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: June 30, 2023

Item 1. Reports to Stockholders.

June

30,

2023

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

Shareholder

Letter

(Unaudited)

3

Managers’

Commentary

/

Investment

Overview

(Unaudited)

5

Investment

Objectives

and

Portfolio

Holdings

(Unaudited)

9

Schedules

of

Portfolio

Investments

Victory

US

500

Enhanced

Volatility

Wtd

Index

Fund

11

Victory

Market

Neutral

Income

Fund

21

Financial

Statements

Statements

of

Assets

and

Liabilities

35

Statements

of

Operations

36

Statements

of

Changes

in

Net

Assets

37

Financial

Highlights

39

Notes

to

Financial

Statements

46

Report

of

Independent

Registered

Public

Accounting

Firm

56

Supplemental

Information

(Unaudited)

57

Trustee

and

Officer

Information

57

Proxy

Voting

and

Portfolio

Holdings

Information 

59

Expense

Examples

59

Additional

Federal

Income

Tax

Information

60

Liquidity

Risk

Management

Program

61

Privacy

Policy

(inside

back

cover)

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

INVESTMENTS

INVOLVE

RISK

PRINCIPAL

LOSS

IS

POSSIBLE

3

Victory

Funds

Letter

to

Shareholders

(Unaudited)

Dear

Shareholder,

Our

annual

reporting

period

for

the

12

months

ended

June

30,

2023,

has

been

a

tale

of

two

markets.

The

dichotomy

has

been

nothing

short

of

remarkable.

Think

back

to

the

latter

half

of

2022.

This

was

a

very

difficult

time

for

investors,

marked

by

an

array

of

challenges

that

punished

both

bond

and

stock

markets.

The

U.S.

Federal

Reserve

(the

“Fed”)

was

in

the

midst

of

a

series

of

rate

hikes—more

aggressive

than

many

investors

had

ever

experienced.

Inflation

was

raging

and

conjuring

up

memories

of

the

1970s.

And

if

that

wasn’t

enough,

a

terrible

war

was

taking

place

in

Eastern

Europe,

while

tensions

between

the

world’s

two

largest

economic

powers,

the

United

States

and

China,

were

also

on

the

rise.

It

was

not

exactly

a

constructive

environment

for

investors,

and

all

of these

issues

created

headwinds

for

both

stocks

and

bonds.

It’s

not

often

that

stocks

and

bonds

decline

in

tandem,

and

the

traditional

diversified

portfolio

of

60%

equities/40%

fixed

income

was

suffering

through

one

of

its

worst

periods

on

record.

But

when

the

calendar

year

flipped,

so

did

the

markets.

During

the

first

six

months

of

2023,

financial

markets

exhibited

greater

stability

and

less

volatility.

Equities

(including

domestic,

international

and

emerging

markets)

regained

their

footing

and

rebounded.

In

the

United

States,

some

of

the

most

beaten-down

growth

sectors

that

were

punished

during

the

period

of

sharply

rising

interest

rates

led

the

market

higher.

The

market’s

resiliency

and

strong

rebound

during

the

first

two

quarters

of

2023

surprised

many

pundits.

After

all,

there

were

ample

challenges

that

could

have

undermined

this

rally,

including

unusual

turmoil

within

the

banking

sector

in

March

2023

that

resulted

in

the

collapse

of

a

few

regional

banks.

Naturally,

this

ratcheted

up

volatility

for

a

spell,

but

the

Fed

took

the

necessary

steps

to

restore

confidence

in

the

banking

sector

and

avoided

a

wider

contagion.

It

also

helped

that

the

Fed

paused

its

rate

hikes

as

inflation

data

finally

cooled.

Through

all

the

ups

and

downs

in

these

two

very

different

environments,

the

S&P

500

®

Index,

the

most

widely

followed

index

representing the

domestic

stock

market,

managed

to

deliver

an

impressive

total

return

of

more

than

19%

for

our

annual

reporting

period

ended

June

30,

2023.

The

Bloomberg

U.S.

Aggregate

Bond

Index—a

proxy

for

a

diversified

fixed

income

portfolio

and

one

that

many

investors

and

institutions

follow

closely—was

basically

unchanged

during

the

same

period

at

0.94%

(despite

the

volatility).

We

don’t

deny

that

this

past

annual

reporting

period

was

difficult.

We

realize

that

the

bouts

of

stomach-churning

volatility

can

take

a

toll

on

investors’

psyche.

But

even

when

markets

snap

back

sharply

as

they

have,

investors

often

wonder

if

they

have

missed

an

opportunity.

This

reminds

us

of

two

enduring

realities:

1)

financial

markets

are

dynamic

and

apt

to

change

abruptly;

2)

it’s

vital

to

remain

calm

and

rational

whenever

faced

with

those

inevitable

times

of

turmoil.

Fortunately,

we

think

that

investors

can

take

comfort

knowing

that

all

our

Victory

Capital

independent

investment

franchises

have

experience

managing

portfolios

through

a

variety

of

market

environments.

Our

investment

professionals

remain

calm

during

turbulent

financial

markets,

and

we

think

it’s

imperative

that

investors

do

the

same.

Of

course,

there

are

still

uncertainties

ahead.

For

example, is

the

Fed

finished

with

its

rate

hikes?

Will

the

impact

of

tighter

lending

standards

ultimately

result

in

slower

growth

and

lower

corporate

profits?

Is

there

another

banking

crisis

lurking?

Nobody

really

knows

what

the

future

will

bring.

That’s

why

we

continue

to

advocate

for

a

long-term

plan,

a

well-diversified

portfolio

across

asset

classes

and

investment

types,

and

a

clear

understanding

of

individual

risk

tolerances.

These,

in

our

opinion,

are

the

key

ingredients

for

staying

the

course

and

progressing

on

investment

goals.

4

On

the

following

pages

you

will

find

information

relating

to

your

Victory

Funds

investment.

If

you

have

any

questions,

we

encourage

you

to

contact

your

financial

advisor. If

you

invest

with

us

directly,

you

may

call

800-539-3863

(800-235-8396

for

Member

Class) or

visit

our

website

at

vcm.com.

From

all

of

us

here

at

Victory

Capital,

thank

you

for

letting

us

help

you

work

toward

your

investment

goals.

James

De

Vries

President,

Victory

Funds

5

Victory

US

500

Enhanced

Volatility

Wtd

Index

Fund

Managers’

Commentary

(Unaudited)

Victory

US

500

Enhanced

Volatility

Wtd

Index

Fund

(the

“Fund”)

seeks

to

provide

investment

results

that

track

the

performance

of

the

Nasdaq

Victory

US

Large

Cap

500

Long/Cash

Volatility

Weighted

Index

(the

“Index”)

before

fees

and

expenses.

The

Fund

returned

-0.84%

(Class

A

at

net

asset

value)

for

the

fiscal

year

ended

June

30,

2023,

underperforming

the

Index,

which

returned

0.37%

during

the

period.

The

S&P

500

®

Index,

a

market

capitalization-based

index

against

which

the

performance

of

the

Fund

is

also

measured,

returned

19.59%

during

the

period.

In

tracking

the

Index

and

its

rules-based

methodology,

the

Fund

reallocates

from

equities

to

U.S.

Treasury

bills

(“T-Bills”)

during

periods

of

significant

market

decline

(the

“Long/Cash”

feature).

The

Long/Cash

feature

of

the

Index

was

triggered

for

a

period

of

time

during

the

fiscal

year.

The

Long/Cash

feature

trigger

had

a

negative

impact

on

the

Fund’s

relative

performance

versus

the

S&P

500

®

Index

for

the

fiscal

year.

Over

the

reporting

period,

the

Fund’s

underperformance

relative

to

the

S&P

500

®

Index

was

driven

by

its

underweight

positions

in

the

largest

market-capitalization

securities

within

the

index.

These

underweight

positions

resulted

in

losses

of

2.62%

in

relative

performance.

The

Fund’s

underweight

allocation

to

the

Health

Care

and

Real

Estate

sectors

added

value

during

the

reporting

period.

The

Fund’s

cash

allocation

and

underweight

allocation

to

the

Information

Technology

sector

were

detractors

during

the

reporting

period.

The

Fund’s

small

allocation

to

derivatives

during

the

year

did

not

have

a

material

impact

on

performance.

6

Victory

US

500

Enhanced

Volatility

Wtd

Index

Fund

Investment

Overview

(Unaudited)

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

or

higher.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month’s

end,

please

visit

vcm.com.

The

maximum

offering

price ("MOP")

figures

reflect

a

maximum

sales

charge

of

5.75%

for

Class

A.

Class

C

is

not

subject

to

an

initial

sales

charge,

but

is

subject

to

a

deferred

sales

charge

of

1.00%

on

shares

redeemed

within

one

year

of

purchase.

Net

Asset

Value

does

not

reflect

sales

charges.

Total

return

measures

the

price

change

in

a

share

assuming

the

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any.

The

total

returns

quoted

do

not

reflect

adjustments

made

to

the

enclosed

financial

statements

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

or

the

deduction

of

taxes

that

a

shareholder

would

pay

on

net

investment

income

and

realized

capital

gain

distributions,

including

reinvested

distributions,

or

redemptions

of

shares.

The

total

return

figures

set

forth

above

include

all

waivers

of

fees.

Without

such

fee

waivers,

the

total

returns

would

have

been

lower.

Victory

US

500

Enhanced

Volatility

Wtd

Index

Fund —

Growth

of

$10,000

1

The

Nasdaq

Victory

US

Large

Cap

500

Long/Cash

Volatility

Weighted

Index

reduces

its

exposure

to

the

equity

markets

during

period

of

significant

market

decline

and reallocates

to

stocks

when

market

prices

have

further

declined

or

rebounded.

The

index

reflects

the

reinvestment

of

dividends

paid

on

the

stocks

constituting

the

index,

net

of

withholding

taxes.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

2

The

S&P

500

® 

Index

is

an

unmanaged

index

comprised

of

500

domestically

traded

common

stocks,

is

weighted

according

to

the

market

value

of

each

common

stock

in

the

index,

and

includes

reinvestment

of

dividends.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

The

graph

reflects

investment

growth

of

a

hypothetical

$10,000

investment

in

the

Fund. 

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

shares. 

Past

performance

is

not

indicative

of

future

results.

Average

Annual

Total

Return

Year

Ended

June

30,

2023

Class

A

Class

C

Class

I

INCEPTION

DATE

11/19/12

11/19/12

11/19/12

Net

Asset

Value

Maximum

Offering

Price

Net

Asset

Value

Contingent

Deferred

Charges

Net

Asset

Value

Nasdaq

Victory

US

Large

Cap

500

Long/

Cash

Volatility

Weighted

Index

1

S&P

500

®

Index

2

One

Year

-0.84%

-6.52%

-1.56%

-2.28%

-0.60%

0.37%

19.59%

Five

Year

5.80%

4.55%

5.01%

5.01%

6.06%

6.93%

12.31%

Ten

Year

8.94%

8.30%

8.28%

8.28%

9.20%

10.22%

12.86%

7

Victory

Market

Neutral

Income

Fund

Managers’

Commentary

(Unaudited)

Victory

Market

Neutral

Income

Fund

(the

“Fund”)

seeks

high

current

income

by

implementing

a

proprietary,

“market

neutral”

investment

strategy

designed

to

seek

income

from

its

investments

while

maintaining

a

low

correlation

to

the

foreign

and

domestic

equity

and

bond

markets.

The

Fund

returned

1.23%

(Class

A

at

net

asset

value)

for

the

fiscal

year

ended

June

30,

2023,

underperforming

its

benchmark,

the

Bloomberg

U.S.

Treasury

Bellwethers

3-Month

Index,

which

returned

3.74%.

The

Fund

uses

a

multi-strategy

approach.

First,

the

Fund

invests

in

securities

of

the

Nasdaq

Victory

Volatility

Weighted

High

Dividend

Indexes.

The

allocation

to

each

Nasdaq

Victory

Volatility

Weighted

High

Dividend

Index

is

equally

weighted.

Second,

the

Fund

seeks

to

offset

equity

market

risk

by

shorting

high-correlating

equity

futures

contracts,

such

as

contracts

based

on

the

S&P

500

®

,

Russell

2000

®

or

MSCI

EAFE

and

MSCI

Emerging

Markets

indexes.

Third,

the

Fund

may

allocate

to

a

basket

of

long

and

short

futures

to

offset

basis

risk

of

long

positions

in

high-dividend

stocks

and

short

positions

in

equity

index

futures.

During

the

reporting

period,

the

Overlay

Strategy,

long

Nasdaq-100

®

futures

and

short

S&P

500

®

Index

futures

positions,

was

a

positive

contributor.

The

Global

High

Dividend

Long/Short

Portfolio

was

a

detractor,

as

three

high-dividend

yielding

portfolios

underperformed

their

corresponding

short

index

futures

position,

with

the

Emerging

Markets

Portfolio

outperforming.

The

Fund’s

employment

of

a

derivatives

strategy

overlay

to

efficiently

manage

the

overall

portfolio

risks

associated

with

the

Fund’s

strategy

contributed

negatively

to

performance

during

the

year.

8

Victory

Market

Neutral

Income

Fund

Investment

Overview

(Unaudited)

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

or

higher.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month’s

end,

please

visit

vcm.com.

The

maximum

offering

price ("MOP")

figures

reflect

a

maximum

sales

charge

of

5.75%

for

Class

A.

Class

C

is

not

subject

to

an

initial

sales

charge,

but

is

subject

to

a

deferred

sales

charge

of

1.00%

on

shares

redeemed

within

one

year

of

purchase.

Net

Asset

Value

does

not

reflect

sales

charges.

Total

return

measures

the

price

change

in

a

share

assuming

the

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any.

The

total

returns

quoted

do

not

reflect

adjustments

made

to

the

enclosed

financial

statements

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

or

the

deduction

of

taxes

that

a

shareholder

would

pay

on

net

investment

income

and

realized

capital

gain

distributions,

including

reinvested

distributions,

or

redemptions

of

shares.

The

total

return

figures

set

forth

above

include

all

waivers

of

fees.

Without

such

fee

waivers,

the

total

returns

would

have

been

lower.

Victory

Market

Neutral

Income

Fund —

Growth

of

$10,000

1

The

unmanaged

Bloomberg

U.S.

Treasury

Bellwethers

3-Month

Index

represents

the

total

return

received

by

investors

of

3-month

U.S.

Treasury

securities.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index. As

of January

1,

2023, the

Bloomberg

U.S.

Treasury

Bellwethers

3-Month

Index

replaced

the

FTSE

Treasury

Bill

3-Month

Index

as

the

Fund's

benchmark because

this

index

is

more

representative

of

the

Fund's

investment

universe.

2

The

FTSE

3-Month

U.S.

Treasury

Bill

Index

is

an

unmanaged

index

which

measures

monthly

return

equivalents

of

yield

averages

that

are

not

marked

on

both

the

long

and

short

sides

of

the

market.

The

index

reflects

the

reinvestment

of

dividends

paid

on

the

stocks

constituting

the

index,

net

of

withholding

taxes.

This

index

does

not

i

nclude

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

The

graph

reflects

investment

growth

of

a

hypothetical

$10,000

investment

in

the

Fund. 

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

shares. 

Past

performance

is

not

indicative

of

future

results.

Average

Annual

Total

Return

Year

Ended

June

30,

2023

Class

A

Class

C

Class

I

Member

Class

INCEPTION

DATE

11/19/12

11/19/12

11/19/12

11/2/20

Net

Asset

Value

Maximum

Offering

Price

Net

Asset

Value

Contingent

Deferred

Charges

Net

Asset

Value

Net

Asset

Value

Bloomberg

U.S.

Treasury

Bellwethers

3-Month

Index

1

FTSE

3-Month

U.S.

Treasury

Bill

Index

2

One

Year

1.23%

-4.61%

0.53%

-0.37%

1.68%

1.55%

3.74%

3.75%

Five

Year

2.36%

1.15%

1.59%

1.59%

2.72%

N/A

1.59%

1.57%

Ten

Year

2.38%

1.77%

1.75%

1.75%

2.70%

N/A

1.01%

0.98%

Since

Inception

N/A

N/A

N/A

N/A

N/A

2.18%

N/A

N/A

9

Victory

Portfolios

II

Victory

US

500

Enhanced

Volatility

Wtd

Index

Fund

June

30,

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*:

June

30,

2023

(%

of

Net

Assets)

Sector

Allocation*:

June

30,

2023

(%

of

Net

Assets)

Does

not

include

futures

contracts

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.

Federated

Hermes

Treasury

Obligations

Fund

74.0%

Johnson

&

Johnson

0.1%

McDonald's

Corp.

0.1%

PepsiCo,

Inc.

0.1%

First

Citizens

Bancshares,

Inc.,

Class

A

0.1%

Mondelez

International,

Inc.,

Class

A

0.1%

Kimberly-Clark

Corp.

0.1%

The

Coca-Cola

Co.

0.1%

Eli

Lilly

&

Co.

0.1%

Waste

Management,

Inc.

0.1%

**

Other

includes

the

remaining

investments

which

are

under

2%

of

the

net

assets

of

the

Fund.

10

Victory

Portfolios

II

Victory

Market

Neutral

Income

Fund

June

30,

2023

Investment

Objective

and

Portfolio

Holdings:

(Unaudited)

The

Fund

seeks

to

provide high

current

income.

Top

10

Holdings*:

June

30,

2023

(%

of

Net

Assets)

Sector

Allocation*:

June

30,

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.

Quanta

Computer,

Inc.

0.5%

SoftBank

Corp.

0.5%

Bank

of

China

Ltd.,

Class

H

0.5%

BB

Seguridade

Participacoes

SA

0.4%

Compal

Electronics,

Inc.

0.4%

Johnson

&

Johnson

0.4%

NewMarket

Corp.

0.4%

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

0.4%

Agricultural

Bank

of

China

Ltd.,

Class

H

0.4%

Nan

Ya

Plastics

Corp.

0.4%

Schedule

of

Portfolio

Investments

June

30,

2023

Victory

Portfolios

II

Victory

US

500

Enhanced

Volatility

Wtd

Index

Fund

11

See

notes

to

financial

statements.

Security

Description

Shares

Value

Common

Stocks

(25.6%)

Communication

Services

(0.9%):

Alphabet,

Inc.,

Class

A(a)

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

175

$

20,947

Charter

Communications,

Inc.,

Class

A(a)

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

40

14,695

Comcast

Corp.,

Class

A

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

542

22,520

Electronic

Arts,

Inc.

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

234

30,350

Fox

Corp.,

Class

A

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

581

19,754

Liberty

Broadband

Corp.,

Class

C(a)

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

172

13,779

Live

Nation

Entertainment,

Inc.(a)

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

225

20,500

Match

Group,

Inc.(a)

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

254

10,630

Meta

Platforms,

Inc.,

Class

A(a)

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

58

16,645

Netflix,

Inc.(a)

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

37

16,298

News

Corp.,

Class

A

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

1,097

21,391

Omnicom

Group,

Inc.

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

270

25,690

Paramount

Global,

Class

B(b)

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

550

8,751

The

Interpublic

Group

of

Cos.,

Inc.

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

619

23,881

The

Trade

Desk,

Inc.,

Class

A(a)

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

130

10,039

The

Walt

Disney

Co.(a)

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

171

15,267

T-Mobile

U.S.,

Inc.(a)

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

183

25,419

Verizon

Communications,

Inc.

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

697

25,921

Warner

Music

Group

Corp.,

Class

A

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

459

11,975

ZoomInfo

Technologies,

Inc.(a)

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

375

9,521

363,973

Consumer

Discretionary

(2.4%):

Airbnb,

Inc.,

Class

A(a)

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

90

11,534

Aptiv

PLC(a)

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

113

11,536

Aramark

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

554

23,850

AutoZone,

Inc.(a)

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

11

27,427

Bath

&

Body

Works,

Inc.

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

255

9,563

Best

Buy

Co.,

Inc.

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

185

15,161

Booking

Holdings,

Inc.(a)

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

7

18,902

BorgWarner,

Inc.

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

363

17,754

Burlington

Stores,

Inc.(a)

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

54

8,499

CarMax,

Inc.(a)

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

169

14,145

Chipotle

Mexican

Grill,

Inc.(a)

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

12

25,668

Churchill

Downs,

Inc.(a)

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

154

21,432

D.R.

Horton,

Inc.

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

175

21,296

Darden

Restaurants,

Inc.

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

160

26,733

Deckers

Outdoor

Corp.(a)

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

38

20,051

Dick's

Sporting

Goods,

Inc.

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

110

14,541

Domino's

Pizza,

Inc.

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

62

20,893

Expedia

Group,

Inc.(a)

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

118

12,908

Five

Below,

Inc.(a)

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

65

12,775

Floor

&

Decor

Holdings,

Inc.,

Class

A(a)

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

115

11,955

Garmin

Ltd.

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

210

21,901

General

Motors

Co.

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

383

14,769

Genuine

Parts

Co.

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

162

27,415

Hilton

Worldwide

Holdings,

Inc.

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

139

20,231

Hyatt

Hotels

Corp.,

Class

A

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

156

17,874

Lennar

Corp.,

Class

A

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

171

21,428

LKQ

Corp.

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

405

23,599

Lowe's

Cos.,

Inc.

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

94

21,216

Marriott

International,

Inc.,

Class

A

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

117

21,492

McDonald's

Corp.

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

132

39,390

MGM

Resorts

International

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

325

14,274

NIKE,

Inc.,

Class

B

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

130

14,348

NVR,

Inc.(a)

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

4

25,403

O'Reilly

Automotive,

Inc.(a)

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

35

33,436

Penske

Automotive

Group,

Inc.

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

109

18,163

Pool

Corp.

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

40

14,986

PulteGroup,

Inc.

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

283

21,983

Ross

Stores,

Inc.

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

168

18,838

Service

Corp.

International

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

328

21,186

Victory

Portfolios

II

Victory

US

500

Enhanced

Volatility

Wtd

Index

Fund

12

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Starbucks

Corp.

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

204

$

20,208

Tapestry,

Inc.

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

359

15,365

Tesla,

Inc.(a)

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

47

12,303

The

Home

Depot,

Inc.

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

72

22,366

The

TJX

Cos.,

Inc.

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

318

26,963

Tractor

Supply

Co.

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

90

19,899

Ulta

Beauty,

Inc.(a)

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

46

21,647

Vail

Resorts,

Inc.

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

85

21,400

VF

Corp.

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

529

10,099

Yum!

Brands,

Inc.

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

241

33,391

962,196

Consumer

Staples

(2.6%):

Altria

Group,

Inc.

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

582

26,365

Archer-Daniels-Midland

Co.

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

267

20,174

BJ's

Wholesale

Club

Holdings,

Inc.(a)

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

306

19,281

Brown-Forman

Corp.,

Class

B

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

428

28,582

Bunge

Ltd.

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

202

19,059

Campbell

Soup

Co.

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

578

26,420

Church

&

Dwight

Co.,

Inc.

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

313

31,372

Colgate-Palmolive

Co.

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

443

34,129

Conagra

Brands,

Inc.

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

814

27,448

Constellation

Brands,

Inc.,

Class

A

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

113

27,813

Costco

Wholesale

Corp.

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

48

25,842

Coty,

Inc.,

Class

A(a)

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

1,160

14,256

Darling

Ingredients,

Inc.(a)

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

225

14,353

Dollar

General

Corp.

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

125

21,222

Dollar

Tree,

Inc.(a)

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

135

19,372

General

Mills,

Inc.

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

358

27,459

Hormel

Foods

Corp.

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

789

31,733

Kellogg

Co.

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

469

31,611

Keurig

Dr

Pepper,

Inc.

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

955

29,861

Kimberly-Clark

Corp.

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

267

36,862

Lamb

Weston

Holdings,

Inc.

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

257

29,542

McCormick

&

Co.,

Inc.

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

354

30,879

Mondelez

International,

Inc.,

Class

A

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

514

37,491

Monster

Beverage

Corp.(a)

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

509

29,237

PepsiCo,

Inc.

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

210

38,896

Performance

Food

Group

Co.(a)

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

346

20,843

Philip

Morris

International,

Inc.

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

298

29,091

Sysco

Corp.

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

346

25,600

Target

Corp.

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

99

13,058

The

Clorox

Co.

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

144

22,902

The

Coca-Cola

Co.

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

608

36,614

The

Estee

Lauder

Cos.,

Inc.

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

68

13,354

The

Hershey

Co.

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

134

33,460

The

J.M.

Smucker

Co.

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

243

35,884

The

Kraft

Heinz

Co.

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

730

25,915

The

Kroger

Co.

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

530

24,910

The

Procter

&

Gamble

Co.

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

228

34,597

Tyson

Foods,

Inc.,

Class

A

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

445

22,713

Walmart,

Inc.

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

189

29,707

1,047,907

Energy

(1.0%):

APA

Corp.

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

293

10,012

Cheniere

Energy,

Inc.

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

100

15,236

Chesapeake

Energy

Corp.

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

164

13,724

Chevron

Corp.

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

121

19,039

ConocoPhillips

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

144

14,920

Coterra

Energy,

Inc.

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

588

14,876

Devon

Energy

Corp.

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

220

10,635

Diamondback

Energy,

Inc.

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

98

12,873

EOG

Resources,

Inc.

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

126

14,419

Victory

Portfolios

II

Victory

US

500

Enhanced

Volatility

Wtd

Index

Fund

13

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

EQT

Corp.

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

334

$

13,737

Exxon

Mobil

Corp.

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

172

18,447

Halliburton

Co.

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

349

11,514

Hess

Corp.

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

103

14,003

HF

Sinclair

Corp.

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

290

12,937

Kinder

Morgan,

Inc.

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

1,382

23,798

Marathon

Oil

Corp.

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

507

11,671

Marathon

Petroleum

Corp.

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

133

15,508

Occidental

Petroleum

Corp.

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

244

14,347

ONEOK,

Inc.

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

285

17,590

Ovintiv,

Inc.

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

250

9,517

Phillips

66

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

155

14,784

Pioneer

Natural

Resources

Co.

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

77

15,953

Schlumberger

NV

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

256

12,575

Targa

Resources

Corp.

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

208

15,829

Texas

Pacific

Land

Corp.

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

7

9,216

The

Williams

Cos.,

Inc.

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

713

23,265

Valero

Energy

Corp.

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

104

12,199

392,624

Financials

(3.9%):

Aflac,

Inc.

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

403

28,129

Ally

Financial,

Inc.

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

408

11,020

American

Express

Co.

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

111

19,336

American

Financial

Group,

Inc.

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

178

21,138

American

International

Group,

Inc.

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

364

20,945

Ameriprise

Financial,

Inc.

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

58

19,265

Aon

PLC,

Class

A

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

90

31,068

Arch

Capital

Group

Ltd.(a)

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

320

23,952

Ares

Management

Corp.,

Class

A

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

192

18,499

Arthur

J.

Gallagher

&

Co.

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

143

31,399

Bank

of

America

Corp.

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

642

18,419

BlackRock,

Inc.

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

25

17,279

Blackstone,

Inc.

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

140

13,016

Brown

&

Brown,

Inc.

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

373

25,677

Capital

One

Financial

Corp.

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

134

14,656

Cboe

Global

Markets,

Inc.

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

215

29,672

Chubb

Ltd.

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

129

24,840

Citigroup,

Inc.

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

392

18,048

Citizens

Financial

Group,

Inc.

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

492

12,831

CME

Group,

Inc.

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

157

29,091

Comerica,

Inc.

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

273

11,564

Discover

Financial

Services

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

154

17,995

East

West

Bancorp,

Inc.

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

221

11,667

Equitable

Holdings,

Inc.

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

605

16,432

Erie

Indemnity

Co.,

Class

A

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

96

20,161

Everest

Re

Group

Ltd.

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

55

18,802

FactSet

Research

Systems,

Inc.

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

53

21,234

Fidelity

National

Financial,

Inc.

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

505

18,180

Fifth

Third

Bancorp

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

520

13,629

First

Citizens

Bancshares,

Inc.,

Class

A

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

30

38,504

Fiserv,

Inc.(a)

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

188

23,716

FleetCor

Technologies,

Inc.(a)

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

89

22,346

Franklin

Resources,

Inc.

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

567

15,145

Global

Payments,

Inc.

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

149

14,679

Globe

Life,

Inc.

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

222

24,336

Huntington

Bancshares,

Inc.

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

1,354

14,596

Interactive

Brokers

Group,

Inc.

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

238

19,771

Intercontinental

Exchange,

Inc.

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

242

27,365

JPMorgan

Chase

&

Co.

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

167

24,288

KeyCorp

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

992

9,166

Loews

Corp.

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

455

27,018

LPL

Financial

Holdings,

Inc.

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

72

15,655

M&T

Bank

Corp.

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

130

16,089

Victory

Portfolios

II

Victory

US

500

Enhanced

Volatility

Wtd

Index

Fund

14

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

MarketAxess

Holdings,

Inc.

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

50

$

13,071

Marsh

&

McLennan

Cos.,

Inc.

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

164

30,845

Mastercard,

Inc.,

Class

A

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

65

25,565

MetLife,

Inc.

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

374

21,142

Moody's

Corp.

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

63

21,906

Morgan

Stanley

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

233

19,898

Morningstar,

Inc.

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

86

16,862

MSCI,

Inc.

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

32

15,017

Nasdaq,

Inc.

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

410

20,439

Northern

Trust

Corp.

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

199

14,754

PayPal

Holdings,

Inc.(a)

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

181

12,078

Principal

Financial

Group,

Inc.

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

235

17,822

Raymond

James

Financial,

Inc.

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

198

20,546

Regions

Financial

Corp.

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

878

15,646

Reinsurance

Group

of

America,

Inc.

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

155

21,497

Rocket

Cos.,

Inc.,

Class

A(a)

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

1,376

12,329

Ryan

Specialty

Holdings,

Inc.(a)

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

364

16,340

S&P

Global,

Inc.

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

64

25,657

State

Street

Corp.

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

197

14,416

Synchrony

Financial

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

413

14,009

T.

Rowe

Price

Group,

Inc.

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

128

14,339

The

Bank

of

New

York

Mellon

Corp.

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

455

20,257

The

Carlyle

Group,

Inc.

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

422

13,483

The

Charles

Schwab

Corp.

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

266

15,077

The

Goldman

Sachs

Group,

Inc.

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

64

20,643

The

Hartford

Financial

Services

Group,

Inc.

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

340

24,487

The

PNC

Financial

Services

Group,

Inc.

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

133

16,751

The

Progressive

Corp.

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

177

23,429

The

Travelers

Cos.,

Inc.

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

149

25,875

Tradeweb

Markets,

Inc.,

Class

A

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

311

21,297

Truist

Financial

Corp.

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

435

13,202

U.S.

Bancorp

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

480

15,859

Unum

Group

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

428

20,416

Visa,

Inc.,

Class

A

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

117

27,785

Webster

Financial

Corp.

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

368

13,892

Wells

Fargo

&

Co.

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

463

19,761

WR

Berkley

Corp.

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

382

22,752

1,569,762

Health

Care

(3.4%):

Abbott

Laboratories

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

253

27,582

AbbVie,

Inc.

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

187

25,195

Agilent

Technologies,

Inc.

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

137

16,474

Align

Technology,

Inc.(a)

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

32

11,316

AmerisourceBergen

Corp.

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

183

35,215

Amgen,

Inc.

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

129

28,641

Avantor,

Inc.(a)

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

657

13,495

Becton

Dickinson

&

Co.

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

116

30,625

Biogen,

Inc.(a)

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

43

12,249

BioMarin

Pharmaceutical,

Inc.(a)

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

202

17,509

Bio-Techne

Corp.

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

236

19,265

Boston

Scientific

Corp.(a)

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

599

32,400

Bristol-Myers

Squibb

Co.

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

431

27,562

Bruker

Corp.

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

260

19,219

Catalent,

Inc.(a)

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

151

6,547

Centene

Corp.(a)

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

299

20,168

Charles

River

Laboratories

International,

Inc.(a)

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

65

13,666

CVS

Health

Corp.

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

308

21,292

Danaher

Corp.

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

78

18,720

Dexcom,

Inc.(a)

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

117

15,036

Edwards

Lifesciences

Corp.(a)

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

206

19,432

Elevance

Health,

Inc.

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

50

22,215

Eli

Lilly

&

Co.

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

78

36,580

GE

HealthCare

Technologies,

Inc.

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

195

15,842

Victory

Portfolios

II

Victory

US

500

Enhanced

Volatility

Wtd

Index

Fund

15

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Gilead

Sciences,

Inc.

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

287

$

22,119

HCA

Healthcare,

Inc.

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

74

22,458

Henry

Schein,

Inc.(a)

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

315

25,546

Hologic,

Inc.(a)

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

300

24,291

Humana,

Inc.

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

49

21,909

IDEXX

Laboratories,

Inc.(a)

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

33

16,574

Incyte

Corp.(a)

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

332

20,667

Insulet

Corp.(a)

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

50

14,417

Intuitive

Surgical,

Inc.(a)

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

74

25,304

IQVIA

Holdings,

Inc.(a)

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

86

19,330

Johnson

&

Johnson

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

252

41,711

Laboratory

Corp.

of

America

Holdings

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

94

22,685

Masimo

Corp.(a)

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

88

14,480

McKesson

Corp.

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

82

35,039

Medtronic

PLC

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

304

26,782

Merck

&

Co.,

Inc.

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

288

33,232

Mettler-Toledo

International,

Inc.(a)

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

13

17,051

Moderna,

Inc.(a)

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

73

8,870

Molina

Healthcare,

Inc.(a)

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

85

25,605

Neurocrine

Biosciences,

Inc.(a)

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

189

17,823

Pfizer,

Inc.

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

620

22,742

Quest

Diagnostics,

Inc.

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

196

27,550

Regeneron

Pharmaceuticals,

Inc.(a)

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

23

16,526

Repligen

Corp.(a)

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

59

8,346

ResMed,

Inc.

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

108

23,598

Revvity,

Inc.

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

142

16,868

Stryker

Corp.

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

78

23,797

Teleflex,

Inc.

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

76

18,394

The

Cigna

Group

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

91

25,535

The

Cooper

Cos.,

Inc.

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

59

22,622

Thermo

Fisher

Scientific,

Inc.

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

39

20,348

United

Therapeutics

Corp.(a)

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

95

20,971

UnitedHealth

Group,

Inc.

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

55

26,435

Veeva

Systems,

Inc.,

Class

A(a)

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

94

18,587

Vertex

Pharmaceuticals,

Inc.(a)

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

71

24,986

Viatris,

Inc.

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

1,610

16,068

Waters

Corp.(a)

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

63

16,792

West

Pharmaceutical

Services,

Inc.

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

43

16,446

Zimmer

Biomet

Holdings,

Inc.

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

196

28,538

Zoetis,

Inc.

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

117

20,149

1,377,436

Industrials

(5.1%):

3M

Co.

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

195

19,518

A

O

Smith

Corp.

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

268

19,505

AECOM

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

279

23,629

AGCO

Corp.

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

128

16,822

Allegion

PLC

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

174

20,883

American

Airlines

Group,

Inc.(a)

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

812

14,567

AMETEK,

Inc.

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

184

29,786

Automatic

Data

Processing,

Inc.

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

108

23,737

Avis

Budget

Group,

Inc.(a)

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

46

10,519

Axon

Enterprise,

Inc.(a)

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

71

13,854

Booz

Allen

Hamilton

Holding

Corp.

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

271

30,244

Broadridge

Financial

Solutions,

Inc.

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

152

25,176

Builders

FirstSource,

Inc.(a)

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

159

21,624

C.H.

Robinson

Worldwide,

Inc.

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

205

19,342

Carlisle

Cos.,

Inc.

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

72

18,470

Carrier

Global

Corp.

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

429

21,326

Caterpillar,

Inc.

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

81

19,930

Cintas

Corp.

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

57

28,334

Copart,

Inc.(a)

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

316

28,822

CoStar

Group,

Inc.(a)

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

248

22,072

CSX

Corp.

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

784

26,734

Victory

Portfolios

II

Victory

US

500

Enhanced

Volatility

Wtd

Index

Fund

16

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Cummins,

Inc.

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

98

$

24,026

Deere

&

Co.

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

50

20,259

Delta

Air

Lines,

Inc.(a)

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

426

20,252

Dover

Corp.

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

147

21,705

Eaton

Corp.

PLC

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

137

27,551

Emerson

Electric

Co.

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

267

24,134

Equifax,

Inc.

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

79

18,589

Expeditors

International

of

Washington,

Inc.

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

196

23,741

Fastenal

Co.

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

415

24,481

FedEx

Corp.

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

70

17,353

Fortive

Corp.

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

345

25,796

General

Dynamics

Corp.

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

124

26,679

Genpact

Ltd.

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

593

22,279

Graco,

Inc.

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

351

30,309

HEICO

Corp.

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

140

24,772

Honeywell

International,

Inc.

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

140

29,050

Howmet

Aerospace,

Inc.

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

508

25,176

Hubbell,

Inc.

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

84

27,851

IDEX

Corp.

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

111

23,894

Illinois

Tool

Works,

Inc.

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

101

25,266

Ingersoll

Rand,

Inc.

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

331

21,634

J.B.

Hunt

Transport

Services,

Inc.

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

110

19,913

Jack

Henry

&

Associates,

Inc.

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

146

24,430

Jacobs

Solutions,

Inc.

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

190

22,589

Johnson

Controls

International

PLC

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

328

22,350

Knight-Swift

Transportation

Holdings,

Inc.

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

353

19,613

L3Harris

Technologies,

Inc.

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

106

20,752

Leidos

Holdings,

Inc.

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

277

24,509

Lennox

International,

Inc.

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

68

22,173

Lincoln

Electric

Holdings,

Inc.

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

148

29,397

Lockheed

Martin

Corp.

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

56

25,781

Masco

Corp.

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

320

18,362

Nordson

Corp.

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

93

23,081

Norfolk

Southern

Corp.

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

104

23,583

Northrop

Grumman

Corp.

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

46

20,967

Old

Dominion

Freight

Line,

Inc.

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

47

17,378

Otis

Worldwide

Corp.

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

308

27,415

Owens

Corning

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

168

21,924

PACCAR,

Inc.

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

330

27,604

Parker-Hannifin

Corp.

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

59

23,012

Paychex,

Inc.

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

214

23,940

Paycom

Software,

Inc.

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

46

14,777

Paylocity

Holding

Corp.(a)

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

65

11,994

Quanta

Services,

Inc.

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

111

21,806

Raytheon

Technologies

Corp.

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

254

24,882

Regal

Rexnord

Corp.

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

100

15,390

Republic

Services,

Inc.

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

236

36,148

Robert

Half

International,

Inc.

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

224

16,849

Rockwell

Automation,

Inc.

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

63

20,755

Rollins,

Inc.

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

633

27,111

Snap-on,

Inc.

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

104

29,972

Southwest

Airlines

Co.

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

546

19,771

SS&C

Technologies

Holdings,

Inc.

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

352

21,331

Stanley

Black

&

Decker,

Inc.

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

161

15,087

Textron,

Inc.

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

288

19,477

The

Toro

Co.

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

231

23,481

Trane

Technologies

PLC

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

116

22,186

TransDigm

Group,

Inc.

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

26

23,248

TransUnion

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

216

16,919

U-Haul

Holding

Co.

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

297

16,430

Union

Pacific

Corp.

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

108

22,099

United

Airlines

Holdings,

Inc.(a)

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

264

14,486

United

Parcel

Service,

Inc.,

Class

B

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

128

22,944

United

Rentals,

Inc.

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

34

15,143

Victory

Portfolios

II

Victory

US

500

Enhanced

Volatility

Wtd

Index

Fund

17

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Verisk

Analytics,

Inc.

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

140

$

31,644

W.W.

Grainger,

Inc.

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

30

23,658

Waste

Management,

Inc.

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

209

36,245

Watsco,

Inc.

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

57

21,744

Westinghouse

Air

Brake

Technologies

Corp.

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

217

23,798

WillScot

Mobile

Mini

Holdings

Corp.(a)

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

378

18,065

Xylem,

Inc.

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

192

21,623

2,067,527

Information

Technology

(3.4%):

Accenture

PLC,

Class

A

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

77

23,761

Adobe,

Inc.(a)

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

46

22,494

Advanced

Micro

Devices,

Inc.(a)

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

143

16,289

Akamai

Technologies,

Inc.(a)

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

283

25,433

Amphenol

Corp.,

Class

A

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

294

24,975

Analog

Devices,

Inc.

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

100

19,481

ANSYS,

Inc.(a)

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

53

17,504

Apple,

Inc.

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

127

24,634

Applied

Materials,

Inc.

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

113

16,333

Arista

Networks,

Inc.(a)

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

116

18,799

Autodesk,

Inc.(a)

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

69

14,118

Bentley

Systems,

Inc.,

Class

B

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

374

20,282

Broadcom,

Inc.

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

32

27,758

Cadence

Design

Systems,

Inc.(a)

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

94

22,045

CDW

Corp.

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

111

20,368

Cisco

Systems,

Inc.

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

534

27,629

Cognizant

Technology

Solutions

Corp.,

Class

A

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

306

19,976

Corning,

Inc.

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

644

22,566

Dell

Technologies,

Inc.,

Class

C

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

404

21,860

Dynatrace,

Inc.(a)

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

292

15,029

Enphase

Energy,

Inc.(a)

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

49

8,207

Entegris,

Inc.

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

120

13,298

EPAM

Systems,

Inc.(a)

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

40

8,990

Fair

Isaac

Corp.(a)

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

19

15,375

Fortinet,

Inc.(a)

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

217

16,403

Gartner,

Inc.(a)

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

63

22,070

Gen

Digital,

Inc.

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

1,033

19,162

GoDaddy,

Inc.,

Class

A(a)

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

262

19,684

Hewlett

Packard

Enterprise

Co.

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

1,339

22,495

HP,

Inc.

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

593

18,211

Intel

Corp.

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

653

21,836

International

Business

Machines

Corp.

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

221

29,572

Intuit,

Inc.

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

36

16,495

Jabil,

Inc.

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

228

24,608

Juniper

Networks,

Inc.

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

758

23,748

Keysight

Technologies,

Inc.(a)

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

118

19,759

KLA

Corp.

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

39

18,916

Lam

Research

Corp.

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

25

16,071

Lattice

Semiconductor

Corp.(a)

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

141

13,546

Manhattan

Associates,

Inc.(a)

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

99

19,788

Microchip

Technology,

Inc.

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

182

16,305

Micron

Technology,

Inc.

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

257

16,219

Microsoft

Corp.

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

72

24,519

Monolithic

Power

Systems,

Inc.

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

24

12,966

Motorola

Solutions,

Inc.

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

89

26,102

NetApp,

Inc.

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

324

24,754

NVIDIA

Corp.

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

45

19,036

NXP

Semiconductors

NV

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

85

17,398

ON

Semiconductor

Corp.(a)

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

144

13,620

Oracle

Corp.

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

250

29,772

Palo

Alto

Networks,

Inc.(a)

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

78

19,930

PTC,

Inc.(a)

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

156

22,199

Pure

Storage,

Inc.,

Class

A(a)

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

655

24,117

Qorvo,

Inc.(a)

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

141

14,386

Victory

Portfolios

II

Victory

US

500

Enhanced

Volatility

Wtd

Index

Fund

18

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

QUALCOMM,

Inc.

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

121

$

14,404

Roper

Technologies,

Inc.

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

60

28,848

Salesforce,

Inc.(a)

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

89

18,802

Seagate

Technology

Holdings

PLC

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

224

13,859

ServiceNow,

Inc.(a)

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

29

16,297

Skyworks

Solutions,

Inc.

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

131

14,500

Synopsys,

Inc.(a)

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

50

21,770

TD

SYNNEX

Corp.

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

199

18,706

TE

Connectivity

Ltd.

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

158

22,145

Teledyne

Technologies,

Inc.(a)

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

51

20,967

Teradyne,

Inc.

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

141

15,698

Texas

Instruments,

Inc.

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

120

21,602

Trimble,

Inc.(a)

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

296

15,670

Tyler

Technologies,

Inc.(a)

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

51

21,240

VeriSign,

Inc.(a)

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

108

24,405

Zebra

Technologies

Corp.(a)

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

44

13,017

Zoom

Video

Communications,

Inc.,

Class

A(a)

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

145

9,843

1,382,664

Materials

(1.2%):

Air

Products

and

Chemicals,

Inc.

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

79

23,663

Albemarle

Corp.

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

51

11,378

Avery

Dennison

Corp.

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

108

18,554

Ball

Corp.

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

264

15,367

Celanese

Corp.

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

126

14,591

CF

Industries

Holdings,

Inc.

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

164

11,385

Cleveland-Cliffs,

Inc.(a)

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

501

8,397

Corteva,

Inc.

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

351

20,112

Crown

Holdings,

Inc.

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

178

15,463

Dow,

Inc.

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

357

19,014

DuPont

de

Nemours,

Inc.

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

272

19,432

Eastman

Chemical

Co.

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

197

16,493

Ecolab,

Inc.

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

116

21,656

FMC

Corp.

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

184

19,199

Freeport-McMoRan,

Inc.

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

293

11,720

International

Paper

Co.

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

517

16,446

LyondellBasell

Industries

NV,

Class

A

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

197

18,090

Martin

Marietta

Materials,

Inc.

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

57

26,316

Nucor

Corp.

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

86

14,102

Packaging

Corp.

of

America

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

150

19,824

PPG

Industries,

Inc.

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

135

20,020

Reliance

Steel

&

Aluminum

Co.

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

85

23,085

RPM

International,

Inc.

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

227

20,369

Steel

Dynamics,

Inc.

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

117

12,745

The

Mosaic

Co.

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

259

9,065

The

Sherwin-Williams

Co.

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

77

20,445

Vulcan

Materials

Co.

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

125

28,180

Westlake

Corp.

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

132

15,770

490,881

Real

Estate

(0.0%):(c)

CBRE

Group,

Inc.,

Class

A(a)

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

229

18,483

Utilities

(1.7%):

Alliant

Energy

Corp.

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

497

26,083

Ameren

Corp.

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

319

26,053

American

Electric

Power

Co.,

Inc.

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

286

24,081

American

Water

Works

Co.,

Inc.

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

161

22,983

Atmos

Energy

Corp.

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

227

26,409

CenterPoint

Energy,

Inc.

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

939

27,372

CMS

Energy

Corp.

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

440

25,850

Consolidated

Edison,

Inc.

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

314

28,386

Dominion

Energy,

Inc.

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

435

22,529

DTE

Energy

Co.

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

243

26,735

Victory

Portfolios

II

Victory

US

500

Enhanced

Volatility

Wtd

Index

Fund

19

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Duke

Energy

Corp.

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

296

$

26,563

Edison

International

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

327

22,710

Entergy

Corp.

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

233

22,687

Essential

Utilities,

Inc.

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

567

22,629

Evergy,

Inc.

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

424

24,770

Eversource

Energy

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

326

23,120

Exelon

Corp.

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

582

23,711

FirstEnergy

Corp.

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

655

25,466

NextEra

Energy,

Inc.

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

301

22,334

NiSource,

Inc.

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

872

23,849

PG&E

Corp.(a)

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

1,293

22,343

PPL

Corp.

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

974

25,772

Public

Service

Enterprise

Group,

Inc.

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

402

25,169

Sempra

Energy

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

170

24,750

The

Southern

Co.

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

425

29,856

WEC

Energy

Group,

Inc.

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

295

26,031

Xcel

Energy,

Inc.

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

400

24,868

673,109

Total

Common

Stocks

(Cost

$5,990,186)

10,346,562

Exchange-Traded

Funds

(0.0%)(c)

iShares

Russell

2000

ETF

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

1

1

Total

Exchange-Traded

Funds

(Cost

$1)

1

Investment

Companies

(74.0%)

Federated

Hermes

Treasury

Obligations

Fund,

4.95% (d)(d)(e)

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

30,039,245

30,039,245

Total

Investment

Companies

(Cost

$30,039,245)

30,039,245

Collateral

for

Securities

Loaned

(0.0%)^(c)

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

5.02%(d)

........

1,601

1,601

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

5.02%(d)

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

1,601

1,601

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

5.08%(d)

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

1,601

1,601

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

5.04%(d)

.

1,601

1,601

Total

Collateral

for

Securities

Loaned

(Cost

$6,404)

6,404

Total

Investments

(Cost

$36,035,836)

—

99.6%

40,392,212

Other

assets

in

excess

of

liabilities

—

0.4%

179,465

NET

ASSETS

-

100.00%

$

40,571,677

^

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

June

30,

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

ETF—Exchange-Traded

Fund

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

9/15/23

$

217,455

$

224,412

$

6,957

Total

unrealized

appreciation

$

6,957

Victory

Portfolios

II

Victory

US

500

Enhanced

Volatility

Wtd

Index

Fund

20

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Total

unrealized

depreciation

$

—

Total

net

unrealized

appreciation

(depreciation)

$

6,957

Schedule

of

Portfolio

Investments

June

30,

2023

Victory

Portfolios

II

Victory

Market

Neutral

Income

Fund

21

See

notes

to

financial

statements.

Security

Description

Shares

Value

Common

Stocks

(90.7%)

Australia

(1.8%):

Energy

(0.4%):

Santos

Ltd.

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

1,185,693

$

5,931,271

Woodside

Energy

Group

Ltd.

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

204,299

4,724,699

10,655,970

Financials

(0.8%):

ANZ

Group

Holdings

Ltd.

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

477,744

7,560,891

National

Australia

Bank

Ltd.

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

428,626

7,536,926

Westpac

Banking

Corp.

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

565,674

8,052,609

23,150,426

Materials

(0.6%):

BHP

Group

Ltd.

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

177,788

5,343,458

Fortescue

Metals

Group

Ltd.

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

272,768

4,046,621

Rio

Tinto

Ltd.

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

72,345

5,538,916

South32

Ltd.

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

1,431,075

3,602,063

18,531,058

52,337,454

Austria

(0.1%):

Energy

(0.1%):

OMV

AG

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

86,803

3,685,492

Bermuda

(0.4%):

Industrials

(0.4%):

Triton

International

Ltd.

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

123,500

10,282,610

Brazil

(2.3%):

Communication

Services

(0.4%):

Telefonica

Brasil

SA

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

223,900

2,023,550

TIM

SA

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

3,025,400

9,238,538

11,262,088

Consumer

Discretionary

(0.1%):

Vibra

Energia

SA

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

889,800

3,354,615

Consumer

Staples

(0.7%):

Ambev

SA

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

2,905,900

9,353,117

JBS

SA

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

2,752,000

10,036,118

19,389,235

Financials

(0.6%):

Banco

Bradesco

SA

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

879,500

2,689,367

Banco

do

Brasil

SA

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

269,800

2,783,825

BB

Seguridade

Participacoes

SA

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

2,101,700

13,507,385

18,980,577

Industrials

(0.1%):

Cielo

SA

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

3,655,300

3,504,361

Materials

(0.3%):

Cia

Siderurgica

Nacional

SA

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

774,900

1,963,268

Suzano

SA

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

519,400

4,797,266

Vale

SA

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

55,800

748,475

7,509,009

Utilities

(0.1%):

Engie

Brasil

Energia

SA

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

267,200

2,549,944

66,549,829

Canada

(3.5%):

Communication

Services

(0.7%):

BCE,

Inc.

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

230,028

10,488,971

Victory

Portfolios

II

Victory

Market

Neutral

Income

Fund

22

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

TELUS

Corp.

(a)

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

482,467

$

9,390,004

19,878,975

Energy

(0.9%):

Enbridge,

Inc.

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

239,563

8,905,392

Pembina

Pipeline

Corp.

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

215,969

6,790,812

Suncor

Energy,

Inc.

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

134,698

3,951,657

TC

Energy

Corp.

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

170,231

6,880,694

26,528,555

Financials

(1.2%):

Canadian

Imperial

Bank

of

Commerce

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

171,492

7,322,654

Great-West

Lifeco,

Inc.

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

312,509

9,076,115

Power

Corp.

of

Canada

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

355,668

9,575,057

The

Bank

of

Nova

Scotia

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

174,117

8,712,422

34,686,248

Utilities

(0.7%):

Emera,

Inc.

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

214,350

8,829,032

Fortis,

Inc.

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

255,220

10,999,932

19,828,964

100,922,742

Chile

(0.7%):

Consumer

Staples

(0.2%):

Cencosud

SA

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

3,082,888

5,980,574

Energy

(0.1%):

Empresas

Copec

SA

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

335,793

2,494,312

Financials

(0.4%):

Banco

de

Chile

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

17,981,425

1,878,710

Banco

Santander

Chile

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

194,776,100

9,225,609

11,104,319

19,579,205

China

(4.7%):

Consumer

Staples

(0.0%):(b)

Tingyi

Cayman

Islands

Holding

Corp.

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

452,000

703,841

Energy

(1.2%):

China

Petroleum

&

Chemical

Corp.

,

Class

H

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

20,590,000

12,106,152

China

Shenhua

Energy

Co.

Ltd.

,

Class

H

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

3,847,000

11,790,041

Inner

Mongolia

Yitai

Coal

Co.

Ltd.

,

Class

B

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

2,162,169

2,961,009

Yankuang

Energy

Group

Co.

Ltd.

,

Class

H

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

2,798,000

8,033,698

34,890,900

Financials

(2.8%):

Agricultural

Bank

of

China

Ltd.

,

Class

H

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

31,500,000

12,406,088

Bank

of

China

Ltd.

,

Class

H

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

32,548,000

13,068,277

Bank

of

Communications

Co.

Ltd.

,

Class

H

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

14,159,000

9,394,719

China

Cinda

Asset

Management

Co.

Ltd.

,

Class

H

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

26,374,000

2,636,386

China

CITIC

Bank

Corp.

Ltd.

,

Class

H

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

24,301,000

11,425,739

China

Construction

Bank

Corp.

,

Class

H

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

9,439,000

6,111,266

China

Galaxy

Securities

Co.

Ltd.

,

Class

H

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

14,777,000

7,910,261

China

Merchants

Securities

Co.

Ltd.

,

Class

H

(c)

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

2,668,200

2,519,337

China

Minsheng

Banking

Corp.

Ltd.

,

Class

H

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

18,351,000

6,794,253

Industrial

&

Commercial

Bank

of

China

Ltd.

,

Class

H

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

12,827,000

6,855,160

New

China

Life

Insurance

Co.

Ltd.

,

Class

H

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

766,900

2,026,652

81,148,138

Information

Technology

(0.2%):

China

Railway

Signal

&

Communication

Corp.

Ltd.

,

Class

H

(c)

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

9,703,000

3,675,680

Victory

Portfolios

II

Victory

Market

Neutral

Income

Fund

23

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Materials

(0.5%):

Anhui

Conch

Cement

Co.

Ltd.

,

Class

H

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

1,823,000

$

4,850,432

China

Hongqiao

Group

Ltd.

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

5,138,000

4,196,809

China

National

Building

Material

Co.

Ltd.

,

Class

H

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

8,408,000

5,195,852

14,243,093

134,661,652

Colombia

(0.1%):

Utilities

(0.1%):

Interconexion

Electrica

SA

ESP

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

435,906

1,767,921

Czech

Republic

(0.4%):

Financials

(0.2%):

Komercni

Banka

AS

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

215,638

6,580,159

Utilities

(0.2%):

CEZ

AS

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

117,701

4,869,068

11,449,227

Denmark

(0.1%):

Industrials

(0.1%):

AP

Moller

-

Maersk

A/S

,

Class

B

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

1,842

3,239,167

Finland

(0.4%):

Financials

(0.2%):

Nordea

Bank

Abp

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

627,667

6,839,416

Materials

(0.2%):

Stora

Enso

Oyj

,

Class

R

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

374,512

4,344,655

11,184,071

France

(2.1%):

Communication

Services

(0.3%):

Orange

SA

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

905,801

10,584,579

Energy

(0.2%):

TotalEnergies

SE

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

93,604

5,372,789

Financials

(1.0%):

Amundi

SA

(c)

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

83,667

4,942,464

AXA

SA

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

231,588

6,843,075

BNP

Paribas

SA

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

91,981

5,803,993

Credit

Agricole

SA

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

560,016

6,648,915

Societe

Generale

SA

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

189,283

4,922,069

29,160,516

Industrials

(0.3%):

Bouygues

SA

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

244,291

8,205,782

Utilities

(0.3%):

Engie

SA

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

464,614

7,736,439

61,060,105

Germany

(1.4%):

Communication

Services

(0.2%):

Telefonica

Deutschland

Holding

AG

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

2,235,266

6,290,579

Consumer

Discretionary

(0.4%):

Bayerische

Motoren

Werke

AG

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

63,952

7,865,796

Mercedes-Benz

Group

AG

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

65,054

5,235,779

13,101,575

Industrials

(0.2%):

Deutsche

Post

AG

,

Registered

Shares

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

134,969

6,594,259

Victory

Portfolios

II

Victory

Market

Neutral

Income

Fund

24

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Materials

(0.2%):

Evonik

Industries

AG

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

246,889

$

4,703,962

Real

Estate

(0.1%):

Vonovia

SE

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

154,640

3,019,775

Utilities

(0.3%):

E.ON

SE

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

599,265

7,654,521

41,364,671

Hong

Kong

(1.2%):

Industrials

(0.0%):(b)

China

Merchants

Port

Holdings

Co.

Ltd.

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

926,000

1,310,040

Real

Estate

(0.6%):

Henderson

Land

Development

Co.

Ltd.

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

412,000

1,226,989

Sino

Land

Co.

Ltd.

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

3,254,000

4,006,178

Sun

Hung

Kai

Properties

Ltd.

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

571,000

7,214,639

Swire

Pacific

Ltd.

,

Class

A

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

710,000

5,454,910

17,902,716

Utilities

(0.6%):

CLP

Holdings

Ltd.

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

1,116,000

8,692,411

Hong

Kong

&

China

Gas

Co.

Ltd.

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

8,236,000

7,132,571

15,824,982

35,037,738

India

(1.3%):

Communication

Services

(0.1%):

Indus

Towers

Ltd.

(d)

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

1,273,911

2,556,392

Consumer

Discretionary

(0.3%):

Bajaj

Auto

Ltd.

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

163,404

9,363,356

Consumer

Staples

(0.2%):

ITC

Ltd.

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

1,196,713

6,599,106

Energy

(0.4%):

Bharat

Petroleum

Corp.

Ltd.

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

1,466,389

6,525,696

Hindustan

Petroleum

Corp.

Ltd.

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

1,277,618

4,271,453

10,797,149

Utilities

(0.3%):

NTPC

Ltd.

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

2,269,737

5,242,481

Power

Grid

Corp.

of

India

Ltd.

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

1,054,630

3,287,949

8,530,430

37,846,433

Indonesia

(1.0%):

Communication

Services

(0.1%):

PT

Telkom

Indonesia

Persero

Tbk

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

8,225,800

2,200,955

Consumer

Discretionary

(0.0%):(b)

PT

Astra

International

Tbk

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

3,248,700

1,473,786

Consumer

Staples

(0.1%):

PT

Indofood

Sukses

Makmur

Tbk

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

3,742,400

1,835,387

Energy

(0.7%):

PT

Adaro

Energy

Indonesia

Tbk

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

56,325,500

8,384,180

PT

Bukit

Asam

Tbk

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

18,588,000

3,318,194

PT

Indo

Tambangraya

Megah

Tbk

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

1,669,400

2,688,118

PT

United

Tractors

Tbk

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

3,486,800

5,408,573

19,799,065

Victory

Portfolios

II

Victory

Market

Neutral

Income

Fund

25

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Utilities

(0.1%):

PT

Perusahaan

Gas

Negara

Tbk

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

24,017,400

$

2,102,908

27,412,101

Ireland

(0.3%):

Health

Care

(0.3%):

Medtronic

PLC

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

91,090

8,025,029

Israel

(0.1%):

Materials

(0.1%):

ICL

Group

Ltd.

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

689,677

3,788,047

Italy

(1.9%):

Energy

(0.2%):

Eni

SpA

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

411,776

5,927,522

Financials

(0.9%):

Assicurazioni

Generali

SpA

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

371,755

7,559,277

Intesa

Sanpaolo

SpA

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

2,032,068

5,327,065

Mediobanca

Banca

di

Credito

Finanziario

SpA

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

615,742

7,371,262

Poste

Italiane

SpA

(c)

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

579,000

6,271,664

26,529,268

Utilities

(0.8%):

Enel

SpA

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

1,148,983

7,746,190

Snam

SpA

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

1,515,547

7,920,024

Terna

-

Rete

Elettrica

Nazionale

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

920,963

7,854,294

23,520,508

55,977,298

Japan

(3.4%):

Communication

Services

(0.5%):

SoftBank

Corp.

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

1,326,400

14,174,457

Consumer

Discretionary

(0.4%):

Sekisui

House

Ltd.

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

498,900

10,078,629

Consumer

Staples

(0.3%):

Japan

Tobacco,

Inc.

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

437,800

9,591,440

Energy

(0.2%):

Inpex

Corp.

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

442,300

4,859,819

Health

Care

(0.4%):

Takeda

Pharmaceutical

Co.

Ltd.

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

331,800

10,427,089

Industrials

(0.7%):

Marubeni

Corp.

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

463,600

7,902,424

Nippon

Yusen

KK

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

179,200

3,980,204

Sumitomo

Corp.

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

430,200

9,127,631

21,010,259

Information

Technology

(0.3%):

Canon,

Inc.

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

381,800

10,037,284

Materials

(0.2%):

Nippon

Steel

Corp.

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

284,200

5,948,720

Real

Estate

(0.4%):

Daiwa

House

Industry

Co.

Ltd.

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

401,000

10,596,315

96,724,012

Malaysia

(0.7%):

Financials

(0.2%):

CIMB

Group

Holdings

Bhd

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

1,024,000

1,112,116

Malayan

Banking

Bhd

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

567,100

1,049,712

Victory

Portfolios

II

Victory

Market

Neutral

Income

Fund

26

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

RHB

Bank

Bhd

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

4,292,300

$

5,001,272

7,163,100

Industrials

(0.0%):(b)

Gamuda

Bhd

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

1,048,100

989,669

Materials

(0.2%):

Petronas

Chemicals

Group

Bhd

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

4,754,200

6,123,834

Utilities

(0.3%):

Tenaga

Nasional

Bhd

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

3,692,400

7,167,446

21,444,049

Mexico

(1.7%):

Consumer

Staples

(0.6%):

Arca

Continental

SAB

de

CV

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

929,710

9,557,858

Kimberly-Clark

de

Mexico

SAB

de

CV

,

Class

A

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

3,732,448

8,302,810

17,860,668

Financials

(0.5%):

Banco

del

Bajio

SA

(c)

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

408,819

1,242,653

Grupo

Financiero

Banorte

SAB

de

CV

,

Class

O

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

1,508,047

12,443,106

13,685,759

Industrials

(0.4%):

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

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

618,467

6,572,793

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

,

Class

B

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

326,128

5,854,640

12,427,433

Materials

(0.2%):

Orbia

Advance

Corp.

SAB

de

CV

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

2,666,232

5,745,625

49,719,485

Netherlands

(1.5%):

Communication

Services

(0.4%):

Koninklijke

KPN

NV

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

3,111,647

11,107,438

Consumer

Staples

(0.0%):(b)

X5

Retail

Group

NV,

GDR

(d)

(e)

(f)

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

201,753

15,821

Financials

(0.4%):

ABN

AMRO

Bank

NV

(c)

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

294,224

4,572,759

NN

Group

NV

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

170,650

6,316,460

10,889,219

Health

Care

(0.2%):

Koninklijke

Philips

NV

(d)

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

262,163

5,679,915

Industrials

(0.2%):

Randstad

NV

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

97,516

5,142,475

Real

Estate

(0.3%):

NEPI

Rockcastle

NV

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

1,538,384

9,007,004

41,841,872

Norway

(0.6%):

Communication

Services

(0.2%):

Telenor

ASA

(a)

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

644,631

6,538,939

Energy

(0.1%):

Aker

BP

ASA

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

160,318

3,762,828

Materials

(0.3%):

Norsk

Hydro

ASA

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

600,275

3,579,864

Victory

Portfolios

II

Victory

Market

Neutral

Income

Fund

27

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Yara

International

ASA

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

125,502

$

4,436,044

8,015,908

18,317,675

Philippines

(0.2%):

Communication

Services

(0.2%):

PLDT,

Inc.

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

255,860

6,063,224

Poland

(0.2%):

Energy

(0.2%):

ORLEN

SA

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

342,437

5,430,127

Financials

(0.0%):(b)

Powszechny

Zaklad

Ubezpieczen

SA

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

83,991

815,073

6,245,200

Portugal

(0.5%):

Consumer

Staples

(0.3%):

Jeronimo

Martins

SGPS

SA

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

330,336

9,099,418

Energy

(0.2%):

Galp

Energia

SGPS

SA

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

409,353

4,783,196

13,882,614

Russian

Federation

(0.0%):(b)

Communication

Services

(0.0%):(b)

Mobile

TeleSystems

PJSC

(e)

(f)

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

2,330,210

61,701

Rostelecom

PJSC

(e)

(f)

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

6,752,730

54,022

115,723

Consumer

Staples

(0.0%):(b)

Magnit

PJSC

(d)

(e)

(f)

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

93,217

939

Energy

(0.0%):(b)

Tatneft

PJSC

(e)

(f)

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

827,565

35,212

Financials

(0.0%):(b)

Moscow

Exchange

MICEX-RTS

PJSC

(d)

(e)

(f)

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

2,604,790

29,278

Materials

(0.0%):(b)

Magnitogorsk

Iron

&

Steel

Works

PJSC

(d)

(e)

(f)

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

4,673,660

—

MMC

Norilsk

Nickel

PJSC

(d)

(e)

(f)

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

14,877

33,759

Novolipetsk

Steel

PJSC

(d)

(e)

(f)

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

1,477,080

31,206

Polyus

PJSC

(d)

(e)

(f)

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

34,403

43,121

Severstal

PAO

(d)

(e)

(f)

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

223,944

—

108,086

Utilities

(0.0%):(b)

Inter

RAO

UES

PJSC

(d)

(e)

(f)

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

128,274,200

41,192

RusHydro

PJSC

(e)

(f)

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

694,437,000

54,773

95,965

385,203

Singapore

(0.6%):

Communication

Services

(0.3%):

Singapore

Telecommunications

Ltd.

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

5,424,900

10,050,068

Consumer

Staples

(0.3%):

Wilmar

International

Ltd.

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

3,053,300

8,603,707

18,653,775

South

Africa

(1.1%):

Communication

Services

(0.0%):(b)

Vodacom

Group

Ltd.

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

182,326

1,136,582

Victory

Portfolios

II

Victory

Market

Neutral

Income

Fund

28

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Energy

(0.3%):

Exxaro

Resources

Ltd.

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

1,074,586

$

9,376,134

Financials

(0.2%):

Nedbank

Group

Ltd.

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

501,517

6,094,610

Materials

(0.6%):

African

Rainbow

Minerals

Ltd.

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

361,151

3,811,757

Anglo

American

Platinum

Ltd.

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

96,811

4,377,953

Impala

Platinum

Holdings

Ltd.

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

378,262

2,520,998

Sasol

Ltd.

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

243,643

3,019,763

Sibanye

Stillwater

Ltd.

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

1,482,383

2,287,243

16,017,714

32,625,040

South

Korea

(1.1%):

Consumer

Discretionary

(0.3%):

Kia

Corp.

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

103,348

6,961,892

Consumer

Staples

(0.3%):

KT&G

Corp.

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

151,940

9,544,702

Financials

(0.5%):

Hana

Financial

Group,

Inc.

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

139,094

4,152,463

KB

Financial

Group,

Inc.

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

133,686

4,852,277

Shinhan

Financial

Group

Co.

Ltd.

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

193,966

5,014,644

14,019,384

30,525,978

Spain

(0.5%):

Communication

Services

(0.3%):

Telefonica

SA

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

1,889,439

7,670,311

Utilities

(0.2%):

Endesa

SA

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

353,585

7,596,976

15,267,287

Sweden

(0.6%):

Consumer

Discretionary

(0.2%):

H

&

M

Hennes

&

Mauritz

AB

,

Class

B

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

365,678

6,290,922

Financials

(0.2%):

Swedbank

AB

,

Class

A

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

335,183

5,658,610

Information

Technology

(0.2%):

Telefonaktiebolaget

LM

Ericsson

,

Class

B

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

917,988

4,989,482

16,939,014

Switzerland

(0.9%):

Consumer

Discretionary

(0.2%):

Garmin

Ltd.

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

63,046

6,575,067

Financials

(0.3%):

Swiss

Re

AG

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

75,809

7,640,862

Industrials

(0.2%):

Kuehne

+

Nagel

International

AG

,

Class

R

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

23,001

6,815,418

Materials

(0.2%):

Glencore

PLC

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

794,071

4,501,558

25,532,905

Taiwan

(5.7%):

Communication

Services

(0.0%):(b)

Far

EasTone

Telecommunications

Co.

Ltd.

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

369,000

932,112

Victory

Portfolios

II

Victory

Market

Neutral

Income

Fund

29

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Financials

(0.6%):

Cathay

Financial

Holding

Co.

Ltd.

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

5,617,000

$

7,799,396

China

Development

Financial

Holding

Corp.

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

17,650,000

7,036,585

Yuanta

Financial

Holding

Co.

Ltd.

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

1,654,000

1,230,366

16,066,347

Industrials

(0.4%):

China

Airlines

Ltd.

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

3,582,000

3,025,435

Wan

Hai

Lines

Ltd.

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

4,112,000

7,830,855

Yang

Ming

Marine

Transport

Corp.

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

441,000

895,784

11,752,074

Information

Technology

(3.3%):

Acer,

Inc.

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

8,648,000

8,727,811

Asustek

Computer,

Inc.

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

659,000

6,673,131

Compal

Electronics,

Inc.

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

13,568,000

12,763,865

Gigabyte

Technology

Co.

Ltd.

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

1,043,000

8,181,292

MediaTek,

Inc.

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

247,000

5,468,697

Micro-Star

International

Co.

Ltd.

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

1,266,000

7,200,261

Novatek

Microelectronics

Corp.

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

786,000

10,794,167

Pegatron

Corp.

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

4,764,000

11,472,207

Quanta

Computer,

Inc.

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

3,232,000

15,787,945

Realtek

Semiconductor

Corp.

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

163,000

2,032,810

Synnex

Technology

International

Corp.

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

3,659,000

6,825,928

95,928,114

Materials

(1.4%):

Asia

Cement

Corp.

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

8,008,000

11,435,186

China

Steel

Corp.

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

7,179,000

6,790,057

Formosa

Plastics

Corp.

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

2,946,000

8,116,941

Nan

Ya

Plastics

Corp.

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

5,276,000

12,309,562

38,651,746

163,330,393

Thailand

(2.4%):

Communication

Services

(0.4%):

Advanced

Info

Service

PCL

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

197,700

1,194,746

Intouch

Holdings

PCL

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

5,574,700

11,651,112

12,845,858

Energy

(1.2%):

Banpu

PCL

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

43,186,700

10,803,036

PTT

Exploration

&

Production

PCL

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

1,897,800

8,042,638

PTT

PCL

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

11,177,000

10,581,162

Thai

Oil

PCL

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

4,597,700

5,753,612

35,180,448

Materials

(0.2%):

The

Siam

Cement

PCL

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

505,800

4,599,567

Real

Estate

(0.4%):

Land

&

Houses

PCL

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

44,695,600

10,667,917

Utilities

(0.2%):

Ratch

Group

PCL

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

5,619,200

5,672,128

68,965,918

Turkey

(0.2%):

Financials

(0.1%):

Akbank

TAS

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

1,678,127

1,306,670

Materials

(0.1%):

Eregli

Demir

ve

Celik

Fabrikalari

TAS

(d)

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

2,225,284

3,164,655

4,471,325

Victory

Portfolios

II

Victory

Market

Neutral

Income

Fund

30

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

United

Kingdom

(1.1%):

Communication

Services

(0.2%):

Vodafone

Group

PLC

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

5,985,711

$

5,642,584

Health

Care

(0.3%):

GSK

PLC

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

387,811

6,871,884

Materials

(0.3%):

Anglo

American

PLC

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

115,657

3,292,624

Evraz

PLC

(d)

(e)

(f)

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

753,373

387,434

Rio

Tinto

PLC

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

83,936

5,333,238

9,013,296

Utilities

(0.3%):

National

Grid

PLC

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

670,077

8,882,682

30,410,446

United

States

(43.9%):

Communication

Services

(1.8%):

Cogent

Communications

Holdings,

Inc.

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

133,817

9,004,546

Comcast

Corp.

,

Class

A

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

162,497

6,751,750

John

Wiley

&

Sons,

Inc.

,

Class

A

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

157,679

5,365,817

Omnicom

Group,

Inc.

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

80,819

7,689,928

Paramount

Global

,

Class

B

(a)

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

164,892

2,623,432

The

Interpublic

Group

of

Cos.,

Inc.

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

185,683

7,163,650

Verizon

Communications,

Inc.

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

208,938

7,770,404

Warner

Music

Group

Corp.

,

Class

A

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

181,800

4,743,162

51,112,689

Consumer

Discretionary

(5.6%):

Best

Buy

Co.,

Inc.

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

55,511

4,549,127

Bloomin'

Brands,

Inc.

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

232,655

6,256,093

Camping

World

Holdings,

Inc.

,

Class

A

(a)

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

215,338

6,481,674

Carter's,

Inc.

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

88,600

6,432,360

Cracker

Barrel

Old

Country

Store,

Inc.

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

61,178

5,700,566

Darden

Restaurants,

Inc.

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

48,112

8,038,553

Dine

Brands

Global,

Inc.

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

85,100

4,938,353

Foot

Locker,

Inc.

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

118,400

3,209,824

Graham

Holdings

Co.

,

Class

B

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

2,400

1,371,552

Jack

in

the

Box,

Inc.

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

69,389

6,767,509

Kontoor

Brands,

Inc.

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

96,223

4,050,988

La-Z-Boy,

Inc.

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

187,895

5,381,313

LCI

Industries

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

49,400

6,242,184

Levi

Strauss

&

Co.

,

Class

A

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

337,200

4,865,796

MDC

Holdings,

Inc.

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

172,781

8,080,967

Monro,

Inc.

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

142,711

5,798,348

Nordstrom,

Inc.

(a)

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

199,000

4,073,530

Papa

John's

International,

Inc.

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

78,600

5,803,038

Patrick

Industries,

Inc.

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

80,825

6,466,000

Ralph

Lauren

Corp.

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

55,300

6,818,490

Red

Rock

Resorts,

Inc.

,

Class

A

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

152,300

7,124,594

Steven

Madden

Ltd.

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

167,800

5,485,382

Strategic

Education,

Inc.

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

102,767

6,971,713

The

Buckle,

Inc.

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

182,477

6,313,704

The

Cheesecake

Factory,

Inc.

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

143,300

4,955,314

Travel

+

Leisure

Co.

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

149,900

6,046,966

Upbound

Group,

Inc.

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

155,898

4,853,105

Vail

Resorts,

Inc.

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

25,387

6,391,431

VF

Corp.

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

158,772

3,030,958

162,499,432

Consumer

Staples

(4.6%):

Altria

Group,

Inc.

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

174,648

7,911,555

Cal-Maine

Foods,

Inc.

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

114,500

5,152,500

Conagra

Brands,

Inc.

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

244,049

8,229,332

Victory

Portfolios

II

Victory

Market

Neutral

Income

Fund

31

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Fresh

Del

Monte

Produce,

Inc.

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

250,379

$

6,437,244

J

&

J

Snack

Foods

Corp.

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

66,000

10,451,760

Kellogg

Co.

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

140,576

9,474,822

Kimberly-Clark

Corp.

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

80,113

11,060,401

Medifast,

Inc.

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

47,362

4,364,882

Nu

Skin

Enterprises,

Inc.

,

Class

A

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

159,181

5,284,809

Philip

Morris

International,

Inc.

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

89,249

8,712,487

Spectrum

Brands

Holdings,

Inc.

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

71,200

5,557,160

The

Clorox

Co.

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

43,095

6,853,829

The

Coca-Cola

Co.

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

182,300

10,978,106

The

Kraft

Heinz

Co.

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

218,927

7,771,909

Tyson

Foods,

Inc.

,

Class

A

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

133,317

6,804,500

Universal

Corp.

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

182,617

9,119,893

Vector

Group

Ltd.

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

617,219

7,906,575

132,071,764

Energy

(3.3%):

Archrock,

Inc.

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

544,798

5,584,179

Chevron

Corp.

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

36,141

5,686,786

Comstock

Resources,

Inc.

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

293,600

3,405,760

CONSOL

Energy,

Inc.

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

71,500

4,848,415

Coterra

Energy,

Inc.

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

176,412

4,463,224

Crescent

Energy

Co.

,

Class

A

(a)

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

378,700

3,946,054

CVR

Energy,

Inc.

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

137,200

4,110,512

Devon

Energy

Corp.

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

65,956

3,188,313

EOG

Resources,

Inc.

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

37,782

4,323,772

Exxon

Mobil

Corp.

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

51,579

5,531,848

Kinder

Morgan,

Inc.

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

414,450

7,136,829

Kinetik

Holdings,

Inc.

(a)

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

199,300

7,003,402

Northern

Oil

and

Gas,

Inc.

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

127,900

4,389,528

ONEOK,

Inc.

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

85,500

5,277,060

Phillips

66

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

46,523

4,437,364

Pioneer

Natural

Resources

Co.

.............................................

23,110

4,787,930

Sitio

Royalties

Corp.

,

Class

A

(a)

............................................

229,709

6,034,455

The

Williams

Cos.,

Inc.

..................................................

213,921

6,980,242

Valero

Energy

Corp.

.....................................................

31,290

3,670,317

94,805,990

Financials

(8.7%):

Ally

Financial,

Inc.

......................................................

122,332

3,304,187

Ares

Management

Corp.

,

Class

A

...........................................

57,706

5,559,973

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

................................

221,716

8,715,656

Associated

Banc-Corp.

...................................................

394,600

6,404,358

Bank

of

Hawaii

Corp.

(a)

..................................................

133,700

5,512,451

Blackstone,

Inc.

........................................................

41,921

3,897,395

Bread

Financial

Holdings,

Inc.

.............................................

107,427

3,372,134

Citigroup,

Inc.

.........................................................

117,484

5,408,963

Citizens

Financial

Group,

Inc.

..............................................

147,433

3,845,053

CME

Group,

Inc.

.......................................................

47,106

8,728,271

Columbia

Banking

System,

Inc.

............................................

303,353

6,151,999

Comerica,

Inc.

.........................................................

81,965

3,472,037

Fidelity

National

Financial,

Inc.

............................................

151,435

5,451,660

Fifth

Third

Bancorp

.....................................................

155,986

4,088,393

First

Financial

Bancorp

...................................................

425,654

8,700,368

First

Hawaiian,

Inc.

.....................................................

344,300

6,200,843

Franklin

Resources,

Inc.

..................................................

169,972

4,539,952

Fulton

Financial

Corp.

...................................................

560,464

6,680,731

Hope

Bancorp,

Inc.

.....................................................

710,758

5,984,582

Huntington

Bancshares,

Inc.

...............................................

406,068

4,377,413

Jackson

Financial,

Inc.

,

Class

A

.............................................

110,083

3,369,641

KeyCorp

.............................................................

297,504

2,748,937

Lazard

Ltd.

,

Class

A

.....................................................

185,100

5,923,200

M&T

Bank

Corp.

.......................................................

38,969

4,822,803

Moelis

&

Co.

,

Class

A

...................................................

142,175

6,446,215

Victory

Portfolios

II

Victory

Market

Neutral

Income

Fund

32

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Morgan

Stanley

........................................................

69,956

$

5,974,242

Navient

Corp.

.........................................................

348,356

6,472,455

Northern

Trust

Corp.

....................................................

59,789

4,432,757

Northwest

Bancshares,

Inc.

................................................

811,218

8,598,911

Pacific

Premier

Bancorp,

Inc.

..............................................

274,400

5,674,592

PacWest

Bancorp

(a)

.....................................................

230,500

1,878,575

Principal

Financial

Group,

Inc.

.............................................

70,424

5,340,956

Provident

Financial

Services,

Inc.

...........................................

397,885

6,501,441

Radian

Group,

Inc.

......................................................

411,400

10,400,192

Regions

Financial

Corp.

..................................................

263,420

4,694,144

Sandy

Spring

Bancorp,

Inc.

................................................

269,300

6,107,724

T.

Rowe

Price

Group,

Inc.

.................................................

38,487

4,311,314

The

Carlyle

Group,

Inc.

..................................................

126,420

4,039,119

The

PNC

Financial

Services

Group,

Inc.

......................................

40,032

5,042,030

Truist

Financial

Corp.

....................................................

130,504

3,960,796

U.S.

Bancorp

..........................................................

143,928

4,755,381

Unum

Group

..........................................................

128,240

6,117,048

UWM

Holdings

Corp.

(a)

.................................................

1,045,800

5,856,480

Virtu

Financial,

Inc.

,

Class

A

...............................................

444,300

7,593,087

Webster

Financial

Corp.

..................................................

110,423

4,168,468

WesBanco,

Inc.

........................................................

216,265

5,538,547

251,165,474

Health

Care

(2.3%):

AbbVie,

Inc.

..........................................................

55,993

7,543,937

Amgen,

Inc.

...........................................................

38,536

8,555,763

Bristol-Myers

Squibb

Co.

.................................................

129,216

8,263,363

Gilead

Sciences,

Inc.

....................................................

85,955

6,624,552

Johnson

&

Johnson

.....................................................

75,686

12,527,547

Patterson

Cos.,

Inc.

.....................................................

309,791

10,303,648

Pfizer,

Inc.

............................................................

186,054

6,824,460

Viatris,

Inc.

...........................................................

482,811

4,818,454

65,461,724

Industrials

(4.2%):

3M

Co.

..............................................................

58,618

5,867,075

CSG

Systems

International,

Inc.

............................................

152,200

8,027,028

Flowserve

Corp.

........................................................

208,400

7,742,060

GATX

Corp.

..........................................................

82,800

10,659,672

H&E

Equipment

Services,

Inc.

.............................................

102,344

4,682,238

HNI

Corp.

............................................................

266,215

7,501,939

Kennametal,

Inc.

.......................................................

224,571

6,375,571

Kforce,

Inc.

...........................................................

116,166

7,278,961

ManpowerGroup,

Inc.

...................................................

97,600

7,749,440

MillerKnoll,

Inc.

.......................................................

203,800

3,012,164

MSC

Industrial

Direct

Co.,

Inc.

.............................................

128,371

12,231,189

Paychex,

Inc.

..........................................................

64,045

7,164,714

Schneider

National,

Inc.

,

Class

B

............................................

47,200

1,355,584

Stanley

Black

&

Decker,

Inc.

..............................................

48,303

4,526,474

Trinity

Industries,

Inc.

...................................................

231,325

5,947,366

TTEC

Holdings,

Inc.

....................................................

131,600

4,453,344

United

Parcel

Service,

Inc.

,

Class

B

..........................................

38,375

6,878,719

Watsco,

Inc.

...........................................................

17,079

6,515,126

Werner

Enterprises,

Inc.

..................................................

34,200

1,510,956

119,479,620

Information

Technology

(2.2%):

Cisco

Systems,

Inc.

.....................................................

160,065

8,281,763

Corning,

Inc.

..........................................................

193,178

6,768,957

Dell

Technologies,

Inc.

,

Class

C

............................................

121,189

6,557,537

Hewlett

Packard

Enterprise

Co.

.............................................

401,663

6,747,938

HP,

Inc.

..............................................................

177,795

5,460,085

InterDigital,

Inc.

.......................................................

82,097

7,926,465

International

Business

Machines

Corp.

........................................

66,198

8,857,954

Victory

Portfolios

II

Victory

Market

Neutral

Income

Fund

33

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

NetApp,

Inc.

..........................................................

97,101

$

7,418,517

Seagate

Technology

Holdings

PLC

..........................................

67,209

4,158,221

62,177,437

Materials

(2.4%):

Avient

Corp.

..........................................................

114,700

4,691,230

Dow,

Inc.

............................................................

106,981

5,697,808

Eastman

Chemical

Co.

...................................................

59,211

4,957,145

Greif,

Inc.

,

Class

A

......................................................

116,600

8,032,574

International

Paper

Co.

...................................................

154,957

4,929,182

LyondellBasell

Industries

NV

,

Class

A

........................................

59,006

5,418,521

Mativ

Holdings,

Inc.

.....................................................

200,556

3,032,407

NewMarket

Corp.

......................................................

31,060

12,489,847

Packaging

Corp.

of

America

...............................................

45,090

5,959,094

Sensient

Technologies

Corp.

...............................................

113,100

8,044,803

Worthington

Industries,

Inc.

...............................................

92,782

6,445,566

69,698,177

Real

Estate

(0.3%):

Kennedy-Wilson

Holdings,

Inc.

.............................................

465,329

7,598,823

Utilities

(8.5%):

ALLETE,

Inc.

.........................................................

162,800

9,437,516

Alliant

Energy

Corp.

....................................................

149,051

7,822,196

American

Electric

Power

Co.,

Inc.

...........................................

85,838

7,227,560

Avista

Corp.

..........................................................

221,826

8,711,107

Brookfield

Renewable

Corp.

,

Class

A

.........................................

210,776

6,649,803

Clearway

Energy,

Inc.

,

Class

C

.............................................

280,300

8,005,368

CMS

Energy

Corp.

......................................................

131,803

7,743,426

Consolidated

Edison,

Inc.

.................................................

94,068

8,503,747

Dominion

Energy,

Inc.

...................................................

130,354

6,751,034

DTE

Energy

Co.

.......................................................

72,922

8,022,878

Duke

Energy

Corp.

......................................................

88,700

7,959,938

Edison

International

.....................................................

97,978

6,804,572

Entergy

Corp.

.........................................................

69,923

6,808,403

Evergy,

Inc.

...........................................................

127,193

7,430,615

Eversource

Energy

......................................................

97,767

6,933,636

Exelon

Corp.

..........................................................

174,540

7,110,760

FirstEnergy

Corp.

.......................................................

196,491

7,639,570

MGE

Energy,

Inc.

......................................................

106,027

8,387,796

New

Jersey

Resources

Corp.

...............................................

190,200

8,977,440

NiSource,

Inc.

.........................................................

261,345

7,147,786

Northwest

Natural

Holding

Co.

.............................................

200,427

8,628,382

NorthWestern

Corp.

.....................................................

188,100

10,676,556

Otter

Tail

Corp.

........................................................

98,500

7,777,560

PPL

Corp.

............................................................

291,993

7,726,135

Public

Service

Enterprise

Group,

Inc.

.........................................

120,665

7,554,836

Sempra

Energy

........................................................

51,041

7,431,059

SJW

Group

...........................................................

122,188

8,566,601

Spire,

Inc.

............................................................

135,800

8,615,152

The

Southern

Co.

.......................................................

127,508

8,957,437

WEC

Energy

Group,

Inc.

.................................................

88,493

7,808,622

Xcel

Energy,

Inc.

.......................................................

119,884

7,453,188

245,270,679

1,261,341,809

Total

Common

Stocks

(Cost

$2,589,204,016)

2,608,858,016

Collateral

for

Securities

Loaned

(1.4%)^

United

States

(1.4%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.02

%

(g)

........

10,013,085

10,013,085

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.02

%

(g)

............

10,013,085

10,013,085

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.08

%

(g)

...............

10,013,085

10,013,085

Victory

Portfolios

II

Victory

Market

Neutral

Income

Fund

34

Schedule

of

Portfolio

Investments

—

continued

June

30,

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

Magnit

PJSC

...............................................

8/22/2019

6,809,485

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

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.04

%

(g)

.

10,013,085

$

10,013,085

Total

Collateral

for

Securities

Loaned

(Cost

$40,052,340)

40,052,340

Total

Investments

(Cost

$2,629,256,356)

—

92.1%

2,648,910,356

Other

assets

in

excess

of

liabilities

—

7.9%

227,659,725

NET

ASSETS

-

100.00%

$

2,876,570,081

^

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)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

June

30,

2023,

the

fair

value

of

these

securities

was

$23,224,557

and

amounted

to

0.8%

of

net

assets.

(d)

Non-income

producing

security.

(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

June

30,

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

at

June

30,

2023.

(g)

Rate

disclosed

is

the

daily

yield

on

June

30,

2023.

GDR—Global

Depositary

Receipt

PCL—Public

Company

Limited

PLC—Public

Limited

Company

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

NASDAQ

100

E-Mini

Futures

.........

4,581

9/15/23

$

1,350,489,843

$

1,405,175,940

$

54,686,097

Futures

Contracts

Sold

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

E-Mini

MSCI

EAFE

Index

Futures

......

5,584

9/15/23

$

597,361,148

$

601,815,600

$

(

4,454,452

)

E-Mini

MSCI

Emerging

Markets

Index

Futures

..........................

11,040

9/15/23

556,649,689

550,840,800

5,808,889

E-Mini

Russell

2000

Index

Futures

......

6,003

9/15/23

566,307,359

571,395,555

(

5,088,196

)

E-Mini

S&P

500

Futures

..............

9,869

9/15/23

2,146,507,179

2,214,726,963

(

68,219,784

)

$

(

71,953,543

)

Total

unrealized

appreciation

$

60,494,986

Total

unrealized

depreciation

(

77,762,432

)

Total

net

unrealized

appreciation

(depreciation)

$

(

17,267,446

)

Statements

of

Assets

and

Liabilities

June

30,

2023

35

See

notes

to

financial

statements.

Victory

Portfolios

II

Victory

US

500

Enhanced

Volatility

Wtd

Index

Fund

Victory

Market

Neutral

Income

Fund

Assets:

Investments,

at

value

(Cost

$36,035,836

and

$2,629,256,356)

$

40,392,212‌

(a)

$

2,648,910,356‌

(b)

Foreign

currency,

at

value

(Cost

$—

and

$2,615,147)

—‌

2,620,016‌

Cash

—‌

32,209,648‌

Deposit

with

broker

for

futures

contracts

95,744‌

239,540,916‌

Receivables:

Interest

and

dividends

117,812‌

13,835,436‌

Capital

shares

issued

222‌

6,914,010‌

Investments

sold

—‌

13,262,195‌

Variation

margin

on

open

futures

contracts

2,625‌

22,056,715‌

Reclaims

—‌

1,748,892‌

From

Adviser

27,945‌

682,033‌

Prepaid

expenses

16,182‌

88,291‌

Total

Assets

40,652,742‌

2,981,868,508‌

Liabilities:

Payables:

Collateral

received

on

loaned

securities

6,404‌

40,052,340‌

Investments

purchased

—‌

13,693,895‌

Capital

shares

redeemed

16,289‌

9,310,919‌

Variation

margin

on

open

futures

contracts

—‌

39,194,209‌

Accrued

foreign

capital

gains

taxes

—‌

1,182,223‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

23,360‌

832,258‌

Administration

fees

1,757‌

123,779‌

Custodian

fees

959‌

202,998‌

Transfer

agent

fees

10,727‌

517,632‌

Compliance

fees

31‌

2,225‌

Trustees'

fees

126‌

577‌

12b-1

fees

6,844‌

16,266‌

Other

accrued

expenses

14,568‌

169,106‌

Total

Liabilities

81,065‌

105,298,427‌

Commitments

and

contingencies

(Note

5

)

Net

Assets:

Capital

41,476,646‌

3,446,527,236‌

Total

accumulated

earnings/(loss)

(

904,969‌

)

(

569,957,155‌

)

Net

Assets

$

40,571,677‌

$

2,876,570,081‌

Net

Assets

Class

A

$

22,744,854‌

$

96,836,476‌

Class

C

10,986,056‌

14,467,948‌

Class

I

6,840,767‌

2,750,881,993‌

Member

Class

—‌

14,383,664‌

Total

$

40,571,677‌

$

2,876,570,081‌

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

2,342,755‌

11,564,197‌

Class

C

1,212,226‌

1,753,085‌

Class

I

703,658‌

325,940,863‌

Member

Class

—‌

1,716,885‌

Total

4,258,639‌

340,975,030‌

Net

asset

value,

offering

(except

Class

A)

and

redemption

price

per

share:

Class

A

$

9

.71‌

$

8

.37‌

Class

C(c)

9

.06‌

8

.25‌

Class

I

9

.72‌

8

.44‌

Member

Class

—‌

8

.38‌

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

.30‌

$

8

.88‌

(a)

Includes

$6,173

of

securities

on

loan.

(b)

Includes

$38,741,032

of

securities

on

loan.

(c)

Redemption

price

per

share

varies

by

the

length

of

time

shares

are

held.

Statements

of

Operations

For

the

Year

Ended

June

30,

2023

36

See

notes

to

financial

statements.

Victory

Portfolios

II

Victory

US

500

Enhanced

Volatility

Wtd

Index

Fund

Victory

Market

Neutral

Income

Fund

Investment

Income:

Dividends

$

1,118,601‌

$

182,931,727‌

Interest

1,978‌

9,692,500‌

Securities

lending

(net

of

fees)

3,105‌

1,317,055‌

Foreign

tax

withholding

(

289‌

)

(

15,428,792‌

)

Total

Income

1,123,395‌

178,512,490‌

Expenses:

Investment

advisory

fees

334,886‌

13,277,104‌

Administration

fees

26,308‌

2,085,351‌

Sub-Administration

fees

19,303‌

20,476‌

12b-1

fees

—

Class

A

61,040‌

299,389‌

12b-1

fees

—

Class

C

141,006‌

163,854‌

Custodian

fees

6,818‌

1,071,220‌

Transfer

agent

fees

—

Class

A

24,832‌

63,149‌

Transfer

agent

fees

—

Class

C

16,290‌

16,334‌

Transfer

agent

fees

—

Class

I

10,098‌

4,251,705‌

Transfer

agent

fees

—

Member

Class

—‌

22,783‌

Trustees'

fees

5,086‌

246,706‌

Compliance

fees

445‌

35,518‌

Legal

and

audit

fees

11,940‌

218,310‌

State

registration

and

filing

fees

45,375‌

560,463‌

Interfund

lending

—‌

43,924‌

Other

expenses

18,832‌

492,223‌

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

—‌

3,907‌

Total

Expenses

722,259‌

22,872,416‌

Expenses

waived/reimbursed

by

Adviser

(

165,662‌

)

(

7,053,744‌

)

Net

Expenses

556,597‌

15,818,672‌

Net

Investment

Income

(Loss)

566,798‌

162,693,818‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

(

3,524,707‌

)

(

365,721,913‌

)

Foreign

taxes

on

realized

gains

—‌

(

1,410,539‌

)

Net

realized

gains

(losses)

from

futures

contracts

24,757‌

(

8,863,504‌

)

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

2,790,145‌

429,063,481‌

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

(

1,235‌

)

(

207,953,837‌

)

Net

change

in

accrued

foreign

taxes

on

unrealized

gains

—‌

(

955,078‌

)

Net

realized/unrealized

gains

(losses)

on

investments

(

711,040‌

)

(

155,841,390‌

)

Change

in

net

assets

resulting

from

operations

$

(

144,242‌

)

$

6,852,428‌

37

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

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

566,798

$

221,973

$

162,693,818

$

105,008,860

Net

realized

gains

(losses)

(

3,499,950

)

16,256,801

(

375,995,956

)

143,027,219

Net

change

in

unrealized

appreciation/depreciation

2,788,910

(

21,917,476

)

220,154,566

(

293,060,197

)

Change

in

net

assets

resulting

from

operations

(

144,242

)

(

5,438,702

)

6,852,428

(

45,024,118

)

Distributions

to

Shareholders:

Class

A

(

6,956,793

)

(

3,584,298

)

(

13,710,723

)

(

2,765,503

)

Class

C

(

4,065,874

)

(

2,787,518

)

(

1,853,227

)

(

170,615

)

Class

I

(

2,646,462

)

(

1,966,797

)

(

410,481,501

)

(

85,193,496

)

Member

Class

—

—

(

1,652,693

)

(

241,400

)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(

13,669,129

)

(

8,338,613

)

(

427,698,144

)

(

88,371,014

)

Change

in

net

assets

resulting

from

capital

transactions

224,126

(

2,819,845

)

(

1,659,421,176

)

4,027,093,740

Change

in

net

assets

(

13,589,245

)

(

16,597,160

)

(

2,080,266,892

)

3,893,698,608

Net

Assets:

Beginning

of

period

54,160,922

70,758,082

4,956,836,973

1,063,138,365

End

of

period

$

40,571,677

$

54,160,922

$

2,876,570,081

$

4,956,836,973

38

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

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

2,464,259

$

2,511,389

$

62,987,365

$

130,429,939

Distributions

reinvested

6,757,772

3,473,757

13,520,880

2,740,812

Cost

of

shares

redeemed

(

5,025,449

)

(

5,730,344

)

(

116,168,631

)

(

29,648,616

)

Total

Class

A

$

4,196,582

$

254,802

$

(

39,660,386

)

$

103,522,135

Class

C

Proceeds

from

shares

issued

$

228,683

$

564,931

$

5,622,671

$

15,009,927

Distributions

reinvested

4,044,083

2,748,655

1,823,215

167,998

Cost

of

shares

redeemed

(

6,290,299

)

(

6,062,903

)

(

6,410,937

)

(

1,526,848

)

Total

Class

C

$

(

2,017,533

)

$

(

2,749,317

)

$

1,034,949

$

13,651,077

Class

I

Proceeds

from

shares

issued

$

211,251

$

2,046,144

$

1,938,576,092

$

4,484,096,007

Distributions

reinvested

2,612,050

1,952,504

381,387,646

79,965,218

Cost

of

shares

redeemed

(

4,778,224

)

(

4,323,978

)

(

3,942,679,807

)

(

665,931,613

)

Total

Class

I

$

(

1,954,923

)

$

(

325,330

)

$

(

1,622,716,069

)

$

3,898,129,612

Member

Class

Proceeds

from

shares

issued

$

—

$

—

$

4,183,963

$

13,437,497

Distributions

reinvested

—

—

1,652,693

241,400

Cost

of

shares

redeemed

—

—

(

3,916,326

)

(

1,887,981

)

Total

Member

Class

$

—

$

—

$

1,920,330

$

11,790,916

Change

in

net

assets

resulting

from

capital

transactions

$

224,126

$

(

2,819,845

)

$

(

1,659,421,176

)

$

4,027,093,740

Share

Transactions:

Class

A

Issued

213,758

165,396

7,204,386

13,604,423

Reinvested

647,293

220,223

1,604,814

289,322

Redeemed

(

442,647

)

(

357,322

)

(

13,366,593

)

(

3,109,868

)

Total

Class

A

418,404

28,297

(

4,557,393

)

10,783,877

Class

C

Issued

19,832

36,850

631,588

1,587,725

Reinvested

415,155

183,026

220,691

17,992

Redeemed

(

573,725

)

(

403,116

)

(

753,112

)

(

161,923

)

Total

Class

C

(

138,738

)

(

183,240

)

99,167

1,443,794

Class

I

Issued

20,474

121,867

218,354,542

465,846,238

Reinvested

249,545

123,729

44,830,914

8,386,294

Redeemed

(

420,028

)

(

280,922

)

(

447,180,482

)

(

69,670,012

)

Total

Class

I

(

150,009

)

(

35,326

)

(

183,995,026

)

404,562,520

Member

Class

Issued

—

—

469,592

1,402,956

Reinvested

—

—

196,577

25,481

Redeemed

—

—

(

443,553

)

(

198,998

)

Total

Member

Class

—

—

222,616

1,229,439

Change

in

Shares

129,657

(

190,269

)

(

188,230,636

)

418,019,630

Victory

Portfolios

II

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

39

See

notes

to

financial

statements.

Victory

US

500

Enhanced

Volatility

Wtd

Index

Fund

Class

A

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

$13.33

$16.62

$13.42

$14.26

$16.50

Investment

Activities:

Net

investment

income

(loss)(a)

0.16

0.08

0.07

0.08

0.13

Net

realized

and

unrealized

gains

(losses)

(0.05)

(1.31)

4.77

0.88

(0.36)

Total

from

Investment

Activities

0.11

(1.23)

4.84

0.96

(0.23)

Distributions

to

Shareholders

from:

Net

investment

income

(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

(3.73)

(2.06)

(1.64)

(1.80)

(2.01)

Net

Asset

Value,

End

of

Period

$9.71

$13.33

$16.62

$13.42

$14.26

Total

Return

(excludes

sales

charge)(b)

(0.84)%

(9.25)%

38.05%

6.71%

(0.01)%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.99%

0.99%

0.99%

0.99%

0.99%

Net

Investment

Income

(Loss)

1.37%

0.52%

0.47%

0.56%

0.84%

Gross

Expenses(c)

1.30%

1.25%

1.24%

1.28%

1.25%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$22,745

$25,643

$31,504

$26,394

$33,406

Portfolio

Turnover(d)

266%(e)

101%

68%

54%

120%(f)

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

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.

(c)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(e)

Portfolio

turnover

increased

significantly

due

to

the

long/cash

strategy.

(f)

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

40

See

notes

to

financial

statements.

Victory

US

500

Enhanced

Volatility

Wtd

Index

Fund

Class

C

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

$12.68

$15.95

$12.99

$13.90

$16.16

Investment

Activities:

Net

investment

income

(loss)(a)

0.06

(0.03)

(0.04)

(0.03)

0.02

Net

realized

and

unrealized

gains

(losses)

(0.03)

(1.25)

4.59

0.87

(0.35)

Total

from

Investment

Activities

0.03

(1.28)

4.55

0.84

(0.33)

Distributions

to

Shareholders

from:

Net

investment

income

(0.06)

(0.01)

—(b)

(0.02)

(0.04)

Net

realized

gains

(3.59)

(1.98)

(1.59)

(1.73)

(1.89)

Total

Distributions

(3.65)

(1.99)

(1.59)

(1.75)

(1.93)

Net

Asset

Value,

End

of

Period

$9.06

$12.68

$15.95

$12.99

$13.90

Total

Return

(excludes

contingent

deferred

sales

charge)(c)

(1.56)%

(9.97)%

36.98%

5.96%

(0.73)%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

1.74%

1.74%

1.74%

1.74%

1.74%

Net

Investment

Income

(Loss)

0.60%

(0.22)%

(0.29)%

(0.19)%

0.10%

Gross

Expenses(d)

2.11%

2.03%

1.99%

2.03%

2.00%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$10,986

$17,132

$24,465

$26,240

$35,649

Portfolio

Turnover(e)

266%(f)

101%

68%

54%

120%(g)

(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)

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)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(f)

Portfolio

turnover

increased

significantly

due

to

the

long/cash

strategy.

(g)

Portfolio

turnover

increased

significantly

due

to

changes

in

the

volume

and

timing

of

purchases

and

sales

of

portfolio

holdings

during

the

period.

41

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

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

$13.34

$16.64

$13.43

$14.26

$16.50

Investment

Activities:

Net

investment

income

(loss)(a)

0.19

0.12

0.11

0.12

0.17

Net

realized

and

unrealized

gains

(losses)

(0.06)

(1.31)

4.77

0.88

(0.36)

Total

from

Investment

Activities

0.13

(1.19)

4.88

1.00

(0.19)

Distributions

to

Shareholders

from:

Net

investment

income

(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

(3.75)

(2.11)

(1.67)

(1.83)

(2.05)

Net

Asset

Value,

End

of

Period

$9.72

$13.34

$16.64

$13.43

$14.26

Total

Return(b)

(0.60)%

(9.03)%

38.43%

6.97%

0.24%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.74%

0.74%

0.74%

0.74%

0.74%

Net

Investment

Income

(Loss)

1.60%

0.78%

0.71%

0.86%

1.10%

Gross

Expenses(c)

1.14%

1.02%

0.98%

1.02%

1.00%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$6,841

$11,386

$14,789

$14,179

$26,501

Portfolio

Turnover(d)

266%(e)

101%

68%

54%

120%(f)

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

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.

(c)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(e)

Portfolio

turnover

increased

significantly

due

to

the

long/cash

strategy.

(f)

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

42

See

notes

to

financial

statements.

Victory

Market

Neutral

Income

Fund

Class

A

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

$9.30

$9.51

$9.77

$9.51

$9.61

Investment

Activities:

Net

investment

income

(loss)(a)

0.35

0.38

0.29

0.27

0.32

Net

realized

and

unrealized

gains

(losses)

(0.26)

(0.29)

(0.06)

0.23

(0.13)

Total

from

Investment

Activities

0.09

0.09

0.23

0.50

0.19

Distributions

to

Shareholders

from:

Net

investment

income

(0.36)

(0.30)

(0.24)

(0.24)

(0.27)

Net

realized

gains

(0.66)

—

(0.25)

—

(0.02)

Total

Distributions

(1.02)

(0.30)

(0.49)

(0.24)

(0.29)

Net

Asset

Value,

End

of

Period

$8.37

$9.30

$9.51

$9.77

$9.51

Total

Return

(excludes

sales

charge)(b)

1.34%

0.90%

2.33%

5.31%

1.99%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.75%

0.78%(d)

0.79%(d)

0.75%

0.75%

Net

Investment

Income

(Loss)

4.00%

3.94%

3.03%

2.78%

3.36%

Gross

Expenses(c)

0.80%

0.83%

0.95%

1.17%

1.03%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$96,836

$150,010

$50,735

$12,870

$32,627

Portfolio

Turnover(e)

87%

61%

89%

119%(f)

82%

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

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.

(c)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d)

Includes

impact

of

broker

interest

fees.

Without

these

broker

interest

fees,

the

net

expense

ratio

would

have

been

at

the

contractual

expense

cap.

(See

note

5

in

the

Notes

to

Financial

Statements)

(e)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(f)

Portfolio

turnover

increased

significantly

due

to

changes

in

the

volume

and

timing

of

purchases

and

sales

of

portfolio

holdings

during

the

year.

43

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

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

$9.19

$9.40

$9.69

$9.43

$9.54

Investment

Activities:

Net

investment

income

(loss)(a)

0.28

0.34

0.22

0.21

0.25

Net

realized

and

unrealized

gains

(losses)

(0.26)

(0.31)

(0.08)

0.22

(0.14)

Total

from

Investment

Activities

0.02

0.03

0.14

0.43

0.11

Distributions

to

Shareholders

from:

Net

investment

income

(0.30)

(0.24)

(0.18)

(0.17)

(0.20)

Net

realized

gains

(0.66)

—

(0.25)

—

(0.02)

Total

Distributions

(0.96)

(0.24)

(0.43)

(0.17)

(0.22)

Net

Asset

Value,

End

of

Period

$8.25

$9.19

$9.40

$9.69

$9.43

Total

Return

(excludes

contingent

deferred

sales

charge)(b)

0.53%

0.31%

1.40%

4.59%

1.19%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.50%

1.53%(d)

1.54%(d)

1.50%

1.50%

Net

Investment

Income

(Loss)

3.28%

3.59%

2.28%

2.20%

2.57%

Gross

Expenses(c)

1.62%

1.93%

2.29%

2.62%

2.56%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$14,468

$15,197

$1,976

$626

$441

Portfolio

Turnover(e)

87%

61%

89%

119%(f)

82%

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

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.

(c)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d)

Includes

impact

of

broker

interest

fees.

Without

these

broker

interest

fees,

the

net

expense

ratio

would

have

been

at

the

contractual

expense

cap.

(See

note

5

in

the

Notes

to

Financial

Statements)

(e)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(f)

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

44

See

notes

to

financial

statements.

Victory

Market

Neutral

Income

Fund

Class

I

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

$9.37

$9.57

$9.83

$9.55

$9.65

Investment

Activities:

Net

investment

income

(loss)(a)

0.38

0.42

0.33

0.31

0.38

Net

realized

and

unrealized

gains

(losses)

(0.26)

(0.29)

(0.08)

0.23

(0.16)

Total

from

Investment

Activities

0.12

0.13

0.25

0.54

0.22

Distributions

to

Shareholders

from:

Net

investment

income

(0.39)

(0.33)

(0.26)

(0.26)

(0.30)

Net

realized

gains

(0.66)

—

(0.25)

—

(0.02)

Total

Distributions

(1.05)

(0.33)

(0.51)

(0.26)

(0.32)

Net

Asset

Value,

End

of

Period

$8.44

$9.37

$9.57

$9.83

$9.55

Total

Return(b)

1.68%

1.32%

2.62%

5.79%

2.25%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.40%

0.43%(d)

0.44%(d)

0.40%

0.40%

Net

Investment

Income

(Loss)

4.31%

4.40%

3.37%

3.23%

3.91%

Gross

Expenses(c)

0.59%

0.62%

0.75%

0.89%

1.05%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,750,882

$4,777,720

$1,007,909

$174,719

$54,920

Portfolio

Turnover(e)

87%

61%

89%

119%(f)

82%

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

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.

(c)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d)

Includes

impact

of

broker

interest

fees.

Without

these

broker

interest

fees,

the

net

expense

ratio

would

have

been

at

the

contractual

expense

cap.

(See

note

5

in

the

Notes

to

Financial

Statements)

(e)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(f)

Portfolio

turnover

increased

significantly

due

to

changes

in

the

volume

and

timing

of

purchases

and

sales

of

portfolio

holdings

during

the

year.

45

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

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

November

3,

2020(a)

through

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$9.31

$9.51

$9.62

Investment

Activities:

Net

investment

income

(loss)(b)

0.38

0.41

0.25

Net

realized

and

unrealized

gains

(losses)

(0.27)

(0.29)

0.04

Total

from

Investment

Activities

0.11

0.12

0.29

Distributions

to

Shareholders

from:

Net

investment

income

(0.38)

(0.32)

(0.15)

Net

realized

gains

(0.66)

—

(0.25)

Total

Distributions

(1.04)

(0.32)

(0.40)

Net

Asset

Value,

End

of

Period

$8.38

$9.31

$9.51

Total

Return(c)(d)

1.55%

1.20%

3.05%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.55%

0.58%(g)

0.60%

Net

Investment

Income

(Loss)(e)

4.32%

4.34%

3.94%

Gross

Expenses(e)(f)

0.80%

1.08%

5.38%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$14,384

$13,910

$2,518

Portfolio

Turnover(c)(h)

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.

(See

note

5

in

the

Notes

to

Financial

Statements)

(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

June

30,

2023

Victory

Portfolios

II

46

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

risk

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

closing

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

last

available

bid

quotation

on

the

exchange

or

system

where

the

security

is

principally

traded.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

Investments

in

open-end

investment

companies,

other

than

ETFs, are

valued

at their

net

asset

value

(“NAV”).

These

valuations

are

typically

categorized

as

Level

1 in

the

fair

value

hierarchy.

Futures

contracts

are

valued

at

the

settlement

price

established

each

day

by

the

board

of

trade

or

an

exchange

on

which

they

are

traded.

These

valuations

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

2

or

Level

3

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

the

Fund’s

NAV to

be

more

reliable

than

it

otherwise

would

be.

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

June

30,

2023

Victory

Portfolios

II

47

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

June

30,

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 June

30,

2023,

there

were

no

transfers

into/out

of

Level

3.

Investment

Companies:

Exchange-Traded

Funds:

The

Funds

may

invest

in

ETFs,

the

shares

of

which

are

bought

and

sold

on

a

securities

exchange.

An

ETF

trades

like

common

stock

and

represents

a

fixed

portfolio

of

securities

often

designed

to

track

the

performance

and

dividend

yield

of

a

particular

domestic

of

foreign

market

index.

The

Funds

may

purchase

shares

of

an

ETF

to

temporarily

gain

exposure

to

a

portion

of

the

U.S.

or

a

foreign

market

while

awaiting

purchase

of

underlying

securities.

The

risks

of

owning

an

ETF

generally

reflect

the

risks

of

owning

the

underlying

securities

the

ETF

is

designed

to

track,

although

the

lack

of

liquidity

of

an

ETF

could

result

in

it

being

more

volatile.

Additionally,

ETFs

have

fees

and

expenses

that

reduce

their

value.

Open-End

Funds:

The

Funds

may

invest

in

portfolios

of

open-end

investment

companies.

These

investment

companies

value

securities

in

their

portfolios

for

which

market

quotations

are

readily

available

at

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

at

their

fair

value

by

the

methods

established

by

the

board

of

directors

of

the

underlying

funds.

Derivative

Instruments:

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

a

Fund

to

purchase

or

sell

a

specific

currency

at

a

future

date

at

a

price

(in

U.S.

dollars)

set

at

the

time

of

the

contract.

The

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

Level

1

Level

2

Level

3

Total

US

500

Enhanced

Volatility

Wtd

Index

Fund

Common

Stocks

............................

$

10,346,562

$

—

$

—

$

10,346,562

Exchange-Traded

Funds

......................

1

—

—

1

Investment

Companies

.......................

30,039,245

—

—

30,039,245

Collateral

for

Securities

Loaned

................

6,404

—

—

6,404

Total

....................................

$40,392,212

$—

$—

$40,392,212

Other

Financial

Investments:*

Assets:

Futures

Contracts

...........................

6,957

—

—

6,957

Total

....................................

$6,957

$—

$—

$6,957

Market

Neutral

Income

Fund

Common

Stocks

............................

1,524,763,697

1,083,305,861

788,458

2,608,858,016

Collateral

for

Securities

Loaned

................

40,052,340

—

—

40,052,340

Total

....................................

$1,564,816,037

$1,083,305,861

$788,458

$2,648,910,356

Other

Financial

Investments:*

Assets:

Futures

Contracts

...........................

60,494,986

—

—

60,494,986

Liabilities:

Futures

Contracts

...........................

(77,762,432)

—

—

(77,762,432)

Total

....................................

$(17,267,446)

$—

$—

$(17,267,446)

*

Futures

Contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

48

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 June

30,

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

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

year June

30,

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

June

30,

2023:

The

following

table

presents the

effect

of

derivative

instruments

on

the

Statements

of

Operations,

categorized

by

risk

exposure,

for

the year

ended

June

30,

2023:

Assets

Liabilities

Variation

Margin

Receivable

on

Open

Futures

Contracts*

Variation

Margin

Payable

on

Open

Futures

Contracts*

Equity

Risk

Exposure:

60,501,943

(77,762,432)

US

500

Enhanced

Volatility

Wtd

Index

Fund

..................................................

$

6,957

$

–

Market

Neutral

Income

Fund

.............................................................

60,494,986

77,762,432

*

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.

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

49

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

year end

is

generally

representative

of

the

notional

amount

of

open

positions

to

net

assets

throughout

the

year.

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

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts. Dividend

income

is

recorded

on

the

ex-dividend

date.

Non-cash

dividends

included

in

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received.

Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Withholding

taxes

on

interest,

dividends,

and

gains

as

a

result

of

certain

investments

by

the

Funds

have

been

provided

for

in

accordance

with

each

investment’s

applicable

country’s

tax

rules

and

rates.

Securities

Lending:

The

Funds, through

a Securities

Lending

Agreement with

Citibank,

N.A.

(“Citibank”), may

lend

their

securities

to

qualified

financial

institutions,

such

as

certain

broker-dealers

and

banks,

to

earn

additional

income,

net

of

income

retained

by

Citibank. 

Borrowers

are

required

to

initially

secure

their

loans for

collateral

in

the

amount

of

at

least

102%

of

the

value

of

U.S.

securities

loaned

or

at

least

105%

of

the

value

of

non-U.S.

securities

loaned,

marked-to-market

daily.

Any

collateral

shortfalls

associated

with

increases

in

the

valuation

of

the

securities

loaned

are

generally

cured the

next

business

day.

The

collateral

can

be

received

in

the

form

of

cash

collateral

and/or

non-cash

collateral.

Non-

cash

collateral

can

include

U.S.

Government

Securities and

other

securities

as

permitted

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines.

The

cash

collateral

is

invested

in

short-term

instruments

or

cash

equivalents,

primarily

open-end

investment

companies,

as

noted

on

the

Funds’

Schedules

of

Portfolio

Investments.

The

Funds

effectively

do not

have

control

of

the

non-cash

collateral

and

therefore

it

is

not

disclosed

on

the

Funds’

Schedules

of

Portfolio

Investments.

Collateral

requirements

are

determined

daily

based

on

the

value

of

the

Funds’

securities

on

loan

as

of

the

end

of

the prior

business

day. 

During

the

time

portfolio

securities

are

on

loan,

the

borrower

will

pay

the

Funds

any

dividends

or

interest

paid

on

such

securities

plus

any

fee

negotiated

between

the

parties

to

the

lending

agreement.

The

Funds

also

earn

a

return

from

the

collateral.

The

Funds

pay

Citibank

various

fees

in

connection

with

the

investment

of

cash

collateral

and

fees

based

on

the

investment

income

received

from

securities

lending

activities.

Securities

lending

income

(net

of

these

fees)

is

disclosed

on

the

Statements

of

Operations.

Loans

are

terminable

upon

demand

and

the

borrower

must

return

the

loaned

securities

within

the

lesser

of

one

standard

settlement

period

or

five

business

days. 

Although

risk

is

mitigated

by

the

collateral, a

Fund could

experience

a

delay

in

recovering

its

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

In

addition,

there

is

a

risk that

the

value

of

the

short-term

investments

will

be

less

than

the

amount

of

cash

collateral

required

to

be

returned

to

the

borrower.

The

Funds’

agreement

with

Citibank

does

not

include

master

netting

provisions.

Non-cash

collateral

received

by

the

Funds

may

not

be

sold

or

repledged,

except

to

satisfy

borrower

default.

The

following

table

is

a

summary

of

the

Funds’

securities

lending

transactions

as

of

June

30,

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

Net

Realized

Gains

(Losses)

on

Derivatives

Recognized

as

a

Result

from

Operations

Net

Change

in

Unrealized

Appreciation/

Depreciation

on

Derivatives

Recognized

as

a

Result

of

Operations

Net

Realized

Gains

(Losses)

from

Futures

Contracts

Net

Change

in

Unrealized

Appreciation/

Depreciation

on

Futures

Contracts

Equity

Risk

Exposure:

(8,838,747)

(207,955,072)

US

500

Enhanced

Volatility

Wtd

Index

Fund

..............................................

$

24,757

$

(1,235)

Market

Neutral

Income

Fund

.........................................................

(8,863,504)

(207,953,837)

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

US

500

Enhanced

Volatility

Wtd

Index

Fund

.............................

$

6,173

$

—

$

6,404

Market

Neutral

Income

Fund

........................................

38,741,032

—

40,052,340

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

50

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

year

ended

June

30,

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.

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

year

ended

June

30,

2023,

were

as

follows:

4.

Affiliated

Fund

Ownership:

The

Funds

offer

shares

for

investment

by

other

funds.

The

fund-of-funds

do

not

invest

in

the

underlying

funds

for

the

purpose

of

exercising

management

or control;

however,

investments

by

a

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

June

30,

2023,

certain

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.  

Excluding

U.S.

Government

Securities

Purchases

Sales

US

500

Enhanced

Volatility

Wtd

Index

Fund

...............................................

$

79,164,827

$

122,018,996

Market

Neutral

Income

Fund

..........................................................

2,913,161,102

4,657,429,830

Market

Neutral

Income

Fund

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.2

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.2

Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.8

Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.6

Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.2

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

51

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

year ended

June

30,

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

Fund

Administration,

Servicing

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

year

ended

June

30,

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 year

ended

June

30,

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 year

ended

June

30,

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

year ended

June

30,

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

year ended

June

30,

2023,

are

reflected

on

the

Statements

of

Operations

as

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

year

ended

June

30,

2023,

the

Distributor

reimbursed

$1,000

to

the

US

500

Enhanced

Volatility

Wtd

Index

Fund

and

$2,500

to

the

Market

Neutral

Income

Fund.

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

year

ended

June

30,

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

year

ended

June

30,

2023,

the

Distributor

received

$11,286

from

commissions

earned

in

connection with

sales

of

Class

A.

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%

Class

A

Class

C

US

500

Enhanced

Volatility

Wtd

Index

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

Market

Neutral

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

52

Other

Fees:

Citibank

serves

as

the

Funds’

custodian.

The

Funds

pay

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the year

ended

June

30,

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

a

Fund

in

any

fiscal

year

exceed

the

expense

limit

for

such

classes

of the

Fund.

Such

excess

amounts

will

be

the

liability

of

the

Adviser.

Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business

are

excluded

from

the

expense

limits.

As

of

June

30,

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

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

June

30,

2023.

For

the

year

ended

June

30,

2023,

the

following

recoupment

amounts

were

paid

to

the

Adviser.

As

of June

30,

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 year

ended

June

30,

2023.

The

Funds

have

adopted

a

Deferred

Compensation

Agreement

(the

“Agreement”)

for

their

Trustees

and

any

Advisory

Trustees

who

receive

compensation

from

the

Funds.

Under

the

terms

of

the

Agreement,

a

Trustee

or

Advisory

Trustee

may

elect

to

defer

all

or

a

portion

of

their

compensation.

Amounts

deferred

may

be

allocated

to

investment

options

that

are

specified

in

the

Agreement

as

selected

by

the

Trustee

or

Advisory

Trustee,

including

certain

Victory

Funds,

in

which

their

deferred

accounts

are

deemed

invested.

Deferred

compensation

liability

under

the

Agreement

constitutes

a

general

unsecured

obligation

for

an

applicable

Victory

Fund.

For

the

year

ended

June

30,

2023,

no

material

amounts

have

been

deferred,

and,

therefore,

have

not

been

included

in

the

Funds’

Statements

of

Assets

and

Liabilities.

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

In

effect

until

October

31,

2023

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%

Market

Neutral

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

$3,907

Expires

2024

Expires

2025

Expires

2026

Total

US

500

Enhanced

Volatility

Wtd

Index

Fund

.................................

$

170,552

$

182,939

$

165,662

$

519,153

Market

Neutral

Income

Fund

............................................

1,610,310

4,525,747

7,053,744

13,189,801

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

53

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.

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 year

ended

June

30,

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

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

Funds

had

no

borrowings

under the

Line

of

Credit

agreement

during

the

year

ended

June

30,

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

year

ended

June

30,

2023,

were

as

follows:

*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

year

ended

June

30,

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

Borrower

or

Lender

Amount

Outstanding

June

30,

2023

Average

Borrowing*

Average

Interest

Rate*

Maximum

Borrowing

During

the

Period

Market

Neutral

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Borrower

$—

$28,315,000

4.03%

$44,148,000

Declared

Paid

US

500

Enhanced

Volatility

Wtd

Index

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Quarterly

Quarterly

Market

Neutral

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

54

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

June

30,

2023,

on

the

Statement

of

Assets

and

Liabilities,

there

were

no

permanent

book-to-tax

difference

reclassification

adjustments.

The

tax

character

of

distributions

paid

during

the

tax

years

ended,

as

noted

below,

were

as

follows

(total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because,

for

tax

purposes,

dividends

are

recognized

when

actually

paid).

As

of

June

30,

2023,

the

components

of

accumulated

earnings/(loss)

on

a

tax

basis

were

as

follows:

*

The

difference

between

the

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

is

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

derivatives,

and

passive

foreign

investment

companies.

As

of 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.

As

of

June

30,

2023,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation,

and

net

unrealized

appreciation

(depreciation)

for

investments were

as

follows: 

9.

New

Regulatory

Pronouncement:

In

October

2022,

the

SEC

adopted

a

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

Year

Ended

June

30,

2023

Distributions

Paid

From:

Ordinary

Income

Net

Long-

Term

Capital

Gains

Total

Distributions

Paid

US

500

Enhanced

Volatility

Wtd

Index

Fund

...........................................

$

1,333,689

$

12,335,440

$

13,669,129

Market

Neutral

Income

Fund

......................................................

310,689,811

117,008,333

427,698,144

Year

Ended

June

30,

2022

Distributions

Paid

From:

Ordinary

Income

Net

Long-

Term

Capital

Gains

Total

Distributions

Paid

US

500

Enhanced

Volatility

Wtd

Index

Fund

...........................................

$

5,747,040

$

2,591,573

$

8,338,613

Market

Neutral

Income

Fund

......................................................

88,371,014

—

88,371,014

Undistributed

Ordinary

Income

Accumulated

Earnings

Accumulated

Capital

And

Other

Losses

Unrealized

Appreciation

(Depreciation)*

Total

Accumulated

Earnings

(Loss)

US

500

Enhanced

Volatility

Wtd

Index

Fund

....

$

37,538

$

37,538

$

(5,131,877)

$

4,189,370

$

(904,969)

Market

Neutral

Income

Fund

...............

9,658,023

9,658,023

(546,253,534)

(33,361,644)

(569,957,155)

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

Cost

of

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

US

500

Enhanced

Volatility

Wtd

Index

Fund

.............

$

36,202,842

$

4,385,209

$

(195,839)

$

4,189,370

Market

Neutral

Income

Fund

........................

2,681,142,525

242,550,499

(274,782,668)

(32,232,169)

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

55

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.

56

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

and

Board

of

Trustees

of

Victory

Portfolios

II

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

portfolio

investments,

of

Victory

US

500

Enhanced

Volatility

Wtd

Index

Fund

and

Victory

Market

Neutral

Income

Fund

(the

“Funds”),

each

a

series

of

Victory

Portfolios

II,

as

of

June

30,

2023,

the

related

statements

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

each

of

the

Funds

as

of

June

30,

2023,

the

results

of

their

operations

for

the

year

then

ended,

the

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(“PCAOB”)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

June

30,

2023,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

investment

companies

advised

by

Victory

Capital

Management

Inc.

since

2015.

COHEN

&

COMPANY,

LTD.

Cleveland,

Ohio

August

28,

2023

Supplemental

Information

June

30,

2023

Victory

Portfolios

II

57

(Unaudited)

Trustee

and

Officer

Information

Board

of

Trustees:

Overall

responsibility

for

management

of

the

Trust

rests

with

the

Board.

The

Trust

is

managed

by

the

Board

in

accordance

with

the

laws

of

the

State

of

Delaware.

There

are

currently

nine

Trustees,

eight

of

whom

are

not

“interested

persons”

of

the

Trust

within

the

meaning

of

that

term

under

the

1940

Act

(“Independent

Trustees”)

and

one

of

whom

is

an

“interested

person”

of

the

Trust

within

the

meaning

of

that

term

under

the

1940

Act

(“Interested

Trustee”).

The

Trustees,

in

turn,

elect

the

officers

of

the

Trust

to

actively

supervise

its

day-to-day

operations.

The

following

tables

list

the

Trustees,

their

date

of

birth,

position

with

the

Trust,

commencement

of

service,

principal

occupations

during

the

past

five

years,

and

any

directorships

of

other

investment

companies

or

companies

whose

securities

are

registered

under

the

Securities

Exchange

Act

of

1934,

as

amended,

or

who

file

reports

under

that

Act.

Each

Trustee

oversees 26

portfolios

in

the

Trust,

six

portfolios

in

Victory

Variable

Insurance

Funds,

and 37

portfolios

in

Victory

Portfolios, each

a

registered

investment

company

that,

together

with

the

Trust,

comprise

the

Victory

Fund

Complex.

David

C.

Brown

is

a

Trustee

of

Victory

Portfolios

III

and

oversees

45

portfolios

of

the

Victory

Portfolios

III.

Each

Trustee’s

address

is

c/o

Victory

Portfolios,

4900

Tiedeman

Road,

4th

Floor,

Brooklyn,

Ohio

44144.

 Each

Trustee

has

an

indefinite

term.

*

The

Board

has

designated

Ms.

Beard

as

its

Audit

Committee

Financial

Expert.

**

Mr.

Brown

is

an

"Interested

Person"

by

reason

of

his

relationship

with

the

Adviser.

The

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

of

the

Trust

and

is

available,

without

charge,

by

calling

800-539-3863.

Name

and

Date

of

Birth

Position

Held

with

the

Trust

Date

Commenced

Service

Principal

Occupation

During

Past

5

Years

Other

Directorships

Held

During

Past

5

Years

Independent

Trustees

David

Brooks

Adcock,

(October

1951)

Trustee

May

2015

Consultant

(since

2006).

None.

Nigel

D.

T.

Andrews,

(April

1947)

Trustee

May

2015

Retired.

Director,

Carlyle

Secured

Lending,

Inc.

(formerly

TCG

BDC

I,

Inc.)

(since

2012);

Director,

Carlyle

Credit

Solutions,

Inc.

(formerly

TCG

BDC

II,

Inc.)

(since

2017);

Trustee,

Carlyle

Secured

Lending

III

(since

2021).

E.

Lee

Beard,*

(October

1951)

Trustee

May

2015

Retired.

None.

Dennis

M.

Bushe,

(October

1951)

Trustee

July

2016

Retired.

None.

John

L.

Kelly,

(April

1953)

Chair

and

Trustee

May

2015

Managing

Partner,

Active

Capital

Partners

LLC

(since

October

2017).

Director,

Caledonia

Mining

Corporation

(since

May

2012).

David

L.

Meyer,

(April

1957)

Trustee

May

2015

Retired.

None.

Gloria

S.

Nelund,

(May

1961)

Trustee

July

2016

Chair,

CEO

and

Co-Founder

of

TriLinc

Global,

LLC,

an

investment

firm.

TriLinc

Global

Impact

Fund,

LLC

(since

2012).

Leigh

A.

Wilson,

(December

1944)

Trustee

May

2015

Private

Investor.

Chair

(since

2013),

Caledonia

Mining

Corporation.

Advisory

Trustee

Timothy

Pettee,

(April

1958)

Advisory

Trustee

January

2023

Chief

Investment

Officer,

Hoya

Capital

Real

Estate

LLC

(since

February

2022);

Chief

Investment

Officer,

Sun

America

Asset

Management

Corp.

(January

2003-

July

2021).

None.

Interested

Trustee

David

C.

Brown,**

(May

1972)

Trustee

May

2015

Chief

Executive

Officer

and

Chairman

(since

2013),

the

Adviser;

Chief

Executive

Officer

and

Chairman

(since

2013),

Victory

Capital

Holdings,

Inc.;

Director

(since

2013),

Victory

Capital

Services,

Inc.;

Director

(since

2019),

Victory

Capital

Transfer

Agency,

Inc.

Trustee,

Victory

Portfolios

III;

Board

Member,

Victory

Capital

Services,

Inc.

Supplemental

Information

—

continued

June

30,

2023

Victory

Portfolios

II

58

(Unaudited)

Officers:

The

officers

of

the

Trust,

their

date

of

birth,

their

commencement

of

service,

and

their

principal

occupations

during

the

past

five

years,

are

detailed

in

the

following

table.

Each

officer

serves

until

the

earlier

of

his

or

her

resignation,

removal,

retirement,

death,

or

the

election

of

a

successor.

The

mailing

address

of

each

officer

of

the

Trust

is

4900

Tiedeman

Road,

4th

Floor,

Brooklyn,

Ohio

44144. 

The

officers

of

the

Trust

receive

no

compensation

directly

from

the

Trust

for

performing

the

duties

of

their

offices.

*

Effective

May

1,

2023,

Christopher

Dyer

resigned

as

the

President

of

the

Trust.

Name

and

Date

of

Birth

Position

with

the

Trust

Date

Commenced

Service

Principal

Occupation

During

Past

5

Years

James

K.

De

Vries,

(April

1969)

President

May

2023*

Head

of

Fund

Administration,

the

Adviser

(5/1/23-present);

Vice

President,

Victory

Capital

Transfer

Agency,

Inc.

(4/20/23-present);

Executive

Director,

the

Adviser

(7/1/19-4/30/23);

Executive

Director,

Investment

and

Financial

Administration,

USAA

(2012-

6/30/19);

Treasurer,

USAA

Mutual

Funds

Trust

(2018-4/30/23).

Mr.

De

Vries

also

serves

as

the

Principal

Executive

Officer

for

the

Funds,

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Scott

A.

Stahorsky,

(July

1969)

Vice

President

May

2015

Director,

Third-Party

Dealer

Services

&

Reg

Administration,

Fund

Administration,

the

Adviser

(5/1/23-present);

Vice

President,

Victory

Capital

Transfer

Agency,

Inc.

(4/20/23-present);

Manager,

Fund

Administration,

the

Adviser

(2015-4/30/23).

Mr.

Stahorsky

also

serves

as

Vice

President

of

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Thomas

Dusenberry,

(July

1977)

Secretary

May

2022

Director,

Fund

Administration,

the

Adviser

(5/1/23-present);

Manager,

Fund

Administration,

the

Adviser

(2022-4/30/23);

Treasurer

and

Principal

Financial

Officer

(2020-2022),

Assistant

Treasurer

(2019),

Salient

MF

Trust,

Salient

Midstream,

MLP

Fund,

and

Forward

Funds;

Principal

Financial

Officer

(2018-

2021)

and

Treasurer

(2020-2021),

Salient

Private

Access

Funds

and

Endowment

PMF

Funds;

Senior

Vice

President

of

Fund

Accounting

and

Operations,

Salient

Partners

(2020-2022);

Director

of

Fund

Operations,

Salient

Partners

(2016-2019).

Mr.

Dusenberry

also

serves

as

Secretary

of

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Allan

Shaer,

(March

1965)

Treasurer

December

2017

Senior

Vice

President,

Financial

Administration,

Citi

Fund

Services

Ohio,

Inc.

(since

2016).

Mr.

Shaer

also

serves

as

the

Funds’

Principal

Financial

and

Accounting

Officer.

Mr.

Shaer

also

serves

as

Treasurer

of

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Christopher

A.

Ponte,

(March

1984)

Assistant

Treasurer

May

2015

Director,

Fund

and

BD

Finance,

the

Adviser

(5/1/23-present);

Manager,

Fund

Administration,

the

Adviser

(2017-4/30/23);

Chief

Financial

Officer,

Victory

Capital

Services,

Inc.

(since

2018).

Mr.

Ponte

also

serves

as

Assistant

Treasurer

of

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Carol

D.

Trevino,

(October

1965)

Assistant

Treasurer

February

2023

Director,

Financial

Reporting,

Fund

Administration,

the

Adviser

(5/1/23-present);

Director,

Accounting

and

Finance,

the

Adviser

(7/1/19-4/30/23);

Accounting/Financial

Director,

USAA

(12/13-

6/30/19).

Ms.

Trevino

also

serves

as

Assistant

Treasurer

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Sean

Fox,

(September

1976)

Chief

Compliance

Officer

June

2022

Deputy

Chief

Compliance

Officer

(July

2021-June

2022),

Senior

Compliance

Officer,

the

Adviser

(2019-present);

Compliance

Officer,

the

Adviser

(2015-2019).

Mr.

Fox

also

serves

as

Chief

Compliance

Officer

for

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Michael

Bryan,

(December

1962)

Anti-Money

Laundering

Compliance

Officer

and

Identity

Theft

Officer

May

2023

Vice

President,

CCO

Compliance

Support

Services,

Citi

Fund

Services

Ohio,

Inc.

(2008-present).

Mr.

Bryan

also

serves

as

the

Anti-Money

Laundering

Compliance

Officer

and

identity

Theft

Officer

for

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Jay

G.

Baris,

(January

1954)

Assistant

Secretary

May

2015

Partner,

Sidley

Austin

LLP

(since

2020);

Partner,

Shearman

&

Sterling

LLP

(2018-2020).

Victory

Portfolios

II

59

(Unaudited)

Supplemental

Information

—

continued

June

30,

2023

Proxy

Voting

and

Portfolio

Holdings

Information 

Proxy

Voting:

Information

regarding

the

policies

and

procedures each

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

without

charge,

upon

request,

by

calling

800-539-3863.

The

information

is

also

included

in

the

Funds’

Statement

of

Additional

Information,

which

is

available

on

the

SEC’s

website

at sec.gov.

Information

relating

to

how

the

Funds

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

12

months

ended

June

30

is

available

on

the

SEC’s

website

at

sec.gov.

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.

Forms

N-PORT are

available

on

the

SEC’s

website

at

sec.gov.

Expense

Examples

As

a

shareholder

of

the

Funds,

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

January

1,

2023,

through

June

30,

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

1/1/23

Actual

Ending

Account

Value

6/30/23

Hypothetical

Ending

Account

Value

6/30/23

Actual

Expenses

Paid

During

Period

1/1/23

-

6/30/23*

Hypothetical

Expenses

Paid

During

Period

1/1/23

-

6/30/23*

Annualized

Expense

Ratio

During

Period

1/1/23

-

6/30/23

US

500

Enhanced

Volatility

Wtd

Index

Fund

Class

A

...............................

$

1,000.00

$

964.80

$

1,019.89

$

4.82

$

4.96

0.99%

Class

C

...............................

1,000.00

960.60

1,016.17

8.46

8.70

1.74%

Class

I

...............................

1,000.00

966.00

1,021.12

3.61

3.71

0.74%

Market

Neutral

Income

Fund

Class

A

...............................

1,000.00

1,034.70

1,021.08

3.78

3.76

0.75%

Class

C

...............................

1,000.00

1,030.40

1,017.36

7.55

7.50

1.50%

Class

I

...............................

1,000.00

1,036.10

1,022.81

2.02

2.01

0.40%

Member

Class

..........................

1,000.00

1,035.60

1,022.07

2.78

2.76

0.55%

*

Expenses

are

equal

to

the

average

account

value

multiplied

by

the

Fund’s

annualized

expense

ratio

multiplied

by

181/365

(the

number

of

days

in

the

most

recent

fiscal

half-year

divided

by

the

number

of

days

in

the

fiscal

year).

Victory

Portfolios

II

60

(Unaudited)

Supplemental

Information

—

continued

June

30,

2023

Additional

Federal

Income

Tax

Information 

For

the

year

ended

June

30,

2023,

the

following

Funds paid

qualified

dividend

income

for

the

purposes

of

reduced

individual

federal

income

tax

rates

of:

Dividends

qualified

for

corporate

dividends

received

deductions

of:

For

the

year

ended

June

30,

2023,

the

following

Funds

designated

short-term

capital

gain

distributions

in

the

amount

of:

For

the

year

ended

June

30,

2023,

the

following

Funds

designated

long-term

capital

gain

distributions

in

the

amount

of:

Percent

US

500

Enhanced

Volatility

Wtd

Index

Fund

...............................................................

60

%

Market

Neutral

Income

Fund

..........................................................................

59

%

Percent

US

500

Enhanced

Volatility

Wtd

Index

Fund

...............................................................

52%

Market

Neutral

Income

Fund

..........................................................................

25%

Amount

US

500

Enhanced

Volatility

Wtd

Index

Fund

...............................................................

$

804,429

Market

Neutral

Income

Fund

..........................................................................

139,971,393

Amount

US

500

Enhanced

Volatility

Wtd

Index

Fund

...............................................................

$

12,335,440

Market

Neutral

Income

Fund

..........................................................................

117,008,333

Victory

Portfolios

II

61

(Unaudited)

Supplemental

Information

—

continued

June

30,

2023

Liquidity

Risk

Management

Program:

The

Victory

Funds

have

adopted

and

implemented

a

written

liquidity

risk

management

program

(the

“LRMP”)

as

required

by

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended.

The

LRMP

is

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk,

taking

into

consideration

each

Fund’s

investment

strategy

and

the

liquidity

of

its

portfolio

investments

during

normal

and

reasonably

foreseeable

stressed

market

conditions;

its

short-

and

long-term

cash

flow

projections;

and

its

cash

holdings

and

access

to

other

liquidity

management

tools

such

as

available

funding

sources

including

the

Victory

Funds

Complex

Interfund

Lending

Facility

and

Line

of

Credit

(discussed

in

the

Notes

to

Financial

Statements).

The

Victory

Funds’

Board

of

Trustees

approved

the

appointment

of

the

Funds’

investment

adviser,

Victory

Capital

Management

Inc.

(“Victory

Capital”),

as

the

administrator

of

the

LRMP.

Victory

Capital

manages

liquidity

risks

associated

with

the

Funds’

investments

by

monitoring,

among

other

things,

cash

and

cash

equivalents,

any

use

of

derivatives,

the

concentration

of

investments,

the

appropriateness

of

each

Fund’s

investment

strategy,

and

by

classifying

every

Fund

investment

as

either

highly

liquid,

moderately

liquid,

less

liquid,

or

illiquid

on

at

least

a

monthly

basis.

To

assist

with

the

classification

of

Fund

investments,

Victory

Capital

has

retained

a

third-party

provider

of

liquidity

evaluation

services.

This

provider

determines

preliminary

liquidity

classifications

for

all

portfolio

holdings

based

upon

portfolio-level

data

and

certain

assumptions

provided

by

Victory

Capital.

Victory

Capital

reviews

the

preliminary

liquidity

classifications

and,

when

appropriate,

considers

other

information

including

input

from

the

Funds’

portfolio

managers

(including

the

portfolio

managers

employed

by

any

investment

sub-advisers)

in

determining

final

liquidity

classifications.

At

a

meeting

held

on

February

23,

2023,

Victory

Capital

provided

an

oral

and

written

report

to

the

Trustees

on

the

operation

and

effectiveness

of

the

LRMP

during

the

previous

year.

The

report

from

Victory

Capital

concluded

that

the

Funds

did

not

experience

any

significant

liquidity

challenges

during

the

covered

period,

and

the

Funds’

LRMP

is

reasonably

designed

to

assess

and

manage

its

liquidity

risk.

The

report

also

concluded

that

the

LRMP

continues

to

operate

adequately

and

effectively

to

enable

Victory

Capital

to

oversee

and

manage

liquidity

risk

and

ensure

each

Fund

is

able

to

meet

redemption

requests

without

significant

dilution

to

the

remaining

investors’

interest

in

each

Fund.

During

the

review

period,

each

Fund’s

portfolio

consisted

primarily

of

highly

liquid

investments,

which

are

defined

as

cash

and

any

investments

that

each

Fund

reasonably

expects

to

be

converted

to

cash

in

current

market

conditions

in

three

business

days

or

less

without

significantly

changing

the

market

value

of

the

investment.

Therefore,

the

Funds

have

not

adopted

a

highly

liquid

investment

minimum.

The

Funds’

investments

were

below

the

limitation

on

illiquid

investments

during

the

review

period.

Additionally,

Victory

Capital

indicated

that

no

events

occurred

that

would

require

the

filing

of

Form

N-RN

(prior

to

August

2022,

Form

N-LIQUID)

and

recommended

no

material

changes

to

the

LRMP.

Privacy

Policy

Protecting

the

Privacy

of

Information

The

Trust

respects

your

right

to

privacy.

We

also

know

that

you

expect

us

to

conduct

and

process

your

business

in

an

accurate

and

efficient

manner.

To

do

so,

we

must

collect

and

maintain

certain

personal

information

about

you.

This

is

the

information

we

collect

from

you

on

applications

or

other

forms,

and

from

the

transactions

you

make

with

us

or

third

parties.

It

may

include

your

name,

address,

social

security

number,

account

transactions

and

balances,

and

information

about

investment

goals

and

risk

tolerance.

We

do

not

disclose

any

information

about

you

or

about

former

customers

to

anyone

except

as

permitted

or

required

by

law.

Specifically,

we

may

disclose

the

information

we

collect

to

companies

that

perform

services

on

our

behalf,

such

as

the

transfer

agent

that

processes

shareholder

accounts

and

printers

and

mailers

that

assist

us

in

the

distribution

of

investor

materials.

We

may

also

disclose

this

information

to

companies

that

perform

marketing

services

on

our

behalf.

This

allows

us

to

continue

to

offer

you

Victory

investment

products

and

services

that

meet

your

investing

needs,

and

to

effect

transactions

that

you

request

or

authorize.

These

companies

will

use

this

information

only

in

connection

with

the

services

for

which

we

hired

them.

They

are

not

permitted

to

use

or

share

this

information

for

any

other

purpose.

To

protect

your

personal

information

internally,

we

permit

access

only

by

authorized

employees

and

maintain

physical,

electronic,

and

procedural

safeguards

to

guard

your

personal

information.*

You

may

have

received

communications

regarding

information

about

privacy

policies

from

other

financial

institutions

which

gave

you

the

opportunity

to

“opt-out”

of

certain

information

sharing

with

companies

which

are

not

affiliated

with

that

financial

institution.

The

Trust

does

not

share

information

with

other

companies

for

purposes

of

marketing

solicitations

for

products

other

than

the

Trust.

Therefore,

the

Trust

does

not

provide

opt-out

options

to

their

shareholders. 

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-AR

(6/23)

June

30,

2023

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

(Formerly

VictoryShares

ESG

Core

Plus

Bond

ETF)

VictoryShares

Corporate

Bond

ETF

(Formerly

VictoryShares

ESG

Corporate

Bond

ETF)

VictoryShares

THB

Mid

Cap

ESG

ETF

VictoryShares

WestEnd

U.S.

Sector

ETF

VictoryShares

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

Shareholder

Letter

(Unaudited)

3

Managers’

Commentary

/

Investment

Overview

(Unaudited)

5

Investment

Objectives

and

Portfolio

Holdings

(Unaudited)

43

Schedules

of

Portfolio

Investments

VictoryShares

US

500

Volatility

Wtd

ETF

61

VictoryShares

US

Small

Cap

Volatility

Wtd

ETF

70

VictoryShares

International

Volatility

Wtd

ETF

79

VictoryShares

US

Large

Cap

High

Div

Volatility

Wtd

ETF

95

VictoryShares

US

Small

Cap

High

Div

Volatility

Wtd

ETF

98

VictoryShares

International

High

Div

Volatility

Wtd

ETF

101

VictoryShares

Dividend

Accelerator

ETF

107

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

110

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

112

VictoryShares

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

121

VictoryShares

US

Discovery

Enhanced

Volatility

Wtd

ETF

124

VictoryShares

Developed

Enhanced

Volatility

Wtd

ETF

134

VictoryShares

Nasdaq

Next

50

ETF

150

VictoryShares

Core

Plus

Intermediate

Bond

ETF

152

VictoryShares

Corporate

Bond

ETF

166

VictoryShares

THB

Mid

Cap

ESG

ETF

173

VictoryShares

WestEnd

U.S.

Sector

ETF

175

VictoryShares

Free

Cash

Flow

ETF

181

Financial

Statements

Statements

of

Assets

and

Liabilities

183

Statements

of

Operations

189

Statements

of

Changes

in

Net

Assets

195

Financial

Highlights

201

Notes

to

Financial

Statements

219

Report

of

Independent

Registered

Public

Accounting

Firm

239

Supplemental

Information

(Unaudited)

241

Trustee

and

Officer

Information

241

Proxy

Voting

and

Portfolio

Holdings

Information 

244

Expense

Examples

244

Additional

Federal

Income

Tax

Information

246

Advisory

Contract

Approval

247

Liquidity

Risk

Management

Program

248

Privacy

Policy

(inside

back

cover)

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

Funds

Letter

to

Shareholders

(Unaudited)

Dear

Shareholder,

Our

annual

reporting

period

for

the

12

months

ended

June

30,

2023,

has

been

a

tale

of

two

markets.

The

dichotomy

has

been

nothing

short

of

remarkable.

Think

back

to

the

latter

half

of

2022.

This

was

a

very

difficult

time

for

investors,

marked

by

an

array

of

challenges

that

punished

both

bond

and

stock

markets.

The

U.S.

Federal

Reserve

(the

“Fed”)

was

in

the

midst

of

a

series

of

rate

hikes—more

aggressive

than

many

investors

had

ever

experienced.

Inflation

was

raging

and

conjuring

up

memories

of

the

1970s.

And

if

that

wasn’t

enough,

a

terrible

war

was

taking

place

in

Eastern

Europe,

while

tensions

between

the

world’s

two

largest

economic

powers,

the

United

States

and

China,

were

also

on

the

rise.

It

was

not

exactly

a

constructive

environment

for

investors,

and

all

of these

issues

created

headwinds

for

both

stocks

and

bonds.

It’s

not

often

that

stocks

and

bonds

decline

in

tandem,

and

the

traditional

diversified

portfolio

of

60%

equities/40%

fixed

income

was

suffering

through

one

of

its

worst

periods

on

record.

But

when

the

calendar

year

flipped,

so

did

the

markets.

During

the

first

six

months

of

2023,

financial

markets

exhibited

greater

stability

and

less

volatility.

Equities

(including

domestic,

international

and

emerging

markets)

regained

their

footing

and

rebounded.

In

the

United

States,

some

of

the

most

beaten-down

growth

sectors

that

were

punished

during

the

period

of

sharply

rising

interest

rates

led

the

market

higher.

The

market’s

resiliency

and

strong

rebound

during

the

first

two

quarters

of

2023

surprised

many

pundits.

After

all,

there

were

ample

challenges

that

could

have

undermined

this

rally,

including

unusual

turmoil

within

the

banking

sector

in

March

2023

that

resulted

in

the

collapse

of

a

few

regional

banks.

Naturally,

this

ratcheted

up

volatility

for

a

spell,

but

the

Fed

took

the

necessary

steps

to

restore

confidence

in

the

banking

sector

and

avoided

a

wider

contagion.

It

also

helped

that

the

Fed

paused

its

rate

hikes

as

inflation

data

finally

cooled.

Through

all

the

ups

and

downs

in

these

two

very

different

environments,

the

S&P

500

®

Index,

the

most

widely

followed

index

representing the

domestic

stock

market,

managed

to

deliver

an

impressive

total

return

of

more

than

19%

for

our

annual

reporting

period

ended

June

30,

2023.

The

Bloomberg

U.S.

Aggregate

Bond

Index—a

proxy

for

a

diversified

fixed

income

portfolio

and

one

that

many

investors

and

institutions

follow

closely—was

basically

unchanged

during

the

same

period

at

0.94%

(despite

the

volatility).

We

don’t

deny

that

this

past

annual

reporting

period

was

difficult.

We

realize

that

the

bouts

of

stomach-churning

volatility

can

take

a

toll

on

investors’

psyche.

But

even

when

markets

snap

back

sharply

as

they

have,

investors

often

wonder

if

they

have

missed

an

opportunity.

This

reminds

us

of

two

enduring

realities:

1)

financial

markets

are

dynamic

and

apt

to

change

abruptly;

2)

it’s

vital

to

remain

calm

and

rational

whenever

faced

with

those

inevitable

times

of

turmoil.

Fortunately,

we

think

that

investors

can

take

comfort

knowing

that

all

our

Victory

Capital

independent

investment

franchises

have

experience

managing

portfolios

through

a

variety

of

market

environments.

Our

investment

professionals

remain

calm

during

turbulent

financial

markets,

and

we

think

it’s

imperative

that

investors

do

the

same.

Of

course,

there

are

still

uncertainties

ahead.

For

example, is

the

Fed

finished

with

its

rate

hikes?

Will

the

impact

of

tighter

lending

standards

ultimately

result

in

slower

growth

and

lower

corporate

profits?

Is

there

another

banking

crisis

lurking?

Nobody

really

knows

what

the

future

will

bring.

That’s

why

we

continue

to

advocate

for

a

long-term

plan,

a

well-diversified

portfolio

across

asset

classes

and

investment

types,

and

a

clear

understanding

of

individual

risk

tolerances.

These,

in

our

opinion,

are

the

key

ingredients

for

staying

the

course

and

progressing

on

investment

goals.

4

On

the

following

pages

you

will

find

information

relating

to

your

Victory

Funds

investment.

If

you

have

any

questions,

we

encourage

you

to

contact

your

financial

advisor. In

addition,

you

may

call

866-376-7890 or

visit

our

website

at

vcm.com.

From

all

of

us

here

at

Victory

Capital,

thank

you

for

letting

us

help

you

work

toward

your

investment

goals.

James

De

Vries

President,

Victory

Funds

5

VictoryShares

US

500

Volatility

Wtd

ETF

Managers’

Commentary

(Unaudited)

VictoryShares

US

500

Volatility

Wtd

ETF

(the

“Fund”)

seeks

to

provide

investment

results

that

track

the

performance

of

the

Nasdaq

Victory

US

Large

Cap

500

Volatility

Weighted

Index

(the

“Index”)

before

fees

and

expenses.

The

Fund

returned

12.62%

for

the

fiscal

year

ended

June

30,

2023,

underperforming

the

Index,

which

returned

13.00%

during

the

period.

The

Fund

underperformed

the

S&P

500

®

Index,

a

market

cap-based

index

against

which

the

performance

of

the

Fund

is

also

measured,

which

returned

19.59%

during

the

period.

Over

the

reporting

period,

the

Fund’s

performance

relative

to

the

S&P

500

®

Index

was

driven

by

its

underweight

positions

in

the

largest

market-cap

names

within

the

index,

with

the

top

10

holdings

accounting

for

9.39%

of

the

return

for

the

index

versus

0.69%

of

the

return

for

the

Fund.

The

Fund’s

underweight

allocation

to

the

Technology

sector

was

a

detractor

during

the

reporting

period

in

addition

to

negative

stock

selection

across

the

rest

of

the

market.

The

Fund’s

small

allocation

to

derivatives

during

the

year

did

not

have

a

material

impact

on

performance.

6

VictoryShares

US

500

Volatility

Wtd

ETF

Investment

Overview

(Unaudited)

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

or

higher.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month’s

end,

please

visit

vcm.com.

Total

return

measures

the

price

change

in

a

share

assuming

the

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any.

The

total

returns

quoted

do

not

reflect

adjustments

made

to

the

enclosed

financial

statements

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

or

the

deduction

of

taxes

that

a

shareholder

would

pay

on

net

investment

income

and

realized

capital

gain

distributions,

including

reinvested

distributions,

or

redemptions

of

shares.

The

total

return

figures

set

forth

above

include

all

waivers

of

fees.

Without

such

fee

waivers,

the

total

returns

would

have

been

lower.

VictoryShares

US

500

Volatility

Wtd

ETF —

Growth

of

$10,000

1

The

Nasdaq

Victory

US

Large

Cap

500

Volatility

Weighted

Index

consists

of

500

of

the

largest

U.S.

stocks

with

consistent

positive

earnings.

These

stocks

are

then

weighted

based

on

their

standard

deviation

(volatility).

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

2

The

S&P

500

® 

Index

is

an

unmanaged

index

comprised

of

500

domestically

traded

common

stocks,

is

weighted

according

to

the

market

value

of

each

common

stock

in

the

index,

and

includes

reinvestment

of

dividends.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

The

graph

reflects

investment

growth

of

a

hypothetical

$10,000

investment

in

the

Fund. 

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

shares. 

Past

performance

is

not

indicative

of

future

results.

Average

Annual

Total

Return

Year

Ended

June

30,

2023

INCEPTION

DATE

7/1/14

7/1/14

Net

Asset

Value

Market

Price

Value

Nasdaq

Victory

US

Large

Cap

500

Volatility

Weighted

Index

1

S&P

500

®

Index

2

One

Year

12.62%

12.59%

13.00%

19.59%

Five

Year

9.13%

9.13%

9.50%

12.31%

Since

Inception

9.69%

9.69%

N/A

N/A

7

VictoryShares

US

Small

Cap

Volatility

Wtd

ETF

Managers’

Commentary

(Unaudited)

VictoryShares

US

Small

Cap

Volatility

Wtd

ETF

(the

“Fund”)

seeks

to

provide

investment

results

that

track

the

performance

of

the

Nasdaq

Victory

US

Small

Cap

500

Volatility

Weighted

Index

(the

“Index”)

before

fees

and

expenses.

Effective

March

20,

2023,

the

Fund

implemented

changes

to

its

investment

strategy.

These

changes

reflect

revisions

by

Nasdaq,

Inc.,

the

index

provider

for

the

Fund,

to

the

rules-based

methodology

of

the

Index.

The

Fund

returned

8.75%

for

the

fiscal

year

ended

June

30,

2023,

underperforming

the

Index,

which

returned

9.29%

during

the

period.

The

Fund

underperformed

the

Russell

2000

®

Index,

a

market

cap-based

index

against

which

the

performance

of

the

Fund

is

also

measured,

which

returned

12.31%

during

the

period.

The

Fund’s

overweight

allocation

to

the

Financials

sector

was

a

negative

contributor

to

relative

performance.

Stock

selection

was

positive

in

the

Information

Technology

sector

but

detracted

in

the

Health

Care

and

Consumer

Discretionary

sectors.

The

Fund’s

small

allocation

to

derivatives

during

the

year

did

not

have

a

material

impact

on

performance.

8

VictoryShares

US

Small

Cap

Volatility

Wtd

ETF

Investment

Overview

(Unaudited)

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

or

higher.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month’s

end,

please

visit

vcm.com.

Total

return

measures

the

price

change

in

a

share

assuming

the

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any.

The

total

returns

quoted

do

not

reflect

adjustments

made

to

the

enclosed

financial

statements

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

or

the

deduction

of

taxes

that

a

shareholder

would

pay

on

net

investment

income

and

realized

capital

gain

distributions,

including

reinvested

distributions,

or

redemptions

of

shares.

The

total

return

figures

set

forth

above

include

all

waivers

of

fees.

Without

such

fee

waivers,

the

total

returns

would

have

been

lower.

VictoryShares

US

Small

Cap

Volatility

Wtd

ETF —

Growth

of

$10,000

1

The

Nasdaq

Victory

US

Small

Cap

500

Volatility

Weighted

Index

consists

of

500

of

the

largest

U.S.

small

cap

stocks

with

$3

billion

or

less

of

market

value

with

consistent

positive

earnings.

These

stocks

are

then

weighted

based

on

their

standard

deviation

(volatility).

Effective

March

20,

2023,

the

Nasdaq

Victory

US

Small

Cap

500

Volatility

Weighted

Index

consists

of

500

of

the

largest

U.S.

small

cap

stocks

with

consistent

positive

earnings

over

the

last

twelve

months.

These

stocks

are

then

weighted

based

on

their

standard

deviation

(volatility).

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

2

The

unmanaged

Russell

2000

®

Index

measures

the

performance

of

the

small-cap

segment

of

the

U.S.

equity

universe. This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

The

graph

reflects

investment

growth

of

a

hypothetical

$10,000

investment

in

the

Fund. 

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

shares. 

Past

performance

is

not

indicative

of

future

results.

Average

Annual

Total

Return

Year

Ended

June

30,

2023

INCEPTION

DATE

7/7/15

7/7/15

Net

Asset

Value

Market

Price

Value

Nasdaq

Victory

US

Small

Cap

500

Volatility

Weighted

Index

1

Russell

2000

®

Index

2

One

Year

8.75%

8.70%

9.29%

12.31%

Five

Year

6.04%

6.03%

6.45%

4.21%

Since

Inception

8.52%

8.52%

N/A

N/A

9

VictoryShares

International

Volatility

Wtd

ETF

Managers’

Commentary

(Unaudited)

VictoryShares

International

Volatility

Wtd

ETF

(the

“Fund”)

seeks

to

provide

investment

results

that

track

the

performance

of

the

Nasdaq

Victory

International

500

Volatility

Weighted

Index

(the

“Index”)

before

fees

and

expenses.

The

Fund

returned

12.96%

for

the

fiscal

year

ended

June

30,

2023,

underperforming

the

Index,

which

returned

13.40%

during

the

period.

The

Fund

underperformed

the

MSCI

EAFE

Index,

a

market

cap-based

index

against

which

the

performance

of

the

Fund

is

also

measured,

which

returned

18.77%

during

the

period.

The

Fund’s

overweight

allocation

to

Canada

was

a

negative

contributor

to

relative

performance.

An

overweight

to

the

United

Kingdom

was

a

positive

contributor.

Stock

selection

detracted

from

returns

in

the

Netherlands

and

France.

The

Fund’s

small

allocation

to

derivatives

during

the

year

did

not

have

a

material

impact

on

performance.

10

VictoryShares

International

Volatility

Wtd

ETF

Investment

Overview

(Unaudited)

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

or

higher.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month’s

end,

please

visit

vcm.com.

Total

return

measures

the

price

change

in

a

share

assuming

the

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any.

The

total

returns

quoted

do

not

reflect

adjustments

made

to

the

enclosed

financial

statements

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

or

the

deduction

of

taxes

that

a

shareholder

would

pay

on

net

investment

income

and

realized

capital

gain

distributions,

including

reinvested

distributions,

or

redemptions

of

shares.

The

total

return

figures

set

forth

above

include

all

waivers

of

fees.

Without

such

fee

waivers,

the

total

returns

would

have

been

lower.

VictoryShares

International

Volatility

Wtd

ETF —

Growth

of

$10,000

1

The

Nasdaq

Victory

International

500

Volatility

Weighted

Index

consists

of

500

of

the

largest

foreign

companies

by

market

capitalization

with

consistent

positive

earnings.

These

stocks

are

then

weighted

based

on

their

standard

deviation

(volatility)This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

2

The

MSCI

EAFE

Index

is

an

equity

index

that

captures

large-cap

and

mid-cap

representation

across

Developed

Markets

countries

around

the

world.

The

index

reflects

the

reinvestment

of

dividends

paid

on

the

stocks

constituting

the

index,

net

of

withholding

taxes.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

The

graph

reflects

investment

growth

of

a

hypothetical

$10,000

investment

in

the

Fund. 

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

shares. 

Past

performance

is

not

indicative

of

future

results.

Average

Annual

Total

Return

Year

Ended

June

30,

2023

INCEPTION

DATE

8/19/15

8/19

/15

Net

Asset

Value

Market

Price

Value

Nasdaq

Victory

International

500

Volatility

Weighted

Index

1

MSCI

EAFE

Index

2

One

Year

12.96%

12.66%

13.40%

18.77%

Five

Year

3.19%

3.18%

3.49%

4.39%

Since

Inception

4.30%

4.37%

N/A

N/A

11

VictoryShares

US

Large

Cap

High

Div

Volatility

Wtd

ETF

Managers’

Commentary

(Unaudited)

VictoryShares

US

Large

Cap

High

Div

Volatility

Wtd

ETF

(the

“Fund”)

seeks

to

provide

investment

results

that

track

the

performance

of

the

Nasdaq

Victory

US

Large

Cap

High

Dividend

100

Volatility

Weighted

Index

(the

“Index”)

before

fees

and

expenses.

The

Fund

returned

0.86%

for

the

fiscal

year

ended

June

30,

2023,

underperforming

the

Index,

which

returned

1.19%

during

the

period.

The

Fund

underperformed

the

Russell

1000

®

Value

Index,

a

market

cap-based

index

against

which

the

performance

of

the

Fund

is

also

measured,

which

returned

11.54%

during

the

period.

The

Fund’s

overweight

allocation

to

the

Utilities

and

Industrials

sectors

were

negative

contributors

to

relative

performance.

The

Financials

and

Consumer

Discretionary

sectors

detracted

from

a

stock

selection

perspective.

The

Fund’s

small

allocation

to

derivatives

during

the

year

did

not

have

a

material

impact

on

performance.

12

VictoryShares

US

Large

Cap

High

Div

Volatility

Wtd

ETF

Investment

Overview

(Unaudited)

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

or

higher.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month’s

end,

please

visit

vcm.com.

Total

return

measures

the

price

change

in

a

share

assuming

the

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any.

The

total

returns

quoted

do

not

reflect

adjustments

made

to

the

enclosed

financial

statements

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

or

the

deduction

of

taxes

that

a

shareholder

would

pay

on

net

investment

income

and

realized

capital

gain

distributions,

including

reinvested

distributions,

or

redemptions

of

shares.

The

total

return

figures

set

forth

above

include

all

waivers

of

fees.

Without

such

fee

waivers,

the

total

returns

would

have

been

lower.

VictoryShares

US

Large

Cap

High

Div

Volatility

Wtd

ETF —

Growth

of

$10,000

1

The

Nasdaq

Victory

US

Large

Cap

High

Dividend

100

Volatility

Weighted

Index

consists

of

the

highest

100

dividend

yielding

stocks

of

the

Nasdaq

Victory

US

Large

Cap

500

Volatility

Weighted

Index.

These

stocks

are

then

weighted

based

on

their

standard

deviation

(volatility).

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

1

The

Russell

1000

®

Value

Index

is

made

up

of

about

1,000

of

the

largest

companies

in

the

U.S.

equity

market.

It

represents

top

companies

by

market

capitalization.

It’s

made

up

of

about

90%

of

the

total

market

capitalization

of

all

U.S.

stocks.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

The

graph

reflects

investment

growth

of

a

hypothetical

$10,000

investment

in

the

Fund. 

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

shares. 

Past

performance

is

not

indicative

of

future

results.

Average

Annual

Total

Return

Year

Ended

June

30,

2023

INCEPTION

DATE

7/7/15

7/7

/15

Net

Asset

Value

Market

Price

Value

Nasdaq

Victory

US

Large

Cap

High

Dividend

100

Volatility

Weighted

Index

1

Russell

1000

®

Value

Index

2

One

Year

0.86%

0.72%

1.19%

11.54%

Five

Year

8.09%

8.07%

8.48%

8.11%

Since

Inception

9.58%

9.57%

N/A

N/A

13

VictoryShares

US

Small

Cap

High

Div

Volatility

Wtd

ETF

Managers’

Commentary

(Unaudited)

VictoryShares

US

Small

Cap

High

Div

Volatility

Wtd

ETF

(the

“Fund”)

seeks

to

provide

investment

results

that

track

the

performance

of

the

Nasdaq

Victory

US

Small

Cap

High

Dividend

100

Volatility

Weighted

Index

(the

“Index”)

before

fees

and

expenses.

Effective

March

20,

2023,

the

Fund

implemented

changes

to

its

investment

strategy.

These

changes

reflect

revisions

by

Nasdaq,

Inc.,

the

index

provider

for

the

Fund,

to

the

rules-based

methodology

of

the

Index.

The

Fund

returned

1.62%

for

the

fiscal

year

ended

June

30,

2023,

underperforming

the

Index,

which

returned

2.08%

during

the

period.

The

Fund

underperformed

the

Russell

2000

®

Value

Index,

a

market

cap-based

index

against

which

the

performance

of

the

Fund

is

also

measured,

which

returned

6.01%

during

the

period.

The

Fund’s

overweight

allocation

to

the

Consumer

Discretionary

and

Industrials

sectors

were

positive

contributors

to

relative

performance.

The

overweight

allocation

to

the

Consumer

Staples

sector

was

a

detractor.

Stock

selection

in

the

Industrials

and

Consumer

Discretionary

sectors

detracted

from

returns.

The

Fund’s

small

allocation

to

derivatives

during

the

year

did

not

have

a

material

impact

on

performance.

14

VictoryShares

US

Small

Cap

High

Div

Volatility

Wtd

ETF

Investment

Overview

(Unaudited)

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

or

higher.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month’s

end,

please

visit

vcm.com.

Total

return

measures

the

price

change

in

a

share

assuming

the

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any.

The

total

returns

quoted

do

not

reflect

adjustments

made

to

the

enclosed

financial

statements

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

or

the

deduction

of

taxes

that

a

shareholder

would

pay

on

net

investment

income

and

realized

capital

gain

distributions,

including

reinvested

distributions,

or

redemptions

of

shares.

The

total

return

figures

set

forth

above

include

all

waivers

of

fees.

Without

such

fee

waivers,

the

total

returns

would

have

been

lower.

VictoryShares

US

Small

Cap

High

Div

Volatility

Wtd

ETF —

Growth

of

$10,000

1

The

Nasdaq

Victory

US

Small

Cap

High

Dividend

100

Volatility

Weighted

Index

consists

of

the

highest

100

dividend-yielding

stocks

of

the

Nasdaq

Victory

US

Small

Cap

500

Volatility

Weighted

Index.

These

stocks

are

then

weighted

based

on

their

standard

deviation

(volatility).

This

index

does

not

include

the

effect

of

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

2

The

Russell

2000

®

Value

Index

is

an

unmanaged

index

that

measures

the

performance

of

the

small-cap

value

segment

of

the

U.S.

equity

universe.

It

includes

those

Russell

2000

®

Index

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Index

results

assume

the

reinvestment

of

dividends

paid

on

the

stocks

constituting

the

index.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index. 

The

graph

reflects

investment

growth

of

a

hypothetical

$10,000

investment

in

the

Fund. 

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

shares. 

Past

performance

is

not

indicative

of

future

results.

Average

Annual

Total

Return

Year

Ended

June

30,

2023

INCEPTION

DATE

7/8/15

7/8/15

Net

Asset

Value

Market

Price

Value

Nasdaq

Victory

US

Small

Cap

High

Dividend

100

Volatility

Weighted

Index

1

Russell

2000

®

Value

Index

2

One

Year

1.62%

1.57%

2.08%

6.01%

Five

Year

5.95%

5.93%

6.37%

3.54%

Since

Inception

8.60%

8.59%

N/A

N/A

15

VictoryShares

International

High

Div

Volatility

Wtd

ETF

Managers’

Commentary

(Unaudited)

VictoryShares

International

High

Div

Volatility

Wtd

ETF

(the

“Fund”)

seeks

to

provide

investment

results

that

track

the

performance

of

the

Nasdaq

Victory

International

High

Dividend

100

Volatility

Weighted

Index

(the

“Index”)

before

fees

and

expenses.

The

Fund

returned

11.99%

for

the

fiscal

year

ended

June

30,

2023,

underperforming

the

Index,

which

returned

12.53%

during

the

period.

The

Fund

underperformed

the

MSCI

EAFE

Index,

a

market

cap-based

index

against

which

the

performance

of

the

Fund

is

also

measured,

which

returned

18.77%

during

the

period.

The

Fund’s

overweight

allocation

to

Canada

was

a

negative

contributor

to

relative

performance.

An

overweight

allocation

to

Italy

was

a

positive

contributor.

Stock

selection

added

to

returns

in

Canada

and

detracted

from

returns

in

the

United

Kingdom.

The

Fund’s

small

allocation

to

derivatives

during

the

year

did

not

have

a

material

impact

on

performance.

16

VictoryShares

International

High

Div

Volatility

Wtd

ETF

Investment

Overview

(Unaudited)

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

or

higher.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month’s

end,

please

visit

vcm.com.

Total

return

measures

the

price

change

in

a

share

assuming

the

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any.

The

total

returns

quoted

do

not

reflect

adjustments

made

to

the

enclosed

financial

statements

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

or

the

deduction

of

taxes

that

a

shareholder

would

pay

on

net

investment

income

and

realized

capital

gain

distributions,

including

reinvested

distributions,

or

redemptions

of

shares.

The

total

return

figures

set

forth

above

include

all

waivers

of

fees.

Without

such

fee

waivers,

the

total

returns

would

have

been

lower.

VictoryShares

International

High

Div

Volatility

Wtd

ETF —

Growth

of

$10,000

1

The

Nasdaq

Victory

International

High

Dividend

100

Volatility

Weighted

Index

consists

of

the

highest

100

dividend-yielding

stocks

of

the

Nasdaq

Victory

International

500

Volatility

Weighted

Index.

These

stocks

are

then

weighted

based

on

their

standard

deviation

(volatility).

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

2

The

MSCI

EAFE

Index

is

an

equity

index

that

captures

large-cap

and

mid-cap

representation

across

Developed

Markets

countries

around

the

world.

The

index

reflects

the

reinvestment

of

dividends

paid

on

the

stocks

constituting

the

index,

net

of

withholding

taxes.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

The

graph

reflects

investment

growth

of

a

hypothetical

$10,000

investment

in

the

Fund. 

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

shares. 

Past

performance

is

not

indicative

of

future

results.

Average

Annual

Total

Return

Year

Ended

June

30,

2023

INCEPTION

DATE

8/20/15

8/20/15

Net

Asset

Value

Market

Price

Value

Nasdaq

Victory

International

High

Dividend

100

Volatility

Weighted

Index

1

MSCI

EAFE

Index

2

One

Year

11.99%

12.05%

12.53%

18.77%

Five

Year

3.02%

2.96%

3.58%

4.39%

Since

Inception

2.93%

2.94%

N/A

N/A

17

VictoryShares

Dividend

Accelerator

ETF

Managers’

Commentary

(Unaudited)

VictoryShares

Dividend

Accelerator

ETF

(the

“Fund”)

seeks

to

provide

investment

results

that

track

the

performance

of

the

Nasdaq

Victory

Dividend

Accelerator

Index

(the

“Index”)

before

fees

and

expenses.

The

Fund

returned

13.68%

for

the

fiscal

year

ended

June

30,

2023,

underperforming

the

Index,

which

returned

14.10%

during

the

period.

The

Fund

underperformed

the

S&P

500

®

Index,

a

market

cap-based

index

against

which

the

performance

of

the

Fund

is

also

measured,

which

returned

19.59%

during

the

period.

The

Fund’s

overweight

allocation

to

the

Industrials

sector

was

a

negative

contributor

to

relative

performance.

The

underweight

allocation

to

the

Information

Technology

sector

was

a

detractor.

Stock

selection

was

positive

in

the

Materials

sector

but

detracted

in

the

Information

Technology

and

Consumer

Discretionary

sectors.

The

Fund’s

small

allocation

to

derivatives

during

the

year

did

not

have

a

material

impact

on

performance.

18

VictoryShares

Dividend

Accelerator

ETF

Investment

Overview

(Unaudited)

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

or

higher.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month’s

end,

please

visit

vcm.com.

Total

return

measures

the

price

change

in

a

share

assuming

the

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any.

The

total

returns

quoted

do

not

reflect

adjustments

made

to

the

enclosed

financial

statements

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

or

the

deduction

of

taxes

that

a

shareholder

would

pay

on

net

investment

income

and

realized

capital

gain

distributions,

including

reinvested

distributions,

or

redemptions

of

shares.

The

total

return

figures

set

forth

above

include

all

waivers

of

fees.

Without

such

fee

waivers,

the

total

returns

would

have

been

lower.

VictoryShares

Dividend

Accelerator

ETF —

Growth

of

$10,000

1

The

Nasdaq

Victory

Dividend

Accelerator

Index

utilizes

a

rules-based

approach

designed

to

identify

dividend

paying

stocks

with

a

higher

likelihood

of

future

dividend

growth.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

2

The

S&P

500

® 

Index

is

an

unmanaged

index

comprised

of

500

domestically

traded

common

stocks,

is

weighted

according

to

the

market

value

of

each

common

stock

in

the

index,

and

includes

reinvestment

of

dividends.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

The

graph

reflects

investment

growth

of

a

hypothetical

$10,000

investment

in

the

Fund. 

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

shares. 

Past

performance

is

not

indicative

of

future

results.

Average

Annual

Total

Return

Year

Ended

June

30,

2023

INCEPTION

DATE

4/18/17

4/18/17

Net

Asset

Value

Market

Price

Value

Nasdaq

Victory

Dividend

Accelerator

Index

1

S&P

500

®

Index

2

One

Year

13.68%

13.61%

14.10%

19.59%

Five

Year

12.05%

12.04%

12.47%

12.31%

Since

Inception

12.06%

12.06%

N/A

N/A

19

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

Managers’

Commentary

(Unaudited)

VictoryShares

US

Multi-Factor

Minimum

Volatility

Wtd

ETF

(the

“Fund”)

seeks

to

provide

investment

results

that

track

the

performance

of

the

Nasdaq

Victory

US

Multi-Factor

Minimum

Volatility

Index

(the

“Index”)

before

fees

and

expenses.

The

Fund

returned

13.15%

for

the

fiscal

year

ended

June

30,

2023,

underperforming

the

Index,

which

returned

13.61%

during

the

period.

The

Fund

underperformed

the

S&P

500

®

Index,

a

market

cap-based

index

against

which

the

performance

of

the

Fund

is

also

measured,

which

returned

19.59%

during

the

period.

The

Fund’s

underweight

allocation

to

the

Information

Technology

sector

was

a

negative

contributor

to

relative

performance.

Stock

selection

was

positive

in

the

Consumer

Discretionary

sector,

but

detracted

in

the

Information

Technology

and

Communication

Services

sectors.

The

Fund’s

small

allocation

to

derivatives

during

the

year

did

not

have

a

material

impact

on

performance.

20

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

Investment

Overview

(Unaudited)

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

or

higher.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month’s

end,

please

visit

vcm.com.

Total

return

measures

the

price

change

in

a

share

assuming

the

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any.

The

total

returns

quoted

do

not

reflect

adjustments

made

to

the

enclosed

financial

statements

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

or

the

deduction

of

taxes

that

a

shareholder

would

pay

on

net

investment

income

and

realized

capital

gain

distributions,

including

reinvested

distributions,

or

redemptions

of

shares.

The

total

return

figures

set

forth

above

include

all

waivers

of

fees.

Without

such

fee

waivers,

the

total

returns

would

have

been

lower.

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF —

Growth

of

$10,000

1

The

Nasdaq

Victory

US

Multi-Factor

Minimum

Volatility

Index

utilizes

a

rules-based

approach

designed

to

generate

investment

returns

with

less

volatility

than

the

broader

U.S.

market.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

2

The

S&P

500

® 

Index

is

an

unmanaged

index

comprised

of

500

domestically

traded

common

stocks,

is

weighted

according

to

the

market

value

of

each

common

stock

in

the

index,

and

includes

reinvestment

of

dividends.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

The

graph

reflects

investment

growth

of

a

hypothetical

$10,000

investment

in

the

Fund. 

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

shares. 

Past

performance

is

not

indicative

of

future

results.

Average

Annual

Total

Return

Year

Ended

June

30,

2023

INCEPTION

DATE

6/22/17

6/22/17

Net

Asset

Value

Market

Price

Value

Nasdaq

Victory

US

Multi-Factor

Minimum

Volatility

Index

1

S&P

500

®

Index

2

One

Year

13.15%

13.03%

13.61%

19.59%

Five

Year

10.32%

10.28%

10.72%

12.31%

Since

Inception

10.68%

10.64%

N/A

N/A

21

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

Managers’

Commentary

(Unaudited)

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

(the

“Fund”)

seeks

to

provide

investment

results

that

track

the

performance

of

the

Nasdaq

Victory

US

Large

Cap

500

Long/Cash

Volatility

Weighted

Index

(the

“Index”)

before

fees

and

expenses.

The

Fund

returned

-0.12%

for

the

fiscal

year

ended

June

30,

2023,

underperforming

the

Index,

which

returned

0.37%

during

the

period.

The

Fund

underperformed

the

S&P

500

®

Index,

a

market

cap-based

index

against

which

the

performance

of

the

Fund

is

also

measured,

which

returned

19.59%

during

the

period.

In

tracking

the

Index

and

its

rules-based

methodology,

the

Fund

reallocates

from

equities

to

U.S.

Treasury

bills

(“T-Bills”)

during

periods

of

significant

market

decline

(the

“Long/Cash”

feature).

The

Long/Cash

feature

of

the

Index

was

triggered

during

the

reporting

period

and

the

Fund

was

75%

allocated

to

T-Bills

and

25%

allocated

to

equities

for

a

period

of

time

during

the

fiscal

year.

The

Long/Cash

feature

trigger

was

a

detractor

to

the

Fund’s

relative

performance

versus

the

S&P

500

®

Index

for

the

fiscal

year.

The

Fund’s

underweight

allocation

to

the

Technology

sector

was

a

detractor

during

the

reporting

period

in

addition

to

negative

stock

selection

across

the

rest

of

the

market.

The

Fund’s

small

allocation

to

derivatives

during

the

year

did

not

have

a

material

impact

on

performance.

22

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

Investment

Overview

(Unaudited)

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

or

higher.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month’s

end,

please

visit

vcm.com.

Total

return

measures

the

price

change

in

a

share

assuming

the

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any.

The

total

returns

quoted

do

not

reflect

adjustments

made

to

the

enclosed

financial

statements

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

or

the

deduction

of

taxes

that

a

shareholder

would

pay

on

net

investment

income

and

realized

capital

gain

distributions,

including

reinvested

distributions,

or

redemptions

of

shares.

The

total

return

figures

set

forth

above

include

all

waivers

of

fees.

Without

such

fee

waivers,

the

total

returns

would

have

been

lower.

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF —

Growth

of

$10,000

1

The

Nasdaq

Victory

US

Large

Cap

500

Long/Cash

Volatility

Weighted

Index

reduces

its

exposure

to

the

equity

markets

during

period

of

significant

market

decline

and reallocates

to

stocks

when

market

prices

have

further

declined

or

rebounded.

The

index

reflects

the

reinvestment

of

dividends

paid

on

the

stocks

constituting

the

index,

net

of

withholding

taxes.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

2

The

S&P

500

® 

Index

is

an

unmanaged

index

comprised

of

500

domestically

traded

common

stocks,

is

weighted

according

to

the

market

value

of

each

common

stock

in

the

index,

and

includes

reinvestment

of

dividends.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

The

graph

reflects

investment

growth

of

a

hypothetical

$10,000

investment

in

the

Fund. 

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

shares. 

Past

performance

is

not

indicative

of

future

results.

Average

Annual

Total

Return

Year

Ended

June

30,

2023

INCEPTION

DATE

7/1/14

7/1/14

Net

Asset

Value

Market

Price

Value

Nasdaq

Victory

US

Large

Cap

500

Long/

Cash

Volatility

Weighted

Index

1

S&P

500

®

Index

2

One

Year

-0.12%

-0.22%

0.37%

19.59%

Five

Year

6.50%

6.48%

6.93%

12.31%

Since

Inception

8.19%

8.18%

N/A

N/A

23

VictoryShares

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

Managers’

Commentary

(Unaudited)

The

VictoryShares

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

(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

(the

“Index”)

before

fees

and

expenses.

The

Fund

returned

-9.69%

for

the

fiscal

year

ended

June

30,

2023,

underperforming

the

Index,

which

returned

-9.18%

during

the

period.

The

Fund

underperformed

the

Russell

1000

®

Value

Index,

a

market

cap-based

index

against

which

the

performance

of

the

Fund

is

also

measured,

which

returned

11.54%

during

the

period.

In

tracking

the

Index

and

its

rules-based

methodology,

the

Fund

reallocates

from

equities

to

U.S.

Treasury

bills

(“T-Bills”)

during

periods

of

significant

market

decline

(the

“Long/Cash”

feature).

The

Long/Cash

feature

of

the

Index

was

triggered

during

the

reporting

period

and

the

Fund

was

75%

allocated

to

T-Bills

and

25%

allocated

to

equities

for

a

period

of

time

during

the

fiscal

year.

The

Long/Cash

feature

trigger

was

a

detractor

to

the

Fund’s

relative

performance

versus

the

Russell

1000

®

Value

Index

for

the

fiscal

year.

The

Fund’s

overweight

allocation

to

the

Consumer

Discretionary

sector

was

a

positive

contributor

to

relative

performance.

The

underweight

to

the

Energy

sector

was

a

detractor.

Stock

selection

was

positive

in

the

Health

Care

sector,

but

detracted

in

the

Communication

Services

and

Industrials

sectors.

The

Fund’s

small

allocation

to

derivatives

during

the

year

did

not

have

a

material

impact

on

performance.

24

VictoryShares

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

Investment

Overview

(Unaudited)

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

or

higher.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month’s

end,

please

visit

vcm.com.

Total

return

measures

the

price

change

in

a

share

assuming

the

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any.

The

total

returns

quoted

do

not

reflect

adjustments

made

to

the

enclosed

financial

statements

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

or

the

deduction

of

taxes

that

a

shareholder

would

pay

on

net

investment

income

and

realized

capital

gain

distributions,

including

reinvested

distributions,

or

redemptions

of

shares.

The

total

return

figures

set

forth

above

include

all

waivers

of

fees.

Without

such

fee

waivers,

the

total

returns

would

have

been

lower.

VictoryShares

US

EQ

Income

Enhanced

Volatility

Wtd

ETF —

Growth

of

$10,000

1

The

Nasdaq

Victory

US

Large

Cap

High

Dividend

100

Long/Cash

Volatility

Weighted

Index

reduces

its

exposure

to

the

equity

markets

during

periods

of

significant

market

declines

and

reallocates

to

stocks

when

market

prices

have

further

declined

or

rebounded.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

2

The

unmanaged

Russell

1000

®

Value

Index

is

made

up

of

about

1,000

of

the

largest

companies

in

the

U.S.

equity

market.

It

represents

top

companies

by

market

capitalization.

It’s

made

up

of

about

90%

of

the

total

market

capitalization

of

all

U.S.

stocks.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

The

graph

reflects

investment

growth

of

a

hypothetical

$10,000

investment

in

the

Fund. 

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

shares. 

Past

performance

is

not

indicative

of

future

results.

Average

Annual

Total

Return

Year

Ended

June

30,

2023

INCEPTION

DATE

7/1/14

7/1/14

Net

Asset

Value

Market

Price

Value

Nasdaq

Victory

US

Large

Cap

High

Dividend

100

Long/

Cash

Volatility

Weighted

Index

1

Russell

1000

®

Value

Index

2

One

Year

-9.69%

-9.77%

-9.18%

11.54%

Five

Year

7.74%

7.72%

8.22%

8.11%

Since

Inception

8.95%

8.94%

N/A

N/A

25

VictoryShares

US

Discovery

Enhanced

Volatility

Wtd

ETF

Managers’

Commentary

(Unaudited)

VictoryShares

US

Discovery

Enhanced

Volatility

Wtd

ETF

(the

“Fund”)

seeks

to

provide

investment

results

that

track

the

performance

of

the

Nasdaq

Victory

US

Small

Cap

500

Long/Cash

Volatility

Weighted

Index

(the

“Index”)

before

fees

and

expenses.

Effective

March

20,

2023,

the

Fund

implemented

changes

to

its

investment

strategy.

These

changes

reflect

revisions

by

Nasdaq,

Inc.,

the

index

provider

for

the

Fund,

to

the

rules-based

methodology

of

the

Index.

The

Fund

returned

-3.37%

for

the

fiscal

year

ended

June

30,

2023,

underperforming

the

Index,

which

returned

-2.67%

during

the

period.

The

Fund

underperformed

the

Russell

2000

®

Index,

a

market

cap-based

index

against

which

the

performance

of

the

Fund

is

also

measured,

which

returned

12.31%

during

the

period.

In

tracking

the

Index

and

its

rules-based

methodology,

the

Fund

reallocates

from

equities

to

U.S.

Treasury

bills

(“T-Bills”)

during

periods

of

significant

market

decline

(the

“Long/Cash”

feature).

The

Long/Cash

feature

of

the

Index

was

triggered

during

the

reporting

period

and

the

Fund

was

75%

allocated

to

T-Bills

and

25%

allocated

to

equities

for

a

period

of

time

during

the

fiscal

year.

The

Long/Cash

trigger

feature

was

a

detractor

to

the

Fund’s

relative

performance

versus

the

Russell

2000

®

Index

for

the

fiscal

year.

The

Fund’s

underweight

allocation

to

the

Health

Care

sector

was

a

positive

contributor

to

relative

performance.

The

underweight

to

the

Energy

sector

was

a

detractor.

Stock

selection

was

positive

in

the

Health

Care

and

Information

Technology

sectors,

but

detracted

in

the

Energy

sector.

The

Fund’s

small

allocation

to

derivatives

during

the

year

did

not

have

a

material

impact

on

performance.

26

VictoryShares

US

Discovery

Enhanced

Volatility

Wtd

ETF

Investment

Overview

(Unaudited)

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

or

higher.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month’s

end,

please

visit

vcm.com.

Total

return

measures

the

price

change

in

a

share

assuming

the

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any.

The

total

returns

quoted

do

not

reflect

adjustments

made

to

the

enclosed

financial

statements

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

or

the

deduction

of

taxes

that

a

shareholder

would

pay

on

net

investment

income

and

realized

capital

gain

distributions,

including

reinvested

distributions,

or

redemptions

of

shares.

The

total

return

figures

set

forth

above

include

all

waivers

of

fees.

Without

such

fee

waivers,

the

total

returns

would

have

been

lower.

VictoryShares

US

Discovery

Enhanced

Volatility

Wtd

ETF —

Growth

of

$10,000

1

The

Nasdaq

Victory

US

Small

Cap

500

Long/Cash

Volatility

Weighted

Index

reduces

its

exposure

to

the

equity

markets

during

periods

of

significant

market

declines

and

reinvests

when

market

prices

have

further

declined

or

rebounded.

Effective

March

20,

2023,

The

Nasdaq

Victory

US

Small

Cap

500

Long/Cash

Volatility

Weighted

Index

consists

of

500

of

the

largest

companies

by

market

capitalization

with

consistent

positive

earnings

over

the

last

twelve

months.

These

stocks

are

then

weighted

based

on

their

standard

deviation

(volatility).

This

index

does

not

include

the

effect

of

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

2

The

Russell

2000

®

Index

measures

the

performance

of

the

small-cap

segment

of

the

U.S.

equity

universe. This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

The

graph

reflects

investment

growth

of

a

hypothetical

$10,000

investment

in

the

Fund. 

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

shares. 

Past

performance

is

not

indicative

of

future

results.

Average

Annual

Total

Return

Year

Ended

June

30,

2023

INCEPTION

DATE

7/31/14

7/31/14

Net

Asset

Value

Market

Price

Value

Nasdaq

Victory

US

Small

Cap

500

Long/

Cash

Volatility

Weighted

Index

1

Russell

2000

®

Index

2

One

Year

-3.37%

-3.38%

-2.67%

12.31%

Five

Year

3.41%

3.37%

3.96%

4.21%

Since

Inception

5.91%

5.90%

N/A

N/A

27

VictoryShares

Developed

Enhanced

Volatility

Wtd

ETF

Managers’

Commentary

(Unaudited)

VictoryShares

Developed

Enhanced

Volatility

Wtd

ETF

(the

“Fund”)

seeks

to

provide

investment

results

that

track

the

performance

of

the

Nasdaq

Victory

International

500

Long/Cash

Volatility

Weighted

Index

(the

“Index”)

before

fees

and

expenses.

The

Fund

returned

7.43%

for

the

fiscal

year

ended

June

30,

2023,

underperforming

the

Index,

which

returned

8.52%

during

the

period.

The

Fund

underperformed

the

MSCI

EAFE

Index,

a

market

cap-based

index

against

which

the

performance

of

the

Fund

is

also

measured,

which

returned

18.77%

during

the

period.

In

tracking

the

Index

and

its

rules-based

methodology,

the

Fund

reallocates

from

equities

to

U.S.

Treasury

bills

(“T-Bills”)

during

periods

of

significant

market

decline

(the

“Long/Cash”

feature).

The

Long/Cash

feature

of

the

Index

was

triggered

during

the

reporting

period

and

the

Fund

was

75%

allocated

to

T-Bills

and

25%

allocated

to

equities

for

a

period

of

time

during

the

fiscal

year.

The

Long/Cash

feature

trigger

was

a

detractor

to

the

Fund’s

relative

performance

versus

the

MSCI

EAFE

Index

for

the

fiscal

year.

The

Fund’s

overweight

allocation

to

Canada

was

a

negative

contributor

to

relative

performance.

The

Fund’s

overweight

allocation

to

United

Kingdom

was

a

positive

contributor.

Stock

selection

detracted

from

returns

in

the

Netherlands

and

France.

The

Fund’s

small

allocation

to

derivatives

during

the

year

did

not

have

a

material

impact

on

performance.

28

VictoryShares

Developed

Enhanced

Volatility

Wtd

ETF

Investment

Overview

(Unaudited)

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

or

higher.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month’s

end,

please

visit

vcm.com.

Total

return

measures

the

price

change

in

a

share

assuming

the

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any.

The

total

returns

quoted

do

not

reflect

adjustments

made

to

the

enclosed

financial

statements

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

or

the

deduction

of

taxes

that

a

shareholder

would

pay

on

net

investment

income

and

realized

capital

gain

distributions,

including

reinvested

distributions,

or

redemptions

of

shares.

The

total

return

figures

set

forth

above

include

all

waivers

of

fees.

Without

such

fee

waivers,

the

total

returns

would

have

been

lower.

VictoryShares

Developed

Enhanced

Volatility

Wtd

ETF —

Growth

of

$10,000

1

The

Nasdaq

Victory

International

500

Long/Cash

Volatility

Weighted

Index

reduces

its

exposure

to

the

equity

markets

during

periods

of

significant

market

declines

and

reallocates

to

stocks

when

the

market

prices

have

further

declined

or

rebounded.

This

index

does

not

include

the

effect

of

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

2

The

MSCI

EAFE

Index

is

an

equity

index

that

captures

large-cap

and

mid-cap

representation

across

Developed

Markets

countries

around

the

world.

The

index

reflects

the

reinvestment

of

dividends

paid

on

the

stocks

constituting

the

index,

net

of

withholding

taxes.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

The

graph

reflects

investment

growth

of

a

hypothetical

$10,000

investment

in

the

Fund. 

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

shares. 

Past

performance

is

not

indicative

of

future

results.

Average

Annual

Total

Return

Year

Ended

June

30,

2023

INCEPTION

DATE

9/30/14

9/30/14

Net

Asset

Value

Market

Price

Value

Nasdaq

Victory

International

500

Long/

Cash

Volatility

Weighted

Index

1

MSCI

EAFE

Index

2

One

Year

7.43%

7.98%

8.52%

18.77%

Five

Year

0.67%

0.70%

1.30%

4.39%

Since

Inception

0.79%

0.85%

N/A

N/A

29

VictoryShares

Nasdaq

Next

50

ETF

Managers’

Commentary

(Unaudited)

The

VictoryShares

Nasdaq

Next

50

ETF

(the

“Fund”)

offers

exposure

to

the

new

generation

of

innovators:

50

stocks

that

are

next

in

line

for

inclusion

in

the

Nasdaq-100

®

Index.

The

Fund

seeks

to

provide

investment

results

that

track

the

performance

of

the

Nasdaq

Q-50

®

Index

(the

“Index”)

before

fees

and

expenses.

The

Fund

returned

14.48%

for

the

fiscal

year

ended

June

30,

2023,

underperforming

the

Index,

which

returned

14.85%

during

the

period.

The

Fund’s

underweight

allocation

to

the

Industrials

sector

was

a

positive

contributor

to

relative

performance.

Stock

selection

was

positive

in

the

Information

Technology

and

Consumer

Discretionary

sectors,

but

detracted

in

the

Consumer

Staples

sector.

The

Fund’s

small

allocation

to

derivatives

during

the

year

did

not

have

a

material

impact

on

performance.

30

VictoryShares

Nasdaq

Next

50

ETF

Investment

Overview

(Unaudited)

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

or

higher.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month’s

end,

please

visit

vcm.com.

Total

return

measures

the

price

change

in

a

share

assuming

the

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any.

The

total

returns

quoted

do

not

reflect

adjustments

made

to

the

enclosed

financial

statements

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

or

the

deduction

of

taxes

that

a

shareholder

would

pay

on

net

investment

income

and

realized

capital

gain

distributions,

including

reinvested

distributions,

or

redemptions

of

shares.

The

total

return

figures

set

forth

above

include

all

waivers

of

fees.

Without

such

fee

waivers,

the

total

returns

would

have

been

lower.

VictoryShares

Nasdaq

Next

50

ETF —

Growth

of

$10,000

1

The

Nasdaq

Q-50

®

 Index

is

a

market

capitalization-weighted

index

designed

to

track

the

performance

of

the

50

largest

nonfinancial

domestic

and

international

companies

listed

on

The

Nasdaq

Stock

Market

based

on

market

capitalization

after

excluding

the

companies

included

in

the

Nasdaq-100

®

Index.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

The

graph

reflects

investment

growth

of

a

hypothetical

$10,000

investment

in

the

Fund. 

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

shares. 

Past

performance

is

not

indicative

of

future

results.

Average

Annual

Total

Return

Year

Ended

June

30,

2023

INCEPTION

DATE

9/9/20

9/9/20

Net

Asset

Value

Market

Price

Value

Nasdaq

Q-50

®

Index

1

One

Year

14.48%

14.52%

14.85%

Since

Inception

1.67%

2.11%

N/A

31

VictoryShares

Core

Plus

Intermediate

Bond

ETF

Managers’

Commentary

(Unaudited)

What

were

the

market

conditions

during

the

reporting

period?

Transitory,

a

word

we

heard

a

lot

over

the

last

couple

of

years

regarding

the

significant

increase

in

the

U.S.

Consumer

Price

Index

(“CPI”).

As

the

world

emerged

from

COVID-19

lockdowns,

one

of

the

effects

was

a

major

disruption

in

the

world’s

supply

chains.

As

COVID-19-suppressed

demand

returned

to

normal,

we

saw

that

post-COVID-19

supply

chains

were

no

longer

operating

normally.

As

production

and

distribution

of

goods

and

services

began

to

ramp

up,

we

found

that

there

were

significant

bottlenecks

in

the

supply

chains,

which

ended

up

increasing

the

costs

of

goods

and

services,

resulting

in

CPI

going

higher.

CPI

has

continued

to

increase,

albeit

at

a

decreasing

rate

every

month,

and

remains

above

pre-COVID-19

levels.

Whether

or

not

this

has

been

“transitory”

depends

upon

one’s

definition

of

the

word.

The

U.S.

Federal

Reserve

(the

“Fed”)

initially

thought

the

price

increases

were

transitory,

but

reversed

course

as

prices

kept

rising.

The

continued

rise

in

CPI

caused

the

Fed

to

capitulate

and

set

them

on

a

course

of

increasing

the

Fed

Funds

rate

at

one

of

the

fastest

levels

in

Fed

history.

Beginning

in

March

2022,

the

Fed

Funds

rate

went

from

effectively

zero

to

5.25%

as

of

June

30,

2023,

all

in

the

course

of

just

over

a

one-year

period.

This

led

to

one

of

the

worst

periods

in

history

for

fixed

income

returns.

Fast

forward

to

June

2023,

however,

and

now

bond

yields

are

looking

more

attractive

than

they

have

in

quite

some

time,

especially

as

price

increases

continue

to

abate.

While

interest

rates

are

now

at

attractive

levels,

the

rapid

increase

did

not

come

without

consequences.

Significant

increases

in

mortgage

rates

have

taken

a

toll

on

home

sales,

auto

sales,

and

most

purchases

that

are

financed.

In

addition,

the

rapid

increase

in

interest

rates

caused

bond

portfolios

to

generally

be

“underwater,”

or

in

a

loss

position.

This

was

especially

true

for

most

U.S.

banks,

who

primarily

invest

in

U.S.

government

bonds,

such

as

Treasurys

and

residential

mortgage-backed

bonds.

This

led

to

“deposit

flight,”

as

depositors

began

moving

deposits,

due

in

part

to

fears

of

losses

in

bank

bond

portfolios,

but

also

to

get

higher

rates

on

their

deposits.

As

banks

funded

the

deposit

outflows

with

bond

sales,

they

were

forced

to

take

losses.

For

three

large

U.S.

regional

banks,

this

deposit

flight

happened

so

fast

that

it

led

to

the

takeover

by

the

Federal

Deposit

Insurance

Corp.

(FDIC).

An

unintended

consequence,

no

doubt,

in

our

opinion,

of

the

Fed’s

monetary

policy.

With

the

CPI

continuing

to

decrease,

it

appears

the

Fed

may

be

at

the

end

of

its

hiking

cycle.

As

of

June

30,

2023,

market

expectations

have

the

Fed

increasing

the

Fed

Funds

rate

maybe

once

more

this

year.

Bond

spreads

have

been

somewhat

volatile

during

the

period,

especially

given

the

turmoil

in

the

U.S.

banking

sector.

Corporate

spreads

averaged

138

basis

points

(“bps”)

(a

basis

point

is

1/100th

of

a

percentage

point)

over

the

period

(based

on

the

Bloomberg

U.S.

Corporate

Investment

Grade

Bond

Index),

but

increased

in

July

and

hit

its

zenith

in

October

2022,

at

164

bps.

Spreads

fell

to

a

low

point

of

114

bps

in

February

2023,

before

spiking

again

to

163

bps

in

March

2023,

as

the

U.S.

banking

crisis

unfolded.

Spreads

have

since

retreated,

ending

the

period

at

122

bps.

How

did

VictoryShares

Core

Plus

Intermediate

Bond

ETF

(the

“Fund”)

perform

during

the

reporting

period?

The

Fund

returned

1.77%

for

the

fiscal

year

ended

June

30,

2023,

outperforming

its

benchmark,

the

Bloomberg

U.S.

Aggregate

Bond

Index

(the

“Index”),

which

returned

-0.94%

for

the

period.

What

strategies

did

you

employ

during

the

reporting

period?

The

Fund

earned

a

positive

total

return

during

the

reporting

period

relative

to

the

Index’s

negative

return,

driven

primarily

by

the

Fund’s

allocation

and

security

selection

within

corporate

securities,

the

Fund’s

large

underweight

allocation

to

Agency

Mortgage-

Backed

Securities

(MBS)

as

well

as

the

Fund’s

allocation

to

other

asset-backed

securities

(including

auto

loans

and

Collateral

Loan

Obligations

(CLOs)).

Within

corporate

bonds,

the

Fund

benefited

from

investments

in

Airlines,

Technology,

Retailers,

Leisure

and

Health

Care.

Pharmaceuticals

and

Tobacco-related

bonds

detracted

from

performance

as

well

as

the

Fund’s

holdings

to

Commercial

Mortgage-Backed

Securities

(CMBS).

A

large

underweight

in

Agency

MBS

relative

to

the

Index

also

benefited

performance

as

interest

rates

increased

during

the

allocation

to

eriod

causing

the

duration

of

MBS

to

extend

and

the

prices

of

MBS

to

fall

more

relative

to

other

fixed

income

securities.

During

the

fiscal

year

ended

June

30,

2023,

the

Fund

decreased

it

holdings

of

corporate

credit

and

floating

rate

bank

loans

and

increased

its

exposure

to

U.S.

Treasury

securities

and

Agency

MBS

due

to

our

view

that

the

value

of

these

securities

is

more

attractive

given

the

tightening

of

corporate

credit

spreads

relative

to

other

fixed

income

asset

classes.

The

Fund

also

purchased

other

Asset-Backed

Securities

(ABS),

such

as

auto

loan

ABS,

Consumer

ABS,

CLOs

and

equipment

financing

ABS

given

their

attractive

yields

as

ABS

generally

have

short-term

maturities

that

benefit

from

the

inverted

yield

curve

(short-term

interest

rates

being

higher

than

long-term

interest

rates).

32

VictoryShares

Core

Plus

Intermediate

Bond

ETF

Managers’

Commentary

(continued)

(Unaudited)

We

continued

to

adhere

to

our

disciplined

investment

approach,

which

is

to

maintain

an

attractive

yield

with

an

acceptable

level

of

risk.

To

identify

attractive

investment

opportunities,

we

worked

with

our

in-house

team

of

credit

analysts,

continuing

to

build

the

portfolio

bond

by

bond,

through

fundamental

bottom-up

analysis.

We

seek

ideas

where

our

fundamental

understanding

of

the

credit

risk

is

different

than

the

market.

This

approach,

we

believe,

will

generate

total

returns

that

may

outperform

our

peers

over

the

long

run,

with

less

volatility.

Our

credit

analysts

review

all

securities

considered

for

purchase

and

assign

their

own

independent

credit

rating.

As

always,

they

continuously

monitor

every

holding

in

the

Fund.

We

are

committed

to

building

a

portfolio

diversified

among

multiple

asset

classes

and

across

a

large

number

of

issuers.

To

minimize

the

Fund’s

exposure

to

potential

surprises,

we

limit

the

positions

we

take

in

any

one

issuer.

The

Fund’s

small

allocation

to

derivatives

during

the

year

did

not

have

a

material

impact

on

performance.

33

VictoryShares

Core

Plus

Intermediate

Bond

ETF

Investment

Overview

(Unaudited)

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

or

higher.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month’s

end,

please

visit

vcm.com.

Total

return

measures

the

price

change

in

a

share

assuming

the

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any.

The

total

returns

quoted

do

not

reflect

adjustments

made

to

the

enclosed

financial

statements

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

or

the

deduction

of

taxes

that

a

shareholder

would

pay

on

net

investment

income

and

realized

capital

gain

distributions,

including

reinvested

distributions,

or

redemptions

of

shares.

The

total

return

figures

set

forth

above

include

all

waivers

of

fees.

Without

such

fee

waivers,

the

total

returns

would

have

been

lower.

VictoryShares

Core

Plus

Intermediate

Bond

ETF —

Growth

of

$10,000

1

The

unmanaged

Bloomberg

U.S.

Aggregate

Bond

Index

is

broad-based

flagship

benchmark

that

measures

the

investment

grade,

U.S.

dollar-

denominated,

fixed

rate

taxable

bond

market.

The

index

includes

U.S.

Treasurys,

government-related

corporate

securities,

MBS

(agency

fixed-rate

and

hybrid

ARM

pass-throughs),

ABS

and

CMBS

(agency

and

nonagency).

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

The

graph

reflects

investment

growth

of

a

hypothetical

$10,000

investment

in

the

Fund. 

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

shares. 

Past

performance

is

not

indicative

of

future

results.

Average

Annual

Total

Return

Year

Ended

June

30,

2023

INCEPTION

DATE

10/4/21

10/4/21

Net

Asset

Value

Market

Price

Value

Bloomberg

U.S.

Aggregate

Bond

Index

1

One

Year

1.77%

1.74%

-0.94%

Since

Inception

-5.65%

-5.52%

N/A

34

VictoryShares

Corporate

Bond

ETF

Managers’

Commentary

(Unaudited)

What

were

the

market

conditions

during

the

reporting

period?

Transitory,

a

word

we

heard

a

lot

over

the

last

couple

of

years

regarding

the

significant

increase

in

the

U.S.

Consumer

Price

Index

(“CPI”).

As

the

world

emerged

from

COVID-19

lockdowns,

one

of

the

effects

was

a

major

disruption

in

the

world’s

supply

chains.

As

COVID-19-suppressed

demand

returned

to

normal,

we

saw

that

post-COVID-19

supply

chains

were

no

longer

operating

normally.

As

production

and

distribution

of

goods

and

services

began

to

ramp

up,

we

found

that

there

were

significant

bottlenecks

in

the

supply

chains,

which

ended

up

increasing

the

costs

of

goods

and

services,

resulting

in

CPI

going

higher.

CPI

has

continued

to

increase,

albeit

at

a

decreasing

rate

every

month,

and

remains

above

pre-COVID-19

levels.

Whether

or

not

this

has

been

“transitory”

depends

upon

one’s

definition

of

the

word.

The

U.S.

Federal

Reserve

(the

“Fed”)

initially

thought

the

price

increases

were

transitory,

but

reversed

course

as

prices

kept

rising.

The

continued

rise

in

CPI

caused

the

Fed

to

capitulate

and

set

them

on

a

course

of

increasing

the

Federal

Funds

rate

at

one

of

the

fastest

levels

in

Fed

history.

Beginning

in

March

2022,

the

Fed

Funds

rate

went

from

effectively

zero

to

5.25%

as

of

June

30,

2023,

all

in

the

course

of

just

over

a

one-year

period.

This

led

to

one

of

the

worst

periods

in

history

for

fixed

income

returns.

Fast

forward

to

June

2023,

however,

and

now

bond

yields

are

looking

more

attractive

than

they

have

in

quite

some

time,

especially

as

price

increases

continue

to

abate.

While

interest

rates

are

now

at

attractive

levels,

the

rapid

increase

did

not

come

without

consequences.

Significant

increases

in

mortgage

rates

have

taken

a

toll

on

home

sales,

auto

sales,

and

most

purchases

that

are

financed.

In

addition,

the

rapid

increase

in

interest

rates

caused

bond

portfolios

to

generally

be

“underwater,”

or

in

a

loss

position.

This

was

especially

true

for

most

U.S.

banks,

who

primarily

invest

in

U.S.

government

bonds,

such

as

Treasurys

and

residential

mortgage-backed

bonds.

This

led

to

“deposit

flight,”

as

depositors

began

moving

deposits,

due

in

part

to

fears

of

losses

in

bank

bond

portfolios,

but

also

to

get

higher

rates

on

their

deposits.

As

banks

funded

the

deposit

outflows

with

bond

sales,

they

were

forced

to

take

losses.

For

three

large

U.S.

regional

banks,

this

deposit

flight

happened

so

fast

that

it

led,

to

the

takeover

by

the

Federal

Deposit

Insurance

Corp.

(FDIC).

An

unintended

consequence,

no

doubt,

in

our

opinion,

of

the

Fed’s

monetary

policy.

With

the

CPI

continuing

to

decrease,

it

appears

the

Fed

may

be

at

the

end

of

its

hiking

cycle.

As

of

June

30,

2023,

market

expectations

have

the

Fed

increasing

the

Fed

Funds

rate

maybe

once

more

this

year.

Bond

spreads

have

been

somewhat

volatile

during

the

period,

especially

given

the

turmoil

in

the

U.S.

banking

sector.

Corporate

spreads

averaged

138

basis

points

(“bps”)

(a

basis

point

is

1/100th

of

a

percentage

point)

over

the

period

(based

on

the

Bloomberg

U.S.

Corporate

Investment

Grade

Bond

Index),

but

increased

in

July

and

hit

its

zenith

in

October

2022,

at

164

bps.

Spreads

fell

to

a

low

point

of

114

bps

in

February

2023,

before

spiking

again

to

163

bps

in

March

2023

as

the

U.S.

banking

crisis

unfolded.

Spreads

have

since

retreated,

ending

the

period

at

122

bps.

How

did

VictoryShares

Corporate

Bond

ETF

(the

“Fund”)

perform

during

the

reporting

period?

The

Fund

returned

1.85%

for

the

fiscal

year

ended

June

30,

2023,

outperforming

its

benchmark,

the

Bloomberg

U.S.

Corporate

Bond

Index

(the

“Index”),

which

returned

1.55%

for

the

period.

What

strategies

did

you

employ

during

the

reporting

period?

The

Fund

outperformed

the

Index

during

the

reporting

period

driven

primarily

by

security

selection

within

corporate

securities.

The

Fund

also

benefited

from

a

slight

underweight

allocation

to

shorter-duration

securities

relative

to

the

Index.

Within

corporate

bonds,

the

Fund

benefited

from

security

selection

in

Banking,

Diversified

Manufacturing,

Health

Care,

Aerospace/Defense,

and

Energy.

Security

selection

in

Railroads

and

Wirelines

detracted

modestly

from

performance.

The

Fund’s

investments

in

Global

Systemically

Important

Banks

more

than

offset

the

underperformance

of

regional

banks

negatively

impacted

by

pressure

on

the

regional

bank

sector.

During

the

fiscal

year

ended

June

30,

2023,

the

Fund

decreased

its

cash

exposure

as

the

increase

in

corporate

bond

yields

offered

an

attractive

entry

point.

The

Fund

also

decreased

the

size

of

some

of

its

largest

holdings

and

increased

the

number

of

holdings

to

increase

the

Fund’s

diversification.

The

Fund

remains

overweight

to

the

Banking

sector

with

valuations

attractive

to

us

versus

the

benchmark

relative

to

historical

levels.

We

continued

to

adhere

to

our

disciplined

investment

approach,

which

is

to

maintain

an

attractive

yield

with

an

acceptable

level

of

risk.

To

identify

attractive

investment

opportunities,

we

worked

with

our

in-house

team

of

credit

analysts,

continuing

to

build

the

portfolio

bond

by

bond,

through

fundamental

bottom-up

analysis.

We

seek

ideas

where

our

fundamental

understanding

of

the

credit

risk

is

different

than

the

market.

This

approach,

we

believe,

will

generate

total

returns

that

may

outperform

our

peers

35

VictoryShares

Corporate

Bond

ETF

Managers’

Commentary

(continued)

(Unaudited)

over

the

long

run,

with

less

volatility.

Our

credit

analysts

review

all

securities

considered

for

purchase

and

assign

their

own

independent

credit

rating.

As

always,

they

continuously

monitor

every

holding

in

the

Fund.

We

are

committed

to

building

a

corporate

portfolio

diversified

among

multiple

sectors

and

across

a

large

number

of

issuers.

To

minimize

the

Fund’s

exposure

to

potential

surprises,

we

limit

the

positions

we

take

in

any

one

issuer.

36

VictoryShares

Corporate

Bond

ETF

Investment

Overview

(Unaudited)

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

or

higher.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month’s

end,

please

visit

vcm.com.

Total

return

measures

the

price

change

in

a

share

assuming

the

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any.

The

total

returns

quoted

do

not

reflect

adjustments

made

to

the

enclosed

financial

statements

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

or

the

deduction

of

taxes

that

a

shareholder

would

pay

on

net

investment

income

and

realized

capital

gain

distributions,

including

reinvested

distributions,

or

redemptions

of

shares.

The

total

return

figures

set

forth

above

include

all

waivers

of

fees.

Without

such

fee

waivers,

the

total

returns

would

have

been

lower.

VictoryShares

Corporate

Bond

ETF —

Growth

of

$10,000

1

The

Bloomberg

U.S.

Corporate

Bond

Index

measures

the

investment-grade,

U.S.

dollar-denominated,

fixed-rate

taxable

bond

market.

The

index

includes

Treasurys,

government-related

and

corporate

securities,

MBS,

ABS,

and

CMBS.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses

or

taxes,

is

not

representative

of

the

Fund,

and

is

not

possible

to

invest

directly

in

an

index.

The

graph

reflects

investment

growth

of

a

hypothetical

$10,000

investment

in

the

Fund. 

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

shares. 

Past

performance

is

not

indicative

of

future

results.

Average

Annual

Total

Return

Year

Ended

June

30,

2023

INCEPTION

DATE

10/4/21

10/4/21

Net

Asset

Value

Market

Price

Value

Bloomberg

U.S.

Corporate

Bond

Index

1

One

Year

1.85%

1.69%

1.55%

Since

Inception

-8.19%

-8.09%

N/A

37

VictoryShares

THB

Mid

Cap

ESG

ETF

Managers’

Commentary

(Unaudited)

What

were

the

market

conditions

during

the

reporting

period?

U.S.

equities

were

broadly

higher

during

the

period

despite

quarterly

market

volatility

driven

by

a

number

of

factors

including

the

fast-paced

rise

in

interest

rates,

energy

security

concerns

in

Europe,

easing

inflationary

pressures,

and

supply

chain

dynamics.

The

10-year

U.S.

Treasury

yield

rose

above

4%

in

September

2022

for

the

first

time

since

the

2008

global

financial

crisis,

driving

U.S.

mortgage

rates

above

7%,

which

is

the

highest

since

2007.

We

also

saw

the

U.S.

dollar

strengthening

to

the

highest

level

in

over

20

years.

Although

the

U.S.

Federal

Reserve’s

(the

“Fed”)

rate

hike

was

followed

by

rate

hikes

from

the

European

Central

Bank,

the

Bank

of

England,

and

other

central

banks,

they

failed

to

keep

up

with

the

Fed’s

pace.

U.S.

equities

were

broadly

higher

during

the

fourth

quarter

of

2022,

with

October

and

November

particularly

strong

and

some

consolidation

(U.S.

equities

were

neither

continuing

nor

reversing

a

larger

price

trend)

experienced

in

December.

Corporate

earnings

and

overall

Gross

Domestic

Product

numbers

have

held

up

well,

moderating

inflation

readings

and

subdued

forward

market

inflation

expectations

ran

counter

to

the

very

hawkish

tone

from

the

Fed.

Additionally,

many

mega-cap

technology

companies

remained

under

intense

selling

pressure

in

September

and

December.

The

breadth

of

ownership

and

high-profile

nature

of

these

companies

likely

added

to

concerns

about

the

overall

market.

Notwithstanding

the

volatility,

most

major

indices

registered

positive

gains

for

the

period.

The

calendar

year

began

with

optimism

as

major

U.S.

indices

ended

January

broadly

higher

by

8%-12%.

The

bullish

start

to

the

year

quickly

gave

way

to

a

sharp

pullback

in

March

triggered

by

troubled

regional

banks

within

the

Financials

sector.

The

sudden

collapse

of

Silicon

Valley

Bank

led

to

fear

spreading

across

the

global

banking

system.

Large

deposit

outflows

and

viability

questions

forced

the

acquisition

of

troubled

Credit

Suisse

by

UBS

(aided

by

substantial

guarantees

from

the

Swiss

government).

By

the

end

of

the

quarter,

fears

began

to

ebb

as

investors

anticipated

the

Fed’s

cycle

of

raising

rates

would

be

over

(or

very

close

to

over)

and

that

liquidity

programs

put

in

place

would

help

most

banks

navigate

issues

triggered

by

deposit

flows.

Performance

in

the

first

and

second

quarter

of

2023

was

driven

by

mega-cap

tech

and

growth

stocks

reversing

the

prior

negative

performance.

Growth

indices

outperformed

their

value

counterparts

across

all

market

capitalization

ranges

in

the

first

half

of

2023

partially

fueled

by

investor’s

elevated

tech

optimism

around

the

latest

developments

in

Artificial

Intelligence,

and

support

for

disinflationary

and

soft

landing

narratives.

How

did

VictoryShares

THB

Mid

Cap

ESG

ETF

(the

“Fund”)

perform

during

the

reporting

period?

The

Fund

returned

21.12%

for

the

fiscal

year

ended

June

30,

2023,

outperforming

the

Russell

Midcap

®

Index,

which

returned

14.92%

for

the

period.

What

strategies

did

you

employ

during

the

reporting

period?

The

Fund

utilizes

a

bottom-up,

fundamental

approach

to

find

mispriced

securities

within

the

investment

universe.

The

Fund

selects

investments

based

on

an

active

fundamental

process

that

combines

financial

analysis

and

proprietary

research

to

evaluate

potential

investments’

management

and

long-term

outlook

and

business

strategy.

Using

this

process,

the

Fund

generated

the

highest

contribution

to

the

return

from

the

Industrials,

Information

Technology,

and

Consumer

Discretionary

sectors

over

the

fiscal

year,

while

the

Materials,

Consumer

Staples,

and

Health

Care

sectors

were

the

primary

detractors.

The

Fund’s

top

five-

performing

stocks

(from

a

contribution

standpoint)

were

Copart,

Inc.

(Industrials),

NVR,

Inc.

(Consumer

Discretionary),

Cadence

Design

Systems,

Inc.

(Information

Technology),

Graco,

Inc.

(Industrials)

and

Amphenol

Corporation

Class

A

(Information

Technology).

The

bottom

five-performing

stocks

(from

a

contribution

standpoint)

were

Generac

Holdings,

Inc.

(Industrials),

Waters

Corporation

(Health

Care),

GXO

Logistics,

Inc.

(Industrials),

Pool

Corporation

(Consumer

Discretionary),

and

Crown

Holdings,

Inc.

(Materials).

We

apply

our

internally

developed

Environmental,

Social

and

Governance

(“ESG”)

rating

methodology

to

each

company

when

making

portfolio

decisions.

Our

portfolio

management

team

gathers

relevant

ESG

data

using

multiple

primary

and

secondary

sources

such

as

company

filings,

discussions

with

management,

news,

and

a

number

of

third-party

data

providers.

ESG

data

may

include

metrics

regarding

a

company’s

carbon

emissions,

water

utilization,

employee

diversity

and

director

independence,

among

other

things.

The

Fund

does

not

exclusively

rely

on

any

third-party

ESG

ratings

or

scores

during

the

portfolio

construction

process

to

make

investment

decisions

and

its

own

proprietary

ratings

could

differ

from

those

of

a

third

party.

In

addition,

we

use

a

bottom-up,

fundamental

research

investment

process

integrated

with

analysis

of

a

company’s

ESG

factors

to

identify

high

quality

companies

we

believe

have

the

ability

to

sustainably

grow

shareholder

equity

and

that

are

trading

below

the

Adviser’s

assessment

of

their

intrinsic

value.

We

believe

there

is

a

strong

linkage

between

high-quality

companies,

good

corporate

citizenship,

and

long-term

shareholder

value

creation.

38

VictoryShares

THB

Mid

Cap

ESG

ETF

Investment

Overview

(Unaudited)

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

or

higher.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month’s

end,

please

visit

vcm.com.

Total

return

measures

the

price

change

in

a

share

assuming

the

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any.

The

total

returns

quoted

do

not

reflect

adjustments

made

to

the

enclosed

financial

statements

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

or

the

deduction

of

taxes

that

a

shareholder

would

pay

on

net

investment

income

and

realized

capital

gain

distributions,

including

reinvested

distributions,

or

redemptions

of

shares.

The

total

return

figures

set

forth

above

include

all

waivers

of

fees.

Without

such

fee

waivers,

the

total

returns

would

have

been

lower.

VictoryShares

THB

Mid

Cap

ESG

ETF —

Growth

of

$10,000

1

The

Russell

Midcap

®

Index

is

an

unmanaged

index

measuring

the

performance

of

medium

capitalization

domestically

traded

common

stocks.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

The

graph

reflects

investment

growth

of

a

hypothetical

$10,000

investment

in

the

Fund. 

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

shares. 

Past

performance

is

not

indicative

of

future

results.

Average

Annual

Total

Return

Year

Ended

June

30,

2023

INCEPTION

DATE

10/4/21

10/4/21

Net

Asset

Value

Market

Price

Value

Russell

Midcap

®

Index

1

One

Year

21.12%

21.07%

14.92%

Since

Inception

2.90%

2.92%

N/A

39

VictoryShares

WestEnd

U.S.

Sector

ETF

Managers’

Commentary

(Unaudited)

What

were

the

market

conditions

during

the

reporting

period?

The

S&P

500

®

Index

(the

“Index”)

gained

nearly

26%

over

the

period

from

October

12,

2022,

through

June

30,

2023.

The

majority

of

the

Index

return

during

this

period

was

generated

in

the

first

half

of

2023.

During

the

first

half

of

2023,

three

sectors

with

a

mix

of

moderate

economic

cyclicality

and

secular

growth

drivers—Consumer

Discretionary,

Communication

Services,

and

Information

Technology—significantly

outperformed

the

broader

market

after

suffering

steep

losses

in

2022.

Two

of

the

more

interest-rate

sensitive

sectors,

Utilities

and

Real

Estate,

posted

negative

returns

during

the

referenced

period.

Commodity

prices,

after

soaring

in

the

first

half

of

2022

following

Russia’s

invasion

of

Ukraine,

gave

up

the

majority

of

those

gains

and

continued

to

move

lower

in

2023

over

fears

of

a

global

economic

slowdown

and

a

disappointing

economic

reopening

in

China.

More

recently,

the

combination

of

disinflationary

tailwinds,

along

with

enthusiasm

over

artificial

intelligence

(AI)

has

dominated

headlines

and

earnings

calls,

and

has

resulted

in

narrow

market

leadership

in

which

the

top

10

stocks

in

the

Index,

many

of

which

are

mega-cap

technology

stocks,

contributed

almost

75%

of

the

returns

generated

in

the

first

six

months

of

2023.

The

more

cyclical

sectors

(e.g.,

Energy

and

Financials),

as

well

as

the

more

defensive

sectors

(e.g.,

Health

Care

and

Utilities)

have

lagged

the

broader

market.

How

did

VictoryShares

WestEnd

U.S.

Sector

ETF

(the

“Fund”)

perform

during

the

reporting

period?

The

Fund

commenced

operations

on

October

12,

2022.

For

the

period

October

12,

2022,

to

June

30,

2023,

the

Fund

returned

25.10%,

underperforming

the

Index,

which

returned

25.56%

for

the

period.

What

strategies

did

you

employ

during

the

reporting

period?

The

Fund

seeks

to

achieve

favorable

returns

through

active

sector

allocation

and

avoidance,

based

on

the

team’s

evaluation

of

the

macroeconomic

and

market

environment.

The

team

implements

its

active

sector

selection

and

avoidance

process

by

building

market-cap

weighted

baskets

of

individual

stocks

for

each

desired

sector

allocation.

Using

this

approach,

the

Fund’s

relative

returns

over

the

reporting

period

benefitted

from

avoidance

of

more

economically

cyclical

sectors

(e.g.,

Financials

and

Energy),

which

was

the

largest

positive

contributor

to

relative

returns

during

the

period,

as

well

as

an

active

overweight

allocation

to

the

Communication

Services

sector.

Overweights

of

more

defensive,

less-cyclical

sectors

detracted

from

relative

returns.

Energy

stocks

came

under

pressure

in

2023

as

commodity

prices

tumbled

amid

disinflation

and

concerns

over

slowing

global

economic

growth.

During

the

referenced

period,

the

Energy

sector

was

the

worst-performing

sector

in

the

Index.

Bank

stocks

weighed

on

the

Financials

sector

after

multiple

bank

failures

in

the

United

States

in

March

2023

which

sparked

concerns

over

regional

banks

and

tighter

lending

standards

that

could

lead

to

a

decline

in

credit

growth.

The

Communication

Services

sector

rebounded

thanks,

in

part,

to

cost-cutting

initiatives

and

secular

growth

drivers,

led

by

Meta

Platforms,

Inc.

whose

stock

price

more

than

doubled

in

the

first

half

of

2023.

An

overweight

allocation

to

the

more

defensive

sectors

in

the

Index

(e.g.,

Health

Care,

Utilities)

was

the

largest

drag

on

relative

returns

during

the

period.

It

is

not

surprising,

in

our

view,

that

these

sectors

have

lagged

during

a

period

of

strong

market

returns.

The

Fund’s

small

allocation

to

derivatives

during

the

year

did

not

have

a

material

impact

on

performance.

40

VictoryShares

WestEnd

U.S.

Sector

ETF

Investment

Overview

(Unaudited)

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

or

higher.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month’s

end,

please

visit

vcm.com.

Total

return

measures

the

price

change

in

a

share

assuming

the

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any.

The

total

returns

quoted

do

not

reflect

adjustments

made

to

the

enclosed

financial

statements

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

or

the

deduction

of

taxes

that

a

shareholder

would

pay

on

net

investment

income

and

realized

capital

gain

distributions,

including

reinvested

distributions,

or

redemptions

of

shares.

The

total

return

figures

set

forth

above

include

all

waivers

of

fees.

Without

such

fee

waivers,

the

total

returns

would

have

been

lower.

VictoryShares

WestEnd

U.S.

Sector

ETF —

Growth

of

$10,000

1

The

S&P

500

® 

Index

is

an

unmanaged

index

comprised

of

500

domestically

traded

common

stocks,

is

weighted

according

to

the

market

value

of

each

common

stock

in

the

index,

and

includes

reinvestment

of

dividends.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

The

graph

reflects

investment

growth

of

a

hypothetical

$10,000

investment

in

the

Fund. 

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

shares. 

Past

performance

is

not

indicative

of

future

results.

Average

Annual

Total

Return

Year

Ended

June

30,

2023

INCEPTION

DATE

10/11/22

10/11/22

Net

Asset

Value

Market

Price

Value

S&P

500

®

Index

1

Since

Inception

25.10%

25.05%

25.56

%

41

VictoryShares

Free

Cash

Flow

ETF

Managers’

Commentary

(Unaudited)

VictoryShares

Free

Cash

Flow

ETF

(the

“Fund”)

offers

exposure

that

seeks

investment

results

that

track

the

performance

of

the

Victory

U.S.

Large

Cap

Free

Cash

Flow

Index

1

(the

“Index”)

before

fees

and

expenses.

The

Fund

commenced

operations

on

June

22,

2023.

For

the

period

June

22,

2023,

to

June

30,

2023,

the

Fund

returned

1.59%,

compared

to

the

Index’s

return

of

1.60%

for

the

period.

The

Fund’s

underweight

allocation

to

the

Energy

sector

was

a

positive

contributor

to

relative

performance.

Stock

selection

was

positive

in

the

Information

Technology

sector,

but

detracted

in

the

Consumer

Discretionary

and

Materials

sectors.

42

VictoryShares

Free

Cash

Flow

ETF

Investment

Overview

(Unaudited)

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

or

higher.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month’s

end,

please

visit

vcm.com.

Total

return

measures

the

price

change

in

a

share

assuming

the

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any.

The

total

returns

quoted

do

not

reflect

adjustments

made

to

the

enclosed

financial

statements

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

or

the

deduction

of

taxes

that

a

shareholder

would

pay

on

net

investment

income

and

realized

capital

gain

distributions,

including

reinvested

distributions,

or

redemptions

of

shares.

The

total

return

figures

set

forth

above

include

all

waivers

of

fees.

Without

such

fee

waivers,

the

total

returns

would

have

been

lower.

1

The

Victory

U.S.

Large

Cap

Free

Cash

Flow

Index

aims

to

select

high-quality

companies

from

its

starting

universe

by

applying

profitability

screens.

It

then

selects

companies

with

the

strongest

free

cash

flow

yield

that

exhibit

higher

growth.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

Past

performance

is

not

indicative

of

future

results.

Average

Annual

Total

Return

Year

Ended

June

30,

2023

INCEPTION

DATE

6/22/23

6/22/23

Net

Asset

Value

Market

Price

Value

Vic

tory

U.S.

Large

Cap

Free

Cash

Flow

Index

1

Since

Inception

1.59%

1.58%

1.60%

43

Victory

Portfolios

II

VictoryShares

US

500

Volatility

Wtd

ETF

June

30,

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*:

June

30,

2023

(%

of

Net

Assets)

Sector

Allocation*:

June

30,

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.

Johnson

&

Johnson

0.4%

McDonald's

Corp.

0.4%

First

Citizens

Bancshares,

Inc.,

Class

A

0.4%

PepsiCo,

Inc.

0.4%

Mondelez

International,

Inc.,

Class

A

0.4%

Kimberly-Clark

Corp.

0.4%

The

Coca-Cola

Co.

0.4%

Waste

Management,

Inc.

0.4%

Republic

Services,

Inc.

0.4%

Eli

Lilly

&

Co.

0.3%

44

Victory

Portfolios

II

VictoryShares

US

Small

Cap

Volatility

Wtd

ETF

June

30,

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*:

June

30,

2023

(%

of

Net

Assets)

Sector

Allocation*:

June

30,

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.

Amphastar

Pharmaceuticals,

Inc.

0.4%

NewMarket

Corp.

0.4%

MSC

Industrial

Direct

Co.,

Inc.

0.4%

City

Holding

Co.

0.4%

Nelnet,

Inc.,

Class

A

0.4%

MGE

Energy,

Inc.

0.4%

OSI

Systems,

Inc.

0.4%

ICF

International,

Inc.

0.3%

Federal

Signal

Corp.

0.3%

Huron

Consulting

Group,

Inc.

0.3%

45

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

June

30,

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*:

June

30,

2023

(%

of

Net

Assets)

Sector

Allocation*:

June

30,

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.

Singapore

Airlines

Ltd.

0.5%

SoftBank

Corp.

0.4%

Oversea-Chinese

Banking

Corp.

Ltd.

0.4%

Secom

Co.

Ltd.

0.4%

Metro,

Inc.

0.4%

Novartis

AG,

Registered

Shares

0.4%

Telstra

Corp.

Ltd.

0.3%

Unilever

PLC

0.3%

Nestle

SA,

Registered

Shares

0.3%

Koninklijke

KPN

NV

0.3%

46

Victory

Portfolios

II

VictoryShares

US

Large

Cap

High

Div

Volatility

Wtd

ETF

June

30,

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*:

June

30,

2023

(%

of

Net

Assets)

Sector

Allocation*:

June

30,

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.

Johnson

&

Johnson

2.0%

Kimberly-Clark

Corp.

1.7%

The

Coca-Cola

Co.

1.7%

Kellogg

Co.

1.5%

The

Southern

Co.

1.4%

International

Business

Machines

Corp.

1.4%

CME

Group,

Inc.

1.4%

Philip

Morris

International,

Inc.

1.3%

Amgen,

Inc.

1.3%

Consolidated

Edison,

Inc.

1.3%

47

Victory

Portfolios

II

VictoryShares

US

Small

Cap

High

Div

Volatility

Wtd

ETF

June

30,

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*:

June

30,

2023

(%

of

Net

Assets)

Sector

Allocation*:

June

30,

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.

NewMarket

Corp.

1.9%

MSC

Industrial

Direct

Co.,

Inc.

1.8%

MGE

Energy,

Inc.

1.8%

NorthWestern

Corp.

1.6%

Radian

Group,

Inc.

1.6%

GATX

Corp.

1.6%

J

&

J

Snack

Foods

Corp.

1.6%

Triton

International

Ltd.

1.6%

Patterson

Cos.,

Inc.

1.5%

ALLETE,

Inc.

1.4%

**

Other

includes

the

remaining

investments

which

are

under

2%

of

the

net

assets

of

the

Fund.

48

Victory

Portfolios

II

VictoryShares

International

High

Div

Volatility

Wtd

ETF

June

30,

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*:

June

30,

2023

(%

of

Net

Assets)

Sector

Allocation*:

June

30,

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.

SoftBank

Corp.

2.0%

Koninklijke

KPN

NV

1.6%

Fortis,

Inc.

1.6%

Orange

SA

1.5%

BCE,

Inc.

1.5%

Daiwa

House

Industry

Co.

Ltd.

1.5%

Takeda

Pharmaceutical

Co.

Ltd.

1.5%

Singapore

Telecommunications

Ltd.

1.5%

Canon,

Inc.

1.4%

Sekisui

House

Ltd.

1.4%

49

Victory

Portfolios

II

VictoryShares

Dividend

Accelerator

ETF

June

30,

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*:

June

30,

2023

(%

of

Net

Assets)

Sector

Allocation*:

June

30,

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.

3M

Co.

3.3%

Apple,

Inc.

3.2%

Flowers

Foods,

Inc.

3.1%

Jack

Henry

&

Associates,

Inc.

2.9%

NetApp,

Inc.

2.3%

Ecolab,

Inc.

2.2%

Republic

Services,

Inc.

2.2%

Landstar

System,

Inc.

2.2%

Union

Pacific

Corp.

2.1%

Consolidated

Edison,

Inc.

2.1%

50

Victory

Portfolios

II

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

June

30,

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*:

June

30,

2023

(%

of

Net

Assets)

Sector

Allocation*:

June

30,

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.

Apple,

Inc.

10.0%

Microsoft

Corp.

9.9%

Johnson

&

Johnson

4.1%

Merck

&

Co.,

Inc.

3.7%

Walmart,

Inc.

3.6%

Comcast

Corp.,

Class

A

3.6%

Chevron

Corp.

3.4%

Republic

Services,

Inc.

3.3%

Waste

Management,

Inc.

3.2%

Lockheed

Martin

Corp.

3.0%

**

Other

includes

the

remaining

investments

which

are

under

2%

of

the

net

assets

of

the

Fund.

51

Victory

Portfolios

II

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

June

30,

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*:

June

30,

2023

(%

of

Net

Assets)

Sector

Allocation*:

June

30,

2023

(%

of

Net

Assets)

Does

not

include

futures

contracts

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.

Federated

Hermes

Treasury

Obligations

Fund

73.7%

Johnson

&

Johnson

0.1%

McDonald's

Corp.

0.1%

First

Citizens

Bancshares,

Inc.,

Class

A

0.1%

PepsiCo,

Inc.

0.1%

Mondelez

International,

Inc.,

Class

A

0.1%

Kimberly-Clark

Corp.

0.1%

The

Coca-Cola

Co.

0.1%

Eli

Lilly

&

Co.

0.1%

Waste

Management,

Inc.

0.1%

**

Other

includes

the

remaining

investments

which

are

under

2%

of

the

net

assets

of

the

Fund.

52

Victory

Portfolios

II

VictoryShares

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

June

30,

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*:

June

30,

2023

(%

of

Net

Assets)

Sector

Allocation*:

June

30,

2023

(%

of

Net

Assets)

Does

not

include

futures

contracts

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.

Federated

Hermes

Treasury

Obligations

Fund

74.3%

Johnson

&

Johnson

0.5%

Kimberly-Clark

Corp.

0.4%

The

Coca-Cola

Co.

0.4%

Kellogg

Co.

0.4%

Philip

Morris

International,

Inc.

0.4%

The

Southern

Co.

0.3%

International

Business

Machines

Corp.

0.3%

CME

Group,

Inc.

0.3%

Amgen,

Inc.

0.3%

**

Other

includes

the

remaining

investments

which

are

under

2%

of

the

net

assets

of

the

Fund.

53

Victory

Portfolios

II

VictoryShares

US

Discovery

Enhanced

Volatility

Wtd

ETF

June

30,

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*:

June

30,

2023

(%

of

Net

Assets)

Sector

Allocation*:

June

30,

2023

(%

of

Net

Assets)

Does

not

include

futures

contracts

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.

Federated

Hermes

Treasury

Obligations

Fund

74.8%

Amphastar

Pharmaceuticals,

Inc.

0.1%

NewMarket

Corp.

0.1%

MSC

Industrial

Direct

Co.,

Inc.

0.1%

City

Holding

Co.

0.1%

Nelnet,

Inc.,

Class

A

0.1%

MGE

Energy,

Inc.

0.1%

OSI

Systems,

Inc.

0.1%

ICF

International,

Inc.

0.1%

Federal

Signal

Corp.

0.1%

**

Other

includes

the

remaining

investments

which

are

under

2%

of

the

net

assets

of

the

Fund.

54

Victory

Portfolios

II

VictoryShares

Developed

Enhanced

Volatility

Wtd

ETF

June

30,

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*:

June

30,

2023

(%

of

Net

Assets)

Sector

Allocation*:

June

30,

2023

(%

of

Net

Assets)

Does

not

include

futures

contracts

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.

Federated

Hermes

Treasury

Obligations

Fund

74.4%

Singapore

Airlines

Ltd.

0.1%

SoftBank

Corp.

0.1%

Oversea-Chinese

Banking

Corp.

Ltd.

0.1%

Metro,

Inc.

0.1%

Novartis

AG,

Registered

Shares

0.1%

Telstra

Corp.

Ltd.

0.1%

Unilever

PLC

0.1%

Secom

Co.

Ltd.

0.1%

Nestle

SA,

Registered

Shares

0.1%

**

Other

includes

the

remaining

investments

which

are

under

2%

of

the

net

assets

of

the

Fund.

55

Victory

Portfolios

II

VictoryShares

Nasdaq

Next

50

ETF

June

30,

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*:

June

30,

2023

(%

of

Net

Assets)

Sector

Allocation*:

June

30,

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.

The

Trade

Desk,

Inc.,

Class

A

3.8%

Coca-Cola

Europacific

Partners

PLC

3.3%

MongoDB,

Inc.

3.2%

Monolithic

Power

Systems,

Inc.

2.8%

Take-Two

Interactive

Software,

Inc.

2.8%

CDW

Corp.

2.7%

Tractor

Supply

Co.

2.7%

Alnylam

Pharmaceuticals,

Inc.

2.6%

VeriSign,

Inc.

2.6%

Horizon

Therapeutics

PLC

2.6%

56

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

June

30,

2023

Investment

Objective

and

Portfolio

Holdings:

(Unaudited)

The

Fund

seeks high

current

income

without

undue

risk

to

principal.

Sector

Allocation*:

June

30,

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

investments

which

are

under

2%

of

the

net

assets

of

the

Fund.

ABS

—

Asset-Backed

Securities

CLO

—

Collateralized

Loan

Obligations

MBS

—

Mortgage-Backed

Securities

57

Victory

Portfolios

II

VictoryShares

Corporate

Bond

ETF

June

30,

2023

Investment

Objective

and

Portfolio

Holdings:

(Unaudited)

The

Fund

seeks maximum

current

income

without

undue

risk

to

principal.

Sector

Allocation*:

June

30,

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.

58

Victory

Portfolios

II

VictoryShares

THB

Mid

Cap

ESG

ETF

June

30,

2023

Investment

Objective

and

Portfolio

Holdings:

(Unaudited)

The Fund

seeks

capital

appreciation.

Top

10

Holdings*:

June

30,

2023

(%

of

Net

Assets)

Sector

Allocation*:

June

30,

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.

Copart,

Inc.

4.8%

Verisk

Analytics,

Inc.

4.4%

NVR,

Inc.

4.3%

HEICO

Corp.

4.2%

Amphenol

Corp.,

Class

A

4.0%

Hologic,

Inc.

3.7%

Graco,

Inc.

3.7%

Fastenal

Co.

3.6%

Pool

Corp.

3.5%

CACI

International,

Inc.,

Class

A

3.5%

59

Victory

Portfolios

II

VictoryShares

WestEnd

U.S.

Sector

ETF

June

30,

2023

Investment

Objective

and

Portfolio

Holdings:

(Unaudited)

The

Fund

seeks

to

provide

long-term

capital

appreciation.

Top

10

Holdings*:

June

30,

2023

(%

of

Net

Assets)

Sector

Allocation*:

June

30,

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.

Apple,

Inc.

7.1%

Microsoft

Corp.

5.9%

Amazon.com,

Inc.

3.2%

Alphabet,

Inc.,

Class

A

2.8%

UnitedHealth

Group,

Inc.

2.7%

Johnson

&

Johnson

2.7%

NVIDIA

Corp.

2.5%

Meta

Platforms,

Inc.,

Class

A

2.4%

Alphabet,

Inc.,

Class

C

2.4%

Eli

Lilly

&

Co.

2.3%

60

Victory

Portfolios

II

VictoryShares

Free

Cash

Flow

ETF

June

30,

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*:

June

30,

2023

(%

of

Net

Assets)

Sector

Allocation*:

June

30,

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.

Expedia

Group,

Inc.

3.9%

CF

Industries

Holdings,

Inc.

3.9%

Bristol-Myers

Squibb

Co.

3.5%

PulteGroup,

Inc.

3.5%

Pfizer,

Inc.

3.4%

AbbVie,

Inc.

3.1%

CVS

Health

Corp.

3.1%

QUALCOMM,

Inc.

2.7%

Steel

Dynamics,

Inc.

2.7%

The

Cigna

Group

2.7%

Schedule

of

Portfolio

Investments

June

30,

2023

Victory

Portfolios

II

VictoryShares

US

500

Volatility

Wtd

ETF

61

See

notes

to

financial

statements.

Security

Description

Shares

Value

Common

Stocks

(99.5%)

Communication

Services

(3.5%):

Alphabet,

Inc.

,

Class

A

(a)

.................................................

9,220

$

1,103,634

Charter

Communications,

Inc.

,

Class

A

(a)

.....................................

2,121

779,192

Comcast

Corp.

,

Class

A

..................................................

28,574

1,187,250

Electronic

Arts,

Inc.

.....................................................

12,338

1,600,239

Fox

Corp.

,

Class

A

......................................................

30,664

1,042,576

Liberty

Broadband

Corp.

,

Class

C

(a)

.........................................

9,076

727,078

Live

Nation

Entertainment,

Inc.

(a)

...........................................

11,846

1,079,289

Match

Group,

Inc.

(a)

....................................................

13,423

561,752

Meta

Platforms,

Inc.

,

Class

A

(a)

............................................

3,039

872,132

Netflix,

Inc.

(a)

.........................................................

1,932

851,027

News

Corp.

,

Class

A

.....................................................

57,858

1,128,231

Omnicom

Group,

Inc.

....................................................

14,217

1,352,747

Paramount

Global

,

Class

B

(b)

..............................................

29,004

461,454

The

Interpublic

Group

of

Cos.,

Inc.

..........................................

32,657

1,259,907

The

Trade

Desk,

Inc.

,

Class

A

(a)

............................................

6,853

529,189

The

Walt

Disney

Co.

(a)

..................................................

9,000

803,520

T-Mobile

U.S.,

Inc.

(a)

....................................................

9,654

1,340,941

Verizon

Communications,

Inc.

..............................................

36,743

1,366,472

Warner

Music

Group

Corp.

,

Class

A

.........................................

24,209

631,613

ZoomInfo

Technologies,

Inc.

(a)

.............................................

19,785

502,341

19,180,584

Consumer

Discretionary

(9.2%):

Airbnb,

Inc.

,

Class

A

(a)

..................................................

4,754

609,273

Aptiv

PLC

(a)

..........................................................

5,957

608,150

Aramark

.............................................................

29,214

1,257,663

AutoZone,

Inc.

(a)

.......................................................

588

1,466,096

Bath

&

Body

Works,

Inc.

.................................................

13,466

504,975

Best

Buy

Co.,

Inc.

......................................................

9,767

800,406

Booking

Holdings,

Inc.

(a)

.................................................

362

977,519

BorgWarner,

Inc.

.......................................................

19,134

935,844

Burlington

Stores,

Inc.

(a)

.................................................

2,849

448,404

CarMax,

Inc.

(a)

........................................................

8,884

743,591

Chipotle

Mexican

Grill,

Inc.

(a)

.............................................

610

1,304,790

Churchill

Downs,

Inc.

....................................................

8,154

1,134,792

D.R.

Horton,

Inc.

.......................................................

9,207

1,120,400

Darden

Restaurants,

Inc.

..................................................

8,461

1,413,664

Deckers

Outdoor

Corp.

(a)

.................................................

2,020

1,065,873

Dick's

Sporting

Goods,

Inc.

................................................

5,792

765,644

Domino's

Pizza,

Inc.

.....................................................

3,286

1,107,349

Expedia

Group,

Inc.

(a)

...................................................

6,205

678,765

Five

Below,

Inc.

(a)

......................................................

3,406

669,415

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

......................................

6,063

630,309

Garmin

Ltd.

...........................................................

11,088

1,156,367

General

Motors

Co.

.....................................................

20,195

778,719

Genuine

Parts

Co.

......................................................

8,539

1,445,055

Hilton

Worldwide

Holdings,

Inc.

............................................

7,341

1,068,483

Hyatt

Hotels

Corp.

,

Class

A

................................................

8,239

944,025

Lennar

Corp.

,

Class

A

....................................................

9,009

1,128,918

LKQ

Corp.

...........................................................

21,371

1,245,288

Lowe's

Cos.,

Inc.

.......................................................

4,982

1,124,437

Marriott

International,

Inc.

,

Class

A

..........................................

6,172

1,133,735

McDonald's

Corp.

......................................................

6,992

2,086,483

MGM

Resorts

International

................................................

17,118

751,823

NIKE,

Inc.

,

Class

B

.....................................................

6,853

756,366

NVR,

Inc.

(a)

..........................................................

191

1,212,968

O'Reilly

Automotive,

Inc.

(a)

...............................................

1,830

1,748,199

Penske

Automotive

Group,

Inc.

.............................................

5,775

962,288

Pool

Corp.

............................................................

2,092

783,747

PulteGroup,

Inc.

........................................................

14,928

1,159,607

Ross

Stores,

Inc.

.......................................................

8,855

992,911

Service

Corp.

International

................................................

17,304

1,117,665

Victory

Portfolios

II

VictoryShares

US

500

Volatility

Wtd

ETF

62

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Starbucks

Corp.

........................................................

10,784

$

1,068,263

Tapestry,

Inc.

..........................................................

18,941

810,675

Tesla,

Inc.

(a)

..........................................................

2,475

647,881

The

Home

Depot,

Inc.

...................................................

3,804

1,181,675

The

TJX

Cos.,

Inc.

......................................................

16,773

1,422,183

Tractor

Supply

Co.

......................................................

4,742

1,048,456

Ulta

Beauty,

Inc.

(a)

.....................................................

2,406

1,132,252

Vail

Resorts,

Inc.

.......................................................

4,465

1,124,108

VF

Corp.

.............................................................

27,927

533,126

Yum!

Brands,

Inc.

......................................................

12,718

1,762,079

50,570,704

Consumer

Staples

(10.1%):

Altria

Group,

Inc.

.......................................................

30,721

1,391,661

Archer-Daniels-Midland

Co.

...............................................

14,074

1,063,431

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

........................................

16,117

1,015,532

Brown-Forman

Corp.

,

Class

B

.............................................

22,585

1,508,226

Bunge

Ltd.

...........................................................

10,630

1,002,941

Campbell

Soup

Co.

.....................................................

30,463

1,392,464

Church

&

Dwight

Co.,

Inc.

................................................

16,521

1,655,900

Colgate-Palmolive

Co.

...................................................

23,360

1,799,654

Conagra

Brands,

Inc.

....................................................

42,919

1,447,229

Constellation

Brands,

Inc.

,

Class

A

..........................................

5,960

1,466,935

Costco

Wholesale

Corp.

..................................................

2,536

1,365,332

Coty,

Inc.

,

Class

A

(a)

....................................................

61,199

752,136

Darling

Ingredients,

Inc.

(a)

................................................

11,848

755,784

Dollar

General

Corp.

....................................................

6,576

1,116,473

Dollar

Tree,

Inc.

(a)

......................................................

7,107

1,019,854

General

Mills,

Inc.

......................................................

18,887

1,448,633

Hormel

Foods

Corp.

.....................................................

41,600

1,673,152

Kellogg

Co.

...........................................................

24,719

1,666,061

Keurig

Dr

Pepper,

Inc.

...................................................

50,391

1,575,727

Kimberly-Clark

Corp.

....................................................

14,091

1,945,403

Lamb

Weston

Holdings,

Inc.

...............................................

13,549

1,557,458

McCormick

&

Co.,

Inc.

..................................................

18,685

1,629,893

Mondelez

International,

Inc.

,

Class

A

.........................................

27,118

1,977,987

Monster

Beverage

Corp.

(a)

................................................

26,848

1,542,149

PepsiCo,

Inc.

..........................................................

11,083

2,052,793

Performance

Food

Group

Co.

(a)

............................................

18,246

1,099,139

Philip

Morris

International,

Inc.

.............................................

15,696

1,532,244

Sysco

Corp.

...........................................................

18,192

1,349,846

Target

Corp.

..........................................................

5,232

690,101

The

Clorox

Co.

........................................................

7,582

1,205,841

The

Coca-Cola

Co.

......................................................

32,064

1,930,894

The

Estee

Lauder

Cos.,

Inc.

...............................................

3,568

700,684

The

Hershey

Co.

.......................................................

7,073

1,766,128

The

J.M.

Smucker

Co.

...................................................

12,832

1,894,901

The

Kraft

Heinz

Co.

.....................................................

38,504

1,366,892

The

Kroger

Co.

........................................................

27,973

1,314,731

The

Procter

&

Gamble

Co.

................................................

12,053

1,828,922

Tyson

Foods,

Inc.

,

Class

A

................................................

23,450

1,196,888

Walmart,

Inc.

..........................................................

9,963

1,565,984

55,266,003

Energy

(3.8%):

APA

Corp.

............................................................

15,440

527,585

Cheniere

Energy,

Inc.

....................................................

5,304

808,117

Chesapeake

Energy

Corp.

.................................................

8,628

721,991

Chevron

Corp.

.........................................................

6,359

1,000,589

ConocoPhillips

........................................................

7,582

785,571

Coterra

Energy,

Inc.

.....................................................

31,031

785,084

Devon

Energy

Corp.

.....................................................

11,603

560,889

Diamondback

Energy,

Inc.

................................................

5,163

678,212

EOG

Resources,

Inc.

....................................................

6,647

760,683

Victory

Portfolios

II

VictoryShares

US

500

Volatility

Wtd

ETF

63

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

EQT

Corp.

............................................................

17,602

$

723,970

Exxon

Mobil

Corp.

.....................................................

9,070

972,758

Halliburton

Co.

........................................................

18,387

606,587

Hess

Corp.

............................................................

5,411

735,625

HF

Sinclair

Corp.

.......................................................

15,323

683,559

Kinder

Morgan,

Inc.

.....................................................

72,895

1,255,252

Marathon

Oil

Corp.

.....................................................

26,719

615,071

Marathon

Petroleum

Corp.

................................................

7,000

816,200

Occidental

Petroleum

Corp.

...............................................

12,878

757,226

ONEOK,

Inc.

..........................................................

15,033

927,837

Ovintiv,

Inc.

..........................................................

13,179

501,725

Phillips

66

............................................................

8,184

780,590

Pioneer

Natural

Resources

Co.

.............................................

4,069

843,015

Schlumberger

NV

......................................................

13,513

663,759

Targa

Resources

Corp.

...................................................

10,971

834,893

Texas

Pacific

Land

Corp.

.................................................

381

501,587

The

Williams

Cos.,

Inc.

..................................................

37,626

1,227,736

Valero

Energy

Corp.

.....................................................

5,500

645,150

20,721,261

Financials

(15.1%):

Aflac,

Inc.

............................................................

21,271

1,484,716

Ally

Financial,

Inc.

......................................................

21,512

581,039

American

Express

Co.

...................................................

5,835

1,016,457

American

Financial

Group,

Inc.

.............................................

9,413

1,117,794

American

International

Group,

Inc.

..........................................

19,209

1,105,286

Ameriprise

Financial,

Inc.

.................................................

3,054

1,014,417

Aon

PLC

,

Class

A

......................................................

4,763

1,644,188

Arch

Capital

Group

Ltd.

(a)

................................................

16,880

1,263,468

Ares

Management

Corp.

,

Class

A

...........................................

10,148

977,760

Arthur

J.

Gallagher

&

Co.

.................................................

7,538

1,655,119

Bank

of

America

Corp.

...................................................

33,847

971,070

BlackRock,

Inc.

........................................................

1,326

916,452

Blackstone,

Inc.

........................................................

7,371

685,282

Brown

&

Brown,

Inc.

....................................................

19,650

1,352,706

Capital

One

Financial

Corp.

...............................................

7,090

775,433

Cboe

Global

Markets,

Inc.

................................................

11,354

1,566,966

Chubb

Ltd.

...........................................................

6,822

1,313,644

Citigroup,

Inc.

.........................................................

20,664

951,371

Citizens

Financial

Group,

Inc.

..............................................

25,934

676,359

CME

Group,

Inc.

.......................................................

8,282

1,534,572

Comerica,

Inc.

.........................................................

14,411

610,450

Discover

Financial

Services

...............................................

8,133

950,341

East

West

Bancorp,

Inc.

..................................................

11,674

616,271

Equitable

Holdings,

Inc.

..................................................

31,905

866,540

Erie

Indemnity

Co.

,

Class

A

...............................................

5,066

1,063,911

Everest

Re

Group

Ltd.

...................................................

2,895

989,685

FactSet

Research

Systems,

Inc.

.............................................

2,816

1,128,230

Fidelity

National

Financial,

Inc.

............................................

26,633

958,788

Fifth

Third

Bancorp

.....................................................

27,435

719,071

First

Citizens

Bancshares,

Inc.

,

Class

A

.......................................

1,601

2,054,803

Fiserv,

Inc.

(a)

..........................................................

9,933

1,253,048

FleetCor

Technologies,

Inc.

(a)

..............................................

4,672

1,173,046

Franklin

Resources,

Inc.

..................................................

29,895

798,495

Global

Payments,

Inc.

....................................................

7,860

774,367

Globe

Life,

Inc.

........................................................

11,715

1,284,198

Huntington

Bancshares,

Inc.

...............................................

71,414

769,843

Interactive

Brokers

Group,

Inc.

.............................................

12,530

1,040,867

Intercontinental

Exchange,

Inc.

.............................................

12,767

1,443,692

JPMorgan

Chase

&

Co.

..................................................

8,807

1,280,890

KeyCorp

.............................................................

52,321

483,446

Loews

Corp.

..........................................................

24,017

1,426,130

LPL

Financial

Holdings,

Inc.

...............................................

3,780

821,885

M&T

Bank

Corp.

.......................................................

6,853

848,127

Victory

Portfolios

II

VictoryShares

US

500

Volatility

Wtd

ETF

64

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

MarketAxess

Holdings,

Inc.

...............................................

2,625

$

686,228

Marsh

&

McLennan

Cos.,

Inc.

.............................................

8,643

1,625,575

Mastercard,

Inc.

,

Class

A

.................................................

3,452

1,357,672

MetLife,

Inc.

..........................................................

19,724

1,114,998

Moody's

Corp.

.........................................................

3,332

1,158,603

Morgan

Stanley

........................................................

12,302

1,050,591

Morningstar,

Inc.

.......................................................

4,535

889,177

MSCI,

Inc.

...........................................................

1,715

804,832

Nasdaq,

Inc.

..........................................................

21,635

1,078,505

Northern

Trust

Corp.

....................................................

10,518

779,805

PayPal

Holdings,

Inc.

(a)

..................................................

9,523

635,470

Principal

Financial

Group,

Inc.

.............................................

12,391

939,733

Raymond

James

Financial,

Inc.

.............................................

10,465

1,085,953

Regions

Financial

Corp.

..................................................

46,327

825,547

Reinsurance

Group

of

America,

Inc.

.........................................

8,148

1,130,046

Rocket

Cos.,

Inc.

,

Class

A

(a)

(b)

.............................................

72,594

650,442

Ryan

Specialty

Holdings,

Inc.

(a)

............................................

19,190

861,439

S&P

Global,

Inc.

.......................................................

3,361

1,347,391

State

Street

Corp.

.......................................................

10,373

759,096

Synchrony

Financial

.....................................................

21,774

738,574

T.

Rowe

Price

Group,

Inc.

.................................................

6,768

758,151

The

Bank

of

New

York

Mellon

Corp.

.........................................

24,022

1,069,459

The

Carlyle

Group,

Inc.

..................................................

22,238

710,504

The

Charles

Schwab

Corp.

................................................

14,058

796,807

The

Goldman

Sachs

Group,

Inc.

............................................

3,364

1,085,025

The

Hartford

Financial

Services

Group,

Inc.

....................................

17,947

1,292,543

The

PNC

Financial

Services

Group,

Inc.

......................................

7,037

886,310

The

Progressive

Corp.

...................................................

9,326

1,234,483

The

Travelers

Cos.,

Inc.

..................................................

7,876

1,367,746

Tradeweb

Markets,

Inc.

,

Class

A

............................................

16,407

1,123,551

Truist

Financial

Corp.

....................................................

22,953

696,624

U.S.

Bancorp

..........................................................

25,317

836,474

Unum

Group

..........................................................

22,559

1,076,064

Visa,

Inc.

,

Class

A

......................................................

6,157

1,462,164

Webster

Financial

Corp.

..................................................

19,422

733,181

Wells

Fargo

&

Co.

......................................................

24,399

1,041,349

WR

Berkley

Corp.

......................................................

20,150

1,200,134

82,850,469

Health

Care

(13.2%):

Abbott

Laboratories

.....................................................

13,360

1,456,507

AbbVie,

Inc.

..........................................................

9,847

1,326,686

Agilent

Technologies,

Inc.

.................................................

7,245

871,211

Align

Technology,

Inc.

(a)

.................................................

1,679

593,762

AmerisourceBergen

Corp.

.................................................

9,652

1,857,334

Amgen,

Inc.

...........................................................

6,778

1,504,852

Avantor,

Inc.

(a)

........................................................

34,660

711,916

Becton

Dickinson

&

Co.

..................................................

6,108

1,612,573

Biogen,

Inc.

(a)

.........................................................

2,240

638,064

BioMarin

Pharmaceutical,

Inc.

(a)

...........................................

10,637

922,015

Bio-Techne

Corp.

.......................................................

12,464

1,017,436

Boston

Scientific

Corp.

(a)

.................................................

31,571

1,707,675

Bristol-Myers

Squibb

Co.

.................................................

22,721

1,453,008

Bruker

Corp.

..........................................................

13,698

1,012,556

Catalent,

Inc.

(a)

........................................................

7,971

345,623

Centene

Corp.

(a)

.......................................................

15,769

1,063,619

Charles

River

Laboratories

International,

Inc.

(a)

.................................

3,442

723,680

CVS

Health

Corp.

......................................................

16,221

1,121,358

Danaher

Corp.

.........................................................

4,088

981,120

Dexcom,

Inc.

(a)

........................................................

6,145

789,694

Edwards

Lifesciences

Corp.

(a)

.............................................

10,865

1,024,895

Elevance

Health,

Inc.

....................................................

2,618

1,163,151

Eli

Lilly

&

Co.

.........................................................

4,088

1,917,190

GE

HealthCare

Technologies,

Inc.

...........................................

10,264

833,847

Victory

Portfolios

II

VictoryShares

US

500

Volatility

Wtd

ETF

65

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Gilead

Sciences,

Inc.

....................................................

15,119

$

1,165,221

HCA

Healthcare,

Inc.

....................................................

3,881

1,177,806

Henry

Schein,

Inc.

(a)

....................................................

16,589

1,345,368

Hologic,

Inc.

(a)

........................................................

15,803

1,279,569

Humana,

Inc.

..........................................................

2,600

1,162,538

IDEXX

Laboratories,

Inc.

(a)

...............................................

1,758

882,920

Incyte

Corp.

(a)

.........................................................

17,505

1,089,686

Insulet

Corp.

(a)

........................................................

2,650

764,101

Intuitive

Surgical,

Inc.

(a)

.................................................

3,888

1,329,463

IQVIA

Holdings,

Inc.

(a)

..................................................

4,558

1,024,502

Johnson

&

Johnson

.....................................................

13,316

2,204,064

Laboratory

Corp.

of

America

Holdings

........................................

4,951

1,194,825

Masimo

Corp.

(a)

.......................................................

4,637

763,018

McKesson

Corp.

.......................................................

4,311

1,842,133

Medtronic

PLC

........................................................

16,021

1,411,450

Merck

&

Co.,

Inc.

......................................................

15,194

1,753,236

Mettler-Toledo

International,

Inc.

(a)

.........................................

693

908,967

Moderna,

Inc.

(a)

.......................................................

3,867

469,841

Molina

Healthcare,

Inc.

(a)

................................................

4,509

1,358,291

Neurocrine

Biosciences,

Inc.

(a)

.............................................

9,983

941,397

Pfizer,

Inc.

............................................................

32,725

1,200,353

Quest

Diagnostics,

Inc.

...................................................

10,330

1,451,985

Regeneron

Pharmaceuticals,

Inc.

(a)

..........................................

1,232

885,241

Repligen

Corp.

(a)

.......................................................

3,097

438,102

ResMed,

Inc.

..........................................................

5,675

1,239,988

Revvity,

Inc.

..........................................................

7,477

888,193

Stryker

Corp.

..........................................................

4,095

1,249,344

Teleflex,

Inc.

..........................................................

3,988

965,216

The

Cigna

Group

.......................................................

4,829

1,355,017

The

Cooper

Cos.,

Inc.

....................................................

3,093

1,185,949

Thermo

Fisher

Scientific,

Inc.

..............................................

2,062

1,075,849

United

Therapeutics

Corp.

(a)

..............................................

5,004

1,104,633

UnitedHealth

Group,

Inc.

.................................................

2,895

1,391,453

Veeva

Systems,

Inc.

,

Class

A

(a)

.............................................

4,942

977,182

Vertex

Pharmaceuticals,

Inc.

(a)

.............................................

3,733

1,313,680

Viatris,

Inc.

...........................................................

84,918

847,482

Waters

Corp.

(a)

........................................................

3,311

882,514

West

Pharmaceutical

Services,

Inc.

..........................................

2,293

877,004

Zimmer

Biomet

Holdings,

Inc.

.............................................

10,339

1,505,358

Zoetis,

Inc.

...........................................................

6,168

1,062,191

72,614,902

Industrials

(19.9%):

3M

Co.

..............................................................

10,309

1,031,828

A

O

Smith

Corp.

.......................................................

14,116

1,027,362

AECOM

.............................................................

14,710

1,245,790

AGCO

Corp.

..........................................................

6,493

853,310

Allegion

PLC

.........................................................

9,171

1,100,703

American

Airlines

Group,

Inc.

(a)

............................................

42,824

768,263

AMETEK,

Inc.

........................................................

9,683

1,567,484

Automatic

Data

Processing,

Inc.

............................................

5,677

1,247,748

Avis

Budget

Group,

Inc.

(a)

................................................

2,435

556,811

Axon

Enterprise,

Inc.

(a)

..................................................

3,723

726,432

Booz

Allen

Hamilton

Holding

Corp.

.........................................

14,264

1,591,862

Broadridge

Financial

Solutions,

Inc.

.........................................

8,012

1,327,028

Builders

FirstSource,

Inc.

(a)

...............................................

8,393

1,141,448

C.H.

Robinson

Worldwide,

Inc.

.............................................

10,836

1,022,377

Carlisle

Cos.,

Inc.

.......................................................

3,813

978,149

Carrier

Global

Corp.

.....................................................

22,602

1,123,545

Caterpillar,

Inc.

........................................................

4,286

1,054,570

Cintas

Corp.

..........................................................

3,009

1,495,714

Copart,

Inc.

(a)

.........................................................

16,658

1,519,376

CoStar

Group,

Inc.

(a)

....................................................

13,066

1,162,874

CSX

Corp.

............................................................

41,349

1,410,001

Victory

Portfolios

II

VictoryShares

US

500

Volatility

Wtd

ETF

66

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Cummins,

Inc.

.........................................................

5,189

$

1,272,135

Deere

&

Co.

..........................................................

2,663

1,079,021

Delta

Air

Lines,

Inc.

(a)

...................................................

22,489

1,069,127

Dover

Corp.

...........................................................

7,777

1,148,274

Eaton

Corp.

PLC

.......................................................

7,237

1,455,361

Emerson

Electric

Co.

....................................................

14,101

1,274,589

Equifax,

Inc.

..........................................................

4,191

986,142

Expeditors

International

of

Washington,

Inc.

....................................

10,355

1,254,301

Fastenal

Co.

...........................................................

21,892

1,291,409

FedEx

Corp.

..........................................................

3,711

919,957

Fortive

Corp.

..........................................................

18,184

1,359,618

General

Dynamics

Corp.

..................................................

6,545

1,408,157

Genpact

Ltd.

..........................................................

31,212

1,172,635

Graco,

Inc.

...........................................................

18,500

1,597,475

HEICO

Corp.

..........................................................

7,364

1,302,986

Honeywell

International,

Inc.

..............................................

7,408

1,537,160

Howmet

Aerospace,

Inc.

..................................................

26,784

1,327,415

Hubbell,

Inc.

..........................................................

4,418

1,464,832

IDEX

Corp.

...........................................................

5,855

1,260,347

Illinois

Tool

Works,

Inc.

..................................................

5,344

1,336,855

Ingersoll

Rand,

Inc.

.....................................................

17,475

1,142,166

J.B.

Hunt

Transport

Services,

Inc.

...........................................

5,820

1,053,595

Jack

Henry

&

Associates,

Inc.

..............................................

7,712

1,290,449

Jacobs

Solutions,

Inc.

....................................................

10,048

1,194,607

Johnson

Controls

International

PLC

..........................................

17,319

1,180,117

Knight-Swift

Transportation

Holdings,

Inc.

....................................

18,592

1,032,972

L3Harris

Technologies,

Inc.

...............................................

5,585

1,093,375

Leidos

Holdings,

Inc.

....................................................

14,623

1,293,843

Lennox

International,

Inc.

.................................................

3,575

1,165,700

Lincoln

Electric

Holdings,

Inc.

.............................................

7,823

1,553,882

Lockheed

Martin

Corp.

...................................................

2,946

1,356,279

Masco

Corp.

..........................................................

16,869

967,943

Nordson

Corp.

.........................................................

4,917

1,220,301

Norfolk

Southern

Corp.

..................................................

5,467

1,239,697

Northrop

Grumman

Corp.

.................................................

2,430

1,107,594

Old

Dominion

Freight

Line,

Inc.

............................................

2,477

915,871

Otis

Worldwide

Corp.

....................................................

16,263

1,447,570

Owens

Corning

........................................................

8,855

1,155,578

PACCAR,

Inc.

.........................................................

17,432

1,458,187

Parker-Hannifin

Corp.

...................................................

3,087

1,204,053

Paychex,

Inc.

..........................................................

11,265

1,260,216

Paycom

Software,

Inc.

...................................................

2,449

786,717

Paylocity

Holding

Corp.

(a)

................................................

3,431

633,122

Quanta

Services,

Inc.

....................................................

5,846

1,148,447

Raytheon

Technologies

Corp.

..............................................

13,413

1,313,937

Regal

Rexnord

Corp.

....................................................

5,279

812,438

Republic

Services,

Inc.

...................................................

12,418

1,902,065

Robert

Half

International,

Inc.

..............................................

11,792

886,994

Rockwell

Automation,

Inc.

................................................

3,339

1,100,034

Rollins,

Inc.

...........................................................

33,360

1,428,809

Snap-on,

Inc.

..........................................................

5,467

1,575,535

Southwest

Airlines

Co.

...................................................

28,794

1,042,631

SS&C

Technologies

Holdings,

Inc.

..........................................

18,562

1,124,857

Stanley

Black

&

Decker,

Inc.

..............................................

8,497

796,254

Textron,

Inc.

..........................................................

15,201

1,028,044

The

Toro

Co.

..........................................................

12,212

1,241,350

Trane

Technologies

PLC

..................................................

6,113

1,169,172

TransDigm

Group,

Inc.

...................................................

1,395

1,247,367

TransUnion

...........................................................

11,369

890,534

U-Haul

Holding

Co.

(b)

...................................................

15,669

866,809

Union

Pacific

Corp.

.....................................................

5,681

1,162,446

United

Airlines

Holdings,

Inc.

(a)

............................................

13,932

764,449

United

Parcel

Service,

Inc.

,

Class

B

..........................................

6,747

1,209,400

United

Rentals,

Inc.

.....................................................

1,800

801,666

Victory

Portfolios

II

VictoryShares

US

500

Volatility

Wtd

ETF

67

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Verisk

Analytics,

Inc.

....................................................

7,361

$

1,663,807

W.W.

Grainger,

Inc.

.....................................................

1,560

1,230,200

Waste

Management,

Inc.

..................................................

11,026

1,912,129

Watsco,

Inc.

...........................................................

3,003

1,145,554

Westinghouse

Air

Brake

Technologies

Corp.

....................................

11,457

1,256,489

WillScot

Mobile

Mini

Holdings

Corp.

(a)

......................................

19,928

952,359

Xylem,

Inc.

...........................................................

10,108

1,138,363

109,036,444

Information

Technology

(13.3%):

Accenture

PLC

,

Class

A

..................................................

4,047

1,248,823

Adobe,

Inc.

(a)

.........................................................

2,398

1,172,598

Advanced

Micro

Devices,

Inc.

(a)

............................................

7,528

857,514

Akamai

Technologies,

Inc.

(a)

..............................................

14,934

1,342,119

Amphenol

Corp.

,

Class

A

.................................................

15,522

1,318,594

Analog

Devices,

Inc.

....................................................

5,266

1,025,869

ANSYS,

Inc.

(a)

........................................................

2,792

922,114

Apple,

Inc.

...........................................................

6,682

1,296,108

Applied

Materials,

Inc.

...................................................

5,966

862,326

Arista

Networks,

Inc.

(a)

..................................................

6,106

989,538

Autodesk,

Inc.

(a)

.......................................................

3,619

740,484

Bentley

Systems,

Inc.

,

Class

B

.............................................

19,712

1,068,982

Broadcom,

Inc.

........................................................

1,687

1,463,354

Cadence

Design

Systems,

Inc.

(a)

............................................

4,938

1,158,060

CDW

Corp.

...........................................................

5,833

1,070,355

Cisco

Systems,

Inc.

.....................................................

28,149

1,456,429

Cognizant

Technology

Solutions

Corp.

,

Class

A

.................................

16,164

1,055,186

Corning,

Inc.

..........................................................

33,971

1,190,344

Dell

Technologies,

Inc.

,

Class

C

............................................

21,318

1,153,517

Dynatrace,

Inc.

(a)

......................................................

15,413

793,307

Enphase

Energy,

Inc.

(a)

..................................................

2,554

427,744

Entegris,

Inc.

..........................................................

6,331

701,601

EPAM

Systems,

Inc.

(a)

...................................................

2,126

477,818

Fair

Isaac

Corp.

(a)

......................................................

990

801,118

Fortinet,

Inc.

(a)

........................................................

11,431

864,069

Gartner,

Inc.

(a)

........................................................

3,318

1,162,329

Gen

Digital,

Inc.

.......................................................

54,499

1,010,956

GoDaddy,

Inc.

,

Class

A

(a)

.................................................

13,791

1,036,118

Hewlett

Packard

Enterprise

Co.

.............................................

70,639

1,186,735

HP,

Inc.

..............................................................

31,270

960,302

Intel

Corp.

............................................................

34,430

1,151,339

International

Business

Machines

Corp.

........................................

11,638

1,557,281

Intuit,

Inc.

............................................................

1,897

869,186

Jabil,

Inc.

............................................................

12,015

1,296,779

Juniper

Networks,

Inc.

...................................................

39,982

1,252,636

Keysight

Technologies,

Inc.

(a)

.............................................

6,211

1,040,032

KLA

Corp.

...........................................................

2,035

987,016

Lam

Research

Corp.

.....................................................

1,341

862,075

Lattice

Semiconductor

Corp.

(a)

.............................................

7,419

712,743

Manhattan

Associates,

Inc.

(a)

..............................................

5,209

1,041,175

Microchip

Technology,

Inc.

................................................

9,578

858,093

Micron

Technology,

Inc.

..................................................

13,549

855,077

Microsoft

Corp.

........................................................

3,816

1,299,501

Monolithic

Power

Systems,

Inc.

............................................

1,248

674,207

Motorola

Solutions,

Inc.

..................................................

4,699

1,378,123

NetApp,

Inc.

..........................................................

17,076

1,304,606

NVIDIA

Corp.

.........................................................

2,381

1,007,211

NXP

Semiconductors

NV

.................................................

4,456

912,054

ON

Semiconductor

Corp.

(a)

...............................................

7,608

719,565

Oracle

Corp.

..........................................................

13,170

1,568,415

Palo

Alto

Networks,

Inc.

(a)

................................................

4,122

1,053,212

PTC,

Inc.

(a)

...........................................................

8,244

1,173,121

Pure

Storage,

Inc.

,

Class

A

(a)

..............................................

34,570

1,272,867

Qorvo,

Inc.

(a)

.........................................................

7,455

760,634

Victory

Portfolios

II

VictoryShares

US

500

Volatility

Wtd

ETF

68

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

QUALCOMM,

Inc.

.....................................................

6,397

$

761,499

Roper

Technologies,

Inc.

..................................................

3,173

1,525,578

Salesforce,

Inc.

(a)

......................................................

4,683

989,331

Seagate

Technology

Holdings

PLC

..........................................

11,818

731,180

ServiceNow,

Inc.

(a)

.....................................................

1,515

851,385

Skyworks

Solutions,

Inc.

.................................................

6,928

766,860

Synopsys,

Inc.

(a)

.......................................................

2,626

1,143,387

TD

SYNNEX

Corp.

.....................................................

10,490

986,060

TE

Connectivity

Ltd.

....................................................

8,334

1,168,093

Teledyne

Technologies,

Inc.

(a)

.............................................

2,697

1,108,764

Teradyne,

Inc.

.........................................................

7,422

826,291

Texas

Instruments,

Inc.

...................................................

6,344

1,142,047

Trimble,

Inc.

(a)

........................................................

15,624

827,135

Tyler

Technologies,

Inc.

(a)

................................................

2,699

1,124,053

VeriSign,

Inc.

(a)

........................................................

5,706

1,289,385

Zebra

Technologies

Corp.

(a)

...............................................

2,324

687,509

Zoom

Video

Communications,

Inc.

,

Class

A

(a)

..................................

7,657

519,757

72,869,673

Materials

(4.7%):

Air

Products

and

Chemicals,

Inc.

............................................

4,145

1,241,552

Albemarle

Corp.

.......................................................

2,695

601,228

Avery

Dennison

Corp.

...................................................

5,703

979,775

Ball

Corp.

............................................................

13,936

811,215

Celanese

Corp.

.........................................................

6,660

771,228

CF

Industries

Holdings,

Inc.

...............................................

8,676

602,288

Cleveland-Cliffs,

Inc.

(a)

..................................................

26,440

443,134

Corteva,

Inc.

..........................................................

18,513

1,060,795

Crown

Holdings,

Inc.

....................................................

9,388

815,536

Dow,

Inc.

............................................................

18,817

1,002,193

DuPont

de

Nemours,

Inc.

.................................................

14,319

1,022,949

Eastman

Chemical

Co.

...................................................

10,410

871,525

Ecolab,

Inc.

...........................................................

6,117

1,141,983

FMC

Corp.

...........................................................

9,700

1,012,098

Freeport-McMoRan,

Inc.

.................................................

15,442

617,680

International

Paper

Co.

...................................................

27,253

866,918

LyondellBasell

Industries

NV

,

Class

A

........................................

10,382

953,379

Martin

Marietta

Materials,

Inc.

.............................................

2,999

1,384,608

Nucor

Corp.

...........................................................

4,541

744,633

Packaging

Corp.

of

America

...............................................

7,931

1,048,161

PPG

Industries,

Inc.

.....................................................

7,121

1,056,044

Reliance

Steel

&

Aluminum

Co.

............................................

4,465

1,212,649

RPM

International,

Inc.

..................................................

11,955

1,072,722

Steel

Dynamics,

Inc.

.....................................................

6,177

672,861

The

Mosaic

Co.

........................................................

13,668

478,380

The

Sherwin-Williams

Co.

................................................

4,057

1,077,215

Vulcan

Materials

Co.

....................................................

6,564

1,479,788

Westlake

Corp.

........................................................

6,966

832,228

25,874,765

Real

Estate

(0.2%):

CBRE

Group,

Inc.

,

Class

A

(a)

..............................................

12,077

974,735

Utilities

(6.5%):

Alliant

Energy

Corp.

....................................................

26,217

1,375,868

Ameren

Corp.

.........................................................

16,824

1,374,016

American

Electric

Power

Co.,

Inc.

...........................................

15,097

1,271,167

American

Water

Works

Co.,

Inc.

............................................

8,502

1,213,660

Atmos

Energy

Corp.

.....................................................

11,943

1,389,449

CenterPoint

Energy,

Inc.

..................................................

49,514

1,443,333

CMS

Energy

Corp.

......................................................

23,177

1,361,649

Consolidated

Edison,

Inc.

.................................................

16,549

1,496,030

Dominion

Energy,

Inc.

...................................................

22,924

1,187,234

DTE

Energy

Co.

.......................................................

12,828

1,411,337

Victory

Portfolios

II

VictoryShares

US

500

Volatility

Wtd

ETF

69

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Duke

Energy

Corp.

......................................................

15,603

$

1,400,213

Edison

International

.....................................................

17,231

1,196,693

Entergy

Corp.

.........................................................

12,296

1,197,261

Essential

Utilities,

Inc.

...................................................

29,924

1,194,267

Evergy,

Inc.

...........................................................

22,373

1,307,031

Eversource

Energy

......................................................

17,191

1,219,186

Exelon

Corp.

..........................................................

30,701

1,250,759

FirstEnergy

Corp.

.......................................................

34,562

1,343,771

NextEra

Energy,

Inc.

....................................................

15,892

1,179,186

NiSource,

Inc.

.........................................................

45,969

1,257,252

PG&E

Corp.

(a)

........................................................

68,177

1,178,099

PPL

Corp.

............................................................

51,359

1,358,959

Public

Service

Enterprise

Group,

Inc.

.........................................

21,220

1,328,584

Sempra

Energy

........................................................

8,980

1,307,398

The

Southern

Co.

.......................................................

22,421

1,575,075

WEC

Energy

Group,

Inc.

.................................................

15,564

1,373,367

Xcel

Energy,

Inc.

.......................................................

21,083

1,310,730

35,501,574

Total

Common

Stocks

(Cost

$451,325,728)

545,461,114

Collateral

for

Securities

Loaned

(0.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.02

%

(c)

........

149,699

149,699

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.02

%

(c)

............

149,699

149,699

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.08

%

(c)

...............

149,699

149,699

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.04

%

(c)

.

149,699

149,699

Total

Collateral

for

Securities

Loaned

(Cost

$598,796)

598,796

Total

Investments

(Cost

$451,924,524)

—

99.6%

546,059,910

Other

assets

in

excess

of

liabilities

—

0.4%

2,164,373

NET

ASSETS

-

100.00%

$

548,224,283

^

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

June

30,

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

..............

11

9/15/23

$

2,410,117

$

2,468,538

$

58,421

Total

unrealized

appreciation

$

58,421

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

58,421

Schedule

of

Portfolio

Investments

June

30,

2023

Victory

Portfolios

II

VictoryShares

US

Small

Cap

Volatility

Wtd

ETF

70

See

notes

to

financial

statements.

Security

Description

Shares

Value

Common

Stocks

(99.5%)

Communication

Services

(3.0%):

Altice

USA,

Inc.

,

Class

A

(a)

...............................................

6,261

$

18,908

Cargurus,

Inc.

(a)

.......................................................

2,139

48,406

Cars.com,

Inc.

(a)

.......................................................

2,434

48,242

Cogent

Communications

Holdings,

Inc.

.......................................

1,126

75,768

EchoStar

Corp.

,

Class

A

(a)

................................................

2,815

48,812

Gogo,

Inc.

(a)

..........................................................

2,780

47,288

John

Wiley

&

Sons,

Inc.

,

Class

A

............................................

1,346

45,804

Madison

Square

Garden

Sports

Corp.

........................................

414

77,853

Scholastic

Corp.

........................................................

1,158

45,035

Shutterstock,

Inc.

.......................................................

588

28,618

TripAdvisor,

Inc.

(a)

.....................................................

1,775

29,270

United

States

Cellular

Corp.

(a)

.............................................

1,675

29,530

Warner

Music

Group

Corp.

,

Class

A

.........................................

1,552

40,492

World

Wrestling

Entertainment,

Inc.

,

Class

A

...................................

768

83,305

Yelp,

Inc.

(a)

...........................................................

1,567

57,054

Ziff

Davis,

Inc.

(a)

.......................................................

776

54,367

ZipRecruiter,

Inc.

(a)

.....................................................

1,998

35,484

814,236

Consumer

Discretionary

(15.2%):

Abercrombie

&

Fitch

Co.

(a)

...............................................

1,228

46,271

Academy

Sports

&

Outdoors,

Inc.

...........................................

730

39,456

Acushnet

Holdings

Corp.

.................................................

1,367

74,748

American

Eagle

Outfitters,

Inc.

.............................................

2,782

32,828

Arhaus,

Inc.

(a)

(b)

.......................................................

2,333

24,333

Asbury

Automotive

Group,

Inc.

(a)

...........................................

196

47,122

Bloomin'

Brands,

Inc.

....................................................

1,937

52,086

Boot

Barn

Holdings,

Inc.

(a)

...............................................

471

39,889

Brinker

International,

Inc.

(a)

...............................................

1,031

37,735

Camping

World

Holdings,

Inc.

,

Class

A

(b)

.....................................

1,772

53,337

Carter's,

Inc.

..........................................................

750

54,450

Cavco

Industries,

Inc.

(a)

..................................................

170

50,150

Century

Communities,

Inc.

................................................

709

54,324

Chegg,

Inc.

(a)

.........................................................

1,997

17,733

Cracker

Barrel

Old

Country

Store,

Inc.

........................................

512

47,708

Crocs,

Inc.

(a)

..........................................................

261

29,347

Dave

&

Buster's

Entertainment,

Inc.

(a)

.......................................

1,114

49,640

Dillard's,

Inc.

,

Class

A

...................................................

106

34,586

Dine

Brands

Global,

Inc.

.................................................

702

40,737

Dorman

Products,

Inc.

...................................................

648

51,082

Everi

Holdings,

Inc.

(a)

...................................................

2,808

40,604

Foot

Locker,

Inc.

.......................................................

947

25,673

Fox

Factory

Holding

Corp.

(a)

..............................................

349

37,870

Frontdoor,

Inc.

(a)

.......................................................

1,764

56,272

Gentherm,

Inc.

(a)

.......................................................

729

41,196

Graham

Holdings

Co.

,

Class

B

.............................................

134

76,578

Grand

Canyon

Education,

Inc.

(a)

............................................

580

59,862

Green

Brick

Partners,

Inc.

(a)

...............................................

1,267

71,966

Group

1

Automotive,

Inc.

.................................................

214

55,233

Helen

of

Troy

Ltd.

(a)

....................................................

378

40,832

Hyatt

Hotels

Corp.

,

Class

A

................................................

528

60,498

Installed

Building

Products,

Inc.

............................................

362

50,738

Jack

in

the

Box,

Inc.

.....................................................

582

56,762

KB

Home

............................................................

1,449

74,928

Kontoor

Brands,

Inc.

....................................................

806

33,933

Laureate

Education,

Inc.

..................................................

4,217

50,983

La-Z-Boy,

Inc.

.........................................................

1,556

44,564

LCI

Industries

.........................................................

416

52,566

Leslie's,

Inc.

(a)

........................................................

3,310

31,081

Levi

Strauss

&

Co.

,

Class

A

...............................................

2,769

39,957

LGI

Homes,

Inc.

(a)

.....................................................

394

53,147

M/I

Homes,

Inc.

(a)

......................................................

801

69,839

Victory

Portfolios

II

VictoryShares

US

Small

Cap

Volatility

Wtd

ETF

71

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Malibu

Boats,

Inc.

,

Class

A

(a)

..............................................

933

$

54,730

MDC

Holdings,

Inc.

.....................................................

1,419

66,367

Meritage

Homes

Corp.

...................................................

452

64,306

Mister

Car

Wash,

Inc.

(a)

..................................................

4,338

41,862

Modine

Manufacturing

Co.

(a)

..............................................

1,797

59,337

Monarch

Casino

&

Resort,

Inc.

.............................................

750

52,837

Monro,

Inc.

...........................................................

1,173

47,659

National

Vision

Holdings,

Inc.

(a)

............................................

1,328

32,257

Nordstrom,

Inc.

........................................................

1,635

33,468

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

.......................................

713

41,304

Oxford

Industries,

Inc.

...................................................

419

41,238

Papa

John's

International,

Inc.

..............................................

656

48,432

Patrick

Industries,

Inc.

...................................................

683

54,640

Playa

Hotels

&

Resorts

NV

(a)

..............................................

5,813

47,318

PVH

Corp.

...........................................................

512

43,505

Ralph

Lauren

Corp.

.....................................................

443

54,622

Red

Rock

Resorts,

Inc.

,

Class

A

.............................................

1,248

58,381

Revolve

Group,

Inc.

(a)

...................................................

1,140

18,696

Sally

Beauty

Holdings,

Inc.

(a)

..............................................

2,749

33,950

SeaWorld

Entertainment,

Inc.

(a)

............................................

694

38,871

Signet

Jewelers

Ltd.

.....................................................

478

31,194

Six

Flags

Entertainment

Corp.

(a)

............................................

1,234

32,059

Skyline

Champion

Corp.

(a)

................................................

595

38,943

Sonic

Automotive,

Inc.

,

Class

A

............................................

746

35,562

Sonos,

Inc.

(a)

.........................................................

2,104

34,358

Steven

Madden

Ltd.

.....................................................

1,403

45,864

Strategic

Education,

Inc.

..................................................

804

54,543

Stride,

Inc.

(a)

..........................................................

866

32,241

Target

Hospitality

Corp.

(a)

(b)

..............................................

1,944

26,088

Taylor

Morrison

Home

Corp.

(a)

............................................

1,351

65,888

The

Buckle,

Inc.

........................................................

1,467

50,758

The

Cheesecake

Factory,

Inc.

..............................................

1,190

41,150

The

Gap,

Inc.

..........................................................

3,174

28,344

The

Goodyear

Tire

&

Rubber

Co.

(a)

.........................................

3,632

49,686

The

ODP

Corp.

(a)

......................................................

1,224

57,308

Topgolf

Callaway

Brands

Corp.

(a)

...........................................

2,404

47,719

Travel

+

Leisure

Co.

.....................................................

1,232

49,699

Tri

Pointe

Homes,

Inc.

(a)

.................................................

2,116

69,532

Under

Armour,

Inc.

,

Class

A

(a)

.............................................

3,930

28,375

Upbound

Group,

Inc.

....................................................

1,258

39,161

Urban

Outfitters,

Inc.

(a)

..................................................

1,669

55,294

Victoria's

Secret

&

Co.

(a)

.................................................

885

15,426

Vista

Outdoor,

Inc.

(a)

....................................................

1,866

51,632

Visteon

Corp.

(a)

........................................................

311

44,663

Wingstop,

Inc.

.........................................................

200

40,032

Winnebago

Industries,

Inc.

................................................

707

47,150

XPEL,

Inc.

(a)

.........................................................

628

52,890

YETI

Holdings,

Inc.

(a)

...................................................

817

31,732

4,133,715

Consumer

Staples

(6.9%):

BellRing

Brands,

Inc.

(a)

..................................................

1,752

64,123

Cal-Maine

Foods,

Inc.

...................................................

973

43,785

Central

Garden

&

Pet

Co.

(a)

...............................................

1,920

70,003

Coca-Cola

Consolidated,

Inc.

..............................................

95

60,422

e.l.f.

Beauty,

Inc.

(a)

.....................................................

635

72,536

Edgewell

Personal

Care

Co.

...............................................

1,855

76,630

Fresh

Del

Monte

Produce,

Inc.

.............................................

2,142

55,071

Grocery

Outlet

Holding

Corp.

(a)

............................................

2,226

68,138

Herbalife

Ltd.

(a)

.......................................................

1,586

20,999

Hostess

Brands,

Inc.

(a)

...................................................

3,222

81,581

Ingles

Markets,

Inc.

,

Class

A

...............................................

843

69,674

Inter

Parfums,

Inc.

......................................................

524

70,861

J

&

J

Snack

Foods

Corp.

..................................................

556

88,048

Victory

Portfolios

II

VictoryShares

US

Small

Cap

Volatility

Wtd

ETF

72

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Lancaster

Colony

Corp.

..................................................

368

$

74,001

Medifast,

Inc.

.........................................................

406

37,417

MGP

Ingredients,

Inc.

....................................................

563

59,836

Nu

Skin

Enterprises,

Inc.

,

Class

A

...........................................

1,346

44,687

PriceSmart,

Inc.

........................................................

1,018

75,393

Spectrum

Brands

Holdings,

Inc.

............................................

598

46,674

Sprouts

Farmers

Market,

Inc.

(a)

............................................

1,854

68,097

The

Andersons,

Inc.

.....................................................

1,099

50,719

The

Boston

Beer

Co.,

Inc.

,

Class

A

(a)

........................................

131

40,406

The

Chefs'

Warehouse,

Inc.

(a)

..............................................

1,578

56,429

The

Duckhorn

Portfolio,

Inc.

(a)

.............................................

3,591

46,575

The

Hain

Celestial

Group,

Inc.

(a)

...........................................

2,658

33,252

The

Simply

Good

Foods

Co.

(a)

.............................................

1,596

58,398

Tootsie

Roll

Industries,

Inc.

................................................

2,069

73,263

United

Natural

Foods,

Inc.

(a)

..............................................

1,419

27,741

Universal

Corp.

........................................................

1,549

77,357

Vector

Group

Ltd.

......................................................

5,152

65,997

WD-40

Co.

...........................................................

316

59,613

Weis

Markets,

Inc.

......................................................

867

55,670

1,893,396

Energy

(4.4%):

Arch

Resources,

Inc.

....................................................

243

27,401

Archrock,

Inc.

.........................................................

4,759

48,780

Cactus,

Inc.

,

Class

A

.....................................................

866

36,649

California

Resources

Corp.

................................................

1,110

50,272

Callon

Petroleum

Co.

(a)

..................................................

855

29,985

ChampionX

Corp.

......................................................

1,348

41,842

Comstock

Resources,

Inc.

(b)

...............................................

2,515

29,174

CONSOL

Energy,

Inc.

...................................................

609

41,296

Crescent

Energy

Co.

,

Class

A

..............................................

3,253

33,896

CVR

Energy,

Inc.

.......................................................

1,160

34,754

Delek

U.S.

Holdings,

Inc.

.................................................

1,507

36,093

Denbury,

Inc.

(a)

........................................................

535

46,149

Earthstone

Energy,

Inc.

,

Class

A

(a)

..........................................

2,297

32,824

Excelerate

Energy,

Inc.

,

Class

A

............................................

1,775

36,086

Gulfport

Energy

Corp.

(a)

.................................................

603

63,357

International

Seaways,

Inc.

................................................

858

32,810

Kinetik

Holdings,

Inc.

...................................................

1,699

59,703

Kosmos

Energy

Ltd.

(a)

...................................................

4,083

24,457

Liberty

Energy,

Inc.

.....................................................

2,499

33,412

NexTier

Oilfield

Solutions,

Inc.

(a)

...........................................

3,551

31,746

Northern

Oil

and

Gas,

Inc.

................................................

1,096

37,615

Oceaneering

International,

Inc.

(a)

...........................................

1,544

28,873

Par

Pacific

Holdings,

Inc.

(a)

...............................................

1,511

40,208

Patterson-UTI

Energy,

Inc.

................................................

2,329

27,878

PBF

Energy,

Inc.

,

Class

A

.................................................

753

30,828

Peabody

Energy

Corp.

...................................................

1,132

24,519

Permian

Resources

Corp.

.................................................

3,035

33,263

RPC,

Inc.

............................................................

3,644

26,054

Sitio

Royalties

Corp.

,

Class

A

(b)

............................................

1,968

51,699

Talos

Energy,

Inc.

(a)

.....................................................

1,756

24,356

Valaris

Ltd.

(a)

.........................................................

595

37,443

Weatherford

International

PLC

(a)

...........................................

565

37,527

World

Fuel

Services

Corp.

................................................

1,600

33,088

1,204,037

Financials

(21.5%):

American

Equity

Investment

Life

Holding

Co.

..................................

1,042

54,299

Ameris

Bancorp

........................................................

1,579

54,018

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

................................

1,830

71,937

Associated

Banc-Corp.

...................................................

3,264

52,975

Assured

Guaranty

Ltd.

...................................................

1,069

59,650

Atlantic

Union

Bankshares

Corp.

............................................

2,235

57,998

Victory

Portfolios

II

VictoryShares

US

Small

Cap

Volatility

Wtd

ETF

73

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Axis

Capital

Holdings

Ltd.

................................................

1,300

$

69,979

Axos

Financial,

Inc.

(a)

...................................................

1,082

42,674

BancFirst

Corp.

........................................................

696

64,032

Bank

of

Hawaii

Corp.

(b)

..................................................

1,101

45,394

BankUnited,

Inc.

.......................................................

1,868

40,255

Banner

Corp.

..........................................................

1,373

59,959

BGC

Partners,

Inc.

,

Class

A

...............................................

9,696

42,953

Bread

Financial

Holdings,

Inc.

.............................................

903

28,345

Cathay

General

Bancorp

..................................................

1,852

59,616

City

Holding

Co.

.......................................................

1,111

99,979

CNO

Financial

Group,

Inc.

................................................

2,579

61,045

Cohen

&

Steers,

Inc.

....................................................

941

54,569

Columbia

Banking

System,

Inc.

............................................

2,507

50,842

Community

Bank

System,

Inc.

.............................................

1,374

64,413

CVB

Financial

Corp.

....................................................

4,091

54,328

Donnelley

Financial

Solutions,

Inc.

(a)

........................................

983

44,756

Eastern

Bankshares,

Inc.

..................................................

5,342

65,546

Enova

International,

Inc.

(a)

................................................

1,026

54,501

Enterprise

Financial

Services

Corp.

..........................................

1,506

58,885

Evercore,

Inc.

.........................................................

460

56,851

EVERTEC,

Inc.

........................................................

1,969

72,518

FB

Financial

Corp.

......................................................

1,878

52,678

Federal

Agricultural

Mortgage

Corp.

,

Class

C

...................................

534

76,757

Federated

Hermes,

Inc.

...................................................

1,994

71,485

First

Bancorp

..........................................................

4,595

56,151

First

Bancorp/Southern

Pines

NC

...........................................

1,847

54,948

First

Commonwealth

Financial

Corp.

.........................................

5,115

64,705

First

Financial

Bancorp

...................................................

3,489

71,315

First

Hawaiian,

Inc.

.....................................................

2,850

51,328

First

Merchants

Corp.

....................................................

2,098

59,226

FirstCash

Holdings,

Inc.

..................................................

729

68,038

FNB

Corp.

............................................................

5,904

67,542

Fulton

Financial

Corp.

...................................................

4,590

54,713

Genworth

Financial,

Inc.

(a)

................................................

10,552

52,760

Goosehead

Insurance,

Inc.

,

Class

A

(a)

........................................

584

36,728

Hamilton

Lane,

Inc.

,

Class

A

...............................................

749

59,905

Hancock

Whitney

Corp.

..................................................

1,468

56,342

Heartland

Financial

USA,

Inc.

..............................................

1,739

48,466

Hilltop

Holdings,

Inc.

....................................................

2,008

63,172

Hope

Bancorp,

Inc.

.....................................................

5,991

50,444

Houlihan

Lokey,

Inc.

....................................................

746

73,339

Independent

Bank

Corp.

..................................................

1,232

54,836

Independent

Bank

Group,

Inc.

..............................................

1,317

45,476

International

Bancshares

Corp.

.............................................

1,753

77,483

Jackson

Financial,

Inc.

,

Class

A

.............................................

938

28,712

Lakeland

Financial

Corp.

.................................................

1,213

58,855

Lazard

Ltd.

,

Class

A

.....................................................

1,498

47,936

Live

Oak

Bancshares,

Inc.

................................................

1,229

32,335

MGIC

Investment

Corp.

..................................................

5,353

84,524

Moelis

&

Co.

,

Class

A

...................................................

1,176

53,320

Mr.

Cooper

Group,

Inc.

(a)

.................................................

1,236

62,591

National

Bank

Holdings

Corp.

,

Class

A

.......................................

1,791

52,011

Navient

Corp.

.........................................................

2,965

55,090

NBT

Bancorp,

Inc.

......................................................

1,988

63,318

Nelnet,

Inc.

,

Class

A

.....................................................

1,033

99,664

NMI

Holdings,

Inc.

,

Class

A

(a)

.............................................

2,698

69,662

Northwest

Bancshares,

Inc.

................................................

6,772

71,783

OFG

Bancorp

.........................................................

2,781

72,528

Pacific

Premier

Bancorp,

Inc.

..............................................

2,227

46,054

PacWest

Bancorp

(b)

.....................................................

1,832

14,931

Palomar

Holdings,

Inc.

(a)

.................................................

637

36,971

Park

National

Corp.

.....................................................

647

66,201

PennyMac

Financial

Services,

Inc.

..........................................

785

55,193

Piper

Sandler

Cos.

......................................................

397

51,316

Victory

Portfolios

II

VictoryShares

US

Small

Cap

Volatility

Wtd

ETF

74

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

PJT

Partners,

Inc.

,

Class

A

................................................

940

$

65,462

PRA

Group,

Inc.

(a)

.....................................................

2,150

49,127

Provident

Financial

Services,

Inc.

...........................................

3,340

54,576

Radian

Group,

Inc.

......................................................

3,521

89,011

Renasant

Corp.

........................................................

2,238

58,479

Repay

Holdings

Corp.

(a)

.................................................

2,973

23,279

Rocket

Cos.,

Inc.

,

Class

A

(a)

(b)

.............................................

4,653

41,691

S&T

Bancorp,

Inc.

......................................................

2,426

65,963

Sandy

Spring

Bancorp,

Inc.

................................................

2,249

51,007

Seacoast

Banking

Corp.

of

Florida

...........................................

2,467

54,521

Shift4

Payments,

Inc.

,

Class

A

(a)

............................................

520

35,313

Simmons

First

National

Corp.

,

Class

A

.......................................

3,227

55,666

SLM

Corp.

...........................................................

3,341

54,525

Stellar

Bancorp,

Inc.

.....................................................

2,342

53,608

Stock

Yards

Bancorp,

Inc.

.................................................

1,361

61,749

StoneX

Group,

Inc.

(a)

...................................................

648

53,836

Texas

Capital

Bancshares,

Inc.

(a)

...........................................

995

51,242

The

Bancorp,

Inc.

(a)

.....................................................

1,447

47,244

Towne

Bank

..........................................................

3,010

69,952

TriCo

Bancshares

.......................................................

1,833

60,856

Trustmark

Corp.

........................................................

2,685

56,707

UMB

Financial

Corp.

....................................................

840

51,156

United

Community

Banks,

Inc.

.............................................

2,244

56,078

UWM

Holdings

Corp.

(b)

.................................................

8,982

50,299

Veritex

Holdings,

Inc.

....................................................

2,419

43,373

Victory

Capital

Holdings,

Inc.

,

Class

A

(c)

.....................................

1,648

51,978

Virtu

Financial,

Inc.

,

Class

A

...............................................

3,777

64,549

Virtus

Investment

Partners,

Inc.

.............................................

231

45,616

Walker

&

Dunlop,

Inc.

...................................................

621

49,115

Washington

Federal,

Inc.

.................................................

2,246

59,564

WesBanco,

Inc.

........................................................

2,749

70,402

Westamerica

Bancorp

....................................................

1,762

67,485

WSFS

Financial

Corp.

...................................................

1,476

55,675

5,852,253

Health

Care

(6.7%):

AdaptHealth

Corp.

(a)

....................................................

2,450

29,816

Addus

HomeCare

Corp.

(a)

................................................

632

58,586

Agiliti,

Inc.

(a)

.........................................................

2,040

33,660

Amedisys,

Inc.

(a)

.......................................................

493

45,080

Amphastar

Pharmaceuticals,

Inc.

(a)

..........................................

1,891

108,676

Apollo

Medical

Holdings,

Inc.

(a)

...........................................

1,054

33,306

Avanos

Medical,

Inc.

(a)

..................................................

2,474

63,235

Catalyst

Pharmaceuticals,

Inc.

(a)

............................................

2,010

27,014

Certara,

Inc.

(a)

.........................................................

2,018

36,748

Corcept

Therapeutics,

Inc.

(a)

..............................................

2,564

57,049

CorVel

Corp.

(a)

........................................................

394

76,239

Cytek

Biosciences,

Inc.

(a)

.................................................

3,958

33,801

Dynavax

Technologies

Corp.

(a)

.............................................

3,830

49,484

Embecta

Corp.

.........................................................

1,223

26,417

Figs,

Inc.

,

Class

A

(a)

....................................................

3,147

26,026

Haemonetics

Corp.

(a)

....................................................

855

72,795

Harmony

Biosciences

Holdings,

Inc.

(a)

.......................................

996

35,049

Integer

Holdings

Corp.

(a)

.................................................

684

60,609

Ironwood

Pharmaceuticals,

Inc.

(a)

...........................................

6,003

63,872

Maravai

LifeSciences

Holdings,

Inc.

,

Class

A

(a)

.................................

2,560

31,821

Merit

Medical

Systems,

Inc.

(a)

.............................................

997

83,389

Neogen

Corp.

(a)

.......................................................

2,677

58,225

Pacira

BioSciences,

Inc.

(a)

................................................

1,396

55,938

Patterson

Cos.,

Inc.

.....................................................

2,589

86,110

Pediatrix

Medical

Group,

Inc.

(a)

............................................

2,919

41,479

Prestige

Consumer

Healthcare,

Inc.

(a)

........................................

1,396

82,964

Progyny,

Inc.

(a)

........................................................

761

29,938

RadNet,

Inc.

(a)

........................................................

1,828

59,629

Victory

Portfolios

II

VictoryShares

US

Small

Cap

Volatility

Wtd

ETF

75

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Select

Medical

Holdings

Corp.

.............................................

1,806

$

57,539

STAAR

Surgical

Co.

(a)

..................................................

624

32,804

Supernus

Pharmaceuticals,

Inc.

(a)

...........................................

1,859

55,881

The

Ensign

Group,

Inc.

...................................................

847

80,855

U.S.

Physical

Therapy,

Inc.

................................................

486

58,996

Veradigm,

Inc.

(a)

.......................................................

3,341

42,097

Vir

Biotechnology,

Inc.

(a)

.................................................

1,686

41,358

1,836,485

Industrials

(23.1%):

AAON,

Inc.

...........................................................

600

56,886

AAR

Corp.

(a)

.........................................................

1,185

68,446

ABM

Industries,

Inc.

....................................................

1,384

59,028

Air

Transport

Services

Group,

Inc.

(a)

.........................................

2,574

48,571

Alamo

Group,

Inc.

......................................................

377

69,334

Albany

International

Corp.

................................................

741

69,120

Allegiant

Travel

Co.

(a)

...................................................

381

48,113

Allison

Transmission

Holdings,

Inc.

.........................................

1,491

84,182

Ameresco,

Inc.

,

Class

A

(a)

................................................

714

34,722

API

Group

Corp.

(a)

.....................................................

2,381

64,906

Applied

Industrial

Technologies,

Inc.

.........................................

414

59,960

ArcBest

Corp.

.........................................................

456

45,053

Arcosa,

Inc.

...........................................................

888

67,284

Armstrong

World

Industries,

Inc.

............................................

960

70,522

Atkore,

Inc.

(a)

.........................................................

291

45,378

Barnes

Group,

Inc.

......................................................

1,592

67,166

Beacon

Roofing

Supply,

Inc.

(a)

.............................................

905

75,097

Boise

Cascade

Co.

......................................................

733

66,227

Brady

Corp.

,

Class

A

....................................................

1,590

75,636

Casella

Waste

Systems,

Inc.

(a)

.............................................

989

89,455

CBIZ,

Inc.

(a)

..........................................................

1,639

87,326

Comfort

Systems

USA,

Inc.

...............................................

392

64,366

Construction

Partners,

Inc.

,

Class

A

(a)

........................................

1,526

47,901

Core

&

Main,

Inc.

,

Class

A

(a)

..............................................

2,579

80,826

CSG

Systems

International,

Inc.

............................................

1,272

67,085

CSW

Industrials,

Inc.

....................................................

455

75,616

Dycom

Industries,

Inc.

(a)

.................................................

577

65,576

Encore

Wire

Corp.

......................................................

220

40,905

Energy

Recovery,

Inc.

(a)

.................................................

1,960

54,782

Enerpac

Tool

Group

Corp.

................................................

2,419

65,313

EnerSys

..............................................................

613

66,523

EnPro

Industries,

Inc.

....................................................

559

74,643

Esab

Corp.

............................................................

942

62,681

ESCO

Technologies,

Inc.

.................................................

714

73,992

Federal

Signal

Corp.

.....................................................

1,423

91,115

First

Advantage

Corp.

(a)

..................................................

2,879

44,365

Flowserve

Corp.

........................................................

1,710

63,526

Fluor

Corp.

(a)

.........................................................

1,379

40,818

Forward

Air

Corp.

......................................................

590

62,605

Franklin

Electric

Co.,

Inc.

.................................................

753

77,484

GATX

Corp.

..........................................................

690

88,831

Gibraltar

Industries,

Inc.

(a)

................................................

1,027

64,619

GMS,

Inc.

(a)

..........................................................

824

57,021

GrafTech

International

Ltd.

................................................

5,903

29,751

Granite

Construction,

Inc.

.................................................

1,489

59,232

H&E

Equipment

Services,

Inc.

.............................................

849

38,842

Hayward

Holdings,

Inc.

(a)

................................................

3,300

42,405

Heartland

Express,

Inc.

...................................................

4,393

72,089

Helios

Technologies,

Inc.

.................................................

757

50,030

Herc

Holdings,

Inc.

.....................................................

316

43,245

Hillenbrand,

Inc.

.......................................................

1,202

61,639

HNI

Corp.

............................................................

2,243

63,208

Hub

Group,

Inc.

,

Class

A

(a)

...............................................

720

57,830

Huron

Consulting

Group,

Inc.

(a)

............................................

1,073

91,108

Victory

Portfolios

II

VictoryShares

US

Small

Cap

Volatility

Wtd

ETF

76

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

ICF

International,

Inc.

...................................................

739

$

91,924

Insperity,

Inc.

..........................................................

546

64,952

Janus

International

Group,

Inc.

(a)

...........................................

4,600

49,036

John

Bean

Technologies

Corp.

..............................................

468

56,768

Kadant,

Inc.

...........................................................

279

61,966

Kennametal,

Inc.

.......................................................

1,848

52,465

Kforce,

Inc.

...........................................................

972

60,905

Kirby

Corp.

(a)

.........................................................

787

60,560

Korn

Ferry

...........................................................

1,148

56,872

Lindsay

Corp.

.........................................................

415

49,526

ManpowerGroup,

Inc.

...................................................

798

63,361

Marten

Transport

Ltd.

....................................................

2,538

54,567

Matson,

Inc.

..........................................................

736

57,209

Maximus,

Inc.

.........................................................

794

67,101

McGrath

RentCorp

......................................................

777

71,857

MillerKnoll,

Inc.

.......................................................

1,711

25,289

Moog,

Inc.

,

Class

A

.....................................................

771

83,599

MSC

Industrial

Direct

Co.,

Inc.

.............................................

1,054

100,425

Mueller

Industries,

Inc.

...................................................

769

67,118

Mueller

Water

Products,

Inc.

,

Class

A

........................................

5,067

82,237

MYR

Group,

Inc.

(a)

.....................................................

461

63,775

NOW,

Inc.

(a)

..........................................................

3,651

37,824

NV5

Global,

Inc.

(a)

.....................................................

518

57,379

PGT

Innovations,

Inc.

(a)

..................................................

2,353

68,590

Primoris

Services

Corp.

..................................................

2,076

63,256

Resideo

Technologies,

Inc.

(a)

..............................................

2,128

37,580

Rush

Enterprises,

Inc.

,

Class

A

.............................................

1,235

75,014

Ryder

System,

Inc.

......................................................

599

50,789

Schneider

National,

Inc.

,

Class

B

............................................

2,478

71,168

Shoals

Technologies

Group,

Inc.

,

Class

A

(a)

....................................

1,055

26,966

SPX

Technologies,

Inc.

(a)

.................................................

908

77,153

Standex

International

Corp.

................................................

640

90,541

Stericycle,

Inc.

(a)

.......................................................

1,329

61,719

SunPower

Corp.

(a)

(b)

....................................................

2,007

19,669

TaskUS,

Inc.

,

Class

A

(a)

..................................................

1,387

15,701

Tennant

Co.

...........................................................

1,044

84,679

Terex

Corp.

...........................................................

856

51,214

The

AZEK

Co.,

Inc.

(a)

...................................................

1,564

47,374

The

Brink's

Co.

........................................................

949

64,371

Trinity

Industries,

Inc.

...................................................

1,944

49,980

Triton

International

Ltd.

..................................................

1,041

86,674

TTEC

Holdings,

Inc.

....................................................

1,130

38,239

UniFirst

Corp.

.........................................................

415

64,329

Veritiv

Corp.

..........................................................

282

35,422

Verra

Mobility

Corp.

(a)

..................................................

3,513

69,276

Vicor

Corp.

(a)

.........................................................

661

35,694

Wabash

National

Corp.

...................................................

1,703

43,665

Watts

Water

Technologies,

Inc.

,

Class

A

.......................................

377

69,266

Werner

Enterprises,

Inc.

..................................................

1,592

70,335

6,297,763

Information

Technology

(8.9%):

ACI

Worldwide,

Inc.

(a)

..................................................

1,952

45,228

Advanced

Energy

Industries,

Inc.

...........................................

587

65,421

Agilysys,

Inc.

(a)

.......................................................

589

40,429

Alarm.com

Holdings,

Inc.

(a)

...............................................

1,001

51,732

Avid

Technology,

Inc.

(a)

..................................................

1,511

38,531

Axcelis

Technologies,

Inc.

(a)

..............................................

279

51,149

Badger

Meter,

Inc.

......................................................

563

83,076

Belden,

Inc.

...........................................................

713

68,198

Box,

Inc.

,

Class

A

(a)

....................................................

1,770

52,003

Calix,

Inc.

(a)

..........................................................

732

36,534

Cohu,

Inc.

(a)

..........................................................

1,194

49,623

CommVault

Systems,

Inc.

(a)

...............................................

984

71,458

Victory

Portfolios

II

VictoryShares

US

Small

Cap

Volatility

Wtd

ETF

77

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

CTS

Corp.

............................................................

1,270

$

54,140

Diodes,

Inc.

(a)

.........................................................

527

48,742

DoubleVerify

Holdings,

Inc.

(a)

.............................................

1,705

66,359

ePlus,

Inc.

(a)

..........................................................

994

55,962

Extreme

Networks,

Inc.

(a)

................................................

2,251

58,639

FormFactor,

Inc.

(a)

.....................................................

1,211

41,440

Harmonic,

Inc.

(a)

(b)

.....................................................

3,630

58,697

Insight

Enterprises,

Inc.

(a)

................................................

602

88,097

InterDigital,

Inc.

.......................................................

685

66,137

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

................................

732

47,968

MaxLinear,

Inc.

(a)

......................................................

1,122

35,410

Methode

Electronics,

Inc.

.................................................

1,377

46,157

NCR

Corp.

(a)

.........................................................

1,690

42,588

NetScout

Systems,

Inc.

(a)

.................................................

2,174

67,285

Onto

Innovation,

Inc.

(a)

..................................................

507

59,050

OSI

Systems,

Inc.

(a)

.....................................................

828

97,563

Perficient,

Inc.

(a)

.......................................................

691

57,581

Plexus

Corp.

(a)

........................................................

655

64,347

Progress

Software

Corp.

..................................................

1,349

78,377

Sanmina

Corp.

(a)

.......................................................

941

56,714

Semtech

Corp.

(a)

.......................................................

1,292

32,894

SiTime

Corp.

(a)

........................................................

210

24,774

SPS

Commerce,

Inc.

(a)

...................................................

360

69,142

Super

Micro

Computer,

Inc.

(a)

.............................................

355

88,484

Teradata

Corp.

(a)

.......................................................

1,367

73,011

TTM

Technologies,

Inc.

(a)

................................................

2,946

40,949

Ultra

Clean

Holdings,

Inc.

(a)

..............................................

1,209

46,498

Viavi

Solutions,

Inc.

(a)

...................................................

4,773

54,078

Vishay

Intertechnology,

Inc.

...............................................

2,934

86,260

Vontier

Corp.

..........................................................

2,081

67,029

2,427,754

Materials

(4.7%):

Alpha

Metallurgical

Resources,

Inc.

..........................................

215

35,337

ATI,

Inc.

(a)

...........................................................

1,184

52,368

Avient

Corp.

..........................................................

961

39,305

Balchem

Corp.

.........................................................

536

72,258

Cabot

Corp.

...........................................................

659

44,081

Ecovyst,

Inc.

(a)

........................................................

5,105

58,503

Greif,

Inc.

,

Class

A

......................................................

976

67,237

H.B.

Fuller

Co.

........................................................

955

68,292

Ingevity

Corp.

(a)

.......................................................

697

40,538

Innospec,

Inc.

.........................................................

703

70,609

Materion

Corp.

........................................................

367

41,911

Mativ

Holdings,

Inc.

.....................................................

1,707

25,810

Minerals

Technologies,

Inc.

................................................

992

57,228

NewMarket

Corp.

......................................................

265

106,562

O-I

Glass,

Inc.

(a)

.......................................................

2,069

44,132

Orion

SA

.............................................................

1,919

40,721

Perimeter

Solutions

SA

(a)

.................................................

4,724

29,053

Ryerson

Holding

Corp.

...................................................

949

41,168

Sensient

Technologies

Corp.

...............................................

955

67,929

Stepan

Co.

............................................................

732

69,950

Summit

Materials,

Inc.

,

Class

A

(a)

..........................................

1,843

69,758

Sylvamo

Corp.

.........................................................

965

39,034

Warrior

Met

Coal,

Inc.

...................................................

1,175

45,766

Worthington

Industries,

Inc.

...............................................

789

54,812

1,282,362

Real

Estate

(1.2%):

eXp

World

Holdings,

Inc.

(b)

...............................................

2,528

51,268

Kennedy-Wilson

Holdings,

Inc.

.............................................

3,905

63,768

Marcus

&

Millichap,

Inc.

.................................................

1,938

61,066

Newmark

Group,

Inc.

,

Class

A

.............................................

5,501

34,216

Victory

Portfolios

II

VictoryShares

US

Small

Cap

Volatility

Wtd

ETF

78

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

The

Howard

Hughes

Corp.

(a)

..............................................

654

$

51,614

The

St.

Joe

Co.

........................................................

1,414

68,353

330,285

Utilities

(3.9%):

ALLETE,

Inc.

.........................................................

1,339

77,622

American

States

Water

Co.

................................................

813

70,731

Avista

Corp.

..........................................................

1,863

73,160

California

Water

Service

Group

.............................................

1,276

65,880

Chesapeake

Utilities

Corp.

................................................

585

69,615

Clearway

Energy,

Inc.

,

Class

C

.............................................

2,284

65,231

MGE

Energy,

Inc.

......................................................

1,255

99,283

Middlesex

Water

Co.

....................................................

884

71,304

Montauk

Renewables,

Inc.

(a)

..............................................

3,535

26,300

New

Jersey

Resources

Corp.

...............................................

1,553

73,302

Northwest

Natural

Holding

Co.

.............................................

1,704

73,357

NorthWestern

Corp.

.....................................................

1,574

89,340

Otter

Tail

Corp.

........................................................

809

63,879

SJW

Group

...........................................................

1,013

71,021

Spire,

Inc.

............................................................

1,145

72,639

1,062,664

Total

Common

Stocks

(Cost

$24,413,083)

27,134,950

Collateral

for

Securities

Loaned

(1.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.02

%

(d)

........

73,189

73,189

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.02

%

(d)

............

73,189

73,189

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.08

%

(d)

...............

73,189

73,189

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.04

%

(d)

.

73,189

73,189

Total

Collateral

for

Securities

Loaned

(Cost

$292,756)

292,756

Total

Investments

(Cost

$24,705,839)

—

100.6%

27,427,706

Liabilities

in

excess

of

other

assets

—

(0.6)%

(

168,741

)

NET

ASSETS

-

100.00%

$

27,258,965

^

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

June

30,

2023.

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

9/15/23

$

94,339

$

95,185

$

846

Total

unrealized

appreciation

$

846

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

846

Schedule

of

Portfolio

Investments

June

30,

2023

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

79

See

notes

to

financial

statements.

Security

Description

Shares

Value

Common

Stocks

(98.7%)

Australia

(5.6%):

Communication

Services

(0.5%):

REA

Group

Ltd.(a)

......................................................

1,401

$

133,457

Telstra

Corp.

Ltd.

.......................................................

107,962

309,182

442,639

Consumer

Discretionary

(0.4%):

Aristocrat

Leisure

Ltd.

...................................................

7,057

181,701

Wesfarmers

Ltd.

........................................................

6,104

200,580

382,281

Consumer

Staples

(0.6%):

Coles

Group

Ltd.

.......................................................

22,018

270,111

Woolworths

Group

Ltd.

..................................................

10,022

265,184

535,295

Energy

(0.3%):

Santos

Ltd.

...........................................................

30,663

153,571

Woodside

Energy

Group

Ltd.

..............................................

5,287

121,268

274,839

Financials

(1.5%):

ANZ

Group

Holdings

Ltd.

................................................

12,367

195,286

Commonwealth

Bank

of

Australia

...........................................

3,285

219,372

Macquarie

Group

Ltd.

...................................................

1,338

158,279

National

Australia

Bank

Ltd.

...............................................

11,079

194,574

QBE

Insurance

Group

Ltd.

................................................

17,093

178,386

Suncorp

Group

Ltd.

.....................................................

20,439

183,631

Westpac

Banking

Corp.

..................................................

14,642

208,099

1,337,627

Health

Care

(0.8%):

Cochlear

Ltd.

..........................................................

1,070

163,240

CSL

Ltd.

.............................................................

1,266

233,875

Ramsay

Health

Care

Ltd.

.................................................

4,187

156,967

Sonic

Healthcare

Ltd.

....................................................

6,969

165,093

719,175

Industrials

(0.5%):

Brambles

Ltd.

.........................................................

24,989

239,821

Computershare

Ltd.

.....................................................

10,541

164,135

403,956

Information

Technology

(0.2%):

WiseTech

Global

Ltd.

....................................................

2,301

122,306

Materials

(0.8%):

BHP

Group

Ltd.

........................................................

4,630

138,730

Fortescue

Metals

Group

Ltd.

...............................................

7,081

104,600

Mineral

Resources

Ltd.

...................................................

1,611

76,639

Newcrest

Mining

Ltd.

....................................................

7,889

138,813

Rio

Tinto

Ltd.

.........................................................

1,873

143,067

South32

Ltd.

..........................................................

37,800

94,657

696,506

4,914,624

Austria

(0.4%):

Energy

(0.1%):

OMV

AG

............................................................

2,394

101,453

Financials

(0.2%):

Erste

Group

Bank

AG

....................................................

3,429

120,061

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

80

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Utilities

(0.1%):

Verbund

AG

..........................................................

1,356

$

108,671

330,185

Belgium

(1.1%):

Consumer

Discretionary

(0.1%):

D'ieteren

Group

........................................................

745

131,603

Consumer

Staples

(0.2%):

Anheuser-Busch

InBev

SA

................................................

3,557

201,154

Financials

(0.2%):

KBC

Group

NV

........................................................

1,939

135,231

Health

Care

(0.2%):

UCB

SA

.............................................................

2,043

181,004

Materials

(0.2%):

Solvay

SA,

Class

A

.....................................................

1,235

137,849

Utilities

(0.2%):

Elia

Group

SA

.........................................................

1,298

164,709

951,550

Canada

(11.6%):

Communication

Services

(0.8%):

BCE,

Inc.

............................................................

5,934

270,583

Rogers

Communications,

Inc.,

Class

B

........................................

4,319

197,071

TELUS

Corp.(a)

.......................................................

12,446

242,230

709,884

Consumer

Discretionary

(0.7%):

Dollarama,

Inc.

........................................................

3,501

237,135

Magna

International,

Inc.

.................................................

1,953

110,271

Restaurant

Brands

International,

Inc.(a)

.......................................

3,055

236,886

584,292

Consumer

Staples

(1.3%):

Alimentation

Couche-Tard,

Inc.

.............................................

4,104

210,467

George

Weston

Ltd.

.....................................................

1,807

213,659

Loblaw

Cos.

Ltd.

.......................................................

2,570

235,308

Metro,

Inc.

...........................................................

5,489

310,046

Saputo,

Inc.

...........................................................

6,296

141,073

1,110,553

Energy

(1.4%):

Cameco

Corp.

.........................................................

3,453

108,157

Canadian

Natural

Resources

Ltd.

............................................

2,145

120,610

Cenovus

Energy,

Inc.

....................................................

5,073

86,171

Enbridge,

Inc.

.........................................................

6,180

229,732

Imperial

Oil

Ltd.

.......................................................

2,349

120,199

Pembina

Pipeline

Corp.

..................................................

5,571

175,172

Suncor

Energy,

Inc.

.....................................................

3,486

102,269

TC

Energy

Corp.

.......................................................

4,392

177,524

Tourmaline

Oil

Corp.

....................................................

2,396

112,908

1,232,742

Financials

(3.3%):

Bank

of

Montreal

.......................................................

2,420

218,578

Brookfield

Asset

Management

Ltd.,

Class

A

....................................

2,533

82,687

Brookfield

Corp.

.......................................................

4,542

152,932

Canadian

Imperial

Bank

of

Commerce

........................................

4,438

189,501

Fairfax

Financial

Holdings

Ltd.

.............................................

232

173,797

Great-West

Lifeco,

Inc.

...................................................

8,087

234,869

Intact

Financial

Corp.

....................................................

1,570

242,434

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

81

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Manulife

Financial

Corp.

.................................................

10,691

$

202,101

National

Bank

of

Canada

.................................................

3,079

229,426

Power

Corp.

of

Canada(a)

.................................................

9,175

247,003

Royal

Bank

of

Canada

...................................................

2,656

253,689

Sun

Life

Financial,

Inc.

..................................................

5,013

261,360

The

Bank

of

Nova

Scotia

.................................................

4,500

225,170

The

Toronto-Dominion

Bank

...............................................

3,626

224,770

2,938,317

Industrials

(1.5%):

Canadian

National

Railway

Co.

.............................................

2,064

249,967

Canadian

Pacific

Kansas

City

Ltd.

...........................................

2,721

219,800

TFI

International,

Inc.

....................................................

1,079

122,945

Thomson

Reuters

Corp.

..................................................

1,994

269,306

Waste

Connections,

Inc.

..................................................

1,633

233,411

WSP

Global,

Inc.

.......................................................

1,485

196,214

1,291,643

Information

Technology

(0.7%):

CGI,

Inc.(b)

...........................................................

2,478

261,344

Constellation

Software,

Inc.

...............................................

112

232,080

Lumine

Group,

Inc.(b)

...................................................

303

4,156

Open

Text

Corp.

........................................................

3,976

165,392

662,972

Materials

(1.0%):

Aginco

Eagle

Mines

Ltd.

.................................................

2,466

123,151

Barrick

Gold

Corp.

......................................................

7,552

127,767

First

Quantum

Minerals

Ltd.

...............................................

2,851

67,455

Franco-Nevada

Corp.

....................................................

1,225

174,613

Ivanhoe

Mines

Ltd.(a)(b)

.................................................

9,117

83,282

Nutrien

Ltd.

...........................................................

1,384

81,717

Teck

Resources

Ltd.,

Class

B

..............................................

2,435

102,467

Wheaton

Precious

Metals

Corp.

.............................................

3,227

139,570

900,022

Utilities

(0.9%):

Emera,

Inc.

...........................................................

5,447

224,361

Fortis,

Inc.(a)

..........................................................

6,584

283,769

Hydro

One

Ltd.(a)(c)

....................................................

9,795

279,889

788,019

10,218,444

Denmark

(1.5%):

Consumer

Discretionary

(0.1%):

Pandora

A/S

..........................................................

1,057

94,383

Financials

(0.3%):

Tryg

A/S

.............................................................

10,462

226,415

Health

Care

(0.6%):

Coloplast

A/S,

Class

B

...................................................

1,271

158,947

Genmab

A/S(b)

........................................................

394

148,995

Novo

Nordisk

A/S,

Class

B

................................................

1,171

188,699

496,641

Industrials

(0.3%):

AP

Moller

-

Maersk

A/S,

Class

B

...........................................

55

96,537

DSV

A/S

.............................................................

724

152,069

248,606

Materials

(0.1%):

Novozymes

A/S,

Class

B

.................................................

2,758

128,511

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

82

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Utilities

(0.1%):

Orsted

A/S(c)

..........................................................

1,311

$

123,904

1,318,460

Finland

(1.4%):

Communication

Services

(0.3%):

Elisa

Oyj

.............................................................

4,677

249,743

Energy

(0.1%):

Neste

Oyj

............................................................

2,566

98,719

Financials

(0.4%):

Nordea

Bank

Abp

.......................................................

16,191

176,154

Sampo

Oyj,

A

Shares

....................................................

4,581

205,530

381,684

Industrials

(0.1%):

Kone

Oyj,

Class

B

......................................................

2,670

139,340

Information

Technology

(0.2%):

Nokia

Oyj

............................................................

33,602

140,621

Materials

(0.3%):

Stora

Enso

Oyj,

Class

R

..................................................

9,663

112,022

UPM-Kymmene

Oyj

....................................................

4,846

144,189

256,211

1,266,318

France

(8.5%):

Communication

Services

(0.9%):

Bollore

SE

............................................................

39,188

244,147

Orange

SA

............................................................

23,318

272,282

Publicis

Groupe

SA(a)

...................................................

1,935

155,178

Vivendi

SE

...........................................................

18,559

170,219

841,826

Consumer

Discretionary

(1.0%):

Cie

Generale

des

Etablissements

Michelin

SCA

.................................

4,697

138,679

Hermes

International

....................................................

81

175,874

Kering

SA

............................................................

245

135,156

LVMH

Moet

Hennessy

Louis

Vuitton

SE

......................................

198

186,440

Sodexo

SA

...........................................................

2,189

240,871

877,020

Consumer

Staples

(1.0%):

Carrefour

SA

..........................................................

8,222

155,692

Danone

SA

...........................................................

4,492

275,153

L'Oreal

SA

...........................................................

433

201,781

Pernod

Ricard

SA(a)

....................................................

1,000

220,838

853,464

Energy

(0.2%):

TotalEnergies

SE

.......................................................

2,423

138,928

Financials

(1.2%):

Amundi

SA(c)

.........................................................

2,166

127,737

AXA

SA

.............................................................

5,974

176,155

BNP

Paribas

SA

........................................................

2,381

149,951

Credit

Agricole

SA

......................................................

14,496

171,957

Edenred

..............................................................

3,781

253,054

Societe

Generale

SA

.....................................................

4,908

127,451

Worldline

SA(b)(c)

......................................................

2,661

97,264

1,103,569

Health

Care

(0.9%):

BioMerieux

...........................................................

1,651

173,151

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

83

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

EssilorLuxottica

SA

.....................................................

954

$

179,660

Ipsen

SA

.............................................................

1,141

137,192

Sanofi

...............................................................

1,966

210,648

Sartorius

Stedim

Biotech

.................................................

302

75,359

776,010

Industrials

(2.4%):

Aeroports

de

Paris

......................................................

1,071

153,666

Airbus

SE

............................................................

1,200

173,301

Bouygues

SA

..........................................................

6,322

212,180

Bureau

Veritas

SA

......................................................

7,144

195,805

Cie

de

Saint-Gobain

.....................................................

2,224

135,234

Eiffage

SA

............................................................

1,941

202,421

Getlink

SE

............................................................

12,445

211,556

Legrand

SA

...........................................................

1,834

181,697

Schneider

Electric

SE

....................................................

949

172,361

Teleperformance

.......................................................

330

55,251

Thales

SA

............................................................

1,166

174,548

Vinci

SA

.............................................................

1,877

217,865

2,085,885

Information

Technology

(0.3%):

Capgemini

SE

.........................................................

745

141,073

Dassault

Systemes

SE

....................................................

3,349

148,447

289,520

Materials

(0.2%):

Air

Liquide

SA

........................................................

1,195

214,094

Utilities

(0.4%):

Engie

SA

.............................................................

11,985

199,133

Veolia

Environnement

SA

.................................................

4,992

157,683

356,816

7,537,132

Germany

(6.3%):

Communication

Services

(0.5%):

Deutsche

Telekom

AG

...................................................

11,496

250,564

Telefonica

Deutschland

Holding

AG

.........................................

58,842

165,449

416,013

Consumer

Discretionary

(0.7%):

adidas

AG

............................................................

624

121,040

Bayerische

Motoren

Werke

AG

.............................................

1,659

203,675

Mercedes-Benz

Group

AG

................................................

1,684

135,362

Puma

SE

.............................................................

1,704

102,481

Zalando

SE(b)(c)

.......................................................

1,794

51,598

614,156

Consumer

Staples

(0.3%):

Beiersdorf

AG

.........................................................

1,948

257,711

Financials

(1.5%):

Allianz

SE,

Registered

Shares

..............................................

954

221,921

Commerzbank

AG

......................................................

8,163

90,402

Deutsche

Bank

AG,

Registered

Shares

........................................

9,465

99,327

Deutsche

Boerse

AG

....................................................

1,352

249,450

Hannover

Rueck

SE

.....................................................

962

203,997

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen,

Class

R

...............

589

220,816

Talanx

AG

............................................................

4,302

246,664

1,332,577

Health

Care

(0.8%):

Bayer

AG,

Registered

Shares

..............................................

2,529

139,818

Carl

Zeiss

Meditec

AG

...................................................

945

102,119

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

84

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Fresenius

Medical

Care

AG

&

Co.

KGaA

......................................

3,040

$

145,182

Fresenius

SE

&

Co.

KGaA

................................................

5,253

145,409

Merck

KGaA

..........................................................

831

137,410

669,938

Industrials

(1.3%):

Brenntag

SE

..........................................................

1,880

146,460

Daimler

Truck

Holding

AG

................................................

4,687

168,761

Deutsche

Lufthansa

AG,

Registered

Shares(b)

..................................

12,833

131,325

Deutsche

Post

AG,

Registered

Shares

........................................

3,482

169,938

Knorr-Bremse

AG

......................................................

1,697

129,574

MTU

Aero

Engines

AG

..................................................

628

162,669

Rheinmetall

AG

........................................................

390

106,722

Siemens

AG,

Registered

Shares

.............................................

925

153,953

1,169,402

Information

Technology

(0.4%):

Infineon

Technologies

AG

.................................................

3,077

126,855

SAP

SE

..............................................................

1,571

214,504

341,359

Materials

(0.5%):

Evonik

Industries

AG

....................................................

6,379

121,314

HeidelbergCement

AG

...................................................

2,080

170,665

Symrise

AG

...........................................................

1,580

165,532

457,511

Real

Estate

(0.1%):

Vonovia

SE

...........................................................

3,967

77,456

Utilities

(0.2%):

E.ON

SE

.............................................................

15,508

197,634

5,533,757

Hong

Kong

(2.9%):

Financials

(0.5%):

AIA

Group

Ltd.

........................................................

12,011

121,249

Hang

Seng

Bank

Ltd.

....................................................

12,114

172,379

Hong

Kong

Exchanges

&

Clearing

Ltd.

.......................................

2,684

101,116

394,744

Health

Care

(0.1%):

Sino

Biopharmaceutical

Ltd.

...............................................

213,320

92,834

Industrials

(0.6%):

CK

Hutchison

Holdings

Ltd.

...............................................

33,262

203,120

MTR

Corp.

Ltd.

........................................................

51,565

236,908

Techtronic

Industries

Co.

Ltd.

..............................................

7,683

83,491

523,519

Real

Estate

(1.0%):

CK

Asset

Holdings

Ltd.

..................................................

29,809

165,105

Henderson

Land

Development

Co.

Ltd.

.......................................

42,891

127,539

Hongkong

Land

Holdings

Ltd.

.............................................

35,800

139,620

Sino

Land

Co.

Ltd.

......................................................

125,761

154,559

Sun

Hung

Kai

Properties

Ltd.

..............................................

14,904

187,734

Swire

Pacific

Ltd.,

Class

A

................................................

18,515

141,892

916,449

Utilities

(0.7%):

CLP

Holdings

Ltd.

......................................................

28,500

221,506

Hong

Kong

&

China

Gas

Co.

Ltd.

...........................................

212,205

183,344

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

85

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Power

Assets

Holdings

Ltd.

...............................................

45,186

$

236,722

641,572

2,569,118

Ireland

(1.3%):

Consumer

Staples

(0.2%):

Kerry

Group

PLC

.......................................................

1,979

192,996

Financials

(0.2%):

AIB

Group

PLC

........................................................

27,481

115,440

Bank

of

Ireland

Group

PLC

...............................................

9,852

93,929

209,369

Industrials

(0.5%):

Experian

PLC

.........................................................

4,886

187,243

Kingspan

Group

PLC

....................................................

1,366

90,768

Ryanair

Holdings

PLC(b)

.................................................

8,006

150,378

428,389

Materials

(0.4%):

CRH

PLC

............................................................

3,530

194,504

Smurfit

Kappa

Group

PLC

................................................

3,288

109,721

304,225

1,134,979

Israel

(0.6%):

Financials

(0.4%):

Bank

Hapoalim

BM

.....................................................

19,162

157,166

Bank

Leumi

Le-Israel

BM

................................................

21,919

163,268

320,434

Information

Technology

(0.1%):

Nice

Ltd.(b)

...........................................................

570

116,493

Materials

(0.1%):

ICL

Group

Ltd.

........................................................

17,803

96,609

533,536

Italy

(2.6%):

Communication

Services

(0.2%):

Infrastrutture

Wireless

Italiane

SpA(c)

........................................

17,186

226,519

Consumer

Discretionary

(0.2%):

Moncler

SpA

..........................................................

2,016

139,326

Energy

(0.2%):

Eni

SpA

.............................................................

10,573

152,070

Financials

(1.0%):

Assicurazioni

Generali

SpA

...............................................

9,608

195,198

FinecoBank

Banca

Fineco

SpA

.............................................

7,032

94,488

Intesa

Sanpaolo

SpA

.....................................................

52,590

137,714

Mediobanca

Banca

di

Credito

Finanziario

SpA

..................................

15,884

189,947

Poste

Italiane

SpA(c)

....................................................

14,985

162,127

UniCredit

SpA

.........................................................

5,651

131,115

910,589

Industrials

(0.3%):

Nexi

SpA(b)(c)

........................................................

13,341

104,544

Prysmian

SpA

.........................................................

3,967

165,690

270,234

Utilities

(0.7%):

Enel

SpA

.............................................................

29,732

200,093

Snam

SpA

............................................................

39,191

204,697

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

86

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Terna

-

Rete

Elettrica

Nazionale

............................................

23,758

$

202,349

607,139

2,305,877

Japan

(20.9%):

Communication

Services

(1.5%):

KDDI

Corp.

...........................................................

8,400

259,080

Nexon

Co.

Ltd.

........................................................

6,200

118,044

Nintendo

Co.

Ltd.

......................................................

4,900

222,178

Nippon

Telegraph

&

Telephone

Corp.

........................................

232,500

274,752

SoftBank

Corp.

........................................................

34,300

366,107

Z

Holdings

Corp.

.......................................................

44,200

106,119

1,346,280

Consumer

Discretionary

(3.0%):

Bandai

Namco

Holdings,

Inc.

..............................................

8,700

200,254

Bridgestone

Corp.(a)

....................................................

5,400

220,521

Denso

Corp.

..........................................................

3,100

207,233

Fast

Retailing

Co.

Ltd.

...................................................

800

203,604

Honda

Motor

Co.

Ltd.

...................................................

7,500

225,655

Nissan

Motor

Co.

Ltd.

...................................................

38,400

156,549

Oriental

Land

Co.

Ltd.

...................................................

6,000

232,922

Panasonic

Holdings

Corp.

.................................................

19,900

241,854

Sekisui

House

Ltd.

......................................................

12,900

259,779

Shimano,

Inc.

.........................................................

900

149,459

Sony

Group

Corp.

......................................................

1,800

161,748

Suzuki

Motor

Corp.

.....................................................

4,600

165,821

Toyota

Motor

Corp.

.....................................................

14,900

238,402

2,663,801

Consumer

Staples

(2.2%):

Aeon

Co.

Ltd.

.........................................................

10,700

218,183

Ajinomoto

Co.,

Inc.

.....................................................

6,700

265,808

Asahi

Group

Holdings

Ltd.

................................................

5,400

208,619

Japan

Tobacco,

Inc.(a)

...................................................

11,200

244,758

Kao

Corp.

............................................................

5,500

198,759

Kirin

Holdings

Co.

Ltd.

(a)

................................................

17,200

250,525

Seven

&

i

Holdings

Co.

Ltd.

...............................................

4,300

184,929

Shiseido

Co.

Ltd.

.......................................................

3,200

144,009

Unicharm

Corp.

........................................................

5,100

188,793

1,904,383

Energy

(0.2%):

Inpex

Corp.(a)

.........................................................

11,400

126,263

Financials

(2.7%):

Dai-ichi

Life

Holdings,

Inc.

...............................................

7,400

140,430

Japan

Post

Holdings

Co.

Ltd.

..............................................

32,300

232,041

Mitsubishi

UFJ

Financial

Group,

Inc.

.........................................

25,800

190,442

Mizuho

Financial

Group,

Inc.

..............................................

15,470

235,781

MS&AD

Insurance

Group

Holdings,

Inc.

......................................

6,100

215,453

Nomura

Holdings,

Inc.

...................................................

65,400

248,038

ORIX

Corp.

...........................................................

10,300

186,504

Resona

Holdings,

Inc.

....................................................

31,000

148,318

Sompo

Holdings,

Inc.

....................................................

4,400

196,975

Sumitomo

Mitsui

Financial

Group,

Inc.

.......................................

4,800

204,902

Sumitomo

Mitsui

Trust

Holdings,

Inc.

........................................

5,300

187,822

Tokio

Marine

Holdings,

Inc.

...............................................

8,700

199,893

2,386,599

Health

Care

(2.3%):

Astellas

Pharma,

Inc.

....................................................

15,300

227,888

Chugai

Pharmaceutical

Co.

Ltd.

............................................

7,700

218,064

Daiichi

Sankyo

Co.

Ltd.

..................................................

3,800

119,837

Eisai

Co.

Ltd.

..........................................................

2,100

141,533

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

87

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Hoya

Corp.

...........................................................

1,300

$

153,850

M3,

Inc.

.............................................................

4,300

92,658

Olympus

Corp.

........................................................

8,600

135,068

Otsuka

Holdings

Co.

Ltd.

.................................................

7,400

270,345

Shionogi

&

Co.

Ltd.

.....................................................

4,100

172,491

Takeda

Pharmaceutical

Co.

Ltd.

............................................

8,500

266,700

Terumo

Corp.

.........................................................

6,500

205,524

2,003,958

Industrials

(4.9%):

Central

Japan

Railway

Co.

................................................

2,100

262,864

Daikin

Industries

Ltd.

....................................................

900

182,551

East

Japan

Railway

Co.

..................................................

4,900

271,252

FANUC

Corp.

.........................................................

5,000

174,383

Hitachi

Ltd.

...........................................................

3,600

221,968

ITOCHU

Corp.

........................................................

6,400

252,265

Komatsu

Ltd.

..........................................................

7,600

204,433

Kubota

Corp.(a)

........................................................

10,500

152,755

Marubeni

Corp.

........................................................

12,000

202,939

Mitsubishi

Corp.

.......................................................

4,700

225,749

Mitsubishi

Electric

Corp.

.................................................

18,900

265,528

Mitsui

&

Co.

Ltd.

.......................................................

5,700

213,770

Nidec

Corp.

...........................................................

2,700

146,808

Nippon

Yusen

KK

......................................................

4,700

103,916

Recruit

Holdings

Co.

Ltd.

.................................................

4,900

154,967

Secom

Co.

Ltd.

........................................................

4,700

317,253

SMC

Corp.

...........................................................

300

165,262

Sumitomo

Corp.

........................................................

11,100

233,956

Toshiba

Corp.

.........................................................

6,300

197,235

Toyota

Industries

Corp.

...................................................

3,000

213,231

Toyota

Tsusho

Corp.

.....................................................

3,800

188,025

4,351,110

Information

Technology

(2.9%):

Advantest

Corp.

........................................................

1,500

199,092

Canon,

Inc.(a)

.........................................................

9,900

260,057

FUJIFILM

Holdings

Corp.

................................................

4,000

236,790

Fujitsu

Ltd.

...........................................................

1,300

167,546

Keyence

Corp.

.........................................................

300

141,080

Kyocera

Corp.

.........................................................

4,400

237,596

Lasertec

Corp.

.........................................................

500

74,768

Murata

Manufacturing

Co.

Ltd.

.............................................

3,200

182,667

Nomura

Research

Institute

Ltd.

.............................................

6,278

172,353

NTT

Data

Corp.

........................................................

11,900

165,534

Obic

Co.

Ltd.

..........................................................

1,400

223,565

Renesas

Electronics

Corp.(b)

..............................................

8,800

164,771

TDK

Corp.

...........................................................

3,800

146,622

Tokyo

Electron

Ltd.

.....................................................

1,000

142,501

2,514,942

Materials

(0.5%):

Nippon

Paint

Holdings

Co.

Ltd.

.............................................

13,500

110,691

Nippon

Steel

Corp.

......................................................

7,300

151,990

Shin-Etsu

Chemical

Co.

Ltd.

...............................................

5,500

181,758

444,439

Real

Estate

(0.7%):

Daiwa

House

Industry

Co.

Ltd.

.............................................

10,400

273,335

Mitsubishi

Estate

Co.

Ltd.

.................................................

16,200

192,002

Mitsui

Fudosan

Co.

Ltd.

..................................................

9,500

188,347

653,684

18,395,459

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

88

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Luxembourg

(0.4%):

Energy

(0.1%):

Tenaris

SA

............................................................

5,953

$

89,083

Health

Care

(0.2%):

Eurofins

Scientific

SE

....................................................

1,876

119,047

Materials

(0.1%):

ArcelorMittal

SA

.......................................................

4,107

111,715

319,845

Netherlands

(3.6%):

Communication

Services

(0.5%):

Koninklijke

KPN

NV

....................................................

80,269

286,303

Universal

Music

Group

NV

................................................

5,638

125,185

411,488

Consumer

Discretionary

(0.1%):

Prosus

NV

............................................................

1,235

90,431

Consumer

Staples

(1.0%):

Davide

Campari-Milano

NV

...............................................

14,735

204,021

Heineken

Holding

NV

...................................................

2,541

220,828

Heineken

NV

..........................................................

2,180

224,015

Koninklijke

Ahold

Delhaize

NV

............................................

6,497

221,597

870,461

Financials

(0.5%):

ABN

AMRO

Bank

NV(c)

.................................................

7,616

118,248

ING

Groep

NV

........................................................

10,667

143,598

NN

Group

NV

.........................................................

4,403

162,907

424,753

Health

Care

(0.2%):

Koninklijke

Philips

NV(b)

................................................

6,799

146,943

Industrials

(0.9%):

Adyen

NV(b)(c)

........................................................

55

95,164

Ferrovial

SE(b)

........................................................

7,345

232,169

IMCD

NV

............................................................

885

127,172

Randstad

NV

..........................................................

2,518

132,726

Wolters

Kluwer

NV

.....................................................

1,770

224,603

811,834

Information

Technology

(0.2%):

ASM

International

NV

...................................................

254

107,627

ASML

Holding

NV

.....................................................

172

124,424

232,051

Materials

(0.2%):

Akzo

Nobel

NV

........................................................

2,115

172,429

3,160,390

New

Zealand

(0.1%):

Health

Care

(0.1%):

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

........................................

8,552

128,543

Norway

(1.0%):

Communication

Services

(0.2%):

Telenor

ASA

..........................................................

16,684

169,185

Consumer

Staples

(0.1%):

Mowi

ASA

...........................................................

7,268

115,294

Energy

(0.3%):

Aker

BP

ASA

.........................................................

4,156

97,536

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

89

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Equinor

ASA

..........................................................

3,917

$

113,941

211,477

Financials

(0.2%):

DNB

Bank

ASA

........................................................

10,102

188,967

Materials

(0.2%):

Norsk

Hydro

ASA

......................................................

15,518

92,276

Yara

International

ASA(a)

.................................................

3,245

114,627

206,903

891,826

Portugal

(0.6%):

Consumer

Staples

(0.3%):

Jeronimo

Martins

SGPS

SA

...............................................

8,549

235,433

Energy

(0.1%):

Galp

Energia

SGPS

SA

...................................................

10,589

123,855

Utilities

(0.2%):

EDP

-

Energias

de

Portugal

SA

.............................................

39,784

194,295

553,583

Singapore

(2.4%):

Communication

Services

(0.3%):

Singapore

Telecommunications

Ltd.

.........................................

139,900

258,671

Consumer

Discretionary

(0.2%):

Genting

Singapore

Ltd.

...................................................

302,800

210,511

Consumer

Staples

(0.2%):

Wilmar

International

Ltd.

.................................................

79,000

222,025

Financials

(1.0%):

DBS

Group

Holdings

Ltd.

.................................................

11,200

261,010

Oversea-Chinese

Banking

Corp.

Ltd.

.........................................

36,700

333,316

United

Overseas

Bank

Ltd.

................................................

12,200

252,644

846,970

Industrials

(0.5%):

Singapore

Airlines

Ltd.

...................................................

81,900

433,093

Real

Estate

(0.2%):

Capitaland

Investment

Ltd.

................................................

59,400

145,414

2,116,684

South

Korea

(4.2%):

Communication

Services

(0.2%):

Kakao

Corp.

..........................................................

2,065

76,952

NAVER

Corp.

.........................................................

687

95,312

172,264

Consumer

Discretionary

(0.8%):

Hyundai

Mobis

Co.

Ltd.

..................................................

988

174,340

Hyundai

Motor

Co.

.....................................................

1,256

196,846

Kia

Corp.

............................................................

2,675

179,673

LG

Electronics,

Inc.

.....................................................

1,510

145,201

696,060

Consumer

Staples

(0.3%):

KT&G

Corp.

..........................................................

3,932

247,093

Energy

(0.1%):

SK

Innovation

Co.

Ltd.(b)

................................................

968

116,445

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

90

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Financials

(0.7%):

Hana

Financial

Group,

Inc.

................................................

3,600

$

107,104

KakaoBank

Corp.

.......................................................

3,696

66,621

KB

Financial

Group,

Inc.

.................................................

3,460

125,391

Samsung

Life

Insurance

Co.

Ltd.

............................................

3,618

184,799

Shinhan

Financial

Group

Co.

Ltd.

...........................................

5,021

129,564

613,479

Health

Care

(0.4%):

Celltrion,

Inc.

.........................................................

1,330

154,339

Samsung

Biologics

Co.

Ltd.(b)(c)

...........................................

337

190,291

344,630

Industrials

(0.7%):

Ecopro

BM

Co.

Ltd.

.....................................................

689

130,207

LG

Corp.

.............................................................

2,981

199,095

Samsung

C&T

Corp.

....................................................

2,033

163,091

SK,

Inc.

..............................................................

1,123

126,738

619,131

Information

Technology

(0.5%):

Samsung

Electronics

Co.

Ltd.

..............................................

3,836

210,200

Samsung

SDI

Co.

Ltd.

...................................................

226

114,750

SK

Hynix,

Inc.

.........................................................

1,977

172,852

497,802

Materials

(0.5%):

LG

Chem

Ltd.

.........................................................

210

106,307

POSCO

Future

M

Co.

Ltd.

................................................

528

141,457

POSCO

Holdings,

Inc.

...................................................

561

165,201

412,965

3,719,869

Spain

(2.4%):

Communication

Services

(0.2%):

Telefonica

SA

.........................................................

48,883

198,197

Consumer

Discretionary

(0.3%):

Industria

de

Diseno

Textil

SA

..............................................

5,615

217,246

Energy

(0.1%):

Repsol

SA

............................................................

8,543

124,252

Financials

(0.5%):

Banco

Bilbao

Vizcaya

Argentaria

SA

.........................................

19,931

152,922

Banco

Santander

SA

.....................................................

36,454

134,638

CaixaBank

SA

.........................................................

29,435

121,625

409,185

Industrials

(0.4%):

Aena

SME

SA(c)

.......................................................

1,165

188,126

Amadeus

IT

Group

SA(b)

.................................................

2,487

189,135

377,261

Utilities

(0.9%):

Acciona

SA

...........................................................

888

150,566

Endesa

SA(a)

..........................................................

9,145

196,069

Iberdrola

SA

..........................................................

20,187

263,210

Red

Electrica

Corp.

SA

...................................................

11,747

197,191

807,036

2,133,177

Sweden

(3.2%):

Consumer

Discretionary

(0.3%):

Evolution

AB(c)

........................................................

957

121,233

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

91

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

H

&

M

Hennes

&

Mauritz

AB,

Class

B

.......................................

9,488

$

162,963

284,196

Consumer

Staples

(0.2%):

Essity

AB,

Class

B

......................................................

7,607

202,566

Financials

(0.8%):

EQT

AB

.............................................................

3,574

68,752

L

E

Lundbergforetagen

AB,

Class

B

.........................................

3,524

149,962

Skandinaviska

Enskilda

Banken

AB,

Class

A

...................................

14,955

165,273

Svenska

Handelsbanken

AB,

Class

A

.........................................

16,925

141,817

Swedbank

AB,

Class

A

...................................................

8,615

145,308

671,112

Industrials

(1.3%):

Alfa

Laval

AB

.........................................................

4,035

147,081

Assa

Abloy

AB,

Class

B

..................................................

6,548

157,300

Atlas

Copco

AB,

Class

A

.................................................

11,198

161,403

Epiroc

AB,

Class

A

......................................................

7,341

138,833

Lifco

AB,

Class

B

......................................................

6,267

136,193

Nibe

Industrier

AB,

Class

B

...............................................

9,161

87,009

Sandvik

AB

...........................................................

6,783

132,244

Volvo

AB,

Class

B

......................................................

8,535

176,534

1,136,597

Information

Technology

(0.3%):

Hexagon

AB,

Class

B

....................................................

12,359

152,173

Telefonaktiebolaget

LM

Ericsson,

Class

B

.....................................

23,724

128,528

280,701

Materials

(0.3%):

Boliden

AB

...........................................................

2,850

82,355

Svenska

Cellulosa

AB

SCA,

Class

B

.........................................

10,864

138,502

220,857

2,796,029

Switzerland

(6.9%):

Communication

Services

(0.3%):

Swisscom

AG,

Registered

Shares

...........................................

422

263,066

Consumer

Discretionary

(0.3%):

Cie

Financiere

Richemont

SA,

Registered

Shares

................................

895

151,684

The

Swatch

Group

AG

...................................................

451

131,600

283,284

Consumer

Staples

(1.1%):

Barry

Callebaut

AG,

Registered

Shares

.......................................

134

258,626

Chocoladefabriken

Lindt

&

Spruengli

AG

.....................................

18

226,106

Coca-Cola

HBC

AG

.....................................................

7,413

220,734

Nestle

SA,

Registered

Shares

..............................................

2,452

294,854

1,000,320

Financials

(1.2%):

Julius

Baer

Group

Ltd.

...................................................

2,431

153,065

Partners

Group

Holding

AG

...............................................

119

111,925

Swiss

Life

Holding

AG

...................................................

336

196,388

Swiss

Re

AG

..........................................................

1,962

197,428

UBS

Group

AG

........................................................

6,701

135,510

Zurich

Insurance

Group

AG

...............................................

514

244,076

1,038,392

Health

Care

(1.3%):

Alcon,

Inc.

...........................................................

2,517

208,437

Lonza

Group

AG,

Registered

Shares

.........................................

219

130,548

Novartis

AG,

Registered

Shares

.............................................

3,080

309,790

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

92

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Roche

Holding

AG

......................................................

839

$

256,445

Sonova

Holding

AG

.....................................................

499

132,836

Straumann

Holding

AG,

Class

R

............................................

739

119,877

1,157,933

Industrials

(1.2%):

ABB

Ltd.,

Registered

Shares

...............................................

5,638

221,664

Geberit

AG,

Registered

Shares

.............................................

262

137,061

Kuehne

+

Nagel

International

AG,

Class

R

.....................................

594

175,717

Schindler

Holding

AG

...................................................

666

156,080

SGS

SA,

Registered

Shares

................................................

2,250

212,628

VAT

Group

AG(c)

......................................................

331

136,869

1,040,019

Information

Technology

(0.3%):

Logitech

International

SA,

Class

R

..........................................

1,946

115,786

STMicroelectronics

NV

..................................................

2,468

122,698

238,484

Materials

(1.2%):

DSM-Firmenich

AG(b)

...................................................

1,116

120,086

EMS-Chemie

Holding

AG

................................................

211

159,641

Givaudan

SA,

Registered

Shares

............................................

51

168,993

Glencore

PLC

.........................................................

20,491

115,656

Holcim

AG

...........................................................

3,067

206,340

SIG

Group

AG

.........................................................

6,033

166,400

Sika

AG,

Registered

Shares

................................................

418

119,449

1,056,565

6,078,063

United

Kingdom

(9.0%):

Communication

Services

(0.7%):

BT

Group

PLC

........................................................

78,350

121,724

Informa

PLC

..........................................................

22,499

207,411

Vodafone

Group

PLC

....................................................

154,409

145,031

WPP

PLC

............................................................

12,353

129,157

603,323

Consumer

Discretionary

(1.0%):

Burberry

Group

PLC

....................................................

5,314

143,051

Compass

Group

PLC

....................................................

9,759

272,870

Entain

PLC

...........................................................

6,958

112,384

InterContinental

Hotels

Group

PLC

..........................................

2,477

170,914

JD

Sports

Fashion

PLC

...................................................

43,680

80,978

Next

PLC

............................................................

1,556

136,330

916,527

Consumer

Staples

(2.0%):

Associated

British

Foods

PLC

..............................................

6,680

168,881

British

American

Tobacco

PLC

.............................................

5,513

182,570

Diageo

PLC

...........................................................

5,464

234,440

Haleon

PLC

...........................................................

40,068

163,954

Imperial

Brands

PLC

....................................................

9,775

215,787

Reckitt

Benckiser

Group

PLC

..............................................

3,414

256,289

Tesco

PLC

............................................................

64,604

203,772

Unilever

PLC

.........................................................

5,769

300,160

1,725,853

Energy

(0.2%):

Shell

PLC

............................................................

5,038

149,855

Financials

(1.7%):

3i

Group

PLC

.........................................................

7,746

191,651

Barclays

PLC

.........................................................

71,768

139,776

HSBC

Holdings

PLC

....................................................

21,547

170,098

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

93

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Legal

&

General

Group

PLC

...............................................

48,929

$

141,221

Lloyds

Banking

Group

PLC

...............................................

252,255

139,624

London

Stock

Exchange

Group

PLC

.........................................

2,265

240,613

NatWest

Group

PLC

.....................................................

39,210

119,891

Prudential

PLC

........................................................

7,551

106,285

Schroders

PLC

.........................................................

23,791

132,107

Standard

Chartered

PLC

..................................................

13,681

118,651

1,499,917

Health

Care

(0.7%):

AstraZeneca

PLC

.......................................................

1,518

217,350

GSK

PLC

............................................................

9,980

175,996

Smith

&

Nephew

PLC

...................................................

12,129

195,289

588,635

Industrials

(1.3%):

Ashtead

Group

PLC

.....................................................

1,922

132,863

BAE

Systems

PLC

......................................................

17,279

203,391

Bunzl

PLC

...........................................................

5,899

224,640

RELX

PLC

...........................................................

7,652

254,668

Rentokil

Initial

PLC

.....................................................

28,360

221,470

Spirax-Sarco

Engineering

PLC

.............................................

1,036

136,352

1,173,384

Information

Technology

(0.4%):

Halma

PLC

...........................................................

5,418

156,652

The

Sage

Group

PLC

....................................................

20,008

234,955

391,607

Materials

(0.5%):

Anglo

American

PLC

....................................................

3,020

85,630

Antofagasta

PLC

.......................................................

5,745

106,579

Croda

International

PLC

..................................................

1,903

135,948

Evraz

PLC(b)(d)(e)

.....................................................

34,029

17,500

Rio

Tinto

PLC

.........................................................

2,172

137,500

483,157

Utilities

(0.5%):

National

Grid

PLC

......................................................

17,285

228,373

SSE

PLC

.............................................................

8,471

198,025

426,398

7,958,656

United

States

(0.2%):

Utilities

(0.2%):

Brookfield

Renewable

Corp.,

Class

A

.........................................

5,558

175,350

Total

Common

Stocks

(Cost

$77,645,092)

87,041,454

Collateral

for

Securities

Loaned

(3.6%)^

United

States

(3.6%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

5.02%(f)

........

801,006

801,006

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

5.02%(f)

............

801,006

801,006

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

5.08%(f)

................

801,006

801,006

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

5.04%(f)

.

801,006

801,006

Total

Collateral

for

Securities

Loaned

(Cost

$3,204,024)

3,204,024

Total

Investments

(Cost

$80,849,116)

—

102.3%

90,245,478

Liabilities

in

excess

of

other

assets

—

(2.3)%

(2,046,420)

NET

ASSETS

-

100.00%

$

88,199,058

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

94

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Name

Acquisition

Date

Cost

Evraz

PLC

.................................................

3/19/2021

$

213,602

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

June

30,

2023,

the

fair

value

of

these

securities

was

$2,023,513

and

amounted

to

2.3%

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

June

30,

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

at

June

30,

2023.

(f)

Rate

disclosed

is

the

daily

yield

on

June

30,

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

9/15/23

$

748,754

$

754,425

$

5,671

Total

unrealized

appreciation

$

5,671

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

5,671

Schedule

of

Portfolio

Investments

June

30,

2023

Victory

Portfolios

II

VictoryShares

US

Large

Cap

High

Div

Volatility

Wtd

ETF

95

See

notes

to

financial

statements.

Security

Description

Shares

Value

Common

Stocks

(99.0%)

Communication

Services

(5.0%):

Comcast

Corp.

,

Class

A

..................................................

91,953

$

3,820,647

Omnicom

Group,

Inc.

....................................................

45,733

4,351,495

Paramount

Global

,

Class

B

................................................

93,306

1,484,498

The

Interpublic

Group

of

Cos.,

Inc.

..........................................

105,070

4,053,601

Verizon

Communications,

Inc.

..............................................

118,227

4,396,862

18,107,103

Consumer

Discretionary

(4.5%):

Best

Buy

Co.,

Inc.

......................................................

31,414

2,574,377

Darden

Restaurants,

Inc.

..................................................

27,223

4,548,419

Garmin

Ltd.

...........................................................

35,673

3,720,337

Vail

Resorts,

Inc.

.......................................................

14,367

3,617,036

VF

Corp.

.............................................................

89,842

1,715,084

16,175,253

Consumer

Staples

(12.1%):

Altria

Group,

Inc.

.......................................................

98,826

4,476,818

Conagra

Brands,

Inc.

....................................................

138,097

4,656,631

Kellogg

Co.

...........................................................

79,549

5,361,603

Kimberly-Clark

Corp.

....................................................

45,333

6,258,674

Philip

Morris

International,

Inc.

.............................................

50,500

4,929,810

The

Clorox

Co.

........................................................

24,385

3,878,190

The

Coca-Cola

Co.

......................................................

103,156

6,212,054

The

Kraft

Heinz

Co.

.....................................................

123,881

4,397,775

Tyson

Foods,

Inc.

,

Class

A

................................................

75,441

3,850,509

44,022,064

Energy

(8.7%):

Chevron

Corp.

.........................................................

20,449

3,217,650

Coterra

Energy,

Inc.

.....................................................

99,824

2,525,547

Devon

Energy

Corp.

.....................................................

37,319

1,804,001

EOG

Resources,

Inc.

....................................................

21,380

2,446,727

Exxon

Mobil

Corp.

.....................................................

29,186

3,130,199

Kinder

Morgan,

Inc.

.....................................................

234,522

4,038,469

ONEOK,

Inc.

..........................................................

48,381

2,986,075

Phillips

66

............................................................

26,323

2,510,688

Pioneer

Natural

Resources

Co.

.............................................

13,078

2,709,500

The

Williams

Cos.,

Inc.

..................................................

121,047

3,949,764

Valero

Energy

Corp.

.....................................................

17,708

2,077,148

31,395,768

Financials

(17.7%):

Ally

Financial,

Inc.

......................................................

69,221

1,869,659

Ares

Management

Corp.

,

Class

A

...........................................

32,654

3,146,213

Blackstone,

Inc.

........................................................

23,724

2,205,620

Citigroup,

Inc.

.........................................................

66,482

3,060,831

Citizens

Financial

Group,

Inc.

..............................................

83,425

2,175,724

CME

Group,

Inc.

.......................................................

26,657

4,939,276

Comerica,

Inc.

.........................................................

46,382

1,964,742

Fidelity

National

Financial,

Inc.

............................................

85,694

3,084,984

Fifth

Third

Bancorp

.....................................................

88,264

2,313,399

Franklin

Resources,

Inc.

..................................................

96,182

2,569,021

Huntington

Bancshares,

Inc.

...............................................

229,779

2,477,018

KeyCorp

.............................................................

168,347

1,555,526

M&T

Bank

Corp.

.......................................................

22,053

2,729,279

Morgan

Stanley

........................................................

39,586

3,380,644

Northern

Trust

Corp.

....................................................

33,834

2,508,453

Principal

Financial

Group,

Inc.

.............................................

39,853

3,022,452

Regions

Financial

Corp.

..................................................

149,057

2,656,196

T.

Rowe

Price

Group,

Inc.

.................................................

21,779

2,439,684

The

Carlyle

Group,

Inc.

..................................................

71,535

2,285,543

The

PNC

Financial

Services

Group,

Inc.

......................................

22,653

2,853,145

Victory

Portfolios

II

VictoryShares

US

Large

Cap

High

Div

Volatility

Wtd

ETF

96

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Truist

Financial

Corp.

....................................................

73,846

$

2,241,226

U.S.

Bancorp

..........................................................

81,445

2,690,943

Unum

Group

..........................................................

72,565

3,461,350

Webster

Financial

Corp.

..................................................

62,485

2,358,809

63,989,737

Health

Care

(9.9%):

AbbVie,

Inc.

..........................................................

31,681

4,268,381

Amgen,

Inc.

...........................................................

21,808

4,841,812

Bristol-Myers

Squibb

Co.

.................................................

73,120

4,676,024

Gilead

Sciences,

Inc.

....................................................

48,638

3,748,531

Johnson

&

Johnson

.....................................................

42,823

7,088,063

Medtronic

PLC

........................................................

51,543

4,540,938

Pfizer,

Inc.

............................................................

105,281

3,861,707

Viatris,

Inc.

...........................................................

273,206

2,726,596

35,752,052

Industrials

(4.8%):

3M

Co.

..............................................................

33,170

3,319,985

Paychex,

Inc.

..........................................................

36,241

4,054,281

Stanley

Black

&

Decker,

Inc.

..............................................

27,330

2,561,094

United

Parcel

Service,

Inc.

,

Class

B

..........................................

21,713

3,892,055

Watsco,

Inc.

...........................................................

9,665

3,686,908

17,514,323

Information

Technology

(8.5%):

Cisco

Systems,

Inc.

.....................................................

90,572

4,686,195

Corning,

Inc.

..........................................................

109,312

3,830,293

Dell

Technologies,

Inc.

,

Class

C

............................................

68,574

3,710,539

Hewlett

Packard

Enterprise

Co.

.............................................

227,283

3,818,354

HP,

Inc.

..............................................................

100,607

3,089,641

International

Business

Machines

Corp.

........................................

37,457

5,012,121

NetApp,

Inc.

..........................................................

54,947

4,197,951

Seagate

Technology

Holdings

PLC

..........................................

38,031

2,352,978

30,698,072

Materials

(4.2%):

Dow,

Inc.

............................................................

60,536

3,224,147

Eastman

Chemical

Co.

...................................................

33,504

2,804,955

International

Paper

Co.

...................................................

87,684

2,789,228

LyondellBasell

Industries

NV

,

Class

A

........................................

33,388

3,066,020

Packaging

Corp.

of

America

...............................................

25,517

3,372,327

15,256,677

Utilities

(23.6%):

Alliant

Energy

Corp.

....................................................

84,341

4,426,216

American

Electric

Power

Co.,

Inc.

...........................................

48,577

4,090,183

CMS

Energy

Corp.

......................................................

74,580

4,381,575

Consolidated

Edison,

Inc.

.................................................

53,229

4,811,902

Dominion

Energy,

Inc.

...................................................

73,764

3,820,238

DTE

Energy

Co.

.......................................................

41,266

4,540,085

Duke

Energy

Corp.

......................................................

50,192

4,504,230

Edison

International

.....................................................

55,443

3,850,516

Entergy

Corp.

.........................................................

39,567

3,852,639

Evergy,

Inc.

...........................................................

71,976

4,204,838

Eversource

Energy

......................................................

55,324

3,923,578

Exelon

Corp.

..........................................................

98,763

4,023,605

FirstEnergy

Corp.

.......................................................

111,184

4,322,834

NiSource,

Inc.

.........................................................

147,886

4,044,682

PPL

Corp.

............................................................

165,226

4,371,880

Public

Service

Enterprise

Group,

Inc.

.........................................

68,282

4,275,136

Sempra

Energy

........................................................

28,880

4,204,639

The

Southern

Co.

.......................................................

72,149

5,068,467

WEC

Energy

Group,

Inc.

.................................................

50,076

4,418,706

Victory

Portfolios

II

VictoryShares

US

Large

Cap

High

Div

Volatility

Wtd

ETF

97

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Xcel

Energy,

Inc.

.......................................................

67,838

$

4,217,489

85,353,438

Total

Common

Stocks

(Cost

$365,225,431)

358,264,487

Total

Investments

(Cost

$365,225,431)

—

99.0%

358,264,487

Other

assets

in

excess

of

liabilities

—

1.0%

3,625,213

NET

ASSETS

-

100.00%

$

361,889,700

PLC—Public

Limited

Company

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

E-Mini

S&P

500

Futures

..............

13

9/15/23

$

2,854,717

$

2,917,362

$

62,645

Total

unrealized

appreciation

$

62,645

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

62,645

Schedule

of

Portfolio

Investments

June

30,

2023

Victory

Portfolios

II

VictoryShares

US

Small

Cap

High

Div

Volatility

Wtd

ETF

98

See

notes

to

financial

statements.

Security

Description

Shares

Value

Common

Stocks

(99.2%)

Communication

Services

(2.9%):

Cogent

Communications

Holdings,

Inc.

.......................................

77,514

$

5,215,917

John

Wiley

&

Sons,

Inc.

,

Class

A

............................................

92,664

3,153,356

Warner

Music

Group

Corp.

,

Class

A

.........................................

106,837

2,787,377

11,156,650

Consumer

Discretionary

(21.9%):

Bloomin'

Brands,

Inc.

....................................................

133,403

3,587,207

Camping

World

Holdings,

Inc.

,

Class

A

(a)

.....................................

122,048

3,673,645

Carter's,

Inc.

..........................................................

51,654

3,750,080

Cracker

Barrel

Old

Country

Store,

Inc.

........................................

35,231

3,282,825

Dine

Brands

Global,

Inc.

.................................................

48,317

2,803,836

Foot

Locker,

Inc.

.......................................................

65,227

1,768,304

Jack

in

the

Box,

Inc.

.....................................................

40,091

3,910,075

Kontoor

Brands,

Inc.

....................................................

55,495

2,336,339

Laureate

Education,

Inc.

..................................................

290,372

3,510,597

La-Z-Boy,

Inc.

.........................................................

107,153

3,068,862

LCI

Industries

.........................................................

28,676

3,623,499

Levi

Strauss

&

Co.

,

Class

A

...............................................

190,635

2,750,863

MDC

Holdings,

Inc.

.....................................................

97,705

4,569,663

Monro,

Inc.

...........................................................

80,789

3,282,457

Nordstrom,

Inc.

........................................................

112,561

2,304,124

Papa

John's

International,

Inc.

..............................................

45,142

3,332,834

Patrick

Industries,

Inc.

...................................................

47,022

3,761,760

Ralph

Lauren

Corp.

.....................................................

30,498

3,760,403

Red

Rock

Resorts,

Inc.

,

Class

A

.............................................

85,902

4,018,496

Steven

Madden

Ltd.

.....................................................

96,575

3,157,037

Strategic

Education,

Inc.

..................................................

55,362

3,755,758

The

Buckle,

Inc.

........................................................

100,985

3,494,081

The

Cheesecake

Factory,

Inc.

..............................................

81,953

2,833,935

The

Gap,

Inc.

..........................................................

218,566

1,951,794

Travel

+

Leisure

Co.

.....................................................

84,812

3,421,316

Upbound

Group,

Inc.

....................................................

86,647

2,697,321

84,407,111

Consumer

Staples

(8.2%):

Cal-Maine

Foods,

Inc.

...................................................

67,011

3,015,495

Fresh

Del

Monte

Produce,

Inc.

.............................................

147,504

3,792,328

J

&

J

Snack

Foods

Corp.

..................................................

38,299

6,065,030

Medifast,

Inc.

.........................................................

27,936

2,574,582

Nu

Skin

Enterprises,

Inc.

,

Class

A

...........................................

92,683

3,077,075

Spectrum

Brands

Holdings,

Inc.

............................................

41,165

3,212,928

Universal

Corp.

........................................................

106,668

5,327,000

Vector

Group

Ltd.

......................................................

354,758

4,544,450

31,608,888

Energy

(6.0%):

Archrock,

Inc.

.........................................................

327,684

3,358,761

Comstock

Resources,

Inc.

(a)

...............................................

173,165

2,008,714

CONSOL

Energy,

Inc.

...................................................

41,949

2,844,562

Crescent

Energy

Co.

,

Class

A

(a)

............................................

223,987

2,333,945

CVR

Energy,

Inc.

.......................................................

79,903

2,393,894

Kinetik

Holdings,

Inc.

(a)

.................................................

116,981

4,110,712

Northern

Oil

and

Gas,

Inc.

................................................

75,473

2,590,233

Sitio

Royalties

Corp.

,

Class

A

(a)

............................................

135,501

3,559,611

23,200,432

Financials

(21.0%):

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

................................

125,987

4,952,549

Associated

Banc-Corp.

...................................................

224,760

3,647,855

Bank

of

Hawaii

Corp.

(a)

..................................................

75,781

3,124,451

Bread

Financial

Holdings,

Inc.

.............................................

62,178

1,951,768

Columbia

Banking

System,

Inc.

............................................

172,652

3,501,383

Victory

Portfolios

II

VictoryShares

US

Small

Cap

High

Div

Volatility

Wtd

ETF

99

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

First

Financial

Bancorp

...................................................

240,251

$

4,910,731

First

Hawaiian,

Inc.

.....................................................

196,235

3,534,192

Fulton

Financial

Corp.

...................................................

316,039

3,767,185

Hope

Bancorp,

Inc.

.....................................................

412,551

3,473,679

Jackson

Financial,

Inc.

,

Class

A

.............................................

64,605

1,977,559

Lazard

Ltd.

,

Class

A

.....................................................

103,124

3,299,968

Moelis

&

Co.

,

Class

A

...................................................

80,951

3,670,318

Navient

Corp.

.........................................................

204,164

3,793,367

Northwest

Bancshares,

Inc.

................................................

466,325

4,943,045

Pacific

Premier

Bancorp,

Inc.

..............................................

153,337

3,171,009

PacWest

Bancorp

(a)

.....................................................

126,182

1,028,383

Provident

Financial

Services,

Inc.

...........................................

230,018

3,758,494

Radian

Group,

Inc.

......................................................

242,433

6,128,706

Sandy

Spring

Bancorp,

Inc.

................................................

154,869

3,512,429

UWM

Holdings

Corp.

(a)

.................................................

618,515

3,463,684

Virtu

Financial,

Inc.

,

Class

A

...............................................

260,092

4,444,972

WesBanco,

Inc.

........................................................

189,298

4,847,922

80,903,649

Health

Care

(1.5%):

Patterson

Cos.,

Inc.

.....................................................

178,305

5,930,424

Industrials

(15.2%):

CSG

Systems

International,

Inc.

............................................

87,604

4,620,235

Flowserve

Corp.

........................................................

117,729

4,373,632

GATX

Corp.

..........................................................

47,479

6,112,446

H&E

Equipment

Services,

Inc.

.............................................

58,466

2,674,819

HNI

Corp.

............................................................

154,420

4,351,556

Kennametal,

Inc.

.......................................................

127,234

3,612,173

Kforce,

Inc.

...........................................................

66,960

4,195,714

ManpowerGroup,

Inc.

...................................................

54,922

4,360,807

MillerKnoll,

Inc.

.......................................................

117,838

1,741,646

MSC

Industrial

Direct

Co.,

Inc.

.............................................

72,590

6,916,375

Ryder

System,

Inc.

......................................................

41,235

3,496,316

Trinity

Industries,

Inc.

...................................................

133,867

3,441,720

Triton

International

Ltd.

..................................................

71,700

5,969,742

TTEC

Holdings,

Inc.

....................................................

77,839

2,634,072

58,501,253

Information

Technology

(1.2%):

InterDigital,

Inc.

.......................................................

47,149

4,552,236

Materials

(6.5%):

Avient

Corp.

..........................................................

66,164

2,706,108

Greif,

Inc.

,

Class

A

......................................................

67,219

4,630,717

Mativ

Holdings,

Inc.

.....................................................

117,522

1,776,933

NewMarket

Corp.

......................................................

18,261

7,343,113

Sensient

Technologies

Corp.

...............................................

65,764

4,677,793

Worthington

Industries,

Inc.

...............................................

54,342

3,775,139

24,909,803

Real

Estate

(1.2%):

Kennedy-Wilson

Holdings,

Inc.

.............................................

268,920

4,391,464

Utilities

(13.6%):

ALLETE,

Inc.

.........................................................

92,181

5,343,733

Avista

Corp.

..........................................................

128,292

5,038,027

Clearway

Energy,

Inc.

,

Class

C

.............................................

157,267

4,491,545

MGE

Energy,

Inc.

......................................................

86,396

6,834,787

New

Jersey

Resources

Corp.

...............................................

106,915

5,046,388

Northwest

Natural

Holding

Co.

.............................................

117,355

5,052,133

NorthWestern

Corp.

.....................................................

108,381

6,151,706

Otter

Tail

Corp.

(a)

......................................................

55,724

4,399,967

SJW

Group

...........................................................

69,758

4,890,733

Victory

Portfolios

II

VictoryShares

US

Small

Cap

High

Div

Volatility

Wtd

ETF

100

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Spire,

Inc.

............................................................

78,832

$

5,001,102

52,250,121

Total

Common

Stocks

(Cost

$382,123,265)

381,812,031

Collateral

for

Securities

Loaned

(4.0%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.02

%

(b)

........

3,869,630

3,869,630

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.02

%

(b)

............

3,869,630

3,869,630

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.08

%

(b)

...............

3,869,630

3,869,630

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.04

%

(b)

.

3,869,630

3,869,630

Total

Collateral

for

Securities

Loaned

(Cost

$15,478,520)

15,478,520

Total

Investments

(Cost

$397,601,785)

—

103.2%

397,290,551

Liabilities

in

excess

of

other

assets

—

(3.2)%

(

12,311,163

)

NET

ASSETS

-

100.00%

$

384,979,388

^

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

June

30,

2023.

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

E-Mini

Russell

2000

Index

Futures

......

27

9/15/23

$

2,548,128

$

2,569,995

$

21,867

Total

unrealized

appreciation

$

21,867

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

21,867

Schedule

of

Portfolio

Investments

June

30,

2023

Victory

Portfolios

II

VictoryShares

International

High

Div

Volatility

Wtd

ETF

101

See

notes

to

financial

statements.

Security

Description

Shares

Value

Common

Stocks

(98.2%)

Australia

(7.5%):

Energy

(1.5%):

Santos

Ltd.

...........................................................

28,946

$

144,971

Woodside

Energy

Group

Ltd.

..............................................

4,991

114,479

259,450

Financials

(3.3%):

ANZ

Group

Holdings

Ltd.

................................................

11,674

184,343

National

Australia

Bank

Ltd.

...............................................

10,458

183,668

Westpac

Banking

Corp.

..................................................

13,822

196,444

564,455

Materials

(2.7%):

BHP

Group

Ltd.

........................................................

4,370

130,940

Fortescue

Metals

Group

Ltd.

...............................................

6,685

98,750

Rio

Tinto

Ltd.

.........................................................

1,768

135,046

South32

Ltd.

..........................................................

35,681

89,351

454,087

1,277,992

Austria

(0.6%):

Energy

(0.6%):

OMV

AG

............................................................

2,273

96,326

Canada

(14.5%):

Communication

Services

(2.9%):

BCE,

Inc.

............................................................

5,602

255,444

TELUS

Corp.

(a)

.......................................................

11,749

228,664

484,108

Energy

(3.8%):

Enbridge,

Inc.

.........................................................

5,833

216,833

Pembina

Pipeline

Corp.

..................................................

5,259

165,361

Suncor

Energy,

Inc.

.....................................................

3,291

96,549

TC

Energy

Corp.

.......................................................

4,145

167,540

646,283

Financials

(5.0%):

Canadian

Imperial

Bank

of

Commerce

........................................

4,190

178,912

Great-West

Lifeco,

Inc.

...................................................

7,634

221,712

Power

Corp.

of

Canada

(a)

.................................................

8,661

233,166

The

Bank

of

Nova

Scotia

.................................................

4,248

212,560

846,350

Utilities

(2.8%):

Emera,

Inc.

...........................................................

5,142

211,798

Fortis,

Inc.

............................................................

6,215

267,865

479,663

2,456,404

Denmark

(0.5%):

Industrials

(0.5%):

AP

Moller

-

Maersk

A/S

,

Class

B

...........................................

52

91,271

Finland

(1.6%):

Financials

(1.0%):

Nordea

Bank

Abp

.......................................................

15,283

166,275

Materials

(0.6%):

Stora

Enso

Oyj

,

Class

R

..................................................

9,123

105,762

272,037

Victory

Portfolios

II

VictoryShares

International

High

Div

Volatility

Wtd

ETF

102

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

France

(8.8%):

Communication

Services

(1.5%):

Orange

SA

............................................................

22,013

$

257,044

Energy

(0.8%):

TotalEnergies

SE

.......................................................

2,287

131,130

Financials

(4.2%):

Amundi

SA

(b)

.........................................................

2,044

120,542

AXA

SA

.............................................................

5,640

166,306

BNP

Paribas

SA

........................................................

2,248

141,575

Credit

Agricole

SA

......................................................

13,682

162,301

Societe

Generale

SA

.....................................................

4,633

120,310

711,034

Industrials

(1.2%):

Bouygues

SA

..........................................................

5,967

200,265

Utilities

(1.1%):

Engie

SA

.............................................................

11,314

187,984

1,487,457

Germany

(6.0%):

Communication

Services

(0.9%):

Telefonica

Deutschland

Holding

AG

.........................................

55,547

156,184

Consumer

Discretionary

(1.9%):

Bayerische

Motoren

Werke

AG

.............................................

1,566

192,258

Mercedes-Benz

Group

AG

................................................

1,590

127,806

320,064

Industrials

(1.0%):

Deutsche

Post

AG

,

Registered

Shares

........................................

3,287

160,421

Materials

(0.7%):

Evonik

Industries

AG

....................................................

6,022

114,525

Real

Estate

(0.4%):

Vonovia

SE

...........................................................

3,744

73,102

Utilities

(1.1%):

E.ON

SE

.............................................................

14,638

186,547

1,010,843

Hong

Kong

(5.0%):

Real

Estate

(2.7%):

Sino

Land

Co.

Ltd.

......................................................

120,000

147,479

Sun

Hung

Kai

Properties

Ltd.

..............................................

14,000

176,346

Swire

Pacific

Ltd.

,

Class

A

................................................

17,500

134,114

457,939

Utilities

(2.3%):

CLP

Holdings

Ltd.

......................................................

27,500

213,733

Hong

Kong

&

China

Gas

Co.

Ltd.

...........................................

199,000

171,935

385,668

843,607

Israel

(0.5%):

Materials

(0.5%):

ICL

Group

Ltd.

........................................................

16,805

91,193

Italy

(8.1%):

Energy

(0.9%):

Eni

SpA

.............................................................

9,981

143,555

Victory

Portfolios

II

VictoryShares

International

High

Div

Volatility

Wtd

ETF

103

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Financials

(3.8%):

Assicurazioni

Generali

SpA

...............................................

9,070

$

184,268

Intesa

Sanpaolo

SpA

.....................................................

49,642

129,994

Mediobanca

Banca

di

Credito

Finanziario

SpA

..................................

14,993

179,292

Poste

Italiane

SpA

(b)

....................................................

14,144

153,028

646,582

Utilities

(3.4%):

Enel

SpA

.............................................................

28,067

188,888

Snam

SpA

............................................................

36,996

193,233

Terna

-

Rete

Elettrica

Nazionale

............................................

22,426

191,004

573,125

1,363,262

Japan

(13.8%):

Communication

Services

(2.0%):

SoftBank

Corp.

........................................................

32,400

345,828

Consumer

Discretionary

(1.4%):

Sekisui

House

Ltd.

......................................................

12,100

243,669

Consumer

Staples

(1.4%):

Japan

Tobacco,

Inc.

(a)

...................................................

10,500

229,460

Energy

(0.7%):

Inpex

Corp.

...........................................................

10,800

119,617

Health

Care

(1.5%):

Takeda

Pharmaceutical

Co.

Ltd.

............................................

8,000

251,012

Industrials

(3.0%):

Marubeni

Corp.

........................................................

11,300

191,101

Nippon

Yusen

KK

......................................................

4,400

97,283

Sumitomo

Corp.

........................................................

10,500

221,309

509,693

Information

Technology

(1.4%):

Canon,

Inc.

(a)

.........................................................

9,300

244,296

Materials

(0.9%):

Nippon

Steel

Corp.

......................................................

6,900

143,662

Real

Estate

(1.5%):

Daiwa

House

Industry

Co.

Ltd.

.............................................

9,700

254,938

2,342,175

Netherlands

(4.7%):

Communication

Services

(1.6%):

Koninklijke

KPN

NV

....................................................

75,775

270,273

Financials

(1.6%):

ABN

AMRO

Bank

NV

(b)

.................................................

7,190

111,634

NN

Group

NV

.........................................................

4,156

153,768

265,402

Health

Care

(0.8%):

Koninklijke

Philips

NV

(c)

................................................

6,420

138,752

Industrials

(0.7%):

Randstad

NV

..........................................................

2,377

125,294

799,721

Norway

(2.6%):

Communication

Services

(0.9%):

Telenor

ASA

..........................................................

15,748

159,693

Victory

Portfolios

II

VictoryShares

International

High

Div

Volatility

Wtd

ETF

104

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Energy

(0.5%):

Aker

BP

ASA

.........................................................

3,924

$

92,091

Materials

(1.2%):

Norsk

Hydro

ASA

......................................................

14,647

87,097

Yara

International

ASA

(a)

.................................................

3,063

108,198

195,295

447,079

Portugal

(2.0%):

Consumer

Staples

(1.3%):

Jeronimo

Martins

SGPS

SA

...............................................

8,070

222,242

Energy

(0.7%):

Galp

Energia

SGPS

SA

...................................................

9,995

116,907

339,149

Singapore

(2.7%):

Communication

Services

(1.5%):

Singapore

Telecommunications

Ltd.

.........................................

131,900

243,880

Consumer

Staples

(1.2%):

Wilmar

International

Ltd.

.................................................

74,400

209,097

452,977

South

Korea

(4.4%):

Consumer

Discretionary

(1.0%):

Kia

Corp.

............................................................

2,525

169,598

Consumer

Staples

(1.4%):

KT&G

Corp.

..........................................................

3,712

233,268

Financials

(2.0%):

Hana

Financial

Group,

Inc.

................................................

3,399

101,124

KB

Financial

Group,

Inc.

.................................................

3,267

118,397

Shinhan

Financial

Group

Co.

Ltd.

...........................................

4,739

122,287

341,808

744,674

Spain

(2.2%):

Communication

Services

(1.1%):

Telefonica

SA

.........................................................

46,145

187,096

Utilities

(1.1%):

Endesa

SA

............................................................

8,632

185,070

372,166

Sweden

(2.4%):

Consumer

Discretionary

(0.9%):

H

&

M

Hennes

&

Mauritz

AB

,

Class

B

.......................................

8,956

153,826

Financials

(0.8%):

Swedbank

AB

,

Class

A

...................................................

8,133

137,178

Information

Technology

(0.7%):

Telefonaktiebolaget

LM

Ericsson

,

Class

B

.....................................

22,396

121,333

412,337

Switzerland

(2.7%):

Financials

(1.1%):

Swiss

Re

AG

..........................................................

1,852

186,359

Industrials

(1.0%):

Kuehne

+

Nagel

International

AG

,

Class

R

.....................................

560

165,660

Victory

Portfolios

II

VictoryShares

International

High

Div

Volatility

Wtd

ETF

105

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Name

Acquisition

Date

Cost

Evraz

PLC

.................................................

3/19/2021

$

141,369

Security

Description

Shares

Value

Materials

(0.6%):

Glencore

PLC

.........................................................

19,343

$

109,176

461,195

United

Kingdom

(6.6%):

Communication

Services

(0.8%):

Vodafone

Group

PLC

....................................................

145,761

136,908

Consumer

Staples

(2.2%):

British

American

Tobacco

PLC

.............................................

5,204

172,337

Imperial

Brands

PLC

....................................................

9,228

203,711

376,048

Health

Care

(1.0%):

GSK

PLC

............................................................

9,421

166,138

Materials

(1.3%):

Anglo

American

PLC

....................................................

2,852

80,867

Evraz

PLC

(c)

(d)

(e)

.....................................................

23,292

11,978

Rio

Tinto

PLC

.........................................................

2,051

129,840

222,685

Utilities

(1.3%):

National

Grid

PLC

......................................................

16,318

215,597

1,117,376

United

States

(1.0%):

Utilities

(1.0%):

Brookfield

Renewable

Corp.

,

Class

A

.........................................

5,248

165,570

Total

Common

Stocks

(Cost

$16,670,900)

16,644,811

Collateral

for

Securities

Loaned

(5.6%)^

United

States

(5.6%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.02

%

(f)

........

240,091

240,091

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.02

%

(f)

............

240,091

240,091

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.08

%

(f)

................

240,091

240,091

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.04

%

(f)

.

240,091

240,091

Total

Collateral

for

Securities

Loaned

(Cost

$960,364)

960,364

Total

Investments

(Cost

$17,631,264)

—

103.8%

17,605,175

Liabilities

in

excess

of

other

assets

—

(3.8)%

(

650,260

)

NET

ASSETS

-

100.00%

$

16,954,915

^

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

June

30,

2023,

the

fair

value

of

these

securities

was

$385,204

and

amounted

to

2.3%

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

June

30,

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

at

June

30,

2023.

(f)

Rate

disclosed

is

the

daily

yield

on

June

30,

2023.

PLC—Public

Limited

Company

Victory

Portfolios

II

VictoryShares

International

High

Div

Volatility

Wtd

ETF

106

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

E-Mini

MSCI

EAFE

Index

Futures

......

2

9/15/23

$

214,588

$

215,550

$

962

Total

unrealized

appreciation

$

962

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

962

Schedule

of

Portfolio

Investments

June

30,

2023

Victory

Portfolios

II

VictoryShares

Dividend

Accelerator

ETF

107

See

notes

to

financial

statements.

Security

Description

Shares

Value

Common

Stocks

(99.5%)

Aerospace

&

Defense

(1.3%):

Northrop

Grumman

Corp.

.................................................

7,040

$

3,208,832

Building

Products

(1.9%):

Carlisle

Cos.,

Inc.

.......................................................

7,083

1,817,002

UFP

Industries,

Inc.

.....................................................

31,873

3,093,275

4,910,277

Commercial

Services

&

Supplies

(3.8%):

Republic

Services,

Inc.

...................................................

35,845

5,490,379

Waste

Management,

Inc.

..................................................

22,983

3,985,712

9,476,091

Consumer

Discretionary

(7.3%):

Best

Buy

Co.,

Inc.

......................................................

33,395

2,736,720

Genuine

Parts

Co.

......................................................

14,124

2,390,205

Leggett

&

Platt,

Inc.

.....................................................

125,359

3,713,134

Lowe's

Cos.,

Inc.

.......................................................

7,725

1,743,532

McDonald's

Corp.

......................................................

17,528

5,230,530

VF

Corp.

.............................................................

129,678

2,475,553

18,289,674

Consumer

Staples

(23.6%):

Altria

Group,

Inc.

.......................................................

30,071

1,362,216

Archer-Daniels-Midland

Co.

...............................................

23,502

1,775,811

Brown-Forman

Corp.

,

Class

B

.............................................

70,895

4,734,368

Colgate-Palmolive

Co.

...................................................

65,218

5,024,395

Costco

Wholesale

Corp.

..................................................

8,478

4,564,386

Flowers

Foods,

Inc.

.....................................................

315,523

7,850,212

Hormel

Foods

Corp.

.....................................................

102,606

4,126,813

Kimberly-Clark

Corp.

....................................................

26,796

3,699,456

Lancaster

Colony

Corp.

..................................................

24,310

4,888,498

PepsiCo,

Inc.

..........................................................

15,887

2,942,590

Sysco

Corp.

...........................................................

24,934

1,850,103

Target

Corp.

..........................................................

13,261

1,749,126

The

Clorox

Co.

........................................................

25,554

4,064,108

The

Coca-Cola

Co.

......................................................

40,756

2,454,326

The

Procter

&

Gamble

Co.

................................................

19,133

2,903,241

Walgreens

Boots

Alliance,

Inc.

.............................................

54,945

1,565,383

Walmart,

Inc.

..........................................................

24,570

3,861,913

59,416,945

Electrical

Equipment

(1.6%):

Emerson

Electric

Co.

....................................................

45,152

4,081,289

Energy

(0.7%):

Chevron

Corp.

.........................................................

5,430

854,411

Exxon

Mobil

Corp.

.....................................................

8,280

888,030

1,742,441

Financials

(7.7%):

Aflac,

Inc.

............................................................

54,592

3,810,522

Cincinnati

Financial

Corp.

................................................

7,681

747,515

Commerce

Bancshares,

Inc.

...............................................

50,915

2,479,560

Franklin

Resources,

Inc.

..................................................

90,150

2,407,906

Nasdaq,

Inc.

..........................................................

84,236

4,199,165

Old

Republic

International

Corp.

............................................

62,027

1,561,220

RLI

Corp.

............................................................

8,000

1,091,760

S&P

Global,

Inc.

.......................................................

4,142

1,660,486

United

Bankshares,

Inc.

..................................................

52,495

1,557,527

19,515,661

Ground

Transportation

(8.1%):

CSX

Corp.

............................................................

137,319

4,682,578

Victory

Portfolios

II

VictoryShares

Dividend

Accelerator

ETF

108

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

J.B.

Hunt

Transport

Services,

Inc.

...........................................

26,440

$

4,786,433

Landstar

System,

Inc.

....................................................

28,095

5,409,411

Union

Pacific

Corp.

.....................................................

26,429

5,407,902

20,286,324

Health

Care

(8.8%):

Abbott

Laboratories

.....................................................

34,153

3,723,360

Agilent

Technologies,

Inc.

.................................................

34,979

4,206,225

AmerisourceBergen

Corp.

.................................................

3,816

734,313

Becton

Dickinson

&

Co.

..................................................

8,978

2,370,282

Danaher

Corp.

.........................................................

17,743

4,258,320

Johnson

&

Johnson

.....................................................

15,798

2,614,885

Medtronic

PLC

........................................................

49,604

4,370,112

22,277,497

Industrial

Conglomerates

(3.3%):

3M

Co.

..............................................................

82,281

8,235,505

Information

Technology

(10.7%):

Apple,

Inc.

...........................................................

41,430

8,036,177

CDW

Corp.

...........................................................

24,289

4,457,031

Microsoft

Corp.

........................................................

9,313

3,171,449

NetApp,

Inc.

..........................................................

77,095

5,890,058

QUALCOMM,

Inc.

.....................................................

15,471

1,841,668

Texas

Instruments,

Inc.

...................................................

19,643

3,536,133

26,932,516

Machinery

(4.9%):

Dover

Corp.

...........................................................

20,837

3,076,583

Illinois

Tool

Works,

Inc.

..................................................

16,157

4,041,835

Nordson

Corp.

.........................................................

11,702

2,904,202

Stanley

Black

&

Decker,

Inc.

..............................................

24,570

2,302,455

12,325,075

Materials

(9.5%):

Air

Products

and

Chemicals,

Inc.

............................................

9,485

2,841,042

Ecolab,

Inc.

...........................................................

29,986

5,598,086

Nucor

Corp.

...........................................................

4,587

752,176

PPG

Industries,

Inc.

.....................................................

27,072

4,014,778

RPM

International,

Inc.

..................................................

23,567

2,114,667

Sonoco

Products

Co.

....................................................

24,116

1,423,326

Steel

Dynamics,

Inc.

.....................................................

17,878

1,947,451

The

Sherwin-Williams

Co.

................................................

10,713

2,844,516

Westlake

Corp.

........................................................

20,319

2,427,511

23,963,553

Professional

Services

(2.9%):

Jack

Henry

&

Associates,

Inc.

..............................................

44,069

7,374,066

Trading

Companies

&

Distributors

(1.1%):

W.W.

Grainger,

Inc.

.....................................................

3,658

2,884,662

Utilities

(2.3%):

Consolidated

Edison,

Inc.

.................................................

58,005

5,243,652

National

Fuel

Gas

Co.

...................................................

10,582

543,492

5,787,144

Total

Common

Stocks

(Cost

$243,409,777)

250,707,552

Total

Investments

(Cost

$243,409,777)

—

99.5%

250,707,552

Other

assets

in

excess

of

liabilities

—

0.5%

1,291,814

NET

ASSETS

-

100.00%

$

251,999,366

PLC—Public

Limited

Company

Victory

Portfolios

II

VictoryShares

Dividend

Accelerator

ETF

109

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

E-Mini

S&P

500

Futures

..............

4

9/15/23

$

878,319

$

897,650

$

19,331

Total

unrealized

appreciation

$

19,331

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

19,331

Schedule

of

Portfolio

Investments

June

30,

2023

Victory

Portfolios

II

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

110

See

notes

to

financial

statements.

Security

Description

Shares

Value

Common

Stocks

(99.4%)

Communication

Services

(7.1%):

Comcast

Corp.

,

Class

A

..................................................

106,160

$

4,410,948

Electronic

Arts,

Inc.

.....................................................

23,303

3,022,399

Fox

Corp.

,

Class

A

......................................................

41,551

1,412,734

8,846,081

Communications

Equipment

(0.2%):

Cisco

Systems,

Inc.

.....................................................

5,617

290,624

Consumer

Discretionary

(2.4%):

Murphy

USA,

Inc.

......................................................

3,053

949,819

Texas

Roadhouse,

Inc.

...................................................

9,548

1,072,049

Thor

Industries,

Inc.

.....................................................

3,687

381,604

Toll

Brothers,

Inc.

......................................................

7,179

567,644

2,971,116

Consumer

Staples

(13.1%):

Altria

Group,

Inc.

.......................................................

46,354

2,099,836

General

Mills,

Inc.

......................................................

42,448

3,255,762

Kellogg

Co.

...........................................................

35,046

2,362,100

Kimberly-Clark

Corp.

....................................................

2,188

302,075

The

Hershey

Co.

.......................................................

14,135

3,529,510

The

J.M.

Smucker

Co.

...................................................

1,865

275,405

Walmart,

Inc.

..........................................................

28,419

4,466,898

16,291,586

Electronic

Equipment,

Instruments

&

Components

(1.6%):

Jabil,

Inc.

............................................................

18,270

1,971,881

Energy

(8.5%):

Cheniere

Energy,

Inc.

....................................................

6,591

1,004,205

Chevron

Corp.

.........................................................

26,809

4,218,396

Kinder

Morgan,

Inc.

.....................................................

127,418

2,194,138

Occidental

Petroleum

Corp.

...............................................

4,704

276,595

ONEOK,

Inc.

..........................................................

4,621

285,208

Phillips

66

............................................................

20,428

1,948,423

Pioneer

Natural

Resources

Co.

.............................................

1,437

297,718

Valero

Energy

Corp.

.....................................................

3,022

354,480

10,579,163

Financials

(6.9%):

American

Express

Co.

...................................................

1,780

310,076

Arch

Capital

Group

Ltd.

(a)

................................................

48,636

3,640,405

First

American

Financial

Corp.

.............................................

5,276

300,838

Old

National

Bancorp

....................................................

32,177

448,547

The

Hartford

Financial

Services

Group,

Inc.

....................................

25,456

1,833,341

WR

Berkley

Corp.

......................................................

33,232

1,979,298

8,512,505

Health

Care

(17.1%):

AbbVie,

Inc.

..........................................................

23,897

3,219,643

Amgen,

Inc.

...........................................................

14,897

3,307,432

Bristol-Myers

Squibb

Co.

.................................................

53,996

3,453,044

DaVita,

Inc.

(a)

.........................................................

3,621

363,802

Hologic,

Inc.

(a)

........................................................

3,638

294,569

Johnson

&

Johnson

.....................................................

31,063

5,141,548

McKesson

Corp.

.......................................................

824

352,103

Merck

&

Co.,

Inc.

......................................................

39,212

4,524,673

Quest

Diagnostics,

Inc.

...................................................

2,075

291,662

UnitedHealth

Group,

Inc.

.................................................

622

298,958

21,247,434

Industrials

(18.2%):

CACI

International,

Inc.

,

Class

A

(a)

.........................................

3,217

1,096,482

Victory

Portfolios

II

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

111

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Carlisle

Cos.,

Inc.

.......................................................

4,232

$

1,085,635

CSX

Corp.

............................................................

9,807

334,419

FedEx

Corp.

..........................................................

2,711

672,057

Illinois

Tool

Works,

Inc.

..................................................

1,206

301,693

Jack

Henry

&

Associates,

Inc.

..............................................

10,227

1,711,284

Lockheed

Martin

Corp.

...................................................

8,206

3,777,878

Oshkosh

Corp.

.........................................................

3,530

305,663

Republic

Services,

Inc.

...................................................

26,611

4,076,007

Science

Applications

International

Corp.

......................................

7,970

896,465

Snap-on,

Inc.

..........................................................

7,719

2,224,539

United

Parcel

Service,

Inc.

,

Class

B

..........................................

12,298

2,204,416

Waste

Management,

Inc.

..................................................

22,638

3,925,882

22,612,420

IT

Services

(1.7%):

Akamai

Technologies,

Inc.

(a)

..............................................

23,497

2,111,675

Materials

(0.5%):

CF

Industries

Holdings,

Inc.

...............................................

4,051

281,220

Graphic

Packaging

Holding

Co.

............................................

11,519

276,802

558,022

Real

Estate

(0.5%):

CBRE

Group,

Inc.

,

Class

A

(a)

..............................................

4,033

325,503

Weyerhaeuser

Co.

......................................................

9,745

326,555

652,058

Software

(9.9%):

Microsoft

Corp.

........................................................

36,260

12,347,981

Technology

Hardware,

Storage

&

Peripherals

(11.7%):

Apple,

Inc.

...........................................................

63,755

12,366,557

NetApp,

Inc.

..........................................................

28,220

2,156,008

14,522,565

Total

Common

Stocks

(Cost

$109,511,977)

123,515,111

Total

Investments

(Cost

$109,511,977)

—

99.4%

123,515,111

Other

assets

in

excess

of

liabilities

—

0.6%

730,547

NET

ASSETS

-

100.00%

$

124,245,658

(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

..............

3

9/15/23

$

657,378

$

673,238

$

15,860

Total

unrealized

appreciation

$

15,860

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

15,860

Schedule

of

Portfolio

Investments

June

30,

2023

Victory

Portfolios

II

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

112

See

notes

to

financial

statements.

Security

Description

Shares

Value

Common

Stocks

(25.9%)

Communication

Services

(0.9%):

Alphabet,

Inc.

,

Class

A

(a)

.................................................

2,929

$

350,601

Charter

Communications,

Inc.

,

Class

A

(a)

.....................................

675

247,975

Comcast

Corp.

,

Class

A

..................................................

9,076

377,108

Electronic

Arts,

Inc.

.....................................................

3,918

508,165

Fox

Corp.

,

Class

A

......................................................

9,738

331,092

Liberty

Broadband

Corp.

,

Class

C

(a)

.........................................

2,886

231,197

Live

Nation

Entertainment,

Inc.

(a)

...........................................

3,766

343,120

Match

Group,

Inc.

(a)

....................................................

4,261

178,323

Meta

Platforms,

Inc.

,

Class

A

(a)

............................................

971

278,658

Netflix,

Inc.

(a)

.........................................................

613

270,020

News

Corp.

,

Class

A

.....................................................

18,373

358,273

Omnicom

Group,

Inc.

....................................................

4,511

429,222

Paramount

Global

,

Class

B

(b)

..............................................

9,214

146,595

The

Interpublic

Group

of

Cos.,

Inc.

..........................................

10,370

400,075

The

Trade

Desk,

Inc.

,

Class

A

(a)

............................................

2,175

167,954

The

Walt

Disney

Co.

(a)

..................................................

2,858

255,162

T-Mobile

U.S.,

Inc.

(a)

....................................................

3,069

426,284

Verizon

Communications,

Inc.

..............................................

11,669

433,970

Warner

Music

Group

Corp.

,

Class

A

.........................................

7,692

200,684

ZoomInfo

Technologies,

Inc.

(a)

.............................................

6,280

159,449

6,093,927

Consumer

Discretionary

(2.4%):

Airbnb,

Inc.

,

Class

A

(a)

..................................................

1,509

193,394

Aptiv

PLC

(a)

..........................................................

1,890

192,950

Aramark

.............................................................

9,278

399,418

AutoZone,

Inc.

(a)

.......................................................

186

463,765

Bath

&

Body

Works,

Inc.

.................................................

4,274

160,275

Best

Buy

Co.,

Inc.

......................................................

3,104

254,373

Booking

Holdings,

Inc.

(a)

.................................................

114

307,838

BorgWarner,

Inc.

.......................................................

6,075

297,128

Burlington

Stores,

Inc.

(a)

.................................................

909

143,068

CarMax,

Inc.

(a)

........................................................

2,822

236,201

Chipotle

Mexican

Grill,

Inc.

(a)

.............................................

193

412,827

Churchill

Downs,

Inc.

....................................................

2,586

359,894

D.R.

Horton,

Inc.

.......................................................

2,929

356,430

Darden

Restaurants,

Inc.

..................................................

2,692

449,779

Deckers

Outdoor

Corp.

(a)

.................................................

640

337,702

Dick's

Sporting

Goods,

Inc.

................................................

1,844

243,758

Domino's

Pizza,

Inc.

.....................................................

1,040

350,470

Expedia

Group,

Inc.

(a)

...................................................

1,970

215,498

Five

Below,

Inc.

(a)

......................................................

1,081

212,460

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

......................................

1,923

199,915

Garmin

Ltd.

...........................................................

3,524

367,518

General

Motors

Co.

.....................................................

6,410

247,170

Genuine

Parts

Co.

......................................................

2,712

458,952

Hilton

Worldwide

Holdings,

Inc.

............................................

2,329

338,986

Hyatt

Hotels

Corp.

,

Class

A

................................................

2,617

299,856

Lennar

Corp.

,

Class

A

....................................................

2,861

358,512

LKQ

Corp.

...........................................................

6,790

395,653

Lowe's

Cos.,

Inc.

.......................................................

1,584

357,509

Marriott

International,

Inc.

,

Class

A

..........................................

1,960

360,032

McDonald's

Corp.

......................................................

2,222

663,067

MGM

Resorts

International

................................................

5,436

238,749

NIKE,

Inc.

,

Class

B

.....................................................

2,176

240,165

NVR,

Inc.

(a)

..........................................................

63

400,089

O'Reilly

Automotive,

Inc.

(a)

...............................................

578

552,164

Penske

Automotive

Group,

Inc.

.............................................

1,837

306,099

Pool

Corp.

............................................................

666

249,510

PulteGroup,

Inc.

........................................................

4,739

368,126

Ross

Stores,

Inc.

.......................................................

2,813

315,422

Service

Corp.

International

................................................

5,497

355,051

Victory

Portfolios

II

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

113

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Starbucks

Corp.

........................................................

3,422

$

338,983

Tapestry,

Inc.

..........................................................

6,014

257,399

Tesla,

Inc.

(a)

..........................................................

781

204,442

The

Home

Depot,

Inc.

...................................................

1,204

374,011

The

TJX

Cos.,

Inc.

......................................................

5,324

451,422

Tractor

Supply

Co.

......................................................

1,506

332,977

Ulta

Beauty,

Inc.

(a)

.....................................................

762

358,593

Vail

Resorts,

Inc.

.......................................................

1,415

356,240

VF

Corp.

.............................................................

8,868

169,290

Yum!

Brands,

Inc.

......................................................

4,038

559,465

16,062,595

Consumer

Staples

(2.6%):

Altria

Group,

Inc.

.......................................................

9,756

441,947

Archer-Daniels-Midland

Co.

...............................................

4,466

337,451

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

........................................

5,117

322,422

Brown-Forman

Corp.

,

Class

B

.............................................

7,174

479,080

Bunge

Ltd.

...........................................................

3,373

318,243

Campbell

Soup

Co.

.....................................................

9,672

442,107

Church

&

Dwight

Co.,

Inc.

................................................

5,247

525,907

Colgate-Palmolive

Co.

...................................................

7,421

571,714

Conagra

Brands,

Inc.

....................................................

13,631

459,637

Constellation

Brands,

Inc.

,

Class

A

..........................................

1,890

465,186

Costco

Wholesale

Corp.

..................................................

800

430,704

Coty,

Inc.

,

Class

A

(a)

....................................................

19,430

238,795

Darling

Ingredients,

Inc.

(a)

................................................

3,766

240,233

Dollar

General

Corp.

....................................................

2,085

353,991

Dollar

Tree,

Inc.

(a)

......................................................

2,261

324,454

General

Mills,

Inc.

......................................................

5,998

460,047

Hormel

Foods

Corp.

.....................................................

13,211

531,346

Kellogg

Co.

...........................................................

7,853

529,292

Keurig

Dr

Pepper,

Inc.

...................................................

16,000

500,320

Kimberly-Clark

Corp.

....................................................

4,472

617,404

Lamb

Weston

Holdings,

Inc.

...............................................

4,301

494,400

McCormick

&

Co.,

Inc.

..................................................

5,936

517,797

Mondelez

International,

Inc.

,

Class

A

.........................................

8,610

628,013

Monster

Beverage

Corp.

(a)

................................................

8,528

489,848

PepsiCo,

Inc.

..........................................................

3,522

652,345

Performance

Food

Group

Co.

(a)

............................................

5,791

348,850

Philip

Morris

International,

Inc.

.............................................

4,984

486,538

Sysco

Corp.

...........................................................

5,775

428,505

Target

Corp.

..........................................................

1,657

218,558

The

Clorox

Co.

........................................................

2,408

382,968

The

Coca-Cola

Co.

......................................................

10,183

613,220

The

Estee

Lauder

Cos.,

Inc.

...............................................

1,135

222,891

The

Hershey

Co.

.......................................................

2,251

562,075

The

J.M.

Smucker

Co.

...................................................

4,071

601,165

The

Kraft

Heinz

Co.

.....................................................

12,231

434,201

The

Kroger

Co.

........................................................

8,884

417,548

The

Procter

&

Gamble

Co.

................................................

3,825

580,406

Tyson

Foods,

Inc.

,

Class

A

................................................

7,449

380,197

Walmart,

Inc.

..........................................................

3,163

497,160

17,546,965

Energy

(1.0%):

APA

Corp.

............................................................

4,900

167,433

Cheniere

Energy,

Inc.

....................................................

1,680

255,965

Chesapeake

Energy

Corp.

.................................................

2,738

229,116

Chevron

Corp.

.........................................................

2,022

318,162

ConocoPhillips

........................................................

2,408

249,493

Coterra

Energy,

Inc.

.....................................................

9,857

249,382

Devon

Energy

Corp.

.....................................................

3,683

178,036

Diamondback

Energy,

Inc.

................................................

1,639

215,299

EOG

Resources,

Inc.

....................................................

2,107

241,125

Victory

Portfolios

II

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

114

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

EQT

Corp.

............................................................

5,589

$

229,876

Exxon

Mobil

Corp.

.....................................................

2,884

309,309

Halliburton

Co.

........................................................

5,836

192,530

Hess

Corp.

............................................................

1,717

233,426

HF

Sinclair

Corp.

.......................................................

4,870

217,251

Kinder

Morgan,

Inc.

.....................................................

23,145

398,557

Marathon

Oil

Corp.

.....................................................

8,486

195,348

Marathon

Petroleum

Corp.

................................................

2,224

259,318

Occidental

Petroleum

Corp.

...............................................

4,089

240,433

ONEOK,

Inc.

..........................................................

4,775

294,713

Ovintiv,

Inc.

..........................................................

4,190

159,513

Phillips

66

............................................................

2,598

247,797

Pioneer

Natural

Resources

Co.

.............................................

1,290

267,262

Schlumberger

NV

......................................................

4,289

210,676

Targa

Resources

Corp.

...................................................

3,484

265,132

Texas

Pacific

Land

Corp.

.................................................

114

150,081

The

Williams

Cos.,

Inc.

..................................................

11,951

389,961

Valero

Energy

Corp.

.....................................................

1,748

205,040

6,570,234

Financials

(3.9%):

Aflac,

Inc.

............................................................

6,756

471,569

Ally

Financial,

Inc.

......................................................

6,835

184,613

American

Express

Co.

...................................................

1,851

322,444

American

Financial

Group,

Inc.

.............................................

2,986

354,588

American

International

Group,

Inc.

..........................................

6,102

351,109

Ameriprise

Financial,

Inc.

.................................................

976

324,188

Aon

PLC

,

Class

A

......................................................

1,512

521,942

Arch

Capital

Group

Ltd.

(a)

................................................

5,360

401,196

Ares

Management

Corp.

,

Class

A

...........................................

3,221

310,343

Arthur

J.

Gallagher

&

Co.

.................................................

2,394

525,651

Bank

of

America

Corp.

...................................................

10,746

308,303

BlackRock,

Inc.

........................................................

422

291,661

Blackstone,

Inc.

........................................................

2,339

217,457

Brown

&

Brown,

Inc.

....................................................

6,241

429,630

Capital

One

Financial

Corp.

...............................................

2,256

246,739

Cboe

Global

Markets,

Inc.

................................................

3,604

497,388

Chubb

Ltd.

...........................................................

2,165

416,892

Citigroup,

Inc.

.........................................................

6,564

302,207

Citizens

Financial

Group,

Inc.

..............................................

8,234

214,743

CME

Group,

Inc.

.......................................................

2,632

487,683

Comerica,

Inc.

.........................................................

4,579

193,966

Discover

Financial

Services

...............................................

2,582

301,707

East

West

Bancorp,

Inc.

..................................................

3,709

195,798

Equitable

Holdings,

Inc.

..................................................

10,130

275,131

Erie

Indemnity

Co.

,

Class

A

...............................................

1,614

338,956

Everest

Re

Group

Ltd.

...................................................

923

315,537

FactSet

Research

Systems,

Inc.

.............................................

895

358,582

Fidelity

National

Financial,

Inc.

............................................

8,457

304,452

Fifth

Third

Bancorp

.....................................................

8,713

228,368

First

Citizens

Bancshares,

Inc.

,

Class

A

.......................................

511

655,843

Fiserv,

Inc.

(a)

..........................................................

3,150

397,372

FleetCor

Technologies,

Inc.

(a)

..............................................

1,480

371,598

Franklin

Resources,

Inc.

..................................................

9,492

253,531

Global

Payments,

Inc.

....................................................

2,495

245,807

Globe

Life,

Inc.

........................................................

3,721

407,896

Huntington

Bancshares,

Inc.

...............................................

22,678

244,469

Interactive

Brokers

Group,

Inc.

.............................................

3,982

330,785

Intercontinental

Exchange,

Inc.

.............................................

4,053

458,313

JPMorgan

Chase

&

Co.

..................................................

2,795

406,505

KeyCorp

.............................................................

16,613

153,504

Loews

Corp.

..........................................................

7,629

453,010

LPL

Financial

Holdings,

Inc.

...............................................

1,199

260,699

M&T

Bank

Corp.

.......................................................

2,177

269,426

Victory

Portfolios

II

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

115

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

MarketAxess

Holdings,

Inc.

...............................................

831

$

217,240

Marsh

&

McLennan

Cos.,

Inc.

.............................................

2,740

515,339

Mastercard,

Inc.

,

Class

A

.................................................

1,095

430,664

MetLife,

Inc.

..........................................................

6,261

353,934

Moody's

Corp.

.........................................................

1,058

367,888

Morgan

Stanley

........................................................

3,907

333,658

Morningstar,

Inc.

.......................................................

1,435

281,360

MSCI,

Inc.

...........................................................

542

254,355

Nasdaq,

Inc.

..........................................................

6,867

342,320

Northern

Trust

Corp.

....................................................

3,344

247,924

PayPal

Holdings,

Inc.

(a)

..................................................

3,024

201,792

Principal

Financial

Group,

Inc.

.............................................

3,935

298,430

Raymond

James

Financial,

Inc.

.............................................

3,327

345,243

Regions

Financial

Corp.

..................................................

14,712

262,168

Reinsurance

Group

of

America,

Inc.

.........................................

2,587

358,791

Rocket

Cos.,

Inc.

,

Class

A

(a)

(b)

.............................................

23,056

206,582

Ryan

Specialty

Holdings,

Inc.

(a)

............................................

6,096

273,649

S&P

Global,

Inc.

.......................................................

1,067

427,750

State

Street

Corp.

.......................................................

3,295

241,128

Synchrony

Financial

.....................................................

6,912

234,455

T.

Rowe

Price

Group,

Inc.

.................................................

2,148

240,619

The

Bank

of

New

York

Mellon

Corp.

.........................................

7,630

339,688

The

Carlyle

Group,

Inc.

..................................................

7,058

225,503

The

Charles

Schwab

Corp.

................................................

4,461

252,849

The

Goldman

Sachs

Group,

Inc.

............................................

1,068

344,473

The

Hartford

Financial

Services

Group,

Inc.

....................................

5,704

410,802

The

PNC

Financial

Services

Group,

Inc.

......................................

2,239

282,002

The

Progressive

Corp.

...................................................

2,960

391,815

The

Travelers

Cos.,

Inc.

..................................................

2,498

433,803

Tradeweb

Markets,

Inc.

,

Class

A

............................................

5,212

356,918

Truist

Financial

Corp.

....................................................

7,287

221,160

U.S.

Bancorp

..........................................................

8,039

265,609

Unum

Group

..........................................................

7,162

341,627

Visa,

Inc.

,

Class

A

......................................................

1,955

464,273

Webster

Financial

Corp.

..................................................

6,172

232,993

Wells

Fargo

&

Co.

......................................................

7,746

330,599

WR

Berkley

Corp.

......................................................

6,401

381,244

26,312,248

Health

Care

(3.4%):

Abbott

Laboratories

.....................................................

4,241

462,354

AbbVie,

Inc.

..........................................................

3,132

421,974

Agilent

Technologies,

Inc.

.................................................

2,298

276,335

Align

Technology,

Inc.

(a)

.................................................

539

190,612

AmerisourceBergen

Corp.

.................................................

3,068

590,375

Amgen,

Inc.

...........................................................

2,151

477,565

Avantor,

Inc.

(a)

........................................................

11,006

226,063

Becton

Dickinson

&

Co.

..................................................

1,940

512,179

Biogen,

Inc.

(a)

.........................................................

716

203,953

BioMarin

Pharmaceutical,

Inc.

(a)

...........................................

3,375

292,545

Bio-Techne

Corp.

.......................................................

3,961

323,336

Boston

Scientific

Corp.

(a)

.................................................

10,028

542,415

Bristol-Myers

Squibb

Co.

.................................................

7,220

461,719

Bruker

Corp.

..........................................................

4,351

321,626

Catalent,

Inc.

(a)

........................................................

2,528

109,614

Centene

Corp.

(a)

.......................................................

5,007

337,722

Charles

River

Laboratories

International,

Inc.

(a)

.................................

1,092

229,593

CVS

Health

Corp.

......................................................

5,150

356,019

Danaher

Corp.

.........................................................

1,299

311,760

Dexcom,

Inc.

(a)

........................................................

1,951

250,723

Edwards

Lifesciences

Corp.

(a)

.............................................

3,450

325,439

Elevance

Health,

Inc.

....................................................

829

368,316

Eli

Lilly

&

Co.

.........................................................

1,300

609,674

GE

HealthCare

Technologies,

Inc.

...........................................

3,261

264,924

Victory

Portfolios

II

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

116

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Gilead

Sciences,

Inc.

....................................................

4,802

$

370,090

HCA

Healthcare,

Inc.

....................................................

1,228

372,673

Henry

Schein,

Inc.

(a)

....................................................

5,272

427,559

Hologic,

Inc.

(a)

........................................................

5,021

406,550

Humana,

Inc.

..........................................................

824

368,435

IDEXX

Laboratories,

Inc.

(a)

...............................................

552

277,231

Incyte

Corp.

(a)

.........................................................

5,558

345,986

Insulet

Corp.

(a)

........................................................

839

241,917

Intuitive

Surgical,

Inc.

(a)

.................................................

1,230

420,586

IQVIA

Holdings,

Inc.

(a)

..................................................

1,445

324,793

Johnson

&

Johnson

.....................................................

4,231

700,315

Laboratory

Corp.

of

America

Holdings

........................................

1,574

379,853

Masimo

Corp.

(a)

.......................................................

1,470

241,889

McKesson

Corp.

.......................................................

1,373

586,697

Medtronic

PLC

........................................................

5,093

448,693

Merck

&

Co.,

Inc.

......................................................

4,829

557,218

Mettler-Toledo

International,

Inc.

(a)

.........................................

220

288,561

Moderna,

Inc.

(a)

.......................................................

1,223

148,595

Molina

Healthcare,

Inc.

(a)

................................................

1,427

429,869

Neurocrine

Biosciences,

Inc.

(a)

.............................................

3,169

298,837

Pfizer,

Inc.

............................................................

10,392

381,179

Quest

Diagnostics,

Inc.

...................................................

3,281

461,177

Regeneron

Pharmaceuticals,

Inc.

(a)

..........................................

389

279,512

Repligen

Corp.

(a)

.......................................................

980

138,631

ResMed,

Inc.

..........................................................

1,806

394,611

Revvity,

Inc.

..........................................................

2,375

282,126

Stryker

Corp.

..........................................................

1,302

397,227

Teleflex,

Inc.

..........................................................

1,265

306,168

The

Cigna

Group

.......................................................

1,533

430,160

The

Cooper

Cos.,

Inc.

....................................................

979

375,378

Thermo

Fisher

Scientific,

Inc.

..............................................

654

341,225

United

Therapeutics

Corp.

(a)

..............................................

1,591

351,213

UnitedHealth

Group,

Inc.

.................................................

923

443,631

Veeva

Systems,

Inc.

,

Class

A

(a)

.............................................

1,571

310,634

Vertex

Pharmaceuticals,

Inc.

(a)

.............................................

1,190

418,773

Viatris,

Inc.

...........................................................

26,970

269,161

Waters

Corp.

(a)

........................................................

1,051

280,134

West

Pharmaceutical

Services,

Inc.

..........................................

732

279,968

Zimmer

Biomet

Holdings,

Inc.

.............................................

3,284

478,150

Zoetis,

Inc.

...........................................................

1,959

337,359

23,059,599

Industrials

(5.2%):

3M

Co.

..............................................................

3,275

327,795

A

O

Smith

Corp.

.......................................................

4,482

326,200

AECOM

.............................................................

4,670

395,502

AGCO

Corp.

..........................................................

2,148

282,290

Allegion

PLC

.........................................................

2,919

350,338

American

Airlines

Group,

Inc.

(a)

............................................

13,598

243,948

AMETEK,

Inc.

........................................................

3,077

498,105

Automatic

Data

Processing,

Inc.

............................................

1,807

397,161

Avis

Budget

Group,

Inc.

(a)

................................................

769

175,847

Axon

Enterprise,

Inc.

(a)

..................................................

1,187

231,607

Booz

Allen

Hamilton

Holding

Corp.

.........................................

4,529

505,436

Broadridge

Financial

Solutions,

Inc.

.........................................

2,541

420,866

Builders

FirstSource,

Inc.

(a)

...............................................

2,667

362,712

C.H.

Robinson

Worldwide,

Inc.

.............................................

3,438

324,375

Carlisle

Cos.,

Inc.

.......................................................

1,207

309,632

Carrier

Global

Corp.

.....................................................

7,179

356,868

Caterpillar,

Inc.

........................................................

1,365

335,858

Cintas

Corp.

..........................................................

962

478,191

Copart,

Inc.

(a)

.........................................................

5,294

482,866

CoStar

Group,

Inc.

(a)

....................................................

4,151

369,439

CSX

Corp.

............................................................

13,128

447,665

Victory

Portfolios

II

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

117

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Cummins,

Inc.

.........................................................

1,644

$

403,043

Deere

&

Co.

..........................................................

843

341,575

Delta

Air

Lines,

Inc.

(a)

...................................................

7,140

339,436

Dover

Corp.

...........................................................

2,472

364,991

Eaton

Corp.

PLC

.......................................................

2,296

461,726

Emerson

Electric

Co.

....................................................

4,478

404,766

Equifax,

Inc.

..........................................................

1,332

313,420

Expeditors

International

of

Washington,

Inc.

....................................

3,289

398,397

Fastenal

Co.

...........................................................

6,952

410,098

FedEx

Corp.

..........................................................

1,183

293,266

Fortive

Corp.

..........................................................

5,772

431,572

General

Dynamics

Corp.

..................................................

2,078

447,082

Genpact

Ltd.

..........................................................

9,926

372,920

Graco,

Inc.

...........................................................

5,875

507,306

HEICO

Corp.

..........................................................

2,337

413,509

Honeywell

International,

Inc.

..............................................

2,350

487,625

Howmet

Aerospace,

Inc.

..................................................

8,508

421,656

Hubbell,

Inc.

..........................................................

1,410

467,500

IDEX

Corp.

...........................................................

1,857

399,738

Illinois

Tool

Works,

Inc.

..................................................

1,696

424,271

Ingersoll

Rand,

Inc.

.....................................................

5,545

362,421

J.B.

Hunt

Transport

Services,

Inc.

...........................................

1,846

334,181

Jack

Henry

&

Associates,

Inc.

..............................................

2,452

410,293

Jacobs

Solutions,

Inc.

....................................................

3,187

378,902

Johnson

Controls

International

PLC

..........................................

5,502

374,906

Knight-Swift

Transportation

Holdings,

Inc.

....................................

5,907

328,193

L3Harris

Technologies,

Inc.

...............................................

1,775

347,492

Leidos

Holdings,

Inc.

....................................................

4,648

411,255

Lennox

International,

Inc.

.................................................

1,137

370,742

Lincoln

Electric

Holdings,

Inc.

.............................................

2,490

494,589

Lockheed

Martin

Corp.

...................................................

939

432,297

Masco

Corp.

..........................................................

5,357

307,385

Nordson

Corp.

.........................................................

1,564

388,153

Norfolk

Southern

Corp.

..................................................

1,737

393,882

Northrop

Grumman

Corp.

.................................................

767

349,599

Old

Dominion

Freight

Line,

Inc.

............................................

782

289,144

Otis

Worldwide

Corp.

....................................................

5,163

459,559

Owens

Corning

........................................................

2,813

367,096

PACCAR,

Inc.

.........................................................

5,533

462,835

Parker-Hannifin

Corp.

...................................................

977

381,069

Paychex,

Inc.

..........................................................

3,580

400,495

Paycom

Software,

Inc.

...................................................

773

248,318

Paylocity

Holding

Corp.

(a)

................................................

1,089

200,953

Quanta

Services,

Inc.

....................................................

1,854

364,218

Raytheon

Technologies

Corp.

..............................................

4,258

417,114

Regal

Rexnord

Corp.

....................................................

1,672

257,321

Republic

Services,

Inc.

...................................................

3,947

604,562

Robert

Half

International,

Inc.

..............................................

3,749

282,000

Rockwell

Automation,

Inc.

................................................

1,060

349,217

Rollins,

Inc.

...........................................................

10,596

453,827

Snap-on,

Inc.

..........................................................

1,735

500,010

Southwest

Airlines

Co.

...................................................

9,145

331,140

SS&C

Technologies

Holdings,

Inc.

..........................................

5,898

357,419

Stanley

Black

&

Decker,

Inc.

..............................................

2,703

253,298

Textron,

Inc.

..........................................................

4,831

326,721

The

Toro

Co.

..........................................................

3,875

393,894

Trane

Technologies

PLC

..................................................

1,942

371,427

TransDigm

Group,

Inc.

...................................................

443

396,117

TransUnion

...........................................................

3,609

282,693

U-Haul

Holding

Co.

.....................................................

4,976

275,272

Union

Pacific

Corp.

.....................................................

1,808

369,953

United

Airlines

Holdings,

Inc.

(a)

............................................

4,427

242,909

United

Parcel

Service,

Inc.

,

Class

B

..........................................

2,142

383,953

United

Rentals,

Inc.

.....................................................

569

253,416

Victory

Portfolios

II

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

118

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Verisk

Analytics,

Inc.

....................................................

2,335

$

527,780

W.W.

Grainger,

Inc.

.....................................................

498

392,718

Waste

Management,

Inc.

..................................................

3,505

607,837

Watsco,

Inc.

...........................................................

959

365,830

Westinghouse

Air

Brake

Technologies

Corp.

....................................

3,634

398,541

WillScot

Mobile

Mini

Holdings

Corp.

(a)

......................................

6,329

302,463

Xylem,

Inc.

...........................................................

3,209

361,398

34,643,405

Information

Technology

(3.5%):

Accenture

PLC

,

Class

A

..................................................

1,283

395,908

Adobe,

Inc.

(a)

.........................................................

760

371,632

Advanced

Micro

Devices,

Inc.

(a)

............................................

2,391

272,359

Akamai

Technologies,

Inc.

(a)

..............................................

4,741

426,074

Amphenol

Corp.

,

Class

A

.................................................

4,929

418,719

Analog

Devices,

Inc.

....................................................

1,668

324,943

ANSYS,

Inc.

(a)

........................................................

887

292,950

Apple,

Inc.

...........................................................

2,118

410,828

Applied

Materials,

Inc.

...................................................

1,892

273,470

Arista

Networks,

Inc.

(a)

..................................................

1,939

314,234

Autodesk,

Inc.

(a)

.......................................................

1,151

235,506

Bentley

Systems,

Inc.

,

Class

B

.............................................

6,258

339,371

Broadcom,

Inc.

........................................................

541

469,280

Cadence

Design

Systems,

Inc.

(a)

............................................

1,570

368,196

CDW

Corp.

...........................................................

1,850

339,475

Cisco

Systems,

Inc.

.....................................................

8,942

462,659

Cognizant

Technology

Solutions

Corp.

,

Class

A

.................................

5,132

335,017

Corning,

Inc.

..........................................................

10,788

378,012

Dell

Technologies,

Inc.

,

Class

C

............................................

6,770

366,325

Dynatrace,

Inc.

(a)

......................................................

4,892

251,791

Enphase

Energy,

Inc.

(a)

..................................................

809

135,491

Entegris,

Inc.

..........................................................

2,013

223,081

EPAM

Systems,

Inc.

(a)

...................................................

677

152,156

Fair

Isaac

Corp.

(a)

......................................................

318

257,329

Fortinet,

Inc.

(a)

........................................................

3,626

274,089

Gartner,

Inc.

(a)

........................................................

1,054

369,227

Gen

Digital,

Inc.

.......................................................

17,306

321,026

GoDaddy,

Inc.

,

Class

A

(a)

.................................................

4,383

329,295

Hewlett

Packard

Enterprise

Co.

.............................................

22,440

376,992

HP,

Inc.

..............................................................

9,930

304,950

Intel

Corp.

............................................................

10,939

365,800

International

Business

Machines

Corp.

........................................

3,697

494,696

Intuit,

Inc.

............................................................

599

274,456

Jabil,

Inc.

............................................................

3,813

411,537

Juniper

Networks,

Inc.

...................................................

12,695

397,734

Keysight

Technologies,

Inc.

(a)

.............................................

1,972

330,211

KLA

Corp.

...........................................................

645

312,838

Lam

Research

Corp.

.....................................................

426

273,858

Lattice

Semiconductor

Corp.

(a)

.............................................

2,354

226,149

Manhattan

Associates,

Inc.

(a)

..............................................

1,650

329,802

Microchip

Technology,

Inc.

................................................

3,041

272,443

Micron

Technology,

Inc.

..................................................

4,300

271,373

Microsoft

Corp.

........................................................

1,208

411,372

Monolithic

Power

Systems,

Inc.

............................................

394

212,851

Motorola

Solutions,

Inc.

..................................................

1,492

437,574

NetApp,

Inc.

..........................................................

5,423

414,317

NVIDIA

Corp.

.........................................................

759

321,072

NXP

Semiconductors

NV

.................................................

1,412

289,008

ON

Semiconductor

Corp.

(a)

...............................................

2,416

228,505

Oracle

Corp.

..........................................................

4,187

498,630

Palo

Alto

Networks,

Inc.

(a)

................................................

1,310

334,718

PTC,

Inc.

(a)

...........................................................

2,620

372,826

Pure

Storage,

Inc.

,

Class

A

(a)

..............................................

10,974

404,063

Qorvo,

Inc.

(a)

.........................................................

2,365

241,301

Victory

Portfolios

II

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

119

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

QUALCOMM,

Inc.

.....................................................

2,037

$

242,484

Roper

Technologies,

Inc.

..................................................

1,005

483,204

Salesforce,

Inc.

(a)

......................................................

1,484

313,510

Seagate

Technology

Holdings

PLC

..........................................

3,757

232,446

ServiceNow,

Inc.

(a)

.....................................................

484

271,994

Skyworks

Solutions,

Inc.

.................................................

2,202

243,739

Synopsys,

Inc.

(a)

.......................................................

832

362,261

TD

SYNNEX

Corp.

.....................................................

3,335

313,490

TE

Connectivity

Ltd.

....................................................

2,649

371,284

Teledyne

Technologies,

Inc.

(a)

.............................................

858

352,732

Teradyne,

Inc.

.........................................................

2,355

262,182

Texas

Instruments,

Inc.

...................................................

2,017

363,100

Trimble,

Inc.

(a)

........................................................

4,958

262,477

Tyler

Technologies,

Inc.

(a)

................................................

858

357,331

VeriSign,

Inc.

(a)

........................................................

1,816

410,362

Zebra

Technologies

Corp.

(a)

...............................................

742

219,506

Zoom

Video

Communications,

Inc.

,

Class

A

(a)

..................................

2,435

165,288

23,144,909

Materials

(1.2%):

Air

Products

and

Chemicals,

Inc.

............................................

1,317

394,481

Albemarle

Corp.

.......................................................

857

191,188

Avery

Dennison

Corp.

...................................................

1,815

311,817

Ball

Corp.

............................................................

4,428

257,754

Celanese

Corp.

.........................................................

2,111

244,454

CF

Industries

Holdings,

Inc.

...............................................

2,750

190,905

Cleveland-Cliffs,

Inc.

(a)

..................................................

8,396

140,717

Corteva,

Inc.

..........................................................

5,879

336,867

Crown

Holdings,

Inc.

....................................................

2,978

258,699

Dow,

Inc.

............................................................

5,972

318,069

DuPont

de

Nemours,

Inc.

.................................................

4,547

324,838

Eastman

Chemical

Co.

...................................................

3,310

277,113

Ecolab,

Inc.

...........................................................

1,943

362,739

FMC

Corp.

...........................................................

3,083

321,680

Freeport-McMoRan,

Inc.

.................................................

4,900

196,000

International

Paper

Co.

...................................................

8,655

275,315

LyondellBasell

Industries

NV

,

Class

A

........................................

3,297

302,763

Martin

Marietta

Materials,

Inc.

.............................................

955

440,914

Nucor

Corp.

...........................................................

1,436

235,475

Packaging

Corp.

of

America

...............................................

2,516

332,514

PPG

Industries,

Inc.

.....................................................

2,266

336,048

Reliance

Steel

&

Aluminum

Co.

............................................

1,415

384,300

RPM

International,

Inc.

..................................................

3,797

340,705

Steel

Dynamics,

Inc.

.....................................................

1,962

213,721

The

Mosaic

Co.

........................................................

4,341

151,935

The

Sherwin-Williams

Co.

................................................

1,286

341,459

Vulcan

Materials

Co.

....................................................

2,082

469,366

Westlake

Corp.

........................................................

2,214

264,506

8,216,342

Real

Estate

(0.1%):

CBRE

Group,

Inc.

,

Class

A

(a)

..............................................

3,833

309,361

Utilities

(1.7%):

Alliant

Energy

Corp.

....................................................

8,328

437,053

Ameren

Corp.

.........................................................

5,340

436,118

American

Electric

Power

Co.,

Inc.

...........................................

4,795

403,739

American

Water

Works

Co.,

Inc.

............................................

2,704

385,996

Atmos

Energy

Corp.

.....................................................

3,797

441,743

CenterPoint

Energy,

Inc.

..................................................

15,730

458,530

CMS

Energy

Corp.

......................................................

7,360

432,400

Consolidated

Edison,

Inc.

.................................................

5,256

475,142

Dominion

Energy,

Inc.

...................................................

7,278

376,928

DTE

Energy

Co.

.......................................................

4,070

447,781

Victory

Portfolios

II

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

120

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Duke

Energy

Corp.

......................................................

4,952

$

444,392

Edison

International

.....................................................

5,474

380,169

Entergy

Corp.

.........................................................

3,905

380,230

Essential

Utilities,

Inc.

...................................................

9,501

379,185

Evergy,

Inc.

...........................................................

7,103

414,957

Eversource

Energy

......................................................

5,462

387,365

Exelon

Corp.

..........................................................

9,750

397,215

FirstEnergy

Corp.

.......................................................

10,971

426,552

NextEra

Energy,

Inc.

....................................................

5,049

374,636

NiSource,

Inc.

.........................................................

14,599

399,283

PG&E

Corp.

(a)

........................................................

21,651

374,129

PPL

Corp.

............................................................

16,312

431,616

Public

Service

Enterprise

Group,

Inc.

.........................................

6,740

421,991

Sempra

Energy

........................................................

2,852

415,223

The

Southern

Co.

.......................................................

7,122

500,321

WEC

Energy

Group,

Inc.

.................................................

4,940

435,906

Xcel

Energy,

Inc.

.......................................................

6,694

416,166

11,274,766

Total

Common

Stocks

(Cost

$136,338,649)

173,234,351

Investment

Companies

(73.7%)

Federated

Hermes

Treasury

Obligations

Fund

,

4

.95

%

(c)

(d)

.........................

493,473,376

493,473,376

Total

Investment

Companies

(Cost

$493,473,376)

493,473,376

Collateral

for

Securities

Loaned

(0.0%)^(e)

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.02

%

(c)

........

34,207

34,207

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.02

%

(c)

............

34,207

34,207

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.08

%

(c)

...............

34,207

34,207

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.04

%

(c)

.

34,207

34,207

Total

Collateral

for

Securities

Loaned

(Cost

$136,828)

136,828

Total

Investments

(Cost

$629,948,853)

—

99.6%

666,844,555

Other

assets

in

excess

of

liabilities

—

0.4%

2,522,922

NET

ASSETS

-

100.00%

$

669,367,477

^

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

June

30,

2023.

(d)

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

(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

S&P

500

Futures

..............

8

9/15/23

$

1,739,662

$

1,795,300

$

55,638

Total

unrealized

appreciation

$

55,638

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

55,638

Schedule

of

Portfolio

Investments

June

30,

2023

Victory

Portfolios

II

VictoryShares

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

121

See

notes

to

financial

statements.

A

Security

Description

Shares

Value

Common

Stocks

(25.3%)

Communication

Services

(1.3%):

Comcast

Corp.

,

Class

A

..................................................

102,565

$

4,261,576

Omnicom

Group,

Inc.

....................................................

50,996

4,852,269

Paramount

Global

,

Class

B

(a)

..............................................

104,069

1,655,738

The

Interpublic

Group

of

Cos.,

Inc.

..........................................

117,185

4,520,997

Verizon

Communications,

Inc.

..............................................

131,852

4,903,576

20,194,156

Consumer

Discretionary

(1.2%):

Best

Buy

Co.,

Inc.

......................................................

35,024

2,870,217

Darden

Restaurants,

Inc.

..................................................

30,370

5,074,220

Garmin

Ltd.

...........................................................

39,798

4,150,533

Vail

Resorts,

Inc.

.......................................................

16,025

4,034,454

VF

Corp.

.............................................................

100,206

1,912,932

18,042,356

Consumer

Staples

(3.1%):

Altria

Group,

Inc.

.......................................................

110,232

4,993,510

Conagra

Brands,

Inc.

....................................................

154,019

5,193,521

Kellogg

Co.

...........................................................

88,726

5,980,132

Kimberly-Clark

Corp.

....................................................

50,556

6,979,761

Philip

Morris

International,

Inc.

.............................................

56,337

5,499,618

The

Clorox

Co.

........................................................

27,211

4,327,638

The

Coca-Cola

Co.

......................................................

115,054

6,928,552

The

Kraft

Heinz

Co.

.....................................................

138,170

4,905,035

Tyson

Foods,

Inc.

,

Class

A

................................................

84,135

4,294,250

49,102,017

Energy

(2.2%):

Chevron

Corp.

.........................................................

22,823

3,591,199

Coterra

Energy,

Inc.

.....................................................

111,346

2,817,054

Devon

Energy

Corp.

.....................................................

41,614

2,011,621

EOG

Resources,

Inc.

....................................................

23,855

2,729,966

Exxon

Mobil

Corp.

.....................................................

32,557

3,491,738

Kinder

Morgan,

Inc.

.....................................................

261,543

4,503,770

ONEOK,

Inc.

..........................................................

53,962

3,330,535

Phillips

66

............................................................

29,372

2,801,501

Pioneer

Natural

Resources

Co.

.............................................

14,575

3,019,649

The

Williams

Cos.,

Inc.

..................................................

135,019

4,405,670

Valero

Energy

Corp.

.....................................................

19,744

2,315,971

35,018,674

Financials

(4.5%):

Ally

Financial,

Inc.

......................................................

77,214

2,085,550

Ares

Management

Corp.

,

Class

A

...........................................

36,424

3,509,452

Blackstone,

Inc.

........................................................

26,460

2,459,986

Citigroup,

Inc.

.........................................................

74,138

3,413,314

Citizens

Financial

Group,

Inc.

..............................................

93,049

2,426,718

CME

Group,

Inc.

.......................................................

29,730

5,508,672

Comerica,

Inc.

.........................................................

51,729

2,191,240

Fidelity

National

Financial,

Inc.

............................................

95,562

3,440,232

Fifth

Third

Bancorp

.....................................................

98,442

2,580,165

Franklin

Resources,

Inc.

..................................................

107,269

2,865,155

Huntington

Bancshares,

Inc.

...............................................

256,264

2,762,526

KeyCorp

.............................................................

187,765

1,734,949

M&T

Bank

Corp.

.......................................................

24,584

3,042,516

Morgan

Stanley

........................................................

44,157

3,771,008

Northern

Trust

Corp.

....................................................

37,720

2,796,561

Principal

Financial

Group,

Inc.

.............................................

44,439

3,370,254

Regions

Financial

Corp.

..................................................

166,251

2,962,593

T.

Rowe

Price

Group,

Inc.

.................................................

24,294

2,721,414

The

Carlyle

Group,

Inc.

..................................................

79,785

2,549,131

The

PNC

Financial

Services

Group,

Inc.

......................................

25,262

3,181,749

Victory

Portfolios

II

VictoryShares

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

122

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Truist

Financial

Corp.

....................................................

82,352

$

2,499,383

U.S.

Bancorp

..........................................................

90,836

3,001,221

Unum

Group

..........................................................

80,936

3,860,647

Webster

Financial

Corp.

..................................................

69,678

2,630,344

71,364,780

Health

Care

(2.5%):

AbbVie,

Inc.

..........................................................

35,344

4,761,897

Amgen,

Inc.

...........................................................

24,327

5,401,081

Bristol-Myers

Squibb

Co.

.................................................

81,556

5,215,506

Gilead

Sciences,

Inc.

....................................................

54,234

4,179,814

Johnson

&

Johnson

.....................................................

47,760

7,905,235

Medtronic

PLC

........................................................

57,475

5,063,548

Pfizer,

Inc.

............................................................

117,425

4,307,149

Viatris,

Inc.

...........................................................

304,699

3,040,896

39,875,126

Industrials

(1.2%):

3M

Co.

..............................................................

37,002

3,703,530

Paychex,

Inc.

..........................................................

40,425

4,522,345

Stanley

Black

&

Decker,

Inc.

..............................................

30,497

2,857,874

United

Parcel

Service,

Inc.

,

Class

B

..........................................

24,220

4,341,435

Watsco,

Inc.

...........................................................

10,766

4,106,906

19,532,090

Information

Technology

(2.2%):

Cisco

Systems,

Inc.

.....................................................

101,005

5,225,999

Corning,

Inc.

..........................................................

121,903

4,271,481

Dell

Technologies,

Inc.

,

Class

C

............................................

76,484

4,138,549

Hewlett

Packard

Enterprise

Co.

.............................................

253,483

4,258,514

HP,

Inc.

..............................................................

112,205

3,445,815

International

Business

Machines

Corp.

........................................

41,776

5,590,047

NetApp,

Inc.

..........................................................

61,293

4,682,785

Seagate

Technology

Holdings

PLC

..........................................

42,418

2,624,402

34,237,592

Materials

(1.1%):

Dow,

Inc.

............................................................

67,508

3,595,476

Eastman

Chemical

Co.

...................................................

37,365

3,128,198

International

Paper

Co.

...................................................

97,787

3,110,604

LyondellBasell

Industries

NV

,

Class

A

........................................

37,229

3,418,739

Packaging

Corp.

of

America

...............................................

28,448

3,759,688

17,012,705

Utilities

(6.0%):

Alliant

Energy

Corp.

....................................................

94,065

4,936,531

American

Electric

Power

Co.,

Inc.

...........................................

54,175

4,561,535

CMS

Energy

Corp.

......................................................

83,187

4,887,236

Consolidated

Edison,

Inc.

.................................................

59,364

5,366,506

Dominion

Energy,

Inc.

...................................................

82,252

4,259,831

DTE

Energy

Co.

.......................................................

46,010

5,062,020

Duke

Energy

Corp.

......................................................

55,971

5,022,838

Edison

International

.....................................................

61,846

4,295,205

Entergy

Corp.

.........................................................

44,135

4,297,425

Evergy,

Inc.

...........................................................

80,269

4,689,315

Eversource

Energy

......................................................

61,706

4,376,189

Exelon

Corp.

..........................................................

110,159

4,487,878

FirstEnergy

Corp.

.......................................................

124,018

4,821,820

NiSource,

Inc.

.........................................................

164,929

4,510,808

PPL

Corp.

............................................................

184,276

4,875,943

Public

Service

Enterprise

Group,

Inc.

.........................................

76,165

4,768,691

Sempra

Energy

........................................................

32,198

4,687,707

The

Southern

Co.

.......................................................

80,479

5,653,650

WEC

Energy

Group,

Inc.

.................................................

55,834

4,926,792

Victory

Portfolios

II

VictoryShares

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

123

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Xcel

Energy,

Inc.

.......................................................

75,644

$

4,702,787

95,190,707

Total

Common

Stocks

(Cost

$381,837,824)

399,570,203

Investment

Companies

(74.3%)

Federated

Hermes

Treasury

Obligations

Fund

,

4

.95

%

(b)

(c)

.........................

1,178,505,592

1,178,505,592

Total

Investment

Companies

(Cost

$1,178,505,592)

1,178,505,592

Collateral

for

Securities

Loaned

(0.0%)^(d)

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.02

%

(b)

........

68,437

68,437

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.02

%

(b)

............

68,437

68,437

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.08

%

(b)

...............

68,437

68,437

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.04

%

(b)

.

68,437

68,437

Total

Collateral

for

Securities

Loaned

(Cost

$273,748)

273,748

Total

Investments

(Cost

$1,560,617,164)

—

99.6%

1,578,349,543

Other

assets

in

excess

of

liabilities

—

0.4%

6,854,913

NET

ASSETS

-

100.00%

$

1,585,204,456

^

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

June

30,

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

..............

33

9/15/23

$

7,176,090

$

7,405,613

$

229,523

Total

unrealized

appreciation

$

229,523

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

229,523

Schedule

of

Portfolio

Investments

June

30,

2023

Victory

Portfolios

II

VictoryShares

US

Discovery

Enhanced

Volatility

Wtd

ETF

124

See

notes

to

financial

statements.

Security

Description

Shares

Value

Common

Stocks

(24.7%)

Communication

Services

(0.7%):

Altice

USA,

Inc.

,

Class

A

(a)

...............................................

4,476

$

13,518

Cargurus,

Inc.

(a)

.......................................................

1,529

34,601

Cars.com,

Inc.

(a)

.......................................................

1,740

34,487

Cogent

Communications

Holdings,

Inc.

.......................................

804

54,101

EchoStar

Corp.

,

Class

A

(a)

................................................

2,012

34,888

Gogo,

Inc.

(a)

..........................................................

1,987

33,799

John

Wiley

&

Sons,

Inc.

,

Class

A

............................................

962

32,737

Madison

Square

Garden

Sports

Corp.

........................................

296

55,663

Scholastic

Corp.

........................................................

827

32,162

Shutterstock,

Inc.

.......................................................

420

20,441

TripAdvisor,

Inc.

(a)

.....................................................

1,269

20,926

United

States

Cellular

Corp.

(a)

.............................................

1,197

21,103

Warner

Music

Group

Corp.

,

Class

A

.........................................

1,109

28,934

World

Wrestling

Entertainment,

Inc.

,

Class

A

...................................

550

59,658

Yelp,

Inc.

(a)

...........................................................

1,121

40,816

Ziff

Davis,

Inc.

(a)

.......................................................

555

38,883

ZipRecruiter,

Inc.

(a)

.....................................................

1,428

25,361

582,078

Consumer

Discretionary

(3.8%):

Abercrombie

&

Fitch

Co.

(a)

...............................................

878

33,083

Academy

Sports

&

Outdoors,

Inc.

...........................................

522

28,214

Acushnet

Holdings

Corp.

.................................................

976

53,368

American

Eagle

Outfitters,

Inc.

.............................................

1,989

23,470

Arhaus,

Inc.

(a)

.........................................................

1,667

17,387

Asbury

Automotive

Group,

Inc.

(a)

...........................................

140

33,659

Bloomin'

Brands,

Inc.

....................................................

1,385

37,243

Boot

Barn

Holdings,

Inc.

(a)

...............................................

337

28,541

Brinker

International,

Inc.

(a)

...............................................

736

26,938

Camping

World

Holdings,

Inc.

,

Class

A

(b)

.....................................

1,268

38,167

Carter's,

Inc.

..........................................................

536

38,914

Cavco

Industries,

Inc.

(a)

..................................................

121

35,695

Century

Communities,

Inc.

................................................

506

38,770

Chegg,

Inc.

(a)

.........................................................

1,427

12,672

Cracker

Barrel

Old

Country

Store,

Inc.

........................................

366

34,104

Crocs,

Inc.

(a)

..........................................................

187

21,026

Dave

&

Buster's

Entertainment,

Inc.

(a)

.......................................

795

35,425

Dillard's,

Inc.

,

Class

A

...................................................

75

24,471

Dine

Brands

Global,

Inc.

.................................................

501

29,073

Dorman

Products,

Inc.

...................................................

465

36,656

Everi

Holdings,

Inc.

(a)

...................................................

2,007

29,021

Foot

Locker,

Inc.

.......................................................

676

18,326

Fox

Factory

Holding

Corp.

(a)

..............................................

250

27,127

Frontdoor,

Inc.

(a)

.......................................................

1,261

40,226

Gentherm,

Inc.

(a)

.......................................................

522

29,498

Graham

Holdings

Co.

,

Class

B

.............................................

96

54,862

Grand

Canyon

Education,

Inc.

(a)

............................................

414

42,729

Green

Brick

Partners,

Inc.

(a)

...............................................

906

51,461

Group

1

Automotive,

Inc.

.................................................

154

39,747

Helen

of

Troy

Ltd.

(a)

....................................................

270

29,165

Hyatt

Hotels

Corp.

,

Class

A

................................................

377

43,197

Installed

Building

Products,

Inc.

............................................

258

36,161

Jack

in

the

Box,

Inc.

.....................................................

416

40,572

KB

Home

............................................................

1,035

53,520

Kontoor

Brands,

Inc.

....................................................

576

24,250

Laureate

Education,

Inc.

..................................................

3,015

36,451

La-Z-Boy,

Inc.

.........................................................

1,112

31,848

LCI

Industries

.........................................................

298

37,655

Leslie's,

Inc.

(a)

........................................................

2,365

22,207

Levi

Strauss

&

Co.

,

Class

A

...............................................

1,979

28,557

LGI

Homes,

Inc.

(a)

.....................................................

282

38,039

M/I

Homes,

Inc.

(a)

......................................................

573

49,960

Victory

Portfolios

II

VictoryShares

US

Discovery

Enhanced

Volatility

Wtd

ETF

125

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Malibu

Boats,

Inc.

,

Class

A

(a)

..............................................

667

$

39,126

MDC

Holdings,

Inc.

.....................................................

1,014

47,425

Meritage

Homes

Corp.

...................................................

323

45,953

Mister

Car

Wash,

Inc.

(a)

..................................................

3,101

29,925

Modine

Manufacturing

Co.

(a)

..............................................

1,284

42,398

Monarch

Casino

&

Resort,

Inc.

.............................................

536

37,761

Monro,

Inc.

...........................................................

839

34,089

National

Vision

Holdings,

Inc.

(a)

............................................

948

23,027

Nordstrom,

Inc.

........................................................

1,168

23,909

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

.......................................

509

29,486

Oxford

Industries,

Inc.

...................................................

299

29,428

Papa

John's

International,

Inc.

..............................................

468

34,552

Patrick

Industries,

Inc.

...................................................

488

39,040

Playa

Hotels

&

Resorts

NV

(a)

..............................................

4,155

33,822

PVH

Corp.

...........................................................

366

31,099

Ralph

Lauren

Corp.

.....................................................

316

38,963

Red

Rock

Resorts,

Inc.

,

Class

A

.............................................

891

41,681

Revolve

Group,

Inc.

(a)

...................................................

815

13,366

Sally

Beauty

Holdings,

Inc.

(a)

..............................................

1,965

24,268

SeaWorld

Entertainment,

Inc.

(a)

............................................

495

27,725

Signet

Jewelers

Ltd.

.....................................................

342

22,319

Six

Flags

Entertainment

Corp.

(a)

............................................

883

22,940

Skyline

Champion

Corp.

(a)

................................................

425

27,816

Sonic

Automotive,

Inc.

,

Class

A

............................................

533

25,408

Sonos,

Inc.

(a)

.........................................................

1,504

24,560

Steven

Madden

Ltd.

.....................................................

1,004

32,821

Strategic

Education,

Inc.

..................................................

575

39,008

Stride,

Inc.

(a)

..........................................................

618

23,008

Target

Hospitality

Corp.

(a)

(b)

..............................................

1,390

18,654

Taylor

Morrison

Home

Corp.

(a)

............................................

966

47,112

The

Buckle,

Inc.

........................................................

1,048

36,261

The

Cheesecake

Factory,

Inc.

..............................................

852

29,462

The

Gap,

Inc.

..........................................................

2,269

20,262

The

Goodyear

Tire

&

Rubber

Co.

(a)

.........................................

2,596

35,513

The

ODP

Corp.

(a)

......................................................

875

40,967

Topgolf

Callaway

Brands

Corp.

(a)

...........................................

1,719

34,122

Travel

+

Leisure

Co.

.....................................................

881

35,540

Tri

Pointe

Homes,

Inc.

(a)

.................................................

1,514

49,750

Under

Armour,

Inc.

,

Class

A

(a)

.............................................

2,808

20,274

Upbound

Group,

Inc.

....................................................

900

28,017

Urban

Outfitters,

Inc.

(a)

..................................................

1,192

39,491

Victoria's

Secret

&

Co.

(a)

.................................................

633

11,033

Vista

Outdoor,

Inc.

(a)

....................................................

1,335

36,939

Visteon

Corp.

(a)

........................................................

223

32,025

Wingstop,

Inc.

.........................................................

142

28,423

Winnebago

Industries,

Inc.

................................................

505

33,678

XPEL,

Inc.

(a)

.........................................................

449

37,815

YETI

Holdings,

Inc.

(a)

...................................................

585

22,721

2,954,437

Consumer

Staples

(1.7%):

BellRing

Brands,

Inc.

(a)

..................................................

1,252

45,823

Cal-Maine

Foods,

Inc.

...................................................

696

31,320

Central

Garden

&

Pet

Co.

(a)

...............................................

1,373

50,060

Coca-Cola

Consolidated,

Inc.

..............................................

69

43,885

e.l.f.

Beauty,

Inc.

(a)

.....................................................

455

51,975

Edgewell

Personal

Care

Co.

...............................................

1,326

54,777

Fresh

Del

Monte

Produce,

Inc.

.............................................

1,531

39,362

Grocery

Outlet

Holding

Corp.

(a)

............................................

1,592

48,731

Herbalife

Ltd.

(a)

.......................................................

1,133

15,001

Hostess

Brands,

Inc.

(a)

...................................................

2,303

58,312

Ingles

Markets,

Inc.

,

Class

A

...............................................

603

49,838

Inter

Parfums,

Inc.

......................................................

375

50,711

J

&

J

Snack

Foods

Corp.

..................................................

398

63,027

Victory

Portfolios

II

VictoryShares

US

Discovery

Enhanced

Volatility

Wtd

ETF

126

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Lancaster

Colony

Corp.

..................................................

262

$

52,686

Medifast,

Inc.

.........................................................

289

26,634

MGP

Ingredients,

Inc.

....................................................

404

42,937

Nu

Skin

Enterprises,

Inc.

,

Class

A

...........................................

962

31,938

PriceSmart,

Inc.

........................................................

728

53,916

Spectrum

Brands

Holdings,

Inc.

............................................

428

33,405

Sprouts

Farmers

Market,

Inc.

(a)

............................................

1,326

48,704

The

Andersons,

Inc.

.....................................................

786

36,274

The

Boston

Beer

Co.,

Inc.

,

Class

A

(a)

........................................

94

28,993

The

Chefs'

Warehouse,

Inc.

(a)

..............................................

1,127

40,302

The

Duckhorn

Portfolio,

Inc.

(a)

.............................................

2,567

33,294

The

Hain

Celestial

Group,

Inc.

(a)

...........................................

1,901

23,782

The

Simply

Good

Foods

Co.

(a)

.............................................

1,141

41,749

Tootsie

Roll

Industries,

Inc.

(b)

.............................................

1,479

52,371

United

Natural

Foods,

Inc.

(a)

..............................................

1,014

19,824

Universal

Corp.

........................................................

1,107

55,284

Vector

Group

Ltd.

......................................................

3,683

47,179

WD-40

Co.

...........................................................

225

42,446

Weis

Markets,

Inc.

......................................................

620

39,810

1,354,350

Energy

(1.1%):

Arch

Resources,

Inc.

....................................................

174

19,620

Archrock,

Inc.

.........................................................

3,402

34,870

Cactus,

Inc.

,

Class

A

.....................................................

618

26,154

California

Resources

Corp.

................................................

794

35,960

Callon

Petroleum

Co.

(a)

..................................................

612

21,463

ChampionX

Corp.

......................................................

964

29,922

Comstock

Resources,

Inc.

.................................................

1,798

20,857

CONSOL

Energy,

Inc.

...................................................

435

29,497

Crescent

Energy

Co.

,

Class

A

..............................................

2,325

24,226

CVR

Energy,

Inc.

.......................................................

829

24,837

Delek

U.S.

Holdings,

Inc.

.................................................

1,078

25,818

Denbury,

Inc.

(a)

........................................................

382

32,951

Earthstone

Energy,

Inc.

,

Class

A

(a)

..........................................

1,642

23,464

Excelerate

Energy,

Inc.

,

Class

A

............................................

1,269

25,799

Gulfport

Energy

Corp.

(a)

.................................................

432

45,390

International

Seaways,

Inc.

................................................

615

23,518

Kinetik

Holdings,

Inc.

...................................................

1,215

42,695

Kosmos

Energy

Ltd.

(a)

...................................................

2,919

17,485

Liberty

Energy,

Inc.

.....................................................

1,786

23,879

NexTier

Oilfield

Solutions,

Inc.

(a)

...........................................

2,538

22,690

Northern

Oil

and

Gas,

Inc.

................................................

783

26,873

Oceaneering

International,

Inc.

(a)

...........................................

1,103

20,626

Par

Pacific

Holdings,

Inc.

(a)

...............................................

1,080

28,739

Patterson-UTI

Energy,

Inc.

................................................

1,665

19,930

PBF

Energy,

Inc.

,

Class

A

.................................................

538

22,026

Peabody

Energy

Corp.

...................................................

809

17,523

Permian

Resources

Corp.

.................................................

2,170

23,783

RPC,

Inc.

............................................................

2,604

18,619

Sitio

Royalties

Corp.

,

Class

A

(b)

............................................

1,406

36,936

Talos

Energy,

Inc.

(a)

.....................................................

1,255

17,407

Valaris

Ltd.

(a)

.........................................................

425

26,745

Weatherford

International

PLC

(a)

...........................................

405

26,900

World

Fuel

Services

Corp.

................................................

1,145

23,679

860,881

Financials

(5.3%):

American

Equity

Investment

Life

Holding

Co.

..................................

744

38,770

Ameris

Bancorp

........................................................

1,128

38,589

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

................................

1,307

51,378

Associated

Banc-Corp.

...................................................

2,333

37,865

Assured

Guaranty

Ltd.

...................................................

765

42,687

Atlantic

Union

Bankshares

Corp.

............................................

1,599

41,494

Victory

Portfolios

II

VictoryShares

US

Discovery

Enhanced

Volatility

Wtd

ETF

127

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Axis

Capital

Holdings

Ltd.

................................................

930

$

50,062

Axos

Financial,

Inc.

(a)

...................................................

773

30,487

BancFirst

Corp.

........................................................

496

45,632

Bank

of

Hawaii

Corp.

....................................................

787

32,448

BankUnited,

Inc.

.......................................................

1,335

28,769

Banner

Corp.

..........................................................

981

42,840

BGC

Partners,

Inc.

,

Class

A

...............................................

6,931

30,704

Bread

Financial

Holdings,

Inc.

.............................................

645

20,247

Cathay

General

Bancorp

..................................................

1,324

42,620

City

Holding

Co.

.......................................................

795

71,542

CNO

Financial

Group,

Inc.

................................................

1,844

43,647

Cohen

&

Steers,

Inc.

....................................................

674

39,085

Columbia

Banking

System,

Inc.

............................................

1,792

36,342

Community

Bank

System,

Inc.

.............................................

982

46,036

CVB

Financial

Corp.

....................................................

2,925

38,844

Donnelley

Financial

Solutions,

Inc.

(a)

........................................

704

32,053

Eastern

Bankshares,

Inc.

..................................................

3,820

46,871

Enova

International,

Inc.

(a)

................................................

734

38,990

Enterprise

Financial

Services

Corp.

..........................................

1,077

42,111

Evercore,

Inc.

.........................................................

329

40,661

EVERTEC,

Inc.

........................................................

1,407

51,820

FB

Financial

Corp.

......................................................

1,342

37,643

Federal

Agricultural

Mortgage

Corp.

,

Class

C

...................................

381

54,765

Federated

Hermes,

Inc.

...................................................

1,425

51,086

First

Bancorp

..........................................................

3,285

40,143

First

Bancorp/Southern

Pines

NC

...........................................

1,320

39,270

First

Commonwealth

Financial

Corp.

.........................................

3,656

46,248

First

Financial

Bancorp

...................................................

2,495

50,998

First

Hawaiian,

Inc.

.....................................................

2,037

36,686

First

Merchants

Corp.

....................................................

1,500

42,345

FirstCash

Holdings,

Inc.

..................................................

522

48,718

FNB

Corp.

............................................................

4,220

48,277

Fulton

Financial

Corp.

...................................................

3,282

39,121

Genworth

Financial,

Inc.

(a)

................................................

7,544

37,720

Goosehead

Insurance,

Inc.

,

Class

A

(a)

........................................

417

26,225

Hamilton

Lane,

Inc.

,

Class

A

...............................................

536

42,869

Hancock

Whitney

Corp.

..................................................

1,049

40,261

Heartland

Financial

USA,

Inc.

..............................................

1,244

34,670

Hilltop

Holdings,

Inc.

....................................................

1,435

45,145

Hope

Bancorp,

Inc.

.....................................................

4,283

36,063

Houlihan

Lokey,

Inc.

....................................................

533

52,399

Independent

Bank

Corp.

..................................................

882

39,258

Independent

Bank

Group,

Inc.

..............................................

942

32,527

International

Bancshares

Corp.

.............................................

1,253

55,383

Jackson

Financial,

Inc.

,

Class

A

.............................................

671

20,539

Lakeland

Financial

Corp.

.................................................

867

42,067

Lazard

Ltd.

,

Class

A

.....................................................

1,070

34,240

Live

Oak

Bancshares,

Inc.

................................................

879

23,126

MGIC

Investment

Corp.

..................................................

3,826

60,413

Moelis

&

Co.

,

Class

A

...................................................

841

38,131

Mr.

Cooper

Group,

Inc.

(a)

.................................................

884

44,766

National

Bank

Holdings

Corp.

,

Class

A

.......................................

1,280

37,171

Navient

Corp.

.........................................................

2,119

39,371

NBT

Bancorp,

Inc.

......................................................

1,422

45,291

Nelnet,

Inc.

,

Class

A

.....................................................

738

71,202

NMI

Holdings,

Inc.

,

Class

A

(a)

.............................................

1,929

49,807

Northwest

Bancshares,

Inc.

................................................

4,842

51,325

OFG

Bancorp

.........................................................

1,988

51,847

Pacific

Premier

Bancorp,

Inc.

..............................................

1,592

32,923

PacWest

Bancorp

(b)

.....................................................

1,309

10,668

Palomar

Holdings,

Inc.

(a)

.................................................

456

26,466

Park

National

Corp.

.....................................................

464

47,476

PennyMac

Financial

Services,

Inc.

..........................................

560

39,374

Piper

Sandler

Cos.

......................................................

284

36,710

Victory

Portfolios

II

VictoryShares

US

Discovery

Enhanced

Volatility

Wtd

ETF

128

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

PJT

Partners,

Inc.

,

Class

A

................................................

673

$

46,868

PRA

Group,

Inc.

(a)

.....................................................

1,537

35,120

Provident

Financial

Services,

Inc.

...........................................

2,387

39,004

Radian

Group,

Inc.

......................................................

2,516

63,604

Renasant

Corp.

........................................................

1,601

41,834

Repay

Holdings

Corp.

(a)

.................................................

2,125

16,639

Rocket

Cos.,

Inc.

,

Class

A

(a)

(b)

.............................................

3,325

29,792

S&T

Bancorp,

Inc.

......................................................

1,734

47,147

Sandy

Spring

Bancorp,

Inc.

................................................

1,607

36,447

Seacoast

Banking

Corp.

of

Florida

...........................................

1,763

38,962

Shift4

Payments,

Inc.

,

Class

A

(a)

............................................

372

25,263

Simmons

First

National

Corp.

,

Class

A

.......................................

2,307

39,796

SLM

Corp.

...........................................................

2,387

38,956

Stellar

Bancorp,

Inc.

.....................................................

1,674

38,318

Stock

Yards

Bancorp,

Inc.

.................................................

974

44,190

StoneX

Group,

Inc.

(a)

...................................................

464

38,549

Texas

Capital

Bancshares,

Inc.

(a)

...........................................

710

36,565

The

Bancorp,

Inc.

(a)

.....................................................

1,035

33,793

Towne

Bank

..........................................................

2,151

49,989

TriCo

Bancshares

.......................................................

1,309

43,459

Trustmark

Corp.

........................................................

1,919

40,529

UMB

Financial

Corp.

....................................................

601

36,601

United

Community

Banks,

Inc.

.............................................

1,605

40,109

UWM

Holdings

Corp.

(b)

.................................................

6,421

35,958

Veritex

Holdings,

Inc.

....................................................

1,729

31,001

Victory

Capital

Holdings,

Inc.

,

Class

A

(c)

.....................................

1,178

37,154

Virtu

Financial,

Inc.

,

Class

A

...............................................

2,700

46,143

Virtus

Investment

Partners,

Inc.

.............................................

165

32,583

Walker

&

Dunlop,

Inc.

...................................................

443

35,037

Washington

Federal,

Inc.

.................................................

1,605

42,565

WesBanco,

Inc.

........................................................

1,965

50,324

Westamerica

Bancorp

....................................................

1,260

48,258

WSFS

Financial

Corp.

...................................................

1,055

39,795

4,183,679

Health

Care

(1.7%):

AdaptHealth

Corp.

(a)

....................................................

1,752

21,322

Addus

HomeCare

Corp.

(a)

................................................

452

41,900

Agiliti,

Inc.

(a)

.........................................................

1,457

24,041

Amedisys,

Inc.

(a)

.......................................................

352

32,187

Amphastar

Pharmaceuticals,

Inc.

(a)

..........................................

1,352

77,700

Apollo

Medical

Holdings,

Inc.

(a)

...........................................

754

23,826

Avanos

Medical,

Inc.

(a)

..................................................

1,768

45,190

Catalyst

Pharmaceuticals,

Inc.

(a)

............................................

1,437

19,313

Certara,

Inc.

(a)

.........................................................

1,443

26,277

Corcept

Therapeutics,

Inc.

(a)

..............................................

1,833

40,784

CorVel

Corp.

(a)

........................................................

282

54,567

Cytek

Biosciences,

Inc.

(a)

.................................................

2,830

24,168

Dynavax

Technologies

Corp.

(a)

.............................................

2,738

35,375

Embecta

Corp.

.........................................................

874

18,878

Figs,

Inc.

,

Class

A

(a)

....................................................

2,250

18,608

Haemonetics

Corp.

(a)

....................................................

613

52,191

Harmony

Biosciences

Holdings,

Inc.

(a)

.......................................

711

25,020

Integer

Holdings

Corp.

(a)

.................................................

489

43,330

Ironwood

Pharmaceuticals,

Inc.

(a)

...........................................

4,291

45,656

Maravai

LifeSciences

Holdings,

Inc.

,

Class

A

(a)

.................................

1,830

22,747

Merit

Medical

Systems,

Inc.

(a)

.............................................

712

59,552

Neogen

Corp.

(a)

.......................................................

1,913

41,608

Pacira

BioSciences,

Inc.

(a)

................................................

999

40,030

Patterson

Cos.,

Inc.

.....................................................

1,850

61,531

Pediatrix

Medical

Group,

Inc.

(a)

............................................

2,086

29,642

Prestige

Consumer

Healthcare,

Inc.

(a)

........................................

999

59,371

Progyny,

Inc.

(a)

........................................................

544

21,401

RadNet,

Inc.

(a)

........................................................

1,305

42,569

Victory

Portfolios

II

VictoryShares

US

Discovery

Enhanced

Volatility

Wtd

ETF

129

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Select

Medical

Holdings

Corp.

.............................................

1,291

$

41,131

STAAR

Surgical

Co.

(a)

..................................................

446

23,446

Supernus

Pharmaceuticals,

Inc.

(a)

...........................................

1,330

39,980

The

Ensign

Group,

Inc.

...................................................

606

57,849

U.S.

Physical

Therapy,

Inc.

................................................

347

42,122

Veradigm,

Inc.

(a)

.......................................................

2,387

30,076

Vir

Biotechnology,

Inc.

(a)

.................................................

1,206

29,583

1,312,971

Industrials

(5.7%):

AAON,

Inc.

...........................................................

429

40,673

AAR

Corp.

(a)

.........................................................

848

48,980

ABM

Industries,

Inc.

....................................................

989

42,181

Air

Transport

Services

Group,

Inc.

(a)

.........................................

1,840

34,721

Alamo

Group,

Inc.

......................................................

270

49,656

Albany

International

Corp.

................................................

529

49,345

Allegiant

Travel

Co.

(a)

...................................................

272

34,348

Allison

Transmission

Holdings,

Inc.

.........................................

1,065

60,130

Ameresco,

Inc.

,

Class

A

(a)

................................................

510

24,801

API

Group

Corp.

(a)

.....................................................

1,701

46,369

Applied

Industrial

Technologies,

Inc.

.........................................

295

42,725

ArcBest

Corp.

.........................................................

326

32,209

Arcosa,

Inc.

...........................................................

635

48,114

Armstrong

World

Industries,

Inc.

............................................

686

50,394

Atkore,

Inc.

(a)

.........................................................

208

32,436

Barnes

Group,

Inc.

......................................................

1,138

48,012

Beacon

Roofing

Supply,

Inc.

(a)

.............................................

646

53,605

Boise

Cascade

Co.

......................................................

531

47,976

Brady

Corp.

,

Class

A

....................................................

1,136

54,040

Casella

Waste

Systems,

Inc.

(a)

.............................................

707

63,948

CBIZ,

Inc.

(a)

..........................................................

1,172

62,444

Comfort

Systems

USA,

Inc.

...............................................

280

45,976

Construction

Partners,

Inc.

,

Class

A

(a)

........................................

1,091

34,246

Core

&

Main,

Inc.

,

Class

A

(a)

..............................................

1,844

57,791

CSG

Systems

International,

Inc.

............................................

910

47,993

CSW

Industrials,

Inc.

....................................................

325

54,012

Dycom

Industries,

Inc.

(a)

.................................................

411

46,710

Encore

Wire

Corp.

......................................................

157

29,191

Energy

Recovery,

Inc.

(a)

.................................................

1,400

39,130

Enerpac

Tool

Group

Corp.

................................................

1,729

46,683

EnerSys

..............................................................

438

47,532

EnPro

Industries,

Inc.

....................................................

401

53,546

Esab

Corp.

............................................................

674

44,848

ESCO

Technologies,

Inc.

.................................................

511

52,955

Federal

Signal

Corp.

.....................................................

1,017

65,119

First

Advantage

Corp.

(a)

..................................................

2,057

31,698

Flowserve

Corp.

........................................................

1,222

45,397

Fluor

Corp.

(a)

.........................................................

986

29,186

Forward

Air

Corp.

......................................................

421

44,672

Franklin

Electric

Co.,

Inc.

.................................................

538

55,360

GATX

Corp.

..........................................................

493

63,469

Gibraltar

Industries,

Inc.

(a)

................................................

735

46,246

GMS,

Inc.

(a)

..........................................................

588

40,690

GrafTech

International

Ltd.

................................................

4,219

21,264

Granite

Construction,

Inc.

.................................................

1,065

42,366

H&E

Equipment

Services,

Inc.

.............................................

608

27,816

Hayward

Holdings,

Inc.

(a)

................................................

2,358

30,300

Heartland

Express,

Inc.

...................................................

3,140

51,527

Helios

Technologies,

Inc.

.................................................

541

35,755

Herc

Holdings,

Inc.

.....................................................

225

30,791

Hillenbrand,

Inc.

.......................................................

858

43,998

HNI

Corp.

............................................................

1,603

45,173

Hub

Group,

Inc.

,

Class

A

(a)

...............................................

515

41,365

Huron

Consulting

Group,

Inc.

(a)

............................................

766

65,041

Victory

Portfolios

II

VictoryShares

US

Discovery

Enhanced

Volatility

Wtd

ETF

130

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

ICF

International,

Inc.

...................................................

528

$

65,678

Insperity,

Inc.

..........................................................

390

46,394

Janus

International

Group,

Inc.

(a)

...........................................

3,288

35,050

John

Bean

Technologies

Corp.

..............................................

335

40,636

Kadant,

Inc.

...........................................................

199

44,198

Kennametal,

Inc.

.......................................................

1,321

37,503

Kforce,

Inc.

...........................................................

696

43,611

Kirby

Corp.

(a)

.........................................................

562

43,246

Korn

Ferry

...........................................................

821

40,672

Lindsay

Corp.

.........................................................

296

35,325

ManpowerGroup,

Inc.

...................................................

570

45,258

Marten

Transport

Ltd.

....................................................

1,815

39,023

Matson,

Inc.

..........................................................

525

40,808

Maximus,

Inc.

.........................................................

567

47,917

McGrath

RentCorp

......................................................

555

51,326

MillerKnoll,

Inc.

.......................................................

1,223

18,076

Moog,

Inc.

,

Class

A

.....................................................

552

59,853

MSC

Industrial

Direct

Co.,

Inc.

.............................................

754

71,841

Mueller

Industries,

Inc.

...................................................

551

48,091

Mueller

Water

Products,

Inc.

,

Class

A

........................................

3,622

58,785

MYR

Group,

Inc.

(a)

.....................................................

330

45,652

NOW,

Inc.

(a)

..........................................................

2,610

27,040

NV5

Global,

Inc.

(a)

.....................................................

371

41,096

PGT

Innovations,

Inc.

(a)

..................................................

1,682

49,030

Primoris

Services

Corp.

..................................................

1,485

45,248

Resideo

Technologies,

Inc.

(a)

..............................................

1,521

26,861

Rush

Enterprises,

Inc.

,

Class

A

.............................................

884

53,694

Ryder

System,

Inc.

......................................................

428

36,290

Schneider

National,

Inc.

,

Class

B

............................................

1,771

50,863

Shoals

Technologies

Group,

Inc.

,

Class

A

(a)

....................................

755

19,298

SPX

Technologies,

Inc.

(a)

.................................................

648

55,061

Standex

International

Corp.

................................................

458

64,793

Stericycle,

Inc.

(a)

.......................................................

949

44,072

SunPower

Corp.

(a)

(b)

....................................................

1,435

14,063

TaskUS,

Inc.

,

Class

A

(a)

..................................................

992

11,229

Tennant

Co.

...........................................................

746

60,508

Terex

Corp.

...........................................................

613

36,676

The

AZEK

Co.,

Inc.

(a)

...................................................

1,119

33,895

The

Brink's

Co.

........................................................

678

45,989

Trinity

Industries,

Inc.

...................................................

1,390

35,737

Triton

International

Ltd.

..................................................

744

61,945

TTEC

Holdings,

Inc.

....................................................

808

27,343

UniFirst

Corp.

.........................................................

296

45,883

Veritiv

Corp.

..........................................................

200

25,122

Verra

Mobility

Corp.

(a)

..................................................

2,510

49,497

Vicor

Corp.

(a)

.........................................................

472

25,488

Wabash

National

Corp.

...................................................

1,217

31,204

Watts

Water

Technologies,

Inc.

,

Class

A

.......................................

269

49,423

Werner

Enterprises,

Inc.

..................................................

1,138

50,277

4,501,521

Information

Technology

(2.2%):

ACI

Worldwide,

Inc.

(a)

..................................................

1,395

32,322

Advanced

Energy

Industries,

Inc.

...........................................

419

46,698

Agilysys,

Inc.

(a)

.......................................................

421

28,897

Alarm.com

Holdings,

Inc.

(a)

...............................................

715

36,951

Avid

Technology,

Inc.

(a)

..................................................

1,080

27,540

Axcelis

Technologies,

Inc.

(a)

..............................................

199

36,483

Badger

Meter,

Inc.

......................................................

404

59,614

Belden,

Inc.

...........................................................

510

48,781

Box,

Inc.

,

Class

A

(a)

....................................................

1,266

37,195

Calix,

Inc.

(a)

..........................................................

524

26,153

Cohu,

Inc.

(a)

..........................................................

855

35,534

CommVault

Systems,

Inc.

(a)

...............................................

705

51,197

Victory

Portfolios

II

VictoryShares

US

Discovery

Enhanced

Volatility

Wtd

ETF

131

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

CTS

Corp.

............................................................

909

$

38,751

Diodes,

Inc.

(a)

.........................................................

376

34,776

DoubleVerify

Holdings,

Inc.

(a)

.............................................

1,218

47,405

ePlus,

Inc.

(a)

..........................................................

709

39,917

Extreme

Networks,

Inc.

(a)

................................................

1,608

41,888

FormFactor,

Inc.

(a)

.....................................................

865

29,600

Harmonic,

Inc.

(a)

.......................................................

2,595

41,961

Insight

Enterprises,

Inc.

(a)

................................................

431

63,073

InterDigital,

Inc.

.......................................................

490

47,309

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

................................

524

34,338

MaxLinear,

Inc.

(a)

......................................................

801

25,280

Methode

Electronics,

Inc.

.................................................

984

32,984

NCR

Corp.

(a)

.........................................................

1,209

30,467

NetScout

Systems,

Inc.

(a)

.................................................

1,554

48,096

Onto

Innovation,

Inc.

(a)

..................................................

363

42,279

OSI

Systems,

Inc.

(a)

.....................................................

591

69,638

Perficient,

Inc.

(a)

.......................................................

494

41,165

Plexus

Corp.

(a)

........................................................

468

45,976

Progress

Software

Corp.

..................................................

965

56,066

Sanmina

Corp.

(a)

.......................................................

674

40,622

Semtech

Corp.

(a)

.......................................................

924

23,525

SiTime

Corp.

(a)

........................................................

150

17,696

SPS

Commerce,

Inc.

(a)

...................................................

257

49,359

Super

Micro

Computer,

Inc.

(a)

.............................................

255

63,559

Teradata

Corp.

(a)

.......................................................

976

52,128

TTM

Technologies,

Inc.

(a)

................................................

2,107

29,287

Ultra

Clean

Holdings,

Inc.

(a)

..............................................

864

33,229

Viavi

Solutions,

Inc.

(a)

...................................................

3,411

38,647

Vishay

Intertechnology,

Inc.

...............................................

2,098

61,681

Vontier

Corp.

..........................................................

1,487

47,896

1,735,963

Materials

(1.2%):

Alpha

Metallurgical

Resources,

Inc.

..........................................

154

25,311

ATI,

Inc.

(a)

...........................................................

847

37,463

Avient

Corp.

..........................................................

687

28,098

Balchem

Corp.

.........................................................

383

51,632

Cabot

Corp.

...........................................................

471

31,505

Ecovyst,

Inc.

(a)

........................................................

3,648

41,806

Greif,

Inc.

,

Class

A

......................................................

699

48,154

H.B.

Fuller

Co.

........................................................

682

48,770

Ingevity

Corp.

(a)

.......................................................

497

28,906

Innospec,

Inc.

.........................................................

502

50,421

Materion

Corp.

........................................................

261

29,806

Mativ

Holdings,

Inc.

.....................................................

1,220

18,446

Minerals

Technologies,

Inc.

................................................

708

40,845

NewMarket

Corp.

......................................................

191

76,805

O-I

Glass,

Inc.

(a)

.......................................................

1,479

31,547

Orion

SA

.............................................................

1,372

29,114

Perimeter

Solutions

SA

(a)

.................................................

3,376

20,762

Ryerson

Holding

Corp.

...................................................

677

29,368

Sensient

Technologies

Corp.

...............................................

682

48,511

Stepan

Co.

............................................................

524

50,073

Summit

Materials,

Inc.

,

Class

A

(a)

..........................................

1,317

49,849

Sylvamo

Corp.

.........................................................

690

27,911

Warrior

Met

Coal,

Inc.

...................................................

840

32,718

Worthington

Industries,

Inc.

...............................................

563

39,112

916,933

Real

Estate

(0.3%):

eXp

World

Holdings,

Inc.

(b)

...............................................

1,808

36,666

Kennedy-Wilson

Holdings,

Inc.

.............................................

2,792

45,594

Marcus

&

Millichap,

Inc.

.................................................

1,385

43,641

Newmark

Group,

Inc.

,

Class

A

.............................................

3,933

24,463

Victory

Portfolios

II

VictoryShares

US

Discovery

Enhanced

Volatility

Wtd

ETF

132

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

The

Howard

Hughes

Corp.

(a)

..............................................

467

$

36,856

The

St.

Joe

Co.

........................................................

1,009

48,775

235,995

Utilities

(1.0%):

ALLETE,

Inc.

.........................................................

957

55,477

American

States

Water

Co.

................................................

582

50,634

Avista

Corp.

..........................................................

1,333

52,347

California

Water

Service

Group

.............................................

913

47,138

Chesapeake

Utilities

Corp.

................................................

418

49,742

Clearway

Energy,

Inc.

,

Class

C

.............................................

1,633

46,638

MGE

Energy,

Inc.

......................................................

897

70,962

Middlesex

Water

Co.

....................................................

633

51,058

Montauk

Renewables,

Inc.

(a)

..............................................

2,527

18,801

New

Jersey

Resources

Corp.

...............................................

1,110

52,392

Northwest

Natural

Holding

Co.

.............................................

1,218

52,435

NorthWestern

Corp.

.....................................................

1,125

63,855

Otter

Tail

Corp.

........................................................

579

45,718

SJW

Group

...........................................................

724

50,760

Spire,

Inc.

............................................................

819

51,957

759,914

Total

Common

Stocks

(Cost

$16,059,747)

19,398,722

Investment

Companies

(74.8%)

Federated

Hermes

Treasury

Obligations

Fund

,

4

.95

%

(d)

(e)

.........................

58,397,857

58,397,857

Total

Investment

Companies

(Cost

$58,397,857)

58,397,857

Collateral

for

Securities

Loaned

(0.2%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.02

%

(d)

........

29,792

29,792

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.02

%

(d)

............

29,792

29,792

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.08

%

(d)

...............

29,792

29,792

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.04

%

(d)

.

29,792

29,792

Total

Collateral

for

Securities

Loaned

(Cost

$119,168)

119,168

Total

Investments

(Cost

$74,576,772)

—

99.7%

77,915,747

Other

assets

in

excess

of

liabilities

—

0.3%

204,161

NET

ASSETS

-

100.00%

$

78,119,908

^

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

June

30,

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

133

Schedule

of

Portfolio

Investments

—

continued

June

30,

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

9/15/23

$

188,678

$

190,370

$

1,692

Total

unrealized

appreciation

$

1,692

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

1,692

Schedule

of

Portfolio

Investments

June

30,

2023

Victory

Portfolios

II

VictoryShares

Developed

Enhanced

Volatility

Wtd

ETF

134

See

notes

to

financial

statements.

Security

Description

Shares

Value

Common

Stocks

(25.0%)

Australia

(1.4%):

Communication

Services

(0.1%):

REA

Group

Ltd.

........................................................

193

$

18,385

Telstra

Corp.

Ltd.

.......................................................

14,854

42,539

60,924

Consumer

Discretionary

(0.1%):

Aristocrat

Leisure

Ltd.

...................................................

971

25,001

Wesfarmers

Ltd.

........................................................

840

27,603

52,604

Consumer

Staples

(0.2%):

Coles

Group

Ltd.

.......................................................

3,029

37,159

Woolworths

Group

Ltd.

..................................................

1,378

36,462

73,621

Energy

(0.1%):

Santos

Ltd.

...........................................................

4,219

21,130

Woodside

Energy

Group

Ltd.

..............................................

727

16,675

37,805

Financials

(0.4%):

ANZ

Group

Holdings

Ltd.

................................................

1,701

26,860

Commonwealth

Bank

of

Australia

...........................................

452

30,185

Macquarie

Group

Ltd.

...................................................

184

21,766

National

Australia

Bank

Ltd.

...............................................

1,524

26,765

QBE

Insurance

Group

Ltd.

................................................

2,352

24,546

Suncorp

Group

Ltd.

.....................................................

2,812

25,264

Westpac

Banking

Corp.

..................................................

2,014

28,624

184,010

Health

Care

(0.2%):

Cochlear

Ltd.

..........................................................

148

22,579

CSL

Ltd.

.............................................................

175

32,329

Ramsay

Health

Care

Ltd.

.................................................

576

21,594

Sonic

Healthcare

Ltd.

....................................................

959

22,718

99,220

Industrials

(0.1%):

Brambles

Ltd.

.........................................................

3,438

32,995

Computershare

Ltd.

.....................................................

1,450

22,578

55,573

Information

Technology

(0.0%):(a)

WiseTech

Global

Ltd.

....................................................

316

16,797

Materials

(0.2%):

BHP

Group

Ltd.

........................................................

637

19,087

Fortescue

Metals

Group

Ltd.

...............................................

975

14,403

Mineral

Resources

Ltd.

...................................................

222

10,561

Newcrest

Mining

Ltd.

....................................................

1,085

19,091

Rio

Tinto

Ltd.

.........................................................

257

19,630

South32

Ltd.

..........................................................

5,201

13,024

95,796

676,350

Austria

(0.1%):

Energy

(0.0%):(a)

OMV

AG

............................................................

332

14,070

Financials

(0.1%):

Erste

Group

Bank

AG

....................................................

472

16,526

Victory

Portfolios

II

VictoryShares

Developed

Enhanced

Volatility

Wtd

ETF

135

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Utilities

(0.0%):(a)

Verbund

AG

..........................................................

190

$

15,227

45,823

Belgium

(0.3%):

Consumer

Discretionary

(0.0%):(a)

D'ieteren

Group

........................................................

103

18,195

Consumer

Staples

(0.1%):

Anheuser-Busch

InBev

SA

................................................

489

27,654

Financials

(0.0%):(a)

KBC

Group

NV

........................................................

267

18,621

Health

Care

(0.1%):

UCB

SA

.............................................................

281

24,896

Materials

(0.0%):(a)

Solvay

SA,

Class

A

.....................................................

170

18,975

Utilities

(0.1%):

Elia

Group

SA

.........................................................

179

22,714

131,055

Canada

(2.9%):

Communication

Services

(0.2%):

BCE,

Inc.

............................................................

817

37,254

Rogers

Communications,

Inc.,

Class

B

........................................

594

27,103

TELUS

Corp.(b)

.......................................................

1,712

33,320

97,677

Consumer

Discretionary

(0.2%):

Dollarama,

Inc.

........................................................

481

32,580

Magna

International,

Inc.

.................................................

268

15,132

Restaurant

Brands

International,

Inc.

.........................................

421

32,644

80,356

Consumer

Staples

(0.3%):

Alimentation

Couche-Tard,

Inc.

.............................................

565

28,975

George

Weston

Ltd.

.....................................................

248

29,324

Loblaw

Cos.

Ltd.

.......................................................

354

32,412

Metro,

Inc.

...........................................................

756

42,703

Saputo,

Inc.

...........................................................

866

19,404

152,818

Energy

(0.3%):

Cameco

Corp.

.........................................................

475

14,878

Canadian

Natural

Resources

Ltd.

............................................

295

16,587

Cenovus

Energy,

Inc.

....................................................

698

11,856

Enbridge,

Inc.

.........................................................

850

31,598

Imperial

Oil

Ltd.

.......................................................

324

16,579

Pembina

Pipeline

Corp.

..................................................

767

24,117

Suncor

Energy,

Inc.

.....................................................

479

14,053

TC

Energy

Corp.

.......................................................

604

24,414

Tourmaline

Oil

Corp.

....................................................

339

15,975

170,057

Financials

(0.8%):

Bank

of

Montreal

.......................................................

333

30,077

Brookfield

Asset

Management

Ltd.,

Class

A

....................................

349

11,393

Brookfield

Corp.

.......................................................

625

21,044

Canadian

Imperial

Bank

of

Commerce

........................................

611

26,089

Fairfax

Financial

Holdings

Ltd.

.............................................

32

23,972

Great-West

Lifeco,

Inc.

...................................................

1,112

32,295

Intact

Financial

Corp.

....................................................

216

33,354

Victory

Portfolios

II

VictoryShares

Developed

Enhanced

Volatility

Wtd

ETF

136

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Manulife

Financial

Corp.

.................................................

1,471

$

27,808

National

Bank

of

Canada

.................................................

424

31,594

Power

Corp.

of

Canada(b)

.................................................

1,262

33,975

Royal

Bank

of

Canada

...................................................

366

34,959

Sun

Life

Financial,

Inc.

..................................................

689

35,922

The

Bank

of

Nova

Scotia

.................................................

619

30,973

The

Toronto-Dominion

Bank

...............................................

498

30,870

404,325

Industrials

(0.4%):

Canadian

National

Railway

Co.

.............................................

284

34,395

Canadian

Pacific

Kansas

City

Ltd.

...........................................

375

30,292

TFI

International,

Inc.

....................................................

149

16,978

Thomson

Reuters

Corp.

..................................................

267

36,055

Waste

Connections,

Inc.

..................................................

225

32,160

WSP

Global,

Inc.

.......................................................

204

26,954

176,834

Information

Technology

(0.2%):

CGI,

Inc.(c)

...........................................................

341

35,964

Constellation

Software,

Inc.

...............................................

15

31,082

Lumine

Group,

Inc.(c)

...................................................

74

1,015

Open

Text

Corp.

........................................................

547

22,754

90,815

Materials

(0.3%):

Aginco

Eagle

Mines

Ltd.

.................................................

340

16,980

Barrick

Gold

Corp.

......................................................

1,039

17,578

First

Quantum

Minerals

Ltd.

...............................................

392

9,275

Franco-Nevada

Corp.

....................................................

169

24,090

Ivanhoe

Mines

Ltd.(b)(c)

.................................................

1,254

11,455

Nutrien

Ltd.

...........................................................

191

11,277

Teck

Resources

Ltd.,

Class

B

..............................................

335

14,097

Wheaton

Precious

Metals

Corp.

.............................................

444

19,203

123,955

Utilities

(0.2%):

Emera,

Inc.

...........................................................

750

30,892

Fortis,

Inc.(b)

..........................................................

906

39,049

Hydro

One

Ltd.(d)

......................................................

1,347

38,490

108,431

1,405,268

Denmark

(0.4%):

Consumer

Discretionary

(0.0%):(a)

Pandora

A/S

..........................................................

146

13,037

Financials

(0.1%):

Tryg

A/S

.............................................................

1,440

31,164

Health

Care

(0.2%):

Coloplast

A/S,

Class

B

...................................................

175

21,885

Genmab

A/S(c)

........................................................

54

20,421

Novo

Nordisk

A/S,

Class

B

................................................

161

25,944

68,250

Industrials

(0.1%):

AP

Moller

-

Maersk

A/S,

Class

B

...........................................

8

14,042

DSV

A/S

.............................................................

99

20,794

34,836

Materials

(0.0%):(a)

Novozymes

A/S,

Class

B

.................................................

380

17,706

Victory

Portfolios

II

VictoryShares

Developed

Enhanced

Volatility

Wtd

ETF

137

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Utilities

(0.0%):(a)

Orsted

A/S(d)

.........................................................

181

$

17,106

182,099

Finland

(0.4%):

Communication

Services

(0.1%):

Elisa

Oyj

.............................................................

643

34,335

Energy

(0.0%):(a)

Neste

Oyj

............................................................

355

13,658

Financials

(0.1%):

Nordea

Bank

Abp

.......................................................

2,227

24,229

Sampo

Oyj,

A

Shares

....................................................

641

28,759

52,988

Industrials

(0.0%):(a)

Kone

Oyj,

Class

B

......................................................

368

19,205

Information

Technology

(0.1%):

Nokia

Oyj

............................................................

4,624

19,351

Materials

(0.1%):

Stora

Enso

Oyj,

Class

R

..................................................

1,329

15,407

UPM-Kymmene

Oyj

....................................................

667

19,846

35,253

174,790

France

(2.2%):

Communication

Services

(0.2%):

Bollore

SE

............................................................

5,391

33,587

Orange

SA

............................................................

3,208

37,459

Publicis

Groupe

SA

.....................................................

266

21,332

Vivendi

SE

...........................................................

2,554

23,425

115,803

Consumer

Discretionary

(0.3%):

Cie

Generale

des

Etablissements

Michelin

SCA

.................................

646

19,073

Hermes

International

....................................................

11

23,884

Kering

SA

............................................................

34

18,756

LVMH

Moet

Hennessy

Louis

Vuitton

SE

......................................

27

25,424

Sodexo

SA

...........................................................

301

33,121

120,258

Consumer

Staples

(0.3%):

Carrefour

SA

..........................................................

1,131

21,417

Danone

SA

...........................................................

618

37,855

L'Oreal

SA

...........................................................

59

27,494

Pernod

Ricard

SA(b)

....................................................

138

30,476

117,242

Energy

(0.0%):(a)

TotalEnergies

SE

.......................................................

334

19,150

Financials

(0.3%):

Amundi

SA(d)

.........................................................

297

17,515

AXA

SA

.............................................................

822

24,238

BNP

Paribas

SA

........................................................

328

20,657

Credit

Agricole

SA

......................................................

1,994

23,654

Edenred

..............................................................

520

34,803

Societe

Generale

SA

.....................................................

675

17,528

Worldline

SA(c)(d)

......................................................

366

13,378

151,773

Health

Care

(0.2%):

BioMerieux

...........................................................

227

23,807

Victory

Portfolios

II

VictoryShares

Developed

Enhanced

Volatility

Wtd

ETF

138

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

EssilorLuxottica

SA

.....................................................

132

$

24,859

Ipsen

SA

.............................................................

157

18,877

Sanofi

...............................................................

270

28,929

Sartorius

Stedim

Biotech

.................................................

41

10,231

106,703

Industrials

(0.6%):

Aeroports

de

Paris

......................................................

148

21,235

Airbus

SE

............................................................

165

23,829

Bouygues

SA

..........................................................

870

29,199

Bureau

Veritas

SA

......................................................

983

26,942

Cie

de

Saint-Gobain

.....................................................

305

18,546

Eiffage

SA

............................................................

267

27,845

Getlink

SE

............................................................

1,712

29,103

Legrand

SA

...........................................................

252

24,966

Schneider

Electric

SE

....................................................

131

23,793

Teleperformance

.......................................................

45

7,534

Thales

SA

............................................................

160

23,952

Vinci

SA

.............................................................

258

29,946

286,890

Information

Technology

(0.1%):

Capgemini

SE

.........................................................

103

19,504

Dassault

Systemes

SE

....................................................

461

20,434

39,938

Materials

(0.1%):

Air

Liquide

SA

........................................................

165

29,561

Utilities

(0.1%):

Engie

SA

.............................................................

1,649

27,398

Veolia

Environnement

SA

.................................................

686

21,669

49,067

1,036,385

Germany

(1.6%):

Communication

Services

(0.1%):

Deutsche

Telekom

AG

...................................................

1,581

34,459

Telefonica

Deutschland

Holding

AG

.........................................

8,096

22,764

57,223

Consumer

Discretionary

(0.2%):

adidas

AG

............................................................

87

16,876

Bayerische

Motoren

Werke

AG

.............................................

228

27,992

Mercedes-Benz

Group

AG

................................................

232

18,648

Puma

SE

.............................................................

234

14,073

Zalando

SE(c)(d)

.......................................................

247

7,104

84,693

Consumer

Staples

(0.1%):

Beiersdorf

AG

.........................................................

268

35,455

Financials

(0.4%):

Allianz

SE,

Registered

Shares

..............................................

132

30,706

Commerzbank

AG

......................................................

1,123

12,437

Deutsche

Bank

AG,

Registered

Shares

........................................

1,302

13,663

Deutsche

Boerse

AG

....................................................

186

34,318

Hannover

Rueck

SE

.....................................................

134

28,415

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen,

Class

R

...............

81

30,367

Talanx

AG

............................................................

592

33,944

183,850

Health

Care

(0.2%):

Bayer

AG,

Registered

Shares

..............................................

348

19,239

Carl

Zeiss

Meditec

AG

...................................................

131

14,156

Victory

Portfolios

II

VictoryShares

Developed

Enhanced

Volatility

Wtd

ETF

139

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Fresenius

Medical

Care

AG

&

Co.

KGaA

......................................

418

$

19,963

Fresenius

SE

&

Co.

KGaA

................................................

722

19,986

Merck

KGaA

..........................................................

115

19,016

92,360

Industrials

(0.3%):

Brenntag

SE

..........................................................

258

20,099

Daimler

Truck

Holding

AG

................................................

645

23,224

Deutsche

Lufthansa

AG,

Registered

Shares(c)

..................................

1,765

18,062

Deutsche

Post

AG,

Registered

Shares

........................................

479

23,378

Knorr-Bremse

AG

......................................................

234

17,867

MTU

Aero

Engines

AG

..................................................

86

22,276

Rheinmetall

AG

........................................................

53

14,503

Siemens

AG,

Registered

Shares

.............................................

128

21,304

160,713

Information

Technology

(0.1%):

Infineon

Technologies

AG

.................................................

424

17,480

SAP

SE

..............................................................

216

29,493

46,973

Materials

(0.1%):

Evonik

Industries

AG

....................................................

877

16,679

HeidelbergCement

AG

...................................................

286

23,466

Symrise

AG

...........................................................

217

22,734

62,879

Real

Estate

(0.0%):(a)

Vonovia

SE

...........................................................

546

10,660

Utilities

(0.1%):

E.ON

SE

.............................................................

2,133

27,183

761,989

Hong

Kong

(0.7%):

Financials

(0.1%):

AIA

Group

Ltd.

........................................................

1,682

16,980

Hang

Seng

Bank

Ltd.

....................................................

1,619

23,038

Hong

Kong

Exchanges

&

Clearing

Ltd.

.......................................

333

12,545

52,563

Health

Care

(0.0%):(a)

Sino

Biopharmaceutical

Ltd.

...............................................

29,351

12,773

Industrials

(0.1%):

CK

Hutchison

Holdings

Ltd.

...............................................

4,651

28,402

MTR

Corp.

Ltd.

........................................................

6,895

31,678

Techtronic

Industries

Co.

Ltd.

..............................................

942

10,237

70,317

Real

Estate

(0.3%):

CK

Asset

Holdings

Ltd.

..................................................

4,308

23,861

Henderson

Land

Development

Co.

Ltd.

.......................................

6,031

17,934

Hongkong

Land

Holdings

Ltd.

.............................................

4,900

19,110

Sino

Land

Co.

Ltd.

......................................................

17,167

21,098

Sun

Hung

Kai

Properties

Ltd.

..............................................

1,952

24,588

Swire

Pacific

Ltd.,

Class

A

................................................

2,431

18,630

125,221

Utilities

(0.2%):

China

Common

Rich

Renewable

Energy

Investments

Ltd.(c)(e)

......................

26,000

664

CLP

Holdings

Ltd.

......................................................

4,045

31,438

Hong

Kong

&

China

Gas

Co.

Ltd.

...........................................

29,129

25,167

Victory

Portfolios

II

VictoryShares

Developed

Enhanced

Volatility

Wtd

ETF

140

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Power

Assets

Holdings

Ltd.

...............................................

5,893

$

30,872

88,141

349,015

Ireland

(0.4%):

Consumer

Staples

(0.0%):(a)

Kerry

Group

PLC

.......................................................

272

26,526

Financials

(0.1%):

AIB

Group

PLC

........................................................

3,782

15,887

Bank

of

Ireland

Group

PLC

...............................................

1,355

12,919

28,806

Industrials

(0.2%):

Experian

PLC

.........................................................

672

25,752

Kingspan

Group

PLC

....................................................

188

12,492

Ryanair

Holdings

PLC(c)

.................................................

2,118

39,783

78,027

Materials

(0.1%):

CRH

PLC

............................................................

485

26,724

Smurfit

Kappa

Group

PLC

................................................

452

15,083

41,807

175,166

Israel

(0.1%):

Financials

(0.1%):

Bank

Hapoalim

BM

.....................................................

2,636

21,620

Bank

Leumi

Le-Israel

BM

................................................

3,015

22,458

44,078

Information

Technology

(0.0%):(a)

Nice

Ltd.(c)

...........................................................

78

15,941

Materials

(0.0%):(a)

ICL

Group

Ltd.

........................................................

2,449

13,290

73,309

Italy

(0.7%):

Communication

Services

(0.1%):

Infrastrutture

Wireless

Italiane

SpA(d)

........................................

2,365

31,172

Consumer

Discretionary

(0.0%):(a)

Moncler

SpA

..........................................................

277

19,143

Energy

(0.0%):(a)

Eni

SpA

.............................................................

1,455

20,927

Financials

(0.3%):

Assicurazioni

Generali

SpA

...............................................

1,321

26,838

FinecoBank

Banca

Fineco

SpA

.............................................

968

13,007

Intesa

Sanpaolo

SpA

.....................................................

7,236

18,949

Mediobanca

Banca

di

Credito

Finanziario

SpA

..................................

2,185

26,129

Poste

Italiane

SpA(d)

....................................................

2,062

22,309

UniCredit

SpA

.........................................................

778

18,051

125,283

Industrials

(0.1%):

Nexi

SpA(c)(d)

........................................................

1,836

14,387

Prysmian

SpA

.........................................................

546

22,805

37,192

Utilities

(0.2%):

Enel

SpA

.............................................................

4,090

27,525

Snam

SpA

............................................................

5,391

28,158

Victory

Portfolios

II

VictoryShares

Developed

Enhanced

Volatility

Wtd

ETF

141

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Terna

-

Rete

Elettrica

Nazionale

............................................

3,268

$

27,834

83,517

317,234

Japan

(5.2%):

Communication

Services

(0.4%):

KDDI

Corp.

...........................................................

1,108

34,174

Nexon

Co.

Ltd.

........................................................

800

15,232

Nintendo

Co.

Ltd.

......................................................

600

27,206

Nippon

Telegraph

&

Telephone

Corp.

........................................

30,700

36,279

SoftBank

Corp.

........................................................

4,700

50,166

Z

Holdings

Corp.

.......................................................

6,030

14,477

177,534

Consumer

Discretionary

(0.7%):

Bandai

Namco

Holdings,

Inc.

..............................................

1,200

27,621

Bridgestone

Corp.(b)

....................................................

700

28,586

Denso

Corp.

..........................................................

400

26,740

Fast

Retailing

Co.

Ltd.

...................................................

100

25,451

Honda

Motor

Co.

Ltd.

...................................................

1,000

30,087

Nissan

Motor

Co.

Ltd.

...................................................

5,300

21,607

Oriental

Land

Co.

Ltd.

...................................................

800

31,056

Panasonic

Holdings

Corp.

.................................................

2,700

32,814

Sekisui

House

Ltd.

......................................................

1,772

35,685

Shimano,

Inc.

.........................................................

140

23,249

Sony

Group

Corp.

......................................................

200

17,972

Suzuki

Motor

Corp.

.....................................................

600

21,629

Toyota

Motor

Corp.

.....................................................

2,020

32,320

354,817

Consumer

Staples

(0.5%):

Aeon

Co.

Ltd.

.........................................................

1,500

30,586

Ajinomoto

Co.,

Inc.

.....................................................

900

35,706

Asahi

Group

Holdings

Ltd.

................................................

760

29,361

Japan

Tobacco,

Inc.(b)

...................................................

1,544

33,742

Kao

Corp.

............................................................

718

25,947

Kirin

Holdings

Co.

Ltd.(b)

................................................

2,400

34,957

Seven

&

i

Holdings

Co.

Ltd.

...............................................

600

25,804

Shiseido

Co.

Ltd.

.......................................................

400

18,001

Unicharm

Corp.

........................................................

694

25,691

259,795

Energy

(0.0%):(a)

Inpex

Corp.(b)

.........................................................

1,600

17,721

Financials

(0.7%):

Dai-ichi

Life

Holdings,

Inc.

...............................................

988

18,749

Japan

Post

Holdings

Co.

Ltd.

..............................................

4,400

31,609

Mitsubishi

UFJ

Financial

Group,

Inc.

.........................................

3,600

26,573

Mizuho

Financial

Group,

Inc.

..............................................

2,100

32,007

MS&AD

Insurance

Group

Holdings,

Inc.

......................................

800

28,256

Nomura

Holdings,

Inc.

...................................................

9,000

34,134

ORIX

Corp.

...........................................................

1,368

24,771

Resona

Holdings,

Inc.

....................................................

4,300

20,573

Sompo

Holdings,

Inc.

....................................................

600

26,860

Sumitomo

Mitsui

Financial

Group,

Inc.

.......................................

684

29,199

Sumitomo

Mitsui

Trust

Holdings,

Inc.

........................................

700

24,807

Tokio

Marine

Holdings,

Inc.

...............................................

1,200

27,571

325,109

Health

Care

(0.6%):

Astellas

Pharma,

Inc.

....................................................

2,052

30,564

Chugai

Pharmaceutical

Co.

Ltd.

............................................

990

28,037

Daiichi

Sankyo

Co.

Ltd.

..................................................

500

15,768

Eisai

Co.

Ltd.

..........................................................

254

17,119

Victory

Portfolios

II

VictoryShares

Developed

Enhanced

Volatility

Wtd

ETF

142

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Hoya

Corp.

...........................................................

218

$

25,799

M3,

Inc.

.............................................................

600

12,929

Olympus

Corp.

........................................................

1,200

18,847

Otsuka

Holdings

Co.

Ltd.

.................................................

1,000

36,533

Shionogi

&

Co.

Ltd.

.....................................................

528

22,213

Takeda

Pharmaceutical

Co.

Ltd.

............................................

1,100

34,514

Terumo

Corp.

.........................................................

900

28,457

270,780

Industrials

(1.2%):

Central

Japan

Railway

Co.

................................................

300

37,552

Daikin

Industries

Ltd.

....................................................

166

33,671

East

Japan

Railway

Co.

..................................................

700

38,750

FANUC

Corp.

.........................................................

650

22,670

Hitachi

Ltd.

...........................................................

500

30,829

ITOCHU

Corp.

........................................................

800

31,533

Komatsu

Ltd.

..........................................................

988

26,576

Kubota

Corp.(b)

........................................................

1,404

20,426

Marubeni

Corp.

........................................................

1,600

27,058

Mitsubishi

Corp.

.......................................................

592

28,435

Mitsubishi

Electric

Corp.

.................................................

2,552

35,853

Mitsui

&

Co.

Ltd.

.......................................................

786

29,478

Nidec

Corp.

...........................................................

354

19,248

Nippon

Yusen

KK

......................................................

600

13,266

Recruit

Holdings

Co.

Ltd.

.................................................

620

19,608

Secom

Co.

Ltd.

........................................................

610

41,175

SMC

Corp.

...........................................................

14

7,712

Sumitomo

Corp.

........................................................

1,500

31,616

Toshiba

Corp.

.........................................................

800

25,046

Toyota

Industries

Corp.

...................................................

408

28,999

Toyota

Tsusho

Corp.

.....................................................

500

24,740

574,241

Information

Technology

(0.8%):

Advantest

Corp.

........................................................

300

39,818

Canon,

Inc.(b)

.........................................................

1,314

34,517

FUJIFILM

Holdings

Corp.

................................................

560

33,151

Fujitsu

Ltd.

...........................................................

200

25,776

Keyence

Corp.

.........................................................

28

13,167

Kyocera

Corp.

.........................................................

600

32,400

Lasertec

Corp.

.........................................................

100

14,954

Murata

Manufacturing

Co.

Ltd.

.............................................

402

22,948

Nomura

Research

Institute

Ltd.

.............................................

874

23,994

NTT

Data

Corp.

........................................................

1,608

22,368

Obic

Co.

Ltd.

..........................................................

200

31,938

Renesas

Electronics

Corp.(c)

...............................................

1,200

22,469

TDK

Corp.

...........................................................

500

19,292

Tokyo

Electron

Ltd.

.....................................................

178

25,365

362,157

Materials

(0.1%):

Nippon

Paint

Holdings

Co.

Ltd.

.............................................

1,790

14,677

Nippon

Steel

Corp.

......................................................

1,000

20,821

Shin-Etsu

Chemical

Co.

Ltd.

...............................................

750

24,785

60,283

Real

Estate

(0.2%):

Daiwa

House

Industry

Co.

Ltd.

.............................................

1,400

36,795

Mitsubishi

Estate

Co.

Ltd.

.................................................

2,252

26,690

Mitsui

Fudosan

Co.

Ltd.

..................................................

1,278

25,338

88,823

2,491,260

Victory

Portfolios

II

VictoryShares

Developed

Enhanced

Volatility

Wtd

ETF

143

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Luxembourg

(0.1%):

Energy

(0.0%):(a)

Tenaris

SA

............................................................

819

$

12,256

Health

Care

(0.1%):

Eurofins

Scientific

SE

....................................................

258

16,372

Materials

(0.0%):(a)

ArcelorMittal

SA

.......................................................

565

15,369

43,997

Netherlands

(0.9%):

Communication

Services

(0.1%):

Koninklijke

KPN

NV

....................................................

11,044

39,392

Universal

Music

Group

NV

................................................

776

17,230

56,622

Consumer

Discretionary

(0.0%):(a)

Prosus

NV

............................................................

170

12,448

Consumer

Staples

(0.3%):

Davide

Campari-Milano

NV

...............................................

2,027

28,066

Heineken

Holding

NV

...................................................

350

30,417

Heineken

NV

..........................................................

299

30,725

Koninklijke

Ahold

Delhaize

NV

............................................

894

30,492

119,700

Financials

(0.1%):

ABN

AMRO

Bank

NV(d)

.................................................

1,048

16,272

ING

Groep

NV

........................................................

1,467

19,749

NN

Group

NV

.........................................................

606

22,421

58,442

Health

Care

(0.0%):(a)

Koninklijke

Philips

NV(c)

................................................

935

20,207

Industrials

(0.2%):

Adyen

NV(c)(d)

........................................................

7

12,112

Ferrovial

SE(c)

........................................................

1,011

31,957

IMCD

NV

............................................................

122

17,531

Randstad

NV

..........................................................

347

18,291

Wolters

Kluwer

NV

.....................................................

243

30,835

110,726

Information

Technology

(0.1%):

ASM

International

NV

...................................................

36

15,254

ASML

Holding

NV

.....................................................

24

17,362

32,616

Materials

(0.1%):

Akzo

Nobel

NV

........................................................

291

23,724

434,485

New

Zealand

(0.0%):(a)

Health

Care

(0.0%):(a)

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

........................................

1,176

17,676

Norway

(0.3%):

Communication

Services

(0.0%):(a)

Telenor

ASA

..........................................................

2,295

23,272

Consumer

Staples

(0.0%):(a)

Mowi

ASA

...........................................................

1,000

15,863

Energy

(0.1%):

Aker

BP

ASA

.........................................................

572

13,424

Victory

Portfolios

II

VictoryShares

Developed

Enhanced

Volatility

Wtd

ETF

144

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Equinor

ASA

..........................................................

550

$

15,999

29,423

Financials

(0.1%):

DNB

Bank

ASA

........................................................

1,389

25,983

Materials

(0.1%):

Norsk

Hydro

ASA

......................................................

2,135

12,695

Yara

International

ASA

...................................................

446

15,755

28,450

122,991

Portugal

(0.2%):

Consumer

Staples

(0.1%):

Jeronimo

Martins

SGPS

SA

...............................................

1,175

32,359

Energy

(0.0%):(a)

Galp

Energia

SGPS

SA

...................................................

1,457

17,042

Utilities

(0.1%):

EDP

-

Energias

de

Portugal

SA

.............................................

5,474

26,733

76,134

Singapore

(0.6%):

Communication

Services

(0.1%):

Singapore

Telecommunications

Ltd.

.........................................

19,300

35,685

Consumer

Discretionary

(0.1%):

Genting

Singapore

Ltd.

...................................................

41,700

28,991

Consumer

Staples

(0.1%):

Wilmar

International

Ltd.

.................................................

10,862

30,527

Financials

(0.2%):

DBS

Group

Holdings

Ltd.

.................................................

1,578

36,774

Oversea-Chinese

Banking

Corp.

Ltd.

.........................................

5,038

45,756

United

Overseas

Bank

Ltd.

................................................

1,692

35,039

117,569

Industrials

(0.1%):

Singapore

Airlines

Ltd.

...................................................

11,300

59,755

Real

Estate

(0.0%):(a)

Capitaland

Investment

Ltd.

................................................

8,300

20,319

292,846

South

Korea

(1.1%):

Communication

Services

(0.1%):

Kakao

Corp.

..........................................................

284

10,583

NAVER

Corp.

.........................................................

94

13,042

23,625

Consumer

Discretionary

(0.2%):

Hyundai

Mobis

Co.

Ltd.

..................................................

136

23,998

Hyundai

Motor

Co.

.....................................................

173

27,113

Kia

Corp.

............................................................

368

24,718

LG

Electronics,

Inc.

.....................................................

208

20,001

95,830

Consumer

Staples

(0.1%):

KT&G

Corp.

..........................................................

541

33,997

Energy

(0.0%):(a)

SK

Innovation

Co.

Ltd.(c)

.................................................

130

15,638

Victory

Portfolios

II

VictoryShares

Developed

Enhanced

Volatility

Wtd

ETF

145

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Financials

(0.2%):

Hana

Financial

Group,

Inc.

................................................

495

$

14,727

KakaoBank

Corp.

.......................................................

508

9,157

KB

Financial

Group,

Inc.

.................................................

476

17,250

Samsung

Life

Insurance

Co.

Ltd.

............................................

497

25,386

Shinhan

Financial

Group

Co.

Ltd.

...........................................

690

17,805

84,325

Health

Care

(0.1%):

Celltrion,

Inc.

.........................................................

183

21,236

Samsung

Biologics

Co.

Ltd.(c)(d)

...........................................

46

25,975

47,211

Industrials

(0.2%):

Ecopro

BM

Co.

Ltd.

.....................................................

94

17,764

LG

Corp.

.............................................................

410

27,383

Samsung

C&T

Corp.

....................................................

280

22,462

SK,

Inc.

..............................................................

155

17,493

85,102

Information

Technology

(0.1%):

Samsung

Electronics

Co.

Ltd.

..............................................

527

28,878

Samsung

SDI

Co.

Ltd.

...................................................

31

15,740

SK

Hynix,

Inc.

.........................................................

272

23,781

68,399

Materials

(0.1%):

LG

Chem

Ltd.

.........................................................

29

14,680

POSCO

Future

M

Co.

Ltd.

................................................

72

19,290

POSCO

Holdings,

Inc.

...................................................

77

22,675

56,645

510,772

Spain

(0.6%):

Communication

Services

(0.1%):

Telefonica

SA

.........................................................

6,726

27,271

Consumer

Discretionary

(0.1%):

Industria

de

Diseno

Textil

SA

..............................................

773

29,908

Energy

(0.0%):(a)

Repsol

SA

............................................................

1,175

17,089

Financials

(0.1%):

Banco

Bilbao

Vizcaya

Argentaria

SA

.........................................

2,742

21,038

Banco

Santander

SA

.....................................................

5,016

18,526

CaixaBank

SA

.........................................................

4,051

16,739

56,303

Industrials

(0.1%):

Aena

SME

SA(d)

.......................................................

160

25,837

Amadeus

IT

Group

SA(c)

.................................................

342

26,009

51,846

Utilities

(0.2%):

Acciona

SA

...........................................................

123

20,855

Endesa

SA

............................................................

1,258

26,972

Iberdrola

SA

..........................................................

2,777

36,208

Red

Electrica

Corp.

SA

...................................................

1,616

27,127

111,162

293,579

Sweden

(0.8%):

Consumer

Discretionary

(0.1%):

Evolution

AB(d)

.......................................................

132

16,722

Victory

Portfolios

II

VictoryShares

Developed

Enhanced

Volatility

Wtd

ETF

146

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

H

&

M

Hennes

&

Mauritz

AB,

Class

B

.......................................

1,305

$

22,414

39,136

Consumer

Staples

(0.0%):(a)

Essity

AB,

Class

B

......................................................

1,047

27,880

Financials

(0.2%):

EQT

AB

.............................................................

491

9,445

L

E

Lundbergforetagen

AB,

Class

B

.........................................

485

20,639

Skandinaviska

Enskilda

Banken

AB,

Class

A

...................................

2,058

22,744

Svenska

Handelsbanken

AB,

Class

A

.........................................

2,389

20,018

Swedbank

AB,

Class

A

...................................................

1,186

20,004

92,850

Industrials

(0.3%):

Alfa

Laval

AB

.........................................................

555

20,231

Assa

Abloy

AB,

Class

B

..................................................

901

21,644

Atlas

Copco

AB,

Class

A

.................................................

1,540

22,197

Epiroc

AB,

Class

A

......................................................

1,010

19,101

Lifco

AB,

Class

B

......................................................

862

18,733

Nibe

Industrier

AB,

Class

B

...............................................

1,260

11,967

Sandvik

AB

...........................................................

933

18,190

Volvo

AB,

Class

B

......................................................

1,214

25,110

157,173

Information

Technology

(0.1%):

Hexagon

AB,

Class

B

....................................................

1,700

20,932

Telefonaktiebolaget

LM

Ericsson,

Class

B

.....................................

3,264

17,683

38,615

Materials

(0.1%):

Boliden

AB

...........................................................

405

11,703

Svenska

Cellulosa

AB

SCA,

Class

B

.........................................

1,495

19,059

30,762

386,416

Switzerland

(1.7%):

Communication

Services

(0.1%):

Swisscom

AG,

Registered

Shares

...........................................

58

36,156

Consumer

Discretionary

(0.1%):

Cie

Financiere

Richemont

SA,

Registered

Shares

................................

124

21,015

The

Swatch

Group

AG

...................................................

61

17,800

38,815

Consumer

Staples

(0.3%):

Barry

Callebaut

AG,

Registered

Shares

.......................................

18

34,741

Chocoladefabriken

Lindt

&

Spruengli

AG

.....................................

2

25,123

Coca-Cola

HBC

AG

.....................................................

1,020

30,372

Nestle

SA,

Registered

Shares

..............................................

338

40,644

130,880

Financials

(0.3%):

Julius

Baer

Group

Ltd.

...................................................

335

21,093

Partners

Group

Holding

AG

...............................................

16

15,049

Swiss

Life

Holding

AG

...................................................

46

26,886

Swiss

Re

AG

..........................................................

270

27,169

UBS

Group

AG

........................................................

922

18,645

Zurich

Insurance

Group

AG

...............................................

70

33,240

142,082

Health

Care

(0.3%):

Alcon,

Inc.

...........................................................

346

28,653

Lonza

Group

AG,

Registered

Shares

.........................................

30

17,883

Novartis

AG,

Registered

Shares

.............................................

424

42,646

Victory

Portfolios

II

VictoryShares

Developed

Enhanced

Volatility

Wtd

ETF

147

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Roche

Holding

AG

......................................................

116

$

35,456

Sonova

Holding

AG

.....................................................

68

18,102

Straumann

Holding

AG,

Class

R

............................................

101

16,384

159,124

Industrials

(0.3%):

ABB

Ltd.,

Registered

Shares

...............................................

776

30,509

Geberit

AG,

Registered

Shares

.............................................

36

18,833

Kuehne

+

Nagel

International

AG,

Class

R

.....................................

81

23,961

Schindler

Holding

AG

...................................................

91

21,326

SGS

SA,

Registered

Shares

................................................

309

29,201

VAT

Group

AG(d)

......................................................

45

18,608

142,438

Information

Technology

(0.0%):(a)

Logitech

International

SA,

Class

R

..........................................

267

15,886

STMicroelectronics

NV

..................................................

340

16,904

32,790

Materials

(0.3%):

DSM-Firmenich

AG(c)

...................................................

154

16,571

EMS-Chemie

Holding

AG

................................................

29

21,941

Givaudan

SA,

Registered

Shares

............................................

7

23,195

Glencore

PLC

.........................................................

2,819

15,911

Holcim

AG

...........................................................

422

28,391

SIG

Group

AG

.........................................................

830

22,893

Sika

AG,

Registered

Shares

................................................

57

16,289

145,191

827,476

United

Kingdom

(2.3%):

Communication

Services

(0.2%):

BT

Group

PLC

........................................................

10,781

16,749

Informa

PLC

..........................................................

3,095

28,532

Vodafone

Group

PLC

....................................................

21,245

19,955

WPP

PLC

............................................................

1,699

17,764

83,000

Consumer

Discretionary

(0.3%):

Burberry

Group

PLC

....................................................

731

19,678

Compass

Group

PLC

....................................................

1,343

37,552

Entain

PLC

...........................................................

957

15,457

InterContinental

Hotels

Group

PLC

..........................................

341

23,529

JD

Sports

Fashion

PLC

...................................................

6,010

11,142

Next

PLC

............................................................

214

18,750

126,108

Consumer

Staples

(0.5%):

Associated

British

Foods

PLC

..............................................

919

23,234

British

American

Tobacco

PLC

.............................................

759

25,135

Diageo

PLC

...........................................................

752

32,266

Haleon

PLC

...........................................................

5,514

22,563

Imperial

Brands

PLC

....................................................

1,345

29,691

Reckitt

Benckiser

Group

PLC

..............................................

470

35,283

Tesco

PLC

............................................................

8,890

28,040

Unilever

PLC

.........................................................

794

41,312

237,524

Energy

(0.0%):(a)

Shell

PLC

............................................................

693

20,613

Financials

(0.4%):

3i

Group

PLC

.........................................................

1,066

26,375

Barclays

PLC

.........................................................

9,875

19,233

HSBC

Holdings

PLC

....................................................

2,964

23,399

Victory

Portfolios

II

VictoryShares

Developed

Enhanced

Volatility

Wtd

ETF

148

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Legal

&

General

Group

PLC

...............................................

6,732

$

19,430

Lloyds

Banking

Group

PLC

...............................................

34,707

19,210

London

Stock

Exchange

Group

PLC

.........................................

311

33,038

NatWest

Group

PLC

.....................................................

5,395

16,496

Prudential

PLC

........................................................

1,039

14,624

Schroders

PLC

.........................................................

3,273

18,174

Standard

Chartered

PLC

..................................................

1,882

16,322

206,301

Health

Care

(0.2%):

AstraZeneca

PLC

.......................................................

209

29,925

GSK

PLC

............................................................

1,372

24,195

Smith

&

Nephew

PLC

...................................................

1,669

26,872

80,992

Industrials

(0.3%):

Ashtead

Group

PLC

.....................................................

264

18,250

BAE

Systems

PLC

......................................................

2,377

27,980

Bunzl

PLC

...........................................................

812

30,922

RELX

PLC

...........................................................

1,053

35,045

Rentokil

Initial

PLC

.....................................................

3,902

30,471

Spirax-Sarco

Engineering

PLC

.............................................

143

18,821

161,489

Information

Technology

(0.1%):

Halma

PLC

...........................................................

745

21,540

The

Sage

Group

PLC

....................................................

2,753

32,329

53,869

Materials

(0.2%):

Anglo

American

PLC

....................................................

416

11,796

Antofagasta

PLC

.......................................................

791

14,674

Croda

International

PLC

..................................................

262

18,717

Evraz

PLC(c)(e)(f)

......................................................

12,158

6,252

Rio

Tinto

PLC

.........................................................

298

18,865

70,304

Utilities

(0.1%):

National

Grid

PLC

......................................................

2,378

31,419

SSE

PLC

.............................................................

1,165

27,234

58,653

1,098,853

United

States

(0.0%):(a)

Utilities

(0.0%):(a)

Brookfield

Renewable

Corp.,

Class

A

.........................................

765

24,135

Total

Common

Stocks

(Cost

$9,609,583)

11,949,103

Investment

Companies

(74.4%)

United

States

(74.4%):

Federated

Hermes

Treasury

Obligations

Fund,

4.95%(g)(h)

.........................

35,639,957

35,639,957

Total

Investment

Companies

(Cost

$35,639,957)

35,639,957

Collateral

for

Securities

Loaned

(0.5%)^

United

States

(0.5%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

5.02%(g)

........

68,117

68,117

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

5.02%(g)

............

68,117

68,117

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

5.08%(g)

...............

68,117

68,117

Victory

Portfolios

II

VictoryShares

Developed

Enhanced

Volatility

Wtd

ETF

149

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Name

Acquisition

Date

Cost

Evraz

PLC

.................................................

3/19/2021

$

75,288

Security

Description

Shares

Value

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

5.04%(g)

.

68,117

$

68,117

Total

Collateral

for

Securities

Loaned

(Cost

$272,468)

272,468

Total

Investments

(Cost

$45,522,008)

—

99.9%

47,861,528

Other

assets

in

excess

of

liabilities

—

0.1%

24,048

NET

ASSETS

-

100.00%

$

47,885,576

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a)

Amount

represents

less

than

0.05%

of

net

assets.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Non-income

producing

security.

(d)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

June

30,

2023,

the

fair

value

of

these

securities

was

$276,987

and

amounted

to

0.6%

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

June

30,

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

at

June

30,

2023.

(g)

Rate

disclosed

is

the

daily

yield

on

June

30,

2023.

(h)

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

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

E-Mini

MSCI

EAFE

Index

Futures

......

2

9/15/23

$

213,838

$

215,550

$

1,712

Total

unrealized

appreciation

$

1,712

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

1,712

Schedule

of

Portfolio

Investments

June

30,

2023

Victory

Portfolios

II

VictoryShares

Nasdaq

Next

50

ETF

150

See

notes

to

financial

statements.

Security

Description

Shares

Value

Common

Stocks

(99.7%)

Communication

Services

(13.5%):

Baidu,

Inc.

,

ADR

(a)

.....................................................

14,816

$

2,028,458

Fox

Corp.

,

Class

A

......................................................

29,061

988,074

Fox

Corp.

,

Class

B

......................................................

25,445

811,441

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

C

(a)

............................

22,463

1,691,015

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

A

(a)

............................

2,588

175,001

Paramount

Global

,

Class

B

................................................

65,977

1,049,694

Take-Two

Interactive

Software,

Inc.

(a)

........................................

18,289

2,691,409

The

Trade

Desk,

Inc.

,

Class

A

(a)

............................................

48,044

3,709,958

Yandex

NV

,

Class

A

(a)

(b)

(c)

...............................................

45,921

8,697

13,153,747

Consumer

Discretionary

(14.4%):

Etsy,

Inc.

(a)

...........................................................

13,324

1,127,344

Expedia

Group,

Inc.

(a)

...................................................

15,403

1,684,934

LKQ

Corp.

...........................................................

28,869

1,682,197

Pool

Corp.

............................................................

4,217

1,579,857

Tractor

Supply

Co.

......................................................

11,835

2,616,718

Trip.com

Group

Ltd.

,

ADR

(a)

..............................................

43,561

1,524,635

Ulta

Beauty,

Inc.

(a)

.....................................................

5,379

2,531,330

Wynn

Resorts

Ltd.

......................................................

12,283

1,297,208

14,044,223

Consumer

Staples

(3.3%):

Coca-Cola

Europacific

Partners

PLC

.........................................

49,547

3,192,313

Electronic

Equipment,

Instruments

&

Components

(4.4%):

CDW

Corp.

...........................................................

14,558

2,671,393

Zebra

Technologies

Corp.

(a)

...............................................

5,555

1,643,336

4,314,729

Health

Care

(20.0%):

Alnylam

Pharmaceuticals,

Inc.

(a)

...........................................

13,450

2,554,693

BioMarin

Pharmaceutical,

Inc.

(a)

...........................................

20,273

1,757,264

Bio-Techne

Corp.

.......................................................

16,993

1,387,139

Hologic,

Inc.

(a)

........................................................

26,583

2,152,425

Horizon

Therapeutics

PLC

(a)

..............................................

24,693

2,539,675

ICON

PLC

(a)

.........................................................

8,849

2,214,020

Incyte

Corp.

(a)

.........................................................

24,095

1,499,914

Insulet

Corp.

(a)

........................................................

7,527

2,170,335

Royalty

Pharma

PLC

,

Class

A

..............................................

48,409

1,488,093

Sanofi

,

ADR

..........................................................

32,276

1,739,676

19,503,234

Industrials

(10.9%):

Axon

Enterprise,

Inc.

(a)

..................................................

7,980

1,557,058

Expeditors

International

of

Washington,

Inc.

....................................

16,503

1,999,009

J.B.

Hunt

Transport

Services,

Inc.

...........................................

11,195

2,026,631

Nordson

Corp.

.........................................................

6,152

1,526,803

SS&C

Technologies

Holdings,

Inc.

..........................................

26,907

1,630,564

United

Airlines

Holdings,

Inc.

(a)

............................................

35,423

1,943,660

10,683,725

IT

Services

(7.3%):

Akamai

Technologies,

Inc.

(a)

..............................................

16,428

1,476,384

MongoDB,

Inc.

(a)

......................................................

7,618

3,130,922

VeriSign,

Inc.

(a)

........................................................

11,244

2,540,807

7,148,113

Materials

(2.0%):

Steel

Dynamics,

Inc.

.....................................................

18,257

1,988,735

Semiconductors

&

Semiconductor

Equipment

(10.6%):

First

Solar,

Inc.

(a)

......................................................

11,539

2,193,449

Victory

Portfolios

II

VictoryShares

Nasdaq

Next

50

ETF

151

Schedule

of

Portfolio

Investments

—

continued

June

30,

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

Monolithic

Power

Systems,

Inc.

............................................

5,122

$

2,767,058

Skyworks

Solutions,

Inc.

.................................................

17,190

1,902,761

SolarEdge

Technologies,

Inc.

(a)

............................................

6,086

1,637,438

Teradyne,

Inc.

.........................................................

16,746

1,864,332

10,365,038

Software

(7.2%):

Bentley

Systems,

Inc.

,

Class

B

.............................................

30,413

1,649,297

Check

Point

Software

Technologies

Ltd.

(a)

....................................

13,043

1,638,461

PTC,

Inc.

(a)

...........................................................

12,783

1,819,021

Splunk,

Inc.

(a)

.........................................................

17,886

1,897,526

7,004,305

Technology

Hardware,

Storage

&

Peripherals

(3.2%):

NetApp,

Inc.

..........................................................

23,104

1,765,146

Seagate

Technology

Holdings

PLC

..........................................

22,351

1,382,856

3,148,002

Utilities

(2.9%):

Alliant

Energy

Corp.

....................................................

27,133

1,423,940

Evergy,

Inc.

...........................................................

24,808

1,449,283

2,873,223

Total

Common

Stocks

(Cost

$94,012,283)

97,419,387

Total

Investments

(Cost

$94,012,283)

—

99.7%

97,419,387

Other

assets

in

excess

of

liabilities

—

0.3%

273,985

NET

ASSETS

-

100.00%

$

97,693,372

(a)

Non-income

producing

security.

(b)

The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

at

June

30,

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

June

30,

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

9/15/23

$

294,777

$

306,740

$

11,963

Total

unrealized

appreciation

$

11,963

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

11,963

Schedule

of

Portfolio

Investments

June

30,

2023

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

152

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Asset-Backed

Securities

(22.2%)

ABS

Auto

(11.7%):

AmeriCredit

Automobile

Receivables

Trust,

Series

2021-3,

Class

C,

1.41%,

8/18/27,

Callable

2/18/26

@

100

.....................................................

$

500,000

$

450,688

ARI

Fleet

Lease

Trust,

Series

2022-A,

Class

C,

4.17%,

1/15/31,

Callable

1/15/25

@

100(a)

..

250,000

234,355

ARI

Fleet

Lease

Trust,

Series

2022-A,

Class

A3,

3.43%,

1/15/31,

Callable

1/15/25

@

100(a)

.

190,000

182,120

ARI

Fleet

Lease

Trust,

Series

2022-A,

Class

B,

3.79%,

1/15/31,

Callable

1/15/25

@

100(a)

..

116,000

109,379

ARI

Fleet

Lease

Trust,

Series

2021-A,

Class

A2,

0.37%,

3/15/30,

Callable

3/15/24

@

100(a)

.

37,081

36,909

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

96,833

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2022-5A,

Class

B,

7.09%,

4/20/27(a)

..

500,000

505,357

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2023-6A,

Class

C,

7.03%,

12/20/29(a)

.

251,000

246,468

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2023-6A,

Class

B,

6.40%,

12/20/29(a)

.

189,000

186,709

Carvana

Auto

Receivables

Trust,

Series

2021-P4,

Class

B,

1.98%,

2/10/28,

Callable

5/10/27

@

100

.............................................................

500,000

435,598

Carvana

Auto

Receivables

Trust,

Series

2021-N4,

Class

D,

2.30%,

9/11/28,

Callable

9/10/26

@

100

.............................................................

875,000

821,998

Carvana

Auto

Receivables

Trust,

Series

2019-2A,

Class

D,

3.28%,

1/15/25(a)

............

17,962

17,948

Chesapeake

Funding

II

LLC,

Series

2023-1A,

Class

D,

6.69%,

5/15/35,

Callable

2/15/29

@

100(a)

...........................................................

96,000

93,607

Chesapeake

Funding

II

LLC,

Series

2023-1A,

Class

B,

5.59%,

5/15/35,

Callable

2/15/29

@

100(a)

...........................................................

57,000

55,560

Chesapeake

Funding

II

LLC,

Series

2023-1A,

Class

C,

6.07%,

5/15/35,

Callable

2/15/29

@

100(a)

...........................................................

64,000

62,475

Credit

Acceptance

Auto

Loan

Trust,

Series

2021-4,

Class

B,

1.74%,

12/16/30,

Callable

4/15/25

@

100(a)

.........................................................

320,000

295,275

Credit

Acceptance

Auto

Loan

Trust,

Series

2023-2A,

Class

C,

7.15%,

9/15/33,

Callable

12/15/26

@

100(a)

..................................................

189,000

186,668

Drive

Auto

Receivables

Trust,

Series

2020-2,

Class

C,

2.28%,

8/17/26,

Callable

6/15/24

@

100

69,356

69,125

Drive

Auto

Receivables

Trust,

Series

2021-3,

Class

C,

1.47%,

1/15/27,

Callable

5/15/25

@

100

500,000

479,852

DT

Auto

Owner

Trust,

Series

2020-2A,

Class

D,

4.73%,

3/16/26,

Callable

8/15/24

@

100(a)

.

500,000

490,707

DT

Auto

Owner

Trust,

Series

2019-2A,

Class

E,

4.46%,

5/15/26,

Callable

10/15/23

@

100(a)

320,000

318,086

Enterprise

Fleet

Financing

LLC,

Series

2023-2,

Class

A2,

5.56%,

4/22/30,

Callable

2/20/27

@

100(a)

...........................................................

189,000

187,968

Enterprise

Fleet

Financing

LLC,

Series

2022-4,

Class

A3,

5.65%,

10/22/29,

Callable

8/20/26

@

100(a)

.........................................................

250,000

249,889

Exeter

Automobile

Receivables

Trust,

Series

2019-4A,

Class

D,

2.58%,

9/15/25,

Callable

5/15/24

@

100(a)

...................................................

126,515

124,359

Exeter

Automobile

Receivables

Trust,

Series

2020-1A,

Class

E,

3.74%,

1/15/27,

Callable

8/15/24

@

100(a)

...................................................

250,000

239,620

First

Investors

Auto

Owner

Trust,

Series

2019-1A,

Class

D,

3.55%,

4/15/25,

Callable

7/15/23

@

100(a)

.........................................................

77,949

77,885

Flagship

Credit

Auto

Trust,

Series

2018-3,

Class

D,

4.15%,

12/16/24,

Callable

3/15/24

@

100(a)

...........................................................

130,555

129,832

Flagship

Credit

Auto

Trust,

Series

4,

Class

C,

1.96%,

12/15/27,

Callable

2/15/26

@

100(a)

..

500,000

459,765

Flagship

Credit

Auto

Trust,

Series

2018-4,

Class

D,

4.33%,

12/16/24,

Callable

5/15/24

@

100(a)

...........................................................

189,136

188,308

Flagship

Credit

Auto

Trust,

Series

2019-4,

Class

E,

4.11%,

3/15/27,

Callable

2/15/25

@

100(a)

1,265,000

1,191,021

Ford

Credit

Auto

Lease

Trust,

Series

2022-A,

Class

B,

3.81%,

8/15/25,

Callable

10/15/24

@

100

.............................................................

321,000

313,470

Ford

Credit

Auto

Lease

Trust,

Series

2023-A,

Class

C,

5.54%,

12/15/26,

Callable

8/15/25

@

100

.............................................................

90,000

88,235

Ford

Credit

Auto

Owner

Trust,

Series

2023-1,

Class

D,

6.26%,

8/15/35,

Callable

2/15/28

@

100(a)

...........................................................

750,000

735,864

Ford

Credit

Auto

Owner

Trust,

Series

2023-1,

Class

C,

5.58%,

8/15/35,

Callable

2/15/28

@

100(a)

...........................................................

750,000

740,670

Ford

Credit

Auto

Owner

Trust,

Series

2021-2,

Class

C,

2.11%,

5/15/34,

Callable

11/15/26

@

100(a)

...........................................................

500,000

432,843

Ford

Credit

Auto

Owner

Trust,

Series

2022-1,

Class

C,

4.67%,

11/15/34,

Callable

5/15/27

@

100(a)

...........................................................

950,000

905,752

Ford

Credit

Auto

Owner

Trust,

Series

2023-1,

Class

B,

5.29%,

8/15/35,

Callable

2/15/28

@

100(a)

...........................................................

206,000

200,260

Ford

Credit

Floorplan

Master

Owner

Trust

A,

Series

2023-1,

Class

B,

5.31%,

5/15/28(a)

....

70,000

69,077

Ford

Credit

Floorplan

Master

Owner

Trust

A,

Series

2023-1,

Class

C,

5.75%,

5/15/28(a)

....

106,000

104,080

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

153

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Foursight

Capital

Automobile

Receivables

Trust,

Series

2023-1,

Class

B,

5.35%,

3/15/28,

Callable

4/15/26

@

100(a)

............................................

$

313,000

$

307,908

Foursight

Capital

Automobile

Receivables

Trust,

Series

2020-1,

Class

E,

3.49%,

4/15/26,

Callable

9/15/23

@

100(a)

............................................

100,000

99,339

GLS

Auto

Receivables

Issuer

Trust,

Series

2019-2A,

Class

D,

4.52%,

2/17/26,

Callable

11/15/23

@

100(a)

..................................................

500,000

494,971

GLS

Auto

Receivables

Issuer

Trust,

Series

2019-4A,

Class

D,

4.09%,

8/17/26,

Callable

4/15/24

@

100(a)

.........................................................

150,000

145,930

GMF

Floorplan

Owner

Revolving

Trust,

Series

2023-1,

Class

B,

5.73%,

6/15/28(a)

........

200,403

199,287

GTE

Auto

Receivables

Trust,

Series

2023-1,

Class

C,

5.88%,

11/15/29,

Callable

4/15/25

@

100(a)

...........................................................

168,000

166,975

GTE

Auto

Receivables

Trust,

Series

2023-1,

Class

B,

5.39%,

8/15/29,

Callable

4/15/25

@

100(a)

...........................................................

224,000

222,302

Hertz

Vehicle

Financing

III

LLC,

Series

2022-1A,

Class

B,

2.19%,

6/25/26,

Callable

6/25/25

@

100(a)

.........................................................

100,000

92,278

Hertz

Vehicle

Financing

III

LLC,

Series

2023-1A,

Class

C,

6.91%,

6/25/27(a)

...........

261,000

257,563

Hertz

Vehicle

Financing

III

LLC,

Series

2023-2A,

Class

B,

6.49%,

9/25/29(a)

...........

212,000

211,338

Hertz

Vehicle

Financing

III

LLC,

Series

2023-2A,

Class

C,

7.13%,

9/25/29(a)

...........

75,000

74,045

Hertz

Vehicle

Financing

LLC,

Series

2022-2A,

Class

B,

2.65%,

6/26/28,

Callable

6/25/27

@

100(a)

...........................................................

1,000,000

871,337

Hertz

Vehicle

Financing

LLC,

Series

2022-4A,

Class

B,

4.12%,

9/25/26,

Callable

9/25/25

@

100(a)

...........................................................

700,000

664,899

Hyundai

Auto

Receivables

Trust,

Series

2021-C,

Class

C,

1.66%,

6/15/28,

Callable

2/15/26

@

100

.............................................................

500,000

446,180

JPMorgan

Chase

Bank

NA,

Series

2021-2,

Class

B,

0.89%,

12/26/28,

Callable

4/25/25

@

100(a)

...........................................................

69,340

67,043

JPMorgan

Chase

Bank

NA,

Series

2021-2,

Class

D,

1.14%,

12/26/28,

Callable

4/25/25

@

100(a)

...........................................................

309,257

298,687

JPMorgan

Chase

Bank

NA,

Series

2020-2,

Class

B,

0.84%,

2/25/28,

Callable

9/25/24

@

100(a)

...........................................................

183,530

180,417

JPMorgan

Chase

Bank

NA,

Series

2020-2,

Class

C,

1.14%,

2/25/28,

Callable

9/25/24

@

100(a)

...........................................................

56,134

55,258

LAD

Auto

Receivables

Trust,

Series

2021-1A,

Class

B,

1.94%,

11/16/26,

Callable

6/15/25

@

100(a)

...........................................................

250,000

236,617

LAD

Auto

Receivables

Trust,

Series

2021-1A,

Class

C,

2.35%,

4/15/27,

Callable

6/15/25

@

100(a)

...........................................................

500,000

461,737

LAD

Auto

Receivables

Trust,

Series

2023-1A,

Class

B,

5.59%,

8/16/27,

Callable

5/15/26

@

100(a)

...........................................................

240,000

235,847

LAD

Auto

Receivables

Trust,

Series

2023-1A,

Class

D,

7.30%,

6/17/30,

Callable

5/15/26

@

100(a)

...........................................................

226,000

227,171

LAD

Auto

Receivables

Trust,

Series

2023-1A,

Class

C,

6.18%,

12/15/27,

Callable

5/15/26

@

100(a)

...........................................................

400,000

395,053

LAD

Auto

Receivables

Trust,

Series

2023-2A,

Class

D,

6.30%,

2/15/31,

Callable

11/15/25

@

100(a)

...........................................................

52,000

50,419

LAD

Auto

Receivables

Trust,

Series

2023-2A,

Class

C,

5.58%,

9/15/28,

Callable

11/15/25

@

100(a)

...........................................................

200,000

196,602

Oscar

U.S.

Funding

XII

LLC,

Series

1A,

Class

A4,

1.00%,

4/10/28,

Callable

2/10/25

@

100(a)

250,000

231,958

Oscar

US

Funding

XIV

LLC,

Series

2022-1A,

Class

A4,

2.82%,

4/10/29,

Callable

3/10/26

@

100(a)

...........................................................

1,000,000

928,851

PenFed

Auto

Receivables

Owner

Trust,

Series

2022-A,

Class

A4,

4.18%,

12/15/28,

Callable

12/15/25

@

100(a)

..................................................

250,000

243,807

PenFed

Auto

Receivables

Owner

Trust,

Series

2022-A,

Class

D,

5.85%,

6/17/30,

Callable

12/15/25

@

100(a)

..................................................

76,000

72,955

Santander

Bank

Auto

Credit

Linked

Notes,

Series

2023-A,

Class

C,

6.74%,

6/15/33,

Callable

7/15/27

@

100(a)

...................................................

101,000

100,991

Santander

Bank

Auto

Credit

Linked

Notes,

Series

2023-A,

Class

D,

7.08%,

6/15/33,

Callable

7/15/27

@

100(a)

...................................................

47,000

46,996

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2022-A,

Class

B,

5.28%,

5/15/32,

Callable

10/15/25

@

100(a)

..................................................

510,374

501,906

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2022-A,

Class

C,

7.38%,

5/15/32,

Callable

10/15/25

@

100(a)

..................................................

510,374

500,636

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2022-B,

Class

E,

8.68%,

8/16/32,

Callable

2/15/26

@

100(a)

...................................................

236,034

233,752

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

154

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2022-C,

Class

D,

8.20%,

12/15/32,

Callable

8/15/26

@

100(a)

...................................................

$

219,934

$

221,453

Santander

Bank

NA,

Series

2021-1A,

Class

B,

1.83%,

12/15/31,

Callable

6/15/25

@

100(a)

..

286,160

276,722

Santander

Bank

NA,

Series

2021-1A,

Class

C,

3.27%,

12/15/31,

Callable

6/15/25

@

100(a)

..

268,275

259,315

Santander

Consumer

Auto

Receivables

Trust,

Series

2020-AA,

Class

D,

5.49%,

4/15/26,

Callable

10/15/24

@

100(a)

...........................................

250,000

248,324

Santander

Drive

Auto

Receivables

Trust,

Series

2021-4,

Class

C,

1.26%,

2/16/27,

Callable

5/15/25

@

100

.....................................................

250,000

240,178

Santander

Retail

Auto

Lease

Trust,

Series

2020-B,

Class

C,

1.18%,

12/20/24,

Callable

1/20/24

@

100(a)

.........................................................

250,000

244,149

SFS

Auto

Receivables

Securitization

Trust,

Series

2023-1A,

Class

C,

5.97%,

2/20/31,

Callable

10/20/27

@

100(a)

..................................................

167,000

166,265

Toyota

Lease

Owner

Trust,

Series

2023-A,

Class

A4,

5.05%,

8/20/27,

Callable

9/20/25

@

100(a)

...........................................................

100,000

99,048

United

Auto

Credit

Securitization

Trust,

Series

2022-1,

Class

C,

2.61%,

6/10/27,

Callable

11/10/25

@

100(a)

..................................................

250,000

245,750

United

Auto

Credit

Securitization

Trust,

Series

2023-1,

Class

C,

6.28%,

7/10/28,

Callable

12/10/26

@

100(a)

..................................................

500,000

491,976

Veridian

Auto

Receivables

Trust,

Series

2023-1A,

Class

B,

5.86%,

4/16/29,

Callable

8/15/27

@

100(a)

...........................................................

101,000

99,724

Veridian

Auto

Receivables

Trust,

Series

2023-1A,

Class

C,

6.37%,

7/16/29,

Callable

8/15/27

@

100(a)

...........................................................

220,000

219,007

Westlake

Automobile

Receivables

Trust,

Series

2021-3A,

Class

C,

1.58%,

1/15/27,

Callable

6/15/25

@

100(a)

...................................................

500,000

472,969

Westlake

Automobile

Receivables

Trust,

Series

2020-1A,

Class

E,

3.31%,

10/15/25,

Callable

1/15/24

@

100(a)

...................................................

147,000

143,753

Wheels

Fleet

Lease

Funding

1

LLC,

Series

2023-1A,

Class

A,

5.80%,

4/18/38(a)

.........

169,000

167,972

24,932,275

ABS

Card

(2.7%):

CARDS

II

Trust,

Series

2021-1A,

Class

C,

1.20%,

4/15/27(a)

.......................

540,000

515,765

Evergreen

Credit

Card

Trust,

Series

2023-CRT3,

Class

C,

7.31%,

2/16/27(a)

.............

152,000

151,937

Evergreen

Credit

Card

Trust,

Series

2022-CRT2,

Class

B,

6.56%,

11/15/26(a)

............

250,000

249,244

Evergreen

Credit

Card

Trust,

Series

2022-CRT2,

Class

C,

7.44%,

11/15/26(a)

............

400,000

397,325

Evergreen

Credit

Card

Trust,

Series

2023-CRT3,

Class

B,

6.58%,

2/16/27(a)

.............

273,000

273,207

Evergreen

Credit

Card

Trust,

Series

2022-CRT1,

Class

B,

5.61%,

7/15/26(a)

.............

250,000

246,868

Evergreen

Credit

Card

Trust,

Series

2021-1,

Class

C,

1.42%,

10/15/26(a)

...............

319,000

298,081

Evergreen

Credit

Card

Trust,

Series

2021-1,

Class

B,

1.15%,

10/15/26(a)

...............

391,000

365,779

Evergreen

Credit

Card

Trust,

Series

2022-CRT1,

Class

C,

6.19%,

7/15/26(a)

.............

250,000

245,435

Golden

Credit

Card

Trust,

Series

2021-1A,

Class

C,

1.74%,

8/15/28(a)

.................

200,000

175,430

Master

Credit

Card

Trust,

Series

2021-1A,

Class

C,

1.06%,

11/21/25(a)

................

1,000,000

947,531

Master

Credit

Card

Trust,

Series

2022-2A,

Class

C,

2.73%,

7/21/28(a)

.................

312,000

273,545

Master

Credit

Card

Trust,

Series

2022-2A,

Class

B,

2.38%,

7/21/28(a)

.................

500,000

446,591

Master

Credit

Card

Trust

II,

Series

2023-1A,

Class

C,

5.87%,

6/21/27(a)

...............

150,000

147,371

Synchrony

Card

Funding

LLC,

Series

2022-A1,

Class

A,

3.37%,

4/15/28,

Callable

4/15/25

@

100

.............................................................

220,000

211,687

Trillium

Credit

Card

Trust

II,

Series

2023-2A,

Class

B,

5.35%,

3/26/33(a)

..............

100,000

96,931

Trillium

Credit

Card

Trust

II,

Series

2021-1A,

Class

C,

2.42%,

10/26/29(a)

.............

744,000

656,832

Trillium

Credit

Card

Trust

II,

Series

2023-1A,

Class

C,

6.06%,

3/26/31(a)

..............

72,000

69,911

5,769,470

ABS

Other

(7.8%):

Amur

Equipment

Finance

Receivables

IX

LLC,

Series

2021-1A,

Class

C,

1.75%,

6/21/27,

Callable

11/20/24

@

100(a)

...........................................

839,000

784,364

Amur

Equipment

Finance

Receivables

IX

LLC,

Series

2021-1A,

Class

B,

1.38%,

2/22/27,

Callable

11/20/24

@

100(a)

...........................................

110,000

104,224

Amur

Equipment

Finance

Receivables

X

LLC,

Series

2022-1A,

Class

B,

2.20%,

1/20/28,

Callable

9/20/25

@

100(a)

............................................

676,000

622,368

Amur

Equipment

Finance

Receivables

XI

LLC,

Series

2022-2A,

Class

A2,

5.30%,

6/21/28,

Callable

6/20/26

@

100(a)

............................................

456,642

452,301

Amur

Equipment

Finance

Receivables

XII

LLC,

Series

2023-1A,

Class

C,

6.36%,

12/20/29,

Callable

5/20/27

@

100(a)

............................................

131,151

130,621

CCG

Receivables

Trust,

Series

2021-2,

Class

C,

1.50%,

3/14/29,

Callable

3/14/25

@

100(a)

.

250,000

227,584

CCG

Receivables

Trust,

Series

2023-1,

Class

C,

6.28%,

9/16/30,

Callable

10/14/26

@

100(a)

173,174

172,924

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

155

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Conn's

Receivables

Funding

LLC,

Series

2022-A,

Class

B,

9.52%,

12/15/26,

Callable

7/15/24

@

100(a)

.........................................................

$

500,000

$

500,850

Conn's

Receivables

Funding

LLC,

Series

2022-A,

Class

A,

5.87%,

12/15/26,

Callable

7/15/24

@

100(a)

.........................................................

33,458

33,452

DB

Master

Finance

LLC,

Series

2021-1A,

Class

A2II,

2.49%,

11/20/51,

Callable

11/20/25

@

100(a)

...........................................................

1,329,750

1,105,378

Dell

Equipment

Finance

Trust,

Series

2021-2,

Class

C,

0.94%,

12/22/26,

Callable

4/22/24

@

100(a)

...........................................................

153,000

146,539

Dell

Equipment

Finance

Trust,

Series

2023-1,

Class

D,

6.80%,

3/22/29,

Callable

10/22/25

@

100(a)

...........................................................

147,446

146,788

Dell

Equipment

Finance

Trust,

Series

2021-1,

Class

D,

1.03%,

11/23/26,

Callable

9/22/23

@

100(a)

...........................................................

126,000

124,475

Dell

Equipment

Finance

Trust,

Series

2023-2,

Class

C,

6.06%,

1/22/29,

Callable

2/22/26

@

100(a)

...........................................................

125,000

124,094

Dell

Equipment

Finance

Trust,

Series

2023-2,

Class

D,

6.74%,

7/23/29,

Callable

2/22/26

@

100(a)

...........................................................

237,000

234,550

Dext

ABS,

Series

2020-1,

Class

C,

3.03%,

11/15/27,

Callable

4/15/24

@

100(a)

..........

120,000

115,563

Dext

ABS

LLC,

Series

2023-1,

Class

B,

6.55%,

3/15/32,

Callable

5/15/27

@

100(a)

.......

100,000

99,411

Diamond

Issuer,

Series

2021-1A,

Class

B,

2.70%,

11/20/51,

Callable

11/20/25

@

100(a)

....

654,000

534,655

FirstKey

Homes

Trust,

Series

2021-SFR3,

Class

A,

2.14%,

12/17/38(a)

................

741,053

653,946

FirstKey

Homes

Trust,

Series

2021-SFR3,

Class

D,

2.79%,

12/17/38(a)

................

750,000

656,278

FirstKey

Homes

Trust,

Series

2021-SFR3,

Class

B,

2.44%,

12/17/38(a)

................

500,000

441,429

HPEFS

Equipment

Trust,

Series

2021-1A,

Class

D,

1.03%,

3/20/31,

Callable

3/20/24

@

100(a)

404,000

389,193

HPEFS

Equipment

Trust,

Series

2022-1A,

Class

D,

2.40%,

11/20/29,

Callable

3/20/25

@

100(a)

...........................................................

333,000

306,143

HPEFS

Equipment

Trust,

Series

2022-2A,

Class

D,

4.94%,

3/20/30,

Callable

4/20/25

@

100(a)

1,300,000

1,243,884

Kubota

Credit

Owner

Trust,

Series

2022-1A,

Class

A3,

2.67%,

10/15/26,

Callable

1/15/26

@

100(a)

...........................................................

500,000

474,368

New

Economy

Assets

Phase

1

Sponsor

LLC,

Series

2021-1,

Class

B1,

2.41%,

10/20/61,

Callable

10/20/24

@

100(a)

...........................................

366,000

304,781

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

576,606

Pawnee

Equipment

Receivables

LLC,

Series

2021-1,

Class

B,

1.82%,

7/15/27,

Callable

8/15/25

@

100(a)

...................................................

136,000

125,800

SCF

Equipment

Leasing

LLC,

Series

2022-2A,

Class

C,

6.50%,

8/20/32,

Callable

8/20/29

@

100(a)

...........................................................

196,294

191,235

SCF

Equipment

Leasing

LLC,

Series

2022-2A,

Class

D,

6.50%,

10/20/32,

Callable

8/20/29

@

100(a)

...........................................................

329,793

315,659

SCF

Equipment

Leasing

LLC,

Series

2021-1A,

Class

D,

1.93%,

9/20/30,

Callable

10/20/25

@

100(a)

...........................................................

550,000

482,508

SCF

Equipment

Leasing

LLC,

Series

2020-1A,

Class

B,

2.02%,

3/20/28,

Callable

3/20/25

@

100(a)

...........................................................

50,000

48,066

Tricon

Residential

Trust,

Series

2022-SFR1,

Class

A,

3.86%,

4/17/39(a)

................

750,000

697,691

Tricon

Residential

Trust,

Series

2022-SFR2,

Class

B,

5.24%,

7/17/40,

Callable

7/17/28

@

100(a)

...........................................................

200,000

194,084

Trinity

Rail

Leasing

LLC,

Series

2022-1,

Class

A,

4.55%,

5/20/52,

Callable

10/21/24

@

100(a)

484,324

448,523

Vantage

Data

Centers

LLC,

Series

2020-2A,

Class

A2,

1.99%,

9/15/45,

Callable

9/15/25

@

100(a)

...........................................................

453,000

382,160

VB-S1

Issuer

LLC,

Series

2022-1A,

Class

C2II,

3.71%,

2/15/57,

Callable

2/15/30

@

100(a)

.

1,000,000

812,717

VB-S1

Issuer

LLC,

Series

2022-1A,

Class

F,

5.27%,

2/15/52,

Callable

2/15/26

@

100(a)

....

1,500,000

1,330,210

VB-S1

Issuer

LLC,

Series

2022-1A,

Class

D,

4.29%,

2/15/52,

Callable

2/15/26

@

100(a)

...

300,000

268,152

Verizon

Master

Trust,

Series

2021-2,

Class

C,

1.38%,

4/20/28,

Callable

10/20/24

@

100

....

500,000

467,635

Verizon

Master

Trust,

Series

2023-2,

Class

A,

4.89%,

4/13/28,

Callable

4/20/25

@

100

.....

129,000

127,550

16,598,759

Total

Asset-Backed

Securities

(Cost

$50,056,580)

47,300,504

Collateralized

Loan

Obligations

(4.7%)

Cash

Flow

CLO

(4.7%):

720

East

CLO

Ltd.,

Series

2022-1A,

Class

B,

7.82%

(TSFR3M+325bps),

1/20/36,

Callable

1/20/25

@

100(a)(b)

.................................................

350,000

351,785

720

East

CLO

Ltd.,

Series

2022-1A,

Class

D,

10.72%

(TSFR3M+615bps),

1/20/36,

Callable

1/20/25

@

100(a)(b)

.................................................

500,000

482,110

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

156

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

720

East

CLO

Ltd.,

Series

2023-IA,

Class

D,

10.73%

(TSFR3M+585bps),

4/15/36,

Callable

4/15/25

@

100(a)(b)

.................................................

$

500,000

$

495,407

720

East

CLO

Ltd.,

Series

2023-IA,

Class

B,

7.38%

(TSFR3M+250bps),

4/15/36,

Callable

4/15/25

@

100(a)(b)

.................................................

250,000

248,364

AIMCO

CLO

17

Ltd.,

Series

2022-17A,

Class

B,

7.15%

(TSFR3M+210bps),

7/20/35,

Callable

7/20/24

@

100(a)(b)

.................................................

250,000

248,203

Ballyrock

CLO

20

Ltd.,

Series

2022-20A,

Class

A2A,

8.04%

(TSFR3M+305bps),

7/15/34,

Callable

7/15/23

@

100(a)(b)

..........................................

250,000

250,022

Barrow

Hanley

CLO

I

Ltd.,

Series

2023-1A,

Class

A1,

7.17%

(TSFR3M+230bps),

4/20/35,

Callable

4/20/24

@

100(a)(b)

..........................................

400,000

399,530

Barrow

Hanley

CLO

I

Ltd.,

Series

2023-1A,

Class

A2,

7.52%

(TSFR3M+265bps),

4/20/35,

Callable

4/20/24

@

100(a)(b)

..........................................

500,000

503,046

Barrow

Hanley

CLO

I

Ltd.,

Series

2023-1A,

Class

C,

8.87%

(TSFR3M+400bps),

4/20/35,

Callable

4/20/24

@

100(a)(b)

..........................................

175,000

178,578

Barrow

Hanley

CLO

I

Ltd.,

Series

2023-1A,

Class

D,

11.03%

(TSFR3M+616bps),

4/20/35,

Callable

4/20/24

@

100(a)(b)

..........................................

700,000

689,363

Columbia

Cent

CLO

32

Ltd.,

Series

2022-32A,

Class

BF,

5.20%,

7/24/34,

Callable

1/24/24

@

100(a)

...........................................................

250,000

229,297

Dryden

109

CLO

Ltd.,

Series

2022-112A,

Class

C,

9.09%

(TSFR3M+400bps),

8/15/34,

Callable

8/15/23

@

100(a)(b)

..........................................

250,000

250,130

Eaton

Vance

CLO

Ltd.,

Series

2020-2A,

Class

BR,

6.96%

(TSFR3M+170bps),

1/15/35,

Callable

1/15/24

@

100(a)(b)

..........................................

500,000

487,341

Golub

Capital

Partners

CLO

68B

Ltd.,

Series

2023-68A,

Class

B

(TSFR3M+280bps),

7/25/36(a)(b)(c)(d)(e)

................................................

155,000

154,613

LCM

Ltd.,

Series

36A,

Class

A2,

6.66%

(TSFR3M+140bps),

1/15/34,

Callable

1/15/24

@

100(a)(b)

.........................................................

750,000

709,136

Oaktree

CLO

Ltd.,

Series

2022-2A,

Class

B,

7.74%

(TSFR3M+275bps),

7/15/33,

Callable

1/15/24

@

100(a)(b)

.................................................

500,000

499,328

Oaktree

CLO

Ltd.,

Series

2022-3A,

Class

C,

9.14%

(TSFR3M+415bps),

7/15/35,

Callable

7/15/24

@

100(a)(b)

.................................................

250,000

251,808

Oaktree

CLO

Ltd.,

Series

2022-3A,

Class

B1,

8.09%

(TSFR3M+310bps),

7/15/35,

Callable

7/15/24

@

100(a)(b)

.................................................

250,000

251,041

Oaktree

CLO

Ltd.,

Series

2023-1A,

Class

B,

7.41%

(TSFR3M+255bps),

4/15/36,

Callable

4/15/25

@

100(a)(b)

.................................................

250,000

246,964

Palmer

Square

Loan

Funding

Ltd.,

Series

2023-1A,

Class

A2,

7.76%

(TSFR3M+250bps),

7/20/31,

Callable

7/20/24

@

100(a)(b)

....................................

378,000

377,546

Stratus

CLO

Ltd.,

Series

2021-3A,

Class

B,

6.80%

(TSFR3M+155bps),

12/29/29,

Callable

7/20/23

@

100(a)(b)

.................................................

205,000

200,748

Stratus

CLO

Ltd.,

Series

2022-1A,

Class

B,

7.40%

(TSFR3M+235bps),

7/20/30,

Callable

7/20/23

@

100(a)(b)

.................................................

250,000

247,767

Stratus

CLO

Ltd.,

Series

2022-2A,

Class

C,

9.05%

(TSFR3M+400bps),

7/20/30,

Callable

7/20/23

@

100(a)(b)

.................................................

250,000

250,093

Symphony

CLO

XXIX

Ltd.,

Series

2021-29A,

Class

B,

6.91%

(TSFR3M+165bps),

1/15/34,

Callable

7/15/23

@

100(a)(b)

..........................................

500,000

488,861

Trimaran

Cavu

Ltd.,

Series

2021-3A,

Class

C1,

7.73%

(TSFR3M+247bps),

1/18/35,

Callable

1/18/24

@

100(a)(b)

.................................................

750,000

718,175

TSTAT

Ltd.,

Series

2022-1A,

Class

A2,

8.00%

(TSFR3M+295bps),

7/20/31,

Callable

10/20/23

@

100(a)(b)

.......................................................

250,000

250,281

Venture

46

CLO

Ltd.,

Series

2022-46A,

Class

A2F,

5.02%,

7/20/35,

Callable

7/20/24

@

100(a)

475,000

436,787

Venture

47

CLO

Ltd.,

Series

2023-47A,

Class

AJ,

7.35%

(TSFR3M+230bps),

4/20/36,

Callable

4/20/25

@

100(a)(b)

..........................................

194,000

195,242

10,091,566

Total

Collateralized

Loan

Obligations

(Cost

$10,261,762)

10,091,566

Collateralized

Mortgage

Obligations

(12.9%)

Commercial

MBS

(12.9%):

AOA

Mortgage

Trust,

Series

2021-1177,

Class

B,

6.37%

(TSFR1M+117bps),

10/15/38(a)(b)

.

250,000

222,143

AOA

Mortgage

Trust,

Series

2021-1177,

Class

D,

7.02%

(TSFR1M+182bps),

10/15/38(a)(b)

.

300,000

261,984

Arbor

Multifamily

Mortgage

Securities

Trust,

Series

2022-MF4,

Class

A5,

3.40%,

2/15/55,

Callable

2/15/32

@

100(a)(f)

..........................................

500,000

433,305

Aventura

Mall

Trust,

Series

2018-AVM,

Class

D,

4.25%,

7/5/40(a)(f)

..................

100,000

81,461

Aventura

Mall

Trust,

Series

2018-AVM,

Class

A,

4.25%,

7/5/40(a)(f)

..................

790,000

713,834

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

157

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Aventura

Mall

Trust,

Series

2018-AVM,

Class

C,

4.25%,

7/5/40(a)(f)

..................

$

100,000

$

86,086

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2015-200P,

Class

B,

3.49%,

4/14/33,

Callable

4/14/25

@

100(a)

............................................

750,000

685,720

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2015-200P,

Class

D,

3.72%

(LIBOR01M+105bps),

4/14/33,

Callable

4/14/25

@

100(a)(b)

...................

375,000

331,371

BBCMS

Mortgage

Trust,

Series

2020-BID,

Class

C,

8.83%

(TSFR1M+364bps),

10/15/37(a)

(b)

.............................................................

550,000

516,775

BBCMS

Mortgage

Trust,

Series

2022-C16,

Class

AS,

4.60%,

6/15/55,

Callable

6/15/32

@

100(f)

...........................................................

135,135

122,379

Benchmark

Mortgage

Trust,

Series

2020-B19,

Class

AS,

2.15%,

9/15/53,

Callable

10/15/30

@

100

.............................................................

1,000,000

730,269

Benchmark

Mortgage

Trust,

Series

2022-B36,

Class

XA,

0.81%,

7/15/55,

Callable

6/15/32

@

100(f)(g)

.........................................................

10,001,000

478,350

BPR

Trust,

Series

2022-STAR,

Class

A,

8.38%

(TSFR1M+323bps),

8/15/24(a)(b)

........

407,215

406,506

BPR

Trust,

Series

2022-OANA,

Class

D,

8.84%

(TSFR1M+370bps),

4/15/37(a)(b)

........

500,000

486,167

BPR

Trust,

Series

2022-OANA,

Class

A,

7.04%

(TSFR1M+190bps),

4/15/37(a)(b)

........

1,000,000

973,597

BPR

Trust,

Series

2021-TY,

Class

D,

7.54%

(TSFR1M+235bps),

9/15/38(a)(b)

...........

500,000

464,134

BPR

Trust,

Series

2021-TY,

Class

A,

6.24%

(TSFR1M+105bps),

9/15/38(a)(b)

...........

500,000

474,944

BX

Commercial

Mortgage

Trust,

Series

2019-XL,

Class

D,

6.71%

(TSFR1M+145bps),

10/15/36(a)(b)

.....................................................

1,215,500

1,198,239

BX

Commercial

Mortgage

Trust,

Series

2021-XL2,

Class

B,

6.19%

(TSFR1M+100bps),

10/15/38(a)(b)

.....................................................

231,679

224,466

BX

Commercial

Mortgage

Trust,

Series

2022-CSMO,

Class

D,

9.48%

(TSFR1M+434bps),

6/15/27(a)(b)

......................................................

500,000

496,313

BX

Commercial

Mortgage

Trust,

Series

2022-CSMO,

Class

C,

9.04%

(TSFR1M+389bps),

6/15/27(a)(b)

......................................................

1,000,000

988,280

BX

Mortgage

Trust,

Series

2021-PAC,

Class

B,

6.09%

(TSFR1M+90bps),

10/15/36(a)(b)

...

250,000

240,112

BX

Trust,

Series

2021-RISE,

Class

B,

6.44%

(TSFR1M+125bps),

11/15/36(a)(b)

.........

500,000

486,212

BX

Trust,

Series

2022-CLS,

Class

B,

6.30%,

10/13/27(a)

..........................

250,000

235,691

BXP

Trust,

Series

2021-601L,

Class

C,

2.87%,

1/15/44(a)(f)

........................

250,000

163,852

BXP

Trust,

Series

2021-601L,

Class

D,

2.87%,

1/15/44(a)(f)

........................

1,250,000

781,703

BXP

Trust,

Series

2021-601L,

Class

B,

2.87%,

1/15/44(a)(f)

........................

500,000

356,248

CAMB

Commercial

Mortgage

Trust,

Series

2021-CX2,

Class

A,

2.70%,

11/10/46,

Callable

11/10/31

@

100(a)

..................................................

1,000,000

796,884

Citigroup

Commercial

Mortgage

Trust,

Series

2019-SMRT,

Class

D,

4.90%,

1/10/36(a)(f)

...

615,000

610,495

COMM

Mortgage

Trust,

Series

2014-

277P,

Class

C,

3.73%,

8/10/49,

Callable

8/10/24

@

100(a)(f)

.........................................................

333,000

308,645

COMM

Mortgage

Trust,

Series

2020-CX,

Class

A,

2.17%,

11/10/46,

Callable

11/10/30

@

100(a)

...........................................................

825,000

646,486

COMM

Mortgage

Trust,

Series

2014-277P,

Class

A,

3.73%,

8/10/49,

Callable

8/10/24

@

100(a)(f)

.........................................................

1,235,000

1,161,832

CSMC,

Series

2019-UVIL,

Class

A,

3.16%,

12/15/41(a)

...........................

302,000

254,209

GS

Mortgage

Securities

Corp.

Trust,

Series

2022-SHIP,

Class

D,

6.75%

(TSFR1M+161bps),

8/15/36(a)(b)

......................................................

1,000,000

979,990

Hilton

USA

Trust,

Series

2016-HHV,

Class

B,

4.33%,

11/5/38(a)(f)

...................

350,000

327,492

Hilton

USA

Trust,

Series

2016-HHV,

Class

C,

4.33%,

11/5/38(a)(f)

...................

200,000

185,013

Houston

Galleria

Mall

Trust,

Series

2015-HGLR,

Class

A1A2,

3.09%,

3/5/37(a)

..........

250,000

233,094

Hudson

Yards

Mortgage

Trust,

Series

2019-30HY,

Class

A,

3.23%,

7/10/39(a)

...........

1,200,000

1,032,633

Hudson

Yards

Mortgage

Trust,

Series

2019-30HY,

Class

D,

3.56%,

7/10/39(a)(f)

.........

115,000

90,203

Hudson

Yards

Mortgage

Trust,

Series

2019-55HY,

Class

A,

3.04%,

12/10/41(a)(f)

.........

1,000,000

840,723

ILPT

Commercial

Mortgage

Trust,

Series

2022-LPFX,

Class

A,

3.95%,

3/15/32(a)(f)

......

750,000

596,982

ILPT

Commercial

Mortgage

Trust,

Series

2022-LPF2,

Class

C,

8.64%

(TSFR1M+349bps),

10/15/39(a)(b)

.....................................................

100,000

98,344

KNDL

Mortgage

Trust,

Series

2019-KNSQ,

Class

B,

6.29%

(TSFR1M+110bps),

5/15/36(a)(b)

250,000

247,809

Life

Mortgage

Trust,

Series

2022-BMR2,

Class

C,

7.24%

(TSFR1M+209bps),

5/15/39,

Callable

5/15/24

@

100(a)(b)

..........................................

250,000

242,090

Manhattan

West

Mortgage

Trust,

Series

2020-1MW,

Class

A,

2.13%,

9/10/39(a)

..........

500,000

427,775

MHC

Commercial

Mortgage

Trust,

Series

2021-MHC,

Class

A,

6.06%

(TSFR1M+80bps),

4/15/38(a)(b)

......................................................

250,000

245,494

MHC

Commercial

Mortgage

Trust,

Series

MHC,

Class

D,

6.86%

(TSFR1M+160bps),

4/15/38(a)(b)

......................................................

500,000

485,413

MHP,

Series

2022-MHIL,

Class

D,

6.76%

(SOFR30A+161bps),

1/15/27(a)(b)

...........

485,829

460,126

Morgan

Stanley

Capital

I

Trust,

Series

2021-PLZA,

Class

B,

2.90%,

11/9/43(a)

..........

500,000

345,275

Morgan

Stanley

Capital

I

Trust,

Series

2021-PLZA,

Class

C,

2.90%,

11/9/43(a)

..........

750,000

499,255

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

158

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

MTN

Commercial

Mortgage

Trust,

Series

2022-LPFL,

Class

C,

7.54%

(TSFR1M+239bps),

3/15/39(a)(b)

......................................................

$

250,000

$

243,187

One

Bryant

Park

Trust,

Series

2019-OBP,

Class

A,

2.52%,

9/15/54(a)

..................

128,000

103,776

SLG

Office

Trust,

Series

2021-OVA,

Class

A,

2.59%,

7/15/41(a)

.....................

500,000

400,770

SLG

Office

Trust,

Series

2021-OVA,

Class

C,

2.85%,

7/15/41(a)

.....................

500,000

382,061

SMRT,

Series

2022-MINI,

Class

E,

7.85%

(SOFR30A+270bps),

1/15/39(a)(b)

...........

250,000

233,200

SREIT

Trust,

Series

2021-MFP2,

Class

B,

6.36%

(TSFR1M+117bps),

11/15/36(a)(b)

......

500,000

485,749

SREIT

Trust,

Series

2021-MFP2,

Class

D,

6.76%

(TSFR1M+157bps),

11/15/36(a)(b)

......

760,000

725,213

SUMIT

Mortgage

Trust,

Series

2022-BVUE,

Class

D,

2.99%,

2/12/41,

Callable

2/12/29

@

100(a)(f)

.........................................................

363,636

244,532

TTAN,

Series

2021-MHC,

Class

C,

6.54%

(TSFR1M+140bps),

3/15/38(a)(b)

............

612,267

589,627

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2021-SAVE,

Class

C,

6.99%

(TSFR1M+180bps),

2/15/40(a)(b)

.......................................

227,255

204,855

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2021-SAVE,

Class

B,

6.64%

(TSFR1M+145bps),

2/15/40(a)(b)

.......................................

227,255

207,733

27,577,106

Total

Collateralized

Mortgage

Obligations

(Cost

$31,004,660)

27,577,106

Senior

Secured

Loans

(2.1%)

Consumer

Discretionary

(0.7%):

Aramark

Services,

Inc.,

U.S.

Term

B-6

Loan,

First

Lien,

7.58%

(SOFR01M+250bps),

6/13/30(b)(d)

......................................................

31,104

31,065

Delta

2

(Lux)

S.a.r.l.,

Term

Loan

B,

First

Lien,

8.15%

(SOFR01M+300bps),

1/15/30(b)

.....

500,000

499,751

Delta

Air

Lines,

Inc.

and

SkyMiles

IP

Ltd.,

Initial

Term

Loan,

First

Lien,

8.80%

(SOFR03M+375bps),

10/20/27(b)

.......................................

113,158

117,427

Great

Outdoors

Group

LLC,

Term

B1,

First

Lien,

8.90%

(US0001M+375bps),

3/5/28(b)

....

241,885

239,768

Scientific

Games

International,

Inc.,

Initial

Term

B

Loans,

First

Lien,

8.15%

(SOFR01M+300bps),

4/14/29(b)

........................................

246,259

245,604

Sotheby's,

2021

2nd

Refin

Term

Loan,

First

Lien,

9.76%

(TSFR1M+450bps),

1/15/27(b)

....

242,516

236,089

1,369,704

Consumer

Staples

(0.1%):

Alliance

Laundry

Systems

LLC,

Initial

Term

B

Loans,

First

Lien,

8.46%

(SOFR03M+350bps),

10/8/27(b)

........................................................

248,710

247,778

Financials

(1.0%):

Central

Parent,

Inc.,

Initial

Term

Loan,

First

Lien,

9.15%

(SOFR03M+425bps),

7/6/29(b)

...

248,750

247,889

Directv

Financing

LLC,

Closing

Date

Term

Loans,

First

Lien,

10.15%

(US0001M+500bps),

8/2/27(b)

.........................................................

390,757

381,586

Hub

International

Ltd.,

2022

Incremental

Term

Loans,

First

Lien,

9.07%

(SOFR03M+400bps),

11/10/29(b)(d)

.....................................................

124,375

124,184

IRB

Holding

Corp.,

Term

Loan

B,

First

Lien,

8.15%

(SOFR01M+300bps),

12/15/27(b)

.....

68,099

67,567

Mileage

Plus

Holdings

LLC,

Initial

Term

Loan,

First

Lien,

10.76%

(US0003M+525bps),

6/20/27(b)

........................................................

378,947

393,237

Oculus

Acquisition

Corp.,

Initial

Term

Loan,

First

Lien,

8.46%

(SOFR03M+350bps),

11/8/27(b)

........................................................

247,468

246,355

OEG

Borrower

LLC,

Initial

Term

Loans,

First

Lien,

10.22%

(SOFR03M+500bps),

6/16/29(b)

496,250

495,009

Whatabrands

LLC,

Initial

Term

B

Loans,

First

Lien,

8.40%

(US0001M+325bps),

8/3/28(b)

..

115,046

114,219

2,070,046

Health

Care

(0.2%):

Bausch

+

Lomb

Corp.,

Initial

Term

Loans,

First

Lien,

8.49%

(SOFR03M+325bps),

5/10/27(b)

495,000

479,531

Information

Technology

(0.1%):

TIBCO

Software,

Inc.,

Term

A

Loan,

First

Lien,

9.40%

(SOFR03M+450bps),

9/30/28(b)

...

49,860

46,557

UKG,

Inc.,

Incremental

Term

Loans,

First

Lien,

8.17%

(SOFR03M+325bps),

5/3/26(b)

.....

244,392

239,580

286,137

Total

Senior

Secured

Loans

(Cost

$4,430,181)

4,453,196

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

159

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Corporate

Bonds

(24.9%)

Communication

Services

(1.4%):

AT&T,

Inc.,

4.50%,

5/15/35,

Callable

11/15/34

@

100

............................

$

250,000

$

229,703

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.25%,

1/15/34,

Callable

1/15/28

@

102.13(a)

.........................................................

81,000

61,240

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

5.38%,

4/1/38,

Callable

10/1/37

@

100

.........................................

250,000

212,671

DISH

Network

Corp.,

11.75%,

11/15/27,

Callable

5/15/25

@

105.88(a)

................

613,000

599,458

Gray

Television,

Inc.,

4.75%,

10/15/30,

Callable

10/15/25

@

102.38(a)

................

250,000

164,611

T-Mobile

USA,

Inc.,

3.50%,

4/15/31,

Callable

4/15/26

@

101.75

.....................

403,000

355,437

Verizon

Communications,

Inc.

2.55%,

3/21/31,

Callable

12/21/30

@

100

.................................

669,000

558,737

2.88%,

11/20/50,

Callable

5/20/50

@

100

..................................

250,000

162,778

Warnermedia

Holdings,

Inc.

4.28%,

3/15/32,

Callable

12/15/31

@

100(a)

...............................

500,000

443,033

5.14%,

3/15/52,

Callable

9/15/51

@

100(a)

................................

100,000

81,545

ZoomInfo

Technologies

LLC/ZoomInfo

Finance

Corp.,

3.88%,

2/1/29,

Callable

2/1/24

@

101.94(a)

.........................................................

250,000

214,987

3,084,200

Consumer

Discretionary

(1.5%):

AutoNation,

Inc.

2.40%,

8/1/31,

Callable

5/1/31

@

100

....................................

89,000

67,716

3.85%,

3/1/32,

Callable

12/1/31

@

100

...................................

627,000

532,749

Caesars

Entertainment,

Inc.,

7.00%,

2/15/30,

Callable

2/15/26

@

103.5(a)

..............

81,000

81,394

Carnival

Corp.,

9.88%,

8/1/27,

Callable

2/1/24

@

104.94(a)

........................

100,000

104,098

ERAC

USA

Finance

LLC,

4.90%,

5/1/33,

Callable

2/1/33

@

100(a)

...................

192,000

187,652

Group

1

Automotive,

Inc.,

4.00%,

8/15/28,

Callable

8/15/23

@

102(a)

.................

100,000

87,924

Kohl's

Corp.,

4.63%,

5/1/31,

Callable

2/1/31

@

100

..............................

200,000

139,266

Lithia

Motors,

Inc.,

4.38%,

1/15/31,

Callable

10/15/25

@

102.19(a)

...................

250,000

215,810

LKQ

Corp.,

6.25%,

6/15/33,

Callable

3/15/33

@

100(a)

...........................

201,000

202,164

Marriott

International,

Inc.,

2.75%,

10/15/33,

Callable

7/15/33

@

100

.................

125,000

99,414

Murphy

Oil

USA,

Inc.,

3.75%,

2/15/31,

Callable

2/15/26

@

101.88(a)

.................

173,000

145,370

PulteGroup,

Inc.,

6.00%,

2/15/35

............................................

125,000

126,943

Resorts

World

Las

Vegas

LLC/RWLV

Capital,

Inc.,

4.63%,

4/6/31,

Callable

1/6/31

@

100(a)

.

500,000

387,038

Sodexo,

Inc.,

2.72%,

4/16/31,

Callable

1/16/31

@

100(a)

..........................

500,000

413,423

Sotheby's,

7.38%,

10/15/27,

Callable

7/18/23

@

103.69(a)

.........................

250,000

225,127

Tractor

Supply

Co.,

1.75%,

11/1/30,

Callable

8/1/30

@

100

.........................

250,000

198,183

3,214,271

Consumer

Staples

(1.4%):

7-Eleven,

Inc.

1.80%,

2/10/31,

Callable

11/10/30

@

100(a)

................................

125,000

98,585

2.80%,

2/10/51,

Callable

8/2/50

@

100(a)

.................................

1,350,000

856,684

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC,

4.88%,

2/15/30,

Callable

2/15/25

@

103.66(a)

..........................................

100,000

92,312

Anheuser-Busch

InBev

Worldwide,

Inc.,

3.75%,

7/15/42

...........................

250,000

209,220

Dollar

General

Corp.

5.00%,

11/1/32,

Callable

8/1/32

@

100

...................................

204,000

198,340

5.45%,

7/5/33,

Callable

4/5/33

@

100

....................................

262,000

259,688

Dollar

Tree,

Inc.,

2.65%,

12/1/31,

Callable

9/1/31

@

100

...........................

500,000

408,356

General

Mills,

Inc.,

2.25%,

10/14/31,

Callable

7/14/31

@

100

.......................

250,000

204,940

Kellogg

Co.,

5.25%,

3/1/33,

Callable

12/1/32

@

100

..............................

196,000

197,032

Kraft

Heinz

Foods

Co.,

5.00%,

6/4/42

........................................

250,000

233,849

Pilgrim's

Pride

Corp.,

3.50%,

3/1/32,

Callable

9/1/26

@

101.75(a)

....................

250,000

199,083

Walgreens

Boots

Alliance,

Inc.,

4.10%,

4/15/50,

Callable

10/15/49

@

100

..............

92,000

65,509

3,023,598

Energy

(0.6%):

Magellan

Midstream

Partners

LP,

5.15%,

10/15/43,

Callable

4/15/43

@

100

.............

500,000

424,754

Midwest

Connector

Capital

Co.

LLC,

4.63%,

4/1/29,

Callable

1/1/29

@

100(a)

...........

125,000

114,431

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.,

3.80%,

9/15/30,

Callable

6/15/30

@

100

250,000

221,991

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

160

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Viper

Energy

Partners

LP,

5.38%,

11/1/27,

Callable

8/7/23

@

102.69(a)

................

$

500,000

$

480,587

1,241,763

Financials

(9.6%):

Aon

Corp./Aon

Global

Holdings

PLC,

5.35%,

2/28/33,

Callable

11/28/32

@

100

.........

212,000

213,745

Bank

of

America

Corp.,

2.48%

(H15T5Y+120bps),

9/21/36,

Callable

9/21/31

@

100(b)

....

750,000

572,761

Blackstone

Holdings

Finance

Co.

LLC,

6.20%,

4/22/33,

Callable

1/22/33

@

100(a)

.......

125,000

127,692

Blackstone

Private

Credit

Fund

2.63%,

12/15/26,

Callable

11/15/26

@

100

.................................

250,000

213,593

3.25%,

3/15/27,

Callable

2/15/27

@

100(a)

................................

750,000

647,973

Blue

Owl

Finance

LLC,

3.13%,

6/10/31,

Callable

3/10/31

@

100(a)

...................

1,250,000

951,897

Brookfield

Capital

Finance

LLC,

6.09%,

6/14/33,

Callable

3/14/33

@

100

..............

204,000

207,141

Brown

&

Brown,

Inc.,

4.20%,

3/17/32,

Callable

12/17/31

@

100

.....................

29,000

26,053

Citizens

Bank

NA

4.12%

(SOFR+140bps),

5/23/25,

Callable

5/23/24

@

100(b)

....................

287,000

271,820

6.06%

(SOFR+145bps),

10/24/25,

Callable

10/24/24

@

100(b)

..................

250,000

237,368

Citizens

Financial

Group,

Inc.,

2.64%,

9/30/32,

Callable

7/2/32

@

100

.................

500,000

353,000

F&G

Global

Funding,

2.00%,

9/20/28(a)

......................................

250,000

206,312

Fidelity

National

Information

Services,

Inc.,

5.10%,

7/15/32,

Callable

4/15/32

@

100

......

500,000

484,462

Fifth

Third

Bancorp

4.50%

(H15T5Y+422bps),

Callable

9/30/25

@

100(b)(h)

......................

412,000

365,840

4.34%

(SOFR+166bps),

4/25/33,

Callable

4/25/32

@

100(b)

....................

412,000

364,028

Global

Atlantic

Fin

Co.

4.40%,

10/15/29,

Callable

7/15/29

@

100(a)

...............................

750,000

632,470

3.13%,

6/15/31,

Callable

3/15/31

@

100(a)

................................

250,000

188,105

Global

Payments,

Inc.

2.90%,

11/15/31,

Callable

8/15/31

@

100

..................................

500,000

407,442

4.15%,

8/15/49,

Callable

2/15/49

@

100

..................................

750,000

560,513

Hub

International

Ltd.,

7.25%,

6/15/30,

Callable

6/15/26

@

103.63(a)

.................

31,000

32,010

Huntington

Bancshares,

Inc.,

2.49%

(H15T5Y+117bps),

8/15/36,

Callable

8/15/31

@

100(b)

.

500,000

358,135

JPMorgan

Chase

&

Co.

2.96%

(SOFR+252bps),

5/13/31,

Callable

5/13/30

@

100(b)

....................

250,000

213,923

5.72%

(SOFR+258bps),

9/14/33,

Callable

9/14/32

@

100(b)

....................

250,000

253,664

KeyBank

NA,

4.90%,

8/8/32

...............................................

347,000

273,944

KeyCorp,

4.79%

(SOFR+206bps),

6/1/33,

Callable

6/1/32

@

100,

MTN(b)

.............

367,000

309,163

MetLife,

Inc.,

9.25%,

4/8/38,

Callable

4/8/33

@

100(a)

............................

350,000

406,062

Metropolitan

Life

Global

Funding

I,

2.40%,

1/11/32(a)

............................

500,000

407,941

Morgan

Stanley

1.93%

(SOFR+102bps),

4/28/32,

Callable

4/28/31

@

100,

MTN(b)

...............

250,000

195,069

2.48%

(SOFR+136bps),

9/16/36,

Callable

9/16/31

@

100(b)

....................

925,000

700,133

National

Securities

Clearing

Corp.,

5.00%,

5/30/28,

Callable

4/30/28

@

100(a)

...........

118,000

117,434

Neptune

Bidco

US,

Inc.,

9.29%,

4/15/29,

Callable

10/15/25

@

104.65(a)

...............

65,000

59,690

New

York

Life

Global

Funding,

1.85%,

8/1/31(a)

................................

1,600,000

1,264,531

Northern

Trust

Corp.,

6.13%,

11/2/32,

Callable

8/2/32

@

100

.......................

250,000

259,071

OWL

Rock

Core

Income

Corp.

5.50%,

3/21/25(a)

..................................................

500,000

481,881

4.70%,

2/8/27,

Callable

1/8/27

@

100(a)

..................................

375,000

340,966

7.75%,

9/16/27,

Callable

8/16/27

@

100(a)

................................

152,000

150,479

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.,

6.20%,

6/15/30,

Callable

4/15/30

@

100(a)

189,000

190,130

Regions

Financial

Corp.,

5.75%

(H15T5Y+543bps),

Callable

6/15/25

@

100(b)(h)

........

149,000

141,647

State

Street

Corp.,

4.16%

(SOFR+173bps),

8/4/33,

Callable

8/4/32

@

100(b)

............

750,000

695,876

Texas

Capital

Bancshares,

Inc.,

4.00%

(H15T5Y+315bps),

5/6/31,

Callable

5/6/26

@

100(b)

.

500,000

363,033

The

Bank

of

New

York

Mellon

Corp.,

4.70%

(H15T5Y+436bps),

Callable

9/20/25

@

100(b)

(h)

.............................................................

317,000

307,382

The

Charles

Schwab

Corp.

5.38%

(H15T5Y+497bps),

Callable

6/1/25

@

100(b)(h)

.......................

1,389,000

1,332,148

5.85%

(SOFR+250bps),

5/19/34,

Callable

5/19/33

@

100(b)

....................

315,000

319,707

The

Huntington

National

Bank,

5.50%

(TSFR3M+509bps),

5/6/30,

Callable

5/6/25

@

100(b)

750,000

696,365

The

PNC

Financial

Services

Group,

Inc.,

4.63%

(SOFR+185bps),

6/6/33,

Callable

6/6/32

@

100(b)

...........................................................

657,000

603,905

Truist

Financial

Corp.

5.10%

(H15T10Y+435bps),

Callable

3/1/30

@

100(b)(h)

......................

331,000

285,189

4.95%

(H15T5Y+461bps),

Callable

9/1/25

@

100(b)(h)

.......................

690,875

639,658

U.S.

Bancorp,

4.97%

(SOFR+211bps),

7/22/33,

Callable

7/22/32

@

100(b)

.............

891,000

807,888

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

161

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

United

Financial

Bancorp,

Inc.,

5.75%,

10/1/24

.................................

$

300,000

$

287,707

Wells

Fargo

&

Co.,

5.90%,

Callable

6/15/24

@

100(h)

............................

202,000

199,203

Willis

North

America,

Inc.,

5.35%,

5/15/33,

Callable

2/15/33

@

100

..................

634,000

618,508

20,344,657

Health

Care

(1.0%):

Alcon

Finance

Corp.,

5.75%,

12/6/52,

Callable

6/6/52

@

100(a)

.....................

250,000

263,120

Amgen,

Inc.,

3.00%,

1/15/52,

Callable

7/15/51

@

100

.............................

350,000

233,618

Bio-Rad

Laboratories,

Inc.,

3.70%,

3/15/32,

Callable

12/15/31

@

100

.................

125,000

110,086

Centene

Corp.,

2.50%,

3/1/31,

Callable

12/1/30

@

100

............................

614,000

489,596

CVS

Health

Corp.,

5.63%,

2/21/53,

Callable

8/21/52

@

100

........................

250,000

248,380

DENTSPLY

SIRONA,

Inc.,

3.25%,

6/1/30,

Callable

3/1/30

@

100

....................

55,000

47,724

GE

HealthCare

Technologies,

Inc.,

5.91%,

11/22/32,

Callable

8/22/32

@

100(a)

..........

250,000

261,406

HCA,

Inc.

3.50%,

9/1/30,

Callable

3/1/30

@

100

....................................

205,000

179,570

5.90%,

6/1/53,

Callable

12/1/52

@

100

...................................

191,000

189,366

Prestige

Brands,

Inc.,

3.75%,

4/1/31,

Callable

4/1/26

@

101.88(a)

....................

209,000

172,205

Tenet

Healthcare

Corp.,

4.38%,

1/15/30,

Callable

12/1/24

@

102.19

...................

50,000

45,118

2,240,189

Industrials

(3.4%):

Acuity

Brands

Lighting,

Inc.,

2.15%,

12/15/30,

Callable

9/15/30

@

100

................

250,000

200,738

Air

Lease

Corp.,

2.88%,

1/15/32,

Callable

10/15/31

@

100

.........................

250,000

201,052

American

Airlines,

Inc./AAdvantage

Loyalty

IP

Ltd.,

5.75%,

4/20/29(a)

................

246,000

239,074

Ashtead

Capital,

Inc.,

2.45%,

8/12/31,

Callable

5/12/31

@

100(a)

....................

250,000

196,524

CoStar

Group,

Inc.,

2.80%,

7/15/30,

Callable

4/15/30

@

100(a)

......................

653,000

541,804

Delta

Air

Lines

Pass

Through

Trust,

2.50%,

6/10/28

..............................

116,628

102,307

Delta

Air

Lines,

Inc./SkyMiles

IP

Ltd.,

4.75%,

10/20/28(a)

.........................

437,127

424,270

GXO

Logistics,

Inc.,

2.65%,

7/15/31,

Callable

4/15/31

@

100

.......................

153,000

119,339

Kennametal,

Inc.,

4.63%,

6/15/28,

Callable

3/15/28

@

100

.........................

125,000

118,983

Mileage

Plus

Holdings

LLC/Mileage

Plus

Intellectual

Property

Assets

Ltd.,

6.50%,

6/20/27,

Callable

8/7/23

@

103.25(a)

...........................................

1,000,000

1,002,501

Regal

Rexnord

Corp.,

6.40%,

4/15/33,

Callable

1/15/33

@

100(a)

....................

244,000

243,546

Southwest

Airlines

Co.,

2.63%,

2/10/30,

Callable

11/10/29

@

100

....................

347,000

295,522

Spirit

Loyalty

Cayman

Ltd./Spirit

IP

Cayman

Ltd.,

8.00%,

9/20/25,

Callable

9/20/23

@

104(a)

800,000

807,996

The

Boeing

Co.

3.63%,

2/1/31,

Callable

11/1/30

@

100

...................................

250,000

225,360

5.81%,

5/1/50,

Callable

11/1/49

@

100

...................................

1,257,000

1,250,200

The

Timken

Co.,

4.13%,

4/1/32,

Callable

1/1/32

@

100

............................

444,000

399,250

XPO

Escrow

Sub

LLC,

7.50%,

11/15/27,

Callable

11/15/24

@

103.75(a)

...............

250,000

257,838

XPO,

Inc.,

6.25%,

6/1/28,

Callable

6/1/25

@

103.13(a)

............................

610,000

602,001

7,228,305

Information

Technology

(1.5%):

Autodesk,

Inc.,

2.40%,

12/15/31,

Callable

9/15/31

@

100

..........................

350,000

287,087

Broadcom,

Inc.

2.60%,

2/15/33,

Callable

11/15/32

@

100(a)

................................

250,000

194,881

3.42%,

4/15/33,

Callable

1/15/33

@

100(a)

................................

250,000

209,295

Micron

Technology,

Inc.,

2.70%,

4/15/32,

Callable

1/15/32

@

100

....................

250,000

197,415

Open

Text

Holdings,

Inc.,

4.13%,

12/1/31,

Callable

12/1/26

@

102.06(a)

...............

153,000

125,759

Oracle

Corp.

3.85%,

7/15/36,

Callable

1/15/36

@

100

..................................

524,000

438,131

3.60%,

4/1/50,

Callable

10/1/49

@

100

...................................

250,000

178,513

Seagate

HDD

Cayman,

9.63%,

12/1/32,

Callable

12/1/27

@

104.81(a)

.................

205,450

227,105

Trimble,

Inc.,

6.10%,

3/15/33,

Callable

12/15/32

@

100

...........................

196,000

198,781

TSMC

Arizona

Corp.,

2.50%,

10/25/31,

Callable

7/25/31

@

100

.....................

500,000

418,733

VMware,

Inc.,

2.20%,

8/15/31,

Callable

5/15/31

@

100

...........................

500,000

392,903

Western

Digital

Corp.,

3.10%,

2/1/32,

Callable

11/1/31

@

100

.......................

150,000

111,037

Workday,

Inc.,

3.80%,

4/1/32,

Callable

1/1/32

@

100

.............................

125,000

112,484

3,092,124

Materials

(1.4%):

Amcor

Finance

USA,

Inc.,

5.63%,

5/26/33,

Callable

2/26/33

@

100

...................

286,000

282,747

Amcor

Flexibles

North

America,

Inc.,

2.69%,

5/25/31,

Callable

2/25/31

@

100

...........

750,000

614,623

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

162

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

AptarGroup,

Inc.,

3.60%,

3/15/32,

Callable

12/15/31

@

100

........................

$

257,000

$

221,092

Avery

Dennison

Corp.,

2.25%,

2/15/32,

Callable

11/15/31

@

100

....................

41,000

31,985

Eagle

Materials,

Inc.,

2.50%,

7/1/31,

Callable

4/1/31

@

100

........................

376,000

307,090

LYB

International

Finance

III

LLC,

3.38%,

10/1/40,

Callable

4/1/40

@

100

.............

250,000

184,648

Olin

Corp.,

5.00%,

2/1/30,

Callable

2/1/24

@

102.5

..............................

100,000

92,505

Reliance

Steel

&

Aluminum

Co.,

2.15%,

8/15/30,

Callable

5/15/30

@

100

..............

355,000

289,625

The

Dow

Chemical

Co.,

6.90%,

5/15/53,

Callable

11/15/52

@

100

....................

106,000

120,109

Vulcan

Materials

Co.

3.50%,

6/1/30,

Callable

3/1/30

@

100

....................................

686,000

619,983

4.50%,

6/15/47,

Callable

12/15/46

@

100

.................................

449,000

390,427

3,154,834

Real

Estate

(2.7%):

Alexandria

Real

Estate

Equities,

Inc.

1.88%,

2/1/33,

Callable

11/1/32

@

100

...................................

750,000

548,854

5.15%,

4/15/53,

Callable

10/15/52

@

100

.................................

250,000

224,818

American

Tower

Trust

#1,

5.49%,

3/15/28,

Callable

3/15/27

@

100(a)

.................

260,000

260,210

Boston

Properties

LP,

2.45%,

10/1/33,

Callable

7/1/33

@

100

.......................

1,240,000

896,059

CBRE

Services,

Inc.

2.50%,

4/1/31,

Callable

1/1/31

@

100

....................................

400,000

320,864

5.95%,

8/15/34,

Callable

5/15/34

@

100

..................................

308,000

305,063

Crown

Castle,

Inc.,

2.90%,

4/1/41,

Callable

10/1/40

@

100

.........................

565,000

395,788

GLP

Capital

LP/GLP

Financing

II,

Inc.,

3.25%,

1/15/32,

Callable

10/15/31

@

100

........

233,000

188,344

Healthpeak

Properties,

Inc.,

2.13%,

12/1/28,

Callable

10/1/28

@

100

..................

500,000

423,242

Host

Hotels

&

Resorts

LP,

3.50%,

9/15/30,

Callable

6/15/30

@

100

...................

125,000

106,070

Kilroy

Realty

LP,

2.65%,

11/15/33,

Callable

8/15/33

@

100

........................

388,000

264,507

RHP

Hotel

Properties

LP/RHP

Finance

Corp.,

7.25%,

7/15/28,

Callable

7/15/25

@

103.63(a)

31,000

31,317

SBA

Tower

Trust

2.84%,

1/15/25,

Callable

1/15/24

@

100(a)

................................

163,000

154,771

6.60%,

1/15/28,

Callable

1/15/27

@

100(a)

................................

211,000

214,407

2.59%,

10/15/31(a)

..................................................

500,000

396,035

Simon

Property

Group

LP,

5.85%,

3/8/53,

Callable

9/3/52

@

100

.....................

391,000

388,623

VICI

Properties

LP/VICI

Note

Co.,

Inc.,

4.13%,

8/15/30,

Callable

2/15/25

@

102.06(a)

....

876,000

771,887

5,890,859

Utilities

(0.4%):

Duquesne

Light

Holdings,

Inc.,

2.78%,

1/7/32,

Callable

10/7/31

@

100(a)

..............

100,000

78,230

Entergy

Corp.,

2.40%,

6/15/31,

Callable

3/5/31

@

100

............................

125,000

101,251

NRG

Energy,

Inc.

4.45%,

6/15/29,

Callable

3/15/29

@

100(a)

................................

250,000

221,227

7.00%,

3/15/33,

Callable

12/15/32

@

100(a)

...............................

364,000

367,527

768,235

Total

Corporate

Bonds

(Cost

$57,707,853)

53,283,035

Yankee

Dollars

(4.8%)

Communication

Services

(0.2%):

Rogers

Communications,

Inc.

3.80%,

3/15/32,

Callable

12/15/31

@

100(a)

...............................

250,000

218,574

4.55%,

3/15/52,

Callable

9/15/51

@

100(a)

................................

250,000

202,147

420,721

Consumer

Discretionary

(0.0%):(i)

Nissan

Motor

Co.

Ltd.,

4.81%,

9/17/30,

Callable

6/17/30

@

100(a)

...................

97,000

84,981

Consumer

Staples

(0.2%):

Bacardi

Ltd./Bacardi-Martini

BV,

5.40%,

6/15/33,

Callable

3/15/33

@

100(a)

............

188,000

186,630

Becle

SAB

de

CV,

2.50%,

10/14/31,

Callable

7/14/31

@

100(a)

......................

500,000

399,727

586,357

Financials

(3.2%):

Avolon

Holdings

Funding

Ltd.,

2.75%,

2/21/28,

Callable

12/21/27

@

100(a)

............

190,000

160,067

Bank

of

Montreal,

3.09%

(H15T5Y+140bps),

1/10/37,

Callable

1/10/32

@

100(b)

........

500,000

391,454

Barclays

Bank

PLC,

5.36%

(US0006M+25bps),

Callable

7/26/23

@

100(b)(h)

...........

450,000

448,455

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

163

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Barclays

PLC,

3.56%

(H15T5Y+3bps),

9/23/35,

Callable

9/23/30

@

100(b)

.............

$

750,000

$

592,712

BBVA

Bancomer

SA,

8.45%,

6/29/38,

Callable

6/29/33

@

100(a)

....................

116,000

115,892

BP

Capital

Markets

PLC,

4.38%

(H15T5Y+404bps),

Callable

6/22/25

@

100(b)(h)

........

250,000

240,247

Brookfield

Finance

I

UK

PLC/Brookfield

Finance,

Inc.,

2.34%,

1/30/32,

Callable

10/30/31

@

100

.............................................................

123,000

95,599

Brookfield

Finance,

Inc.,

2.72%,

4/15/31,

Callable

1/15/31

@

100

....................

600,000

490,768

Credit

Suisse

Group

AG,

3.09%

(SOFR+173bps),

5/14/32,

Callable

5/14/31

@

100(a)(b)

....

500,000

403,980

Deutsche

Bank

AG,

3.74%

(SOFR+226bps),

1/7/33,

Callable

10/7/31

@

100(b)

..........

750,000

549,320

HSBC

Holdings

PLC,

8.11%

(SOFR+425bps),

11/3/33,

Callable

11/3/32

@

100(b)

........

50,000

55,450

JAB

Holdings

BV,

3.75%,

5/28/51,

Callable

11/28/50

@

100(a)

......................

100,000

67,171

Lloyds

Banking

Group

PLC

3.75%

(H15T1Y+180bps),

3/18/28,

Callable

3/18/27

@

100(b)

..................

250,000

231,211

7.95%

(H15T1Y+375bps),

11/15/33,

Callable

8/15/32

@

100(b)

.................

152,000

164,640

Macquarie

Bank

Ltd.,

3.05%

(H15T5Y+170bps),

3/3/36,

Callable

3/3/31

@

100(a)(b)

......

750,000

567,629

Mizuho

Financial

Group,

Inc.,

2.56%,

9/13/31

..................................

500,000

393,021

nVent

Finance

Sarl,

5.65%,

5/15/33,

Callable

2/15/33

@

100

........................

320,000

315,318

Societe

Generale

SA

3.34%

(H15T1Y+160bps),

1/21/33,

Callable

1/21/32

@

100(a)(b)

................

500,000

398,801

4.03%

(H15T1Y+190bps),

1/21/43,

Callable

1/21/42

@

100(a)(b)

................

250,000

166,239

Standard

Chartered

PLC,

5.17%

(US0006M+6bps),

Callable

7/26/23

@

100(b)(h)

........

200,000

199,152

Westpac

Banking

Corp.,

3.02%

(H15T5Y+153bps),

11/18/36,

Callable

11/18/31

@

100(b)

..

500,000

382,665

6,429,791

Health

Care

(0.1%):

STERIS

Irish

FinCo

Unlimited

Co.,

2.70%,

3/15/31,

Callable

12/15/30

@

100

...........

400,000

333,963

Information

Technology

(0.3%):

NXP

BV/NXP

Funding

LLC/NXP

USA,

Inc.,

2.65%,

2/15/32,

Callable

11/15/31

@

100

....

250,000

202,130

Open

Text

Corp.,

6.90%,

12/1/27,

Callable

11/1/27

@

100(a)

........................

144,000

146,735

Seagate

HDD

Cayman,

8.50%,

7/15/31,

Callable

7/15/26

@

104.25(a)

.................

40,000

41,976

SK

Hynix,

Inc.,

6.50%,

1/17/33(a)

...........................................

322,000

325,744

716,585

Materials

(0.1%):

ArcelorMittal

SA,

6.80%,

11/29/32,

Callable

8/29/32

@

100

........................

250,000

256,806

Yara

International

ASA,

7.38%,

11/14/32,

Callable

8/14/32

@

100(a)

..................

50,000

54,317

311,123

Real

Estate

(0.7%):

Ontario

Teachers'

Cadillac

Fairview

Properties

Trust,

2.50%,

10/15/31,

Callable

7/15/31

@

100(a)

...........................................................

2,142,000

1,689,075

Total

Yankee

Dollars

(Cost

$12,081,957)

10,572,596

Municipal

Bonds

(0.5%)

Alabama

(0.1%):

Homewood

Educational

Building

Authority

Revenue,

2.25%,

12/1/29

.................

250,000

206,712

Louisiana

(0.1%):

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue,

Series

A,

4.48%,

8/1/39

.......................................

145,000

137,012

Montana

(0.1%):

Montana

Facility

Finance

Authority

Revenue,

2.44%,

8/15/31

.......................

250,000

203,497

New

York

(0.1%):

New

York

City

Housing

Development

Corp.

Revenue,

3.76%,

1/1/29

..................

250,000

231,740

South

Carolina

(0.1%):

County

of

Charleston

SC

Revenue,

1.92%,

12/1/29

...............................

250,000

210,302

Total

Municipal

Bonds

(Cost

$1,143,517)

989,263

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

164

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

U.S.

Government

Agency

Mortgages

(6.1%)

Federal

Home

Loan

Mortgage

Corp.

4.50%,

11/1/42

-

10/1/52

..............................................

$

969,601

$

934,636

4.00%,

1/1/43

.....................................................

250,272

237,846

3.00%,

1/1/52

-

5/1/52

...............................................

472,696

417,460

3.50%,

7/1/52

.....................................................

337,879

307,880

5.00%,

9/1/52

-

6/1/53

...............................................

2,093,984

2,052,492

5.50%,

4/1/53

-

6/1/53

...............................................

441,858

439,935

4,390,249

Federal

National

Mortgage

Association

4.00%,

4/1/38

-

9/1/52

...............................................

2,802,312

2,641,141

3.50%,

12/1/42

-

6/1/52

..............................................

538,696

494,295

2.50%,

10/1/50

....................................................

253,887

215,318

3.00%,

12/1/51

....................................................

261,665

230,729

4.50%,

6/1/52

-

9/1/52

...............................................

1,869,390

1,796,701

5.50%,

6/1/52

-

10/1/52

..............................................

1,374,282

1,367,667

6.00%,

7/1/52

.....................................................

443,247

447,392

5.00%,

4/1/53

.....................................................

250,136

245,005

7,438,248

Government

National

Mortgage

Association

3.50%,

6/20/52

....................................................

213,946

197,881

4.50%,

9/20/52

-

5/20/53

.............................................

949,515

916,771

1,114,652

Total

U.S.

Government

Agency

Mortgages

(Cost

$13,278,486)

12,943,149

U.S.

Treasury

Obligations

(20.9%)

U.S.

Treasury

Bonds

1.38%,

11/15/40

....................................................

2,500,000

1,673,438

1.75%,

8/15/41

....................................................

14,650,000

10,298,492

3.38%,

8/15/42

....................................................

2,275,000

2,065,273

1.25%,

5/15/50

....................................................

1,000,000

562,500

2.00%,

8/15/51

....................................................

4,250,000

2,897,969

3.63%,

2/15/53

....................................................

763,000

732,838

U.S.

Treasury

Notes

4.00%,

2/28/30

....................................................

250,000

249,883

0.63%,

8/15/30

....................................................

2,850,000

2,270,648

1.25%,

8/15/31

....................................................

5,000,000

4,103,906

1.88%,

2/15/32

....................................................

10,250,000

8,781,367

2.75%,

8/15/32

....................................................

4,520,000

4,144,275

3.50%,

2/15/33

....................................................

6,218,000

6,057,692

3.38%,

5/15/33

....................................................

944,000

910,518

Total

U.S.

Treasury

Obligations

(Cost

$48,140,514)

44,748,799

Total

Investments

(Cost

$228,105,510)

—

99.1%

211,959,214

Other

assets

in

excess

of

liabilities

—

0.9%

1,885,183

NET

ASSETS

-

100.00%

$

213,844,397

(a)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

June

30,

2023,

the

fair

value

of

these

securities

was

$104,642,732

and

amounted

to

48.9%

of

net

assets.

(b)

Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

June

30,

2023.

(c)

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.

(d)

Security

or

a

portion

of

the

security

purchased

on

a

delayed-delivery

and/or

when-issued

basis.

(e)

Zero-coupon

bond.

(f)

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

June

30,

2023.

(g)

Security

is

interest

only.

(h)

Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

(i)

Amount

represents

less

than

0.05%

of

net

assets.

ABS

—

Asset-Backed

Securities

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

165

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

bps—Basis

points

CLO

—

Collateralized

Loan

Obligations

H15T1Y

—

1

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

June

30,

2023.

H15T5Y

—

5

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

June

30,

2023.

H15T10Y

—

10

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

June

30,

2023.

LIBOR

—

London

Interbank

Offered

Rate

LIBOR01M

—

1

Month

US

Dollar

LIBOR,

rate

disclosed

as

of

June

30,

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

PLC—Public

Limited

Company

SOFR

—

Secured

Overnight

Financing

Rate

SOFR01M

—

1

Month

SOFR,

rate

disclosed

as

of

June

30,

2023.

SOFR03M

—

3

Month

SOFR,

rate

disclosed

as

of

June

30,

2023.

SOFR30A

—

30

day

average

of

SOFR,

rate

disclosed

as

of

June

30,

2023.

TSFR1M

—

1

month

Term

SOFR,

rate

disclosed

as

of

June

30,

2023.

TSFR3M

—

3

month

Term

SOFR,

rate

disclosed

as

of

June

30,

2023.

US0001M

—

1

Month

US

Dollar

LIBOR,

rate

disclosed

as

of

June

30,

2023,

based

on

the

last

reset

date

of

the

security.

US0003M

—

3

Month

US

Dollar

LIBOR,

rate

disclosed

as

of

June

30,

2023,

based

on

the

last

reset

date

of

the

security.

US0006M

—

6

Month

US

Dollar

LIBOR,

rate

disclosed

as

of

June

30,

2023,

based

on

the

last

reset

date

of

the

security.

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

10-Year

U.S.

Treasury

Note

Futures

......

70

9/20/23

$

8,004,210

$

7,858,594

$

(145,616)

5-Year

U.S.

Treasury

Note

Futures

.......

12

9/29/23

1,310,467

1,285,125

(25,342)

U.S.

Long

Bond

Futures

..............

50

9/20/23

6,367,811

6,345,313

(22,498)

$

(193,456)

Total

unrealized

appreciation

$

–

Total

unrealized

depreciation

(193,456)

Total

net

unrealized

appreciation

(depreciation)

$

(193,456)

Schedule

of

Portfolio

Investments

June

30,

2023

Victory

Portfolios

II

VictoryShares

Corporate

Bond

ETF

166

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Corporate

Bonds

(79.0%)

Communication

Services

(7.7%):

AT&T,

Inc.

,

3

.10

%

,

2/1/43

,

Callable

8/1/42

@

100

...............................

$

2,000,000

$

1,439,207

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

,

5

.38

%

,

4/1/38

,

Callable

10/1/37

@

100

.........................................

750,000

638,012

Comcast

Corp.

,

2

.89

%

,

11/1/51

,

Callable

5/1/51

@

100

(a)

..........................

1,000,000

670,722

Discovery

Communications

LLC

,

3

.95

%

,

3/20/28

,

Callable

12/20/27

@

100

.............

500,000

465,483

Paramount

Global

3

.38

%

,

2/15/28

,

Callable

11/15/27

@

100

..................................

445,000

395,657

4

.20

%

,

6/1/29

,

Callable

3/1/29

@

100

....................................

750,000

668,865

Rogers

Communications,

Inc.

,

4

.50

%

,

3/15/42

,

Callable

9/15/41

@

100

(a)

..............

500,000

414,879

T-Mobile

USA,

Inc.

2

.55

%

,

2/15/31

,

Callable

11/15/30

@

100

..................................

1,500,000

1,246,742

2

.25

%

,

11/15/31

,

Callable

8/15/31

@

100

..................................

500,000

400,074

Verizon

Communications,

Inc.

1

.75

%

,

1/20/31

,

Callable

10/20/30

@

100

.................................

1,000,000

788,444

2

.88

%

,

11/20/50

,

Callable

5/20/50

@

100

..................................

1,000,000

651,113

Warnermedia

Holdings,

Inc.

,

5

.05

%

,

3/15/42

,

Callable

9/15/41

@

100

(a)

...............

389,000

326,342

8,105,540

Consumer

Discretionary

(4.4%):

Advance

Auto

Parts,

Inc.

,

3

.50

%

,

3/15/32

,

Callable

12/15/31

@

100

...................

250,000

199,628

AutoNation,

Inc.

,

3

.85

%

,

3/1/32

,

Callable

12/1/31

@

100

..........................

500,000

424,840

Genuine

Parts

Co.

,

2

.75

%

,

2/1/32

,

Callable

11/1/31

@

100

.........................

167,000

137,155

Hasbro,

Inc.

,

3

.55

%

,

11/19/26

,

Callable

9/19/26

@

100

............................

500,000

464,532

Kohl's

Corp.

,

4

.63

%

,

5/1/31

,

Callable

2/1/31

@

100

..............................

250,000

174,082

Lowe's

Cos.,

Inc.

,

2

.80

%

,

9/15/41

,

Callable

3/15/41

@

100

.........................

1,000,000

707,261

Marriott

International,

Inc.

,

3

.50

%

,

10/15/32

,

Callable

7/15/32

@

100

.................

250,000

215,883

Newell

Brands,

Inc.

,

6

.38

%

,

9/15/27

,

Callable

6/15/27

@

100

.......................

250,000

240,057

Sodexo,

Inc.

,

2

.72

%

,

4/16/31

,

Callable

1/16/31

@

100

(a)

..........................

750,000

620,134

The

Home

Depot,

Inc.

,

2

.38

%

,

3/15/51

,

Callable

9/15/50

@

100

.....................

600,000

372,418

Tractor

Supply

Co.

1

.75

%

,

11/1/30

,

Callable

8/1/30

@

100

...................................

500,000

396,365

5

.25

%

,

5/15/33

,

Callable

2/15/33

@

100

..................................

250,000

247,826

Volkswagen

Group

of

America

Finance

LLC

,

4

.60

%

,

6/8/29

,

Callable

4/8/29

@

100

(a)

.....

500,000

478,175

4,678,356

Consumer

Staples

(3.7%):

Anheuser-Busch

InBev

Worldwide,

Inc.

3

.50

%

,

6/1/30

,

Callable

3/1/30

@

100

....................................

500,000

465,399

3

.75

%

,

7/15/42

....................................................

750,000

627,661

Bunge

Ltd.

Finance

Corp.

,

2

.75

%

,

5/14/31

,

Callable

2/14/31

@

100

...................

500,000

419,856

Church

&

Dwight

Co.,

Inc.

,

2

.30

%

,

12/15/31

,

Callable

9/15/31

@

100

.................

250,000

206,606

Dollar

General

Corp.

,

5

.20

%

,

7/5/28

,

Callable

6/5/28

@

100

........................

250,000

247,443

General

Mills,

Inc.

,

2

.25

%

,

10/14/31

,

Callable

7/14/31

@

100

.......................

750,000

614,820

Keurig

Dr

Pepper,

Inc.

3

.95

%

,

4/15/29

,

Callable

2/15/29

@

100

..................................

250,000

235,639

4

.50

%

,

4/15/52

,

Callable

10/15/51

@

100

.................................

75,000

66,074

McCormick

&

Co.,

Inc.

,

1

.85

%

,

2/15/31

,

Callable

11/15/30

@

100

...................

500,000

396,219

Sysco

Corp.

,

2

.45

%

,

12/14/31

,

Callable

9/14/31

@

100

............................

500,000

408,834

Walgreens

Boots

Alliance,

Inc.

,

4

.10

%

,

4/15/50

,

Callable

10/15/49

@

100

..............

250,000

178,013

3,866,564

Energy

(1.8%):

Apache

Corp.

,

4

.25

%

,

1/15/44

,

Callable

7/15/43

@

100

............................

250,000

170,011

DCP

Midstream

Operating

LP

,

5

.60

%

,

4/1/44

,

Callable

10/1/43

@

100

.................

250,000

236,811

Energy

Transfer

LP

,

6

.50

%

(

H15T5Y

+

569

bps

)

,

Callable

11/15/26

@

100

(b)

(c)

...........

250,000

225,786

MPLX

LP

,

4

.70

%

,

4/15/48

,

Callable

10/15/47

@

100

.............................

500,000

411,833

Phillips

66

Co.

,

4

.90

%

,

10/1/46

,

Callable

4/1/46

@

100

(a)

..........................

250,000

221,148

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.

,

3

.80

%

,

9/15/30

,

Callable

6/15/30

@

100

500,000

443,980

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.

,

5

.50

%

,

3/1/30

,

Callable

3/1/25

@

102.75

...................................................

250,000

240,569

1,950,138

Victory

Portfolios

II

VictoryShares

Corporate

Bond

ETF

167

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Financials

(23.9%):

Ally

Financial,

Inc.

,

7

.10

%

,

11/15/27

,

Callable

10/15/27

@

100

......................

$

278,000

$

280,477

American

Express

Co.

,

4

.99

%

(

SOFR

+

226

bps

)

,

5/26/33

,

Callable

2/26/32

@

100

(b)

.......

500,000

478,715

AmFam

Holdings,

Inc.

,

2

.81

%

,

3/11/31

,

Callable

12/11/30

@

100

(a)

..................

500,000

371,655

Assurant,

Inc.

,

2

.65

%

,

1/15/32

,

Callable

10/15/31

@

100

...........................

250,000

186,848

Bank

of

America

Corp.

4

.38

%

(

H15T5Y

+

276

bps

)

,

Callable

1/27/27

@

100

(b)

(c)

......................

500,000

432,276

3

.42

%

(

TSFR3M

+

104

bps

)

,

12/20/28

,

Callable

12/20/27

@

100

(b)

................

1,250,000

1,149,195

2

.69

%

(

SOFR

+

110

bps

)

,

4/22/32

,

Callable

4/22/31

@

100

(b)

....................

1,750,000

1,449,865

Blue

Owl

Finance

LLC

,

3

.13

%

,

6/10/31

,

Callable

3/10/31

@

100

(a)

...................

250,000

190,379

BMW

U.S.

Capital

LLC

,

3

.70

%

,

4/1/32

,

Callable

1/1/32

@

100

(a)

....................

250,000

230,014

Capital

One

Financial

Corp.

,

5

.82

%

(

SOFR

+

260

bps

)

,

2/1/34

,

Callable

2/1/33

@

100

(b)

.....

500,000

477,550

Citizens

Bank

NA

4

.12

%

(

SOFR

+

140

bps

)

,

5/23/25

,

Callable

5/23/24

@

100

(b)

....................

227,000

214,994

6

.06

%

(

SOFR

+

145

bps

)

,

10/24/25

,

Callable

10/24/24

@

100

(b)

..................

250,000

237,368

Corebridge

Global

Funding

,

5

.75

%

,

7/2/26

(a)

...................................

250,000

249,204

Cullen/Frost

Bankers,

Inc.

,

4

.50

%

,

3/17/27

,

Callable

2/17/27

@

100

...................

500,000

468,943

F&G

Global

Funding

,

2

.00

%

,

9/20/28

(a)

......................................

250,000

206,312

Fells

Point

Funding

Trust

,

3

.05

%

,

1/31/27

,

Callable

12/31/26

@

100

(a)

................

750,000

690,146

Fifth

Third

Bancorp

,

4

.50

%

(

H15T5Y

+

422

bps

)

,

Callable

9/30/25

@

100

(b)

(c)

...........

250,000

221,990

First

American

Financial

Corp.

,

2

.40

%

,

8/15/31

,

Callable

5/15/31

@

100

...............

750,000

570,649

Fiserv,

Inc.

,

5

.60

%

,

3/2/33

,

Callable

12/2/32

@

100

..............................

250,000

254,693

Ford

Motor

Credit

Co.

LLC

,

6

.80

%

,

5/12/28

,

Callable

4/12/28

@

100

.................

250,000

250,568

Glencore

Funding

LLC

,

1

.63

%

,

4/27/26

,

Callable

3/27/26

@

100

(a)

...................

300,000

270,479

Global

Atlantic

Fin

Co.

,

3

.13

%

,

6/15/31

,

Callable

3/15/31

@

100

(a)

...................

250,000

188,105

Global

Payments,

Inc.

,

5

.40

%

,

8/15/32

,

Callable

5/15/32

@

100

......................

250,000

243,621

Huntington

Bancshares,

Inc.

4

.44

%

(

SOFR

+

197

bps

)

,

8/4/28

,

Callable

8/4/27

@

100

(b)

......................

250,000

232,567

2

.49

%

(

H15T5Y

+

117

bps

)

,

8/15/36

,

Callable

8/15/31

@

100

(b)

..................

500,000

358,135

JPMorgan

Chase

&

Co.

4

.60

%

(

SOFR

+

313

bps

)

,

Callable

2/1/25

@

100

(b)

(c)

.........................

500,000

466,678

2

.95

%

(

SOFR

+

117

bps

)

,

2/24/28

,

Callable

2/24/27

@

100

(b)

....................

250,000

229,522

2

.96

%

(

SOFR

+

252

bps

)

,

5/13/31

,

Callable

5/13/30

@

100

(b)

....................

250,000

213,923

1

.95

%

(

SOFR

+

1

bps

)

,

2/4/32

,

Callable

2/4/31

@

100

(b)

.......................

1,250,000

996,225

3

.16

%

(

SOFR

+

146

bps

)

,

4/22/42

,

Callable

4/22/41

@

100

(b)

....................

500,000

377,345

3

.33

%

(

SOFR

+

158

bps

)

,

4/22/52

,

Callable

4/22/51

@

100

(b)

....................

1,000,000

728,890

KeyBank

NA

,

3

.90

%

,

4/13/29

..............................................

500,000

394,586

M&T

Bank

Corp.

,

5

.05

%

(

SOFR

+

185

bps

)

,

1/27/34

,

Callable

1/27/33

@

100

(b)

..........

250,000

228,097

MetLife,

Inc.

,

4

.13

%

,

8/13/42

..............................................

500,000

419,567

Morgan

Stanley

1

.59

%

(

SOFR

+

88

bps

)

,

5/4/27

,

Callable

5/4/26

@

100

(b)

.......................

2,250,000

2,014,239

1

.93

%

(

SOFR

+

102

bps

)

,

4/28/32

,

Callable

4/28/31

@

100

,

MTN

(b)

...............

250,000

195,069

2

.48

%

(

SOFR

+

136

bps

)

,

9/16/36

,

Callable

9/16/31

@

100

(b)

....................

250,000

189,225

2

.80

%

(

SOFR

+

143

bps

)

,

1/25/52

,

Callable

1/25/51

@

100

(b)

....................

1,000,000

656,820

New

York

Life

Global

Funding

,

1

.85

%

,

8/1/31

(a)

................................

500,000

395,166

Northern

Trust

Corp.

,

6

.13

%

,

11/2/32

,

Callable

8/2/32

@

100

.......................

500,000

518,142

OWL

Rock

Core

Income

Corp.

,

4

.70

%

,

2/8/27

,

Callable

1/8/27

@

100

(a)

...............

375,000

340,966

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.

,

6

.20

%

,

6/15/30

,

Callable

4/15/30

@

100

(a)

500,000

502,988

Primerica,

Inc.

,

2

.80

%

,

11/19/31

,

Callable

8/19/31

@

100

..........................

250,000

206,795

Prudential

Financial,

Inc.

,

3

.94

%

,

12/7/49

,

Callable

6/7/49

@

100

....................

500,000

398,345

Regions

Bank

,

6

.45

%

,

6/26/37

.............................................

500,000

493,327

Santander

Holdings

USA,

Inc.

,

6

.57

%

(

SOFR

+

270

bps

)

,

6/12/29

,

Callable

6/12/28

@

100

(b)

.

250,000

245,389

State

Street

Corp.

,

5

.16

%

(

SOFR

+

189

bps

)

,

5/18/34

,

Callable

5/18/33

@

100

(b)

..........

250,000

248,554

Stewart

Information

Services

Corp.

,

3

.60

%

,

11/15/31

,

Callable

8/15/31

@

100

...........

250,000

190,656

The

Allstate

Corp.

,

5

.75

%

(

US0003M

+

294

bps

)

,

8/15/53

,

Callable

8/15/23

@

100

(b)

.......

500,000

493,782

The

Bank

of

New

York

Mellon

Corp.

,

4

.70

%

(

H15T5Y

+

436

bps

)

,

Callable

9/20/25

@

100

(b)

(c)

.........................................................

250,000

242,415

The

Charles

Schwab

Corp.

5

.38

%

(

H15T5Y

+

497

bps

)

,

Callable

6/1/25

@

100

(b)

(c)

.......................

250,000

239,768

5

.85

%

(

SOFR

+

250

bps

)

,

5/19/34

,

Callable

5/19/33

@

100

(b)

....................

150,000

152,242

The

Huntington

National

Bank

,

5

.65

%

,

1/10/30

,

Callable

11/10/29

@

100

..............

250,000

240,110

The

PNC

Financial

Services

Group,

Inc.

,

2

.55

%

,

1/22/30

,

Callable

10/24/29

@

100

.......

1,000,000

844,309

Truist

Financial

Corp.

5

.10

%

(

H15T10Y

+

435

bps

)

,

Callable

3/1/30

@

100

(b)

(c)

......................

500,000

430,799

Victory

Portfolios

II

VictoryShares

Corporate

Bond

ETF

168

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

1

.89

%

(

SOFR

+

63

bps

)

,

6/7/29

,

Callable

6/7/28

@

100

,

MTN

(b)

..................

$

1,000,000

$

831,741

US

Bancorp

,

5

.78

%

(

SOFR

+

202

bps

)

,

6/12/29

,

Callable

6/12/28

@

100

(b)

..............

250,000

249,900

W

R

Berkley

Corp.

,

3

.55

%

,

3/30/52

,

Callable

9/30/51

@

100

........................

250,000

177,835

Webster

Financial

Corp.

,

4

.10

%

,

3/25/29

,

Callable

12/25/28

@

100

...................

500,000

431,831

Wells

Fargo

&

Co.

,

2

.88

%

(

TSFR3M

+

143

bps

)

,

10/30/30

,

Callable

10/30/29

@

100

,

MTN

(b)

.

250,000

216,084

25,106,078

Health

Care

(6.3%):

AbbVie,

Inc.

,

4

.25

%

,

11/21/49

,

Callable

5/21/49

@

100

...........................

500,000

430,834

Amgen,

Inc.

1

.65

%

,

8/15/28

,

Callable

6/15/28

@

100

..................................

500,000

427,736

4

.20

%

,

2/22/52

,

Callable

8/22/51

@

100

..................................

250,000

207,143

Baxter

International,

Inc.

,

2

.54

%

,

2/1/32

,

Callable

11/1/31

@

100

(a)

..................

250,000

202,518

Bio-Rad

Laboratories,

Inc.

,

3

.30

%

,

3/15/27

,

Callable

2/15/27

@

100

..................

250,000

232,689

Bristol-Myers

Squibb

Co.

,

2

.55

%

,

11/13/50

,

Callable

5/13/50

@

100

..................

500,000

325,595

Cigna

Corp.

,

3

.40

%

,

3/1/27

,

Callable

12/1/26

@

100

..............................

500,000

471,055

CVS

Health

Corp.

,

1

.75

%

,

8/21/30

,

Callable

5/21/30

@

100

........................

1,500,000

1,197,424

DENTSPLY

SIRONA,

Inc.

,

3

.25

%

,

6/1/30

,

Callable

3/1/30

@

100

....................

1,000,000

867,705

Fresenius

Medical

Care

U.S.

Finance

III,

Inc.

,

2

.38

%

,

2/16/31

,

Callable

11/16/30

@

100

(a)

..

500,000

379,022

HCA,

Inc.

4

.38

%

,

3/15/42

,

Callable

9/15/41

@

100

(a)

................................

94,000

77,278

5

.90

%

,

6/1/53

,

Callable

12/1/52

@

100

...................................

500,000

495,722

Illumina,

Inc.

,

2

.55

%

,

3/23/31

,

Callable

12/23/30

@

100

...........................

500,000

414,004

PerkinElmer,

Inc.

,

2

.55

%

,

3/15/31

,

Callable

12/15/30

@

100

........................

500,000

410,769

Roche

Holdings,

Inc.

,

1

.93

%

,

12/13/28

,

Callable

10/13/28

@

100

(a)

..................

500,000

433,779

Universal

Health

Services,

Inc.

,

2

.65

%

,

1/15/32

,

Callable

10/15/31

@

100

(a)

............

191,000

151,096

6,724,369

Industrials

(8.3%):

Acuity

Brands

Lighting,

Inc.

,

2

.15

%

,

12/15/30

,

Callable

9/15/30

@

100

................

750,000

602,214

Air

Lease

Corp.

,

2

.88

%

,

1/15/32

,

Callable

10/15/31

@

100

.........................

250,000

201,052

Ashtead

Capital,

Inc.

,

5

.50

%

,

8/11/32

,

Callable

5/11/32

@

100

(a)

....................

500,000

483,793

Burlington

Northern

Santa

Fe

LLC

,

3

.90

%

,

8/1/46

,

Callable

2/1/46

@

100

..............

500,000

413,179

Carlisle

Cos.,

Inc.

,

2

.75

%

,

3/1/30

,

Callable

12/1/29

@

100

.........................

700,000

596,861

Carrier

Global

Corp.

,

3

.38

%

,

4/5/40

,

Callable

10/5/39

@

100

.......................

750,000

575,310

Daimler

Truck

Finance

North

America

LLC

,

2

.38

%

,

12/14/28

(a)

.....................

350,000

303,059

Delta

Air

Lines,

Inc./SkyMiles

IP

Ltd.

,

4

.75

%

,

10/20/28

(a)

.........................

250,000

242,647

FedEx

Corp.

,

4

.05

%

,

2/15/48

,

Callable

8/15/47

@

100

............................

250,000

199,729

Fortune

Brands

Innovations,

Inc.

,

4

.00

%

,

3/25/32

,

Callable

12/25/31

@

100

.............

250,000

222,558

GXO

Logistics,

Inc.

,

2

.65

%

,

7/15/31

,

Callable

4/15/31

@

100

.......................

750,000

584,993

Hubbell,

Inc.

,

2

.30

%

,

3/15/31

,

Callable

12/15/30

@

100

...........................

500,000

412,051

Leidos,

Inc.

,

5

.75

%

,

3/15/33

,

Callable

12/15/32

@

100

............................

250,000

248,775

Otis

Worldwide

Corp.

,

3

.11

%

,

2/15/40

,

Callable

8/15/39

@

100

......................

500,000

386,481

Pentair

Finance

Sarl

,

5

.90

%

,

7/15/32

,

Callable

4/15/32

@

100

.......................

500,000

505,556

Quanta

Services,

Inc.

,

2

.90

%

,

10/1/30

,

Callable

7/1/30

@

100

.......................

500,000

425,248

Raytheon

Technologies

Corp.

,

4

.20

%

,

12/15/44

,

Callable

6/15/44

@

100

...............

250,000

204,492

Regal

Rexnord

Corp.

,

6

.40

%

,

4/15/33

,

Callable

1/15/33

@

100

(a)

....................

81,000

80,849

Ryder

System,

Inc.

,

2

.85

%

,

3/1/27

,

Callable

2/1/27

@

100

,

MTN

.....................

500,000

456,867

The

Boeing

Co.

3

.63

%

,

2/1/31

,

Callable

11/1/30

@

100

...................................

750,000

676,081

5

.81

%

,

5/1/50

,

Callable

11/1/49

@

100

...................................

500,000

497,295

The

Timken

Co.

,

4

.13

%

,

4/1/32

,

Callable

1/1/32

@

100

............................

500,000

449,606

8,768,696

Information

Technology

(7.3%):

Autodesk,

Inc.

,

2

.40

%

,

12/15/31

,

Callable

9/15/31

@

100

..........................

750,000

615,185

Broadcom,

Inc.

,

2

.60

%

,

2/15/33

,

Callable

11/15/32

@

100

(a)

........................

1,000,000

779,526

Dell

International

LLC/EMC

Corp.

5

.75

%

,

2/1/33

,

Callable

11/1/32

@

100

...................................

40,000

40,402

3

.38

%

,

12/15/41

,

Callable

6/15/41

@

100

(a)

...............................

500,000

352,639

HP,

Inc.

,

4

.00

%

,

4/15/29

,

Callable

2/15/29

@

100

................................

500,000

466,591

Jabil,

Inc.

,

3

.00

%

,

1/15/31

,

Callable

10/15/30

@

100

..............................

500,000

424,275

Micron

Technology,

Inc.

,

5

.88

%

,

2/9/33

,

Callable

11/9/32

@

100

.....................

250,000

249,146

Microsoft

Corp.

Victory

Portfolios

II

VictoryShares

Corporate

Bond

ETF

169

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

3

.45

%

,

8/8/36

,

Callable

2/8/36

@

100

....................................

$

500,000

$

455,865

2

.53

%

,

6/1/50

,

Callable

12/1/49

@

100

...................................

250,000

172,948

Oracle

Corp.

1

.65

%

,

3/25/26

,

Callable

2/25/26

@

100

..................................

1,000,000

908,101

2

.95

%

,

4/1/30

,

Callable

1/1/30

@

100

....................................

500,000

436,481

3

.60

%

,

4/1/50

,

Callable

10/1/49

@

100

...................................

250,000

178,513

Qorvo,

Inc.

,

3

.38

%

,

4/1/31

,

Callable

4/1/26

@

101.69

(a)

...........................

1,000,000

806,793

TSMC

Arizona

Corp.

,

2

.50

%

,

10/25/31

,

Callable

7/25/31

@

100

.....................

1,000,000

837,464

Western

Digital

Corp.

2

.85

%

,

2/1/29

,

Callable

12/1/28

@

100

...................................

500,000

399,866

3

.10

%

,

2/1/32

,

Callable

11/1/31

@

100

...................................

125,000

92,531

Workday,

Inc.

,

3

.70

%

,

4/1/29

,

Callable

2/1/29

@

100

.............................

500,000

463,898

7,680,224

Materials

(4.7%):

Albemarle

Corp.

,

4

.65

%

,

6/1/27

,

Callable

5/1/27

@

100

...........................

250,000

243,627

Amcor

Finance

USA,

Inc.

,

5

.63

%

,

5/26/33

,

Callable

2/26/33

@

100

...................

227,000

224,418

AptarGroup,

Inc.

,

3

.60

%

,

3/15/32

,

Callable

12/15/31

@

100

........................

588,000

505,844

Avery

Dennison

Corp.

,

2

.25

%

,

2/15/32

,

Callable

11/15/31

@

100

....................

500,000

390,058

Bayport

Polymers

LLC

,

4

.74

%

,

4/14/27

,

Callable

3/14/27

@

100

(a)

...................

500,000

465,187

Celanese

U.S.

Holdings

LLC

,

6

.33

%

,

7/15/29

,

Callable

5/15/29

@

100

................

128,000

127,381

Eagle

Materials,

Inc.

,

2

.50

%

,

7/1/31

,

Callable

4/1/31

@

100

........................

250,000

204,182

Ecolab,

Inc.

,

2

.70

%

,

12/15/51

,

Callable

6/15/51

@

100

............................

250,000

165,743

LYB

International

Finance

III

LLC

5

.63

%

,

5/15/33

,

Callable

2/15/33

@

100

..................................

150,000

150,036

4

.20

%

,

5/1/50

,

Callable

11/1/49

@

100

...................................

500,000

381,808

Packaging

Corp.

of

America

,

3

.05

%

,

10/1/51

,

Callable

4/1/51

@

100

..................

750,000

496,701

Reliance

Steel

&

Aluminum

Co.

,

2

.15

%

,

8/15/30

,

Callable

5/15/30

@

100

..............

500,000

407,923

The

Dow

Chemical

Co.

,

6

.30

%

,

3/15/33

,

Callable

12/15/32

@

100

....................

500,000

537,307

WRKCo,

Inc.

,

3

.00

%

,

6/15/33

,

Callable

3/15/33

@

100

............................

750,000

611,330

4,911,545

Real

Estate

(4.4%):

Alexandria

Real

Estate

Equities,

Inc.

,

2

.00

%

,

5/18/32

,

Callable

2/18/32

@

100

...........

1,000,000

756,536

Boston

Properties

LP

,

2

.55

%

,

4/1/32

,

Callable

1/1/32

@

100

........................

500,000

376,854

CBRE

Services,

Inc.

2

.50

%

,

4/1/31

,

Callable

1/1/31

@

100

....................................

250,000

200,540

5

.95

%

,

8/15/34

,

Callable

5/15/34

@

100

..................................

250,000

247,616

Crown

Castle,

Inc.

2

.25

%

,

1/15/31

,

Callable

10/15/30

@

100

.................................

250,000

203,945

2

.90

%

,

4/1/41

,

Callable

10/1/40

@

100

...................................

250,000

175,127

ERP

Operating

LP

,

2

.85

%

,

11/1/26

,

Callable

8/1/26

@

100

.........................

500,000

462,567

Essex

Portfolio

LP

,

2

.65

%

,

3/15/32

,

Callable

12/15/31

@

100

.......................

500,000

402,581

GLP

Capital

LP/GLP

Financing

II,

Inc.

,

3

.25

%

,

1/15/32

,

Callable

10/15/31

@

100

........

117,000

94,576

Host

Hotels

&

Resorts

LP

,

3

.50

%

,

9/15/30

,

Callable

6/15/30

@

100

...................

500,000

424,278

Kilroy

Realty

LP

,

2

.65

%

,

11/15/33

,

Callable

8/15/33

@

100

........................

650,000

443,118

Physicians

Realty

LP

,

2

.63

%

,

11/1/31

,

Callable

8/1/31

@

100

.......................

250,000

194,502

SBA

Tower

Trust

,

6

.60

%

,

1/15/28

,

Callable

1/15/27

@

100

(a)

.......................

210,000

213,392

Simon

Property

Group

LP

,

2

.25

%

,

1/15/32

,

Callable

10/15/31

@

100

..................

250,000

195,401

VICI

Properties

LP

,

4

.75

%

,

2/15/28

,

Callable

1/15/28

@

100

........................

250,000

236,858

4,627,891

Utilities

(6.5%):

Alabama

Power

Co.

,

3

.13

%

,

7/15/51

,

Callable

1/15/51

@

100

.......................

500,000

346,317

Ameren

Corp.

,

3

.50

%

,

1/15/31

,

Callable

10/15/30

@

100

..........................

250,000

223,498

DTE

Electric

Co.

,

3

.65

%

,

3/1/52

,

Callable

9/1/51

@

100

...........................

500,000

390,389

Duke

Energy

Carolinas

LLC

,

2

.85

%

,

3/15/32

,

Callable

12/15/31

@

100

................

250,000

212,695

Duke

Energy

Florida

LLC

,

2

.40

%

,

12/15/31

,

Callable

9/15/31

@

100

..................

1,000,000

821,709

Duquesne

Light

Holdings,

Inc.

,

2

.78

%

,

1/7/32

,

Callable

10/7/31

@

100

(a)

..............

250,000

195,574

Entergy

Corp.

,

2

.40

%

,

6/15/31

,

Callable

3/5/31

@

100

............................

500,000

405,005

Florida

Power

&

Light

Co.

3

.15

%

,

10/1/49

,

Callable

4/1/49

@

100

...................................

250,000

182,554

2

.88

%

,

12/4/51

,

Callable

6/4/51

@

100

...................................

500,000

345,453

ITC

Holdings

Corp.

,

3

.35

%

,

11/15/27

,

Callable

8/15/27

@

100

......................

500,000

466,904

Victory

Portfolios

II

VictoryShares

Corporate

Bond

ETF

170

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

MidAmerican

Energy

Co.

,

2

.70

%

,

8/1/52

,

Callable

2/1/52

@

100

.....................

$

500,000

$

316,084

NextEra

Energy

Capital

Holdings,

Inc.

5

.48

%

(

SOFR

+

40

bps

)

,

11/3/23

,

Callable

8/7/23

@

100

(b)

......................

250,000

249,968

2

.44

%

,

1/15/32

,

Callable

10/15/31

@

100

.................................

500,000

405,803

Oglethorpe

Power

Corp.

,

4

.50

%

,

4/1/47

,

Callable

10/1/46

@

100

.....................

312,000

257,612

Oncor

Electric

Delivery

Co.

LLC

,

3

.75

%

,

4/1/45

,

Callable

10/1/44

@

100

..............

500,000

407,760

PECO

Energy

Co.

,

3

.00

%

,

9/15/49

,

Callable

3/15/49

@

100

........................

500,000

347,493

Piedmont

Natural

Gas

Co.,

Inc.

,

5

.40

%

,

6/15/33

,

Callable

3/15/33

@

100

...............

250,000

249,424

Southwestern

Electric

Power

Co.

,

3

.25

%

,

11/1/51

,

Callable

5/1/51

@

100

...............

250,000

167,894

Union

Electric

Co.

,

2

.15

%

,

3/15/32

,

Callable

12/15/31

@

100

.......................

500,000

400,247

Wisconsin

Public

Service

Corp.

,

2

.85

%

,

12/1/51

,

Callable

6/1/51

@

100

...............

250,000

165,450

Xcel

Energy,

Inc.

,

2

.35

%

,

11/15/31

,

Callable

5/15/31

@

100

........................

500,000

397,820

6,955,653

Total

Corporate

Bonds

(Cost

$97,913,573)

83,375,054

Yankee

Dollars

(17.1%)

Consumer

Staples

(0.8%):

Alimentation

Couche-Tard,

Inc.

,

2

.95

%

,

1/25/30

,

Callable

10/25/29

@

100

(a)

............

500,000

429,320

Becle

SAB

de

CV

,

2

.50

%

,

10/14/31

,

Callable

7/14/31

@

100

(a)

......................

250,000

199,864

JBS

USA

LUX

SA/JBS

USA

Food

Co./JBS

USA

Finance,

Inc.

,

5

.75

%

,

4/1/33

,

Callable

1/1/33

@

100

(a)

.........................................................

250,000

235,445

864,629

Energy

(0.7%):

Shell

International

Finance

BV

,

2

.75

%

,

4/6/30

,

Callable

1/6/30

@

100

.................

500,000

447,458

Var

Energi

ASA

,

8

.00

%

,

11/15/32

,

Callable

8/15/32

@

100

(a)

.......................

250,000

265,464

712,922

Financials

(12.3%):

Bank

of

New

Zealand

,

2

.87

%

,

1/27/32

(a)

......................................

250,000

208,151

Barclays

PLC

5

.83

%

(

SOFR

+

221

bps

)

,

5/9/27

,

Callable

5/9/26

@

100

(b)

......................

250,000

246,699

4

.95

%

,

1/10/47

....................................................

1,000,000

883,033

BNP

Paribas

SA

,

4

.63

%

,

3/13/27

(a)

..........................................

500,000

477,652

BP

Capital

Markets

PLC

4

.38

%

(

H15T5Y

+

404

bps

)

,

Callable

6/22/25

@

100

(b)

(c)

......................

500,000

480,492

4

.88

%

(

H15T5Y

+

440

bps

)

,

Callable

3/22/30

@

100

(b)

(c)

......................

250,000

227,410

BPCE

SA

,

3

.25

%

,

1/11/28

(a)

..............................................

250,000

226,203

Brookfield

Finance,

Inc.

,

2

.72

%

,

4/15/31

,

Callable

1/15/31

@

100

....................

500,000

408,974

Canadian

Imperial

Bank

of

Commerce

,

7

.26

%

,

4/10/32

(a)

..........................

215,624

245,520

Commonwealth

Bank

of

Australia

,

2

.69

%

,

3/11/31

(a)

.............................

500,000

390,715

Credit

Agricole

SA

,

3

.25

%

,

10/4/24

(a)

........................................

500,000

481,713

Credit

Suisse

Group

AG

3

.09

%

(

SOFR

+

173

bps

)

,

5/14/32

,

Callable

5/14/31

@

100

(a)

(b)

..................

500,000

403,980

9

.02

%

(

SOFR

+

502

bps

)

,

11/15/33

,

Callable

11/15/32

@

100

(a)

(b)

................

250,000

299,079

Deutsche

Bank

AG

,

4

.88

%

(

USISDA05

+

255

bps

)

,

12/1/32

,

Callable

12/1/27

@

100

(b)

.....

500,000

422,217

Enel

Finance

International

NV

,

7

.50

%

,

10/14/32

,

Callable

7/14/32

@

100

(a)

.............

500,000

553,414

HSBC

Holdings

PLC

,

2

.21

%

(

SOFR

+

129

bps

)

,

8/17/29

,

Callable

8/17/28

@

100

(b)

........

1,000,000

836,720

JAB

Holdings

BV

,

4

.50

%

,

4/8/52

,

Callable

10/8/51

@

100

(a)

.......................

250,000

192,185

Lloyds

Banking

Group

PLC

1

.63

%

(

H15T1Y

+

85

bps

)

,

5/11/27

,

Callable

5/11/26

@

100

(b)

...................

1,000,000

885,252

7

.95

%

(

H15T1Y

+

375

bps

)

,

11/15/33

,

Callable

8/15/32

@

100

(b)

.................

303,000

328,197

Macquarie

Bank

Ltd.

,

3

.05

%

(

H15T5Y

+

170

bps

)

,

3/3/36

,

Callable

3/3/31

@

100

(a)

(b)

......

500,000

378,419

NatWest

Group

PLC

,

1

.64

%

(

H15T1Y

+

90

bps

)

,

6/14/27

,

Callable

6/14/26

@

100

(b)

.......

1,000,000

880,480

Phoenix

Group

Holdings

PLC

,

5

.38

%

,

7/6/27

,

MTN

..............................

250,000

238,621

Shell

International

Finance

BV

,

2

.88

%

,

11/26/41

,

Callable

5/26/41

@

100

..............

500,000

373,439

Societe

Generale

SA

,

1

.49

%

(

H15T1Y

+

1

bps

)

,

12/14/26

,

Callable

12/14/25

@

100

(a)

(b)

....

500,000

438,461

Standard

Chartered

PLC

,

7

.77

%

(

H15T1Y

+

345

bps

)

,

11/16/28

,

Callable

11/16/27

@

100

(a)

(b)

500,000

529,960

Sumitomo

Mitsui

Financial

Group,

Inc.

,

2

.47

%

,

1/14/29

...........................

250,000

214,002

The

Bank

of

Nova

Scotia

,

4

.50

%

,

12/16/25

....................................

500,000

482,330

The

Toronto-Dominion

Bank

,

3

.63

%

(

USSW5

+

221

bps

)

,

9/15/31

,

Callable

9/15/26

@

100

(b)

.

500,000

460,545

UBS

Group

AG

,

4

.28

%

,

1/9/28

,

Callable

1/9/27

@

100

(a)

..........................

217,000

200,272

Victory

Portfolios

II

VictoryShares

Corporate

Bond

ETF

171

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Westpac

Banking

Corp.

,

4

.32

%

(

USISDA05

+

224

bps

)

,

11/23/31

,

Callable

11/23/26

@

100

(b)

$

500,000

$

463,403

12,857,538

Health

Care

(1.0%):

Olympus

Corp.

,

2

.14

%

,

12/8/26

,

Callable

11/8/26

@

100

(a)

........................

152,000

135,632

Royalty

Pharma

PLC

,

3

.55

%

,

9/2/50

,

Callable

3/2/50

@

100

........................

750,000

506,428

Smith

&

Nephew

PLC

,

2

.03

%

,

10/14/30

,

Callable

7/14/30

@

100

....................

475,000

384,627

1,026,687

Industrials

(0.8%):

Ferguson

Finance

PLC

3

.25

%

,

6/2/30

,

Callable

3/2/30

@

100

(a)

..................................

500,000

434,273

4

.65

%

,

4/20/32

,

Callable

1/20/32

@

100

(a)

................................

250,000

235,825

Trane

Technologies

Financing

Ltd.

,

5

.25

%

,

3/3/33

,

Callable

12/3/32

@

100

.............

250,000

252,965

923,063

Information

Technology

(0.4%):

Open

Text

Corp.

,

6

.90

%

,

12/1/27

,

Callable

11/1/27

@

100

(a)

........................

98,000

99,861

SK

Hynix,

Inc.

,

6

.50

%

,

1/17/33

(a)

...........................................

321,000

324,733

424,594

Materials

(0.7%):

ArcelorMittal

SA

,

6

.80

%

,

11/29/32

,

Callable

8/29/32

@

100

........................

250,000

256,806

Braskem

Netherlands

Finance

BV

,

7

.25

%

,

2/13/33

,

Callable

11/13/32

@

100

(a)

..........

100,000

98,193

CCL

Industries,

Inc.

,

3

.25

%

,

10/1/26

,

Callable

7/1/26

@

100

(a)

......................

500,000

461,432

816,431

Real

Estate

(0.4%):

Ontario

Teachers'

Cadillac

Fairview

Properties

Trust

,

2

.50

%

,

10/15/31

,

Callable

7/15/31

@

100

(a)

...........................................................

504,000

397,429

Total

Yankee

Dollars

(Cost

$20,222,268)

18,023,293

U.S.

Treasury

Obligations

(1.1%)

U.S.

Treasury

Notes

,

1

.13

%

,

1/15/25

.........................................

1,250,000

1,175,537

Total

U.S.

Treasury

Obligations

(Cost

$1,192,601)

1,175,537

Commercial

Papers

(2.1%)

Financials

(1.4%):

Brookfield

Corp.

Treasury

Ltd.

,

5

.27

%

,

7/5/23

(a)

(d)

..............................

$

500,000

499,634

Hannover

Funding

Co.

LLC

,

5

.25

%

,

7/11/23

(a)

(d)

...............................

1,000,000

998,398

1,498,032

Utilities

(0.7%):

Alliant

Energy

,

5

.21

%

,

7/3/23

(a)

(d)

..........................................

700,000

699,696

Total

Commercial

Papers

(Cost

$2,198,006)

2,197,728

Total

Investments

(Cost

$121,526,448)

—

99.3%

104,771,612

Other

assets

in

excess

of

liabilities

—

0.7%

714,485

NET

ASSETS

-

100.00%

$

105,486,097

(a)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

June

30,

2023,

the

fair

value

of

these

securities

was

$22,074,889

and

amounted

to

20.9%

of

net

assets.

(b)

Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

June

30,

2023.

(c)

Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

(d)

Rate

represents

the

effective

yield

at

June

30,

2023.

bps—Basis

points

H15T1Y

—

1

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

June

30,

2023.

H15T5Y

—

5

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

June

30,

2023.

Victory

Portfolios

II

VictoryShares

Corporate

Bond

ETF

172

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

H15T10Y

—

10

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

June

30,

2023.

LIBOR

—

London

Interbank

Offered

Rate

LLC—Limited

Liability

Company

LP—Limited

Partnership

MTN—Medium

Term

Note

PLC—Public

Limited

Company

SOFR

—

Secured

Overnight

Financing

Rate

TSFR3M

—

3

month

Term

SOFR,

rate

disclosed

as

of

June

30,

2023.

US0003M

—

3

Month

US

Dollar

LIBOR,

rate

disclosed

as

of

June

30,

2023,

based

on

the

last

reset

date

of

the

security.

USISDA05

—

5

Year

ICE

Swap

Rate,

rate

disclosed

as

of

June

30,

2023.

USSW5

—

USD

5

Year

Swap

Rate,

rate

disclosed

as

of

June

30,

2023.

Schedule

of

Portfolio

Investments

June

30,

2023

Victory

Portfolios

II

VictoryShares

THB

Mid

Cap

ESG

ETF

173

See

notes

to

financial

statements.

Security

Description

Shares

Value

Common

Stocks

(98.6%)

Aerospace

&

Defense

(4.2%):

HEICO

Corp.

..........................................................

597

$

105,633

Building

Products

(2.7%):

Carlisle

Cos.,

Inc.

.......................................................

266

68,237

Commercial

Services

&

Supplies

(11.2%):

Cintas

Corp.

..........................................................

168

83,509

Copart,

Inc.

(a)

.........................................................

1,280

116,749

Rollins,

Inc.

...........................................................

1,744

74,696

274,954

Consumer

Discretionary

(10.6%):

LKQ

Corp.

...........................................................

1,176

68,526

NVR,

Inc.

(a)

..........................................................

17

107,961

Pool

Corp.

............................................................

238

89,164

265,651

Consumer

Staples

(5.5%):

Darling

Ingredients,

Inc.

(a)

................................................

1,059

67,554

The

Hershey

Co.

.......................................................

282

70,415

137,969

Ground

Transportation

(8.2%):

J.B.

Hunt

Transport

Services,

Inc.

...........................................

373

67,524

Landstar

System,

Inc.

....................................................

333

64,116

Old

Dominion

Freight

Line,

Inc.

............................................

193

71,362

203,002

Health

Care

(16.5%):

Chemed

Corp.

.........................................................

158

85,584

Hologic,

Inc.

(a)

........................................................

1,151

93,196

Laboratory

Corp.

of

America

Holdings

........................................

304

73,364

STERIS

PLC

..........................................................

356

80,093

Waters

Corp.

(a)

........................................................

296

78,896

411,133

Information

Technology

(18.2%):

Amphenol

Corp.

,

Class

A

.................................................

1,130

95,993

Cadence

Design

Systems,

Inc.

(a)

............................................

335

78,564

Keysight

Technologies,

Inc.

(a)

.............................................

430

72,004

PTC,

Inc.

(a)

...........................................................

550

78,265

Teledyne

Technologies,

Inc.

(a)

.............................................

184

75,643

Zebra

Technologies

Corp.

(a)

...............................................

166

49,108

449,577

Machinery

(7.0%):

Graco,

Inc.

...........................................................

1,068

92,222

The

Toro

Co.

..........................................................

812

82,540

174,762

Materials

(3.0%):

Crown

Holdings,

Inc.

....................................................

865

75,143

Professional

Services

(7.9%):

CACI

International,

Inc.

,

Class

A

(a)

.........................................

257

87,596

Verisk

Analytics,

Inc.

....................................................

484

109,398

196,994

Victory

Portfolios

II

VictoryShares

THB

Mid

Cap

ESG

ETF

174

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Trading

Companies

&

Distributors

(3.6%):

Fastenal

Co.

...........................................................

1,500

$

88,485

Total

Common

Stocks

(Cost

$2,234,834)

2,451,540

Total

Investments

(Cost

$2,234,834)

—

98.6%

2,451,540

Other

assets

in

excess

of

liabilities

—

1.4%

35,910

NET

ASSETS

-

100.00%

$

2,487,450

(a)

Non-income

producing

security.

PLC—Public

Limited

Company

Schedule

of

Portfolio

Investments

June

30,

2023

Victory

Portfolios

II

VictoryShares

WestEnd

U.S.

Sector

ETF

175

See

notes

to

financial

statements.

Security

Description

Shares

Value

Common

Stocks

(99.8%)

Biotechnology

(3.9%):

AbbVie,

Inc.

..........................................................

13,244

$

1,784,363

Alnylam

Pharmaceuticals,

Inc.

(a)

...........................................

546

103,707

Amgen,

Inc.

...........................................................

2,468

547,945

Biogen,

Inc.

(a)

.........................................................

2,343

667,404

BioMarin

Pharmaceutical,

Inc.

(a)

...........................................

367

31,812

Gilead

Sciences,

Inc.

....................................................

9,731

749,968

Horizon

Therapeutics

PLC

(a)

..............................................

3,259

335,188

Incyte

Corp.

(a)

.........................................................

436

27,141

Moderna,

Inc.

(a)

.......................................................

773

93,920

Regeneron

Pharmaceuticals,

Inc.

(a)

..........................................

1,275

916,139

Seagen,

Inc.

(a)

.........................................................

2,582

496,932

Vertex

Pharmaceuticals,

Inc.

(a)

.............................................

3,440

1,210,570

6,965,089

Communication

Services

(12.4%):

Activision

Blizzard,

Inc.

(a)

................................................

4,963

418,381

Alphabet,

Inc.

,

Class

C

(a)

.................................................

35,880

4,340,404

Alphabet,

Inc.

,

Class

A

(a)

.................................................

40,665

4,867,600

AT&T,

Inc.

...........................................................

5,476

87,342

Charter

Communications,

Inc.

,

Class

A

(a)

.....................................

887

325,858

Comcast

Corp.

,

Class

A

..................................................

29,157

1,211,474

Electronic

Arts,

Inc.

.....................................................

1,698

220,231

Fox

Corp.

,

Class

A

......................................................

1,999

67,966

Fox

Corp.

,

Class

B

......................................................

1,151

36,705

Liberty

Broadband

Corp.

,

Class

C

(a)

.........................................

1,349

108,068

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

C

(a)

............................

1,317

99,144

Live

Nation

Entertainment,

Inc.

(a)

...........................................

1,001

91,201

Meta

Platforms,

Inc.

,

Class

A

(a)

............................................

15,418

4,424,658

Netflix,

Inc.

(a)

.........................................................

2,963

1,305,171

Omnicom

Group,

Inc.

....................................................

1,348

128,262

Paramount

Global

,

Class

B

................................................

11,997

190,872

Pinterest,

Inc.

,

Class

A

(a)

.................................................

4,260

116,468

ROBLOX

Corp.

,

Class

A

(a)

...............................................

3,452

139,116

Sirius

XM

Holdings,

Inc.

.................................................

761

3,447

Snap,

Inc.

,

Class

A

(a)

....................................................

7,618

90,197

Take-Two

Interactive

Software,

Inc.

(a)

........................................

1,063

156,431

The

Trade

Desk,

Inc.

,

Class

A

(a)

............................................

3,065

236,679

The

Walt

Disney

Co.

(a)

..................................................

11,921

1,064,306

T-Mobile

U.S.,

Inc.

(a)

....................................................

5,175

718,808

Verizon

Communications,

Inc.

..............................................

41,655

1,549,150

Warner

Bros

Discovery,

Inc.

(a)

.............................................

18,625

233,558

22,231,497

Communications

Equipment

(0.7%):

Arista

Networks,

Inc.

(a)

..................................................

1,000

162,060

Cisco

Systems,

Inc.

.....................................................

16,993

879,218

Motorola

Solutions,

Inc.

..................................................

665

195,031

1,236,309

Consumer

Discretionary

(10.6%):

Airbnb,

Inc.

,

Class

A

(a)

..................................................

2,010

257,602

Amazon.com,

Inc.

(a)

....................................................

44,999

5,866,069

AutoZone,

Inc.

(a)

.......................................................

113

281,750

Best

Buy

Co.,

Inc.

......................................................

1,661

136,119

Booking

Holdings,

Inc.

(a)

.................................................

173

467,157

Burlington

Stores,

Inc.

(a)

.................................................

481

75,705

Chipotle

Mexican

Grill,

Inc.

(a)

.............................................

124

265,236

Coupang,

Inc.

(a)

.......................................................

6,403

111,412

D.R.

Horton,

Inc.

.......................................................

1,446

175,963

Darden

Restaurants,

Inc.

..................................................

579

96,739

DoorDash,

Inc.

,

Class

A

(a)

................................................

1,531

116,999

eBay,

Inc.

............................................................

4,336

193,776

Victory

Portfolios

II

VictoryShares

WestEnd

U.S.

Sector

ETF

176

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Etsy,

Inc.

(a)

...........................................................

36

$

3,046

Expedia

Group,

Inc.

(a)

...................................................

877

95,935

Ford

Motor

Co.

........................................................

23,019

348,277

General

Motors

Co.

.....................................................

9,049

348,929

Genuine

Parts

Co.

......................................................

179

30,292

Hilton

Worldwide

Holdings,

Inc.

............................................

1,225

178,299

Las

Vegas

Sands

Corp.

(a)

.................................................

1,502

87,116

Lennar

Corp.

,

Class

A

....................................................

1,192

149,370

LKQ

Corp.

...........................................................

1,719

100,166

Lowe's

Cos.,

Inc.

.......................................................

3,139

708,472

Lucid

Group,

Inc.

(a)

.....................................................

161

1,109

Lululemon

Athletica,

Inc.

(a)

...............................................

580

219,530

Marriott

International,

Inc.

,

Class

A

..........................................

1,268

232,919

McDonald's

Corp.

......................................................

3,481

1,038,765

MGM

Resorts

International

................................................

1,494

65,616

NIKE,

Inc.

,

Class

B

.....................................................

5,114

564,432

NVR,

Inc.

(a)

..........................................................

14

88,909

O'Reilly

Automotive,

Inc.

(a)

...............................................

306

292,322

Pool

Corp.

............................................................

471

176,456

PulteGroup,

Inc.

........................................................

1,074

83,428

Rivian

Automotive,

Inc.

,

Class

A

(a)

..........................................

610

10,163

Ross

Stores,

Inc.

.......................................................

187

20,968

Royal

Caribbean

Cruises

Ltd.

(a)

............................................

1,058

109,757

Starbucks

Corp.

........................................................

4,813

476,776

Tesla,

Inc.

(a)

..........................................................

12,969

3,394,896

The

Home

Depot,

Inc.

...................................................

4,637

1,440,438

The

TJX

Cos.,

Inc.

......................................................

5,395

457,442

Tractor

Supply

Co.

......................................................

841

185,945

Ulta

Beauty,

Inc.

(a)

.....................................................

194

91,295

Yum

China

Holdings,

Inc.

.................................................

436

24,634

Yum!

Brands,

Inc.

......................................................

1,354

187,597

19,257,826

Consumer

Staples

(14.8%):

Altria

Group,

Inc.

.......................................................

27,147

1,229,759

Archer-Daniels-Midland

Co.

...............................................

1,164

87,952

Brown-Forman

Corp.

,

Class

B

.............................................

5,319

355,203

Bunge

Ltd.

...........................................................

2,909

274,464

Campbell

Soup

Co.

.....................................................

124

5,668

Church

&

Dwight

Co.,

Inc.

................................................

2,931

293,774

Colgate-Palmolive

Co.

...................................................

12,083

930,874

Conagra

Brands,

Inc.

....................................................

865

29,168

Constellation

Brands,

Inc.

,

Class

A

..........................................

2,389

588,005

Costco

Wholesale

Corp.

..................................................

4,863

2,618,142

Dollar

General

Corp.

....................................................

90

15,280

Dollar

Tree,

Inc.

(a)

......................................................

3,401

488,044

General

Mills,

Inc.

......................................................

530

40,651

Hormel

Foods

Corp.

.....................................................

1,001

40,260

Kellogg

Co.

...........................................................

10,556

711,474

Keurig

Dr

Pepper,

Inc.

...................................................

2,147

67,137

Kimberly-Clark

Corp.

....................................................

4,743

654,819

Lamb

Weston

Holdings,

Inc.

...............................................

1,437

165,183

McCormick

&

Co.,

Inc.

..................................................

4,151

362,092

Mondelez

International,

Inc.

,

Class

A

.........................................

18,144

1,323,424

PepsiCo,

Inc.

..........................................................

16,049

2,972,596

Philip

Morris

International,

Inc.

.............................................

14,071

1,373,611

Sysco

Corp.

...........................................................

9,225

684,495

Target

Corp.

..........................................................

2,670

352,173

The

Clorox

Co.

........................................................

1,855

295,019

The

Coca-Cola

Co.

......................................................

53,234

3,205,750

The

Estee

Lauder

Cos.,

Inc.

...............................................

500

98,190

The

Hershey

Co.

.......................................................

2,081

519,626

The

J.M.

Smucker

Co.

...................................................

1,196

176,613

The

Kraft

Heinz

Co.

.....................................................

654

23,217

Victory

Portfolios

II

VictoryShares

WestEnd

U.S.

Sector

ETF

177

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

The

Kroger

Co.

........................................................

10,789

$

507,083

The

Procter

&

Gamble

Co.

................................................

24,619

3,735,687

Tyson

Foods,

Inc.

,

Class

A

................................................

761

38,841

Walgreens

Boots

Alliance,

Inc.

.............................................

1,039

29,601

Walmart,

Inc.

..........................................................

14,988

2,355,814

26,649,689

Electronic

Equipment,

Instruments

&

Components

(0.4%):

Amphenol

Corp.

,

Class

A

.................................................

2,475

210,250

CDW

Corp.

...........................................................

641

117,624

Corning,

Inc.

..........................................................

4,326

151,582

Keysight

Technologies,

Inc.

(a)

.............................................

186

31,146

Teledyne

Technologies,

Inc.

(a)

.............................................

187

76,878

Trimble,

Inc.

(a)

........................................................

1,556

82,375

Zebra

Technologies

Corp.

(a)

...............................................

291

86,087

755,942

Health

Care

Equipment

&

Supplies

(5.8%):

Abbott

Laboratories

.....................................................

18,539

2,021,121

Align

Technology,

Inc.

(a)

.................................................

784

277,254

Baxter

International,

Inc.

.................................................

2,730

124,379

Becton

Dickinson

&

Co.

..................................................

3,170

836,912

Boston

Scientific

Corp.

(a)

.................................................

13,137

710,580

Dexcom,

Inc.

(a)

........................................................

3,521

452,484

Edwards

Lifesciences

Corp.

(a)

.............................................

7,135

673,045

GE

HealthCare

Technologies,

Inc.

...........................................

3,225

261,999

Hologic,

Inc.

(a)

........................................................

2,245

181,778

IDEXX

Laboratories,

Inc.

(a)

...............................................

789

396,259

Insulet

Corp.

(a)

........................................................

600

173,004

Intuitive

Surgical,

Inc.

(a)

.................................................

3,380

1,155,757

Medtronic

PLC

........................................................

15,285

1,346,609

ResMed,

Inc.

..........................................................

1,778

388,493

STERIS

PLC

..........................................................

1,208

271,776

Stryker

Corp.

..........................................................

3,322

1,013,509

The

Cooper

Cos.,

Inc.

....................................................

510

195,549

Zimmer

Biomet

Holdings,

Inc.

.............................................

1,996

290,618

10,771,126

Health

Care

Providers

&

Services

(5.2%):

AmerisourceBergen

Corp.

.................................................

2,846

547,656

Cardinal

Health,

Inc.

....................................................

3,079

291,181

Centene

Corp.

(a)

.......................................................

1,220

82,289

CVS

Health

Corp.

......................................................

2,003

138,467

Elevance

Health,

Inc.

....................................................

1,373

610,010

HCA

Healthcare,

Inc.

....................................................

2,293

695,880

Humana,

Inc.

..........................................................

485

216,858

Laboratory

Corp.

of

America

Holdings

........................................

2,293

553,370

McKesson

Corp.

.......................................................

1,778

759,757

Molina

Healthcare,

Inc.

(a)

................................................

441

132,847

Quest

Diagnostics,

Inc.

...................................................

3,076

432,363

The

Cigna

Group

.......................................................

587

164,712

UnitedHealth

Group,

Inc.

.................................................

10,166

4,886,186

9,511,576

Health

Care

Technology

(0.2%):

Veeva

Systems,

Inc.

,

Class

A

(a)

.............................................

1,958

387,155

IT

Services

(1.1%):

Accenture

PLC

,

Class

A

..................................................

2,880

888,710

Cloudflare,

Inc.

,

Class

A

(a)

................................................

1,296

84,720

Cognizant

Technology

Solutions

Corp.

,

Class

A

.................................

4,090

266,994

Gartner,

Inc.

(a)

........................................................

263

92,132

International

Business

Machines

Corp.

........................................

1,489

199,243

MongoDB,

Inc.

(a)

......................................................

316

129,873

Snowflake,

Inc.

,

Class

A

(a)

................................................

1,345

236,693

Victory

Portfolios

II

VictoryShares

WestEnd

U.S.

Sector

ETF

178

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

VeriSign,

Inc.

(a)

........................................................

411

$

92,874

1,991,239

Life

Sciences

Tools

&

Services

(3.2%):

Agilent

Technologies,

Inc.

.................................................

580

69,745

Avantor,

Inc.

(a)

........................................................

1,571

32,268

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

........................................

671

254,390

Danaher

Corp.

.........................................................

5,509

1,322,160

ICON

PLC

(a)

.........................................................

1,177

294,485

Illumina,

Inc.

(a)

........................................................

1,507

282,547

IQVIA

Holdings,

Inc.

(a)

..................................................

2,925

657,452

Mettler-Toledo

International,

Inc.

(a)

.........................................

92

120,671

Revvity,

Inc.

..........................................................

326

38,726

Thermo

Fisher

Scientific,

Inc.

..............................................

4,532

2,364,570

Waters

Corp.

(a)

........................................................

88

23,456

West

Pharmaceutical

Services,

Inc.

..........................................

933

356,845

5,817,315

Pharmaceuticals

(8.9%):

Bristol-Myers

Squibb

Co.

.................................................

29,066

1,858,771

Catalent,

Inc.

(a)

........................................................

2,974

128,953

Eli

Lilly

&

Co.

.........................................................

8,610

4,037,918

Johnson

&

Johnson

.....................................................

28,992

4,798,755

Merck

&

Co.,

Inc.

......................................................

28,214

3,255,613

Pfizer,

Inc.

............................................................

10,713

392,953

Royalty

Pharma

PLC

,

Class

A

..............................................

747

22,963

Viatris,

Inc.

...........................................................

40,671

405,897

Zoetis,

Inc.

...........................................................

6,084

1,047,726

15,949,549

Semiconductors

&

Semiconductor

Equipment

(6.3%):

Advanced

Micro

Devices,

Inc.

(a)

............................................

6,878

783,473

Analog

Devices,

Inc.

....................................................

2,120

412,997

Applied

Materials,

Inc.

...................................................

3,624

523,813

Broadcom,

Inc.

........................................................

1,608

1,394,828

Enphase

Energy,

Inc.

(a)

..................................................

36

6,029

Entegris,

Inc.

..........................................................

722

80,012

First

Solar,

Inc.

(a)

......................................................

405

76,986

GLOBALFOUNDRIES,

Inc.

(a)

............................................

118

7,620

Intel

Corp.

............................................................

17,866

597,439

KLA

Corp.

...........................................................

594

288,102

Lam

Research

Corp.

.....................................................

569

365,787

Marvell

Technology,

Inc.

.................................................

3,820

228,360

Microchip

Technology,

Inc.

................................................

2,320

207,849

Micron

Technology,

Inc.

..................................................

4,577

288,854

Monolithic

Power

Systems,

Inc.

............................................

200

108,046

NVIDIA

Corp.

.........................................................

10,741

4,543,659

ON

Semiconductor

Corp.

(a)

...............................................

1,837

173,743

QUALCOMM,

Inc.

.....................................................

4,660

554,726

Skyworks

Solutions,

Inc.

.................................................

842

93,201

Teradyne,

Inc.

.........................................................

666

74,146

Texas

Instruments,

Inc.

...................................................

3,781

680,656

11,490,326

Software

(9.4%):

Adobe,

Inc.

(a)

.........................................................

1,956

956,463

ANSYS,

Inc.

(a)

........................................................

363

119,888

Atlassian

Corp.

,

Class

A

(a)

................................................

123

20,641

Autodesk,

Inc.

(a)

.......................................................

993

203,178

Cadence

Design

Systems,

Inc.

(a)

............................................

1,112

260,786

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

.......................................

1,483

217,808

Datadog,

Inc.

,

Class

A

(a)

.................................................

1,519

149,439

DocuSign,

Inc.

(a)

.......................................................

146

7,459

Dynatrace,

Inc.

(a)

......................................................

61

3,140

Victory

Portfolios

II

VictoryShares

WestEnd

U.S.

Sector

ETF

179

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Fair

Isaac

Corp.

(a)

......................................................

36

$

29,132

Fortinet,

Inc.

(a)

........................................................

3,031

229,113

Gen

Digital,

Inc.

.......................................................

498

9,238

HubSpot,

Inc.

(a)

.......................................................

182

96,840

Intuit,

Inc.

............................................................

1,240

568,156

Microsoft

Corp.

........................................................

30,740

10,468,199

Oracle

Corp.

..........................................................

6,111

727,759

Palantir

Technologies,

Inc.

,

Class

A

(a)

........................................

7,545

115,665

Palo

Alto

Networks,

Inc.

(a)

................................................

1,284

328,075

PTC,

Inc.

(a)

...........................................................

447

63,608

Roper

Technologies,

Inc.

..................................................

442

212,514

Salesforce,

Inc.

(a)

......................................................

3,716

785,042

ServiceNow,

Inc.

(a)

.....................................................

847

475,989

Splunk,

Inc.

(a)

.........................................................

797

84,554

Synopsys,

Inc.

(a)

.......................................................

616

268,213

Tyler

Technologies,

Inc.

(a)

................................................

163

67,885

VMware,

Inc.

,

Class

A

(a)

.................................................

826

118,688

Workday,

Inc.

,

Class

A

(a)

.................................................

818

184,778

Zoom

Video

Communications,

Inc.

,

Class

A

(a)

..................................

1,081

73,378

Zscaler,

Inc.

(a)

.........................................................

594

86,902

16,932,530

Technology

Hardware,

Storage

&

Peripherals

(7.4%):

Apple,

Inc.

...........................................................

66,370

12,873,788

Hewlett

Packard

Enterprise

Co.

.............................................

8,285

139,188

HP,

Inc.

..............................................................

5,766

177,074

NetApp,

Inc.

..........................................................

1,062

81,137

Seagate

Technology

Holdings

PLC

..........................................

1,665

103,014

Western

Digital

Corp.

(a)

..................................................

2,273

86,215

13,460,416

Utilities

(9.5%):

Alliant

Energy

Corp.

....................................................

6,554

343,954

Ameren

Corp.

.........................................................

1,270

103,721

American

Electric

Power

Co.,

Inc.

...........................................

23,405

1,970,701

American

Water

Works

Co.,

Inc.

............................................

1,876

267,799

Atmos

Energy

Corp.

.....................................................

4,262

495,841

Avangrid,

Inc.

.........................................................

14,511

546,774

CenterPoint

Energy,

Inc.

..................................................

27,970

815,326

CMS

Energy

Corp.

......................................................

18,793

1,104,089

Consolidated

Edison,

Inc.

.................................................

5,332

482,013

Constellation

Energy

Corp.

................................................

6,340

580,427

Dominion

Energy,

Inc.

...................................................

3,564

184,580

DTE

Energy

Co.

.......................................................

10,811

1,189,425

Duke

Energy

Corp.

......................................................

2,985

267,874

Edison

International

.....................................................

11,467

796,383

Entergy

Corp.

.........................................................

995

96,883

Evergy,

Inc.

...........................................................

4,426

258,567

Eversource

Energy

......................................................

1,441

102,196

Exelon

Corp.

..........................................................

31,233

1,272,432

FirstEnergy

Corp.

.......................................................

21,213

824,761

NextEra

Energy,

Inc.

....................................................

19,087

1,416,255

PG&E

Corp.

(a)

........................................................

31,510

544,493

PPL

Corp.

............................................................

3,081

81,523

Public

Service

Enterprise

Group,

Inc.

.........................................

14,767

924,562

Sempra

Energy

........................................................

1,470

214,017

The

AES

Corp.

........................................................

3,587

74,359

The

Southern

Co.

.......................................................

32,351

2,272,659

WEC

Energy

Group,

Inc.

.................................................

1,350

119,124

Xcel

Energy,

Inc.

.......................................................

2,033

126,392

17,477,130

Total

Common

Stocks

(Cost

$155,274,049)

180,884,714

Victory

Portfolios

II

VictoryShares

WestEnd

U.S.

Sector

ETF

180

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Rights

(0.0%)(b)

Health

Care

(0.0%):(b)

Abiomed,

Inc.

CVR

(a)

...................................................

532

$

543

Health

Care

(0.0%):(b)

Abiomed,

Inc.

CVR

(a)

...................................................

$

532

543

Total

Rights

(Cost

$–)

543

Total

Investments

(Cost

$155,274,049)

—

99.8%

180,885,257

Other

assets

in

excess

of

liabilities

—

0.2%

448,285

NET

ASSETS

-

100.00%

$

181,333,542

(a)

Non-income

producing

security.

(b)

Amount

represents

less

than

0.05%

of

net

assets.

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

..............

5

9/15/23

$

1,089,371

$

1,122,062

$

32,691

Total

unrealized

appreciation

$

32,691

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

32,691

Schedule

of

Portfolio

Investments

June

30,

2023

Victory

Portfolios

II

VictoryShares

Free

Cash

Flow

ETF

181

See

notes

to

financial

statements.

Security

Description

Shares

Value

Common

Stocks

(99.9%)

Biotechnology

(5.9%):

AbbVie,

Inc.

..........................................................

10,560

$

1,422,749

Incyte

Corp.

(a)

.........................................................

7,568

471,108

Regeneron

Pharmaceuticals,

Inc.

(a)

..........................................

1,056

758,778

2,652,635

Communication

Services

(1.6%):

Fox

Corp.

,

Class

A

......................................................

21,296

724,064

Consumer

Discretionary

(12.8%):

Booking

Holdings,

Inc.

(a)

.................................................

352

950,516

D.R.

Horton,

Inc.

.......................................................

7,744

942,367

Expedia

Group,

Inc.

(a)

...................................................

15,840

1,732,738

PulteGroup,

Inc.

........................................................

20,064

1,558,572

Tapestry,

Inc.

..........................................................

13,024

557,427

5,741,620

Energy

(23.7%):

Cheniere

Energy,

Inc.

....................................................

3,168

482,676

Chevron

Corp.

.........................................................

6,512

1,024,663

ConocoPhillips

........................................................

7,920

820,591

Coterra

Energy,

Inc.

.....................................................

21,824

552,147

Devon

Energy

Corp.

.....................................................

11,616

561,517

Diamondback

Energy,

Inc.

................................................

4,048

531,745

EOG

Resources,

Inc.

....................................................

4,576

523,677

EQT

Corp.

............................................................

8,800

361,944

Exxon

Mobil

Corp.

.....................................................

9,680

1,038,181

Marathon

Oil

Corp.

.....................................................

26,576

611,780

Marathon

Petroleum

Corp.

................................................

9,152

1,067,124

Occidental

Petroleum

Corp.

...............................................

11,088

651,974

Phillips

66

............................................................

8,096

772,196

Pioneer

Natural

Resources

Co.

.............................................

2,640

546,955

Valero

Energy

Corp.

.....................................................

9,152

1,073,531

10,620,701

Health

Care

Providers

&

Services

(16.3%):

AmerisourceBergen

Corp.

.................................................

3,344

643,486

Cardinal

Health,

Inc.

....................................................

10,208

965,371

Centene

Corp.

(a)

.......................................................

12,672

854,726

CVS

Health

Corp.

......................................................

20,240

1,399,192

Elevance

Health,

Inc.

....................................................

1,936

860,145

McKesson

Corp.

.......................................................

2,112

902,479

Molina

Healthcare,

Inc.

(a)

................................................

1,584

477,164

The

Cigna

Group

.......................................................

4,224

1,185,254

7,287,817

Industrials

(5.3%):

Builders

FirstSource,

Inc.

(a)

...............................................

7,920

1,077,120

Carlisle

Cos.,

Inc.

.......................................................

2,112

541,791

Owens

Corning

........................................................

5,808

757,944

2,376,855

Information

Technology

(14.7%):

Amdocs

Ltd.

..........................................................

4,928

487,133

GoDaddy,

Inc.

,

Class

A

(a)

.................................................

8,096

608,252

Jabil,

Inc.

............................................................

6,512

702,840

Microchip

Technology,

Inc.

................................................

10,032

898,767

QUALCOMM,

Inc.

.....................................................

10,032

1,194,209

Skyworks

Solutions,

Inc.

.................................................

9,328

1,032,516

VMware,

Inc.

,

Class

A

(a)

.................................................

5,984

859,841

Zoom

Video

Communications,

Inc.

,

Class

A

(a)

..................................

10,912

740,707

6,524,265

Victory

Portfolios

II

VictoryShares

Free

Cash

Flow

ETF

182

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Materials

(9.1%):

CF

Industries

Holdings,

Inc.

...............................................

24,640

$

1,710,509

Steel

Dynamics,

Inc.

.....................................................

10,912

1,188,644

The

Mosaic

Co.

........................................................

32,560

1,139,600

4,038,753

Pharmaceuticals

(10.5%):

Bristol-Myers

Squibb

Co.

.................................................

24,640

1,575,728

Pfizer,

Inc.

............................................................

41,184

1,510,629

Royalty

Pharma

PLC

,

Class

A

..............................................

24,640

757,434

Viatris,

Inc.

...........................................................

85,008

848,380

4,692,171

Total

Common

Stocks

(Cost

$44,030,686)

44,658,881

Total

Investments

(Cost

$44,030,686)

—

99.9%

44,658,881

Other

assets

in

excess

of

liabilities

—

0.1%

40,669

NET

ASSETS

-

100.00%

$

44,699,550

(a)

Non-income

producing

security.

PLC—Public

Limited

Company

Statements

of

Assets

and

Liabilities

June

30,

2023

183

See

notes

to

financial

statements.

Victory

Portfolios

II

VictoryShares

US

500

Volatility

Wtd

ETF

VictoryShares

US

Small

Cap

Volatility

Wtd

ETF

VictoryShares

International

Volatility

Wtd

ETF

Assets:

Affiliated

investments,

at

value

(Cost

$—,

$35,982

and

$—)

$

—‌

$

51,978‌

$

—‌

Investments,

at

value

(Cost

$451,924,524,

$24,669,857

and

$80,849,116)

546,059,910‌

(a)

27,375,728‌

(b)

90,245,478‌

(c)

Foreign

currency,

at

value

(Cost

$—,

$—

and

$40,368)

—‌

—‌

40,368‌

Cash

1,929,332‌

103,125‌

658,420‌

Deposit

with

broker

for

futures

contracts

497,117‌

17,356‌

92,207‌

Receivables:

Interest

and

dividends

482,754‌

19,313‌

161,100‌

Variation

margin

on

open

futures

contracts

26,721‌

280‌

8,855‌

Reclaims

—‌

—‌

277,215‌

From

Adviser

4,487‌

6,482‌

11,094‌

Prepaid

expenses

3,372‌

138‌

528‌

Total

Assets

549,003,693‌

27,574,400‌

91,495,265‌

Liabilities:

Payables:

Collateral

received

on

loaned

securities

598,796‌

292,756‌

3,204,024‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

132,845‌

6,603‌

28,867‌

Administration

fees

5,726‌

439‌

896‌

Custodian

fees

6,872‌

913‌

27,722‌

Compliance

fees

411‌

21‌

68‌

Trustees'

fees

211‌

123‌

123‌

Other

accrued

expenses

34,549‌

14,580‌

34,507‌

Total

Liabilities

779,410‌

315,435‌

3,296,207‌

Commitments

and

contingencies

(Note

5

)

Net

Assets:

Capital

544,255,614‌

35,682,636‌

86,516,058‌

Total

accumulated

earnings/(loss)

3,968,669‌

(

8,423,671‌

)

1,683,000‌

Net

Assets

$

548,224,283‌

$

27,258,965‌

$

88,199,058‌

Shares

outstanding

(unlimited

shares

authorized,

no

par

value):

7,700,000‌

450,000‌

2,200,000‌

Net

asset

value:

$

71

.20‌

$

60

.58‌

$

40

.09‌

(a)

Includes

$578,425

of

securities

on

loan.

(b)

Includes

$285,015

of

securities

on

loan.

(c)

Includes

$3,069,834

of

securities

on

loan.

Statements

of

Assets

and

Liabilities

June

30,

2023

184

See

notes

to

financial

statements.

Victory

Portfolios

II

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

$365,225,431,

$397,601,785

and

$17,631,264)

$

358,264,487‌

$

397,290,551‌

(a)

$

17,605,175‌

(b)

Foreign

currency,

at

value

(Cost

$—,

$—

and

$13,448)

—‌

—‌

13,419‌

Cash

2,357,119‌

2,291,989‌

109,710‌

Deposit

with

broker

for

futures

contracts

465,429‌

312,648‌

39,502‌

Receivables:

Interest

and

dividends

859,292‌

679,585‌

77,197‌

Capital

shares

issued

2,827,264‌

—‌

—‌

Variation

margin

on

open

futures

contracts

29,817‌

6,782‌

1,371‌

Reclaims

—‌

—‌

90,774‌

From

Adviser

9,226‌

10,213‌

11,958‌

Prepaid

expenses

2,183‌

2,189‌

97‌

Total

Assets

364,814,817‌

400,593,957‌

17,949,203‌

Liabilities:

Payables:

Collateral

received

on

loaned

securities

—‌

15,478,520‌

960,364‌

Investments

purchased

2,799,164‌

—‌

—‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

87,763‌

94,671‌

5,532‌

Administration

fees

5,354‌

6,285‌

100‌

Custodian

fees

4,859‌

4,937‌

8,471‌

Compliance

fees

274‌

295‌

13‌

Trustees'

fees

181‌

177‌

122‌

Other

accrued

expenses

27,522‌

29,684‌

19,686‌

Total

Liabilities

2,925,117‌

15,614,569‌

994,288‌

Commitments

and

contingencies

(Note

5

)

Net

Assets:

Capital

436,782,723‌

469,624,812‌

31,405,444‌

Total

accumulated

earnings/(loss)

(

74,893,023‌

)

(

84,645,424‌

)

(

14,450,529‌

)

Net

Assets

$

361,889,700‌

$

384,979,388‌

$

16,954,915‌

Shares

outstanding

(unlimited

shares

authorized,

no

par

value):

6,400,000‌

7,500,000‌

550,000‌

Net

asset

value:

$

56

.55‌

$

51

.33‌

$

30

.83‌

(a)

Includes

$14,853,926

of

securities

on

loan.

(b)

Includes

$919,718

of

securities

on

loan.

Statements

of

Assets

and

Liabilities

June

30,

2023

185

See

notes

to

financial

statements.

Victory

Portfolios

II

VictoryShares

Dividend

Accelerator

ETF

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

Assets:

Investments,

at

value

(Cost

$243,409,777,

$109,511,977

and

$629,948,853)

$

250,707,552‌

$

123,515,111‌

$

666,844,555‌

(a)

Cash

795,216‌

541,726‌

—‌

Deposit

with

broker

for

futures

contracts

190,652‌

119,736‌

886,205‌

Receivables:

Interest

and

dividends

377,331‌

106,210‌

1,976,778‌

Variation

margin

on

open

futures

contracts

10,500‌

7,875‌

21,000‌

From

Adviser

5,756‌

6,214‌

1,104‌

Prepaid

expenses

1,235‌

718‌

4,866‌

Total

Assets

252,088,242‌

124,297,590‌

669,734,508‌

Liabilities:

Payables:

Collateral

received

on

loaned

securities

—‌

—‌

136,828‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

59,528‌

29,885‌

168,906‌

Administration

fees

2,121‌

1,121‌

8,961‌

Custodian

fees

3,318‌

1,981‌

8,979‌

Compliance

fees

179‌

92‌

533‌

Trustees'

fees

156‌

138‌

237‌

Other

accrued

expenses

23,574‌

18,715‌

42,587‌

Total

Liabilities

88,876‌

51,932‌

367,031‌

Commitments

and

contingencies

(Note

5

)

Net

Assets:

Capital

267,406,283‌

129,700,211‌

765,562,105‌

Total

accumulated

earnings/(loss)

(

15,406,917‌

)

(

5,454,553‌

)

(

96,194,628‌

)

Net

Assets

$

251,999,366‌

$

124,245,658‌

$

669,367,477‌

Shares

outstanding

(unlimited

shares

authorized,

no

par

value):

5,450,000‌

3,050,000‌

10,850,000‌

Net

asset

value:

$

46

.24‌

$

40

.74‌

$

61

.69‌

(a)

Includes

$131,935

of

securities

on

loan.

Statements

of

Assets

and

Liabilities

June

30,

2023

186

See

notes

to

financial

statements.

Victory

Portfolios

II

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

$—,

$23,003

and

$—)

$

—‌

$

37,154‌

$

—‌

Investments,

at

value

(Cost

$1,560,617,164,

$74,553,769

and

$45,522,008)

1,578,349,543‌

(a)

77,878,593‌

(b)

47,861,528‌

(c)

Foreign

currency,

at

value

(Cost

$—,

$—

and

$11,291)

—‌

—‌

11,270‌

Deposit

with

broker

for

futures

contracts

2,175,924‌

103,888‌

44,243‌

Receivables:

Interest

and

dividends

5,368,188‌

251,201‌

166,807‌

Variation

margin

on

open

futures

contracts

86,625‌

560‌

2,530‌

Reclaims

—‌

—‌

149,043‌

From

Adviser

25,530‌

7,268‌

27,983‌

Prepaid

expenses

11,866‌

526‌

274‌

Total

Assets

1,586,017,676‌

78,279,190‌

48,263,678‌

Liabilities:

Payables:

Collateral

received

on

loaned

securities

273,748‌

119,168‌

272,468‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

402,233‌

19,187‌

15,719‌

Administration

fees

26,918‌

1,338‌

889‌

Custodian

fees

20,852‌

1,496‌

54,284‌

Compliance

fees

1,281‌

60‌

37‌

Trustees'

fees

413‌

132‌

126‌

Other

accrued

expenses

87,775‌

17,901‌

34,579‌

Total

Liabilities

813,220‌

159,282‌

378,102‌

Commitments

and

contingencies

(Note

5

)

Net

Assets:

Capital

2,021,852,182‌

120,445,838‌

70,997,541‌

Total

accumulated

earnings/(loss)

(

436,647,726‌

)

(

42,325,930‌

)

(

23,111,965‌

)

Net

Assets

$

1,585,204,456‌

$

78,119,908‌

$

47,885,576‌

Shares

outstanding

(unlimited

shares

authorized,

no

par

value):

27,500,000‌

1,500,000‌

1,550,000‌

Net

asset

value:

$

57

.64‌

$

52

.08‌

$

30

.89‌

(a)

Includes

$260,526

of

securities

on

loan.

(b)

Includes

$115,464

of

securities

on

loan.

(c)

Includes

$260,613

of

securities

on

loan.

Statements

of

Assets

and

Liabilities

June

30,

2023

187

See

notes

to

financial

statements.

Victory

Portfolios

II

VictoryShares

Nasdaq

Next

50

ETF

VictoryShares

Core

Plus

Intermediate

Bond

ETF

VictoryShares

Corporate

Bond

ETF

Assets:

Investments,

at

value

(Cost

$94,012,283,

$228,105,510

and

$121,526,448)

$

97,419,387‌

$

211,959,214‌

$

104,771,612‌

Cash

152,979‌

729,981‌

180,393‌

Deposit

with

broker

for

futures

contracts

139,487‌

854,805‌

—‌

Receivables:

Interest

and

dividends

16,108‌

1,574,627‌

1,012,397‌

Investments

sold

—‌

103,875‌

—‌

Variation

margin

on

open

futures

contracts

4,735‌

47,344‌

—‌

From

Adviser

6,789‌

—‌

—‌

Prepaid

expenses

553‌

1,029‌

597‌

Total

Assets

97,740,038‌

215,270,875‌

105,964,999‌

Liabilities:

Payables:

Investments

purchased

—‌

1,333,265‌

420,250‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

11,832‌

65,458‌

35,604‌

Administration

fees

1,667‌

4,509‌

2,466‌

Custodian

fees

1,690‌

3,486‌

1,730‌

Compliance

fees

74‌

165‌

81‌

Trustees'

fees

134‌

157‌

141‌

Other

accrued

expenses

31,269‌

19,438‌

18,630‌

Total

Liabilities

46,666‌

1,426,478‌

478,902‌

Commitments

and

contingencies

(Note

5

)

Net

Assets:

Capital

132,134,875‌

245,946,210‌

126,883,456‌

Total

accumulated

earnings/(loss)

(

34,441,503‌

)

(

32,101,813‌

)

(

21,397,359‌

)

Net

Assets

$

97,693,372‌

$

213,844,397‌

$

105,486,097‌

Shares

outstanding

(unlimited

shares

authorized,

no

par

value):

3,725,000‌

9,975,000‌

5,125,000‌

Net

asset

value:

$

26

.23‌

$

21

.44‌

$

20

.58‌

Statements

of

Assets

and

Liabilities

June

30,

2023

188

See

notes

to

financial

statements.

Victory

Portfolios

II

VictoryShares

THB

Mid

Cap

ESG

ETF

VictoryShares

WestEnd

U.S.

Sector

ETF

VictoryShares

Free

Cash

Flow

ETF

Assets:

Investments,

at

value

(Cost

$2,234,834,

$155,274,049

and

$44,030,686)

$

2,451,540‌

$

180,885,257‌

$

44,658,881‌

Cash

45,545‌

911,954‌

20,794‌

Deposit

with

broker

for

futures

contracts

—‌

148,996‌

—‌

Receivables:

Interest

and

dividends

573‌

128,186‌

9,593‌

Capital

shares

issued

—‌

—‌

12,698,736‌

Investments

sold

—‌

21,674,768‌

—‌

Variation

margin

on

open

futures

contracts

—‌

13,125‌

—‌

From

Adviser

6,327‌

24,710‌

6,843‌

Prepaid

expenses

11‌

997‌

—‌

Total

Assets

2,503,996‌

203,787,993‌

57,394,847‌

Liabilities:

Payables:

Investments

purchased

—‌

22,363,470‌

12,687,182‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

981‌

56,810‌

860‌

Administration

fees

57‌

2,785‌

55‌

Custodian

fees

661‌

6,223‌

200‌

Compliance

fees

2‌

128‌

19‌

Trustees'

fees

124‌

894‌

10‌

Other

accrued

expenses

14,721‌

24,141‌

6,971‌

Total

Liabilities

16,546‌

22,454,451‌

12,695,297‌

Commitments

and

contingencies

(Note

5

)

Net

Assets:

Capital

2,373,729‌

157,571,490‌

44,063,033‌

Total

accumulated

earnings/(loss)

113,721‌

23,762,052‌

636,517‌

Net

Assets

$

2,487,450‌

$

181,333,542‌

$

44,699,550‌

Shares

outstanding

(unlimited

shares

authorized,

no

par

value):

100,000‌

5,850,000‌

1,760,000‌

Net

asset

value:

$

24

.87‌

$

31

.00‌

$

25

.40‌

Statements

of

Operations

For

the

Year

Ended

June

30,

2023

189

See

notes

to

financial

statements.

Victory

Portfolios

II

VictoryShares

US

500

Volatility

Wtd

ETF

VictoryShares

US

Small

Cap

Volatility

Wtd

ETF

VictoryShares

International

Volatility

Wtd

ETF

Investment

Income:

Dividends

$

10,798,740

‌

$

443,470

‌

$

3,235,806

‌

Affiliated

dividend

income

—

‌

1,958

‌

—

‌

Interest

40,542

‌

1,855

‌

7,467

‌

Securities

lending

(net

of

fees)

120,472

‌

7,321

‌

26,844

‌

Foreign

tax

withholding

(2,620

)

(441

)

(424,924

)

Total

Income

10,957,134

‌

454,163

‌

2,845,193

‌

Expenses:

Investment

advisory

fees

1,693,477

‌

74,627

‌

350,717

‌

Administration

fees

310,857

‌

13,700

‌

48,283

‌

Sub-Administration

fees

19,303

‌

19,303

‌

19,212

‌

Custodian

fees

30,356

‌

3,853

‌

80,449

‌

Servicing

fees

3,088

‌

3,027

‌

3,027

‌

Trustees'

fees

36,891

‌

3,455

‌

8,094

‌

Compliance

fees

5,107

‌

223

‌

796

‌

Legal

and

audit

fees

48,627

‌

9,769

‌

18,671

‌

Printing

fees

35,767

‌

9,026

‌

8,779

‌

Other

expenses

20,238

‌

7,521

‌

18,928

‌

Total

Expenses

2,203,711

‌

144,504

‌

556,956

‌

Expenses

waived/reimbursed

by

Adviser

(227,898

)

(57,396

)

(162,465

)

Net

Expenses

1,975,813

‌

87,108

‌

394,491

‌

Net

Investment

Income

(Loss)

8,981,321

‌

367,055

‌

2,450,702

‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

(11,532,251

)

(2,436,628

)

(4,499,608

)

Net

realized

gains

(losses)

from

affiliated

investment

securities

—

‌

(1,486

)

—

‌

Net

realized

gains

(losses)

from

futures

contracts

60,136

‌

(6,469

)

22,393

‌

Net

realized

gains

(losses)

from

in-kind

redemptions

18,513,427

‌

—

‌

1,893,820

‌

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

and

foreign

currency

translations

48,621,073

‌

3,873,098

‌

10,816,169

‌

Net

change

in

unrealized

appreciation/depreciation

on

affiliated

investment

securities

—

‌

13,155

‌

—

‌

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

146,743

‌

(1,820

)

9,511

‌

Net

realized/unrealized

gains

(losses)

on

investments

55,809,128

‌

1,439,850

‌

8,242,285

‌

Change

in

net

assets

resulting

from

operations

$

64,790,449

‌

$

1,806,905

‌

$

10,692,987

‌

Statements

of

Operations

For

the

Year

Ended

June

30,

2023

190

See

notes

to

financial

statements.

Victory

Portfolios

II

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

$

13,398,654

‌

$

14,435,618

‌

$

990,677

‌

Non-cash

dividends

—

‌

—

‌

82,061

‌

Interest

35,093

‌

31,420

‌

1,887

‌

Securities

lending

(net

of

fees)

9,892

‌

169,514

‌

9,599

‌

Foreign

tax

withholding

—

‌

(293

)

(138,432

)

Total

Income

13,443,639

‌

14,636,259

‌

945,792

‌

Expenses:

Investment

advisory

fees

1,044,387

‌

1,065,809

‌

64,869

‌

Administration

fees

191,735

‌

195,691

‌

8,931

‌

Sub-Administration

fees

19,303

‌

19,303

‌

19,303

‌

Custodian

fees

20,109

‌

20,314

‌

23,907

‌

Servicing

fees

2,613

‌

3,027

‌

3,027

‌

Trustees'

fees

22,173

‌

22,430

‌

2,939

‌

Compliance

fees

3,085

‌

3,129

‌

146

‌

Legal

and

audit

fees

30,240

‌

32,289

‌

13,706

‌

Line

of

credit

fees

—

‌

368

‌

—

‌

Printing

fees

32,605

‌

36,397

‌

7,923

‌

Other

expenses

12,607

‌

12,896

‌

8,741

‌

Total

Expenses

1,378,857

‌

1,411,653

‌

153,492

‌

Expenses

waived/reimbursed

by

Adviser

(159,716

)

(167,111

)

(80,504

)

Net

Expenses

1,219,141

‌

1,244,542

‌

72,988

‌

Net

Investment

Income

(Loss)

12,224,498

‌

13,391,717

‌

872,804

‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

(15,984,005

)

(41,724,663

)

(902,606

)

Net

realized

gains

(losses)

from

futures

contracts

144,319

‌

(130,153

)

9,825

‌

Net

realized

gains

(losses)

from

in-kind

redemptions

13,955,283

‌

3,701,730

‌

—

‌

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

and

foreign

currency

translations

(11,413,207

)

29,076,448

‌

1,867,635

‌

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

133,844

‌

106,630

‌

1,176

‌

Net

realized/unrealized

gains

(losses)

on

investments

(13,163,766

)

(8,970,008

)

976,030

‌

Change

in

net

assets

resulting

from

operations

$

(939,268

)

$

4,421,709

‌

$

1,848,834

‌

Statements

of

Operations

For

the

Year

Ended

June

30,

2023

191

See

notes

to

financial

statements.

Victory

Portfolios

II

VictoryShares

Dividend

Accelerator

ETF

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

Investment

Income:

Dividends

$

5,497,467

‌

$

2,844,161

‌

$

19,169,663

‌

Interest

14,890

‌

10,229

‌

17,976

‌

Securities

lending

(net

of

fees)

21,101

‌

406

‌

57,195

‌

Foreign

tax

withholding

—

‌

(1,256

)

(2,365

)

Total

Income

5,533,458

‌

2,853,540

‌

19,242,469

‌

Expenses:

Investment

advisory

fees

716,307

‌

366,590

‌

2,456,227

‌

Administration

fees

131,434

‌

67,294

‌

450,793

‌

Sub-Administration

fees

19,303

‌

19,303

‌

19,303

‌

Custodian

fees

14,433

‌

8,539

‌

28,553

‌

Servicing

fees

2,735

‌

2,676

‌

3,088

‌

Trustees'

fees

16,751

‌

9,699

‌

54,446

‌

Compliance

fees

2,183

‌

1,117

‌

7,552

‌

Legal

and

audit

fees

28,476

‌

16,572

‌

61,809

‌

Printing

fees

18,886

‌

12,591

‌

50,949

‌

Other

expenses

10,841

‌

8,121

‌

27,732

‌

Total

Expenses

961,349

‌

512,502

‌

3,160,452

‌

Expenses

waived/reimbursed

by

Adviser

(125,928

)

(84,781

)

(297,004

)

Net

Expenses

835,421

‌

427,721

‌

2,863,448

‌

Net

Investment

Income

(Loss)

4,698,037

‌

2,425,819

‌

16,379,021

‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

(10,773,799

)

(4,389,770

)

(98,339,039

)

Net

realized

gains

(losses)

from

futures

contracts

64,484

‌

22,201

‌

469,110

‌

Net

realized

gains

(losses)

from

in-kind

redemptions

18,114,481

‌

1,499,237

‌

30,930,768

‌

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

14,292,584

‌

15,717,812

‌

51,151,915

‌

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

27,070

‌

29,838

‌

234,154

‌

Net

realized/unrealized

gains

(losses)

on

investments

21,724,820

‌

12,879,318

‌

(15,553,092

)

Change

in

net

assets

resulting

from

operations

$

26,422,857

‌

$

15,305,137

‌

$

825,929

‌

Statements

of

Operations

For

the

Year

Ended

June

30,

2023

192

See

notes

to

financial

statements.

Victory

Portfolios

II

VictoryShares

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

VictoryShares

US

Discovery

Enhanced

Volatility

Wtd

ETF

VictoryShares

Developed

Enhanced

Volatility

Wtd

ETF

Investment

Income:

Dividends

$

75,094,530

‌

$

2,208,008

‌

$

1,617,242

‌

Affiliated

dividend

income

—

‌

4,358

‌

—

‌

Interest

39,993

‌

2,666

‌

874

‌

Securities

lending

(net

of

fees)

55,568

‌

3,286

‌

2,492

‌

Foreign

tax

withholding

—

‌

(828

)

(118,068

)

Total

Income

75,190,091

‌

2,217,490

‌

1,502,540

‌

Expenses:

Investment

advisory

fees

5,903,571

‌

248,980

‌

175,716

‌

Administration

fees

1,083,482

‌

45,709

‌

24,197

‌

Sub-Administration

fees

19,303

‌

19,303

‌

19,303

‌

Custodian

fees

87,374

‌

5,075

‌

125,773

‌

Servicing

fees

3,087

‌

2,924

‌

3,027

‌

Trustees'

fees

121,997

‌

6,918

‌

4,473

‌

Compliance

fees

17,800

‌

746

‌

388

‌

Legal

and

audit

fees

114,015

‌

13,318

‌

15,632

‌

Line

of

credit

fees

168

‌

—

‌

—

‌

Printing

fees

150,171

‌

16,959

‌

11,217

‌

Interest

fees

—

‌

—

‌

1,482

‌

Other

expenses

55,405

‌

8,660

‌

18,595

‌

Total

Expenses

7,556,373

‌

368,592

‌

399,803

‌

Expenses

waived/reimbursed

by

Adviser

(671,840

)

(78,054

)

(200,487

)

Net

Expenses

6,884,533

‌

290,538

‌

199,316

‌

Net

Investment

Income

(Loss)

68,305,558

‌

1,926,952

‌

1,303,224

‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

(381,797,520

)

(8,969,779

)

(284,109

)

Net

realized

gains

(losses)

from

affiliated

investment

securities

—

‌

(4,677

)

—

‌

Net

realized

gains

(losses)

from

futures

contracts

723,513

‌

295

‌

11,402

‌

Net

realized

gains

(losses)

from

in-kind

redemptions

75,712,541

‌

1,155,675

‌

86,439

‌

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

and

foreign

currency

translations

32,652,027

‌

2,206,205

‌

2,043,730

‌

Net

change

in

unrealized

appreciation/depreciation

on

affiliated

investment

securities

—

‌

6,063

‌

—

‌

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

617,797

‌

21,598

‌

8,330

‌

Net

realized/unrealized

gains

(losses)

on

investments

(272,091,642

)

(5,584,620

)

1,865,792

‌

Change

in

net

assets

resulting

from

operations

$

(203,786,084

)

$

(3,657,668

)

$

3,169,016

‌

Statements

of

Operations

For

the

Year

Ended

June

30,

2023

193

See

notes

to

financial

statements.

Victory

Portfolios

II

VictoryShares

Nasdaq

Next

50

ETF

VictoryShares

Core

Plus

Intermediate

Bond

ETF

VictoryShares

Corporate

Bond

ETF

Investment

Income:

Dividends

$

860,947

‌

$

—

‌

$

—

‌

Interest

5,895

‌

9,506,715

‌

3,806,519

‌

Securities

lending

(net

of

fees)

37,803

‌

—

‌

—

‌

Foreign

tax

withholding

(4,092

)

—

‌

—

‌

Total

Income

900,553

‌

9,506,715

‌

3,806,519

‌

Expenses:

Investment

advisory

fees

146,596

‌

749,057

‌

363,930

‌

Administration

fees

53,816

‌

117,848

‌

57,258

‌

Sub-Administration

fees

19,303

‌

21,512

‌

16,274

‌

Custodian

fees

8,780

‌

5,769

‌

3,460

‌

Servicing

fees

4,521

‌

—

‌

—

‌

Trustees'

fees

8,088

‌

14,393

‌

7,800

‌

Compliance

fees

891

‌

1,931

‌

938

‌

Legal

and

audit

fees

17,608

‌

24,451

‌

17,205

‌

Printing

fees

11,870

‌

4,024

‌

1,521

‌

Other

expenses

7,878

‌

24,509

‌

7,828

‌

Total

Expenses

279,351

‌

963,494

‌

476,214

‌

Expenses

waived/reimbursed

by

Adviser

(103,429

)

(107,433

)

(60,286

)

Net

Expenses

175,922

‌

856,061

‌

415,928

‌

Net

Investment

Income

(Loss)

724,631

‌

8,650,654

‌

3,390,591

‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

(9,367,035

)

(10,761,023

)

(3,943,739

)

Net

realized

gains

(losses)

from

futures

contracts

51,602

‌

(160,915

)

—

‌

Net

realized

gains

(losses)

from

in-kind

redemptions

739,924

‌

—

‌

—

‌

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

20,897,881

‌

6,226,760

‌

2,399,749

‌

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

4,282

‌

(272,776

)

—

‌

Net

realized/unrealized

gains

(losses)

on

investments

12,326,654

‌

(4,967,954

)

(1,543,990

)

Change

in

net

assets

resulting

from

operations

$

13,051,285

‌

$

3,682,700

‌

$

1,846,601

‌

Statements

of

Operations

For

the

Year

Ended

June

30,

2023

194

See

notes

to

financial

statements.

Victory

Portfolios

II

VictoryShares

THB

Mid

Cap

ESG

ETF

VictoryShares

WestEnd

U.S.

Sector

ETF

VictoryShares

Free

Cash

Flow

ETF

Investment

Income:

Dividends

$

15,828

‌

$

1,891,074

‌

$

9,593

‌

Interest

122

‌

1,847

‌

—

‌

Total

Income

15,950

‌

1,892,921

‌

9,593

‌

Expenses:

Investment

advisory

fees

11,263

‌

416,947

‌

860

‌

Administration

fees

1,241

‌

57,524

‌

136

‌

Sub-Administration

fees

16,804

‌

12,719

‌

1,625

‌

Custodian

fees

1,261

‌

6,223

‌

200

‌

Servicing

fees

5,866

‌

2,444

‌

—

‌

Trustees'

fees

1,739

‌

5,519

‌

10

‌

Compliance

fees

20

‌

834

‌

19

‌

Legal

and

audit

fees

8,586

‌

176,291

‌

4,925

‌

Printing

fees

6,201

‌

15,072

‌

—

‌

Other

expenses

1,440

‌

8,678

‌

421

‌

Total

Expenses

54,421

‌

702,251

‌

8,196

‌

Expenses

waived/reimbursed

by

Adviser

(42,025

)

(265,434

)

(6,925

)

Net

Expenses

12,396

‌

436,817

‌

1,271

‌

Net

Investment

Income

(Loss)

3,554

‌

1,456,104

‌

8,322

‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

(103,867

)

(2,058,059

)

—

‌

Net

realized

gains

(losses)

from

futures

contracts

—

‌

37,526

‌

—

‌

Net

realized

gains

(losses)

from

in-kind

redemptions

—

‌

5,076,976

‌

—

‌

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

534,124

‌

25,611,208

‌

628,195

‌

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

—

‌

32,691

‌

—

‌

Net

realized/unrealized

gains

(losses)

on

investments

430,257

‌

28,700,342

‌

628,195

‌

Change

in

net

assets

resulting

from

operations

$

433,811

‌

$

30,156,446

‌

$

636,517

‌

195

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

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

8,981,321‌

$

8,537,149‌

$

367,055‌

$

343,899‌

$

2,450,702‌

$

3,100,960‌

Net

realized

gains

(losses)

7,041,312‌

85,272,474‌

(

2,444,583‌

)

1,657,573‌

(

2,583,395‌

)

3,297,119‌

Net

change

in

unrealized

appreciation/

depreciation

48,767,816‌

(

139,787,295‌

)

3,884,433‌

(

5,049,196‌

)

10,825,680‌

(

24,310,828‌

)

Change

in

net

assets

resulting

from

operations

64,790,449‌

(

45,977,672‌

)

1,806,905‌

(

3,047,724‌

)

10,692,987‌

(

17,912,749‌

)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(

9,175,277‌

)

(

8,500,286‌

)

(

367,935‌

)

(

334,788‌

)

(

2,096,106‌

)

(

3,855,525‌

)

Change

in

net

assets

resulting

from

capital

transactions

(

40,793,455‌

)

(

117,556,950‌

)

3,203,232‌

13,588‌

(

13,110,586‌

)

(

2,229,024‌

)

Change

in

net

assets

14,821,717‌

(

172,034,908‌

)

4,642,202‌

(

3,368,924‌

)

(

4,513,705‌

)

(

23,997,298‌

)

Net

Assets:

Beginning

of

period

533,402,566‌

705,437,474‌

22,616,763‌

25,985,687‌

92,712,763‌

116,710,061‌

End

of

period

$

548,224,283‌

$

533,402,566‌

$

27,258,965‌

$

22,616,763‌

$

88,199,058‌

$

92,712,763‌

Capital

Transactions:

Proceeds

from

shares

issued

$

33,673,141‌

$

149,606,089‌

$

3,203,232‌

$

6,396,215‌

$

—‌

$

—‌

Cost

of

shares

redeemed

(

74,466,596‌

)

(

267,163,039‌

)

—‌

(

6,382,627‌

)

(

13,110,586‌

)

(

2,229,024‌

)

Change

in

net

assets

resulting

from

capital

transactions

$

(

40,793,455‌

)

$

(

117,556,950‌

)

$

3,203,232‌

$

13,588‌

$

(

13,110,586‌

)

$

(

2,229,024‌

)

Share

Transactions:

Issued

500,000‌

2,050,000‌

50,000‌

100,000‌

—‌

—‌

Redeemed

(

1,100,000‌

)

(

3,650,000‌

)

—‌

(

100,000‌

)

(

350,000‌

)

(

50,000‌

)

Change

in

Shares

(

600,000‌

)

(

1,600,000‌

)

50,000‌

—‌

(

350,000‌

)

(

50,000‌

)

196

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

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

12,224,498‌

$

7,715,881‌

$

13,391,717‌

$

8,161,335‌

$

872,804‌

$

1,067,491‌

Net

realized

gains

(losses)

(

1,884,403‌

)

25,427,608‌

(

38,153,086‌

)

4,486,055‌

(

892,781‌

)

1,159,900‌

Net

change

in

unrealized

appreciation/

depreciation

(

11,279,363‌

)

(

24,395,266‌

)

29,183,078‌

(

41,873,109‌

)

1,868,811‌

(

3,116,371‌

)

Change

in

net

assets

resulting

from

operations

(

939,268‌

)

8,748,223‌

4,421,709‌

(

29,225,719‌

)

1,848,834‌

(

888,980‌

)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(

11,863,065‌

)

(

7,496,456‌

)

(

13,131,585‌

)

(

8,027,701‌

)

(

931,936‌

)

(

1,097,626‌

)

Change

in

net

assets

resulting

from

capital

transactions

90,384,985‌

61,999,721‌

123,670,332‌

55,474,967‌

—‌

(

4,953,633‌

)

Change

in

net

assets

77,582,652‌

63,251,488‌

114,960,456‌

18,221,547‌

916,898‌

(

6,940,239‌

)

Net

Assets:

Beginning

of

period

284,307,048‌

221,055,560‌

270,018,932‌

251,797,385‌

16,038,017‌

22,978,256‌

End

of

period

$

361,889,700‌

$

284,307,048‌

$

384,979,388‌

$

270,018,932‌

$

16,954,915‌

$

16,038,017‌

Capital

Transactions:

Proceeds

from

shares

issued

$

212,722,454‌

$

180,785,637‌

$

149,877,921‌

$

210,566,850‌

$

—‌

$

53‌

Cost

of

shares

redeemed

(

122,337,469‌

)

(

118,785,916‌

)

(

26,207,589‌

)

(

155,091,883‌

)

—‌

(

4,953,686‌

)

Change

in

net

assets

resulting

from

capital

transactions

$

90,384,985‌

$

61,999,721‌

$

123,670,332‌

$

55,474,967‌

$

—‌

$

(

4,953,633‌

)

Share

Transactions:

Issued

3,650,000‌

3,000,000‌

2,850,000‌

3,600,000‌

—‌

—‌

Redeemed

(

2,150,000‌

)

(

2,000,000‌

)

(

500,000‌

)

(

2,650,000‌

)

—‌

(

150,000‌

)

Change

in

Shares

1,500,000‌

1,000,000‌

2,350,000‌

950,000‌

—‌

(

150,000‌

)

197

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

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

4,698,037‌

$

5,112,728‌

$

2,425,819‌

$

2,687,221‌

$

16,379,021‌

$

11,898,656‌

Net

realized

gains

(losses)

7,405,166‌

41,850,336‌

(

2,868,332‌

)

23,045,689‌

(

66,939,161‌

)

124,960,680‌

Net

change

in

unrealized

appreciation/

depreciation

14,319,654‌

(

59,220,747‌

)

15,747,650‌

(

27,429,595‌

)

51,386,069‌

(

223,003,372‌

)

Change

in

net

assets

resulting

from

operations

26,422,857‌

(

12,257,683‌

)

15,305,137‌

(

1,696,685‌

)

825,929‌

(

86,144,036‌

)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(

4,655,305‌

)

(

5,149,858‌

)

(

2,502,620‌

)

(

2,679,211‌

)

(

34,559,845‌

)

(

11,440,022‌

)

Change

in

net

assets

resulting

from

capital

transactions

(

47,677,567‌

)

(

48,837,549‌

)

(

7,997,571‌

)

(

40,248,349‌

)

(

188,251,988‌

)

51,596,689‌

Change

in

net

assets

(

25,910,015‌

)

(

66,245,090‌

)

4,804,946‌

(

44,624,245‌

)

(

221,985,904‌

)

(

45,987,369‌

)

Net

Assets:

Beginning

of

period

277,909,381‌

344,154,471‌

119,440,712‌

164,064,957‌

891,353,381‌

937,340,750‌

End

of

period

$

251,999,366‌

$

277,909,381‌

$

124,245,658‌

$

119,440,712‌

$

669,367,477‌

$

891,353,381‌

Capital

Transactions:

Proceeds

from

shares

issued

$

128,993,937‌

$

167,875,902‌

$

1,780,287‌

$

96,773,697‌

$

16,350,615‌

$

280,873,318‌

Cost

of

shares

redeemed

(

176,671,504‌

)

(

216,713,451‌

)

(

9,777,858‌

)

(

137,022,046‌

)

(

204,602,603‌

)

(

229,276,629‌

)

Change

in

net

assets

resulting

from

capital

transactions

$

(

47,677,567‌

)

$

(

48,837,549‌

)

$

(

7,997,571‌

)

$

(

40,248,349‌

)

$

(

188,251,988‌

)

$

51,596,689‌

Share

Transactions:

Issued

2,850,000‌

3,650,000‌

50,000‌

2,400,000‌

250,000‌

3,850,000‌

Redeemed

(

4,100,000‌

)

(

4,750,000‌

)

(

250,000‌

)

(

3,450,000‌

)

(

3,250,000‌

)

(

3,150,000‌

)

Change

in

Shares

(

1,250,000‌

)

(

1,100,000‌

)

(

200,000‌

)

(

1,050,000‌

)

(

3,000,000‌

)

700,000‌

198

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

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

68,305,558‌

$

39,161,780‌

$

1,926,952‌

$

820,477‌

$

1,303,224‌

$

862,590‌

Net

realized

gains

(losses)

(

305,361,466‌

)

114,713,791‌

(

7,818,486‌

)

2,090,345‌

(

186,268‌

)

1,591,399‌

Net

change

in

unrealized

appreciation/

depreciation

33,269,824‌

(

147,978,353‌

)

2,233,866‌

(

9,626,008‌

)

2,052,060‌

(

6,884,687‌

)

Change

in

net

assets

resulting

from

operations

(

203,786,084‌

)

5,897,218‌

(

3,657,668‌

)

(

6,715,186‌

)

3,169,016‌

(

4,430,698‌

)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(

68,224,365‌

)

(

36,342,855‌

)

(

1,766,283‌

)

(

805,290‌

)

(

1,092,732‌

)

(

1,203,675‌

)

Change

in

net

assets

resulting

from

capital

transactions

(

50,180,940‌

)

1,020,995,531‌

11,965,845‌

15,526,039‌

10,460,181‌

(

1,758,974‌

)

Change

in

net

assets

(

322,191,389‌

)

990,549,894‌

6,541,894‌

8,005,563‌

12,536,465‌

(

7,393,347‌

)

Net

Assets:

Beginning

of

period

1,907,395,845‌

916,845,951‌

71,578,014‌

63,572,451‌

35,349,111‌

42,742,458‌

End

of

period

$

1,585,204,456‌

$

1,907,395,845‌

$

78,119,908‌

$

71,578,014‌

$

47,885,576‌

$

35,349,111‌

Capital

Transactions:

Proceeds

from

shares

issued

$

818,048,115‌

$

1,582,185,104‌

$

22,466,364‌

$

36,104,432‌

$

12,011,857‌

$

—‌

Cost

of

shares

redeemed

(

868,229,055‌

)

(

561,189,573‌

)

(

10,500,519‌

)

(

20,578,393‌

)

(

1,551,676‌

)

(

1,758,974‌

)

Change

in

net

assets

resulting

from

capital

transactions

$

(

50,180,940‌

)

$

1,020,995,531‌

$

11,965,845‌

$

15,526,039‌

$

10,460,181‌

$

(

1,758,974‌

)

Share

Transactions:

Issued

12,500,000‌

22,950,000‌

400,000‌

600,000‌

400,000‌

—‌

Redeemed

(

13,850,000‌

)

(

8,300,000‌

)

(

200,000‌

)

(

350,000‌

)

(

50,000‌

)

(

50,000‌

)

Change

in

Shares

(

1,350,000‌

)

14,650,000‌

200,000‌

250,000‌

350,000‌

(

50,000‌

)

199

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

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2023

For

the

Period

October

5,

2021

(a)

through

June

30,

2022

Year

Ended

June

30,

2023

For

the

Period

October

5,

2021

(a)

through

June

30,

2022

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

724,631‌

$

545,521‌

$

8,650,654‌

$

3,117,886‌

$

3,390,591‌

$

1,709,819‌

Net

realized

gains

(losses)

(

8,575,509‌

)

(

10,770,137‌

)

(

10,921,938‌

)

(

5,493,700‌

)

(

3,943,739‌

)

(

991,577‌

)

Net

change

in

unrealized

appreciation/

depreciation

20,902,163‌

(

38,838,362‌

)

5,953,984‌

(

22,293,736‌

)

2,399,749‌

(

19,154,585‌

)

Change

in

net

assets

resulting

from

operations

13,051,285‌

(

49,062,978‌

)

3,682,700‌

(

24,669,550‌

)

1,846,601‌

(

18,436,343‌

)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(

894,257‌

)

(

586,469‌

)

(

8,523,875‌

)

(

2,591,088‌

)

(

3,314,390‌

)

(

1,493,227‌

)

Change

in

net

assets

resulting

from

capital

transactions

(

9,827,290‌

)

(

3,453,861‌

)

4,956,424‌

240,989,786‌

2,631,018‌

124,252,438‌

Change

in

net

assets

2,329,738‌

(

53,103,308‌

)

115,249‌

213,729,148‌

1,163,229‌

104,322,868‌

Net

Assets:

Beginning

of

period

95,363,634‌

148,466,942‌

213,729,148‌

—‌

104,322,868‌

—‌

End

of

period

$

97,693,372‌

$

95,363,634‌

$

213,844,397‌

$

213,729,148‌

$

105,486,097‌

$

104,322,868‌

Capital

Transactions:

Proceeds

from

shares

issued

$

1,876,609‌

$

38,309,198‌

$

4,956,424‌

$

240,989,786‌

$

2,631,018‌

$

124,252,438‌

Cost

of

shares

redeemed

(

11,703,899‌

)

(

41,763,059‌

)

—‌

—‌

—‌

—‌

Change

in

net

assets

resulting

from

capital

transactions

$

(

9,827,290‌

)

$

(

3,453,861‌

)

$

4,956,424‌

$

240,989,786‌

$

2,631,018‌

$

124,252,438‌

Share

Transactions:

Issued

75,000‌

1,150,000‌

225,000‌

9,750,000‌

125,000‌

5,000,000‌

Redeemed

(

475,000‌

)

(

1,350,000‌

)

—‌

—‌

—‌

—‌

Change

in

Shares

(

400,000‌

)

(

200,000‌

)

225,000‌

9,750,000‌

125,000‌

5,000,000‌

(a)

Commencement

of

operations.

200

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

Year

Ended

June

30,

2023

For

the

Period

October

5,

2021

(a)

through

June

30,

2022

For

the

Period

October

12,

2022

(a)

through

June

30,

2023

For

the

Period

June

22,

2023

(a)

through

June

30,

2023

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

3,554‌

$

1,022‌

$

1,456,104‌

$

8,322‌

Net

realized

gains

(losses)

(

103,867‌

)

4,207‌

3,056,443‌

—‌

Net

change

in

unrealized

appreciation/depreciation

534,124‌

(

317,418‌

)

25,643,899‌

628,195‌

Change

in

net

assets

resulting

from

operations

433,811‌

(

312,189‌

)

30,156,446‌

636,517‌

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(

7,901‌

)

(

1,328,708‌

)

—‌

Change

in

net

assets

resulting

from

capital

transactions

—‌

2,373,729‌

152,505,804‌

44,063,033‌

Change

in

net

assets

433,811‌

2,053,639‌

181,333,542‌

44,699,550‌

Net

Assets:

Beginning

of

period

2,053,639‌

—‌

—‌

—‌

End

of

period

$

2,487,450‌

$

2,053,639‌

$

181,333,542‌

$

44,699,550‌

Capital

Transactions:

Proceeds

from

shares

issued

$

—‌

$

2,373,729‌

$

301,363,158‌

$

44,063,033‌

Cost

of

shares

redeemed

—‌

—‌

(

148,857,354‌

)

—‌

Change

in

net

assets

resulting

from

capital

transactions

$

—‌

$

2,373,729‌

$

152,505,804‌

$

44,063,033‌

Share

Transactions:

Issued

—‌

100,000‌

11,420,000‌

1,760,000‌

Redeemed

—‌

—‌

(

5,570,000‌

)

—‌

Change

in

Shares

—‌

100,000‌

5,850,000‌

1,760,000‌

(a)

Commencement

of

operations.

Victory

Portfolios

II

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

201

See

notes

to

financial

statements.

VictoryShares

US

500

Volatility

Wtd

ETF

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

$64.27

$71.26

$50.57

$52.46

$49.34

Investment

Activities:

Net

investment

income

(loss)(a)

1.08

0.94

0.69

0.77

0.73

Net

realized

and

unrealized

gains

(losses)

6.95

(6.99)

20.68

(1.88)

3.09

Total

from

Investment

Activities

8.03

(6.05)

21.37

(1.11)

3.82

Distributions

to

Shareholders

from:

Net

investment

income

(1.10)

(0.94)

(0.68)

(0.78)

(0.70)

Total

Distributions

(1.10)

(0.94)

(0.68)

(0.78)

(0.70)

Net

Asset

Value,

End

of

Period

$71.20

$64.27

$71.26

$50.57

$52.46

Total

Return(b)

12.62%

(8.63)%

42.51%

(2.12)%

7.86%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.35%

0.35%

0.35%

0.35%

0.35%

Net

Investment

Income

(Loss)

1.59%

1.30%

1.13%

1.49%

1.48%

Gross

Expenses(c)

0.39%

0.38%

0.39%

0.40%

0.40%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$548,224

$533,403

$705,437

$670,005

$731,775

Portfolio

Turnover(d)

24%

21%

34%

28%

46%

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

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.

(c)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d)

Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

II

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

202

See

notes

to

financial

statements.

VictoryShares

US

Small

Cap

Volatility

Wtd

ETF

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

$56.54

$64.96

$40.22

$45.87

$48.54

Investment

Activities:

Net

investment

income

(loss)(a)

0.88

0.86

0.70

0.59

0.63

Net

realized

and

unrealized

gains

(losses)

4.05

(8.44)

24.76

(5.62)

(2.62)

Total

from

Investment

Activities

4.93

(7.58)

25.46

(5.03)

(1.99)

Distributions

to

Shareholders

from:

Net

investment

income

(0.88)

(0.84)

(0.72)

(0.62)

(0.68)

Total

Distributions

(0.88)

(0.84)

(0.72)

(0.62)

(0.68)

Net

Asset

Value,

End

of

Period

$60.58

$56.54

$64.96

$40.22

$45.87

Total

Return(b)

8.75%

(11.82)%

63.72%

(11.00)%

(4.07)%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.35%

0.35%

0.35%

0.35%

0.35%

Net

Investment

Income

(Loss)

1.47%

1.33%

1.30%

1.35%

1.36%

Gross

Expenses(c)

0.58%

0.58%

0.55%

0.55%

0.46%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$27,259

$22,617

$25,986

$16,089

$29,814

Portfolio

Turnover(d)

68%

55%

71%

50%

62%

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

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.

(c)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d)

Excludes

impact

of

in-kind

transactions.

203

Victory

Portfolios

II

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

See

notes

to

financial

statements.

VictoryShares

International

Volatility

Wtd

ETF

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

$36.36

$44.89

$34.63

$38.12

$39.09

Investment

Activities:

Net

investment

income

(loss)(a)

1.05

1.20

0.95

0.77

1.17

Net

realized

and

unrealized

gains

(losses)

3.60

(8.23)

10.25

(3.51)

(1.07)

Total

from

Investment

Activities

4.65

(7.03)

11.20

(2.74)

0.10

Distributions

to

Shareholders

from:

Net

investment

income

(0.92)

(1.50)

(0.94)

(0.75)

(1.07)

Total

Distributions

(0.92)

(1.50)

(0.94)

(0.75)

(1.07)

Net

Asset

Value,

End

of

Period

$40.09

$36.36

$44.89

$34.63

$38.12

Total

Return(b)

12.96%

(16.10)%

32.59%

(7.23)%

0.33%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.45%

0.45%

0.45%

0.45%

0.45%

Net

Investment

Income

(Loss)

2.80%

2.79%

2.34%

2.12%

3.14%

Gross

Expenses(c)

0.64%

0.58%

0.63%

0.64%

0.73%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$88,199

$92,713

$116,710

$83,120

$36,215

Portfolio

Turnover(d)

30%

32%

45%

41%

53%

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

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.

(c)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d)

Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

II

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

204

See

notes

to

financial

statements.

VictoryShares

US

Large

Cap

High

Div

Volatility

Wtd

ETF

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

$58.02

$56.68

$39.52

$47.03

$45.06

Investment

Activities:

Net

investment

income

(loss)(a)

2.04

1.84

1.45

1.58

1.51

Net

realized

and

unrealized

gains

(losses)

(1.52)

1.30

17.10

(7.44)

1.83

Total

from

Investment

Activities

0.52

3.14

18.55

(5.86)

3.34

Distributions

to

Shareholders

from:

Net

investment

income

(1.99)

(1.80)

(1.39)

(1.65)

(1.37)

Total

Distributions

(1.99)

(1.80)

(1.39)

(1.65)

(1.37)

Net

Asset

Value,

End

of

Period

$56.55

$58.02

$56.68

$39.52

$47.03

Total

Return(b)

0.86%

5.50%

47.74%

(12.78)%

7.59%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.35%

0.35%

0.35%

0.35%

0.35%

Net

Investment

Income

(Loss)

3.51%

3.06%

3.04%

3.47%

3.33%

Gross

Expenses(c)

0.40%

0.40%

0.41%

0.41%

0.42%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$361,890

$284,307

$221,056

$193,635

$331,527

Portfolio

Turnover(d)

47%

43%

67%

56%

66%

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

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.

(c)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d)

Excludes

impact

of

in-kind

transactions.

205

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

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

$52.43

$59.95

$36.75

$44.28

$45.96

Investment

Activities:

Net

investment

income

(loss)(a)

1.97

1.83

1.85

1.53

1.38

Net

realized

and

unrealized

gains

(losses)

(1.14)

(7.52)

23.26

(7.47)

(1.74)

Total

from

Investment

Activities

0.83

(5.69)

25.11

(5.94)

(0.36)

Distributions

to

Shareholders

from:

Net

investment

income

(1.93)

(1.83)

(1.91)

(1.59)

(1.32)

Total

Distributions

(1.93)

(1.83)

(1.91)

(1.59)

(1.32)

Net

Asset

Value,

End

of

Period

$51.33

$52.43

$59.95

$36.75

$44.28

Total

Return(b)

1.62%

(9.76)%

69.75%

(13.61)%

(0.70)%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.35%

0.35%

0.35%

0.35%

0.35%

Net

Investment

Income

(Loss)

3.77%

3.14%

3.51%

3.69%

3.10%

Gross

Expenses(c)

0.40%

0.40%

0.42%

0.44%

0.44%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$384,979

$270,019

$251,797

$66,142

$75,277

Portfolio

Turnover(d)

82%

68%

104%

68%

83%

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

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.

(c)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d)

Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

II

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

206

See

notes

to

financial

statements.

VictoryShares

International

High

Div

Volatility

Wtd

ETF

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

$29.16

$32.83

$25.32

$32.43

$33.94

Investment

Activities:

Net

investment

income

(loss)(a)

1.59

1.80

1.11

1.02

1.63

Net

realized

and

unrealized

gains

(losses)

1.77

(3.63)

7.73

(7.13)

(1.48)

Total

from

Investment

Activities

3.36

(1.83)

8.84

(6.11)

0.15

Distributions

to

Shareholders

from:

Net

investment

income

(1.69)

(1.84)

(1.33)

(1.00)

(1.66)

Total

Distributions

(1.69)

(1.84)

(1.33)

(1.00)

(1.66)

Net

Asset

Value,

End

of

Period

$30.83

$29.16

$32.83

$25.32

$32.43

Total

Return(b)

11.99%

(5.92)%

35.49%

(19.22)%

0.58%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.45%

0.45%

0.45%

0.45%

0.45%

Net

Investment

Income

(Loss)

5.38%

5.57%

3.95%

3.45%

5.06%

Gross

Expenses(c)

0.95%

0.85%

0.66%

0.57%

0.59%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$16,955

$16,038

$22,978

$62,042

$40,540

Portfolio

Turnover(d)

71%

62%

111%

71%

76%

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

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.

(c)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d)

Excludes

impact

of

in-kind

transactions.

207

Victory

Portfolios

II

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

See

notes

to

financial

statements.

VictoryShares

Dividend

Accelerator

ETF

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

$41.48

$44.12

$33.14

$32.90

$28.41

Investment

Activities:

Net

investment

income

(loss)(a)

0.87

0.70

0.66

0.55

0.48

Net

realized

and

unrealized

gains

(losses)

4.75

(2.63)

10.95

0.19

4.47

Total

from

Investment

Activities

5.62

(1.93)

11.61

0.74

4.95

Distributions

to

Shareholders

from:

Net

investment

income

(0.86)

(0.71)

(0.63)

(0.50)

(0.46)

Total

Distributions

(0.86)

(0.71)

(0.63)

(0.50)

(0.46)

Net

Asset

Value,

End

of

Period

$46.24

$41.48

$44.12

$33.14

$32.90

Total

Return(b)

13.68%

(4.49)%

35.33%

2.23%

17.60%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.35%

0.35%

0.35%

0.35%

0.35%

Net

Investment

Income

(Loss)

1.97%

1.55%

1.67%

1.65%

1.57%

Gross

Expenses(c)

0.40%

0.39%

0.40%

0.42%

0.59%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$251,999

$277,909

$344,154

$235,277

$16,450

Portfolio

Turnover(d)

54%

43%

41%

74%

62%

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

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.

(c)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d)

Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

II

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

208

See

notes

to

financial

statements.

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

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

$36.75

$38.15

$30.73

$30.87

$27.58

Investment

Activities:

Net

investment

income

(loss)(a)

0.76

0.66

0.62

0.70

0.73

Net

realized

and

unrealized

gains

(losses)

4.01

(1.39)

7.43

(0.14)

3.20

Total

from

Investment

Activities

4.77

(0.73)

8.05

0.56

3.93

Distributions

to

Shareholders

from:

Net

investment

income

(0.78)

(0.67)

(0.63)

(0.70)

(0.64)

Total

Distributions

(0.78)

(0.67)

(0.63)

(0.70)

(0.64)

Net

Asset

Value,

End

of

Period

$40.74

$36.75

$38.15

$30.73

$30.87

Total

Return(b)

13.15%

(2.04)%

26.47%

1.82%

14.47%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.35%

0.35%

0.35%

0.35%

0.35%

Net

Investment

Income

(Loss)

1.98%

1.66%

1.80%

2.23%

2.50%

Gross

Expenses(c)

0.42%

0.41%

0.41%

0.42%

0.48%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$124,246

$119,441

$164,065

$155,182

$43,213

Portfolio

Turnover(d)

73%

63%

56%

69%

34%

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

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.

(c)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d)

Excludes

impact

of

in-kind

transactions.

209

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

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

$64.36

$71.28

$51.88

$48.89

$49.30

Investment

Activities:

Net

investment

income

(loss)(a)

1.29

0.87

0.70

0.60

0.73

Net

realized

and

unrealized

gains

(losses)

(1.29)

(6.95)

19.32

3.04

(0.42)

Total

from

Investment

Activities

—(b)

(6.08)

20.02

3.64

0.31

Distributions

to

Shareholders

from:

Net

investment

income

(1.26)

(0.84)

(0.62)

(0.65)

(0.72)

Net

realized

gains

(1.41)

—

—

—

—

Total

Distributions

(2.67)

(0.84)

(0.62)

(0.65)

(0.72)

Net

Asset

Value,

End

of

Period

$61.69

$64.36

$71.28

$51.88

$48.89

Total

Return(c)

(0.12)%

(8.67)%

38.78%

7.49%

0.69%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

0.35%

0.35%

0.35%

0.35%

0.35%

Net

Investment

Income

(Loss)

2.00%

1.20%

1.13%

1.20%

1.51%

Gross

Expenses(d)

0.39%

0.38%

0.39%

0.40%

0.40%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$669,367

$891,353

$937,341

$609,613

$828,729

Portfolio

Turnover(e)

271%(f)

101%(g)

34%

56%

116%(g)

(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)

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)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e)

Excludes

impact

of

in-kind

transactions.

(f)

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.

(g)

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

210

See

notes

to

financial

statements.

VictoryShares

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

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

$66.11

$64.57

$46.58

$45.54

$46.29

Investment

Activities:

Net

investment

income

(loss)(a)

2.18

2.14

1.56

1.39

1.46

Net

realized

and

unrealized

gains

(losses)

(8.47)

1.42(b)

17.87

1.09

(0.80)

Total

from

Investment

Activities

(6.29)

3.56

19.43

2.48

0.66

Distributions

to

Shareholders

from:

Net

investment

income

(2.18)

(2.02)

(1.44)

(1.44)

(1.41)

Total

Distributions

(2.18)

(2.02)

(1.44)

(1.44)

(1.41)

Net

Asset

Value,

End

of

Period

$57.64

$66.11

$64.57

$46.58

$45.54

Total

Return(c)

(9.69)%

5.49%

42.31%

5.49%

1.52%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

0.35%

0.35%

0.35%

0.35%

0.35%

Net

Investment

Income

(Loss)

3.47%

3.13%

2.80%

3.02%

3.22%

Gross

Expenses(d)

0.38%

0.39%

0.40%

0.40%

0.40%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,585,204

$1,907,396

$916,846

$565,892

$696,814

Portfolio

Turnover(e)

333%(f)

41%

65%(g)

116%

143%(h)

(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)

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)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e)

Excludes

impact

of

in-kind

transactions.

(f)

Portfolio

turnover

increased

significantly

due

to

tactical

rebalances.

(g)

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.

(h)

Portfolio

turnover

increased

significantly

due

to

changes

in

the

volume

and

timing

of

purchases

and

sales

of

portfolio

holdings

during

the

year.

211

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

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

$55.06

$60.55

$39.16

$37.80

$47.41

Investment

Activities:

Net

investment

income

(loss)(a)

1.26

0.69

0.62

0.44

0.64

Net

realized

and

unrealized

gains

(losses)

(3.10)

(5.48)

21.38

1.42

(9.61)

Total

from

Investment

Activities

(1.84)

(4.79)

22.00

1.86

(8.97)

Distributions

to

Shareholders

from:

Net

investment

income

(1.15)

(0.70)

(0.61)

(0.50)

(0.64)

Total

Distributions

(1.15)

(0.70)

(0.61)

(0.50)

(0.64)

Net

Asset

Value,

End

of

Period

$52.08

$55.06

$60.55

$39.16

$37.80

Total

Return(b)

(3.37)%

(8.00)%

56.47%

5.00%

(19.04)%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.35%

0.35%

0.35%

0.35%

0.35%

Net

Investment

Income

(Loss)

2.32%

1.15%

1.22%

1.19%

1.48%

Gross

Expenses(c)

0.44%

0.45%

0.46%

0.47%

0.42%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$78,120

$71,578

$63,572

$37,203

$92,614

Portfolio

Turnover(d)

429%(e)

64%

70%(f)

232%

398%(g)

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

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.

(c)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d)

Excludes

impact

of

in-kind

transactions.

(e)

Portfolio

turnover

increased

significantly

due

to

tactical

rebalances.

(f)

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.

(g)

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

212

See

notes

to

financial

statements.

VictoryShares

Developed

Enhanced

Volatility

Wtd

ETF

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

$29.46

$34.19

$26.92

$32.10

$33.79

Investment

Activities:

Net

investment

income

(loss)(a)

0.91

0.72

0.66

0.52

0.85

Net

realized

and

unrealized

gains

(losses)

1.27

(4.45)

7.26

(5.14)

(1.59)

Total

from

Investment

Activities

2.18

(3.73)

7.92

(4.62)

(0.74)

Distributions

to

Shareholders

from:

Net

investment

income

(0.74)

(1.00)

(0.65)

(0.56)

(0.95)

Total

Distributions

(0.74)

(1.00)

(0.65)

(0.56)

(0.95)

Net

Asset

Value,

End

of

Period

$30.89

$29.46

$34.19

$26.92

$32.10

Total

Return(b)

7.43%

(11.20)%

29.63%

(14.55)%

(2.16)%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.45%

0.45%

0.45%

0.45%

0.45%

Net

Investment

Income

(Loss)

2.96%

2.17%

2.16%

1.69%

2.63%

Gross

Expenses(c)

0.91%

0.81%

0.88%

0.65%

0.56%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$47,886

$35,349

$42,742

$48,455

$110,746

Portfolio

Turnover(d)

320%(e)

37%

55%

33%

154%(f)

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

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.

(c)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d)

Excludes

impact

of

in-kind

transactions.

(e)

Portfolio

turnover

increased

significantly

due

to

tactical

rebalances.

(f)

Portfolio

turnover

increased

significantly

due

to

changes

in

the

volume

and

timing

of

purchases

and

sales

of

portfolio

holdings

during

the

year.

213

Victory

Portfolios

II

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

See

notes

to

financial

statements.

VictoryShares

Nasdaq

Next

50

ETF

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

September

10,

2020(a)

through

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$23.12

$34.33

$25.45

Investment

Activities:

Net

investment

income

(loss)(b)

0.18

0.12

0.12

Net

realized

and

unrealized

gains

(losses)

3.16

(11.20)

8.85

Total

from

Investment

Activities

3.34

(11.08)

8.97

Distributions

to

Shareholders

from:

Net

investment

income

(0.23)

(0.13)

(0.09)

Total

Distributions

(0.23)

(0.13)

(0.09)

Net

Asset

Value,

End

of

Period

$26.23

$23.12

$34.33

Total

Return(c)(d)

14.48%

(32.34)%

35.26%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.18%

0.18%

0.18%

Net

Investment

Income

(Loss)(e)

0.74%

0.40%

0.46%

Gross

Expenses(e)(f)

0.29%

0.31%

0.30%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$97,693

$95,364

$148,467

Portfolio

Turnover(c)(g)

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

214

See

notes

to

financial

statements.

VictoryShares

Core

Plus

Intermediate

Bond

ETF

Year

Ended

June

30,

2023

October

5,

2021(a)

through

June

30,

2022

Net

Asset

Value,

Beginning

of

Period

$21.92

$25.00

Investment

Activities:

Net

investment

income

(loss)(b)

0.87

0.38

Net

realized

and

unrealized

gains

(losses)

(0.49)

(3.17)

Total

from

Investment

Activities

0.38

(2.79)

Distributions

to

Shareholders

from:

Net

investment

income

(0.86)

(0.29)

Total

Distributions

(0.86)

(0.29)

Net

Asset

Value,

End

of

Period

$21.44

$21.92

Total

Return(c)(d)

1.77%

(11.20)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.40%

0.40%

Net

Investment

Income

(Loss)(e)

4.04%

2.20%

Gross

Expenses(e)(f)

0.45%

0.50%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$213,844

$213,729

Portfolio

Turnover(c)(g)

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.

215

Victory

Portfolios

II

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

See

notes

to

financial

statements.

VictoryShares

Corporate

Bond

ETF

Year

Ended

June

30,

2023

October

5,

2021(a)

through

June

30,

2022

Net

Asset

Value,

Beginning

of

Period

$20.86

$25.00

Investment

Activities:

Net

investment

income

(loss)(b)

0.67

0.37

Net

realized

and

unrealized

gains

(losses)

(0.30)

(4.19)

Total

from

Investment

Activities

0.37

(3.82)

Distributions

to

Shareholders

from:

Net

investment

income

(0.65)

(0.32)

Total

Distributions

(0.65)

(0.32)

Net

Asset

Value,

End

of

Period

$20.58

$20.86

Total

Return(c)(d)

1.85%

(15.37)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.40%(g)

0.40%

Net

Investment

Income

(Loss)(e)

3.26%

2.17%

Gross

Expenses(e)(f)

0.46%

0.53%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$105,486

$104,323

Portfolio

Turnover(c)(h)

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

216

See

notes

to

financial

statements.

VictoryShares

THB

Mid

Cap

ESG

ETF

Year

Ended

June

30,

2023

October

4,

2021(a)

through

June

30,

2022

Net

Asset

Value,

Beginning

of

Period

$20.54

$23.74

Investment

Activities:

Net

investment

income

(loss)(b)

0.04

0.01

Net

realized

and

unrealized

gains

(losses)

4.30

(3.13)

Total

from

Investment

Activities

4.34

(3.12)

Distributions

to

Shareholders

from:

Net

investment

income

—

(0.08)

Total

Distributions

—

(0.08)

Net

Asset

Value,

End

of

Period

$24.87

$20.54

Total

Return(c)(d)

21.12%

(13.23)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.55%

0.55%

Net

Investment

Income

(Loss)(e)

0.16%

0.06%

Gross

Expenses(e)(f)

2.41%

2.49%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,487

$2,054

Portfolio

Turnover(c)(g)

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.

217

Victory

Portfolios

II

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

See

notes

to

financial

statements.

VictoryShares

WestEnd

U.S.

Sector

ETF

October

12,

2022(a)

through

June

30,

2023

Net

Asset

Value,

Beginning

of

Period

$25.00

Investment

Activities:

Net

investment

income

(loss)(b)

0.28

Net

realized

and

unrealized

gains

(losses)

5.96

Total

from

Investment

Activities

6.24

Distributions

to

Shareholders

from:

Net

investment

income

(0.24)

Total

Distributions

(0.24)

Net

Asset

Value,

End

of

Period

$31.00

Total

Return(c)(d)

25.10%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.42%

Net

Investment

Income

(Loss)(e)

1.39%

Gross

Expenses(e)(f)

0.67%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$181,334

Portfolio

Turnover(c)(g)

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

218

See

notes

to

financial

statements.

VictoryShares

Free

Cash

Flow

ETF

June

22,

2023(a)

through

June

30,

2023

Net

Asset

Value,

Beginning

of

Period

$25.00

Investment

Activities:

Net

investment

income

(loss)(b)

0.01

Net

realized

and

unrealized

gains

(losses)

0.39

Total

from

Investment

Activities

0.40

Net

Asset

Value,

End

of

Period

$25.40

Total

Return(c)(d)

1.59%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.35%(g)

Net

Investment

Income

(Loss)(e)

2.30%

Gross

Expenses(e)(f)

2.27%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$44,700

Portfolio

Turnover(c)(h)

—%

(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.

Notes

to

Financial

Statements

June

30,

2023

Victory

Portfolios

II

219

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 18

Funds

(collectively,

the

“Funds”

and

individually,

a

“Fund”).

Each

Fund

is

classified

as

diversified

under

the

1940

Act.

*

Commenced

operations

October

12,

2022.

^

Effective

December

16,

2022,

the

Board

of

Trustees

of

the

Trust

(the

“Board”)

has

approved

changes

to

the

investment

strategy

of

the

WestEnd

U.S.

Sector

ETF.

While

the

Fund’s

principal

investment

strategy

of

investing

in

one

or

more

GICS

®

Sectors

(as

defined

in

the

Fund’s

prospectus)

will

not

change,

the

Fund

will

implement

its

GICS

®

Sectors

exposure

strategy

by

investing

directly

in

equity

securities

rather

than

investing

only

in

Exchange-Traded

Funds

(“ETFs”).

**

Commenced

operations

June

22,

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

(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

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

(formerly

VictorShares

ESG

Core

Plus

Bond

ETF)

Core

Plus

Intermediate

Bond

ETF

VictoryShares

Corporate

Bond

ETF

(formerly

VictoryShares

ESG

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**

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

220

least 105%

of

the

market

value

of

the

missing

Deposit

Securities.

In

each

instance

of

such

cash

creations

or

redemptions,

transaction

fees

may

be

imposed

and

may

be

higher

than

the

transaction

fees

associated

with

in-kind

creations

or

redemptions.

Shares

of

each

Fund

have

equal

rights

and

privileges.

A

purchase

(i.e.,

creation)

transaction

fee

is

imposed

for

the

transfer

and

other

transactional

costs

associated

with

the

purchase

of

Creation

Units.

In

addition,

a

variable

fee

may

be

charged

on

all

cash

transactions

or

substitutes

for

Creation

Units.

Variable

fees

received

by

each

Fund

are

displayed

in

the

Capital

Transactions

section

of

the

Statements

of

Changes

in

Net

Assets

as

an

increase

to

Capital.

The

transaction

fees

for

each

Fund

are

listed

below:

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

risk

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

closing

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

last

available

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

the

last

sale

price

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%

*  

As

a

percentage

of

the

amount

invested

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

221

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

2

or

Level

3

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

the

Fund’s

NAV to

be

more

reliable

than

it

otherwise

would

be.

A

summary

of

the

valuations

as

of

June

30,

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

............................

$

545,461,114

$

—

$

—

$

545,461,114

Collateral

for

Securities

Loaned

................

598,796

—

—

598,796

Total

....................................

$

546,059,910

$

—

$

—

$

546,059,910

Other

Financial

Investments:*

Assets:

Futures

Contracts

...........................

58,421

—

—

58,421

Total

....................................

$

58,421

$

—

$

—

$

58,421

US

Small

Cap

Volatility

Wtd

ETF

Common

Stocks

............................

27,134,950

—

—

27,134,950

Collateral

for

Securities

Loaned

................

292,756

—

—

292,756

Total

....................................

$

27,427,706

$

—

$

—

$

27,427,706

Other

Financial

Investments:*

Assets:

Futures

Contracts

...........................

846

—

—

846

Total

....................................

$

846

$

—

$

—

$

846

International

Volatility

Wtd

ETF

Common

Stocks

............................

87,023,954

—

17,500

87,041,454

Collateral

for

Securities

Loaned

................

3,204,024

—

—

3,204,024

Total

....................................

$

90,227,978

$

—

$

17,500

$

90,245,478

Other

Financial

Investments:*

Assets:

Futures

Contracts

...........................

5,671

—

—

5,671

Total

....................................

$

5,671

$

—

$

—

$

5,671

US

Large

Cap

High

Div

Volatility

Wtd

ETF

Common

Stocks

............................

358,264,487

—

—

358,264,487

Total

....................................

$

358,264,487

$

—

$

—

$

358,264,487

Other

Financial

Investments:*

Assets:

Futures

Contracts

...........................

62,645

—

—

62,645

Total

....................................

$

62,645

$

—

$

—

$

62,645

US

Small

Cap

High

Div

Volatility

Wtd

ETF

Common

Stocks

............................

381,812,031

—

—

381,812,031

Collateral

for

Securities

Loaned

................

15,478,520

—

—

15,478,520

Total

....................................

$

397,290,551

$

—

$

—

$

397,290,551

Other

Financial

Investments:*

Assets:

Futures

Contracts

...........................

21,867

—

—

21,867

Total

....................................

$

21,867

$

—

$

—

$

21,867

International

High

Div

Volatility

Wtd

ETF

Common

Stocks

............................

16,632,833

—

11,978

16,644,811

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

222

Level

1

Level

2

Level

3

Total

International

High

Div

Volatility

Wtd

ETF,

continued

Collateral

for

Securities

Loaned

................

$

960,364

$

—

$

—

$

960,364

Total

....................................

$

17,593,197

$

—

$

11,978

$

17,605,175

Other

Financial

Investments:*

Assets:

Futures

Contracts

...........................

962

—

—

962

Total

....................................

$

962

$

—

$

—

$

962

Dividend

Accelerator

ETF

Common

Stocks

............................

250,707,552

—

—

250,707,552

Total

....................................

$

250,707,552

$

—

$

—

$

250,707,552

Other

Financial

Investments:*

Assets:

Futures

Contracts

...........................

19,331

—

—

19,331

Total

....................................

$

19,331

$

—

$

—

$

19,331

US

Multi-Factor

Minimum

Volatility

ETF

Common

Stocks

............................

123,515,111

—

—

123,515,111

Total

....................................

$

123,515,111

$

—

$

—

$

123,515,111

Other

Financial

Investments:*

Assets:

Futures

Contracts

...........................

15,860

—

—

15,860

Total

....................................

$

15,860

$

—

$

—

$

15,860

US

500

Enhanced

Volatility

Wtd

ETF

Common

Stocks

............................

173,234,351

—

—

173,234,351

Investment

Companies

.......................

493,473,376

—

—

493,473,376

Collateral

for

Securities

Loaned

................

136,828

—

—

136,828

Total

....................................

$

666,844,555

$

—

$

—

$

666,844,555

Other

Financial

Investments:*

Assets:

Futures

Contracts

...........................

55,638

—

—

55,638

Total

....................................

$

55,638

$

—

$

—

$

55,638

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

Common

Stocks

............................

399,570,203

—

—

399,570,203

Investment

Companies

.......................

1,178,505,592

—

—

1,178,505,592

Collateral

for

Securities

Loaned

................

273,748

—

—

273,748

Total

....................................

$

1,578,349,543

$

—

$

—

$

1,578,349,543

Other

Financial

Investments:*

Assets:

Futures

Contracts

...........................

229,523

—

—

229,523

Total

....................................

$

229,523

$

—

$

—

$

229,523

US

Discovery

Enhanced

Volatility

Wtd

ETF

Common

Stocks

............................

19,398,722

—

—

19,398,722

Investment

Companies

.......................

58,397,857

—

—

58,397,857

Collateral

for

Securities

Loaned

................

119,168

—

—

119,168

Total

....................................

$

77,915,747

$

—

$

—

$

77,915,747

Other

Financial

Investments:*

Assets:

Futures

Contracts

...........................

1,692

—

—

1,692

Total

....................................

$

1,692

$

—

$

—

$

1,692

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

223

Level

1

Level

2

Level

3

Total

Developed

Enhanced

Volatility

Wtd

ETF

Common

Stocks

............................

$

11,942,187

$

—

$

6,916

$

11,949,103

Investment

Companies

.......................

35,639,957

—

—

35,639,957

Collateral

for

Securities

Loaned

................

272,468

—

—

272,468

Total

....................................

$

47,854,612

$

—

$

6,916

$

47,861,528

Other

Financial

Investments:*

Assets:

Futures

Contracts

...........................

1,712

—

—

1,712

Total

....................................

$

1,712

$

—

$

—

$

1,712

Nasdaq

Next

50

ETF

Common

Stocks

............................

97,410,690

—

8,697

97,419,387

Total

....................................

$

97,410,690

$

—

$

8,697

$

97,419,387

Other

Financial

Investments:*

Assets:

Futures

Contracts

...........................

11,963

—

—

11,963

Total

....................................

$

11,963

$

—

$

—

$

11,963

Core

Plus

Intermediate

Bond

ETF

Asset-Backed

Securities

......................

—

47,300,504

—

47,300,504

Collateralized

Loan

Obligations

................

—

10,091,566

—

10,091,566

Collateralized

Mortgage

Obligations

.............

—

27,577,106

—

27,577,106

Senior

Secured

Loans

........................

—

4,453,196

—

4,453,196

Corporate

Bonds

...........................

—

53,283,035

—

53,283,035

Yankee

Dollars

............................

—

10,572,596

—

10,572,596

Municipal

Bonds

...........................

—

989,263

—

989,263

U.S.

Government

Agency

Mortgages

.............

—

12,943,149

—

12,943,149

U.S.

Treasury

Obligations

.....................

—

44,748,799

—

44,748,799

Total

....................................

$

—

$

211,959,214

$

—

$

211,959,214

Other

Financial

Investments:*

Liabilities:

Futures

Contracts

...........................

(193,456)

—

—

(193,456)

Total

....................................

$

(193,456)

$

—

$

—

$

(193,456)

Corporate

Bond

ETF

Corporate

Bonds

...........................

—

83,375,054

—

83,375,054

Yankee

Dollars

............................

—

18,023,293

—

18,023,293

U.S.

Treasury

Obligations

.....................

—

1,175,537

—

1,175,537

Commercial

Papers

.........................

—

2,197,728

—

2,197,728

Total

....................................

$

—

$

104,771,612

$

—

$

104,771,612

THB

Mid

Cap

ESG

ETF

Common

Stocks

............................

2,451,540

—

—

2,451,540

Total

....................................

$

2,451,540

$

—

$

—

$

2,451,540

WestEnd

U.S.

Sector

ETF

Common

Stocks

............................

180,884,714

—

—

180,884,714

Rights

...................................

—

—

543

543

Total

....................................

$

180,884,714

$

—

$

543

$

180,885,257

Other

Financial

Investments:*

Assets:

Futures

Contracts

...........................

32,691

—

—

32,691

Total

....................................

$

32,691

$

—

$

—

$

32,69

1

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

224

As

of June

30,

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

a

month

or

more

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

Fund

until

the

transaction

settles

and

payment

takes

place.

If

the

Funds

owns

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.

Payment

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.

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.

Level

1

Level

2

Level

3

Total

Free

Cash

Flow

ETF

Common

Stocks

............................

$

44,658,881

$

—

$

—

$

44,658,881

Total

....................................

$

44,658,881

$

—

$

—

$

44,658,881

*

Futures

Contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

225

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

a

Fund

to

purchase

or

sell

a

specific

currency

at

a

future

date

at

a

price

(in

U.S.

dollars)

set

at

the

time

of

the

contract.

The

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 June

30,

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

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

year June

30,

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

June

30,

2023:

Assets

Liabilities

Variation

Margin

Receivable

on

Open

Futures

Contracts*

Variation

Margin

Payable

on

Open

Futures

Contracts*

Equity

Risk

Exposure:

518,822

–

US

500

Volatility

Wtd

ETF

...............................................................

$

58,421

$

–

US

Small

Cap

Volatility

Wtd

ETF

..........................................................

846

–

International

Volatility

Wtd

ETF

...........................................................

5,671

–

US

Large

Cap

High

Div

Volatility

Wtd

ETF

...................................................

62,645

–

US

Small

Cap

High

Div

Volatility

Wtd

ETF

...................................................

21,867

–

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

226

The

following

table

presents the

effect

of

derivative

instruments

on

the

Statements

of

Operations,

categorized

by

risk

exposure,

for

the year

ended

June

30,

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

year end

is

generally

representative

of

the

notional

amount

of

open

positions

to

net

assets

throughout

the

year.

Assets

Liabilities

Variation

Margin

Receivable

on

Open

Futures

Contracts*

Variation

Margin

Payable

on

Open

Futures

Contracts*

International

High

Div

Volatility

Wtd

ETF

....................................................

$

962

$

–

Dividend

Accelerator

ETF

...............................................................

19,331

–

US

Multi-Factor

Minimum

Volatility

ETF

....................................................

15,860

–

US

500

Enhanced

Volatility

Wtd

ETF

.......................................................

55,638

–

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

..................................................

229,523

–

US

Discovery

Enhanced

Volatility

Wtd

ETF

...................................................

1,692

–

Developed

Enhanced

Volatility

Wtd

ETF

.....................................................

1,712

–

Nasdaq

Next

50

ETF

...................................................................

11,963

–

WestEnd

U.S.

Sector

ETF

................................................................

32,691

–

Interest

Rate

Risk

Exposure:

–

(193,456)

Core

Plus

Intermediate

Bond

ETF

..........................................................

–

193,456

*

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)

on

Derivatives

Recognized

as

a

Result

from

Operations

Net

Change

in

Unrealized

Appreciation/

Depreciation

on

Derivatives

Recognized

as

a

Result

of

Operations

Net

Realized

Gains

(Losses)

from

Futures

Contracts

Net

Change

in

Unrealized

Appreciation/

Depreciation

on

Futures

Contracts

Equity

Risk

Exposure:

1480184.00

1371844.00

US

500

Volatility

Wtd

ETF

...........................................................

$

60,136

$

146,743

US

Small

Cap

Volatility

Wtd

ETF

......................................................

(6,469)

(1,820)

International

Volatility

Wtd

ETF

.......................................................

22,393

9,511

US

Large

Cap

High

Div

Volatility

Wtd

ETF

...............................................

144,319

133,844

US

Small

Cap

High

Div

Volatility

Wtd

ETF

...............................................

(130,153)

106,630

International

High

Div

Volatility

Wtd

ETF

................................................

9,825

1,176

Dividend

Accelerator

ETF

...........................................................

64,484

27,070

US

Multi-Factor

Minimum

Volatility

ETF

................................................

22,201

29,838

US

500

Enhanced

Volatility

Wtd

ETF

...................................................

469,110

234,154

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

..............................................

723,513

617,797

US

Discovery

Enhanced

Volatility

Wtd

ETF

...............................................

295

21,598

Developed

Enhanced

Volatility

Wtd

ETF

.................................................

11,402

8,330

Nasdaq

Next

50

ETF

...............................................................

51,602

4,282

WestEnd

U.S.

Sector

ETF

............................................................

37,526

32,691

Interest

Rate

Risk

Exposure:

(160915.00)

(272776.00)

Core

Plus

Intermediate

Bond

ETF

......................................................

(160,915)

(272,776)

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

227

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

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

June

30,

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.

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

US

500

Volatility

Wtd

ETF

..........................................

$

578,425

$

—

$

598,796

US

Small

Cap

Volatility

Wtd

ETF

.....................................

285,015

—

292,756

International

Volatility

Wtd

ETF

......................................

3,069,834

—

3,204,024

US

Small

Cap

High

Div

Volatility

Wtd

ETF

..............................

14,853,926

—

15,478,520

International

High

Div

Volatility

Wtd

ETF

...............................

919,718

—

960,364

US

500

Enhanced

Volatility

Wtd

ETF

..................................

131,935

—

136,828

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

.............................

260,526

—

273,748

US

Discovery

Enhanced

Volatility

Wtd

ETF

..............................

115,464

—

119,168

Developed

Enhanced

Volatility

Wtd

ETF

................................

260,613

—

272,468

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

228

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

year

ended

June

30,

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 the

Fund

are

charged

to the

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

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

year

ended

June

30,

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.

The

fund-of-funds

do

not

invest

in

the

underlying

funds

for

the

purpose

of

exercising

management

or control;

however,

investments

by

a

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

Excluding

U.S.

Government

Securities

and

In-Kind

Transactions

Associated

with

In-Kind

Transactions

Purchases

Sales

Purchases

Sales

US

500

Volatility

Wtd

ETF

..................................

$

134,083,708

$

134,245,667

$

33,528,586

$

74,079,969

US

Small

Cap

Volatility

Wtd

ETF

.............................

16,763,438

16,771,639

3,177,871

—

International

Volatility

Wtd

ETF

..............................

25,769,448

26,324,717

—

12,637,733

US

Large

Cap

High

Div

Volatility

Wtd

ETF

......................

161,367,326

160,151,534

211,199,662

122,311,790

US

Small

Cap

High

Div

Volatility

Wtd

ETF

......................

288,684,350

288,220,724

148,846,330

26,042,374

International

High

Div

Volatility

Wtd

ETF

.......................

11,279,082

11,508,223

—

—

Dividend

Accelerator

ETF

..................................

131,478,109

129,821,873

126,921,654

176,146,570

US

Multi-Factor

Minimum

Volatility

ETF

.......................

88,572,952

88,831,104

1,770,923

9,723,677

US

500

Enhanced

Volatility

Wtd

ETF

..........................

1,390,114,009

1,991,593,642

12,207,664

108,191,803

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

.....................

4,870,700,750

6,038,690,976

660,705,340

710,827,453

US

Discovery

Enhanced

Volatility

Wtd

ETF

......................

173,117,892

169,700,053

9,330,607

4,623,617

Developed

Enhanced

Volatility

Wtd

ETF

........................

72,226,536

75,486,548

5,661,955

378,950

Nasdaq

Next

50

ETF

......................................

61,631,615

61,942,208

1,855,028

11,600,446

THB

Mid

Cap

ESG

ETF

....................................

444,838

479,564

—

—

WestEnd

U.S.

Sector

ETF

...................................

66,397,050

64,025,652

297,558,951

147,675,214

Free

Cash

Flow

ETF

......................................

—

—

44,030,686

—

Excluding

U.S.

Government

Securities

U.S.

Government

Securities

Purchases

Sales

Purchases

Sales

Core

Plus

Intermediate

Bond

ETF

.......................

$

81,871,229

$

92,154,032

$

50,176,061

$

35,144,849

Corporate

Bond

ETF

................................

26,552,463

26,030,844

1,926,729

746,367

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

229

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

June

30,

2023,

certain

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.

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

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.4

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

4.6

Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

8.7

Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

14.0

Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

10.2

Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.4

Nasdaq

Next

50

ETF

Ownership

%

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

4.0

Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

18.7

Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

31.2

Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

21.3

Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

3.0

Core

Plus

Intermediate

Bond

ETF

Ownership

%

Victory

Cornerstone

Moderately

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

6.9

Victory

Cornerstone

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

3.0

Victory

Cornerstone

Moderate

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

32.9

Victory

Cornerstone

Moderately

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

56.8

Corporate

Bond

ETF

Ownership

%

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

37.1

Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

34.5

Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

17.0

Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

10.0

Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.3

WestEnd

U.S.

Sector

ETF

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.0

Victory

Cornerstone

Equity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

8.1

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

5.7

Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

19.7

Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

33.0

Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

23.6

Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

3.6

Free

Cash

Flow

ETF

Ownership

%

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

7.8

Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

17.4

Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

22.8

Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

16.5

Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

3.9

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

230

Amounts

incurred

and

paid

to

VCM

for

the

year ended

June

30,

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

Fund

Administration,

Servicing

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

year

ended

June

30,

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 year

ended

June

30,

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 year

ended

June

30,

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 year

ended

June

30,

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

a

Fund

in

any

fiscal

year

exceed

the

expense

limit

for

such

classes

of the

Fund.

Such

excess

amounts

will

be

the

liability

of

the

Adviser.

Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business

are

excluded

from

the

expense

limits.

As

of

June

30,

2023,

the

expense

limits

(excluding

voluntary

waivers) are

as

follows:

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%

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

June

30,

2023

Victory

Portfolios

II

231

(a)

In

effect

from

December

16,

2022,

until

at

least

October

31,

2024.

(b)

In

effect until

at

least

October

31,

2024.

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

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

June

30,

2023.

As

of June

30,

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 year ended

June

30,

2023,

the

Adviser

voluntarily

waived

the

following

amounts:

In

Effect

Until

October

31,

2023

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%(a)

Free

Cash

Flow

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.39%(b)

Expires

2024

Expires

2025

Expires

2026

Total

US

500

Volatility

Wtd

ETF

..............................................

$

66,415

$

15,251

$

42,444

$

124,110

US

Small

Cap

Volatility

Wtd

ETF

.........................................

35,421

49,801

49,222

134,444

International

Volatility

Wtd

ETF

..........................................

150,668

111,915

133,661

396,244

US

Large

Cap

High

Div

Volatility

Wtd

ETF

..................................

47,070

45,449

45,307

137,826

US

Small

Cap

High

Div

Volatility

Wtd

ETF

..................................

47,951

51,444

50,332

149,727

International

High

Div

Volatility

Wtd

ETF

...................................

65,624

70,418

75,175

211,217

Dividend

Accelerator

ETF

..............................................

46,360

25,944

47,541

119,845

US

Multi-Factor

Minimum

Volatility

ETF

...................................

40,209

40,631

44,634

125,474

US

500

Enhanced

Volatility

Wtd

ETF

......................................

77,028

3,538

28,114

108,680

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

.................................

89,656

79,459

25,530

194,645

US

Discovery

Enhanced

Volatility

Wtd

ETF

..................................

38,554

50,302

50,780

139,636

Developed

Enhanced

Volatility

Wtd

ETF

....................................

172,550

129,939

186,048

488,537

Nasdaq

Next

50

ETF

..................................................

74,147

134,640

71,325

280,112

Core

Plus

Intermediate

Bond

ETF

.........................................

—

93,356

37,130

130,486

Corporate

Bond

ETF

..................................................

—

78,541

26,128

104,669

THB

Mid

Cap

ESG

ETF

................................................

—

33,895

41,285

75,180

WestEnd

U.S.

Sector

ETF

...............................................

—

—

211,923

211,923

Free

Cash

Flow

ETF

..................................................

—

—

6,843

6,843

US

500

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

$

185,454

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

232

*

This

amount

includes

$19,126

in

expenses

that

the

Adviser

has

reimbursed

related

to

this

Fund’s

principal

investment

strategy

change

effec-

tive

December

16,

2022.

The

Funds

have

adopted

a

Deferred

Compensation

Agreement

(the

“Agreement”)

for

their

Trustees

and

any

Advisory

Trustees

who

receive

compensation

from

the

Funds.

Under

the

terms

of

the

Agreement,

a

Trustee

or

Advisory

Trustee

may

elect

to

defer

all

or

a

portion

of

their

compensation.

Amounts

deferred

may

be

allocated

to

investment

options

that

are

specified

in

the

Agreement

as

selected

by

the

Trustee

or

Advisory

Trustee,

including

certain

Victory

Funds,

in

which

their

deferred

accounts

are

deemed

invested.

Deferred

compensation

liability

under

the

Agreement

constitutes

a

general

unsecured

obligation

for

an

applicable

Victory

Fund.

For

the

year ended June

30,

2023,

no

material

amounts

have

been

deferred,

and,

therefore,

have

not

been

included

in

the

Funds’

Statements

of

Assets

and

Liabilities.

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

—

 Core

Plus

Intermediate

Bond

ETF

and

Corporate

Bond

ETF

funds

(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

and

Developed

Enhanced

Volatility

Wtd

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

US

Small

Cap

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

8,174

International

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

28,804

US

Large

Cap

High

Div

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

114,409

US

Small

Cap

High

Div

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

116,779

International

High

Div

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

5,329

Dividend

Accelerator

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

78,387

US

Multi-Factor

Minimum

Volatility

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

40,147

US

500

Enhanced

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

268,890

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

646,310

US

Discovery

Enhanced

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

27,274

Developed

Enhanced

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

14,439

Nasdaq

Next

50

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

32,104

Core

Plus

Intermediate

Bond

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

70,303

Corporate

Bond

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

34,158

THB

Mid

Cap

ESG

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

740

WestEnd

U.S.

Sector

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

53,511*

Free

Cash

Flow

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

82

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

233

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

discontinuation

of

London

Interbank

Offered

Rate

(“LIBOR”)

may

adversely

affect

the

financial

markets

generally

and

the

Funds’

operations,

finances

and

investments

specifically.

LIBOR

has

been

the

principal

floating

rate

benchmark

in

the

financial

markets,

and

a

large

portion

of

the

Funds’

assets

were

tied

to

LIBOR.

However,

LIBOR

was

discontinued

as

a

floating

rate

benchmark

after

June

30,

2023.

Then-existing

LIBOR

obligations

have

been

transitioned

or

will

transition

to

another

benchmark,

depending

on

the

LIBOR

currency

and

tenor.

For

some

existing

LIBOR-based

obligations,

the

contractual

consequences

of

the

discontinuation

of

LIBOR

may

not

be

clear.

Non-LIBOR

floating

rate

obligations,

including

obligations

based

on

the

Secured

Overnight

Financing

Rate

(“SOFR”),

may

have

returns

and

values

that

fluctuate

more

than

those

of

floating

rate

debt

obligations

that

are

based

on

LIBOR

or

other

rates.

Also,

because

SOFR

and

some

alternative

floating

rates

are

relatively

new

market

indexes,

markets

for

certain

non-LIBOR

obligations

may

never

develop

or

may

not

be

liquid.

Market

terms

for

non-LIBOR

floating

rate

obligations,

such

as

the

spread

over

the

index

reflected

in

interest

rate

provisions,

may

evolve

over

time,

and

prices

of

non-LIBOR

floating

rate

obligations

may

be

different

depending

on

when

they

are

issued

and

changing

views

about

correct

spread

levels.

Various

SOFR-based

rates,

including

SOFR-based

term

rates,

and

various

non-SOFR-based

rates

have

developed

in

response

to

the

discontinuation

of

U.S.

dollar

LIBOR,

which

may

create

various

risks

for

the

Funds

and

the

financial

markets

more

generally.

There

are

non-

LIBOR

forward-looking

floating

rates

that

are

not

based

on

SOFR

and

that

may

be

considered

by

participants

in

the

financial

markets

as

LIBOR

alternatives.

Unlike

forward-looking

SOFR-based

term

rates,

such

rates

are

intended

reflect

a

bank

credit

spread

component.

It

is

not

clear

how

replacement

rates

for

LIBOR—including

SOFR-based

rates

and

non-SOFR-based

rates—will

continue

to

develop

and

to

what

extent

they

will

be

used.

There

is

no

assurance

that

these

replacement

rates

will

be

suitable

substitutes

for

LIBOR,

and

thus

the

substitution

of

such

rates

for

LIBOR

could

have

an

adverse

effect

on

the

Funds

and

the

financial

markets

more

generally.

Concerns

about

market

depth

and

stability

could

affect

the

development

of

non-SOFR-based

term

rates,

and

such

rates

may

create

various

risks,

which

may

or

may

not

be

similar

to

the

risks

relating

to

SOFR.

Limited

History

of

Operations Risk

—

WestEnd

U.S.

Sector

ETF

and

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.

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 year

ended

June

30,

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

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

year

ended

June

30,

2023,

were

as

follows:

*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

year

ended

June

30,

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

June

30,

2023

Average

Borrowing*

Average

Interest

Rate*

Maximum

Borrowing

During

the

Period

US

Small

Cap

High

Div

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

$

—

$

2,300,000

5.85%

$

2,300,000

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

234

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

June

30,

2023,

on

the

Statements

of

Assets

and

Liabilities,

as

a

result

of

permanent

book-to-tax

differences,

reclassification

adjustments

were

as

follows:

read

The

tax

character

of

distributions

paid

during

the

tax

years

ended,

as

noted

below,

were

as

follows

(total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because,

for

tax

purposes,

dividends

are

recognized

when

actually

paid).

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

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

US

500

Enhanced

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

US

Discovery

Enhanced

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

Developed

Enhanced

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

Nasdaq

Next

50

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

Core

Plus

Intermediate

Bond

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

Corporate

Bond

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

THB

Mid

Cap

ESG

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

WestEnd

U.S.

Sector

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

Free

Cash

Flow

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

Total

Accumulated

Earnings/

(Loss)

Capital

US

500

Volatility

Wtd

ETF

..................................................

$

(18,603,119)

$

18,603,119

International

Volatility

Wtd

ETF

..............................................

(1,884,585)

1,884,585

US

Large

Cap

High

Div

Volatility

Wtd

ETF

......................................

(14,201,103)

14,201,103

US

Small

Cap

High

Div

Volatility

Wtd

ETF

......................................

(3,695,254)

3,695,254

Dividend

Accelerator

ETF

..................................................

(18,101,061)

18,101,061

US

Multi-Factor

Minimum

Volatility

ETF

.......................................

(1,501,664)

1,501,664

US

500

Enhanced

Volatility

Wtd

ETF

..........................................

(28,608,908)

28,608,908

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

.....................................

(66,503,394)

66,503,394

US

Discovery

Enhanced

Volatility

Wtd

ETF

......................................

(917,760)

917,760

Developed

Enhanced

Volatility

Wtd

ETF

........................................

(81,480)

81,480

Nasdaq

Next

50

ETF

......................................................

(704,858)

704,858

WestEnd

U.S.

Sector

ETF

...................................................

(5,065,686)

5,065,686

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

235

As

of

June

30,

2023,

the

components

of

accumulated

earnings/(loss)

on

a

tax

basis

were

as

follows:

Year

Ended

June

30,

2023

Distributions

Paid

From:

Ordinary

Income

Net

Long-

Term

Capital

Gains

Total

Distributions

Paid

US

500

Volatility

Wtd

ETF

.......................................................

$

9,175,277

$

—

$

9,175,277

US

Small

Cap

Volatility

Wtd

ETF

..................................................

367,935

—

367,935

International

Volatility

Wtd

ETF

...................................................

2,096,106

—

2,096,106

US

Large

Cap

High

Div

Volatility

Wtd

ETF

...........................................

11,863,065

—

11,863,065

US

Small

Cap

High

Div

Volatility

Wtd

ETF

...........................................

13,131,585

—

13,131,585

International

High

Div

Volatility

Wtd

ETF

............................................

931,936

—

931,936

Dividend

Accelerator

ETF

.......................................................

4,655,305

—

4,655,305

US

Multi-Factor

Minimum

Volatility

ETF

............................................

2,502,620

—

2,502,620

US

500

Enhanced

Volatility

Wtd

ETF

...............................................

16,100,063

18,459,782

34,559,845

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

..........................................

68,224,365

—

68,224,365

US

Discovery

Enhanced

Volatility

Wtd

ETF

...........................................

1,766,283

—

1,766,283

Developed

Enhanced

Volatility

Wtd

ETF

.............................................

1,092,732

—

1,092,732

Nasdaq

Next

50

ETF

...........................................................

894,257

—

894,257

Core

Plus

Intermediate

Bond

ETF

..................................................

8,523,875

—

8,523,875

Corporate

Bond

ETF

...........................................................

3,314,390

—

3,314,390

WestEnd

U.S.

Sector

ETF

........................................................

1,328,708

—

1,328,708

Year

Ended

June

30,

2022

Distributions

Paid

From:

Ordinary

Income

Total

Distributions

Paid

US

500

Volatility

Wtd

ETF

....................................................................

$

8,500,286

$

8,500,286

US

Small

Cap

Volatility

Wtd

ETF

...............................................................

334,788

334,788

International

Volatility

Wtd

ETF

................................................................

3,855,525

3,855,525

US

Large

Cap

High

Div

Volatility

Wtd

ETF

........................................................

7,496,456

7,496,456

US

Small

Cap

High

Div

Volatility

Wtd

ETF

........................................................

8,027,701

8,027,701

International

High

Div

Volatility

Wtd

ETF

.........................................................

1,097,626

1,097,626

Dividend

Accelerator

ETF

....................................................................

5,149,858

5,149,858

US

Multi-Factor

Minimum

Volatility

ETF

.........................................................

2,679,211

2,679,211

US

500

Enhanced

Volatility

Wtd

ETF

............................................................

11,440,022

11,440,022

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

.......................................................

36,342,855

36,342,855

US

Discovery

Enhanced

Volatility

Wtd

ETF

........................................................

805,290

805,290

Developed

Enhanced

Volatility

Wtd

ETF

..........................................................

1,203,675

1,203,675

Nasdaq

Next

50

ETF

........................................................................

586,469

586,469

Core

Plus

Intermediate

Bond

ETF

...............................................................

2,591,088

2,591,088

Corporate

Bond

ETF

........................................................................

1,493,227

1,493,227

THB

Mid

Cap

ESG

ETF

......................................................................

7,901

7,901

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

236

*

The

difference

between

the

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

is

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

passive

foreign

investment

company

adjustments,

callable

bonds

amortization,

and

mark

to

market

on

futures

contracts.

As

of 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.

As

of June

30,

2023,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation,

and

net

unrealized

appreciation

(depreciation)

for

investments were

as

follows: 

Undistributed

Ordinary

Income

Accumulated

Earnings

Accumulated

Capital

And

Other

Losses

Unrealized

Appreciation

(Depreciation)*

Total

Accumulated

Earnings

(Loss)

US

500

Volatility

Wtd

ETF

.................

$

605,487

$

605,487

$

(90,674,436)

$

94,037,618

$

3,968,669

US

Small

Cap

Volatility

Wtd

ETF

............

26,270

26,270

(11,167,694)

2,717,753

(8,423,671)

International

Volatility

Wtd

ETF

.............

436,973

436,973

(7,622,846)

8,868,873

1,683,000

US

Large

Cap

High

Div

Volatility

Wtd

ETF

.....

1,170,340

1,170,340

(68,952,335)

(7,111,028)

(74,893,023)

US

Small

Cap

High

Div

Volatility

Wtd

ETF

.....

1,005,743

1,005,743

(85,012,006)

(639,161)

(84,645,424)

International

High

Div

Volatility

Wtd

ETF

......

125,073

125,073

(14,517,887)

(57,715)

(14,450,529)

Dividend

Accelerator

ETF

.................

527,415

527,415

(23,188,343)

7,254,011

(15,406,917)

US

Multi-Factor

Minimum

Volatility

ETF

......

74,349

74,349

(19,531,957)

14,003,055

(5,454,553)

US

500

Enhanced

Volatility

Wtd

ETF

.........

1,852,126

1,852,126

(132,739,749)

34,692,995

(96,194,628)

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

....

5,312,469

5,312,469

(441,533,923)

(426,272)

(436,647,726)

US

Discovery

Enhanced

Volatility

Wtd

ETF

.....

232,508

232,508

(45,184,330)

2,625,892

(42,325,930)

Developed

Enhanced

Volatility

Wtd

ETF

.......

271,232

271,232

(25,554,609)

2,171,412

(23,111,965)

Nasdaq

Next

50

ETF

.....................

69,596

69,596

(37,784,998)

3,273,899

(34,441,503)

Core

Plus

Intermediate

Bond

ETF

............

769,786

769,786

(16,157,714)

(16,713,885)

(32,101,813)

Corporate

Bond

ETF

.....................

390,420

390,420

(4,947,738)

(16,840,041)

(21,397,359)

THB

Mid

Cap

ESG

ETF

...................

3,554

3,554

(106,539)

216,706

113,721

WestEnd

U.S.

Sector

ETF

..................

127,429

127,429

(1,203,430)

24,838,053

23,762,052

Free

Cash

Flow

ETF

.....................

20,138

20,138

—

616,379

636,517

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

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

237

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

year

ended

June

30,

2023,

were

as

follows:

10.

New

Regulatory

Pronouncement:

In

October

2022,

the

SEC

adopted

a

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

Cost

of

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

US

500

Volatility

Wtd

ETF

..........................

$

452,022,292

$

116,120,371

$

(22,082,753)

$

94,037,618

US

Small

Cap

Volatility

Wtd

ETF

.....................

24,709,953

4,416,490

(1,698,737)

2,717,753

International

Volatility

Wtd

ETF

......................

81,378,566

13,737,221

(4,870,309)

8,866,912

US

Large

Cap

High

Div

Volatility

Wtd

ETF

..............

365,375,515

19,937,449

(27,048,477)

(7,111,028)

US

Small

Cap

High

Div

Volatility

Wtd

ETF

..............

397,929,712

30,670,930

(31,310,091)

(639,161)

International

High

Div

Volatility

Wtd

ETF

...............

17,661,405

1,244,882

(1,301,112)

(56,230)

Dividend

Accelerator

ETF

..........................

243,453,541

17,102,213

(9,848,202)

7,254,011

US

Multi-Factor

Minimum

Volatility

ETF

...............

109,512,056

15,770,365

(1,767,310)

14,003,055

US

500

Enhanced

Volatility

Wtd

ETF

..................

632,151,560

38,731,849

(4,038,854)

34,692,995

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

.............

1,578,775,815

24,874,677

(25,300,949)

(426,272)

US

Discovery

Enhanced

Volatility

Wtd

ETF

..............

75,289,855

3,901,904

(1,276,012)

2,625,892

Developed

Enhanced

Volatility

Wtd

ETF

................

45,686,548

2,518,864

(343,884)

2,174,980

Nasdaq

Next

50

ETF

..............................

94,145,488

9,876,102

(6,602,203)

3,273,899

Core

Plus

Intermediate

Bond

ETF

.....................

228,673,099

670,124

(17,384,009)

(16,713,885)

Corporate

Bond

ETF

..............................

121,611,653

509,794

(17,349,835)

(16,840,041)

THB

Mid

Cap

ESG

ETF

............................

2,234,834

317,054

(100,348)

216,706

WestEnd

U.S.

Sector

ETF

...........................

156,047,204

27,302,506

(2,464,453)

24,838,053

Free

Cash

Flow

ETF

..............................

44,042,502

677,205

(60,826)

616,379

Fair

Value

6/30/2022

Purchases

at

Cost

Proceeds

from

Sales

Realized

Gains

(Losses)

Capital

Gain

Distribution

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

6/30/2023

Dividend

Income

US

Small

Cap

Volatility

Wtd

ETF

Victory

Capital

Holdings,

Inc.

.................

$

35,620

$

13,971

$

(9,282)

$

(1,486)

$

—

$

13,155

$

51,978

$

1,958

Fair

Value

6/30/2022

Purchases

at

Cost

Proceeds

from

Sales

Realized

Gains

(Losses)

Capital

Gain

Distribution

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

6/30/2023

Dividend

Income

US

Discovery

Enhanced

Volatility

Wtd

ETF

Victory

Capital

Holdings,

Inc.

.................

$

26,751

$

302,593

$

(293,576)

$

(4,677)

$

—

$

6,063

$

37,154

$

4,358

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

238

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.

239

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

and

Board

of

Trustees

of

Victory

Portfolios

II

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

portfolio

investments,

of

Victory

Portfolios

II,

comprising

the

funds

listed

below

(the

“Funds”)

as

of

June

30,

2023,

the

related

statements

of

operations,

the

statements

of

changes

in

net

assets,

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

below

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

June

30,

2023,

the

results

of

their

operations,

the

changes

in

net

assets,

and

the

financial

highlights

for

each

of

the

periods

indicated

below

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(“PCAOB”)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

June

30,

2023,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

Fund

Name

Statements

of

Operations

Statements

of

Changes

in

Net

Assets

Financial

Highlights

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,

and

VictoryShares

Developed

Enhanced

Volatility

Wtd

ETF

For

the

year

ended

June

30,

2023

For

the

years

ended

June

30,

2023,

and

2022

For

the

years

ended

June

30,

2023,

2022,

2021,

2020,

and

2019

VictoryShares

Nasdaq

Next

50

ETF

For

the

year

ended

June

30,

2023

For

the

years

ended

June

30,

2023,

and

2022

For

the

years

ended

June

30,

2023,

2022,

and

for

the

period

from

September

10,

2020

(commencement

of

operations)

through

June

30,

2021

VictoryShares

Core

Plus

Intermediate

Bond

ETF

ETF

VictoryShares

Corporate

Bond

ETF,

and

VictoryShares

THB

Mid

Cap

ESG

ETF

For

the

year

ended

June

30,

2023

For

the

year

ended

June

30,

2023,

and

the

period

from

October

5,

2021

(commencement

of

operations)

through

June

30,

2022

VictoryShares

WestEnd

U.S.

Sector

ETF

For

the

period

from

October

12,

2022

(commencement

of

operations)

through

June

30,

2023

VictoryShares

Free

Cash

Flow

ETF

For

the

period

from

June

22,

2023

(commencement

of

operations)

through

June

30,

2023

240

Report

of

Independent

Registered

Public

Accounting

Firm

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

investment

companies

advised

by

Victory

Capital

Management,

Inc.

since

2015.

COHEN

&

COMPANY,

LTD.

Cleveland,

Ohio

August

28,

2023

Supplemental

Information

June

30,

2023

Victory

Portfolios

II

241

(Unaudited)

Trustee

and

Officer

Information

Board

of

Trustees:

Overall

responsibility

for

management

of

the

Trust

rests

with

the

Board.

The

Trust

is

managed

by

the

Board

in

accordance

with

the

laws

of

the

State

of

Delaware.

There

are

currently

nine

Trustees,

eight

of

whom

are

not

“interested

persons”

of

the

Trust

within

the

meaning

of

that

term

under

the

1940

Act

(“Independent

Trustees”)

and

one

of

whom

is

an

“interested

person”

of

the

Trust

within

the

meaning

of

that

term

under

the

1940

Act

(“Interested

Trustee”).

The

Trustees,

in

turn,

elect

the

officers

of

the

Trust

to

actively

supervise

its

day-to-day

operations.

The

following

tables

list

the

Trustees,

their

date

of

birth,

position

with

the

Trust,

commencement

of

service,

principal

occupations

during

the

past

five

years,

and

any

directorships

of

other

investment

companies

or

companies

whose

securities

are

registered

under

the

Securities

Exchange

Act

of

1934,

as

amended,

or

who

file

reports

under

that

Act.

Each

Trustee

oversees 26

portfolios

in

the

Trust,

six

portfolios

in

Victory

Variable

Insurance

Funds,

and 37

portfolios

in

Victory

Portfolios, each

a

registered

investment

company

that,

together

with

the

Trust,

comprise

the

Victory

Fund

Complex.

David

C.

Brown

is

a

Trustee

of

Victory

Portfolios

III

and

oversees

45

portfolios

of

the

Victory

Portfolios

III.

Each

Trustee’s

address

is

c/o

Victory

Portfolios,

4900

Tiedeman

Road,

4th

Floor,

Brooklyn,

Ohio

44144.

 Each

Trustee

has

an

indefinite

term.

*

The

Board

has

designated

Ms.

Beard

as

its

Audit

Committee

Financial

Expert.

**

Mr.

Brown

is

an

"Interested

Person"

by

reason

of

his

relationship

with

the

Adviser.

The

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

of

the

Trust

and

is

available,

without

charge,

by

calling

800-539-3863.

Name

and

Date

of

Birth

Position

Held

with

the

Trust

Date

Commenced

Service

Principal

Occupation

During

Past

5

Years

Other

Directorships

Held

During

Past

5

Years

Independent

Trustees

David

Brooks

Adcock,

(October

1951)

Trustee

May

2015

Consultant

(since

2006).

None.

Nigel

D.

T.

Andrews,

(April

1947)

Trustee

May

2015

Retired.

Director,

Carlyle

Secured

Lending,

Inc.

(formerly

TCG

BDC

I,

Inc.)

(since

2012);

Director,

Carlyle

Credit

Solutions,

Inc.

(formerly

TCG

BDC

II,

Inc.)

(since

2017);

Trustee,

Carlyle

Secured

Lending

III

(since

2021).

E.

Lee

Beard,*

(October

1951)

Trustee

May

2015

Retired.

None.

Dennis

M.

Bushe,

(October

1951)

Trustee

July

2016

Retired.

None.

John

L.

Kelly,

(April

1953)

Chair

and

Trustee

May

2015

Managing

Partner,

Active

Capital

Partners

LLC

(since

October

2017).

Director,

Caledonia

Mining

Corporation

(since

May

2012).

David

L.

Meyer,

(April

1957)

Trustee

May

2015

Retired.

None.

Gloria

S.

Nelund,

(May

1961)

Trustee

July

2016

Chair,

CEO

and

Co-Founder

of

TriLinc

Global,

LLC,

an

investment

firm.

TriLinc

Global

Impact

Fund,

LLC

(since

2012).

Leigh

A.

Wilson,

(December

1944)

Trustee

May

2015

Private

Investor.

Chair

(since

2013),

Caledonia

Mining

Corporation.

Advisory

Trustee

Timothy

Pettee,

(April

1958)

Advisory

Trustee

January

2023

Chief

Investment

Officer,

Hoya

Capital

Real

Estate

LLC

(since

February

2022);

Chief

Investment

Officer,

Sun

America

Asset

Management

Corp.

(January

2003-

July

2021).

None.

Interested

Trustee

David

C.

Brown,**

(May

1972)

Trustee

May

2015

Chief

Executive

Officer

and

Chairman

(since

2013),

the

Adviser;

Chief

Executive

Officer

and

Chairman

(since

2013),

Victory

Capital

Holdings,

Inc.;

Director

(since

2013),

Victory

Capital

Services,

Inc.;

Director

(since

2019),

Victory

Capital

Transfer

Agency,

Inc.

Trustee,

Victory

Portfolios

III;

Board

Member,

Victory

Capital

Services,

Inc.

Supplemental

Information

—

continued

June

30,

2023

Victory

Portfolios

II

242

(Unaudited)

Officers:

The

officers

of

the

Trust,

their

date

of

birth,

their

commencement

of

service,

and

their

principal

occupations

during

the

past

five

years,

are

detailed

in

the

following

table.

Each

officer

serves

until

the

earlier

of

his

or

her

resignation,

removal,

retirement,

death,

or

the

election

of

a

successor.

The

mailing

address

of

each

officer

of

the

Trust

is

4900

Tiedeman

Road,

4th

Floor,

Brooklyn,

Ohio

44144. 

The

officers

of

the

Trust

receive

no

compensation

directly

from

the

Trust

for

performing

the

duties

of

their

offices.

*

Effective

May

1,

2023,

Christopher

Dyer

resigned

as

the

President

of

the

Trust.

Name

and

Date

of

Birth

Position

with

the

Trust

Date

Commenced

Service

Principal

Occupation

During

Past

5

Years

James

K.

De

Vries,

(April

1969)

President

May

2023*

Head

of

Fund

Administration,

the

Adviser

(5/1/23-present);

Vice

President,

Victory

Capital

Transfer

Agency,

Inc.

(4/20/23-present);

Executive

Director,

the

Adviser

(7/1/19-4/30/23);

Executive

Director,

Investment

and

Financial

Administration,

USAA

(2012-

6/30/19);

Treasurer,

USAA

Mutual

Funds

Trust

(2018-4/30/23).

Mr.

De

Vries

also

serves

as

the

Principal

Executive

Officer

for

the

Funds,

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Scott

A.

Stahorsky,

(July

1969)

Vice

President

May

2015

Director,

Third-Party

Dealer

Services

&

Reg

Administration,

Fund

Administration,

the

Adviser

(5/1/23-present);

Vice

President,

Victory

Capital

Transfer

Agency,

Inc.

(4/20/23-present);

Manager,

Fund

Administration,

the

Adviser

(2015-4/30/23).

Mr.

Stahorsky

also

serves

as

Vice

President

of

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Thomas

Dusenberry,

(July

1977)

Secretary

May

2022

Director,

Fund

Administration,

the

Adviser

(5/1/23-present);

Manager,

Fund

Administration,

the

Adviser

(2022-4/30/23);

Treasurer

and

Principal

Financial

Officer

(2020-2022),

Assistant

Treasurer

(2019),

Salient

MF

Trust,

Salient

Midstream,

MLP

Fund,

and

Forward

Funds;

Principal

Financial

Officer

(2018-

2021)

and

Treasurer

(2020-2021),

Salient

Private

Access

Funds

and

Endowment

PMF

Funds;

Senior

Vice

President

of

Fund

Accounting

and

Operations,

Salient

Partners

(2020-2022);

Director

of

Fund

Operations,

Salient

Partners

(2016-2019).

Mr.

Dusenberry

also

serves

as

Secretary

of

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Allan

Shaer,

(March

1965)

Treasurer

December

2017

Senior

Vice

President,

Financial

Administration,

Citi

Fund

Services

Ohio,

Inc.

(since

2016).

Mr.

Shaer

also

serves

as

the

Funds’

Principal

Financial

and

Accounting

Officer.

Mr.

Shaer

also

serves

as

Treasurer

of

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Christopher

A.

Ponte,

(March

1984)

Assistant

Treasurer

May

2015

Director,

Fund

and

BD

Finance,

the

Adviser

(5/1/23-present);

Manager,

Fund

Administration,

the

Adviser

(2017-4/30/23);

Chief

Financial

Officer,

Victory

Capital

Services,

Inc.

(since

2018).

Mr.

Ponte

also

serves

as

Assistant

Treasurer

of

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Carol

D.

Trevino,

(October

1965)

Assistant

Treasurer

February

2023

Director,

Financial

Reporting,

Fund

Administration,

the

Adviser

(5/1/23-present);

Director,

Accounting

and

Finance,

the

Adviser

(7/1/19-4/30/23);

Accounting/Financial

Director,

USAA

(12/13-

6/30/19).

Ms.

Trevino

also

serves

as

Assistant

Treasurer

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Sean

Fox,

(September

1976)

Chief

Compliance

Officer

June

2022

Deputy

Chief

Compliance

Officer

(July

2021-June

2022),

Senior

Compliance

Officer,

the

Adviser

(2019-present);

Compliance

Officer,

the

Adviser

(2015-2019).

Mr.

Fox

also

serves

as

Chief

Compliance

Officer

for

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Michael

Bryan,

(December

1962)

Anti-Money

Laundering

Compliance

Officer

and

Identity

Theft

Officer

May

2023

Vice

President,

CCO

Compliance

Support

Services,

Citi

Fund

Services

Ohio,

Inc.

(2008-present).

Mr.

Bryan

also

serves

as

the

Anti-Money

Laundering

Compliance

Officer

and

identity

Theft

Officer

for

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Jay

G.

Baris,

(January

1954)

Assistant

Secretary

May

2015

Partner,

Sidley

Austin

LLP

(since

2020);

Partner,

Shearman

&

Sterling

LLP

(2018-2020).

Supplemental

Information

June

30,

2023

Victory

Portfolios

II

243

(Unaudited)

Supplemental

Information

—

continued

June

30,

2023

Victory

Portfolios

II

244

(Unaudited)

Proxy

Voting

and

Portfolio

Holdings

Information 

Proxy

Voting:

Information

regarding

the

policies

and

procedures each

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

without

charge,

upon

request,

by

calling

800-539-3863.

The

information

is

also

included

in

the

Funds'

Statement

of

Additional

Information,

which

is

available

on

the

SEC’s

website

at sec.gov.

Information

relating

to

how

the

Funds

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

12

months

ended

June

30

is

available

on

the

SEC’s

website

at

sec.gov.

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.

Forms

N-PORT are

available

on

the

SEC’s

website

at

sec.gov.

Expense

Examples

As

a

shareholder

of

the

Funds,

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

January

1,

2023,

through

June

30,

2023

(unless

otherwise

noted).

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

1/1/23

Actual

Ending

Account

Value

6/30/23

Hypothetical

Ending

Account

Value

6/30/23

Actual

Expenses

Paid

During

Period

1/1/23

-

6/30/23*

Hypothetical

Expenses

Paid

During

Period

1/1/23

-

6/30/23*

Annualized

Expense

Ratio

During

Period

1/1/23

-

6/30/23

US

500

Volatility

Wtd

ETF

.................

$

1,000.00

$

1,056.40

$

1,023.06

$

1.78

$

1.76

0.35%

US

Small

Cap

Volatility

Wtd

ETF

............

1,000.00

1,049.80

1,023.06

1.78

1.76

0.35%

International

Volatility

Wtd

ETF

.............

1,000.00

1,097.00

1,022.56

2.34

2.26

0.45%

US

Large

Cap

High

Div

Volatility

Wtd

ETF

.....

1,000.00

974.10

1,023.06

1.71

1.76

0.35%

US

Small

Cap

High

Div

Volatility

Wtd

ETF

.....

1,000.00

1,009.50

1,023.06

1.74

1.76

0.35%

International

High

Div

Volatility

Wtd

ETF

......

1,000.00

1,083.30

1,022.56

2.32

2.26

0.45%

Dividend

Accelerator

ETF

.................

1,000.00

1,042.30

1,023.06

1.77

1.76

0.35%

US

Multi-Factor

Minimum

Volatility

ETF

......

1,000.00

1,076.40

1,023.06

1.80

1.76

0.35%

US

500

Enhanced

Volatility

Wtd

ETF

.........

1,000.00

967.90

1,023.06

1.71

1.76

0.35%

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

....

1,000.00

942.00

1,023.06

1.69

1.76

0.35%

US

Discovery

Enhanced

Volatility

Wtd

ETF

.....

1,000.00

964.30

1,023.06

1.70

1.76

0.35%

Developed

Enhanced

Volatility

Wtd

ETF

.......

1,000.00

1,022.10

1,022.56

2.26

2.26

0.45%

Nasdaq

Next

50

ETF

.....................

1,000.00

1,093.50

1,023.90

0.93

0.90

0.18%

Core

Plus

Intermediate

Bond

ETF

............

1,000.00

1,034.90

1,022.81

2.02

2.01

0.40%

Supplemental

Information

—

continued

June

30,

2023

Victory

Portfolios

II

245

(Unaudited)

Beginning

Account

Value

1/1/23

Actual

Ending

Account

Value

6/30/23

Hypothetical

Ending

Account

Value

6/30/23

Actual

Expenses

Paid

During

Period

1/1/23

-

6/30/23*

Hypothetical

Expenses

Paid

During

Period

1/1/23

-

6/30/23*

Annualized

Expense

Ratio

During

Period

1/1/23

-

6/30/23

Corporate

Bond

ETF

.....................

1,000.00

1,038.10

1,022.81

2.02

2.01

0.40%

THB

Mid

Cap

ESG

ETF

...................

1,000.00

1,137.40

1,022.07

2.91

2.76

0.55%

WestEnd

U.S.

Sector

ETF

..................

1,000.00

1,170.90

1,022.51

2.48

2.31

0.46%

Free

Cash

Flow

ETF**

....................

1,000.00

1,015.90

1,023.06

0.09

1.76

0.35%

*

Expenses

are

equal

to

the

average

account

value

multiplied

by

the

Fund’s

annualized

expense

ratio

multiplied

by

181/365

(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

9/365

to

reflect

the

stub

period

from

commencement

of

operations

June

22,

2023,

through

June

30,

2023.

Victory

Portfolios

II

246

(Unaudited)

Supplemental

Information

—

continued

June

30,

2023

Additional

Federal

Income

Tax

Information 

For

the

year

ended

June

30,

2023,

the

following

Funds paid

qualified

dividend

income

for

the

purposes

of

reduced

individual

federal

income

tax

rates

of:

Dividends

qualified

for

corporate

dividends

received

deductions

of:

The

following

Funds

intends

to

elect

to

pass

through

to

shareholders

the

income

tax

credit

for

taxes

paid

to

foreign

countries.

Foreign

source

income

and

foreign

tax

expense

per

shares

outstanding

on

June

30,

2023,

were

as

follow:

Percent

US

500

Volatility

Wtd

ETF

............................................................................

100

%

US

Small

Cap

Volatility

Wtd

ETF

.......................................................................

100

%

International

Volatility

Wtd

ETF

........................................................................

81

%

US

Large

Cap

High

Div

Volatility

Wtd

ETF

................................................................

100

%

US

Small

Cap

High

Div

Volatility

Wtd

ETF

................................................................

100

%

International

High

Div

Volatility

Wtd

ETF

.................................................................

75

%

Dividend

Accelerator

ETF

............................................................................

100

%

US

Multi-Factor

Minimum

Volatility

ETF

.................................................................

100

%

US

500

Enhanced

Volatility

Wtd

ETF

....................................................................

59

%

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

...............................................................

76

%

US

Discovery

Enhanced

Volatility

Wtd

ETF

................................................................

35

%

Developed

Enhanced

Volatility

Wtd

ETF

..................................................................

31

%

Nasdaq

Next

50

ETF

................................................................................

99

%

WestEnd

U.S.

Sector

ETF

.............................................................................

100

%

Percent

US

500

Volatility

Wtd

ETF

............................................................................

100

%

US

Small

Cap

Volatility

Wtd

ETF

.......................................................................

100

%

US

Large

Cap

High

Div

Volatility

Wtd

ETF

................................................................

100

%

US

Small

Cap

High

Div

Volatility

Wtd

ETF

................................................................

100

%

Dividend

Accelerator

ETF

............................................................................

100

%

US

Multi-Factor

Minimum

Volatility

ETF

.................................................................

100

%

US

500

Enhanced

Volatility

Wtd

ETF

....................................................................

57

%

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

...............................................................

76

%

US

Discovery

Enhanced

Volatility

Wtd

ETF

................................................................

33

%

Nasdaq

Next

50

ETF

................................................................................

82

%

WestEnd

U.S.

Sector

ETF

.............................................................................

100

%

Foreign

Source

Income

Foreign

Tax

Expense

International

Volatility

Wtd

ETF

................................................

$

1.22

$

0.15

International

High

Div

Volatility

Wtd

ETF

.........................................

1.61

0.19

Victory

Portfolios

II

247

(Unaudited)

Supplemental

Information

—

continued

June

30,

2023

Considerations

of

the

Board

in

Continuing

the

Investment

Advisory

Agreements (the

“Agreement”)

The

Board

approved

the

Agreement

on

behalf

of

the

VictoryShares

Free

Cash

Flow

ETF

(the

“Fund”)

at

a

meeting,

which

was

called

for

that

purpose,

on

May

23,

2023.

In

considering

whether

to

approve

the

Agreement,

the

Board

requested,

and

the

Adviser

provided,

information

that

the

Board

believed

to

be

reasonably

necessary

to

reach

its

conclusions.

The

Board,

including

the

Independent

Trustees,

evaluated

the

information

provided

and

its

extensive

experience

with

the

Adviser

and

was

advised

by

legal

counsel

to

the

Fund,

which

also

serves

as

independent

legal

counsel

to

the

Independent

Trustees.

The

Board

reviewed

numerous

factors

with

respect

to

the

Fund.

The

Board

recognized

that

management

was

proposing

to

add

the

Fund

as

an

investment

portfolio

of

the

Trust

and

that

the

Fund

had

not

yet

commenced

operations

and

thus

had

no

performance

record

or

historical

expenses.

In

considering

whether

the

compensation

to

be

paid

to

the

Adviser

was

fair

and

reasonable,

the

Board

also

evaluated,

among

other

things,

the

following

factors:

The

requirements

of

the

Fund

for

the

services

to

be

provided

by

the

Adviser;

The

nature,

quality

and

extent

of

the

services

provided

to

the

other

exchange-traded

funds

in

the

Trust

and

expected

to

be

provided

to

the

Fund;

The

proposed

fees

to

be

paid

for

the

services

and

whether

the

fee

arrangements

provide

for

economies

of

scale

that

would

benefit

Fund

share-

holders

as

the

Fund

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

Fund;

The

estimated

total

expenses

of

the

Fund;

Management’s

commitment

to

operating

the

Fund

at

competitive

expense

levels;

The

expected

profitability

of

the

Adviser

with

respect

to

the

Adviser’s

relationship

with

the

Fund;

Research

and

other

service

benefits

expected

to

be

received

by

the

Adviser

obtained

through

payment

of

client

commissions

for

securities

transactions;

Other

benefits

expected

to

be

received

by

the

Adviser,

including

revenues

to

be

paid

to

affiliates

of

the

Adviser

by

the

Fund

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

the

Fund’s

proposed

gross

management

fee

both

in

the

context

of

the

Adviser’s

expected

profitability

from

the

Fund

and

the

historical

costs

associated

with

operating

similar

funds.

The

Board

acknowledged

that

the

Fund’s

profitability

is

inherently

difficult

to

estimate

in

a

startup

phase.

In

addition,

the

Board

compared

the

Fund’s

expected

operating

expense

ratio,

with

the

understanding

that

no

distribution

or

shareholder

servicing

fees

were

being

proposed

to

be

paid

at

this

time,

and

management

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

Fund

were

being

proposed

at

this

time.

The

Board

reviewed

various

other

factors

with

respect

to

the

Fund.

In

their

deliberations,

the

Trustees

did

not

rank

the

importance

of

any

particular

information

or

factor

considered

and

each

Trustee

attributed

different

weights

to

various

factors.

Approval

of

the

Agreement

on

Behalf

of

the

Fund

Based

on

its

review

of

the

information

requested

and

provided,

and

following

extended

discussions,

the

Board

determined

that

the

Agreement,

on

behalf

of

the

Fund,

was

consistent

with

the

best

interests

of

the

Fund

and

its

future

shareholders,

and

the

Board

unanimously

approved

the

Agreement,

on

behalf

of

the

Fund,

for

an

initial

two-year

period

on

the

basis

of

the

foregoing

review

and

discussions

and

the

following

considerations,

among

others:

The

fairness

and

reasonableness

of

the

investment

advisory

fee

to

be

paid

to

the

Adviser

under

the

Agreement

in

light

of

the

investment

advisory

services

to

be

provided,

the

costs

of

these

services,

the

expected

profitability

of

the

Adviser’s

relationship

with

the

Fund

and

the

comparability

of

the

fee

to

be

paid

to

the

fees

paid

by

other

investment

companies;

The

nature,

quality

and

extent

of

the

investment

advisory

services

to

be

provided

by

the

Adviser;

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

248

(Unaudited)

Supplemental

Information

—

continued

June

30,

2023

Liquidity

Risk

Management

Program:

The

Victory

Funds

have

adopted

and

implemented

a

written

liquidity

risk

management

program

(the

“LRMP”)

as

required

by

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended.

The

LRMP

is

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk,

taking

into

consideration

each

Fund’s

investment

strategy

and

the

liquidity

of

its

portfolio

investments

during

normal

and

reasonably

foreseeable

stressed

market

conditions;

its

short-

and

long-term

cash

flow

projections;

and

its

cash

holdings

and

access

to

other

liquidity

management

tools

such

as

available

funding

sources

including

the

Victory

Funds

Complex

Interfund

Lending

Facility

and

Line

of

Credit

(discussed

in

the

Notes

to

Financial

Statements).

The

Victory

Funds’

Board

of

Trustees

approved

the

appointment

of

the

Funds’

investment

adviser,

Victory

Capital

Management

Inc.

(“Victory

Capital”),

as

the

administrator

of

the

LRMP.

Victory

Capital

manages

liquidity

risks

associated

with

the

Funds’

investments

by

monitoring,

among

other

things,

cash

and

cash

equivalents,

any

use

of

derivatives,

the

concentration

of

investments,

the

appropriateness

of

each

Fund’s

investment

strategy,

and

by

classifying

every

Fund

investment

as

either

highly

liquid,

moderately

liquid,

less

liquid,

or

illiquid

on

at

least

a

monthly

basis.

To

assist

with

the

classification

of

Fund

investments,

Victory

Capital

has

retained

a

third-party

provider

of

liquidity

evaluation

services.

This

provider

determines

preliminary

liquidity

classifications

for

all

portfolio

holdings

based

upon

portfolio-level

data

and

certain

assumptions

provided

by

Victory

Capital.

Victory

Capital

reviews

the

preliminary

liquidity

classifications

and,

when

appropriate,

considers

other

information

including

input

from

the

Funds’

portfolio

managers

(including

the

portfolio

managers

employed

by

any

investment

sub-advisers)

in

determining

final

liquidity

classifications.

At

a

meeting

held

on

February

23,

2023,

Victory

Capital

provided

an

oral

and

written

report

to

the

Trustees

on

the

operation

and

effectiveness

of

the

LRMP

during

the

previous

year.

The

report

from

Victory

Capital

concluded

that

the

Funds

did

not

experience

any

significant

liquidity

challenges

during

the

covered

period,

and

the

Funds’

LRMP

is

reasonably

designed

to

assess

and

manage

its

liquidity

risk.

The

report

also

concluded

that

the

LRMP

continues

to

operate

adequately

and

effectively

to

enable

Victory

Capital

to

oversee

and

manage

liquidity

risk

and

ensure

each

Fund

is

able

to

meet

redemption

requests

without

significant

dilution

to

the

remaining

investors’

interest

in

each

Fund.

During

the

review

period,

each

Fund’s

portfolio

consisted

primarily

of

highly

liquid

investments,

which

are

defined

as

cash

and

any

investments

that

each

Fund

reasonably

expects

to

be

converted

to

cash

in

current

market

conditions

in

three

business

days

or

less

without

significantly

changing

the

market

value

of

the

investment.

Therefore,

the

Funds

have

not

adopted

a

highly

liquid

investment

minimum.

The

Funds’

investments

were

below

the

limitation

on

illiquid

investments

during

the

review

period.

Additionally,

Victory

Capital

indicated

that

no

events

occurred

that

would

require

the

filing

of

Form

N-RN

(prior

to

August

2022,

Form

N-LIQUID)

and

recommended

no

material

changes

to

the

LRMP.

Privacy

Policy

Protecting

the

Privacy

of

Information

The

Trust

respects

your

right

to

privacy.

We

also

know

that

you

expect

us

to

conduct

and

process

your

business

in

an

accurate

and

efficient

manner.

To

do

so,

we

must

collect

and

maintain

certain

personal

information

about

you.

This

is

the

information

we

collect

from

you

on

applications

or

other

forms,

and

from

the

transactions

you

make

with

us

or

third

parties.

It

may

include

your

name,

address,

social

security

number,

account

transactions

and

balances,

and

information

about

investment

goals

and

risk

tolerance.

We

do

not

disclose

any

information

about

you

or

about

former

customers

to

anyone

except

as

permitted

or

required

by

law.

Specifically,

we

may

disclose

the

information

we

collect

to

companies

that

perform

services

on

our

behalf,

such

as

the

transfer

agent

that

processes

shareholder

accounts

and

printers

and

mailers

that

assist

us

in

the

distribution

of

investor

materials.

We

may

also

disclose

this

information

to

companies

that

perform

marketing

services

on

our

behalf.

This

allows

us

to

continue

to

offer

you

Victory

investment

products

and

services

that

meet

your

investing

needs,

and

to

effect

transactions

that

you

request

or

authorize.

These

companies

will

use

this

information

only

in

connection

with

the

services

for

which

we

hired

them.

They

are

not

permitted

to

use

or

share

this

information

for

any

other

purpose.

To

protect

your

personal

information

internally,

we

permit

access

only

by

authorized

employees

and

maintain

physical,

electronic,

and

procedural

safeguards

to

guard

your

personal

information.*

You

may

have

received

communications

regarding

information

about

privacy

policies

from

other

financial

institutions

which

gave

you

the

opportunity

to

“opt-out”

of

certain

information

sharing

with

companies

which

are

not

affiliated

with

that

financial

institution.

The

Trust

does

not

share

information

with

other

companies

for

purposes

of

marketing

solicitations

for

products

other

than

the

Trust.

Therefore,

the

Trust

does

not

provide

opt-out

options

to

their

shareholders. 

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-AR

(6/23)

June

30,

2023

Annual

Report

VictoryShares

Short-Term

Bond

ETF

(Formerly

VictoryShares

USAA

Core

Short-Term

Bond

ETF)

VictoryShares

Core

Intermediate

Bond

ETF

(Formerly

VictoryShares

USAA

Core

Inter-

mediate-Term

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

Shareholder

Letter

(Unaudited)

3

Managers’

Commentary

/

Investment

Overview

(Unaudited)

5

Investment

Objectives

and

Portfolio

Holdings

(Unaudited)

11

Schedules

of

Portfolio

Investments

VictoryShares

Short-Term

Bond

ETF

13

VictoryShares

Core

Intermediate

Bond

ETF

28

Financial

Statements

Statements

of

Assets

and

Liabilities

49

Statements

of

Operations

50

Statements

of

Changes

in

Net

Assets

51

Financial

Highlights

52

Notes

to

Financial

Statements

54

Report

of

Independent

Registered

Public

Accounting

Firm

63

Supplemental

Information

(Unaudited)

64

Trustee

and

Officer

Information

64

Proxy

Voting

and

Portfolio

Holdings

Information 

66

Expense

Examples

66

Liquidity

Risk

Management

Program

67

Privacy

Policy

(inside

back

cover)

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

Funds

Letter

to

Shareholders

(Unaudited)

Dear

Shareholder,

Our

annual

reporting

period

for

the

12

months

ended

June

30,

2023,

has

been

a

tale

of

two

markets.

The

dichotomy

has

been

nothing

short

of

remarkable.

Think

back

to

the

latter

half

of

2022.

This

was

a

very

difficult

time

for

investors,

marked

by

an

array

of

challenges

that

punished

both

bond

and

stock

markets.

The

U.S.

Federal

Reserve

(the

“Fed”)

was

in

the

midst

of

a

series

of

rate

hikes—more

aggressive

than

many

investors

had

ever

experienced.

Inflation

was

raging

and

conjuring

up

memories

of

the

1970s.

And

if

that

wasn’t

enough,

a

terrible

war

was

taking

place

in

Eastern

Europe,

while

tensions

between

the

world’s

two

largest

economic

powers,

the

United

States

and

China,

were

also

on

the

rise.

It

was

not

exactly

a

constructive

environment

for

investors,

and

all

of these

issues

created

headwinds

for

both

stocks

and

bonds.

It’s

not

often

that

stocks

and

bonds

decline

in

tandem,

and

the

traditional

diversified

portfolio

of

60%

equities/40%

fixed

income

was

suffering

through

one

of

its

worst

periods

on

record.

But

when

the

calendar

year

flipped,

so

did

the

markets.

During

the

first

six

months

of

2023,

financial

markets

exhibited

greater

stability

and

less

volatility.

Equities

(including

domestic,

international

and

emerging

markets)

regained

their

footing

and

rebounded.

In

the

United

States,

some

of

the

most

beaten-down

growth

sectors

that

were

punished

during

the

period

of

sharply

rising

interest

rates

led

the

market

higher.

The

market’s

resiliency

and

strong

rebound

during

the

first

two

quarters

of

2023

surprised

many

pundits.

After

all,

there

were

ample

challenges

that

could

have

undermined

this

rally,

including

unusual

turmoil

within

the

banking

sector

in

March

2023

that

resulted

in

the

collapse

of

a

few

regional

banks.

Naturally,

this

ratcheted

up

volatility

for

a

spell,

but

the

Fed

took

the

necessary

steps

to

restore

confidence

in

the

banking

sector

and

avoided

a

wider

contagion.

It

also

helped

that

the

Fed

paused

its

rate

hikes

as

inflation

data

finally

cooled.

Through

all

the

ups

and

downs

in

these

two

very

different

environments,

the

S&P

500

®

Index,

the

most

widely

followed

index

representing the

domestic

stock

market,

managed

to

deliver

an

impressive

total

return

of

more

than

19%

for

our

annual

reporting

period

ended

June

30,

2023.

The

Bloomberg

U.S.

Aggregate

Bond

Index—a

proxy

for

a

diversified

fixed

income

portfolio

and

one

that

many

investors

and

institutions

follow

closely—was

basically

unchanged

during

the

same

period

at

0.94%

(despite

the

volatility).

We

don’t

deny

that

this

past

annual

reporting

period

was

difficult.

We

realize

that

the

bouts

of

stomach-churning

volatility

can

take

a

toll

on

investors’

psyche.

But

even

when

markets

snap

back

sharply

as

they

have,

investors

often

wonder

if

they

have

missed

an

opportunity.

This

reminds

us

of

two

enduring

realities:

1)

financial

markets

are

dynamic

and

apt

to

change

abruptly;

2)

it’s

vital

to

remain

calm

and

rational

whenever

faced

with

those

inevitable

times

of

turmoil.

Fortunately,

we

think

that

investors

can

take

comfort

knowing

that

all

our

Victory

Capital

independent

investment

franchises

have

experience

managing

portfolios

through

a

variety

of

market

environments.

Our

investment

professionals

remain

calm

during

turbulent

financial

markets,

and

we

think

it’s

imperative

that

investors

do

the

same.

Of

course,

there

are

still

uncertainties

ahead.

For

example, is

the

Fed

finished

with

its

rate

hikes?

Will

the

impact

of

tighter

lending

standards

ultimately

result

in

slower

growth

and

lower

corporate

profits?

Is

there

another

banking

crisis

lurking?

Nobody

really

knows

what

the

future

will

bring.

That’s

why

we

continue

to

advocate

for

a

long-term

plan,

a

well-diversified

portfolio

across

asset

classes

and

investment

types,

and

a

clear

understanding

of

individual

risk

tolerances.

These,

in

our

opinion,

are

the

key

ingredients

for

staying

the

course

and

progressing

on

investment

goals.

4

On

the

following

pages

you

will

find

information

relating

to

your

Victory

Funds

investment.

If

you

have

any

questions,

we

encourage

you

to

contact

your

financial

advisor. In

addition,

you

may

call

866-376-7890 or

visit

our

website

at

vcm.com.

From

all

of

us

here

at

Victory

Capital,

thank

you

for

letting

us

help

you

work

toward

your

investment

goals.

James

De

Vries

President,

Victory

Funds

5

VictoryShares

Short-Term

Bond

ETF

Managers’

Commentary

(Unaudited)

What

were

the

market

conditions

during

the

reporting

period?

Transitory,

a

word

we

heard

a

lot

over

the

last

couple

of

years

regarding

the

significant

increase

in

the

U.S.

Consumer

Price

Index

(“CPI”).

As

the

world

emerged

from

COVID-19

lockdowns,

one

of

the

effects

was

a

major

disruption

in

the

world’s

supply

chains.

As

COVID-19-suppressed

demand

returned

to

normal,

we

saw

that

post-COVID-19

supply

chains

were

no

longer

operating

normally.

As

production

and

distribution

of

goods

and

services

began

to

ramp

up,

we

found

that

there

were

significant

bottlenecks

in

the

supply

chains,

which

ended

up

increasing

the

costs

of

goods

and

services,

resulting

in

CPI

going

higher.

CPI

has

continued

to

increase,

albeit

at

a

decreasing

rate

every

month,

and

remains

above

pre-COVID-19

levels.

Whether

or

not

this

has

been

“transitory”

depends

upon

one’s

definition

of

the

word.

The

U.S.

Federal

Reserve

(the

“Fed”)

initially

thought

the

price

increases

were

transitory,

but

reversed

course

as

prices

kept

rising.

The

continued

rise

in

CPI

caused

the

Fed

to

capitulate

and

set

them

on

a

course

of

increasing

the

Fed

Funds

rate

at

one

of

the

fastest

levels

in

Fed

history.

Beginning

in

March

2022,

the

Fed

Funds

rate

went

from

effectively

zero

to

5.25%

as

of

June

30,

2023,

all

in

the

course

of

just

over

a

one-year

period.

This

led

to

one

of

the

worst

periods

in

history

for

fixed

income

returns.

Fast

forward

to

June

2023,

however,

and

now

bond

yields

are

looking

more

attractive

than

they

have

in

quite

some

time,

especially

as

price

increases

continue

to

abate.

While

interest

rates

are

now

at

attractive

levels,

the

rapid

increase

did

not

come

without

consequences.

Significant

increases

in

mortgage

rates

have

taken

a

toll

on

home

sales,

auto

sales,

and

most

purchases

that

are

financed.

In

addition,

the

rapid

increase

in

interest

rates

caused

bond

portfolios

to

generally

be

“underwater,”

or

in

a

loss

position.

This

was

especially

true

for

most

U.S.

banks,

who

primarily

invest

in

U.S.

government

bonds,

such

as

Treasuries

and

residential

mortgage-backed

bonds.

This

led

to

“deposit

flight,”

as

depositors

began

moving

deposits,

due

in

part

to

fears

of

losses

in

bank

bond

portfolios,

but

also

to

get

higher

rates

on

their

deposits.

As

banks

funded

the

deposit

outflows

with

bond

sales,

they

were

forced

to

take

losses.

For

three

large

U.S.

regional

banks,

this

deposit

flight

happened

so

fast

that

it

led,

to

the

takeover

by

the

Federal

Deposit

Insurance

Corp.

(FDIC).

An

unintended

consequence,

no

doubt,

in

our

opinion,

of

the

Fed’s

monetary

policy.

With

the

CPI

continuing

to

decrease,

it

appears

the

Fed

may

be

at

the

end

of

its

hiking

cycle.

As

of

June

30,

2023,

market

expectations

have

the

Fed

increasing

the

Fed

Funds

rate

maybe

once

more

this

year.

Bond

spreads

have

been

somewhat

volatile

during

the

period,

especially

given

the

turmoil

in

the

U.S.

banking

sector.

Corporate

spreads

averaged

138

basis

points

(“bps”)

(a

basis

point

is

1/100th

of

a

percentage

point)

over

the

period

(based

on

the

Bloomberg

U.S.

Corporate

Investment

Grade

Bond

Index),

but

increased

in

July

and

hit

its

zenith

in

October

2022

at

164

bps.

Spreads

fell

to

a

low

point

of

114

bps

in

February

2023,

before

spiking

again

to

163

bps

in

March

2023

as

the

U.S.

banking

crisis

unfolded.

Spreads

have

since

retreated,

ending

the

period

at

122

bps.

How

did

VictoryShares

Short-Term

Bond

ETF

(the

“Fund”)

perform

during

the

reporting

period?

The

Fund

returned

3.32%,

outperforming

its

benchmark,

the

Bloomberg

1-3

Year

Credit

Index

(the

“Index”),

which

returned

1.39%

for

the

period.

What

strategies

did

you

employ

during

the

reporting

period?

The

Fund

earned

a

positive

total

return

during

the

reporting

period,

driven

primarily

by

higher

coupon

income

and

lower

credit

spreads,

offset

by

increases

in

U.S.

Treasury

rates.

Because

the

Fund’s

duration

is

typically

close

to

the

Index

duration,

changes

in

interest

rates

typically

have

little

effect

on

the

Fund’s

relative

performance.

However,

the

Fund

tends

to

have

a

more

laddered

portfolio

compared

to

the

Index,

which

has

most

of

its

bonds

concentrated

in

2-3

year

maturities.

During

the

period,

U.S.

Treasury

rates

increased

the

most

in

the

1-month

to

1-year

maturities

(lowest

duration),

and

increased

least

in

the

longer

end

(4-7

years,

higher

duration).

This

laddering

effect

relative

to

the

Index

added

to

the

Fund’s

outperformance.

The

Fund

also

outperformed

the

Index

due

to

allocation

and

selection.

Reflecting

the

portfolio’s

diversification,

the

Fund’s

results

were

spread

among

a

variety

of

sectors.

Within

corporate

bonds,

the

Fund

benefited

from

investments

in

Independent

Exploration

&

Production,

Autos,

Wireless,

and

underweights

in

Banking

and

Supranationals.

Certain

other

market

segments

weighed

on

relative

performance.

These

included

Life

Insurance,

Real

Estate

Investment

Trusts

(REITs),

Cash,

U.S.

Treasurys,

and

an

overweight

allocation

to

Asset-Backed

Securities.

We

continued

to

adhere

to

our

disciplined

investment

approach,

which

is

to

maintain

an

attractive

yield

with

an

acceptable

level

of

risk.

From

a

credit

risk

perspective,

we

outperformed

the

Index

due

to

our

higher

exposure

to

BBB

and

high

yield

bonds,

while

our

underweight

allocation

to

A-rated

bonds

also

aided

performance.

6

VictoryShares

Short-Term

Bond

ETF

Managers’

Commentary

(continued)

(Unaudited)

To

identify

attractive

investment

opportunities,

we

worked

with

our

in-house

team

of

credit

analysts,

continuing

to

build

the

portfolio

bond

by

bond,

through

fundamental

bottom-up

analysis.

We

seek

ideas

where

our

fundamental

understanding

of

the

credit

risk

is

different

than

the

market.

This

approach,

we

believe,

will

generate

total

returns

that

may

outperform

our

peers

over

the

long

run,

with

less

volatility.

Our

credit

analysts

review

all

securities

considered

for

purchase

and

assign

their

own

independent

credit

rating.

As

always,

they

continuously

monitor

every

holding

in

the

Fund.

We

are

committed

to

building

a

portfolio

diversified

among

multiple

asset

classes

and

across

a

large

number

of

issuers.

To

minimize

the

Fund’s

exposure

to

potential

surprises,

we

limit

the

positions

we

take

in

any

one

issuer.

7

VictoryShares

Short-Term

Bond

ETF

Investment

Overview

(Unaudited)

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

or

higher.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month’s

end,

please

visit

vcm.com.

Total

return

measures

the

price

change

in

a

share

assuming

the

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any.

The

total

returns

quoted

do

not

reflect

adjustments

made

to

the

enclosed

financial

statements

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

or

the

deduction

of

taxes

that

a

shareholder

would

pay

on

net

investment

income

and

realized

capital

gain

distributions,

including

reinvested

distributions,

or

redemptions

of

shares.

The

total

return

figures

set

forth

above

include

all

waivers

of

fees.

Without

such

fee

waivers,

the

total

returns

would

have

been

lower.

VictoryShares

Short-Term

Bond

ETF —

Growth

of

$10,000

1

The

Bloomberg

1-3

Year

Credit

Index

measures

the

performance

of

investment-grade

corporate

debt

and

sovereign,

supranational,

local

authority,

and

non-U.S.

agency

bonds

that

have

a

remaining

maturity

of

at

least

one

year

and

less

than

three

years.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

The

graph

reflects

investment

growth

of

a

hypothetical

$10,000

investment

in

the

Fund. 

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

shares. 

Past

performance

is

not

indicative

of

future

results.

Average

Annual

Total

Return

Year

Ended

June

30,

2023

INCEPTION

DATE

10/24/17

10/24/17

Net

Asset

Value

Market

Price

Value

Bloomberg

1-3

Year

Credit

Index

1

One

Year

3.32%

3.33%

1.39%

Five

Year

2.36%

2.31%

1.58%

Since

Inception

2.08%

2.08%

N/A

8

VictoryShares

Core

Intermediate

Bond

ETF

Managers’

Commentary

(Unaudited)

What

were

the

market

conditions

during

the

reporting

period?

Transitory,

a

word

we

heard

a

lot

over

the

last

couple

of

years

regarding

the

significant

increase

in

the

U.S.

Consumer

Price

Index

(“CPI”).

As

the

world

emerged

from

COVID-19

lockdowns,

one

of

the

effects

was

a

major

disruption

in

the

world’s

supply

chains.

As

COVID-19-suppressed

demand

returned

to

normal,

we

saw

that

post-COVID-19

supply

chains

were

no

longer

operating

normally.

As

production

and

distribution

of

goods

and

services

began

to

ramp

up,

we

found

that

there

were

significant

bottlenecks

in

the

supply

chains,

which

ended

up

increasing

the

costs

of

goods

and

services,

resulting

in

CPI

going

higher.

CPI

has

continued

to

increase,

albeit

at

a

decreasing

rate

every

month,

and

remains

above

pre-COVID-19

levels.

Whether

or

not

this

has

been

“transitory”

depends

upon

one’s

definition

of

the

word.

The

U.S.

Federal

Reserve

(the

“Fed”)

initially

thought

the

price

increases

were

transitory,

but

reversed

course

as

prices

kept

rising.

The

continued

rise

in

CPI

caused

the

Fed

to

capitulate

and

set

them

on

a

course

of

increasing

the

Federal

Funds

rate

at

one

of

the

fastest

levels

in

Fed

history.

Beginning

in

March

2022,

the

Fed

Funds

rate

went

from

effectively

zero

to

5.25%

as

of

June

30,

2023,

all

in

the

course

of

just

over

a

one-year

period.

This

led

to

one

of

the

worst

periods

in

history

for

fixed

income

returns.

Fast

forward

to

June

2023,

however,

and

now

bond

yields

are

looking

more

attractive

than

they

have

in

quite

some

time,

especially

as

price

increases

continue

to

abate.

While

interest

rates

are

now

at

attractive

levels,

the

rapid

increase

did

not

come

without

consequences.

Significant

increases

in

mortgage

rates

have

taken

a

toll

on

home

sales,

auto

sales,

and

most

purchases

that

are

financed.

In

addition,

the

rapid

increase

in

interest

rates

caused

bond

portfolios

to

generally

be

“underwater,”

or

in

a

loss

position.

This

was

especially

true

for

most

U.S.

banks,

who

primarily

invest

in

U.S.

government

bonds,

such

as

Treasuries

and

residential

mortgage-backed

bonds.

This

led

to

“deposit

flight,”

as

depositors

began

moving

deposits,

due

in

part

to

fears

of

losses

in

bank

bond

portfolios,

but

also

to

get

higher

rates

on

their

deposits.

As

banks

funded

the

deposit

outflows

with

bond

sales,

they

were

forced

to

take

losses.

For

three

large

U.S.

regional

banks,

this

deposit

flight

happened

so

fast

that

it

led,

to

the

takeover

by

the

Federal

Deposit

Insurance

Corp.

(FDIC).

An

unintended

consequence,

no

doubt,

in

our

opinion,

of

the

Fed’s

monetary

policy.

With

the

CPI

continuing

to

decrease,

it

appears

the

Fed

may

be

at

the

end

of

its

hiking

cycle.

As

of

June

30,

2023,

market

expectations

have

the

Fed

increasing

the

Fed

Funds

rate

maybe

once

more

this

year.

Bond

spreads

have

been

somewhat

volatile

during

the

period,

especially

given

the

turmoil

in

the

U.S.

banking

sector.

Corporate

spreads

averaged

138

basis

points

(“bps”)

(a

basis

point

is

1/100th

of

a

percentage

point)

over

the

period

(based

on

the

Bloomberg

U.S.

Corporate

Investment

Grade

Bond

Index),

but

increased

in

July

and

hit

its

zenith

in

October

2022

at

164

bps.

Spreads

fell

to

a

low

point

of

114

bps

in

February

2023,

before

spiking

again

to

163

bps

in

March

2023

as

the

U.S.

banking

crisis

unfolded.

Spreads

have

since

retreated,

ending

the

period

at

122

bps.

How

did

VictoryShares

Core

Intermediate-Term

Bond

ETF

(the

“Fund”)

perform

during

the

reporting

period?

The

Fund

returned

0.13%

for

the

fiscal

year

ended

June

30,

2023,

outperforming

its

benchmark,

the

Bloomberg

U.S.

Aggregate

Bond

Index

(the

“Index”),

which

returned

-0.94%

for

the

period.

What

strategies

did

you

employ

during

the

reporting

period?

The

Fund

earned

a

positive

total

return

during

the

reporting

period

relative

to

the

Index’s

negative

return,

driven

primarily

by

the

Fund’s

allocation

and

security

selection

within

corporate

securities

as

well

as

the

Fund’s

large

underweight

allocation

to

Agency

Mortgage-Backed

Securities

(“MBS”).

Within

corporate

bonds,

the

Fund

benefited

from

investments

in

Manufacturing,

Aerospace

&

Defense,

Food

&

Beverage,

and

Health

Care.

Financials,

Real

Estate

Investment

Trusts

(REITs)

and

Insurance-

related

bonds

detracted

from

performance

due

to

regional

banking

failures

as

well

as

concerns

about

commercial

real

estate

investments.

A

large

underweight

allocation

to

Agency

MBS

relative

to

the

Index

also

benefited

performance

as

interest

rates

increased

during

the

period

causing

the

duration

of

MBS

to

extend

and

the

prices

of

MBS

to

fall

more

relative

to

other

fixed

income

securities.

During

the

fiscal

year

ended

June

30,

2023,

the

Fund

continued

to

increase

its

exposure

to

U.S.

Treasury

securities

and

Agency

MBS,

given

our

view

that

the

value

of

these

securities

is

more

attractive

given

the

drop

in

prices

and

increased

yields

in

these

securities.

The

Fund

also

purchased

consumer

loan-related

Asset-Backed

Securities

(“ABS”)

given

their

attractive

yields

as

ABS

generally

has

short-term

maturities

that

benefit

from

the

inverted

yield

curve

(short-term

interest

rates

being

higher

than

long-

term

interest

rates).

9

VictoryShares

Core

Intermediate

Bond

ETF

Managers’

Commentary

(continued)

(Unaudited)

We

continued

to

adhere

to

our

disciplined

investment

approach,

which

is

to

maintain

an

attractive

yield

with

an

acceptable

level

of

risk.

To

identify

attractive

investment

opportunities,

we

worked

with

our

in-house

team

of

credit

analysts,

continuing

to

build

the

portfolio

bond

by

bond,

through

fundamental

bottom-up

analysis.

We

seek

ideas

where

our

fundamental

understanding

of

the

credit

risk

is

different

than

the

market.

This

approach,

we

believe,

will

generate

total

returns

that

may

outperform

our

peers

over

the

long

run,

with

less

volatility.

Our

credit

analysts

review

all

securities

considered

for

purchase

and

assign

their

own

independent

credit

rating.

As

always,

they

continuously

monitor

every

holding

in

the

Fund.

We

are

committed

to

building

a

portfolio

diversified

among

multiple

asset

classes

and

across

a

large

number

of

issuers.

To

minimize

the

Fund’s

exposure

to

potential

surprises,

we

limit

the

positions

we

take

in

any

one

issuer.

10

VictoryShares

Core

Intermediate

Bond

ETF

Investment

Overview

(Unaudited)

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

or

higher.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month’s

end,

please

visit

vcm.com.

Total

return

measures

the

price

change

in

a

share

assuming

the

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any.

The

total

returns

quoted

do

not

reflect

adjustments

made

to

the

enclosed

financial

statements

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

or

the

deduction

of

taxes

that

a

shareholder

would

pay

on

net

investment

income

and

realized

capital

gain

distributions,

including

reinvested

distributions,

or

redemptions

of

shares.

The

total

return

figures

set

forth

above

include

all

waivers

of

fees.

Without

such

fee

waivers,

the

total

returns

would

have

been

lower.

VictoryShares

Core

Intermediate

Bond

ETF —

Growth

of

$10,000

1

The

unmanaged

Bloomberg

U.S.

Aggregate

Bond

Index

is

broad-based

flagship

benchmark

that

measures

the

investment

grade,

U.S.

dollar-

denominated,

fixed

rate

taxable

bond

market.

The

index

includes

U.S.

Treasurys,

government-related

corporate

securities,

MBS

(agency

fixed-rate

and

hybrid

ARM

pass-throughs),

ABS

and

CMBS

(agency

and

nonagency).

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

The

graph

reflects

investment

growth

of

a

hypothetical

$10,000

investment

in

the

Fund. 

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

shares. 

Past

performance

is

not

indicative

of

future

results.

Average

Annual

Total

Return

Year

Ended

June

30,

2023

INCEPTION

DATE

10/24/17

10/24/17

Net

Asset

Value

Market

Price

Value

Bloomberg

U.S.

Aggregate

Bond

Index

1

One

Year

0.13%

0.22%

-0.94%

Five

Year

1.58%

1.58%

0.77%

Since

Inception

1.17%

1.20%

N/A

11

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

June

30,

2023

Investment

Objective

and

Portfolio

Holdings:

(Unaudited)

The

Fund

seeks

to

provide

high

current

income

consistent

with

preservation

of

principal.

Sector

Allocation*:

June

30,

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

investments

which

are

under

2%

of

the

net

assets

of

the

Fund.

ABS

—

Asset-Backed

Securities

CLO

—

Collateralized

Loan

Obligations

MBS

—

Mortgage-Backed

Securities

12

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

June

30,

2023

Investment

Objective

and

Portfolio

Holdings:

(Unaudited)

The

Fund

seeks

high

current

income

without

undue

risk

to

principal.

Sector

Allocation*:

June

30,

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

investments

which

are

under

2%

of

the

net

assets

of

the

Fund.

ABS

—

Asset-Backed

Securities

CLO

—

Collateralized

Loan

Obligations

MBS

—

Mortgage-Backed

Securities

Schedule

of

Portfolio

Investments

June

30,

2023

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

13

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Asset-Backed

Securities

(30.2%)

ABS

Auto

(20.2%):

American

Credit

Acceptance

Receivables

Trust

,

Series

2023-2

,

Class

C

,

5

.96

%

,

8/13/29

,

Callable

8/12/26

@

100

(a)

............................................

$

1,000,000

$

986,955

American

Credit

Acceptance

Receivables

Trust

,

Series

2022-1

,

Class

C

,

2

.12

%

,

3/13/28

,

Callable

12/13/24

@

100

(a)

...........................................

1,000,000

968,338

American

Credit

Acceptance

Receivables

Trust

,

Series

2023-1B

,

Class

B

,

5

.38

%

,

5/12/27

,

Callable

3/12/26

@

100

(a)

............................................

1,000,000

987,264

AmeriCredit

Automobile

Receivables

Trust

,

Series

2021-2

,

Class

C

,

1

.01

%

,

1/19/27

,

Callable

10/18/25

@

100

....................................................

1,000,000

913,616

ARI

Fleet

Lease

Trust

,

Series

2022-A

,

Class

A2

,

3

.12

%

,

1/15/31

,

Callable

1/15/25

@

100

(a)

.

677,980

668,959

ARI

Fleet

Lease

Trust

,

Series

2022-A

,

Class

A3

,

3

.43

%

,

1/15/31

,

Callable

1/15/25

@

100

(a)

.

762,000

730,397

Avis

Budget

Rental

Car

Funding

AESOP

LLC

,

Series

2018-1A

,

Class

A

,

3

.70

%

,

9/20/24

,

Callable

10/20/23

@

100

(a)

...........................................

750,000

748,141

Avis

Budget

Rental

Car

Funding

AESOP

LLC

,

Series

2022-5A

,

Class

B

,

7

.09

%

,

4/20/27

(a)

..

1,000,000

1,010,715

Avis

Budget

Rental

Car

Funding

AESOP

LLC

,

Series

2023-5A

,

Class

B

,

6

.12

%

,

4/20/28

(a)

..

1,000,000

984,877

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

968,334

Avis

Budget

Rental

Car

Funding

AESOP

LLC

,

Series

2018-1A

,

Class

B

,

4

.00

%

,

9/20/24

,

Callable

10/20/23

@

100

(a)

...........................................

500,000

498,671

Canadian

Pacer

Auto

Receivables

Trust

,

Series

2020-1A

,

Class

C

,

2

.49

%

,

5/19/26

,

Callable

10/19/23

@

100

(a)

..................................................

1,000,000

985,460

Canadian

Pacer

Auto

Receivables

Trust

,

Series

2020-1A

,

Class

B

,

2

.00

%

,

7/21/25

,

Callable

10/19/23

@

100

(a)

..................................................

1,156,000

1,138,649

Carmax

Auto

Owner

Trust

,

Series

2023-2

,

Class

C

,

5

.57

%

,

11/15/28

,

Callable

7/15/26

@

100

1,000,000

984,567

CarMax

Auto

Owner

Trust

,

Series

2021-2

,

Class

A3

,

0

.52

%

,

2/17/26

,

Callable

4/15/25

@

100

1,335,945

1,291,883

CarMax

Auto

Owner

Trust

,

Series

2020-4

,

Class

A3

,

0

.50

%

,

8/15/25

,

Callable

11/15/24

@

100

407,126

397,904

CarNow

Auto

Receivables

Trust

,

Series

2023-1A

,

Class

A

,

6

.62

%

,

12/16/24

(a)

...........

213,453

213,630

Carvana

Auto

Receivables

Trust

,

Series

2019-2A

,

Class

D

,

3

.28

%

,

1/15/25

(a)

............

35,923

35,896

Carvana

Auto

Receivables

Trust

,

Series

2021-N1

,

Class

C

,

1

.30

%

,

1/10/28

,

Callable

1/10/26

@

100

.............................................................

459,328

427,012

Carvana

Auto

Receivables

Trust

,

Series

2021-N4

,

Class

C

,

1

.72

%

,

9/11/28

,

Callable

9/10/26

@

100

.............................................................

633,861

608,467

Carvana

Auto

Receivables

Trust

,

Series

2021-N1

,

Class

A

,

0

.70

%

,

1/10/28

,

Callable

1/10/26

@

100

.............................................................

443,019

415,243

Chesapeake

Funding

II

LLC

,

Series

2023-1A

,

Class

C

,

6

.07

%

,

5/15/35

,

Callable

2/15/29

@

100

(a)

...........................................................

200,000

195,233

Chesapeake

Funding

II

LLC

,

Series

2023-1A

,

Class

D

,

6

.69

%

,

5/15/35

,

Callable

2/15/29

@

100

(a)

...........................................................

375,000

365,652

Chesapeake

Funding

II

LLC

,

Series

2023-1A

,

Class

B

,

5

.59

%

,

5/15/35

,

Callable

2/15/29

@

100

(a)

...........................................................

176,000

171,555

Citizens

Auto

Receivables

Trust

,

Series

2023-1

,

Class

A4

,

5

.78

%

,

10/15/30

,

Callable

1/15/27

@

100

(a)

.........................................................

2,000,000

1,992,133

CPS

Auto

Receivables

Trust

,

Series

2022-A

,

Class

B

,

1

.70

%

,

4/16/29

,

Callable

10/15/25

@

100

(a)

...........................................................

800,000

782,806

CPS

Auto

Receivables

Trust

,

Series

2022-D

,

Class

B

,

6

.84

%

,

1/16/29

,

Callable

9/15/26

@

100

(a)

...........................................................

1,500,000

1,524,869

Credit

Acceptance

Auto

Loan

Trust

,

Series

2023-1A

,

Class

B

,

7

.02

%

,

5/16/33

,

Callable

11/15/26

@

100

(a)

..................................................

1,000,000

1,003,179

Credit

Acceptance

Auto

Loan

Trust

,

Series

2022-3A

,

Class

C

,

8

.45

%

,

2/15/33

,

Callable

10/15/26

@

100

(a)

..................................................

1,000,000

1,026,247

Credit

Acceptance

Auto

Loan

Trust

,

Series

2023-2A

,

Class

C

,

7

.15

%

,

9/15/33

,

Callable

12/15/26

@

100

(a)

..................................................

1,000,000

987,660

Credit

Acceptance

Auto

Loan

Trust

,

Series

2021-4

,

Class

A

,

1

.26

%

,

10/15/30

,

Callable

4/15/25

@

100

(a)

.........................................................

333,000

318,464

Credit

Acceptance

Auto

Loan

Trust

,

Series

2021-4

,

Class

B

,

1

.74

%

,

12/16/30

,

Callable

4/15/25

@

100

(a)

.........................................................

320,000

295,275

Credit

Acceptance

Auto

Loan

Trust

,

Series

2022-1A

,

Class

B

,

4

.95

%

,

8/16/32

,

Callable

4/15/26

@

100

(a)

.........................................................

1,000,000

962,921

Drive

Auto

Receivables

Trust

,

Series

2021-1

,

Class

C

,

1

.02

%

,

6/15/27

,

Callable

1/15/25

@

100

384,794

378,864

Drive

Auto

Receivables

Trust

,

Series

2020-2

,

Class

C

,

2

.28

%

,

8/17/26

,

Callable

6/15/24

@

100

123,849

123,438

DT

Auto

Owner

Trust

,

Series

2020-2A

,

Class

D

,

4

.73

%

,

3/16/26

,

Callable

8/15/24

@

100

(a)

.

500,000

490,707

DT

Auto

Owner

Trust

,

Series

2019-2A

,

Class

E

,

4

.46

%

,

5/15/26

,

Callable

10/15/23

@

100

(a)

2,500,000

2,485,047

DT

Auto

Owner

Trust

,

Series

2019-4A

,

Class

E

,

3

.93

%

,

10/15/26

,

Callable

3/15/24

@

100

(a)

1,000,000

974,848

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

14

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Enterprise

Fleet

Financing

LLC

,

Series

2022-1

,

Class

A2

,

3

.03

%

,

1/20/28

,

Callable

6/20/25

@

100

(a)

...........................................................

$

366,385

$

356,683

Enterprise

Fleet

Financing

LLC

,

Series

2022-2

,

Class

A2

,

4

.65

%

,

5/21/29

,

Callable

12/20/25

@

100

(a)

.........................................................

854,822

841,331

Enterprise

Fleet

Financing

LLC

,

Series

2022-4

,

Class

A3

,

5

.65

%

,

10/22/29

,

Callable

8/20/26

@

100

(a)

.........................................................

1,000,000

999,555

Enterprise

Fleet

Financing

LLC

,

Series

2022-3

,

Class

A3

,

4

.29

%

,

7/20/29

,

Callable

5/20/26

@

100

(a)

...........................................................

1,125,000

1,079,302

Enterprise

Fleet

Financing

LLC

,

Series

2023-2

,

Class

A2

,

5

.56

%

,

4/22/30

,

Callable

2/20/27

@

100

(a)

...........................................................

1,000,000

994,542

Exeter

Automobile

Receivables

Trust

,

Series

2020-1A

,

Class

E

,

3

.74

%

,

1/15/27

,

Callable

8/15/24

@

100

(a)

...................................................

250,000

239,620

Exeter

Automobile

Receivables

Trust

,

Series

2021-2A

,

Class

C

,

0

.98

%

,

6/15/26

,

Callable

9/15/25

@

100

.....................................................

1,251,476

1,221,945

Exeter

Automobile

Receivables

Trust

,

Series

2021-4

,

Class

C

,

1

.46

%

,

10/15/27

,

Callable

10/15/25

@

100

....................................................

1,000,000

955,223

Exeter

Automobile

Receivables

Trust

,

Series

2020-2A

,

Class

E

,

7

.19

%

,

9/15/27

,

Callable

11/15/24

@

100

(a)

..................................................

1,010,000

1,014,185

Exeter

Automobile

Receivables

Trust

,

Series

2022-5A

,

Class

C

,

6

.51

%

,

12/15/27

,

Callable

4/15/26

@

100

.....................................................

1,000,000

1,001,432

Exeter

Automobile

Receivables

Trust

,

Series

2020-3A

,

Class

C

,

1

.32

%

,

7/15/25

,

Callable

3/15/25

@

100

.....................................................

34,041

33,997

Flagship

Credit

Auto

Trust

,

Series

2019-4

,

Class

E

,

4

.11

%

,

3/15/27

,

Callable

2/15/25

@

100

(a)

1,000,000

941,519

Flagship

Credit

Auto

Trust

,

Series

4

,

Class

C

,

1

.96

%

,

12/15/27

,

Callable

2/15/26

@

100

(a)

..

1,000,000

919,529

Flagship

Credit

Auto

Trust

,

Series

4

,

Class

B

,

1

.49

%

,

2/15/27

,

Callable

2/15/26

@

100

(a)

...

1,000,000

944,548

Ford

Credit

Auto

Lease

Trust

,

Series

2023-A

,

Class

C

,

5

.54

%

,

12/15/26

,

Callable

8/15/25

@

100

.............................................................

360,000

352,938

Ford

Credit

Auto

Lease

Trust

,

Series

2022-A

,

Class

B

,

3

.81

%

,

8/15/25

,

Callable

10/15/24

@

100

.............................................................

643,000

627,916

Ford

Credit

Auto

Owner

Trust

,

Series

2023-1

,

Class

C

,

5

.58

%

,

8/15/35

,

Callable

2/15/28

@

100

(a)

...........................................................

1,000,000

987,560

Ford

Credit

Auto

Owner

Trust

,

Series

2023-1

,

Class

B

,

5

.29

%

,

8/15/35

,

Callable

2/15/28

@

100

(a)

...........................................................

822,000

799,095

Ford

Credit

Auto

Owner

Trust

,

Series

2023-1

,

Class

D

,

6

.26

%

,

8/15/35

,

Callable

2/15/28

@

100

(a)

...........................................................

2,290,000

2,246,839

Ford

Credit

Floorplan

Master

Owner

Trust

A

,

Series

2023-1

,

Class

C

,

5

.75

%

,

5/15/28

(a)

....

532,000

522,362

Foursight

Capital

Automobile

Receivables

Trust

,

Series

2022-1

,

Class

B

,

2

.15

%

,

5/17/27

,

Callable

1/15/25

@

100

(a)

............................................

1,000,000

949,314

Foursight

Capital

Automobile

Receivables

Trust

,

Series

2022-1

,

Class

A3

,

1

.83

%

,

12/15/26

,

Callable

1/15/25

@

100

(a)

............................................

600,000

583,039

Foursight

Capital

Automobile

Receivables

Trust

,

Series

2023-1

,

Class

B

,

5

.35

%

,

3/15/28

,

Callable

4/15/26

@

100

(a)

............................................

626,000

615,815

Foursight

Capital

Automobile

Receivables

Trust

,

Series

2022-2

,

Class

A3

,

4

.59

%

,

6/15/27

,

Callable

8/15/25

@

100

(a)

............................................

1,000,000

983,648

Foursight

Capital

Automobile

Receivables

Trust

,

Series

2020-1

,

Class

D

,

2

.60

%

,

1/15/26

,

Callable

9/15/23

@

100

(a)

............................................

175,424

174,280

GLS

Auto

Receivables

Issuer

Trust

,

Series

2019-3A

,

Class

D

,

3

.84

%

,

5/15/26

,

Callable

2/15/24

@

100

(a)

.........................................................

1,000,000

981,564

GLS

Auto

Receivables

Issuer

Trust

,

Series

2019-2A

,

Class

D

,

4

.52

%

,

2/17/26

,

Callable

11/15/23

@

100

(a)

..................................................

1,750,000

1,732,398

GLS

Auto

Receivables

Issuer

Trust

,

Series

2022-2A

,

Class

B

,

4

.70

%

,

9/15/26

,

Callable

8/15/26

@

100

(a)

.........................................................

1,000,000

983,252

GLS

Auto

Receivables

Issuer

Trust

,

Series

4A

,

Class

A

,

0

.84

%

,

7/15/25

(a)

..............

98,526

98,062

GLS

Auto

Receivables

Issuer

Trust

,

Series

4A

,

Class

B

,

1

.53

%

,

4/15/26

(a)

..............

500,000

488,070

GLS

Auto

Receivables

Issuer

Trust

,

Series

2020-2A

,

Class

B

,

3

.16

%

,

6/16/25

,

Callable

8/15/24

@

100

(a)

.........................................................

125,571

125,356

GLS

Auto

Receivables

Trust

,

Series

2022-1A

,

Class

B

,

2

.84

%

,

5/15/26

(a)

..............

1,000,000

975,711

GM

Financial

Automobile

Leasing

Trust

,

Series

2023-2

,

Class

B

,

5

.54

%

,

5/20/27

,

Callable

8/20/25

@

100

.....................................................

417,000

413,398

GTE

Auto

Receivables

Trust

,

Series

2023-1

,

Class

B

,

5

.39

%

,

8/15/29

,

Callable

4/15/25

@

100

(a)

...........................................................

500,000

496,210

GTE

Auto

Receivables

Trust

,

Series

2023-1

,

Class

A3

,

5

.18

%

,

3/15/28

,

Callable

4/15/25

@

100

(a)

...........................................................

1,000,000

994,110

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

15

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

GTE

Auto

Receivables

Trust

,

Series

2023-1

,

Class

A4

,

5

.12

%

,

4/16/29

,

Callable

4/15/25

@

100

(a)

...........................................................

$

1,000,000

$

994,835

Hertz

Vehicle

Financing

III

LLC

,

Series

2022-3A

,

Class

A

,

3

.37

%

,

3/25/25

,

Callable

3/25/24

@

100

(a)

.........................................................

1,000,000

986,076

Hertz

Vehicle

Financing

III

LLC

,

Series

2023-1A

,

Class

C

,

6

.91

%

,

6/25/27

(a)

...........

1,000,000

986,832

Hertz

Vehicle

Financing

III

LLC

,

Series

2022-1A

,

Class

B

,

2

.19

%

,

6/25/26

,

Callable

6/25/25

@

100

(a)

.........................................................

1,000,000

922,783

Hertz

Vehicle

Financing

III

LLC

,

Series

2022-1A

,

Class

A

,

1

.99

%

,

6/25/26

,

Callable

6/25/25

@

100

(a)

.........................................................

1,000,000

927,161

Hertz

Vehicle

Financing

LLC

,

Series

2022-4A

,

Class

A

,

3

.73

%

,

9/25/26

,

Callable

9/25/25

@

100

(a)

...........................................................

1,000,000

951,757

Honda

Auto

Receivables

Owner

Trust

,

Series

2020-3

,

Class

A3

,

0

.37

%

,

10/18/24

,

Callable

1/18/24

@

100

.....................................................

231,139

228,009

Hyundai

Auto

Receivables

Trust

,

Series

2020-C

,

Class

A3

,

0

.38

%

,

5/15/25

,

Callable

3/15/25

@

100

.............................................................

350,685

344,230

JPMorgan

Chase

Bank

NA

,

Series

2021-2

,

Class

D

,

1

.14

%

,

12/26/28

,

Callable

4/25/25

@

100

(a)

...........................................................

309,257

298,687

JPMorgan

Chase

Bank

NA

,

Series

2020-2

,

Class

B

,

0

.84

%

,

2/25/28

,

Callable

9/25/24

@

100

(a)

...........................................................

874,113

859,285

JPMorgan

Chase

Bank

NA

,

Series

2021-3

,

Class

B

,

0

.76

%

,

2/26/29

,

Callable

4/25/25

@

100

(a)

...........................................................

263,412

250,826

LAD

Auto

Receivables

Trust

,

Series

2021-1A

,

Class

C

,

2

.35

%

,

4/15/27

,

Callable

6/15/25

@

100

(a)

...........................................................

1,000,000

923,473

LAD

Auto

Receivables

Trust

,

Series

2023-1A

,

Class

D

,

7

.30

%

,

6/17/30

,

Callable

5/15/26

@

100

(a)

...........................................................

453,000

455,348

LAD

Auto

Receivables

Trust

,

Series

2021-1A

,

Class

B

,

1

.94

%

,

11/16/26

,

Callable

6/15/25

@

100

(a)

...........................................................

1,750,000

1,656,319

LAD

Auto

Receivables

Trust

,

Series

2022-1A

,

Class

B

,

5

.87

%

,

9/15/27

,

Callable

10/15/25

@

100

(a)

...........................................................

800,000

784,762

LAD

Auto

Receivables

Trust

,

Series

2022-1A

,

Class

A

,

5

.21

%

,

6/15/27

,

Callable

10/15/25

@

100

(a)

...........................................................

600,171

593,171

LAD

Auto

Receivables

Trust

,

Series

2021-1A

,

Class

A

,

1

.30

%

,

8/17/26

,

Callable

6/15/25

@

100

(a)

...........................................................

253,820

247,217

LAD

Auto

Receivables

Trust

,

Series

2023-2A

,

Class

D

,

6

.30

%

,

2/15/31

,

Callable

11/15/25

@

100

(a)

...........................................................

350,000

339,357

Lobel

Automobile

Receivables

Trust

,

Series

2023-1

,

Class

A

,

6

.97

%

,

7/15/26

(a)

..........

1,800,200

1,795,144

Oscar

U.S.

Funding

XII

LLC

,

Series

1A

,

Class

A4

,

1

.00

%

,

4/10/28

,

Callable

2/10/25

@

100

(a)

2,500,000

2,319,580

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

959,288

PenFed

Auto

Receivables

Owner

Trust

,

Series

2022-A

,

Class

B

,

4

.60

%

,

12/15/28

,

Callable

12/15/25

@

100

(a)

..................................................

452,000

441,141

PenFed

Auto

Receivables

Owner

Trust

,

Series

2022-A

,

Class

A4

,

4

.18

%

,

12/15/28

,

Callable

12/15/25

@

100

(a)

..................................................

1,000,000

975,229

PenFed

Auto

Receivables

Owner

Trust

,

Series

2022-A

,

Class

C

,

4

.83

%

,

12/15/28

,

Callable

12/15/25

@

100

(a)

..................................................

917,000

889,934

Prestige

Auto

Receivables

Trust

,

Series

2023-1A

,

Class

C

,

5

.65

%

,

2/15/28

,

Callable

2/15/27

@

100

(a)

...........................................................

1,000,000

980,368

Santander

Bank

Auto

Credit

Linked

Notes

,

Series

2023-A

,

Class

C

,

6

.74

%

,

6/15/33

,

Callable

7/15/27

@

100

(a)

...................................................

216,000

215,981

Santander

Bank

Auto

Credit

Linked

Notes

,

Series

2023-A

,

Class

D

,

7

.08

%

,

6/15/33

,

Callable

7/15/27

@

100

(a)

...................................................

875,000

874,921

Santander

Bank

Auto

Credit-Linked

Notes

,

Series

2022-A

,

Class

B

,

5

.28

%

,

5/15/32

,

Callable

10/15/25

@

100

(a)

..................................................

637,968

627,383

Santander

Bank

Auto

Credit-Linked

Notes

,

Series

2022-A

,

Class

C

,

7

.38

%

,

5/15/32

,

Callable

10/15/25

@

100

(a)

..................................................

510,374

500,636

Santander

Bank

Auto

Credit-Linked

Notes

,

Series

2022-B

,

Class

B

,

5

.72

%

,

8/16/32

,

Callable

2/15/26

@

100

(a)

...................................................

590,084

586,172

Santander

Bank

Auto

Credit-Linked

Notes

,

Series

2022-C

,

Class

C

,

6

.99

%

,

12/15/32

,

Callable

8/15/26

@

100

(a)

...................................................

749,404

749,264

Santander

Bank

Auto

Credit-Linked

Notes

,

Series

2022-C

,

Class

B

,

6

.45

%

,

12/15/32

,

Callable

8/15/26

@

100

(a)

...................................................

749,404

747,496

Santander

Bank

Auto

Credit-Linked

Notes

,

Series

2022-C

,

Class

D

,

8

.20

%

,

12/15/32

,

Callable

8/15/26

@

100

(a)

...................................................

627,219

631,552

Santander

Bank

NA

,

Series

2021-1A

,

Class

B

,

1

.83

%

,

12/15/31

,

Callable

6/15/25

@

100

(a)

..

178,850

172,951

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

16

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Santander

Drive

Auto

Receivables

Trust

,

Series

2020-4

,

Class

C

,

1

.01

%

,

1/15/26

,

Callable

11/15/24

@

100

....................................................

$

146,683

$

146,160

Santander

Retail

Auto

Lease

Trust

,

Series

2021-C

,

Class

C

,

1

.11

%

,

3/20/26

,

Callable

4/20/24

@

100

(a)

.........................................................

535,000

510,077

Santander

Retail

Auto

Lease

Trust

,

Series

2020-B

,

Class

C

,

1

.18

%

,

12/20/24

,

Callable

1/20/24

@

100

(a)

.........................................................

2,000,000

1,953,189

SFS

Auto

Receivables

Securitization

Trust

,

Series

2023-1A

,

Class

C

,

5

.97

%

,

2/20/31

,

Callable

10/20/27

@

100

(a)

..................................................

903,000

899,023

Toyota

Lease

Owner

Trust

,

Series

2023-A

,

Class

A4

,

5

.05

%

,

8/20/27

,

Callable

9/20/25

@

100

(a)

...........................................................

1,333,000

1,320,306

United

Auto

Credit

Securitization

Trust

,

Series

2022-1

,

Class

C

,

2

.61

%

,

6/10/27

,

Callable

11/10/25

@

100

(a)

..................................................

1,000,000

982,998

United

Auto

Credit

Securitization

Trust

,

Series

2023-1

,

Class

C

,

6

.28

%

,

7/10/28

,

Callable

12/10/26

@

100

(a)

..................................................

2,000,000

1,967,905

Veridian

Auto

Receivables

Trust

,

Series

2023-1A

,

Class

A3

,

5

.56

%

,

3/15/28

,

Callable

8/15/27

@

100

(a)

.........................................................

1,000,000

982,642

Veridian

Auto

Receivables

Trust

,

Series

2023-1A

,

Class

A4

,

5

.59

%

,

12/15/28

,

Callable

8/15/27

@

100

(a)

.........................................................

1,000,000

980,476

Veridian

Auto

Receivables

Trust

,

Series

2023-1A

,

Class

B

,

5

.86

%

,

4/16/29

,

Callable

8/15/27

@

100

(a)

...........................................................

534,000

527,253

Veridian

Auto

Receivables

Trust

,

Series

2023-1A

,

Class

C

,

6

.37

%

,

7/16/29

,

Callable

8/15/27

@

100

(a)

...........................................................

1,000,000

995,487

Westlake

Automobile

Receivables

Trust

,

Series

2022-1A

,

Class

B

,

2

.75

%

,

3/15/27

,

Callable

8/15/25

@

100

(a)

...................................................

1,000,000

972,484

Westlake

Automobile

Receivables

Trust

,

Series

2021-3A

,

Class

D

,

2

.12

%

,

1/15/27

,

Callable

6/15/25

@

100

(a)

...................................................

1,000,000

924,219

Westlake

Automobile

Receivables

Trust

,

Series

2022-2A

,

Class

B

,

4

.31

%

,

9/15/27

,

Callable

11/15/25

@

100

(a)

..................................................

800,000

781,787

Westlake

Automobile

Receivables

Trust

,

Series

2023-1A

,

Class

B

,

5

.41

%

,

1/18/28

,

Callable

3/15/26

@

100

(a)

...................................................

500,000

493,474

Westlake

Automobile

Receivables

Trust

,

Series

2020-1A

,

Class

E

,

3

.31

%

,

10/15/25

,

Callable

1/15/24

@

100

(a)

...................................................

500,000

488,957

Wheels

Fleet

Lease

Funding

1

LLC

,

Series

2022-1A

,

Class

A

,

2

.47

%

,

10/18/36

,

Callable

9/18/24

@

100

(a)

...................................................

641,347

626,497

Wheels

Fleet

Lease

Funding

1

LLC

,

Series

2023-1A

,

Class

A

,

5

.80

%

,

4/18/38

(a)

.........

900,000

894,523

Wheels

Fleet

Lease

Funding

1

LLC

,

Series

2023-1A

,

Class

B

,

5

.80

%

,

4/18/38

(a)

.........

1,000,000

990,176

Wheels

Fleet

Lease

Funding

1

LLC

,

Series

2023-1A

,

Class

C

,

6

.18

%

,

4/18/38

(a)

.........

1,667,000

1,650,104

World

Omni

Select

Auto

Trust

,

Series

2021-A

,

Class

A3

,

0

.53

%

,

3/15/27

,

Callable

4/15/25

@

100

.............................................................

1,438,458

1,395,358

World

Omni

Select

Auto

Trust

,

Series

2023-A

,

Class

C

,

6

.00

%

,

1/16/29

,

Callable

11/15/25

@

100

.............................................................

1,000,000

996,343

105,414,830

ABS

Card

(1.7%):

Evergreen

Credit

Card

Trust

,

Series

2021-1A

,

Class

A

,

0

.90

%

,

10/15/26

(a)

..............

1,500,000

1,410,059

Evergreen

Credit

Card

Trust

,

Series

2022-CRT2

,

Class

C

,

7

.44

%

,

11/15/26

(a)

............

1,000,000

993,313

Evergreen

Credit

Card

Trust

,

Series

2022-CRT1

,

Class

B

,

5

.61

%

,

7/15/26

(a)

.............

1,000,000

987,473

Evergreen

Credit

Card

Trust

,

Series

2023-CRT3

,

Class

C

,

7

.31

%

,

2/16/27

(a)

.............

423,000

422,825

Evergreen

Credit

Card

Trust

,

Series

2023-CRT3

,

Class

B

,

6

.58

%

,

2/16/27

(a)

.............

762,000

762,578

Master

Credit

Card

Trust

,

Series

2021-1A

,

Class

C

,

1

.06

%

,

11/21/25

(a)

................

1,500,000

1,421,297

Master

Credit

Card

Trust

II

,

Series

2022-1A

,

Class

B

,

1

.97

%

,

7/21/26

(a)

...............

1,000,000

935,045

Master

Credit

Card

Trust

II

,

Series

2023-1A

,

Class

C

,

5

.87

%

,

6/21/27

(a)

...............

600,000

589,484

Trillium

Credit

Card

Trust

II

,

Series

2023-1A

,

Class

C

,

6

.06

%

,

3/26/31

(a)

..............

375,000

364,120

Trillium

Credit

Card

Trust

II

,

Series

2023-1A

,

Class

B

,

5

.23

%

,

3/26/31

(a)

..............

1,000,000

970,354

8,856,548

ABS

Other

(8.3%):

AFG

ABS

I

LLC

,

Series

2023-1

,

Class

B

,

7

.51

%

,

9/16/30

,

Callable

1/15/27

@

100

(a)

......

832,992

832,745

Amur

Equipment

Finance

Receivables

IX

LLC

,

Series

2021-1A

,

Class

C

,

1

.75

%

,

6/21/27

,

Callable

11/20/24

@

100

(a)

...........................................

1,500,000

1,402,319

Amur

Equipment

Finance

Receivables

IX

LLC

,

Series

2021-1A

,

Class

B

,

1

.38

%

,

2/22/27

,

Callable

11/20/24

@

100

(a)

...........................................

500,000

473,745

Amur

Equipment

Finance

Receivables

X

LLC

,

Series

2022-1A

,

Class

B

,

2

.20

%

,

1/20/28

,

Callable

9/20/25

@

100

(a)

............................................

541,000

498,078

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

17

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Amur

Equipment

Finance

Receivables

X

LLC

,

Series

2022-1A

,

Class

A2

,

1

.64

%

,

10/20/27

,

Callable

9/20/25

@

100

(a)

............................................

$

362,927

$

347,772

Amur

Equipment

Finance

Receivables

XII

LLC

,

Series

2023-1A

,

Class

C

,

6

.36

%

,

12/20/29

,

Callable

5/20/27

@

100

(a)

............................................

655,173

652,524

Amur

Equipment

Finance

Receivables

XII

LLC

,

Series

2023-1A

,

Class

B

,

6

.03

%

,

12/20/29

,

Callable

5/20/27

@

100

(a)

............................................

750,000

747,447

Atalaya

Equipment

Leasing

Trust

,

Series

2021-1A

,

Class

A2

,

1

.23

%

,

5/15/26

,

Callable

10/15/24

@

100

(a)

..................................................

436,623

427,811

CARS

LP

,

Series

2020-1A

,

Class

A1

,

2

.69

%

,

2/15/50

,

Callable

7/15/23

@

100

(a)

.........

580,784

545,011

CCG

Receivables

Trust

,

Series

2023-1

,

Class

B

,

5

.99

%

,

9/16/30

,

Callable

10/14/26

@

100

(a)

1,000,000

999,902

CCG

Receivables

Trust

,

Series

2023-1

,

Class

C

,

6

.28

%

,

9/16/30

,

Callable

10/14/26

@

100

(a)

1,777,778

1,775,207

Conn's

Receivables

Funding

LLC

,

Series

2022-A

,

Class

A

,

5

.87

%

,

12/15/26

,

Callable

7/15/24

@

100

(a)

.........................................................

229,342

229,304

Conn's

Receivables

Funding

LLC

,

Series

2021-A

,

Class

B

,

2

.87

%

,

5/15/26

,

Callable

10/15/23

@

100.25

(a)

......................................................

112,138

112,028

Conn's

Receivables

Funding

LLC

,

Series

2022-A

,

Class

B

,

9

.52

%

,

12/15/26

,

Callable

7/15/24

@

100

(a)

.........................................................

1,500,000

1,502,550

CP

EF

Asset

Securitization

I

LLC

,

Series

2022-1A

,

Class

A

,

5

.96

%

,

4/15/30

,

Callable

12/15/25

@

100

(a)

.........................................................

925,537

909,835

Dell

Equipment

Finance

Trust

,

Series

2021-2

,

Class

C

,

0

.94

%

,

12/22/26

,

Callable

4/22/24

@

100

(a)

...........................................................

500,000

478,886

Dell

Equipment

Finance

Trust

,

Series

2020-2

,

Class

D

,

1

.92

%

,

3/23/26

,

Callable

7/22/23

@

100

(a)

...........................................................

1,000,000

997,804

Dell

Equipment

Finance

Trust

,

Series

2023-1

,

Class

D

,

6

.80

%

,

3/22/29

,

Callable

10/22/25

@

100

(a)

...........................................................

909,091

905,032

Dell

Equipment

Finance

Trust

,

Series

2021-1

,

Class

D

,

1

.03

%

,

11/23/26

,

Callable

9/22/23

@

100

(a)

...........................................................

500,000

493,950

Dell

Equipment

Finance

Trust

,

Series

2023-2

,

Class

C

,

6

.06

%

,

1/22/29

,

Callable

2/22/26

@

100

(a)

...........................................................

1,000,000

992,749

Dell

Equipment

Finance

Trust

,

Series

2023-2

,

Class

D

,

6

.74

%

,

7/23/29

,

Callable

2/22/26

@

100

(a)

...........................................................

761,000

753,133

Dext

ABS

,

Series

2020-1

,

Class

C

,

3

.03

%

,

11/15/27

,

Callable

4/15/24

@

100

(a)

..........

300,000

288,909

Dext

ABS

LLC

,

Series

2023-1

,

Class

A2

,

5

.99

%

,

3/15/32

,

Callable

5/15/27

@

100

(a)

......

1,000,000

996,952

Dext

ABS

LLC

,

Series

2023-1

,

Class

B

,

6

.55

%

,

3/15/32

,

Callable

5/15/27

@

100

(a)

.......

2,000,000

1,988,223

Dext

ABS

LLC

,

Series

2021-1

,

Class

C

,

2

.29

%

,

9/15/28

,

Callable

4/15/26

@

100

(a)

.......

1,000,000

897,922

Diamond

Issuer

,

Series

2021-1A

,

Class

B

,

2

.70

%

,

11/20/51

,

Callable

11/20/25

@

100

(a)

....

655,000

535,473

DLLMT

LLC

,

Series

2023-1A

,

Class

A4

,

5

.35

%

,

3/20/31

,

Callable

7/20/26

@

100

(a)

......

571,429

567,575

DLLST

LLC

,

Series

2022-1A

,

Class

A4

,

3

.69

%

,

9/20/28

,

Callable

6/20/25

@

100

(a)

.......

1,000,000

965,474

Encina

Equipment

Finance

LLC

,

Series

2022-1A

,

Class

A2

,

4

.88

%

,

11/15/28

,

Callable

7/15/26

@

100

(a)

.........................................................

975,000

955,458

FirstKey

Homes

Trust

,

Series

2021-SFR3

,

Class

C

,

2

.54

%

,

12/17/38

(a)

................

1,000,000

877,951

FirstKey

Homes

Trust

,

Series

2021-SFR3

,

Class

B

,

2

.44

%

,

12/17/38

(a)

................

1,000,000

882,858

FirstKey

Homes

Trust

,

Series

2021-SFR3

,

Class

A

,

2

.14

%

,

12/17/38

(a)

................

988,070

871,927

Flexential

Issuer

,

Series

2021-1A

,

Class

A2

,

3

.25

%

,

11/27/51

,

Callable

11/25/25

@

100

(a)

..

1,000,000

872,075

Ford

Credit

Floorplan

Master

Owner

Trust

,

Series

2020-1

,

Class

B

,

0

.98

%

,

9/15/25

........

1,400,000

1,386,438

GreatAmerica

Leasing

Receivables

,

Series

2023-1

,

Class

B

,

5

.21

%

,

3/15/30

,

Callable

7/15/27

@

100

(a)

.........................................................

500,000

489,576

HPEFS

Equipment

Trust

,

Series

2021-1A

,

Class

D

,

1

.03

%

,

3/20/31

,

Callable

3/20/24

@

100

(a)

2,000,000

1,926,700

HPEFS

Equipment

Trust

,

Series

2021-1A

,

Class

C

,

0

.75

%

,

3/20/31

,

Callable

3/20/24

@

100

(a)

1,300,000

1,281,049

HPEFS

Equipment

Trust

,

Series

2022-1A

,

Class

D

,

2

.40

%

,

11/20/29

,

Callable

3/20/25

@

100

(a)

...........................................................

667,000

613,206

HPEFS

Equipment

Trust

,

Series

2021-2A

,

Class

C

,

0

.88

%

,

9/20/28

,

Callable

6/20/24

@

100

(a)

300,000

290,274

John

Deere

Owner

Trust

,

Series

2021-B

,

Class

A3

,

0

.52

%

,

3/16/26

,

Callable

3/15/25

@

100

.

1,298,067

1,242,253

Kubota

Credit

Owner

Trust

,

Series

2022-1A

,

Class

A3

,

2

.67

%

,

10/15/26

,

Callable

1/15/26

@

100

(a)

...........................................................

1,000,000

948,737

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

769,091

New

Economy

Assets

Phase

1

Sponsor

LLC

,

Series

2021-1

,

Class

B1

,

2

.41

%

,

10/20/61

,

Callable

10/20/24

@

100

(a)

...........................................

293,000

243,991

NMEF

Funding

LLC

,

Series

2022-A

,

Class

A2

,

2

.58

%

,

10/16/28

,

Callable

6/15/25

@

100

(a)

.

703,478

687,375

NMEF

Funding

LLC

,

Series

2022-A

,

Class

B

,

3

.35

%

,

10/16/28

,

Callable

6/15/25

@

100

(a)

..

1,000,000

933,847

NMEF

Funding

LLC

,

Series

2022-B

,

Class

A2

,

6

.07

%

,

6/15/29

,

Callable

10/15/26

@

100

(a)

.

1,000,000

994,853

Pawneee

Equipment

Receivables

LLC

,

Series

2021-1

,

Class

A2

,

1

.10

%

,

7/15/27

,

Callable

8/15/25

@

100

(a)

...................................................

913,541

880,319

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

18

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Pawneee

Equipment

Receivables

LLC

,

Series

2022-1

,

Class

A3

,

5

.17

%

,

2/15/28

,

Callable

8/15/26

@

100

(a)

...................................................

$

1,000,000

$

986,577

PSNH

Funding

LLC

,

Series

2018-1

,

Class

A1

,

3

.09

%

,

2/1/26

.......................

68,534

68,074

SCF

Equipment

Leasing

LLC

,

Series

2021-1A

,

Class

D

,

1

.93

%

,

9/20/30

,

Callable

10/20/25

@

100

(a)

...........................................................

250,000

219,322

SCF

Equipment

Leasing

LLC

,

Series

2022-2A

,

Class

B

,

6

.50

%

,

2/20/32

,

Callable

8/20/29

@

100

(a)

...........................................................

428,571

424,411

SCF

Equipment

Leasing

LLC

,

Series

2020-1A

,

Class

B

,

2

.02

%

,

3/20/28

,

Callable

3/20/25

@

100

(a)

...........................................................

100,000

96,132

SCF

Equipment

Leasing

LLC

,

Series

2020-1A

,

Class

A3

,

1

.19

%

,

10/20/27

,

Callable

3/20/25

@

100

(a)

...........................................................

297,784

294,035

SCF

Equipment

Leasing

LLC

,

Series

2019-2A

,

Class

A2

,

2

.47

%

,

4/20/26

,

Callable

11/20/24

@

100

(a)

...........................................................

217,003

216,177

Vantage

Data

Centers

LLC

,

Series

2020-1A

,

Class

A2

,

1

.65

%

,

9/15/45

,

Callable

9/15/23

@

100

(a)

...........................................................

1,000,000

896,129

VB-S1

Issuer

LLC

,

Series

2022-1A

,

Class

C2I

,

3

.16

%

,

2/15/52

,

Callable

2/15/26

@

100

(a)

..

1,000,000

879,250

43,546,445

Total

Asset-Backed

Securities

(Cost

$161,407,486)

157,817,823

Collateralized

Loan

Obligations

(0.8%)

Cash

Flow

CLO

(0.8%):

Barrow

Hanley

CLO

I

Ltd.

,

Series

2023-1A

,

Class

A1

,

7

.17

%

(

TSFR3M

+

230

bps

)

,

4/20/35

,

Callable

4/20/24

@

100

(a)

(b)

..........................................

1,000,000

998,824

Palmer

Square

Loan

Funding

Ltd.

,

Series

2020-1A

,

Class

A1

,

6

.18

%

(

TSFR3M

+

80

bps

)

,

2/20/28

,

Callable

8/20/23

@

100

(a)

(b)

....................................

56,158

56,015

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

995,200

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)

....................................

500,000

499,400

Stratus

CLO

Ltd.

,

Series

2021-3A

,

Class

B

,

6

.80

%

(

TSFR3M

+

155

bps

)

,

12/29/29

,

Callable

7/20/23

@

100

(a)

(b)

.................................................

821,000

803,971

Stratus

CLO

Ltd.

,

Series

2021-3A

,

Class

A

,

6

.20

%

(

TSFR3M

+

95

bps

)

,

12/29/29

,

Callable

7/20/23

@

100

(a)

(b)

.................................................

800,226

793,442

4,146,852

Total

Collateralized

Loan

Obligations

(Cost

$4,177,384)

4,146,852

Collateralized

Mortgage

Obligations

(4.7%)

Commercial

MBS

(4.7%):

Aventura

Mall

Trust

,

Series

2018-AVM

,

Class

C

,

4

.25

%

,

7/5/40

(a)

(c)

..................

1,000,000

860,856

BBCMS

Mortgage

Trust

,

Series

2020-BID

,

Class

C

,

8

.83

%

(

TSFR1M

+

364

bps

)

,

10/15/37

(a)

(b)

.....................................................

1,000,000

939,592

BBCMS

Mortgage

Trust

,

Series

2020-BID

,

Class

B

,

7

.73

%

(

TSFR1M

+

254

bps

)

,

10/15/37

(a)

(b)

.....................................................

1,750,000

1,658,649

BPR

Trust

,

Series

2021-TY

,

Class

C

,

6

.89

%

(

TSFR1M

+

170

bps

)

,

9/15/38

(a)

(b)

...........

1,000,000

927,084

BPR

Trust

,

Series

2021-TY

,

Class

A

,

6

.24

%

(

TSFR1M

+

105

bps

)

,

9/15/38

(a)

(b)

...........

1,000,000

949,889

BPR

Trust

,

Series

2022-STAR

,

Class

A

,

8

.38

%

(

TSFR1M

+

323

bps

)

,

8/15/24

(a)

(b)

........

2,000,000

1,996,518

BX

Commercial

Mortgage

Trust

,

Series

2019-XL

,

Class

D

,

6

.71

%

(

TSFR1M

+

145

bps

)

,

10/15/36

(a)

(b)

.....................................................

2,465,000

2,429,997

BX

Trust

,

Series

2022-CLS

,

Class

B

,

6

.30

%

,

10/13/27

(a)

..........................

1,000,000

942,763

BX

Trust

,

Series

2022-LBA6

,

Class

C

,

6

.75

%

(

TSFR1M

+

160

bps

)

,

1/15/39

(a)

(b)

.........

1,000,000

966,251

Citigroup

Commercial

Mortgage

Trust

,

Series

2019-SMRT

,

Class

B

,

4

.38

%

,

1/10/36

(a)

.....

500,000

496,519

COMM

Mortgage

Trust

,

Series

2015-PC1

,

Class

AM

,

4

.29

%

,

7/10/50

,

Callable

6/10/25

@

100

(c)

...........................................................

1,500,000

1,427,104

COMM

Mortgage

Trust

,

Series

2014-

277P

,

Class

C

,

3

.73

%

,

8/10/49

,

Callable

8/10/24

@

100

(a)

(c)

.........................................................

333,000

308,645

COMM

Mortgage

Trust

,

Series

2014-277P

,

Class

A

,

3

.73

%

,

8/10/49

,

Callable

8/10/24

@

100

(a)

(c)

.........................................................

3,000,000

2,822,265

Houston

Galleria

Mall

Trust

,

Series

2015-HGLR

,

Class

A1A2

,

3

.09

%

,

3/5/37

(a)

..........

1,000,000

932,374

Hudson

Yards

Mortgage

Trust

,

Series

2016-10HY

,

Class

A

,

2

.84

%

,

8/10/38

,

Callable

8/10/26

@

100

(a)

.........................................................

1,500,000

1,347,357

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

19

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

,

Series

2013-C13

,

Class

C

,

4

.23

%

,

1/15/46

,

Callable

7/15/23

@

100

(c)

......................................

$

92,951

$

92,306

KNDL

Mortgage

Trust

,

Series

2019-KNSQ

,

Class

C

,

6

.39

%

(

TSFR1M

+

120

bps

)

,

5/15/36

(a)

(b)

1,175,000

1,161,302

KNDL

Mortgage

Trust

,

Series

2019-KNSQ

,

Class

B

,

6

.29

%

(

TSFR1M

+

110

bps

)

,

5/15/36

(a)

(b)

500,000

495,617

SCOTT

Trust

,

Series

2023-SFS

,

Class

AS

,

6

.20

%

,

3/15/40

(a)

.......................

785,714

765,928

SMRT

,

Series

2022-MINI

,

Class

B

,

6

.50

%

(

TSFR1M

+

135

bps

)

,

1/15/39

(a)

(b)

............

1,000,000

965,034

SREIT

Trust

,

Series

2021-MFP2

,

Class

B

,

6

.36

%

(

TSFR1M

+

117

bps

)

,

11/15/36

(a)

(b)

......

1,000,000

971,497

SREIT

Trust

,

Series

2021-MFP2

,

Class

A

,

6

.01

%

(

TSFR1M

+

82

bps

)

,

11/15/36

(a)

(b)

.......

1,000,000

972,897

24,430,444

Total

Collateralized

Mortgage

Obligations

(Cost

$25,245,885)

24,430,444

Senior

Secured

Loans

(0.5%)

Consumer

Discretionary

(0.3%):

Delta

Air

Lines,

Inc.

and

SkyMiles

IP

Ltd.,

Initial

Term

Loan,

First

Lien

,

8

.80

%

(

SOFR03M

+

375

bps

)

,

10/20/27

(b)

.......................................

1,350,000

1,400,935

Industrials

(0.2%):

MasTec,

Inc.

,

6

.75

%

,

9/1/25

...............................................

1,000,000

997,500

Materials

(0.0%):(d)

Celanese

US

Holdings

LLC,

Delayed

Term

Loan,

First

Lien

,

6

.54

%

(

SOFR01M

+

138

bps

)

,

10/31/23

(b)

.......................................................

260,000

259,918

Total

Senior

Secured

Loans

(Cost

$2,611,186)

2,658,353

Corporate

Bonds

(43.1%)

Communication

Services

(1.3%):

Magallanes,

Inc.

,

3

.64

%

,

3/15/25

(a)

..........................................

2,000,000

1,929,445

Sprint

Corp.

,

7

.88

%

,

9/15/23

...............................................

2,000,000

2,006,068

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)

......................................

922,266

909,793

TEGNA,

Inc.

,

4

.75

%

,

3/15/26

,

Callable

8/7/23

@

102.38

(a)

........................

2,000,000

1,919,710

6,765,016

Consumer

Discretionary

(2.8%):

Advance

Auto

Parts,

Inc.

,

5

.95

%

,

3/9/28

,

Callable

2/9/28

@

100

.....................

1,000,000

986,224

Association

of

American

Medical

Colleges

,

2

.12

%

,

10/1/24

.........................

750,000

710,001

Daimler

Trucks

Finance

North

America

LLC

,

1

.63

%

,

12/13/24

(a)

....................

2,000,000

1,883,933

Expedia

Group,

Inc.

,

6

.25

%

,

5/1/25

,

Callable

2/1/25

@

100

(a)

.......................

1,000,000

1,003,343

General

Motors

Financial

Co.,

Inc.

,

5

.40

%

,

4/6/26

...............................

1,000,000

988,648

Genting

New

York

LLC/GENNY

Capital,

Inc.

,

3

.30

%

,

2/15/26

,

Callable

1/15/26

@

100

(a)

..

500,000

449,911

Lithia

Motors,

Inc.

,

4

.63

%

,

12/15/27

,

Callable

8/7/23

@

103.47

(a)

....................

2,000,000

1,867,140

LKQ

Corp.

,

5

.75

%

,

6/15/28

,

Callable

5/15/28

@

100

(a)

...........................

1,000,000

996,210

Murphy

Oil

USA,

Inc.

,

5

.63

%

,

5/1/27

,

Callable

8/7/23

@

101.88

.....................

1,000,000

976,973

Nissan

Motor

Acceptance

Co.

LLC

2

.00

%

,

3/9/26

,

Callable

2/9/26

@

100

(a)

..................................

3,044,000

2,663,051

1

.85

%

,

9/16/26

,

Callable

8/16/26

@

100

(a)

................................

513,000

435,249

Nordstrom,

Inc.

,

2

.30

%

,

4/8/24

,

Callable

7/24/23

@

100

...........................

1,000,000

966,463

QVC,

Inc.

,

4

.45

%

,

2/15/25

,

Callable

11/15/24

@

100

.............................

617,000

543,961

14,471,107

Consumer

Staples

(0.7%):

Dollar

General

Corp.

,

5

.20

%

,

7/5/28

,

Callable

6/5/28

@

100

........................

1,000,000

989,772

JBS

USA

LUX

SA/JBS

USA

Food

Co./JBS

USA

Finance,

Inc.

6

.50

%

,

4/15/29

,

Callable

4/15/24

@

103.25

(a)

..............................

319,000

310,313

5

.50

%

,

1/15/30

,

Callable

1/15/25

@

102.75

(a)

..............................

408,000

391,052

Philip

Morris

International,

Inc.

,

4

.88

%

,

2/15/28

,

Callable

1/15/28

@

100

...............

2,000,000

1,972,394

3,663,531

Energy

(3.9%):

Antero

Resources

Corp.

,

7

.63

%

,

2/1/29

,

Callable

2/1/24

@

103.81

(a)

..................

500,000

510,411

Buckeye

Partners

LP

,

4

.15

%

,

7/1/23

.........................................

1,500,000

1,500,000

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

20

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Callon

Petroleum

Co.

,

8

.25

%

,

7/15/25

,

Callable

8/2/23

@

100

.......................

$

750,000

$

748,850

Endeavor

Energy

Resources

LP

,

5

.75

%

,

1/30/28

,

Callable

8/7/23

@

102.88

(a)

...........

1,500,000

1,469,673

Energy

Transfer

LP

6

.75

%

(

H15T5Y

+

513

bps

)

,

Callable

5/15/25

@

100

(b)

(e)

......................

167,000

150,122

6

.50

%

(

H15T5Y

+

569

bps

)

,

Callable

11/15/26

@

100

(b)

(e)

......................

1,000,000

903,142

4

.90

%

,

2/1/24

,

Callable

11/1/23

@

100

...................................

1,000,000

991,898

Gray

Oak

Pipeline

LLC

,

2

.00

%

,

9/15/23

(a)

....................................

833,000

826,298

Laredo

Petroleum,

Inc.

,

9

.50

%

,

1/15/25

,

Callable

8/7/23

@

102.38

....................

1,000,000

996,676

Midwest

Connector

Capital

Co.

LLC

,

3

.90

%

,

4/1/24

,

Callable

3/1/24

@

100

(a)

...........

2,500,000

2,448,875

Murphy

Oil

Corp.

,

5

.88

%

,

12/1/27

,

Callable

7/24/23

@

102.94

......................

1,690,000

1,645,133

Ovintiv,

Inc.

,

5

.65

%

,

5/15/25

...............................................

1,000,000

993,061

Parsley

Energy

LLC/Parsley

Finance

Corp.

,

4

.13

%

,

2/15/28

,

Callable

8/7/23

@

102.06

(a)

...

2,000,000

1,861,428

PDC

Energy,

Inc.

,

5

.75

%

,

5/15/26

,

Callable

8/7/23

@

101.44

........................

1,000,000

998,384

SM

Energy

Co.

,

5

.63

%

,

6/1/25

,

Callable

8/7/23

@

100

............................

1,000,000

980,072

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.

6

.50

%

,

7/15/27

,

Callable

8/7/23

@

103.25

.................................

1,000,000

999,524

5

.00

%

,

1/15/28

,

Callable

8/7/23

@

102.5

..................................

871,000

834,103

The

Williams

Cos.,

Inc.

,

5

.40

%

,

3/2/26

.......................................

1,000,000

999,136

WPX

Energy,

Inc.

,

8

.25

%

,

8/1/23

...........................................

500,000

500,130

20,356,916

Financials

(20.6%):

Alexander

Funding

Trust

,

1

.84

%

,

11/15/23

(a)

...................................

3,560,000

3,484,469

Ally

Financial,

Inc.

7

.10

%

,

11/15/27

,

Callable

10/15/27

@

100

(f)

...............................

2,556,000

2,578,778

6

.99

%

(

SOFR

+

326

bps

)

,

6/13/29

,

Callable

6/13/28

@

100

(b)

....................

500,000

494,086

AmTrust

Financial

Services,

Inc.

,

6

.13

%

,

8/15/23

................................

1,500,000

1,452,264

Antares

Holdings

LP

6

.00

%

,

8/15/23

,

Callable

7/24/23

@

100

(a)

................................

1,546,000

1,540,083

8

.50

%

,

5/18/25

,

Callable

4/18/25

@

100

(a)

................................

1,000,000

973,407

Ares

Capital

Corp.

,

3

.25

%

,

7/15/25

,

Callable

6/15/25

@

100

........................

750,000

693,824

Assurant,

Inc.

,

6

.10

%

,

2/27/26

,

Callable

1/27/26

@

100

...........................

1,765,000

1,759,757

Athene

Global

Funding

1

.20

%

,

10/13/23

(a)

..................................................

500,000

492,462

1

.72

%

,

1/7/25

(a)

...................................................

2,000,000

1,849,334

Blackstone

Private

Credit

Fund

1

.75

%

,

9/15/24

(a)

..................................................

1,000,000

938,194

2

.35

%

,

11/22/24

(a)

..................................................

1,000,000

935,073

7

.05

%

,

9/29/25

(a)

..................................................

500,000

498,811

2

.63

%

,

12/15/26

,

Callable

11/15/26

@

100

.................................

500,000

427,187

BMW

US

Capital

LLC

,

3

.25

%

,

4/1/25

(a)

(f)

....................................

1,000,000

965,462

Cadence

Bancorp

,

4

.75

%

(

US0003M

+

303

bps

)

,

6/30/29

,

Callable

6/30/24

@

100

(b)

.......

1,832,000

1,737,039

Cadence

Bank

,

7

.25

%

(

US0003M

+

454

bps

)

,

6/28/29

,

Callable

6/28/24

@

100

(a)

(b)

........

1,000,000

949,033

Capital

One

Financial

Corp.

4

.17

%

(

SOFR

+

137

bps

)

,

5/9/25

,

Callable

5/9/24

@

100

(b)

......................

1,000,000

974,405

5

.47

%

(

SOFR

+

208

bps

)

,

2/1/29

,

Callable

2/1/28

@

100

(b)

......................

1,000,000

959,805

6

.31

%

(

SOFR

+

264

bps

)

,

6/8/29

,

Callable

6/8/28

@

100

(b)

......................

1,000,000

993,735

Citizens

Bank

NA

4

.12

%

(

SOFR

+

140

bps

)

,

5/23/25

,

Callable

5/23/24

@

100

(b)

....................

220,000

208,364

6

.06

%

(

SOFR

+

145

bps

)

,

10/24/25

,

Callable

10/24/24

@

100

(b)

..................

2,000,000

1,898,943

DAE

Funding

LLC

,

1

.55

%

,

8/1/24

,

Callable

7/1/24

@

100

(a)

.......................

250,000

237,134

Enact

Holdings,

Inc.

,

6

.50

%

,

8/15/25

,

Callable

2/15/25

@

100

(a)

.....................

1,568,000

1,540,557

Entergy

Texas

Restoration

Funding

II

LLC

,

3

.05

%

,

12/15/27

........................

526,179

494,061

F&G

Global

Funding

,

5

.15

%

,

7/7/25

(a)

.......................................

1,000,000

967,318

Fifth

Third

Bancorp

,

4

.50

%

(

H15T5Y

+

422

bps

)

,

Callable

9/30/25

@

100

(b)

(e)

...........

2,916,000

2,589,293

First

American

Financial

Corp.

,

4

.60

%

,

11/15/24

................................

2,399,000

2,345,820

First

Citizens

BancShares,

Inc.

,

3

.38

%

(

SOFR

+

247

bps

)

,

3/15/30

,

Callable

3/15/25

@

100

(b)

.

1,000,000

916,319

First

Financial

Bancorp

,

5

.13

%

,

8/25/25

.......................................

1,000,000

899,670

First

Horizon

Corp.

,

4

.00

%

,

5/26/25

,

Callable

4/26/25

@

100

.......................

1,000,000

934,031

Ford

Motor

Credit

Co.

LLC

3

.38

%

,

11/13/25

,

Callable

10/13/25

@

100

.................................

1,000,000

929,343

2

.70

%

,

8/10/26

,

Callable

7/10/26

@

100

..................................

2,000,000

1,785,641

FS

KKR

Capital

Corp.

4

.25

%

,

2/14/25

,

Callable

1/14/25

@

100

(a)

................................

1,400,000

1,318,341

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

21

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

3

.40

%

,

1/15/26

,

Callable

12/15/25

@

100

.................................

$

2,024,000

$

1,839,613

Fulton

Financial

Corp.

,

3

.25

%

(

SOFR

+

230

bps

)

,

3/15/30

,

Callable

3/15/25

@

100

(b)

.......

1,000,000

796,659

GA

Global

Funding

Trust

,

1

.63

%

,

1/15/26

(a)

...................................

500,000

443,514

Huntington

Bancshares,

Inc.

,

4

.45

%

(

H15T7Y

+

405

bps

)

,

Callable

10/15/27

@

100

(b)

(e)

....

1,150,000

938,634

Hyundai

Capital

America

,

5

.50

%

,

3/30/26

(a)

...................................

1,000,000

992,297

KeyCorp

,

3

.88

%

(

SOFR

+

125

bps

)

,

5/23/25

,

Callable

5/23/24

@

100

,

MTN

(b)

............

2,250,000

2,082,692

Luther

Burbank

Corp.

,

6

.50

%

,

9/30/24

,

Callable

8/31/24

@

100

(a)

....................

1,250,000

1,206,875

Main

Street

Capital

Corp.

5

.20

%

,

5/1/24

.....................................................

2,400,000

2,363,077

3

.00

%

,

7/14/26

,

Callable

6/14/26

@

100

..................................

500,000

439,894

Manufacturers

&

Traders

Trust

Co.

,

4

.65

%

,

1/27/26

,

Callable

12/27/25

@

100

...........

2,000,000

1,909,365

Metropolitan

Tower

Life

Insurance

Co.

,

7

.63

%

,

1/15/24

(a)

.........................

500,000

502,802

Morgan

Stanley

,

0

.79

%

(

SOFR

+

53

bps

)

,

5/30/25

,

Callable

5/30/24

@

100

(b)

.............

2,000,000

1,900,168

National

General

Holdings

Corp.

,

6

.75

%

,

5/15/24

(a)

..............................

1,000,000

999,769

National

Securities

Clearing

Corp.

5

.15

%

,

5/30/25

(a)

..................................................

1,000,000

995,260

5

.00

%

,

5/30/28

,

Callable

4/30/28

@

100

(a)

................................

375,000

373,201

OneMain

Finance

Corp.

,

8

.25

%

,

10/1/23

(f)

....................................

500,000

502,331

OWL

Rock

Core

Income

Corp.

5

.50

%

,

3/21/25

(a)

..................................................

2,000,000

1,927,523

7

.75

%

,

9/16/27

,

Callable

8/16/27

@

100

(a)

................................

1,000,000

989,996

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.

,

5

.75

%

,

5/24/26

,

Callable

4/24/26

@

100

(a)

1,000,000

991,104

People's

United

Bank

NA

,

4

.00

%

,

7/15/24

,

Callable

4/16/24

@

100

...................

1,000,000

970,775

PRA

Group,

Inc.

,

8

.38

%

,

2/1/28

,

Callable

2/1/25

@

104.19

(a)

.......................

1,044,000

946,388

ProAssurance

Corp.

,

5

.30

%

,

11/15/23

........................................

1,809,000

1,788,157

Radian

Group,

Inc.

,

4

.50

%

,

10/1/24

,

Callable

7/1/24

@

100

.........................

2,503,000

2,439,731

Regions

Financial

Corp.

,

5

.75

%

(

H15T5Y

+

543

bps

)

,

Callable

6/15/25

@

100

(b)

(e)

........

2,998,000

2,850,059

RLI

Corp.

,

4

.88

%

,

9/15/23

................................................

1,000,000

997,505

SCE

Recovery

Funding

LLC

,

0

.86

%

,

11/15/31

..................................

1,636,165

1,365,689

SLM

Corp.

,

4

.20

%

,

10/29/25

,

Callable

9/29/25

@

100

............................

1,650,000

1,536,982

Starwood

Property

Trust,

Inc.

3

.75

%

,

12/31/24

,

Callable

9/30/24

@

100

(a)

...............................

250,000

235,182

3

.63

%

,

7/15/26

,

Callable

1/15/26

@

100

(a)

................................

500,000

432,221

Stewart

Information

Services

Corp.

,

3

.60

%

,

11/15/31

,

Callable

8/15/31

@

100

...........

1,700,000

1,296,458

Synchrony

Bank

,

5

.40

%

,

8/22/25

,

Callable

7/22/25

@

100

.........................

1,000,000

956,084

Synchrony

Financial

4

.88

%

,

6/13/25

,

Callable

5/13/25

@

100

..................................

1,000,000

951,043

3

.95

%

,

12/1/27

,

Callable

9/1/27

@

100

...................................

1,000,000

871,065

Synovus

Bank

,

5

.63

%

,

2/15/28

,

Callable

1/15/28

@

100

...........................

1,000,000

901,444

Synovus

Financial

Corp.

,

5

.90

%

(

USSW5

+

338

bps

)

,

2/7/29

,

Callable

2/7/24

@

100

(b)

(f)

....

1,500,000

1,366,006

Texas

Capital

Bancshares,

Inc.

,

4

.00

%

(

H15T5Y

+

315

bps

)

,

5/6/31

,

Callable

5/6/26

@

100

(b)

.

1,500,000

1,089,098

The

Bank

of

New

York

Mellon

Corp.

,

4

.70

%

(

H15T5Y

+

436

bps

)

,

Callable

9/20/25

@

100

(b)

(e)

(f)

.......................................................

2,376,000

2,303,909

The

Charles

Schwab

Corp.

,

5

.38

%

(

H15T5Y

+

497

bps

)

,

Callable

6/1/25

@

100

(b)

(e)

(f)

.....

3,000,000

2,877,210

The

Huntington

National

Bank

,

5

.50

%

(

TSFR3M

+

509

bps

)

,

5/6/30

,

Callable

5/6/25

@

100

(b)

2,000,000

1,856,973

The

PNC

Financial

Services

Group,

Inc.

,

3

.90

%

,

4/29/24

,

Callable

3/29/24

@

100

........

2,750,000

2,699,945

The

Prudential

Insurance

Co.

of

America

,

8

.30

%

,

7/1/25

(a)

.........................

1,000,000

1,035,908

TIAA

FSB

Holdings,

Inc.

5

.75

%

,

7/2/25

,

Callable

6/2/25

@

100

....................................

1,000,000

945,857

10

.26

%

(

US0003M

+

470

bps

)

,

3/15/26

,

Callable

8/7/23

@

100

(b)

.................

750,000

746,443

Truist

Financial

Corp.

,

4

.95

%

(

H15T5Y

+

461

bps

)

,

Callable

9/1/25

@

100

(b)

(e)

...........

3,000,000

2,777,602

US

Bancorp

3

.10

%

,

4/27/26

,

Callable

3/27/26

@

100

,

MTN

.............................

1,750,000

1,633,471

5

.78

%

(

SOFR

+

202

bps

)

,

6/12/29

,

Callable

6/12/28

@

100

(b)

....................

1,000,000

999,600

WEA

Finance

LLC/Westfield

UK

&

Europe

Finance

PLC

,

3

.75

%

,

9/17/24

,

Callable

6/17/24

@

100

(a)

...........................................................

1,700,000

1,602,625

Webster

Financial

Corp.

,

4

.38

%

,

2/15/24

,

Callable

1/16/24

@

100

....................

2,550,000

2,496,515

Wells

Fargo

&

Co.

5

.90

%

,

Callable

6/15/24

@

100

(e)

.......................................

500,000

493,077

5

.76

%

(

US0003M

+

50

bps

)

,

1/15/27

,

Callable

8/7/23

@

100

(b)

...................

500,000

464,098

107,883,937

Health

Care

(1.2%):

Astrazeneca

Finance

LLC

,

0

.70

%

,

5/28/24

,

Callable

7/18/23

@

100

...................

1,000,000

957,711

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

22

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

CommonSpirit

Health

,

6

.07

%

,

11/1/27

,

Callable

8/1/27

@

100

.......................

$

1,500,000

$

1,527,108

CVS

Health

Corp.

,

5

.00

%

,

2/20/26

,

Callable

1/20/26

@

100

........................

1,000,000

995,862

HCA,

Inc.

,

7

.50

%

,

12/15/23

...............................................

1,000,000

1,004,542

Hikma

Finance

USA

LLC

,

3

.25

%

,

7/9/25

......................................

2,000,000

1,896,080

6,381,303

Industrials

(3.3%):

Ashtead

Capital,

Inc.

,

4

.38

%

,

8/15/27

,

Callable

7/24/23

@

102.19

(a)

..................

3,435,000

3,231,825

Aviation

Capital

Group

LLC

,

5

.50

%

,

12/15/24

,

Callable

11/15/24

@

100

(a)

.............

1,000,000

978,342

British

Airways

Pass

Through

Trust

,

4

.63

%

,

6/20/24

(a)

............................

447,007

441,042

Delta

Air

Lines

Pass

Through

Trust

,

2

.00

%

,

6/10/28

..............................

820,618

728,144

Hexcel

Corp.

,

4

.95

%

,

8/15/25

,

Callable

5/15/25

@

100

............................

1,600,000

1,565,624

Mileage

Plus

Holdings

LLC/Mileage

Plus

Intellectual

Property

Assets

Ltd.

,

6

.50

%

,

6/20/27

,

Callable

8/7/23

@

103.25

(a)

...........................................

1,600,000

1,604,000

Regal

Rexnord

Corp.

6

.05

%

,

2/15/26

(a)

..................................................

1,000,000

1,001,900

6

.05

%

,

4/15/28

,

Callable

3/15/28

@

100

(a)

................................

1,000,000

993,631

Ryder

System,

Inc.

,

5

.25

%

,

6/1/28

,

Callable

5/1/28

@

100

,

MTN

.....................

1,000,000

988,850

Spirit

Airlines

Pass

Through

Trust

,

4

.45

%

,

4/1/24

................................

726,883

709,933

Stanley

Black

&

Decker,

Inc.

,

6

.27

%

,

3/6/26

,

Callable

3/6/24

@

100

..................

1,000,000

1,008,885

The

Nature

Conservancy

,

0

.63

%

,

7/1/24

.......................................

650,000

616,529

U.S.

Airways

Pass

Through

Trust

,

3

.95

%

,

11/15/25

...............................

1,191,585

1,111,928

United

Airlines

Pass

Through

Trust

4

.15

%

,

4/11/24

.....................................................

507,813

498,263

4

.88

%

,

1/15/26

....................................................

234,955

225,320

XPO

Escrow

Sub

LLC

,

7

.50

%

,

11/15/27

,

Callable

11/15/24

@

103.75

(a)

...............

500,000

515,676

XPO,

Inc.

,

6

.25

%

,

6/1/28

,

Callable

6/1/25

@

103.13

(a)

............................

1,019,000

1,005,637

17,225,529

Information

Technology

(0.6%):

Arrow

Electronics,

Inc.

,

6

.13

%

,

3/1/26

,

Callable

3/1/24

@

100

......................

1,000,000

997,511

CDW

LLC/CDW

Finance

Corp.

,

2

.67

%

,

12/1/26

,

Callable

11/1/26

@

100

..............

825,000

742,238

Qorvo,

Inc.

,

1

.75

%

,

12/15/24

,

Callable

7/18/23

@

100

(a)

..........................

1,675,000

1,558,154

3,297,903

Materials

(1.9%):

Bayport

Polymers

LLC

,

4

.74

%

,

4/14/27

,

Callable

3/14/27

@

100

(a)

...................

1,700,000

1,581,637

Berry

Global,

Inc.

,

4

.88

%

,

7/15/26

,

Callable

8/7/23

@

101.22

(a)

.....................

1,650,000

1,590,880

Celanese

US

Holdings

LLC

5

.90

%

,

7/5/24

.....................................................

1,000,000

997,865

1

.40

%

,

8/5/26

,

Callable

7/5/26

@

100

....................................

1,000,000

866,374

6

.17

%

,

7/15/27

,

Callable

6/15/27

@

100

..................................

1,000,000

997,910

EIDP,

Inc.

,

4

.50

%

,

5/15/26

,

Callable

4/15/26

@

100

..............................

1,000,000

981,665

FMC

Corp.

,

5

.15

%

,

5/18/26

,

Callable

4/18/26

@

100

.............................

1,000,000

985,008

Freeport-McMoRan,

Inc.

,

5

.00

%

,

9/1/27

,

Callable

8/7/23

@

102.5

....................

1,000,000

977,682

Vulcan

Materials

Co.

,

5

.80

%

,

3/1/26

,

Callable

3/1/24

@

100

........................

1,000,000

999,671

9,978,692

Real

Estate

(5.2%):

Boston

Properties

LP

3

.13

%

,

9/1/23

,

Callable

8/7/23

@

100

....................................

750,000

743,863

6

.75

%

,

12/1/27

,

Callable

11/1/27

@

100

..................................

1,500,000

1,516,420

CBRE

Services,

Inc.

,

4

.88

%

,

3/1/26

,

Callable

12/1/25

@

100

........................

1,097,000

1,065,253

Federal

Realty

OP

LP

,

5

.38

%

,

5/1/28

,

Callable

4/1/28

@

100

........................

1,000,000

983,544

GLP

Capital

LP/GLP

Financing

II,

Inc.

,

5

.25

%

,

6/1/25

,

Callable

3/1/25

@

100

...........

300,000

293,865

Host

Hotels

&

Resorts

LP

,

4

.50

%

,

2/1/26

,

Callable

11/1/25

@

100

....................

1,044,000

1,011,610

Kilroy

Realty

LP

,

4

.38

%

,

10/1/25

,

Callable

7/1/25

@

100

..........................

1,500,000

1,403,929

Kite

Realty

Group

LP

,

4

.00

%

,

10/1/26

,

Callable

7/1/26

@

100

.......................

500,000

453,838

Kite

Realty

Group

Trust

,

4

.00

%

,

3/15/25

,

Callable

12/15/24

@

100

...................

2,000,000

1,897,090

LXP

Industrial

Trust

,

4

.40

%

,

6/15/24

,

Callable

3/15/24

@

100

.......................

1,000,000

966,597

MPT

Operating

Partnership

LP/MPT

Finance

Corp.

,

5

.00

%

,

10/15/27

,

Callable

8/7/23

@

102.5

2,000,000

1,683,232

Newmark

Group,

Inc.

,

6

.13

%

,

11/15/23

,

Callable

10/15/23

@

100

....................

800,000

796,944

Omega

Healthcare

Investors,

Inc.

,

4

.38

%

,

8/1/23

................................

3,945,000

3,927,904

Physicians

Realty

LP

,

4

.30

%

,

3/15/27

,

Callable

12/15/26

@

100

.....................

750,000

706,277

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

23

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Piedmont

Operating

Partnership

LP

,

4

.45

%

,

3/15/24

,

Callable

12/15/23

@

100

...........

$

1,850,000

$

1,807,317

Realty

Income

Corp.

,

5

.05

%

,

1/13/26

,

Callable

1/13/24

@

100

......................

1,000,000

992,525

Retail

Opportunity

Investments

Partnership

LP

,

5

.00

%

,

12/15/23

,

Callable

9/15/23

@

100

...

1,000,000

986,670

SBA

Tower

Trust

2

.84

%

,

1/15/25

,

Callable

1/15/24

@

100

(a)

................................

2,250,000

2,136,407

6

.60

%

,

1/15/28

,

Callable

1/15/27

@

100

(a)

................................

421,000

427,798

SITE

Centers

Corp.

,

3

.63

%

,

2/1/25

,

Callable

11/1/24

@

100

........................

1,000,000

941,219

UDR,

Inc.

,

2

.95

%

,

9/1/26

,

Callable

6/1/26

@

100

,

MTN

...........................

500,000

457,287

VICI

Properties

LP/VICI

Note

Co.,

Inc.

,

3

.50

%

,

2/15/25

,

Callable

8/7/23

@

100.88

(a)

.....

864,000

826,772

Vornado

Realty

LP

,

2

.15

%

,

6/1/26

,

Callable

5/1/26

@

100

..........................

1,500,000

1,270,583

27,296,944

Utilities

(1.6%):

American

Electric

Power

Co.,

Inc.

,

5

.70

%

,

8/15/25

...............................

1,000,000

993,182

Black

Hills

Corp.

,

5

.95

%

,

3/15/28

,

Callable

2/15/28

@

100

.........................

1,000,000

1,012,545

DTE

Energy

Co.

,

4

.88

%

,

6/1/28

,

Callable

5/1/28

@

100

...........................

1,000,000

978,557

Florida

Power

&

Light

Co.

5

.05

%

,

4/1/28

,

Callable

3/1/28

@

100

....................................

1,000,000

1,008,072

4

.40

%

,

5/15/28

,

Callable

3/15/28

@

100

..................................

1,200,000

1,177,477

National

Fuel

Gas

Co.

,

5

.50

%

,

10/1/26

.......................................

1,250,000

1,224,925

NextEra

Energy

Capital

Holdings,

Inc.

,

6

.05

%

,

3/1/25

.............................

1,000,000

1,005,830

Vistra

Operations

Co.

LLC

,

3

.55

%

,

7/15/24

,

Callable

6/15/24

@

100

(a)

................

1,000,000

965,824

8,366,412

Total

Corporate

Bonds

(Cost

$232,560,837)

225,687,290

Yankee

Dollars

(11.3%)

Consumer

Discretionary

(0.1%):

Borgwarner

Jersey

Ltd.

,

5

.00

%

,

10/1/25

(a)

.....................................

500,000

484,018

Consumer

Staples

(0.3%):

Imperial

Brands

Finance

PLC

,

3

.13

%

,

7/26/24

,

Callable

6/26/24

@

100

(a)

..............

948,000

915,949

JBS

USA

LUX

SA/JBS

USA

Food

Co./JBS

USA

Finance,

Inc.

,

3

.75

%

,

12/1/31

,

Callable

12/1/26

@

101.88

(a)

................................................

864,000

712,870

1,628,819

Energy

(1.6%):

Enbridge,

Inc.

,

5

.75

%

(

H15T5Y

+

531

bps

)

,

7/15/80

,

Callable

4/15/30

@

100

(b)

...........

1,315,000

1,190,244

Galaxy

Pipeline

Assets

Bidco

Ltd.

,

1

.75

%

,

9/30/27

(a)

.............................

364,685

336,583

Harbour

Energy

PLC

,

5

.50

%

,

10/15/26

,

Callable

10/15/23

@

102.75

(a)

................

1,500,000

1,377,404

Petroleos

Mexicanos

,

8

.63

%

,

12/1/23

.........................................

1,000,000

997,341

TransCanada

PipeLines

Ltd.

,

6

.20

%

,

3/9/26

,

Callable

3/9/24

@

100

...................

1,000,000

1,000,766

Var

Energi

ASA

5

.00

%

,

5/18/27

,

Callable

4/18/27

@

100

(a)

................................

1,000,000

954,881

7

.50

%

,

1/15/28

,

Callable

12/15/27

@

100

(a)

...............................

2,334,000

2,405,398

8,262,617

Financials

(5.5%):

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

,

3

.15

%

,

2/15/24

,

Callable

1/15/24

@

100

...........................................................

1,000,000

981,842

Avolon

Holdings

Funding

Ltd.

2

.13

%

,

2/21/26

,

Callable

1/21/26

@

100

(a)

................................

750,000

666,496

6

.38

%

,

5/4/28

,

Callable

4/4/28

@

100

(a)

..................................

1,000,000

989,183

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

,

5

.95

%

(

H15T5Y

+

300

bps

)

,

10/1/28

,

Callable

10/1/23

@

100

(a)

(b)

.....................

1,500,000

1,490,600

Barclays

Bank

PLC

,

5

.36

%

(

US0006M

+

25

bps

)

,

Callable

7/26/23

@

100

(b)

(e)

...........

3,250,000

3,238,845

Barclays

PLC

,

7

.33

%

(

H15T1Y

+

305

bps

)

,

11/2/26

,

Callable

11/2/25

@

100

(b)

...........

1,000,000

1,023,490

BAT

International

Finance

PLC

,

4

.45

%

,

3/16/28

,

Callable

2/16/28

@

100

...............

1,000,000

942,934

Beazley

Insurance

DAC

,

5

.88

%

,

11/4/26

......................................

250,000

240,436

BP

Capital

Markets

PLC

,

4

.38

%

(

H15T5Y

+

404

bps

)

,

Callable

6/22/25

@

100

(b)

(e)

........

2,000,000

1,921,973

Credit

Suisse

AG

,

6

.50

%

,

8/8/23

(a)

..........................................

1,000,000

994,789

Element

Fleet

Management

Corp.

,

1

.60

%

,

4/6/24

,

Callable

3/6/24

@

100

(a)

.............

1,650,000

1,589,599

Federation

des

Caisses

Desjardins

du

Quebec

,

4

.40

%

,

8/23/25

(a)

.....................

1,000,000

965,776

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

24

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

NatWest

Group

PLC

,

7

.47

%

(

H15T1Y

+

285

bps

)

,

11/10/26

,

Callable

11/10/25

@

100

(b)

.....

$

1,000,000

$

1,023,430

Ontario

Teachers'

Finance

Trust

,

0

.38

%

,

9/29/23

(a)

...............................

1,000,000

987,624

ORIX

Corp.

,

5

.00

%

,

9/13/27

...............................................

1,000,000

985,587

Phoenix

Group

Holdings

PLC

5

.38

%

,

7/6/27

,

MTN

................................................

1,100,000

1,049,933

4

.75

%

(

H15T5Y

+

428

bps

)

,

9/4/31

,

Callable

6/4/26

@

100

(b)

....................

200,000

182,175

Popular,

Inc.

,

6

.13

%

,

9/14/23

,

Callable

8/14/23

@

100

............................

2,135,000

2,130,256

Santander

UK

Group

Holdings

PLC

,

6

.53

%

(

SOFR

+

260

bps

)

,

1/10/29

,

Callable

1/10/28

@

100

(b)

...........................................................

2,000,000

2,014,838

SMBC

Aviation

Capital

Finance

DAC

,

4

.13

%

,

7/15/23

(a)

..........................

1,484,000

1,482,680

Standard

Chartered

PLC

5

.17

%

(

US0006M

+

6

bps

)

,

Callable

7/26/23

@

100

(b)

(e)

.......................

1,800,000

1,792,370

6

.19

%

(

H15T1Y

+

185

bps

)

,

7/6/27

,

Callable

7/6/26

@

100

(a)

(b)

..................

1,000,000

1,000,728

6

.30

%

(

H15T1Y

+

245

bps

)

,

1/9/29

,

Callable

1/9/28

@

100

(a)

(b)

..................

1,000,000

1,004,989

28,700,573

Industrials

(0.6%):

Air

Canada

Pass

Through

Trust

5

.00

%

,

12/15/23

(a)

..................................................

173,338

170,889

4

.13

%

,

5/15/25

(a)

..................................................

1,464,062

1,379,163

The

Weir

Group

PLC

,

2

.20

%

,

5/13/26

,

Callable

4/13/26

@

100

(a)

....................

1,455,000

1,302,463

2,852,515

Information

Technology

(0.9%):

Open

Text

Corp.

,

6

.90

%

,

12/1/27

,

Callable

11/1/27

@

100

(a)

........................

2,892,000

2,946,927

SK

Hynix,

Inc.

,

6

.25

%

,

1/17/26

(a)

...........................................

2,000,000

1,994,105

4,941,032

Materials

(1.9%):

Alcoa

Nederland

Holding

BV

,

5

.50

%

,

12/15/27

,

Callable

8/7/23

@

102.75

(a)

............

1,613,000

1,564,607

ArcelorMittal

SA

,

6

.55

%

,

11/29/27

,

Callable

10/29/27

@

100

.......................

1,500,000

1,541,446

Braskem

Netherlands

Finance

BV

,

4

.50

%

,

1/10/28

,

Callable

10/10/27

@

100

(a)

..........

2,000,000

1,836,548

Endeavour

Mining

PLC

,

5

.00

%

,

10/14/26

,

Callable

10/14/23

@

102.5

(a)

...............

500,000

442,125

OCI

NV

,

4

.63

%

,

10/15/25

,

Callable

8/7/23

@

102.31

(a)

...........................

2,500,000

2,420,549

Syngenta

Finance

NV

,

4

.89

%

,

4/24/25

,

Callable

2/24/25

@

100

(a)

....................

1,423,000

1,386,579

West

Fraser

Timber

Co.

Ltd.

,

4

.35

%

,

10/15/24

,

Callable

7/15/24

@

100

(a)

..............

1,000,000

976,924

10,168,778

Real

Estate

(0.2%):

Ontario

Teachers'

Cadillac

Fairview

Properties

Trust

,

3

.88

%

,

3/20/27

,

Callable

12/20/26

@

100

(a)

...........................................................

1,000,000

922,732

Utilities

(0.2%):

National

Grid

PLC

,

5

.60

%

,

6/12/28

,

Callable

5/12/28

@

100

........................

1,000,000

1,004,334

Total

Yankee

Dollars

(Cost

$59,609,274)

58,965,418

Municipal

Bonds

(4.0%)

California

(0.5%):

California

Municipal

Finance

Authority

Revenue

,

1

.36

%

,

2/1/24

.....................

495,000

481,584

California

Statewide

Communities

Development

Authority

Revenue

,

2

.15

%

,

11/15/30

,

Continuously

Callable

@100

...........................................

1,065,000

866,267

California

Statewide

Communities

Development

Authority

Revenue

(NBGA

-

California

Health

Insurance

Construction

Loan

Insurance

Program)

,

2

.05

%

,

8/1/30

............

1,385,000

1,243,028

2,590,879

Colorado

(0.3%):

Colorado

Health

Facilities

Authority

Revenue

,

Series

B

,

2

.80

%

,

12/1/26

................

420,000

385,028

Denver

City

&

County

Housing

Authority

Revenue

,

1

.33

%

,

6/1/24

,

Continuously

Callable

@100

...........................................................

750,000

721,013

Park

Creek

Metropolitan

District

Revenue

,

Series

B

,

2

.43

%

,

12/1/23

..................

700,000

690,675

1,796,716

Florida

(0.2%):

Hillsborough

County

IDA

Revenue

,

2

.16

%

,

8/1/25

...............................

1,250,000

1,161,002

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

25

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Hawaii

(0.1%):

State

of

Hawaii

Airports

System

Revenue

,

Series

B

,

0

.90

%

,

7/1/23

....................

$

300,000

$

300,000

Illinois

(0.2%):

State

of

Illinois

Sales

Tax

Revenue

,

Series

B

,

0

.94

%

,

6/15/24

.......................

1,000,000

956,425

Indiana

(0.2%):

Indiana

Finance

Authority

Revenue

0

.96

%

,

3/1/24

.....................................................

450,000

434,980

1

.41

%

,

3/1/25

.....................................................

570,000

529,131

964,111

Maine

(0.1%):

Maine

State

Housing

Authority

Revenue

,

Series

H

,

1

.70

%

,

11/15/26

..................

600,000

544,505

Maryland

(0.4%):

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

1

.81

%

,

1/1/25

.....................................................

1,000,000

921,525

1

.89

%

,

1/1/26

.....................................................

1,000,000

881,197

1,802,722

Michigan

(0.2%):

Michigan

Finance

Authority

Revenue

2

.21

%

,

12/1/23

....................................................

185,000

182,425

2

.31

%

,

12/1/24

....................................................

105,000

100,384

Series

A-1

,

2

.33

%

,

6/1/30

.............................................

251,214

244,372

Ypsilanti

School

District,

GO

,

1

.89

%

,

5/1/24

...................................

510,000

494,921

1,022,102

Nebraska

(0.1%):

Papio-Missouri

River

Natural

Resource

District

Special

Tax

,

2

.09

%

,

12/15/24

,

Continuously

Callable

@100

.....................................................

545,000

518,061

New

Jersey

(0.5%):

City

of

Orange

Township,

GO

,

Series

B

,

5

.50

%

,

3/22/24

...........................

1,000,000

999,343

South

Jersey

Transportation

Authority

Revenue

Series

B

,

2

.10

%

,

11/1/24

..............................................

750,000

710,036

Series

B

,

2

.20

%

,

11/1/25

..............................................

750,000

688,348

South

Jersey

Transportation

Authority

System

Revenue

,

Series

B

,

3

.02

%

,

11/1/25

.........

425,000

397,550

2,795,277

Oklahoma

(0.1%):

The

University

of

Oklahoma

Revenue

,

Series

B

,

0

.93

%

,

7/1/24

......................

350,000

334,505

Pennsylvania

(0.1%):

State

Public

School

Building

Authority

Revenue

,

2

.75

%

,

4/1/25

......................

500,000

476,788

Rhode

Island

(0.1%):

Providence

Redevelopment

Agency

Revenue

,

Series

A

,

2

.50

%

,

3/15/26

................

610,000

577,484

Tennessee

(0.1%):

Metropolitan

Government

Nashville

&

Davidson

County

Sports

Authority

Revenue

,

1

.03

%

,

8/1/24

...........................................................

600,000

570,583

Texas

(0.8%):

Aledo

Independent

School

District,

GO

(NBGA

-

Texas

Permanent

School

Fund)

,

2/15/24

(g)

250,000

241,843

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

1

.59

%

,

11/15/23

....................................................

675,000

665,144

1

.84

%

,

11/15/24

....................................................

500,000

475,140

Series

B

,

2

.30

%

,

5/15/24

.............................................

600,000

580,971

Lubbock

Texas

Water

&

Wastewater

System

Revenue

,

Series

B

,

1

.93

%

,

2/15/24

..........

750,000

733,537

State

of

Texas,

GO

,

3

.11

%

,

10/1/23

..........................................

500,000

497,216

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

1

.07

%

,

9/1/23

.....................................................

525,000

521,141

1

.36

%

,

9/1/24

.....................................................

700,000

665,502

4,380,494

Total

Municipal

Bonds

(Cost

$22,061,172)

20,791,654

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

26

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

U.S.

Treasury

Obligations

(3.6%)

U.S.

Treasury

Notes

0

.50

%

,

11/30/23

....................................................

$

3,000,000

$

2,940,703

3

.00

%

,

7/31/24

....................................................

2,000,000

1,949,531

4

.50

%

,

11/30/24

....................................................

10,000,000

9,894,141

4

.25

%

,

10/15/25

....................................................

4,000,000

3,955,313

Total

U.S.

Treasury

Obligations

(Cost

$18,926,129)

18,739,688

Commercial

Papers

(1.4%)

Consumer

Discretionary

(0.2%):

AutoNation,

Inc.

,

5

.45

%

,

7/3/23

(a)

(h)

........................................

1,000,000

999,546

Financials

(0.4%):

Brookfield

Corp.

Treasury

Ltd.

,

5

.27

%

,

7/6/23

(a)

(h)

..............................

1,200,000

1,198,947

Brookfield

Corp.

Treasury

Ltd.

,

5

.45

%

,

8/17/23

(a)

(h)

.............................

1,000,000

992,784

2,191,731

Information

Technology

(0.4%):

Jabil,

Inc.

,

5

.64

%

,

7/3/23

(a)

(h)

.............................................

1,500,000

1,499,295

Jabil,

Inc.

,

5

.65

%

,

7/6/23

(a)

(h)

.............................................

1,000,000

999,060

2,498,355

Real

Estate

(0.4%):

Crown

Castle

International

Corp.

,

5

.44

%

,

7/5/23

(a)

(h)

............................

2,000,000

1,998,489

Total

Commercial

Papers

(Cost

$7,688,252)

7,688,121

Shares

Collateral

for

Securities

Loaned

(0.9%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.02

%

(i)

........

1,142,751

1,142,751

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.02

%

(i)

............

1,142,751

1,142,751

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.08

%

(i)

................

1,142,751

1,142,751

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.04

%

(i)

.

1,142,751

1,142,751

Total

Collateral

for

Securities

Loaned

(Cost

$4,571,004)

4,571,004

Total

Investments

(Cost

$538,858,609)

—

100.5%

525,496,647

Liabilities

in

excess

of

other

assets

—

(0.5)%

(

2,743,162

)

NET

ASSETS

-

100.00%

$

522,753,485

^

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

June

30,

2023,

the

fair

value

of

these

securities

was

$283,412,003

and

amounted

to

54.2%

of

net

assets.

(b)

Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

June

30,

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

June

30,

2023.

(d)

Amount

represents

less

than

0.05%

of

net

assets.

(e)

Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

(f)

All

or

a

portion

of

this

security

is

on

loan.

(g)

Zero-coupon

bond.

(h)

Rate

represents

the

effective

yield

at

June

30,

2023.

(i)

Rate

disclosed

is

the

daily

yield

on

June

30,

2023.

ABS

—

Asset-Backed

Securities

bps—Basis

points

CLO

—

Collateralized

Loan

Obligations

GO—General

Obligation

H15T1Y

—

1

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

June

30,

2023.

H15T5Y

—

5

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

June

30,

2023.

IDA—Industrial

Development

Authority

LIBOR

—

London

Interbank

Offered

Rate

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

27

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

LLC—Limited

Liability

Company

LP—Limited

Partnership

MBS

—

Mortgage-Backed

Securities

MTN—Medium

Term

Note

PLC—Public

Limited

Company

SOFR

—

Secured

Overnight

Financing

Rate

SOFR01M

—

1

Month

SOFR,

rate

disclosed

as

of

June

30,

2023.

SOFR03M

—

3

Month

SOFR,

rate

disclosed

as

of

June

30,

2023.

TSFR1M

—

1

month

Term

SOFR,

rate

disclosed

as

of

June

30,

2023.

TSFR3M

—

3

month

Term

SOFR,

rate

disclosed

as

of

June

30,

2023.

US0003M

—

3

Month

US

Dollar

LIBOR,

rate

disclosed

as

of

June

30,

2023,

based

on

the

last

reset

date

of

the

security.

US0006M

—

6

Month

US

Dollar

LIBOR,

rate

disclosed

as

of

June

30,

2023,

based

on

the

last

reset

date

of

the

security.

USSW5

—

USD

5

Year

Swap

Rate,

rate

disclosed

as

of

June

30,

2023.

Credit

Enhancements

—Adds

the

financial

strength

of

the

provider

of

the

enhancement

to

support

the

issuer’s

ability

to

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

be

provided

by

a

high-quality

bank,

insurance

company

or

other

corporation,

or

a

collateral

trust.

The

enhancements

do

not

guarantee

the

market

values

of

the

securities.

NBGA

—

Principal

and

interest

payments

or,

under

certain

circumstances,

underlying

mortgages,

are

guaranteed

by

a

nonbank

guarantee

agreement

from

the

name

listed.

Schedule

of

Portfolio

Investments

June

30,

2023

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

28

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Asset-Backed

Securities

(10.4%)

ABS

Auto

(6.1%):

American

Credit

Acceptance

Receivables

Trust

,

Series

2022-1

,

Class

C

,

2

.12

%

,

3/13/28

,

Callable

12/13/24

@

100

(a)

...........................................

$

1,000,000

$

968,338

American

Credit

Acceptance

Receivables

Trust

,

Series

2022-1

,

Class

B

,

1

.68

%

,

9/14/26

,

Callable

12/13/24

@

100

(a)

...........................................

680,565

674,947

AmeriCredit

Automobile

Receivables

Trust

,

Series

2021-3

,

Class

B

,

1

.17

%

,

8/18/27

,

Callable

2/18/26

@

100

.....................................................

1,000,000

923,171

ARI

Fleet

Lease

Trust

,

Series

2022-A

,

Class

A3

,

3

.43

%

,

1/15/31

,

Callable

1/15/25

@

100

(a)

.

762,000

730,397

ARI

Fleet

Lease

Trust

,

Series

2022-A

,

Class

B

,

3

.79

%

,

1/15/31

,

Callable

1/15/25

@

100

(a)

..

467,000

440,346

ARI

Fleet

Lease

Trust

,

Series

2020-A

,

Class

A3

,

1

.80

%

,

8/15/28

,

Callable

7/15/23

@

100

(a)

.

317,838

317,487

Avis

Budget

Rental

Car

Funding

AESOP

LLC

,

Series

2023-6A

,

Class

C

,

7

.03

%

,

12/20/29

(a)

.

1,000,000

981,945

Avis

Budget

Rental

Car

Funding

AESOP

LLC

,

Series

2021-2A

,

Class

C

,

2

.35

%

,

2/20/28

,

Callable

2/20/27

@

100

(a)

............................................

800,000

677,218

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

484,167

Avis

Budget

Rental

Car

Funding

AESOP

LLC

,

Series

2022-5A

,

Class

B

,

7

.09

%

,

4/20/27

(a)

..

1,000,000

1,010,715

Avis

Budget

Rental

Car

Funding

AESOP

LLC

,

Series

2018-1A

,

Class

B

,

4

.00

%

,

9/20/24

,

Callable

10/20/23

@

100

(a)

...........................................

500,000

498,671

Bank

of

The

West

Auto

Trust

,

Series

2019-1

,

Class

C

,

2

.90

%

,

4/15/25

,

Callable

8/15/23

@

100

(a)

...........................................................

1,062,000

1,037,740

Canadian

Pacer

Auto

Receivables

Trust

,

Series

2020-1A

,

Class

A4

,

1

.89

%

,

3/19/25

,

Callable

10/19/23

@

100

(a)

..................................................

433,000

428,199

CarMax

Auto

Owner

Trust

,

Series

2021-2

,

Class

B

,

1

.03

%

,

12/15/26

,

Callable

4/15/25

@

100

2,000,000

1,837,889

CarMax

Auto

Owner

Trust

,

Series

2020-1

,

Class

B

,

2

.21

%

,

9/15/25

,

Callable

2/15/24

@

100

.

1,275,000

1,240,258

CarMax

Auto

Owner

Trust

,

Series

2020-2

,

Class

D

,

5

.75

%

,

5/17/27

,

Callable

4/15/24

@

100

.

780,000

774,478

Carvana

Auto

Receivables

Trust

,

Series

2021-P2

,

Class

B

,

1

.27

%

,

3/10/27

,

Callable

10/10/26

@

100

...........................................................

1,500,000

1,326,142

Chesapeake

Funding

II

LLC

,

Series

2023-1A

,

Class

B

,

5

.59

%

,

5/15/35

,

Callable

2/15/29

@

100

(a)

...........................................................

882,000

859,724

Citizens

Auto

Receivables

Trust

,

Series

2023-1

,

Class

A4

,

5

.78

%

,

10/15/30

,

Callable

1/15/27

@

100

(a)

.........................................................

1,000,000

996,067

Citizens

Auto

Receivables

Trust

,

Series

2023-1

,

Class

A3

,

5

.84

%

,

1/18/28

,

Callable

1/15/27

@

100

(a)

...........................................................

1,000,000

997,303

CPS

Auto

Receivables

Trust

,

Series

2022-D

,

Class

B

,

6

.84

%

,

1/16/29

,

Callable

9/15/26

@

100

(a)

...........................................................

2,000,000

2,033,158

CPS

Auto

Receivables

Trust

,

Series

2022-A

,

Class

B

,

1

.70

%

,

4/16/29

,

Callable

10/15/25

@

100

(a)

...........................................................

1,200,000

1,174,210

Credit

Acceptance

Auto

Loan

Trust

,

Series

2022-3A

,

Class

B

,

7

.52

%

,

12/15/32

,

Callable

10/15/26

@

100

(a)

..................................................

1,500,000

1,518,183

Credit

Acceptance

Auto

Loan

Trust

,

Series

2023-2A

,

Class

B

,

6

.61

%

,

7/15/33

,

Callable

12/15/26

@

100

(a)

..................................................

1,000,000

992,715

Credit

Acceptance

Auto

Loan

Trust

,

Series

2021-2A

,

Class

B

,

1

.26

%

,

4/15/30

,

Callable

10/15/24

@

100

(a)

..................................................

1,038,000

981,456

Donlen

Fleet

Lease

Funding

2

LLC

,

Series

2021-2

,

Class

B

,

0

.98

%

,

12/11/34

(a)

..........

1,327,000

1,258,886

DT

Auto

Owner

Trust

,

Series

2021-3A

,

Class

B

,

0

.58

%

,

11/17/25

,

Callable

11/15/25

@

100

(a)

1,636,267

1,617,515

Enterprise

Fleet

Financing

LLC

,

Series

2020-1

,

Class

A3

,

1

.86

%

,

12/22/25

,

Callable

7/20/23

@

100

(a)

.........................................................

765,886

764,655

Enterprise

Fleet

Financing

LLC

,

Series

2023-2

,

Class

A2

,

5

.56

%

,

4/22/30

,

Callable

2/20/27

@

100

(a)

...........................................................

1,000,000

994,542

Enterprise

Fleet

Financing

LLC

,

Series

2022-1

,

Class

A3

,

3

.27

%

,

1/20/28

,

Callable

6/20/25

@

100

(a)

...........................................................

1,000,000

944,015

Enterprise

Fleet

Financing

LLC

,

Series

2022-3

,

Class

A2

,

4

.38

%

,

7/20/29

,

Callable

5/20/26

@

100

(a)

...........................................................

979,249

958,789

Enterprise

Fleet

Financing

LLC

,

Series

2022-4

,

Class

A3

,

5

.65

%

,

10/22/29

,

Callable

8/20/26

@

100

(a)

.........................................................

2,000,000

1,999,110

Exeter

Automobile

Receivables

Trust

,

Series

2019-3A

,

Class

E

,

4

.00

%

,

8/17/26

,

Callable

3/15/24

@

100

(a)

...................................................

1,200,000

1,174,703

Exeter

Automobile

Receivables

Trust

,

Series

2021-4A

,

Class

B

,

1

.05

%

,

5/15/26

,

Callable

10/15/25

@

100

....................................................

627,501

619,863

Exeter

Automobile

Receivables

Trust

,

Series

2020-2A

,

Class

E

,

7

.19

%

,

9/15/27

,

Callable

11/15/24

@

100

(a)

..................................................

1,000,000

1,004,144

First

Investors

Auto

Owner

Trust

,

Series

2019-2A

,

Class

C

,

2

.71

%

,

12/15/25

,

Callable

1/15/24

@

100

(a)

.........................................................

105,480

105,387

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

29

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Flagship

Credit

Auto

Trust

,

Series

2020-2

,

Class

D

,

5

.75

%

,

4/15/26

,

Callable

6/15/25

@

100

(a)

$

1,000,000

$

992,468

Ford

Credit

Auto

Lease

Trust

,

Series

2023-A

,

Class

B

,

5

.29

%

,

6/15/26

,

Callable

8/15/25

@

100

.............................................................

800,000

791,185

Ford

Credit

Auto

Owner

Trust

,

Series

2023-1

,

Class

B

,

5

.29

%

,

8/15/35

,

Callable

2/15/28

@

100

(a)

...........................................................

822,000

799,095

Ford

Credit

Auto

Owner

Trust

,

Series

2020-1

,

Class

B

,

2

.29

%

,

8/15/31

,

Callable

2/15/25

@

100

(a)

...........................................................

1,500,000

1,413,520

Ford

Credit

Floorplan

Master

Owner

Trust

A

,

Series

2023-1

,

Class

C

,

5

.75

%

,

5/15/28

(a)

....

532,000

522,362

Foursight

Capital

Automobile

Receivables

Trust

,

Series

2022-1

,

Class

A3

,

1

.83

%

,

12/15/26

,

Callable

1/15/25

@

100

(a)

............................................

1,200,000

1,166,079

Foursight

Capital

Automobile

Receivables

Trust

,

Series

2021-1

,

Class

B

,

0

.87

%

,

1/15/26

,

Callable

5/15/24

@

100

(a)

............................................

580,426

576,783

Foursight

Capital

Automobile

Receivables

Trust

,

Series

2023-1

,

Class

B

,

5

.35

%

,

3/15/28

,

Callable

4/15/26

@

100

(a)

............................................

1,253,000

1,232,614

GLS

Auto

Receivables

Issuer

Trust

,

Series

2019-3A

,

Class

D

,

3

.84

%

,

5/15/26

,

Callable

2/15/24

@

100

(a)

.........................................................

1,500,000

1,472,347

GLS

Auto

Receivables

Issuer

Trust

,

Series

2019-2A

,

Class

D

,

4

.52

%

,

2/17/26

,

Callable

11/15/23

@

100

(a)

..................................................

1,000,000

989,942

GM

Financial

Consumer

Automobile

Receivables

Trust

,

Series

2019-4

,

Class

A4

,

1

.76

%

,

1/16/25

,

Callable

7/16/23

@

100

........................................

183,027

182,821

GM

Financial

Consumer

Automobile

Receivables

Trust

,

Series

2020-1

,

Class

A4

,

1

.90

%

,

3/17/25

,

Callable

9/16/23

@

100

........................................

897,980

892,631

GM

Financial

Consumer

Automobile

Receivables

Trust

,

Series

2020-2

,

Class

A4

,

1

.74

%

,

8/18/25

,

Callable

1/16/24

@

100

........................................

750,000

735,893

GTE

Auto

Receivables

Trust

,

Series

2023-1

,

Class

A4

,

5

.12

%

,

4/16/29

,

Callable

4/15/25

@

100

(a)

...........................................................

1,250,000

1,243,544

Hertz

Vehicle

Financing

III

LP

,

Series

2021-2A

,

Class

A

,

1

.68

%

,

12/27/27

(a)

............

1,000,000

868,566

Hertz

Vehicle

Financing

LLC

,

Series

2021-1A

,

Class

C

,

2

.05

%

,

12/26/25

(a)

.............

1,333,000

1,244,883

Hertz

Vehicle

Financing

LLC

,

Series

2022-4A

,

Class

B

,

4

.12

%

,

9/25/26

,

Callable

9/25/25

@

100

(a)

...........................................................

1,000,000

949,855

Hyundai

Auto

Receivables

Trust

,

Series

2020-C

,

Class

B

,

0

.81

%

,

11/16/26

,

Callable

3/15/25

@

100

.............................................................

1,271,000

1,179,032

Hyundai

Auto

Receivables

Trust

,

Series

2021-C

,

Class

B

,

1

.49

%

,

12/15/27

,

Callable

2/15/26

@

100

.............................................................

2,000,000

1,806,723

JPMorgan

Chase

Bank

NA

,

Series

2021-2

,

Class

B

,

0

.89

%

,

12/26/28

,

Callable

4/25/25

@

100

(a)

...........................................................

221,611

214,268

JPMorgan

Chase

Bank

NA

,

Series

2021-1

,

Class

B

,

0

.88

%

,

9/25/28

,

Callable

4/25/25

@

100

(a)

...........................................................

227,759

220,903

LAD

Auto

Receivables

Trust

,

Series

2022-1A

,

Class

B

,

5

.87

%

,

9/15/27

,

Callable

10/15/25

@

100

(a)

...........................................................

1,600,000

1,569,525

LAD

Auto

Receivables

Trust

,

Series

2023-1A

,

Class

B

,

5

.59

%

,

8/16/27

,

Callable

5/15/26

@

100

(a)

...........................................................

600,000

589,619

LAD

Auto

Receivables

Trust

,

Series

2021-1A

,

Class

A

,

1

.30

%

,

8/17/26

,

Callable

6/15/25

@

100

(a)

...........................................................

507,639

494,433

LAD

Auto

Receivables

Trust

,

Series

2021-1A

,

Class

C

,

2

.35

%

,

4/15/27

,

Callable

6/15/25

@

100

(a)

...........................................................

1,500,000

1,385,209

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

1,372,119

PenFed

Auto

Receivables

Owner

Trust

,

Series

2022-A

,

Class

C

,

4

.83

%

,

12/15/28

,

Callable

12/15/25

@

100

(a)

..................................................

750,000

727,863

PenFed

Auto

Receivables

Owner

Trust

,

Series

2022-A

,

Class

B

,

4

.60

%

,

12/15/28

,

Callable

12/15/25

@

100

(a)

..................................................

1,499,000

1,462,988

PenFed

Auto

Receivables

Owner

Trust

,

Series

2022-A

,

Class

A4

,

4

.18

%

,

12/15/28

,

Callable

12/15/25

@

100

(a)

..................................................

1,000,000

975,229

Prestige

Auto

Receivables

Trust

,

Series

2023-1A

,

Class

B

,

5

.55

%

,

4/15/27

,

Callable

2/15/27

@

100

(a)

...........................................................

1,000,000

989,296

Prestige

Auto

Receivables

Trust

,

Series

2020-1A

,

Class

C

,

1

.31

%

,

11/16/26

,

Callable

1/15/25

@

100

(a)

.........................................................

267,405

264,904

Prestige

Auto

Receivables

Trust

,

Series

2021-1A

,

Class

C

,

1

.53

%

,

2/15/28

,

Callable

11/15/25

@

100

(a)

.........................................................

1,000,000

929,590

Santander

Bank

Auto

Credit-Linked

Notes

,

Series

2022-A

,

Class

B

,

5

.28

%

,

5/15/32

,

Callable

10/15/25

@

100

(a)

..................................................

510,374

501,906

Santander

Bank

Auto

Credit-Linked

Notes

,

Series

2022-B

,

Class

C

,

5

.92

%

,

8/16/32

,

Callable

2/15/26

@

100

(a)

...................................................

544,647

541,215

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

30

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Santander

Bank

NA

,

Series

2021-1A

,

Class

B

,

1

.83

%

,

12/15/31

,

Callable

6/15/25

@

100

(a)

..

$

817,701

$

790,733

Santander

Consumer

Auto

Receivables

Trust

,

Series

2020-AA

,

Class

D

,

5

.49

%

,

4/15/26

,

Callable

10/15/24

@

100

(a)

...........................................

1,000,000

993,294

Santander

Drive

Auto

Receivables

Trust

,

Series

2022-3

,

Class

B

,

4

.13

%

,

8/16/27

,

Callable

8/15/25

@

100

.....................................................

1,062,000

1,033,164

Santander

Retail

Auto

Lease

Trust

,

Series

2020-B

,

Class

C

,

1

.18

%

,

12/20/24

,

Callable

1/20/24

@

100

(a)

.........................................................

1,500,000

1,464,892

SFS

Auto

Receivables

Securitization

Trust

,

Series

2023-1A

,

Class

B

,

5

.71

%

,

1/22/30

,

Callable

10/20/27

@

100

(a)

..................................................

1,500,000

1,493,608

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

1,785,263

Toyota

Auto

Loan

Extended

Note

Trust

,

Series

2022-1A

,

Class

A

,

3

.82

%

,

4/25/35

,

Callable

4/25/27

@

100

(a)

...................................................

2,000,000

1,894,834

Toyota

Auto

Receivables

Trust

,

Series

2023-A

,

Class

A3

,

4

.63

%

,

9/15/27

,

Callable

1/15/27

@

100

.............................................................

4,000,000

3,942,277

Toyota

Lease

Owner

Trust

,

Series

2023-A

,

Class

A4

,

5

.05

%

,

8/20/27

,

Callable

9/20/25

@

100

(a)

...........................................................

2,000,000

1,980,954

Veridian

Auto

Receivables

Trust

,

Series

2023-1A

,

Class

A4

,

5

.59

%

,

12/15/28

,

Callable

8/15/27

@

100

(a)

.........................................................

1,000,000

980,476

Veridian

Auto

Receivables

Trust

,

Series

2023-1A

,

Class

B

,

5

.86

%

,

4/16/29

,

Callable

8/15/27

@

100

(a)

...........................................................

533,000

526,265

Westlake

Automobile

Receivables

Trust

,

Series

2021-3A

,

Class

C

,

1

.58

%

,

1/15/27

,

Callable

6/15/25

@

100

(a)

...................................................

1,000,000

945,938

Westlake

Automobile

Receivables

Trust

,

Series

2022-2A

,

Class

C

,

4

.85

%

,

9/15/27

,

Callable

11/15/25

@

100

(a)

..................................................

1,071,000

1,044,483

Westlake

Automobile

Receivables

Trust

,

Series

2020-1A

,

Class

E

,

3

.31

%

,

10/15/25

,

Callable

1/15/24

@

100

(a)

...................................................

2,000,000

1,955,828

Wheels

Fleet

Lease

Funding

1

LLC

,

Series

2023-1A

,

Class

A

,

5

.80

%

,

4/18/38

(a)

.........

1,350,000

1,341,785

88,819,737

ABS

Card

(0.6%):

CARDS

II

Trust

,

Series

2021-1A

,

Class

A

,

0

.60

%

,

4/15/27

(a)

.......................

2,300,000

2,205,392

Evergreen

Credit

Card

Trust

,

Series

2022-CRT1

,

Class

C

,

6

.19

%

,

7/15/26

(a)

.............

1,500,000

1,472,610

Evergreen

Credit

Card

Trust

,

Series

2022-CRT2

,

Class

C

,

7

.44

%

,

11/15/26

(a)

............

1,000,000

993,313

Master

Credit

Card

Trust

,

Series

2022-2A

,

Class

C

,

2

.73

%

,

7/21/28

(a)

.................

625,000

547,966

Master

Credit

Card

Trust

,

Series

2021-1A

,

Class

B

,

0

.79

%

,

11/21/25

(a)

................

539,000

512,139

Trillium

Credit

Card

Trust

II

,

Series

2021-1A

,

Class

C

,

2

.42

%

,

10/26/29

(a)

.............

2,000,000

1,765,676

Trillium

Credit

Card

Trust

II

,

Series

2021-1A

,

Class

A

,

1

.53

%

,

10/26/29

(a)

.............

2,000,000

1,775,190

9,272,286

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

1,311,076

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

1,495,807

Amur

Equipment

Finance

Receivables

X

LLC

,

Series

2022-1A

,

Class

A2

,

1

.64

%

,

10/20/27

,

Callable

9/20/25

@

100

(a)

............................................

725,243

694,958

Amur

Equipment

Finance

Receivables

XI

LLC

,

Series

2022-2A

,

Class

A2

,

5

.30

%

,

6/21/28

,

Callable

6/20/26

@

100

(a)

............................................

1,369,927

1,356,903

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

1,121,170

CCG

Receivables

Trust

,

Series

2023-1

,

Class

A2

,

5

.82

%

,

9/16/30

,

Callable

10/14/26

@

100

(a)

1,000,000

999,967

CF

Hippolyta

Issuer

LLC

,

Series

2021-1A

,

Class

A1

,

1

.53

%

,

3/15/61

,

Callable

3/15/24

@

100

(a)

...........................................................

1,413,671

1,224,751

Conn's

Receivables

Funding

LLC

,

Series

2022-A

,

Class

B

,

9

.52

%

,

12/15/26

,

Callable

7/15/24

@

100

(a)

.........................................................

1,500,000

1,502,550

Dell

Equipment

Finance

Trust

,

Series

2021-2

,

Class

C

,

0

.94

%

,

12/22/26

,

Callable

4/22/24

@

100

(a)

...........................................................

2,000,000

1,915,544

Dell

Equipment

Finance

Trust

,

Series

2023-1

,

Class

A3

,

5

.65

%

,

9/22/28

,

Callable

10/22/25

@

100

(a)

...........................................................

1,000,000

999,364

Dell

Equipment

Finance

Trust

,

Series

2021-1

,

Class

D

,

1

.03

%

,

11/23/26

,

Callable

9/22/23

@

100

(a)

...........................................................

1,000,000

987,901

Diamond

Infrastructure

Funding

LLC

,

Series

2021-1A

,

Class

A

,

1

.76

%

,

4/15/49

,

Callable

9/20/25

@

100

(a)

...................................................

1,000,000

858,448

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

31

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Diamond

Issuer

,

Series

2021-1A

,

Class

A

,

2

.31

%

,

11/20/51

,

Callable

11/20/25

@

100

(a)

....

$

1,125,000

$

960,127

DLLST

LLC

,

Series

2022-1A

,

Class

A4

,

3

.69

%

,

9/20/28

,

Callable

6/20/25

@

100

(a)

.......

2,000,000

1,930,947

Encina

Equipment

Finance

LLC

,

Series

2021-1A

,

Class

A2

,

0

.74

%

,

12/15/26

,

Callable

2/15/24

@

100

(a)

.........................................................

86,832

86,520

Encina

Equipment

Finance

LLC

,

Series

2021-1A

,

Class

B

,

1

.21

%

,

2/16/27

,

Callable

2/15/24

@

100

(a)

...........................................................

1,187,000

1,171,245

ExteNet

LLC

,

Series

2019-1A

,

Class

A2

,

3

.20

%

,

7/26/49

,

Callable

7/25/23

@

100

(a)

......

500,000

477,521

FirstKey

Homes

Trust

,

Series

2021-SFR2

,

Class

B

,

1

.61

%

,

9/17/38

(a)

.................

1,153,846

997,481

HPEFS

Equipment

Trust

,

Series

2021-1A

,

Class

D

,

1

.03

%

,

3/20/31

,

Callable

3/20/24

@

100

(a)

4,667,000

4,495,955

HPEFS

Equipment

Trust

,

Series

2022-1A

,

Class

C

,

1

.96

%

,

5/21/29

,

Callable

3/20/25

@

100

(a)

2,000,000

1,883,600

John

Deere

Owner

Trust

,

Series

2022-A

,

Class

A4

,

2

.49

%

,

1/16/29

,

Callable

9/15/25

@

100

.

1,000,000

939,115

John

Deere

Owner

Trust

,

Series

2020-A

,

Class

A4

,

1

.21

%

,

11/16/26

,

Callable

7/15/23

@

100

2,000,000

1,997,554

Kubota

Credit

Owner

Trust

,

Series

2022-1A

,

Class

A4

,

2

.78

%

,

2/15/28

,

Callable

1/15/26

@

100

(a)

...........................................................

2,000,000

1,859,515

Kubota

Credit

Owner

Trust

,

Series

2020-1A

,

Class

A4

,

2

.26

%

,

7/15/26

,

Callable

9/15/23

@

100

(a)

...........................................................

368,651

366,665

MMAF

Equipment

Finance

LLC

,

Series

2022-A

,

Class

A4

,

3

.32

%

,

6/13/44

(a)

...........

1,500,000

1,410,480

MVW

LLC

,

Series

2021-1WA

,

Class

A

,

1

.14

%

,

1/22/41

,

Callable

9/20/26

@

100

(a)

.......

468,425

416,959

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

1,539,034

NP

SPE

II

LLC

,

Series

2019-1A

,

Class

A2

,

3

.24

%

,

9/20/49

,

Callable

7/20/23

@

100

(a)

.....

498,295

448,361

NP

SPE

II

LLC

,

Series

2019-2A

,

Class

C1

,

6

.44

%

,

11/19/49

,

Callable

11/19/23

@

100

(a)

...

649,167

577,197

Pawnee

Equipment

Receivables

LLC

,

Series

2020-1

,

Class

B

,

1

.84

%

,

1/15/26

,

Callable

1/15/24

@

100

(a)

...................................................

1,000,000

989,241

Progress

Residential

Trust

,

Series

2021-SFR6

,

Class

A

,

1

.52

%

,

7/17/38

,

Callable

7/17/26

@

100

(a)

...........................................................

1,095,255

960,683

PSNH

Funding

LLC

,

Series

2018-1

,

Class

A3

,

3

.81

%

,

2/1/35

.......................

4,000,000

3,715,387

SCF

Equipment

Leasing

LLC

,

Series

2022-2A

,

Class

B

,

6

.50

%

,

2/20/32

,

Callable

8/20/29

@

100

(a)

...........................................................

1,071,429

1,061,029

SCF

Equipment

Leasing

LLC

,

Series

2020-1A

,

Class

A3

,

1

.19

%

,

10/20/27

,

Callable

3/20/25

@

100

(a)

...........................................................

198,523

196,023

SCF

Equipment

Leasing

LLC

,

Series

2020-1A

,

Class

B

,

2

.02

%

,

3/20/28

,

Callable

3/20/25

@

100

(a)

...........................................................

2,196,000

2,111,062

VB-S1

Issuer

LLC

,

Series

2022-1A

,

Class

C2I

,

3

.16

%

,

2/15/52

,

Callable

2/15/26

@

100

(a)

..

1,000,000

879,250

VB-S1

Issuer

LLC

,

Series

2022-1A

,

Class

D

,

4

.29

%

,

2/15/52

,

Callable

2/15/26

@

100

(a)

...

500,000

446,921

Volvo

Financial

Equipment

LLC

,

Series

2020-1A

,

Class

A3

,

0

.51

%

,

10/15/24

,

Callable

5/15/24

@

100

(a)

.........................................................

346,029

342,924

Wepco

Environmental

Trust

Finance

I

LLC

,

Series

2021-1

,

Class

A

,

1

.58

%

,

12/15/35

......

1,281,488

1,073,140

47,802,375

Agency

ABS

Other

(0.4%):

Navient

Student

Loan

Trust

,

Series

2015-2

,

Class

B

,

6

.65

%

(

SOFR30A

+

150

bps

)

,

8/25/50

,

Callable

11/25/31

@

100

(c)

...........................................

3,000,000

2,741,286

Navient

Student

Loan

Trust

,

Series

2018-2A

,

Class

B

,

6

.30

%

(

SOFR30A

+

115

bps

)

,

3/25/67

,

Callable

1/25/35

@

100

(a)

(c)

..........................................

1,000,000

878,835

Nelnet

Student

Loan

Trust

,

Series

2019-5

,

Class

A

,

2

.53

%

,

10/25/67

,

Callable

6/25/34

@

100

(a)

...........................................................

2,267,308

2,018,276

SLM

Student

Loan

Trust

,

Series

2006-10

,

Class

B

,

5

.48

%

(

SOFR90A

+

22

bps

)

,

3/25/44

,

Callable

4/25/32

@

100

(c)

............................................

151,899

139,974

SLM

Student

Loan

Trust

,

Series

2007-1

,

Class

B

,

5

.48

%

(

SOFR90A

+

22

bps

)

,

1/27/42

,

Callable

7/25/29

@

100

(c)

...................................................

243,394

216,817

5,995,188

Total

Asset-Backed

Securities

(Cost

$158,232,810)

151,889,586

Collateralized

Loan

Obligations

(0.1%)

Cash

Flow

CLO

(0.1%):

Magnetite

XXXV

Ltd.

,

Series

2022-35A

,

Class

A1

,

7

.12

%

(

TSFR3M

+

205

bps

)

,

10/25/35

,

Callable

10/25/23

@

100

(a)

(c)

.........................................

1,000,000

1,000,543

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

32

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Palmer

Square

Loan

Funding

Ltd.

,

Series

2022-5A

,

Class

A1

,

6

.55

%

(

TSFR3M

+

156

bps

)

,

1/15/31

,

Callable

10/15/23

@

100

(a)

(c)

...................................

$

912,440

$

908,799

1,909,342

Total

Collateralized

Loan

Obligations

(Cost

$1,903,913)

1,909,342

Collateralized

Mortgage

Obligations

(3.6%)

Commercial

MBS

(3.6%):

Arbor

Multifamily

Mortgage

Securities

Trust

,

Series

2022-MF4

,

Class

A5

,

3

.40

%

,

2/15/55

,

Callable

2/15/32

@

100

(a)

(b)

..........................................

2,000,000

1,733,222

Aventura

Mall

Trust

,

Series

2018-AVM

,

Class

D

,

4

.25

%

,

7/5/40

(a)

(b)

.................

1,000,000

814,614

Aventura

Mall

Trust

,

Series

2018-AVM

,

Class

C

,

4

.25

%

,

7/5/40

(a)

(b)

.................

1,000,000

860,856

Aventura

Mall

Trust

,

Series

2018-AVM

,

Class

A

,

4

.25

%

,

7/5/40

(a)

(b)

.................

1,740,000

1,572,243

BBCMS

Mortgage

Trust

,

Series

2022-C16

,

Class

AS

,

4

.60

%

,

6/15/55

,

Callable

6/15/32

@

100

(b)

...........................................................

540,540

489,517

BBCMS

Mortgage

Trust

,

Series

2020-BID

,

Class

B

,

7

.73

%

(

TSFR1M

+

254

bps

)

,

10/15/37

(a)

(c)

1,750,000

1,658,649

Benchmark

Mortgage

Trust

,

Series

2020-B17

,

Class

ASB

,

2

.18

%

,

3/15/53

,

Callable

3/15/30

@

100

.............................................................

1,000,000

871,280

BPR

Trust

,

Series

2022-STAR

,

Class

A

,

8

.38

%

(

TSFR1M

+

323

bps

)

,

8/15/24

(a)

(c)

.........

2,690,909

2,686,224

BPR

Trust

,

Series

2021-TY

,

Class

A

,

6

.24

%

(

TSFR1M

+

105

bps

)

,

9/15/38

(a)

(c)

...........

865,000

821,654

BPR

Trust

,

Series

2022-OANA

,

Class

D

,

8

.84

%

(

TSFR1M

+

370

bps

)

,

4/15/37

(a)

(c)

........

1,000,000

972,334

BPR

Trust

,

Series

2022-OANA

,

Class

B

,

7

.59

%

(

TSFR1M

+

245

bps

)

,

4/15/37

(a)

(c)

........

2,000,000

1,953,251

BX

Commercial

Mortgage

Trust

,

Series

2022-CSMO

,

Class

B

,

8

.29

%

(

TSFR1M

+

314

bps

)

,

6/15/27

(a)

(c)

......................................................

1,500,000

1,492,849

BX

Commercial

Mortgage

Trust

,

Series

2019-XL

,

Class

B

,

6

.34

%

(

TSFR1M

+

108

bps

)

,

10/15/36

(a)

(c)

.....................................................

218,450

216,257

BX

Commercial

Mortgage

Trust

,

Series

2019-XL

,

Class

C

,

6

.51

%

(

TSFR1M

+

125

bps

)

,

10/15/36

(a)

(c)

.....................................................

566,950

559,735

BX

Commercial

Mortgage

Trust

,

Series

2019-XL

,

Class

D

,

6

.71

%

(

TSFR1M

+

145

bps

)

,

10/15/36

(a)

(c)

.....................................................

1,015,750

1,001,326

BX

Trust

,

Series

2022-CLS

,

Class

B

,

6

.30

%

,

10/13/27

(a)

..........................

2,000,000

1,885,526

BX

Trust

,

Series

2019-OC11

,

Class

A

,

3

.20

%

,

12/9/41

,

Callable

12/9/29

@

100

(a)

........

923,077

789,327

BXP

Trust

,

Series

2021-601L

,

Class

B

,

2

.87

%

,

1/15/44

(a)

(b)

........................

550,000

391,873

BXP

Trust

,

Series

2021-601L

,

Class

C

,

2

.87

%

,

1/15/44

(a)

(b)

........................

1,500,000

983,112

BXP

Trust

,

Series

2021-601L

,

Class

D

,

2

.87

%

,

1/15/44

(a)

(b)

........................

500,000

312,681

Citigroup

Commercial

Mortgage

Trust

,

Series

2020-GC46

,

Class

AAB

,

2

.61

%

,

2/15/53

,

Callable

2/15/30

@

100

..............................................

732,000

650,078

Citigroup

Commercial

Mortgage

Trust

,

Series

2020-555

,

Class

A

,

2

.65

%

,

12/10/41

(a)

......

2,000,000

1,618,941

Citigroup

Commercial

Mortgage

Trust

,

Series

2017-P8

,

Class

AS

,

3

.79

%

,

9/15/50

,

Callable

9/15/27

@

100

(b)

...................................................

500,000

441,491

Citigroup

Commercial

Mortgage

Trust

,

Series

2019-SMRT

,

Class

C

,

4

.68

%

,

1/10/36

(a)

.....

500,000

496,429

COMM

Mortgage

Trust

,

Series

2015-LC23

,

Class

AM

,

4

.16

%

,

10/10/48

,

Callable

11/10/25

@

100

(b)

...........................................................

250,000

231,083

COMM

Mortgage

Trust

,

Series

2015-PC1

,

Class

B

,

4

.43

%

,

7/10/50

,

Callable

6/10/25

@

100

(b)

...........................................................

865,000

784,725

COMM

Mortgage

Trust

,

Series

2020-CX

,

Class

A

,

2

.17

%

,

11/10/46

,

Callable

11/10/30

@

100

(a)

...........................................................

1,500,000

1,175,429

COMM

Mortgage

Trust

,

Series

2014-277P

,

Class

A

,

3

.73

%

,

8/10/49

,

Callable

8/10/24

@

100

(a)

(b)

.........................................................

2,420,000

2,276,627

COMM

Mortgage

Trust

,

Series

2015-PC1

,

Class

AM

,

4

.29

%

,

7/10/50

,

Callable

6/10/25

@

100

(b)

...........................................................

1,750,000

1,664,954

CSMC

,

Series

2019-UVIL

,

Class

A

,

3

.16

%

,

12/15/41

(a)

...........................

2,252,000

1,895,628

DBJPM

Mortgage

Trust

,

Series

2016-SFC

,

Class

A

,

2

.83

%

,

8/10/36

,

Callable

8/10/26

@

100

(a)

...........................................................

1,750,000

772,999

Extended

Stay

America

Trust

,

Series

2021-ESH

,

Class

B

,

6

.57

%

(

TSFR1M

+

138

bps

)

,

7/15/38

(a)

(c)

......................................................

749,574

731,412

GS

Mortgage

Securities

Corp.

Trust

,

Series

2022-SHIP

,

Class

A

,

5

.88

%

(

TSFR1M

+

73

bps

)

,

8/15/36

(a)

(c)

......................................................

1,000,000

992,875

GS

Mortgage

Securities

Corp.

Trust

,

Series

2017-GPTX

,

Class

A

,

2

.86

%

,

5/10/34

(a)

.......

1,000,000

788,249

Houston

Galleria

Mall

Trust

,

Series

2015-HGLR

,

Class

A1A2

,

3

.09

%

,

3/5/37

(a)

..........

1,500,000

1,398,562

Hudson

Yards

Mortgage

Trust

,

Series

2016-10HY

,

Class

A

,

2

.84

%

,

8/10/38

,

Callable

8/10/26

@

100

(a)

.........................................................

1,000,000

898,238

Hudson

Yards

Mortgage

Trust

,

Series

2019-55HY

,

Class

A

,

3

.04

%

,

12/10/41

(a)

(b)

........

535,000

449,787

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

33

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

ILPT

Commercial

Mortgage

Trust

,

Series

2022-LPF2

,

Class

B

,

7

.89

%

(

TSFR1M

+

274

bps

)

,

10/15/39

(a)

(c)

.....................................................

$

2,000,000

$

1,979,580

ILPT

Commercial

Mortgage

Trust

,

Series

2022-LPFX

,

Class

A

,

3

.38

%

,

3/15/32

(a)

........

2,000,000

1,662,569

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

Series

2021-2NU

,

Class

B

,

2

.15

%

,

1/5/40

(a)

(b)

.......................................................

1,000,000

805,540

Manhattan

West

Mortgage

Trust

,

Series

2020-1MW

,

Class

A

,

2

.13

%

,

9/10/39

(a)

..........

750,000

641,663

MHC

Commercial

Mortgage

Trust

,

Series

2021-MHC

,

Class

A

,

6

.06

%

(

TSFR1M

+

80

bps

)

,

4/15/38

(a)

(c)

......................................................

2,290,000

2,248,721

Morgan

Stanley

Capital

I

Trust

,

Series

2021-PLZA

,

Class

B

,

2

.90

%

,

11/9/43

(a)

..........

1,000,000

690,549

SCOTT

Trust

,

Series

2023-SFS

,

Class

A

,

5

.91

%

,

3/15/40

(a)

........................

1,000,000

987,485

SLG

Office

Trust

,

Series

2021-OVA

,

Class

A

,

2

.59

%

,

7/15/41

(a)

.....................

800,000

641,233

SMRT

,

Series

2022-MINI

,

Class

B

,

6

.50

%

(

TSFR1M

+

135

bps

)

,

1/15/39

(a)

(c)

............

1,500,000

1,447,551

SREIT

Trust

,

Series

2021-MFP2

,

Class

B

,

6

.36

%

(

TSFR1M

+

117

bps

)

,

11/15/36

(a)

(c)

......

1,500,000

1,457,246

Wells

Fargo

Commercial

Mortgage

Trust

,

Series

2018-AUS

,

Class

A

,

4

.19

%

,

8/17/36

(a)

(b)

..

250,000

225,700

52,121,874

Total

Collateralized

Mortgage

Obligations

(Cost

$57,791,405)

52,121,874

Corporate

Bonds

(28.0%)

Communication

Services

(1.4%):

AT&T,

Inc.

4

.35

%

,

3/1/29

,

Callable

12/1/28

@

100

...................................

1,000,000

960,212

3

.10

%

,

2/1/43

,

Callable

8/1/42

@

100

....................................

2,000,000

1,439,206

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

3

.75

%

,

2/15/28

,

Callable

11/15/27

@

100

..................................

500,000

458,932

2

.25

%

,

1/15/29

,

Callable

11/15/28

@

100

..................................

2,000,000

1,665,666

2

.30

%

,

2/1/32

,

Callable

11/1/31

@

100

...................................

2,500,000

1,891,414

5

.38

%

,

4/1/38

,

Callable

10/1/37

@

100

...................................

750,000

638,012

Comcast

Corp.

3

.55

%

,

5/1/28

,

Callable

2/1/28

@

100

....................................

750,000

710,623

2

.89

%

,

11/1/51

,

Callable

5/1/51

@

100

(a)

.................................

1,250,000

838,402

Magallanes,

Inc.

,

4

.05

%

,

3/15/29

,

Callable

1/15/29

@

100

(a)

........................

2,000,000

1,827,762

Paramount

Global

3

.38

%

,

2/15/28

,

Callable

11/15/27

@

100

..................................

444,000

394,768

4

.20

%

,

6/1/29

,

Callable

3/1/29

@

100

....................................

1,250,000

1,114,776

T-Mobile

USA,

Inc.

4

.75

%

,

2/1/28

,

Callable

7/18/23

@

102.38

.................................

643,000

625,010

3

.88

%

,

4/15/30

,

Callable

1/15/30

@

100

..................................

1,000,000

921,809

2

.25

%

,

11/15/31

,

Callable

8/15/31

@

100

..................................

4,500,000

3,600,665

Verizon

Communications,

Inc.

,

3

.40

%

,

3/22/41

,

Callable

9/22/40

@

100

................

4,000,000

3,085,440

Warnermedia

Holdings,

Inc.

,

4

.28

%

,

3/15/32

,

Callable

12/15/31

@

100

(a)

..............

1,000,000

886,066

21,058,763

Consumer

Discretionary

(1.8%):

Advance

Auto

Parts,

Inc.

,

3

.50

%

,

3/15/32

,

Callable

12/15/31

@

100

...................

2,000,000

1,597,022

AutoNation,

Inc.

,

2

.40

%

,

8/1/31

,

Callable

5/1/31

@

100

...........................

3,000,000

2,282,550

Boston

Medical

Center

Corp.

,

3

.91

%

,

7/1/28

...................................

500,000

457,377

Brunswick

Corp.

,

2

.40

%

,

8/18/31

,

Callable

5/18/31

@

100

.........................

1,500,000

1,150,731

Daimler

Finance

North

America

LLC

,

3

.45

%

,

1/6/27

(a)

...........................

1,000,000

947,299

Genting

New

York

LLC/GENNY

Capital,

Inc.

,

3

.30

%

,

2/15/26

,

Callable

1/15/26

@

100

(a)

..

1,000,000

899,822

Genuine

Parts

Co.

,

2

.75

%

,

2/1/32

,

Callable

11/1/31

@

100

.........................

1,000,000

821,286

Hasbro,

Inc.

,

3

.90

%

,

11/19/29

,

Callable

8/19/29

@

100

............................

3,500,000

3,169,864

Kohl's

Corp.

,

4

.63

%

,

5/1/31

,

Callable

2/1/31

@

100

..............................

1,500,000

1,044,493

Marriott

International,

Inc.

,

3

.50

%

,

10/15/32

,

Callable

7/15/32

@

100

.................

1,000,000

863,530

Murphy

Oil

USA,

Inc.

4

.75

%

,

9/15/29

,

Callable

9/15/24

@

102.38

................................

1,000,000

919,159

3

.75

%

,

2/15/31

,

Callable

2/15/26

@

101.88

(a)

..............................

235,000

197,468

Newell

Brands,

Inc.

4

.70

%

,

4/1/26

,

Callable

1/1/26

@

100

....................................

500,000

469,837

6

.38

%

,

9/15/27

,

Callable

6/15/27

@

100

..................................

750,000

720,171

Nordstrom,

Inc.

,

4

.25

%

,

8/1/31

,

Callable

5/1/31

@

100

............................

750,000

584,338

Novant

Health,

Inc.

,

2

.64

%

,

11/1/36

,

Callable

8/1/36

@

100

........................

2,000,000

1,506,744

O'Reilly

Automotive,

Inc.

,

4

.20

%

,

4/1/30

,

Callable

1/1/30

@

100

.....................

1,000,000

944,286

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

34

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Resorts

World

Las

Vegas

LLC/RWLV

Capital,

Inc.

,

4

.63

%

,

4/6/31

,

Callable

1/6/31

@

100

(a)

.

$

1,300,000

$

1,006,298

Sodexo,

Inc.

,

2

.72

%

,

4/16/31

,

Callable

1/16/31

@

100

(a)

..........................

3,000,000

2,480,538

The

Home

Depot,

Inc.

,

2

.38

%

,

3/15/51

,

Callable

9/15/50

@

100

.....................

1,400,000

868,976

Tractor

Supply

Co.

1

.75

%

,

11/1/30

,

Callable

8/1/30

@

100

...................................

1,000,000

792,730

5

.25

%

,

5/15/33

,

Callable

2/15/33

@

100

..................................

750,000

743,479

Volkswagen

Group

of

America

Finance

LLC

,

4

.60

%

,

6/8/29

,

Callable

4/8/29

@

100

(a)

.....

1,500,000

1,434,524

25,902,522

Consumer

Staples

(2.0%):

7-Eleven,

Inc.

1

.80

%

,

2/10/31

,

Callable

11/10/30

@

100

(a)

................................

1,500,000

1,183,020

2

.80

%

,

2/10/51

,

Callable

8/2/50

@

100

(a)

.................................

1,000,000

634,580

Altria

Group,

Inc.

,

2

.45

%

,

2/4/32

,

Callable

11/4/31

@

100

..........................

1,500,000

1,173,081

Anheuser-Busch

InBev

Worldwide,

Inc.

4

.38

%

,

4/15/38

,

Callable

10/15/37

@

100

.................................

1,500,000

1,392,270

5

.45

%

,

1/23/39

,

Callable

7/23/38

@

100

..................................

500,000

518,020

4

.35

%

,

6/1/40

,

Callable

12/1/39

@

100

...................................

1,000,000

919,424

3

.75

%

,

7/15/42

....................................................

750,000

627,661

BAT

Capital

Corp.

2

.73

%

,

3/25/31

,

Callable

12/25/30

@

100

.................................

1,000,000

796,269

7

.75

%

,

10/19/32

,

Callable

7/19/32

@

100

.................................

1,000,000

1,099,940

4

.39

%

,

8/15/37

,

Callable

2/15/37

@

100

..................................

1,250,000

998,875

Bunge

Ltd.

Finance

Corp.

,

2

.75

%

,

5/14/31

,

Callable

2/14/31

@

100

...................

2,000,000

1,679,424

Cargill,

Inc.

2

.13

%

,

11/10/31

,

Callable

8/10/31

@

100

(a)

................................

1,000,000

804,997

5

.13

%

,

10/11/32

,

Callable

7/11/32

@

100

(a)

................................

1,500,000

1,511,719

Church

&

Dwight

Co.,

Inc.

,

2

.30

%

,

12/15/31

,

Callable

9/15/31

@

100

.................

1,000,000

826,422

Constellation

Brands,

Inc.

,

2

.25

%

,

8/1/31

,

Callable

5/1/31

@

100

.....................

1,000,000

818,104

Dollar

General

Corp.

,

5

.45

%

,

7/5/33

,

Callable

4/5/33

@

100

........................

1,250,000

1,238,971

General

Mills,

Inc.

,

4

.55

%

,

4/17/38

,

Callable

10/17/37

@

100

.......................

1,000,000

905,153

JBS

USA

LUX

SA/JBS

USA

Food

Co./JBS

USA

Finance,

Inc.

,

2

.50

%

,

1/15/27

,

Callable

12/15/26

@

100

(a)

..................................................

1,500,000

1,317,630

Keurig

Dr

Pepper,

Inc.

3

.95

%

,

4/15/29

,

Callable

2/15/29

@

100

(d)

................................

750,000

706,916

2

.25

%

,

3/15/31

,

Callable

12/15/30

@

100

.................................

1,000,000

823,317

4

.50

%

,

4/15/52

,

Callable

10/15/51

@

100

.................................

1,000,000

880,984

Kraft

Heinz

Foods

Co.

,

5

.00

%

,

6/4/42

........................................

1,000,000

935,396

Mars,

Inc.

,

3

.88

%

,

4/1/39

,

Callable

10/1/38

@

100

(a)

.............................

1,000,000

848,578

McCormick

&

Co.,

Inc.

,

1

.85

%

,

2/15/31

,

Callable

11/15/30

@

100

...................

1,000,000

792,439

Philip

Morris

International,

Inc.

,

5

.38

%

,

2/15/33

,

Callable

11/15/32

@

100

..............

2,000,000

1,996,424

Sysco

Corp.

,

2

.45

%

,

12/14/31

,

Callable

9/14/31

@

100

............................

1,500,000

1,226,503

The

Coca-Cola

Co.

,

2

.00

%

,

3/5/31

...........................................

2,000,000

1,684,613

Walgreens

Boots

Alliance,

Inc.

,

4

.10

%

,

4/15/50

,

Callable

10/15/49

@

100

..............

1,000,000

712,052

29,052,782

Energy

(1.4%):

Apache

Corp.

,

4

.25

%

,

1/15/44

,

Callable

7/15/43

@

100

............................

1,500,000

1,020,064

Boardwalk

Pipelines

LP

4

.45

%

,

7/15/27

,

Callable

4/15/27

@

100

..................................

500,000

477,349

4

.80

%

,

5/3/29

,

Callable

2/3/29

@

100

....................................

500,000

479,711

3

.60

%

,

9/1/32

,

Callable

6/1/32

@

100

....................................

1,000,000

850,721

Buckeye

Partners

LP

,

4

.13

%

,

12/1/27

,

Callable

9/1/27

@

100

.......................

1,000,000

909,619

Cameron

LNG

LLC

,

3

.30

%

,

1/15/35

,

Callable

9/15/34

@

100

(a)

.....................

1,091,000

910,093

Energy

Transfer

LP

6

.50

%

(

H15T5Y

+

569

bps

)

,

Callable

11/15/26

@

100

(c)

(e)

......................

1,000,000

903,142

4

.15

%

,

9/15/29

,

Callable

6/15/29

@

100

..................................

1,000,000

921,322

EQT

Corp.

,

7

.00

%

,

2/1/30

,

Callable

11/1/29

@

100

..............................

514,000

538,199

Florida

Gas

Transmission

Co.

LLC

,

2

.55

%

,

7/1/30

,

Callable

4/1/30

@

100

(a)

............

1,500,000

1,246,578

Gray

Oak

Pipeline

LLC

,

3

.45

%

,

10/15/27

,

Callable

8/15/27

@

100

(a)

.................

1,334,000

1,194,201

Hilcorp

Energy

I

LP/Hilcorp

Finance

Co.

,

6

.25

%

,

11/1/28

,

Callable

11/1/23

@

103.13

(a)

....

1,000,000

942,729

HollyFrontier

Corp.

,

4

.50

%

,

10/1/30

,

Callable

7/1/30

@

100

........................

2,000,000

1,774,481

Midwest

Connector

Capital

Co.

LLC

,

4

.63

%

,

4/1/29

,

Callable

1/1/29

@

100

(a)

...........

1,500,000

1,373,174

MPLX

LP

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

35

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

4

.25

%

,

12/1/27

,

Callable

9/1/27

@

100

...................................

$

500,000

$

475,649

4

.00

%

,

3/15/28

,

Callable

12/15/27

@

100

.................................

750,000

706,710

4

.80

%

,

2/15/29

,

Callable

11/15/28

@

100

..................................

250,000

241,475

Murphy

Oil

Corp.

,

5

.75

%

,

8/15/25

,

Callable

8/7/23

@

101.44

.......................

278,000

274,954

Occidental

Petroleum

Corp.

,

4

.40

%

,

8/15/49

,

Callable

2/15/49

@

100

.................

500,000

367,760

Phillips

66

Co.

,

4

.90

%

,

10/1/46

,

Callable

4/1/46

@

100

(a)

..........................

1,000,000

884,592

Pioneer

Natural

Resources

Co.

,

1

.90

%

,

8/15/30

,

Callable

5/15/30

@

100

...............

1,500,000

1,216,809

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.

,

3

.55

%

,

12/15/29

,

Callable

9/15/29

@

100

.............................................................

2,280,000

2,007,829

Rockies

Express

Pipeline

LLC

,

4

.95

%

,

7/15/29

,

Callable

4/15/29

@

100

(a)

.............

1,000,000

918,932

20,636,093

Financials

(7.5%):

Ally

Financial,

Inc.

7

.10

%

,

11/15/27

,

Callable

10/15/27

@

100

(d)

...............................

833,000

840,423

6

.99

%

(

SOFR

+

326

bps

)

,

6/13/29

,

Callable

6/13/28

@

100

(c)

....................

1,000,000

988,172

American

Express

Co.

,

4

.99

%

(

SOFR

+

226

bps

)

,

5/26/33

,

Callable

2/26/32

@

100

(c)

.......

1,500,000

1,436,144

AmFam

Holdings,

Inc.

,

2

.81

%

,

3/11/31

,

Callable

12/11/30

@

100

(a)

..................

1,000,000

743,310

Assurant,

Inc.

6

.10

%

,

2/27/26

,

Callable

1/27/26

@

100

..................................

882,000

879,380

2

.65

%

,

1/15/32

,

Callable

10/15/31

@

100

.................................

1,000,000

747,392

Bank

of

America

Corp.

4

.38

%

(

H15T5Y

+

276

bps

)

,

Callable

1/27/27

@

100

(c)

(e)

......................

1,000,000

864,552

1

.66

%

(

SOFR

+

91

bps

)

,

3/11/27

,

Callable

3/11/26

@

100

(c)

.....................

500,000

450,075

2

.57

%

(

SOFR

+

121

bps

)

,

10/20/32

,

Callable

10/20/31

@

100

(c)

..................

3,750,000

3,052,238

2

.48

%

(

H15T5Y

+

120

bps

)

,

9/21/36

,

Callable

9/21/31

@

100

(c)

..................

1,000,000

763,681

Belrose

Funding

Trust

,

2

.33

%

,

8/15/30

,

Callable

5/15/30

@

100

(a)

...................

1,000,000

763,044

Blackstone

Private

Credit

Fund

,

2

.63

%

,

12/15/26

,

Callable

11/15/26

@

100

(a)

...........

1,290,000

1,102,141

Blue

Owl

Finance

LLC

,

3

.13

%

,

6/10/31

,

Callable

3/10/31

@

100

(a)

...................

1,000,000

761,517

BMW

US

Capital

LLC

,

3

.75

%

,

4/12/28

,

Callable

1/12/28

@

100

(a)

...................

1,000,000

945,326

Brown

&

Brown,

Inc.

,

4

.20

%

,

3/17/32

,

Callable

12/17/31

@

100

.....................

1,000,000

898,384

Cadence

Bank

,

4

.13

%

(

US0003M

+

247

bps

)

,

11/20/29

,

Callable

11/20/24

@

100

(c)

........

625,000

573,762

Capital

One

Financial

Corp.

3

.75

%

,

7/28/26

,

Callable

6/28/26

@

100

..................................

1,000,000

931,368

2

.36

%

(

SOFR

+

134

bps

)

,

7/29/32

,

Callable

7/29/31

@

100

(c)

....................

1,000,000

707,111

5

.82

%

(

SOFR

+

260

bps

)

,

2/1/34

,

Callable

2/1/33

@

100

(c)

......................

1,000,000

955,100

Citigroup,

Inc.

,

2

.52

%

(

SOFR

+

118

bps

)

,

11/3/32

,

Callable

11/3/31

@

100

(c)

.............

2,000,000

1,611,920

Citizens

Bank

NA

4

.12

%

(

SOFR

+

140

bps

)

,

5/23/25

,

Callable

5/23/24

@

100

(c)

....................

907,000

859,028

6

.06

%

(

SOFR

+

145

bps

)

,

10/24/25

,

Callable

10/24/24

@

100

(c)

..................

500,000

474,736

Citizens

Financial

Group,

Inc.

2

.50

%

,

2/6/30

,

Callable

11/6/29

@

100

...................................

2,000,000

1,571,849

5

.64

%

(

H15T5Y

+

275

bps

)

,

5/21/37

,

Callable

5/21/32

@

100

(c)

..................

1,000,000

862,223

Compeer

Financial

FLCA/Compeer

Financial

PCA

,

3

.38

%

(

SOFR

+

197

bps

)

,

6/1/36

,

Callable

6/1/31

@

100

(a)

(c)

..................................................

500,000

345,338

Credit

Acceptance

Corp.

,

6

.63

%

,

3/15/26

,

Callable

7/18/23

@

101.66

(d)

...............

500,000

480,871

Equitable

Holdings,

Inc.

,

4

.35

%

,

4/20/28

,

Callable

1/20/28

@

100

....................

1,000,000

936,783

F&G

Global

Funding

,

2

.00

%

,

9/20/28

(a)

......................................

2,000,000

1,650,495

Fells

Point

Funding

Trust

,

3

.05

%

,

1/31/27

,

Callable

12/31/26

@

100

(a)

................

1,750,000

1,610,342

Fifth

Third

Bancorp

3

.95

%

,

3/14/28

,

Callable

2/14/28

@

100

..................................

500,000

459,425

4

.34

%

(

SOFR

+

166

bps

)

,

4/25/33

,

Callable

4/25/32

@

100

(c)

....................

2,000,000

1,767,127

First

American

Financial

Corp.

,

2

.40

%

,

8/15/31

,

Callable

5/15/31

@

100

...............

3,025,000

2,301,623

First

Citizens

BancShares,

Inc.

,

3

.38

%

(

SOFR

+

247

bps

)

,

3/15/30

,

Callable

3/15/25

@

100

(c)

.

1,000,000

916,319

First

Horizon

Bank

,

5

.75

%

,

5/1/30

,

Callable

2/1/30

@

100

(d)

.......................

2,000,000

1,730,894

Fiserv,

Inc.

,

5

.60

%

,

3/2/33

,

Callable

12/2/32

@

100

..............................

1,500,000

1,528,155

Ford

Motor

Credit

Co.

LLC

4

.54

%

,

8/1/26

,

Callable

6/1/26

@

100

....................................

1,000,000

939,837

2

.90

%

,

2/10/29

,

Callable

12/10/28

@

100

.................................

500,000

414,328

FS

KKR

Capital

Corp.

,

4

.63

%

,

7/15/24

,

Callable

6/15/24

@

100

.....................

1,000,000

970,963

Glencore

Funding

LLC

1

.63

%

,

4/27/26

,

Callable

3/27/26

@

100

(a)

................................

700,000

631,118

2

.50

%

,

9/1/30

,

Callable

6/1/30

@

100

(a)

(d)

................................

500,000

409,405

2

.85

%

,

4/27/31

,

Callable

1/27/31

@

100

(a)

................................

1,000,000

824,614

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

36

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Global

Atlantic

Fin

Co.

,

4

.40

%

,

10/15/29

,

Callable

7/15/29

@

100

(a)

..................

$

1,714,000

$

1,445,405

Global

Payments,

Inc.

2

.90

%

,

11/15/31

,

Callable

8/15/31

@

100

..................................

1,500,000

1,222,326

5

.40

%

,

8/15/32

,

Callable

5/15/32

@

100

..................................

1,000,000

974,484

Guardian

Life

Global

Funding

,

1

.40

%

,

7/6/27

(a)

.................................

2,000,000

1,722,917

Huntington

Bancshares,

Inc.

4

.44

%

(

SOFR

+

197

bps

)

,

8/4/28

,

Callable

8/4/27

@

100

(c)

......................

500,000

465,134

2

.49

%

(

H15T5Y

+

117

bps

)

,

8/15/36

,

Callable

8/15/31

@

100

(c)

..................

1,000,000

716,270

Hyundai

Capital

America

3

.40

%

,

6/20/24

(a)

..................................................

500,000

487,514

3

.50

%

,

11/2/26

,

Callable

9/2/26

@

100

(a)

.................................

500,000

464,722

ILFC

E-Capital

Trust

I

,

7

.06

%

,

12/21/65

,

Callable

8/7/23

@

100

(a)

...................

500,000

336,854

JPMorgan

Chase

&

Co.

4

.60

%

(

SOFR

+

313

bps

)

,

Callable

2/1/25

@

100

(c)

(e)

.........................

1,000,000

933,357

2

.52

%

(

SOFR

+

204

bps

)

,

4/22/31

,

Callable

4/22/30

@

100

(c)

....................

3,000,000

2,540,717

1

.95

%

(

SOFR

+

1

bps

)

,

2/4/32

,

Callable

2/4/31

@

100

(c)

........................

4,000,000

3,187,920

KeyBank

NA

,

3

.90

%

,

4/13/29

..............................................

1,500,000

1,183,758

KeyCorp

3

.88

%

(

SOFR

+

125

bps

)

,

5/23/25

,

Callable

5/23/24

@

100

,

MTN

(c)

...............

500,000

462,820

2

.25

%

,

4/6/27

,

MTN

................................................

500,000

415,326

4

.79

%

(

SOFR

+

206

bps

)

,

6/1/33

,

Callable

6/1/32

@

100

,

MTN

(c)

.................

757,000

637,700

Lincoln

National

Corp.

,

3

.80

%

,

3/1/28

,

Callable

12/1/27

@

100

(d)

....................

500,000

451,853

Loews

Corp.

,

3

.20

%

,

5/15/30

,

Callable

2/15/30

@

100

............................

1,000,000

889,377

M&T

Bank

Corp.

,

5

.05

%

(

SOFR

+

185

bps

)

,

1/27/34

,

Callable

1/27/33

@

100

(c)

..........

1,750,000

1,596,677

Main

Street

Capital

Corp.

,

3

.00

%

,

7/14/26

,

Callable

6/14/26

@

100

...................

1,000,000

879,788

Manufacturers

&

Traders

Trust

Co.

,

4

.65

%

,

1/27/26

,

Callable

12/27/25

@

100

...........

500,000

477,341

MassMutual

Global

Funding

II

,

1

.20

%

,

7/16/26

(a)

...............................

1,500,000

1,325,598

Mercury

General

Corp.

,

4

.40

%

,

3/15/27

,

Callable

12/15/26

@

100

....................

1,000,000

945,435

Metropolitan

Life

Global

Funding

I

,

2

.40

%

,

1/11/32

(a)

............................

2,000,000

1,631,766

Morgan

Stanley

2

.51

%

(

SOFR

+

120

bps

)

,

10/20/32

,

Callable

10/20/31

@

100

,

MTN

(c)

.............

3,000,000

2,420,519

2

.48

%

(

SOFR

+

136

bps

)

,

9/16/36

,

Callable

9/16/31

@

100

(c)

....................

2,000,000

1,513,800

New

York

Community

Bancorp,

Inc.

,

5

.90

%

(

US0003M

+

278

bps

)

,

11/6/28

,

Callable

11/6/23

@

100

(c)

...........................................................

1,250,000

1,157,609

New

York

Life

Global

Funding

,

1

.85

%

,

8/1/31

(a)

................................

1,500,000

1,185,497

Northern

Trust

Corp.

,

6

.13

%

,

11/2/32

,

Callable

8/2/32

@

100

.......................

1,000,000

1,036,284

OWL

Rock

Core

Income

Corp.

5

.50

%

,

3/21/25

(a)

..................................................

500,000

481,881

3

.13

%

,

9/23/26

,

Callable

8/23/26

@

100

(a)

................................

250,000

216,388

4

.70

%

,

2/8/27

,

Callable

1/8/27

@

100

(a)

..................................

1,125,000

1,022,898

Pacific

Life

Global

Funding

II

,

1

.38

%

,

4/14/26

(a)

................................

2,000,000

1,786,120

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.

1

.70

%

,

6/15/26

,

Callable

5/15/26

@

100

(a)

................................

1,000,000

883,763

6

.20

%

,

6/15/30

,

Callable

4/15/30

@

100

(a)

................................

1,000,000

1,005,977

Pine

Street

Trust

I

,

4

.57

%

,

2/15/29

,

Callable

11/15/28

@

100

(a)

......................

500,000

458,916

Primerica,

Inc.

,

2

.80

%

,

11/19/31

,

Callable

8/19/31

@

100

..........................

1,750,000

1,447,564

Principal

Life

Global

Funding

II

,

1

.25

%

,

8/16/26

(a)

..............................

2,000,000

1,745,663

Protective

Life

Global

Funding

,

1

.90

%

,

7/6/28

(a)

................................

2,000,000

1,701,875

Prudential

Financial,

Inc.

3

.94

%

,

12/7/49

,

Callable

6/7/49

@

100

...................................

1,000,000

796,690

6

.00

%

(

H15T5Y

+

323

bps

)

,

9/1/52

,

Callable

6/1/32

@

100

(c)

....................

1,000,000

956,527

Raymond

James

Financial,

Inc.

,

4

.95

%

,

7/15/46

.................................

1,000,000

902,122

Regions

Financial

Corp.

,

5

.75

%

(

H15T5Y

+

543

bps

)

,

Callable

6/15/25

@

100

(c)

(e)

........

595,000

565,639

Santander

Holdings

USA,

Inc.

4

.40

%

,

7/13/27

,

Callable

4/14/27

@

100

..................................

750,000

705,696

6

.57

%

(

SOFR

+

270

bps

)

,

6/12/29

,

Callable

6/12/28

@

100

(c)

....................

500,000

490,777

State

Street

Corp.

,

5

.16

%

(

SOFR

+

189

bps

)

,

5/18/34

,

Callable

5/18/33

@

100

(c)

..........

1,500,000

1,491,324

Stellantis

Finance

U.S.,

Inc.

,

2

.69

%

,

9/15/31

,

Callable

6/15/31

@

100

(a)

...............

1,200,000

959,254

Stewart

Information

Services

Corp.

,

3

.60

%

,

11/15/31

,

Callable

8/15/31

@

100

...........

2,250,000

1,715,900

Synchrony

Bank

,

5

.63

%

,

8/23/27

,

Callable

7/23/27

@

100

.........................

500,000

469,667

Synchrony

Financial

4

.50

%

,

7/23/25

,

Callable

4/23/25

@

100

..................................

500,000

472,539

5

.15

%

,

3/19/29

,

Callable

12/19/28

@

100

.................................

500,000

452,853

Synovus

Bank

,

4

.00

%

(

H15T5Y

+

363

bps

)

,

10/29/30

,

Callable

10/29/25

@

100

(c)

.........

500,000

403,446

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

37

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Synovus

Financial

Corp.

,

5

.90

%

(

USSW5

+

338

bps

)

,

2/7/29

,

Callable

2/7/24

@

100

(c)

......

$

500,000

$

455,335

The

Bank

of

New

York

Mellon

Corp.

3

.75

%

(

H15T5Y

+

263

bps

)

,

Callable

12/20/26

@

100

(c)

(e)

......................

1,000,000

827,071

4

.70

%

(

H15T5Y

+

436

bps

)

,

Callable

9/20/25

@

100

(c)

(e)

......................

500,000

484,829

3

.99

%

(

SOFR

+

115

bps

)

,

6/13/28

,

Callable

6/13/27

@

100

,

MTN

(c)

...............

1,000,000

959,536

The

Charles

Schwab

Corp.

,

5

.85

%

(

SOFR

+

250

bps

)

,

5/19/34

,

Callable

5/19/33

@

100

(c)

....

1,350,000

1,370,175

The

Huntington

National

Bank

,

5

.65

%

,

1/10/30

,

Callable

11/10/29

@

100

..............

1,000,000

960,439

The

PNC

Financial

Services

Group,

Inc.

2

.55

%

,

1/22/30

,

Callable

10/24/29

@

100

.................................

1,500,000

1,266,463

4

.63

%

(

SOFR

+

185

bps

)

,

6/6/33

,

Callable

6/6/32

@

100

(c)

......................

500,000

459,593

Truist

Bank

,

2

.25

%

,

3/11/30

,

Callable

12/11/29

@

100

............................

1,050,000

834,950

Truist

Financial

Corp.

,

4

.25

%

,

9/30/24

........................................

750,000

728,526

US

Bancorp

5

.78

%

(

SOFR

+

202

bps

)

,

6/12/29

,

Callable

6/12/28

@

100

(c)

....................

750,000

749,700

2

.49

%

(

H15T5Y

+

95

bps

)

,

11/3/36

,

Callable

11/3/31

@

100

(c)

...................

1,500,000

1,098,270

W

R

Berkley

Corp.

,

3

.55

%

,

3/30/52

,

Callable

9/30/51

@

100

........................

1,172,000

833,690

Webster

Financial

Corp.

4

.38

%

,

2/15/24

,

Callable

1/16/24

@

100

..................................

1,000,000

979,026

4

.10

%

,

3/25/29

,

Callable

12/25/28

@

100

.................................

500,000

431,831

Wells

Fargo

&

Co.

3

.00

%

,

10/23/26

....................................................

1,000,000

929,211

2

.88

%

(

TSFR3M

+

143

bps

)

,

10/30/30

,

Callable

10/30/29

@

100

,

MTN

(c)

...........

1,000,000

864,338

109,775,743

Health

Care

(2.5%):

AbbVie,

Inc.

3

.20

%

,

11/21/29

,

Callable

8/21/29

@

100

..................................

1,000,000

903,752

4

.25

%

,

11/21/49

,

Callable

5/21/49

@

100

..................................

500,000

430,835

Amgen,

Inc.

5

.25

%

,

3/2/33

,

Callable

12/2/32

@

100

...................................

1,000,000

1,001,008

5

.60

%

,

3/2/43

,

Callable

9/2/42

@

100

....................................

1,000,000

1,002,350

3

.00

%

,

1/15/52

,

Callable

7/15/51

@

100

..................................

1,250,000

834,349

4

.20

%

,

2/22/52

,

Callable

8/22/51

@

100

..................................

1,250,000

1,035,712

Anthem,

Inc.

,

2

.88

%

,

9/15/29

,

Callable

6/15/29

@

100

............................

323,000

284,895

Baxter

International,

Inc.

,

2

.54

%

,

2/1/32

,

Callable

11/1/31

@

100

....................

1,750,000

1,417,623

Bio-Rad

Laboratories,

Inc.

,

3

.30

%

,

3/15/27

,

Callable

2/15/27

@

100

..................

1,250,000

1,163,447

Bristol

Myers

Squibb

Co.

,

3

.90

%

,

2/20/28

,

Callable

11/20/27

@

100

..................

500,000

485,450

Centene

Corp.

,

2

.50

%

,

3/1/31

,

Callable

12/1/30

@

100

............................

1,500,000

1,196,085

Cigna

Corp.

,

2

.38

%

,

3/15/31

,

Callable

12/15/30

@

100

............................

2,000,000

1,678,597

CVS

Health

Corp.

2

.13

%

,

9/15/31

,

Callable

6/15/31

@

100

..................................

2,000,000

1,605,267

5

.63

%

,

2/21/53

,

Callable

8/21/52

@

100

..................................

500,000

496,760

DENTSPLY

SIRONA,

Inc.

,

3

.25

%

,

6/1/30

,

Callable

3/1/30

@

100

....................

4,000,000

3,470,822

Duke

University

Health

System,

Inc.

,

2

.60

%

,

6/1/30

..............................

2,000,000

1,700,560

Eastern

Maine

Healthcare

Systems

,

3

.71

%

,

7/1/26

...............................

335,000

315,486

Elevance

Health,

Inc.

,

2

.55

%

,

3/15/31

,

Callable

12/15/30

@

100

.....................

2,000,000

1,682,435

Fresenius

Medical

Care

U.S.

Finance

III,

Inc.

,

2

.38

%

,

2/16/31

,

Callable

11/16/30

@

100

(a)

..

2,500,000

1,895,109

HCA,

Inc.

4

.38

%

,

3/15/42

,

Callable

9/15/41

@

100

(a)

................................

750,000

616,582

5

.90

%

,

6/1/53

,

Callable

12/1/52

@

100

...................................

1,000,000

991,444

Illumina,

Inc.

,

2

.55

%

,

3/23/31

,

Callable

12/23/30

@

100

...........................

2,000,000

1,656,017

Orlando

Health

Obligated

Group

3

.78

%

,

10/1/28

,

Callable

7/1/28

@

100

...................................

500,000

462,995

2

.89

%

,

10/1/35

....................................................

1,000,000

787,372

PerkinElmer,

Inc.

2

.55

%

,

3/15/31

,

Callable

12/15/30

@

100

.................................

1,500,000

1,232,307

2

.25

%

,

9/15/31

,

Callable

6/15/31

@

100

..................................

500,000

401,768

Roche

Holdings,

Inc.

,

1

.93

%

,

12/13/28

,

Callable

10/13/28

@

100

(a)

..................

1,500,000

1,301,336

Royalty

Pharma

PLC

2

.20

%

,

9/2/30

,

Callable

6/2/30

@

100

....................................

2,000,000

1,608,858

2

.15

%

,

9/2/31

,

Callable

6/2/31

@

100

....................................

1,500,000

1,176,045

Southern

Illinois

Healthcare

Enterprises,

Inc.

,

3

.97

%

,

5/15/50

,

Callable

11/15/49

@

100

....

1,000,000

708,268

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

38

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Universal

Health

Services,

Inc.

,

2

.65

%

,

1/15/32

,

Callable

10/15/31

@

100

(a)

............

$

3,262,000

$

2,580,505

36,124,039

Industrials

(3.3%):

Acuity

Brands

Lighting,

Inc.

,

2

.15

%

,

12/15/30

,

Callable

9/15/30

@

100

................

2,250,000

1,806,643

Air

Lease

Corp.

,

2

.88

%

,

1/15/32

,

Callable

10/15/31

@

100

.........................

1,000,000

804,210

American

Airlines

Pass

Through

Trust

3

.70

%

,

10/1/26

....................................................

275,841

247,605

3

.85

%

,

2/15/28

....................................................

357,289

303,519

3

.60

%

,

10/15/29

....................................................

364,694

309,662

Arconic,

Inc.

,

5

.90

%

,

2/1/27

...............................................

250,000

252,290

Ashtead

Capital,

Inc.

4

.25

%

,

11/1/29

,

Callable

11/1/24

@

102.13

(a)

..............................

1,448,000

1,316,060

2

.45

%

,

8/12/31

,

Callable

5/12/31

@

100

(a)

................................

667,000

524,326

5

.50

%

,

8/11/32

,

Callable

5/11/32

@

100

(a)

................................

750,000

725,689

British

Airways

Pass

Through

Trust

3

.35

%

,

6/15/29

(a)

..................................................

335,868

293,623

3

.80

%

,

9/20/31

(a)

..................................................

510,309

469,121

Builders

FirstSource,

Inc.

,

6

.38

%

,

6/15/32

,

Callable

6/15/27

@

103.19

(a)

...............

500,000

496,634

Carlisle

Cos.,

Inc.

,

2

.75

%

,

3/1/30

,

Callable

12/1/29

@

100

.........................

2,000,000

1,705,317

Carrier

Global

Corp.

,

3

.38

%

,

4/5/40

,

Callable

10/5/39

@

100

.......................

2,250,000

1,725,930

CoStar

Group,

Inc.

,

2

.80

%

,

7/15/30

,

Callable

4/15/30

@

100

(a)

......................

2,091,000

1,734,936

Daimler

Truck

Finance

North

America

LLC

,

2

.38

%

,

12/14/28

(a)

.....................

1,050,000

909,178

Delta

Air

Lines,

Inc./SkyMiles

IP

Ltd.

,

4

.75

%

,

10/20/28

(a)

.........................

1,250,000

1,213,235

FedEx

Corp.

,

4

.05

%

,

2/15/48

,

Callable

8/15/47

@

100

............................

2,250,000

1,797,564

Fluor

Corp.

,

4

.25

%

,

9/15/28

,

Callable

6/15/28

@

100

(d)

...........................

1,000,000

929,773

Fortune

Brands

Innovations,

Inc.

,

4

.00

%

,

3/25/32

,

Callable

12/25/31

@

100

.............

1,250,000

1,112,789

GXO

Logistics,

Inc.

,

2

.65

%

,

7/15/31

,

Callable

4/15/31

@

100

.......................

2,000,000

1,559,982

Hawaiian

Airlines

Pass

Through

Certificates

,

3

.90

%

,

1/15/26

........................

87,128

76,865

Hillenbrand,

Inc.

5

.00

%

,

9/15/26

,

Callable

7/15/26

@

100

..................................

1,000,000

979,569

3

.75

%

,

3/1/31

,

Callable

3/1/26

@

101.88

..................................

350,000

296,711

Howmet

Aerospace,

Inc.

,

3

.00

%

,

1/15/29

,

Callable

11/15/28

@

100

...................

1,500,000

1,313,978

Hubbell,

Inc.

,

2

.30

%

,

3/15/31

,

Callable

12/15/30

@

100

...........................

1,500,000

1,236,152

Huntington

Ingalls

Industries,

Inc.

,

2

.04

%

,

8/16/28

,

Callable

6/16/28

@

100

.............

1,500,000

1,261,829

Ingersoll-Rand

Global

Holding

Co.

Ltd.

,

3

.75

%

,

8/21/28

,

Callable

5/21/28

@

100

.........

500,000

473,584

JetBlue

Pass

Through

Trust

,

2

.95

%

,

5/15/28

....................................

205,324

176,923

Kennametal,

Inc.

,

4

.63

%

,

6/15/28

,

Callable

3/15/28

@

100

.........................

1,058,000

1,007,073

Leidos,

Inc.

2

.30

%

,

2/15/31

,

Callable

11/15/30

@

100

..................................

1,500,000

1,182,473

5

.75

%

,

3/15/33

,

Callable

12/15/32

@

100

.................................

2,250,000

2,238,971

Otis

Worldwide

Corp.

,

3

.11

%

,

2/15/40

,

Callable

8/15/39

@

100

......................

1,000,000

772,962

Pentair

Finance

Sarl

,

5

.90

%

,

7/15/32

,

Callable

4/15/32

@

100

.......................

2,000,000

2,022,220

Quanta

Services,

Inc.

2

.90

%

,

10/1/30

,

Callable

7/1/30

@

100

...................................

1,500,000

1,275,745

2

.35

%

,

1/15/32

,

Callable

10/15/31

@

100

.................................

250,000

196,781

Regal

Rexnord

Corp.

,

6

.40

%

,

4/15/33

,

Callable

1/15/33

@

100

(a)

....................

570,000

568,940

Ryder

System,

Inc.

,

2

.85

%

,

3/1/27

,

Callable

2/1/27

@

100

,

MTN

.....................

2,000,000

1,827,467

Spirit

Airlines

Pass

Through

Trust

,

3

.38

%

,

2/15/30

...............................

990,160

867,089

The

Boeing

Co.

3

.25

%

,

2/1/28

,

Callable

12/1/27

@

100

...................................

1,500,000

1,378,110

3

.63

%

,

2/1/31

,

Callable

11/1/30

@

100

...................................

2,750,000

2,478,963

5

.71

%

,

5/1/40

,

Callable

11/1/39

@

100

...................................

1,000,000

997,120

5

.81

%

,

5/1/50

,

Callable

11/1/49

@

100

...................................

2,000,000

1,989,180

The

Timken

Co.

,

4

.13

%

,

4/1/32

,

Callable

1/1/32

@

100

............................

2,100,000

1,888,346

Union

Pacific

Corp.

,

3

.25

%

,

2/5/50

,

Callable

8/5/49

@

100

.........................

1,000,000

746,870

United

Airlines

Pass

Through

Trust

4

.88

%

,

1/15/26

....................................................

234,955

225,320

3

.70

%

,

3/1/30

.....................................................

392,166

338,651

48,055,978

Information

Technology

(2.2%):

Amphenol

Corp.

4

.35

%

,

6/1/29

,

Callable

3/1/29

@

100

....................................

500,000

484,099

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

39

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

2

.20

%

,

9/15/31

,

Callable

6/15/31

@

100

..................................

$

1,125,000

$

918,658

Broadcom,

Inc.

2

.45

%

,

2/15/31

,

Callable

11/15/30

@

100

(a)

................................

2,500,000

2,030,725

3

.42

%

,

4/15/33

,

Callable

1/15/33

@

100

(a)

................................

2,000,000

1,674,360

3

.47

%

,

4/15/34

,

Callable

1/15/34

@

100

(a)

................................

500,000

409,813

4

.93

%

,

5/15/37

,

Callable

2/15/37

@

100

(a)

................................

500,000

451,456

Dell

International

LLC/EMC

Corp.

5

.75

%

,

2/1/33

,

Callable

11/1/32

@

100

(d)

.................................

260,000

262,616

3

.38

%

,

12/15/41

,

Callable

6/15/41

@

100

(a)

...............................

2,500,000

1,763,196

HP,

Inc.

4

.00

%

,

4/15/29

,

Callable

2/15/29

@

100

..................................

1,500,000

1,399,769

2

.65

%

,

6/17/31

,

Callable

3/17/31

@

100

(a)

................................

1,500,000

1,208,855

Jabil,

Inc.

,

3

.00

%

,

1/15/31

,

Callable

10/15/30

@

100

..............................

1,474,000

1,250,763

Marvell

Technology,

Inc.

,

2

.45

%

,

4/15/28

,

Callable

2/15/28

@

100

...................

1,050,000

916,742

Micron

Technology,

Inc.

,

5

.88

%

,

2/9/33

,

Callable

11/9/32

@

100

.....................

1,250,000

1,245,730

Microsoft

Corp.

3

.45

%

,

8/8/36

,

Callable

2/8/36

@

100

....................................

2,000,000

1,823,460

2

.53

%

,

6/1/50

,

Callable

12/1/49

@

100

...................................

750,000

518,843

Motorola

Solutions,

Inc.

2

.75

%

,

5/24/31

,

Callable

2/24/31

@

100

..................................

1,000,000

819,991

5

.60

%

,

6/1/32

,

Callable

3/1/32

@

100

....................................

1,000,000

993,288

Oracle

Corp.

2

.95

%

,

4/1/30

,

Callable

1/1/30

@

100

....................................

1,000,000

872,962

3

.85

%

,

7/15/36

,

Callable

1/15/36

@

100

..................................

2,000,000

1,672,260

3

.60

%

,

4/1/50

,

Callable

10/1/49

@

100

...................................

1,000,000

714,050

Qorvo,

Inc.

,

3

.38

%

,

4/1/31

,

Callable

4/1/26

@

101.69

(a)

...........................

3,909,000

3,153,753

Skyworks

Solutions,

Inc.

,

3

.00

%

,

6/1/31

,

Callable

3/1/31

@

100

.....................

1,200,000

970,832

Teledyne

Technologies,

Inc.

,

2

.75

%

,

4/1/31

,

Callable

1/1/31

@

100

...................

2,000,000

1,671,671

TSMC

Arizona

Corp.

,

2

.50

%

,

10/25/31

,

Callable

7/25/31

@

100

.....................

3,400,000

2,847,380

Western

Digital

Corp.

,

3

.10

%

,

2/1/32

,

Callable

11/1/31

@

100

.......................

1,000,000

740,246

Workday,

Inc.

,

3

.70

%

,

4/1/29

,

Callable

2/1/29

@

100

.............................

1,500,000

1,391,693

32,207,211

Materials

(1.8%):

Albemarle

Corp.

,

4

.65

%

,

6/1/27

,

Callable

5/1/27

@

100

...........................

1,500,000

1,461,762

Amcor

Finance

USA,

Inc.

,

5

.63

%

,

5/26/33

,

Callable

2/26/33

@

100

...................

1,364,000

1,348,485

AptarGroup,

Inc.

,

3

.60

%

,

3/15/32

,

Callable

12/15/31

@

100

........................

2,102,000

1,808,305

Avery

Dennison

Corp.

2

.65

%

,

4/30/30

,

Callable

2/1/30

@

100

...................................

800,000

672,817

2

.25

%

,

2/15/32

,

Callable

11/15/31

@

100

..................................

1,500,000

1,170,174

Ball

Corp.

,

3

.13

%

,

9/15/31

,

Callable

6/15/31

@

100

..............................

1,500,000

1,234,353

Bayport

Polymers

LLC

,

4

.74

%

,

4/14/27

,

Callable

3/14/27

@

100

(a)

...................

1,500,000

1,395,562

Celanese

U.S.

Holdings

LLC

,

6

.33

%

,

7/15/29

,

Callable

5/15/29

@

100

................

641,000

637,901

Colonial

Enterprises,

Inc.

,

3

.25

%

,

5/15/30

,

Callable

2/15/30

@

100

(a)

.................

1,000,000

891,652

Commercial

Metals

Co.

,

3

.88

%

,

2/15/31

,

Callable

2/15/26

@

101.94

..................

1,000,000

859,883

Eagle

Materials,

Inc.

,

2

.50

%

,

7/1/31

,

Callable

4/1/31

@

100

........................

2,500,000

2,041,821

Ecolab,

Inc.

,

2

.70

%

,

12/15/51

,

Callable

6/15/51

@

100

............................

1,250,000

828,714

Freeport-McMoRan,

Inc.

,

4

.38

%

,

8/1/28

,

Callable

8/7/23

@

102.19

...................

1,500,000

1,415,446

LYB

International

Finance

III

LLC

5

.63

%

,

5/15/33

,

Callable

2/15/33

@

100

..................................

850,000

850,205

3

.38

%

,

10/1/40

,

Callable

4/1/40

@

100

...................................

500,000

369,296

4

.20

%

,

5/1/50

,

Callable

11/1/49

@

100

...................................

500,000

381,808

Martin

Marietta

Materials,

Inc.

,

2

.40

%

,

7/15/31

,

Callable

4/15/31

@

100

...............

1,000,000

816,758

NewMarket

Corp.

,

2

.70

%

,

3/18/31

,

Callable

12/18/30

@

100

........................

1,250,000

1,022,824

Packaging

Corp.

of

America

3

.40

%

,

12/15/27

,

Callable

9/15/27

@

100

.................................

500,000

465,862

3

.05

%

,

10/1/51

,

Callable

4/1/51

@

100

...................................

1,875,000

1,241,753

Reliance

Steel

&

Aluminum

Co.

,

2

.15

%

,

8/15/30

,

Callable

5/15/30

@

100

..............

1,000,000

815,846

The

Dow

Chemical

Co.

,

6

.30

%

,

3/15/33

,

Callable

12/15/32

@

100

(d)

.................

1,500,000

1,611,920

Vulcan

Materials

Co.

3

.90

%

,

4/1/27

,

Callable

1/1/27

@

100

....................................

500,000

480,637

3

.50

%

,

6/1/30

,

Callable

3/1/30

@

100

....................................

1,000,000

903,766

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

40

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

WRKCo,

Inc.

,

3

.00

%

,

6/15/33

,

Callable

3/15/33

@

100

............................

$

1,500,000

$

1,222,661

25,950,211

Real

Estate

(1.7%):

Alexandria

Real

Estate

Equities,

Inc.

,

2

.00

%

,

5/18/32

,

Callable

2/18/32

@

100

...........

2,750,000

2,080,474

AvalonBay

Communities,

Inc.

3

.20

%

,

1/15/28

,

Callable

10/15/27

@

100

,

MTN

.............................

750,000

691,357

2

.45

%

,

1/15/31

,

Callable

10/17/30

@

100

,

MTN

.............................

1,000,000

838,754

Boston

Properties

LP

2

.55

%

,

4/1/32

,

Callable

1/1/32

@

100

....................................

1,250,000

942,136

2

.45

%

,

10/1/33

,

Callable

7/1/33

@

100

...................................

1,750,000

1,264,599

CBRE

Services,

Inc.

2

.50

%

,

4/1/31

,

Callable

1/1/31

@

100

....................................

1,500,000

1,203,239

5

.95

%

,

8/15/34

,

Callable

5/15/34

@

100

..................................

2,000,000

1,980,932

Crown

Castle,

Inc.

2

.25

%

,

1/15/31

,

Callable

10/15/30

@

100

.................................

1,500,000

1,223,672

2

.90

%

,

4/1/41

,

Callable

10/1/40

@

100

...................................

1,750,000

1,225,892

Essex

Portfolio

LP

1

.70

%

,

3/1/28

,

Callable

1/1/28

@

100

....................................

1,000,000

844,591

2

.65

%

,

3/15/32

,

Callable

12/15/31

@

100

.................................

1,000,000

805,161

GLP

Capital

LP/GLP

Financing

II,

Inc.

4

.00

%

,

1/15/31

,

Callable

10/15/30

@

100

.................................

1,000,000

864,640

3

.25

%

,

1/15/32

,

Callable

10/15/31

@

100

.................................

933,000

754,183

Host

Hotels

&

Resorts

LP

3

.38

%

,

12/15/29

,

Callable

9/15/29

@

100

.................................

500,000

428,011

3

.50

%

,

9/15/30

,

Callable

6/15/30

@

100

..................................

1,017,000

862,981

Hudson

Pacific

Properties

LP

3

.95

%

,

11/1/27

,

Callable

8/1/27

@

100

...................................

500,000

365,157

4

.65

%

,

4/1/29

,

Callable

1/1/29

@

100

....................................

500,000

354,516

3

.25

%

,

1/15/30

,

Callable

10/15/29

@

100

.................................

1,500,000

948,376

Kilroy

Realty

LP

,

2

.65

%

,

11/15/33

,

Callable

8/15/33

@

100

........................

2,500,000

1,704,299

Physicians

Realty

LP

,

2

.63

%

,

11/1/31

,

Callable

8/1/31

@

100

.......................

1,000,000

778,008

SBA

Tower

Trust

2

.84

%

,

1/15/25

,

Callable

1/15/24

@

100

(a)

................................

500,000

474,757

6

.60

%

,

1/15/28

,

Callable

1/15/27

@

100

(a)

................................

1,158,000

1,176,698

VICI

Properties

LP/VICI

Note

Co.,

Inc.

,

4

.13

%

,

8/15/30

,

Callable

2/15/25

@

102.06

(a)

....

2,000,000

1,762,300

Vornado

Realty

LP

,

3

.50

%

,

1/15/25

,

Callable

11/15/24

@

100

.......................

500,000

470,871

24,045,604

Utilities

(2.4%):

AEP

Texas,

Inc.

,

3

.45

%

,

1/15/50

,

Callable

7/15/49

@

100

..........................

1,500,000

1,081,215

Alabama

Power

Co.

,

3

.13

%

,

7/15/51

,

Callable

1/15/51

@

100

.......................

2,000,000

1,385,268

Ameren

Corp.

1

.75

%

,

3/15/28

,

Callable

1/15/28

@

100

..................................

1,400,000

1,201,589

3

.50

%

,

1/15/31

,

Callable

10/15/30

@

100

.................................

1,000,000

893,993

Appalachian

Power

Co.

,

2

.70

%

,

4/1/31

,

Callable

1/1/31

@

100

......................

1,500,000

1,250,825

CenterPoint

Energy,

Inc.

,

2

.65

%

,

6/1/31

,

Callable

3/1/31

@

100

......................

1,500,000

1,253,289

Dominion

Energy,

Inc.

,

2

.25

%

,

8/15/31

,

Callable

5/15/31

@

100

.....................

1,500,000

1,210,523

DTE

Electric

Co.

2

.25

%

,

3/1/30

,

Callable

12/1/29

@

100

...................................

1,000,000

853,152

3

.00

%

,

3/1/32

,

Callable

12/1/31

@

100

...................................

1,000,000

861,705

3

.65

%

,

3/1/52

,

Callable

9/1/51

@

100

....................................

500,000

390,389

Duke

Energy

Carolinas

LLC

,

2

.85

%

,

3/15/32

,

Callable

12/15/31

@

100

................

750,000

638,085

Duquesne

Light

Holdings,

Inc.

,

2

.78

%

,

1/7/32

,

Callable

10/7/31

@

100

(a)

..............

1,200,000

938,755

Entergy

Corp.

,

1

.90

%

,

6/15/28

,

Callable

4/15/28

@

100

...........................

2,000,000

1,706,964

Entergy

Louisiana

LLC

,

4

.00

%

,

3/15/33

,

Callable

12/15/32

@

100

....................

1,000,000

909,299

Florida

Power

&

Light

Co.

,

2

.88

%

,

12/4/51

,

Callable

6/4/51

@

100

...................

1,000,000

690,907

IPALCO

Enterprises,

Inc.

,

4

.25

%

,

5/1/30

,

Callable

2/1/30

@

100

.....................

1,525,000

1,380,595

ITC

Holdings

Corp.

,

4

.95

%

,

9/22/27

,

Callable

8/22/27

@

100

(a)

.....................

1,000,000

986,215

NextEra

Energy

Capital

Holdings,

Inc.

5

.48

%

(

SOFR

+

40

bps

)

,

11/3/23

,

Callable

8/7/23

@

100

(c)

......................

1,500,000

1,499,809

2

.44

%

,

1/15/32

,

Callable

10/15/31

@

100

.................................

2,000,000

1,623,211

NRG

Energy,

Inc.

4

.45

%

,

6/15/29

,

Callable

3/15/29

@

100

(a)

................................

1,000,000

884,908

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

41

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

7

.00

%

,

3/15/33

,

Callable

12/15/32

@

100

(a)

...............................

$

1,000,000

$

1,009,689

Oglethorpe

Power

Corp.

,

4

.50

%

,

4/1/47

,

Callable

10/1/46

@

100

.....................

938,000

774,488

Oncor

Electric

Delivery

Co.

LLC

,

2

.70

%

,

11/15/51

,

Callable

5/15/51

@

100

(a)

...........

1,500,000

976,471

Piedmont

Natural

Gas

Co.,

Inc.

,

5

.40

%

,

6/15/33

,

Callable

3/15/33

@

100

...............

1,750,000

1,745,966

Public

Service

Co.

of

Colorado

,

1

.88

%

,

6/15/31

,

Callable

12/15/30

@

100

..............

2,000,000

1,595,423

Public

Service

Electric

&

Gas

Co.

,

1

.90

%

,

8/15/31

,

Callable

5/15/31

@

100

,

MTN

........

2,000,000

1,607,339

Rayburn

Country

Securitization

LLC

,

2

.31

%

,

12/1/30

(a)

...........................

900,641

803,181

South

Jersey

Industries,

Inc.

,

5

.02

%

,

4/15/31

...................................

1,000,000

845,846

Southern

Co.

Gas

Capital

Corp.

,

1

.75

%

,

1/15/31

,

Callable

10/15/30

@

100

..............

1,000,000

786,245

Southwestern

Electric

Power

Co.

,

3

.25

%

,

11/1/51

,

Callable

5/1/51

@

100

...............

750,000

503,683

The

AES

Corp.

,

2

.45

%

,

1/15/31

,

Callable

10/15/30

@

100

..........................

1,000,000

808,910

Vistra

Operations

Co.

LLC

,

4

.30

%

,

7/15/29

,

Callable

4/15/29

@

100

(a)

................

500,000

444,963

Wisconsin

Public

Service

Corp.

,

2

.85

%

,

12/1/51

,

Callable

6/1/51

@

100

...............

1,250,000

827,251

Xcel

Energy,

Inc.

,

2

.35

%

,

11/15/31

,

Callable

5/15/31

@

100

........................

500,000

397,820

34,767,971

Total

Corporate

Bonds

(Cost

$466,764,701)

407,576,917

Yankee

Dollars

(7.3%)

Communication

Services

(0.2%):

Rogers

Communications,

Inc.

,

3

.80

%

,

3/15/32

,

Callable

12/15/31

@

100

(a)

.............

4,000,000

3,497,178

Consumer

Discretionary

(0.2%):

GENM

Capital

Labuan

Ltd.

,

3

.88

%

,

4/19/31

,

Callable

1/19/31

@

100

(a)

...............

1,500,000

1,214,770

International

Game

Technology

PLC

,

5

.25

%

,

1/15/29

,

Callable

1/15/24

@

102.63

(a)

.......

1,000,000

945,883

Nemak

SAB

de

CV

,

3

.63

%

,

6/28/31

,

Callable

3/28/31

@

100

(a)

.....................

1,269,000

992,993

3,153,646

Consumer

Staples

(0.6%):

Alimentation

Couche-Tard,

Inc.

2

.95

%

,

1/25/30

,

Callable

10/25/29

@

100

(a)

...............................

667,000

572,713

3

.44

%

,

5/13/41

,

Callable

11/13/40

@

100

(a)

................................

750,000

540,997

Bacardi

Ltd.

4

.45

%

,

5/15/25

,

Callable

3/15/25

@

100

(a)

................................

1,500,000

1,460,247

2

.75

%

,

7/15/26

,

Callable

4/15/26

@

100

(a)

................................

500,000

459,393

Becle

SAB

de

CV

,

2

.50

%

,

10/14/31

,

Callable

7/14/31

@

100

(a)

......................

1,750,000

1,399,046

Imperial

Brands

Finance

PLC

,

3

.88

%

,

7/26/29

,

Callable

4/26/29

@

100

(a)

..............

1,000,000

883,510

JBS

USA

LUX

SA/JBS

USA

Food

Co./JBS

USA

Finance,

Inc.

,

3

.00

%

,

2/2/29

,

Callable

12/2/28

@

100

(a)

...................................................

750,000

637,552

JDE

Peet's

NV

,

2

.25

%

,

9/24/31

,

Callable

6/24/31

@

100

(a)

.........................

3,000,000

2,315,357

8,268,815

Energy

(0.2%):

Aker

BP

ASA

,

4

.00

%

,

1/15/31

,

Callable

10/15/30

@

100

(a)

........................

750,000

665,994

Korea

National

Oil

Corp.

,

2

.63

%

,

4/18/32

(a)

...................................

1,500,000

1,253,075

Petroleos

Mexicanos

,

6

.70

%

,

2/16/32

,

Callable

11/16/31

@

100

......................

500,000

380,906

Var

Energi

ASA

,

8

.00

%

,

11/15/32

,

Callable

8/15/32

@

100

(a)

.......................

1,000,000

1,061,857

3,361,832

Financials

(4.6%):

ABN

AMRO

Bank

NV

,

4

.80

%

,

4/18/26

(a)

.....................................

500,000

478,105

ANZ

Bank

New

Zealand

Ltd.

,

5

.55

%

,

8/11/32

,

Callable

8/11/27

@

100

(a)

..............

833,000

818,367

Ascot

Group

Ltd.

,

4

.25

%

,

12/15/30

,

Callable

12/15/25

@

100

(a)

.....................

1,000,000

729,663

Bank

of

Montreal

,

3

.09

%

(

H15T5Y

+

140

bps

)

,

1/10/37

,

Callable

1/10/32

@

100

(c)

........

1,500,000

1,174,363

Bank

of

New

Zealand

1

.00

%

,

3/3/26

(a)

...................................................

1,600,000

1,416,999

2

.87

%

,

1/27/32

(a)

..................................................

750,000

624,454

Barclays

PLC

2

.28

%

(

H15T1Y

+

105

bps

)

,

11/24/27

,

Callable

11/24/26

@

100

(c)

................

2,000,000

1,760,780

2

.89

%

(

H15T1Y

+

130

bps

)

,

11/24/32

,

Callable

11/24/31

@

100

(c)

................

500,000

393,202

7

.44

%

(

H15T1Y

+

350

bps

)

,

11/2/33

,

Callable

11/2/32

@

100

(c)

..................

1,000,000

1,081,929

BNP

Paribas

SA

,

4

.71

%

(

TSFR3M

+

224

bps

)

,

1/10/25

,

Callable

1/10/24

@

100

(a)

(c)

.......

1,000,000

991,036

BP

Capital

Markets

PLC

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

42

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

4

.88

%

(

H15T5Y

+

440

bps

)

,

Callable

3/22/30

@

100

(c)

(e)

......................

$

750,000

$

682,229

4

.38

%

(

H15T5Y

+

404

bps

)

,

Callable

6/22/25

@

100

(c)

(e)

......................

2,000,000

1,921,973

BPCE

SA

4

.00

%

,

9/12/23

(a)

..................................................

500,000

497,706

3

.25

%

,

1/11/28

(a)

...................................................

1,000,000

904,813

5

.75

%

(

SOFR

+

287

bps

)

,

7/19/33

,

Callable

7/19/32

@

100

(a)

(c)

..................

1,000,000

975,787

Brookfield

Finance,

Inc.

,

2

.72

%

,

4/15/31

,

Callable

1/15/31

@

100

....................

1,000,000

817,947

Commonwealth

Bank

of

Australia

2

.69

%

,

3/11/31

(a)

...................................................

1,000,000

781,430

3

.78

%

,

3/14/32

(a)

..................................................

2,000,000

1,671,494

Cooperatieve

Rabobank

UA

1

.11

%

(

H15T1Y

+

55

bps

)

,

2/24/27

,

Callable

2/24/26

@

100

(a)

(c)

.................

2,000,000

1,764,913

4

.00

%

(

USSW5

+

189

bps

)

,

4/10/29

,

Callable

4/10/24

@

100

,

MTN

(c)

..............

600,000

583,674

Credit

Agricole

SA

,

3

.25

%

,

10/4/24

(a)

........................................

1,250,000

1,204,281

Credit

Suisse

Group

AG

2

.19

%

(

SOFR

+

204

bps

)

,

6/5/26

,

Callable

6/5/25

@

100

(a)

(c)

....................

1,000,000

915,910

1

.31

%

(

SOFR

+

98

bps

)

,

2/2/27

,

Callable

2/2/26

@

100

(a)

(c)

.....................

1,000,000

874,638

9

.02

%

(

SOFR

+

502

bps

)

,

11/15/33

,

Callable

11/15/32

@

100

(a)

(c)

................

500,000

598,158

Deutsche

Bank

AG

,

3

.74

%

(

SOFR

+

226

bps

)

,

1/7/33

,

Callable

10/7/31

@

100

(c)

..........

3,750,000

2,746,602

Enel

Finance

International

NV

1

.88

%

,

7/12/28

,

Callable

5/12/28

@

100

(a)

................................

2,000,000

1,680,168

7

.50

%

,

10/14/32

,

Callable

7/14/32

@

100

(a)

...............................

500,000

553,414

Federation

des

Caisses

Desjardins

du

Quebec

,

4

.55

%

,

8/23/27

(a)

.....................

2,000,000

1,923,823

HSBC

Holdings

PLC

2

.21

%

(

SOFR

+

129

bps

)

,

8/17/29

,

Callable

8/17/28

@

100

(c)

....................

1,000,000

836,720

8

.11

%

(

SOFR

+

425

bps

)

,

11/3/33

,

Callable

11/3/32

@

100

(c)

....................

1,000,000

1,109,006

ING

Groep

NV

,

2

.73

%

(

SOFR

+

112

bps

)

,

4/1/32

,

Callable

4/1/31

@

100

(c)

..............

2,000,000

1,650,482

JAB

Holdings

BV

,

4

.50

%

,

4/8/52

,

Callable

10/8/51

@

100

(a)

.......................

1,000,000

768,741

Lloyds

Banking

Group

PLC

1

.63

%

(

H15T1Y

+

85

bps

)

,

5/11/27

,

Callable

5/11/26

@

100

(c)

...................

1,000,000

885,253

3

.57

%

(

US0003M

+

121

bps

)

,

11/7/28

,

Callable

11/7/27

@

100

(c)

.................

250,000

226,657

7

.95

%

(

H15T1Y

+

375

bps

)

,

11/15/33

,

Callable

8/15/32

@

100

(c)

.................

606,000

656,394

Macquarie

Bank

Ltd.

,

3

.05

%

(

H15T5Y

+

170

bps

)

,

3/3/36

,

Callable

3/3/31

@

100

(a)

(c)

......

1,250,000

946,048

Macquarie

Group

Ltd.

,

4

.10

%

(

SOFR

+

213

bps

)

,

6/21/28

,

Callable

6/21/27

@

100

(a)

(c)

.....

1,000,000

934,830

Mitsubishi

UFJ

Financial

Group,

Inc.

,

5

.02

%

(

H15T1Y

+

195

bps

)

,

7/20/28

,

Callable

7/20/27

@

100

(c)

...........................................................

1,500,000

1,469,986

Mizuho

Financial

Group,

Inc.

2

.56

%

,

9/13/31

....................................................

1,000,000

786,040

2

.17

%

(

H15T1Y

+

87

bps

)

,

5/22/32

,

Callable

5/22/31

@

100

(c)

...................

1,500,000

1,169,944

National

Australia

Bank

Ltd.

,

3

.93

%

(

H15T5Y

+

188

bps

)

,

8/2/34

,

Callable

8/2/29

@

100

(a)

(c)

1,500,000

1,285,218

Nationwide

Building

Society

4

.36

%

(

US0003M

+

139

bps

)

,

8/1/24

,

Callable

8/1/23

@

100

(a)

(c)

.................

750,000

748,342

4

.30

%

(

US0003M

+

145

bps

)

,

3/8/29

,

Callable

3/8/28

@

100

(a)

(c)

.................

250,000

231,802

3

.96

%

(

US0003M

+

186

bps

)

,

7/18/30

,

Callable

7/18/29

@

100

(a)

(c)

...............

500,000

446,048

Nomura

Holdings,

Inc.

,

5

.61

%

,

7/6/29

........................................

1,500,000

1,478,592

nVent

Finance

Sarl

,

5

.65

%

,

5/15/33

,

Callable

2/15/33

@

100

........................

1,500,000

1,478,056

Phoenix

Group

Holdings

PLC

,

5

.38

%

,

7/6/27

,

MTN

..............................

1,000,000

954,485

Port

of

Newcastle

Investments

Financing

Pty

Ltd.

,

5

.90

%

,

11/24/31

,

Callable

8/24/31

@

100

(a)

...........................................................

1,000,000

862,255

Royal

Bank

of

Scotland

Group

PLC

,

4

.45

%

(

US0003M

+

187

bps

)

,

5/8/30

,

Callable

5/8/29

@

100

(c)

...........................................................

1,000,000

917,662

Santander

UK

Group

Holdings

PLC

,

2

.90

%

(

SOFR

+

148

bps

)

,

3/15/32

,

Callable

3/15/31

@

100

(c)

...........................................................

2,000,000

1,620,132

Shell

International

Finance

BV

,

2

.88

%

,

11/26/41

,

Callable

5/26/41

@

100

..............

1,500,000

1,120,317

Societe

Generale

SA

1

.49

%

(

H15T1Y

+

1

bps

)

,

12/14/26

,

Callable

12/14/25

@

100

(a)

(c)

................

500,000

438,461

3

.34

%

(

H15T1Y

+

160

bps

)

,

1/21/33

,

Callable

1/21/32

@

100

(a)

(c)

................

1,000,000

797,601

6

.22

%

(

H15T1Y

+

320

bps

)

,

6/15/33

,

Callable

6/15/32

@

100

(a)

(c)

................

1,000,000

926,163

Standard

Chartered

PLC

7

.77

%

(

H15T1Y

+

345

bps

)

,

11/16/28

,

Callable

11/16/27

@

100

(a)

(c)

..............

1,000,000

1,059,920

4

.87

%

(

USISDA05

+

197

bps

)

,

3/15/33

,

Callable

3/15/28

@

100

(a)

(c)

..............

500,000

452,522

Sumitomo

Mitsui

Financial

Group,

Inc.

,

2

.22

%

,

9/17/31

...........................

1,500,000

1,196,362

Swedbank

AB

,

0

.85

%

,

3/18/24

(a)

...........................................

1,500,000

1,446,844

The

Bank

of

Nova

Scotia

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

43

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

4

.50

%

,

12/16/25

....................................................

$

500,000

$

482,331

1

.30

%

,

9/15/26

....................................................

1,000,000

880,224

2

.45

%

,

2/2/32

.....................................................

1,000,000

815,016

The

Toronto-Dominion

Bank

,

2

.00

%

,

9/10/31

...................................

1,500,000

1,189,057

UBS

Group

AG

3

.75

%

,

3/26/25

....................................................

500,000

478,706

4

.28

%

,

1/9/28

,

Callable

1/9/27

@

100

(a)

..................................

750,000

692,183

Westpac

Banking

Corp.

4

.32

%

(

USISDA05

+

224

bps

)

,

11/23/31

,

Callable

11/23/26

@

100

(c)

...............

1,000,000

926,805

2

.67

%

(

H15T5Y

+

2

bps

)

,

11/15/35

,

Callable

11/15/30

@

100

(c)

..................

1,000,000

766,250

3

.02

%

(

H15T5Y

+

153

bps

)

,

11/18/36

,

Callable

11/18/31

@

100

(c)

................

1,000,000

765,330

66,464,643

Health

Care

(0.3%):

Olympus

Corp.

,

2

.14

%

,

12/8/26

,

Callable

11/8/26

@

100

(a)

........................

758,000

676,377

Royalty

Pharma

PLC

,

3

.55

%

,

9/2/50

,

Callable

3/2/50

@

100

........................

750,000

506,428

Smith

&

Nephew

PLC

,

2

.03

%

,

10/14/30

,

Callable

7/14/30

@

100

....................

2,650,000

2,145,811

STERIS

Irish

FinCo

Unlimited

Co.

,

2

.70

%

,

3/15/31

,

Callable

12/15/30

@

100

...........

2,000,000

1,669,814

4,998,430

Industrials

(0.5%):

Air

Canada

Pass

Through

Trust

,

4

.13

%

,

5/15/25

(a)

...............................

1,642,352

1,547,115

Aircastle

Ltd.

,

4

.40

%

,

9/25/23

,

Callable

8/25/23

@

100

............................

500,000

497,416

BAE

Systems

PLC

,

3

.40

%

,

4/15/30

,

Callable

1/15/30

@

100

(a)

......................

750,000

678,836

Ferguson

Finance

PLC

3

.25

%

,

6/2/30

,

Callable

3/2/30

@

100

(a)

..................................

1,800,000

1,563,380

4

.65

%

,

4/20/32

,

Callable

1/20/32

@

100

(a)

................................

750,000

707,476

Rolls-Royce

PLC

,

3

.63

%

,

10/14/25

,

Callable

7/14/25

@

100

(a)

......................

275,000

260,090

Trane

Technologies

Financing

Ltd.

,

5

.25

%

,

3/3/33

,

Callable

12/3/32

@

100

.............

1,750,000

1,770,752

7,025,065

Information

Technology

(0.2%):

NXP

BV/NXP

Funding

LLC/NXP

USA,

Inc.

,

2

.65

%

,

2/15/32

,

Callable

11/15/31

@

100

(a)

..

1,500,000

1,212,780

Open

Text

Corp.

,

6

.90

%

,

12/1/27

,

Callable

11/1/27

@

100

(a)

........................

686,000

699,029

SK

Hynix,

Inc.

,

6

.50

%

,

1/17/33

(a)

...........................................

1,071,000

1,083,454

2,995,263

Materials

(0.3%):

ArcelorMittal

SA

,

6

.80

%

,

11/29/32

,

Callable

8/29/32

@

100

........................

1,500,000

1,540,835

Braskem

Netherlands

Finance

BV

4

.50

%

,

1/31/30

(a)

..................................................

1,000,000

858,363

7

.25

%

,

2/13/33

,

Callable

11/13/32

@

100

(a)

................................

300,000

294,578

CCL

Industries,

Inc.

,

3

.05

%

,

6/1/30

,

Callable

3/1/30

@

100

(a)

.......................

2,000,000

1,693,195

4,386,971

Real

Estate

(0.2%):

Ontario

Teachers'

Cadillac

Fairview

Properties

Trust

,

2

.50

%

,

10/15/31

,

Callable

7/15/31

@

100

(a)

...........................................................

3,233,000

2,549,382

Total

Yankee

Dollars

(Cost

$120,020,374)

106,701,225

Municipal

Bonds

(2.1%)

Arizona

(0.0%):(f)

The

University

of

Arizona

Revenue

,

Series

A

,

1

.82

%

,

6/1/30

........................

1,000,000

832,806

California

(0.2%):

California

Statewide

Communities

Development

Authority

Revenue

,

1

.73

%

,

4/1/27

.......

1,000,000

860,633

City

of

El

Cajon

Revenue

Series

A

,

1

.70

%

,

4/1/27

..............................................

620,000

552,508

Series

A

,

1

.90

%

,

4/1/28

..............................................

500,000

438,275

San

Jose

Redevelopment

Agency

Successor

Agency

Tax

Allocation

,

Series

A-T

,

3

.13

%

,

8/1/28

,

Continuously

Callable

@100

...........................................

500,000

458,152

2,309,568

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

44

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Colorado

(0.1%):

City

&

County

of

Denver

Co.

Airport

System

Revenue

,

Series

C

,

2

.14

%

,

11/15/29

........

$

1,500,000

$

1,287,041

Connecticut

(0.1%):

State

of

Connecticut,

GO

Series

A

,

3

.43

%

,

4/15/28

.............................................

500,000

470,069

Series

A

,

2

.55

%

,

7/1/28

..............................................

800,000

719,700

1,189,769

Florida

(0.2%):

Florida

Development

Finance

Corp.

Revenue

,

Series

B

,

3

.22

%

,

2/1/32

,

Continuously

Callable

@100

...........................................................

1,020,000

854,895

Hillsborough

County

IDA

Revenue

,

3

.58

%

,

8/1/35

,

Continuously

Callable

@100

.........

1,500,000

1,276,995

Hillsborough

County

School

Board

Certificate

of

Participation

,

Series

B

,

1

.92

%

,

7/1/25

....

750,000

697,048

2,828,938

Georgia

(0.1%):

City

of

Atlanta

GA

Water

&

Wastewater

Revenue

,

2

.26

%

,

11/1/35

,

Continuously

Callable

@100

...........................................................

1,500,000

1,199,462

Hawaii

(0.0%):(f)

State

of

Hawaii

Airports

System

Revenue

,

Series

E

,

1

.81

%

,

7/1/27

....................

915,000

806,265

Illinois

(0.0%):(f)

Illinois

Finance

Authority

Revenue

,

3

.55

%

,

8/15/29

..............................

500,000

455,874

Louisiana

(0.1%):

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

1

.55

%

,

2/1/27

.....................................................

700,000

617,059

Series

A

,

4

.48

%

,

8/1/39

..............................................

835,000

788,998

Louisiana

Public

Facilities

Authority

Revenue

,

2

.28

%

,

6/1/30

.......................

500,000

416,304

1,822,361

Michigan

(0.1%):

Michigan

Finance

Authority

Revenue

2

.47

%

,

12/1/25

....................................................

1,000,000

936,794

3

.08

%

,

12/1/34

....................................................

1,000,000

853,868

1,790,662

New

Jersey

(0.2%):

New

Jersey

Economic

Development

Authority

Revenue

,

Series

NNN

,

3

.47

%

,

6/15/27

......

1,000,000

932,587

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

,

Series

A

,

3

.36

%

,

7/1/40

...

1,000,000

801,642

South

Jersey

Transportation

Authority

Revenue

,

Series

B

,

2

.38

%

,

11/1/27

...............

900,000

800,911

2,535,140

Oklahoma

(0.1%):

The

University

of

Oklahoma

Revenue

,

Series

C

,

2

.05

%

,

7/1/29

......................

1,000,000

847,039

Pennsylvania

(0.2%):

Commonwealth

Financing

Authority

Revenue

,

Series

A

,

3

.63

%

,

6/1/29

................

500,000

463,753

Public

Parking

Authority

of

Pittsburgh

Revenue

,

2

.33

%

,

12/1/29

.....................

895,000

738,150

State

Public

School

Building

Authority

Revenue

,

3

.15

%

,

4/1/30

......................

1,290,000

1,152,115

2,354,018

Texas

(0.5%):

City

of

Houston

Airport

System

Revenue

,

Series

C

,

2

.09

%

,

7/1/28

....................

750,000

658,242

City

of

San

Antoni,

GO

,

1

.76

%

,

2/1/31

,

Continuously

Callable

@100

..................

630,000

512,610

County

of

Bexar

Revenue

,

2

.28

%

,

8/15/32

,

Continuously

Callable

@100

...............

1,070,000

842,065

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

3

.34

%

,

11/15/37

....................................................

2,000,000

1,652,329

Series

D

,

2

.28

%

,

7/1/34

..............................................

370,000

277,789

North

Texas

Tollway

Authority

Revenue

,

1

.02

%

,

1/1/25

...........................

1,000,000

938,255

San

Antonio

Education

Facilities

Corp.

Revenue

,

2

.50

%

,

4/1/29

......................

1,270,000

1,058,566

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

1

.63

%

,

9/1/26

.....................................................

525,000

469,150

1

.82

%

,

9/1/27

.....................................................

700,000

610,444

Uptown

Development

Authority

Tax

Allocation

Series

B

,

2

.58

%

,

9/1/31

..............................................

270,000

223,633

Series

B

,

2

.78

%

,

9/1/33

,

Continuously

Callable

@100

.........................

500,000

403,649

7,646,732

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

45

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

Virginia

(0.1%):

Virginia

Housing

Development

Authority

Revenue

Series

J

,

1

.97

%

,

11/1/28

..............................................

$

225,000

$

190,989

Series

J

,

2

.27

%

,

11/1/31

,

Continuously

Callable

@100

........................

225,000

180,300

Series

J

,

2

.42

%

,

11/1/32

,

Continuously

Callable

@100

........................

275,000

218,311

Series

J

,

2

.47

%

,

11/1/33

,

Continuously

Callable

@100

........................

270,000

210,909

Series

J

,

2

.52

%

,

11/1/34

,

Continuously

Callable

@100

........................

250,000

192,389

Series

J

,

2

.57

%

,

11/1/35

,

Continuously

Callable

@100

........................

300,000

227,921

1,220,819

Washington

(0.1%):

Washington

State

University

Revenue

,

Series

A

,

2

.24

%

,

10/1/28

.....................

1,000,000

883,949

Total

Municipal

Bonds

(Cost

$34,806,397)

30,010,443

U.S.

Government

Agency

Mortgages

(8.4%)

Federal

Home

Loan

Mortgage

Corp.

Series

KIR3

,

Class

A2

,

3

.28

%

,

8/25/27

...................................

1,500,000

1,420,798

Series

K087

,

Class

A2

,

3

.77

%

,

12/25/28

..................................

500,000

480,657

Series

K091

,

Class

A2

,

3

.51

%

,

3/25/29

...................................

1,250,000

1,184,224

Series

K095

,

Class

A2

,

2

.79

%

,

6/25/29

...................................

1,000,000

908,852

Series

K097

,

Class

A2

,

2

.51

%

,

7/25/29

...................................

2,000,000

1,783,970

Series

K096

,

Class

A2

,

2

.52

%

,

7/25/29

...................................

1,000,000

893,714

Series

KG02

,

Class

A2

,

2

.41

%

,

8/25/29

...................................

909,000

805,737

Series

K100

,

Class

A2

,

2

.67

%

,

9/25/29

...................................

545,000

489,109

Series

K159

,

Class

A2

,

3

.95

%

,

11/25/30

(b)

................................

500,000

480,017

3

.00

%

,

3/1/31

-

5/1/52

...............................................

4,378,747

3,880,387

3

.50

%

,

5/1/33

-

7/1/52

...............................................

3,640,515

3,341,088

Series

K-1510

,

Class

A3

,

3

.79

%

,

1/25/34

..................................

1,000,000

939,291

Series

K-1512

,

Class

A3

,

3

.06

%

,

4/25/34

..................................

1,000,000

873,738

5

.00

%

,

3/1/38

-

6/1/53

...............................................

14,189,964

13,930,213

4

.00

%

,

7/1/42

-

9/1/52

...............................................

4,436,343

4,208,607

4

.50

%

,

11/1/42

-

10/1/52

..............................................

4,582,547

4,425,439

5

.50

%

,

4/1/53

.....................................................

1,496,664

1,490,714

41,536,555

Federal

National

Mortgage

Association

Series

2018-M4

,

Class

A2

,

3

.17

%

,

3/25/28

(b)

...............................

382,201

358,863

Series

2019-M1

,

Class

A2

,

3

.67

%

,

9/25/28

(b)

...............................

660,423

632,355

Series

2019-M12

,

Class

A2

,

2

.89

%

,

6/25/29

(b)

..............................

983,308

899,887

2

.50

%

,

11/1/34

-

10/1/50

..............................................

2,239,097

1,916,131

4

.50

%

,

1/1/38

-

9/1/52

...............................................

26,752,137

25,742,514

4

.00

%

,

4/1/38

-

6/1/52

...............................................

19,925,291

18,810,227

3

.50

%

,

12/1/42

-

6/1/52

..............................................

8,999,166

8,290,027

3

.00

%

,

2/1/50

-

2/1/52

...............................................

3,984,534

3,525,055

2

.00

%

,

11/1/51

-

12/1/51

..............................................

3,156,827

2,587,812

5

.00

%

,

6/1/52

-

4/1/53

...............................................

4,220,700

4,134,476

5

.50

%

,

10/1/52

....................................................

3,672,184

3,654,513

70,551,860

Government

National

Mortgage

Association

3

.00

%

,

10/20/51

....................................................

2,496,111

2,237,588

3

.50

%

,

6/20/52

....................................................

2,637,071

2,439,046

4

.50

%

,

9/20/52

-

5/20/53

.............................................

4,940,570

4,770,885

5

.00

%

,

11/20/52

....................................................

1,190,516

1,169,524

10,617,043

Total

U.S.

Government

Agency

Mortgages

(Cost

$129,133,765)

122,705,458

U.S.

Treasury

Obligations

(37.6%)

U.S.

Treasury

Bonds

5

.25

%

,

2/15/29

....................................................

7,000,000

7,372,969

1

.13

%

,

5/15/40

....................................................

1,000,000

648,438

1

.38

%

,

11/15/40

....................................................

5,000,000

3,346,875

1

.75

%

,

8/15/41

....................................................

21,000,000

14,762,344

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

46

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

2

.00

%

,

11/15/41

....................................................

$

9,000,000

$

6,589,688

2

.38

%

,

2/15/42

....................................................

3,000,000

2,336,250

3

.38

%

,

8/15/42

....................................................

15,000,000

13,617,188

3

.13

%

,

2/15/43

....................................................

5,000,000

4,358,594

2

.88

%

,

5/15/43

....................................................

2,000,000

1,672,187

3

.38

%

,

5/15/44

....................................................

7,000,000

6,310,938

2

.50

%

,

2/15/46

....................................................

10,000,000

7,695,313

2

.75

%

,

8/15/47

....................................................

500,000

402,188

2

.75

%

,

11/15/47

....................................................

500,000

402,266

3

.00

%

,

2/15/48

....................................................

3,500,000

2,950,938

3

.38

%

,

11/15/48

....................................................

7,012,000

6,340,382

1

.38

%

,

8/15/50

....................................................

7,000,000

4,069,844

1

.63

%

,

11/15/50

....................................................

3,000,000

1,864,219

1

.88

%

,

2/15/51

....................................................

23,000,000

15,237,500

2

.00

%

,

8/15/51

....................................................

2,000,000

1,363,750

4

.00

%

,

11/15/52

....................................................

2,000,000

2,055,625

3

.63

%

,

2/15/53

....................................................

10,000,000

9,604,687

U.S.

Treasury

Inflation

Indexed

Bonds

,

0

.88

%

,

1/15/29

............................

500,000

568,637

U.S.

Treasury

Notes

0

.13

%

,

8/31/23

....................................................

5,000,000

4,957,812

0

.25

%

,

11/15/23

....................................................

7,000,000

6,870,117

3

.00

%

,

7/31/24

....................................................

7,000,000

6,823,359

0

.38

%

,

8/15/24

....................................................

10,000,000

9,460,937

0

.38

%

,

9/15/24

....................................................

5,000,000

4,712,305

1

.50

%

,

10/31/24

....................................................

3,000,000

2,854,570

0

.75

%

,

11/15/24

....................................................

10,000,000

9,405,078

1

.00

%

,

12/15/24

....................................................

14,000,000

13,175,859

4

.25

%

,

12/31/24

....................................................

5,000,000

4,930,469

2

.25

%

,

12/31/24

....................................................

5,000,000

4,787,500

1

.13

%

,

1/15/25

....................................................

4,000,000

3,761,719

2

.75

%

,

2/28/25

....................................................

850,000

818,822

2

.63

%

,

4/15/25

....................................................

8,000,000

7,672,812

2

.88

%

,

6/15/25

....................................................

5,000,000

4,809,766

3

.00

%

,

7/15/25

....................................................

5,000,000

4,818,750

3

.00

%

,

9/30/25

....................................................

300,000

288,680

0

.38

%

,

11/30/25

....................................................

3,000,000

2,707,969

0

.38

%

,

1/31/26

....................................................

4,000,000

3,590,938

0

.75

%

,

5/31/26

....................................................

5,000,000

4,491,406

1

.50

%

,

8/15/26

....................................................

2,000,000

1,828,125

1

.38

%

,

8/31/26

....................................................

8,000,000

7,280,000

1

.13

%

,

10/31/26

....................................................

10,000,000

8,992,969

1

.63

%

,

10/31/26

....................................................

5,000,000

4,571,875

2

.00

%

,

11/15/26

....................................................

2,700,000

2,497,711

1

.25

%

,

12/31/26

....................................................

10,000,000

9,000,781

2

.38

%

,

5/15/27

....................................................

7,000,000

6,517,656

0

.50

%

,

6/30/27

....................................................

2,500,000

2,155,078

2

.25

%

,

8/15/27

....................................................

1,000,000

924,375

2

.25

%

,

11/15/27

....................................................

1,700,000

1,565,727

0

.63

%

,

11/30/27

....................................................

13,000,000

11,133,281

0

.75

%

,

1/31/28

....................................................

10,000,000

8,578,125

2

.75

%

,

2/15/28

....................................................

9,000,000

8,459,297

1

.25

%

,

3/31/28

....................................................

8,000,000

7,000,000

1

.25

%

,

4/30/28

....................................................

10,000,000

8,735,937

2

.88

%

,

5/15/28

....................................................

4,000,000

3,774,688

1

.25

%

,

6/30/28

....................................................

15,000,000

13,059,375

1

.00

%

,

7/31/28

....................................................

22,000,000

18,870,156

2

.88

%

,

8/15/28

....................................................

630,000

593,529

1

.13

%

,

8/31/28

....................................................

5,000,000

4,308,594

1

.25

%

,

9/30/28

....................................................

10,000,000

8,657,031

3

.13

%

,

11/15/28

....................................................

1,000,000

952,734

2

.63

%

,

2/15/29

....................................................

1,000,000

926,406

2

.38

%

,

3/31/29

....................................................

18,000,000

16,437,656

2

.88

%

,

4/30/29

....................................................

5,000,000

4,689,453

2

.75

%

,

5/31/29

....................................................

5,000,000

4,655,469

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

47

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Principal

Amount

Value

1

.63

%

,

8/15/29

....................................................

$

10,000,000

$

8,722,656

3

.50

%

,

1/31/30

....................................................

22,000,000

21,353,750

0

.63

%

,

5/15/30

....................................................

2,500,000

2,003,125

0

.63

%

,

8/15/30

....................................................

5,000,000

3,983,594

0

.88

%

,

11/15/30

....................................................

17,000,000

13,759,375

1

.13

%

,

2/15/31

....................................................

12,000,000

9,870,000

1

.63

%

,

5/15/31

....................................................

20,000,000

17,000,000

1

.25

%

,

8/15/31

....................................................

5,000,000

4,103,906

1

.38

%

,

11/15/31

....................................................

4,000,000

3,298,125

1

.88

%

,

2/15/32

....................................................

6,000,000

5,140,312

2

.88

%

,

5/15/32

....................................................

6,000,000

5,564,062

2

.75

%

,

8/15/32

....................................................

7,000,000

6,418,125

4

.13

%

,

11/15/32

....................................................

56,500,000

57,744,766

3

.38

%

,

5/15/33

....................................................

8,000,000

7,716,250

Total

U.S.

Treasury

Obligations

(Cost

$595,797,039)

547,353,762

Commercial

Papers

(2.2%)

Financials

(1.9%):

Brookfield

Corp.

Treasury

Ltd.

,

5

.27

%

,

7/5/23

(a)

(g)

..............................

3,650,000

3,647,331

Brookfield

Corp.

Treasury

Ltd.

,

5

.27

%

,

7/6/23

(a)

(g)

..............................

3,000,000

2,997,367

Brookfield

Corp.

Treasury

Ltd.

,

5

.28

%

,

7/7/23

(a)

(g)

..............................

3,000,000

2,996,926

Brookfield

Corp.

Treasury

Ltd.

,

5

.29

%

,

7/10/23

(a)

(g)

.............................

3,700,000

3,694,574

Hannover

Funding

Co.

LLC

,

5

.25

%

,

7/11/23

(a)

(g)

...............................

6,100,000

6,090,222

Hannover

Funding

Co.

LLC

,

5

.21

%

,

7/3/23

(a)

(g)

................................

8,200,000

8,196,441

27,622,861

Materials

(0.0%):(f)

Vulcan

Materials

Co.

,

5

.36

%

,

7/5/23

(a)

(g)

.....................................

500,000

499,628

Utilities

(0.3%):

DTE

Energy

Co.

,

5

.22

%

,

7/7/23

(a)

(g)

........................................

2,000,000

1,997,974

Evergy

Kansas

Central

,

5

.21

%

,

7/3/23

(a)

(g)

....................................

2,500,000

2,498,915

4,496,889

Total

Commercial

Papers

(Cost

$32,623,075)

32,619,378

Shares

Collateral

for

Securities

Loaned

(0.3%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.02

%

(h)

........

1,222,139

1,222,139

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.02

%

(h)

............

1,222,139

1,222,139

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.08

%

(h)

...............

1,222,139

1,222,139

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.04

%

(h)

.

1,222,139

1,222,139

Total

Collateral

for

Securities

Loaned

(Cost

$4,888,556)

4,888,556

Total

Investments

(Cost

$1,601,962,035)

—

100.0%

1,457,776,541

Liabilities

in

excess

of

other

assets

—

0.0%(f)

(

96,250

)

NET

ASSETS

-

100.00%

$

1,457,680,291

^

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

June

30,

2023,

the

fair

value

of

these

securities

was

$358,486,252

and

amounted

to

24.6%

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

June

30,

2023.

(c)

Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

June

30,

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

June

30,

2023.

(h)

Rate

disclosed

is

the

daily

yield

on

June

30,

2023.

ABS

—

Asset-Backed

Securities

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

48

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

bps—Basis

points

CLO

—

Collateralized

Loan

Obligations

GO—General

Obligation

H15T1Y

—

1

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

June

30,

2023.

H15T5Y

—

5

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

June

30,

2023.

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

SOFR30A

—

30

day

average

of

SOFR,

rate

disclosed

as

of

June

30,

2023.

TSFR1M

—

1

month

Term

SOFR,

rate

disclosed

as

of

June

30,

2023.

TSFR3M

—

3

month

Term

SOFR,

rate

disclosed

as

of

June

30,

2023.

US0003M

—

3

Month

US

Dollar

LIBOR,

rate

disclosed

as

of

June

30,

2023,

based

on

the

last

reset

date

of

the

security.

USISDA05

—

5

Year

ICE

Swap

Rate,

rate

disclosed

as

of

June

30,

2023.

USSW5

—

USD

5

Year

Swap

Rate,

rate

disclosed

as

of

June

30,

2023.

Statements

of

Assets

and

Liabilities

June

30,

2023

49

See

notes

to

financial

statements.

Victory

Portfolios

II

ind

VictoryShares

Short-Term

Bond

ETF

VictoryShares

Core

Intermediate

Bond

ETF

Assets:

Investments,

at

value

(Cost

$538,858,609

and

$1,601,962,035)

$

525,496,647‌

(a)

$

1,457,776,541‌

(b)

Cash

5,018,743‌

470,468‌

Deposit

with

broker

for

futures

contracts

—‌

41,578‌

Receivables:

Interest

and

dividends

4,097,485‌

9,676,497‌

Capital

shares

issued

—‌

6,877,984‌

Prepaid

expenses

2,602‌

7,984‌

Total

Assets

534,615,477‌

1,474,851,052‌

Liabilities:

Payables:

Collateral

received

on

loaned

securities

4,571,004‌

4,888,556‌

Investments

purchased

7,109,825‌

11,778,816‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

108,735‌

356,913‌

Administration

fees

23,124‌

59,791‌

Custodian

fees

6,323‌

16,912‌

Compliance

fees

393‌

1,114‌

Trustees'

fees

191‌

337‌

Other

accrued

expenses

42,397‌

68,322‌

Total

Liabilities

11,861,992‌

17,170,761‌

Commitments

and

contingencies

(Note

5

)

Net

Assets:

Capital

540,372,179‌

1,625,679,480‌

Total

accumulated

earnings/(loss)

(

17,618,694‌

)

(

167,999,189‌

)

Net

Assets

$

522,753,485‌

$

1,457,680,291‌

Shares

outstanding

(unlimited

shares

authorized,

no

par

value):

10,700,000‌

31,700,000‌

Net

asset

value:

$

48

.86‌

$

45

.98‌

(a)

Includes

$4,434,353

of

securities

on

loan.

(b)

Includes

$4,736,162

of

securities

on

loan.

Statements

of

Operations

For

the

Year

Ended

June

30,

2023

50

See

notes

to

financial

statements.

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

VictoryShares

Core

Intermediate

Bond

ETF

Investment

Income:

Interest

$

16,808,921‌

$

43,460,038‌

Securities

lending

(net

of

fees)

33,179‌

56,988‌

Total

Income

16,842,100‌

43,517,026‌

Expenses:

Investment

advisory

fees

1,057,182‌

4,065,033‌

Administration

fees

232,928‌

746,227‌

Sub-Administration

fees

21,304‌

26,303‌

Custodian

fees

24,558‌

69,011‌

Trustees'

fees

25,371‌

81,107‌

Compliance

fees

3,704‌

12,088‌

Legal

and

audit

fees

42,898‌

98,117‌

Line

of

credit

fees

460‌

—‌

Other

expenses

65,142‌

115,217‌

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

21,191‌

—‌

Total

Expenses

1,494,738‌

5,213,103‌

Expenses

waived/reimbursed

by

Adviser

(

13,015‌

)

—‌

Net

Expenses

1,481,723‌

5,213,103‌

Net

Investment

Income

(Loss)

15,360,377‌

38,303,923‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

(

3,336,317‌

)

(

24,741,872‌

)

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

2,494,191‌

(

11,754,614‌

)

Net

realized/unrealized

gains

(losses)

on

investments

(

842,126‌

)

(

36,496,486‌

)

Change

in

net

assets

resulting

from

operations

$

14,518,251‌

$

1,807,437‌

51

Victory

Portfolios

II

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

VictoryShares

Short-Term

Bond

ETF

VictoryShares

Core

Intermediate

Bond

ETF

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

15,360,377‌

$

5,735,527‌

$

38,303,923‌

$

19,984,674‌

Net

realized

gains

(losses)

(

3,336,317‌

)

(

1,615,096‌

)

(

24,741,872‌

)

(

290,125‌

)

Net

change

in

unrealized

appreciation/depreciation

2,494,191‌

(

18,669,472‌

)

(

11,754,614‌

)

(

155,730,262‌

)

Change

in

net

assets

resulting

from

operations

14,518,251‌

(

14,549,041‌

)

1,807,437‌

(

136,035,713‌

)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(

14,792,050‌

)

(

6,848,232‌

)

(

36,829,925‌

)

(

23,367,285‌

)

Change

in

net

assets

resulting

from

capital

transactions

163,290,349‌

108,838,303‌

256,495,140‌

501,277,517‌

Change

in

net

assets

163,016,550‌

87,441,030‌

221,472,652‌

341,874,519‌

Net

Assets:

Beginning

of

period

359,736,935‌

272,295,905‌

1,236,207,639‌

894,333,120‌

End

of

period

$

522,753,485‌

$

359,736,935‌

$

1,457,680,291‌

$

1,236,207,639‌

Capital

Transactions:

Proceeds

from

shares

issued

$

185,298,243‌

$

123,658,260‌

$

290,534,658‌

$

501,277,517‌

Cost

of

shares

redeemed

(

22,007,894‌

)

(

14,819,957‌

)

(

34,039,518‌

)

—‌

Change

in

net

assets

resulting

from

capital

transactions

$

163,290,349‌

$

108,838,303‌

$

256,495,140‌

$

501,277,517‌

Share

Transactions:

Issued

3,800,000‌

2,400,000‌

6,250,000‌

9,550,000‌

Redeemed

(

450,000‌

)

(

300,000‌

)

(

750,000‌

)

—‌

Change

in

Shares

3,350,000‌

2,100,000‌

5,500,000‌

9,550,000‌

Victory

Portfolios

II

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

52

See

notes

to

financial

statements.

VictoryShares

Short-Term

Bond

ETF

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

October

24,

2017(b)

through

August

31,

2018

Net

Asset

Value,

Beginning

of

Period

$48.94

$51.87

$51.22

$50.65

$49.50

$50.00

Investment

Activities:

Net

investment

income

(loss)(c)

1.77

0.86

0.84

1.10

1.37

0.93

Net

realized

and

unrealized

gains

(losses)

(0.17)

(2.78)

0.93

0.48

1.13

(0.59)

Total

from

Investment

Activities

1.60

(1.92)

1.77

1.58

2.50

0.34

Distributions

to

Shareholders

from:

Net

investment

income

(1.68)

(0.84)

(0.90)

(1.01)

(1.35)

(0.84)

Net

realized

gains

—

(0.17)

(0.22)

—

—

—

Total

Distributions

(1.68)

(1.01)

(1.12)

(1.01)

(1.35)

(0.84)

Net

Asset

Value,

End

of

Period

$48.86

$48.94

$51.87

$51.22

$50.65

$49.50

Total

Return(d)(e)

3.32%

(3.73)%

3.48%

3.17%

5.11%

0.70%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.35%

0.32%(h)

0.34%(i)

0.35%

0.35%

0.35%

Net

Investment

Income

(Loss)(f)

3.63%

1.70%

1.62%

2.62%

2.75%

2.21%

Gross

Expenses(f)(g)

0.35%

0.36%

0.37%

0.44%

0.40%

0.40%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$522,753

$359,737

$272,296

$105,000

$83,573

$61,872

Portfolio

Turnover(d)(j)

53%

67%

80%

72%(k)

30%

22%

(a)

The

Fund's

fiscal

year-end

changed

from

August

31

to

June

30,

effective

September

1,

2019.

(b)

Commencement

of

operations.

(c)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(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)

Includes

impact

of

voluntary

waiver.

Without

this

voluntary

waiver,

the

net

expense

ratio

would

have

been

0.02%

higher.

(i)

Includes

impact

of

voluntary

waivers.

Without

these

voluntary

waivers,

the

net

expense

ratio

would

have

been

at

the

contractual

cap.

(j)

Excludes

impact

of

in-kind

transactions.

(k)

Portfolio

turnover

increased

significantly

due

to

changes

in

the

volume

and

timing

of

purchases

and

sales

of

portfolio

holdings

during

the

period.

53

Victory

Portfolios

II

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

See

notes

to

financial

statements.

VictoryShares

Core

Intermediate

Bond

ETF

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

October

24,

2017(b)

through

August

31,

2018

Net

Asset

Value,

Beginning

of

Period

$47.18

$53.71

$53.67

$52.48

$48.61

$49.93

Investment

Activities:

Net

investment

income

(loss)(c)

1.31

0.89

1.08

1.21

1.62

1.29

Net

realized

and

unrealized

gains

(losses)

(1.26)

(6.37)

0.27

1.12

3.81

(1.46)

Total

from

Investment

Activities

0.05

(5.48)

1.35

2.33

5.43

(0.17)

Distributions

to

Shareholders

from:

Net

investment

income

(1.25)

(0.92)

(1.11)

(1.14)

(1.56)

(1.15)

Net

realized

gains

—

(0.13)

(0.20)

—

—

—

Total

Distributions

(1.25)

(1.05)

(1.31)

(1.14)

(1.56)

(1.15)

Net

Asset

Value,

End

of

Period

$45.98

$47.18

$53.71

$53.67

$52.48

$48.61

Total

Return(d)(e)

0.13%

(10.35)%

2.55%

4.52%

11.37%

(0.33)%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.38%

0.39%

0.37%(h)

0.38%(i)

0.39%

0.40%

Net

Investment

Income

(Loss)(f)

2.83%

1.74%

2.01%

2.80%

3.27%

3.10%

Gross

Expenses(f)(g)

0.38%

0.39%

0.41%

0.42%

0.44%

0.45%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,457,680

$1,236,208

$894,333

$450,789

$314,856

$150,703

Portfolio

Turnover(d)(j)

23%

24%

16%

13%

3%(k)

10%

(a)

The

Fund's

fiscal

year-end

changed

from

August

31

to

June

30,

effective

September

1,

2019.

(b)

Commencement

of

operations.

(c)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(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)

Includes

impact

of

voluntary

waivers.

Without

these

voluntary

waivers,

the

net

expense

ratio

would

have

been

at

the

contractual

cap.

(i)

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.

(j)

Excludes

impact

of

in-kind

transactions.

(k)

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

June

30,

2023

Victory

Portfolios

II

54

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.

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

(Formerly

VictoryShares

USAA

Core

Short-Term

Bond

ETF)

Short-Term

Bond

ETF

VictoryShares

Core

Intermediate

Bond

ETF

(Formerly

VictoryShares

USAA

Core

Intermediate-Term

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

June

30,

2023

Victory

Portfolios

II

55

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

risk

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

the

last

sale

price

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

June

30,

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 June

30,

2023,

there

were

no

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

a

month

or

more

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

Level

1

Level

2

Level

3

Total

Short-Term

Bond

ETF

Asset-Backed

Securities

......................

$

—

$

157,817,823

$

—

$

157,817,823

Collateralized

Loan

Obligations

................

—

4,146,852

—

4,146,852

Collateralized

Mortgage

Obligations

.............

—

24,430,444

—

24,430,444

Senior

Secured

Loans

........................

—

2,658,353

—

2,658,353

Corporate

Bonds

...........................

—

225,687,290

—

225,687,290

Yankee

Dollars

............................

—

58,965,418

—

58,965,418

Municipal

Bonds

...........................

—

20,791,654

—

20,791,654

U.S.

Treasury

Obligations

.....................

—

18,739,688

—

18,739,688

Commercial

Papers

.........................

—

7,688,121

—

7,688,121

Collateral

for

Securities

Loaned

................

4,571,004

—

—

4,571,004

Total

....................................

$

4,571,004

$

520,925,643

$

—

$

525,496,647

Core

Intermediate

Bond

ETF

Asset-Backed

Securities

......................

—

151,889,586

—

151,889,586

Collateralized

Loan

Obligations

................

—

1,909,342

—

1,909,342

Collateralized

Mortgage

Obligations

.............

—

52,121,874

—

52,121,874

Corporate

Bonds

...........................

—

407,576,917

—

407,576,917

Yankee

Dollars

............................

—

106,701,225

—

106,701,225

Municipal

Bonds

...........................

—

30,010,443

—

30,010,443

U.S.

Government

Agency

Mortgages

.............

—

122,705,458

—

122,705,458

U.S.

Treasury

Obligations

.....................

—

547,353,762

—

547,353,762

Commercial

Papers

.........................

—

32,619,378

—

32,619,378

Collateral

for

Securities

Loaned

................

4,888,556

—

—

4,888,556

Total

....................................

$

4,888,556

$

1,452,887,985

$

—

$

1,457,776,541

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

56

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

Fund

until

the

transaction

settles

and

payment

takes

place.

If

the

Funds

owns

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.

Payment

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

June

30,

2023

Victory

Portfolios

II

57

on

the

basis

of

coupon

interest

accrued

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

June

30,

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

year

ended

June

30,

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 the

Fund

are

charged

to the

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Cross-Trade

Transactions:

Pursuant

to

Rule

17a-7

under

the

1940

Act,

the

Funds

may

engage

in

cross-trades,

which

are

securities

transactions

with

affiliated

investment

companies

and

advisory

accounts

managed

by

the

Adviser

and

any

applicable

sub-adviser

under

specified

conditions

outlined

in

the

valuation

policies

and

procedures

adopted

by

the

Board. 

In

addition,

as

defined

under

the

valuation

policies

and

procedures,

each

transaction

must

be

effected

at

the

independent

current

market

price. 

For

the year

ended

June

30,

2023,

the

Funds

below

engaged

in

the

following

securities

transactions

with

affiliated

funds,

which

resulted

in

the

following

net

realized

gains

(losses):

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

Short-Term

Bond

ETF

.............................................

$

4,434,353

$

—

$

4,571,004

Core

Intermediate

Bond

ETF

........................................

4,736,162

—

4,888,556

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

58

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

year

ended

June

30,

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.

The

fund-of-funds

do

not

invest

in

the

underlying

funds

for

the

purpose

of

exercising

management

or control;

however,

investments

by

a

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

June

30,

2023,

certain

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

year ended

June

30,

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

Fund

Administration,

Servicing

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:

Purchases

Sales

Net

Realized

Gains

(Losses)

Core

Intermediate

Bond

ETF

..................................................

$

2,737,123

$

–

$

–

Excluding

U.S.

Government

Securities

U.S.

Government

Securities

Purchases

Sales

Purchases

Sales

Short-Term

Bond

ETF

...............................

$

337,921,135

$

187,910,823

$

32,814,766

$

17,774,922

Core

Intermediate

Bond

ETF

..........................

216,540,839

166,586,112

327,891,221

141,672,260

Short-Term

Bond

ETF

Ownership

%

Victory

Cornerstone

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.0

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

6.3

Victory

Cornerstone

Moderate

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

3.8

Victory

Cornerstone

Moderately

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

10.0

Victory

Cornerstone

Moderately

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.8

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

4.1

Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

7.8

Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

4.6

Core

Intermediate

Bond

ETF

Ownership

%

Victory

Cornerstone

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

2.2

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.1

Victory

Cornerstone

Moderate

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

19.1

Victory

Cornerstone

Moderately

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

35.9

Victory

Cornerstone

Moderately

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

3.8

Flat

Rate

Short-Term

Bond

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

Core

Intermediate

Bond

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.30%

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

59

Amounts

incurred

for

the

year

ended

June

30,

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 year

ended

June

30,

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 year

ended

June

30,

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 year

ended

June

30,

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

a

Fund

in

any

fiscal

year

exceed

the

expense

limit

for

such

classes

of the

Fund.

Such

excess

amounts

will

be

the

liability

of

the

Adviser.

Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business

are

excluded

from

the

expense

limits.

As

of

June

30,

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

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

June

30,

2023.

For

the

year

ended

June

30,

2023,

the

following

recoupment

amounts

were

paid

to

the

Adviser.

As

of June

30,

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 year ended

June

30,

2023,

the

Adviser

voluntarily

waived

the

following

amounts:

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,

2023

Short-Term

Bond

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.35%

Core

Intermediate

Bond

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.40%

Amount

Short-Term

Bond

ETF

.................................................................................

$

21,191

Expires

2026

Total

Short-Term

Bond

ETF

.........................................................................

$

4,498

$

4,498

Short-Term

Bond

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

$

8,517

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

60

The

Funds

have

adopted

a

Deferred

Compensation

Agreement

(the

“Agreement”)

for

their

Trustees

and

any

Advisory

Trustees

who

receive

compensation

from

the

Funds.

Under

the

terms

of

the

Agreement,

a

Trustee

or

Advisory

Trustee

may

elect

to

defer

all

or

a

portion

of

their

compensation.

Amounts

deferred

may

be

allocated

to

investment

options

that

are

specified

in

the

Agreement

as

selected

by

the

Trustee

or

Advisory

Trustee,

including

certain

Victory

Funds,

in

which

their

deferred

accounts

are

deemed

invested.

Deferred

compensation

liability

under

the

Agreement

constitutes

a

general

unsecured

obligation

for

an

applicable

Victory

Fund.

For

the

year ended June

30,

2023,

no

material

amounts

have

been

deferred,

and,

therefore,

have

not

been

included

in

the

Funds’

Statements

of

Assets

and

Liabilities.

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.

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

discontinuation

of

London

Interbank

Offered

Rate

(“LIBOR”)

may

adversely

affect

the

financial

markets

generally

and

the

Funds’

operations,

finances

and

investments

specifically.

LIBOR

has

been

the

principal

floating

rate

benchmark

in

the

financial

markets,

and

a

large

portion

of

the

Funds’

assets

were

tied

to

LIBOR.

However,

LIBOR

was

discontinued

as

a

floating

rate

benchmark

after

June

30,

2023.

Then-existing

LIBOR

obligations

have

been

transitioned

or

will

transition

to

another

benchmark,

depending

on

the

LIBOR

currency

and

tenor.

For

some

existing

LIBOR-based

obligations,

the

contractual

consequences

of

the

discontinuation

of

LIBOR

may

not

be

clear.

Non-LIBOR

floating

rate

obligations,

including

obligations

based

on

the

Secured

Overnight

Financing

Rate

(“SOFR”),

may

have

returns

and

values

that

fluctuate

more

than

those

of

floating

rate

debt

obligations

that

are

based

on

LIBOR

or

other

rates.

Also,

because

SOFR

and

some

alternative

floating

rates

are

relatively

new

market

indexes,

markets

for

certain

non-LIBOR

obligations

may

never

develop

or

may

not

be

liquid.

Market

terms

for

non-LIBOR

floating

rate

obligations,

such

as

the

spread

over

the

index

reflected

in

interest

rate

provisions,

may

evolve

over

time,

and

prices

of

non-LIBOR

floating

rate

obligations

may

be

different

depending

on

when

they

are

issued

and

changing

views

about

correct

spread

levels.

Various

SOFR-based

rates,

including

SOFR-based

term

rates,

and

various

non-SOFR-based

rates

have

developed

in

response

to

the

discontinuation

of

U.S.

dollar

LIBOR,

which

may

create

various

risks

for

the

Funds

and

the

financial

markets

more

generally.

There

are

non-

LIBOR

forward-looking

floating

rates

that

are

not

based

on

SOFR

and

that

may

be

considered

by

participants

in

the

financial

markets

as

LIBOR

alternatives.

Unlike

forward-looking

SOFR-based

term

rates,

such

rates

are

intended

reflect

a

bank

credit

spread

component.

It

is

not

clear

how

replacement

rates

for

LIBOR—including

SOFR-based

rates

and

non-SOFR-based

rates—will

continue

to

develop

and

to

what

extent

they

will

be

used.

There

is

no

assurance

that

these

replacement

rates

will

be

suitable

substitutes

for

LIBOR,

and

thus

the

substitution

of

such

rates

for

LIBOR

could

have

an

adverse

effect

on

the

Funds

and

the

financial

markets

more

generally.

Concerns

about

market

depth

and

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

61

stability

could

affect

the

development

of

non-SOFR-based

term

rates,

and

such

rates

may

create

various

risks,

which

may

or

may

not

be

similar

to

the

risks

relating

to

SOFR.

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 year

ended

June

30,

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

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

year

ended

June

30,

2023,

were

as

follows:

*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

year

ended

June

30,

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

June

30,

2023,

on

the

Statement

of

Assets

and

Liabilities,

there

were

no

permanent

book-to-tax

difference

reclassification

adjustments.

The

tax

character

of

distributions

paid

during

the

tax

years

ended,

as

noted

below,

were

as

follows

(total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because,

for

tax

purposes,

dividends

are

recognized

when

actually

paid).

Amount

Outstanding

June

30,

2023

Average

Borrowing*

Average

Interest

Rate*

Maximum

Borrowing

During

the

Period

Short-Term

Bond

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

$

—

$

4,300,000

3.91%

$

4,300,000

Core

Intermediate

Bond

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

—

11,659,000

5.98%

11,659,000

Declared

Paid

Short-Term

Bond

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

Core

Intermediate

Bond

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

Year

Ended

June

30,

2023

Distributions

Paid

From:

Ordinary

Income

Total

Distributions

Paid

Short-Term

Bond

ETF

.......................................................................

$

14,792,050

$

14,792,050

Core

Intermediate

Bond

ETF

..................................................................

36,829,925

36,829,925

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

62

As

of

June

30,

2023,

the

components

of

accumulated

earnings/(loss)

on

a

tax

basis

were

as

follows:

*

The

difference

between

the

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

is

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales

and

callable

bonds

amortization.

As

of 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.

As

of June

30,

2023,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation,

and

net

unrealized

appreciation

(depreciation)

for

investments were

as

follows: 

9.

New

Regulatory

Pronouncement:

In

October

2022,

the

SEC

adopted

a

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.

Year

Ended

June

30,

2022

Distributions

Paid

From:

Ordinary

Income

Net

Long-

Term

Capital

Gains

Total

Distributions

Paid

Short-Term

Bond

ETF

..........................................................

$

6,045,684

$

802,548

$

6,848,232

Core

Intermediate

Bond

ETF

.....................................................

20,527,607

2,839,678

23,367,285

Undistributed

Ordinary

Income

Accumulated

Earnings

Accumulated

Capital

And

Other

Losses

Unrealized

Appreciation

(Depreciation)*

Total

Accumulated

Earnings

(Loss)

Short-Term

Bond

ETF

....................

$

2,450,106

$

2,450,106

$

(5,920,373)

$

(14,148,427)

$

(17,618,694)

Core

Intermediate

Bond

ETF

...............

3,726,615

3,726,615

(27,540,310)

(144,185,494)

(167,999,189)

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

Cost

of

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Short-Term

Bond

ETF

.............................

$

539,645,074

$

1,139,060

$

(15,287,487)

$

(14,148,427)

Core

Intermediate

Bond

ETF

........................

1,601,962,035

2,559,490

(146,744,984)

(144,185,494)

63

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

and

Board

of

Trustees

of

Victory

Portfolios

II

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

portfolio

investments,

of

VictoryShares

Short-Term

Bond

ETF

(formerly

VictoryShares

USAA

Core

Short-Term

Bond

ETF)

and

VictoryShares

Core

Intermediate

Bond

ETF

(formerly

VictoryShares

USAA

Core

Intermediate-Term

Bond

ETF)

(the

“Funds”),

each

a

series

of

Victory

Portfolios

II,

as

of

June

30,

2023,

the

related

statements

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

related

notes,

and

the

financial

highlights

for

the

years

ended

June

30,

2023,

2022,

and

2021,

for

the

ten

months

ended

June

30,

2020,

and

for

the

year

ended

August

31,

2019

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

June

30,

2023,

the

results

of

their

operations

for

the

year

then

ended,

the

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

years

ended

June

30,

2023,

2022,

and

2021,

for

the

ten

months

ended

June

30,

2020,

and

for

the

year

ended

August

31,

2019,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

Funds’

financial

highlights

for

the

period

ended

August

31,

2018,

were

audited

by

other

auditors

whose

report

dated

October

25,

2018,

expressed

an

unqualified

opinion

on

those

financial

highlights.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(“PCAOB”)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

June

30,

2023,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

investment

companies

advised

by

Victory

Capital

Management

Inc.

since

2015.

COHEN

&

COMPANY,

LTD.

Cleveland,

Ohio

August

28,

2023

Supplemental

Information

June

30,

2023

Victory

Portfolios

II

64

(Unaudited)

Trustee

and

Officer

Information

Board

of

Trustees:

Overall

responsibility

for

management

of

the

Trust

rests

with

the

Board.

The

Trust

is

managed

by

the

Board

in

accordance

with

the

laws

of

the

State

of

Delaware.

There

are

currently

nine

Trustees,

eight

of

whom

are

not

“interested

persons”

of

the

Trust

within

the

meaning

of

that

term

under

the

1940

Act

(“Independent

Trustees”)

and

one

of

whom

is

an

“interested

person”

of

the

Trust

within

the

meaning

of

that

term

under

the

1940

Act

(“Interested

Trustee”).

The

Trustees,

in

turn,

elect

the

officers

of

the

Trust

to

actively

supervise

its

day-to-day

operations.

The

following

tables

list

the

Trustees,

their

date

of

birth,

position

with

the

Trust,

commencement

of

service,

principal

occupations

during

the

past

five

years,

and

any

directorships

of

other

investment

companies

or

companies

whose

securities

are

registered

under

the

Securities

Exchange

Act

of

1934,

as

amended,

or

who

file

reports

under

that

Act.

Each

Trustee

oversees 26

portfolios

in

the

Trust,

six

portfolios

in

Victory

Variable

Insurance

Funds,

and 37

portfolios

in

Victory

Portfolios, each

a

registered

investment

company

that,

together

with

the

Trust,

comprise

the

Victory

Fund

Complex.

David

C.

Brown

is

a

Trustee

of

Victory

Portfolios

III

and

oversees

45

portfolios

of

the

Victory

Portfolios

III.

Each

Trustee’s

address

is

c/o

Victory

Portfolios,

4900

Tiedeman

Road,

4th

Floor,

Brooklyn,

Ohio

44144.

 Each

Trustee

has

an

indefinite

term.

*

The

Board

has

designated

Ms.

Beard

as

its

Audit

Committee

Financial

Expert.

**

Mr.

Brown

is

an

"Interested

Person"

by

reason

of

his

relationship

with

the

Adviser.

The

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

of

the

Trust

and

is

available,

without

charge,

by

calling

800-539-3863.

Name

and

Date

of

Birth

Position

Held

with

the

Trust

Date

Commenced

Service

Principal

Occupation

During

Past

5

Years

Other

Directorships

Held

During

Past

5

Years

Independent

Trustees

David

Brooks

Adcock,

(October

1951)

Trustee

May

2015

Consultant

(since

2006).

None.

Nigel

D.

T.

Andrews,

(April

1947)

Trustee

May

2015

Retired.

Director,

Carlyle

Secured

Lending,

Inc.

(formerly

TCG

BDC

I,

Inc.)

(since

2012);

Director,

Carlyle

Credit

Solutions,

Inc.

(formerly

TCG

BDC

II,

Inc.)

(since

2017);

Trustee,

Carlyle

Secured

Lending

III

(since

2021).

E.

Lee

Beard,*

(October

1951)

Trustee

May

2015

Retired.

None.

Dennis

M.

Bushe,

(October

1951)

Trustee

July

2016

Retired.

None.

John

L.

Kelly,

(April

1953)

Chair

and

Trustee

May

2015

Managing

Partner,

Active

Capital

Partners

LLC

(since

October

2017).

Director,

Caledonia

Mining

Corporation

(since

May

2012).

David

L.

Meyer,

(April

1957)

Trustee

May

2015

Retired.

None.

Gloria

S.

Nelund,

(May

1961)

Trustee

July

2016

Chair,

CEO

and

Co-Founder

of

TriLinc

Global,

LLC,

an

investment

firm.

TriLinc

Global

Impact

Fund,

LLC

(since

2012).

Leigh

A.

Wilson,

(December

1944)

Trustee

May

2015

Private

Investor.

Chair

(since

2013),

Caledonia

Mining

Corporation.

Advisory

Trustee

Timothy

Pettee,

(April

1958)

Advisory

Trustee

January

2023

Chief

Investment

Officer,

Hoya

Capital

Real

Estate

LLC

(since

February

2022);

Chief

Investment

Officer,

Sun

America

Asset

Management

Corp.

(January

2003-

July

2021).

None.

Interested

Trustee

David

C.

Brown,**

(May

1972)

Trustee

May

2015

Chief

Executive

Officer

and

Chairman

(since

2013),

the

Adviser;

Chief

Executive

Officer

and

Chairman

(since

2013),

Victory

Capital

Holdings,

Inc.;

Director

(since

2013),

Victory

Capital

Services,

Inc.;

Director

(since

2019),

Victory

Capital

Transfer

Agency,

Inc.

Trustee,

Victory

Portfolios

III;

Board

Member,

Victory

Capital

Services,

Inc.

Supplemental

Information

—

continued

June

30,

2023

Victory

Portfolios

II

65

(Unaudited)

Officers:

The

officers

of

the

Trust,

their

date

of

birth,

their

commencement

of

service,

and

their

principal

occupations

during

the

past

five

years,

are

detailed

in

the

following

table.

Each

officer

serves

until

the

earlier

of

his

or

her

resignation,

removal,

retirement,

death,

or

the

election

of

a

successor.

The

mailing

address

of

each

officer

of

the

Trust

is

4900

Tiedeman

Road,

4th

Floor,

Brooklyn,

Ohio

44144. 

The

officers

of

the

Trust

receive

no

compensation

directly

from

the

Trust

for

performing

the

duties

of

their

offices.

*

Effective

May

1,

2023,

Christopher

Dyer

resigned

as

the

President

of

the

Trust.

Name

and

Date

of

Birth

Position

with

the

Trust

Date

Commenced

Service

Principal

Occupation

During

Past

5

Years

James

K.

De

Vries,

(April

1969)

President

May

2023*

Head

of

Fund

Administration,

the

Adviser

(5/1/23-present);

Vice

President,

Victory

Capital

Transfer

Agency,

Inc.

(4/20/23-present);

Executive

Director,

the

Adviser

(7/1/19-4/30/23);

Executive

Director,

Investment

and

Financial

Administration,

USAA

(2012-

6/30/19);

Treasurer,

USAA

Mutual

Funds

Trust

(2018-4/30/23).

Mr.

De

Vries

also

serves

as

the

Principal

Executive

Officer

for

the

Funds,

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Scott

A.

Stahorsky,

(July

1969)

Vice

President

May

2015

Director,

Third-Party

Dealer

Services

&

Reg

Administration,

Fund

Administration,

the

Adviser

(5/1/23-present);

Vice

President,

Victory

Capital

Transfer

Agency,

Inc.

(4/20/23-present);

Manager,

Fund

Administration,

the

Adviser

(2015-4/30/23).

Mr.

Stahorsky

also

serves

as

Vice

President

of

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Thomas

Dusenberry,

(July

1977)

Secretary

May

2022

Director,

Fund

Administration,

the

Adviser

(5/1/23-present);

Manager,

Fund

Administration,

the

Adviser

(2022-4/30/23);

Treasurer

and

Principal

Financial

Officer

(2020-2022),

Assistant

Treasurer

(2019),

Salient

MF

Trust,

Salient

Midstream,

MLP

Fund,

and

Forward

Funds;

Principal

Financial

Officer

(2018-

2021)

and

Treasurer

(2020-2021),

Salient

Private

Access

Funds

and

Endowment

PMF

Funds;

Senior

Vice

President

of

Fund

Accounting

and

Operations,

Salient

Partners

(2020-2022);

Director

of

Fund

Operations,

Salient

Partners

(2016-2019).

Mr.

Dusenberry

also

serves

as

Secretary

of

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Allan

Shaer,

(March

1965)

Treasurer

December

2017

Senior

Vice

President,

Financial

Administration,

Citi

Fund

Services

Ohio,

Inc.

(since

2016).

Mr.

Shaer

also

serves

as

the

Funds’

Principal

Financial

and

Accounting

Officer.

Mr.

Shaer

also

serves

as

Treasurer

of

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Christopher

A.

Ponte,

(March

1984)

Assistant

Treasurer

May

2015

Director,

Fund

and

BD

Finance,

the

Adviser

(5/1/23-present);

Manager,

Fund

Administration,

the

Adviser

(2017-4/30/23);

Chief

Financial

Officer,

Victory

Capital

Services,

Inc.

(since

2018).

Mr.

Ponte

also

serves

as

Assistant

Treasurer

of

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Carol

D.

Trevino,

(October

1965)

Assistant

Treasurer

February

2023

Director,

Financial

Reporting,

Fund

Administration,

the

Adviser

(5/1/23-present);

Director,

Accounting

and

Finance,

the

Adviser

(7/1/19-4/30/23);

Accounting/Financial

Director,

USAA

(12/13-

6/30/19).

Ms.

Trevino

also

serves

as

Assistant

Treasurer

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Sean

Fox,

(September

1976)

Chief

Compliance

Officer

June

2022

Deputy

Chief

Compliance

Officer

(July

2021-June

2022),

Senior

Compliance

Officer,

the

Adviser

(2019-present);

Compliance

Officer,

the

Adviser

(2015-2019).

Mr.

Fox

also

serves

as

Chief

Compliance

Officer

for

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Michael

Bryan,

(December

1962)

Anti-Money

Laundering

Compliance

Officer

and

Identity

Theft

Officer

May

2023

Vice

President,

CCO

Compliance

Support

Services,

Citi

Fund

Services

Ohio,

Inc.

(2008-present).

Mr.

Bryan

also

serves

as

the

Anti-Money

Laundering

Compliance

Officer

and

identity

Theft

Officer

for

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Jay

G.

Baris,

(January

1954)

Assistant

Secretary

May

2015

Partner,

Sidley

Austin

LLP

(since

2020);

Partner,

Shearman

&

Sterling

LLP

(2018-2020).

Victory

Portfolios

II

66

(Unaudited)

Supplemental

Information

—

continued

June

30,

2023

Proxy

Voting

and

Portfolio

Holdings

Information 

Proxy

Voting:

Information

regarding

the

policies

and

procedures each

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

without

charge,

upon

request,

by

calling

800-539-3863.

The

information

is

also

included

in

the

Funds'

Statement

of

Additional

Information,

which

is

available

on

the

SEC’s

website

at sec.gov.

Information

relating

to

how

the

Funds

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

12

months

ended

June

30

is

available

on

the

SEC’s

website

at

sec.gov.

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.

Forms

N-PORT are

available

on

the

SEC’s

website

at

sec.gov.

Expense

Examples

As

a

shareholder

of

the

Funds,

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

January

1,

2023,

through

June

30,

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

1/1/23

Actual

Ending

Account

Value

6/30/23

Hypothetical

Ending

Account

Value

6/30/23

Actual

Expenses

Paid

During

Period

1/1/23

-

6/30/23*

Hypothetical

Expenses

Paid

During

Period

1/1/23

-

6/30/23*

Annualized

Expense

Ratio

During

Period

1/1/23

-

6/30/23

Short-Term

Bond

ETF

....................

$

1,000.00

$

1,023.30

$

1,023.06

$

1.76

$

1.76

0.35%

Core

Intermediate

Bond

ETF

...............

1,000.00

1,025.30

1,022.86

1.96

1.96

0.39%

*

Expenses

are

equal

to

the

average

account

value

multiplied

by

the

Fund’s

annualized

expense

ratio

multiplied

by

181/365

(the

number

of

days

in

the

most

recent

fiscal

half-year

divided

by

the

number

of

days

in

the

fiscal

year).

Victory

Portfolios

II

67

(Unaudited)

Supplemental

Information

—

continued

June

30,

2023

Liquidity

Risk

Management

Program:

The

Victory

Funds

have

adopted

and

implemented

a

written

liquidity

risk

management

program

(the

“LRMP”)

as

required

by

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended.

The

LRMP

is

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk,

taking

into

consideration

each

Fund’s

investment

strategy

and

the

liquidity

of

its

portfolio

investments

during

normal

and

reasonably

foreseeable

stressed

market

conditions;

its

short-

and

long-term

cash

flow

projections;

and

its

cash

holdings

and

access

to

other

liquidity

management

tools

such

as

available

funding

sources

including

the

Victory

Funds

Complex

Interfund

Lending

Facility

and

Line

of

Credit

(discussed

in

the

Notes

to

Financial

Statements).

The

Victory

Funds’

Board

of

Trustees

approved

the

appointment

of

the

Funds’

investment

adviser,

Victory

Capital

Management

Inc.

(“Victory

Capital”),

as

the

administrator

of

the

LRMP.

Victory

Capital

manages

liquidity

risks

associated

with

the

Funds’

investments

by

monitoring,

among

other

things,

cash

and

cash

equivalents,

any

use

of

derivatives,

the

concentration

of

investments,

the

appropriateness

of

each

Fund’s

investment

strategy,

and

by

classifying

every

Fund

investment

as

either

highly

liquid,

moderately

liquid,

less

liquid,

or

illiquid

on

at

least

a

monthly

basis.

To

assist

with

the

classification

of

Fund

investments,

Victory

Capital

has

retained

a

third-party

provider

of

liquidity

evaluation

services.

This

provider

determines

preliminary

liquidity

classifications

for

all

portfolio

holdings

based

upon

portfolio-level

data

and

certain

assumptions

provided

by

Victory

Capital.

Victory

Capital

reviews

the

preliminary

liquidity

classifications

and,

when

appropriate,

considers

other

information

including

input

from

the

Funds’

portfolio

managers

(including

the

portfolio

managers

employed

by

any

investment

sub-advisers)

in

determining

final

liquidity

classifications.

At

a

meeting

held

on

February

23,

2023,

Victory

Capital

provided

an

oral

and

written

report

to

the

Trustees

on

the

operation

and

effectiveness

of

the

LRMP

during

the

previous

year.

The

report

from

Victory

Capital

concluded

that

the

Funds

did

not

experience

any

significant

liquidity

challenges

during

the

covered

period,

and

the

Funds’

LRMP

is

reasonably

designed

to

assess

and

manage

its

liquidity

risk.

The

report

also

concluded

that

the

LRMP

continues

to

operate

adequately

and

effectively

to

enable

Victory

Capital

to

oversee

and

manage

liquidity

risk

and

ensure

each

Fund

is

able

to

meet

redemption

requests

without

significant

dilution

to

the

remaining

investors’

interest

in

each

Fund.

During

the

review

period,

each

Fund’s

portfolio

consisted

primarily

of

highly

liquid

investments,

which

are

defined

as

cash

and

any

investments

that

each

Fund

reasonably

expects

to

be

converted

to

cash

in

current

market

conditions

in

three

business

days

or

less

without

significantly

changing

the

market

value

of

the

investment.

Therefore,

the

Funds

have

not

adopted

a

highly

liquid

investment

minimum.

The

Funds’

investments

were

below

the

limitation

on

illiquid

investments

during

the

review

period.

Additionally,

Victory

Capital

indicated

that

no

events

occurred

that

would

require

the

filing

of

Form

N-RN

(prior

to

August

2022,

Form

N-LIQUID)

and

recommended

no

material

changes

to

the

LRMP.

Privacy

Policy

Protecting

the

Privacy

of

Information

The

Trust

respects

your

right

to

privacy.

We

also

know

that

you

expect

us

to

conduct

and

process

your

business

in

an

accurate

and

efficient

manner.

To

do

so,

we

must

collect

and

maintain

certain

personal

information

about

you.

This

is

the

information

we

collect

from

you

on

applications

or

other

forms,

and

from

the

transactions

you

make

with

us

or

third

parties.

It

may

include

your

name,

address,

social

security

number,

account

transactions

and

balances,

and

information

about

investment

goals

and

risk

tolerance.

We

do

not

disclose

any

information

about

you

or

about

former

customers

to

anyone

except

as

permitted

or

required

by

law.

Specifically,

we

may

disclose

the

information

we

collect

to

companies

that

perform

services

on

our

behalf,

such

as

the

transfer

agent

that

processes

shareholder

accounts

and

printers

and

mailers

that

assist

us

in

the

distribution

of

investor

materials.

We

may

also

disclose

this

information

to

companies

that

perform

marketing

services

on

our

behalf.

This

allows

us

to

continue

to

offer

you

Victory

investment

products

and

services

that

meet

your

investing

needs,

and

to

effect

transactions

that

you

request

or

authorize.

These

companies

will

use

this

information

only

in

connection

with

the

services

for

which

we

hired

them.

They

are

not

permitted

to

use

or

share

this

information

for

any

other

purpose.

To

protect

your

personal

information

internally,

we

permit

access

only

by

authorized

employees

and

maintain

physical,

electronic,

and

procedural

safeguards

to

guard

your

personal

information.*

You

may

have

received

communications

regarding

information

about

privacy

policies

from

other

financial

institutions

which

gave

you

the

opportunity

to

“opt-out”

of

certain

information

sharing

with

companies

which

are

not

affiliated

with

that

financial

institution.

The

Trust

does

not

share

information

with

other

companies

for

purposes

of

marketing

solicitations

for

products

other

than

the

Trust.

Therefore,

the

Trust

does

not

provide

opt-out

options

to

their

shareholders. 

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-AR

(6/23)

June

30,

2023

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

Shareholder

Letter

(Unaudited)

3

Managers’

Commentary

/

Investment

Overview

(Unaudited)

5

Investment

Objectives

and

Portfolio

Holdings

(Unaudited)

17

Schedules

of

Portfolio

Investments

VictoryShares

US

Value

Momentum

ETF

21

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

24

VictoryShares

International

Value

Momentum

ETF

30

VictoryShares

Emerging

Markets

Value

Momentum

ETF

39

Financial

Statements

Statements

of

Assets

and

Liabilities

47

Statements

of

Operations

49

Statements

of

Changes

in

Net

Assets

51

Financial

Highlights

53

Notes

to

Financial

Statements

57

Report

of

Independent

Registered

Public

Accounting

Firm

68

Supplemental

Information

(Unaudited)

69

Trustee

and

Officer

Information

69

Proxy

Voting

and

Portfolio

Holdings

Information

71

Expense

Examples

71

Additional

Federal

Income

Tax

Information

72

Liquidity

Risk

Management

Program

73

Privacy

Policy

(inside

back

cover)

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

Funds

Letter

to

Shareholders

(Unaudited)

Dear

Shareholder,

Our

annual

reporting

period

for

the

12

months

ended

June

30,

2023,

has

been

a

tale

of

two

markets.

The

dichotomy

has

been

nothing

short

of

remarkable.

Think

back

to

the

latter

half

of

2022.

This

was

a

very

difficult

time

for

investors,

marked

by

an

array

of

challenges

that

punished

both

bond

and

stock

markets.

The

U.S.

Federal

Reserve

(the

“Fed”)

was

in

the

midst

of

a

series

of

rate

hikes—more

aggressive

than

many

investors

had

ever

experienced.

Inflation

was

raging

and

conjuring

up

memories

of

the

1970s.

And

if

that

wasn’t

enough,

a

terrible

war

was

taking

place

in

Eastern

Europe,

while

tensions

between

the

world’s

two

largest

economic

powers,

the

United

States

and

China,

were

also

on

the

rise.

It

was

not

exactly

a

constructive

environment

for

investors,

and

all

of these

issues

created

headwinds

for

both

stocks

and

bonds.

It’s

not

often

that

stocks

and

bonds

decline

in

tandem,

and

the

traditional

diversified

portfolio

of

60%

equities/40%

fixed

income

was

suffering

through

one

of

its

worst

periods

on

record.

But

when

the

calendar

year

flipped,

so

did

the

markets.

During

the

first

six

months

of

2023,

financial

markets

exhibited

greater

stability

and

less

volatility.

Equities

(including

domestic,

international

and

emerging

markets)

regained

their

footing

and

rebounded.

In

the

United

States,

some

of

the

most

beaten-down

growth

sectors

that

were

punished

during

the

period

of

sharply

rising

interest

rates

led

the

market

higher.

The

market’s

resiliency

and

strong

rebound

during

the

first

two

quarters

of

2023

surprised

many

pundits.

After

all,

there

were

ample

challenges

that

could

have

undermined

this

rally,

including

unusual

turmoil

within

the

banking

sector

in

March

2023

that

resulted

in

the

collapse

of

a

few

regional

banks.

Naturally,

this

ratcheted

up

volatility

for

a

spell,

but

the

Fed

took

the

necessary

steps

to

restore

confidence

in

the

banking

sector

and

avoided

a

wider

contagion.

It

also

helped

that

the

Fed

paused

its

rate

hikes

as

inflation

data

finally

cooled.

Through

all

the

ups

and

downs

in

these

two

very

different

environments,

the

S&P

500

®

Index,

the

most

widely

followed

index

representing the

domestic

stock

market,

managed

to

deliver

an

impressive

total

return

of

more

than

19%

for

our

annual

reporting

period

ended

June

30,

2023.

The

Bloomberg

U.S.

Aggregate

Bond

Index—a

proxy

for

a

diversified

fixed

income

portfolio

and

one

that

many

investors

and

institutions

follow

closely—was

basically

unchanged

during

the

same

period

at

0.94%

(despite

the

volatility).

We

don’t

deny

that

this

past

annual

reporting

period

was

difficult.

We

realize

that

the

bouts

of

stomach-churning

volatility

can

take

a

toll

on

investors’

psyche.

But

even

when

markets

snap

back

sharply

as

they

have,

investors

often

wonder

if

they

have

missed

an

opportunity.

This

reminds

us

of

two

enduring

realities:

1)

financial

markets

are

dynamic

and

apt

to

change

abruptly;

2)

it’s

vital

to

remain

calm

and

rational

whenever

faced

with

those

inevitable

times

of

turmoil.

Fortunately,

we

think

that

investors

can

take

comfort

knowing

that

all

our

Victory

Capital

independent

investment

franchises

have

experience

managing

portfolios

through

a

variety

of

market

environments.

Our

investment

professionals

remain

calm

during

turbulent

financial

markets,

and

we

think

it’s

imperative

that

investors

do

the

same.

Of

course,

there

are

still

uncertainties

ahead.

For

example, is

the

Fed

finished

with

its

rate

hikes?

Will

the

impact

of

tighter

lending

standards

ultimately

result

in

slower

growth

and

lower

corporate

profits?

Is

there

another

banking

crisis

lurking?

Nobody

really

knows

what

the

future

will

bring.

That’s

why

we

continue

to

advocate

for

a

long-term

plan,

a

well-diversified

portfolio

across

asset

classes

and

investment

types,

and

a

clear

understanding

of

individual

risk

tolerances.

These,

in

our

opinion,

are

the

key

ingredients

for

staying

the

course

and

progressing

on

investment

goals.

4

On

the

following

pages

you

will

find

information

relating

to

your

Victory

Funds

investment.

If

you

have

any

questions,

we

encourage

you

to

contact

your

financial

advisor. In

addition,

you

may

call

866-376-7890 or

visit

our

website

at

vcm.com.

From

all

of

us

here

at

Victory

Capital,

thank

you

for

letting

us

help

you

work

toward

your

investment

goals.

James

De

Vries

President,

Victory

Funds

5

VictoryShares

US

Value

Momentum

ETF

Managers’

Commentary

(Unaudited)

VictoryShares

US

Value

Momentum

ETF

(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

(the

“Index”). 

On

November

1,

2022,

the

Fund

changed

its

broad-based

securities

index

from

the

MSCI

USA

Index

(the

“Prior

Broad-Based

Index”)

to

the

Nasdaq

US

500

Large

Cap

Index

(the

“Broad-Based

Index”).

At

that

time,

the

Fund

selected

the

Index

in

place

of

the

MSCI

USA

Select

Value

Momentum

Blend

Index

(the

“Prior

Index”)

because

the

Adviser

believes

the

Index

is

more

cost-effective

than

the

Prior

Index.

The

Fund

returned

5.64%

for

the

period

July

1,

2022,

through

October

31,

2022,

underperforming

the

Prior

Index,

which

returned

5.79%

during

the

period,

and

the

Fund

returned

3.17%

for

the

period

November

1,

2022,

through

June

30,

2023,

underperforming

the

Index,

which

returned

3.30%

during

the

period. 

For

the

period

July

1,

2022,

through

October

31,

2022,

the

Fund

outperformed

the

Prior

Broad-Based

Index,

which

returned

2.87%

for

the

period

and

for

the

period

November

1,

2022,

through

June

30,

2023,

the

Fund

underperformed

the

Broad-Based

Index,

against

which

the

performance

of

the

Fund

is

also

measured,

which

returned

16.29%

for

the

period.

The

Fund’s

underweight

allocation

to

the

Information

Technology

sector

was

a

negative

contributor

to

relative

performance.

Stock

selection

was

positive

in

the

Utilities

sector,

but

detracted

in

the

Industrials

and

Information

Technology

sectors.

The

Fund’s

small

allocation

to

derivatives

during

the

year

did

not

have

a

material

impact

on

performance.

6

VictoryShares

US

Value

Momentum

ETF

Investment

Overview

(Unaudited)

*On

November

1,

2022,

the

Fund

changed

its

broad-based

securities

index

from

the

MSCI

USA

Index

to

the

Nasdaq

US

500

Large

Cap

Index.

At

that

time,

the

Fund

selected

the

Nasdaq

Victory

US

Value

Momentum

Index

(the

“Index”)

in

place

of

the

MSCI

USA

Select

Value

Momentum

Blend

Index

(the

“Prior

Index”)

because

the

Adviser

believes

the

Index

is

more

cost-effective

than

the

Prior

Index.

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

or

higher.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month’s

end,

please

visit

vcm.com.

Total

return

measures

the

price

change

in

a

share

assuming

the

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any.

The

total

returns

quoted

do

not

reflect

adjustments

made

to

the

enclosed

financial

statements

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

or

the

deduction

of

taxes

that

a

shareholder

would

pay

on

net

investment

income

and

realized

capital

gain

distributions,

including

reinvested

distributions,

or

redemptions

of

shares.

The

total

return

figures

set

forth

above

include

all

waivers

of

fees.

Without

such

fee

waivers,

the

total

returns

would

have

been

lower.

VictoryShares

US

Value

Momentum

ETF —

Growth

of

$10,000

+The

inception

date

for

the

Nasdaq

Victory

US

Value

Momentum

Index

is

September

19,

2022.

Prior

to

that

date,

the

data

is

hypothetical.

1

The

Nasdaq

Victory

US

Value

Momentum

Index

is

designed

to

deliver

exposure

to

equity

securities

of

large-capitalization

U.S.

issuers

within

the

Nasdaq

US

Large

Cap

500

Index

that

have

higher

exposure

to

value

and

momentum

factors,

while

also

maintaining

moderate

Index

turnover

and

lower

realized

volatility

than

traditional

capitalization-weighted

indexes.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

2

The

Nasdaq

US

500

Large

Cap

Index

is

comprised

of

the

largest

500

securities

on

a

float-adjusted,

market-capitalization

rank

from

the

Nasdaq

US

Benchmark

Index.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

3

The

MSCI

USA

Select

Value

Momentum

Blend

Index

is

based

on

MSCI

USA

Index,

its

parent

index,

which

includes

large-

and

mid-cap

stocks

in

the

U.S.

equity

market.

The

index

is

designed

to

represent

the

performance

of

a

strategy

that

seeks

higher

exposure

to

value

and

momentum

factors

within

the

parent

index

while

also

maintaining

moderate

Index

turnover

and

lower

realized

volatility

than

traditional

cap-weighted

indexes.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

4

The

MSCI

USA

Index

is

designed

to

measure

the

performance

of

the

large-

and

mid-cap

segments

of

the

U.S.

market.

With

627

constituents,

the

index

covers

approximately

85%

of

the

free

float-adjusted

market

capitalization

in

the

United

States.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

Average

Annual

Total

Return

Year

Ended

June

30,

2023

INCEPTION

DATE

10/24/17

10/24/17

Net

Asset

Value

Market

Price

Value

Nasdaq

Victory

US

Value

Momentum

Index

1

Nasdaq

US

500

Large

Cap

Index

2

MSCI

USA

Select

Value

Momentum

Blend

Index

3

MSCI

USA

Index

4

7/1/22-10/31/22*

5.64%

5.93%

N/A

N/A

5.79%

2.87%

11/1/22-6/30/23*

3.17%

3.02%

3.30%

16.29%

N/A

N/A

One

Year

8.99%

9.12%

N/A

N/A

10.01%

19.57%

Five

Year

6.40%

6.36%

N/A

N/A

6.77%

12.17%

Since

Inception

6.21%

6.20%

N/A

N/A

N/A

N/A

7

VictoryShares

US

Value

Momentum

ETF

Investment

Overview

(continued)

(Unaudited)

The

graph

reflects

investment

growth

of

a

hypothetical

$10,000

investment

in

the

Fund. 

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

shares. 

Past

performance

is

not

indicative

of

future

results.

8

VictoryShares

Small

Mid

Cap

Value

Momentum

ETF

Managers’

Commentary

(Unaudited)

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

(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

(the

“Index”).

On

November

1,

2022,

the

Fund

changed

its

broad-based

securities

index

from

the

MSCI

USA

Small

Cap

Index

(the

“Prior

Broad-Based

Index”)

to

the

Nasdaq

US

1300

Small

Mid

Cap

Index

(the

“Broad-Based

Index”).

At

that

time,

the

Fund

selected

the

Index

in

place

of

the

MSCI

USA

Small

Cap

Select

Value

Momentum

Blend

Index

(the

“Prior

Index”)

because

the

Adviser

believes

the

Index

is

more

cost-effective

than

the

Prior

Index.

The

Fund

returned

6.64%

for

the

period

July

1,

2022,

through

October

31,

2022,

underperforming

the

Prior

Index,

which

returned

6.90%

during

the

period,

and

the

Fund

returned

5.33%

for

the

period

November

1,

2022,

through

June

30,

2023,

underperforming

the

Index,

which

returned

5.61%

during

the

period.

For

the

period

July

1,

2022,

through

October

31,

2022,

the

Fund

underperformed

the

Prior

Broad-Based

Index,

which

returned

7.76%

for

the

period

and

for

the

period

November

1,

2022,

through

June

30,

2023,

the

Fund

underperformed

the

Broad-Based

Index,

against

which

the

performance

of

the

Fund

is

also

measured,

which

returned

8.51%

for

the

period.

The

Fund’s

underweight

allocation

to

the

Industrials

sector

was

a

negative

contributor

to

relative

performance.

Stock

selection

was

positive

in

the

Financial

sector,

but

detracted

in

the

Industrials

and

Health

Care

sectors.

The

Fund’s

small

allocation

to

derivatives

during

the

year

did

not

have

a

material

impact

on

performance.

9

VictoryShares

Small

Mid

Cap

Value

Momentum

ETF

Investment

Overview

(Unaudited)

*On

November

1,

2022,

the

Fund

changed

its

broad-based

securities

index

from

the

MSCI

USA

Small

Cap

Index

to

the

Nasdaq

US

1300

Small

Mid

Cap

index.

At

that

time,

the

Fund

selected

the

Nasdaq

Victory

US

Small

Mid

Cap

Value

Momentum

Index

(the

“Index”)

in

place

of

the

MSCI

USA

Small

Cap

Select

Value

Momentum

Blend

Index

(the

Prior

Index”)

because

the

Adviser

believe

the

Index

is

more

cost-effect

than

the

Prior

Index.

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

or

higher.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month’s

end,

please

visit

vcm.com.

Total

return

measures

the

price

change

in

a

share

assuming

the

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any.

The

total

returns

quoted

do

not

reflect

adjustments

made

to

the

enclosed

financial

statements

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

or

the

deduction

of

taxes

that

a

shareholder

would

pay

on

net

investment

income

and

realized

capital

gain

distributions,

including

reinvested

distributions,

or

redemptions

of

shares.

The

total

return

figures

set

forth

above

include

all

waivers

of

fees.

Without

such

fee

waivers,

the

total

returns

would

have

been

lower.

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF —

Growth

of

$10,000

+

The

inception

date

for

the

Nasdaq

Victory

US

Small

Mid

Cap

Value

Momentum

Index

is

September

19,

2022.

Prior

to

that

date,

the

data

is

hypothetical.

1

The

Nasdaq

Victory

US  Small

Mid

Cap

Value

Momentum

Index

is

designed

to

deliver

exposure

to

equity

securities

of

small-

and

mid-capitalization

U.S.

issuers

within

the

Nasdaq

US

1300

Small

Mid

Cap

Index

that

have

higher

exposure

to

value

and

momentum

factors

while

also

maintaining

moderate

Index

turnover

and

lower

realized

volatility

than

traditional

capitalization-weighted

indexes.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

2

The

Nasdaq

US

1300

Small

Mid

Cap

Index

is

designed

to

track

the

performance

of

the

1300

securities

in

the

Nasdaq

US

Benchmark

Index

comprising

the

small-cap

and

mid-cap

size

categories.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

3

The

MSCI

USA

Small

Cap

Select

Value

Momentum

Blend

Index

is

based

on

a

traditional

market

cap-weighted

parent

index,

the

MSCI

USA

Small

Cap

Index,

which

includes

U.S.

small-cap

stocks.

The

index

is

designed

to

represent

the

performance

of

a

strategy

that

seeks

higher

exposure

to

value

and

momentum

factors

within

the

parent

index

while

also

maintaining

moderate

Index

turnover

and

lower

realized

volatility

than

traditional

cap-

weighted

indexes.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

Average

Annual

Total

Return

Year

Ended

June

30,

2023

INCEPTION

DATE

10/24/17

10/24/17

Net

Asset

Value

Market

Price

Value

Nasdaq

Victory

US

Small

Mid

Cap

Value

Momentum

Index

1

Nasdaq

US

1300

Small

Mid

Cap

Index

2

MSCI

USA

Small

Cap

Select

Value

Momentum

Blend

Index

3

MSCI

USA

Small

Cap

Index

4

7/1/22-10/31/22*

6.64%

6.86%

N/A

N/A

6.90%

7.76%

11/1/22-6/30/23*

5.33%

5.08%

5.61%

8.51%

N/A

N/A

One

Year

12.33%

12.29%

N/A

N/A

14.75%

15.39%

Five

Year

5.90%

5.88%

N/A

N/A

6.58%

6.79%

Since

Inception

6.68%

6.68%

N/A

N/A

N/A

N/A

10

VictoryShares

Small

Mid

Cap

Value

Momentum

ETF

Investment

Overview

(continued)

(Unaudited)

4

The

MSCI

USA

Small

Cap

Index

is

designed

to

measure

the

performance

of

the

small-cap

segment

of

the

U.S.

equity

market.

With

1,974

constituents,

the

index

represents

approximately

14%

of

the

free

float-adjusted

market

capitalization

in

the

United

States.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

The

graph

reflects

investment

growth

of

a

hypothetical

$10,000

investment

in

the

Fund. 

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

shares. 

Past

performance

is

not

indicative

of

future

results.

11

VictoryShares

International

Value

Momentum

ETF

Managers’

Commentary

(Unaudited)

VictoryShares

International

Value

Momentum

ETF

(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

(the

“Index”).

On

November

1,

2022,

the

Fund

changed

its

broad-based

securities

index

from

the

MSCI

World

ex

USA

Index

(Net)

(the

“Prior

Broad-Based

Index”)

to

the

Nasdaq

DM

Ex

United

States

Large

Mid

Cap

Index

(the

“Broad-Based

Index”).

At

that

time,

the

Fund

selected

the

Index

in

place

of

the

MSCI

World

ex

USA

Select

Value

Momentum

Blend

Index

(the

“Prior

Index”)

because

the

Adviser

believes

the

Index

is

more

cost-effective

than

the

Prior

Index.

The

Fund

returned

-5.48%

for

the

period

July

1,

2022,

through

October

31,

2022,

underperforming

the

Prior

Index,

which

returned

-5.22%

during

the

period,

and

the

Fund

returned

19.03%

for

the

period

November

1,

2022,

through

June

30,

2023,

underperforming

the

Index,

which

returned

19.46%

during

the

period. 

For

the

period

July

1,

2022,

through

October

31,

2022,

the

Fund

underperformed

the

Prior

Broad-Based

Index,

which

returned

-4.20%

for

the

period

and

for

the

period

November

1,

2022,

through

June

30,

2023,

the

Fund

underperformed

the

Broad-Based

Index,

against

which

the

performance

of

the

Fund

is

also

measured,

which

returned

22.53%

for

the

period.

The

Fund’s

overweight

allocation

to

Israel

was

a

positive

contributor

to

relative

performance.

An

overweight

allocation

to

Canada

a

negative

contributor.

Stock

selection

added

to

returns

in

Canada

and

detracted

in

the

United

Kingdom.

The

Fund’s

small

allocation

to

derivatives

during

the

year

did

not

have

a

material

impact

on

performance.

.

12

VictoryShares

International

Value

Momentum

ETF

Investment

Overview

(Unaudited)

*On

November

1,

2022,

the

Fund

changed

its

broad-based

securities

index

from

the

MSCI

World

ex

USA

Index

to

the

Nasdaq

DM

Ex

United

States

Large

Mid

Cap

index.

At

that

time,

the

Fund

selected

the

Nasdaq

Victory

International

Value

Momentum

Index

(the

“Index”)

in

place

of

the

MSCI

World

ex

USA

Select

Value

Momentum

Blend

Index

(the

“Prior

Index”)

because

the

Adviser

believe

the

Index

is

more

cost

effective

than

the

Prior

Index.

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

or

higher.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month’s

end,

please

visit

vcm.com.

Total

return

measures

the

price

change

in

a

share

assuming

the

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any.

The

total

returns

quoted

do

not

reflect

adjustments

made

to

the

enclosed

financial

statements

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

or

the

deduction

of

taxes

that

a

shareholder

would

pay

on

net

investment

income

and

realized

capital

gain

distributions,

including

reinvested

distributions,

or

redemptions

of

shares.

The

total

return

figures

set

forth

above

include

all

waivers

of

fees.

Without

such

fee

waivers,

the

total

returns

would

have

been

lower.

VictoryShares

International

Value

Momentum

ETF —

Growth

of

$10,000

+The

inception

date

for

the

Nasdaq

Victory

International

Value

Momentum

Index

is

September

19,

2022.

Prior

to

that

date,

the

data

is

hypothetical.

1

The

Nasdaq

Victory

International

Value

Momentum

Index

is

designed

to

deliver

exposure

to

equity

market

performance

in

non-U.S.

developed

markets

and

provide

higher

exposure

to

value

and

momentum

factors

within

the

Nasdaq

Developed

Markets

Ex

United

States

Large

Mid

Cap

Index

while

also

maintaining

moderate

Index

turnover

and

lower

realized

volatility

than

traditional

capitalization-weighted

indexes.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

2

The

Nasdaq

DM

Ex

United

States

Large

Mid

Cap

Index

is

designed

to

track

the

performance

of

securities

assigned

to

Developed

Markets

Ex

United

States

and

comprised

of

the

large/mid-cap

segment.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

3

The

MSCI

World

ex

USA

Select

Value

Momentum

Blend

Index

is

based

on

the

MSCI

World

ex

USA

(Net)

Index,

its

parent

index,

which

includes

large-

and

mid-cap

stocks

across

22

of

23

Developed

Markets

(DM)

countries,

excluding

the

United

States.

The

index

is

designed

to

represent

the

performance

of

a

strategy

that

seeks

higher

exposure

to

value

and

momentum

factors

within

the

parent

index

while

also

maintaining

moderate

Index

turnover

and

lower

realized

volatility

than

traditional

cap-weighted

indexes.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

4

The

MSCI

World

ex

USA

Index

(Net)

captures

large‐

and

mid‐cap

representation

across

22

of

23

Developed

Markets

(DM)

countries,

excluding

the

United

States.

With

890

constituents,

the

index

covers

approximately

85%

of

the

free

float‐adjusted

market

capitalization

in

each

country.

This

index

Average

Annual

Total

Return

Year

Ended

June

30,

2023

INCEPTION

DATE

10/24/17

10/24/17

Net

Asset

Value

Market

Price

Value

Nasdaq

Victory

International

Value

Momentum

Index

1

Nasdaq

DM

Ex

United

States

Large

Mid

Cap

Index

2

MSCI

World

ex

USA

Select

Value

Momentum

Blend

Index

3

MSCI

World

ex

USA

Index

(Net)

4

7/1/22-10/31/22*

-5.48%

-5.96%

N/A

N/A

-5.22%

-4.20%

11/1/22-6/30/23

19.03%

19.34%

19.46%

22.53%

N/A

N/A

One

Year

12.50%

12.23%

N/A

N/A

12.32%

17.41%

Five

Year

1.05%

1.07%

N/A

N/A

1.28%

4.58%

Since

Inception

0.54%

0.55%

N/A

N/A

N/A

N/A

13

VictoryShares

International

Value

Momentum

ETF

Investment

Overview

(continued)

(Unaudited)

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

The

graph

reflects

investment

growth

of

a

hypothetical

$10,000

investment

in

the

Fund. 

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

shares. 

Past

performance

is

not

indicative

of

future

results.

14

VictoryShares

Emerging

Markets

Value

Momentum

ETF

Managers’

Commentary

(Unaudited)

VictoryShares

Emerging

Markets

Value

Momentum

ETF

(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

(the

“Index”).

On

November

1,

2022,

the

Fund

changed

its

broad-based

securities

index

from

the

MSCI

Emerging

Markets

Index

(the

“Prior

Broad-Based

Index”)

to

the

Nasdaq

Emerging

Market

Large

Mid

Cap

Index

(the

“Broad-Based

Index”).

At

that

time,

the

Fund

selected

the

Index

in

place

of

the

MSCI

Emerging

Markets

Select

Value

Momentum

Blend

Index

(the

“Prior

Index”)

because

the

Adviser

believes

the

Index

is

more

cost-effective

than

the

Prior

Index.

The

Fund

returned

-9.03%

for

the

period

July

1,

2022,

through

October

31,

2022,

underperforming

the

Prior

Index,

which

returned

-8.33%

during

the

period,

and

the

Fund

returned

18.51%

for

the

period

November

1,

2022,

through

June

30,

2023,

underperforming

the

Index,

which

returned

19.83%

during

the

period.

For

the

period

July

1,

2022,

through

October

31,

2022,

the

Fund

outperformed

the

Prior

Broad-Based

Index,

which

returned

-14.31%

for

the

period

and

for

the

period

November

1,

2022,

through

June

30,

2023,

the

Fund

underperformed

the

Broad-Based

Index,

against

which

the

performance

of

the

Fund

is

also

measured,

which

returned

21.31%

for

the

period.

The

Fund’s

overweight

allocation

to

Turkey

was

a

positive

contributor

to

relative

performance.

An

overweight

allocation

to

Malaysia

was

a

detractor.

Stock

selection

added

to

returns

in

Hong

Kong

and

Taiwan.

The

Fund’s

small

allocation

to

derivatives

during

the

year

did

not

have

a

material

impact

on

performance.

15

VictoryShares

Emerging

Markets

Value

Momentum

ETF

Investment

Overview

(Unaudited)

*On

November

1,

2022,

the

Fund

changed

its

broad-based

securities

index

from

the

MSCI

Emerging

Markets

Index

to

the

Nasdaq

Emerging

Market

Large

Mid

Cap

index.

At

that

time,

the

Fund

selected

the

Nasdaq

Victory

Emerging

Market

Value

Momentum

Index

(the

“Index”)

in

place

of

the

MSCI

Emerging

Markets

Select

Value

Momentum

Blend

Index

(the

“Prior

Index”)

because

the

Adviser

believes

the

Index

is

more

cost-effective

than

the

Prior

Index.

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

or

higher.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month’s

end,

please

visit

vcm.com.

Total

return

measures

the

price

change

in

a

share

assuming

the

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any.

The

total

returns

quoted

do

not

reflect

adjustments

made

to

the

enclosed

financial

statements

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

or

the

deduction

of

taxes

that

a

shareholder

would

pay

on

net

investment

income

and

realized

capital

gain

distributions,

including

reinvested

distributions,

or

redemptions

of

shares.

The

total

return

figures

set

forth

above

include

all

waivers

of

fees.

Without

such

fee

waivers,

the

total

returns

would

have

been

lower.

VictoryShares

Emerging

Markets

Value

Momentum

ETF —

Growth

of

$10,000

1

The

Nasdaq

Victory

Emerging

Markets

Value

Momentum

Index

is

designed

to

deliver

exposure

to

equity

market

performance

in

the

global

emerging

markets

and

provide

higher

exposure

to

value

and

momentum

factors

within

the

Nasdaq

Emerging

Market

Large

Mid

Cap

Index

while

also

maintaining

moderate

Index

turnover

and

lower

realized

volatility

than

traditional

capitalization-weighted

indexes.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

2

The

Nasdaq

Emerging

Market

Large

Mid

Cap

Index

is

a

float-adjusted

market-capitalization

index

designed

to

track

the

performance

of

securities

in

the

Nasdaq

Emerging

Market

Index

that

comprise

the

large/mid-cap

segment

of

companies

designated

as

Emerging

Markets.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

3

The

MSCI

Emerging

Markets

Select

Value

Momentum

Blend

Index

is

based

on

the

MSCI

Emerging

Markets

Index

(Net),

its

parent

index,

which

includes

large‐

and

mid‐cap

stocks

across

24

Emerging

Markets

(EM)

countries.

The

index

is

designed

to

represent

the

performance

of

a

strategy

that

seeks

higher

exposure

to

value

and

momentum

factors

within

the

parent

index

while

also

maintaining

moderate

Index

turnover

and

lower

realized

volatility

than

traditional

cap‐weighted

indexes.

This

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

4

The

unmanaged

 MSCI

Emerging

Markets

Index

is

a

free-float-adjusted

market

capitalization

index

designed

to

measure

equity

market

performance

in

the

global

emerging

markets.

The

index

reflects

the

reinvestment

of

dividends

paid

on

the

stocks

constituting

the

index,

net

of

withholding

taxes.

This

Average

Annual

Total

Return

Year

Ended

June

30,

2023

INCEPTION

DATE

10/24/17

10/24/17

Net

Asset

Value

Market

Price

Value

Nasdaq

Victory

Emerging

Market

Value

Momentum

Index

1

Nasdaq

Emerging

Market

Large

Mid

Cap

Index

2

MSCI

Emerging

Markets

Select

Value

Momentum

Blend

Index

3

MSCI

Emerging

Markets

Index

4

7/1/22-10/31/22*

-9.03%

-10.04%

N/A

N/A

-8.33%

-14.31%

11/1/22-6/30/23*

18.51%

18.22%

19.83%

21.31%

N/A

N/A

One

Year

7.80%

6.35%

N/A

N/A

7.00%

1.75%

Five

Year

1.19%

1.12%

N/A

N/A

1.57%

0.93%

Since

Inception

0.03%

0.01%

N/A

N/A

N/A

N/A

16

VictoryShares

Emerging

Markets

Value

Momentum

ETF

Investment

Overview

(continued)

(Unaudited)

index

does

not

include

the

effect

of

sales

charges,

commissions,

expenses,

or

taxes,

is

not

representative

of

the

Fund,

and

it

is

not

possible

to

invest

directly

in

an

index.

The

graph

reflects

investment

growth

of

a

hypothetical

$10,000

investment

in

the

Fund. 

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

shares. 

Past

performance

is

not

indicative

of

future

results.

17

Victory

Portfolios

II

VictoryShares

US

Value

Momentum

ETF

June

30,

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*:

June

30,

2023

(%

of

Net

Assets)

Sector

Allocation*:

June

30,

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.

The

J.M.

Smucker

Co.

1.4%

The

Hershey

Co.

1.2%

Berkshire

Hathaway,

Inc.,

Class

B

1.2%

Kellogg

Co.

1.1%

Merck

&

Co.,

Inc.

1.1%

International

Business

Machines

Corp.

1.1%

O'Reilly

Automotive,

Inc.

1.1%

Quest

Diagnostics,

Inc.

1.1%

Genuine

Parts

Co.

1.1%

Cardinal

Health,

Inc.

1.0%

18

Victory

Portfolios

II

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

June

30,

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*:

June

30,

2023

(%

of

Net

Assets)

Sector

Allocation*:

June

30,

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.

Science

Applications

International

Corp.

0.6%

BWX

Technologies,

Inc.

0.6%

NNN

REIT,

Inc.

0.6%

Post

Holdings,

Inc.

0.6%

Agree

Realty

Corp.

0.6%

CACI

International,

Inc.,

Class

A

0.6%

Ingredion,

Inc.

0.5%

Curtiss-Wright

Corp.

0.5%

Dolby

Laboratories,

Inc.,

Class

A

0.5%

Parsons

Corp.

0.5%

19

Victory

Portfolios

II

VictoryShares

International

Value

Momentum

ETF

June

30,

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*:

June

30,

2023

(%

of

Net

Assets)

Sector

Allocation*:

June

30,

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.

Henkel

AG

And

Co.

KGaA,

Preference

Shares

0.9%

Deutsche

Telekom

AG

0.9%

Orange

SA

0.8%

ACS

Actividades

de

Construccion

y

Servicios

SA

0.8%

Empire

Co.

Ltd.,

Class

A

0.8%

Loblaw

Cos.

Ltd.

0.8%

Canadian

Utilities

Ltd.,

Class

A

0.8%

Restaurant

Brands

International,

Inc.

0.8%

Imperial

Brands

PLC

0.8%

George

Weston

Ltd.

0.7%

20

Victory

Portfolios

II

VictoryShares

Emerging

Markets

Value

Momentum

ETF

June

30,

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*:

June

30,

2023

(%

of

Net

Assets)

Sector

Allocation*:

June

30,

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.

Malayan

Banking

Bhd

1.5%

RHB

Bank

Bhd

1.3%

Far

EasTone

Telecommunications

Co.

Ltd.

1.2%

Sun

Pharmaceutical

Industries

Ltd.

1.2%

Pegatron

Corp.

1.2%

Hon

Hai

Precision

Industry

Co.

Ltd.

1.2%

Compal

Electronics,

Inc.

1.1%

Chicony

Electronics

Co.

Ltd.

1.1%

Charoen

Pokphand

Foods

PCL

1.1%

PT

Indofood

Sukses

Makmur

Tbk

1.0%

Schedule

of

Portfolio

Investments

June

30,

2023

Victory

Portfolios

II

VictoryShares

US

Value

Momentum

ETF

21

See

notes

to

financial

statements.

Security

Description

Shares

Value

Common

Stocks

(99.4%)

Communication

Services

(4.6%):

Alphabet,

Inc.

,

Class

A

(a)

.................................................

9,162

$

1,096,691

AT&T,

Inc.

...........................................................

96,510

1,539,335

Fox

Corp.

,

Class

A

......................................................

45,321

1,540,914

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

C

(a)

............................

19,901

1,498,147

Meta

Platforms,

Inc.

,

Class

A

(a)

............................................

2,665

764,802

Omnicom

Group,

Inc.

....................................................

18,913

1,799,572

Paramount

Global

,

Class

B

................................................

43,256

688,203

8,927,664

Consumer

Discretionary

(11.6%):

AutoZone,

Inc.

(a)

.......................................................

760

1,894,954

Best

Buy

Co.,

Inc.

......................................................

15,809

1,295,548

D.R.

Horton,

Inc.

.......................................................

11,470

1,395,784

Ford

Motor

Co.

........................................................

81,904

1,239,208

General

Motors

Co.

.....................................................

33,187

1,279,691

Genuine

Parts

Co.

......................................................

12,083

2,044,806

Lennar

Corp.

,

Class

A

....................................................

11,693

1,465,250

LKQ

Corp.

...........................................................

31,950

1,861,727

NVR,

Inc.

(a)

..........................................................

257

1,632,109

O'Reilly

Automotive,

Inc.

(a)

...............................................

2,181

2,083,509

PulteGroup,

Inc.

........................................................

18,058

1,402,745

Ross

Stores,

Inc.

.......................................................

14,194

1,591,573

Starbucks

Corp.

........................................................

15,105

1,496,301

Ulta

Beauty,

Inc.

(a)

.....................................................

3,639

1,712,495

22,395,700

Consumer

Staples

(8.0%):

Dollar

Tree,

Inc.

(a)

......................................................

9,937

1,425,960

General

Mills,

Inc.

......................................................

24,220

1,857,674

Kellogg

Co.

...........................................................

32,437

2,186,254

The

Hershey

Co.

.......................................................

8,954

2,235,814

The

J.M.

Smucker

Co.

...................................................

17,551

2,591,756

The

Kraft

Heinz

Co.

.....................................................

56,425

2,003,087

The

Kroger

Co.

........................................................

37,702

1,771,994

Tyson

Foods,

Inc.

,

Class

A

................................................

27,517

1,404,468

15,477,007

Energy

(3.9%):

Chevron

Corp.

.........................................................

9,933

1,562,958

Exxon

Mobil

Corp.

.....................................................

13,785

1,478,441

Marathon

Oil

Corp.

.....................................................

42,209

971,651

Marathon

Petroleum

Corp.

................................................

10,849

1,264,993

Occidental

Petroleum

Corp.

...............................................

20,352

1,196,698

Valero

Energy

Corp.

.....................................................

9,453

1,108,837

7,583,578

Financials

(12.7%):

Aflac,

Inc.

............................................................

27,956

1,951,329

American

International

Group,

Inc.

..........................................

25,605

1,473,312

Arch

Capital

Group

Ltd.

(a)

................................................

19,495

1,459,201

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

.........................................

6,538

2,229,458

Capital

One

Financial

Corp.

...............................................

9,547

1,044,155

Chubb

Ltd.

...........................................................

9,967

1,919,246

Citigroup,

Inc.

.........................................................

31,304

1,441,236

Corebridge

Financial,

Inc.

.................................................

67,857

1,198,355

Everest

Re

Group

Ltd.

...................................................

3,898

1,332,570

Loews

Corp.

..........................................................

32,065

1,904,020

MetLife,

Inc.

..........................................................

28,816

1,628,968

Principal

Financial

Group,

Inc.

.............................................

20,355

1,543,723

Prudential

Financial,

Inc.

.................................................

17,759

1,566,699

Regions

Financial

Corp.

..................................................

67,462

1,202,173

Synchrony

Financial

.....................................................

32,526

1,103,282

Victory

Portfolios

II

VictoryShares

US

Value

Momentum

ETF

22

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

The

Allstate

Corp.

......................................................

12,353

$

1,346,971

24,344,698

Health

Care

(16.4%):

AbbVie,

Inc.

..........................................................

13,530

1,822,897

Amgen,

Inc.

...........................................................

8,713

1,934,460

Biogen,

Inc.

(a)

.........................................................

2,675

761,974

Cardinal

Health,

Inc.

....................................................

21,295

2,013,868

Centene

Corp.

(a)

.......................................................

22,600

1,524,370

Elevance

Health,

Inc.

....................................................

3,749

1,665,643

Eli

Lilly

&

Co.

.........................................................

3,838

1,799,945

Gilead

Sciences,

Inc.

....................................................

21,323

1,643,364

HCA

Healthcare,

Inc.

....................................................

5,729

1,738,637

Hologic,

Inc.

(a)

........................................................

21,533

1,743,527

Humana,

Inc.

..........................................................

3,216

1,437,970

Laboratory

Corp.

of

America

Holdings

........................................

7,512

1,812,871

Merck

&

Co.,

Inc.

......................................................

18,764

2,165,178

Moderna,

Inc.

(a)

.......................................................

5,969

725,234

Pfizer,

Inc.

............................................................

48,190

1,767,609

Quest

Diagnostics,

Inc.

...................................................

14,610

2,053,582

The

Cigna

Group

.......................................................

6,709

1,882,545

Vertex

Pharmaceuticals,

Inc.

(a)

.............................................

4,709

1,657,144

Viatris,

Inc.

...........................................................

139,954

1,396,741

31,547,559

Industrials

(11.2%):

Cummins,

Inc.

.........................................................

7,914

1,940,196

FedEx

Corp.

..........................................................

4,897

1,213,966

General

Electric

Co.

.....................................................

14,301

1,570,965

HEICO

Corp.

..........................................................

9,570

1,693,316

Leidos

Holdings,

Inc.

....................................................

19,389

1,715,539

Lockheed

Martin

Corp.

...................................................

4,169

1,919,324

Northrop

Grumman

Corp.

.................................................

3,525

1,606,695

PACCAR,

Inc.

.........................................................

23,659

1,979,075

Quanta

Services,

Inc.

....................................................

7,711

1,514,826

Snap-on,

Inc.

..........................................................

6,810

1,962,574

U-Haul

Holding

Co.

(b)

...................................................

20,514

1,134,835

United

Rentals,

Inc.

.....................................................

3,106

1,383,319

Westinghouse

Air

Brake

Technologies

Corp.

....................................

18,077

1,982,505

21,617,135

Information

Technology

(11.5%):

Analog

Devices,

Inc.

....................................................

7,275

1,417,243

Aspen

Technology,

Inc.

(a)

.................................................

5,593

937,443

Broadcom,

Inc.

........................................................

1,523

1,321,096

Cadence

Design

Systems,

Inc.

(a)

............................................

5,251

1,231,464

First

Solar,

Inc.

(a)

......................................................

3,615

687,175

Gartner,

Inc.

(a)

........................................................

4,506

1,578,497

Hewlett

Packard

Enterprise

Co.

.............................................

95,238

1,599,998

HP,

Inc.

..............................................................

45,853

1,408,146

Intel

Corp.

............................................................

32,838

1,098,103

International

Business

Machines

Corp.

........................................

15,725

2,104,162

KLA

Corp.

...........................................................

2,329

1,129,611

Micron

Technology,

Inc.

..................................................

14,334

904,619

NVIDIA

Corp.

.........................................................

1,829

773,704

ON

Semiconductor

Corp.

(a)

...............................................

9,775

924,519

Oracle

Corp.

..........................................................

15,356

1,828,746

Skyworks

Solutions,

Inc.

.................................................

10,057

1,113,209

Synopsys,

Inc.

(a)

.......................................................

2,604

1,133,808

Western

Digital

Corp.

(a)

..................................................

22,903

868,711

22,060,254

Materials

(5.7%):

Corteva,

Inc.

..........................................................

29,374

1,683,130

Victory

Portfolios

II

VictoryShares

US

Value

Momentum

ETF

23

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

DuPont

de

Nemours,

Inc.

.................................................

21,470

$

1,533,817

LyondellBasell

Industries

NV

,

Class

A

........................................

15,936

1,463,403

Nucor

Corp.

...........................................................

7,516

1,232,474

Reliance

Steel

&

Aluminum

Co.

............................................

6,074

1,649,638

Steel

Dynamics,

Inc.

.....................................................

10,307

1,122,741

The

Mosaic

Co.

........................................................

30,286

1,060,010

Westlake

Corp.

........................................................

10,763

1,285,855

11,031,068

Real

Estate

(6.3%):

Gaming

and

Leisure

Properties,

Inc.

.........................................

39,475

1,912,959

Kimco

Realty

Corp.

.....................................................

76,595

1,510,453

Realty

Income

Corp.

....................................................

33,679

2,013,667

Ventas,

Inc.

...........................................................

31,524

1,490,139

VICI

Properties,

Inc.

....................................................

59,866

1,881,588

Weyerhaeuser

Co.

......................................................

47,658

1,597,020

WP

Carey,

Inc.

.........................................................

25,878

1,748,318

12,154,144

Utilities

(7.5%):

Atmos

Energy

Corp.

.....................................................

14,845

1,727,067

CenterPoint

Energy,

Inc.

..................................................

64,410

1,877,551

Consolidated

Edison,

Inc.

.................................................

21,201

1,916,570

DTE

Energy

Co.

.......................................................

16,851

1,853,947

Edison

International

.....................................................

22,702

1,576,654

Exelon

Corp.

..........................................................

42,154

1,717,354

PPL

Corp.

............................................................

72,317

1,913,508

Sempra

Energy

........................................................

12,345

1,797,309

14,379,960

Total

Common

Stocks

(Cost

$182,336,223)

191,518,767

Collateral

for

Securities

Loaned

(0.6%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.02

%

(c)

........

272,373

272,373

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.02

%

(c)

............

272,373

272,373

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.08

%

(c)

...............

272,373

272,373

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.04

%

(c)

.

272,373

272,373

Total

Collateral

for

Securities

Loaned

(Cost

$1,089,492)

1,089,492

Total

Investments

(Cost

$183,425,715)

—

100.0%

192,608,259

Liabilities

in

excess

of

other

assets

—

0.0%(d)

(

39,985

)

NET

ASSETS

-

100.00%

$

192,568,274

^

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

June

30,

2023.

(d)

Amount

represents

less

than

0.05%

of

net

assets.

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

E-Mini

S&P

500

Futures

..............

4

9/15/23

$

876,312

$

897,650

$

21,338

Total

unrealized

appreciation

$

21,338

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

21,338

Schedule

of

Portfolio

Investments

June

30,

2023

Victory

Portfolios

II

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

24

See

notes

to

financial

statements.

Security

Description

Shares

Value

Common

Stocks

(99.5%)

Communication

Services

(1.5%):

Bumble,

Inc.

,

Class

A

(a)

..................................................

30,163

$

506,135

DISH

Network

Corp.

,

Class

A

(a)

............................................

67,322

443,652

Iridium

Communications,

Inc.

..............................................

12,507

776,935

Lumen

Technologies,

Inc.

.................................................

215,426

486,863

Nexstar

Media

Group,

Inc.

................................................

5,097

848,905

Telephone

and

Data

Systems,

Inc.

...........................................

62,740

516,350

3,578,840

Consumer

Discretionary

(14.4%):

Academy

Sports

&

Outdoors,

Inc.

...........................................

12,178

658,221

Adtalem

Global

Education,

Inc.

(a)

...........................................

17,726

608,711

Asbury

Automotive

Group,

Inc.

(a)

...........................................

2,879

692,169

AutoNation,

Inc.

(a)

.....................................................

5,049

831,116

BorgWarner,

Inc.

.......................................................

19,408

949,245

Century

Communities,

Inc.

................................................

9,482

726,511

Deckers

Outdoor

Corp.

(a)

.................................................

1,680

886,469

Dick's

Sporting

Goods,

Inc.

................................................

4,967

656,588

Dillard's,

Inc.

,

Class

A

...................................................

2,089

681,599

Foot

Locker,

Inc.

.......................................................

18,801

509,695

Graham

Holdings

Co.

,

Class

B

.............................................

1,834

1,048,094

Grand

Canyon

Education,

Inc.

(a)

............................................

9,185

947,984

Green

Brick

Partners,

Inc.

(a)

...............................................

10,674

606,283

Group

1

Automotive,

Inc.

.................................................

3,139

810,176

H&R

Block,

Inc.

.......................................................

30,674

977,580

Harley-Davidson,

Inc.

...................................................

22,638

797,084

KB

Home

............................................................

16,690

863,040

Kohl's

Corp.

..........................................................

28,872

665,500

LCI

Industries

.........................................................

5,957

752,727

Levi

Strauss

&

Co.

,

Class

A

...............................................

46,803

675,367

M/I

Homes,

Inc.

(a)

......................................................

9,175

799,968

Macy's,

Inc.

...........................................................

39,181

628,855

MDC

Holdings,

Inc.

.....................................................

18,807

879,603

Meritage

Homes

Corp.

...................................................

6,097

867,420

Mohawk

Industries,

Inc.

(a)

................................................

6,610

681,888

Oxford

Industries,

Inc.

...................................................

6,267

616,798

Patrick

Industries,

Inc.

...................................................

10,415

833,200

Penske

Automotive

Group,

Inc.

.............................................

5,458

909,467

PVH

Corp.

...........................................................

6,036

512,879

Ralph

Lauren

Corp.

.....................................................

6,835

842,755

Service

Corp.

International

................................................

16,438

1,061,730

Signet

Jewelers

Ltd.

.....................................................

7,696

502,241

Skechers

USA,

Inc.

,

Class

A

(a)

.............................................

14,273

751,616

Sonic

Automotive,

Inc.

,

Class

A

............................................

14,177

675,818

Strategic

Education,

Inc.

..................................................

11,660

791,014

Stride,

Inc.

(a)

..........................................................

11,806

439,537

Taylor

Morrison

Home

Corp.

(a)

............................................

16,554

807,339

The

Buckle,

Inc.

........................................................

26,628

921,329

The

ODP

Corp.

(a)

......................................................

19,784

926,287

Toll

Brothers,

Inc.

......................................................

11,657

921,719

Tri

Pointe

Homes,

Inc.

(a)

.................................................

25,531

838,949

Visteon

Corp.

(a)

........................................................

5,356

769,175

Winnebago

Industries,

Inc.

................................................

12,043

803,148

33,126,894

Consumer

Staples

(4.7%):

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

........................................

15,851

998,771

Cal-Maine

Foods,

Inc.

...................................................

14,390

647,550

Coty,

Inc.

,

Class

A

(a)

....................................................

61,063

750,464

e.l.f.

Beauty,

Inc.

(a)

.....................................................

5,179

591,597

Hostess

Brands,

Inc.

(a)

...................................................

41,649

1,054,553

Ingredion,

Inc.

.........................................................

12,104

1,282,419

Inter

Parfums,

Inc.

......................................................

5,773

780,683

Victory

Portfolios

II

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

25

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Molson

Coors

Beverage

Co.

,

Class

B

.........................................

17,368

$

1,143,509

Post

Holdings,

Inc.

(a)

....................................................

15,058

1,304,776

Sprouts

Farmers

Market,

Inc.

(a)

............................................

20,279

744,848

TreeHouse

Foods,

Inc.

(a)

.................................................

22,946

1,156,019

United

Natural

Foods,

Inc.

(a)

..............................................

19,136

374,109

10,829,298

Energy

(5.9%):

Antero

Resources

Corp.

(a)

................................................

24,335

560,435

Arch

Resources,

Inc.

....................................................

5,542

624,916

California

Resources

Corp.

................................................

17,553

794,975

Comstock

Resources,

Inc.

.................................................

46,433

538,623

CONSOL

Energy,

Inc.

...................................................

9,100

617,071

CVR

Energy,

Inc.

.......................................................

21,685

649,683

DT

Midstream,

Inc.

.....................................................

21,492

1,065,358

Helix

Energy

Solutions

Group,

Inc.

(a)

........................................

77,283

570,348

HF

Sinclair

Corp.

.......................................................

15,313

683,113

International

Seaways,

Inc.

................................................

16,263

621,897

Kosmos

Energy

Ltd.

(a)

...................................................

73,291

439,013

Matador

Resources

Co.

...................................................

11,347

593,675

Murphy

Oil

Corp.

......................................................

17,096

654,777

PBF

Energy,

Inc.

,

Class

A

.................................................

12,968

530,910

PDC

Energy,

Inc.

.......................................................

8,042

572,108

Peabody

Energy

Corp.

...................................................

25,039

542,345

Permian

Resources

Corp.

.................................................

47,889

524,863

SM

Energy

Co.

........................................................

18,998

600,907

Tidewater,

Inc.

(a)

.......................................................

10,944

606,735

Transocean

Ltd.

(a)

(b)

....................................................

67,956

476,372

Weatherford

International

PLC

(a)

...........................................

10,211

678,215

World

Fuel

Services

Corp.

................................................

29,828

616,843

13,563,182

Financials

(13.4%):

AGNC

Investment

Corp.

.................................................

77,473

784,802

American

Equity

Investment

Life

Holding

Co.

..................................

14,580

759,764

Apollo

Commercial

Real

Estate

Finance,

Inc.

...................................

56,766

642,591

Associated

Banc-Corp.

...................................................

48,792

791,894

Assured

Guaranty

Ltd.

...................................................

17,600

982,080

Bread

Financial

Holdings,

Inc.

.............................................

17,199

539,877

Cannae

Holdings,

Inc.

(a)

.................................................

34,628

699,832

Chimera

Investment

Corp.

................................................

106,447

614,199

CNO

Financial

Group,

Inc.

................................................

36,658

867,695

Encore

Capital

Group,

Inc.

(a)

..............................................

20,881

1,015,234

Enstar

Group

Ltd.

(a)

....................................................

4,210

1,028,250

Federated

Hermes,

Inc.

...................................................

30,537

1,094,751

FNB

Corp.

............................................................

78,734

900,717

Genworth

Financial,

Inc.

(a)

................................................

124,044

620,220

Hilltop

Holdings,

Inc.

....................................................

25,875

814,028

Hope

Bancorp,

Inc.

.....................................................

87,085

733,256

International

Bancshares

Corp.

.............................................

21,478

949,328

Invesco

Ltd.

...........................................................

44,776

752,685

Jackson

Financial,

Inc.

,

Class

A

.............................................

18,528

567,142

Jefferies

Financial

Group,

Inc.

..............................................

24,341

807,391

Lincoln

National

Corp.

...................................................

19,898

512,572

MFA

Financial,

Inc.

.....................................................

55,252

621,032

MGIC

Investment

Corp.

..................................................

66,546

1,050,761

Mr.

Cooper

Group,

Inc.

(a)

.................................................

16,154

818,039

Navient

Corp.

.........................................................

49,566

920,936

New

York

Community

Bancorp,

Inc.

.........................................

43,056

483,949

Old

Republic

International

Corp.

............................................

45,940

1,156,310

PennyMac

Financial

Services,

Inc.

..........................................

10,301

724,263

PennyMac

Mortgage

Investment

Trust

........................................

59,622

803,705

PRA

Group,

Inc.

(a)

.....................................................

28,565

652,710

Prosperity

Bancshares,

Inc.

................................................

16,326

922,093

Victory

Portfolios

II

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

26

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Radian

Group,

Inc.

......................................................

36,498

$

922,669

Reinsurance

Group

of

America,

Inc.

.........................................

6,380

884,842

Rithm

Capital

Corp.

.....................................................

96,468

901,976

United

Bankshares,

Inc.

..................................................

28,723

852,211

Unum

Group

..........................................................

18,201

868,188

Voya

Financial,

Inc.

.....................................................

11,697

838,792

White

Mountains

Insurance

Group

Ltd.

.......................................

693

962,515

30,863,299

Health

Care

(13.7%):

Acadia

Healthcare

Co.,

Inc.

(a)

..............................................

12,862

1,024,330

AdaptHealth

Corp.

(a)

....................................................

46,218

562,473

Akero

Therapeutics,

Inc.

(a)

................................................

7,513

350,782

Amphastar

Pharmaceuticals,

Inc.

(a)

..........................................

15,779

906,819

Arcellx,

Inc.

(a)

........................................................

8,686

274,651

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

........................................

1,664

630,856

Catalyst

Pharmaceuticals,

Inc.

(a)

............................................

35,337

474,929

Certara,

Inc.

(a)

.........................................................

22,598

411,510

Corcept

Therapeutics,

Inc.

(a)

..............................................

30,827

685,901

Dynavax

Technologies

Corp.

(a)

.............................................

55,823

721,233

Embecta

Corp.

.........................................................

19,087

412,279

Encompass

Health

Corp.

..................................................

14,812

1,002,921

Enovis

Corp.

(a)

........................................................

15,562

997,835

Envista

Holdings

Corp.

(a)

.................................................

26,550

898,452

Evolent

Health,

Inc.

,

Class

A

(a)

.............................................

19,218

582,305

Haemonetics

Corp.

(a)

....................................................

10,305

877,368

Henry

Schein,

Inc.

(a)

....................................................

14,044

1,138,968

Hims

&

Hers

Health,

Inc.

(a)

...............................................

44,219

415,659

Immunovant,

Inc.

(a)

.....................................................

18,223

345,690

Ironwood

Pharmaceuticals,

Inc.

(a)

...........................................

82,227

874,895

Jazz

Pharmaceuticals

PLC

(a)

..............................................

7,750

960,768

Karuna

Therapeutics,

Inc.

(a)

...............................................

2,678

580,724

Lantheus

Holdings,

Inc.

(a)

................................................

5,759

483,295

Ligand

Pharmaceuticals,

Inc.

(a)

.............................................

7,075

510,108

Madrigal

Pharmaceuticals,

Inc.

(a)

...........................................

1,203

277,893

Masimo

Corp.

(a)

.......................................................

4,303

708,059

Neurocrine

Biosciences,

Inc.

(a)

.............................................

10,110

953,373

Option

Care

Health,

Inc.

(a)

................................................

23,501

763,547

Organon

&

Co.

........................................................

38,001

790,801

Penumbra,

Inc.

(a)

.......................................................

2,388

821,615

Perrigo

Co.

PLC

.......................................................

26,859

911,863

Pliant

Therapeutics,

Inc.

(a)

................................................

18,038

326,849

Premier,

Inc.

,

Class

A

....................................................

34,948

966,662

Prestige

Consumer

Healthcare,

Inc.

(a)

........................................

19,598

1,164,709

QuidelOrtho

Corp.

(a)

....................................................

7,480

619,793

Reata

Pharmaceuticals,

Inc.

,

Class

A

(a)

.......................................

3,719

379,189

Sarepta

Therapeutics,

Inc.

(a)

...............................................

3,002

343,789

Select

Medical

Holdings

Corp.

.............................................

24,723

787,675

Shockwave

Medical,

Inc.

(a)

...............................................

1,897

541,423

Supernus

Pharmaceuticals,

Inc.

(a)

...........................................

25,880

777,953

Tenet

Healthcare

Corp.

(a)

.................................................

6,586

535,969

TG

Therapeutics,

Inc.

(a)

..................................................

12,575

312,363

TransMedics

Group,

Inc.

(a)

................................................

5,613

471,380

United

Therapeutics

Corp.

(a)

..............................................

4,466

985,869

Universal

Health

Services,

Inc.

,

Class

B

.......................................

5,681

896,291

Vaxcyte,

Inc.

(a)

........................................................

6,764

337,794

Ventyx

Biosciences,

Inc.

(a)

................................................

11,694

383,563

Vir

Biotechnology,

Inc.

(a)

.................................................

21,007

515,302

31,698,475

Industrials

(18.7%):

AAON,

Inc.

...........................................................

7,888

747,861

AAR

Corp.

(a)

.........................................................

17,122

988,967

Air

Lease

Corp.

........................................................

22,697

949,869

Victory

Portfolios

II

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

27

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Air

Transport

Services

Group,

Inc.

(a)

.........................................

32,289

$

609,293

Allison

Transmission

Holdings,

Inc.

.........................................

19,426

1,096,792

Applied

Industrial

Technologies,

Inc.

.........................................

6,677

967,030

ArcBest

Corp.

.........................................................

6,927

684,388

Atkore,

Inc.

(a)

.........................................................

4,759

742,118

Avis

Budget

Group,

Inc.

(a)

................................................

2,750

628,842

Beacon

Roofing

Supply,

Inc.

(a)

.............................................

12,601

1,045,631

Boise

Cascade

Co.

......................................................

9,979

901,603

Builders

FirstSource,

Inc.

(a)

...............................................

5,172

703,392

BWX

Technologies,

Inc.

..................................................

19,060

1,364,124

CACI

International,

Inc.

,

Class

A

(a)

.........................................

3,715

1,266,221

CBIZ,

Inc.

(a)

..........................................................

22,178

1,181,644

Clean

Harbors,

Inc.

(a)

...................................................

6,226

1,023,741

Comfort

Systems

USA,

Inc.

...............................................

4,819

791,280

CoreCivic,

Inc.

(a)

......................................................

70,275

661,288

Crane

NXT

Co.

........................................................

16,477

929,962

Curtiss-Wright

Corp.

....................................................

6,777

1,244,664

EMCOR

Group,

Inc.

....................................................

5,560

1,027,377

Encore

Wire

Corp.

......................................................

3,724

692,403

Esab

Corp.

............................................................

12,727

846,855

FTI

Consulting,

Inc.

(a)

...................................................

3,872

736,454

GATX

Corp.

..........................................................

8,494

1,093,518

GMS,

Inc.

(a)

..........................................................

10,499

726,531

GrafTech

International

Ltd.

................................................

97,073

489,248

Granite

Construction,

Inc.

.................................................

21,942

872,853

Griffon

Corp.

..........................................................

19,862

800,439

Hertz

Global

Holdings,

Inc.

(a)

.............................................

38,926

715,849

Hub

Group,

Inc.

,

Class

A

(a)

...............................................

11,143

895,006

KBR,

Inc.

............................................................

17,176

1,117,471

Knight-Swift

Transportation

Holdings,

Inc.

....................................

14,979

832,233

Matson,

Inc.

..........................................................

8,985

698,404

Moog,

Inc.

,

Class

A

.....................................................

10,201

1,106,094

Mueller

Industries,

Inc.

...................................................

10,460

912,949

MYR

Group,

Inc.

(a)

.....................................................

5,420

749,803

Owens

Corning

........................................................

7,295

951,997

Parsons

Corp.

(a)

.......................................................

25,261

1,216,065

Rush

Enterprises,

Inc.

,

Class

A

.............................................

18,422

1,118,952

Ryder

System,

Inc.

......................................................

9,331

791,175

Schneider

National,

Inc.

,

Class

B

............................................

33,941

974,786

Science

Applications

International

Corp.

......................................

12,548

1,411,399

SPX

Technologies,

Inc.

(a)

.................................................

8,419

715,362

The

GEO

Group,

Inc.

(a)

..................................................

68,221

488,462

UFP

Industries,

Inc.

.....................................................

9,647

936,241

Veritiv

Corp.

..........................................................

5,331

669,627

Werner

Enterprises,

Inc.

..................................................

21,697

958,573

43,074,836

Information

Technology

(10.2%):

Agilysys,

Inc.

(a)

.......................................................

7,974

547,335

Allegro

MicroSystems,

Inc.

(a)

..............................................

15,990

721,789

Amkor

Technology,

Inc.

..................................................

24,543

730,154

Arrow

Electronics,

Inc.

(a)

.................................................

7,304

1,046,152

Avnet,

Inc.

............................................................

22,677

1,144,055

Axcelis

Technologies,

Inc.

(a)

..............................................

3,495

640,738

Belden,

Inc.

...........................................................

9,804

937,753

Cirrus

Logic,

Inc.

(a)

.....................................................

9,106

737,677

Dell

Technologies,

Inc.

,

Class

C

............................................

17,449

944,165

Diodes,

Inc.

(a)

.........................................................

7,156

661,858

Dolby

Laboratories,

Inc.

,

Class

A

...........................................

14,717

1,231,519

DXC

Technology

Co.

(a)

..................................................

27,359

731,033

Impinj,

Inc.

(a)

.........................................................

3,413

305,975

Insight

Enterprises,

Inc.

(a)

................................................

7,287

1,066,380

IPG

Photonics

Corp.

(a)

...................................................

7,017

953,049

Jabil,

Inc.

............................................................

10,197

1,100,562

Victory

Portfolios

II

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

28

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Lattice

Semiconductor

Corp.

(a)

.............................................

6,542

$

628,490

NCR

Corp.

(a)

.........................................................

23,930

603,036

NetScout

Systems,

Inc.

(a)

.................................................

26,565

822,187

Onto

Innovation,

Inc.

(a)

..................................................

5,785

673,779

OSI

Systems,

Inc.

(a)

.....................................................

7,832

922,845

Plexus

Corp.

(a)

........................................................

9,259

909,604

Progress

Software

Corp.

..................................................

19,021

1,105,120

Rambus,

Inc.

(a)

........................................................

9,990

641,058

Sanmina

Corp.

(a)

.......................................................

14,661

883,618

Super

Micro

Computer,

Inc.

(a)

.............................................

1,571

391,572

TD

SYNNEX

Corp.

.....................................................

10,214

960,116

Vishay

Intertechnology,

Inc.

...............................................

27,933

821,230

Xerox

Holdings

Corp.

...................................................

40,424

601,913

23,464,762

Materials

(5.2%):

Alpha

Metallurgical

Resources,

Inc.

..........................................

4,015

659,905

Carpenter

Technology

Corp.

...............................................

12,306

690,736

Commercial

Metals

Co.

..................................................

17,153

903,277

Graphic

Packaging

Holding

Co.

............................................

39,568

950,819

Greif,

Inc.

,

Class

A

......................................................

14,851

1,023,085

Louisiana-Pacific

Corp.

..................................................

11,429

856,947

NewMarket

Corp.

......................................................

2,825

1,135,989

O-I

Glass,

Inc.

(a)

.......................................................

31,200

665,496

Orion

SA

.............................................................

27,678

587,327

Ryerson

Holding

Corp.

...................................................

13,836

600,206

Silgan

Holdings,

Inc.

....................................................

24,284

1,138,677

Sylvamo

Corp.

.........................................................

18,612

752,855

United

States

Steel

Corp.

.................................................

26,321

658,288

Warrior

Met

Coal,

Inc.

...................................................

18,209

709,241

Westrock

Co.

..........................................................

25,773

749,221

12,082,069

Real

Estate

(7.9%):

Agree

Realty

Corp.

.....................................................

19,837

1,297,141

Apartment

Investment

and

Management

Co.

....................................

95,984

817,784

Apple

Hospitality

REIT,

Inc.

...............................................

64,753

978,418

Corporate

Office

Properties

Trust

............................................

41,403

983,321

EPR

Properties

........................................................

21,181

991,271

Equity

Commonwealth

...................................................

46,390

939,861

Four

Corners

Property

Trust,

Inc.

............................................

46,825

1,189,355

Getty

Realty

Corp.

......................................................

32,467

1,098,034

Global

Net

Lease,

Inc.

...................................................

77,595

797,677

InvenTrust

Properties

Corp.

...............................................

39,600

916,344

LTC

Properties,

Inc.

.....................................................

34,311

1,132,949

National

Health

Investors,

Inc.

.............................................

17,873

936,903

NNN

REIT,

Inc.

........................................................

31,231

1,336,375

Omega

Healthcare

Investors,

Inc.

...........................................

29,929

918,521

Paramount

Group,

Inc.

...................................................

152,277

674,587

Phillips

Edison

&

Co.,

Inc.

................................................

33,618

1,145,701

Sabra

Health

Care

REIT,

Inc.

..............................................

66,554

783,341

SL

Green

Realty

Corp.

(b)

.................................................

22,707

682,345

The

Macerich

Co.

......................................................

61,266

690,468

18,310,396

Utilities

(3.9%):

Clearway

Energy,

Inc.

,

Class

C

.............................................

35,223

1,005,969

New

Jersey

Resources

Corp.

...............................................

22,086

1,042,459

Northwest

Natural

Holding

Co.

.............................................

24,205

1,042,025

OGE

Energy

Corp.

......................................................

32,641

1,172,138

Otter

Tail

Corp.

........................................................

10,507

829,633

Pinnacle

West

Capital

Corp.

...............................................

14,278

1,163,086

Spire,

Inc.

............................................................

15,849

1,005,461

UGI

Corp.

............................................................

30,064

810,826

Victory

Portfolios

II

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

29

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Vistra

Corp.

...........................................................

31,093

$

816,191

8,887,788

Total

Common

Stocks

(Cost

$208,779,914)

229,479,839

Rights

(0.0%)(c)

Health

Care

(0.0%):(c)

Achillion

Pharmaceuticals,

CVR

(a)

(d)

........................................

17,954

4,129

Total

Rights

(Cost

$–)

4,129

Collateral

for

Securities

Loaned

(0.4%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.02

%

(e)

........

237,107

237,107

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.02

%

(e)

............

237,107

237,107

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.08

%

(e)

...............

237,107

237,107

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.04

%

(e)

.

237,107

237,107

Total

Collateral

for

Securities

Loaned

(Cost

$948,428)

948,428

Total

Investments

(Cost

$209,728,342)

—

99.9%

230,432,396

Other

assets

in

excess

of

liabilities

—

0.1%

227,287

NET

ASSETS

-

100.00%

$

230,659,683

^

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)

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

June

30,

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

......

10

9/15/23

$

945,212

$

951,850

$

6,638

Total

unrealized

appreciation

$

6,638

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

6,638

Schedule

of

Portfolio

Investments

June

30,

2023

Victory

Portfolios

II

VictoryShares

International

Value

Momentum

ETF

30

See

notes

to

financial

statements.

Security

Description

Shares

Value

Common

Stocks

(98.6%)

Australia

(2.6%):

Energy

(0.7%):

Whitehaven

Coal

Ltd.

....................................................

133,406

$

596,173

Worley,

Ltd.

...........................................................

99,103

1,042,182

1,638,355

Industrials

(0.7%):

Brambles

Ltd.

.........................................................

180,334

1,730,678

Materials

(0.7%):

Rio

Tinto

Ltd.

.........................................................

14,535

1,110,236

South32

Ltd.

..........................................................

291,760

730,614

1,840,850

Real

Estate

(0.5%):

Vicinity

Centres

........................................................

994,800

1,222,382

6,432,265

Austria

(1.4%):

Energy

(0.4%):

OMV

AG

............................................................

23,276

986,394

Financials

(0.5%):

Raiffeisen

Bank

International

AG

...........................................

72,547

1,149,341

Materials

(0.5%):

voestalpine

AG

........................................................

34,809

1,249,540

3,385,275

Belgium

(0.5%):

Financials

(0.5%):

Ageas

SA

............................................................

30,290

1,226,459

Canada

(7.7%):

Consumer

Discretionary

(0.8%):

Restaurant

Brands

International,

Inc.(a)

.......................................

24,544

1,903,151

Consumer

Staples

(2.3%):

Empire

Co.

Ltd.,

Class

A

.................................................

70,271

1,996,299

George

Weston

Ltd.

.....................................................

15,943

1,885,092

Loblaw

Cos.

Ltd.

.......................................................

21,365

1,956,173

5,837,564

Energy

(0.4%):

Tourmaline

Oil

Corp.

....................................................

21,856

1,029,935

Financials

(1.1%):

Element

Fleet

Management

Corp.

...........................................

80,895

1,232,418

Fairfax

Financial

Holdings

Ltd.

.............................................

1,899

1,422,587

2,655,005

Information

Technology

(0.7%):

CGI,

Inc.(b)

...........................................................

17,415

1,836,687

Materials

(0.9%):

Teck

Resources

Ltd.,

Class

B

..............................................

18,837

792,673

West

Fraser

Timber

Co.

Ltd.

...............................................

15,730

1,351,526

2,144,199

Real

Estate

(0.7%):

RioCan

Real

Estate

Investment

Trust

.........................................

121,597

1,769,886

Victory

Portfolios

II

VictoryShares

International

Value

Momentum

ETF

31

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Utilities

(0.8%):

Canadian

Utilities

Ltd.,

Class

A

.............................................

73,834

$

1,912,460

19,088,887

Denmark

(0.9%):

Health

Care

(0.5%):

Novo

Nordisk

A/S,

Class

B

................................................

8,619

1,388,894

Industrials

(0.4%):

AP

Moller

-

Maersk

A/S,

Class

B

...........................................

519

910,960

2,299,854

Finland

(0.5%):

Health

Care

(0.5%):

Orion

Oyj,

Class

B

......................................................

30,654

1,271,634

France

(7.8%):

Communication

Services

(2.1%):

Bollore

SE

............................................................

260,974

1,625,909

Orange

SA

............................................................

172,137

2,010,027

Vivendi

SE

...........................................................

162,770

1,492,886

5,128,822

Consumer

Discretionary

(0.5%):

Renault

SA

...........................................................

27,421

1,154,272

Consumer

Staples

(0.5%):

Carrefour

SA

..........................................................

71,138

1,347,067

Health

Care

(1.2%):

Ipsen

SA

.............................................................

11,230

1,350,281

Sanofi

...............................................................

15,719

1,684,221

3,034,502

Industrials

(1.9%):

Bouygues

SA

..........................................................

50,544

1,696,363

Eiffage

SA

............................................................

16,263

1,696,018

Thales

SA

............................................................

9,288

1,390,398

4,782,779

Real

Estate

(0.9%):

Covivio

..............................................................

21,757

1,025,049

Klepierre

SA

..........................................................

46,197

1,145,209

2,170,258

Utilities

(0.7%):

Engie

SA

.............................................................

98,929

1,643,725

19,261,425

Germany

(9.6%):

Communication

Services

(0.9%):

Deutsche

Telekom

AG

...................................................

96,597

2,105,402

Consumer

Discretionary

(2.2%):

Bayerische

Motoren

Werke

AG

.............................................

13,252

1,626,949

Mercedes-Benz

Group

AG

................................................

16,306

1,310,693

Porsche

Automobil

Holding

SE,

Preference

Shares(b)

.............................

20,225

1,217,238

Volkswagen

AG,

Preference

Shares

..........................................

9,174

1,230,594

5,385,474

Consumer

Staples

(0.9%):

Henkel

AG

And

Co.

KGaA,

Preference

Shares

..................................

28,154

2,250,452

Financials

(1.4%):

Commerzbank

AG

......................................................

78,241

866,489

Deutsche

Bank

AG,

Registered

Shares

........................................

89,773

942,092

Victory

Portfolios

II

VictoryShares

International

Value

Momentum

ETF

32

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen,

Class

R

...............

4,574

$

1,714,795

3,523,376

Health

Care

(1.4%):

Fresenius

Medical

Care

AG

&

Co.

KGaA

......................................

23,741

1,133,805

Fresenius

SE

&

Co.

KGaA

................................................

41,349

1,144,585

Merck

KGaA

..........................................................

6,952

1,149,552

3,427,942

Industrials

(0.9%):

Hochtief

AG

..........................................................

16,171

1,397,413

Rheinmetall

AG

........................................................

3,356

918,359

2,315,772

Materials

(0.6%):

HeidelbergCement

AG

...................................................

17,473

1,433,666

Utilities

(1.3%):

E.ON

SE

.............................................................

124,076

1,581,224

RWE

AG

.............................................................

35,241

1,533,053

3,114,277

23,556,361

Greece

(0.6%):

Consumer

Discretionary

(0.6%):

OPAP

SA

.............................................................

90,212

1,572,910

Hong

Kong

(4.5%):

Consumer

Staples

(0.3%):

WH

Group

Ltd.(c)

......................................................

1,743,289

923,293

Industrials

(0.5%):

CK

Hutchison

Holdings

Ltd.

...............................................

194,073

1,185,139

Real

Estate

(3.7%):

CK

Asset

Holdings

Ltd.

..................................................

206,777

1,145,287

Hang

Lung

Properties

Ltd.

................................................

468,000

722,692

Henderson

Land

Development

Co.

Ltd.

.......................................

288,475

857,801

Hongkong

Land

Holdings

Ltd.

.............................................

251,900

982,410

New

World

Development

Co.

Ltd.

...........................................

267,000

656,962

Sino

Land

Co.

Ltd.

......................................................

734,725

902,970

Sun

Hung

Kai

Properties

Ltd.

..............................................

91,002

1,146,279

Swire

Pacific

Ltd.,

Class

A

................................................

146,610

1,123,567

The

Wharf

Holdings

Ltd.

.................................................

320,715

762,116

Wharf

Real

Estate

Investment

Co.

Ltd.

........................................

161,801

808,416

9,108,500

11,216,932

Ireland

(0.4%):

Financials

(0.4%):

AIB

Group

PLC

........................................................

225,087

945,527

Italy

(2.5%):

Financials

(1.5%):

Banco

BPM

SpA

.......................................................

252,992

1,173,164

Intesa

Sanpaolo

SpA

.....................................................

520,113

1,361,983

UniCredit

SpA

.........................................................

47,164

1,094,306

3,629,453

Industrials

(0.5%):

Leonardo

SpA

.........................................................

102,953

1,167,686

Utilities

(0.5%):

A2A

SpA

.............................................................

748,734

1,366,741

6,163,880

Victory

Portfolios

II

VictoryShares

International

Value

Momentum

ETF

33

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Japan

(26.0%):

Communication

Services

(1.1%):

Capcom

Co.

Ltd.

.......................................................

13,500

$

532,870

Dentsu

Group,

Inc.(a)

....................................................

19,300

630,447

Nexon

Co.

Ltd.

........................................................

26,500

504,543

Nippon

Telegraph

&

Telephone

Corp.

........................................

860,000

1,016,288

2,684,148

Consumer

Discretionary

(3.2%):

Aisin

Corp.

...........................................................

26,000

797,768

Bridgestone

Corp.(a)

....................................................

18,800

767,740

Honda

Motor

Co.

Ltd.

...................................................

23,400

704,044

Iida

Group

Holdings

Co.

Ltd.

..............................................

42,800

719,662

Isuzu

Motors

Ltd.

.......................................................

53,900

650,028

Mazda

Motor

Corp.

.....................................................

50,300

485,813

Mitsubishi

Motors

Corp.

..................................................

98,400

341,754

Sekisui

House

Ltd.

......................................................

43,300

871,972

Subaru

Corp.

..........................................................

31,000

580,767

Sumitomo

Electric

Industries

Ltd.

...........................................

63,600

774,502

Suzuki

Motor

Corp.

.....................................................

17,500

630,839

Yamaha

Motor

Co.

Ltd.(a)

................................................

21,500

614,243

7,939,132

Consumer

Staples

(2.1%):

Japan

Tobacco,

Inc.(a)

...................................................

36,000

786,720

Kirin

Holdings

Co.

Ltd.(a)

................................................

62,500

910,339

MEIJI

Holdings

Co.

Ltd.

.................................................

40,540

904,198

Nissin

Foods

Holdings

Co.

Ltd.

.............................................

8,742

721,633

Suntory

Beverage

&

Food

Ltd.

.............................................

16,300

588,825

Toyo

Suisan

Kaisha

Ltd.

..................................................

12,800

576,923

Yakult

Honsha

Co.

Ltd.

..................................................

10,282

648,861

5,137,499

Energy

(0.8%):

ENEOS

Holdings,

Inc.

...................................................

224,900

770,658

Idemitsu

Kosan

Co.

Ltd.

..................................................

32,500

650,090

Inpex

Corp.(a)

.........................................................

46,800

518,342

1,939,090

Financials

(4.1%):

Concordia

Financial

Group

Ltd.

............................................

127,400

496,779

Dai-ichi

Life

Holdings,

Inc.

...............................................

28,200

535,151

Japan

Post

Holdings

Co.

Ltd.

..............................................

98,100

704,745

Japan

Post

Insurance

Co.

Ltd.

..............................................

39,100

587,123

Mitsubishi

HC

Capital,

Inc.

................................................

165,100

977,807

Mitsubishi

UFJ

Financial

Group,

Inc.

.........................................

77,600

572,803

Mizuho

Financial

Group,

Inc.

..............................................

42,800

652,323

MS&AD

Insurance

Group

Holdings,

Inc.

......................................

19,500

688,744

Nomura

Holdings,

Inc.

...................................................

192,700

730,839

ORIX

Corp.

...........................................................

36,800

666,343

Resona

Holdings,

Inc.

....................................................

101,000

483,229

SBI

Holdings,

Inc.

......................................................

38,600

740,672

Sumitomo

Mitsui

Financial

Group,

Inc.

.......................................

14,500

618,973

Sumitomo

Mitsui

Trust

Holdings,

Inc.

........................................

17,000

602,447

The

Chiba

Bank

Ltd.

....................................................

80,900

490,009

Tokio

Marine

Holdings,

Inc.

...............................................

26,900

618,059

10,166,046

Health

Care

(1.4%):

Astellas

Pharma,

Inc.

....................................................

50,000

744,733

Daiichi

Sankyo

Co.

Ltd.

..................................................

15,600

491,960

Eisai

Co.

Ltd.

..........................................................

5,900

397,641

Otsuka

Holdings

Co.

Ltd.(a)

...............................................

22,100

807,382

Victory

Portfolios

II

VictoryShares

International

Value

Momentum

ETF

34

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Takeda

Pharmaceutical

Co.

Ltd.

............................................

28,100

$

881,679

3,323,395

Industrials

(6.1%):

AGC,

Inc.(a)

..........................................................

19,500

697,799

Dai

Nippon

Printing

Co.

Ltd.

..............................................

15,900

449,405

Hankyu

Hanshin

Holdings,

Inc.

.............................................

26,600

876,650

IHI

Corp.

.............................................................

22,700

611,711

ITOCHU

Corp.

........................................................

18,200

717,379

Kajima

Corp.

..........................................................

43,800

658,761

Kawasaki

Kisen

Kaisha

Ltd.

...............................................

15,300

373,168

Komatsu

Ltd.

..........................................................

28,100

755,864

Marubeni

Corp.

........................................................

35,900

607,125

Mitsubishi

Corp.

.......................................................

14,500

696,458

Mitsubishi

Electric

Corp.

.................................................

59,400

834,515

Mitsubishi

Heavy

Industries

Ltd.

............................................

12,100

562,816

Mitsui

&

Co.

Ltd.

.......................................................

16,600

622,557

Mitsui

Osk

Lines

Ltd.

....................................................

20,700

495,836

NIPPON

EXPRESS

HOLDINGS,

Inc.

........................................

14,000

786,360

Nippon

Yusen

KK

......................................................

19,600

433,352

Obayashi

Corp.

........................................................

85,900

740,640

Sojitz

Corp.

...........................................................

31,800

700,226

Sumitomo

Corp.

........................................................

31,500

663,928

Taisei

Corp.

...........................................................

19,000

661,207

Tobu

Railway

Co.

Ltd.

...................................................

30,800

823,582

TOPPAN,

Inc.

.........................................................

27,100

582,271

Toyota

Tsusho

Corp.

.....................................................

13,200

653,138

15,004,748

Information

Technology

(3.1%):

Canon,

Inc.(a)

.........................................................

30,500

801,185

Fujitsu

Ltd.

...........................................................

5,300

683,071

Hirose

Electric

Co.

Ltd.

..................................................

4,700

621,379

Itochu

Techno-Solutions

Corp.

.............................................

25,400

640,105

Kyocera

Corp.

.........................................................

13,600

734,389

NEC

Corp.

...........................................................

13,000

627,564

Ricoh

Co.

Ltd.

.........................................................

63,500

538,042

Rohm

Co.

Ltd.

.........................................................

6,000

562,240

SCSK

Corp.

...........................................................

45,900

718,818

Seiko

Epson

Corp.

......................................................

40,600

630,049

TDK

Corp.

...........................................................

13,500

520,893

TIS,

Inc.

.............................................................

21,800

542,583

7,620,318

Materials

(1.6%):

JFE

Holdings,

Inc.

......................................................

36,000

511,505

Mitsubishi

Chemical

Group

Corp.

...........................................

122,000

729,903

Mitsui

Chemicals,

Inc.

...................................................

24,100

706,396

Nippon

Steel

Corp.

......................................................

26,500

551,747

Sumitomo

Chemical

Co.

Ltd.

..............................................

234,500

709,449

Toray

Industries,

Inc.

....................................................

119,772

664,441

3,873,441

Real

Estate

(1.2%):

Daiwa

House

Industry

Co.

Ltd.

.............................................

33,400

877,827

Hulic

Co.

Ltd.

.........................................................

110,500

942,788

Mitsui

Fudosan

Co.

Ltd.

..................................................

32,500

644,346

Sumitomo

Realty

&

Development

Co.

Ltd.

....................................

23,200

571,317

3,036,278

Utilities

(1.3%):

Chubu

Electric

Power

Co.,

Inc.

.............................................

62,600

762,325

Osaka

Gas

Co.

Ltd.

.....................................................

50,500

772,656

The

Kansai

Electric

Power

Co.,

Inc.

..........................................

50,900

636,956

Tokyo

Electric

Power

Co.

Holdings,

Inc.(b)

....................................

136,900

500,138

Victory

Portfolios

II

VictoryShares

International

Value

Momentum

ETF

35

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Tokyo

Gas

Co.

Ltd.

.....................................................

27,800

$

605,596

3,277,671

64,001,766

Luxembourg

(0.5%):

Materials

(0.5%):

ArcelorMittal

SA

.......................................................

41,029

1,116,030

Netherlands

(2.3%):

Financials

(1.6%):

ABN

AMRO

Bank

NV(c)

.................................................

68,332

1,060,942

Aegon

NV

............................................................

257,443

1,300,544

NN

Group

NV

.........................................................

41,180

1,523,621

3,885,107

Health

Care

(0.4%):

Koninklijke

Philips

NV(b)

................................................

42,737

923,650

Materials

(0.3%):

OCI

NV

.............................................................

38,343

919,134

5,727,891

Norway

(1.2%):

Energy

(0.5%):

Equinor

ASA

..........................................................

45,327

1,318,510

Industrials

(0.7%):

Kongsberg

Gruppen

ASA

.................................................

35,227

1,602,899

2,921,409

Singapore

(2.1%):

Consumer

Discretionary

(0.5%):

Genting

Singapore

Ltd.

...................................................

1,798,000

1,249,996

Industrials

(1.0%):

Jardine

Cycle

&

Carriage

Ltd.

..............................................

50,700

1,304,904

Keppel

Corp.

Ltd.

......................................................

236,700

1,174,659

2,479,563

Utilities

(0.6%):

Sembcorp

Industries

Ltd.

.................................................

318,200

1,353,192

5,082,751

South

Korea

(8.6%):

Communication

Services

(1.1%):

KT

Corp.

.............................................................

57,648

1,303,818

SK

Telecom

Co.

Ltd.

....................................................

40,833

1,444,154

2,747,972

Consumer

Discretionary

(1.5%):

Hanwha

Galleria

Co.,

Ltd.(b)

..............................................

425,262

489,619

Hyundai

Mobis

Co.

Ltd.

..................................................

5,806

1,024,510

Hyundai

Motor

Co.

.....................................................

7,250

1,136,252

Kia

Corp.

............................................................

14,230

955,795

3,606,176

Consumer

Staples

(0.6%):

KT&G

Corp.

..........................................................

22,915

1,440,014

Financials

(2.5%):

Hana

Financial

Group,

Inc.

................................................

26,219

780,043

Industrial

Bank

of

Korea

..................................................

160,483

1,259,407

KB

Financial

Group,

Inc.

.................................................

25,270

915,788

Samsung

Life

Insurance

Co.

Ltd.

............................................

25,539

1,304,474

Shinhan

Financial

Group

Co.

Ltd.

...........................................

37,523

968,262

Victory

Portfolios

II

VictoryShares

International

Value

Momentum

ETF

36

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Woori

Financial

Group,

Inc.

...............................................

104,517

$

935,227

6,163,201

Industrials

(1.5%):

HMM

Co.

Ltd.

.........................................................

54,492

779,580

Hyundai

Glovis

Co.

Ltd.

..................................................

7,774

1,166,454

LG

Corp.

.............................................................

15,108

1,009,034

SK,

Inc.

..............................................................

7,753

874,978

3,830,046

Information

Technology

(0.6%):

LG

Innotek

Co.

Ltd.

.....................................................

2,971

697,878

SK

Hynix,

Inc.

.........................................................

9,283

811,629

1,509,507

Materials

(0.8%):

Hanwha

Solutions

Corp.(b)

................................................

17,483

561,271

Lotte

Chemical

Corp.

....................................................

5,561

652,498

POSCO

Holdings,

Inc.

...................................................

2,601

765,929

1,979,698

21,276,614

Spain

(4.4%):

Communication

Services

(0.6%):

Telefonica

SA

.........................................................

367,772

1,491,136

Consumer

Discretionary

(0.7%):

Industria

de

Diseno

Textil

SA

..............................................

44,532

1,722,954

Energy

(0.5%):

Repsol

SA

............................................................

88,613

1,288,814

Financials

(0.9%):

Banco

de

Sabadell

SA

...................................................

837,683

963,348

CaixaBank

SA

.........................................................

296,104

1,223,495

2,186,843

Health

Care

(0.3%):

Grifols

SA(b)

..........................................................

63,483

813,183

Industrials

(0.8%):

ACS

Actividades

de

Construccion

y

Servicios

SA

................................

57,229

2,008,769

Real

Estate

(0.6%):

Merlin

Properties

Socimi

SA

...............................................

156,543

1,339,099

10,850,798

Sweden

(2.8%):

Financials

(1.3%):

Industrivarden

AB,

Class

C

................................................

56,102

1,546,493

Investor

AB,

Class

B

....................................................

76,258

1,525,301

3,071,794

Health

Care

(0.4%):

Swedish

Orphan

Biovitrum

AB(b)

...........................................

54,269

1,059,055

Industrials

(0.4%):

Saab

AB,

Class

B

.......................................................

20,015

1,082,665

Materials

(0.4%):

SSAB

AB,

Class

B

......................................................

144,081

998,270

Real

Estate

(0.3%):

Fastighets

AB

Balder,

Class

B(b)

............................................

175,146

639,405

6,851,189

Victory

Portfolios

II

VictoryShares

International

Value

Momentum

ETF

37

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Switzerland

(1.2%):

Consumer

Discretionary

(0.5%):

The

Swatch

Group

AG

...................................................

4,059

$

1,184,404

Materials

(0.7%):

Holcim

AG

...........................................................

26,436

1,778,551

2,962,955

United

Kingdom

(10.5%):

Communication

Services

(0.5%):

Vodafone

Group

PLC

....................................................

1,369,433

1,286,262

Consumer

Discretionary

(0.9%):

Burberry

Group

PLC

....................................................

45,803

1,232,999

Frasers

Group

PLC(b)

...................................................

123,744

1,103,047

2,336,046

Consumer

Staples

(2.6%):

British

American

Tobacco

PLC

.............................................

52,259

1,730,619

Haleon

PLC

...........................................................

372,947

1,526,065

Imperial

Brands

PLC

....................................................

83,957

1,853,380

J

Sainsbury

PLC

.......................................................

388,055

1,325,496

6,435,560

Energy

(0.6%):

Shell

PLC

............................................................

46,263

1,376,088

Financials

(2.0%):

3i

Group

PLC

.........................................................

51,434

1,272,576

HSBC

Holdings

PLC

....................................................

175,707

1,387,084

NatWest

Group

PLC

.....................................................

347,177

1,061,550

Standard

Chartered

PLC

..................................................

127,476

1,105,559

4,826,769

Health

Care

(1.9%):

AstraZeneca

PLC

.......................................................

11,836

1,694,700

GSK

PLC

............................................................

95,274

1,680,146

Hikma

Pharmaceuticals

PLC

...............................................

54,984

1,319,915

4,694,761

Industrials

(1.0%):

BAE

Systems

PLC

......................................................

128,885

1,517,103

Wise

PLC,

Class

A(b)

....................................................

100,728

840,583

2,357,686

Materials

(0.5%):

Rio

Tinto

PLC

.........................................................

20,184

1,277,759

Utilities

(0.5%):

Centrica

PLC

..........................................................

787,876

1,240,044

25,830,975

Total

Common

Stocks

(Cost

$223,243,290)

243,043,787

Collateral

for

Securities

Loaned

(2.5%)^

United

States

(2.5%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

5.02%(d)

........

1,527,843

1,527,843

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

5.02%(d)

............

1,527,843

1,527,843

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

5.08%(d)

...............

1,527,843

1,527,843

Victory

Portfolios

II

VictoryShares

International

Value

Momentum

ETF

38

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

5.04%(d)

.

1,527,843

$

1,527,843

Total

Collateral

for

Securities

Loaned

(Cost

$6,111,372)

6,111,372

Total

Investments

(Cost

$229,354,662)

—

101.1%

249,155,159

Liabilities

in

excess

of

other

assets

—

(1.1)%

(2,591,114)

NET

ASSETS

-

100.00%

$

246,564,045

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

June

30,

2023,

the

fair

value

of

these

securities

was

$1,984,235

and

amounted

to

0.8%

of

net

assets.

(d)

Rate

disclosed

is

the

daily

yield

on

June

30,

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

......

19

9/15/23

$

2,039,291

$

2,047,725

$

8,434

Total

unrealized

appreciation

$

8,434

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

8,434

Schedule

of

Portfolio

Investments

June

30,

2023

Victory

Portfolios

II

VictoryShares

Emerging

Markets

Value

Momentum

ETF

39

See

notes

to

financial

statements.

Security

Description

Shares

Value

Common

Stocks

(98.6%)

Brazil

(6.6%):

Consumer

Staples

(1.0%):

JBS

SA

..............................................................

257,400

$

938,698

M

Dias

Branco

SA

......................................................

93,900

834,915

1,773,613

Energy

(0.5%):

Petroleo

Brasileiro

SA

,

Preference

Shares

.....................................

138,300

853,019

Financials

(1.4%):

Banco

do

Brasil

SA

.....................................................

103,900

1,072,051

BB

Seguridade

Participacoes

SA

............................................

198,300

1,274,452

2,346,503

Health

Care

(0.8%):

Hypera

SA

............................................................

135,700

1,304,083

Industrials

(0.5%):

Cielo

SA

.............................................................

884,600

848,072

Materials

(1.2%):

Bradespar

SA

,

Preference

Shares

............................................

242,000

1,122,631

Gerdau

SA

,

Preference

Shares

..............................................

190,120

995,532

2,118,163

Utilities

(1.2%):

Cia

Energetica

de

Minas

Gerais

,

Preference

Shares

...............................

419,200

1,125,992

Cia

Paranaense

de

Energia

,

Preference

Shares

..................................

546,800

946,795

2,072,787

11,316,240

Chile

(2.9%):

Consumer

Staples

(0.8%):

Cencosud

SA

..........................................................

721,472

1,399,602

Industrials

(0.3%):

Cia

Sud

Americana

de

Vapores

SA

...........................................

8,075,434

548,941

Materials

(1.1%):

Empresas

CMPC

SA

....................................................

613,345

1,174,606

Sociedad

Quimica

y

Minera

de

Chile

SA

,

Class

B

................................

10,268

748,606

1,923,212

Utilities

(0.7%):

Enel

Chile

SA

.........................................................

16,743,467

1,089,044

4,960,799

China

(24.2%):

Communication

Services

(0.5%):

China

Tower

Corp.

Ltd.

,

Class

H

(a)

..........................................

7,515,499

834,448

Consumer

Discretionary

(1.9%):

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

(a)

(b)

................................

39,900

539,760

Great

Wall

Motor

Co.

Ltd.

,

Class

H

..........................................

534,492

611,865

Guangzhou

Automobile

Group

Co.

Ltd.

,

Class

H

................................

1,567,758

934,368

Koolearn

Technology

Holding

Ltd.

(a)

(b)

......................................

106,574

346,828

Yadea

Group

Holdings

Ltd.

(a)

..............................................

348,225

791,936

3,224,757

Consumer

Staples

(0.5%):

Tsingtao

Brewery

Co.

Ltd.

,

Class

H

..........................................

96,000

872,315

Energy

(3.4%):

China

Coal

Energy

Co.

Ltd.

,

Class

H

.........................................

1,068,298

793,483

China

Petroleum

&

Chemical

Corp.

,

Class

H

...................................

1,777,449

1,041,195

Victory

Portfolios

II

VictoryShares

Emerging

Markets

Value

Momentum

ETF

40

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

China

Shenhua

Energy

Co.

Ltd.

,

Class

H

......................................

361,375

$

1,104,551

Inner

Mongolia

Yitai

Coal

Co.

Ltd.

,

Class

B

....................................

780,900

1,067,490

PetroChina

Co.

Ltd.

,

Class

H

..............................................

1,609,469

1,113,279

Yankuang

Energy

Group

Co.

Ltd.

,

Class

H

.....................................

263,288

754,345

5,874,343

Financials

(10.7%):

Agricultural

Bank

of

China

Ltd.

,

Class

H

......................................

4,281,654

1,683,001

Bank

of

China

Ltd.

,

Class

H

...............................................

4,432,464

1,776,221

Bank

of

Communications

Co.

Ltd.

,

Class

H

....................................

2,089,789

1,384,178

China

CITIC

Bank

Corp.

Ltd.

,

Class

H

.......................................

2,755,600

1,294,155

China

Life

Insurance

Co.

Ltd.

,

Class

H

.......................................

487,467

812,476

China

Merchants

Bank

Co.

Ltd.

,

Class

H

......................................

147,500

670,138

China

Minsheng

Banking

Corp.

Ltd.

,

Class

H

...................................

3,175,298

1,175,181

China

Pacific

Insurance

Group

Co.

Ltd.

,

Class

H

................................

275,400

711,723

CITIC

Securities

Co.

Ltd.

,

Class

H

..........................................

484,001

877,116

GF

Securities

Co.

Ltd.

,

Class

H

.............................................

610,593

843,143

Haitong

Securities

Co.

Ltd.

,

Class

H

.........................................

1,461,669

895,391

Huatai

Securities

Co.

Ltd.

,

Class

H

(a)

........................................

788,039

973,521

Industrial

&

Commercial

Bank

of

China

Ltd.

,

Class

H

.............................

2,545,957

1,358,156

New

China

Life

Insurance

Co.

Ltd.

,

Class

H

....................................

292,546

770,968

PICC

Property

&

Casualty

Co.

Ltd.

,

Class

H

...................................

837,620

931,081

Postal

Savings

Bank

of

China

Co.

Ltd.

,

Class

H

(a)

...............................

1,398,395

860,199

The

People's

Insurance

Co.

Group

of

China

Ltd.

,

Class

H

..........................

3,149,777

1,141,617

18,158,265

Health

Care

(1.8%):

3SBio,

Inc.

(a)

.........................................................

836,500

840,162

China

Resources

Pharmaceutical

Group

Ltd.

(a)

.................................

781,084

679,836

Sinopharm

Group

Co.

Ltd.

,

Class

H

..........................................

315,296

985,840

WuXi

AppTec

Co

Ltd.

,

Class

H

(a)

...........................................

72,921

581,641

3,087,479

Industrials

(1.3%):

China

Railway

Group

Ltd.

,

Class

H

..........................................

1,145,885

756,056

COSCO

SHIPPING

Holdings

Co.

Ltd.

,

Class

H

.................................

740,366

667,073

Weichai

Power

Co.

Ltd.

..................................................

556,642

815,530

2,238,659

Materials

(3.1%):

Aluminum

Corp.

of

China

Ltd.

,

Class

H

.......................................

1,576,000

677,810

Anhui

Conch

Cement

Co.

Ltd.

,

Class

H

.......................................

298,794

793,154

China

Hongqiao

Group

Ltd.

...............................................

928,849

753,919

China

National

Building

Material

Co.

Ltd.

,

Class

H

..............................

1,135,628

698,563

CMOC

Group

Ltd.

,

Class

H

...............................................

1,311,198

686,079

Jiangxi

Copper

Co.

Ltd.

,

Class

H

............................................

615,000

944,983

Zijin

Mining

Group

Co.

Ltd.

,

Class

H

........................................

496,128

728,138

5,282,646

Real

Estate

(0.6%):

China

Vanke

Co.

Ltd.

,

Class

H

.............................................

463,142

621,802

Seazen

Group

Ltd.

(b)

....................................................

2,249,513

439,240

1,061,042

Utilities

(0.4%):

Huaneng

Power

International,

Inc.

,

Class

H

(b)

..................................

991,656

620,125

41,254,079

Cyprus

(0.0%):(c)

Financials

(0.0%):(c)

TCS

Group

Holding

PLC

,

GDR

(b)

(d)

........................................

15,868

6,079

Victory

Portfolios

II

VictoryShares

Emerging

Markets

Value

Momentum

ETF

41

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Egypt

(0.4%):

Financials

(0.4%):

Commercial

International

Bank

.............................................

390,002

$

644,736

Greece

(0.0%):(c)

Consumer

Discretionary

(0.0%):(c)

FF

Group

(b)

(d)

........................................................

14,913

3,905

Hong

Kong

(3.2%):

Industrials

(0.9%):

Orient

Overseas

International

Ltd.

...........................................

46,906

629,149

Sinotruk

Hong

Kong

Ltd.

.................................................

450,000

874,076

1,503,225

Information

Technology

(0.5%):

Lenovo

Group

Ltd.

......................................................

855,691

892,198

Real

Estate

(1.2%):

C&D

International

Investment

Group

Ltd.

.....................................

258,000

584,770

China

Overseas

Land

&

Investment

Ltd.

,

Class

H

................................

342,350

746,243

Yuexiu

Property

Co.

Ltd.

.................................................

565,949

657,988

1,989,001

Utilities

(0.6%):

Beijing

Enterprises

Holdings

Ltd.

...........................................

281,191

1,017,364

5,401,788

Hungary

(0.7%):

Health

Care

(0.7%):

Richter

Gedeon

Nyrt

....................................................

46,691

1,152,908

India

(7.5%):

Consumer

Discretionary

(2.3%):

Indian

Hotels

Co.

Ltd.

...................................................

239,875

1,147,745

Mahindra

&

Mahindra

Ltd.

................................................

94,179

1,668,860

TVS

Motor

Co.

Ltd.

.....................................................

72,267

1,167,858

3,984,463

Consumer

Staples

(1.0%):

ITC

Ltd.

.............................................................

315,800

1,738,549

Financials

(1.4%):

Power

Finance

Corp.

Ltd.

.................................................

423,623

1,114,944

REC

Ltd.

.............................................................

646,506

1,297,643

2,412,587

Health

Care

(1.2%):

Sun

Pharmaceutical

Industries

Ltd.

..........................................

160,226

2,054,019

Industrials

(1.6%):

Bharat

Electronics

Ltd.

...................................................

856,300

1,312,668

Cummins

India

Ltd.

.....................................................

56,659

1,342,101

2,654,769

12,844,387

Indonesia

(7.7%):

Communication

Services

(0.8%):

PT

Telkom

Indonesia

Persero

Tbk

...........................................

4,978,549

1,328,499

Consumer

Discretionary

(0.8%):

PT

Astra

International

Tbk

................................................

2,969,905

1,342,302

Consumer

Staples

(1.0%):

PT

Indofood

Sukses

Makmur

Tbk

...........................................

3,649,977

1,789,682

Victory

Portfolios

II

VictoryShares

Emerging

Markets

Value

Momentum

ETF

42

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Energy

(2.4%):

Medco

Energi

Internasional

Tbk

PT

..........................................

10,177,500

$

604,268

PT

Adaro

Energy

Indonesia

Tbk

............................................

5,998,181

892,324

PT

Bukit

Asam

Tbk

.....................................................

4,451,700

795,901

PT

Indo

Tambangraya

Megah

Tbk

...........................................

559,000

899,658

PT

United

Tractors

Tbk

..................................................

599,068

930,174

4,122,325

Financials

(1.5%):

PT

Bank

Mandiri

Persero

Tbk

..............................................

3,455,888

1,198,840

PT

Bank

Negara

Indonesia

Persero

Tbk

.......................................

2,298,506

1,403,024

2,601,864

Health

Care

(0.6%):

PT

Kalbe

Farma

Tbk

....................................................

7,227,033

988,353

Utilities

(0.6%):

PT

Perusahaan

Gas

Negara

Tbk

.............................................

11,564,750

1,006,805

13,179,830

Malaysia

(3.7%):

Consumer

Discretionary

(0.9%):

Genting

Bhd

..........................................................

1,810,600

1,575,785

Financials

(2.8%):

Malayan

Banking

Bhd

...................................................

1,409,600

2,607,684

RHB

Bank

Bhd

........................................................

1,842,100

2,144,181

4,751,865

6,327,650

Mexico

(4.7%):

Consumer

Staples

(2.7%):

Arca

Continental

SAB

de

CV

..............................................

153,129

1,574,239

Coca-Cola

Femsa

SAB

de

CV

..............................................

194,842

1,628,958

Grupo

Bimbo

SAB

de

CV

,

Class

A

..........................................

248,683

1,331,763

4,534,960

Financials

(1.2%):

Banco

del

Bajio

SA

(a)

...................................................

326,677

992,973

Grupo

Financiero

Inbursa

SAB

de

CV

(b)

......................................

442,670

1,051,710

2,044,683

Real

Estate

(0.8%):

Fibra

Uno

Administracion

SA

de

CV

.........................................

913,390

1,334,273

7,913,916

Poland

(0.9%):

Materials

(0.4%):

KGHM

Polska

Miedz

SA

.................................................

27,397

757,732

Utilities

(0.5%):

PGE

Polska

Grupa

Energetyczna

SA

(b)

.......................................

440,450

786,827

1,544,559

Russian

Federation

(0.0%):(c)

Consumer

Staples

(0.0%):(c)

Magnit

PJSC

,

GDR

(b)

(d)

(e)

...............................................

32,414

74

Energy

(0.0%):(c)

Gazprom

PJSC

(b)

(d)

(e)

..................................................

324,752

8,709

Financials

(0.0%):

Sberbank

of

Russia

PJSC

(b)

(d)

(e)

...........................................

177,888

—

Materials

(0.0%):(c)

PhosAgro

PJSC

,

GDR

(b)

(d)

(e)

.............................................

35,202

273

Victory

Portfolios

II

VictoryShares

Emerging

Markets

Value

Momentum

ETF

43

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Severstal

PAO

(b)

(d)

(e)

...................................................

37,552

$

—

United

Co.

RUSAL

International

PJSC

(d)

(e)

...................................

555,630

3,900

4,173

Utilities

(0.0%):(c)

Inter

RAO

UES

PJSC

(b)

(d)

(e)

.............................................

23,475,472

7,538

20,494

South

Africa

(3.3%):

Consumer

Discretionary

(0.4%):

Naspers

Ltd.

,

Class

N

....................................................

3,878

700,624

Consumer

Staples

(0.9%):

Shoprite

Holdings

Ltd.

...................................................

124,611

1,494,243

Financials

(1.7%):

Nedbank

Group

Ltd.

.....................................................

106,601

1,295,165

OUTsurance

Group

Ltd.

..................................................

847,187

1,530,581

2,825,746

Materials

(0.3%):

AngloGold

Ashanti

Ltd.

..................................................

27,150

574,035

5,594,648

Taiwan

(20.9%):

Communication

Services

(1.2%):

Far

EasTone

Telecommunications

Co.

Ltd.

.....................................

828,000

2,090,077

Consumer

Discretionary

(0.4%):

Yulon

Motor

Co.,

Ltd.

...................................................

255,000

676,440

Financials

(0.9%):

Taiwan

Business

Bank

...................................................

3,549,000

1,624,165

Industrials

(4.0%):

Eva

Airways

Corp.

......................................................

869,000

1,110,739

Evergreen

Marine

Corp.

Ltd.

...............................................

168,400

505,665

Far

Eastern

New

Century

Corp.

.............................................

1,659,000

1,782,181

Tatung

Co.,

Ltd.

(b)

......................................................

978,000

1,705,485

Walsin

Lihwa

Corp.

.....................................................

494,000

650,459

Yang

Ming

Marine

Transport

Corp.

..........................................

511,000

1,033,882

6,788,411

Information

Technology

(14.4%):

Acer,

Inc.

............................................................

1,431,000

1,440,743

ASE

Technology

Holding

Co.

Ltd.

...........................................

307,000

1,089,457

Asustek

Computer,

Inc.

...................................................

126,000

1,272,625

AU

Optronics

Corp.

.....................................................

1,818,800

1,086,444

Catcher

Technology

Co.

Ltd.

...............................................

312,000

1,758,494

Chicony

Electronics

Co.

Ltd.

..............................................

597,000

1,878,926

Compal

Electronics,

Inc.

..................................................

2,042,000

1,918,187

Hon

Hai

Precision

Industry

Co.

Ltd.

.........................................

547,000

1,985,066

Innolux

Corp.

.........................................................

2,069,995

1,013,791

Inventec

Corp.

.........................................................

909,000

1,261,121

Lite-On

Technology

Corp.

................................................

476,000

1,582,183

Macronix

International

Co.

Ltd.

............................................

1,043,000

1,095,321

Novatek

Microelectronics

Corp.

............................................

67,000

917,705

Pegatron

Corp.

.........................................................

837,000

2,010,649

Powertech

Technology,

Inc.

................................................

511,000

1,723,136

Wistron

Corp.

.........................................................

471,000

1,373,460

Zhen

Ding

Technology

Holding

Ltd.

.........................................

313,000

1,055,463

24,462,771

35,641,864

Victory

Portfolios

II

VictoryShares

Emerging

Markets

Value

Momentum

ETF

44

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Security

Description

Shares

Value

Thailand

(6.2%):

Communication

Services

(0.4%):

True

Corp.

PCL

(b)

......................................................

3,634,716

$

671,594

Consumer

Staples

(1.1%):

Charoen

Pokphand

Foods

PCL

.............................................

3,357,300

1,865,740

Financials

(2.0%):

Bangkok

Bank

PCL

.....................................................

387,000

1,741,271

Krung

Thai

Bank

PCL

...................................................

3,085,600

1,688,637

3,429,908

Health

Care

(1.6%):

Bangkok

Dusit

Medical

Services

PCL

........................................

1,856,400

1,453,213

Bumrungrad

Hospital

PCL

................................................

203,600

1,298,019

2,751,232

Information

Technology

(0.3%):

Delta

Electronics

Thailand

PCL

.............................................

168,000

436,005

Real

Estate

(0.8%):

Central

Pattana

PCL

.....................................................

753,900

1,392,996

10,547,475

Turkey

(5.7%):

Communication

Services

(0.2%):

Turkcell

Iletisim

Hizmetleri

A/S

............................................

285,316

398,864

Consumer

Discretionary

(1.0%):

Arcelik

A/S

...........................................................

101,357

507,445

Ford

Otomotiv

Sanayi

A/S

................................................

22,203

650,711

Tofas

Turk

Otomobil

Fabrikasi

A/S

..........................................

49,041

476,883

1,635,039

Consumer

Staples

(0.6%):

BIM

Birlesik

Magazalar

A/S

...............................................

91,342

599,772

Coca-Cola

Icecek

A/S

....................................................

50,977

516,127

1,115,899

Energy

(0.3%):

Turkiye

Petrol

Rafinerileri

A/S

.............................................

156,755

478,725

Financials

(1.1%):

Akbank

TAS

..........................................................

560,009

435,650

Haci

Omer

Sabanci

Holding

A/S

............................................

303,272

537,490

Turkiye

Is

Bankasi

A/S

...................................................

779,396

422,022

Yapi

ve

Kredi

Bankasi

A/S

................................................

847,814

423,806

1,818,968

Industrials

(1.8%):

Aselsan

Elektronik

Sanayi

Ve

Ticaret

A/S

......................................

198,454

416,149

Enka

Insaat

ve

Sanayi

A/S

................................................

384,702

434,094

KOC

Holding

AS

.......................................................

141,675

565,801

Pegasus

Hava

Tasimaciligi

AS

(b)

...........................................

23,695

563,033

Turk

Hava

Yollari

AO

(b)

..................................................

76,561

571,122

Turkiye

Sise

ve

Cam

Fabrikalari

A/S

.........................................

269,291

461,087

3,011,286

Materials

(0.5%):

Eregli

Demir

ve

Celik

Fabrikalari

TAS

(b)

.....................................

347,399

491,273

Koza

Altin

Isletmeleri

A/S

................................................

346,691

331,120

822,393

Victory

Portfolios

II

VictoryShares

Emerging

Markets

Value

Momentum

ETF

45

Schedule

of

Portfolio

Investments

—

continued

June

30,

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

Magnit

PJSC

,

GDR

..........................................

12/21/2021

479,540

PhosAgro

PJSC

,

GDR

........................................

12/21/2021

748,678

Sberbank

of

Russia

PJSC

......................................

10/24/2017

634,243

Severstal

PAO

..............................................

5/27/2021

881,363

United

Co.

RUSAL

International

PJSC

............................

11/30/2021

516,962

Security

Description

Shares

Value

Utilities

(0.2%):

Enerjisa

Enerji

A/S

(a)

....................................................

322,030

$

434,066

9,715,240

United

States

(0.0%):(c)

Materials

(0.0%):(c)

Phosagro

Public

Joint

,

GDR

(b)

(d)

...........................................

227

2

Total

Common

Stocks

(Cost

$161,171,594)

168,070,599

Total

Investments

(Cost

$161,171,594)

—

98.6%

168,070,599

Other

assets

in

excess

of

liabilities

—

1.4%

2,355,404

NET

ASSETS

-

100.00%

$

170,426,003

(a)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

June

30,

2023,

the

fair

value

of

these

securities

was

$7,875,370

and

amounted

to

4.6%

of

net

assets.

(b)

Non-income

producing

security.

(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

June

30,

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

at

June

30,

2023.

GDR—Global

Depositary

Receipt

PCL—Public

Company

Limited

PLC—Public

Limited

Company

Victory

Portfolios

II

VictoryShares

Emerging

Markets

Value

Momentum

ETF

46

Schedule

of

Portfolio

Investments

—

continued

June

30,

2023

See

notes

to

financial

statements.

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

E-Mini

MSCI

Emerging

Markets

Index

Futures

..........................

24

9/15/23

$

1,200,253

$

1,197,480

$

(

2,773

)

Total

unrealized

appreciation

$

–

Total

unrealized

depreciation

(

2,773

)

Total

net

unrealized

appreciation

(depreciation)

$

(

2,773

)

Statements

of

Assets

and

Liabilities

June

30,

2023

47

See

notes

to

financial

statements.

Victory

Portfolios

II

VictoryShares

US

Value

Momentum

ETF

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

Assets:

Investments,

at

value

(Cost

$183,425,715

and

$209,728,342)

$

192,608,259‌

(a)

$

230,432,396‌

(b)

Cash

572,851‌

634,988‌

Deposit

with

broker

for

futures

contracts

314,047‌

300,858‌

Receivables:

Interest

and

dividends

266,919‌

319,356‌

Investments

sold

9,573,278‌

—‌

Variation

margin

on

open

futures

contracts

8,346‌

2,411‌

Prepaid

expenses

1,413‌

1,291‌

Total

Assets

203,345,113‌

231,691,300‌

Liabilities:

Payables:

Collateral

received

on

loaned

securities

1,089,492‌

948,428‌

Capital

shares

redeemed

9,628,414‌

—‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

28,561‌

27,678‌

Administration

fees

—‌

19,827‌

Custodian

fees

3,205‌

3,060‌

Compliance

fees

169‌

172‌

Trustees'

fees

156‌

153‌

Other

accrued

expenses

26,842‌

32,299‌

Total

Liabilities

10,776,839‌

1,031,617‌

Commitments

and

contingencies

(Note

5

)

Net

Assets:

Capital

263,984,286‌

270,149,074‌

Total

accumulated

earnings/(loss)

(

71,416,012‌

)

(

39,489,391‌

)

Net

Assets

$

192,568,274‌

$

230,659,683‌

Shares

outstanding

(unlimited

shares

authorized,

no

par

value):

3,000,000‌

3,450,000‌

Net

asset

value:

$

64

.19‌

$

66

.86‌

(a)

Includes

$1,072,434

of

securities

on

loan.

(b)

Includes

$955,819

of

securities

on

loan.

Statements

of

Assets

and

Liabilities

June

30,

2023

48

See

notes

to

financial

statements.

Victory

Portfolios

II

VictoryShares

International

Value

Momentum

ETF

VictoryShares

Emerging

Markets

Value

Momentum

ETF

Assets:

Investments,

at

value

(Cost

$229,354,662

and

$161,171,594)

$

249,155,159‌

(a)

$

168,070,599‌

Foreign

currency,

at

value

(Cost

$155,676

and

$453,685)

155,274‌

453,648‌

Cash

1,708,258‌

410,941‌

Deposit

with

broker

for

futures

contracts

238,690‌

350,271‌

Receivables:

Interest

and

dividends

626,959‌

2,033,581‌

Investments

sold

—‌

5,526‌

Variation

margin

on

open

futures

contracts

22,871‌

6,925‌

Reclaims

929,165‌

14,096‌

Prepaid

expenses

1,590‌

1,036‌

Total

Assets

252,837,966‌

171,346,623‌

Liabilities:

Payables:

Collateral

received

on

loaned

securities

6,111,372‌

—‌

Accrued

foreign

capital

gains

taxes

—‌

750,390‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

77,052‌

44,205‌

Administration

fees

1,461‌

1,412‌

Custodian

fees

41,901‌

63,484‌

Compliance

fees

188‌

131‌

Trustees'

fees

161‌

148‌

Other

accrued

expenses

41,786‌

60,850‌

Total

Liabilities

6,273,921‌

920,620‌

Commitments

and

contingencies

(Note

5

)

Net

Assets:

Capital

312,756,167‌

204,259,765‌

Total

accumulated

earnings/(loss)

(

66,192,122‌

)

(

33,833,762‌

)

Net

Assets

$

246,564,045‌

$

170,426,003‌

Shares

outstanding

(unlimited

shares

authorized,

no

par

value):

5,650,000‌

4,050,000‌

Net

asset

value:

$

43

.64‌

$

42

.08‌

(a)

Includes

$5,830,187

of

securities

on

loan.

Statements

of

Operations

For

the

Year

Ended

June

30,

2023

49

See

notes

to

financial

statements.

Victory

Portfolios

II

VictoryShares

US

Value

Momentum

ETF

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

Investment

Income:

Dividends

$

5,439,676‌

$

4,688,020‌

Interest

22,492‌

23,449‌

Securities

lending

(net

of

fees)

1,101‌

26,123‌

Foreign

tax

withholding

(

601‌

)

(

2,996‌

)

Total

Income

5,462,668‌

4,734,596‌

Expenses:

Investment

advisory

fees

373,553‌

356,398‌

Administration

fees

136,720‌

130,811‌

Sub-Administration

fees

19,304‌

21,637‌

Custodian

fees

14,820‌

14,282‌

Servicing

fees

2,166‌

2,166‌

Trustees'

fees

17,780‌

16,940‌

Compliance

fees

2,283‌

2,177‌

Legal

and

audit

fees

28,436‌

25,017‌

Other

expenses

59,406‌

71,925‌

Total

Expenses

654,468‌

641,353‌

Expenses

waived/reimbursed

by

Adviser

(

156,765‌

)

(

59,989‌

)

Net

Expenses

497,703‌

581,364‌

Net

Investment

Income

(Loss)

4,964,965‌

4,153,232‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

(

5,788,161‌

)

(

10,951,406‌

)

Net

realized

gains

(losses)

from

futures

contracts

168,006‌

12,195‌

Net

realized

gains

(losses)

from

in-kind

redemptions

11,817,993‌

7,647,128‌

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

11,086,422‌

27,571,272‌

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

78,471‌

74,418‌

Net

realized/unrealized

gains

(losses)

on

investments

17,362,731‌

24,353,607‌

Change

in

net

assets

resulting

from

operations

$

22,327,696‌

$

28,506,839‌

Statements

of

Operations

For

the

Year

Ended

June

30,

2023

50

See

notes

to

financial

statements.

Victory

Portfolios

II

VictoryShares

International

Value

Momentum

ETF

VictoryShares

Emerging

Markets

Value

Momentum

ETF

Investment

Income:

Dividends

$

11,857,361‌

$

11,237,041‌

Non-cash

dividends

596,125‌

—‌

Interest

21,693‌

7,350‌

Securities

lending

(net

of

fees)

77,367‌

42,515‌

Foreign

tax

withholding

(

1,259,453‌

)

(

1,404,391‌

)

Total

Income

11,293,093‌

9,882,515‌

Expenses:

Investment

advisory

fees

670,512‌

536,789‌

Administration

fees

147,677‌

98,521‌

Sub-Administration

fees

19,304‌

21,303‌

Custodian

fees

124,969‌

270,548‌

Servicing

fees

2,889‌

2,889‌

Trustees'

fees

18,767‌

13,304‌

Compliance

fees

2,450‌

1,648‌

Legal

and

audit

fees

47,452‌

77,030‌

Line

of

credit

fees

—‌

16,405‌

Other

expenses

53,425‌

46,799‌

Total

Expenses

1,087,445‌

1,085,236‌

Expenses

waived/reimbursed

by

Adviser

(

149,097‌

)

(

275,288‌

)

Net

Expenses

938,348‌

809,948‌

Net

Investment

Income

(Loss)

10,354,745‌

9,072,567‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

(

24,489,930‌

)

(

20,365,736‌

)

Foreign

taxes

on

realized

gains

—‌

(

301,487‌

)

Net

realized

gains

(losses)

from

futures

contracts

107,884‌

29,036‌

Net

realized

gains

(losses)

from

in-kind

redemptions

6,260,344‌

2,765,406‌

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

and

foreign

currency

translations

39,040,423‌

21,854,456‌

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

20,627‌

13,230‌

Net

change

in

accrued

foreign

taxes

on

unrealized

gains

—‌

(

688,612‌

)

Net

realized/unrealized

gains

(losses)

on

investments

20,939,348‌

3,306,293‌

Change

in

net

assets

resulting

from

operations

$

31,294,093‌

$

12,378,860‌

51

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

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

4,964,965‌

$

5,579,531‌

$

4,153,232‌

$

3,329,478‌

Net

realized

gains

(losses)

6,197,838‌

64,245,529‌

(

3,292,083‌

)

21,387,250‌

Net

change

in

unrealized

appreciation/depreciation

11,164,893‌

(

84,518,410‌

)

27,645,690‌

(

69,348,412‌

)

Change

in

net

assets

resulting

from

operations

22,327,696‌

(

14,693,350‌

)

28,506,839‌

(

44,631,684‌

)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(

5,037,898‌

)

(

5,861,933‌

)

(

3,949,369‌

)

(

3,010,992‌

)

Change

in

net

assets

resulting

from

capital

transactions

(

92,182,672‌

)

(

155,196,933‌

)

(

51,254,237‌

)

5,367,845‌

Change

in

net

assets

(

74,892,874‌

)

(

175,752,216‌

)

(

26,696,767‌

)

(

42,274,831‌

)

Net

Assets:

Beginning

of

period

267,461,148‌

443,213,364‌

257,356,450‌

299,631,281‌

End

of

period

$

192,568,274‌

$

267,461,148‌

$

230,659,683‌

$

257,356,450‌

Capital

Transactions:

Proceeds

from

shares

issued

$

—‌

$

88,866,918‌

$

3,167,675‌

$

95,338,557‌

Cost

of

shares

redeemed

(

92,182,672‌

)

(

244,063,851‌

)

(

54,421,912‌

)

(

89,970,712‌

)

Change

in

net

assets

resulting

from

capital

transactions

$

(

92,182,672‌

)

$

(

155,196,933‌

)

$

(

51,254,237‌

)

$

5,367,845‌

Share

Transactions:

Issued

—‌

1,300,000‌

50,000‌

1,350,000‌

Redeemed

(

1,450,000‌

)

(

3,600,000‌

)

(

850,000‌

)

(

1,250,000‌

)

Change

in

Shares

(

1,450,000‌

)

(

2,300,000‌

)

(

800,000‌

)

100,000‌

52

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

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

10,354,745‌

$

10,073,851‌

$

9,072,567‌

$

9,609,284‌

Net

realized

gains

(losses)

(

18,121,702‌

)

(

689,429‌

)

(

17,872,781‌

)

1,927,212‌

Net

change

in

unrealized

appreciation/depreciation

39,061,050‌

(

64,701,944‌

)

21,179,074‌

(

59,090,887‌

)

Change

in

net

assets

resulting

from

operations

31,294,093‌

(

55,317,522‌

)

12,378,860‌

(

47,554,391‌

)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(

9,023,923‌

)

(

12,229,755‌

)

(

8,231,290‌

)

(

10,246,565‌

)

Change

in

net

assets

resulting

from

capital

transactions

(

58,663,287‌

)

(

6,876,009‌

)

(

43,657,374‌

)

2,145,943‌

Change

in

net

assets

(

36,393,117‌

)

(

74,423,286‌

)

(

39,509,804‌

)

(

55,655,013‌

)

Net

Assets:

Beginning

of

period

282,957,162‌

357,380,448‌

209,935,807‌

265,590,820‌

End

of

period

$

246,564,045‌

$

282,957,162‌

$

170,426,003‌

$

209,935,807‌

Capital

Transactions:

Proceeds

from

shares

issued

$

—‌

$

—‌

$

—‌

$

9,384,929‌

Cost

of

shares

redeemed

(

58,663,287‌

)

(

6,876,009‌

)

(

43,657,374‌

)

(

7,238,986‌

)

Change

in

net

assets

resulting

from

capital

transactions

$

(

58,663,287‌

)

$

(

6,876,009‌

)

$

(

43,657,374‌

)

$

2,145,943‌

Share

Transactions:

Issued

—‌

—‌

—‌

200,000‌

Redeemed

(

1,400,000‌

)

(

150,000‌

)

(

1,100,000‌

)

(

150,000‌

)

Change

in

Shares

(

1,400,000‌

)

(

150,000‌

)

(

1,100,000‌

)

50,000‌

Victory

Portfolios

II

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

53

See

notes

to

financial

statements.

VictoryShares

US

Value

Momentum

ETF

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

October

24,

2017(b)

through

August

31,

2018

Net

Asset

Value,

Beginning

of

Period

$60.10

$65.66

$45.30

$50.37

$53.85

$50.19

Investment

Activities:

Net

investment

income

(loss)(c)

1.25

1.07

0.81

0.72

1.00

0.78

Net

realized

and

unrealized

gains

(losses)

4.10

(5.52)

20.32

(4.85)

(3.59)

3.34

Total

from

Investment

Activities

5.35

(4.45)

21.13

(4.13)

(2.59)

4.12

Distributions

to

Shareholders

from:

Net

investment

income

(1.27)

(1.11)

(0.77)

(0.94)

(0.89)

(0.46)

Total

Distributions

(1.27)

(1.11)

(0.77)

(0.94)

(0.89)

(0.46)

Net

Asset

Value,

End

of

Period

$64.19

$60.10

$65.66

$45.30

$50.37

$53.85

Total

Return(d)(e)

8.99%

(6.94)%

47.02%

(8.31)%

(4.79)%

8.23%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.20%

0.20%

0.20%

0.20%

0.20%

0.20%

Net

Investment

Income

(Loss)(f)

2.00%

1.59%

1.47%

1.80%

2.00%

1.76%

Gross

Expenses(f)(g)

0.26%

0.27%

0.27%

0.28%

0.25%

0.25%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$192,568

$267,461

$443,213

$464,347

$468,445

$398,504

Portfolio

Turnover(d)(h)

101%

53%

76%

66%

87%

84%

(a)

The

Fund's

fiscal

year-end

changed

from

August

31

to

June

30,

effective

September

1,

2019.

(b)

Commencement

of

operations.

(c)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(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

54

See

notes

to

financial

statements.

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

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

October

24,

2017(b)

through

August

31,

2018

Net

Asset

Value,

Beginning

of

Period

$60.55

$72.20

$45.57

$49.54

$57.21

$50.13

Investment

Activities:

Net

investment

income

(loss)(c)

1.12

0.88

0.52

0.60

1.00

0.57

Net

realized

and

unrealized

gains

(losses)

6.29

(11.79)

26.84

(3.74)

(7.86)

6.81

Total

from

Investment

Activities

7.41

(10.91)

27.36

(3.14)

(6.86)

7.38

Distributions

to

Shareholders

from:

Net

investment

income

(1.10)

(0.74)

(0.73)

(0.83)

(0.81)

(0.30)

Total

Distributions

(1.10)

(0.74)

(0.73)

(0.83)

(0.81)

(0.30)

Net

Asset

Value,

End

of

Period

$66.86

$60.55

$72.20

$45.57

$49.54

$57.21

Total

Return(d)(e)

12.33%

(15.24)%

60.47%

(6.44)%

(11.99)%

14.80%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.24%(h)

0.24%(h)

0.24%(h)

0.25%

0.25%

0.25%

Net

Investment

Income

(Loss)(f)

1.75%

1.26%

0.87%

1.53%

1.98%

1.25%

Gross

Expenses(f)(g)

0.27%

0.27%

0.28%

0.31%

0.30%

0.30%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$230,660

$257,356

$299,631

$239,247

$101,564

$71,517

Portfolio

Turnover(d)(i)

126%

70%

78%

70%

88%

81%

(a)

The

Fund's

fiscal

year-end

changed

from

August

31

to

June

30,

effective

September

1,

2019.

(b)

Commencement

of

operations.

(c)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(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)

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.

55

Victory

Portfolios

II

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

See

notes

to

financial

statements.

VictoryShares

International

Value

Momentum

ETF

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

October

24,

2017(b)

through

August

31,

2018

Net

Asset

Value,

Beginning

of

Period

$40.14

$49.64

$38.42

$43.16

$48.10

$50.08

Investment

Activities:

Net

investment

income

(loss)(c)

1.59

1.41

1.28

0.83

1.30

1.34

Net

realized

and

unrealized

gains

(losses)

3.33

(9.20)

11.17

(4.35)

(4.99)

(2.64)

Total

from

Investment

Activities

4.92

(7.79)

12.45

(3.52)

(3.69)

(1.30)

Distributions

to

Shareholders

from:

Net

investment

income

(1.42)

(1.71)

(1.23)

(1.22)

(1.25)

(0.68)

Total

Distributions

(1.42)

(1.71)

(1.23)

(1.22)

(1.25)

(0.68)

Net

Asset

Value,

End

of

Period

$43.64

$40.14

$49.64

$38.42

$43.16

$48.10

Total

Return(d)(e)

12.50%

(16.12)%

32.66%

(8.39)%

(7.70)%

(2.64)%

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)

3.86%

2.96%

2.86%

2.41%

2.90%

3.12%

Gross

Expenses(f)(g)

0.41%

0.41%

0.42%

0.41%

0.40%

0.40%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$246,564

$282,957

$357,380

$315,004

$323,693

$307,836

Portfolio

Turnover(d)(h)

105%

68%

90%

62%

87%

65%

(a)

The

Fund's

fiscal

year-end

changed

from

August

31

to

June

30,

effective

September

1,

2019.

(b)

Commencement

of

operations.

(c)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(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

56

See

notes

to

financial

statements.

VictoryShares

Emerging

Markets

Value

Momentum

ETF

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

October

24,

2017(b)

through

August

31,

2018

Net

Asset

Value,

Beginning

of

Period

$40.76

$52.08

$37.91

$41.23

$45.58

$49.95

Investment

Activities:

Net

investment

income

(loss)(c)

2.04

1.91

1.36

0.73

1.31

1.17

Net

realized

and

unrealized

gains

(losses)

1.04

(11.18)

14.10

(2.85)

(4.73)

(5.10)

Total

from

Investment

Activities

3.08

(9.27)

15.46

(2.12)

(3.42)

(3.93)

Distributions

to

Shareholders

from:

Net

investment

income

(1.76)

(2.05)

(1.29)

(1.20)

(0.93)

(0.44)

Total

Distributions

(1.76)

(2.05)

(1.29)

(1.20)

(0.93)

(0.44)

Net

Asset

Value,

End

of

Period

$42.08

$40.76

$52.08

$37.91

$41.23

$45.58

Total

Return(d)(e)

7.80%

(18.34)%

41.48%

(5.47)%

(7.62)%

(7.95)%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.45%

0.45%

0.45%

0.45%

0.45%

0.45%

Net

Investment

Income

(Loss)(f)

5.07%

4.05%

2.98%

2.18%

3.00%

2.77%

Gross

Expenses(f)(g)

0.61%

0.55%

0.56%

0.57%

0.50%

0.50%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$170,426

$209,936

$265,591

$164,892

$169,051

$154,974

Portfolio

Turnover(d)(h)

109%

70%

95%

51%

67%

58%

(a)

The

Fund's

fiscal

year-end

changed

from

August

31

to

June

30,

effective

September

1,

2019.

(b)

Commencement

of

operations.

(c)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(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

June

30,

2023

Victory

Portfolios

II

57

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 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

June

30,

2023

Victory

Portfolios

II

58

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

risk

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

closing

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

last

available

bid

quotation

on

the

exchange

or

system

where

the

security

is

principally

traded.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

Investments

in

open-end

investment

companies,

other

than

ETFs, are

valued

at their

NAV.

These

valuations

are

typically

categorized

as

Level

1 in

the

fair

value

hierarchy.

Futures

contracts

are

valued

at

the

settlement

price

established

each

day

by

the

board

of

trade

or

an

exchange

on

which

they

are

traded.

These

valuations

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

2

or

Level

3

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

the

Fund’s

NAV to

be

more

reliable

than

it

otherwise

would

be.

A

summary

of

the

valuations

as

of

June

30,

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

............................

$

191,518,767

$

—

$

—

$

191,518,767

Collateral

for

Securities

Loaned

................

1,089,492

—

—

1,089,492

Total

....................................

$

192,608,259

$

—

$

—

$

192,608,259

Other

Financial

Investments:*

Assets:

Futures

Contracts

...........................

21,338

—

—

21,338

Total

....................................

$

21,338

$

—

$

—

$

21,338

US

Small

Mid

Cap

Value

Momentum

ETF

Common

Stocks

............................

229,479,839

—

—

229,479,839

Rights

...................................

—

—

4,129

4,129

Collateral

for

Securities

Loaned

................

948,428

—

—

948,428

Total

....................................

$

230,428,267

$

—

$

4,129

$

230,432,396

Other

Financial

Investments:*

Assets:

Futures

Contracts

...........................

6,638

—

—

6,638

Total

....................................

$

6,638

$

—

$

—

$

6,638

International

Value

Momentum

ETF

Common

Stocks

............................

243,043,787

—

—

243,043,787

Collateral

for

Securities

Loaned

................

6,111,372

—

—

6,111,372

Total

....................................

$

249,155,159

$

—

$

—

$

249,155,159

Other

Financial

Investments:*

Assets:

Futures

Contracts

...........................

8,434

—

—

8,434

Total

....................................

$

8,434

$

—

$

—

$

8,434

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

59

As

of June

30,

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

a

Fund

to

purchase

or

sell

a

specific

currency

at

a

future

date

at

a

price

(in

U.S.

dollars)

set

at

the

time

of

the

contract.

The

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 June

30,

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

Level

1

Level

2

Level

3

Total

Emerging

Markets

Value

Momentum

ETF

Common

Stocks

............................

$

168,040,119

$

—

$

30,480

$

168,070,599

Total

....................................

$

168,040,119

$

—

$

30,480

$

168,070,599

Other

Financial

Investments:*

Liabilities:

Futures

Contracts

...........................

(2,773)

—

—

(2,773)

Total

....................................

$

(2,773)

$

—

$

—

$

(2,773)

*

Futures

Contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

60

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

year June

30,

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

June

30,

2023:

The

following

table

presents the

effect

of

derivative

instruments

on

the

Statements

of

Operations,

categorized

by

risk

exposure,

for

the year

ended

June

30,

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

year end

is

generally

representative

of

the

notional

amount

of

open

positions

to

net

assets

throughout

the

year.

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

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.

Assets

Liabilities

Variation

Margin

Receivable

on

Open

Futures

Contracts*

Variation

Margin

Payable

on

Open

Futures

Contracts*

Equity

Risk

Exposure:

36,410

(2,773)

US

Value

Momentum

ETF

...............................................................

$

21,338

$

–

US

Small

Mid

Cap

Value

Momentum

ETF

....................................................

6,638

–

International

Value

Momentum

ETF

........................................................

8,434

–

Emerging

Markets

Value

Momentum

ETF

....................................................

–

2,773

*

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)

on

Derivatives

Recognized

as

a

Result

from

Operations

Net

Change

in

Unrealized

Appreciation/

Depreciation

on

Derivatives

Recognized

as

a

Result

of

Operations

Net

Realized

Gains

(Losses)

from

Futures

Contracts

Net

Change

in

Unrealized

Appreciation/

Depreciation

on

Futures

Contracts

Equity

Risk

Exposure:

317121.00

186746.00

US

Value

Momentum

ETF

...........................................................

$

168,006

$

78,471

US

Small

Mid

Cap

Value

Momentum

ETF

................................................

12,195

74,418

International

Value

Momentum

ETF

....................................................

107,884

20,627

Emerging

Markets

Value

Momentum

ETF

................................................

29,036

13,230

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

61

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

June

30,

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

year

ended

June

30,

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 the

Fund

are

charged

to the

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

US

Value

Momentum

ETF

..........................................

$

1,072,434

$

—

$

1,089,492

US

Small

Mid

Cap

Value

Momentum

ETF

...............................

955,819

—

948,428

International

Value

Momentum

ETF

...................................

5,830,187

—

6,111,372

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

62

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

year

ended

June

30,

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.

The

fund-of-funds

do

not

invest

in

the

underlying

funds

for

the

purpose

of

exercising

management

or control;

however,

investments

by

a

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

June

30,

2023,

certain

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

..................................

$

248,439,116

$

247,502,136

$

—

$

91,664,549

US

Small

Mid

Cap

Value

Momentum

ETF

.......................

301,793,107

300,540,866

3,147,120

54,034,100

International

Value

Momentum

ETF

...........................

275,875,943

280,474,222

—

54,728,254

Emerging

Markets

Value

Momentum

ETF

.......................

194,611,069

214,559,278

—

23,261,158

US

Value

Momentum

ETF

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

2.4

Victory

Cornerstone

Equity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

13.0

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

4.3

Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

16.4

Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

27.8

Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

19.2

Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

2.4

Small

Mid

Cap

Value

Momentum

ETF

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.5

Victory

Cornerstone

Equity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

2.9

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

2.5

Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

9.0

Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

13.1

Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

9.0

Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.2

International

Value

Momentum

ETF

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

2.0

Victory

Cornerstone

Equity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

9.6

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

6.7

Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

18.5

Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

28.0

Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

19.1

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

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

24.9

Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

18.4

Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

2.7

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

63

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

year ended

June

30,

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

Fund

Administration,

Servicing

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

year

ended

June

30,

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 year

ended

June

30,

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 year

ended

June

30,

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 year

ended

June

30,

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

a

Fund

in

any

fiscal

year

exceed

the

expense

limit

for

such

classes

of the

Fund.

Such

excess

amounts

will

be

the

liability

of

the

Adviser.

Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business

are

excluded

from

the

expense

limits.

As

of

June

30,

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,

2023

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

June

30,

2023

Victory

Portfolios

II

64

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

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

June

30,

2023.

As

of June

30,

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 year ended

June

30,

2023,

the

Adviser

voluntarily

waived

the

following

amounts:

The

Funds

have

adopted

a

Deferred

Compensation

Agreement

(the

“Agreement”)

for

their

Trustees

and

any

Advisory

Trustees

who

receive

compensation

from

the

Funds.

Under

the

terms

of

the

Agreement,

a

Trustee

or

Advisory

Trustee

may

elect

to

defer

all

or

a

portion

of

their

compensation.

Amounts

deferred

may

be

allocated

to

investment

options

that

are

specified

in

the

Agreement

as

selected

by

the

Trustee

or

Advisory

Trustee,

including

certain

Victory

Funds,

in

which

their

deferred

accounts

are

deemed

invested.

Deferred

compensation

liability

under

the

Agreement

constitutes

a

general

unsecured

obligation

for

an

applicable

Victory

Fund.

For

the

year ended June

30,

2023,

no

material

amounts

have

been

deferred,

and,

therefore,

have

not

been

included

in

the

Funds’

Statements

of

Assets

and

Liabilities.

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 Emerging

Markets

Value

Momentum

ETF

invests 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.

Smaller-Capitalization

Stock

Risk

—

Small-

and

mid-sized

capitalization

companies

are

subject

to

a

number

of

risks

not

associated

with

larger,

more

established

companies,

potentially

making

their

stock

prices

more

volatile

and

increasing

the

risk

of

loss.

Smaller

companies

may

have

limited

markets,

product

lines,

or

financial

resources

and

lack

management

experience

and

may

experience

higher

failure

rates

than

larger

companies.

Expires

2024

Expires

2025

Expires

2026

Total

US

Value

Momentum

ETF

..............................................

$

169,706

$

130,524

$

74,980

$

375,210

International

Value

Momentum

ETF

.......................................

144,936

104,166

61,004

310,106

Emerging

Markets

Value

Momentum

ETF

...................................

195,585

147,952

216,521

560,058

US

Value

Momentum

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

$

81,785

US

Small

Mid

Cap

Value

Momentum

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

59,989

International

Value

Momentum

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

88,093

Emerging

Markets

Value

Momentum

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

58,767

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

65

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 year

ended

June

30,

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

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

year

ended

June

30,

2023,

were

as

follows:

*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

year

ended

June

30,

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

June

30,

2023,

on

the

Statements

of

Assets

and

Liabilities,

as

a

result

of

permanent

book-to-tax

differences,

reclassification

adjustments

were

as

follows:

The

tax

character

of

distributions

paid

during

the

tax

years

ended,

as

noted

below,

were

as

follows

(total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because,

for

tax

purposes,

dividends

are

recognized

when

actually

paid).

Amount

Outstanding

June

30,

2023

Average

Borrowing*

Average

Interest

Rate*

Maximum

Borrowing

During

the

Period

Emerging

Markets

Value

Momentum

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

$

—

$

6,150,692

4.88%

$20,700,000

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

Total

Accumulated

Earnings/

(Loss)

Capital

US

Value

Momentum

ETF

..................................................

$

(11,744,192)

$

11,744,192

US

Small

Mid

Cap

Value

Momentum

ETF

.......................................

(7,625,839)

7,625,839

International

Value

Momentum

ETF

...........................................

(5,785,337)

5,785,337

Emerging

Markets

Value

Momentum

ETF

.......................................

(2,441,398)

2,441,398

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

66

As

of

June

30,

2023,

the

components

of

accumulated

earnings/(loss)

on

a

tax

basis

were

as

follows:

*

The

difference

between

the

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

is

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

passive

foreign

investment

company

adjustments,

and

REIT

adjustments.

As

of 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.

As

of June

30,

2023,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation,

and

net

unrealized

appreciation

(depreciation)

for

investments were

as

follows: 

9.

New

Regulatory

Pronouncement:

In

October

2022,

the

SEC

adopted

a

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

Year

Ended

June

30,

2023

Distributions

Paid

From:

Ordinary

Income

Total

Distributions

Paid

US

Value

Momentum

ETF

....................................................................

$

5,037,898

$

5,037,898

US

Small

Mid

Cap

Value

Momentum

ETF

.........................................................

3,949,369

3,949,369

International

Value

Momentum

ETF

.............................................................

9,023,923

9,023,923

Emerging

Markets

Value

Momentum

ETF

.........................................................

8,231,290

8,231,290

Year

Ended

June

30,

2022

Distributions

Paid

From:

Ordinary

Income

Total

Distributions

Paid

US

Value

Momentum

ETF

....................................................................

$

5,861,933

$

5,861,933

US

Small

Mid

Cap

Value

Momentum

ETF

.........................................................

3,010,992

3,010,992

International

Value

Momentum

ETF

.............................................................

12,229,755

12,229,755

Emerging

Markets

Value

Momentum

ETF

.........................................................

10,246,565

10,246,565

Undistributed

Ordinary

Income

Accumulated

Earnings

Accumulated

Capital

And

Other

Losses

Unrealized

Appreciation

(Depreciation)*

Total

Accumulated

Earnings

(Loss)

US

Value

Momentum

ETF

.................

$

419,207

$

419,207

$

(80,929,015)

$

9,093,796

$

(71,416,012)

US

Small

Mid

Cap

Value

Momentum

ETF

......

412,717

412,717

(60,466,849)

20,564,741

(39,489,391)

International

Value

Momentum

ETF

..........

2,951,982

2,951,982

(85,299,978)

16,155,874

(66,192,122)

Emerging

Markets

Value

Momentum

ETF

......

2,700,473

2,700,473

(41,051,586)

4,517,351

(33,833,762)

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

Cost

of

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

US

Value

Momentum

ETF

..........................

$

183,514,463

$

18,887,035

$

(9,793,239)

$

9,093,796

US

Small

Mid

Cap

Value

Momentum

ETF

...............

209,867,655

31,590,802

(11,026,061)

20,564,741

International

Value

Momentum

ETF

...................

232,989,037

27,814,675

(11,648,553)

16,166,122

Emerging

Markets

Value

Momentum

ETF

...............

162,806,569

21,588,439

(16,324,409)

5,264,030

Notes

to

Financial

Statements

—

continued

June

30,

2023

Victory

Portfolios

II

67

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.

68

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

and

Board

of

Trustees

of

Victory

Portfolios

II

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

portfolio

investments,

of

VictoryShares

US

Value

Momentum

ETF,

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF,

VictoryShares

International

Value

Momentum

ETF,

and

VictoryShares

Emerging

Markets

Value

Momentum

ETF

(the

“Funds”),

each

a

series

of

Victory

Portfolios

II,

as

of

June

30,

2023,

the

related

statements

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

related

notes,

and

the

financial

highlights

for

each

of

the

years

ended

June

30,

2023,

2022,

and

2021,

for

the

ten

months

ended

June

30,

2020,

and

for

the

year

ended

August

31,

2019

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

June

30,

2023,

the

results

of

their

operations

for

the

year

then

ended,

the

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

years

ended

June

30,

2023,

2022,

and

2021,

for

the

ten

months

ended

June

30,

2020,

and

for

the

year

ended

August

31,

2019,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

Funds’

financial

highlights

for

the

period

ended

August

31,

2018,

were

audited

by

other

auditors

whose

report

dated

October

25,

2018,

expressed

an

unqualified

opinion

on

those

financial

highlights.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(“PCAOB”)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

June

30,

2023,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

investment

companies

advised

by

Victory

Capital

Management

Inc.

since

2015.

COHEN

&

COMPANY,

LTD.

Cleveland,

Ohio

August

28,

2023

Supplemental

Information

June

30,

2023

Victory

Portfolios

II

69

(Unaudited)

Trustee

and

Officer

Information

Board

of

Trustees:

Overall

responsibility

for

management

of

the

Trust

rests

with

the

Board.

The

Trust

is

managed

by

the

Board

in

accordance

with

the

laws

of

the

State

of

Delaware.

There

are

currently

nine

Trustees,

eight

of

whom

are

not

“interested

persons”

of

the

Trust

within

the

meaning

of

that

term

under

the

1940

Act

(“Independent

Trustees”)

and

one

of

whom

is

an

“interested

person”

of

the

Trust

within

the

meaning

of

that

term

under

the

1940

Act

(“Interested

Trustee”).

The

Trustees,

in

turn,

elect

the

officers

of

the

Trust

to

actively

supervise

its

day-to-day

operations.

The

following

tables

list

the

Trustees,

their

date

of

birth,

position

with

the

Trust,

commencement

of

service,

principal

occupations

during

the

past

five

years,

and

any

directorships

of

other

investment

companies

or

companies

whose

securities

are

registered

under

the

Securities

Exchange

Act

of

1934,

as

amended,

or

who

file

reports

under

that

Act.

Each

Trustee

oversees 26

portfolios

in

the

Trust,

six

portfolios

in

Victory

Variable

Insurance

Funds,

and 37

portfolios

in

Victory

Portfolios, each

a

registered

investment

company

that,

together

with

the

Trust,

comprise

the

Victory

Fund

Complex.

David

C.

Brown

is

a

Trustee

of

Victory

Portfolios

III

and

oversees

45

portfolios

of

the

Victory

Portfolios

III.

Each

Trustee’s

address

is

c/o

Victory

Portfolios,

4900

Tiedeman

Road,

4th

Floor,

Brooklyn,

Ohio

44144.

 Each

Trustee

has

an

indefinite

term.

*

The

Board

has

designated

Ms.

Beard

as

its

Audit

Committee

Financial

Expert.

**

Mr.

Brown

is

an

"Interested

Person"

by

reason

of

his

relationship

with

the

Adviser.

The

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

of

the

Trust

and

is

available,

without

charge,

by

calling

800-539-3863.

Name

and

Date

of

Birth

Position

Held

with

the

Trust

Date

Commenced

Service

Principal

Occupation

During

Past

5

Years

Other

Directorships

Held

During

Past

5

Years

Independent

Trustees

David

Brooks

Adcock,

(October

1951)

Trustee

May

2015

Consultant

(since

2006).

None.

Nigel

D.

T.

Andrews,

(April

1947)

Trustee

May

2015

Retired.

Director,

Carlyle

Secured

Lending,

Inc.

(formerly

TCG

BDC

I,

Inc.)

(since

2012);

Director,

Carlyle

Credit

Solutions,

Inc.

(formerly

TCG

BDC

II,

Inc.)

(since

2017);

Trustee,

Carlyle

Secured

Lending

III

(since

2021).

E.

Lee

Beard,*

(October

1951)

Trustee

May

2015

Retired.

None.

Dennis

M.

Bushe,

(October

1951)

Trustee

July

2016

Retired.

None.

John

L.

Kelly,

(April

1953)

Chair

and

Trustee

May

2015

Managing

Partner,

Active

Capital

Partners

LLC

(since

October

2017).

Director,

Caledonia

Mining

Corporation

(since

May

2012).

David

L.

Meyer,

(April

1957)

Trustee

May

2015

Retired.

None.

Gloria

S.

Nelund,

(May

1961)

Trustee

July

2016

Chair,

CEO

and

Co-Founder

of

TriLinc

Global,

LLC,

an

investment

firm.

TriLinc

Global

Impact

Fund,

LLC

(since

2012).

Leigh

A.

Wilson,

(December

1944)

Trustee

May

2015

Private

Investor.

Chair

(since

2013),

Caledonia

Mining

Corporation.

Advisory

Trustee

Timothy

Pettee,

(April

1958)

Advisory

Trustee

January

2023

Chief

Investment

Officer,

Hoya

Capital

Real

Estate

LLC

(since

February

2022);

Chief

Investment

Officer,

Sun

America

Asset

Management

Corp.

(January

2003-

July

2021).

None.

Interested

Trustee

David

C.

Brown,**

(May

1972)

Trustee

May

2015

Chief

Executive

Officer

and

Chairman

(since

2013),

the

Adviser;

Chief

Executive

Officer

and

Chairman

(since

2013),

Victory

Capital

Holdings,

Inc.;

Director

(since

2013),

Victory

Capital

Services,

Inc.;

Director

(since

2019),

Victory

Capital

Transfer

Agency,

Inc.

Trustee,

Victory

Portfolios

III;

Board

Member,

Victory

Capital

Services,

Inc.

Supplemental

Information

—

continued

June

30,

2023

Victory

Portfolios

II

70

(Unaudited)

Officers:

The

officers

of

the

Trust,

their

date

of

birth,

their

commencement

of

service,

and

their

principal

occupations

during

the

past

five

years,

are

detailed

in

the

following

table.

Each

officer

serves

until

the

earlier

of

his

or

her

resignation,

removal,

retirement,

death,

or

the

election

of

a

successor.

The

mailing

address

of

each

officer

of

the

Trust

is

4900

Tiedeman

Road,

4th

Floor,

Brooklyn,

Ohio

44144. 

The

officers

of

the

Trust

receive

no

compensation

directly

from

the

Trust

for

performing

the

duties

of

their

offices.

*

Effective

May

1,

2023,

Christopher

Dyer

resigned

as

the

President

of

the

Trust.

Name

and

Date

of

Birth

Position

with

the

Trust

Date

Commenced

Service

Principal

Occupation

During

Past

5

Years

James

K.

De

Vries,

(April

1969)

President

May

2023*

Head

of

Fund

Administration,

the

Adviser

(5/1/23-present);

Vice

President,

Victory

Capital

Transfer

Agency,

Inc.

(4/20/23-present);

Executive

Director,

the

Adviser

(7/1/19-4/30/23);

Executive

Director,

Investment

and

Financial

Administration,

USAA

(2012-

6/30/19);

Treasurer,

USAA

Mutual

Funds

Trust

(2018-4/30/23).

Mr.

De

Vries

also

serves

as

the

Principal

Executive

Officer

for

the

Funds,

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Scott

A.

Stahorsky,

(July

1969)

Vice

President

May

2015

Director,

Third-Party

Dealer

Services

&

Reg

Administration,

Fund

Administration,

the

Adviser

(5/1/23-present);

Vice

President,

Victory

Capital

Transfer

Agency,

Inc.

(4/20/23-present);

Manager,

Fund

Administration,

the

Adviser

(2015-4/30/23).

Mr.

Stahorsky

also

serves

as

Vice

President

of

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Thomas

Dusenberry,

(July

1977)

Secretary

May

2022

Director,

Fund

Administration,

the

Adviser

(5/1/23-present);

Manager,

Fund

Administration,

the

Adviser

(2022-4/30/23);

Treasurer

and

Principal

Financial

Officer

(2020-2022),

Assistant

Treasurer

(2019),

Salient

MF

Trust,

Salient

Midstream,

MLP

Fund,

and

Forward

Funds;

Principal

Financial

Officer

(2018-

2021)

and

Treasurer

(2020-2021),

Salient

Private

Access

Funds

and

Endowment

PMF

Funds;

Senior

Vice

President

of

Fund

Accounting

and

Operations,

Salient

Partners

(2020-2022);

Director

of

Fund

Operations,

Salient

Partners

(2016-2019).

Mr.

Dusenberry

also

serves

as

Secretary

of

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Allan

Shaer,

(March

1965)

Treasurer

December

2017

Senior

Vice

President,

Financial

Administration,

Citi

Fund

Services

Ohio,

Inc.

(since

2016).

Mr.

Shaer

also

serves

as

the

Funds’

Principal

Financial

and

Accounting

Officer.

Mr.

Shaer

also

serves

as

Treasurer

of

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Christopher

A.

Ponte,

(March

1984)

Assistant

Treasurer

May

2015

Director,

Fund

and

BD

Finance,

the

Adviser

(5/1/23-present);

Manager,

Fund

Administration,

the

Adviser

(2017-4/30/23);

Chief

Financial

Officer,

Victory

Capital

Services,

Inc.

(since

2018).

Mr.

Ponte

also

serves

as

Assistant

Treasurer

of

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Carol

D.

Trevino,

(October

1965)

Assistant

Treasurer

February

2023

Director,

Financial

Reporting,

Fund

Administration,

the

Adviser

(5/1/23-present);

Director,

Accounting

and

Finance,

the

Adviser

(7/1/19-4/30/23);

Accounting/Financial

Director,

USAA

(12/13-

6/30/19).

Ms.

Trevino

also

serves

as

Assistant

Treasurer

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Sean

Fox,

(September

1976)

Chief

Compliance

Officer

June

2022

Deputy

Chief

Compliance

Officer

(July

2021-June

2022),

Senior

Compliance

Officer,

the

Adviser

(2019-present);

Compliance

Officer,

the

Adviser

(2015-2019).

Mr.

Fox

also

serves

as

Chief

Compliance

Officer

for

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Michael

Bryan,

(December

1962)

Anti-Money

Laundering

Compliance

Officer

and

Identity

Theft

Officer

May

2023

Vice

President,

CCO

Compliance

Support

Services,

Citi

Fund

Services

Ohio,

Inc.

(2008-present).

Mr.

Bryan

also

serves

as

the

Anti-Money

Laundering

Compliance

Officer

and

identity

Theft

Officer

for

Victory

Portfolios,

Victory

Portfolios

III

and

Victory

Variable

Insurance

Funds.

Jay

G.

Baris,

(January

1954)

Assistant

Secretary

May

2015

Partner,

Sidley

Austin

LLP

(since

2020);

Partner,

Shearman

&

Sterling

LLP

(2018-2020).

Victory

Portfolios

II

71

(Unaudited)

Supplemental

Information

—

continued

June

30,

2023

Proxy

Voting

and

Portfolio

Holdings

Information 

Proxy

Voting:

Information

regarding

the

policies

and

procedures each

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

without

charge,

upon

request,

by

calling

800-539-3863.

The

information

is

also

included

in

the

Funds'

Statement

of

Additional

Information,

which

is

available

on

the

SEC’s

website

at sec.gov.

Information

relating

to

how

the

Funds

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

12

months

ended

June

30

is

available

on

the

SEC’s

website

at

sec.gov.

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.

Forms

N-PORT are

available

on

the

SEC’s

website

at

sec.gov.

Expense

Examples

As

a

shareholder

of

the

Funds,

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

January

1,

2023,

through

June

30,

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

1/1/23

Actual

Ending

Account

Value

6/30/23

Hypothetical

Ending

Account

Value

6/30/23

Actual

Expenses

Paid

During

Period

1/1/23

-

6/30/23*

Hypothetical

Expenses

Paid

During

Period

1/1/23

-

6/30/23*

Annualized

Expense

Ratio

During

Period

1/1/23

-

6/30/23

US

Value

Momentum

ETF

.................

$

1,000.00

$

1,021.60

$

1,023.80

$

1.00

$

1.00

0.20%

US

Small

Mid

Cap

Value

Momentum

ETF

......

1,000.00

1,070.00

1,023.60

1.23

1.20

0.24%

International

Value

Momentum

ETF

..........

1,000.00

1,071.90

1,023.06

1.80

1.76

0.35%

Emerging

Markets

Value

Momentum

ETF

......

1,000.00

1,062.40

1,022.51

2.35

2.31

0.46%

*

Expenses

are

equal

to

the

average

account

value

multiplied

by

the

Fund’s

annualized

expense

ratio

multiplied

by

181/365

(the

number

of

days

in

the

most

recent

fiscal

half-year

divided

by

the

number

of

days

in

the

fiscal

year).

Victory

Portfolios

II

72

(Unaudited)

Supplemental

Information

—

continued

June

30,

2023

Additional

Federal

Income

Tax

Information 

For

the

year

ended

June

30,

2023,

the

following

Funds paid

qualified

dividend

income

for

the

purposes

of

reduced

individual

federal

income

tax

rates

of:

Dividends

qualified

for

corporate

dividends

received

deductions

of:

The

following

Funds

intends

to

elect

to

pass

through

to

shareholders

the

income

tax

credit

for

taxes

paid

to

foreign

countries.

Foreign

source

income

and

foreign

tax

expense

per

shares

outstanding

on

June

30,

2023,

were

as

follow:

Percent

US

Value

Momentum

ETF

............................................................................

98%

US

Small

Mid

Cap

Value

Momentum

ETF

.................................................................

83%

International

Value

Momentum

ETF

.....................................................................

67%

Emerging

Markets

Value

Momentum

ETF

.................................................................

56%

Percent

US

Value

Momentum

ETF

............................................................................

95%

US

Small

Mid

Cap

Value

Momentum

ETF

.................................................................

73%

Foreign

Source

Income

Foreign

Tax

Expense

International

Value

Momentum

ETF

.............................................

$

1.89

$

0.18

Emerging

Markets

Value

Momentum

ETF

.........................................

2.84

0.42

Victory

Portfolios

II

73

(Unaudited)

Supplemental

Information

—

continued

June

30,

2023

Liquidity

Risk

Management

Program:

The

Victory

Funds

have

adopted

and

implemented

a

written

liquidity

risk

management

program

(the

“LRMP”)

as

required

by

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended.

The

LRMP

is

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk,

taking

into

consideration

each

Fund’s

investment

strategy

and

the

liquidity

of

its

portfolio

investments

during

normal

and

reasonably

foreseeable

stressed

market

conditions;

its

short-

and

long-term

cash

flow

projections;

and

its

cash

holdings

and

access

to

other

liquidity

management

tools

such

as

available

funding

sources

including

the

Victory

Funds

Complex

Interfund

Lending

Facility

and

Line

of

Credit

(discussed

in

the

Notes

to

Financial

Statements).

The

Victory

Funds’

Board

of

Trustees

approved

the

appointment

of

the

Funds’

investment

adviser,

Victory

Capital

Management

Inc.

(“Victory

Capital”),

as

the

administrator

of

the

LRMP.

Victory

Capital

manages

liquidity

risks

associated

with

the

Funds’

investments

by

monitoring,

among

other

things,

cash

and

cash

equivalents,

any

use

of

derivatives,

the

concentration

of

investments,

the

appropriateness

of

each

Fund’s

investment

strategy,

and

by

classifying

every

Fund

investment

as

either

highly

liquid,

moderately

liquid,

less

liquid,

or

illiquid

on

at

least

a

monthly

basis.

To

assist

with

the

classification

of

Fund

investments,

Victory

Capital

has

retained

a

third-party

provider

of

liquidity

evaluation

services.

This

provider

determines

preliminary

liquidity

classifications

for

all

portfolio

holdings

based

upon

portfolio-level

data

and

certain

assumptions

provided

by

Victory

Capital.

Victory

Capital

reviews

the

preliminary

liquidity

classifications

and,

when

appropriate,

considers

other

information

including

input

from

the

Funds’

portfolio

managers

(including

the

portfolio

managers

employed

by

any

investment

sub-advisers)

in

determining

final

liquidity

classifications.

At

a

meeting

held

on

February

23,

2023,

Victory

Capital

provided

an

oral

and

written

report

to

the

Trustees

on

the

operation

and

effectiveness

of

the

LRMP

during

the

previous

year.

The

report

from

Victory

Capital

concluded

that

the

Funds

did

not

experience

any

significant

liquidity

challenges

during

the

covered

period,

and

the

Funds’

LRMP

is

reasonably

designed

to

assess

and

manage

its

liquidity

risk.

The

report

also

concluded

that

the

LRMP

continues

to

operate

adequately

and

effectively

to

enable

Victory

Capital

to

oversee

and

manage

liquidity

risk

and

ensure

each

Fund

is

able

to

meet

redemption

requests

without

significant

dilution

to

the

remaining

investors’

interest

in

each

Fund.

During

the

review

period,

each

Fund’s

portfolio

consisted

primarily

of

highly

liquid

investments,

which

are

defined

as

cash

and

any

investments

that

each

Fund

reasonably

expects

to

be

converted

to

cash

in

current

market

conditions

in

three

business

days

or

less

without

significantly

changing

the

market

value

of

the

investment.

Therefore,

the

Funds

have

not

adopted

a

highly

liquid

investment

minimum.

The

Funds’

investments

were

below

the

limitation

on

illiquid

investments

during

the

review

period.

Additionally,

Victory

Capital

indicated

that

no

events

occurred

that

would

require

the

filing

of

Form

N-RN

(prior

to

August

2022,

Form

N-LIQUID)

and

recommended

no

material

changes

to

the

LRMP.

Privacy

Policy

Protecting

the

Privacy

of

Information

The

Trust

respects

your

right

to

privacy.

We

also

know

that

you

expect

us

to

conduct

and

process

your

business

in

an

accurate

and

efficient

manner.

To

do

so,

we

must

collect

and

maintain

certain

personal

information

about

you.

This

is

the

information

we

collect

from

you

on

applications

or

other

forms,

and

from

the

transactions

you

make

with

us

or

third

parties.

It

may

include

your

name,

address,

social

security

number,

account

transactions

and

balances,

and

information

about

investment

goals

and

risk

tolerance.

We

do

not

disclose

any

information

about

you

or

about

former

customers

to

anyone

except

as

permitted

or

required

by

law.

Specifically,

we

may

disclose

the

information

we

collect

to

companies

that

perform

services

on

our

behalf,

such

as

the

transfer

agent

that

processes

shareholder

accounts

and

printers

and

mailers

that

assist

us

in

the

distribution

of

investor

materials.

We

may

also

disclose

this

information

to

companies

that

perform

marketing

services

on

our

behalf.

This

allows

us

to

continue

to

offer

you

Victory

investment

products

and

services

that

meet

your

investing

needs,

and

to

effect

transactions

that

you

request

or

authorize.

These

companies

will

use

this

information

only

in

connection

with

the

services

for

which

we

hired

them.

They

are

not

permitted

to

use

or

share

this

information

for

any

other

purpose.

To

protect

your

personal

information

internally,

we

permit

access

only

by

authorized

employees

and

maintain

physical,

electronic,

and

procedural

safeguards

to

guard

your

personal

information.*

You

may

have

received

communications

regarding

information

about

privacy

policies

from

other

financial

institutions

which

gave

you

the

opportunity

to

“opt-out”

of

certain

information

sharing

with

companies

which

are

not

affiliated

with

that

financial

institution.

The

Trust

does

not

share

information

with

other

companies

for

purposes

of

marketing

solicitations

for

products

other

than

the

Trust.

Therefore,

the

Trust

does

not

provide

opt-out

options

to

their

shareholders. 

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

866-376-7890

VS-ETF-AR

(6/23)

Item 2. Code of Ethics.

(a) The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics in included as an Exhibit.

(b) During the period covered by the report, with respect to the registrant’s code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions; there have been no amendments to, nor any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

Item 3. Audit Committee Financial Expert.

(a)(1) The registrant’s board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

(a)(2) The audit committee financial expert is E. Lee Beard, who is “independent” for purposes of this Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

	2023		2022
(a) Audit Fees (1)	$	286,125	$	266,950
(b) Audit-Related Fees (2)		0		0
(c) Tax Fees (3)		90,450		82,500
(d) All Other Fees (4)		0		0

(1) Audit fees include amounts related to the audit of the Registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit fees billed were for professional services provided by Cohen Fund Audit Services, Ltd for audit compliance, audit advice and audit planning.

(2) Represents the fee for assurance and related services by Cohen Fund Audit Services, Ltd reasonably related to the performance of the audit of the Registrant’s financial statements that was not reported under (a) of this item.

(3) Represents the aggregate tax fee billed for professional services rendered by Cohen Fund Audit Services, Ltd for tax compliance, tax advice, international tax fee transactions and tax planning. Such tax services included the review of income and excise tax returns for the Registrant.

(4) For the fiscal years ended June 30, 2023, and June 30, 2022, there were no fees billed for professional services rendered by Cohen Fund Audit Services, Ltd to the Registrant, other than the services reported in (a) through (c) of this item.

Tax fees for 2023 and 2022 are for recurring tax fees for the preparation of the federal and state tax returns and procedures performed relating to the Registrant’s analysis of complex securities.

(e)(1) The Registrant’s Audit Committee must pre-approve non-audit services to be provided by the principal accountant and the fees charged with these services. The Committee may delegate authority to one or more Committee members to pre-approve these services, subject to subsequent review and approval by the Committee.

(e)(2) There were no services performed under Rule 2.01 (c)(7)(i)(C).

(f) Not applicable.

(g)

2023	$	90,450
2022	$	82,500

(h) The Registrant’s Audit Committee has evaluated the non-audit services that the principal accountant provided to the Registrant’s investment adviser (and the adviser’s relevant affiliated), which services the Committee did not pre-approve, and has concluded that the provision of those services was compatible with maintaining the accountant’s independence.

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. Exhibits.

(a)(1) The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.

(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b)     Certifications pursuant to Rule 30a-2(b) are furnished herewith.

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, Principal Financial Officer

Date August 30, 2023

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, Principal Executive Officer

Date August 30, 2023

By (Signature and Title)*	/s/ Allan Shaer
	Allan Shaer, Principal Financial Officer

Date August 30, 2023