Victory Portfolios II	Schedule of Portfolio Investments
Victory US 500 Enhanced Volatility Wtd Index Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.5%)
Communication Services (4.0%):
Activision Blizzard, Inc.		1,400	$	130,200
Alphabet, Inc., Class A (a)		67		138,189
Altice USA, Inc., Class A (a)		3,658		118,995
Cable One, Inc.		69		126,157
Charter Communications, Inc., Class A (a)		243		149,935
Comcast Corp., Class A		2,981		161,301
Discovery, Inc., Class A (a)(b)		1,789		77,750
DISH Network Corp., Class A (a)		3,223		116,673
Electronic Arts, Inc.		1,080		146,199
Facebook, Inc., Class A (a)		416		122,524
Fox Corp., Class A		2,879		103,961
Liberty Broadband Corp., Class C (a)		964		144,745
Netflix, Inc. (a)		166		86,596
Omnicom Group, Inc.		1,558		115,526
Sirius XM Holdings, Inc. (b)		21,975		133,828
Take-Two Interactive Software, Inc. (a)		684		120,863
The Interpublic Group of Cos., Inc.		4,079		119,107
The New York Times Co., Class A		2,440		123,513
T-Mobile U.S., Inc. (a)		1,274		159,619
Verizon Communications, Inc.		4,611		268,130
ViacomCBS, Inc., Class B		1,471		66,342
				2,730,153
Consumer Discretionary (10.0%):
Advance Auto Parts, Inc.		889		163,123
Amazon.com, Inc. (a)		39		120,669
Aptiv PLC (a)		716		98,736
AutoZone, Inc. (a)		152		213,454
Best Buy Co., Inc.		1,196		137,313
Booking Holdings, Inc. (a)		41		95,523
BorgWarner, Inc.		2,406		111,542
Bright Horizons Family Solutions, Inc. (a)		649		111,271
CarMax, Inc. (a)		914		121,251
Chipotle Mexican Grill, Inc. (a)		90		127,874
D.R. Horton, Inc.		1,267		112,915
Deckers Outdoor Corp. (a)		341		112,673
Dollar General Corp.		1,026		207,888
Dollar Tree, Inc. (a)		1,349		154,407
Domino’s Pizza, Inc.		469		172,494
eBay, Inc.		2,139		130,993
Etsy, Inc. (a)		303		61,106
Five Below, Inc. (a)		600		114,474
Floor & Decor Holdings, Inc., Class A (a)		989		94,430
Garmin Ltd.		1,399		184,458
General Motors Co. (a)		1,823		104,750
Gentex Corp.		4,628		165,082
Genuine Parts Co.		1,331		153,850
Hasbro, Inc.		1,322		127,071
L Brands, Inc. (a)		1,083		66,994
Lear Corp.		657		119,081
Lennar Corp., Class A		1,125		113,884
Lithia Motors, Inc., Class A		203		79,188
LKQ Corp. (a)		2,729		115,519
Lowe’s Cos., Inc.		872		165,837
McDonald’s Corp.		1,091		244,537
Mohawk Industries, Inc. (a)		433		83,270
NIKE, Inc., Class B		1,063		141,262
NVR, Inc. (a)		25		117,773
O’Reilly Automotive, Inc. (a)		393		199,349
Peloton Interactive, Inc., Class A (a)		491		55,208
Pool Corp.		335		115,655
PulteGroup, Inc.		2,141		112,274
RH (a)		178		106,195
Ross Stores, Inc.		853		102,283

Victory Portfolios II	Schedule of Portfolio Investments — continued
Victory US 500 Enhanced Volatility Wtd Index Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Service Corp. International		3,078	$	157,132
Starbucks Corp.		1,324		144,673
Target Corp. (c)		856		169,548
Tesla, Inc. (a)		80		53,434
The Home Depot, Inc.		702		214,285
The TJX Cos., Inc.		1,781		117,813
Tractor Supply Co.		864		152,997
Ulta Beauty, Inc. (a)		306		94,606
Vail Resorts, Inc. (a)		356		103,831
Wayfair, Inc., Class A (a)(b)		208		65,468
Whirlpool Corp.		597		131,549
Williams-Sonoma, Inc.		768		137,626
Yum! Brands, Inc.		1,818		196,671
				6,875,289
Consumer Staples (9.0%):
Altria Group, Inc.		3,953		202,236
Archer-Daniels-Midland Co.		2,769		157,833
Brown-Forman Corp., Class B		2,367		163,252
Bunge Ltd.		1,693		134,204
Campbell Soup Co.		3,672		184,591
Church & Dwight Co., Inc.		2,329		203,438
Colgate-Palmolive Co.		3,535		278,664
Conagra Brands, Inc.		4,983		187,361
Constellation Brands, Inc., Class A		631		143,868
Costco Wholesale Corp.		667		235,105
Darling Ingredients, Inc. (a)		1,472		108,310
General Mills, Inc.		3,486		213,762
Hormel Foods Corp.		4,137		197,666
Kellogg Co.		3,485		220,601
Keurig Dr Pepper, Inc.		6,693		230,038
Kimberly-Clark Corp.		1,683		234,021
Lamb Weston Holdings, Inc.		1,242		96,230
McCormick & Co., Inc.		2,199		196,063
Mondelez International, Inc., Class A		4,106		240,323
Monster Beverage Corp. (a)		1,892		172,342
PepsiCo, Inc.		1,791		253,338
Philip Morris International, Inc.		1,957		173,664
The Boston Beer Co., Inc., Class A (a)		70		84,440
The Clorox Co.		834		160,862
The Coca-Cola Co.		3,630		191,337
The Estee Lauder Cos., Inc.		504		146,588
The Hershey Co.		1,465		231,704
The J.M. Smucker Co. (b)		1,463		185,113
The Kraft Heinz Co.		4,171		166,840
The Kroger Co.		4,559		164,078
The Procter & Gamble Co.		2,105		285,080
Tyson Foods, Inc., Class A		1,982		147,263
Walmart, Inc.		1,399		190,026
				6,180,241
Energy (0.5%):
Kinder Morgan, Inc.		8,211		136,712
ONEOK, Inc.		1,645		83,336
The Williams Cos., Inc.		4,695		111,225
				331,273
Financials (15.6%):
Aflac, Inc.		2,659		136,088
Alleghany Corp. (a)		193		120,874
Ally Financial, Inc.		2,191		99,055
American Express Co.		743		105,091
American Financial Group, Inc.		865		98,697
Ameriprise Financial, Inc.		538		125,058
Aon PLC, Class A		712		163,838
Apollo Global Management, Inc.		2,137		100,460
Arch Capital Group Ltd. (a)		3,353		128,655

Victory Portfolios II	Schedule of Portfolio Investments — continued
Victory US 500 Enhanced Volatility Wtd Index Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Ares Management Corp., Class A		3,057	$	171,284
Arthur J. Gallagher & Co.		1,593		198,759
Athene Holding Ltd., Class A (a)		1,911		96,314
Bank of America Corp.		3,093		119,668
Berkshire Hathaway, Inc., Class B (a)		850		217,150
BlackRock, Inc.		229		172,656
Brown & Brown, Inc.		3,941		180,143
Capital One Financial Corp.		752		95,677
Cboe Global Markets, Inc.		1,316		129,876
Chubb Ltd.		820		129,535
Cincinnati Financial Corp.		1,034		106,595
Citigroup, Inc.		1,463		106,433
Citizens Financial Group, Inc.		1,821		80,397
CME Group, Inc.		729		148,884
Comerica, Inc.		1,102		79,057
Commerce Bancshares, Inc.		1,713		131,234
Discover Financial Services		900		85,491
East West Bancorp, Inc.		1,126		83,099
Erie Indemnity Co., Class A (b)		673		148,672
Everest Re Group Ltd.		545		135,056
FactSet Research Systems, Inc.		425		131,151
Fidelity National Financial, Inc.		3,455		140,480
Fifth Third Bancorp		2,511		94,037
First Horizon Corp.		4,974		84,110
First Republic Bank		835		139,237
Franklin Resources, Inc.		3,881		114,878
Globe Life, Inc.		1,362		131,610
Huntington Bancshares, Inc.		5,357		84,212
Interactive Brokers Group, Inc.		1,777		129,792
Intercontinental Exchange, Inc.		1,673		186,840
Invesco Ltd.		3,922		98,913
JPMorgan Chase & Co.		819		124,676
KeyCorp		4,055		81,019
KKR & Co., Inc.		2,638		128,866
Lincoln National Corp.		1,172		72,980
LPL Financial Holdings, Inc.		820		116,571
M&T Bank Corp.		518		78,534
Markel Corp. (a)		126		143,592
MarketAxess Holdings, Inc.		218		108,547
Marsh & McLennan Cos., Inc.		1,704		207,548
MetLife, Inc.		1,901		115,562
Moody’s Corp.		570		170,208
Morgan Stanley		1,575		122,315
Morningstar, Inc.		640		144,026
MSCI, Inc.		281		117,818
Nasdaq, Inc.		1,240		182,849
Northern Trust Corp.		1,216		127,814
Principal Financial Group, Inc.		1,669		100,073
Raymond James Financial, Inc.		1,011		123,908
Regions Financial Corp.		4,062		83,921
Reinsurance Group of America, Inc.		660		83,193
RenaissanceRe Holdings Ltd.		884		141,661
S&P Global, Inc.		454		160,203
Santander Consumer USA Holdings, Inc.		3,824		103,477
SEI Investments Co.		2,422		147,572
Signature Bank		335		75,744
State Street Corp.		1,440		120,974
SVB Financial Group (a)		201		99,226
Synchrony Financial		2,337		95,022
T. Rowe Price Group, Inc.		933		160,103
The Allstate Corp.		1,612		185,219
The Bank of New York Mellon Corp.		2,747		129,906
The Blackstone Group, Inc., Class A		2,229		166,127
The Carlyle Group, Inc.		3,779		138,916
The Charles Schwab Corp.		1,799		117,259
The Goldman Sachs Group, Inc.		378		123,606
The Hartford Financial Services Group, Inc.		2,070		138,255

Victory Portfolios II	Schedule of Portfolio Investments — continued
Victory US 500 Enhanced Volatility Wtd Index Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
The PNC Financial Services Group, Inc.		664	$	116,472
The Progressive Corp.		1,801		172,194
The Travelers Cos., Inc.		958		144,083
Tradeweb Markets, Inc., Class A		1,737		128,538
Truist Financial Corp.		1,692		98,677
U.S. Bancorp		2,117		117,091
W.R. Berkley Corp.		1,977		148,967
Wells Fargo & Co.		2,609		101,934
Western Alliance Bancorp		814		76,874
Zions Bancorp NA		1,396		76,724
				10,747,900
Health Care (13.7%):
Abbott Laboratories		1,328		159,148
AbbVie, Inc.		1,528		165,360
ABIOMED, Inc. (a)		341		108,687
Agilent Technologies, Inc.		1,467		186,515
Align Technology, Inc. (a)		122		66,067
Amedisys, Inc. (a)		469		124,187
Amgen, Inc.		676		168,196
Anthem, Inc.		391		140,349
Avantor, Inc. (a)		3,841		111,120
Baxter International, Inc.		2,315		195,248
Becton, Dickinson & Co.		707		171,907
Biogen, Inc. (a)		213		59,587
BioMarin Pharmaceutical, Inc. (a)		991		74,830
Bio-Rad Laboratories, Inc., Class A (a)		199		113,663
Bio-Techne Corp.		311		118,780
Bruker Corp.		2,148		138,073
Cardinal Health, Inc.		2,474		150,296
Catalent, Inc. (a)		1,010		106,363
Centene Corp. (a)		1,881		120,215
Cerner Corp.		2,475		177,903
Charles River Laboratories International, Inc. (a)		452		131,003
Cigna Corp.		522		126,188
CVS Health Corp.		2,126		159,939
Danaher Corp.		756		170,160
DaVita, Inc. (a)		1,336		143,981
Denali Therapeutics, Inc. (a)		704		40,198
DexCom, Inc. (a)		237		85,175
Edwards Lifesciences Corp. (a)		1,661		138,926
Eli Lilly & Co.		507		94,718
Encompass Health Corp.		1,712		140,213
Gilead Sciences, Inc. (c)		2,772		179,155
HCA Healthcare, Inc.		629		118,466
Henry Schein, Inc. (a)		1,925		133,287
Hologic, Inc. (a)		1,510		112,314
Horizon Therapeutics PLC (a)		813		74,829
Humana, Inc.		384		160,992
IDEXX Laboratories, Inc. (a)		238		116,456
Illumina, Inc. (a)		224		86,029
Insulet Corp. (a)		376		98,106
Intuitive Surgical, Inc. (a)		174		128,576
IQVIA Holdings, Inc. (a)		741		143,117
Jazz Pharmaceuticals PLC (a)		658		108,155
Johnson & Johnson (c)		1,413		232,226
Laboratory Corp. of America Holdings (a)		604		154,038
Masimo Corp. (a)		517		118,734
Medtronic PLC		1,270		150,025
Merck & Co., Inc.		2,691		207,449
Mettler-Toledo International, Inc. (a)		132		152,551
Molina Healthcare, Inc. (a)		472		110,335
Neurocrine Biosciences, Inc. (a)		822		79,940
Novocure Ltd. (a)		485		64,107
PerkinElmer, Inc.		959		123,030
Pfizer, Inc.		4,582		166,006
PPD, Inc. (a)		3,398		128,580
Quest Diagnostics, Inc.		1,325		170,051

Victory Portfolios II	Schedule of Portfolio Investments — continued
Victory US 500 Enhanced Volatility Wtd Index Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Regeneron Pharmaceuticals, Inc. (a)		277	$	131,060
Repligen Corp. (a)		462		89,817
ResMed, Inc.		686		133,098
Seagen, Inc. (a)		576		79,983
STERIS PLC		931		177,337
Stryker Corp.		568		138,353
Syneos Health, Inc. (a)		1,409		106,873
Teleflex, Inc.		356		147,904
The Cooper Cos., Inc.		372		142,881
Thermo Fisher Scientific, Inc.		321		146,498
UnitedHealth Group, Inc.		461		171,523
Universal Health Services, Inc., Class B		844		112,581
Veeva Systems, Inc., Class A (a)		385		100,577
Vertex Pharmaceuticals, Inc. (a)		496		106,585
Waters Corp. (a)		499		141,801
West Pharmaceutical Services, Inc.		507		142,862
Zoetis, Inc.		1,104		173,858
				9,447,140
Industrials (17.3%):
3M Co.		931		179,384
Advanced Drainage Systems, Inc.		735		75,992
AGCO Corp.		829		119,086
Allegion PLC		1,201		150,870
AMERCO, Inc.		256		156,826
AMETEK, Inc.		1,376		175,757
AO Smith Corp.		2,242		151,582
Builders FirstSource, Inc. (a)		1,801		83,512
C.H. Robinson Worldwide, Inc.		1,548		147,726
Carlisle Cos., Inc.		958		157,668
Carrier Global Corp.		3,238		136,708
Caterpillar, Inc.		587		136,108
Cintas Corp.		444		151,542
Copart, Inc. (a)		1,400		152,054
CoStar Group, Inc. (a)(c)		144		118,352
CSX Corp.		1,698		163,721
Cummins, Inc.		588		152,357
Deere & Co.		378		141,425
Dover Corp.		1,396		191,433
Eaton Corp. PLC		1,105		152,799
Emerson Electric Co.		1,534		138,397
Enphase Energy, Inc. (a)		294		47,675
Equifax, Inc.		851		154,142
Expeditors International of Washington, Inc.		1,991		214,411
Fastenal Co.		3,528		177,388
FedEx Corp.		443		125,830
Fortive Corp.		2,258		159,505
Fortune Brands Home & Security, Inc.		1,447		138,652
Generac Holdings, Inc. (a)		274		89,721
General Dynamics Corp.		979		177,747
General Electric Co.		7,433		97,595
Graco, Inc.		2,525		180,841
HEICO Corp.		945		118,881
Honeywell International, Inc.		722		156,725
Howmet Aerospace, Inc. (a)		2,775		89,161
Hubbell, Inc.		859		160,539
IAA, Inc. (a)		2,116		116,676
IDEX Corp.		803		168,084
Illinois Tool Works, Inc.		890		197,154
J.B. Hunt Transport Services, Inc.		994		167,062
Jacobs Engineering Group, Inc.		1,206		155,899
Johnson Controls International PLC		2,782		166,002
Kansas City Southern		667		176,034
L3Harris Technologies, Inc.		793		160,725
Lennox International, Inc.		542		168,881
Lockheed Martin Corp.		520		192,140
Masco Corp.		2,834		169,756

Victory Portfolios II	Schedule of Portfolio Investments — continued
Victory US 500 Enhanced Volatility Wtd Index Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Nordson Corp.		765	$	151,990
Norfolk Southern Corp.		600		161,112
Northrop Grumman Corp.		553		178,973
Old Dominion Freight Line, Inc.		674		162,036
Otis Worldwide Corp.		2,629		179,955
PACCAR, Inc.		1,645		152,853
Parker-Hannifin Corp.		403		127,118
Quanta Services, Inc.		1,415		124,492
Republic Services, Inc. (c)		2,325		230,989
Robert Half International, Inc.		1,292		100,866
Rockwell Automation, Inc.		624		165,635
Rollins, Inc.		3,894		134,031
Roper Technologies, Inc.		408		164,563
Snap-on, Inc.		618		142,597
Stanley Black & Decker, Inc.		848		169,320
Teledyne Technologies, Inc. (a)		332		137,332
Textron, Inc.		1,929		108,178
The Middleby Corp. (a)		577		95,638
The Toro Co.		1,896		195,553
Trane Technologies PLC		944		156,289
TransDigm Group, Inc. (a)		193		113,469
TransUnion		1,509		135,810
Trex Co., Inc. (a)(b)		1,085		99,321
Union Pacific Corp.		734		161,781
United Parcel Service, Inc., Class B		783		133,102
United Rentals, Inc. (a)		292		96,159
Verisk Analytics, Inc.		995		175,807
W.W. Grainger, Inc.		445		178,413
Waste Management, Inc.		1,891		243,977
Watsco, Inc.		506		131,940
Westinghouse Air Brake Technologies Corp.		1,432		113,357
XPO Logistics, Inc. (a)		828		102,092
Xylem, Inc.		1,440		151,459
				11,836,732
Information Technology (16.3%):
Accenture PLC, Class A		614		169,618
Adobe, Inc. (a)		254		120,744
Advanced Micro Devices, Inc. (a)		941		73,869
Akamai Technologies, Inc. (a)		1,329		135,425
Amphenol Corp., Class A		1,352		89,191
Analog Devices, Inc.		906		140,503
ANSYS, Inc. (a)		345		117,148
Apple, Inc.		893		109,080
Applied Materials, Inc.		828		110,621
Arista Networks, Inc. (a)		399		120,454
Aspen Technology, Inc. (a)		579		83,567
Autodesk, Inc. (a)		421		116,680
Automatic Data Processing, Inc.		876		165,100
Black Knight, Inc. (a)		2,020		149,460
Booz Allen Hamilton Holding Corp.		1,871		150,672
Broadcom, Inc.		297		137,707
Broadridge Financial Solutions, Inc.		1,295		198,264
Cadence Design Systems, Inc. (a)		867		118,770
CDW Corp.		795		131,771
Ciena Corp. (a)		1,907		104,351
Cisco Systems, Inc.		3,410		176,331
Citrix Systems, Inc.		896		125,763
Cognex Corp.		1,503		124,734
Cognizant Technology Solutions Corp., Class A		2,043		159,599
Corning, Inc.		3,484		151,589
Dell Technologies, Inc., Class C (a)		1,548		136,456
Dolby Laboratories, Inc., Class A		1,572		155,187
Dynatrace, Inc. (a)		1,524		73,518
Entegris, Inc.		1,018		113,812
EPAM Systems, Inc. (a)		323		128,131
F5 Networks, Inc. (a)		658		137,272
Fair Isaac Corp. (a)		250		121,513

Victory Portfolios II	Schedule of Portfolio Investments — continued
Victory US 500 Enhanced Volatility Wtd Index Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Fidelity National Information Services, Inc.		1,029	$	144,688
First Solar, Inc. (a)		878		76,649
Fiserv, Inc. (a)		1,145		136,301
FleetCor Technologies, Inc. (a)		375		100,736
Fortinet, Inc. (a)		633		116,738
Gartner, Inc. (a)		672		122,674
Global Payments, Inc.		623		125,584
HP, Inc.		4,519		143,478
II-VI, Inc. (a)		934		63,858
Intel Corp.		1,705		109,120
International Business Machines Corp.		1,168		155,648
Intuit, Inc.		333		127,559
IPG Photonics Corp. (a)		507		106,947
Jack Henry & Associates, Inc.		905		137,307
Keysight Technologies, Inc. (a)		1,005		144,117
KLA Corp.		323		106,719
Lam Research Corp.		167		99,405
Leidos Holdings, Inc.		1,500		144,420
Manhattan Associates, Inc. (a)		939		110,220
Marvell Technology Group Ltd.		2,051		100,458
Mastercard, Inc., Class A		347		123,549
Microchip Technology, Inc.		696		108,033
Micron Technology, Inc. (a)		1,126		99,324
Microsoft Corp. (c)		596		140,519
MKS Instruments, Inc.		582		107,914
Monolithic Power Systems, Inc.		247		87,243
Motorola Solutions, Inc.		864		162,475
NetApp, Inc.		1,564		113,656
NVIDIA Corp.		172		91,836
NXP Semiconductors NV		614		123,623
ON Semiconductor Corp. (a)		2,425		100,904
Oracle Corp.		2,824		198,160
Paychex, Inc.		1,868		183,100
Paycom Software, Inc. (a)		256		94,735
Paylocity Holding Corp. (a)		505		90,814
PayPal Holdings, Inc. (a)		381		92,522
PTC, Inc. (a)		737		101,448
Qorvo, Inc. (a)		532		97,196
QUALCOMM, Inc.		708		93,874
salesforce.com, Inc. (a)		406		86,019
Seagate Technology PLC (b)		1,643		126,100
ServiceNow, Inc. (a)(c)		202		101,022
Skyworks Solutions, Inc.		565		103,666
Square, Inc., Class A (a)		310		70,386
SS&C Technologies Holdings, Inc.		2,429		169,714
Synopsys, Inc. (a)		482		119,430
TE Connectivity Ltd.		1,134		146,411
Teradyne, Inc.		772		93,937
Texas Instruments, Inc.		885		167,257
The Trade Desk, Inc., Class A (a)		83		54,088
The Western Union Co.		5,954		146,826
Trimble, Inc. (a)		1,696		131,932
Tyler Technologies, Inc. (a)		335		142,218
Universal Display Corp.		535		126,672
VeriSign, Inc. (a)		853		169,542
Visa, Inc., Class A		746		157,951
VMware, Inc., Class A (a)(b)		927		139,467
Western Digital Corp.		1,169		78,031
Zebra Technologies Corp. (a)		235		114,017
Zoom Video Communications, Inc., Class A (a)		135		43,374
				11,218,511
Materials (5.5%):
Air Products & Chemicals, Inc.		530		149,110
Albemarle Corp.		497		72,617
AptarGroup, Inc.		1,411		199,897
Avery Dennison Corp.		744		136,636

Victory Portfolios II	Schedule of Portfolio Investments — continued
Victory US 500 Enhanced Volatility Wtd Index Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Ball Corp.		1,856	$	157,277
Celanese Corp.		910		136,327
CF Industries Holdings, Inc.		2,118		96,115
Corteva, Inc.		2,626		122,424
Crown Holdings, Inc.		1,435		139,252
Dow, Inc.		1,737		111,064
Eastman Chemical Co.		1,060		116,727
FMC Corp.		1,409		155,849
Freeport-McMoRan, Inc. (a)		2,302		75,805
International Flavors & Fragrances, Inc.		864		120,623
International Paper Co.		2,430		131,390
LyondellBasell Industries NV, Class A		857		89,171
Martin Marietta Materials, Inc.		334		112,164
Newmont Corp.		2,225		134,101
Nucor Corp.		1,876		150,587
Packaging Corp. of America		1,067		143,490
PPG Industries, Inc.		1,089		163,633
Reliance Steel & Aluminum Co.		1,005		153,051
RPM International, Inc.		2,136		196,191
Steel Dynamics, Inc.		2,340		118,778
The Mosaic Co.		2,474		78,203
The Scotts Miracle-Gro Co.		512		125,425
The Sherwin-Williams Co.		258		190,407
Vulcan Materials Co.		684		115,425
Westlake Chemical Corp.		1,258		111,698
				3,803,437
Real Estate (0.3%):
CBRE Group, Inc., Class A (a)		1,275		100,866
eXp World Holdings, Inc. (a)(b)		746		33,980
Jones Lang LaSalle, Inc. (a)		502		89,878
				224,724
Utilities (7.3%):
Alliant Energy Corp.		4,152		224,873
Ameren Corp.		2,710		220,486
American Electric Power Co., Inc. (c)		2,514		212,936
American Water Works Co., Inc.		1,317		197,445
Atmos Energy Corp.		1,983		196,019
CMS Energy Corp.		3,649		223,392
Consolidated Edison, Inc. (c)		2,767		206,972
DTE Energy Co.		1,396		185,863
Duke Energy Corp. (c)		2,058		198,659
Edison International		2,677		156,872
Entergy Corp.		1,830		182,030
Essential Utilities, Inc.		3,823		171,079
Evergy, Inc. (c)		2,759		164,243
Eversource Energy (c)		2,317		200,629
Exelon Corp.		4,080		178,459
FirstEnergy Corp.		2,857		99,109
NextEra Energy, Inc. (c)		2,152		162,713
NRG Energy, Inc.		3,457		130,433
Pinnacle West Capital Corp.		2,290		186,292
PPL Corp.		5,976		172,348
Public Service Enterprise Group, Inc.		2,929		176,355
Sempra Energy		1,295		171,691
The AES Corp.		4,219		113,111
The Southern Co. (c)		3,264		202,890
UGI Corp.		3,277		134,390
Vistra Corp.		5,302		93,739
WEC Energy Group, Inc. (c)		2,438		228,172
Xcel Energy, Inc. (c)		3,166		210,571
				5,001,771
Total Common Stocks (Cost $48,748,049)				68,397,171

Victory Portfolios II	Schedule of Portfolio Investments — continued
Victory US 500 Enhanced Volatility Wtd Index Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Investment Companies (0.5%)
BlackRock Liquidity Funds T-Fund, Institutional Class, 0.03% (d)		345,946	$	345,946
Total Investment Companies (Cost $345,946)				345,946
Collateral for Securities Loaned^ (1.4%)
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.05% (d)		19,840		19,840
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (d)		510,933		510,933
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (d)		9,901		9,901
JPMorgan Prime Money Market Fund, Capital Shares, 0.10% (d)		78,950		78,950
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (d)		354,974		354,974
Total Collateral for Securities Loaned (Cost $974,598)				974,598
Total Investments (Cost $50,068,593) — 101.4%				69,717,715
Liabilities in excess of other assets — (1.4)%				(930,033	)
NET ASSETS - 100.00%			$	68,787,682

^	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)	All or a portion of this security has been segregated as collateral for derivative instruments.
(d)	Rate disclosed is the daily yield on March 31, 2021.

PLC—Public Limited Company

Futures Contracts Purchased
	Number of Contracts	Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini S&P 500 Futures	3	6/18/21	$	585,387	$	595,110	$	9,723
	Total unrealized appreciation						$	9,723
	Total unrealized depreciation							–
	Total net unrealized appreciation (depreciation)						$	9,723

Victory Portfolios II	Schedule of Portfolio Investments
Victory Market Neutral Income Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (83.7%)
Australia (0.7%):
Communication Services (0.2%):
Telstra Corp. Ltd.		681,916	$	1,765,371
Consumer Staples (0.2%):
Coles Group Ltd.		139,408		1,699,682
Materials (0.3%):
Fortescue Metals Group Ltd.		48,883		744,859
Rio Tinto Ltd.		13,183		1,113,968
				1,858,827
				5,323,880
Austria (0.1%):
Energy (0.1%):
OMV AG		18,619		943,475
Bermuda (0.5%):
Consumer Staples (0.2%):
Bunge Ltd.		19,721		1,563,284
Financials (0.3%):
Everest Re Group Ltd.		6,347		1,572,850
Invesco Ltd.		45,700		1,152,554
				2,725,404
				4,288,688
Brazil (1.1%):
Consumer Discretionary (0.2%):
Petrobras Distribuidora SA		338,600		1,328,433
Health Care (0.1%):
Hypera SA		204,700		1,165,007
Industrials (0.1%):
CCR SA		548,300		1,258,735
Materials (0.2%):
Vale SA		76,000		1,323,001
Utilities (0.5%):
Centrais Eletricas Brasileiras SA		142,200		865,899
Cia de Saneamento Basico do Estado de Sao Paulo		182,400		1,335,290
Engie Brasil Energia SA		229,900		1,708,758
				3,909,947
				8,985,123
Canada (3.8%):
Communication Services (0.8%):
BCE, Inc.  (a)		53,634		2,421,534
Rogers Communications, Inc., Class B		33,813		1,559,461
TELUS Corp.  (a)(b)		105,495		2,101,504
				6,082,499
Consumer Discretionary (0.2%):
Restaurant Brands International, Inc.  (b)		21,863		1,422,095
Energy (0.4%):
Enbridge, Inc.		43,633		1,589,748
TC Energy Corp.		32,024		1,468,287
				3,058,035
Financials (1.2%):
Canadian Imperial Bank of Commerce		26,835		2,627,972
Great-West Lifeco, Inc.		68,977		1,835,727
Manulife Financial Corp.		61,592		1,324,976
Power Corp. of Canada  (b)		71,586		1,881,803
The Bank of Nova Scotia		32,839		2,054,757
				9,725,235
Utilities (1.2%):
Algonquin Power & Utilities Corp.  (b)		115,761		1,834,303
Emera, Inc.		56,982		2,536,413

Victory Portfolios II	Schedule of Portfolio Investments — continued
Victory Market Neutral Income Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Fortis, Inc.  (b)		62,888	$	2,729,234
Hydro One Ltd.  (c)		103,232		2,404,776
				9,504,726
				29,792,590
Chile (0.6%):
Consumer Staples (0.2%):
Cia Cervecerias Unidas SA		151,957		1,332,568
Utilities (0.4%):
Colbun SA		7,911,079		1,538,946
Enel Americas SA		10,042,443		1,676,336
				3,215,282
				4,547,850
China (3.8%):
Energy (0.5%):
China Petroleum & Chemical Corp., Class H		2,210,000		1,170,876
China Shenhua Energy Co. Ltd., Class H		847,000		1,751,204
PetroChina Co. Ltd., Class H		3,306,000		1,198,670
				4,120,750
Financials (2.6%):
Agricultural Bank of China Ltd., Class H  (a)		4,318,000		1,730,989
Bank of China Ltd., Class H  (a)		5,451,000		2,079,275
Bank of Communications Co. Ltd., Class H		3,214,000		2,049,457
China Cinda Asset Management Co. Ltd., Class H		6,914,000		1,442,358
China CITIC Bank Corp. Ltd., Class H		3,199,000		1,627,097
China Construction Bank Corp., Class H  (a)		2,185,000		1,841,844
China Everbright Bank Co. Ltd., Class H		2,435,000		1,063,661
China Life Insurance Co. Ltd., Class H		510,000		1,059,918
China Minsheng Banking Corp. Ltd., Class H		2,788,500		1,619,147
GF Securities Co. Ltd., Class H		738,800		1,135,827
Industrial & Commercial Bank of China Ltd., Class H		2,355,000		1,694,018
New China Life Insurance Co. Ltd., Class H		253,100		983,368
PICC Property & Casualty Co. Ltd., Class H		1,642,000		1,428,755
The People’s Insurance Co. Group of China Ltd., Class H		3,894,000		1,266,084
				21,021,798
Information Technology (0.2%):
China Railway Signal & Communication Corp. Ltd., Class H  (c)		3,058,000		1,255,780
Real Estate (0.4%):
Country Garden Holdings Co. Ltd.		1,084,000		1,395,448
Logan Group Co. Ltd.		828,000		1,398,504
				2,793,952
Utilities (0.1%):
Huaneng Power International, Inc., Class H		3,370,000		1,198,776
				30,391,056
Czech Republic (0.5%):
Financials (0.2%):
Komercni Banka A/S  (d)		47,510		1,466,899
Utilities (0.3%):
CEZ A/S  (a)		100,797		2,492,256
				3,959,155
Finland (0.6%):
Communication Services (0.2%):
Elisa Oyj		30,237		1,813,565
Materials (0.2%):
UPM-Kymmene Oyj		38,461		1,382,078
Utilities (0.2%):
Fortum Oyj		54,574		1,457,488
				4,653,131
France (0.7%):
Communication Services (0.2%):
Orange SA		120,726		1,485,515

Victory Portfolios II	Schedule of Portfolio Investments — continued
Victory Market Neutral Income Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Consumer Staples (0.2%):
Danone SA		21,396	$	1,464,383
Health Care (0.2%):
Sanofi		17,613		1,741,489
Industrials (0.1%):
Bouygues SA		29,309		1,173,857
				5,865,244
Germany (0.9%):
Communication Services (0.2%):
Deutsche Telekom AG		98,787		1,990,718
Financials (0.2%):
Allianz SE, Registered Shares		5,422		1,378,989
Materials (0.2%):
Evonik Industries AG  (b)		43,472		1,538,116
Utilities (0.3%):
E.ON SE		175,290		2,042,641
				6,950,464
Hong Kong (2.4%):
Consumer Staples (0.1%):
WH Group Ltd.  (c)		1,284,500		1,043,608
Financials (0.2%):
Hang Seng Bank Ltd.		77,600		1,506,909
Industrials (0.2%):
CK Hutchison Holdings Ltd.		178,500		1,426,147
Materials (0.1%):
China Resources Cement Holdings Ltd.		1,074,000		1,211,535
Real Estate (0.9%):
CK Asset Holdings Ltd.		229,500		1,397,154
Henderson Land Development Co. Ltd.		377,000		1,701,509
New World Development Co. Ltd.		248,000		1,288,330
Sino Land Co. Ltd.		878,000		1,225,360
Sun Hung Kai Properties Ltd.		99,500		1,506,672
				7,119,025
Utilities (0.9%):
CK Infrastructure Holdings Ltd.		288,500		1,719,992
CLP Holdings Ltd.		253,000		2,463,479
Power Assets Holdings Ltd.  (a)		450,000		2,663,646
				6,847,117
				19,154,341
India (1.6%):
Communication Services (0.1%):
Indus Towers Ltd.		247,773		833,100
Consumer Discretionary (0.2%):
Bajaj Auto Ltd.  (d)		30,630		1,541,515
Consumer Staples (0.2%):
ITC Ltd.		553,366		1,655,998
Energy (0.3%):
Bharat Petroleum Corp. Ltd.		183,281		1,076,872
Hindustan Petroleum Corp. Ltd.		363,185		1,167,555
				2,244,427
Financials (0.3%):
Power Finance Corp. Ltd.		711,290		1,109,557
REC Ltd.		636,237		1,146,084
				2,255,641
Materials (0.2%):
Ambuja Cements Ltd.		355,286		1,504,958
Utilities (0.3%):
NTPC Ltd.		885,627		1,295,947

Victory Portfolios II	Schedule of Portfolio Investments — continued
Victory Market Neutral Income Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Power Grid Corp. of India Ltd.		471,020	$	1,392,130
				2,688,077
				12,723,716
Indonesia (0.6%):
Communication Services (0.2%):
PT Telkom Indonesia Persero Tbk		4,686,100		1,106,468
Consumer Staples (0.2%):
PT Indofood Sukses Makmur Tbk		3,740,900		1,704,455
Energy (0.1%):
PT United Tractors Tbk		615,200		937,549
Materials (0.1%):
PT Indocement Tunggal Prakarsa Tbk		1,187,200		1,002,433
				4,750,905
Ireland (0.2%):
Information Technology (0.2%):
Seagate Technology PLC  (b)		19,145		1,469,379
Italy (0.8%):
Energy (0.2%):
Snam SpA  (b)		296,224		1,642,098
Financials (0.2%):
Poste Italiane SpA  (c)		111,737		1,418,884
Utilities (0.4%):
Enel SpA		146,083		1,453,009
Terna Rete Elettrica Nazionale SpA  (b)		241,040		1,820,191
				3,273,200
				6,334,182
Japan (2.3%):
Communication Services (0.4%):
KDDI Corp.		54,200		1,670,166
Softbank Corp.		135,600		1,764,336
				3,434,502
Consumer Discretionary (0.2%):
Sekisui House Ltd.		77,800		1,673,716
Consumer Staples (0.2%):
Japan Tobacco, Inc.		91,300		1,754,148
Financials (0.9%):
Mitsubishi UFJ Financial Group, Inc.		275,600		1,473,913
Mizuho Financial Group, Inc.		99,200		1,434,665
MS&AD Insurance Group Holdings, Inc.		53,400		1,571,027
Sumitomo Mitsui Financial Group, Inc.		40,800		1,479,090
Tokio Marine Holdings, Inc.		24,500		1,166,140
				7,124,835
Health Care (0.2%):
Takeda Pharmaceutical Co. Ltd.		47,300		1,724,421
Industrials (0.2%):
Mitsubishi Corp.		59,700		1,692,668
Real Estate (0.2%):
Daiwa House Industry Co. Ltd.		39,300		1,153,577
				18,557,867
Korea, Republic Of (0.7%):
Communication Services (0.2%):
SK Telecom Co. Ltd.		5,630		1,373,021
Consumer Staples (0.2%):
KT&G Corp.		24,340		1,753,604
Financials (0.3%):
Hana Financial Group, Inc.		28,337		1,071,932
Shinhan Financial Group Co. Ltd.		37,983		1,261,660
				2,333,592
				5,460,217

Victory Portfolios II	Schedule of Portfolio Investments — continued
Victory Market Neutral Income Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Luxembourg (0.2%):
Materials (0.2%):
Orion Engineered Carbons SA  (d)		67,033	$	1,321,891
Malaysia (0.8%):
Financials (0.4%):
CIMB Group Holdings Bhd		1,230,800		1,290,135
Malayan Banking Bhd  (a)		936,200		1,864,667
				3,154,802
Industrials (0.2%):
Sime Darby Bhd		2,833,800		1,642,095
Utilities (0.2%):
Tenaga Nasional Bhd		691,500		1,689,592
				6,486,489
Mexico (0.7%):
Consumer Staples (0.4%):
Arca Continental SAB de CV		381,385		1,882,316
Kimberly-Clark de Mexico SAB de CV, Class A		964,976		1,649,560
				3,531,876
Industrials (0.1%):
Grupo Aeroportuario del Pacifico SAB de CV, Class B  (d)		104,521		1,092,898
Materials (0.2%):
Orbia Advance Corp. SAB de CV		504,462		1,347,210
				5,971,984
Netherlands (0.9%):
Communication Services (0.2%):
Koninklijke KPN NV		405,240		1,374,470
Consumer Staples (0.4%):
Koninklijke Ahold Delhaize NV		71,212		1,986,126
X5 Retail Group NV, GDR		44,058		1,420,284
				3,406,410
Financials (0.2%):
NN Group NV		29,444		1,436,191
Materials (0.1%):
LyondellBasell Industries NV, Class A		9,987		1,039,147
				7,256,218
Norway (0.8%):
Communication Services (0.3%):
Telenor ASA		112,785		1,987,915
Energy (0.1%):
Aker BP ASA		36,802		1,044,443
Financials (0.2%):
DNB ASA		61,278		1,307,215
Materials (0.2%):
Yara International ASA		32,536		1,695,711
				6,035,284
Philippines (0.6%):
Communication Services (0.4%):
Globe Telecom, Inc.		40,460		1,569,270
PLDT, Inc.		58,265		1,474,322
				3,043,592
Utilities (0.2%):
Manila Electric Co.		257,930		1,446,461
				4,490,053
Portugal (0.2%):
Utilities (0.2%):
Energias de Portugal SA  (b)		243,191		1,388,903

Victory Portfolios II	Schedule of Portfolio Investments — continued
Victory Market Neutral Income Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Russian Federation (2.5%):
Communication Services (0.6%):
Mobile TeleSystems PJSC		655,830	$	2,743,707
Rostelecom PJSC  (a)		1,556,200		2,217,604
				4,961,311
Consumer Staples (0.2%):
Magnit PJSC		23,530		1,661,420
Energy (0.2%):
Tatneft PJSC		209,146		1,656,499
Materials (0.8%):
Alrosa PJSC		1,105,230		1,547,375
MMC Norilsk Nickel PJSC		4,714		1,480,071
Polymetal International PLC		47,124		921,813
Severstal PJSC		103,842		2,114,706
				6,063,965
Utilities (0.7%):
Federal Grid Co. Unified Energy System PJSC		763,250,000		2,192,390
Inter RAO UES PJSC		24,444,000		1,657,594
RusHydro PJSC		178,822,000		1,926,633
				5,776,617
				20,119,812
Singapore (0.7%):
Communication Services (0.2%):
Singapore Telecommunications Ltd.		995,900		1,810,013
Financials (0.5%):
DBS Group Holdings Ltd.		82,600		1,771,454
United Overseas Bank Ltd.		105,000		2,025,064
				3,796,518
				5,606,531
South Africa (1.5%):
Communication Services (0.6%):
MTN Group Ltd.		180,694		1,062,102
MultiChoice Group		160,400		1,397,921
Vodacom Group Ltd.		230,915		1,975,716
				4,435,739
Consumer Discretionary (0.2%):
Woolworths Holdings Ltd.  (d)		358,803		1,202,676
Energy (0.1%):
Exxaro Resources Ltd.  (b)		98,859		1,165,642
Financials (0.5%):
Absa Group Ltd.		128,295		1,096,811
FirstRand Ltd.		315,119		1,102,079
Nedbank Group Ltd.		96,084		911,606
Standard Bank Group Ltd.		120,469		1,023,527
				4,134,023
Materials (0.1%):
African Rainbow Minerals Ltd.		57,043		1,072,161
				12,010,241
Spain (0.5%):
Communication Services (0.1%):
Telefonica SA		199,391		896,357
Financials (0.1%):
Banco Bilbao Vizcaya Argentaria SA		128,767		670,965
Industrials (0.1%):
ACS Actividades de Construccion y Servicios SA		23,035		765,512
Utilities (0.2%):
Endesa SA		67,108		1,778,360
				4,111,194
Switzerland (1.1%):
Communication Services (0.3%):
Swisscom AG, Registered Shares  (b)		4,475		2,401,295
Financials (0.4%):
UBS Group AG		84,745		1,311,339

Victory Portfolios II	Schedule of Portfolio Investments — continued
Victory Market Neutral Income Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Zurich Insurance Group AG		4,220	$	1,796,535
				3,107,874
Health Care (0.2%):
Novartis AG, Registered Shares		22,960		1,962,949
Materials (0.2%):
LafargeHolcim Ltd.		27,755		1,632,391
				9,104,509
Taiwan (4.0%):
Communication Services (1.0%):
Chunghwa Telecom Co. Ltd.		1,082,000		4,234,267
Far EasTone Telecommunications Co. Ltd.		1,526,000		3,431,347
				7,665,614
Financials (0.7%):
China Development Financial Holding Corp.		7,856,000		2,898,666
Sinopac Financial Holdings Co. Ltd.		6,002,000		2,712,039
				5,610,705
Industrials (0.6%):
Far Eastern New Century Corp.		1,746,000		1,854,047
Taiwan High Speed Rail Corp.		2,498,000		2,758,861
				4,612,908
Information Technology (1.1%):
Catcher Technology Co. Ltd.		218,000		1,620,429
Compal Electronics, Inc.  (a)		2,617,000		2,457,719
Lite-On Technology Corp.		812,000		1,801,239
Pegatron Corp.		558,000		1,455,957
Wistron Corp.		1,112,000		1,311,573
				8,646,917
Materials (0.6%):
Asia Cement Corp.		1,431,000		2,403,633
Taiwan Cement Corp.  (a)		1,674,000		2,750,056
				5,153,689
				31,689,833
Thailand (1.2%):
Communication Services (0.6%):
Advanced Info Service PCL		418,200		2,326,104
Intouch Holdings PCL		1,222,700		2,275,978
				4,602,082
Energy (0.1%):
PTT Exploration & Production PCL		321,500		1,173,859
Financials (0.3%):
Krung Thai Bank PCL		3,231,000		1,263,894
TMB Bank PCL  (d)		26,331,300		1,039,874
				2,303,768
Real Estate (0.2%):
Land & Houses PCL		6,320,500		1,733,859
				9,813,568
Turkey (0.2%):
Industrials (0.2%):
Enka Insaat ve Sanayi A/S		1,316,989		1,265,667
United Kingdom (2.9%):
Communication Services (0.3%):
BT Group PLC  (d)		519,591		1,108,288
Vodafone Group PLC		697,711		1,272,142
				2,380,430
Consumer Discretionary (0.1%):
Persimmon PLC		24,927		1,009,536
Consumer Staples (0.8%):
British American Tobacco PLC		38,699		1,470,751
Imperial Brands PLC		63,590		1,303,463
Tesco PLC		557,464		1,759,783

Victory Portfolios II	Schedule of Portfolio Investments — continued
Victory Market Neutral Income Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Unilever PLC		28,215	$	1,574,161
				6,108,158
Financials (0.5%):
Admiral Group PLC		40,406		1,726,736
Legal & General Group PLC		267,465		1,026,787
Phoenix Group Holdings PLC		150,534		1,521,685
				4,275,208
Health Care (0.2%):
GlaxoSmithKline PLC  (a)		89,308		1,580,772
Industrials (0.2%):
BAE Systems PLC		180,230		1,254,951
Materials (0.4%):
BHP Group PLC		38,124		1,097,506
Evraz PLC  (a)		122,162		972,731
Rio Tinto PLC		14,553		1,110,059
				3,180,296
Utilities (0.4%):
National Grid PLC		136,618		1,621,497
SSE PLC		66,974		1,342,699
				2,964,196
				22,753,547
United States (43.0%):
Communication Services (1.3%):
Cogent Communications Holdings, Inc.  (a)		30,794		2,117,396
Omnicom Group, Inc.		18,149		1,345,748
Telephone & Data Systems, Inc.		93,961		2,157,345
The Interpublic Group of Cos., Inc.		47,517		1,387,496
Verizon Communications, Inc.		53,720		3,123,818
				10,131,803
Consumer Discretionary (1.9%):
Big Lots, Inc.		15,630		1,067,529
Ethan Allen Interiors, Inc.		58,336		1,610,657
Franchise Group, Inc.  (b)		30,040		1,084,744
Genuine Parts Co.		15,508		1,792,570
Hasbro, Inc.		15,406		1,480,825
Haverty Furniture Cos., Inc.		37,705		1,402,249
Kontoor Brands, Inc.		31,444		1,525,977
PetMed Express, Inc.  (a)(b)		25,100		882,892
Strategic Education, Inc.		15,399		1,415,322
Sturm Ruger & Co., Inc.  (a)		22,582		1,491,993
Whirlpool Corp.		6,953		1,532,094
				15,286,852
Consumer Staples (5.9%):
Altria Group, Inc.		46,055		2,356,174
Archer-Daniels-Midland Co.		32,255		1,838,535
B&G Foods, Inc.  (b)		46,673		1,449,663
Campbell Soup Co.		42,782		2,150,651
Conagra Brands, Inc.		58,057		2,182,943
General Mills, Inc.		40,616		2,490,573
Kellogg Co.  (b)		40,608		2,570,486
Kimberly-Clark Corp.		19,614		2,727,327
Medifast, Inc.		5,560		1,177,719
Natural Grocers by Vitamin Cottage, Inc.		75,465		1,324,411
Nu Skin Enterprises, Inc., Class A		25,431		1,345,046
PepsiCo, Inc.		20,863		2,951,071
Philip Morris International, Inc.		22,802		2,023,449
SpartanNash Co.  (b)		71,270		1,399,030
The Andersons, Inc.		44,326		1,213,646
The Coca-Cola Co.		42,288		2,229,000
The J.M. Smucker Co.		17,043		2,156,451
The Kraft Heinz Co.		48,598		1,943,920
The Procter & Gamble Co.		24,523		3,321,150
Tyson Foods, Inc., Class A		23,093		1,715,810
Universal Corp.		43,819		2,584,883
Vector Group Ltd.		114,546		1,597,917

Victory Portfolios II	Schedule of Portfolio Investments — continued
Victory Market Neutral Income Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Weis Markets, Inc.  (a)(b)		42,113	$	2,380,227
				47,130,082
Energy (0.5%):
Kinder Morgan, Inc.		95,663		1,592,789
ONEOK, Inc.		19,170		971,152
The Williams Cos., Inc.		54,699		1,295,820
				3,859,761
Financials (9.8%):
American National Group, Inc.		22,967		2,477,450
Apollo Global Management, Inc.		24,896		1,170,361
Ares Management Corp., Class A		35,617		1,995,620
BGC Partners, Inc., Class A		284,420		1,373,749
Cathay General Bancorp		37,434		1,526,559
Citigroup, Inc.		17,040		1,239,660
Citizens Financial Group, Inc.		21,213		936,554
CME Group, Inc.		8,491		1,734,117
Comerica, Inc.		12,839		921,070
Community Trust Bancorp, Inc.		41,474		1,826,100
CVB Financial Corp.		75,251		1,662,295
Dime Community Bancshares, Inc.		45,590		1,374,083
Federal Agricultural Mortgage Corp., Class C		21,728		2,188,444
Federated Hermes, Inc.		58,271		1,823,882
Fidelity National Financial, Inc.		40,255		1,636,768
Fifth Third Bancorp		29,258		1,095,712
First Busey Corp.		66,227		1,698,723
First Commonwealth Financial Corp.		98,753		1,419,081
First Financial Bancorp		56,196		1,348,704
First Horizon Corp.		57,959		980,087
Flushing Financial Corp.		69,236		1,469,880
Franklin Resources, Inc.		45,216		1,338,394
Fulton Financial Corp.		85,885		1,462,622
Hope Bancorp, Inc.		100,749		1,517,280
Huntington Bancshares, Inc.		62,414		981,148
KeyCorp		47,238		943,815
Lincoln National Corp.		13,658		850,484
M&T Bank Corp.		6,035		914,966
MetLife, Inc.		22,153		1,346,681
Navient Corp.		110,207		1,577,062
Northern Trust Corp.		14,172		1,489,619
Northwest Bancshares, Inc.  (a)		119,925		1,732,916
Park National Corp.  (b)		11,233		1,452,427
Principal Financial Group, Inc.		19,447		1,166,042
Provident Financial Services, Inc.		73,861		1,645,623
Regions Financial Corp.		47,322		977,673
S&T Bancorp, Inc.		44,718		1,498,053
Safety Insurance Group, Inc.  (a)		30,304		2,553,112
Santander Consumer USA Holdings, Inc.		44,556		1,205,685
Sculptor Capital Management, Inc.		55,856		1,222,129
Southside Bancshares, Inc.  (a)		51,697		1,990,851
State Street Corp.		16,774		1,409,184
The Bank of New York Mellon Corp.		31,998		1,513,185
The Blackstone Group, Inc., Class A		25,968		1,935,395
The Carlyle Group, Inc.		44,037		1,618,800
The Hartford Financial Services Group, Inc.		24,117		1,610,774
The PNC Financial Services Group, Inc.		7,734		1,356,621
Truist Financial Corp.		19,713		1,149,662
TrustCo Bank Corp.		248,329		1,830,185
U.S. Bancorp		24,665		1,364,221
Washington Trust Bancorp, Inc.		33,163		1,712,206
WesBanco, Inc.		44,229		1,594,898
Zions Bancorp NA		16,264		893,869
				77,754,481
Health Care (2.2%):
AbbVie, Inc.		17,800		1,926,316
Amgen, Inc.		7,875		1,959,379
Cardinal Health, Inc.		28,824		1,751,058

Victory Portfolios II	Schedule of Portfolio Investments — continued
Victory Market Neutral Income Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
CVS Health Corp.		24,772	$	1,863,597
Gilead Sciences, Inc.  (a)		32,298		2,087,420
Merck & Co., Inc.		31,346		2,416,463
National HealthCare Corp.  (a)		24,133		1,880,202
Pfizer, Inc.		53,378		1,933,885
Phibro Animal Health Corp., Class A		77,308		1,886,315
				17,704,635
Industrials (5.9%):
3M Co.		10,844		2,089,422
ACCO Brands Corp.		158,612		1,338,685
Apogee Enterprises, Inc.		36,148		1,477,730
Argan, Inc.		38,661		2,062,564
Barrett Business Services, Inc.		25,331		1,744,293
Brady Corp., Class A		39,521		2,112,397
CRA International, Inc.		25,503		1,903,544
Deluxe Corp.		28,365		1,190,195
Ennis, Inc.  (a)		113,797		2,429,566
General Dynamics Corp.		11,408		2,071,237
Healthcare Services Group  (b)		54,234		1,520,179
HNI Corp.		43,443		1,718,605
Kimball International, Inc., Class B		106,000		1,484,000
Knoll, Inc.		64,378		1,062,881
Lockheed Martin Corp.		6,060		2,239,170
McGrath RentCorp		24,779		1,998,426
Miller Industries, Inc.		57,729		2,666,503
Mueller Water Products, Inc., Class A		169,701		2,357,147
National Presto Industries, Inc.		17,488		1,785,000
Powell Industries, Inc.		50,955		1,725,846
Resources Connection, Inc.		141,199		1,911,835
Steelcase, Inc., Class A		82,134		1,181,908
The Gorman-Rupp Co.		55,379		1,833,599
The Greenbrier Cos., Inc.		28,845		1,362,061
United Parcel Service, Inc., Class B		9,118		1,549,969
Watsco, Inc.		5,899		1,538,164
				46,354,926
Information Technology (3.4%):
ADTRAN, Inc.		86,127		1,436,598
American Software, Inc., Class A		81,632		1,689,783
Benchmark Electronics, Inc.		63,049		1,949,475
Broadcom, Inc.		3,464		1,606,118
Cass Information Systems, Inc.		40,819		1,888,695
Cisco Systems, Inc.		39,730		2,054,438
CSG Systems International, Inc.		53,464		2,399,999
InterDigital, Inc.		34,954		2,217,831
International Business Machines Corp.		13,607		1,813,269
NetApp, Inc.		18,220		1,324,048
NVE Corp.		24,862		1,742,826
Paychex, Inc.		21,767		2,133,601
The Hackett Group, Inc.		117,310		1,922,711
The Western Union Co.		69,368		1,710,615
Xperi Holding Corp.		59,783		1,301,476
				27,191,483
Materials (2.9%):
CF Industries Holdings, Inc.		24,672		1,119,615
Compass Minerals International, Inc.		29,932		1,877,335
Dow, Inc.		20,236		1,293,890
Glatfelter Corp.		102,008		1,749,437
Greif, Inc., Class A		32,826		1,871,082
International Paper Co.		28,306		1,530,505
Kaiser Aluminum Corp.		10,985		1,213,843
Myers Industries, Inc.		82,946		1,639,013
Nucor Corp.		21,856		1,754,381
O-I Glass, Inc.  (d)		95,312		1,404,899
Packaging Corp. of America		12,427		1,671,183
Schnitzer Steel Industries, Inc.		39,582		1,654,132
Schweitzer-Mauduit International, Inc.		36,095		1,767,572
SunCoke Energy, Inc.		146,828		1,029,264

Victory Portfolios II	Schedule of Portfolio Investments — continued
Victory Market Neutral Income Fund	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Trinseo SA		17,285	$	1,100,536
				22,676,687
Real Estate (0.7%):
Kennedy-Wilson Holdings, Inc.		103,112		2,083,894
RE/MAX Holdings, Inc.		42,873		1,688,767
The RMR Group, Inc., Class A		34,802		1,420,270
				5,192,931
Utilities (8.5%):
Alliant Energy Corp.		48,373		2,619,882
American Electric Power Co., Inc.  (a)		29,286		2,480,524
American States Water Co.		34,609		2,617,133
Avista Corp.		58,505		2,793,614
CMS Energy Corp.		42,520		2,603,074
Consolidated Edison, Inc.  (a)		32,231		2,410,879
DTE Energy Co.		16,262		2,165,123
Duke Energy Corp.  (a)		23,978		2,314,596
Edison International		31,186		1,827,500
Entergy Corp.		21,326		2,121,297
Evergy, Inc.  (a)		32,150		1,913,889
Exelon Corp.		47,538		2,079,312
FirstEnergy Corp.		33,280		1,154,483
MGE Energy, Inc.		39,885		2,847,390
Northwest Natural Holding Co.		37,082		2,000,574
NorthWestern Corp.		37,017		2,413,508
NRG Energy, Inc.		40,278		1,519,689
Otter Tail Corp.  (a)		54,612		2,521,436
Pinnacle West Capital Corp.		26,679		2,170,337
PPL Corp.		69,630		2,008,129
Public Service Enterprise Group, Inc.		34,127		2,054,787
Sempra Energy		15,091		2,000,765
SJW Group		35,303		2,223,736
South Jersey Industries, Inc.		72,241		1,631,202
The Southern Co.  (a)		38,024		2,363,572
The York Water Co.		51,572		2,525,481
UGI Corp.		38,180		1,565,762
Unitil Corp.  (a)		51,488		2,352,487
Vistra Corp.		61,771		1,092,111
WEC Energy Group, Inc.  (a)		28,399		2,657,862
Xcel Energy, Inc.  (a)		36,887		2,453,354
				67,503,488
				340,787,129
Total Common Stocks (Cost $615,924,614)				664,364,116
Rights (0.0%)(e)
Snam SpA , Expires 4/8/21 (b)(d)(f)(g)		218,957		—
Total Rights (Cost $–)				–
Collateral for Securities Loaned^ (2.7%)
United States (2.7%):
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (h)		432,182		432,182
Fidelity Investments Money Market Government Portfolio, I Shares, 0.01% (h)		11,129,687		11,129,687
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (h)		215,680		215,680
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (h)		1,719,768		1,719,768
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (h)		7,732,414		7,732,414
Total Collateral for Securities Loaned (Cost $21,229,731)				21,229,731

Victory Portfolios II	Schedule of Portfolio Investments — continued
Victory Market Neutral Income Fund	March 31, 2021
	(Unaudited)

Security Description	Shares	Value
Total Investments (Cost $637,154,345) — 86.4%
		$	685,593,847
Other assets in excess of liabilities — 13.6%			107,733,986
NET ASSETS - 100.00%		$	793,327,833

^	Purchased with cash collateral from securities on loan.
(a)	All or a portion of this security has been segregated as collateral for derivative instruments.
(b)	All or a portion of this security is on loan.
(c)	Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $6,123,048 and amounted to 0.8% of net assets.
(d)	Non-income producing security.
(e)	Amount represents less than 0.05% of net assets.
(f)	Security was fair valued using significant unobservable inputs as of March 31, 2021.
(g)	The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, illiquid securities were 0.0% of net assets.
(h)	Rate disclosed is the daily yield on March 31, 2021.

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		1,815		6/18/21	$	462,622,419	$	475,157,925	$	12,535,506
Futures Contracts Sold
	Number of Contracts			Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini MSCI EAFE Index Futures		1,381		6/18/21		152,559,284		151,357,600		1,201,684
E-Mini MSCI Emerging Markets Index Futures		1,266		6/18/21		85,234,342		83,714,250		1,520,092
E-Mini Russell 2000 Index Futures		1,621		6/18/21		184,405,322		180,133,625		4,271,697
E-Mini S&P 500 Futures		3,508		6/18/21		682,032,706		695,881,960		(13,849,254	)
									$	(6,855,781	)
	Total unrealized appreciation								$	19,528,979
	Total unrealized depreciation									(13,849,254	)
	Total net unrealized appreciation (depreciation)								$	5,679,725

Victory Portfolios II	Schedule of Portfolio Investments
VictoryShares US 500 Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.6%)
Communication Services (4.0%):
Activision Blizzard, Inc.		13,932	$	1,295,676
Alphabet, Inc., Class A (a)		671		1,383,951
Altice USA, Inc., Class A (a)		36,409		1,184,385
Cable One, Inc.		690		1,261,568
Charter Communications, Inc., Class A (a)		2,415		1,490,103
Comcast Corp., Class A		29,678		1,605,877
Discovery, Inc., Class A (a)(b)		17,805		773,805
DISH Network Corp., Class A (a)		32,084		1,161,441
Electronic Arts, Inc.		10,747		1,454,821
Facebook, Inc., Class A (a)		4,145		1,220,827
Fox Corp., Class A		28,655		1,034,732
Liberty Broadband Corp., Class C (a)		9,601		1,441,590
Netflix, Inc. (a)		1,648		859,696
Omnicom Group, Inc.		15,507		1,149,844
Sirius XM Holdings, Inc. (b)		218,751		1,332,194
Take-Two Interactive Software, Inc. (a)		6,807		1,202,797
The Interpublic Group of Cos., Inc.		40,602		1,185,578
The New York Times Co., Class A		24,285		1,229,307
T-Mobile U.S., Inc. (a)		12,682		1,588,928
Verizon Communications, Inc.		45,902		2,669,201
ViacomCBS, Inc., Class B		14,641		660,309
				27,186,630
Consumer Discretionary (10.1%):
Advance Auto Parts, Inc.		8,848		1,623,520
Amazon.com, Inc. (a)		384		1,188,127
Aptiv PLC (a)		7,126		982,675
AutoZone, Inc. (a)		1,509		2,119,089
Best Buy Co., Inc.		11,904		1,366,698
Booking Holdings, Inc. (a)		408		950,575
BorgWarner, Inc.		23,947		1,110,183
Bright Horizons Family Solutions, Inc. (a)		6,459		1,107,396
CarMax, Inc. (a)		9,098		1,206,941
Chipotle Mexican Grill, Inc. (a)		898		1,275,896
D.R. Horton, Inc.		12,616		1,124,338
Deckers Outdoor Corp. (a)		3,399		1,123,098
Dollar General Corp.		10,212		2,069,156
Dollar Tree, Inc. (a)		13,431		1,537,312
Domino’s Pizza, Inc.		4,667		1,716,476
eBay, Inc.		21,294		1,304,044
Etsy, Inc. (a)		3,014		607,833
Five Below, Inc. (a)		5,971		1,139,207
Floor & Decor Holdings, Inc., Class A (a)		9,845		940,001
Garmin Ltd.		13,924		1,835,879
General Motors Co. (a)		18,149		1,042,841
Gentex Corp.		46,074		1,643,460
Genuine Parts Co.		13,251		1,531,683
Hasbro, Inc.		13,164		1,265,324
L Brands, Inc. (a)		10,778		666,727
Lear Corp.		6,544		1,186,100
Lennar Corp., Class A		11,199		1,133,675
Lithia Motors, Inc., Class A		2,022		788,762
LKQ Corp. (a)		27,171		1,150,148
Lowe’s Cos., Inc.		8,684		1,651,523
McDonald’s Corp.		10,859		2,433,937

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US 500 Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Mohawk Industries, Inc. (a)		4,313	$	829,433
NIKE, Inc., Class B		10,584		1,406,507
NVR, Inc. (a)		254		1,196,576
O’Reilly Automotive, Inc. (a)		3,910		1,983,348
Peloton Interactive, Inc., Class A (a)		4,891		549,944
Pool Corp.		3,332		1,150,340
PulteGroup, Inc.		21,309		1,117,444
RH (a)		1,774		1,058,368
Ross Stores, Inc.		8,490		1,018,036
Service Corp. International		30,645		1,564,427
Starbucks Corp.		13,177		1,439,851
Target Corp. (c)		8,520		1,687,556
Tesla, Inc. (a)		801		535,012
The Home Depot, Inc.		6,987		2,132,781
The TJX Cos., Inc.		17,725		1,172,509
Tractor Supply Co.		8,597		1,522,357
Ulta Beauty, Inc. (a)		3,048		942,350
Vail Resorts, Inc. (a)		3,546		1,034,226
Wayfair, Inc., Class A (a)(b)		2,076		653,421
Whirlpool Corp.		5,941		1,309,099
Williams-Sonoma, Inc. (b)		7,642		1,369,446
Yum! Brands, Inc.		18,099		1,957,950
				68,453,605
Consumer Staples (9.0%):
Altria Group, Inc.		39,353		2,013,300
Archer-Daniels-Midland Co.		27,561		1,570,977
Brown-Forman Corp., Class B		23,558		1,624,795
Bunge Ltd.		16,852		1,335,858
Campbell Soup Co.		36,557		1,837,720
Church & Dwight Co., Inc.		23,182		2,024,948
Colgate-Palmolive Co.		35,188		2,773,870
Conagra Brands, Inc.		49,608		1,865,261
Constellation Brands, Inc., Class A		6,278		1,431,384
Costco Wholesale Corp.		6,643		2,341,525
Darling Ingredients, Inc. (a)		14,653		1,078,168
General Mills, Inc.		34,705		2,128,111
Hormel Foods Corp.		41,179		1,967,533
Kellogg Co.		34,698		2,196,383
Keurig Dr Pepper, Inc.		66,623		2,289,833
Kimberly-Clark Corp.		16,759		2,330,339
Lamb Weston Holdings, Inc.		12,363		957,885
McCormick & Co., Inc.		21,887		1,951,445
Mondelez International, Inc., Class A		40,871		2,392,179
Monster Beverage Corp. (a)		18,832		1,715,407
PepsiCo, Inc.		17,828		2,521,771
Philip Morris International, Inc.		19,483		1,728,921
The Boston Beer Co., Inc., Class A (a)		698		841,983
The Clorox Co.		8,302		1,601,290
The Coca-Cola Co.		36,134		1,904,623
The Estee Lauder Cos., Inc.		5,019		1,459,776
The Hershey Co.		14,588		2,307,238
The J.M. Smucker Co.		14,562		1,842,530
The Kraft Heinz Co.		41,526		1,661,040
The Kroger Co.		45,387		1,633,478
The Procter & Gamble Co.		20,954		2,837,800
Tyson Foods, Inc., Class A		19,732		1,466,088

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US 500 Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Walmart, Inc.		13,922	$	1,891,025
				61,524,484
Energy (0.5%):
Kinder Morgan, Inc.		81,740		1,360,971
ONEOK, Inc.		16,380		829,811
The Williams Cos., Inc.		46,738		1,107,223
				3,298,005
Financials (15.6%):
Aflac, Inc.		26,465		1,354,479
Alleghany Corp. (a)		1,921		1,203,103
Ally Financial, Inc.		21,807		985,894
American Express Co.		7,399		1,046,516
American Financial Group, Inc.		8,610		982,401
Ameriprise Financial, Inc.		5,358		1,245,467
Aon PLC, Class A		7,085		1,630,330
Apollo Global Management, Inc.		21,273		1,000,044
Arch Capital Group Ltd. (a)		33,381		1,280,829
Ares Management Corp., Class A		30,434		1,705,217
Arthur J. Gallagher & Co.		15,856		1,978,353
Athene Holding Ltd., Class A (a)		19,028		959,011
Bank of America Corp.		30,785		1,191,072
Berkshire Hathaway, Inc., Class B (a)		8,462		2,161,787
BlackRock, Inc.		2,282		1,720,537
Brown & Brown, Inc.		39,234		1,793,386
Capital One Financial Corp.		7,486		952,444
Cboe Global Markets, Inc.		13,103		1,293,135
Chubb Ltd.		8,166		1,289,983
Cincinnati Financial Corp.		10,296		1,061,415
Citigroup, Inc.		14,559		1,059,167
Citizens Financial Group, Inc.		18,126		800,263
CME Group, Inc.		7,255		1,481,689
Comerica, Inc.		10,971		787,060
Commerce Bancshares, Inc.		17,048		1,306,047
Discover Financial Services		8,962		851,300
East West Bancorp, Inc.		11,212		827,446
Erie Indemnity Co., Class A		6,703		1,480,760
Everest Re Group Ltd.		5,423		1,343,874
FactSet Research Systems, Inc.		4,226		1,304,101
Fidelity National Financial, Inc.		34,396		1,398,541
Fifth Third Bancorp		24,999		936,213
First Horizon Corp.		49,524		837,451
First Republic Bank		8,316		1,386,692
Franklin Resources, Inc.		38,635		1,143,596
Globe Life, Inc.		13,562		1,310,496
Huntington Bancshares, Inc.		53,330		838,348
Interactive Brokers Group, Inc.		17,686		1,291,785
Intercontinental Exchange, Inc.		16,656		1,860,142
Invesco Ltd.		39,050		984,841
JPMorgan Chase & Co.		8,149		1,240,522
KeyCorp		40,362		806,433
KKR & Co., Inc.		26,258		1,282,703
Lincoln National Corp.		11,670		726,691
LPL Financial Holdings, Inc.		8,163		1,160,452
M&T Bank Corp.		5,157		781,853

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US 500 Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Markel Corp. (a)		1,257	$	1,432,502
MarketAxess Holdings, Inc.		2,166		1,078,495
Marsh & McLennan Cos., Inc.		16,961		2,065,851
MetLife, Inc.		18,928		1,150,633
Moody’s Corp.		5,677		1,695,209
Morgan Stanley		15,675		1,217,321
Morningstar, Inc.		6,370		1,433,505
MSCI, Inc.		2,799		1,173,565
Nasdaq, Inc.		12,346		1,820,541
Northern Trust Corp.		12,110		1,272,882
Principal Financial Group, Inc.		16,616		996,295
Raymond James Financial, Inc.		10,065		1,233,566
Regions Financial Corp.		40,434		835,366
Reinsurance Group of America, Inc.		6,566		827,644
RenaissanceRe Holdings Ltd.		8,804		1,410,841
S&P Global, Inc.		4,515		1,593,208
Santander Consumer USA Holdings, Inc.		38,072		1,030,228
SEI Investments Co.		24,111		1,469,083
Signature Bank		3,336		754,270
State Street Corp.		14,332		1,204,031
SVB Financial Group (a)		1,997		985,839
Synchrony Financial		23,264		945,914
T. Rowe Price Group, Inc.		9,290		1,594,164
The Allstate Corp.		16,045		1,843,571
The Bank of New York Mellon Corp.		27,341		1,292,956
The Blackstone Group, Inc., Class A		22,189		1,653,746
The Carlyle Group, Inc.		37,628		1,383,205
The Charles Schwab Corp.		17,908		1,167,243
The Goldman Sachs Group, Inc.		3,762		1,230,174
The Hartford Financial Services Group, Inc.		20,608		1,376,408
The PNC Financial Services Group, Inc.		6,608		1,159,109
The Progressive Corp.		17,930		1,714,287
The Travelers Cos., Inc.		9,536		1,434,214
Tradeweb Markets, Inc., Class A		17,288		1,279,312
Truist Financial Corp.		16,844		982,342
U.S. Bancorp		21,075		1,165,658
W.R. Berkley Corp.		19,680		1,482,888
Wells Fargo & Co.		25,971		1,014,687
Western Alliance Bancorp		8,102		765,153
Zions Bancorp NA		13,897		763,779
				106,993,554
Health Care (13.9%):
Abbott Laboratories		13,225		1,584,884
AbbVie, Inc.		15,209		1,645,918
ABIOMED, Inc. (a)		3,395		1,082,088
Agilent Technologies, Inc.		14,600		1,856,244
Align Technology, Inc. (a)		1,215		657,959
Amedisys, Inc. (a)		4,670		1,236,569
Amgen, Inc.		6,729		1,674,242
Anthem, Inc.		3,895		1,398,110
Avantor, Inc. (a)		38,236		1,106,167
Baxter International, Inc.		23,046		1,943,701
Becton, Dickinson & Co.		7,043		1,712,505
Biogen, Inc. (a)		2,124		594,189
BioMarin Pharmaceutical, Inc. (a)		9,868		745,133
Bio-Rad Laboratories, Inc., Class A (a)		1,979		1,130,345

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US 500 Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Bio-Techne Corp.		3,092	$	1,180,928
Bruker Corp.		21,387		1,374,756
Cardinal Health, Inc.		24,629		1,496,212
Catalent, Inc. (a)		10,056		1,058,997
Centene Corp. (a)		18,729		1,196,970
Cerner Corp.		24,641		1,771,195
Charles River Laboratories International, Inc. (a)		4,500		1,304,235
Cigna Corp.		5,200		1,257,048
CVS Health Corp.		21,168		1,592,469
Danaher Corp.		7,521		1,692,827
DaVita, Inc. (a)		13,298		1,433,125
Denali Therapeutics, Inc. (a)		7,010		400,271
DexCom, Inc. (a)		2,357		847,082
Edwards Lifesciences Corp. (a)		16,532		1,382,736
Eli Lilly & Co.		5,045		942,507
Encompass Health Corp.		17,040		1,395,576
Gilead Sciences, Inc. (c)		27,597		1,783,594
HCA Healthcare, Inc.		6,257		1,178,443
Henry Schein, Inc. (a)		19,160		1,326,638
Hologic, Inc. (a)		15,028		1,117,783
Horizon Therapeutics PLC (a)		8,090		744,604
Humana, Inc.		3,823		1,602,793
IDEXX Laboratories, Inc. (a)		2,365		1,157,218
Illumina, Inc. (a)		2,226		854,918
Insulet Corp. (a)		3,744		976,884
Intuitive Surgical, Inc. (a)		1,729		1,277,627
IQVIA Holdings, Inc. (a)		7,375		1,424,408
Jazz Pharmaceuticals PLC (a)		6,551		1,076,787
Johnson & Johnson (c)		14,064		2,311,419
Laboratory Corp. of America Holdings (a)		6,016		1,534,260
Masimo Corp. (a)		5,143		1,181,141
Medtronic PLC		12,642		1,493,399
Merck & Co., Inc.		26,784		2,064,779
Mettler-Toledo International, Inc. (a)		1,312		1,516,265
Molina Healthcare, Inc. (a)		4,694		1,097,269
Neurocrine Biosciences, Inc. (a)		8,183		795,797
Novocure Ltd. (a)		4,824		637,636
PerkinElmer, Inc.		9,542		1,224,143
Pfizer, Inc.		45,610		1,652,450
PPD, Inc. (a)		33,830		1,280,127
Quest Diagnostics, Inc.		13,188		1,692,549
Regeneron Pharmaceuticals, Inc. (a)		2,754		1,303,028
Repligen Corp. (a)		4,601		894,480
ResMed, Inc.		6,829		1,324,963
Seagen, Inc. (a)		5,737		796,640
STERIS PLC		9,272		1,766,131
Stryker Corp.		5,654		1,377,201
Syneos Health, Inc. (a)		14,030		1,064,176
Teleflex, Inc.		3,545		1,472,806
The Cooper Cos., Inc.		3,698		1,420,365
Thermo Fisher Scientific, Inc.		3,192		1,456,765
UnitedHealth Group, Inc.		4,591		1,708,174
Universal Health Services, Inc., Class B		8,405		1,121,143
Veeva Systems, Inc., Class A (a)		3,832		1,001,072
Vertex Pharmaceuticals, Inc. (a)		4,941		1,061,771
Waters Corp. (a)		4,968		1,411,757

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US 500 Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
West Pharmaceutical Services, Inc.		5,051	$	1,423,271
Zoetis, Inc.		10,988		1,730,390
				94,032,052
Industrials (17.3%):
3M Co.		9,266		1,785,373
Advanced Drainage Systems, Inc.		7,322		757,022
AGCO Corp.		8,257		1,186,118
Allegion PLC		11,955		1,501,787
AMERCO, Inc.		2,549		1,561,517
AMETEK, Inc.		13,694		1,749,135
AO Smith Corp.		22,318		1,508,920
Builders FirstSource, Inc. (a)		17,936		831,692
C.H. Robinson Worldwide, Inc.		15,412		1,470,767
Carlisle Cos., Inc.		9,534		1,569,106
Carrier Global Corp.		32,243		1,361,299
Caterpillar, Inc.		5,842		1,354,585
Cintas Corp.		4,420		1,508,590
Copart, Inc. (a)		13,932		1,513,155
CoStar Group, Inc. (a)(c)		1,436		1,180,234
CSX Corp.		16,908		1,630,269
Cummins, Inc.		5,853		1,516,571
Deere & Co.		3,766		1,409,011
Dover Corp.		13,899		1,905,970
Eaton Corp. PLC		10,996		1,520,527
Emerson Electric Co.		15,272		1,377,840
Enphase Energy, Inc. (a)		2,923		473,994
Equifax, Inc.		8,468		1,533,809
Expeditors International of Washington, Inc.		19,816		2,133,986
Fastenal Co.		35,123		1,765,984
FedEx Corp.		4,410		1,252,616
Fortive Corp.		22,481		1,588,058
Fortune Brands Home & Security, Inc.		14,408		1,380,575
Generac Holdings, Inc. (a)		2,725		892,301
General Dynamics Corp.		9,748		1,769,847
General Electric Co.		73,988		971,462
Graco, Inc.		25,134		1,800,097
HEICO Corp.		9,405		1,183,149
Honeywell International, Inc.		7,184		1,559,431
Howmet Aerospace, Inc. (a)		27,626		887,623
Hubbell, Inc.		8,552		1,598,283
IAA, Inc. (a)		21,065		1,161,524
IDEX Corp.		7,996		1,673,723
Illinois Tool Works, Inc.		8,861		1,962,888
J.B. Hunt Transport Services, Inc.		9,894		1,662,885
Jacobs Engineering Group, Inc.		12,005		1,551,887
Johnson Controls International PLC		27,690		1,652,262
Kansas City Southern		6,640		1,752,429
L3Harris Technologies, Inc.		7,896		1,600,361
Lennox International, Inc.		5,396		1,681,340
Lockheed Martin Corp.		5,179		1,913,641
Masco Corp.		28,210		1,689,778
Nordson Corp.		7,620		1,513,942
Norfolk Southern Corp.		5,978		1,605,213
Northrop Grumman Corp.		5,503		1,780,991
Old Dominion Freight Line, Inc.		6,709		1,612,911
Otis Worldwide Corp.		26,176		1,791,747

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US 500 Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
PACCAR, Inc.		16,380	$	1,522,030
Parker-Hannifin Corp.		4,014		1,266,136
Quanta Services, Inc.		14,087		1,239,374
Republic Services, Inc. (c)		23,145		2,299,456
Robert Half International, Inc.		12,859		1,003,902
Rockwell Automation, Inc.		6,212		1,648,913
Rollins, Inc.		38,768		1,334,395
Roper Technologies, Inc.		4,064		1,639,174
Snap-on, Inc.		6,155		1,420,205
Stanley Black & Decker, Inc.		8,442		1,685,614
Teledyne Technologies, Inc. (a)		3,307		1,367,941
Textron, Inc.		19,206		1,077,072
The Middleby Corp. (a)		5,745		952,234
The Toro Co.		18,875		1,946,767
Trane Technologies PLC		9,402		1,556,595
TransDigm Group, Inc. (a)		1,920		1,128,806
TransUnion		15,018		1,351,620
Trex Co., Inc. (a)		10,803		988,907
Union Pacific Corp.		7,306		1,610,315
United Parcel Service, Inc., Class B		7,791		1,324,392
United Rentals, Inc. (a)		2,908		957,633
Verisk Analytics, Inc.		9,903		1,749,761
W.W. Grainger, Inc.		4,425		1,774,116
Waste Management, Inc.		18,822		2,428,414
Watsco, Inc.		5,040		1,314,180
Westinghouse Air Brake Technologies Corp.		14,259		1,128,742
XPO Logistics, Inc. (a)		8,240		1,015,992
Xylem, Inc.		14,338		1,508,071
				117,838,982
Information Technology (16.2%):
Accenture PLC, Class A		6,111		1,688,164
Adobe, Inc. (a)		2,526		1,200,785
Advanced Micro Devices, Inc. (a)		9,371		735,624
Akamai Technologies, Inc. (a)		13,226		1,347,729
Amphenol Corp., Class A		13,463		888,154
Analog Devices, Inc.		9,016		1,398,201
ANSYS, Inc. (a)		3,436		1,166,728
Apple, Inc.		8,892		1,086,158
Applied Materials, Inc.		8,247		1,101,799
Arista Networks, Inc. (a)		3,973		1,199,409
Aspen Technology, Inc. (a)		5,762		831,629
Autodesk, Inc. (a)		4,192		1,161,813
Automatic Data Processing, Inc.		8,717		1,642,893
Black Knight, Inc. (a)		20,111		1,488,013
Booz Allen Hamilton Holding Corp.		18,629		1,500,193
Broadcom, Inc.		2,960		1,372,434
Broadridge Financial Solutions, Inc.		12,894		1,974,071
Cadence Design Systems, Inc. (a)		8,632		1,182,498
CDW Corp.		7,911		1,311,248
Ciena Corp. (a)		18,986		1,038,914
Cisco Systems, Inc.		33,947		1,755,399
Citrix Systems, Inc.		8,923		1,252,432
Cognex Corp.		14,959		1,241,447
Cognizant Technology Solutions Corp., Class A		20,341		1,589,039
Corning, Inc.		34,684		1,509,101

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US 500 Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Dell Technologies, Inc., Class C (a)		15,405	$	1,357,951
Dolby Laboratories, Inc., Class A		15,645		1,544,474
Dynatrace, Inc. (a)		15,172		731,897
Entegris, Inc.		10,138		1,133,428
EPAM Systems, Inc. (a)		3,211		1,273,772
F5 Networks, Inc. (a)		6,555		1,367,504
Fair Isaac Corp. (a)		2,485		1,207,834
Fidelity National Information Services, Inc.		10,247		1,440,831
First Solar, Inc. (a)(b)		8,743		763,264
Fiserv, Inc. (a)		11,398		1,356,818
FleetCor Technologies, Inc. (a)		3,735		1,003,333
Fortinet, Inc. (a)		6,298		1,161,477
Gartner, Inc. (a)		6,685		1,220,347
Global Payments, Inc.		6,200		1,249,796
HP, Inc.		44,983		1,428,210
II-VI, Inc. (a)		9,296		635,568
Intel Corp.		16,974		1,086,336
International Business Machines Corp.		11,626		1,549,281
Intuit, Inc.		3,315		1,269,844
IPG Photonics Corp. (a)		5,046		1,064,403
Jack Henry & Associates, Inc.		9,013		1,367,452
Keysight Technologies, Inc. (a)		10,007		1,435,004
KLA Corp.		3,211		1,060,914
Lam Research Corp.		1,663		989,884
Leidos Holdings, Inc.		14,936		1,438,038
Manhattan Associates, Inc. (a)		9,353		1,097,855
Marvell Technology Group Ltd.		20,417		1,000,025
Mastercard, Inc., Class A		3,455		1,230,153
Microchip Technology, Inc.		6,924		1,074,743
Micron Technology, Inc. (a)		11,207		988,569
Microsoft Corp. (c)		5,932		1,398,588
MKS Instruments, Inc.		5,792		1,073,953
Monolithic Power Systems, Inc.		2,457		867,837
Motorola Solutions, Inc.		8,599		1,617,042
NetApp, Inc.		15,569		1,131,399
NVIDIA Corp.		1,710		913,020
NXP Semiconductors NV		6,112		1,230,590
ON Semiconductor Corp. (a)		24,145		1,004,673
Oracle Corp.		28,109		1,972,408
Paychex, Inc.		18,599		1,823,074
Paycom Software, Inc. (a)		2,548		942,913
Paylocity Holding Corp. (a)		5,023		903,286
PayPal Holdings, Inc. (a)		3,793		921,092
PTC, Inc. (a)		7,340		1,010,351
Qorvo, Inc. (a)		5,297		967,762
QUALCOMM, Inc.		7,047		934,362
salesforce.com, Inc. (a)		4,043		856,590
Seagate Technology PLC (b)		16,359		1,255,553
ServiceNow, Inc. (a)(c)		2,015		1,007,722
Skyworks Solutions, Inc.		5,629		1,032,809
Square, Inc., Class A (a)		3,083		699,995
SS&C Technologies Holdings, Inc.		24,180		1,689,457
Synopsys, Inc. (a)		4,795		1,188,105
TE Connectivity Ltd.		11,288		1,457,394
Teradyne, Inc.		7,689		935,598
Texas Instruments, Inc.		8,805		1,664,057
The Trade Desk, Inc., Class A (a)		828		539,574

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US 500 Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
The Western Union Co.		59,273	$	1,461,672
Trimble, Inc. (a)		16,882		1,313,251
Tyler Technologies, Inc. (a)		3,332		1,414,534
Universal Display Corp.		5,323		1,260,327
VeriSign, Inc. (a)		8,496		1,688,665
Visa, Inc., Class A		7,425		1,572,095
VMware, Inc., Class A (a)(b)		9,230		1,388,654
Western Digital Corp.		11,634		776,570
Zebra Technologies Corp. (a)		2,344		1,137,262
Zoom Video Communications, Inc., Class A (a)		1,347		432,778
				111,677,892
Materials (5.4%):
Air Products & Chemicals, Inc.		5,277		1,484,631
Albemarle Corp.		4,951		723,391
AptarGroup, Inc.		14,043		1,989,471
Avery Dennison Corp.		7,409		1,360,663
Ball Corp.		18,474		1,565,487
Celanese Corp.		9,063		1,357,728
CF Industries Holdings, Inc.		21,081		956,656
Corteva, Inc.		26,144		1,218,833
Crown Holdings, Inc.		14,288		1,386,508
Dow, Inc.		17,291		1,105,587
Eastman Chemical Co.		10,551		1,161,876
FMC Corp.		14,032		1,552,080
Freeport-McMoRan, Inc. (a)		22,921		754,789
International Flavors & Fragrances, Inc.		8,603		1,201,065
International Paper Co.		24,186		1,307,737
LyondellBasell Industries NV, Class A		8,533		887,859
Martin Marietta Materials, Inc.		3,325		1,116,602
Newmont Corp.		22,152		1,335,101
Nucor Corp.		18,675		1,499,042
Packaging Corp. of America		10,619		1,428,043
PPG Industries, Inc.		10,841		1,628,969
Reliance Steel & Aluminum Co.		10,008		1,524,118
RPM International, Inc. (b)		21,267		1,953,373
Steel Dynamics, Inc.		23,293		1,182,353
The Mosaic Co.		24,630		778,554
The Scotts Miracle-Gro Co.		5,094		1,247,877
The Sherwin-Williams Co.		2,568		1,895,210
Vulcan Materials Co.		6,804		1,148,175
Westlake Chemical Corp.		12,519		1,111,562
				37,863,340
Real Estate (0.3%):
CBRE Group, Inc., Class A (a)		12,691		1,003,985
eXp World Holdings, Inc. (a)(b)		7,427		338,300
Jones Lang LaSalle, Inc. (a)		5,003		895,737
				2,238,022
Utilities (7.3%):
Alliant Energy Corp.		41,333		2,238,594
Ameren Corp.		26,974		2,194,605
American Electric Power Co., Inc. (c)		25,024		2,119,533
American Water Works Co., Inc.		13,113		1,965,901
Atmos Energy Corp.		19,745		1,951,793

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US 500 Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
CMS Energy Corp.		36,331	$	2,224,184
Consolidated Edison, Inc. (c)		27,541		2,060,067
DTE Energy Co.		13,895		1,849,980
Duke Energy Corp. (c)		20,488		1,977,707
Edison International		26,647		1,561,514
Entergy Corp.		18,223		1,812,642
Essential Utilities, Inc.		38,060		1,703,185
Evergy, Inc. (c)		27,470		1,635,289
Eversource Energy (c)		23,063		1,997,025
Exelon Corp.		40,620		1,776,719
FirstEnergy Corp.		28,435		986,410
NextEra Energy, Inc. (c)		21,422		1,619,717
NRG Energy, Inc.		34,416		1,298,515
Pinnacle West Capital Corp.		22,796		1,854,455
PPL Corp.		59,496		1,715,865
Public Service Enterprise Group, Inc.		29,161		1,755,784
Sempra Energy		12,895		1,709,619
The AES Corp.		42,002		1,126,074
The Southern Co. (c)		32,491		2,019,641
UGI Corp.		32,624		1,337,910
Vistra Corp.		52,781		933,168
WEC Energy Group, Inc. (c)		24,267		2,271,148
Xcel Energy, Inc. (c)		31,519		2,096,329
				49,793,373
Total Common Stocks (Cost $531,053,971)				680,899,939
Collateral for Securities Loaned^(0.9%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (d)		132,062		132,062
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (d)		3,400,903		3,400,903
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (d)		65,906		65,906
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (d)		525,510		525,510
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (d)		2,362,797		2,362,797
Total Collateral for Securities Loaned (Cost $6,487,178)				6,487,178
Total Investments (Cost $537,541,149) — 100.5%				687,387,117
Liabilities in excess of other assets — (0.5)%				(3,286,393	)
NET ASSETS - 100.00%			$	684,100,724

^	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)	All or a portion of this security has been segregated as collateral for derivative instruments.
(d)	Rate disclosed is the daily yield on March 31, 2021.

PLC—Public Limited Company

Futures Contracts Purchased
	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini S&P 500 Futures		14		6/18/21	$	2,738,906	$	2,777,180	$	38,274
	Total unrealized appreciation									$ 38,274
	Total unrealized depreciation									–
	Total net unrealized appreciation (depreciation)								$	38,274

Victory Portfolios II	Schedule of Portfolio Investments
VictoryShares US Small Cap Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.7%)
Banks (14.4%):
1st Source Corp.		1,105	$	52,576
Allegiance Bancshares, Inc.		1,257		50,959
Atlantic Union Bankshares Corp.		1,089		41,774
BancFirst Corp.		644		45,524
Banner Corp.		790		42,131
Brookline Bancorp, Inc.		3,456		51,840
Cathay General Bancorp		1,193		48,651
City Holding Co.		790		64,606
Community Trust Bancorp, Inc.		1,322		58,208
ConnectOne Bancorp, Inc.		1,734		43,957
Crossfirst Bankshares, Inc. (a)		3,218		44,376
Customers Bancorp, Inc.		1,362		43,339
CVB Financial Corp.		2,399		52,994
Dime Community Bancshares, Inc.		1,453		43,793
Eagle Bancorp, Inc.		888		47,250
Enterprise Financial Services Corp.		1,009		49,885
FB Financial Corp.		1,072		47,661
First Bancorp		3,847		43,317
First Bancorp/Southern Pines NC		1,085		47,198
First Busey Corp.		2,111		54,147
First Commonwealth Financial Corp.		3,148		45,237
First Financial Bancorp		1,792		43,008
First Foundation, Inc.		2,250		52,785
First Interstate BancSystem, Inc., Class A		1,171		53,913
First Merchants Corp.		1,076		50,034
First Midwest Bancorp, Inc.		2,202		48,246
Flushing Financial Corp.		2,207		46,855
Fulton Financial Corp.		2,738		46,628
German American Bancorp, Inc.		1,504		69,514
Great Southern Bancorp, Inc., Class A		1,033		58,540
HarborOne Bancorp, Inc.		4,744		63,902
Heartland Financial USA, Inc.		1,007		50,612
Heritage Financial Corp.		1,838		51,905
Hilltop Holdings, Inc.		1,532		52,287
Hope Bancorp, Inc.		3,212		48,373
Horizon Bancorp, Inc.		2,525		46,915
Independent Bank Corp.		562		47,315
International Bancshares Corp.		1,104		51,248
Lakeland Bancorp, Inc.		2,955		51,506
Lakeland Financial Corp.		879		60,818
Live Oak Bancshares, Inc.		687		47,053
National Bank Holdings Corp., Class A		1,312		52,060
NBT Bancorp, Inc.		1,460		58,254
Nicolet Bankshares, Inc. (a)		841		70,189
OFG Bancorp		2,178		49,266
Old National Bancorp		3,013		58,271
Origin Bancorp, Inc.		1,264		53,606
Park National Corp.		358		46,289
Preferred Bank		824		52,472
QCR Holdings, Inc.		1,116		52,698
Renasant Corp.		1,239		51,270
S&T Bancorp, Inc.		1,426		47,771
Sandy Spring Bancorp, Inc.		1,181		51,291
Seacoast Banking Corp. of Florida (a)		1,202		43,560
ServisFirst Bancshares, Inc.		1,075		65,929

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US Small Cap Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Silvergate Capital Corp., Class A (a)		196	$	27,865
Southside Bancshares, Inc. (b)		1,648		63,464
Stock Yards Bancorp, Inc.		1,093		55,809
The Bancorp, Inc. (a)		1,914		39,658
The First Bancshares, Inc.		1,557		57,002
Tompkins Financial Corp. (c)		641		53,011
Towne Bank		1,679		51,042
TriCo Bancshares		1,122		53,149
Tristate Capital Holdings, Inc. (a)		1,628		37,542
Triumph Bancorp, Inc. (a)		543		42,023
Trustmark Corp.		1,718		57,828
United Community Banks, Inc.		1,370		46,744
Univest Financial Corp.		1,743		49,832
Veritex Holdings, Inc.		1,549		50,683
Washington Trust Bancorp, Inc.		1,057		54,573
WesBanco, Inc.		1,410		50,845
Westamerica Bancorp		1,129		70,878
				3,675,754
Capital Markets (2.2%):
B Riley Financial, Inc.		835		47,077
BGC Partners, Inc., Class A		9,067		43,794
Brightsphere Investment Group, Inc.		2,269		46,242
Cowen, Inc., Class A (c)		1,359		47,769
Federated Hermes, Inc.		1,858		58,155
Piper Sandler Cos.		500		54,825
PJT Partners, Inc., Class A		979		66,230
Sculptor Capital Management, Inc.		1,781		38,968
StoneX Group, Inc. (a)		885		57,861
Victory Capital Holdings, Inc., Class A		2,309		59,018
Virtus Investment Partners, Inc.		197		46,394
				566,333
Communication Services (2.8%):
AMC Networks, Inc., Class A (a)		458		24,347
Cogent Communications Holdings, Inc. (b)		982		67,523
Consolidated Communications Holdings, Inc. (a)		7,515		54,108
Gray Television, Inc.		2,769		50,950
IDT Corp., Class B (a)		1,446		32,766
Loral Space & Communications, Inc.		710		26,746
MSG Networks, Inc., Class A (a)		2,447		36,803
QuinStreet, Inc. (a)		2,031		41,229
Sciplay Corp., Class A (a)(c)		2,079		33,638
Shenandoah Telecommunications Co.		1,319		64,380
TechTarget, Inc. (a)		482		33,475
Telephone & Data Systems, Inc.		2,996		68,788
The EW Scripps Co., Class A		1,934		37,268
TrueCar, Inc. (a)		5,382		25,753
United States Cellular Corp. (a)		1,981		72,267
WideOpenWest, Inc. (a)		2,739		37,223
				707,264
Consumer Discretionary (11.1%):
1-800-Flowers.com, Inc., Class A (a)		1,224		33,795
Adtalem Global Education, Inc. (a)		1,398		55,277
American Public Education, Inc. (a)		1,617		57,614
America’s Car-Mart, Inc. (a)		372		56,682
Beazer Homes USA, Inc. (a)		2,009		42,028

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US Small Cap Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Big Lots, Inc.		498	$	34,013
Boot Barn Holdings, Inc. (a)		571		35,579
Camping World Holdings, Inc., Class A		854		31,069
Carriage Services, Inc.		1,674		58,908
Cavco Industries, Inc. (a)		212		47,829
Century Communities, Inc. (a)		679		40,957
Citi Trends, Inc. (a)		466		39,041
Clarus Corp.		3,312		56,470
Core-Mark Holding Co., Inc.		1,750		67,708
Duluth Holdings, Inc., Class B (a)		2,630		44,552
El Pollo Loco Holdings, Inc. (a)		2,330		37,560
Ethan Allen Interiors, Inc.		1,860		51,355
Franchise Group, Inc.		958		34,593
Gentherm, Inc. (a)		850		62,994
G-III Apparel Group Ltd. (a)		975		29,387
Green Brick Partners, Inc. (a)		2,002		45,405
Group 1 Automotive, Inc.		240		37,870
GrowGeneration Corp. (a)		420		20,870
Haverty Furniture Cos., Inc.		1,202		44,702
Hibbett Sports, Inc. (a)		544		37,476
Jack in the Box, Inc.		633		69,490
Johnson Outdoors, Inc., Class A		478		68,235
Kontoor Brands, Inc.		1,002		48,627
Lands’ End, Inc. (a)		844		20,940
La-Z-Boy, Inc.		1,439		61,129
LGI Homes, Inc. (a)		367		54,797
Liquidity Services, Inc. (a)		1,557		28,929
Lumber Liquidators Holdings, Inc. (a)		1,250		31,400
M/I Homes, Inc. (a)		744		43,948
Malibu Boats, Inc., Class A (a)		544		43,346
MarineMax, Inc. (a)		784		38,698
Monarch Casino & Resort, Inc. (a)		667		40,434
Monro, Inc.		922		60,668
Motorcar Parts of America, Inc. (a)		1,818		40,905
Nautilus, Inc. (a)		1,280		20,019
OneWater Marine, Inc. (a)		1,035		41,359
Overstock.com, Inc. (a)		266		17,625
Papa John’s International, Inc.		596		52,829
Perdoceo Education Corp. (a)		3,786		45,281
PetMed Express, Inc. (b)		800		28,140
Sally Beauty Holdings, Inc. (a)		2,283		45,957
Shoe Carnival, Inc.		805		49,813
Skyline Champion Corp. (a)		886		40,100
Smith & Wesson Brands, Inc.		1,815		31,672
Standard Motor Products, Inc.		1,293		53,763
Strategic Education, Inc.		491		45,128
Stride, Inc. (a)		1,503		45,255
Sturm Ruger & Co., Inc. (b)		720		47,570
Superior Group of Cos., Inc.		1,277		32,461
The Buckle, Inc.		958		37,630
The Container Store Group, Inc. (a)		1,376		22,897
Tri Pointe Homes, Inc. (a)		2,060		41,942
Tupperware Brands Corp. (a)		549		14,499
Turtle Beach Corp. (a)		1,085		28,937
Universal Electronics, Inc. (a)		871		47,879
Vista Outdoor, Inc. (a)		989		31,717

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US Small Cap Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Winmark Corp.		416	$	77,554
Winnebago Industries, Inc.		570		43,725
WW International, Inc. (a)		1,161		36,316
XPEL, Inc. (a)		598		31,054
Zumiez, Inc. (a)		893		38,310
				2,804,712
Consumer Finance (1.6%):
Encore Capital Group, Inc. (a)		1,201		48,316
Enova International, Inc. (a)		1,288		45,698
FirstCash, Inc.		913		59,957
Green Dot Corp., Class A (a)		946		43,317
Navient Corp.		3,513		50,271
Nelnet, Inc., Class A		945		68,740
PRA Group, Inc. (a)		1,603		59,423
World Acceptance Corp. (a)		249		32,310
				408,032
Consumer Staples (7.0%):
B&G Foods, Inc. (c)		1,488		46,217
Cal-Maine Foods, Inc. (a)		2,228		85,600
Central Garden & Pet Co., Class A (a)		1,755		91,067
Coca-Cola Consolidated, Inc.		236		68,153
Edgewell Personal Care Co.		1,931		76,468
elf Beauty, Inc. (a)		2,005		53,794
Fresh Del Monte Produce, Inc.		2,299		65,820
Hostess Brands, Inc. (a)		6,755		96,867
Ingles Markets, Inc., Class A		1,235		76,139
Inter Parfums, Inc.		712		50,502
John B Sanfilippo & Son, Inc.		892		80,610
Medifast, Inc.		177		37,492
MGP Ingredients, Inc.		823		48,680
Natural Grocers by Vitamin Cottage, Inc.		2,406		42,225
Nu Skin Enterprises, Inc., Class A		811		42,894
PriceSmart, Inc.		771		74,594
Seneca Foods Corp., Class A (a)		824		38,802
SpartanNash Co.		2,272		44,599
Sprouts Farmers Market, Inc. (a)		2,825		75,202
The Andersons, Inc.		1,413		38,688
The Simply Good Foods Co. (a)		1,754		53,357
Tootsie Roll Industries, Inc.		1,619		53,631
TreeHouse Foods, Inc. (a)		1,071		55,949
Turning Point Brands, Inc.		915		47,736
United Natural Foods, Inc. (a)		1,129		37,189
Universal Corp.		1,397		82,409
USANA Health Sciences, Inc. (a)		593		57,877
Vector Group Ltd.		3,652		50,945
Veru, Inc. (a)		1,114		12,003
Weis Markets, Inc. (b)		1,343		75,906
				1,761,415
Energy (1.4%):
Bonanza Creek Energy, Inc. (a)		1,025		36,623
Cactus, Inc., Class A		1,084		33,192
Clean Energy Fuels Corp. (a)		1,419		19,497
Diamond S Shipping, Inc. (a)		4,413		44,262
Dorian LPG Ltd. (a)		3,407		44,734
Helix Energy Solutions Group, Inc. (a)		4,783		24,154

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US Small Cap Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
International Seaways, Inc.		2,264	$	43,876
REX American Resources Corp. (a)		351		29,544
W&T Offshore, Inc. (a)		8,122		29,158
World Fuel Services Corp. (b)		1,095		38,544
				343,584
Health Care (9.1%):
Accuray, Inc. (a)		6,215		30,764
Addus HomeCare Corp. (a)		543		56,792
Amneal Pharmaceuticals, Inc. (a)		6,027		40,562
Amphastar Pharmaceuticals, Inc. (a)		4,110		75,295
Antares Pharma, Inc. (a)		11,075		45,518
Apollo Medical Holdings, Inc. (a)		2,056		55,697
Atrion Corp.		111		71,184
BioDelivery Sciences International, Inc. (a)		9,737		38,072
Brookdale Senior Living, Inc. (a)		4,193		25,368
Cara Therapeutics, Inc. (a)		2,676		58,096
Catalyst Pharmaceuticals, Inc. (a)		9,790		45,132
Co-Diagnostics, Inc. (a)		1,303		12,431
Coherus Biosciences, Inc. (a)		2,671		39,023
Collegium Pharmaceutical, Inc. (a)		1,873		44,390
Community Health Systems, Inc. (a)		2,834		38,316
Computer Programs and Systems, Inc.		1,677		51,316
Corcept Therapeutics, Inc. (a)		983		23,386
CorVel Corp. (a)		744		76,327
Eagle Pharmaceuticals, Inc. (a)		1,390		58,019
Endo International PLC (a)		3,943		29,218
Fulgent Genetics, Inc. (a)		165		15,942
Hanger, Inc. (a)		2,016		46,005
HealthStream, Inc. (a)		3,185		71,152
Infusystem Holdings, Inc. (a)		2,719		55,359
Innoviva, Inc. (a)		4,440		53,058
Integer Holdings Corp. (a)		556		51,208
Ironwood Pharmaceuticals, Inc. (a)(c)		5,807		64,922
LeMaitre Vascular, Inc.		940		45,853
Luminex Corp.		1,254		40,003
Meridian Bioscience, Inc. (a)		1,390		36,488
ModivCare, Inc. (a)		398		58,952
National HealthCare Corp. (b)		769		59,913
National Research Corp. (a)		1,167		54,651
NextGen Healthcare, Inc. (a)		2,297		41,576
Orthofix Medical, Inc. (a)		1,117		48,422
Owens & Minor, Inc.		472		17,742
Phibro Animal Health Corp., Class A		2,465		60,146
Prestige Consumer Healthcare, Inc. (a)		1,772		78,109
Retractable Technologies, Inc. (a)		1,085		13,910
SIGA Technologies, Inc. (a)		8,180		53,170
Simulations Plus, Inc.		557		35,225
Supernus Pharmaceuticals, Inc. (a)		1,475		38,616
Surmodics, Inc. (a)		957		53,659
The Joint Corp. (a)		1,149		55,577
The Pennant Group, Inc. (a)		519		23,770
Triple-S Management Corp., Class B (a)		1,979		51,513
U.S. Physical Therapy, Inc.		338		35,186
Vanda Pharmaceuticals, Inc. (a)		2,240		33,645
Vericel Corp. (a)		891		49,495

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US Small Cap Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Zynex, Inc. (a)(c)		1,865	$	28,479
				2,286,652
Industrials (20.8%):
ACCO Brands Corp.		5,057		42,681
AeroVironment, Inc. (a)		338		39,228
Alamo Group, Inc.		427		66,676
Albany International Corp.		639		53,337
Ameresco, Inc., Class A (a)		673		32,728
American Woodmark Corp. (a)		469		46,234
Apogee Enterprises, Inc.		1,152		47,094
ArcBest Corp.		756		53,200
Arcosa, Inc.		887		57,735
Argan, Inc.		1,233		65,780
Astec Industries, Inc.		702		52,945
Atlas Air Worldwide Holdings, Inc. (a)		960		58,022
AZZ, Inc.		1,078		54,277
Barnes Group, Inc.		848		42,010
Barrett Business Services, Inc.		808		55,639
Blue Bird Corp. (a)		1,363		34,116
Brady Corp., Class A		1,260		67,347
CAI International, Inc.		835		38,009
Casella Waste Systems, Inc. (a)		1,330		84,547
CBIZ, Inc. (a)		2,581		84,295
Columbus McKinnon Corp.		1,093		57,667
Comfort Systems USA, Inc.		804		60,114
Construction Partners, Inc., Class A (a)		1,395		41,683
CRA International, Inc.		813		60,682
CSW Industrials, Inc.		439		59,266
Daseke, Inc. (a)		5,209		44,224
Deluxe Corp.		904		37,932
Ducommun, Inc. (a)		821		49,260
Dycom Industries, Inc. (a)		485		45,032
Echo Global Logistics, Inc. (a)		1,698		53,334
Encore Wire Corp.		1,036		69,547
Energy Recovery, Inc. (a)		2,680		49,151
Enerpac Tool Group Corp.		2,145		56,027
Ennis, Inc. (b)		3,628		77,458
ESCO Technologies, Inc.		634		69,036
Evoqua Water Technologies Corp. (a)		1,852		48,708
Federal Signal Corp.		1,852		70,932
Forrester Research, Inc. (a)		1,158		49,192
Forward Air Corp.		775		68,828
Gibraltar Industries, Inc. (a)		579		52,984
GMS, Inc. (a)		1,148		47,929
Great Lakes Dredge & Dock Corp. (a)		3,596		52,430
Griffon Corp.		1,605		43,608
Healthcare Services Group		1,729		48,464
Heartland Express, Inc.		4,960		97,117
Helios Technologies, Inc.		897		65,364
Herc Holdings, Inc. (a)		438		44,383
Heritage-Crystal Clean, Inc. (a)		1,402		38,036
HNI Corp.		1,385		54,791
Hub Group, Inc., Class A (a)		1,204		81,006
Hyster-Yale Materials Handling, Inc.		513		44,693
ICF International, Inc.		726		63,452
IES Holdings, Inc. (a)		993		50,057

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US Small Cap Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Insteel Industries, Inc.		1,563	$	48,203
JELD-WEN Holding, Inc. (a)		1,260		34,889
Kadant, Inc.		312		57,723
Kforce, Inc.		885		47,436
Kimball International, Inc., Class B		3,379		47,306
Knoll, Inc.		2,052		33,879
Lindsay Corp.		408		67,981
Marten Transport Ltd.		3,821		64,842
Matson, Inc.		518		34,551
McGrath RentCorp		790		63,714
Meritor, Inc. (a)		1,436		42,247
Miller Industries, Inc.		1,840		84,989
Mueller Industries, Inc.		1,463		60,495
Mueller Water Products, Inc., Class A		5,410		75,144
MYR Group, Inc. (a)		837		59,987
National Presto Industries, Inc.		558		56,955
Northwest Pipe Co. (a)		1,309		43,747
NV5 Global, Inc. (a)		473		45,678
Omega Flex, Inc.		228		35,997
PAE, Inc. (a)		5,490		49,520
Patrick Industries, Inc.		525		44,625
PGT Innovations, Inc. (a)		2,129		53,757
Powell Industries, Inc.		1,624		55,005
Primoris Services Corp.		1,458		48,304
Quanex Building Products Corp.		2,248		58,965
Radiant Logistics, Inc. (a)		7,036		48,900
Raven Industries, Inc.		1,191		45,651
Resources Connection, Inc.		4,501		60,944
Rush Enterprises, Inc., Class A		1,452		72,353
SPX Corp. (a)		992		57,804
SPX Flow, Inc.		838		53,071
Standex International Corp.		579		55,335
Steelcase, Inc., Class A		2,619		37,687
Sterling Construction Co., Inc. (a)		1,563		36,262
Systemax, Inc.		1,182		48,604
Tennant Co.		816		65,190
Terex Corp.		956		44,043
The Gorman-Rupp Co.		1,765		58,439
The Greenbrier Cos., Inc.		920		43,442
Titan Machinery, Inc. (a)		1,775		45,263
Tutor Perini Corp. (a)		2,279		43,187
U.S. Xpress Enterprise, Inc., Class A (a)		3,133		36,813
Vectrus, Inc. (a)		988		52,799
Veritiv Corp. (a)		1,347		57,301
Werner Enterprises, Inc.		1,725		81,368
				5,288,682
Information Technology (10.8%):
A10 Networks, Inc. (a)		4,294		41,265
ACM Research, Inc., Class A (a)		227		18,339
ADTRAN, Inc.		2,746		45,803
Alpha & Omega Semiconductor Ltd. (a)		852		27,860
American Software, Inc., Class A		2,602		53,862
Avid Technology, Inc. (a)		1,820		38,420
Axcelis Technologies, Inc. (a)		1,073		44,090
AXT, Inc. (a)		1,923		22,422

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US Small Cap Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Benchmark Electronics, Inc.		2,010	$	62,149
Calix, Inc. (a)		786		27,243
Cambium Networks Corp. (a)		550		25,696
Casa Systems, Inc. (a)		3,604		34,346
Cass Information Systems, Inc.		1,301		60,197
ChannelAdvisor Corp. (a)		1,259		29,649
Clearfield, Inc. (a)		1,113		33,535
CSG Systems International, Inc.		1,704		76,493
CTS Corp.		1,747		54,262
Digi International, Inc. (a)		1,761		33,441
Ebix, Inc.		881		28,218
eGain Corp. (a)		2,596		24,636
ePlus, Inc. (a)		656		65,364
EVERTEC, Inc.		1,744		64,912
ExlService Holdings, Inc. (a)		846		76,275
FARO Technologies, Inc. (a)		584		50,557
GreenSky, Inc., Class A (a)		6,002		37,152
Ichor Holdings Ltd. (a)		838		45,084
Insight Enterprises, Inc. (a)		703		67,080
Intelligent Systems Corp. (a)		1,046		42,792
InterDigital, Inc.		1,114		70,684
Kimball Electronics, Inc. (a)		1,808		46,646
Knowles Corp. (a)		3,097		64,789
Luna Innovations, Inc. (a)		3,210		33,801
Methode Electronics, Inc.		1,361		57,135
Mimecast Ltd. (a)		1,135		45,638
Mitek Systems, Inc. (a)		2,470		36,013
Napco Security Technologies, Inc. (a)		1,533		53,394
NETGEAR, Inc. (a)		1,093		44,922
NetScout Systems, Inc. (a)		2,427		68,344
NVE Corp.		793		55,590
OSI Systems, Inc. (a)		817		78,515
PC Connection, Inc.		1,092		50,658
Perficient, Inc. (a)		1,132		66,471
Photronics, Inc. (a)		4,138		53,215
Plexus Corp. (a)		754		69,247
Progress Software Corp.		1,601		70,541
Ribbon Communications, Inc. (a)		3,931		32,274
Sanmina Corp. (a)		1,529		63,270
ShotSpotter, Inc. (a)		785		27,530
SMART Global Holdings, Inc. (a)		1,013		46,618
Super Micro Computer, Inc. (a)		1,362		53,200
Sykes Enterprises, Inc. (a)		1,491		65,723
The Hackett Group, Inc.		3,740		61,299
Ultra Clean Holdings, Inc. (a)		751		43,588
VirnetX Holding Corp. (c)		5,492		30,590
Vishay Precision Group, Inc. (a)		1,796		55,335
Xperi Holding Corp.		1,906		41,494
				2,717,666
Insurance (2.9%):
American Equity Investment Life Holding Co.		1,052		33,170
American National Group, Inc.		732		78,961
AMERISAFE, Inc.		1,391		89,023
eHealth, Inc. (a)		458		33,310
Employers Holdings, Inc.		2,026		87,240
Horace Mann Educators Corp.		1,699		73,414

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US Small Cap Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
James River Group Holdings Ltd.		1,317	$	60,081
National Western Life Group, Inc., Class A		225		56,025
Palomar Holdings, Inc. (a)		455		30,503
Safety Insurance Group, Inc. (b)		966		81,386
SiriusPoint Ltd. (a)		5,621		57,166
Stewart Information Services Corp.		1,163		60,511
				740,790
Materials (5.7%):
AdvanSix, Inc. (a)		1,385		37,146
American Vanguard Corp.		2,798		57,107
Boise Cascade Co.		905		54,146
Chase Corp.		494		57,497
Clearwater Paper Corp. (a)		1,117		42,022
Coeur Mining, Inc. (a)		2,723		24,589
Compass Minerals International, Inc.		954		59,835
Futurefuel Corp.		3,164		45,973
GCP Applied Technologies, Inc. (a)		2,160		53,006
Glatfelter Corp.		3,252		55,772
Greif, Inc., Class A		1,046		59,622
H.B. Fuller Co.		1,077		67,754
Hawkins, Inc.		820		27,486
Ingevity Corp. (a)		622		46,980
Innospec, Inc.		537		55,145
Kaiser Aluminum Corp.		350		38,675
Koppers Holdings, Inc. (a)		1,093		37,993
Materion Corp.		834		55,244
Minerals Technologies, Inc.		711		53,553
Myers Industries, Inc.		2,644		52,245
O-I Glass, Inc. (a)		3,039		44,795
Orion Engineered Carbons SA (a)		2,137		42,142
PQ Group Holdings, Inc.		3,056		51,035
Rayonier Advanced Materials, Inc. (a)		2,349		21,305
Schnitzer Steel Industries, Inc.		1,262		52,739
Schweitzer-Mauduit International, Inc.		1,151		56,364
Stepan Co.		589		74,867
SunCoke Energy, Inc.		4,681		32,814
Trinseo SA		551		35,082
U.S. Concrete, Inc. (a)		595		43,625
				1,436,558
Real Estate (1.7%):
Forestar Group, Inc. (a)		2,979		69,351
Kennedy-Wilson Holdings, Inc.		3,287		66,430
Marcus & Millichap, Inc. (a)		1,825		61,503
Newmark Group, Inc., Class A		3,434		34,357
RE/MAX Holdings, Inc.		1,367		53,846
Tejon Ranch Co. (a)		4,111		68,818
The RMR Group, Inc., Class A		1,109		45,258
The St. Joe Co.		915		39,254
				438,817
Thrifts & Mortgage Finance (4.3%):
Axos Financial, Inc. (a)		1,029		48,373
Capitol Federal Financial, Inc.		4,584		60,715
Columbia Financial, Inc. (a)(b)		4,253		74,342
Federal Agricultural Mortgage Corp., Class C		693		69,799

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US Small Cap Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Flagstar Bancorp, Inc.		1,303	$	58,765
HomeStreet, Inc.		1,196		52,708
Kearny Financial Corp.		4,476		54,070
Merchants Bancorp		1,496		62,742
Meridian Bancorp, Inc.		2,918		53,750
Meta Financial Group, Inc.		882		39,963
Mr. Cooper Group, Inc. (a)		1,451		50,437
NMI Holdings, Inc., Class A (a)		1,845		43,616
Northfield Bancorp, Inc.		3,816		60,751
Northwest Bancshares, Inc. (b)		3,823		55,242
Oceanfirst Financial Corp.		2,096		50,178
Premier Financial Corp.		1,341		44,602
Provident Financial Services, Inc.		2,355		52,469
TrustCo Bank Corp.		7,917		58,348
Washington Federal, Inc.		1,664		51,251
WSFS Financial Corp.		797		39,683
				1,081,804
Utilities (3.9%):
American States Water Co.		1,103		83,408
Avista Corp.		1,865		89,054
California Water Service Group		1,370		77,186
Chesapeake Utilities Corp.		632		73,362
MGE Energy, Inc.		1,272		90,808
Middlesex Water Co.		888		70,170
Northwest Natural Holding Co.		1,182		63,769
NorthWestern Corp.		1,180		76,936
Otter Tail Corp. (b)		1,741		80,382
SJW Group		1,125		70,864
South Jersey Industries, Inc.		2,303		52,002
The York Water Co.		1,644		80,507
Unitil Corp. (b)		1,641		74,977
				983,425
Total Common Stocks (Cost $22,013,600)				25,241,488
Collateral for Securities Loaned^ (0.6%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (d)		3,153		3,153
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (d)		81,210		81,210
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (d)		1,574		1,574
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (d)		12,549		12,549
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (d)		56,421		56,421
Total Collateral for Securities Loaned (Cost $154,907)				154,907
Total Investments (Cost $22,168,507) — 100.3%				25,396,395
Liabilities in excess of other assets — (0.3)%				(82,042	)
NET ASSETS - 100.00%			$	25,314,353

^	Purchased with cash collateral from securities on loan.
(a)	Non-income producing security.
(b)	All or a portion of this security has been segregated as collateral for derivative instruments.
(c)	All or a portion of this security is on loan.
(d)	Rate disclosed is the daily yield on March 31, 2021.

PLC—Public Limited Company

Futures Contracts Purchased
	Number of Contracts	Expiration Date		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Russell 2000 Mini Index Future	1	6/18/21	$	104,974	$	111,125	$	6,151
	Total unrealized appreciation						$	6,151
	Total unrealized depreciation							–
	Total net unrealized appreciation (depreciation)						$	6,151

Victory Portfolios II	Schedule of Portfolio Investments
VictoryShares International Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.1%)
Australia (4.5%):
Communication Services (0.4%):
REA Group Ltd.		1,796	$	193,316
Telstra Corp. Ltd.		112,415		290,251
				483,567
Consumer Discretionary (0.2%):
Aristocrat Leisure Ltd.		7,292		190,215
Consumer Staples (0.8%):
Coles Group Ltd.		22,983		279,427
Wesfarmers Ltd.		7,755		310,181
Woolworths Group Ltd.		9,635		299,038
				888,646
Financials (1.5%):
ASX Ltd.		5,843		315,261
Australia & New Zealand Banking Group Ltd.		10,599		226,817
Commonwealth Bank of Australia		4,222		276,053
Macquarie Group Ltd.		2,182		253,241
National Australia Bank Ltd.		11,257		222,263
Suncorp Group Ltd.		22,662		170,374
Westpac Banking Corp.		11,536		213,842
				1,677,851
Health Care (0.7%):
CSL Ltd.		1,142		229,513
Ramsay Health Care Ltd.		4,361		221,887
Sonic Healthcare Ltd.		10,698		285,073
				736,473
Industrials (0.3%):
Brambles Ltd.		35,043		281,551
Materials (0.6%):
BHP Group Ltd.		5,522		189,961
Fortescue Metals Group Ltd.		8,058		122,324
Newcrest Mining Ltd.		10,453		193,846
Rio Tinto Ltd.		2,173		182,757
				688,888
				4,947,191
Austria (0.4%):
Energy (0.1%):
OMV AG		3,070		155,730
Financials (0.2%):
Erste Group Bank AG (a)		4,941		167,556
Utilities (0.1%):
Verbund AG		2,298		167,067
				490,353
Belgium (1.1%):
Financials (0.8%):
Ageas SA		3,399		205,500
Groupe Bruxelles Lambert SA		2,628		271,980
KBC Group NV (a)		2,138		155,434
Sofina SA		783		264,884
				897,798
Health Care (0.2%):
UCB SA		1,890		179,779

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares International Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Materials (0.1%):
Umicore SA		2,909	$	154,283
				1,231,860
Canada (11.6%):
Communication Services (0.9%):
BCE, Inc. (b)		8,844		399,300
Rogers Communications, Inc., Class B		5,575		257,120
TELUS Corp. (b)(c)		17,394		346,495
				1,002,915
Consumer Discretionary (0.7%):
Dollarama, Inc.		7,180		317,257
Magna International, Inc.		1,992		175,467
Restaurant Brands International, Inc.		3,605		234,490
				727,214
Consumer Staples (1.6%):
Alimentation Couche-Tard, Inc., Class B		7,348		236,961
George Weston Ltd.		4,694		415,717
Loblaw Cos. Ltd.		7,564		422,597
Metro, Inc. (c)		8,817		402,291
Saputo, Inc.		9,279		279,071
				1,756,637
Energy (0.4%):
Enbridge, Inc.		7,194		262,110
TC Energy Corp. (c)		5,280		242,086
				504,196
Financials (3.4%):
Bank of Montreal		3,207		285,912
Canadian Imperial Bank of Commerce (c)		4,425		433,344
Fairfax Financial Holdings Ltd.		496		216,539
Great-West Lifeco, Inc. (c)		11,373		302,677
Intact Financial Corp.		2,444		299,543
Manulife Financial Corp.		10,154		218,434
National Bank of Canada (c)		5,343		363,018
Power Corp. of Canada (c)		11,803		310,269
Royal Bank of Canada		4,541		418,755
Sun Life Financial, Inc.		5,901		298,267
The Bank of Nova Scotia		5,414		338,757
The Toronto-Dominion Bank		5,206		339,581
				3,825,096
Industrials (1.4%):
Canadian National Railway Co.		2,715		315,126
Canadian Pacific Railway Ltd.		804		307,139
Thomson Reuters Corp.		3,184		278,970
Waste Connections, Inc.		3,347		361,657
WSP Global, Inc.		2,688		255,772
				1,518,664
Information Technology (0.8%):
CGI, Inc. (a)		3,210		267,427
Constellation Software, Inc.		169		236,054
Open Text Corp. (c)		6,330		301,865
Shopify, Inc., Class A (a)		83		91,649
				896,995
Materials (1.0%):
Aginco Eagle Mines Ltd. (c)		2,667		154,204
Barrick Gold Corp.		8,443		167,516

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares International Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
CCL Industries, Inc.		4,218	$	233,375
Franco-Nevada Corp.		1,774		222,354
Nutrien Ltd.		3,545		191,004
Wheaton Precious Metals Corp.		3,727		142,376
				1,110,829
Utilities (1.4%):
Algonquin Power & Utilities Corp. (c)		19,086		302,429
Emera, Inc.		9,395		418,195
Fortis, Inc.		10,370		450,041
Hydro One Ltd. (d)		17,020		396,479
				1,567,144
				12,909,690
Denmark (2.8%):
Consumer Discretionary (0.1%):
Pandora A/S (a)		1,381		147,972
Consumer Staples (0.2%):
Carlsberg A/S, Class B		1,514		232,640
Financials (0.3%):
Danske Bank A/S		10,436		195,307
Tryg A/S		7,560		178,314
				373,621
Health Care (1.0%):
Ambu A/S, Class B		2,485		116,716
Coloplast A/S, Class B		1,532		230,382
Demant A/S (a)		3,733		158,146
Genmab A/S (a)		546		179,658
GN Store Nord A/S		2,332		183,616
Novo Nordisk A/S, Class B		3,593		243,448
				1,111,966
Industrials (0.5%):
AP Moller - Maersk A/S, Class B		79		183,531
DSV PANALPINA A/S		1,216		238,595
Vestas Wind Systems A/S		783		160,733
				582,859
Materials (0.5%):
Christian Hansen Holding A/S (a)		2,950		268,089
Novozymes A/S, B Shares		4,040		258,798
				526,887
Utilities (0.2%):
Orsted A/S (d)		1,122		181,233
				3,157,178
Finland (1.9%):
Communication Services (0.3%):
Elisa Oyj		4,985		298,933
Consumer Staples (0.3%):
Kesko Oyj, Class B		9,174		280,552
Energy (0.1%):
Neste Oyj		2,831		150,246
Financials (0.2%):
Nordea Bank Abp		24,635		242,682
Industrials (0.4%):
Kone Oyj, Class B		3,674		300,103

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares International Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Metso Outotec Oyj (a)		14,021	$	156,271
				456,374
Materials (0.4%):
Stora Enso Oyj, Class R		11,162		208,172
UPM-Kymmene Oyj		6,341		227,747
				435,919
Utilities (0.2%):
Fortum Oyj		8,997		240,114
				2,104,820
France (7.7%):
Communication Services (0.8%):
Iliad SA		1,374		261,166
Orange SA		19,901		245,143
Publicis Groupe SA		2,880		175,743
Vivendi SA		5,636		185,045
				867,097
Consumer Discretionary (0.9%):
Cie Generale des Etablissements Michelin SCA		1,556		232,905
Hermes International		262		290,015
Kering SA		327		225,692
LVMH Moet Hennessy Louis Vuitton SE		347		231,154
				979,766
Consumer Staples (1.1%):
Carrefour SA		11,077		200,612
Danone SA		3,527		241,941
L’Oreal SA		771		295,450
Pernod Ricard SA		1,371		257,301
Remy Cointreau SA		1,241		229,192
				1,224,496
Financials (0.9%):
Amundi SA (d)		2,937		234,875
AXA SA		8,206		220,206
BNP Paribas SA (a)		2,315		140,831
CNP Assurances		8,458		160,768
Credit Agricole SA		10,878		157,466
Natixis SA (a)		25,145		120,357
				1,034,503
Health Care (0.5%):
BioMerieux		1,261		160,433
Sanofi		2,904		286,889
Sartorius Stedim Biotech		335		137,958
				585,280
Industrials (2.4%):
Alstom SA (a)		3,722		185,574
Bollore SA		40,896		197,476
Bouygues SA		4,833		193,760
Bureau Veritas SA		8,930		254,138
Cie de Saint-Gobain		4,051		239,029
Edenred		3,845		200,814
Eiffage SA		1,630		163,151
Legrand SA		3,009		279,868
Safran SA (a)		1,071		145,741
Schneider Electric SE		1,678		256,282
Teleperformance		596		217,207
Thales SA		1,704		169,279

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares International Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Vinci SA		1,545	$	158,266
				2,660,585
Information Technology (0.6%):
Capgemini SE		1,269		215,912
Dassault Systemes SA		1,153		246,605
Worldline SA (a)(d)		1,992		166,870
				629,387
Materials (0.3%):
Air Liquide SA		2,137		349,063
Utilities (0.2%):
Veolia Environnement SA		7,357		188,581
				8,518,758
Germany (6.8%):
Communication Services (0.3%):
Deutsche Telekom AG		16,285		327,873
Consumer Discretionary (1.0%):
adidas AG (a)		542		169,182
Bayerische Motoren Werke AG		2,423		251,361
Daimler AG		2,165		192,964
HelloFresh SE (a)		1,302		97,099
Puma SE (a)		1,991		195,035
Zalando SE (a)(d)		1,514		148,487
				1,054,128
Consumer Staples (0.2%):
Beiersdorf AG		2,542		268,564
Financials (1.1%):
Allianz SE, Registered Shares		894		227,533
Deutsche Bank AG, Registered Shares (a)		13,173		157,370
Deutsche Boerse AG		1,486		246,909
Hannover Rueck SE		1,288		235,305
Muenchener Rueckversicherungs-Gesellschaft AG, Class R		651		200,458
Talanx AG		4,751		201,447
				1,269,022
Health Care (0.8%):
Carl Zeiss Meditec AG		1,292		194,676
Fresenius Medical Care AG & Co. KGaA		3,128		230,049
Fresenius SE & Co. KGaA		4,745		211,319
Merck KGaA		1,544		263,969
				900,013
Industrials (1.1%):
Brenntag SE		2,838		242,265
Deutsche Post AG, Registered Shares		5,019		274,959
KION Group AG		2,035		200,921
MTU Aero Engines AG		548		128,966
Rational AG		213		165,468
Siemens AG, Registered Shares		1,293		212,263
				1,224,842
Information Technology (0.4%):
Infineon Technologies AG		3,771		159,872
SAP SE		1,300		159,175
TeamViewer AG (a)(d)		2,794		119,353
				438,400

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares International Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Materials (0.7%):
Covestro AG (d)		2,565	$	172,462
Evonik Industries AG		7,167		253,464
Symrise AG		2,429		294,507
				720,433
Real Estate (0.7%):
Deutsche Wohnen SE		4,824		225,019
LEG Immobilien SE		2,248		295,653
Vonovia SE		3,938		257,205
				777,877
Utilities (0.5%):
E.ON SE		28,900		336,304
RWE AG		5,655		221,609
				557,913
				7,539,065
Hong Kong (4.0%):
Consumer Discretionary (0.3%):
Techtronic Industries Co. Ltd.		8,954		153,192
Xinyi Glass Holdings Ltd.		52,000		169,904
				323,096
Consumer Staples (0.1%):
WH Group Ltd. (d)		211,482		171,388
Financials (0.5%):
AIA Group Ltd.		14,608		177,202
Hang Seng Bank Ltd.		12,772		247,265
Hong Kong Exchanges and Clearing Ltd.		2,658		156,393
				580,860
Health Care (0.1%):
Sino Biopharmaceutical Ltd.		133,204		133,310
Industrials (0.5%):
CK Hutchison Holdings Ltd.		30,066		239,598
MTR Corp. Ltd.		48,272		273,532
				513,130
Real Estate (1.1%):
CK Asset Holdings Ltd.		38,035		230,936
Henderson Land Development Co. Ltd.		62,158		279,055
New World Development Co. Ltd.		40,368		208,752
Sino Land Co. Ltd.		145,158		202,039
Sun Hung Kai Properties Ltd.		16,566		251,032
				1,171,814
Utilities (1.4%):
CK Infrastructure Holdings Ltd.		48,154		286,181
CLP Holdings Ltd.		42,138		409,249
Hong Kong and China Gas Co. Ltd.		261,180		413,249
Power Assets Holdings Ltd. (b)		73,882		436,232
				1,544,911
				4,438,509
Ireland (1.1%):
Consumer Discretionary (0.2%):
Flutter Entertainment PLC		982		209,874
Consumer Staples (0.3%):
Kerry Group PLC		2,211		276,631
Industrials (0.3%):
Experian PLC		6,383		219,694

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares International Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Kingspan Group PLC		1,961	$	166,251
				385,945
Materials (0.3%):
CRH PLC		4,177		195,770
Smurfit Kappa Group PLC		4,007		188,695
				384,465
				1,256,915
Israel (0.4%):
Financials (0.2%):
Bank Hapoalim BM (a)		34,272		266,474
Information Technology (0.2%):
Nice Ltd. (a)		868		187,555
				454,029
Italy (2.8%):
Communication Services (0.4%):
Infrastrutture Wireless Italiane SpA (d)		23,015		256,379
Telecom Italia SpA		326,349		176,490
				432,869
Consumer Discretionary (0.2%):
Moncler SpA		3,125		179,077
Energy (0.2%):
Snam SpA (c)		48,840		270,770
Financials (1.0%):
Assicurazioni Generali SpA		13,356		267,179
FinecoBank Banca Fineco SpA (a)		12,190		199,472
Intesa Sanpaolo SpA		77,872		210,977
Mediobanca Banca di Credito Finanziario SpA (a)		17,341		192,278
Poste Italiane SpA (d)		18,421		234,148
				1,104,054
Health Care (0.3%):
DiaSorin SpA		766		122,875
Recordati Industria Chimica e Farmaceutica SpA		4,634		249,248
				372,123
Information Technology (0.2%):
Nexi SpA (a)(d)		9,831		171,533
Utilities (0.5%):
Enel SpA		24,084		239,849
Terna Rete Elettrica Nazionale SpA		39,740		300,004
				539,853
				3,070,279
Japan (19.4%):
Communication Services (1.2%):
KDDI Corp.		8,900		272,925
Nexon Co. Ltd.		4,000		129,708
Nintendo Co. Ltd. (b)		300		167,492
Nippon Telegraph & Telephone Corp.		10,800		277,243
Softbank Corp.		22,400		291,052
SoftBank Group Corp.		1,500		126,411

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares International Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Z Holdings Corp.		21,400	$	106,430
				1,371,261
Consumer Discretionary (2.8%):
Bandai Namco Holdings, Inc.		2,500		178,236
Fast Retailing Co. Ltd.		200		159,209
Honda Motor Co. Ltd.		6,100		182,873
Koito Manufacturing Co. Ltd.		2,300		154,150
Nitori Holdings Co. Ltd.		1,300		251,581
Pan Pacific International Holdings Corp.		9,100		214,616
Panasonic Corp.		14,100		181,296
Sekisui House Ltd.		12,800		274,476
Sharp Corp. (c)		7,300		125,942
Shimano, Inc.		800		190,588
Sony Group Corp.		1,900		198,993
Subaru Corp.		8,900		177,180
Sumitomo Electric Industries Ltd.		12,400		185,703
Suzuki Motor Corp.		3,600		163,400
Toyota Industries Corp.		2,500		222,654
Toyota Motor Corp.		3,500		272,387
				3,133,284
Consumer Staples (1.6%):
Ajinomoto Co., Inc.		10,800		221,005
Asahi Group Holdings Ltd.		3,900		164,335
Japan Tobacco, Inc.		15,000		287,914
Kao Corp.		3,900		257,616
Kikkoman Corp.		2,500		148,812
Kirin Holdings Co. Ltd.		12,100		231,759
Seven & i Holdings Co. Ltd.		4,900		197,532
Unicharm Corp.		5,700		239,152
				1,748,125
Financials (2.8%):
Dai-ichi Life Holdings, Inc.		9,700		166,646
Japan Exchange Group, Inc.		9,200		215,644
Japan Post Bank Co. Ltd. (c)		27,200		261,411
Japan Post Holdings Co. Ltd.		25,900		230,833
Japan Post Insurance Co. Ltd.		9,100		186,915
Mitsubishi UFJ Financial Group, Inc.		45,400		242,645
Mizuho Financial Group, Inc.		16,270		234,990
MS&AD Insurance Group Holdings, Inc.		8,800		258,253
Nomura Holdings, Inc.		37,100		194,833
ORIX Corp.		9,900		167,042
Sompo Holdings, Inc.		6,300		241,393
Sumitomo Mitsui Financial Group, Inc.		6,700		242,497
Sumitomo Mitsui Trust Holdings, Inc.		6,600		230,055
Tokio Marine Holdings, Inc.		4,000		190,227
				3,063,384
Health Care (2.7%):
Astellas Pharma, Inc.		15,100		232,140
Chugai Pharmaceutical Co. Ltd.		4,300		174,354
Daiichi Sankyo Co. Ltd.		6,300		183,520
Eisai Co. Ltd.		1,900		127,325
Hoya Corp.		1,800		211,444
Kyowa Kirin Co. Ltd.		7,900		236,194
M3, Inc.		1,900		129,933
Olympus Corp.		7,600		157,272
Ono Pharmaceutical Co. Ltd.		8,600		224,496
Otsuka Holdings Co. Ltd.		6,400		270,949

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares International Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Shionogi & Co. Ltd.		4,800	$	258,058
Sysmex Corp.		2,100		226,199
Takeda Pharmaceutical Co. Ltd.		7,800		280,761
Terumo Corp.		6,000		216,728
				2,929,373
Industrials (3.3%):
Daifuku Co. Ltd.		1,800		176,244
Daikin Industries Ltd.		1,100		221,769
FANUC Corp.		800		189,215
ITOCHU Corp.		10,800		349,920
Komatsu Ltd.		6,500		200,736
Kubota Corp.		8,800		200,267
Makita Corp.		4,100		175,725
Mitsubishi Corp.		9,800		277,066
Mitsubishi Electric Corp.		16,500		251,353
Mitsui & Co. Ltd.		10,200		212,089
MonotaRO Co. Ltd.		4,400		118,992
Nidec Corp.		1,500		182,030
Recruit Holdings Co. Ltd.		3,400		165,869
Secom Co. Ltd.		3,000		252,362
SG Holdings Co. Ltd.		5,600		128,328
SMC Corp.		400		232,355
Toshiba Corp.		5,400		182,423
Toyota Tsusho Corp.		4,200		176,217
				3,692,960
Information Technology (3.4%):
Advantest Corp.		1,800		157,384
Canon, Inc.		6,900		155,968
Disco Corp.		600		188,330
FUJIFILM Holdings Corp.		4,500		267,090
Fujitsu Ltd.		1,400		202,330
Hitachi Ltd.		4,000		180,797
Keyence Corp.		400		181,628
Kyocera Corp.		3,700		234,780
Lasertec Corp.		1,000		131,153
Murata Manufacturing Co. Ltd.		2,700		215,639
NEC Corp.		3,400		200,235
Nomura Research Institute Ltd.		6,078		188,033
NTT Data Corp.		11,800		182,580
Obic Co. Ltd.		1,300		237,549
Omron Corp. (c)		2,600		202,908
Oracle Corp.		1,800		175,594
Renesas Electronics Corp. (a)		12,600		136,573
TDK Corp.		1,400		193,858
Tokyo Electron Ltd.		400		169,054
Yaskawa Electric Corp.		3,800		189,125
				3,790,608
Materials (1.0%):
Asahi Kasei Corp.		16,000		184,193
Nippon Paint Holdings Co. Ltd.		9,000		129,663
Nitto Denko Corp.		2,600		222,166
Shin-Etsu Chemical Co. Ltd.		1,300		218,526
Sumitomo Metal Mining Co. Ltd.		3,500		151,084
Toray Industries, Inc.		26,400		169,903
				1,075,535

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares International Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Real Estate (0.6%):
Daiwa House Industry Co. Ltd.		6,600	$	193,213
Mitsubishi Estate Co. Ltd.		11,600		202,484
Mitsui Fudosan Co. Ltd.		6,500		147,572
Sumitomo Realty & Development Co. Ltd.		4,400		155,238
				698,507
				21,503,037
Korea, Republic Of (4.3%):
Communication Services (0.7%):
Kakao Corp.		363		159,751
NAVER Corp.		477		158,916
NCSoft Corp.		175		135,008
Netmarble Corp. (d)		1,142		130,185
SK Telecom Co. Ltd.		928		225,521
				809,381
Consumer Discretionary (0.4%):
Hyundai Mobis Co. Ltd.		426		109,926
Hyundai Motor Co.		537		103,452
Kia Corp.		1,555		113,918
LG Electronics, Inc.		744		98,621
				425,917
Consumer Staples (0.6%):
Amorepacific Corp.		698		159,449
KT&G Corp.		4,013		288,669
LG Household & Health Care Ltd.		141		195,626
				643,744
Financials (0.7%):
Hana Financial Group, Inc.		4,674		176,783
KB Financial Group, Inc.		4,372		217,132
Samsung Life Insurance Co. Ltd.		1,866		128,786
Shinhan Financial Group Co. Ltd.		6,261		207,206
				729,907
Health Care (0.4%):
Celltrion Healthcare Co. Ltd. (a)		926		111,345
Celltrion, Inc. (a)		429		122,941
Samsung Biologics Co. Ltd. (a)(d)		241		159,304
				393,590
Industrials (0.2%):
LG Corp.		1,558		124,464
Samsung C&T Corp.		1,332		146,548
				271,012
Information Technology (0.7%):
Samsung Electro-Mechanics Co. Ltd.		1,039		172,157
Samsung Electronics Co. Ltd.		2,722		195,803
Samsung SDI Co. Ltd.		232		135,313
Samsung SDS Co. Ltd.		920		157,317
SK Hynix, Inc.		1,234		144,490
				805,080
Materials (0.5%):
LG Chem Ltd.		157		111,687
Lotte Chemical Corp.		412		109,590
POSCO		701		198,233
POSCO Chemical Co. Ltd.		804		110,127
				529,637

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares International Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Utilities (0.1%):
Korea Electric Power Corp.		8,364	$	171,109
				4,779,377
Luxembourg (0.3%):
Health Care (0.2%):
Eurofins Scientific SE (a)		1,848		176,628
Real Estate (0.1%):
Aroundtown SA		20,687		147,243
				323,871
Netherlands (2.9%):
Communication Services (0.2%):
Koninklijke KPN NV		66,805		226,702
Consumer Staples (0.5%):
Davide Campari-Milano NV		22,476		251,745
Koninklijke Ahold Delhaize NV		11,740		326,949
				578,694
Financials (0.5%):
Aegon NV		26,948		127,976
ING Groep NV		11,928		145,909
NN Group NV		4,854		237,290
				511,175
Health Care (0.2%):
Koninklijke Philips NV		4,266		243,486
Industrials (0.5%):
Randstad NV		2,818		198,196
Wolters Kluwer NV		3,591		312,104
				510,300
Information Technology (0.5%):
Adyen NV (a)(d)		70		156,242
ASM International NV		575		167,212
ASML Holding NV		368		223,093
				546,547
Materials (0.5%):
Akzo Nobel NV		2,486		277,748
Koninklijke DSM NV		1,672		282,911
				560,659
				3,177,563
New Zealand (0.3%):
Health Care (0.1%):
Fisher & Paykel Healthcare Corp. Ltd.		7,198		161,323
Information Technology (0.2%):
Xero Ltd. (a)		1,967		189,003
				350,326
Norway (1.8%):
Communication Services (0.3%):
Telenor ASA		18,594		327,325
Consumer Staples (0.5%):
Mowi ASA		7,366		182,830
Orkla ASA, Class A		35,421		347,361
				530,191

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares International Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Energy (0.2%):
Aker BP ASA		6,069	$	172,359
Financials (0.4%):
DNB ASA		10,102		215,054
Gjensidige Forsikring ASA		11,264		264,298
				479,352
Materials (0.4%):
Norsk Hydro ASA		32,772		209,912
Yara International ASA		5,363		279,024
				488,936
				1,998,163
Portugal (0.5%):
Consumer Staples (0.3%):
Jeronimo Martins SGPS SA		19,585		329,551
Utilities (0.2%):
Energias de Portugal SA		40,091		228,941
				558,492
Russian Federation (0.1%):
Materials (0.1%):
Polymetal International PLC		7,769		152,011
Singapore (1.3%):
Communication Services (0.2%):
Singapore Telecommunications Ltd.		164,300		298,083
Consumer Staples (0.2%):
Wilmar International Ltd.		53,100		213,995
Financials (0.9%):
DBS Group Holdings Ltd.		13,600		291,133
Oversea-Chinese Banking Corp. Ltd.		40,700		355,584
United Overseas Bank Ltd.		17,300		332,262
				978,979
				1,491,057
Spain (1.4%):
Communication Services (0.1%):
Telefonica SA		32,883		147,178
Consumer Discretionary (0.2%):
Industria de Diseno Textil SA		5,452		179,643
Financials (0.2%):
Banco Bilbao Vizcaya Argentaria SA		21,237		110,218
CaixaBank SA		45,837		141,842
				252,060
Health Care (0.2%):
Grifols SA		8,131		212,902
Industrials (0.1%):
ACS Actividades de Construccion y Servicios SA		3,799		125,889
Utilities (0.6%):
Endesa SA		11,064		292,684
Iberdrola SA		25,229		324,973
				617,657
				1,535,329

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares International Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Sweden (5.5%):
Consumer Discretionary (0.3%):
Evolution Gaming Group AB (d)		1,105	$	162,775
Hennes & Mauritz AB, Class B (a)(c)		6,777		152,735
				315,510
Consumer Staples (0.7%):
Essity AB, Class B (c)		9,270		292,966
ICA Gruppen AB		6,118		299,243
Swedish Match AB		2,803		218,910
				811,119
Energy (0.1%):
Lundin Energy AB		4,655		146,315
Financials (1.7%):
EQT AB		4,494		147,998
Industrivarden AB, Class C		8,078		283,517
Investor AB, Class B		3,889		310,229
Kinnevik AB, Class B		4,003		194,693
L E Lundbergforetagen AB, Class B (a)		5,288		288,811
Skandinaviska Enskilda Banken AB, Class A (c)		18,923		230,739
Svenska Handelsbanken AB, Class A		21,510		233,727
Swedbank AB, Class A (c)		12,554		221,313
				1,911,027
Industrials (1.8%):
Alfa Laval AB (a)		6,634		200,616
Assa Abloy AB, Class B		8,397		241,426
Atlas Copco AB, Class A		4,159		253,256
Epiroc AB, Class A		11,549		261,671
Nibe Industrier AB, Class B		6,500		201,627
Sandvik AB (a)		7,126		194,761
Skanska AB, Class B (c)		8,730		219,000
SKF AB, B Shares (c)		7,631		216,955
Volvo AB, Class B		8,366		211,689
				2,001,001
Information Technology (0.5%):
Hexagon AB, Class B		3,035		280,068
Telefonaktiebolaget LM Ericsson, Class B		15,184		200,975
				481,043
Materials (0.4%):
Boliden AB		4,989		185,159
Svenska Cellulosa AB SCA, Class B (a)		15,977		282,846
				468,005
				6,134,020
Switzerland (7.1%):
Communication Services (0.3%):
Swisscom AG, Registered Shares		738		395,943
Consumer Discretionary (0.2%):
Cie Financiere Richemont SA, Registered Shares		2,014		193,386
Consumer Staples (1.2%):
Barry Callebaut AG, Registered Shares		172		388,775
Chocoladefabriken Lindt & Spruengli AG		37		323,016
Coca-Cola HBC AG		5,965		189,931
Nestle SA, Registered Shares		3,924		437,412
				1,339,134

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares International Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Financials (1.3%):
Credit Suisse Group AG, Registered Shares		12,834	$	134,479
Julius Baer Group Ltd.		3,397		217,264
Partners Group Holding AG		250		319,312
Swiss Life Holding AG		483		237,462
UBS Group AG		13,970		216,350
Zurich Insurance Group AG		696		297,108
				1,421,975
Health Care (1.1%):
Lonza Group AG, Registered Shares		355		198,499
Novartis AG, Registered Shares		3,785		323,507
Roche Holding AG		855		276,360
Sonova Holding AG (a)		694		183,892
Straumann Holding AG, Class R		161		200,867
				1,183,125
Industrials (1.5%):
ABB Ltd., Registered Shares (c)		9,998		302,162
Geberit AG, Registered Shares		557		354,594
Kuehne + Nagel International AG		1,217		347,328
Schindler Holding AG		1,050		308,444
SGS SA, Registered Shares		120		340,444
				1,652,972
Information Technology (0.4%):
Logitech International SA, Class R		1,439		150,966
Stmicroelectronics NV		4,098		156,268
Temenos AG		1,063		153,038
				460,272
Materials (1.1%):
EMS-Chemie Holding AG		363		324,203
Givaudan SA, Registered Shares		84		323,734
LafargeHolcim Ltd.		4,575		268,884
Sika AG, Registered Shares		979		279,714
				1,196,535
				7,843,342
United Kingdom (9.1%):
Communication Services (0.3%):
BT Group PLC (a)		85,657		182,771
Vodafone Group PLC		115,064		209,167
				391,938
Consumer Discretionary (0.9%):
Barratt Developments PLC (a)		15,605		160,636
Burberry Group PLC (a)		7,167		187,552
Compass Group PLC (a)		6,350		127,923
JD Sports Fashion PLC (a)		12,476		141,806
Next PLC (a)		1,611		174,672
Persimmon PLC		4,109		166,517
				959,106
Consumer Staples (1.5%):
Associated British Foods PLC (a)		4,921		163,812
British American Tobacco PLC		6,380		243,951
Diageo PLC		5,190		213,865
Imperial Brands PLC		10,483		215,590
Reckitt Benckiser Group PLC		2,990		267,809
Tesco PLC		91,899		289,892
Unilever PLC		4,652		260,083
				1,655,002

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares International Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Financials (2.0%):
3i Group PLC		13,647	$	216,985
Admiral Group PLC		6,660		284,676
Aviva PLC		37,761		212,467
Barclays PLC		59,251		151,844
Hargreaves Lansdown PLC		7,613		161,761
HSBC Holdings PLC		26,319		153,529
Legal & General Group PLC		44,095		169,638
Lloyds Banking Group PLC (a)		250,244		146,718
London Stock Exchange Group PLC		1,576		150,761
Phoenix Group Holdings PLC		24,818		251,163
Schroders PLC		4,470		215,650
Standard Chartered PLC		21,332		146,873
				2,262,065
Health Care (0.6%):
AstraZeneca PLC		2,279		227,655
GlaxoSmithKline PLC (b)		14,723		261,389
Smith & Nephew PLC		8,785		166,865
				655,909
Industrials (1.7%):
Ashtead Group PLC		3,672		219,010
BAE Systems PLC		29,711		206,816
Bunzl PLC		7,178		229,841
Ferguson PLC		1,934		231,073
Intertek Group PLC		3,072		237,213
RELX PLC		9,198		230,622
Rentokil Initial PLC		34,154		228,045
Spirax-Sarco Engineering PLC		1,718		269,962
				1,852,582
Information Technology (0.4%):
AVEVA Group PLC		3,515		165,798
Halma PLC		7,701		252,001
				417,799
Materials (1.3%):
Anglo American PLC		4,130		161,817
Antofagasta PLC		7,568		176,296
BHP Group PLC		6,285		181,452
Croda International PLC		2,940		257,252
Evraz PLC (b)		20,147		160,514
Fresnillo PLC		9,419		112,200
Mondi PLC		8,585		218,921
Rio Tinto PLC		2,399		183,526
				1,451,978
Utilities (0.4%):
National Grid PLC		22,523		268,234
SSE PLC		11,041		221,435
				489,669
				10,136,048
Total Common Stocks (Cost $93,020,899)				110,101,283

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares International Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Rights (0.0%)(e)
Italy (0.0%):
Energy (0.0%):
Snam SpA , Expires 4/8/21 (a)(c)(f)(g)		34,025	$	—
Total Rights (Cost $–)				—
Collateral for Securities Loaned^ (3.5%)
United States (3.5%):
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (h)		78,471		78,471
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (h)		2,020,814		2,020,814
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (h)		39,161		39,161
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (h)		312,258		312,258
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (h)		1,403,973		1,403,973
Total Collateral for Securities Loaned (Cost $3,854,677)				3,854,677
Total Investments (Cost $96,875,576) — 102.6%				113,955,960
Liabilities in excess of other assets — (2.6)%				(2,892,350	)
NET ASSETS - 100.00%			$	111,063,610

^	Purchased with cash collateral from securities on loan.
(a)	Non-income producing security.
(b)	All or a portion of this security has been segregated as collateral for derivative instruments.
(c)	All or a portion of this security is on loan.
(d)	Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $2,861,713 and amounted to 2.6% of net assets.
(e)	Amount represents less than 0.05% of net assets.
(f)	Security was fair valued using significant unobservable inputs as of March 31, 2021.
(g)	The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, illiquid securities were 0.0% of net assets.
(h)	Rate disclosed is the daily yield on March 31, 2021.

PLC—Public Limited Company

Futures Contracts Purchased

	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Mini MSCI EAFE Index Futures		4		6/18/21	$	438,736	$	438,400	$	(336	)
		Total unrealized appreciation							$	–
		Total unrealized depreciation								(336	)
		Total net unrealized appreciation (depreciation)							$	(336	)

Victory Portfolios II	Schedule of Portfolio Investments
VictoryShares US Large Cap High Div Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.6%)
Communication Services (3.4%):
Omnicom Group, Inc.		21,758	$	1,613,356
The Interpublic Group of Cos., Inc.		56,967		1,663,436
Verizon Communications, Inc.		64,404		3,745,093
				7,021,885
Consumer Discretionary (2.7%):
Genuine Parts Co.		18,592		2,149,049
Hasbro, Inc.		18,470		1,775,336
Whirlpool Corp.		8,335		1,836,617
				5,761,002
Consumer Staples (19.5%):
Altria Group, Inc.		55,215		2,824,800
Archer-Daniels-Midland Co.		38,670		2,204,190
Bunge Ltd.		23,644		1,874,260
Campbell Soup Co.		51,292		2,578,449
Conagra Brands, Inc.		69,603		2,617,073
General Mills, Inc.		48,694		2,985,916
Kellogg Co.		48,684		3,081,696
Kimberly-Clark Corp.		23,515		3,269,761
PepsiCo, Inc.		25,014		3,538,230
Philip Morris International, Inc.		27,337		2,425,885
The Coca-Cola Co.		50,698		2,672,292
The J.M. Smucker Co.		20,432		2,585,261
The Kraft Heinz Co.		58,263		2,330,520
The Procter & Gamble Co.		29,399		3,981,506
Tyson Foods, Inc., Class A		27,686		2,057,070
				41,026,909
Energy (2.2%):
Kinder Morgan, Inc.		114,687		1,909,539
ONEOK, Inc.		22,982		1,164,268
The Williams Cos., Inc.		65,577		1,553,519
				4,627,326
Financials (21.9%):
Apollo Global Management, Inc.		29,847		1,403,107
Ares Management Corp., Class A		42,700		2,392,482
Citigroup, Inc.		20,428		1,486,137
Citizens Financial Group, Inc.		25,432		1,122,823
CME Group, Inc.		10,179		2,078,857
Comerica, Inc.		15,392		1,104,222
Everest Re Group Ltd.		7,609		1,885,586
Fidelity National Financial, Inc.		48,261		1,962,293
Fifth Third Bancorp		35,076		1,313,596
First Horizon Corp.		69,484		1,174,974
Franklin Resources, Inc.		54,207		1,604,527
Huntington Bancshares, Inc.		74,826		1,176,265
Invesco Ltd.		54,789		1,381,779
KeyCorp		56,631		1,131,487
Lincoln National Corp.		16,374		1,019,609
M&T Bank Corp.		7,235		1,096,898
MetLife, Inc.		26,558		1,614,461
Northern Trust Corp.		16,991		1,785,924
Principal Financial Group, Inc.		23,314		1,397,907
Regions Financial Corp.		56,732		1,172,083
Santander Consumer USA Holdings, Inc.		53,417		1,445,464
State Street Corp.		20,109		1,689,357

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US Large Cap High Div Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
The Bank of New York Mellon Corp.		38,361	$	1,814,092
The Blackstone Group, Inc., Class A		31,133		2,320,343
The Carlyle Group, Inc.		52,794		1,940,707
The Hartford Financial Services Group, Inc.		28,914		1,931,166
The PNC Financial Services Group, Inc.		9,272		1,626,402
Truist Financial Corp.		23,633		1,378,277
U.S. Bancorp		29,571		1,635,572
Zions Bancorp NA		19,498		1,071,610
				46,158,007
Health Care (8.0%):
AbbVie, Inc.		21,340		2,309,415
Amgen, Inc.		9,442		2,349,264
Cardinal Health, Inc.		34,556		2,099,277
CVS Health Corp.		29,699		2,234,256
Gilead Sciences, Inc. (a)		38,720		2,502,473
Merck & Co., Inc.		37,580		2,897,043
Pfizer, Inc.		63,993		2,318,466
				16,710,194
Industrials (5.5%):
3M Co.		13,001		2,505,033
General Dynamics Corp.		13,677		2,483,196
Lockheed Martin Corp.		7,266		2,684,787
United Parcel Service, Inc., Class B		10,932		1,858,331
Watsco, Inc.		7,072		1,844,024
				11,375,371
Information Technology (6.9%):
Broadcom, Inc.		4,153		1,925,580
Cisco Systems, Inc.		47,631		2,462,999
International Business Machines Corp.		16,313		2,173,870
NetApp, Inc.		21,844		1,587,403
Paychex, Inc.		26,097		2,558,029
Seagate Technology PLC		22,953		1,761,643
The Western Union Co.		83,164		2,050,824
				14,520,348
Materials (4.8%):
CF Industries Holdings, Inc.		29,579		1,342,295
Dow, Inc.		24,260		1,551,184
International Paper Co.		33,935		1,834,865
LyondellBasell Industries NV, Class A		11,973		1,245,791
Nucor Corp.		26,203		2,103,315
Packaging Corp. of America		14,899		2,003,618
				10,081,068
Utilities (24.7%):
Alliant Energy Corp.		57,993		3,140,900
American Electric Power Co., Inc. (a)		35,110		2,973,817
CMS Energy Corp.		50,975		3,120,690
Consolidated Edison, Inc. (a)		38,642		2,890,422
DTE Energy Co.		19,496		2,595,697
Duke Energy Corp. (a)		28,746		2,774,851
Edison International		37,388		2,190,937
Entergy Corp.		25,568		2,543,249
Evergy, Inc. (a)		38,543		2,294,465
Exelon Corp.		56,992		2,492,830
FirstEnergy Corp.		39,897		1,384,027
NRG Energy, Inc.		48,288		1,821,906

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US Large Cap High Div Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Pinnacle West Capital Corp.		31,984	$	2,601,898
PPL Corp.		83,477		2,407,477
Public Service Enterprise Group, Inc.		40,915		2,463,492
Sempra Energy		18,093		2,398,770
The Southern Co. (a)		45,587		2,833,688
UGI Corp.		45,773		1,877,151
Vistra Corp.		74,054		1,309,275
WEC Energy Group, Inc. (a)		34,047		3,186,458
Xcel Energy, Inc. (a)		44,223		2,941,272
				52,243,272
Total Common Stocks (Cost $188,389,639)				209,525,382
Total Investments (Cost $188,389,639) — 99.6%				209,525,382
Other assets in excess of liabilities — 0.4%				855,659
NET ASSETS - 100.00%			$	210,381,041

(a) All or a portion of this security has been segregated as collateral for derivative instruments.

PLC—Public Limited Company

Futures Contracts Purchased
	Number of Contracts	Expiration Date		Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini S&P 500 Futures	2	6/18/21	$	391,283	$	396,740	$	5,457
	Total unrealized appreciation						$	5,457
	Total unrealized depreciation							–
	Total net unrealized appreciation (depreciation)						$	5,457

Victory Portfolios II	Schedule of Portfolio Investments
VictoryShares US Small Cap High Div Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.2%)
Communication Services (2.4%):
Cogent Communications Holdings, Inc. (a)		34,533	$	2,374,489
Telephone & Data Systems, Inc.		105,373		2,419,364
				4,793,853
Consumer Discretionary (6.0%):
Big Lots, Inc.		17,529		1,197,231
Ethan Allen Interiors, Inc.		65,420		1,806,246
Franchise Group, Inc. (b)		33,689		1,216,510
Haverty Furniture Cos., Inc.		42,285		1,572,579
Kontoor Brands, Inc.		35,262		1,711,265
PetMed Express, Inc. (a)		28,148		990,106
Strategic Education, Inc.		17,271		1,587,377
Sturm Ruger & Co., Inc. (a)		25,325		1,673,223
				11,754,537
Consumer Staples (8.2%):
B&G Foods, Inc. (b)		52,342		1,625,743
Medifast, Inc.		6,235		1,320,698
Natural Grocers by Vitamin Cottage, Inc.		84,630		1,485,257
Nu Skin Enterprises, Inc., Class A		28,520		1,508,423
SpartanNash Co. (b)		79,927		1,568,967
The Andersons, Inc.		49,710		1,361,060
Universal Corp.		49,140		2,898,769
Vector Group Ltd.		128,459		1,792,003
Weis Markets, Inc. (a)(b)		47,228		2,669,326
				16,230,246
Financials (23.8%):
American National Group, Inc.		25,755		2,778,192
BGC Partners, Inc., Class A		318,965		1,540,601
Cathay General Bancorp		41,982		1,712,026
Community Trust Bancorp, Inc.		46,511		2,047,879
CVB Financial Corp.		84,392		1,864,219
Dime Community Bancshares, Inc.		51,126		1,540,938
Federal Agricultural Mortgage Corp., Class C		24,368		2,454,345
Federated Hermes, Inc.		65,347		2,045,361
First Busey Corp.		74,273		1,905,102
First Commonwealth Financial Corp.		110,747		1,591,434
First Financial Bancorp		63,022		1,512,528
Flushing Financial Corp.		77,645		1,648,403
Fulton Financial Corp.		96,316		1,640,261
Hope Bancorp, Inc.		112,985		1,701,554
Navient Corp.		123,593		1,768,616
Northwest Bancshares, Inc. (a)		134,489		1,943,366
Park National Corp.		12,597		1,628,792
Provident Financial Services, Inc.		82,832		1,845,497
S&T Bancorp, Inc.		50,151		1,680,059
Safety Insurance Group, Inc. (a)		33,984		2,863,152
Sculptor Capital Management, Inc.		62,641		1,370,585
Southside Bancshares, Inc. (a)		57,976		2,232,656
TrustCo Bank Corp.		278,492		2,052,486
Washington Trust Bancorp, Inc.		37,190		1,920,120
WesBanco, Inc.		49,600		1,788,576
				47,076,748

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US Small Cap High Div Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Health Care (2.2%):
National HealthCare Corp. (a)		27,064	$	2,108,556
Phibro Animal Health Corp., Class A		86,697		2,115,407
				4,223,963
Industrials (21.0%):
ACCO Brands Corp.		177,876		1,501,273
Apogee Enterprises, Inc.		40,538		1,657,193
Argan, Inc.		43,357		2,313,096
Barrett Business Services, Inc.		28,409		1,956,244
Brady Corp., Class A		44,323		2,369,064
CRA International, Inc.		28,600		2,134,704
Deluxe Corp.		31,811		1,334,790
Ennis, Inc. (a)		127,620		2,724,686
Healthcare Services Group		60,821		1,704,813
HNI Corp.		48,720		1,927,363
Kimball International, Inc., Class B		118,875		1,664,250
Knoll, Inc.		72,198		1,191,989
McGrath RentCorp		27,789		2,241,183
Miller Industries, Inc.		64,741		2,990,386
Mueller Water Products, Inc., Class A		190,312		2,643,433
National Presto Industries, Inc.		19,613		2,001,899
Powell Industries, Inc.		57,144		1,935,467
Resources Connection, Inc.		158,348		2,144,032
Steelcase, Inc., Class A		92,112		1,325,492
The Gorman-Rupp Co.		62,105		2,056,297
The Greenbrier Cos., Inc.		32,348		1,527,473
				41,345,127
Information Technology (9.4%):
ADTRAN, Inc.		96,588		1,611,088
American Software, Inc., Class A		91,546		1,895,002
Benchmark Electronics, Inc.		70,706		2,186,230
Cass Information Systems, Inc.		45,777		2,118,102
CSG Systems International, Inc.		59,957		2,691,470
InterDigital, Inc.		39,199		2,487,176
NVE Corp.		27,881		1,954,458
The Hackett Group, Inc.		131,559		2,156,252
Xperi Holding Corp.		67,045		1,459,570
				18,559,348
Materials (9.5%):
Compass Minerals International, Inc.		33,567		2,105,321
Glatfelter Corp.		114,397		1,961,909
Greif, Inc., Class A		36,812		2,098,285
Kaiser Aluminum Corp. (b)		12,319		1,361,250
Myers Industries, Inc.		93,019		1,838,055
O-I Glass, Inc. (c)		106,888		1,575,529
Orion Engineered Carbons SA (c)		75,176		1,482,471
Schnitzer Steel Industries, Inc.		44,390		1,855,058
Schweitzer-Mauduit International, Inc.		40,478		1,982,207
SunCoke Energy, Inc.		164,661		1,154,274
Trinseo SA		19,383		1,234,116
				18,648,475

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US Small Cap High Div Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Real Estate (3.0%):
Kennedy-Wilson Holdings, Inc.		115,636	$	2,337,003
RE/MAX Holdings, Inc.		48,081		1,893,911
The RMR Group, Inc., Class A		39,030		1,592,814
				5,823,728
Utilities (13.7%):
American States Water Co.		38,811		2,934,888
Avista Corp.		65,611		3,132,925
MGE Energy, Inc.		44,729		3,193,204
Northwest Natural Holding Co.		41,587		2,243,619
NorthWestern Corp.		41,513		2,706,648
Otter Tail Corp. (a)		61,244		2,827,635
SJW Group		39,592		2,493,900
South Jersey Industries, Inc.		81,014		1,829,296
The York Water Co.		57,836		2,832,229
Unitil Corp. (a)		57,742		2,638,232
				26,832,576
Total Common Stocks (Cost $186,343,664)				195,288,601
Collateral for Securities Loaned^ (2.1%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (d)		82,903		82,903
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (d)		2,134,930		2,134,930
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (d)		41,372		41,372
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (d)		329,891		329,891
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (d)		1,483,255		1,483,255
Total Collateral for Securities Loaned (Cost $4,072,351)				4,072,351
Total Investments (Cost $190,416,015) — 101.3%				199,360,952
Liabilities in excess of other assets — (1.3)%				(2,528,656	)
NET ASSETS - 100.00%			$	196,832,296

^	Purchased with cash collateral from securities on loan.
(a)	All or a portion of this security has been segregated as collateral for derivative instruments.
(b)	All or a portion of this security is on loan.
(c)	Non-income producing security.
(d)	Rate disclosed is the daily yield on March 31, 2021.

Futures Contracts Purchased
	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Russell 2000 Mini Index Futures		11		6/18/21	$	1,240,409	$	1,222,375	$	(18,034)
	Total unrealized appreciation								$	–
	Total unrealized depreciation									(18,034)
	Total net unrealized appreciation (depreciation)								$	(18,034)

Victory Portfolios II	Schedule of Portfolio Investments
VictoryShares International High Div Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (98.7%)
Australia (3.4%):
Communication Services (1.1%):
Telstra Corp. Ltd.		96,186	$	248,348
Consumer Staples (1.1%):
Coles Group Ltd.		19,664		239,075
Materials (1.2%):
Fortescue Metals Group Ltd.		6,895		104,669
Rio Tinto Ltd.		1,860		156,432
				261,101
				748,524
Austria (0.6%):
Energy (0.6%):
OMV AG		2,626		133,208
Canada (18.8%):
Communication Services (3.9%):
BCE, Inc. (a)		7,565		341,554
Rogers Communications, Inc., Class B		4,769		219,947
TELUS Corp. (a)(b)		14,881		296,436
				857,937
Consumer Discretionary (0.9%):
Restaurant Brands International, Inc.		3,084		200,601
Energy (1.9%):
Enbridge, Inc.		6,155		224,255
TC Energy Corp. (b)		4,517		207,102
				431,357
Financials (6.1%):
Canadian Imperial Bank of Commerce		3,768		369,003
Great-West Lifeco, Inc.		9,729		258,924
Manulife Financial Corp.		8,688		186,897
Power Corp. of Canada (b)		10,097		265,423
The Bank of Nova Scotia		4,632		289,827
				1,370,074
Utilities (6.0%):
Algonquin Power & Utilities Corp. (b)		16,328		258,727
Emera, Inc.		8,038		357,792
Fortis, Inc.		8,871		384,987
Hydro One Ltd. (c)		14,561		339,196
				1,340,702
				4,200,671
Finland (2.9%):
Communication Services (1.1%):
Elisa Oyj		4,265		255,757
Materials (0.9%):
UPM-Kymmene Oyj		5,425		194,847
Utilities (0.9%):
Fortum Oyj		7,698		205,446
				656,050
France (3.7%):
Communication Services (0.9%):
Orange SA		17,029		209,765

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares International High Div Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Consumer Staples (0.9%):
Danone SA		3,018	$	207,025
Health Care (1.1%):
Sanofi		2,485		245,496
Industrials (0.8%):
Bouygues SA		4,134		165,736
				828,022
Germany (4.4%):
Communication Services (1.2%):
Deutsche Telekom AG		13,934		280,539
Financials (0.9%):
Allianz SE, Registered Shares		765		194,701
Materials (1.0%):
Evonik Industries AG		6,132		216,861
Utilities (1.3%):
E.ON SE		24,725		287,721
				979,822
Hong Kong (11.3%):
Consumer Staples (0.7%):
WH Group Ltd. (c)		181,152		146,808
Financials (0.9%):
Hang Seng Bank Ltd.		10,964		212,262
Industrials (0.9%):
CK Hutchison Holdings Ltd.		25,186		200,709
Real Estate (4.5%):
CK Asset Holdings Ltd.		32,500		197,329
Henderson Land Development Co. Ltd.		53,648		240,849
New World Development Co. Ltd.		35,000		180,993
Sino Land Co. Ltd.		123,456		171,833
Sun Hung Kai Properties Ltd.		14,000		212,149
				1,003,153
Utilities (4.3%):
CK Infrastructure Holdings Ltd.		40,911		243,136
CLP Holdings Ltd.		35,500		344,780
Power Assets Holdings Ltd. (a)		63,637		375,741
				963,657
				2,526,589
Italy (4.0%):
Energy (1.0%):
Snam SpA (b)		41,783		231,646
Financials (0.9%):
Poste Italiane SpA (c)		15,761		200,337
Utilities (2.1%):
Enel SpA		20,605		205,202
Terna Rete Elettrica Nazionale SpA		33,999		256,664
				461,866
				893,849
Japan (11.7%):
Communication Services (2.1%):
KDDI Corp.		7,600		233,060

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares International High Div Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Softbank Corp.		19,100	$	248,174
				481,234
Consumer Discretionary (1.1%):
Sekisui House Ltd.		11,000		235,878
Consumer Staples (1.1%):
Japan Tobacco, Inc.		12,900		247,606
Financials (4.5%):
Mitsubishi UFJ Financial Group, Inc.		38,900		207,905
Mizuho Financial Group, Inc.		14,000		202,204
MS&AD Insurance Group Holdings, Inc.		7,500		220,102
Sumitomo Mitsui Financial Group, Inc.		5,700		206,304
Tokio Marine Holdings, Inc.		3,500		166,448
				1,002,963
Health Care (1.1%):
Takeda Pharmaceutical Co. Ltd.		6,700		241,166
Industrials (1.1%):
Mitsubishi Corp.		8,400		237,485
Real Estate (0.7%):
Daiwa House Industry Co. Ltd.		5,500		161,011
				2,607,343
Korea, Republic Of (3.4%):
Communication Services (0.8%):
SK Telecom Co. Ltd.		794		192,957
Consumer Staples (1.1%):
KT&G Corp.		3,433		246,948
Financials (1.5%):
Hana Financial Group, Inc.		3,997		151,177
Shinhan Financial Group Co. Ltd.		5,358		177,321
				328,498
				768,403
Netherlands (3.0%):
Communication Services (0.9%):
Koninklijke KPN NV		57,160		193,972
Consumer Staples (1.2%):
Koninklijke Ahold Delhaize NV		10,045		279,744
Financials (0.9%):
NN Group NV		4,153		203,021
				676,737
Norway (3.8%):
Communication Services (1.2%):
Telenor ASA		15,909		280,059
Energy (0.7%):
Aker BP ASA		5,191		147,424
Financials (0.8%):
DNB ASA		8,644		184,016
Materials (1.1%):
Yara International ASA		4,589		238,755
				850,254

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares International High Div Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Portugal (0.9%):
Utilities (0.9%):
Energias de Portugal SA		34,303	$	195,888
Russian Federation (0.6%):
Materials (0.6%):
Polymetal International PLC		6,647		130,058
Singapore (3.5%):
Communication Services (1.1%):
Singapore Telecommunications Ltd.		140,500		254,904
Financials (2.4%):
DBS Group Holdings Ltd.		11,700		250,459
United Overseas Bank Ltd.		14,800		284,247
				534,706
				789,610
Spain (2.6%):
Communication Services (0.6%):
Telefonica SA		28,124		125,877
Financials (0.4%):
Banco Bilbao Vizcaya Argentaria SA		18,163		94,264
Industrials (0.5%):
ACS Actividades de Construccion y Servicios SA		3,249		107,664
Utilities (1.1%):
Endesa SA		9,466		250,411
				578,216
Switzerland (5.7%):
Communication Services (1.5%):
Swisscom AG, Registered Shares		631		338,537
Financials (2.0%):
UBS Group AG		11,953		185,113
Zurich Insurance Group AG		595		253,993
				439,106
Health Care (1.2%):
Novartis AG, Registered Shares		3,239		276,840
Materials (1.0%):
LafargeHolcim Ltd.		3,915		230,094
				1,284,577
United Kingdom (14.4%):
Communication Services (1.5%):
BT Group PLC (d)		73,290		156,383
Vodafone Group PLC		98,412		178,897
				335,280
Consumer Discretionary (0.6%):
Persimmon PLC		3,516		142,486
Consumer Staples (3.9%):
British American Tobacco PLC		5,459		208,734
Imperial Brands PLC		8,970		184,474
Tesco PLC		78,631		248,039
Unilever PLC		3,980		222,513
				863,760
Financials (2.7%):
Admiral Group PLC		5,699		243,599
Legal & General Group PLC		37,727		145,140

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares International High Div Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Phoenix Group Holdings PLC		21,233	$	214,882
				603,621
Health Care (1.0%):
GlaxoSmithKline PLC (a)		12,597		223,644
Industrials (0.8%):
BAE Systems PLC		25,422		176,960
Materials (2.0%):
BHP Group PLC		5,378		155,266
Evraz PLC (a)		17,231		137,282
Rio Tinto PLC		2,053		157,056
				449,604
Utilities (1.9%):
National Grid PLC		19,270		229,493
SSE PLC		9,447		189,466
				418,959
				3,214,314
Total Common Stocks (Cost $21,452,508)				22,062,135
Rights (0.0%)(e)
Italy (0.0%):
Energy (0.0%):
Snam SpA , Expires 4/8/21 (b)(d)(f)(g)		33,331		—
Total Rights (Cost $–)				—
Collateral for Securities Loaned^ (4.8%)
United States (4.8%):
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (h)		21,978		21,978
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (h)		565,985		565,985
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (h)		10,968		10,968
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (h)		87,456		87,456
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (h)		393,221		393,221
Total Collateral for Securities Loaned (Cost $1,079,608)				1,079,608
Total Investments (Cost $22,532,116) — 103.5%				23,141,743
Liabilities in excess of other assets — (3.5)%				(779,784	)
NET ASSETS - 100.00%			$	22,361,959

^	Purchased with cash collateral from securities on loan.
(a)	All or a portion of this security has been segregated as collateral for derivative instruments.
(b)	All or a portion of this security is on loan.
(c)	Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $686,341 and amounted to 3.1% of net assets.
(d)	Non-income producing security.
(e)	Amount represents less than 0.05% of net assets.
(f)	Security was fair valued using significant unobservable inputs as of March 31, 2021.

(g)	The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, illiquid securities were 0.0% of net assets.
(h)	Rate disclosed is the daily yield on March 31, 2021.

PLC—Public Limited Company

Futures Contracts Purchased
	Number of Contracts	Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
Mini MSCI EAFE Index Futures	1	6/18/21	$	109,834	$	109,600	$	(234	)
	Total unrealized appreciation						$	–
	Total unrealized depreciation							(234	)
	Total net unrealized appreciation (depreciation)						$	(234	)

Victory Portfolios	Schedule of Portfolio Investments
VictoryShares Emerging Market High Div Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (100.0%)
Brazil (5.7%):
Consumer Discretionary (0.9%):
Petrobras Distribuidora SA		40,600	$	159,286
Health Care (0.7%):
Hypera SA		24,500		139,437
Industrials (0.8%):
CCR SA		65,766		150,979
Materials (0.8%):
Vale SA		9,100		158,412
Utilities (2.5%):
Centrais Eletricas Brasileiras SA		17,100		104,127
Cia de Saneamento Basico do Estado de Sao Paulo		21,900		160,323
Engie Brasil Energia SA		27,600		205,140
				469,590
				1,077,704
Chile (2.9%):
Consumer Staples (0.9%):
Cia Cervecerias Unidas SA		18,217		159,797
Utilities (2.0%):
Colbun SA		948,263		184,581
Enel Americas SA		1,203,775		200,724
				385,305
				545,102
China (19.1%):
Energy (2.6%):
China Petroleum & Chemical Corp., Class H		264,194		140,699
China Shenhua Energy Co. Ltd., Class H		101,416		208,995
PetroChina Co. Ltd., Class H		396,000		143,142
				492,836
Financials (13.2%):
Agricultural Bank of China Ltd., Class H		516,858		206,775
Bank of China Ltd., Class H		653,136		248,692
Bank of Communications Co. Ltd., Class H		385,646		245,562
China Cinda Asset Management Co. Ltd., Class H		829,000		172,757
China CITIC Bank Corp. Ltd., Class H		383,216		194,719
China Construction Bank Corp., Class H		262,000		220,417
China Everbright Bank Co. Ltd., Class H		291,998		127,335
China Life Insurance Co. Ltd., Class H		61,000		126,021
China Minsheng Banking Corp. Ltd., Class H		334,466		194,042
GF Securities Co. Ltd., Class H		88,562		135,797
Industrial & Commercial Bank of China Ltd., Class H		282,118		202,503
New China Life Insurance Co. Ltd., Class H		30,300		117,321
PICC Property & Casualty Co. Ltd., Class H		197,194		170,970
The People’s Insurance Co. Group of China Ltd., Class H		467,000		151,385
				2,514,296
Information Technology (0.8%):
China Railway Signal & Communication Corp. Ltd., Class H (a)		366,064		150,215
Real Estate (1.8%):
Country Garden Holdings Co. Ltd.		130,000		166,894
Logan Group Co. Ltd.		99,000		166,830
				333,724

Victory Portfolios	Schedule of Portfolio Investments — continued
VictoryShares Emerging Market High Div Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Utilities (0.7%):
Huaneng Power International, Inc., Class H		403,742	$	143,344
				3,634,415
Czech Republic (2.5%):
Financials (0.9%):
Komercni Banka A/S (b)		5,695		175,874
Utilities (1.6%):
CEZ A/S		12,082		298,711
				474,585
Hong Kong (0.7%):
Materials (0.7%):
China Resources Cement Holdings Ltd.		128,000		143,744
India (8.0%):
Communication Services (0.5%):
Indus Towers Ltd.		29,699		99,527
Consumer Discretionary (1.0%):
Bajaj Auto Ltd. (b)		3,672		184,362
Consumer Staples (1.0%):
ITC Ltd.		66,330		198,241
Energy (1.4%):
Bharat Petroleum Corp. Ltd.		21,972		128,616
Hindustan Petroleum Corp. Ltd.		43,532		139,632
				268,248
Financials (1.4%):
Power Finance Corp. Ltd.		85,258		132,654
REC Ltd.		76,273		136,827
				269,481
Materials (1.0%):
Ambuja Cements Ltd.		42,592		179,932
Utilities (1.7%):
NTPC Ltd.		106,170		154,735
Power Grid Corp. of India Ltd.		56,467		166,562
				321,297
				1,521,088
Indonesia (3.0%):
Communication Services (0.7%):
PT Telkom Indonesia Persero Tbk		561,678		132,296
Consumer Staples (1.1%):
PT Indofood Sukses Makmur Tbk		448,500		203,864
Energy (0.6%):
PT United Tractors Tbk		73,724		112,338
Materials (0.6%):
PT Indocement Tunggal Prakarsa Tbk		142,300		119,808
				568,306
Malaysia (4.1%):
Financials (2.0%):
CIMB Group Holdings Bhd		147,500		154,439
Malayan Banking Bhd		112,200		223,317
				377,756
Industrials (1.0%):
Sime Darby Bhd		339,700		196,690

Victory Portfolios	Schedule of Portfolio Investments — continued
VictoryShares Emerging Market High Div Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Utilities (1.1%):
Tenaga Nasional Bhd		82,900	$	202,400
				776,846
Mexico (3.7%):
Consumer Staples (2.2%):
Arca Continental SAB de CV		45,721		225,655
Kimberly-Clark de Mexico SAB de CV, Class A		115,667		197,725
				423,380
Industrials (0.7%):
Grupo Aeroportuario del Pacifico SAB de CV, Class B (b)		12,528		130,996
Materials (0.8%):
Orbia Advance Corp. SAB de CV		60,467		161,482
				715,858
Netherlands (0.9%):
Consumer Staples (0.9%):
X5 Retail Group NV, GDR		5,281		170,259
Philippines (2.8%):
Communication Services (1.9%):
Globe Telecom, Inc.		4,850		187,903
PLDT, Inc.		6,985		175,759
				363,662
Utilities (0.9%):
Manila Electric Co.		30,920		173,317
				536,979
Russian Federation (12.1%):
Communication Services (3.1%):
Mobile TeleSystems PJSC		78,610		328,766
Rostelecom PJSC		186,530		265,846
				594,612
Consumer Staples (1.1%):
Magnit PJSC		2,821		199,086
Energy (1.1%):
Tatneft PJSC		25,070		198,320
Materials (3.2%):
Alrosa PJSC		132,473		185,350
MMC Norilsk Nickel PJSC		565		177,839
Severstal PJSC		12,447		253,447
				616,636
Utilities (3.6%):
Federal Grid Co. Unified Energy System PJSC		91,490,246		262,675
Inter RAO UES PJSC		2,930,000		198,870
RusHydro PJSC		21,435,184		230,939
				692,484
				2,301,138
South Africa (7.6%):
Communication Services (2.8%):
MTN Group Ltd.		21,659		127,541
MultiChoice Group		19,229		168,119
Vodacom Group Ltd.		27,679		236,950
				532,610

Victory Portfolios	Schedule of Portfolio Investments — continued
VictoryShares Emerging Market High Div Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Consumer Discretionary (0.8%):
Woolworths Holdings Ltd. (b)		43,014	$	144,217
Energy (0.7%):
Exxaro Resources Ltd.		11,850		139,688
Financials (2.6%):
Absa Group Ltd.		15,378		131,468
FirstRand Ltd.		37,771		132,196
Nedbank Group Ltd.		11,519		109,341
Standard Bank Group Ltd.		14,440		122,803
				495,808
Materials (0.7%):
African Rainbow Minerals Ltd.		6,837		128,921
				1,441,244
Taiwan (19.9%):
Communication Services (4.8%):
Chunghwa Telecom Co. Ltd.		129,000		504,224
Far EasTone Telecommunications Co. Ltd.		183,000		411,214
				915,438
Financials (3.5%):
China Development Financial Holding Corp.		942,000		346,736
Sinopac Financial Holdings Co. Ltd.		720,000		324,336
				671,072
Industrials (2.9%):
Far Eastern New Century Corp.		209,000		221,265
Taiwan High Speed Rail Corp.		300,000		330,751
				552,016
Information Technology (5.4%):
Catcher Technology Co. Ltd.		26,000		192,772
Compal Electronics, Inc.		314,000		293,900
Lite-On Technology Corp.		97,059		213,675
Pegatron Corp.		67,000		174,041
Wistron Corp.		133,000		156,191
				1,030,579
Materials (3.3%):
Asia Cement Corp.		172,000		288,214
Taiwan Cement Corp.		201,000		329,763
				617,977
				3,787,082
Thailand (6.2%):
Communication Services (2.9%):
Advanced Info Service PCL		50,100		278,178
Intouch Holdings PCL		146,600		272,111
				550,289
Energy (0.7%):
PTT Exploration & Production PCL		38,500		140,459
Financials (1.5%):
Krung Thai Bank PCL		387,300		151,214
TMB Bank PCL (b)		3,156,600		124,254
				275,468
Real Estate (1.1%):
Land & Houses PCL		757,700		207,323
				1,173,539

Victory Portfolios	Schedule of Portfolio Investments — continued
VictoryShares Emerging Market High Div Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Turkey (0.8%):
Industrials (0.8%):
Enka Insaat ve Sanayi A/S		157,859	$	151,596
Total Common Stocks (Cost $18,569,070)				19,019,485
Total Investments (Cost $18,569,070) — 100.0%				19,019,485
Other assets in excess of liabilities — 0.0%				8,340
NET ASSETS - 100.00%			$	19,027,825

(a)	Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $150,215 and amounted to 0.8% of net assets.
(b)	Non-income producing security.

GDR—Global Depositary Receipt

PCL—Public Company Limited

Victory Portfolios II	Schedule of Portfolio Investments
VictoryShares Dividend Accelerator ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.5%)
Consumer Discretionary (15.2%):
Gentex Corp.		184,872	$	6,594,384
Lowe’s Cos., Inc.		20,419		3,883,285
McDonald’s Corp.		44,255		9,919,316
NIKE, Inc., Class B		46,423		6,169,153
Pool Corp.		13,347		4,607,918
Ross Stores, Inc.		19,648		2,355,992
Target Corp. (a)		57,067		11,303,261
The TJX Cos., Inc.		47,317		3,130,020
VF Corp.		39,169		3,130,386
				51,093,715
Consumer Staples (17.2%):
Archer-Daniels-Midland Co.		104,340		5,947,380
Brown-Forman Corp., Class B		49,528		3,415,946
Colgate-Palmolive Co.		82,956		6,539,420
Costco Wholesale Corp.		14,575		5,137,396
Hormel Foods Corp.		59,480		2,841,954
Kimberly-Clark Corp.		33,863		4,708,650
Lancaster Colony Corp. (b)		36,315		6,368,199
McCormick & Co., Inc.		27,295		2,433,622
PepsiCo, Inc.		22,837		3,230,294
Sysco Corp.		37,312		2,937,947
The Clorox Co.		17,726		3,418,991
The Coca-Cola Co.		52,870		2,786,778
The Procter & Gamble Co.		29,723		4,025,386
Walmart, Inc.		31,259		4,245,910
				58,037,873
Energy (1.0%):
Exxon Mobil Corp.		57,792		3,226,527
Financials (16.3%):
Aflac, Inc.		78,856		4,035,850
American Financial Group, Inc.		76,244		8,699,440
Brown & Brown, Inc.		55,864		2,553,543
Cincinnati Financial Corp.		15,037		1,550,164
CME Group, Inc.		27,526		5,621,635
Commerce Bancshares, Inc.		55,080		4,219,679
Old Republic International Corp.		49,932		1,090,515
RLI Corp.		35,836		3,998,223
S&P Global, Inc.		4,464		1,575,212
SEI Investments Co.		48,020		2,925,859
T. Rowe Price Group, Inc.		15,879		2,724,836
The Allstate Corp.		50,032		5,748,677
W.R. Berkley Corp.		136,030		10,249,860
				54,993,493
Health Care (9.7%):
Chemed Corp.		8,285		3,809,609
Humana, Inc.		16,688		6,996,444
Johnson & Johnson (a)		18,519		3,043,598
Medtronic PLC		44,231		5,225,008
Merck & Co., Inc.		59,795		4,609,596
UnitedHealth Group, Inc.		18,286		6,803,672

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares Dividend Accelerator ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
West Pharmaceutical Services, Inc.		7,515	$	2,117,577
				32,605,504
Industrials (19.6%):
3M Co.		44,619		8,597,189
Carlisle Cos., Inc.		17,116		2,816,951
Cintas Corp.		5,490		1,873,792
CSX Corp.		41,558		4,007,022
Dover Corp.		35,877		4,919,813
Emerson Electric Co.		86,225		7,779,220
General Dynamics Corp.		17,045		3,094,690
IDEX Corp.		30,977		6,484,105
Illinois Tool Works, Inc.		19,203		4,253,849
L3Harris Technologies, Inc.		23,289		4,720,215
Nordson Corp.		7,779		1,545,532
Republic Services, Inc. (a)		55,406		5,504,586
Roper Technologies, Inc.		3,797		1,531,482
W.W. Grainger, Inc.		11,953		4,792,316
Waste Management, Inc.		34,986		4,513,894
				66,434,656
Information Technology (10.6%):
Automatic Data Processing, Inc.		21,954		4,137,670
Intuit, Inc.		16,969		6,500,145
Jack Henry & Associates, Inc.		35,672		5,412,156
Mastercard, Inc., Class A		15,675		5,581,083
Microsoft Corp. (a)		20,950		4,939,382
Texas Instruments, Inc.		29,105		5,500,554
Visa, Inc., Class A		18,251		3,864,284
				35,935,274
Materials (5.2%):
Air Products & Chemicals, Inc.		14,458		4,067,614
Ecolab, Inc.		10,841		2,320,733
Nucor Corp.		20,491		1,644,813
PPG Industries, Inc.		18,779		2,821,733
Sonoco Products Co.		75,396		4,772,567
The Sherwin-Williams Co.		2,741		2,022,885
				17,650,345
Utilities (4.7%):
Consolidated Edison, Inc. (a)		86,846		6,496,081
Xcel Energy, Inc. (a)		141,048		9,381,102
				15,877,183
Total Common Stocks (Cost $276,100,931)				335,854,570
Collateral for Securities Loaned^ (0.0%)(c)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (d)		749		749
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (d)		19,298		19,298
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (d)		374		374
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (d)		2,982		2,982

Victory Portfolios II	Schedule of Portfolio Investments
VictoryShares Dividend Accelerator ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (d)		13,407	$	13,407
Total Collateral for Securities Loaned (Cost $36,810)				36,810
Total Investments (Cost $276,137,741) — 99.5%				335,891,380
Other assets in excess of liabilities — 0.5%				1,587,051
NET ASSETS - 100.00%			$	337,478,431

^	Purchased with cash collateral from securities on loan.
(a)	All or a portion of this security has been segregated as collateral for derivative instruments.
(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 March 31, 2021.

PLC—Public Limited Company

Futures Contracts Purchased
	Number of Contracts	Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini S&P 500 Futures	7	6/18/21	$	1,368,266	$	1,388,590	$	20,324
	Total unrealized appreciation						$	20,324
	Total unrealized depreciation							—
	Total net unrealized appreciation (depreciation)						$	20,324

Victory Portfolios II	Schedule of Portfolio Investments
VictoryShares US Multi-Factor Minimum Volatility ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.4%)
Communication Services (2.9%):
Verizon Communications, Inc.		75,812	$	4,408,468
Consumer Discretionary (13.2%):
AutoZone, Inc. (a)		2,426		3,406,832
Best Buy Co., Inc.		3,064		351,778
BorgWarner, Inc.		8,801		408,014
eBay, Inc.		81,371		4,983,160
Helen of Troy Ltd. (a)		1,761		370,972
Lowe’s Cos., Inc.		3,252		618,465
Mohawk Industries, Inc. (a)		3,494		671,931
NVR, Inc. (a)		84		395,718
Target Corp. (b)		28,150		5,575,671
Tractor Supply Co.		17,973		3,182,659
				19,965,200
Consumer Staples (17.3%):
Altria Group, Inc.		8,824		451,435
Campbell Soup Co.		37,745		1,897,441
Casey’s General Stores, Inc.		2,364		511,073
Church & Dwight Co., Inc.		3,638		317,779
Flowers Foods, Inc.		14,015		333,557
Kimberly-Clark Corp.		7,367		1,024,381
Philip Morris International, Inc.		4,548		403,590
The Clorox Co.		19,923		3,842,748
The J.M. Smucker Co.		21,585		2,731,150
The Kroger Co.		123,463		4,443,433
The Procter & Gamble Co.		37,848		5,125,756
Walgreens Boots Alliance, Inc.		9,493		521,166
Walmart, Inc.		35,535		4,826,719
				26,430,228
Energy (0.2%):
Cabot Oil & Gas Corp.		19,642		368,877
Financials (10.3%):
Erie Indemnity Co., Class A		2,088		461,260
Everest Re Group Ltd.		2,508		621,508
Fidelity National Financial, Inc.		57,855		2,352,384
First American Financial Corp.		14,873		842,555
Huntington Bancshares, Inc.		37,186		584,564
Jefferies Financial Group, Inc.		18,944		570,214
The Allstate Corp.		38,470		4,420,203
The Travelers Cos., Inc.		38,749		5,827,850
				15,680,538
Health Care (17.0%):
AbbVie, Inc.		46,753		5,059,610
Biogen, Inc. (a)		2,144		599,784
Cardinal Health, Inc.		7,263		441,227
Cerner Corp.		46,213		3,321,790
DaVita, Inc. (a)		3,981		429,032
Gilead Sciences, Inc. (b)		58,497		3,780,661
Johnson & Johnson (b)		39,291		6,457,476
McKesson Corp.		2,289		446,448
Medpace Holdings, Inc. (a)		3,051		500,517
Merck & Co., Inc.		60,000		4,625,400

Victory Portfolios	Schedule of Portfolio Investments — continued
VictoryShares US Multi-Factor Minimum Volatility ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Universal Health Services, Inc., Class B		3,188	$	425,247
				26,087,192
Industrials (15.1%):
3M Co.		26,216		5,051,299
AO Smith Corp.		6,459		436,692
C.H. Robinson Worldwide, Inc.		27,460		2,620,508
Dover Corp.		3,147		431,548
Fortune Brands Home & Security, Inc.		3,941		377,627
Hubbell, Inc.		2,492		465,730
Huntington Ingalls Industries, Inc.		2,423		498,775
J.B. Hunt Transport Services, Inc.		2,697		453,285
Lockheed Martin Corp.		6,742		2,491,169
Masco Corp.		6,185		370,482
Republic Services, Inc. (b)		43,263		4,298,179
Robert Half International, Inc.		6,441		502,849
Tetra Tech, Inc.		3,571		484,656
W.W. Grainger, Inc.		956		383,289
Waste Management, Inc.		31,594		4,076,258
				22,942,346
Information Technology (23.4%):
Apple, Inc.		65,327		7,979,693
Automatic Data Processing, Inc.		2,444		460,621
CDW Corp.		5,233		867,370
Citrix Systems, Inc.		24,493		3,437,837
F5 Networks, Inc. (a)		2,777		579,338
International Business Machines Corp.		26,790		3,570,034
Microsoft Corp. (b)		37,580		8,860,236
NetApp, Inc.		24,684		1,793,786
Oracle Corp.		75,608		5,305,413
Paychex, Inc.		4,275		419,036
QUALCOMM, Inc.		4,846		642,531
Texas Instruments, Inc.		2,389		451,497
The Western Union Co.		64,107		1,580,879
				35,948,271
Total Common Stocks (Cost $128,658,379)				151,831,120
Total Investments (Cost $128,658,379) — 99.4%				151,831,120
Other assets in excess of liabilities — 0.6%				857,237
NET ASSETS - 100.00%			$	152,688,357

(a)	Non-income producing security.
(b)	All or a portion of this security has been segregated as collateral for derivative instruments.

Futures Contracts Purchased
	Number of Contracts	Expiration Date		Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini S&P 500 Futures	4	6/18/21	$	781,591	$	793,480	$	11,889
	Total unrealized appreciation						$	11,889
	Total unrealized depreciation							–
	Total net unrealized appreciation (depreciation)						$	11,889

Victory Portfolios II	Schedule of Portfolio Investments
VictoryShares US 500 Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.5%)
Communication Services (4.0%):
Activision Blizzard, Inc.	17,424	$	1,620,432
Alphabet, Inc., Class A (a)	839		1,730,454
Altice USA, Inc., Class A (a)	45,536		1,481,286
Cable One, Inc. (b)	862		1,576,046
Charter Communications, Inc., Class A (a)	3,021		1,864,018
Comcast Corp., Class A	37,118		2,008,456
Discovery, Inc., Class A (a)(b)	22,268		967,767
DISH Network Corp., Class A (a)	40,125		1,452,525
Electronic Arts, Inc.	13,440		1,819,373
Facebook, Inc., Class A (a)	5,183		1,526,549
Fox Corp., Class A	35,838		1,294,110
Liberty Broadband Corp., Class C (a)	12,008		1,803,001
Netflix, Inc. (a)	2,061		1,075,141
Omnicom Group, Inc.	19,395		1,438,139
Sirius XM Holdings, Inc. (b)	273,581		1,666,108
Take-Two Interactive Software, Inc. (a)	8,513		1,504,247
The Interpublic Group of Cos., Inc.	50,778		1,482,718
The New York Times Co., Class A	30,371		1,537,380
T-Mobile U.S., Inc. (a)	15,861		1,987,225
Verizon Communications, Inc.	57,408		3,338,275
ViacomCBS, Inc., Class B	18,311		825,826
			33,999,076
Consumer Discretionary (10.1%):
Advance Auto Parts, Inc.	11,065		2,030,317
Amazon.com, Inc. (a)	481		1,488,252
Aptiv PLC (a)	8,912		1,228,965
AutoZone, Inc. (a)	1,886		2,648,510
Best Buy Co., Inc.	14,887		1,709,176
Booking Holdings, Inc. (a)	510		1,188,218
BorgWarner, Inc.	29,949		1,388,436
Bright Horizons Family Solutions, Inc. (a)	8,077		1,384,802
CarMax, Inc. (a)	11,378		1,509,405
Chipotle Mexican Grill, Inc. (a)	1,122		1,594,160
D.R. Horton, Inc.	15,779		1,406,224
Deckers Outdoor Corp. (a)	4,252		1,404,946
Dollar General Corp.	12,772		2,587,862
Dollar Tree, Inc. (a)	16,797		1,922,585
Domino’s Pizza, Inc. (b)	5,837		2,146,790
eBay, Inc.	26,631		1,630,883
Etsy, Inc. (a)	3,770		760,296
Five Below, Inc. (a)	7,467		1,424,629
Floor & Decor Holdings, Inc., Class A (a)	12,313		1,175,645
Garmin Ltd.	17,413		2,295,903
General Motors Co. (a)	22,698		1,304,227
Gentex Corp.	57,623		2,055,412
Genuine Parts Co.	16,573		1,915,674
Hasbro, Inc.	16,464		1,582,520
L Brands, Inc. (a)	13,480		833,873
Lear Corp.	8,185		1,483,531
Lennar Corp., Class A	14,006		1,417,827
Lithia Motors, Inc., Class A	2,530		986,928
LKQ Corp. (a)	33,980		1,438,373
Lowe’s Cos., Inc.	10,860		2,065,355
McDonald’s Corp.	13,580		3,043,821

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US 500 Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Mohawk Industries, Inc. (a)	5,394	$	1,037,320
NIKE, Inc., Class B	13,237		1,759,065
NVR, Inc. (a)	317		1,493,365
O’Reilly Automotive, Inc. (a)	4,890		2,480,453
Peloton Interactive, Inc., Class A (a)	6,117		687,795
Pool Corp.	4,167		1,438,615
PulteGroup, Inc.	26,651		1,397,578
RH (a)	2,220		1,324,452
Ross Stores, Inc.	10,618		1,273,204
Service Corp. International	38,325		1,956,491
Starbucks Corp.	16,480		1,800,770
Target Corp. (c)	10,657		2,110,832
Tesla, Inc. (a)	1,002		669,266
The Home Depot, Inc.	8,738		2,667,275
The TJX Cos., Inc.	22,168		1,466,413
Tractor Supply Co.	10,752		1,903,964
Ulta Beauty, Inc. (a)	3,812		1,178,556
Vail Resorts, Inc. (a)	4,433		1,292,929
Wayfair, Inc., Class A (a)(b)	2,596		817,091
Whirlpool Corp.	7,430		1,637,202
Williams-Sonoma, Inc.	9,557		1,712,614
Yum! Brands, Inc.	22,636		2,448,762
			85,607,557
Consumer Staples (9.0%):
Altria Group, Inc.	49,216		2,517,890
Archer-Daniels-Midland Co.	34,469		1,964,733
Brown-Forman Corp., Class B	29,464		2,032,132
Bunge Ltd.	21,076		1,670,695
Campbell Soup Co.	45,719		2,298,294
Church & Dwight Co., Inc.	28,993		2,532,539
Colgate-Palmolive Co.	44,008		3,469,151
Conagra Brands, Inc.	62,042		2,332,779
Constellation Brands, Inc., Class A	7,852		1,790,256
Costco Wholesale Corp.	8,308		2,928,404
Darling Ingredients, Inc. (a)	18,326		1,348,427
General Mills, Inc.	43,404		2,661,533
Hormel Foods Corp.	51,501		2,460,718
Kellogg Co.	43,395		2,746,904
Keurig Dr Pepper, Inc.	83,304		2,863,158
Kimberly-Clark Corp.	20,960		2,914,488
Lamb Weston Holdings, Inc.	15,462		1,197,996
McCormick & Co., Inc.	27,373		2,440,577
Mondelez International, Inc., Class A	51,115		2,991,761
Monster Beverage Corp. (a)	23,552		2,145,352
PepsiCo, Inc.	22,296		3,153,770
Philip Morris International, Inc.	24,367		2,162,328
The Boston Beer Co., Inc., Class A (a)	872		1,051,876
The Clorox Co.	10,382		2,002,480
The Coca-Cola Co.	45,190		2,381,965
The Estee Lauder Cos., Inc.	6,276		1,825,375
The Hershey Co.	18,244		2,885,471
The J.M. Smucker Co.	18,212		2,304,364
The Kraft Heinz Co.	51,934		2,077,360
The Kroger Co.	56,764		2,042,936
The Procter & Gamble Co.	26,206		3,549,078
Tyson Foods, Inc., Class A	24,678		1,833,575

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US 500 Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Walmart, Inc.		17,412	$	2,365,072
				76,943,437
Energy (0.5%):
Kinder Morgan, Inc.		102,228		1,702,096
ONEOK, Inc.		20,485		1,037,770
The Williams Cos., Inc.		58,453		1,384,752
				4,124,618
Financials (15.5%):
Aflac, Inc.		33,098		1,693,956
Alleghany Corp. (a)		2,402		1,504,349
Ally Financial, Inc.		27,272		1,232,967
American Express Co.		9,254		1,308,885
American Financial Group, Inc.		10,768		1,228,629
Ameriprise Financial, Inc.		6,701		1,557,647
Aon PLC, Class A		8,862		2,039,235
Apollo Global Management, Inc.		26,604		1,250,654
Arch Capital Group Ltd. (a)		41,748		1,601,871
Ares Management Corp., Class A		38,061		2,132,558
Arthur J. Gallagher & Co.		19,830		2,474,188
Athene Holding Ltd., Class A (a)		23,797		1,199,369
Bank of America Corp.		38,502		1,489,642
Berkshire Hathaway, Inc., Class B (a)		10,583		2,703,639
BlackRock, Inc.		2,854		2,151,802
Brown & Brown, Inc.		49,067		2,242,853
Capital One Financial Corp.		9,364		1,191,382
Cboe Global Markets, Inc.		16,387		1,617,233
Chubb Ltd.		10,213		1,613,348
Cincinnati Financial Corp.		12,876		1,327,387
Citigroup, Inc.		18,208		1,324,632
Citizens Financial Group, Inc.		22,669		1,000,836
CME Group, Inc.		9,074		1,853,183
Comerica, Inc.		13,720		984,273
Commerce Bancshares, Inc.		21,321		1,633,402
Discover Financial Services		11,208		1,064,648
East West Bancorp, Inc.		14,023		1,034,897
Erie Indemnity Co., Class A		8,384		1,852,109
Everest Re Group Ltd.		6,783		1,680,895
FactSet Research Systems, Inc.		5,286		1,631,207
Fidelity National Financial, Inc.		43,018		1,749,112
Fifth Third Bancorp		31,266		1,170,912
First Horizon Corp.		61,936		1,047,338
First Republic Bank		10,401		1,734,366
Franklin Resources, Inc.		48,318		1,430,213
Globe Life, Inc.		16,961		1,638,941
Huntington Bancshares, Inc.		66,698		1,048,493
Interactive Brokers Group, Inc.		22,119		1,615,572
Intercontinental Exchange, Inc.		20,831		2,326,405
Invesco Ltd.		48,837		1,231,669
JPMorgan Chase & Co.		10,192		1,551,528
KeyCorp		50,479		1,008,570
KKR & Co., Inc.		32,839		1,604,185
Lincoln National Corp.		14,595		908,831
LPL Financial Holdings, Inc.		10,209		1,451,311
M&T Bank Corp.		6,449		977,733

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US 500 Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Markel Corp. (a)	1,572	$	1,791,483
MarketAxess Holdings, Inc.	2,710		1,349,363
Marsh & McLennan Cos., Inc.	21,213		2,583,742
MetLife, Inc.	23,673		1,439,082
Moody’s Corp.	7,100		2,120,131
Morgan Stanley	19,604		1,522,447
Morningstar, Inc.	7,966		1,792,669
MSCI, Inc.	3,502		1,468,319
Nasdaq, Inc.	15,441		2,276,930
Northern Trust Corp.	15,145		1,591,891
Principal Financial Group, Inc.	20,781		1,246,029
Raymond James Financial, Inc.	12,587		1,542,663
Regions Financial Corp.	50,569		1,044,756
Reinsurance Group of America, Inc.	8,212		1,035,123
RenaissanceRe Holdings Ltd.	11,010		1,764,352
S&P Global, Inc.	5,646		1,992,304
Santander Consumer USA Holdings, Inc.	47,615		1,288,462
SEI Investments Co.	30,155		1,837,344
Signature Bank	4,172		943,289
State Street Corp.	17,925		1,505,879
SVB Financial Group (a)	2,498		1,233,163
Synchrony Financial	29,094		1,182,962
T. Rowe Price Group, Inc.	11,618		1,993,649
The Allstate Corp.	20,067		2,305,697
The Bank of New York Mellon Corp.	34,194		1,617,034
The Blackstone Group, Inc., Class A	27,751		2,068,282
The Carlyle Group, Inc.	47,059		1,729,889
The Charles Schwab Corp.	22,397		1,459,836
The Goldman Sachs Group, Inc.	4,703		1,537,881
The Hartford Financial Services Group, Inc.	25,773		1,721,379
The PNC Financial Services Group, Inc.	8,264		1,449,588
The Progressive Corp.	22,424		2,143,959
The Travelers Cos., Inc.	11,925		1,793,520
Tradeweb Markets, Inc., Class A	21,622		1,600,028
Truist Financial Corp.	21,066		1,228,569
U.S. Bancorp	26,358		1,457,861
W.R. Berkley Corp.	24,614		1,854,665
Wells Fargo & Co.	32,480		1,268,994
Western Alliance Bancorp	10,134		957,055
Zions Bancorp NA	17,380		955,205
			133,812,329
Health Care (13.9%):
Abbott Laboratories	16,539		1,982,034
AbbVie, Inc.	19,022		2,058,561
ABIOMED, Inc. (a)	4,247		1,353,646
Agilent Technologies, Inc.	18,259		2,321,450
Align Technology, Inc. (a)	1,520		823,126
Amedisys, Inc. (a)	5,841		1,546,638
Amgen, Inc.	8,416		2,093,985
Anthem, Inc.	4,872		1,748,804
Avantor, Inc. (a)(b)	47,820		1,383,433
Baxter International, Inc.	28,822		2,430,848
Becton, Dickinson & Co.	8,808		2,141,666
Biogen, Inc. (a)	2,655		742,736
BioMarin Pharmaceutical, Inc. (a)	12,341		931,869
Bio-Rad Laboratories, Inc., Class A (a)	2,476		1,414,217

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US 500 Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Bio-Techne Corp.	3,867	$	1,476,923
Bruker Corp.	26,747		1,719,297
Cardinal Health, Inc.	30,803		1,871,282
Catalent, Inc. (a)	12,576		1,324,379
Centene Corp. (a)	23,423		1,496,964
Cerner Corp.	30,817		2,215,126
Charles River Laboratories International, Inc. (a)	5,627		1,630,873
Cigna Corp.	6,503		1,572,035
CVS Health Corp.	26,473		1,991,564
Danaher Corp.	9,406		2,117,102
DaVita, Inc. (a)	16,631		1,792,323
Denali Therapeutics, Inc. (a)	8,766		500,539
DexCom, Inc. (a)	2,947		1,059,122
Edwards Lifesciences Corp. (a)	20,676		1,729,341
Eli Lilly & Co.	6,310		1,178,834
Encompass Health Corp.	21,312		1,745,453
Gilead Sciences, Inc. (c)	34,514		2,230,639
HCA Healthcare, Inc.	7,826		1,473,949
Henry Schein, Inc. (a)	23,962		1,659,129
Hologic, Inc. (a)	18,794		1,397,898
Horizon Therapeutics PLC (a)	10,118		931,261
Humana, Inc.	4,783		2,005,273
IDEXX Laboratories, Inc. (a)	2,959		1,447,868
Illumina, Inc. (a)	2,785		1,069,607
Insulet Corp. (a)	4,682		1,221,627
Intuitive Surgical, Inc. (a)	2,161		1,596,849
IQVIA Holdings, Inc. (a)	9,223		1,781,330
Jazz Pharmaceuticals PLC (a)	8,193		1,346,683
Johnson & Johnson (c)	17,590		2,890,916
Laboratory Corp. of America Holdings (a)	7,524		1,918,846
Masimo Corp. (a)	6,432		1,477,173
Medtronic PLC	15,812		1,867,872
Merck & Co., Inc.	33,497		2,582,283
Mettler-Toledo International, Inc. (a)	1,640		1,895,332
Molina Healthcare, Inc. (a)	5,871		1,372,405
Neurocrine Biosciences, Inc. (a)	10,234		995,257
Novocure Ltd. (a)(b)	6,034		797,574
PerkinElmer, Inc.	11,934		1,531,013
Pfizer, Inc.	57,042		2,066,632
PPD, Inc. (a)	42,309		1,600,973
Quest Diagnostics, Inc.	16,493		2,116,712
Regeneron Pharmaceuticals, Inc. (a)	3,444		1,629,494
Repligen Corp. (a)	5,754		1,118,635
ResMed, Inc.	8,540		1,656,931
Seagen, Inc. (a)	7,175		996,321
STERIS PLC	11,595		2,208,616
Stryker Corp.	7,072		1,722,598
Syneos Health, Inc. (a)	17,547		1,330,940
Teleflex, Inc.	4,433		1,841,734
The Cooper Cos., Inc.	4,625		1,776,416
Thermo Fisher Scientific, Inc.	3,993		1,822,325
UnitedHealth Group, Inc.	5,742		2,136,426
Universal Health Services, Inc., Class B	10,511		1,402,062
Veeva Systems, Inc., Class A (a)	4,793		1,252,123
Vertex Pharmaceuticals, Inc. (a)	6,179		1,327,805
Waters Corp. (a)	6,213		1,765,548

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US 500 Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
West Pharmaceutical Services, Inc.	6,317	$	1,780,004
Zoetis, Inc.	13,743		2,164,248
			117,601,497
Industrials (17.3%):
3M Co.	11,588		2,232,777
Advanced Drainage Systems, Inc.	9,158		946,846
AGCO Corp.	10,326		1,483,330
Allegion PLC	14,952		1,878,270
AMERCO, Inc.	3,188		1,952,969
AMETEK, Inc.	17,126		2,187,504
AO Smith Corp.	27,911		1,887,063
Builders FirstSource, Inc. (a)	22,431		1,040,125
C.H. Robinson Worldwide, Inc.	19,276		1,839,509
Carlisle Cos., Inc.	11,923		1,962,287
Carrier Global Corp.	40,324		1,702,479
Caterpillar, Inc.	7,306		1,694,042
Cintas Corp.	5,529		1,887,103
Copart, Inc. (a)	17,424		1,892,421
CoStar Group, Inc. (a)(c)	1,796		1,476,114
CSX Corp.	21,146		2,038,897
Cummins, Inc.	7,321		1,896,944
Deere & Co.	4,710		1,762,199
Dover Corp.	17,383		2,383,731
Eaton Corp. PLC	13,753		1,901,765
Emerson Electric Co.	19,099		1,723,112
Enphase Energy, Inc. (a)	3,655		592,695
Equifax, Inc.	10,591		1,918,348
Expeditors International of Washington, Inc.	24,784		2,668,988
Fastenal Co.	43,925		2,208,549
FedEx Corp.	5,517		1,567,049
Fortive Corp.	28,115		1,986,044
Fortune Brands Home & Security, Inc.	18,019		1,726,581
Generac Holdings, Inc. (a)	3,407		1,115,622
General Dynamics Corp.	12,192		2,213,580
General Electric Co.	92,533		1,214,958
Graco, Inc.	31,435		2,251,375
HEICO Corp.	11,762		1,479,660
Honeywell International, Inc.	8,984		1,950,157
Howmet Aerospace, Inc. (a)	34,551		1,110,124
Hubbell, Inc.	10,696		1,998,975
IAA, Inc. (a)	26,344		1,452,608
IDEX Corp.	10,000		2,093,200
Illinois Tool Works, Inc.	11,081		2,454,662
J.B. Hunt Transport Services, Inc.	12,375		2,079,866
Jacobs Engineering Group, Inc.	15,015		1,940,989
Johnson Controls International PLC	34,630		2,066,372
Kansas City Southern	8,304		2,191,592
L3Harris Technologies, Inc.	9,875		2,001,465
Lennox International, Inc.	6,748		2,102,609
Lockheed Martin Corp.	6,476		2,392,881
Masco Corp.	35,281		2,113,332
Nordson Corp.	9,529		1,893,222
Norfolk Southern Corp.	7,476		2,007,456
Northrop Grumman Corp.	6,883		2,227,613
Old Dominion Freight Line, Inc.	8,391		2,017,280
Otis Worldwide Corp.	32,737		2,240,848

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US 500 Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
PACCAR, Inc.	20,485	$	1,903,466
Parker-Hannifin Corp.	5,021		1,583,774
Quanta Services, Inc.	17,618		1,550,032
Republic Services, Inc. (c)	28,947		2,875,884
Robert Half International, Inc.	16,082		1,255,522
Rockwell Automation, Inc.	7,768		2,061,938
Rollins, Inc.	48,485		1,668,854
Roper Technologies, Inc.	5,083		2,050,177
Snap-on, Inc.	7,697		1,776,006
Stanley Black & Decker, Inc.	10,557		2,107,916
Teledyne Technologies, Inc. (a)	4,135		1,710,443
Textron, Inc.	24,020		1,347,042
The Middleby Corp. (a)	7,185		1,190,914
The Toro Co.	23,607		2,434,826
Trane Technologies PLC	11,758		1,946,654
TransDigm Group, Inc. (a)	2,400		1,411,008
TransUnion	18,782		1,690,380
Trex Co., Inc. (a)	13,511		1,236,797
Union Pacific Corp.	9,137		2,013,886
United Parcel Service, Inc., Class B	9,744		1,656,383
United Rentals, Inc. (a)	3,636		1,197,371
Verisk Analytics, Inc.	12,385		2,188,306
W.W. Grainger, Inc.	5,534		2,218,747
Waste Management, Inc.	23,540		3,037,131
Watsco, Inc.	6,304		1,643,768
Westinghouse Air Brake Technologies Corp.	17,834		1,411,739
XPO Logistics, Inc. (a)	10,304		1,270,483
Xylem, Inc.	17,932		1,886,088
			147,373,722
Information Technology (16.2%):
Accenture PLC, Class A	7,643		2,111,379
Adobe, Inc. (a)	3,158		1,501,218
Advanced Micro Devices, Inc. (a)	11,721		920,099
Akamai Technologies, Inc. (a)	16,541		1,685,528
Amphenol Corp., Class A	16,838		1,110,803
Analog Devices, Inc.	11,276		1,748,682
ANSYS, Inc. (a)	4,298		1,459,429
Apple, Inc.	11,121		1,358,430
Applied Materials, Inc.	10,313		1,377,817
Arista Networks, Inc. (a)	4,967		1,499,488
Aspen Technology, Inc. (a)	7,206		1,040,042
Autodesk, Inc. (a)	5,242		1,452,820
Automatic Data Processing, Inc.	10,903		2,054,888
Black Knight, Inc. (a)	25,152		1,860,996
Booz Allen Hamilton Holding Corp.	23,298		1,876,188
Broadcom, Inc.	3,702		1,716,469
Broadridge Financial Solutions, Inc.	16,126		2,468,890
Cadence Design Systems, Inc. (a)	10,796		1,478,944
CDW Corp.	9,895		1,640,096
Ciena Corp. (a)	23,745		1,299,326
Cisco Systems, Inc.	42,456		2,195,399
Citrix Systems, Inc.	11,161		1,566,558
Cognex Corp.	18,708		1,552,577
Cognizant Technology Solutions Corp., Class A	25,440		1,987,373
Corning, Inc.	43,377		1,887,333

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US 500 Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Dell Technologies, Inc., Class C (a)	19,267	$	1,698,386
Dolby Laboratories, Inc., Class A	19,566		1,931,556
Dynatrace, Inc. (a)	18,974		915,306
Entegris, Inc.	12,678		1,417,400
EPAM Systems, Inc. (a)	4,017		1,593,504
F5 Networks, Inc. (a)	8,198		1,710,267
Fair Isaac Corp. (a)	3,107		1,510,157
Fidelity National Information Services, Inc.	12,816		1,802,058
First Solar, Inc. (a)(b)	10,935		954,626
Fiserv, Inc. (a)	14,256		1,697,034
FleetCor Technologies, Inc. (a)	4,670		1,254,502
Fortinet, Inc. (a)	7,878		1,452,861
Gartner, Inc. (a)	8,361		1,526,301
Global Payments, Inc.	7,753		1,562,850
HP, Inc.	56,257		1,786,160
II-VI, Inc. (a)	11,626		794,870
Intel Corp.	21,228		1,358,592
International Business Machines Corp.	14,541		1,937,734
Intuit, Inc.	4,145		1,587,784
IPG Photonics Corp. (a)	6,311		1,331,242
Jack Henry & Associates, Inc.	11,272		1,710,188
Keysight Technologies, Inc. (a)	12,516		1,794,794
KLA Corp.	4,017		1,327,217
Lam Research Corp.	2,079		1,237,504
Leidos Holdings, Inc.	18,680		1,798,510
Manhattan Associates, Inc. (a)	11,698		1,373,111
Marvell Technology Group Ltd.	25,535		1,250,704
Mastercard, Inc., Class A	4,322		1,538,848
Microchip Technology, Inc.	8,659		1,344,050
Micron Technology, Inc. (a)	14,016		1,236,351
Microsoft Corp. (c)	7,419		1,749,178
MKS Instruments, Inc.	7,243		1,342,997
Monolithic Power Systems, Inc.	3,073		1,085,414
Motorola Solutions, Inc.	10,755		2,022,478
NetApp, Inc.	19,471		1,414,958
NVIDIA Corp.	2,137		1,141,008
NXP Semiconductors NV	7,644		1,539,043
ON Semiconductor Corp. (a)	30,197		1,256,497
Oracle Corp.	35,154		2,466,755
Paychex, Inc.	23,261		2,280,042
Paycom Software, Inc. (a)	3,186		1,179,011
Paylocity Holding Corp. (a)	6,282		1,129,692
PayPal Holdings, Inc. (a)	4,744		1,152,033
PTC, Inc. (a)	9,180		1,263,627
Qorvo, Inc. (a)	6,625		1,210,388
QUALCOMM, Inc.	8,814		1,168,648
salesforce.com, Inc. (a)	5,057		1,071,427
Seagate Technology PLC	20,460		1,570,305
ServiceNow, Inc. (a)(c)	2,520		1,260,277
Skyworks Solutions, Inc.	7,040		1,291,699
Square, Inc., Class A (a)	3,856		875,505
SS&C Technologies Holdings, Inc.	30,242		2,113,009
Synopsys, Inc. (a)	5,996		1,485,689
TE Connectivity Ltd.	14,116		1,822,517
Teradyne, Inc.	9,616		1,170,075
Texas Instruments, Inc.	11,012		2,081,158
The Trade Desk, Inc., Class A (a)	1,035		674,468

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US 500 Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
The Western Union Co.	74,130	$	1,828,046
Trimble, Inc. (a)	21,113		1,642,380
Tyler Technologies, Inc. (a)	4,167		1,769,017
Universal Display Corp.	6,657		1,576,178
VeriSign, Inc. (a)	10,625		2,111,825
Visa, Inc., Class A	9,285		1,965,913
VMware, Inc., Class A (a)(b)	11,543		1,736,644
Western Digital Corp.	14,551		971,279
Zebra Technologies Corp. (a)	2,931		1,422,063
Zoom Video Communications, Inc., Class A (a)	1,685		541,374
			139,667,856
Materials (5.4%):
Air Products & Chemicals, Inc.	6,601		1,857,125
Albemarle Corp.	6,192		904,713
AptarGroup, Inc.	17,562		2,488,009
Avery Dennison Corp.	9,265		1,701,517
Ball Corp.	23,104		1,957,833
Celanese Corp.	11,334		1,697,947
CF Industries Holdings, Inc.	26,365		1,196,444
Corteva, Inc.	32,696		1,524,288
Crown Holdings, Inc.	17,870		1,734,105
Dow, Inc.	21,625		1,382,703
Eastman Chemical Co.	13,195		1,453,033
FMC Corp.	17,549		1,941,095
Freeport-McMoRan, Inc. (a)	28,666		943,971
International Flavors & Fragrances, Inc.	10,759		1,502,064
International Paper Co.	30,249		1,635,563
LyondellBasell Industries NV, Class A	10,672		1,110,422
Martin Marietta Materials, Inc.	4,158		1,396,340
Newmont Corp.	27,705		1,669,780
Nucor Corp.	23,357		1,874,866
Packaging Corp. of America	13,281		1,786,029
PPG Industries, Inc.	13,558		2,037,225
Reliance Steel & Aluminum Co.	12,516		1,906,062
RPM International, Inc.	26,597		2,442,934
Steel Dynamics, Inc.	29,131		1,478,690
The Mosaic Co.	30,803		973,683
The Scotts Miracle-Gro Co.	6,371		1,560,704
The Sherwin-Williams Co.	3,213		2,371,226
Vulcan Materials Co.	8,509		1,435,893
Westlake Chemical Corp.	15,656		1,390,096
			47,354,360
Real Estate (0.3%):
CBRE Group, Inc., Class A (a)	15,872		1,255,635
eXp World Holdings, Inc. (a)(b)	9,288		423,068
Jones Lang LaSalle, Inc. (a)	6,257		1,120,253
			2,798,956
Utilities (7.3%):
Alliant Energy Corp.	51,694		2,799,747
Ameren Corp.	33,735		2,744,680
American Electric Power Co., Inc. (c)	31,296		2,650,771
American Water Works Co., Inc.	16,400		2,458,688
Atmos Energy Corp.	24,694		2,441,002

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US 500 Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
CMS Energy Corp.	45,437	$	2,781,653
Consolidated Edison, Inc. (c)	34,444		2,576,411
DTE Energy Co.	17,378		2,313,707
Duke Energy Corp. (c)	25,623		2,473,388
Edison International	33,327		1,952,962
Entergy Corp.	22,790		2,266,921
Essential Utilities, Inc.	47,601		2,130,145
Evergy, Inc. (c)	34,356		2,045,213
Eversource Energy (c)	28,842		2,497,429
Exelon Corp.	50,801		2,222,036
FirstEnergy Corp.	35,563		1,233,680
NextEra Energy, Inc. (c)	26,791		2,025,668
NRG Energy, Inc.	43,042		1,623,975
Pinnacle West Capital Corp.	28,510		2,319,289
PPL Corp.	74,409		2,145,956
Public Service Enterprise Group, Inc.	36,470		2,195,859
Sempra Energy	16,128		2,138,250
The AES Corp.	52,530		1,408,329
The Southern Co. (c)	40,634		2,525,809
UGI Corp.	40,801		1,673,249
Vistra Corp.	66,010		1,167,057
WEC Energy Group, Inc. (c)	30,349		2,840,363
Xcel Energy, Inc. (c)	39,420		2,621,824
			62,274,061
Total Common Stocks (Cost $680,084,012)			851,557,469
Investment Companies (0.4%)
BlackRock Liquidity Funds T-Fund, Institutional Class, 0.03% (d)	3,181,323		3,181,323
Total Investment Companies (Cost $3,181,323)			3,181,323
Collateral for Securities Loaned^ (0.8%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (d)	135,925		135,925
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (d)	3,500,376		3,500,376
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (d)	67,833		67,833
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (d)	540,881		540,881
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (d)	2,431,907		2,431,907
Total Collateral for Securities Loaned (Cost $6,676,922)			6,676,922
Total Investments (Cost $689,942,257) — 100.7%			861,415,714
Liabilities in excess of other assets — (0.7)%			(5,809,062	)
NET ASSETS - 100.00%		$	855,606,652

^	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)	All or a portion of this security has been segregated as collateral for derivative instruments.
(d)	Rate disclosed is the daily yield on March 31, 2021.

PLC—Public Limited Company

Futures Contracts Purchased
	Number of Contracts	Expiration Date		Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini S&P 500 Futures	18	6/18/21	$	3,520,273	$	3,570,660	$	50,387
	Total unrealized appreciation						$	50,387
	Total unrealized depreciation							–
	Total net unrealized appreciation (depreciation)						$	50,387

Victory Portfolios II	Schedule of Portfolio Investments
VictoryShares US EQ Income Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.5%)
Communication Services (3.4%):
Omnicom Group, Inc.	84,728	$	6,282,581
The Interpublic Group of Cos., Inc.	221,831		6,477,465
Verizon Communications, Inc.	250,793		14,583,613
			27,343,659
Consumer Discretionary (2.7%):
Genuine Parts Co.	72,399		8,368,600
Hasbro, Inc.	71,921		6,913,047
Whirlpool Corp.	32,457		7,151,900
			22,433,547
Consumer Staples (19.4%):
Altria Group, Inc.	215,010		10,999,911
Archer-Daniels-Midland Co.	150,582		8,583,174
Bunge Ltd.	92,070		7,298,389
Campbell Soup Co.	199,730		10,040,427
Conagra Brands, Inc.	271,040		10,191,104
General Mills, Inc.	189,616		11,627,253
Kellogg Co.	189,578		12,000,288
Kimberly-Clark Corp.	91,566		12,732,252
PepsiCo, Inc.	97,403		13,777,655
Philip Morris International, Inc.	106,451		9,446,462
The Coca-Cola Co.	197,420		10,406,008
The J.M. Smucker Co.	79,563		10,067,106
The Kraft Heinz Co.	226,880		9,075,200
The Procter & Gamble Co.	114,483		15,504,433
Tyson Foods, Inc., Class A	107,809		8,010,209
			159,759,871
Energy (2.2%):
Kinder Morgan, Inc.	446,595		7,435,806
ONEOK, Inc.	89,492		4,533,665
The Williams Cos., Inc.	255,358		6,049,431
			18,018,902
Financials (21.9%):
Apollo Global Management, Inc.	116,226		5,463,784
Ares Management Corp., Class A	166,275		9,316,389
Citigroup, Inc.	79,545		5,786,899
Citizens Financial Group, Inc.	99,033		4,372,307
CME Group, Inc.	39,640		8,095,677
Comerica, Inc.	59,939		4,300,024
Everest Re Group Ltd.	29,630		7,342,610
Fidelity National Financial, Inc.	187,931		7,641,274
Fifth Third Bancorp	136,584		5,115,071
First Horizon Corp.	270,575		4,575,423
Franklin Resources, Inc.	211,085		6,248,116
Huntington Bancshares, Inc.	291,375		4,580,415
Invesco Ltd.	213,349		5,380,662
KeyCorp	220,520		4,405,990
Lincoln National Corp.	63,760		3,970,335
M&T Bank Corp.	28,173		4,271,309
MetLife, Inc.	103,416		6,286,659
Northern Trust Corp.	66,164		6,954,498
Principal Financial Group, Inc.	90,785		5,443,469

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US EQ Income Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Regions Financial Corp.		220,917	$	4,564,145
Santander Consumer USA Holdings, Inc.		208,009		5,628,724
State Street Corp.		78,307		6,578,571
The Bank of New York Mellon Corp.		149,380		7,064,180
The Blackstone Group, Inc., Class A		121,233		9,035,495
The Carlyle Group, Inc.		205,584		7,557,268
The Hartford Financial Services Group, Inc.		112,591		7,519,953
The PNC Financial Services Group, Inc.		36,103		6,332,827
Truist Financial Corp.		92,029		5,367,131
U.S. Bancorp		115,150		6,368,946
Zions Bancorp NA		75,929		4,173,058
				179,741,209
Health Care (8.0%):
AbbVie, Inc.		83,098		8,992,866
Amgen, Inc.		36,768		9,148,246
Cardinal Health, Inc.		134,565		8,174,824
CVS Health Corp.		115,651		8,700,424
Gilead Sciences, Inc. (a)		150,778		9,744,782
Merck & Co., Inc.		146,337		11,281,119
Pfizer, Inc.		249,190		9,028,154
				65,070,415
Industrials (5.5%):
3M Co.		50,624		9,754,232
General Dynamics Corp.		53,262		9,670,249
Lockheed Martin Corp.		28,294		10,454,633
United Parcel Service, Inc., Class B		42,569		7,236,304
Watsco, Inc.		27,541		7,181,316
				44,296,734
Information Technology (6.9%):
Broadcom, Inc.		16,169		7,496,919
Cisco Systems, Inc.		185,475		9,590,912
International Business Machines Corp.		63,525		8,465,342
NetApp, Inc.		85,060		6,181,310
Paychex, Inc.		101,620		9,960,792
Seagate Technology PLC (b)		89,381		6,859,992
The Western Union Co.		323,843		7,985,968
				56,541,235
Materials (4.8%):
CF Industries Holdings, Inc.		115,180		5,226,868
Dow, Inc.		94,469		6,040,348
International Paper Co.		132,144		7,145,026
LyondellBasell Industries NV, Class A		46,621		4,850,915
Nucor Corp.		102,035		8,190,349
Packaging Corp. of America		58,019		7,802,395
				39,255,901
Utilities (24.7%):
Alliant Energy Corp.		225,829		12,230,898
American Electric Power Co., Inc. (a)		136,721		11,580,269
CMS Energy Corp.		198,500		12,152,170
Consolidated Edison, Inc. (a)		150,473		11,255,380
DTE Energy Co.		75,921		10,108,122
Duke Energy Corp. (a)		111,939		10,805,472

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US EQ Income Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Edison International		145,591	$	8,531,633
Entergy Corp.		99,563		9,903,532
Evergy, Inc. (a)		150,089		8,934,798
Exelon Corp.		221,931		9,707,262
FirstEnergy Corp.		155,363		5,389,542
NRG Energy, Inc.		188,035		7,094,560
Pinnacle West Capital Corp.		124,548		10,131,980
PPL Corp.		325,062		9,374,788
Public Service Enterprise Group, Inc.		159,324		9,592,898
Sempra Energy		70,456		9,341,056
The Southern Co. (a)		177,517		11,034,457
UGI Corp.		178,243		7,309,745
Vistra Corp.		288,370		5,098,382
WEC Energy Group, Inc. (a)		132,581		12,408,257
Xcel Energy, Inc. (a)		172,208		11,453,554
				203,438,755
Total Common Stocks (Cost $708,168,496)				815,900,228
Investment Companies (0.2%)
BlackRock Liquidity Funds T-Fund, Institutional Class, 0.03% (c)		1,392,489		1,392,489
Total Investment Companies (Cost $1,392,489)				1,392,489
Collateral for Securities Loaned^ (0.1%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (c)		13,796		13,796
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (c)		355,277		355,277
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c)		6,885		6,885
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (c)		54,898		54,898
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c)		246,831		246,831
Total Collateral for Securities Loaned (Cost $677,687)				677,687
Total Investments (Cost $710,238,672) — 99.8%				817,970,404
Other assets in excess of liabilities — 0.2%				1,349,019
NET ASSETS - 100.00%			$	819,319,423

^	Purchased with cash collateral from securities on loan.
(a)	All or a portion of this security has been segregated as collateral for derivative instruments.
(b)	All or a portion of this security is on loan.
(c)	Rate disclosed is the daily yield on March 31, 2021.

PLC—Public Limited Company

Futures Contracts Purchased
	Number of Contracts	Expiration Date		Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini S&P 500 Futures	9	6/18/21	$	1,764,286	$	1,785,330	$	21,044
	Total unrealized appreciation						$	21,044
	Total unrealized depreciation							–
	Total net unrealized appreciation (depreciation)						$	21,044

Victory Portfolios II	Schedule of Portfolio Investments
VictoryShares US Discovery Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.7%)
Banks (14.4%):
1st Source Corp.		2,576	$	122,566
Allegiance Bancshares, Inc.		2,930		118,782
Atlantic Union Bankshares Corp.		2,538		97,358
BancFirst Corp.		1,500		106,035
Banner Corp.		1,842		98,234
Brookline Bancorp, Inc.		8,054		120,810
Cathay General Bancorp		2,781		113,409
City Holding Co.		1,840		150,475
Community Trust Bancorp, Inc.		3,081		135,656
ConnectOne Bancorp, Inc.		4,041		102,439
Crossfirst Bankshares, Inc. (a)		7,500		103,425
Customers Bancorp, Inc.		3,173		100,965
CVB Financial Corp.		5,591		123,505
Dime Community Bancshares, Inc.		3,387		102,084
Eagle Bancorp, Inc.		2,069		110,091
Enterprise Financial Services Corp.		2,352		116,283
FB Financial Corp.		2,498		111,061
First Bancorp		8,965		100,946
First Bancorp/Southern Pines NC		2,528		109,968
First Busey Corp.		4,921		126,224
First Commonwealth Financial Corp.		7,337		105,433
First Financial Bancorp		4,175		100,200
First Foundation, Inc.		5,244		123,024
First Interstate BancSystem, Inc., Class A		2,728		125,597
First Merchants Corp.		2,507		116,576
First Midwest Bancorp, Inc.		5,131		112,420
Flushing Financial Corp.		5,144		109,207
Fulton Financial Corp.		6,381		108,668
German American Bancorp, Inc. (b)		3,504		161,955
Great Southern Bancorp, Inc., Class A		2,406		136,348
HarborOne Bancorp, Inc.		11,056		148,924
Heartland Financial USA, Inc.		2,346		117,910
Heritage Financial Corp.		4,284		120,980
Hilltop Holdings, Inc.		3,571		121,878
Hope Bancorp, Inc.		7,485		112,724
Horizon Bancorp, Inc.		5,884		109,325
Independent Bank Corp.		1,309		110,205
International Bancshares Corp.		2,574		119,485
Lakeland Bancorp, Inc.		6,887		120,040
Lakeland Financial Corp.		2,049		141,770
Live Oak Bancshares, Inc. (b)		1,601		109,652
National Bank Holdings Corp., Class A		3,057		121,302
NBT Bancorp, Inc.		3,403		135,780
Nicolet Bankshares, Inc. (a)		1,959		163,499
OFG Bancorp		5,076		114,819
Old National Bancorp		7,021		135,786
Origin Bancorp, Inc.		2,946		124,940
Park National Corp.		835		107,966
Preferred Bank		1,921		122,329
QCR Holdings, Inc.		2,600		122,772
Renasant Corp.		2,886		119,423
S&T Bancorp, Inc.		3,322		111,287
Sandy Spring Bancorp, Inc.		2,751		119,476
Seacoast Banking Corp. of Florida (a)		2,801		101,508
ServisFirst Bancshares, Inc.		2,506		153,693

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US Discovery Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Silvergate Capital Corp., Class A (a)	458	$	65,114
Southside Bancshares, Inc. (c)	3,841		147,917
Stock Yards Bancorp, Inc.	2,548		130,101
The Bancorp, Inc. (a)	4,462		92,453
The First Bancshares, Inc.	3,627		132,784
Tompkins Financial Corp. (b)	1,493		123,471
Towne Bank	3,913		118,955
TriCo Bancshares	2,616		123,920
Tristate Capital Holdings, Inc. (a)	3,794		87,490
Triumph Bancorp, Inc. (a)	1,266		97,976
Trustmark Corp.	4,003		134,741
United Community Banks, Inc.	3,192		108,911
Univest Financial Corp.	4,063		116,161
Veritex Holdings, Inc.	3,609		118,086
Washington Trust Bancorp, Inc.	2,464		127,216
WesBanco, Inc.	3,286		118,493
Westamerica Bancorp	2,630		165,112
			8,566,118
Capital Markets (2.2%):
B Riley Financial, Inc.	1,947		109,772
BGC Partners, Inc., Class A	21,132		102,068
Brightsphere Investment Group, Inc.	5,288		107,769
Cowen, Inc., Class A (b)	3,166		111,285
Federated Hermes, Inc.	4,329		135,498
Piper Sandler Cos.	1,165		127,742
PJT Partners, Inc., Class A	2,282		154,376
Sculptor Capital Management, Inc.	4,150		90,802
StoneX Group, Inc. (a)	2,063		134,879
Victory Capital Holdings, Inc., Class A	5,382		137,564
Virtus Investment Partners, Inc.	459		108,095
			1,319,850
Communication Services (2.8%):
AMC Networks, Inc., Class A (a)	1,067		56,722
Cogent Communications Holdings, Inc. (c)	2,288		157,323
Consolidated Communications Holdings, Inc. (a)	17,513		126,094
Gray Television, Inc.	6,453		118,735
IDT Corp., Class B (a)	3,370		76,364
Loral Space & Communications, Inc.	1,656		62,382
MSG Networks, Inc., Class A (a)	5,703		85,773
QuinStreet, Inc. (a)	4,733		96,080
Sciplay Corp., Class A (a)(b)	4,845		78,392
Shenandoah Telecommunications Co.	3,074		150,042
TechTarget, Inc. (a)	1,123		77,992
Telephone & Data Systems, Inc.	6,981		160,284
The EW Scripps Co., Class A	4,507		86,850
TrueCar, Inc. (a)	12,542		60,013
United States Cellular Corp. (a)	4,617		168,428
WideOpenWest, Inc. (a)	6,382		86,731
			1,648,205
Consumer Discretionary (11.1%):
1-800-Flowers.com, Inc., Class A (a)	2,852		78,744
Adtalem Global Education, Inc. (a)	3,258		128,821
American Public Education, Inc. (a)	3,768		134,254
America’s Car-Mart, Inc. (a)	868		132,256
Beazer Homes USA, Inc. (a)	4,681		97,927

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US Discovery Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Big Lots, Inc.	1,161	$	79,296
Boot Barn Holdings, Inc. (a)	1,331		82,935
Camping World Holdings, Inc., Class A	1,989		72,360
Carriage Services, Inc.	3,902		137,312
Cavco Industries, Inc. (a)	494		111,451
Century Communities, Inc. (a)	1,582		95,426
Citi Trends, Inc. (a)	1,087		91,069
Clarus Corp.	7,719		131,610
Core-Mark Holding Co., Inc.	4,079		157,817
Duluth Holdings, Inc., Class B (a)	6,128		103,809
El Pollo Loco Holdings, Inc. (a)(b)	5,430		87,532
Ethan Allen Interiors, Inc.	4,334		119,662
Franchise Group, Inc.	2,232		80,598
Gentherm, Inc. (a)	1,982		146,886
G-III Apparel Group Ltd. (a)	2,272		68,478
Green Brick Partners, Inc. (a)	4,665		105,802
Group 1 Automotive, Inc.	560		88,362
GrowGeneration Corp. (a)	979		48,647
Haverty Furniture Cos., Inc.	2,801		104,169
Hibbett Sports, Inc. (a)	1,267		87,284
Jack in the Box, Inc.	1,474		161,815
Johnson Outdoors, Inc., Class A	1,115		159,167
Kontoor Brands, Inc.	2,336		113,367
Lands’ End, Inc. (a)	1,968		48,826
La-Z-Boy, Inc.	3,353		142,436
LGI Homes, Inc. (a)	856		127,809
Liquidity Services, Inc. (a)	3,627		67,390
Lumber Liquidators Holdings, Inc. (a)	2,913		73,175
M/I Homes, Inc. (a)	1,735		102,486
Malibu Boats, Inc., Class A (a)	1,268		101,034
MarineMax, Inc. (a)	1,827		90,181
Monarch Casino & Resort, Inc. (a)	1,554		94,203
Monro, Inc.	2,149		141,403
Motorcar Parts of America, Inc. (a)	4,236		95,310
Nautilus, Inc. (a)	2,982		46,638
OneWater Marine, Inc. (a)	2,412		96,384
Overstock.com, Inc. (a)	621		41,147
Papa John’s International, Inc.	1,390		123,210
Perdoceo Education Corp. (a)	8,824		105,535
PetMed Express, Inc. (c)	1,865		65,601
Sally Beauty Holdings, Inc. (a)	5,321		107,112
Shoe Carnival, Inc.	1,877		116,149
Skyline Champion Corp. (a)	2,065		93,462
Smith & Wesson Brands, Inc.	4,229		73,796
Standard Motor Products, Inc.	3,012		125,239
Strategic Education, Inc.	1,144		105,145
Stride, Inc. (a)	3,502		105,445
Sturm Ruger & Co., Inc. (c)	1,678		110,865
Superior Group of Cos., Inc.	2,977		75,675
The Buckle, Inc. (b)	2,232		87,673
The Container Store Group, Inc. (a)	3,207		53,364
Tri Pointe Homes, Inc. (a)	4,802		97,769
Tupperware Brands Corp. (a)	1,278		33,752
Turtle Beach Corp. (a)	2,528		67,422
Universal Electronics, Inc. (a)	2,030		111,589
Vista Outdoor, Inc. (a)	2,304		73,889

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US Discovery Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Winmark Corp.	971	$	181,023
Winnebago Industries, Inc.	1,329		101,948
WW International, Inc. (a)	2,705		84,612
XPEL, Inc. (a)	1,395		72,442
Zumiez, Inc. (a)	2,082		89,318
			6,537,313
Consumer Finance (1.6%):
Encore Capital Group, Inc. (a)	2,798		112,564
Enova International, Inc. (a)	3,002		106,511
FirstCash, Inc.	2,128		139,746
Green Dot Corp., Class A (a)	2,204		100,921
Navient Corp.	8,188		117,170
Nelnet, Inc., Class A	2,203		160,245
PRA Group, Inc. (a)	3,736		138,494
World Acceptance Corp. (a)	581		75,391
			951,042
Consumer Staples (7.0%):
B&G Foods, Inc. (b)	3,468		107,716
Cal-Maine Foods, Inc. (a)	5,192		199,477
Central Garden & Pet Co., Class A (a)	4,090		212,230
Coca-Cola Consolidated, Inc.	550		158,829
Edgewell Personal Care Co.	4,501		178,239
elf Beauty, Inc. (a)	4,674		125,403
Fresh Del Monte Produce, Inc.	5,357		153,371
Hostess Brands, Inc. (a)	15,744		225,768
Ingles Markets, Inc., Class A	2,879		177,490
Inter Parfums, Inc.	1,660		117,744
John B Sanfilippo & Son, Inc.	2,080		187,970
Medifast, Inc.	413		87,482
MGP Ingredients, Inc.	1,918		113,450
Natural Grocers by Vitamin Cottage, Inc.	5,607		98,403
Nu Skin Enterprises, Inc., Class A	1,889		99,909
PriceSmart, Inc.	1,798		173,957
Seneca Foods Corp., Class A (a)	1,921		90,460
SpartanNash Co.	5,295		103,941
Sprouts Farmers Market, Inc. (a)	6,585		175,293
The Andersons, Inc.	3,293		90,162
The Simply Good Foods Co. (a)(b)	4,089		124,387
Tootsie Roll Industries, Inc.	3,772		124,951
TreeHouse Foods, Inc. (a)	2,495		130,339
Turning Point Brands, Inc.	2,133		111,279
United Natural Foods, Inc. (a)	2,631		86,665
Universal Corp.	3,256		192,072
USANA Health Sciences, Inc. (a)(b)	1,381		134,786
Vector Group Ltd.	8,511		118,728
Veru, Inc. (a)	2,597		27,983
Weis Markets, Inc. (c)	3,129		176,851
			4,105,335
Energy (1.4%):
Bonanza Creek Energy, Inc. (a)	2,388		85,323
Cactus, Inc., Class A	2,526		77,346
Clean Energy Fuels Corp. (a)	3,306		45,424
Diamond S Shipping, Inc. (a)	10,285		103,159
Dorian LPG Ltd. (a)	7,939		104,239
Helix Energy Solutions Group, Inc. (a)	11,146		56,287

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US Discovery Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
International Seaways, Inc.	5,277	$	102,268
REX American Resources Corp. (a)	818		68,851
W&T Offshore, Inc. (a)	18,928		67,952
World Fuel Services Corp. (c)	2,552		89,830
			800,679
Health Care (9.1%):
Accuray, Inc. (a)	14,484		71,696
Addus HomeCare Corp. (a)	1,265		132,306
Amneal Pharmaceuticals, Inc. (a)	14,047		94,536
Amphastar Pharmaceuticals, Inc. (a)(b)	9,579		175,487
Antares Pharma, Inc. (a)	25,810		106,079
Apollo Medical Holdings, Inc. (a)	4,793		129,842
Atrion Corp.	258		165,458
BioDelivery Sciences International, Inc. (a)	22,692		88,726
Brookdale Senior Living, Inc. (a)	9,772		59,121
Cara Therapeutics, Inc. (a)	6,236		135,384
Catalyst Pharmaceuticals, Inc. (a)	22,816		105,182
Co-Diagnostics, Inc. (a)(b)	3,036		28,963
Coherus Biosciences, Inc. (a)	6,224		90,933
Collegium Pharmaceutical, Inc. (a)	4,364		103,427
Community Health Systems, Inc. (a)	6,604		89,286
Computer Programs and Systems, Inc.	3,908		119,585
Corcept Therapeutics, Inc. (a)	2,292		54,527
CorVel Corp. (a)	1,734		177,891
Eagle Pharmaceuticals, Inc. (a)	3,239		135,196
Endo International PLC (a)	9,188		68,083
Fulgent Genetics, Inc. (a)	385		37,199
Hanger, Inc. (a)	4,699		107,231
HealthStream, Inc. (a)	7,423		165,830
Infusystem Holdings, Inc. (a)	6,337		129,021
Innoviva, Inc. (a)(b)	10,348		123,659
Integer Holdings Corp. (a)	1,297		119,454
Ironwood Pharmaceuticals, Inc. (a)(b)	13,535		151,321
LeMaitre Vascular, Inc.	2,192		106,926
Luminex Corp.	2,923		93,244
Meridian Bioscience, Inc. (a)	3,239		85,024
ModivCare, Inc. (a)	927		137,307
National HealthCare Corp. (c)	1,793		139,693
National Research Corp. (a)	2,719		127,331
NextGen Healthcare, Inc. (a)	5,353		96,889
Orthofix Medical, Inc. (a)	2,604		112,883
Owens & Minor, Inc.	1,101		41,387
Phibro Animal Health Corp., Class A	5,744		140,154
Prestige Consumer Healthcare, Inc. (a)	4,131		182,093
Retractable Technologies, Inc. (a)(b)	2,529		32,422
SIGA Technologies, Inc. (a)	19,065		123,923
Simulations Plus, Inc.	1,299		82,149
Supernus Pharmaceuticals, Inc. (a)	3,437		89,981
Surmodics, Inc. (a)	2,231		125,092
The Joint Corp. (a)	2,679		129,583
The Pennant Group, Inc. (a)	1,210		55,418
Triple-S Management Corp., Class B (a)	4,612		120,050
U.S. Physical Therapy, Inc.	789		82,135
Vanda Pharmaceuticals, Inc. (a)	5,220		78,404
Vericel Corp. (a)	2,077		115,377

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US Discovery Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Zynex, Inc. (a)(b)	4,347	$	66,379
			5,329,267
Industrials (20.8%):
ACCO Brands Corp.	11,785		99,465
AeroVironment, Inc. (a)	787		91,339
Alamo Group, Inc.	995		155,369
Albany International Corp.	1,488		124,203
Ameresco, Inc., Class A (a)	1,569		76,300
American Woodmark Corp. (a)	1,092		107,649
Apogee Enterprises, Inc.	2,686		109,804
ArcBest Corp.	1,762		123,992
Arcosa, Inc.	2,068		134,606
Argan, Inc.	2,872		153,221
Astec Industries, Inc.	1,637		123,463
Atlas Air Worldwide Holdings, Inc. (a)	2,238		135,265
AZZ, Inc.	2,513		126,530
Barnes Group, Inc.	1,977		97,941
Barrett Business Services, Inc.	1,882		129,595
Blue Bird Corp. (a)	3,177		79,520
Brady Corp., Class A	2,936		156,929
CAI International, Inc.	1,945		88,536
Casella Waste Systems, Inc. (a)	3,100		197,067
CBIZ, Inc. (a)	6,016		196,482
Columbus McKinnon Corp.	2,547		134,380
Comfort Systems USA, Inc.	1,874		140,119
Construction Partners, Inc., Class A (a)	3,251		97,140
CRA International, Inc.	1,895		141,443
CSW Industrials, Inc.	1,023		138,104
Daseke, Inc. (a)	12,140		103,069
Deluxe Corp.	2,107		88,410
Ducommun, Inc. (a)	1,912		114,720
Dycom Industries, Inc. (a)	1,130		104,921
Echo Global Logistics, Inc. (a)	3,957		124,289
Encore Wire Corp.	2,414		162,051
Energy Recovery, Inc. (a)	6,245		114,533
Enerpac Tool Group Corp.	5,000		130,600
Ennis, Inc. (c)	8,455		180,514
ESCO Technologies, Inc.	1,477		160,831
Evoqua Water Technologies Corp. (a)	4,316		113,511
Federal Signal Corp.	4,315		165,264
Forrester Research, Inc. (a)	2,700		114,696
Forward Air Corp.	1,805		160,302
Gibraltar Industries, Inc. (a)	1,350		123,539
GMS, Inc. (a)	2,677		111,765
Great Lakes Dredge & Dock Corp. (a)	8,380		122,180
Griffon Corp.	3,740		101,616
Healthcare Services Group	4,029		112,933
Heartland Express, Inc.	11,560		226,344
Helios Technologies, Inc.	2,091		152,371
Herc Holdings, Inc. (a)	1,021		103,458
Heritage-Crystal Clean, Inc. (a)	3,268		88,661
HNI Corp.	3,228		127,700
Hub Group, Inc., Class A (a)	2,805		188,721
Hyster-Yale Materials Handling, Inc.	1,197		104,283
ICF International, Inc.	1,693		147,968
IES Holdings, Inc. (a)	2,313		116,598

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US Discovery Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Insteel Industries, Inc.	3,643	$	112,350
JELD-WEN Holding, Inc. (a)	2,937		81,326
Kadant, Inc.	727		134,502
Kforce, Inc.	2,063		110,577
Kimball International, Inc., Class B	7,876		110,264
Knoll, Inc.	4,783		78,967
Lindsay Corp.	951		158,456
Marten Transport Ltd.	8,906		151,135
Matson, Inc.	1,208		80,574
McGrath RentCorp	1,841		148,477
Meritor, Inc. (a)	3,347		98,469
Miller Industries, Inc.	4,289		198,108
Mueller Industries, Inc.	3,409		140,962
Mueller Water Products, Inc., Class A	12,608		175,124
MYR Group, Inc. (a)	1,951		139,828
National Presto Industries, Inc.	1,299		132,589
Northwest Pipe Co. (a)	3,050		101,931
NV5 Global, Inc. (a)	1,103		106,517
Omega Flex, Inc.	531		83,834
PAE, Inc. (a)	12,795		115,411
Patrick Industries, Inc.	1,224		104,040
PGT Innovations, Inc. (a)	4,962		125,291
Powell Industries, Inc.	3,786		128,232
Primoris Services Corp.	3,398		112,576
Quanex Building Products Corp.	5,239		137,418
Radiant Logistics, Inc. (a)	16,398		113,966
Raven Industries, Inc.	2,777		106,442
Resources Connection, Inc.	10,491		142,048
Rush Enterprises, Inc., Class A	3,384		168,625
SPX Corp. (a)	2,311		134,662
SPX Flow, Inc.	1,954		123,747
Standex International Corp.	1,351		129,115
Steelcase, Inc., Class A	6,103		87,822
Sterling Construction Co., Inc. (a)	3,642		84,494
Systemax, Inc.	2,754		113,244
Tennant Co.	1,903		152,031
Terex Corp.	2,228		102,644
The Gorman-Rupp Co.	4,115		136,248
The Greenbrier Cos., Inc.	2,143		101,192
Titan Machinery, Inc. (a)	4,137		105,494
Tutor Perini Corp. (a)	5,310		100,625
U.S. Xpress Enterprise, Inc., Class A (a)	7,301		85,787
Vectrus, Inc. (a)	2,302		123,019
Veritiv Corp. (a)	3,139		133,533
Werner Enterprises, Inc.	4,020		189,623
			12,325,629
Information Technology (10.8%):
A10 Networks, Inc. (a)	10,008		96,177
ACM Research, Inc., Class A (a)	529		42,738
ADTRAN, Inc.	6,399		106,735
Alpha & Omega Semiconductor Ltd. (a)	1,986		64,942
American Software, Inc., Class A	6,065		125,546
Avid Technology, Inc. (a)	4,241		89,528
Axcelis Technologies, Inc. (a)	2,500		102,725
AXT, Inc. (a)	4,481		52,248

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US Discovery Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Benchmark Electronics, Inc.	4,684	$	144,829
Calix, Inc. (a)	1,833		63,532
Cambium Networks Corp. (a)	1,283		59,942
Casa Systems, Inc. (a)	8,398		80,033
Cass Information Systems, Inc.	3,033		140,337
ChannelAdvisor Corp. (a)	2,935		69,119
Clearfield, Inc. (a)	2,594		78,157
CSG Systems International, Inc.	3,972		178,303
CTS Corp.	4,071		126,445
Digi International, Inc. (a)	4,105		77,954
Ebix, Inc.	2,053		65,758
eGain Corp. (a)	6,051		57,424
ePlus, Inc. (a)	1,530		152,449
EVERTEC, Inc.	4,065		151,300
ExlService Holdings, Inc. (a)	1,972		177,796
FARO Technologies, Inc. (a)	1,362		117,908
GreenSky, Inc., Class A (a)	13,988		86,586
Ichor Holdings Ltd. (a)	1,953		105,071
Insight Enterprises, Inc. (a)	1,639		156,393
Intelligent Systems Corp. (a)(b)	2,438		99,739
InterDigital, Inc.	2,597		164,780
Kimball Electronics, Inc. (a)	4,214		108,721
Knowles Corp. (a)	7,219		151,021
Luna Innovations, Inc. (a)	7,481		78,775
Methode Electronics, Inc.	3,172		133,161
Mimecast Ltd. (a)	2,646		106,396
Mitek Systems, Inc. (a)	5,756		83,922
Napco Security Technologies, Inc. (a)	3,572		124,413
NETGEAR, Inc. (a)	2,548		104,723
NetScout Systems, Inc. (a)	5,657		159,301
NVE Corp.	1,847		129,476
OSI Systems, Inc. (a)	1,905		183,072
PC Connection, Inc. (b)	2,544		118,016
Perficient, Inc. (a)	2,639		154,962
Photronics, Inc. (a)	9,643		124,009
Plexus Corp. (a)	1,758		161,455
Progress Software Corp.	3,731		164,387
Ribbon Communications, Inc. (a)	9,162		75,220
Sanmina Corp. (a)	3,564		147,478
ShotSpotter, Inc. (a)	1,830		64,178
SMART Global Holdings, Inc. (a)	2,360		108,607
Super Micro Computer, Inc. (a)	3,174		123,976
Sykes Enterprises, Inc. (a)	3,475		153,178
The Hackett Group, Inc.	8,716		142,855
Ultra Clean Holdings, Inc. (a)	1,750		101,570
VirnetX Holding Corp. (b)	12,800		71,296
Vishay Precision Group, Inc. (a)	4,186		128,971
Xperi Holding Corp.	4,442		96,702
			6,334,335
Insurance (2.9%):
American Equity Investment Life Holding Co.	2,452		77,312
American National Group, Inc.	1,706		184,026
AMERISAFE, Inc.	3,242		207,489
eHealth, Inc. (a)	1,067		77,603
Employers Holdings, Inc.	4,723		203,372
Horace Mann Educators Corp.	3,959		171,068

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US Discovery Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
James River Group Holdings Ltd.	3,070	$	140,053
National Western Life Group, Inc., Class A	524		130,476
Palomar Holdings, Inc. (a)	1,060		71,062
Safety Insurance Group, Inc. (c)	2,252		189,731
SiriusPoint Ltd. (a)	13,100		133,227
Stewart Information Services Corp.	2,711		141,053
			1,726,472
Materials (5.7%):
AdvanSix, Inc. (a)	3,227		86,548
American Vanguard Corp.	6,520		133,073
Boise Cascade Co.	2,108		126,122
Chase Corp.	1,152		134,081
Clearwater Paper Corp. (a)	2,602		97,887
Coeur Mining, Inc. (a)	6,346		57,304
Compass Minerals International, Inc.	2,224		139,490
Futurefuel Corp.	7,374		107,144
GCP Applied Technologies, Inc. (a)	5,034		123,534
Glatfelter Corp.	7,579		129,980
Greif, Inc., Class A	2,439		139,023
H.B. Fuller Co.	2,510		157,904
Hawkins, Inc.	1,911		64,057
Ingevity Corp. (a)	1,450		109,519
Innospec, Inc.	1,252		128,568
Kaiser Aluminum Corp.	816		90,168
Koppers Holdings, Inc. (a)	2,547		88,534
Materion Corp.	1,943		128,704
Minerals Technologies, Inc.	1,657		124,805
Myers Industries, Inc.	6,163		121,781
O-I Glass, Inc. (a)	7,081		104,374
Orion Engineered Carbons SA (a)	4,981		98,225
PQ Group Holdings, Inc.	7,122		118,937
Rayonier Advanced Materials, Inc. (a)	5,474		49,649
Schnitzer Steel Industries, Inc.	2,941		122,904
Schweitzer-Mauduit International, Inc.	2,682		131,337
Stepan Co.	1,372		174,396
SunCoke Energy, Inc.	10,909		76,472
Trinseo SA	1,284		81,752
U.S. Concrete, Inc. (a)	1,387		101,695
			3,347,967
Real Estate (1.7%):
Forestar Group, Inc. (a)	6,942		161,609
Kennedy-Wilson Holdings, Inc.	7,661		154,829
Marcus & Millichap, Inc. (a)	4,254		143,360
Newmark Group, Inc., Class A	8,002		80,060
RE/MAX Holdings, Inc.	3,185		125,457
Tejon Ranch Co. (a)	9,581		160,386
The RMR Group, Inc., Class A	2,586		105,535
The St. Joe Co.	2,133		91,506
			1,022,742
Thrifts & Mortgage Finance (4.3%):
Axos Financial, Inc. (a)	2,399		112,777
Capitol Federal Financial, Inc.	10,683		141,496
Columbia Financial, Inc. (a)(c)	9,911		173,245
Federal Agricultural Mortgage Corp., Class C	1,614		162,562

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares US Discovery Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Flagstar Bancorp, Inc.	3,038	$	137,014
HomeStreet, Inc.	2,788		122,867
Kearny Financial Corp.	10,431		126,006
Merchants Bancorp	3,486		146,203
Meridian Bancorp, Inc.	6,800		125,256
Meta Financial Group, Inc.	2,056		93,157
Mr. Cooper Group, Inc. (a)	3,382		117,558
NMI Holdings, Inc., Class A (a)	4,300		101,652
Northfield Bancorp, Inc.	8,894		141,592
Northwest Bancshares, Inc. (c)	8,910		128,750
Oceanfirst Financial Corp.	4,884		116,923
Premier Financial Corp.	3,125		103,938
Provident Financial Services, Inc.	5,488		122,273
TrustCo Bank Corp.	18,450		135,977
Washington Federal, Inc.	3,878		119,442
WSFS Financial Corp.	1,857		92,460
			2,521,148
Utilities (3.9%):
American States Water Co.	2,571		194,420
Avista Corp.	4,347		207,570
California Water Service Group	3,192		179,837
Chesapeake Utilities Corp.	1,474		171,102
MGE Energy, Inc.	2,963		211,528
Middlesex Water Co.	2,070		163,571
Northwest Natural Holding Co.	2,755		148,632
NorthWestern Corp.	2,750		179,300
Otter Tail Corp. (c)	4,057		187,312
SJW Group	2,623		165,223
South Jersey Industries, Inc.	5,367		121,187
The York Water Co.	3,832		187,653
Unitil Corp. (c)	3,825		174,764
			2,292,099
Total Common Stocks (Cost $49,553,695)			58,828,201
Investment Companies (0.2%)
BlackRock Liquidity Funds T-Fund, Institutional Class, 0.03% (d)	119,109		119,109
Total Investment Companies (Cost $119,109)			119,109
Collateral for Securities Loaned^ (1.4%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (d)	16,959		16,959
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (d)	436,729		436,729
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (d)	8,463		8,463
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (d)	67,484		67,484
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (d)	303,420		303,420
Total Collateral for Securities Loaned (Cost $833,055)			833,055
Total Investments (Cost $50,505,859) — 101.3%			59,780,365
Liabilities in excess of other assets — (1.3)%			(789,812	)
NET ASSETS - 100.00%		$	58,990,553

^	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)	All or a portion of this security has been segregated as collateral for derivative instruments.
(d)	Rate disclosed is the daily yield on March 31, 2021.

PLC—Public Limited Company

Futures Contracts Purchased
	Number of Contracts	Expiration Date		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Russell 2000 Mini Index Future	1	6/18/21	$	114,132	$	111,125	$	(3,007	)
	Total unrealized appreciation						$	–
	Total unrealized depreciation							(3,007	)
	Total net unrealized appreciation (depreciation)						$	(3,007	)

Victory Portfolios II	Schedule of Portfolio Investments
VictoryShares Developed Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (98.6%)
Australia (4.4%):
Communication Services (0.4%):
REA Group Ltd.		654	$	70,395
Telstra Corp. Ltd.		40,952		105,736
				176,131
Consumer Discretionary (0.2%):
Aristocrat Leisure Ltd.		2,660		69,387
Consumer Staples (0.8%):
Coles Group Ltd.		8,385		101,945
Wesfarmers Ltd.		2,830		113,193
Woolworths Group Ltd.		3,513		109,032
				324,170
Financials (1.5%):
ASX Ltd.		2,134		115,141
Australia & New Zealand Banking Group Ltd.		3,861		82,625
Commonwealth Bank of Australia		1,540		100,692
Macquarie Group Ltd.		797		92,499
National Australia Bank Ltd.		4,101		80,972
Suncorp Group Ltd.		8,256		62,069
Westpac Banking Corp.		4,202		77,892
				611,890
Health Care (0.7%):
CSL Ltd.		417		83,806
Ramsay Health Care Ltd.		1,591		80,950
Sonic Healthcare Ltd.		3,904		104,031
				268,787
Industrials (0.2%):
Brambles Ltd.		12,787		102,736
Materials (0.6%):
BHP Group Ltd.		2,012		69,214
Fortescue Metals Group Ltd.		2,936		44,570
Newcrest Mining Ltd.		3,817		70,785
Rio Tinto Ltd.		792		66,610
				251,179
				1,804,280
Austria (0.4%):
Energy (0.1%):
OMV AG		1,118		56,712
Financials (0.2%):
Erste Group Bank AG (a)		1,800		61,040
Utilities (0.1%):
Verbund AG (b)		837		60,851
				178,603
Belgium (1.1%):
Financials (0.8%):
Ageas SA		1,239		74,909
Groupe Bruxelles Lambert SA		959		99,250
KBC Group NV (a)		779		56,634
Sofina SA		285		96,413
				327,206
Health Care (0.2%):
UCB SA		689		65,538

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares Developed Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Materials (0.1%):
Umicore SA		1,060	$	56,219
				448,963
Canada (11.6%):
Communication Services (0.9%):
BCE, Inc. (c)		3,232		145,922
Rogers Communications, Inc., Class B		2,034		93,809
TELUS Corp. (b)(c)		6,353		126,554
				366,285
Consumer Discretionary (0.7%):
Dollarama, Inc.		2,619		115,724
Magna International, Inc.		731		64,391
Restaurant Brands International, Inc.		1,316		85,600
				265,715
Consumer Staples (1.6%):
Alimentation Couche-Tard, Inc., Class B		2,681		86,458
George Weston Ltd.		1,714		151,798
Loblaw Cos. Ltd.		2,764		154,423
Metro, Inc.		3,219		146,872
Saputo, Inc.		3,382		101,716
				641,267
Energy (0.4%):
Enbridge, Inc.		2,627		95,713
TC Energy Corp. (b)		1,929		88,444
				184,157
Financials (3.4%):
Bank of Montreal		1,171		104,398
Canadian Imperial Bank of Commerce (b)		1,618		158,452
Fairfax Financial Holdings Ltd.		182		79,456
Great-West Lifeco, Inc.		4,154		110,553
Intact Financial Corp.		892		109,326
Manulife Financial Corp.		3,702		79,638
National Bank of Canada (b)		1,953		132,692
Power Corp. of Canada (b)		4,314		113,403
Royal Bank of Canada		1,660		153,079
Sun Life Financial, Inc.		2,154		108,874
The Bank of Nova Scotia		1,977		123,702
The Toronto-Dominion Bank		1,901		124,000
				1,397,573
Industrials (1.4%):
Canadian National Railway Co.		991		115,024
Canadian Pacific Railway Ltd. (b)		293		111,930
Thomson Reuters Corp.		1,160		101,635
Waste Connections, Inc.		1,223		132,150
WSP Global, Inc.		986		93,821
				554,560
Information Technology (0.8%):
CGI, Inc. (a)		1,170		97,474
Constellation Software, Inc.		61		85,203
Open Text Corp.		2,311		110,207
Shopify, Inc., Class A (a)		31		34,230
				327,114
Materials (1.0%):
Aginco Eagle Mines Ltd.		974		56,316
Barrick Gold Corp.		3,084		61,189

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares Developed Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
CCL Industries, Inc.		1,547	$	85,593
Franco-Nevada Corp.		648		81,220
Nutrien Ltd.		1,291		69,559
Wheaton Precious Metals Corp.		1,360		51,954
				405,831
Utilities (1.4%):
Algonquin Power & Utilities Corp.  (b)		6,972		110,476
Emera, Inc.		3,435		152,901
Fortis, Inc.  (b)		3,792		164,566
Hydro One Ltd.  (d)		6,216		144,801
				572,744
				4,715,246
Denmark (2.8%):
Consumer Discretionary (0.1%):
Pandora A/S  (a)		507		54,324
Consumer Staples (0.2%):
Carlsberg A/S, Class B		551		84,666
Financials (0.3%):
Danske Bank A/S		3,802		71,154
Tryg A/S		2,754		64,957
				136,111
Health Care (1.0%):
Ambu A/S, Class B  (b)		911		42,788
Coloplast A/S, Class B		558		83,912
Demant A/S  (a)		1,369		57,997
Genmab A/S  (a)		199		65,480
GN Store Nord A/S		849		66,848
Novo Nordisk A/S, Class B		1,309		88,693
				405,718
Industrials (0.5%):
AP Moller - Maersk A/S, Class B		28		65,049
DSV PANALPINA A/S		443		86,922
Vestas Wind Systems A/S		285		58,505
				210,476
Materials (0.5%):
Christian Hansen Holding A/S  (a)		1,077		97,875
Novozymes A/S, B Shares		1,472		94,295
				192,170
Utilities (0.2%):
Orsted A/S  (b)(d)		409		66,064
				1,149,529
Finland (1.9%):
Communication Services (0.3%):
Elisa Oyj		1,819		109,079
Consumer Staples (0.3%):
Kesko Oyj, Class B		3,344		102,264
Energy (0.1%):
Neste Oyj		1,031		54,717
Financials (0.2%):
Nordea Bank Abp		8,980		88,463
Industrials (0.4%):
Kone Oyj, Class B		1,339		109,374

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares Developed Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Metso Outotec Oyj (a)		5,143	$	57,321
				166,695
Materials (0.4%):
Stora Enso Oyj, Class R		4,066		75,831
UPM-Kymmene Oyj		2,310		82,967
				158,798
Utilities (0.2%):
Fortum Oyj		3,278		87,484
				767,500
France (7.6%):
Communication Services (0.8%):
Iliad SA		502		95,419
Orange SA		7,250		89,306
Publicis Groupe SA		1,049		64,012
Vivendi SA		2,053		67,405
				316,142
Consumer Discretionary (0.9%):
Cie Generale des Etablissements Michelin SCA		567		84,870
Hermes International		95		105,158
Kering SA		119		82,132
LVMH Moet Hennessy Louis Vuitton SE		126		83,935
				356,095
Consumer Staples (1.1%):
Carrefour SA		4,035		73,077
Danone SA		1,285		88,147
L’Oreal SA		281		107,680
Pernod Ricard SA		500		93,837
Remy Cointreau SA		452		83,477
				446,218
Financials (0.9%):
Amundi SA (d)		1,072		85,729
AXA SA		2,991		80,263
BNP Paribas SA (a)		843		51,283
CNP Assurances		3,084		58,620
Credit Agricole SA		3,963		57,367
Natixis SA (a)		9,160		43,845
				377,107
Health Care (0.5%):
BioMerieux		460		58,524
Sanofi (b)		1,058		104,521
Sartorius Stedim Biotech (b)		122		50,242
				213,287
Industrials (2.4%):
Alstom SA (a)		1,357		67,658
Bollore SA		14,898		71,939
Bouygues SA		1,764		70,721
Bureau Veritas SA		3,254		92,605
Cie de Saint-Gobain		1,477		87,150
Edenred		1,402		73,223
Eiffage SA		594		59,455
Legrand SA		1,098		102,125
Safran SA (a)		390		53,071
Schneider Electric SE		612		93,471
Teleperformance		217		79,084
Thales SA		621		61,692

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares Developed Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Vinci SA		563	$	57,672
				969,866
Information Technology (0.5%):
Capgemini SE		462		78,606
Dassault Systemes SA		420		89,830
Worldline SA (a)(d)		731		61,236
				229,672
Materials (0.3%):
Air Liquide SA		781		127,570
Utilities (0.2%):
Veolia Environnement SA		2,680		68,696
				3,104,653
Germany (6.8%):
Communication Services (0.3%):
Deutsche Telekom AG		5,940		119,593
Consumer Discretionary (1.0%):
adidas AG (a)		197		61,492
Bayerische Motoren Werke AG		884		91,706
Daimler AG		794		70,768
HelloFresh SE (a)		478		35,648
Puma SE (a)(b)		726		71,118
Zalando SE (a)(d)		551		54,040
				384,772
Consumer Staples (0.2%):
Beiersdorf AG		927		97,938
Financials (1.1%):
Allianz SE, Registered Shares		326		82,971
Deutsche Bank AG, Registered Shares (a)		4,832		57,725
Deutsche Boerse AG		542		90,057
Hannover Rueck SE		470		85,864
Muenchener Rueckversicherungs-Gesellschaft AG, Class R		237		72,978
Talanx AG		1,733		73,481
				463,076
Health Care (0.8%):
Carl Zeiss Meditec AG		471		70,970
Fresenius Medical Care AG & Co. KGaA		1,139		83,768
Fresenius SE & Co. KGaA		1,731		77,090
Merck KGaA		562		96,082
				327,910
Industrials (1.1%):
Brenntag SE		1,034		88,267
Deutsche Post AG, Registered Shares		1,831		100,309
KION Group AG		742		73,259
MTU Aero Engines AG		200		47,068
Rational AG		78		60,594
Siemens AG, Registered Shares		471		77,321
				446,818
Information Technology (0.4%):
Infineon Technologies AG		1,374		58,251
SAP SE		473		57,915
TeamViewer AG (a)(b)(d)		1,018		43,487
				159,653

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares Developed Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Materials (0.7%):
Covestro AG (d)		934	$	62,799
Evonik Industries AG		2,614		92,445
Symrise AG		886		107,424
				262,668
Real Estate (0.7%):
Deutsche Wohnen SE (b)		1,757		81,957
LEG Immobilien SE		821		107,976
Vonovia SE		1,436		93,790
				283,723
Utilities (0.5%):
E.ON SE		10,550		122,768
RWE AG		2,062		80,806
				203,574
				2,749,725
Hong Kong (4.0%):
Consumer Discretionary (0.3%):
Techtronic Industries Co. Ltd.		3,149		53,875
Xinyi Glass Holdings Ltd.		18,000		58,813
				112,688
Consumer Staples (0.2%):
WH Group Ltd. (d)		77,085		62,471
Financials (0.5%):
AIA Group Ltd.		5,197		63,042
Hang Seng Bank Ltd.		4,701		91,011
Hong Kong Exchanges and Clearing Ltd.		1,017		59,839
				213,892
Health Care (0.1%):
Sino Biopharmaceutical Ltd.		48,728		48,767
Industrials (0.5%):
CK Hutchison Holdings Ltd.		10,511		83,763
MTR Corp. Ltd.		17,543		99,407
				183,170
Real Estate (1.0%):
CK Asset Holdings Ltd.		13,627		82,739
Henderson Land Development Co. Ltd.		22,630		101,596
New World Development Co. Ltd.		14,635		75,681
Sino Land Co. Ltd.		52,133		72,561
Sun Hung Kai Properties Ltd.		5,776		87,526
				420,103
Utilities (1.4%):
China Common Rich Renewable Energy INV Ltd. (a)(e)(f)		26,000		669
CK Infrastructure Holdings Ltd.		17,194		102,185
CLP Holdings Ltd.		15,446		150,013
Hong Kong and China Gas Co. Ltd.		95,534		151,158
Power Assets Holdings Ltd. (c)		27,217		160,701
				564,726
				1,605,817
Ireland (1.1%):
Consumer Discretionary (0.2%):
Flutter Entertainment PLC		360		76,939
Consumer Staples (0.3%):
Kerry Group PLC		807		100,969

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares Developed Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Industrials (0.3%):
Experian PLC		2,329	$	80,161
Kingspan Group PLC		714		60,532
				140,693
Materials (0.3%):
CRH PLC		1,522		71,334
Smurfit Kappa Group PLC		1,460		68,753
				140,087
Israel (0.4%):				458,688
Financials (0.2%):
Bank Hapoalim BM  (a)		12,486		97,083
Information Technology (0.2%):
Nice Ltd.  (a)		316		68,280
				165,363
Italy (2.8%):
Communication Services (0.4%):
Infrastrutture Wireless Italiane SpA  (b)(d)		8,392		93,484
Telecom Italia SpA		118,957		64,332
				157,816
Consumer Discretionary (0.2%):
Moncler SpA		1,138		65,213
Energy (0.2%):
Snam SpA		17,829		98,844
Financials (1.0%):
Assicurazioni Generali SpA		4,866		97,342
FinecoBank Banca Fineco SpA  (a)(b)		4,445		72,736
Intesa Sanpaolo SpA		28,372		76,868
Mediobanca Banca di Credito Finanziario SpA  (a)		6,361		70,531
Poste Italiane SpA  (d)		6,714		85,341
				402,818
Health Care (0.3%):
DiaSorin SpA		279		44,755
Recordati Industria Chimica e Farmaceutica SpA  (b)		1,692		91,007
				135,762
Information Technology (0.2%):
Nexi SpA  (a)(b)(d)		3,587		62,587
Utilities (0.5%):
Enel SpA		8,780		87,438
Terna Rete Elettrica Nazionale SpA		14,507		109,516
				196,954
Japan (19.2%):
Communication Services (1.2%):
KDDI Corp.		3,208		98,376
Nexon Co. Ltd.		1,500		48,641
Nintendo Co. Ltd.  (c)		100		55,830
Nippon Telegraph & Telephone Corp.		3,928		100,834
Softbank Corp.		8,100		105,247
SoftBank Group Corp.		600		50,564

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares Developed Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Z Holdings Corp.		7,730	$	38,444
				497,936
Consumer Discretionary (2.8%):
Bandai Namco Holdings, Inc.		900		64,165
Fast Retailing Co. Ltd.		100		79,604
Honda Motor Co. Ltd.		2,200		65,954
Koito Manufacturing Co. Ltd.		800		53,618
Nitori Holdings Co. Ltd.		530		102,568
Pan Pacific International Holdings Corp.		3,300		77,828
Panasonic Corp.		5,100		65,575
Sekisui House Ltd.		4,672		100,184
Sharp Corp.  (b)		2,700		46,581
Shimano, Inc.		240		57,176
Sony Group Corp.		700		73,313
Subaru Corp.		3,200		63,705
Sumitomo Electric Industries Ltd.		4,600		68,890
Suzuki Motor Corp.		1,300		59,005
Toyota Industries Corp.		908		80,868
Toyota Motor Corp.		1,224		95,258
				1,154,292
Consumer Staples (1.6%):
Ajinomoto Co., Inc.		3,900		79,807
Asahi Group Holdings Ltd.		1,360		57,306
Japan Tobacco, Inc.		5,444		104,494
Kao Corp.		1,418		93,667
Kikkoman Corp.		900		53,572
Kirin Holdings Co. Ltd.		4,400		84,276
Seven & i Holdings Co. Ltd.		1,800		72,563
Unicharm Corp.		2,094		87,857
				633,542
Financials (2.8%):
Dai-ichi Life Holdings, Inc.		3,488		59,924
Japan Exchange Group, Inc.		3,300		77,351
Japan Post Bank Co. Ltd.  (b)		9,912		95,261
Japan Post Holdings Co. Ltd.		9,400		83,777
Japan Post Insurance Co. Ltd.		3,400		69,836
Mitsubishi UFJ Financial Group, Inc.		16,500		88,186
Mizuho Financial Group, Inc.		6,000		86,659
MS&AD Insurance Group Holdings, Inc.		3,200		93,910
Nomura Holdings, Inc.		13,500		70,896
ORIX Corp.		3,568		60,203
Sompo Holdings, Inc.		2,300		88,128
Sumitomo Mitsui Financial Group, Inc.		2,484		89,905
Sumitomo Mitsui Trust Holdings, Inc.  (b)		2,400		83,656
Tokio Marine Holdings, Inc.		1,500		71,335
				1,119,027
Health Care (2.6%):
Astellas Pharma, Inc.		5,452		83,816
Chugai Pharmaceutical Co. Ltd.		1,490		60,416
Daiichi Sankyo Co. Ltd.		2,300		66,999
Eisai Co. Ltd.		654		43,827
Hoya Corp.		618		72,596
Kyowa Kirin Co. Ltd.		2,900		86,704
M3, Inc.		700		47,870
Olympus Corp.		2,800		57,942
Ono Pharmaceutical Co. Ltd.		3,184		83,116
Otsuka Holdings Co. Ltd.		2,300		97,372

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares Developed Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Shionogi & Co. Ltd.		1,728	$	92,901
Sysmex Corp.		774		83,371
Takeda Pharmaceutical Co. Ltd.		2,800		100,786
Terumo Corp.		2,200		79,467
				1,057,183
Industrials (3.2%):
Daifuku Co. Ltd.		700		68,539
Daikin Industries Ltd.		366		73,789
FANUC Corp.		230		54,399
ITOCHU Corp.		3,900		126,360
Komatsu Ltd.		2,388		73,747
Kubota Corp.		3,204		72,916
Makita Corp.		1,500		64,290
Mitsubishi Corp.		3,592		101,553
Mitsubishi Electric Corp.		6,052		92,193
Mitsui & Co. Ltd.		3,686		76,643
MonotaRO Co. Ltd.		1,600		43,270
Nidec Corp.		554		67,230
Recruit Holdings Co. Ltd.		1,220		59,518
Secom Co. Ltd.		1,110		93,374
SG Holdings Co. Ltd.		2,000		45,831
SMC Corp.		114		66,221
Toshiba Corp.		2,000		67,564
Toyota Tsusho Corp.		1,600		67,130
				1,314,567
Information Technology (3.4%):
Advantest Corp.		600		52,461
Canon, Inc.		2,514		56,827
Disco Corp.		200		62,777
FUJIFILM Holdings Corp.		1,660		98,526
Fujitsu Ltd.		500		72,261
Hitachi Ltd.		1,500		67,799
Keyence Corp.		128		58,121
Kyocera Corp.		1,300		82,490
Lasertec Corp.		400		52,461
Murata Manufacturing Co. Ltd.		1,002		80,026
NEC Corp.		1,300		76,560
Nomura Research Institute Ltd.		2,174		67,256
NTT Data Corp.		4,308		66,657
Obic Co. Ltd.		500		91,365
Omron Corp.  (b)		1,000		78,042
Oracle Corp.		700		68,287
Renesas Electronics Corp.  (a)		4,600		49,860
TDK Corp.		500		69,235
Tokyo Electron Ltd.		126		53,252
Yaskawa Electric Corp.		1,400		69,678
				1,373,941
Materials (1.0%):
Asahi Kasei Corp.		5,900		67,921
Nippon Paint Holdings Co. Ltd.		3,190		45,958
Nitto Denko Corp.		1,000		85,448
Shin-Etsu Chemical Co. Ltd.		470		79,006
Sumitomo Metal Mining Co. Ltd.		1,300		56,117
Toray Industries, Inc.		9,700		62,427
				396,877

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares Developed Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Real Estate (0.6%):
Daiwa House Industry Co. Ltd.		2,400	$	70,259
Mitsubishi Estate Co. Ltd.		4,252		74,221
Mitsui Fudosan Co. Ltd.		2,378		53,989
Sumitomo Realty & Development Co. Ltd.		1,600		56,450
				254,919
				7,802,284
Korea, Republic Of (4.3%):
Communication Services (0.7%):
Kakao Corp.		133		58,531
NAVER Corp.		174		57,969
NCSoft Corp.		64		49,375
Netmarble Corp.  (d)		416		47,423
SK Telecom Co. Ltd.		338		82,140
				295,438
Consumer Discretionary (0.4%):
Hyundai Mobis Co. Ltd.		155		39,996
Hyundai Motor Co.		196		37,759
Kia Corp.		566		41,465
LG Electronics, Inc.		271		35,923
				155,143
Consumer Staples (0.6%):
Amorepacific Corp.		254		58,023
KT&G Corp.		1,463		105,239
LG Household & Health Care Ltd.		51		70,758
				234,020
Financials (0.7%):
Hana Financial Group, Inc.		1,714		64,828
KB Financial Group, Inc.		1,593		79,115
Samsung Life Insurance Co. Ltd.		680		46,932
Shinhan Financial Group Co. Ltd.		2,281		75,489
				266,364
Health Care (0.3%):
Celltrion Healthcare Co. Ltd.  (a)		337		40,540
Celltrion, Inc.  (a)		156		44,861
Samsung Biologics Co. Ltd.  (a)(d)		88		58,169
				143,570
Industrials (0.2%):
LG Corp.		568		45,376
Samsung C&T Corp.		485		53,360
				98,736
Information Technology (0.7%):
Samsung Electro-Mechanics Co. Ltd.		378		62,632
Samsung Electronics Co. Ltd.		991		71,286
Samsung SDI Co. Ltd.		84		48,993
Samsung SDS Co. Ltd.		335		57,284
SK Hynix, Inc.		450		52,691
				292,886
Materials (0.5%):
LG Chem Ltd.		57		40,549
Lotte Chemical Corp.		151		40,165
POSCO		255		72,110
POSCO Chemical Co. Ltd.		295		40,408
				193,232

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares Developed Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Utilities (0.2%):
Korea Electric Power Corp.		3,068	$	62,764
				1,742,153
Luxembourg (0.3%):
Health Care (0.2%):
Eurofins Scientific SE  (a)		673		64,324
Real Estate (0.1%):
Aroundtown SA		7,536		53,639
				117,963
Netherlands (2.9%):
Communication Services (0.2%):
Koninklijke KPN NV		24,336		82,584
Consumer Staples (0.5%):
Davide Campari-Milano NV  (b)		8,199		91,834
Koninklijke Ahold Delhaize NV		4,283		119,278
				211,112
Financials (0.5%):
Aegon NV		9,884		46,939
ING Groep NV		4,346		53,163
NN Group NV		1,770		86,527
				186,629
Health Care (0.2%):
Koninklijke Philips NV		1,554		88,696
Industrials (0.5%):
Randstad NV		1,026		72,161
Wolters Kluwer NV		1,309		113,768
				185,929
Information Technology (0.5%):
Adyen NV  (a)(d)		25		55,801
ASM International NV		211		61,359
ASML Holding NV		134		81,235
				198,395
Materials (0.5%):
Akzo Nobel NV		907		101,335
Koninklijke DSM NV		610		103,215
				204,550
				1,157,895
New Zealand (0.3%):
Health Care (0.1%):
Fisher & Paykel Healthcare Corp. Ltd.		2,622		58,765
Information Technology (0.2%):
Xero Ltd.  (a)		716		68,798
				127,563
Norway (1.8%):
Communication Services (0.3%):
Telenor ASA		6,779		119,336
Consumer Staples (0.5%):
Mowi ASA		2,683		66,594
Orkla ASA, Class A		12,931		126,810
				193,404

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares Developed Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Energy (0.2%):
Aker BP ASA		2,226	$	63,219
Financials (0.4%):
DNB ASA		3,680		78,341
Gjensidige Forsikring ASA		4,103		96,272
				174,613
Materials (0.4%):
Norsk Hydro ASA		12,021		76,997
Yara International ASA		1,954		101,662
				178,659
				729,231
Portugal (0.5%):
Consumer Staples (0.3%):
Jeronimo Martins SGPS SA		7,147		120,260
Utilities (0.2%):
Energias de Portugal SA  (b)		14,607		83,414
				203,674
Russian Federation (0.1%):
Materials (0.1%):
Polymetal International PLC		2,834		55,451
Singapore (1.3%):
Communication Services (0.2%):
Singapore Telecommunications Ltd.		59,800		108,493
Consumer Staples (0.2%):
Wilmar International Ltd.		19,362		78,029
Financials (0.9%):
DBS Group Holdings Ltd.		4,978		106,563
Oversea-Chinese Banking Corp. Ltd.		14,838		129,635
United Overseas Bank Ltd.		6,292		120,844
				357,042
				543,564
Spain (1.4%):
Communication Services (0.1%):
Telefonica SA		12,062		53,987
Consumer Discretionary (0.2%):
Industria de Diseno Textil SA		1,986		65,438
Financials (0.2%):
Banco Bilbao Vizcaya Argentaria SA		7,790		40,429
CaixaBank SA		16,698		51,672
				92,101
Health Care (0.2%):
Grifols SA		2,964		77,609
Industrials (0.1%):
ACS Actividades de Construccion y Servicios SA		1,394		46,194
Utilities (0.6%):
Endesa SA		4,039		106,847
Iberdrola SA		9,211		118,646
				225,493
				560,822

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares Developed Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Sweden (5.5%):
Consumer Discretionary (0.3%):
Evolution Gaming Group AB  (b)(d)		402	$	59,218
Hennes & Mauritz AB, Class B  (a)		2,469		55,644
				114,862
Consumer Staples (0.7%):
Essity AB, Class B  (b)		3,381		106,852
ICA Gruppen AB		2,233		109,220
Swedish Match AB		1,021		79,739
				295,811
Energy (0.2%):
Lundin Energy AB		1,707		53,654
Financials (1.7%):
EQT AB  (b)		1,637		53,910
Industrivarden AB, Class C		2,944		103,327
Investor AB, Class B		1,418		113,115
Kinnevik AB, Class B		1,458		70,912
L E Lundbergforetagen AB, Class B  (a)		1,928		105,300
Skandinaviska Enskilda Banken AB, Class A  (b)		6,895		84,075
Svenska Handelsbanken AB, Class A		7,845		85,244
Swedbank AB, Class A  (b)		4,578		80,705
				696,588
Industrials (1.8%):
Alfa Laval AB  (a)		2,417		73,092
Assa Abloy AB, Class B		3,059		87,951
Atlas Copco AB, Class A		1,515		92,254
Epiroc AB, Class A		4,207		95,320
Nibe Industrier AB, Class B		2,369		73,485
Sandvik AB  (a)		2,596		70,951
Skanska AB, Class B  (b)		3,180		79,773
SKF AB, B Shares  (b)		2,780		79,037
Volvo AB, Class B		3,047		77,100
				728,963
Information Technology (0.4%):
Hexagon AB, Class B		1,107		102,154
Telefonaktiebolaget LM Ericsson, Class B		5,531		73,208
				175,362
Materials (0.4%):
Boliden AB		1,818		67,472
Svenska Cellulosa AB SCA, Class B  (a)		5,821		103,051
				170,523
				2,235,763
Switzerland (7.0%):
Communication Services (0.3%):
Swisscom AG, Registered Shares		269		144,321
Consumer Discretionary (0.2%):
Cie Financiere Richemont SA, Registered Shares		734		70,479
Consumer Staples (1.2%):
Barry Callebaut AG, Registered Shares		62		140,140
Chocoladefabriken Lindt & Spruengli AG		13		113,492
Coca-Cola HBC AG		2,173		69,190
Nestle SA, Registered Shares		1,433		159,738
				482,560

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares Developed Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Financials (1.3%):
Credit Suisse Group AG, Registered Shares		4,675	$	48,986
Julius Baer Group Ltd.		1,238		79,179
Partners Group Holding AG		91		116,230
Swiss Life Holding AG		176		86,529
UBS Group AG		5,090		78,828
Zurich Insurance Group AG		254		108,427
				518,179
Health Care (1.0%):
Lonza Group AG, Registered Shares		129		72,131
Novartis AG, Registered Shares		1,380		117,950
Roche Holding AG		312		100,847
Sonova Holding AG  (a)		253		67,038
Straumann Holding AG, Class R  (b)		59		73,609
				431,575
Industrials (1.5%):
ABB Ltd., Registered Shares  (b)		3,648		110,251
Geberit AG, Registered Shares		203		129,232
Kuehne + Nagel International AG		443		126,431
Schindler Holding AG		382		112,215
SGS SA, Registered Shares		44		124,830
				602,959
Information Technology (0.4%):
Logitech International SA, Class R		524		54,973
Stmicroelectronics NV		1,493		56,932
Temenos AG		387		55,716
				167,621
Materials (1.1%):
EMS-Chemie Holding AG		132		117,892
Givaudan SA, Registered Shares  (b)		31		119,473
LafargeHolcim Ltd.		1,668		98,032
Sika AG, Registered Shares		357		102,000
				437,397
				2,855,091
United Kingdom (9.1%):
Communication Services (0.3%):
BT Group PLC  (a)		31,204		66,582
Vodafone Group PLC		42,207		76,725
				143,307
Consumer Discretionary (0.9%):
Barratt Developments PLC  (a)		5,724		58,922
Burberry Group PLC  (a)		2,629		68,798
Compass Group PLC  (a)		2,313		46,596
JD Sports Fashion PLC  (a)		4,549		51,705
Next PLC  (a)		587		63,646
Persimmon PLC		1,498		60,706
				350,373
Consumer Staples (1.5%):
Associated British Foods PLC  (a)		1,793		59,686
British American Tobacco PLC		2,324		88,862
Diageo PLC		1,891		77,923
Imperial Brands PLC		3,819		78,540
Reckitt Benckiser Group PLC		1,097		98,257
Tesco PLC		33,478		105,605
Unilever PLC		1,695		94,764
				603,637

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares Developed Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Financials (2.0%):
3i Group PLC		4,977	$	79,133
Admiral Group PLC		2,426		103,697
Aviva PLC		13,756		77,400
Barclays PLC		21,585		55,316
Hargreaves Lansdown PLC		2,776		58,985
HSBC Holdings PLC		9,654		56,316
Legal & General Group PLC		16,077		61,850
Lloyds Banking Group PLC  (a)		91,162		53,449
London Stock Exchange Group PLC		574		54,909
Phoenix Group Holdings PLC		9,061		91,699
Schroders PLC		1,629		78,589
Standard Chartered PLC		7,771		53,504
				824,847
Health Care (0.6%):
AstraZeneca PLC		830		82,911
GlaxoSmithKline PLC  (c)		5,367		95,284
Smith & Nephew PLC		3,201		60,801
				238,996
Industrials (1.7%):
Ashtead Group PLC		1,339		79,862
BAE Systems PLC		10,826		75,359
Bunzl PLC		2,618		83,829
Ferguson PLC		705		84,233
Intertek Group PLC		1,120		86,484
RELX PLC		3,351		84,020
Rentokil Initial PLC		12,467		83,241
Spirax-Sarco Engineering PLC		626		98,368
				675,396
Information Technology (0.4%):
AVEVA Group PLC		1,284		60,565
Halma PLC		2,807		91,854
				152,419
Materials (1.3%):
Anglo American PLC		1,505		58,967
Antofagasta PLC		2,757		64,224
BHP Group PLC		2,290		66,114
Croda International PLC		1,071		93,713
Evraz PLC  (c)		7,390		58,877
Fresnillo PLC		3,435		40,918
Mondi PLC		3,128		79,765
Rio Tinto PLC		874		66,862
				529,440
Utilities (0.4%):
National Grid PLC		8,214		97,824
SSE PLC		4,026		80,744
				178,568
				3,696,983
Total Common Stocks (Cost $35,039,715)				40,096,798

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares Developed Enhanced Volatility Wtd ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Rights (0.0%)(g)
Italy (0.0%):
Energy (0.0%):
Snam SpA , Expires 4/8/21  (a)(e)(f)		12,449	$	—
Total Rights (Cost $–)				—
Investment Companies (0.4%)
United States (0.4%):
BlackRock Liquidity Funds T-Fund, Institutional Class, 0.03% (i)		162,661		162,661
Total Investment Companies (Cost $162,661)				162,661
Collateral for Securities Loaned^ (5.8%)
United States (5.8%):
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (h)		48,366		48,366
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (h)		1,245,536		1,245,536
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (h)		24,137		24,137
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (h)		192,461		192,461
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (h)		865,343		865,343
Total Collateral for Securities Loaned (Cost $2,375,843)				2,375,843
Total Investments (Cost $37,578,219) — 104.8%				42,635,302
Liabilities in excess of other assets — (4.8)%				(1,955,229	)
NET ASSETS - 100.00%			$	40,680,073

^	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)	All or a portion of this security has been segregated as collateral for derivative instruments.
(d)	Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $1,042,650 and amounted to 2.6% of net assets.
(e)	Security was fair valued using significant unobservable inputs as of March 31, 2021.
(f)	The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, illiquid securities were 0.0% of net assets.
(g)	Amount represents less than 0.05% of net assets.
(h)	Rate disclosed is the daily yield on March 31, 2021.

PLC—Public Limited Company

Futures Contracts Purchased
	Number of Contracts	Expiration Date		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Mini MSCI EAFE Index Futures	3	6/18/21	$	329,612	$	328,800	$	(812	)
	Total unrealized appreciation						$	–
	Total unrealized depreciation							(812	)
	Total net unrealized appreciation (depreciation)						$	(812	)

Victory Portfolios	Schedule of Portfolio Investments
VictoryShares Nasdaq Next 50 ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.6%)
Communication Services (14.6%):
Bilibili, Inc., ADR (a)		26,243	$	2,809,575
Discovery, Inc., Class A (a)(b)		21,459		932,608
Discovery, Inc., Class C (a)		42,040		1,550,856
IAC/InterActiveCorp. (a)		10,958		2,370,325
Liberty Broadband Corp., Class C (a)		21,959		3,297,144
Take-Two Interactive Software, Inc. (a)		15,211		2,687,784
ViacomCBS, Inc., Class B		74,952		3,380,334
Yandex NV, Class A (a)		42,063		2,694,556
				19,723,182
Consumer Discretionary (18.5%):
DraftKings, Inc., Class A (a)		52,522		3,221,175
Etsy, Inc. (a)		16,647		3,357,201
Expedia Group, Inc. (a)		18,270		3,144,632
Garmin Ltd.		25,300		3,335,805
Penn National Gaming, Inc. (a)		20,666		2,166,623
Roku, Inc. (a)		14,392		4,688,482
Tractor Supply Co.		15,359		2,719,772
Ulta Beauty, Inc. (a)		7,441		2,300,534
				24,934,224
Electronic Equipment, Instruments & Components (4.5%):
Trimble, Inc. (a)		33,145		2,578,350
Zebra Technologies Corp. (a)		7,061		3,425,856
				6,004,206
Health Care (19.9%):
ABIOMED, Inc. (a)		5,973		1,903,774
Alnylam Pharmaceuticals, Inc. (a)		15,452		2,181,668
AstraZeneca PLC, ADR (b)		60,581		3,012,087
BeiGene Ltd., ADR (a)		6,520		2,269,482
Canopy Growth Corp. (a)		49,767		1,594,037
CureVac NV (a)(b)		24,685		2,257,690
Guardant Health, Inc. (a)		13,263		2,024,597
Hologic, Inc. (a)		34,028		2,531,003
Horizon Therapeutics PLC (a)		29,589		2,723,371
Insulet Corp. (a)		8,727		2,277,049
Novocure Ltd. (a)(b)		13,525		1,787,735
Royalty Pharma PLC, Class A (b)		51,259		2,235,918
				26,798,411
Industrials (6.7%):
Enphase Energy, Inc. (a)		17,039		2,763,044
Expeditors International of Washington, Inc.		22,368		2,408,810
Old Dominion Freight Line, Inc.		15,444		3,712,892
				8,884,746
IT Services (4.6%):
Akamai Technologies, Inc. (a)		21,556		2,196,557
MongoDB, Inc. (a)		7,959		2,128,475
StoneCo Ltd., Class A (a)		29,826		1,825,948
				6,150,980
Semiconductors & Semiconductor Equipment (5.6%):
Monolithic Power Systems, Inc.		5,956		2,103,719

Victory Portfolios	Schedule of Portfolio Investments — continued
VictoryShares Nasdaq Next 50 ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Qorvo, Inc. (a)		14,958	$	2,732,826
Teradyne, Inc.		22,014		2,678,663
				7,515,208
Software (19.7%):
Citrix Systems, Inc.		16,239		2,279,306
Coupa Software, Inc. (a)		9,532		2,425,703
Crowdstrike Holdings, Inc., Class A (a)		24,865		4,538,110
Datadog, Inc., Class A (a)		27,476		2,289,850
Fortinet, Inc. (a)		21,552		3,974,619
PTC, Inc. (a)		15,427		2,123,527
SS&C Technologies Holdings, Inc.		34,033		2,377,886
The Trade Desk, Inc., Class A (a)		5,626		3,666,239
Zscaler, Inc. (a)		17,722		3,042,336
				26,717,576
Technology Hardware, Storage & Peripherals (5.5%):
Logitech International SA, Class R (b)		22,309		2,331,291
Seagate Technology PLC		31,258		2,399,052
Western Digital Corp.		40,424		2,698,302
				7,428,645
Total Common Stocks (Cost $122,387,238)				134,157,178
Collateral for Securities Loaned^ (7.0%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (c)		192,811		192,811
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (c)		4,965,335		4,965,335
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c)		96,222		96,222
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (c)		767,248		767,248
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c)		3,449,695		3,449,695
Total Collateral for Securities Loaned (Cost $9,471,311)				9,471,311
Total Investments (Cost $131,858,549) — 106.6%				143,628,489
Liabilities in excess of other assets — (6.6)%				(8,914,978	)
NET ASSETS - 100.00%			$	134,713,511

^	Purchased with cash collateral from securities on loan.
(a)	Non-income producing security.
(b)	All or a portion of this security is on loan.
(c)	Rate disclosed is the daily yield on March 31, 2021.

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	2	6/18/21	$	509,626	$	523,590	$	13,964
	Total unrealized appreciation						$	13,964
	Total unrealized depreciation							–
	Total net unrealized appreciation (depreciation)						$	13,964

Victory Portfolios	Schedule of Portfolio Investments
VictoryShares Top Veteran Employers ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.0%)
Communication Services (5.5%):
AT&T, Inc.		1,939	$	58,693
Comcast Corp., Class A		1,026		55,517
Verizon Communications, Inc.		978		56,871
				171,081
Consumer Discretionary (7.3%):
Amazon.com, Inc. (a)		17		52,599
General Motors Co. (a)		1,054		60,563
Hilton Worldwide Holdings, Inc. (a)		437		52,842
The Home Depot, Inc.		209		63,797
				229,801
Consumer Staples (9.1%):
Brown-Forman Corp., Class B		756		52,141
Hormel Foods Corp.		1,166		55,711
Kellogg Co.		937		59,313
PepsiCo, Inc.		419		59,268
Walmart, Inc.		416		56,505
				282,938
Financials (20.4%):
Bank of America Corp.		1,558		60,279
Capital One Financial Corp.		450		57,254
Citigroup, Inc.		821		59,728
JPMorgan Chase & Co.		368		56,021
Marsh & McLennan Cos., Inc.		469		57,124
Prudential Financial, Inc.		624		56,846
The Allstate Corp.		507		58,254
The Charles Schwab Corp.		876		57,098
The Progressive Corp.		629		60,139
The Travelers Cos., Inc.		372		55,949
U.S. Bancorp		1,082		59,845
				638,537
Health Care (9.2%):
CVS Health Corp.		794		59,732
DaVita, Inc. (a)		530		57,118
Humana, Inc.		142		59,534
Johnson & Johnson		341		56,043
Merck & Co., Inc.		745		57,432
				289,859
Industrials (24.8%):
AECOM (a)		934		59,879
Eaton Corp. PLC		415		57,386
General Dynamics Corp.		331		60,096
General Electric Co.		4,313		56,630
J.B. Hunt Transport Services, Inc.		368		61,850
Lockheed Martin Corp.		164		60,598
Northrop Grumman Corp.		185		59,873
Oshkosh Corp.		510		60,517
Southwest Airlines Co. (a)		930		56,786
The Boeing Co. (a)		255		64,954
Union Pacific Corp.		263		57,968
United Rentals, Inc. (a)		182		59,934
Waste Management, Inc.		488		62,962
				779,433

Victory Portfolios	Schedule of Portfolio Investments — continued
VictoryShares Top Veteran Employers ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Information Technology (13.0%):
Accenture PLC, Class A		216	$	59,670
Booz Allen Hamilton Holding Corp.		701		56,452
CACI International, Inc., Class A (a)		244		60,184
CDW Corp.		345		57,184
Fiserv, Inc. (a)		469		55,830
Leidos Holdings, Inc.		611		58,827
Oracle Corp.		838		58,802
				406,949
Utilities (9.7%):
Dominion Energy, Inc.		792		60,160
Exelon Corp.		1,401		61,280
PG&E Corp. (a)		5,146		60,260
The Southern Co.		954		59,301
Xcel Energy, Inc.		923		61,388
				302,389
Total Common Stocks (Cost $2,649,700)				3,100,987
Total Investments (Cost $2,649,700) — 99.0%				3,100,987
Other assets in excess of liabilities — 1.0%				29,797
NET ASSETS - 100.00%			$	3,130,784

(a) Non-income producing security.

PLC—Public Limited Company

Victory Portfolios	Schedule of Portfolio Investments
VictoryShares Protect America ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.1%)
Aerospace & Defense (54.8%):
AeroVironment, Inc. (a)		208	$	24,140
CAE, Inc. (a)		977		27,835
Cubic Corp.		228		17,002
General Dynamics Corp.		1,434		260,357
Huntington Ingalls Industries, Inc.		705		145,124
L3Harris Technologies, Inc.		438		88,774
Lockheed Martin Corp.		518		191,401
Maxar Technologies, Inc.		1,100		41,602
Moog, Inc., Class A		147		12,223
Northrop Grumman Corp.		629		203,570
Parsons Corp. (a)		1,331		53,826
Raytheon Technologies Corp.		3,449		266,504
Teledyne Technologies, Inc. (a)		48		19,855
Textron, Inc.		399		22,376
The Boeing Co. (a)		1,201		305,918
Vectrus, Inc. (a)		1,716		91,703
				1,772,210
Air Freight & Logistics (1.4%):
FedEx Corp.		152		43,174
United Parcel Service, Inc., Class B		4		680
				43,854
Communication Services (1.0%):
AT&T, Inc.		285		8,627
Gogo, Inc. (a)		39		377
Iridium Communications, Inc. (a)		433		17,861
Verizon Communications, Inc.		97		5,641
				32,506
Construction & Engineering (5.8%):
AECOM (a)		376		24,105
Jacobs Engineering Group, Inc.		1,070		138,319
Tutor Perini Corp. (a)		1,300		24,635
				187,059
Health Care (4.1%):
Cigna Corp.		138		33,360
Humana, Inc.		240		100,620
				133,980
Industrial Conglomerates (7.1%):
3M Co.		101		19,460
General Electric Co.		15,928		209,134
Honeywell International, Inc.		8		1,737
				230,331
Information Technology (18.1%):
Booz Allen Hamilton Holding Corp.		1,196		96,314
CACI International, Inc., Class A (a)		342		84,358
Cisco Systems, Inc.		39		2,017
Conduent, Inc. (a)		4,176		27,812
DXC Technology Co. (a)		824		25,758
FLIR Systems, Inc.		74		4,179
KBR, Inc.		522		20,040
Leidos Holdings, Inc.		1,113		107,159

Victory Portfolios	Schedule of Portfolio Investments — continued
VictoryShares Protect America ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
ManTech International Corp., Class A		435	$	37,823
Microsoft Corp.		115		27,114
Science Applications International Corp.		1,265		105,741
ViaSat, Inc. (a)(b)		1,029		49,464
				587,779
Machinery (4.7%):
Caterpillar, Inc.		76		17,622
Cummins, Inc.		56		14,510
Oshkosh Corp.		1,017		120,678
				152,810
Materials (0.6%):
Ball Corp.		243		20,592
Professional Services (0.7%):
ASGN, Inc. (a)		227		21,665
Real Estate (0.2%):
The GEO Group, Inc. (b)		943		7,318
Utilities (0.6%):
Duke Energy Corp.		202		19,499
Total Common Stocks (Cost $2,561,613)				3,209,603
Collateral for Securities Loaned^ (1.6%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (c)		1,067		1,067
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (c)		27,473		27,473
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c)		532		532
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (c)		4,245		4,245
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c)		19,087		19,087
Total Collateral for Securities Loaned (Cost $52,404)				52,404
Total Investments (Cost $2,614,017) — 100.7%				3,262,007
Liabilities in excess of other assets — (0.7)%				(23,101	)
NET ASSETS - 100.00%			$	3,238,906

^	Purchased with cash collateral from securities on loan.
(a)	Non-income producing security.
(b)	All or a portion of this security is on loan.
(c)	Rate disclosed is the daily yield on March 31, 2021.

Victory Portfolios II	Schedule of Portfolio Investments
VictoryShares USAA Core Short-Term Bond ETF	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Asset-Backed Securities (8.7%)
AmeriCredit Automobile Receivables Trust, Series 2017-4, Class C, 2.60%, 9/18/23, Callable 7/18/22 @ 100	$	500,000	$	506,735
AmeriCredit Automobile Receivables Trust, Series 2017-3, Class D, 3.18%, 7/18/23, Callable 4/18/22 @ 100		500,000		512,189
AmeriCredit Automobile Receivables Trust, Series 2017-2, Class D, 3.42%, 4/18/23, Callable 1/18/22 @ 100		820,000		837,262
Bank of The West Auto Trust, Series 2018-1, Class C, 3.98%, 5/15/24, Callable 5/15/22 @ 100 (a)		400,000		414,422
Bank of The West Auto Trust, Series 2017-1, Class C, 2.96%, 2/15/24, Callable 3/15/22 @ 100 (a)		500,000		510,928
Canadian Pacer Auto Receivables Trust, Series 2018-2A, Class B, 3.63%, 1/19/24, Callable 4/19/22 @ 100 (a)		500,000		513,665
CarMax Auto Owner Trust, Series 2020-4, Class A3, 0.50%, 8/15/25, Callable 9/15/24 @ 100		1,000,000		1,001,349
CARS LP, Series 2020-1A, Class A1, 2.69%, 2/15/50, Callable 2/15/23 @ 100 (a)		602,445		622,665
Carvana Auto Receivables Trust, Series 2021-N1, Class A, 0.70%, 1/10/28, Callable 11/10/25 @ 100		2,000,000		1,995,417
CNH Equipment Trust, Series 2017-B, Class B, 2.47%, 12/16/24, Callable 6/15/21 @ 100		500,000		501,852
CNH Equipment Trust, Series 2018-B, Class B, 3.56%, 2/17/26, Callable 1/15/23 @ 100		350,000		366,969
Credit Acceptance Auto Loan Trust, Series 2018-1A, Class B, 3.60%, 4/15/27, Callable 6/15/21 @ 100 (a)		232,587		233,437
Drive Auto Receivables Trust, Series 2020-2, Class C, 2.28%, 8/17/26, Callable 11/15/23 @ 100		750,000		770,892
Drive Auto Receivables Trust, Series 2018-4, Class C, 3.66%, 11/15/24, Callable 9/15/22 @ 100		112,540		113,037
Evergreen Credit Card Trust, Series 2019-2, Class B, 2.27%, 9/15/24 (a)		750,000		767,403
Exeter Automobile Receivables Trust, Series 2020-3A, Class C, 1.32%, 7/15/25, Callable 6/15/24 @ 100		472,000		475,481
Ford Credit Auto Owner Trust, Series 2018-B, Class A3, 3.24%, 4/15/23, Callable 9/15/22 @ 100		192,071		194,394
GM Financial Automobile Leasing Trust, Series 2020-3, Class A4, 0.51%, 10/21/24, Callable 4/20/23 @ 100		1,000,000		1,002,939
GM Financial Automobile Leasing Trust, Series 2020-1, Class B, 1.84%, 12/20/23, Callable 8/20/22 @ 100		489,000		497,146
GM Financial Consumer Automobile Receivables Trust, Series 2018-3, Class A3, 3.02%, 5/16/23, Callable 6/16/22 @ 100		207,353		209,628
GreatAmerica Leasing Receivables Funding LLC, Series 2018-1, Class A4, 2.83%, 6/17/24, Callable 11/15/21 @ 100 (a)		356,043		359,099
Honda Auto Receivables Owner Trust, Series 2020-3, Class A3, 0.37%, 10/18/24, Callable 11/18/23 @ 100		1,000,000		1,000,043
Hyundai Auto Receivables Trust, Series 2020-C, Class A3, 0.38%, 5/15/25, Callable 4/15/25 @ 100		1,000,000		999,471
Kubota Credit Owner Trust, Series 2020-1A, Class A2, 1.92%, 12/15/22, Callable 10/15/23 @ 100 (a)		707,652		711,601
Mercedes-Benz Auto Lease Trust, Series 2020-B, Class A3, 0.40%, 11/15/23, Callable 4/15/23 @ 100		1,000,000		1,000,802
MMAF Equipment Finance LLC, Series 2016-A, Class A4, 1.76%, 1/17/23, Callable 6/15/25 @ 100 (a)		18,138		18,210

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA Core Short-Term Bond ETF	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Nissan Auto Lease Trust 2020-B, Series 2020-B, Class A3, 0.43%, 10/16/23, Callable 6/15/23 @ 100	$	1,000,000	$	1,001,542
Nissan Auto Receivables Owner Trust, Series 2017-B, Class A4, 1.95%, 10/16/23, Callable 9/15/21 @ 100		493,155		495,223
OSCAR US Funding Trust LLC, Series 2017-1A, Class A4, 3.30%, 5/10/24 (a)		181,495		183,247
PSNH Funding LLC, Series 2018-1, Class A1, 3.09%, 2/1/26		251,703		261,536
Santander Drive Auto Receivables Trust, Series 2019-3, Class C, 2.49%, 10/15/25, Callable 7/15/23 @ 100		750,000		763,358
Santander Drive Auto Receivables Trust, Series 2020-4, Class C, 1.01%, 1/15/26, Callable 6/15/25 @ 100		1,000,000		1,003,956
SCF Equipment Leasing LLC, Series 2019-2A, Class A2, 2.47%, 4/20/26, Callable 12/20/22 @ 100 (a)		750,000		771,683
Synchrony Card Issuance Trust, Series 2018-A1, Class A, 3.38%, 9/15/24		370,000		375,121
Vantage Data Centers LLC, Series 2020-1A, Class A2, 1.65%, 9/15/45, Callable 9/15/23 @ 100 (a)		1,000,000		998,838
Westlake Automobile Receivables Trust, Series 2019-2A, Class C, 2.84%, 7/15/24, Callable 3/15/23 @ 100 (a)		500,000		510,369
World Omni Select Auto Trust, Series 2020-A, Class A3, 0.55%, 7/15/25, Callable 11/15/23 @ 100		1,000,000		1,002,269
Total Asset-Backed Securities (Cost $23,304,435)				23,504,178
Collateralized Mortgage Obligations (1.8%)
BBCMS Mortgage Trust, Series 2020-BID, Class A, 2.25% (LIBOR01M+214bps), 10/15/37 (a)(b)		1,000,000		1,005,271
Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class B, 4.38%, 1/10/36 (a)		500,000		537,875
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class A5, 3.14%, 12/15/47, Callable 2/15/23 @ 100		979,433		1,019,574
Oaktree EIF Ltd., Series 2016-IIIA, Class B, 2.22% (LIBOR03M+200bps), 10/20/27, Callable 4/20/21 @ 100 (a)(b)		500,000		498,850
Palmer Square Loan Funding Ltd., Series 2020-1A, Class A1, 0.98% (LIBOR03M+80bps), 2/20/28, Callable 5/20/21 @ 100 (a)(b)		392,291		392,043
WFRBS Commercial Mortgage Trust, Series 2012-C9, Class ASB, 2.45%, 11/15/45, Callable 7/15/22 @ 100		182,720		185,007
WFRBS Commercial Mortgage Trust, Series 2012-C7, Class AS, 4.09%, 6/15/45, Callable 6/15/22 @ 100 (c)		225,017		226,208
WFRBS Commercial Mortgage Trust, Series 2011-C5, Class A4, 3.67%, 11/15/44, Callable 9/15/21 @ 100		901,219		905,780
Total Collateralized Mortgage Obligations (Cost $4,740,802)				4,770,608
Senior Secured Loans (1.0%)
LYB Americas Finance Company LLC, Loan, First Lien, 1.36% (LIBOR01M+125bps), 3/29/22 (b)		1,310,345		1,284,138
The Boeing Company, Advance, First Lien, 1.43% (LIBOR03M+125bps), 2/6/22 (b)		1,289,331		1,288,042
Total Senior Secured Loans (Cost $2,597,669)				2,572,180
Corporate Bonds (43.7%)
Communication Services (1.6%):
Qwest Corp., 6.75%, 12/1/21		1,000,000		1,032,620
Sprint Corp., 7.25%, 9/15/21		1,500,000		1,537,560
Sprint Spectrum, 3.36%, 3/20/23 (a)		156,250		157,509

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA Core Short-Term Bond ETF	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
WMG Acquisition Corp., 5.50%, 4/15/26, Callable 4/15/21 @ 102.75 (a)	$	1,508,000	$	1,550,767
				4,278,456
Consumer Discretionary (7.5%):
Association of American Medical Colleges, 2.12%, 10/1/24		750,000		749,401
Expedia Group, Inc., 6.25%, 5/1/25, Callable 2/1/25 @ 100 (a)		1,000,000		1,156,210
Genting New York LLC/GENNY Capital, Inc., 3.30%, 2/15/26, Callable 1/15/26 @ 100 (a)		500,000		498,040
Howard University
2.64%, 10/1/21		500,000		504,420
2.74%, 10/1/22		500,000		516,035
Hyatt Hotels Corp., 5.38%, 8/15/21, Callable 5/15/21 @ 100		1,456,000		1,463,237
KB Home, 7.00%, 12/15/21, Callable 9/15/21 @ 100		1,000,000		1,025,120
Lennar Corp.
6.25%, 12/15/21, Callable 6/15/21 @ 100		1,606,000		1,622,301
5.38%, 10/1/22		500,000		531,275
Lithia Motors, Inc., 5.25%, 8/1/25, Callable 5/10/21 @ 103.94 (a)		1,400,000		1,449,826
M/I Homes, Inc., 5.63%, 8/1/25, Callable 4/26/21 @ 104.22		1,448,000		1,499,737
Marriott International, Inc., 2.30%, 1/15/22, Callable 12/15/21 @ 100		1,000,000		1,009,950
Meritage Homes Corp., 7.00%, 4/1/22		733,000		770,031
Murphy Oil USA, Inc., 5.63%, 5/1/27, Callable 5/1/22 @ 102.81		1,500,000		1,574,775
Nordstrom, Inc., 2.30%, 4/8/24, Callable 4/8/22 @ 100 (a)(d)		1,500,000		1,502,382
QVC, Inc., 4.38%, 3/15/23		667,000		702,284
Toll Brothers Finance Corp., 5.88%, 2/15/22, Callable 11/15/21 @ 100		2,154,000		2,209,164
Travel + Leisure Co., 4.25%, 3/1/22, Callable 12/1/21 @ 100		278,000		281,383
ZF North America Capital, Inc., 4.50%, 4/29/22 (a)		1,000,000		1,026,090
				20,091,661
Consumer Staples (2.7%):
7-Eleven, Inc., 0.63%, 2/10/23, Callable 2/10/22 @ 100 (a)		1,000,000		1,000,880
Altria Group, Inc., 4.75%, 5/5/21		500,000		501,845
Flowers Foods, Inc., 4.38%, 4/1/22		1,000,000		1,028,870
Lamb Weston Holdings, Inc., 4.63%, 11/1/24, Callable 11/1/21 @ 102.31 (a)		1,000,000		1,037,560
Nestle Holdings, Inc., 2.38%, 11/17/22		1,000,000		1,032,970
Smithfield Foods, Inc., 2.65%, 10/3/21, Callable 9/3/21 @ 100 (a)		920,000		926,817
Unilever Capital Corp., 2.60%, 5/5/24, Callable 3/5/24 @ 100		750,000		794,168
Walmart, Inc., 3.55%, 6/26/25, Callable 4/26/25 @ 100		750,000		826,695
				7,149,805
Energy (8.3%):
Apache Corp., 3.25%, 4/15/22, Callable 1/15/22 @ 100		750,000		754,185
Continental Resources, Inc., 4.50%, 4/15/23, Callable 1/15/23 @ 100 (e)		1,230,000		1,271,660
DCP Midstream Operating LP, 4.75%, 9/30/21, Callable 6/30/21 @ 100 (a)		781,000		785,452
Diamondback Energy, Inc.
0.90%, 3/24/23, Callable 9/24/21 @ 100		1,000,000		1,000,590
5.38%, 5/31/25, Callable 5/10/21 @ 104.03		1,147,000		1,184,610
Energy Transfer Operating LP, 5.20%, 2/1/22, Callable 11/1/21 @ 100		1,000,000		1,025,950
EQM Midstream Partners LP
4.75%, 7/15/23, Callable 6/15/23 @ 100 (e)		135,000		140,145
4.00%, 8/1/24, Callable 5/1/24 @ 100		250,000		253,993
Exxon Mobil Corp., 2.99%, 3/19/25, Callable 2/19/25 @ 100 (e)		750,000		803,715
Gray Oak Pipeline LLC, 2.00%, 9/15/23 (a)		833,000		848,111
HollyFrontier Corp., 2.63%, 10/1/23		1,000,000		1,030,130
Marathon Petroleum Corp., 4.50%, 5/1/23, Callable 4/1/23 @ 100 (e)		1,000,000		1,072,830
Midwest Connector Capital Co. LLC, 3.63%, 4/1/22, Callable 3/1/22 @ 100 (a)(e)		1,000,000		1,015,380
MPLX LP, 3.50%, 12/1/22, Callable 11/1/22 @ 100		271,000		283,108
Murphy Oil Corp., 6.88%, 8/15/24, Callable 5/10/21 @ 103.44		1,000,000		1,021,420
Newfield Exploration Co., 5.75%, 1/30/22		1,307,000		1,349,751

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA Core Short-Term Bond ETF	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Occidental Petroleum Corp., 2.70%, 8/15/22	$	750,000	$	750,735
Parsley Energy LLC/Parsley Finance Corp., 4.13%, 2/15/28, Callable 2/15/23 @ 102.06 (a)		1,000,000		1,051,240
PDC Energy, Inc., 1.13%, 9/15/21 (f)		1,000,000		995,820
Phillips 66, 0.90%, 2/15/24, Callable 11/19/21 @ 100		462,000		462,180
Pioneer Natural Resources Co., 0.75%, 1/15/24, Callable 1/15/22 @ 100		1,000,000		997,510
USX Corp., 8.13%, 7/15/23		400,000		453,216
Valero Energy Corp.
2.70%, 4/15/23 (e)		698,000		724,817
1.20%, 3/15/24		500,000		501,535
Western Midstream Operating LP
2.32% (LIBOR03M+185bps), 1/13/23 (b)		500,000		490,705
4.35%, 2/1/25, Callable 1/1/25 @ 100		632,000		653,576
WPX Energy, Inc.
8.25%, 8/1/23, Callable 6/1/23 @ 100		500,000		573,835
5.75%, 6/1/26, Callable 6/1/21 @ 104.31		1,000,000		1,047,150
				22,543,349
Financials (10.6%):
Alexander Funding Trust, 1.84%, 11/15/23 (a)		1,800,000		1,825,362
Ares Capital Corp., 3.25%, 7/15/25, Callable 6/15/25 @ 100		750,000		773,835
Associated Bank NA, 3.50%, 8/13/21, Callable 7/13/21 @ 100		500,000		504,250
Athene Global Funding
2.80%, 5/26/23 (a)		750,000		782,678
1.20%, 10/13/23 (a)		500,000		504,520
Cadence Bancorp, 4.75% (LIBOR03M+303bps), 6/30/29, Callable 6/30/24 @ 100 (b)		500,000		515,430
CIT Group, Inc., 5.00%, 8/15/22		1,740,000		1,836,169
Citigroup, Inc., 3.14% (LIBOR03M+72bps), 1/24/23, Callable 1/24/22 @ 100 (b)		400,000		408,276
DAE Funding LLC
5.25%, 11/15/21, Callable 10/15/21 @ 100 (a)		1,000,000		1,018,940
4.50%, 8/1/22, Callable 5/10/21 @ 101.13 (a)		500,000		503,655
First Citizens BancShares, Inc., 3.38% (SOFR+247bps), 3/15/30, Callable 3/15/25 @ 100 (b)		1,000,000		1,007,870
First Horizon National Corp., 3.55%, 5/26/23, Callable 4/26/23 @ 100		750,000		791,700
FNB Corp., 2.20%, 2/24/23, Callable 1/24/23 @ 100		476,000		484,858
Ford Motor Credit Co. LLC, 3.38%, 11/13/25, Callable 10/13/25 @ 100		1,000,000		1,014,720
Fulton Financial Corp., 3.25% (SOFR+230bps), 3/15/30, Callable 3/15/25 @ 100 (b)		1,000,000		999,910
GA Global Funding Trust, 1.63%, 1/15/26 (a)		500,000		498,880
Infinity Property & Casualty Corp., 5.00%, 9/19/22 (e)		500,000		528,430
Main Street Capital Corp.
5.20%, 5/1/24		500,000		538,525
3.00%, 7/14/26, Callable 6/14/26 @ 100		500,000		495,735
Morgan Stanley, 4.05% (LIBOR03M+381bps), Callable 4/15/21 @ 100 (b)(g)		2,000,000		2,000,500
Primerica, Inc., 4.75%, 7/15/22		400,000		420,540
Protective Life Global Funding, 3.10%, 4/15/24 (a)		500,000		534,330
Reliance Standard Life Global Funding II, 2.75%, 5/7/25 (a)		750,000		785,602
Santander Holdings USA, Inc., 3.40%, 1/18/23, Callable 12/18/22 @ 100		250,000		260,530
SCE Recovery Funding LLC, 0.86%, 11/15/33		2,000,000		1,932,440
SLM Corp., 5.13%, 4/5/22, Callable 3/5/22 @ 100		1,130,000		1,155,425
Synovus Bank, 2.29% (SOFR+95bps), 2/10/23, Callable 2/10/22 @ 100 (b)		608,000		613,332
TCF National Bank, 5.50% (LIBOR03M+509bps), 5/6/30, Callable 5/6/25 @ 100 (b)		750,000		801,165
TIAA FSB Holdings, Inc., 4.89% (LIBOR03M+470bps), 3/15/26, Callable 5/10/21 @ 100 (b)		750,000		754,163
Truist Bank, 1.25%, 3/9/23, Callable 2/9/23 @ 100		1,000,000		1,017,300

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA Core Short-Term Bond ETF	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
UMB Financial Corp., 3.70% (H15T5Y+344bps), 9/17/30, Callable 9/17/25 @ 100 (b)	$	750,000	$	769,748
US Bancorp, 3.73% (LIBOR03M+349bps), 12/31/99, Callable 4/15/21 @ 100 (b)		1,000,000		999,240
US Bank NA, 2.85%, 1/23/23, Callable 12/23/22 @ 100		500,000		521,955
WEA Finance LLC, 3.15%, 4/5/22, Callable 3/5/22 @ 100 (a)		700,000		713,916
Zions Bancorp NA, 3.35%, 3/4/22, Callable 2/4/22 @ 100 (e)		500,000		511,520
				28,825,449
Health Care (0.9%):
Centene Corp., 5.38%, 6/1/26, Callable 6/1/21 @ 104.03 (a)		758,000		792,557
Gilead Sciences, Inc., 0.33% (LIBOR03M+15bps), 9/17/21 (b)		1,000,000		1,000,270
SSM Health Care Corp., 3.69%, 6/1/23, Callable 3/1/23 @ 100		500,000		530,130
				2,322,957
Industrials (4.7%):
Air Lease Corp.
3.50%, 1/15/22		500,000		511,310
2.25%, 1/15/23		250,000		256,658
Aircastle Ltd., 4.25%, 6/15/26, Callable 4/15/26 @ 100		500,000		526,340
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26 (a)		1,000,000		1,042,920
Continental Airlines Pass Through Trust, 5.98%, 10/19/23		295,702		301,075
Delta Air Lines Pass Through Trust, 2.00%, 12/10/29		970,103		971,917
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/25 (a)		1,370,000		1,461,544
Hillenbrand, Inc., 5.75%, 6/15/25, Callable 6/15/22 @ 102.88		1,000,000		1,068,910
Howmet Aerospace, Inc., 6.88%, 5/1/25, Callable 4/1/25 @ 100 (e)		1,000,000		1,158,380
PACCAR Financial Corp., 2.65%, 4/6/23, MTN		750,000		785,438
Southwest Airlines Co.
4.75%, 5/4/23		500,000		539,830
5.25%, 5/4/25, Callable 4/4/25 @ 100		750,000		853,178
The ADT Security Corp., 3.50%, 7/15/22		1,000,000		1,019,110
The Boeing Co., 1.17%, 2/4/23, Callable 2/4/22 @ 100 (d)		1,000,000		1,004,200
The Nature Conservancy, 0.63%, 7/1/24		650,000		645,886
United Airlines Pass Through Trust, 4.88%, 7/15/27		343,000		356,092
				12,502,788
Information Technology (1.2%):
Itron, Inc., 5.00%, 1/15/26 (a)		1,000,000		1,025,080
Microchip Technology, Inc., 3.92%, 6/1/21		600,000		603,204
Oracle Corp., 2.50%, 4/1/25, Callable 3/1/25 @ 100		500,000		524,660
VeriSign, Inc., 4.63%, 5/1/23, Callable 5/10/21 @ 100		1,000,000		1,003,010
				3,155,954
Materials (1.8%):
Ball Corp., 5.00%, 3/15/22		1,126,000		1,164,239
Commercial Metals Co., 4.88%, 5/15/23, Callable 2/15/23 @ 100		1,625,000		1,705,275
Reliance Steel & Aluminum Co., 4.50%, 4/15/23, Callable 1/15/23 @ 100		400,000		426,608
Sealed Air Corp., 5.25%, 4/1/23, Callable 1/1/23 @ 100 (a)		1,000,000		1,058,010
Tronox Finance PLC, 5.75%, 10/1/25 (a)		500,000		521,565
				4,875,697
Real Estate (1.9%):
Corporate Office Properties LP, 5.25%, 2/15/24		1,000,000		1,118,189
Lexington Realty Trust, 4.25%, 6/15/23, Callable 3/15/23 @ 100		1,000,000		1,054,130
Office Properties Income Trust, 4.00%, 7/15/22, Callable 6/15/22 @ 100		1,000,000		1,024,920
Omega Healthcare Investors, Inc., 4.38%, 8/1/23, Callable 6/1/23 @ 100		206,000		221,149
SBA Tower Trust, 2.84%, 1/15/25 (a)		750,000		784,928
Senior Housing Properties Trust, 6.75%, 12/15/21, Callable 6/15/21 @ 100		500,000		505,000

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA Core Short-Term Bond ETF	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
VICI Properties LP/VICI Note Co., Inc., 3.50%, 2/15/25, Callable 2/15/22 @ 101.75 (a)	$	364,000	$	370,749
				5,079,065
Utilities (2.5%):
Calpine Corp., 5.25%, 6/1/26, Callable 6/1/21 @ 102.63 (a)		1,624,000		1,672,720
CenterPoint Energy Resources Corp., 0.70%, 3/2/23, Callable 9/2/21 @ 100		1,000,000		1,000,080
Dominion Energy, Inc.
4.10%, 4/1/21		500,000		500,000
2.72%, 8/15/21 (h)		500,000		504,225
NextEra Energy Capital Holdings, Inc., 0.65%, 3/1/23		1,000,000		1,003,090
NRG Energy, Inc., 7.25%, 5/15/26, Callable 5/15/21 @ 103.63		955,000		994,566
Public Service Electric & Gas Co., 3.25%, 9/1/23, MTN, Callable 8/1/23 @ 100		500,000		531,745
Sierra Pacific Power Co., 3.38%, 8/15/23, Callable 5/15/23 @ 100		500,000		530,180
				6,736,606
Total Corporate Bonds (Cost $115,929,516)				117,561,787
Yankee Dollars (13.1%)
Communication Services (1.5%):
Bharti Airtel International Netherlands BV, 5.35%, 5/20/24 (a)		1,000,000		1,103,490
Pearson Funding Four PLC, 3.75%, 5/8/22 (a)		750,000		764,520
Videotron Ltd., 5.00%, 7/15/22		2,041,000		2,125,355
				3,993,365
Consumer Discretionary (1.1%):
Nexteer Automotive Group Ltd.
5.88%, 11/15/21		200,000		200,000
5.88%, 11/15/21 (a)		999,000		999,000
Nissan Motor Co. Ltd., 3.04%, 9/15/23 (a)		1,000,000		1,046,890
Stellantis NV, 5.25%, 4/15/23		1,000,000		1,082,620
				3,328,510
Energy (2.1%):
Aker BP ASA, 2.88%, 1/15/26, Callable 12/15/25 @ 100 (a)		437,000		451,163
BG Energy Capital PLC, 4.00%, 10/15/21 (a)		650,000		662,558
Cenovus Energy, Inc., 3.00%, 8/15/22, Callable 5/15/22 @ 100		1,000,000		1,022,910
Galaxy Pipeline Assets Bidco Ltd., 1.75%, 9/30/27 (a)		500,000		500,335
Petroleos Mexicanos, 3.83% (LIBOR03M+365bps), 3/11/22 (b)		500,000		506,165
Suncor Energy Ventures Corp., 4.50%, 4/1/22 (a)		1,597,000		1,639,495
TOTAL SE, 0.50%, 12/2/22		1,000,000		1,040,040
				5,822,666
Financials (2.5%):
Banque PSA Finance SA
5.75%, 4/4/21		2,051,000		2,051,000
5.75%, 4/4/21 (a)		712,000		712,000
BAT International Finance PLC, 1.67%, 3/25/26, Callable 2/25/26 @ 100		1,000,000		989,240
Element Fleet Management Corp., 1.60%, 4/6/24, Callable 3/6/24 @ 100 (a)(d)		400,000		400,000
Macquarie Bank Ltd., 6.63%, 4/7/21		700,000		700,231
Ontario Teachers’ Finance Trust, 0.38%, 9/29/23 (a)		1,000,000		998,210
ORIX Corp., 2.65%, 4/13/21, MTN		600,000		600,276
Santander UK Group Holdings PLC, 3.37% (LIBOR03M+108bps), 1/5/24, Callable 1/5/23 @ 100 (b)		250,000		261,340
				6,712,297
Industrials (1.8%):
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.15%, 2/15/24, Callable 1/15/24 @ 100		1,000,000		1,042,520

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA Core Short-Term Bond ETF	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Air Canada Pass Through Trust, 4.13%, 11/15/26 (a)	$	1,000,542	$	987,475
Avolon Holdings Funding Ltd., 2.13%, 2/21/26, Callable 1/21/26 @ 100 (a)		750,000		717,158
CK Hutchison International Ltd., 2.75%, 3/29/23 (a)		750,000		781,005
Heathrow Funding Ltd., 4.88%, 7/15/21 (a)		475,000		480,187
Smiths Group PLC, 3.63%, 10/12/22 (a)(f)		500,000		521,220
				4,529,565
Information Technology (1.5%):
Open Text Corp., 5.88%, 6/1/26, Callable 6/1/21 @ 102.94 (a)		1,000,000		1,035,070
Telefonaktiebolaget LM Ericsson, 4.13%, 5/15/22		1,875,000		1,938,994
TSMC Global Ltd., 0.75%, 9/28/25, Callable 8/28/25 @ 100 (a)		1,000,000		976,020
				3,950,084
Materials (1.7%):
Norbord, Inc.
6.25%, 4/15/23, Callable 1/15/23 @ 100 (a)		1,000,000		1,087,410
5.75%, 7/15/27, Callable 5/6/21 @ 108.97 (a)		1,272,000		1,354,997
Syngenta Finance NV, 3.93%, 4/23/21 (a)		1,998,000		2,000,318
				4,442,725
Sovereign Bond (0.4%):
Province of Alberta Canada, 3.35%, 11/1/23		1,000,000		1,073,930
Utilities (0.5%):
TransAlta Corp., 4.50%, 11/15/22, Callable 8/15/22 @ 100		1,300,000		1,348,490
Total Yankee Dollars (Cost $35,028,139)				35,201,632
Municipal Bonds (22.7%)
Alabama (0.4%):
City of Birmingham, GO, 0.86%, 3/1/24		1,015,000		1,021,283
California (2.3%):
California Statewide Communities Development Authority Revenue, 2.15%, 11/15/30, Continuously Callable @100		1,240,000		1,198,113
California Statewide Communities Development Authority Revenue (NBGA - California Health Insurance Construction Loan Insurance Program), 2.05%, 8/1/30		1,660,000		1,645,955
Chino Public Financing Authority Special Tax
Series A, 0.55%, 9/1/21		400,000		400,200
Series A, 0.65%, 9/1/22		500,000		501,035
City of El Cajon Revenue, Series A, 0.65%, 4/1/23		650,000		649,129
City of Gardena Revenue, 1.30%, 4/1/23		565,000		565,141
City of Montebello Revenue (INS - Assured Guaranty Corp.), 1.94%, 6/1/21		1,000,000		1,001,200
Placentia Public Financing Authority Revenue
Series A, 1.72%, 6/1/22		200,000		200,110
Series A, 1.93%, 6/1/23		300,000		301,209
San Jose Redevelopment Agency Successor Agency Tax Allocation, Series A-T, 2.63%, 8/1/22		250,000		257,288
				6,719,380
Colorado (2.5%):
City & County of Denver Co. Airport System Revenue
Series C, 0.88%, 11/15/23		500,000		501,045
Series C, 1.12%, 11/15/24		500,000		500,795
City of Loveland Electric & Communications Enterprise Revenue, 2.85%, 12/1/23		600,000		628,134
Colorado Health Facilities Authority Revenue
2.80%, 12/1/26		500,000		500,550
Series B, 2.24%, 11/1/22		750,000		766,425
County of El Paso Co. Revenue, Series B, 1.05%, 6/1/24		1,230,000		1,241,156
Denver City & County Housing Authority Revenue, 1.33%, 6/1/24, Continuously Callable @100		750,000		755,123

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA Core Short-Term Bond ETF	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Denver City & County Housing Authority Revenue, 2.15%, 12/1/24	$	750,000	$	772,328
Park Creek Metropolitan District Revenue, Series B, 2.43%, 12/1/23		700,000		729,897
				6,395,453
Florida (0.5%):
Hillsborough County IDA Revenue, 2.16%, 8/1/25		1,250,000		1,230,075
Hawaii (0.6%):
State of Hawaii Airports System Revenue
Series B, 0.90%, 7/1/23		300,000		299,859
Series E, 1.39%, 7/1/25		1,500,000		1,502,369
				1,802,228
Illinois (0.1%):
Chicago O’Hare International Airport Revenue, Series D, 0.96%, 1/1/23		165,000		165,747
Indiana (0.4%):
Indiana Finance Authority Revenue, 2.48%, 3/1/24 (e)		1,000,000		1,045,460
Kentucky (0.4%):
County of Warren Revenue, Series B, 0.92%, 4/1/25		1,200,000		1,186,284
Maine (0.2%):
Maine State Housing Authority Revenue, Series H, 1.70%, 11/15/26		600,000		592,434
Maryland (0.2%):
County of Howard, GO, Series C, 1.34%, 8/15/23		500,000		511,095
Michigan (1.2%):
Ecorse Public School District, GO, 2.00%, 5/1/24		750,000		780,525
Michigan Finance Authority Revenue
2.21%, 12/1/23		185,000		192,951
2.31%, 12/1/24		105,000		110,342
2.37%, 9/1/49, (Put Date 9/1/23) (i)		446,000		461,695
Series A-1, 2.33%, 6/1/30		1,000,000		988,750
Ypsilanti School District, GO, 1.89%, 5/1/24		510,000		515,707
				3,049,970
Mississippi (0.1%):
Medical Center Educational Building Corp. Revenue, 0.67%, 6/1/23		280,000		278,788
Missouri (0.6%):
Missouri State Environmental Improvement & Energy Resources Authority Revenue, Series B, 0.70%, 1/1/24		1,495,000		1,493,863
Nebraska (0.7%):
City of Grand Island NE Combined Utility System Revenue, Series B, 0.76%, 8/15/23		1,000,000		1,001,430
Papio-Missouri River Natural Resource District Special Tax, 2.09%, 12/15/24, Continuously Callable @100		670,000		696,184
				1,697,614
Nevada (0.6%):
State of Nevada Department of Business & Industry Revenue, Series A, 0.50%, 1/1/50, (Put Date 7/1/2021) (a)(i)		2,000,000		1,999,595
New Jersey (1.5%):
Essex County Improvement Authority Revenue, Series B, 1.96%, 8/1/22 (a)		350,000		345,846
New Jersey Educational Facilities Authority Revenue, 2.47%, 9/1/21		300,000		301,680
South Jersey Transportation Authority Revenue
Series B, 2.10%, 11/1/24		750,000		745,613
Series B, 2.20%, 11/1/25		750,000		738,840
South Jersey Transportation Authority System Revenue, Series B, 3.02%, 11/1/25		425,000		433,717
Township of Weehawken, GO, 1.10%, 12/30/21		1,501,000		1,503,656
				4,069,352
New York (1.1%):
County of Suffolk, GO
Series C, 1.05%, 6/15/23		1,250,000		1,241,263
Series D, 1.30%, 6/25/21		500,000		500,790

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA Core Short-Term Bond ETF	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Madison County Capital Resource Corp. Revenue, 2.18%, 7/1/23	$	500,000	$	516,955
New York State Dormitory Authority Revenue, Series B, 3.18%, 3/15/22		500,000		512,595
				2,771,603
Ohio (0.1%):
Hamilton County Health Care Facilities Revenue, 2.37%, 6/1/22		325,000		330,174
Oklahoma (1.1%):
Oklahoma Turnpike Authority Revenue
Series B, 0.49%, 1/1/22		750,000		750,525
Series B, 0.63%, 1/1/23		560,000		561,176
The University of Oklahoma Revenue
Series B, 0.93%, 7/1/24		350,000		350,991
Series C, 0.72%, 7/1/23		1,250,000		1,252,388
				2,915,080
Pennsylvania (0.4%):
School District of Scranton, GO (INS - Build America Mutual Assurance Co.), 2.46%, 4/1/22		500,000		509,495
State Public School Building Authority Revenue, 2.75%, 4/1/25		500,000		506,695
				1,016,190
Rhode Island (0.6%):
Providence Redevelopment Agency Revenue, Series A, 2.50%, 3/15/26		1,000,000		999,530
Rhode Island Commerce Corp. Revenue, 2.86%, 5/1/24		500,000		529,700
				1,529,230
South Carolina (0.2%):
Charleston Educational Excellence Finance Corp. Revenue, 0.65%, 12/1/23		600,000		605,376
Tennessee (0.2%):
Metropolitan Government Nashville & Davidson County Sports Authority Revenue, 1.03%, 8/1/24		600,000		610,590
Texas (4.7%):
Aledo Independent School District, GO, 0.65%, 2/15/24		250,000		245,403
Boerne School District, GO
0.64%, 2/1/24		400,000		401,520
0.79%, 2/1/25		250,000		250,113
Central Texas Turnpike System Revenue, Series B, 1.98%, 8/15/42, (Put Date 8/15/22) (i)		1,000,000		1,012,460
City of Houston, GO, 2.77%, 3/1/22		150,000		153,177
Clear Creek Independent School District, GO, Series B, 5.00%, 2/15/24		1,000,000		1,116,880
Dallas-Fort Worth International Airport Revenue, 2.04%, 11/1/24		750,000		776,888
Denton Independent School District, GO, Series A, 0.60%, 8/15/24		500,000		490,010
Harris County Cultural Education Facilities Finance Corp. Revenue
1.59%, 11/15/23		675,000		674,447
1.84%, 11/15/24		500,000		499,020
Series B, 2.30%, 5/15/24		600,000		616,620
Lubbock Texas Water & Wastewater System Revenue, Series B, 1.93%, 2/15/24		750,000		777,233
Marshall Independent School District, GO, 0.57%, 2/15/24		1,000,000		983,660
North Texas Tollway Authority Revenue, 0.92%, 1/1/24		1,000,000		999,800
State of Texas, GO, 3.11%, 10/1/23		500,000		533,720
Tarrant County Cultural Education Facilities Finance Corp. Revenue
1.07%, 9/1/23		525,000		529,573
1.36%, 9/1/24		700,000		708,680
Texas A&M University Revenue, Series A, 2.95%, 5/15/23		500,000		528,235
White Settlement Independent School District, GO (NBGA - Texas Permanent School Fund), Series A, 0.95%, 8/15/25		920,000		882,436
				12,179,875
Virginia (1.1%):
County of Arlington, GO, Series B, 0.64%, 8/1/24		2,000,000		1,998,839

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA Core Short-Term Bond ETF	March 31, 2021
	(Unaudited)

Security Description	Shares or Principal Amount		Value
Virginia Small Business Financing Authority Revenue, 2.25%, 7/1/50, (Put Date 12/29/22) (a)(i)	$	1,250,000	$	1,250,975
				3,249,814
Washington (0.2%):
Washington State University Revenue, Series A, 0.86%, 10/1/23		480,000		484,589
West Virginia (0.5%):
Tobacco Settlement Finance Authority Revenue, Series A, 1.19%, 6/1/23		1,500,000		1,514,969
Wisconsin (0.2%):
Public Finance Authority Revenue (LOC - Citizens Financial Group), 3.75%, 2/1/22, Continuously Callable @100		500,000		500,475
Total Municipal Bonds (Cost $60,511,803)				60,966,586
U.S. Treasury Obligations (0.2%)
U.S. Treasury Notes, 1.13%, 7/31/21 (e)		470,000		471,707
Total U.S. Treasury Obligations (Cost $467,441)				471,707
Commercial Papers (6.7%)
American Honda Finance, 0.12%, 4/6/21 (j)		1,000,000		999,980
Canadian Natural Resources Ltd., 0.16%, 4/14/21 (j)		2,600,000		2,599,839
FMC Corp., 0.50%, 4/1/21 (j)		2,500,000		2,499,966
Glencore Funding LLC, 0.19%, 4/13/21 (a)(j)		2,600,000		2,599,825
Hyundai Capital America, 0.13%, 4/14/21 (a)(j)		2,465,000		2,464,876
Jabil, Inc., 0.60%, 4/6/21 (j)		2,500,000		2,499,750
Ovintiv, Inc., 0.89%, 4/12/21 (j)		1,200,000		1,199,644
PPL Electric Utilities Corp., 0.15%, 4/1/21 (j)		700,000		699,997
Walgreens Boots Alliance, Inc., 0.19%, 4/13/21 (j)		2,500,000		2,499,831
Total Commercial Papers (Cost $18,063,562)				18,063,708
Collateral for Securities Loaned^ (0.4%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (k)		22,162		22,162
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (k)		570,710		570,710
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (k)		11,060		11,060
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (k)		88,187		88,187
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (k)		396,504		396,504
Total Collateral for Securities Loaned (Cost $1,088,623)				1,088,623
Total Investments (Cost $261,731,990) — 98.3%				264,201,009
Other assets in excess of liabilities — 1.7%				4,454,963
NET ASSETS - 100.00%			$	268,655,972

^	Purchased with cash collateral from securities on loan.
(a)	Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $66,833,463 and amounted to 24.9% of net assets.
(b)	Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2021.
(c)	The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at March 31, 2021.
(d)	Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis.
(e)	All or a portion of the security has been segregated as collateral for securities purchased on a when-issued basis.
(f)	All or a portion of this security is on loan.
(g)	Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future.
(h)	Stepped-coupon security converts to coupon form on 8/15/21 with a rate of 2.715%.
(i)	Put Bond.
(j)	Rate represents the effective yield at March 31, 2021.
(k)	Rate disclosed is the daily yield on March 31, 2021.

bps—Basis points

Continuously callable— Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity.

GO—General Obligation

H15T5Y—5 Year Treasury Constant Maturity Rate, rate disclosed as of March 31, 2021.

IDA—Industrial Development Authority

LIBOR—London InterBank Offered Rate

LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of March 31, 2021, based on the last reset date of the security

LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of March 31, 2021, based on the last reset date of the security

LLC—Limited Liability Company

LOC—Line Letter of Credit

LP—Limited Partnership

MTN—Medium Term Note

PLC—Public Limited Company

SOFR—Secured Overnight Financing Rate

Credit Enhancements—Adds the financial strength of the provider of the enhancement to support the issuer’s ability to repay the principal and interest payments when due. The enhancement may be provided by a high-quality bank, insurance company or other corporation, or a collateral trust. The enhancements do not guarantee the market values of the securities.

INS	Principal and interest payments are insured by the name listed. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations.
LOC	Principal and interest payments are guaranteed by a bank letter of credit or other bank credit agreement.
NBGA	Principal and interest payments or, under certain circumstances, underlying mortgages, are guaranteed by a nonbank guarantee agreement from the name listed.

Victory Portfolios II	Schedule of Portfolio Investments
VictoryShares USAA Core Intermediate-Term Bond ETF	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Asset-Backed Securities (7.4%)
American Express Credit Account Master Trust, Series 2019-2, Class B, 2.86%, 11/15/24	$	2,076,000	$	2,127,976
AmeriCredit Automobile Receivables Trust, Series 2017-2, Class D, 3.42%, 4/18/23, Callable 1/18/22 @ 100		1,000,000		1,021,051
ARI Fleet Lease Trust, Series 2020-A, Class A3, 1.80%, 8/15/28, Callable 1/15/23 @ 100 (a)		900,000		918,760
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		532,158
Avis Budget Rental Car Funding AESOP LLC, Series 2016-2A, Class B, 3.36%, 11/20/22, Callable 12/20/21 @ 100 (a)		1,250,000		1,262,998
Bank of The West Auto Trust, Series 2019-1, Class C, 2.90%, 4/15/25, Callable 7/15/23 @ 100 (a)		1,062,000		1,108,005
Bank of The West Auto Trust, Series 2017-1, Class C, 2.96%, 2/15/24, Callable 3/15/22 @ 100 (a)		500,000		510,928
BCC Funding Corp. XVI LLC, Series 2019-1A, Class A2, 2.46%, 8/20/24, Callable 7/20/23 @ 100 (a)		624,394		631,495
BCC Funding XVII LLC, Series 2020-1, Class A2, 0.91%, 8/20/25, Callable 7/20/24 @ 100 (a)		1,250,000		1,251,958
California Republic Auto Receivables Trust, Series 2017-1, Class B, 2.91%, 12/15/22, Callable 6/15/21 @ 100		1,240,972		1,245,722
Canadian Pacer Auto Receivables Trust, Series 2018-2A, Class B, 3.63%, 1/19/24, Callable 4/19/22 @ 100 (a)		500,000		513,665
Canadian Pacer Auto Receivables Trust, Series 2020-1A, Class A4, 1.89%, 3/19/25, Callable 8/19/23 @ 100 (a)		433,000		443,405
CarMax Auto Owner Trust, Series 2020-1, Class B, 2.21%, 9/15/25, Callable 1/15/24 @ 100		1,275,000		1,321,691
CF Hippolyta LLC, Series 2021-1A, Class A1, 1.53%, 3/15/61, Callable 3/15/24 @ 100 (a)		1,500,000		1,494,038
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class B, 2.39%, 4/16/29 (a)		823,000		850,179
Credit Acceptance Auto Loan Trust, Series 2021-2A, Class B, 1.26%, 4/15/30 (a)		1,038,000		1,032,778
Crossroads Asset Trust, Series 2021-A, Class A2, 0.82%, 3/20/24, Callable 10/20/24 @ 100 (a)		723,000		723,852
Dell Equipment Finance Trust, Series 2020-1, Class A3, 2.24%, 2/22/23, Callable 7/22/22 @ 100 (a)		687,500		701,492
DT Auto Owner Trust, Series 2018-2A, Class D, 4.15%, 3/15/24, Callable 8/15/22 @ 100 (a)		2,155,000		2,191,472
Enterprise Fleet Financing LLC, Series 2020-1, Class A3, 1.86%, 12/22/25 (a)		820,000		844,379
Exeter Automobile Receivables Trust, Series 2020-1A, Class B, 2.26%, 4/15/24, Callable 10/15/23 @ 100 (a)		513,000		517,364
Exeter Automobile Receivables Trust, Series 2017-3A, Class D, 5.28%, 10/15/24, Callable 6/15/22 @ 100 (a)		500,000		524,791
Exeter Automobile Receivables Trust, Series 2019-1A, Class C, 3.82%, 12/16/24, Callable 5/15/23 @ 100 (a)		828,139		838,480
ExteNet LLC, Series 2019-1A, Class A2, 3.20%, 7/26/49, Callable 1/25/23 @ 100 (a)		500,000		515,670
First Investors Auto Owner Trust, Series 2019-2A, Class C, 2.71%, 12/15/25, Callable 4/15/23 @ 100 (a)		1,500,000		1,538,620
First Investors Auto Owner Trust, Series 2018-2A, Class F, 7.31%, 9/15/25, Callable 12/15/22 @ 100 (a)		750,000		790,114

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA Core Intermediate-Term Bond ETF	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Flagship Credit Auto Trust, Series 2020-2, Class D, 5.75%, 4/15/26, Callable 2/15/24 @ 100 (a)	$	1,000,000	$	1,109,834
Ford Credit Auto Owner Trust, Series 2020-1, Class B, 2.29%, 8/15/31, Callable 2/15/25 @ 100 (a)		1,500,000		1,562,537
Foursight Capital Automobile Receivables Trust, Series 2021-1, Class B, 0.87%, 1/15/26, Callable 11/15/24 @ 100 (a)		1,406,000		1,403,272
GLS Auto Receivables Issuer Trust, Series 2020-1A, Class B, 2.43%, 11/15/24, Callable 3/15/24 @ 100 (a)		1,000,000		1,023,288
GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A4, 1.74%, 8/18/25, Callable 11/16/23 @ 100		750,000		772,259
GM Financial Consumer Automobile Receivables Trust, Series 2020-1, Class A4, 1.90%, 3/17/25, Callable 8/16/23 @ 100		1,000,000		1,028,214
Hertz Vehicle Financing II LP, Series 2019-3A, Class A, 2.67%, 12/26/25 (a)		135,893		136,260
HPEFS Equipment Trust, Series 2019-1A, Class C, 2.49%, 9/20/29, Callable 7/20/22 @ 100 (a)		500,000		507,760
HPEFS Equipment Trust, Series 2020-1A, Class B, 1.89%, 2/20/30, Callable 2/20/23 @ 100 (a)		385,000		391,062
Hyundai Auto Receivables Trust, Series 2020-C, Class B, 0.81%, 11/16/26, Callable 4/15/25 @ 100		1,271,000		1,262,633
John Deere Owner Trust, Series 2020-A, Class A4, 1.21%, 11/16/26, Callable 7/15/23 @ 100		2,000,000		2,025,067
Kubota Credit Owner Trust, Series 2020-1A, Class A4, 2.26%, 7/15/26, Callable 10/15/23 @ 100 (a)		433,000		449,560
MMAF Equipment Finance LLC, Series 2017-B, Class A4, 2.41%, 11/15/24, Callable 6/15/26 @ 100 (a)		1,000,000		1,014,107
MVW Owner Trust, Series 2015-1A, Class A, 2.52%, 12/20/32, Callable 7/20/21 @ 100 (a)		1,138,063		1,143,363
Navient Student Loan Trust, Series 2018-2A, Class B, 1.26% (LIBOR01M+115bps), 3/25/67, Callable 6/25/33 @ 100 (a)(b)		1,000,000		953,997
Nelnet Student Loan Trust, Series 2019-5, Class A, 2.53%, 10/25/67, Callable 11/25/35 @ 100 (a)		1,356,519		1,398,777
NP SPE LLC, Series 2019-1A, Class A2, 3.24%, 9/20/49 (a)		500,000		521,342
OSCAR US Funding Trust LLC, Series 2018-1A, Class A3, 3.23%, 5/10/22 (a)		22,896		22,904
Pawnee Equipment Receivables LLC, Series 2020-1, Class B, 1.84%, 1/15/26, Callable 4/15/24 @ 100 (a)		1,000,000		1,006,452
Prestige Auto Receivables Trust, Series 2020-1A, Class C, 1.31%, 11/16/26, Callable 4/15/24 @ 100 (a)		929,000		934,680
PSNH Funding LLC, Series 2018-1, Class A3, 3.81%, 2/1/35		1,000,000		1,112,779
Santander Consumer Auto Receivables Trust, Series 2020-AA, Class D, 5.49%, 4/15/26, Callable 11/15/24 @ 100 (a)		1,000,000		1,097,153
SCF Equipment Leasing LLC, Series 2019-1A, Class B, 3.49%, 1/20/26, Callable 4/20/21 @ 100 (a)		500,000		500,631
SCF Equipment Leasing LLC, Series 2019-1A, Class A2, 3.23%, 10/20/24, Callable 4/20/21 @ 100 (a)		229,984		230,243
SLM Student Loan Trust, Series 2007-1, Class B, 0.44% (LIBOR03M+22bps), 1/27/42, Callable 4/25/29 @ 100 (b)		352,361		328,994
SLM Student Loan Trust, Series 2006-10, Class B, 0.44% (LIBOR03M+22bps), 3/25/44, Callable 7/25/32 @ 100 (b)		222,483		205,130
Synchrony Credit Card Master Note Trust, Series 2018-2, Class A, 3.47%, 5/15/26		2,000,000		2,122,785
Toyota Auto Loan Extended Note Trust, Series 2021-1A, Class A, 1.07%, 2/27/34, Callable 2/25/26 @ 100 (a)(c)		2,000,000		1,982,991

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA Core Intermediate-Term Bond ETF	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Transportation Finance Equipment Trust, Series 2019-1, Class A4, 1.88%, 3/25/24, Callable 7/23/23 @ 100 (a)	$	1,280,000	$	1,310,593
VB-S1 Issuer LLC, Series 2018-1A, Class C, 3.41%, 2/15/48, Callable 2/15/22 @ 100 (a)		500,000		514,736
Westlake Automobile Receivables Trust, Series 2018-3A, Class D, 4.00%, 10/16/23, Callable 7/15/22 @ 100 (a)		860,000		882,191
Westlake Automobile Receivables Trust, Series 2018-2A, Class D, 4.00%, 1/16/24, Callable 2/15/22 @ 100 (a)		507,000		514,259
Total Asset-Backed Securities (Cost $54,311,623)				54,922,894
Collateralized Mortgage Obligations (2.7%)
Aventura Mall Trust, Series 2018-AVM, Class D, 4.11%, 7/5/40 (a)(c)		1,000,000		968,789
Benchmark Mortgage Trust, Series 2020-B17, Class ASB, 2.18%, 3/15/53, Callable 11/15/29 @ 100		1,000,000		1,012,945
BX Commercial Mortgage Trust, Series 2019-XL, Class B, 1.19% (LIBOR01M+108bps), 10/15/36 (a)(b)		241,711		241,799
BX Trust, Series 2019-OC11, Class A, 3.20%, 12/9/41 (a)		923,077		966,100
Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class AAB, 2.61%, 1/15/53, Callable 11/15/29 @ 100		732,000		764,593
Citigroup Commercial Mortgage Trust, Series 2017-P8, Class AS, 3.79%, 9/15/50, Callable 9/15/27 @ 100 (c)		500,000		546,410
Citigroup Commercial Mortgage Trust, Series 2020-555, Class A, 2.65%, 12/10/41 (a)		2,000,000		2,028,102
Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class C, 4.68%, 1/10/36 (a)		500,000		538,710
COMM Mortgage Trust, Series 2014-277P, Class A, 3.61%, 8/10/49, Callable 8/10/24 @ 100 (a)(c)		1,000,000		1,070,592
COMM Mortgage Trust, Series 2015-LC23, Class AM, 4.16%, 10/10/48 (c)		250,000		272,864
COMM Mortgage Trust, Series 2015-PC1, Class B, 4.32%, 7/10/50, Callable 6/10/25 @ 100 (c)		865,000		924,817
COMM Mortgage Trust, Series 2020-CX, Class A, 2.17%, 11/10/46 (a)		1,500,000		1,460,113
DBJPM Mortgage Trust, Series 2016-SFC, Class A, 2.83%, 8/10/36, Callable 8/10/26 @ 100 (a)		250,000		254,640
FREMF Mortgage Trust, Series 2019-K99, Class B, 3.65%, 9/25/29, Callable 9/25/29 @ 100 (a)(c)		1,000,000		1,060,351
GS Mortgage Securities Corp. Trust, Series 2017-GPTX, Class A, 2.86%, 5/10/34 (a)		1,000,000		995,450
GS Mortgage Securities Corp. Trust, Series 2012-ALOH, Class A, 3.55%, 4/10/34 (a)		1,000,000		1,013,246
GS Mortgage Securities Trust, Series 2020-GC45, Class AAB, 2.84%, 2/13/53		357,000		378,577
Houston Galleria Mall Trust, Series 2015-HGLR, Class A1A2, 3.09%, 3/5/37 (a)		1,000,000		1,042,905
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2021-2NU, Class B, 2.08%, 1/5/40 (a)		1,000,000		991,832
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2010-C2, Class B, 5.07%, 11/15/43, Callable 4/15/21 @ 100 (a)(c)		979,000		976,582
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2010-C2, Class C, 5.72%, 11/15/43, Callable 7/15/21 @ 100 (a)(c)		813,000		785,644
Manhattan West, Series 2020-1MW, Class A, 2.13%, 9/10/40 (a)		750,000		754,170
VLS Commercial Mortgage Trust, Series 2020-LAB, Class A, 2.13%, 10/10/42 (a)		1,000,000		970,853

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA Core Intermediate-Term Bond ETF	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Wells Fargo Commercial Mortgage Trust, Series 2018-AUS, Class A, 4.06%, 7/17/36 (a)(c)	$	250,000	$	274,347
Total Collateralized Mortgage Obligations (Cost $20,450,604)				20,294,431
Corporate Bonds (33.5%)
Communication Services (2.3%):
AT&T, Inc., 4.35%, 3/1/29, Callable 12/1/28 @ 100		1,000,000		1,129,670
CenturyLink, Inc., 4.50%, 1/15/29, Callable 1/15/24 @ 102.25 (a)		1,000,000		975,800
Charter Communications Operating LLC/Charter Communications Operating Capital
3.75%, 2/15/28, Callable 11/15/27 @ 100		500,000		541,830
2.30%, 2/1/32, Callable 11/1/31 @ 100 (d)		2,500,000		2,322,050
Comcast Corp., 3.55%, 5/1/28, Callable 2/1/28 @ 100		750,000		826,845
Fox Corp., 4.71%, 1/25/29, Callable 10/25/28 @ 100		1,000,000		1,151,590
Meredith Corp., 6.88%, 2/1/26, Callable 5/10/21 @ 103.44 (e)		402,000		411,978
The Walt Disney Co., 2.20%, 1/13/28		666,000		679,074
T-Mobile USA, Inc.
4.75%, 2/1/28, Callable 2/1/23 @ 102.38		643,000		686,949
3.88%, 4/15/30, Callable 1/15/30 @ 100 (a)(d)		1,039,000		1,129,123
2.25%, 11/15/31, Callable 8/15/31 @ 100 (a)		1,000,000		948,330
Verizon Communications, Inc.
2.10%, 3/22/28, Callable 1/22/28 @ 100		1,500,000		1,502,010
1.75%, 1/20/31, Callable 10/20/30 @ 100		3,000,000		2,791,410
ViacomCBS, Inc., 3.38%, 2/15/28, Callable 11/15/27 @ 100		1,000,000		1,063,470
				16,160,129
Consumer Discretionary (2.1%):
AutoNation, Inc., 4.75%, 6/1/30, Callable 3/1/30 @ 100		600,000		688,998
AutoZone, Inc., 3.75%, 6/1/27, Callable 3/1/27 @ 100		500,000		552,695
D.R. Horton, Inc., 4.75%, 2/15/23, Callable 11/15/22 @ 100 (d)		500,000		532,705
Daimler Finance North America LLC
3.70%, 5/4/23 (a)		1,000,000		1,061,660
3.45%, 1/6/27 (a)		1,000,000		1,081,500
Genting New York LLC/GENNY Capital, Inc., 3.30%, 2/15/26, Callable 1/15/26 @ 100 (a)		750,000		747,060
Hasbro, Inc.
3.55%, 11/19/26, Callable 9/19/26 @ 100		600,000		647,376
3.90%, 11/19/29, Callable 8/19/29 @ 100 (d)(e)		1,350,000		1,444,487
International Game Technology PLC, 5.25%, 1/15/29, Callable 1/15/24 @ 102.63 (a)		1,000,000		1,042,930
Marriott International, Inc., 2.85%, 4/15/31, Callable 1/15/31 @ 100 (d)		2,000,000		1,964,300
Murphy Oil USA, Inc.
4.75%, 9/15/29, Callable 9/15/24 @ 102.38		1,000,000		1,046,450
3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (a)		235,000		230,977
Newell Brands, Inc., 4.70%, 4/1/26, Callable 1/1/26 @ 100		500,000		552,730
Nordstrom, Inc., 4.25%, 8/1/31, Callable 5/1/31 @ 100 (a)(f)		750,000		749,365
O’Reilly Automotive, Inc., 4.20%, 4/1/30, Callable 1/1/30 @ 100		500,000		562,370
Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, 4/6/31, Callable 1/6/31 @ 100 (a)(f)		1,300,000		1,295,762
VF Corp., 2.95%, 4/23/30, Callable 1/23/30 @ 100		500,000		517,315
Volkswagen Group of America Finance LLC, 3.20%, 9/26/26, Callable 7/26/26 @ 100 (a)		1,000,000		1,072,730
				15,791,410
Consumer Staples (2.6%):
Altria Group, Inc., 2.45%, 2/4/32, Callable 11/4/31 @ 100		1,500,000		1,425,375
Anheuser-Busch InBev Worldwide, Inc.
3.65%, 2/1/26, Callable 11/1/25 @ 100		1,000,000		1,098,370
4.38%, 4/15/38, Callable 10/15/37 @ 100		500,000		567,250
5.45%, 1/23/39, Callable 7/23/38 @ 100		500,000		623,095
4.35%, 6/1/40, Callable 12/1/39 @ 100		1,000,000		1,123,790

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA Core Intermediate-Term Bond ETF	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
BAT Capital Corp.
2.73%, 3/25/31, Callable 12/25/30 @ 100 (d)	$	1,000,000	$	971,080
4.39%, 8/15/37, Callable 2/15/37 @ 100		1,250,000		1,309,225
Bunge Ltd. Finance Corp.
4.35%, 3/15/24, Callable 2/15/24 @ 100		500,000		548,035
3.25%, 8/15/26, Callable 5/15/26 @ 100		502,000		534,595
Constellation Brands, Inc., 3.50%, 5/9/27, Callable 2/9/27 @ 100		750,000		816,443
General Mills, Inc., 4.55%, 4/17/38, Callable 10/17/37 @ 100		1,000,000		1,181,130
Keurig Dr Pepper, Inc., 2.25%, 3/15/31, Callable 12/15/30 @ 100		1,000,000		981,420
Kraft Heinz Foods Co., 3.75%, 4/1/30, Callable 1/1/30 @ 100		1,000,000		1,059,990
Mars, Inc., 3.88%, 4/1/39, Callable 10/1/38 @ 100 (a)		1,000,000		1,111,710
McCormick & Co., Inc.
2.50%, 4/15/30, Callable 1/15/30 @ 100		375,000		374,591
1.85%, 2/15/31, Callable 11/15/30 @ 100		1,000,000		941,410
Mondelez International, Inc., 2.75%, 4/13/30, Callable 1/13/30 @ 100		375,000		382,778
PepsiCo, Inc., 2.75%, 3/19/30, Callable 12/19/29 @ 100		1,000,000		1,044,630
Smithfield Foods, Inc., 5.20%, 4/1/29, Callable 1/1/29 @ 100 (a)		500,000		573,640
Sysco Corp., 5.95%, 4/1/30, Callable 1/1/30 @ 100		391,000		488,672
The Coca-Cola Co., 2.00%, 3/5/31		2,000,000		1,957,360
The Kroger Co., 3.50%, 2/1/26, Callable 11/1/25 @ 100		500,000		546,970
				19,661,559
Energy (4.3%):
Boardwalk Pipelines LP
4.45%, 7/15/27, Callable 4/15/27 @ 100		1,500,000		1,660,200
4.80%, 5/3/29, Callable 2/3/29 @ 100 (d)		500,000		553,720
Buckeye Partners LP, 4.13%, 12/1/27, Callable 9/1/27 @ 100		1,000,000		989,040
Cameron LNG LLC, 3.30%, 1/15/35, Callable 9/15/34 @ 100 (a)		1,091,000		1,121,504
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP
3.30%, 5/1/23, Callable 4/1/23 @ 100 (a)		250,000		263,215
3.70%, 6/1/28, Callable 3/1/28 @ 100 (a)		250,000		273,370
Continental Resources, Inc., 4.50%, 4/15/23, Callable 1/15/23 @ 100 (d)		109,000		112,692
Diamondback Energy, Inc., 3.25%, 12/1/26, Callable 10/1/26 @ 100		1,000,000		1,049,670
Enable Midstream Partners LP, 4.15%, 9/15/29, Callable 6/15/29 @ 100		1,000,000		1,037,870
Energy Transfer LP, 3.75%, 5/15/30, Callable 2/15/30 @ 100 (d)		1,000,000		1,031,510
Energy Transfer Operating LP, 3.22% (LIBOR03M+302bps), 11/1/66, Callable 5/10/21 @ 100 (b)		500,000		347,265
EnLink Midstream Partners LP, 4.85%, 7/15/26, Callable 4/15/26 @ 100		500,000		482,950
Enterprise Products Operating LLC, 2.80%, 1/31/30, Callable 10/31/29 @ 100		1,000,000		1,030,250
EOG Resources, Inc., 4.38%, 4/15/30, Callable 1/15/30 @ 100		231,000		265,516
EQT Corp., 8.75%, 2/1/30, Callable 11/1/29 @ 100		514,000		655,407
Exxon Mobil Corp., 2.61%, 10/15/30, Callable 7/15/30 @ 100		1,500,000		1,525,890
Florida Gas Transmission Co. LLC, 2.55%, 7/1/30, Callable 4/1/30 @ 100 (a)		750,000		740,610
Gray Oak Pipeline LLC, 3.45%, 10/15/27, Callable 8/15/27 @ 100 (a)		1,334,000		1,373,366
HollyFrontier Corp., 4.50%, 10/1/30, Callable 7/1/30 @ 100		2,000,000		2,058,739
Marathon Petroleum Corp., 4.70%, 5/1/25, Callable 4/1/25 @ 100		469,000		528,465
Midwest Connector Capital Co. LLC, 4.63%, 4/1/29, Callable 1/1/29 @ 100 (a)		500,000		507,975
MPLX LP
4.25%, 12/1/27, Callable 9/1/27 @ 100		500,000		559,475
4.00%, 3/15/28, Callable 12/15/27 @ 100		750,000		827,325
4.80%, 2/15/29, Callable 11/15/28 @ 100 (d)		250,000		285,958
Murphy Oil Corp.
6.88%, 8/15/24, Callable 5/10/21 @ 103.44		1,000,000		1,021,420
5.75%, 8/15/25, Callable 5/10/21 @ 104.31		500,000		499,555
NuStar Logistics LP, 6.00%, 6/1/26, Callable 3/1/26 @ 100		500,000		539,555
Occidental Petroleum Corp.
3.40%, 4/15/26, Callable 1/15/26 @ 100		1,000,000		968,050
4.40%, 8/15/49, Callable 2/15/49 @ 100		500,000		418,150

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA Core Intermediate-Term Bond ETF	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
ONEOK, Inc., 4.55%, 7/15/28, Callable 4/15/28 @ 100	$	500,000	$	552,520
Ovintiv Exploration, Inc., 5.38%, 1/1/26, Callable 10/1/25 @ 100 (d)		500,000		549,060
Pioneer Natural Resources Co., 1.90%, 8/15/30, Callable 5/15/30 @ 100		1,500,000		1,392,345
Plains All American Pipeline LP/PAA Finance Corp., 3.55%, 12/15/29, Callable 9/15/29 @ 100		2,280,000		2,276,647
Rockies Express Pipeline LLC, 4.95%, 7/15/29, Callable 4/15/29 @ 100 (a)		2,000,000		2,044,520
Sabal Trail Transmission LLC, 4.25%, 5/1/28, Callable 2/1/28 @ 100 (a)		1,000,000		1,108,650
Southwestern Energy Co., 7.75%, 10/1/27, Callable 10/1/22 @ 103.88 (e)		500,000		534,815
Valero Energy Corp., 2.15%, 9/15/27, Callable 7/15/27 @ 100		636,000		624,425
Western Midstream Operating LP, 4.35%, 2/1/25, Callable 1/1/25 @ 100		421,000		435,373
				32,247,067
Financials (6.9%):
Alexander Funding Trust, 1.84%, 11/15/23 (a)		1,000,000		1,014,090
Amcor Finance USA, Inc., 3.63%, 4/28/26, Callable 1/28/26 @ 100		1,250,000		1,366,350
American Equity Investment Life Holding Co., 5.00%, 6/15/27, Callable 3/15/27 @ 100		500,000		555,640
Ares Capital Corp., 4.25%, 3/1/25, Callable 1/1/25 @ 100		500,000		536,360
Athene Global Funding, 1.45%, 1/8/26 (a)		1,000,000		983,550
Athene Holding Ltd., 3.50%, 1/15/31, Callable 10/15/30 @ 100		1,000,000		1,025,050
AXA Equitable Holdings, Inc., 4.35%, 4/20/28, Callable 1/20/28 @ 100		1,000,000		1,117,220
Bank of America Corp.
1.66% (SOFR+91bps), 3/11/27, Callable 3/11/26 @ 100 (b)		1,500,000		1,503,059
3.70% (LIBOR03M+151bps), 4/24/28, Callable 4/24/27 @ 100 (b)		1,000,000		1,093,800
BB&T Corp., 4.25%, 9/30/24		750,000		823,815
Belrose Funding Trust, 2.33%, 8/15/30, Callable 5/15/30 @ 100 (a)		1,000,000		962,720
BMW US Capital LLC, 3.75%, 4/12/28, Callable 1/12/28 @ 100 (a)		1,000,000		1,105,150
Cadence Bancorp, 4.75% (LIBOR03M+303bps), 6/30/29, Callable 6/30/24 @ 100 (b)		500,000		515,430
Capital One Financial Corp., 3.75%, 7/28/26, Callable 6/28/26 @ 100		1,000,000		1,085,250
CIT Group, Inc., 5.25%, 3/7/25, Callable 12/7/24 @ 100		500,000		563,725
Citizens Financial Group, Inc., 2.50%, 2/6/30, Callable 11/6/29 @ 100		2,000,000		1,988,399
Credit Acceptance Corp., 6.63%, 3/15/26, Callable 3/15/22 @ 103.31		500,000		526,250
Fifth Third Bancorp, 3.95%, 3/14/28, Callable 2/14/28 @ 100		500,000		564,880
First Citizens BancShares, Inc., 3.38% (SOFR+247bps), 3/15/30, Callable 3/15/25 @ 100 (b)		1,000,000		1,007,870
First Horizon Bank, 5.75%, 5/1/30, Callable 2/1/30 @ 100		500,000		600,680
Ford Motor Credit Co. LLC
4.54%, 8/1/26, Callable 6/1/26 @ 100		1,400,000		1,480,304
5.11%, 5/3/29, Callable 2/3/29 @ 100		500,000		535,005
FS KKR Capital Corp., 4.63%, 7/15/24, Callable 6/15/24 @ 100		1,000,000		1,062,400
GA Global Funding Trust, 1.63%, 1/15/26 (a)		250,000		249,440
Glencore Funding LLC
4.00%, 3/27/27, Callable 12/27/26 @ 100 (a)		500,000		550,665
2.50%, 9/1/30, Callable 6/1/30 @ 100 (a)		500,000		479,980
Global Atlantic Financial Co., 4.40%, 10/15/29, Callable 7/15/29 @ 100 (a)		1,714,000		1,814,817
Hyundai Capital America
3.40%, 6/20/24 (a)		500,000		533,600
3.50%, 11/2/26, Callable 9/2/26 @ 100 (a)		500,000		536,185
ILFC E-Capital Trust I, 4.00%, 12/21/65, Callable 5/10/21 @ 100 (a)		500,000		394,760
JPMorgan Chase & Co.
2.52% (SOFR+204bps), 4/22/31, Callable 4/22/30 @ 100 (b)		750,000		746,873
1.95% (SOFR+1bps), 2/4/32, Callable 2/4/31 @ 100 (b)		1,333,000		1,262,457
KeyBank NA
3.40%, 5/20/26, MTN		500,000		541,010
3.90%, 4/13/29		1,000,000		1,091,180
KeyCorp, 2.25%, 4/6/27, MTN		500,000		512,825

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA Core Intermediate-Term Bond ETF	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Level 3 Financing, Inc., 3.75%, 7/15/29, Callable 1/15/24 @ 101.88 (a)	$	1,000,000	$	977,520
Lincoln National Corp., 3.80%, 3/1/28, Callable 12/1/27 @ 100		500,000		552,850
Main Street Capital Corp.
4.50%, 12/1/22		500,000		522,635
3.00%, 7/14/26, Callable 6/14/26 @ 100		1,000,000		991,470
Mercury General Corp., 4.40%, 3/15/27, Callable 12/15/26 @ 100		1,000,000		1,126,560
New York Community Bancorp, Inc., 5.90% (LIBOR03M+278bps), 11/6/28, Callable 11/6/23 @ 100 (b)		500,000		543,200
Pine Street Trust I, 4.57%, 2/15/29, Callable 11/15/28 @ 100 (a)		500,000		563,190
PPL Capital Funding, Inc., 4.13%, 4/15/30, Callable 1/15/30 @ 100		1,000,000		1,124,500
Prudential Financial, Inc., 3.94%, 12/7/49, Callable 6/7/49 @ 100		1,000,000		1,091,580
Regions Financial Corp., 2.25%, 5/18/25, Callable 4/18/25 @ 100		750,000		777,990
Santander Holdings USA, Inc.
4.45%, 12/3/21, Callable 11/3/21 @ 100		250,000		255,743
3.40%, 1/18/23, Callable 12/18/22 @ 100		250,000		260,530
4.40%, 7/13/27, Callable 4/14/27 @ 100		750,000		828,788
Synchrony Financial
4.50%, 7/23/25, Callable 4/23/25 @ 100		500,000		553,695
3.95%, 12/1/27, Callable 9/1/27 @ 100		500,000		538,645
5.15%, 3/19/29, Callable 12/19/28 @ 100		500,000		578,400
Synovus Bank/Columbus GA, 4.00% (H15T5Y+363bps), 10/29/30, Callable 10/29/25 @ 100 (b)		500,000		526,755
Synovus Financial Corp., 5.90% (USSW5+338bps), 2/7/29, Callable 2/7/24 @ 100 (b)		500,000		539,170
TCF National Bank, 4.13% (LIBOR03M+238bps), 7/2/29, Callable 7/2/24 @ 100 (b)		1,000,000		982,910
Texas Capital Bank NA, 5.25%, 1/31/26		250,000		264,838
The PNC Financial Services Group, Inc., 2.55%, 1/22/30, Callable 10/24/29 @ 100		1,500,000		1,522,964
Torchmark Corp., 4.55%, 9/15/28, Callable 6/15/28 @ 100		500,000		575,120
Toyota Motor Credit Corp., 3.38%, 4/1/30, MTN		536,000		581,474
Truist Bank, 2.25%, 3/11/30, Callable 12/11/29 @ 100		1,050,000		1,025,304
UMB Financial Corp., 3.70% (H15T5Y+344bps), 9/17/30, Callable 9/17/25 @ 100 (b)		375,000		384,874
Wells Fargo & Co.
2.19% (SOFR+200bps), 4/30/26, Callable 4/30/25 @ 100 (b)		750,000		773,513
3.00%, 10/23/26		1,000,000		1,069,790
Zions Bancorp NA, 3.25%, 10/29/29, Callable 7/29/29 @ 100		1,000,000		1,009,880
				51,274,677
Health Care (3.3%):
AbbVie, Inc., 3.20%, 11/21/29, Callable 8/21/29 @ 100		1,000,000		1,060,830
Anthem, Inc.
2.88%, 9/15/29, Callable 6/15/29 @ 100		323,000		334,838
2.55%, 3/15/31, Callable 12/15/30 @ 100		2,000,000		2,000,359
Boston Medical Center Corp., 3.91%, 7/1/28		500,000		547,120
Bristol Myers Squibb Co., 3.90%, 2/20/28, Callable 11/20/27 @ 100		500,000		560,990
Cigna Corp., 2.38%, 3/15/31, Callable 12/15/30 @ 100		2,000,000		1,967,900
CVS Health Corp.
4.30%, 3/25/28, Callable 12/25/27 @ 100		282,000		319,842
3.25%, 8/15/29, Callable 5/15/29 @ 100 (d)		500,000		528,920
1.75%, 8/21/30, Callable 5/21/30 @ 100		1,000,000		931,760
DENTSPLY SIRONA, Inc., 3.25%, 6/1/30, Callable 3/1/30 @ 100		1,750,000		1,826,825
Duke University Health System, Inc., 2.60%, 6/1/30		500,000		509,010
Eastern Maine Healthcare Systems, 3.71%, 7/1/26		435,000		448,828
Fresenius Medical Care U.S. Finance III, Inc., 2.38%, 2/16/31, Callable 11/16/30 @ 100 (a)		1,000,000		953,970
Gilead Sciences, Inc., 1.20%, 10/1/27, Callable 8/1/27 @ 100		1,000,000		957,570
HCA, Inc., 4.50%, 2/15/27, Callable 8/15/26 @ 100		500,000		560,730
Illumina, Inc., 2.55%, 3/23/31, Callable 12/23/30 @ 100		2,000,000		1,981,260
Mercy Health, 4.30%, 7/1/28		250,000		289,045

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA Core Intermediate-Term Bond ETF	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Orlando Health Obligated Group
3.78%, 10/1/28, Callable 7/1/28 @ 100	$	500,000	$	554,590
2.89%, 10/1/35		1,000,000		976,610
PerkinElmer, Inc., 2.55%, 3/15/31, Callable 12/15/30 @ 100		1,500,000		1,484,850
Quest Diagnostics, Inc., 3.45%, 6/1/26, Callable 3/1/26 @ 100		1,250,000		1,360,775
Southern Illinois Healthcare Enterprises, Inc., 3.97%, 5/15/50, Callable 11/15/49 @ 100		1,000,000		1,070,763
STERIS Irish FinCo UnLtd. Co., 2.70%, 3/15/31, Callable 12/15/30 @ 100 (f)		2,000,000		1,983,473
Universal Health Services, Inc., 2.65%, 10/15/30, Callable 7/15/30 @ 100 (a)		333,000		321,738
Upjohn, Inc., 2.30%, 6/22/27, Callable 4/22/27 @ 100 (a)		1,250,000		1,261,250
				24,793,846
Industrials (4.5%):
Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100		2,000,000		1,899,020
American Airlines Pass Through Trust
3.70%, 4/1/28		338,525		334,873
3.85%, 8/15/29		453,192		413,515
3.60%, 4/15/31		432,347		411,188
Arconic, Inc.
5.13%, 10/1/24, Callable 7/1/24 @ 100 (e)		250,000		274,785
5.90%, 2/1/27		250,000		283,273
Ashtead Capital, Inc., 4.25%, 11/1/29, Callable 11/1/24 @ 102.13 (a)(e)		1,448,000		1,545,320
British Airways Pass Through Trust
3.35%, 12/15/30 (a)		461,818		448,462
3.80%, 3/20/33 (a)		637,630		665,488
Carlisle Cos., Inc., 2.75%, 3/1/30, Callable 12/1/29 @ 100		1,000,000		1,006,170
Carrier Global Corp., 3.38%, 4/5/40, Callable 10/5/39 @ 100		1,000,000		994,040
Caterpillar, Inc., 2.60%, 4/9/30, Callable 1/9/30 @ 100		500,000		512,720
CNH Industrial Capital LLC, 1.88%, 1/15/26, Callable 12/15/25 @ 100		1,000,000		1,012,190
CoStar Group, Inc., 2.80%, 7/15/30, Callable 4/15/30 @ 100 (a)		669,000		656,409
FedEx Corp., 3.90%, 2/1/35		1,250,000		1,370,313
Georgia-Pacific LLC, 2.10%, 4/30/27, Callable 2/28/27 @ 100 (a)		500,000		508,080
Hawaiian Airlines Pass Through Certificates
4.95%, 7/15/23		511,514		504,681
3.90%, 7/15/27 (e)		104,461		101,217
Hillenbrand, Inc.
5.00%, 9/15/26, Callable 7/15/26 @ 100		1,000,000		1,099,610
3.75%, 3/1/31, Callable 3/1/26 @ 101.88		350,000		342,822
Hubbell, Inc.
3.50%, 2/15/28, Callable 11/15/27 @ 100		1,000,000		1,071,090
2.30%, 3/15/31, Callable 12/15/30 @ 100		1,500,000		1,465,185
IDEX Corp., 3.00%, 5/1/30, Callable 2/1/30 @ 100		500,000		515,140
Ingersoll-Rand Global Holding Co. Ltd., 3.75%, 8/21/28, Callable 5/21/28 @ 100		500,000		548,575
JetBlue Pass Through Trust, 2.95%, 11/15/29		235,075		230,176
Kennametal, Inc., 4.63%, 6/15/28, Callable 3/15/28 @ 100		1,058,000		1,177,448
Northrop Grumman Corp., 3.25%, 1/15/28, Callable 10/15/27 @ 100		500,000		534,770
Otis Worldwide Corp., 3.11%, 2/15/40, Callable 8/15/39 @ 100		1,000,000		986,860
Penske Truck Leasing Co. LP/PTL Finance Corp.
3.95%, 3/10/25, Callable 1/10/25 @ 100 (a)		500,000		545,910
4.45%, 1/29/26, Callable 11/29/25 @ 100 (a)		1,000,000		1,121,530
Ryder System, Inc., 3.40%, 3/1/23, MTN, Callable 2/1/23 @ 100		1,000,000		1,049,540
Southwest Airlines Co., 5.13%, 6/15/27, Callable 4/15/27 @ 100		800,000		920,079
Teledyne Technologies, Inc., 2.75%, 4/1/31, Callable 1/1/31 @ 100		2,000,000		1,998,080
The Boeing Co.
2.20%, 2/4/26, Callable 2/4/23 @ 100		1,333,000		1,329,614
3.25%, 2/1/28, Callable 12/1/27 @ 100		1,500,000		1,552,620
3.63%, 2/1/31, Callable 11/1/30 @ 100		1,000,000		1,044,910
5.71%, 5/1/40, Callable 11/1/39 @ 100		1,000,000		1,220,990

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA Core Intermediate-Term Bond ETF	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Union Pacific Corp., 3.25%, 2/5/50, Callable 8/5/49 @ 100	$	1,000,000	$	981,760
United Airlines Pass Through Trust
4.88%, 7/15/27		343,000		356,092
3.70%, 9/1/31		441,731		445,406
				33,479,951
Information Technology (1.5%):
Amphenol Corp., 4.35%, 6/1/29, Callable 3/1/29 @ 100		500,000		567,835
Broadcom, Inc.
2.45%, 2/15/31, Callable 11/15/30 @ 100 (a)		1,500,000		1,417,875
4.30%, 11/15/32, Callable 8/15/32 @ 100		750,000		815,978
HP, Inc., 3.40%, 6/17/30, Callable 3/17/30 @ 100		743,000		778,129
Jabil, Inc., 3.00%, 1/15/31, Callable 10/15/30 @ 100		974,000		970,698
Leidos, Inc., 2.30%, 2/15/31, Callable 11/15/30 @ 100 (a)		1,500,000		1,415,160
Micron Technology, Inc., 4.66%, 2/15/30, Callable 11/15/29 @ 100		1,000,000		1,139,550
Motorola Solutions, Inc., 4.60%, 2/23/28, Callable 11/23/27 @ 100		750,000		854,543
Oracle Corp.
2.95%, 4/1/30, Callable 1/1/30 @ 100		1,000,000		1,029,990
2.88%, 3/25/31, Callable 12/25/30 @ 100		750,000		762,233
Qorvo, Inc., 3.38%, 4/1/31, Callable 4/1/26 @ 101.69 (a)		500,000		489,710
Salesforce.com, Inc., 3.70%, 4/11/28, Callable 1/11/28 @ 100		1,000,000		1,116,980
				11,358,681
Materials (1.7%):
Avery Dennison Corp., 2.65%, 4/30/30, Callable 2/1/30 @ 100		800,000		803,384
Colonial Enterprises, Inc., 3.25%, 5/15/30, Callable 2/15/30 @ 100 (a)		375,000		398,771
Commercial Metals Co., 3.88%, 2/15/31, Callable 2/15/26 @ 101.94		1,000,000		981,330
Crown Americas LLC/Crown Americas Capital Corp., 4.25%, 9/30/26, Callable 3/31/26 @ 100		500,000		531,785
DuPont de Nemours, Inc., 4.73%, 11/15/28, Callable 8/15/28 @ 100		500,000		580,940
LafargeHolcim Finance US LLC, 3.50%, 9/22/26, Callable 6/22/26 @ 100 (a)		1,000,000		1,088,410
LYB International Finance III LLC
3.38%, 5/1/30, Callable 2/1/30 @ 100		750,000		794,535
2.25%, 10/1/30, Callable 7/1/30 @ 100		500,000		483,720
Martin Marietta Materials, Inc., 3.50%, 12/15/27, Callable 9/15/27 @ 100		625,000		684,338
NewMarket Corp., 2.70%, 3/18/31, Callable 12/18/30 @ 100		1,250,000		1,218,238
Packaging Corp. of America, 3.40%, 12/15/27, Callable 9/15/27 @ 100		500,000		545,170
Reliance Steel & Aluminum Co., 4.50%, 4/15/23, Callable 1/15/23 @ 100		500,000		533,260
The Mosaic Co., 4.05%, 11/15/27, Callable 8/15/27 @ 100 (e)		1,000,000		1,110,490
Vulcan Materials Co.
3.90%, 4/1/27, Callable 1/1/27 @ 100		500,000		558,715
3.50%, 6/1/30, Callable 3/1/30 @ 100		1,000,000		1,074,760
WRKCo, Inc., 3.00%, 6/15/33, Callable 3/15/33 @ 100 (d)		365,000		370,475
				11,758,321
Real Estate (1.4%):
AvalonBay Communities, Inc., 3.20%, 1/15/28, MTN, Callable 10/15/27 @ 100		750,000		794,685
Boston Properties LP
3.25%, 1/30/31, Callable 10/30/30 @ 100		437,000		452,068
2.55%, 4/1/32, Callable 1/1/32 @ 100		1,000,000		957,030
Crown Castle International Corp., 1.05%, 7/15/26, Callable 6/15/26 @ 100		1,500,000		1,447,215
Essex Portfolio LP
1.70%, 3/1/28, Callable 1/1/28 @ 100		1,500,000		1,445,280
2.65%, 3/15/32, Callable 12/15/31 @ 100		1,500,000		1,473,465
GLP Capital LP/GLP Financing II, Inc., 4.00%, 1/15/31, Callable 10/15/30 @ 100		250,000		258,495
Host Hotels & Resorts LP, 3.50%, 9/15/30, Callable 6/15/30 @ 100		311,000		311,451

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA Core Intermediate-Term Bond ETF	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Hudson Pacific Properties LP
3.95%, 11/1/27, Callable 8/1/27 @ 100	$	500,000	$	537,010
4.65%, 4/1/29, Callable 1/1/29 @ 100		500,000		557,740
Office Properties Income Trust, 4.50%, 2/1/25, Callable 11/1/24 @ 100		1,000,000		1,056,070
Service Properties Trust, 4.95%, 2/15/27, Callable 8/15/26 @ 100 (e)		500,000		494,350
Vornado Realty LP, 3.50%, 1/15/25, Callable 11/15/24 @ 100		500,000		527,885
				10,312,744
Utilities (2.9%):
AEP Texas, Inc., 3.45%, 1/15/50, Callable 7/15/49 @ 100		1,500,000		1,464,840
Ameren Corp.
1.75%, 3/15/28, Callable 1/15/28 @ 100		1,400,000		1,353,464
3.50%, 1/15/31, Callable 10/15/30 @ 100		250,000		265,608
American Water Capital Corp., 2.95%, 9/1/27, Callable 6/1/27 @ 100		1,000,000		1,065,510
Appalachian Power Co., 2.70%, 4/1/31, Callable 1/1/31 @ 100		1,500,000		1,495,185
Cleco Corporate Holdings LLC, 3.38%, 9/15/29, Callable 6/15/29 @ 100		1,000,000		1,006,310
Dominion Energy, Inc., 3.07%, 8/15/24 (g)		1,000,000		1,066,450
DTE Electric Co., 2.25%, 3/1/30, Callable 12/1/29 @ 100		1,000,000		998,260
Entergy Corp., 1.90%, 6/15/28, Callable 4/15/28 @ 100		2,000,000		1,952,059
Entergy Louisiana LLC, 4.00%, 3/15/33, Callable 12/15/32 @ 100		1,000,000		1,137,660
Exelon Generation Co. LLC, 3.25%, 6/1/25, Callable 5/1/25 @ 100		750,000		801,150
IPALCO Enterprises, Inc., 4.25%, 5/1/30, Callable 2/1/30 @ 100 (a)		525,000		573,368
ITC Holdings Corp., 2.95%, 5/14/30, Callable 2/14/30 @ 100 (a)		750,000		767,333
National Fuel Gas Co., 4.75%, 9/1/28, Callable 6/1/28 @ 100		1,000,000		1,104,390
Public Service Co. of Colorado, 1.88%, 6/15/31, Callable 12/15/30 @ 100		2,000,000		1,910,560
South Jersey Industries, Inc., 5.02%, 4/15/31		1,000,000		1,003,820
Southern Co. Gas Capital Corp., 1.75%, 1/15/31, Callable 10/15/30 @ 100		1,000,000		926,700
The AES Corp., 2.45%, 1/15/31, Callable 10/15/30 @ 100 (a)		1,000,000		952,530
The Cleveland Electric Illuminating Co., 4.55%, 11/15/30, Callable 8/15/30 @ 100 (a)		500,000		553,315
The Narragansett Electric Co., 3.40%, 4/9/30, Callable 1/9/30 @ 100 (a)		500,000		532,260
Vistra Operations Co. LLC, 4.30%, 7/15/29, Callable 4/15/29 @ 100 (a)		500,000		528,215
				21,458,987
Total Corporate Bonds (Cost $240,084,792)				248,297,372
Yankee Dollars (9.9%)
Communication Services (0.2%):
British Telecommunications PLC, 3.25%, 11/8/29, Callable 8/8/29 @ 100 (a)		1,000,000		1,045,610
Vodafone Group PLC, 5.00%, 5/30/38		500,000		602,170
				1,647,780
Consumer Discretionary (0.1%):
Ascot Group Ltd., 4.25%, 12/15/30, Callable 12/15/25 @ 100 (a)		1,000,000		1,033,690
Consumer Staples (0.6%):
Alimentation Couche-Tard, Inc., 2.95%, 1/25/30, Callable 10/25/29 @ 100 (a)		667,000		680,420
Bacardi Ltd.
4.45%, 5/15/25, Callable 3/15/25 @ 100 (a)		1,500,000		1,668,795
2.75%, 7/15/26, Callable 4/15/26 @ 100 (a)		500,000		519,720
Becle SAB de CV, 3.75%, 5/13/25 (a)		1,000,000		1,084,500
Imperial Brands Finance PLC, 3.88%, 7/26/29, Callable 4/26/29 @ 100 (a)		1,000,000		1,071,130
				5,024,565
Energy (0.4%):
Aker BP ASA, 4.00%, 1/15/31, Callable 10/15/30 @ 100 (a)		750,000		782,648

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA Core Intermediate-Term Bond ETF	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Petroleos Mexicanos, 6.50%, 3/13/27	$	2,000,000	$	2,093,400
Transocean Guardian Ltd., 5.88%, 1/15/24, Callable 7/15/21 @ 102.94 (a)		362,500		320,077
				3,196,125
Financials (6.2%):
ABN AMRO Bank NV, 4.80%, 4/18/26 (a)		500,000		565,260
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, 5.38%, 4/17/25 (a)		357,000		400,483
Banco Santander SA, 4.38%, 4/12/28		600,000		668,232
Bank of Montreal, 3.80% (USSW5+143bps), 12/15/32, Callable 12/15/27 @ 100 (b)		500,000		548,950
Bank of New Zealand, 1.00%, 3/3/26 (a)		1,600,000		1,567,232
Barclays PLC
4.61% (LIBOR03M+140bps), 2/15/23, Callable 2/15/22 @ 100 (b)		1,000,000		1,033,130
3.93% (LIBOR03M+161bps), 5/7/25, Callable 5/7/24 @ 100 (b)		500,000		539,850
BNP Paribas SA, 4.71% (LIBOR03M+224bps), 1/10/25, Callable 1/10/24 @ 100 (a)(b)		1,000,000		1,098,250
BPCE SA
4.00%, 9/12/23 (a)		500,000		539,410
3.25%, 1/11/28 (a)		1,000,000		1,059,410
Commonwealth Bank of Australia, 2.69%, 3/11/31 (a)		1,000,000		967,010
Cooperatieve Rabobank, 1.11% (H15T1Y+55bps), 2/24/27, Callable 2/24/26 @ 100 (a)(b)		2,000,000		1,954,820
Co-operatieve Rabobank UA, 4.00% (USSW5+189bps), 4/10/29, MTN, Callable 4/10/24 @ 100 (b)		600,000		641,280
Credit Agricole SA, 3.25%, 10/4/24 (a)		1,250,000		1,342,225
Credit Suisse Group AG, 1.30% (SOFR+98bps), 2/2/27, Callable 2/2/26 @ 100 (a)(b)		1,000,000		967,460
Credit Suisse Group Funding Guernsey Ltd., 3.75%, 3/26/25		500,000		538,775
Deutsche Bank AG, 1.69%, 3/19/26		1,500,000		1,496,250
Diageo Capital PLC, 2.13%, 4/29/32, Callable 1/29/32 @ 100		500,000		483,040
HSBC Holdings PLC
3.80% (LIBOR03M+121bps), 3/11/25, Callable 3/11/24 @ 100 (b)		500,000		539,375
4.29% (LIBOR03M+135bps), 9/12/26, Callable 9/12/25 @ 100 (b)		500,000		552,925
ING Groep NV, 2.73% (SOFR+112bps), 4/1/32, Callable 4/1/31 @ 100 (b)(f)		2,000,000		1,996,759
Lloyds Banking Group PLC
2.91% (LIBOR03M+81bps), 11/7/23, Callable 11/7/22 @ 100 (b)		250,000		258,775
1.63% (H15T1Y+85bps), 5/11/27, Callable 5/11/26 @ 100 (b)		1,000,000		992,620
3.57% (LIBOR03M+121bps), 11/7/28, Callable 11/7/27 @ 100 (b)		250,000		269,698
Macquarie Bank Ltd., 3.05% (H15T5Y+170bps), 3/3/36, Callable 3/3/31 @ 100 (a)(b)		1,250,000		1,196,463
Mizuho Financial Group, Inc., 2.17% (H15T1Y+87bps), 5/22/32, Callable 5/22/31 @ 100 (b)		1,500,000		1,435,125
National Australia Bank Ltd., 3.93% (H15T5Y+188bps), 8/2/34, Callable 8/2/29 @ 100 (a)(b)		1,500,000		1,580,430
Nationwide Building Society
3.62% (LIBOR03M+118bps), 4/26/23, Callable 4/26/22 @ 100 (a)(b)		1,000,000		1,031,379
4.34% (LIBOR03M+139bps), 8/1/24, Callable 8/1/23 @ 100 (a)(b)		750,000		809,378
4.30% (LIBOR03M+145bps), 3/8/29, Callable 3/8/28 @ 100 (a)(b)		250,000		276,980
3.96% (LIBOR03M+186bps), 7/18/30, Callable 7/18/29 @ 100 (a)(b)		500,000		546,765
NTT Finance Corp., 1.59%, 4/3/28, Callable 2/3/28 @ 100 (a)		1,000,000		975,545
Royal Bank of Canada, 1.60%, 4/17/23, MTN (e)		1,500,000		1,535,235
Royal Bank of Scotland Group PLC
6.13%, 12/15/22		500,000		542,605
4.27% (LIBOR03M+176bps), 3/22/25, Callable 3/22/24 @ 100 (b)		1,000,000		1,090,930
5.08% (LIBOR03M+191bps), 1/27/30, Callable 1/27/29 @ 100 (b)		500,000		578,055
4.45% (LIBOR03M+187bps), 5/8/30, Callable 5/8/29 @ 100 (b)		1,000,000		1,114,160

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA Core Intermediate-Term Bond ETF	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Santander UK Group Holdings PLC, 2.90% (SOFR+148bps), 3/15/32, Callable 3/15/31 @ 100 (b)	$	2,000,000	$	1,986,519
Siemens Financieringsmaatschappij NV
1.70%, 3/11/28 (a)		1,000,000		983,230
2.15%, 3/11/31 (a)		1,000,000		975,140
Societe Generale SA
3.88%, 3/28/24 (a)		1,000,000		1,078,180
1.49% (H15T1Y+1bps), 12/14/26, Callable 12/14/25 @ 100 (a)(b)		500,000		490,420
Standard Chartered PLC, 4.87% (LIBOR03M+197bps), 3/15/33, Callable 3/15/28 @ 100 (a)(b)		500,000		539,945
Swedbank AB, 0.85%, 3/18/24 (a)		1,500,000		1,502,865
Westpac Banking Corp.
4.32% (USISDA05+224bps), 11/23/31, Callable 11/23/26 @ 100 (b)		1,000,000		1,102,860
2.67% (H15T5Y+2bps), 11/15/35, Callable 11/15/30 @ 100 (b)		1,000,000		950,790
				43,344,218
Health Care (0.7%):
Mylan NV, 3.95%, 6/15/26, Callable 3/15/26 @ 100		1,000,000		1,102,140
Royalty Pharma PLC, 2.20%, 9/2/30, Callable 6/2/30 @ 100 (a)		2,000,000		1,908,899
Smith & Nephew PLC, 2.03%, 10/14/30, Callable 7/14/30 @ 100		1,500,000		1,409,865
Teva Pharmaceutical Finance IV BV, 3.65%, 11/10/21		500,000		503,725
				4,924,629
Industrials (1.1%):
Air Canada Pass Through Trust
5.38%, 11/15/22 (a)(d)		146,756		146,923
4.13%, 11/15/26 (a)		2,000,417		1,974,291
Aircastle Ltd., 4.40%, 9/25/23, Callable 8/25/23 @ 100		500,000		533,005
Avolon Holdings Funding Ltd., 4.25%, 4/15/26, Callable 3/15/26 @ 100 (a)		1,000,000		1,046,140
BAE Systems PLC, 3.40%, 4/15/30, Callable 1/15/30 @ 100 (a)		750,000		795,728
CK Hutchison International 19 II Ltd., 2.75%, 9/6/29, Callable 6/6/29 @ 100 (a)		1,500,000		1,526,160
Ferguson Finance PLC, 3.25%, 6/2/30, Callable 3/2/30 @ 100 (a)		1,450,000		1,524,806
Heathrow Funding Ltd., 4.88%, 7/15/21 (a)		568,000		574,203
Latam Airlines Pass Through Trust, 4.20%, 8/15/29		765,170		730,730
Rolls-Royce PLC, 3.63%, 10/14/25, Callable 7/14/25 @ 100 (a)		275,000		275,869
				9,127,855
Materials (0.5%):
Anglo American Capital PLC, 4.00%, 9/11/27 (a)		1,000,000		1,104,500
Braskem Netherlands Finance BV, 4.50%, 1/31/30 (a)		1,000,000		1,005,160
CCL Industries, Inc., 3.05%, 6/1/30, Callable 3/1/30 @ 100 (a)		750,000		762,225
Nutrien Ltd., 4.20%, 4/1/29, Callable 1/1/29 @ 100		1,000,000		1,124,870
				3,996,755
Utilities (0.1%):
Comision Federal de Electricidad, 4.88%, 5/26/21 (a)		750,000		753,720
Total Yankee Dollars (Cost $71,005,096)				73,049,337
Municipal Bonds (5.0%)
Arizona (0.1%):
The University of Arizona Revenue, Build America Bond, Series A, 1.82%, 6/1/30		1,000,000		972,450
California (0.5%):
Chino Public Financing Authority Special Tax, Series A, 2.46%, 9/1/29		1,200,000		1,202,844
City of El Cajon Revenue
Series A, 1.70%, 4/1/27		620,000		611,636
Series A, 1.90%, 4/1/28		500,000		490,030

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA Core Intermediate-Term Bond ETF	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
San Jose Redevelopment Agency Successor Agency Tax Allocation, Series A-T, 3.13%, 8/1/28, Continuously Callable @100	$	500,000	$	538,165
				2,842,675
Colorado (0.3%):
City & County of Denver Co. Airport System Revenue, Series C, 2.14%, 11/15/29		1,500,000		1,475,849
Colorado Health Facilities Authority Revenue, 3.36%, 12/1/30		1,000,000		976,320
				2,452,169
Connecticut (0.1%):
State of Connecticut, GO, Series A, 3.43%, 4/15/28		500,000		554,960
Florida (0.3%):
Hillsborough County IDA Revenue, 3.58%, 8/1/35, Continuously Callable @100		1,500,000		1,427,490
Hillsborough County School Board Certificate of Participation, Series B, 1.92%, 7/1/25		750,000		773,213
				2,200,703
Georgia (0.2%):
City of Atlanta GA Water & Wastewater Revenue, 2.26%, 11/1/35, Continuously Callable @100		1,500,000		1,488,404
Hawaii (0.1%):
State of Hawaii Airports System Revenue, Series E, 1.81%, 7/1/27		915,000		907,341
Illinois (0.3%):
Illinois Finance Authority Revenue
3.55%, 8/15/29		500,000		545,450
3.51%, 5/15/41		750,000		748,193
Metropolitan Pier & Exposition Authority Revenue, 4.30%, 12/15/28		500,000		527,510
				1,821,153
Kentucky (0.1%):
Kentucky Economic Development Finance Authority Revenue, 3.82%, 12/1/27		500,000		525,835
Louisiana (0.2%):
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue, 1.55%, 2/1/27		700,000		684,250
Louisiana Public Facilities Authority Revenue, 2.28%, 6/1/30		500,000		474,905
				1,159,155
Michigan (0.2%):
Michigan Finance Authority Revenue
2.47%, 12/1/25		1,000,000		1,056,050
3.08%, 12/1/34		1,000,000		1,049,470
				2,105,520
New Jersey (0.5%):
New Jersey Economic Development Authority Revenue, Series NNN, 3.47%, 6/15/27		1,000,000		1,038,860
New Jersey Health Care Facilities Financing Authority Revenue, Series A, 3.36%, 7/1/40		1,000,000		993,460
New Jersey Transportation Trust Fund Authority Revenue, 4.08%, 6/15/39		385,000		405,078
Rutgers The State University of New Jersey Revenue, Series S, 2.01%, 5/1/32		750,000		716,993
South Jersey Transportation Authority Revenue, Series B, 2.38%, 11/1/27		900,000		891,513
				4,045,904
New York (0.3%):
New York City Industrial Development Agency Revenue, 2.73%, 3/1/34		1,500,000		1,435,350
New York State Dormitory Authority Revenue, Series A, 2.46%, 7/1/32		750,000		735,600
				2,170,950
Oklahoma (0.2%):
Oklahoma Development Finance Authority Revenue, Series C, 5.45%, 8/15/28		500,000		553,440

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA Core Intermediate-Term Bond ETF	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
The University of Oklahoma Revenue, Series C, 2.05%, 7/1/29	$	1,000,000	$	988,110
				1,541,550
Pennsylvania (0.4%):
Commonwealth Financing Authority Revenue, Series A, 3.63%, 6/1/29		500,000		548,870
Public Parking Authority Of Pittsburgh Revenue, 2.33%, 12/1/29		895,000		856,309
State Public School Building Authority Revenue, 3.15%, 4/1/30		1,290,000		1,254,577
				2,659,756
Texas (1.1%):
City of Houston Airport System Revenue, Series C, 2.09%, 7/1/28		750,000		755,505
City of San Antonio, GO, 1.76%, 2/1/31, Continuously Callable @100		630,000		613,891
Dallas Fort Worth International Airport Revenue, Series C, 1.75%, 11/1/27		750,000		742,973
Harris County Cultural Education Facilities Finance Corp. Revenue
3.34%, 11/15/37		2,000,000		1,958,999
Series D, 2.28%, 7/1/34		370,000		349,132
North Texas Tollway Authority Revenue, 1.02%, 1/1/25		1,000,000		992,590
Tarrant County Cultural Education Facilities Finance Corp. Revenue
1.63%, 9/1/26		525,000		522,333
1.82%, 9/1/27		700,000		690,200
Uptown Development Authority Tax Allocation
Series B, 2.58%, 9/1/31		270,000		262,729
Series B, 2.78%, 9/1/33, Continuously Callable @100		500,000		489,295
				7,377,647
Virginia (0.0%):(h)
Virginia Housing Development Authority Revenue
Series J, 1.97%, 11/1/28		225,000		224,872
Series J, 2.27%, 11/1/31, Continuously Callable @100		225,000		227,160
Series J, 2.42%, 11/1/32, Continuously Callable @100		275,000		279,648
Series J, 2.47%, 11/1/33, Continuously Callable @100		270,000		274,258
Series J, 2.52%, 11/1/34, Continuously Callable @100		250,000		253,480
Series J, 2.57%, 11/1/35, Continuously Callable @100		300,000		303,483
				1,562,901
Washington (0.1%):
Washington State University Revenue, Series A, 2.24%, 10/1/28		1,000,000		1,022,470
Total Municipal Bonds (Cost $37,441,142)				37,411,543
U.S. Government Agency Mortgages (5.2%)
Federal Home Loan Mortgage Corp.
Series K028, Class A2, 3.11%, 2/25/23		1,000,000		1,042,642
Series K059, Class A2, 3.12%, 9/25/26 (c)		1,000,000		1,093,325
Series KIR3, Class A2, 3.28%, 8/25/27		1,500,000		1,655,627
Series K069, Class A2, 3.19%, 9/25/27 (c)		86,000		94,686
Series K071, Class A2, 3.29%, 11/25/27		500,000		552,739
Series K075, Class A2, 3.65%, 2/25/28 (c)		500,000		564,533
Series K087, Class A2, 3.77%, 12/25/28 (d)		500,000		571,851
Series K091, Class A2, 3.51%, 3/25/29		1,250,000		1,402,813
Series K095, Class A2, 2.79%, 6/25/29		1,000,000		1,074,357
Series K097, Class A2, 2.51%, 7/25/29		2,000,000		2,107,431
Series K096, Class A2, 2.52%, 7/25/29		1,000,000		1,054,686
Series KG02, Class A2, 2.41%, 8/25/29		909,000		947,596
Series K100, Class A2, 2.67%, 9/25/29		545,000		581,108
Series K159, Class A2, 3.95%, 11/25/30 (c)		500,000		579,594
3.00%, 3/1/31 - 2/1/33		411,579		436,308
3.50%, 5/1/33 - 11/1/47		2,426,835		2,589,154
Series K-1510, Class A3, 3.79%, 1/25/34		1,000,000		1,141,420
Series K-1512, Class A3, 3.06%, 4/25/34		1,000,000		1,073,252
4.00%, 7/1/42 - 5/1/46		1,748,584		1,916,851
4.50%, 12/1/45		125,852		141,002
				20,620,975
Federal National Mortgage Association
Series M4, Class A2, 3.05%, 3/25/28 (c)		500,000		547,978

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA Core Intermediate-Term Bond ETF	March 31, 2021
	(Unaudited)

Security Description	Principal Amount		Value
Series 2019-M1, Class A2, 3.55%, 9/25/28 (c)	$	750,000	$	846,570
Series 2019-M12, Class A2, 2.89%, 5/25/29 (c)		1,000,000		1,077,887
2.50%, 11/1/34 (d)		529,234		550,072
4.00%, 12/1/41 - 2/1/50		8,120,692		8,714,462
3.50%, 9/1/45 - 2/1/50 (d)		5,107,685		5,424,523
4.50%, 8/1/47		24,529		26,857
3.00%, 2/1/50		1,047,234		1,089,272
				18,277,621
Total U.S. Government Agency Mortgages (Cost $37,153,475)				38,898,596
U.S. Treasury Obligations (34.0%)
U.S. Treasury Bonds
4.38%, 2/15/38		750,000		989,766
3.50%, 2/15/39 (d)		2,770,000		3,312,747
4.38%, 11/15/39		1,000,000		1,333,594
1.13%, 5/15/40 (d)		1,000,000		814,063
1.38%, 11/15/40		10,000,000		8,487,500
1.88%, 2/15/41		5,000,000		4,642,969
3.13%, 11/15/41		1,000,000		1,136,094
2.75%, 8/15/47		500,000		532,813
2.75%, 11/15/47 (d)		500,000		533,047
3.00%, 2/15/48		3,500,000		3,911,797
3.38%, 11/15/48 (d)		2,012,000		2,409,999
2.88%, 5/15/49		3,000,000		3,284,531
1.25%, 5/15/50		2,000,000		1,505,000
1.38%, 8/15/50		7,000,000		5,445,781
1.63%, 11/15/50		2,000,000		1,661,250
1.88%, 2/15/51		3,000,000		2,652,188
U.S. Treasury Inflation Indexed Bonds, 0.88%, 1/15/29		517,910		593,494
U.S. Treasury Notes
2.38%, 4/15/21 (d)		3,850,000		3,853,008
1.63%, 6/30/21		1,000,000		1,003,906
1.75%, 7/31/21 (d)		10,000,000		10,056,640
2.75%, 8/15/21		1,700,000		1,717,266
2.88%, 11/15/21		3,630,000		3,693,525
2.50%, 1/15/22		712,000		725,656
1.50%, 1/31/22		7,000,000		7,083,398
1.88%, 1/31/22		1,000,000		1,015,039
2.50%, 2/15/22		2,000,000		2,042,344
1.88%, 2/28/22		1,700,000		1,727,758
2.25%, 4/15/22		2,000,000		2,045,000
0.13%, 5/31/22		5,000,000		5,001,563
0.13%, 6/30/22 (d)		10,000,000		10,002,344
0.13%, 7/31/22		12,500,000		12,501,952
1.50%, 8/15/22		1,000,000		1,018,984
0.13%, 9/30/22 (d)		6,000,000		5,999,531
0.13%, 10/31/22		10,000,000		9,998,828
2.00%, 10/31/22		400,000		411,750
0.13%, 9/15/23		6,000,000		5,983,125
0.13%, 10/15/23		2,500,000		2,491,602
0.25%, 11/15/23		5,000,000		4,996,875
2.00%, 4/30/24		24,550,000		25,762,155
2.75%, 2/28/25		850,000		919,660
3.00%, 9/30/25		300,000		329,227
0.25%, 9/30/25		3,500,000		3,412,500
0.38%, 11/30/25		13,000,000		12,711,562
0.38%, 1/31/26		4,000,000		3,899,063
1.50%, 8/15/26		2,000,000		2,047,500
2.00%, 11/15/26		2,700,000		2,831,625
0.50%, 6/30/27		2,500,000		2,384,570
2.25%, 8/15/27		1,000,000		1,059,297

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA Core Intermediate-Term Bond ETF	March 31, 2021
	(Unaudited)

Security Description	Shares or Principal Amount		Value
2.25%, 11/15/27	$	1,700,000	$	1,798,547
0.63%, 11/30/27		13,000,000		12,390,624
0.75%, 1/31/28		10,000,000		9,582,813
2.75%, 2/15/28 (d)		2,000,000		2,180,000
2.88%, 5/15/28		4,000,000		4,394,375
2.88%, 8/15/28		630,000		692,508
3.13%, 11/15/28 (d)		1,000,000		1,117,500
2.63%, 2/15/29		1,000,000		1,081,094
0.63%, 5/15/30 (d)		2,500,000		2,273,828
0.63%, 8/15/30		5,000,000		4,528,125
0.88%, 11/15/30		17,000,000		15,711,718
1.13%, 2/15/31		4,000,000		3,776,250
Total U.S. Treasury Obligations (Cost $254,006,825)				251,501,268
Commercial Papers (2.0%)
Canadian Pacific Railway, 0.16%, 4/12/21 (i)		1,100,000		1,099,943
Hannover Funding Co. LLC, 0.27%, 4/1/21 (a)(i)		7,300,000		7,299,945
Intercontinental Exchange, Inc., 0.26%, 4/13/21 (i)		4,000,000		3,999,624
Kentucky Utilities Co., 0.15%, 4/8/21 (i)		2,500,000		2,499,916
Total Commercial Papers (Cost $14,899,659)				14,899,428
Collateral for Securities Loaned^ (0.3%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (j)		46,891		46,891
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (j)		1,207,563		1,207,563
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (j)		23,401		23,401
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (j)		186,594		186,594
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (j)		838,961		838,961
Total Collateral for Securities Loaned (Cost $2,303,410)				2,303,410
Total Investments (Cost $731,656,626) — 100.0%				741,578,279
Other assets in excess of liabilities — 0.0%				34,377
NET ASSETS - 100.00%			$	741,612,656

^	Purchased with cash collateral from securities on loan.
(a)	Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $154,460,825 and amounted to 20.8% of net assets.
(b)	Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2021.
(c)	The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at March 31, 2021.
(d)	All or a portion of the security has been segregated as collateral for securities purchased on a when-issued basis.
(e)	All or a portion of this security is on loan.
(f)	Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis.
(g)	Stepped-coupon security converts to coupon form on 8/15/24 with a rate of 3.071%.
(h)	Amount represents less than 0.05% of net assets.
(i)	Rate represents the effective yield at March 31, 2021.
(j)	Rate disclosed is the daily yield on March 31, 2021.

bps—Basis points

Continuously callable— Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity.

GO—General Obligation

H15T1Y—1 Year Treasury Constant Maturity Rate, rate disclosed as of March 31, 2021.

H15T5Y—5 Year Treasury Constant Maturity Rate, rate disclosed as of March 31, 2021.

IDA—Industrial Development Authority

LIBOR—London InterBank Offered Rate

LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of March 31, 2021, based on the last reset date of the security

LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of March 31, 2021, based on the last reset date of the security

LLC—Limited Liability Company

LP—Limited Partnership

MTN—Medium Term Note

PLC—Public Limited Company

SOFR—Secured Overnight Financing Rate

USISDA05—5 Year USD ICE Swap

USSW5—USD 5 Year Swap Rate, rate disclosed as of March 31, 2021.

Victory Portfolios II	Schedule of Portfolio Investments
VictoryShares USAA MSCI USA Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.6%)
Communication Services (5.0%):
AT&T, Inc.		88,050	$	2,665,274
Discovery, Inc., Class A (a)(b)		88,846		3,861,248
IAC/InterActiveCorp. (a)		14,010		3,030,504
Liberty Global PLC, Class C (a)		144,975		3,702,662
Lumen Technologies, Inc.		270,440		3,610,374
News Corp., Class A		77,652		1,974,690
Pinterest, Inc., Class A (a)		39,981		2,959,793
T-Mobile U.S., Inc. (a)		19,213		2,407,197
ViacomCBS, Inc., Class B		61,023		2,752,137
				26,963,879
Consumer Discretionary (10.7%):
Amazon.com, Inc. (a)		597		1,847,166
Best Buy Co., Inc.		25,315		2,906,415
BorgWarner, Inc.		69,608		3,227,027
Chewy, Inc., Class A (a)(b)		12,846		1,088,185
D.R. Horton, Inc.		38,155		3,400,373
Dollar General Corp.		10,446		2,116,569
eBay, Inc.		64,740		3,964,677
Etsy, Inc. (a)		6,343		1,279,193
Ford Motor Co. (a)		265,995		3,258,438
General Motors Co. (a)		54,586		3,136,512
Lear Corp.		17,850		3,235,312
Lennar Corp., Class A		31,114		3,149,670
LKQ Corp. (a)		35,317		1,494,969
MercadoLibre, Inc. (a)		801		1,179,184
Mohawk Industries, Inc. (a)		13,425		2,581,762
Newell Brands, Inc.		114,952		3,078,415
NVR, Inc. (a)		302		1,422,701
Peloton Interactive, Inc., Class A (a)		22,036		2,477,728
Pool Corp.		5,607		1,935,760
PulteGroup, Inc.		51,583		2,705,013
Target Corp. (c)		20,034		3,968,134
Tesla, Inc. (a)		2,813		1,878,887
Whirlpool Corp.		14,186		3,125,885
				58,457,975
Consumer Staples (6.9%):
Bunge Ltd.		58,273		4,619,301
Church & Dwight Co., Inc.		24,498		2,139,900
Conagra Brands, Inc.		98,089		3,688,146
Molson Coors Beverage Co., Class B (a)		76,824		3,929,548
The Clorox Co.		12,327		2,377,632
The J.M. Smucker Co. (b)		43,087		5,451,798
The Kraft Heinz Co.		104,632		4,185,280
The Kroger Co.		119,394		4,296,990
Tyson Foods, Inc., Class A		32,869		2,442,167
Walgreens Boots Alliance, Inc.		38,222		2,098,388
Walmart, Inc.		16,478		2,238,207
				37,467,357
Energy (2.6%):
Baker Hughes Co.		120,272		2,599,078
Cabot Oil & Gas Corp.		183,478		3,445,717
Devon Energy Corp.		48,404		1,057,627
Marathon Petroleum Corp.		26,881		1,437,865
Pioneer Natural Resources Co.		23,409		3,717,817

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA MSCI USA Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
The Williams Cos., Inc.		77,107	$	1,826,665
				14,084,769
Financials (13.3%):
AGNC Investment Corp.		188,016		3,151,148
Ally Financial, Inc.		60,717		2,745,016
American Financial Group, Inc.		12,945		1,477,025
American International Group, Inc.		60,473		2,794,457
Ameriprise Financial, Inc.		7,052		1,639,237
Annaly Capital Management, Inc.		148,815		1,279,809
Arthur J. Gallagher & Co.		17,635		2,200,319
Assurant, Inc.		12,890		1,827,415
Athene Holding Ltd., Class A (a)		43,621		2,198,498
Capital One Financial Corp.		23,075		2,935,831
Citigroup, Inc.		49,022		3,566,350
Citizens Financial Group, Inc.		71,038		3,136,328
Equitable Holdings, Inc.		120,212		3,921,316
Erie Indemnity Co., Class A (b)		9,261		2,045,848
Fifth Third Bancorp		39,565		1,481,709
Franklin Resources, Inc.		65,602		1,941,819
Huntington Bancshares, Inc.		97,129		1,526,868
Invesco Ltd.		133,456		3,365,760
KKR & Co., Inc.		38,164		1,864,311
Lincoln National Corp.		35,753		2,226,339
MetLife, Inc.		56,293		3,422,051
Morgan Stanley		48,660		3,778,936
Prudential Financial, Inc.		34,901		3,179,481
Regions Financial Corp.		144,229		2,979,771
SVB Financial Group (a)		5,839		2,882,481
Synchrony Financial		31,807		1,293,273
The Charles Schwab Corp.		27,920		1,819,826
The Goldman Sachs Group, Inc.		5,679		1,857,033
The Progressive Corp.		22,098		2,112,790
Voya Financial, Inc.		23,494		1,495,158
				72,146,203
Health Care (15.7%):
10X Genomics, Inc., Class A (a)		20,199		3,656,019
AbbVie, Inc.		20,002		2,164,616
Alexion Pharmaceuticals, Inc. (a)		21,343		3,263,558
AmerisourceBergen Corp.		16,970		2,003,648
Biogen, Inc. (a)		9,768		2,732,598
Bio-Rad Laboratories, Inc., Class A (a)		6,452		3,685,189
Bristol-Myers Squibb Co.		73,688		4,651,924
Cardinal Health, Inc.		35,235		2,140,526
Centene Corp. (a)		47,528		3,037,514
Cigna Corp.		15,947		3,855,028
CVS Health Corp.		52,439		3,944,986
Danaher Corp.		20,843		4,691,342
DaVita, Inc. (a)		30,114		3,245,386
Gilead Sciences, Inc. (c)		36,072		2,331,333
Horizon Therapeutics PLC (a)		33,733		3,104,785
Humana, Inc.		3,279		1,374,721
Jazz Pharmaceuticals PLC (a)		22,620		3,718,050
Laboratory Corp. of America Holdings (a)		7,214		1,839,786
McKesson Corp.		19,322		3,768,563
Moderna, Inc. (a)		27,167		3,557,519
Molina Healthcare, Inc. (a)		11,618		2,715,824
Novocure Ltd. (a)		6,132		810,528
PerkinElmer, Inc.		30,299		3,887,059
Quest Diagnostics, Inc.		17,279		2,217,587

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA MSCI USA Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Regeneron Pharmaceuticals, Inc. (a)		3,062	$	1,448,755
Thermo Fisher Scientific, Inc.		9,734		4,442,402
Viatris, Inc. (a)		172,794		2,413,932
West Pharmaceutical Services, Inc.		13,942		3,928,577
				84,631,755
Industrials (14.9%):
AMERCO, Inc.		8,316		5,094,382
Carrier Global Corp.		87,240		3,683,273
Cummins, Inc.		16,317		4,227,897
Deere & Co.		5,544		2,074,232
Eaton Corp. PLC		30,660		4,239,665
Enphase Energy, Inc. (a)		9,659		1,566,303
FedEx Corp.		11,345		3,222,434
Fortune Brands Home & Security, Inc.		13,837		1,325,861
Generac Holdings, Inc. (a)		12,234		4,006,023
General Electric Co.		113,323		1,487,931
Ingersoll Rand, Inc. (a)(c)		36,723		1,807,139
Johnson Controls International PLC		72,107		4,302,624
Kansas City Southern		19,172		5,059,874
Knight-Swift Transportation Holdings, Inc.		79,260		3,811,613
Old Dominion Freight Line, Inc.		8,514		2,046,851
Owens Corning, Inc.		33,318		3,068,255
PACCAR, Inc.		43,271		4,020,741
Parker-Hannifin Corp.		5,750		1,813,723
Sensata Technologies Holding PLC (a)		28,157		1,631,698
Snap-on, Inc.		9,862		2,275,558
Stanley Black & Decker, Inc.		7,095		1,416,659
Sunrun, Inc. (a)(b)		13,093		791,865
Textron, Inc.		55,903		3,135,040
Trane Technologies PLC		24,256		4,015,823
United Parcel Service, Inc., Class B		22,842		3,882,911
United Rentals, Inc. (a)		9,540		3,141,617
Westinghouse Air Brake Technologies Corp.		34,950		2,766,642
				79,916,634
Information Technology (14.5%):
Apple, Inc.		30,179		3,686,365
Applied Materials, Inc.		29,032		3,878,675
Arrow Electronics, Inc. (a)		35,800		3,967,356
Broadcom, Inc.		3,786		1,755,417
Cloudflare, Inc., Class A (a)		43,252		3,038,886
Corning, Inc.		41,561		1,808,319
Crowdstrike Holdings, Inc., Class A (a)		17,563		3,205,422
Datadog, Inc., Class A (a)		16,625		1,385,528
Dell Technologies, Inc., Class C (a)		42,646		3,759,245
DocuSign, Inc. (a)		6,773		1,371,194
F5 Networks, Inc. (a)		10,040		2,094,545
Hewlett Packard Enterprise Co.		267,051		4,203,383
HP, Inc.		129,532		4,112,641
Intel Corp.		66,259		4,240,575
Micron Technology, Inc. (a)		34,518		3,044,833
NetApp, Inc.		25,297		1,838,333
NVIDIA Corp.		2,320		1,238,718
NXP Semiconductors NV		18,508		3,726,401
PayPal Holdings, Inc. (a)		6,308		1,531,835
Qorvo, Inc. (a)		18,778		3,430,741
QUALCOMM, Inc.		8,809		1,167,985
Seagate Technology PLC (b)		52,170		4,004,048
Skyworks Solutions, Inc.		10,613		1,947,273
SolarEdge Technologies, Inc. (a)		3,496		1,004,890

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA MSCI USA Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Synopsys, Inc. (a)		7,390	$	1,831,094
Teradyne, Inc.		21,419		2,606,264
Western Digital Corp.		40,915		2,731,076
Zoom Video Communications, Inc., Class A (a)		7,326		2,353,771
Zscaler, Inc. (a)		18,334		3,147,398
				78,112,211
Materials (6.3%):
Albemarle Corp.		18,004		2,630,564
Corteva, Inc.		80,384		3,747,503
DuPont de Nemours, Inc.		24,139		1,865,462
Eastman Chemical Co.		28,749		3,165,840
Freeport-McMoRan, Inc. (a)		89,854		2,958,892
International Paper Co.		38,807		2,098,294
Newmont Corp.		25,014		1,507,594
Nucor Corp.		66,421		5,331,614
Steel Dynamics, Inc.		80,563		4,089,378
The Mosaic Co.		96,366		3,046,129
Westrock Co.		63,670		3,314,024
				33,755,294
Real Estate (6.3%):
Camden Property Trust		18,344		2,016,189
CBRE Group, Inc., Class A (a)		45,483		3,598,160
Digital Realty Trust, Inc.		13,616		1,917,677
Equinix, Inc.		2,628		1,785,963
Extra Space Storage, Inc.		16,479		2,184,291
Host Hotels & Resorts, Inc. (a)		202,715		3,415,748
Iron Mountain, Inc. (b)		120,334		4,453,561
Mid-America Apartment Communities, Inc.		25,549		3,688,254
Public Storage		20,663		5,098,802
Simon Property Group, Inc.		20,394		2,320,225
VICI Properties, Inc. (b)		111,478		3,148,139
				33,627,009
Utilities (3.4%):
Exelon Corp.		96,878		4,237,443
NRG Energy, Inc.		95,754		3,612,798
PG&E Corp. (a)		122,970		1,439,979
The AES Corp.		135,447		3,631,335
UGI Corp.		52,319		2,145,602
Vistra Corp.		170,286		3,010,656
				18,077,813
Total Common Stocks (Cost $434,517,209)				537,240,899
Collateral for Securities Loaned^ (3.5%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (d)		388,394		388,394
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (d)		10,002,026		10,002,026
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (d)		193,828		193,828
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (d)		1,545,521		1,545,521

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA MSCI USA Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (d)		6,948,965	$	6,948,965
Total Collateral for Securities Loaned (Cost $19,078,734)				19,078,734
Total Investments (Cost $453,595,943) — 103.1%				556,319,633
Liabilities in excess of other assets — (3.1)%				(16,782,633	)
NET ASSETS - 100.00%			$	539,537,000

^	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)	All or a portion of this security has been segregated as collateral for derivative instruments.
(d)	Rate disclosed is the daily yield on March 31, 2021.

PLC—Public Limited Company

Futures Contracts Purchased
	Number of Contracts	Expiration Date		Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini S&P 500 Futures	9	6/18/21	$	1,757,486	$	1,785,330	$	27,844
	Total unrealized appreciation						$	27,844
	Total unrealized depreciation							–
	Total net unrealized appreciation (depreciation)						$	27,844

Victory Portfolios II	Schedule of Portfolio Investments
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.7%)
Communication Services (3.6%):
AMC Networks, Inc., Class A (a)		9,285	$	493,591
Angi, Inc., Class A (a)		25,876		336,388
Bandwidth, Inc., Class A (a)		4,565		578,568
Cardlytics, Inc. (a)		5,360		587,992
Cars.com, Inc. (a)		24,280		314,669
Cincinnati Bell, Inc. (a)		17,216		264,266
Consolidated Communications Holdings, Inc. (a)		105,394		758,836
Globalstar, Inc. (a)		112,156		151,411
Gogo, Inc. (a)(b)		36,970		357,130
Gray Television, Inc.		36,627		673,937
Iridium Communications, Inc. (a)		8,972		370,095
Lions Gate Entertainment Corp., Class A (a)(b)		24,207		361,895
MSG Networks, Inc., Class A (a)(b)		29,600		445,184
QuinStreet, Inc. (a)		30,634		621,870
Shenandoah Telecommunications Co.		9,833		479,949
TechTarget, Inc. (a)		12,068		838,122
Telephone & Data Systems, Inc.		48,955		1,124,007
TrueCar, Inc. (a)		61,906		296,220
United States Cellular Corp. (a)		27,990		1,021,075
Zynga, Inc., Class A (a)		121,499		1,240,504
				11,315,709
Consumer Discretionary (11.8%):
Abercrombie & Fitch Co. (a)		23,451		804,604
American Eagle Outfitters, Inc.		14,390		420,764
American Public Education, Inc. (a)		26,771		953,851
Asbury Automotive Group, Inc. (a)		2,554		501,861
At Home Group, Inc. (a)		23,288		668,366
AutoNation, Inc. (a)		11,509		1,072,868
Bed Bath & Beyond, Inc. (a)		19,949		581,513
Big Lots, Inc.		10,334		705,812
Camping World Holdings, Inc., Class A		7,032		255,824
Capri Holdings Ltd. (a)		6,207		316,557
CarParts.com, Inc. (a)		29,143		416,162
Century Communities, Inc. (a)		9,922		598,495
Chegg, Inc. (a)		4,502		385,641
Cooper Tire & Rubber Co.		18,816		1,053,320
Dana, Inc.		29,118		708,441
Dick’s Sporting Goods, Inc. (b)		10,088		768,201
Dillard’s, Inc., Class A		9,018		870,868
Duluth Holdings, Inc., Class B (a)(b)		17,276		292,655
Ethan Allen Interiors, Inc.		45,500		1,256,256
Foot Locker, Inc.		7,525		423,281
Genesco, Inc. (a)		12,373		587,718
G-III Apparel Group Ltd. (a)		18,928		570,490
Graham Holdings Co., Class B		1,094		615,309
Green Brick Partners, Inc. (a)		32,607		739,527
Group 1 Automotive, Inc.		4,168		657,669
GrowGeneration Corp. (a)		5,811		288,749
Haverty Furniture Cos., Inc.		26,580		988,510
Hibbett Sports, Inc. (a)		11,020		759,168
Johnson Outdoors, Inc., Class A		4,690		669,497
KB Home		15,236		708,931
Kohl’s Corp. (c)		5,375		320,404
L Brands, Inc. (a)		7,038		435,371
Lithia Motors, Inc., Class A		2,053		800,855
Lumber Liquidators Holdings, Inc. (a)		7,926		199,101
M/I Homes, Inc. (a)		11,618		686,275

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Magnite, Inc. (a)		4,624	$	192,405
MarineMax, Inc. (a)		14,895		735,217
MDC Holdings, Inc.		14,995		890,703
Meritage Homes Corp. (a)		7,288		669,913
Nautilus, Inc. (a)		8,616		134,754
Penn National Gaming, Inc. (a)		3,010		315,568
Penske Automotive Group, Inc.		6,005		481,841
Purple Innovation, Inc. (a)		9,260		293,079
PVH Corp. (a)		3,148		332,744
Qurate Retail, Inc., Class A		58,061		682,798
Rent-A-Center, Inc.		16,020		923,713
Shoe Carnival, Inc. (b)		5,862		362,741
Signet Jewelers Ltd. (a)(b)		13,271		769,453
Smith & Wesson Brands, Inc.		38,069		664,304
Sonic Automotive, Inc., Class A		5,611		278,137
Sportsman’s Warehouse Holdings, Inc. (a)		19,962		344,145
Stamps.com, Inc. (a)		1,126		224,648
Stitch Fix, Inc., Class A (a)		3,096		153,376
Sturm Ruger & Co., Inc. (c)		7,995		528,230
Taylor Morrison Home Corp. (a)		20,325		626,213
Tenneco, Inc., Class A (a)		25,595		274,378
The Buckle, Inc. (b)		11,112		436,479
The Goodyear Tire & Rubber Co. (a)		26,146		459,385
The ODP Corp. (a)		16,110		697,402
Thor Industries, Inc.		3,006		405,029
Toll Brothers, Inc.		13,300		754,509
TopBuild Corp. (a)		1,707		357,497
Tri Pointe Homes, Inc. (a)		33,523		682,528
Tupperware Brands Corp. (a)		14,015		370,136
Vista Outdoor, Inc. (a)		18,568		595,476
Winnebago Industries, Inc.		4,895		375,495
Zumiez, Inc. (a)		15,494		664,693
				37,759,903
Consumer Staples (3.6%):
B&G Foods, Inc. (b)		15,145		470,404
Celsius Holdings, Inc. (a)		11,719		563,098
Central Garden & Pet Co., Class A (a)		11,571		600,419
Darling Ingredients, Inc. (a)		15,718		1,156,531
Edgewell Personal Care Co.		14,466		572,854
Fresh Del Monte Produce, Inc.		31,467		900,900
Freshpet, Inc. (a)		3,140		498,663
Ingles Markets, Inc., Class A		23,853		1,470,537
National Beverage Corp. (b)		15,778		771,702
SpartanNash Co.		32,006		628,278
The Andersons, Inc.		32,146		880,157
The Boston Beer Co., Inc., Class A (a)		413		498,194
United Natural Foods, Inc. (a)		21,895		721,221
Weis Markets, Inc. (b)(c)		26,186		1,480,034
				11,212,992
Energy (3.1%):
Alto Ingredients, Inc. (a)(b)		72,222		392,165
Antero Resources Corp. (a)		79,638		812,308
Bonanza Creek Energy, Inc. (a)(b)		23,847		852,053
Clean Energy Fuels Corp. (a)		16,938		232,728
CNX Resources Corp. (a)(b)		50,606		743,908
Dorian LPG Ltd. (a)		72,372		950,244
EQT Corp. (a)		34,090		633,392
Green Plains, Inc. (a)		16,028		433,878
Helix Energy Solutions Group, Inc. (a)		112,116		566,186

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
International Seaways, Inc.		36,485	$	707,079
PDC Energy, Inc. (a)		24,529		843,798
Range Resources Corp. (a)		55,800		576,414
Renewable Energy Group, Inc. (a)		7,419		489,951
SEACOR Holdings, Inc. (a)		11,831		482,113
Southwestern Energy Co. (a)		141,249		656,808
Transocean Ltd. (a)		235,366		835,550
				10,208,575
Financials (14.7%):
Affiliated Managers Group, Inc.		3,623		539,936
American Equity Investment Life Holding Co.		17,528		552,658
American National Group, Inc.		12,015		1,296,059
Ameris Bancorp		9,680		508,297
Arbor Realty Trust, Inc.		15,498		246,418
Ares Commercial Real Estate Corp.		18,378		252,146
Assured Guaranty Ltd.		19,608		829,026
B Riley Financial, Inc.		8,351		470,829
Bank OZK		10,839		442,773
BankUnited, Inc.		11,176		491,185
Boston Private Financial Holdings, Inc.		29,514		393,126
Brighthouse Financial, Inc. (a)		14,713		651,050
Brightsphere Investment Group, Inc.		35,502		723,531
BRP Group, Inc., Class A (a)		12,111		330,025
Cadence Bancorp		34,561		716,450
Cannae Holdings, Inc. (a)		11,857		469,774
Chimera Investment Corp.		34,018		432,029
CIT Group, Inc.		13,259		682,971
CNO Financial Group, Inc.		36,416		884,545
Colony Credit Real Estate, Inc.		50,457		429,894
Cowen, Inc., Class A (b)		24,228		851,613
Customers Bancorp, Inc.		34,686		1,103,709
Ellington Financial, Inc.		13,922		222,891
Encore Capital Group, Inc. (a)		15,081		606,709
Enstar Group Ltd. (a)		3,157		778,927
Evercore, Inc.		3,781		498,109
FBL Financial Group, Inc., Class A		10,460		584,923
First Bancorp		36,473		410,686
First Citizens BancShares, Inc., Class A		710		593,397
Flagstar Bancorp, Inc.		21,891		987,284
FNB Corp.		44,189		561,200
Focus Financial Partners, Inc., Class A (a)		9,831		409,166
Freedom Holding Corp. (a)(b)		19,324		1,031,129
Genworth Financial, Inc. (a)		161,274		535,430
Goosehead Insurance, Inc., Class A		6,035		646,831
Granite Point Mortgage Trust, Inc.		46,495		556,545
Hancock Whitney Corp.		9,760		410,018
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		6,897		386,922
Heritage Insurance Holdings, Inc.		94,554		1,047,658
Hilltop Holdings, Inc.		32,763		1,118,200
Independent Bank Group, Inc.		6,148		444,132
Janus Henderson Group PLC		30,477		949,358
Jefferies Financial Group, Inc.		33,999		1,023,370
Kinsale Capital Group, Inc.		1,863		307,022
Live Oak Bancshares, Inc.		13,343		913,862
Meta Financial Group, Inc.		19,652		890,432
MFA Financial, Inc.		56,785		231,115
MGIC Investment Corp.		53,435		740,075
Mr. Cooper Group, Inc. (a)		17,146		595,995
National Western Life Group, Inc., Class A		4,184		1,041,816
Navient Corp.		57,441		821,981

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
New Residential Investment Corp.		28,721	$	323,111
OFG Bancorp		18,337		414,783
OneMain Holdings, Inc.		6,410		344,345
Palomar Holdings, Inc. (a)		5,221		350,016
Pennymac Financial Services		10,771		720,257
Pennymac Mortgage Investment Trust		14,393		282,103
Pinnacle Financial Partners, Inc.		6,172		547,210
Popular, Inc.		15,326		1,077,725
Radian Group, Inc.		35,011		814,006
Ready Capital Corp.		41,812		561,117
Renasant Corp.		14,510		600,424
SiriusPoint Ltd. (a)		96,406		980,448
SLM Corp.		32,228		579,137
Sterling Bancorp		37,171		855,676
StoneX Group, Inc. (a)		7,228		472,567
Triumph Bancorp, Inc. (a)		6,265		484,848
Trupanion, Inc. (a)		5,985		456,117
Two Harbors Investment Corp.		32,756		240,101
Unum Group		27,674		770,167
Victory Capital Holdings, Inc., Class A (h)		18,653		476,771
Virtus Investment Partners, Inc.		3,443		810,827
Waddell & Reed Financial, Inc., Class A		18,618		466,381
Walker & Dunlop, Inc.		3,426		351,987
Watford Holdings Ltd. (a)		24,519		848,603
				46,471,954
Health Care (23.7%):
Acadia Healthcare Co., Inc. (a)		12,270		701,108
Acceleron Pharma, Inc. (a)		2,342		317,599
Addus HomeCare Corp. (a)		8,911		932,001
Allakos, Inc. (a)(b)		5,220		599,152
Allscripts Healthcare Solutions, Inc. (a)		49,001		735,750
Amedisys, Inc. (a)		4,011		1,062,073
AMN Healthcare Services, Inc. (a)		11,817		870,913
Amneal Pharmaceuticals, Inc. (a)		110,554		744,028
AngioDynamics, Inc. (a)		23,619		552,685
ANI Pharmaceuticals, Inc. (a)(b)		13,481		487,203
Anika Therapeutics, Inc. (a)(b)		10,215		416,670
Arcturus Therapeutics Holdings, Inc. (a)		4,942		204,105
Arcus Biosciences, Inc. (a)		10,050		282,204
Arena Pharmaceuticals, Inc. (a)		9,855		683,838
Arrowhead Pharmaceuticals, Inc. (a)		6,138		407,011
AtriCure, Inc. (a)		7,469		489,369
Avanos Medical, Inc. (a)		8,505		372,009
Beam Therapeutics, Inc. (a)		3,237		259,089
BioLife Solutions, Inc. (a)		15,761		567,396
Bio-Techne Corp.		3,428		1,309,255
Bioxcel Therapeutics, Inc. (a)(b)		5,386		232,460
Cantel Medical Corp. (a)		4,481		357,763
CareDx, Inc. (a)		7,282		495,831
Castle Biosciences, Inc. (a)(b)		9,407		644,003
Catalyst Pharmaceuticals, Inc. (a)		139,515		643,164
Celldex Therapeutics, Inc. (a)		20,658		425,555
Change Healthcare, Inc. (a)		30,151		666,337
Charles River Laboratories International, Inc. (a)		3,779		1,095,268
Chemed Corp.		2,804		1,289,335
Chemocentryx, Inc. (a)		3,493		178,981
Collegium Pharmaceutical, Inc. (a)(b)		24,552		581,882
Computer Programs and Systems, Inc. (b)		30,148		922,529
Corcept Therapeutics, Inc. (a)		24,721		588,113
Cortexyme, Inc. (a)(b)		5,121		184,510

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
CorVel Corp. (a)		5,283	$	541,983
Covetrus, Inc. (a)		19,701		590,439
CRISPR Therapeutics AG (a)		4,011		488,740
CryoPort, Inc. (a)		9,892		514,483
Cymabay Therapeutics, Inc. (a)		25,785		117,064
Denali Therapeutics, Inc. (a)		9,099		519,553
Emergent BioSolutions, Inc. (a)		7,027		652,879
Encompass Health Corp.		13,411		1,098,361
Endo International PLC (a)		66,472		492,557
Envista Holdings Corp. (a)		18,038		735,950
Exelixis, Inc. (a)		34,883		788,007
Fate Therapeutics, Inc. (a)		2,576		212,391
Frequency Therapeutics, Inc. (a)(b)		6,399		60,791
Fulgent Genetics, Inc. (a)(b)		6,398		618,175
Globus Medical, Inc. (a)		8,174		504,091
Halozyme Therapeutics, Inc. (a)		21,123		880,617
Heska Corp. (a)(b)		5,209		877,507
Hill-Rom Holdings, Inc.		6,363		702,984
IGM Biosciences, Inc. (a)		3,463		265,577
ImmunityBio, Inc. (a)(b)		24,474		581,013
Innoviva, Inc. (a)		79,320		947,875
Inovalon Holdings, Inc., Class A (a)		35,464		1,020,654
Inspire Medical Systems, Inc. (a)		1,474		305,103
Integer Holdings Corp. (a)		9,812		903,684
Integra LifeSciences Holdings Corp. (a)		8,119		560,942
Intellia Therapeutics, Inc. (a)		3,880		311,389
Invitae Corp. (a)		4,431		169,309
iRhythm Technologies, Inc. (a)		1,178		163,577
Karuna Therapeutics, Inc. (a)		2,713		326,184
Kodiak Sciences, Inc. (a)		4,434		502,771
Kura Oncology, Inc. (a)		7,614		215,248
LeMaitre Vascular, Inc.		9,612		468,873
LHC Group, Inc. (a)		5,455		1,043,051
Ligand Pharmaceuticals, Inc. (a)		2,524		384,784
Luminex Corp.		16,896		538,982
Magellan Health, Inc. (a)		8,866		826,666
MEDNAX, Inc. (a)		12,548		319,598
Medpace Holdings, Inc. (a)		5,426		890,135
Meridian Bioscience, Inc. (a)		28,474		747,443
Merit Medical Systems, Inc. (a)		16,145		966,762
Mersana Therapeutics, Inc. (a)		8,894		143,905
Mirati Therapeutics, Inc. (a)		1,043		178,666
ModivCare, Inc. (a)		6,899		1,021,880
Myriad Genetics, Inc. (a)		9,262		282,028
Natera, Inc. (a)		6,494		659,401
National HealthCare Corp. (c)		8,662		674,856
NeoGenomics, Inc. (a)(b)		16,108		776,889
Neoleukin Therapeutics, Inc. (a)		16,777		206,525
Nevro Corp. (a)		1,676		233,802
NextGen Healthcare, Inc. (a)		38,896		704,018
Novavax, Inc. (a)		3,243		587,988
Omnicell, Inc. (a)		3,824		496,623
Ontrak, Inc. (a)(b)		7,000		227,920
OPKO Health, Inc. (a)(b)		98,952		424,504
OraSure Technologies, Inc. (a)(b)		47,195		550,766
Owens & Minor, Inc.		18,509		695,753
Pacific Biosciences of California, Inc. (a)		19,131		637,254
Pacira BioSciences, Inc. (a)		11,623		814,656
Patterson Cos., Inc. (c)		13,494		431,133
Penumbra, Inc. (a)(b)		2,943		796,317
Perrigo Co. PLC		11,836		479,003

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Personalis, Inc. (a)		17,724	$	436,188
Phreesia, Inc. (a)		4,420		230,282
PRA Health Sciences, Inc. (a)		3,742		573,761
Premier, Inc., Class A		29,714		1,005,819
Prestige Consumer Healthcare, Inc. (a)		25,831		1,138,631
Quidel Corp. (a)		3,278		419,355
R1 RCM, Inc. (a)		31,758		783,787
Repligen Corp. (a)		4,346		844,906
Replimune Group, Inc. (a)		5,463		166,676
Scholar Rock Holding Corp. (a)		6,482		328,378
Select Medical Holdings Corp. (a)		25,013		852,943
Seres Therapeutics, Inc. (a)		16,345		336,544
Shockwave Medical, Inc. (a)		2,595		338,025
Simulations Plus, Inc. (b)		11,522		728,651
Sorrento Therapeutics, Inc. (a)(b)		48,072		397,555
SpringWorks Therapeutics, Inc. (a)		8,002		588,707
STAAR Surgical Co. (a)		6,143		647,534
Stoke Therapeutics, Inc. (a)		5,693		221,116
Supernus Pharmaceuticals, Inc. (a)		13,763		360,315
Surgery Partners, Inc. (a)		15,292		676,824
Syneos Health, Inc. (a)		9,376		711,170
Tandem Diabetes Care, Inc. (a)		2,122		187,267
Tenet Healthcare Corp. (a)		11,520		599,040
TG Therapeutics, Inc. (a)		12,326		594,113
The Ensign Group, Inc.		10,863		1,019,384
The Pennant Group, Inc. (a)		11,805		540,669
Triple-S Management Corp., Class B (a)		26,410		687,452
Turning Point Therapeutics, Inc. (a)		5,182		490,165
Twist Bioscience Corp. (a)		4,578		567,031
United Therapeutics Corp. (a)		7,755		1,297,178
Vanda Pharmaceuticals, Inc. (a)		23,228		348,885
Vaxart, Inc. (a)(b)		35,466		214,569
VBI Vaccines, Inc. (a)		72,980		226,968
Veracyte, Inc. (a)		9,800		526,750
Vericel Corp. (a)		5,938		329,856
Vocera Communications, Inc. (a)		21,005		807,852
Zynex, Inc. (a)(b)		18,179		277,593
				74,681,207
Industrials (13.6%):
ACCO Brands Corp.		80,748		681,513
ADT, Inc. (b)		84,555		713,644
Advanced Drainage Systems, Inc.		10,234		1,058,093
AECOM (a)		7,836		502,366
AGCO Corp.		4,408		633,209
Air Lease Corp.		15,856		776,944
Air Transport Services Group, Inc. (a)		34,739		1,016,463
Altra Industrial Motion Corp.		12,186		674,130
ArcBest Corp.		16,515		1,162,161
Arcosa, Inc.		13,219		860,425
Astec Industries, Inc.		12,812		966,281
Atlas Air Worldwide Holdings, Inc. (a)		11,159		674,450
Beacon Roofing Supply, Inc. (a)		7,801		408,148
Bloom Energy Corp., Class A (a)		31,415		849,776
Builders FirstSource, Inc. (a)		26,751		1,240,444
CAI International, Inc.		19,937		907,532
Chart Industries, Inc. (a)		2,308		328,544
CSW Industrials, Inc.		10,029		1,353,915
Echo Global Logistics, Inc. (a)		31,534		990,483
Genco Shipping & Trading Ltd.		68,986		695,379
Gibraltar Industries, Inc. (a)		4,932		451,327

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
GMS, Inc. (a)		19,305	$	805,984
GrafTech International Ltd.		34,968		427,659
Great Lakes Dredge & Dock Corp. (a)		64,270		937,057
Heidrick & Struggles International, Inc.		28,410		1,014,804
Herc Holdings, Inc. (a)		8,533		864,649
Hub Group, Inc., Class A (a)		8,328		560,308
Hyster-Yale Materials Handling, Inc.		4,803		418,437
Kelly Services, Inc., Class A (a)		39,165		872,205
Marten Transport Ltd.		24,352		413,253
Matson, Inc.		13,497		900,250
Maxar Technologies, Inc.		21,608		817,215
MYR Group, Inc. (a)		14,750		1,057,133
Pitney Bowes, Inc.		29,428		242,487
Primoris Services Corp.		13,673		452,986
Quanex Building Products Corp.		16,239		425,949
Quanta Services, Inc.		13,846		1,218,171
Regal Beloit Corp.		8,710		1,242,742
Resideo Technologies, Inc. (a)		38,747		1,094,603
Rush Enterprises, Inc., Class A		23,960		1,193,927
Ryder System, Inc.		12,274		928,528
Saia, Inc. (a)		4,712		1,086,493
Schneider National, Inc., Class B		57,090		1,425,537
SkyWest, Inc. (a)		13,493		735,099
Sterling Construction Co., Inc. (a)		38,765		899,348
The Greenbrier Cos., Inc.		16,329		771,055
The Shyft Group, Inc.		12,556		467,083
The Timken Co.		12,056		978,586
TPI Composites, Inc. (a)		4,320		243,778
Triton International Ltd.		18,713		1,029,028
Tutor Perini Corp. (a)		34,836		660,142
UFP Industries, Inc.		6,946		526,785
Upwork, Inc. (a)		7,767		347,729
Wabash National Corp.		20,446		384,385
WESCO International, Inc. (a)		9,403		813,642
				43,202,264
Information Technology (13.7%):
3D Systems Corp. (a)		5,461		149,850
ACM Research, Inc., Class A (a)		4,432		358,061
Alliance Data Systems Corp.		3,611		404,757
Amkor Technology, Inc.		41,852		992,311
Appian Corp. (a)(b)		1,187		157,812
Avaya Holdings Corp. (a)		31,653		887,234
Avnet, Inc.		31,066		1,289,549
Benchmark Electronics, Inc.		37,082		1,146,574
Blackline, Inc. (a)		3,574		387,422
BM Technologies, Inc. (a)		7,122		82,971
Calix, Inc. (a)		20,163		698,850
Cerence, Inc. (a)(b)		8,008		717,357
ChannelAdvisor Corp. (a)		36,084		849,778
Concentrix Corp. (a)		6,012		900,117
Conduent, Inc. (a)		94,351		628,378
CoreLogic, Inc.		4,381		347,194
Digi International, Inc. (a)		20,789		394,783
Digital Turbine, Inc. (a)		8,803		707,409
Diodes, Inc. (a)		12,660		1,010,774
DXC Technology Co. (a)		26,041		814,042
Ebix, Inc.		13,939		446,466
EchoStar Corp., Class A (a)		18,677		448,248
Entegris, Inc.		9,478		1,059,639
Fabrinet (a)		5,597		505,913

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Fastly, Inc., Class A (a)(b)		8,340	$	561,115
First Solar, Inc. (a)		9,122		796,351
Five9, Inc. (a)		2,736		427,719
FormFactor, Inc. (a)		7,688		346,806
Ichor Holdings Ltd. (a)		7,947		427,549
II-VI, Inc. (a)		4,298		293,854
Inphi Corp. (a)		2,172		387,507
Insight Enterprises, Inc. (a)		5,478		522,711
International Money Express, Inc. (a)		21,129		317,146
J2 Global, Inc. (a)(b)		5,849		701,061
Jabil, Inc.		19,891		1,037,515
Kulicke & Soffa Industries, Inc.		24,500		1,203,195
Lattice Semiconductor Corp. (a)		8,134		366,193
Lumentum Holdings, Inc. (a)		3,685		336,625
Mesa Laboratories, Inc.		1,371		333,839
Methode Electronics, Inc.		24,944		1,047,149
MicroStrategy, Inc. (a)(b)		461		312,927
NetScout Systems, Inc. (a)		37,569		1,057,942
Nuance Communications, Inc. (a)		26,688		1,164,664
Onto Innovation, Inc. (a)		6,042		397,020
Perspecta, Inc.		14,212		412,859
Photronics, Inc. (a)		64,239		826,114
Power Integrations, Inc.		6,870		559,768
Rambus, Inc. (a)		54,382		1,057,185
Sailpoint Technologies Holdings, Inc. (a)		7,716		390,738
Sanmina Corp. (a)		26,331		1,089,577
ScanSource, Inc. (a)		29,969		897,572
SiTime Corp. (a)		6,895		679,847
SMART Global Holdings, Inc. (a)		15,870		730,337
Sprout Social, Inc., Class A (a)		5,083		293,594
SPS Commerce, Inc. (a)		4,748		471,524
SunPower Corp. (a)		5,615		187,822
Sykes Enterprises, Inc. (a)		24,930		1,098,914
Synaptics, Inc. (a)(b)		6,755		914,762
SYNNEX Corp.		7,102		815,594
TTEC Holdings, Inc.		11,701		1,175,365
TTM Technologies, Inc. (a)		66,164		959,378
Ultra Clean Holdings, Inc. (a)		15,070		874,663
VirnetX Holding Corp. (b)		76,846		428,032
Vishay Intertechnology, Inc.		19,688		474,087
Xerox Holdings Corp.		34,006		825,325
Xperi Holding Corp.		34,129		742,988
				43,330,422
Materials (4.8%):
AdvanSix, Inc. (a)		28,723		770,351
Alcoa Corp. (a)		14,799		480,820
Boise Cascade Co.		16,572		991,502
Clearwater Paper Corp. (a)		14,075		529,502
Cleveland-Cliffs, Inc.		48,072		966,728
Commercial Metals Co.		39,011		1,203,099
Domtar Corp.		13,065		482,752
Forterra, Inc. (a)(b)		12,950		301,088
Hecla Mining Co.		53,116		302,230
Huntsman Corp.		32,993		951,188
Kraton Corp. (a)		15,384		562,901
Livent Corp. (a)		18,966		328,491
Olin Corp.		13,018		494,293
Reliance Steel & Aluminum Co.		9,483		1,444,165
Schnitzer Steel Industries, Inc.		28,081		1,173,505
Stepan Co.		4,608		585,723

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
SunCoke Energy, Inc.		118,305	$	829,318
Trinseo SA		5,978		380,619
Tronox Holdings PLC, Class A		16,076		294,191
United States Steel Corp.		17,139		448,528
Warrior Met Coal, Inc.		35,500		608,115
Worthington Industries, Inc.		15,876		1,065,121
				15,194,230
Real Estate (5.7%):
American Homes 4 Rent, Class A		17,263		575,548
Americold Realty Trust		9,972		383,623
Community Healthcare Trust, Inc.		8,700		401,244
CoreCivic, Inc. (a)		56,168		508,320
CoreSite Realty Corp.		5,226		626,336
Cousins Properties, Inc.		27,987		989,340
CubeSmart		15,057		569,606
CyrusOne, Inc.		6,197		419,661
EastGroup Properties, Inc.		3,608		516,954
Equity Commonwealth		50,300		1,398,341
eXp World Holdings, Inc. (a)(b)		21,700		988,435
First Industrial Realty Trust, Inc.		13,154		602,322
Gaming and Leisure Properties, Inc.		8,144		345,550
Innovative Industrial Properties, Inc.		3,425		617,048
Life Storage, Inc.		6,607		567,872
National Storage Affiliates Trust		13,325		532,067
Newmark Group, Inc., Class A		89,200		892,446
QTS Realty Trust, Inc., Class A (b)		7,516		466,293
RE/MAX Holdings, Inc.		19,685		775,392
Realogy Holdings Corp. (a)		33,125		501,181
Redfin Corp. (a)		5,502		366,378
Rexford Industrial Realty, Inc.		10,393		523,807
Safehold, Inc.		10,366		726,657
Sunstone Hotel Investors, Inc. (a)		44,303		552,015
Tanger Factory Outlet Centers, Inc.		21,738		328,896
The RMR Group, Inc., Class A		21,080		860,275
The St. Joe Co.		27,068		1,161,218
Uniti Group, Inc.		49,438		545,301
				17,742,126
Utilities (1.4%):
Clearway Energy, Inc., Class C		43,060		1,211,709
MDU Resources Group, Inc.		21,941		693,555
National Fuel Gas Co.		34,451		1,722,205
Ormat Technologies, Inc. (b)		5,165		405,607
Sunnova Energy International, Inc. (a)		13,854		565,520
				4,598,596
Total Common Stocks (Cost $239,645,350)				315,717,978
Rights (0.0%)(d)
Health Care (0.0%):
Achillion Pharmaceuticals  (a)(e)(f)		17,954		4,129
Total Rights (Cost $–)				4,129
Collateral for Securities Loaned^ (4.7%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (g)		300,854		300,854
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (g)		7,747,675		7,747,675
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (g)		150,141		150,141
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (g)		1,197,177		1,197,177

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (g)		5,382,742	$	5,382,742
Total Collateral for Securities Loaned (Cost $14,778,589)				14,778,589
Total Investments (Cost $254,423,939) — 104.4%				330,500,696
Liabilities in excess of other assets — (4.4)%				(14,061,439	)
NET ASSETS - 100.00%			$	316,439,257

^	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)	All or a portion of this security has been segregated as collateral for derivative instruments.
(d)	Amount represents less than 0.05% of net assets.
(e)	Security was fair valued using significant unobservable inputs as of March 31, 2021.
(f)	The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, illiquid securities were less than 0.05% of net assets.
(g)	Rate disclosed is the daily yield on March 31, 2021.
(h)	Affiliated holding.

PLC—Public Limited Company

Futures Contracts Purchased
	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini Russell 2000 Index Futures		5		6/18/21	$	571,413	$	555,625	$	(15,788	)
	Total unrealized appreciation								$	–
	Total unrealized depreciation									(15,788	)
	Total net unrealized appreciation (depreciation)								$	(15,788	)

Victory Portfolios II	Schedule of Portfolio Investments
VictoryShares USAA MSCI International Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.1%)
Australia (4.1%):
Consumer Staples (0.9%):
Coca-Cola Amatil Ltd.		271,919	$	2,781,446
Coles Group Ltd.		95,531		1,164,906
				3,946,352
Energy (0.6%):
Washington H Soul Pattinson & Co. Ltd.		118,166		2,842,234
Health Care (0.3%):
Sonic Healthcare Ltd.		57,476		1,536,119
Information Technology (0.1%):
Afterpay Ltd.  (a)		5,711		441,503
Materials (1.1%):
BlueScope Steel Ltd.		171,137		2,522,203
Fortescue Metals Group Ltd.		140,267		2,135,617
				4,657,820
Real Estate (1.1%):
Goodman Group		209,964		2,897,731
Stockland		514,520		1,724,289
				4,622,020
				18,046,048
Austria (1.6%):
Energy (0.6%):
OMV AG		50,398		2,562,399
Financials (0.5%):
Raiffeisen Bank International AG  (a)		103,304		2,274,060
Materials (0.3%):
voestalpine AG		29,771		1,236,187
Utilities (0.2%):
Verbund AG  (b)		14,079		1,025,913
				7,098,559
Belgium (1.0%):
Financials (0.7%):
Sofina SA		9,598		3,254,420
Health Care (0.3%):
UCB SA		12,017		1,145,700
				4,400,120
Bermuda (0.5%):
Industrials (0.5%):
Jardine Matheson Holdings Ltd.		32,600		2,131,714
Canada (7.3%):
Consumer Discretionary (0.9%):
Canadian Tire Corp. Ltd., Class A  (b)		9,455		1,341,536
Magna International, Inc.		28,424		2,503,058
				3,844,594
Consumer Staples (1.7%):
Empire Co. Ltd., Class A		96,762		3,016,378
Loblaw Cos. Ltd.		39,151		2,186,737
Metro, Inc.		49,745		2,269,070
				7,472,185
Energy (0.2%):
Cameco Corp.		63,739		1,056,865
Industrials (1.1%):
Ballard Power Systems, Inc.  (a)		18,677		455,464

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA MSCI International Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Canadian Pacific Railway Ltd.		4,652	$	1,776,632
Ritchie Bros. Auctioneers, Inc.		17,800		1,042,069
WSP Global, Inc.  (b)		16,879		1,605,644
				4,879,809
Information Technology (0.3%):
BlackBerry Ltd.  (a)		57,796		484,680
Shopify, Inc., Class A  (a)		701		773,830
				1,258,510
Materials (1.6%):
B2Gold Corp.		138,009		594,048
First Quantum Minerals Ltd.		30,496		581,119
Kinross Gold Corp.		230,366		1,534,124
Lundin Mining Corp.		86,496		889,838
Pan American Silver Corp.		24,882		746,351
Teck Resources Ltd., Class B		96,426		1,846,659
Yamana Gold, Inc.		134,863		585,871
				6,778,010
Real Estate (0.3%):
FirstService Corp.		8,204		1,217,627
Utilities (1.2%):
Hydro One Ltd.  (c)		91,066		2,120,780
Northland Power, Inc.  (b)		90,271		3,271,547
				5,392,327
				31,899,927
Denmark (3.2%):
Consumer Discretionary (0.4%):
Pandora A/S  (a)		14,602		1,568,205
Financials (0.3%):
Danske Bank A/S		62,553		1,173,372
Health Care (0.2%):
GN Store Nord A/S		13,572		1,071,098
Industrials (1.7%):
AP Moller - Maersk A/S, Class B  (b)		1,088		2,533,471
DSV PANALPINA A/S		8,344		1,640,991
ROCKWOOL International A/S, Class B		2,418		1,021,774
Vestas Wind Systems A/S		11,056		2,274,814
				7,471,050
Utilities (0.6%):
Orsted A/S  (c)		16,789		2,718,152
				14,001,877
Finland (1.1%):
Consumer Staples (0.7%):
Kesko Oyj, Class B		102,805		3,151,148
Energy (0.4%):
Neste Oyj		29,523		1,570,443
				4,721,591
France (7.1%):
Communication Services (0.7%):
Iliad SA		4,426		843,221
Publicis Groupe SA		38,426		2,350,225
				3,193,446
Consumer Discretionary (0.2%):
Faurecia SE  (a)		3,212		171,402
Renault SA  (a)		17,364		753,661
				925,063

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA MSCI International Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Consumer Staples (0.6%):
Carrefour SA		157,788	$	2,864,237
Financials (2.2%):
BNP Paribas SA  (a)		35,910		2,189,588
CNP Assurances		99,896		1,903,172
Credit Agricole SA		162,731		2,361,067
Natixis SA  (a)		186,409		894,308
Societe Generale SA		81,181		2,129,111
				9,477,246
Health Care (0.8%):
BioMerieux		7,855		1,001,666
Sartorius Stedim Biotech  (b)		5,713		2,358,119
				3,359,785
Industrials (1.7%):
Bouygues SA		55,005		2,210,285
Cie de Saint-Gobain		41,422		2,449,733
Schneider Electric SE		17,930		2,744,764
				7,404,782
Information Technology (0.4%):
Atos SE  (a)		24,680		1,929,498
Utilities (0.5%):
Electricite de France SA		150,057		2,017,573
				31,171,630
Germany (9.3%):
Communication Services (0.2%):
United Internet AG, Registered Shares		24,375		979,755
Consumer Discretionary (3.3%):
Bayerische Motoren Werke AG		27,791		2,889,663
Daimler AG		25,513		2,279,183
Delivery Hero SE  (a)(c)		7,680		997,403
HelloFresh SE  (a)(b)		25,377		1,896,900
Porsche Automobil Holding SE, Preference Shares		27,130		2,883,110
Volkswagen AG, Preference Shares		10,316		2,892,869
Zalando SE  (a)(c)		8,823		867,316
				14,706,444
Financials (0.8%):
Commerzbank AG  (a)		242,564		1,490,421
Deutsche Bank AG, Registered Shares  (a)		152,276		1,823,339
				3,313,760
Health Care (1.4%):
Bayer AG, Registered Shares		35,762		2,267,988
Merck KGaA		10,163		1,741,512
Sartorius AG, Preference Shares		4,380		2,188,842
				6,198,342
Industrials (1.8%):
Brenntag SE		34,175		2,924,064
Deutsche Post AG, Registered Shares		58,557		3,215,353
Siemens AG, Registered Shares		9,404		1,547,347
				7,686,764
Materials (0.8%):
Covestro AG  (c)		15,569		1,049,217
HeidelbergCement AG		27,394		2,493,905
				3,543,122
Real Estate (1.0%):
Deutsche Wohnen SE		30,792		1,439,626
LEG Immobilien SE		11,329		1,493,401

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA MSCI International Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Vonovia SE		22,659	$	1,483,348
				4,416,375
				40,844,562
Hong Kong (7.0%):
Consumer Discretionary (1.2%):
Techtronic Industries Co. Ltd.		142,806		2,443,028
Xinyi Glass Holdings Ltd.		912,455		2,981,093
				5,424,121
Consumer Staples (0.5%):
WH Group Ltd.  (c)		2,494,395		2,021,325
Financials (0.7%):
Hong Kong Exchanges and Clearing Ltd.		50,328		2,960,985
Industrials (1.2%):
CK Hutchison Holdings Ltd.		421,497		3,358,660
Jardine Strategic Holdings Ltd.		64,700		2,136,394
				5,495,054
Real Estate (3.4%):
CK Asset Holdings Ltd.		567,076		3,442,814
ESR Cayman Ltd.  (a)(c)		844,010		2,762,904
Hang Lung Properties Ltd.		560,937		1,457,457
Sino Land Co. Ltd.		2,053,613		2,858,092
Sun Hung Kai Properties Ltd.		228,054		3,455,519
Wharf Real Estate Investment Co. Ltd.		191,000		1,069,921
				15,046,707
				30,948,192
Ireland (0.5%):
Consumer Discretionary (0.2%):
Flutter Entertainment PLC		5,395		1,162,254
Industrials (0.3%):
Kingspan Group PLC		14,142		1,201,700
				2,363,954
Isle of Man (0.2%):
Consumer Discretionary (0.2%):
Entain PLC  (a)		39,195		820,889
Israel (0.6%):
Health Care (0.4%):
Teva Pharmaceutical Industries Ltd., ADR  (a)		139,142		1,605,699
Materials (0.2%):
ICL Group Ltd.		196,946		1,155,796
				2,761,495
Italy (1.9%):
Communication Services (0.5%):
Telecom Italia SpA		4,356,733		2,361,550
Financials (0.4%):
UniCredit SpA  (a)		175,823		1,862,482
Health Care (0.4%):
DiaSorin SpA		10,688		1,718,421
Industrials (0.3%):
Prysmian SpA		32,989		1,074,367
Utilities (0.3%):
Enel SpA		126,647		1,264,163
				8,280,983

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA MSCI International Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Japan (27.7%):
Communication Services (1.6%):
Capcom Co. Ltd.		28,600	$	930,470
KDDI Corp.		21,300		654,421
Koei Tecmo Holdings Co. Ltd.		25,610		1,150,712
Konami Holdings Corp.		6,500		387,647
Nexon Co. Ltd.		26,700		867,448
Nintendo Co. Ltd.  (d)		800		447,493
Nippon Telegraph & Telephone Corp.		61,300		1,576,603
SoftBank Group Corp.		8,500		717,692
Z Holdings Corp.		68,300		340,326
				7,072,812
Consumer Discretionary (3.9%):
Bandai Namco Holdings, Inc.		6,900		492,866
Denso Corp.		8,500		565,154
Honda Motor Co. Ltd.		36,700		1,102,328
Iida Group Holdings Co. Ltd.		48,100		1,164,847
Koito Manufacturing Co. Ltd.		6,000		402,896
Mercari, Inc.  (a)		20,800		944,941
NGK Spark Plug Co. Ltd.		25,200		435,812
Nitori Holdings Co. Ltd.		3,100		601,063
Panasonic Corp.		35,600		458,612
Rinnai Corp.		12,400		1,390,371
Ryohin Keikaku Co. Ltd.		16,900		400,400
Sekisui House Ltd.		33,300		715,423
Sharp Corp.  (b)		15,600		269,647
Shimamura Co. Ltd.		10,100		1,167,213
Shimano, Inc.		2,500		596,719
Sony Group Corp.		10,700		1,122,774
Sumitomo Electric Industries Ltd.		41,100		616,686
Toyoda Gosei Co. Ltd.		34,800		915,823
Toyota Industries Corp.		13,500		1,204,615
Toyota Motor Corp.		18,500		1,442,498
Yamada Holdings Co. Ltd.		109,200		589,976
Yamaha Motor Co. Ltd.		19,100		468,598
				17,069,262
Consumer Staples (2.2%):
Aeon Co. Ltd.		17,800		531,422
Ajinomoto Co., Inc.		64,400		1,320,346
Asahi Group Holdings Ltd.		13,900		586,819
Cosmos Pharmaceutical Corp.		2,900		453,240
Japan Tobacco, Inc.		48,100		925,000
Kikkoman Corp.		7,200		429,394
Kobe Bussan Co. Ltd.		13,500		362,240
NH Foods Ltd.  (b)		22,800		979,059
Seven & i Holdings Co. Ltd.		38,100		1,538,826
Sundrug Co. Ltd.		33,700		1,235,158
Toyo Suisan Kaisha Ltd.		12,800		538,642
Tsuruha Holdings, Inc.		3,600		465,231
Welcia Holdings Co. Ltd.		10,900		374,842
				9,740,219
Energy (0.7%):
ENEOS Holdings, Inc.		252,400		1,145,736
Idemitsu Kosan Co. Ltd.		40,144		1,036,841
Inpex Corp.		129,800		888,044
				3,070,621
Financials (4.8%):
ACOM Co. Ltd.  (b)		103,100		480,511
Concordia Financial Group Ltd.  (b)		232,000		942,697
Fukuoka Financial Group, Inc.		45,500		864,294

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA MSCI International Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Japan Exchange Group, Inc.		24,800	$	582,407
Japan Post Bank Co. Ltd.  (b)		78,100		752,022
Japan Post Holdings Co. Ltd.		171,000		1,526,929
Japan Post Insurance Co. Ltd.		56,700		1,166,840
Mitsubishi HC Capital, Inc.  (b)		196,400		1,187,287
Mitsubishi UFJ Financial Group, Inc.		241,300		1,292,101
Mizuho Financial Group, Inc.		47,700		690,247
Nomura Holdings, Inc.		193,500		1,018,108
ORIX Corp.		58,200		983,870
Resona Holdings, Inc.		264,700		1,113,417
Shinsei Bank Ltd.		69,500		1,125,208
Sumitomo Mitsui Financial Group, Inc.		37,400		1,356,215
Sumitomo Mitsui Trust Holdings, Inc.  (b)		35,100		1,225,800
T&D Holdings, Inc.		65,200		841,405
The Bank of Kyoto Ltd.		16,100		992,226
The Chiba Bank Ltd.		154,300		1,012,376
The Shizuoka Bank Ltd.		140,600		1,106,986
Tokyo Century Corp.  (b)		11,700		787,765
				21,048,711
Health Care (1.1%):
Alfresa Holdings Corp.		24,100		465,206
Chugai Pharmaceutical Co. Ltd.		12,300		499,681
Kyowa Kirin Co. Ltd.		16,400		491,258
M3, Inc.		10,700		733,119
Medipal Holdings Corp.		62,400		1,199,435
Ono Pharmaceutical Co. Ltd.		35,500		928,462
Sysmex Corp.		4,700		507,217
				4,824,378
Industrials (5.6%):
Amada Co. Ltd.		40,800		455,631
Asahi Glass Co. Ltd.		29,900		1,252,824
Dai Nippon Printing Co. Ltd.		25,100		526,759
Daifuku Co. Ltd.		7,500		735,747
Daikin Industries Ltd.		2,800		565,575
Fuji Electric Co. Ltd.		10,500		438,054
ITOCHU Corp.		47,000		1,525,692
Kajima Corp.		79,500		1,130,267
Kubota Corp.		48,800		1,112,684
Kurita Water Industries Ltd.		25,200		1,082,118
Lixil Corp.		31,500		876,584
Marubeni Corp.		159,400		1,328,285
Mitsubishi Corp.		52,200		1,478,606
Mitsui & Co. Ltd.		66,100		1,377,033
MonotaRO Co. Ltd.		15,200		411,844
NGK Insulators Ltd.		26,800		490,889
Nidec Corp.		3,700		449,860
Nippon Express Co. Ltd.		7,900		589,104
Nippon Yusen KK		41,500		1,417,760
Obayashi Corp.		115,000		1,056,335
SG Holdings Co. Ltd.		40,100		920,667
Shimizu Corp.		140,700		1,140,880
Sumitomo Corp.		45,400		647,926
Taisei Corp.		30,200		1,167,004
Toppan Printing Co. Ltd.		66,400		1,123,692
Toyota Tsusho Corp.		21,000		882,760
Yamato Holdings Co. Ltd.		17,900		491,643
				24,676,223
Information Technology (3.2%):
Azbil Corp.		26,900		1,159,986
Brother Industries Ltd.		48,600		1,077,117
Canon, Inc.		28,700		649,971

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA MSCI International Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
FUJIFILM Holdings Corp.		22,300	$	1,326,093
Fujitsu Ltd.		8,200		1,187,330
Hirose Electric Co. Ltd.		4,100		631,511
Hitachi Ltd.		21,900		991,743
Ibiden Co. Ltd.		17,800		819,928
Kyocera Corp.		8,600		546,742
Lasertec Corp.		2,500		328,507
Murata Manufacturing Co. Ltd.		5,500		440,100
NEC Corp.		21,200		1,250,896
Renesas Electronics Corp.  (a)		26,700		289,955
Ricoh Co. Ltd.		130,600		1,328,456
Rohm Co. Ltd.		3,700		361,964
Seiko Epson Corp.  (b)		27,300		444,706
SUMCO Corp.  (d)		17,900		409,189
TDK Corp.		5,700		790,778
				14,034,972
Materials (1.9%):
JFE Holdings, Inc.		90,100		1,111,369
Mitsubishi Gas Chemical Co., Inc.		43,000		1,056,127
Mitsui Chemicals, Inc.		33,400		1,056,407
Nippon Steel Corp.		35,400		604,363
Nitto Denko Corp.		6,100		522,226
Oji Holdings Corp.		169,800		1,100,243
Sumitomo Chemical Co. Ltd.		102,700		532,553
Sumitomo Metal Mining Co. Ltd.		8,600		371,940
Taiheiyo Cement Corp.		31,900		840,370
Tosoh Corp.		56,000		1,073,376
				8,268,974
Real Estate (1.3%):
Aeon Mall Co. Ltd.		61,000		1,062,670
Daito Trust Construction Co. Ltd.		10,400		1,207,529
GLP J-REIT		266		437,636
Hulic Co. Ltd.		109,300		1,290,828
Japan Metropolitan Fund Invest		401		410,435
Mitsubishi Estate Co. Ltd.		28,500		498,428
Nippon Prologis REIT, Inc.		181		582,312
				5,489,838
Utilities (1.4%):
Chubu Electric Power Co., Inc.		108,300		1,396,629
Kyushu Electric Power Co., Inc.		81,100		801,459
Osaka Gas Co. Ltd.		42,500		829,616
The Kansai Electric Power Co., Inc.		116,200		1,259,797
Tohoku Electric Power Co., Inc.		86,000		813,303
Tokyo Electric Power Co. Holdings  (a)		304,800		1,017,839
				6,118,643
				121,414,653
Luxembourg (0.8%):
Health Care (0.3%):
Eurofins Scientific SE  (a)		12,103		1,159,447
Materials (0.5%):
ArcelorMittal SA  (a)		75,938		2,198,217
				3,357,664
Netherlands (2.8%):
Consumer Discretionary (0.2%):
Stellantis NV		45,403		804,911
Consumer Staples (0.8%):
Koninklijke Ahold Delhaize NV		121,490		3,391,182

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA MSCI International Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Financials (1.3%):
Aegon NV		403,604	$	1,921,133
ING Groep NV		89,306		1,094,952
NN Group NV		56,017		2,744,725
				5,760,810
Information Technology (0.5%):
Adyen NV  (a)(c)		598		1,337,830
ASM International NV		3,211		935,921
				2,273,751
				12,230,654
New Zealand (0.6%):
Health Care (0.3%):
Fisher & Paykel Healthcare Corp. Ltd.		49,049		1,102,680
Utilities (0.3%):
Mercury NZ Ltd.		328,643		1,496,071
				2,598,751
Norway (0.9%):
Communication Services (0.5%):
Adevinta ASA  (a)(b)		82,527		1,217,165
Schibsted ASA, Class A  (a)(b)		27,623		1,161,698
				2,378,863
Materials (0.4%):
Norsk Hydro ASA		234,621		1,505,075
				3,883,938
Portugal (0.4%):
Utilities (0.4%):
Energias de Portugal SA		272,895		1,561,966
Singapore (1.1%):
Consumer Staples (0.8%):
Wilmar International Ltd.		854,700		3,447,807
Real Estate (0.3%):
Mapletree Logistics Trust		869,600		1,249,128
				4,696,935
Spain (1.8%):
Energy (0.6%):
Repsol SA		204,458		2,537,553
Financials (0.4%):
Banco Bilbao Vizcaya Argentaria SA		179,565		934,071
Banco Santander SA		269,633		918,055
				1,852,126
Industrials (0.5%):
Siemens Gamesa Renewable Energy SA		53,127		2,060,517
Utilities (0.3%):
Iberdrola SA		118,939		1,535,576
				7,985,772
Sweden (4.5%):
Consumer Discretionary (0.8%):
Evolution Gaming Group AB  (b)(c)		15,372		2,267,980
Husqvarna AB, B Shares		100,522		1,450,807
				3,718,787
Consumer Staples (0.3%):
Swedish Match AB		15,074		1,179,107
Financials (1.7%):
EQT AB		102,337		3,375,502
Industrivarden AB, Class A		47,736		1,759,095

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA MSCI International Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Kinnevik AB, Class B		48,017	$	2,339,068
				7,473,665
Industrials (1.7%):
Investment AB Latour, Class B		49,438		1,282,984
Nibe Industrier AB, Class B		81,314		2,526,282
SKF AB, B Shares  (b)		46,683		1,329,317
Volvo AB, Class B		96,128		2,436,203
				7,574,786
				19,946,345
Switzerland (1.0%):
Health Care (0.2%):
Lonza Group AG, Registered Shares		1,955		1,097,617
Information Technology (0.6%):
Logitech International SA, Class R		23,743		2,501,069
Materials (0.2%):
Glencore PLC  (a)		255,282		1,001,157
				4,599,843
United Kingdom (11.7%):
Communication Services (2.0%):
BT Group PLC  (a)		1,264,993		2,701,724
Pearson PLC		118,076		1,257,001
Vodafone Group PLC		1,434,869		2,610,796
WPP PLC		180,484		2,292,406
				8,861,927
Consumer Discretionary (1.5%):
Barratt Developments PLC  (a)		93,104		959,300
Kingfisher PLC  (a)		557,052		2,446,325
Persimmon PLC		21,917		889,017
Stellantis NV		143,228		2,538,495
				6,833,137
Consumer Staples (3.1%):
British American Tobacco PLC		64,135		2,454,615
Imperial Brands PLC		116,129		2,390,514
J Sainsbury PLC		897,581		3,003,082
Tesco PLC		541,804		1,710,704
Wm Morrison Supermarkets PLC		1,564,403		3,937,988
				13,496,903
Financials (2.4%):
3i Group PLC		80,617		1,282,998
Admiral Group PLC		47,311		2,024,164
Aviva PLC		476,139		2,681,567
Barclays PLC		929,384		2,383,983
Natwest Group PLC		387,656		1,049,634
RSA Insurance Group PLC		105,017		986,708
				10,409,054
Industrials (0.6%):
Bunzl PLC		46,882		1,502,578
CNH Industrial NV		68,384		1,060,501
				2,563,079
Materials (1.7%):
Anglo American PLC		56,233		2,205,330
Antofagasta PLC		53,473		1,246,818
Evraz PLC  (d)		279,532		2,229,160
Fresnillo PLC		51,865		618,401
Rio Tinto PLC		16,265		1,245,457
				7,545,166

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA MSCI International Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Real Estate (0.4%):
Segro PLC		145,938	$	1,887,851
				51,597,117
United States (0.4%):
Health Care (0.4%):
Bausch Health Cos., Inc.  (a)		57,737		1,831,542
Total Common Stocks (Cost $369,025,090)				435,196,721
Collateral for Securities Loaned^ (3.6%)
United States (3.6%):
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (e)		314,425		314,425
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (e)		8,097,170		8,097,170
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (e)		156,914		156,914
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (e)		1,251,181		1,251,181
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (e)		5,625,556		5,625,556
Total Collateral for Securities Loaned (Cost $15,445,246)				15,445,246
Total Investments (Cost $384,470,336) — 102.7%				450,641,967
Liabilities in excess of other assets — (2.7)%				(11,686,118	)
NET ASSETS - 100.00%			$	438,955,849

^ Purchased with cash collateral from securities on loan.

(a) Non-income producing security.

(b) All or a portion of this security is on loan.

(c) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $16,142,907 and amounted to 3.7% of net assets.

(d) All or a portion of this security has been segregated as collateral for derivative instruments.

(e) Rate disclosed is the daily yield on March 31, 2021.

ADR—American Depositary Receipt

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 MSCI EAFE Index Futures	14	6/18/21	$	1,534,841	$	1,534,400	$	(441	)
	Total unrealized appreciation						$	–
	Total unrealized depreciation							(441	)
	Total net unrealized appreciation (depreciation)						$	(441	)

Victory Portfolios II	Schedule of Portfolio Investments
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.1%)
Brazil (3.7%):
Consumer Staples (0.7%):
JBS SA		302,652	$	1,624,013
Natura & Co. Holding SA  (a)		62,324		531,681
				2,155,694
Energy (0.3%):
Cosan SA		47,300		766,289
Financials (0.4%):
Banco BTG Pactual SA		32,200		553,785
Banco Inter SA		27,100		752,586
				1,306,371
Industrials (0.2%):
WEG SA		47,100		622,324
Materials (1.5%):
Bradespar SA, Preference Shares		76,900		930,895
Cia Siderurgica Nacional SA		229,900		1,544,074
Vale SA		111,485		1,935,528
				4,410,497
Utilities (0.6%):
Centrais Eletricas Brasileiras SA		162,748		988,370
Cia Paranaense de Energia, Preference Shares		570,000		720,202
				1,708,572
				10,969,747
Chile (0.6%):
Consumer Staples (0.6%):
Cencosud SA		764,999		1,639,998
China (27.8%):
Communication Services (1.2%):
Baidu, Inc., ADR  (a)		2,234		486,007
Bilibili, Inc., ADR  (a)		4,463		477,809
China Literature Ltd.  (a)(b)(c)		80,000		791,824
DouYu International Holdings Ltd., ADR  (a)		46,250		481,462
JOYY, Inc., ADR  (b)		9,967		934,207
Momo, Inc., ADR		26,094		384,626
				3,555,935
Consumer Discretionary (4.1%):
Brilliance China Automotive Holdings Ltd.  (d)		1,133,356		957,772
BYD Co. Ltd., Class H		38,500		816,604
China Meidong Auto Holdings Ltd.		116,000		537,890
Dongfeng Motor Group Co. Ltd., Class H		1,269,986		1,179,415
Fuyao Glass Industry Group Co. Ltd., Class H  (c)		90,800		540,167
Great Wall Motor Co. Ltd., Class H		445,576		1,235,092
GSX Techedu, Inc., ADR  (a)(b)		8,306		281,407
Guangzhou Automobile Group Co. Ltd.		1,130,569		949,600
JD.com, Inc., ADR  (a)		7,162		603,972
Jiumaojiu International Holdings Ltd.  (a)(c)		132,000		528,037
Meituan Dianping, Class B  (a)(c)		25,628		982,998
NIO, Inc., ADR  (a)		23,134		901,763
Pinduoduo, Inc., ADR  (a)		7,363		985,759
Yadea Group Holdings Ltd.  (c)		540,000		1,198,850
Zhongsheng Group Holdings Ltd.		76,694		540,595
				12,239,921
Consumer Staples (0.3%):
China Feihe Ltd.  (c)		275,000		778,190

Victory Portfolios II	Schedule of Portfolio Investments
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Yihai International Holding Ltd.		26,784	$	277,333
				1,055,523
Energy (1.0%):
China Shenhua Energy Co. Ltd., Class H		539,500		1,111,692
Yanzhou Coal Mining Co. Ltd., Class H		1,480,832		1,752,362
				2,864,054
Financials (10.1%):
Agricultural Bank of China Ltd., Class H  (e)		5,923,588		2,369,603
Bank of China Ltd., Class H  (e)		7,514,396		2,860,988
Bank of Communications Co. Ltd., Class H		4,563,357		2,905,494
China Cinda Asset Management Co. Ltd., Class H		8,510,642		1,773,404
China CITIC Bank Corp. Ltd., Class H		4,731,883		2,404,149
China Construction Bank Corp., Class H  (e)		2,836,299		2,385,943
China Everbright Bank Co. Ltd., Class H		4,511,001		1,966,994
China Galaxy Securities Co. Ltd., Class H		2,140,948		1,321,836
China Huarong Asset Management Co. Ltd., Class H  (c)		11,139,282		1,461,463
China International Capital Corp. Ltd., Class H  (a)(c)		272,384		660,074
China Merchants Bank Co. Ltd., Class H		104,500		797,751
China Minsheng Banking Corp. Ltd., Class H		4,207,404		2,440,737
Chongqing Rural Commercial Bank Co. Ltd., Class H		4,115,856		1,773,517
GF Securities Co. Ltd., Class H		1,006,724		1,543,537
Huatai Securities Co. Ltd., Class H  (c)		411,948		631,610
Industrial & Commercial Bank of China Ltd., Class H		1,829,114		1,312,820
New China Life Insurance Co. Ltd., Class H		148,900		576,490
Postal Savings Bank of China Co. Ltd., Class H  (c)		1,274,572		952,513
				30,138,923
Health Care (2.7%):
China Medical System Holdings Ltd.		838,148		1,658,087
China Resources Pharmaceutical Group Ltd.  (c)		2,694,365		1,680,848
Pharmaron Beijing Co. Ltd., Class H  (c)		30,100		568,747
Shanghai Pharmaceuticals Holding Co. Ltd.		1,076,305		2,112,614
Sinopharm Group Co. Ltd., Class H		637,200		1,542,502
Wuxi Biologics Cayman, Inc.  (a)(c)		38,191		478,220
				8,041,018
Industrials (3.7%):
China Lesso Group Holdings Ltd.		338,511		728,014
China Railway Group Ltd., Class H		3,745,432		1,980,041
COSCO SHIPPING Holdings Co. Ltd., Class H  (a)		1,264,000		1,625,839
Country Garden Services Holdings Co. Ltd.		186,043		1,885,688
Ever Sunshine Lifestyle Services Group Ltd.		252,000		634,015
Fosun International Ltd.		1,129,604		1,580,831
Weichai Power Co. Ltd.		208,847		515,774
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		244,800		459,721
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		1,035,360		1,478,239
				10,888,162
Information Technology (0.4%):
Daqo New Energy Corp., ADR  (a)		3,170		239,335
Xinyi Solar Holdings Ltd.		527,580		867,260
				1,106,595
Materials (1.1%):
China Hongqiao Group Ltd.		1,139,568		1,521,486
China National Building Material Co. Ltd., Class H		779,061		1,124,332
Jiangxi Copper Co. Ltd., Class H		365,000		697,657
				3,343,475
Real Estate (1.7%):
China Vanke Co. Ltd., Class H		410,849		1,609,162
Kaisa Group Holdings Ltd.  (b)		963,446		475,871
Longfor Group Holdings Ltd.  (c)		247,118		1,636,975
Seazen Group Ltd.		1,010,161		1,240,864
				4,962,872
Utilities (1.5%):
China Longyuan Power Group Corp. Ltd., Class H		1,137,588		1,545,180
China Power International Development Ltd.		9,195,989		2,140,954

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Huaneng Power International, Inc., Class H		1,970,000	$	699,368
				4,385,502
				82,581,980
Cyprus (0.4%):
Financials (0.4%):
TCS Group Holding PLC, GDR		18,176		1,060,685
Greece (0.0%):(f)
Consumer Discretionary (0.0%):
FF Group  (a)(d)(g)		14,913		4,206
Hong Kong (8.4%):
Consumer Staples (0.3%):
Vinda International Holdings Ltd.  (b)		249,452		842,261
Financials (0.9%):
China Everbright Ltd.		483,139		631,388
Far East Horizon Ltd.		1,785,000		2,144,447
				2,775,835
Health Care (0.6%):
China Traditional Chinese Medicine Holdings Co. Ltd.		2,606,234		1,625,869
Industrials (1.4%):
China Merchants Port Holdings Co. Ltd.		674,000		1,033,395
CITIC Ltd.		2,744,827		2,598,503
Sinotruk Hong Kong Ltd.		169,697		508,581
				4,140,479
Information Technology (1.1%):
Kingboard Holdings Ltd.		339,286		1,832,929
Kingboard Laminates Holdings Ltd.		305,000		659,866
Lenovo Group Ltd.		580,000		825,113
				3,317,908
Materials (0.4%):
Nine Dragons Paper Holdings Ltd.		851,731		1,246,737
Real Estate (2.1%):
China Resources Land Ltd.		162,750		788,164
Hopson Development Holdings Ltd.		222,000		799,542
Shimao Group Holdings Ltd.		359,868		1,131,755
The Wharf Holdings Ltd.		562,000		1,489,134
Yuexiu Property Co. Ltd.		8,965,332		2,029,595
				6,238,190
Utilities (1.6%):
Beijing Enterprises Holdings Ltd.		639,184		2,256,829
China Resources Power Holdings Co. Ltd.		1,773,564		2,354,273
				4,611,102
				24,798,381
Hungary (1.0%):
Energy (0.3%):
MOL Hungarian Oil & Gas PLC  (a)		123,137		893,319
Health Care (0.7%):
Richter Gedeon Nyrt		73,185		2,161,964
				3,055,283
India (3.0%):
Consumer Staples (0.3%):
Tata Consumer Products Ltd.		98,823		863,559
Energy (0.3%):
Reliance Industries Ltd.		29,313		803,089

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Financials (0.8%):
Muthoot Finance Ltd.  (a)		40,117	$	661,669
REC Ltd.		761,802		1,366,505
Shriram Transport Finance Co. Ltd.		23,669		460,439
				2,488,613
Industrials (0.3%):
Havells India Ltd.		54,760		786,718
Materials (0.5%):
Hindalco Industries Ltd.		155,461		694,978
Tata Steel Ltd.		81,379		903,627
				1,598,605
Real Estate (0.2%):
DLF Ltd.		148,959		584,824
Utilities (0.6%):
Adani Green Energy Ltd.  (a)		126,070		1,905,092
				9,030,500
Indonesia (1.5%):
Consumer Staples (0.8%):
PT Gudang Garam Tbk  (a)		254,400		633,592
PT Indofood Sukses Makmur Tbk		3,614,425		1,642,355
				2,275,947
Energy (0.4%):
PT Adaro Energy Tbk		5,735,300		463,957
PT United Tractors Tbk		487,300		742,273
				1,206,230
Materials (0.3%):
Aneka Tambang Tbk		2,317,400		358,978
PT Indah Kiat Pulp & Paper Corp. Tbk		985,146		708,762
				1,067,740
				4,549,917
Korea, Republic Of (25.3%):
Communication Services (2.6%):
Kakao Corp.		3,684		1,621,058
LG Uplus Corp.		156,135		1,689,997
NAVER Corp.		3,344		1,113,928
Pearl Abyss Corp.  (a)		2,213		602,452
SK Telecom Co. Ltd.		10,754		2,613,077
				7,640,512
Consumer Discretionary (3.7%):
Hankook Tire & Technology Co. Ltd.		39,316		1,703,954
Hyundai Mobis Co. Ltd.		5,331		1,375,438
Hyundai Motor Co.		6,839		1,317,342
Kia Corp.		22,936		1,680,048
LG Electronics, Inc.		13,794		1,828,231
Lotte Shopping Co. Ltd.		14,241		1,585,479
Shinsegae, Inc.		6,248		1,551,304
				11,041,796
Consumer Staples (2.5%):
CJ CheilJedang Corp.		4,432		1,609,500
E-MART, Inc.		9,954		1,503,984
GS Retail Co. Ltd.		50,728		1,709,983
KT&G Corp.		35,273		2,536,976
				7,360,443
Energy (0.5%):
GS Holdings Corp.		33,861		1,169,839
SK Innovation Co. Ltd.		1,964		380,045
				1,549,884

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Financials (7.0%):
DB Insurance Co. Ltd.		42,573	$	1,779,282
Hana Financial Group, Inc.		45,211		1,709,769
Hyundai Marine & Fire Insurance Co. Ltd.		83,231		1,801,776
Industrial Bank of Korea		227,206		1,838,928
KB Financial Group, Inc.		42,992		2,134,880
Korea Investment Holdings Co. Ltd.		16,112		1,218,632
Meritz Securities Co. Ltd.		490,965		1,999,866
Mirae Asset Daewoo Co. Ltd.		156,181		1,360,676
NH Investment & Securities Co. Ltd.		79,966		823,153
Samsung Life Insurance Co. Ltd.		9,515		656,613
Samsung Securities Co. Ltd.		48,066		1,675,462
Shinhan Financial Group Co. Ltd.		59,353		1,964,011
Woori Financial Group, Inc.		204,811		1,827,781
				20,790,829
Health Care (0.5%):
Alteogen, Inc.  (a)		3,219		254,846
Seegene, Inc.		4,347		499,708
Shin Poong Pharmaceutical Co. Ltd.		8,177		614,856
				1,369,410
Industrials (2.8%):
GS Engineering & Construction Corp.		42,303		1,607,271
Hanwha Corp.		50,128		1,410,715
Hyundai Glovis Co. Ltd.		7,223		1,196,653
Hyundai Heavy Industries Holdings Co. Ltd.		3,323		855,891
Korean Air Lines Co. Ltd.  (a)		25,749		618,841
LG Corp.		19,719		1,575,081
Lotte Corp.		38,921		1,169,263
				8,433,715
Information Technology (1.7%):
LG Display Co. Ltd.  (a)		32,969		662,730
LG Innotek Co. Ltd.		3,852		699,435
Samsung Electronics Co. Ltd.		28,590		2,056,308
SK Hynix, Inc.		14,789		1,731,427
				5,149,900
Materials (2.8%):
Hanwha Chemical Corp.		22,109		978,715
Hyundai Steel Co.		35,601		1,511,489
Kumho Petrochemical Co. Ltd.		6,681		1,564,361
Lotte Chemical Corp.		5,389		1,433,257
POSCO		7,395		2,090,921
SK Chemicals Co. Ltd.		2,712		600,271
				8,179,014
Utilities (1.2%):
Korea Electric Power Corp.		87,970		1,799,430
Korea Gas Corp.		55,666		1,657,561
				3,456,991
				74,972,494
Luxembourg (0.3%):
Financials (0.3%):
Reinet Investments SCA		40,456		799,490
Malaysia (1.3%):
Communication Services (0.2%):
Telekom Malaysia Bhd		466,300		689,357
Consumer Discretionary (0.3%):
Genting Bhd		800,500		971,064
Health Care (0.8%):
Hartalega Holdings Bhd		158,000		340,272

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Kossan Rubber Industries		931,100	$	732,036
Supermax Corp. Bhd		437,400		401,904
Top Glove Corp. Bhd		728,200		793,793
				2,268,005
				3,928,426
Mexico (0.2%):
Financials (0.2%):
Grupo Financiero Banorte SAB de CV, Class O  (a)		130,580		734,766
Philippines (0.2%):
Communication Services (0.2%):
PLDT, Inc.		25,690		646,253
Poland (2.6%):
Communication Services (1.0%):
Cyfrowy Polsat SA		225,252		1,687,392
Orange Polska SA  (a)		719,614		1,200,876
				2,888,268
Consumer Staples (0.4%):
Dino Polska SA  (a)(c)		17,952		1,185,578
Energy (0.4%):
Polskie Gornictwo Naftowe i Gazownictwo SA		872,380		1,329,573
Materials (0.5%):
KGHM Polska Miedz SA  (a)		27,661		1,333,280
Utilities (0.3%):
PGE Polska Grupa Energetyczna SA  (a)		489,501		843,291
				7,579,990
Russian Federation (2.9%):
Communication Services (0.3%):
Yandex NV, Class A  (a)		11,212		729,445
Energy (1.0%):
Gazprom PJSC		592,510		1,790,819
Surgutneftegas PJSC		2,803,468		1,282,593
				3,073,412
Financials (0.9%):
Moscow Exchange MICEX PJSC		968,894		2,229,828
Sberbank of Russia PJSC		149,234		573,588
				2,803,416
Materials (0.2%):
Polyus PJSC		3,237		599,425
Utilities (0.5%):
Inter RAO UES PJSC		22,693,105		1,541,546
				8,747,244
South Africa (3.4%):
Communication Services (0.4%):
MTN Group Ltd.		211,461		1,243,741
Consumer Staples (0.3%):
Shoprite Holdings Ltd.		72,375		770,105
Energy (0.5%):
Exxaro Resources Ltd.  (b)		126,248		1,486,462
Health Care (0.4%):
Aspen Pharmacare Holdings Ltd.  (a)		116,173		1,135,748
Materials (1.8%):
African Rainbow Minerals Ltd.		69,151		1,302,401
Harmony Gold Mining Co. Ltd.  (a)		178,663		757,424

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Impala Platinum Holdings Ltd.		54,575	$	1,011,687
Northam Platinum Ltd.  (a)		35,862		625,085
Sasol Ltd.  (a)		60,248		863,760
Sibanye Stillwater Ltd.		186,516		821,030
				5,381,387
				10,017,443
Taiwan (10.6%):
Financials (1.3%):
Shin Kong Financial Holding Co. Ltd.		3,214,000		1,030,670
Yuanta Financial Holding Co. Ltd.		3,623,656		2,857,472
				3,888,142
Health Care (0.1%):
Oneness Biotech Co. Ltd.  (a)		32,000		296,639
Industrials (0.9%):
Evergreen Marine Corp. Taiwan Ltd.  (a)		1,628,000		2,596,082
Information Technology (7.5%):
Asustek Computer, Inc.		249,000		3,250,710
AU Optronics Corp.  (a)		1,332,000		982,673
Compal Electronics, Inc.  (e)		4,468,000		4,180,969
Foxconn Technology Co. Ltd.		1,035,000		2,633,477
Hon Hai Precision Industry Co. Ltd.		258,000		1,121,228
Innolux Corp.		3,554,000		2,628,164
MediaTek, Inc.		29,000		984,860
Nan Ya Printed Circuit Board Corp.		52,000		645,148
Pegatron Corp.		702,000		1,823,089
Synnex Technology International Corp.		712,000		1,359,969
United Microelectronics Corp.		1,028,142		1,808,878
Wistron Corp.		829,000		973,311
				22,392,476
Real Estate (0.8%):
Ruentex Development Co. Ltd.		1,364,000		2,366,313
				31,539,652
Thailand (2.5%):
Consumer Staples (1.3%):
Charoen Pokphand Foods PCL		2,107,100		1,989,102
Thai Union Group PCL		4,186,600		1,969,377
				3,958,479
Financials (0.8%):
Kasikornbank PCL		176,500		818,960
Krungthai Card PCL  (a)		276,400		698,739
The Siam Commercial Bank PCL		263,200		939,098
				2,456,797
Information Technology (0.4%):
Delta Electronics Thailand PCL		110,550		1,025,904
				7,441,180
Turkey (2.8%):
Communication Services (0.4%):
Turkcell Iletisim Hizmetleri A/S		710,123		1,284,464
Financials (1.3%):
Akbank TAS  (b)		711,638		403,272
Haci Omer Sabanci Holding A/S		1,024,296		1,064,364
Turkiye Garanti Bankasi A/S  (a)(b)		925,914		748,451
Turkiye Is Bankasi A/S  (a)		1,406,115		818,907
Yapi ve Kredi Bankasi A/S  (a)(b)		3,241,631		861,693
				3,896,687

Victory Portfolios II	Schedule of Portfolio Investments — continued
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF	March 31, 2021
	(Unaudited)

Security Description	Shares		Value
Industrials (0.6%):
Aselsan Elektronik Sanayi Ve Ticaret A/S		253,886	$	458,613
Turk Hava Yollari AO  (a)		738,639		1,137,912
				1,596,525
Materials (0.5%):
Eregli Demir ve Celik Fabrikalari TAS		775,234		1,429,400
				8,207,076
United Arab Emirates (0.6%):
Real Estate (0.6%):
Aldar Properties PJSC		1,610,706		1,648,790
Total Common Stocks (Cost $253,484,831)				293,953,501
Collateral for Securities Loaned^ (1.6%)
United States (1.6%):
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.05% (h)		99,789		99,789
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (h)		2,569,798		2,569,798
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (h)		49,800		49,800
JPMorgan Prime Money Market Fund, Capital Class, 0.10% (h)		397,087		397,087
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (h)		1,785,382		1,785,382
Total Collateral for Securities Loaned (Cost $4,901,856)				4,901,856
Total Investments (Cost $258,386,687) — 100.7%				298,855,357
Liabilities in excess of other assets — (0.7)%				(2,177,216	)
NET ASSETS - 100.00%			$	296,678,141

^	Purchased with cash collateral from securities on loan.
(a)	Non-income producing security.
(b)	All or a portion of this security is on loan.
(c)	Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of March 31, 2021, the fair value of these securities was $14,076,094 and amounted to 4.7% of net assets.
(d)	The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees.  As of March 31, 2021, illiquid securities were 0.3% of net assets.
(e)	All or a portion of this security has been segregated as collateral for derivative instruments.
(f)	Amount represents less than 0.05% of net assets.
(g)	Security was fair valued using significant unobservable inputs as of March 31, 2021.
(h)	Rate disclosed is the daily yield on March 31, 2021.

ADR—American Depositary Receipt

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)
E-Mini MSCI Emerging Markets Index Futures	24	6/18/21	$	1,604,277	$	1,587,000	$	(17,277	)
	Total unrealized appreciation						$	–
	Total unrealized depreciation							(17,277	)
	Total net unrealized appreciation (depreciation)						$	(17,277	)