Inc.
............................................................
1,784
111,215
1,452,626
Total
Common
Stocks
(Cost
$29,142,123)
33,107,843
Collateral
for
Securities
Loaned
(0.5%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(d)
........
40,668
40,668
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(d)
............
40,668
40,668
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(d)
...............
40,668
40,668
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(d)
.
40,668
40,668
Total
Collateral
for
Securities
Loaned
(Cost
$162,672)
162,672
Total
Investments
(Cost
$29,304,795)
—
100.0%
33,270,515
Liabilities
in
excess
of
other
assets
—
0.0%(e)
(
7,495
)
NET
ASSETS
-
100.00%
$
33,263,020
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliated
security.
(See
Note
9
in
the
Notes
to
Financial
Statements)
(d)
Rate
disclosed
is
the
daily
yield
on
December
31,
2023.
(e)
Amount
represents
less
than
0.05%
of
net
assets.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
Russell
2000
Index
Futures
......
1
3/15/24
$
95,115
$
102,385
$
7,270
Total
unrealized
appreciation
$
7,270
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
7,270
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
40
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
Common
Stocks
(99.1%)
Australia
(5.8%):
Communication
Services
(0.5%):
REA
Group
Ltd.
........................................................
1,492
$
184,139
Telstra
Group
Ltd.
......................................................
115,449
311,476
495,615
Consumer
Discretionary
(0.5%):
Aristocrat
Leisure
Ltd.
...................................................
6,833
190,031
Wesfarmers
Ltd.
........................................................
6,527
253,648
443,679
Consumer
Staples
(0.6%):
Coles
Group
Ltd.
.......................................................
24,799
272,188
Woolworths
Group
Ltd.
..................................................
10,580
268,144
540,332
Energy
(0.4%):
Santos
Ltd.
...........................................................
36,090
186,870
Woodside
Energy
Group
Ltd.
..............................................
6,292
133,146
320,016
Financials
(1.9%):
ANZ
Group
Holdings
Ltd.
................................................
13,374
236,176
Commonwealth
Bank
of
Australia
...........................................
3,481
265,146
Insurance
Australia
Group
Ltd.
.............................................
48,737
187,938
Macquarie
Group
Ltd.
...................................................
1,632
204,175
National
Australia
Bank
Ltd.
...............................................
10,508
219,784
QBE
Insurance
Group
Ltd.
................................................
18,295
184,598
Suncorp
Group
Ltd.
.....................................................
22,517
212,471
Westpac
Banking
Corp.
..................................................
15,525
242,218
1,752,506
Health
Care
(0.7%):
Cochlear
Ltd.
..........................................................
1,071
217,932
CSL
Ltd.
.............................................................
1,273
248,610
Sonic
Healthcare
Ltd.
....................................................
7,452
162,872
629,414
Industrials
(0.4%):
Brambles
Ltd.
.........................................................
23,513
217,864
Computershare
Ltd.
.....................................................
9,410
156,365
374,229
Information
Technology
(0.1%):
WiseTech
Global
Ltd.
....................................................
2,231
114,561
Materials
(0.7%):
BHP
Group
Ltd.
........................................................
5,989
205,689
Fortescue
Ltd.
.........................................................
9,022
178,377
Rio
Tinto
Ltd.
.........................................................
2,340
216,275
600,341
5,270,693
Austria
(0.5%):
Energy
(0.1%):
OMV
AG
............................................................
2,929
128,578
Financials
(0.2%):
Erste
Group
Bank
AG
....................................................
3,981
161,400
Utilities
(0.2%):
Verbund
AG
..........................................................
1,716
159,201
449,179
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
41
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Belgium
(1.1%):
Consumer
Staples
(0.3%):
Anheuser-Busch
InBev
SA
................................................
3,902
$
251,617
Financials
(0.4%):
Groupe
Bruxelles
Lambert
NV
.............................................
2,885
226,798
KBC
Group
NV
........................................................
2,314
149,982
376,780
Health
Care
(0.2%):
UCB
SA
.............................................................
2,064
179,754
Materials
(0.2%):
Solvay
SA
,
Class
A
.....................................................
1,399
42,821
Syensqo
SA
(a)
.........................................................
1,399
145,558
188,379
996,530
Canada
(12.2%):
Communication
Services
(0.8%):
BCE,
Inc.
............................................................
7,403
291,505
Rogers
Communications,
Inc.
,
Class
B
........................................
5,033
235,638
TELUS
Corp.
(b)
.......................................................
14,177
252,316
779,459
Consumer
Discretionary
(0.7%):
Dollarama,
Inc.
........................................................
3,775
272,077
Magna
International,
Inc.
.................................................
1,933
114,223
Restaurant
Brands
International,
Inc.
(b)
.......................................
3,461
270,449
656,749
Consumer
Staples
(1.2%):
Alimentation
Couche-Tard,
Inc.
.............................................
4,072
239,820
George
Weston
Ltd.
.....................................................
2,193
272,284
Loblaw
Cos.
Ltd.
.......................................................
2,826
273,620
Metro,
Inc.
...........................................................
5,726
296,435
1,082,159
Energy
(1.7%):
ARC
Resources
Ltd.
.....................................................
7,757
115,163
Cameco
Corp.
.........................................................
3,466
149,455
Canadian
Natural
Resources
Ltd.
............................................
2,151
140,938
Cenovus
Energy,
Inc.
....................................................
5,546
92,426
Enbridge,
Inc.
.........................................................
6,890
248,059
Imperial
Oil
Ltd.
.......................................................
2,446
139,349
Pembina
Pipeline
Corp.
..................................................
7,158
246,470
Suncor
Energy,
Inc.
.....................................................
4,173
133,704
TC
Energy
Corp.
.......................................................
4,677
182,717
Tourmaline
Oil
Corp.
....................................................
2,344
105,426
1,553,707
Financials
(4.0%):
Bank
of
Montreal
.......................................................
2,788
275,896
Brookfield
Asset
Management
Ltd.
,
Class
A
....................................
4,011
161,118
Brookfield
Corp.
.......................................................
4,125
165,479
Canadian
Imperial
Bank
of
Commerce
........................................
5,590
269,184
Fairfax
Financial
Holdings
Ltd.
.............................................
213
196,539
Great-West
Lifeco,
Inc.
...................................................
10,600
350,906
Intact
Financial
Corp.
....................................................
1,898
292,042
Manulife
Financial
Corp.
.................................................
12,294
271,695
National
Bank
of
Canada
.................................................
3,267
249,051
Power
Corp.
of
Canada
...................................................
10,144
290,102
Royal
Bank
of
Canada
...................................................
3,117
315,252
Sun
Life
Financial,
Inc.
..................................................
6,055
314,061
The
Bank
of
Nova
Scotia
.................................................
4,905
238,790
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
42
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
The
Toronto-Dominion
Bank
...............................................
3,653
$
236,071
3,626,186
Industrials
(1.4%):
Canadian
National
Railway
Co.
.............................................
2,077
261,095
Canadian
Pacific
Kansas
City
Ltd.
...........................................
2,455
194,265
TFI
International,
Inc.
....................................................
921
125,293
Thomson
Reuters
Corp.
..................................................
1,645
240,536
Waste
Connections,
Inc.
..................................................
1,883
281,206
WSP
Global,
Inc.
.......................................................
1,453
203,699
1,306,094
Information
Technology
(0.7%):
CGI,
Inc.
(a)
...........................................................
2,188
234,423
Constellation
Software,
Inc.
...............................................
92
228,127
Open
Text
Corp.
........................................................
3,458
145,351
607,901
Materials
(0.8%):
Agnico
Eagle
Mines
Ltd.
.................................................
2,902
159,129
First
Quantum
Minerals
Ltd.
...............................................
2,909
23,823
Franco-Nevada
Corp.
....................................................
1,181
130,829
Ivanhoe
Mines
Ltd.
(a)
...................................................
9,436
91,518
Nutrien
Ltd.
...........................................................
2,016
113,589
Teck
Resources
Ltd.
,
Class
B
..............................................
2,242
94,780
Wheaton
Precious
Metals
Corp.
.............................................
3,330
164,301
777,969
Utilities
(0.9%):
Emera,
Inc.
...........................................................
6,513
247,267
Fortis,
Inc.
............................................................
6,240
256,731
Hydro
One
Ltd.
(c)
......................................................
9,752
292,214
796,212
11,186,436
Chile
(0.2%):
Materials
(0.2%):
Antofagasta
PLC
.......................................................
6,170
132,060
Denmark
(1.9%):
Consumer
Discretionary
(0.2%):
Pandora
A/S
..........................................................
1,104
152,596
Consumer
Staples
(0.2%):
Carlsberg
A/S
,
Class
B
...................................................
1,512
189,641
Financials
(0.4%):
Danske
Bank
A/S
.......................................................
6,358
169,886
Tryg
A/S
.............................................................
11,364
247,259
417,145
Health
Care
(0.5%):
Coloplast
A/S
,
Class
B
...................................................
1,621
185,353
Genmab
A/S
(a)
........................................................
425
135,655
Novo
Nordisk
A/S
,
Class
B
................................................
1,351
139,693
460,701
Industrials
(0.3%):
AP
Moller
-
Maersk
A/S
,
Class
B
...........................................
60
107,887
DSV
A/S
.............................................................
804
141,175
249,062
Materials
(0.2%):
Novozymes
A/S
,
Class
B
.................................................
4,139
227,502
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
43
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Utilities
(0.1%):
Orsted
A/S
(c)
..........................................................
1,419
$
78,669
1,775,316
Finland
(1.6%):
Energy
(0.1%):
Neste
Oyj
............................................................
3,255
115,727
Financials
(0.5%):
Mandatum
Oyj
(a)
.......................................................
4,828
21,690
Nordea
Bank
Abp
.......................................................
14,947
184,894
Sampo
Oyj
,
A
Shares
....................................................
4,844
211,787
418,371
Industrials
(0.3%):
Kone
Oyj
,
Class
B
......................................................
3,678
183,340
Metso
Oyj
............................................................
11,624
117,656
300,996
Information
Technology
(0.1%):
Nokia
Oyj
............................................................
38,065
128,233
Materials
(0.4%):
Stora
Enso
Oyj
,
Class
R
..................................................
9,392
129,845
UPM-Kymmene
Oyj
....................................................
5,100
191,737
321,582
Utilities
(0.2%):
Fortum
Oyj
...........................................................
11,136
160,533
1,445,442
France
(8.6%):
Communication
Services
(0.5%):
Orange
SA
............................................................
22,155
251,981
Publicis
Groupe
SA
.....................................................
2,027
187,942
439,923
Consumer
Discretionary
(1.2%):
Accor
SA
............................................................
4,445
169,761
Cie
Generale
des
Etablissements
Michelin
SCA
.................................
5,647
202,329
Hermes
International
SCA
................................................
71
150,376
Kering
SA
............................................................
257
113,187
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
178
144,135
Renault
SA
...........................................................
2,954
120,334
Sodexo
SA
(b)
.........................................................
1,806
198,589
1,098,711
Consumer
Staples
(0.9%):
Carrefour
SA
..........................................................
8,396
153,516
Danone
SA
...........................................................
4,571
296,069
L'Oreal
SA
...........................................................
414
205,935
Pernod
Ricard
SA
.......................................................
1,037
182,857
838,377
Energy
(0.2%):
TotalEnergies
SE
.......................................................
2,470
167,946
Financials
(1.2%):
Amundi
SA
(c)
.........................................................
2,528
171,889
AXA
SA
.............................................................
5,927
192,930
BNP
Paribas
SA
........................................................
2,059
142,250
Credit
Agricole
SA
......................................................
12,994
184,334
Edenred
SE
...........................................................
3,998
238,920
Societe
Generale
SA
.....................................................
4,319
114,535
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
44
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Worldline
SA
(a)
(c)
......................................................
4,188
$
72,438
1,117,296
Health
Care
(0.9%):
BioMerieux
...........................................................
1,800
199,876
EssilorLuxottica
SA
.....................................................
891
178,601
Ipsen
SA
.............................................................
1,354
161,262
Sanofi
SA
............................................................
1,849
183,194
Sartorius
Stedim
Biotech
.................................................
321
84,860
807,793
Industrials
(2.7%):
Aeroports
de
Paris
SA
...................................................
1,289
166,752
Airbus
SE
............................................................
1,265
195,176
Bouygues
SA
..........................................................
6,162
232,071
Bureau
Veritas
SA
......................................................
9,130
230,477
Cie
de
Saint-Gobain
SA
..................................................
2,277
167,540
Eiffage
SA
............................................................
2,189
234,422
Getlink
SE
............................................................
13,075
239,070
Legrand
SA
...........................................................
1,988
206,489
Safran
SA
............................................................
1,264
222,479
Schneider
Electric
SE
....................................................
904
181,387
Thales
SA
............................................................
1,208
178,608
Vinci
SA
.............................................................
1,949
244,604
2,499,075
Information
Technology
(0.5%):
Capgemini
SE
.........................................................
747
155,632
Dassault
Systemes
SE
....................................................
3,594
175,483
STMicroelectronics
NV
..................................................
2,310
115,365
446,480
Materials
(0.3%):
Air
Liquide
SA
........................................................
1,240
241,058
Utilities
(0.2%):
Veolia
Environnement
SA
.................................................
6,158
194,128
7,850,787
Germany
(6.0%):
Communication
Services
(0.3%):
Deutsche
Telekom
AG
...................................................
10,409
249,896
Consumer
Discretionary
(0.6%):
Bayerische
Motoren
Werke
AG
.............................................
1,664
185,105
Continental
AG
........................................................
1,567
133,045
Mercedes-Benz
Group
AG
................................................
2,310
159,489
Puma
SE
.............................................................
1,547
86,267
563,906
Consumer
Staples
(0.4%):
Beiersdorf
AG
.........................................................
2,146
321,441
Financials
(1.5%):
Allianz
SE
,
Registered
Shares
..............................................
903
241,159
Commerzbank
AG
......................................................
8,435
100,182
Deutsche
Bank
AG
,
Registered
Shares
........................................
10,441
142,493
Deutsche
Boerse
AG
....................................................
1,091
224,592
Hannover
Rueck
SE
.....................................................
913
217,981
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
,
Class
R
...............
540
223,579
Talanx
AG
............................................................
2,886
205,947
1,355,933
Health
Care
(0.5%):
Bayer
AG
,
Registered
Shares
..............................................
3,067
113,850
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
45
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Fresenius
Medical
Care
AG
...............................................
2,690
$
112,712
Fresenius
SE
&
Co.
KGaA
................................................
4,567
141,502
Merck
KGaA
..........................................................
830
132,018
500,082
Industrials
(1.4%):
Brenntag
SE
..........................................................
2,323
213,387
Daimler
Truck
Holding
AG
................................................
4,356
163,574
Deutsche
Lufthansa
AG
,
Registered
Shares
(a)
..................................
15,577
138,377
Deutsche
Post
AG
......................................................
3,505
173,536
Knorr-Bremse
AG
......................................................
2,046
132,793
MTU
Aero
Engines
AG
..................................................
685
147,629
Rheinmetall
AG
........................................................
444
140,655
Siemens
AG
,
Registered
Shares
.............................................
1,035
194,122
1,304,073
Information
Technology
(0.4%):
Infineon
Technologies
AG
.................................................
3,051
127,299
SAP
SE
..............................................................
1,408
216,773
344,072
Materials
(0.4%):
Heidelberg
Materials
AG
.................................................
2,081
185,920
Symrise
AG
...........................................................
1,783
196,100
382,020
Utilities
(0.5%):
E.ON
SE
.............................................................
16,946
227,266
RWE
AG
.............................................................
4,913
223,318
450,584
5,472,007
Hong
Kong
(2.9%):
Consumer
Discretionary
(0.1%):
Galaxy
Entertainment
Group
Ltd.
...........................................
19,000
106,459
Financials
(0.6%):
AIA
Group
Ltd.
........................................................
15,411
134,310
Hang
Seng
Bank
Ltd.
....................................................
14,914
173,909
Hong
Kong
Exchanges
&
Clearing
Ltd.
.......................................
3,684
126,446
Prudential
PLC
........................................................
9,054
102,369
537,034
Industrials
(0.5%):
CK
Hutchison
Holdings
Ltd.
...............................................
35,262
188,996
MTR
Corp.
Ltd.
........................................................
58,065
225,323
Techtronic
Industries
Co.
Ltd.
..............................................
7,683
91,558
505,877
Real
Estate
(0.9%):
CK
Asset
Holdings
Ltd.
..................................................
36,809
184,794
Henderson
Land
Development
Co.
Ltd.
.......................................
56,891
175,230
Sino
Land
Co.
Ltd.
......................................................
143,761
156,314
Sun
Hung
Kai
Properties
Ltd.
..............................................
15,904
172,011
Swire
Pacific
Ltd.
,
Class
A
................................................
17,515
148,272
836,621
Utilities
(0.8%):
CLP
Holdings
Ltd.
......................................................
26,500
218,735
Hong
Kong
&
China
Gas
Co.
Ltd.
...........................................
265,205
203,110
Power
Assets
Holdings
Ltd.
...............................................
47,686
276,349
698,194
2,684,185
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
46
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Ireland
(1.2%):
Consumer
Staples
(0.2%):
Kerry
Group
PLC
,
Class
A
................................................
2,194
$
190,494
Financials
(0.2%):
AIB
Group
PLC
........................................................
26,624
114,024
Bank
of
Ireland
Group
PLC
...............................................
10,961
99,428
213,452
Industrials
(0.4%):
Experian
PLC
.........................................................
5,179
211,336
Kingspan
Group
PLC
....................................................
1,223
105,836
317,172
Materials
(0.4%):
CRH
PLC
............................................................
2,876
198,287
Smurfit
Kappa
Group
PLC
................................................
3,431
136,421
334,708
1,055,826
Israel
(0.5%):
Financials
(0.3%):
Bank
Hapoalim
BM
.....................................................
17,397
156,757
Bank
Leumi
Le-Israel
BM
................................................
18,701
150,883
307,640
Information
Technology
(0.2%):
Nice
Ltd.
(a)
...........................................................
663
133,978
441,618
Italy
(2.9%):
Communication
Services
(0.2%):
Infrastrutture
Wireless
Italiane
SpA
(c)
........................................
15,522
196,175
Consumer
Discretionary
(0.1%):
Moncler
SpA
..........................................................
2,183
134,215
Consumer
Staples
(0.2%):
Davide
Campari-Milano
NV
,
Class
M
........................................
16,048
180,946
Energy
(0.2%):
Eni
SpA
.............................................................
10,559
178,882
Financials
(1.1%):
Assicurazioni
Generali
SpA
...............................................
10,180
214,677
Intesa
Sanpaolo
SpA
.....................................................
53,276
155,454
Mediobanca
Banca
di
Credito
Finanziario
SpA
..................................
14,191
175,516
Nexi
SpA
(a)
(c)
........................................................
19,166
156,677
Poste
Italiane
SpA
(c)
....................................................
17,015
192,977
UniCredit
SpA
.........................................................
4,282
116,106
1,011,407
Health
Care
(0.2%):
Recordati
Industria
Chimica
e
Farmaceutica
SpA
................................
3,196
172,260
Industrials
(0.2%):
Prysmian
SpA
.........................................................
3,611
164,096
Utilities
(0.7%):
Enel
SpA
.............................................................
30,074
223,407
Snam
SpA
............................................................
40,834
209,813
Terna
-
Rete
Elettrica
Nazionale
............................................
26,570
221,544
654,764
2,692,745
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
47
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Japan
(19.5%):
Communication
Services
(1.8%):
KDDI
Corp.
...........................................................
8,600
$
273,653
LY
Corp.
.............................................................
40,000
141,779
Nexon
Co.
Ltd.
........................................................
6,700
122,114
Nintendo
Co.
Ltd.
......................................................
4,300
224,455
Nippon
Telegraph
&
Telephone
Corp.
........................................
228,200
278,897
SoftBank
Corp.
........................................................
35,600
444,306
SoftBank
Group
Corp.
...................................................
2,700
120,521
1,605,725
Consumer
Discretionary
(3.0%):
Bandai
Namco
Holdings,
Inc.
..............................................
7,800
156,382
Bridgestone
Corp.
......................................................
6,000
248,546
Denso
Corp.
..........................................................
10,400
156,907
Fast
Retailing
Co.
Ltd.
...................................................
600
148,915
Honda
Motor
Co.
Ltd.
...................................................
16,500
171,578
Nissan
Motor
Co.
Ltd.
...................................................
28,700
112,821
Nitori
Holdings
Co.
Ltd.
..................................................
1,400
187,488
Oriental
Land
Co.
Ltd.
...................................................
4,800
178,783
Pan
Pacific
International
Holdings
Corp.
......................................
7,100
169,417
Panasonic
Holdings
Corp.
.................................................
13,500
133,726
Sekisui
House
Ltd.
......................................................
11,500
255,483
Shimano,
Inc.
.........................................................
800
123,904
Sony
Group
Corp.
......................................................
1,800
171,216
Subaru
Corp.
..........................................................
8,100
148,578
Suzuki
Motor
Corp.
.....................................................
3,900
166,894
Toyota
Motor
Corp.
.....................................................
9,600
176,399
2,707,037
Consumer
Staples
(2.0%):
Aeon
Co.
Ltd.
.........................................................
11,400
254,798
Ajinomoto
Co.,
Inc.
.....................................................
3,500
135,055
Asahi
Group
Holdings
Ltd.
................................................
5,300
197,669
Japan
Tobacco,
Inc.
(b)
...................................................
13,400
346,453
Kao
Corp.
............................................................
5,500
226,273
Kirin
Holdings
Co.
Ltd.
..................................................
18,100
265,248
Seven
&
i
Holdings
Co.
Ltd.
...............................................
4,200
166,683
Shiseido
Co.
Ltd.
.......................................................
3,600
108,577
Unicharm
Corp.
........................................................
4,400
159,109
1,859,865
Energy
(0.1%):
Inpex
Corp.
(b)
.........................................................
8,300
112,125
Financials
(2.2%):
Dai-ichi
Life
Holdings,
Inc.
...............................................
6,600
140,071
Japan
Post
Holdings
Co.
Ltd.
..............................................
23,600
210,840
Mitsubishi
UFJ
Financial
Group,
Inc.
.........................................
16,300
140,073
Mizuho
Financial
Group,
Inc.
..............................................
9,470
162,054
MS&AD
Insurance
Group
Holdings,
Inc.
......................................
4,800
188,827
Nomura
Holdings,
Inc.
...................................................
39,900
180,481
ORIX
Corp.
...........................................................
9,800
184,628
Resona
Holdings,
Inc.
....................................................
22,000
111,810
Sompo
Holdings,
Inc.
....................................................
3,900
190,767
Sumitomo
Mitsui
Financial
Group,
Inc.
.......................................
3,300
161,044
Sumitomo
Mitsui
Trust
Holdings,
Inc.
........................................
8,800
168,909
Tokio
Marine
Holdings,
Inc.
...............................................
6,900
172,720
2,012,224
Health
Care
(2.0%):
Astellas
Pharma,
Inc.
....................................................
11,300
135,138
Chugai
Pharmaceutical
Co.
Ltd.
............................................
5,900
223,562
Daiichi
Sankyo
Co.
Ltd.
..................................................
3,700
101,620
Eisai
Co.
Ltd.
..........................................................
2,100
105,045
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
48
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Hoya
Corp.
...........................................................
1,200
$
150,021
M3,
Inc.
.............................................................
6,600
109,220
Olympus
Corp.
........................................................
9,500
137,500
Otsuka
Holdings
Co.
Ltd.
.................................................
5,400
202,586
Shionogi
&
Co.
Ltd.
.....................................................
5,000
241,098
Takeda
Pharmaceutical
Co.
Ltd.
............................................
8,200
235,798
Terumo
Corp.
.........................................................
5,400
177,038
1,818,626
Industrials
(3.8%):
Central
Japan
Railway
Co.
................................................
10,300
261,847
Daikin
Industries
Ltd.
....................................................
700
114,126
East
Japan
Railway
Co.
..................................................
4,400
253,707
FANUC
Corp.
.........................................................
5,800
170,610
Hitachi
Ltd.
...........................................................
2,500
180,345
ITOCHU
Corp.
........................................................
4,500
184,079
Komatsu
Ltd.
..........................................................
5,700
149,111
Kubota
Corp.
..........................................................
10,200
153,564
Marubeni
Corp.
........................................................
8,400
132,781
Mitsubishi
Corp.
.......................................................
9,000
143,861
Mitsubishi
Electric
Corp.
.................................................
14,200
201,346
Mitsubishi
Heavy
Industries
Ltd.
............................................
2,300
134,447
Mitsui
&
Co.
Ltd.
.......................................................
3,700
139,045
Nidec
Corp.
...........................................................
2,600
105,029
Nippon
Yusen
KK
......................................................
5,000
155,022
Recruit
Holdings
Co.
Ltd.
.................................................
3,800
160,728
Secom
Co.
Ltd.
........................................................
3,000
216,094
SMC
Corp.
...........................................................
300
161,214
Sumitomo
Corp.
........................................................
8,300
181,095
Toyota
Industries
Corp.
...................................................
1,900
154,987
Toyota
Tsusho
Corp.
.....................................................
2,300
135,540
3,488,578
Information
Technology
(3.0%):
Advantest
Corp.
........................................................
3,800
129,299
Canon,
Inc.
...........................................................
8,300
213,122
Disco
Corp.
...........................................................
500
124,060
FUJIFILM
Holdings
Corp.
................................................
3,300
198,332
Fujitsu
Ltd.
...........................................................
1,400
211,271
Keyence
Corp.
.........................................................
300
132,189
Kyocera
Corp.
.........................................................
18,400
268,600
Lasertec
Corp.
.........................................................
500
131,827
Murata
Manufacturing
Co.
Ltd.
.............................................
10,900
231,407
NEC
Corp.
...........................................................
3,000
177,685
Nomura
Research
Institute
Ltd.
.............................................
5,578
162,260
NTT
Data
Group
Corp.
...................................................
12,400
175,824
Obic
Co.
Ltd.
..........................................................
1,200
206,795
Renesas
Electronics
Corp.
(a)
...............................................
6,300
113,908
TDK
Corp.
...........................................................
4,000
190,580
Tokyo
Electron
Ltd.
.....................................................
700
125,397
2,792,556
Materials
(0.5%):
Nippon
Paint
Holdings
Co.
Ltd.
.............................................
17,000
137,466
Nippon
Steel
Corp.
......................................................
5,900
135,175
Shin-Etsu
Chemical
Co.
Ltd.
...............................................
4,800
201,459
474,100
Real
Estate
(0.9%):
Daiwa
House
Industry
Co.
Ltd.
.............................................
8,100
245,448
Mitsubishi
Estate
Co.
Ltd.
.................................................
15,500
213,622
Mitsui
Fudosan
Co.
Ltd.
..................................................
7,600
186,415
Sumitomo
Realty
&
Development
Co.
Ltd.
....................................
5,800
172,544
818,029
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
49
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Utilities
(0.2%):
The
Kansai
Electric
Power
Co.,
Inc.
..........................................
10,700
$
142,080
17,830,945
Luxembourg
(0.4%):
Energy
(0.1%):
Tenaris
SA
............................................................
7,314
127,112
Health
Care
(0.1%):
Eurofins
Scientific
SE
....................................................
2,035
132,483
Materials
(0.2%):
ArcelorMittal
SA
.......................................................
5,048
143,061
402,656
Netherlands
(3.4%):
Communication
Services
(0.5%):
Koninklijke
KPN
NV
....................................................
88,590
304,896
Universal
Music
Group
NV
................................................
6,140
174,923
479,819
Consumer
Discretionary
(0.0%):(d)
Prosus
NV
............................................................
1,622
48,313
Consumer
Staples
(0.7%):
Heineken
Holding
NV
...................................................
2,785
235,475
Heineken
NV
..........................................................
2,165
219,712
Koninklijke
Ahold
Delhaize
NV
............................................
6,886
197,734
652,921
Financials
(0.8%):
ABN
AMRO
Bank
NV
(c)
.................................................
8,188
122,825
Adyen
NV
(a)
(c)
........................................................
74
95,289
ASR
Nederland
NV
.....................................................
3,998
188,435
ING
Groep
NV
........................................................
9,689
144,657
NN
Group
NV
.........................................................
3,965
156,463
707,669
Health
Care
(0.3%):
QIAGEN
NV
(a)
........................................................
5,575
242,456
Industrials
(0.5%):
Randstad
NV
..........................................................
2,601
162,842
Wolters
Kluwer
NV
.....................................................
1,801
255,849
418,691
Information
Technology
(0.4%):
ASM
International
NV
...................................................
201
104,265
ASML
Holding
NV
.....................................................
188
141,463
BE
Semiconductor
Industries
NV
...........................................
877
132,088
377,816
Materials
(0.2%):
Akzo
Nobel
NV
........................................................
2,268
187,306
3,114,991
Norway
(1.2%):
Communication
Services
(0.2%):
Telenor
ASA
..........................................................
17,322
198,880
Consumer
Staples
(0.2%):
Mowi
ASA
...........................................................
8,827
158,190
Energy
(0.3%):
Aker
BP
ASA
.........................................................
4,690
136,466
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
50
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Equinor
ASA
..........................................................
4,404
$
139,701
276,167
Financials
(0.2%):
DNB
Bank
ASA
........................................................
10,001
212,712
Materials
(0.3%):
Norsk
Hydro
ASA
......................................................
21,243
143,076
Yara
International
ASA
...................................................
4,203
149,486
292,562
1,138,511
Portugal
(0.6%):
Consumer
Staples
(0.2%):
Jeronimo
Martins
SGPS
SA
...............................................
7,266
184,786
Energy
(0.2%):
Galp
Energia
SGPS
SA
...................................................
10,133
149,206
Utilities
(0.2%):
EDP
-
Energias
de
Portugal
SA
.............................................
45,338
227,951
561,943
Russian
Federation
(0.0%):(d)
Materials
(0.0%):(d)
Evraz
PLC
(a)
(e)
(f)
......................................................
34,029
17,564
Singapore
(2.2%):
Communication
Services
(0.3%):
Singapore
Telecommunications
Ltd.
.........................................
131,500
246,176
Consumer
Staples
(0.2%):
Wilmar
International
Ltd.
.................................................
89,900
243,249
Financials
(0.9%):
DBS
Group
Holdings
Ltd.
.................................................
10,300
260,818
Oversea-Chinese
Banking
Corp.
Ltd.
.........................................
32,900
324,162
United
Overseas
Bank
Ltd.
................................................
11,500
247,973
832,953
Industrials
(0.6%):
Jardine
Cycle
&
Carriage
Ltd.
..............................................
7,900
178,190
Keppel
Ltd.
...........................................................
30,400
162,898
Singapore
Airlines
Ltd.
...................................................
39,500
196,393
537,481
Real
Estate
(0.2%):
CapitaLand
Investment
Ltd.
...............................................
75,500
180,825
2,040,684
South
Korea
(3.2%):
Communication
Services
(0.3%):
Kakao
Corp.
(a)
........................................................
3,247
136,920
NAVER
Corp.
.........................................................
663
115,331
252,251
Consumer
Discretionary
(0.7%):
Hyundai
Mobis
Co.
Ltd.
..................................................
836
153,865
Hyundai
Motor
Co.
.....................................................
1,196
189,008
Kia
Corp.
............................................................
2,250
174,730
LG
Electronics,
Inc.
.....................................................
1,699
134,316
651,919
Financials
(0.9%):
KakaoBank
Corp.
.......................................................
4,656
103,049
KB
Financial
Group,
Inc.
.................................................
3,423
143,810
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
51
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
....................................
830
$
169,519
Samsung
Life
Insurance
Co.
Ltd.
............................................
4,012
215,290
Shinhan
Financial
Group
Co.
Ltd.
...........................................
5,363
167,217
798,885
Health
Care
(0.2%):
Celltrion,
Inc.
.........................................................
1,136
177,762
Industrials
(0.6%):
Ecopro
BM
Co.
Ltd.
.....................................................
216
48,309
LG
Corp.
.............................................................
2,425
161,767
POSCO
Future
M
Co.
Ltd.
................................................
180
50,183
Posco
International
Corp.
.................................................
784
37,992
Samsung
C&T
Corp.
....................................................
2,759
277,464
575,715
Information
Technology
(0.3%):
Samsung
Electronics
Co.
Ltd.
..............................................
3,619
220,620
Samsung
SDI
Co.
Ltd.
...................................................
261
95,668
316,288
Materials
(0.2%):
Ecopro
Co.
Ltd.
........................................................
40
20,098
LG
Chem
Ltd.
.........................................................
246
95,328
POSCO
Holdings,
Inc.
...................................................
189
73,313
188,739
2,961,559
Spain
(2.6%):
Communication
Services
(0.2%):
Telefonica
SA
.........................................................
43,354
169,117
Consumer
Discretionary
(0.4%):
Amadeus
IT
Group
SA
...................................................
2,499
178,965
Industria
de
Diseno
Textil
SA
..............................................
4,856
211,347
390,312
Energy
(0.2%):
Repsol
SA
............................................................
10,239
152,009
Financials
(0.5%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
15,960
144,915
Banco
Santander
SA
.....................................................
32,279
134,662
CaixaBank
SA
.........................................................
34,258
140,895
420,472
Industrials
(0.8%):
ACS
Actividades
de
Construccion
y
Servicios
SA
................................
6,381
282,861
Aena
SME
SA
(c)
.......................................................
1,113
201,602
Ferrovial
SE
..........................................................
7,840
285,749
770,212
Utilities
(0.5%):
Endesa
SA
............................................................
9,530
194,185
Iberdrola
SA
..........................................................
22,273
291,824
486,009
2,388,131
Sweden
(3.8%):
Consumer
Discretionary
(0.3%):
Evolution
AB
(c)
........................................................
1,282
152,861
H
&
M
Hennes
&
Mauritz
AB
,
Class
B
.......................................
6,335
110,973
263,834
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
52
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Consumer
Staples
(0.2%):
Essity
AB
,
Class
B
......................................................
8,410
$
208,530
Financials
(1.4%):
Industrivarden
AB
,
Class
C
................................................
7,977
259,742
Investor
AB
,
Class
B
....................................................
11,027
255,374
L
E
Lundbergforetagen
AB
,
Class
B
.........................................
4,956
269,465
Skandinaviska
Enskilda
Banken
AB
,
Class
A
...................................
13,703
188,641
Svenska
Handelsbanken
AB
,
Class
A
.........................................
17,443
189,351
Swedbank
AB
,
Class
A
...................................................
8,785
177,138
1,339,711
Industrials
(1.3%):
Alfa
Laval
AB
.........................................................
4,318
172,763
Assa
Abloy
AB
,
Class
B
..................................................
7,785
224,149
Atlas
Copco
AB
,
Class
A
.................................................
9,560
164,556
Epiroc
AB
,
Class
A
......................................................
7,533
151,071
Nibe
Industrier
AB
,
Class
B
...............................................
14,519
101,953
Sandvik
AB
...........................................................
8,039
173,896
Volvo
AB
,
Class
B
......................................................
7,482
194,202
1,182,590
Information
Technology
(0.4%):
Hexagon
AB
,
Class
B
....................................................
16,574
198,822
Telefonaktiebolaget
LM
Ericsson
,
Class
B
.....................................
25,524
159,764
358,586
Materials
(0.2%):
Svenska
Cellulosa
AB
SCA
,
Class
B
.........................................
11,172
167,428
3,520,679
Switzerland
(6.9%):
Communication
Services
(0.3%):
Swisscom
AG
,
Registered
Shares
...........................................
476
286,460
Consumer
Discretionary
(0.3%):
Cie
Financiere
Richemont
SA
,
Registered
Shares
................................
937
128,994
The
Swatch
Group
AG
...................................................
505
137,301
266,295
Consumer
Staples
(1.1%):
Barry
Callebaut
AG
,
Registered
Shares
.......................................
150
253,152
Chocoladefabriken
Lindt
&
Spruengli
AG
.....................................
22
264,010
Coca-Cola
HBC
AG
.....................................................
7,169
210,590
Nestle
SA
,
Registered
Shares
..............................................
2,171
251,777
979,529
Financials
(1.4%):
Banque
Cantonale
Vaudoise
,
Registered
Shares
.................................
1,832
236,408
Julius
Baer
Group
Ltd.
...................................................
1,852
103,856
Partners
Group
Holding
AG
...............................................
110
158,694
Swiss
Life
Holding
AG
...................................................
278
193,092
Swiss
Re
AG
..........................................................
1,831
205,922
UBS
Group
AG
........................................................
4,481
139,099
Zurich
Insurance
Group
AG
...............................................
470
245,733
1,282,804
Health
Care
(1.1%):
Alcon,
Inc.
...........................................................
2,155
168,238
Lonza
Group
AG
,
Registered
Shares
.........................................
249
104,747
Novartis
AG
,
Registered
Shares
.............................................
1,972
199,053
Roche
Holding
AG
......................................................
890
258,807
Sandoz
Group
AG
(a)
....................................................
392
12,616
Sonova
Holding
AG
.....................................................
513
167,420
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
53
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Straumann
Holding
AG
,
Class
R
............................................
779
$
125,633
1,036,514
Industrials
(1.2%):
ABB
Ltd.
,
Registered
Shares
...............................................
4,755
210,944
Geberit
AG
,
Registered
Shares
.............................................
319
204,497
Kuehne
+
Nagel
International
AG
,
Class
R
.....................................
527
181,642
Schindler
Holding
AG
...................................................
665
166,329
SGS
SA
,
Registered
Shares
................................................
2,515
216,982
VAT
Group
AG
(c)
......................................................
274
137,358
1,117,752
Information
Technology
(0.1%):
Logitech
International
SA
,
Class
R
..........................................
1,428
135,463
Materials
(1.4%):
DSM-Firmenich
AG
.....................................................
1,533
155,676
EMS-Chemie
Holding
AG
................................................
234
189,527
Givaudan
SA
,
Registered
Shares
............................................
54
223,758
Glencore
PLC
.........................................................
21,587
129,877
Holcim
AG
...........................................................
3,068
240,901
SIG
Group
AG
.........................................................
6,335
145,792
Sika
AG
,
Registered
Shares
................................................
489
159,181
1,244,712
6,349,529
United
Kingdom
(9.5%):
Communication
Services
(0.7%):
BT
Group
PLC
........................................................
90,032
141,815
Informa
PLC
..........................................................
20,894
208,013
Vodafone
Group
PLC
....................................................
159,011
138,933
WPP
PLC
............................................................
16,200
155,460
644,221
Consumer
Discretionary
(1.0%):
Burberry
Group
PLC
....................................................
5,338
96,327
Compass
Group
PLC
....................................................
10,253
280,407
InterContinental
Hotels
Group
PLC
..........................................
2,569
232,123
JD
Sports
Fashion
PLC
...................................................
56,491
119,471
Next
PLC
............................................................
1,831
189,428
917,756
Consumer
Staples
(2.0%):
Associated
British
Foods
PLC
..............................................
7,456
224,912
British
American
Tobacco
PLC
.............................................
6,381
186,670
Diageo
PLC
...........................................................
5,496
200,038
Haleon
PLC
...........................................................
47,247
193,671
Imperial
Brands
PLC
....................................................
10,166
234,043
Reckitt
Benckiser
Group
PLC
..............................................
3,508
242,307
Tesco
PLC
............................................................
70,466
260,875
Unilever
PLC
.........................................................
5,593
270,854
1,813,370
Energy
(0.3%):
BP
PLC
..............................................................
22,459
133,421
Shell
PLC
............................................................
5,478
179,521
312,942
Financials
(1.9%):
3i
Group
PLC
.........................................................
6,368
196,474
Admiral
Group
PLC
.....................................................
4,352
148,860
Barclays
PLC
.........................................................
66,765
130,845
HSBC
Holdings
PLC
....................................................
23,767
192,485
Legal
&
General
Group
PLC
...............................................
54,605
174,738
Lloyds
Banking
Group
PLC
...............................................
327,867
199,349
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
54
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
London
Stock
Exchange
Group
PLC
.........................................
2,426
$
286,725
NatWest
Group
PLC
.....................................................
50,793
142,020
Standard
Chartered
PLC
..................................................
13,571
115,288
Wise
PLC
,
Class
A
(a)
....................................................
10,311
114,847
1,701,631
Health
Care
(0.7%):
AstraZeneca
PLC
.......................................................
1,362
183,988
GSK
PLC
............................................................
13,075
241,645
Smith
&
Nephew
PLC
...................................................
14,295
196,477
622,110
Industrials
(1.6%):
Ashtead
Group
PLC
.....................................................
1,935
134,691
BAE
Systems
PLC
......................................................
15,999
226,422
Bunzl
PLC
...........................................................
6,868
279,208
International
Consolidated
Airlines
Group
SA
(a)
................................
60,139
118,794
RELX
PLC
...........................................................
7,045
279,222
Rentokil
Initial
PLC
.....................................................
22,821
128,199
Rolls-Royce
Holdings
PLC
(a)
..............................................
27,255
104,098
Spirax-Sarco
Engineering
PLC
.............................................
1,271
170,157
1,440,791
Information
Technology
(0.5%):
Halma
PLC
...........................................................
6,586
191,701
The
Sage
Group
PLC
....................................................
18,557
277,286
468,987
Materials
(0.4%):
Anglo
American
PLC
....................................................
4,178
104,924
Croda
International
PLC
..................................................
1,944
125,111
Rio
Tinto
PLC
.........................................................
2,390
177,937
407,972
Utilities
(0.4%):
Centrica
PLC
..........................................................
84,924
152,222
National
Grid
PLC
......................................................
18,284
246,527
398,749
8,728,529
United
States
(0.4%):
Industrials
(0.2%):
RB
Global,
Inc.
........................................................
2,577
172,468
Utilities
(0.2%):
Brookfield
Renewable
Corp.
,
Class
A
.........................................
5,210
149,980
322,448
Total
Common
Stocks
(Cost
$77,547,787)
90,830,993
Warrants
(0.0%)
Canada
(0.0%):
Information
Technology
(0.0%):
Constellation
Software,
Inc.
(a)
(e)
...........................................
112
—
Total
Warrants
(Cost
$–)
—
Collateral
for
Securities
Loaned
(1.0%)^
United
States
(1.0%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(g)
........
237,759
237,759
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(g)
............
237,759
237,759
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(g)
...............
237,759
237,759
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
55
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Name
Acquisition
Date
Cost
Evraz
PLC
.................................................
3/19/2021
$
213,602
Security
Description
Shares
Value
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(g)
.
237,759
$
237,759
Total
Collateral
for
Securities
Loaned
(Cost
$951,036)
951,036
Total
Investments
(Cost
$78,498,823)
—
100.1%
91,782,029
Liabilities
in
excess
of
other
assets
—
(0.1)%
(
137,329
)
NET
ASSETS
-
100.00%
$
91,644,700
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
December
31,
2023,
the
fair
value
of
these
securities
was
$1,870,974
and
amounted
to
2.0%
of
net
assets.
(d)
Amount
represents
less
than
0.05%
of
net
assets.
(e)
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,
2023.
This
security
is
classified
as
Level
3
within
the
fair
value
hierarchy.
(See
Note
2
in
the
Notes
to
Financial
Statements)
(f)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
December
31,
2023.
(g)
Rate
disclosed
is
the
daily
yield
on
December
31,
2023.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
MSCI
EAFE
Index
Futures
......
5
3/15/24
$
558,149
$
563,100
$
4,951
Total
unrealized
appreciation
$
4,951
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
4,951
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
II
VictoryShares
US
Large
Cap
High
Div
Volatility
Wtd
ETF
56
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
Common
Stocks
(99.3%)
Communication
Services
(2.8%):
Omnicom
Group,
Inc.
....................................................
37,513
$
3,245,250
The
Interpublic
Group
of
Cos.,
Inc.
..........................................
82,191
2,682,714
Verizon
Communications,
Inc.
..............................................
99,855
3,764,533
9,692,497
Consumer
Discretionary
(2.9%):
Best
Buy
Co.,
Inc.
......................................................
39,493
3,091,512
Darden
Restaurants,
Inc.
..................................................
29,596
4,862,623
Ford
Motor
Co.
........................................................
177,791
2,167,272
10,121,407
Consumer
Staples
(15.2%):
Altria
Group,
Inc.
.......................................................
109,821
4,430,179
Campbell
Soup
Co.
.....................................................
96,331
4,164,389
Conagra
Brands,
Inc.
....................................................
158,829
4,552,039
General
Mills,
Inc.
......................................................
62,808
4,091,313
Kellanova
............................................................
86,879
4,857,405
Kimberly-Clark
Corp.
....................................................
41,205
5,006,820
Philip
Morris
International,
Inc.
.............................................
50,804
4,779,640
Target
Corp.
..........................................................
23,950
3,410,959
The
Clorox
Co.
........................................................
21,090
3,007,223
The
Coca-Cola
Co.
......................................................
109,658
6,462,146
The
Kraft
Heinz
Co.
.....................................................
149,883
5,542,674
Tyson
Foods,
Inc.
,
Class
A
................................................
50,812
2,731,145
WK
Kellogg
Co.
.......................................................
21,720
285,401
53,321,333
Energy
(11.3%):
Chevron
Corp.
.........................................................
21,307
3,178,152
ConocoPhillips
Co.
.....................................................
21,710
2,519,880
Coterra
Energy,
Inc.
.....................................................
88,689
2,263,343
Devon
Energy
Corp.
.....................................................
42,641
1,931,637
Diamondback
Energy,
Inc.
................................................
16,587
2,572,312
EOG
Resources,
Inc.
....................................................
19,922
2,409,566
Exxon
Mobil
Corp.
.....................................................
27,520
2,751,450
HF
Sinclair
Corp.
.......................................................
39,062
2,170,675
Kinder
Morgan,
Inc.
.....................................................
256,978
4,533,092
ONEOK,
Inc.
..........................................................
48,352
3,395,277
Phillips
66
............................................................
23,004
3,062,753
Pioneer
Natural
Resources
Co.
.............................................
11,377
2,558,460
The
Williams
Cos.,
Inc.
..................................................
109,610
3,817,716
Valero
Energy
Corp.
.....................................................
17,716
2,303,080
39,467,393
Financials
(23.3%):
Bank
of
America
Corp.
...................................................
105,431
3,549,862
Blackstone,
Inc.
........................................................
21,246
2,781,526
Citigroup,
Inc.
.........................................................
72,543
3,731,612
Citizens
Financial
Group,
Inc.
..............................................
68,954
2,285,135
CME
Group,
Inc.
.......................................................
20,463
4,309,508
Corebridge
Financial,
Inc.
.................................................
132,301
2,865,640
Fidelity
National
Financial,
Inc.
............................................
76,790
3,917,826
Fifth
Third
Bancorp
.....................................................
78,063
2,692,393
Franklin
Resources,
Inc.
..................................................
108,053
3,218,899
Huntington
Bancshares,
Inc.
...............................................
188,413
2,396,613
KeyCorp.
............................................................
116,799
1,681,906
M&T
Bank
Corp.
.......................................................
18,762
2,571,895
MetLife,
Inc.
..........................................................
42,940
2,839,622
Morgan
Stanley
........................................................
37,944
3,538,278
Northern
Trust
Corp.
....................................................
30,069
2,537,222
Principal
Financial
Group,
Inc.
.............................................
36,013
2,833,143
Prudential
Financial,
Inc.
.................................................
31,556
3,272,673
Victory
Portfolios
II
VictoryShares
US
Large
Cap
High
Div
Volatility
Wtd
ETF
57
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Regions
Financial
Corp.
..................................................
128,347
$
2,487,365
State
Street
Corp.
.......................................................
34,738
2,690,805
T.
Rowe
Price
Group,
Inc.
.................................................
22,656
2,439,825
The
Bank
of
New
York
Mellon
Corp.
.........................................
68,277
3,553,818
The
Carlyle
Group,
Inc.
..................................................
66,864
2,720,696
The
Goldman
Sachs
Group,
Inc.
............................................
10,073
3,885,861
The
PNC
Financial
Services
Group,
Inc.
......................................
21,033
3,256,960
Truist
Financial
Corp.
....................................................
57,894
2,137,446
U.S.
Bancorp
..........................................................
53,970
2,335,822
UWM
Holdings
Corp.
(a)
.................................................
271,107
1,938,415
Wells
Fargo
&
Co.
......................................................
66,625
3,279,282
81,750,048
Health
Care
(8.6%):
AbbVie,
Inc.
..........................................................
26,346
4,082,840
Amgen,
Inc.
...........................................................
15,444
4,448,181
Bristol-Myers
Squibb
Co.
.................................................
72,877
3,739,319
CVS
Health
Corp.
......................................................
49,196
3,884,516
Gilead
Sciences,
Inc.
....................................................
51,970
4,210,090
Medtronic
PLC
........................................................
43,962
3,621,590
Pfizer,
Inc.
............................................................
107,646
3,099,128
Viatris,
Inc.
...........................................................
296,086
3,206,611
30,292,275
Industrials
(1.5%):
Stanley
Black
&
Decker,
Inc.
..............................................
23,477
2,303,094
United
Parcel
Service,
Inc.
,
Class
B
..........................................
19,766
3,107,808
5,410,902
Information
Technology
(5.0%):
Corning,
Inc.
..........................................................
100,954
3,074,049
HP,
Inc.
..............................................................
98,654
2,968,499
International
Business
Machines
Corp.
........................................
31,165
5,097,036
Juniper
Networks,
Inc.
...................................................
113,167
3,336,163
Texas
Instruments,
Inc.
...................................................
18,781
3,201,409
17,677,156
Materials
(4.5%):
Dow,
Inc.
............................................................
63,075
3,459,033
Eastman
Chemical
Co.
...................................................
31,863
2,861,935
International
Paper
Co.
...................................................
80,597
2,913,581
LyondellBasell
Industries
NV
,
Class
A
........................................
33,602
3,194,878
Packaging
Corp.
of
America
...............................................
20,258
3,300,231
15,729,658
Utilities
(24.2%):
Alliant
Energy
Corp.
....................................................
80,639
4,136,781
American
Electric
Power
Co.,
Inc.
...........................................
51,004
4,142,545
CMS
Energy
Corp.
......................................................
72,444
4,206,823
Consolidated
Edison,
Inc.
.................................................
50,735
4,615,363
Dominion
Energy,
Inc.
...................................................
77,346
3,635,262
DTE
Energy
Co.
.......................................................
41,530
4,579,098
Duke
Energy
Corp.
......................................................
49,722
4,825,023
Edison
International
.....................................................
53,616
3,833,008
Entergy
Corp.
.........................................................
38,864
3,932,648
Evergy,
Inc.
...........................................................
74,473
3,887,490
Eversource
Energy
......................................................
60,080
3,708,137
Exelon
Corp.
..........................................................
109,021
3,913,854
FirstEnergy
Corp.
.......................................................
113,144
4,147,859
NiSource,
Inc.
.........................................................
162,820
4,322,871
PPL
Corp.
............................................................
180,089
4,880,412
Public
Service
Enterprise
Group,
Inc.
.........................................
69,093
4,225,037
Sempra
..............................................................
60,844
4,546,872
The
Southern
Co.
.......................................................
64,436
4,518,252
WEC
Energy
Group,
Inc.
.................................................
50,116
4,218,264
Victory
Portfolios
II
VictoryShares
US
Large
Cap
High
Div
Volatility
Wtd
ETF
58
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Xcel
Energy,
Inc.
.......................................................
73,014
$
4,520,297
84,795,896
Total
Common
Stocks
(Cost
$345,313,905)
348,258,565
Collateral
for
Securities
Loaned
(0.4%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(b)
........
343,243
343,243
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(b)
............
343,243
343,243
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(b)
...............
343,243
343,243
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(b)
.
343,243
343,243
Total
Collateral
for
Securities
Loaned
(Cost
$1,372,972)
1,372,972
Total
Investments
(Cost
$346,686,877)
—
99.7%
349,631,537
Other
assets
in
excess
of
liabilities
—
0.3%
1,178,821
NET
ASSETS
-
100.00%
$
350,810,358
^
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,
2023.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
7
3/15/24
$
1,655,504
$
1,687,000
$
31,496
Total
unrealized
appreciation
$
31,496
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
31,496
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
II
VictoryShares
US
Small
Cap
High
Div
Volatility
Wtd
ETF
59
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
Common
Stocks
(99.5%)
Banks
(19.9%):
Associated
Banc-Corp.
...................................................
154,266
$
3,299,750
Atlantic
Union
Bankshares
Corp.
............................................
80,261
2,932,737
Bank
of
Hawaii
Corp.
....................................................
34,443
2,495,740
Banner
Corp.
..........................................................
61,863
3,313,382
Columbia
Banking
System,
Inc.
............................................
102,806
2,742,864
CVB
Financial
Corp.
....................................................
121,706
2,457,244
First
Financial
Bancorp
...................................................
141,681
3,364,924
First
Hawaiian,
Inc.
.....................................................
134,261
3,069,206
First
Interstate
BancSystem,
Inc.
,
Class
A
......................................
101,965
3,135,424
First
Merchants
Corp.
....................................................
94,474
3,503,096
Fulton
Financial
Corp.
...................................................
205,066
3,375,386
Hope
Bancorp,
Inc.
.....................................................
255,105
3,081,668
Independent
Bank
Corp.
..................................................
47,707
3,139,598
Northwest
Bancshares,
Inc.
................................................
318,481
3,974,643
Pacific
Premier
Bancorp,
Inc.
..............................................
102,381
2,980,311
Park
National
Corp.
.....................................................
28,815
3,828,361
Provident
Financial
Services,
Inc.
...........................................
182,918
3,298,011
Simmons
First
National
Corp.
,
Class
A
.......................................
144,805
2,872,931
Towne
Bank
..........................................................
143,512
4,270,917
Trustmark
Corp.
........................................................
117,245
3,268,791
WesBanco,
Inc.
........................................................
106,321
3,335,290
67,740,274
Capital
Markets
(4.7%):
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
91,120
4,025,682
B
Riley
Financial,
Inc.
(a)
.................................................
28,574
599,768
Moelis
&
Co.
,
Class
A
...................................................
64,158
3,601,189
TPG,
Inc.
............................................................
97,474
4,207,953
Virtu
Financial,
Inc.
,
Class
A
...............................................
180,125
3,649,332
16,083,924
Communication
Services
(2.5%):
Cogent
Communications
Holdings,
Inc.
.......................................
46,504
3,537,094
John
Wiley
&
Sons,
Inc.
,
Class
A
............................................
73,204
2,323,495
Shutterstock,
Inc.
.......................................................
56,059
2,706,529
8,567,118
Consumer
Discretionary
(19.6%):
Bloomin'
Brands,
Inc.
....................................................
106,445
2,996,427
Carter's,
Inc.
..........................................................
49,017
3,670,883
Cracker
Barrel
Old
Country
Store,
Inc.
(a)
......................................
39,206
3,021,998
Guess?,
Inc.
...........................................................
93,416
2,154,173
Jack
in
the
Box,
Inc.
.....................................................
41,664
3,401,032
Kontoor
Brands,
Inc.
....................................................
49,415
3,084,484
La-Z-Boy,
Inc.
.........................................................
94,687
3,495,844
LCI
Industries
.........................................................
22,666
2,849,343
Levi
Strauss
&
Co.
,
Class
A
...............................................
199,977
3,307,620
MDC
Holdings,
Inc.
.....................................................
71,163
3,931,756
Nordstrom,
Inc.
........................................................
109,033
2,011,659
Oxford
Industries,
Inc.
...................................................
27,334
2,733,400
Papa
John's
International,
Inc.
..............................................
41,716
3,180,011
Patrick
Industries,
Inc.
...................................................
35,583
3,570,754
Red
Rock
Resorts,
Inc.
,
Class
A
.............................................
79,636
4,246,988
Steven
Madden
Ltd.
.....................................................
93,375
3,921,750
Strategic
Education,
Inc.
..................................................
46,763
4,319,498
The
Buckle,
Inc.
........................................................
94,789
4,504,373
The
Cheesecake
Factory,
Inc.
..............................................
92,356
3,233,384
Travel
+
Leisure
Co.
.....................................................
79,703
3,115,590
66,750,967
Consumer
Finance
(0.5%):
Bread
Financial
Holdings,
Inc.
.............................................
52,861
1,741,241
Victory
Portfolios
II
VictoryShares
US
Small
Cap
High
Div
Volatility
Wtd
ETF
60
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Consumer
Staples
(6.4%):
Fresh
Del
Monte
Produce,
Inc.
.............................................
151,356
$
3,973,095
Nu
Skin
Enterprises,
Inc.
,
Class
A
...........................................
143,018
2,777,409
Universal
Corp.
........................................................
122,543
8,249,595
Vector
Group
Ltd.
......................................................
284,783
3,212,352
Weis
Markets,
Inc.
......................................................
54,881
3,510,189
21,722,640
Energy
(6.7%):
Archrock,
Inc.
.........................................................
224,107
3,451,248
Comstock
Resources,
Inc.
(a)
...............................................
157,023
1,389,653
CONSOL
Energy,
Inc.
...................................................
23,995
2,412,217
Crescent
Energy
Co.
,
Class
A
..............................................
179,365
2,369,412
CVR
Energy,
Inc.
.......................................................
74,308
2,251,532
Kinetik
Holdings,
Inc.
(a)
.................................................
95,629
3,194,009
Northern
Oil
and
Gas,
Inc.
................................................
60,270
2,234,209
Sitio
Royalties
Corp.
,
Class
A
..............................................
102,297
2,405,002
World
Kinect
Corp.
.....................................................
138,683
3,159,199
22,866,481
Financial
Services
(1.6%):
Jackson
Financial,
Inc.
,
Class
A
.............................................
58,475
2,993,920
UWM
Holdings
Corp.
(a)
.................................................
345,130
2,467,680
5,461,600
Health
Care
(1.9%):
Patterson
Cos.,
Inc.
.....................................................
112,217
3,192,574
Premier,
Inc.
,
Class
A
....................................................
147,690
3,302,348
6,494,922
Industrials
(11.4%):
FTAI
Aviation
Ltd.
......................................................
76,939
3,569,970
H&E
Equipment
Services,
Inc.
.............................................
53,184
2,782,587
HNI
Corp.
............................................................
88,525
3,703,001
Insperity,
Inc.
..........................................................
29,573
3,466,547
Kennametal,
Inc.
.......................................................
114,568
2,954,709
Kforce,
Inc.
...........................................................
55,976
3,781,739
ManpowerGroup,
Inc.
...................................................
47,048
3,738,905
MillerKnoll,
Inc.
.......................................................
123,943
3,306,799
MSC
Industrial
Direct
Co.,
Inc.
.............................................
49,653
5,027,863
The
Greenbrier
Cos.,
Inc.
.................................................
42,146
1,862,010
Trinity
Industries,
Inc.
...................................................
113,367
3,014,428
TTEC
Holdings,
Inc.
....................................................
82,468
1,787,081
38,995,639
Information
Technology
(1.2%):
Avnet,
Inc.
............................................................
81,146
4,089,758
Materials
(5.9%):
Avient
Corp.
..........................................................
74,377
3,091,852
Cabot
Corp.
...........................................................
46,260
3,862,710
Greif,
Inc.
,
Class
A
......................................................
51,747
3,394,086
Kaiser
Aluminum
Corp.
..................................................
30,934
2,202,191
Sensient
Technologies
Corp.
...............................................
66,327
4,377,582
Sylvamo
Corp.
.........................................................
65,963
3,239,443
20,167,864
Real
Estate
(0.7%):
Kennedy-Wilson
Holdings,
Inc.
.............................................
192,614
2,384,561
Utilities
(16.5%):
ALLETE,
Inc.
.........................................................
87,891
5,375,414
Avista
Corp.
..........................................................
138,836
4,961,999
California
Water
Service
Group
.............................................
85,043
4,411,180
Clearway
Energy,
Inc.
,
Class
C
.............................................
176,715
4,847,292
Victory
Portfolios
II
VictoryShares
US
Small
Cap
High
Div
Volatility
Wtd
ETF
61
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
MGE
Energy,
Inc.
......................................................
64,164
$
4,639,699
Northwest
Natural
Holding
Co.
.............................................
119,636
4,658,626
Northwestern
Energy
Group,
Inc.
...........................................
106,709
5,430,421
ONE
Gas,
Inc.
.........................................................
63,053
4,017,737
Otter
Tail
Corp.
........................................................
40,533
3,444,089
Portland
General
Electric
Co.
..............................................
110,013
4,767,963
SJW
Group
...........................................................
67,471
4,409,230
Spire,
Inc.
............................................................
84,302
5,255,387
56,219,037
Total
Common
Stocks
(Cost
$315,690,573)
339,286,026
Collateral
for
Securities
Loaned
(1.5%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(b)
........
1,280,174
1,280,174
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(b)
............
1,280,174
1,280,174
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(b)
...............
1,277,067
1,277,067
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(b)
.
1,283,282
1,283,282
Total
Collateral
for
Securities
Loaned
(Cost
$5,120,697)
5,120,697
Total
Investments
(Cost
$320,811,270)
—
101.0%
344,406,723
Liabilities
in
excess
of
other
assets
—
(1.0)%
(
3,405,590
)
NET
ASSETS
-
100.00%
$
341,001,133
^
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,
2023.
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
Russell
2000
Index
Futures
......
13
3/15/24
$
1,259,738
$
1,331,005
$
71,267
Total
unrealized
appreciation
$
71,267
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
71,267
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
II
VictoryShares
International
High
Div
Volatility
Wtd
ETF
62
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
Common
Stocks
(99.0%)
Australia
(10.1%):
Communication
Services
(1.6%):
Telstra
Group
Ltd.
......................................................
114,056
$
307,718
Consumer
Staples
(1.4%):
Coles
Group
Ltd.
.......................................................
24,504
268,950
Energy
(1.6%):
Santos
Ltd.
...........................................................
35,745
185,083
Woodside
Energy
Group
Ltd.
..............................................
6,232
131,877
316,960
Financials
(2.4%):
ANZ
Group
Holdings
Ltd.
................................................
13,217
233,403
Westpac
Banking
Corp.
..................................................
15,347
239,441
472,844
Materials
(3.1%):
BHP
Group
Ltd.
........................................................
5,918
203,250
Fortescue
Ltd.
.........................................................
8,936
176,677
Rio
Tinto
Ltd.
.........................................................
2,306
213,133
593,060
1,959,532
Austria
(1.5%):
Energy
(0.7%):
OMV
AG
............................................................
2,902
127,392
Utilities
(0.8%):
Verbund
AG
..........................................................
1,700
157,717
285,109
Canada
(7.3%):
Communication
Services
(2.8%):
BCE,
Inc.
............................................................
7,302
287,528
TELUS
Corp.
(a)
.......................................................
14,004
249,237
536,765
Energy
(1.9%):
Pembina
Pipeline
Corp.
..................................................
7,067
243,336
Suncor
Energy,
Inc.
.....................................................
4,134
132,454
375,790
Financials
(2.6%):
Canadian
Imperial
Bank
of
Commerce
........................................
5,516
265,621
The
Bank
of
Nova
Scotia
.................................................
4,840
235,625
501,246
1,413,801
Denmark
(0.5%):
Industrials
(0.5%):
AP
Moller
-
Maersk
A/S
,
Class
B
...........................................
59
106,089
Finland
(4.3%):
Financials
(1.0%):
Nordea
Bank
Abp
.......................................................
14,804
183,125
Industrials
(0.9%):
Kone
Oyj
,
Class
B
......................................................
3,644
181,645
Materials
(1.6%):
Stora
Enso
Oyj
,
Class
R
..................................................
9,302
128,601
UPM-Kymmene
Oyj
....................................................
5,052
189,932
318,533
Victory
Portfolios
II
VictoryShares
International
High
Div
Volatility
Wtd
ETF
63
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Utilities
(0.8%):
Fortum
Oyj
...........................................................
11,030
$
159,005
842,308
France
(8.5%):
Communication
Services
(1.3%):
Orange
SA
............................................................
21,890
248,968
Consumer
Discretionary
(1.0%):
Cie
Generale
des
Etablissements
Michelin
SCA
.................................
5,580
199,928
Energy
(0.9%):
TotalEnergies
SE
.......................................................
2,447
166,382
Financials
(4.1%):
Amundi
SA
(b)
.........................................................
2,505
170,325
AXA
SA
.............................................................
5,855
190,587
BNP
Paribas
SA
........................................................
2,040
140,937
Credit
Agricole
SA
......................................................
12,871
182,589
Societe
Generale
SA
.....................................................
4,279
113,474
797,912
Industrials
(1.2%):
Bouygues
SA
..........................................................
6,083
229,096
1,642,286
Germany
(4.4%):
Consumer
Discretionary
(1.8%):
Bayerische
Motoren
Werke
AG
.............................................
1,648
183,325
Mercedes-Benz
Group
AG
................................................
2,288
157,970
341,295
Health
Care
(0.6%):
Bayer
AG
,
Registered
Shares
..............................................
3,038
112,773
Industrials
(0.9%):
Deutsche
Post
AG
......................................................
3,472
171,902
Utilities
(1.1%):
E.ON
SE
.............................................................
16,751
224,651
850,621
Hong
Kong
(5.7%):
Industrials
(1.0%):
CK
Hutchison
Holdings
Ltd.
...............................................
35,000
187,591
Real
Estate
(2.6%):
CK
Asset
Holdings
Ltd.
..................................................
36,500
183,243
Henderson
Land
Development
Co.
Ltd.
.......................................
56,000
172,486
Swire
Pacific
Ltd.
,
Class
A
................................................
17,624
149,195
504,924
Utilities
(2.1%):
CLP
Holdings
Ltd.
......................................................
26,551
219,156
Hong
Kong
&
China
Gas
Co.
Ltd.
...........................................
262,796
201,265
420,421
1,112,936
Israel
(0.8%):
Financials
(0.8%):
Bank
Hapoalim
BM
.....................................................
17,231
155,260
Italy
(8.0%):
Energy
(0.9%):
Eni
SpA
(a)
...........................................................
10,459
177,187
Victory
Portfolios
II
VictoryShares
International
High
Div
Volatility
Wtd
ETF
64
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Financials
(3.8%):
Assicurazioni
Generali
SpA
...............................................
10,061
$
212,168
Intesa
Sanpaolo
SpA
.....................................................
52,767
153,969
Mediobanca
Banca
di
Credito
Finanziario
SpA
..................................
14,056
173,846
Poste
Italiane
SpA
(b)
....................................................
16,839
190,980
730,963
Utilities
(3.3%):
Enel
SpA
.............................................................
29,745
220,963
Snam
SpA
............................................................
40,400
207,583
Terna
-
Rete
Elettrica
Nazionale
............................................
26,276
219,093
647,639
1,555,789
Japan
(4.5%):
Communication
Services
(2.2%):
SoftBank
Corp.
........................................................
34,100
425,585
Consumer
Staples
(1.6%):
Japan
Tobacco,
Inc.
(a)
...................................................
12,200
315,428
Materials
(0.7%):
Nippon
Steel
Corp.
......................................................
5,800
132,884
873,897
Netherlands
(4.8%):
Communication
Services
(1.6%):
Koninklijke
KPN
NV
....................................................
87,510
301,179
Financials
(2.4%):
ABN
AMRO
Bank
NV
(b)
.................................................
8,110
121,655
ASR
Nederland
NV
.....................................................
3,946
185,984
NN
Group
NV
.........................................................
3,927
154,963
462,602
Industrials
(0.8%):
Randstad
NV
..........................................................
2,577
161,340
925,121
Norway
(3.2%):
Communication
Services
(1.0%):
Telenor
ASA
..........................................................
17,139
196,779
Energy
(0.7%):
Aker
BP
ASA
.........................................................
4,646
135,186
Materials
(1.5%):
Norsk
Hydro
ASA
......................................................
21,040
141,709
Yara
International
ASA
...................................................
4,164
148,099
289,808
621,773
Portugal
(1.9%):
Energy
(0.8%):
Galp
Energia
SGPS
SA
...................................................
10,036
147,777
Utilities
(1.1%):
EDP
-
Energias
de
Portugal
SA
.............................................
44,843
225,463
373,240
Russian
Federation
(0.1%):
Materials
(0.1%):
Evraz
PLC
(c)
(d)
(e)
.....................................................
23,292
12,022
Victory
Portfolios
II
VictoryShares
International
High
Div
Volatility
Wtd
ETF
65
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Singapore
(6.7%):
Communication
Services
(1.2%):
Singapore
Telecommunications
Ltd.
.........................................
129,000
$
241,496
Consumer
Staples
(1.2%):
Wilmar
International
Ltd.
.................................................
87,900
237,838
Financials
(1.6%):
Oversea-Chinese
Banking
Corp.
Ltd.
.........................................
31,400
309,383
Industrials
(2.7%):
Jardine
Cycle
&
Carriage
Ltd.
..............................................
7,800
175,934
Keppel
Ltd.
...........................................................
28,500
152,717
Singapore
Airlines
Ltd.
...................................................
39,100
194,404
523,055
1,311,772
South
Korea
(1.7%):
Consumer
Discretionary
(0.9%):
Kia
Corp.
............................................................
2,229
173,099
Financials
(0.8%):
Shinhan
Financial
Group
Co.
Ltd.
...........................................
5,312
165,626
338,725
Spain
(3.3%):
Communication
Services
(0.9%):
Telefonica
SA
.........................................................
42,940
167,502
Industrials
(1.4%):
ACS
Actividades
de
Construccion
y
Servicios
SA
................................
6,294
279,005
Utilities
(1.0%):
Endesa
SA
............................................................
9,422
191,984
638,491
Sweden
(1.8%):
Financials
(1.0%):
Svenska
Handelsbanken
AB
,
Class
A
.........................................
17,277
187,549
Information
Technology
(0.8%):
Telefonaktiebolaget
LM
Ericsson
,
Class
B
.....................................
25,281
158,243
345,792
Switzerland
(5.3%):
Communication
Services
(1.4%):
Swisscom
AG
,
Registered
Shares
...........................................
460
276,831
Financials
(1.1%):
Swiss
Re
AG
..........................................................
1,801
202,548
Industrials
(0.9%):
Kuehne
+
Nagel
International
AG
,
Class
R
.....................................
522
179,919
Materials
(1.9%):
Glencore
PLC
.........................................................
21,381
128,638
Holcim
AG
...........................................................
3,024
237,446
366,084
1,025,382
United
Kingdom
(13.8%):
Communication
Services
(2.2%):
BT
Group
PLC
........................................................
89,171
140,459
Vodafone
Group
PLC
....................................................
157,490
137,604
Victory
Portfolios
II
VictoryShares
International
High
Div
Volatility
Wtd
ETF
66
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Name
Acquisition
Date
Cost
Evraz
PLC
.................................................
3/19/2021
$
141,369
Security
Description
Shares
Value
WPP
PLC
............................................................
16,046
$
153,982
432,045
Consumer
Staples
(3.5%):
British
American
Tobacco
PLC
.............................................
6,320
184,885
Imperial
Brands
PLC
....................................................
10,044
231,234
Tesco
PLC
............................................................
69,651
257,858
673,977
Energy
(0.7%):
BP
PLC
..............................................................
22,245
132,150
Financials
(3.5%):
Admiral
Group
PLC
.....................................................
4,311
147,458
HSBC
Holdings
PLC
....................................................
23,526
190,533
Lloyds
Banking
Group
PLC
...............................................
324,610
197,369
NatWest
Group
PLC
.....................................................
50,308
140,664
676,024
Health
Care
(1.2%):
GSK
PLC
............................................................
12,920
238,780
Materials
(1.4%):
Anglo
American
PLC
....................................................
4,139
103,944
Rio
Tinto
PLC
.........................................................
2,367
176,225
280,169
Utilities
(1.3%):
National
Grid
PLC
......................................................
18,067
243,601
2,676,746
United
States
(0.8%):
Utilities
(0.8%):
Brookfield
Renewable
Corp.
,
Class
A
.........................................
5,161
148,570
Total
Common
Stocks
(Cost
$18,285,355)
19,215,262
Collateral
for
Securities
Loaned
(3.3%)^
United
States
(3.3%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(f)
........
161,406
161,406
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(f)
............
161,406
161,406
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(f)
................
161,406
161,406
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(f)
.
161,406
161,406
Total
Collateral
for
Securities
Loaned
(Cost
$645,624)
645,624
Total
Investments
(Cost
$18,930,979)
—
102.3%
19,860,886
Liabilities
in
excess
of
other
assets
—
(2.3)%
(
439,011
)
NET
ASSETS
-
100.00%
$
19,421,875
^
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,
2023,
the
fair
value
of
these
securities
was
$482,960
and
amounted
to
2.5%
of
net
assets.
(c)
Non-income
producing
security.
(d)
Security
was
fair
valued
based
upon
procedures
approved
by
the
Board
of
Trustees
and
represents
0.1%
of
net
assets
as
of
December
31,
2023.
This
security
is
classified
as
Level
3
within
the
fair
value
hierarchy.
(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,
2023.
(f)
Rate
disclosed
is
the
daily
yield
on
December
31,
2023.
Victory
Portfolios
II
VictoryShares
International
High
Div
Volatility
Wtd
ETF
67
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
MSCI
EAFE
Index
Futures
......
1
3/15/24
$
108,389
$
112,620
$
4,231
Total
unrealized
appreciation
$
4,231
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
4,231
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
II
VictoryShares
Dividend
Accelerator
ETF
68
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
Common
Stocks
(99.7%)
Aerospace
&
Defense
(1.3%):
Northrop
Grumman
Corp.
.................................................
7,409
$
3,468,449
Building
Products
(1.9%):
Carlisle
Cos.,
Inc.
.......................................................
6,291
1,965,497
UFP
Industries,
Inc.
(a)
...................................................
23,279
2,922,679
4,888,176
Commercial
Services
&
Supplies
(3.7%):
Republic
Services,
Inc.
...................................................
32,671
5,387,774
Waste
Management,
Inc.
..................................................
24,079
4,312,549
9,700,323
Consumer
Discretionary
(6.6%):
Best
Buy
Co.,
Inc.
......................................................
40,750
3,189,910
Genuine
Parts
Co.
......................................................
17,311
2,397,574
Leggett
&
Platt,
Inc.
.....................................................
160,795
4,208,005
Lowe's
Cos.,
Inc.
.......................................................
7,784
1,732,329
McDonald's
Corp.
......................................................
19,822
5,877,421
17,405,239
Consumer
Staples
(23.9%):
Altria
Group,
Inc.
.......................................................
33,283
1,342,636
Archer-Daniels-Midland
Co.
...............................................
24,674
1,781,956
Brown-Forman
Corp.
,
Class
B
.............................................
84,277
4,812,217
Colgate-Palmolive
Co.
...................................................
72,022
5,740,874
Costco
Wholesale
Corp.
..................................................
7,074
4,669,406
Flowers
Foods,
Inc.
.....................................................
378,342
8,516,478
Hormel
Foods
Corp.
.....................................................
94,191
3,024,473
Kimberly-Clark
Corp.
....................................................
31,456
3,822,219
Lancaster
Colony
Corp.
..................................................
29,260
4,868,571
PepsiCo,
Inc.
..........................................................
17,738
3,012,622
Sysco
Corp.
...........................................................
31,431
2,298,549
Target
Corp.
..........................................................
20,863
2,971,308
The
Clorox
Co.
........................................................
30,867
4,401,326
The
Coca-Cola
Co.
......................................................
48,117
2,835,535
The
Procter
&
Gamble
Co.
................................................
20,310
2,976,227
Walgreens
Boots
Alliance,
Inc.
.............................................
89,435
2,335,148
Walmart,
Inc.
..........................................................
23,371
3,684,438
63,093,983
Electrical
Equipment
(1.6%):
Emerson
Electric
Co.
....................................................
42,457
4,132,340
Energy
(0.6%):
Chevron
Corp.
.........................................................
5,779
861,996
Exxon
Mobil
Corp.
.....................................................
8,425
842,331
1,704,327
Financials
(11.3%):
Aflac,
Inc.
............................................................
46,467
3,833,527
Cincinnati
Financial
Corp.
................................................
8,516
881,065
Commerce
Bancshares,
Inc.
...............................................
65,392
3,492,587
Franklin
Resources,
Inc.
..................................................
105,632
3,146,777
Jack
Henry
&
Associates,
Inc.
..............................................
39,717
6,490,155
Nasdaq,
Inc.
..........................................................
93,427
5,431,846
Old
Republic
International
Corp.
............................................
47,417
1,394,060
RLI
Corp.
............................................................
7,867
1,047,255
S&P
Global,
Inc.
.......................................................
3,728
1,642,259
United
Bankshares,
Inc.
..................................................
63,409
2,381,008
29,740,539
Ground
Transportation
(7.9%):
CSX
Corp.
............................................................
131,611
4,562,954
Victory
Portfolios
II
VictoryShares
Dividend
Accelerator
ETF
69
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
J.B.
Hunt
Transport
Services,
Inc.
...........................................
23,480
$
4,689,895
Landstar
System,
Inc.
....................................................
28,240
5,468,676
Union
Pacific
Corp.
.....................................................
25,479
6,258,152
20,979,677
Health
Care
(9.1%):
Abbott
Laboratories
.....................................................
33,039
3,636,603
Agilent
Technologies,
Inc.
.................................................
45,476
6,322,528
Becton
Dickinson
&
Co.
..................................................
9,190
2,240,798
Cencora,
Inc.
..........................................................
3,362
690,487
Danaher
Corp.
.........................................................
18,352
4,245,552
Johnson
&
Johnson
.....................................................
15,915
2,494,517
Medtronic
PLC
........................................................
54,338
4,476,364
24,106,849
Industrial
Conglomerates
(3.7%):
3M
Co.
..............................................................
89,635
9,798,898
Information
Technology
(10.4%):
Apple,
Inc.
...........................................................
40,089
7,718,335
CDW
Corp.
...........................................................
20,861
4,742,123
Microsoft
Corp.
........................................................
8,400
3,158,736
NetApp,
Inc.
..........................................................
63,176
5,569,596
QUALCOMM,
Inc.
.....................................................
18,959
2,742,040
Texas
Instruments,
Inc.
...................................................
21,186
3,611,366
27,542,196
Machinery
(5.2%):
Dover
Corp.
...........................................................
24,239
3,728,201
Illinois
Tool
Works,
Inc.
..................................................
18,091
4,738,756
Nordson
Corp.
.........................................................
11,629
3,071,917
Stanley
Black
&
Decker,
Inc.
..............................................
22,818
2,238,446
13,777,320
Materials
(8.8%):
Air
Products
and
Chemicals,
Inc.
............................................
9,437
2,583,851
Ecolab,
Inc.
...........................................................
23,737
4,708,234
Nucor
Corp.
...........................................................
4,412
767,864
PPG
Industries,
Inc.
.....................................................
24,826
3,712,728
RPM
International,
Inc.
..................................................
22,207
2,478,967
Sonoco
Products
Co.
....................................................
28,496
1,592,072
Steel
Dynamics,
Inc.
.....................................................
18,135
2,141,743
The
Sherwin-Williams
Co.
................................................
8,503
2,652,086
Westlake
Corp.
........................................................
18,410
2,576,664
23,214,209
Trading
Companies
&
Distributors
(1.2%):
W.W.
Grainger,
Inc.
.....................................................
3,745
3,103,444
Utilities
(2.5%):
Consolidated
Edison,
Inc.
.................................................
66,481
6,047,777
National
Fuel
Gas
Co.
...................................................
11,654
584,681
6,632,458
Total
Common
Stocks
(Cost
$249,264,234)
263,288,427
Collateral
for
Securities
Loaned
(0.0%)^(b)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(c)
........
3,250
3,250
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(c)
............
3,250
3,250
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(c)
...............
3,250
3,250
Victory
Portfolios
II
VictoryShares
Dividend
Accelerator
ETF
70
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(c)
.
3,250
$
3,250
Total
Collateral
for
Securities
Loaned
(Cost
$13,000)
13,000
Total
Investments
(Cost
$249,277,234)
—
99.7%
263,301,427
Other
assets
in
excess
of
liabilities
—
0.3%
764,679
NET
ASSETS
-
100.00%
$
264,066,106
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Amount
represents
less
than
0.05%
of
net
assets.
(c)
Rate
disclosed
is
the
daily
yield
on
December
31,
2023.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
1
3/15/24
$
233,022
$
241,000
$
7,978
Total
unrealized
appreciation
$
7,978
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
7,978
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
II
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
71
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
Common
Stocks
(99.5%)
Communication
Services
(4.4%):
Comcast
Corp.
,
Class
A
..................................................
13,320
$
584,082
Electronic
Arts,
Inc.
.....................................................
32,805
4,488,052
Fox
Corp.
,
Class
A
......................................................
37,089
1,100,431
6,172,565
Communications
Equipment
(0.2%):
Cisco
Systems,
Inc.
.....................................................
6,119
309,132
Consumer
Discretionary
(6.7%):
Deckers
Outdoor
Corp.
(a)
.................................................
1,655
1,106,252
Murphy
USA,
Inc.
......................................................
3,356
1,196,615
NVR,
Inc.
(a)
..........................................................
56
392,025
Texas
Roadhouse,
Inc.
...................................................
10,437
1,275,715
The
Home
Depot,
Inc.
...................................................
1,085
376,007
Thor
Industries,
Inc.
.....................................................
3,454
408,435
Toll
Brothers,
Inc.
......................................................
6,530
671,219
Ulta
Beauty,
Inc.
(a)
.....................................................
7,870
3,856,221
9,282,489
Consumer
Staples
(12.2%):
Altria
Group,
Inc.
.......................................................
81,781
3,299,046
Kellanova
............................................................
33,333
1,863,648
Kimberly-Clark
Corp.
....................................................
2,667
324,067
Sysco
Corp.
...........................................................
4,885
357,240
The
Clorox
Co.
........................................................
4,073
580,769
The
Hershey
Co.
.......................................................
19,739
3,680,139
The
J.M.
Smucker
Co.
...................................................
14,779
1,867,770
The
Kroger
Co.
........................................................
7,209
329,524
Walmart,
Inc.
..........................................................
29,054
4,580,363
16,882,566
Electronic
Equipment,
Instruments
&
Components
(1.6%):
Jabil,
Inc.
............................................................
17,583
2,240,074
Energy
(8.2%):
Chevron
Corp.
.........................................................
24,623
3,672,767
Chord
Energy
Corp.
.....................................................
2,031
337,613
Coterra
Energy,
Inc.
.....................................................
12,156
310,221
Diamondback
Energy,
Inc.
................................................
2,461
381,652
EOG
Resources,
Inc.
....................................................
2,592
313,502
EQT
Corp.
............................................................
8,105
313,339
HF
Sinclair
Corp.
.......................................................
5,780
321,195
Kinder
Morgan,
Inc.
.....................................................
59,528
1,050,074
Occidental
Petroleum
Corp.
...............................................
5,070
302,730
Phillips
66
............................................................
27,736
3,692,771
Pioneer
Natural
Resources
Co.
.............................................
3,389
762,118
11,457,982
Financials
(6.1%):
Aflac,
Inc.
............................................................
30,422
2,509,815
Arch
Capital
Group
Ltd.
(a)
................................................
5,128
380,857
Everest
Group
Ltd.
......................................................
7,012
2,479,303
First
Citizens
Bancshares,
Inc.
,
Class
A
.......................................
241
341,972
Unum
Group
..........................................................
6,683
302,205
W.R.
Berkley
Corp.
.....................................................
34,167
2,416,290
8,430,442
Health
Care
(16.4%):
AbbVie,
Inc.
..........................................................
31,569
4,892,248
Amgen,
Inc.
...........................................................
3,065
882,781
Bristol-Myers
Squibb
Co.
.................................................
58,218
2,987,166
Cardinal
Health,
Inc.
....................................................
3,714
374,371
CVS
Health
Corp.
......................................................
4,621
364,874
Victory
Portfolios
II
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
72
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Humana,
Inc.
..........................................................
6,394
$
2,927,237
Johnson
&
Johnson
.....................................................
32,540
5,100,320
Merck
&
Co.,
Inc.
......................................................
42,285
4,609,911
The
Cigna
Group
.......................................................
1,127
337,480
UnitedHealth
Group,
Inc.
.................................................
642
337,994
22,814,382
Industrials
(17.8%):
A.O.
Smith
Corp.
.......................................................
4,970
409,727
CACI
International,
Inc.
,
Class
A
(a)
.........................................
3,083
998,460
Carlisle
Cos.,
Inc.
.......................................................
1,875
585,806
Comfort
Systems
USA,
Inc.
...............................................
1,928
396,532
CSX
Corp.
............................................................
10,694
370,761
Donaldson
Co.,
Inc.
.....................................................
6,379
416,868
General
Dynamics
Corp.
..................................................
8,735
2,268,217
Lockheed
Martin
Corp.
...................................................
10,286
4,662,027
Republic
Services,
Inc.
...................................................
27,757
4,577,407
Science
Applications
International
Corp.
......................................
8,303
1,032,229
Snap-on,
Inc.
..........................................................
8,438
2,437,232
Textron,
Inc.
..........................................................
4,210
338,568
Union
Pacific
Corp.
.....................................................
3,839
942,935
United
Parcel
Service,
Inc.
,
Class
B
..........................................
2,110
331,755
Verisk
Analytics,
Inc.
....................................................
2,193
523,820
Waste
Management,
Inc.
..................................................
24,410
4,371,831
24,664,175
IT
Services
(2.0%):
Akamai
Technologies,
Inc.
(a)
..............................................
24,003
2,840,755
Materials
(1.0%):
CF
Industries
Holdings,
Inc.
...............................................
3,835
304,882
Dow,
Inc.
............................................................
6,381
349,934
Nucor
Corp.
...........................................................
2,103
366,006
Reliance
Steel
&
Aluminum
Co.
............................................
1,254
350,719
1,371,541
Semiconductors
&
Semiconductor
Equipment
(0.8%):
KLA
Corp.
...........................................................
2,017
1,172,482
Software
(10.2%):
Microsoft
Corp.
........................................................
37,498
14,100,748
Technology
Hardware,
Storage
&
Peripherals
(11.9%):
Apple,
Inc.
...........................................................
72,540
13,966,126
NetApp,
Inc.
..........................................................
28,407
2,504,361
16,470,487
Total
Common
Stocks
(Cost
$124,074,143)
138,209,820
Total
Investments
(Cost
$124,074,143)
—
99.5%
138,209,820
Other
assets
in
excess
of
liabilities
—
0.5%
634,707
NET
ASSETS
-
100.00%
$
138,844,527
(a)
Non-income
producing
security.
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
2
3/15/24
$
466,047
$
482,000
$
15,953
Total
unrealized
appreciation
$
15,953
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
15,953
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
73
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
Common
Stocks
(99.5%)
Communication
Services
(3.2%):
Alphabet,
Inc.
,
Class
A
(a)
.................................................
5,502
$
768,574
Charter
Communications,
Inc.
,
Class
A
(a)
.....................................
1,501
583,409
Comcast
Corp.
,
Class
A
..................................................
21,227
930,804
Electronic
Arts,
Inc.
.....................................................
8,979
1,228,417
Fox
Corp.
,
Class
A
......................................................
30,885
916,358
Liberty
Broadband
Corp.
,
Class
C
(a)
.........................................
6,936
558,972
Liberty
Media
Corp.-Liberty
Formula
One
(a)
...................................
13,104
827,256
Live
Nation
Entertainment,
Inc.
(a)
...........................................
8,495
795,132
Match
Group,
Inc.
(a)
....................................................
11,804
430,846
Meta
Platforms,
Inc.
,
Class
A
(a)
............................................
1,794
635,004
Netflix,
Inc.
(a)
.........................................................
1,416
689,422
News
Corp.
,
Class
A
.....................................................
37,602
923,129
Omnicom
Group,
Inc.
....................................................
11,295
977,131
The
Interpublic
Group
of
Cos.,
Inc.
..........................................
24,746
807,710
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
5,068
364,693
The
Walt
Disney
Co.
....................................................
10,145
915,992
T-Mobile
US,
Inc.
......................................................
8,695
1,394,069
Verizon
Communications,
Inc.
..............................................
30,064
1,133,413
Warner
Music
Group
Corp.
,
Class
A
.........................................
21,008
751,876
15,632,207
Consumer
Discretionary
(10.0%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
4,121
561,033
Amazon.com,
Inc.
(a)
....................................................
4,997
759,244
Aptiv
PLC
(a)
..........................................................
7,914
710,044
Aramark
.............................................................
22,417
629,918
AutoZone,
Inc.
(a)
.......................................................
455
1,176,453
Best
Buy
Co.,
Inc.
......................................................
11,891
930,827
Booking
Holdings,
Inc.
(a)
.................................................
293
1,039,335
BorgWarner,
Inc.
.......................................................
20,143
722,127
Burlington
Stores,
Inc.
(a)
.................................................
4,320
840,154
Caesars
Entertainment,
Inc.
(a)
..............................................
9,424
441,797
CarMax,
Inc.
(a)
........................................................
6,954
533,650
Chewy,
Inc.
,
Class
A
(a)
..................................................
18,102
427,750
Chipotle
Mexican
Grill,
Inc.
(a)
.............................................
431
985,680
Churchill
Downs,
Inc.
....................................................
6,366
858,964
D.R.
Horton,
Inc.
.......................................................
7,537
1,145,473
Darden
Restaurants,
Inc.
..................................................
8,911
1,464,077
Deckers
Outdoor
Corp.
(a)
.................................................
1,706
1,140,342
Dick's
Sporting
Goods,
Inc.
................................................
4,757
699,041
Domino's
Pizza,
Inc.
.....................................................
1,982
817,040
eBay,
Inc.
............................................................
17,965
783,633
Expedia
Group,
Inc.
(a)
...................................................
5,425
823,461
Five
Below,
Inc.
(a)
......................................................
4,627
986,291
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
......................................
6,094
679,847
Ford
Motor
Co.
........................................................
53,529
652,519
Garmin
Ltd.
...........................................................
11,449
1,471,654
General
Motors
Co.
.....................................................
20,736
744,837
Genuine
Parts
Co.
......................................................
6,945
961,882
Hilton
Worldwide
Holdings,
Inc.
............................................
7,212
1,313,233
Hyatt
Hotels
Corp.
,
Class
A
................................................
6,978
910,001
Las
Vegas
Sands
Corp.
...................................................
14,533
715,169
Lennar
Corp.
,
Class
A
....................................................
7,803
1,162,959
LKQ
Corp.
...........................................................
21,913
1,047,222
Lowe's
Cos.,
Inc.
.......................................................
4,370
972,543
Marriott
International,
Inc.
,
Class
A
..........................................
4,759
1,073,202
McDonald's
Corp.
......................................................
6,396
1,896,478
MGM
Resorts
International
(a)
..............................................
16,689
745,665
NIKE,
Inc.
,
Class
B
.....................................................
8,352
906,777
NVR,
Inc.
(a)
..........................................................
181
1,267,081
O'Reilly
Automotive,
Inc.
(a)
...............................................
1,303
1,237,954
Penske
Automotive
Group,
Inc.
.............................................
4,702
754,718
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
74
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Pool
Corp.
............................................................
1,980
$
789,446
PulteGroup,
Inc.
........................................................
10,366
1,069,979
Ross
Stores,
Inc.
.......................................................
9,707
1,343,352
Service
Corp.
International
................................................
18,737
1,282,548
Starbucks
Corp.
........................................................
11,332
1,087,985
Tesla,
Inc.
(a)
..........................................................
1,535
381,417
The
Home
Depot,
Inc.
...................................................
3,265
1,131,486
The
TJX
Cos.,
Inc.
......................................................
15,810
1,483,136
Tractor
Supply
Co.
......................................................
4,606
990,428
Ulta
Beauty,
Inc.
(a)
.....................................................
2,104
1,030,939
Yum!
Brands,
Inc.
......................................................
11,891
1,553,678
49,134,469
Consumer
Staples
(9.3%):
Altria
Group,
Inc.
.......................................................
33,065
1,333,842
Archer-Daniels-Midland
Co.
...............................................
13,245
956,554
Brown-Forman
Corp.
,
Class
B
.............................................
18,495
1,056,065
Bunge
Global
SA
.......................................................
6,656
671,923
Campbell
Soup
Co.
.....................................................
29,003
1,253,800
Church
&
Dwight
Co.,
Inc.
................................................
13,971
1,321,098
Colgate-Palmolive
Co.
...................................................
20,160
1,606,954
Conagra
Brands,
Inc.
....................................................
47,820
1,370,521
Costco
Wholesale
Corp.
..................................................
2,305
1,521,484
Coty,
Inc.
,
Class
A
(a)
....................................................
66,715
828,600
Darling
Ingredients,
Inc.
(a)
................................................
11,495
572,911
Dollar
General
Corp.
....................................................
5,104
693,889
Dollar
Tree,
Inc.
(a)
......................................................
6,251
887,955
General
Mills,
Inc.
......................................................
18,910
1,231,797
Hormel
Foods
Corp.
.....................................................
34,641
1,112,323
Kellanova
............................................................
26,157
1,462,438
Keurig
Dr
Pepper,
Inc.
...................................................
43,773
1,458,516
Kimberly-Clark
Corp.
....................................................
12,406
1,507,453
Lamb
Weston
Holdings,
Inc.
...............................................
11,314
1,222,930
McCormick
&
Co.,
Inc.
..................................................
12,812
876,597
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
16,096
985,236
Mondelez
International,
Inc.
,
Class
A
.........................................
20,430
1,479,745
Monster
Beverage
Corp.
(a)
................................................
21,066
1,213,612
PepsiCo,
Inc.
..........................................................
9,790
1,662,734
Performance
Food
Group
Co.
(a)
............................................
16,350
1,130,602
Philip
Morris
International,
Inc.
.............................................
15,296
1,439,048
Sysco
Corp.
...........................................................
18,478
1,351,296
Target
Corp.
..........................................................
7,211
1,026,991
The
Clorox
Co.
........................................................
6,350
905,447
The
Coca-Cola
Co.
......................................................
33,016
1,945,633
The
Estee
Lauder
Cos.,
Inc.
...............................................
4,355
636,919
The
Hershey
Co.
.......................................................
6,719
1,252,690
The
Kraft
Heinz
Co.
.....................................................
45,126
1,668,759
The
Kroger
Co.
........................................................
26,071
1,191,705
The
Procter
&
Gamble
Co.
................................................
10,647
1,560,211
Tyson
Foods,
Inc.
,
Class
A
................................................
15,299
822,321
U.S.
Foods
Holding
Corp.
(a)
...............................................
24,684
1,120,900
Walmart,
Inc.
..........................................................
10,688
1,684,963
WK
Kellogg
Co.
.......................................................
6,540
85,936
46,112,398
Energy
(4.3%):
APA
Corp.
............................................................
12,925
463,749
Baker
Hughes
Co.
......................................................
22,328
763,171
Cheniere
Energy,
Inc.
....................................................
4,947
844,502
Chesapeake
Energy
Corp.
.................................................
8,185
629,754
Chevron
Corp.
.........................................................
6,415
956,861
ConocoPhillips
Co.
.....................................................
6,537
758,750
Coterra
Energy,
Inc.
.....................................................
26,703
681,461
Devon
Energy
Corp.
.....................................................
12,838
581,561
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
75
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Diamondback
Energy,
Inc.
................................................
4,994
$
774,469
EOG
Resources,
Inc.
....................................................
6,000
725,700
EQT
Corp.
............................................................
13,680
528,869
Exxon
Mobil
Corp.
.....................................................
8,286
828,434
Halliburton
Co.
........................................................
15,298
553,023
Hess
Corp.
............................................................
4,616
665,443
HF
Sinclair
Corp.
.......................................................
11,761
653,559
Kinder
Morgan,
Inc.
.....................................................
77,371
1,364,824
Marathon
Oil
Corp.
.....................................................
24,749
597,936
Marathon
Petroleum
Corp.
................................................
5,200
771,472
Occidental
Petroleum
Corp.
...............................................
13,582
810,981
ONEOK,
Inc.
..........................................................
14,557
1,022,193
Ovintiv,
Inc.
..........................................................
11,029
484,394
Phillips
66
............................................................
6,925
921,994
Pioneer
Natural
Resources
Co.
.............................................
3,425
770,214
Schlumberger
NV
......................................................
11,226
584,201
Targa
Resources
Corp.
...................................................
10,629
923,341
Texas
Pacific
Land
Corp.
.................................................
339
533,061
The
Williams
Cos.,
Inc.
..................................................
33,001
1,149,425
Valero
Energy
Corp.
.....................................................
5,334
693,420
21,036,762
Financials
(16.2%):
Aflac,
Inc.
............................................................
14,918
1,230,735
American
Express
Co.
...................................................
5,435
1,018,193
American
Financial
Group,
Inc.
.............................................
8,767
1,042,309
American
International
Group,
Inc.
..........................................
14,327
970,654
Ameriprise
Financial,
Inc.
.................................................
2,587
982,620
Aon
PLC
,
Class
A
......................................................
3,883
1,130,031
Apollo
Global
Management,
Inc.
............................................
8,080
752,975
Arch
Capital
Group
Ltd.
(a)
................................................
12,458
925,256
Ares
Management
Corp.
,
Class
A
...........................................
7,708
916,635
Arthur
J.
Gallagher
&
Co.
.................................................
5,733
1,289,237
Bank
of
America
Corp.
...................................................
31,743
1,068,787
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
4,175
1,489,056
BlackRock,
Inc.
........................................................
1,530
1,242,054
Blackstone,
Inc.
........................................................
6,397
837,495
Brown
&
Brown,
Inc.
....................................................
15,708
1,116,996
Capital
One
Financial
Corp.
...............................................
6,850
898,172
Cboe
Global
Markets,
Inc.
................................................
8,965
1,600,790
Chubb
Ltd.
...........................................................
5,533
1,250,458
Cincinnati
Financial
Corp.
................................................
7,865
813,713
Citigroup,
Inc.
.........................................................
21,841
1,123,501
Citizens
Financial
Group,
Inc.
..............................................
20,760
687,986
CME
Group,
Inc.
.......................................................
6,161
1,297,507
Corebridge
Financial,
Inc.
.................................................
39,833
862,783
Discover
Financial
Services
...............................................
7,211
810,516
Equitable
Holdings,
Inc.
..................................................
24,791
825,540
Erie
Indemnity
Co.
,
Class
A
...............................................
2,636
882,849
Everest
Group
Ltd.
......................................................
2,482
877,586
FactSet
Research
Systems,
Inc.
.............................................
2,327
1,110,095
Fidelity
National
Financial,
Inc.
............................................
23,120
1,179,582
Fifth
Third
Bancorp
.....................................................
23,503
810,618
First
Citizens
Bancshares,
Inc.
,
Class
A
.......................................
240
340,553
Fiserv,
Inc.
(a)
..........................................................
8,561
1,137,243
FleetCor
Technologies,
Inc.
(a)
..............................................
3,017
852,634
Franklin
Resources,
Inc.
..................................................
32,533
969,158
Global
Payments,
Inc.
....................................................
5,755
730,885
Globe
Life,
Inc.
........................................................
10,683
1,300,335
Huntington
Bancshares,
Inc.
...............................................
56,727
721,567
Interactive
Brokers
Group,
Inc.
.............................................
8,693
720,650
Intercontinental
Exchange,
Inc.
.............................................
10,861
1,394,878
Jack
Henry
&
Associates,
Inc.
..............................................
5,194
848,752
JPMorgan
Chase
&
Co.
..................................................
7,165
1,218,767
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
76
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
KeyCorp.
............................................................
35,166
$
506,390
Loews
Corp.
..........................................................
19,548
1,360,345
LPL
Financial
Holdings,
Inc.
...............................................
2,817
641,206
M&T
Bank
Corp.
.......................................................
5,649
774,365
Markel
Group,
Inc.
(a)
....................................................
771
1,094,743
Marsh
&
McLennan
Cos.,
Inc.
.............................................
7,212
1,366,458
Mastercard,
Inc.
,
Class
A
.................................................
3,280
1,398,953
MetLife,
Inc.
..........................................................
12,928
854,929
Moody's
Corp.
.........................................................
3,114
1,216,204
Morgan
Stanley
........................................................
11,424
1,065,288
Morningstar,
Inc.
.......................................................
3,112
890,779
MSCI,
Inc.
...........................................................
1,374
777,203
Nasdaq,
Inc.
..........................................................
18,115
1,053,206
Northern
Trust
Corp.
....................................................
9,053
763,892
PayPal
Holdings,
Inc.
(a)
..................................................
10,019
615,267
Principal
Financial
Group,
Inc.
.............................................
10,842
852,940
Prudential
Financial,
Inc.
.................................................
9,501
985,349
Raymond
James
Financial,
Inc.
.............................................
7,972
888,878
Regions
Financial
Corp.
..................................................
38,642
748,882
RenaissanceRe
Holdings
Ltd.
..............................................
4,135
810,460
Ryan
Specialty
Holdings,
Inc.
(a)
............................................
19,841
853,560
S&P
Global,
Inc.
.......................................................
2,664
1,173,545
State
Street
Corp.
.......................................................
10,459
810,154
Synchrony
Financial
.....................................................
21,799
832,504
T.
Rowe
Price
Group,
Inc.
.................................................
6,821
734,553
The
Bank
of
New
York
Mellon
Corp.
.........................................
20,556
1,069,940
The
Carlyle
Group,
Inc.
..................................................
20,131
819,130
The
Charles
Schwab
Corp.
................................................
9,015
620,232
The
Goldman
Sachs
Group,
Inc.
............................................
3,032
1,169,655
The
Hartford
Financial
Services
Group,
Inc.
....................................
14,247
1,145,174
The
PNC
Financial
Services
Group,
Inc.
......................................
6,333
980,665
The
Progressive
Corp.
...................................................
5,620
895,154
The
Travelers
Cos.,
Inc.
..................................................
6,770
1,289,617
Tradeweb
Markets,
Inc.
,
Class
A
............................................
9,468
860,452
Truist
Financial
Corp.
....................................................
17,431
643,553
U.S.
Bancorp
..........................................................
16,249
703,257
Unum
Group
..........................................................
15,638
707,150
UWM
Holdings
Corp.
(b)
.................................................
81,635
583,690
Visa,
Inc.
,
Class
A
......................................................
6,029
1,569,650
W.R.
Berkley
Corp.
.....................................................
17,634
1,247,076
Wells
Fargo
&
Co.
......................................................
20,060
987,353
79,641,952
Health
Care
(13.4%):
Abbott
Laboratories
.....................................................
11,485
1,264,154
AbbVie,
Inc.
..........................................................
7,932
1,229,222
Agilent
Technologies,
Inc.
.................................................
7,831
1,088,744
Align
Technology,
Inc.
(a)
.................................................
1,236
338,664
Amgen,
Inc.
...........................................................
4,649
1,339,005
Avantor,
Inc.
(a)
........................................................
33,318
760,650
Becton
Dickinson
&
Co.
..................................................
4,776
1,164,532
Biogen,
Inc.
(a)
.........................................................
4,315
1,116,593
BioMarin
Pharmaceutical,
Inc.
(a)
...........................................
9,558
921,582
Bio-Techne
Corp.
.......................................................
9,846
759,717
Boston
Scientific
Corp.
(a)
.................................................
23,977
1,386,110
Bristol-Myers
Squibb
Co.
.................................................
21,942
1,125,844
Bruker
Corp.
..........................................................
11,911
875,220
Cardinal
Health,
Inc.
....................................................
13,322
1,342,858
Cencora,
Inc.
..........................................................
8,124
1,668,507
Centene
Corp.
(a)
.......................................................
14,282
1,059,867
Charles
River
Laboratories
International,
Inc.
(a)
.................................
3,225
762,390
CVS
Health
Corp.
......................................................
14,812
1,169,555
Danaher
Corp.
.........................................................
3,678
850,869
DaVita,
Inc.
(a)
.........................................................
7,664
802,881
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
77
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Dexcom,
Inc.
(a)
........................................................
6,542
$
811,797
Edwards
Lifesciences
Corp.
(a)
.............................................
11,172
851,865
Elevance
Health,
Inc.
....................................................
2,042
962,925
Eli
Lilly
&
Co.
.........................................................
1,536
895,365
GE
HealthCare
Technologies,
Inc.
...........................................
10,532
814,334
Gilead
Sciences,
Inc.
....................................................
15,647
1,267,563
HCA
Healthcare,
Inc.
....................................................
4,377
1,184,766
Henry
Schein,
Inc.
(a)
....................................................
13,936
1,055,095
Hologic,
Inc.
(a)
........................................................
16,239
1,160,277
Humana,
Inc.
..........................................................
1,880
860,683
IDEXX
Laboratories,
Inc.
(a)
...............................................
1,537
853,112
Incyte
Corp.
(a)
.........................................................
17,231
1,081,934
Insulet
Corp.
(a)
........................................................
3,856
836,675
Intuitive
Surgical,
Inc.
(a)
.................................................
2,622
884,558
IQVIA
Holdings,
Inc.
(a)
..................................................
4,316
998,636
Johnson
&
Johnson
.....................................................
8,611
1,349,688
Laboratory
Corp.
of
America
Holdings
........................................
5,926
1,346,921
McKesson
Corp.
.......................................................
2,844
1,316,715
Medtronic
PLC
........................................................
13,237
1,090,464
Merck
&
Co.,
Inc.
......................................................
11,030
1,202,491
Mettler-Toledo
International,
Inc.
(a)
.........................................
735
891,526
Moderna,
Inc.
(a)
.......................................................
4,184
416,099
Molina
Healthcare,
Inc.
(a)
................................................
2,798
1,010,945
Neurocrine
Biosciences,
Inc.
(a)
.............................................
8,621
1,135,903
Penumbra,
Inc.
(a)
.......................................................
3,014
758,142
Pfizer,
Inc.
............................................................
32,410
933,084
Quest
Diagnostics,
Inc.
...................................................
9,867
1,360,462
Regeneron
Pharmaceuticals,
Inc.
(a)
..........................................
1,097
963,484
Repligen
Corp.
(a)
.......................................................
2,932
527,174
ResMed,
Inc.
..........................................................
4,634
797,141
Revvity,
Inc.
..........................................................
7,614
832,286
STERIS
PLC
..........................................................
3,679
808,828
Stryker
Corp.
..........................................................
3,700
1,108,002
Teleflex,
Inc.
..........................................................
4,142
1,032,766
The
Cigna
Group
.......................................................
3,321
994,473
The
Cooper
Cos.,
Inc.
....................................................
2,852
1,079,311
Thermo
Fisher
Scientific,
Inc.
..............................................
1,877
996,293
United
Therapeutics
Corp.
(a)
..............................................
4,225
929,035
UnitedHealth
Group,
Inc.
.................................................
2,185
1,150,337
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
3,095
595,849
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
3,103
1,262,580
Viatris,
Inc.
...........................................................
89,144
965,430
Waters
Corp.
(a)
........................................................
2,948
970,570
West
Pharmaceutical
Services,
Inc.
..........................................
1,883
663,042
Zimmer
Biomet
Holdings,
Inc.
.............................................
10,741
1,307,180
Zoetis,
Inc.
...........................................................
4,889
964,942
66,307,712
Industrials
(18.0%):
A.O.
Smith
Corp.
.......................................................
11,195
922,916
Advanced
Drainage
Systems,
Inc.
...........................................
4,202
590,969
AECOM
.............................................................
13,468
1,244,847
AGCO
Corp.
..........................................................
5,936
720,690
Allegion
PLC
.........................................................
7,742
980,834
American
Airlines
Group,
Inc.
(a)
............................................
44,056
605,330
AMETEK,
Inc.
........................................................
7,779
1,282,679
Automatic
Data
Processing,
Inc.
............................................
4,563
1,063,042
Axon
Enterprise,
Inc.
(a)
..................................................
2,894
747,607
Booz
Allen
Hamilton
Holding
Corp.
.........................................
9,168
1,172,679
Broadridge
Financial
Solutions,
Inc.
.........................................
5,833
1,200,140
Builders
FirstSource,
Inc.
(a)
...............................................
4,370
729,528
C.H.
Robinson
Worldwide,
Inc.
.............................................
9,954
859,926
Carlisle
Cos.,
Inc.
.......................................................
3,587
1,120,686
Carrier
Global
Corp.
.....................................................
14,032
806,138
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
78
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Caterpillar,
Inc.
........................................................
2,951
$
872,522
Cintas
Corp.
..........................................................
2,473
1,490,378
Copart,
Inc.
(a)
.........................................................
24,551
1,202,999
CSX
Corp.
............................................................
36,228
1,256,025
Cummins,
Inc.
.........................................................
4,073
975,769
Deere
&
Co.
..........................................................
2,093
836,928
Delta
Air
Lines,
Inc.
.....................................................
18,239
733,755
Dover
Corp.
...........................................................
6,589
1,013,454
Eaton
Corp.
PLC
.......................................................
3,919
943,774
EMCOR
Group,
Inc.
....................................................
3,791
816,695
Equifax,
Inc.
..........................................................
4,075
1,007,707
Expeditors
International
of
Washington,
Inc.
....................................
8,372
1,064,918
Fastenal
Co.
...........................................................
18,912
1,224,930
FedEx
Corp.
..........................................................
3,466
876,794
Fortive
Corp.
..........................................................
13,510
994,741
General
Dynamics
Corp.
..................................................
6,491
1,685,518
General
Electric
Co.
.....................................................
8,349
1,065,583
Graco,
Inc.
...........................................................
11,342
984,032
HEICO
Corp.
..........................................................
5,584
998,810
Honeywell
International,
Inc.
..............................................
6,606
1,385,344
Howmet
Aerospace,
Inc.
..................................................
21,109
1,142,419
Hubbell,
Inc.
..........................................................
2,545
837,127
IDEX
Corp.
...........................................................
4,868
1,056,892
Illinois
Tool
Works,
Inc.
..................................................
4,375
1,145,988
Ingersoll
Rand,
Inc.
.....................................................
13,586
1,050,741
J.B.
Hunt
Transport
Services,
Inc.
...........................................
4,956
989,912
Jacobs
Solutions,
Inc.
....................................................
8,175
1,061,115
Johnson
Controls
International
PLC
..........................................
15,020
865,753
L3Harris
Technologies,
Inc.
...............................................
6,408
1,349,653
Leidos
Holdings,
Inc.
....................................................
8,974
971,346
Lennox
International,
Inc.
.................................................
2,128
952,323
Lincoln
Electric
Holdings,
Inc.
.............................................
5,084
1,105,567
Lockheed
Martin
Corp.
...................................................
3,334
1,511,102
Masco
Corp.
..........................................................
14,667
982,396
Nordson
Corp.
.........................................................
3,657
966,033
Norfolk
Southern
Corp.
..................................................
5,485
1,296,544
Northrop
Grumman
Corp.
.................................................
2,755
1,289,726
Old
Dominion
Freight
Line,
Inc.
............................................
1,634
662,309
Otis
Worldwide
Corp.
....................................................
13,988
1,251,506
Owens
Corning
........................................................
6,023
892,789
PACCAR,
Inc.
.........................................................
12,059
1,177,561
Parker-Hannifin
Corp.
...................................................
2,132
982,212
Paychex,
Inc.
..........................................................
8,581
1,022,083
Paycom
Software,
Inc.
...................................................
2,080
429,978
Paylocity
Holding
Corp.
(a)
................................................
3,246
535,103
Quanta
Services,
Inc.
....................................................
4,685
1,011,023
Regal
Rexnord
Corp.
....................................................
4,489
664,462
Republic
Services,
Inc.
...................................................
9,890
1,630,960
Rockwell
Automation,
Inc.
................................................
2,707
840,469
Rollins,
Inc.
...........................................................
29,882
1,304,947
RTX
Corp.
............................................................
12,611
1,061,090
Saia,
Inc.
(a)
...........................................................
1,328
581,956
Snap-on,
Inc.
..........................................................
3,840
1,109,146
Southwest
Airlines
Co.
...................................................
23,590
681,279
SS&C
Technologies
Holdings,
Inc.
..........................................
17,329
1,058,975
Stanley
Black
&
Decker,
Inc.
..............................................
7,069
693,469
Textron,
Inc.
..........................................................
12,195
980,722
The
Toro
Co.
..........................................................
9,680
929,183
Trane
Technologies
PLC
..................................................
4,757
1,160,232
TransDigm
Group,
Inc.
...................................................
1,255
1,269,558
TransUnion
...........................................................
9,465
650,340
U-Haul
Holding
Co.
.....................................................
11,569
814,920
Union
Pacific
Corp.
.....................................................
4,228
1,038,481
United
Airlines
Holdings,
Inc.
(a)
............................................
12,728
525,157
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
79
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
United
Parcel
Service,
Inc.
,
Class
B
..........................................
5,951
$
935,676
United
Rentals,
Inc.
.....................................................
1,315
754,047
Veralto
Corp.
..........................................................
1,226
100,851
Verisk
Analytics,
Inc.
....................................................
4,704
1,123,598
Vertiv
Holdings
Co.
,
Class
A
...............................................
10,009
480,732
Vestis
Corp.
...........................................................
11,208
236,937
W.W.
Grainger,
Inc.
.....................................................
1,211
1,003,544
Waste
Management,
Inc.
..................................................
9,213
1,650,048
Watsco,
Inc.
...........................................................
2,266
970,913
Westinghouse
Air
Brake
Technologies
Corp.
....................................
10,079
1,279,025
Xylem,
Inc.
...........................................................
9,523
1,089,050
88,637,655
Information
Technology
(12.6%):
Accenture
PLC
,
Class
A
..................................................
2,968
1,041,501
Adobe,
Inc.
(a)
.........................................................
1,283
765,438
Akamai
Technologies,
Inc.
(a)
..............................................
8,333
986,211
Amphenol
Corp.
,
Class
A
.................................................
13,534
1,341,625
Analog
Devices,
Inc.
....................................................
4,765
946,138
ANSYS,
Inc.
(a)
........................................................
2,530
918,086
Apple,
Inc.
...........................................................
5,603
1,078,746
Applied
Materials,
Inc.
...................................................
4,218
683,611
AppLovin
Corp.
,
Class
A
(a)
...............................................
7,473
297,799
Arista
Networks,
Inc.
(a)
..................................................
2,544
599,137
Autodesk,
Inc.
(a)
.......................................................
3,281
798,858
Bentley
Systems,
Inc.
,
Class
B
.............................................
15,681
818,235
Broadcom,
Inc.
........................................................
820
915,325
Cadence
Design
Systems,
Inc.
(a)
............................................
3,467
944,307
CDW
Corp.
...........................................................
4,173
948,606
Cisco
Systems,
Inc.
.....................................................
21,842
1,103,458
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
12,896
974,035
Corning,
Inc.
..........................................................
30,395
925,528
Dell
Technologies,
Inc.
,
Class
C
............................................
14,892
1,139,238
Dropbox,
Inc.
,
Class
A
(a)
.................................................
28,842
850,262
Dynatrace,
Inc.
(a)
......................................................
12,645
691,555
Enphase
Energy,
Inc.
(a)
..................................................
3,309
437,251
Entegris,
Inc.
..........................................................
4,747
568,786
EPAM
Systems,
Inc.
(a)
...................................................
1,962
583,381
F5,
Inc.
(a)
............................................................
6,323
1,131,691
Fair
Isaac
Corp.
(a)
......................................................
1,069
1,244,327
First
Solar,
Inc.
(a)
......................................................
2,276
392,109
Fortinet,
Inc.
(a)
........................................................
9,188
537,774
Gartner,
Inc.
(a)
........................................................
3,045
1,373,630
Gen
Digital,
Inc.
.......................................................
36,744
838,498
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
13,920
1,477,747
Hewlett
Packard
Enterprise
Co.
.............................................
51,673
877,408
HP,
Inc.
..............................................................
29,702
893,733
International
Business
Machines
Corp.
........................................
9,383
1,534,590
Intuit,
Inc.
............................................................
1,348
842,540
Jabil,
Inc.
............................................................
7,597
967,858
Juniper
Networks,
Inc.
...................................................
34,072
1,004,443
Keysight
Technologies,
Inc.
(a)
.............................................
5,677
903,154
KLA
Corp.
...........................................................
1,280
744,064
Lam
Research
Corp.
.....................................................
862
675,170
Lattice
Semiconductor
Corp.
(a)
.............................................
5,356
369,510
Manhattan
Associates,
Inc.
(a)
..............................................
4,320
930,182
Microchip
Technology,
Inc.
................................................
8,466
763,464
Microsoft
Corp.
........................................................
2,674
1,005,531
Monolithic
Power
Systems,
Inc.
............................................
885
558,240
Motorola
Solutions,
Inc.
..................................................
4,436
1,388,867
NetApp,
Inc.
..........................................................
12,244
1,079,431
NVIDIA
Corp.
.........................................................
881
436,289
NXP
Semiconductors
NV
.................................................
3,505
805,028
ON
Semiconductor
Corp.
(a)
...............................................
5,704
476,455
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
80
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Oracle
Corp.
..........................................................
8,356
$
880,973
Palo
Alto
Networks,
Inc.
(a)
................................................
2,438
718,918
PTC,
Inc.
(a)
...........................................................
7,648
1,338,094
QUALCOMM,
Inc.
.....................................................
6,195
895,983
Roper
Technologies,
Inc.
..................................................
2,871
1,565,183
Salesforce,
Inc.
(a)
......................................................
3,508
923,095
ServiceNow,
Inc.
(a)
.....................................................
1,183
835,778
Skyworks
Solutions,
Inc.
.................................................
6,585
740,286
Super
Micro
Computer,
Inc.
(a)
.............................................
1,090
309,843
Synopsys,
Inc.
(a)
.......................................................
1,863
959,277
TD
SYNNEX
Corp.
.....................................................
9,273
997,868
TE
Connectivity
Ltd.
....................................................
8,434
1,184,977
Teledyne
Technologies,
Inc.
(a)
.............................................
2,602
1,161,247
Teradyne,
Inc.
.........................................................
6,595
715,689
Texas
Instruments,
Inc.
...................................................
5,654
963,781
Trimble,
Inc.
(a)
........................................................
15,075
801,990
Tyler
Technologies,
Inc.
(a)
................................................
2,126
888,923
VeriSign,
Inc.
(a)
........................................................
6,306
1,298,784
Zebra
Technologies
Corp.
(a)
...............................................
2,086
570,166
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
..................................
8,262
594,120
61,953,825
Materials
(4.8%):
Air
Products
and
Chemicals,
Inc.
............................................
3,692
1,010,870
Albemarle
Corp.
.......................................................
2,768
399,921
Avery
Dennison
Corp.
...................................................
5,293
1,070,033
Ball
Corp.
............................................................
13,497
776,347
Celanese
Corp.
.........................................................
5,693
884,521
CF
Industries
Holdings,
Inc.
...............................................
9,480
753,660
Corteva,
Inc.
..........................................................
19,513
935,063
Crown
Holdings,
Inc.
....................................................
9,836
905,797
Dow,
Inc.
............................................................
18,990
1,041,412
DuPont
de
Nemours,
Inc.
.................................................
12,693
976,472
Eastman
Chemical
Co.
...................................................
9,593
861,643
Ecolab,
Inc.
...........................................................
5,938
1,177,802
FMC
Corp.
...........................................................
10,550
665,178
Freeport-McMoRan,
Inc.
.................................................
16,938
721,051
International
Paper
Co.
...................................................
24,266
877,216
LyondellBasell
Industries
NV
,
Class
A
........................................
10,117
961,924
Martin
Marietta
Materials,
Inc.
.............................................
2,071
1,033,243
Nucor
Corp.
...........................................................
3,871
673,709
Packaging
Corp.
of
America
...............................................
6,099
993,588
PPG
Industries,
Inc.
.....................................................
6,542
978,356
Reliance
Steel
&
Aluminum
Co.
............................................
3,331
931,614
RPM
International,
Inc.
..................................................
8,055
899,180
Steel
Dynamics,
Inc.
.....................................................
5,552
655,691
The
Mosaic
Co.
........................................................
16,796
600,121
The
Sherwin-Williams
Co.
................................................
3,305
1,030,829
Vulcan
Materials
Co.
....................................................
4,715
1,070,352
Westlake
Corp.
........................................................
5,779
808,829
23,694,422
Real
Estate
(0.4%):
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
10,027
933,413
CoStar
Group,
Inc.
(a)
....................................................
10,614
927,558
1,860,971
Utilities
(7.3%):
Alliant
Energy
Corp.
....................................................
24,279
1,245,513
Ameren
Corp.
.........................................................
15,654
1,132,410
American
Electric
Power
Co.,
Inc.
...........................................
15,357
1,247,295
American
Water
Works
Co.,
Inc.
............................................
8,825
1,164,812
Atmos
Energy
Corp.
.....................................................
10,953
1,269,453
CenterPoint
Energy,
Inc.
..................................................
45,316
1,294,678
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
81
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
CMS
Energy
Corp.
......................................................
21,811
$
1,266,565
Consolidated
Edison,
Inc.
.................................................
15,275
1,389,567
Constellation
Energy
Corp.
................................................
9,058
1,058,790
Dominion
Energy,
Inc.
...................................................
23,287
1,094,489
DTE
Energy
Co.
.......................................................
12,504
1,378,691
Duke
Energy
Corp.
......................................................
14,970
1,452,689
Edison
International
.....................................................
16,143
1,154,063
Entergy
Corp.
.........................................................
11,701
1,184,024
Essential
Utilities,
Inc.
...................................................
32,479
1,213,091
Evergy,
Inc.
...........................................................
22,422
1,170,428
Eversource
Energy
......................................................
18,089
1,116,453
Exelon
Corp.
..........................................................
32,823
1,178,346
FirstEnergy
Corp.
.......................................................
34,065
1,248,823
NextEra
Energy,
Inc.
....................................................
16,507
1,002,635
NiSource,
Inc.
.........................................................
49,021
1,301,507
PG&E
Corp.
..........................................................
75,654
1,364,042
PPL
Corp.
............................................................
54,220
1,469,362
Public
Service
Enterprise
Group,
Inc.
.........................................
20,802
1,272,042
Sempra
..............................................................
18,319
1,368,979
The
Southern
Co.
.......................................................
19,401
1,360,398
Vistra
Corp.
...........................................................
23,748
914,773
WEC
Energy
Group,
Inc.
.................................................
15,088
1,269,957
Xcel
Energy,
Inc.
.......................................................
21,983
1,360,967
35,944,842
Total
Common
Stocks
(Cost
$463,440,767)
489,957,215
Investment
Companies
(0.2%)
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares
,
5
.22
%
(c)
............
917,460
917,460
Total
Investment
Companies
(Cost
$917,460)
917,460
Collateral
for
Securities
Loaned
(0.0%)^(d)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(c)
........
1,811
1,811
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(c)
............
1,811
1,811
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(c)
...............
1,811
1,811
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(c)
.
1,811
1,811
Total
Collateral
for
Securities
Loaned
(Cost
$7,244)
7,244
Total
Investments
(Cost
$464,365,471)
—
99.7%
490,881,919
Other
assets
in
excess
of
liabilities
—
0.3%
1,564,915
NET
ASSETS
-
100.00%
$
492,446,834
^
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,
2023.
(d)
Amount
represents
less
than
0.05%
of
net
assets.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
8
3/15/24
$
1,871,616
$
1,928,000
$
56,384
Total
unrealized
appreciation
$
56,384
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
56,384
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
II
VictoryShares
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
82
(Unaudited)
See
notes
to
financial
statements.
A
Security
Description
Shares
Value
Common
Stocks
(25.1%)
Communication
Services
(0.7%):
Omnicom
Group,
Inc.
....................................................
27,618
$
2,389,233
The
Interpublic
Group
of
Cos.,
Inc.
..........................................
60,522
1,975,438
Verizon
Communications,
Inc.
..............................................
73,532
2,772,157
7,136,828
Consumer
Discretionary
(0.7%):
Best
Buy
Co.,
Inc.
......................................................
29,077
2,276,148
Darden
Restaurants,
Inc.
..................................................
21,785
3,579,275
Ford
Motor
Co.
........................................................
130,907
1,595,756
7,451,179
Consumer
Staples
(3.9%):
Altria
Group,
Inc.
.......................................................
80,859
3,261,852
Campbell
Soup
Co.
.....................................................
70,932
3,066,390
Conagra
Brands,
Inc.
....................................................
116,948
3,351,730
General
Mills,
Inc.
......................................................
46,255
3,013,051
Kellanova
............................................................
63,966
3,576,339
Kimberly-Clark
Corp.
....................................................
30,344
3,687,099
Philip
Morris
International,
Inc.
.............................................
37,409
3,519,439
Target
Corp.
..........................................................
17,635
2,511,577
The
Clorox
Co.
........................................................
15,533
2,214,850
The
Coca-Cola
Co.
......................................................
80,748
4,758,479
The
Kraft
Heinz
Co.
.....................................................
110,358
4,081,039
Tyson
Foods,
Inc.,
Class
A
................................................
37,416
2,011,110
WK
Kellogg
Co.
.......................................................
15,998
210,214
39,263,169
Energy
(2.8%):
Chevron
Corp.
.........................................................
15,682
2,339,127
ConocoPhillips
Co.
.....................................................
15,991
1,856,075
Coterra
Energy,
Inc.
.....................................................
65,309
1,666,686
Devon
Energy
Corp.
.....................................................
31,400
1,422,420
Diamondback
Energy,
Inc.
................................................
12,213
1,893,992
EOG
Resources,
Inc.
....................................................
14,580
1,763,451
Exxon
Mobil
Corp.
.....................................................
20,268
2,026,395
HF
Sinclair
Corp.
.......................................................
28,762
1,598,304
Kinder
Morgan,
Inc.
.....................................................
189,215
3,337,753
ONEOK,
Inc.
..........................................................
35,603
2,500,043
Phillips
66
............................................................
16,940
2,255,392
Pioneer
Natural
Resources
Co.
.............................................
8,379
1,884,269
The
Williams
Cos.,
Inc.
..................................................
80,711
2,811,164
Valero
Energy
Corp.
.....................................................
13,049
1,696,370
29,051,441
Financials
(5.9%):
Bank
of
America
Corp.
...................................................
77,626
2,613,667
Blackstone,
Inc.
........................................................
15,650
2,048,898
Citigroup,
Inc.
.........................................................
53,422
2,748,028
Citizens
Financial
Group,
Inc.
..............................................
50,773
1,682,617
CME
Group,
Inc.
.......................................................
15,065
3,172,689
Corebridge
Financial,
Inc.
.................................................
92,339
2,000,063
Fidelity
National
Financial,
Inc.
............................................
56,544
2,884,875
Fifth
Third
Bancorp
.....................................................
57,474
1,982,278
Franklin
Resources,
Inc.
..................................................
79,564
2,370,212
Huntington
Bancshares,
Inc.
...............................................
138,740
1,764,773
KeyCorp.
............................................................
86,003
1,238,443
M&T
Bank
Corp.
.......................................................
13,823
1,894,857
MetLife,
Inc.
..........................................................
31,616
2,090,766
Morgan
Stanley
........................................................
27,934
2,604,845
Northern
Trust
Corp.
....................................................
22,140
1,868,173
Principal
Financial
Group,
Inc.
.............................................
26,513
2,085,778
Prudential
Financial,
Inc.
.................................................
23,228
2,408,976
Victory
Portfolios
II
VictoryShares
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
83
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Regions
Financial
Corp.
..................................................
94,500
$
1,831,410
State
Street
Corp.
.......................................................
25,578
1,981,272
T.
Rowe
Price
Group,
Inc.
.................................................
16,686
1,796,915
The
Bank
of
New
York
Mellon
Corp.
.........................................
50,268
2,616,449
The
Carlyle
Group,
Inc.
..................................................
49,233
2,003,291
The
Goldman
Sachs
Group,
Inc.
............................................
7,410
2,858,556
The
PNC
Financial
Services
Group,
Inc.
......................................
15,489
2,398,472
Truist
Financial
Corp.
....................................................
42,636
1,574,121
U.S.
Bancorp
..........................................................
39,746
1,720,207
UWM
Holdings
Corp.(a)
.................................................
199,621
1,427,290
Wells
Fargo
&
Co.
......................................................
49,063
2,414,881
60,082,802
Health
Care
(2.2%):
AbbVie,
Inc.
..........................................................
19,398
3,006,108
Amgen,
Inc.
...........................................................
11,365
3,273,347
Bristol-Myers
Squibb
Co.
.................................................
53,663
2,753,448
CVS
Health
Corp.
......................................................
36,220
2,859,931
Gilead
Sciences,
Inc.
....................................................
38,272
3,100,415
Medtronic
PLC
........................................................
32,371
2,666,723
Pfizer,
Inc.
............................................................
79,264
2,282,011
Viatris,
Inc.
...........................................................
218,013
2,361,081
22,303,064
Industrials
(0.4%):
Stanley
Black
&
Decker,
Inc.
..............................................
17,287
1,695,854
United
Parcel
Service,
Inc.,
Class
B
..........................................
14,560
2,289,269
3,985,123
Information
Technology
(1.3%):
Corning,
Inc.
..........................................................
74,339
2,263,623
HP,
Inc.
..............................................................
72,639
2,185,707
International
Business
Machines
Corp.
........................................
22,944
3,752,491
Juniper
Networks,
Inc.
...................................................
83,335
2,456,716
Texas
Instruments,
Inc.
...................................................
13,834
2,358,144
13,016,681
Materials
(1.1%):
Dow,
Inc.
............................................................
46,444
2,546,989
Eastman
Chemical
Co.
...................................................
23,466
2,107,716
International
Paper
Co.
...................................................
59,344
2,145,286
LyondellBasell
Industries
NV,
Class
A
........................................
24,739
2,352,184
Packaging
Corp.
of
America
...............................................
14,922
2,430,943
11,583,118
Utilities
(6.1%):
Alliant
Energy
Corp.
....................................................
59,376
3,045,989
American
Electric
Power
Co.,
Inc.
...........................................
37,561
3,050,705
CMS
Energy
Corp.
......................................................
53,346
3,097,802
Consolidated
Edison,
Inc.
.................................................
37,356
3,398,275
Dominion
Energy,
Inc.
...................................................
56,956
2,676,932
DTE
Energy
Co.
.......................................................
30,580
3,371,751
Duke
Energy
Corp.
......................................................
36,608
3,552,440
Edison
International
.....................................................
39,475
2,822,068
Entergy
Corp.
.........................................................
28,620
2,896,058
Evergy,
Inc.
...........................................................
54,842
2,862,752
Eversource
Energy
......................................................
44,236
2,730,246
Exelon
Corp.
..........................................................
80,276
2,881,908
FirstEnergy
Corp.
.......................................................
83,317
3,054,401
NiSource,
Inc.
.........................................................
119,890
3,183,080
PPL
Corp.
............................................................
132,612
3,593,785
Public
Service
Enterprise
Group,
Inc.
.........................................
50,880
3,111,312
Sempra
..............................................................
44,809
3,348,577
The
Southern
Co.
.......................................................
47,445
3,326,843
WEC
Energy
Group,
Inc.
.................................................
36,900
3,105,873
Victory
Portfolios
II
VictoryShares
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
84
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Xcel
Energy,
Inc.
.......................................................
53,769
$
3,328,839
62,439,636
Total
Common
Stocks
(Cost
$245,872,654)
256,313,041
Investment
Companies
(75.5%)
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
5.22% (b)(c)
..........
769,068,477
769,068,477
Total
Investment
Companies
(Cost
$769,068,477)
769,068,477
Collateral
for
Securities
Loaned
(0.0%)^(d)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.25%(b)
........
78,973
78,973
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.30%(b)
............
78,973
78,973
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.28%(b)
...............
78,973
78,973
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.26%(b)
.
78,973
78,973
Total
Collateral
for
Securities
Loaned
(Cost
$315,892)
315,892
Total
Investments
(Cost
$1,015,257,023)
—
100.6%
1,025,697,410
Liabilities
in
excess
of
other
assets
—
(0.6)%
(6,442,706)
NET
ASSETS
-
100.00%
$
1,019,254,704
^
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,
2023.
(c)
Represents
an
investment
greater
than
25%
of
the
Fund's
net
assets.  The
financial
statements
and
portfolio
holdings
for
these
securities
can
be
found
at
www.sec.gov.
(d)
Amount
represents
less
than
0.05%
of
net
assets.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
7
3/15/24
$
1,638,703
$
1,687,000
$
48,297
Total
unrealized
appreciation
$
48,297
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
48,297
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
85
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
Common
Stocks
(26.7%)
Communication
Services
(0.7%):
Cargurus,
Inc.
(a)
.......................................................
1,194
$
28,847
Cars.com,
Inc.
(a)
.......................................................
1,250
23,713
Cogent
Communications
Holdings,
Inc.
.......................................
429
32,630
Gogo,
Inc.
(a)
..........................................................
1,826
18,497
Integral
Ad
Science
Holding
Corp.
(a)
.........................................
1,239
17,829
John
Wiley
&
Sons,
Inc.
,
Class
A
............................................
678
21,520
Liberty
Latin
America
Ltd.
,
Class
C
(a)
........................................
2,169
15,920
Madison
Square
Garden
Sports
Corp.
(a)
.......................................
194
35,275
Scholastic
Corp.
........................................................
523
19,717
Shutterstock,
Inc.
.......................................................
518
25,009
Sphere
Entertainment
Co.
(a)
...............................................
484
16,437
Vivid
Seats,
Inc.
,
Class
A
(a)
...............................................
2,493
15,756
Yelp,
Inc.
(a)
...........................................................
691
32,712
Ziff
Davis,
Inc.
(a)
.......................................................
496
33,326
ZipRecruiter,
Inc.
(a)
.....................................................
1,320
18,348
355,536
Consumer
Discretionary
(4.1%):
Abercrombie
&
Fitch
Co.
(a)
...............................................
283
24,966
Acushnet
Holdings
Corp.
.................................................
514
32,469
Adient
PLC
(a)
.........................................................
682
24,797
Adtalem
Global
Education,
Inc.
(a)
...........................................
611
36,018
American
Eagle
Outfitters,
Inc.
.............................................
1,319
27,910
Arhaus,
Inc.
(a)
.........................................................
1,529
18,119
Bloomin'
Brands,
Inc.
....................................................
986
27,756
Boot
Barn
Holdings,
Inc.
(a)
...............................................
213
16,350
Bright
Horizons
Family
Solutions,
Inc.
(a)
.....................................
273
25,727
Brinker
International,
Inc.
(a)
...............................................
767
33,119
Camping
World
Holdings,
Inc.
,
Class
A
.......................................
837
21,980
Carter's,
Inc.
..........................................................
453
33,925
Cavco
Industries,
Inc.
(a)
..................................................
92
31,889
Century
Communities,
Inc.
................................................
390
35,545
Chegg,
Inc.
(a)
.........................................................
1,177
13,371
Cracker
Barrel
Old
Country
Store,
Inc.
(b)
.....................................
363
27,980
Dave
&
Buster's
Entertainment,
Inc.
(a)
.......................................
509
27,410
Dorman
Products,
Inc.
(a)
.................................................
386
32,196
Dream
Finders
Homes,
Inc.
,
Class
A
(a)
.......................................
554
19,684
Dutch
Bros,
Inc.
,
Class
A
(a)
(b)
.............................................
618
19,572
Everi
Holdings,
Inc.
(a)
...................................................
1,846
20,804
First
Watch
Restaurant
Group,
Inc.
(a)
........................................
1,490
29,949
Foot
Locker,
Inc.
.......................................................
757
23,580
Frontdoor,
Inc.
(a)
.......................................................
891
31,381
Gentherm,
Inc.
(a)
.......................................................
447
23,405
Graham
Holdings
Co.
,
Class
B
.............................................
75
52,239
Grand
Canyon
Education,
Inc.
(a)
............................................
398
52,552
Green
Brick
Partners,
Inc.
(a)
...............................................
406
21,088
Group
1
Automotive,
Inc.
.................................................
107
32,607
Guess?,
Inc.
...........................................................
866
19,970
Helen
of
Troy
Ltd.
(a)
....................................................
147
17,759
Installed
Building
Products,
Inc.
............................................
169
30,897
Jack
in
the
Box,
Inc.
.....................................................
385
31,428
KB
Home
............................................................
597
37,289
Kontoor
Brands,
Inc.
....................................................
457
28,526
Laureate
Education,
Inc.
..................................................
2,380
32,630
La-Z-Boy,
Inc.
.........................................................
878
32,416
LCI
Industries
.........................................................
209
26,273
Leslie's,
Inc.
(a)
........................................................
2,478
17,123
Levi
Strauss
&
Co.
,
Class
A
...............................................
1,853
30,649
LGI
Homes,
Inc.
(a)
.....................................................
195
25,966
Life
Time
Group
Holdings,
Inc.
(a)
...........................................
1,153
17,387
M/I
Homes,
Inc.
(a)
......................................................
308
42,424
MDC
Holdings,
Inc.
.....................................................
660
36,465
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
86
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Meritage
Homes
Corp.
...................................................
207
$
36,059
Mister
Car
Wash,
Inc.
(a)
(b)
................................................
3,008
25,989
Modine
Manufacturing
Co.
(a)
..............................................
346
20,656
Monarch
Casino
&
Resort,
Inc.
.............................................
554
38,309
National
Vision
Holdings,
Inc.
(a)
............................................
809
16,932
Nordstrom,
Inc.
........................................................
1,011
18,653
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
.......................................
337
25,575
Oxford
Industries,
Inc.
...................................................
253
25,300
Papa
John's
International,
Inc.
..............................................
385
29,349
Patrick
Industries,
Inc.
...................................................
330
33,115
Portillo's,
Inc.
,
Class
A
(a)
.................................................
1,225
19,514
Red
Rock
Resorts,
Inc.
,
Class
A
.............................................
737
39,304
SeaWorld
Entertainment,
Inc.
(a)
............................................
537
28,370
Signet
Jewelers
Ltd.
.....................................................
283
30,355
Six
Flags
Entertainment
Corp.
(a)
............................................
852
21,368
Skyline
Champion
Corp.
(a)
................................................
319
23,689
Steven
Madden
Ltd.
.....................................................
866
36,372
Strategic
Education,
Inc.
..................................................
432
39,904
Stride,
Inc.
(a)
..........................................................
505
29,982
Target
Hospitality
Corp.
(a)
(b)
..............................................
1,127
10,966
Taylor
Morrison
Home
Corp.
(a)
............................................
665
35,478
The
Buckle,
Inc.
........................................................
879
41,770
The
Cheesecake
Factory,
Inc.
..............................................
856
29,969
The
ODP
Corp.
(a)
......................................................
553
31,134
Topgolf
Callaway
Brands
Corp.
(a)
...........................................
1,520
21,797
Travel
+
Leisure
Co.
.....................................................
737
28,809
Tri
Pointe
Homes,
Inc.
(a)
.................................................
953
33,736
Urban
Outfitters,
Inc.
(a)
..................................................
687
24,519
Victoria's
Secret
&
Co.
(a)
.................................................
891
23,647
Visteon
Corp.
(a)
........................................................
207
25,854
Winmark
Corp.
........................................................
96
40,085
Winnebago
Industries,
Inc.
................................................
414
30,172
Worthington
Enterprises,
Inc.
..............................................
341
19,625
XPEL,
Inc.
(a)
.........................................................
292
15,724
YETI
Holdings,
Inc.
(a)
...................................................
432
22,369
2,220,039
Consumer
Staples
(2.1%):
BellRing
Brands,
Inc.
(a)
..................................................
891
49,388
Cal-Maine
Foods,
Inc.
...................................................
551
31,622
Central
Garden
&
Pet
Co.
,
Class
A
(a)
........................................
792
34,880
Coca-Cola
Consolidated,
Inc.
..............................................
36
33,422
Edgewell
Personal
Care
Co.
...............................................
892
32,674
elf
Beauty,
Inc.
(a)
.......................................................
133
19,197
Fresh
Del
Monte
Produce,
Inc.
.............................................
1,402
36,803
Grocery
Outlet
Holding
Corp.
(a)
............................................
1,071
28,874
Herbalife
Ltd.
(a)
.......................................................
1,093
16,679
Ingles
Markets,
Inc.
,
Class
A
...............................................
555
47,935
Inter
Parfums,
Inc.
......................................................
183
26,354
J
&
J
Snack
Foods
Corp.
..................................................
261
43,624
John
B
Sanfilippo
&
Son,
Inc.
..............................................
352
36,270
MGP
Ingredients,
Inc.
....................................................
247
24,334
National
Beverage
Corp.
(a)
................................................
688
34,207
Nu
Skin
Enterprises,
Inc.
,
Class
A
...........................................
1,326
25,751
Olaplex
Holdings,
Inc.
(a)
.................................................
5,929
15,060
PriceSmart,
Inc.
........................................................
436
33,040
Seaboard
Corp.
........................................................
11
39,271
Spectrum
Brands
Holdings,
Inc.
............................................
405
32,307
Sprouts
Farmers
Market,
Inc.
(a)
............................................
718
34,543
The
Andersons,
Inc.
.....................................................
500
28,770
The
Boston
Beer
Co.,
Inc.
,
Class
A
(a)
........................................
69
23,846
The
Chefs'
Warehouse,
Inc.
(a)
..............................................
948
27,900
The
Duckhorn
Portfolio,
Inc.
(a)
.............................................
2,979
29,343
The
Simply
Good
Foods
Co.
(a)
.............................................
968
38,333
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
87
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
The
Vita
Coco
Co.,
Inc.
(a)
................................................
682
$
17,493
Tootsie
Roll
Industries,
Inc.
................................................
1,265
42,049
TreeHouse
Foods,
Inc.
(a)
.................................................
803
33,284
United
Natural
Foods,
Inc.
(a)
..............................................
897
14,558
Universal
Corp.
........................................................
1,134
76,341
USANA
Health
Sciences,
Inc.
(a)
............................................
569
30,498
Utz
Brands,
Inc.
........................................................
1,970
31,993
Vector
Group
Ltd.
......................................................
2,638
29,757
WD-40
Co.
...........................................................
130
31,079
Weis
Markets,
Inc.
......................................................
509
32,556
1,164,035
Energy
(1.2%):
Archrock,
Inc.
.........................................................
2,077
31,986
Cactus,
Inc.
,
Class
A
.....................................................
423
19,204
California
Resources
Corp.
................................................
500
27,340
Callon
Petroleum
Co.
(a)
..................................................
495
16,038
CNX
Resources
Corp.
(a)
.................................................
1,328
26,560
Comstock
Resources,
Inc.
(b)
...............................................
1,455
12,877
CONSOL
Energy,
Inc.
...................................................
223
22,418
Crescent
Energy
Co.
,
Class
A
..............................................
1,661
21,942
CVR
Energy,
Inc.
.......................................................
656
19,877
Diamond
Offshore
Drilling,
Inc.
(a)
..........................................
1,174
15,262
Excelerate
Energy,
Inc.
,
Class
A
............................................
1,292
19,974
Gulfport
Energy
Corp.
(a)
.................................................
167
22,244
International
Seaways,
Inc.
................................................
505
22,968
Kinetik
Holdings,
Inc.
(b)
.................................................
887
29,626
Kosmos
Energy
Ltd.
(a)
...................................................
2,523
16,929
Liberty
Energy,
Inc.
.....................................................
1,304
23,655
Magnolia
Oil
&
Gas
Corp.
,
Class
A
..........................................
1,117
23,781
Northern
Oil
and
Gas,
Inc.
................................................
559
20,722
Oceaneering
International,
Inc.
(a)
...........................................
825
17,556
Par
Pacific
Holdings,
Inc.
(a)
...............................................
683
24,841
Patterson-UTI
Energy,
Inc.
................................................
1,264
13,651
Peabody
Energy
Corp.
...................................................
1,007
24,490
Permian
Resources
Corp.
.................................................
1,297
17,639
RPC,
Inc.
............................................................
2,524
18,375
Sitio
Royalties
Corp.
,
Class
A
..............................................
948
22,288
SM
Energy
Co.
........................................................
468
18,121
Talos
Energy,
Inc.
(a)
.....................................................
1,010
14,372
Tidewater,
Inc.
(a)
.......................................................
284
20,479
Weatherford
International
PLC
(a)
...........................................
248
24,262
World
Kinect
Corp.
.....................................................
1,285
29,272
638,749
Financials
(5.8%):
Ameris
Bancorp
........................................................
558
29,602
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
845
37,332
AssetMark
Financial
Holdings,
Inc.
(a)
........................................
1,018
30,489
Associated
Banc-Corp.
...................................................
1,429
30,566
Assured
Guaranty
Ltd.
...................................................
608
45,497
Atlantic
Union
Bankshares
Corp.
............................................
743
27,149
Axos
Financial,
Inc.
(a)
...................................................
437
23,860
B
Riley
Financial,
Inc.
(b)
.................................................
265
5,562
BancFirst
Corp.
........................................................
282
27,447
Bank
of
Hawaii
Corp.
....................................................
319
23,115
BankUnited,
Inc.
.......................................................
667
21,631
Banner
Corp.
..........................................................
574
30,743
BGC
Group,
Inc.
,
Class
A
.................................................
4,014
28,981
Bread
Financial
Holdings,
Inc.
.............................................
490
16,141
Cathay
General
Bancorp
..................................................
757
33,739
City
Holding
Co.
.......................................................
395
43,553
CNO
Financial
Group,
Inc.
................................................
1,285
35,851
Cohen
&
Steers,
Inc.
....................................................
496
37,562
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
88
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Columbia
Banking
System,
Inc.
............................................
953
$
25,426
Community
Bank
System,
Inc.
.............................................
529
27,566
CVB
Financial
Corp.
....................................................
1,128
22,774
Donnelley
Financial
Solutions,
Inc.
(a)
........................................
495
30,873
Enova
International,
Inc.
(a)
................................................
505
27,957
Enstar
Group
Ltd.
(a)
....................................................
165
48,568
Enterprise
Financial
Services
Corp.
..........................................
766
34,202
EVERTEC,
Inc.
........................................................
904
37,010
FB
Financial
Corp.
......................................................
755
30,087
Federal
Agricultural
Mortgage
Corp.
,
Class
C
...................................
187
35,758
Federated
Hermes,
Inc.
...................................................
1,113
37,686
First
Bancorp
..........................................................
1,891
31,107
First
Bancorp
..........................................................
828
30,644
First
Commonwealth
Financial
Corp.
.........................................
2,076
32,053
First
Financial
Bancorp
...................................................
1,312
31,160
First
Hawaiian,
Inc.
.....................................................
1,243
28,415
First
Interstate
BancSystem,
Inc.
,
Class
A
......................................
945
29,059
First
Merchants
Corp.
....................................................
875
32,445
FirstCash
Holdings,
Inc.
..................................................
455
49,317
Fulton
Financial
Corp.
...................................................
1,902
31,307
Genworth
Financial,
Inc.
(a)
................................................
4,017
26,834
Goosehead
Insurance,
Inc.
,
Class
A
(a)
........................................
272
20,618
Hamilton
Lane,
Inc.
,
Class
A
...............................................
345
39,137
Hancock
Whitney
Corp.
..................................................
580
28,182
Heartland
Financial
USA,
Inc.
..............................................
726
27,305
Hilltop
Holdings,
Inc.
....................................................
919
32,358
Hope
Bancorp,
Inc.
.....................................................
2,364
28,557
Independent
Bank
Corp.
..................................................
442
29,088
Independent
Bank
Group,
Inc.
..............................................
495
25,186
International
Bancshares
Corp.
.............................................
708
38,459
Jackson
Financial,
Inc.
,
Class
A
.............................................
541
27,699
Lakeland
Financial
Corp.
.................................................
498
32,450
Live
Oak
Bancshares,
Inc.
................................................
485
22,067
MGIC
Investment
Corp.
..................................................
2,368
45,679
Moelis
&
Co.
,
Class
A
...................................................
595
33,397
Mr.
Cooper
Group,
Inc.
(a)
.................................................
547
35,621
National
Bank
Holdings
Corp.
,
Class
A
.......................................
759
28,227
National
Western
Life
Group,
Inc.
,
Class
A
.....................................
32
15,457
Navient
Corp.
.........................................................
1,868
34,782
NBT
Bancorp,
Inc.
......................................................
760
31,852
NCR
Atleos
Corp.
(a)
....................................................
424
10,299
Nelnet,
Inc.
,
Class
A
.....................................................
620
54,696
NMI
Holdings,
Inc.
,
Class
A
(a)
.............................................
1,235
36,655
Northwest
Bancshares,
Inc.
................................................
2,950
36,816
OFG
Bancorp
.........................................................
974
36,506
Pacific
Premier
Bancorp,
Inc.
..............................................
949
27,625
Palomar
Holdings,
Inc.
(a)
.................................................
433
24,032
Park
National
Corp.
.....................................................
268
35,606
Pathward
Financial,
Inc.
..................................................
511
27,047
Payoneer
Global,
Inc.
(a)
..................................................
3,222
16,787
PennyMac
Financial
Services,
Inc.
..........................................
402
35,525
Piper
Sandler
Cos.
......................................................
203
35,499
PJT
Partners,
Inc.
,
Class
A
................................................
434
44,212
PROG
Holdings,
Inc.
(a)
..................................................
575
17,773
Provident
Financial
Services,
Inc.
...........................................
1,695
30,561
Radian
Group,
Inc.
......................................................
1,497
42,739
Renasant
Corp.
........................................................
936
31,524
Seacoast
Banking
Corp.
of
Florida
...........................................
794
22,597
ServisFirst
Bancshares,
Inc.
...............................................
336
22,388
Shift4
Payments,
Inc.
,
Class
A
(a)
............................................
348
25,870
Simmons
First
National
Corp.
,
Class
A
.......................................
1,342
26,625
SLM
Corp.
...........................................................
1,769
33,823
Stellar
Bancorp,
Inc.
.....................................................
1,163
32,378
StepStone
Group,
Inc.
,
Class
A
.............................................
860
27,374
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
89
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Stewart
Information
Services
Corp.
..........................................
647
$
38,011
Stock
Yards
Bancorp,
Inc.
.................................................
570
29,349
StoneX
Group,
Inc.
(a)
...................................................
384
28,351
Texas
Capital
Bancshares,
Inc.
(a)
...........................................
327
21,134
The
Bancorp,
Inc.
(a)
.....................................................
472
18,200
Towne
Bank
..........................................................
1,331
39,611
TPG,
Inc.
............................................................
902
38,939
Triumph
Financial,
Inc.
(a)
.................................................
352
28,223
Trustmark
Corp.
........................................................
1,087
30,306
UMB
Financial
Corp.
....................................................
320
26,736
United
Community
Banks,
Inc.
.............................................
903
26,422
UWM
Holdings
Corp.
...................................................
3,198
22,866
Victory
Capital
Holdings,
Inc.
,
Class
A
(c)
.....................................
978
33,682
Virtu
Financial,
Inc.
,
Class
A
...............................................
1,669
33,814
Virtus
Investment
Partners,
Inc.
.............................................
127
30,704
WaFd,
Inc.
............................................................
953
31,411
Walker
&
Dunlop,
Inc.
...................................................
294
32,637
WesBanco,
Inc.
........................................................
985
30,899
Westamerica
Bancorp
....................................................
721
40,672
White
Mountains
Insurance
Group
Ltd.
.......................................
24
36,120
WSFS
Financial
Corp.
...................................................
582
26,731
3,164,964
Health
Care
(1.4%):
AdaptHealth
Corp.
(a)
....................................................
1,284
9,360
Addus
HomeCare
Corp.
(a)
................................................
251
23,305
Agiliti,
Inc.
(a)
.........................................................
1,693
13,409
AMN
Healthcare
Services,
Inc.
(a)
...........................................
302
22,614
Amphastar
Pharmaceuticals,
Inc.
(a)
..........................................
405
25,049
Apollo
Medical
Holdings,
Inc.
(a)
...........................................
511
19,571
Catalyst
Pharmaceuticals,
Inc.
(a)
............................................
1,119
18,810
Certara,
Inc.
(a)
.........................................................
1,188
20,897
CONMED
Corp.
.......................................................
231
25,297
Corcept
Therapeutics,
Inc.
(a)
..............................................
689
22,379
CorVel
Corp.
(a)
........................................................
162
40,048
Doximity,
Inc.
,
Class
A
(a)
.................................................
739
20,722
Dynavax
Technologies
Corp.
(a)
.............................................
1,918
26,814
GoodRx
Holdings,
Inc.
,
Class
A
(a)
..........................................
1,915
12,831
Haemonetics
Corp.
(a)
....................................................
359
30,698
Harmony
Biosciences
Holdings,
Inc.
(a)
.......................................
508
16,408
Integer
Holdings
Corp.
(a)
.................................................
350
34,678
Kiniksa
Pharmaceuticals
Ltd.
,
Class
A
(a)
......................................
924
16,207
Lantheus
Holdings,
Inc.
(a)
................................................
290
17,980
LeMaitre
Vascular,
Inc.
...................................................
483
27,415
Ligand
Pharmaceuticals,
Inc.
(a)
.............................................
395
28,211
Maravai
LifeSciences
Holdings,
Inc.
,
Class
A
(a)
.................................
1,683
11,024
Merit
Medical
Systems,
Inc.
(a)
.............................................
573
43,525
Patterson
Cos.,
Inc.
.....................................................
1,041
29,616
Pediatrix
Medical
Group,
Inc.
(a)
............................................
1,975
18,367
Premier,
Inc.
,
Class
A
....................................................
1,368
30,588
Privia
Health
Group,
Inc.
(a)
...............................................
859
19,783
Progyny,
Inc.
(a)
........................................................
525
19,519
Schrodinger,
Inc.
(a)
.....................................................
326
11,671
Select
Medical
Holdings
Corp.
.............................................
1,027
24,134
STAAR
Surgical
Co.
(a)
..................................................
418
13,046
Supernus
Pharmaceuticals,
Inc.
(a)
...........................................
957
27,696
U.S.
Physical
Therapy,
Inc.
................................................
276
25,707
UFP
Technologies,
Inc.
(a)
.................................................
142
24,430
771,809
Industrials
(6.2%):
AAON,
Inc.
...........................................................
429
31,690
AAR
Corp.
(a)
.........................................................
551
34,382
ABM
Industries,
Inc.
....................................................
883
39,585
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
90
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Air
Transport
Services
Group,
Inc.
(a)
.........................................
849
$
14,951
Alamo
Group,
Inc.
......................................................
179
37,624
Albany
International
Corp.
................................................
400
39,288
Allegiant
Travel
Co.
.....................................................
199
16,439
Allison
Transmission
Holdings,
Inc.
.........................................
597
34,716
Ameresco,
Inc.
,
Class
A
(a)
................................................
374
11,845
American
Woodmark
Corp.
(a)
..............................................
318
29,526
ArcBest
Corp.
.........................................................
202
24,282
Arcosa,
Inc.
...........................................................
363
29,998
Armstrong
World
Industries,
Inc.
............................................
494
48,570
Array
Technologies,
Inc.
(a)
(b)
..............................................
558
9,374
ASGN,
Inc.
(a)
.........................................................
363
34,910
Astec
Industries,
Inc.
....................................................
435
16,182
Barnes
Group,
Inc.
......................................................
916
29,889
Beacon
Roofing
Supply,
Inc.
(a)
.............................................
372
32,371
Boise
Cascade
Co.
......................................................
273
35,315
Brady
Corp.
,
Class
A
....................................................
874
51,295
Casella
Waste
Systems,
Inc.
(a)
.............................................
490
41,875
CBIZ,
Inc.
(a)
..........................................................
744
46,567
Comfort
Systems
USA,
Inc.
...............................................
148
30,439
Construction
Partners,
Inc.
,
Class
A
(a)
........................................
641
27,896
Core
&
Main,
Inc.
,
Class
A
(a)
..............................................
1,005
40,612
CoreCivic,
Inc.
(a)
......................................................
2,220
32,257
CSG
Systems
International,
Inc.
............................................
608
32,352
CSW
Industrials,
Inc.
....................................................
177
36,712
Dycom
Industries,
Inc.
(a)
.................................................
253
29,118
Encore
Wire
Corp.
......................................................
141
30,118
Energy
Recovery,
Inc.
(a)
.................................................
923
17,389
Enerpac
Tool
Group
Corp.
................................................
1,253
38,956
EnerSys
..............................................................
253
25,543
Enpro,
Inc.
...........................................................
203
31,818
Esab
Corp.
............................................................
454
39,325
ESCO
Technologies,
Inc.
.................................................
331
38,737
Federal
Signal
Corp.
.....................................................
577
44,279
First
Advantage
Corp.
....................................................
1,976
32,742
Flowserve
Corp.
........................................................
816
33,636
Forward
Air
Corp.
......................................................
276
17,352
Franklin
Electric
Co.,
Inc.
.................................................
375
36,244
FTAI
Aviation
Ltd.
......................................................
714
33,130
GATX
Corp.
..........................................................
359
43,159
Gibraltar
Industries,
Inc.
(a)
................................................
381
30,091
GMS,
Inc.
(a)
..........................................................
428
35,280
Granite
Construction,
Inc.
.................................................
847
43,078
H&E
Equipment
Services,
Inc.
.............................................
494
25,846
Hayward
Holdings,
Inc.
(a)
................................................
1,584
21,542
Helios
Technologies,
Inc.
.................................................
453
20,544
Herc
Holdings,
Inc.
.....................................................
156
23,227
Hillenbrand,
Inc.
.......................................................
618
29,571
HNI
Corp.
............................................................
820
34,301
Hub
Group,
Inc.
,
Class
A
(a)
...............................................
407
37,420
Huron
Consulting
Group,
Inc.
(a)
............................................
230
23,644
ICF
International,
Inc.
...................................................
263
35,266
Insperity,
Inc.
..........................................................
274
32,118
Janus
International
Group,
Inc.
(a)
...........................................
2,467
32,194
JELD-WEN
Holding,
Inc.
(a)
...............................................
1,261
23,808
JetBlue
Airways
Corp.
(a)
.................................................
3,553
19,719
John
Bean
Technologies
Corp.
..............................................
260
25,857
Kadant,
Inc.
...........................................................
143
40,084
Kennametal,
Inc.
.......................................................
1,062
27,389
Kforce,
Inc.
...........................................................
517
34,929
Kirby
Corp.
(a)
.........................................................
418
32,805
Korn
Ferry
...........................................................
700
41,545
Leonardo
DRS,
Inc.
(a)
...................................................
1,677
33,607
Lindsay
Corp.
.........................................................
221
28,544
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
91
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
ManpowerGroup,
Inc.
...................................................
435
$
34,569
Marten
Transport
Ltd.
....................................................
1,700
35,666
Masterbrand,
Inc.
(a)
.....................................................
1,375
20,419
Matson,
Inc.
..........................................................
283
31,017
Maximus,
Inc.
.........................................................
483
40,504
McGrath
RentCorp.
.....................................................
374
44,738
MillerKnoll,
Inc.
.......................................................
1,148
30,629
Moog,
Inc.
,
Class
A
.....................................................
275
39,814
MSC
Industrial
Direct
Co.,
Inc.
.............................................
460
46,580
Mueller
Industries,
Inc.
...................................................
712
33,571
Mueller
Water
Products,
Inc.
,
Class
A
........................................
2,106
30,326
MYR
Group,
Inc.
(a)
.....................................................
206
29,794
NOW,
Inc.
(a)
..........................................................
2,182
24,700
NV5
Global,
Inc.
(a)
.....................................................
264
29,336
Parsons
Corp.
(a)
.......................................................
696
43,646
PGT
Innovations,
Inc.
(a)
..................................................
966
39,316
Primoris
Services
Corp.
..................................................
925
30,719
Resideo
Technologies,
Inc.
(a)
..............................................
1,480
27,854
Rush
Enterprises,
Inc.
,
Class
A
.............................................
902
45,371
RXO,
Inc.
(a)
..........................................................
1,394
32,424
Schneider
National,
Inc.
,
Class
B
............................................
1,168
29,726
Shoals
Technologies
Group,
Inc.
,
Class
A
(a)
....................................
801
12,448
Simpson
Manufacturing
Co.,
Inc.
...........................................
187
37,022
SPX
Technologies,
Inc.
(a)
.................................................
300
30,303
Standex
International
Corp.
................................................
213
33,735
Sterling
Infrastructure,
Inc.
(a)
..............................................
260
22,862
SunPower
Corp.
(a)
(b)
....................................................
2,189
10,573
Tennant
Co.
...........................................................
366
33,925
Terex
Corp.
...........................................................
372
21,375
The
AZEK
Co.,
Inc.
(a)
...................................................
723
27,655
The
Brink's
Co.
........................................................
378
33,245
The
Greenbrier
Cos.,
Inc.
.................................................
390
17,230
Trinity
Industries,
Inc.
...................................................
1,050
27,919
TTEC
Holdings,
Inc.
....................................................
764
16,556
UniFirst
Corp.
.........................................................
205
37,497
Verra
Mobility
Corp.
(a)
..................................................
2,093
48,202
Vicor
Corp.
(a)
.........................................................
151
6,786
Watts
Water
Technologies,
Inc.
,
Class
A
.......................................
198
41,251
Werner
Enterprises,
Inc.
..................................................
895
37,921
Zurn
Elkay
Water
Solutions
Corp.
...........................................
926
27,234
3,359,355
Information
Technology
(2.3%):
ACI
Worldwide,
Inc.
(a)
..................................................
1,007
30,814
Advanced
Energy
Industries,
Inc.
...........................................
235
25,596
Aehr
Test
Systems
(a)
....................................................
199
5,280
Agilysys,
Inc.
(a)
.......................................................
326
27,651
Alarm.com
Holdings,
Inc.
(a)
...............................................
391
25,267
AppLovin
Corp.
,
Class
A
(a)
...............................................
294
11,716
Avnet,
Inc.
............................................................
751
37,850
Axcelis
Technologies,
Inc.
(a)
..............................................
108
14,007
Badger
Meter,
Inc.
......................................................
193
29,794
Belden,
Inc.
...........................................................
352
27,192
BlackLine,
Inc.
(a)
......................................................
392
24,477
Calix,
Inc.
(a)
..........................................................
480
20,971
Cohu,
Inc.
(a)
..........................................................
790
27,958
Corsair
Gaming,
Inc.
(a)
..................................................
1,611
22,715
CTS
Corp.
............................................................
709
31,012
Digi
International,
Inc.
(a)
.................................................
741
19,266
Diodes,
Inc.
(a)
.........................................................
323
26,008
DoubleVerify
Holdings,
Inc.
(a)
.............................................
679
24,974
ePlus,
Inc.
(a)
..........................................................
393
31,377
Extreme
Networks,
Inc.
(a)
................................................
737
13,001
Harmonic,
Inc.
(a)
.......................................................
1,636
21,334
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
92
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Insight
Enterprises,
Inc.
(a)
................................................
225
$
39,868
InterDigital,
Inc.
.......................................................
324
35,167
Itron,
Inc.
(a)
..........................................................
338
25,522
MaxLinear,
Inc.
(a)
......................................................
678
16,116
Methode
Electronics,
Inc.
.................................................
832
18,911
MicroStrategy,
Inc.
(a)
....................................................
33
20,844
N-able,
Inc.
(a)
.........................................................
1,960
25,970
NCR
Voyix
Corp.
(a)
.....................................................
847
14,323
NetScout
Systems,
Inc.
(a)
.................................................
1,032
22,652
Onto
Innovation,
Inc.
(a)
..................................................
158
24,158
OSI
Systems,
Inc.
(a)
.....................................................
224
28,907
PDF
Solutions,
Inc.
(a)
...................................................
633
20,345
Perficient,
Inc.
(a)
.......................................................
315
20,733
Photronics,
Inc.
(a)
......................................................
984
30,868
Plexus
Corp.
(a)
........................................................
302
32,655
Progress
Software
Corp.
..................................................
670
36,381
Qualys,
Inc.
(a)
.........................................................
192
37,686
Rambus,
Inc.
(a)
........................................................
356
24,297
Rogers
Corp.
(a)
........................................................
234
30,904
Sanmina
Corp.
(a)
.......................................................
547
28,099
Super
Micro
Computer,
Inc.
(a)
.............................................
42
11,939
Teradata
Corp.
(a)
.......................................................
536
23,321
TTM
Technologies,
Inc.
(a)
................................................
1,783
28,189
Ultra
Clean
Holdings,
Inc.
(a)
..............................................
623
21,269
Veeco
Instruments,
Inc.
(a)
.................................................
973
30,192
Viavi
Solutions,
Inc.
(a)
...................................................
3,333
33,563
Vishay
Intertechnology,
Inc.
...............................................
1,028
24,641
Vontier
Corp.
..........................................................
1,123
38,800
1,244,580
Materials
(1.4%):
Alpha
Metallurgical
Resources,
Inc.
..........................................
110
37,281
Arch
Resources,
Inc.
....................................................
187
31,031
Avient
Corp.
..........................................................
689
28,642
Balchem
Corp.
.........................................................
263
39,121
Cabot
Corp.
...........................................................
429
35,821
Carpenter
Technology
Corp.
...............................................
350
24,780
Compass
Minerals
International,
Inc.
.........................................
763
19,319
Ecovyst,
Inc.
(a)
........................................................
2,625
25,646
Greif,
Inc.
,
Class
A
......................................................
479
31,418
H.B.
Fuller
Co.
........................................................
472
38,426
Ingevity
Corp.
(a)
.......................................................
430
20,305
Innospec,
Inc.
.........................................................
358
44,120
Kaiser
Aluminum
Corp.
..................................................
287
20,432
Materion
Corp.
........................................................
193
25,115
Minerals
Technologies,
Inc.
................................................
500
35,655
NewMarket
Corp.
......................................................
93
50,762
O-I
Glass,
Inc.
(a)
.......................................................
1,224
20,049
Orion
SA
.............................................................
1,116
30,947
Quaker
Chemical
Corp.
..................................................
144
30,732
Sensient
Technologies
Corp.
...............................................
615
40,590
Stepan
Co.
............................................................
403
38,104
Summit
Materials,
Inc.
,
Class
A
(a)
..........................................
825
31,729
Sylvamo
Corp.
.........................................................
611
30,006
Warrior
Met
Coal,
Inc.
...................................................
563
34,326
Worthington
Steel,
Inc.
(a)
.................................................
341
9,582
773,939
Real
Estate
(0.3%):
eXp
World
Holdings,
Inc.
(b)
...............................................
772
11,981
Howard
Hughes
Holdings,
Inc.
(a)
...........................................
425
36,359
Kennedy-Wilson
Holdings,
Inc.
.............................................
1,785
22,098
Marcus
&
Millichap,
Inc.
.................................................
959
41,889
Newmark
Group,
Inc.
,
Class
A
.............................................
3,010
32,990
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
93
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
The
St.
Joe
Co.
........................................................
466
$
28,044
173,361
Utilities
(1.2%):
ALLETE,
Inc.
.........................................................
815
49,845
American
States
Water
Co.
................................................
484
38,923
Avista
Corp.
..........................................................
1,287
45,997
California
Water
Service
Group
.............................................
788
40,874
Chesapeake
Utilities
Corp.
................................................
428
45,210
Clearway
Energy,
Inc.
,
Class
C
.............................................
1,639
44,958
MGE
Energy,
Inc.
......................................................
595
43,024
Middlesex
Water
Co.
....................................................
473
31,038
Northwest
Natural
Holding
Co.
.............................................
1,110
43,223
Northwestern
Energy
Group,
Inc.
...........................................
989
50,330
ONE
Gas,
Inc.
.........................................................
583
37,149
Otter
Tail
Corp.
........................................................
376
31,949
Portland
General
Electric
Co.
..............................................
1,020
44,207
SJW
Group
...........................................................
626
40,909
Spire,
Inc.
............................................................
781
48,688
636,324
Total
Common
Stocks
(Cost
$11,817,102)
14,502,691
Investment
Companies
(72.8%)
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares
,
5
.22
%
(d)
(e)
..........
39,422,668
39,422,668
Total
Investment
Companies
(Cost
$39,422,668)
39,422,668
Collateral
for
Securities
Loaned
(0.2%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(d)
........
29,359
29,359
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(d)
............
29,359
29,359
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(d)
...............
29,359
29,359
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(d)
.
29,359
29,359
Total
Collateral
for
Securities
Loaned
(Cost
$117,436)
117,436
Total
Investments
(Cost
$51,357,206)
—
99.7%
54,042,795
Other
assets
in
excess
of
liabilities
—
0.3%
135,536
NET
ASSETS
-
100.00%
$
54,178,331
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliated
security.
(See
Note
9
in
the
Notes
to
Financial
Statements)
(d)
Rate
disclosed
is
the
daily
yield
on
December
31,
2023.
(e)
Represents
an
investment
greater
than
25%
of
the
Fund's
net
assets.  The
financial
statements
and
portfolio
holdings
for
these
securities
can
be
found
at
www.sec.gov.
PLC
—
Public
Limited
Company
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
94
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
Russell
2000
Index
Futures
......
2
3/15/24
$
198,290
$
204,770
$
6,480
Total
unrealized
appreciation
$
6,480
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
6,480
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
95
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
Common
Stocks
(98.9%)
Australia
(5.7%):
Communication
Services
(0.5%):
REA
Group
Ltd.
........................................................
665
$
82,073
Telstra
Group
Ltd.
......................................................
51,322
138,464
220,537
Consumer
Discretionary
(0.5%):
Aristocrat
Leisure
Ltd.
...................................................
3,046
84,712
Wesfarmers
Ltd.
........................................................
2,900
112,698
197,410
Consumer
Staples
(0.6%):
Coles
Group
Ltd.
.......................................................
11,026
121,019
Woolworths
Group
Ltd.
..................................................
4,702
119,169
240,188
Energy
(0.3%):
Santos
Ltd.
...........................................................
16,085
83,286
Woodside
Energy
Group
Ltd.
..............................................
2,804
59,336
142,622
Financials
(1.9%):
ANZ
Group
Holdings
Ltd.
................................................
5,947
105,020
Commonwealth
Bank
of
Australia
...........................................
1,544
117,606
Insurance
Australia
Group
Ltd.
.............................................
21,714
83,733
Macquarie
Group
Ltd.
...................................................
728
91,078
National
Australia
Bank
Ltd.
...............................................
4,675
97,782
QBE
Insurance
Group
Ltd.
................................................
8,154
82,274
Suncorp
Group
Ltd.
.....................................................
10,023
94,577
Westpac
Banking
Corp.
..................................................
6,906
107,746
779,816
Health
Care
(0.7%):
Cochlear
Ltd.
..........................................................
472
96,045
CSL
Ltd.
.............................................................
562
109,756
Sonic
Healthcare
Ltd.
....................................................
3,321
72,584
278,385
Industrials
(0.4%):
Brambles
Ltd.
.........................................................
10,466
96,975
Computershare
Ltd.
.....................................................
4,194
69,691
166,666
Information
Technology
(0.1%):
WiseTech
Global
Ltd.
....................................................
994
51,042
Materials
(0.7%):
BHP
Group
Ltd.
........................................................
2,663
91,459
Fortescue
Ltd.
.........................................................
4,021
79,501
Rio
Tinto
Ltd.
.........................................................
1,038
95,937
266,897
2,343,563
Austria
(0.5%):
Energy
(0.1%):
OMV
AG
............................................................
1,306
57,331
Financials
(0.2%):
Erste
Group
Bank
AG
....................................................
1,774
71,923
Utilities
(0.2%):
Verbund
AG
..........................................................
765
70,972
200,226
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
96
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Belgium
(1.1%):
Consumer
Staples
(0.3%):
Anheuser-Busch
InBev
SA
................................................
1,731
$
111,622
Financials
(0.4%):
Groupe
Bruxelles
Lambert
NV
.............................................
1,280
100,624
KBC
Group
NV
........................................................
1,032
66,890
167,514
Health
Care
(0.2%):
UCB
SA
.............................................................
920
80,123
Materials
(0.2%):
Solvay
SA
,
Class
A
.....................................................
624
19,099
Syensqo
SA
(a)
.........................................................
629
65,444
84,543
443,802
Canada
(12.2%):
Communication
Services
(0.8%):
BCE,
Inc.
............................................................
3,286
129,391
Rogers
Communications,
Inc.
,
Class
B
........................................
2,235
104,640
TELUS
Corp.
.........................................................
6,302
112,160
346,191
Consumer
Discretionary
(0.7%):
Dollarama,
Inc.
........................................................
1,674
120,651
Magna
International,
Inc.
.................................................
862
50,937
Restaurant
Brands
International,
Inc.
.........................................
1,535
119,947
291,535
Consumer
Staples
(1.2%):
Alimentation
Couche-Tard,
Inc.
.............................................
1,807
106,423
George
Weston
Ltd.
.....................................................
971
120,560
Loblaw
Cos.
Ltd.
.......................................................
1,252
121,222
Metro,
Inc.
...........................................................
2,541
131,547
479,752
Energy
(1.7%):
ARC
Resources
Ltd.
.....................................................
3,457
51,324
Cameco
Corp.
.........................................................
1,545
66,621
Canadian
Natural
Resources
Ltd.
............................................
959
62,835
Cenovus
Energy,
Inc.
....................................................
2,472
41,197
Enbridge,
Inc.
.........................................................
3,061
110,204
Imperial
Oil
Ltd.
.......................................................
1,090
62,098
Pembina
Pipeline
Corp.
..................................................
3,180
109,496
Suncor
Energy,
Inc.
.....................................................
1,860
59,595
TC
Energy
Corp.
.......................................................
2,085
81,455
Tourmaline
Oil
Corp.
....................................................
1,045
47,001
691,826
Financials
(3.9%):
Bank
of
Montreal
.......................................................
1,235
122,214
Brookfield
Asset
Management
Ltd.
,
Class
A
....................................
1,788
71,822
Brookfield
Corp.
.......................................................
1,839
73,774
Canadian
Imperial
Bank
of
Commerce
........................................
2,482
119,520
Fairfax
Financial
Holdings
Ltd.
.............................................
95
87,658
Great-West
Lifeco,
Inc.
...................................................
4,705
155,756
Intact
Financial
Corp.
....................................................
839
129,096
Manulife
Financial
Corp.
.................................................
5,464
120,753
National
Bank
of
Canada
.................................................
1,449
110,460
Power
Corp.
of
Canada
...................................................
4,506
128,864
Royal
Bank
of
Canada
...................................................
1,381
139,674
Sun
Life
Financial,
Inc.
..................................................
2,687
139,370
The
Bank
of
Nova
Scotia
.................................................
2,178
106,031
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
97
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
The
Toronto-Dominion
Bank
...............................................
1,621
$
104,755
1,609,747
Industrials
(1.4%):
Canadian
National
Railway
Co.
.............................................
919
115,525
Canadian
Pacific
Kansas
City
Ltd.
...........................................
1,094
86,569
TFI
International,
Inc.
....................................................
410
55,777
Thomson
Reuters
Corp.
..................................................
727
106,304
Waste
Connections,
Inc.
..................................................
833
124,400
WSP
Global,
Inc.
.......................................................
643
90,143
578,718
Information
Technology
(0.7%):
CGI,
Inc.
(a)
...........................................................
969
103,819
Constellation
Software,
Inc.
...............................................
41
101,665
Open
Text
Corp.
........................................................
1,541
64,773
270,257
Materials
(0.9%):
Agnico
Eagle
Mines
Ltd.
.................................................
1,293
70,901
First
Quantum
Minerals
Ltd.
...............................................
1,297
10,621
Franco-Nevada
Corp.
....................................................
526
58,269
Ivanhoe
Mines
Ltd.
(a)
...................................................
4,205
40,784
Nutrien
Ltd.
...........................................................
899
50,653
Teck
Resources
Ltd.
,
Class
B
..............................................
999
42,233
Wheaton
Precious
Metals
Corp.
.............................................
1,484
73,220
346,681
Utilities
(0.9%):
Emera,
Inc.
...........................................................
2,894
109,871
Fortis,
Inc.
............................................................
2,771
114,007
Hydro
One
Ltd.
(b)
......................................................
4,332
129,806
353,684
4,968,391
Chile
(0.2%):
Materials
(0.2%):
Antofagasta
PLC
.......................................................
2,750
58,860
Denmark
(1.9%):
Consumer
Discretionary
(0.2%):
Pandora
A/S
..........................................................
492
68,005
Consumer
Staples
(0.2%):
Carlsberg
A/S
,
Class
B
...................................................
674
84,536
Financials
(0.4%):
Danske
Bank
A/S
.......................................................
2,834
75,725
Tryg
A/S
.............................................................
5,051
109,900
185,625
Health
Care
(0.5%):
Coloplast
A/S
,
Class
B
...................................................
723
82,671
Genmab
A/S
(a)
........................................................
190
60,646
Novo
Nordisk
A/S
,
Class
B
................................................
599
61,936
205,253
Industrials
(0.3%):
AP
Moller
-
Maersk
A/S
,
Class
B
...........................................
27
48,549
DSV
A/S
.............................................................
358
62,861
111,410
Materials
(0.2%):
Novozymes
A/S
,
Class
B
.................................................
1,838
101,027
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
98
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Utilities
(0.1%):
Orsted
A/S
(b)
.........................................................
633
$
35,093
790,949
Finland
(1.6%):
Energy
(0.1%):
Neste
Oyj
............................................................
1,451
51,588
Financials
(0.5%):
Mandatum
Oyj
(a)
.......................................................
2,152
9,668
Nordea
Bank
Abp
.......................................................
6,662
82,408
Sampo
Oyj
,
A
Shares
....................................................
2,152
94,089
186,165
Industrials
(0.3%):
Kone
Oyj
,
Class
B
......................................................
1,640
81,750
Metso
Oyj
............................................................
5,180
52,431
134,181
Information
Technology
(0.1%):
Nokia
Oyj
............................................................
16,965
57,152
Materials
(0.4%):
Stora
Enso
Oyj
,
Class
R
..................................................
4,186
57,872
UPM-Kymmene
Oyj
....................................................
2,273
85,455
143,327
Utilities
(0.2%):
Fortum
Oyj
...........................................................
4,963
71,545
643,958
France
(8.5%):
Communication
Services
(0.5%):
Orange
SA
............................................................
9,850
112,030
Publicis
Groupe
SA
.....................................................
903
83,725
195,755
Consumer
Discretionary
(1.2%):
Accor
SA
............................................................
1,981
75,658
Cie
Generale
des
Etablissements
Michelin
SCA
.................................
2,511
89,968
Hermes
International
SCA
................................................
32
67,775
Kering
SA
............................................................
115
50,648
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
80
64,780
Renault
SA
...........................................................
1,317
53,649
Sodexo
SA
...........................................................
805
88,518
490,996
Consumer
Staples
(0.9%):
Carrefour
SA
..........................................................
3,742
68,420
Danone
SA
...........................................................
2,028
131,356
L'Oreal
SA
...........................................................
185
92,024
Pernod
Ricard
SA
.......................................................
463
81,642
373,442
Energy
(0.2%):
TotalEnergies
SE
.......................................................
1,101
74,862
Financials
(1.2%):
Amundi
SA
(b)
.........................................................
1,127
76,629
AXA
SA
.............................................................
2,635
85,772
BNP
Paribas
SA
........................................................
918
63,422
Credit
Agricole
SA
......................................................
5,791
82,151
Edenred
SE
...........................................................
1,774
106,014
Societe
Generale
SA
.....................................................
1,925
51,049
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
99
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Worldline
SA
(a)
(b)
......................................................
1,867
$
32,293
497,330
Health
Care
(0.9%):
BioMerieux
...........................................................
797
88,501
EssilorLuxottica
SA
.....................................................
398
79,779
Ipsen
SA
.............................................................
604
71,936
Sanofi
SA
............................................................
824
81,640
Sartorius
Stedim
Biotech
.................................................
143
37,804
359,660
Industrials
(2.7%):
Aeroports
de
Paris
SA
...................................................
575
74,385
Airbus
SE
............................................................
558
86,093
Bouygues
SA
..........................................................
2,737
103,080
Bureau
Veritas
SA
......................................................
4,060
102,490
Cie
de
Saint-Gobain
SA
..................................................
1,015
74,683
Eiffage
SA
............................................................
970
103,878
Getlink
SE
............................................................
5,813
106,288
Legrand
SA
...........................................................
881
91,507
Safran
SA
............................................................
558
98,215
Schneider
Electric
SE
....................................................
403
80,862
Thales
SA
............................................................
538
79,546
Vinci
SA
.............................................................
862
108,183
1,109,210
Information
Technology
(0.5%):
Capgemini
SE
.........................................................
333
69,378
Dassault
Systemes
SE
....................................................
1,602
78,220
STMicroelectronics
NV
..................................................
1,030
51,440
199,038
Materials
(0.2%):
Air
Liquide
SA
........................................................
546
106,143
Utilities
(0.2%):
Veolia
Environnement
SA
.................................................
2,739
86,346
3,492,782
Germany
(5.9%):
Communication
Services
(0.3%):
Deutsche
Telekom
AG
...................................................
4,626
111,060
Consumer
Discretionary
(0.6%):
Bayerische
Motoren
Werke
AG
.............................................
742
82,541
Continental
AG
........................................................
698
59,263
Mercedes-Benz
Group
AG
................................................
1,030
71,114
Puma
SE
.............................................................
690
38,477
251,395
Consumer
Staples
(0.3%):
Beiersdorf
AG
.........................................................
949
142,147
Financials
(1.5%):
Allianz
SE
,
Registered
Shares
..............................................
396
105,758
Commerzbank
AG
......................................................
3,760
44,657
Deutsche
Bank
AG
,
Registered
Shares
........................................
4,653
63,501
Deutsche
Boerse
AG
....................................................
481
99,018
Hannover
Rueck
SE
.....................................................
402
95,978
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
,
Class
R
...............
235
97,299
Talanx
AG
............................................................
1,280
91,342
597,553
Health
Care
(0.5%):
Bayer
AG
,
Registered
Shares
..............................................
1,367
50,744
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
100
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Fresenius
Medical
Care
AG
...............................................
1,199
$
50,239
Fresenius
SE
&
Co.
KGaA
................................................
2,036
63,083
Merck
KGaA
..........................................................
370
58,851
222,917
Industrials
(1.4%):
Brenntag
SE
..........................................................
1,030
94,614
Daimler
Truck
Holding
AG
................................................
1,942
72,925
Deutsche
Lufthansa
AG
,
Registered
Shares
(a)
..................................
6,942
61,669
Deutsche
Post
AG
......................................................
1,562
77,336
Knorr-Bremse
AG
......................................................
912
59,192
MTU
Aero
Engines
AG
..................................................
306
65,948
Rheinmetall
AG
........................................................
198
62,725
Siemens
AG
,
Registered
Shares
.............................................
461
86,464
580,873
Information
Technology
(0.4%):
Infineon
Technologies
AG
.................................................
1,360
56,744
SAP
SE
..............................................................
622
95,762
152,506
Materials
(0.4%):
Heidelberg
Materials
AG
.................................................
927
82,820
Symrise
AG
...........................................................
789
86,776
169,596
Utilities
(0.5%):
E.ON
SE
.............................................................
7,537
101,080
RWE
AG
.............................................................
2,183
99,227
200,307
2,428,354
Hong
Kong
(3.0%):
Consumer
Discretionary
(0.1%):
Galaxy
Entertainment
Group
Ltd.
...........................................
8,660
48,523
Financials
(0.6%):
AIA
Group
Ltd.
........................................................
6,802
59,281
Hang
Seng
Bank
Ltd.
....................................................
6,647
77,509
Hong
Kong
Exchanges
&
Clearing
Ltd.
.......................................
1,665
57,147
Prudential
PLC
........................................................
4,035
45,622
239,559
Industrials
(0.6%):
CK
Hutchison
Holdings
Ltd.
...............................................
15,999
85,751
MTR
Corp.
Ltd.
........................................................
25,827
100,222
Techtronic
Industries
Co.
Ltd.
..............................................
3,806
45,356
231,329
Real
Estate
(0.9%):
CK
Asset
Holdings
Ltd.
..................................................
16,636
83,519
Henderson
Land
Development
Co.
Ltd.
.......................................
25,011
77,036
Sino
Land
Co.
Ltd.
......................................................
64,543
70,179
Sun
Hung
Kai
Properties
Ltd.
..............................................
7,164
77,483
Swire
Pacific
Ltd.
,
Class
A
................................................
8,111
68,663
376,880
Utilities
(0.8%):
China
Common
Rich
Renewable
Energy
Investments
Ltd.
(a)
(c)
......................
26,000
—
CLP
Holdings
Ltd.
......................................................
12,069
99,619
Hong
Kong
&
China
Gas
Co.
Ltd.
...........................................
118,261
90,572
Power
Assets
Holdings
Ltd.
...............................................
21,513
124,672
314,863
1,211,154
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
101
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Ireland
(1.2%):
Consumer
Staples
(0.2%):
Kerry
Group
PLC
,
Class
A
................................................
978
$
84,915
Financials
(0.2%):
AIB
Group
PLC
........................................................
11,866
50,819
Bank
of
Ireland
Group
PLC
...............................................
4,885
44,312
95,131
Industrials
(0.4%):
Experian
PLC
.........................................................
2,302
93,937
Kingspan
Group
PLC
....................................................
545
47,163
141,100
Materials
(0.4%):
CRH
PLC
............................................................
1,288
88,802
Smurfit
Kappa
Group
PLC
................................................
1,529
60,795
149,597
470,743
Israel
(0.5%):
Financials
(0.3%):
Bank
Hapoalim
BM
.....................................................
7,754
69,868
Bank
Leumi
Le-Israel
BM
................................................
8,335
67,248
137,116
Information
Technology
(0.2%):
Nice
Ltd.
(a)
...........................................................
296
59,815
196,931
Italy
(2.9%):
Communication
Services
(0.2%):
Infrastrutture
Wireless
Italiane
SpA
(b)
........................................
6,910
87,332
Consumer
Discretionary
(0.1%):
Moncler
SpA
..........................................................
973
59,822
Consumer
Staples
(0.2%):
Davide
Campari-Milano
NV
,
Class
M
........................................
7,152
80,641
Energy
(0.2%):
Eni
SpA
(d)
...........................................................
4,706
79,725
Financials
(1.1%):
Assicurazioni
Generali
SpA
...............................................
4,527
95,466
Intesa
Sanpaolo
SpA
.....................................................
23,744
69,283
Mediobanca
Banca
di
Credito
Finanziario
SpA
..................................
6,325
78,228
Nexi
SpA
(a)
(b)
........................................................
8,542
69,829
Poste
Italiane
SpA
(b)
....................................................
7,577
85,935
UniCredit
SpA
.........................................................
1,909
51,762
450,503
Health
Care
(0.2%):
Recordati
Industria
Chimica
e
Farmaceutica
SpA
................................
1,424
76,752
Industrials
(0.2%):
Prysmian
SpA
.........................................................
1,610
73,164
Utilities
(0.7%):
Enel
SpA
.............................................................
13,385
99,432
Snam
SpA
............................................................
18,179
93,407
Terna
-
Rete
Elettrica
Nazionale
............................................
11,823
98,581
291,420
1,199,359
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
102
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Japan
(19.5%):
Communication
Services
(1.7%):
KDDI
Corp.
...........................................................
3,808
$
121,171
LY
Corp.
.............................................................
17,830
63,198
Nexon
Co.
Ltd.
........................................................
3,000
54,678
Nintendo
Co.
Ltd.
......................................................
1,900
99,178
Nippon
Telegraph
&
Telephone
Corp.
........................................
101,000
123,438
SoftBank
Corp.
........................................................
15,400
192,199
SoftBank
Group
Corp.
...................................................
1,200
53,565
707,427
Consumer
Discretionary
(3.1%):
Bandai
Namco
Holdings,
Inc.
..............................................
3,500
70,171
Bridgestone
Corp.
......................................................
2,700
111,846
Denso
Corp.
..........................................................
4,700
70,910
Fast
Retailing
Co.
Ltd.
...................................................
300
74,457
Honda
Motor
Co.
Ltd.
...................................................
6,900
71,751
Nissan
Motor
Co.
Ltd.
...................................................
12,800
50,317
Nitori
Holdings
Co.
Ltd.
..................................................
700
93,744
Oriental
Land
Co.
Ltd.
...................................................
2,200
81,942
Pan
Pacific
International
Holdings
Corp.
......................................
3,200
76,357
Panasonic
Holdings
Corp.
.................................................
6,000
59,434
Sekisui
House
Ltd.
......................................................
5,172
114,901
Shimano,
Inc.
.........................................................
440
68,147
Sony
Group
Corp.
......................................................
800
76,096
Subaru
Corp.
..........................................................
3,600
66,035
Suzuki
Motor
Corp.
.....................................................
1,800
77,028
Toyota
Motor
Corp.
.....................................................
4,320
79,380
1,242,516
Consumer
Staples
(2.0%):
Aeon
Co.
Ltd.
.........................................................
5,100
113,989
Ajinomoto
Co.,
Inc.
.....................................................
1,600
61,739
Asahi
Group
Holdings
Ltd.
................................................
2,360
88,019
Japan
Tobacco,
Inc.
(d)
...................................................
5,444
140,753
Kao
Corp.
............................................................
2,418
99,478
Kirin
Holdings
Co.
Ltd.
..................................................
8,100
118,702
Seven
&
i
Holdings
Co.
Ltd.
...............................................
1,900
75,404
Shiseido
Co.
Ltd.
.......................................................
1,600
48,257
Unicharm
Corp.
........................................................
1,994
72,105
818,446
Energy
(0.1%):
Inpex
Corp.
(d)
.........................................................
3,700
49,983
Financials
(2.2%):
Dai-ichi
Life
Holdings,
Inc.
...............................................
2,988
63,414
Japan
Post
Holdings
Co.
Ltd.
..............................................
10,500
93,806
Mitsubishi
UFJ
Financial
Group,
Inc.
.........................................
7,300
62,732
Mizuho
Financial
Group,
Inc.
..............................................
4,200
71,872
MS&AD
Insurance
Group
Holdings,
Inc.
......................................
2,200
86,546
Nomura
Holdings,
Inc.
...................................................
17,800
80,515
ORIX
Corp.
...........................................................
4,368
82,291
Resona
Holdings,
Inc.
....................................................
9,800
49,806
Sompo
Holdings,
Inc.
....................................................
1,800
88,046
Sumitomo
Mitsui
Financial
Group,
Inc.
.......................................
1,484
72,421
Sumitomo
Mitsui
Trust
Holdings,
Inc.
........................................
4,000
76,777
Tokio
Marine
Holdings,
Inc.
...............................................
3,100
77,599
905,825
Health
Care
(2.0%):
Astellas
Pharma,
Inc.
....................................................
5,052
60,418
Chugai
Pharmaceutical
Co.
Ltd.
............................................
2,690
101,929
Daiichi
Sankyo
Co.
Ltd.
..................................................
1,700
46,690
Eisai
Co.
Ltd.
..........................................................
954
47,720
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
103
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Hoya
Corp.
...........................................................
618
$
77,261
M3,
Inc.
.............................................................
3,000
49,645
Olympus
Corp.
........................................................
4,200
60,790
Otsuka
Holdings
Co.
Ltd.
.................................................
2,400
90,038
Shionogi
&
Co.
Ltd.
.....................................................
2,228
107,433
Takeda
Pharmaceutical
Co.
Ltd.
............................................
3,700
106,397
Terumo
Corp.
.........................................................
2,500
81,962
830,283
Industrials
(3.8%):
Central
Japan
Railway
Co.
................................................
4,100
104,230
Daikin
Industries
Ltd.
....................................................
366
59,672
East
Japan
Railway
Co.
..................................................
2,000
115,321
FANUC
Corp.
.........................................................
2,650
77,951
Hitachi
Ltd.
...........................................................
1,100
79,352
ITOCHU
Corp.
........................................................
2,000
81,813
Komatsu
Ltd.
..........................................................
2,588
67,701
Kubota
Corp.
..........................................................
4,504
67,809
Marubeni
Corp.
........................................................
3,800
60,067
Mitsubishi
Corp.
.......................................................
4,176
66,752
Mitsubishi
Electric
Corp.
.................................................
6,352
90,067
Mitsubishi
Heavy
Industries
Ltd.
............................................
1,100
64,301
Mitsui
&
Co.
Ltd.
.......................................................
1,686
63,360
Nidec
Corp.
...........................................................
1,154
46,617
Nippon
Yusen
KK
......................................................
2,300
71,310
Recruit
Holdings
Co.
Ltd.
.................................................
1,720
72,751
Secom
Co.
Ltd.
........................................................
1,310
94,361
SMC
Corp.
...........................................................
114
61,262
Sumitomo
Corp.
........................................................
3,700
80,729
Toyota
Industries
Corp.
...................................................
908
74,067
Toyota
Tsusho
Corp.
.....................................................
1,100
64,823
1,564,316
Information
Technology
(3.0%):
Advantest
Corp.
........................................................
1,200
40,831
Canon,
Inc.
...........................................................
3,714
95,366
Disco
Corp.
...........................................................
200
49,624
FUJIFILM
Holdings
Corp.
................................................
1,460
87,747
Fujitsu
Ltd.
...........................................................
600
90,545
Keyence
Corp.
.........................................................
128
56,400
Kyocera
Corp.
.........................................................
8,400
122,622
Lasertec
Corp.
.........................................................
200
52,731
Murata
Manufacturing
Co.
Ltd.
.............................................
4,404
93,497
NEC
Corp.
...........................................................
1,300
76,997
Nomura
Research
Institute
Ltd.
.............................................
2,474
71,967
NTT
Data
Group
Corp.
...................................................
5,508
78,100
Obic
Co.
Ltd.
..........................................................
600
103,398
Renesas
Electronics
Corp.
(a)
...............................................
2,800
50,625
TDK
Corp.
...........................................................
1,800
85,761
Tokyo
Electron
Ltd.
.....................................................
378
67,714
1,223,925
Materials
(0.5%):
Nippon
Paint
Holdings
Co.
Ltd.
.............................................
7,590
61,375
Nippon
Steel
Corp.
......................................................
2,600
59,569
Shin-Etsu
Chemical
Co.
Ltd.
...............................................
2,150
90,236
211,180
Real
Estate
(0.9%):
Daiwa
House
Industry
Co.
Ltd.
.............................................
3,600
109,088
Mitsubishi
Estate
Co.
Ltd.
.................................................
6,952
95,813
Mitsui
Fudosan
Co.
Ltd.
..................................................
3,378
82,857
Sumitomo
Realty
&
Development
Co.
Ltd.
....................................
2,600
77,347
365,105
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
104
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Utilities
(0.2%):
The
Kansai
Electric
Power
Co.,
Inc.
..........................................
4,800
$
63,737
7,982,743
Luxembourg
(0.4%):
Energy
(0.1%):
Tenaris
SA
............................................................
3,260
56,657
Health
Care
(0.1%):
Eurofins
Scientific
SE
....................................................
907
59,048
Materials
(0.2%):
ArcelorMittal
SA
.......................................................
2,250
63,765
179,470
Netherlands
(3.4%):
Communication
Services
(0.5%):
Koninklijke
KPN
NV
....................................................
39,378
135,525
Universal
Music
Group
NV
................................................
2,737
77,975
213,500
Consumer
Discretionary
(0.0%):(e)
Prosus
NV
............................................................
723
21,535
Consumer
Staples
(0.7%):
Heineken
Holding
NV
...................................................
1,235
104,421
Heineken
NV
..........................................................
960
97,424
Koninklijke
Ahold
Delhaize
NV
............................................
3,063
87,955
289,800
Financials
(0.8%):
ABN
AMRO
Bank
NV
(b)
.................................................
3,649
54,737
Adyen
NV
(a)
(b)
........................................................
33
42,494
ASR
Nederland
NV
.....................................................
1,776
83,707
ING
Groep
NV
........................................................
4,318
64,468
NN
Group
NV
.........................................................
1,767
69,728
315,134
Health
Care
(0.3%):
QIAGEN
NV
(a)
........................................................
2,476
107,681
Industrials
(0.5%):
Randstad
NV
..........................................................
1,159
72,562
Wolters
Kluwer
NV
.....................................................
796
113,079
185,641
Information
Technology
(0.4%):
ASM
International
NV
...................................................
90
46,686
ASML
Holding
NV
.....................................................
84
63,207
BE
Semiconductor
Industries
NV
...........................................
391
58,890
168,783
Materials
(0.2%):
Akzo
Nobel
NV
........................................................
1,011
83,495
1,385,569
Norway
(1.2%):
Communication
Services
(0.2%):
Telenor
ASA
..........................................................
7,712
88,544
Consumer
Staples
(0.2%):
Mowi
ASA
...........................................................
3,934
70,502
Energy
(0.3%):
Aker
BP
ASA
.........................................................
2,090
60,813
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
105
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Equinor
ASA
..........................................................
1,962
$
62,238
123,051
Financials
(0.2%):
DNB
Bank
ASA
........................................................
4,451
94,668
Materials
(0.3%):
Norsk
Hydro
ASA
......................................................
9,467
63,762
Yara
International
ASA
...................................................
1,874
66,652
130,414
507,179
Portugal
(0.6%):
Consumer
Staples
(0.2%):
Jeronimo
Martins
SGPS
SA
...............................................
3,233
82,220
Energy
(0.2%):
Galp
Energia
SGPS
SA
...................................................
4,516
66,497
Utilities
(0.2%):
EDP
-
Energias
de
Portugal
SA
.............................................
20,178
101,451
250,168
Russian
Federation
(0.0%):(e)
Materials
(0.0%):(e)
Evraz
PLC
(a)
(c)
(f)
......................................................
12,158
6,275
Singapore
(2.2%):
Communication
Services
(0.3%):
Singapore
Telecommunications
Ltd.
.........................................
58,100
108,767
Consumer
Staples
(0.2%):
Wilmar
International
Ltd.
.................................................
39,562
107,046
Financials
(0.9%):
DBS
Group
Holdings
Ltd.
.................................................
4,578
115,925
Oversea-Chinese
Banking
Corp.
Ltd.
.........................................
14,138
139,301
United
Overseas
Bank
Ltd.
................................................
5,192
111,954
367,180
Industrials
(0.6%):
Jardine
Cycle
&
Carriage
Ltd.
..............................................
3,500
78,945
Keppel
Ltd.
...........................................................
13,100
70,196
Singapore
Airlines
Ltd.
...................................................
17,600
87,507
236,648
Real
Estate
(0.2%):
CapitaLand
Investment
Ltd.
...............................................
33,700
80,712
900,353
South
Korea
(3.2%):
Communication
Services
(0.3%):
Kakao
Corp.
(a)
........................................................
1,447
61,018
NAVER
Corp.
.........................................................
296
51,490
112,508
Consumer
Discretionary
(0.7%):
Hyundai
Mobis
Co.
Ltd.
..................................................
373
68,650
Hyundai
Motor
Co.
.....................................................
533
84,232
Kia
Corp.
............................................................
1,003
77,891
LG
Electronics,
Inc.
.....................................................
758
59,924
290,697
Financials
(0.9%):
KakaoBank
Corp.
.......................................................
2,075
45,925
KB
Financial
Group,
Inc.
.................................................
1,526
64,112
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
106
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
....................................
370
$
75,569
Samsung
Life
Insurance
Co.
Ltd.
............................................
1,781
95,571
Shinhan
Financial
Group
Co.
Ltd.
...........................................
2,390
74,519
355,696
Health
Care
(0.2%):
Celltrion,
Inc.
.........................................................
506
79,179
Industrials
(0.6%):
Ecopro
BM
Co.
Ltd.
.....................................................
96
21,471
LG
Corp.
.............................................................
1,081
72,111
POSCO
Future
M
Co.
Ltd.
................................................
80
22,303
Posco
International
Corp.
.................................................
350
16,961
Samsung
C&T
Corp.
....................................................
1,222
122,893
255,739
Information
Technology
(0.3%):
Samsung
Electronics
Co.
Ltd.
..............................................
1,607
97,965
Samsung
SDI
Co.
Ltd.
...................................................
116
42,519
140,484
Materials
(0.2%):
Ecopro
Co.
Ltd.
........................................................
18
9,044
LG
Chem
Ltd.
.........................................................
110
42,626
POSCO
Holdings,
Inc.
...................................................
85
32,972
84,642
1,318,945
Spain
(2.6%):
Communication
Services
(0.2%):
Telefonica
SA
.........................................................
19,322
75,372
Consumer
Discretionary
(0.4%):
Amadeus
IT
Group
SA
...................................................
1,114
79,779
Industria
de
Diseno
Textil
SA
..............................................
2,158
93,922
173,701
Energy
(0.2%):
Repsol
SA
............................................................
4,563
67,743
Financials
(0.5%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
7,113
64,585
Banco
Santander
SA
.....................................................
14,386
60,016
CaixaBank
SA
.........................................................
15,268
62,794
187,395
Industrials
(0.8%):
ACS
Actividades
de
Construccion
y
Servicios
SA
................................
2,832
125,539
Aena
SME
SA
(b)
.......................................................
490
88,755
Ferrovial
SE
..........................................................
3,481
126,874
341,168
Utilities
(0.5%):
Endesa
SA
............................................................
4,239
86,374
Iberdrola
SA
..........................................................
9,899
129,698
216,072
1,061,451
Sweden
(3.8%):
Consumer
Discretionary
(0.3%):
Evolution
AB
(b)
.......................................................
572
68,203
H
&
M
Hennes
&
Mauritz
AB
,
Class
B
(d)
.....................................
2,824
49,470
117,673
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
107
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Consumer
Staples
(0.2%):
Essity
AB
,
Class
B
......................................................
3,740
$
92,735
Financials
(1.4%):
Industrivarden
AB
,
Class
C
................................................
3,544
115,397
Investor
AB
,
Class
B
....................................................
4,902
113,525
L
E
Lundbergforetagen
AB
,
Class
B
.........................................
2,200
119,617
Skandinaviska
Enskilda
Banken
AB
,
Class
A
...................................
6,107
84,072
Svenska
Handelsbanken
AB
,
Class
A
.........................................
7,774
84,390
Swedbank
AB
,
Class
A
...................................................
3,915
78,941
595,942
Industrials
(1.3%):
Alfa
Laval
AB
.........................................................
1,925
77,019
Assa
Abloy
AB
,
Class
B
..................................................
3,461
99,651
Atlas
Copco
AB
,
Class
A
.................................................
4,261
73,344
Epiroc
AB
,
Class
A
......................................................
3,358
67,343
Nibe
Industrier
AB
,
Class
B
...............................................
6,471
45,440
Sandvik
AB
...........................................................
3,583
77,506
Volvo
AB
,
Class
B
......................................................
3,330
86,433
526,736
Information
Technology
(0.4%):
Hexagon
AB
,
Class
B
....................................................
7,381
88,543
Telefonaktiebolaget
LM
Ericsson
,
Class
B
.....................................
11,376
71,206
159,749
Materials
(0.2%):
Svenska
Cellulosa
AB
SCA
,
Class
B
.........................................
4,979
74,617
1,567,452
Switzerland
(6.9%):
Communication
Services
(0.3%):
Swisscom
AG
,
Registered
Shares
...........................................
207
124,574
Consumer
Discretionary
(0.3%):
Cie
Financiere
Richemont
SA
,
Registered
Shares
................................
414
56,994
The
Swatch
Group
AG
...................................................
225
61,174
118,168
Consumer
Staples
(1.0%):
Barry
Callebaut
AG
,
Registered
Shares
.......................................
61
102,948
Chocoladefabriken
Lindt
&
Spruengli
AG
.....................................
10
120,005
Coca-Cola
HBC
AG
.....................................................
3,188
93,648
Nestle
SA
,
Registered
Shares
..............................................
961
111,450
428,051
Financials
(1.4%):
Banque
Cantonale
Vaudoise
,
Registered
Shares
.................................
810
104,525
Julius
Baer
Group
Ltd.
...................................................
826
46,320
Partners
Group
Holding
AG
...............................................
49
70,691
Swiss
Life
Holding
AG
...................................................
124
86,128
Swiss
Re
AG
..........................................................
810
91,096
UBS
Group
AG
........................................................
1,997
61,991
Zurich
Insurance
Group
AG
...............................................
210
109,795
570,546
Health
Care
(1.1%):
Alcon,
Inc.
...........................................................
961
75,024
Lonza
Group
AG
,
Registered
Shares
.........................................
111
46,694
Novartis
AG
,
Registered
Shares
.............................................
874
88,221
Roche
Holding
AG
......................................................
391
113,701
Sandoz
Group
AG
(a)
....................................................
175
5,632
Sonova
Holding
AG
.....................................................
229
74,736
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
108
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Straumann
Holding
AG
,
Class
R
............................................
347
$
55,962
459,970
Industrials
(1.2%):
ABB
Ltd.
,
Registered
Shares
...............................................
2,112
93,694
Geberit
AG
,
Registered
Shares
.............................................
142
91,030
Kuehne
+
Nagel
International
AG
,
Class
R
.....................................
235
80,998
Schindler
Holding
AG
...................................................
297
74,285
SGS
SA
,
Registered
Shares
................................................
1,115
96,196
VAT
Group
AG
(b)
......................................................
122
61,160
497,363
Information
Technology
(0.2%):
Logitech
International
SA
,
Class
R
..........................................
637
60,427
Materials
(1.4%):
DSM-Firmenich
AG
.....................................................
683
69,359
EMS-Chemie
Holding
AG
................................................
104
84,234
Givaudan
SA
,
Registered
Shares
............................................
24
99,448
Glencore
PLC
.........................................................
9,621
57,885
Holcim
AG
...........................................................
1,361
106,866
SIG
Group
AG
.........................................................
2,824
64,991
Sika
AG
,
Registered
Shares
................................................
218
70,964
553,747
2,812,846
United
Kingdom
(9.5%):
Communication
Services
(0.7%):
BT
Group
PLC
........................................................
40,125
63,203
Informa
PLC
..........................................................
9,300
92,588
Vodafone
Group
PLC
....................................................
70,866
61,918
WPP
PLC
............................................................
7,220
69,285
286,994
Consumer
Discretionary
(1.0%):
Burberry
Group
PLC
....................................................
2,379
42,930
Compass
Group
PLC
....................................................
4,555
124,574
InterContinental
Hotels
Group
PLC
..........................................
1,139
102,915
JD
Sports
Fashion
PLC
...................................................
25,176
53,244
Next
PLC
............................................................
816
84,420
408,083
Consumer
Staples
(2.0%):
Associated
British
Foods
PLC
..............................................
3,330
100,450
British
American
Tobacco
PLC
.............................................
2,844
83,198
Diageo
PLC
...........................................................
2,443
88,918
Haleon
PLC
...........................................................
21,043
86,258
Imperial
Brands
PLC
....................................................
4,520
104,060
Reckitt
Benckiser
Group
PLC
..............................................
1,556
107,477
Tesco
PLC
............................................................
31,341
116,029
Unilever
PLC
.........................................................
2,483
120,245
806,635
Energy
(0.3%):
BP
PLC
..............................................................
10,010
59,466
Shell
PLC
............................................................
2,442
80,027
139,493
Financials
(1.9%):
3i
Group
PLC
.........................................................
2,832
87,377
Admiral
Group
PLC
.....................................................
1,940
66,358
Barclays
PLC
.........................................................
29,755
58,313
HSBC
Holdings
PLC
....................................................
10,586
85,734
Legal
&
General
Group
PLC
...............................................
24,336
77,876
Lloyds
Banking
Group
PLC
...............................................
146,067
88,811
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
109
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
London
Stock
Exchange
Group
PLC
.........................................
1,074
$
126,934
NatWest
Group
PLC
.....................................................
22,637
63,294
Standard
Chartered
PLC
..................................................
6,048
51,379
Wise
PLC
,
Class
A
(a)
....................................................
4,596
51,192
757,268
Health
Care
(0.7%):
AstraZeneca
PLC
.......................................................
607
81,998
GSK
PLC
............................................................
5,814
107,451
Smith
&
Nephew
PLC
...................................................
6,364
87,470
276,919
Industrials
(1.6%):
Ashtead
Group
PLC
.....................................................
863
60,072
BAE
Systems
PLC
......................................................
7,118
100,736
Bunzl
PLC
...........................................................
3,049
123,953
International
Consolidated
Airlines
Group
SA
(a)
................................
26,802
52,943
RELX
PLC
...........................................................
3,128
123,975
Rentokil
Initial
PLC
.....................................................
10,171
57,136
Rolls-Royce
Holdings
PLC
(a)
..............................................
12,147
46,394
Spirax-Sarco
Engineering
PLC
.............................................
566
75,774
640,983
Information
Technology
(0.5%):
Halma
PLC
...........................................................
2,930
85,285
The
Sage
Group
PLC
....................................................
8,247
123,230
208,515
Materials
(0.4%):
Anglo
American
PLC
....................................................
1,862
46,761
Croda
International
PLC
..................................................
867
55,798
Rio
Tinto
PLC
.........................................................
1,065
79,290
181,849
Utilities
(0.4%):
Centrica
PLC
..........................................................
37,848
67,841
National
Grid
PLC
......................................................
8,130
109,618
177,459
3,884,198
United
States
(0.4%):
Industrials
(0.2%):
RB
Global,
Inc.
........................................................
1,149
76,898
Utilities
(0.2%):
Brookfield
Renewable
Corp.
,
Class
A
.........................................
2,322
66,843
143,741
Total
Common
Stocks
(Cost
$36,926,639)
40,449,462
Warrants
(0.0%)
Canada
(0.0%):
Information
Technology
(0.0%):
Constellation
Software,
Inc.
(a)
(c)
...........................................
61
—
Total
Warrants
(Cost
$–)
—
Investment
Companies
(0.5%)
United
States
(0.5%):
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares
,
5
.22
%
(g)
............
236,680
236,680
Total
Investment
Companies
(Cost
$236,680)
236,680
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
110
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Name
Acquisition
Date
Cost
Evraz
PLC
.................................................
3/19/2021
$
75,288
Security
Description
Shares
Value
Collateral
for
Securities
Loaned
(0.8%)^
United
States
(0.8%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(g)
........
79,387
$
79,387
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(g)
............
79,387
79,387
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(g)
...............
79,387
79,387
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(g)
.
79,387
79,387
Total
Collateral
for
Securities
Loaned
(Cost
$317,548)
317,548
Total
Investments
(Cost
$37,480,867)
—
100.2%
41,003,690
Liabilities
in
excess
of
other
assets
—
(0.2)%
(
97,456
)
NET
ASSETS
-
100.00%
$
40,906,234
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
December
31,
2023,
the
fair
value
of
these
securities
was
$832,266
and
amounted
to
2.0%
of
net
assets.
(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,
2023.
This
security
is
classified
as
Level
3
within
the
fair
value
hierarchy.
(See
Note
2
in
the
Notes
to
Financial
Statements)
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
Amount
represents
less
than
0.05%
of
net
assets.
(f)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
December
31,
2023.
(g)
Rate
disclosed
is
the
daily
yield
on
December
31,
2023.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
MSCI
EAFE
Index
Futures
......
3
3/15/24
$
330,607
$
337,860
$
7,253
Total
unrealized
appreciation
$
7,253
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
7,253
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
II
VictoryShares
Nasdaq
Next
50
ETF
111
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
Common
Stocks
(99.7%)
Communication
Services
(7.9%):
Baidu,
Inc.
,
ADR
(a)
.....................................................
13,380
$
1,593,424
Fox
Corp.
,
Class
A
......................................................
24,607
730,090
Fox
Corp.
,
Class
B
......................................................
23,448
648,337
Liberty
Media
Corp.-Liberty
Formula
One
(a)
...................................
20,716
1,307,801
NetEase,
Inc.
,
ADR
.....................................................
11,827
1,101,803
News
Corp.
,
Class
A
.....................................................
37,873
929,782
News
Corp.
,
Class
B
....................................................
19,041
489,735
Yandex
NV
,
Class
A
(a)
(b)
(c)
...............................................
45,921
8,698
6,809,670
Consumer
Discretionary
(19.7%):
DraftKings,
Inc.
(a)
......................................................
46,403
1,635,706
eBay,
Inc.
............................................................
51,637
2,252,406
Expedia
Group,
Inc.
(a)
...................................................
13,269
2,014,101
JD.com,
Inc.
,
ADR
......................................................
47,604
1,375,279
LKQ
Corp.
...........................................................
26,634
1,272,839
Pool
Corp.
............................................................
3,849
1,534,635
Rivian
Automotive,
Inc.
,
Class
A
(a)
..........................................
94,539
2,217,885
Tractor
Supply
Co.
......................................................
10,761
2,313,938
Ulta
Beauty,
Inc.
(a)
.....................................................
4,833
2,368,122
16,984,911
Electronic
Equipment,
Instruments
&
Components
(1.5%):
Trimble,
Inc.
(a)
........................................................
24,750
1,316,700
Energy
(1.3%):
APA
Corp.
............................................................
30,515
1,094,878
Health
Care
(20.3%):
Align
Technology,
Inc.
(a)
.................................................
7,620
2,087,880
Alnylam
Pharmaceuticals,
Inc.
(a)
...........................................
12,489
2,390,520
Argenx
SE
(a)
..........................................................
3,196
1,215,854
BioMarin
Pharmaceutical,
Inc.
(a)
...........................................
18,749
1,807,779
Hologic,
Inc.
(a)
........................................................
23,887
1,706,726
ICON
PLC
(a)
.........................................................
8,175
2,314,097
Incyte
Corp.
(a)
.........................................................
22,306
1,400,594
Royalty
Pharma
PLC
,
Class
A
..............................................
44,458
1,248,825
Sanofi
SA
,
ADR
........................................................
27,927
1,388,810
The
Cooper
Cos.,
Inc.
....................................................
4,928
1,864,952
17,426,037
Industrials
(9.6%):
Axon
Enterprise,
Inc.
(a)
..................................................
7,459
1,926,884
Grab
Holdings
Ltd.
(a)
...................................................
377,309
1,271,531
J.B.
Hunt
Transport
Services,
Inc.
...........................................
10,266
2,050,531
Nordson
Corp.
.........................................................
5,675
1,499,108
SS&C
Technologies
Holdings,
Inc.
..........................................
24,635
1,505,445
8,253,499
IT
Services
(4.5%):
Akamai
Technologies,
Inc.
(a)
..............................................
15,011
1,776,552
VeriSign,
Inc.
(a)
........................................................
10,162
2,092,965
3,869,517
Materials
(2.2%):
Steel
Dynamics,
Inc.
.....................................................
16,106
1,902,119
Semiconductors
&
Semiconductor
Equipment
(11.7%):
Entegris,
Inc.
..........................................................
14,946
1,790,830
First
Solar,
Inc.
(a)
......................................................
10,634
1,832,025
Monolithic
Power
Systems,
Inc.
............................................
4,769
3,008,190
Skyworks
Solutions,
Inc.
.................................................
15,919
1,789,614
Victory
Portfolios
II
VictoryShares
Nasdaq
Next
50
ETF
112
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Name
Acquisition
Date
Cost
Yandex
NV
,
Class
A
..........................................
9/9/2020
$
2,892,222
Security
Description
Shares
Value
Teradyne,
Inc.
.........................................................
15,216
$
1,651,240
10,071,899
Software
(9.9%):
Bentley
Systems,
Inc.
,
Class
B
.............................................
28,301
1,476,746
Check
Point
Software
Technologies
Ltd.
(a)
....................................
11,645
1,779,240
Manhattan
Associates,
Inc.
(a)
..............................................
6,125
1,318,835
PTC,
Inc.
(a)
...........................................................
11,867
2,076,250
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
..................................
25,648
1,844,348
8,495,419
Technology
Hardware,
Storage
&
Peripherals
(9.6%):
Logitech
International
SA
,
Class
R
..........................................
15,599
1,482,841
NetApp,
Inc.
..........................................................
20,505
1,807,721
Seagate
Technology
Holdings
PLC
..........................................
20,812
1,776,720
Super
Micro
Computer,
Inc.
(a)
.............................................
5,307
1,508,568
Western
Digital
Corp.
(a)
..................................................
32,271
1,690,032
8,265,882
Utilities
(1.5%):
Alliant
Energy
Corp.
....................................................
25,388
1,302,404
Total
Common
Stocks
(Cost
$83,116,449)
85,792,935
Total
Investments
(Cost
$83,116,449)
—
99.7%
85,792,935
Other
assets
in
excess
of
liabilities
—
0.3%
291,828
NET
ASSETS
-
100.00%
$
86,084,763
At
December
31,
2023,
the
Fund's
investments
in
foreign
securities
were
15.7%
of
net
assets.
(a)
Non-income
producing
security.
(b)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
December
31,
2023.
(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,
2023.
This
security
is
classified
as
Level
3
within
the
fair
value
hierarchy.
(See
Note
2
in
the
Notes
to
Financial
Statements)
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
NASDAQ
100
E-Mini
Futures
.........
1
3/15/24
$
326,228
$
340,470
$
14,242
Total
unrealized
appreciation
$
14,242
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
14,242
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
113
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Asset-Backed
Securities
(21.8%)
ABS
Auto
(11.7%):
AmeriCredit
Automobile
Receivables
Trust
....................................
Series
2021-1
,
Class
D
,
1
.21
%
,
12/18/26
,
Callable
6/18/25
@
100
................
$
191,000
$
178,544
Series
2021-3
,
Class
C
,
1
.41
%
,
8/18/27
,
Callable
6/18/26
@
100
.................
500,000
463,028
ARI
Fleet
Lease
Trust
....................................................
Series
2021-A
,
Class
A2
,
0
.37
%
,
3/15/30
,
Callable
5/15/24
@
100
(a)
..............
5,239
5,229
Series
2022-A
,
Class
A3
,
3
.43
%
,
1/15/31
,
Callable
6/15/25
@
100
(a)
..............
190,000
185,596
Series
2022-A
,
Class
B
,
3
.79
%
,
1/15/31
,
Callable
6/15/25
@
100
(a)
...............
116,000
111,498
Series
2022-A
,
Class
C
,
4
.17
%
,
1/15/31
,
Callable
6/15/25
@
100
(a)
...............
250,000
240,537
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2019-2A
,
Class
B
,
3
.55
%
,
9/22/25
,
Callable
10/20/24
@
100
(a)
.............
100,000
98,582
Series
2022-5A
,
Class
B
,
7
.09
%
,
4/20/27
(a)
................................
500,000
510,198
Series
2023-6A
,
Class
B
,
6
.40
%
,
12/20/29
(a)
...............................
189,000
191,632
Series
2023-6A
,
Class
C
,
7
.03
%
,
12/20/29
(a)
...............................
251,000
249,995
CarMax
Auto
Owner
Trust
,
Series
2021-3
,
Class
D
,
1
.50
%
,
1/18/28
,
Callable
10/15/25
@
100
79,000
72,849
Carvana
Auto
Receivables
Trust
............................................
Series
2021-N4
,
Class
D
,
2
.30
%
,
9/11/28
,
Callable
5/10/27
@
100
................
796,186
763,194
Series
2021-P4
,
Class
B
,
1
.98
%
,
2/10/28
,
Callable
9/10/27
@
100
................
500,000
449,959
Chesapeake
Funding
II
LLC
...............................................
Series
2023-1A
,
Class
B
,
5
.59
%
,
5/15/35
,
Callable
3/15/26
@
100
(a)
..............
57,000
56,947
Series
2023-1A
,
Class
C
,
6
.07
%
,
5/15/35
,
Callable
3/15/26
@
100
(a)
..............
64,000
64,233
Series
2023-1A
,
Class
D
,
6
.69
%
,
5/15/35
,
Callable
3/15/26
@
100
(a)
..............
96,000
96,001
Series
2023-2A
,
Class
B
,
5
.97
%
,
10/15/35
,
Callable
7/15/26
@
100
(a)
.............
119,000
120,944
Series
2023-2A
,
Class
C
,
6
.15
%
,
10/15/35
,
Callable
7/15/26
@
100
(a)
.............
185,000
187,874
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2021-4
,
Class
B
,
1
.74
%
,
12/16/30
,
Callable
4/15/25
@
100
(a)
..............
320,000
304,323
Series
2023-2A
,
Class
C
,
7
.15
%
,
9/15/33
,
Callable
12/15/26
@
100
(a)
.............
189,000
193,391
Series
2023-3A
,
Class
A
,
6
.39
%
,
8/15/33
,
Callable
3/15/27
@
100
(a)
..............
125,000
126,652
Series
2023-3A
,
Class
B
,
7
.09
%
,
10/17/33
,
Callable
3/15/27
@
100
(a)
.............
118,000
120,625
Series
2023-3A
,
Class
C
,
7
.62
%
,
12/15/33
,
Callable
3/15/27
@
100
(a)
.............
196,000
203,488
Series
2023-5A
,
Class
A
,
6
.13
%
,
12/15/33
(a)
...............................
302,064
305,421
Series
2023-5A
,
Class
C
,
7
.30
%
,
4/17/34
,
Callable
5/15/27
@
100
(a)
..............
234,254
238,084
Drive
Auto
Receivables
Trust
..............................................
Series
2021-2
,
Class
D
,
1
.39
%
,
3/15/29
,
Callable
7/15/25
@
100
.................
256,000
241,072
Series
2021-3
,
Class
C
,
1
.47
%
,
1/15/27
,
Callable
11/15/25
@
100
................
500,000
489,870
DT
Auto
Owner
Trust
....................................................
Series
2020-1A
,
Class
E
,
3
.48
%
,
2/16/27
,
Callable
9/15/24
@
100
(a)
..............
375,000
366,430
Series
2020-2A
,
Class
D
,
4
.73
%
,
3/16/26
,
Callable
10/15/24
@
100
(a)
.............
500,000
496,701
Ent
Auto
Receivables
Trust
................................................
Series
2023-1A
,
Class
A4
,
6
.26
%
,
11/15/29
,
Callable
6/15/28
@
100
(a)
............
74,472
75,617
Series
2023-1A
,
Class
C
,
6
.77
%
,
4/15/30
,
Callable
6/15/28
@
100
(a)
..............
48,794
47,491
Enterprise
Fleet
Financing
LLC
.............................................
Series
2022-4
,
Class
A3
,
5
.65
%
,
10/22/29
,
Callable
7/20/26
@
100
(a)
.............
250,000
252,976
Series
2023-2
,
Class
A2
,
5
.56
%
,
4/22/30
,
Callable
2/20/27
@
100
(a)
..............
189,000
189,674
Series
2023-3
,
Class
A3
,
6
.41
%
,
6/20/30
,
Callable
9/20/27
@
100
(a)
..............
151,000
157,291
Exeter
Automobile
Receivables
Trust
.........................................
Series
2019-4A
,
Class
D
,
2
.58
%
,
9/15/25
,
Callable
7/15/24
@
100
(a)
..............
67,179
66,500
Series
2020-1A
,
Class
E
,
3
.74
%
,
1/15/27
,
Callable
9/15/24
@
100
(a)
..............
250,000
244,425
Flagship
Credit
Auto
Trust
................................................
Series
2018-3
,
Class
D
,
4
.15
%
,
12/16/24
,
Callable
3/15/24
@
100
(a)
..............
3,167
3,164
Series
2019-4
,
Class
E
,
4
.11
%
,
3/15/27
,
Callable
4/15/25
@
100
(a)
...............
1,265,000
1,211,268
Series
2021-4
,
Class
C
,
1
.96
%
,
12/15/27
,
Callable
9/15/26
@
100
(a)
..............
500,000
469,664
Ford
Credit
Auto
Lease
Trust
..............................................
Series
2022-A
,
Class
B
,
3
.81
%
,
8/15/25
,
Callable
10/15/24
@
100
................
321,000
316,913
Series
2023-A
,
Class
C
,
5
.54
%
,
12/15/26
,
Callable
8/15/25
@
100
................
90,000
89,408
Series
2023-B
,
Class
C
,
6
.43
%
,
4/15/27
,
Callable
4/15/26
@
100
.................
166,000
168,340
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2021-2
,
Class
C
,
2
.11
%
,
5/15/34
,
Callable
11/15/26
@
100
(a)
..............
500,000
452,180
Series
2022-1
,
Class
C
,
4
.67
%
,
11/15/34
,
Callable
5/15/27
@
100
(a)
..............
950,000
920,061
Series
2023-1
,
Class
B
,
5
.29
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
206,000
204,612
Series
2023-1
,
Class
C
,
5
.58
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
750,000
746,528
Series
2023-1
,
Class
D
,
6
.26
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
750,000
744,398
Series
2023-2
,
Class
B
,
5
.92
%
,
2/15/36
,
Callable
8/15/28
@
100
(a)
...............
75,000
76,443
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
114
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Series
2023-2
,
Class
C
,
6
.16
%
,
2/15/36
,
Callable
8/15/28
@
100
(a)
...............
$
50,000
$
51,028
Series
2023-2
,
Class
D
,
6
.60
%
,
2/15/36
,
Callable
8/15/28
@
100
(a)
...............
118,711
119,765
Foursight
Capital
Automobile
Receivables
Trust
,
Series
2023-1
,
Class
B
,
5
.35
%
,
3/15/28
,
Callable
7/15/26
@
100
(a)
............................................
313,000
310,077
GECU
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
C
,
6
.33
%
,
4/15/30
,
Callable
9/15/28
@
100
(a)
...........................................................
19,000
18,165
GLS
Auto
Receivables
Issuer
Trust
..........................................
Series
2019-2A
,
Class
D
,
4
.52
%
,
2/17/26
,
Callable
1/15/24
@
100
(a)
..............
432,736
432,344
Series
2019-4A
,
Class
D
,
4
.09
%
,
8/17/26
,
Callable
6/15/24
@
100
(a)
..............
150,000
148,275
GM
Financial
Automobile
Leasing
Trust
,
Series
2022-1
,
Class
C
,
2
.64
%
,
2/20/26
,
Callable
7/20/24
@
100
.....................................................
244,000
239,436
GMF
Floorplan
Owner
Revolving
Trust
.......................................
Series
2019-2
,
Class
C
,
3
.30
%
,
4/15/26
(a)
.................................
75,000
74,336
Series
2023-1
,
Class
B
,
5
.73
%
,
6/15/28
(a)
.................................
200,403
202,549
GTE
Auto
Receivables
Trust
...............................................
Series
2023-1
,
Class
B
,
5
.39
%
,
8/15/29
,
Callable
9/15/26
@
100
(a)
...............
224,000
220,802
Series
2023-1
,
Class
C
,
5
.88
%
,
11/15/29
,
Callable
9/15/26
@
100
(a)
..............
168,000
159,832
Hertz
Vehicle
Financing
III
LLC
............................................
Series
2022-1A
,
Class
B
,
2
.19
%
,
6/25/26
,
Callable
6/25/25
@
100
(a)
..............
100,000
94,881
Series
2023-1A
,
Class
C
,
6
.91
%
,
6/25/27
(a)
................................
261,000
260,890
Series
2023-2A
,
Class
B
,
6
.49
%
,
9/25/29
(a)
................................
212,000
216,102
Series
2023-2A
,
Class
C
,
7
.13
%
,
9/25/29
(a)
................................
75,000
75,831
Series
2023-3A
,
Class
A
,
5
.94
%
,
2/25/28
(a)
................................
125,000
127,274
Series
2023-3A
,
Class
B
,
6
.53
%
,
2/25/28
(a)
................................
38,000
38,577
Hertz
Vehicle
Financing
LLC
..............................................
Series
2022-2A
,
Class
B
,
2
.65
%
,
6/26/28
,
Callable
6/25/27
@
100
(a)
..............
1,000,000
901,948
Series
2022-4A
,
Class
B
,
4
.12
%
,
9/25/26
,
Callable
9/25/25
@
100
(a)
..............
700,000
678,313
Hyundai
Auto
Receivables
Trust
,
Series
2021-C
,
Class
C
,
1
.66
%
,
6/15/28
,
Callable
4/15/26
@
100
.............................................................
500,000
460,320
JPMorgan
Chase
Bank
NA
................................................
Series
2020-2
,
Class
B
,
0
.84
%
,
2/25/28
,
Callable
10/25/24
@
100
(a)
..............
17,808
17,739
Series
2020-2
,
Class
C
,
1
.14
%
,
2/25/28
,
Callable
10/25/24
@
100
(a)
..............
5,447
5,426
Series
2021-2
,
Class
B
,
0
.89
%
,
12/26/28
,
Callable
10/25/25
@
100
(a)
.............
39,019
38,143
Series
2021-2
,
Class
D
,
1
.14
%
,
12/26/28
,
Callable
10/25/25
@
100
(a)
.............
174,023
169,985
Series
2021-3
,
Class
B
,
0
.76
%
,
2/26/29
,
Callable
6/25/25
@
100
(a)
...............
73,876
71,282
LAD
Auto
Receivables
Trust
...............................................
Series
2021-1A
,
Class
B
,
1
.94
%
,
11/16/26
,
Callable
11/15/25
@
100
(a)
............
250,000
243,305
Series
2021-1A
,
Class
C
,
2
.35
%
,
4/15/27
,
Callable
11/15/25
@
100
(a)
.............
500,000
477,415
Series
2023-1A
,
Class
B
,
5
.59
%
,
8/16/27
,
Callable
6/15/27
@
100
(a)
..............
240,000
239,802
Series
2023-1A
,
Class
C
,
6
.18
%
,
12/15/27
,
Callable
6/15/27
@
100
(a)
.............
400,000
400,996
Series
2023-1A
,
Class
D
,
7
.30
%
,
6/17/30
,
Callable
6/15/27
@
100
(a)
..............
226,000
231,890
Series
2023-2A
,
Class
C
,
5
.58
%
,
9/15/28
,
Callable
7/15/27
@
100
(a)
..............
200,000
199,329
Series
2023-2A
,
Class
D
,
6
.30
%
,
2/15/31
,
Callable
7/15/27
@
100
(a)
..............
52,000
52,322
Series
2023-3A
,
Class
B
,
6
.09
%
,
6/15/28
,
Callable
10/15/27
@
100
(a)
.............
214,000
216,166
Series
2023-3A
,
Class
D
,
6
.92
%
,
12/16/30
,
Callable
10/15/27
@
100
(a)
............
114,000
116,942
Series
2023-4A
,
Class
B
,
6
.39
%
,
10/16/28
,
Callable
6/15/26
@
100
(a)
.............
182,141
185,488
Series
2023-4A
,
Class
C
,
6
.76
%
,
3/15/29
,
Callable
6/15/26
@
100
(a)
..............
212,497
217,934
Series
2023-4A
,
Class
D
,
7
.37
%
,
4/15/31
,
Callable
6/15/26
@
100
(a)
..............
303,568
315,369
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
,
Series
2023-1
,
Class
A
,
6
.18
%
,
8/25/28
(a)
........................................................
81,433
82,713
OCCU
Auto
Receivables
Trust
.............................................
Series
2023-1A
,
Class
A4
,
6
.29
%
,
9/17/29
,
Callable
4/15/28
@
100
(a)
.............
92,500
94,032
Series
2023-1A
,
Class
D
,
7
.88
%
,
12/15/31
,
Callable
4/15/28
@
100
(a)
.............
329,346
331,252
Oscar
U.S.
Funding
XII
LLC
,
Series
2021-1A
,
Class
A4
,
1
.00
%
,
4/10/28
,
Callable
2/10/25
@
100
(a)
...........................................................
250,000
238,789
Oscar
U.S.
Funding
XIV
LLC
,
Series
2022-1A
,
Class
A4
,
2
.82
%
,
4/10/29
,
Callable
3/10/26
@
100
(a)
...........................................................
1,000,000
944,355
PenFed
Auto
Receivables
Owner
Trust
........................................
Series
2022-A
,
Class
A4
,
4
.18
%
,
12/15/28
,
Callable
3/15/26
@
100
(a)
.............
250,000
246,977
Series
2022-A
,
Class
D
,
5
.85
%
,
6/17/30
,
Callable
3/15/26
@
100
(a)
...............
106,000
105,341
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2022-A
,
Class
B
,
5
.28
%
,
5/15/32
,
Callable
1/15/26
@
100
(a)
...............
340,383
337,484
Series
2022-A
,
Class
C
,
7
.38
%
,
5/15/32
,
Callable
1/15/26
@
100
(a)
...............
340,383
340,044
Series
2022-A
,
Class
D
,
9
.97
%
,
5/15/32
,
Callable
1/15/26
@
100
(a)
...............
37,323
37,743
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
115
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Series
2022-B
,
Class
E
,
8
.68
%
,
8/16/32
,
Callable
4/15/26
@
100
(a)
...............
$
145,094
$
144,895
Series
2022-C
,
Class
D
,
8
.20
%
,
12/15/32
,
Callable
1/15/27
@
100
(a)
..............
157,684
159,026
Series
2023-A
,
Class
C
,
6
.74
%
,
6/15/33
,
Callable
7/15/27
@
100
(a)
...............
72,104
72,345
Series
2023-A
,
Class
D
,
7
.08
%
,
6/15/33
,
Callable
7/15/27
@
100
(a)
...............
33,554
33,665
Series
2023-B
,
Class
B
,
5
.64
%
,
12/15/33
,
Callable
2/15/28
@
100
(a)
..............
203,000
203,195
Series
2023-B
,
Class
D
,
6
.66
%
,
12/15/33
,
Callable
2/15/28
@
100
(a)
..............
164,000
164,430
Santander
Bank
NA
.....................................................
Series
2021-1A
,
Class
B
,
1
.83
%
,
12/15/31
,
Callable
9/15/25
@
100
(a)
.............
172,371
167,929
Series
2021-1A
,
Class
C
,
3
.27
%
,
12/15/31
,
Callable
9/15/25
@
100
(a)
.............
161,598
158,277
Santander
Consumer
Auto
Receivables
Trust
...................................
Series
2020-AA
,
Class
D
,
5
.49
%
,
4/15/26
,
Callable
11/15/24
@
100
(a)
............
194,600
194,373
Series
2021-AA
,
Class
E
,
3
.28
%
,
3/15/27
,
Callable
12/15/25
@
100
(a)
.............
60,000
56,749
Santander
Drive
Auto
Receivables
Trust
,
Series
2021-4
,
Class
C
,
1
.26
%
,
2/16/27
,
Callable
11/15/25
@
100
....................................................
249,085
244,187
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A
,
Class
C
,
6
.61
%
,
3/15/30
,
Callable
2/15/28
@
100
(a)
..............
429,952
434,090
Series
2023-1A
,
Class
D
,
7
.34
%
,
11/17/31
,
Callable
2/15/28
@
100
(a)
.............
226,365
228,326
SFS
Auto
Receivables
Securitization
Trust
,
Series
2023-1A
,
Class
C
,
5
.97
%
,
2/20/31
,
Callable
8/20/27
@
100
(a)
...................................................
167,000
169,362
Tesla
Auto
Lease
Trust
...................................................
Series
2023-A
,
Class
A4
,
5
.94
%
,
7/20/27
,
Callable
9/20/25
@
100
(a)
..............
50,000
50,568
Series
2023-A
,
Class
B
,
6
.41
%
,
7/20/27
,
Callable
9/20/25
@
100
(a)
...............
127,000
128,157
Series
2023-B
,
Class
A4
,
6
.22
%
,
3/22/27
,
Callable
1/20/26
@
100
(a)
..............
87,000
88,743
Tesla
Electric
Vehicle
Trust
,
Series
2023-1
,
Class
B
,
5
.82
%
,
5/20/31
,
Callable
3/20/27
@
100
(a)
...........................................................
200,000
202,046
Toyota
Lease
Owner
Trust
,
Series
2023-A
,
Class
A4
,
5
.05
%
,
8/20/27
,
Callable
9/20/25
@
100
(a)
...........................................................
100,000
99,934
U.S.
Bank
NA
,
Series
2023-1
,
Class
B
,
6
.79
%
,
8/25/32
,
Callable
8/25/26
@
100
(a)
........
384,157
385,579
United
Auto
Credit
Securitization
Trust
.......................................
Series
2022-1
,
Class
C
,
2
.61
%
,
6/10/27
,
Callable
12/10/25
@
100
(a)
..............
100,467
100,026
Series
2023-1
,
Class
C
,
6
.28
%
,
7/10/28
,
Callable
5/10/26
@
100
(a)
...............
500,000
497,063
Veridian
Auto
Receivables
Trust
............................................
Series
2023-1A
,
Class
B
,
5
.86
%
,
4/16/29
,
Callable
7/15/27
@
100
(a)
..............
101,000
100,915
Series
2023-1A
,
Class
C
,
6
.37
%
,
7/16/29
,
Callable
7/15/27
@
100
(a)
..............
220,000
211,605
Westlake
Automobile
Receivables
Trust
.......................................
Series
2020-1A
,
Class
E
,
3
.31
%
,
10/15/25
,
Callable
2/15/24
@
100
(a)
.............
147,000
146,330
Series
2021-3A
,
Class
C
,
1
.58
%
,
1/15/27
,
Callable
9/15/25
@
100
(a)
..............
500,000
484,035
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2023-1A
,
Class
A
,
5
.80
%
,
4/18/38
(a)
................................
169,000
169,823
Series
2023-2A
,
Class
B
,
6
.75
%
,
8/18/38
(a)
................................
181,000
186,498
Series
2023-2A
,
Class
C
,
6
.94
%
,
8/18/38
(a)
................................
195,000
201,561
Series
2023-2A
,
Class
D
,
7
.38
%
,
8/18/38
(a)
................................
220,000
222,351
30,064,941
ABS
Card
(2.7%):
CARDS
II
Trust
,
Series
2021-1A
,
Class
C
,
1
.20
%
,
4/15/27
(a)
.......................
540,000
531,012
Evergreen
Credit
Card
Trust
...............................................
Series
2021-1
,
Class
B
,
1
.15
%
,
10/15/26
(a)
................................
391,000
376,303
Series
2021-1
,
Class
C
,
1
.42
%
,
10/15/26
(a)
................................
319,000
306,617
Series
2022-CRT1
,
Class
B
,
5
.61
%
,
7/15/26
(a)
..............................
250,000
248,765
Series
2022-CRT1
,
Class
C
,
6
.19
%
,
7/15/26
(a)
..............................
250,000
248,570
Series
2022-CRT2
,
Class
B
,
6
.56
%
,
11/15/26
(a)
.............................
250,000
250,556
Series
2022-CRT2
,
Class
C
,
7
.44
%
,
11/15/26
(a)
.............................
400,000
401,496
Series
2023-CRT3
,
Class
B
,
6
.58
%
,
2/15/27
(a)
..............................
273,000
274,842
Series
2023-CRT3
,
Class
C
,
7
.31
%
,
2/15/27
(a)
..............................
152,000
152,715
Golden
Credit
Card
Trust
,
Series
2021-1A
,
Class
C
,
1
.74
%
,
8/15/28
(a)
.................
200,000
180,733
Master
Credit
Card
Trust
.................................................
Series
2021-1A
,
Class
C
,
1
.06
%
,
11/21/25
(a)
...............................
1,000,000
978,528
Series
2022-2A
,
Class
B
,
2
.38
%
,
7/21/28
(a)
................................
500,000
456,247
Series
2022-2A
,
Class
C
,
2
.73
%
,
7/21/28
(a)
................................
312,000
280,051
Master
Credit
Card
Trust
II
................................................
Series
2023-1A
,
Class
C
,
5
.87
%
,
6/21/27
(a)
................................
150,000
149,641
Series
2023-2A
,
Class
C
,
6
.89
%
,
1/21/27
(a)
................................
95,000
95,517
Series
2023-4A
,
Class
B
,
6
.56
%
,
10/21/32
(a)
...............................
104,000
109,435
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
116
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Series
2023-4A
,
Class
C
,
7
.53
%
,
10/21/32
(a)
...............................
$
265,000
$
278,488
Synchrony
Card
Funding
LLC
.............................................
Series
2022-A1
,
Class
A
,
3
.37
%
,
4/15/28
,
Callable
4/15/25
@
100
................
220,000
214,982
Series
2023-A1
,
Class
A
,
5
.54
%
,
7/15/29
..................................
59,000
59,982
Trillium
Credit
Card
Trust
II
...............................................
Series
2021-1A
,
Class
C
,
2
.42
%
,
10/26/29
(a)
...............................
744,000
675,719
Series
2023-1A
,
Class
C
,
6
.06
%
,
3/26/31
(a)
................................
72,000
70,341
Series
2023-2A
,
Class
B
,
5
.35
%
,
3/26/33
(a)
................................
100,000
99,387
Series
2023-3A
,
Class
B
,
6
.26
%
,
8/26/28
(a)
................................
234,000
236,374
Series
2023-3A
,
Class
C
,
6
.94
%
,
8/26/28
(a)
................................
214,000
215,818
6,892,119
ABS
Other
(7.4%):
Amur
Equipment
Finance
Receivables
IX
LLC
..................................
Series
2021-1A
,
Class
B
,
1
.38
%
,
2/22/27
,
Callable
11/20/24
@
100
(a)
.............
110,000
106,927
Series
2021-1A
,
Class
C
,
1
.75
%
,
6/21/27
,
Callable
11/20/24
@
100
(a)
.............
839,000
806,361
Amur
Equipment
Finance
Receivables
X
LLC
,
Series
2022-1A
,
Class
B
,
2
.20
%
,
1/20/28
,
Callable
9/20/25
@
100
(a)
............................................
676,000
637,354
Amur
Equipment
Finance
Receivables
XI
LLC
,
Series
2022-2A
,
Class
A2
,
5
.30
%
,
6/21/28
,
Callable
6/20/26
@
100
(a)
............................................
365,762
364,563
Amur
Equipment
Finance
Receivables
XII
LLC
.................................
Series
2023-1A
,
Class
C
,
6
.36
%
,
12/20/29
,
Callable
5/20/27
@
100
(a)
.............
131,151
131,624
Series
2023-1A
,
Class
D
,
7
.48
%
,
7/22/30
,
Callable
5/20/27
@
100
(a)
..............
37,000
37,661
Auxilior
Term
Funding
LLC
...............................................
Series
2023-1A
,
Class
B
,
6
.05
%
,
6/17/30
,
Callable
2/15/28
@
100
(a)
..............
124,000
124,496
Series
2023-1A
,
Class
C
,
6
.50
%
,
11/15/30
,
Callable
2/15/28
@
100
(a)
.............
88,000
88,844
Series
2023-1A
,
Class
D
,
7
.27
%
,
12/16/30
,
Callable
2/15/28
@
100
(a)
.............
141,000
142,768
CARS-DB7
LP
,
Series
2023-1A
,
Class
A1
,
5
.75
%
,
9/15/53
,
Callable
9/15/28
@
100
(a)
.....
208,890
208,366
CCG
Receivables
Trust
...................................................
Series
2021-2
,
Class
C
,
1
.50
%
,
3/14/29
,
Callable
6/14/25
@
100
(a)
...............
250,000
235,007
Series
2023-1
,
Class
C
,
6
.28
%
,
9/16/30
,
Callable
12/14/26
@
100
(a)
..............
173,174
175,296
Series
2023-2
,
Class
D
,
7
.18
%
,
4/14/32
,
Callable
12/14/27
@
100
(a)
..............
93,000
95,334
Conn's
Receivables
Funding
LLC
...........................................
Series
2022-A
,
Class
B
,
9
.52
%
,
12/15/26
,
Callable
8/15/24
@
100
(a)
..............
238,084
238,760
Series
2023-A
,
Class
A
,
8
.01
%
,
1/17/28
,
Callable
4/15/24
@
100
(a)
...............
175,256
175,582
CP
EF
Asset
Securitization
I
LLC
,
Series
2022-1A
,
Class
A
,
5
.96
%
,
4/15/30
,
Callable
11/15/25
@
100
(a)
.........................................................
141,044
140,211
DB
Master
Finance
LLC
,
Series
2021-1A
,
Class
A2II
,
2
.49
%
,
11/20/51
,
Callable
11/20/25
@
100
(a)
...........................................................
1,323,000
1,154,650
Dell
Equipment
Finance
Trust
..............................................
Series
2021-2
,
Class
C
,
0
.94
%
,
12/22/26
,
Callable
3/22/24
@
100
(a)
..............
153,000
151,066
Series
2023-1
,
Class
D
,
6
.80
%
,
3/22/29
,
Callable
10/22/25
@
100
(a)
..............
147,446
148,592
Series
2023-2
,
Class
C
,
6
.06
%
,
1/22/29
,
Callable
2/22/26
@
100
(a)
...............
125,000
125,331
Series
2023-2
,
Class
D
,
6
.74
%
,
7/23/29
,
Callable
2/22/26
@
100
(a)
...............
237,000
238,808
Series
2023-3
,
Class
D
,
6
.75
%
,
10/22/29
,
Callable
3/22/26
@
100
(a)
..............
73,000
73,632
Dext
ABS
LLC
........................................................
Series
2020-1
,
Class
C
,
3
.03
%
,
11/15/27
,
Callable
10/15/24
@
100
(a)
.............
120,000
118,370
Series
2023-1
,
Class
B
,
6
.55
%
,
3/15/32
,
Callable
2/15/27
@
100
(a)
...............
100,000
101,600
Series
2023-2
,
Class
C
,
6
.93
%
,
5/15/34
,
Callable
3/15/27
@
100
(a)
...............
224,000
229,141
Series
2023-2
,
Class
D
,
8
.30
%
,
5/15/34
,
Callable
3/15/27
@
100
(a)
...............
101,000
98,012
Diamond
Issuer
,
Series
2021-1A
,
Class
B
,
2
.70
%
,
11/20/51
,
Callable
11/20/25
@
100
(a)
....
654,000
554,568
DLLAA
LLC
,
Series
2023-1A
,
Class
A2
,
5
.93
%
,
7/20/26
(a)
........................
75,000
75,331
FirstKey
Homes
Trust
....................................................
Series
2021-SFR3
,
Class
A
,
2
.14
%
,
12/17/38
(a)
.............................
741,053
673,362
Series
2021-SFR3
,
Class
B
,
2
.44
%
,
12/17/38
(a)
.............................
500,000
454,401
Series
2021-SFR3
,
Class
D
,
2
.79
%
,
12/17/38
(a)
.............................
750,000
677,359
Ford
Credit
Floorplan
Master
Owner
Trust
.....................................
Series
2023-1
,
Class
B
,
5
.31
%
,
5/15/28
(a)
.................................
70,000
68,988
Series
2023-1
,
Class
C
,
5
.75
%
,
5/15/28
(a)
.................................
106,000
105,639
Frontier
Issuer
LLC
.....................................................
Series
2023-1
,
Class
A2
,
6
.60
%
,
8/20/53
,
Callable
7/20/26
@
100
(a)
..............
593,000
589,200
Series
2023-1
,
Class
B
,
8
.30
%
,
8/20/53
,
Callable
7/20/26
@
100
(a)
...............
415,490
411,129
Series
2023-1
,
Class
C
,
11
.50
%
,
8/20/53
,
Callable
7/20/26
@
100
(a)
..............
228,067
224,573
Granite
Park
Equipment
Leasing
LLC
........................................
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
117
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Series
2023-1A
,
Class
A2
,
6
.51
%
,
5/20/30
(a)
...............................
$
70,000
$
70,793
Series
2023-1A
,
Class
B
,
6
.62
%
,
4/20/33
,
Callable
8/20/30
@
100
(a)
..............
97,000
99,714
Series
2023-1A
,
Class
C
,
6
.97
%
,
8/22/33
,
Callable
8/20/30
@
100
(a)
..............
89,000
92,521
Series
2023-1A
,
Class
E
,
7
.00
%
,
6/20/35
,
Callable
8/20/30
@
100
(a)
..............
74,000
63,531
HPEFS
Equipment
Trust
..................................................
Series
2021-1A
,
Class
D
,
1
.03
%
,
3/20/31
,
Callable
4/20/24
@
100
(a)
..............
538,585
531,754
Series
2022-1A
,
Class
D
,
2
.40
%
,
11/20/29
,
Callable
6/20/25
@
100
(a)
.............
333,000
316,247
Series
2022-2A
,
Class
D
,
4
.94
%
,
3/20/30
,
Callable
11/20/25
@
100
(a)
.............
1,300,000
1,272,582
Series
2023-2A
,
Class
D
,
6
.97
%
,
7/21/31
,
Callable
9/20/26
@
100
(a)
..............
150,000
152,421
Kubota
Credit
Owner
Trust
,
Series
2022-1A
,
Class
A3
,
2
.67
%
,
10/15/26
,
Callable
2/15/26
@
100
(a)
...........................................................
500,000
485,544
M&T
Equipment
Notes
,
Series
2023-1A
,
Class
A3
,
5
.74
%
,
7/15/30
,
Callable
8/15/27
@
100
(a)
118,000
118,546
MMAF
Equipment
Finance
LLC
,
Series
2023-A
,
Class
A4
,
5
.50
%
,
12/13/38
(a)
..........
152,000
153,950
New
Economy
Assets
Phase
1
Sponsor
LLC
....................................
Series
2021-1
,
Class
A1
,
1
.91
%
,
10/20/61
,
Callable
10/20/24
@
100
(a)
............
677,000
592,435
Series
2021-1
,
Class
B1
,
2
.41
%
,
10/20/61
,
Callable
10/20/24
@
100
(a)
............
366,000
296,726
Pawnee
Equipment
Receivables
LLC
,
Series
2021-1
,
Class
B
,
1
.82
%
,
7/15/27
,
Callable
8/15/25
@
100
(a)
...................................................
136,000
129,156
SCF
Equipment
Leasing
LLC
..............................................
Series
2020-1A
,
Class
B
,
2
.02
%
,
3/20/28
,
Callable
2/20/25
@
100
(a)
..............
32,696
32,334
Series
2021-1A
,
Class
D
,
1
.93
%
,
9/20/30
,
Callable
10/20/25
@
100
(a)
.............
550,000
503,784
Series
2022-2A
,
Class
C
,
6
.50
%
,
8/20/32
,
Callable
8/20/29
@
100
(a)
..............
196,294
198,251
Series
2022-2A
,
Class
D
,
6
.50
%
,
10/20/32
,
Callable
8/20/29
@
100
(a)
.............
329,793
329,862
Series
2023-1A
,
Class
A3
,
6
.17
%
,
5/20/32
,
Callable
5/20/30
@
100
(a)
.............
153,000
156,855
Tricon
Residential
Trust
,
Series
2022-SFR2
,
Class
B
,
5
.24
%
,
7/17/40
,
Callable
7/17/28
@
100
(a)
...........................................................
200,000
196,376
Trinity
Rail
Leasing
LLC
,
Series
2022-1A
,
Class
A
,
4
.55
%
,
5/20/52
,
Callable
10/21/24
@
100
(a)
...........................................................
475,335
447,378
Vantage
Data
Centers
Issuer
LLC
,
Series
2019-1A
,
Class
A2
,
3
.19
%
,
7/15/44
,
Callable
1/15/24
@
100
(a)
.........................................................
143,885
141,255
Vantage
Data
Centers
LLC
,
Series
2020-2A
,
Class
A2
,
1
.99
%
,
9/15/45
,
Callable
9/15/25
@
100
(a)
...........................................................
453,000
392,611
VB-S1
Issuer
LLC
......................................................
Series
2022-1A
,
Class
C2II
,
3
.71
%
,
2/15/57
,
Callable
2/15/30
@
100
(a)
............
1,000,000
822,838
Series
2022-1A
,
Class
D
,
4
.29
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
..............
300,000
270,336
Series
2022-1A
,
Class
F
,
5
.27
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
..............
1,500,000
1,290,692
Verdant
Receivables
LLC
.................................................
Series
2023-1A
,
Class
A2
,
6
.24
%
,
1/13/31
,
Callable
3/12/27
@
100
(a)
.............
48,000
48,428
Series
2023-1A
,
Class
C
,
6
.73
%
,
1/13/31
,
Callable
3/12/27
@
100
(a)
..............
47,000
47,755
Verizon
Master
Trust
....................................................
Series
2021-2
,
Class
C
,
1
.38
%
,
4/20/28
,
Callable
10/20/24
@
100
................
500,000
480,900
Series
2023-2
,
Class
A
,
4
.89
%
,
4/13/28
,
Callable
4/20/25
@
100
.................
129,000
128,642
19,847,123
Total
Asset-Backed
Securities
(Cost
$58,452,207)
56,804,183
Collateralized
Loan
Obligations
(4.4%)
Cash
Flow
CLO
(4.4%):
720
East
CLO
Ltd.
......................................................
Series
2022-1A
,
Class
B
,
8
.67
%
(
TSFR3M
+
325
bps
)
,
1/20/36
,
Callable
1/20/25
@
100
(a)
(b)
.....................................................
350,000
352,020
Series
2022-1A
,
Class
D
,
11
.57
%
(
TSFR3M
+
615
bps
)
,
1/20/36
,
Callable
1/20/25
@
100
(a)
(b)
.....................................................
500,000
500,267
Series
2023-2A
,
Class
A2
,
7
.55
%
(
TSFR3M
+
215
bps
)
,
10/15/36
,
Callable
10/15/25
@
100
(a)
(b)
.....................................................
245,000
243,210
Series
2023-2A
,
Class
D
,
10
.55
%
(
TSFR3M
+
515
bps
)
,
10/15/36
,
Callable
10/15/25
@
100
(a)
(b)
.....................................................
184,000
183,301
Series
2023-IA
,
Class
B
,
7
.89
%
(
TSFR3M
+
250
bps
)
,
4/15/36
,
Callable
4/15/25
@
100
(a)
(b)
.....................................................
250,000
250,295
Series
2023-IA
,
Class
D
,
11
.24
%
(
TSFR3M
+
585
bps
)
,
4/15/36
,
Callable
4/15/25
@
100
(a)
(b)
.....................................................
500,000
501,881
Aimco
CLO
Ltd.
.......................................................
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
118
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Series
2023-20A
,
Class
B1
,
7
.56
%
(
TSFR3M
+
220
bps
)
,
10/16/36
,
Callable
10/16/25
@
100
(a)
(b)
.....................................................
$
178,000
$
177,750
Series
2023-20A
,
Class
C1
,
8
.06
%
(
TSFR3M
+
270
bps
)
,
10/16/36
,
Callable
10/16/25
@
100
(a)
(b)
.....................................................
178,000
177,742
Ballyrock
CLO
Ltd.
,
Series
2022-20A
,
Class
A2AR
,
7
.59
%
(
TSFR3M
+
220
bps
)
,
7/15/34
,
Callable
10/15/24
@
100
(a)
(b)
.........................................
196,000
194,618
Barrow
Hanley
CLO
I
Ltd.
................................................
Series
2023-1A
,
Class
A1
,
7
.72
%
(
TSFR3M
+
230
bps
)
,
4/20/35
,
Callable
4/20/24
@
100
(a)
(b)
.....................................................
400,000
400,748
Series
2023-1A
,
Class
A2
,
8
.07
%
(
TSFR3M
+
265
bps
)
,
4/20/35
,
Callable
4/20/24
@
100
(a)
(b)
.....................................................
500,000
504,280
Series
2023-1A
,
Class
C
,
9
.42
%
(
TSFR3M
+
400
bps
)
,
4/20/35
,
Callable
4/20/24
@
100
(a)
(b)
.....................................................
175,000
181,758
Series
2023-1A
,
Class
D
,
11
.58
%
(
TSFR3M
+
616
bps
)
,
4/20/35
,
Callable
4/20/24
@
100
(a)
(b)
.....................................................
700,000
702,876
Barrow
Hanley
CLO
II
Ltd.
...............................................
Series
2023-2A
,
Class
C
,
8
.84
%
(
TSFR3M
+
350
bps
)
,
10/20/35
,
Callable
10/20/24
@
100
(a)
(b)
.....................................................
184,000
181,863
Series
2023-2A
,
Class
D1
,
11
.09
%
(
TSFR3M
+
575
bps
)
,
10/20/35
,
Callable
10/20/24
@
100
(a)
(b)
.....................................................
276,000
277,152
Columbia
Cent
CLO
Ltd.
,
Series
2022-32A
,
Class
BF
,
5
.20
%
,
7/24/34
,
Callable
1/24/24
@
100
(a)
...........................................................
250,000
241,626
Dryden
CLO
Ltd.
,
Series
2023-102A
,
Class
A2
,
7
.39
%
(
TSFR3M
+
200
bps
)
,
10/15/36
,
Callable
10/15/25
@
100
(a)
(b)
................................................
109,696
109,689
Eaton
Vance
CLO
Ltd.
,
Series
2020-2A
,
Class
BR
,
7
.36
%
(
TSFR3M
+
196
bps
)
,
1/15/35
,
Callable
1/15/24
@
100
(a)
(b)
..........................................
500,000
498,683
Golub
Capital
Partners
CLO
Ltd.
,
Series
2023-68A
,
Class
B
,
8
.20
%
(
TSFR3M
+
280
bps
)
,
7/25/36
,
Callable
7/25/25
@
100
(a)
(b)
....................................
155,000
156,147
LCM
Ltd.
,
Series
36A
,
Class
A2
,
7
.06
%
(
TSFR3M
+
166
bps
)
,
1/15/34
,
Callable
1/15/24
@
100
(a)
(b)
.........................................................
750,000
734,793
Magnetite
XXXV
Ltd.
,
Series
2022-35A
,
Class
AR
,
7
.03
%
(
TSFR3M
+
165
bps
)
,
10/25/36
,
Callable
10/25/25
@
100
(a)
(b)
.........................................
295,000
294,980
Oaktree
CLO
Ltd.
......................................................
Series
2022-2A
,
Class
B
,
8
.14
%
(
TSFR3M
+
275
bps
)
,
7/15/33
,
Callable
1/15/24
@
100
(a)
(b)
.....................................................
500,000
500,052
Series
2022-3A
,
Class
B1
,
8
.49
%
(
TSFR3M
+
310
bps
)
,
7/15/35
,
Callable
7/15/24
@
100
(a)
(b)
.....................................................
250,000
250,640
Series
2022-3A
,
Class
C
,
9
.54
%
(
TSFR3M
+
415
bps
)
,
7/15/35
,
Callable
7/15/24
@
100
(a)
(b)
.....................................................
250,000
251,277
Series
2023-1A
,
Class
B
,
7
.94
%
(
TSFR3M
+
255
bps
)
,
4/15/36
,
Callable
4/15/25
@
100
(a)
(b)
.....................................................
250,000
250,918
Octagon
68
Ltd.
,
Series
2023-1A
,
Class
X
,
6
.65
%
(
TSFR3M
+
130
bps
)
,
10/20/36
,
Callable
10/20/25
@
100
(a)
(b)
................................................
297,000
296,889
Palmer
Square
Loan
Funding
Ltd.
,
Series
2023-1A
,
Class
A2
,
7
.76
%
(
TSFR3M
+
250
bps
)
,
7/20/31
,
Callable
7/20/24
@
100
(a)
(b)
....................................
378,000
378,189
Stratus
CLO
Ltd.
.......................................................
Series
2021-3A
,
Class
B
,
7
.23
%
(
TSFR3M
+
181
bps
)
,
12/29/29
,
Callable
1/20/24
@
100
(a)
(b)
.....................................................
205,000
203,039
Series
2022-1A
,
Class
B
,
7
.77
%
(
TSFR3M
+
235
bps
)
,
7/20/30
,
Callable
1/20/24
@
100
(a)
(b)
.....................................................
250,000
250,021
Symphony
CLO
XXIX
Ltd.
,
Series
2021-29A
,
Class
B
,
7
.31
%
(
TSFR3M
+
191
bps
)
,
1/15/34
,
Callable
1/15/24
@
100
(a)
(b)
..........................................
500,000
496,421
Trimaran
Cavu
Ltd.
,
Series
2021-3A
,
Class
C1
,
8
.13
%
(
TSFR3M
+
273
bps
)
,
1/18/35
,
Callable
1/18/24
@
100
(a)
(b)
.................................................
750,000
746,581
Venture
CLO
Ltd.
......................................................
Series
2021-44A
,
Class
B
,
7
.43
%
(
TSFR3M
+
201
bps
)
,
10/20/34
,
Callable
1/20/24
@
100
(a)
(b)
.....................................................
200,000
196,860
Series
2022-46A
,
Class
A2F
,
5
.02
%
,
7/20/35
,
Callable
7/20/24
@
100
(a)
...........
475,000
447,621
Series
2023-47A
,
Class
AJ
,
7
.72
%
(
TSFR3M
+
230
bps
)
,
4/20/36
,
Callable
4/20/25
@
100
(a)
(b)
.....................................................
194,000
194,097
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
119
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Series
2023-48A
,
Class
B1
,
8
.17
%
(
TSFR3M
+
275
bps
)
,
10/20/36
,
Callable
10/20/25
@
100
(a)
(b)
.....................................................
$
197,000
$
195,200
11,523,484
Total
Collateralized
Loan
Obligations
(Cost
$11,548,969)
11,523,484
Collateralized
Mortgage
Obligations
(9.4%)
Agency
CMO
Other
(0.5%):
Federal
Home
Loan
Mortgage
Corporation
,
Series
5270
,
Class
AB
,
5
.50
%
,
1/25/49
........
264,875
267,885
Federal
National
Mortgage
Association
,
Series
2022-88
,
Class
BA
,
5
.50
%
,
7/25/47
........
157,592
158,853
Government
National
Mortgage
Association
....................................
Series
2022-207
,
Class
NA
,
3
.00
%
,
1/20/52
................................
179,495
157,289
Series
2023-107
,
Class
PA
,
5
.50
%
,
1/20/46
................................
296,644
299,873
Series
2023-131
,
Class
P
,
5
.50
%
,
6/20/48
..................................
179,259
178,498
1,062,398
Commercial
MBS
(8.9%):
AOA
Mortgage
Trust
....................................................
Series
2021-1177
,
Class
B
,
6
.65
%
(
TSFR1M
+
129
bps
)
,
10/15/38
(a)
(b)
.............
250,000
214,099
Series
2021-1177
,
Class
D
,
7
.30
%
(
TSFR1M
+
194
bps
)
,
10/15/38
(a)
(b)
.............
300,000
252,342
Arbor
Multifamily
Mortgage
Securities
Trust
,
Series
2022-MF4
,
Class
A5
,
3
.29
%
,
2/15/55
,
Callable
2/15/32
@
100
(a)
(c)
..........................................
500,000
448,583
Aventura
Mall
Trust
.....................................................
Series
2018-AVM
,
Class
A
,
4
.11
%
,
7/5/40
(a)
(c)
.............................
790,000
749,149
Series
2018-AVM
,
Class
C
,
4
.11
%
,
7/5/40
(a)
(c)
.............................
100,000
89,650
Series
2018-AVM
,
Class
D
,
4
.11
%
,
7/5/40
(a)
(c)
.............................
100,000
86,217
BAMLL
Commercial
Mortgage
Securities
Trust
.................................
Series
2015-200P
,
Class
B
,
3
.49
%
,
4/14/33
,
Callable
4/14/25
@
100
(a)
............
750,000
706,474
Series
2015-200P
,
Class
D
,
3
.60
%
(
LIBOR01M
+
105
bps
)
,
4/14/33
,
Callable
4/14/25
@
100
(a)
(b)
.....................................................
375,000
345,026
BBCMS
Mortgage
Trust
..................................................
Series
2020-BID
,
Class
C
,
9
.12
%
(
TSFR1M
+
375
bps
)
,
10/15/37
(a)
(b)
.............
550,000
523,544
Series
2022-C16
,
Class
AS
,
4
.60
%
,
6/15/55
,
Callable
6/15/32
@
100
(c)
............
135,135
123,712
Benchmark
Mortgage
Trust
................................................
Series
2020-B19
,
Class
AS
,
2
.15
%
,
9/15/53
,
Callable
10/15/30
@
100
.............
1,000,000
759,491
Series
2022-B36
,
Class
XA
,
0
.64
%
,
7/15/55
,
Callable
6/15/32
@
100
(c)
(d)
.........
10,001,000
466,554
BPR
Trust
............................................................
Series
2021-TY
,
Class
A
,
6
.53
%
(
TSFR1M
+
116
bps
)
,
9/15/38
(a)
(b)
...............
500,000
484,081
Series
2021-TY
,
Class
D
,
7
.83
%
(
TSFR1M
+
246
bps
)
,
9/15/38
(a)
(b)
...............
800,000
761,026
Series
2022-OANA
,
Class
A
,
7
.26
%
(
TSFR1M
+
190
bps
)
,
4/15/37
(a)
(b)
............
1,000,000
983,659
Series
2022-OANA
,
Class
D
,
9
.06
%
(
TSFR1M
+
370
bps
)
,
4/15/37
(a)
(b)
............
500,000
479,318
Series
2022-STAR
,
Class
A
,
8
.59
%
(
TSFR1M
+
323
bps
)
,
8/15/24
(a)
(b)
.............
407,215
408,004
BX
Commercial
Mortgage
Trust
............................................
Series
2019-XL
,
Class
D
,
6
.93
%
(
TSFR1M
+
156
bps
)
,
10/15/36
(a)
(b)
..............
1,215,500
1,207,847
Series
2021-XL2
,
Class
B
,
6
.47
%
(
TSFR1M
+
111
bps
)
,
10/15/38
(a)
(b)
.............
195,483
191,336
Series
2022-CSMO
,
Class
C
,
9
.25
%
(
TSFR1M
+
389
bps
)
,
6/15/27
(a)
(b)
............
500,000
500,470
Series
2022-CSMO
,
Class
D
,
9
.70
%
(
TSFR1M
+
434
bps
)
,
6/15/27
(a)
(b)
............
100,000
100,055
BX
Trust
,
Series
2022-CLS
,
Class
B
,
6
.30
%
,
10/13/27
(a)
..........................
250,000
230,719
BXP
Trust
............................................................
Series
2021-601L
,
Class
B
,
2
.78
%
,
1/15/44
(a)
(c)
............................
500,000
369,246
Series
2021-601L
,
Class
C
,
2
.78
%
,
1/15/44
(a)
(c)
............................
250,000
171,995
Series
2021-601L
,
Class
D
,
2
.78
%
,
1/15/44
(a)
(c)
............................
1,250,000
765,595
CAMB
Commercial
Mortgage
Trust
,
Series
2021-CX2
,
Class
A
,
2
.70
%
,
11/10/46
,
Callable
11/10/31
@
100
(a)
..................................................
250,000
207,147
Citigroup
Commercial
Mortgage
Trust
,
Series
2019-SMRT
,
Class
D
,
4
.74
%
,
1/10/36
(a)
(c)
...
615,000
615,000
COMM
Mortgage
Trust
..................................................
Series
2014-277P
,
Class
A
,
3
.61
%
,
8/10/49
,
Callable
8/10/24
@
100
(a)
(c)
..........
1,235,000
1,138,820
Series
2014-277P
,
Class
C
,
3
.61
%
,
8/10/49
,
Callable
8/10/24
@
100
(a)
(c)
..........
333,000
285,491
Series
2020-CX
,
Class
A
,
2
.17
%
,
11/10/46
,
Callable
11/10/30
@
100
(a)
............
200,000
162,309
CSMC
,
Series
2019-UVIL
,
Class
A
,
3
.16
%
,
12/15/41
(a)
...........................
302,000
263,044
GS
Mortgage
Securities
Corp.
II
,
Series
2023-SHIP
,
Class
C
,
5
.51
%
,
9/10/38
(a)
(c)
........
118,438
115,123
Hilton
USA
Trust
.......................................................
Series
2016-HHV
,
Class
B
,
4
.19
%
,
11/5/38
(a)
(c)
............................
350,000
334,208
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
120
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Series
2016-HHV
,
Class
C
,
4
.19
%
,
11/5/38
(a)
(c)
............................
$
200,000
$
189,741
Houston
Galleria
Mall
Trust
,
Series
2015-HGLR
,
Class
A1A2
,
3
.09
%
,
3/5/37
(a)
..........
541,000
517,554
Hudson
Yards
Mortgage
Trust
..............................................
Series
2019-30HY
,
Class
A
,
3
.23
%
,
7/10/39
(a)
..............................
350,000
309,627
Series
2019-30HY
,
Class
D
,
3
.44
%
,
7/10/39
(a)
(c)
............................
115,000
92,552
Series
2019-55HY
,
Class
A
,
2
.94
%
,
12/10/41
(a)
(c)
...........................
500,000
432,639
ILPT
Commercial
Mortgage
Trust
...........................................
Series
2022-LPF2
,
Class
C
,
8
.85
%
(
TSFR1M
+
349
bps
)
,
10/15/39
(a)
(b)
............
100,000
98,512
Series
2022-LPFX
,
Class
C
,
3
.82
%
,
3/15/32
(a)
(c)
............................
750,000
609,002
KNDL
Mortgage
Trust
,
Series
2019-KNSQ
,
Class
B
,
6
.51
%
(
TSFR1M
+
115
bps
)
,
5/15/36
(a)
(b)
250,000
249,026
Life
Mortgage
Trust
,
Series
2022-BMR2
,
Class
C
,
7
.45
%
(
TSFR1M
+
209
bps
)
,
5/15/39
,
Callable
5/15/24
@
100
(a)
(b)
..........................................
250,000
242,787
Manhattan
West
Mortgage
Trust
,
Series
2020-1MW
,
Class
A
,
2
.13
%
,
9/10/39
(a)
..........
791,558
698,919
MHC
Commercial
Mortgage
Trust
..........................................
Series
2021-MHC
,
Class
A
,
6
.28
%
(
TSFR1M
+
92
bps
)
,
4/15/38
(a)
(b)
..............
230,623
227,998
Series
2021-MHC
,
Class
D
,
7
.08
%
(
TSFR1M
+
172
bps
)
,
4/15/38
(a)
(b)
.............
461,245
452,177
MHP
,
Series
2022-MHIL
,
Class
D
,
6
.97
%
(
TSFR1M
+
161
bps
)
,
1/15/27
(a)
(b)
............
455,807
443,573
Morgan
Stanley
Capital
I
Trust
.............................................
Series
2021-PLZA
,
Class
B
,
2
.81
%
,
11/9/43
(a)
..............................
500,000
321,983
Series
2021-PLZA
,
Class
C
,
2
.81
%
,
11/9/43
(a)
..............................
750,000
357,050
MTN
Commercial
Mortgage
Trust
,
Series
2022-LPFL
,
Class
C
,
7
.76
%
(
TSFR1M
+
239
bps
)
,
3/15/39
(a)
(b)
......................................................
250,000
240,883
One
Bryant
Park
Trust
,
Series
2019-OBP
,
Class
A
,
2
.52
%
,
9/15/54
(a)
..................
128,000
108,357
ONE
PARK
Mortgage
Trust
,
Series
2021-PARK
,
Class
D
,
6
.98
%
(
TSFR1M
+
161
bps
)
,
3/15/36
(a)
(b)
......................................................
225,000
205,909
ORL
Trust
,
Series
2023-GLKS
,
Class
A
,
7
.71
%
(
TSFR1M
+
235
bps
)
,
10/19/36
(a)
(b)
.......
120,127
120,102
SLG
Office
Trust
.......................................................
Series
2021-OVA
,
Class
A
,
2
.59
%
,
7/15/41
(a)
..............................
125,000
103,323
Series
2021-OVA
,
Class
C
,
2
.85
%
,
7/15/41
(a)
..............................
500,000
400,163
SREIT
Trust
..........................................................
Series
2021-MFP2
,
Class
B
,
6
.65
%
(
TSFR1M
+
129
bps
)
,
11/15/36
(a)
(b)
............
500,000
490,951
Series
2021-MFP2
,
Class
D
,
7
.05
%
(
TSFR1M
+
168
bps
)
,
11/15/36
(a)
(b)
............
760,000
742,929
SUMIT
Mortgage
Trust
,
Series
2022-BVUE
,
Class
D
,
2
.89
%
,
2/12/41
,
Callable
2/12/29
@
100
(a)
(c)
.........................................................
363,636
204,087
TTAN
,
Series
2021-MHC
,
Class
C
,
6
.83
%
(
TSFR1M
+
146
bps
)
,
3/15/38
(a)
(b)
............
600,581
588,989
Wells
Fargo
Commercial
Mortgage
Trust
......................................
Series
2021-SAVE
,
Class
B
,
6
.93
%
(
TSFR1M
+
156
bps
)
,
2/15/40
(a)
(b)
.............
200,000
186,425
Series
2021-SAVE
,
Class
C
,
7
.28
%
(
TSFR1M
+
191
bps
)
,
2/15/40
(a)
(b)
.............
200,000
181,220
23,355,812
Total
Collateralized
Mortgage
Obligations
(Cost
$27,094,532)
24,418,210
Senior
Secured
Loans
(1.7%)
Communication
Services
(0.0%):(e)
Flutter
Financing
BV
,
7
.60
%
(
SOFR01M
+
225
bps
)
,
11/18/30
(b)
......................
100,000
100,083
Consumer
Discretionary
(0.3%):
Aramark
Services,
Inc.
,
7
.85
%
(
SOFR01M
+
250
bps
)
,
6/24/30
(b)
.....................
31,026
31,060
Carnival
Corp.,
Initial
Advance,
First
Lien
,
8
.36
%
(
SOFR01M
+
300
bps
)
,
8/9/27
(b)
........
99,750
99,833
Delta
Air
Lines,
Inc.
and
SkyMiles
IP
Ltd.,
Initial
Term
Loan,
First
Lien
,
9
.17
%
(
SOFR03M
+
375
bps
)
,
10/20/27
(b)
.......................................
6,467
6,615
Great
Outdoors
Group
LLC,
Term
B1,
First
Lien
,
9
.14
%
(
SOFR01M
+
375
bps
)
,
3/5/28
(b)
...
41,269
41,228
Hilton
Grand
Vacations
Borrower
LLC,
Initial
Term
Loan,
First
Lien
,
8
.10
%
(
SOFR01M
+
275
bps
)
,
8/2/28
(b)
.........................................
118,565
118,565
Light
&
Wonder
International,
Inc.
,
8
.36
%
(
SOFR01M
+
300
bps
)
,
4/16/29
(b)
.............
245,638
246,020
Petco
Health
&
Wellness
Co.,
Inc.,
Initial
Term
Loans,
First
Lien
,
8
.64
%
(
SOFR03M
+
325
bps
)
,
3/6/28
(b)
.........................................................
125,000
117,913
Sotheby's,
2021
2nd
Refin
Term
Loan,
First
Lien
,
9
.89
%
(
SOFR03M
+
450
bps
)
,
1/15/27
(b)
...
241,282
237,814
899,048
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
121
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Consumer
Staples
(0.0%):(e)
Alliance
Laundry
Systems
LLC,
Initial
Term
B
Loans,
First
Lien
,
8
.89
%
(
SOFR03M
+
350
bps
)
,
10/8/27
(b)
........................................................
$
116,517
$
116,776
Financials
(0.8%):
Central
Parent,
Inc.
,
9
.41
%
(
SOFR03M
+
400
bps
)
,
7/6/29
(b)
.........................
248,125
249,113
Delta
2
Lux
Sarl
,
7
.60
%
(
SOFR01M
+
225
bps
)
,
1/15/30
(b)
..........................
500,000
500,939
Gtcr
W
Merger
Sub
LLC,
Term
Loan
B,
First
Lien
,
9/20/30
(f)
.......................
200,000
200,750
HUB
International
Ltd.
,
9
.37
%
(
SOFR03M
+
400
bps
)
,
11/10/29
(b)
....................
124,063
124,456
IRB
Holding
Corp.,
Term
Loan
B,
First
Lien
,
8
.35
%
(
SOFR01M
+
300
bps
)
,
12/15/27
(b)
.....
67,927
67,975
Oculus
Acquisition
Corp.,
Initial
Term
Loan,
First
Lien
,
8
.93
%
(
SOFR03M
+
350
bps
)
,
11/8/27
(b)
........................................................
122,155
122,291
OEG
Borrower
LLC,
Initial
Term
Loans,
First
Lien
,
10
.38
%
(
SOFR03M
+
500
bps
)
,
6/18/29
(b)
495,000
495,000
Whatabrands
LLC,
Initial
Term
B
Loans,
First
Lien
,
8
.35
%
(
SOFR01M
+
300
bps
)
,
8/3/28
(b)
.
15,008
15,014
1,775,538
Health
Care
(0.3%):
Bausch
+
Lomb
Corp.,
Initial
Term
Loans,
First
Lien
,
8
.61
%
(
SOFR01M
+
325
bps
)
,
5/10/27
(b)
492,500
486,038
R1
RCM,
Inc.
,
8
.47
%
,
6/21/29
.............................................
250,000
249,765
735,803
Industrials
(0.1%):
Janus
International
Group
LLC,
Amendment
No.
6
Refinancing
Term
Loan,
First
Lien
,
8
.66
%
(
SOFR03M
+
325
bps
)
,
8/3/30
(b)
.........................................
50,000
50,047
MKS
Instruments,
Inc.,
Term
Loan
B,
First
Lien
,
7
.84
%
(
SOFR01M
+
250
bps
)
,
8/17/29
(b)
...
250,000
250,313
300,360
Information
Technology
(0.1%):
Open
Text
Corp.
,
8
.10
%
(
SOFR01M
+
275
bps
)
,
1/31/30
(b)
..........................
341,762
342,319
UKG,
Inc.,
Incremental
Term
Loans,
First
Lien
,
8
.66
%
(
SOFR03M
+
325
bps
)
,
5/3/26
(b)
.....
43,772
43,843
386,162
Materials
(0.1%):
The
Chemours
Co.
,
8
.85
%
(
SOFR01M
+
350
bps
)
,
8/18/28
(b)
........................
208,197
207,572
Total
Senior
Secured
Loans
(Cost
$4,462,115)
4,521,342
Corporate
Bonds
(19.5%)
Communication
Services
(1.0%):
AT&T,
Inc.
,
4
.50
%
,
5/15/35
,
Callable
11/15/34
@
100
............................
250,000
237,129
Cable
One,
Inc.
,
4
.00
%
,
11/15/30
,
Callable
11/15/25
@
102
(a)
(g)
....................
100,000
81,103
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
5
.38
%
,
4/1/38
,
Callable
10/1/37
@
100
...................................
250,000
226,041
4
.80
%
,
3/1/50
,
Callable
9/1/49
@
100
....................................
94,000
73,163
DISH
Network
Corp.
,
11
.75
%
,
11/15/27
,
Callable
5/15/25
@
105.88
(a)
................
307,000
320,252
Gray
Television,
Inc.
,
4
.75
%
,
10/15/30
,
Callable
10/15/25
@
102.38
(a)
................
250,000
189,380
Nexstar
Media,
Inc.
,
4
.75
%
,
11/1/28
,
Callable
1/16/24
@
102.38
(a)
...................
75,000
69,118
Paramount
Global
,
4
.20
%
,
5/19/32
,
Callable
2/19/32
@
100
........................
183,000
163,626
T-Mobile
US,
Inc.
,
3
.50
%
,
4/15/31
,
Callable
4/15/26
@
101.75
......................
403,000
368,625
Verizon
Communications,
Inc.
,
2
.55
%
,
3/21/31
,
Callable
12/21/30
@
100
...............
669,000
576,957
Warnermedia
Holdings,
Inc.
4
.28
%
,
3/15/32
,
Callable
12/15/31
@
100
.................................
500,000
457,433
5
.14
%
,
3/15/52
,
Callable
9/15/51
@
100
..................................
91,000
78,300
2,841,127
Consumer
Discretionary
(1.5%):
Acushnet
Co.
,
7
.38
%
,
10/15/28
,
Callable
10/15/25
@
103.69
(a)
......................
60,000
62,673
Advance
Auto
Parts,
Inc.
,
3
.50
%
,
3/15/32
,
Callable
12/15/31
@
100
...................
514,000
424,959
AutoNation,
Inc.
,
3
.85
%
,
3/1/32
,
Callable
12/1/31
@
100
..........................
166,000
147,795
Caesars
Entertainment,
Inc.
,
7
.00
%
,
2/15/30
,
Callable
2/15/26
@
103.5
(a)
..............
246,000
252,909
Carnival
Corp.
,
10
.50
%
,
6/1/30
,
Callable
6/1/25
@
105.25
(a)
.......................
115,000
125,749
Daimler
Truck
Finance
North
America
LLC
,
5
.50
%
,
9/20/33
(a)
......................
208,000
212,149
ERAC
USA
Finance
LLC
,
4
.90
%
,
5/1/33
,
Callable
2/1/33
@
100
(a)
...................
192,000
191,809
General
Motors
Financial
Co.,
Inc.
,
5
.70
%
(
H15T5Y
+
500
bps
)
,
Callable
9/30/30
@
100
(b)
(h)
120,000
110,895
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
122
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Genuine
Parts
Co.
,
6
.88
%
,
11/1/33
,
Callable
8/1/33
@
100
.........................
$
101,000
$
112,189
Group
1
Automotive,
Inc.
,
4
.00
%
,
8/15/28
,
Callable
2/5/24
@
102
(a)
..................
100,000
92,766
Kohl's
Corp.
,
4
.63
%
,
5/1/31
,
Callable
2/1/31
@
100
..............................
200,000
158,011
LKQ
Corp.
,
6
.25
%
,
6/15/33
,
Callable
3/15/33
@
100
.............................
140,000
146,304
NCL
Corp.
Ltd.
,
8
.13
%
,
1/15/29
,
Callable
1/15/26
@
104.06
(a)
......................
178,000
186,900
PetSmart,
Inc./PetSmart
Finance
Corp.
,
4
.75
%
,
2/15/28
,
Callable
2/15/24
@
102.38
(a)
.....
60,000
56,415
PulteGroup,
Inc.
,
6
.00
%
,
2/15/35
(g)
..........................................
125,000
131,466
Resorts
World
Las
Vegas
LLC/RWLV
Capital,
Inc.
,
4
.63
%
,
4/6/31
,
Callable
1/6/31
@
100
(a)
.
200,000
165,841
Royal
Caribbean
Cruises
Ltd.
,
11
.63
%
,
8/15/27
,
Callable
8/15/24
@
105.81
(a)
...........
27,000
29,472
Sotheby's
,
7
.38
%
,
10/15/27
,
Callable
1/16/24
@
101.84
(a)
.........................
67,000
64,569
Tapestry,
Inc.
3
.05
%
,
3/15/32
,
Callable
12/15/31
@
100
.................................
511,000
414,285
7
.85
%
,
11/27/33
,
Callable
8/27/33
@
100
..................................
605,000
646,026
Tractor
Supply
Co.
,
1
.75
%
,
11/1/30
,
Callable
8/1/30
@
100
.........................
174,000
142,698
3,875,880
Consumer
Staples
(1.2%):
7-Eleven,
Inc.
1
.80
%
,
2/10/31
,
Callable
11/10/30
@
100
(a)
................................
125,000
101,582
2
.80
%
,
2/10/51
,
Callable
8/2/50
@
100
(a)
.................................
1,111,000
714,927
Albertsons
Cos.,
Inc./Safeway,
Inc./New
Albertsons
LP/Albertsons
LLC
6
.50
%
,
2/15/28
,
Callable
2/15/25
@
103.25
(a)
..............................
152,000
154,392
4
.88
%
,
2/15/30
,
Callable
2/15/25
@
103.66
(a)
..............................
100,000
95,786
Dollar
General
Corp.
5
.00
%
,
11/1/32
,
Callable
8/1/32
@
100
(g)
.................................
142,000
141,737
5
.45
%
,
7/5/33
,
Callable
4/5/33
@
100
(g)
..................................
353,000
359,932
Dollar
Tree,
Inc.
,
2
.65
%
,
12/1/31
,
Callable
9/1/31
@
100
...........................
500,000
424,614
General
Mills,
Inc.
,
2
.25
%
,
10/14/31
,
Callable
7/14/31
@
100
.......................
250,000
210,289
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
Luxembourg
SARL
,
6
.75
%
,
3/15/34
,
Callable
12/15/33
@
100
(a)
..................................................
122,000
128,359
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
,
6
.50
%
,
12/1/52
,
Callable
6/1/52
@
100
......................................................
105,000
105,171
Kellanova
,
5
.25
%
,
3/1/33
,
Callable
12/1/32
@
100
...............................
196,000
200,590
Kraft
Heinz
Foods
Co.
,
5
.00
%
,
6/4/42
........................................
128,000
123,723
Sodexo,
Inc.
,
2
.72
%
,
4/16/31
,
Callable
1/16/31
@
100
(a)
..........................
100,000
85,015
The
J.M.
Smucker
Co.
,
6
.50
%
,
11/15/53
,
Callable
5/15/53
@
100
....................
207,000
239,098
Walgreens
Boots
Alliance,
Inc.
,
4
.10
%
,
4/15/50
,
Callable
10/15/49
@
100
..............
92,000
66,783
3,151,998
Energy
(0.6%):
Magellan
Midstream
Partners
LP
,
5
.15
%
,
10/15/43
,
Callable
4/15/43
@
100
.............
195,000
182,648
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
,
3
.80
%
,
9/15/30
,
Callable
6/15/30
@
100
250,000
230,274
Venture
Global
Calcasieu
Pass
LLC
,
3
.88
%
,
11/1/33
,
Callable
5/1/33
@
100
(a)
...........
21,000
17,818
Venture
Global
LNG,
Inc.
,
9
.88
%
,
2/1/32
,
Callable
2/1/27
@
104.94
(a)
................
211,000
219,729
Viper
Energy,
Inc.
5
.38
%
,
11/1/27
,
Callable
1/22/24
@
101.79
(a)
..............................
500,000
492,891
7
.38
%
,
11/1/31
,
Callable
11/1/26
@
103.69
(a)
..............................
296,000
308,056
1,451,416
Financials
(8.5%):
Aon
Corp./Aon
Global
Holdings
PLC
,
5
.35
%
,
2/28/33
,
Callable
11/28/32
@
100
.........
212,000
217,786
Aretec
Group,
Inc.
,
10
.00
%
,
8/15/30
,
Callable
10/15/26
@
105
(a)
....................
150,000
159,414
Bank
of
America
Corp.
,
2
.48
%
(
H15T5Y
+
120
bps
)
,
9/21/36
,
Callable
9/21/31
@
100
(b)
....
750,000
595,075
Blackstone
Holdings
Finance
Co.
LLC
,
6
.20
%
,
4/22/33
,
Callable
1/22/33
@
100
(a)
.......
25,000
26,676
Blackstone
Private
Credit
Fund
2
.63
%
,
12/15/26
,
Callable
11/15/26
@
100
.................................
250,000
226,530
3
.25
%
,
3/15/27
,
Callable
2/15/27
@
100
..................................
750,000
687,430
Blue
Owl
Credit
Income
Corp.
5
.50
%
,
3/21/25
....................................................
500,000
492,731
4
.70
%
,
2/8/27
,
Callable
1/8/27
@
100
....................................
375,000
354,650
7
.75
%
,
9/16/27
,
Callable
8/16/27
@
100
..................................
152,000
157,051
Blue
Owl
Finance
LLC
,
3
.13
%
,
6/10/31
,
Callable
3/10/31
@
100
(a)
...................
584,000
480,502
Brookfield
Capital
Finance
LLC
,
6
.09
%
,
6/14/33
,
Callable
3/14/33
@
100
..............
204,000
212,920
Brown
&
Brown,
Inc.
,
4
.20
%
,
3/17/32
,
Callable
12/17/31
@
100
.....................
29,000
26,544
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
123
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Citizens
Bank
NA
4
.12
%
(
SOFR
+
140
bps
)
,
5/23/25
,
Callable
5/23/24
@
100
(b)
....................
$
287,000
$
279,763
6
.06
%
(
SOFR
+
145
bps
)
,
10/24/25
,
Callable
10/24/24
@
100
(b)
..................
250,000
244,065
Citizens
Financial
Group,
Inc.
,
2
.64
%
,
9/30/32
,
Callable
7/2/32
@
100
.................
500,000
385,820
F&G
Global
Funding
,
2
.00
%
,
9/20/28
(a)
......................................
250,000
212,463
Farm
Credit
Bank
of
Texas
,
5
.70
%
(
H15T5Y
+
542
bps
)
,
Callable
9/15/25
@
100
(a)
(b)
(h)
....
296,000
281,200
Fidelity
National
Information
Services,
Inc.
,
5
.10
%
,
7/15/32
,
Callable
4/15/32
@
100
......
380,000
388,700
Fifth
Third
Bancorp
4
.50
%
(
H15T5Y
+
422
bps
)
,
Callable
9/30/25
@
100
(b)
(h)
......................
412,000
382,877
4
.34
%
(
SOFR
+
166
bps
)
,
4/25/33
,
Callable
4/25/32
@
100
(b)
....................
337,000
313,354
Global
Atlantic
Fin
Co.
3
.13
%
,
6/15/31
,
Callable
3/15/31
@
100
(a)
................................
250,000
204,902
7
.95
%
,
6/15/33
,
Callable
3/15/33
@
100
(a)
................................
274,000
303,945
Global
Payments,
Inc.
2
.90
%
,
11/15/31
,
Callable
8/15/31
@
100
..................................
500,000
427,445
4
.15
%
,
8/15/49
,
Callable
2/15/49
@
100
..................................
474,000
375,737
GTCR
W-2
Merger
Sub
LLC
,
7
.50
%
,
1/15/31
,
Callable
1/15/27
@
103.75
(a)
............
425,000
450,901
HUB
International
Ltd.
,
7
.25
%
,
6/15/30
,
Callable
6/15/26
@
103.63
(a)
................
31,000
32,728
Huntington
Bancshares,
Inc.
,
2
.49
%
(
H15T5Y
+
117
bps
)
,
8/15/36
,
Callable
8/15/31
@
100
(b)
.
500,000
378,048
JPMorgan
Chase
&
Co.
2
.96
%
(
TSFR3M
+
252
bps
)
,
5/13/31
,
Callable
5/13/30
@
100
(b)
..................
98,000
86,204
5
.72
%
(
SOFR
+
258
bps
)
,
9/14/33
,
Callable
9/14/32
@
100
(b)
....................
140,000
144,784
KeyBank
NA
,
4
.90
%
,
8/8/32
...............................................
347,000
305,806
KeyCorp.
,
4
.79
%
(
SOFRINDX
+
206
bps
)
,
6/1/33
,
Callable
6/1/32
@
100
,
MTN
(b)
........
367,000
337,314
M&T
Bank
Corp.
,
5
.75
%
,
10/1/24
...........................................
300,000
293,083
MetLife,
Inc.
,
9
.25
%
,
4/8/38
,
Callable
4/8/33
@
100
(a)
............................
470,000
531,407
Metropolitan
Life
Global
Funding
I
,
2
.40
%
,
1/11/32
(a)
............................
500,000
414,780
Morgan
Stanley
1
.93
%
(
SOFR
+
102
bps
)
,
4/28/32
,
Callable
4/28/31
@
100
,
MTN
(b)
...............
53,000
42,585
2
.48
%
(
SOFR
+
136
bps
)
,
9/16/36
,
Callable
9/16/31
@
100
(b)
....................
925,000
734,238
New
York
Life
Global
Funding
,
1
.85
%
,
8/1/31
(a)
................................
1,600,000
1,289,740
Northern
Trust
Corp.
,
6
.13
%
,
11/2/32
,
Callable
8/2/32
@
100
.......................
250,000
268,458
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
,
6
.20
%
,
6/15/30
,
Callable
4/15/30
@
100
(a)
189,000
198,271
Regions
Financial
Corp.
,
5
.75
%
(
H15T5Y
+
543
bps
)
,
Callable
6/15/25
@
100
(b)
(h)
........
149,000
144,865
State
Street
Corp.
,
4
.16
%
(
SOFR
+
173
bps
)
,
8/4/33
,
Callable
8/4/32
@
100
(b)
............
750,000
705,974
Texas
Capital
Bancshares,
Inc.
,
4
.00
%
(
H15T5Y
+
315
bps
)
,
5/6/31
,
Callable
5/6/26
@
100
(b)
.
500,000
433,978
The
Bank
of
New
York
Mellon
Corp.
,
4
.70
%
(
H15T5Y
+
436
bps
)
,
Callable
9/20/25
@
100
(b)
(h)
.........................................................
437,000
426,794
The
Charles
Schwab
Corp.
5
.37
%
(
H15T5Y
+
497
bps
)
,
Callable
6/1/25
@
100
(b)
(h)
.......................
1,389,000
1,370,526
5
.85
%
(
SOFR
+
250
bps
)
,
5/19/34
,
Callable
5/19/33
@
100
(b)
....................
315,000
324,712
The
Huntington
National
Bank
,
5
.50
%
(
TSFR3M
+
535
bps
)
,
5/6/30
,
Callable
5/6/25
@
100
(b)
750,000
708,465
The
PNC
Financial
Services
Group,
Inc.
,
4
.63
%
(
SOFRINDX
+
185
bps
)
,
6/6/33
,
Callable
6/6/32
@
100
(b)
....................................................
536,000
503,505
Truist
Financial
Corp.
5
.10
%
(
H15T10Y
+
435
bps
)
,
Callable
3/1/30
@
100
(b)
(h)
......................
331,000
302,097
4
.95
%
(
H15T5Y
+
461
bps
)
,
Callable
9/1/25
@
100
(b)
(h)
.......................
781,150
747,537
7
.16
%
(
SOFR
+
245
bps
)
,
10/30/29
,
Callable
10/30/28
@
100
,
MTN
(b)
.............
301,000
324,809
U.S.
Bancorp
,
4
.97
%
(
SOFR
+
211
bps
)
,
7/22/33
,
Callable
7/22/32
@
100
(b)
.............
891,000
845,594
Wells
Fargo
&
Co.
,
5
.90
%
,
Callable
6/15/24
@
100
(g)
(h)
..........................
1,509,000
1,498,271
Willis
North
America,
Inc.
,
5
.35
%
,
5/15/33
,
Callable
2/15/33
@
100
..................
239,000
241,576
21,524,630
Health
Care
(0.6%):
Alcon
Finance
Corp.
,
5
.75
%
,
12/6/52
,
Callable
6/6/52
@
100
(a)
.....................
250,000
268,384
Amgen,
Inc.
,
3
.00
%
,
1/15/52
,
Callable
7/15/51
@
100
.............................
350,000
245,111
Bio-Rad
Laboratories,
Inc.
,
3
.70
%
,
3/15/32
,
Callable
12/15/31
@
100
.................
125,000
112,501
Centene
Corp.
,
2
.50
%
,
3/1/31
,
Callable
12/1/30
@
100
............................
71,000
59,159
CVS
Health
Corp.
,
5
.63
%
,
2/21/53
,
Callable
8/21/52
@
100
........................
250,000
253,735
DENTSPLY
SIRONA,
Inc.
,
3
.25
%
,
6/1/30
,
Callable
3/1/30
@
100
....................
55,000
48,612
GE
HealthCare
Technologies,
Inc.
,
5
.91
%
,
11/22/32
,
Callable
8/22/32
@
100
............
250,000
266,613
HCA,
Inc.
3
.50
%
,
9/1/30
,
Callable
3/1/30
@
100
....................................
23,000
20,862
5
.90
%
,
6/1/53
,
Callable
12/1/52
@
100
...................................
24,000
24,644
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
124
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Prestige
Brands,
Inc.
,
3
.75
%
,
4/1/31
,
Callable
4/1/26
@
101.88
(a)
....................
$
209,000
$
183,466
Tenet
Healthcare
Corp.
,
4
.38
%
,
1/15/30
,
Callable
12/1/24
@
102.19
...................
50,000
46,414
1,529,501
Industrials
(2.4%):
American
Airlines
Pass
Through
Trust
4
.95
%
,
2/15/25
....................................................
76,500
73,948
3
.70
%
,
10/15/25
....................................................
268,125
248,723
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.
,
5
.75
%
,
4/20/29
(a)
................
828,539
808,173
Ashtead
Capital,
Inc.
,
2
.45
%
,
8/12/31
,
Callable
5/12/31
@
100
(a)
....................
250,000
203,494
Delta
Air
Lines
Pass
Through
Trust
,
2
.50
%
,
6/10/28
..............................
109,399
96,279
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
,
4
.75
%
,
10/20/28
(a)
.........................
437,127
429,749
GXO
Logistics,
Inc.
,
2
.65
%
,
7/15/31
,
Callable
4/15/31
@
100
.......................
2,000
1,643
HEICO
Corp.
,
5
.35
%
,
8/1/33
,
Callable
5/1/33
@
100
.............................
97,000
99,308
Kennametal,
Inc.
,
4
.63
%
,
6/15/28
,
Callable
3/15/28
@
100
.........................
125,000
121,953
Mileage
Plus
Holdings
LLC/Mileage
Plus
Intellectual
Property
Assets
Ltd.
,
6
.50
%
,
6/20/27
,
Callable
2/5/24
@
103.25
(a)
...........................................
1,419,151
1,423,206
Regal
Rexnord
Corp.
,
6
.40
%
,
4/15/33
,
Callable
1/15/33
@
100
(a)
....................
244,000
254,811
RXO,
Inc.
,
7
.50
%
,
11/15/27
,
Callable
11/15/24
@
103.75
(a)
........................
250,000
258,621
Southwest
Airlines
Co.
,
2
.63
%
,
2/10/30
,
Callable
11/10/29
@
100
....................
347,000
303,339
Spirit
AeroSystems,
Inc.
,
9
.38
%
,
11/30/29
,
Callable
11/30/25
@
104.69
(a)
..............
60,000
65,695
Spirit
Loyalty
Cayman
Ltd./Spirit
IP
Cayman
Ltd.
,
8
.00
%
,
9/20/25
,
Callable
1/16/24
@
104
(a)
78,314
56,878
The
Boeing
Co.
,
5
.81
%
,
5/1/50
,
Callable
11/1/49
@
100
...........................
924,000
958,348
The
Timken
Co.
,
4
.13
%
,
4/1/32
,
Callable
1/1/32
@
100
............................
444,000
409,029
XPO,
Inc.
,
6
.25
%
,
6/1/28
,
Callable
6/1/25
@
103.13
(a)
............................
610,000
620,255
6,433,452
Information
Technology
(1.1%):
Autodesk,
Inc.
,
2
.40
%
,
12/15/31
,
Callable
9/15/31
@
100
..........................
350,000
299,605
Booz
Allen
Hamilton,
Inc.
,
5
.95
%
,
8/4/33
,
Callable
5/4/33
@
100
....................
119,000
125,696
Broadcom,
Inc.
2
.60
%
,
2/15/33
,
Callable
11/15/32
@
100
(a)
................................
67,000
55,161
3
.42
%
,
4/15/33
,
Callable
1/15/33
@
100
(a)
................................
125,000
109,808
Neptune
Bidco
U.S.,
Inc.
,
9
.29
%
,
4/15/29
,
Callable
10/15/25
@
104.65
(a)
..............
65,000
60,754
Open
Text
Holdings,
Inc.
,
4
.13
%
,
12/1/31
,
Callable
12/1/26
@
102.06
(a)
...............
153,000
135,112
Oracle
Corp.
3
.85
%
,
7/15/36
,
Callable
1/15/36
@
100
..................................
387,000
337,381
3
.60
%
,
4/1/50
,
Callable
10/1/49
@
100
...................................
129,000
95,540
Trimble,
Inc.
,
6
.10
%
,
3/15/33
,
Callable
12/15/32
@
100
...........................
196,000
210,278
TSMC
Arizona
Corp.
,
2
.50
%
,
10/25/31
,
Callable
7/25/31
@
100
.....................
500,000
428,232
VMware
LLC
,
2
.20
%
,
8/15/31
,
Callable
5/15/31
@
100
...........................
500,000
413,805
Western
Digital
Corp.
,
3
.10
%
,
2/1/32
,
Callable
11/1/31
@
100
.......................
271,000
215,816
Workday,
Inc.
,
3
.80
%
,
4/1/32
,
Callable
1/1/32
@
100
.............................
125,000
116,479
ZoomInfo
Technologies
LLC/ZoomInfo
Finance
Corp.
,
3
.88
%
,
2/1/29
,
Callable
2/1/24
@
101.94
(a)
.........................................................
250,000
226,576
2,830,243
Materials
(0.9%):
Amcor
Finance
USA,
Inc.
,
5
.63
%
,
5/26/33
,
Callable
2/26/33
@
100
...................
141,000
146,658
Amcor
Flexibles
North
America,
Inc.
,
2
.69
%
,
5/25/31
,
Callable
2/25/31
@
100
(g)
.........
615,000
531,614
AptarGroup,
Inc.
,
3
.60
%
,
3/15/32
,
Callable
12/15/31
@
100
........................
150,000
135,385
Avery
Dennison
Corp.
,
2
.25
%
,
2/15/32
,
Callable
11/15/31
@
100
....................
41,000
33,913
Eagle
Materials,
Inc.
,
2
.50
%
,
7/1/31
,
Callable
4/1/31
@
100
........................
376,000
319,048
LYB
International
Finance
III
LLC
,
3
.38
%
,
10/1/40
,
Callable
4/1/40
@
100
.............
98,000
75,306
Reliance
Steel
&
Aluminum
Co.
,
2
.15
%
,
8/15/30
,
Callable
5/15/30
@
100
..............
355,000
301,229
The
Dow
Chemical
Co.
,
6
.90
%
,
5/15/53
,
Callable
11/15/52
@
100
....................
106,000
128,018
Vulcan
Materials
Co.
3
.50
%
,
6/1/30
,
Callable
3/1/30
@
100
....................................
610,000
567,503
4
.50
%
,
6/15/47
,
Callable
12/15/46
@
100
.................................
267,000
241,437
2,480,111
Real
Estate
(1.6%):
Alexandria
Real
Estate
Equities,
Inc.
,
1
.88
%
,
2/1/33
,
Callable
11/1/32
@
100
............
750,000
584,482
American
Tower
Trust
#1
,
5
.49
%
,
3/15/28
,
Callable
3/15/27
@
100
(a)
.................
260,000
263,717
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
125
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Boston
Properties
LP
,
2
.45
%
,
10/1/33
,
Callable
7/1/33
@
100
.......................
$
487,000
$
370,917
CBRE
Services,
Inc.
2
.50
%
,
4/1/31
,
Callable
1/1/31
@
100
....................................
292,000
246,751
5
.95
%
,
8/15/34
,
Callable
5/15/34
@
100
..................................
308,000
324,109
CoStar
Group,
Inc.
,
2
.80
%
,
7/15/30
,
Callable
4/15/30
@
100
(a)
......................
228,000
195,100
Crown
Castle,
Inc.
,
2
.90
%
,
4/1/41
,
Callable
10/1/40
@
100
.........................
264,000
188,768
EPR
Properties
,
3
.60
%
,
11/15/31
,
Callable
8/15/31
@
100
..........................
222,000
184,234
GLP
Capital
LP/GLP
Financing
II,
Inc.
,
3
.25
%
,
1/15/32
,
Callable
10/15/31
@
100
........
233,000
197,315
Jones
Lang
LaSalle,
Inc.
,
6
.88
%
,
12/1/28
,
Callable
11/1/28
@
100
....................
91,000
96,290
RHP
Hotel
Properties
LP/RHP
Finance
Corp.
,
7
.25
%
,
7/15/28
,
Callable
7/15/25
@
103.63
(a)
31,000
32,260
SBA
Tower
Trust
2
.84
%
,
1/15/25
,
Callable
2/5/24
@
100
(a)
.................................
163,000
157,404
6
.60
%
,
1/15/28
,
Callable
1/15/27
@
100
(a)
................................
211,000
216,860
2
.59
%
,
10/15/31
(a)
..................................................
500,000
402,140
The
NHP
Foundation
,
6
.00
%
,
12/1/33
,
Callable
6/1/33
@
100
.......................
179,000
196,886
VICI
Properties
LP/VICI
Note
Co.,
Inc.
,
4
.13
%
,
8/15/30
,
Callable
2/15/25
@
102.06
(a)
....
724,000
663,326
4,320,559
Utilities
(0.1%):
Duquesne
Light
Holdings,
Inc.
,
2
.78
%
,
1/7/32
,
Callable
10/7/31
@
100
(a)
..............
100,000
79,834
Entergy
Corp.
,
2
.40
%
,
6/15/31
,
Callable
3/5/31
@
100
............................
125,000
104,608
184,442
Total
Corporate
Bonds
(Cost
$51,801,344)
50,623,359
Yankee
Dollars
(4.5%)
Communication
Services
(0.1%):
Rogers
Communications,
Inc.
3
.80
%
,
3/15/32
,
Callable
12/15/31
@
100
.................................
50,000
46,052
4
.55
%
,
3/15/52
,
Callable
9/15/51
@
100
..................................
250,000
218,462
264,514
Consumer
Discretionary
(0.0%):(e)
NCL
Corp.
Ltd.
,
7
.75
%
,
2/15/29
,
Callable
11/15/28
@
100
(a)
.......................
82,000
82,311
Nissan
Motor
Co.
Ltd.
,
4
.81
%
,
9/17/30
,
Callable
6/17/30
@
100
(a)
...................
97,000
90,762
173,073
Consumer
Staples
(0.2%):
Bacardi
Ltd./Bacardi-Martini
BV
,
5
.40
%
,
6/15/33
,
Callable
3/15/33
@
100
(a)
............
188,000
189,421
Becle
SAB
de
CV
,
2
.50
%
,
10/14/31
,
Callable
7/14/31
@
100
(a)
......................
500,000
400,663
590,084
Financials
(2.7%):
1375209
BC
Ltd.
,
9
.00
%
,
1/30/28
,
Callable
1/16/24
@
101
(a)
(g)
.....................
954,000
928,358
Allianz
SE
,
6
.35
%
(
H15T5Y
+
323
bps
)
,
9/6/53
,
Callable
3/6/33
@
100
(a)
(b)
.............
200,000
206,873
Avolon
Holdings
Funding
Ltd.
,
2
.75
%
,
2/21/28
,
Callable
12/21/27
@
100
(a)
............
190,000
168,781
Banco
Santander
SA
,
6
.92
%
,
8/8/33
.........................................
200,000
213,350
Bank
of
Montreal
,
3
.09
%
(
H15T5Y
+
140
bps
)
,
1/10/37
,
Callable
1/10/32
@
100
(b)
........
500,000
406,075
Barclays
PLC
,
3
.56
%
(
H15T5Y
+
290
bps
)
,
9/23/35
,
Callable
9/23/30
@
100
(b)
...........
750,000
643,790
BBVA
Bancomer
SA
,
8
.45
%
,
6/29/38
,
Callable
6/29/33
@
100
(a)
....................
116,000
123,021
BP
Capital
Markets
PLC
,
4
.38
%
(
H15T5Y
+
404
bps
)
,
Callable
6/22/25
@
100
(b)
(h)
........
250,000
246,816
Brookfield
Finance,
Inc.
,
2
.72
%
,
4/15/31
,
Callable
1/15/31
@
100
....................
600,000
509,151
Deutsche
Bank
AG
,
3
.74
%
(
SOFR
+
226
bps
)
,
1/7/33
,
Callable
10/7/31
@
100
(b)
..........
750,000
615,668
HSBC
Holdings
PLC
,
8
.11
%
(
SOFR
+
425
bps
)
,
11/3/33
,
Callable
11/3/32
@
100
(b)
........
50,000
57,604
ING
Groep
NV
,
6
.11
%
(
SOFR
+
209
bps
)
,
9/11/34
,
Callable
9/11/33
@
100
(b)
............
182,000
191,395
Lloyds
Banking
Group
PLC
3
.75
%
(
H15T1Y
+
180
bps
)
,
3/18/28
,
Callable
3/18/27
@
100
(b)
..................
250,000
239,367
7
.95
%
(
H15T1Y
+
375
bps
)
,
11/15/33
,
Callable
8/15/32
@
100
(b)
.................
152,000
174,368
Macquarie
Bank
Ltd.
,
3
.05
%
(
H15T5Y
+
170
bps
)
,
3/3/36
,
Callable
3/3/31
@
100
(a)
(b)
......
250,000
202,416
Mizuho
Financial
Group,
Inc.
,
2
.56
%
,
9/13/31
..................................
500,000
407,169
Societe
Generale
SA
3
.34
%
(
H15T1Y
+
160
bps
)
,
1/21/33
,
Callable
1/21/32
@
100
(a)
(b)
................
500,000
419,729
4
.03
%
(
H15T1Y
+
190
bps
)
,
1/21/43
,
Callable
1/21/42
@
100
(a)
(b)
................
250,000
179,031
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
126
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
UBS
Group
AG
,
3
.09
%
(
SOFR
+
173
bps
)
,
5/14/32
,
Callable
5/14/31
@
100
(a)
(b)
..........
$
500,000
$
426,193
Westpac
Banking
Corp.
,
3
.02
%
(
H15T5Y
+
153
bps
)
,
11/18/36
,
Callable
11/18/31
@
100
(b)
..
500,000
405,933
6,765,088
Health
Care
(0.1%):
STERIS
Irish
FinCo
Unlimited
Co.
,
2
.70
%
,
3/15/31
,
Callable
12/15/30
@
100
...........
400,000
343,941
Industrials
(0.3%):
Aircastle
Ltd.
,
6
.50
%
,
7/18/28
,
Callable
6/18/28
@
100
(a)
..........................
182,000
185,704
nVent
Finance
Sarl
,
5
.65
%
,
5/15/33
,
Callable
2/15/33
@
100
........................
320,000
324,197
VistaJet
Malta
Finance
PLC/Vista
Management
Holding,
Inc.
,
9
.50
%
,
6/1/28
,
Callable
6/1/25
@
104.75
(a)
(g)
....................................................
160,000
135,363
645,264
Information
Technology
(0.3%):
NXP
BV/NXP
Funding
LLC/NXP
USA,
Inc.
,
2
.65
%
,
2/15/32
,
Callable
11/15/31
@
100
....
250,000
210,726
Open
Text
Corp.
,
6
.90
%
,
12/1/27
,
Callable
11/1/27
@
100
(a)
........................
144,000
149,916
Seagate
HDD
Cayman
,
8
.50
%
,
7/15/31
,
Callable
7/15/26
@
104.25
(a)
.................
40,000
43,484
SK
Hynix,
Inc.
,
6
.50
%
,
1/17/33
(a)
...........................................
322,000
339,844
743,970
Materials
(0.1%):
ArcelorMittal
SA
,
6
.80
%
,
11/29/32
,
Callable
8/29/32
@
100
........................
125,000
135,223
Yara
International
ASA
,
7
.38
%
,
11/14/32
,
Callable
8/14/32
@
100
(a)
..................
50,000
55,814
191,037
Real
Estate
(0.6%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust
,
2
.50
%
,
10/15/31
,
Callable
7/15/31
@
100
(a)
...........................................................
2,142,000
1,730,487
Utilities
(0.1%):
GENM
Capital
Labuan
Ltd.
,
3
.88
%
,
4/19/31
,
Callable
1/19/31
@
100
(a)
...............
200,000
170,905
Total
Yankee
Dollars
(Cost
$12,524,146)
11,618,363
Municipal
Bonds
(0.3%)
Louisiana
(0.1%):
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
,
Series
A
,
4
.48
%
,
8/1/39
.......................................
145,000
140,454
Montana
(0.1%):
Montana
Facility
Finance
Authority
Revenue
,
2
.44
%
,
8/15/31
.......................
250,000
210,246
New
York
(0.1%):
New
York
City
Housing
Development
Corp.
Revenue
,
3
.76
%
,
1/1/29
..................
250,000
236,576
South
Carolina
(0.0%):(e)
County
of
Charleston
SC
Revenue
,
1
.92
%
,
12/1/29
...............................
250,000
214,503
Tennessee
(0.0%):(e)
Metropolitan
Government
Nashville
&
Davidson
County
Sports
Authority
Revenue
,
Series
D
,
5
.27
%
,
7/1/35
.....................................................
75,000
78,015
Total
Municipal
Bonds
(Cost
$970,000)
879,794
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
127
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
U.S.
Government
Agency
Mortgages
(11.3%)
Federal
Home
Loan
Mortgage
Corporation
3
.00
%
,
1/1/52
-
5/1/52
...............................................
$
447,073
$
396,126
3
.50
%
,
7/1/52
.....................................................
322,057
295,492
4
.00
%
,
1/1/43
.....................................................
243,967
235,151
4
.50
%
,
11/1/42
-
10/1/52
..............................................
930,077
905,190
5
.00
%
,
12/1/42
-
6/1/53
..............................................
2,493,507
2,473,116
5
.50
%
,
8/1/38
-
6/1/53
...............................................
1,014,533
1,022,984
6
.00
%
,
8/1/53
.....................................................
450,804
457,760
5,785,819
Federal
National
Mortgage
Association
2
.50
%
,
10/1/50
-
7/1/52
..............................................
973,185
827,595
3
.00
%
,
12/1/51
....................................................
256,214
226,345
3
.50
%
,
12/1/42
-
8/1/52
..............................................
1,198,060
1,104,859
4
.00
%
,
4/1/38
-
9/1/52
...............................................
2,687,875
2,559,574
4
.50
%
,
6/1/52
-
9/1/52
...............................................
1,804,892
1,749,994
5
.00
%
,
12/1/37
-
4/1/53
..............................................
803,001
803,338
5
.50
%
,
6/1/52
-
10/1/52
..............................................
1,296,901
1,304,660
6
.00
%
,
7/1/52
-
10/1/53
..............................................
982,125
998,103
9,574,468
Government
National
Mortgage
Association
2
.50
%
,
6/20/53
-
9/20/53
.............................................
954,275
836,045
3
.00
%
,
9/20/52
-
11/20/52
.............................................
2,016,035
1,822,739
3
.50
%
,
2/20/52
-
8/20/52
.............................................
1,132,916
1,052,858
4
.00
%
,
11/20/52
-
5/20/53
.............................................
1,125,020
1,072,841
4
.50
%
,
9/20/52
-
9/20/53
.............................................
1,074,355
1,047,823
5
.00
%
,
8/20/38
-
9/20/53
.............................................
1,831,677
1,823,045
5
.50
%
,
4/20/53
-
11/20/53
.............................................
2,519,167
2,538,091
5
.50
%
,
1/20/54
....................................................
300,000
301,963
6
.00
%
,
7/20/53
-
10/20/53
.............................................
2,210,759
2,247,251
6
.50
%
,
1/20/54
....................................................
1,250,000
1,281,165
14,023,821
Total
U.S.
Government
Agency
Mortgages
(Cost
$29,246,650)
29,384,108
U.S.
Treasury
Obligations
(21.8%)
U.S.
Treasury
Bonds
1
.38
%
,
11/15/40
....................................................
2,500,000
1,661,328
1
.75
%
,
8/15/41
....................................................
14,650,000
10,204,640
3
.38
%
,
8/15/42
....................................................
2,275,000
2,032,215
3
.88
%
,
5/15/43
....................................................
796,000
760,429
4
.38
%
,
8/15/43
....................................................
1,500,000
1,533,984
4
.75
%
,
11/15/43
....................................................
304,000
326,658
1
.25
%
,
5/15/50
....................................................
1,000,000
540,469
2
.00
%
,
8/15/51
....................................................
4,250,000
2,783,086
3
.63
%
,
2/15/53
....................................................
763,000
706,371
3
.63
%
,
5/15/53
....................................................
921,000
853,796
4
.13
%
,
8/15/53
....................................................
6,583,000
6,672,488
4
.75
%
,
11/15/53
....................................................
1,743,000
1,960,330
U.S.
Treasury
Notes
1
.88
%
,
2/15/32
....................................................
6,150,000
5,289,961
2
.75
%
,
8/15/32
....................................................
5,020,000
4,600,359
3
.50
%
,
2/15/33
....................................................
5,543,000
5,377,576
3
.38
%
,
5/15/33
....................................................
5,269,000
5,059,887
3
.88
%
,
8/15/33
....................................................
5,250,000
5,246,719
4
.50
%
,
11/15/33
....................................................
911,000
957,119
Total
U.S.
Treasury
Obligations
(Cost
$58,032,452)
56,567,415
Commercial
Paper
(4.6%)
Consumer
Discretionary
(0.9%):
AutoNation,
Inc.
,
5
.91
%
,
1/3/24
(a)
(i)
.........................................
2,300,000
2,298,169
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
128
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Energy
(0.9%):
Marathon
Oil
Corp.
,
6
.05
%
,
1/2/24
(a)
(i)
.......................................
$
2,500,000
$
2,498,492
Industrials
(0.6%):
Aviation
Capital
Group
LLC
,
5
.88
%
,
1/3/24
(a)
(i)
................................
600,000
599,541
Global
Payments,
Inc.
,
5
.99
%
,
1/10/24
(a)
(i)
....................................
1,000,000
997,968
1,597,509
Information
Technology
(0.8%):
Arrow
Electronics,
Inc.
,
5
.76
%
,
1/9/24
(a)
(i)
....................................
1,300,000
1,297,698
Jabil,
Inc.
,
6
.11
%
,
1/3/24
(a)
(i)
..............................................
700,000
699,409
1,997,107
Materials
(0.9%):
FMC
Corp.
,
6
.01
%
,
1/2/24
(a)
(i)
............................................
2,400,000
2,398,386
Utilities
(0.5%):
Arizona
Public
Service
,
5
.40
%
,
1/3/24
(a)
(i)
....................................
1,200,000
1,199,096
Total
Commercial
Paper
(Cost
$11,994,573)
11,988,759
Shares
Collateral
for
Securities
Loaned
(0.6%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(j)
........
391,437
391,437
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(j)
............
391,437
391,437
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(j)
................
391,437
391,437
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(j)
.
391,437
391,437
Total
Collateral
for
Securities
Loaned
(Cost
$1,565,748)
1,565,748
Total
Investments
(Cost
$267,692,736)
—
99.9%
259,894,765
Other
assets
in
excess
of
liabilities
—
0.1%
155,740
NET
ASSETS
-
100.00%
$
260,050,505
At
December
31,
2023,
the
Fund's
investments
in
foreign
securities
were
11.6%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
December
31,
2023,
the
fair
value
of
these
securities
was
$119,667,304
and
amounted
to
46.0%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
December
31,
2023.
(c)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
December
31,
2023.
(d)
Security
is
interest
only.
(e)
Amount
represents
less
than
0.05%
of
net
assets.
(f)
The
rates
for
this
senior
secured
loan
will
be
known
on
settlement
date
of
the
loan,
subsequent
to
this
report
date.
Senior
secured
loans
have
rates
that
will
fluctuate
over
time
in
line
with
prevailing
interest
rates.
(g)
All
or
a
portion
of
this
security
is
on
loan.
(h)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(i)
Rate
represents
the
effective
yield
at
December
31,
2023.
(j)
Rate
disclosed
is
the
daily
yield
on
December
31,
2023.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CLO
—
Collateralized
Loan
Obligations
CMO
—
Collateralized
Mortgage
Obligations
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
December
31,
2023.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
December
31,
2023.
H15T10Y
—
10
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
December
31,
2023.
LIBOR
—
London
Interbank
Offered
Rate
LIBOR01M
—
1
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
December
31,
2023,
based
on
the
last
reset
date
of
the
security.
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
129
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of  December
31,
2023.
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
December
31,
2023.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
December
31,
2023.
TSFR1M
—
1
month
Term
SOFR,
rate
disclosed
as
of
December
31,
2023.
TSFR3M
—
3
month
Term
SOFR,
rate
disclosed
as
of
December
31,
2023.
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
10-Year
U.S.
Treasury
Note
Futures
......
59
3/19/24
$
6,445,067
$
6,660,547
$
215,480
30-Year
U.S.
Treasury
Note
Futures
......
50
3/19/24
5,793,488
6,246,875
453,387
5-Year
U.S.
Treasury
Note
Futures
.......
12
3/28/24
1,276,341
1,305,281
28,940
$
697,807
Total
unrealized
appreciation
$
697,807
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
697,807
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
130
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Corporate
Bonds
(70.4%)
Communication
Services
(6.2%):
AT&T,
Inc.
,
3
.10
%
,
2/1/43
,
Callable
8/1/42
@
100
(a)
.............................
$
2,000,000
$
1,507,393
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
,
5
.38
%
,
4/1/38
,
Callable
10/1/37
@
100
.........................................
750,000
678,124
Comcast
Corp.
,
2
.89
%
,
11/1/51
,
Callable
5/1/51
@
100
(b)
..........................
1,000,000
677,209
Discovery
Communications
LLC
,
3
.95
%
,
3/20/28
,
Callable
12/20/27
@
100
.............
500,000
476,260
Paramount
Global
3
.38
%
,
2/15/28
,
Callable
11/15/27
@
100
..................................
445,000
406,722
4
.20
%
,
6/1/29
,
Callable
3/1/29
@
100
....................................
750,000
701,686
T-Mobile
US,
Inc.
2
.55
%
,
2/15/31
,
Callable
11/15/30
@
100
..................................
1,500,000
1,291,277
2
.25
%
,
11/15/31
,
Callable
8/15/31
@
100
..................................
500,000
416,047
Verizon
Communications,
Inc.
1
.75
%
,
1/20/31
,
Callable
10/20/30
@
100
.................................
1,000,000
823,003
2
.88
%
,
11/20/50
,
Callable
5/20/50
@
100
..................................
1,000,000
681,336
Warnermedia
Holdings,
Inc.
,
5
.05
%
,
3/15/42
,
Callable
9/15/41
@
100
(b)
...............
389,000
342,973
8,002,030
Consumer
Discretionary
(4.4%):
Advance
Auto
Parts,
Inc.
,
3
.50
%
,
3/15/32
,
Callable
12/15/31
@
100
...................
250,000
206,692
AutoNation,
Inc.
,
3
.85
%
,
3/1/32
,
Callable
12/1/31
@
100
..........................
500,000
445,165
Brunswick
Corp.
,
4
.40
%
,
9/15/32
,
Callable
6/15/32
@
100
.........................
250,000
227,765
Daimler
Truck
Finance
North
America
LLC
,
2
.38
%
,
12/14/28
(b)
.....................
350,000
311,246
Genuine
Parts
Co.
6
.50
%
,
11/1/28
,
Callable
10/1/28
@
100
..................................
175,000
185,927
2
.75
%
,
2/1/32
,
Callable
11/1/31
@
100
...................................
167,000
139,721
Hasbro,
Inc.
,
3
.55
%
,
11/19/26
,
Callable
9/19/26
@
100
............................
250,000
237,081
Kohl's
Corp.
,
4
.63
%
,
5/1/31
,
Callable
2/1/31
@
100
..............................
250,000
197,514
Lithia
Motors,
Inc.
,
3
.88
%
,
6/1/29
,
Callable
6/1/24
@
101.94
(b)
.....................
250,000
226,680
Lowe's
Cos.,
Inc.
,
2
.80
%
,
9/15/41
,
Callable
3/15/41
@
100
.........................
1,000,000
729,851
Marriott
International,
Inc.
,
3
.50
%
,
10/15/32
,
Callable
7/15/32
@
100
.................
250,000
222,914
Mattel,
Inc.
,
3
.75
%
,
4/1/29
,
Callable
4/1/24
@
101.88
(b)
...........................
250,000
228,545
Nissan
Motor
Acceptance
Co.
LLC
,
6
.95
%
,
9/15/26
(b)
............................
250,000
258,450
Tapestry,
Inc.
7
.35
%
,
11/27/28
,
Callable
10/27/28
@
100
.................................
125,000
131,189
7
.85
%
,
11/27/33
,
Callable
8/27/33
@
100
..................................
125,000
133,476
The
Home
Depot,
Inc.
,
2
.38
%
,
3/15/51
,
Callable
9/15/50
@
100
.....................
600,000
381,066
Tractor
Supply
Co.
1
.75
%
,
11/1/30
,
Callable
8/1/30
@
100
...................................
500,000
410,051
5
.25
%
,
5/15/33
,
Callable
2/15/33
@
100
..................................
250,000
256,545
Volkswagen
Group
of
America
Finance
LLC
,
4
.60
%
,
6/8/29
,
Callable
4/8/29
@
100
(b)
.....
500,000
489,237
5,419,115
Consumer
Staples
(4.3%):
Anheuser-Busch
InBev
Worldwide,
Inc.
,
3
.50
%
,
6/1/30
,
Callable
3/1/30
@
100
..........
500,000
476,553
BAT
Capital
Corp.
,
6
.42
%
,
8/2/33
,
Callable
5/2/33
@
100
..........................
200,000
209,421
Bunge
Ltd.
Finance
Corp.
,
2
.75
%
,
5/14/31
,
Callable
2/14/31
@
100
...................
500,000
435,112
Church
&
Dwight
Co.,
Inc.
,
2
.30
%
,
12/15/31
,
Callable
9/15/31
@
100
.................
250,000
212,281
Dollar
General
Corp.
,
5
.20
%
,
7/5/28
,
Callable
6/5/28
@
100
........................
250,000
253,514
General
Mills,
Inc.
,
2
.25
%
,
10/14/31
,
Callable
7/14/31
@
100
.......................
450,000
378,520
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
,
5
.75
%
,
4/1/33
,
Callable
1/1/33
@
100
(b)
.........................................................
250,000
246,961
Keurig
Dr
Pepper,
Inc.
3
.95
%
,
4/15/29
,
Callable
2/15/29
@
100
..................................
250,000
243,638
4
.50
%
,
4/15/52
,
Callable
10/15/51
@
100
.................................
325,000
297,328
McCormick
&
Co.,
Inc.
,
1
.85
%
,
2/15/31
,
Callable
11/15/30
@
100
...................
500,000
411,399
Philip
Morris
International,
Inc.
,
5
.63
%
,
9/7/33
,
Callable
6/7/33
@
100
................
500,000
523,052
Sodexo,
Inc.
,
2
.72
%
,
4/16/31
,
Callable
1/16/31
@
100
(b)
..........................
750,000
637,614
Sysco
Corp.
,
2
.45
%
,
12/14/31
,
Callable
9/14/31
@
100
............................
500,000
423,169
The
J.M.
Smucker
Co.
6
.50
%
,
11/15/43
,
Callable
5/15/43
@
100
..................................
225,000
250,961
6
.50
%
,
11/15/53
,
Callable
5/15/53
@
100
..................................
225,000
259,889
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
131
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Walgreens
Boots
Alliance,
Inc.
,
4
.10
%
,
4/15/50
,
Callable
10/15/49
@
100
..............
$
250,000
$
181,475
5,440,887
Energy
(2.6%):
Apache
Corp.
,
4
.25
%
,
1/15/44
,
Callable
7/15/43
@
100
............................
250,000
174,101
Columbia
Pipelines
Operating
Co.
LLC
,
6
.54
%
,
11/15/53
,
Callable
5/15/53
@
100
(b)
......
200,000
219,809
ConocoPhillips
Co.
,
5
.55
%
,
3/15/54
,
Callable
9/15/53
@
100
.......................
250,000
266,109
DCP
Midstream
Operating
LP
,
5
.60
%
,
4/1/44
,
Callable
10/1/43
@
100
.................
250,000
244,178
Energy
Transfer
LP
,
6
.50
%
(
H15T5Y
+
569
bps
)
,
Callable
11/15/26
@
100
(c)
(d)
...........
250,000
237,650
MPLX
LP
,
4
.70
%
,
4/15/48
,
Callable
10/15/47
@
100
.............................
500,000
431,969
Occidental
Petroleum
Corp.
,
4
.40
%
,
8/15/49
,
Callable
2/15/49
@
100
.................
400,000
299,436
Patterson-UTI
Energy,
Inc.
,
7
.15
%
,
10/1/33
,
Callable
7/1/33
@
100
...................
250,000
265,036
Phillips
66
Co.
,
4
.90
%
,
10/1/46
,
Callable
4/1/46
@
100
(b)
..........................
250,000
234,034
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
,
3
.80
%
,
9/15/30
,
Callable
6/15/30
@
100
500,000
460,548
Targa
Resources
Partners
LP/Targa
Resources
Partners
Finance
Corp.
,
5
.50
%
,
3/1/30
,
Callable
3/1/25
@
102.75
...................................................
250,000
249,743
Western
Midstream
Operating
LP
,
5
.25
%
,
2/1/50
,
Callable
8/1/49
@
100
...............
350,000
312,624
3,395,237
Financials
(21.3%):
Ally
Financial,
Inc.
,
7
.10
%
,
11/15/27
,
Callable
10/15/27
@
100
......................
278,000
289,756
American
Express
Co.
,
4
.99
%
(
SOFR
+
226
bps
)
,
5/26/33
,
Callable
2/26/32
@
100
(c)
.......
500,000
498,738
AmFam
Holdings,
Inc.
,
2
.81
%
,
3/11/31
,
Callable
12/11/30
@
100
(b)
..................
500,000
383,896
Assurant,
Inc.
,
2
.65
%
,
1/15/32
,
Callable
10/15/31
@
100
...........................
250,000
202,496
Aviation
Capital
Group
LLC
,
6
.75
%
,
10/25/28
,
Callable
9/25/28
@
100
(b)
..............
250,000
260,480
Bank
of
America
Corp.
4
.38
%
(
H15T5Y
+
276
bps
)
,
Callable
1/27/27
@
100
(c)
(d)
......................
500,000
447,372
3
.42
%
(
TSFR3M
+
130
bps
)
,
12/20/28
,
Callable
12/20/27
@
100
(c)
................
1,250,000
1,176,828
2
.69
%
(
SOFR
+
132
bps
)
,
4/22/32
,
Callable
4/22/31
@
100
(c)
....................
1,750,000
1,477,656
Blue
Owl
Credit
Income
Corp.
,
4
.70
%
,
2/8/27
,
Callable
1/8/27
@
100
(b)
...............
375,000
354,650
Blue
Owl
Finance
LLC
,
3
.13
%
,
6/10/31
,
Callable
3/10/31
@
100
(b)
..................
250,000
205,694
BMW
U.S.
Capital
LLC
,
3
.70
%
,
4/1/32
,
Callable
1/1/32
@
100
(b)
....................
250,000
233,325
Capital
One
Financial
Corp.
,
5
.82
%
(
SOFR
+
260
bps
)
,
2/1/34
,
Callable
2/1/33
@
100
(c)
.....
500,000
497,984
Citizens
Bank
NA
4
.12
%
(
SOFR
+
140
bps
)
,
5/23/25
,
Callable
5/23/24
@
100
(c)
....................
227,000
221,276
6
.06
%
(
SOFR
+
145
bps
)
,
10/24/25
,
Callable
10/24/24
@
100
(c)
..................
250,000
244,065
Corebridge
Global
Funding
,
5
.75
%
,
7/2/26
(b)
...................................
250,000
253,138
Cullen/Frost
Bankers,
Inc.
,
4
.50
%
,
3/17/27
,
Callable
2/17/27
@
100
...................
500,000
477,628
F&G
Global
Funding
,
2
.00
%
,
9/20/28
(b)
......................................
250,000
212,463
Fells
Point
Funding
Trust
,
3
.05
%
,
1/31/27
,
Callable
12/31/26
@
100
(b)
................
750,000
707,198
Fifth
Third
Bancorp
,
4
.50
%
(
H15T5Y
+
422
bps
)
,
Callable
9/30/25
@
100
(c)
(d)
...........
250,000
232,329
First
American
Financial
Corp.
,
2
.40
%
,
8/15/31
,
Callable
5/15/31
@
100
...............
750,000
592,715
Fiserv,
Inc.
,
5
.60
%
,
3/2/33
,
Callable
12/2/32
@
100
..............................
250,000
261,381
Ford
Motor
Credit
Co.
LLC
,
6
.80
%
,
5/12/28
,
Callable
4/12/28
@
100
.................
250,000
261,145
Glencore
Funding
LLC
,
1
.63
%
,
4/27/26
,
Callable
3/27/26
@
100
(b)
...................
300,000
277,857
Global
Atlantic
Fin
Co.
,
3
.13
%
,
6/15/31
,
Callable
3/15/31
@
100
(b)
...................
250,000
204,902
Global
Payments,
Inc.
,
5
.40
%
,
8/15/32
,
Callable
5/15/32
@
100
......................
250,000
252,627
Huntington
Bancshares,
Inc.
4
.44
%
(
SOFR
+
197
bps
)
,
8/4/28
,
Callable
8/4/27
@
100
(c)
......................
250,000
242,369
2
.49
%
(
H15T5Y
+
117
bps
)
,
8/15/36
,
Callable
8/15/31
@
100
(c)
..................
500,000
378,048
JPMorgan
Chase
&
Co.
4
.60
%
(
TSFR3M
+
313
bps
)
,
Callable
2/1/25
@
100
(c)
(d)
.......................
500,000
481,638
2
.95
%
(
SOFR
+
117
bps
)
,
2/24/28
,
Callable
2/24/27
@
100
(c)
....................
250,000
235,199
2
.96
%
(
TSFR3M
+
252
bps
)
,
5/13/31
,
Callable
5/13/30
@
100
(c)
..................
250,000
219,908
1
.95
%
(
SOFR
+
107
bps
)
,
2/4/32
,
Callable
2/4/31
@
100
(c)
......................
1,250,000
1,017,352
3
.16
%
(
SOFR
+
146
bps
)
,
4/22/42
,
Callable
4/22/41
@
100
(c)
....................
500,000
387,981
3
.33
%
(
SOFR
+
158
bps
)
,
4/22/52
,
Callable
4/22/51
@
100
(c)
....................
1,000,000
749,871
KeyBank
NA
,
3
.90
%
,
4/13/29
..............................................
500,000
438,245
M&T
Bank
Corp.
,
5
.05
%
(
SOFR
+
185
bps
)
,
1/27/34
,
Callable
1/27/33
@
100
(c)
..........
250,000
236,845
MetLife,
Inc.
,
4
.13
%
,
8/13/42
..............................................
500,000
443,899
Morgan
Stanley
1
.59
%
(
SOFR
+
88
bps
)
,
5/4/27
,
Callable
5/4/26
@
100
(c)
.......................
2,250,000
2,072,576
1
.93
%
(
SOFR
+
102
bps
)
,
4/28/32
,
Callable
4/28/31
@
100
,
MTN
(c)
...............
250,000
200,873
2
.48
%
(
SOFR
+
136
bps
)
,
9/16/36
,
Callable
9/16/31
@
100
(c)
....................
250,000
198,443
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
132
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
2
.80
%
(
SOFR
+
143
bps
)
,
1/25/52
,
Callable
1/25/51
@
100
,
MTN
(c)
...............
$
1,000,000
$
667,103
New
York
Life
Global
Funding
,
1
.85
%
,
8/1/31
(b)
................................
500,000
403,044
Northern
Trust
Corp.
,
6
.13
%
,
11/2/32
,
Callable
8/2/32
@
100
.......................
500,000
536,917
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
,
6
.20
%
,
6/15/30
,
Callable
4/15/30
@
100
(b)
500,000
524,525
Primerica,
Inc.
,
2
.80
%
,
11/19/31
,
Callable
8/19/31
@
100
..........................
250,000
211,511
Protective
Life
Global
Funding
,
5
.47
%
,
12/8/28
(b)
...............................
300,000
308,195
Prudential
Financial,
Inc.
,
3
.94
%
,
12/7/49
,
Callable
6/7/49
@
100
....................
500,000
412,449
Regions
Bank
,
6
.45
%
,
6/26/37
.............................................
500,000
508,572
Santander
Holdings
USA,
Inc.
,
6
.57
%
(
SOFR
+
270
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(c)
.
250,000
258,026
State
Street
Corp.
,
5
.16
%
(
SOFR
+
189
bps
)
,
5/18/34
,
Callable
5/18/33
@
100
(c)
..........
250,000
252,091
Stewart
Information
Services
Corp.
,
3
.60
%
,
11/15/31
,
Callable
8/15/31
@
100
...........
250,000
194,664
The
Allstate
Corp.
,
8
.58
%
(
TSFR3M
+
320
bps
)
,
8/15/53
,
Callable
2/5/24
@
100
(c)
.........
500,000
498,329
The
Bank
of
New
York
Mellon
Corp.
,
4
.70
%
(
H15T5Y
+
436
bps
)
,
Callable
9/20/25
@
100
(c)
(d)
.........................................................
250,000
244,161
The
Charles
Schwab
Corp.
5
.37
%
(
H15T5Y
+
497
bps
)
,
Callable
6/1/25
@
100
(c)
(d)
.......................
250,000
246,675
5
.85
%
(
SOFR
+
250
bps
)
,
5/19/34
,
Callable
5/19/33
@
100
(c)
....................
150,000
154,625
The
Huntington
National
Bank
,
5
.65
%
,
1/10/30
,
Callable
11/10/29
@
100
..............
250,000
252,803
The
PNC
Financial
Services
Group,
Inc.
,
2
.55
%
,
1/22/30
,
Callable
10/24/29
@
100
.......
1,000,000
875,000
Truist
Financial
Corp.
5
.10
%
(
H15T10Y
+
435
bps
)
,
Callable
3/1/30
@
100
(c)
(d)
......................
500,000
456,341
1
.89
%
(
SOFR
+
86
bps
)
,
6/7/29
,
Callable
6/7/28
@
100
,
MTN
(c)
..................
1,000,000
864,186
US
Bancorp
,
5
.78
%
(
SOFR
+
202
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(c)
..............
250,000
256,780
W.R.
Berkley
Corp.
,
3
.55
%
,
3/30/52
,
Callable
9/30/51
@
100
.......................
250,000
179,907
Webster
Financial
Corp.
,
4
.10
%
,
3/25/29
,
Callable
12/25/28
@
100
...................
500,000
461,631
Wells
Fargo
&
Co.
5
.90
%
,
Callable
6/15/24
@
100
(d)
.......................................
436,000
432,900
2
.88
%
(
TSFR3M
+
143
bps
)
,
10/30/30
,
Callable
10/30/29
@
100
,
MTN
(c)
...........
250,000
222,141
26,953,422
Health
Care
(5.3%):
AbbVie,
Inc.
,
4
.25
%
,
11/21/49
,
Callable
5/21/49
@
100
...........................
500,000
446,241
Amgen,
Inc.
1
.65
%
,
8/15/28
,
Callable
6/15/28
@
100
..................................
500,000
442,151
4
.20
%
,
2/22/52
,
Callable
8/22/51
@
100
..................................
250,000
211,489
Baxter
International,
Inc.
,
2
.54
%
,
2/1/32
,
Callable
11/1/31
@
100
(b)
..................
250,000
209,763
Bio-Rad
Laboratories,
Inc.
,
3
.30
%
,
3/15/27
,
Callable
2/15/27
@
100
..................
250,000
237,468
Bristol-Myers
Squibb
Co.
5
.90
%
,
11/15/33
,
Callable
8/15/33
@
100
..................................
300,000
326,983
2
.55
%
,
11/13/50
,
Callable
5/13/50
@
100
..................................
500,000
316,887
CVS
Health
Corp.
,
1
.75
%
,
8/21/30
,
Callable
5/21/30
@
100
........................
1,500,000
1,239,947
DENTSPLY
SIRONA,
Inc.
,
3
.25
%
,
6/1/30
,
Callable
3/1/30
@
100
....................
1,000,000
883,863
Fresenius
Medical
Care
U.S.
Finance
III,
Inc.
,
2
.38
%
,
2/16/31
,
Callable
11/16/30
@
100
(b)
..
500,000
386,180
HCA,
Inc.
4
.38
%
,
3/15/42
,
Callable
9/15/41
@
100
..................................
94,000
79,597
5
.90
%
,
6/1/53
,
Callable
12/1/52
@
100
...................................
500,000
513,413
Illumina,
Inc.
,
2
.55
%
,
3/23/31
,
Callable
12/23/30
@
100
...........................
250,000
211,137
Revvity,
Inc.
,
2
.55
%
,
3/15/31
,
Callable
12/15/30
@
100
...........................
500,000
422,786
The
Cigna
Group
,
3
.40
%
,
3/1/27
,
Callable
12/1/26
@
100
..........................
500,000
481,908
Universal
Health
Services,
Inc.
,
2
.65
%
,
1/15/32
,
Callable
10/15/31
@
100
(b)
............
191,000
156,643
6,566,456
Industrials
(6.5%):
Acuity
Brands
Lighting,
Inc.
,
2
.15
%
,
12/15/30
,
Callable
9/15/30
@
100
................
750,000
622,401
Air
Lease
Corp.
,
2
.88
%
,
1/15/32
,
Callable
10/15/31
@
100
.........................
250,000
211,930
Ashtead
Capital,
Inc.
,
5
.50
%
,
8/11/32
,
Callable
5/11/32
@
100
(b)
....................
500,000
493,930
Burlington
Northern
Santa
Fe
LLC
,
3
.90
%
,
8/1/46
,
Callable
2/1/46
@
100
..............
500,000
424,262
Carlisle
Cos.,
Inc.
,
2
.75
%
,
3/1/30
,
Callable
12/1/29
@
100
.........................
700,000
621,114
Carrier
Global
Corp.
,
3
.38
%
,
4/5/40
,
Callable
10/5/39
@
100
.......................
400,000
322,221
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
,
4
.75
%
,
10/20/28
(b)
.........................
250,000
245,780
FedEx
Corp.
,
4
.05
%
,
2/15/48
,
Callable
8/15/47
@
100
............................
250,000
208,398
Fortune
Brands
Innovations,
Inc.
,
4
.00
%
,
3/25/32
,
Callable
12/25/31
@
100
.............
250,000
233,051
GXO
Logistics,
Inc.
,
2
.65
%
,
7/15/31
,
Callable
4/15/31
@
100
.......................
750,000
616,025
HEICO
Corp.
,
5
.25
%
,
8/1/28
,
Callable
7/1/28
@
100
.............................
250,000
255,378
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
133
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Hubbell,
Inc.
,
2
.30
%
,
3/15/31
,
Callable
12/15/30
@
100
...........................
$
500,000
$
420,471
Leidos,
Inc.
,
5
.75
%
,
3/15/33
,
Callable
12/15/32
@
100
............................
250,000
260,206
Otis
Worldwide
Corp.
,
3
.11
%
,
2/15/40
,
Callable
8/15/39
@
100
......................
500,000
400,765
Quanta
Services,
Inc.
,
2
.90
%
,
10/1/30
,
Callable
7/1/30
@
100
.......................
500,000
440,463
Regal
Rexnord
Corp.
,
6
.40
%
,
4/15/33
,
Callable
1/15/33
@
100
(b)
....................
81,000
84,589
RTX
Corp.
,
4
.20
%
,
12/15/44
,
Callable
6/15/44
@
100
.............................
250,000
205,593
Ryder
System,
Inc.
,
2
.85
%
,
3/1/27
,
Callable
2/1/27
@
100
,
MTN
.....................
500,000
469,618
The
Boeing
Co.
3
.63
%
,
2/1/31
,
Callable
11/1/30
@
100
...................................
500,000
464,840
5
.81
%
,
5/1/50
,
Callable
11/1/49
@
100
...................................
500,000
518,586
The
Timken
Co.
,
4
.13
%
,
4/1/32
,
Callable
1/1/32
@
100
............................
500,000
460,619
7,980,240
Information
Technology
(5.3%):
Autodesk,
Inc.
,
2
.40
%
,
12/15/31
,
Callable
9/15/31
@
100
..........................
750,000
642,010
Broadcom,
Inc.
,
2
.60
%
,
2/15/33
,
Callable
11/15/32
@
100
(b)
.......................
1,000,000
823,305
Dell
International
LLC/EMC
Corp.
5
.75
%
,
2/1/33
,
Callable
11/1/32
@
100
(a)
.................................
40,000
42,108
3
.38
%
,
12/15/41
,
Callable
6/15/41
@
100
(b)
...............................
500,000
378,626
Jabil,
Inc.
,
3
.00
%
,
1/15/31
,
Callable
10/15/30
@
100
..............................
500,000
433,026
Marvell
Technology,
Inc.
,
2
.45
%
,
4/15/28
,
Callable
2/15/28
@
100
...................
150,000
135,694
Micron
Technology,
Inc.
,
5
.88
%
,
2/9/33
,
Callable
11/9/32
@
100
.....................
250,000
260,877
Microsoft
Corp.
,
2
.53
%
,
6/1/50
,
Callable
12/1/49
@
100
...........................
250,000
171,014
Oracle
Corp.
1
.65
%
,
3/25/26
,
Callable
2/25/26
@
100
..................................
1,000,000
932,427
3
.60
%
,
4/1/50
,
Callable
10/1/49
@
100
...................................
650,000
481,401
Qorvo,
Inc.
,
3
.38
%
,
4/1/31
,
Callable
4/1/26
@
101.69
(b)
...........................
1,000,000
858,936
TSMC
Arizona
Corp.
,
2
.50
%
,
10/25/31
,
Callable
7/25/31
@
100
.....................
800,000
685,171
Western
Digital
Corp.
,
2
.85
%
,
2/1/29
,
Callable
12/1/28
@
100
.......................
250,000
214,490
Workday,
Inc.
,
3
.70
%
,
4/1/29
,
Callable
2/1/29
@
100
.............................
500,000
480,195
6,539,280
Materials
(4.4%):
Albemarle
Corp.
,
4
.65
%
,
6/1/27
,
Callable
5/1/27
@
100
...........................
250,000
245,710
Amcor
Finance
USA,
Inc.
,
5
.63
%
,
5/26/33
,
Callable
2/26/33
@
100
...................
227,000
236,108
AptarGroup,
Inc.
,
3
.60
%
,
3/15/32
,
Callable
12/15/31
@
100
........................
588,000
530,710
Avery
Dennison
Corp.
,
2
.25
%
,
2/15/32
,
Callable
11/15/31
@
100
....................
500,000
413,571
Bayport
Polymers
LLC
,
4
.74
%
,
4/14/27
,
Callable
3/14/27
@
100
(b)
...................
500,000
478,175
Celanese
U.S.
Holdings
LLC
,
6
.33
%
,
7/15/29
,
Callable
5/15/29
@
100
................
128,000
134,346
Eagle
Materials,
Inc.
,
2
.50
%
,
7/1/31
,
Callable
4/1/31
@
100
........................
250,000
212,133
Ecolab,
Inc.
,
2
.70
%
,
12/15/51
,
Callable
6/15/51
@
100
............................
250,000
170,822
LYB
International
Finance
III
LLC
5
.63
%
,
5/15/33
,
Callable
2/15/33
@
100
(a)
................................
150,000
156,932
4
.20
%
,
5/1/50
,
Callable
11/1/49
@
100
...................................
500,000
399,630
Packaging
Corp.
of
America
,
3
.05
%
,
10/1/51
,
Callable
4/1/51
@
100
..................
750,000
524,464
Reliance
Steel
&
Aluminum
Co.
,
2
.15
%
,
8/15/30
,
Callable
5/15/30
@
100
..............
500,000
424,266
Sealed
Air
Corp/Sealed
Air
Corp.
US
,
7
.25
%
,
2/15/31
,
Callable
11/15/26
@
103.63
(b)
.....
350,000
371,378
The
Dow
Chemical
Co.
,
6
.30
%
,
3/15/33
,
Callable
12/15/32
@
100
....................
500,000
551,748
WRKCo,
Inc.
,
3
.00
%
,
6/15/33
,
Callable
3/15/33
@
100
............................
750,000
646,962
5,496,955
Real
Estate
(4.6%):
Alexandria
Real
Estate
Equities,
Inc.
,
2
.00
%
,
5/18/32
,
Callable
2/18/32
@
100
...........
1,000,000
801,479
Boston
Properties
LP
,
2
.55
%
,
4/1/32
,
Callable
1/1/32
@
100
........................
500,000
398,504
CBRE
Services,
Inc.
2
.50
%
,
4/1/31
,
Callable
1/1/31
@
100
....................................
250,000
211,259
5
.95
%
,
8/15/34
,
Callable
5/15/34
@
100
..................................
250,000
263,075
Crown
Castle,
Inc.
2
.25
%
,
1/15/31
,
Callable
10/15/30
@
100
.................................
250,000
207,124
2
.90
%
,
4/1/41
,
Callable
10/1/40
@
100
...................................
250,000
178,757
ERP
Operating
LP
,
2
.85
%
,
11/1/26
,
Callable
8/1/26
@
100
.........................
500,000
475,011
Essex
Portfolio
LP
,
2
.65
%
,
3/15/32
,
Callable
12/15/31
@
100
.......................
500,000
418,387
GLP
Capital
LP/GLP
Financing
II,
Inc.
5
.38
%
,
4/15/26
,
Callable
1/15/26
@
100
..................................
200,000
199,094
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
134
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
3
.25
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
$
117,000
$
99,081
Highwoods
Realty
LP
,
2
.60
%
,
2/1/31
,
Callable
11/1/30
@
100
.......................
400,000
311,256
Host
Hotels
&
Resorts
LP
,
3
.50
%
,
9/15/30
,
Callable
6/15/30
@
100
...................
500,000
447,321
Kilroy
Realty
LP
,
2
.65
%
,
11/15/33
,
Callable
8/15/33
@
100
........................
650,000
493,270
Physicians
Realty
LP
,
2
.63
%
,
11/1/31
,
Callable
8/1/31
@
100
.......................
250,000
205,889
Retail
Opportunity
Investments
Partnership
LP
,
6
.75
%
,
10/15/28
,
Callable
9/15/28
@
100
...
250,000
262,882
SBA
Tower
Trust
,
6
.60
%
,
1/15/28
,
Callable
1/15/27
@
100
(b)
.......................
210,000
215,832
Simon
Property
Group
LP
,
2
.25
%
,
1/15/32
,
Callable
10/15/31
@
100
..................
250,000
207,764
VICI
Properties
LP
,
4
.75
%
,
2/15/28
,
Callable
1/15/28
@
100
........................
250,000
245,740
5,641,725
Utilities
(5.5%):
Alabama
Power
Co.
,
3
.13
%
,
7/15/51
,
Callable
1/15/51
@
100
.......................
500,000
357,467
Ameren
Corp.
,
3
.50
%
,
1/15/31
,
Callable
10/15/30
@
100
..........................
250,000
227,951
DTE
Electric
Co.
,
3
.65
%
,
3/1/52
,
Callable
9/1/51
@
100
...........................
500,000
394,984
Duke
Energy
Carolinas
LLC
,
2
.85
%
,
3/15/32
,
Callable
12/15/31
@
100
................
250,000
218,458
Duke
Energy
Florida
LLC
,
2
.40
%
,
12/15/31
,
Callable
9/15/31
@
100
..................
1,000,000
845,295
Duquesne
Light
Holdings,
Inc.
,
2
.78
%
,
1/7/32
,
Callable
10/7/31
@
100
(b)
..............
250,000
199,585
Entergy
Corp.
,
2
.40
%
,
6/15/31
,
Callable
3/5/31
@
100
............................
500,000
418,431
Florida
Power
&
Light
Co.
3
.15
%
,
10/1/49
,
Callable
4/1/49
@
100
...................................
250,000
184,297
2
.88
%
,
12/4/51
,
Callable
6/4/51
@
100
...................................
500,000
347,074
ITC
Holdings
Corp.
,
3
.35
%
,
11/15/27
,
Callable
8/15/27
@
100
......................
500,000
475,251
MidAmerican
Energy
Co.
,
2
.70
%
,
8/1/52
,
Callable
2/1/52
@
100
.....................
500,000
323,252
NextEra
Energy
Capital
Holdings,
Inc.
,
2
.44
%
,
1/15/32
,
Callable
10/15/31
@
100
.........
500,000
419,282
Oglethorpe
Power
Corp.
4
.20
%
,
12/1/42
....................................................
100,000
79,267
4
.50
%
,
4/1/47
,
Callable
10/1/46
@
100
...................................
312,000
264,947
Oncor
Electric
Delivery
Co.
LLC
,
3
.75
%
,
4/1/45
,
Callable
10/1/44
@
100
..............
500,000
414,144
PECO
Energy
Co.
,
3
.00
%
,
9/15/49
,
Callable
3/15/49
@
100
........................
500,000
357,312
Piedmont
Natural
Gas
Co.,
Inc.
,
5
.40
%
,
6/15/33
,
Callable
3/15/33
@
100
...............
250,000
257,469
Southwestern
Electric
Power
Co.
,
3
.25
%
,
11/1/51
,
Callable
5/1/51
@
100
...............
250,000
168,791
Union
Electric
Co.
,
2
.15
%
,
3/15/32
,
Callable
12/15/31
@
100
.......................
500,000
414,416
Wisconsin
Public
Service
Corp.
,
2
.85
%
,
12/1/51
,
Callable
6/1/51
@
100
...............
250,000
165,618
Xcel
Energy,
Inc.
,
2
.35
%
,
11/15/31
,
Callable
5/15/31
@
100
........................
500,000
411,821
6,945,112
Total
Corporate
Bonds
(Cost
$98,917,308)
88,380,459
Yankee
Dollars
(16.2%)
Communication
Services
(0.4%):
Rogers
Communications,
Inc.
,
4
.50
%
,
3/15/42
,
Callable
9/15/41
@
100
(b)
..............
500,000
442,173
Consumer
Staples
(0.8%):
Alimentation
Couche-Tard,
Inc.
,
2
.95
%
,
1/25/30
,
Callable
10/25/29
@
100
(b)
............
500,000
447,332
Bacardi
Ltd./Bacardi-Martini
BV
,
5
.40
%
,
6/15/33
,
Callable
3/15/33
@
100
(b)
............
300,000
302,267
Becle
SAB
de
CV
,
2
.50
%
,
10/14/31
,
Callable
7/14/31
@
100
(b)
......................
250,000
200,332
949,931
Energy
(0.8%):
Shell
International
Finance
BV
2
.75
%
,
4/6/30
,
Callable
1/6/30
@
100
(a)
..................................
500,000
457,272
2
.88
%
,
11/26/41
,
Callable
5/26/41
@
100
..................................
500,000
378,746
Var
Energi
ASA
,
8
.00
%
,
11/15/32
,
Callable
8/15/32
@
100
(b)
.......................
250,000
281,782
1,117,800
Financials
(10.3%):
Allianz
SE
,
6
.35
%
(
H15T5Y
+
323
bps
)
,
9/6/53
,
Callable
3/6/33
@
100
(b)
(c)
.............
200,000
206,873
Banco
Santander
SA
,
6
.92
%
,
8/8/33
.........................................
200,000
213,350
Bank
of
New
Zealand
,
2
.87
%
,
1/27/32
(b)
......................................
250,000
210,614
Barclays
PLC
5
.83
%
(
SOFR
+
221
bps
)
,
5/9/27
,
Callable
5/9/26
@
100
(c)
......................
250,000
252,162
4
.95
%
,
1/10/47
....................................................
1,000,000
936,527
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
135
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
BNP
Paribas
SA
,
4
.63
%
,
3/13/27
(b)
..........................................
$
500,000
$
490,122
BP
Capital
Markets
PLC
4
.38
%
(
H15T5Y
+
404
bps
)
,
Callable
6/22/25
@
100
(c)
(d)
......................
500,000
493,633
4
.87
%
(
H15T5Y
+
440
bps
)
,
Callable
3/22/30
@
100
(c)
(d)
......................
250,000
234,468
BPCE
SA
,
3
.25
%
,
1/11/28
(b)
..............................................
250,000
232,705
Brookfield
Finance,
Inc.
,
2
.72
%
,
4/15/31
,
Callable
1/15/31
@
100
....................
500,000
424,292
Canadian
Imperial
Bank
of
Commerce
7
.26
%
,
4/10/32
(b)
..................................................
203,645
216,872
6
.09
%
,
10/3/33
,
Callable
7/3/33
@
100
...................................
250,000
266,840
Commonwealth
Bank
of
Australia
,
2
.69
%
,
3/11/31
(b)
.............................
500,000
412,390
Credit
Agricole
SA
,
3
.25
%
,
10/4/24
(b)
........................................
500,000
491,341
Deutsche
Bank
AG
,
4
.87
%
(
USISOA05
+
255
bps
)
,
12/1/32
,
Callable
12/1/27
@
100
(c)
.....
500,000
467,282
HSBC
Holdings
PLC
,
2
.21
%
(
SOFR
+
129
bps
)
,
8/17/29
,
Callable
8/17/28
@
100
(c)
........
1,000,000
872,994
JAB
Holdings
BV
,
4
.50
%
,
4/8/52
,
Callable
10/8/51
@
100
(b)
.......................
250,000
194,248
Lloyds
Banking
Group
PLC
1
.63
%
(
H15T1Y
+
85
bps
)
,
5/11/27
,
Callable
5/11/26
@
100
(c)
...................
1,000,000
916,575
7
.95
%
(
H15T1Y
+
375
bps
)
,
11/15/33
,
Callable
8/15/32
@
100
(c)
.................
303,000
347,589
Macquarie
Bank
Ltd.
,
3
.05
%
(
H15T5Y
+
170
bps
)
,
3/3/36
,
Callable
3/3/31
@
100
(b)
(c)
......
500,000
404,833
NatWest
Group
PLC
,
1
.64
%
(
H15T1Y
+
90
bps
)
,
6/14/27
,
Callable
6/14/26
@
100
(c)
.......
1,000,000
913,177
Societe
Generale
SA
,
1
.49
%
(
H15T1Y
+
110
bps
)
,
12/14/26
,
Callable
12/14/25
@
100
(b)
(c)
..
500,000
460,312
Standard
Chartered
PLC
,
7
.77
%
(
H15T1Y
+
345
bps
)
,
11/16/28
,
Callable
11/16/27
@
100
(b)
(c)
500,000
539,596
Sumitomo
Mitsui
Financial
Group,
Inc.
,
2
.47
%
,
1/14/29
...........................
250,000
222,614
The
Bank
of
Nova
Scotia
,
4
.50
%
,
12/16/25
....................................
500,000
491,921
The
Toronto-Dominion
Bank
,
3
.63
%
(
USSW5
+
221
bps
)
,
9/15/31
,
Callable
9/15/26
@
100
(c)
.
500,000
480,347
UBS
Group
AG
4
.28
%
,
1/9/28
,
Callable
1/9/27
@
100
(b)
..................................
217,000
209,802
3
.09
%
(
SOFR
+
173
bps
)
,
5/14/32
,
Callable
5/14/31
@
100
(b)
(c)
..................
500,000
426,193
9
.02
%
(
SOFR
+
502
bps
)
,
11/15/33
,
Callable
11/15/32
@
100
(b)
(c)
................
250,000
307,491
Westpac
Banking
Corp.
,
4
.32
%
(
USISOA05
+
224
bps
)
,
11/23/31
,
Callable
11/23/26
@
100
(c)
.
500,000
480,916
12,818,079
Health
Care
(0.8%):
Olympus
Corp.
,
2
.14
%
,
12/8/26
,
Callable
11/8/26
@
100
(b)
........................
152,000
139,994
Royalty
Pharma
PLC
,
3
.55
%
,
9/2/50
,
Callable
3/2/50
@
100
(a)
......................
750,000
533,796
Smith
&
Nephew
PLC
,
2
.03
%
,
10/14/30
,
Callable
7/14/30
@
100
....................
475,000
392,573
1,066,363
Industrials
(1.3%):
Element
Fleet
Management
Corp.
,
6
.32
%
,
12/4/28
,
Callable
11/4/28
@
100
(b)
...........
250,000
258,194
Ferguson
Finance
PLC
3
.25
%
,
6/2/30
,
Callable
3/2/30
@
100
(b)
..................................
500,000
447,842
4
.65
%
,
4/20/32
,
Callable
1/20/32
@
100
(b)
................................
250,000
242,058
Pentair
Finance
Sarl
,
5
.90
%
,
7/15/32
,
Callable
4/15/32
@
100
.......................
500,000
519,233
Trane
Technologies
Financing
Ltd.
,
5
.25
%
,
3/3/33
,
Callable
12/3/32
@
100
.............
250,000
259,055
1,726,382
Information
Technology
(0.8%):
NXP
BV/NXP
Funding
LLC/NXP
USA,
Inc.
,
5
.00
%
,
1/15/33
,
Callable
10/15/32
@
100
....
250,000
249,577
Open
Text
Corp.
,
6
.90
%
,
12/1/27
,
Callable
11/1/27
@
100
(b)
.......................
338,000
351,885
SK
Hynix,
Inc.
,
6
.50
%
,
1/17/33
(b)
...........................................
321,000
338,789
940,251
Materials
(0.7%):
ArcelorMittal
SA
,
6
.80
%
,
11/29/32
,
Callable
8/29/32
@
100
........................
250,000
270,445
Braskem
Netherlands
Finance
BV
,
7
.25
%
,
2/13/33
,
Callable
11/13/32
@
100
(b)
..........
100,000
83,347
CCL
Industries,
Inc.
,
3
.25
%
,
10/1/26
,
Callable
7/1/26
@
100
(b)
......................
500,000
474,825
828,617
Real
Estate
(0.3%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust
,
2
.50
%
,
10/15/31
,
Callable
7/15/31
@
100
(b)
...........................................................
504,000
407,174
Total
Yankee
Dollars
(Cost
$21,877,303)
20,296,770
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
136
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
U.S.
Treasury
Obligations
(7.5%)
U.S.
Treasury
Bonds
3
.88
%
,
5/15/43
....................................................
$
1,000,000
$
955,313
3
.38
%
,
5/15/44
....................................................
1,000,000
882,813
4
.13
%
,
8/15/53
....................................................
1,000,000
1,013,594
U.S.
Treasury
Notes
1
.13
%
,
1/15/25
....................................................
1,250,000
1,204,248
4
.25
%
,
10/15/25
....................................................
2,000,000
1,996,483
1
.63
%
,
11/30/26
....................................................
2,250,000
2,103,222
3
.13
%
,
8/31/27
....................................................
200,000
194,422
1
.38
%
,
12/31/28
....................................................
1,250,000
1,109,180
Total
U.S.
Treasury
Obligations
(Cost
$9,409,007)
9,459,275
Commercial
Paper
(5.0%)
Consumer
Staples
(0.4%):
Sysco
Corp.
,
5
.64
%
,
1/4/24
(b)
(e)
............................................
556,000
555,499
Energy
(1.9%):
Kinder
Morgan
Energy
LP
,
5
.56
%
,
1/2/24
(b)
(e)
.................................
1,100,000
1,099,300
The
Williams
Cos.,
Inc.
,
5
.61
%
,
1/5/24
(b)
(e)
...................................
1,200,000
1,198,733
2,298,033
Financials
(0.7%):
American
Honda
Finance
,
5
.61
%
,
1/8/24
(b)
(e)
..................................
650,000
649,020
VW
Credit,
Inc.
,
5
.66
%
,
1/4/24
(b)
(e)
.........................................
250,000
249,774
898,794
Industrials
(1.8%):
Canadian
Pacific
Railway
Co.
,
5
.56
%
,
1/3/24
(b)
(e)
...............................
305,000
304,770
ERAC
USA
Finance
LLC
,
5
.51
%
,
1/3/24
(b)
(e)
..................................
500,000
499,623
Lennox
International,
Inc.
,
5
.61
%
,
1/4/24
(b)
(e)
..................................
1,099,000
1,097,991
Vulcan
Materials
Co.
,
5
.61
%
,
1/9/24
(b)
(e)
.....................................
347,000
346,420
2,248,804
Utilities
(0.2%):
Puget
Sound
Energy,
Inc.
,
5
.59
%
,
1/4/24
(b)
(e)
..................................
250,000
249,774
Total
Commercial
Paper
(Cost
$6,253,690)
6,250,904
Shares
Collateral
for
Securities
Loaned
(1.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(f)
........
350,489
350,489
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(f)
............
350,489
350,489
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(f)
................
350,489
350,489
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(f)
.
350,489
350,489
Total
Collateral
for
Securities
Loaned
(Cost
$1,401,956)
1,401,956
Total
Investments
(Cost
$137,859,264)
—
100.2%
125,789,364
Liabilities
in
excess
of
other
assets
—
(0.2)%
(
224,946
)
NET
ASSETS
-
100.00%
$
125,564,418
At
December
31,
2023,
the
Fund's
investments
in
foreign
securities
were
16.4%
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,
2023,
the
fair
value
of
these
securities
was
$28,577,137
and
amounted
to
22.8%
of
net
assets.
(c)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
December
31,
2023.
(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,
2023.
(f)
Rate
disclosed
is
the
daily
yield
on
December
31,
2023.
bps
—
Basis
points
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
137
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
December
31,
2023.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
December
31,
2023.
H15T10Y
—
10
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
December
31,
2023.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
TSFR3M
—
3
month
Term
SOFR,
rate
disclosed
as
of
December
31,
2023.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
December
31,
2023.
USSW5
—
USD
5
Year
Swap
Rate,
rate
disclosed
as
of
December
31,
2023.
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
II
VictoryShares
THB
Mid
Cap
ESG
ETF
138
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
Common
Stocks
(99.9%)
Aerospace
&
Defense
(4.1%):
HEICO
Corp.
..........................................................
597
$
106,785
Building
Products
(3.2%):
Carlisle
Cos.,
Inc.
.......................................................
266
83,106
Commercial
Services
&
Supplies
(10.0%):
Cintas
Corp.
..........................................................
168
101,247
Copart,
Inc.
(a)
.........................................................
1,313
64,337
Rollins,
Inc.
...........................................................
2,267
99,000
264,584
Consumer
Discretionary
(15.8%):
D.R.
Horton,
Inc.
.......................................................
728
110,641
NVR,
Inc.
(a)
..........................................................
17
119,008
Pool
Corp.
............................................................
238
94,893
Ross
Stores,
Inc.
.......................................................
669
92,583
417,125
Consumer
Staples
(3.0%):
Darling
Ingredients,
Inc.
(a)
................................................
1,569
78,199
Ground
Transportation
(8.2%):
J.B.
Hunt
Transport
Services,
Inc.
...........................................
373
74,503
Landstar
System,
Inc.
....................................................
333
64,485
Old
Dominion
Freight
Line,
Inc.
............................................
193
78,229
217,217
Health
Care
(9.6%):
Chemed
Corp.
.........................................................
158
92,391
Hologic,
Inc.
(a)
........................................................
1,151
82,239
West
Pharmaceutical
Services,
Inc.
..........................................
225
79,227
253,857
Information
Technology
(20.3%):
Amphenol
Corp.
,
Class
A
.................................................
1,130
112,017
ANSYS,
Inc.
(a)
........................................................
253
91,809
Keysight
Technologies,
Inc.
(a)
.............................................
430
68,409
Littelfuse,
Inc.
.........................................................
286
76,522
PTC,
Inc.
(a)
...........................................................
550
96,228
Teledyne
Technologies,
Inc.
(a)
.............................................
203
90,597
535,582
Machinery
(12.6%):
Graco,
Inc.
...........................................................
1,068
92,659
PACCAR,
Inc.
.........................................................
826
80,659
The
Toro
Co.
..........................................................
812
77,944
Westinghouse
Air
Brake
Technologies
Corp.
....................................
631
80,074
331,336
Materials
(3.3%):
NewMarket
Corp.
......................................................
158
86,241
Professional
Services
(3.2%):
CACI
International,
Inc.
,
Class
A
(a)
.........................................
257
83,232
Trading
Companies
&
Distributors
(6.6%):
Fastenal
Co.
...........................................................
1,500
97,155
Victory
Portfolios
II
VictoryShares
THB
Mid
Cap
ESG
ETF
139
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
W.W.
Grainger,
Inc.
.....................................................
92
$
76,239
173,394
Total
Common
Stocks
(Cost
$2,221,602)
2,630,658
Total
Investments
(Cost
$2,221,602)
—
99.9%
2,630,658
Other
assets
in
excess
of
liabilities
—
0.1%
2,936
NET
ASSETS
-
100.00%
$
2,633,594
(a)
Non-income
producing
security.
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
140
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
Common
Stocks
(99.6%)
Biotechnology
(4.9%):
AbbVie,
Inc.
..........................................................
26,122
$
4,048,126
Alnylam
Pharmaceuticals,
Inc.
(a)
...........................................
1,883
360,425
Amgen,
Inc.
...........................................................
7,986
2,300,128
Biogen,
Inc.
(a)
.........................................................
2,132
551,698
BioMarin
Pharmaceutical,
Inc.
(a)
...........................................
2,752
265,348
Exact
Sciences
Corp.
(a)
..................................................
2,642
195,455
Gilead
Sciences,
Inc.
....................................................
18,508
1,499,333
Incyte
Corp.
(a)
.........................................................
3,269
205,261
Moderna,
Inc.
(a)
.......................................................
5,040
501,228
Regeneron
Pharmaceuticals,
Inc.
(a)
..........................................
1,583
1,390,333
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
3,815
1,552,285
12,869,620
Communication
Services
(14.7%):
Alphabet,
Inc.
,
Class
C
(a)
.................................................
54,233
7,643,057
Alphabet,
Inc.
,
Class
A
(a)
.................................................
64,551
9,017,128
AT&T,
Inc.
...........................................................
78,397
1,315,502
Charter
Communications,
Inc.
,
Class
A
(a)
.....................................
1,123
436,488
Comcast
Corp.
,
Class
A
..................................................
44,776
1,963,429
Electronic
Arts,
Inc.
.....................................................
2,694
368,566
Endeavor
Group
Holdings,
Inc.
,
Class
A
.......................................
2,184
51,826
Fox
Corp.
,
Class
A
......................................................
2,715
80,554
Fox
Corp.
,
Class
B
......................................................
1,439
39,788
Liberty
Broadband
Corp.
,
Class
A
(a)
.........................................
183
14,757
Liberty
Broadband
Corp.
,
Class
C
(a)
.........................................
1,283
103,397
Liberty
Media
Corp.-Liberty
Formula
One
(a)
...................................
2,219
140,085
Live
Nation
Entertainment,
Inc.
(a)
...........................................
1,574
147,326
Meta
Platforms,
Inc.
,
Class
A
(a)
............................................
24,569
8,696,443
Netflix,
Inc.
(a)
.........................................................
4,822
2,347,736
Omnicom
Group,
Inc.
....................................................
2,142
185,304
Pinterest,
Inc.
,
Class
A
(a)
.................................................
6,338
234,760
ROBLOX
Corp.
,
Class
A
(a)
...............................................
5,139
234,955
Snap,
Inc.
,
Class
A
(a)
....................................................
11,036
186,839
Take-Two
Interactive
Software,
Inc.
(a)
........................................
1,708
274,903
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
4,866
350,157
The
Walt
Disney
Co.
....................................................
19,911
1,797,765
T-Mobile
US,
Inc.
......................................................
5,212
835,640
Verizon
Communications,
Inc.
..............................................
45,966
1,732,918
Warner
Bros
Discovery,
Inc.
(a)
.............................................
24,322
276,784
Warner
Music
Group
Corp.
,
Class
A
.........................................
1,454
52,039
38,528,146
Communications
Equipment
(0.7%):
Arista
Networks,
Inc.
(a)
..................................................
1,421
334,660
Cisco
Systems,
Inc.
.....................................................
23,182
1,171,154
Motorola
Solutions,
Inc.
..................................................
950
297,436
1,803,250
Consumer
Discretionary
(10.3%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
2,498
340,078
Amazon.com,
Inc.
(a)
....................................................
57,242
8,697,349
AutoZone,
Inc.
(a)
.......................................................
115
297,345
Best
Buy
Co.,
Inc.
......................................................
1,227
96,050
Booking
Holdings,
Inc.
(a)
.................................................
222
787,483
Carnival
Corp.
(a)
.......................................................
6,172
114,429
Chipotle
Mexican
Grill,
Inc.
(a)
.............................................
172
393,357
Coupang,
Inc.
(a)
.......................................................
7,273
117,750
D.R.
Horton,
Inc.
.......................................................
1,879
285,571
Darden
Restaurants,
Inc.
..................................................
763
125,361
Deckers
Outdoor
Corp.
(a)
.................................................
163
108,954
Domino's
Pizza,
Inc.
.....................................................
221
91,103
DoorDash,
Inc.
,
Class
A
(a)
................................................
1,648
162,971
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
141
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
DraftKings,
Inc.
(a)
......................................................
2,711
$
95,563
eBay,
Inc.
............................................................
3,350
146,127
Expedia
Group,
Inc.
(a)
...................................................
889
134,941
Ford
Motor
Co.
........................................................
24,698
301,069
General
Motors
Co.
.....................................................
8,686
312,001
Genuine
Parts
Co.
......................................................
887
122,850
Hilton
Worldwide
Holdings,
Inc.
............................................
1,619
294,804
Las
Vegas
Sands
Corp.
...................................................
2,273
111,854
Lennar
Corp.
,
Class
A
....................................................
1,580
235,483
LKQ
Corp.
...........................................................
1,680
80,287
Lowe's
Cos.,
Inc.
.......................................................
3,652
812,753
Lucid
Group,
Inc.
(a)
(b)
...................................................
5,348
22,515
Lululemon
Athletica,
Inc.
(a)
...............................................
704
359,948
Marriott
International,
Inc.
,
Class
A
..........................................
1,589
358,335
McDonald's
Corp.
......................................................
4,634
1,374,027
MGM
Resorts
International
(a)
..............................................
1,801
80,469
NIKE,
Inc.
,
Class
B
.....................................................
7,393
802,658
NVR,
Inc.
(a)
..........................................................
20
140,009
O'Reilly
Automotive,
Inc.
(a)
...............................................
376
357,230
Pool
Corp.
............................................................
241
96,089
PulteGroup,
Inc.
........................................................
1,384
142,856
Rivian
Automotive,
Inc.
,
Class
A
(a)
..........................................
4,161
97,617
Ross
Stores,
Inc.
.......................................................
2,114
292,556
Royal
Caribbean
Cruises
Ltd.
(a)
............................................
1,476
191,127
Starbucks
Corp.
........................................................
6,986
670,726
Tesla,
Inc.
(a)
..........................................................
17,866
4,439,344
The
Home
Depot,
Inc.
...................................................
6,320
2,190,195
The
TJX
Cos.,
Inc.
......................................................
7,228
678,059
Tractor
Supply
Co.
......................................................
695
149,446
Ulta
Beauty,
Inc.
(a)
.....................................................
314
153,857
Yum!
Brands,
Inc.
......................................................
1,782
232,836
27,095,432
Consumer
Staples
(14.8%):
Altria
Group,
Inc.
.......................................................
27,455
1,107,535
Archer-Daniels-Midland
Co.
...............................................
8,216
593,360
Brown-Forman
Corp.
,
Class
B
.............................................
4,643
265,115
Bunge
Global
SA
.......................................................
2,309
233,094
Celsius
Holdings,
Inc.
(a)
..................................................
2,346
127,904
Church
&
Dwight
Co.,
Inc.
................................................
3,841
363,205
Colgate-Palmolive
Co.
...................................................
12,860
1,025,071
Conagra
Brands,
Inc.
....................................................
7,316
209,677
Constellation
Brands,
Inc.
,
Class
A
..........................................
2,628
635,319
Costco
Wholesale
Corp.
..................................................
6,805
4,491,845
Dollar
General
Corp.
....................................................
3,436
467,124
Dollar
Tree,
Inc.
(a)
......................................................
3,454
490,641
General
Mills,
Inc.
......................................................
9,028
588,084
Hormel
Foods
Corp.
.....................................................
4,492
144,238
Kellanova
............................................................
4,421
247,178
Kenvue,
Inc.
..........................................................
27,069
582,795
Keurig
Dr
Pepper,
Inc.
...................................................
15,427
514,028
Kimberly-Clark
Corp.
....................................................
5,255
638,535
Lamb
Weston
Holdings,
Inc.
...............................................
2,242
242,338
McCormick
&
Co.,
Inc.
..................................................
3,895
266,496
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
2,994
183,263
Mondelez
International,
Inc.
,
Class
A
.........................................
21,259
1,539,788
Monster
Beverage
Corp.
(a)
................................................
11,791
679,280
PepsiCo,
Inc.
..........................................................
21,442
3,641,709
Philip
Morris
International,
Inc.
.............................................
24,210
2,277,677
Sysco
Corp.
...........................................................
7,808
570,999
Target
Corp.
..........................................................
7,229
1,029,554
The
Clorox
Co.
........................................................
1,912
272,632
The
Coca-Cola
Co.
......................................................
66,609
3,925,268
The
Estee
Lauder
Cos.,
Inc.
...............................................
3,559
520,504
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
142
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
The
Hershey
Co.
.......................................................
2,330
$
434,405
The
J.M.
Smucker
Co.
...................................................
1,593
201,323
The
Kraft
Heinz
Co.
.....................................................
17,181
635,353
The
Kroger
Co.
........................................................
11,022
503,816
The
Procter
&
Gamble
Co.
................................................
36,662
5,372,449
Tyson
Foods,
Inc.
,
Class
A
................................................
4,362
234,458
Walgreens
Boots
Alliance,
Inc.
.............................................
11,146
291,022
Walmart,
Inc.
..........................................................
22,356
3,524,423
39,071,505
Electronic
Equipment,
Instruments
&
Components
(0.4%):
Amphenol
Corp.
,
Class
A
.................................................
3,343
331,392
CDW
Corp.
...........................................................
759
172,536
Corning,
Inc.
..........................................................
4,360
132,762
Jabil,
Inc.
............................................................
707
90,072
Keysight
Technologies,
Inc.
(a)
.............................................
998
158,772
Teledyne
Technologies,
Inc.
(a)
.............................................
265
118,267
Trimble,
Inc.
(a)
........................................................
1,411
75,065
Zebra
Technologies
Corp.
(a)
...............................................
286
78,172
1,157,038
Health
Care
Equipment
&
Supplies
(5.6%):
Abbott
Laboratories
.....................................................
25,476
2,804,142
Align
Technology,
Inc.
(a)
.................................................
1,060
290,440
Baxter
International,
Inc.
.................................................
7,423
286,973
Becton
Dickinson
&
Co.
..................................................
4,271
1,041,398
Boston
Scientific
Corp.
(a)
.................................................
21,435
1,239,157
Dexcom,
Inc.
(a)
........................................................
5,600
694,904
Edwards
Lifesciences
Corp.
(a)
.............................................
8,865
675,956
GE
HealthCare
Technologies,
Inc.
...........................................
5,740
443,817
Hologic,
Inc.
(a)
........................................................
3,577
255,577
IDEXX
Laboratories,
Inc.
(a)
...............................................
1,216
674,941
Insulet
Corp.
(a)
........................................................
1,038
225,225
Intuitive
Surgical,
Inc.
(a)
.................................................
5,121
1,727,621
Medtronic
PLC
........................................................
19,685
1,621,650
ResMed,
Inc.
..........................................................
2,136
367,435
STERIS
PLC
..........................................................
1,469
322,960
Stryker
Corp.
..........................................................
5,269
1,577,855
The
Cooper
Cos.,
Inc.
....................................................
731
276,640
Zimmer
Biomet
Holdings,
Inc.
.............................................
3,082
375,079
14,901,770
Health
Care
Providers
&
Services
(6.3%):
Cardinal
Health,
Inc.
....................................................
3,646
367,517
Cencora,
Inc.
..........................................................
2,492
511,807
Centene
Corp.
(a)
.......................................................
7,883
584,997
CVS
Health
Corp.
......................................................
18,959
1,497,003
Elevance
Health,
Inc.
....................................................
3,483
1,642,443
HCA
Healthcare,
Inc.
....................................................
2,928
792,551
Humana,
Inc.
..........................................................
1,820
833,214
Laboratory
Corp.
of
America
Holdings
........................................
1,317
299,341
McKesson
Corp.
.......................................................
1,998
925,034
Molina
Healthcare,
Inc.
(a)
................................................
848
306,391
Quest
Diagnostics,
Inc.
...................................................
1,649
227,364
The
Cigna
Group
.......................................................
4,275
1,280,149
UnitedHealth
Group,
Inc.
.................................................
13,748
7,237,910
16,505,721
Health
Care
Technology
(0.2%):
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
2,133
410,645
IT
Services
(1.4%):
Accenture
PLC
,
Class
A
..................................................
3,756
1,318,018
Akamai
Technologies,
Inc.
(a)
..............................................
839
99,296
Cloudflare,
Inc.
,
Class
A
(a)
................................................
1,638
136,380
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
143
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
2,862
$
216,167
EPAM
Systems,
Inc.
(a)
...................................................
319
94,851
Gartner,
Inc.
(a)
........................................................
433
195,331
International
Business
Machines
Corp.
........................................
5,166
844,899
MongoDB,
Inc.
(a)
......................................................
385
157,407
Okta,
Inc.
(a)
..........................................................
856
77,494
Snowflake,
Inc.
,
Class
A
(a)
................................................
1,701
338,499
VeriSign,
Inc.
(a)
........................................................
575
118,427
3,596,769
Life
Sciences
Tools
&
Services
(3.3%):
Agilent
Technologies,
Inc.
.................................................
4,320
600,610
Avantor,
Inc.
(a)
........................................................
9,678
220,949
Danaher
Corp.
.........................................................
9,981
2,309,005
ICON
PLC
(a)
.........................................................
1,211
342,798
Illumina,
Inc.
(a)
........................................................
2,352
327,492
IQVIA
Holdings,
Inc.
(a)
..................................................
2,673
618,479
Mettler-Toledo
International,
Inc.
(a)
.........................................
317
384,508
Revvity,
Inc.
..........................................................
1,848
202,005
Thermo
Fisher
Scientific,
Inc.
..............................................
5,729
3,040,895
Waters
Corp.
(a)
........................................................
874
287,747
West
Pharmaceutical
Services,
Inc.
..........................................
1,073
377,825
8,712,313
Pharmaceuticals
(8.6%):
Bristol-Myers
Squibb
Co.
.................................................
30,775
1,579,065
Eli
Lilly
&
Co.
.........................................................
12,749
7,431,647
Johnson
&
Johnson
.....................................................
35,631
5,584,803
Merck
&
Co.,
Inc.
......................................................
37,668
4,106,565
Pfizer,
Inc.
............................................................
84,103
2,421,325
Royalty
Pharma
PLC
,
Class
A
..............................................
5,723
160,759
Zoetis,
Inc.
...........................................................
6,832
1,348,432
22,632,596
Semiconductors
&
Semiconductor
Equipment
(6.9%):
Advanced
Micro
Devices,
Inc.
(a)
............................................
9,201
1,356,319
Analog
Devices,
Inc.
....................................................
2,864
568,676
Applied
Materials,
Inc.
...................................................
4,728
766,267
Broadcom,
Inc.
........................................................
2,449
2,733,510
Enphase
Energy,
Inc.
(a)
..................................................
733
96,859
Entegris,
Inc.
..........................................................
841
100,769
First
Solar,
Inc.
(a)
......................................................
576
99,233
GLOBALFOUNDRIES,
Inc.
(a)
............................................
437
26,482
Intel
Corp.
............................................................
23,763
1,194,091
KLA
Corp.
...........................................................
773
449,345
Lam
Research
Corp.
.....................................................
740
579,612
Lattice
Semiconductor
Corp.
(a)
.............................................
773
53,329
Marvell
Technology,
Inc.
.................................................
4,834
291,539
Microchip
Technology,
Inc.
................................................
3,008
271,261
Micron
Technology,
Inc.
..................................................
6,104
520,915
Monolithic
Power
Systems,
Inc.
............................................
256
161,480
NVIDIA
Corp.
.........................................................
13,479
6,675,069
ON
Semiconductor
Corp.
(a)
...............................................
2,401
200,556
QUALCOMM,
Inc.
.....................................................
6,319
913,917
Skyworks
Solutions,
Inc.
.................................................
899
101,066
Teradyne,
Inc.
.........................................................
873
94,738
Texas
Instruments,
Inc.
...................................................
5,145
877,017
18,132,050
Software
(9.8%):
Adobe,
Inc.
(a)
.........................................................
2,548
1,520,137
ANSYS,
Inc.
(a)
........................................................
492
178,537
AppLovin
Corp.
,
Class
A
(a)
...............................................
763
30,406
Atlassian
Corp.
,
Class
A
(a)
................................................
847
201,467
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
144
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Autodesk,
Inc.
(a)
.......................................................
1,211
$
294,854
Bentley
Systems,
Inc.
,
Class
B
.............................................
1,154
60,216
Cadence
Design
Systems,
Inc.
(a)
............................................
1,528
416,181
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
1,226
313,022
Datadog,
Inc.
,
Class
A
(a)
.................................................
1,511
183,405
Dynatrace,
Inc.
(a)
......................................................
1,509
82,527
Fair
Isaac
Corp.
(a)
......................................................
137
159,469
Fortinet,
Inc.
(a)
........................................................
3,655
213,927
HubSpot,
Inc.
(a)
.......................................................
273
158,487
Intuit,
Inc.
............................................................
1,549
968,171
Microsoft
Corp.
........................................................
41,167
15,480,438
Oracle
Corp.
..........................................................
8,900
938,327
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
10,122
173,795
Palo
Alto
Networks,
Inc.
(a)
................................................
1,677
494,514
PTC,
Inc.
(a)
...........................................................
668
116,873
Roper
Technologies,
Inc.
..................................................
606
330,373
Salesforce,
Inc.
(a)
......................................................
5,351
1,408,062
Samsara,
Inc.
,
Class
A
(a)
.................................................
797
26,604
ServiceNow,
Inc.
(a)
.....................................................
1,148
811,051
Splunk,
Inc.
(a)
.........................................................
865
131,783
Synopsys,
Inc.
(a)
.......................................................
852
438,703
Tyler
Technologies,
Inc.
(a)
................................................
235
98,258
Unity
Software,
Inc.
(a)
...................................................
1,339
54,752
Workday,
Inc.
,
Class
A
(a)
.................................................
1,160
320,230
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
..................................
1,252
90,031
Zscaler,
Inc.
(a)
.........................................................
480
106,349
25,800,949
Technology
Hardware,
Storage
&
Peripherals
(6.8%):
Apple,
Inc.
...........................................................
88,623
17,062,585
Dell
Technologies,
Inc.
,
Class
C
............................................
1,383
105,800
Hewlett
Packard
Enterprise
Co.
.............................................
7,247
123,054
HP,
Inc.
..............................................................
5,562
167,361
NetApp,
Inc.
..........................................................
1,173
103,412
Seagate
Technology
Holdings
PLC
..........................................
1,159
98,944
Super
Micro
Computer,
Inc.
(a)
.............................................
262
74,476
Western
Digital
Corp.
(a)
..................................................
1,779
93,166
17,828,798
Utilities
(4.9%):
Ameren
Corp.
.........................................................
3,943
285,237
American
Electric
Power
Co.,
Inc.
...........................................
7,787
632,460
American
Water
Works
Co.,
Inc.
............................................
2,947
388,975
Atmos
Energy
Corp.
.....................................................
2,255
261,355
CenterPoint
Energy,
Inc.
..................................................
9,521
272,015
CMS
Energy
Corp.
......................................................
4,365
253,476
Consolidated
Edison,
Inc.
.................................................
5,208
473,772
Constellation
Energy
Corp.
................................................
4,873
569,605
Dominion
Energy,
Inc.
...................................................
12,558
590,226
DTE
Energy
Co.
.......................................................
3,113
343,239
Duke
Energy
Corp.
......................................................
11,645
1,130,031
Edison
International
.....................................................
5,827
416,572
Entergy
Corp.
.........................................................
3,198
323,606
Eversource
Energy
......................................................
5,274
325,511
Exelon
Corp.
..........................................................
15,003
538,608
FirstEnergy
Corp.
.......................................................
8,671
317,879
NextEra
Energy,
Inc.
....................................................
31,239
1,897,456
PG&E
Corp.
..........................................................
29,798
537,258
PPL
Corp.
............................................................
11,210
303,791
Public
Service
Enterprise
Group,
Inc.
.........................................
7,556
462,049
Sempra
..............................................................
9,494
709,487
The
Southern
Co.
.......................................................
16,555
1,160,837
WEC
Energy
Group,
Inc.
.................................................
4,766
401,154
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
145
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Xcel
Energy,
Inc.
.......................................................
8,269
$
511,934
13,106,533
Total
Common
Stocks
(Cost
$223,899,429)
262,153,135
Rights
(0.0%)(c)
Health
Care
(0.0%):(c)
ABIOMED,
Inc.
CVR
(a)
(d)
...............................................
532
543
Total
Rights
(Cost
$–)
543
Collateral
for
Securities
Loaned
(0.0%)^(c)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(e)
........
1,100
1,100
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(e)
............
1,100
1,100
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(e)
...............
1,100
1,100
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(e)
.
1,100
1,100
Total
Collateral
for
Securities
Loaned
(Cost
$4,400)
4,400
Total
Investments
(Cost
$223,903,829)
—
99.6%
262,158,078
Other
assets
in
excess
of
liabilities
—
0.4%
1,162,886
NET
ASSETS
-
100.00%
$
263,320,964
^
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,
2023.
This
security
is
classified
as
Level
3
within
the
fair
value
hierarchy.
(See
Note
2
in
the
Notes
to
Financial
Statements)
(e)
Rate
disclosed
is
the
daily
yield
on
December
31,
2023.
CVR
—
Contingent
Value
Right
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
4
3/15/24
$
957,167
$
964,000
$
6,833
Total
unrealized
appreciation
$
6,833
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
6,833
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
II
VictoryShares
Free
Cash
Flow
ETF
146
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
Common
Stocks
(99.7%)
Biotechnology
(5.8%):
AbbVie,
Inc.
..........................................................
23,804
$
3,688,906
Incyte
Corp.
(a)
.........................................................
32,111
2,016,250
United
Therapeutics
Corp.
(a)
..............................................
6,942
1,526,476
7,231,632
Consumer
Discretionary
(16.7%):
D.R.
Horton,
Inc.
.......................................................
24,017
3,650,104
Expedia
Group,
Inc.
(a)
...................................................
24,973
3,790,652
Lennar
Corp.
,
Class
A
....................................................
21,474
3,200,485
PulteGroup,
Inc.
........................................................
39,057
4,031,463
Toll
Brothers,
Inc.
......................................................
25,353
2,606,035
TopBuild
Corp.
(a)
......................................................
4,497
1,683,047
Williams-Sonoma,
Inc.
...................................................
9,499
1,916,708
20,878,494
Energy
(23.9%):
Chevron
Corp.
.........................................................
18,447
2,751,555
ConocoPhillips
Co.
.....................................................
16,544
1,920,262
Coterra
Energy,
Inc.
.....................................................
44,616
1,138,600
Devon
Energy
Corp.
.....................................................
34,963
1,583,824
Diamondback
Energy,
Inc.
................................................
10,393
1,611,746
EOG
Resources,
Inc.
....................................................
13,051
1,578,518
EQT
Corp.
............................................................
20,419
789,399
Exxon
Mobil
Corp.
.....................................................
29,514
2,950,810
HF
Sinclair
Corp.
.......................................................
35,051
1,947,784
Marathon
Oil
Corp.
.....................................................
72,533
1,752,397
Marathon
Petroleum
Corp.
................................................
20,687
3,069,123
Occidental
Petroleum
Corp.
...............................................
22,754
1,358,641
Ovintiv,
Inc.
..........................................................
25,912
1,138,055
Phillips
66
............................................................
12,742
1,696,470
Pioneer
Natural
Resources
Co.
.............................................
5,694
1,280,467
Valero
Energy
Corp.
.....................................................
24,008
3,121,040
29,688,691
Health
Care
Providers
&
Services
(20.0%):
Cardinal
Health,
Inc.
....................................................
19,335
1,948,968
Cencora,
Inc.
..........................................................
8,297
1,704,038
Centene
Corp.
(a)
.......................................................
35,648
2,645,438
CVS
Health
Corp.
......................................................
46,104
3,640,372
Elevance
Health,
Inc.
....................................................
6,950
3,277,342
Humana,
Inc.
..........................................................
8,463
3,874,445
McKesson
Corp.
.......................................................
4,272
1,977,851
Molina
Healthcare,
Inc.
(a)
................................................
4,564
1,649,019
The
Cigna
Group
.......................................................
14,035
4,202,780
24,920,253
Industrials
(9.4%):
Builders
FirstSource,
Inc.
(a)
...............................................
15,327
2,558,690
Delta
Air
Lines,
Inc.
.....................................................
61,458
2,472,455
EMCOR
Group,
Inc.
....................................................
7,174
1,545,495
Owens
Corning
........................................................
15,649
2,319,651
PACCAR,
Inc.
.........................................................
29,279
2,859,094
11,755,385
Information
Technology
(8.3%):
DocuSign,
Inc.
(a)
.......................................................
31,250
1,857,813
F5,
Inc.
(a)
............................................................
9,420
1,685,992
QUALCOMM,
Inc.
.....................................................
28,112
4,065,839
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
..................................
36,020
2,590,198
10,199,842
Materials
(4.4%):
CF
Industries
Holdings,
Inc.
...............................................
47,984
3,814,728
Victory
Portfolios
II
VictoryShares
Free
Cash
Flow
ETF
147
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
The
Mosaic
Co.
........................................................
48,105
$
1,718,792
5,533,520
Pharmaceuticals
(5.8%):
Bristol-Myers
Squibb
Co.
.................................................
81,102
4,161,344
Pfizer,
Inc.
............................................................
105,498
3,037,287
7,198,631
Utilities
(5.4%):
NRG
Energy,
Inc.
.......................................................
59,015
3,051,076
Vistra
Corp.
...........................................................
98,441
3,791,947
6,843,023
Total
Common
Stocks
(Cost
$117,523,999)
124,249,471
Total
Investments
(Cost
$117,523,999)
—
99.7%
124,249,471
Other
assets
in
excess
of
liabilities
—
0.3%
384,055
NET
ASSETS
-
100.00%
$
124,633,526
(a)
Non-income
producing
security.
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
2
3/15/24
$
473,477
$
482,000
$
8,523
Total
unrealized
appreciation
$
8,523
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
8,523
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
II
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
148
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
Common
Stocks
(99.5%)
Communication
Services
(6.7%):
Cargurus,
Inc.
(a)
.......................................................
406
$
9,809
Magnite,
Inc.
(a)
........................................................
1,074
10,031
Match
Group,
Inc.
(a)
....................................................
422
15,403
Nexstar
Media
Group,
Inc.
................................................
143
22,415
PubMatic,
Inc.
,
Class
A
(a)
................................................
310
5,056
Shutterstock,
Inc.
.......................................................
266
12,842
Spok
Holdings,
Inc.
.....................................................
356
5,511
Stagwell,
Inc.
(a)
........................................................
1,530
10,144
TEGNA,
Inc.
..........................................................
1,223
18,712
TripAdvisor,
Inc.
(a)
.....................................................
907
19,528
Vivid
Seats,
Inc.
,
Class
A
(a)
...............................................
649
4,102
Yelp,
Inc.
(a)
...........................................................
293
13,871
ZipRecruiter,
Inc.
(a)
.....................................................
769
10,689
ZoomInfo
Technologies,
Inc.
(a)
.............................................
685
12,666
170,779
Consumer
Discretionary
(20.0%):
Academy
Sports
&
Outdoors,
Inc.
...........................................
206
13,596
Accel
Entertainment,
Inc.
(a)
...............................................
658
6,758
Asbury
Automotive
Group,
Inc.
(a)
...........................................
73
16,424
Build-A-Bear
Workshop,
Inc.
..............................................
262
6,023
Chegg,
Inc.
(a)
.........................................................
1,302
14,791
Cricut,
Inc.
,
Class
A
.....................................................
624
4,112
Crocs,
Inc.
(a)
..........................................................
153
14,292
Dillard's,
Inc.
,
Class
A
...................................................
82
33,099
Dream
Finders
Homes,
Inc.
,
Class
A
(a)
.......................................
688
24,445
Ethan
Allen
Interiors,
Inc.
.................................................
346
11,044
European
Wax
Center,
Inc.
,
Class
A
(a)
........................................
380
5,164
Everi
Holdings,
Inc.
(a)
...................................................
931
10,492
Graham
Holdings
Co.
,
Class
B
.............................................
41
28,557
Guess?,
Inc.
...........................................................
386
8,901
Hibbett,
Inc.
..........................................................
115
8,282
Hilton
Grand
Vacations,
Inc.
(a)
.............................................
383
15,388
Malibu
Boats,
Inc.
,
Class
A
(a)
..............................................
243
13,321
MDC
Holdings,
Inc.
.....................................................
451
24,918
Meritage
Homes
Corp.
...................................................
130
22,646
Monarch
Casino
&
Resort,
Inc.
.............................................
150
10,373
OneSpaWorld
Holdings
Ltd.
(a)
.............................................
471
6,641
Oxford
Industries,
Inc.
...................................................
91
9,100
Patrick
Industries,
Inc.
...................................................
186
18,665
Phinia,
Inc.
...........................................................
285
8,633
Polaris,
Inc.
...........................................................
140
13,268
RCI
Hospitality
Holdings,
Inc.
.............................................
44
2,915
Revolve
Group,
Inc.
(a)
...................................................
370
6,135
Signet
Jewelers
Ltd.
.....................................................
120
12,871
Solo
Brands,
Inc.
,
Class
A
(a)
...............................................
808
4,977
Steven
Madden
Ltd.
.....................................................
236
9,912
Stride,
Inc.
(a)
..........................................................
140
8,312
Tapestry,
Inc.
..........................................................
634
23,337
Target
Hospitality
Corp.
(a)
................................................
1,056
10,275
Taylor
Morrison
Home
Corp.
(a)
............................................
545
29,076
Upbound
Group,
Inc.
....................................................
354
12,025
Vista
Outdoor,
Inc.
(a)
....................................................
848
25,076
Winnebago
Industries,
Inc.
................................................
145
10,568
Xponential
Fitness,
Inc.
,
Class
A
(a)
..........................................
450
5,801
510,213
Consumer
Staples
(3.3%):
Cal-Maine
Foods,
Inc.
...................................................
154
8,838
Coca-Cola
Consolidated,
Inc.
..............................................
20
18,568
Maplebear,
Inc.
(a)
......................................................
562
13,190
Medifast,
Inc.
.........................................................
201
13,511
Victory
Portfolios
II
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
149
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Olaplex
Holdings,
Inc.
(a)
.................................................
2,976
$
7,559
Post
Holdings,
Inc.
(a)
....................................................
141
12,417
Seaboard
Corp.
........................................................
3
10,710
84,793
Energy
Equipment
&
Services
(5.3%):
Cactus,
Inc.
,
Class
A
.....................................................
235
10,669
ChampionX
Corp.
......................................................
354
10,340
DMC
Global,
Inc.
(a)
....................................................
190
3,576
Helix
Energy
Solutions
Group,
Inc.
(a)
........................................
840
8,635
Helmerich
&
Payne,
Inc.
..................................................
335
12,134
Liberty
Energy,
Inc.
.....................................................
946
17,160
Patterson-UTI
Energy,
Inc.
................................................
1,844
19,916
Ranger
Energy
Services,
Inc.
...............................................
313
3,202
RPC,
Inc.
............................................................
960
6,989
Select
Water
Solutions,
Inc.
................................................
1,800
13,662
U.S.
Silica
Holdings,
Inc.
(a)
...............................................
1,254
14,183
Weatherford
International
PLC
(a)
...........................................
121
11,837
132,303
Financials
(0.2%):
Open
Lending
Corp.
(a)
...................................................
666
5,668
Health
Care
(9.9%):
Alkermes
PLC
(a)
.......................................................
426
11,817
AMN
Healthcare
Services,
Inc.
(a)
...........................................
210
15,725
Amneal
Pharmaceuticals,
Inc.
(a)
............................................
2,443
14,829
Catalyst
Pharmaceuticals,
Inc.
(a)
............................................
930
15,633
Collegium
Pharmaceutical,
Inc.
(a)
...........................................
703
21,638
Cross
Country
Healthcare,
Inc.
(a)
...........................................
759
17,184
Globus
Medical,
Inc.
(a)
..................................................
684
36,451
Halozyme
Therapeutics,
Inc.
(a)
.............................................
260
9,610
Harmony
Biosciences
Holdings,
Inc.
(a)
.......................................
576
18,605
Jazz
Pharmaceuticals
PLC
(a)
..............................................
226
27,799
Mesa
Laboratories,
Inc.
..................................................
41
4,296
OraSure
Technologies,
Inc.
(a)
..............................................
972
7,970
Orthofix
Medical,
Inc.
(a)
.................................................
381
5,136
Owens
&
Minor,
Inc.
(a)
..................................................
801
15,435
Patterson
Cos.,
Inc.
.....................................................
313
8,905
QuidelOrtho
Corp.
(a)
....................................................
220
16,214
247,247
Industrials
(18.8%):
AGCO
Corp.
..........................................................
200
24,282
Air
Transport
Services
Group,
Inc.
(a)
.........................................
523
9,210
Alight,
Inc.
,
Class
A
(a)
...................................................
1,990
16,975
Argan,
Inc.
...........................................................
195
9,124
Astec
Industries,
Inc.
....................................................
132
4,910
Beacon
Roofing
Supply,
Inc.
(a)
.............................................
152
13,227
BlueLinx
Holdings,
Inc.
(a)
................................................
160
18,130
Boise
Cascade
Co.
......................................................
145
18,756
Brady
Corp.
,
Class
A
....................................................
150
8,804
Concentrix
Corp.
.......................................................
180
17,677
Core
&
Main,
Inc.
,
Class
A
(a)
..............................................
370
14,952
CRA
International,
Inc.
...................................................
23
2,274
DXP
Enterprises,
Inc.
(a)
..................................................
64
2,157
Eagle
Bulk
Shipping,
Inc.
.................................................
155
8,587
Forward
Air
Corp.
......................................................
166
10,436
Franklin
Covey
Co.
(a)
...................................................
72
3,134
Gibraltar
Industries,
Inc.
(a)
................................................
100
7,898
GMS,
Inc.
(a)
..........................................................
180
14,837
Griffon
Corp.
..........................................................
221
13,470
Heartland
Express,
Inc.
...................................................
346
4,934
Heidrick
&
Struggles
International,
Inc.
.......................................
220
6,497
Victory
Portfolios
II
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
150
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Hub
Group,
Inc.
,
Class
A
(a)
...............................................
170
$
15,630
Insteel
Industries,
Inc.
....................................................
95
3,638
Janus
International
Group,
Inc.
(a)
...........................................
915
11,941
Karat
Packaging,
Inc.
....................................................
102
2,535
Limbach
Holdings,
Inc.
(a)
................................................
155
7,048
Lindsay
Corp.
.........................................................
51
6,587
Liquidity
Services,
Inc.
(a)
.................................................
160
2,754
LSI
Industries,
Inc.
......................................................
256
3,604
Masonite
International
Corp.
(a)
.............................................
133
11,260
Mueller
Industries,
Inc.
...................................................
649
30,600
Powell
Industries,
Inc.
...................................................
84
7,426
Preformed
Line
Products
Co.
..............................................
40
5,354
Quanex
Building
Products
Corp.
............................................
120
3,668
SPX
Technologies,
Inc.
(a)
.................................................
335
33,838
Sterling
Infrastructure,
Inc.
(a)
..............................................
183
16,091
TaskUS,
Inc.
,
Class
A
(a)
..................................................
586
7,659
Terex
Corp.
...........................................................
332
19,077
The
Timken
Co.
........................................................
150
12,023
Titan
International,
Inc.
(a)
.................................................
628
9,345
UFP
Industries,
Inc.
.....................................................
130
16,321
Vestis
Corp.
...........................................................
427
9,026
Wabash
National
Corp.
...................................................
410
10,504
476,200
Information
Technology
(8.0%):
8x8,
Inc.
(a)
...........................................................
1,567
5,923
A10
Networks,
Inc.
.....................................................
396
5,215
ADTRAN
Holdings,
Inc.
.................................................
1,562
11,465
AppLovin
Corp.
,
Class
A
(a)
...............................................
423
16,857
Aviat
Networks,
Inc.
(a)
...................................................
132
4,311
Bel
Fuse,
Inc.
,
Class
B
...................................................
185
12,352
Box,
Inc.
,
Class
A
(a)
....................................................
424
10,859
Clear
Secure,
Inc.
,
Class
A
................................................
850
17,553
Cohu,
Inc.
(a)
..........................................................
274
9,697
Digital
Turbine,
Inc.
(a)
...................................................
1,659
11,381
Diodes,
Inc.
(a)
.........................................................
163
13,125
Dropbox,
Inc.
,
Class
A
(a)
.................................................
606
17,864
Extreme
Networks,
Inc.
(a)
................................................
801
14,130
Juniper
Networks,
Inc.
...................................................
657
19,368
Mitek
Systems,
Inc.
(a)
...................................................
509
6,637
RingCentral,
Inc.
,
Class
A
(a)
...............................................
321
10,898
TD
SYNNEX
Corp.
.....................................................
130
13,990
The
Hackett
Group,
Inc.
..................................................
90
2,049
203,674
Materials
(6.3%):
Alpha
Metallurgical
Resources,
Inc.
..........................................
63
21,352
Arch
Resources,
Inc.
....................................................
135
22,402
Cleveland-Cliffs,
Inc.
(a)
..................................................
1,511
30,855
Commercial
Metals
Co.
..................................................
232
11,609
Core
Molding
Technologies,
Inc.
(a)
..........................................
211
3,910
Eagle
Materials,
Inc.
.....................................................
60
12,170
Gatos
Silver,
Inc.
(a)
.....................................................
471
3,080
Greif,
Inc.
,
Class
A
......................................................
152
9,970
Hawkins,
Inc.
.........................................................
120
8,450
LSB
Industries,
Inc.
(a)
...................................................
464
4,320
Myers
Industries,
Inc.
....................................................
133
2,600
Olympic
Steel,
Inc.
......................................................
70
4,669
Ramaco
Resources,
Inc.
,
Class
A
............................................
405
6,958
TimkenSteel
Corp.
(a)
....................................................
266
6,238
Warrior
Met
Coal,
Inc.
...................................................
155
9,450
158,033
Victory
Portfolios
II
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
151
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(21.0%):
Amplify
Energy
Corp.
(a)
.................................................
817
$
4,845
Antero
Midstream
Corp.
..................................................
916
11,477
APA
Corp.
............................................................
589
21,133
Ardmore
Shipping
Corp.
..................................................
593
8,355
Berry
Corp.
...........................................................
2,149
15,107
Callon
Petroleum
Co.
(a)
..................................................
294
9,526
Centrus
Energy
Corp.
,
Class
A
(a)
...........................................
121
6,584
Chord
Energy
Corp.
.....................................................
180
29,920
Civitas
Resources,
Inc.
...................................................
405
27,693
CONSOL
Energy,
Inc.
...................................................
230
23,122
Crescent
Energy
Co.
,
Class
A
..............................................
694
9,168
CVR
Energy,
Inc.
.......................................................
822
24,907
Delek
U.S.
Holdings,
Inc.
.................................................
538
13,880
Dorian
LPG
Ltd.
.......................................................
458
20,092
Evolution
Petroleum
Corp.
................................................
603
3,503
Gran
Tierra
Energy,
Inc.
(a)
................................................
559
3,153
International
Seaways,
Inc.
................................................
575
26,151
Kosmos
Energy
Ltd.
(a)
...................................................
1,375
9,226
Magnolia
Oil
&
Gas
Corp.
,
Class
A
..........................................
907
19,310
Matador
Resources
Co.
...................................................
210
11,941
Murphy
Oil
Corp.
......................................................
486
20,733
Northern
Oil
and
Gas,
Inc.
................................................
466
17,275
Par
Pacific
Holdings,
Inc.
(a)
...............................................
363
13,202
PBF
Energy,
Inc.
,
Class
A
.................................................
281
12,353
Permian
Resources
Corp.
.................................................
1,658
22,549
Range
Resources
Corp.
...................................................
398
12,115
Riley
Exploration
Permian,
Inc.
.............................................
132
3,596
Ring
Energy,
Inc.
(a)
.....................................................
4,147
6,055
Scorpio
Tankers,
Inc.
....................................................
549
33,379
SilverBow
Resources,
Inc.
(a)
..............................................
270
7,852
Sitio
Royalties
Corp.
,
Class
A
..............................................
676
15,893
SM
Energy
Co.
........................................................
472
18,276
Teekay
Tankers
Ltd.
,
Class
A
...............................................
457
22,836
VAALCO
Energy,
Inc.
...................................................
1,770
7,947
Vital
Energy,
Inc.
(a)
.....................................................
270
12,282
Vitesse
Energy,
Inc.
.....................................................
284
6,217
531,653
Total
Common
Stocks
(Cost
$2,487,702)
2,520,563
Total
Investments
(Cost
$2,487,702)
—
99.5%
2,520,563
Other
assets
in
excess
of
liabilities
—
0.5%
12,139
NET
ASSETS
-
100.00%
$
2,532,702
(a)
Non-income
producing
security.
PLC
—
Public
Limited
Company
Statements
of
Assets
and
Liabilities
December
31,
2023
152
See
notes
to
financial
statements.
Victory
Portfolios
II
(Unaudited)
VictoryShares
US
500
Volatility
Wtd
ETF
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
VictoryShares
International
Volatility
Wtd
ETF
Assets:
Affiliated
investments,
at
value
(Cost
$—,
$65,682
and
$—)
$
—‌
$
76,905‌
$
—‌
Investments,
at
value
(Cost
$436,727,441,
$29,239,113
and
$78,498,823)
548,031,159‌
(a)
33,193,610‌
(b)
91,782,029‌
(c)
Foreign
currency,
at
value
(Cost
$—,
$—
and
$31,540)
—‌
—‌
31,628‌
Cash
614,218‌
67,160‌
359,873‌
Deposit
with
broker
for
futures
contracts
622,210‌
42,034‌
116,507‌
Receivables:
Interest
and
dividends
622,121‌
20,652‌
130,413‌
Capital
shares
issued
—‌
3,361,323‌
—‌
Investments
sold
—‌
31,987‌
—‌
From
Adviser
4,323‌
4,102‌
6,213‌
Reclaims
993‌
—‌
259,406‌
Variation
margin
on
open
futures
contracts
—‌
—‌
251‌
Prepaid
expenses
834‌
34‌
130‌
Total
Assets
549,895,858‌
36,797,807‌
92,686,450‌
Liabilities:
Payables:
Collateral
received
on
loaned
securities
149,372‌
162,672‌
951,036‌
Investments
purchased
—‌
3,348,545‌
143‌
Variation
margin
on
open
futures
contracts
1,904‌
1,580‌
—‌
Accrued
expenses
and
other
payables:
Investment
advisory
fees
137,054‌
7,990‌
30,240‌
Administration
fees
5,910‌
536‌
952‌
Custodian
fees
2,967‌
508‌
25,814‌
Compliance
fees
421‌
27‌
69‌
Trustees'
fees
779‌
144‌
167‌
Other
accrued
expenses
20,897‌
12,785‌
33,329‌
Total
Liabilities
319,304‌
3,534,787‌
1,041,750‌
Commitments
and
contingencies
(Note
5
)
Net
Assets:
Capital
519,245,998‌
38,697,984‌
86,516,058‌
Total
accumulated
earnings/(loss)
30,330,556‌
(
5,434,964‌
)
5,128,642‌
Net
Assets
$
549,576,554‌
$
33,263,020‌
$
91,644,700‌
Shares
outstanding
(unlimited
shares
authorized,
no
par
value):
7,350,000‌
500,000‌
2,200,000‌
Net
asset
value:
$
74
.77‌
$
66
.53‌
$
41
.66‌
(a)
Includes
$142,399
of
securities
on
loan.
(b)
Includes
$155,517
of
securities
on
loan.
(c)
Includes
$903,300
of
securities
on
loan.
Statements
of
Assets
and
Liabilities
December
31,
2023
153
See
notes
to
financial
statements.
Victory
Portfolios
II
(Unaudited)
VictoryShares
US
Large
Cap
High
Div
Volatility
Wtd
ETF
VictoryShares
US
Small
Cap
High
Div
Volatility
Wtd
ETF
VictoryShares
International
High
Div
Volatility
Wtd
ETF
Assets:
Investments,
at
value
(Cost
$346,686,877,
$320,811,270
and
$18,930,979)
$
349,631,537‌
(a)
$
344,406,723‌
(b)
$
19,860,886‌
(c)
Foreign
currency,
at
value
(Cost
$—,
$—
and
$11,515)
—‌
—‌
11,596‌
Cash
1,466,146‌
1,003,169‌
43,606‌
Deposit
with
broker
for
futures
contracts
282,726‌
329,761‌
45,778‌
Receivables:
Interest
and
dividends
890,762‌
520,740‌
45,302‌
Capital
shares
issued
2,923,475‌
—‌
—‌
Investments
sold
—‌
2,780,977‌
—‌
From
Adviser
4,805‌
4,868‌
5,270‌
Reclaims
—‌
—‌
88,799‌
Variation
margin
on
open
futures
contracts
—‌
—‌
60‌
Prepaid
expenses
540‌
541‌
24‌
Total
Assets
355,199,991‌
349,046,779‌
20,101,321‌
Liabilities:
Payables:
Collateral
received
on
loaned
securities
1,372,972‌
5,120,697‌
645,624‌
Investments
purchased
2,902,976‌
—‌
—‌
Capital
shares
redeemed
—‌
2,795,145‌
—‌
Variation
margin
on
open
futures
contracts
3,129‌
18,023‌
—‌
Accrued
expenses
and
other
payables:
Investment
advisory
fees
87,485‌
86,311‌
6,433‌
Administration
fees
5,243‌
5,576‌
146‌
Custodian
fees
2,083‌
2,169‌
7,737‌
Compliance
fees
266‌
270‌
15‌
Trustees'
fees
377‌
318‌
88‌
Other
accrued
expenses
15,102‌
17,137‌
19,403‌
Total
Liabilities
4,389,633‌
8,045,646‌
679,446‌
Commitments
and
contingencies
(Note
5
)
Net
Assets:
Capital
415,147,743‌
398,152,365‌
32,933,498‌
Total
accumulated
earnings/(loss)
(
64,337,385‌
)
(
57,151,232‌
)
(
13,511,623‌
)
Net
Assets
$
350,810,358‌
$
341,001,133‌
$
19,421,875‌
Shares
outstanding
(unlimited
shares
authorized,
no
par
value):
6,000,000‌
6,100,000‌
600,000‌
Net
asset
value:
$
58
.47‌
$
55
.90‌
$
32
.37‌
(a)
Includes
$1,317,073
of
securities
on
loan.
(b)
Includes
$4,916,020
of
securities
on
loan.
(c)
Includes
$612,803
of
securities
on
loan.
Statements
of
Assets
and
Liabilities
December
31,
2023
154
See
notes
to
financial
statements.
Victory
Portfolios
II
(Unaudited)
VictoryShares
Dividend
Accelerator
ETF
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
Assets:
Investments,
at
value
(Cost
$249,277,234,
$124,074,143
and
$464,365,471)
$
263,301,427‌
(a)
$
138,209,820‌
$
490,881,919‌
(b)
Cash
201,452‌
343,630‌
—‌
Deposit
with
broker
for
futures
contracts
117,793‌
165,508‌
985,107‌
Receivables:
Interest
and
dividends
540,004‌
159,426‌
745,584‌
Capital
shares
issued
—‌
4,203,900‌
—‌
From
Adviser
3,686‌
3,783‌
7,024‌
Reclaims
—‌
—‌
1,033‌
Prepaid
expenses
306‌
178‌
1,205‌
Total
Assets
264,164,668‌
143,086,245‌
492,621,872‌
Liabilities:
Payables:
Collateral
received
on
loaned
securities
13,000‌
—‌
7,244‌
Investments
purchased
—‌
4,187,367‌
—‌
Variation
margin
on
open
futures
contracts
613‌
1,225‌
3,742‌
Accrued
expenses
and
other
payables:
Investment
advisory
fees
66,153‌
35,949‌
125,607‌
Administration
fees
2,553‌
1,544‌
5,580‌
Custodian
fees
1,544‌
987‌
4,763‌
Compliance
fees
204‌
102‌
407‌
Trustees'
fees
570‌
291‌
—‌
Other
accrued
expenses
13,925‌
14,253‌
27,695‌
Total
Liabilities
98,562‌
4,241,718‌
175,038‌
Commitments
and
contingencies
(Note
5
)
Net
Assets:
Capital
271,903,128‌
139,854,939‌
601,624,210‌
Total
accumulated
earnings/(loss)
(
7,837,022‌
)
(
1,010,412‌
)
(
109,177,376‌
)
Net
Assets
$
264,066,106‌
$
138,844,527‌
$
492,446,834‌
Shares
outstanding
(unlimited
shares
authorized,
no
par
value):
5,550,000‌
3,300,000‌
8,100,000‌
Net
asset
value:
$
47
.58‌
$
42
.07‌
$
60
.80‌
(a)
Includes
$12,555
of
securities
on
loan.
(b)
Includes
$7,000
of
securities
on
loan.
Statements
of
Assets
and
Liabilities
December
31,
2023
155
See
notes
to
financial
statements.
Victory
Portfolios
II
(Unaudited)
VictoryShares
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
Assets:
Affiliated
investments,
at
value
(Cost
$—,
$28,921
and
$—)
$
—‌
$
33,682‌
$
—‌
Investments,
at
value
(Cost
$1,015,257,023,
$51,328,285
and
$37,480,867)
1,025,697,410‌
(a)
54,009,113‌
(b)
41,003,690‌
(c)
Foreign
currency,
at
value
(Cost
$—,
$—
and
$6,157)
—‌
—‌
6,160‌
Deposit
with
broker
for
futures
contracts
590,412‌
80,131‌
80,087‌
Receivables:
Interest
and
dividends
4,226,988‌
188,763‌
71,527‌
Investments
sold
3,566,473‌
14,009‌
—‌
From
Adviser
9,172‌
4,779‌
13,690‌
Reclaims
—‌
—‌
128,315‌
Variation
margin
on
open
futures
contracts
—‌
—‌
180‌
Prepaid
expenses
2,934‌
130‌
68‌
Total
Assets
1,034,093,389‌
54,330,607‌
41,303,717‌
Liabilities:
Payables:
Collateral
received
on
loaned
securities
315,892‌
117,436‌
317,548‌
Capital
shares
redeemed
14,158,339‌
—‌
—‌
Variation
margin
on
open
futures
contracts
4,288‌
3,160‌
—‌
Accrued
expenses
and
other
payables:
Investment
advisory
fees
271,347‌
13,989‌
13,521‌
Administration
fees
16,830‌
933‌
754‌
Custodian
fees
22,308‌
1,406‌
31,912‌
Compliance
fees
862‌
47‌
35‌
Trustees'
fees
—‌
14‌
93‌
Other
accrued
expenses
48,819‌
15,291‌
33,620‌
Total
Liabilities
14,838,685‌
152,276‌
397,483‌
Commitments
and
contingencies
(Note
5
)
Net
Assets:
Capital
1,486,347,904‌
100,694,887‌
65,268,733‌
Total
accumulated
earnings/(loss)
(
467,093,200‌
)
(
46,516,556‌
)
(
24,362,499‌
)
Net
Assets
$
1,019,254,704‌
$
54,178,331‌
$
40,906,234‌
Shares
outstanding
(unlimited
shares
authorized,
no
par
value):
18,000,000‌
1,100,000‌
1,350,000‌
Net
asset
value:
$
56
.63‌
$
49
.25‌
$
30
.30‌
(a)
Includes
$304,576
of
securities
on
loan.
(b)
Includes
$112,383
of
securities
on
loan.
(c)
Includes
$200,643
of
securities
on
loan.
Statements
of
Assets
and
Liabilities
December
31,
2023
156
See
notes
to
financial
statements.
Victory
Portfolios
II
(Unaudited)
VictoryShares
Nasdaq
Next
50
ETF
VictoryShares
Core
Plus
Intermediate
Bond
ETF
VictoryShares
Corporate
Bond
ETF
Assets:
Investments,
at
value
(Cost
$83,116,449,
$267,692,736
and
$137,859,264)
$
85,792,935‌
$
259,894,765‌
(a)
$
125,789,364‌
(b)
Cash
112,671‌
2,856,620‌
80,743‌
Deposit
with
broker
for
futures
contracts
178,136‌
1,755,345‌
—‌
Receivables:
Interest
and
dividends
30,413‌
1,849,687‌
1,145,590‌
Investments
sold
—‌
1,234‌
—‌
From
Adviser
6,689‌
6,072‌
3,682‌
Variation
margin
on
open
futures
contracts
—‌
1,031‌
—‌
Prepaid
expenses
137‌
248‌
147‌
Total
Assets
86,120,981‌
266,365,002‌
127,019,526‌
Liabilities:
Payables:
Collateral
received
on
loaned
securities
—‌
1,565,748‌
1,401,956‌
Investments
purchased
—‌
4,649,528‌
—‌
Variation
margin
on
open
futures
contracts
1,340‌
9,375‌
—‌
Accrued
expenses
and
other
payables:
Investment
advisory
fees
10,583‌
74,165‌
34,998‌
Administration
fees
1,462‌
5,259‌
2,743‌
Custodian
fees
691‌
1,658‌
4,659‌
Compliance
fees
67‌
—‌
87‌
Trustees'
fees
130‌
484‌
233‌
Other
accrued
expenses
21,945‌
8,280‌
10,432‌
Total
Liabilities
36,218‌
6,314,497‌
1,455,108‌
Commitments
and
contingencies
(Note
5
)
Net
Assets:
Capital
118,167,597‌
288,582,207‌
143,480,445‌
Total
accumulated
earnings/(loss)
(
32,082,834‌
)
(
28,531,702‌
)
(
17,916,027‌
)
Net
Assets
$
86,084,763‌
$
260,050,505‌
$
125,564,418‌
Shares
outstanding
(unlimited
shares
authorized,
no
par
value):
3,175,000‌
12,000,000‌
5,925,000‌
Net
asset
value:
$
27
.11‌
$
21
.67‌
$
21
.19‌
(a)
Includes
$1,498,007
of
securities
on
loan.
(b)
Includes
$1,350,472
of
securities
on
loan.
Statements
of
Assets
and
Liabilities
December
31,
2023
157
See
notes
to
financial
statements.
Victory
Portfolios
II
(Unaudited)
VictoryShares
THB
Mid
Cap
ESG
ETF
VictoryShares
WestEnd
U.S.
Sector
ETF
VictoryShares
Free
Cash
Flow
ETF
Assets:
Investments,
at
value
(Cost
$2,221,602,
$223,903,829
and
$117,523,999)
$
2,630,658‌
$
262,158,078‌
(a)
$
124,249,471‌
Cash
10,826‌
560,928‌
318,787‌
Deposit
with
broker
for
futures
contracts
—‌
400,669‌
55,027‌
Receivables:
Interest
and
dividends
3,588‌
314,295‌
31,443‌
Capital
shares
issued
—‌
326,164‌
—‌
From
Adviser
3,405‌
—‌
5,971‌
Reclaims
—‌
288‌
—‌
Prepaid
expenses
3‌
541‌
16,714‌
Total
Assets
2,648,480‌
263,760,963‌
124,677,413‌
Liabilities:
Payables:
Collateral
received
on
loaned
securities
—‌
4,400‌
—‌
Investments
purchased
—‌
320,124‌
—‌
Variation
margin
on
open
futures
contracts
—‌
2,450‌
67‌
Accrued
expenses
and
other
payables:
Investment
advisory
fees
1,082‌
86,860‌
34,537‌
Administration
fees
61‌
4,362‌
2,161‌
Custodian
fees
892‌
1,801‌
547‌
Compliance
fees
2‌
194‌
100‌
Trustees'
fees
50‌
1,441‌
1,378‌
Other
accrued
expenses
12,799‌
18,367‌
5,097‌
Total
Liabilities
14,886‌
439,999‌
43,887‌
Commitments
and
contingencies
(Note
5
)
Net
Assets:
Capital
2,373,729‌
227,202,346‌
114,603,522‌
Total
accumulated
earnings/(loss)
259,865‌
36,118,618‌
10,030,004‌
Net
Assets
$
2,633,594‌
$
263,320,964‌
$
124,633,526‌
Shares
outstanding
(unlimited
shares
authorized,
no
par
value):
100,000‌
8,090,000‌
4,400,000‌
Net
asset
value:
$
26
.34‌
$
32
.55‌
$
28
.33‌
(a)
Includes
$4,210
of
securities
on
loan.
Statements
of
Assets
and
Liabilities
December
31,
2023
158
See
notes
to
financial
statements.
Victory
Portfolios
II
(Unaudited)
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
Assets:
Investments,
at
value
(Cost
$2,487,702)
$
2,520,563‌
Cash
11,298‌
Deposit
with
broker
for
futures
contracts
1,000‌
Receivables:
Interest
and
dividends
217‌
From
Adviser
3,996‌
Total
Assets
2,537,074‌
Liabilities:
Payables:
Accrued
expenses
and
other
payables:
Investment
advisory
fees
345‌
Administration
fees
17‌
Custodian
fees
301‌
Compliance
fees
13‌
Trustees'
fees
273‌
Other
accrued
expenses
3,423‌
Total
Liabilities
4,372‌
Commitments
and
contingencies
(Note
5
)
Net
Assets:
Capital
2,500,000‌
Total
accumulated
earnings/(loss)
32,702‌
Net
Assets
$
2,532,702‌
Shares
outstanding
(unlimited
shares
authorized,
no
par
value):
100,000‌
Net
asset
value:
$
25
.33‌
Statements
of
Operations
For
the
Six
Months
Ended
December
31,
2023
159
See
notes
to
financial
statements.
Victory
Portfolios
II
(Unaudited)
VictoryShares
US
500
Volatility
Wtd
ETF
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
VictoryShares
International
Volatility
Wtd
ETF
Investment
Income:
Dividends
$
5,094,439
‌
$
238,365
‌
$
1,086,609
‌
Affiliated
dividend
income
—
‌
1,244
‌
—
‌
Interest
37,177
‌
1,918
‌
10,566
‌
Securities
lending
(net
of
fees)
6,657
‌
1,280
‌
7,907
‌
Foreign
tax
withholding
(
264
)
(
224
)
(
126,749
)
Total
Income
5,138,009
‌
242,583
‌
978,333
‌
Expenses:
Investment
advisory
fees
795,347
‌
42,028
‌
173,360
‌
Administration
fees
147,302
‌
7,789
‌
24,081
‌
Sub-Administration
fees
9,771
‌
9,771
‌
9,817
‌
Custodian
fees
13,212
‌
1,822
‌
49,917
‌
Trustees'
fees
18,933
‌
1,970
‌
3,974
‌
Compliance
fees
2,456
‌
128
‌
400
‌
Legal
and
audit
fees
23,730
‌
5,068
‌
10,019
‌
Line
of
credit
fees
—
‌
—
‌
34
‌
Printing
fees
—
‌
4,328
‌
—
‌
Other
expenses
30,987
‌
4,358
‌
10,000
‌
Total
Expenses
1,041,738
‌
77,262
‌
281,602
‌
Expenses
waived/reimbursed
by
Adviser
(
113,820
)
(
28,172
)
(
86,530
)
Net
Expenses
927,918
‌
49,090
‌
195,072
‌
Net
Investment
Income
(Loss)
4,210,091
‌
193,493
‌
783,261
‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
affiliated
investment
securities
—
‌
9,494
‌
—
‌
Net
realized
gains
(losses)
from
unaffiliated
investment
securities
and
foreign
currency
transactions
2,795,190
‌
(
214,691
)
(
52,412
)
Net
realized
gains
(losses)
from
futures
contracts
118,811
‌
5,972
‌
(
5,555
)
Net
realized
gains
(losses)
from
in-kind
redemptions
6,848,573
‌
1,973,971
‌
—
‌
Net
change
in
unrealized
appreciation/depreciation
on
affiliated
investment
securities
—
‌
(
4,773
)
—
‌
Net
change
in
unrealized
appreciation/depreciation
on
unaffiliated
investment
securities
and
foreign
currency
translations
17,168,332
‌
1,248,626
‌
3,892,964
‌
Net
change
in
unrealized
appreciation/depreciation
on
futures
contracts
(
34,121
)
6,424
‌
(
720
)
Net
realized/unrealized
gains
(losses)
on
investments
26,896,785
‌
3,025,023
‌
3,834,277
‌
Change
in
net
assets
resulting
from
operations
$
31,106,876
‌
$
3,218,516
‌
$
4,617,538
‌
Statements
of
Operations
For
the
Six
Months
Ended
December
31,
2023
160
See
notes
to
financial
statements.
Victory
Portfolios
II
(Unaudited)
VictoryShares
US
Large
Cap
High
Div
Volatility
Wtd
ETF
VictoryShares
US
Small
Cap
High
Div
Volatility
Wtd
ETF
VictoryShares
International
High
Div
Volatility
Wtd
ETF
Investment
Income:
Dividends
$
7,577,928
‌
$
7,272,289
‌
$
355,251
‌
Interest
26,103
‌
25,589
‌
2,199
‌
Securities
lending
(net
of
fees)
12,347
‌
53,919
‌
3,714
‌
Foreign
tax
withholding
—
‌
—
‌
(
46,310
)
Total
Income
7,616,378
‌
7,351,797
‌
314,854
‌
Expenses:
Investment
advisory
fees
525,697
‌
526,229
‌
35,741
‌
Administration
fees
97,341
‌
97,424
‌
4,966
‌
Sub-Administration
fees
9,771
‌
9,771
‌
9,771
‌
Custodian
fees
9,223
‌
9,440
‌
12,322
‌
Trustees'
fees
12,993
‌
13,184
‌
1,648
‌
Compliance
fees
1,631
‌
1,651
‌
81
‌
Legal
and
audit
fees
17,087
‌
16,971
‌
7,344
‌
Line
of
credit
fees
—
‌
—
‌
48
‌
Printing
fees
—
‌
—
‌
3,885
‌
Other
expenses
23,835
‌
25,758
‌
3,918
‌
Total
Expenses
697,578
‌
700,428
‌
79,724
‌
Expenses
waived/reimbursed
by
Adviser
(
84,396
)
(
86,935
)
(
39,485
)
Net
Expenses
613,182
‌
613,493
‌
40,239
‌
Net
Investment
Income
(Loss)
7,003,196
‌
6,738,304
‌
274,615
‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
investment
securities
and
foreign
currency
transactions
452,898
‌
463,376
‌
114,135
‌
Net
realized
gains
(losses)
from
futures
contracts
60,512
‌
38,051
‌
794
‌
Net
realized
gains
(losses)
from
in-kind
redemptions
1,350,100
‌
4,240,706
‌
—
‌
Net
change
in
unrealized
appreciation/depreciation
on
investment
securities
and
foreign
currency
translations
9,905,605
‌
23,906,687
‌
957,986
‌
Net
change
in
unrealized
appreciation/depreciation
on
futures
contracts
(
31,149
)
49,400
‌
3,269
‌
Net
realized/unrealized
gains
(losses)
on
investments
11,737,966
‌
28,698,220
‌
1,076,184
‌
Change
in
net
assets
resulting
from
operations
$
18,741,162
‌
$
35,436,524
‌
$
1,350,799
‌
Statements
of
Operations
For
the
Six
Months
Ended
December
31,
2023
161
See
notes
to
financial
statements.
Victory
Portfolios
II
(Unaudited)
VictoryShares
Dividend
Accelerator
ETF
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
Investment
Income:
Dividends
$
3,129,053
‌
$
1,386,962
‌
$
6,570,968
‌
Interest
16,464
‌
11,758
‌
19,635
‌
Securities
lending
(net
of
fees)
11
‌
—
‌
8,250
‌
Foreign
tax
withholding
—
‌
—
‌
(
267
)
Total
Income
3,145,528
‌
1,398,720
‌
6,598,586
‌
Expenses:
Investment
advisory
fees
376,324
‌
188,926
‌
867,375
‌
Administration
fees
69,700
‌
35,007
‌
160,531
‌
Sub-Administration
fees
9,771
‌
9,771
‌
9,771
‌
Custodian
fees
6,830
‌
3,948
‌
14,390
‌
Trustees'
fees
9,300
‌
5,125
‌
22,217
‌
Compliance
fees
1,149
‌
563
‌
2,820
‌
Legal
and
audit
fees
13,397
‌
8,560
‌
25,830
‌
Other
expenses
15,804
‌
11,215
‌
37,697
‌
Recoupment
of
prior
expenses
waived/reimbursed
by
Adviser
—
‌
37
‌
—
‌
Total
Expenses
502,275
‌
263,152
‌
1,140,631
‌
Expenses
waived/reimbursed
by
Adviser
(
63,115
)
(
42,599
)
(
130,442
)
Net
Expenses
439,160
‌
220,553
‌
1,010,189
‌
Net
Investment
Income
(Loss)
2,706,368
‌
1,178,167
‌
5,588,397
‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
investment
securities
and
foreign
currency
transactions
(
2,001,482
)
(
2,958,572
)
(
35,050,506
)
Net
realized
gains
(losses)
from
futures
contracts
43,077
‌
33,734
‌
53,274
‌
Net
realized
gains
(losses)
from
in-kind
redemptions
3,324,445
‌
7,298,868
‌
32,720,457
‌
Net
change
in
unrealized
appreciation/depreciation
on
investment
securities
6,726,419
‌
132,543
‌
(
10,379,254
)
Net
change
in
unrealized
appreciation/depreciation
on
futures
contracts
(
11,353
)
93
‌
746
‌
Net
realized/unrealized
gains
(losses)
on
investments
8,081,106
‌
4,506,666
‌
(
12,655,283
)
Change
in
net
assets
resulting
from
operations
$
10,787,474
‌
$
5,684,833
‌
$
(
7,066,886
)
Statements
of
Operations
For
the
Six
Months
Ended
December
31,
2023
162
See
notes
to
financial
statements.
Victory
Portfolios
II
(Unaudited)
VictoryShares
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
Investment
Income:
Dividends
$
30,968,482
‌
$
1,136,276
‌
$
751,492
‌
Affiliated
dividend
income
—
‌
1,682
‌
—
‌
Interest
32,957
‌
1,373
‌
4,549
‌
Securities
lending
(net
of
fees)
4,164
‌
1,244
‌
1,763
‌
Foreign
tax
withholding
—
‌
(
339
)
(
56,963
)
Total
Income
31,005,603
‌
1,140,236
‌
700,841
‌
Expenses:
Investment
advisory
fees
1,930,596
‌
98,088
‌
88,965
‌
Administration
fees
357,255
‌
18,154
‌
12,352
‌
Sub-Administration
fees
9,771
‌
9,771
‌
9,771
‌
Custodian
fees
24,925
‌
2,400
‌
61,879
‌
Trustees'
fees
49,601
‌
3,467
‌
2,624
‌
Compliance
fees
6,364
‌
320
‌
213
‌
Legal
and
audit
fees
51,814
‌
6,510
‌
8,424
‌
Line
of
credit
fees
—
‌
—
‌
31
‌
Printing
fees
56,964
‌
8,154
‌
5,449
‌
Other
expenses
25,756
‌
4,883
‌
5,303
‌
Total
Expenses
2,513,046
‌
151,747
‌
195,011
‌
Expenses
waived/reimbursed
by
Adviser
(
266,231
)
(
37,540
)
(
95,011
)
Net
Expenses
2,246,815
‌
114,207
‌
100,000
‌
Net
Investment
Income
(Loss)
28,758,788
‌
1,026,029
‌
600,841
‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
affiliated
investment
securities
—
‌
12,025
‌
—
‌
Net
realized
gains
(losses)
from
unaffiliated
investment
securities
and
foreign
currency
transactions
(
31,017,613
)
(
5,196,604
)
(
2,358,844
)
Net
realized
gains
(losses)
from
futures
contracts
70,053
‌
16,346
‌
(
22,867
)
Net
realized
gains
(losses)
from
in-kind
redemptions
13,365,495
‌
1,862,475
‌
214,378
‌
Net
change
in
unrealized
appreciation/depreciation
on
affiliated
investment
securities
—
‌
(
9,390
)
—
‌
Net
change
in
unrealized
appreciation/depreciation
on
unaffiliated
investment
securities
and
foreign
currency
translations
(
7,291,991
)
(
643,996
)
1,186,379
‌
Net
change
in
unrealized
appreciation/depreciation
on
futures
contracts
(
181,226
)
4,788
‌
5,541
‌
Net
realized/unrealized
gains
(losses)
on
investments
(
25,055,282
)
(
3,954,356
)
(
975,413
)
Change
in
net
assets
resulting
from
operations
$
3,703,506
‌
$
(
2,928,327
)
$
(
374,572
)
Statements
of
Operations
For
the
Six
Months
Ended
December
31,
2023
163
See
notes
to
financial
statements.
Victory
Portfolios
II
(Unaudited)
VictoryShares
Nasdaq
Next
50
ETF
VictoryShares
Core
Plus
Intermediate
Bond
ETF
VictoryShares
Corporate
Bond
ETF
Investment
Income:
Dividends
$
315,427
‌
$
—
‌
$
—
‌
Interest
6,261
‌
5,768,025
‌
2,293,271
‌
Securities
lending
(net
of
fees)
171
‌
3,417
‌
6,994
‌
Total
Income
321,859
‌
5,771,442
‌
2,300,265
‌
Expenses:
Investment
advisory
fees
64,280
‌
395,939
‌
189,505
‌
Administration
fees
23,803
‌
62,875
‌
30,089
‌
Sub-Administration
fees
9,771
‌
11,347
‌
4,873
‌
Custodian
fees
3,319
‌
5,738
‌
6,890
‌
Trustees'
fees
4,048
‌
8,394
‌
4,613
‌
Compliance
fees
406
‌
1,599
‌
491
‌
Legal
and
audit
fees
7,194
‌
13,422
‌
8,708
‌
Licensing
fees
14,500
‌
—
‌
—
‌
Other
expenses
4,581
‌
21,770
‌
10,828
‌
Total
Expenses
131,902
‌
521,084
‌
255,997
‌
Expenses
waived/reimbursed
by
Adviser
(
54,866
)
(
68,078
)
(
39,201
)
Net
Expenses
77,036
‌
453,006
‌
216,796
‌
Net
Investment
Income
(Loss)
244,823
‌
5,318,436
‌
2,083,469
‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
investment
securities
1,668,156
‌
(
4,000,499
)
(
823,786
)
Net
realized
gains
(losses)
from
futures
contracts
26,859
‌
(
964,675
)
—
‌
Net
realized
gains
(losses)
from
in-kind
redemptions
1,461,334
‌
—
‌
—
‌
Net
change
in
unrealized
appreciation/depreciation
on
investment
securities
(
730,618
)
8,348,325
‌
4,684,936
‌
Net
change
in
unrealized
appreciation/depreciation
on
futures
contracts
2,279
‌
891,263
‌
—
‌
Net
realized/unrealized
gains
(losses)
on
investments
2,428,010
‌
4,274,414
‌
3,861,150
‌
Change
in
net
assets
resulting
from
operations
$
2,672,833
‌
$
9,592,850
‌
$
5,944,619
‌
Statements
of
Operations
For
the
Six
Months
Ended
December
31,
2023
164
See
notes
to
financial
statements.
Victory
Portfolios
II
(Unaudited)
VictoryShares
THB
Mid
Cap
ESG
ETF
VictoryShares
WestEnd
U.S.
Sector
ETF
VictoryShares
Free
Cash
Flow
ETF
Investment
Income:
Dividends
$
11,975
‌
$
1,802,651
‌
$
853,535
‌
Interest
523
‌
4,083
‌
2,691
‌
Securities
lending
(net
of
fees)
—
‌
739
‌
—
(a)
Total
Income
12,498
‌
1,807,473
‌
856,226
‌
Expenses:
Investment
advisory
fees
6,112
‌
445,229
‌
148,745
‌
Administration
fees
679
‌
61,876
‌
23,572
‌
Sub-Administration
fees
8,519
‌
9,771
‌
8,749
‌
Custodian
fees
988
‌
5,584
‌
1,892
‌
Trustees'
fees
1,143
‌
7,300
‌
2,637
‌
Compliance
fees
11
‌
969
‌
320
‌
Legal
and
audit
fees
4,065
‌
12,204
‌
16,245
‌
Printing
fees
3,187
‌
—
‌
—
‌
Other
expenses
2,460
‌
4,544
‌
5,754
‌
Recoupment
of
prior
expenses
waived/reimbursed
by
Adviser
—
‌
2,869
‌
—
‌
Total
Expenses
27,164
‌
550,346
‌
207,914
‌
Expenses
waived/reimbursed
by
Adviser
(
20,437
)
(
37,295
)
(
41,499
)
Net
Expenses
6,727
‌
513,051
‌
166,415
‌
Net
Investment
Income
(Loss)
5,771
‌
1,294,422
‌
689,811
‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
investment
securities
(
41,738
)
(
1,423,971
)
(
1,610,842
)
Net
realized
gains
(losses)
from
futures
contracts
—
‌
107,874
‌
15,751
‌
Net
realized
gains
(losses)
from
in-kind
redemptions
—
‌
1,182,222
‌
4,899,285
‌
Net
change
in
unrealized
appreciation/depreciation
on
investment
securities
192,350
‌
12,643,041
‌
6,097,277
‌
Net
change
in
unrealized
appreciation/depreciation
on
futures
contracts
—
‌
(
25,858
)
8,523
‌
Net
realized/unrealized
gains
(losses)
on
investments
150,612
‌
12,483,308
‌
9,409,994
‌
Change
in
net
assets
resulting
from
operations
$
156,383
‌
$
13,777,730
‌
$
10,099,805
‌
(a)
Rounds
to
less
than
$1.
Statements
of
Operations
For
the
Six
Months
Ended
December
31,
2023
165
See
notes
to
financial
statements.
Victory
Portfolios
II
(Unaudited)
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
(a)
Investment
Income:
Dividends
$
216
‌
Total
Income
216
‌
Expenses:
Investment
advisory
fees
345
‌
Administration
fees
43
‌
Sub-Administration
fees
580
‌
Custodian
fees
301
‌
Trustees'
fees
273
‌
Compliance
fees
13
‌
Legal
and
audit
fees
1,095
‌
Printing
fees
412
‌
Other
expenses
1,335
‌
Total
Expenses
4,397
‌
Expenses
waived/reimbursed
by
Adviser
(
4,022
)
Net
Expenses
375
‌
Net
Investment
Income
(Loss)
(
159
)
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
change
in
unrealized
appreciation/depreciation
on
investment
securities
32,861
‌
Net
realized/unrealized
gains
(losses)
on
investments
32,861
‌
Change
in
net
assets
resulting
from
operations
$
32,702
‌
(a)
Commencement
of
operations
on
December
21,
2023.
166
Victory
Portfolios
II
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
VictoryShares
US
500
Volatility
Wtd
ETF
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
VictoryShares
International
Volatility
Wtd
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
From
Investment
Activities:
Operations:
Net
Investment
Income
(Loss)
$
4,210,091‌
$
8,981,321‌
$
193,493‌
$
367,055‌
$
783,261‌
$
2,450,702‌
Net
realized
gains
(losses)
9,762,574‌
7,041,312‌
1,774,746‌
(
2,444,583‌
)
(
57,967‌
)
(
2,583,395‌
)
Net
change
in
unrealized
appreciation/
depreciation
17,134,211‌
48,767,816‌
1,250,277‌
3,884,433‌
3,892,244‌
10,825,680‌
Change
in
net
assets
resulting
from
operations
31,106,876‌
64,790,449‌
3,218,516‌
1,806,905‌
4,617,538‌
10,692,987‌
Change
in
net
assets
resulting
from
distributions
to
shareholders
(
4,744,989‌
)
(
9,175,277‌
)
(
229,809‌
)
(
367,935‌
)
(
1,171,896‌
)
(
2,096,106‌
)
Change
in
net
assets
resulting
from
capital
transactions
(
25,009,616‌
)
(
40,793,455‌
)
3,015,348‌
3,203,232‌
—‌
(
13,110,586‌
)
Change
in
net
assets
1,352,271‌
14,821,717‌
6,004,055‌
4,642,202‌
3,445,642‌
(
4,513,705‌
)
Net
Assets:
Beginning
of
period
548,224,283‌
533,402,566‌
27,258,965‌
22,616,763‌
88,199,058‌
92,712,763‌
End
of
period
$
549,576,554‌
$
548,224,283‌
$
33,263,020‌
$
27,258,965‌
$
91,644,700‌
$
88,199,058‌
Capital
Transactions:
Proceeds
from
shares
issued
$
—‌
$
33,673,141‌
$
12,478,697‌
$
3,203,232‌
$
—‌
$
—‌
Cost
of
shares
redeemed
(
25,009,616‌
)
(
74,466,596‌
)
(
9,463,349‌
)
—‌
—‌
(
13,110,586‌
)
Change
in
net
assets
resulting
from
capital
transactions
$
(
25,009,616‌
)
$
(
40,793,455‌
)
$
3,015,348‌
$
3,203,232‌
$
—‌
$
(
13,110,586‌
)
Share
Transactions:
Issued
—‌
500,000‌
200,000‌
50,000‌
—‌
—‌
Redeemed
(
350,000‌
)
(
1,100,000‌
)
(
150,000‌
)
—‌
—‌
(
350,000‌
)
Change
in
Shares
(
350,000‌
)
(
600,000‌
)
50,000‌
50,000‌
—‌
(
350,000‌
)
167
Victory
Portfolios
II
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
VictoryShares
US
Large
Cap
High
Div
Volatility
Wtd
ETF
VictoryShares
US
Small
Cap
High
Div
Volatility
Wtd
ETF
VictoryShares
International
High
Div
Volatility
Wtd
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
From
Investment
Activities:
Operations:
Net
Investment
Income
(Loss)
$
7,003,196‌
$
12,224,498‌
$
6,738,304‌
$
13,391,717‌
$
274,615‌
$
872,804‌
Net
realized
gains
(losses)
1,863,510‌
(
1,884,403‌
)
4,742,133‌
(
38,153,086‌
)
114,929‌
(
892,781‌
)
Net
change
in
unrealized
appreciation/
depreciation
9,874,456‌
(
11,279,363‌
)
23,956,087‌
29,183,078‌
961,255‌
1,868,811‌
Change
in
net
assets
resulting
from
operations
18,741,162‌
(
939,268‌
)
35,436,524‌
4,421,709‌
1,350,799‌
1,848,834‌
Change
in
net
assets
resulting
from
distributions
to
shareholders
(
8,185,524‌
)
(
11,863,065‌
)
(
7,942,332‌
)
(
13,131,585‌
)
(
411,893‌
)
(
931,936‌
)
Change
in
net
assets
resulting
from
capital
transactions
(
21,634,980‌
)
90,384,985‌
(
71,472,447‌
)
123,670,332‌
1,528,054‌
—‌
Change
in
net
assets
(
11,079,342‌
)
77,582,652‌
(
43,978,255‌
)
114,960,456‌
2,466,960‌
916,898‌
Net
Assets:
Beginning
of
period
361,889,700‌
284,307,048‌
384,979,388‌
270,018,932‌
16,954,915‌
16,038,017‌
End
of
period
$
350,810,358‌
$
361,889,700‌
$
341,001,133‌
$
384,979,388‌
$
19,421,875‌
$
16,954,915‌
Capital
Transactions:
Proceeds
from
shares
issued
$
5,739,757‌
$
212,722,454‌
$
—‌
$
149,877,921‌
$
1,528,054‌
$
—‌
Cost
of
shares
redeemed
(
27,374,737‌
)
(
122,337,469‌
)
(
71,472,447‌
)
(
26,207,589‌
)
—‌
—‌
Change
in
net
assets
resulting
from
capital
transactions
$
(
21,634,980‌
)
$
90,384,985‌
$
(
71,472,447‌
)
$
123,670,332‌
$
1,528,054‌
$
—‌
Share
Transactions:
Issued
100,000‌
3,650,000‌
—‌
2,850,000‌
50,000‌
—‌
Redeemed
(
500,000‌
)
(
2,150,000‌
)
(
1,400,000‌
)
(
500,000‌
)
—‌
—‌
Change
in
Shares
(
400,000‌
)
1,500,000‌
(
1,400,000‌
)
2,350,000‌
50,000‌
—‌
168
Victory
Portfolios
II
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
VictoryShares
Dividend
Accelerator
ETF
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
From
Investment
Activities:
Operations:
Net
Investment
Income
(Loss)
$
2,706,368‌
$
4,698,037‌
$
1,178,167‌
$
2,425,819‌
$
5,588,397‌
$
16,379,021‌
Net
realized
gains
(losses)
1,366,040‌
7,405,166‌
4,374,030‌
(
2,868,332‌
)
(
2,276,775‌
)
(
66,939,161‌
)
Net
change
in
unrealized
appreciation/
depreciation
6,715,066‌
14,319,654‌
132,636‌
15,747,650‌
(
10,378,508‌
)
51,386,069‌
Change
in
net
assets
resulting
from
operations
10,787,474‌
26,422,857‌
5,684,833‌
15,305,137‌
(
7,066,886‌
)
825,929‌
Change
in
net
assets
resulting
from
distributions
to
shareholders
(
3,217,579‌
)
(
4,655,305‌
)
(
1,240,692‌
)
(
2,502,620‌
)
(
5,915,862‌
)
(
34,559,845‌
)
Change
in
net
assets
resulting
from
capital
transactions
4,496,845‌
(
47,677,567‌
)
10,154,728‌
(
7,997,571‌
)
(
163,937,895‌
)
(
188,251,988‌
)
Change
in
net
assets
12,066,740‌
(
25,910,015‌
)
14,598,869‌
4,804,946‌
(
176,920,643‌
)
(
221,985,904‌
)
Net
Assets:
Beginning
of
period
251,999,366‌
277,909,381‌
124,245,658‌
119,440,712‌
669,367,477‌
891,353,381‌
End
of
period
$
264,066,106‌
$
251,999,366‌
$
138,844,527‌
$
124,245,658‌
$
492,446,834‌
$
669,367,477‌
Capital
Transactions:
Proceeds
from
shares
issued
$
22,594,060‌
$
128,993,937‌
$
46,677,892‌
$
1,780,287‌
$
—‌
$
16,350,615‌
Cost
of
shares
redeemed
(
18,097,215‌
)
(
176,671,504‌
)
(
36,523,164‌
)
(
9,777,858‌
)
(
163,937,895‌
)
(
204,602,603‌
)
Change
in
net
assets
resulting
from
capital
transactions
$
4,496,845‌
$
(
47,677,567‌
)
$
10,154,728‌
$
(
7,997,571‌
)
$
(
163,937,895‌
)
$
(
188,251,988‌
)
Share
Transactions:
Issued
500,000‌
2,850,000‌
1,150,000‌
50,000‌
—‌
250,000‌
Redeemed
(
400,000‌
)
(
4,100,000‌
)
(
900,000‌
)
(
250,000‌
)
(
2,750,000‌
)
(
3,250,000‌
)
Change
in
Shares
100,000‌
(
1,250,000‌
)
250,000‌
(
200,000‌
)
(
2,750,000‌
)
(
3,000,000‌
)
169
Victory
Portfolios
II
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
VictoryShares
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
From
Investment
Activities:
Operations:
Net
Investment
Income
(Loss)
$
28,758,788‌
$
68,305,558‌
$
1,026,029‌
$
1,926,952‌
$
600,841‌
$
1,303,224‌
Net
realized
gains
(losses)
(
17,582,065‌
)
(
305,361,466‌
)
(
3,305,758‌
)
(
7,818,486‌
)
(
2,167,333‌
)
(
186,268‌
)
Net
change
in
unrealized
appreciation/
depreciation
(
7,473,217‌
)
33,269,824‌
(
648,598‌
)
2,233,866‌
1,191,920‌
2,052,060‌
Change
in
net
assets
resulting
from
operations
3,703,506‌
(
203,786,084‌
)
(
2,928,327‌
)
(
3,657,668‌
)
(
374,572‌
)
3,169,016‌
Change
in
net
assets
resulting
from
distributions
to
shareholders
(
34,148,980‌
)
(
68,224,365‌
)
(
1,262,299‌
)
(
1,766,283‌
)
(
875,962‌
)
(
1,092,732‌
)
Change
in
net
assets
resulting
from
capital
transactions
(
535,504,278‌
)
(
50,180,940‌
)
(
19,750,951‌
)
11,965,845‌
(
5,728,808‌
)
10,460,181‌
Change
in
net
assets
(
565,949,752‌
)
(
322,191,389‌
)
(
23,941,577‌
)
6,541,894‌
(
6,979,342‌
)
12,536,465‌
Net
Assets:
Beginning
of
period
1,585,204,456‌
1,907,395,845‌
78,119,908‌
71,578,014‌
47,885,576‌
35,349,111‌
End
of
period
$
1,019,254,704‌
$
1,585,204,456‌
$
54,178,331‌
$
78,119,908‌
$
40,906,234‌
$
47,885,576‌
Capital
Transactions:
Proceeds
from
shares
issued
$
8,672,571‌
$
818,048,115‌
$
—‌
$
22,466,364‌
$
—‌
$
12,011,857‌
Cost
of
shares
redeemed
(
544,176,849‌
)
(
868,229,055‌
)
(
19,750,951‌
)
(
10,500,519‌
)
(
5,728,808‌
)
(
1,551,676‌
)
Change
in
net
assets
resulting
from
capital
transactions
$
(
535,504,278‌
)
$
(
50,180,940‌
)
$
(
19,750,951‌
)
$
11,965,845‌
$
(
5,728,808‌
)
$
10,460,181‌
Share
Transactions:
Issued
150,000‌
12,500,000‌
—‌
400,000‌
—‌
400,000‌
Redeemed
(
9,650,000‌
)
(
13,850,000‌
)
(
400,000‌
)
(
200,000‌
)
(
200,000‌
)
(
50,000‌
)
Change
in
Shares
(
9,500,000‌
)
(
1,350,000‌
)
(
400,000‌
)
200,000‌
(
200,000‌
)
350,000‌
170
Victory
Portfolios
II
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
VictoryShares
Nasdaq
Next
50
ETF
VictoryShares
Core
Plus
Intermediate
Bond
ETF
VictoryShares
Corporate
Bond
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
From
Investment
Activities:
Operations:
Net
Investment
Income
(Loss)
$
244,823‌
$
724,631‌
$
5,318,436‌
$
8,650,654‌
$
2,083,469‌
$
3,390,591‌
Net
realized
gains
(losses)
3,156,349‌
(
8,575,509‌
)
(
4,965,174‌
)
(
10,921,938‌
)
(
823,786‌
)
(
3,943,739‌
)
Net
change
in
unrealized
appreciation/
depreciation
(
728,339‌
)
20,902,163‌
9,239,588‌
5,953,984‌
4,684,936‌
2,399,749‌
Change
in
net
assets
resulting
from
operations
2,672,833‌
13,051,285‌
9,592,850‌
3,682,700‌
5,944,619‌
1,846,601‌
Change
in
net
assets
resulting
from
distributions
to
shareholders
(
314,164‌
)
(
894,257‌
)
(
6,022,739‌
)
(
8,523,875‌
)
(
2,463,287‌
)
(
3,314,390‌
)
Change
in
net
assets
resulting
from
capital
transactions
(
13,967,278‌
)
(
9,827,290‌
)
42,635,997‌
4,956,424‌
16,596,989‌
2,631,018‌
Change
in
net
assets
(
11,608,609‌
)
2,329,738‌
46,206,108‌
115,249‌
20,078,321‌
1,163,229‌
Net
Assets:
Beginning
of
period
97,693,372‌
95,363,634‌
213,844,397‌
213,729,148‌
105,486,097‌
104,322,868‌
End
of
period
$
86,084,763‌
$
97,693,372‌
$
260,050,505‌
$
213,844,397‌
$
125,564,418‌
$
105,486,097‌
Capital
Transactions:
Proceeds
from
shares
issued
$
1,352,413‌
$
1,876,609‌
$
42,635,997‌
$
4,956,424‌
$
16,596,989‌
$
2,631,018‌
Cost
of
shares
redeemed
(
15,319,691‌
)
(
11,703,899‌
)
—‌
—‌
—‌
—‌
Change
in
net
assets
resulting
from
capital
transactions
$
(
13,967,278‌
)
$
(
9,827,290‌
)
$
42,635,997‌
$
4,956,424‌
$
16,596,989‌
$
2,631,018‌
Share
Transactions:
Issued
50,000‌
75,000‌
2,025,000‌
225,000‌
800,000‌
125,000‌
Redeemed
(
600,000‌
)
(
475,000‌
)
—‌
—‌
—‌
—‌
Change
in
Shares
(
550,000‌
)
(
400,000‌
)
2,025,000‌
225,000‌
800,000‌
125,000‌
171
Victory
Portfolios
II
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
VictoryShares
THB
Mid
Cap
ESG
ETF
VictoryShares
WestEnd
U.S.
Sector
ETF
VictoryShares
Free
Cash
Flow
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
For
the
Period
October
12,
2022
(a)
through
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
For
the
Period
June
22,
2023
(a)
through
June
30,
2023
From
Investment
Activities:
Operations:
Net
Investment
Income
(Loss)
$
5,771‌
$
3,554‌
$
1,294,422‌
$
1,456,104‌
$
689,811‌
$
8,322‌
Net
realized
gains
(losses)
(
41,738‌
)
(
103,867‌
)
(
133,875‌
)
3,056,443‌
3,304,194‌
—‌
Net
change
in
unrealized
appreciation/
depreciation
192,350‌
534,124‌
12,617,183‌
25,643,899‌
6,105,800‌
628,195‌
Change
in
net
assets
resulting
from
operations
156,383‌
433,811‌
13,777,730‌
30,156,446‌
10,099,805‌
636,517‌
Change
in
net
assets
resulting
from
distributions
to
shareholders
(
10,239‌
)
—‌
(
1,421,164‌
)
(
1,328,708‌
)
(
706,318‌
)
—‌
Change
in
net
assets
resulting
from
capital
transactions
—‌
—‌
69,630,856‌
152,505,804‌
70,540,489‌
44,063,033‌
Change
in
net
assets
146,144‌
433,811‌
81,987,422‌
181,333,542‌
79,933,976‌
44,699,550‌
Net
Assets:
Beginning
of
period
2,487,450‌
2,053,639‌
181,333,542‌
—‌
44,699,550‌
—‌
End
of
period
$
2,633,594‌
$
2,487,450‌
$
263,320,964‌
$
181,333,542‌
$
124,633,526‌
$
44,699,550‌
Capital
Transactions:
Proceeds
from
shares
issued
$
—‌
$
—‌
$
75,478,149‌
$
301,363,158‌
$
101,038,639‌
$
44,063,033‌
Cost
of
shares
redeemed
—‌
—‌
(
5,847,293‌
)
(
148,857,354‌
)
(
30,498,150‌
)
—‌
Change
in
net
assets
resulting
from
capital
transactions
$
—‌
$
—‌
$
69,630,856‌
$
152,505,804‌
$
70,540,489‌
$
44,063,033‌
Share
Transactions:
Issued
—‌
—‌
2,430,000‌
11,420,000‌
3,750,000‌
1,760,000‌
Redeemed
—‌
—‌
(
190,000‌
)
(
5,570,000‌
)
(
1,110,000‌
)
—‌
Change
in
Shares
—‌
—‌
2,240,000‌
5,850,000‌
2,640,000‌
1,760,000‌
(a)
Commencement
of
operations.
172
Victory
Portfolios
II
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
For
the
Period
December
21,
2023
(a)
through
December
31,
2023
(Unaudited)
From
Investment
Activities:
Operations:
Net
Investment
Income
(Loss)
$
(
159‌
)
Net
realized
gains
(losses)
—‌
Net
change
in
unrealized
appreciation/depreciation
32,861‌
Change
in
net
assets
resulting
from
operations
32,702‌
Change
in
net
assets
resulting
from
distributions
to
shareholders
—‌
Change
in
net
assets
resulting
from
capital
transactions
2,500,000‌
Change
in
net
assets
2,532,702‌
Net
Assets:
Beginning
of
period
—‌
End
of
period
$
2,532,702‌
Capital
Transactions:
Proceeds
from
shares
issued
$
2,500,000‌
Change
in
net
assets
resulting
from
capital
transactions
$
2,500,000‌
Share
Transactions:
Issued
100,000‌
Change
in
Shares
100,000‌
(a)
Commencement
of
operations.
Victory
Portfolios
II
Financial
Highlights
For
a
Share
Outstanding
Throughout
Each
Period
173
See
notes
to
financial
statements.
VictoryShares
US
500
Volatility
Wtd
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$71.20
$64.27
$71.26
$50.57
$52.46
$49.34
Investment
Activities:
Net
investment
income
(loss)(a)
0.56
1.08
0.94
0.69
0.77
0.73
Net
realized
and
unrealized
gains
(losses)
3.65
6.95
(6.99)
20.68
(1.88)
3.09
Total
from
Investment
Activities
4.21
8.03
(6.05)
21.37
(1.11)
3.82
Distributions
to
Shareholders
from:
Net
investment
income
(0.64)
(1.10)
(0.94)
(0.68)
(0.78)
(0.70)
Total
Distributions
(0.64)
(1.10)
(0.94)
(0.68)
(0.78)
(0.70)
Net
Asset
Value,
End
of
Period
$74.77
$71.20
$64.27
$71.26
$50.57
$52.46
Total
Return(b)(c)
5.96%
12.62%
(8.63)%
42.51%
(2.12)%
7.86%
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)
1.59%
1.59%
1.30%
1.13%
1.49%
1.48%
Gross
Expenses(d)(e)
0.39%
0.39%
0.38%
0.39%
0.40%
0.40%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$549,577
$548,224
$533,403
$705,437
$670,005
$731,775
Portfolio
Turnover(b)(f)
12%
24%
21%
34%
28%
46%
(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
174
See
notes
to
financial
statements.
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$60.58
$56.54
$64.96
$40.22
$45.87
$48.54
Investment
Activities:
Net
investment
income
(loss)(a)
0.42
0.88
0.86
0.70
0.59
0.63
Net
realized
and
unrealized
gains
(losses)
6.03
4.05
(8.44)
24.76
(5.62)
(2.62)
Total
from
Investment
Activities
6.45
4.93
(7.58)
25.46
(5.03)
(1.99)
Distributions
to
Shareholders
from:
Net
investment
income
(0.50)
(0.88)
(0.84)
(0.72)
(0.62)
(0.68)
Total
Distributions
(0.50)
(0.88)
(0.84)
(0.72)
(0.62)
(0.68)
Net
Asset
Value,
End
of
Period
$66.53
$60.58
$56.54
$64.96
$40.22
$45.87
Total
Return(b)(c)
10.71%
8.75%
(11.82)%
63.72%
(11.00)%
(4.07)%
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)
1.38%
1.47%
1.33%
1.30%
1.35%
1.36%
Gross
Expenses(d)(e)
0.55%
0.58%
0.58%
0.55%
0.55%
0.46%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$33,263
$27,259
$22,617
$25,986
$16,089
$29,814
Portfolio
Turnover(b)(f)
24%
68%
55%
71%
50%
62%
(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.
175
Victory
Portfolios
II
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
VictoryShares
International
Volatility
Wtd
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$40.09
$36.36
$44.89
$34.63
$38.12
$39.09
Investment
Activities:
Net
investment
income
(loss)(a)
0.36
1.05
1.20
0.95
0.77
1.17
Net
realized
and
unrealized
gains
(losses)
1.74
3.60
(8.23)
10.25
(3.51)
(1.07)
Total
from
Investment
Activities
2.10
4.65
(7.03)
11.20
(2.74)
0.10
Distributions
to
Shareholders
from:
Net
investment
income
(0.53)
(0.92)
(1.50)
(0.94)
(0.75)
(1.07)
Total
Distributions
(0.53)
(0.92)
(1.50)
(0.94)
(0.75)
(1.07)
Net
Asset
Value,
End
of
Period
$41.66
$40.09
$36.36
$44.89
$34.63
$38.12
Total
Return(b)(c)
5.33%
12.96%
(16.10)%
32.59%
(7.23)%
0.33%
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)
1.81%
2.80%
2.79%
2.34%
2.12%
3.14%
Gross
Expenses(d)(e)
0.65%
0.64%
0.58%
0.63%
0.64%
0.73%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$91,645
$88,199
$92,713
$116,710
$83,120
$36,215
Portfolio
Turnover(b)(f)
14%
30%
32%
45%
41%
53%
(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
176
See
notes
to
financial
statements.
VictoryShares
US
Large
Cap
High
Div
Volatility
Wtd
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$56.55
$58.02
$56.68
$39.52
$47.03
$45.06
Investment
Activities:
Net
investment
income
(loss)(a)
1.13
2.04
1.84
1.45
1.58
1.51
Net
realized
and
unrealized
gains
(losses)
2.12
(1.52)
1.30
17.10
(7.44)
1.83
Total
from
Investment
Activities
3.25
0.52
3.14
18.55
(5.86)
3.34
Distributions
to
Shareholders
from:
Net
investment
income
(1.33)
(1.99)
(1.80)
(1.39)
(1.65)
(1.37)
Total
Distributions
(1.33)
(1.99)
(1.80)
(1.39)
(1.65)
(1.37)
Net
Asset
Value,
End
of
Period
$58.47
$56.55
$58.02
$56.68
$39.52
$47.03
Total
Return(b)(c)
5.87%
0.86%
5.50%
47.74%
(12.78)%
7.59%
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)
4.00%
3.51%
3.06%
3.04%
3.47%
3.33%
Gross
Expenses(d)(e)
0.40%
0.40%
0.40%
0.41%
0.41%
0.42%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$350,810
$361,890
$284,307
$221,056
$193,635
$331,527
Portfolio
Turnover(b)(f)
23%
47%
43%
67%
56%
66%
(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.
177
Victory
Portfolios
II
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
VictoryShares
US
Small
Cap
High
Div
Volatility
Wtd
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$51.33
$52.43
$59.95
$36.75
$44.28
$45.96
Investment
Activities:
Net
investment
income
(loss)(a)
0.99
1.97
1.83
1.85
1.53
1.38
Net
realized
and
unrealized
gains
(losses)
4.77
(1.14)
(7.52)
23.26
(7.47)
(1.74)
Total
from
Investment
Activities
5.76
0.83
(5.69)
25.11
(5.94)
(0.36)
Distributions
to
Shareholders
from:
Net
investment
income
(1.19)
(1.93)
(1.83)
(1.91)
(1.59)
(1.32)
Total
Distributions
(1.19)
(1.93)
(1.83)
(1.91)
(1.59)
(1.32)
Net
Asset
Value,
End
of
Period
$55.90
$51.33
$52.43
$59.95
$36.75
$44.28
Total
Return(b)(c)
11.44%
1.62%
(9.76)%
69.75%
(13.61)%
(0.70)%
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)
3.84%
3.77%
3.14%
3.51%
3.69%
3.10%
Gross
Expenses(d)(e)
0.40%
0.40%
0.40%
0.42%
0.44%
0.44%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$341,001
$384,979
$270,019
$251,797
$66,142
$75,277
Portfolio
Turnover(b)(f)
36%
82%
68%
104%
68%
83%
(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
178
See
notes
to
financial
statements.
VictoryShares
International
High
Div
Volatility
Wtd
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$30.83
$29.16
$32.83
$25.32
$32.43
$33.94
Investment
Activities:
Net
investment
income
(loss)(a)
0.47
1.59
1.80
1.11
1.02
1.63
Net
realized
and
unrealized
gains
(losses)
1.78
1.77
(3.63)
7.73
(7.13)
(1.48)
Total
from
Investment
Activities
2.25
3.36
(1.83)
8.84
(6.11)
0.15
Distributions
to
Shareholders
from:
Net
investment
income
(0.71)
(1.69)
(1.84)
(1.33)
(1.00)
(1.66)
Total
Distributions
(0.71)
(1.69)
(1.84)
(1.33)
(1.00)
(1.66)
Net
Asset
Value,
End
of
Period
$32.37
$30.83
$29.16
$32.83
$25.32
$32.43
Total
Return(b)(c)
7.46%
11.99%
(5.92)%
35.49%
(19.22)%
0.58%
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)
3.07%
5.38%
5.57%
3.95%
3.45%
5.06%
Gross
Expenses(d)(e)
0.89%
0.95%
0.85%
0.66%
0.57%
0.59%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$19,422
$16,955
$16,038
$22,978
$62,042
$40,540
Portfolio
Turnover(b)(f)
37%
71%
62%
111%
71%
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.
179
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,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$46.24
$41.48
$44.12
$33.14
$32.90
$28.41
Investment
Activities:
Net
investment
income
(loss)(a)
0.49
0.87
0.70
0.66
0.55
0.48
Net
realized
and
unrealized
gains
(losses)
1.43
4.75
(2.63)
10.95
0.19
4.47
Total
from
Investment
Activities
1.92
5.62
(1.93)
11.61
0.74
4.95
Distributions
to
Shareholders
from:
Net
investment
income
(0.58)
(0.86)
(0.71)
(0.63)
(0.50)
(0.46)
Total
Distributions
(0.58)
(0.86)
(0.71)
(0.63)
(0.50)
(0.46)
Net
Asset
Value,
End
of
Period
$47.58
$46.24
$41.48
$44.12
$33.14
$32.90
Total
Return(b)(c)
4.22%
13.68%
(4.49)%
35.33%
2.23%
17.60%
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)
2.16%
1.97%
1.55%
1.67%
1.65%
1.57%
Gross
Expenses(d)(e)
0.40%
0.40%
0.39%
0.40%
0.42%
0.59%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$264,066
$251,999
$277,909
$344,154
$235,277
$16,450
Portfolio
Turnover(b)(f)
6%
54%
43%
41%
74%
62%
(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
180
See
notes
to
financial
statements.
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$40.74
$36.75
$38.15
$30.73
$30.87
$27.58
Investment
Activities:
Net
investment
income
(loss)(a)
0.38
0.76
0.66
0.62
0.70
0.73
Net
realized
and
unrealized
gains
(losses)
1.35
4.01
(1.39)
7.43
(0.14)
3.20
Total
from
Investment
Activities
1.73
4.77
(0.73)
8.05
0.56
3.93
Distributions
to
Shareholders
from:
Net
investment
income
(0.40)
(0.78)
(0.67)
(0.63)
(0.70)
(0.64)
Total
Distributions
(0.40)
(0.78)
(0.67)
(0.63)
(0.70)
(0.64)
Net
Asset
Value,
End
of
Period
$42.07
$40.74
$36.75
$38.15
$30.73
$30.87
Total
Return(b)(c)
4.30%
13.15%
(2.04)%
26.47%
1.82%
14.47%
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)
1.87%
1.98%
1.66%
1.80%
2.23%
2.50%
Gross
Expenses(d)(e)
0.42%
0.42%
0.41%
0.41%
0.42%
0.48%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$138,845
$124,246
$119,441
$164,065
$155,182
$43,213
Portfolio
Turnover(b)(f)
20%
73%
63%
56%
69%
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.
181
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,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$61.69
$64.36
$71.28
$51.88
$48.89
$49.30
Investment
Activities:
Net
investment
income
(loss)(a)
0.58
1.29
0.87
0.70
0.60
0.73
Net
realized
and
unrealized
gains
(losses)
(0.86)
(1.29)
(6.95)
19.32
3.04
(0.42)
Total
from
Investment
Activities
(0.28)
—(b)
(6.08)
20.02
3.64
0.31
Distributions
to
Shareholders
from:
Net
investment
income
(0.61)
(1.26)
(0.84)
(0.62)
(0.65)
(0.72)
Net
realized
gains
—
(1.41)
—
—
—
—
Total
Distributions
(0.61)
(2.67)
(0.84)
(0.62)
(0.65)
(0.72)
Net
Asset
Value,
End
of
Period
$60.80
$61.69
$64.36
$71.28
$51.88
$48.89
Total
Return(c)(d)
(0.46)%
(0.12)%
(8.67)%
38.78%
7.49%
0.69%
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)
1.94%
2.00%
1.20%
1.13%
1.20%
1.51%
Gross
Expenses(e)(f)
0.40%
0.39%
0.38%
0.39%
0.40%
0.40%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$492,447
$669,367
$891,353
$937,341
$609,613
$828,729
Portfolio
Turnover(c)(g)
104%
271%(h)
101%(i)
34%
56%
116%(i)
(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)
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.
(i)
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
182
See
notes
to
financial
statements.
VictoryShares
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$57.64
$66.11
$64.57
$46.58
$45.54
$46.29
Investment
Activities:
Net
investment
income
(loss)(a)
1.27
2.18
2.14
1.56
1.39
1.46
Net
realized
and
unrealized
gains
(losses)
(0.73)
(8.47)
1.42(b)
17.87
1.09
(0.80)
Total
from
Investment
Activities
0.54
(6.29)
3.56
19.43
2.48
0.66
Distributions
to
Shareholders
from:
Net
investment
income
(1.55)
(2.18)
(2.02)
(1.44)
(1.44)
(1.41)
Total
Distributions
(1.55)
(2.18)
(2.02)
(1.44)
(1.44)
(1.41)
Net
Asset
Value,
End
of
Period
$56.63
$57.64
$66.11
$64.57
$46.58
$45.54
Total
Return(c)(d)
0.95%
(9.69)%
5.49%
42.31%
5.49%
1.52%
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)
4.48%
3.47%
3.13%
2.80%
3.02%
3.22%
Gross
Expenses(e)(f)
0.39%
0.38%
0.39%
0.40%
0.40%
0.40%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$1,019,255
$1,585,204
$1,907,396
$916,846
$565,892
$696,814
Portfolio
Turnover(c)(g)
241%
333%(h)
41%
65%(i)
116%
143%(j)
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
The
amount
shown
reflects
a
net
realized
and
unrealized
gain
per
share,
whereas
the
Statement
of
Operations
reflected
a
net
realized
and
unrealized
loss
for
the
period
for
the
Fund
in
total.
The
difference
in
realized
and
unrealized
gains
and
losses
for
the
Fund
versus
the
class
is
due
to
the
timing
of
sales
and
repurchases
of
the
class
in
relation
to
fluctuating
market
values
during
the
period.
(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
increased
significantly
due
to
tactical
rebalances.
(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.
183
Victory
Portfolios
II
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$52.08
$55.06
$60.55
$39.16
$37.80
$47.41
Investment
Activities:
Net
investment
income
(loss)(a)
0.78
1.26
0.69
0.62
0.44
0.64
Net
realized
and
unrealized
gains
(losses)
(2.62)
(3.10)
(5.48)
21.38
1.42
(9.61)
Total
from
Investment
Activities
(1.84)
(1.84)
(4.79)
22.00
1.86
(8.97)
Distributions
to
Shareholders
from:
Net
investment
income
(0.99)
(1.15)
(0.70)
(0.61)
(0.50)
(0.64)
Total
Distributions
(0.99)
(1.15)
(0.70)
(0.61)
(0.50)
(0.64)
Net
Asset
Value,
End
of
Period
$49.25
$52.08
$55.06
$60.55
$39.16
$37.80
Total
Return(b)(c)
(3.55)%
(3.37)%
(8.00)%
56.47%
5.00%
(19.04)%
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)
3.14%
2.32%
1.15%
1.22%
1.19%
1.48%
Gross
Expenses(d)(e)
0.47%
0.44%
0.45%
0.46%
0.47%
0.42%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$54,178
$78,120
$71,578
$63,572
$37,203
$92,614
Portfolio
Turnover(b)(f)
202%
429%(g)
64%
70%(h)
232%
398%(i)
(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
increased
significantly
due
to
tactical
rebalances.
(h)
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.
(i)
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
184
See
notes
to
financial
statements.
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$30.89
$29.46
$34.19
$26.92
$32.10
$33.79
Investment
Activities:
Net
investment
income
(loss)(a)
0.40
0.91
0.72
0.66
0.52
0.85
Net
realized
and
unrealized
gains
(losses)
(0.40)
1.27
(4.45)
7.26
(5.14)
(1.59)
Total
from
Investment
Activities
—(b)
2.18
(3.73)
7.92
(4.62)
(0.74)
Distributions
to
Shareholders
from:
Net
investment
income
(0.59)
(0.74)
(1.00)
(0.65)
(0.56)
(0.95)
Total
Distributions
(0.59)
(0.74)
(1.00)
(0.65)
(0.56)
(0.95)
Net
Asset
Value,
End
of
Period
$30.30
$30.89
$29.46
$34.19
$26.92
$32.10
Total
Return(c)(d)
0.05%
7.43%
(11.20)%
29.63%
(14.55)%
(2.16)%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.45%
0.45%
0.45%
0.45%
0.45%
0.45%
Net
Investment
Income
(Loss)(e)
2.70%
2.96%
2.17%
2.16%
1.69%
2.63%
Gross
Expenses(e)(f)
0.88%
0.91%
0.81%
0.88%
0.65%
0.56%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$40,906
$47,886
$35,349
$42,742
$48,455
$110,746
Portfolio
Turnover(c)(g)
133%
320%(h)
37%
55%
33%
154%(i)
(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
increased
significantly
due
to
tactical
rebalances.
(i)
Portfolio
turnover
increased
significantly
due
to
changes
in
the
volume
and
timing
of
purchases
and
sales
of
portfolio
holdings
during
the
year.
185
Victory
Portfolios
II
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
VictoryShares
Nasdaq
Next
50
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
September
10,
2020(a)
through
June
30,
2021
Net
Asset
Value,
Beginning
of
Period
$26.23
$23.12
$34.33
$25.45
Investment
Activities:
Net
investment
income
(loss)(b)
0.07
0.18
0.12
0.12
Net
realized
and
unrealized
gains
(losses)
0.90
3.16
(11.20)
8.85
Total
from
Investment
Activities
0.97
3.34
(11.08)
8.97
Distributions
to
Shareholders
from:
Net
investment
income
(0.09)
(0.23)
(0.13)
(0.09)
Total
Distributions
(0.09)
(0.23)
(0.13)
(0.09)
Net
Asset
Value,
End
of
Period
$27.11
$26.23
$23.12
$34.33
Total
Return(c)(d)
3.76%
14.48%
(32.34)%
35.26%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.18%
0.18%
0.18%
0.18%
Net
Investment
Income
(Loss)(e)
0.57%
0.74%
0.40%
0.46%
Gross
Expenses(e)(f)
0.31%
0.29%
0.31%
0.30%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$86,085
$97,693
$95,364
$148,467
Portfolio
Turnover(c)(g)
52%
63%
95%
68%
(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
186
See
notes
to
financial
statements.
VictoryShares
Core
Plus
Intermediate
Bond
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
October
5,
2021(a)
through
June
30,
2022
Net
Asset
Value,
Beginning
of
Period
$21.44
$21.92
$25.00
Investment
Activities:
Net
investment
income
(loss)(b)
0.50
0.87
0.38
Net
realized
and
unrealized
gains
(losses)
0.29
(0.49)
(3.17)
Total
from
Investment
Activities
0.79
0.38
(2.79)
Distributions
to
Shareholders
from:
Net
investment
income
(0.56)
(0.86)
(0.29)
Total
Distributions
(0.56)
(0.86)
(0.29)
Net
Asset
Value,
End
of
Period
$21.67
$21.44
$21.92
Total
Return(c)(d)
3.78%
1.77%
(11.20)%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.40%
0.40%
0.40%
Net
Investment
Income
(Loss)(e)
4.70%
4.04%
2.20%
Gross
Expenses(e)(f)
0.46%
0.45%
0.50%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$260,051
$213,844
$213,729
Portfolio
Turnover(c)(g)
23%
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.
187
Victory
Portfolios
II
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
VictoryShares
Corporate
Bond
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
October
5,
2021(a)
through
June
30,
2022
Net
Asset
Value,
Beginning
of
Period
$20.58
$20.86
$25.00
Investment
Activities:
Net
investment
income
(loss)(b)
0.39
0.67
0.37
Net
realized
and
unrealized
gains
(losses)
0.68
(0.30)
(4.19)
Total
from
Investment
Activities
1.07
0.37
(3.82)
Distributions
to
Shareholders
from:
Net
investment
income
(0.46)
(0.65)
(0.32)
Total
Distributions
(0.46)
(0.65)
(0.32)
Net
Asset
Value,
End
of
Period
$21.19
$20.58
$20.86
Total
Return(c)(d)
5.32%
1.85%
(15.37)%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.40%
0.40%(g)
0.40%
Net
Investment
Income
(Loss)(e)
3.83%
3.26%
2.17%
Gross
Expenses(e)(f)
0.47%
0.46%
0.53%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$125,564
$105,486
$104,323
Portfolio
Turnover(c)(h)
5%
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.
Victory
Portfolios
II
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
188
See
notes
to
financial
statements.
VictoryShares
THB
Mid
Cap
ESG
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
October
4,
2021(a)
through
June
30,
2022
Net
Asset
Value,
Beginning
of
Period
$24.87
$20.54
$23.74
Investment
Activities:
Net
investment
income
(loss)(b)
0.06
0.04
0.01
Net
realized
and
unrealized
gains
(losses)
1.51
4.30
(3.13)
Total
from
Investment
Activities
1.57
4.34
(3.12)
Distributions
to
Shareholders
from:
Net
investment
income
(0.10)
—
(0.08)
Total
Distributions
(0.10)
—
(0.08)
Net
Asset
Value,
End
of
Period
$26.34
$24.87
$20.54
Total
Return(c)(d)
6.30%
21.12%
(13.23)%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.55%
0.55%
0.55%
Net
Investment
Income
(Loss)(e)
0.47%
0.16%
0.06%
Gross
Expenses(e)(f)
2.22%
2.41%
2.49%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$2,634
$2,487
$2,054
Portfolio
Turnover(c)(g)
30%
20%
17%
(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.
189
Victory
Portfolios
II
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
VictoryShares
WestEnd
U.S.
Sector
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
October
12,
2022(a)
through
June
30,
2023
Net
Asset
Value,
Beginning
of
Period
$31.00
$25.00
Investment
Activities:
Net
investment
income
(loss)(b)
0.18
0.28
Net
realized
and
unrealized
gains
(losses)
1.56
5.96
Total
from
Investment
Activities
1.74
6.24
Distributions
to
Shareholders
from:
Net
investment
income
(0.19)
(0.24)
Total
Distributions
(0.19)
(0.24)
Net
Asset
Value,
End
of
Period
$32.55
$31.00
Total
Return(c)(d)
5.66%
25.10%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.46%
0.42%
Net
Investment
Income
(Loss)(e)
1.16%
1.39%
Gross
Expenses(e)(f)
0.49%
0.67%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$263,321
$181,334
Portfolio
Turnover(c)(g)
13%
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.
Victory
Portfolios
II
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
190
See
notes
to
financial
statements.
VictoryShares
Free
Cash
Flow
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
June
22,
2023(a)
through
June
30,
2023
Net
Asset
Value,
Beginning
of
Period
$25.40
$25.00
Investment
Activities:
Net
investment
income
(loss)(b)
0.22
0.01
Net
realized
and
unrealized
gains
(losses)
2.91
0.39
Total
from
Investment
Activities
3.13
0.40
Distributions
to
Shareholders
from:
Net
investment
income
(0.20)
—
Total
Distributions
(0.20)
—
Net
Asset
Value,
End
of
Period
$28.33
$25.40
Total
Return(c)(d)
12.37%
1.59%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.39%
0.35%(g)
Net
Investment
Income
(Loss)(e)
1.61%
2.30%
Gross
Expenses(e)(f)
0.49%
2.27%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$124,634
$44,700
Portfolio
Turnover(c)(h)
46%
—%
(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.
191
Victory
Portfolios
II
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
December
21,
2023(a)
through
December
31,
2023
(Unaudited)
Net
Asset
Value,
Beginning
of
Period
$25.00
Investment
Activities:
Net
investment
income
(loss)(b)
(—)(c)
Net
realized
and
unrealized
gains
(losses)
0.33
Total
from
Investment
Activities
0.33
Net
Asset
Value,
End
of
Period
$25.33
Total
Return(d)(e)
1.31%
Ratios
to
Average
Net
Assets:
Net
Expenses(f)(g)
0.49%
Net
Investment
Income
(Loss)(f)
(0.21)%
Gross
Expenses(f)(g)
5.73%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$2,533
Portfolio
Turnover(d)(h)
—%
(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,
2023
Victory
Portfolios
II
192
(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 19
Funds
(collectively,
the
“Funds”
and
individually,
a
“Fund”).
Each
Fund
is
classified
as
diversified
under
the
1940
Act.
*
On
December
5,
2023,
the
Board
of
Trustees
of
the
Trust
(the
“Board”)
has
approved
a
change
in
the
name
of
the
VictoryShares
THB
Mid
Cap
ESG
ETF.
Effective
at
the
start
of
business
on
February
1,
2024,
The
Fund
will
be
renamed
VictoryShares
THB
Mid
Cap
ETF.
There
will
be
no
change
to
the
Fund’s
principal
investment
strategy.
**
Commenced
operations
December 21,
2023. 
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
management
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
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,
or
25,000 
shares
in
the
case
of
THB
Mid
Cap
ESG
ETF, Core
Plus
Intermediate
Bond
ETF,
Corporate
Bond
ETF,
and
Nasdaq
Next
50
ETF
and
10,000
shares
for
WestEnd
U.S.
Sector
ETF, Free
Cash
Flow
ETF,
and Small
Cap
Free
Cash
Flow
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
DTC
participant
and,
in
each
case,
must
have
executed
a
Participant
Agreement
with
the
distributor.
Only
Authorized
Participants
may
purchase
or
redeem
the
shares
directly
from
a
Fund.
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.
Funds
(Legal
Name)
Funds
(Short
Name)
VictoryShares
US
500
Volatility
Wtd
ETF
US
500
Volatility
Wtd
ETF
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
US
Small
Cap
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
International
High
Div
Volatility
Wtd
ETF
International
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
US
Discovery
Enhanced
Volatility
Wtd
ETF
US
Discovery
Enhanced
Volatility
Wtd
ETF
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
Developed
Enhanced
Volatility
Wtd
ETF
VictoryShares
Nasdaq
Next
50
ETF
Nasdaq
Next
50
ETF
VictoryShares
Core
Plus
Intermediate
Bond
ETF
Core
Plus
Intermediate
Bond
ETF
VictoryShares
Corporate
Bond
ETF
Corporate
Bond
ETF
VictoryShares
THB
Mid
Cap
ESG
ETF
THB
Mid
Cap
ESG
ETF*
VictoryShares
WestEnd
U.S.
Sector
ETF
WestEnd
U.S.
Sector
ETF
VictoryShares
Free
Cash
Flow
ETF
Free
Cash
Flow
ETF
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
Small
Cap
Free
Cash
Flow
ETF**
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
193
(Unaudited)
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:
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
Board,
has
established
the
Pricing
and
Liquidity
Committee
(the
“Committee”),
and
subject
to Board
oversight,
the
Committee
administers
and
oversees
the
Funds’
valuation
policies
and
procedures,
which
were
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.
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.
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%
US
Small
Cap
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%
International
High
Div
Volatility
Wtd
ETF
....................................
1,500
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%
US
Discovery
Enhanced
Volatility
Wtd
ETF
...................................
750
2.00%
Developed
Enhanced
Volatility
Wtd
ETF
.....................................
4,500
2.00%
Nasdaq
Next
50
ETF
...................................................
250
2.00%
Core
Plus
Intermediate
Bond
ETF
..........................................
100
2.00%
Corporate
Bond
ETF
...................................................
100
2.00%
THB
Mid
Cap
ESG
ETF
.................................................
250
2.00%
WestEnd
U.S.
Sector
ETF
................................................
100
2.00%
Free
Cash
Flow
ETF
...................................................
250
2.00%
Small
Cap
Free
Cash
Flow
ETF
...........................................
250
2.00%
*  
As
a
percentage
of
the
amount
invested
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
194
(Unaudited)
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
Funds’
NAV to
be
more
reliable
than
it
otherwise
would
be.
A
summary
of
the
valuations
as
of
December
31,
2023,
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:
Level
1
Level
2
Level
3
Total
US
500
Volatility
Wtd
ETF
Common
Stocks
............................
$
547,881,787
$
—
$
—
$
547,881,787
Collateral
for
Securities
Loaned
................
149,372
—
—
149,372
Total
....................................
$
548,031,159
$
—
$
—
$
548,031,159
Other
Financial
Investments:*
Assets:
Futures
Contracts
...........................
24,300
—
—
24,300
Total
....................................
$
24,300
$
—
$
—
$
24,300
US
Small
Cap
Volatility
Wtd
ETF
Common
Stocks
............................
33,107,843
—
—
33,107,843
Collateral
for
Securities
Loaned
................
162,672
—
—
162,672
Total
....................................
$
33,270,515
$
—
$
—
$
33,270,515
Other
Financial
Investments:*
Assets:
Futures
Contracts
...........................
7,270
—
—
7,270
Total
....................................
$
7,270
$
—
$
—
$
7,270
International
Volatility
Wtd
ETF
Common
Stocks
............................
90,813,429
—
17,564
90,830,993
Warrants
.................................
—
—
—(a)
—(a)
Collateral
for
Securities
Loaned
................
951,036
—
—
951,036
Total
....................................
$
91,764,465
$
—
$
17,564
$
91,782,029
Other
Financial
Investments:*
Assets:
Futures
Contracts
...........................
4,951
—
—
4,951
Total
....................................
$
4,951
$
—
$
—
$
4,951
US
Large
Cap
High
Div
Volatility
Wtd
ETF
Common
Stocks
............................
348,258,565
—
—
348,258,565
Collateral
for
Securities
Loaned
................
1,372,972
—
—
1,372,972
Total
....................................
$
349,631,537
$
—
$
—
$
349,631,537
Other
Financial
Investments:*
Assets:
Futures
Contracts
...........................
31,496
—
—
31,496
Total
....................................
$
31,496
$
—
$
—
$
31,496
US
Small
Cap
High
Div
Volatility
Wtd
ETF
Common
Stocks
............................
339,286,026
—
—
339,286,026
Collateral
for
Securities
Loaned
................
5,120,697
—
—
5,120,697
Total
....................................
$
344,406,723
$
—
$
—
$
344,406,723
Other
Financial
Investments:*
Assets:
Futures
Contracts
...........................
71,267
—
—
71,267
Total
....................................
$
71,267
$
—
$
—
$
71,267
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
195
(Unaudited)
Level
1
Level
2
Level
3
Total
International
High
Div
Volatility
Wtd
ETF
Common
Stocks
............................
$
19,203,240
$
—
$
12,022
$
19,215,262
Collateral
for
Securities
Loaned
................
645,624
—
—
645,624
Total
....................................
$
19,848,864
$
—
$
12,022
$
19,860,886
Other
Financial
Investments:*
Assets:
Futures
Contracts
...........................
4,231
—
—
4,231
Total
....................................
$
4,231
$
—
$
—
$
4,231
Dividend
Accelerator
ETF
Common
Stocks
............................
263,288,427
—
—
263,288,427
Collateral
for
Securities
Loaned
................
13,000
—
—
13,000
Total
....................................
$
263,301,427
$
—
$
—
$
263,301,427
Other
Financial
Investments:*
Assets:
Futures
Contracts
...........................
7,978
—
—
7,978
Total
....................................
$
7,978
$
—
$
—
$
7,978
US
Multi-Factor
Minimum
Volatility
ETF
Common
Stocks
............................
138,209,820
—
—
138,209,820
Total
....................................
$
138,209,820
$
—
$
—
$
138,209,820
Other
Financial
Investments:*
Assets:
Futures
Contracts
...........................
15,953
—
—
15,953
Total
....................................
$
15,953
$
—
$
—
$
15,953
US
500
Enhanced
Volatility
Wtd
ETF
Common
Stocks
............................
489,957,215
—
—
489,957,215
Investment
Companies
.......................
917,460
—
—
917,460
Collateral
for
Securities
Loaned
................
7,244
—
—
7,244
Total
....................................
$
490,881,919
$
—
$
—
$
490,881,919
Other
Financial
Investments:*
Assets:
Futures
Contracts
...........................
56,384
—
—
56,384
Total
....................................
$
56,384
$
—
$
—
$
56,384
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
Common
Stocks
............................
256,313,041
—
—
256,313,041
Investment
Companies
.......................
769,068,477
—
—
769,068,477
Collateral
for
Securities
Loaned
................
315,892
—
—
315,892
Total
....................................
$
1,025,697,410
$
—
$
—
$
1,025,697,410
Other
Financial
Investments:*
Assets:
Futures
Contracts
...........................
48,297
—
—
48,297
Total
....................................
$
48,297
$
—
$
—
$
48,297
US
Discovery
Enhanced
Volatility
Wtd
ETF
Common
Stocks
............................
14,502,691
—
—
14,502,691
Investment
Companies
.......................
39,422,668
—
—
39,422,668
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
196
(Unaudited)
Level
1
Level
2
Level
3
Total
US
Discovery
Enhanced
Volatility
Wtd
ETF,
continued
Collateral
for
Securities
Loaned
................
$
117,436
$
—
$
—
$
117,436
Total
....................................
$
54,042,795
$
—
$
—
$
54,042,795
Other
Financial
Investments:*
Assets:
Futures
Contracts
...........................
6,480
—
—
6,480
Total
....................................
$
6,480
$
—
$
—
$
6,480
Developed
Enhanced
Volatility
Wtd
ETF
Common
Stocks
............................
40,443,187
—
6,275
40,449,462
Warrants
.................................
—
—
—(a)
—(a)
Investment
Companies
.......................
236,680
—
—
236,680
Collateral
for
Securities
Loaned
................
317,548
—
—
317,548
Total
....................................
$
40,997,415
$
—
$
6,275
$
41,003,690
Other
Financial
Investments:*
Assets:
Futures
Contracts
...........................
7,253
—
—
7,253
Total
....................................
$
7,253
$
—
$
—
$
7,253
Nasdaq
Next
50
ETF
Common
Stocks
............................
85,784,237
—
8,698
85,792,935
Total
....................................
$
85,784,237
$
—
$
8,698
$
85,792,935
Other
Financial
Investments:*
Assets:
Futures
Contracts
...........................
14,242
—
—
14,242
Total
....................................
$
14,242
$
—
$
—
$
14,242
Core
Plus
Intermediate
Bond
ETF
Asset-Backed
Securities
......................
—
56,804,183
—
56,804,183
Collateralized
Loan
Obligations
................
—
11,523,484
—
11,523,484
Collateralized
Mortgage
Obligations
.............
—
24,418,210
—
24,418,210
Senior
Secured
Loans
........................
—
4,521,342
—
4,521,342
Corporate
Bonds
...........................
—
50,623,359
—
50,623,359
Yankee
Dollars
............................
—
11,618,363
—
11,618,363
Municipal
Bonds
...........................
—
879,794
—
879,794
U.S.
Government
Agency
Mortgages
.............
—
29,384,108
—
29,384,108
U.S.
Treasury
Obligations
.....................
—
56,567,415
—
56,567,415
Commercial
Paper
..........................
—
11,988,759
—
11,988,759
Collateral
for
Securities
Loaned
................
1,565,748
—
—
1,565,748
Total
....................................
$
1,565,748
$
258,329,017
$
—
$
259,894,765
Other
Financial
Investments:*
Assets:
Futures
Contracts
...........................
697,807
—
—
697,807
Total
....................................
$
697,807
$
—
$
—
$
697,807
Corporate
Bond
ETF
Corporate
Bonds
...........................
—
88,380,459
—
88,380,459
Yankee
Dollars
............................
—
20,296,770
—
20,296,770
U.S.
Treasury
Obligations
.....................
—
9,459,275
—
9,459,275
Commercial
Paper
..........................
—
6,250,904
—
6,250,904
Collateral
for
Securities
Loaned
................
1,401,956
—
—
1,401,956
Total
....................................
$
1,401,956
$
124,387,408
$
—
$
125,789,364
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
197
(Unaudited)
As
of December
31,
2023,
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
during
the
year
are
recorded
as
realized
gains
or
return
of
capital
as
estimated
by
the
Funds
or
when
such
information
becomes
known.
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
makes
the
commitment
to
purchase
a
security
on
a
delayed-delivery
or
when-issued
basis,
the
Funds
records
the
transaction
and
reflects
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.
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.
Level
1
Level
2
Level
3
Total
THB
Mid
Cap
ESG
ETF
Common
Stocks
............................
$
2,630,658
$
—
$
—
$
2,630,658
Total
....................................
$
2,630,658
$
—
$
—
$
2,630,658
WestEnd
U.S.
Sector
ETF
Common
Stocks
............................
262,153,135
—
—
262,153,135
Rights
...................................
—
—
543
543
Collateral
for
Securities
Loaned
................
4,400
—
—
4,400
Total
....................................
$
262,157,535
$
—
$
543
$
262,158,078
Other
Financial
Investments:*
Assets:
Futures
Contracts
...........................
6,833
—
—
6,833
Total
....................................
$
6,833
$
—
$
—
$
6,833
Free
Cash
Flow
ETF
Common
Stocks
............................
124,249,471
—
—
124,249,471
Total
....................................
$
124,249,471
$
—
$
—
$
124,249,471
Other
Financial
Investments:*
Assets:
Futures
Contracts
...........................
8,523
—
—
8,523
Total
....................................
$
8,523
$
—
$
—
$
8,523
Small
Cap
Free
Cash
Flow
ETF
Common
Stocks
............................
2,520,563
—
—
2,520,563
Total
....................................
$
2,520,563
$
—
$
—
$
2,520,563
*
Futures
Contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
investment.
(a)
Zero
market
value
security.
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
198
(Unaudited)
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.
Derivative
Instruments:
Foreign
Exchange
Currency
Contracts:
The Funds
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
Funds
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
Funds
do
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
Funds’
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
Funds
record
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
Funds
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
Funds
enter
into
foreign
exchange
currency
contracts
solely
for
spot
or
forward
hedging
purposes,
and
not
for
speculative
purposes
(i.e.,
the
Funds
do
not
enter
into
such
contracts
solely
for
the
purpose
of
earning
foreign
currency
gains).
 As
of December
31,
2023,
the
Funds
had
no
open
forward
foreign
exchange
currency
contracts.
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
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
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
199
(Unaudited)
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,
2023,
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,
2023:
The
following
table
presents the
effect
of
derivative
instruments
on
the
Statements
of
Operations,
categorized
by
risk
exposure,
for
the period
ended
December
31,
2023:
Assets
Variation
Margin
Receivable
on
Open
Futures
Contracts*
Equity
Risk
Exposure:
315,458
US
500
Volatility
Wtd
ETF
.............................................................................
$
24,300
US
Small
Cap
Volatility
Wtd
ETF
........................................................................
7,270
International
Volatility
Wtd
ETF
.........................................................................
4,951
US
Large
Cap
High
Div
Volatility
Wtd
ETF
.................................................................
31,496
US
Small
Cap
High
Div
Volatility
Wtd
ETF
.................................................................
71,267
International
High
Div
Volatility
Wtd
ETF
..................................................................
4,231
Dividend
Accelerator
ETF
.............................................................................
7,978
US
Multi-Factor
Minimum
Volatility
ETF
..................................................................
15,953
US
500
Enhanced
Volatility
Wtd
ETF
.....................................................................
56,384
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
................................................................
48,297
US
Discovery
Enhanced
Volatility
Wtd
ETF
.................................................................
6,480
Developed
Enhanced
Volatility
Wtd
ETF
...................................................................
7,253
Nasdaq
Next
50
ETF
.................................................................................
14,242
WestEnd
U.S.
Sector
ETF
..............................................................................
6,833
Free
Cash
Flow
ETF
.................................................................................
8,523
Interest
Rate
Risk
Exposure:
697,807
Core
Plus
Intermediate
Bond
ETF
........................................................................
697,807
*
Includes
cumulative
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:
562686.00
(203364.00)
US
500
Volatility
Wtd
ETF
...........................................................
$
118,811
$
(34,121)
US
Small
Cap
Volatility
Wtd
ETF
......................................................
5,972
6,424
International
Volatility
Wtd
ETF
.......................................................
(5,555)
(720)
US
Large
Cap
High
Div
Volatility
Wtd
ETF
...............................................
60,512
(31,149)
US
Small
Cap
High
Div
Volatility
Wtd
ETF
...............................................
38,051
49,400
International
High
Div
Volatility
Wtd
ETF
................................................
794
3,269
Dividend
Accelerator
ETF
...........................................................
43,077
(11,353)
US
Multi-Factor
Minimum
Volatility
ETF
................................................
33,734
93
US
500
Enhanced
Volatility
Wtd
ETF
...................................................
53,274
746
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
200
(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. 
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.
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,
2023.
Net
Realized
Gains
(Losses)
from
Futures
Contracts
Net
Change
in
Unrealized
Appreciation/
Depreciation
on
Futures
Contracts
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
..............................................
$
70,053
$
(181,226)
US
Discovery
Enhanced
Volatility
Wtd
ETF
...............................................
16,346
4,788
Developed
Enhanced
Volatility
Wtd
ETF
.................................................
(22,867)
5,541
Nasdaq
Next
50
ETF
...............................................................
26,859
2,279
WestEnd
U.S.
Sector
ETF
............................................................
107,874
(25,858)
Free
Cash
Flow
ETF
...............................................................
15,751
8,523
Interest
Rate
Risk
Exposure:
(964675.00)
891263.00
Core
Plus
Intermediate
Bond
ETF
......................................................
(964,675)
891,263
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
201
(Unaudited)
Foreign
Currency
Translations:
The
accounting
records
of
the
Funds
are
maintained
in
U.S.
dollars.
Investment
securities
and
other
assets
and
liabilities
of
a
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
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.
Any
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,
2023,
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.
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,
2023,
are
included
in
the
table
below.
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
..........................................
$
142,399
$
—
$
149,372
US
Small
Cap
Volatility
Wtd
ETF
.....................................
156,761
—
162,672
International
Volatility
Wtd
ETF
......................................
903,300
—
951,036
US
Large
Cap
High
Div
Volatility
Wtd
ETF
..............................
1,317,073
—
1,372,972
US
Small
Cap
High
Div
Volatility
Wtd
ETF
..............................
4,916,020
—
5,120,697
International
High
Div
Volatility
Wtd
ETF
...............................
612,803
—
645,624
Dividend
Accelerator
ETF
..........................................
12,555
—
13,000
US
500
Enhanced
Volatility
Wtd
ETF
..................................
7,000
—
7,244
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
.............................
304,576
—
315,892
US
Discovery
Enhanced
Volatility
Wtd
ETF
..............................
114,065
—
117,436
Developed
Enhanced
Volatility
Wtd
ETF
................................
200,643
—
317,548
Core
Plus
Intermediate
Bond
ETF
.....................................
1,498,007
—
1,565,748
Corporate
Bond
ETF
..............................................
1,350,472
—
1,401,956
WestEnd
U.S.
Sector
ETF
...........................................
4,210
—
4,400
Excluding
U.S.
Government
Securities
and
In-Kind
Transactions
Associated
with
In-Kind
Transactions
Purchases
Sales
Purchases
Sales
US
500
Volatility
Wtd
ETF
..................................
$
63,003,119
$
62,526,690
$
—
$
24,867,821
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
202
(Unaudited)
4.
Affiliated
Fund
Ownership:
The
Funds
offer
shares
for
investment
by
other
funds,
including
funds
offered
by
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,
2023,
certain
affiliated fund-of-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
Small
Cap
Volatility
Wtd
ETF
.............................
$
6,683,025
$
6,665,707
$
12,438,801
$
9,429,595
International
Volatility
Wtd
ETF
..............................
12,291,839
12,357,539
—
—
US
Large
Cap
High
Div
Volatility
Wtd
ETF
......................
79,944,063
80,143,531
5,701,067
27,216,124
US
Small
Cap
High
Div
Volatility
Wtd
ETF
......................
123,619,391
123,649,445
—
71,106,721
International
High
Div
Volatility
Wtd
ETF
.......................
6,559,707
6,451,308
1,390,919
—
Dividend
Accelerator
ETF
..................................
14,838,449
14,731,297
22,500,827
18,076,512
US
Multi-Factor
Minimum
Volatility
ETF
.......................
25,803,207
25,800,569
46,452,071
36,232,838
US
500
Enhanced
Volatility
Wtd
ETF
..........................
924,463,125
469,184,426
—
125,838,823
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
.....................
1,197,756,641
1,111,424,621
2,219,213
206,862,242
US
Discovery
Enhanced
Volatility
Wtd
ETF
......................
71,120,394
61,631,339
—
10,375,279
Developed
Enhanced
Volatility
Wtd
ETF
........................
70,788,844
40,128,020
—
1,220,041
Nasdaq
Next
50
ETF
......................................
44,690,889
44,782,122
1,348,002
15,282,007
THB
Mid
Cap
ESG
ETF
....................................
757,021
728,515
—
—
WestEnd
U.S.
Sector
ETF
...................................
29,583,050
29,293,231
74,309,070
5,731,666
Free
Cash
Flow
ETF
......................................
37,679,253
37,532,145
100,990,449
30,932,687
Small
Cap
Free
Cash
Flow
ETF
..............................
40,513
—
2,447,189
—
Excluding
U.S.
Government
Securities
U.S.
Government
Securities
Purchases
Sales
Purchases
Sales
Core
Plus
Intermediate
Bond
ETF
.......................
$
33,579,470
$
32,154,467
$
46,796,433
$
18,579,025
Corporate
Bond
ETF
................................
8,685,645
5,193,690
8,195,621
—
International
Volatility
Wtd
ETF
Ownership
%
Victory
Target
Retirement
Income
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
7.0
Victory
Target
Retirement
2030
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
20.2
Victory
Target
Retirement
2040
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
29.7
Victory
Target
Retirement
2050
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
20.1
Victory
Target
Retirement
2060
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.4
US
Multi-Factor
Minimum
Volatility
ETF
Ownership
%
Victory
Strategic
Allocation
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.2
Victory
Target
Retirement
Income
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.3
Victory
Target
Retirement
2030
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
8.0
Victory
Target
Retirement
2040
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
13.0
Victory
Target
Retirement
2050
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
9.4
Victory
Target
Retirement
2060
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.3
Nasdaq
Next
50
ETF
Ownership
%
Victory
Target
Retirement
Income
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
4.7
Victory
Target
Retirement
2030
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
17.6
Victory
Target
Retirement
2040
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
30.6
Victory
Target
Retirement
2050
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
21.2
Victory
Target
Retirement
2060
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.2
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
203
(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,
2023,
are
reflected
on
the
Statements
of
Operations
as
Investment
advisory
fees.
Core
Plus
Intermediate
Bond
ETF
Ownership
%
Victory
Cornerstone
Moderately
Conservative
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
5.7
Victory
Cornerstone
Aggressive
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2.9
Victory
Cornerstone
Moderate
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
27.4
Victory
Cornerstone
Moderately
Aggressive
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
47.2
Corporate
Bond
ETF
Ownership
%
Victory
Target
Retirement
Income
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
32.1
Victory
Target
Retirement
2030
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
33.0
Victory
Target
Retirement
2040
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
24.8
Victory
Target
Retirement
2050
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
8.7
Victory
Target
Retirement
2060
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.1
WestEnd
U.S.
Sector
ETF
Ownership
%
Victory
Cornerstone
Conservative
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.0
Victory
Cornerstone
Equity
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
6.2
Victory
Target
Retirement
Income
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
4.1
Victory
Target
Retirement
2030
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
13.5
Victory
Target
Retirement
2040
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
22.6
Victory
Target
Retirement
2050
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
17.1
Victory
Target
Retirement
2060
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2.6
Free
Cash
Flow
ETF
Ownership
%
Victory
Cornerstone
Conservative
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.4
Victory
Cornerstone
Equity
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
8.9
Victory
Target
Retirement
Income
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.1
Victory
Target
Retirement
2030
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
9.9
Victory
Target
Retirement
2040
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
16.6
Victory
Target
Retirement
2050
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12.0
Victory
Target
Retirement
2060
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.8
Flat
Rate
US
500
Volatility
Wtd
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.30%
US
Small
Cap
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%
International
High
Div
Volatility
Wtd
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.40%
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%
US
Discovery
Enhanced
Volatility
Wtd
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.30%
Developed
Enhanced
Volatility
Wtd
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.40%
Nasdaq
Next
50
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15%
Core
Plus
Intermediate
Bond
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.35%
Corporate
Bond
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.35%
THB
Mid
Cap
ESG
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.50%
WestEnd
U.S.
Sector
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.40%
Free
Cash
Flow
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.35%
Small
Cap
Free
Cash
Flow
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.45%
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
204
(Unaudited)
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,
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,
2023,
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,
2023,
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,
Victory
Variable
Insurance
Funds,
Victory
Portfolios
and
Victory
Portfolios
III (collectively,
the
“Victory
Funds
Complex”),
in
aggregate,
compensate
the
Adviser
for
these
services.
Amounts
incurred
for
the six
months
ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Compliance
fees.
Distributor/Underwriting
Services: 
Foreside
Fund
Services,
LLC
serves
as
the
Funds’
distributor.
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,
2023,
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,
2023,
the
expense
limits
(excluding
voluntary
waivers) are
as
follows:
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,
2024
US
500
Volatility
Wtd
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.35%
US
Small
Cap
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%
International
High
Div
Volatility
Wtd
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.45%
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%
US
Discovery
Enhanced
Volatility
Wtd
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.35%
Developed
Enhanced
Volatility
Wtd
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.45%
Nasdaq
Next
50
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.18%
Core
Plus
Intermediate
Bond
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.40%
Corporate
Bond
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.40%
THB
Mid
Cap
ESG
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.55%
WestEnd
U.S.
Sector
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.46%
Free
Cash
Flow
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.39%
Small
Cap
Free
Cash
Flow
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.49%(a)
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
205
(Unaudited)
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,
2023.
For
the
six
months
ended
December
31,
2023,
the
following
recoupments
 were
paid to
the
Adviser.
As
of December
31,
2023,
the
following amounts
are
available
to
be
repaid
to
the
Adviser. 
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,
2023,
the
Adviser
voluntarily
waived
the
following
amounts:
(a)
In
effect
from
December
21,
2023,
until
December
31,
2024.
Amount
US
Multi-Factor
Minimum
Volatility
ETF
...................................................................
$
37
WestEnd
U.S.
Sector
ETF
...............................................................................
2,869
Expires
2024
Expires
2025
Expires
2026
Expires
2027
Total
US
500
Volatility
Wtd
ETF
..................................
$
15,577
$
15,251
$
42,444
$
25,855
$
99,127
US
Small
Cap
Volatility
Wtd
ETF
.............................
14,799
49,801
49,222
23,520
137,342
International
Volatility
Wtd
ETF
..............................
83,487
111,915
133,661
72,149
401,212
US
Large
Cap
High
Div
Volatility
Wtd
ETF
......................
11,303
45,449
45,307
26,271
128,330
US
Small
Cap
High
Div
Volatility
Wtd
ETF
......................
25,989
51,444
50,332
28,762
156,527
International
High
Div
Volatility
Wtd
ETF
.......................
29,160
70,418
75,175
36,519
211,272
Dividend
Accelerator
ETF
..................................
27,507
25,944
47,541
21,492
122,484
US
Multi-Factor
Minimum
Volatility
ETF
.......................
17,834
40,631
44,634
21,689
124,788
US
500
Enhanced
Volatility
Wtd
ETF
..........................
32,372
3,538
28,114
34,596
98,620
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
.....................
41,216
79,459
25,530
52,938
199,143
US
Discovery
Enhanced
Volatility
Wtd
ETF
......................
15,136
50,302
50,780
26,701
142,919
Developed
Enhanced
Volatility
Wtd
ETF
........................
69,305
129,939
186,048
87,636
472,928
Nasdaq
Next
50
ETF
......................................
55,413
134,640
71,325
40,652
302,030
Core
Plus
Intermediate
Bond
ETF
.............................
—
93,356
37,130
30,527
161,013
Corporate
Bond
ETF
......................................
—
78,541
26,128
21,232
125,901
THB
Mid
Cap
ESG
ETF
....................................
—
33,895
41,285
20,031
95,211
WestEnd
U.S.
Sector
ETF
...................................
—
—
134,420
338
134,758
Free
Cash
Flow
ETF
......................................
—
—
6,843
27,418
34,261
Small
Cap
Free
Cash
Flow
ETF
..............................
—
—
—
3,996
3,996
Amount
US
500
Volatility
Wtd
ETF
..............................................................................
$
87,965
US
Small
Cap
Volatility
Wtd
ETF
.........................................................................
4,652
International
Volatility
Wtd
ETF
..........................................................................
14,381
US
Large
Cap
High
Div
Volatility
Wtd
ETF
..................................................................
58,125
US
Small
Cap
High
Div
Volatility
Wtd
ETF
..................................................................
58,173
International
High
Div
Volatility
Wtd
ETF
...................................................................
2,966
Dividend
Accelerator
ETF
..............................................................................
41,623
US
Multi-Factor
Minimum
Volatility
ETF
...................................................................
20,910
US
500
Enhanced
Volatility
Wtd
ETF
......................................................................
95,846
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
.................................................................
213,293
US
Discovery
Enhanced
Volatility
Wtd
ETF
..................................................................
10,839
Developed
Enhanced
Volatility
Wtd
ETF
....................................................................
7,375
Nasdaq
Next
50
ETF
..................................................................................
14,214
Core
Plus
Intermediate
Bond
ETF
.........................................................................
37,551
Corporate
Bond
ETF
..................................................................................
17,969
THB
Mid
Cap
ESG
ETF
................................................................................
406
WestEnd
U.S.
Sector
ETF
...............................................................................
36,957
Free
Cash
Flow
ETF
..................................................................................
14,081
Small
Cap
Free
Cash
Flow
ETF
..........................................................................
26*
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
206
(Unaudited)
Certain
officers
and/or
interested
trustees
of
the
Funds
are
also
officers
and/or
employees
of
the
Adviser,
administrator,
fund
accountant,
sub-
administrator,
sub-fund
accountant,
custodian,
legal
counsel,
and
distributor.
6.
Risks:
The
Funds
may
be
subject
to
other
risks
in
addition
to
these
identified
risks.
Debt
Securities
or
Bond
Risk
—
 US
500
Enhanced
Volatility
Wtd
ETF,
US
EQ
Income
Enhanced
Volatility
Wtd
ETF,
US
Discovery
Enhanced
Volatility
Wtd
ETF,
Developed
Enhanced
Volatility
Wtd
ETF,
Core
Plus
Intermediate
Bond
ETF,
and
Corporate
Bond
ETF
(herein,
the
Funds)
are
subject
to
the
risk
that
the
market
value
of
the
bonds
in
the
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
Funds
may
be
subject
to
risks
associated
with
rising
interest
rates.
The
fixed-income
securities
in
the
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
Funds
accept
some
credit
risk
as
a
recognized
means
to
enhance
an
investor’s
return.
Equity
Risk
—
The
value
of
the
equity
securities
in
which
the
Funds
invest
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.
Foreign
Securities
Risk
—
The International
Volatility
Wtd
ETF,
International
High
Div
Volatility
Wtd
ETF,
Developed
Enhanced
Volatility
Wtd
ETF,
Nasdaq
Next
50
ETF,
Core
Plus
Intermediate
Bond
ETF,
Corporate
Bond
ETF,
and
THB
Mid
Cap
ESG
ETF
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
Funds
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
Funds
have
exposure
to
foreign
currencies)
to
decline
in
value.
Currency
exchange
rates
may
fluctuate
significantly
over
short
periods
of
time.
Passive
Investment
Risk
—
Certain
Funds
are
designed
to
track
its
index
and
is
not
actively
managed.
A
Fund
will
not
buy
or
sell
shares
of
an
equity
security
due
to
current
or
projected
performance
of
a
security,
industry
or
sector,
unless
that
security
is
added
to
or
removed,
respectively,
from
its
index.
A
Fund
does
not,
therefore,
seek
returns
in
excess
of
its
index,
and
does
not
attempt
to
take
defensive
positions
or
hedge
against
potential
risks
unless
such
defensive
positions
are
also
taken
by
its
index.
Different
types
of
investment
styles,
for
example
passively
managed
or
actively
managed,
or
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,
a
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.
LIBOR
Discontinuation
Risk
—
The
terms
of
some
floating
rate
loans
and
other
instruments
that
were
previously
tied
to
the
London
Interbank
Offered
Rate
("LIBOR"),
which
functioned
as
a
reference
rate
or
benchmark
for
these
instruments
but
was
discontinued
as
a
floating
rate
benchmark
have
recently
transitioned
from,
or
continue
to
be
tied
to USD
LIBOR
synthetic
rates
that
continue
to
be
published
until
September
30,
2024.
Secured
Overnight
Financing
Rate
(SOFR)
has
largely
been
used
as
a
new
reference
rate
for
new
instruments.
There
is
no
assurance
that
proposed
replacement
rates
will
be
suitable
substitutes
for
LIBOR,
and
thus
the
substitution
of
such
rates
for
LIBOR
could
have
an
adverse
effect.
Limited
History
of
Operations Risk
—
WestEnd
U.S.
Sector
ETF,
Free
Cash
Flow
ETF
and
Small
Cap
Free
Cash
Flow
ETF
funds
are
new
and,
therefore,
have
a
limited
history
of
operations
for
investors
to
evaluate. 
Market
Risk
—
Overall
market
risks
may
affect
the
value
of
the
Funds.
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;
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.
*
For
the
period
December
21,
2023
(commencement
of
operations)
to
December
31,
2023.
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
207
(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
Victory
Funds
Complex
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,
2023,
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 SOFR
plus
1.10
percent.
Effective
June
27,
2023,
the
agreement
was
renewed
with
a
termination
date
of
June
24,
2024,
and
the
annual
commitment
fee
of
0.15%
remained
unchanged. 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,
2023,
were
as
follows:
*
Based
on
the
number
of
days
borrowings
were
outstanding
for
the
six
months
ended
December
31,
2023.
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
Statement
of
Assets
and
Liabilities.
As
of
the
tax
year
ended June
30,
2023,
the
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.
Amount
Outstanding
at
December
31,
2023
Average
Borrowing*
Average
Interest
Rate*
Maximum
Borrowing
During
the
Period
International
Volatility
Wtd
ETF
..............................
$
—
$
1,300,000
6.42%
$
1,300,000
International
High
Div
Volatility
Wtd
ETF
.......................
—
1,800,000
6.42%
1,800,000
Developed
Enhanced
Volatility
Wtd
ETF
........................
—
1,200,000
6.42%
1,200,000
Declared
Paid
US
500
Volatility
Wtd
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Monthly
Monthly
US
Small
Cap
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
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Monthly
Monthly
International
High
Div
Volatility
Wtd
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Monthly
Monthly
Dividend
Accelerator
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Monthly
Monthly
US
Multi-Factor
Minimum
Volatility
ETF
.
.
.
.
.
.
.
.
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.
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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
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Monthly
Monthly
US
Discovery
Enhanced
Volatility
Wtd
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Monthly
Monthly
Developed
Enhanced
Volatility
Wtd
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Monthly
Monthly
Nasdaq
Next
50
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Monthly
Monthly
Core
Plus
Intermediate
Bond
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Monthly
Monthly
Corporate
Bond
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Monthly
Monthly
THB
Mid
Cap
ESG
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Monthly
Monthly
WestEnd
U.S.
Sector
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
.
.
.
.
.
.
.
.
.
Monthly
Monthly
Free
Cash
Flow
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
Monthly
Monthly
Small
Cap
Free
Cash
Flow
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
Monthly
Monthly
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
208
(Unaudited)
9.
Affiliated
Securities:
An
affiliated
security
is
a
security
in
which
a
Fund
has
ownership
of
at
least
5%
of
the
security’s
outstanding
voting
shares, an
investment
company
managed
by
VCM,
or
an
issuer
under
common
control
with
a
Fund
or
VCM.
The
Funds
do
not
invest
in
affiliated securities
for
the
purpose
of
exercising
management
or
control.  These
securities
are
noted
as
affiliated
on a
Fund’s
Schedule
of
Portfolio
Investments.
 Section
12(d)(3)
of
the
1940
Act,
and
Rule
12d3-1(c)
under
the
1940
Act,
generally
prohibit
a
fund
from
purchasing
the
securities
issued
by,
among
other
entities,
a
fund’s
investment
adviser.
When
a
fund’s
investment
objective
is
to
track
the
performance
of
an
unaffiliated
index
by
investing
in
the
stocks
that
comprise
that
index,
the
staff
of
the
SEC
has
taken
the
position
that,
subject
to
certain
conditions,
the
fund
may
establish
and
maintain
a
position
in
the
common
stock
of
an
affiliate
of
the
fund’s
investment
adviser
in
an
amount
approximately
in
proportion
to
the
percentage
that
the
stock
is
represented
in
the
index.
In
seeking
to
provide
investment
results
that
closely
correspond
to
its
respective
unaffiliated
index,
one
or
more
Funds
may
hold
the
securities
of
Victory
Capital
Holdings,
Inc.,
the
parent
company
of
VCM
and
other
Fund
service
providers.
Transactions
in
affiliated
securities
during
the
six
months
ended
December
31,
2023,
were
as
follows:
10.
New
Regulatory
Pronouncement:
In
October
2022,
the
SEC
adopted
the
Tailored
Shareholder
Reports
Rule
and
form
amendments
that
require,
among
other
things,
mutual
funds
and
ETFs
to
prepare
and
transmit
streamlined
annual
and
semi-annual
shareholder
reports.
In
connection
with
these
amendments,
certain
information
that
was
previously
disclosed
in
shareholder
reports
will
instead
be
made
available
online,
delivered
free
of
charge
upon
request,
and
filed
with
the
SEC
on
a
semi-annual
basis.
Also
in
connection
with
these
amendments,
annual
and
semi-annual
reports
will
be
provided
directly
to
shareholders,
either
in
paper
or
(if
the
shareholder
has
so
elected)
electronically.
Compliance
with
the
rule
and
form
amendments
begins
in
July
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Funds.
Short-Term
Amount
Long-Term
Amount
Total
US
500
Volatility
Wtd
ETF
...............................................
$
(45,562,156)
$
(45,112,280)
$
(90,674,436)
US
Small
Cap
Volatility
Wtd
ETF
..........................................
(6,907,229)
(4,260,465)
(11,167,694)
International
Volatility
Wtd
ETF
...........................................
(3,582,609)
(4,040,237)
(7,622,846)
US
Large
Cap
High
Div
Volatility
Wtd
ETF
...................................
(40,358,165)
(28,594,170)
(68,952,335)
US
Small
Cap
High
Div
Volatility
Wtd
ETF
...................................
(63,291,454)
(21,720,552)
(85,012,006)
International
High
Div
Volatility
Wtd
ETF
....................................
(6,374,794)
(8,143,093)
(14,517,887)
Dividend
Accelerator
ETF
...............................................
(12,081,140)
(11,107,203)
(23,188,343)
US
Multi-Factor
Minimum
Volatility
ETF
....................................
(15,211,703)
(4,320,254)
(19,531,957)
US
500
Enhanced
Volatility
Wtd
ETF
.......................................
(110,451,880)
(22,287,869)
(132,739,749)
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
..................................
(406,717,188)
(34,816,735)
(441,533,923)
US
Discovery
Enhanced
Volatility
Wtd
ETF
...................................
(43,396,122)
(1,788,208)
(45,184,330)
Developed
Enhanced
Volatility
Wtd
ETF
.....................................
(16,358,628)
(9,195,981)
(25,554,609)
Nasdaq
Next
50
ETF
...................................................
(31,560,968)
(6,224,030)
(37,784,998)
Core
Plus
Intermediate
Bond
ETF
..........................................
(11,755,396)
(4,402,318)
(16,157,714)
Corporate
Bond
ETF
...................................................
(2,453,747)
(2,493,991)
(4,947,738)
THB
Mid
Cap
ESG
ETF
.................................................
(78,267)
(28,272)
(106,539)
WestEnd
U.S.
Sector
ETF
................................................
(1,203,430)
—
(1,203,430)
Fair
Value
6/30/2023
Purchases
at
Cost
Proceeds
from
Sales
Realized
Gains
(Losses)
Capital
Gain
Distribution
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
12/31/2023
Dividend
Income
US
Small
Cap
Volatility
Wtd
ETF
Victory
Capital
Holdings,
Inc.,
Class
A
..........
$
51,978
$
39,718
$
(19,512)
$
9,494
$
—
$
(4,773)
$
76,905
$
1,244
US
Discovery
Enhanced
Volatility
Wtd
ETF
Victory
Capital
Holdings,
Inc.,
Class
A
..........
37,154
133,376
(139,483)
12,025
—
(9,390)
33,682
1,682
Supplemental
Information
December
31,
2023
Victory
Portfolios
II
209
(Unaudited)
Proxy
Voting
and
Portfolio
Holdings
Information 
Proxy
Voting:
Information
regarding
each
Fund’s
policies
and
procedures
—
which
describes
how
we
vote
proxies
relating
to
portfolio
securities
—
is
included
in
the
Funds'
Statement
of
Additional
Information
on
our
website
or
upon
request
by
calling
800-539-3863. Each
Fund
files
its
proxy
voting
record
with
the
U.S.
Securities
and
Exchange
Commission
(SEC)
for
the
12
months
ended
June
30
by
August
31.
The
proxy
voting
record
is
available
free
of
charge
on
the
SEC
website
at sec.gov and
on
our
website.
Availability
of
Schedules
of
Portfolio
Investments:
The
Trust
files
a
complete
list
of
Schedules
of
Portfolio
Investments
with
the
SEC
for
the
first
and
third
quarter
of
each
fiscal
year
on
Form
N-PORT-P
and are
available
on
the
SEC’s
website
at
sec.gov.
Expense
Examples
As
a
shareholder
of
the
Fund,
you
may
incur
two
types
of
costs:
(1)
transaction
costs,  and
(2)
ongoing
costs,
including
management
fees
and
other
Fund
expenses.
These
examples
are
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
These
examples
are
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
from
July
1,
2023,
through
December
31,
2023.
The
Actual
Expense
figures
in
the
table
below
provide
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
below,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
table
under
the
heading
entitled
“Actual
Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
The
Hypothetical
Expense
figures
in
the
table
below
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds.
Please
note
the
expenses
shown
in
the
table
below
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs.
Therefore,
the
hypothetical
expenses
in
the
table
are
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Beginning
Account
Value
7/1/23
Actual
Ending
Account
Value
12/31/23
Hypothetical
Ending
Account
Value
12/31/23
Actual
Expenses
Paid
During
Period
7/1/23
-
12/31/23*
Hypothetical
Expenses
Paid
During
Period
7/1/23
-
12/31/23*
Annualized
Expense
Ratio
During
Period
7/1/23
-
12/31/23
US
500
Volatility
Wtd
ETF
.................
$
1,000.00
$
1,059.60
$
1,023.38
$
1.81
$
1.78
0.35%
US
Small
Cap
Volatility
Wtd
ETF
............
1,000.00
1,107.10
1,023.38
1.85
1.78
0.35%
International
Volatility
Wtd
ETF
.............
1,000.00
1,053.30
1,022.87
2.32
2.29
0.45%
US
Large
Cap
High
Div
Volatility
Wtd
ETF
.....
1,000.00
1,058.70
1,023.38
1.81
1.78
0.35%
US
Small
Cap
High
Div
Volatility
Wtd
ETF
.....
1,000.00
1,114.40
1,023.38
1.86
1.78
0.35%
International
High
Div
Volatility
Wtd
ETF
......
1,000.00
1,074.60
1,022.87
2.35
2.29
0.45%
Dividend
Accelerator
ETF
.................
1,000.00
1,042.20
1,023.38
1.80
1.78
0.35%
US
Multi-Factor
Minimum
Volatility
ETF
......
1,000.00
1,043.00
1,023.38
1.80
1.78
0.35%
US
500
Enhanced
Volatility
Wtd
ETF
.........
1,000.00
995.40
1,023.38
1.76
1.78
0.35%
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
....
1,000.00
1,009.50
1,023.38
1.77
1.78
0.35%
US
Discovery
Enhanced
Volatility
Wtd
ETF
.....
1,000.00
964.50
1,023.38
1.73
1.78
0.35%
Developed
Enhanced
Volatility
Wtd
ETF
.......
1,000.00
1,000.50
1,022.87
2.26
2.29
0.45%
Nasdaq
Next
50
ETF
.....................
1,000.00
1,037.60
1,024.23
0.92
0.92
0.18%
Core
Plus
Intermediate
Bond
ETF
............
1,000.00
1,037.80
1,023.13
2.05
2.03
0.40%
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
II
210
(Unaudited)
Beginning
Account
Value
7/1/23
Actual
Ending
Account
Value
12/31/23
Hypothetical
Ending
Account
Value
12/31/23
Actual
Expenses
Paid
During
Period
7/1/23
-
12/31/23*
Hypothetical
Expenses
Paid
During
Period
7/1/23
-
12/31/23*
Annualized
Expense
Ratio
During
Period
7/1/23
-
12/31/23
Corporate
Bond
ETF
.....................
1,000.00
1,053.20
1,023.13
2.06
2.03
0.40%
THB
Mid
Cap
ESG
ETF
...................
1,000.00
1,063.00
1,022.37
2.85
2.80
0.55%
WestEnd
U.S.
Sector
ETF
..................
1,000.00
1,056.60
1,022.82
2.38
2.34
0.46%
Free
Cash
Flow
ETF
.....................
1,000.00
1,123.70
1,023.18
2.08
1.98
0.39%
Small
Cap
Free
Cash
Flow
ETF
**
............
1,000.00
1,013.10
1,022.67
0.15
2.49
0.49%
*
Expenses
are
equal
to
the
average
account
value
multiplied
by
the
Fund’s
annualized
expense
ratio
multiplied
by
184/366
(the
number
of
days
in
the
most
recent
fiscal
half-year
divided
by
the
number
of
days
in
the
fiscal
year).
**
Actual
Expense
Paid
are
equal
to
the
average
account
value
multiplied
by
the
Fund’s
annualized
expense
ratio
multiplied
by
11/366
to
reflect
the
stub
period
from
commencement
of
operations
December
21,
2023,
through
December
31,
2023.
Victory
Portfolios
II
211
(Unaudited)
Supplemental
Information
—
continued
December
31,
2023
Considerations
of
the
Board
in
Continuing
the
Investment
Advisory
Agreements (the
“Agreement”)
The
Board
approved
the
Agreement
on
behalf
of
each
of
the
Funds
(except
for
the
VictoryShares
Free
Cash
Flow
ETF
and
VictoryShares
Small
Cap
Free
Cash
Flow
ETF,
which
are
discussed
separately)
at
a
meeting,
which
was
called
for
that
purpose,
on
December
5,
2023.
The
Board
also
considered
information
relating
to
the
Funds
and
the
Agreement
provided
throughout
the
year
and,
more
specifically,
at
the
meetings
on
October
17,
2023,
and
December
5,
2023.
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;
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;
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;
and
The
historical
relationship
between
each
Fund
and
the
Adviser.
The
Board
reviewed
each
Fund’s
current
management
fee
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
met
with
the
consultant
to
review
its
inputs
and
methodologies,
among
other
things.
The
Board
compared
each
Fund’s
gross
management
fee
and
total
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
with
similar
investment
strategies
selected
by
that
consultant
from
the
universe.
The
Board
reviewed
the
factors
and
methodology
used
by
the
consultant
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.
The
Board
also
reviewed
the
fee
of
a
comparable
mutual
fund
managed
by
the
Adviser
that
is
comparable
to
the
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
and
the
differences
in
the
services
provided
to
the
mutual
fund.
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.
For
Funds
with
total
net
expense
ratios
that
ranked
within
the
fourth
quartile
(most
expensive)
in
relation
to
their
peers
as
evaluated
by
a
consultant,
the
Board
requested,
and
the
Adviser
provided,
supplemental
information
about
the
level
of
fees
and
the
nature
of
the
services
provided.
The
Adviser
reviewed
additional
relevant
circumstances,
which
included,
among
other
things,
specialized
strategies,
small
or
decreasing
assets,
or
rapid
or
recent
changes
in
peer
expense
ratios.
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.
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
II
212
(Unaudited)
The
Board
found
that
the
gross
annual
management
fee
paid
by
each
Fund
was
within
the
range
of
management
fees
paid
by
each
Fund’s
respective
peer
group.
The
Board
also
found
that
each
Fund’s
net
annual
expense
ratio
was
reasonable
as
compared
with
each
Fund’s
respective
peer
group.
The
Board
considered
the
Adviser’s
contractual
agreement
with
each
Fund
to
waive
its
fees
and
reimburse
expenses
for
a
specified
period
of
time,
as
described
in
the
Fund’s
prospectus.
The
Board
reviewed
each
Fund’s
performance
against
the
performance
of
the
Fund’s
selected
peer
group
and
benchmark
index.
The
Board
noted
that
each
Fund’s
investment
objective
is
to
track
an
index
maintained
by
an
independent
third
party.
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
each
Fund’s
tracking
error
as
a
factor
in
evaluating
performance,
in
addition
to
a
risk/return
summary
of
certain
Funds
as
compared
to
their
peers.
The
Board
also
considered
that
the
passively
managed
Funds,
and
in
particular
those
passively
managed
Funds
with
investment
strategies
that
include
a
“long/cash”
feature,
could
be
considered
unique
as
compared
to
the
peer
group
of
ETFs
selected
by
the
independent,
third-party
consultant.
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.
VictoryShares
US
500
Volatility
Wtd
ETF:
Noting
that
the
Fund
commenced
operations
in
2014,
the
Board
compared
the
Fund’s
one-,
three-
and
five-year
performance
for
the
periods
ended
June
30,
2023,
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
noted
the
Fund’s
tracking
error
for
the
periods
relative
to
its
peers.
The
Board
also
discussed
the
steps
taken
by
the
Adviser
or
could
be
taken
in
the
future
to
enhance
performance.
Having
considered,
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
would
provide
stability
to
the
Fund’s
expenses
during
that
period;
and
(4)
that
the
Fund’s
performance
in
relation
to
its
benchmark
index
and
peer
group
was
within
an
acceptable
range,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF:
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,
2023,
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
one-year
period,
and
outperformed
the
peer
group
median
for
the
three-
and
five-year
periods.
The
Board
noted
the
Fund’s
tracking
error
for
the
periods
relative
to
its
peers.
Having
considered,
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
would
provide
stability
to
the
Fund’s
expenses
during
that
period;
and
(4)
that
the
Fund’s
performance
in
relation
to
its
benchmark
index
and
peer
group
was
within
an
acceptable
range,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
VictoryShares
International
Volatility
Wtd
ETF:
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,
2023,
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,
matched
the
peer
group
median
for
the
one-
and
three-year
periods,
and
outperformed
the
peer
group
median
for
the
five-year
period.
The
Board
noted
the
Fund’s
tracking
error
for
the
periods
relative
to
its
peers.
Having
considered,
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
would
provide
stability
to
the
Fund’s
expenses
during
that
period;
and
(4)
that
the
Fund’s
performance
in
relation
to
its
benchmark
index
and
peer
group
was
within
an
acceptable
range,
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:
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,
2023,
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,
outperformed
the
peer
group
median
for
the
three-year
period,
and
underperformed
the
peer
group
median
for
the
one-
and
five-year
periods.
The
Board
noted
the
Fund’s
tracking
error
for
the
periods
relative
to
its
peers.
Having
considered,
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
would
provide
stability
to
the
Fund’s
expenses
during
that
period;
and
(4)
that
the
Fund’s
performance
in
relation
to
its
benchmark
index
and
peer
group
was
within
an
acceptable
range,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
II
213
(Unaudited)
VictoryShares
US
Small
Cap
High
Div
Volatility
Wtd
ETF:
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,
2023,
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
one-
and
three-years
periods,
and
outperformed
the
peer
group
median
for
the
five-year
period.
The
Board
noted
the
Fund’s
tracking
error
for
the
periods
relative
to
its
peers.
Having
considered,
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
would
provide
stability
to
the
Fund’s
expenses
during
that
period;
and
(4)
that
the
Fund’s
performance
in
relation
to
its
benchmark
index
and
peer
group
was
within
an
acceptable
range,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
VictoryShares
International
High
Div
Volatility
Wtd
ETF:
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,
2023,
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,
matched
the
peer
group
median
for
the
one-
and
five-year
periods,
and
outperformed
the
peer
group
median
for
the
three-year
period.
The
Board
noted
the
Fund’s
tracking
error
for
the
periods
relative
to
its
peers.
Having
considered,
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
would
provide
stability
to
the
Fund’s
expenses
during
that
period;
and
(4)
that
the
Fund’s
performance
in
relation
to
its
benchmark
index
and
peer
group
was
within
an
acceptable
range,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
VictoryShares
Dividend
Accelerator
ETF:
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,
2023,
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
one-
and
three-year
periods,
and
outperformed
the
peer
group
median
for
the
five-year
period.
The
Board
noted
the
Fund’s
tracking
error
for
the
period
relative
to
its
peers.
Having
considered,
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
would
provide
stability
to
the
Fund’s
expenses
during
that
period;
and
(4)
that
the
Fund’s
performance
in
relation
to
its
benchmark
index
and
peer
group
was
within
an
acceptable
range,
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:
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,
2023,
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,
outperformed
the
peer
group
median
for
the
one-
and
five-year
periods,
and
underperformed
the
peer
group
median
for
the
three-year
period.
The
Board
noted
the
Fund’s
tracking
error
for
the
period
relative
to
its
peers.
Having
considered,
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
would
provide
stability
to
the
Fund’s
expenses
during
that
period;
and
(4)
that
the
Fund’s
performance
in
relation
to
its
benchmark
index
and
peer
group
was
within
an
acceptable
range,
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:
Noting
that
the
Fund
commenced
operations
in
2014,
the
Board
compared
the
Fund’s
one-,
three-
and
five-year
performance
for
the
periods
ended
June
30,
2023,
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
noted
the
Fund’s
tracking
error
for
the
periods
relative
to
its
peers.
Having
considered,
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
would
provide
stability
to
the
Fund’s
expenses
during
that
period;
and
(4)
that
the
Fund’s
performance
in
relation
to
its
benchmark
index
and
peer
group
was
within
an
acceptable
range,
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:
Noting
that
the
Fund
commenced
operations
in
2014,
the
Board
compared
the
Fund’s
one-,
three-
and
five-year
performance
for
the
periods
ended
June
30,
2023,
to
that
of
the
median
performance
of
the
Fund’s
peer
group
and
benchmark
index
for
the
same
periods
and
considered
the
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
II
214
(Unaudited)
fact
that
the
Fund
underperformed
both
the
benchmark
index
and
the
peer
group
median
for
all
of
the
periods
reviewed.
The
Board
noted
the
Fund’s
tracking
error
for
the
periods
relative
to
its
peers.
Having
considered,
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
would
provide
stability
to
the
Fund’s
expenses
during
that
period;
and
(4)
that
the
Fund’s
performance
in
relation
to
its
benchmark
index
and
peer
group
was
within
an
acceptable
range,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF:
Noting
that
the
Fund
commenced
operations
in
2014,
the
Board
compared
the
Fund’s
one-,
three-
and
five-year
performance
for
the
periods
ended
June
30,
2023,
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
noted
the
Fund’s
tracking
error
for
the
periods
relative
to
its
peers.
Having
considered,
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
would
provide
stability
to
the
Fund’s
expenses
during
that
period;
and
(4)
that
the
Fund’s
performance
in
relation
to
its
benchmark
index
and
peer
group
was
within
an
acceptable
range,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF:
Noting
that
the
Fund
commenced
operations
in
2014,
the
Board
compared
the
Fund’s
one-,
three-
and
five-year
performance
for
the
periods
ended
June
30,
2023,
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
one-
and
five-year
periods,
and
outperformed
the
peer
group
median
for
the
three-year
period.
The
Board
noted
the
Fund’s
tracking
error
for
the
periods
relative
to
its
peers.
Having
considered,
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
would
provide
stability
to
the
Fund’s
expenses
during
that
period;
and
(4)
that
the
Fund’s
performance
in
relation
to
its
benchmark
index
and
peer
group
was
within
an
acceptable
range,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
VictoryShares
Nasdaq
Next
50
ETF:
Noting
that
the
Fund
commenced
operations
in
2020,
the
Board
compared
the
Fund’s
one-year
performance
for
the
period
ended
June
30,
2023,
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
benchmark
index
and
the
peer
group
median
for
the
period.
Having
considered,
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
would
provide
stability
to
the
Fund’s
expenses
during
that
period;
and
(4)
that
the
Fund’s
performance
in
relation
to
its
benchmark
index
and
peer
group
was
within
an
acceptable
range,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
VictoryShares
Core
Plus
Intermediate
Bond
ETF:
Noting
that
the
Fund
commenced
operations
in
2021
and
that
benchmark
index
performance
was
available
only
for
the
3-month
period,
the
Board
compared
the
Fund’s
one-year
performance
for
the
period
ended
June
30,
2023,
to
that
of
the
median
performance
of
the
Fund’s
peer
group
for
the
same
period,
and
the
Fund’s
three-month
performance
for
the
period
ended
June
30,
2023,
to
that
of
the
benchmark
index
for
the
same
period.
The
Board
considered
the
fact
that
the
Fund
outperformed
both
the
peer
group
median
and
the
benchmark
index
for
the
periods.
Having
considered,
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
would
provide
stability
to
the
Fund’s
expenses
during
that
period;
and
(4)
that
the
Fund’s
performance
in
relation
to
its
benchmark
index
and
peer
group
was
within
an
acceptable
range,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
VictoryShares
Corporate
Bond
ETF:
Noting
that
the
Fund
commenced
operations
in
2021
and
that
benchmark
index
performance
was
available
only
for
the
3-month
period,
the
Board
compared
the
Fund’s
one-year
performance
for
the
period
ended
June
30,
2023,
to
that
of
the
median
performance
of
the
Fund’s
peer
group
for
the
same
period,
and
the
Fund’s
three-month
performance
for
the
period
ended
June
30,
2023,
to
that
of
the
benchmark
index
for
the
same
period.
The
Board
considered
the
fact
that
the
Fund
outperformed
both
the
peer
group
median
and
the
benchmark
index
for
the
periods.
Having
considered,
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
would
provide
stability
to
the
Fund’s
expenses
during
that
period;
and
(4)
that
the
Fund’s
performance
in
relation
to
its
benchmark
index
and
peer
group
was
within
an
acceptable
range,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
II
215
(Unaudited)
VictoryShares
THB
Mid
Cap
ESG
ETF:
Noting
that
the
Fund
commenced
operations
in
2021
and
that
benchmark
index
performance
was
available
only
for
the
3-month
period,
the
Board
compared
the
Fund’s
one-year
performance
for
the
period
ended
June
30,
2023,
to
that
of
the
median
performance
of
the
Fund’s
peer
group
for
the
same
period,
and
the
Fund’s
three-month
performance
for
the
period
ended
June
30,
2023,
to
that
of
the
benchmark
index
for
the
same
period.
The
Board
considered
the
fact
that
the
Fund
outperformed
both
the
peer
group
median
and
the
benchmark
index
for
the
periods.
Having
considered,
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
would
provide
stability
to
the
Fund’s
expenses
during
that
period;
and
(4)
that
the
Fund’s
performance
in
relation
to
its
benchmark
index
and
peer
group
was
within
an
acceptable
range,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
VictoryShares
WestEnd
U.S.
Sector
ETF:
Noting
that
the
Fund
commenced
operations
in
2022,
the
Board
compared
the
Fund’s
three-month
performance
for
the
period
ended
September
30,
2023,
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
benchmark
index
and
matched
the
peer
group
median
for
the
period.
Having
considered,
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
would
provide
stability
to
the
Fund’s
expenses
during
that
period;
and
(4)
that
the
Fund’s
performance
in
relation
to
its
benchmark
index
and
peer
group
was
within
an
acceptable
range,
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
that:
(i)
the
Adviser’s
services
benefitted
the
Funds’
shareholders,
particularly
in
light
of
the
nature
of
the
Funds
and
the
services
required
to
support
the
Funds;
(ii)
it
was
generally
satisfied
with
the
nature,
quality
and
extent
of
the
services
provide
by
the
Adviser
to
the
Funds;
and
(iii)
the
Agreement,
on
behalf
of
the
Funds
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
the
Fund
and
the
comparability
of
the
fee
paid
to
the
fees
paid
by
other
investment
companies,
to
the
extent
applicable;
The
nature,
quality
and
extent
of
the
investment
advisory
services
provided
by
the
Adviser;
The
Adviser’s
entrepreneurial
commitment
to
the
management
of
the
Funds
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
Funds;
The
Adviser’s
representations
regarding
its
staffing
and
capabilities
to
manage
the
Funds,
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.
Considerations
of
the
Board
in
Approving
the
Investment
Advisory
Agreements
(the
“Agreement”)
The
Board
approved
the
Agreement
on
behalf
of
each
of
the
VictoryShares
Free
Cash
Flow
ETF
and
VictoryShares
Small
Cap
Free
Cash
Flow
ETFs
(the
“Funds”)
at
a
meeting,
which
was
called
for
that
purpose,
on
May
23,
2023.
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.
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;
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;
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
II
216
(Unaudited)
The
estimated
total
expenses
of
the
Funds;
Management’s
commitment
to
operating
the
Funds
at
competitive
expense
levels;
The
expected
profitability
of
the
Adviser
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,
including
revenues
to
be
paid
to
affiliates
of
the
Adviser
by
the
Funds
for
administration
and
fund
accounting
services;
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
Fund
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
each
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
fee
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
each
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
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
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;
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
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
Portfolios
II
217
(Unaudited)
Supplemental
Information
—
continued
December
31,
2023
Privacy
Policy
Facts
WHAT
DOES
VICTORY
DO
WITH
YOUR
PERSONAL
INFORMATION?
Why?
Financial
companies
choose
how
they
share
your
personal
information.
Federal
law
gives
consumers
the
right
to
limit
some,
but
not
all
sharing.
Federal
law
also
requires
us
to
tell
you
how
we
collect,
share,
and
protect
your
personal
information.
Please
read
this
notice
carefully
to
understand
what
we
do.
What?
The
types
of
personal
information
we
collect,
and
share
depend
on
the
product
or
service
you
have
with
us.
This
information
can
include:
■
Social
Security
number
and
income.
■
Account
balances
and
account
transactions.
■
Data
from
public
sources
and
third-party
data
services.
How?
All
financial
companies
need
to
share
customers’
personal
information
to
run
their
everyday
business
as
permitted
by
law.
For
example,
we
share
with
print
and
mail
companies
that
assist
us
in
sending
mail.
In
the
section
below,
we
list
the
reasons
financial
companies
can
share
their
customers’
personal
information,
the
reasons
Victory
chooses
to
share
and
whether
you
can
limit
this
sharing.
Reasons
we
can
share
your
personal
information
Does
Victory
share?
Can
you
limit
this
sharing?
For
our
everyday
business
purposes
—
such
as
to
process
your
transactions,
maintain
your
accounts,
respond
to
court
orders
and
legal
investigations,
or
report
to
credit
bureaus
Yes
No
For
our
marketing
purposes
—
to
offer
products
and
services
provided
by
Victory
Yes
No
For
joint
marketing
—
sharing
with
other
financial
companies
to
jointly
market
the
other
company’s
products
or
services
No
We
do
not
share
For
everyday
business
purposes
of
the
Victory
family
of
companies
—
this
can
include
information
about
your
Victory
transactions
and
experiences
Yes
No
For
everyday
business
purposes
of
the
Victory
family
of
companies
—
this
can
include
information
about
your
creditworthiness
or
insurability
No
We
do
not
share
For
non-Victory
companies
to
market
to
you
No
We
do
not
share
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
II
218
(Unaudited)
To
limit
our
sharing
■
Visit
us
online:
vcm.com/optout
■
Call
(877)
660-4400
–
our
menu
will
prompt
you
through
your
choices.
Please
note:
If
you
are
a
new
customer,
we
can
begin
sharing
this
information
30
days
from
the
date
we
sent
this
notice.
When
you
are
no
longer
our
customer,
we
continue
to
share
and
protect
your
information
as
described
in
this
notice.
However,
you
can
contact
us
at
any
time
to
limit
our
sharing.
Questions?
Call
your
account
representative
or
(877)
660-4400
and
ask
to
speak
to
a
representative.
Who
we
are
Who
is
providing
this
notice?
Victory
Capital
Holdings,
Inc.,
and
its
family
of
companies,
including
companies
identified
with
the
Victory
Capital
name
as
described
in
the
affiliates
section
below.
What
we
do
How
does
Victory
protect
my
personal
information?
To
protect
your
personal
information
from
unauthorized
access
and
use,
we
use
security
measures
that
comply
with
federal
law.
These
measures
include
computer
safeguards
and
secured
files
and
buildings.
How
does
Victory
collect
my
personal
information?
We
collect
your
personal
information,
for
example,
when
you:
■
Open
an
account
or
make
deposits
or
withdrawals
from
your
account.
■
Give
us
your
contact
or
account
information.
■
Direct
us
to
buy
or
sell
securities.
We
also
collect
your
personal
information
from
others,
such
as
credit
bureaus,
affiliates,
or
other
companies.
Why
can’t
I
limit
all
sharing?
Federal
law
gives
you
the
right
to
limit
only:
■
Sharing
among
affiliated
companies
for
everyday
business
purposes
information
about
your
creditworthiness
and
insurability.
■
Affiliates
from
using
your
information
to
market
to
you.
■
Sharing
for
nonaffiliates
to
market
to
you.
State
laws
and
individual
companies
may
give
you
additional
rights
to
limit
sharing.
See
below
for
more
on
your
rights
under
state
law.
What
happens
when
I
limit
sharing
for
an
account
I
hold
jointly
with
someone
else?
Your
choices
will
apply
to
everyone
on
your
account.
Definitions
Victory
family
of
companies
(affiliates)
Companies
owned
or
controlled
by
Victory
Capital
Holdings,
Inc.
They
can
be
financial
and
nonfinancial
companies
in
the
Victory
family
of
companies.
■
The
Victory
family
of
companies
includes:
companies
with
a
Victory
Capital
name,
including
without
limitation
Victory
Capital
Services,
Inc.,
Victory
Capital
Transfer
Agency,
Inc.,
Victory
Capital
Management
Inc.
and
its
subsidiaries,
RS
Investments
(UK)
Limited,
RS
Investments
(Hong
Kong)
Limited,
and
RS
Investment
Management
(Singapore)
Pte.
Ltd.,
as
well
as
pooled
vehicles
managed
or
administered
by
Victory
Capital
Management
Inc.,
from
time
to
time.
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
II
219
(Unaudited)
Non-Victory
companies
(nonaffiliates)
Companies
not
related
by
common
ownership
or
control.
They
can
be
financial
and
nonfinancial
companies.
■
We
only
share
with
non-Victory
companies
to
service
transactions
you
request
or
as
necessary
to
provide
our
services.
■
We
do
not
share
with
non-Victory
companies
so
they
can
market
their
products
to
you.
Joint
Marketing
A
formal
agreement
between
a
Victory
company
and
a
non-Victory
financial
company
to
market
the
non-Victory
company’s
products
or
services
to
you.
■
We
do
not
share
with
any
non-Victory
financial
company
for
joint
marketing.
Other
important
information
For
Nevada
Residents
:
Nevada
law
requires
that
we
tell
you
about
the
option
to
be
placed
on
our
internal
do-
not-call
list.
If
you’d
rather
not
receive
sales
calls
from
us,
please
call
(877)
660-4400
and
ask
to
speak
to
a
representative
so
we
can
place
you
on
our
do-not-call
list.
You
may
also
contact:
Bureau
of
Consumer
Protection
Office
of
the
Nevada
Attorney
General,
555
E.
Washington
Ave.,
Ste.
3900,
Las
Vegas,
NV
89101,
call
1-702-486-3132
or
Email:
BCPINFO@ag.state.nv.us.
For
Vermont
Residents
:
In
accordance
with
Vermont
law,
we
will
not
share
information
we
collect
about
you
with
companies
who
are
not
affiliates,
except
as
permitted
by
law,
such
as
with
your
consent
or
to
service
your
accounts.
We
will
not
share
information
about
your
creditworthiness
with
our
affiliates
without
your
authorization
or
consent,
but
we
may
share
information
about
our
transactions
or
experiences
with
you
with
our
affiliates
as
permitted
by
law.
For
California
Residents
:
In
accordance
with
California
law,
we
will
not
share
information
we
collect
about
you
with
nonaffiliates,
except
as
allowed
by
law.
For
example,
we
may
share
information
with
your
consent
or
to
service
your
accounts.
Among
our
affiliates,
we
will
limit
information
sharing
to
the
extent
required
by
California
law.
The
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
(12/23)
December
31,
2023
Semi
Annual
Report
VictoryShares
Short-Term
Bond
ETF
VictoryShares
Core
Intermediate
Bond
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
Investment
Objectives
and
Portfolio
Holdings
3
Schedules
of
Portfolio
Investments
VictoryShares
Short-Term
Bond
ETF
5
VictoryShares
Core
Intermediate
Bond
ETF
19
Financial
Statements
Statements
of
Assets
and
Liabilities
40
Statements
of
Operations
41
Statements
of
Changes
in
Net
Assets
42
Financial
Highlights
43
Notes
to
Financial
Statements
45
Supplemental
Information
Proxy
Voting
and
Portfolio
Holdings
Information 
53
Expense
Examples
53
Advisory
Contract
Approval
54
Privacy
Policy
56
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
800-539-3863
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
Foreside
Fund
Services,
LLC.
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.
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
3
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
high
current
income
consistent
with
preservation
of
principal.
Asset
Allocation*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Percentages
are
of
the
net
assets
of
the
Fund
and
may
not
equal
100%.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
**
Other
includes
the
remaining
sectors
which
are
each
under
2%
of
the
net
assets
of
the
Fund.
4
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
high
current
income
without
undue
risk
to
principal.
Asset
Allocation*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Percentages
are
of
the
net
assets
of
the
Fund
and
may
not
equal
100%.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
5
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Asset-Backed
Securities
(35.6%)
ABS
Auto
(24.1%):
Ally
Auto
Receivables
Trust
...............................................
Series
2023-1
,
Class
B
,
5
.76
%
,
1/15/29
,
Callable
2/15/27
@
100
(a)
...............
$
1,000,000
$
1,014,142
Series
2023-1
,
Class
D
,
6
.74
%
,
4/15/34
,
Callable
2/15/27
@
100
(a)
...............
422,000
424,233
Series
2023-A
,
Class
C
,
6
.08
%
,
1/17/34
,
Callable
5/15/27
@
100
(a)
...............
1,000,000
1,010,308
Series
2023-A
,
Class
D
,
7
.33
%
,
1/17/34
,
Callable
5/15/27
@
100
(a)
...............
667,000
682,120
American
Credit
Acceptance
Receivables
Trust
.................................
Series
2022-1
,
Class
C
,
2
.12
%
,
3/13/28
,
Callable
5/13/25
@
100
(a)
...............
809,240
800,314
Series
2023-1
,
Class
B
,
5
.38
%
,
5/12/27
,
Callable
1/12/26
@
100
(a)
...............
1,000,000
995,610
Series
2023-2
,
Class
C
,
5
.96
%
,
8/13/29
,
Callable
2/12/26
@
100
(a)
...............
1,000,000
997,573
AmeriCredit
Automobile
Receivables
Trust
....................................
Series
2021-1
,
Class
D
,
1
.21
%
,
12/18/26
,
Callable
6/18/25
@
100
................
1,000,000
934,785
Series
2021-2
,
Class
C
,
1
.01
%
,
1/19/27
,
Callable
12/18/25
@
100
................
1,000,000
937,588
ARI
Fleet
Lease
Trust
....................................................
Series
2022-A
,
Class
A2
,
3
.12
%
,
1/15/31
,
Callable
6/15/25
@
100
(a)
..............
393,287
389,579
Series
2022-A
,
Class
A3
,
3
.43
%
,
1/15/31
,
Callable
6/15/25
@
100
(a)
..............
762,000
744,339
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2019-2A
,
Class
B
,
3
.55
%
,
9/22/25
,
Callable
10/20/24
@
100
(a)
.............
1,000,000
985,816
Series
2022-5A
,
Class
B
,
7
.09
%
,
4/20/27
(a)
................................
1,000,000
1,020,397
Series
2023-5A
,
Class
B
,
6
.12
%
,
4/20/28
(a)
................................
1,000,000
1,005,651
CarMax
Auto
Owner
Trust
................................................
Series
2020-4
,
Class
A3
,
0
.50
%
,
8/15/25
,
Callable
12/15/24
@
100
...............
172,100
170,293
Series
2021-2
,
Class
A3
,
0
.52
%
,
2/17/26
,
Callable
6/15/25
@
100
................
8,005
7,834
Series
2021-3
,
Class
D
,
1
.50
%
,
1/18/28
,
Callable
10/15/25
@
100
................
1,370,000
1,263,326
Series
2023-2
,
Class
C
,
5
.57
%
,
11/15/28
,
Callable
2/15/27
@
100
................
1,000,000
1,004,798
Series
2023-4
,
Class
D
,
7
.16
%
,
4/15/30
,
Callable
6/15/27
@
100
.................
1,000,000
1,020,983
Carvana
Auto
Receivables
Trust
............................................
Series
2021-N1
,
Class
A
,
0
.70
%
,
1/10/28
,
Callable
3/10/26
@
100
................
338,600
323,738
Series
2021-N1
,
Class
C
,
1
.30
%
,
1/10/28
,
Callable
3/10/26
@
100
................
363,330
342,635
Series
2021-N4
,
Class
C
,
1
.72
%
,
9/11/28
,
Callable
5/10/27
@
100
................
240,941
225,206
Chase
Auto
Owner
Trust
,
Series
2023-AA
,
Class
D
,
6
.85
%
,
6/25/31
,
Callable
1/25/28
@
100
(a)
...........................................................
1,878,000
1,888,211
Chesapeake
Funding
II
LLC
...............................................
Series
2023-1A
,
Class
B
,
5
.59
%
,
5/15/35
,
Callable
3/15/26
@
100
(a)
..............
176,000
175,837
Series
2023-1A
,
Class
C
,
6
.07
%
,
5/15/35
,
Callable
3/15/26
@
100
(a)
..............
200,000
200,729
Series
2023-1A
,
Class
D
,
6
.69
%
,
5/15/35
,
Callable
3/15/26
@
100
(a)
..............
375,000
375,004
Series
2023-2A
,
Class
B
,
5
.97
%
,
10/15/35
,
Callable
7/15/26
@
100
(a)
.............
791,000
803,921
Series
2023-2A
,
Class
C
,
6
.15
%
,
10/15/35
,
Callable
7/15/26
@
100
(a)
.............
765,000
776,885
Citizens
Auto
Receivables
Trust
............................................
Series
2023-1
,
Class
A4
,
5
.78
%
,
10/15/30
,
Callable
4/15/27
@
100
(a)
.............
2,000,000
2,048,312
Series
2023-2
,
Class
A4
,
5
.74
%
,
10/15/30
,
Callable
6/15/27
@
100
(a)
.............
1,000,000
1,023,071
CPS
Auto
Receivables
Trust
...............................................
Series
2022-A
,
Class
B
,
1
.70
%
,
4/16/29
,
Callable
5/15/26
@
100
(a)
...............
430,269
426,860
Series
2022-D
,
Class
B
,
6
.84
%
,
1/16/29
,
Callable
3/15/27
@
100
(a)
...............
1,500,000
1,515,138
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2021-4
,
Class
A
,
1
.26
%
,
10/15/30
,
Callable
4/15/25
@
100
(a)
..............
279,172
273,606
Series
2021-4
,
Class
B
,
1
.74
%
,
12/16/30
,
Callable
4/15/25
@
100
(a)
..............
320,000
304,323
Series
2022-1A
,
Class
B
,
4
.95
%
,
8/16/32
,
Callable
4/15/26
@
100
(a)
..............
1,000,000
976,246
Series
2022-3A
,
Class
C
,
8
.45
%
,
2/15/33
,
Callable
10/15/26
@
100
(a)
.............
1,000,000
1,043,446
Series
2023-1A
,
Class
B
,
7
.02
%
,
5/16/33
,
Callable
11/15/26
@
100
(a)
.............
1,000,000
1,016,608
Series
2023-2A
,
Class
C
,
7
.15
%
,
9/15/33
,
Callable
12/15/26
@
100
(a)
.............
1,000,000
1,023,231
Series
2023-3A
,
Class
C
,
7
.62
%
,
12/15/33
,
Callable
3/15/27
@
100
(a)
.............
977,000
1,014,325
Drive
Auto
Receivables
Trust
..............................................
Series
2021-1
,
Class
C
,
1
.02
%
,
6/15/27
,
Callable
3/15/25
@
100
.................
128,749
127,852
Series
2021-2
,
Class
D
,
1
.39
%
,
3/15/29
,
Callable
7/15/25
@
100
.................
2,000,000
1,883,371
DT
Auto
Owner
Trust
....................................................
Series
2019-4A
,
Class
E
,
3
.93
%
,
10/15/26
,
Callable
4/15/24
@
100
(a)
.............
1,000,000
990,803
Series
2020-1A
,
Class
E
,
3
.48
%
,
2/16/27
,
Callable
9/15/24
@
100
(a)
..............
1,000,000
977,146
Series
2020-2A
,
Class
D
,
4
.73
%
,
3/16/26
,
Callable
10/15/24
@
100
(a)
.............
500,000
496,701
Ent
Auto
Receivables
Trust
................................................
Series
2023-1A
,
Class
A4
,
6
.26
%
,
11/15/29
,
Callable
6/15/28
@
100
(a)
............
1,510,000
1,533,211
Series
2023-1A
,
Class
B
,
6
.45
%
,
1/15/30
,
Callable
6/15/28
@
100
(a)
..............
400,000
407,242
Series
2023-1A
,
Class
C
,
6
.77
%
,
4/15/30
,
Callable
6/15/28
@
100
(a)
..............
327,600
318,852
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
6
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Enterprise
Fleet
Financing
LLC
.............................................
Series
2022-2
,
Class
A2
,
4
.65
%
,
5/21/29
,
Callable
12/20/25
@
100
(a)
.............
$
651,355
$
646,629
Series
2022-3
,
Class
A3
,
4
.29
%
,
7/20/29
,
Callable
4/20/26
@
100
(a)
..............
1,125,000
1,104,693
Series
2022-4
,
Class
A3
,
5
.65
%
,
10/22/29
,
Callable
7/20/26
@
100
(a)
.............
1,000,000
1,011,906
Series
2023-2
,
Class
A2
,
5
.56
%
,
4/22/30
,
Callable
2/20/27
@
100
(a)
..............
1,000,000
1,003,568
Exeter
Automobile
Receivables
Trust
.........................................
Series
2020-1A
,
Class
E
,
3
.74
%
,
1/15/27
,
Callable
9/15/24
@
100
(a)
..............
250,000
244,425
Series
2020-2A
,
Class
E
,
7
.19
%
,
9/15/27
,
Callable
1/15/25
@
100
(a)
..............
1,610,000
1,611,646
Series
2021-2A
,
Class
C
,
0
.98
%
,
6/15/26
,
Callable
11/15/25
@
100
...............
578,631
572,081
Series
2021-4A
,
Class
C
,
1
.46
%
,
10/15/27
,
Callable
12/15/25
@
100
..............
1,000,000
980,120
Series
2022-5A
,
Class
C
,
6
.51
%
,
12/15/27
,
Callable
2/15/27
@
100
...............
1,000,000
1,006,773
First
Investors
Auto
Owner
Trust
,
Series
2023-1A
,
Class
C
,
6
.81
%
,
12/17/29
,
Callable
7/15/27
@
100
(a)
.........................................................
1,000,000
1,020,373
Flagship
Credit
Auto
Trust
................................................
Series
2019-4
,
Class
E
,
4
.11
%
,
3/15/27
,
Callable
4/15/25
@
100
(a)
...............
1,000,000
957,525
Series
2021-2
,
Class
D
,
1
.59
%
,
6/15/27
,
Callable
5/15/26
@
100
(a)
...............
1,750,000
1,590,688
Series
2021-4
,
Class
B
,
1
.49
%
,
2/15/27
,
Callable
9/15/26
@
100
(a)
...............
1,000,000
962,050
Series
2021-4
,
Class
C
,
1
.96
%
,
12/15/27
,
Callable
9/15/26
@
100
(a)
..............
1,000,000
939,327
Ford
Credit
Auto
Lease
Trust
..............................................
Series
2022-A
,
Class
B
,
3
.81
%
,
8/15/25
,
Callable
10/15/24
@
100
................
643,000
634,813
Series
2023-A
,
Class
C
,
5
.54
%
,
12/15/26
,
Callable
8/15/25
@
100
................
360,000
357,630
Series
2023-B
,
Class
C
,
6
.43
%
,
4/15/27
,
Callable
4/15/26
@
100
.................
786,000
797,078
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2023-1
,
Class
B
,
5
.29
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
822,000
816,462
Series
2023-1
,
Class
C
,
5
.58
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
1,000,000
995,371
Series
2023-1
,
Class
D
,
6
.26
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
2,290,000
2,272,894
Foursight
Capital
Automobile
Receivables
Trust
.................................
Series
2022-1
,
Class
A3
,
1
.83
%
,
12/15/26
,
Callable
7/15/25
@
100
(a)
.............
482,285
475,407
Series
2022-1
,
Class
B
,
2
.15
%
,
5/17/27
,
Callable
7/15/25
@
100
(a)
...............
1,000,000
966,636
Series
2022-2
,
Class
A3
,
4
.59
%
,
6/15/27
,
Callable
9/15/25
@
100
(a)
..............
1,000,000
990,809
Series
2023-1
,
Class
B
,
5
.35
%
,
3/15/28
,
Callable
7/15/26
@
100
(a)
...............
626,000
620,153
GECU
Auto
Receivables
Trust
.............................................
Series
2023-1A
,
Class
A4
,
5
.79
%
,
10/15/29
,
Callable
9/15/28
@
100
(a)
............
1,000,000
1,002,525
Series
2023-1A
,
Class
B
,
5
.87
%
,
1/15/30
,
Callable
9/15/28
@
100
(a)
..............
415,000
415,002
Series
2023-1A
,
Class
C
,
6
.33
%
,
4/15/30
,
Callable
9/15/28
@
100
(a)
..............
250,000
239,013
GLS
Auto
Receivables
Issuer
Trust
..........................................
Series
2019-2A
,
Class
D
,
4
.52
%
,
2/17/26
,
Callable
1/15/24
@
100
(a)
..............
1,514,577
1,513,204
Series
2019-3A
,
Class
D
,
3
.84
%
,
5/15/26
,
Callable
4/15/24
@
100
(a)
..............
1,000,000
993,557
Series
2021-4A
,
Class
B
,
1
.53
%
,
4/15/26
(a)
................................
293,024
290,263
Series
2022-1A
,
Class
B
,
2
.84
%
,
5/15/26
(a)
................................
865,842
858,970
Series
2022-2A
,
Class
B
,
4
.70
%
,
9/15/26
(a)
................................
1,000,000
992,387
GM
Financial
Automobile
Leasing
Trust
,
Series
2023-2
,
Class
B
,
5
.54
%
,
5/20/27
,
Callable
12/20/25
@
100
....................................................
417,000
417,127
GTE
Auto
Receivables
Trust
...............................................
Series
2023-1
,
Class
A3
,
5
.18
%
,
3/15/28
,
Callable
9/15/26
@
100
(a)
..............
1,000,000
991,551
Series
2023-1
,
Class
A4
,
5
.12
%
,
4/16/29
,
Callable
9/15/26
@
100
(a)
..............
1,000,000
986,027
Series
2023-1
,
Class
B
,
5
.39
%
,
8/15/29
,
Callable
9/15/26
@
100
(a)
...............
500,000
492,861
Hertz
Vehicle
Financing
III
LLC
............................................
Series
2022-1A
,
Class
A
,
1
.99
%
,
6/25/26
,
Callable
6/25/25
@
100
(a)
..............
1,000,000
955,087
Series
2022-1A
,
Class
B
,
2
.19
%
,
6/25/26
,
Callable
6/25/25
@
100
(a)
..............
1,000,000
948,811
Series
2022-3A
,
Class
A
,
3
.37
%
,
3/25/25
,
Callable
3/25/24
@
100
(a)
..............
500,000
498,078
Series
2023-1A
,
Class
C
,
6
.91
%
,
6/25/27
(a)
................................
1,000,000
999,580
Hertz
Vehicle
Financing
LLC
,
Series
2022-4A
,
Class
A
,
3
.73
%
,
9/25/26
,
Callable
9/25/25
@
100
(a)
...........................................................
1,000,000
972,950
Honda
Auto
Receivables
Owner
Trust
,
Series
2020-3
,
Class
A3
,
0
.37
%
,
10/18/24
,
Callable
1/18/24
@
100
.....................................................
20,236
20,190
Hyundai
Auto
Receivables
Trust
,
Series
2020-C
,
Class
A3
,
0
.38
%
,
5/15/25
,
Callable
3/15/25
@
100
.............................................................
103,900
103,262
JPMorgan
Chase
Bank
NA
................................................
Series
2020-2
,
Class
B
,
0
.84
%
,
2/25/28
,
Callable
10/25/24
@
100
(a)
..............
84,818
84,489
Series
2021-2
,
Class
D
,
1
.14
%
,
12/26/28
,
Callable
10/25/25
@
100
(a)
.............
174,023
169,985
Series
2021-3
,
Class
B
,
0
.76
%
,
2/26/29
,
Callable
6/25/25
@
100
(a)
...............
176,251
170,062
LAD
Auto
Receivables
Trust
...............................................
Series
2021-1A
,
Class
A
,
1
.30
%
,
8/17/26
,
Callable
11/15/25
@
100
(a)
.............
126,588
124,997
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
7
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Series
2021-1A
,
Class
B
,
1
.94
%
,
11/16/26
,
Callable
11/15/25
@
100
(a)
............
$
1,750,000
$
1,703,136
Series
2021-1A
,
Class
C
,
2
.35
%
,
4/15/27
,
Callable
11/15/25
@
100
(a)
.............
1,000,000
954,831
Series
2022-1A
,
Class
A
,
5
.21
%
,
6/15/27
,
Callable
5/15/26
@
100
(a)
..............
431,932
429,749
Series
2022-1A
,
Class
B
,
5
.87
%
,
9/15/27
,
Callable
5/15/26
@
100
(a)
..............
800,000
796,183
Series
2023-1A
,
Class
D
,
7
.30
%
,
6/17/30
,
Callable
6/15/27
@
100
(a)
..............
453,000
464,806
Series
2023-2A
,
Class
D
,
6
.30
%
,
2/15/31
,
Callable
7/15/27
@
100
(a)
..............
350,000
352,166
Lobel
Automobile
Receivables
Trust
,
Series
2023-1
,
Class
A
,
6
.97
%
,
7/15/26
,
Callable
10/15/25
@
100
(a)
..................................................
1,112,160
1,110,587
Merchants
Fleet
Funding
LLC
,
Series
2023-1A
,
Class
A
,
7
.21
%
,
5/20/36
(a)
.............
1,000,000
1,013,040
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
,
Series
2023-1
,
Class
A
,
6
.18
%
,
8/25/28
(a)
........................................................
413,793
420,298
OCCU
Auto
Receivables
Trust
.............................................
Series
2023-1A
,
Class
A4
,
6
.29
%
,
9/17/29
,
Callable
4/15/28
@
100
(a)
.............
925,000
940,321
Series
2023-1A
,
Class
B
,
6
.51
%
,
9/17/29
,
Callable
4/15/28
@
100
(a)
..............
1,000,000
1,021,256
Series
2023-1A
,
Class
C
,
6
.82
%
,
9/17/29
,
Callable
4/15/28
@
100
(a)
..............
1,000,000
974,157
Series
2023-1A
,
Class
D
,
7
.88
%
,
12/15/31
,
Callable
4/15/28
@
100
(a)
.............
1,000,000
1,005,786
Oscar
U.S.
Funding
XII
LLC
,
Series
2021-1A
,
Class
A4
,
1
.00
%
,
4/10/28
,
Callable
2/10/25
@
100
(a)
...........................................................
2,500,000
2,387,890
Oscar
U.S.
Funding
XIV
LLC
..............................................
Series
2022-1A
,
Class
A3
,
2
.30
%
,
4/10/26
,
Callable
3/10/26
@
100
(a)
.............
1,000,000
978,446
Series
2022-1A
,
Class
A4
,
2
.82
%
,
4/10/29
,
Callable
3/10/26
@
100
(a)
.............
150,000
141,653
PenFed
Auto
Receivables
Owner
Trust
........................................
Series
2022-A
,
Class
A4
,
4
.18
%
,
12/15/28
,
Callable
3/15/26
@
100
(a)
.............
1,000,000
987,907
Series
2022-A
,
Class
B
,
4
.60
%
,
12/15/28
,
Callable
3/15/26
@
100
(a)
..............
452,000
445,559
Series
2022-A
,
Class
C
,
4
.83
%
,
12/15/28
,
Callable
3/15/26
@
100
(a)
..............
917,000
906,201
Prestige
Auto
Receivables
Trust
............................................
Series
2023-1A
,
Class
C
,
5
.65
%
,
2/15/28
,
Callable
7/15/27
@
100
(a)
..............
1,000,000
993,086
Series
2023-2A
,
Class
C
,
7
.12
%
,
8/15/29
,
Callable
2/15/29
@
100
(a)
..............
1,000,000
1,026,217
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2022-A
,
Class
B
,
5
.28
%
,
5/15/32
,
Callable
1/15/26
@
100
(a)
...............
624,944
619,620
Series
2022-A
,
Class
C
,
7
.38
%
,
5/15/32
,
Callable
1/15/26
@
100
(a)
...............
340,383
340,044
Series
2022-B
,
Class
B
,
5
.72
%
,
8/16/32
,
Callable
4/15/26
@
100
(a)
...............
362,735
361,418
Series
2022-C
,
Class
B
,
6
.45
%
,
12/15/32
,
Callable
1/15/27
@
100
(a)
..............
537,296
537,989
Series
2022-C
,
Class
C
,
6
.99
%
,
12/15/32
,
Callable
1/15/27
@
100
(a)
..............
537,296
539,084
Series
2022-C
,
Class
D
,
8
.20
%
,
12/15/32
,
Callable
1/15/27
@
100
(a)
..............
449,693
453,519
Series
2023-A
,
Class
C
,
6
.74
%
,
6/15/33
,
Callable
7/15/27
@
100
(a)
...............
154,204
154,717
Series
2023-A
,
Class
D
,
7
.08
%
,
6/15/33
,
Callable
7/15/27
@
100
(a)
...............
624,667
626,740
Series
2023-B
,
Class
D
,
6
.66
%
,
12/15/33
,
Callable
2/15/28
@
100
(a)
..............
1,000,000
1,002,623
Santander
Bank
NA
,
Series
2021-1A
,
Class
B
,
1
.83
%
,
12/15/31
,
Callable
9/15/25
@
100
(a)
..
107,732
104,956
Santander
Retail
Auto
Lease
Trust
...........................................
Series
2021-B
,
Class
D
,
1
.41
%
,
11/20/25
,
Callable
3/20/24
@
100
(a)
..............
400,000
393,003
Series
2021-C
,
Class
C
,
1
.11
%
,
3/20/26
,
Callable
7/20/24
@
100
(a)
...............
535,000
523,385
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A
,
Class
A4
,
5
.70
%
,
8/15/29
,
Callable
2/15/28
@
100
(a)
.............
1,800,000
1,813,590
Series
2023-1A
,
Class
B
,
6
.08
%
,
11/15/29
,
Callable
2/15/28
@
100
(a)
.............
750,000
756,770
Series
2023-1A
,
Class
C
,
6
.61
%
,
3/15/30
,
Callable
2/15/28
@
100
(a)
..............
1,500,000
1,514,438
Series
2023-1A
,
Class
D
,
7
.34
%
,
11/17/31
,
Callable
2/15/28
@
100
(a)
.............
1,000,000
1,008,664
SFS
Auto
Receivables
Securitization
Trust
,
Series
2023-1A
,
Class
C
,
5
.97
%
,
2/20/31
,
Callable
8/20/27
@
100
(a)
...................................................
903,000
915,773
Tesla
Auto
Lease
Trust
...................................................
Series
2023-A
,
Class
B
,
6
.41
%
,
7/20/27
,
Callable
9/20/25
@
100
(a)
...............
1,000,000
1,009,108
Series
2023-B
,
Class
B
,
6
.57
%
,
8/20/27
,
Callable
1/20/26
@
100
(a)
...............
675,000
684,856
Tesla
Electric
Vehicle
Trust
................................................
Series
2023-1
,
Class
A4
,
5
.38
%
,
2/20/29
,
Callable
3/20/27
@
100
(a)
..............
1,350,000
1,363,964
Series
2023-1
,
Class
B
,
5
.82
%
,
5/20/31
,
Callable
3/20/27
@
100
(a)
...............
1,300,000
1,313,302
Toyota
Lease
Owner
Trust
,
Series
2023-A
,
Class
A4
,
5
.05
%
,
8/20/27
,
Callable
9/20/25
@
100
(a)
...........................................................
1,333,000
1,332,121
U.S.
Bank
NA
,
Series
2023-1
,
Class
B
,
6
.79
%
,
8/25/32
,
Callable
8/25/26
@
100
(a)
........
4,860,000
4,877,986
United
Auto
Credit
Securitization
Trust
.......................................
Series
2022-1
,
Class
C
,
2
.61
%
,
6/10/27
,
Callable
12/10/25
@
100
(a)
..............
401,866
400,103
Series
2023-1
,
Class
C
,
6
.28
%
,
7/10/28
,
Callable
5/10/26
@
100
(a)
...............
2,000,000
1,988,253
Veridian
Auto
Receivables
Trust
............................................
Series
2023-1A
,
Class
A3
,
5
.56
%
,
3/15/28
,
Callable
7/15/27
@
100
(a)
.............
1,000,000
997,707
Series
2023-1A
,
Class
A4
,
5
.59
%
,
12/15/28
,
Callable
7/15/27
@
100
(a)
............
1,000,000
997,296
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
8
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Series
2023-1A
,
Class
B
,
5
.86
%
,
4/16/29
,
Callable
7/15/27
@
100
(a)
..............
$
534,000
$
533,551
Series
2023-1A
,
Class
C
,
6
.37
%
,
7/16/29
,
Callable
7/15/27
@
100
(a)
..............
1,000,000
961,842
VStrong
Auto
Receivables
Trust
............................................
Series
2023-A
,
Class
A3
,
6
.87
%
,
11/15/27
(a)
...............................
500,000
508,226
Series
2023-A
,
Class
B
,
7
.11
%
,
2/15/30
,
Callable
8/15/29
@
100
(a)
...............
1,000,000
1,020,063
Westlake
Automobile
Receivables
Trust
.......................................
Series
2020-1A
,
Class
E
,
3
.31
%
,
10/15/25
,
Callable
2/15/24
@
100
(a)
.............
500,000
497,721
Series
2021-3A
,
Class
D
,
2
.12
%
,
1/15/27
,
Callable
9/15/25
@
100
(a)
..............
1,000,000
951,775
Series
2022-1A
,
Class
B
,
2
.75
%
,
3/15/27
,
Callable
9/15/25
@
100
(a)
..............
1,000,000
988,530
Series
2022-2A
,
Class
B
,
4
.31
%
,
9/15/27
,
Callable
3/15/26
@
100
(a)
..............
800,000
790,626
Series
2023-1A
,
Class
B
,
5
.41
%
,
1/18/28
,
Callable
6/15/26
@
100
(a)
..............
500,000
497,806
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2022-1A
,
Class
A
,
2
.47
%
,
10/18/36
,
Callable
9/18/24
@
100
(a)
.............
475,451
468,553
Series
2023-1A
,
Class
A
,
5
.80
%
,
4/18/38
(a)
................................
900,000
904,385
Series
2023-1A
,
Class
B
,
5
.80
%
,
4/18/38
(a)
................................
1,000,000
1,001,530
Series
2023-1A
,
Class
C
,
6
.18
%
,
4/18/38
(a)
................................
1,667,000
1,682,517
Series
2023-2A
,
Class
D
,
7
.38
%
,
8/18/38
(a)
................................
911,000
920,735
World
Omni
Select
Auto
Trust
,
Series
2023-A
,
Class
C
,
6
.00
%
,
1/16/29
,
Callable
7/15/26
@
100
.............................................................
1,000,000
1,013,393
133,166,791
ABS
Card
(2.0%):
Evergreen
Credit
Card
Trust
...............................................
Series
2021-1
,
Class
A
,
0
.90
%
,
10/15/26
(a)
................................
1,500,000
1,447,880
Series
2022-CRT1
,
Class
B
,
5
.61
%
,
7/15/26
(a)
..............................
1,000,000
995,060
Series
2022-CRT2
,
Class
C
,
7
.44
%
,
11/15/26
(a)
.............................
1,000,000
1,003,739
Series
2023-CRT3
,
Class
B
,
6
.58
%
,
2/15/27
(a)
..............................
762,000
767,141
Series
2023-CRT3
,
Class
C
,
7
.31
%
,
2/15/27
(a)
..............................
423,000
424,990
Master
Credit
Card
Trust
,
Series
2021-1A
,
Class
C
,
1
.06
%
,
11/21/25
(a)
................
1,500,000
1,467,793
Master
Credit
Card
Trust
II
................................................
Series
2022-1A
,
Class
B
,
1
.97
%
,
7/21/26
(a)
................................
1,000,000
962,084
Series
2023-1A
,
Class
C
,
5
.87
%
,
6/21/27
(a)
................................
600,000
598,565
Series
2023-2A
,
Class
B
,
6
.26
%
,
1/21/27
(a)
................................
410,000
412,903
Series
2023-2A
,
Class
C
,
6
.89
%
,
1/21/27
(a)
................................
476,000
478,593
Trillium
Credit
Card
Trust
II
...............................................
Series
2023-1A
,
Class
B
,
5
.23
%
,
3/26/31
(a)
................................
1,000,000
976,797
Series
2023-1A
,
Class
C
,
6
.06
%
,
3/26/31
(a)
................................
375,000
366,361
Series
2023-3A
,
Class
C
,
6
.94
%
,
8/26/28
(a)
................................
1,000,000
1,008,495
10,910,401
ABS
Other
(9.5%):
AFG
ABS
I
LLC
,
Series
2023-1
,
Class
B
,
7
.51
%
,
9/16/30
,
Callable
10/15/26
@
100
(a)
.....
832,992
838,436
Amur
Equipment
Finance
Receivables
IX
LLC
..................................
Series
2021-1A
,
Class
B
,
1
.38
%
,
2/22/27
,
Callable
11/20/24
@
100
(a)
.............
500,000
486,031
Series
2021-1A
,
Class
C
,
1
.75
%
,
6/21/27
,
Callable
11/20/24
@
100
(a)
.............
1,500,000
1,441,647
Amur
Equipment
Finance
Receivables
X
LLC
..................................
Series
2022-1A
,
Class
A2
,
1
.64
%
,
10/20/27
,
Callable
9/20/25
@
100
(a)
............
255,393
248,069
Series
2022-1A
,
Class
B
,
2
.20
%
,
1/20/28
,
Callable
9/20/25
@
100
(a)
..............
541,000
510,072
Amur
Equipment
Finance
Receivables
XII
LLC
.................................
Series
2023-1A
,
Class
B
,
6
.03
%
,
12/20/29
,
Callable
5/20/27
@
100
(a)
.............
750,000
751,218
Series
2023-1A
,
Class
C
,
6
.36
%
,
12/20/29
,
Callable
5/20/27
@
100
(a)
.............
655,173
657,536
Series
2023-1A
,
Class
D
,
7
.48
%
,
7/22/30
,
Callable
5/20/27
@
100
(a)
..............
325,000
330,804
Atalaya
Equipment
Leasing
Trust
,
Series
2021-1A
,
Class
A2
,
1
.23
%
,
5/15/26
,
Callable
10/15/24
@
100
(a)
..................................................
168,309
166,739
Auxilior
Term
Funding
LLC
...............................................
Series
2023-1A
,
Class
A3
,
5
.70
%
,
2/15/30
,
Callable
2/15/28
@
100
(a)
.............
1,000,000
1,009,141
Series
2023-1A
,
Class
B
,
6
.05
%
,
6/17/30
,
Callable
2/15/28
@
100
(a)
..............
413,000
414,653
Series
2023-1A
,
Class
C
,
6
.50
%
,
11/15/30
,
Callable
2/15/28
@
100
(a)
.............
300,000
302,878
Series
2023-1A
,
Class
D
,
7
.27
%
,
12/16/30
,
Callable
2/15/28
@
100
(a)
.............
471,000
476,907
Blue
Bridge
Funding
LLC
,
Series
2023-1A
,
Class
A
,
7
.37
%
,
11/15/30
,
Callable
11/15/26
@
100
(a)
...........................................................
800,000
801,620
CARS-DB4
LP
,
Series
2020-1A
,
Class
A1
,
2
.69
%
,
2/15/50
,
Callable
1/15/24
@
100
(a)
.....
579,236
556,305
CARS-DB7
LP
,
Series
2023-1A
,
Class
A1
,
5
.75
%
,
9/15/53
,
Callable
9/15/28
@
100
(a)
.....
990,000
987,515
CCG
Receivables
Trust
...................................................
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Series
2023-1
,
Class
B
,
5
.99
%
,
9/16/30
,
Callable
12/14/26
@
100
(a)
..............
$
1,000,000
$
1,011,160
Series
2023-1
,
Class
C
,
6
.28
%
,
9/16/30
,
Callable
12/14/26
@
100
(a)
..............
1,777,778
1,799,562
Series
2023-2
,
Class
C
,
6
.45
%
,
4/14/32
,
Callable
12/14/27
@
100
(a)
..............
1,000,000
1,022,426
Series
2023-2
,
Class
D
,
7
.18
%
,
4/14/32
,
Callable
12/14/27
@
100
(a)
..............
433,000
443,869
Conn's
Receivables
Funding
LLC
...........................................
Series
2022-A
,
Class
B
,
9
.52
%
,
12/15/26
,
Callable
8/15/24
@
100
(a)
..............
714,251
716,280
Series
2023-A
,
Class
A
,
8
.01
%
,
1/17/28
,
Callable
4/15/24
@
100
(a)
...............
393,947
394,680
Series
2023-A
,
Class
B
,
10
.00
%
,
1/17/28
,
Callable
12/15/24
@
100
(a)
.............
451,000
456,922
CP
EF
Asset
Securitization
I
LLC
,
Series
2022-1A
,
Class
A
,
5
.96
%
,
4/15/30
,
Callable
11/15/25
@
100
(a)
.........................................................
1,473,593
1,464,896
CP
EF
Asset
Securitization
II
LLC
,
Series
2023-1A
,
Class
A
,
7
.48
%
,
3/15/32
,
Callable
6/15/27
@
100
(a)
.........................................................
954,157
957,688
Dell
Equipment
Finance
Trust
..............................................
Series
2021-2
,
Class
C
,
0
.94
%
,
12/22/26
,
Callable
3/22/24
@
100
(a)
..............
500,000
493,681
Series
2023-1
,
Class
D
,
6
.80
%
,
3/22/29
,
Callable
10/22/25
@
100
(a)
..............
909,091
916,155
Series
2023-2
,
Class
C
,
6
.06
%
,
1/22/29
,
Callable
2/22/26
@
100
(a)
...............
1,000,000
1,002,651
Series
2023-2
,
Class
D
,
6
.74
%
,
7/23/29
,
Callable
2/22/26
@
100
(a)
...............
761,000
766,807
Series
2023-3
,
Class
D
,
6
.75
%
,
10/22/29
,
Callable
3/22/26
@
100
(a)
..............
353,000
356,057
Dext
ABS
LLC
........................................................
Series
2020-1
,
Class
C
,
3
.03
%
,
11/15/27
,
Callable
10/15/24
@
100
(a)
.............
300,000
295,924
Series
2021-1
,
Class
C
,
2
.29
%
,
9/15/28
,
Callable
4/15/26
@
100
(a)
...............
1,000,000
931,769
Series
2023-1
,
Class
A2
,
5
.99
%
,
3/15/32
,
Callable
2/15/27
@
100
(a)
..............
1,000,000
1,002,758
Series
2023-1
,
Class
B
,
6
.55
%
,
3/15/32
,
Callable
2/15/27
@
100
(a)
...............
2,000,000
2,031,998
Series
2023-2
,
Class
B
,
6
.41
%
,
5/15/34
,
Callable
3/15/27
@
100
(a)
...............
1,000,000
1,012,197
Series
2023-2
,
Class
D
,
8
.30
%
,
5/15/34
,
Callable
3/15/27
@
100
(a)
...............
667,000
647,266
Diamond
Issuer
,
Series
2021-1A
,
Class
B
,
2
.70
%
,
11/20/51
,
Callable
11/20/25
@
100
(a)
....
655,000
555,416
DLLAA
LLC
..........................................................
Series
2023-1A
,
Class
A3
,
5
.64
%
,
2/22/28
,
Callable
12/20/27
@
100
(a)
............
1,000,000
1,014,325
Series
2023-1A
,
Class
A4
,
5
.35
%
,
3/20/31
,
Callable
1/20/27
@
100
(a)
.............
571,429
576,241
DLLST
LLC
,
Series
2022-1A
,
Class
A4
,
3
.69
%
,
9/20/28
,
Callable
8/20/25
@
100
(a)
.......
1,000,000
982,353
FirstKey
Homes
Trust
....................................................
Series
2021-SFR3
,
Class
B
,
2
.44
%
,
12/17/38
(a)
.............................
1,000,000
908,803
Series
2021-SFR3
,
Class
C
,
2
.54
%
,
12/17/38
(a)
.............................
1,000,000
907,228
Flexential
Issuer
,
Series
2021-1A
,
Class
A2
,
3
.25
%
,
11/27/51
,
Callable
11/25/25
@
100
(a)
..
1,000,000
897,421
Ford
Credit
Floorplan
Master
Owner
Trust
,
Series
2023-1
,
Class
C
,
5
.75
%
,
5/15/28
(a)
......
532,000
530,190
Frontier
Issuer
LLC
,
Series
2023-1
,
Class
B
,
8
.30
%
,
8/20/53
,
Callable
7/20/26
@
100
(a)
....
466,667
461,769
Granite
Park
Equipment
Leasing
LLC
........................................
Series
2023-1A
,
Class
B
,
6
.62
%
,
4/20/33
,
Callable
8/20/30
@
100
(a)
..............
327,000
336,148
Series
2023-1A
,
Class
C
,
6
.97
%
,
8/22/33
,
Callable
8/20/30
@
100
(a)
..............
300,000
311,869
Series
2023-1A
,
Class
D
,
7
.00
%
,
8/22/33
,
Callable
8/20/30
@
100
(a)
..............
200,000
205,123
GreatAmerica
Leasing
Receivables
,
Series
2023-1
,
Class
B
,
5
.21
%
,
3/15/30
,
Callable
7/15/27
@
100
(a)
.........................................................
500,000
495,190
HPEFS
Equipment
Trust
..................................................
Series
2021-1A
,
Class
D
,
1
.03
%
,
3/20/31
,
Callable
4/20/24
@
100
(a)
..............
2,289,903
2,260,858
Series
2021-2A
,
Class
C
,
0
.88
%
,
9/20/28
,
Callable
8/20/24
@
100
(a)
..............
248,598
245,893
Series
2022-1A
,
Class
D
,
2
.40
%
,
11/20/29
,
Callable
6/20/25
@
100
(a)
.............
667,000
633,443
Series
2023-2A
,
Class
D
,
6
.97
%
,
7/21/31
,
Callable
9/20/26
@
100
(a)
..............
500,000
508,070
M&T
Equipment
LEAF1
Notes
,
Series
2023-1A
,
Class
A4
,
5
.75
%
,
7/15/30
,
Callable
8/15/27
@
100
(a)
.........................................................
1,038,000
1,048,538
New
Economy
Assets
Phase
1
Sponsor
LLC
....................................
Series
2021-1
,
Class
A1
,
1
.91
%
,
10/20/61
,
Callable
10/20/24
@
100
(a)
............
903,000
790,206
Series
2021-1
,
Class
B1
,
2
.41
%
,
10/20/61
,
Callable
10/20/24
@
100
(a)
............
293,000
237,543
NMEF
Funding
LLC
....................................................
Series
2021-A
,
Class
B
,
1
.85
%
,
12/15/27
,
Callable
9/15/24
@
100
(a)
..............
521,117
515,304
Series
2022-A
,
Class
A2
,
2
.58
%
,
10/16/28
,
Callable
8/15/25
@
100
(a)
.............
398,045
392,308
Series
2022-A
,
Class
B
,
3
.35
%
,
10/16/28
,
Callable
8/15/25
@
100
(a)
..............
1,000,000
966,888
Series
2022-B
,
Class
A2
,
6
.07
%
,
6/15/29
,
Callable
9/15/26
@
100
(a)
..............
744,670
748,409
Series
2023-A
,
Class
B
,
6
.83
%
,
6/17/30
,
Callable
9/15/27
@
100
(a)
...............
500,000
508,667
Pawnee
Equipment
Receivables
LLC
,
Series
2021-1
,
Class
A2
,
1
.10
%
,
7/15/27
,
Callable
8/15/25
@
100
(a)
...................................................
548,831
536,006
Post
Road
Equipment
Finance
,
Series
2022-1A
,
Class
A2
,
4
.88
%
,
11/15/28
,
Callable
5/15/26
@
100
(a)
.........................................................
975,000
966,437
PSNH
Funding
LLC
,
Series
2018-1
,
Class
A1
,
3
.09
%
,
2/1/26
.......................
22,741
22,688
SCF
Equipment
Leasing
LLC
..............................................
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
10
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Series
2020-1A
,
Class
B
,
2
.02
%
,
3/20/28
,
Callable
2/20/25
@
100
(a)
..............
$
65,392
$
64,667
Series
2021-1A
,
Class
D
,
1
.93
%
,
9/20/30
,
Callable
10/20/25
@
100
(a)
.............
250,000
228,993
Series
2022-2A
,
Class
B
,
6
.50
%
,
2/20/32
,
Callable
8/20/29
@
100
(a)
..............
428,571
435,210
Series
2023-1A
,
Class
B
,
6
.37
%
,
5/20/32
,
Callable
5/20/30
@
100
(a)
..............
857,000
872,429
Series
2023-1A
,
Class
C
,
6
.77
%
,
8/22/33
,
Callable
5/20/30
@
100
(a)
..............
937,000
964,694
Vantage
Data
Centers
Issuer
LLC
...........................................
Series
2019-1A
,
Class
A2
,
3
.19
%
,
7/15/44
,
Callable
1/15/24
@
100
(a)
.............
478,333
469,592
Series
2020-1A
,
Class
A2
,
1
.65
%
,
9/15/45
,
Callable
1/15/24
@
100
(a)
.............
1,000,000
925,276
VB-S1
Issuer
LLC
,
Series
2022-1A
,
Class
C2I
,
3
.16
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
..
1,000,000
901,540
Verdant
Receivables
LLC
.................................................
Series
2023-1A
,
Class
A2
,
6
.24
%
,
1/13/31
,
Callable
3/12/27
@
100
(a)
.............
483,000
487,311
Series
2023-1A
,
Class
B
,
6
.05
%
,
1/13/31
,
Callable
3/12/27
@
100
(a)
..............
500,000
501,783
Series
2023-1A
,
Class
C
,
6
.73
%
,
1/13/31
,
Callable
3/12/27
@
100
(a)
..............
374,000
380,008
52,499,154
Total
Asset-Backed
Securities
(Cost
$197,049,650)
196,576,346
Collateralized
Loan
Obligations
(0.7%)
Cash
Flow
CLO
(0.7%):
Barrow
Hanley
CLO
I
Ltd.
,
Series
2023-1A
,
Class
A1
,
7
.72
%
(
TSFR3M
+
230
bps
)
,
4/20/35
,
Callable
4/20/24
@
100
(a)
(b)
..........................................
1,000,000
1,001,871
Palmer
Square
Loan
Funding
Ltd.
...........................................
Series
2023-1A
,
Class
A1
,
6
.96
%
(
TSFR3M
+
170
bps
)
,
7/20/31
,
Callable
7/20/24
@
100
(a)
(b)
.....................................................
1,000,000
1,000,600
Series
2023-1A
,
Class
A2
,
7
.76
%
(
TSFR3M
+
250
bps
)
,
7/20/31
,
Callable
7/20/24
@
100
(a)
(b)
.....................................................
500,000
500,250
Stratus
CLO
Ltd.
.......................................................
Series
2021-3A
,
Class
A
,
6
.63
%
(
TSFR3M
+
121
bps
)
,
12/29/29
,
Callable
1/20/24
@
100
(a)
(b)
.....................................................
689,617
688,867
Series
2021-3A
,
Class
B
,
7
.23
%
(
TSFR3M
+
181
bps
)
,
12/29/29
,
Callable
1/20/24
@
100
(a)
(b)
.....................................................
821,000
813,146
4,004,734
Total
Collateralized
Loan
Obligations
(Cost
$4,010,617)
4,004,734
Collateralized
Mortgage
Obligations
(4.6%)
Agency
CMO
Other
(0.7%):
Federal
Home
Loan
Mortgage
Corporation
,
Series
5270
,
Class
AB
,
5
.50
%
,
1/25/49
........
962,344
973,280
Federal
National
Mortgage
Association
,
Series
2022-88
,
Class
BA
,
5
.50
%
,
7/25/47
........
990,911
998,840
Government
National
Mortgage
Association
....................................
Series
2023-107
,
Class
PA
,
5
.50
%
,
1/20/46
................................
982,298
992,991
Series
2023-131
,
Class
P
,
5
.50
%
,
6/20/48
..................................
992,475
988,264
3,953,375
Commercial
MBS
(3.9%):
Aventura
Mall
Trust
,
Series
2018-AVM
,
Class
C
,
4
.11
%
,
7/5/40
(a)
(c)
..................
1,000,000
896,500
BBCMS
Mortgage
Trust
,
Series
2020-BID
,
Class
C
,
9
.12
%
(
TSFR1M
+
375
bps
)
,
10/15/37
(a)
(b)
.....................................................
1,000,000
951,898
BPR
Trust
............................................................
Series
2021-TY
,
Class
A
,
6
.53
%
(
TSFR1M
+
116
bps
)
,
9/15/38
(a)
(b)
...............
1,000,000
968,162
Series
2021-TY
,
Class
C
,
7
.18
%
(
TSFR1M
+
181
bps
)
,
9/15/38
(a)
(b)
...............
1,000,000
951,391
Series
2022-STAR
,
Class
A
,
8
.59
%
(
TSFR1M
+
323
bps
)
,
8/15/24
(a)
(b)
.............
2,000,000
2,003,873
BX
Commercial
Mortgage
Trust
,
Series
2019-XL
,
Class
D
,
6
.93
%
(
TSFR1M
+
156
bps
)
,
10/15/36
(a)
(b)
.....................................................
2,465,000
2,449,483
BX
Trust
.............................................................
Series
2022-CLS
,
Class
B
,
6
.30
%
,
10/13/27
(a)
..............................
1,000,000
922,877
Series
2022-LBA6
,
Class
C
,
6
.96
%
(
TSFR1M
+
160
bps
)
,
1/15/39
(a)
(b)
.............
1,000,000
979,596
Citigroup
Commercial
Mortgage
Trust
,
Series
2019-SMRT
,
Class
B
,
4
.38
%
,
1/10/36
(a)
.....
500,000
500,000
COMM
Mortgage
Trust
..................................................
Series
2014-277P
,
Class
A
,
3
.61
%
,
8/10/49
,
Callable
8/10/24
@
100
(a)
(c)
..........
3,000,000
2,766,367
Series
2014-277P
,
Class
C
,
3
.61
%
,
8/10/49
,
Callable
8/10/24
@
100
(a)
(c)
..........
333,000
285,491
Series
2015-PC1
,
Class
AM
,
4
.29
%
,
7/10/50
,
Callable
6/10/25
@
100
(c)
...........
1,500,000
1,446,611
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
11
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
GS
Mortgage
Securities
Corp.
II
,
Series
2023-SHIP
,
Class
B
,
4
.94
%
,
9/10/38
(a)
(c)
........
$
600,000
$
583,244
Houston
Galleria
Mall
Trust
,
Series
2015-HGLR
,
Class
A1A2
,
3
.09
%
,
3/5/37
(a)
..........
1,000,000
956,661
Hudson
Yards
Mortgage
Trust
,
Series
2016-10HY
,
Class
A
,
2
.84
%
,
8/10/38
,
Callable
8/10/26
@
100
(a)
.........................................................
1,500,000
1,392,825
KNDL
Mortgage
Trust
...................................................
Series
2019-KNSQ
,
Class
B
,
6
.51
%
(
TSFR1M
+
115
bps
)
,
5/15/36
(a)
(b)
............
500,000
498,052
Series
2019-KNSQ
,
Class
C
,
6
.61
%
(
TSFR1M
+
125
bps
)
,
5/15/36
(a)
(b)
............
1,175,000
1,165,500
SCOTT
Trust
,
Series
2023-SFS
,
Class
AS
,
6
.20
%
,
3/15/40
(a)
.......................
785,714
768,914
SMRT
,
Series
2022-MINI
,
Class
B
,
6
.71
%
(
TSFR1M
+
135
bps
)
,
1/15/39
(a)
(b)
............
1,000,000
975,277
21,462,722
Total
Collateralized
Mortgage
Obligations
(Cost
$25,864,126)
25,416,097
Senior
Secured
Loans
(0.4%)
Consumer
Discretionary
(0.2%):
Delta
Air
Lines,
Inc.
and
SkyMiles
IP
Ltd.,
Initial
Term
Loan,
First
Lien
,
9
.17
%
(
SOFR03M
+
375
bps
)
,
10/20/27
(b)
.......................................
1,200,000
1,227,372
Industrials
(0.2%):
MasTec,
Inc.,
Three-Year
Term
Loan,
First
Lien
,
6
.73
%
(
SOFR01M
+
138
bps
)
,
9/1/25
(b)
....
1,000,000
1,000,000
Total
Senior
Secured
Loans
(Cost
$2,198,899)
2,227,372
Corporate
Bonds
(32.5%)
Communication
Services
(0.2%):
Paramount
Global
,
2
.90
%
,
1/15/27
,
Callable
10/15/26
@
100
.......................
580,000
537,280
Sprint
Spectrum
Co.
LLC/Sprint
Spectrum
Co.
II
LLC/Sprint
Spectrum
Co.
III
LLC
,
4
.74
%
,
3/20/25
,
Callable
3/20/24
@
100
(a)
......................................
658,750
652,533
1,189,813
Consumer
Discretionary
(1.8%):
Advance
Auto
Parts,
Inc.
1
.75
%
,
10/1/27
,
Callable
8/1/27
@
100
...................................
1,000,000
859,065
5
.95
%
,
3/9/28
,
Callable
2/9/28
@
100
....................................
1,000,000
995,185
3
.90
%
,
4/15/30
,
Callable
1/15/30
@
100
(d)
................................
1,000,000
892,980
Association
of
American
Medical
Colleges
,
2
.12
%
,
10/1/24
.........................
750,000
727,149
LKQ
Corp.
,
5
.75
%
,
6/15/28
,
Callable
5/15/28
@
100
.............................
1,000,000
1,027,073
Nissan
Motor
Acceptance
Co.
LLC
,
1
.85
%
,
9/16/26
,
Callable
8/16/26
@
100
(a)
..........
1,513,000
1,360,969
Nordstrom,
Inc.
,
2
.30
%
,
4/8/24
,
Callable
1/22/24
@
100
...........................
1,000,000
986,532
QVC,
Inc.
,
4
.45
%
,
2/15/25
,
Callable
11/15/24
@
100
.............................
617,000
579,205
Tapestry,
Inc.
7
.00
%
,
11/27/26
....................................................
1,000,000
1,037,444
7
.35
%
,
11/27/28
,
Callable
10/27/28
@
100
.................................
500,000
524,754
Volkswagen
Group
of
America
Finance
LLC
,
6
.20
%
,
11/16/28
,
Callable
10/16/28
@
100
(a)
(d)
1,000,000
1,048,969
10,039,325
Consumer
Staples
(0.5%):
Dollar
General
Corp.
,
5
.20
%
,
7/5/28
,
Callable
6/5/28
@
100
........................
1,000,000
1,014,058
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
6
.50
%
,
4/15/29
,
Callable
4/15/24
@
103.25
................................
319,000
309,695
3
.75
%
,
12/1/31
,
Callable
12/1/26
@
101.88
................................
864,000
743,366
Sodexo,
Inc.
,
2
.72
%
,
4/16/31
,
Callable
1/16/31
@
100
(a)
..........................
1,000,000
850,151
2,917,270
Energy
(1.3%):
Antero
Resources
Corp.
,
7
.63
%
,
2/1/29
,
Callable
2/5/24
@
103.81
(a)
..................
500,000
512,989
Energy
Transfer
LP
6
.75
%
(
H15T5Y
+
513
bps
)
,
Callable
5/15/25
@
100
(b)
(e)
......................
167,000
160,118
6
.50
%
(
H15T5Y
+
569
bps
)
,
Callable
11/15/26
@
100
(b)
(e)
......................
1,000,000
950,601
8
.00
%
,
4/1/29
,
Callable
4/1/24
@
104
(a)
..................................
250,000
260,196
Gray
Oak
Pipeline
LLC
,
2
.60
%
,
10/15/25
,
Callable
9/15/25
@
100
(a)
.................
690,000
654,384
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
,
6
.00
%
,
4/15/30
,
Callable
4/15/25
@
103
(a)
......
667,000
647,116
Parsley
Energy
LLC/Parsley
Finance
Corp.
,
4
.13
%
,
2/15/28
,
Callable
2/5/24
@
102.06
(a)
...
2,000,000
1,910,001
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
12
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Targa
Resources
Partners
LP/Targa
Resources
Partners
Finance
Corp.
6
.50
%
,
7/15/27
,
Callable
2/5/24
@
103.25
.................................
$
1,000,000
$
1,015,610
5
.00
%
,
1/15/28
,
Callable
2/5/24
@
101.67
.................................
871,000
860,865
6,971,880
Financials
(19.6%):
Ally
Financial,
Inc.
,
6
.99
%
(
SOFR
+
326
bps
)
,
6/13/29
,
Callable
6/13/28
@
100
(b)
.........
2,056,000
2,126,691
Antares
Holdings
LP
,
8
.50
%
,
5/18/25
,
Callable
4/18/25
@
100
(a)
.....................
1,000,000
1,016,437
Ares
Capital
Corp.
,
3
.25
%
,
7/15/25
,
Callable
6/15/25
@
100
........................
750,000
718,507
Assurant,
Inc.
,
6
.10
%
,
2/27/26
,
Callable
1/27/26
@
100
...........................
1,765,000
1,778,854
Athene
Global
Funding
,
1
.72
%
,
1/7/25
(a)
......................................
1,000,000
959,207
Bank
of
America
Corp.
6
.50
%
(
TSFR3M
+
444
bps
)
,
Callable
10/23/24
@
100
(b)
(d)
(e)
...................
500,000
498,668
6
.10
%
(
TSFR3M
+
416
bps
)
,
Callable
3/17/25
@
100
(b)
(e)
......................
1,000,000
995,933
Blackstone
Private
Credit
Fund
1
.75
%
,
9/15/24
(d)
..................................................
1,000,000
969,760
2
.35
%
,
11/22/24
....................................................
1,000,000
967,751
7
.05
%
,
9/29/25
....................................................
500,000
509,116
2
.63
%
,
12/15/26
,
Callable
11/15/26
@
100
.................................
500,000
453,060
Blue
Owl
Credit
Income
Corp.
5
.50
%
,
3/21/25
....................................................
2,000,000
1,970,925
7
.75
%
,
9/16/27
,
Callable
8/16/27
@
100
..................................
1,000,000
1,033,228
Cadence
Bank
7
.25
%
(
US0003M
+
454
bps
)
,
6/28/29
,
Callable
6/28/24
@
100
(a)
(b)
...............
1,000,000
970,797
4
.75
%
(
US0003M
+
303
bps
)
,
6/30/29
,
Callable
6/30/24
@
100
(b)
.................
2,082,000
2,056,400
Capital
One
Financial
Corp.
4
.17
%
(
SOFR
+
137
bps
)
,
5/9/25
,
Callable
5/9/24
@
100
(b)
......................
1,000,000
992,337
5
.47
%
(
SOFR
+
208
bps
)
,
2/1/29
,
Callable
2/1/28
@
100
(b)
......................
1,000,000
1,000,221
6
.31
%
(
SOFR
+
264
bps
)
,
6/8/29
,
Callable
6/8/28
@
100
(b)
......................
1,000,000
1,025,864
CDW
LLC/CDW
Finance
Corp.
,
2
.67
%
,
12/1/26
,
Callable
11/1/26
@
100
..............
825,000
772,484
Citizens
Bank
NA
4
.12
%
(
SOFR
+
140
bps
)
,
5/23/25
,
Callable
5/23/24
@
100
(b)
....................
760,000
740,835
6
.06
%
(
SOFR
+
145
bps
)
,
10/24/25
,
Callable
10/24/24
@
100
(b)
..................
2,000,000
1,952,521
4
.58
%
(
SOFR
+
200
bps
)
,
8/9/28
,
Callable
8/9/27
@
100
(b)
......................
334,000
317,298
Citizens
Financial
Group,
Inc.
,
5
.65
%
(
H15T5Y
+
531
bps
)
,
Callable
10/6/25
@
100
(b)
(d)
(e)
..
200,000
189,852
Credit
Acceptance
Corp.
,
9
.25
%
,
12/15/28
,
Callable
12/15/25
@
104.63
(a)
..............
857,000
915,371
DAE
Funding
LLC
,
1
.55
%
,
8/1/24
,
Callable
7/1/24
@
100
(a)
.......................
250,000
243,617
Enact
Holdings,
Inc.
,
6
.50
%
,
8/15/25
,
Callable
2/15/25
@
100
(a)
.....................
1,718,000
1,713,719
Entergy
Texas
Restoration
Funding
II
LLC
,
3
.05
%
,
12/15/27
........................
466,288
447,605
F&G
Global
Funding
,
5
.15
%
,
7/7/25
(a)
.......................................
1,000,000
985,982
Farm
Credit
Bank
of
Texas
,
5
.70
%
(
H15T5Y
+
542
bps
)
,
Callable
9/15/25
@
100
(a)
(b)
(e)
....
1,500,000
1,425,000
Fifth
Third
Bancorp
4
.50
%
(
H15T5Y
+
422
bps
)
,
Callable
9/30/25
@
100
(b)
(e)
......................
2,916,000
2,709,880
4
.30
%
,
1/16/24
....................................................
965,000
963,609
First
American
Financial
Corp.
,
4
.60
%
,
11/15/24
................................
2,399,000
2,369,230
First
Citizens
BancShares,
Inc.
,
3
.38
%
(
TSFR3M
+
247
bps
)
,
3/15/30
,
Callable
3/15/25
@
100
(b)
...........................................................
1,000,000
945,386
First
Financial
Bancorp
,
5
.13
%
,
8/25/25
.......................................
1,000,000
910,540
First
Horizon
Corp.
,
4
.00
%
,
5/26/25
,
Callable
4/26/25
@
100
.......................
1,450,000
1,407,463
Ford
Motor
Credit
Co.
LLC
3
.38
%
,
11/13/25
,
Callable
10/13/25
@
100
.................................
1,000,000
956,611
4
.95
%
,
5/28/27
,
Callable
4/28/27
@
100
..................................
1,000,000
976,321
FS
KKR
Capital
Corp.
4
.25
%
,
2/14/25
,
Callable
1/14/25
@
100
(a)
................................
1,400,000
1,360,341
3
.40
%
,
1/15/26
,
Callable
12/15/25
@
100
.................................
1,024,000
969,291
Fulton
Financial
Corp.
,
3
.25
%
(
TSFR3M
+
230
bps
)
,
3/15/30
,
Callable
3/15/25
@
100
(b)
....
1,000,000
833,642
GA
Global
Funding
Trust
,
1
.63
%
,
1/15/26
(a)
...................................
500,000
459,915
Hikma
Finance
USA
LLC
,
3
.25
%
,
7/9/25
......................................
2,400,000
2,295,472
Horace
Mann
Educators
Corp.
,
7
.25
%
,
9/15/28
,
Callable
8/15/28
@
100
................
2,000,000
2,125,965
HSB
Group,
Inc.
,
6
.57
%
(
TSFR3M
+
117
bps
)
,
7/15/27
,
Callable
2/5/24
@
100
(b)
..........
750,000
680,915
Huntington
Bancshares,
Inc.
,
4
.45
%
(
H15T7Y
+
405
bps
)
,
Callable
10/15/27
@
100
(b)
(e)
....
1,150,000
1,020,827
Hyundai
Capital
America
,
0
.80
%
,
1/8/24
(a)
....................................
2,000,000
1,998,623
Kemper
Corp.
4
.35
%
,
2/15/25
,
Callable
11/15/24
@
100
..................................
1,000,000
978,628
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
13
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
2
.40
%
,
9/30/30
,
Callable
6/30/30
@
100
..................................
$
550,000
$
430,041
KeyCorp.
,
3
.88
%
(
SOFRINDX
+
125
bps
)
,
5/23/25
,
Callable
5/23/24
@
100
,
MTN
(b)
.......
2,250,000
2,199,751
Luther
Burbank
Corp.
,
6
.50
%
,
9/30/24
,
Callable
8/31/24
@
100
(a)
....................
1,250,000
1,230,599
M&T
Bank
Corp.
3
.50
%
(
H15T5Y
+
268
bps
)
,
Callable
9/1/26
@
100
(b)
(e)
.......................
300,000
221,518
4
.00
%
,
7/15/24
,
Callable
4/16/24
@
100
(d)
................................
1,000,000
988,102
Main
Street
Capital
Corp.
5
.20
%
,
5/1/24
(d)
...................................................
1,400,000
1,393,531
3
.00
%
,
7/14/26
,
Callable
6/14/26
@
100
..................................
500,000
456,180
Manufacturers
&
Traders
Trust
Co.
,
4
.65
%
,
1/27/26
,
Callable
12/27/25
@
100
...........
1,000,000
978,781
Metropolitan
Tower
Life
Insurance
Co.
,
7
.63
%
,
1/15/24
(a)
.........................
500,000
500,352
Midwest
Connector
Capital
Co.
LLC
,
3
.90
%
,
4/1/24
,
Callable
3/1/24
@
100
(a)
...........
2,500,000
2,485,340
Morgan
Stanley
,
0
.79
%
(
SOFR
+
53
bps
)
,
5/30/25
,
Callable
5/30/24
@
100
(b)
.............
1,000,000
977,497
MPT
Operating
Partnership
LP/MPT
Finance
Corp.
,
5
.00
%
,
10/15/27
,
Callable
2/5/24
@
101.67
...........................................................
2,000,000
1,640,721
National
General
Holdings
Corp.
,
6
.75
%
,
5/15/24
(a)
..............................
1,000,000
1,002,567
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
,
5
.75
%
,
5/24/26
,
Callable
4/24/26
@
100
(a)
1,000,000
1,007,576
PRA
Group,
Inc.
,
8
.38
%
,
2/1/28
,
Callable
2/1/25
@
104.19
(a)
.......................
1,444,000
1,375,508
Radian
Group,
Inc.
,
4
.50
%
,
10/1/24
,
Callable
7/1/24
@
100
.........................
2,503,000
2,468,717
Regions
Financial
Corp.
,
5
.75
%
(
H15T5Y
+
543
bps
)
,
Callable
6/15/25
@
100
(b)
(e)
........
2,998,000
2,914,804
SCE
Recovery
Funding
LLC
,
0
.86
%
,
11/15/31
..................................
1,539,263
1,318,032
Starwood
Property
Trust,
Inc.
,
3
.63
%
,
7/15/26
,
Callable
1/15/26
@
100
(a)
..............
500,000
473,546
Stewart
Information
Services
Corp.
,
3
.60
%
,
11/15/31
,
Callable
8/15/31
@
100
...........
1,700,000
1,323,718
Synchrony
Bank
,
5
.40
%
,
8/22/25
,
Callable
7/22/25
@
100
.........................
1,000,000
985,041
Synchrony
Financial
4
.88
%
,
6/13/25
,
Callable
5/13/25
@
100
..................................
1,000,000
982,658
3
.95
%
,
12/1/27
,
Callable
9/1/27
@
100
...................................
1,000,000
936,659
Synovus
Bank
,
5
.63
%
,
2/15/28
,
Callable
1/15/28
@
100
...........................
1,000,000
962,461
Synovus
Financial
Corp.
,
5
.90
%
(
USSW5
+
338
bps
)
,
2/7/29
,
Callable
2/7/24
@
100
(b)
......
1,500,000
1,408,762
Texas
Capital
Bancshares,
Inc.
,
4
.00
%
(
H15T5Y
+
315
bps
)
,
5/6/31
,
Callable
5/6/26
@
100
(b)
.
1,500,000
1,301,934
Texas
Capital
Bank
NA
,
5
.25
%
,
1/31/26
......................................
1,000,000
913,485
The
Bank
of
New
York
Mellon
Corp.
,
4
.70
%
(
H15T5Y
+
436
bps
)
,
Callable
9/20/25
@
100
(b)
(e)
.........................................................
1,000,000
976,645
The
Charles
Schwab
Corp.
,
5
.37
%
(
H15T5Y
+
497
bps
)
,
Callable
6/1/25
@
100
(b)
(e)
.......
3,000,000
2,960,099
The
Huntington
National
Bank
,
5
.50
%
(
TSFR3M
+
535
bps
)
,
5/6/30
,
Callable
5/6/25
@
100
(b)
2,000,000
1,889,240
The
Prudential
Insurance
Co.
of
America
,
8
.30
%
,
7/1/25
(a)
.........................
1,000,000
1,032,932
TIAA
FSB
Holdings,
Inc.
5
.75
%
,
7/2/25
,
Callable
6/2/25
@
100
....................................
1,000,000
930,715
10
.35
%
(
TSFR3M
+
497
bps
)
,
3/15/26
,
Callable
2/5/24
@
100
(b)
..................
750,000
723,844
Truist
Financial
Corp.
4
.95
%
(
H15T5Y
+
461
bps
)
,
Callable
9/1/25
@
100
(b)
(e)
.......................
3,000,000
2,870,911
7
.16
%
(
SOFR
+
245
bps
)
,
10/30/29
,
Callable
10/30/28
@
100
,
MTN
(b)
.............
1,000,000
1,079,100
UL
Solutions,
Inc.
,
6
.50
%
,
10/20/28
,
Callable
9/20/28
@
100
(a)
.....................
1,000,000
1,050,694
US
Bancorp
,
5
.78
%
(
SOFR
+
202
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(b)
..............
1,000,000
1,027,119
Webster
Financial
Corp.
,
4
.38
%
,
2/15/24
,
Callable
2/5/24
@
100
.....................
2,550,000
2,525,244
Wells
Fargo
&
Co.
5
.90
%
,
Callable
6/15/24
@
100
(e)
.......................................
3,750,000
3,723,339
3
.90
%
(
H15T5Y
+
345
bps
)
,
Callable
3/15/26
@
100
(b)
(e)
......................
1,000,000
923,798
108,302,260
Health
Care
(0.1%):
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.
,
2
.20
%
,
6/1/30
,
Callable
3/1/30
@
100
(a)
...........................................................
1,000,000
853,116
Industrials
(2.8%):
American
Airlines
Pass
Through
Trust
,
4
.00
%
,
9/22/27
............................
483,532
441,544
British
Airways
Pass
Through
Trust
,
4
.63
%
,
6/20/24
(a)
............................
242,354
241,268
Concentrix
Corp.
,
6
.60
%
,
8/2/28
,
Callable
7/2/28
@
100
...........................
1,000,000
1,031,086
Delta
Air
Lines
Pass
Through
Trust
,
2
.00
%
,
6/10/28
..............................
790,721
702,489
HEICO
Corp.
,
5
.25
%
,
8/1/28
,
Callable
7/1/28
@
100
.............................
1,000,000
1,021,510
Hexcel
Corp.
,
4
.95
%
,
8/15/25
,
Callable
5/15/25
@
100
............................
1,600,000
1,586,477
Mileage
Plus
Holdings
LLC/Mileage
Plus
Intellectual
Property
Assets
Ltd.
,
6
.50
%
,
6/20/27
,
Callable
2/5/24
@
103.25
(a)
...........................................
1,400,000
1,404,002
Molex
Electronic
Technologies
LLC
,
3
.90
%
,
4/15/25
,
Callable
1/15/25
@
100
(a)
.........
1,500,000
1,457,718
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
14
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Regal
Rexnord
Corp.
,
6
.05
%
,
4/15/28
,
Callable
3/15/28
@
100
(a)
....................
$
1,000,000
$
1,013,407
RXO,
Inc.
,
7
.50
%
,
11/15/27
,
Callable
11/15/24
@
103.75
(a)
........................
500,000
517,242
Ryder
System,
Inc.
,
5
.25
%
,
6/1/28
,
Callable
5/1/28
@
100
,
MTN
.....................
1,000,000
1,013,762
Spirit
Airlines
Pass
Through
Trust
,
4
.45
%
,
4/1/24
................................
660,745
636,834
Stanley
Black
&
Decker,
Inc.
,
6
.27
%
,
3/6/26
,
Callable
3/6/24
@
100
..................
1,000,000
1,002,447
The
Nature
Conservancy
,
0
.63
%
,
7/1/24
.......................................
650,000
634,506
U.S.
Airways
Pass
Through
Trust
,
3
.95
%
,
11/15/25
...............................
1,099,318
1,029,045
United
Airlines
Pass
Through
Trust
4
.15
%
,
4/11/24
.....................................................
483,203
480,974
4
.88
%
,
1/15/26
....................................................
208,544
202,424
XPO,
Inc.
,
6
.25
%
,
6/1/28
,
Callable
6/1/25
@
103.13
(a)
............................
1,019,000
1,036,131
15,452,866
Information
Technology
(0.2%):
Arrow
Electronics,
Inc.
,
6
.13
%
,
3/1/26
,
Callable
3/1/24
@
100
......................
1,000,000
1,001,420
Materials
(0.5%):
Bayport
Polymers
LLC
,
4
.74
%
,
4/14/27
,
Callable
3/14/27
@
100
(a)
...................
1,700,000
1,625,794
Celanese
U.S.
Holdings
LLC
,
6
.17
%
,
7/15/27
,
Callable
6/15/27
@
100
................
1,000,000
1,025,786
2,651,580
Real
Estate
(4.9%):
Boston
Properties
LP
,
6
.75
%
,
12/1/27
,
Callable
11/1/27
@
100
(d)
....................
1,500,000
1,572,595
CBRE
Services,
Inc.
,
4
.88
%
,
3/1/26
,
Callable
12/1/25
@
100
........................
1,097,000
1,096,286
Extra
Space
Storage
LP
,
5
.90
%
,
1/15/31
,
Callable
11/15/30
@
100
....................
1,000,000
1,045,049
Federal
Realty
OP
LP
,
5
.38
%
,
5/1/28
,
Callable
4/1/28
@
100
........................
1,000,000
1,010,102
Highwoods
Realty
LP
4
.13
%
,
3/15/28
,
Callable
12/15/27
@
100
.................................
600,000
552,164
4
.20
%
,
4/15/29
,
Callable
1/15/29
@
100
..................................
2,250,000
2,041,794
Jones
Lang
LaSalle,
Inc.
,
6
.88
%
,
12/1/28
,
Callable
11/1/28
@
100
....................
1,000,000
1,058,131
Kilroy
Realty
LP
,
4
.38
%
,
10/1/25
,
Callable
7/1/25
@
100
..........................
1,500,000
1,460,268
Kimco
Realty
OP
LLC
,
3
.80
%
,
4/1/27
,
Callable
1/1/27
@
100
.......................
1,000,000
960,577
Kite
Realty
Group
LP
,
4
.00
%
,
10/1/26
,
Callable
7/1/26
@
100
.......................
725,000
685,685
Kite
Realty
Group
Trust
,
4
.00
%
,
3/15/25
,
Callable
12/15/24
@
100
...................
2,000,000
1,950,082
LXP
Industrial
Trust
4
.40
%
,
6/15/24
,
Callable
3/15/24
@
100
..................................
1,000,000
987,451
6
.75
%
,
11/15/28
,
Callable
10/15/28
@
100
.................................
1,000,000
1,050,626
Physicians
Realty
LP
4
.30
%
,
3/15/27
,
Callable
12/15/26
@
100
.................................
750,000
730,134
3
.95
%
,
1/15/28
,
Callable
10/15/27
@
100
.................................
450,000
427,938
2
.63
%
,
11/1/31
,
Callable
8/1/31
@
100
...................................
500,000
411,777
Realty
Income
Corp.
,
5
.05
%
,
1/13/26
,
Callable
1/16/24
@
100
......................
1,000,000
999,498
Retail
Opportunity
Investments
Partnership
LP
4
.00
%
,
12/15/24
,
Callable
9/15/24
@
100
.................................
500,000
489,878
6
.75
%
,
10/15/28
,
Callable
9/15/28
@
100
.................................
1,000,000
1,051,528
SBA
Tower
Trust
,
6
.60
%
,
1/15/28
,
Callable
1/15/27
@
100
(a)
.......................
421,000
432,692
SITE
Centers
Corp.
,
3
.63
%
,
2/1/25
,
Callable
11/1/24
@
100
........................
1,000,000
972,664
The
NHP
Foundation
,
5
.85
%
,
12/1/28
,
Callable
6/1/28
@
100
.......................
1,000,000
1,060,700
UDR,
Inc.
,
3
.50
%
,
7/1/27
,
Callable
4/1/27
@
100
,
MTN
...........................
1,120,000
1,066,917
VICI
Properties
LP/VICI
Note
Co.,
Inc.
,
3
.50
%
,
2/15/25
,
Callable
2/5/24
@
100.88
(a)
.....
864,000
841,428
Vornado
Realty
LP
,
2
.15
%
,
6/1/26
,
Callable
5/1/26
@
100
..........................
1,500,000
1,352,560
WEA
Finance
LLC/Westfield
UK
&
Europe
Finance
PLC
,
3
.75
%
,
9/17/24
,
Callable
6/17/24
@
100
(a)
...........................................................
1,700,000
1,665,421
26,973,945
Utilities
(0.6%):
Black
Hills
Corp.
,
5
.95
%
,
3/15/28
,
Callable
2/15/28
@
100
.........................
1,000,000
1,036,536
DTE
Energy
Co.
,
4
.88
%
,
6/1/28
,
Callable
5/1/28
@
100
...........................
1,000,000
1,008,526
Florida
Power
&
Light
Co.
,
5
.05
%
,
4/1/28
,
Callable
3/1/28
@
100
....................
1,000,000
1,022,601
3,067,663
Total
Corporate
Bonds
(Cost
$179,625,876)
179,421,138
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
15
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Yankee
Dollars
(4.3%)
Consumer
Discretionary
(0.1%):
Borgwarner
Jersey
Ltd.
,
5
.00
%
,
10/1/25
(a)
.....................................
$
500,000
$
489,095
Consumer
Staples
(0.2%):
BAT
International
Finance
PLC
,
4
.45
%
,
3/16/28
,
Callable
2/16/28
@
100
...............
1,000,000
984,539
Energy
(0.7%):
Enbridge,
Inc.
,
5
.75
%
(
H15T5Y
+
531
bps
)
,
7/15/80
,
Callable
4/15/30
@
100
(b)
...........
1,515,000
1,393,807
Harbour
Energy
PLC
,
5
.50
%
,
10/15/26
,
Callable
2/5/24
@
102.75
(a)
..................
1,500,000
1,468,355
Var
Energi
ASA
,
5
.00
%
,
5/18/27
,
Callable
4/18/27
@
100
(a)
........................
1,000,000
977,613
3,839,775
Financials
(1.6%):
Avolon
Holdings
Funding
Ltd.
,
6
.38
%
,
5/4/28
,
Callable
4/4/28
@
100
(a)
...............
1,000,000
1,020,268
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
,
7
.53
%
(
H15T5Y
+
300
bps
)
,
10/1/28
(a)
(b)
.......................................
1,500,000
1,571,051
Barclays
PLC
7
.33
%
(
H15T1Y
+
305
bps
)
,
11/2/26
,
Callable
11/2/25
@
100
(b)
..................
1,000,000
1,032,632
6
.49
%
(
SOFR
+
222
bps
)
,
9/13/29
,
Callable
9/13/28
@
100
(b)
....................
1,000,000
1,042,977
Beazley
Insurance
DAC
5
.88
%
,
11/4/26
.....................................................
250,000
240,515
5
.50
%
,
9/10/29
....................................................
1,250,000
1,125,035
BP
Capital
Markets
PLC
,
4
.38
%
(
H15T5Y
+
404
bps
)
,
Callable
6/22/25
@
100
(b)
(e)
........
1,000,000
987,265
Nationwide
Building
Society
,
4
.00
%
,
9/14/26
(a)
.................................
1,000,000
959,050
NatWest
Group
PLC
,
7
.47
%
(
H15T1Y
+
285
bps
)
,
11/10/26
,
Callable
11/10/25
@
100
(b)
.....
500,000
517,414
Phoenix
Group
Holdings
PLC
,
4
.75
%
(
H15T5Y
+
428
bps
)
,
9/4/31
,
Callable
6/4/26
@
100
(b)
.
563,000
536,929
9,033,136
Health
Care
(0.1%):
Galaxy
Pipeline
Assets
Bidco
Ltd.
,
1
.75
%
,
9/30/27
(a)
.............................
323,300
304,071
Industrials
(0.4%):
Air
Canada
Pass
Through
Trust
,
4
.13
%
,
5/15/25
(a)
...............................
1,400,223
1,340,628
Element
Fleet
Management
Corp.
,
6
.32
%
,
12/4/28
,
Callable
11/4/28
@
100
(a)
...........
1,000,000
1,032,776
2,373,404
Materials
(1.0%):
Braskem
Netherlands
Finance
BV
,
4
.50
%
,
1/10/28
,
Callable
10/10/27
@
100
(a)
..........
1,500,000
1,226,064
Endeavour
Mining
PLC
,
5
.00
%
,
10/14/26
,
Callable
2/5/24
@
102.5
(a)
.................
500,000
462,017
OCI
NV
,
4
.63
%
,
10/15/25
,
Callable
2/5/24
@
101.16
(a)
...........................
1,000,000
974,406
Syngenta
Finance
NV
,
4
.89
%
,
4/24/25
,
Callable
2/24/25
@
100
(a)
....................
1,423,000
1,403,445
West
Fraser
Timber
Co.
Ltd.
,
4
.35
%
,
10/15/24
,
Callable
7/15/24
@
100
(a)
..............
1,700,000
1,668,638
5,734,570
Real
Estate
(0.2%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust
,
3
.88
%
,
3/20/27
,
Callable
12/20/26
@
100
(a)
...........................................................
1,000,000
949,043
Total
Yankee
Dollars
(Cost
$23,551,440)
23,707,633
Municipal
Bonds
(1.2%)
Alabama
(0.2%):
Black
Belt
Energy
Gas
District
Revenue
,
Series
D-2
,
6
.00
%
,
2/1/29
,
Continuously
Callable
@100
...........................................................
1,000,000
1,013,647
California
(0.2%):
California
Municipal
Finance
Authority
Revenue
,
1
.36
%
,
2/1/24
.....................
495,000
492,944
California
Statewide
Communities
Development
Authority
Revenue
,
2
.15
%
,
11/15/30
,
Continuously
Callable
@100
...........................................
940,000
826,626
1,319,570
Colorado
(0.1%):
Colorado
Health
Facilities
Authority
Revenue
,
Series
B
,
2
.80
%
,
12/1/26
................
365,000
340,399
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
16
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Maryland
(0.3%):
Maryland
Health
&
Higher
Educational
Facilities
Authority
Revenue
1
.81
%
,
1/1/25
.....................................................
$
1,000,000
$
958,931
1
.89
%
,
1/1/26
.....................................................
1,000,000
927,888
1,886,819
Michigan
(0.1%):
Michigan
Finance
Authority
Revenue
,
Series
A-1
,
2
.33
%
,
6/1/30
.....................
251,214
248,299
New
Jersey
(0.2%):
City
of
Orange
Township,
GO
,
Series
B
,
5
.50
%
,
3/22/24
...........................
1,000,000
998,936
Rhode
Island
(0.1%):
Providence
Redevelopment
Agency
Revenue
,
Series
A
,
2
.50
%
,
3/15/26
................
610,000
588,422
Total
Municipal
Bonds
(Cost
$6,659,966)
6,396,092
U.S.
Government
Agency
Mortgages
(0.3%)
Federal
Home
Loan
Mortgage
Corporation
5
.50
%
,
10/1/38
....................................................
922,640
934,970
Government
National
Mortgage
Association
Series
2023-128
,
Class
KA
,
6
.00
%
,
6/20/47
................................
981,411
992,248
Total
U.S.
Government
Agency
Mortgages
(Cost
$1,888,692)
1,927,218
U.S.
Treasury
Obligations
(8.1%)
U.S.
Treasury
Notes
4
.50
%
,
11/30/24
....................................................
5,000,000
4,982,227
4
.25
%
,
10/15/25
....................................................
4,000,000
3,992,969
4
.63
%
,
9/15/26
....................................................
1,000,000
1,013,984
0
.50
%
,
8/31/27
....................................................
10,000,000
8,835,938
4
.00
%
,
6/30/28
....................................................
9,000,000
9,043,594
1
.63
%
,
8/15/29
....................................................
10,000,000
8,901,562
4
.13
%
,
8/31/30
....................................................
8,000,000
8,103,750
Total
U.S.
Treasury
Obligations
(Cost
$43,864,015)
44,874,024
Commercial
Paper
(11.6%)
Consumer
Discretionary
(1.0%):
Autonation,
Inc.
,
11
.46
%
,
1/2/24
(a)
(f)
........................................
3,300,000
3,297,901
AutoNation,
Inc.
,
5
.91
%
,
1/3/24
(a)
(f)
.........................................
2,100,000
2,098,328
5,396,229
Energy
(4.3%):
Energy
Transfer
Part
LP
,
8
.06
%
,
1/5/24
(a)
(f)
...................................
600,000
599,329
Energy
Transfer
Part
LP
,
6
.86
%
,
1/11/24
(a)
(f)
...................................
4,300,000
4,291,011
Marathon
Oil
Corp.
,
6
.05
%
,
1/2/24
(a)
(f)
......................................
5,000,000
4,996,986
Ovintiv,
Inc.
,
6
.12
%
,
1/16/24
(a)
(f)
...........................................
5,000,000
4,984,414
Targa
Resources
Corp.
,
8
.62
%
,
1/4/24
(a)
(f)
....................................
3,500,000
3,496,651
Western
Midstream
Operating
LP
,
10
.20
%
,
1/3/24
(a)
(f)
............................
2,000,000
1,998,302
Western
Midstream
Operating
LP
,
7
.25
%
,
1/12/24
(a)
(f)
............................
2,100,000
2,094,940
Western
Midstream
Operating
LP
,
6
.81
%
,
1/23/24
(a)
(f)
............................
1,200,000
1,194,802
23,656,435
Financials
(0.8%):
Hyundai
Capital
America,
Inc.
,
1/4/24
(a)
(f)
....................................
500,000
499,550
Nissan
Motor
Acceptance
,
8
.60
%
,
1/4/24
(a)
(f)
..................................
3,800,000
3,796,372
4,295,922
Industrials
(2.8%):
Aviation
Capital
Group
LLC
,
5
.88
%
,
1/3/24
(a)
(f)
................................
2,000,000
1,998,470
Aviation
Captial
Group
LLC
,
7
.72
%
,
1/5/24
(a)
(f)
................................
3,300,000
3,296,464
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
17
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Global
Payments,
Inc.
,
11
.97
%
,
1/2/24
(a)
(f)
....................................
$
3,400,000
$
3,397,740
Global
Payments,
Inc.
,
5
.99
%
,
1/10/24
(a)
(f)
....................................
2,000,000
1,995,935
Quanta
Services,
Inc.
,
6
.53
%
,
1/17/24
(a)
(f)
....................................
3,062,000
3,052,582
Stanley
Black
&
Decker
,
5
.93
%
,
1/24/24
(a)
(f)
..................................
1,700,000
1,693,301
15,434,492
Information
Technology
(0.7%):
Arrow
Electronics,
Inc.
,
5
.76
%
,
1/9/24
(a)
(f)
....................................
4,000,000
3,992,916
Materials
(1.0%):
Cabot
Corp.
,
11
.09
%
,
1/2/24
(a)
(f)
...........................................
1,000,000
999,384
FMC
Corp.
,
7
.59
%
,
1/8/24
(a)
(f)
............................................
1,000,000
998,316
FMC
Corp.
,
6
.01
%
,
1/2/24
(a)
(f)
............................................
3,600,000
3,597,580
5,595,280
Utilities
(1.0%):
Arizona
Public
Service
,
5
.40
%
,
1/3/24
(a)
(f)
....................................
5,400,000
5,395,932
Total
Commercial
Paper
(Cost
$63,797,083)
63,767,206
Shares
Collateral
for
Securities
Loaned
(0.6%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(g)
........
759,013
759,013
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(g)
............
759,013
759,013
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(g)
...............
759,013
759,013
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(g)
.
759,013
759,013
Total
Collateral
for
Securities
Loaned
(Cost
$3,036,052)
3,036,052
Total
Investments
(Cost
$551,546,416)
—
99.9%
551,353,912
Other
assets
in
excess
of
liabilities
—
0.1%
642,150
NET
ASSETS
-
100.00%
$
551,996,062
At
December
31,
2023,
the
Fund's
investments
in
foreign
securities
were
7.9%
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,
2023,
the
fair
value
of
these
securities
was
$327,237,003
and
amounted
to
59.3%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
December
31,
2023.
(c)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
December
31,
2023.
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(f)
Rate
represents
the
effective
yield
at
December
31,
2023.
(g)
Rate
disclosed
is
the
daily
yield
on
December
31,
2023.
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,
2023.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
December
31,
2023.
H15T7Y
—
7
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
December
31,
2023.
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,
2023.
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
18
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
December
31,
2023.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
December
31,
2023.
TSFR1M
—
1
month
Term
SOFR,
rate
disclosed
as
of
December
31,
2023.
TSFR3M
—
3
month
Term
SOFR,
rate
disclosed
as
of
December
31,
2023.
US0003M
—
3
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
December
31,
2023,
based
on
the
last
reset
date
of
the
security.
USSW5
—
USD
5
Year
Swap
Rate,
rate
disclosed
as
of
December
31,
2023.
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
19
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Asset-Backed
Securities
(10.6%)
ABS
Auto
(6.4%):
American
Credit
Acceptance
Receivables
Trust
,
Series
2022-1
,
Class
C
,
2
.12
%
,
3/13/28
,
Callable
5/13/25
@
100
(a)
............................................
$
809,240
$
800,314
AmeriCredit
Automobile
Receivables
Trust
....................................
Series
2021-1
,
Class
D
,
1
.21
%
,
12/18/26
,
Callable
6/18/25
@
100
................
1,135,000
1,060,981
Series
2021-3
,
Class
B
,
1
.17
%
,
8/18/27
,
Callable
6/18/26
@
100
.................
1,000,000
948,814
ARI
Fleet
Lease
Trust
....................................................
Series
2022-A
,
Class
A3
,
3
.43
%
,
1/15/31
,
Callable
6/15/25
@
100
(a)
..............
762,000
744,339
Series
2022-A
,
Class
B
,
3
.79
%
,
1/15/31
,
Callable
6/15/25
@
100
(a)
...............
467,000
448,875
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2019-2A
,
Class
B
,
3
.55
%
,
9/22/25
,
Callable
10/20/24
@
100
(a)
.............
500,000
492,908
Series
2021-2A
,
Class
C
,
2
.35
%
,
2/20/28
,
Callable
2/20/27
@
100
(a)
..............
800,000
701,359
Series
2022-5A
,
Class
B
,
7
.09
%
,
4/20/27
(a)
................................
1,000,000
1,020,397
Series
2023-6A
,
Class
C
,
7
.03
%
,
12/20/29
(a)
...............................
1,000,000
995,997
CarMax
Auto
Owner
Trust
................................................
Series
2020-1
,
Class
B
,
2
.21
%
,
9/15/25
,
Callable
3/15/24
@
100
.................
1,275,000
1,265,076
Series
2020-2
,
Class
D
,
5
.75
%
,
5/17/27
,
Callable
5/15/24
@
100
.................
780,000
776,966
Series
2021-2
,
Class
B
,
1
.03
%
,
12/15/26
,
Callable
6/15/25
@
100
................
2,000,000
1,881,793
Series
2021-3
,
Class
D
,
1
.50
%
,
1/18/28
,
Callable
10/15/25
@
100
................
1,000,000
922,136
Series
2022-3
,
Class
C
,
4
.98
%
,
2/15/28
,
Callable
9/15/26
@
100
.................
1,090,000
1,079,271
Carvana
Auto
Receivables
Trust
,
Series
2021-P2
,
Class
B
,
1
.27
%
,
3/10/27
,
Callable
2/10/27
@
100
.............................................................
1,500,000
1,365,015
Chase
Auto
Owner
Trust
,
Series
2023-AA
,
Class
C
,
6
.24
%
,
9/25/29
,
Callable
1/25/28
@
100
(a)
...........................................................
875,000
883,729
Chesapeake
Funding
II
LLC
...............................................
Series
2023-1A
,
Class
B
,
5
.59
%
,
5/15/35
,
Callable
3/15/26
@
100
(a)
..............
882,000
881,184
Series
2023-2A
,
Class
A1
,
6
.16
%
,
10/15/35
,
Callable
7/15/26
@
100
(a)
............
1,191,855
1,202,342
Citizens
Auto
Receivables
Trust
............................................
Series
2023-1
,
Class
A3
,
5
.84
%
,
1/18/28
,
Callable
4/15/27
@
100
(a)
..............
1,000,000
1,014,431
Series
2023-1
,
Class
A4
,
5
.78
%
,
10/15/30
,
Callable
4/15/27
@
100
(a)
.............
1,000,000
1,024,156
CPS
Auto
Receivables
Trust
...............................................
Series
2022-A
,
Class
B
,
1
.70
%
,
4/16/29
,
Callable
5/15/26
@
100
(a)
...............
645,404
640,290
Series
2022-D
,
Class
B
,
6
.84
%
,
1/16/29
,
Callable
3/15/27
@
100
(a)
...............
2,000,000
2,020,184
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2021-2A
,
Class
B
,
1
.26
%
,
4/15/30
,
Callable
8/15/24
@
100
(a)
..............
1,038,000
1,020,434
Series
2022-3A
,
Class
B
,
7
.52
%
,
12/15/32
,
Callable
10/15/26
@
100
(a)
............
1,500,000
1,528,116
Series
2023-2A
,
Class
B
,
6
.61
%
,
7/15/33
,
Callable
12/15/26
@
100
(a)
.............
1,000,000
1,008,682
Series
2023-3A
,
Class
B
,
7
.09
%
,
10/17/33
,
Callable
3/15/27
@
100
(a)
.............
947,000
968,070
Donlen
Fleet
Lease
Funding
2
LLC
,
Series
2021-2
,
Class
B
,
0
.98
%
,
12/11/34
(a)
..........
1,327,000
1,282,402
Drive
Auto
Receivables
Trust
,
Series
2021-2
,
Class
D
,
1
.39
%
,
3/15/29
,
Callable
7/15/25
@
100
1,750,000
1,647,950
DT
Auto
Owner
Trust
,
Series
2020-1A
,
Class
E
,
3
.48
%
,
2/16/27
,
Callable
9/15/24
@
100
(a)
.
1,000,000
977,146
Ent
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
A4
,
6
.26
%
,
11/15/29
,
Callable
6/15/28
@
100
(a)
...........................................................
700,000
710,760
Enterprise
Fleet
Financing
LLC
.............................................
Series
2022-1
,
Class
A3
,
3
.27
%
,
1/20/28
,
Callable
7/20/25
@
100
(a)
..............
1,000,000
964,059
Series
2022-3
,
Class
A2
,
4
.38
%
,
7/20/29
,
Callable
4/20/26
@
100
(a)
..............
766,117
757,367
Series
2022-4
,
Class
A3
,
5
.65
%
,
10/22/29
,
Callable
7/20/26
@
100
(a)
.............
2,000,000
2,023,812
Series
2023-2
,
Class
A2
,
5
.56
%
,
4/22/30
,
Callable
2/20/27
@
100
(a)
..............
1,000,000
1,003,568
Series
2023-3
,
Class
A3
,
6
.41
%
,
6/20/30
,
Callable
9/20/27
@
100
(a)
..............
1,450,000
1,510,412
Exeter
Automobile
Receivables
Trust
.........................................
Series
2019-3A
,
Class
E
,
4
.00
%
,
8/17/26
,
Callable
4/15/24
@
100
(a)
..............
1,200,000
1,190,530
Series
2020-2A
,
Class
E
,
7
.19
%
,
9/15/27
,
Callable
1/15/25
@
100
(a)
..............
1,000,000
1,001,023
Series
2021-4A
,
Class
B
,
1
.05
%
,
5/15/26
,
Callable
12/15/25
@
100
...............
22,817
22,777
Flagship
Credit
Auto
Trust
................................................
Series
2020-2
,
Class
D
,
5
.75
%
,
4/15/26
,
Callable
6/15/25
@
100
(a)
...............
887,636
883,365
Series
2021-2
,
Class
D
,
1
.59
%
,
6/15/27
,
Callable
5/15/26
@
100
(a)
...............
1,000,000
908,964
Ford
Credit
Auto
Lease
Trust
,
Series
2023-A
,
Class
B
,
5
.29
%
,
6/15/26
,
Callable
8/15/25
@
100
.............................................................
800,000
794,823
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2020-1
,
Class
B
,
2
.29
%
,
8/15/31
,
Callable
2/15/25
@
100
(a)
...............
1,500,000
1,443,187
Series
2023-1
,
Class
B
,
5
.29
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
822,000
816,462
Series
2023-2
,
Class
B
,
5
.92
%
,
2/15/36
,
Callable
8/15/28
@
100
(a)
...............
1,000,000
1,019,240
Foursight
Capital
Automobile
Receivables
Trust
.................................
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
20
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Series
2022-1
,
Class
A3
,
1
.83
%
,
12/15/26
,
Callable
7/15/25
@
100
(a)
.............
$
964,569
$
950,814
Series
2023-1
,
Class
B
,
5
.35
%
,
3/15/28
,
Callable
7/15/26
@
100
(a)
...............
1,253,000
1,241,298
GECU
Auto
Receivables
Trust
.............................................
Series
2023-1A
,
Class
B
,
5
.87
%
,
1/15/30
,
Callable
9/15/28
@
100
(a)
..............
415,000
415,002
Series
2023-1A
,
Class
C
,
6
.33
%
,
4/15/30
,
Callable
9/15/28
@
100
(a)
..............
250,000
239,013
GLS
Auto
Receivables
Issuer
Trust
..........................................
Series
2019-2A
,
Class
D
,
4
.52
%
,
2/17/26
,
Callable
1/15/24
@
100
(a)
..............
865,472
864,688
Series
2019-3A
,
Class
D
,
3
.84
%
,
5/15/26
,
Callable
4/15/24
@
100
(a)
..............
1,500,000
1,490,335
GLS
Auto
Select
Receivables
Trust
,
Series
2023-2A
,
Class
B
,
6
.67
%
,
12/17/29
,
Callable
8/15/28
@
100
(a)
...................................................
2,755,000
2,835,147
GM
Financial
Automobile
Leasing
Trust
,
Series
2022-1
,
Class
C
,
2
.64
%
,
2/20/26
,
Callable
7/20/24
@
100
.....................................................
1,000,000
981,295
GM
Financial
Consumer
Automobile
Receivables
Trust
,
Series
2020-2
,
Class
A4
,
1
.74
%
,
8/18/25
,
Callable
1/16/24
@
100
........................................
468,004
467,329
GTE
Auto
Receivables
Trust
,
Series
2023-1
,
Class
A4
,
5
.12
%
,
4/16/29
,
Callable
9/15/26
@
100
(a)
...........................................................
1,250,000
1,232,534
Hertz
Vehicle
Financing
III
LLC
,
Series
2023-3A
,
Class
C
,
7
.26
%
,
2/25/28
(a)
...........
1,000,000
1,011,970
Hertz
Vehicle
Financing
III
LP
,
Series
2021-2A
,
Class
A
,
1
.68
%
,
12/27/27
(a)
............
1,000,000
904,620
Hertz
Vehicle
Financing
LLC
..............................................
Series
2021-1A
,
Class
C
,
2
.05
%
,
12/26/25
(a)
...............................
1,333,000
1,281,900
Series
2022-4A
,
Class
B
,
4
.12
%
,
9/25/26
,
Callable
9/25/25
@
100
(a)
..............
1,000,000
969,018
Hyundai
Auto
Receivables
Trust
............................................
Series
2020-C
,
Class
B
,
0
.81
%
,
11/16/26
,
Callable
3/15/25
@
100
................
1,271,000
1,211,220
Series
2021-C
,
Class
B
,
1
.49
%
,
12/15/27
,
Callable
4/15/26
@
100
................
2,000,000
1,853,010
JPMorgan
Chase
Bank
NA
................................................
Series
2021-1
,
Class
B
,
0
.88
%
,
9/25/28
,
Callable
5/25/25
@
100
(a)
...............
112,653
110,628
Series
2021-2
,
Class
B
,
0
.89
%
,
12/26/28
,
Callable
10/25/25
@
100
(a)
.............
124,703
121,904
LAD
Auto
Receivables
Trust
...............................................
Series
2021-1A
,
Class
A
,
1
.30
%
,
8/17/26
,
Callable
11/15/25
@
100
(a)
.............
253,177
249,995
Series
2021-1A
,
Class
C
,
2
.35
%
,
4/15/27
,
Callable
11/15/25
@
100
(a)
.............
1,500,000
1,432,246
Series
2022-1A
,
Class
B
,
5
.87
%
,
9/15/27
,
Callable
5/15/26
@
100
(a)
..............
1,600,000
1,592,366
Series
2023-1A
,
Class
B
,
5
.59
%
,
8/16/27
,
Callable
6/15/27
@
100
(a)
..............
600,000
599,505
Series
2023-2A
,
Class
C
,
5
.58
%
,
9/15/28
,
Callable
7/15/27
@
100
(a)
..............
1,000,000
996,647
Series
2023-3A
,
Class
B
,
6
.09
%
,
6/15/28
,
Callable
10/15/27
@
100
(a)
.............
1,000,000
1,010,121
Series
2023-4A
,
Class
B
,
6
.39
%
,
10/16/28
,
Callable
6/15/26
@
100
(a)
.............
1,500,000
1,527,560
Merchants
Fleet
Funding
LLC
..............................................
Series
2023-1A
,
Class
A
,
7
.21
%
,
5/20/36
(a)
................................
2,000,000
2,026,081
Series
2023-1A
,
Class
B
,
7
.25
%
,
5/20/36
(a)
................................
2,000,000
2,055,907
OCCU
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
B
,
6
.51
%
,
9/17/29
,
Callable
4/15/28
@
100
(a)
...........................................................
500,000
510,628
Oscar
U.S.
Funding
XIII
LLC
,
Series
2021-2A
,
Class
A4
,
1
.27
%
,
9/11/28
,
Callable
6/10/25
@
100
(a)
...........................................................
1,500,000
1,409,957
PenFed
Auto
Receivables
Owner
Trust
........................................
Series
2022-A
,
Class
A4
,
4
.18
%
,
12/15/28
,
Callable
3/15/26
@
100
(a)
.............
1,000,000
987,907
Series
2022-A
,
Class
B
,
4
.60
%
,
12/15/28
,
Callable
3/15/26
@
100
(a)
..............
1,499,000
1,477,638
Series
2022-A
,
Class
C
,
4
.83
%
,
12/15/28
,
Callable
3/15/26
@
100
(a)
..............
750,000
741,167
Prestige
Auto
Receivables
Trust
............................................
Series
2021-1A
,
Class
C
,
1
.53
%
,
2/15/28
,
Callable
7/15/26
@
100
(a)
..............
1,000,000
952,883
Series
2023-1A
,
Class
B
,
5
.55
%
,
4/15/27
(a)
................................
1,000,000
997,768
Series
2023-2A
,
Class
B
,
6
.64
%
,
12/15/27
(a)
...............................
750,000
762,510
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2022-A
,
Class
B
,
5
.28
%
,
5/15/32
,
Callable
1/15/26
@
100
(a)
...............
340,383
337,484
Series
2022-B
,
Class
C
,
5
.92
%
,
8/16/32
,
Callable
4/15/26
@
100
(a)
...............
334,805
333,687
Santander
Bank
NA
,
Series
2021-1A
,
Class
B
,
1
.83
%
,
12/15/31
,
Callable
9/15/25
@
100
(a)
..
492,550
479,858
Santander
Consumer
Auto
Receivables
Trust
...................................
Series
2020-AA
,
Class
D
,
5
.49
%
,
4/15/26
,
Callable
11/15/24
@
100
(a)
............
778,400
777,490
Series
2020-BA
,
Class
E
,
4
.13
%
,
1/15/27
,
Callable
7/15/25
@
100
(a)
..............
1,500,000
1,459,211
Santander
Drive
Auto
Receivables
Trust
,
Series
2022-3
,
Class
B
,
4
.13
%
,
8/16/27
,
Callable
4/15/26
@
100
.....................................................
1,062,000
1,048,012
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A
,
Class
A4
,
5
.70
%
,
8/15/29
,
Callable
2/15/28
@
100
(a)
.............
900,000
906,795
Series
2023-1A
,
Class
B
,
6
.08
%
,
11/15/29
,
Callable
2/15/28
@
100
(a)
.............
2,000,000
2,018,052
SFS
Auto
Receivables
Securitization
Trust
,
Series
2023-1A
,
Class
B
,
5
.71
%
,
1/22/30
,
Callable
8/20/27
@
100
(a)
...................................................
1,500,000
1,516,645
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
21
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Tesla
Auto
Lease
Trust
,
Series
2023-B
,
Class
A4
,
6
.22
%
,
3/22/27
,
Callable
1/20/26
@
100
(a)
$
802,000
$
818,067
Toyota
Auto
Loan
Extended
Note
Trust
.......................................
Series
2021-1A
,
Class
A
,
1
.07
%
,
2/27/34
,
Callable
2/25/26
@
100
(a)
(b)
............
2,000,000
1,841,291
Series
2022-1A
,
Class
A
,
3
.82
%
,
4/25/35
,
Callable
4/25/27
@
100
(a)
..............
2,000,000
1,939,073
Toyota
Auto
Receivables
Owner
Trust
,
Series
2023-A
,
Class
A3
,
4
.63
%
,
9/15/27
,
Callable
3/15/27
@
100
.....................................................
4,000,000
3,976,794
Toyota
Lease
Owner
Trust
,
Series
2023-A
,
Class
A4
,
5
.05
%
,
8/20/27
,
Callable
9/20/25
@
100
(a)
...........................................................
2,000,000
1,998,680
U.S.
Bank
NA
,
Series
2023-1
,
Class
B
,
6
.79
%
,
8/25/32
,
Callable
8/25/26
@
100
(a)
........
2,651,000
2,660,811
Veridian
Auto
Receivables
Trust
............................................
Series
2023-1A
,
Class
A4
,
5
.59
%
,
12/15/28
,
Callable
7/15/27
@
100
(a)
............
1,000,000
997,296
Series
2023-1A
,
Class
B
,
5
.86
%
,
4/16/29
,
Callable
7/15/27
@
100
(a)
..............
533,000
532,551
Westlake
Automobile
Receivables
Trust
.......................................
Series
2020-1A
,
Class
E
,
3
.31
%
,
10/15/25
,
Callable
2/15/24
@
100
(a)
.............
2,000,000
1,990,885
Series
2021-3A
,
Class
C
,
1
.58
%
,
1/15/27
,
Callable
9/15/25
@
100
(a)
..............
1,000,000
968,071
Series
2022-2A
,
Class
C
,
4
.85
%
,
9/15/27
,
Callable
3/15/26
@
100
(a)
..............
1,071,000
1,059,445
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2023-1A
,
Class
A
,
5
.80
%
,
4/18/38
(a)
................................
1,350,000
1,356,577
Series
2023-2A
,
Class
B
,
6
.75
%
,
8/18/38
(a)
................................
2,000,000
2,060,756
114,243,848
ABS
Card
(0.6%):
CARDS
II
Trust
,
Series
2021-1A
,
Class
A
,
0
.60
%
,
4/15/27
(a)
.......................
2,300,000
2,266,442
Evergreen
Credit
Card
Trust
...............................................
Series
2022-CRT1
,
Class
C
,
6
.19
%
,
7/15/26
(a)
..............................
1,500,000
1,491,418
Series
2022-CRT2
,
Class
C
,
7
.44
%
,
11/15/26
(a)
.............................
1,000,000
1,003,739
Master
Credit
Card
Trust
.................................................
Series
2021-1A
,
Class
B
,
0
.79
%
,
11/21/25
(a)
...............................
539,000
527,969
Series
2022-2A
,
Class
C
,
2
.73
%
,
7/21/28
(a)
................................
625,000
560,999
Master
Credit
Card
Trust
II
................................................
Series
2023-2A
,
Class
B
,
6
.26
%
,
1/21/27
(a)
................................
410,000
412,903
Series
2023-4A
,
Class
C
,
7
.53
%
,
10/21/32
(a)
...............................
1,145,000
1,203,274
Trillium
Credit
Card
Trust
II
...............................................
Series
2021-1A
,
Class
A
,
1
.53
%
,
10/26/29
(a)
...............................
2,000,000
1,830,365
Series
2021-1A
,
Class
C
,
2
.42
%
,
10/26/29
(a)
...............................
2,000,000
1,816,450
11,113,559
ABS
Other
(3.3%):
Aligned
Data
Centers
Issuer
LLC
,
Series
2021-1A
,
Class
A2
,
1
.94
%
,
8/15/46
,
Callable
8/15/24
@
100
(a)
.........................................................
1,500,000
1,344,139
Amur
Equipment
Finance
Receivables
IX
LLC
,
Series
2021-1A
,
Class
C
,
1
.75
%
,
6/21/27
,
Callable
11/20/24
@
100
(a)
...........................................
1,600,000
1,537,756
Amur
Equipment
Finance
Receivables
X
LLC
,
Series
2022-1A
,
Class
A2
,
1
.64
%
,
10/20/27
,
Callable
9/20/25
@
100
(a)
............................................
510,355
495,721
Amur
Equipment
Finance
Receivables
XI
LLC
,
Series
2022-2A
,
Class
A2
,
5
.30
%
,
6/21/28
,
Callable
6/20/26
@
100
(a)
............................................
1,097,286
1,093,690
Amur
Equipment
Finance
Receivables
XII
LLC
,
Series
2023-1A
,
Class
B
,
6
.03
%
,
12/20/29
,
Callable
5/20/27
@
100
(a)
............................................
1,125,000
1,126,827
Atalaya
Equipment
Leasing
Trust
,
Series
2021-1A
,
Class
B
,
2
.08
%
,
2/15/27
,
Callable
10/15/24
@
100
(a)
.........................................................
1,000,000
963,035
Auxilior
Term
Funding
LLC
...............................................
Series
2023-1A
,
Class
B
,
6
.05
%
,
6/17/30
,
Callable
2/15/28
@
100
(a)
..............
826,000
829,306
Series
2023-1A
,
Class
D
,
7
.27
%
,
12/16/30
,
Callable
2/15/28
@
100
(a)
.............
833,000
843,448
CCG
Receivables
Trust
...................................................
Series
2021-2
,
Class
C
,
1
.50
%
,
3/14/29
,
Callable
6/14/25
@
100
(a)
...............
1,000,000
940,027
Series
2023-1
,
Class
A2
,
5
.82
%
,
9/16/30
,
Callable
12/14/26
@
100
(a)
.............
991,813
997,267
Series
2023-2
,
Class
B
,
6
.21
%
,
4/14/32
,
Callable
12/14/27
@
100
(a)
..............
1,450,000
1,480,918
CF
Hippolyta
Issuer
LLC
,
Series
2021-1A
,
Class
A1
,
1
.53
%
,
3/15/61
,
Callable
3/15/24
@
100
(a)
...........................................................
1,413,671
1,263,560
Conn's
Receivables
Funding
LLC
...........................................
Series
2022-A
,
Class
B
,
9
.52
%
,
12/15/26
,
Callable
8/15/24
@
100
(a)
..............
714,251
716,280
Series
2023-A
,
Class
A
,
8
.01
%
,
1/17/28
,
Callable
4/15/24
@
100
(a)
...............
393,947
394,680
Daimler
Trucks
Retail
Trust
,
Series
2023-1
,
Class
A4
,
5
.93
%
,
12/16/30
,
Callable
11/15/26
@
100
.............................................................
1,680,000
1,718,533
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
22
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Dell
Equipment
Finance
Trust
..............................................
Series
2021-2
,
Class
C
,
0
.94
%
,
12/22/26
,
Callable
3/22/24
@
100
(a)
..............
$
2,000,000
$
1,974,725
Series
2023-1
,
Class
A3
,
5
.65
%
,
9/22/28
,
Callable
10/22/25
@
100
(a)
.............
1,000,000
1,005,791
Series
2023-3
,
Class
A3
,
5
.93
%
,
4/23/29
,
Callable
3/22/26
@
100
(a)
..............
1,594,000
1,623,190
Dext
ABS
LLC
,
Series
2023-2
,
Class
B
,
6
.41
%
,
5/15/34
,
Callable
3/15/27
@
100
(a)
.......
1,500,000
1,518,296
Diamond
Infrastructure
Funding
LLC
,
Series
2021-1A
,
Class
A
,
1
.76
%
,
4/15/49
,
Callable
9/20/25
@
100
(a)
...................................................
1,000,000
887,635
Diamond
Issuer
,
Series
2021-1A
,
Class
A
,
2
.31
%
,
11/20/51
,
Callable
11/20/25
@
100
(a)
....
1,125,000
991,071
DLLST
LLC
,
Series
2022-1A
,
Class
A4
,
3
.69
%
,
9/20/28
,
Callable
8/20/25
@
100
(a)
.......
2,000,000
1,964,706
ExteNet
LLC
,
Series
2019-1A
,
Class
A2
,
3
.20
%
,
7/25/49
,
Callable
1/25/24
@
100
(a)
......
500,000
488,524
FirstKey
Homes
Trust
,
Series
2021-SFR2
,
Class
B
,
1
.61
%
,
9/17/38
(a)
.................
1,153,846
1,031,414
Ford
Credit
Floorplan
Master
Owner
Trust
,
Series
2023-1
,
Class
C
,
5
.75
%
,
5/15/28
(a)
......
532,000
530,190
Granite
Park
Equipment
Leasing
LLC
,
Series
2023-1A
,
Class
B
,
6
.62
%
,
4/20/33
,
Callable
8/20/30
@
100
(a)
...................................................
1,634,000
1,679,715
HPEFS
Equipment
Trust
..................................................
Series
2021-1A
,
Class
D
,
1
.03
%
,
3/20/31
,
Callable
4/20/24
@
100
(a)
..............
4,274,792
4,220,570
Series
2022-1A
,
Class
C
,
1
.96
%
,
5/21/29
,
Callable
6/20/25
@
100
(a)
..............
2,000,000
1,931,167
Series
2023-2A
,
Class
C
,
6
.48
%
,
1/21/31
,
Callable
9/20/26
@
100
(a)
..............
1,250,000
1,263,177
John
Deere
Owner
Trust
,
Series
2022-A
,
Class
A4
,
2
.49
%
,
1/16/29
,
Callable
10/15/25
@
100
1,000,000
959,369
Kubota
Credit
Owner
Trust
,
Series
2022-1A
,
Class
A4
,
2
.78
%
,
2/15/28
,
Callable
2/15/26
@
100
(a)
...........................................................
2,000,000
1,909,878
M&T
Equipment
LEAF1
Notes
,
Series
2023-1A
,
Class
A4
,
5
.75
%
,
7/15/30
,
Callable
8/15/27
@
100
(a)
.........................................................
2,076,000
2,097,075
MMAF
Equipment
Finance
LLC
............................................
Series
2022-A
,
Class
A4
,
3
.32
%
,
6/13/44
(a)
................................
1,500,000
1,446,484
Series
2023-A
,
Class
A4
,
5
.50
%
,
12/13/38
(a)
...............................
750,000
759,624
MVW
LLC
,
Series
2021-1WA
,
Class
A
,
1
.14
%
,
1/22/41
,
Callable
3/20/27
@
100
(a)
.......
386,258
354,054
New
Economy
Assets
Phase
1
Sponsor
LLC
,
Series
2021-1
,
Class
A1
,
1
.91
%
,
10/20/61
,
Callable
10/20/24
@
100
(a)
...........................................
1,807,000
1,581,286
NP
SPE
II
LLC
........................................................
Series
2019-1A
,
Class
A2
,
3
.24
%
,
9/20/49
,
Callable
1/20/24
@
100
(a)
.............
498,295
463,653
Series
2019-2A
,
Class
C1
,
6
.44
%
,
11/19/49
,
Callable
1/19/24
@
100
(a)
............
554,167
518,202
Progress
Residential
Trust
,
Series
2021-SFR6
,
Class
A
,
1
.52
%
,
7/17/38
,
Callable
7/17/26
@
100
(a)
...........................................................
1,095,255
989,493
PSNH
Funding
LLC
,
Series
2018-1
,
Class
A3
,
3
.81
%
,
2/1/35
.......................
4,000,000
3,803,185
SCF
Equipment
Leasing
LLC
..............................................
Series
2020-1A
,
Class
B
,
2
.02
%
,
3/20/28
,
Callable
2/20/25
@
100
(a)
..............
1,436,013
1,420,096
Series
2022-2A
,
Class
B
,
6
.50
%
,
2/20/32
,
Callable
8/20/29
@
100
(a)
..............
1,071,429
1,088,025
Series
2023-1A
,
Class
B
,
6
.37
%
,
5/20/32
,
Callable
5/20/30
@
100
(a)
..............
1,243,000
1,265,378
Vantage
Data
Centers
Issuer
LLC
,
Series
2019-1A
,
Class
A2
,
3
.19
%
,
7/15/44
,
Callable
1/15/24
@
100
(a)
.........................................................
717,500
704,388
VB-S1
Issuer
LLC
......................................................
Series
2022-1A
,
Class
C2I
,
3
.16
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
............
1,000,000
901,540
Series
2022-1A
,
Class
D
,
4
.29
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
..............
500,000
450,561
Verdant
Receivables
LLC
,
Series
2023-1A
,
Class
A2
,
6
.24
%
,
1/13/31
,
Callable
3/12/27
@
100
(a)
...........................................................
1,207,000
1,217,772
WEPCO
Environmental
Trust
Finance
I
LLC
,
Series
2021-1
,
Class
A
,
1
.58
%
,
12/15/35
.....
1,225,141
1,048,900
59,834,321
Agency
ABS
Other
(0.3%):
Navient
Student
Loan
Trust
................................................
Series
2015-2
,
Class
B
,
6
.95
%
(
SOFR30A
+
161
bps
)
,
8/25/50
,
Callable
12/25/32
@
100
(c)
.......................................................
3,000,000
2,798,935
Series
2018-2A
,
Class
B
,
6
.60
%
(
SOFR30A
+
126
bps
)
,
3/25/67
,
Callable
4/25/36
@
100
(a)
(c)
.....................................................
1,000,000
885,589
Nelnet
Student
Loan
Trust
,
Series
2019-5
,
Class
A
,
2
.53
%
,
10/25/67
,
Callable
4/25/34
@
100
(a)
...........................................................
2,063,497
1,874,746
SLM
Student
Loan
Trust
..................................................
Series
2006-10
,
Class
B
,
5
.82
%
(
SOFR90A
+
48
bps
)
,
3/25/44
,
Callable
4/25/32
@
100
(c)
142,944
129,917
Series
2007-1
,
Class
B
,
5
.82
%
(
SOFR90A
+
48
bps
)
,
1/27/42
,
Callable
10/25/29
@
100
(c)
229,143
204,224
5,893,411
Total
Asset-Backed
Securities
(Cost
$193,878,241)
191,085,139
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
23
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Collateralized
Mortgage
Obligations
(3.9%)
Agency
CMO
Other
(0.4%):
Federal
Home
Loan
Mortgage
Corporation
,
Series
5270
,
Class
AB
,
5
.50
%
,
1/25/49
........
$
1,968,431
$
1,990,799
Federal
National
Mortgage
Association
,
Series
2022-88
,
Class
BA
,
5
.50
%
,
7/25/47
........
1,738,440
1,752,351
Government
National
Mortgage
Association
....................................
Series
2022-207
,
Class
NA
,
3
.00
%
,
1/20/52
................................
1,931,082
1,692,182
Series
2023-107
,
Class
PA
,
5
.50
%
,
1/20/46
................................
1,473,447
1,489,486
6,924,818
Agency
Commercial
MBS
(0.7%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
K087
,
Class
A2
,
3
.77
%
,
12/25/28
..................................
500,000
487,124
Series
K091
,
Class
A2
,
3
.51
%
,
3/25/29
...................................
1,250,000
1,201,505
Series
K095
,
Class
A2
,
2
.79
%
,
6/25/29
...................................
1,000,000
924,980
Series
K096
,
Class
A2
,
2
.52
%
,
7/25/29
,
Callable
7/25/29
@
100
.................
1,000,000
910,482
Series
K097
,
Class
A2
,
2
.51
%
,
7/25/29
...................................
2,000,000
1,817,235
Series
K100
,
Class
A2
,
2
.67
%
,
9/25/29
...................................
545,000
498,102
Series
K-1510
,
Class
A3
,
3
.79
%
,
1/25/34
,
Callable
1/25/34
@
100
................
1,000,000
946,543
Series
K-1512
,
Class
A3
,
3
.06
%
,
4/25/34
..................................
1,000,000
879,450
Series
K159
,
Class
A2
,
3
.95
%
,
11/25/30
(b)
................................
500,000
485,150
Series
KG02
,
Class
A2
,
2
.41
%
,
8/25/29
,
Callable
8/25/29
@
100
.................
909,000
823,994
Series
KIR3
,
Class
A2
,
3
.28
%
,
8/25/27
,
Callable
8/25/27
@
100
.................
1,500,000
1,443,790
Federal
National
Mortgage
Association
.......................................
Series
2018-M4
,
Class
A2
,
3
.06
%
,
3/25/28
(b)
...............................
379,604
362,354
Series
2019-M1
,
Class
A2
,
3
.55
%
,
9/25/28
(b)
...............................
652,756
632,480
Series
2019-M12
,
Class
A2
,
2
.89
%
,
6/25/29
(b)
..............................
981,933
913,613
12,326,802
Commercial
MBS
(2.8%):
Arbor
Multifamily
Mortgage
Securities
Trust
,
Series
2022-MF4
,
Class
A5
,
3
.29
%
,
2/15/55
,
Callable
2/15/32
@
100
(a)
(b)
..........................................
2,000,000
1,794,334
Aventura
Mall
Trust
.....................................................
Series
2018-AVM
,
Class
A
,
4
.11
%
,
7/5/40
(a)
(b)
.............................
1,740,000
1,650,024
Series
2018-AVM
,
Class
C
,
4
.11
%
,
7/5/40
(a)
(b)
.............................
1,000,000
896,501
Series
2018-AVM
,
Class
D
,
4
.11
%
,
7/5/40
(a)
(b)
.............................
1,000,000
862,174
BBCMS
Mortgage
Trust
,
Series
2022-C16
,
Class
AS
,
4
.60
%
,
6/15/55
,
Callable
6/15/32
@
100
(b)
...........................................................
540,540
494,847
Benchmark
Mortgage
Trust
,
Series
2020-B17
,
Class
ASB
,
2
.18
%
,
3/15/53
,
Callable
3/15/30
@
100
.............................................................
1,000,000
902,509
BPR
Trust
............................................................
Series
2021-TY
,
Class
A
,
6
.53
%
(
TSFR1M
+
116
bps
)
,
9/15/38
(a)
(c)
...............
865,000
837,460
Series
2022-OANA
,
Class
B
,
7
.81
%
(
TSFR1M
+
245
bps
)
,
4/15/37
(a)
(c)
............
2,000,000
1,961,021
Series
2022-OANA
,
Class
D
,
9
.06
%
(
TSFR1M
+
370
bps
)
,
4/15/37
(a)
(c)
............
1,000,000
958,635
Series
2022-STAR
,
Class
A
,
8
.59
%
(
TSFR1M
+
323
bps
)
,
8/15/24
(a)
(c)
.............
2,690,909
2,696,120
BX
Commercial
Mortgage
Trust
............................................
Series
2019-XL
,
Class
B
,
6
.56
%
(
TSFR1M
+
119
bps
)
,
10/15/36
(a)
(c)
..............
218,450
217,409
Series
2019-XL
,
Class
C
,
6
.73
%
(
TSFR1M
+
136
bps
)
,
10/15/36
(a)
(c)
..............
566,950
563,760
Series
2019-XL
,
Class
D
,
6
.93
%
(
TSFR1M
+
156
bps
)
,
10/15/36
(a)
(c)
..............
1,015,750
1,009,356
Series
2022-CSMO
,
Class
B
,
8
.50
%
(
TSFR1M
+
314
bps
)
,
6/15/27
(a)
(c)
............
1,500,000
1,503,485
BX
Trust
.............................................................
Series
2019-OC11
,
Class
A
,
3
.20
%
,
12/9/41
,
Callable
12/9/29
@
100
(a)
............
923,077
814,532
Series
2022-CLS
,
Class
B
,
6
.30
%
,
10/13/27
(a)
..............................
2,000,000
1,845,754
BXP
Trust
............................................................
Series
2021-601L
,
Class
B
,
2
.78
%
,
1/15/44
(a)
(b)
............................
550,000
406,171
Series
2021-601L
,
Class
C
,
2
.78
%
,
1/15/44
(a)
(b)
............................
1,500,000
1,031,973
Series
2021-601L
,
Class
D
,
2
.78
%
,
1/15/44
(a)
(b)
............................
500,000
306,238
Citigroup
Commercial
Mortgage
Trust
........................................
Series
2017-P8
,
Class
AS
,
3
.79
%
,
9/15/50
,
Callable
9/15/27
@
100
(b)
.............
500,000
457,661
Series
2019-SMRT
,
Class
C
,
4
.68
%
,
1/10/36
(a)
.............................
500,000
500,000
Series
2020-555
,
Class
A
,
2
.65
%
,
12/10/41
(a)
..............................
2,000,000
1,651,099
Series
2020-GC46
,
Class
AAB
,
2
.61
%
,
2/15/53
,
Callable
2/15/30
@
100
...........
732,000
672,356
COMM
Mortgage
Trust
..................................................
Series
2014-277P
,
Class
A
,
3
.61
%
,
8/10/49
,
Callable
8/10/24
@
100
(a)
(b)
..........
2,420,000
2,231,536
Series
2015-LC23
,
Class
AM
,
4
.16
%
,
10/10/48
,
Callable
11/10/25
@
100
(b)
........
250,000
238,080
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
24
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Series
2015-PC1
,
Class
AM
,
4
.29
%
,
7/10/50
,
Callable
6/10/25
@
100
(b)
...........
$
1,750,000
$
1,687,713
Series
2015-PC1
,
Class
B
,
4
.28
%
,
7/10/50
,
Callable
6/10/25
@
100
(b)
.............
865,000
811,022
Series
2020-CX
,
Class
A
,
2
.17
%
,
11/10/46
,
Callable
11/10/30
@
100
(a)
............
1,500,000
1,217,316
CSMC
,
Series
2019-UVIL
,
Class
A
,
3
.16
%
,
12/15/41
(a)
...........................
2,252,000
1,961,504
DBJPM
Mortgage
Trust
,
Series
2016-SFC
,
Class
A
,
2
.83
%
,
8/10/36
,
Callable
8/10/26
@
100
(a)
...........................................................
1,750,000
761,598
Extended
Stay
America
Trust
,
Series
2021-ESH
,
Class
B
,
6
.86
%
(
TSFR1M
+
149
bps
)
,
7/15/38
(a)
(c)
......................................................
726,009
714,976
GS
Mortgage
Securities
Corp.
II
,
Series
2023-SHIP
,
Class
B
,
4
.94
%
,
9/10/38
(a)
(b)
........
1,080,000
1,049,839
GS
Mortgage
Securities
Corp.
Trust
,
Series
2017-GPTX
,
Class
A
,
2
.86
%
,
5/10/34
(a)
.......
968,963
701,804
Houston
Galleria
Mall
Trust
,
Series
2015-HGLR
,
Class
A1A2
,
3
.09
%
,
3/5/37
(a)
..........
1,500,000
1,434,991
Hudson
Yards
Mortgage
Trust
..............................................
Series
2016-10HY
,
Class
A
,
2
.84
%
,
8/10/38
,
Callable
8/10/26
@
100
(a)
............
1,000,000
928,550
Series
2019-55HY
,
Class
A
,
2
.94
%
,
12/10/41
(a)
(b)
...........................
535,000
462,924
ILPT
Commercial
Mortgage
Trust
...........................................
Series
2022-LPF2
,
Class
B
,
8
.11
%
(
TSFR1M
+
274
bps
)
,
10/15/39
(a)
(c)
.............
2,000,000
1,979,937
Series
2022-LPFX
,
Class
A
,
3
.38
%
,
3/15/32
(a)
..............................
2,000,000
1,676,304
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
Series
2021-2NU
,
Class
B
,
2
.08
%
,
1/5/40
(a)
(b)
.......................................................
1,000,000
757,645
Manhattan
West
Mortgage
Trust
,
Series
2020-1MW
,
Class
A
,
2
.13
%
,
9/10/39
(a)
..........
750,000
662,225
MHC
Commercial
Mortgage
Trust
,
Series
2021-MHC
,
Class
A
,
6
.28
%
(
TSFR1M
+
92
bps
)
,
4/15/38
(a)
(c)
......................................................
2,112,504
2,088,462
Morgan
Stanley
Capital
I
Trust
,
Series
2021-PLZA
,
Class
B
,
2
.81
%
,
11/9/43
(a)
..........
1,000,000
643,965
SCOTT
Trust
,
Series
2023-SFS
,
Class
A
,
5
.91
%
,
3/15/40
(a)
........................
1,000,000
999,065
SLG
Office
Trust
,
Series
2021-OVA
,
Class
A
,
2
.59
%
,
7/15/41
(a)
.....................
800,000
661,264
SMRT
,
Series
2022-MINI
,
Class
B
,
6
.71
%
(
TSFR1M
+
135
bps
)
,
1/15/39
(a)
(c)
............
1,500,000
1,462,916
SREIT
Trust
,
Series
2021-MFP2
,
Class
B
,
6
.65
%
(
TSFR1M
+
129
bps
)
,
11/15/36
(a)
(c)
......
1,500,000
1,472,853
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2018-AUS
,
Class
A
,
4
.06
%
,
8/17/36
(a)
(b)
..
250,000
230,176
50,870,084
Total
Collateralized
Mortgage
Obligations
(Cost
$76,131,776)
70,121,704
Corporate
Bonds
(23.5%)
Communication
Services
(1.2%):
AT&T,
Inc.
,
3
.10
%
,
2/1/43
,
Callable
8/1/42
@
100
(d)
.............................
2,000,000
1,507,393
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
3
.75
%
,
2/15/28
,
Callable
11/15/27
@
100
..................................
500,000
472,406
2
.25
%
,
1/15/29
,
Callable
11/15/28
@
100
..................................
2,000,000
1,736,331
2
.30
%
,
2/1/32
,
Callable
11/1/31
@
100
...................................
2,500,000
1,990,660
5
.38
%
,
4/1/38
,
Callable
10/1/37
@
100
...................................
750,000
678,124
Comcast
Corp.
3
.55
%
,
5/1/28
,
Callable
2/1/28
@
100
....................................
750,000
724,021
2
.89
%
,
11/1/51
,
Callable
5/1/51
@
100
...................................
1,250,000
846,511
Paramount
Global
3
.38
%
,
2/15/28
,
Callable
11/15/27
@
100
..................................
444,000
405,807
4
.20
%
,
6/1/29
,
Callable
3/1/29
@
100
....................................
1,250,000
1,169,478
T-Mobile
US,
Inc.
4
.75
%
,
2/1/28
,
Callable
1/16/24
@
102.38
.................................
643,000
640,502
3
.88
%
,
4/15/30
,
Callable
1/15/30
@
100
..................................
1,000,000
949,389
2
.25
%
,
11/15/31
,
Callable
8/15/31
@
100
..................................
4,500,000
3,744,423
Verizon
Communications,
Inc.
3
.40
%
,
3/22/41
,
Callable
9/22/40
@
100
..................................
4,000,000
3,193,189
3
.55
%
,
3/22/51
,
Callable
9/22/50
@
100
..................................
1,500,000
1,157,233
Warnermedia
Holdings,
Inc.
4
.05
%
,
3/15/29
,
Callable
1/15/29
@
100
..................................
2,000,000
1,896,442
4
.28
%
,
3/15/32
,
Callable
12/15/31
@
100
.................................
1,000,000
914,866
22,026,775
Consumer
Discretionary
(1.4%):
Advance
Auto
Parts,
Inc.
,
3
.50
%
,
3/15/32
,
Callable
12/15/31
@
100
...................
2,000,000
1,653,539
AutoNation,
Inc.
,
2
.40
%
,
8/1/31
,
Callable
5/1/31
@
100
...........................
3,000,000
2,416,739
Brunswick
Corp.
,
2
.40
%
,
8/18/31
,
Callable
5/18/31
@
100
.........................
1,500,000
1,210,716
Daimler
Truck
Finance
North
America
LLC
,
2
.38
%
,
12/14/28
(a)
.....................
1,050,000
933,739
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
25
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Genuine
Parts
Co.
2
.75
%
,
2/1/32
,
Callable
11/1/31
@
100
...................................
$
1,000,000
$
836,653
6
.88
%
,
11/1/33
,
Callable
8/1/33
@
100
...................................
952,000
1,057,466
Hasbro,
Inc.
,
3
.90
%
,
11/19/29
,
Callable
8/19/29
@
100
............................
3,500,000
3,262,032
Kohl's
Corp.
,
4
.63
%
,
5/1/31
,
Callable
2/1/31
@
100
..............................
1,500,000
1,185,083
Marriott
International,
Inc.
,
3
.50
%
,
10/15/32
,
Callable
7/15/32
@
100
.................
1,000,000
891,656
Mercedes-Benz
Finance
North
America
LLC
,
3
.45
%
,
1/6/27
(a)
......................
1,000,000
966,740
Newell
Brands,
Inc.
,
5
.20
%
,
4/1/26
,
Callable
1/1/26
@
100
.........................
500,000
492,324
Nordstrom,
Inc.
,
4
.25
%
,
8/1/31
,
Callable
5/1/31
@
100
............................
750,000
624,380
Novant
Health,
Inc.
,
2
.64
%
,
11/1/36
,
Callable
8/1/36
@
100
........................
2,000,000
1,541,633
O'Reilly
Automotive,
Inc.
,
4
.20
%
,
4/1/30
,
Callable
1/1/30
@
100
.....................
1,000,000
964,930
Resorts
World
Las
Vegas
LLC/RWLV
Capital,
Inc.
,
4
.63
%
,
4/6/31
,
Callable
1/6/31
@
100
(a)
.
1,300,000
1,077,968
Tapestry,
Inc.
,
7
.85
%
,
11/27/33
,
Callable
8/27/33
@
100
...........................
1,500,000
1,601,717
The
Home
Depot,
Inc.
,
2
.38
%
,
3/15/51
,
Callable
9/15/50
@
100
.....................
1,400,000
889,155
Tractor
Supply
Co.
1
.75
%
,
11/1/30
,
Callable
8/1/30
@
100
...................................
1,000,000
820,101
5
.25
%
,
5/15/33
,
Callable
2/15/33
@
100
..................................
750,000
769,636
Volkswagen
Group
of
America
Finance
LLC
4
.60
%
,
6/8/29
,
Callable
4/8/29
@
100
(a)
..................................
1,500,000
1,467,713
6
.45
%
,
11/16/30
,
Callable
9/16/30
@
100
(a)
................................
1,500,000
1,596,809
26,260,729
Consumer
Staples
(1.9%):
7-Eleven,
Inc.
1
.80
%
,
2/10/31
,
Callable
11/10/30
@
100
(a)
................................
1,500,000
1,218,980
2
.80
%
,
2/10/51
,
Callable
8/2/50
@
100
(a)
.................................
1,000,000
643,498
Altria
Group,
Inc.
,
2
.45
%
,
2/4/32
,
Callable
11/4/31
@
100
..........................
1,500,000
1,225,422
Anheuser-Busch
InBev
Worldwide,
Inc.
4
.38
%
,
4/15/38
,
Callable
10/15/37
@
100
.................................
1,500,000
1,424,910
5
.45
%
,
1/23/39
,
Callable
7/23/38
@
100
..................................
500,000
527,542
4
.35
%
,
6/1/40
,
Callable
12/1/39
@
100
...................................
1,000,000
935,751
BAT
Capital
Corp.
2
.73
%
,
3/25/31
,
Callable
12/25/30
@
100
.................................
1,000,000
838,843
7
.75
%
,
10/19/32
,
Callable
7/19/32
@
100
.................................
1,000,000
1,128,028
4
.39
%
,
8/15/37
,
Callable
2/15/37
@
100
..................................
1,250,000
1,048,281
Bunge
Ltd.
Finance
Corp.
,
2
.75
%
,
5/14/31
,
Callable
2/14/31
@
100
...................
2,000,000
1,740,445
Cargill,
Inc.
2
.13
%
,
11/10/31
,
Callable
8/10/31
@
100
(a)
................................
1,000,000
834,040
5
.13
%
,
10/11/32
,
Callable
7/11/32
@
100
(a)
................................
1,500,000
1,539,101
Church
&
Dwight
Co.,
Inc.
,
2
.30
%
,
12/15/31
,
Callable
9/15/31
@
100
.................
1,000,000
849,124
Constellation
Brands,
Inc.
,
2
.25
%
,
8/1/31
,
Callable
5/1/31
@
100
.....................
1,000,000
841,166
Dollar
General
Corp.
,
5
.45
%
,
7/5/33
,
Callable
4/5/33
@
100
(d)
......................
1,250,000
1,274,547
General
Mills,
Inc.
,
4
.55
%
,
4/17/38
,
Callable
10/17/37
@
100
.......................
1,000,000
932,778
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
Luxembourg
SARL
,
6
.75
%
,
3/15/34
,
Callable
12/15/33
@
100
(a)
..................................................
1,500,000
1,578,186
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
2
.50
%
,
1/15/27
,
Callable
12/15/26
@
100
.................................
1,500,000
1,380,669
3
.00
%
,
2/2/29
,
Callable
12/2/28
@
100
...................................
750,000
659,402
Keurig
Dr
Pepper,
Inc.
3
.95
%
,
4/15/29
,
Callable
2/15/29
@
100
..................................
750,000
730,915
2
.25
%
,
3/15/31
,
Callable
12/15/30
@
100
.................................
1,000,000
854,389
4
.50
%
,
4/15/52
,
Callable
10/15/51
@
100
.................................
1,000,000
914,856
Kraft
Heinz
Foods
Co.
,
5
.00
%
,
6/4/42
........................................
1,000,000
966,589
Mars,
Inc.
,
3
.88
%
,
4/1/39
,
Callable
10/1/38
@
100
(a)
.............................
1,000,000
877,192
McCormick
&
Co.,
Inc.
,
1
.85
%
,
2/15/31
,
Callable
11/15/30
@
100
...................
1,000,000
822,799
Philip
Morris
International,
Inc.
,
5
.38
%
,
2/15/33
,
Callable
11/15/32
@
100
..............
2,000,000
2,052,409
Sodexo,
Inc.
,
2
.72
%
,
4/16/31
,
Callable
1/16/31
@
100
(a)
..........................
3,000,000
2,550,453
Sysco
Corp.
,
2
.45
%
,
12/14/31
,
Callable
9/14/31
@
100
............................
1,500,000
1,269,508
The
Coca-Cola
Co.
,
2
.00
%
,
3/5/31
...........................................
2,000,000
1,726,542
The
J.M.
Smucker
Co.
,
6
.20
%
,
11/15/33
,
Callable
8/15/33
@
100
....................
900,000
981,727
Walgreens
Boots
Alliance,
Inc.
,
4
.10
%
,
4/15/50
,
Callable
10/15/49
@
100
..............
1,000,000
725,902
35,093,994
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
26
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Energy
(1.5%):
Apache
Corp.
,
4
.25
%
,
1/15/44
,
Callable
7/15/43
@
100
............................
$
1,500,000
$
1,044,603
Boardwalk
Pipelines
LP
4
.45
%
,
7/15/27
,
Callable
4/15/27
@
100
..................................
500,000
489,860
4
.80
%
,
5/3/29
,
Callable
2/3/29
@
100
....................................
500,000
491,038
3
.60
%
,
9/1/32
,
Callable
6/1/32
@
100
....................................
1,000,000
888,123
Buckeye
Partners
LP
,
4
.13
%
,
12/1/27
,
Callable
9/1/27
@
100
.......................
1,000,000
953,753
Cameron
LNG
LLC
,
3
.30
%
,
1/15/35
,
Callable
9/15/34
@
100
(a)
.....................
1,091,000
930,014
Columbia
Pipelines
Operating
Co.
LLC
,
6
.04
%
,
11/15/33
,
Callable
8/15/33
@
100
(a)
......
1,500,000
1,572,505
ConocoPhillips
Co.
,
5
.55
%
,
3/15/54
,
Callable
9/15/53
@
100
.......................
1,500,000
1,596,654
Energy
Transfer
LP
6
.50
%
(
H15T5Y
+
569
bps
)
,
Callable
11/15/26
@
100
(c)
(e)
......................
1,000,000
950,601
4
.15
%
,
9/15/29
,
Callable
6/15/29
@
100
..................................
1,000,000
953,423
EQT
Corp.
,
7
.00
%
,
2/1/30
,
Callable
11/1/29
@
100
..............................
514,000
551,529
Florida
Gas
Transmission
Co.
LLC
,
2
.55
%
,
7/1/30
,
Callable
4/1/30
@
100
(a)
............
1,500,000
1,284,577
Gray
Oak
Pipeline
LLC
,
3
.45
%
,
10/15/27
,
Callable
8/15/27
@
100
(a)
.................
1,334,000
1,241,698
Helmerich
&
Payne,
Inc.
,
2
.90
%
,
9/29/31
,
Callable
6/29/31
@
100
....................
500,000
419,630
HF
Sinclair
Corp.
,
4
.50
%
,
10/1/30
,
Callable
7/1/30
@
100
..........................
2,000,000
1,869,112
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
,
6
.25
%
,
11/1/28
,
Callable
2/5/24
@
103.13
(a)
....
1,000,000
998,065
MPLX
LP
4
.25
%
,
12/1/27
,
Callable
9/1/27
@
100
...................................
500,000
488,530
4
.00
%
,
3/15/28
,
Callable
12/15/27
@
100
.................................
750,000
723,851
4
.80
%
,
2/15/29
,
Callable
11/15/28
@
100
..................................
250,000
248,423
Murphy
Oil
USA,
Inc.
4
.75
%
,
9/15/29
,
Callable
9/15/24
@
102.38
................................
1,000,000
949,653
3
.75
%
,
2/15/31
,
Callable
2/15/26
@
101.88
(a)
..............................
235,000
205,904
Occidental
Petroleum
Corp.
,
4
.40
%
,
8/15/49
,
Callable
2/15/49
@
100
.................
1,250,000
935,737
Patterson-UTI
Energy,
Inc.
,
7
.15
%
,
10/1/33
,
Callable
7/1/33
@
100
...................
1,000,000
1,060,142
Phillips
66
Co.
,
4
.90
%
,
10/1/46
,
Callable
4/1/46
@
100
............................
1,000,000
936,135
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
3
.55
%
,
12/15/29
,
Callable
9/15/29
@
100
.................................
2,280,000
2,099,070
4
.70
%
,
6/15/44
,
Callable
12/15/43
@
100
.................................
500,000
418,690
Rockies
Express
Pipeline
LLC
,
4
.95
%
,
7/15/29
,
Callable
4/15/29
@
100
(a)
.............
1,000,000
957,446
Western
Midstream
Operating
LP
4
.05
%
,
2/1/30
,
Callable
11/1/29
@
100
...................................
1,000,000
936,454
5
.25
%
,
2/1/50
,
Callable
8/1/49
@
100
....................................
500,000
446,606
26,641,826
Financials
(6.7%):
Ally
Financial,
Inc.
7
.10
%
,
11/15/27
,
Callable
10/15/27
@
100
.................................
833,000
868,225
6
.99
%
(
SOFR
+
326
bps
)
,
6/13/29
,
Callable
6/13/28
@
100
(c)
....................
1,585,000
1,639,497
American
Express
Co.
,
4
.99
%
(
SOFR
+
226
bps
)
,
5/26/33
,
Callable
2/26/32
@
100
(c)
.......
1,500,000
1,496,214
AmFam
Holdings,
Inc.
,
2
.81
%
,
3/11/31
,
Callable
12/11/30
@
100
(a)
..................
1,000,000
767,792
Assurant,
Inc.
6
.10
%
,
2/27/26
,
Callable
1/27/26
@
100
..................................
882,000
888,923
2
.65
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
1,000,000
809,985
Bank
of
America
Corp.
6
.10
%
(
TSFR3M
+
416
bps
)
,
Callable
3/17/25
@
100
(c)
(e)
......................
1,000,000
995,933
4
.38
%
(
H15T5Y
+
276
bps
)
,
Callable
1/27/27
@
100
(c)
(e)
......................
1,000,000
894,744
1
.66
%
(
SOFR
+
91
bps
)
,
3/11/27
,
Callable
3/11/26
@
100
(c)
.....................
500,000
462,551
2
.57
%
(
SOFR
+
121
bps
)
,
10/20/32
,
Callable
10/20/31
@
100
(c)
..................
4,000,000
3,318,312
2
.48
%
(
H15T5Y
+
120
bps
)
,
9/21/36
,
Callable
9/21/31
@
100
(c)
..................
1,000,000
793,434
Belrose
Funding
Trust
,
2
.33
%
,
8/15/30
,
Callable
5/15/30
@
100
(a)
...................
1,000,000
798,942
Blackstone
Private
Credit
Fund
,
2
.63
%
,
12/15/26
,
Callable
11/15/26
@
100
.............
1,290,000
1,168,896
Blue
Owl
Credit
Income
Corp.
5
.50
%
,
3/21/25
....................................................
500,000
492,731
3
.13
%
,
9/23/26
,
Callable
8/23/26
@
100
..................................
250,000
228,208
4
.70
%
,
2/8/27
,
Callable
1/8/27
@
100
....................................
1,125,000
1,063,951
Blue
Owl
Finance
LLC
,
3
.13
%
,
6/10/31
,
Callable
3/10/31
@
100
(a)
...................
1,000,000
822,777
BMW
US
Capital
LLC
,
3
.75
%
,
4/12/28
,
Callable
1/12/28
@
100
(a)
...................
1,000,000
967,900
Brown
&
Brown,
Inc.
,
4
.20
%
,
3/17/32
,
Callable
12/17/31
@
100
.....................
1,000,000
915,312
Cadence
Bank
,
4
.13
%
(
US0003M
+
247
bps
)
,
11/20/29
,
Callable
11/20/24
@
100
(c)
(d)
......
625,000
580,460
Capital
One
Financial
Corp.
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
27
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
3
.75
%
,
7/28/26
,
Callable
6/28/26
@
100
..................................
$
1,000,000
$
957,888
2
.36
%
(
SOFR
+
134
bps
)
,
7/29/32
,
Callable
7/29/31
@
100
(c)
....................
1,000,000
759,283
5
.82
%
(
SOFR
+
260
bps
)
,
2/1/34
,
Callable
2/1/33
@
100
(c)
......................
1,000,000
995,968
Citigroup,
Inc.
,
2
.52
%
(
SOFR
+
118
bps
)
,
11/3/32
,
Callable
11/3/31
@
100
(c)
.............
2,000,000
1,650,529
Citizens
Bank
NA
4
.12
%
(
SOFR
+
140
bps
)
,
5/23/25
,
Callable
5/23/24
@
100
(c)
....................
907,000
884,128
6
.06
%
(
SOFR
+
145
bps
)
,
10/24/25
,
Callable
10/24/24
@
100
(c)
..................
500,000
488,130
Citizens
Financial
Group,
Inc.
2
.50
%
,
2/6/30
,
Callable
11/6/29
@
100
...................................
2,000,000
1,679,368
5
.64
%
(
H15T5Y
+
275
bps
)
,
5/21/37
,
Callable
5/21/32
@
100
(c)
..................
1,000,000
924,634
Compeer
Financial
FLCA/Compeer
Financial
PCA
,
3
.37
%
(
SOFR
+
197
bps
)
,
6/1/36
,
Callable
6/1/31
@
100
(a)
(c)
..................................................
500,000
349,173
Credit
Acceptance
Corp.
,
6
.63
%
,
3/15/26
,
Callable
1/16/24
@
101.66
(d)
...............
500,000
499,141
Equitable
Holdings,
Inc.
,
4
.35
%
,
4/20/28
,
Callable
1/20/28
@
100
....................
1,000,000
966,876
F&G
Global
Funding
,
2
.00
%
,
9/20/28
(a)
......................................
2,000,000
1,699,701
Fells
Point
Funding
Trust
,
3
.05
%
,
1/31/27
,
Callable
12/31/26
@
100
(a)
................
1,750,000
1,650,130
Fifth
Third
Bancorp
3
.95
%
,
3/14/28
,
Callable
2/14/28
@
100
..................................
500,000
479,870
4
.34
%
(
SOFR
+
166
bps
)
,
4/25/33
,
Callable
4/25/32
@
100
(c)
....................
2,000,000
1,859,665
First
American
Financial
Corp.
,
2
.40
%
,
8/15/31
,
Callable
5/15/31
@
100
...............
3,025,000
2,390,620
First
Citizens
BancShares,
Inc.
,
3
.38
%
(
TSFR3M
+
247
bps
)
,
3/15/30
,
Callable
3/15/25
@
100
(c)
...........................................................
1,000,000
945,386
First
Horizon
Bank
,
5
.75
%
,
5/1/30
,
Callable
2/1/30
@
100
.........................
2,000,000
1,888,052
Fiserv,
Inc.
5
.60
%
,
3/2/33
,
Callable
12/2/32
@
100
...................................
1,500,000
1,568,284
5
.63
%
,
8/21/33
,
Callable
5/21/33
@
100
..................................
1,000,000
1,047,163
Ford
Motor
Credit
Co.
LLC
4
.54
%
,
8/1/26
,
Callable
6/1/26
@
100
....................................
1,000,000
969,243
2
.90
%
,
2/10/29
,
Callable
12/10/28
@
100
.................................
500,000
438,185
Glencore
Funding
LLC
1
.63
%
,
4/27/26
,
Callable
3/27/26
@
100
(a)
................................
700,000
648,334
2
.50
%
,
9/1/30
,
Callable
6/1/30
@
100
(a)
..................................
500,000
428,076
2
.85
%
,
4/27/31
,
Callable
1/27/31
@
100
(a)
................................
1,000,000
862,613
Global
Payments,
Inc.
2
.90
%
,
11/15/31
,
Callable
8/15/31
@
100
..................................
1,500,000
1,282,335
5
.40
%
,
8/15/32
,
Callable
5/15/32
@
100
..................................
1,000,000
1,010,508
Guardian
Life
Global
Funding
,
1
.40
%
,
7/6/27
(a)
.................................
2,000,000
1,788,938
Huntington
Bancshares,
Inc.
4
.44
%
(
SOFR
+
197
bps
)
,
8/4/28
,
Callable
8/4/27
@
100
(c)
......................
500,000
484,738
6
.21
%
(
SOFR
+
202
bps
)
,
8/21/29
,
Callable
8/21/28
@
100
(c)
....................
1,000,000
1,030,933
2
.49
%
(
H15T5Y
+
117
bps
)
,
8/15/36
,
Callable
8/15/31
@
100
(c)
..................
1,000,000
756,095
Hyundai
Capital
America
3
.40
%
,
6/20/24
(a)
..................................................
500,000
494,453
3
.50
%
,
11/2/26
,
Callable
9/2/26
@
100
(a)
.................................
500,000
476,562
ILFC
E-Capital
Trust
I
,
7
.19
%
(
TSFR3M
+
181
bps
)
,
12/21/65
,
Callable
2/5/24
@
100
(a)
(c)
..
500,000
371,765
JPMorgan
Chase
&
Co.
4
.60
%
(
TSFR3M
+
313
bps
)
,
Callable
2/1/25
@
100
(c)
(e)
.......................
1,000,000
963,277
2
.52
%
(
SOFR
+
204
bps
)
,
4/22/31
,
Callable
4/22/30
@
100
(c)
....................
3,000,000
2,596,240
1
.95
%
(
SOFR
+
107
bps
)
,
2/4/32
,
Callable
2/4/31
@
100
(c)
......................
4,000,000
3,255,526
5
.60
%
,
7/15/41
....................................................
750,000
796,710
KeyBank
NA
,
3
.90
%
,
4/13/29
..............................................
1,500,000
1,314,736
KeyCorp.
3
.88
%
(
SOFRINDX
+
125
bps
)
,
5/23/25
,
Callable
5/23/24
@
100
,
MTN
(c)
...........
500,000
488,834
2
.25
%
,
4/6/27
,
MTN
................................................
500,000
450,173
4
.79
%
(
SOFRINDX
+
206
bps
)
,
6/1/33
,
Callable
6/1/32
@
100
,
MTN
(c)
............
757,000
695,767
Lincoln
National
Corp.
,
3
.80
%
,
3/1/28
,
Callable
12/1/27
@
100
(d)
....................
500,000
480,146
Loews
Corp.
,
3
.20
%
,
5/15/30
,
Callable
2/15/30
@
100
............................
1,000,000
916,099
M&T
Bank
Corp.
,
5
.05
%
(
SOFR
+
185
bps
)
,
1/27/34
,
Callable
1/27/33
@
100
(c)
..........
1,750,000
1,657,916
Manufacturers
&
Traders
Trust
Co.
,
4
.65
%
,
1/27/26
,
Callable
12/27/25
@
100
...........
500,000
489,390
MassMutual
Global
Funding
II
,
1
.20
%
,
7/16/26
(a)
...............................
1,500,000
1,370,134
Mercury
General
Corp.
,
4
.40
%
,
3/15/27
,
Callable
12/15/26
@
100
....................
1,000,000
957,057
Metropolitan
Life
Global
Funding
I
,
2
.40
%
,
1/11/32
(a)
............................
2,000,000
1,659,118
Midwest
Connector
Capital
Co.
LLC
,
4
.63
%
,
4/1/29
,
Callable
1/1/29
@
100
(a)
...........
1,500,000
1,442,758
Morgan
Stanley
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
28
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
2
.51
%
(
SOFR
+
120
bps
)
,
10/20/32
,
Callable
10/20/31
@
100
,
MTN
(c)
.............
$
3,000,000
$
2,488,131
2
.48
%
(
SOFR
+
136
bps
)
,
9/16/36
,
Callable
9/16/31
@
100
(c)
....................
2,000,000
1,587,543
New
York
Community
Bancorp,
Inc.
,
8
.43
%
(
TSFR3M
+
304
bps
)
,
11/6/28
,
Callable
2/6/24
@
100
(c)
...........................................................
1,250,000
1,240,525
New
York
Life
Global
Funding
,
1
.85
%
,
8/1/31
(a)
................................
1,500,000
1,209,132
Northern
Trust
Corp.
,
6
.13
%
,
11/2/32
,
Callable
8/2/32
@
100
.......................
1,000,000
1,073,833
Pacific
Life
Global
Funding
II
,
1
.38
%
,
4/14/26
(a)
................................
2,000,000
1,847,878
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
1
.70
%
,
6/15/26
,
Callable
5/15/26
@
100
(a)
................................
1,000,000
919,290
6
.20
%
,
6/15/30
,
Callable
4/15/30
@
100
(a)
................................
1,000,000
1,049,050
Primerica,
Inc.
,
2
.80
%
,
11/19/31
,
Callable
8/19/31
@
100
..........................
1,750,000
1,480,574
Principal
Life
Global
Funding
II
,
1
.25
%
,
8/16/26
(a)
..............................
2,000,000
1,813,964
Protective
Life
Global
Funding
,
1
.90
%
,
7/6/28
(a)
(d)
..............................
2,000,000
1,771,748
Prudential
Financial,
Inc.
3
.94
%
,
12/7/49
,
Callable
6/7/49
@
100
...................................
1,000,000
824,898
6
.00
%
(
H15T5Y
+
323
bps
)
,
9/1/52
,
Callable
6/1/32
@
100
(c)
....................
1,000,000
997,145
Raymond
James
Financial,
Inc.
,
4
.95
%
,
7/15/46
.................................
1,000,000
934,312
Regions
Financial
Corp.
,
5
.75
%
(
H15T5Y
+
543
bps
)
,
Callable
6/15/25
@
100
(c)
(e)
........
595,000
578,488
Santander
Holdings
USA,
Inc.
4
.40
%
,
7/13/27
,
Callable
4/14/27
@
100
..................................
750,000
728,685
6
.57
%
(
SOFR
+
270
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(c)
....................
500,000
516,052
State
Street
Corp.
,
5
.16
%
(
SOFR
+
189
bps
)
,
5/18/34
,
Callable
5/18/33
@
100
(c)
..........
1,500,000
1,512,548
Stellantis
Finance
U.S.,
Inc.
,
2
.69
%
,
9/15/31
,
Callable
6/15/31
@
100
(a)
...............
1,200,000
1,006,154
Stewart
Information
Services
Corp.
,
3
.60
%
,
11/15/31
,
Callable
8/15/31
@
100
...........
2,250,000
1,751,980
Synchrony
Bank
,
5
.63
%
,
8/23/27
,
Callable
7/23/27
@
100
.........................
500,000
491,827
Synchrony
Financial
4
.50
%
,
7/23/25
,
Callable
4/23/25
@
100
..................................
500,000
488,504
5
.15
%
,
3/19/29
,
Callable
12/19/28
@
100
.................................
500,000
485,619
Synovus
Bank
,
4
.00
%
(
H15T5Y
+
363
bps
)
,
10/29/30
,
Callable
10/29/25
@
100
(c)
.........
500,000
405,630
Synovus
Financial
Corp.
,
5
.90
%
(
USSW5
+
338
bps
)
,
2/7/29
,
Callable
2/7/24
@
100
(c)
......
500,000
469,587
The
Bank
of
New
York
Mellon
Corp.
3
.75
%
(
H15T5Y
+
263
bps
)
,
Callable
12/20/26
@
100
(c)
(e)
......................
1,000,000
866,274
4
.70
%
(
H15T5Y
+
436
bps
)
,
Callable
9/20/25
@
100
(c)
(e)
......................
500,000
488,322
3
.99
%
(
SOFR
+
115
bps
)
,
6/13/28
,
Callable
6/13/27
@
100
,
MTN
(c)
...............
1,000,000
976,832
The
Charles
Schwab
Corp.
,
5
.85
%
(
SOFR
+
250
bps
)
,
5/19/34
,
Callable
5/19/33
@
100
(c)
....
1,350,000
1,391,624
The
Huntington
National
Bank
,
5
.65
%
,
1/10/30
,
Callable
11/10/29
@
100
..............
1,000,000
1,011,214
The
PNC
Financial
Services
Group,
Inc.
2
.55
%
,
1/22/30
,
Callable
10/24/29
@
100
.................................
1,500,000
1,312,501
4
.63
%
(
SOFRINDX
+
185
bps
)
,
6/6/33
,
Callable
6/6/32
@
100
(c)
.................
500,000
469,687
5
.94
%
(
SOFR
+
195
bps
)
,
8/18/34
,
Callable
8/18/33
@
100
(c)
....................
1,000,000
1,042,251
Truist
Bank
,
2
.25
%
,
3/11/30
,
Callable
12/11/29
@
100
............................
1,050,000
871,081
Truist
Financial
Corp.
,
4
.25
%
,
9/30/24
........................................
750,000
740,762
UL
Solutions,
Inc.
,
6
.50
%
,
10/20/28
,
Callable
9/20/28
@
100
(a)
.....................
2,000,000
2,101,388
US
Bancorp
5
.78
%
(
SOFR
+
202
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(c)
....................
750,000
770,340
2
.49
%
(
H15T5Y
+
95
bps
)
,
11/3/36
,
Callable
11/3/31
@
100
(c)
...................
1,500,000
1,174,803
W.R.
Berkley
Corp.
,
3
.55
%
,
3/30/52
,
Callable
9/30/51
@
100
.......................
1,172,000
843,405
Webster
Financial
Corp.
4
.38
%
,
2/15/24
,
Callable
2/5/24
@
100
...................................
1,000,000
990,292
4
.10
%
,
3/25/29
,
Callable
12/25/28
@
100
(d)
...............................
500,000
461,631
Wells
Fargo
&
Co.
5
.90
%
,
Callable
6/15/24
@
100
(e)
.......................................
1,746,000
1,733,586
3
.00
%
,
10/23/26
....................................................
1,000,000
949,593
2
.88
%
(
TSFR3M
+
143
bps
)
,
10/30/30
,
Callable
10/30/29
@
100
,
MTN
(c)
...........
1,000,000
888,565
120,992,683
Health
Care
(1.8%):
AbbVie,
Inc.
3
.20
%
,
11/21/29
,
Callable
8/21/29
@
100
..................................
1,000,000
934,335
4
.25
%
,
11/21/49
,
Callable
5/21/49
@
100
..................................
500,000
446,240
Amgen,
Inc.
5
.25
%
,
3/2/33
,
Callable
12/2/32
@
100
...................................
1,000,000
1,024,945
3
.00
%
,
1/15/52
,
Callable
7/15/51
@
100
(d)
................................
1,250,000
875,396
4
.20
%
,
2/22/52
,
Callable
8/22/51
@
100
..................................
1,250,000
1,057,447
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
29
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Baxter
International,
Inc.
,
2
.54
%
,
2/1/32
,
Callable
11/1/31
@
100
....................
$
1,750,000
$
1,468,344
Bio-Rad
Laboratories,
Inc.
,
3
.30
%
,
3/15/27
,
Callable
2/15/27
@
100
..................
1,250,000
1,187,341
Boston
Medical
Center
Corp.
,
3
.91
%
,
7/1/28
...................................
500,000
468,933
Bristol-Myers
Squibb
Co.
3
.90
%
,
2/20/28
,
Callable
11/20/27
@
100
..................................
500,000
491,297
5
.90
%
,
11/15/33
,
Callable
8/15/33
@
100
..................................
1,500,000
1,634,912
Centene
Corp.
,
2
.50
%
,
3/1/31
,
Callable
12/1/30
@
100
............................
1,500,000
1,249,836
CVS
Health
Corp.
2
.13
%
,
9/15/31
,
Callable
6/15/31
@
100
..................................
2,000,000
1,654,817
5
.63
%
,
2/21/53
,
Callable
8/21/52
@
100
..................................
500,000
507,470
DENTSPLY
SIRONA,
Inc.
,
3
.25
%
,
6/1/30
,
Callable
3/1/30
@
100
....................
4,000,000
3,535,449
Duke
University
Health
System,
Inc.
,
2
.60
%
,
6/1/30
..............................
2,000,000
1,727,435
Eastern
Maine
Healthcare
Systems
,
3
.71
%
,
7/1/26
...............................
270,000
260,559
Elevance
Health,
Inc.
2
.88
%
,
9/15/29
,
Callable
6/15/29
@
100
..................................
323,000
296,149
2
.55
%
,
3/15/31
,
Callable
12/15/30
@
100
.................................
1,000,000
868,554
Fresenius
Medical
Care
U.S.
Finance
III,
Inc.
,
2
.38
%
,
2/16/31
,
Callable
11/16/30
@
100
(a)
..
2,500,000
1,930,898
HCA,
Inc.
4
.38
%
,
3/15/42
,
Callable
9/15/41
@
100
..................................
750,000
635,085
5
.90
%
,
6/1/53
,
Callable
12/1/52
@
100
...................................
1,000,000
1,026,825
Illumina,
Inc.
,
2
.55
%
,
3/23/31
,
Callable
12/23/30
@
100
...........................
1,000,000
844,548
Orlando
Health
Obligated
Group
3
.78
%
,
10/1/28
,
Callable
7/1/28
@
100
...................................
500,000
468,399
2
.89
%
,
10/1/35
....................................................
1,000,000
821,965
Revvity,
Inc.
2
.55
%
,
3/15/31
,
Callable
12/15/30
@
100
.................................
1,500,000
1,268,359
2
.25
%
,
9/15/31
,
Callable
6/15/31
@
100
(d)
................................
500,000
411,249
Southern
Illinois
Healthcare
Enterprises,
Inc.
,
3
.97
%
,
5/15/50
,
Callable
11/15/49
@
100
....
1,000,000
704,773
The
Cigna
Group
,
2
.38
%
,
3/15/31
,
Callable
12/15/30
@
100
........................
2,000,000
1,706,822
Universal
Health
Services,
Inc.
,
2
.65
%
,
1/15/32
,
Callable
10/15/31
@
100
..............
3,262,000
2,675,224
32,183,606
Industrials
(2.5%):
Acuity
Brands
Lighting,
Inc.
,
2
.15
%
,
12/15/30
,
Callable
9/15/30
@
100
................
2,250,000
1,867,205
Air
Lease
Corp.
,
2
.88
%
,
1/15/32
,
Callable
10/15/31
@
100
.........................
1,000,000
847,720
American
Airlines
Pass
Through
Trust
3
.70
%
,
10/1/26
....................................................
264,074
245,416
3
.85
%
,
2/15/28
....................................................
333,313
295,369
3
.60
%
,
10/15/29
....................................................
351,163
306,279
Ashtead
Capital,
Inc.
4
.25
%
,
11/1/29
,
Callable
11/1/24
@
102.13
(a)
..............................
1,448,000
1,351,243
2
.45
%
,
8/12/31
,
Callable
5/12/31
@
100
(a)
................................
667,000
542,921
5
.50
%
,
8/11/32
,
Callable
5/11/32
@
100
(a)
................................
750,000
740,896
5
.95
%
,
10/15/33
,
Callable
7/15/33
@
100
(a)
...............................
1,500,000
1,528,144
British
Airways
Pass
Through
Trust
3
.35
%
,
6/15/29
(a)
..................................................
307,879
278,524
3
.80
%
,
9/20/31
(a)
..................................................
480,513
447,766
Builders
FirstSource,
Inc.
,
6
.38
%
,
6/15/32
,
Callable
6/15/27
@
103.19
(a)
...............
500,000
513,441
Carlisle
Cos.,
Inc.
,
2
.75
%
,
3/1/30
,
Callable
12/1/29
@
100
.........................
2,000,000
1,774,611
Carrier
Global
Corp.
,
3
.38
%
,
4/5/40
,
Callable
10/5/39
@
100
.......................
1,100,000
886,107
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
,
4
.75
%
,
10/20/28
(a)
.........................
1,250,000
1,228,902
FedEx
Corp.
,
4
.05
%
,
2/15/48
,
Callable
8/15/47
@
100
............................
2,250,000
1,875,584
Fluor
Corp.
,
4
.25
%
,
9/15/28
,
Callable
6/15/28
@
100
.............................
1,000,000
954,142
Fortune
Brands
Innovations,
Inc.
,
4
.00
%
,
3/25/32
,
Callable
12/25/31
@
100
.............
1,250,000
1,165,254
GXO
Logistics,
Inc.
,
2
.65
%
,
7/15/31
,
Callable
4/15/31
@
100
.......................
2,000,000
1,642,733
Hawaiian
Airlines
Pass
Through
Certificates
,
3
.90
%
,
1/15/26
........................
81,908
76,180
Hillenbrand,
Inc.
5
.00
%
,
9/15/26
,
Callable
7/15/26
@
100
..................................
1,000,000
990,835
3
.75
%
,
3/1/31
,
Callable
3/1/26
@
101.88
..................................
350,000
303,968
Howmet
Aerospace,
Inc.
5
.90
%
,
2/1/27
.....................................................
250,000
256,441
3
.00
%
,
1/15/29
,
Callable
11/15/28
@
100
..................................
1,500,000
1,370,302
Hubbell,
Inc.
,
2
.30
%
,
3/15/31
,
Callable
12/15/30
@
100
...........................
1,500,000
1,261,412
Huntington
Ingalls
Industries,
Inc.
,
2
.04
%
,
8/16/28
,
Callable
6/16/28
@
100
.............
1,500,000
1,321,426
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
30
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
JetBlue
Pass
Through
Trust
,
2
.95
%
,
5/15/28
....................................
$
199,374
$
171,550
Kennametal,
Inc.
,
4
.63
%
,
6/15/28
,
Callable
3/15/28
@
100
.........................
1,058,000
1,032,208
Leidos,
Inc.
2
.30
%
,
2/15/31
,
Callable
11/15/30
@
100
..................................
1,500,000
1,254,606
5
.75
%
,
3/15/33
,
Callable
12/15/32
@
100
.................................
2,250,000
2,341,852
Otis
Worldwide
Corp.
,
3
.11
%
,
2/15/40
,
Callable
8/15/39
@
100
......................
1,000,000
801,530
Quanta
Services,
Inc.
2
.90
%
,
10/1/30
,
Callable
7/1/30
@
100
...................................
1,500,000
1,321,389
2
.35
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
250,000
207,276
Regal
Rexnord
Corp.
,
6
.40
%
,
4/15/33
,
Callable
1/15/33
@
100
(a)
....................
570,000
595,256
Ryder
System,
Inc.
,
2
.85
%
,
3/1/27
,
Callable
2/1/27
@
100
,
MTN
.....................
2,000,000
1,878,471
Spirit
Airlines
Pass
Through
Trust
,
3
.38
%
,
2/15/30
...............................
951,363
820,002
The
Boeing
Co.
3
.25
%
,
2/1/28
,
Callable
12/1/27
@
100
...................................
1,500,000
1,422,873
3
.63
%
,
2/1/31
,
Callable
11/1/30
@
100
...................................
2,750,000
2,556,619
5
.81
%
,
5/1/50
,
Callable
11/1/49
@
100
...................................
2,250,000
2,333,640
The
Timken
Co.
,
4
.13
%
,
4/1/32
,
Callable
1/1/32
@
100
............................
2,100,000
1,934,597
Trane
Technologies
Global
Holding
Co.
Ltd.
,
3
.75
%
,
8/21/28
,
Callable
5/21/28
@
100
.....
500,000
488,285
Union
Pacific
Corp.
,
3
.25
%
,
2/5/50
,
Callable
8/5/49
@
100
.........................
1,000,000
766,174
United
Airlines
Pass
Through
Trust
4
.88
%
,
1/15/26
....................................................
208,544
202,424
3
.70
%
,
3/1/30
.....................................................
379,774
331,054
44,532,627
Information
Technology
(1.5%):
Amphenol
Corp.
4
.35
%
,
6/1/29
,
Callable
3/1/29
@
100
....................................
500,000
498,225
2
.20
%
,
9/15/31
,
Callable
6/15/31
@
100
..................................
1,125,000
947,327
Broadcom,
Inc.
2
.45
%
,
2/15/31
,
Callable
11/15/30
@
100
(a)
................................
1,000,000
855,555
3
.42
%
,
4/15/33
,
Callable
1/15/33
@
100
(a)
................................
2,000,000
1,756,917
3
.47
%
,
4/15/34
,
Callable
1/15/34
@
100
(a)
................................
500,000
435,205
Dell
International
LLC/EMC
Corp.
5
.75
%
,
2/1/33
,
Callable
11/1/32
@
100
(d)
.................................
260,000
273,703
3
.38
%
,
12/15/41
,
Callable
6/15/41
@
100
.................................
1,250,000
946,564
HP,
Inc.
,
2
.65
%
,
6/17/31
,
Callable
3/17/31
@
100
................................
1,500,000
1,279,170
Jabil,
Inc.
,
3
.00
%
,
1/15/31
,
Callable
10/15/30
@
100
..............................
1,474,000
1,276,559
Marvell
Technology,
Inc.
,
2
.45
%
,
4/15/28
,
Callable
2/15/28
@
100
...................
1,050,000
949,858
Micron
Technology,
Inc.
,
5
.88
%
,
2/9/33
,
Callable
11/9/32
@
100
.....................
1,250,000
1,304,386
Microsoft
Corp.
,
2
.53
%
,
6/1/50
,
Callable
12/1/49
@
100
...........................
1,500,000
1,026,084
Motorola
Solutions,
Inc.
2
.75
%
,
5/24/31
,
Callable
2/24/31
@
100
..................................
1,000,000
853,957
5
.60
%
,
6/1/32
,
Callable
3/1/32
@
100
....................................
1,000,000
1,033,198
Oracle
Corp.
2
.95
%
,
4/1/30
,
Callable
1/1/30
@
100
....................................
1,000,000
902,547
3
.85
%
,
7/15/36
,
Callable
1/15/36
@
100
..................................
2,000,000
1,743,570
3
.60
%
,
4/1/50
,
Callable
10/1/49
@
100
...................................
1,000,000
740,617
Qorvo,
Inc.
,
3
.38
%
,
4/1/31
,
Callable
4/1/26
@
101.69
(a)
...........................
3,909,000
3,357,580
Skyworks
Solutions,
Inc.
,
3
.00
%
,
6/1/31
,
Callable
3/1/31
@
100
.....................
1,200,000
1,031,701
Teledyne
Technologies,
Inc.
,
2
.75
%
,
4/1/31
,
Callable
1/1/31
@
100
...................
2,000,000
1,740,643
TSMC
Arizona
Corp.
,
2
.50
%
,
10/25/31
,
Callable
7/25/31
@
100
.....................
3,400,000
2,911,976
Workday,
Inc.
,
3
.70
%
,
4/1/29
,
Callable
2/1/29
@
100
.............................
1,500,000
1,440,585
27,305,927
Materials
(1.5%):
Albemarle
Corp.
,
4
.65
%
,
6/1/27
,
Callable
5/1/27
@
100
...........................
1,500,000
1,474,262
Amcor
Finance
USA,
Inc.
,
5
.63
%
,
5/26/33
,
Callable
2/26/33
@
100
...................
1,364,000
1,418,730
AptarGroup,
Inc.
,
3
.60
%
,
3/15/32
,
Callable
12/15/31
@
100
........................
2,102,000
1,897,199
Avery
Dennison
Corp.
2
.65
%
,
4/30/30
,
Callable
2/1/30
@
100
...................................
800,000
707,423
2
.25
%
,
2/15/32
,
Callable
11/15/31
@
100
..................................
1,500,000
1,240,712
Ball
Corp.
,
3
.13
%
,
9/15/31
,
Callable
6/15/31
@
100
..............................
1,500,000
1,292,664
Bayport
Polymers
LLC
,
4
.74
%
,
4/14/27
,
Callable
3/14/27
@
100
(a)
...................
1,500,000
1,434,524
Celanese
U.S.
Holdings
LLC
,
6
.33
%
,
7/15/29
,
Callable
5/15/29
@
100
................
641,000
672,778
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
31
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Colonial
Enterprises,
Inc.
,
3
.25
%
,
5/15/30
,
Callable
2/15/30
@
100
(a)
.................
$
1,000,000
$
908,110
Commercial
Metals
Co.
,
3
.88
%
,
2/15/31
,
Callable
2/15/26
@
101.94
..................
1,000,000
890,420
Eagle
Materials,
Inc.
,
2
.50
%
,
7/1/31
,
Callable
4/1/31
@
100
........................
2,000,000
1,697,065
Ecolab,
Inc.
,
2
.70
%
,
12/15/51
,
Callable
6/15/51
@
100
............................
1,250,000
854,109
Freeport-McMoRan,
Inc.
,
4
.38
%
,
8/1/28
,
Callable
2/5/24
@
102.19
...................
1,500,000
1,443,078
LYB
International
Finance
III
LLC
5
.63
%
,
5/15/33
,
Callable
2/15/33
@
100
(d)
................................
850,000
889,280
3
.38
%
,
10/1/40
,
Callable
4/1/40
@
100
...................................
500,000
384,215
4
.20
%
,
5/1/50
,
Callable
11/1/49
@
100
...................................
500,000
399,630
Martin
Marietta
Materials,
Inc.
,
2
.40
%
,
7/15/31
,
Callable
4/15/31
@
100
...............
1,000,000
851,814
NewMarket
Corp.
,
2
.70
%
,
3/18/31
,
Callable
12/18/30
@
100
........................
1,250,000
1,051,265
Packaging
Corp.
of
America
3
.40
%
,
12/15/27
,
Callable
9/15/27
@
100
.................................
500,000
476,649
3
.05
%
,
10/1/51
,
Callable
4/1/51
@
100
...................................
2,168,000
1,516,051
Reliance
Steel
&
Aluminum
Co.
,
2
.15
%
,
8/15/30
,
Callable
5/15/30
@
100
..............
1,000,000
848,532
The
Dow
Chemical
Co.
,
6
.30
%
,
3/15/33
,
Callable
12/15/32
@
100
(d)
.................
1,500,000
1,655,246
Vulcan
Materials
Co.
3
.90
%
,
4/1/27
,
Callable
1/1/27
@
100
....................................
500,000
483,608
3
.50
%
,
6/1/30
,
Callable
3/1/30
@
100
....................................
1,000,000
930,332
WRKCo,
Inc.
,
3
.00
%
,
6/15/33
,
Callable
3/15/33
@
100
............................
1,000,000
862,615
26,280,311
Real
Estate
(1.6%):
Alexandria
Real
Estate
Equities,
Inc.
,
2
.00
%
,
5/18/32
,
Callable
2/18/32
@
100
...........
2,750,000
2,204,069
AvalonBay
Communities,
Inc.
3
.20
%
,
1/15/28
,
Callable
10/15/27
@
100
,
MTN
.............................
750,000
711,913
2
.45
%
,
1/15/31
,
Callable
10/17/30
@
100
,
MTN
.............................
1,000,000
861,356
Boston
Properties
LP
2
.55
%
,
4/1/32
,
Callable
1/1/32
@
100
....................................
1,250,000
996,261
2
.45
%
,
10/1/33
,
Callable
7/1/33
@
100
...................................
1,750,000
1,332,866
CBRE
Services,
Inc.
2
.50
%
,
4/1/31
,
Callable
1/1/31
@
100
....................................
1,500,000
1,267,556
5
.95
%
,
8/15/34
,
Callable
5/15/34
@
100
..................................
2,000,000
2,104,603
CoStar
Group,
Inc.
,
2
.80
%
,
7/15/30
,
Callable
4/15/30
@
100
(a)
......................
2,091,000
1,789,276
Crown
Castle,
Inc.
2
.25
%
,
1/15/31
,
Callable
10/15/30
@
100
.................................
1,500,000
1,242,742
2
.90
%
,
4/1/41
,
Callable
10/1/40
@
100
...................................
1,750,000
1,251,302
Essex
Portfolio
LP
1
.70
%
,
3/1/28
,
Callable
1/1/28
@
100
....................................
1,000,000
876,396
2
.65
%
,
3/15/32
,
Callable
12/15/31
@
100
.................................
1,000,000
836,774
GLP
Capital
LP/GLP
Financing
II,
Inc.
4
.00
%
,
1/15/31
,
Callable
10/15/30
@
100
.................................
1,000,000
900,984
3
.25
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
933,000
790,106
Highwoods
Realty
LP
,
2
.60
%
,
2/1/31
,
Callable
11/1/30
@
100
.......................
1,000,000
778,140
Host
Hotels
&
Resorts
LP
3
.38
%
,
12/15/29
,
Callable
9/15/29
@
100
.................................
500,000
449,395
3
.50
%
,
9/15/30
,
Callable
6/15/30
@
100
..................................
1,017,000
909,849
Hudson
Pacific
Properties
LP
3
.95
%
,
11/1/27
,
Callable
8/1/27
@
100
...................................
500,000
420,969
4
.65
%
,
4/1/29
,
Callable
1/1/29
@
100
(d)
..................................
500,000
409,299
3
.25
%
,
1/15/30
,
Callable
10/15/29
@
100
.................................
1,500,000
1,126,960
Kilroy
Realty
LP
,
2
.65
%
,
11/15/33
,
Callable
8/15/33
@
100
........................
2,500,000
1,897,192
Physicians
Realty
LP
,
2
.63
%
,
11/1/31
,
Callable
8/1/31
@
100
.......................
1,000,000
823,554
Pine
Street
Trust
I
,
4
.57
%
,
2/15/29
,
Callable
11/15/28
@
100
(a)
......................
500,000
477,024
SBA
Tower
Trust
2
.84
%
,
1/15/25
,
Callable
2/5/24
@
100
(a)
.................................
500,000
482,835
6
.60
%
,
1/15/28
,
Callable
1/15/27
@
100
(a)
................................
1,158,000
1,190,159
Simon
Property
Group
LP
,
6
.25
%
,
1/15/34
,
Callable
10/15/33
@
100
..................
1,500,000
1,633,955
VICI
Properties
LP/VICI
Note
Co.,
Inc.
,
4
.13
%
,
8/15/30
,
Callable
2/15/25
@
102.06
(a)
....
2,000,000
1,832,392
29,597,927
Utilities
(1.9%):
AEP
Texas,
Inc.
,
3
.45
%
,
1/15/50
,
Callable
7/15/49
@
100
..........................
1,500,000
1,086,845
Alabama
Power
Co.
,
3
.13
%
,
7/15/51
,
Callable
1/15/51
@
100
.......................
2,000,000
1,429,869
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
32
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Ameren
Corp.
,
3
.50
%
,
1/15/31
,
Callable
10/15/30
@
100
..........................
$
1,000,000
$
911,805
Appalachian
Power
Co.
,
2
.70
%
,
4/1/31
,
Callable
1/1/31
@
100
......................
1,500,000
1,284,969
CenterPoint
Energy,
Inc.
,
2
.65
%
,
6/1/31
,
Callable
3/1/31
@
100
......................
1,500,000
1,283,614
Dominion
Energy,
Inc.
,
2
.25
%
,
8/15/31
,
Callable
5/15/31
@
100
.....................
1,500,000
1,241,696
DTE
Electric
Co.
2
.25
%
,
3/1/30
,
Callable
12/1/29
@
100
...................................
1,000,000
877,372
3
.00
%
,
3/1/32
,
Callable
12/1/31
@
100
...................................
1,000,000
887,160
3
.65
%
,
3/1/52
,
Callable
9/1/51
@
100
....................................
500,000
394,984
Duke
Energy
Carolinas
LLC
,
2
.85
%
,
3/15/32
,
Callable
12/15/31
@
100
................
750,000
655,374
Duquesne
Light
Holdings,
Inc.
,
2
.78
%
,
1/7/32
,
Callable
10/7/31
@
100
(a)
..............
1,200,000
958,007
Entergy
Corp.
,
1
.90
%
,
6/15/28
,
Callable
4/15/28
@
100
...........................
2,000,000
1,771,395
Entergy
Louisiana
LLC
,
4
.00
%
,
3/15/33
,
Callable
12/15/32
@
100
....................
1,000,000
933,161
Florida
Power
&
Light
Co.
,
2
.88
%
,
12/4/51
,
Callable
6/4/51
@
100
...................
1,000,000
694,148
IPALCO
Enterprises,
Inc.
,
4
.25
%
,
5/1/30
,
Callable
2/1/30
@
100
.....................
1,525,000
1,411,426
ITC
Holdings
Corp.
,
4
.95
%
,
9/22/27
,
Callable
8/22/27
@
100
(a)
.....................
1,000,000
1,003,999
NextEra
Energy
Capital
Holdings,
Inc.
,
2
.44
%
,
1/15/32
,
Callable
10/15/31
@
100
.........
2,000,000
1,677,128
NRG
Energy,
Inc.
4
.45
%
,
6/15/29
,
Callable
3/15/29
@
100
(a)
................................
1,000,000
944,416
7
.00
%
,
3/15/33
,
Callable
12/15/32
@
100
(a)
...............................
1,000,000
1,056,695
Oglethorpe
Power
Corp.
4
.20
%
,
12/1/42
....................................................
1,000,000
792,673
4
.50
%
,
4/1/47
,
Callable
10/1/46
@
100
...................................
938,000
796,538
Oncor
Electric
Delivery
Co.
LLC
,
2
.70
%
,
11/15/51
,
Callable
5/15/51
@
100
.............
1,500,000
990,602
Piedmont
Natural
Gas
Co.,
Inc.
,
5
.40
%
,
6/15/33
,
Callable
3/15/33
@
100
...............
1,750,000
1,802,280
Public
Service
Co.
of
Colorado
,
1
.88
%
,
6/15/31
,
Callable
12/15/30
@
100
..............
2,000,000
1,651,158
Public
Service
Electric
&
Gas
Co.
,
1
.90
%
,
8/15/31
,
Callable
5/15/31
@
100
,
MTN
........
2,000,000
1,639,517
Rayburn
Country
Securitization
LLC
,
2
.31
%
,
12/1/30
(a)
...........................
845,289
767,700
South
Jersey
Industries,
Inc.
,
5
.02
%
,
4/15/31
...................................
1,000,000
811,006
Southern
Co.
Gas
Capital
Corp.
,
1
.75
%
,
1/15/31
,
Callable
10/15/30
@
100
..............
1,000,000
816,669
Southwestern
Electric
Power
Co.
,
3
.25
%
,
11/1/51
,
Callable
5/1/51
@
100
...............
750,000
506,373
The
AES
Corp.
,
2
.45
%
,
1/15/31
,
Callable
10/15/30
@
100
..........................
1,000,000
840,451
Vistra
Operations
Co.
LLC
,
4
.30
%
,
7/15/29
,
Callable
4/15/29
@
100
(a)
................
500,000
470,124
Wisconsin
Public
Service
Corp.
,
2
.85
%
,
12/1/51
,
Callable
6/1/51
@
100
...............
1,250,000
828,092
Xcel
Energy,
Inc.
,
2
.35
%
,
11/15/31
,
Callable
5/15/31
@
100
........................
500,000
411,821
33,629,067
Total
Corporate
Bonds
(Cost
$464,814,387)
424,545,472
Yankee
Dollars
(6.3%)
Communication
Services
(0.2%):
Rogers
Communications,
Inc.
,
3
.80
%
,
3/15/32
,
Callable
12/15/31
@
100
...............
4,000,000
3,684,126
Consumer
Discretionary
(0.1%):
International
Game
Technology
PLC
,
5
.25
%
,
1/15/29
,
Callable
2/5/24
@
102.63
(a)
........
1,000,000
977,536
Nemak
SAB
de
CV
,
3
.63
%
,
6/28/31
,
Callable
3/28/31
@
100
(a)
.....................
1,269,000
1,050,176
2,027,712
Consumer
Staples
(0.4%):
Alimentation
Couche-Tard,
Inc.
2
.95
%
,
1/25/30
,
Callable
10/25/29
@
100
(a)
...............................
667,000
596,741
3
.44
%
,
5/13/41
,
Callable
11/13/40
@
100
(a)
................................
750,000
567,491
Bacardi
Ltd.
4
.45
%
,
5/15/25
,
Callable
3/15/25
@
100
(a)
................................
1,500,000
1,478,841
2
.75
%
,
7/15/26
,
Callable
4/15/26
@
100
(a)
................................
500,000
470,831
Bacardi
Ltd./Bacardi-Martini
BV
,
5
.40
%
,
6/15/33
,
Callable
3/15/33
@
100
(a)
............
600,000
604,535
Becle
SAB
de
CV
,
2
.50
%
,
10/14/31
,
Callable
7/14/31
@
100
(a)
......................
1,750,000
1,402,322
JDE
Peet's
NV
,
2
.25
%
,
9/24/31
,
Callable
6/24/31
@
100
(a)
.........................
3,000,000
2,402,572
7,523,333
Energy
(0.3%):
Aker
BP
ASA
,
4
.00
%
,
1/15/31
,
Callable
10/15/30
@
100
(a)
........................
750,000
687,404
Korea
National
Oil
Corp.
,
2
.63
%
,
4/18/32
(a)
...................................
1,500,000
1,265,212
Petroleos
Mexicanos
,
6
.70
%
,
2/16/32
,
Callable
11/16/31
@
100
......................
500,000
414,669
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
33
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Shell
International
Finance
BV
,
2
.88
%
,
11/26/41
,
Callable
5/26/41
@
100
..............
$
1,500,000
$
1,136,238
Var
Energi
ASA
,
8
.00
%
,
11/15/32
,
Callable
8/15/32
@
100
(a)
.......................
1,000,000
1,127,128
4,630,651
Financials
(3.5%):
ABN
AMRO
Bank
,
4
.80
%
,
4/18/26
(a)
........................................
500,000
489,359
ANZ
Bank
New
Zealand
Ltd.
,
5
.55
%
,
8/11/32
,
Callable
8/11/27
@
100
(a)
..............
833,000
835,760
Ascot
Group
Ltd.
,
4
.25
%
,
12/15/30
,
Callable
12/15/25
@
100
(a)
.....................
1,000,000
830,680
Banco
Santander
SA
,
6
.92
%
,
8/8/33
.........................................
1,000,000
1,066,748
Bank
of
Montreal
,
3
.09
%
(
H15T5Y
+
140
bps
)
,
1/10/37
,
Callable
1/10/32
@
100
(c)
........
1,500,000
1,218,224
Bank
of
New
Zealand
,
2
.87
%
,
1/27/32
(a)
......................................
750,000
631,843
Barclays
PLC
2
.28
%
(
H15T1Y
+
105
bps
)
,
11/24/27
,
Callable
11/24/26
@
100
(c)
................
2,000,000
1,834,401
2
.89
%
(
H15T1Y
+
130
bps
)
,
11/24/32
,
Callable
11/24/31
@
100
(c)
................
500,000
411,126
7
.44
%
(
H15T1Y
+
350
bps
)
,
11/2/33
,
Callable
11/2/32
@
100
(c)
..................
1,000,000
1,120,709
BNP
Paribas
SA
,
4
.71
%
(
TSFR3M
+
250
bps
)
,
1/10/25
,
Callable
1/10/24
@
100
(a)
(c)
.......
1,000,000
999,773
BP
Capital
Markets
PLC
4
.87
%
(
H15T5Y
+
440
bps
)
,
Callable
3/22/30
@
100
(c)
(e)
......................
750,000
703,404
4
.38
%
(
H15T5Y
+
404
bps
)
,
Callable
6/22/25
@
100
(c)
(e)
......................
2,000,000
1,974,530
BPCE
SA
3
.25
%
,
1/11/28
(a)
...................................................
1,000,000
930,819
5
.75
%
(
SOFR
+
287
bps
)
,
7/19/33
,
Callable
7/19/32
@
100
(a)
(c)
..................
1,000,000
1,004,928
Brookfield
Finance,
Inc.
,
2
.72
%
,
4/15/31
,
Callable
1/15/31
@
100
....................
1,000,000
848,584
Canadian
Imperial
Bank
of
Commerce
,
6
.09
%
,
10/3/33
,
Callable
7/3/33
@
100
...........
1,000,000
1,067,360
Commonwealth
Bank
of
Australia
2
.69
%
,
3/11/31
(a)
...................................................
1,000,000
824,781
3
.78
%
,
3/14/32
(a)
..................................................
2,000,000
1,755,618
Cooperatieve
Rabobank
UA
1
.11
%
(
H15T1Y
+
55
bps
)
,
2/24/27
,
Callable
2/24/26
@
100
(a)
(c)
.................
2,000,000
1,830,812
4
.00
%
(
USSW5
+
189
bps
)
,
4/10/29
,
Callable
4/10/24
@
100
,
MTN
(c)
..............
600,000
595,485
Credit
Agricole
SA
,
3
.25
%
,
10/4/24
(a)
........................................
1,250,000
1,228,355
Deutsche
Bank
AG
,
3
.74
%
(
SOFR
+
226
bps
)
,
1/7/33
,
Callable
10/7/31
@
100
(c)
..........
3,750,000
3,078,339
Federation
des
Caisses
Desjardins
du
Quebec
,
4
.55
%
,
8/23/27
(a)
.....................
2,000,000
1,988,177
HSBC
Holdings
PLC
2
.21
%
(
SOFR
+
129
bps
)
,
8/17/29
,
Callable
8/17/28
@
100
(c)
....................
1,000,000
872,994
8
.11
%
(
SOFR
+
425
bps
)
,
11/3/33
,
Callable
11/3/32
@
100
(c)
....................
1,000,000
1,152,071
Imperial
Brands
Finance
PLC
,
3
.88
%
,
7/26/29
,
Callable
4/26/29
@
100
(a)
..............
1,000,000
933,209
ING
Groep
NV
,
2
.73
%
(
SOFR
+
132
bps
)
,
4/1/32
,
Callable
4/1/31
@
100
(c)
..............
2,000,000
1,716,636
JAB
Holdings
BV
,
4
.50
%
,
4/8/52
,
Callable
10/8/51
@
100
(a)
.......................
1,000,000
776,993
Lloyds
Banking
Group
PLC
1
.63
%
(
H15T1Y
+
85
bps
)
,
5/11/27
,
Callable
5/11/26
@
100
(c)
...................
1,000,000
916,575
3
.57
%
(
US0003M
+
121
bps
)
,
11/7/28
,
Callable
11/7/27
@
100
(c)
.................
250,000
235,233
7
.95
%
(
H15T1Y
+
375
bps
)
,
11/15/33
,
Callable
8/15/32
@
100
(c)
.................
606,000
695,178
Macquarie
Bank
Ltd.
,
3
.05
%
(
H15T5Y
+
170
bps
)
,
3/3/36
,
Callable
3/3/31
@
100
(a)
(c)
......
1,250,000
1,012,082
Macquarie
Group
Ltd.
,
4
.10
%
(
SOFR
+
213
bps
)
,
6/21/28
,
Callable
6/21/27
@
100
(a)
(c)
.....
1,000,000
960,165
Mitsubishi
UFJ
Financial
Group,
Inc.
,
5
.02
%
(
H15T1Y
+
195
bps
)
,
7/20/28
,
Callable
7/20/27
@
100
(c)
...........................................................
1,500,000
1,501,520
Mizuho
Financial
Group,
Inc.
2
.56
%
,
9/13/31
....................................................
1,000,000
814,338
2
.17
%
(
H15T1Y
+
87
bps
)
,
5/22/32
,
Callable
5/22/31
@
100
(c)
...................
1,500,000
1,219,692
National
Australia
Bank
Ltd.
,
3
.93
%
(
H15T5Y
+
188
bps
)
,
8/2/34
,
Callable
8/2/29
@
100
(a)
(c)
1,500,000
1,359,849
Nationwide
Building
Society
4
.30
%
(
US0003M
+
145
bps
)
,
3/8/29
,
Callable
3/8/28
@
100
(a)
(c)
.................
250,000
239,437
3
.96
%
(
US0003M
+
186
bps
)
,
7/18/30
,
Callable
7/18/29
@
100
(a)
(c)
...............
500,000
466,663
NatWest
Group
PLC
,
4
.45
%
(
US0003M
+
187
bps
)
,
5/8/30
,
Callable
5/8/29
@
100
(c)
.......
1,000,000
956,721
Nomura
Holdings,
Inc.
,
5
.61
%
,
7/6/29
........................................
1,500,000
1,533,313
Santander
UK
Group
Holdings
PLC
,
2
.90
%
(
SOFR
+
148
bps
)
,
3/15/32
,
Callable
3/15/31
@
100
(c)
...........................................................
2,000,000
1,717,387
Societe
Generale
SA
1
.49
%
(
H15T1Y
+
110
bps
)
,
12/14/26
,
Callable
12/14/25
@
100
(a)
(c)
..............
500,000
460,312
3
.34
%
(
H15T1Y
+
160
bps
)
,
1/21/33
,
Callable
1/21/32
@
100
(a)
(c)
................
1,000,000
839,456
6
.22
%
(
H15T1Y
+
320
bps
)
,
6/15/33
,
Callable
6/15/32
@
100
(a)
(c)
................
1,000,000
999,032
Standard
Chartered
PLC
7
.77
%
(
H15T1Y
+
345
bps
)
,
11/16/28
,
Callable
11/16/27
@
100
(a)
(c)
..............
1,000,000
1,079,191
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
34
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
4
.87
%
(
USISOA05
+
197
bps
)
,
3/15/33
,
Callable
3/15/28
@
100
(a)
(c)
..............
$
500,000
$
470,444
Sumitomo
Mitsui
Financial
Group,
Inc.
,
2
.22
%
,
9/17/31
...........................
1,500,000
1,238,394
Swedbank
AB
,
0
.85
%
,
3/18/24
(a)
...........................................
1,500,000
1,484,953
The
Bank
of
Nova
Scotia
4
.50
%
,
12/16/25
....................................................
500,000
491,921
1
.30
%
,
9/15/26
....................................................
1,000,000
910,947
2
.45
%
,
2/2/32
.....................................................
1,000,000
838,126
The
Toronto-Dominion
Bank
,
2
.00
%
,
9/10/31
...................................
1,500,000
1,247,303
UBS
Group
AG
3
.75
%
,
3/26/25
....................................................
500,000
489,811
2
.19
%
(
SOFR
+
204
bps
)
,
6/5/26
,
Callable
6/5/25
@
100
(a)
(c)
....................
1,000,000
951,551
1
.31
%
(
SOFRINDX
+
98
bps
)
,
2/2/27
,
Callable
2/2/26
@
100
(a)
(c)
................
1,000,000
916,256
4
.28
%
,
1/9/28
,
Callable
1/9/27
@
100
(a)
..................................
750,000
725,123
9
.02
%
(
SOFR
+
502
bps
)
,
11/15/33
,
Callable
11/15/32
@
100
(a)
(c)
................
500,000
614,982
Westpac
Banking
Corp.
4
.32
%
(
USISOA05
+
224
bps
)
,
11/23/31
,
Callable
11/23/26
@
100
(c)
...............
1,000,000
961,831
2
.67
%
(
H15T5Y
+
175
bps
)
,
11/15/35
,
Callable
11/15/30
@
100
(c)
................
1,000,000
813,390
3
.02
%
(
H15T5Y
+
153
bps
)
,
11/18/36
,
Callable
11/18/31
@
100
(c)
................
1,000,000
811,864
62,694,758
Health
Care
(0.4%):
Olympus
Corp.
,
2
.14
%
,
12/8/26
,
Callable
11/8/26
@
100
(a)
........................
758,000
698,128
Royalty
Pharma
PLC
2
.15
%
,
9/2/31
,
Callable
6/2/31
@
100
....................................
1,500,000
1,226,518
3
.30
%
,
9/2/40
,
Callable
3/2/40
@
100
....................................
2,000,000
1,507,789
3
.55
%
,
9/2/50
,
Callable
3/2/50
@
100
(d)
..................................
750,000
533,796
Smith
&
Nephew
PLC
,
2
.03
%
,
10/14/30
,
Callable
7/14/30
@
100
....................
2,650,000
2,190,142
STERIS
Irish
FinCo
Unlimited
Co.
,
2
.70
%
,
3/15/31
,
Callable
12/15/30
@
100
...........
2,000,000
1,719,704
7,876,077
Industrials
(0.7%):
Air
Canada
Pass
Through
Trust
,
4
.13
%
,
5/15/25
(a)
...............................
1,570,739
1,503,887
Aircastle
Ltd.
,
6
.50
%
,
7/18/28
,
Callable
6/18/28
@
100
(a)
..........................
1,000,000
1,020,350
BAE
Systems
PLC
,
3
.40
%
,
4/15/30
,
Callable
1/15/30
@
100
(a)
......................
750,000
690,466
Ferguson
Finance
PLC
3
.25
%
,
6/2/30
,
Callable
3/2/30
@
100
(a)
..................................
1,800,000
1,612,231
4
.65
%
,
4/20/32
,
Callable
1/20/32
@
100
(a)
................................
750,000
726,173
nVent
Finance
Sarl
,
5
.65
%
,
5/15/33
,
Callable
2/15/33
@
100
........................
1,500,000
1,519,675
Pentair
Finance
Sarl
,
5
.90
%
,
7/15/32
,
Callable
4/15/32
@
100
.......................
2,000,000
2,076,932
Port
of
Newcastle
Investments
Financing
Pty
Ltd.
,
5
.90
%
,
11/24/31
,
Callable
8/24/31
@
100
(a)
...........................................................
1,000,000
911,314
Rolls-Royce
PLC
,
3
.63
%
,
10/14/25
,
Callable
7/14/25
@
100
(a)
......................
275,000
265,553
Trane
Technologies
Financing
Ltd.
,
5
.25
%
,
3/3/33
,
Callable
12/3/32
@
100
.............
1,750,000
1,813,384
12,139,965
Information
Technology
(0.2%):
NXP
BV/NXP
Funding
LLC/NXP
USA,
Inc.
,
2
.65
%
,
2/15/32
,
Callable
11/15/31
@
100
....
1,500,000
1,264,358
Open
Text
Corp.
,
6
.90
%
,
12/1/27
,
Callable
11/1/27
@
100
(a)
........................
686,000
714,181
SK
Hynix,
Inc.
,
6
.50
%
,
1/17/33
(a)
...........................................
1,071,000
1,130,352
3,108,891
Materials
(0.2%):
ArcelorMittal
SA
,
6
.80
%
,
11/29/32
,
Callable
8/29/32
@
100
........................
1,500,000
1,622,670
Braskem
Netherlands
Finance
BV
4
.50
%
,
1/31/30
,
Callable
10/31/29
@
100
(a)
...............................
1,000,000
766,979
7
.25
%
,
2/13/33
,
Callable
11/13/32
@
100
(a)
................................
300,000
250,042
CCL
Industries,
Inc.
,
3
.05
%
,
6/1/30
,
Callable
3/1/30
@
100
(a)
.......................
2,000,000
1,752,707
4,392,398
Real
Estate
(0.1%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust
,
2
.50
%
,
10/15/31
,
Callable
7/15/31
@
100
(a)
...........................................................
3,233,000
2,611,889
Utilities
(0.2%):
Enel
Finance
International
NV
,
1
.88
%
,
7/12/28
,
Callable
5/12/28
@
100
(a)
..............
2,000,000
1,744,718
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
35
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
GENM
Capital
Labuan
Ltd.
,
3
.88
%
,
4/19/31
,
Callable
1/19/31
@
100
(a)
...............
$
1,500,000
$
1,281,790
3,026,508
Total
Yankee
Dollars
(Cost
$122,859,371)
113,716,308
Municipal
Bonds
(1.2%)
Arizona
(0.0%):(f)
The
University
of
Arizona
Revenue
,
Series
A
,
1
.82
%
,
6/1/30
........................
1,000,000
848,375
California
(0.1%):
California
Statewide
Communities
Development
Authority
Revenue
,
1
.73
%
,
4/1/27
.......
1,000,000
887,587
City
of
El
Cajon
Revenue
Series
A
,
1
.70
%
,
4/1/27
..............................................
620,000
561,188
Series
A
,
1
.90
%
,
4/1/28
..............................................
500,000
443,141
San
Jose
Redevelopment
Agency
Successor
Agency
Tax
Allocation
,
Series
A-T
,
3
.13
%
,
8/1/28
,
Continuously
Callable
@100
...........................................
500,000
472,326
2,364,242
Connecticut
(0.0%):(f)
State
of
Connecticut,
GO
,
Series
A
,
3
.43
%
,
4/15/28
..............................
500,000
477,690
Florida
(0.2%):
Florida
Development
Finance
Corp.
Revenue
,
Series
B
,
3
.22
%
,
2/1/32
,
Continuously
Callable
@100
...........................................................
1,020,000
859,013
Hillsborough
County
IDA
Revenue
,
3
.58
%
,
8/1/35
,
Continuously
Callable
@100
.........
1,500,000
1,259,816
Hillsborough
County
School
Board
Certificate
of
Participation
,
Series
B
,
1
.92
%
,
7/1/25
....
750,000
717,184
2,836,013
Louisiana
(0.0%):(f)
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
,
Series
A
,
4
.48
%
,
8/1/39
.......................................
835,000
808,822
Michigan
(0.1%):
Michigan
Finance
Authority
Revenue
,
2
.47
%
,
12/1/25
............................
1,000,000
960,089
New
Jersey
(0.1%):
New
Jersey
Economic
Development
Authority
Revenue
,
Series
NNN
,
3
.47
%
,
6/15/27
......
1,000,000
966,114
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
,
Series
A
,
3
.36
%
,
7/1/40
...
1,000,000
835,101
South
Jersey
Transportation
Authority
Revenue
,
Series
B
,
2
.38
%
,
11/1/27
...............
900,000
810,265
2,611,480
Pennsylvania
(0.1%):
Public
Parking
Authority
of
Pittsburgh
Revenue
,
2
.33
%
,
12/1/29
.....................
895,000
760,576
State
Public
School
Building
Authority
Revenue
,
3
.15
%
,
4/1/30
......................
1,290,000
1,183,910
1,944,486
Texas
(0.4%):
City
of
San
Antonio,
GO
,
1
.76
%
,
2/1/31
,
Continuously
Callable
@100
.................
630,000
527,319
County
of
Bexar
Revenue
,
2
.28
%
,
8/15/32
,
Continuously
Callable
@100
...............
1,070,000
867,206
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
3
.34
%
,
11/15/37
....................................................
2,000,000
1,686,655
Series
D
,
2
.28
%
,
7/1/34
..............................................
370,000
287,713
North
Texas
Tollway
Authority
Revenue
,
1
.02
%
,
1/1/25
...........................
1,000,000
961,150
San
Antonio
Education
Facilities
Corp.
Revenue
,
2
.50
%
,
4/1/29
......................
1,270,000
1,104,402
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
1
.63
%
,
9/1/26
.....................................................
525,000
483,426
1
.82
%
,
9/1/27
.....................................................
700,000
631,878
Uptown
Development
Authority
Tax
Allocation
Series
B
,
2
.58
%
,
9/1/31
..............................................
270,000
222,390
Series
B
,
2
.78
%
,
9/1/33
,
Continuously
Callable
@100
.........................
500,000
399,475
7,171,614
Virginia
(0.1%):
Virginia
Housing
Development
Authority
Revenue
Series
J
,
1
.97
%
,
11/1/28
..............................................
225,000
196,923
Series
J
,
2
.27
%
,
11/1/31
,
Continuously
Callable
@100
........................
225,000
185,352
Series
J
,
2
.42
%
,
11/1/32
,
Continuously
Callable
@100
........................
275,000
224,962
Series
J
,
2
.47
%
,
11/1/33
,
Continuously
Callable
@100
........................
270,000
217,808
Series
J
,
2
.52
%
,
11/1/34
,
Continuously
Callable
@100
........................
250,000
199,245
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
36
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Series
J
,
2
.57
%
,
11/1/35
,
Continuously
Callable
@100
........................
$
300,000
$
236,367
1,260,657
Washington
(0.1%):
Washington
State
University
Revenue
,
Series
A
,
2
.24
%
,
10/1/28
.....................
1,000,000
903,113
Total
Municipal
Bonds
(Cost
$25,186,117)
22,186,581
U.S.
Government
Agency
Mortgages
(10.7%)
Federal
Farm
Credit
Banks
Funding
Corp.
5
.93
%
,
7/14/33
....................................................
5,000,000
5,045,100
Federal
Home
Loan
Mortgage
Corporation
3
.00
%
,
3/1/31
-
5/1/52
...............................................
4,132,872
3,674,995
3
.50
%
,
5/1/33
-
7/1/52
...............................................
3,456,947
3,199,020
4
.00
%
,
7/1/42
-
9/1/52
...............................................
4,292,455
4,117,795
4
.50
%
,
11/1/42
-
10/1/52
..............................................
4,384,557
4,279,210
5
.00
%
,
3/1/38
-
6/1/53
...............................................
15,954,027
15,845,993
5
.50
%
,
8/1/38
-
5/1/53
...............................................
6,676,326
6,737,378
6
.00
%
,
8/1/53
.....................................................
1,981,525
2,012,100
39,866,491
Federal
National
Mortgage
Association
2
.00
%
,
11/1/51
-
12/1/51
..............................................
3,061,938
2,519,627
2
.50
%
,
11/1/34
-
3/1/52
..............................................
3,474,359
2,976,102
3
.00
%
,
2/1/50
-
2/1/52
...............................................
3,859,554
3,425,859
3
.50
%
,
12/1/42
-
8/1/52
..............................................
13,055,744
12,095,691
4
.00
%
,
4/1/38
-
6/1/52
...............................................
19,081,056
18,203,562
4
.50
%
,
1/1/38
-
9/1/52
...............................................
25,755,641
25,009,653
5
.00
%
,
12/1/37
-
4/1/53
..............................................
7,239,242
7,212,645
5
.50
%
,
10/1/52
....................................................
3,497,985
3,518,274
6
.00
%
,
9/1/53
.....................................................
1,073,314
1,090,929
76,052,342
Government
National
Mortgage
Association
2
.50
%
,
6/20/53
-
9/20/53
.............................................
10,155,666
8,897,053
3
.00
%
,
10/20/51
-
11/20/52
............................................
12,596,034
11,393,580
3
.50
%
,
2/20/52
-
6/20/52
.............................................
6,178,419
5,738,568
4
.00
%
,
11/20/52
....................................................
4,286,081
4,087,288
4
.50
%
,
9/20/52
-
9/20/53
.............................................
6,306,774
6,151,058
5
.00
%
,
8/20/38
-
9/20/53
.............................................
6,514,002
6,493,229
5
.50
%
,
4/20/53
-
9/20/53
.............................................
16,949,033
17,074,593
6
.00
%
,
7/20/53
-
9/20/53
.............................................
8,905,725
9,058,744
6
.50
%
,
1/20/54
....................................................
4,000,000
4,099,728
72,993,841
Total
U.S.
Government
Agency
Mortgages
(Cost
$195,535,950)
193,957,774
U.S.
Treasury
Obligations
(40.3%)
U.S.
Treasury
Bonds
5
.25
%
,
2/15/29
....................................................
7,000,000
7,416,719
3
.50
%
,
2/15/39
....................................................
20,000,000
18,940,625
1
.13
%
,
5/15/40
....................................................
6,878,000
4,437,385
1
.38
%
,
11/15/40
....................................................
5,000,000
3,322,656
1
.75
%
,
8/15/41
....................................................
21,000,000
14,627,812
2
.00
%
,
11/15/41
....................................................
12,190,000
8,835,845
2
.38
%
,
2/15/42
....................................................
10,000,000
7,687,500
3
.38
%
,
8/15/42
....................................................
15,000,000
13,399,219
3
.13
%
,
2/15/43
....................................................
14,000,000
11,985,313
3
.88
%
,
5/15/43
....................................................
17,000,000
16,240,312
2
.88
%
,
5/15/43
....................................................
2,000,000
1,644,375
4
.38
%
,
8/15/43
....................................................
10,000,000
10,226,563
3
.38
%
,
5/15/44
....................................................
7,000,000
6,179,688
2
.50
%
,
2/15/46
....................................................
10,000,000
7,514,062
2
.75
%
,
8/15/47
....................................................
500,000
390,234
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
37
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
2
.75
%
,
11/15/47
....................................................
$
500,000
$
390,078
3
.00
%
,
2/15/48
....................................................
3,500,000
2,857,969
3
.38
%
,
11/15/48
....................................................
7,012,000
6,122,353
1
.38
%
,
8/15/50
....................................................
7,000,000
3,910,156
1
.63
%
,
11/15/50
....................................................
3,000,000
1,792,031
1
.88
%
,
2/15/51
....................................................
28,013,000
17,818,894
2
.00
%
,
8/15/51
....................................................
27,203,000
17,813,715
4
.00
%
,
11/15/52
....................................................
2,000,000
1,977,813
3
.63
%
,
2/15/53
....................................................
10,000,000
9,257,813
4
.13
%
,
8/15/53
....................................................
16,000,000
16,217,500
U.S.
Treasury
Notes
3
.00
%
,
7/31/24
....................................................
7,000,000
6,916,055
0
.38
%
,
8/15/24
....................................................
10,000,000
9,712,500
0
.38
%
,
9/15/24
....................................................
5,000,000
4,841,406
1
.50
%
,
10/31/24
....................................................
3,000,000
2,918,320
0
.75
%
,
11/15/24
....................................................
10,000,000
9,649,609
4
.25
%
,
12/31/24
....................................................
5,000,000
4,974,414
2
.25
%
,
12/31/24
....................................................
5,000,000
4,877,148
1
.13
%
,
1/15/25
....................................................
4,000,000
3,853,594
2
.63
%
,
4/15/25
....................................................
8,000,000
7,803,125
2
.88
%
,
6/15/25
....................................................
5,000,000
4,887,109
3
.00
%
,
7/15/25
....................................................
5,000,000
4,891,406
3
.00
%
,
9/30/25
....................................................
300,000
293,121
0
.38
%
,
11/30/25
....................................................
3,000,000
2,786,016
4
.88
%
,
11/30/25
....................................................
25,000,000
25,262,695
0
.38
%
,
1/31/26
....................................................
4,000,000
3,695,313
0
.75
%
,
5/31/26
....................................................
5,000,000
4,616,016
1
.50
%
,
8/15/26
....................................................
2,000,000
1,872,031
1
.38
%
,
8/31/26
....................................................
8,000,000
7,459,375
1
.13
%
,
10/31/26
....................................................
5,000,000
4,613,281
2
.00
%
,
11/15/26
....................................................
2,700,000
2,552,977
1
.88
%
,
2/28/27
....................................................
15,000,000
14,066,016
2
.38
%
,
5/15/27
....................................................
7,000,000
6,648,906
0
.50
%
,
6/30/27
....................................................
2,500,000
2,220,508
2
.25
%
,
8/15/27
....................................................
1,000,000
942,969
2
.25
%
,
11/15/27
....................................................
1,700,000
1,598,398
0
.63
%
,
11/30/27
....................................................
13,000,000
11,458,281
0
.75
%
,
1/31/28
....................................................
10,000,000
8,817,188
2
.75
%
,
2/15/28
....................................................
9,000,000
8,602,031
1
.25
%
,
3/31/28
....................................................
8,000,000
7,175,625
1
.25
%
,
4/30/28
....................................................
10,000,000
8,953,125
2
.88
%
,
5/15/28
....................................................
4,000,000
3,835,938
1
.00
%
,
7/31/28
....................................................
22,000,000
19,349,687
2
.88
%
,
8/15/28
....................................................
630,000
602,880
1
.13
%
,
8/31/28
....................................................
5,000,000
4,414,844
1
.25
%
,
9/30/28
....................................................
10,000,000
8,863,281
3
.13
%
,
11/15/28
....................................................
1,000,000
966,172
0
.88
%
,
1/15/29
....................................................
609,250
583,498
2
.63
%
,
2/15/29
....................................................
1,000,000
941,953
2
.38
%
,
3/31/29
....................................................
18,000,000
16,716,094
2
.88
%
,
4/30/29
....................................................
5,000,000
4,758,203
2
.75
%
,
5/31/29
....................................................
5,000,000
4,723,438
1
.63
%
,
8/15/29
....................................................
10,000,000
8,901,562
3
.50
%
,
1/31/30
....................................................
10,000,000
9,785,156
4
.00
%
,
2/28/30
....................................................
16,000,000
16,086,250
0
.63
%
,
8/15/30
....................................................
10,485,000
8,509,233
4
.63
%
,
9/30/30
....................................................
5,000,000
5,214,844
1
.13
%
,
2/15/31
....................................................
15,295,000
12,771,325
1
.63
%
,
5/15/31
....................................................
20,000,000
17,159,375
1
.38
%
,
11/15/31
....................................................
5,128,000
4,260,246
1
.88
%
,
2/15/32
....................................................
6,000,000
5,160,938
2
.88
%
,
5/15/32
....................................................
9,185,000
8,516,217
2
.75
%
,
8/15/32
....................................................
9,307,000
8,528,993
4
.13
%
,
11/15/32
....................................................
69,500,000
70,683,672
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
38
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
3
.38
%
,
5/15/33
....................................................
$
53,350,000
$
51,232,672
3
.88
%
,
8/15/33
....................................................
34,176,000
34,154,640
Total
U.S.
Treasury
Obligations
(Cost
$753,965,050)
726,686,299
Commercial
Paper
(2.9%)
Consumer
Staples
(0.3%):
Sysco
Corp.
,
5
.64
%
,
1/4/24
(a)
(g)
............................................
5,000,000
4,995,497
Energy
(0.2%):
Kinder
Morgan
Energy
LP
,
5
.56
%
,
1/2/24
(a)
(g)
.................................
3,000,000
2,998,092
Financials
(0.4%):
Intercontinental
Exchange,
Inc.
,
9
.56
%
,
1/3/24
(a)
(g)
..............................
5,000,000
4,996,020
VW
Credit,
Inc.
,
5
.77
%
,
2/1/24
(a)
(g)
.........................................
2,000,000
1,989,412
6,985,432
Industrials
(0.2%):
Lennox
International,
Inc.
,
5
.61
%
,
1/4/24
(a)
(g)
..................................
4,000,000
3,996,328
Vulcan
Materials
Co.
,
5
.61
%
,
1/9/24
(a)
(g)
.....................................
753,000
751,740
4,748,068
Materials
(0.9%):
Cabot
Corp.
,
11
.09
%
,
1/2/24
(a)
(g)
...........................................
11,000,000
10,993,224
Glencore
Funding
LLC
,
7
.76
%
,
1/5/24
(a)
(g)
....................................
5,000,000
4,994,614
15,987,838
Utilities
(0.9%):
Arizona
Public
Service
,
5
.40
%
,
1/3/24
(a)
(g)
....................................
2,700,000
2,697,966
Arizona
Public
Service
,
8
.15
%
,
1/4/24
(a)
(g)
....................................
6,000,000
5,994,573
DTE
Energy
Co.
,
10
.86
%
,
1/2/24
(a)
(g)
.......................................
750,000
749,548
Evergy
Kansas
Central
,
10
.86
%
,
1/2/24
(a)
(g)
...................................
7,000,000
6,995,780
16,437,867
Total
Commercial
Paper
(Cost
$52,176,622)
52,152,794
Shares
Collateral
for
Securities
Loaned
(0.3%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(h)
........
1,442,023
1,442,023
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(h)
............
1,442,023
1,442,023
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(h)
...............
1,442,023
1,442,023
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(h)
.
1,442,023
1,442,023
Total
Collateral
for
Securities
Loaned
(Cost
$5,768,092)
5,768,092
Total
Investments
(Cost
$1,890,315,606)
—
99.7%
1,800,220,163
Other
assets
in
excess
of
liabilities
—
0.3%
5,081,424
NET
ASSETS
-
100.00%
$
1,805,301,587
At
December
31,
2023,
the
Fund's
investments
in
foreign
securities
were
7.0%
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,
2023,
the
fair
value
of
these
securities
was
$394,500,563
and
amounted
to
21.9%
of
net
assets.
(b)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
December
31,
2023.
(c)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
December
31,
2023.
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(f)
Amount
represents
less
than
0.05%
of
net
assets.
(g)
Rate
represents
the
effective
yield
at
December
31,
2023.
(h)
Rate
disclosed
is
the
daily
yield
on
December
31,
2023.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
39
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
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,
2023.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
December
31,
2023.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
IDA
—
Industrial
Development
Authority
LIBOR
—
London
Interbank
Offered
Rate
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of  December
31,
2023.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
December
31,
2023.
SOFR90A
—
90
day
average
of
SOFR,
rate
disclosed
as
of
December
31,
2023.
TSFR1M
—
1
month
Term
SOFR,
rate
disclosed
as
of
December
31,
2023.
TSFR3M
—
3
month
Term
SOFR,
rate
disclosed
as
of
December
31,
2023.
US0003M
—
3
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
December
31,
2023,
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,
2023.
USSW5
—
USD
5
Year
Swap
Rate,
rate
disclosed
as
of
December
31,
2023.
Statements
of
Assets
and
Liabilities
December
31,
2023
40
See
notes
to
financial
statements.
Victory
Portfolios
II
(Unaudited)
VictoryShares
Short-Term
Bond
ETF
VictoryShares
Core
Intermediate
Bond
ETF
Assets:
Investments,
at
value
(Cost
$551,546,416
and
$1,890,315,606)
$
551,353,912‌(a)
$
1,800,220,163‌(b)
Cash
5,658,114‌
264,166‌
Deposit
with
broker
for
futures
contracts
—‌
42,649‌
Receivables:
Interest
and
dividends
3,559,653‌
12,864,682‌
Capital
shares
issued
—‌
2,341,228‌
Prepaid
expenses
644‌
1,975‌
Total
Assets
560,572,323‌
1,815,734,863‌
Liabilities:
Payables:
Collateral
received
on
loaned
securities
3,036,052‌
5,768,092‌
Investments
purchased
5,376,159‌
4,110,000‌
Accrued
expenses
and
other
payables:
Investment
advisory
fees
115,270‌
441,825‌
Administration
fees
24,731‌
74,629‌
Custodian
fees
2,048‌
7,029‌
Compliance
fees
450‌
1,279‌
Trustees'
fees
1,407‌
3,447‌
Other
accrued
expenses
20,144‌
26,975‌
Total
Liabilities
8,576,261‌
10,433,276‌
Commitments
and
contingencies
(Note
5
)
Net
Assets:
Capital
562,685,520‌
1,937,543,522‌
Total
accumulated
earnings/(loss)
(10,689,458‌)
(132,241,935‌)
Net
Assets
$
551,996,062‌
$
1,805,301,587‌
Shares
outstanding
(unlimited
shares
authorized,
no
par
value):
11,150,000‌
38,550,000‌
Net
asset
value:
$
49.51‌
$
46.83‌
(a)
Includes
$2,944,261
of
securities
on
loan.
(b)
Includes
$5,548,313
of
securities
on
loan.
Statements
of
Operations
For
the
Six
Months
Ended
December
31,
2023
41
See
notes
to
financial
statements.
Victory
Portfolios
II
(Unaudited)
VictoryShares
Short-Term
Bond
ETF
VictoryShares
Core
Intermediate
Bond
ETF
Investment
Income:
Interest
$
14,066,363‌
$
30,522,535‌
Securities
lending
(net
of
fees)
10,477‌
45,178‌
Total
Income
14,076,840‌
30,567,713‌
Expenses:
Investment
advisory
fees
675,419‌
2,342,283‌
Administration
fees
150,115‌
433,946‌
Sub-Administration
fees
10,774‌
13,279‌
Custodian
fees
13,662‌
35,102‌
Trustees'
fees
18,766‌
51,262‌
Compliance
fees
2,480‌
6,994‌
Legal
and
audit
fees
25,765‌
61,962‌
Line
of
credit
fees
141‌
752‌
Other
expenses
31,677‌
50,948‌
Recoupment
of
prior
expenses
waived/reimbursed
by
Adviser
4,498‌
—‌
Total
Expenses
933,297‌
2,996,528‌
Net
Investment
Income
(Loss)
13,143,543‌
27,571,185‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
investment
securities
(
4,152,830‌
)
(
15,069,084‌
)
Net
change
in
unrealized
appreciation/depreciation
on
investment
securities
13,169,458‌
54,090,050‌
Net
realized/unrealized
gains
(losses)
on
investments
9,016,628‌
39,020,966‌
Change
in
net
assets
resulting
from
operations
$
22,160,171‌
$
66,592,151‌
42
Victory
Portfolios
II
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
VictoryShares
Short-Term
Bond
ETF
VictoryShares
Core
Intermediate
Bond
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
From
Investment
Activities:
Operations:
Net
Investment
Income
(Loss)
$
13,143,543‌
$
15,360,377‌
$
27,571,185‌
$
38,303,923‌
Net
realized
gains
(losses)
(
4,152,830‌
)
(
3,336,317‌
)
(
15,069,084‌
)
(
24,741,872‌
)
Net
change
in
unrealized
appreciation/depreciation
13,169,458‌
2,494,191‌
54,090,050‌
(
11,754,614‌
)
Change
in
net
assets
resulting
from
operations
22,160,171‌
14,518,251‌
66,592,151‌
1,807,437‌
Change
in
net
assets
resulting
from
distributions
to
shareholders
(
15,230,935‌
)
(
14,792,050‌
)
(
30,834,897‌
)
(
36,829,925‌
)
Change
in
net
assets
resulting
from
capital
transactions
22,313,341‌
163,290,349‌
311,864,042‌
256,495,140‌
Change
in
net
assets
29,242,577‌
163,016,550‌
347,621,296‌
221,472,652‌
Net
Assets:
Beginning
of
period
522,753,485‌
359,736,935‌
1,457,680,291‌
1,236,207,639‌
End
of
period
$
551,996,062‌
$
522,753,485‌
$
1,805,301,587‌
$
1,457,680,291‌
Capital
Transactions:
Proceeds
from
shares
issued
$
49,036,979‌
$
185,298,243‌
$
311,864,042‌
$
290,534,658‌
Cost
of
shares
redeemed
(
26,723,638‌
)
(
22,007,894‌
)
—‌
(
34,039,518‌
)
Change
in
net
assets
resulting
from
capital
transactions
$
22,313,341‌
$
163,290,349‌
$
311,864,042‌
$
256,495,140‌
Share
Transactions:
Issued
1,000,000‌
3,800,000‌
6,850,000‌
6,250,000‌
Redeemed
(
550,000‌
)
(
450,000‌
)
—‌
(
750,000‌
)
Change
in
Shares
450,000‌
3,350,000‌
6,850,000‌
5,500,000‌
Victory
Portfolios
II
Financial
Highlights
For
a
Share
Outstanding
Throughout
Each
Period
43
See
notes
to
financial
statements.
VictoryShares
Short-Term
Bond
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Ten
Months
Ended
June
30,
2020(a)
Year
Ended
August
31,
2019
Net
Asset
Value,
Beginning
of
Period
$48.86
$48.94
$51.87
$51.22
$50.65
$49.50
Investment
Activities:
Net
investment
income
(loss)(b)
1.20
1.77
0.86
0.84
1.10
1.37
Net
realized
and
unrealized
gains
(losses)
0.84
(0.17)
(2.78)
0.93
0.48
1.13
Total
from
Investment
Activities
2.04
1.60
(1.92)
1.77
1.58
2.50
Distributions
to
Shareholders
from:
Net
investment
income
(1.39)
(1.68)
(0.84)
(0.90)
(1.01)
(1.35)
Net
realized
gains
—
—
(0.17)
(0.22)
—
—
Total
Distributions
(1.39)
(1.68)
(1.01)
(1.12)
(1.01)
(1.35)
Net
Asset
Value,
End
of
Period
$49.51
$48.86
$48.94
$51.87
$51.22
$50.65
Total
Return(c)(d)
4.23%
3.32%
(3.73)%
3.48%
3.17%
5.11%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.35%
0.35%
0.32%(g)
0.34%(h)
0.35%
0.35%
Net
Investment
Income
(Loss)(e)
4.86%
3.63%
1.70%
1.62%
2.62%
2.75%
Gross
Expenses(e)(f)
0.35%
0.35%
0.36%
0.37%
0.44%
0.40%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$551,996
$522,753
$359,737
$272,296
$105,000
$83,573
Portfolio
Turnover(c)(i)
38%
53%
67%
80%
72%(j)
30%
(a)
The
Fund's
fiscal
year-end
changed
from
August
31
to
June
30,
effective
September
1,
2019.
(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
waiver.
Without
this
voluntary
waiver,
the
net
expense
ratio
would
have
been
0.02%
higher.
(h)
Includes
impact
of
voluntary
waivers.
Without
these
voluntary
waivers,
the
net
expense
ratio
would
have
been
at
the
contractual
cap.
(i)
Excludes
impact
of
in-kind
transactions.
(j)
Portfolio
turnover
increased
significantly
due
to
changes
in
the
volume
and
timing
of
purchases
and
sales
of
portfolio
holdings
during
the
period.
Victory
Portfolios
II
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
44
See
notes
to
financial
statements.
VictoryShares
Core
Intermediate
Bond
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Ten
Months
Ended
June
30,
2020(a)
Year
Ended
August
31,
2019
Net
Asset
Value,
Beginning
of
Period
$45.98
$47.18
$53.71
$53.67
$52.48
$48.61
Investment
Activities:
Net
investment
income
(loss)(b)
0.80
1.31
0.89
1.08
1.21
1.62
Net
realized
and
unrealized
gains
(losses)
0.94
(1.26)
(6.37)
0.27
1.12
3.81
Total
from
Investment
Activities
1.74
0.05
(5.48)
1.35
2.33
5.43
Distributions
to
Shareholders
from:
Net
investment
income
(0.89)
(1.25)
(0.92)
(1.11)
(1.14)
(1.56)
Net
realized
gains
—
—
(0.13)
(0.20)
—
—
Total
Distributions
(0.89)
(1.25)
(1.05)
(1.31)
(1.14)
(1.56)
Net
Asset
Value,
End
of
Period
$46.83
$45.98
$47.18
$53.71
$53.67
$52.48
Total
Return(c)(d)
3.84%
0.13%
(10.35)%
2.55%
4.52%
11.37%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.38%
0.38%
0.39%
0.37%(g)
0.38%(h)
0.39%
Net
Investment
Income
(Loss)(e)
3.53%
2.83%
1.74%
2.01%
2.80%
3.27%
Gross
Expenses(e)(f)
0.38%
0.38%
0.39%
0.41%
0.42%
0.44%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$1,805,302
$1,457,680
$1,236,208
$894,333
$450,789
$314,856
Portfolio
Turnover(c)(i)
11%
23%
24%
16%
13%
3%(j)
(a)
The
Fund's
fiscal
year-end
changed
from
August
31
to
June
30,
effective
September
1,
2019.
(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)
Includes
impact
of
voluntary
waiver.
Without
this
voluntary
waiver,
the
net
expense
ratio
would
have
been
0.02%
higher
for
the
ten
months
ended
June
30,
2020.
(i)
Excludes
impact
of
in-kind
transactions.
(j)
Portfolio
turnover
decreased
significantly
due
to
changes
in
the
volume
and
timing
of
purchases
and
sales
of
portfolio
holdings
during
the
year.
Notes
to
Financial
Statements
December
31,
2023
Victory
Portfolios
II
45
(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 two
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
management
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
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”).
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
DTC
participant
and,
in
each
case,
must
have
executed
a
Participant
Agreement
with
the
distributor.
Only
Authorized
Participants
may
purchase
or
redeem
the
shares
directly
from
a
Fund.
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
up
to
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.
Each
Fund
may
issue
an
unlimited
number
of
shares
of
beneficial
interest,
with
no
par
value.
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:
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.)
Funds
(Legal
Name)
Funds
(Short
Name)
VictoryShares
Short-Term
Bond
ETF
Short-Term
Bond
ETF
VictoryShares
Core
Intermediate
Bond
ETF
Core
Intermediate
Bond
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%
*  
As
a
percentage
of
the
amount
invested
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
46
(Unaudited)
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
and
Liquidity
Committee
(the
“Committee”),
and
subject
to Board
oversight,
the
Committee
administers
and
oversees
the
Funds’
valuation
policies
and
procedures,
which
were
approved
by
the
Board.
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.
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.
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
Funds’
NAV to
be
more
reliable
than
it
otherwise
would
be.
A
summary
of
the
valuations
as
of
December
31,
2023,
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:
As
of December
31,
2023,
there
were
no
significant
transfers
into/out
of
Level
3.
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
makes
Level
1
Level
2
Level
3
Total
Short-Term
Bond
ETF
Asset-Backed
Securities
......................
$
—
$
196,576,346
$
—
$
196,576,346
Collateralized
Loan
Obligations
................
—
4,004,734
—
4,004,734
Collateralized
Mortgage
Obligations
.............
—
25,416,097
—
25,416,097
Senior
Secured
Loans
........................
—
2,227,372
—
2,227,372
Corporate
Bonds
...........................
—
179,421,138
—
179,421,138
Yankee
Dollars
............................
—
23,707,633
—
23,707,633
Municipal
Bonds
...........................
—
6,396,092
—
6,396,092
U.S.
Government
Agency
Mortgages
.............
—
1,927,218
—
1,927,218
U.S.
Treasury
Obligations
.....................
—
44,874,024
—
44,874,024
Commercial
Paper
..........................
—
63,767,206
—
63,767,206
Collateral
for
Securities
Loaned
................
3,036,052
—
—
3,036,052
Total
....................................
$
3,036,052
$
548,317,860
$
—
$
551,353,912
Core
Intermediate
Bond
ETF
Asset-Backed
Securities
......................
—
191,085,139
—
191,085,139
Collateralized
Mortgage
Obligations
.............
—
70,121,704
—
70,121,704
Corporate
Bonds
...........................
—
424,545,472
—
424,545,472
Yankee
Dollars
............................
—
113,716,308
—
113,716,308
Municipal
Bonds
...........................
—
22,186,581
—
22,186,581
U.S.
Government
Agency
Mortgages
.............
—
193,957,774
—
193,957,774
U.S.
Treasury
Obligations
.....................
—
726,686,299
—
726,686,299
Commercial
Paper
..........................
—
52,152,794
—
52,152,794
Collateral
for
Securities
Loaned
................
5,768,092
—
—
5,768,092
Total
....................................
$
5,768,092
$
1,794,452,071
$
—
$
1,800,220,163
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
47
(Unaudited)
the
commitment
to
purchase
a
security
on
a
delayed-delivery
or
when-issued
basis,
the
Funds
records
the
transaction
and
reflects
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.
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.
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.
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.
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
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
48
(Unaudited)
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. 
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,
2023.
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,
2023,
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.
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,
2023,
are
included
in
the
table
below.
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
Short-Term
Bond
ETF
.............................................
$
2,944,261
$
—
$
3,036,052
Core
Intermediate
Bond
ETF
........................................
5,548,313
—
5,768,092
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
49
(Unaudited)
4.
Affiliated
Fund
Ownership:
The
Funds
offer
shares
for
investment
by
other
funds,
including
funds
offered
by
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,
2023,
certain
affiliated fund-of-funds
owned
total
outstanding
shares
of
the
Funds
as
follows:
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,
2023,
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,
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,
2023,
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
Excluding
U.S.
Government
Securities
U.S.
Government
Securities
Purchases
Sales
Purchases
Sales
Short-Term
Bond
ETF
...............................
$
144,212,440
$
197,664,024
$
40,682,513
$
7,060,034
Core
Intermediate
Bond
ETF
..........................
94,506,755
66,439,326
361,258,321
108,068,312
Short-Term
Bond
ETF
Ownership
%
Victory
Cornerstone
Aggressive
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.9
Victory
Cornerstone
Conservative
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
6.0
Victory
Cornerstone
Moderate
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.6
Victory
Cornerstone
Moderately
Aggressive
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
9.6
Victory
Cornerstone
Moderately
Conservative
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.7
Victory
Target
Retirement
Income
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
4.0
Victory
Target
Retirement
2030
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
7.8
Victory
Target
Retirement
2040
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
5.2
Core
Intermediate
Bond
ETF
Ownership
%
Victory
Cornerstone
Aggressive
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.9
Victory
Cornerstone
Conservative
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.9
Victory
Cornerstone
Moderate
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
15.5
Victory
Cornerstone
Moderately
Aggressive
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
29.2
Victory
Cornerstone
Moderately
Conservative
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.0
Flat
Rate
Short-Term
Bond
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.25%
Core
Intermediate
Bond
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.30%
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,
2023
Victory
Portfolios
II
50
(Unaudited)
allocated
to
the
Funds.
Amounts
incurred
for
the six
months
ended
December
31,
2023,
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,
Victory
Variable
Insurance
Funds,
Victory
Portfolios
and
Victory
Portfolios
III (collectively,
the
“Victory
Funds
Complex”),
in
aggregate,
compensate
the
Adviser
for
these
services.
Amounts
incurred
for
the six
months
ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Compliance
fees.
Distributor/Underwriting
Services: 
Foreside
Fund
Services,
LLC
serves
as
the
Funds’
distributor.
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,
2023,
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,
2023,
the
expense
limits
(excluding
voluntary
waivers) are
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,
2023.
For
the
six
months ended
December
31,
2023,
the
following
recoupment
amounts
were
paid
to
the
Adviser.
As
of December
31,
2023,
the
Funds
had
no amounts available
to
be
repaid
to
the
Adviser.
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.
There
were
no
voluntary
waivers
or
reimbursements
for
the six
months
ended
December
31,
2023.
Certain
officers
and/or
interested
trustees
of
the
Funds
are
also
officers
and/or
employees
of
the
Adviser,
administrator,
fund
accountant,
sub-
administrator,
sub-fund
accountant,
custodian,
legal
counsel, and
distributor.
6.
Risks:
The
Funds
may
be
subject
to
other
risks
in
addition
to
these
identified
risks.
Debt
Securities
or
Bond
Risk
—
 The
Funds
are
subject
to
the
risk
that
the
market
value
of
the
bonds
in
the
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
Funds
may
be
subject
to
risks
associated
with
rising
interest
rates.
The
fixed-income
securities
in
the
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
Funds
accept
some
credit
risk
as
a
recognized
means
to
enhance
an
investor’s
return.
In
Effect
Until
October
31,
2024
Short-Term
Bond
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.35%
Core
Intermediate
Bond
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.40%
Amount
Short-Term
Bond
ETF
.................................................................................
$
4,498
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
51
(Unaudited)
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
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
Funds
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
Funds
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.
LIBOR
Discontinuation
Risk
—
The
terms
of
some
floating
rate
loans
and
other
instruments
that
were
previously
tied
to
the
London
Interbank
Offered
Rate
("LIBOR"),
which
functioned
as
a
reference
rate
or
benchmark
for
these
instruments
but
was
discontinued
as
a
floating
rate
benchmark
have
recently
transitioned
from,
or
continue
to
be
tied
to USD
LIBOR
synthetic
rates
that
continue
to
be
published
until
September
30,
2024.
Secured
Overnight
Financing
Rate
(SOFR)
has
largely
been
used
as
a
new
reference
rate
for
new
instruments.
There
is
no
assurance
that
proposed
replacement
rates
will
be
suitable
substitutes
for
LIBOR,
and
thus
the
substitution
of
such
rates
for
LIBOR
could
have
an
adverse
effect.
Market
Risk
—
Overall
market
risks
may
affect
the
value
of
the
Funds.
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;
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.
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
Victory
Funds
Complex
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,
2023,
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 SOFR
plus
1.10
percent.
Effective
June
27,
2023,
the
agreement
was
renewed
with
a
termination
date
of
June
24,
2024,
and
the
annual
commitment
fee
of
0.15%
remained
unchanged. 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,
2023,
were
as
follows:
*
Based
on
the
number
of
days
borrowings
were
outstanding
for
the
six
months
ended
December
31,
2023.
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. 
Amount
Outstanding
at
December
31,
2023
Average
Borrowing*
Average
Interest
Rate*
Maximum
Borrowing
During
the
Period
Short-Term
Bond
ETF
.....................................
$
—
$
1,809,000
6.36%
$
1,809,000
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
52
(Unaudited)
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
(loss)
will
be
determined
at
the
end
of
the
current
tax
year.
As
of
the
tax
year
ended June
30,
2023,
the
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.
9.
New
Regulatory
Pronouncement:
In
October
2022,
the
SEC
adopted
the
Tailored
Shareholder
Reports
Rule
and
form
amendments
that
require,
among
other
things,
mutual
funds
and
ETFs
to
prepare
and
transmit
streamlined
annual
and
semi-annual
shareholder
reports.
In
connection
with
these
amendments,
certain
information
that
was
previously
disclosed
in
shareholder
reports
will
instead
be
made
available
online,
delivered
free
of
charge
upon
request,
and
filed
with
the
SEC
on
a
semi-annual
basis.
Also
in
connection
with
these
amendments,
annual
and
semi-annual
reports
will
be
provided
directly
to
shareholders,
either
in
paper
or
(if
the
shareholder
has
so
elected)
electronically.
Compliance
with
the
rule
and
form
amendments
begins
in
July
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Funds.
Declared
Paid
Short-Term
Bond
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Monthly
Monthly
Core
Intermediate
Bond
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Monthly
Monthly
Short-Term
Amount
Long-Term
Amount
Total
Short-Term
Bond
ETF
..................................................
$
(1,927,716)
$
(3,992,657)
$
(5,920,373)
Core
Intermediate
Bond
ETF
.............................................
(6,041,475)
(21,498,835)
(27,540,310)
Victory
Portfolios
II
53
(Unaudited)
Supplemental
Information
—
continued
December
31,
2023
Proxy
Voting
and
Portfolio
Holdings
Information 
Proxy
Voting:
Information
regarding
each
Fund’s
policies
and
procedures
—
which
describes
how
we
vote
proxies
relating
to
portfolio
securities
—
is
included
in
the
Funds'
Statement
of
Additional
Information
on
our
website
or
upon
request
by
calling
800-539-3863. Each
Fund
files
its
proxy
voting
record
with
the
U.S.
Securities
and
Exchange
Commission
(SEC)
for
the
12
months
ended
June
30
by
August
31.
The
proxy
voting
record
is
available
free
of
charge
on
the
SEC
website
at sec.gov and
on
our
website.
Availability
of
Schedules
of
Portfolio
Investments:
The
Trust
files
a
complete
list
of
Schedules
of
Portfolio
Investments
with
the
SEC
for
the
first
and
third
quarter
of
each
fiscal
year
on
Form
N-PORT-P
and are
available
on
the
SEC’s
website
at
sec.gov.
Expense
Examples
As
a
shareholder
of
the
Fund,
you
may
incur
two
types
of
costs:
(1)
transaction
costs,  and
(2)
ongoing
costs,
including
management
fees
and
other
Fund
expenses.
These
examples
are
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
These
examples
are
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
from
July
1,
2023,
through
December
31,
2023.
The
Actual
Expense
figures
in
the
table
below
provide
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
below,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
table
under
the
heading
entitled
“Actual
Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
The
Hypothetical
Expense
figures
in
the
table
below
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds.
Please
note
the
expenses
shown
in
the
table
below
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs.
Therefore,
the
hypothetical
expenses
in
the
table
are
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Beginning
Account
Value
7/1/23
Actual
Ending
Account
Value
12/31/23
Hypothetical
Ending
Account
Value
12/31/23
Actual
Expenses
Paid
During
Period
7/1/23
-
12/31/23*
Hypothetical
Expenses
Paid
During
Period
7/1/23
-
12/31/23*
Annualized
Expense
Ratio
During
Period
7/1/23
-
12/31/23
Short-Term
Bond
ETF
....................
$
1,000.00
$
1,042.30
$
1,023.38
$
1.80
$
1.78
0.35%
Core
Intermediate
Bond
ETF
...............
1,000.00
1,038.40
1,023.23
1.95
1.93
0.38%
*
Expenses
are
equal
to
the
average
account
value
multiplied
by
the
Fund’s
annualized
expense
ratio
multiplied
by
184/366
(the
number
of
days
in
the
most
recent
fiscal
half-year
divided
by
the
number
of
days
in
the
fiscal
year).
Victory
Portfolios
II
54
(Unaudited)
Supplemental
Information
—
continued
December
31,
2023
Considerations
of
the
Board
in
Continuing
the
Investment
Advisory
Agreements (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
5,
2023.
The
Board
also
considered
information
relating
to
the
Funds
and
the
Agreement
provided
throughout
the
year
and,
more
specifically,
at
the
meetings
on
October
17,
2023
and
December
5,
2023.
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
noted
that
each
Fund
assumed
the
performance
of
its
predecessor
fund,
that
the
Adviser
became
the
investment
adviser
to
each
Fund
on
February
26,
2019,
and
that
prior
to
that
date
each
predecessor
fund
was
managed
by
a
different
investment
adviser.
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;
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;
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
current
management
fee
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
met
with
the
consultant
to
review
its
inputs
and
methodologies,
among
other
things.
The
Board
compared
each
Fund’s
gross
management
fee
and
total
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
with
similar
investment
strategies
selected
by
that
consultant
from
the
universe.
The
Board
reviewed
the
factors
and
methodology
used
by
the
consultant
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
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
found
that
the
gross
annual
management
fee
paid
by
each
Fund
was
within
the
range
of
management
fees
paid
by
each
Fund’s
respective
peer
group.
The
Board
also
found
that
each
Fund’s
net
annual
expense
ratio
was
reasonable
as
compared
with
each
Fund’s
respective
peer
group.
The
Board
considered
the
Adviser’s
contractual
agreement
with
each
Fund
to
waive
its
fees
and
reimburse
expenses
for
a
specified
period
of
time,
as
described
in
the
Fund’s
prospectus.
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
II
55
(Unaudited)
The
Board
reviewed
each
Fund’s
performance
over
the
one-
and
three-year
periods
against
the
performance
of
the
Fund’s
selected
peer
group
and
benchmark
index.
The
Board
recognized
that
the
performance
of
the
Funds
and
the
peer
group
funds
are
net
of
expenses,
while
the
performance
of
the
benchmark
index
is
gross
returns.
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.
VictoryShares
Short-Term
Bond
ETF:
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,
2023,
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.
Having
considered,
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
would
provide
stability
to
the
Fund’s
expenses
during
that
period;
and
(4)
that
the
Fund’s
performance
in
relation
to
its
benchmark
index
and
peer
group
was
within
an
acceptable
range,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
VictoryShares
Core
Intermediate
Bond
ETF:
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,
2023,
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
all
of
the
periods
reviewed.
Having
considered,
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
would
provide
stability
to
the
Fund’s
expenses
during
that
period;
and
(4)
that
the
Fund’s
performance
in
relation
to
its
benchmark
index
and
peer
group
was
within
an
acceptable
range,
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
Funds’
shareholders,
particularly
in
light
of
the
nature
of
the
Funds
and
the
services
required
to
support
the
Funds;
(ii)
it
was
generally
satisfied
with
the
nature,
quality
and
extent
of
the
services
provide
by
the
Adviser
to
the
Funds;
and
(iii)
the
Agreement,
on
behalf
of
the
Funds
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
the
Fund
and
the
comparability
of
the
fee
paid
to
the
fees
paid
by
other
investment
companies,
to
the
extent
applicable;
The
nature,
quality
and
extent
of
the
investment
advisory
services
provided
by
the
Adviser;
The
Adviser’s
entrepreneurial
commitment
to
the
management
of
the
Funds
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
Funds;
The
Adviser’s
representations
regarding
its
staffing
and
capabilities
to
manage
the
Funds,
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
Portfolios
II
56
(Unaudited)
Supplemental
Information
—
continued
December
31,
2023
Privacy
Policy
Facts
WHAT
DOES
VICTORY
DO
WITH
YOUR
PERSONAL
INFORMATION?
Why?
Financial
companies
choose
how
they
share
your
personal
information.
Federal
law
gives
consumers
the
right
to
limit
some,
but
not
all
sharing.
Federal
law
also
requires
us
to
tell
you
how
we
collect,
share,
and
protect
your
personal
information.
Please
read
this
notice
carefully
to
understand
what
we
do.
What?
The
types
of
personal
information
we
collect,
and
share
depend
on
the
product
or
service
you
have
with
us.
This
information
can
include:
■
Social
Security
number
and
income.
■
Account
balances
and
account
transactions.
■
Data
from
public
sources
and
third-party
data
services.
How?
All
financial
companies
need
to
share
customers’
personal
information
to
run
their
everyday
business
as
permitted
by
law.
For
example,
we
share
with
print
and
mail
companies
that
assist
us
in
sending
mail.
In
the
section
below,
we
list
the
reasons
financial
companies
can
share
their
customers’
personal
information,
the
reasons
Victory
chooses
to
share
and
whether
you
can
limit
this
sharing.
Reasons
we
can
share
your
personal
information
Does
Victory
share?
Can
you
limit
this
sharing?
For
our
everyday
business
purposes
—
such
as
to
process
your
transactions,
maintain
your
accounts,
respond
to
court
orders
and
legal
investigations,
or
report
to
credit
bureaus
Yes
No
For
our
marketing
purposes
—
to
offer
products
and
services
provided
by
Victory
Yes
No
For
joint
marketing
—
sharing
with
other
financial
companies
to
jointly
market
the
other
company’s
products
or
services
No
We
do
not
share
For
everyday
business
purposes
of
the
Victory
family
of
companies
—
this
can
include
information
about
your
Victory
transactions
and
experiences
Yes
No
For
everyday
business
purposes
of
the
Victory
family
of
companies
—
this
can
include
information
about
your
creditworthiness
or
insurability
No
We
do
not
share
For
non-Victory
companies
to
market
to
you
No
We
do
not
share
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
II
57
(Unaudited)
To
limit
our
sharing
■
Visit
us
online:
vcm.com/optout
■
Call
(877)
660-4400
–
our
menu
will
prompt
you
through
your
choices.
Please
note:
If
you
are
a
new
customer,
we
can
begin
sharing
this
information
30
days
from
the
date
we
sent
this
notice.
When
you
are
no
longer
our
customer,
we
continue
to
share
and
protect
your
information
as
described
in
this
notice.
However,
you
can
contact
us
at
any
time
to
limit
our
sharing.
Questions?
Call
your
account
representative
or
(877)
660-4400
and
ask
to
speak
to
a
representative.
Who
we
are
Who
is
providing
this
notice?
Victory
Capital
Holdings,
Inc.,
and
its
family
of
companies,
including
companies
identified
with
the
Victory
Capital
name
as
described
in
the
affiliates
section
below.
What
we
do
How
does
Victory
protect
my
personal
information?
To
protect
your
personal
information
from
unauthorized
access
and
use,
we
use
security
measures
that
comply
with
federal
law.
These
measures
include
computer
safeguards
and
secured
files
and
buildings.
How
does
Victory
collect
my
personal
information?
We
collect
your
personal
information,
for
example,
when
you:
■
Open
an
account
or
make
deposits
or
withdrawals
from
your
account.
■
Give
us
your
contact
or
account
information.
■
Direct
us
to
buy
or
sell
securities.
We
also
collect
your
personal
information
from
others,
such
as
credit
bureaus,
affiliates,
or
other
companies.
Why
can’t
I
limit
all
sharing?
Federal
law
gives
you
the
right
to
limit
only:
■
Sharing
among
affiliated
companies
for
everyday
business
purposes
information
about
your
creditworthiness
and
insurability.
■
Affiliates
from
using
your
information
to
market
to
you.
■
Sharing
for
nonaffiliates
to
market
to
you.
State
laws
and
individual
companies
may
give
you
additional
rights
to
limit
sharing.
See
below
for
more
on
your
rights
under
state
law.
What
happens
when
I
limit
sharing
for
an
account
I
hold
jointly
with
someone
else?
Your
choices
will
apply
to
everyone
on
your
account.
Definitions
Victory
family
of
companies
(affiliates)
Companies
owned
or
controlled
by
Victory
Capital
Holdings,
Inc.
They
can
be
financial
and
nonfinancial
companies
in
the
Victory
family
of
companies.
■
The
Victory
family
of
companies
includes:
companies
with
a
Victory
Capital
name,
including
without
limitation
Victory
Capital
Services,
Inc.,
Victory
Capital
Transfer
Agency,
Inc.,
Victory
Capital
Management
Inc.
and
its
subsidiaries,
RS
Investments
(UK)
Limited,
RS
Investments
(Hong
Kong)
Limited,
and
RS
Investment
Management
(Singapore)
Pte.
Ltd.,
as
well
as
pooled
vehicles
managed
or
administered
by
Victory
Capital
Management
Inc.,
from
time
to
time.
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
II
58
(Unaudited)
Non-Victory
companies
(nonaffiliates)
Companies
not
related
by
common
ownership
or
control.
They
can
be
financial
and
nonfinancial
companies.
■
We
only
share
with
non-Victory
companies
to
service
transactions
you
request
or
as
necessary
to
provide
our
services.
■
We
do
not
share
with
non-Victory
companies
so
they
can
market
their
products
to
you.
Joint
Marketing
A
formal
agreement
between
a
Victory
company
and
a
non-Victory
financial
company
to
market
the
non-Victory
company’s
products
or
services
to
you.
■
We
do
not
share
with
any
non-Victory
financial
company
for
joint
marketing.
Other
important
information
For
Nevada
Residents
:
Nevada
law
requires
that
we
tell
you
about
the
option
to
be
placed
on
our
internal
do-
not-call
list.
If
you’d
rather
not
receive
sales
calls
from
us,
please
call
(877)
660-4400
and
ask
to
speak
to
a
representative
so
we
can
place
you
on
our
do-not-call
list.
You
may
also
contact:
Bureau
of
Consumer
Protection
Office
of
the
Nevada
Attorney
General,
555
E.
Washington
Ave.,
Ste.
3900,
Las
Vegas,
NV
89101,
call
1-702-486-3132
or
Email:
BCPINFO@ag.state.nv.us.
For
Vermont
Residents
:
In
accordance
with
Vermont
law,
we
will
not
share
information
we
collect
about
you
with
companies
who
are
not
affiliates,
except
as
permitted
by
law,
such
as
with
your
consent
or
to
service
your
accounts.
We
will
not
share
information
about
your
creditworthiness
with
our
affiliates
without
your
authorization
or
consent,
but
we
may
share
information
about
our
transactions
or
experiences
with
you
with
our
affiliates
as
permitted
by
law.
For
California
Residents
:
In
accordance
with
California
law,
we
will
not
share
information
we
collect
about
you
with
nonaffiliates,
except
as
allowed
by
law.
For
example,
we
may
share
information
with
your
consent
or
to
service
your
accounts.
Among
our
affiliates,
we
will
limit
information
sharing
to
the
extent
required
by
California
law.
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
(12/23)
December
31,
2023
Semi
Annual
Report
VictoryShares
US
Value
Momentum
ETF
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
VictoryShares
International
Value
Momentum
ETF
VictoryShares
Emerging
Markets
Value
Momentum
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
Investment
Objectives
and
Portfolio
Holdings
3
Schedules
of
Portfolio
Investments
VictoryShares
US
Value
Momentum
ETF
7
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
10
VictoryShares
International
Value
Momentum
ETF
16
VictoryShares
Emerging
Markets
Value
Momentum
ETF
24
Financial
Statements
Statements
of
Assets
and
Liabilities
31
Statements
of
Operations
33
Statements
of
Changes
in
Net
Assets
35
Financial
Highlights
37
Notes
to
Financial
Statements
41
Supplemental
Information
Proxy
Voting
and
Portfolio
Holdings
Information 
51
Expense
Examples
51
Advisory
Contract
Approval
52
Privacy
Policy
55
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
800-539-3863
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
Foreside
Fund
Services,
LLC.
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.
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
3
Victory
Portfolios
II
VictoryShares
US
Value
Momentum
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
closely
correspond,
before
fees
and
expenses,
to
the
performance
of
the
Nasdaq
Victory
US
Value
Momentum
Index.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Berkshire
Hathaway,
Inc.,
Class
B
1.4%
The
TJX
Cos.,
Inc.
1.3%
Walmart,
Inc.
1.2%
International
Business
Machines
Corp.
1.2%
Cencora,
Inc.
1.2%
The
Kraft
Heinz
Co.
1.2%
Laboratory
Corp.
of
America
Holdings
1.1%
Cboe
Global
Markets,
Inc.
1.1%
CME
Group,
Inc.
1.1%
Consolidated
Edison,
Inc.
1.1%
Health
Care
16.4%
Financials
13.9%
Industrials
13.8%
Real
Estate
12.0%
Information
Technology
10.5%
Consumer
Discretionary
7.9%
Consumer
Staples
6.5%
Materials
6.3%
Utilities
5.9%
Energy
3.2%
4
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
closely
correspond,
before
fees
and
expenses,
to
the
performance
of
the
Nasdaq
Victory
US
Small
Mid Cap
Value
Momentum
Index.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Golub
Capital
BDC,
Inc.
0.7%
Old
Republic
International
Corp.
0.6%
Science
Applications
International
Corp.
0.6%
CACI
International,
Inc.,
Class
A
0.6%
MSC
Industrial
Direct
Co.,
Inc.
0.6%
Prestige
Consumer
Healthcare,
Inc.
0.6%
Graham
Holdings
Co.,
Class
B
0.6%
Henry
Schein,
Inc.
0.5%
MGIC
Investment
Corp.
0.5%
Insight
Enterprises,
Inc.
0.5%
Industrials
17.7%
Health
Care
15.3%
Financials
15.3%
Consumer
Discretionary
14.6%
Information
Technology
10.9%
Energy
6.5%
Real
Estate
6.3%
Materials
5.5%
Consumer
Staples
3.0%
Communication
Services
2.4%
5
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
closely
correspond,
before
fees
and
expenses,
to
the
performance
of
the
Nasdaq
Victory
International
Value
Momentum
Index.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Henkel
AG
&
Co.
KGaA,
Preference
Shares
1.0%
Orange
SA
1.0%
Investor
AB,
Class
B
1.0%
ACS
Actividades
de
Construccion
y
Servicios
SA
0.9%
Industrivarden
AB,
Class
C
0.9%
Industrial
Bank
of
Korea
0.8%
Engie
SA
0.8%
Tesco
PLC
0.8%
Vivendi
SE
0.8%
Bollore
SE
0.8%
Financials
21.6%
Industrials
17.3%
Consumer
Discretionary
9.4%
Consumer
Staples
8.4%
Materials
8.0%
Communication
Services
8.0%
Health
Care
6.8%
Real
Estate
6.7%
Utilities
4.5%
Energy
4.3%
6
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
closely
correspond,
before
fees
and
expenses,
to
the
performance
of
the
Nasdaq
Victory
Emerging
Market
Value
Momentum
Index.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
ITC
Ltd.
1.3%
Pou
Chen
Corp.
1.2%
Larsen
&
Toubro
Ltd.
1.2%
NTPC
Ltd.
1.2%
Powertech
Technology,
Inc.
1.1%
Catcher
Technology
Co.
Ltd.
1.1%
Coca-Cola
Femsa
SAB
de
CV
1.1%
Dr.
Reddy's
Laboratories
Ltd.
1.1%
Fomento
Economico
Mexicano
SAB
de
CV
1.1%
PT
Indofood
Sukses
Makmur
Tbk
1.0%
Financials
19.5%
Information
Technology
17.8%
Industrials
10.7%
Consumer
Discretionary
9.1%
Health
Care
8.4%
Utilities
8.0%
Consumer
Staples
7.2%
Real
Estate
6.2%
Materials
5.6%
Energy
4.1%
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
II
VictoryShares
US
Value
Momentum
ETF
7
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
Common
Stocks
(99.4%)
Communication
Services
(3.0%):
Alphabet,
Inc.
,
Class
A
(a)
.................................................
8,689
$
1,213,766
Comcast
Corp.
,
Class
A
..................................................
31,530
1,382,590
Fox
Corp.
,
Class
A
......................................................
47,355
1,405,023
Meta
Platforms,
Inc.
,
Class
A
(a)
............................................
3,035
1,074,269
5,075,648
Consumer
Discretionary
(7.9%):
Best
Buy
Co.,
Inc.
......................................................
17,385
1,360,898
D.R.
Horton,
Inc.
.......................................................
8,964
1,362,349
Deckers
Outdoor
Corp.
(a)
.................................................
1,416
946,497
Ford
Motor
Co.
........................................................
91,915
1,120,444
General
Motors
Co.
.....................................................
31,556
1,133,491
Lennar
Corp.
,
Class
A
....................................................
9,273
1,382,048
NVR,
Inc.
(a)
..........................................................
225
1,575,101
PulteGroup,
Inc.
........................................................
12,434
1,283,437
Royal
Caribbean
Cruises
Ltd.
(a)
............................................
8,485
1,098,723
The
TJX
Cos.,
Inc.
......................................................
23,585
2,212,509
13,475,497
Consumer
Staples
(6.5%):
Bunge
Global
SA
.......................................................
12,339
1,245,622
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
23,591
1,444,005
The
Kraft
Heinz
Co.
.....................................................
55,343
2,046,584
The
Kroger
Co.
........................................................
38,579
1,763,446
Tyson
Foods,
Inc.
,
Class
A
................................................
23,271
1,250,817
Walgreens
Boots
Alliance,
Inc.
.............................................
48,684
1,271,139
Walmart,
Inc.
..........................................................
13,218
2,083,818
11,105,431
Energy
(3.2%):
Diamondback
Energy,
Inc.
................................................
7,806
1,210,554
Marathon
Oil
Corp.
.....................................................
36,343
878,047
Marathon
Petroleum
Corp.
................................................
7,502
1,112,997
Phillips
66
............................................................
9,347
1,244,460
Valero
Energy
Corp.
.....................................................
8,380
1,089,400
5,535,458
Financials
(13.9%):
Aflac,
Inc.
............................................................
20,635
1,702,387
American
International
Group,
Inc.
..........................................
19,126
1,295,787
Arch
Capital
Group
Ltd.
(a)
................................................
15,290
1,135,588
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
6,855
2,444,904
Capital
One
Financial
Corp.
...............................................
9,588
1,257,179
Cboe
Global
Markets,
Inc.
................................................
10,396
1,856,310
Citigroup,
Inc.
.........................................................
30,024
1,544,435
CME
Group,
Inc.
.......................................................
8,800
1,853,280
Everest
Group
Ltd.
......................................................
3,222
1,139,235
First
Citizens
Bancshares,
Inc.
,
Class
A
.......................................
299
424,272
JPMorgan
Chase
&
Co.
..................................................
10,284
1,749,308
Loews
Corp.
..........................................................
25,806
1,795,840
Markel
Group,
Inc.
(a)
....................................................
960
1,363,104
Synchrony
Financial
.....................................................
34,039
1,299,949
The
Bank
of
New
York
Mellon
Corp.
.........................................
27,773
1,445,585
Wells
Fargo
&
Co.
......................................................
27,525
1,354,780
23,661,943
Health
Care
(16.4%):
Becton
Dickinson
&
Co.
..................................................
6,649
1,621,226
Cardinal
Health,
Inc.
....................................................
14,659
1,477,627
Cencora,
Inc.
..........................................................
10,029
2,059,756
Centene
Corp.
(a)
.......................................................
16,034
1,189,883
CVS
Health
Corp.
......................................................
18,441
1,456,101
Eli
Lilly
&
Co.
.........................................................
1,779
1,037,015
Victory
Portfolios
II
VictoryShares
US
Value
Momentum
ETF
8
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Gilead
Sciences,
Inc.
....................................................
21,103
$
1,709,554
Hologic,
Inc.
(a)
........................................................
22,222
1,587,762
Humana,
Inc.
..........................................................
2,342
1,072,191
Laboratory
Corp.
of
America
Holdings
........................................
8,267
1,879,007
McKesson
Corp.
.......................................................
3,329
1,541,260
Moderna,
Inc.
(a)
.......................................................
9,248
919,714
Molina
Healthcare,
Inc.
(a)
................................................
3,207
1,158,721
Pfizer,
Inc.
............................................................
48,441
1,394,616
Quest
Diagnostics,
Inc.
...................................................
12,850
1,771,758
Regeneron
Pharmaceuticals,
Inc.
(a)
..........................................
1,676
1,472,014
STERIS
PLC
..........................................................
6,809
1,496,959
The
Cigna
Group
.......................................................
4,465
1,337,044
The
Cooper
Cos.,
Inc.
....................................................
4,737
1,792,670
27,974,878
Industrials
(13.8%):
Builders
FirstSource,
Inc.
(a)
...............................................
5,464
912,160
Carrier
Global
Corp.
.....................................................
21,193
1,217,538
Copart,
Inc.
(a)
.........................................................
29,667
1,453,683
Eaton
Corp.
PLC
.......................................................
5,227
1,258,766
Expeditors
International
of
Washington,
Inc.
....................................
12,387
1,575,626
FedEx
Corp.
..........................................................
5,143
1,301,025
General
Electric
Co.
.....................................................
11,293
1,441,325
Jacobs
Solutions,
Inc.
....................................................
10,910
1,416,118
Lennox
International,
Inc.
.................................................
2,817
1,260,664
PACCAR,
Inc.
.........................................................
15,631
1,526,367
Parker-Hannifin
Corp.
...................................................
2,689
1,238,822
Snap-on,
Inc.
..........................................................
5,202
1,502,546
Stanley
Black
&
Decker,
Inc.
..............................................
10,716
1,051,240
Textron,
Inc.
..........................................................
17,395
1,398,906
Uber
Technologies,
Inc.
(a)
................................................
15,981
983,950
United
Rentals,
Inc.
.....................................................
1,826
1,047,065
Watsco,
Inc.
...........................................................
3,046
1,305,120
Westinghouse
Air
Brake
Technologies
Corp.
....................................
12,797
1,623,939
23,514,860
Information
Technology
(10.5%):
Adobe,
Inc.
(a)
.........................................................
1,684
1,004,674
Akamai
Technologies,
Inc.
(a)
..............................................
12,679
1,500,560
Broadcom,
Inc.
........................................................
1,064
1,187,690
Dell
Technologies,
Inc.
,
Class
C
............................................
11,512
880,668
Fair
Isaac
Corp.
(a)
......................................................
1,145
1,332,791
Hewlett
Packard
Enterprise
Co.
.............................................
62,191
1,056,003
HP,
Inc.
..............................................................
44,005
1,324,110
Intel
Corp.
............................................................
18,419
925,555
International
Business
Machines
Corp.
........................................
12,638
2,066,945
Jabil,
Inc.
............................................................
7,449
949,003
KLA
Corp.
...........................................................
1,731
1,006,230
Micron
Technology,
Inc.
..................................................
11,884
1,014,181
Microsoft
Corp.
........................................................
3,497
1,315,012
NVIDIA
Corp.
.........................................................
1,464
725,002
Skyworks
Solutions,
Inc.
.................................................
11,710
1,316,438
Super
Micro
Computer,
Inc.
(a)
.............................................
1,481
420,989
18,025,851
Materials
(6.3%):
Celanese
Corp.
.........................................................
7,546
1,172,422
DuPont
de
Nemours,
Inc.
.................................................
19,017
1,462,978
LyondellBasell
Industries
NV
,
Class
A
........................................
15,014
1,427,531
Nucor
Corp.
...........................................................
6,331
1,101,847
Packaging
Corp.
of
America
...............................................
7,854
1,279,495
Reliance
Steel
&
Aluminum
Co.
............................................
4,774
1,335,192
Steel
Dynamics,
Inc.
.....................................................
8,070
953,067
The
Mosaic
Co.
........................................................
24,178
863,880
Victory
Portfolios
II
VictoryShares
US
Value
Momentum
ETF
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Westlake
Corp.
........................................................
8,563
$
1,198,478
10,794,890
Real
Estate
(12.0%):
Alexandria
Real
Estate
Equities,
Inc.
.........................................
9,048
1,147,015
American
Homes
4
Rent
,
Class
A
...........................................
41,526
1,493,275
AvalonBay
Communities,
Inc.
..............................................
9,065
1,697,149
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
14,501
1,349,898
Digital
Realty
Trust,
Inc.
..................................................
7,067
951,077
Equity
Residential
......................................................
27,597
1,687,832
Essex
Property
Trust,
Inc.
.................................................
6,606
1,637,892
Host
Hotels
&
Resorts,
Inc.
................................................
67,101
1,306,456
Iron
Mountain,
Inc.
.....................................................
23,849
1,668,953
Simon
Property
Group,
Inc.
...............................................
10,545
1,504,139
Ventas,
Inc.
...........................................................
26,582
1,324,847
VICI
Properties,
Inc.
....................................................
54,492
1,737,205
Welltower,
Inc.
.........................................................
15,417
1,390,151
Weyerhaeuser
Co.
......................................................
47,493
1,651,332
20,547,221
Utilities
(5.9%):
Consolidated
Edison,
Inc.
.................................................
20,056
1,824,494
Edison
International
.....................................................
22,507
1,609,026
Entergy
Corp.
.........................................................
15,565
1,575,022
Evergy,
Inc.
...........................................................
30,669
1,600,922
Exelon
Corp.
..........................................................
46,013
1,651,867
PPL
Corp.
............................................................
67,040
1,816,784
10,078,115
Total
Common
Stocks
(Cost
$154,167,617)
169,789,792
Total
Investments
(Cost
$154,167,617)
—
99.4%
169,789,792
Other
assets
in
excess
of
liabilities
—
0.6%
972,905
NET
ASSETS
-
100.00%
$
170,762,697
(a)
Non-income
producing
security.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
3
3/15/24
$
706,499
$
723,000
$
16,501
Total
unrealized
appreciation
$
16,501
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
16,501
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
10
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
Common
Stocks
(99.6%)
Communication
Services
(2.4%):
Frontier
Communications
Parent,
Inc.
(a)
......................................
16,656
$
422,063
GCI
Liberty,
Inc
(a)
(b)
....................................................
4,908
49
IAC,
Inc.
(a)
...........................................................
13,939
730,125
Liberty
Latin
America
Ltd.
,
Class
C
(a)
........................................
75,733
555,880
News
Corp.
,
Class
A
.....................................................
44,535
1,093,334
Nexstar
Media
Group,
Inc.
................................................
4,677
733,120
Sphere
Entertainment
Co.
(a)
...............................................
12,197
414,210
Yelp,
Inc.
(a)
...........................................................
18,363
869,305
Ziff
Davis,
Inc.
(a)
.......................................................
13,515
908,073
5,726,159
Consumer
Discretionary
(14.6%):
Abercrombie
&
Fitch
Co.
(a)
...............................................
5,499
485,122
Adtalem
Global
Education,
Inc.
(a)
...........................................
12,371
729,270
American
Axle
&
Manufacturing
Holdings,
Inc.
(a)
...............................
80,729
711,222
American
Eagle
Outfitters,
Inc.
.............................................
28,880
611,101
Asbury
Automotive
Group,
Inc.
(a)
...........................................
3,085
694,032
AutoNation,
Inc.
(a)
.....................................................
5,146
772,826
BorgWarner,
Inc.
.......................................................
22,347
801,140
Century
Communities,
Inc.
................................................
10,417
949,405
Dillard's,
Inc.
,
Class
A
(c)
.................................................
1,809
730,203
Foot
Locker,
Inc.
.......................................................
13,756
428,499
Graham
Holdings
Co.
,
Class
B
.............................................
1,910
1,330,353
Green
Brick
Partners,
Inc.
(a)
...............................................
10,920
567,185
Group
1
Automotive,
Inc.
.................................................
2,766
842,911
Guess?,
Inc.
...........................................................
23,653
545,438
KB
Home
............................................................
14,397
899,237
Kohl's
Corp.
..........................................................
19,035
545,924
Levi
Strauss
&
Co.
,
Class
A
...............................................
43,964
727,165
Lithia
Motors,
Inc.
......................................................
2,532
833,737
M/I
Homes,
Inc.
(a)
......................................................
7,057
972,031
Macy's,
Inc.
...........................................................
33,850
681,062
MDC
Holdings,
Inc.
.....................................................
17,482
965,880
Meritage
Homes
Corp.
...................................................
5,145
896,259
Modine
Manufacturing
Co.
(a)
..............................................
8,549
510,375
Mohawk
Industries,
Inc.
(a)
................................................
8,340
863,190
Murphy
USA,
Inc.
......................................................
3,230
1,151,689
Patrick
Industries,
Inc.
...................................................
8,836
886,693
Penske
Automotive
Group,
Inc.
.............................................
5,514
885,052
PVH
Corp.
...........................................................
5,881
718,188
Ralph
Lauren
Corp.
.....................................................
7,078
1,020,648
Signet
Jewelers
Ltd.
.....................................................
6,386
684,962
Skechers
USA,
Inc.
,
Class
A
(a)
.............................................
14,210
885,851
Sonic
Automotive,
Inc.
,
Class
A
............................................
11,364
638,770
Stride,
Inc.
(a)
..........................................................
12,418
737,257
Taylor
Morrison
Home
Corp.
(a)
............................................
17,310
923,489
The
Goodyear
Tire
&
Rubber
Co.
(a)
.........................................
36,965
529,339
The
ODP
Corp.
(a)
......................................................
17,252
971,288
Thor
Industries,
Inc.
.....................................................
6,919
818,172
Toll
Brothers,
Inc.
......................................................
9,579
984,625
Tri
Pointe
Homes,
Inc.
(a)
.................................................
24,841
879,371
Under
Armour,
Inc.
,
Class
A
(a)
.............................................
75,678
665,210
Upbound
Group,
Inc.
....................................................
23,072
783,756
Urban
Outfitters,
Inc.
(a)
..................................................
16,856
601,591
Williams-Sonoma,
Inc.
...................................................
3,526
711,476
Winnebago
Industries,
Inc.
................................................
11,702
852,842
Worthington
Enterprises,
Inc.
..............................................
9,416
541,891
34,965,727
Consumer
Staples
(3.0%):
BellRing
Brands,
Inc.
(a)
..................................................
18,149
1,005,999
Cal-Maine
Foods,
Inc.
...................................................
16,328
937,064
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
11
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
elf
Beauty,
Inc.
(a)
.......................................................
3,943
$
569,133
Inter
Parfums,
Inc.
......................................................
5,567
801,704
Spectrum
Brands
Holdings,
Inc.
............................................
13,443
1,072,348
Sprouts
Farmers
Market,
Inc.
(a)
............................................
20,722
996,935
The
Andersons,
Inc.
.....................................................
14,809
852,110
The
Vita
Coco
Co.,
Inc.
(a)
................................................
16,416
421,070
United
Natural
Foods,
Inc.
(a)
..............................................
31,936
518,321
7,174,684
Energy
(6.5%):
Archrock,
Inc.
.........................................................
53,208
819,403
California
Resources
Corp.
................................................
18,826
1,029,406
Callon
Petroleum
Co.
(a)
..................................................
18,516
599,918
Chesapeake
Energy
Corp.
.................................................
11,988
922,357
Chord
Energy
Corp.
.....................................................
5,351
889,497
Civitas
Resources,
Inc.
...................................................
9,860
674,227
CNX
Resources
Corp.
(a)
.................................................
44,542
890,840
Comstock
Resources,
Inc.
(c)
...............................................
53,905
477,059
CONSOL
Energy,
Inc.
...................................................
5,639
566,889
Dorian
LPG
Ltd.
.......................................................
13,613
597,202
Gulfport
Energy
Corp.
(a)
.................................................
5,018
668,398
Helix
Energy
Solutions
Group,
Inc.
(a)
........................................
73,349
754,028
HF
Sinclair
Corp.
.......................................................
14,193
788,705
International
Seaways,
Inc.
................................................
14,876
676,560
PBF
Energy,
Inc.
,
Class
A
.................................................
13,739
603,966
Peabody
Energy
Corp.
...................................................
31,087
756,036
Permian
Resources
Corp.
.................................................
46,506
632,482
SM
Energy
Co.
........................................................
15,403
596,404
Southwestern
Energy
Co.
(a)
...............................................
105,068
688,195
Tidewater,
Inc.
(a)
.......................................................
8,742
630,386
Transocean
Ltd.
(a)
......................................................
76,617
486,518
Weatherford
International
PLC
(a)
...........................................
7,452
729,029
15,477,505
Financials
(15.3%):
Ally
Financial,
Inc.
......................................................
23,827
832,039
Apollo
Commercial
Real
Estate
Finance,
Inc.
...................................
69,695
818,219
Associated
Banc-Corp.
...................................................
36,652
783,986
Assured
Guaranty
Ltd.
...................................................
16,393
1,226,688
B
Riley
Financial,
Inc.
...................................................
17,197
360,965
Bread
Financial
Holdings,
Inc.
.............................................
20,347
670,230
Brighthouse
Financial,
Inc.
(a)
..............................................
13,550
717,066
Chimera
Investment
Corp.
................................................
131,843
657,897
CNO
Financial
Group,
Inc.
................................................
34,491
962,299
Corebridge
Financial,
Inc.
.................................................
35,188
762,172
Customers
Bancorp,
Inc.
(a)
................................................
7,799
449,378
Donnelley
Financial
Solutions,
Inc.
(a)
........................................
15,360
958,003
Enova
International,
Inc.
(a)
................................................
15,109
836,434
Enstar
Group
Ltd.
(a)
....................................................
4,015
1,181,815
Essent
Group
Ltd.
......................................................
24,044
1,268,081
Federal
Agricultural
Mortgage
Corp.
,
Class
C
...................................
5,390
1,030,676
Genworth
Financial,
Inc.
(a)
................................................
106,026
708,254
Golub
Capital
BDC,
Inc.
..................................................
104,351
1,575,700
Invesco
Ltd.
...........................................................
57,305
1,022,321
Jackson
Financial,
Inc.
,
Class
A
.............................................
11,855
606,976
Jefferies
Financial
Group,
Inc.
..............................................
26,632
1,076,199
Lincoln
National
Corp.
...................................................
24,080
649,438
MFA
Financial,
Inc.
.....................................................
70,357
792,923
MGIC
Investment
Corp.
..................................................
66,320
1,279,313
Mr.
Cooper
Group,
Inc.
(a)
.................................................
15,278
994,903
Navient
Corp.
.........................................................
50,555
941,334
New
York
Community
Bancorp,
Inc.
.........................................
47,970
490,733
NMI
Holdings,
Inc.
,
Class
A
(a)
.............................................
36,530
1,084,210
Old
Republic
International
Corp.
............................................
48,757
1,433,456
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
12
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
OneMain
Holdings,
Inc.
..................................................
18,945
$
932,094
PennyMac
Financial
Services,
Inc.
..........................................
10,109
893,332
Primerica,
Inc.
.........................................................
5,435
1,118,306
PROG
Holdings,
Inc.
(a)
..................................................
20,381
629,977
Radian
Group,
Inc.
......................................................
43,654
1,246,322
Reinsurance
Group
of
America,
Inc.
.........................................
6,607
1,068,881
Remitly
Global,
Inc.
(a)
...................................................
19,842
385,332
Rithm
Capital
Corp.
.....................................................
102,303
1,092,596
Stewart
Information
Services
Corp.
..........................................
18,704
1,098,860
Tradeweb
Markets,
Inc.
,
Class
A
............................................
9,881
897,985
Unum
Group
..........................................................
20,876
944,013
36,479,406
Health
Care
(15.3%):
ACADIA
Pharmaceuticals,
Inc.
(a)
...........................................
21,844
683,936
AdaptHealth
Corp.
(a)
....................................................
45,869
334,385
Amphastar
Pharmaceuticals,
Inc.
(a)
..........................................
9,412
582,132
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
........................................
2,326
751,042
Bridgebio
Pharma,
Inc.
(a)
.................................................
10,833
437,328
Chemed
Corp.
.........................................................
2,112
1,234,992
Corcept
Therapeutics,
Inc.
(a)
..............................................
21,426
695,916
CorVel
Corp.
(a)
........................................................
4,541
1,122,581
Cymabay
Therapeutics,
Inc.
(a)
.............................................
17,524
413,917
DaVita,
Inc.
(a)
.........................................................
6,225
652,131
Dynavax
Technologies
Corp.
(a)
.............................................
56,526
790,233
Encompass
Health
Corp.
..................................................
16,758
1,118,094
Enovis
Corp.
(a)
........................................................
18,558
1,039,619
Exelixis,
Inc.
(a)
........................................................
42,423
1,017,728
Glaukos
Corp.
(a)
.......................................................
9,928
789,177
Haemonetics
Corp.
(a)
....................................................
11,675
998,329
HealthEquity,
Inc.
(a)
....................................................
9,874
654,646
Henry
Schein,
Inc.
(a)
....................................................
17,214
1,303,272
Ideaya
Biosciences,
Inc.
(a)
................................................
12,155
432,475
Immunovant,
Inc.
(a)
.....................................................
7,949
334,891
Integer
Holdings
Corp.
(a)
.................................................
9,254
916,886
Krystal
Biotech,
Inc.
(a)
...................................................
4,365
541,522
Ligand
Pharmaceuticals,
Inc.
(a)
.............................................
13,096
935,316
Maravai
LifeSciences
Holdings,
Inc.
,
Class
A
(a)
.................................
73,515
481,523
Medpace
Holdings,
Inc.
(a)
................................................
2,298
704,406
MoonLake
Immunotherapeutics
(a)
(c)
........................................
7,083
427,742
NeoGenomics,
Inc.
(a)
....................................................
23,464
379,648
Nuvalent,
Inc.
,
Class
A
(a)
.................................................
5,624
413,870
Organon
&
Co.
........................................................
61,074
880,687
Owens
&
Minor,
Inc.
(a)
..................................................
17,711
341,291
Pediatrix
Medical
Group,
Inc.
(a)
............................................
79,706
741,266
Perrigo
Co.
PLC
.......................................................
28,801
926,816
Premier,
Inc.
,
Class
A
....................................................
37,013
827,611
Prestige
Consumer
Healthcare,
Inc.
(a)
........................................
21,749
1,331,474
QuidelOrtho
Corp.
(a)
....................................................
10,930
805,541
RadNet,
Inc.
(a)
........................................................
20,436
710,560
RxSight,
Inc.
(a)
........................................................
17,025
686,448
Select
Medical
Holdings
Corp.
.............................................
39,577
930,060
Sotera
Health
Co.
(a)
.....................................................
51,130
861,540
Tenet
Healthcare
Corp.
(a)
.................................................
10,131
765,600
The
Ensign
Group,
Inc.
...................................................
10,716
1,202,442
UFP
Technologies,
Inc.
(a)
.................................................
3,996
687,472
United
Therapeutics
Corp.
(a)
..............................................
4,354
957,401
Universal
Health
Services,
Inc.
,
Class
B
.......................................
7,507
1,144,367
Vericel
Corp.
(a)
........................................................
16,060
571,897
Viatris,
Inc.
...........................................................
107,425
1,163,413
Viking
Therapeutics,
Inc.
(a)
...............................................
25,451
473,643
Vir
Biotechnology,
Inc.
(a)
.................................................
38,584
388,155
36,585,421
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
13
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Industrials
(17.7%):
AAR
Corp.
(a)
.........................................................
13,419
$
837,346
Air
Lease
Corp.
........................................................
24,937
1,045,858
Air
Transport
Services
Group,
Inc.
(a)
.........................................
28,687
505,178
Allegiant
Travel
Co.
.....................................................
8,394
693,428
Allison
Transmission
Holdings,
Inc.
.........................................
17,766
1,033,093
API
Group
Corp.
(a)
.....................................................
33,168
1,147,613
ArcBest
Corp.
.........................................................
4,830
580,614
Atkore,
Inc.
(a)
.........................................................
5,166
826,560
Avis
Budget
Group,
Inc.
(c)
................................................
3,187
564,928
Beacon
Roofing
Supply,
Inc.
(a)
.............................................
11,113
967,053
Boise
Cascade
Co.
......................................................
7,245
937,213
CACI
International,
Inc.
,
Class
A
(a)
.........................................
4,269
1,382,558
Clean
Harbors,
Inc.
(a)
...................................................
5,979
1,043,395
Comfort
Systems
USA,
Inc.
...............................................
3,575
735,270
Core
&
Main,
Inc.
,
Class
A
(a)
..............................................
24,536
991,500
CSW
Industrials,
Inc.
....................................................
5,476
1,135,777
EMCOR
Group,
Inc.
....................................................
4,392
946,169
Encore
Wire
Corp.
......................................................
3,590
766,824
Esab
Corp.
............................................................
10,566
915,227
Federal
Signal
Corp.
.....................................................
13,724
1,053,180
FTAI
Aviation
Ltd.
......................................................
18,363
852,043
GMS,
Inc.
(a)
..........................................................
12,887
1,062,275
Griffon
Corp.
..........................................................
15,984
974,225
Hertz
Global
Holdings,
Inc.
(a)
.............................................
63,802
662,903
Huron
Consulting
Group,
Inc.
(a)
............................................
6,816
700,685
KBR,
Inc.
............................................................
19,157
1,061,489
Knight-Swift
Transportation
Holdings,
Inc.
....................................
14,890
858,409
Masterbrand,
Inc.
(a)
.....................................................
47,482
705,108
Matson,
Inc.
..........................................................
7,170
785,832
MDU
Resources
Group,
Inc.
...............................................
63,464
1,256,587
MillerKnoll,
Inc.
.......................................................
18,575
495,581
Moog,
Inc.
,
Class
A
.....................................................
5,532
800,923
MSC
Industrial
Direct
Co.,
Inc.
.............................................
13,444
1,361,339
Owens
Corning
........................................................
6,243
925,400
Parsons
Corp.
(a)
.......................................................
17,250
1,081,748
Primoris
Services
Corp.
..................................................
28,262
938,581
Rush
Enterprises,
Inc.
,
Class
A
.............................................
24,189
1,216,707
Ryder
System,
Inc.
......................................................
8,857
1,019,086
Schneider
National,
Inc.
,
Class
B
............................................
39,922
1,016,015
Science
Applications
International
Corp.
......................................
11,288
1,403,324
Simpson
Manufacturing
Co.,
Inc.
...........................................
4,799
950,106
SkyWest,
Inc.
(a)
........................................................
11,954
623,999
Sterling
Infrastructure,
Inc.
(a)
..............................................
8,224
723,136
Terex
Corp.
...........................................................
11,891
683,257
UFP
Industries,
Inc.
.....................................................
7,508
942,629
Vertiv
Holdings
Co.
,
Class
A
...............................................
9,993
479,964
XPO,
Inc.
(a)
..........................................................
6,403
560,839
42,250,974
Information
Technology
(10.9%):
Advanced
Energy
Industries,
Inc.
...........................................
7,782
847,615
Amkor
Technology,
Inc.
..................................................
21,040
700,001
Appfolio,
Inc.
,
Class
A
(a)
.................................................
3,507
607,553
AppLovin
Corp.
,
Class
A
(a)
...............................................
10,977
437,433
Arrow
Electronics,
Inc.
(a)
.................................................
8,447
1,032,646
Avnet,
Inc.
............................................................
21,482
1,082,693
Axcelis
Technologies,
Inc.
(a)
..............................................
4,389
569,209
Cohu,
Inc.
(a)
..........................................................
26,077
922,865
Crane
NXT
Co.
........................................................
15,968
908,100
Diodes,
Inc.
(a)
.........................................................
10,237
824,283
Dolby
Laboratories,
Inc.
,
Class
A
...........................................
11,387
981,332
Dropbox,
Inc.
,
Class
A
(a)
.................................................
34,833
1,026,877
DXC
Technology
Co.
(a)
..................................................
23,555
538,703
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
14
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Extreme
Networks,
Inc.
(a)
................................................
32,381
$
571,201
FormFactor,
Inc.
(a)
.....................................................
16,422
684,962
Insight
Enterprises,
Inc.
(a)
................................................
7,216
1,278,603
InterDigital,
Inc.
.......................................................
8,948
971,216
IonQ,
Inc.
(a)
(c)
........................................................
25,431
315,090
Manhattan
Associates,
Inc.
(a)
..............................................
4,324
931,044
NCR
Voyix
Corp.
(a)
.....................................................
42,298
715,259
NetScout
Systems,
Inc.
(a)
.................................................
38,497
845,009
Onto
Innovation,
Inc.
(a)
..................................................
4,124
630,559
Photronics,
Inc.
(a)
......................................................
31,322
982,571
Rambus,
Inc.
(a)
........................................................
7,075
482,869
Sanmina
Corp.
(a)
.......................................................
15,566
799,625
TD
SYNNEX
Corp.
.....................................................
11,162
1,201,143
Teradata
Corp.
(a)
.......................................................
16,491
717,523
TTM
Technologies,
Inc.
(a)
................................................
48,091
760,319
Veeco
Instruments,
Inc.
(a)
.................................................
26,140
811,124
Vishay
Intertechnology,
Inc.
...............................................
36,067
864,526
Vontier
Corp.
..........................................................
33,285
1,149,997
Xerox
Holdings
Corp.
...................................................
47,145
864,168
26,056,118
Materials
(5.5%):
Alpha
Metallurgical
Resources,
Inc.
..........................................
2,081
705,292
Arch
Resources,
Inc.
....................................................
4,137
686,494
Berry
Global
Group,
Inc.
.................................................
14,318
964,890
Carpenter
Technology
Corp.
...............................................
8,613
609,800
Cleveland-Cliffs,
Inc.
(a)
..................................................
36,767
750,782
Commercial
Metals
Co.
..................................................
17,895
895,466
Eagle
Materials,
Inc.
.....................................................
5,348
1,084,788
Greif,
Inc.
,
Class
A
......................................................
15,318
1,004,708
International
Paper
Co.
...................................................
27,337
988,233
Louisiana-Pacific
Corp.
..................................................
12,120
858,460
NewMarket
Corp.
......................................................
2,044
1,115,676
Ryerson
Holding
Corp.
...................................................
19,409
673,104
Summit
Materials,
Inc.
,
Class
A
(a)
..........................................
21,920
843,043
Sylvamo
Corp.
.........................................................
14,210
697,853
United
States
Steel
Corp.
.................................................
13,104
637,510
Warrior
Met
Coal,
Inc.
...................................................
11,137
679,023
13,195,122
Real
Estate
(6.4%):
Acadia
Realty
Trust
.....................................................
57,360
974,546
CareTrust
REIT,
Inc.
....................................................
51,006
1,141,514
Empire
State
Realty
Trust,
Inc.
.............................................
64,094
621,071
EPR
Properties
........................................................
22,825
1,105,871
JBG
SMITH
Properties
...................................................
46,277
787,172
Kilroy
Realty
Corp.
.....................................................
17,884
712,498
Medical
Properties
Trust,
Inc.
(c)
............................................
88,599
435,021
Omega
Healthcare
Investors,
Inc.
...........................................
32,007
981,335
Paramount
Group,
Inc.
...................................................
111,445
576,171
Phillips
Edison
&
Co.,
Inc.
................................................
31,540
1,150,579
PotlatchDeltic
Corp.
.....................................................
22,677
1,113,441
Sabra
Health
Care
REIT,
Inc.
..............................................
64,606
921,928
SL
Green
Realty
Corp.
(c)
.................................................
10,215
461,411
Tanger,
Inc.
...........................................................
37,003
1,025,723
The
Macerich
Co.
......................................................
51,035
787,470
The
St.
Joe
Co.
........................................................
14,678
883,322
Urban
Edge
Properties
...................................................
51,742
946,879
Vornado
Realty
Trust
....................................................
18,667
527,343
15,153,295
Utilities
(2.0%):
ALLETE,
Inc.
.........................................................
20,287
1,240,753
Clearway
Energy,
Inc.
,
Class
C
.............................................
29,182
800,462
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
15
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Hawaiian
Electric
Industries,
Inc.
...........................................
25,513
$
362,029
Pinnacle
West
Capital
Corp.
...............................................
16,644
1,195,705
Vistra
Corp.
...........................................................
29,740
1,145,585
4,744,534
Total
Common
Stocks
(Cost
$204,873,414)
237,808,945
Rights
(0.0%)(d)
Health
Care
(0.0%):(d)
Achillion
Pharmaceuticals,
CVR
(a)
(b)
.......................................
17,954
4,130
Total
Rights
(Cost
$–)
4,130
Collateral
for
Securities
Loaned
(1.2%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(e)
........
737,294
737,294
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(e)
............
737,294
737,294
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(e)
...............
737,294
737,294
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(e)
.
737,294
737,294
Total
Collateral
for
Securities
Loaned
(Cost
$2,949,176)
2,949,176
Total
Investments
(Cost
$207,822,590)
—
100.8%
240,762,251
Liabilities
in
excess
of
other
assets
—
(0.8)%
(
1,824,041
)
NET
ASSETS
-
100.00%
$
238,938,210
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
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,
2023.
This
security
is
classified
as
Level
3
within
the
fair
value
hierarchy.
(See
Note
2
in
the
Notes
to
Financial
Statements)
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Amount
represents
less
than
0.05%
of
net
assets.
(e)
Rate
disclosed
is
the
daily
yield
on
December
31,
2023.
CVR
—
Contingent
Value
Right
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
Russell
2000
Index
Futures
......
9
3/15/24
$
869,851
$
921,465
$
51,614
Total
unrealized
appreciation
$
51,614
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
51,614
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
16
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
Common
Stocks
(99.1%)
Australia
(2.3%):
Industrials
(0.7%):
Seven
Group
Holdings
Ltd.
................................................
67,180
$
1,688,905
Materials
(1.6%):
BlueScope
Steel
Ltd.
....................................................
87,214
1,390,404
Fortescue
Ltd.
.........................................................
57,117
1,129,281
Rio
Tinto
Ltd.
.........................................................
15,676
1,448,859
3,968,544
5,657,449
Austria
(1.8%):
Energy
(0.5%):
OMV
AG
............................................................
32,560
1,429,325
Financials
(0.7%):
Raiffeisen
Bank
International
AG
...........................................
81,387
1,677,221
Materials
(0.6%):
voestalpine
AG
........................................................
46,072
1,452,400
4,558,946
Canada
(2.3%):
Financials
(0.6%):
Fairfax
Financial
Holdings
Ltd.
.............................................
1,787
1,648,898
Industrials
(0.6%):
Element
Fleet
Management
Corp.
...........................................
88,742
1,444,092
Materials
(1.1%):
Kinross
Gold
Corp.
.....................................................
172,631
1,044,985
West
Fraser
Timber
Co.
Ltd.
...............................................
19,220
1,644,486
2,689,471
5,782,461
Denmark
(0.9%):
Consumer
Discretionary
(0.5%):
Pandora
A/S
..........................................................
8,079
1,116,689
Industrials
(0.4%):
AP
Moller
-
Maersk
A/S
,
Class
B
...........................................
568
1,021,331
2,138,020
France
(11.5%):
Communication
Services
(3.3%):
Bollore
SE
............................................................
317,792
1,983,657
Orange
SA
............................................................
210,342
2,392,340
Publicis
Groupe
SA
.....................................................
18,006
1,669,504
Vivendi
SE
...........................................................
189,707
2,026,143
8,071,644
Consumer
Discretionary
(0.5%):
Renault
SA
...........................................................
27,952
1,138,647
Consumer
Staples
(0.7%):
Carrefour
SA
..........................................................
94,652
1,730,662
Energy
(0.6%):
TotalEnergies
SE
.......................................................
22,293
1,515,794
Financials
(2.3%):
BNP
Paribas
SA
........................................................
23,483
1,622,369
Credit
Agricole
SA
......................................................
119,887
1,700,724
SCOR
SE
............................................................
38,833
1,134,179
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
17
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Societe
Generale
SA
.....................................................
49,225
$
1,305,389
5,762,661
Health
Care
(1.2%):
Ipsen
SA
.............................................................
13,525
1,610,830
Sanofi
SA
............................................................
12,406
1,229,152
2,839,982
Industrials
(1.5%):
Bouygues
SA
..........................................................
49,955
1,881,391
Eiffage
SA
............................................................
17,839
1,910,393
3,791,784
Real
Estate
(0.6%):
Klepierre
SA
..........................................................
54,995
1,498,164
Utilities
(0.8%):
Engie
SA
.............................................................
117,584
2,065,987
28,415,325
Germany
(10.6%):
Communication
Services
(0.8%):
Deutsche
Telekom
AG
...................................................
82,130
1,971,751
Consumer
Discretionary
(2.7%):
Bayerische
Motoren
Werke
AG
.............................................
14,178
1,577,176
Mercedes-Benz
Group
AG
................................................
24,375
1,682,918
Porsche
Automobil
Holding
SE
,
Preference
Shares
...............................
33,292
1,702,156
Volkswagen
AG
,
Preference
Shares
..........................................
14,910
1,839,969
6,802,219
Consumer
Staples
(1.0%):
Henkel
AG
&
Co.
KGaA
,
Preference
Shares
....................................
29,871
2,402,315
Financials
(2.3%):
Commerzbank
AG
......................................................
82,156
975,759
Deutsche
Bank
AG
,
Registered
Shares
........................................
94,120
1,284,494
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
,
Class
R
...............
4,740
1,962,530
Talanx
AG
............................................................
20,294
1,448,195
5,670,978
Health
Care
(1.4%):
Fresenius
Medical
Care
AG
...............................................
24,354
1,020,440
Fresenius
SE
&
Co.
KGaA
................................................
39,680
1,229,433
Merck
KGaA
..........................................................
7,506
1,193,888
3,443,761
Industrials
(0.6%):
Hochtief
AG
..........................................................
13,198
1,461,168
Materials
(0.6%):
Heidelberg
Materials
AG
.................................................
17,885
1,597,876
Real
Estate
(0.4%):
LEG
Immobilien
SE
(a)
...................................................
11,456
1,003,013
Utilities
(0.8%):
E.ON
SE
.............................................................
144,923
1,943,590
26,296,671
Greece
(0.8%):
Financials
(0.4%):
National
Bank
of
Greece
SA
(a)
.............................................
132,858
922,421
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
18
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Industrials
(0.4%):
Mytilineos
SA
.........................................................
27,992
$
1,133,943
2,056,364
Hong
Kong
(5.8%):
Consumer
Staples
(0.5%):
WH
Group
Ltd.
(b)
......................................................
1,953,145
1,260,707
Health
Care
(0.3%):
Sino
Biopharmaceutical
Ltd.
...............................................
1,552,000
689,716
Industrials
(1.0%):
CK
Hutchison
Holdings
Ltd.
...............................................
281,037
1,506,288
SITC
International
Holdings
Co.
Ltd.
.........................................
482,000
832,120
2,338,408
Real
Estate
(4.0%):
CK
Asset
Holdings
Ltd.
..................................................
295,063
1,481,324
Hang
Lung
Properties
Ltd.
................................................
694,596
967,855
Henderson
Land
Development
Co.
Ltd.
.......................................
388,797
1,197,532
New
World
Development
Co.
Ltd.
...........................................
607,510
942,986
Sino
Land
Co.
Ltd.
......................................................
1,158,861
1,260,051
Sun
Hung
Kai
Properties
Ltd.
..............................................
122,570
1,325,662
Swire
Pacific
Ltd.
,
Class
A
................................................
170,660
1,444,715
The
Wharf
Holdings
Ltd.
.................................................
419,297
1,350,544
9,970,669
14,259,500
Italy
(5.1%):
Communication
Services
(0.5%):
Telecom
Italia
SpA
(a)
....................................................
3,578,006
1,161,916
Energy
(0.7%):
Eni
SpA
(c)
...........................................................
100,740
1,706,651
Financials
(2.1%):
Banco
BPM
SpA
.......................................................
193,590
1,021,627
Intesa
Sanpaolo
SpA
.....................................................
507,490
1,480,805
Mediobanca
Banca
di
Credito
Finanziario
SpA
..................................
139,734
1,728,243
UniCredit
SpA
.........................................................
41,649
1,129,308
5,359,983
Industrials
(0.6%):
Leonardo
SpA
.........................................................
85,965
1,417,157
Materials
(0.6%):
Buzzi
SpA
............................................................
47,796
1,452,936
Utilities
(0.6%):
A2A
SpA
.............................................................
740,841
1,520,181
12,618,824
Japan
(26.1%):
Communication
Services
(1.0%):
Nippon
Telegraph
&
Telephone
Corp.
........................................
818,900
1,000,826
SoftBank
Corp.
........................................................
111,400
1,390,327
2,391,153
Consumer
Discretionary
(3.3%):
Aisin
Corp.
...........................................................
15,000
524,862
Asics
Corp.
...........................................................
12,400
388,588
Denso
Corp.
..........................................................
38,100
574,824
Honda
Motor
Co.
Ltd.
...................................................
59,700
620,799
Isuzu
Motors
Ltd.
.......................................................
46,500
598,978
Mazda
Motor
Corp.
.....................................................
41,200
445,228
Nissan
Motor
Co.
Ltd.
...................................................
123,800
486,664
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
19
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Panasonic
Holdings
Corp.
.................................................
50,700
$
502,217
Sekisui
House
Ltd.
......................................................
46,600
1,035,262
Subaru
Corp.
..........................................................
34,600
634,669
Sumitomo
Electric
Industries
Ltd.
...........................................
50,200
639,340
Toyota
Motor
Corp.
.....................................................
31,700
582,486
Yamaha
Motor
Co.
Ltd.
..................................................
72,000
643,240
Zensho
Holdings
Co.
Ltd.
.................................................
7,100
372,123
8,049,280
Consumer
Staples
(1.9%):
Ajinomoto
Co.,
Inc.
.....................................................
16,400
632,827
Asahi
Group
Holdings
Ltd.
................................................
21,500
801,866
Japan
Tobacco,
Inc.
(c)
...................................................
43,300
1,119,510
MatsukiyoCocokara
&
Co.
................................................
37,000
655,334
MEIJI
Holdings
Co.
Ltd.
.................................................
31,238
742,063
Nissin
Foods
Holdings
Co.
Ltd.
.............................................
21,222
740,768
4,692,368
Energy
(0.6%):
ENEOS
Holdings,
Inc.
...................................................
162,200
644,750
Idemitsu
Kosan
Co.
Ltd.
..................................................
90,000
489,963
Inpex
Corp.
(c)
.........................................................
32,200
434,990
1,569,703
Financials
(4.3%):
Concordia
Financial
Group
Ltd.
............................................
130,200
595,311
Dai-ichi
Life
Holdings,
Inc.
...............................................
27,000
573,018
Daiwa
Securities
Group,
Inc.
...............................................
98,700
664,464
Japan
Post
Holdings
Co.
Ltd.
..............................................
89,600
800,477
Japan
Post
Insurance
Co.
Ltd.
..............................................
37,400
664,276
Mitsubishi
HC
Capital,
Inc.
................................................
116,000
779,038
Mitsubishi
UFJ
Financial
Group,
Inc.
.........................................
72,500
623,023
Mizuho
Financial
Group,
Inc.
..............................................
39,100
669,093
MS&AD
Insurance
Group
Holdings,
Inc.
......................................
20,100
790,712
Nomura
Holdings,
Inc.
...................................................
150,800
682,119
Resona
Holdings,
Inc.
....................................................
103,100
523,983
SBI
Holdings,
Inc.
......................................................
33,600
755,988
Sumitomo
Mitsui
Financial
Group,
Inc.
.......................................
14,100
688,098
Sumitomo
Mitsui
Trust
Holdings,
Inc.
........................................
38,000
729,380
T&D
Holdings,
Inc.
.....................................................
34,500
548,285
The
Chiba
Bank
Ltd.
....................................................
80,700
583,011
10,670,276
Health
Care
(1.6%):
Astellas
Pharma,
Inc.
....................................................
53,800
643,402
Chugai
Pharmaceutical
Co.
Ltd.
............................................
19,200
727,524
Otsuka
Holdings
Co.
Ltd.
.................................................
21,100
791,587
Shionogi
&
Co.
Ltd.
.....................................................
19,900
959,570
Takeda
Pharmaceutical
Co.
Ltd.
............................................
32,600
937,441
4,059,524
Industrials
(5.9%):
AGC,
Inc.
............................................................
28,400
1,054,777
Dai
Nippon
Printing
Co.
Ltd.
..............................................
31,600
935,358
Hitachi
Ltd.
...........................................................
9,200
663,669
ITOCHU
Corp.
........................................................
16,300
666,776
Kajima
Corp.
..........................................................
37,200
621,803
Kawasaki
Kisen
Kaisha
Ltd.
(c)
.............................................
10,300
442,013
Komatsu
Ltd.
..........................................................
24,300
635,682
Marubeni
Corp.
........................................................
35,700
564,317
Mitsubishi
Corp.
.......................................................
39,300
628,192
Mitsubishi
Electric
Corp.
.................................................
41,600
589,860
Mitsubishi
Heavy
Industries
Ltd.
............................................
8,800
514,405
Mitsui
&
Co.
Ltd.
.......................................................
15,000
563,697
Mitsui
OSK
Lines
Ltd.
...................................................
21,300
682,452
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
20
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
NIPPON
EXPRESS
HOLDINGS,
Inc.
........................................
15,300
$
869,728
Nippon
Yusen
KK
......................................................
20,600
638,691
Obayashi
Corp.
........................................................
76,500
662,009
Sojitz
Corp.
...........................................................
25,700
580,611
Sumitomo
Corp.
........................................................
31,100
678,561
Taisei
Corp.
...........................................................
17,600
601,980
TOPPAN
Holdings,
Inc.
..................................................
30,300
845,726
Toyota
Industries
Corp.
...................................................
5,600
456,802
Toyota
Tsusho
Corp.
.....................................................
9,700
571,624
14,468,733
Information
Technology
(3.3%):
Canon,
Inc.
...........................................................
33,400
857,625
Disco
Corp.
...........................................................
1,800
446,617
FUJIFILM
Holdings
Corp.
................................................
13,300
799,340
Ibiden
Co.
Ltd.
.........................................................
7,600
421,294
Kyocera
Corp.
.........................................................
61,200
893,386
NEC
Corp.
...........................................................
9,700
574,514
Renesas
Electronics
Corp.
(a)
...............................................
24,100
435,742
Ricoh
Co.
Ltd.
.........................................................
74,600
573,073
Rohm
Co.
Ltd.
.........................................................
30,700
588,500
Screen
Holdings
Co.
Ltd.
.................................................
5,900
499,269
SCSK
Corp.
...........................................................
47,000
932,132
Seiko
Epson
Corp.
......................................................
44,400
664,677
TDK
Corp.
...........................................................
12,000
571,741
8,257,910
Materials
(1.3%):
JFE
Holdings,
Inc.
......................................................
35,700
553,935
Mitsubishi
Chemical
Group
Corp.
...........................................
107,700
660,043
Mitsui
Chemicals,
Inc.
...................................................
22,800
676,334
Nippon
Sanso
Holdings
Corp.
..............................................
22,600
605,317
Nippon
Steel
Corp.
(c)
....................................................
25,200
577,358
3,072,987
Real
Estate
(1.6%):
Daito
Trust
Construction
Co.
Ltd.
...........................................
7,400
858,207
Daiwa
House
Industry
Co.
Ltd.
.............................................
30,000
909,065
Hulic
Co.
Ltd.
(c)
.......................................................
92,500
968,763
Mitsui
Fudosan
Co.
Ltd.
..................................................
29,300
718,679
Sumitomo
Realty
&
Development
Co.
Ltd.
....................................
20,200
600,928
4,055,642
Utilities
(1.3%):
Chubu
Electric
Power
Co.,
Inc.
.............................................
53,900
696,403
Osaka
Gas
Co.
Ltd.
.....................................................
37,400
781,267
The
Kansai
Electric
Power
Co.,
Inc.
..........................................
43,000
570,974
Tokyo
Electric
Power
Co.
Holdings,
Inc.
(a)
....................................
114,000
597,170
Tokyo
Gas
Co.
Ltd.
.....................................................
29,200
670,660
3,316,474
64,604,050
Luxembourg
(1.1%):
Consumer
Discretionary
(0.5%):
B&M
European
Value
Retail
SA
............................................
176,401
1,259,365
Materials
(0.6%):
ArcelorMittal
SA
.......................................................
50,175
1,421,965
2,681,330
Netherlands
(1.8%):
Consumer
Staples
(0.8%):
Koninklijke
Ahold
Delhaize
NV
............................................
66,886
1,920,658
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
21
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Financials
(0.5%):
ABN
AMRO
Bank
NV
(b)
.................................................
92,779
$
1,391,746
Health
Care
(0.5%):
Koninklijke
Philips
NV
(a)
................................................
54,609
1,270,951
4,583,355
Norway
(0.5%):
Energy
(0.5%):
Equinor
ASA
..........................................................
40,663
1,289,888
Singapore
(1.6%):
Industrials
(1.2%):
Jardine
Cycle
&
Carriage
Ltd.
..............................................
70,000
1,578,899
Keppel
Ltd.
...........................................................
254,200
1,362,130
2,941,029
Utilities
(0.4%):
Sembcorp
Industries
Ltd.
.................................................
244,900
985,614
3,926,643
South
Korea
(9.0%):
Communication
Services
(1.3%):
KT
Corp.
.............................................................
60,018
1,603,338
SK
Telecom
Co.
Ltd.
....................................................
43,118
1,677,574
3,280,912
Consumer
Discretionary
(1.2%):
Hyundai
Motor
Co.
.....................................................
9,895
1,563,744
Kia
Corp.
............................................................
17,918
1,391,473
2,955,217
Financials
(3.6%):
Hana
Financial
Group,
Inc.
................................................
36,692
1,236,649
Industrial
Bank
of
Korea
(a)
................................................
225,665
2,078,424
KB
Financial
Group,
Inc.
.................................................
27,752
1,165,942
Samsung
Life
Insurance
Co.
Ltd.
............................................
27,482
1,474,727
Shinhan
Financial
Group
Co.
Ltd.
...........................................
47,284
1,474,297
Woori
Financial
Group,
Inc.
...............................................
158,990
1,605,087
9,035,126
Industrials
(1.5%):
HMM
Co.
Ltd.
.........................................................
62,846
955,599
LG
Corp.
.............................................................
17,087
1,139,841
Posco
International
Corp.
.................................................
8,070
391,060
SK,
Inc.
..............................................................
8,099
1,119,532
3,606,032
Information
Technology
(0.9%):
Samsung
Electronics
Co.
Ltd.
..............................................
24,574
1,498,066
SK
Hynix,
Inc.
.........................................................
7,777
854,582
2,352,648
Materials
(0.5%):
Ecopro
Co.
Ltd.
........................................................
617
310,010
Kum
Yang
Co.
Ltd.
(a)
...................................................
3,598
305,119
POSCO
Holdings,
Inc.
...................................................
1,329
515,520
1,130,649
22,360,584
Spain
(4.2%):
Communication
Services
(0.6%):
Telefonica
SA
.........................................................
399,082
1,556,753
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
22
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Consumer
Discretionary
(0.8%):
Industria
de
Diseno
Textil
SA
..............................................
42,792
$
1,862,432
Energy
(0.6%):
Repsol
SA
............................................................
98,912
1,468,460
Financials
(0.9%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
142,147
1,290,676
Banco
de
Sabadell
SA
...................................................
764,513
939,228
2,229,904
Health
Care
(0.4%):
Grifols
SA
(a)
..........................................................
61,679
1,052,198
Industrials
(0.9%):
ACS
Actividades
de
Construccion
y
Servicios
SA
................................
50,057
2,218,960
10,388,707
Sweden
(3.5%):
Financials
(1.9%):
Industrivarden
AB
,
Class
C
(c)
..............................................
67,987
2,213,750
Investor
AB
,
Class
B
....................................................
102,106
2,364,666
4,578,416
Industrials
(1.2%):
Saab
AB
,
Class
B
.......................................................
24,316
1,465,351
Volvo
AB
,
Class
B
......................................................
61,931
1,607,473
3,072,824
Materials
(0.4%):
SSAB
AB
,
Class
B
......................................................
123,027
940,533
8,591,773
Switzerland
(0.8%):
Materials
(0.8%):
Holcim
AG
...........................................................
24,863
1,952,254
United
Kingdom
(9.4%):
Communication
Services
(0.5%):
Vodafone
Group
PLC
....................................................
1,473,314
1,287,282
Consumer
Staples
(3.5%):
Associated
British
Foods
PLC
..............................................
56,864
1,715,312
Haleon
PLC
...........................................................
441,638
1,810,329
J
Sainsbury
PLC
.......................................................
476,162
1,836,247
Marks
&
Spencer
Group
PLC
..............................................
359,720
1,248,760
Tesco
PLC
............................................................
555,770
2,057,542
8,668,190
Energy
(0.7%):
Shell
PLC
............................................................
50,965
1,670,190
Financials
(1.8%):
3i
Group
PLC
.........................................................
61,120
1,885,756
abrdn
PLC
............................................................
520,066
1,184,047
Barclays
PLC
.........................................................
691,482
1,355,153
4,424,956
Health
Care
(1.4%):
GSK
PLC
............................................................
106,357
1,965,628
Hikma
Pharmaceuticals
PLC
...............................................
69,737
1,589,941
3,555,569
Industrials
(0.9%):
Melrose
Industries
PLC
..................................................
164,072
1,186,400
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
23
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Rolls-Royce
Holdings
PLC
(a)
..............................................
253,736
$
969,117
2,155,517
Utilities
(0.6%):
Centrica
PLC
..........................................................
786,467
1,409,703
23,171,407
Total
Common
Stocks
(Cost
$218,712,467)
245,333,551
Collateral
for
Securities
Loaned
(1.8%)^
United
States
(1.8%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(d)
........
1,094,633
1,094,633
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(d)
............
1,094,633
1,094,633
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(d)
...............
1,094,633
1,094,633
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(d)
.
1,094,633
1,094,633
Total
Collateral
for
Securities
Loaned
(Cost
$4,378,532)
4,378,532
Total
Investments
(Cost
$223,090,999)
—
100.9%
249,712,083
Liabilities
in
excess
of
other
assets
—
(0.9)%
(
2,227,968
)
NET
ASSETS
-
100.00%
$
247,484,115
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
December
31,
2023,
the
fair
value
of
these
securities
was
$2,652,453
and
amounted
to
1.1%
of
net
assets.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Rate
disclosed
is
the
daily
yield
on
December
31,
2023.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
MSCI
EAFE
Index
Futures
......
7
3/15/24
$
765,869
$
788,340
$
22,471
Total
unrealized
appreciation
$
22,471
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
22,471
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
24
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
Common
Stocks
(100.4%)
Brazil
(8.3%):
Communication
Services
(1.0%):
TIM
SA
..............................................................
487,800
$
1,801,160
Consumer
Staples
(1.2%):
JBS
SA
..............................................................
214,500
1,100,351
Sao
Martinho
SA
.......................................................
170,000
1,026,113
2,126,464
Energy
(0.6%):
Petroleo
Brasileiro
SA
,
Preference
Shares
.....................................
142,200
1,090,535
Financials
(0.9%):
Banco
do
Brasil
SA
.....................................................
142,300
1,623,180
Materials
(1.3%):
Cia
Siderurgica
Nacional
SA
...............................................
263,400
1,066,423
Gerdau
SA
,
Preference
Shares
..............................................
284,420
1,391,672
2,458,095
Real
Estate
(0.7%):
Allos
SA
.............................................................
236,429
1,292,693
Utilities
(2.6%):
Cia
De
Sanena
Do
Parana
.................................................
265,500
1,595,985
Cia
Energetica
de
Minas
Gerais
,
Preference
Shares
...............................
597,500
1,412,570
Companhia
Paranaense
de
Energia
,
Preference
Shares
.............................
793,700
1,693,349
4,701,904
15,094,031
Chile
(2.3%):
Consumer
Discretionary
(0.8%):
Falabella
SA
(a)
........................................................
593,888
1,483,776
Consumer
Staples
(0.8%):
Cencosud
SA
..........................................................
792,140
1,488,816
Utilities
(0.7%):
Enel
Chile
SA
.........................................................
18,465,498
1,195,090
4,167,682
China
(28.4%):
Communication
Services
(0.8%):
China
Tower
Corp.
Ltd.
,
Class
H
(b)
..........................................
14,559,499
1,529,007
Consumer
Discretionary
(1.7%):
BYD
Co.
Ltd.
.........................................................
41,000
1,125,791
Great
Wall
Motor
Co.
Ltd.
................................................
562,992
731,121
Haier
Smart
Home
Co.
Ltd.
,
Class
H
.........................................
418,200
1,180,978
3,037,890
Energy
(3.2%):
China
Coal
Energy
Co.
Ltd.
,
Class
H
.........................................
1,326,298
1,206,004
China
Petroleum
&
Chemical
Corp.
,
Class
H
...................................
2,423,449
1,269,423
China
Shenhua
Energy
Co.
Ltd.
,
Class
H
......................................
415,875
1,424,740
PetroChina
Co.
Ltd.
,
Class
H
..............................................
1,661,469
1,097,971
Yankuang
Energy
Group
Co.
Ltd.
,
Class
H
.....................................
420,932
800,009
5,798,147
Financials
(11.6%):
Agricultural
Bank
of
China
Ltd.
,
Class
H
......................................
3,859,654
1,487,866
Bank
of
China
Ltd.
,
Class
H
...............................................
4,284,464
1,635,166
Bank
of
Communications
Co.
Ltd.
,
Class
H
....................................
2,267,789
1,414,427
China
CITIC
Bank
Corp.
Ltd.
,
Class
H
.......................................
3,163,600
1,491,003
China
Life
Insurance
Co.
Ltd.
,
Class
H
.......................................
743,467
963,588
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
25
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
China
Merchants
Bank
Co.
Ltd.
,
Class
H
......................................
295,500
$
1,029,379
China
Minsheng
Banking
Corp.
Ltd.
,
Class
H
...................................
3,685,298
1,250,742
China
Pacific
Insurance
Group
Co.
Ltd.
,
Class
H
................................
438,400
884,863
CITIC
Securities
Co.
Ltd.
,
Class
H
..........................................
514,501
1,050,325
GF
Securities
Co.
Ltd.
,
Class
H
.............................................
947,593
1,133,490
Haitong
Securities
Co.
Ltd.
,
Class
H
.........................................
2,552,069
1,362,943
Huatai
Securities
Co.
Ltd.
,
Class
H
(b)
........................................
962,039
1,214,839
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
H
.............................
2,891,957
1,414,830
New
China
Life
Insurance
Co.
Ltd.
,
Class
H
....................................
510,246
994,588
PICC
Property
&
Casualty
Co.
Ltd.
,
Class
H
...................................
951,620
1,130,995
Postal
Savings
Bank
of
China
Co.
Ltd.
,
Class
H
(b)
...............................
2,677,395
1,278,999
The
People's
Insurance
Co.
Group
of
China
Ltd.
,
Class
H
..........................
4,257,777
1,308,709
21,046,752
Health
Care
(2.1%):
3SBio,
Inc.
(b)
.........................................................
1,199,000
1,154,745
China
Resources
Pharmaceutical
Group
Ltd.
(b)
.................................
1,564,084
1,027,605
Sinopharm
Group
Co.
Ltd.
,
Class
H
..........................................
378,496
991,297
WuXi
AppTec
Co.
Ltd.
,
Class
H
(b)
..........................................
66,621
677,882
3,851,529
Industrials
(2.7%):
China
Conch
Venture
Holdings
Ltd.
..........................................
1,238,000
1,027,412
China
Railway
Group
Ltd.
,
Class
H
..........................................
2,366,885
1,054,886
COSCO
SHIPPING
Holdings
Co.
Ltd.
,
Class
H
.................................
1,027,366
1,032,866
Sinotruk
Hong
Kong
Ltd.
.................................................
421,000
826,019
Weichai
Power
Co.
Ltd.
,
Class
H
............................................
546,642
912,913
4,854,096
Information
Technology
(0.9%):
Lenovo
Group
Ltd.
......................................................
661,691
925,395
ZTE
Corp.
,
Class
H
.....................................................
356,800
796,930
1,722,325
Materials
(3.6%):
Anhui
Conch
Cement
Co.
Ltd.
,
Class
H
.......................................
500,294
1,155,875
China
National
Building
Material
Co.
Ltd.
,
Class
H
..............................
1,917,628
820,276
CMOC
Group
Ltd.
,
Class
H
...............................................
1,668,198
912,272
Ganfeng
Lithium
Group
Co.
Ltd.
,
Class
H
(b)
...................................
230,800
871,981
Jiangxi
Copper
Co.
Ltd.
,
Class
H
............................................
848,000
1,198,986
Jinan
Acetate
Chemical
Co.
Ltd.
............................................
17,000
442,105
Zijin
Mining
Group
Co.
Ltd.
,
Class
H
........................................
668,128
1,088,418
6,489,913
Real
Estate
(0.7%):
China
Vanke
Co.
Ltd.
,
Class
H
.............................................
904,042
835,939
Country
Garden
Holdings
Co.
Ltd.
(a)
(c)
......................................
3,857,000
385,295
1,221,234
Utilities
(1.1%):
China
Longyuan
Power
Group
Corp.
Ltd.
,
Class
H
...............................
1,257,000
953,029
Huaneng
Power
International,
Inc.
,
Class
H
(a)
..................................
1,899,656
1,007,220
1,960,249
51,511,142
Cyprus
(0.0%):(d)
Financials
(0.0%):(d)
TCS
Group
Holding
PLC
,
GDR
(a)
(e)
........................................
15,868
6,096
Egypt
(0.6%):
Financials
(0.6%):
Commercial
International
Bank
.............................................
448,334
1,058,300
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
26
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Greece
(0.0%):
Consumer
Discretionary
(0.0%):
FF
Group
(a)
(e)
........................................................
14,913
$
—
Hong
Kong
(3.8%):
Consumer
Discretionary
(0.5%):
China
Education
Group
Holdings
Ltd.
........................................
1,457,000
914,334
Health
Care
(1.1%):
China
Medical
System
Holdings
Ltd.
.........................................
499,000
884,475
China
Traditional
Chinese
Medicine
Holdings
Co.
Ltd.
............................
1,946,000
979,455
1,863,930
Industrials
(0.5%):
Orient
Overseas
International
Ltd.
...........................................
62,406
871,168
Real
Estate
(0.9%):
C&D
International
Investment
Group
Ltd.
.....................................
448,000
954,730
Yuexiu
Property
Co.
Ltd.
.................................................
830,949
676,831
1,631,561
Utilities
(0.8%):
Beijing
Enterprises
Holdings
Ltd.
...........................................
431,691
1,501,039
6,782,032
Hungary
(0.7%):
Health
Care
(0.7%):
Richter
Gedeon
Nyrt
....................................................
50,502
1,276,373
India
(17.5%):
Communication
Services
(1.6%):
Sun
TV
Network
Ltd.
....................................................
178,268
1,525,832
Tata
Communications
Ltd.
................................................
61,658
1,311,800
2,837,632
Consumer
Discretionary
(2.9%):
Apollo
Tyres
Ltd.
.......................................................
290,795
1,586,799
Exide
Industries
Ltd.
....................................................
466,763
1,782,994
TVS
Motor
Co.
Ltd.
.....................................................
75,394
1,835,543
5,205,336
Consumer
Staples
(1.3%):
ITC
Ltd.
.............................................................
433,233
2,405,962
Financials
(3.3%):
IDFC
Ltd.
............................................................
986,659
1,501,770
L&T
Finance
Holdings
Ltd.
...............................................
648,928
1,287,192
Piramal
Enterprises
Ltd.
..................................................
89,988
1,007,284
Power
Finance
Corp.
Ltd.
.................................................
237,889
1,093,832
REC
Ltd.
.............................................................
233,055
1,156,331
6,046,409
Health
Care
(3.4%):
Aurobindo
Pharma
Ltd.
..................................................
104,481
1,361,124
Dr.
Reddy's
Laboratories
Ltd.
..............................................
27,965
1,948,574
Glenmark
Pharmaceuticals
Ltd.
.............................................
114,548
1,175,577
Lupin
Ltd.
............................................................
100,944
1,604,927
6,090,202
Industrials
(2.3%):
Escorts
Kubota
Ltd.
.....................................................
37,192
1,333,364
Larsen
&
Toubro
Ltd.
....................................................
51,440
2,179,790
Suzlon
Energy
Ltd.
(a)
....................................................
1,261,144
578,974
4,092,128
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
27
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Real
Estate
(1.6%):
DLF
Ltd.
.............................................................
177,498
$
1,549,532
Oberoi
Realty
Ltd.
......................................................
79,462
1,378,359
2,927,891
Utilities
(1.1%):
NTPC
Ltd.
............................................................
559,550
2,092,377
31,697,937
Indonesia
(2.0%):
Consumer
Staples
(1.0%):
PT
Indofood
Sukses
Makmur
Tbk
...........................................
4,491,977
1,881,991
Industrials
(1.0%):
PT
Astra
International
Tbk
................................................
4,674,305
1,715,481
3,597,472
Malaysia
(1.1%):
Utilities
(1.1%):
YTL
Corp.
BHD
.......................................................
2,364,800
973,741
YTL
Power
International
BHD
.............................................
1,784,200
987,335
1,961,076
Mexico
(4.5%):
Consumer
Staples
(2.2%):
Coca-Cola
Femsa
SAB
de
CV
..............................................
211,266
2,003,033
Fomento
Economico
Mexicano
SAB
de
CV
....................................
148,111
1,927,938
3,930,971
Financials
(0.8%):
Qualitas
Controladora
SAB
de
CV
...........................................
147,400
1,489,627
Real
Estate
(1.5%):
Corp
Inmobiliaria
Vesta
SAB
de
CV
.........................................
364,161
1,446,306
Fibra
Uno
Administracion
SA
de
CV
.........................................
727,996
1,310,804
2,757,110
8,177,708
Netherlands
(0.8%):
Real
Estate
(0.8%):
NEPI
Rockcastle
NV
....................................................
216,340
1,495,272
Poland
(0.9%):
Financials
(0.5%):
Powszechny
Zaklad
Ubezpieczen
SA
.........................................
76,872
924,075
Utilities
(0.4%):
PGE
Polska
Grupa
Energetyczna
SA
(a)
.......................................
289,555
639,005
1,563,080
Russian
Federation
(0.0%):(d)
Energy
(0.0%):(d)
Gazprom
PJSC
(a)
(e)
(f)
...................................................
324,752
8,733
Financials
(0.0%):
Sberbank
of
Russia
PJSC
(a)
(e)
(f)
...........................................
177,888
—
Materials
(0.0%):(d)
PhosAgro
PJSC
,
GDR
(a)
(e)
(f)
.............................................
35,202
273
Severstal
PAO
(a)
(e)
(f)
...................................................
37,552
—
United
Co.
RUSAL
International
PJSC
(a)
(e)
(f)
..................................
555,630
3,911
4,184
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
28
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Utilities
(0.0%):(d)
Inter
RAO
UES
PJSC
(a)
(e)
(f)
..............................................
23,475,472
$
7,560
20,477
South
Africa
(2.3%):
Consumer
Discretionary
(0.6%):
Woolworths
Holdings
Ltd.
................................................
297,702
1,175,504
Financials
(0.7%):
OUTsurance
Group
Ltd.
..................................................
528,998
1,220,876
Health
Care
(0.7%):
Aspen
Pharmacare
Holdings
Ltd.
............................................
115,232
1,282,456
Materials
(0.3%):
Sibanye
Stillwater
Ltd.
...................................................
411,833
560,822
4,239,658
Taiwan
(21.9%):
Consumer
Discretionary
(1.8%):
Makalot
Industrial
Co.
Ltd.
................................................
97,000
1,120,629
Pou
Chen
Corp.
........................................................
2,173,000
2,188,225
3,308,854
Health
Care
(0.5%):
Lotus
Pharmaceutical
Co.
Ltd.
.............................................
98,000
868,698
Industrials
(2.8%):
China
Airlines
Ltd.
......................................................
1,603,000
1,131,007
Eva
Airways
Corp.
......................................................
1,056,000
1,082,327
Evergreen
Marine
Corp.
Ltd.
...............................................
175,400
820,267
Teco
Electric
and
Machinery
Co.
Ltd.
........................................
612,000
933,407
Yang
Ming
Marine
Transport
Corp.
..........................................
653,000
1,091,703
5,058,711
Information
Technology
(16.8%):
Acer,
Inc.
............................................................
881,000
1,544,657
Alchip
Technologies
Ltd.
.................................................
6,000
640,378
ASE
Technology
Holding
Co.
Ltd.
...........................................
310,000
1,363,859
Asia
Vital
Components
Co.
Ltd.
............................................
63,000
690,875
AUO
Corp.
...........................................................
2,432,800
1,438,987
Catcher
Technology
Co.
Ltd.
...............................................
323,000
2,042,105
Chicony
Electronics
Co.
Ltd.
..............................................
266,000
1,517,028
Compal
Electronics,
Inc.
..................................................
1,083,000
1,406,471
Elite
Material
Co.
Ltd.
...................................................
60,000
746,945
Gigabyte
Technology
Co.
Ltd.
..............................................
79,000
684,830
Global
Unichip
Corp.
....................................................
12,000
680,463
Innolux
Corp.
(a)
.......................................................
3,040,345
1,416,879
King
Slide
Works
Co.
Ltd.
................................................
24,000
714,877
King
Yuan
Electronics
Co.
Ltd.
.............................................
346,000
957,321
Lite-On
Technology
Corp.
................................................
221,000
842,659
Micro-Star
International
Co.
Ltd.
............................................
190,000
1,263,158
Novatek
Microelectronics
Corp.
............................................
74,000
1,246,798
Pegatron
Corp.
.........................................................
567,000
1,613,137
Powertech
Technology,
Inc.
................................................
448,000
2,058,595
Qisda
Corp.
...........................................................
711,000
1,112,205
Quanta
Computer,
Inc.
...................................................
94,000
687,730
Tripod
Technology
Corp.
.................................................
130,000
826,137
Winbond
Electronics
Corp.
................................................
1,156,427
1,147,570
Wistron
Corp.
.........................................................
193,000
620,166
WPG
Holdings
Ltd.
.....................................................
609,000
1,619,501
Zhen
Ding
Technology
Holding
Ltd.
.........................................
451,000
1,602,053
30,485,384
39,721,647
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
29
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Turkey
(5.3%):
Communication
Services
(0.3%):
Turkcell
Iletisim
Hizmetleri
A/S
............................................
260,973
$
497,662
Consumer
Discretionary
(0.8%):
Arcelik
A/S
...........................................................
106,154
463,677
Ford
Otomotiv
Sanayi
A/S
................................................
19,957
501,661
Tofas
Turk
Otomobil
Fabrikasi
A/S
..........................................
61,121
436,301
1,401,639
Consumer
Staples
(0.7%):
BIM
Birlesik
Magazalar
A/S
...............................................
50,588
517,166
Coca-Cola
Icecek
AS
....................................................
41,185
735,679
1,252,845
Energy
(0.2%):
Turkiye
Petrol
Rafinerileri
A/S
.............................................
93,686
455,394
Financials
(1.1%):
Akbank
TAS
..........................................................
377,704
468,877
Haci
Omer
Sabanci
Holding
A/S
............................................
269,881
554,556
Turkiye
Is
Bankasi
A/S
...................................................
594,697
472,221
Yapi
ve
Kredi
Bankasi
AS
.................................................
718,199
477,030
1,972,684
Industrials
(1.6%):
Aselsan
Elektronik
Sanayi
Ve
Ticaret
A/S
......................................
287,780
440,004
KOC
Holding
AS
.......................................................
107,748
519,352
Pegasus
Hava
Tasimaciligi
AS
(a)
............................................
21,563
476,064
Turk
Hava
Yollari
AO
(a)
..................................................
58,620
455,511
Turk
Traktor
ve
Ziraat
Makineleri
A/S
........................................
19,972
483,368
Turkiye
Sise
ve
Cam
Fabrikalari
A/S
.........................................
315,746
491,778
2,866,077
Materials
(0.4%):
Koza
Altin
Isletmeleri
AS
.................................................
528,868
351,096
Oyak
Cimento
Fabrikalari
As
(a)
............................................
184,033
346,876
697,972
Utilities
(0.2%):
Enerjisa
Enerji
A/S
(b)
....................................................
296,255
458,601
9,602,874
United
States
(0.0%):(d)
Materials
(0.0%):(d)
Phosagro
Public
Joint
,
GDR
(a)
(e)
...........................................
227
2
Total
Common
Stocks
(Cost
$167,918,231)
181,972,859
Collateral
for
Securities
Loaned
(0.2%)^
United
States
(0.2%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(g)
........
92,098
92,098
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(g)
............
92,098
92,098
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(g)
...............
92,098
92,098
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(g)
.
92,098
92,098
Total
Collateral
for
Securities
Loaned
(Cost
$368,392)
368,392
Total
Investments
(Cost
$168,286,623)
—
100.6%
182,341,251
Liabilities
in
excess
of
other
assets
—
(0.6)%
(
1,010,289
)
NET
ASSETS
-
100.00%
$
181,330,962
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
30
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Name
Acquisition
Date
Cost
Gazprom
PJSC
.............................................
12/8/2017
$
722,938
Inter
RAO
UES
PJSC
.........................................
5/2/2018
1,576,280
PhosAgro
PJSC
,
GDR
........................................
12/21/2021
748,678
Sberbank
of
Russia
PJSC
......................................
10/24/2017
634,243
Severstal
PAO
..............................................
5/27/2021
881,363
United
Co.
RUSAL
International
PJSC
............................
11/30/2021
516,962
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
December
31,
2023,
the
fair
value
of
these
securities
was
$8,213,659
and
amounted
to
4.5%
of
net
assets.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Amount
represents
less
than
0.05%
of
net
assets.
(e)
Security
was
fair
valued
based
upon
procedures
approved
by
the
Board
of
Trustees
and
represents
less
than
0.05%
of
net
assets
as
of
December
31,
2023.
This
security
is
classified
as
Level
3
within
the
fair
value
hierarchy.
(See
Note
2
in
the
Notes
to
Financial
Statements)
(f)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
December
31,
2023.
(g)
Rate
disclosed
is
the
daily
yield
on
December
31,
2023.
GDR
—
Global
Depositary
Receipt
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
MSCI
Emerging
Markets
Index
Futures
..........................
14
3/15/24
$
691,587
$
723,590
$
32,003
Total
unrealized
appreciation
$
32,003
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
32,003
Statements
of
Assets
and
Liabilities
December
31,
2023
31
See
notes
to
financial
statements.
Victory
Portfolios
II
(Unaudited)
VictoryShares
US
Value
Momentum
ETF
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
Assets:
Investments,
at
value
(Cost
$154,167,617
and
$207,822,590)
$
169,789,792‌
$
240,762,251‌
(a)
Cash
444,515‌
929,560‌
Deposit
with
broker
for
futures
contracts
212,249‌
334,440‌
Receivables:
Interest
and
dividends
359,863‌
298,283‌
From
Adviser
3,655‌
—‌
Prepaid
expenses
350‌
319‌
Total
Assets
170,810,424‌
242,324,853‌
Liabilities:
Payables:
Collateral
received
on
loaned
securities
—‌
2,949,176‌
Investments
purchased
—‌
359,096‌
Payable
to
Adviser
—‌
5‌
Variation
margin
on
open
futures
contracts
679‌
12,964‌
Accrued
expenses
and
other
payables:
Investment
advisory
fees
21,332‌
30,458‌
Administration
fees
5,268‌
8,799‌
Custodian
fees
1,346‌
1,424‌
Compliance
fees
117‌
185‌
Trustees'
fees
—‌
480‌
Other
accrued
expenses
18,985‌
24,056‌
Total
Liabilities
47,727‌
3,386,643‌
Commitments
and
contingencies
(Note
5
)
Net
Assets:
Capital
231,600,190‌
256,141,663‌
Total
accumulated
earnings/(loss)
(
60,837,493‌
)
(
17,203,453‌
)
Net
Assets
$
170,762,697‌
$
238,938,210‌
Shares
outstanding
(unlimited
shares
authorized,
no
par
value):
2,500,000‌
3,250,000‌
Net
asset
value:
$
68
.31‌
$
73
.52‌
(a)
Includes
$2,816,171
of
securities
on
loan.
Statements
of
Assets
and
Liabilities
December
31,
2023
32
See
notes
to
financial
statements.
Victory
Portfolios
II
(Unaudited)
VictoryShares
International
Value
Momentum
ETF
VictoryShares
Emerging
Markets
Value
Momentum
ETF
Assets:
Investments,
at
value
(Cost
$223,090,999
and
$168,286,623)
$
249,712,083‌
(a)
$
182,341,251‌
(b)
Foreign
currency,
at
value
(Cost
$122,990
and
$115,981)
123,181‌
116,362‌
Cash
469,714‌
476,686‌
Deposit
with
broker
for
futures
contracts
193,136‌
129,617‌
Unrealized
appreciation
on
foreign
currency
spot
contracts
149‌
—‌
Receivables:
Interest
and
dividends
607,635‌
237,465‌
Investments
sold
—‌
17,536‌
From
Adviser
—‌
1,010‌
Reclaims
881,729‌
14,568‌
Variation
margin
on
open
futures
contracts
371‌
700‌
Prepaid
expenses
394‌
256‌
Total
Assets
251,988,392‌
183,335,451‌
Liabilities:
Payables:
Collateral
received
on
loaned
securities
4,378,532‌
368,392‌
Payable
to
Adviser
1,886‌
—‌
Accrued
foreign
capital
gains
taxes
—‌
1,480,575‌
Accrued
expenses
and
other
payables:
Investment
advisory
fees
51,172‌
44,684‌
Administration
fees
1,489‌
1,559‌
Custodian
fees
29,352‌
41,997‌
Compliance
fees
186‌
139‌
Trustees'
fees
378‌
340‌
Other
accrued
expenses
41,282‌
66,803‌
Total
Liabilities
4,504,277‌
2,004,489‌
Commitments
and
contingencies
(Note
5
)
Net
Assets:
Capital
299,519,255‌
204,259,765‌
Total
accumulated
earnings/(loss)
(
52,035,140‌
)
(
22,928,803‌
)
Net
Assets
$
247,484,115‌
$
181,330,962‌
Shares
outstanding
(unlimited
shares
authorized,
no
par
value):
5,350,000‌
4,050,000‌
Net
asset
value:
$
46
.26‌
$
44
.77‌
(a)
Includes
$5,870,771
of
securities
on
loan.
(b)
Includes
$245,336
of
securities
on
loan.
Statements
of
Operations
For
the
Six
Months
Ended
December
31,
2023
33
See
notes
to
financial
statements.
Victory
Portfolios
II
(Unaudited)
VictoryShares
US
Value
Momentum
ETF
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
Investment
Income:
Dividends
$
1,973,887‌
$
2,243,979‌
Interest
13,987‌
19,130‌
Securities
lending
(net
of
fees)
157‌
3,720‌
Foreign
tax
withholding
(196‌)
(197‌)
Total
Income
1,987,835‌
2,266,632‌
Expenses:
Investment
advisory
fees
126,197‌
168,918‌
Administration
fees
46,744‌
62,572‌
Sub-Administration
fees
9,771‌
9,771‌
Custodian
fees
5,233‌
6,252‌
Trustees'
fees
7,175‌
8,514‌
Compliance
fees
805‌
1,032‌
Legal
and
audit
fees
10,121‌
12,265‌
Other
expenses
10,855‌
14,350‌
Recoupment
of
prior
expenses
waived/reimbursed
by
Adviser
—‌
5‌
Total
Expenses
216,901‌
283,679‌
Expenses
waived/reimbursed
by
Adviser
(48,863‌)
(2,093‌)
Net
Expenses
168,038‌
281,586‌
Net
Investment
Income
(Loss)
1,819,797‌
1,985,046‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
investment
securities
814,892‌
(1,609,035‌)
Net
realized
gains
(losses)
from
futures
contracts
36,551‌
(32,793‌)
Net
realized
gains
(losses)
from
in-kind
redemptions
3,675,976‌
11,728,082‌
Net
change
in
unrealized
appreciation/depreciation
on
investment
securities
6,439,631‌
12,235,606‌
Net
change
in
unrealized
appreciation/depreciation
on
futures
contracts
(4,837‌)
44,976‌
Net
realized/unrealized
gains
(losses)
on
investments
10,962,213‌
22,366,836‌
Change
in
net
assets
resulting
from
operations
$
12,782,010‌
$
24,351,882‌
Statements
of
Operations
For
the
Six
Months
Ended
December
31,
2023
34
See
notes
to
financial
statements.
Victory
Portfolios
II
(Unaudited)
VictoryShares
International
Value
Momentum
ETF
VictoryShares
Emerging
Markets
Value
Momentum
ETF
Investment
Income:
Dividends
$
3,854,834‌
$
4,024,734‌
Interest
16,626‌
13,094‌
Securities
lending
(net
of
fees)
29,617‌
10,044‌
Foreign
tax
withholding
(481,241‌)(a)
(530,624‌)
Total
Income
3,419,836‌
3,517,248‌
Expenses:
Investment
advisory
fees
294,865‌
258,200‌
Administration
fees
65,538‌
47,824‌
Sub-Administration
fees
9,771‌
10,774‌
Custodian
fees
40,760‌
96,573‌
Trustees'
fees
9,025‌
6,794‌
Compliance
fees
1,093‌
792‌
Legal
and
audit
fees
28,269‌
28,022‌
Line
of
credit
fees
34‌
2,274‌
Other
expenses
11,149‌
10,823‌
Recoupment
of
prior
expenses
waived/reimbursed
by
Adviser
2,228‌
—‌
Total
Expenses
462,732‌
462,076‌
Expenses
waived/reimbursed
by
Adviser
(49,912‌)
(74,641‌)
Net
Expenses
412,820‌
387,435‌
Net
Investment
Income
(Loss)
3,007,016‌
3,129,813‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
investment
securities
and
foreign
currency
transactions
8,149,765‌
8,383,587‌
Foreign
taxes
on
realized
gains
—‌
(971,254‌)
Net
realized
gains
(losses)
from
futures
contracts
(30,566‌)
(66,807‌)
Net
realized
gains
(losses)
from
in-kind
redemptions
1,755,912‌
—‌
Net
change
in
unrealized
appreciation/depreciation
on
investment
securities
and
foreign
currency
translations
6,840,041‌
7,157,412‌
Net
change
in
unrealized
appreciation/depreciation
on
futures
contracts
14,037‌
34,776‌
Net
change
in
accrued
foreign
taxes
on
unrealized
gains
—‌
(730,186‌)
Net
realized/unrealized
gains
(losses)
on
investments
16,729,189‌
13,807,528‌
Change
in
net
assets
resulting
from
operations
$
19,736,205‌
$
16,937,341‌
(a)
Includes
European
Union
("EU")
reclaims
of
$26,005.
See
Foreign
Taxes
in
Item
2
of
the
accompanying
Notes
to
Financial
Statements.
35
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,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
From
Investment
Activities:
Operations:
Net
Investment
Income
(Loss)
$
1,819,797‌
$
4,964,965‌
$
1,985,046‌
$
4,153,232‌
Net
realized
gains
(losses)
4,527,419‌
6,197,838‌
10,086,254‌
(
3,292,083‌
)
Net
change
in
unrealized
appreciation/depreciation
6,434,794‌
11,164,893‌
12,280,582‌
27,645,690‌
Change
in
net
assets
resulting
from
operations
12,782,010‌
22,327,696‌
24,351,882‌
28,506,839‌
Change
in
net
assets
resulting
from
distributions
to
shareholders
(
2,203,491‌
)
(
5,037,898‌
)
(
2,065,944‌
)
(
3,949,369‌
)
Change
in
net
assets
resulting
from
capital
transactions
(
32,384,096‌
)
(
92,182,672‌
)
(
14,007,411‌
)
(
51,254,237‌
)
Change
in
net
assets
(
21,805,577‌
)
(
74,892,874‌
)
8,278,527‌
(
26,696,767‌
)
Net
Assets:
Beginning
of
period
192,568,274‌
267,461,148‌
230,659,683‌
257,356,450‌
End
of
period
$
170,762,697‌
$
192,568,274‌
$
238,938,210‌
$
230,659,683‌
Capital
Transactions:
Proceeds
from
shares
issued
$
—‌
$
—‌
$
39,119,262‌
$
3,167,675‌
Cost
of
shares
redeemed
(
32,384,096‌
)
(
92,182,672‌
)
(
53,126,673‌
)
(
54,421,912‌
)
Change
in
net
assets
resulting
from
capital
transactions
$
(
32,384,096‌
)
$
(
92,182,672‌
)
$
(
14,007,411‌
)
$
(
51,254,237‌
)
Share
Transactions:
Issued
—‌
—‌
550,000‌
50,000‌
Redeemed
(
500,000‌
)
(
1,450,000‌
)
(
750,000‌
)
(
850,000‌
)
Change
in
Shares
(
500,000‌
)
(
1,450,000‌
)
(
200,000‌
)
(
800,000‌
)
36
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,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
From
Investment
Activities:
Operations:
Net
Investment
Income
(Loss)
$
3,007,016‌
$
10,354,745‌
$
3,129,813‌
$
9,072,567‌
Net
realized
gains
(losses)
9,875,111‌
(
18,121,702‌
)
7,345,526‌
(
17,872,781‌
)
Net
change
in
unrealized
appreciation/depreciation
6,854,078‌
39,061,050‌
6,462,002‌
21,179,074‌
Change
in
net
assets
resulting
from
operations
19,736,205‌
31,294,093‌
16,937,341‌
12,378,860‌
Change
in
net
assets
resulting
from
distributions
to
shareholders
(
5,579,223‌
)
(
9,023,923‌
)
(
6,032,382‌
)
(
8,231,290‌
)
Change
in
net
assets
resulting
from
capital
transactions
(
13,236,912‌
)
(
58,663,287‌
)
—‌
(
43,657,374‌
)
Change
in
net
assets
920,070‌
(
36,393,117‌
)
10,904,959‌
(
39,509,804‌
)
Net
Assets:
Beginning
of
period
246,564,045‌
282,957,162‌
170,426,003‌
209,935,807‌
End
of
period
$
247,484,115‌
$
246,564,045‌
$
181,330,962‌
$
170,426,003‌
Capital
Transactions:
Cost
of
shares
redeemed
(
13,236,912‌
)
(
58,663,287‌
)
—‌
(
43,657,374‌
)
Change
in
net
assets
resulting
from
capital
transactions
$
(
13,236,912‌
)
$
(
58,663,287‌
)
$
—‌
$
(
43,657,374‌
)
Share
Transactions:
Redeemed
(
300,000‌
)
(
1,400,000‌
)
—‌
(
1,100,000‌
)
Change
in
Shares
(
300,000‌
)
(
1,400,000‌
)
—‌
(
1,100,000‌
)
Victory
Portfolios
II
Financial
Highlights
For
a
Share
Outstanding
Throughout
Each
Period
37
See
notes
to
financial
statements.
VictoryShares
US
Value
Momentum
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Ten
Months
Ended
June
30,
2020(a)
Year
Ended
August
31,
2019
Net
Asset
Value,
Beginning
of
Period
$64.19
$60.10
$65.66
$45.30
$50.37
$53.85
Investment
Activities:
Net
investment
income
(loss)(b)
0.70
1.25
1.07
0.81
0.72
1.00
Net
realized
and
unrealized
gains
(losses)
4.27
4.10
(5.52)
20.32
(4.85)
(3.59)
Total
from
Investment
Activities
4.97
5.35
(4.45)
21.13
(4.13)
(2.59)
Distributions
to
Shareholders
from:
Net
investment
income
(0.85)
(1.27)
(1.11)
(0.77)
(0.94)
(0.89)
Total
Distributions
(0.85)
(1.27)
(1.11)
(0.77)
(0.94)
(0.89)
Net
Asset
Value,
End
of
Period
$68.31
$64.19
$60.10
$65.66
$45.30
$50.37
Total
Return(c)(d)
7.81%
8.99%
(6.94)%
47.02%
(8.31)%
(4.79)%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
Net
Investment
Income
(Loss)(e)
2.17%
2.00%
1.59%
1.47%
1.80%
2.00%
Gross
Expenses(e)(f)
0.26%
0.26%
0.27%
0.27%
0.28%
0.25%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$170,763
$192,568
$267,461
$443,213
$464,347
$468,445
Portfolio
Turnover(c)(g)
67%
101%
53%
76%
66%
87%
(a)
The
Fund's
fiscal
year-end
changed
from
August
31
to
June
30,
effective
September
1,
2019.
(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
38
See
notes
to
financial
statements.
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Ten
Months
Ended
June
30,
2020(a)
Year
Ended
August
31,
2019
Net
Asset
Value,
Beginning
of
Period
$66.86
$60.55
$72.20
$45.57
$49.54
$57.21
Investment
Activities:
Net
investment
income
(loss)(b)
0.59
1.12
0.88
0.52
0.60
1.00
Net
realized
and
unrealized
gains
(losses)
6.69
6.29
(11.79)
26.84
(3.74)
(7.86)
Total
from
Investment
Activities
7.28
7.41
(10.91)
27.36
(3.14)
(6.86)
Distributions
to
Shareholders
from:
Net
investment
income
(0.62)
(1.10)
(0.74)
(0.73)
(0.83)
(0.81)
Total
Distributions
(0.62)
(1.10)
(0.74)
(0.73)
(0.83)
(0.81)
Net
Asset
Value,
End
of
Period
$73.52
$66.86
$60.55
$72.20
$45.57
$49.54
Total
Return(c)(d)
10.96%
12.33%
(15.24)%
60.47%
(6.44)%
(11.99)%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.25%
0.24%(g)
0.24%(g)
0.24%(g)
0.25%
0.25%
Net
Investment
Income
(Loss)(e)
1.76%
1.75%
1.26%
0.87%
1.53%
1.98%
Gross
Expenses(e)(f)
0.25%
0.27%
0.27%
0.28%
0.31%
0.30%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$238,938
$230,660
$257,356
$299,631
$239,247
$101,564
Portfolio
Turnover(c)(h)
62%
126%
70%
78%
70%
88%
(a)
The
Fund's
fiscal
year-end
changed
from
August
31
to
June
30,
effective
September
1,
2019.
(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.
39
Victory
Portfolios
II
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
VictoryShares
International
Value
Momentum
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Ten
Months
Ended
June
30,
2020(a)
Year
Ended
August
31,
2019
Net
Asset
Value,
Beginning
of
Period
$43.64
$40.14
$49.64
$38.42
$43.16
$48.10
Investment
Activities:
Net
investment
income
(loss)(b)
0.56(c)
1.59
1.41
1.28
0.83
1.30
Net
realized
and
unrealized
gains
(losses)
3.09
3.33
(9.20)
11.17
(4.35)
(4.99)
Total
from
Investment
Activities
3.65
4.92
(7.79)
12.45
(3.52)
(3.69)
Distributions
to
Shareholders
from:
Net
investment
income
(1.03)
(1.42)
(1.71)
(1.23)
(1.22)
(1.25)
Total
Distributions
(1.03)
(1.42)
(1.71)
(1.23)
(1.22)
(1.25)
Net
Asset
Value,
End
of
Period
$46.26
$43.64
$40.14
$49.64
$38.42
$43.16
Total
Return(d)(e)
8.56%(c)
12.50%
(16.12)%
32.66%
(8.39)%
(7.70)%
Ratios
to
Average
Net
Assets:
Net
Expenses(f)(g)
0.35%
0.35%
0.35%
0.35%
0.35%
0.35%
Net
Investment
Income
(Loss)(f)
2.55%(c)
3.86%
2.96%
2.86%
2.41%
2.90%
Gross
Expenses(f)(g)
0.39%
0.41%
0.41%
0.42%
0.41%
0.40%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$247,484
$246,564
$282,957
$357,380
$315,004
$323,693
Portfolio
Turnover(d)(h)
52%
105%
68%
90%
62%
87%
(a)
The
Fund's
fiscal
year-end
changed
from
August
31
to
June
30,
effective
September
1,
2019.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Includes
net
investment
income
received
on
EU
Reclaims
during
the
six
months
ended
December
31,
2023.  Without
these
amounts
the
net
investment
income
(loss)
per
share,
net
investment
income
(loss)
ratio,
and
total
return
would
have
been
less
by
0.005,
0.02%,
and
0.01%,
respectively.
(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
40
See
notes
to
financial
statements.
VictoryShares
Emerging
Markets
Value
Momentum
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Ten
Months
Ended
June
30,
2020(a)
Year
Ended
August
31,
2019
Net
Asset
Value,
Beginning
of
Period
$42.08
$40.76
$52.08
$37.91
$41.23
$45.58
Investment
Activities:
Net
investment
income
(loss)(b)
0.77
2.04
1.91
1.36
0.73
1.31
Net
realized
and
unrealized
gains
(losses)
3.41
1.04
(11.18)
14.10
(2.85)
(4.73)
Total
from
Investment
Activities
4.18
3.08
(9.27)
15.46
(2.12)
(3.42)
Distributions
to
Shareholders
from:
Net
investment
income
(1.49)
(1.76)
(2.05)
(1.29)
(1.20)
(0.93)
Total
Distributions
(1.49)
(1.76)
(2.05)
(1.29)
(1.20)
(0.93)
Net
Asset
Value,
End
of
Period
$44.77
$42.08
$40.76
$52.08
$37.91
$41.23
Total
Return(c)(d)
10.20%
7.80%
(18.34)%
41.48%
(5.47)%
(7.62)%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.45%
0.45%
0.45%
0.45%
0.45%
0.45%
Net
Investment
Income
(Loss)(e)
3.63%
5.07%
4.05%
2.98%
2.18%
3.00%
Gross
Expenses(e)(f)
0.54%
0.61%
0.55%
0.56%
0.57%
0.50%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$181,331
$170,426
$209,936
$265,591
$164,892
$169,051
Portfolio
Turnover(c)(g)
71%
109%
70%
95%
51%
67%
(a)
The
Fund's
fiscal
year-end
changed
from
August
31
to
June
30,
effective
September
1,
2019.
(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,
2023
Victory
Portfolios
II
41
(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 four
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
management
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
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”).
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
DTC
participant
and,
in
each
case,
must
have
executed
a
Participant
Agreement
with
the
distributor.
Only
Authorized
Participants
may
purchase
or
redeem
the
shares
directly
from
a
Fund.
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
up
to
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.
Each
Fund
may
issue
an
unlimited
number
of
shares
of
beneficial
interest,
with
no
par
value.
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:
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
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
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%
*  
As
a
percentage
of
the
amount
invested
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
42
(Unaudited)
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
and
Liquidity
Committee
(the
“Committee”),
and
subject
to Board
oversight,
the
Committee
administers
and
oversees
the
Funds’
valuation
policies
and
procedures,
which
were
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.
Swap
agreements
are
valued
at
the
mean
between
the
current
bid
and
ask
prices.
To
the
extent
this
model
is
utilized,
these
valuations
are
considered
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
the
Funds’
NAV to
be
more
reliable
than
it
otherwise
would
be.
A
summary
of
the
valuations
as
of
December
31,
2023,
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:
Level
1
Level
2
Level
3
Total
US
Value
Momentum
ETF
Common
Stocks
............................
$
169,789,792
$
—
$
—
$
169,789,792
Total
....................................
$
169,789,792
$
—
$
—
$
169,789,792
Other
Financial
Investments:*
Assets:
Futures
Contracts
...........................
16,501
—
—
16,501
Total
....................................
$
16,501
$
—
$
—
$
16,501
US
Small
Mid
Cap
Value
Momentum
ETF
Common
Stocks
............................
237,808,896
—
49
237,808,945
Rights
...................................
—
—
4,130
4,130
Collateral
for
Securities
Loaned
................
2,949,176
—
—
2,949,176
Total
....................................
$
240,758,072
$
—
$
4,179
$
240,762,251
Other
Financial
Investments:*
Assets:
Futures
Contracts
...........................
51,614
—
—
51,614
Total
....................................
$
51,614
$
—
$
—
$
51,614
International
Value
Momentum
ETF
Common
Stocks
............................
245,333,551
—
—
245,333,551
Collateral
for
Securities
Loaned
................
4,378,532
—
—
4,378,532
Total
....................................
$
249,712,083
$
—
$
—
$
249,712,083
Other
Financial
Investments:*
Assets:
Futures
Contracts
...........................
22,471
—
—
22,471
Total
....................................
$
22,471
$
—
$
—
$
22,471
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
43
(Unaudited)
As
of December
31,
2023,
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
during
the
year
are
recorded
as
realized
gains
or
return
of
capital
as
estimated
by
the
Funds
or
when
such
information
becomes
known.
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:
Foreign
Exchange
Currency
Contracts:
The Funds
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
Funds
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
Funds
do
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
Funds’
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
Funds
record
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
Funds
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
Funds
enter
into
foreign
exchange
currency
contracts
solely
for
spot
or
forward
hedging
purposes,
and
not
for
speculative
purposes
(i.e.,
the
Funds
do
not
enter
into
such
contracts
solely
for
the
purpose
of
earning
foreign
currency
gains).
 As
of December
31,
2023,
the
Funds
had
no
open
forward
foreign
exchange
currency
contracts.
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
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’
Level
1
Level
2
Level
3
Total
Emerging
Markets
Value
Momentum
ETF
Common
Stocks
............................
$
181,946,284
$
—
$
26,575
$
181,972,859
Collateral
for
Securities
Loaned
................
368,392
—
—
368,392
Total
....................................
$
182,314,676
$
—
$
26,575
$
182,341,251
Other
Financial
Investments:*
Assets:
Futures
Contracts
...........................
32,003
—
—
32,003
Total
....................................
$
32,003
$
—
$
—
$
32,003
*
Futures
Contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
investment.
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
44
(Unaudited)
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,
2023,
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,
2023:
The
following
table
presents the
effect
of
derivative
instruments
on
the
Statements
of
Operations,
categorized
by
risk
exposure,
for
the period
ended
December
31,
2023:
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”)
Assets
Variation
Margin
Receivable
on
Open
Futures
Contracts*
Equity
Risk
Exposure:
122,589
US
Value
Momentum
ETF
.............................................................................
$
16,501
US
Small
Mid
Cap
Value
Momentum
ETF
..................................................................
51,614
International
Value
Momentum
ETF
......................................................................
22,471
Emerging
Markets
Value
Momentum
ETF
..................................................................
32,003
*
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:
(93615.00)
88952.00
US
Value
Momentum
ETF
...........................................................
$
36,551
$
(4,837)
US
Small
Mid
Cap
Value
Momentum
ETF
................................................
(32,793)
44,976
International
Value
Momentum
ETF
....................................................
(30,566)
14,037
Emerging
Markets
Value
Momentum
ETF
................................................
(66,807)
34,776
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
45
(Unaudited)
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,
2023.
Foreign
Currency
Translations:
The
accounting
records
of
the
Funds
are
maintained
in
U.S.
dollars.
Investment
securities
and
other
assets
and
liabilities
of
a
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
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.
Any
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.
The
International
Value
Momentum
ETF
received
European
Union
(“EU”)
reclaims
related
to
prior
years.
For
the
six
months
ended
December
31,
2023,
the
Fund
recognized
$25,416
related
to
EU
reclaims
and
$589
in
interest
and
entitlements.
These
EU
reclaims
and
related
interest
and
entitlements
are
reflected
on
the
Statements
of
Operations
as
a
reduction
to
Foreign
tax
withholding
expense.
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,
2023,
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
US
Small
Mid
Cap
Value
Momentum
ETF
...............................
$
2,816,171
$
—
$
2,949,176
International
Value
Momentum
ETF
...................................
5,870,771
1,827,929
4,378,532
Emerging
Markets
Value
Momentum
ETF
...............................
245,336
—
368,392
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
46
(Unaudited)
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,
2023,
are
included
in
the
table
below.
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
funds
offered
by
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,
2023,
certain
affiliated fund-of-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
..................................
$
113,563,669
$
113,998,342
$
—
$
32,224,773
US
Small
Mid
Cap
Value
Momentum
ETF
.......................
138,851,257
138,847,826
38,905,291
52,936,719
International
Value
Momentum
ETF
...........................
122,416,091
124,717,260
—
12,095,340
Emerging
Markets
Value
Momentum
ETF
.......................
121,425,950
123,344,273
—
—
US
Value
Momentum
ETF
Ownership
%
Victory
Cornerstone
Conservative
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.2
Victory
Cornerstone
Equity
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
7.2
Victory
Target
Retirement
Income
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
4.3
Victory
Target
Retirement
2030
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
15.5
Victory
Target
Retirement
2040
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
27.0
Victory
Target
Retirement
2050
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
19.7
Victory
Target
Retirement
2060
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2.8
Small
Mid
Cap
Value
Momentum
ETF
Ownership
%
Victory
Cornerstone
Conservative
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.6
Victory
Cornerstone
Equity
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.1
Victory
Target
Retirement
Income
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2.7
Victory
Target
Retirement
2030
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
9.5
Victory
Target
Retirement
2040
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
15.5
Victory
Target
Retirement
2050
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
10.2
Victory
Target
Retirement
2060
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.5
International
Value
Momentum
ETF
Ownership
%
Victory
Cornerstone
Conservative
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.9
Victory
Cornerstone
Equity
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
9.3
Victory
Target
Retirement
Income
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
5.9
Victory
Target
Retirement
2030
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
17.0
Victory
Target
Retirement
2040
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
26.7
Victory
Target
Retirement
2050
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
19.4
Victory
Target
Retirement
2060
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2.8
Emerging
Markets
Value
Momentum
ETF
Ownership
%
Victory
Cornerstone
Aggressive
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.4
Victory
Cornerstone
Conservative
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.4
Victory
Cornerstone
Equity
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
6.6
Victory
Cornerstone
Moderate
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.3
Victory
Cornerstone
Moderately
Aggressive
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.7
Victory
Cornerstone
Moderately
Conservative
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.2
Victory
Target
Retirement
Income
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
6.3
Victory
Target
Retirement
2030
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
15.0
Victory
Target
Retirement
2040
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
26.1
Victory
Target
Retirement
2050
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
18.4
Victory
Target
Retirement
2060
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2.7
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
47
(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,
2023,
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,
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,
2023,
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,
2023,
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,
Victory
Variable
Insurance
Funds,
Victory
Portfolios
and
Victory
Portfolios
III (collectively,
the
“Victory
Funds
Complex”),
in
aggregate,
compensate
the
Adviser
for
these
services.
Amounts
incurred
for
the six
months
ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Compliance
fees.
Distributor/Underwriting
Services: 
Foreside
Fund
Services,
LLC
serves
as
the
Funds’
distributor.
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,
2023,
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,
2023,
the
expense
limits
(excluding
voluntary
waivers) are
as
follows:
Flat
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%
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,
2024
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%
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
48
(Unaudited)
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,
2023.
For
the
six
months
ended
December
31,
2023,
the
following
recoupments
 were
paid to
the
Adviser.
As
of December
31,
2023,
the
following amounts
are
available
to
be
repaid
to
the
Adviser. 
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,
2023,
the
Adviser
voluntarily
waived
the
following
amounts:
Certain
officers
and/or
interested
trustees
of
the
Funds
are
also
officers
and/or
employees
of
the
Adviser,
administrator,
fund
accountant,
sub-
administrator,
sub-fund
accountant,
custodian,
legal
counsel, and
distributor.
6.
Risks:
The
Funds
may
be
subject
to
other
risks
in
addition
to
these
identified
risks.
Equity
Risk
—
The
value
of
the
equity
securities
in
which
the
Funds
invest
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.
Foreign
Securities
Risk
—
The International
Value
Momentum
ETF
and
the
Emerging
Markets
Value
Momentum
ETF
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
Funds
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
Funds
have
exposure
to
foreign
currencies)
to
decline
in
value.
Currency
exchange
rates
may
fluctuate
significantly
over
short
periods
of
time.
Passive
Investment
Risk
—
Each
Fund
is
designed
to
track
its
index
and
is
not
actively
managed.
A
Fund
will
not
buy
or
sell
shares
of
an
equity
security
due
to
current
or
projected
performance
of
a
security,
industry
or
sector,
unless
that
security
is
added
to
or
removed,
respectively,
from
its
index.
A
Fund
does
not,
therefore,
seek
returns
in
excess
of
its
index,
and
does
not
attempt
to
take
defensive
positions
or
hedge
against
potential
risks
unless
such
defensive
positions
are
also
taken
by
its
index.
Different
types
of
investment
styles,
for
example
passively
managed
or
actively
managed,
or
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,
a
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.
Mid-Capitalization
Stock
Risk
—
Certain
Funds
invest
in
mid-sized
companies
which
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.
Amount
US
Small
Mid
Cap
Value
Momentum
ETF
...................................................................
$
5
International
Value
Momentum
ETF
.......................................................................
2,228
Expires
2024
Expires
2025
Expires
2026
Expires
2027
Total
US
Value
Momentum
ETF
..................................
$
87,882
$
130,524
$
74,980
$
20,949
$
314,335
US
Small
Mid
Cap
Value
Momentum
ETF
.......................
—
—
—
2,088
2,088
International
Value
Momentum
ETF
...........................
108,036
104,166
61,004
10,772
283,978
Emerging
Markets
Value
Momentum
ETF
.......................
142,679
147,952
216,521
46,080
553,232
Amount
US
Value
Momentum
ETF
..............................................................................
$
27,914
International
Value
Momentum
ETF
.......................................................................
39,140
Emerging
Markets
Value
Momentum
ETF
...................................................................
28,561
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
49
(Unaudited)
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.
Market
Risk
—
Overall
market
risks
may
affect
the
value
of
the
Funds.
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;
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.
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
Victory
Funds
Complex
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,
2023,
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
(SOFR)
plus
1.10
percent.
Effective
June
27,
2023,
the
agreement
was
renewed
with
a
termination
date
of
June
24,
2024,
and
the
annual
commitment
fee
of
0.15%
remained
unchanged. 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,
2023,
were
as
follows:
*
Based
on
the
number
of
days
borrowings
were
outstanding
for
the
six
months
ended
December
31,
2023.
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
(loss)
will
be
determined
at
the
end
of
the
current
tax
year.
As
of
the
tax
year
ended June
30,
2023,
the
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.
Amount
Outstanding
at
December
31,
2023
Average
Borrowing*
Average
Interest
Rate*
Maximum
Borrowing
During
the
Period
International
Value
Momentum
ETF
...........................
$
—
$
1,300,000
6.42%
$
1,300,000
Emerging
Markets
Value
Momentum
ETF
.......................
—
3,564,286
6.44%
27,400,000
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
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
50
(Unaudited)
9.
New
Regulatory
Pronouncement:
In
October
2022,
the
SEC
adopted
the
Tailored
Shareholder
Reports
Rule
and
form
amendments
that
require,
among
other
things,
mutual
funds
and
ETFs
to
prepare
and
transmit
streamlined
annual
and
semi-annual
shareholder
reports.
In
connection
with
these
amendments,
certain
information
that
was
previously
disclosed
in
shareholder
reports
will
instead
be
made
available
online,
delivered
free
of
charge
upon
request,
and
filed
with
the
SEC
on
a
semi-annual
basis.
Also
in
connection
with
these
amendments,
annual
and
semi-annual
reports
will
be
provided
directly
to
shareholders,
either
in
paper
or
(if
the
shareholder
has
so
elected)
electronically.
Compliance
with
the
rule
and
form
amendments
begins
in
July
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Funds.
Short-Term
Amount
Long-Term
Amount
Total
US
Value
Momentum
ETF
...............................................
$
(62,184,494)
$
(18,744,521)
$
(80,929,015)
US
Small
Mid
Cap
Value
Momentum
ETF
....................................
(56,572,873)
(3,893,976)
(60,466,849)
International
Value
Momentum
ETF
........................................
(63,614,249)
(21,685,729)
(85,299,978)
Emerging
Markets
Value
Momentum
ETF
....................................
(28,251,110)
(12,800,476)
(41,051,586)
Supplemental
Information
December
31,
2023
Victory
Portfolios
II
51
(Unaudited)
Proxy
Voting
and
Portfolio
Holdings
Information 
Proxy
Voting:
Information
regarding
each
Fund’s
policies
and
procedures
—
which
describes
how
we
vote
proxies
relating
to
portfolio
securities
—
is
included
in
the
Funds'
Statement
of
Additional
Information
on
our
website
or
upon
request
by
calling
800-539-3863. Each
Fund
files
its
proxy
voting
record
with
the
U.S.
Securities
and
Exchange
Commission
(SEC)
for
the
12
months
ended
June
30
by
August
31.
The
proxy
voting
record
is
available
free
of
charge
on
the
SEC
website
at sec.gov and
on
our
website.
Availability
of
Schedules
of
Portfolio
Investments:
The
Trust
files
a
complete
list
of
Schedules
of
Portfolio
Investments
with
the
SEC
for
the
first
and
third
quarter
of
each
fiscal
year
on
Form
N-PORT-P
and are
available
on
the
SEC’s
website
at
sec.gov.
Expense
Examples
As
a
shareholder
of
the
Fund,
you
may
incur
two
types
of
costs:
(1)
transaction
costs,  and
(2)
ongoing
costs,
including
management
fees
and
other
Fund
expenses.
These
examples
are
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
These
examples
are
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
from
July
1,
2023,
through
December
31,
2023.
The
Actual
Expense
figures
in
the
table
below
provide
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
below,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
table
under
the
heading
entitled
“Actual
Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
The
Hypothetical
Expense
figures
in
the
table
below
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds.
Please
note
the
expenses
shown
in
the
table
below
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs.
Therefore,
the
hypothetical
expenses
in
the
table
are
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Beginning
Account
Value
7/1/23
Actual
Ending
Account
Value
12/31/23
Hypothetical
Ending
Account
Value
12/31/23
Actual
Expenses
Paid
During
Period
7/1/23
-
12/31/23*
Hypothetical
Expenses
Paid
During
Period
7/1/23
-
12/31/23*
Annualized
Expense
Ratio
During
Period
7/1/23
-
12/31/23
US
Value
Momentum
ETF
.................
$
1,000.00
$
1,078.10
$
1,024.13
$
1.04
$
1.02
0.20%
US
Small
Mid
Cap
Value
Momentum
ETF
......
1,000.00
1,109.60
1,023.88
1.33
1.27
0.25%
International
Value
Momentum
ETF
..........
1,000.00
1,085.60
1,023.38
1.83
1.78
0.35%
Emerging
Markets
Value
Momentum
ETF
......
1,000.00
1,102.00
1,022.87
2.38
2.29
0.45%
*
Expenses
are
equal
to
the
average
account
value
multiplied
by
the
Fund’s
annualized
expense
ratio
multiplied
by
184/366
(the
number
of
days
in
the
most
recent
fiscal
half-year
divided
by
the
number
of
days
in
the
fiscal
year).
Victory
Portfolios
II
52
(Unaudited)
Supplemental
Information
—
continued
December
31,
2023
Considerations
of
the
Board
in
Continuing
the
Investment
Advisory
Agreements (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
5,
2023.
The
Board
also
considered
information
relating
to
the
Funds
and
the
Agreement
provided
throughout
the
year
and,
more
specifically,
at
the
meetings
on
October
17,
2023
and
December
5,
2023.
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
noted
that
each
Fund
assumed
the
performance
of
its
predecessor
fund,
that
the
Adviser
became
the
investment
adviser
to
each
Fund
on
February
26,
2019,
and
that
prior
to
that
date
each
predecessor
fund
was
managed
by
a
different
investment
adviser.
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;
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;
and
The
historical
relationship
between
the
Trust
and
the
Adviser.
The
Board
reviewed
each
Fund’s
current
management
fee
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
met
with
the
consultant
to
review
its
inputs
and
methodologies,
among
other
things.
The
Board
compared
each
Fund’s
gross
management
fee
and
total
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
with
similar
investment
strategies
selected
by
that
consultant
from
the
universe.
The
Board
reviewed
the
factors
and
methodology
used
by
the
consultant
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
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
found
that
the
gross
annual
management
fee
paid
by
each
Fund
was
within
the
range
of
management
fees
paid
by
each
Fund’s
respective
peer
group.
The
Board
also
found
that
each
Fund’s
net
annual
expense
ratio
was
reasonable
as
compared
with
each
Fund’s
respective
peer
group.
The
Board
considered
the
Adviser’s
contractual
agreement
with
each
Fund
to
waive
its
fees
and
reimburse
expenses
for
a
specified
period
of
time,
as
described
in
the
Fund’s
prospectus.
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
II
53
(Unaudited)
The
Board
reviewed
each
Fund’s
performance
over
the
one-
and
three-year
periods
against
the
performance
of
the
Fund’s
selected
peer
group
and
benchmark
index,
noting
that
each
Fund’s
investment
objective
is
to
track
its
benchmark
index
before
fees
and
expenses.
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
also
considered
each
Fund’s
tracking
error
as
a
factor
in
evaluating
performance.
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.
VictoryShares
US
Value
Momentum
ETF:
Noting
that
the
Fund
commenced
operations
in
2017
and
that
the
performance
of
its
benchmark
index
was
available
only
for
the
three-month
period,
the
Board
compared
the
Fund’s
one-,
three-
and
five-year
performance
for
the
periods
ended
June
30,
2023,
to
that
of
the
median
performance
of
the
Fund’s
peer
group
for
the
same
periods,
and
the
Fund’s
three-month
performance
for
the
period
ended
June
30,
2023
to
that
of
the
benchmark
index
for
the
same
period.
The
Board
considered
the
fact
that
the
Fund
underperformed
the
peer
group
median
for
all
of
the
periods
reviewed
and
outperformed
the
benchmark
index
for
the
three-month
period.
Having
considered,
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
would
provide
stability
to
the
Fund’s
expenses
during
that
period;
and
(4)
that
the
Fund’s
performance
in
relation
to
its
benchmark
index
and
peer
group
was
within
an
acceptable
range,
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:
Noting
that
the
Fund
commenced
operations
in
2017
and
that
the
performance
of
its
benchmark
index
was
available
only
for
the
three-month
period,
the
Board
compared
the
Fund’s
one-,
three-
and
five-year
performance
for
the
periods
ended
June
30,
2023,
to
that
of
the
median
performance
of
the
Fund’s
peer
group
for
the
same
periods,
and
the
Fund’s
three-month
performance
for
the
period
ended
June
30,
2023
to
that
of
the
benchmark
index
for
the
same
period.
The
Board
considered
the
fact
that
the
Fund
outperformed
the
peer
group
median
for
the
one-
and
five-year
periods,
underperformed
the
peer
group
median
for
the
three-year
period,
and
outperformed
the
benchmark
index
for
the
three-month
period.
Having
considered,
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
would
provide
stability
to
the
Fund’s
expenses
during
that
period;
and
(4)
that
the
Fund’s
performance
in
relation
to
its
benchmark
index
and
peer
group
was
within
an
acceptable
range,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
VictoryShares
International
Value
Momentum
ETF:
Noting
that
the
Fund
commenced
operations
in
2017
and
that
the
performance
of
its
benchmark
index
was
available
only
for
the
three-month
period,
the
Board
compared
the
Fund’s
one-,
three-
and
five-year
performance
for
the
periods
ended
June
30,
2023,
to
that
of
the
median
performance
of
the
Fund’s
peer
group
for
the
same
periods,
and
the
Fund’s
three-month
performance
for
the
period
ended
June
30,
2023
to
that
of
the
benchmark
index
for
the
same
period.
The
Board
considered
the
fact
that
the
Fund
underperformed
the
peer
group
median
for
all
of
the
periods
reviewed
and
outperformed
the
benchmark
index
for
the
three-month
period.
Having
considered,
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
would
provide
stability
to
the
Fund’s
expenses
during
that
period;
and
(4)
that
the
Fund’s
performance
in
relation
to
its
benchmark
index
and
peer
group
was
within
an
acceptable
range,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
The
Board
noted
the
Fund’s
tracking
error
for
the
periods
relative
to
its
peers.
VictoryShares
Emerging
Markets
Value
Momentum
ETF:
Noting
that
the
Fund
commenced
operations
in
2017
and
that
the
performance
of
its
benchmark
index
was
available
only
for
the
three-month
period,
the
Board
compared
the
Fund’s
one-,
three-
and
five-year
performance
for
the
periods
ended
June
30,
2023,
to
that
of
the
median
performance
of
the
Fund’s
peer
group
for
the
same
periods,
and
the
Fund’s
three-month
performance
for
the
period
ended
June
30,
2023
to
that
of
the
benchmark
index
for
the
same
period.
The
Board
considered
the
fact
that
the
Fund
outperformed
the
peer
group
median
for
the
one-
and
three-year
periods,
underperformed
the
peer
group
median
for
the
five-year
period
and
outperformed
the
benchmark
index
for
the
three-month
period.
Having
considered,
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
would
provide
stability
to
the
Fund’s
expenses
during
that
period;
and
(4)
that
the
Fund’s
performance
in
relation
to
its
benchmark
index
and
peer
group
was
within
an
acceptable
range,
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
Funds’
shareholders,
particularly
in
light
of
the
nature
of
the
Funds
and
the
services
required
to
support
the
Funds;
(ii)
it
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
II
54
(Unaudited)
was
generally
satisfied
with
the
nature,
quality
and
extent
of
the
services
provide
by
the
Adviser
to
the
Funds;
and
(iii)
the
Agreement,
on
behalf
of
the
Funds
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
the
Fund
and
the
comparability
of
the
fee
paid
to
the
fees
paid
by
other
investment
companies,
to
the
extent
applicable;
The
nature,
quality
and
extent
of
the
investment
advisory
services
provided
by
the
Adviser;
The
Adviser’s
entrepreneurial
commitment
to
the
management
of
the
Funds
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
Funds;
The
Adviser’s
representations
regarding
its
staffing
and
capabilities
to
manage
the
Funds,
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
Portfolios
II
55
(Unaudited)
Supplemental
Information
—
continued
December
31,
2023
Privacy
Policy
Facts
WHAT
DOES
VICTORY
DO
WITH
YOUR
PERSONAL
INFORMATION?
Why?
Financial
companies
choose
how
they
share
your
personal
information.
Federal
law
gives
consumers
the
right
to
limit
some,
but
not
all
sharing.
Federal
law
also
requires
us
to
tell
you
how
we
collect,
share,
and
protect
your
personal
information.
Please
read
this
notice
carefully
to
understand
what
we
do.
What?
The
types
of
personal
information
we
collect,
and
share
depend
on
the
product
or
service
you
have
with
us.
This
information
can
include:
■
Social
Security
number
and
income.
■
Account
balances
and
account
transactions.
■
Data
from
public
sources
and
third-party
data
services.
How?
All
financial
companies
need
to
share
customers’
personal
information
to
run
their
everyday
business
as
permitted
by
law.
For
example,
we
share
with
print
and
mail
companies
that
assist
us
in
sending
mail.
In
the
section
below,
we
list
the
reasons
financial
companies
can
share
their
customers’
personal
information,
the
reasons
Victory
chooses
to
share
and
whether
you
can
limit
this
sharing.
Reasons
we
can
share
your
personal
information
Does
Victory
share?
Can
you
limit
this
sharing?
For
our
everyday
business
purposes
—
such
as
to
process
your
transactions,
maintain
your
accounts,
respond
to
court
orders
and
legal
investigations,
or
report
to
credit
bureaus
Yes
No
For
our
marketing
purposes
—
to
offer
products
and
services
provided
by
Victory
Yes
No
For
joint
marketing
—
sharing
with
other
financial
companies
to
jointly
market
the
other
company’s
products
or
services
No
We
do
not
share
For
everyday
business
purposes
of
the
Victory
family
of
companies
—
this
can
include
information
about
your
Victory
transactions
and
experiences
Yes
No
For
everyday
business
purposes
of
the
Victory
family
of
companies
—
this
can
include
information
about
your
creditworthiness
or
insurability
No
We
do
not
share
For
non-Victory
companies
to
market
to
you
No
We
do
not
share
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
II
56
(Unaudited)
To
limit
our
sharing
■
Visit
us
online:
vcm.com/optout
■
Call
(877)
660-4400
–
our
menu
will
prompt
you
through
your
choices.
Please
note:
If
you
are
a
new
customer,
we
can
begin
sharing
this
information
30
days
from
the
date
we
sent
this
notice.
When
you
are
no
longer
our
customer,
we
continue
to
share
and
protect
your
information
as
described
in
this
notice.
However,
you
can
contact
us
at
any
time
to
limit
our
sharing.
Questions?
Call
your
account
representative
or
(877)
660-4400
and
ask
to
speak
to
a
representative.
Who
we
are
Who
is
providing
this
notice?
Victory
Capital
Holdings,
Inc.,
and
its
family
of
companies,
including
companies
identified
with
the
Victory
Capital
name
as
described
in
the
affiliates
section
below.
What
we
do
How
does
Victory
protect
my
personal
information?
To
protect
your
personal
information
from
unauthorized
access
and
use,
we
use
security
measures
that
comply
with
federal
law.
These
measures
include
computer
safeguards
and
secured
files
and
buildings.
How
does
Victory
collect
my
personal
information?
We
collect
your
personal
information,
for
example,
when
you:
■
Open
an
account
or
make
deposits
or
withdrawals
from
your
account.
■
Give
us
your
contact
or
account
information.
■
Direct
us
to
buy
or
sell
securities.
We
also
collect
your
personal
information
from
others,
such
as
credit
bureaus,
affiliates,
or
other
companies.
Why
can’t
I
limit
all
sharing?
Federal
law
gives
you
the
right
to
limit
only:
■
Sharing
among
affiliated
companies
for
everyday
business
purposes
information
about
your
creditworthiness
and
insurability.
■
Affiliates
from
using
your
information
to
market
to
you.
■
Sharing
for
nonaffiliates
to
market
to
you.
State
laws
and
individual
companies
may
give
you
additional
rights
to
limit
sharing.
See
below
for
more
on
your
rights
under
state
law.
What
happens
when
I
limit
sharing
for
an
account
I
hold
jointly
with
someone
else?
Your
choices
will
apply
to
everyone
on
your
account.
Definitions
Victory
family
of
companies
(affiliates)
Companies
owned
or
controlled
by
Victory
Capital
Holdings,
Inc.
They
can
be
financial
and
nonfinancial
companies
in
the
Victory
family
of
companies.
■
The
Victory
family
of
companies
includes:
companies
with
a
Victory
Capital
name,
including
without
limitation
Victory
Capital
Services,
Inc.,
Victory
Capital
Transfer
Agency,
Inc.,
Victory
Capital
Management
Inc.
and
its
subsidiaries,
RS
Investments
(UK)
Limited,
RS
Investments
(Hong
Kong)
Limited,
and
RS
Investment
Management
(Singapore)
Pte.
Ltd.,
as
well
as
pooled
vehicles
managed
or
administered
by
Victory
Capital
Management
Inc.,
from
time
to
time.
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
II
57
(Unaudited)
Non-Victory
companies
(nonaffiliates)
Companies
not
related
by
common
ownership
or
control.
They
can
be
financial
and
nonfinancial
companies.
■
We
only
share
with
non-Victory
companies
to
service
transactions
you
request
or
as
necessary
to
provide
our
services.
■
We
do
not
share
with
non-Victory
companies
so
they
can
market
their
products
to
you.
Joint
Marketing
A
formal
agreement
between
a
Victory
company
and
a
non-Victory
financial
company
to
market
the
non-Victory
company’s
products
or
services
to
you.
■
We
do
not
share
with
any
non-Victory
financial
company
for
joint
marketing.
Other
important
information
For
Nevada
Residents
:
Nevada
law
requires
that
we
tell
you
about
the
option
to
be
placed
on
our
internal
do-
not-call
list.
If
you’d
rather
not
receive
sales
calls
from
us,
please
call
(877)
660-4400
and
ask
to
speak
to
a
representative
so
we
can
place
you
on
our
do-not-call
list.
You
may
also
contact:
Bureau
of
Consumer
Protection
Office
of
the
Nevada
Attorney
General,
555
E.
Washington
Ave.,
Ste.
3900,
Las
Vegas,
NV
89101,
call
1-702-486-3132
or
Email:
BCPINFO@ag.state.nv.us.
For
Vermont
Residents
:
In
accordance
with
Vermont
law,
we
will
not
share
information
we
collect
about
you
with
companies
who
are
not
affiliates,
except
as
permitted
by
law,
such
as
with
your
consent
or
to
service
your
accounts.
We
will
not
share
information
about
your
creditworthiness
with
our
affiliates
without
your
authorization
or
consent,
but
we
may
share
information
about
our
transactions
or
experiences
with
you
with
our
affiliates
as
permitted
by
law.
For
California
Residents
:
In
accordance
with
California
law,
we
will
not
share
information
we
collect
about
you
with
nonaffiliates,
except
as
allowed
by
law.
For
example,
we
may
share
information
with
your
consent
or
to
service
your
accounts.
Among
our
affiliates,
we
will
limit
information
sharing
to
the
extent
required
by
California
law.
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
(12/23)
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. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
 
Not applicable.
 
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
 
Not applicable.
 
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
 
Not applicable.
 
Item 10. Submission of Matters to a Vote of Security Holders.
 
Not applicable.
 
Item 11. 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 these
disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR 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 Investment Company Act of 1940 (17 CFR 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
 
(a)(1)
Not applicable. 
(a)(2)
Not applicable. 
(a)(3) Not applicable. 
(a)(4) Not applicable. 
(b)      Not applicable. 
 
Item 13. Recovery of Erroneously Awarded Compensation.
 
Not applicable.
 
Item 14. Exhibits.
 
(a)(1)
Not applicable. 
(a)(3) Not applicable. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

 

 

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/ Allan Shaer                                                                                    
                                            Allan Shaer, Treasurer and Principal Financial Officer
 
Date_March 6, 2024______
 
 
 
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/ James K. De Vries                                                                                                         
                                                James K. De Vries, President and Principal Executive Officer
 
Date_ March 6, 2024__________________
 
 
By (Signature and Title)*   /s/ Allan Shaer                                                                                                    
                                              Allan Shaer, Treasurer and Principal Financial Officer
 
Date_ March 6, 2024_______________________
               
EX-99.CERT 2 ex99.htm
CERTIFICATIONS
 
 
I, James K. De Vries, certify that:
 
 
1.  I have reviewed this report on Form N-CSR of Victory Portfolios II (the “registrant”);
 
2.  Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.  Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
 
4.  The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5.  The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
 
 
 
     March 6, 2024     _______
                   __/s/ James K. De Vries_________________
Date                                                      James K. De Vries
                                                            President and Principal Executive Officer
 

CERTIFICATIONS
 
 
I, Allan Shaer, certify that:
 
 
1.  I have reviewed this report on Form N-CSR of Victory Portfolios II (the “registrant”);
 
2.  Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.  Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
 
4.  The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5.  The registrant’s other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
 
 
 
_ March 6, 2024                
                       /s/ Allan Shaer_____________________
Date                                                      Allan Shaer
                                                            Treasurer and Principal Financial Officer
 
 
 EX-99.906 CERT 3 ex99906.htm
CERTIFICATIONS
 
This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2023, of Victory Portfolios II (the “Registrant”).
 
I, James K. De Vries, the President and Principal Executive Officer of the Registrant, certify that, to the best of my knowledge:
 
1.
     
the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and
 
2.
     
the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
 
 
 
     March 6, 2024       
________________
Date
 
 
__/s/ James K. De Vries
_________________
James K. De Vries
President and Principal Executive Officer
 
This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document.  
A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

CERTIFICATIONS
 
This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2023, of Victory Portfolios II (the “Registrant”).
 
I,
Allan Shaer
, the
Treasurer and Principal Financial Officer of the Registrant, certify that, to the best of my knowledge:
 
3.
     
the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and
 
4.
     
the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
 
 
 
 March 6, 2024
__________________
Date
 
 
_/s/ Allan Shaer _________________
Allan Shaer
Treasurer and Principal Financial Officer
 
This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. 
A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.