NPORT-EX 2 9013_0001547580.htm
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
1
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.1%)
Communication
Services
(3.2%):
Alphabet,
Inc.,
Class
A(a)
.................................................
444
$
58,102
Charter
Communications,
Inc.,
Class
A(a)
.....................................
121
53,218
Comcast
Corp.,
Class
A
..................................................
1,712
75,910
Electronic
Arts,
Inc.
.....................................................
724
87,170
Fox
Corp.,
Class
A
......................................................
2,491
77,719
Liberty
Broadband
Corp.,
Class
C(a)
.........................................
559
51,048
Liberty
Media
Corp.-Liberty
Formula
One(a)
...................................
1,057
65,851
Live
Nation
Entertainment,
Inc.(a)
...........................................
685
56,882
Match
Group,
Inc.(a)
....................................................
952
37,295
Meta
Platforms,
Inc.,
Class
A(a)
............................................
145
43,531
Netflix,
Inc.(a)
.........................................................
114
43,047
News
Corp.,
Class
A
.....................................................
3,033
60,842
Omnicom
Group,
Inc.
....................................................
911
67,851
The
Interpublic
Group
of
Cos.,
Inc.
..........................................
1,996
57,205
The
Trade
Desk,
Inc.,
Class
A(a)
............................................
409
31,963
The
Walt
Disney
Co.(a)
..................................................
818
66,299
T-Mobile
U.S.,
Inc.
......................................................
701
98,175
Verizon
Communications,
Inc.
..............................................
2,425
78,594
Warner
Music
Group
Corp.,
Class
A
.........................................
1,695
53,223
1,163,925
Consumer
Discretionary
(9.7%):
Airbnb,
Inc.,
Class
A(a)
..................................................
332
45,554
Amazon.com,
Inc.(a)
....................................................
403
51,229
Aptiv
PLC(a)
..........................................................
638
62,900
Aramark
.............................................................
1,808
62,738
AutoZone,
Inc.(a)
.......................................................
37
93,980
Best
Buy
Co.,
Inc.
......................................................
959
66,622
Booking
Holdings,
Inc.(a)
.................................................
24
74,015
BorgWarner,
Inc.
.......................................................
1,625
65,601
Burlington
Stores,
Inc.(a)
.................................................
348
47,084
Caesars
Entertainment,
Inc.(a)
..............................................
760
35,226
CarMax,
Inc.(a)
........................................................
561
39,680
Chewy,
Inc.,
Class
A(a)(b)
................................................
1,460
26,660
Chipotle
Mexican
Grill,
Inc.(a)
.............................................
35
64,114
Churchill
Downs,
Inc.
....................................................
513
59,528
Darden
Restaurants,
Inc.
..................................................
719
102,975
Deckers
Outdoor
Corp.(a)
.................................................
138
70,944
Dick's
Sporting
Goods,
Inc.
................................................
384
41,695
Domino's
Pizza,
Inc.
.....................................................
160
60,606
DR
Horton,
Inc.
........................................................
608
65,342
eBay,
Inc.
............................................................
1,449
63,886
Expedia
Group,
Inc.(a)
...................................................
438
45,145
Five
Below,
Inc.(a)
......................................................
373
60,016
Floor
&
Decor
Holdings,
Inc.,
Class
A(a)
......................................
491
44,435
Ford
Motor
Co.
........................................................
4,318
53,630
Garmin
Ltd.
...........................................................
923
97,100
General
Motors
Co.
.....................................................
1,673
55,159
Genuine
Parts
Co.
......................................................
560
80,853
Hilton
Worldwide
Holdings,
Inc.
............................................
582
87,405
Hyatt
Hotels
Corp.,
Class
A
................................................
563
59,723
Las
Vegas
Sands
Corp.
...................................................
1,172
53,724
Lennar
Corp.,
Class
A
....................................................
629
70,593
LKQ
Corp.
...........................................................
1,768
87,534
Lowe's
Cos.,
Inc.
.......................................................
353
73,367
Marriott
International,
Inc.,
Class
A
..........................................
384
75,479
McDonald's
Corp.
......................................................
516
135,935
MGM
Resorts
International
................................................
1,346
49,479
NIKE,
Inc.,
Class
B
.....................................................
674
64,448
NVR,
Inc.(a)
..........................................................
15
89,449
O'Reilly
Automotive,
Inc.(a)
...............................................
105
95,430
Penske
Automotive
Group,
Inc.
.............................................
379
63,316
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
2
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Pool
Corp.
............................................................
160
$
56,976
PulteGroup,
Inc.
........................................................
836
61,906
Ross
Stores,
Inc.
.......................................................
783
88,440
Service
Corp.
International
................................................
1,511
86,339
Starbucks
Corp.
........................................................
914
83,421
Tesla,
Inc.(a)
..........................................................
124
31,027
The
Home
Depot,
Inc.
...................................................
263
79,468
The
TJX
Cos.,
Inc.
......................................................
1,275
113,322
Tractor
Supply
Co.
......................................................
372
75,535
Ulta
Beauty,
Inc.(a)
.....................................................
170
67,906
Yum!
Brands,
Inc.
......................................................
959
119,817
3,506,756
Consumer
Staples
(9.8%):
Altria
Group,
Inc.
.......................................................
2,667
112,147
Archer-Daniels-Midland
Co.
...............................................
1,068
80,548
Brown-Forman
Corp.,
Class
B
.............................................
1,492
86,073
Bunge
Ltd.
...........................................................
537
58,130
Campbell
Soup
Co.
.....................................................
2,339
96,086
Church
&
Dwight
Co.,
Inc.
................................................
1,127
103,267
Colgate-Palmolive
Co.
...................................................
1,626
115,625
Conagra
Brands,
Inc.
....................................................
3,857
105,759
Costco
Wholesale
Corp.
..................................................
182
102,823
Coty,
Inc.,
Class
A(a)
....................................................
5,381
59,029
Darling
Ingredients,
Inc.(a)
................................................
927
48,389
Dollar
General
Corp.
....................................................
412
43,590
Dollar
Tree,
Inc.(a)
......................................................
504
53,651
General
Mills,
Inc.
......................................................
1,525
97,585
Hormel
Foods
Corp.
.....................................................
2,794
106,256
Kellanova
............................................................
2,110
125,566
Keurig
Dr
Pepper,
Inc.
...................................................
3,531
111,474
Kimberly-Clark
Corp.
....................................................
1,001
120,971
Lamb
Weston
Holdings,
Inc.
...............................................
913
84,416
McCormick
&
Co.,
Inc.
..................................................
1,033
78,136
Molson
Coors
Beverage
Co.,
Class
B
.........................................
1,298
82,540
Mondelez
International,
Inc.,
Class
A
.........................................
1,648
114,371
Monster
Beverage
Corp.(a)
................................................
1,699
89,962
PepsiCo,
Inc.
..........................................................
790
133,857
Performance
Food
Group
Co.(a)
............................................
1,319
77,636
Philip
Morris
International,
Inc.
.............................................
1,234
114,244
Sysco
Corp.
...........................................................
1,491
98,480
Target
Corp.
..........................................................
582
64,352
The
Clorox
Co.
........................................................
512
67,103
The
Coca-Cola
Co.
......................................................
2,663
149,075
The
Estee
Lauder
Cos.,
Inc.
...............................................
351
50,737
The
Hershey
Co.
.......................................................
542
108,443
The
Kraft
Heinz
Co.
.....................................................
3,640
122,450
The
Kroger
Co.
........................................................
2,103
94,109
The
Procter
&
Gamble
Co.
................................................
859
125,294
Tyson
Foods,
Inc.,
Class
A
................................................
1,234
62,305
U.S.
Foods
Holding
Corp.(a)
...............................................
1,991
79,043
Walmart,
Inc.
..........................................................
862
137,860
3,561,382
Energy
(4.8%):
APA
Corp.
............................................................
1,043
42,867
Baker
Hughes
Co.
......................................................
1,801
63,611
Cheniere
Energy,
Inc.
....................................................
399
66,218
Chesapeake
Energy
Corp.
.................................................
660
56,912
Chevron
Corp.
.........................................................
517
87,177
ConocoPhillips
........................................................
527
63,135
Coterra
Energy,
Inc.
.....................................................
2,154
58,266
Devon
Energy
Corp.
.....................................................
1,036
49,417
Diamondback
Energy,
Inc.
................................................
403
62,417
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
3
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
EOG
Resources,
Inc.
....................................................
478
$
60,591
EQT
Corp.
............................................................
1,103
44,760
Exxon
Mobil
Corp.
.....................................................
668
78,543
Halliburton
Co.
........................................................
1,234
49,977
Hess
Corp.
............................................................
372
56,916
HF
Sinclair
Corp.
.......................................................
949
54,027
Kinder
Morgan,
Inc.
.....................................................
6,241
103,476
Marathon
Oil
Corp.
.....................................................
1,996
53,393
Marathon
Petroleum
Corp.
................................................
419
63,411
Occidental
Petroleum
Corp.
...............................................
1,096
71,108
ONEOK,
Inc.
..........................................................
1,174
74,467
Ovintiv,
Inc.
..........................................................
890
42,337
Phillips
66
............................................................
559
67,164
Pioneer
Natural
Resources
Co.
.............................................
276
63,356
Schlumberger
NV
......................................................
906
52,820
Targa
Resources
Corp.
...................................................
857
73,462
Texas
Pacific
Land
Corp.
.................................................
27
49,236
The
Williams
Cos.,
Inc.
..................................................
2,662
89,683
Valero
Energy
Corp.
.....................................................
430
60,935
1,759,682
Financials
(15.6%):
Aflac,
Inc.
............................................................
1,203
92,330
American
Express
Co.
...................................................
438
65,345
American
Financial
Group,
Inc.
.............................................
697
77,834
American
International
Group,
Inc.
..........................................
1,156
70,054
Ameriprise
Financial,
Inc.
.................................................
209
68,903
Aon
PLC,
Class
A
......................................................
313
101,481
Apollo
Global
Management,
Inc.
............................................
652
58,524
Arch
Capital
Group
Ltd.(a)
................................................
1,005
80,109
Ares
Management
Corp.,
Class
A
...........................................
622
63,985
Arthur
J.
Gallagher
&
Co.
.................................................
462
105,304
Bank
of
America
Corp.
...................................................
2,560
70,093
Berkshire
Hathaway,
Inc.,
Class
B(a)
.........................................
337
118,051
BlackRock,
Inc.
........................................................
123
79,518
Blackstone,
Inc.
........................................................
516
55,284
Brown
&
Brown,
Inc.
....................................................
1,267
88,487
Capital
One
Financial
Corp.
...............................................
553
53,669
Cboe
Global
Markets,
Inc.
................................................
723
112,940
Chubb
Ltd.
...........................................................
446
92,848
Cincinnati
Financial
Corp.
................................................
634
64,852
Citigroup,
Inc.
.........................................................
1,762
72,471
Citizens
Financial
Group,
Inc.
..............................................
1,675
44,890
CME
Group,
Inc.
.......................................................
497
99,509
Corebridge
Financial,
Inc.
.................................................
3,026
59,763
Discover
Financial
Services
...............................................
582
50,419
Equitable
Holdings,
Inc.
..................................................
2,000
56,780
Erie
Indemnity
Co.,
Class
A
...............................................
213
62,577
Everest
Group
Ltd.
......................................................
200
74,334
FactSet
Research
Systems,
Inc.
.............................................
188
82,205
Fidelity
National
Financial,
Inc.
............................................
1,865
77,024
Fifth
Third
Bancorp
.....................................................
1,896
48,026
First
Citizens
BancShares,
Inc.,
Class
A
.......................................
19
26,222
Fiserv,
Inc.(a)
..........................................................
691
78,055
FleetCor
Technologies,
Inc.(a)
..............................................
243
62,048
Franklin
Resources,
Inc.
..................................................
2,624
64,498
Global
Payments,
Inc.
....................................................
464
53,541
Globe
Life,
Inc.
........................................................
862
93,725
Huntington
Bancshares,
Inc.
...............................................
4,576
47,590
Interactive
Brokers
Group,
Inc.
.............................................
701
60,679
Intercontinental
Exchange,
Inc.
.............................................
876
96,378
JPMorgan
Chase
&
Co.
..................................................
578
83,822
KeyCorp
.............................................................
2,837
30,526
Loews
Corp.
..........................................................
1,577
99,840
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
4
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
LPL
Financial
Holdings,
Inc.
...............................................
227
$
53,947
M&T
Bank
Corp.
.......................................................
456
57,661
Markel
Group,
Inc.(a)
....................................................
62
91,294
Marsh
&
McLennan
Cos.,
Inc.
.............................................
582
110,755
Mastercard,
Inc.,
Class
A
.................................................
265
104,916
MetLife,
Inc.
..........................................................
1,043
65,615
Moody's
Corp.
.........................................................
251
79,359
Morgan
Stanley
........................................................
921
75,218
Morningstar,
Inc.
.......................................................
251
58,794
MSCI,
Inc.
...........................................................
111
56,952
Nasdaq,
Inc.
..........................................................
1,461
70,990
Northern
Trust
Corp.
....................................................
730
50,720
PayPal
Holdings,
Inc.(a)
..................................................
808
47,236
Principal
Financial
Group,
Inc.
.............................................
875
63,061
Prudential
Financial,
Inc.
.................................................
766
72,686
Raymond
James
Financial,
Inc.
.............................................
643
64,576
Regions
Financial
Corp.
..................................................
3,117
53,612
RenaissanceRe
Holdings
Ltd.
..............................................
333
65,907
Ryan
Specialty
Holdings,
Inc.(a)
............................................
1,600
77,440
S&P
Global,
Inc.
.......................................................
215
78,563
State
Street
Corp.
.......................................................
844
56,514
Synchrony
Financial
.....................................................
1,758
53,742
T.
Rowe
Price
Group,
Inc.
.................................................
550
57,678
The
Bank
of
New
York
Mellon
Corp.
.........................................
1,658
70,714
The
Carlyle
Group,
Inc.
..................................................
1,624
48,980
The
Charles
Schwab
Corp.
................................................
727
39,912
The
Goldman
Sachs
Group,
Inc.
............................................
245
79,275
The
Hartford
Financial
Services
Group,
Inc.
....................................
1,149
81,476
The
PNC
Financial
Services
Group,
Inc.
......................................
511
62,735
The
Progressive
Corp.
...................................................
453
63,103
The
Travelers
Cos.,
Inc.
..................................................
546
89,167
Tradeweb
Markets,
Inc.,
Class
A
............................................
764
61,273
Truist
Financial
Corp.
....................................................
1,406
40,226
U.S.
Bancorp
..........................................................
1,311
43,342
Unum
Group
..........................................................
1,261
62,029
UWM
Holdings
Corp.(b)
.................................................
6,584
31,932
Visa,
Inc.,
Class
A
......................................................
486
111,785
W.
R.
Berkley
Corp.
.....................................................
1,412
89,648
Wells
Fargo
&
Co.
......................................................
1,618
66,111
5,653,477
Health
Care
(13.6%):
Abbott
Laboratories
.....................................................
926
89,683
AbbVie,
Inc.
..........................................................
640
95,398
Agilent
Technologies,
Inc.
.................................................
632
70,670
Align
Technology,
Inc.(a)
.................................................
100
30,532
Amgen,
Inc.
...........................................................
375
100,785
Avantor,
Inc.(a)
........................................................
2,688
56,663
Becton
Dickinson
&
Co.
..................................................
385
99,534
Biogen,
Inc.(a)
.........................................................
348
89,440
BioMarin
Pharmaceutical,
Inc.(a)
...........................................
771
68,218
Bio-Techne
Corp.
.......................................................
794
54,048
Boston
Scientific
Corp.(a)
.................................................
1,934
102,115
Bristol-Myers
Squibb
Co.
.................................................
1,770
102,731
Bruker
Corp.
..........................................................
961
59,870
Cardinal
Health,
Inc.
....................................................
1,075
93,332
Cencora,
Inc.
..........................................................
655
117,880
Centene
Corp.(a)
.......................................................
1,152
79,350
Charles
River
Laboratories
International,
Inc.(a)
.................................
260
50,955
CVS
Health
Corp.
......................................................
1,195
83,435
Danaher
Corp.
.........................................................
297
73,686
DaVita,
Inc.(a)
.........................................................
618
58,420
Dexcom,
Inc.(a)
........................................................
528
49,262
Edwards
Lifesciences
Corp.(a)
.............................................
901
62,421
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
5
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Elevance
Health,
Inc.
....................................................
165
$
71,844
Eli
Lilly
&
Co.
.........................................................
124
66,604
GE
HealthCare
Technologies,
Inc.
...........................................
850
57,834
Gilead
Sciences,
Inc.
....................................................
1,262
94,574
HCA
Healthcare,
Inc.
....................................................
353
86,831
Henry
Schein,
Inc.(a)
....................................................
1,124
83,457
Hologic,
Inc.(a)
........................................................
1,310
90,914
Humana,
Inc.
..........................................................
152
73,951
IDEXX
Laboratories,
Inc.(a)
...............................................
124
54,222
Incyte
Corp.(a)
.........................................................
1,390
80,300
Insulet
Corp.(a)
........................................................
311
49,601
Intuitive
Surgical,
Inc.(a)
.................................................
211
61,673
IQVIA
Holdings,
Inc.(a)
..................................................
348
68,469
Johnson
&
Johnson
.....................................................
695
108,246
Laboratory
Corp.
of
America
Holdings
........................................
478
96,102
McKesson
Corp.
.......................................................
229
99,581
Medtronic
PLC
........................................................
1,068
83,688
Merck
&
Co.,
Inc.
......................................................
890
91,626
Mettler-Toledo
International,
Inc.(a)
.........................................
59
65,376
Moderna,
Inc.(a)
.......................................................
338
34,912
Molina
Healthcare,
Inc.(a)
................................................
226
74,103
Neurocrine
Biosciences,
Inc.(a)
.............................................
695
78,188
Penumbra,
Inc.(a)
.......................................................
243
58,784
Pfizer,
Inc.
............................................................
2,614
86,706
Quest
Diagnostics,
Inc.
...................................................
796
97,001
Regeneron
Pharmaceuticals,
Inc.(a)
..........................................
89
73,243
Repligen
Corp.(a)
.......................................................
237
37,685
ResMed,
Inc.
..........................................................
374
55,303
Revvity,
Inc.
..........................................................
614
67,970
STERIS
PLC
..........................................................
297
65,168
Stryker
Corp.
..........................................................
299
81,708
Teleflex,
Inc.
..........................................................
334
65,601
The
Cigna
Group
.......................................................
268
76,667
The
Cooper
Cos.,
Inc.
....................................................
230
73,142
Thermo
Fisher
Scientific,
Inc.
..............................................
151
76,432
United
Therapeutics
Corp.(a)
..............................................
341
77,022
UnitedHealth
Group,
Inc.
.................................................
176
88,737
Veeva
Systems,
Inc.,
Class
A(a)
.............................................
250
50,863
Vertex
Pharmaceuticals,
Inc.(a)
.............................................
250
86,935
Viatris,
Inc.
...........................................................
7,191
70,903
Waters
Corp.(a)
........................................................
238
65,262
West
Pharmaceutical
Services,
Inc.
..........................................
152
57,032
Zimmer
Biomet
Holdings,
Inc.
.............................................
866
97,183
Zoetis,
Inc.
...........................................................
394
68,548
4,938,419
Industrials
(17.8%):
A
O
Smith
Corp.
.......................................................
903
59,715
Advanced
Drainage
Systems,
Inc.
...........................................
339
38,588
AECOM
.............................................................
1,086
90,181
AGCO
Corp.
..........................................................
479
56,656
Allegion
PLC
.........................................................
625
65,125
American
Airlines
Group,
Inc.(a)
............................................
3,554
45,527
AMETEK,
Inc.
........................................................
627
92,646
Automatic
Data
Processing,
Inc.
............................................
368
88,533
Axon
Enterprise,
Inc.(a)
..................................................
233
46,365
Booz
Allen
Hamilton
Holding
Corp.
.........................................
740
80,860
Broadridge
Financial
Solutions,
Inc.
.........................................
470
84,154
Builders
FirstSource,
Inc.(a)
...............................................
352
43,821
C.H.
Robinson
Worldwide,
Inc.
.............................................
803
69,162
Carlisle
Cos.,
Inc.
.......................................................
289
74,926
Carrier
Global
Corp.
.....................................................
1,132
62,486
Caterpillar,
Inc.
........................................................
238
64,974
Cintas
Corp.
..........................................................
199
95,721
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
6
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Copart,
Inc.(a)
.........................................................
1,980
$
85,318
CoStar
Group,
Inc.(a)
....................................................
856
65,818
CSX
Corp.
............................................................
2,922
89,852
Cummins,
Inc.
.........................................................
329
75,163
Deere
&
Co.
..........................................................
169
63,777
Delta
Air
Lines,
Inc.
.....................................................
1,471
54,427
Dover
Corp.
...........................................................
531
74,080
Eaton
Corp.
PLC
.......................................................
316
67,397
EMCOR
Group,
Inc.
....................................................
306
64,379
Equifax,
Inc.
..........................................................
329
60,266
Expeditors
International
of
Washington,
Inc.
....................................
675
77,375
Fastenal
Co.
...........................................................
1,516
82,834
FedEx
Corp.
..........................................................
280
74,178
Fortive
Corp.
..........................................................
1,090
80,834
General
Dynamics
Corp.
..................................................
524
115,788
General
Electric
Co.
.....................................................
673
74,400
Graco,
Inc.
...........................................................
915
66,685
HEICO
Corp.
..........................................................
450
72,869
Honeywell
International,
Inc.
..............................................
533
98,466
Howmet
Aerospace,
Inc.
..................................................
1,703
78,764
Hubbell,
Inc.
..........................................................
205
64,249
IDEX
Corp.
...........................................................
393
81,752
Illinois
Tool
Works,
Inc.
..................................................
353
81,299
Ingersoll
Rand,
Inc.
.....................................................
1,096
69,837
J.B.
Hunt
Transport
Services,
Inc.
...........................................
400
75,408
Jack
Henry
&
Associates,
Inc.
..............................................
419
63,328
Jacobs
Solutions,
Inc.
....................................................
659
89,954
Johnson
Controls
International
PLC
..........................................
1,212
64,491
L3Harris
Technologies,
Inc.
...............................................
517
90,020
Leidos
Holdings,
Inc.
....................................................
724
66,724
Lennox
International,
Inc.
.................................................
172
64,404
Lincoln
Electric
Holdings,
Inc.(b)
...........................................
410
74,534
Lockheed
Martin
Corp.
...................................................
269
110,010
Masco
Corp.
..........................................................
1,183
63,231
Nordson
Corp.
.........................................................
295
65,835
Norfolk
Southern
Corp.
..................................................
442
87,043
Northrop
Grumman
Corp.
.................................................
222
97,722
Old
Dominion
Freight
Line,
Inc.
............................................
132
54,007
Otis
Worldwide
Corp.
....................................................
1,128
90,590
Owens
Corning
........................................................
486
66,295
PACCAR,
Inc.
.........................................................
945
80,344
Parker-Hannifin
Corp.
...................................................
172
66,997
Paychex,
Inc.
..........................................................
692
79,808
Paycom
Software,
Inc.
...................................................
168
43,557
Paylocity
Holding
Corp.(a)
................................................
262
47,605
Quanta
Services,
Inc.
....................................................
378
70,712
Regal
Rexnord
Corp.
....................................................
362
51,723
Republic
Services,
Inc.
...................................................
798
113,723
Rockwell
Automation,
Inc.
................................................
218
62,320
Rollins,
Inc.
...........................................................
2,410
89,965
RTX
Corp.
............................................................
1,017
73,194
Saia,
Inc.(a)
...........................................................
107
42,656
Snap-on,
Inc.
..........................................................
310
79,069
Southwest
Airlines
Co.
...................................................
1,903
51,514
SS&C
Technologies
Holdings,
Inc.
..........................................
1,398
73,451
Stanley
Black
&
Decker,
Inc.
..............................................
570
47,641
Textron,
Inc.
..........................................................
984
76,890
The
Toro
Co.
..........................................................
781
64,901
Trane
Technologies
PLC
..................................................
384
77,917
TransDigm
Group,
Inc.(a)
.................................................
98
82,627
TransUnion
...........................................................
763
54,776
U-Haul
Holding
Co.
.....................................................
933
48,880
Union
Pacific
Corp.
.....................................................
341
69,438
United
Airlines
Holdings,
Inc.(a)
............................................
1,027
43,442
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
7
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
United
Parcel
Service,
Inc.,
Class
B
..........................................
480
$
74,818
United
Rentals,
Inc.
.....................................................
106
47,124
Verisk
Analytics,
Inc.
....................................................
379
89,535
Vertiv
Holdings
Co.
.....................................................
807
30,020
W.W.
Grainger,
Inc.
.....................................................
98
67,800
Waste
Management,
Inc.
..................................................
743
113,263
Watsco,
Inc.
...........................................................
183
69,123
Westinghouse
Air
Brake
Technologies
Corp.
....................................
813
86,398
Xylem,
Inc.
...........................................................
768
69,911
6,443,985
Information
Technology
(12.1%):
Accenture
PLC,
Class
A
..................................................
239
73,399
Adobe,
Inc.(a)
.........................................................
103
52,520
Akamai
Technologies,
Inc.(a)
..............................................
672
71,595
Amphenol
Corp.,
Class
A
.................................................
1,092
91,717
Analog
Devices,
Inc.
....................................................
384
67,235
ANSYS,
Inc.(a)
........................................................
204
60,700
Apple,
Inc.
...........................................................
452
77,387
Applied
Materials,
Inc.
...................................................
340
47,073
AppLovin
Corp.,
Class
A(a)
...............................................
603
24,096
Arista
Networks,
Inc.(a)
..................................................
205
37,706
Autodesk,
Inc.(a)
.......................................................
265
54,831
Bentley
Systems,
Inc.,
Class
B
.............................................
1,265
63,452
Broadcom,
Inc.
........................................................
66
54,818
Cadence
Design
Systems,
Inc.(a)
............................................
280
65,604
CDW
Corp.
...........................................................
337
67,993
Cisco
Systems,
Inc.
.....................................................
1,762
94,725
Cognizant
Technology
Solutions
Corp.,
Class
A
.................................
1,040
70,450
Corning,
Inc.
..........................................................
2,452
74,712
Dell
Technologies,
Inc.,
Class
C
............................................
1,201
82,749
Dropbox,
Inc.,
Class
A(a)
.................................................
2,327
63,364
Dynatrace,
Inc.(a)
......................................................
1,020
47,665
Enphase
Energy,
Inc.(a)
..................................................
267
32,080
Entegris,
Inc.
..........................................................
383
35,968
EPAM
Systems,
Inc.(a)
...................................................
158
40,399
F5,
Inc.(a)
............................................................
510
82,181
Fair
Isaac
Corp.(a)
......................................................
86
74,694
First
Solar,
Inc.(a)
......................................................
184
29,733
Fortinet,
Inc.(a)
........................................................
741
43,482
Gartner,
Inc.(a)
........................................................
246
84,528
Gen
Digital,
Inc.
.......................................................
2,964
52,403
GoDaddy,
Inc.,
Class
A(a)
.................................................
1,123
83,641
Hewlett
Packard
Enterprise
Co.
.............................................
4,168
72,398
HP,
Inc.
..............................................................
2,396
61,577
International
Business
Machines
Corp.
........................................
757
106,207
Intuit,
Inc.
............................................................
109
55,692
Jabil,
Inc.
............................................................
613
77,784
Juniper
Networks,
Inc.
...................................................
2,748
76,367
Keysight
Technologies,
Inc.(a)
.............................................
458
60,598
KLA
Corp.
...........................................................
103
47,242
Lam
Research
Corp.
.....................................................
70
43,874
Lattice
Semiconductor
Corp.(a)
.............................................
432
37,122
Manhattan
Associates,
Inc.(a)
..............................................
348
68,786
Microchip
Technology,
Inc.
................................................
683
53,308
Microsoft
Corp.
........................................................
216
68,202
Monolithic
Power
Systems,
Inc.
............................................
71
32,802
Motorola
Solutions,
Inc.
..................................................
358
97,462
NetApp,
Inc.
..........................................................
988
74,969
NVIDIA
Corp.
.........................................................
71
30,884
NXP
Semiconductors
NV
.................................................
283
56,577
ON
Semiconductor
Corp.(a)
...............................................
460
42,757
Oracle
Corp.
..........................................................
674
71,390
Palo
Alto
Networks,
Inc.(a)
................................................
197
46,185
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
8
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
PTC,
Inc.(a)
...........................................................
617
$
87,417
QUALCOMM,
Inc.
.....................................................
500
55,530
Roper
Technologies,
Inc.
..................................................
232
112,353
Salesforce,
Inc.(a)
......................................................
283
57,387
ServiceNow,
Inc.(a)
.....................................................
95
53,101
Skyworks
Solutions,
Inc.
.................................................
531
52,351
Super
Micro
Computer,
Inc.(a)
.............................................
88
24,131
Synopsys,
Inc.(a)
.......................................................
150
68,845
TD
SYNNEX
Corp.
.....................................................
748
74,695
TE
Connectivity
Ltd.
....................................................
680
84,000
Teledyne
Technologies,
Inc.(a)
.............................................
210
85,802
Teradyne,
Inc.
.........................................................
532
53,445
Texas
Instruments,
Inc.
...................................................
456
72,509
Trimble,
Inc.(a)
........................................................
1,216
65,494
Tyler
Technologies,
Inc.(a)
................................................
171
66,030
VeriSign,
Inc.(a)
........................................................
509
103,088
Zebra
Technologies
Corp.(a)
...............................................
168
39,737
Zoom
Video
Communications,
Inc.,
Class
A(a)
..................................
666
46,580
4,387,578
Materials
(4.9%):
Air
Products
and
Chemicals,
Inc.
............................................
298
84,453
Albemarle
Corp.
.......................................................
223
37,919
Avery
Dennison
Corp.
...................................................
427
78,000
Ball
Corp.
............................................................
1,089
54,210
Celanese
Corp.
.........................................................
459
57,614
CF
Industries
Holdings,
Inc.
...............................................
765
65,591
Corteva,
Inc.
..........................................................
1,574
80,526
Crown
Holdings,
Inc.
....................................................
793
70,165
Dow,
Inc.
............................................................
1,532
78,990
DuPont
de
Nemours,
Inc.
.................................................
1,024
76,380
Eastman
Chemical
Co.
...................................................
774
59,381
Ecolab,
Inc.
...........................................................
479
81,143
FMC
Corp.
...........................................................
851
56,991
Freeport-McMoRan,
Inc.
.................................................
1,366
50,938
International
Paper
Co.
...................................................
1,957
69,415
LyondellBasell
Industries
NV,
Class
A
........................................
816
77,275
Martin
Marietta
Materials,
Inc.
.............................................
167
68,550
Nucor
Corp.
...........................................................
312
48,781
Packaging
Corp.
of
America
...............................................
492
75,547
PPG
Industries,
Inc.
.....................................................
528
68,534
Reliance
Steel
&
Aluminum
Co.
............................................
269
70,540
RPM
International,
Inc.
..................................................
650
61,627
Steel
Dynamics,
Inc.
.....................................................
448
48,035
The
Mosaic
Co.
........................................................
1,355
48,238
The
Sherwin-Williams
Co.
................................................
267
68,098
Vulcan
Materials
Co.
....................................................
380
76,768
Westlake
Corp.
........................................................
466
58,096
1,771,805
Real
Estate
(0.2%):
CBRE
Group,
Inc.,
Class
A(a)
..............................................
809
59,753
Utilities
(7.4%):
Alliant
Energy
Corp.
....................................................
1,958
94,865
Ameren
Corp.
.........................................................
1,263
94,510
American
Electric
Power
Co.,
Inc.
...........................................
1,239
93,198
American
Water
Works
Co.,
Inc.
............................................
712
88,167
Atmos
Energy
Corp.
.....................................................
883
93,536
CenterPoint
Energy,
Inc.
..................................................
3,655
98,137
CMS
Energy
Corp.
......................................................
1,759
93,420
Consolidated
Edison,
Inc.
.................................................
1,232
105,373
Constellation
Energy
Corp.
................................................
731
79,737
Dominion
Energy,
Inc.
...................................................
1,878
83,890
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
DTE
Energy
Co.
.......................................................
1,009
$
100,174
Duke
Energy
Corp.
......................................................
1,208
106,618
Edison
International
.....................................................
1,302
82,404
Entergy
Corp.
.........................................................
944
87,320
Essential
Utilities,
Inc.
...................................................
2,620
89,945
Evergy,
Inc.
...........................................................
1,809
91,716
Eversource
Energy
......................................................
1,459
84,841
Exelon
Corp.
..........................................................
2,648
100,068
FirstEnergy
Corp.
.......................................................
2,748
93,927
NextEra
Energy,
Inc.
....................................................
1,331
76,253
NiSource,
Inc.
.........................................................
3,954
97,585
PG&E
Corp.(a)
........................................................
6,102
98,425
PPL
Corp.
............................................................
4,374
103,051
Public
Service
Enterprise
Group,
Inc.
.........................................
1,678
95,495
Sempra
Energy
........................................................
1,478
100,548
The
Southern
Co.
.......................................................
1,565
101,287
Vistra
Corp.
...........................................................
1,916
63,573
WEC
Energy
Group,
Inc.
.................................................
1,217
98,029
Xcel
Energy,
Inc.
.......................................................
1,773
101,451
2,697,543
Total
Common
Stocks
(Cost
$33,367,460)
35,944,305
Investment
Companies
(0.6%)
Federated
Hermes
Treasury
Obligations
Fund,
5.22% (c)
...........................
231,419
231,419
Total
Investment
Companies
(Cost
$231,419)
231,419
Collateral
for
Securities
Loaned
(0.3%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.24%(c)
........
25,769
25,769
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.28%(c)
............
25,769
25,769
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.26%(c)
...............
25,769
25,769
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.27%(c)
.
25,769
25,769
Total
Collateral
for
Securities
Loaned
(Cost
$103,076)
103,076
Total
Investments
(Cost
$33,701,955)
—
100.0%
36,278,800
Other
assets
in
excess
of
liabilities
—
0.0%(d)
14,662
NET
ASSETS
-
100.00%
$
36,293,462
^
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
September
30,
2023.
(d)
Amount
represents
less
than
0.05%
of
net
assets.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
1
12/15/23
$
216,804
$
216,275
$
(529)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(529)
Total
net
unrealized
appreciation
(depreciation)
$
(529)
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
10
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(83.3%)
Australia
(1.9%):
Communication
Services
(0.3%):
Telstra
Group
Ltd.
......................................................
3,391,927
$
8,378,307
Consumer
Staples
(0.1%):
Coles
Group
Ltd.
.......................................................
297,336
2,966,982
Energy
(0.4%):
Santos
Ltd.
...........................................................
1,235,674
6,227,630
Woodside
Energy
Group
Ltd.
..............................................
215,430
5,007,825
11,235,455
Financials
(0.5%):
ANZ
Group
Holdings
Ltd.
................................................
456,896
7,492,125
Westpac
Banking
Corp.
..................................................
530,510
7,169,544
14,661,669
Materials
(0.6%):
BHP
Group
Ltd.
........................................................
204,583
5,745,580
Fortescue
Metals
Group
Ltd.
...............................................
308,918
4,105,514
Rio
Tinto
Ltd.
.........................................................
79,719
5,748,636
15,599,730
52,842,143
Austria
(0.2%):
Energy
(0.2%):
OMV
AG
............................................................
98,031
4,681,766
Bermuda
(0.0%):(a)
Industrials
(0.0%):(a)
Triton
International
Ltd.
..................................................
8,794
699,563
Brazil
(3.1%):
Communication
Services
(0.6%):
Telefonica
Brasil
SA
.....................................................
557,200
4,788,134
TIM
SA
..............................................................
3,637,100
10,777,611
15,565,745
Consumer
Staples
(0.6%):
Ambev
SA
............................................................
3,824,800
9,978,931
JBS
SA
..............................................................
1,679,100
6,031,514
SLC
Agricola
SA
.......................................................
226,100
1,772,389
17,782,834
Energy
(0.3%):
Petroleo
Brasileiro
SA,
Preference
Shares
.....................................
1,299,100
9,353,335
9,353,335
Financials
(0.8%):
Banco
Bradesco
SA
.....................................................
1,471,500
3,707,375
Banco
do
Brasil
SA
.....................................................
625,200
5,870,154
BB
Seguridade
Participacoes
SA
............................................
1,930,700
11,991,711
Caixa
Seguridade
Participacoes
S/A
..........................................
988,400
2,195,177
23,764,417
Industrials
(0.1%):
Cielo
SA
.............................................................
2,950,400
2,060,917
Materials
(0.4%):
Cia
Siderurgica
Nacional
SA
...............................................
716,700
1,731,525
Suzano
SA
............................................................
267,300
2,887,429
Vale
SA
..............................................................
415,200
5,584,035
10,202,989
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
11
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Utilities
(0.3%):
Engie
Brasil
Energia
SA
..................................................
858,800
$
7,080,755
85,810,992
Canada
(2.2%):
Communication
Services
(0.6%):
BCE,
Inc.
............................................................
252,427
9,637,243
TELUS
Corp.(b)
.......................................................
484,106
7,906,245
17,543,488
Energy
(0.4%):
Pembina
Pipeline
Corp.
..................................................
244,314
7,346,870
Suncor
Energy,
Inc.
.....................................................
138,797
4,773,734
12,120,604
Financials
(0.8%):
Canadian
Imperial
Bank
of
Commerce
........................................
190,685
7,361,472
Great-West
Lifeco,
Inc.
...................................................
280,735
8,032,812
The
Bank
of
Nova
Scotia
.................................................
167,309
7,500,016
22,894,300
Utilities
(0.4%):
Emera,
Inc.
...........................................................
124,925
4,361,934
Fortis,
Inc.(b)
..........................................................
158,950
6,038,017
10,399,951
62,958,343
Chile
(0.6%):
Consumer
Staples
(0.1%):
Cencosud
SA
..........................................................
1,135,790
2,154,780
Energy
(0.1%):
Empresas
Copec
SA
.....................................................
372,594
2,643,204
Financials
(0.4%):
Banco
de
Chile
........................................................
20,246,301
2,061,737
Banco
Santander
Chile
...................................................
178,962,922
8,285,859
10,347,596
Utilities
(0.0%):(a)
Enel
Chile
SA
.........................................................
26,139,507
1,588,592
16,734,172
China
(4.6%):
Consumer
Staples
(0.1%):
Tingyi
Cayman
Islands
Holding
Corp.
........................................
1,456,000
2,031,841
Energy
(1.1%):
China
Petroleum
&
Chemical
Corp.,
Class
H
...................................
14,072,000
7,653,794
China
Shenhua
Energy
Co.
Ltd.,
Class
H
......................................
3,185,500
10,307,894
Inner
Mongolia
Yitai
Coal
Co.
Ltd.,
Class
B(c)
..................................
2,115,569
2,962,445
PetroChina
Co.
Ltd.,
Class
H
..............................................
8,490,000
6,362,887
Yankuang
Energy
Group
Co.
Ltd.,
Class
H
.....................................
2,602,000
4,908,718
32,195,738
Financials
(2.7%):
Agricultural
Bank
of
China
Ltd.,
Class
H
......................................
22,466,000
8,354,571
Bank
of
China
Ltd.,
Class
H
...............................................
30,864,000
10,752,689
Bank
of
Communications
Co.
Ltd.,
Class
H
....................................
16,010,000
9,670,118
China
Cinda
Asset
Management
Co.
Ltd.,
Class
H
...............................
9,932,000
997,793
China
CITIC
Bank
Corp.
Ltd.,
Class
H
.......................................
23,624,000
10,963,103
China
Construction
Bank
Corp.,
Class
H
......................................
18,340,000
10,310,203
China
Galaxy
Securities
Co.
Ltd.,
Class
H
.....................................
13,827,500
7,111,980
China
Merchants
Bank
Co.
Ltd.,
Class
H
......................................
1,119,500
4,647,872
China
Merchants
Securities
Co.
Ltd.,
Class
H(d)
.................................
2,376,600
2,076,622
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
12
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
China
Minsheng
Banking
Corp.
Ltd.,
Class
H
...................................
6,342,000
$
2,166,526
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
.............................
15,819,000
7,587,685
74,639,162
Information
Technology
(0.1%):
China
Railway
Signal
&
Communication
Corp.
Ltd.,
Class
H(d)
.....................
7,064,000
2,249,155
Materials
(0.5%):
Anhui
Conch
Cement
Co.
Ltd.,
Class
H
.......................................
1,877,000
4,966,062
China
Hongqiao
Group
Ltd.(b)
.............................................
3,728,500
3,630,843
China
National
Building
Material
Co.
Ltd.,
Class
H
..............................
11,706,000
6,122,208
14,719,113
Real
Estate
(0.1%):
China
Vanke
Co.
Ltd.,
Class
H
.............................................
3,539,600
3,893,639
129,728,648
Colombia
(0.0%):(a)
Utilities
(0.0%):(a)
Interconexion
Electrica
SA
ESP
.............................................
321,279
1,175,579
Czech
Republic
(0.2%):
Financials
(0.2%):
Komercni
Banka
AS
.....................................................
176,220
5,126,414
Utilities
(0.0%):(a)
CEZ
AS
.............................................................
41,835
1,779,660
6,906,074
Denmark
(0.1%):
Industrials
(0.1%):
AP
Moller
-
Maersk
A/S,
Class
B
...........................................
2,057
3,700,982
Finland
(0.6%):
Financials
(0.2%):
Nordea
Bank
Abp
.......................................................
574,904
6,305,142
Materials
(0.3%):
Stora
Enso
Oyj,
Class
R
..................................................
343,029
4,298,721
UPM-Kymmene
Oyj
....................................................
157,870
5,404,863
9,703,584
Utilities
(0.1%):
Fortum
Oyj
...........................................................
140,295
1,626,785
17,635,511
France
(2.0%):
Communication
Services
(0.3%):
Orange
SA
............................................................
829,658
9,515,093
Consumer
Discretionary
(0.2%):
Cie
Generale
des
Etablissements
Michelin
SCA
.................................
187,304
5,732,020
Energy
(0.2%):
TotalEnergies
SE
.......................................................
85,735
5,636,247
Financials
(1.0%):
Amundi
SA(d)
.........................................................
84,099
4,722,924
AXA
SA
.............................................................
212,121
6,292,526
BNP
Paribas
SA
........................................................
84,249
5,356,344
Credit
Agricole
SA
......................................................
512,940
6,305,634
Societe
Generale
SA
.....................................................
173,371
4,194,589
26,872,017
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
13
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Industrials
(0.3%):
Bouygues
SA
..........................................................
223,756
$
7,822,465
55,577,842
Germany
(1.2%):
Communication
Services
(0.1%):
Telefonica
Deutschland
Holding
AG
.........................................
1,351,540
2,416,993
Consumer
Discretionary
(0.4%):
Bayerische
Motoren
Werke
AG
.............................................
58,577
5,948,684
Mercedes-Benz
Group
AG
................................................
79,105
5,504,696
11,453,380
Health
Care
(0.2%):
Bayer
AG,
Registered
Shares
..............................................
101,916
4,893,784
Industrials
(0.2%):
Deutsche
Post
AG
......................................................
123,624
5,015,421
Materials
(0.1%):
Evonik
Industries
AG
....................................................
226,134
4,124,160
Utilities
(0.2%):
E.ON
SE
.............................................................
579,045
6,846,851
34,750,589
Hong
Kong
(1.0%):
Consumer
Discretionary
(0.0%):(a)
China
Education
Group
Holdings
Ltd.
........................................
749,000
606,992
Industrials
(0.0%):(a)
China
Merchants
Port
Holdings
Co.
Ltd.
......................................
266,000
330,658
CK
Hutchison
Holdings
Ltd.
...............................................
217,500
1,154,764
1,485,422
Real
Estate
(0.5%):
Henderson
Land
Development
Co.
Ltd.
.......................................
751,000
1,972,157
Sino
Land
Co.
Ltd.
......................................................
1,532,000
1,722,996
Sun
Hung
Kai
Properties
Ltd.
..............................................
487,500
5,201,770
Swire
Pacific
Ltd.,
Class
A
................................................
650,500
4,381,595
13,278,518
Utilities
(0.5%):
CLP
Holdings
Ltd.
......................................................
1,022,000
7,546,572
Hong
Kong
&
China
Gas
Co.
Ltd.
...........................................
8,821,000
6,137,733
13,684,305
29,055,237
India
(1.2%):
Communication
Services
(0.1%):
Indus
Towers
Ltd.(c)
....................................................
1,022,335
2,356,212
Consumer
Discretionary
(0.3%):
Bajaj
Auto
Ltd.
........................................................
153,839
9,357,644
Consumer
Staples
(0.2%):
ITC
Ltd.
.............................................................
921,007
4,921,265
Energy
(0.3%):
Bharat
Petroleum
Corp.
Ltd.
...............................................
1,373,385
5,729,391
Hindustan
Petroleum
Corp.
Ltd.(c)
..........................................
1,182,621
3,630,286
9,359,677
Utilities
(0.3%):
NTPC
Ltd.
............................................................
1,877,168
5,541,050
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
14
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Power
Grid
Corp.
of
India
Ltd.
.............................................
1,141,247
$
2,739,500
8,280,550
34,275,348
Indonesia
(0.7%):
Communication
Services
(0.3%):
PT
Telkom
Indonesia
Persero
Tbk
...........................................
27,932,500
6,773,222
Consumer
Discretionary
(0.1%):
PT
Astra
International
Tbk
................................................
8,596,100
3,453,825
Consumer
Staples
(0.0%):(a)
PT
Indofood
Sukses
Makmur
Tbk
...........................................
790,400
338,465
Energy
(0.2%):
PT
Adaro
Energy
Indonesia
Tbk
............................................
26,111,900
4,804,670
PT
Indo
Tambangraya
Megah
Tbk
...........................................
372,700
697,605
5,502,275
Utilities
(0.1%):
PT
Perusahaan
Gas
Negara
Tbk
.............................................
27,020,400
2,400,831
18,468,618
Ireland
(0.2%):
Health
Care
(0.2%):
Medtronic
PLC
........................................................
79,921
6,262,610
Israel
(0.1%):
Financials
(0.0%):(a)
Bank
Hapoalim
BM
.....................................................
130,319
1,161,852
Materials
(0.1%):
ICL
Group
Ltd.
........................................................
263,468
1,454,796
2,616,648
Italy
(1.8%):
Energy
(0.2%):
Eni
SpA
.............................................................
377,161
6,057,810
Financials
(0.9%):
Assicurazioni
Generali
SpA
...............................................
347,796
7,098,378
Intesa
Sanpaolo
SpA
.....................................................
1,861,250
4,766,413
Mediobanca
Banca
di
Credito
Finanziario
SpA
..................................
563,982
7,434,574
Poste
Italiane
SpA(d)
....................................................
582,094
6,111,915
25,411,280
Utilities
(0.7%):
Enel
SpA
.............................................................
1,052,398
6,453,203
Snam
SpA
............................................................
1,388,148
6,512,675
Terna
-
Rete
Elettrica
Nazionale
............................................
908,321
6,830,943
19,796,821
51,265,911
Japan
(1.3%):
Communication
Services
(0.5%):
SoftBank
Corp.
........................................................
1,214,800
13,751,310
Consumer
Staples
(0.4%):
Japan
Tobacco,
Inc.
.....................................................
420,900
9,685,381
Materials
(0.2%):
Nippon
Steel
Corp.
......................................................
260,400
6,101,505
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
15
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Real
Estate
(0.2%):
Daiwa
House
Industry
Co.
Ltd.
.............................................
234,300
$
6,289,313
35,827,509
Malaysia
(0.9%):
Financials
(0.3%):
CIMB
Group
Holdings
Bhd
...............................................
446,700
516,238
Malayan
Banking
Bhd
...................................................
2,235,100
4,182,788
RHB
Bank
Bhd
........................................................
4,305,600
4,976,835
9,675,861
Materials
(0.2%):
Petronas
Chemicals
Group
Bhd
.............................................
3,991,500
6,103,055
Utilities
(0.4%):
Tenaga
Nasional
Bhd
....................................................
4,650,100
9,893,219
25,672,135
Mexico
(1.1%):
Consumer
Staples
(0.3%):
Arca
Continental
SAB
de
CV
..............................................
215,564
1,958,132
Kimberly-Clark
de
Mexico
SAB
de
CV,
Class
A
.................................
3,302,071
6,575,905
8,534,037
Financials
(0.4%):
Banco
del
Bajio
SA(d)
...................................................
883,793
2,780,034
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
.................................
878,433
7,365,941
10,145,975
Industrials
(0.3%):
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
...............................
827,826
8,985,911
Promotora
y
Operadora
de
Infraestructura
SAB
de
CV
............................
37,773
337,680
9,323,591
Materials
(0.1%):
Orbia
Advance
Corp.
SAB
de
CV
...........................................
2,008,772
4,174,446
32,178,049
Netherlands
(1.2%):
Communication
Services
(0.3%):
Koninklijke
KPN
NV
....................................................
3,025,124
9,965,406
Financials
(0.4%):
ABN
AMRO
Bank
NV(d)
.................................................
280,366
3,961,744
ASR
Nederland
NV
.....................................................
32,603
1,219,743
NN
Group
NV
.........................................................
156,305
5,010,167
10,191,654
Industrials
(0.2%):
Randstad
NV
..........................................................
89,319
4,933,847
Real
Estate
(0.3%):
NEPI
Rockcastle
NV
....................................................
1,737,989
9,579,438
34,670,345
Norway
(0.7%):
Communication
Services
(0.2%):
Telenor
ASA
..........................................................
590,442
6,697,838
Energy
(0.2%):
Aker
BP
ASA
.........................................................
160,593
4,435,526
Materials
(0.3%):
Norsk
Hydro
ASA
......................................................
709,169
4,439,090
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
16
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Yara
International
ASA
...................................................
141,019
$
5,326,298
9,765,388
20,898,752
Philippines
(0.2%):
Communication
Services
(0.2%):
PLDT,
Inc.
............................................................
203,935
4,230,976
Poland
(0.4%):
Energy
(0.3%):
ORLEN
SA
...........................................................
504,890
6,769,134
Financials
(0.1%):
Powszechny
Zaklad
Ubezpieczen
SA
.........................................
343,333
3,245,219
10,014,353
Portugal
(0.4%):
Consumer
Staples
(0.1%):
Jeronimo
Martins
SGPS
SA
...............................................
188,663
4,236,451
Energy
(0.2%):
Galp
Energia
SGPS
SA
...................................................
374,942
5,552,924
Utilities
(0.1%):
EDP
-
Energias
de
Portugal
SA
.............................................
609,956
2,535,817
12,325,192
Russian
Federation
(0.0%):(a)
Communication
Services
(0.0%):(a)
Mobile
TeleSystems
PJSC(c)(e)(f)
...........................................
2,330,210
57,191
Rostelecom
PJSC(c)(e)(f)
.................................................
6,752,730
50,072
107,263
Consumer
Staples
(0.0%):(a)
Magnit
PJSC(c)(e)(f)
....................................................
93,217
870
X5
Retail
Group
NV,
GDR(c)(e)(f)
..........................................
201,753
15,821
16,691
Energy
(0.0%):(a)
Tatneft
PJSC(c)(e)(f)
....................................................
827,565
32,638
Financials
(0.0%):(a)
Moscow
Exchange
MICEX-RTS
PJSC(c)(e)(f)
..................................
2,604,790
27,138
Materials
(0.0%):(a)
Magnitogorsk
Iron
&
Steel
Works
PJSC(c)(e)(f)
.................................
4,673,660
—
MMC
Norilsk
Nickel
PJSC(c)(e)(f)
..........................................
14,877
31,291
Novolipetsk
Steel
PJSC(c)(e)(f)
.............................................
1,477,080
28,924
Polyus
PJSC(c)(e)(f)
....................................................
34,403
39,969
Severstal
PAO(c)(e)(f)
...................................................
223,944
—
100,184
Utilities
(0.0%):(a)
Inter
RAO
UES
PJSC(c)(e)(f)
..............................................
128,274,200
38,181
RusHydro
PJSC(c)(e)(f)
..................................................
694,437,000
50,768
88,949
372,863
Singapore
(1.0%):
Communication
Services
(0.3%):
Singapore
Telecommunications
Ltd.
.........................................
4,968,800
8,797,183
Consumer
Staples
(0.3%):
Wilmar
International
Ltd.
.................................................
3,039,400
8,272,908
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
17
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Financials
(0.2%):
Oversea-Chinese
Banking
Corp.
Ltd.
.........................................
450,100
$
4,210,283
Industrials
(0.2%):
Singapore
Airlines
Ltd.
...................................................
1,314,100
6,200,256
27,480,630
South
Africa
(1.7%):
Communication
Services
(0.1%):
Vodacom
Group
Ltd.
....................................................
372,252
2,077,932
Energy
(0.4%):
Exxaro
Resources
Ltd.
...................................................
1,051,192
9,555,663
Financials
(0.5%):
Absa
Group
Ltd.
.......................................................
647,839
5,972,734
Nedbank
Group
Ltd.
.....................................................
656,801
7,007,507
Standard
Bank
Group
Ltd.
................................................
168,764
1,636,054
14,616,295
Materials
(0.7%):
African
Rainbow
Minerals
Ltd.
.............................................
334,463
3,007,473
Anglo
American
Platinum
Ltd.
.............................................
86,633
3,234,727
Impala
Platinum
Holdings
Ltd.
.............................................
831,301
4,332,095
Sasol
Ltd.
............................................................
403,715
5,544,106
Sibanye
Stillwater
Ltd.
...................................................
2,638,996
4,052,981
20,171,382
46,421,272
South
Korea
(0.6%):
Consumer
Discretionary
(0.2%):
Kia
Corp.
............................................................
75,599
4,550,999
Consumer
Staples
(0.2%):
KT&G
Corp.
..........................................................
107,485
6,865,247
Financials
(0.2%):
Shinhan
Financial
Group
Co.
Ltd.
...........................................
183,633
4,833,605
16,249,851
Spain
(0.5%):
Communication
Services
(0.3%):
Telefonica
SA
.........................................................
1,730,611
7,069,168
Utilities
(0.2%):
Endesa
SA
............................................................
323,862
6,590,155
13,659,323
Sweden
(0.4%):
Financials
(0.3%):
Svenska
Handelsbanken
AB,
Class
A
.........................................
454,006
4,041,010
Swedbank
AB,
Class
A
...................................................
200,604
3,688,582
7,729,592
Information
Technology
(0.1%):
Telefonaktiebolaget
LM
Ericsson,
Class
B
.....................................
873,917
4,258,898
11,988,490
Switzerland
(1.1%):
Communication
Services
(0.2%):
Swisscom
AG,
Registered
Shares
...........................................
10,526
6,251,944
Financials
(0.3%):
Swiss
Re
AG
..........................................................
69,437
7,133,155
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
18
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Industrials
(0.2%):
Kuehne
+
Nagel
International
AG,
Class
R
.....................................
21,068
$
5,987,704
Materials
(0.4%):
Glencore
PLC
.........................................................
739,108
4,208,166
Holcim
AG
...........................................................
101,533
6,500,792
10,708,958
30,081,761
Taiwan
(4.5%):
Financials
(0.4%):
Cathay
Financial
Holding
Co.
Ltd.
...........................................
4,614,000
6,371,844
China
Development
Financial
Holding
Corp.(c)
.................................
12,843,000
4,695,665
Yuanta
Financial
Holding
Co.
Ltd.
...........................................
631,250
490,432
11,557,941
Industrials
(0.2%):
Wan
Hai
Lines
Ltd.
.....................................................
3,601,000
5,395,908
Information
Technology
(2.6%):
ASE
Technology
Holding
Co.
Ltd.
...........................................
1,692,000
5,776,384
Hon
Hai
Precision
Industry
Co.
Ltd.
.........................................
2,659,000
8,571,780
MediaTek,
Inc.
.........................................................
372,000
8,506,173
Micro-Star
International
Co.
Ltd.
............................................
1,500,000
7,632,042
Nan
Ya
Printed
Circuit
Board
Corp.
..........................................
290,000
2,403,789
Novatek
Microelectronics
Corp.
............................................
588,000
7,722,458
Pegatron
Corp.
.........................................................
4,122,000
9,787,278
Powertech
Technology,
Inc.
................................................
1,057,000
3,327,172
Realtek
Semiconductor
Corp.
..............................................
420,000
5,157,651
Synnex
Technology
International
Corp.
.......................................
3,809,000
7,566,116
United
Microelectronics
Corp.
.............................................
4,626,000
6,496,579
72,947,422
Materials
(1.3%):
Asia
Cement
Corp.
......................................................
7,197,000
8,866,961
China
Steel
Corp.
.......................................................
6,841,000
5,354,090
Formosa
Plastics
Corp.
...................................................
4,904,000
12,124,728
Nan
Ya
Plastics
Corp.
....................................................
4,377,000
9,031,125
35,376,904
125,278,175
Thailand
(1.7%):
Communication
Services
(0.4%):
Intouch
Holdings
PCL
...................................................
4,682,500
9,461,101
Energy
(0.8%):
Banpu
PCL
...........................................................
6,333,900
1,388,623
PTT
Exploration
&
Production
PCL
..........................................
1,559,000
7,275,697
PTT
PCL
.............................................................
9,321,700
8,550,806
Thai
Oil
PCL
..........................................................
4,514,800
6,222,443
23,437,569
Real
Estate
(0.4%):
Land
&
Houses
PCL
.....................................................
48,244,100
10,317,766
Utilities
(0.1%):
Ratch
Group
PCL(b)
....................................................
3,747,500
3,237,924
46,454,360
Turkey
(0.2%):
Energy
(0.1%):
Turkiye
Petrol
Rafinerileri
A/S
.............................................
542,863
3,146,746
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
19
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Financials
(0.1%):
Yapi
ve
Kredi
Bankasi
A/S
................................................
4,406,494
$
2,959,773
6,106,519
United
Kingdom
(2.8%):
Communication
Services
(0.3%):
BT
Group
PLC
........................................................
2,994,143
4,251,170
Vodafone
Group
PLC
....................................................
5,482,549
5,138,499
9,389,669
Consumer
Staples
(0.7%):
British
American
Tobacco
PLC
.............................................
212,214
6,662,145
Imperial
Brands
PLC
....................................................
305,312
6,192,668
Tesco
PLC
............................................................
2,338,007
7,518,929
20,373,742
Energy
(0.2%):
BP
PLC
..............................................................
746,928
4,813,856
Financials
(0.7%):
Admiral
Group
PLC
.....................................................
78,349
2,263,885
HSBC
Holdings
PLC
....................................................
789,949
6,180,639
Lloyds
Banking
Group
PLC
...............................................
10,899,598
5,856,420
NatWest
Group
PLC
.....................................................
1,689,201
4,831,260
19,132,204
Health
Care
(0.3%):
GSK
PLC
............................................................
446,615
8,079,630
Materials
(0.3%):
Anglo
American
PLC
....................................................
143,080
3,928,274
Evraz
PLC(c)(e)(f)
......................................................
753,373
372,211
Rio
Tinto
PLC
.........................................................
79,485
4,990,239
9,290,724
Utilities
(0.3%):
National
Grid
PLC
......................................................
624,569
7,468,210
78,548,035
United
States
(40.9%):
Communication
Services
(1.1%):
Cogent
Communications
Holdings,
Inc.
.......................................
90,009
5,571,557
John
Wiley
&
Sons,
Inc.,
Class
A
............................................
159,194
5,917,241
Omnicom
Group,
Inc.
....................................................
69,109
5,147,238
Shutterstock,
Inc.
.......................................................
108,612
4,132,687
The
Interpublic
Group
of
Cos.,
Inc.
..........................................
151,788
4,350,244
Verizon
Communications,
Inc.
..............................................
180,204
5,840,412
30,959,379
Consumer
Discretionary
(4.4%):
Best
Buy
Co.,
Inc.
......................................................
71,231
4,948,418
Bloomin'
Brands,
Inc.
....................................................
205,994
5,065,392
Carter's,
Inc.
..........................................................
99,647
6,890,590
Cracker
Barrel
Old
Country
Store,
Inc.
........................................
77,398
5,201,146
Darden
Restaurants,
Inc.
..................................................
53,363
7,642,649
Dine
Brands
Global,
Inc.
.................................................
19,393
958,984
Ford
Motor
Co.
........................................................
320,800
3,984,336
Guess?,
Inc.
...........................................................
50,200
1,086,328
Jack
in
the
Box,
Inc.
.....................................................
75,148
5,189,721
Kontoor
Brands,
Inc.
....................................................
95,949
4,213,121
La-Z-Boy,
Inc.
.........................................................
179,099
5,530,577
LCI
Industries
.........................................................
47,525
5,580,385
Levi
Strauss
&
Co.,
Class
A
...............................................
388,498
5,275,803
MDC
Holdings,
Inc.
.....................................................
137,657
5,675,598
Monro,
Inc.
...........................................................
33,414
927,907
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
20
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Nordstrom,
Inc.
........................................................
241,303
$
3,605,067
Oxford
Industries,
Inc.
...................................................
30,705
2,951,672
Papa
John's
International,
Inc.
..............................................
80,730
5,507,401
Patrick
Industries,
Inc.
...................................................
72,387
5,433,368
Red
Rock
Resorts,
Inc.,
Class
A
.............................................
148,302
6,080,382
Steven
Madden
Ltd.
.....................................................
181,436
5,764,222
Strategic
Education,
Inc.
..................................................
90,512
6,811,028
The
Buckle,
Inc.
........................................................
184,175
6,149,603
The
Cheesecake
Factory,
Inc.
..............................................
179,410
5,436,123
Travel
+
Leisure
Co.
.....................................................
154,372
5,670,083
Upbound
Group,
Inc.
....................................................
29,041
855,257
122,435,161
Consumer
Staples
(4.6%):
Altria
Group,
Inc.
.......................................................
198,146
8,332,039
Campbell
Soup
Co.
.....................................................
173,800
7,139,704
Conagra
Brands,
Inc.
....................................................
286,547
7,857,119
Fresh
Del
Monte
Produce,
Inc.
.............................................
287,073
7,417,966
General
Mills,
Inc.
......................................................
112,800
7,218,072
J
&
J
Snack
Foods
Corp.
..................................................
45,948
7,519,390
Kellanova
............................................................
156,596
9,319,028
Kimberly-Clark
Corp.
....................................................
74,334
8,983,264
Medifast,
Inc.
.........................................................
10,784
807,183
Nu
Skin
Enterprises,
Inc.,
Class
A
...........................................
276,762
5,870,122
Philip
Morris
International,
Inc.
.............................................
91,662
8,486,068
Target
Corp.
..........................................................
43,200
4,776,624
The
Clorox
Co.
........................................................
38,970
5,107,408
The
Coca-Cola
Co.
......................................................
194,356
10,880,049
The
Kraft
Heinz
Co.
.....................................................
270,447
9,097,837
Tyson
Foods,
Inc.,
Class
A
................................................
92,361
4,663,307
Universal
Corp.
........................................................
202,280
9,549,639
Vector
Group
Ltd.
......................................................
553,263
5,886,718
128,911,537
Energy
(4.1%):
Archrock,
Inc.
.........................................................
472,558
5,954,231
Chevron
Corp.
.........................................................
37,626
6,344,496
Comstock
Resources,
Inc.
.................................................
338,664
3,735,464
ConocoPhillips
........................................................
39,200
4,696,160
CONSOL
Energy,
Inc.
...................................................
47,115
4,942,835
Coterra
Energy,
Inc.
.....................................................
162,930
4,407,257
Crescent
Energy
Co.,
Class
A(b)
............................................
381,626
4,823,753
CVR
Energy,
Inc.
.......................................................
148,327
5,047,568
Devon
Energy
Corp.
.....................................................
76,910
3,668,607
Diamondback
Energy,
Inc.
................................................
29,900
4,630,912
EOG
Resources,
Inc.
....................................................
35,594
4,511,895
Exxon
Mobil
Corp.
.....................................................
49,275
5,793,754
HF
Sinclair
Corp.
.......................................................
70,500
4,013,565
Kinder
Morgan,
Inc.
.....................................................
463,634
7,687,052
Kinetik
Holdings,
Inc.(b)
.................................................
191,692
6,469,605
Northern
Oil
and
Gas,
Inc.
................................................
117,062
4,709,404
ONEOK,
Inc.
..........................................................
87,280
5,536,170
Phillips
66
............................................................
42,245
5,075,737
Pioneer
Natural
Resources
Co.
.............................................
20,778
4,769,590
Sitio
Royalties
Corp.,
Class
A
..............................................
230,015
5,568,663
The
Williams
Cos.,
Inc.
..................................................
201,364
6,783,953
Valero
Energy
Corp.
.....................................................
31,992
4,533,586
World
Kinect
Corp.
.....................................................
81,546
1,829,077
115,533,334
Financials
(9.2%):
Ally
Financial,
Inc.
......................................................
6,066
161,841
Ares
Management
Corp.,
Class
A
...........................................
3,328
342,351
Artisan
Partners
Asset
Management,
Inc.,
Class
A
................................
196,068
7,336,865
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
21
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Associated
Banc-Corp.
...................................................
419,810
$
7,182,949
Atlantic
Union
Bankshares
Corp.
............................................
97,121
2,795,142
B
Riley
Financial,
Inc.(b)
.................................................
55,274
2,265,681
Bank
of
America
Corp.
...................................................
186,200
5,098,156
Bank
of
Hawaii
Corp.(b)
..................................................
138,071
6,860,748
Blackstone,
Inc.
........................................................
39,048
4,183,603
Bread
Financial
Holdings,
Inc.
.............................................
116,286
3,976,981
Citigroup,
Inc.
.........................................................
130,136
5,352,494
Citizens
Financial
Group,
Inc.
..............................................
127,446
3,415,553
CME
Group,
Inc.
.......................................................
36,902
7,388,519
Columbia
Banking
System,
Inc.
............................................
309,557
6,284,007
Corebridge
Financial,
Inc.
.................................................
224,800
4,439,800
CVB
Financial
Corp.
....................................................
235,549
3,903,047
Fidelity
National
Financial,
Inc.
............................................
142,370
5,879,881
Fifth
Third
Bancorp
.....................................................
142,117
3,599,824
First
Financial
Bancorp
...................................................
402,889
7,896,624
First
Hawaiian,
Inc.
.....................................................
347,925
6,280,046
First
Interstate
BancSystem,
Inc.,
Class
A
......................................
151,382
3,775,467
Franklin
Resources,
Inc.
..................................................
194,978
4,792,559
Fulton
Financial
Corp.
...................................................
564,267
6,833,273
Hope
Bancorp,
Inc.
.....................................................
680,000
6,018,000
Huntington
Bancshares,
Inc.
...............................................
343,727
3,574,761
Independent
Bank
Corp.
..................................................
59,547
2,923,162
Jackson
Financial,
Inc.,
Class
A
.............................................
138,062
5,276,730
KeyCorp
.............................................................
218,813
2,354,428
Lazard
Ltd.,
Class
A
.....................................................
42,040
1,303,660
M&T
Bank
Corp.
.......................................................
33,828
4,277,551
MetLife,
Inc.
..........................................................
77,500
4,875,525
Moelis
&
Co.,
Class
A
...................................................
135,961
6,135,920
Morgan
Stanley
........................................................
68,431
5,588,760
Navient
Corp.
.........................................................
74,564
1,283,992
Northern
Trust
Corp.
....................................................
55,318
3,843,495
Northwest
Bancshares,
Inc.
................................................
767,993
7,856,568
Pacific
Premier
Bancorp,
Inc.
..............................................
266,562
5,800,389
PacWest
Bancorp(b)
.....................................................
151,951
1,201,932
Principal
Financial
Group,
Inc.
.............................................
67,278
4,848,726
Provident
Financial
Services,
Inc.
...........................................
377,949
5,778,840
Prudential
Financial,
Inc.
.................................................
56,900
5,399,241
Radian
Group,
Inc.
......................................................
94,435
2,371,263
Regions
Financial
Corp.
..................................................
235,751
4,054,917
Sandy
Spring
Bancorp,
Inc.
................................................
255,880
5,483,508
State
Street
Corp.
.......................................................
62,700
4,198,392
T.
Rowe
Price
Group,
Inc.
.................................................
40,868
4,285,827
Texas
Capital
Bancshares,
Inc.(c)
...........................................
16,731
985,456
The
Bank
of
New
York
Mellon
Corp.
.........................................
123,200
5,254,480
The
Carlyle
Group,
Inc.
..................................................
120,772
3,642,484
The
Goldman
Sachs
Group,
Inc.
............................................
18,200
5,888,974
The
PNC
Financial
Services
Group,
Inc.
......................................
37,944
4,658,385
TPG,
Inc.
............................................................
124,976
3,764,277
Truist
Financial
Corp.
....................................................
105,574
3,020,472
U.S.
Bancorp
..........................................................
98,298
3,249,732
UWM
Holdings
Corp.(b)
.................................................
872,362
4,230,956
Virtu
Financial,
Inc.,
Class
A
...............................................
372,544
6,433,835
Wells
Fargo
&
Co.
......................................................
118,700
4,850,082
WesBanco,
Inc.
........................................................
206,910
5,052,742
259,812,873
Health
Care
(2.1%):
AbbVie,
Inc.
..........................................................
47,492
7,079,157
Amgen,
Inc.
...........................................................
28,014
7,529,043
Bristol-Myers
Squibb
Co.
.................................................
130,844
7,594,186
CVS
Health
Corp.
......................................................
88,800
6,200,016
Gilead
Sciences,
Inc.
....................................................
93,715
7,023,002
Patterson
Cos.,
Inc.
.....................................................
217,156
6,436,504
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
22
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Pfizer,
Inc.
............................................................
192,942
$
6,399,886
Premier,
Inc.,
Class
A
....................................................
285,790
6,144,485
Viatris,
Inc.
...........................................................
534,240
5,267,606
59,673,885
Industrials
(3.0%):
CSG
Systems
International,
Inc.
............................................
80,442
4,112,195
FTAI
Aviation
Ltd.
......................................................
126,648
4,502,336
GATX
Corp.
..........................................................
43,722
4,758,265
H&E
Equipment
Services,
Inc.
.............................................
103,282
4,460,750
HNI
Corp.
............................................................
200,004
6,926,139
Insperity,
Inc.
..........................................................
56,850
5,548,560
Kennametal,
Inc.
.......................................................
227,149
5,651,467
Kforce,
Inc.
...........................................................
110,625
6,599,888
ManpowerGroup,
Inc.
...................................................
97,232
7,129,050
MillerKnoll,
Inc.
.......................................................
240,792
5,887,364
MSC
Industrial
Direct
Co.,
Inc.
.............................................
96,101
9,432,313
Stanley
Black
&
Decker,
Inc.
..............................................
44,945
3,756,503
Trinity
Industries,
Inc.
...................................................
220,221
5,362,381
TTEC
Holdings,
Inc.
....................................................
159,612
4,185,027
United
Parcel
Service,
Inc.,
Class
B
..........................................
35,661
5,558,480
83,870,718
Information
Technology
(1.3%):
Avnet,
Inc.
............................................................
125,500
6,047,845
Corning,
Inc.
..........................................................
184,548
5,623,178
HP,
Inc.
..............................................................
177,952
4,573,366
InterDigital,
Inc.
.......................................................
1,498
120,200
International
Business
Machines
Corp.
........................................
56,241
7,890,612
Juniper
Networks,
Inc.
...................................................
204,200
5,674,718
Texas
Instruments,
Inc.
...................................................
33,300
5,295,033
35,224,952
Materials
(2.3%):
Avient
Corp.
..........................................................
144,528
5,104,729
Cabot
Corp.
...........................................................
15,100
1,045,977
Dow,
Inc.
............................................................
113,802
5,867,631
Eastman
Chemical
Co.
...................................................
57,466
4,408,792
Greif,
Inc.,
Class
A
......................................................
105,640
7,057,808
International
Paper
Co.
...................................................
146,735
5,204,690
LyondellBasell
Industries
NV,
Class
A
........................................
60,670
5,745,449
Mativ
Holdings,
Inc.
.....................................................
121,155
1,727,670
NewMarket
Corp.
......................................................
20,770
9,451,181
Packaging
Corp.
of
America
...............................................
36,876
5,662,310
Sensient
Technologies
Corp.
...............................................
128,873
7,536,493
Sylvamo
Corp.
.........................................................
54,200
2,381,548
Worthington
Industries,
Inc.
...............................................
38,113
2,356,146
63,550,424
Real
Estate
(0.2%):
Kennedy-Wilson
Holdings,
Inc.
.............................................
401,837
5,923,077
Utilities
(8.6%):
ALLETE,
Inc.
.........................................................
170,795
9,017,976
Alliant
Energy
Corp.
....................................................
145,492
7,049,087
American
Electric
Power
Co.,
Inc.
...........................................
92,003
6,920,466
Avista
Corp.
..........................................................
269,748
8,731,743
Brookfield
Renewable
Corp.,
Class
A
.........................................
193,058
4,621,394
California
Water
Service
Group
.............................................
16,400
775,884
Clearway
Energy,
Inc.,
Class
C
.............................................
343,374
7,265,794
CMS
Energy
Corp.
......................................................
130,715
6,942,274
Consolidated
Edison,
Inc.
.................................................
91,566
7,831,640
Dominion
Energy,
Inc.
...................................................
139,531
6,232,850
DTE
Energy
Co.
.......................................................
74,964
7,442,426
Duke
Energy
Corp.
......................................................
89,737
7,920,188
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
23
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Edison
International
.....................................................
96,701
$
6,120,206
Entergy
Corp.
.........................................................
70,099
6,484,157
Evergy,
Inc.
...........................................................
134,411
6,814,638
Eversource
Energy
......................................................
108,399
6,303,402
Exelon
Corp.
..........................................................
196,743
7,434,918
FirstEnergy
Corp.
.......................................................
204,113
6,976,582
MGE
Energy,
Inc.
......................................................
124,155
8,505,859
New
Jersey
Resources
Corp.
...............................................
91,083
3,700,702
NiSource,
Inc.
.........................................................
293,769
7,250,219
Northwest
Natural
Holding
Co.
.............................................
231,479
8,833,239
Northwestern
Energy
Group,
Inc.
...........................................
207,349
9,965,193
ONE
Gas,
Inc.
.........................................................
107,045
7,309,032
Otter
Tail
Corp.
........................................................
80,771
6,132,134
Portland
General
Electric
Co.
..............................................
212,915
8,618,799
PPL
Corp.
............................................................
324,948
7,655,775
Public
Service
Enterprise
Group,
Inc.
.........................................
123,075
7,004,198
Sempra
Energy
........................................................
109,822
7,471,191
SJW
Group
...........................................................
131,053
7,877,596
Spire,
Inc.
............................................................
163,774
9,266,333
The
Southern
Co.
.......................................................
117,112
7,579,489
WEC
Energy
Group,
Inc.
.................................................
90,440
7,284,942
Xcel
Energy,
Inc.
.......................................................
131,728
7,537,476
242,877,802
1,148,773,142
Total
Common
Stocks
(Cost
$2,455,630,919)
2,342,378,308
Collateral
for
Securities
Loaned
(0.9%)^
United
States
(0.9%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.24%(g)
........
6,433,851
6,433,851
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.28%(g)
............
6,433,851
6,433,851
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.26%(g)
...............
6,433,851
6,433,851
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.27%(g)
.
6,433,850
6,433,850
Total
Collateral
for
Securities
Loaned
(Cost
$25,735,403)
25,735,403
Total
Investments
(Cost
$2,481,366,322)
—
84.2%
2,368,113,711
Other
assets
in
excess
of
liabilities
—
15.8%
444,295,455
NET
ASSETS
-
100.00%
$
2,812,409,166
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Amount
represents
less
than
0.05%
of
net
assets.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Non-income
producing
security.
(d)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2023,
the
fair
value
of
these
securities
was
$21,902,394
and
amounted
to
0.8%
of
net
assets.
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
24
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Name
Acquisition
Date
Cost
Evraz
PLC
.................................................
3/19/2021
$
4,339,844
Inter
RAO
UES
PJSC
.........................................
3/19/2021
7,868,060
Magnit
PJSC
...............................................
8/22/2019
6,809,485
Magnitogorsk
Iron
&
Steel
Works
PJSC
............................
9/17/2021
4,370,482
MMC
Norilsk
Nickel
PJSC
.....................................
9/19/2014
4,446,120
Mobile
TeleSystems
PJSC
.....................................
5/15/2020
9,690,609
Moscow
Exchange
MICEX-RTS
PJSC
............................
9/17/2021
5,924,069
Novolipetsk
Steel
PJSC
.......................................
9/17/2021
4,421,417
Polyus
PJSC
...............................................
9/17/2021
6,022,105
Rostelecom
PJSC
............................................
9/18/2020
8,205,300
RusHydro
PJSC
.............................................
9/18/2020
7,349,118
Severstal
PAO
..............................................
3/17/2017
4,076,024
Tatneft
PJSC
...............................................
9/15/2017
5,787,174
X5
Retail
Group
NV,
GDR
.....................................
9/18/2020
5,468,213
(e)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
September
30,
2023.
(f)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
September
30,
2023.
(g)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
GDR
—
Global
Depositary
Receipt
PCL
—
Public
Company
Limited
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
NASDAQ
100
E-Mini
Futures
.........
4,943
12/15/23
$
1,530,508,974
$
1,469,702,190
$
(60,806,784)
Futures
Contracts
Sold
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
MSCI
EAFE
Index
Futures
......
5,153
12/15/23
$
544,928,939
$
525,992,475
$
18,936,464
E-Mini
MSCI
Emerging
Markets
Index
Futures
..........................
10,852
12/15/23
536,475,201
518,454,300
18,020,901
E-Mini
Russell
2000
Index
Futures
......
5,592
12/15/23
523,344,426
502,888,560
20,455,866
E-Mini
S&P
500
Futures
..............
10,206
12/15/23
2,301,819,181
2,207,302,650
94,516,531
$
151,929,762
Total
unrealized
appreciation
$
151,929,762
Total
unrealized
depreciation
(60,806,784)
Total
net
unrealized
appreciation
(depreciation)
$
91,122,978
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
25
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.5%)
Communication
Services
(3.2%):
Alphabet,
Inc.
,
Class
A
(a)
.................................................
6,238
$
816,305
Charter
Communications,
Inc.
,
Class
A
(a)
.....................................
1,702
748,574
Comcast
Corp.
,
Class
A
..................................................
24,068
1,067,175
Electronic
Arts,
Inc.
.....................................................
10,180
1,225,672
Fox
Corp.
,
Class
A
......................................................
35,017
1,092,530
Liberty
Broadband
Corp.
,
Class
C
(a)
.........................................
7,864
718,140
Liberty
Media
Corp.-Liberty
Formula
One
(a)
...................................
14,858
925,653
Live
Nation
Entertainment,
Inc.
(a)
...........................................
9,632
799,841
Match
Group,
Inc.
(a)
....................................................
13,383
524,279
Meta
Platforms,
Inc.
,
Class
A
(a)
............................................
2,034
610,627
Netflix,
Inc.
(a)
.........................................................
1,606
606,426
News
Corp.
,
Class
A
.....................................................
42,633
855,218
Omnicom
Group,
Inc.
....................................................
12,806
953,791
The
Interpublic
Group
of
Cos.,
Inc.
..........................................
28,057
804,114
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
5,746
449,050
The
Walt
Disney
Co.
(a)
..................................................
11,502
932,237
T-Mobile
U.S.,
Inc.
......................................................
9,859
1,380,753
Verizon
Communications,
Inc.
..............................................
34,087
1,104,760
Warner
Music
Group
Corp.
,
Class
A
.........................................
23,819
747,917
16,363,062
Consumer
Discretionary
(9.7%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
4,672
641,045
Amazon.com,
Inc.
(a)
....................................................
5,666
720,262
Aptiv
PLC
(a)
..........................................................
8,973
884,648
Aramark
.............................................................
25,416
881,935
AutoZone,
Inc.
(a)
.......................................................
516
1,310,635
Best
Buy
Co.,
Inc.
......................................................
13,481
936,525
Booking
Holdings,
Inc.
(a)
.................................................
332
1,023,871
BorgWarner,
Inc.
.......................................................
22,838
921,978
Burlington
Stores,
Inc.
(a)
.................................................
4,898
662,699
Caesars
Entertainment,
Inc.
(a)
..............................................
10,685
495,250
CarMax,
Inc.
(a)
........................................................
7,885
557,706
Chewy,
Inc.
,
Class
A
(a)
(b)
................................................
20,524
374,768
Chipotle
Mexican
Grill,
Inc.
(a)
.............................................
489
895,765
Churchill
Downs,
Inc.
....................................................
7,218
837,577
Darden
Restaurants,
Inc.
..................................................
10,103
1,446,952
Deckers
Outdoor
Corp.
(a)
.................................................
1,933
993,736
Dick's
Sporting
Goods,
Inc.
................................................
5,393
585,572
Domino's
Pizza,
Inc.
.....................................................
2,247
851,141
DR
Horton,
Inc.
........................................................
8,546
918,439
eBay,
Inc.
............................................................
20,370
898,113
Expedia
Group,
Inc.
(a)
...................................................
6,151
633,984
Five
Below,
Inc.
(a)
......................................................
5,246
844,081
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
......................................
6,908
625,174
Ford
Motor
Co.
........................................................
60,691
753,782
Garmin
Ltd.
...........................................................
12,980
1,365,496
General
Motors
Co.
.....................................................
23,511
775,158
Genuine
Parts
Co.
......................................................
7,874
1,136,848
Hilton
Worldwide
Holdings,
Inc.
............................................
8,176
1,227,872
Hyatt
Hotels
Corp.
,
Class
A
................................................
7,912
839,305
Las
Vegas
Sands
Corp.
...................................................
16,477
755,306
Lennar
Corp.
,
Class
A
....................................................
8,847
992,899
LKQ
Corp.
...........................................................
24,845
1,230,076
Lowe's
Cos.,
Inc.
.......................................................
4,955
1,029,847
Marriott
International,
Inc.
,
Class
A
..........................................
5,395
1,060,441
McDonald's
Corp.
......................................................
7,252
1,910,467
MGM
Resorts
International
................................................
18,922
695,573
NIKE,
Inc.
,
Class
B
.....................................................
9,470
905,521
NVR,
Inc.
(a)
..........................................................
205
1,222,476
O'Reilly
Automotive,
Inc.
(a)
...............................................
1,477
1,342,386
Penske
Automotive
Group,
Inc.
.............................................
5,331
890,597
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
26
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Pool
Corp.
............................................................
2,244
$
799,088
PulteGroup,
Inc.
........................................................
11,754
870,384
Ross
Stores,
Inc.
.......................................................
11,006
1,243,128
Service
Corp.
International
................................................
21,243
1,213,825
Starbucks
Corp.
........................................................
12,848
1,172,637
Tesla,
Inc.
(a)
..........................................................
1,739
435,133
The
Home
Depot,
Inc.
...................................................
3,701
1,118,294
The
TJX
Cos.,
Inc.
......................................................
17,926
1,593,263
Tractor
Supply
Co.
......................................................
5,222
1,060,327
Ulta
Beauty,
Inc.
(a)
.....................................................
2,385
952,688
Yum!
Brands,
Inc.
......................................................
13,482
1,684,441
49,219,114
Consumer
Staples
(9.9%):
Altria
Group,
Inc.
.......................................................
37,489
1,576,412
Archer-Daniels-Midland
Co.
...............................................
15,016
1,132,507
Brown-Forman
Corp.
,
Class
B
.............................................
20,969
1,209,702
Bunge
Ltd.
...........................................................
7,546
816,854
Campbell
Soup
Co.
.....................................................
32,884
1,350,875
Church
&
Dwight
Co.,
Inc.
................................................
15,840
1,451,419
Colgate-Palmolive
Co.
...................................................
22,858
1,625,432
Conagra
Brands,
Inc.
....................................................
54,218
1,486,658
Costco
Wholesale
Corp.
..................................................
2,555
1,443,473
Coty,
Inc.
,
Class
A
(a)
....................................................
75,642
829,793
Darling
Ingredients,
Inc.
(a)
................................................
13,034
680,375
Dollar
General
Corp.
....................................................
5,786
612,159
Dollar
Tree,
Inc.
(a)
......................................................
7,087
754,411
General
Mills,
Inc.
......................................................
21,440
1,371,946
Hormel
Foods
Corp.
.....................................................
39,276
1,493,666
Kellanova
............................................................
29,657
1,764,888
Keurig
Dr
Pepper,
Inc.
...................................................
49,630
1,566,819
Kimberly-Clark
Corp.
....................................................
14,066
1,699,876
Lamb
Weston
Holdings,
Inc.
...............................................
12,829
1,186,169
McCormick
&
Co.,
Inc.
..................................................
14,527
1,098,822
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
18,250
1,160,517
Mondelez
International,
Inc.
,
Class
A
.........................................
23,164
1,607,582
Monster
Beverage
Corp.
(a)
................................................
23,885
1,264,711
PepsiCo,
Inc.
..........................................................
11,099
1,880,615
Performance
Food
Group
Co.
(a)
............................................
18,538
1,091,147
Philip
Morris
International,
Inc.
.............................................
17,343
1,605,615
Sysco
Corp.
...........................................................
20,951
1,383,813
Target
Corp.
..........................................................
8,175
903,910
The
Clorox
Co.
........................................................
7,199
943,501
The
Coca-Cola
Co.
......................................................
37,433
2,095,499
The
Estee
Lauder
Cos.,
Inc.
...............................................
4,938
713,788
The
Hershey
Co.
.......................................................
7,618
1,524,209
The
Kraft
Heinz
Co.
.....................................................
51,165
1,721,191
The
Kroger
Co.
........................................................
29,559
1,322,765
The
Procter
&
Gamble
Co.
................................................
12,073
1,760,968
Tyson
Foods,
Inc.
,
Class
A
................................................
17,346
875,799
U.S.
Foods
Holding
Corp.
(a)
...............................................
27,987
1,111,084
Walmart,
Inc.
..........................................................
12,118
1,938,032
50,057,002
Energy
(4.9%):
APA
Corp.
............................................................
14,655
602,320
Baker
Hughes
Co.
......................................................
25,316
894,161
Cheniere
Energy,
Inc.
....................................................
5,608
930,704
Chesapeake
Energy
Corp.
.................................................
9,280
800,214
Chevron
Corp.
.........................................................
7,273
1,226,373
ConocoPhillips
........................................................
7,411
887,838
Coterra
Energy,
Inc.
.....................................................
30,275
818,939
Devon
Energy
Corp.
.....................................................
14,556
694,321
Diamondback
Energy,
Inc.
................................................
5,662
876,930
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
27
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
EOG
Resources,
Inc.
....................................................
6,716
$
851,320
EQT
Corp.
............................................................
15,510
629,396
Exxon
Mobil
Corp.
.....................................................
9,395
1,104,664
Halliburton
Co.
........................................................
17,344
702,432
Hess
Corp.
............................................................
5,233
800,649
HF
Sinclair
Corp.
.......................................................
13,334
759,105
Kinder
Morgan,
Inc.
.....................................................
87,723
1,454,447
Marathon
Oil
Corp.
.....................................................
28,061
750,632
Marathon
Petroleum
Corp.
................................................
5,896
892,301
Occidental
Petroleum
Corp.
...............................................
15,399
999,087
ONEOK,
Inc.
..........................................................
16,506
1,046,975
Ovintiv,
Inc.
..........................................................
12,505
594,863
Phillips
66
............................................................
7,853
943,538
Pioneer
Natural
Resources
Co.
.............................................
3,883
891,343
Schlumberger
NV
......................................................
12,729
742,101
Targa
Resources
Corp.
...................................................
12,051
1,033,012
Texas
Pacific
Land
Corp.
.................................................
384
700,247
The
Williams
Cos.,
Inc.
..................................................
37,417
1,260,579
Valero
Energy
Corp.
.....................................................
6,047
856,920
24,745,411
Financials
(15.6%):
Aflac,
Inc.
............................................................
16,914
1,298,149
American
Express
Co.
...................................................
6,162
919,309
American
Financial
Group,
Inc.
.............................................
9,802
1,094,589
American
International
Group,
Inc.
..........................................
16,244
984,386
Ameriprise
Financial,
Inc.
.................................................
2,933
966,951
Aon
PLC
,
Class
A
......................................................
4,403
1,427,541
Apollo
Global
Management,
Inc.
............................................
9,162
822,381
Arch
Capital
Group
Ltd.
(a)
................................................
14,125
1,125,904
Ares
Management
Corp.
,
Class
A
...........................................
8,739
898,981
Arthur
J.
Gallagher
&
Co.
.................................................
6,500
1,481,545
Bank
of
America
Corp.
...................................................
35,990
985,406
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
4,734
1,658,320
BlackRock,
Inc.
........................................................
1,734
1,121,014
Blackstone,
Inc.
........................................................
7,253
777,086
Brown
&
Brown,
Inc.
....................................................
17,810
1,243,850
Capital
One
Financial
Corp.
...............................................
7,767
753,787
Cboe
Global
Markets,
Inc.
................................................
10,164
1,587,718
Chubb
Ltd.
...........................................................
6,273
1,305,913
Cincinnati
Financial
Corp.
................................................
8,917
912,120
Citigroup,
Inc.
.........................................................
24,763
1,018,502
Citizens
Financial
Group,
Inc.
..............................................
23,538
630,818
CME
Group,
Inc.
.......................................................
6,985
1,398,537
Corebridge
Financial,
Inc.
.................................................
42,539
840,145
Discover
Financial
Services
...............................................
8,176
708,287
Equitable
Holdings,
Inc.
..................................................
28,109
798,015
Erie
Indemnity
Co.
,
Class
A
...............................................
2,988
877,845
Everest
Group
Ltd.
......................................................
2,814
1,045,879
FactSet
Research
Systems,
Inc.
.............................................
2,638
1,153,492
Fidelity
National
Financial,
Inc.
............................................
26,213
1,082,597
Fifth
Third
Bancorp
.....................................................
26,648
674,994
First
Citizens
BancShares,
Inc.
,
Class
A
.......................................
271
374,007
Fiserv,
Inc.
(a)
..........................................................
9,707
1,096,503
FleetCor
Technologies,
Inc.
(a)
..............................................
3,421
873,518
Franklin
Resources,
Inc.
..................................................
36,886
906,658
Global
Payments,
Inc.
....................................................
6,525
752,920
Globe
Life,
Inc.
........................................................
12,112
1,316,938
Huntington
Bancshares,
Inc.
...............................................
64,317
668,897
Interactive
Brokers
Group,
Inc.
.............................................
9,855
853,049
Intercontinental
Exchange,
Inc.
.............................................
12,315
1,354,896
JPMorgan
Chase
&
Co.
..................................................
8,123
1,177,997
KeyCorp
.............................................................
39,871
429,012
Loews
Corp.
..........................................................
22,163
1,403,140
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
28
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
LPL
Financial
Holdings,
Inc.
...............................................
3,193
$
758,816
M&T
Bank
Corp.
.......................................................
6,405
809,912
Markel
Group,
Inc.
(a)
....................................................
874
1,286,956
Marsh
&
McLennan
Cos.,
Inc.
.............................................
8,176
1,555,893
Mastercard,
Inc.
,
Class
A
.................................................
3,719
1,472,389
MetLife,
Inc.
..........................................................
14,658
922,135
Moody's
Corp.
.........................................................
3,531
1,116,396
Morgan
Stanley
........................................................
12,953
1,057,872
Morningstar,
Inc.
.......................................................
3,528
826,399
MSCI,
Inc.
...........................................................
1,558
799,379
Nasdaq,
Inc.
..........................................................
20,539
997,990
Northern
Trust
Corp.
....................................................
10,264
713,143
PayPal
Holdings,
Inc.
(a)
..................................................
11,360
664,106
Principal
Financial
Group,
Inc.
.............................................
12,293
885,957
Prudential
Financial,
Inc.
.................................................
10,772
1,022,155
Raymond
James
Financial,
Inc.
.............................................
9,038
907,686
Regions
Financial
Corp.
..................................................
43,813
753,584
RenaissanceRe
Holdings
Ltd.
..............................................
4,687
927,651
Ryan
Specialty
Holdings,
Inc.
(a)
............................................
22,496
1,088,806
S&P
Global,
Inc.
.......................................................
3,020
1,103,538
State
Street
Corp.
.......................................................
11,858
794,012
Synchrony
Financial
.....................................................
24,716
755,568
T.
Rowe
Price
Group,
Inc.
.................................................
7,734
811,065
The
Bank
of
New
York
Mellon
Corp.
.........................................
23,307
994,044
The
Carlyle
Group,
Inc.
..................................................
22,825
688,402
The
Charles
Schwab
Corp.
................................................
10,221
561,133
The
Goldman
Sachs
Group,
Inc.
............................................
3,438
1,112,434
The
Hartford
Financial
Services
Group,
Inc.
....................................
16,154
1,145,480
The
PNC
Financial
Services
Group,
Inc.
......................................
7,180
881,489
The
Progressive
Corp.
...................................................
6,372
887,620
The
Travelers
Cos.,
Inc.
..................................................
7,676
1,253,568
Tradeweb
Markets,
Inc.
,
Class
A
............................................
10,735
860,947
Truist
Financial
Corp.
....................................................
19,763
565,419
U.S.
Bancorp
..........................................................
18,423
609,064
Unum
Group
..........................................................
17,731
872,188
UWM
Holdings
Corp.
...................................................
92,546
448,848
Visa,
Inc.
,
Class
A
......................................................
6,836
1,572,348
W.
R.
Berkley
Corp.
.....................................................
19,701
1,250,816
Wells
Fargo
&
Co.
......................................................
22,743
929,279
79,466,083
Health
Care
(13.7%):
Abbott
Laboratories
.....................................................
13,022
1,261,181
AbbVie,
Inc.
..........................................................
8,993
1,340,497
Agilent
Technologies,
Inc.
.................................................
8,878
992,738
Align
Technology,
Inc.
(a)
.................................................
1,402
428,059
Amgen,
Inc.
...........................................................
5,272
1,416,903
Avantor,
Inc.
(a)
........................................................
37,776
796,318
Becton
Dickinson
&
Co.
..................................................
5,415
1,399,940
Biogen,
Inc.
(a)
.........................................................
4,893
1,257,550
BioMarin
Pharmaceutical,
Inc.
(a)
...........................................
10,837
958,858
Bio-Techne
Corp.
.......................................................
11,164
759,933
Boston
Scientific
Corp.
(a)
.................................................
27,185
1,435,368
Bristol-Myers
Squibb
Co.
.................................................
24,878
1,443,919
Bruker
Corp.
..........................................................
13,504
841,299
Cardinal
Health,
Inc.
....................................................
15,105
1,311,416
Cencora,
Inc.
..........................................................
9,211
1,657,704
Centene
Corp.
(a)
.......................................................
16,194
1,115,443
Charles
River
Laboratories
International,
Inc.
(a)
.................................
3,657
716,699
CVS
Health
Corp.
......................................................
16,794
1,172,557
Danaher
Corp.
.........................................................
4,170
1,034,577
DaVita,
Inc.
(a)
.........................................................
8,689
821,371
Dexcom,
Inc.
(a)
........................................................
7,418
692,099
Edwards
Lifesciences
Corp.
(a)
.............................................
12,667
877,570
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
29
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Elevance
Health,
Inc.
....................................................
2,316
$
1,008,433
Eli
Lilly
&
Co.
.........................................................
1,741
935,143
GE
HealthCare
Technologies,
Inc.
...........................................
11,941
812,466
Gilead
Sciences,
Inc.
....................................................
17,741
1,329,511
HCA
Healthcare,
Inc.
....................................................
4,963
1,220,799
Henry
Schein,
Inc.
(a)
....................................................
15,801
1,173,224
Hologic,
Inc.
(a)
........................................................
18,412
1,277,793
Humana,
Inc.
..........................................................
2,132
1,037,261
IDEXX
Laboratories,
Inc.
(a)
...............................................
1,742
761,724
Incyte
Corp.
(a)
.........................................................
19,537
1,128,652
Insulet
Corp.
(a)
........................................................
4,372
697,290
Intuitive
Surgical,
Inc.
(a)
.................................................
2,972
868,686
IQVIA
Holdings,
Inc.
(a)
..................................................
4,894
962,894
Johnson
&
Johnson
.....................................................
9,763
1,520,587
Laboratory
Corp.
of
America
Holdings
........................................
6,719
1,350,855
McKesson
Corp.
.......................................................
3,224
1,401,956
Medtronic
PLC
........................................................
15,007
1,175,949
Merck
&
Co.,
Inc.
......................................................
12,507
1,287,596
Mettler-Toledo
International,
Inc.
(a)
.........................................
834
924,130
Moderna,
Inc.
(a)
.......................................................
4,745
490,111
Molina
Healthcare,
Inc.
(a)
................................................
3,172
1,040,067
Neurocrine
Biosciences,
Inc.
(a)
.............................................
9,774
1,099,575
Penumbra,
Inc.
(a)
.......................................................
3,418
826,848
Pfizer,
Inc.
............................................................
36,746
1,218,865
Quest
Diagnostics,
Inc.
...................................................
11,188
1,363,370
Regeneron
Pharmaceuticals,
Inc.
(a)
..........................................
1,244
1,023,762
Repligen
Corp.
(a)
.......................................................
3,325
528,708
ResMed,
Inc.
..........................................................
5,255
777,057
Revvity,
Inc.
..........................................................
8,632
955,562
STERIS
PLC
..........................................................
4,171
915,201
Stryker
Corp.
..........................................................
4,196
1,146,641
Teleflex,
Inc.
..........................................................
4,696
922,341
The
Cigna
Group
.......................................................
3,765
1,077,054
The
Cooper
Cos.,
Inc.
....................................................
3,234
1,028,444
Thermo
Fisher
Scientific,
Inc.
..............................................
2,129
1,077,636
United
Therapeutics
Corp.
(a)
..............................................
4,791
1,082,143
UnitedHealth
Group,
Inc.
.................................................
2,477
1,248,879
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
3,509
713,906
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
3,518
1,223,349
Viatris,
Inc.
...........................................................
101,073
996,580
Waters
Corp.
(a)
........................................................
3,342
916,410
West
Pharmaceutical
Services,
Inc.
..........................................
2,135
801,073
Zimmer
Biomet
Holdings,
Inc.
.............................................
12,178
1,366,615
Zoetis,
Inc.
...........................................................
5,543
964,371
69,411,516
Industrials
(17.8%):
A
O
Smith
Corp.
.......................................................
12,693
839,388
Advanced
Drainage
Systems,
Inc.
...........................................
4,764
542,286
AECOM
.............................................................
15,271
1,268,104
AGCO
Corp.
..........................................................
6,731
796,143
Allegion
PLC
.........................................................
8,778
914,668
American
Airlines
Group,
Inc.
(a)
............................................
49,951
639,872
AMETEK,
Inc.
........................................................
8,820
1,303,243
Automatic
Data
Processing,
Inc.
............................................
5,173
1,244,520
Axon
Enterprise,
Inc.
(a)
..................................................
3,281
652,886
Booz
Allen
Hamilton
Holding
Corp.
.........................................
10,395
1,135,862
Broadridge
Financial
Solutions,
Inc.
.........................................
6,613
1,184,058
Builders
FirstSource,
Inc.
(a)
...............................................
4,954
616,723
C.H.
Robinson
Worldwide,
Inc.
.............................................
11,286
972,063
Carlisle
Cos.,
Inc.
.......................................................
4,067
1,054,410
Carrier
Global
Corp.
.....................................................
15,910
878,232
Caterpillar,
Inc.
........................................................
3,346
913,458
Cintas
Corp.
..........................................................
2,804
1,348,752
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
30
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Copart,
Inc.
(a)
.........................................................
27,837
$
1,199,496
CoStar
Group,
Inc.
(a)
....................................................
12,034
925,294
CSX
Corp.
............................................................
41,075
1,263,056
Cummins,
Inc.
.........................................................
4,618
1,055,028
Deere
&
Co.
..........................................................
2,373
895,523
Delta
Air
Lines,
Inc.
.....................................................
20,680
765,160
Dover
Corp.
...........................................................
7,471
1,042,279
Eaton
Corp.
PLC
.......................................................
4,443
947,603
EMCOR
Group,
Inc.
....................................................
4,298
904,256
Equifax,
Inc.
..........................................................
4,620
846,292
Expeditors
International
of
Washington,
Inc.
....................................
9,493
1,088,183
Fastenal
Co.
...........................................................
21,309
1,164,324
FedEx
Corp.
..........................................................
3,929
1,040,871
Fortive
Corp.
..........................................................
15,318
1,135,983
General
Dynamics
Corp.
..................................................
7,360
1,626,339
General
Electric
Co.
.....................................................
9,466
1,046,466
Graco,
Inc.
...........................................................
12,860
937,237
HEICO
Corp.
..........................................................
6,331
1,025,179
Honeywell
International,
Inc.
..............................................
7,490
1,383,703
Howmet
Aerospace,
Inc.
..................................................
23,934
1,106,947
Hubbell,
Inc.
..........................................................
2,886
904,501
IDEX
Corp.
...........................................................
5,520
1,148,270
Illinois
Tool
Works,
Inc.
..................................................
4,960
1,142,338
Ingersoll
Rand,
Inc.
.....................................................
15,405
981,607
J.B.
Hunt
Transport
Services,
Inc.
...........................................
5,618
1,059,105
Jack
Henry
&
Associates,
Inc.
..............................................
5,890
890,215
Jacobs
Solutions,
Inc.
....................................................
9,269
1,265,218
Johnson
Controls
International
PLC
..........................................
17,029
906,113
L3Harris
Technologies,
Inc.
...............................................
7,265
1,264,982
Leidos
Holdings,
Inc.
....................................................
10,174
937,636
Lennox
International,
Inc.
.................................................
2,413
903,524
Lincoln
Electric
Holdings,
Inc.
.............................................
5,764
1,047,838
Lockheed
Martin
Corp.
...................................................
3,781
1,546,278
Masco
Corp.
..........................................................
16,630
888,873
Nordson
Corp.
.........................................................
4,146
925,263
Norfolk
Southern
Corp.
..................................................
6,219
1,224,708
Northrop
Grumman
Corp.
.................................................
3,123
1,374,713
Old
Dominion
Freight
Line,
Inc.
............................................
1,852
757,727
Otis
Worldwide
Corp.
....................................................
15,860
1,273,717
Owens
Corning
........................................................
6,829
931,544
PACCAR,
Inc.
.........................................................
13,278
1,128,895
Parker-Hannifin
Corp.
...................................................
2,417
941,470
Paychex,
Inc.
..........................................................
9,729
1,122,046
Paycom
Software,
Inc.
...................................................
2,359
611,618
Paylocity
Holding
Corp.
(a)
................................................
3,681
668,838
Quanta
Services,
Inc.
....................................................
5,312
993,716
Regal
Rexnord
Corp.
....................................................
5,090
727,259
Republic
Services,
Inc.
...................................................
11,213
1,597,965
Rockwell
Automation,
Inc.
................................................
3,070
877,621
Rollins,
Inc.
...........................................................
33,881
1,264,778
RTX
Corp.
............................................................
14,299
1,029,099
Saia,
Inc.
(a)
...........................................................
1,506
600,367
Snap-on,
Inc.
..........................................................
4,355
1,110,786
Southwest
Airlines
Co.
...................................................
26,747
724,041
SS&C
Technologies
Holdings,
Inc.
..........................................
19,649
1,032,358
Stanley
Black
&
Decker,
Inc.
..............................................
8,014
669,810
Textron,
Inc.
..........................................................
13,826
1,080,364
The
Toro
Co.
..........................................................
10,976
912,106
Trane
Technologies
PLC
..................................................
5,393
1,094,294
TransDigm
Group,
Inc.
(a)
.................................................
1,373
1,157,617
TransUnion
...........................................................
10,731
770,378
U-Haul
Holding
Co.
.....................................................
13,117
687,200
Union
Pacific
Corp.
.....................................................
4,793
975,999
United
Airlines
Holdings,
Inc.
(a)
............................................
14,430
610,389
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
31
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
United
Parcel
Service,
Inc.
,
Class
B
..........................................
6,747
$
1,051,655
United
Rentals,
Inc.
.....................................................
1,491
662,854
Verisk
Analytics,
Inc.
....................................................
5,334
1,260,104
Vertiv
Holdings
Co.
.....................................................
11,349
422,183
W.W.
Grainger,
Inc.
.....................................................
1,372
949,204
Waste
Management,
Inc.
..................................................
10,446
1,592,388
Watsco,
Inc.
...........................................................
2,569
970,363
Westinghouse
Air
Brake
Technologies
Corp.
....................................
11,428
1,214,453
Xylem,
Inc.
...........................................................
10,797
982,851
90,573,126
Information
Technology
(12.1%):
Accenture
PLC
,
Class
A
..................................................
3,365
1,033,425
Adobe,
Inc.
(a)
.........................................................
1,455
741,905
Akamai
Technologies,
Inc.
(a)
..............................................
9,447
1,006,483
Amphenol
Corp.
,
Class
A
.................................................
15,344
1,288,743
Analog
Devices,
Inc.
....................................................
5,402
945,836
ANSYS,
Inc.
(a)
........................................................
2,869
853,671
Apple,
Inc.
...........................................................
6,352
1,087,526
Applied
Materials,
Inc.
...................................................
4,783
662,206
AppLovin
Corp.
,
Class
A
(a)
...............................................
8,473
338,581
Arista
Networks,
Inc.
(a)
..................................................
2,885
530,638
Autodesk,
Inc.
(a)
.......................................................
3,720
769,705
Bentley
Systems,
Inc.
,
Class
B
.............................................
17,779
891,795
Broadcom,
Inc.
........................................................
929
771,609
Cadence
Design
Systems,
Inc.
(a)
............................................
3,930
920,799
CDW
Corp.
...........................................................
4,732
954,728
Cisco
Systems,
Inc.
.....................................................
24,764
1,331,313
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
14,621
990,427
Corning,
Inc.
..........................................................
34,462
1,050,057
Dell
Technologies,
Inc.
,
Class
C
............................................
16,885
1,163,377
Dropbox,
Inc.
,
Class
A
(a)
.................................................
32,702
890,475
Dynatrace,
Inc.
(a)
......................................................
14,337
669,968
Enphase
Energy,
Inc.
(a)
..................................................
3,751
450,683
Entegris,
Inc.
..........................................................
5,382
505,424
EPAM
Systems,
Inc.
(a)
...................................................
2,225
568,910
F5,
Inc.
(a)
............................................................
7,169
1,155,213
Fair
Isaac
Corp.
(a)
......................................................
1,213
1,053,527
First
Solar,
Inc.
(a)
......................................................
2,580
416,902
Fortinet,
Inc.
(a)
........................................................
10,418
611,328
Gartner,
Inc.
(a)
........................................................
3,452
1,186,142
Gen
Digital,
Inc.
.......................................................
41,660
736,549
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
15,783
1,175,518
Hewlett
Packard
Enterprise
Co.
.............................................
58,587
1,017,656
HP,
Inc.
..............................................................
33,677
865,499
International
Business
Machines
Corp.
........................................
10,639
1,492,652
Intuit,
Inc.
............................................................
1,528
780,716
Jabil,
Inc.
............................................................
8,614
1,093,030
Juniper
Networks,
Inc.
...................................................
38,631
1,073,555
Keysight
Technologies,
Inc.
(a)
.............................................
6,437
851,679
KLA
Corp.
...........................................................
1,451
665,516
Lam
Research
Corp.
.....................................................
977
612,354
Lattice
Semiconductor
Corp.
(a)
.............................................
6,072
521,767
Manhattan
Associates,
Inc.
(a)
..............................................
4,898
968,139
Microchip
Technology,
Inc.
................................................
9,599
749,202
Microsoft
Corp.
........................................................
3,031
957,038
Monolithic
Power
Systems,
Inc.
............................................
1,003
463,386
Motorola
Solutions,
Inc.
..................................................
5,029
1,369,095
NetApp,
Inc.
..........................................................
13,882
1,053,366
NVIDIA
Corp.
.........................................................
998
434,120
NXP
Semiconductors
NV
.................................................
3,974
794,482
ON
Semiconductor
Corp.
(a)
...............................................
6,467
601,108
Oracle
Corp.
..........................................................
9,474
1,003,486
Palo
Alto
Networks,
Inc.
(a)
................................................
2,764
647,992
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
32
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
PTC,
Inc.
(a)
...........................................................
8,671
$
1,228,507
QUALCOMM,
Inc.
.....................................................
7,024
780,085
Roper
Technologies,
Inc.
..................................................
3,256
1,576,816
Salesforce,
Inc.
(a)
......................................................
3,978
806,659
ServiceNow,
Inc.
(a)
.....................................................
1,341
749,565
Skyworks
Solutions,
Inc.
.................................................
7,467
736,172
Super
Micro
Computer,
Inc.
(a)
.............................................
1,236
338,936
Synopsys,
Inc.
(a)
.......................................................
2,112
969,345
TD
SYNNEX
Corp.
.....................................................
10,514
1,049,928
TE
Connectivity
Ltd.
....................................................
9,563
1,181,317
Teledyne
Technologies,
Inc.
(a)
.............................................
2,951
1,205,720
Teradyne,
Inc.
.........................................................
7,478
751,240
Texas
Instruments,
Inc.
...................................................
6,411
1,019,413
Trimble,
Inc.
(a)
........................................................
17,092
920,575
Tyler
Technologies,
Inc.
(a)
................................................
2,410
930,597
VeriSign,
Inc.
(a)
........................................................
7,150
1,448,090
Zebra
Technologies
Corp.
(a)
...............................................
2,365
559,393
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
..................................
9,368
655,198
61,676,857
Materials
(4.9%):
Air
Products
and
Chemicals,
Inc.
............................................
4,187
1,186,596
Albemarle
Corp.
.......................................................
3,138
533,586
Avery
Dennison
Corp.
...................................................
6,002
1,096,385
Ball
Corp.
............................................................
15,303
761,783
Celanese
Corp.
.........................................................
6,455
810,232
CF
Industries
Holdings,
Inc.
...............................................
10,748
921,534
Corteva,
Inc.
..........................................................
22,124
1,131,864
Crown
Holdings,
Inc.
....................................................
11,153
986,817
Dow,
Inc.
............................................................
21,532
1,110,190
DuPont
de
Nemours,
Inc.
.................................................
14,391
1,073,425
Eastman
Chemical
Co.
...................................................
10,877
834,483
Ecolab,
Inc.
...........................................................
6,733
1,140,570
FMC
Corp.
...........................................................
11,962
801,095
Freeport-McMoRan,
Inc.
.................................................
19,204
716,117
International
Paper
Co.
...................................................
27,513
975,886
LyondellBasell
Industries
NV
,
Class
A
........................................
11,471
1,086,304
Martin
Marietta
Materials,
Inc.
.............................................
2,348
963,807
Nucor
Corp.
...........................................................
4,389
686,220
Packaging
Corp.
of
America
...............................................
6,915
1,061,798
PPG
Industries,
Inc.
.....................................................
7,417
962,727
Reliance
Steel
&
Aluminum
Co.
............................................
3,777
990,443
RPM
International,
Inc.
..................................................
9,133
865,900
Steel
Dynamics,
Inc.
.....................................................
6,295
674,950
The
Mosaic
Co.
........................................................
19,043
677,931
The
Sherwin-Williams
Co.
................................................
3,747
955,672
Vulcan
Materials
Co.
....................................................
5,346
1,079,999
Westlake
Corp.
........................................................
6,553
816,962
24,903,276
Real
Estate
(0.2%):
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
11,369
839,714
Utilities
(7.5%):
Alliant
Energy
Corp.
....................................................
27,527
1,333,683
Ameren
Corp.
.........................................................
17,748
1,328,083
American
Electric
Power
Co.,
Inc.
...........................................
17,411
1,309,655
American
Water
Works
Co.,
Inc.
............................................
10,005
1,238,919
Atmos
Energy
Corp.
.....................................................
12,418
1,315,439
CenterPoint
Energy,
Inc.
..................................................
51,380
1,379,553
CMS
Energy
Corp.
......................................................
24,730
1,313,410
Consolidated
Edison,
Inc.
.................................................
17,319
1,481,294
Constellation
Energy
Corp.
................................................
10,271
1,120,361
Dominion
Energy,
Inc.
...................................................
26,403
1,179,422
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
33
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
DTE
Energy
Co.
.......................................................
14,177
$
1,407,493
Duke
Energy
Corp.
......................................................
16,973
1,498,037
Edison
International
.....................................................
18,302
1,158,334
Entergy
Corp.
.........................................................
13,267
1,227,197
Essential
Utilities,
Inc.
...................................................
36,825
1,264,202
Evergy,
Inc.
...........................................................
25,422
1,288,895
Eversource
Energy
......................................................
20,509
1,192,598
Exelon
Corp.
..........................................................
37,216
1,406,393
FirstEnergy
Corp.
.......................................................
38,623
1,320,134
NextEra
Energy,
Inc.
....................................................
18,716
1,072,240
NiSource,
Inc.
.........................................................
55,581
1,371,739
PG&E
Corp.
(a)
........................................................
85,778
1,383,599
PPL
Corp.
............................................................
61,476
1,448,375
Public
Service
Enterprise
Group,
Inc.
.........................................
23,586
1,342,279
Sempra
Energy
........................................................
20,770
1,412,983
The
Southern
Co.
.......................................................
21,996
1,423,581
Vistra
Corp.
...........................................................
26,925
893,372
WEC
Energy
Group,
Inc.
.................................................
17,107
1,377,969
Xcel
Energy,
Inc.
.......................................................
24,924
1,426,151
37,915,390
Total
Common
Stocks
(Cost
$442,422,800)
505,170,551
Collateral
for
Securities
Loaned
(0.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.24
%
(c)
........
84,736
84,736
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.28
%
(c)
............
84,736
84,736
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.26
%
(c)
...............
84,736
84,736
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.27
%
(c)
.
84,736
84,736
Total
Collateral
for
Securities
Loaned
(Cost
$338,944)
338,944
Total
Investments
(Cost
$442,761,744)
—
99.6%
505,509,495
Other
assets
in
excess
of
liabilities
—
0.4%
2,084,452
NET
ASSETS
-
100.00%
$
507,593,947
^
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
September
30,
2023.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
10
12/15/23
$
2,238,470
$
2,162,750
$
(
75,720
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
75,720
)
Total
net
unrealized
appreciation
(depreciation)
$
(
75,720
)
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
34
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.7%)
Communication
Services
(2.7%):
Cargurus,
Inc.
(a)
.......................................................
2,713
$
47,532
Cars.com,
Inc.
(a)
.......................................................
2,842
47,916
Cogent
Communications
Holdings,
Inc.
.......................................
980
60,662
DISH
Network
Corp.
,
Class
A
(a)
............................................
5,528
32,394
Gogo,
Inc.
(a)
..........................................................
4,154
49,557
Integral
Ad
Science
Holding
Corp.
(a)
.........................................
2,816
33,482
John
Wiley
&
Sons,
Inc.
,
Class
A
............................................
1,542
57,316
Liberty
Latin
America,
Ltd.
,
Class
C
(a)
.......................................
4,934
40,261
Madison
Square
Garden
Sports
Corp.
........................................
443
78,101
Scholastic
Corp.
........................................................
1,191
45,425
Shutterstock,
Inc.
.......................................................
1,181
44,937
Sphere
Entertainment
Co.
(a)
...............................................
1,100
40,876
Vivid
Seats,
Inc.
,
Class
A
(a)
...............................................
5,669
36,395
Yelp,
Inc.
(a)
...........................................................
1,569
65,255
Ziff
Davis,
Inc.
(a)
.......................................................
1,129
71,906
ZipRecruiter,
Inc.
(a)
.....................................................
3,001
35,982
787,997
Consumer
Discretionary
(14.2%):
Abercrombie
&
Fitch
Co.
(a)
...............................................
643
36,246
Acushnet
Holdings
Corp.
.................................................
1,169
62,004
Adient
PLC
(a)
.........................................................
1,550
56,885
Adtalem
Global
Education,
Inc.
(a)
...........................................
1,390
59,561
American
Eagle
Outfitters,
Inc.
.............................................
2,999
49,813
Arhaus,
Inc.
(a)
.........................................................
3,476
32,327
Bloomin'
Brands,
Inc.
....................................................
2,242
55,131
Boot
Barn
Holdings,
Inc.
(a)
...............................................
487
39,539
Bright
Horizons
Family
Solutions,
Inc.
(a)
.....................................
620
50,505
Brinker
International,
Inc.
(a)
...............................................
1,744
55,093
Camping
World
Holdings,
Inc.
,
Class
A
(b)
.....................................
1,901
38,799
Carter's,
Inc.
..........................................................
1,032
71,363
Cavco
Industries,
Inc.
(a)
..................................................
208
55,257
Century
Communities,
Inc.
................................................
888
59,301
Chegg,
Inc.
(a)
.........................................................
2,678
23,888
Cracker
Barrel
Old
Country
Store,
Inc.
........................................
826
55,507
Dave
&
Buster's
Entertainment,
Inc.
(a)
.......................................
1,157
42,890
Dorman
Products,
Inc.
...................................................
881
66,745
Dream
Finders
Homes,
Inc.
,
Class
A
(a)
.......................................
1,259
27,988
Dutch
Bros,
Inc.
,
Class
A
(a)
(b)
.............................................
1,404
32,643
Everi
Holdings,
Inc.
(a)
...................................................
4,198
55,498
First
Watch
Restaurant
Group,
Inc.
(a)
........................................
3,390
58,613
Foot
Locker,
Inc.
.......................................................
1,720
29,842
Frontdoor,
Inc.
(a)
.......................................................
2,022
61,853
Gentherm,
Inc.
(a)
.......................................................
1,017
55,182
Graham
Holdings
Co.
,
Class
B
.............................................
168
97,944
Grand
Canyon
Education,
Inc.
(a)
............................................
903
105,543
Green
Brick
Partners,
Inc.
(a)
...............................................
921
38,231
Group
1
Automotive,
Inc.
.................................................
243
65,296
Guess?,
Inc.
...........................................................
1,968
42,587
Helen
of
Troy
Ltd.
(a)
....................................................
336
39,164
Installed
Building
Products,
Inc.
............................................
384
47,958
Jack
in
the
Box,
Inc.
.....................................................
878
60,635
KB
Home
............................................................
1,357
62,802
Kontoor
Brands,
Inc.
....................................................
1,041
45,710
Laureate
Education,
Inc.
..................................................
5,064
71,402
La-Z-Boy,
Inc.
.........................................................
1,994
61,575
LCI
Industries
.........................................................
478
56,127
Leslie's,
Inc.
(a)
........................................................
5,639
31,917
Levi
Strauss
&
Co.
,
Class
A
...............................................
4,213
57,213
LGI
Homes,
Inc.
(a)
.....................................................
444
44,174
Life
Time
Group
Holdings,
Inc.
(a)
...........................................
2,621
39,865
M/I
Homes,
Inc.
(a)
......................................................
700
58,828
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
35
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
MDC
Holdings,
Inc.
.....................................................
1,499
$
61,804
Meritage
Homes
Corp.
...................................................
469
57,401
Mister
Car
Wash,
Inc.
(a)
..................................................
6,842
37,699
Modine
Manufacturing
Co.
(a)
..............................................
788
36,051
Monarch
Casino
&
Resort,
Inc.
.............................................
1,257
78,060
National
Vision
Holdings,
Inc.
(a)
............................................
1,838
29,739
Nordstrom,
Inc.
........................................................
2,297
34,317
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
.......................................
763
58,888
Oxford
Industries,
Inc.
...................................................
576
55,371
Papa
John's
International,
Inc.
..............................................
879
59,965
Patrick
Industries,
Inc.
...................................................
750
56,295
Portillo's,
Inc.
,
Class
A
(a)
.................................................
2,787
42,892
Red
Rock
Resorts,
Inc.
,
Class
A
.............................................
1,678
68,798
SeaWorld
Entertainment,
Inc.
(a)
............................................
1,221
56,471
Signet
Jewelers
Ltd.
.....................................................
646
46,389
Six
Flags
Entertainment
Corp.
(a)
............................................
1,939
45,586
Skyline
Champion
Corp.
(a)
................................................
728
46,388
Steven
Madden
Ltd.
.....................................................
1,967
62,492
Strategic
Education,
Inc.
..................................................
986
74,196
Stride,
Inc.
(a)
..........................................................
1,148
51,694
Target
Hospitality
Corp.
(a)
(b)
..............................................
2,561
40,669
Taylor
Morrison
Home
Corp.
(a)
............................................
1,513
64,469
The
Buckle,
Inc.
........................................................
1,997
66,680
The
Cheesecake
Factory,
Inc.
..............................................
1,946
58,964
The
ODP
Corp.
(a)
......................................................
1,257
58,011
Topgolf
Callaway
Brands
Corp.
(a)
...........................................
3,460
47,886
Travel
+
Leisure
Co.
.....................................................
1,679
61,670
Tri
Pointe
Homes,
Inc.
(a)
.................................................
2,164
59,185
Urban
Outfitters,
Inc.
(a)
..................................................
1,562
51,062
Victoria's
Secret
&
Co.
(a)
.................................................
2,022
33,727
Visteon
Corp.
(a)
........................................................
471
65,031
Winmark
Corp.
........................................................
216
80,596
Winnebago
Industries,
Inc.
................................................
940
55,883
XPEL,
Inc.
(a)
.........................................................
662
51,047
YETI
Holdings,
Inc.
(a)
...................................................
984
47,448
4,162,268
Consumer
Staples
(8.5%):
BellRing
Brands,
Inc.
(a)
..................................................
2,022
83,367
Cal-Maine
Foods,
Inc.
...................................................
1,251
60,573
Central
Garden
&
Pet
Co.
,
Class
A
(a)
........................................
1,800
72,162
Coca-Cola
Consolidated,
Inc.
..............................................
84
53,451
Edgewell
Personal
Care
Co.
...............................................
2,028
74,955
elf
Beauty,
Inc.
(a)
.......................................................
302
33,169
Fresh
Del
Monte
Produce,
Inc.
.............................................
3,189
82,404
Grocery
Outlet
Holding
Corp.
(a)
............................................
2,437
70,307
Herbalife
Ltd.
(a)
.......................................................
2,486
34,779
Hostess
Brands,
Inc.
(a)
...................................................
2,206
73,482
Ingles
Markets,
Inc.
,
Class
A
...............................................
1,260
94,916
Inter
Parfums,
Inc.
......................................................
413
55,482
J
&
J
Snack
Foods
Corp.
..................................................
592
96,881
John
B
Sanfilippo
&
Son,
Inc.
..............................................
800
79,040
MGP
Ingredients,
Inc.
....................................................
560
59,069
National
Beverage
Corp.
(a)
................................................
1,564
73,539
Nu
Skin
Enterprises,
Inc.
,
Class
A
...........................................
3,013
63,906
Olaplex
Holdings,
Inc.
(a)
.................................................
13,483
26,292
PriceSmart,
Inc.
........................................................
992
73,834
Seaboard
Corp.
........................................................
26
97,578
Spectrum
Brands
Holdings,
Inc.
............................................
920
72,082
Sprouts
Farmers
Market,
Inc.
(a)
............................................
1,634
69,935
The
Andersons,
Inc.
.....................................................
1,138
58,618
The
Boston
Beer
Co.,
Inc.
,
Class
A
(a)
........................................
156
60,767
The
Chefs'
Warehouse,
Inc.
(a)
..............................................
2,156
45,664
The
Duckhorn
Portfolio,
Inc.
(a)
.............................................
6,772
69,481
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
36
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
The
Simply
Good
Foods
Co.
(a)
.............................................
2,199
$
75,909
The
Vita
Coco
Co.,
Inc.
(a)
................................................
1,551
40,388
Tootsie
Roll
Industries,
Inc.
................................................
2,874
85,818
TreeHouse
Foods,
Inc.
(a)
.................................................
1,822
79,403
United
Natural
Foods,
Inc.
(a)
..............................................
2,041
28,860
Universal
Corp.
........................................................
2,581
121,849
USANA
Health
Sciences,
Inc.
(a)
............................................
1,292
75,724
Utz
Brands,
Inc.
........................................................
4,481
60,180
Vector
Group
Ltd.
......................................................
6,000
63,840
WD-40
Co.
...........................................................
297
60,362
Weis
Markets,
Inc.
......................................................
1,157
72,891
2,500,957
Energy
(5.5%):
Arch
Resources,
Inc.
....................................................
424
72,360
Archrock,
Inc.
.........................................................
4,721
59,485
Cactus,
Inc.
,
Class
A
.....................................................
959
48,151
California
Resources
Corp.
................................................
1,138
63,739
Callon
Petroleum
Co.
(a)
..................................................
1,122
43,893
CNX
Resources
Corp.
(a)
.................................................
3,017
68,124
Comstock
Resources,
Inc.
.................................................
3,308
36,487
CONSOL
Energy,
Inc.
...................................................
506
53,084
Crescent
Energy
Co.
,
Class
A
..............................................
3,779
47,767
CVR
Energy,
Inc.
.......................................................
1,490
50,705
Diamond
Offshore
Drilling,
Inc.
(a)
..........................................
2,668
39,166
Excelerate
Energy,
Inc.
,
Class
A
............................................
2,939
50,081
Gulfport
Energy
Corp.
(a)
.................................................
381
45,209
International
Seaways,
Inc.
................................................
1,148
51,660
Kinetik
Holdings,
Inc.
...................................................
2,014
67,973
Kosmos
Energy
Ltd.
(a)
...................................................
5,739
46,945
Liberty
Energy,
Inc.
.....................................................
2,964
54,893
Magnolia
Oil
&
Gas
Corp.
,
Class
A
..........................................
2,539
58,169
Northern
Oil
and
Gas,
Inc.
................................................
1,270
51,092
Oceaneering
International,
Inc.
(a)
...........................................
1,874
48,199
Par
Pacific
Holdings,
Inc.
(a)
...............................................
1,552
55,779
Patterson-UTI
Energy,
Inc.
................................................
2,871
39,735
Peabody
Energy
Corp.
...................................................
2,289
59,491
Permian
Resources
Corp.
(b)
...............................................
2,951
41,196
RPC,
Inc.
............................................................
5,742
51,334
Sitio
Royalties
Corp.
,
Class
A
..............................................
2,156
52,197
SM
Energy
Co.
........................................................
1,062
42,108
Talos
Energy,
Inc.
(a)
.....................................................
2,296
37,746
Tidewater,
Inc.
(a)
.......................................................
647
45,982
Weatherford
International
PLC
(a)
...........................................
562
50,765
World
Kinect
Corp.
.....................................................
2,921
65,518
1,599,033
Financials
(20.1%):
Ameris
Bancorp
........................................................
1,268
48,679
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
1,920
71,846
AssetMark
Financial
Holdings,
Inc.
(a)
........................................
2,314
58,035
Associated
Banc-Corp.
...................................................
3,250
55,608
Assured
Guaranty
Ltd.
...................................................
1,386
83,881
Atlantic
Union
Bankshares
Corp.
............................................
1,691
48,667
Axos
Financial,
Inc.
(a)
...................................................
996
37,709
B
Riley
Financial,
Inc.
(b)
.................................................
602
24,676
BancFirst
Corp.
........................................................
643
55,767
Bank
of
Hawaii
Corp.
....................................................
726
36,075
BankUnited,
Inc.
.......................................................
1,517
34,436
Banner
Corp.
..........................................................
1,303
55,221
BGC
Group,
Inc.
,
Class
A
.................................................
9,128
48,196
Bread
Financial
Holdings,
Inc.
.............................................
1,113
38,065
Cathay
General
Bancorp
..................................................
1,720
59,787
City
Holding
Co.
.......................................................
899
81,225
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
37
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
CNO
Financial
Group,
Inc.
................................................
2,921
$
69,315
Cohen
&
Steers,
Inc.
....................................................
1,129
70,777
Columbia
Banking
System,
Inc.
............................................
2,166
43,970
Community
Bank
System,
Inc.
.............................................
1,203
50,779
CVB
Financial
Corp.
....................................................
2,564
42,485
Donnelley
Financial
Solutions,
Inc.
(a)
........................................
1,127
63,428
Enova
International,
Inc.
(a)
................................................
1,149
58,450
Enstar
Group
Ltd.
(a)
....................................................
377
91,234
Enterprise
Financial
Services
Corp.
..........................................
1,742
65,325
EVERTEC,
Inc.
........................................................
2,058
76,516
FB
Financial
Corp.
......................................................
1,716
48,666
Federal
Agricultural
Mortgage
Corp.
,
Class
C
...................................
428
66,040
Federated
Hermes,
Inc.
...................................................
2,531
85,725
First
Bancorp
..........................................................
4,298
57,851
First
Bancorp/Southern
Pines
NC
...........................................
1,883
52,988
First
Commonwealth
Financial
Corp.
.........................................
4,718
57,607
First
Financial
Bancorp
...................................................
2,984
58,486
First
Hawaiian,
Inc.
.....................................................
2,829
51,063
First
Interstate
BancSystem,
Inc.
,
Class
A
......................................
2,148
53,571
First
Merchants
Corp.
....................................................
1,990
55,362
FirstCash
Holdings,
Inc.
..................................................
1,037
104,094
Fulton
Financial
Corp.
...................................................
4,320
52,315
Genworth
Financial,
Inc.
(a)
................................................
9,139
53,555
Goosehead
Insurance,
Inc.
,
Class
A
(a)
........................................
614
45,761
Hamilton
Lane,
Inc.
,
Class
A
...............................................
786
71,086
Hancock
Whitney
Corp.
..................................................
1,318
48,753
Heartland
Financial
USA,
Inc.
..............................................
1,649
48,530
Hilltop
Holdings,
Inc.
....................................................
2,090
59,272
Hope
Bancorp,
Inc.
.....................................................
5,374
47,560
Independent
Bank
Corp.
..................................................
1,006
49,385
Independent
Bank
Group,
Inc.
..............................................
1,128
44,612
International
Bancshares
Corp.
.............................................
1,609
69,734
Jackson
Financial,
Inc.
,
Class
A
.............................................
1,232
47,087
Lakeland
Financial
Corp.
.................................................
1,133
53,772
Live
Oak
Bancshares,
Inc.
................................................
1,102
31,903
MGIC
Investment
Corp.
..................................................
5,386
89,892
Moelis
&
Co.
,
Class
A
...................................................
1,351
60,971
Mr.
Cooper
Group,
Inc.
(a)
.................................................
1,244
66,629
National
Bank
Holdings
Corp.
,
Class
A
.......................................
1,726
51,366
National
Western
Life
Group,
Inc.
,
Class
A
.....................................
70
30,624
Navient
Corp.
.........................................................
4,248
73,151
NBT
Bancorp,
Inc.
......................................................
1,731
54,855
Nelnet,
Inc.
,
Class
A
.....................................................
1,409
125,852
NMI
Holdings,
Inc.
,
Class
A
(a)
.............................................
2,808
76,069
Northwest
Bancshares,
Inc.
................................................
6,710
68,643
OFG
Bancorp
.........................................................
2,214
66,110
Pacific
Premier
Bancorp,
Inc.
..............................................
2,157
46,936
Palomar
Holdings,
Inc.
(a)
.................................................
986
50,040
Park
National
Corp.
.....................................................
607
57,374
Pathward
Financial,
Inc.
..................................................
1,161
53,510
Payoneer
Global,
Inc.
(a)
..................................................
7,324
44,823
PennyMac
Financial
Services,
Inc.
..........................................
912
60,739
Piper
Sandler
Cos.
......................................................
460
66,843
PJT
Partners,
Inc.
,
Class
A
................................................
990
78,646
PROG
Holdings,
Inc.
(a)
..................................................
1,306
43,372
Provident
Financial
Services,
Inc.
...........................................
3,853
58,912
Radian
Group,
Inc.
......................................................
3,402
85,424
Renasant
Corp.
........................................................
2,131
55,811
Seacoast
Banking
Corp.
of
Florida
...........................................
1,804
39,616
ServisFirst
Bancshares,
Inc.
...............................................
760
39,649
Shift4
Payments,
Inc.
,
Class
A
(a)
............................................
792
43,853
Simmons
First
National
Corp.
,
Class
A
.......................................
3,051
51,745
SLM
Corp.
...........................................................
4,020
54,752
Stellar
Bancorp,
Inc.
.....................................................
2,644
56,370
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
38
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
StepStone
Group,
Inc.
,
Class
A
.............................................
1,957
$
61,802
Stewart
Information
Services
Corp.
..........................................
1,469
64,342
Stock
Yards
Bancorp,
Inc.
.................................................
1,294
50,841
StoneX
Group,
Inc.
(a)
...................................................
581
56,311
Texas
Capital
Bancshares,
Inc.
(a)
...........................................
743
43,763
The
Bancorp,
Inc.
(a)
.....................................................
1,071
36,950
Towne
Bank
..........................................................
3,023
69,317
TPG,
Inc.
............................................................
2,053
61,836
Triumph
Financial,
Inc.
(a)
.................................................
801
51,897
Trustmark
Corp.
........................................................
2,470
53,673
UMB
Financial
Corp.
....................................................
729
45,234
United
Community
Banks,
Inc.
.............................................
2,054
52,192
UWM
Holdings
Corp.
...................................................
7,271
35,264
Victory
Capital
Holdings,
Inc.
,
Class
A
(c)
.....................................
2,223
74,115
Virtu
Financial,
Inc.
,
Class
A
...............................................
3,794
65,522
Virtus
Investment
Partners,
Inc.
.............................................
291
58,779
Walker
&
Dunlop,
Inc.
...................................................
668
49,592
Washington
Federal,
Inc.
.................................................
2,167
55,519
WesBanco,
Inc.
........................................................
2,240
54,701
Westamerica
Bancorp
....................................................
1,640
70,930
White
Mountains
Insurance
Group
Ltd.
.......................................
54
80,767
WSFS
Financial
Corp.
...................................................
1,321
48,217
5,879,071
Health
Care
(6.1%):
AdaptHealth
Corp.
(a)
....................................................
2,921
26,581
Addus
HomeCare
Corp.
(a)
................................................
568
48,388
Agiliti,
Inc.
(a)
.........................................................
3,851
24,993
AMN
Healthcare
Services,
Inc.
(a)
...........................................
688
58,604
Amphastar
Pharmaceuticals,
Inc.
(a)
..........................................
920
42,311
Apollo
Medical
Holdings,
Inc.
(a)
...........................................
1,163
35,879
Catalyst
Pharmaceuticals,
Inc.
(a)
............................................
2,544
29,739
Certara,
Inc.
(a)
.........................................................
2,701
39,273
CONMED
Corp.
.......................................................
528
53,249
Corcept
Therapeutics,
Inc.
(a)
..............................................
1,566
42,666
CorVel
Corp.
(a)
........................................................
367
72,171
Doximity,
Inc.
,
Class
A
(a)
.................................................
1,683
35,713
Dynavax
Technologies
Corp.
(a)
.............................................
4,361
64,412
GoodRx
Holdings,
Inc.
,
Class
A
(a)
..........................................
4,356
24,524
Haemonetics
Corp.
(a)
....................................................
816
73,097
Harmony
Biosciences
Holdings,
Inc.
(a)
.......................................
1,154
37,817
Integer
Holdings
Corp.
(a)
.................................................
798
62,587
Kiniksa
Pharmaceuticals
Ltd.
,
Class
A
(a)
......................................
2,103
36,529
Lantheus
Holdings,
Inc.
(a)
................................................
659
45,787
LeMaitre
Vascular,
Inc.
...................................................
1,097
59,765
Ligand
Pharmaceuticals,
Inc.
(a)
.............................................
899
53,868
Maravai
LifeSciences
Holdings,
Inc.
,
Class
A
(a)
.................................
3,831
38,310
Merit
Medical
Systems,
Inc.
(a)
.............................................
1,301
89,795
NextGen
Healthcare,
Inc.
(a)
...............................................
4,561
108,232
Patterson
Cos.,
Inc.
.....................................................
2,364
70,069
Pediatrix
Medical
Group,
Inc.
(a)
............................................
4,493
57,106
Premier,
Inc.
,
Class
A
....................................................
3,111
66,886
Privia
Health
Group,
Inc.
(a)
...............................................
1,953
44,919
Progyny,
Inc.
(a)
........................................................
1,196
40,688
Schrodinger,
Inc.
(a)
.....................................................
742
20,976
Select
Medical
Holdings
Corp.
.............................................
2,336
59,031
STAAR
Surgical
Co.
(a)
..................................................
949
38,131
Supernus
Pharmaceuticals,
Inc.
(a)
...........................................
2,178
60,047
U.S.
Physical
Therapy,
Inc.
................................................
631
57,882
UFP
Technologies,
Inc.
(a)
.................................................
320
51,664
1,771,689
Industrials
(22.9%):
AAON,
Inc.
...........................................................
974
55,391
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
39
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
AAR
Corp.
(a)
.........................................................
1,252
$
74,532
ABM
Industries,
Inc.
....................................................
2,007
80,300
Air
Transport
Services
Group,
Inc.
(a)
.........................................
1,931
40,300
Alamo
Group,
Inc.
......................................................
406
70,181
Albany
International
Corp.
................................................
909
78,428
Allegiant
Travel
Co.
.....................................................
453
34,818
Allison
Transmission
Holdings,
Inc.
.........................................
1,357
80,144
Ameresco,
Inc.
,
Class
A
(a)
................................................
851
32,815
American
Woodmark
Corp.
(a)
..............................................
722
54,590
ArcBest
Corp.
.........................................................
459
46,657
Arcosa,
Inc.
...........................................................
824
59,246
Armstrong
World
Industries,
Inc.
............................................
1,120
80,640
Array
Technologies,
Inc.
(a)
................................................
1,267
28,115
ASGN,
Inc.
(a)
.........................................................
824
67,304
Astec
Industries,
Inc.
....................................................
990
46,639
Barnes
Group,
Inc.
......................................................
2,086
70,861
Beacon
Roofing
Supply,
Inc.
(a)
.............................................
846
65,286
Boise
Cascade
Co.
......................................................
618
63,679
Brady
Corp.
,
Class
A
....................................................
1,988
109,181
Casella
Waste
Systems,
Inc.
(a)
.............................................
1,110
84,693
CBIZ,
Inc.
(a)
..........................................................
1,692
87,815
Comfort
Systems
USA,
Inc.
...............................................
338
57,599
Construction
Partners,
Inc.
,
Class
A
(a)
........................................
1,456
53,231
Core
&
Main,
Inc.
,
Class
A
(a)
..............................................
2,287
65,980
CoreCivic,
Inc.
(a)
......................................................
5,048
56,790
CSG
Systems
International,
Inc.
............................................
1,384
70,750
CSW
Industrials,
Inc.
....................................................
401
70,271
Dycom
Industries,
Inc.
(a)
.................................................
574
51,086
Encore
Wire
Corp.
......................................................
319
58,205
Energy
Recovery,
Inc.
(a)
.................................................
2,098
44,499
Enerpac
Tool
Group
Corp.
................................................
2,850
75,325
EnerSys
..............................................................
578
54,719
EnPro
Industries,
Inc.
....................................................
460
55,747
Esab
Corp.
............................................................
1,034
72,607
ESCO
Technologies,
Inc.
.................................................
752
78,539
Federal
Signal
Corp.
.....................................................
1,309
78,187
First
Advantage
Corp.
....................................................
4,492
61,945
Flowserve
Corp.
........................................................
1,858
73,893
Forward
Air
Corp.
......................................................
631
43,375
Franklin
Electric
Co.,
Inc.
.................................................
852
76,024
FTAI
Aviation
Ltd.
......................................................
1,621
57,627
GATX
Corp.
..........................................................
816
88,805
Gibraltar
Industries,
Inc.
(a)
................................................
864
58,329
GMS,
Inc.
(a)
..........................................................
970
62,051
Granite
Construction,
Inc.
.................................................
1,928
73,303
H&E
Equipment
Services,
Inc.
.............................................
1,120
48,373
Hayward
Holdings,
Inc.
(a)
................................................
3,602
50,788
Helios
Technologies,
Inc.
.................................................
1,031
57,200
Herc
Holdings,
Inc.
.....................................................
353
41,986
Hillenbrand,
Inc.
.......................................................
1,403
59,361
HNI
Corp.
............................................................
1,864
64,550
Hub
Group,
Inc.
,
Class
A
(a)
...............................................
927
72,807
Huron
Consulting
Group,
Inc.
(a)
............................................
522
54,371
ICF
International,
Inc.
...................................................
598
72,244
Insperity,
Inc.
..........................................................
623
60,805
Janus
International
Group,
Inc.
(a)
...........................................
5,612
60,048
JELD-WEN
Holding,
Inc.
(a)
...............................................
2,866
38,290
JetBlue
Airways
Corp.
(a)
.................................................
8,081
37,173
John
Bean
Technologies
Corp.
..............................................
592
62,243
Kadant,
Inc.
...........................................................
323
72,853
Kennametal,
Inc.
.......................................................
2,413
60,035
Kforce,
Inc.
...........................................................
1,179
70,339
Kirby
Corp.
(a)
.........................................................
949
78,577
Korn
Ferry
...........................................................
1,591
75,477
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
40
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Leonardo
DRS,
Inc.
(a)
...................................................
3,812
$
63,660
Lindsay
Corp.
.........................................................
502
59,075
ManpowerGroup,
Inc.
...................................................
991
72,660
Marten
Transport
Ltd.
....................................................
3,864
76,159
Masterbrand,
Inc.
(a)
.....................................................
3,127
37,993
Matson,
Inc.
..........................................................
644
57,136
Maximus,
Inc.
.........................................................
1,097
81,924
McGrath
RentCorp
......................................................
851
85,304
MillerKnoll,
Inc.
.......................................................
2,611
63,839
Moog,
Inc.
,
Class
A
.....................................................
624
70,487
MSC
Industrial
Direct
Co.,
Inc.
.............................................
1,046
102,665
Mueller
Industries,
Inc.
...................................................
809
60,804
Mueller
Water
Products,
Inc.
,
Class
A
........................................
4,790
60,737
MYR
Group,
Inc.
(a)
.....................................................
466
62,798
NOW,
Inc.
(a)
..........................................................
4,962
58,899
NV5
Global,
Inc.
(a)
.....................................................
598
57,546
Parsons
Corp.
(a)
.......................................................
1,583
86,036
PGT
Innovations,
Inc.
(a)
..................................................
2,196
60,939
Primoris
Services
Corp.
..................................................
2,104
68,864
Resideo
Technologies,
Inc.
(a)
..............................................
3,364
53,151
Rush
Enterprises,
Inc.
,
Class
A
.............................................
2,051
83,742
RXO,
Inc.
(a)
..........................................................
3,167
62,485
Schneider
National,
Inc.
,
Class
B
............................................
2,656
73,545
Shoals
Technologies
Group,
Inc.
,
Class
A
(a)
....................................
1,820
33,215
Simpson
Manufacturing
Co.,
Inc.
...........................................
428
64,119
SPX
Technologies,
Inc.
(a)
.................................................
684
55,678
Standex
International
Corp.
................................................
487
70,951
Sterling
Infrastructure,
Inc.
(a)
..............................................
592
43,500
SunPower
Corp.
(a)
(b)
....................................................
4,979
30,720
Tennant
Co.
...........................................................
836
61,989
Terex
Corp.
...........................................................
846
48,747
The
AZEK
Co.,
Inc.
(a)
...................................................
1,643
48,863
The
Brink's
Co.
........................................................
859
62,398
The
Greenbrier
Cos.,
Inc.
.................................................
888
35,520
Trinity
Industries,
Inc.
...................................................
2,388
58,148
TTEC
Holdings,
Inc.
....................................................
1,738
45,570
UniFirst
Corp.
.........................................................
464
75,637
Verra
Mobility
Corp.
(a)
..................................................
4,758
88,975
Vicor
Corp.
(a)
.........................................................
343
20,199
Watts
Water
Technologies,
Inc.
,
Class
A
.......................................
451
77,942
Werner
Enterprises,
Inc.
..................................................
2,037
79,341
Zurn
Elkay
Water
Solutions
Corp.
...........................................
2,107
59,038
6,709,020
Information
Technology
(8.9%):
ACI
Worldwide,
Inc.
(a)
..................................................
2,290
51,662
Advanced
Energy
Industries,
Inc.
...........................................
537
55,376
Aehr
Test
Systems
(a)
....................................................
453
20,702
Agilysys,
Inc.
(a)
.......................................................
742
49,091
Alarm.com
Holdings,
Inc.
(a)
...............................................
890
54,415
AppLovin
Corp.
,
Class
A
(a)
...............................................
666
26,613
Avnet,
Inc.
............................................................
1,709
82,357
Axcelis
Technologies,
Inc.
(a)
..............................................
244
39,784
Badger
Meter,
Inc.
......................................................
439
63,159
Belden,
Inc.
...........................................................
800
77,240
Blackline,
Inc.
(a)
.......................................................
892
49,479
Calix,
Inc.
(a)
..........................................................
1,092
50,057
Cohu,
Inc.
(a)
..........................................................
1,796
61,854
Corsair
Gaming,
Inc.
(a)
..................................................
3,662
53,209
CTS
Corp.
............................................................
1,612
67,285
Digi
International,
Inc.
(a)
.................................................
1,687
45,549
Diodes,
Inc.
(a)
.........................................................
736
58,026
DoubleVerify
Holdings,
Inc.
(a)
.............................................
1,544
43,155
ePlus,
Inc.
(a)
..........................................................
894
56,787
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
41
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Extreme
Networks,
Inc.
(a)
................................................
1,672
$
40,479
Harmonic,
Inc.
(a)
.......................................................
3,718
35,804
Insight
Enterprises,
Inc.
(a)
................................................
511
74,351
InterDigital,
Inc.
.......................................................
738
59,217
Itron,
Inc.
(a)
..........................................................
768
46,526
MaxLinear,
Inc.
(a)
......................................................
1,542
34,310
Methode
Electronics,
Inc.
.................................................
1,892
43,232
MicroStrategy,
Inc.
(a)
....................................................
74
24,293
N-able,
Inc.
(a)
.........................................................
4,454
57,457
NCR
Corp.
(a)
.........................................................
1,923
51,863
NetScout
Systems,
Inc.
(a)
.................................................
2,346
65,735
Onto
Innovation,
Inc.
(a)
..................................................
358
45,652
OSI
Systems,
Inc.
(a)
.....................................................
509
60,082
PDF
Solutions,
Inc.
(a)
...................................................
1,439
46,624
Perficient,
Inc.
(a)
.......................................................
714
41,312
Photronics,
Inc.
(a)
......................................................
2,239
45,250
Plexus
Corp.
(a)
........................................................
688
63,970
Progress
Software
Corp.
..................................................
1,522
80,027
Qualys,
Inc.
(a)
.........................................................
437
66,664
Rambus,
Inc.
(a)
........................................................
809
45,134
Rogers
Corp.
(a)
........................................................
534
70,205
Sanmina
Corp.
(a)
.......................................................
1,243
67,470
Super
Micro
Computer,
Inc.
(a)
.............................................
97
26,599
Teradata
Corp.
(a)
.......................................................
1,218
54,834
TTM
Technologies,
Inc.
(a)
................................................
4,053
52,203
Ultra
Clean
Holdings,
Inc.
(a)
..............................................
1,417
42,042
Veeco
Instruments,
Inc.
(a)
.................................................
2,213
62,208
Viavi
Solutions,
Inc.
(a)
...................................................
7,578
69,263
Vishay
Intertechnology,
Inc.
...............................................
2,338
57,795
Vontier
Corp.
..........................................................
2,553
78,939
2,615,340
Materials
(5.1%):
Alpha
Metallurgical
Resources,
Inc.
..........................................
249
64,673
Avient
Corp.
..........................................................
1,567
55,346
Balchem
Corp.
.........................................................
597
74,052
Cabot
Corp.
...........................................................
974
67,469
Carpenter
Technology
Corp.
...............................................
798
53,634
Compass
Minerals
International,
Inc.
.........................................
1,736
48,521
Ecovyst,
Inc.
(a)
........................................................
5,970
58,745
Greif,
Inc.
,
Class
A
......................................................
1,090
72,823
H.B.
Fuller
Co.
........................................................
1,072
73,550
Ingevity
Corp.
(a)
.......................................................
980
46,658
Innospec,
Inc.
.........................................................
812
82,986
Kaiser
Aluminum
Corp.
..................................................
652
49,069
Materion
Corp.
........................................................
438
44,637
Minerals
Technologies,
Inc.
................................................
1,138
62,317
NewMarket
Corp.
......................................................
209
95,103
O-I
Glass,
Inc.
(a)
.......................................................
2,783
46,560
Orion
SA
.............................................................
2,537
53,987
Quaker
Chemical
Corp.
..................................................
330
52,800
Sensient
Technologies
Corp.
...............................................
1,398
81,755
Stepan
Co.
............................................................
914
68,523
Summit
Materials,
Inc.
,
Class
A
(a)
..........................................
1,876
58,419
Sylvamo
Corp.
.........................................................
1,380
60,637
Warrior
Met
Coal,
Inc.
...................................................
1,282
65,484
Worthington
Industries,
Inc.
...............................................
778
48,096
1,485,844
Real
Estate
(1.1%):
eXp
World
Holdings,
Inc.
.................................................
1,754
28,485
Howard
Hughes
Holdings,
Inc.
(a)
...........................................
962
71,313
Kennedy-Wilson
Holdings,
Inc.
.............................................
4,058
59,815
Marcus
&
Millichap,
Inc.
.................................................
2,181
63,990
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
42
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Newmark
Group,
Inc.
,
Class
A
.............................................
6,848
$
44,033
The
St.
Joe
Co.
........................................................
1,059
57,535
325,171
Utilities
(4.6%):
ALLETE,
Inc.
.........................................................
1,851
97,733
American
States
Water
Co.
................................................
1,099
86,469
Avista
Corp.
..........................................................
2,924
94,650
California
Water
Service
Group
.............................................
1,791
84,732
Chesapeake
Utilities
Corp.
................................................
973
95,111
Clearway
Energy,
Inc.
,
Class
C
.............................................
3,723
78,779
MGE
Energy,
Inc.
......................................................
1,352
92,625
Middlesex
Water
Co.
....................................................
1,077
71,351
Northwest
Natural
Holding
Co.
.............................................
2,520
96,163
Northwestern
Energy
Group,
Inc.
...........................................
2,248
108,039
ONE
Gas,
Inc.
.........................................................
1,328
90,676
Otter
Tail
Corp.
........................................................
854
64,836
Portland
General
Electric
Co.
..............................................
2,318
93,833
SJW
Group
...........................................................
1,421
85,416
Spire,
Inc.
............................................................
1,776
100,486
1,340,899
Total
Common
Stocks
(Cost
$28,349,898)
29,177,289
Collateral
for
Securities
Loaned
(0.6%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.24
%
(d)
........
42,751
42,751
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.28
%
(d)
............
42,751
42,751
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.26
%
(d)
...............
42,751
42,751
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.27
%
(d)
.
42,751
42,751
Total
Collateral
for
Securities
Loaned
(Cost
$171,004)
171,004
Total
Investments
(Cost
$28,520,902)
—
100.3%
29,348,293
Liabilities
in
excess
of
other
assets
—
(0.3)%
(
81,604
)
NET
ASSETS
-
100.00%
$
29,266,689
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliated
security.
(d)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
Russell
2000
Index
Futures
......
1
12/15/23
$
93,627
$
89,930
$
(
3,697
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
3,697
)
Total
net
unrealized
appreciation
(depreciation)
$
(
3,697
)
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
43
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Affiliated
Holdings
Fair
Value
6/30/2023
Purchases
at
Cost
Proceeds
from
Sales
Realized
Gains
(Losses)
Capital
Gain
Distribution
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
9/30/2023
Dividend
Income
Victory
Capital
Holdings,
Inc.
.............
$
51,978
$
31,601
$
(
11,886
)
$
5,660
$
—
$
(
3,238
)
$
74,115
$
530
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
44
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(98.5%)
Australia
(5.6%):
Communication
Services
(0.5%):
REA
Group
Ltd.
........................................................
1,492
$
148,002
Telstra
Group
Ltd.
......................................................
115,157
284,989
432,991
Consumer
Discretionary
(0.5%):
Aristocrat
Leisure
Ltd.
...................................................
6,833
179,424
Wesfarmers
Ltd.
........................................................
6,507
221,098
400,522
Consumer
Staples
(0.6%):
Coles
Group
Ltd.
.......................................................
24,740
247,449
Woolworths
Group
Ltd.
..................................................
10,549
253,064
500,513
Energy
(0.4%):
Santos
Ltd.
...........................................................
36,090
183,270
Woodside
Energy
Group
Ltd.
..............................................
6,292
147,584
330,854
Financials
(1.9%):
ANZ
Group
Holdings
Ltd.
................................................
13,344
220,100
Commonwealth
Bank
of
Australia
...........................................
3,464
222,600
Insurance
Australia
Group
Ltd.
.............................................
48,721
177,886
Macquarie
Group
Ltd.
...................................................
1,632
175,957
National
Australia
Bank
Ltd.
...............................................
10,489
196,000
QBE
Insurance
Group
Ltd.
................................................
18,295
184,750
Suncorp
Group
Ltd.
.....................................................
22,489
201,950
Westpac
Banking
Corp.
..................................................
15,494
210,645
1,589,888
Health
Care
(0.6%):
Cochlear
Ltd.
..........................................................
1,059
173,803
CSL
Ltd.
.............................................................
1,260
203,130
Sonic
Healthcare
Ltd.
....................................................
7,452
142,747
519,680
Industrials
(0.4%):
Brambles
Ltd.
.........................................................
23,484
216,168
Computershare
Ltd.
.....................................................
9,410
157,026
373,194
Information
Technology
(0.1%):
WiseTech
Global
Ltd.
....................................................
2,231
93,288
Materials
(0.6%):
BHP
Group
Ltd.
........................................................
5,975
169,953
Fortescue
Metals
Group
Ltd.
...............................................
9,022
121,322
Rio
Tinto
Ltd.
.........................................................
2,328
169,921
461,196
4,702,126
Austria
(0.5%):
Energy
(0.2%):
OMV
AG
............................................................
2,929
140,322
Financials
(0.1%):
Erste
Group
Bank
AG
....................................................
3,981
138,118
Utilities
(0.2%):
Verbund
AG
..........................................................
1,716
139,768
418,208
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
45
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Belgium
(1.1%):
Consumer
Staples
(0.3%):
Anheuser-Busch
InBev
SA
................................................
3,883
$
215,540
Financials
(0.4%):
Groupe
Bruxelles
Lambert
SA
..............................................
2,871
214,146
KBC
Group
NV
........................................................
2,314
144,665
358,811
Health
Care
(0.2%):
UCB
SA
.............................................................
2,064
169,182
Materials
(0.2%):
Solvay
SA
,
Class
A
.....................................................
1,399
155,061
898,594
Canada
(12.2%):
Communication
Services
(0.8%):
BCE,
Inc.
............................................................
7,372
281,451
Rogers
Communications,
Inc.
,
Class
B
........................................
5,015
192,572
TELUS
Corp.
(a)
.......................................................
14,139
230,913
704,936
Consumer
Discretionary
(0.7%):
Dollarama,
Inc.
........................................................
3,756
258,807
Magna
International,
Inc.
.................................................
1,933
103,603
Restaurant
Brands
International,
Inc.
.........................................
3,444
229,372
591,782
Consumer
Staples
(1.2%):
Alimentation
Couche-Tard,
Inc.
.............................................
4,053
205,858
George
Weston
Ltd.
.....................................................
2,178
241,567
Loblaw
Cos.
Ltd.
.......................................................
2,809
238,686
Metro,
Inc.
...........................................................
5,701
296,111
982,222
Energy
(1.8%):
ARC
Resources
Ltd.
.....................................................
7,757
123,829
Cameco
Corp.
.........................................................
3,466
137,532
Canadian
Natural
Resources
Ltd.
............................................
2,151
139,124
Cenovus
Energy,
Inc.
....................................................
5,546
115,485
Enbridge,
Inc.
.........................................................
6,868
227,821
Imperial
Oil
Ltd.
(a)
.....................................................
2,446
150,675
Pembina
Pipeline
Corp.
..................................................
7,135
214,560
Suncor
Energy,
Inc.
.....................................................
4,173
143,525
TC
Energy
Corp.
.......................................................
4,677
160,859
Tourmaline
Oil
Corp.
....................................................
2,312
116,357
1,529,767
Financials
(3.8%):
Bank
of
Montreal
.......................................................
2,771
233,783
Brookfield
Asset
Management
Ltd.
,
Class
A
....................................
4,011
133,670
Brookfield
Corp.
.......................................................
4,125
128,995
Canadian
Imperial
Bank
of
Commerce
(a)
......................................
5,569
214,994
Fairfax
Financial
Holdings
Ltd.
.............................................
213
173,896
Great-West
Lifeco,
Inc.
(a)
.................................................
10,557
302,073
Intact
Financial
Corp.
....................................................
1,882
274,408
Manulife
Financial
Corp.
.................................................
12,260
224,058
National
Bank
of
Canada
.................................................
3,252
216,058
Power
Corp.
of
Canada
(a)
.................................................
10,109
257,396
Royal
Bank
of
Canada
...................................................
3,099
270,857
Sun
Life
Financial,
Inc.
..................................................
6,028
294,143
The
Bank
of
Nova
Scotia
.................................................
4,886
219,026
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
46
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
The
Toronto-Dominion
Bank
(a)
.............................................
3,638
$
219,202
3,162,559
Industrials
(1.4%):
Canadian
National
Railway
Co.
.............................................
2,062
223,326
Canadian
Pacific
Kansas
City
Ltd.
...........................................
2,455
182,503
TFI
International,
Inc.
....................................................
921
118,297
Thomson
Reuters
Corp.
..................................................
1,632
199,671
Waste
Connections,
Inc.
..................................................
1,868
250,841
WSP
Global,
Inc.
.......................................................
1,441
203,402
1,178,040
Information
Technology
(0.6%):
CGI,
Inc.
(b)
...........................................................
2,174
214,311
Constellation
Software,
Inc.
...............................................
92
189,952
Open
Text
Corp.
........................................................
3,458
121,378
525,641
Materials
(1.0%):
Agnico
Eagle
Mines
Ltd.
.................................................
2,902
131,884
First
Quantum
Minerals
Ltd.
...............................................
2,909
68,735
Franco-Nevada
Corp.
....................................................
1,181
157,684
Ivanhoe
Mines
Ltd.
(b)
...................................................
9,436
80,874
Nutrien
Ltd.
...........................................................
2,016
124,514
Teck
Resources
Ltd.
,
Class
B
..............................................
2,242
96,508
Wheaton
Precious
Metals
Corp.
.............................................
3,330
135,152
795,351
Utilities
(0.9%):
Emera,
Inc.
...........................................................
6,493
226,712
Fortis,
Inc.
............................................................
6,217
236,164
Hydro
One
Ltd.
(c)
......................................................
9,719
247,466
710,342
10,180,640
Chile
(0.1%):
Materials
(0.1%):
Antofagasta
PLC
.......................................................
6,170
107,558
Denmark
(2.0%):
Consumer
Discretionary
(0.1%):
Pandora
A/S
..........................................................
1,104
114,513
Consumer
Staples
(0.2%):
Carlsberg
A/S
,
Class
B
...................................................
1,512
191,090
Financials
(0.4%):
Danske
Bank
A/S
.......................................................
6,358
148,151
Tryg
A/S
.............................................................
11,333
207,838
355,989
Health
Care
(0.7%):
Coloplast
A/S
,
Class
B
...................................................
1,621
171,817
Genmab
A/S
(b)
........................................................
425
151,123
Novo
Nordisk
A/S
,
Class
B
................................................
2,342
213,806
536,746
Industrials
(0.3%):
AP
Moller
-
Maersk
A/S
,
Class
B
...........................................
60
108,334
DSV
A/S
.............................................................
804
150,354
258,688
Materials
(0.2%):
Novozymes
A/S
,
B
Shares
................................................
4,124
166,464
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
47
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Utilities
(0.1%):
Orsted
A/S
(c)
..........................................................
1,419
$
77,476
1,700,966
Finland
(1.6%):
Energy
(0.1%):
Neste
Oyj
(a)
..........................................................
3,229
109,672
Financials
(0.4%):
Nordea
Bank
Abp
.......................................................
14,947
164,387
Sampo
Oyj
,
A
Shares
....................................................
4,828
209,150
373,537
Industrials
(0.3%):
Kone
Oyj
,
Class
B
......................................................
3,678
155,210
Metso
Oyj
............................................................
11,624
122,313
277,523
Information
Technology
(0.2%):
Nokia
Oyj
............................................................
38,065
143,572
Materials
(0.4%):
Stora
Enso
Oyj
,
Class
R
..................................................
9,392
118,048
UPM-Kymmene
Oyj
....................................................
5,100
175,053
293,101
Utilities
(0.2%):
Fortum
Oyj
(a)
.........................................................
11,136
129,432
1,326,837
France
(8.5%):
Communication
Services
(0.5%):
Orange
SA
............................................................
22,101
253,723
Publicis
Groupe
SA
.....................................................
2,027
153,764
407,487
Consumer
Discretionary
(1.2%):
Accor
SA
............................................................
4,445
150,081
Cie
Generale
des
Etablissements
Michelin
SCA
.................................
5,633
173,102
Hermes
International
SCA
................................................
71
129,829
Kering
SA
............................................................
257
117,337
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
178
134,801
Renault
SA
...........................................................
2,954
121,395
Sodexo
SA
...........................................................
1,806
186,178
1,012,723
Consumer
Staples
(0.9%):
Carrefour
SA
..........................................................
8,396
144,537
Danone
SA
...........................................................
4,549
251,306
L'Oreal
SA
...........................................................
414
172,081
Pernod
Ricard
SA
.......................................................
1,037
173,038
740,962
Energy
(0.2%):
TotalEnergies
SE
.......................................................
2,470
162,694
Financials
(1.3%):
Amundi
SA
(c)
.........................................................
2,528
142,570
AXA
SA
.............................................................
5,911
176,084
BNP
Paribas
SA
........................................................
2,059
131,531
Credit
Agricole
SA
......................................................
12,994
160,602
Edenred
..............................................................
3,981
249,470
Societe
Generale
SA
.....................................................
4,319
105,215
Worldline
SA
(b)
(c)
......................................................
4,188
117,984
1,083,456
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
48
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Health
Care
(0.9%):
BioMerieux
...........................................................
1,787
$
173,452
EssilorLuxottica
SA
.....................................................
891
155,561
Ipsen
SA
.............................................................
1,354
177,770
Sanofi
...............................................................
1,849
198,351
Sartorius
Stedim
Biotech
.................................................
321
76,689
781,823
Industrials
(2.7%):
Aeroports
de
Paris
......................................................
1,289
152,476
Airbus
SE
............................................................
1,251
167,923
Bouygues
SA
..........................................................
6,141
215,134
Bureau
Veritas
SA
......................................................
9,109
226,382
Cie
de
Saint-Gobain
.....................................................
2,277
136,912
Eiffage
SA
............................................................
2,175
207,020
Getlink
SE
............................................................
13,043
208,334
Legrand
SA
...........................................................
1,975
182,263
Safran
SA
............................................................
1,251
196,567
Schneider
Electric
SE
....................................................
904
150,014
Thales
SA
............................................................
1,208
169,967
Vinci
SA
.............................................................
1,935
214,818
2,227,810
Information
Technology
(0.3%):
Capgemini
SE
.........................................................
747
130,925
Dassault
Systemes
SE
....................................................
3,594
134,094
265,019
Materials
(0.3%):
Air
Liquide
SA
........................................................
1,225
206,985
Utilities
(0.2%):
Veolia
Environnement
SA
.................................................
6,145
178,183
7,067,142
Germany
(5.8%):
Communication
Services
(0.3%):
Deutsche
Telekom
AG
...................................................
10,379
217,985
Consumer
Discretionary
(0.6%):
Bayerische
Motoren
Werke
AG
.............................................
1,664
169,534
Continental
AG
........................................................
1,567
110,587
Mercedes-Benz
Group
AG
................................................
2,310
160,898
Puma
SE
.............................................................
1,547
96,158
537,177
Consumer
Staples
(0.3%):
Beiersdorf
AG
.........................................................
2,128
274,779
Financials
(1.4%):
Allianz
SE
,
Registered
Shares
..............................................
889
212,105
Commerzbank
AG
......................................................
8,435
96,211
Deutsche
Bank
AG
,
Registered
Shares
........................................
10,441
115,339
Deutsche
Boerse
AG
....................................................
1,079
186,719
Hannover
Rueck
SE
.....................................................
901
198,015
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
,
Class
R
...............
528
206,014
Talanx
AG
............................................................
2,872
182,160
1,196,563
Health
Care
(0.7%):
Bayer
AG
,
Registered
Shares
..............................................
3,067
147,355
Fresenius
Medical
Care
AG
&
Co.
KGaA
......................................
2,690
116,133
Fresenius
SE
&
Co.
KGaA
................................................
4,567
142,227
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
49
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Merck
KGaA
..........................................................
830
$
138,761
544,476
Industrials
(1.3%):
Brenntag
SE
..........................................................
2,310
179,432
Daimler
Truck
Holding
AG
................................................
4,356
151,128
Deutsche
Lufthansa
AG
,
Registered
Shares
(b)
..................................
15,577
123,598
Deutsche
Post
AG
......................................................
3,505
142,778
Knorr-Bremse
AG
......................................................
2,046
130,159
MTU
Aero
Engines
AG
..................................................
685
124,367
Rheinmetall
AG
........................................................
444
114,475
Siemens
AG
,
Registered
Shares
.............................................
1,035
148,426
1,114,363
Information
Technology
(0.3%):
Infineon
Technologies
AG
.................................................
3,051
101,127
SAP
SE
..............................................................
1,395
181,118
282,245
Materials
(0.4%):
HeidelbergCement
AG
...................................................
2,081
161,732
Symrise
AG
...........................................................
1,771
169,091
330,823
Utilities
(0.5%):
E.ON
SE
.............................................................
16,912
200,231
RWE
AG
.............................................................
4,897
181,959
382,190
4,880,601
Hong
Kong
(2.9%):
Consumer
Discretionary
(0.1%):
Galaxy
Entertainment
Group
Ltd.
...........................................
19,000
114,402
Financials
(0.5%):
AIA
Group
Ltd.
........................................................
15,411
125,658
Hang
Seng
Bank
Ltd.
....................................................
14,914
185,599
Hong
Kong
Exchanges
&
Clearing
Ltd.
.......................................
3,684
137,656
448,913
Industrials
(0.6%):
CK
Hutchison
Holdings
Ltd.
...............................................
35,262
188,678
MTR
Corp.
Ltd.
........................................................
58,065
229,866
Techtronic
Industries
Co.
Ltd.
..............................................
7,683
74,566
493,110
Real
Estate
(1.0%):
CK
Asset
Holdings
Ltd.
..................................................
36,809
193,900
Henderson
Land
Development
Co.
Ltd.
.......................................
56,891
150,025
Sino
Land
Co.
Ltd.
......................................................
143,761
162,107
Sun
Hung
Kai
Properties
Ltd.
..............................................
15,904
170,196
Swire
Pacific
Ltd.
,
Class
A
................................................
17,515
118,210
794,438
Utilities
(0.7%):
CLP
Holdings
Ltd.
......................................................
26,500
196,109
Hong
Kong
&
China
Gas
Co.
Ltd.
...........................................
265,205
184,916
Power
Assets
Holdings
Ltd.
...............................................
47,686
230,797
611,822
2,462,685
Ireland
(1.1%):
Consumer
Staples
(0.2%):
Kerry
Group
PLC
.......................................................
2,194
183,641
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
50
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Financials
(0.3%):
AIB
Group
PLC
........................................................
26,624
$
119,895
Bank
of
Ireland
Group
PLC
...............................................
10,961
107,643
227,538
Industrials
(0.3%):
Experian
PLC
.........................................................
5,164
169,521
Kingspan
Group
PLC
....................................................
1,223
91,740
261,261
Materials
(0.3%):
CRH
PLC
............................................................
2,864
158,688
Smurfit
Kappa
Group
PLC
................................................
3,431
114,263
272,951
945,391
Israel
(0.5%):
Financials
(0.4%):
Bank
Hapoalim
BM
.....................................................
17,397
154,673
Bank
Leumi
Le-Israel
BM
................................................
18,701
154,591
309,264
Information
Technology
(0.1%):
Nice
Ltd.
(b)
...........................................................
663
112,205
421,469
Italy
(3.0%):
Communication
Services
(0.2%):
Infrastrutture
Wireless
Italiane
SpA
(c)
........................................
15,505
184,638
Consumer
Discretionary
(0.2%):
Moncler
SpA
..........................................................
2,183
127,106
Consumer
Staples
(0.2%):
Davide
Campari-Milano
NV
...............................................
16,048
189,408
Energy
(0.2%):
Eni
SpA
.............................................................
10,559
170,287
Financials
(1.0%):
Assicurazioni
Generali
SpA
...............................................
10,158
207,943
Intesa
Sanpaolo
SpA
.....................................................
53,276
137,417
Mediobanca
Banca
di
Credito
Finanziario
SpA
..................................
14,191
187,967
Poste
Italiane
SpA
(c)
....................................................
17,001
179,143
UniCredit
SpA
.........................................................
4,282
102,888
815,358
Health
Care
(0.2%):
Recordati
Industria
Chimica
e
Farmaceutica
SpA
................................
3,196
151,053
Industrials
(0.3%):
Nexi
SpA
(b)
(c)
........................................................
19,166
117,268
Prysmian
SpA
.........................................................
3,611
145,626
262,894
Utilities
(0.7%):
Enel
SpA
.............................................................
30,032
184,767
Snam
SpA
............................................................
40,790
191,838
Terna
-
Rete
Elettrica
Nazionale
............................................
26,529
199,897
576,502
2,477,246
Japan
(19.6%):
Communication
Services
(1.7%):
KDDI
Corp.
...........................................................
8,600
263,433
Nexon
Co.
Ltd.
........................................................
6,700
119,880
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
51
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Nintendo
Co.
Ltd.
......................................................
4,300
$
179,287
Nippon
Telegraph
&
Telephone
Corp.
........................................
226,700
267,937
SoftBank
Corp.
........................................................
34,400
389,193
SoftBank
Group
Corp.
...................................................
2,700
114,473
Z
Holdings
Corp.
.......................................................
40,000
111,230
1,445,433
Consumer
Discretionary
(3.1%):
Bandai
Namco
Holdings,
Inc.
..............................................
7,800
158,798
Bridgestone
Corp.
......................................................
6,000
234,065
Denso
Corp.
..........................................................
10,400
167,115
Fast
Retailing
Co.
Ltd.
...................................................
600
130,866
Honda
Motor
Co.
Ltd.
...................................................
15,300
172,230
Nissan
Motor
Co.
Ltd.
...................................................
28,700
126,828
Nitori
Holdings
Co.
Ltd.
..................................................
1,400
156,565
Oriental
Land
Co.
Ltd.
...................................................
4,800
157,698
Pan
Pacific
International
Holdings
Corp.
......................................
7,100
149,109
Panasonic
Holdings
Corp.
.................................................
13,500
151,968
Sekisui
House
Ltd.
......................................................
11,500
229,123
Shimano,
Inc.
.........................................................
800
107,964
Sony
Group
Corp.
......................................................
1,800
147,450
Subaru
Corp.
..........................................................
8,100
157,533
Suzuki
Motor
Corp.
.....................................................
3,900
157,023
Toyota
Motor
Corp.
.....................................................
9,600
172,025
2,576,360
Consumer
Staples
(2.1%):
Aeon
Co.
Ltd.
.........................................................
11,400
226,024
Ajinomoto
Co.,
Inc.
.....................................................
3,500
135,015
Asahi
Group
Holdings
Ltd.
................................................
5,300
198,280
Japan
Tobacco,
Inc.
.....................................................
12,200
280,873
Kao
Corp.
............................................................
5,500
204,327
Kirin
Holdings
Co.
Ltd.
..................................................
18,100
253,536
Seven
&
i
Holdings
Co.
Ltd.
...............................................
4,200
164,576
Shiseido
Co.
Ltd.
.......................................................
3,600
126,489
Unicharm
Corp.
........................................................
4,400
155,805
1,744,925
Energy
(0.1%):
Inpex
Corp.
...........................................................
8,300
125,317
Financials
(2.3%):
Dai-ichi
Life
Holdings,
Inc.
...............................................
6,600
136,797
Japan
Post
Holdings
Co.
Ltd.
..............................................
23,600
189,138
Mitsubishi
UFJ
Financial
Group,
Inc.
.........................................
16,300
138,379
Mizuho
Financial
Group,
Inc.
..............................................
9,470
161,044
MS&AD
Insurance
Group
Holdings,
Inc.
......................................
4,800
176,523
Nomura
Holdings,
Inc.
...................................................
39,900
159,979
ORIX
Corp.
...........................................................
9,800
183,184
Resona
Holdings,
Inc.
....................................................
22,000
121,956
Sompo
Holdings,
Inc.
....................................................
3,900
167,907
Sumitomo
Mitsui
Financial
Group,
Inc.
.......................................
3,300
162,261
Sumitomo
Mitsui
Trust
Holdings,
Inc.
........................................
4,400
165,817
Tokio
Marine
Holdings,
Inc.
...............................................
6,900
160,009
1,922,994
Health
Care
(2.1%):
Astellas
Pharma,
Inc.
....................................................
11,300
156,848
Chugai
Pharmaceutical
Co.
Ltd.
............................................
5,900
182,583
Daiichi
Sankyo
Co.
Ltd.
..................................................
3,700
101,675
Eisai
Co.
Ltd.
..........................................................
2,100
116,707
Hoya
Corp.
...........................................................
1,200
123,076
M3,
Inc.
.............................................................
6,600
119,968
Olympus
Corp.
........................................................
9,500
123,439
Otsuka
Holdings
Co.,
Ltd.
.................................................
5,400
192,010
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
52
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Shionogi
&
Co.
Ltd.
.....................................................
5,000
$
223,732
Takeda
Pharmaceutical
Co.
Ltd.
............................................
8,200
254,693
Terumo
Corp.
.........................................................
5,400
143,222
1,737,953
Industrials
(3.8%):
Central
Japan
Railway
Co.
................................................
9,000
218,947
Daikin
Industries
Ltd.
....................................................
700
109,975
East
Japan
Railway
Co.
..................................................
4,400
251,921
FANUC
Corp.
.........................................................
5,800
151,114
Hitachi
Ltd.
...........................................................
2,500
155,183
ITOCHU
Corp.
........................................................
4,500
162,809
Komatsu
Ltd.
..........................................................
5,700
154,230
Kubota
Corp.
..........................................................
10,200
150,454
Marubeni
Corp.
........................................................
8,400
131,099
Mitsubishi
Corp.
.......................................................
3,000
143,113
Mitsubishi
Electric
Corp.
.................................................
14,200
175,718
Mitsubishi
Heavy
Industries
Ltd.
............................................
2,300
128,469
Mitsui
&
Co.
Ltd.
.......................................................
3,700
134,287
Nidec
Corp.
...........................................................
2,600
120,604
Nippon
Yusen
KK
......................................................
5,000
130,036
Recruit
Holdings
Co.
Ltd.
.................................................
3,800
117,214
Secom
Co.
Ltd.
........................................................
3,000
203,587
SMC
Corp.
...........................................................
300
134,480
Sumitomo
Corp.
........................................................
8,300
165,756
Toyota
Industries
Corp.
...................................................
1,900
149,729
Toyota
Tsusho
Corp.
.....................................................
2,300
135,380
3,224,105
Information
Technology
(2.8%):
Advantest
Corp.
........................................................
2,400
67,156
Canon,
Inc.
...........................................................
8,300
200,251
Disco
Corp.
...........................................................
500
92,290
FUJIFILM
Holdings
Corp.
................................................
3,300
191,215
Fujitsu
Ltd.
...........................................................
1,400
164,904
Keyence
Corp.
.........................................................
300
111,431
Kyocera
Corp.
.........................................................
4,600
233,571
Lasertec
Corp.
.........................................................
500
77,868
Murata
Manufacturing
Co.
Ltd.
.............................................
9,600
175,655
NEC
Corp.
...........................................................
3,000
165,861
Nomura
Research
Institute
Ltd.
.............................................
5,578
145,330
NTT
Data
Corp.
........................................................
12,400
166,349
Obic
Co.
Ltd.
..........................................................
1,200
182,184
Renesas
Electronics
Corp.
(b)
..............................................
6,300
96,364
TDK
Corp.
...........................................................
4,000
148,360
Tokyo
Electron
Ltd.
.....................................................
700
95,757
2,314,546
Materials
(0.5%):
Nippon
Paint
Holdings
Co.
Ltd.
.............................................
17,000
114,456
Nippon
Steel
Corp.
......................................................
5,900
138,399
Shin-Etsu
Chemical
Co.
Ltd.
...............................................
4,800
139,515
392,370
Real
Estate
(0.9%):
Daiwa
House
Industry
Co.
Ltd.
.............................................
8,100
217,651
Mitsubishi
Estate
Co.
Ltd.
.................................................
15,500
202,801
Mitsui
Fudosan
Co.
Ltd.
..................................................
7,600
167,544
Sumitomo
Realty
&
Development
Co.
Ltd.
....................................
5,800
150,842
738,838
Utilities
(0.2%):
The
Kansai
Electric
Power
Co.,
Inc.
..........................................
10,700
148,770
16,371,611
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
53
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Luxembourg
(0.4%):
Energy
(0.1%):
Tenaris
SA
............................................................
7,314
$
115,859
Health
Care
(0.1%):
Eurofins
Scientific
SE
....................................................
2,035
115,089
Materials
(0.2%):
ArcelorMittal
SA
.......................................................
5,048
126,870
357,818
Netherlands
(3.3%):
Communication
Services
(0.6%):
Koninklijke
KPN
NV
....................................................
88,355
291,316
Universal
Music
Group
NV
................................................
6,140
160,513
451,829
Consumer
Discretionary
(0.1%):
Prosus
NV
(b)
..........................................................
1,622
47,872
Consumer
Staples
(0.7%):
Heineken
Holding
NV
...................................................
2,771
209,148
Heineken
NV
..........................................................
2,153
189,951
Koninklijke
Ahold
Delhaize
NV
............................................
6,872
207,181
606,280
Financials
(0.6%):
ABN
AMRO
Bank
NV
(c)
.................................................
8,188
116,331
ASR
Nederland
NV
.....................................................
3,984
149,592
ING
Groep
NV
........................................................
9,689
128,541
NN
Group
NV
.........................................................
3,965
127,587
522,051
Health
Care
(0.3%):
QIAGEN
NV
(b)
.......................................................
5,556
224,770
Industrials
(0.5%):
Adyen
NV
(b)
(c)
........................................................
74
55,204
Randstad
NV
..........................................................
2,601
144,020
Wolters
Kluwer
NV
.....................................................
1,786
216,458
415,682
Information
Technology
(0.3%):
ASM
International
NV
...................................................
201
84,460
ASML
Holding
NV
.....................................................
188
111,113
BE
Semiconductor
Industries
NV
...........................................
877
86,219
281,792
Materials
(0.2%):
Akzo
Nobel
NV
........................................................
2,268
164,182
2,714,458
Norway
(1.3%):
Communication
Services
(0.2%):
Telenor
ASA
..........................................................
17,304
196,605
Consumer
Staples
(0.2%):
Mowi
ASA
...........................................................
8,827
156,462
Energy
(0.3%):
Aker
BP
ASA
.........................................................
4,690
129,818
Equinor
ASA
..........................................................
4,323
141,955
271,773
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
54
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Financials
(0.2%):
DNB
Bank
ASA
........................................................
9,986
$
201,332
Materials
(0.4%):
Norsk
Hydro
ASA
......................................................
21,243
133,493
Yara
International
ASA
...................................................
4,203
159,297
292,790
1,118,962
Portugal
(0.6%):
Consumer
Staples
(0.2%):
Jeronimo
Martins
SGPS
SA
...............................................
7,254
163,027
Energy
(0.2%):
Galp
Energia
SGPS
SA
...................................................
10,133
150,391
Utilities
(0.2%):
EDP
-
Energias
de
Portugal
SA
.............................................
45,276
188,383
501,801
Singapore
(2.3%):
Communication
Services
(0.3%):
Singapore
Telecommunications
Ltd.
.........................................
130,200
230,544
Consumer
Staples
(0.3%):
Wilmar
International
Ltd.
.................................................
88,700
242,080
Financials
(0.9%):
DBS
Group
Holdings
Ltd.
.................................................
10,300
253,525
Oversea-Chinese
Banking
Corp.
Ltd.
.........................................
31,700
297,122
United
Overseas
Bank
Ltd.
................................................
11,500
239,811
790,458
Industrials
(0.6%):
Jardine
Cycle
&
Carriage
Ltd.
..............................................
7,900
184,566
Keppel
Corp.
Ltd.
......................................................
28,600
142,299
Singapore
Airlines
Ltd.
...................................................
39,500
186,705
513,570
Real
Estate
(0.2%):
Capitaland
Investment
Ltd.
................................................
75,500
171,252
1,947,904
South
Korea
(3.1%):
Communication
Services
(0.3%):
Kakao
Corp.
..........................................................
3,247
105,771
NAVER
Corp.
.........................................................
663
99,017
204,788
Consumer
Discretionary
(0.7%):
Hyundai
Mobis
Co.
Ltd.
..................................................
836
149,020
Hyundai
Motor
Co.
.....................................................
1,196
169,401
Kia
Corp.
............................................................
2,250
135,747
LG
Electronics,
Inc.
.....................................................
1,699
127,060
581,228
Financials
(0.9%):
KakaoBank
Corp.
.......................................................
4,656
80,579
KB
Financial
Group,
Inc.
.................................................
3,423
140,300
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
....................................
830
160,254
Samsung
Life
Insurance
Co.
Ltd.
............................................
3,997
208,264
Shinhan
Financial
Group
Co.
Ltd.
...........................................
5,363
141,508
730,905
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
55
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Health
Care
(0.1%):
Celltrion,
Inc.
.........................................................
1,136
$
117,204
Industrials
(0.5%):
Ecopro
BM
Co.
Ltd.
.....................................................
216
40,504
LG
Corp.
.............................................................
2,425
150,619
Posco
International
Corp.
.................................................
784
41,489
Samsung
C&T
Corp.
....................................................
2,742
218,677
451,289
Information
Technology
(0.3%):
Samsung
Electronics
Co.
Ltd.
..............................................
3,606
182,812
Samsung
SDI
Co.
Ltd.
...................................................
261
99,046
281,858
Materials
(0.3%):
Ecopro
Co.,
Ltd.
.......................................................
40
26,712
LG
Chem
Ltd.
.........................................................
246
90,527
POSCO
Future
M
Co.
Ltd.
................................................
180
47,962
POSCO
Holdings,
Inc.
...................................................
189
74,944
240,145
2,607,417
Spain
(2.6%):
Communication
Services
(0.2%):
Telefonica
SA
.........................................................
43,354
177,269
Consumer
Discretionary
(0.2%):
Industria
de
Diseno
Textil
SA
..............................................
4,782
178,394
Energy
(0.2%):
Repsol
SA
............................................................
10,239
168,525
Financials
(0.5%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
15,960
130,078
Banco
Santander
SA
.....................................................
32,279
123,472
CaixaBank
SA
.........................................................
34,258
137,107
390,657
Industrials
(1.0%):
ACS
Actividades
de
Construccion
y
Servicios
SA
................................
6,355
228,879
Aena
SME
SA
(c)
.......................................................
1,099
165,667
Amadeus
IT
Group
SA
...................................................
2,499
151,317
Ferrovial
SE
..........................................................
7,811
239,206
785,069
Utilities
(0.5%):
Endesa
SA
............................................................
9,512
193,814
Iberdrola
SA
..........................................................
22,210
248,752
442,566
2,142,480
Sweden
(3.5%):
Consumer
Discretionary
(0.3%):
Evolution
AB
(c)
........................................................
1,282
129,867
H
&
M
Hennes
&
Mauritz
AB
,
Class
B
(a)
.....................................
6,335
90,170
220,037
Consumer
Staples
(0.2%):
Essity
AB
,
Class
B
......................................................
8,391
181,234
Financials
(1.3%):
Industrivarden
AB
,
Class
C
................................................
7,952
210,121
Investor
AB
,
Class
B
....................................................
10,999
211,279
L
E
Lundbergforetagen
AB
,
Class
B
.........................................
4,936
206,533
Skandinaviska
Enskilda
Banken
AB
,
Class
A
...................................
13,703
163,917
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
56
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Svenska
Handelsbanken
AB
,
Class
A
.........................................
17,443
$
155,808
Swedbank
AB
,
Class
A
...................................................
8,785
161,914
1,109,572
Industrials
(1.2%):
Alfa
Laval
AB
.........................................................
4,318
148,572
Assa
Abloy
AB
,
Class
B
..................................................
7,766
169,370
Atlas
Copco
AB
,
Class
A
.................................................
9,560
128,888
Epiroc
AB
,
Class
A
......................................................
7,533
143,460
Nibe
Industrier
AB
,
Class
B
...............................................
14,519
95,446
Sandvik
AB
...........................................................
8,039
148,385
Volvo
AB
,
Class
B
......................................................
7,470
154,297
988,418
Information
Technology
(0.3%):
Hexagon
AB
,
Class
B
....................................................
16,561
141,592
Telefonaktiebolaget
LM
Ericsson
,
Class
B
(a)
...................................
25,524
124,628
266,220
Materials
(0.2%):
Svenska
Cellulosa
AB
SCA
,
Class
B
.........................................
11,172
153,382
2,918,863
Switzerland
(6.8%):
Communication
Services
(0.3%):
Swisscom
AG
,
Registered
Shares
...........................................
464
275,936
Consumer
Discretionary
(0.3%):
Cie
Financiere
Richemont
SA
,
Registered
Shares
................................
920
112,600
The
Swatch
Group
AG
...................................................
505
129,906
242,506
Consumer
Staples
(1.1%):
Barry
Callebaut
AG
,
Registered
Shares
.......................................
137
218,278
Chocoladefabriken
Lindt
&
Spruengli
AG
.....................................
22
244,979
Coca-Cola
HBC
AG
.....................................................
7,152
196,219
Nestle
SA
,
Registered
Shares
..............................................
2,156
244,414
903,890
Financials
(1.4%):
Banque
Cantonale
Vaudoise
,
Registered
Shares
.................................
1,818
190,819
Julius
Baer
Group
Ltd.
...................................................
1,852
119,122
Partners
Group
Holding
AG
...............................................
110
124,353
Swiss
Life
Holding
AG
...................................................
278
173,647
Swiss
Re
AG
..........................................................
1,818
187,383
UBS
Group
AG
........................................................
4,481
111,107
Zurich
Insurance
Group
AG
...............................................
470
215,765
1,122,196
Health
Care
(1.1%):
Alcon,
Inc.
...........................................................
2,155
167,059
Lonza
Group
AG
,
Registered
Shares
.........................................
249
115,806
Novartis
AG
,
Registered
Shares
.............................................
1,960
201,055
Roche
Holding
AG
......................................................
877
240,023
Sonova
Holding
AG
.....................................................
513
122,041
Straumann
Holding
AG
,
Class
R
............................................
779
99,769
945,753
Industrials
(1.1%):
ABB
Ltd.
,
Registered
Shares
...............................................
4,739
169,860
Geberit
AG
,
Registered
Shares
.............................................
319
160,006
Kuehne
+
Nagel
International
AG
,
Class
R
.....................................
527
150,308
Schindler
Holding
AG
...................................................
665
132,986
SGS
SA
,
Registered
Shares
................................................
2,501
210,498
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
57
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
VAT
Group
AG
(c)
......................................................
274
$
98,509
922,167
Information
Technology
(0.2%):
Logitech
International
SA
,
Class
R
..........................................
1,428
98,747
STMicroelectronics
NV
..................................................
2,310
100,082
198,829
Materials
(1.3%):
DSM-Firmenich
AG
.....................................................
1,533
129,854
EMS-Chemie
Holding
AG
................................................
234
159,307
Givaudan
SA
,
Registered
Shares
............................................
54
176,676
Glencore
PLC
.........................................................
21,587
123,743
Holcim
AG
...........................................................
3,053
196,105
SIG
Group
AG
.........................................................
6,335
156,731
Sika
AG
,
Registered
Shares
................................................
489
124,561
1,066,977
5,678,254
United
Kingdom
(9.8%):
Communication
Services
(0.7%):
BT
Group
PLC
........................................................
90,032
128,172
Informa
PLC
..........................................................
20,867
191,019
Vodafone
Group
PLC
....................................................
159,011
149,013
WPP
PLC
............................................................
16,200
144,858
613,062
Consumer
Discretionary
(1.0%):
Burberry
Group
PLC
....................................................
5,338
124,278
Compass
Group
PLC
....................................................
10,220
249,348
InterContinental
Hotels
Group
PLC
..........................................
2,555
189,317
JD
Sports
Fashion
PLC
...................................................
56,491
103,163
Next
PLC
............................................................
1,831
162,966
829,072
Consumer
Staples
(2.1%):
Associated
British
Foods
PLC
..............................................
7,433
187,516
British
American
Tobacco
PLC
.............................................
6,381
200,598
Diageo
PLC
...........................................................
5,482
202,898
Haleon
PLC
...........................................................
47,217
196,329
Imperial
Brands
PLC
....................................................
10,141
206,225
Reckitt
Benckiser
Group
PLC
..............................................
3,492
246,818
Tesco
PLC
............................................................
70,323
226,649
Unilever
PLC
.........................................................
5,571
276,056
1,743,089
Energy
(0.4%):
BP
PLC
..............................................................
22,459
145,591
Shell
PLC
............................................................
5,478
174,149
319,740
Financials
(1.8%):
3i
Group
PLC
.........................................................
6,353
160,658
Admiral
Group
PLC
.....................................................
4,352
126,195
Barclays
PLC
.........................................................
66,765
129,451
HSBC
Holdings
PLC
....................................................
23,753
186,868
Legal
&
General
Group
PLC
...............................................
54,605
148,213
Lloyds
Banking
Group
PLC
...............................................
327,746
177,399
London
Stock
Exchange
Group
PLC
.........................................
2,409
241,975
NatWest
Group
PLC
.....................................................
50,793
146,045
Prudential
PLC
........................................................
9,054
98,168
Standard
Chartered
PLC
..................................................
13,571
125,489
1,540,461
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
58
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Health
Care
(0.7%):
AstraZeneca
PLC
.......................................................
1,362
$
184,460
GSK
PLC
............................................................
13,044
237,413
Smith
&
Nephew
PLC
...................................................
14,280
178,208
600,081
Industrials
(1.6%):
Ashtead
Group
PLC
.....................................................
1,935
118,072
BAE
Systems
PLC
......................................................
15,970
194,389
Bunzl
PLC
...........................................................
6,842
244,220
International
Consolidated
Airlines
Group
SA
(b)
................................
60,139
108,578
RELX
PLC
...........................................................
7,018
237,575
Rentokil
Initial
PLC
.....................................................
22,821
169,876
Rolls-Royce
Holdings
PLC
(b)
..............................................
27,255
73,446
Spirax-Sarco
Engineering
PLC
.............................................
1,271
147,700
Wise
PLC
,
Class
A
(b)
....................................................
10,311
86,237
1,380,093
Information
Technology
(0.5%):
Halma
PLC
...........................................................
6,574
155,460
The
Sage
Group
PLC
....................................................
18,505
223,259
378,719
Materials
(0.5%):
Anglo
American
PLC
....................................................
4,178
115,467
Croda
International
PLC
..................................................
1,944
116,558
Evraz
PLC
(b)
(d)
(e)
.....................................................
34,029
16,812
Rio
Tinto
PLC
.........................................................
2,390
150,851
399,688
Utilities
(0.5%):
Centrica
PLC
..........................................................
84,924
160,008
National
Grid
PLC
......................................................
18,242
218,084
378,092
8,182,097
United
States
(0.3%):
Industrials
(0.2%):
Rb
Global,
Inc.
........................................................
2,577
161,364
Utilities
(0.1%):
Brookfield
Renewable
Corp.
,
Class
A
.........................................
5,210
124,716
286,080
Total
Common
Stocks
(Cost
$77,166,027)
82,417,208
Warrants
(0.0%)
Canada
(0.0%):
Information
Technology
(0.0%):
Constellation
Software,
Inc.
(b)
(e)
...........................................
112
—
Total
Warrants
(Cost
$–)
—
Collateral
for
Securities
Loaned
(2.0%)^
United
States
(2.0%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.24
%
(f)
........
430,025
430,025
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.28
%
(f)
............
430,025
430,025
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.26
%
(f)
................
430,025
430,025
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.27
%
(f)
.
430,025
430,025
Total
Collateral
for
Securities
Loaned
(Cost
$1,720,100)
1,720,100
Total
Investments
(Cost
$78,886,127)
—
100.5%
84,137,308
Liabilities
in
excess
of
other
assets
—
(0.5)%
(
437,364
)
NET
ASSETS
-
100.00%
$
83,699,944
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
59
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Name
Acquisition
Date
Cost
Evraz
PLC
.................................................
3/19/2021
$
213,602
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2023,
the
fair
value
of
these
securities
was
$1,632,123
and
amounted
to
1.9%
of
net
assets.
(d)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
September
30,
2023.
(e)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
September
30,
2023.
(f)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
MSCI
EAFE
Index
Futures
......
8
12/15/23
$
845,278
$
816,600
$
(
28,678
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
28,678
)
Total
net
unrealized
appreciation
(depreciation)
$
(
28,678
)
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
II
VictoryShares
US
Large
Cap
High
Div
Volatility
Wtd
ETF
60
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.2%)
Communication
Services
(2.6%):
Omnicom
Group,
Inc.
....................................................
38,958
$
2,901,592
The
Interpublic
Group
of
Cos.,
Inc.
..........................................
85,358
2,446,360
Verizon
Communications,
Inc.
..............................................
103,703
3,361,014
8,708,966
Consumer
Discretionary
(2.8%):
Best
Buy
Co.,
Inc.
......................................................
41,014
2,849,242
Darden
Restaurants,
Inc.
..................................................
30,736
4,402,010
Ford
Motor
Co.
........................................................
184,640
2,293,229
9,544,481
Consumer
Staples
(15.7%):
Altria
Group,
Inc.
.......................................................
114,052
4,795,887
Campbell
Soup
Co.
.....................................................
100,041
4,109,684
Conagra
Brands,
Inc.
....................................................
164,948
4,522,874
General
Mills,
Inc.
......................................................
65,228
4,173,940
Kellanova
............................................................
90,225
5,369,290
Kimberly-Clark
Corp.
....................................................
42,793
5,171,534
Philip
Morris
International,
Inc.
.............................................
52,762
4,884,706
Target
Corp.
..........................................................
24,871
2,749,987
The
Clorox
Co.
........................................................
21,902
2,870,476
The
Coca-Cola
Co.
......................................................
113,883
6,375,170
The
Kraft
Heinz
Co.
.....................................................
155,658
5,236,335
Tyson
Foods,
Inc.
,
Class
A
................................................
52,769
2,664,307
52,924,190
Energy
(12.4%):
Chevron
Corp.
.........................................................
22,128
3,731,223
ConocoPhillips
........................................................
22,546
2,701,011
Coterra
Energy,
Inc.
.....................................................
92,106
2,491,467
Devon
Energy
Corp.
.....................................................
44,284
2,112,347
Diamondback
Energy,
Inc.
................................................
17,226
2,667,963
EOG
Resources,
Inc.
....................................................
20,432
2,589,960
Exxon
Mobil
Corp.
.....................................................
28,582
3,360,672
HF
Sinclair
Corp.
.......................................................
40,567
2,309,479
Kinder
Morgan,
Inc.
.....................................................
266,879
4,424,854
ONEOK,
Inc.
..........................................................
50,215
3,185,138
Phillips
66
............................................................
23,889
2,870,263
Pioneer
Natural
Resources
Co.
.............................................
11,815
2,712,133
The
Williams
Cos.,
Inc.
..................................................
113,833
3,835,034
Valero
Energy
Corp.
.....................................................
18,399
2,607,322
41,598,866
Financials
(21.2%):
Bank
of
America
Corp.
...................................................
109,492
2,997,891
Blackstone,
Inc.
........................................................
22,064
2,363,937
Citigroup,
Inc.
.........................................................
75,336
3,098,570
Citizens
Financial
Group,
Inc.
..............................................
71,610
1,919,148
CME
Group,
Inc.
.......................................................
21,251
4,254,875
Corebridge
Financial,
Inc.
.................................................
129,416
2,555,966
Fidelity
National
Financial,
Inc.
............................................
79,748
3,293,592
Fifth
Third
Bancorp
.....................................................
81,070
2,053,503
Franklin
Resources,
Inc.
..................................................
112,216
2,758,269
Huntington
Bancshares,
Inc.
...............................................
195,672
2,034,989
KeyCorp
.............................................................
121,300
1,305,188
M&T
Bank
Corp.
.......................................................
19,485
2,463,878
MetLife,
Inc.
..........................................................
44,593
2,805,346
Morgan
Stanley
........................................................
39,405
3,218,206
Northern
Trust
Corp.
....................................................
31,226
2,169,583
Principal
Financial
Group,
Inc.
.............................................
37,399
2,695,346
Prudential
Financial,
Inc.
.................................................
32,772
3,109,735
Regions
Financial
Corp.
..................................................
133,291
2,292,605
Victory
Portfolios
II
VictoryShares
US
Large
Cap
High
Div
Volatility
Wtd
ETF
61
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
State
Street
Corp.
.......................................................
36,077
$
2,415,716
T.
Rowe
Price
Group,
Inc.
.................................................
23,528
2,467,381
The
Bank
of
New
York
Mellon
Corp.
.........................................
70,907
3,024,184
The
Carlyle
Group,
Inc.
..................................................
69,441
2,094,341
The
Goldman
Sachs
Group,
Inc.
............................................
10,461
3,384,866
The
PNC
Financial
Services
Group,
Inc.
......................................
21,844
2,681,788
Truist
Financial
Corp.
....................................................
60,125
1,720,176
U.S.
Bancorp
..........................................................
56,049
1,852,980
UWM
Holdings
Corp.
(a)
.................................................
281,551
1,365,522
Wells
Fargo
&
Co.
......................................................
69,192
2,827,185
71,224,766
Health
Care
(9.1%):
AbbVie,
Inc.
..........................................................
27,360
4,078,281
Amgen,
Inc.
...........................................................
16,039
4,310,642
Bristol-Myers
Squibb
Co.
.................................................
75,686
4,392,815
CVS
Health
Corp.
......................................................
51,091
3,567,174
Gilead
Sciences,
Inc.
....................................................
53,973
4,044,737
Medtronic
PLC
........................................................
45,657
3,577,682
Pfizer,
Inc.
............................................................
111,792
3,708,141
Viatris,
Inc.
...........................................................
307,492
3,031,871
30,711,343
Industrials
(1.5%):
Stanley
Black
&
Decker,
Inc.
..............................................
24,380
2,037,680
United
Parcel
Service,
Inc.
,
Class
B
..........................................
20,526
3,199,388
5,237,068
Information
Technology
(5.0%):
Corning,
Inc.
..........................................................
104,843
3,194,566
HP,
Inc.
..............................................................
102,456
2,633,119
International
Business
Machines
Corp.
........................................
32,365
4,540,810
Juniper
Networks,
Inc.
...................................................
117,526
3,266,048
Texas
Instruments,
Inc.
...................................................
19,505
3,101,490
16,736,033
Materials
(4.6%):
Dow,
Inc.
............................................................
65,506
3,377,490
Eastman
Chemical
Co.
...................................................
33,090
2,538,665
International
Paper
Co.
...................................................
83,702
2,968,910
LyondellBasell
Industries
NV
,
Class
A
........................................
34,897
3,304,746
Packaging
Corp.
of
America
...............................................
21,037
3,230,231
15,420,042
Utilities
(24.3%):
Alliant
Energy
Corp.
....................................................
83,747
4,057,542
American
Electric
Power
Co.,
Inc.
...........................................
52,970
3,984,403
CMS
Energy
Corp.
......................................................
75,234
3,995,678
Consolidated
Edison,
Inc.
.................................................
52,689
4,506,490
Dominion
Energy,
Inc.
...................................................
80,325
3,588,118
DTE
Energy
Co.
.......................................................
43,129
4,281,847
Duke
Energy
Corp.
......................................................
51,638
4,557,570
Edison
International
.....................................................
55,681
3,524,050
Entergy
Corp.
.........................................................
40,362
3,733,485
Evergy,
Inc.
...........................................................
77,341
3,921,189
Eversource
Energy
......................................................
62,395
3,628,269
Exelon
Corp.
..........................................................
113,220
4,278,584
FirstEnergy
Corp.
.......................................................
117,502
4,016,218
NiSource,
Inc.
.........................................................
169,092
4,173,190
PPL
Corp.
............................................................
187,028
4,406,380
Public
Service
Enterprise
Group,
Inc.
.........................................
71,754
4,083,520
Sempra
Energy
........................................................
63,188
4,298,680
The
Southern
Co.
.......................................................
66,918
4,330,933
WEC
Energy
Group,
Inc.
.................................................
52,045
4,192,225
Victory
Portfolios
II
VictoryShares
US
Large
Cap
High
Div
Volatility
Wtd
ETF
62
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Xcel
Energy,
Inc.
.......................................................
75,826
$
4,338,764
81,897,135
Total
Common
Stocks
(Cost
$358,000,092)
334,002,890
Collateral
for
Securities
Loaned
(0.4%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.24
%
(b)
........
298,005
298,005
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.28
%
(b)
............
298,005
298,005
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.26
%
(b)
...............
298,005
298,005
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.27
%
(b)
.
298,005
298,005
Total
Collateral
for
Securities
Loaned
(Cost
$1,192,020)
1,192,020
Total
Investments
(Cost
$359,192,112)
—
99.6%
335,194,910
Other
assets
in
excess
of
liabilities
—
0.4%
1,352,746
NET
ASSETS
-
100.00%
$
336,547,656
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
8
12/15/23
$
1,786,734
$
1,730,200
$
(
56,534
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
56,534
)
Total
net
unrealized
appreciation
(depreciation)
$
(
56,534
)
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
II
VictoryShares
US
Small
Cap
High
Div
Volatility
Wtd
ETF
63
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.3%)
Communication
Services
(2.6%):
Cogent
Communications
Holdings,
Inc.
.......................................
51,637
$
3,196,330
John
Wiley
&
Sons,
Inc.
,
Class
A
............................................
81,287
3,021,438
Shutterstock,
Inc.
.......................................................
62,249
2,368,574
8,586,342
Consumer
Discretionary
(18.6%):
Bloomin'
Brands,
Inc.
....................................................
118,193
2,906,366
Carter's,
Inc.
..........................................................
54,430
3,763,835
Cracker
Barrel
Old
Country
Store,
Inc.
........................................
43,537
2,925,686
Guess?,
Inc.
...........................................................
103,732
2,244,760
Jack
in
the
Box,
Inc.
.....................................................
46,264
3,194,992
Kontoor
Brands,
Inc.
....................................................
54,873
2,409,473
La-Z-Boy,
Inc.
.........................................................
105,140
3,246,723
LCI
Industries
.........................................................
25,172
2,955,696
Levi
Strauss
&
Co.
,
Class
A
...............................................
222,054
3,015,493
MDC
Holdings,
Inc.
.....................................................
79,021
3,258,036
Nordstrom,
Inc.
........................................................
121,071
1,808,801
Oxford
Industries,
Inc.
...................................................
30,351
2,917,642
Papa
John's
International,
Inc.
..............................................
46,322
3,160,087
Patrick
Industries,
Inc.
...................................................
39,511
2,965,696
Red
Rock
Resorts,
Inc.
,
Class
A
.............................................
88,429
3,625,589
Steven
Madden
Ltd.
.....................................................
103,683
3,294,009
Strategic
Education,
Inc.
..................................................
51,923
3,907,206
The
Buckle,
Inc.
........................................................
105,253
3,514,398
The
Cheesecake
Factory,
Inc.
..............................................
102,550
3,107,265
Travel
+
Leisure
Co.
.....................................................
88,499
3,250,568
61,472,321
Consumer
Staples
(6.5%):
Fresh
Del
Monte
Produce,
Inc.
.............................................
168,067
4,342,851
Nu
Skin
Enterprises,
Inc.
,
Class
A
...........................................
158,809
3,368,339
Universal
Corp.
........................................................
136,070
6,423,865
Vector
Group
Ltd.
......................................................
316,225
3,364,634
Weis
Markets,
Inc.
......................................................
60,942
3,839,346
21,339,035
Energy
(7.7%):
Archrock,
Inc.
.........................................................
248,850
3,135,510
Comstock
Resources,
Inc.
.................................................
174,357
1,923,158
CONSOL
Energy,
Inc.
...................................................
26,646
2,795,432
Crescent
Energy
Co.
,
Class
A
(a)
............................................
199,169
2,517,496
CVR
Energy,
Inc.
.......................................................
78,543
2,672,818
Kinetik
Holdings,
Inc.
(a)
.................................................
106,185
3,583,744
Northern
Oil
and
Gas,
Inc.
................................................
66,923
2,692,312
Sitio
Royalties
Corp.
,
Class
A
..............................................
113,594
2,750,111
World
Kinect
Corp.
.....................................................
153,993
3,454,063
25,524,644
Financials
(24.2%):
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
101,182
3,786,230
Associated
Banc-Corp.
...................................................
171,296
2,930,875
Atlantic
Union
Bankshares
Corp.
............................................
89,123
2,564,960
B
Riley
Financial,
Inc.
...................................................
31,728
1,300,531
Bank
of
Hawaii
Corp.
(a)
..................................................
38,246
1,900,444
Banner
Corp.
..........................................................
68,692
2,911,167
Bread
Financial
Holdings,
Inc.
.............................................
58,696
2,007,403
Columbia
Banking
System,
Inc.
............................................
114,155
2,317,347
CVB
Financial
Corp.
....................................................
135,143
2,239,320
First
Financial
Bancorp
...................................................
157,324
3,083,550
First
Hawaiian,
Inc.
.....................................................
149,085
2,690,984
First
Interstate
BancSystem,
Inc.
,
Class
A
......................................
113,221
2,823,732
First
Merchants
Corp.
....................................................
104,903
2,918,401
Victory
Portfolios
II
VictoryShares
US
Small
Cap
High
Div
Volatility
Wtd
ETF
64
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Fulton
Financial
Corp.
...................................................
227,705
$
2,757,508
Hope
Bancorp,
Inc.
.....................................................
283,270
2,506,940
Independent
Bank
Corp.
..................................................
52,976
2,600,592
Jackson
Financial,
Inc.
,
Class
A
.............................................
64,929
2,481,586
Moelis
&
Co.
,
Class
A
...................................................
71,240
3,215,061
Northwest
Bancshares,
Inc.
................................................
353,640
3,617,737
Pacific
Premier
Bancorp,
Inc.
..............................................
113,684
2,473,764
Park
National
Corp.
.....................................................
31,995
3,024,167
Provident
Financial
Services,
Inc.
...........................................
203,110
3,105,552
Simmons
First
National
Corp.
,
Class
A
.......................................
160,792
2,727,032
Towne
Bank
..........................................................
159,357
3,654,056
TPG,
Inc.
............................................................
108,234
3,260,008
Trustmark
Corp.
........................................................
130,191
2,829,050
UWM
Holdings
Corp.
(a)
.................................................
383,232
1,858,675
Virtu
Financial,
Inc.
,
Class
A
...............................................
200,008
3,454,138
WesBanco,
Inc.
........................................................
118,057
2,882,952
79,923,762
Health
Care
(2.2%):
Patterson
Cos.,
Inc.
.....................................................
124,607
3,693,351
Premier,
Inc.
,
Class
A
....................................................
163,995
3,525,893
7,219,244
Industrials
(11.8%):
FTAI
Aviation
Ltd.
......................................................
85,434
3,037,179
H&E
Equipment
Services,
Inc.
.............................................
59,058
2,550,715
HNI
Corp.
............................................................
98,300
3,404,129
Insperity,
Inc.
..........................................................
32,839
3,205,086
Kennametal,
Inc.
.......................................................
127,218
3,165,184
Kforce,
Inc.
...........................................................
62,159
3,708,406
ManpowerGroup,
Inc.
...................................................
52,243
3,830,457
MillerKnoll,
Inc.
.......................................................
137,629
3,365,029
MSC
Industrial
Direct
Co.,
Inc.
.............................................
55,136
5,411,598
The
Greenbrier
Cos.,
Inc.
.................................................
46,796
1,871,840
Trinity
Industries,
Inc.
...................................................
125,885
3,065,300
TTEC
Holdings,
Inc.
....................................................
91,575
2,401,096
39,016,019
Information
Technology
(1.3%):
Avnet,
Inc.
............................................................
90,107
4,342,256
Materials
(6.2%):
Avient
Corp.
..........................................................
82,588
2,917,008
Cabot
Corp.
...........................................................
51,367
3,558,192
Greif,
Inc.
,
Class
A
......................................................
57,458
3,838,769
Kaiser
Aluminum
Corp.
..................................................
34,352
2,585,332
Sensient
Technologies
Corp.
...............................................
73,648
4,306,935
Sylvamo
Corp.
.........................................................
72,746
3,196,459
20,402,695
Real
Estate
(0.9%):
Kennedy-Wilson
Holdings,
Inc.
.............................................
213,881
3,152,606
Utilities
(17.3%):
ALLETE,
Inc.
.........................................................
97,593
5,152,911
Avista
Corp.
..........................................................
154,163
4,990,256
California
Water
Service
Group
.............................................
94,432
4,467,578
Clearway
Energy,
Inc.
,
Class
C
.............................................
196,222
4,152,058
MGE
Energy,
Inc.
......................................................
71,246
4,881,064
Northwest
Natural
Holding
Co.
.............................................
132,845
5,069,365
Northwestern
Energy
Group,
Inc.
...........................................
118,490
5,694,629
ONE
Gas,
Inc.
.........................................................
70,013
4,780,488
Otter
Tail
Corp.
(a)
......................................................
45,009
3,417,083
Portland
General
Electric
Co.
..............................................
122,158
4,944,956
SJW
Group
...........................................................
74,920
4,503,441
Victory
Portfolios
II
VictoryShares
US
Small
Cap
High
Div
Volatility
Wtd
ETF
65
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Spire,
Inc.
............................................................
93,611
$
5,296,510
57,350,339
Total
Common
Stocks
(Cost
$348,438,639)
328,329,263
Collateral
for
Securities
Loaned
(2.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.24
%
(b)
........
1,720,454
1,720,454
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.28
%
(b)
............
1,720,454
1,720,454
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.26
%
(b)
...............
1,720,454
1,720,454
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.27
%
(b)
.
1,720,454
1,720,454
Total
Collateral
for
Securities
Loaned
(Cost
$6,881,816)
6,881,816
Total
Investments
(Cost
$355,320,455)
—
101.4%
335,211,079
Liabilities
in
excess
of
other
assets
—
(1.4)%
(
4,698,742
)
NET
ASSETS
-
100.00%
$
330,512,337
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
Russell
2000
Index
Futures
......
19
12/15/23
$
1,767,687
$
1,708,670
$
(
59,017
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
59,017
)
Total
net
unrealized
appreciation
(depreciation)
$
(
59,017
)
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
II
VictoryShares
International
High
Div
Volatility
Wtd
ETF
66
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(98.5%)
Australia
(9.7%):
Communication
Services
(1.6%):
Telstra
Group
Ltd.
......................................................
114,208
$
282,640
Consumer
Staples
(1.4%):
Coles
Group
Ltd.
.......................................................
24,536
245,409
Energy
(1.8%):
Santos
Ltd.
...........................................................
35,829
181,945
Woodside
Energy
Group
Ltd.
..............................................
6,246
146,505
328,450
Financials
(2.4%):
ANZ
Group
Holdings
Ltd.
................................................
13,249
218,533
Westpac
Banking
Corp.
..................................................
15,384
209,149
427,682
Materials
(2.5%):
BHP
Group
Ltd.
........................................................
5,931
168,701
Fortescue
Metals
Group
Ltd.
...............................................
8,956
120,435
Rio
Tinto
Ltd.
.........................................................
2,311
168,680
457,816
1,741,997
Austria
(1.5%):
Energy
(0.8%):
OMV
AG
............................................................
2,908
139,316
Utilities
(0.7%):
Verbund
AG
..........................................................
1,702
138,628
277,944
Canada
(7.2%):
Communication
Services
(2.8%):
BCE,
Inc.
............................................................
7,318
279,389
TELUS
Corp.
(a)
.......................................................
14,037
229,247
508,636
Energy
(2.0%):
Pembina
Pipeline
Corp.
..................................................
7,083
212,996
Suncor
Energy,
Inc.
.....................................................
4,143
142,493
355,489
Financials
(2.4%):
Canadian
Imperial
Bank
of
Commerce
........................................
5,528
213,411
The
Bank
of
Nova
Scotia
.................................................
4,851
217,457
430,868
1,294,993
Denmark
(0.6%):
Industrials
(0.6%):
AP
Moller
-
Maersk
A/S
,
Class
B
...........................................
59
106,528
Finland
(4.1%):
Financials
(0.9%):
Nordea
Bank
Abp
.......................................................
14,840
163,210
Industrials
(0.9%):
Kone
Oyj
,
Class
B
......................................................
3,648
153,944
Materials
(1.6%):
Stora
Enso
Oyj
,
Class
R
..................................................
9,325
117,206
UPM-Kymmene
Oyj
....................................................
5,058
173,612
290,818
Victory
Portfolios
II
VictoryShares
International
High
Div
Volatility
Wtd
ETF
67
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Utilities
(0.7%):
Fortum
Oyj
(a)
.........................................................
11,044
$
128,363
736,335
France
(8.4%):
Communication
Services
(1.4%):
Orange
SA
............................................................
21,944
251,920
Consumer
Discretionary
(0.9%):
Cie
Generale
des
Etablissements
Michelin
SCA
.................................
5,587
171,689
Energy
(0.9%):
TotalEnergies
SE
(a)
.....................................................
2,453
161,575
Financials
(4.0%):
Amundi
SA
(b)
.........................................................
2,510
141,555
AXA
SA
.............................................................
5,869
174,833
BNP
Paribas
SA
........................................................
2,044
130,572
Credit
Agricole
SA
......................................................
12,902
159,465
Societe
Generale
SA
.....................................................
4,289
104,484
710,909
Industrials
(1.2%):
Bouygues
SA
..........................................................
6,097
213,593
1,509,686
Germany
(4.5%):
Consumer
Discretionary
(1.8%):
Bayerische
Motoren
Werke
AG
.............................................
1,652
168,312
Mercedes-Benz
Group
AG
................................................
2,293
159,714
328,026
Health
Care
(0.8%):
Bayer
AG
,
Registered
Shares
..............................................
3,042
146,154
Industrials
(0.8%):
Deutsche
Post
AG
......................................................
3,480
141,760
Utilities
(1.1%):
E.ON
SE
.............................................................
16,791
198,798
814,738
Hong
Kong
(5.7%):
Industrials
(1.0%):
CK
Hutchison
Holdings
Ltd.
...............................................
35,000
187,276
Real
Estate
(2.6%):
CK
Asset
Holdings
Ltd.
..................................................
36,500
192,272
Henderson
Land
Development
Co.
Ltd.
.......................................
56,000
147,675
Swire
Pacific
Ltd.
,
Class
A
................................................
17,624
118,946
458,893
Utilities
(2.1%):
CLP
Holdings
Ltd.
......................................................
26,551
196,487
Hong
Kong
&
China
Gas
Co.
Ltd.
...........................................
262,796
183,236
379,723
1,025,892
Israel
(0.9%):
Financials
(0.9%):
Bank
Hapoalim
BM
.....................................................
17,254
153,402
Italy
(8.1%):
Energy
(1.0%):
Eni
SpA
.............................................................
10,484
169,077
Victory
Portfolios
II
VictoryShares
International
High
Div
Volatility
Wtd
ETF
68
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Financials
(3.9%):
Assicurazioni
Generali
SpA
...............................................
10,085
$
206,448
Intesa
Sanpaolo
SpA
.....................................................
52,897
136,439
Mediobanca
Banca
di
Credito
Finanziario
SpA
..................................
14,090
186,630
Poste
Italiane
SpA
(b)
....................................................
16,878
177,847
707,364
Utilities
(3.2%):
Enel
SpA
.............................................................
29,818
183,451
Snam
SpA
............................................................
40,500
190,474
Terna
-
Rete
Elettrica
Nazionale
............................................
26,338
198,458
572,383
1,448,824
Japan
(4.5%):
Communication
Services
(2.1%):
SoftBank
Corp.
........................................................
34,200
386,930
Consumer
Staples
(1.6%):
Japan
Tobacco,
Inc.
.....................................................
12,200
280,873
Materials
(0.8%):
Nippon
Steel
Corp.
......................................................
5,800
136,053
803,856
Netherlands
(4.6%):
Communication
Services
(1.6%):
Koninklijke
KPN
NV
....................................................
87,721
289,226
Financials
(2.2%):
ABN
AMRO
Bank
NV
(b)
.................................................
8,130
115,507
ASR
Nederland
NV
.....................................................
3,951
148,354
NN
Group
NV
.........................................................
3,937
126,686
390,547
Industrials
(0.8%):
Randstad
NV
..........................................................
2,582
142,968
822,741
Norway
(3.4%):
Communication
Services
(1.1%):
Telenor
ASA
..........................................................
17,181
195,208
Energy
(0.7%):
Aker
BP
ASA
.........................................................
4,656
128,877
Materials
(1.6%):
Norsk
Hydro
ASA
......................................................
21,086
132,506
Yara
International
ASA
...................................................
4,173
158,160
290,666
614,751
Portugal
(1.9%):
Energy
(0.8%):
Galp
Energia
SGPS
SA
...................................................
10,061
149,323
Utilities
(1.1%):
EDP
-
Energias
de
Portugal
SA
.............................................
44,903
186,831
336,154
Singapore
(7.1%):
Communication
Services
(1.3%):
Singapore
Telecommunications
Ltd.
.........................................
129,300
228,950
Victory
Portfolios
II
VictoryShares
International
High
Div
Volatility
Wtd
ETF
69
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Consumer
Staples
(1.4%):
Wilmar
International
Ltd.
.................................................
88,100
$
240,443
Financials
(1.6%):
Oversea-Chinese
Banking
Corp.
Ltd.
.........................................
31,400
294,310
Industrials
(2.8%):
Jardine
Cycle
&
Carriage
Ltd.
..............................................
7,800
182,230
Keppel
Corp.
Ltd.
......................................................
28,400
141,304
Singapore
Airlines
Ltd.
...................................................
39,200
185,287
508,821
1,272,524
South
Korea
(1.5%):
Consumer
Discretionary
(0.7%):
Kia
Corp.
............................................................
2,234
134,782
Financials
(0.8%):
Shinhan
Financial
Group
Co.
Ltd.
...........................................
5,325
140,505
275,287
Spain
(3.3%):
Communication
Services
(1.0%):
Telefonica
SA
.........................................................
43,046
176,010
Industrials
(1.2%):
ACS
Actividades
de
Construccion
y
Servicios
SA
................................
6,302
226,970
Utilities
(1.1%):
Endesa
SA
............................................................
9,444
192,428
595,408
Sweden
(1.5%):
Financials
(0.8%):
Svenska
Handelsbanken
AB
,
Class
A
.........................................
17,299
154,522
Information
Technology
(0.7%):
Telefonaktiebolaget
LM
Ericsson
,
Class
B
(a)
...................................
25,342
123,740
278,262
Switzerland
(5.1%):
Communication
Services
(1.5%):
Swisscom
AG
,
Registered
Shares
...........................................
460
273,557
Financials
(1.0%):
Swiss
Re
AG
..........................................................
1,805
186,043
Industrials
(0.8%):
Kuehne
+
Nagel
International
AG
,
Class
R
.....................................
523
149,167
Materials
(1.8%):
Glencore
PLC
.........................................................
21,433
122,860
Holcim
AG
...........................................................
3,027
194,435
317,295
926,062
United
Kingdom
(14.2%):
Communication
Services
(2.3%):
BT
Group
PLC
........................................................
89,290
127,115
Vodafone
Group
PLC
....................................................
157,879
147,953
WPP
PLC
............................................................
16,067
143,669
418,737
Consumer
Staples
(3.5%):
British
American
Tobacco
PLC
.............................................
6,335
199,152
Imperial
Brands
PLC
....................................................
10,069
204,760
Victory
Portfolios
II
VictoryShares
International
High
Div
Volatility
Wtd
ETF
70
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Name
Acquisition
Date
Cost
Evraz
PLC
.................................................
3/19/2021
$
141,369
Security
Description
Shares
Value
Tesco
PLC
............................................................
69,743
$
224,780
628,692
Energy
(0.8%):
BP
PLC
..............................................................
22,274
144,392
Financials
(3.5%):
Admiral
Group
PLC
.....................................................
4,316
125,151
HSBC
Holdings
PLC
....................................................
23,557
185,326
Lloyds
Banking
Group
PLC
...............................................
325,044
175,936
NatWest
Group
PLC
.....................................................
50,374
144,841
631,254
Health
Care
(1.3%):
GSK
PLC
............................................................
12,948
235,665
Materials
(1.6%):
Anglo
American
PLC
....................................................
4,148
114,637
Evraz
PLC
(c)
(d)
(e)
.....................................................
23,292
11,508
Rio
Tinto
PLC
.........................................................
2,372
149,715
275,860
Utilities
(1.2%):
National
Grid
PLC
......................................................
18,111
216,517
2,551,117
United
States
(0.7%):
Utilities
(0.7%):
Brookfield
Renewable
Corp.
,
Class
A
.........................................
5,173
123,831
Total
Common
Stocks
(Cost
$18,320,461)
17,710,332
Collateral
for
Securities
Loaned
(3.1%)^
United
States
(3.1%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.24
%
(f)
........
136,911
136,911
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.28
%
(f)
............
136,911
136,911
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.26
%
(f)
................
136,911
136,911
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.27
%
(f)
.
136,911
136,911
Total
Collateral
for
Securities
Loaned
(Cost
$547,644)
547,644
Total
Investments
(Cost
$18,868,105)
—
101.6%
18,257,976
Liabilities
in
excess
of
other
assets
—
(1.6)%
(
285,340
)
NET
ASSETS
-
100.00%
$
17,972,636
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2023,
the
fair
value
of
these
securities
was
$434,909
and
amounted
to
2.4%
of
net
assets.
(c)
Non-income
producing
security.
(d)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
September
30,
2023.
(e)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
September
30,
2023.
(f)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
PLC
—
Public
Limited
Company
Victory
Portfolios
II
VictoryShares
International
High
Div
Volatility
Wtd
ETF
71
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
MSCI
EAFE
Index
Futures
......
1
12/15/23
$
105,734
$
102,075
$
(
3,659
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
3,659
)
Total
net
unrealized
appreciation
(depreciation)
$
(
3,659
)
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
II
VictoryShares
Dividend
Accelerator
ETF
72
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.4%)
Aerospace
&
Defense
(1.4%):
Northrop
Grumman
Corp.
.................................................
7,565
$
3,330,037
Building
Products
(1.8%):
Carlisle
Cos.,
Inc.
.......................................................
6,724
1,743,264
UFP
Industries,
Inc.
.....................................................
25,983
2,660,659
4,403,923
Commercial
Services
&
Supplies
(3.3%):
Republic
Services,
Inc.
...................................................
32,140
4,580,272
Waste
Management,
Inc.
..................................................
22,364
3,409,168
7,989,440
Consumer
Discretionary
(7.1%):
Best
Buy
Co.,
Inc.
......................................................
36,359
2,525,860
Genuine
Parts
Co.
......................................................
15,557
2,246,120
Leggett
&
Platt,
Inc.
.....................................................
144,951
3,683,205
Lowe's
Cos.,
Inc.
.......................................................
7,561
1,571,478
McDonald's
Corp.
......................................................
18,483
4,869,161
VF
Corp.
.............................................................
121,086
2,139,590
17,035,414
Consumer
Staples
(23.8%):
Altria
Group,
Inc.
.......................................................
32,250
1,356,113
Archer-Daniels-Midland
Co.
...............................................
26,026
1,962,881
Brown-Forman
Corp.
,
Class
B
.............................................
64,123
3,699,256
Colgate-Palmolive
Co.
...................................................
70,245
4,995,122
Costco
Wholesale
Corp.
..................................................
7,853
4,436,631
Flowers
Foods,
Inc.
.....................................................
355,985
7,895,747
Hormel
Foods
Corp.
.....................................................
94,083
3,577,976
Kimberly-Clark
Corp.
....................................................
29,031
3,508,396
Lancaster
Colony
Corp.
..................................................
25,349
4,183,345
PepsiCo,
Inc.
..........................................................
17,121
2,900,982
Sysco
Corp.
...........................................................
29,474
1,946,758
Target
Corp.
..........................................................
18,369
2,031,060
The
Clorox
Co.
........................................................
26,798
3,512,146
The
Coca-Cola
Co.
......................................................
47,199
2,642,200
The
Procter
&
Gamble
Co.
................................................
20,631
3,009,238
Walgreens
Boots
Alliance,
Inc.
.............................................
72,087
1,603,215
Walmart,
Inc.
..........................................................
25,158
4,023,519
57,284,585
Electrical
Equipment
(1.9%):
Emerson
Electric
Co.
....................................................
48,023
4,637,581
Energy
(1.0%):
Chevron
Corp.
.........................................................
6,583
1,110,025
Exxon
Mobil
Corp.
.....................................................
9,837
1,156,635
2,266,660
Financials
(8.7%):
Aflac,
Inc.
............................................................
54,118
4,153,556
Cincinnati
Financial
Corp.
................................................
9,492
970,937
Commerce
Bancshares,
Inc.
...............................................
64,866
3,112,271
Franklin
Resources,
Inc.
..................................................
102,403
2,517,066
Nasdaq,
Inc.
..........................................................
96,314
4,679,897
Old
Republic
International
Corp.
............................................
53,886
1,451,689
RLI
Corp.
............................................................
8,285
1,125,849
S&P
Global,
Inc.
.......................................................
3,588
1,311,091
United
Bankshares,
Inc.
..................................................
62,045
1,711,821
21,034,177
Ground
Transportation
(7.9%):
CSX
Corp.
............................................................
125,455
3,857,741
Victory
Portfolios
II
VictoryShares
Dividend
Accelerator
ETF
73
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
J.B.
Hunt
Transport
Services,
Inc.
...........................................
25,868
$
4,876,636
Landstar
System,
Inc.
....................................................
27,449
4,856,826
Union
Pacific
Corp.
.....................................................
26,821
5,461,560
19,052,763
Health
Care
(9.3%):
Abbott
Laboratories
.....................................................
31,026
3,004,868
Agilent
Technologies,
Inc.
.................................................
44,726
5,001,261
Becton
Dickinson
&
Co.
..................................................
9,515
2,459,913
Cencora,
Inc.
..........................................................
3,314
596,421
Danaher
Corp.
.........................................................
20,068
4,978,871
Johnson
&
Johnson
.....................................................
15,807
2,461,940
Medtronic
PLC
........................................................
50,044
3,921,448
22,424,722
Industrial
Conglomerates
(3.5%):
3M
Co.
..............................................................
88,490
8,284,434
Information
Technology
(10.2%):
Apple,
Inc.
...........................................................
37,427
6,407,877
CDW
Corp.
...........................................................
24,267
4,896,110
Microsoft
Corp.
........................................................
8,234
2,599,885
NetApp,
Inc.
..........................................................
72,379
5,492,118
QUALCOMM,
Inc.
.....................................................
18,676
2,074,157
Texas
Instruments,
Inc.
...................................................
19,754
3,141,084
24,611,231
Machinery
(4.9%):
Dover
Corp.
...........................................................
24,211
3,377,676
Illinois
Tool
Works,
Inc.
..................................................
17,596
4,052,535
Nordson
Corp.
.........................................................
11,049
2,465,805
Stanley
Black
&
Decker,
Inc.
..............................................
21,408
1,789,281
11,685,297
Materials
(8.6%):
Air
Products
and
Chemicals,
Inc.
............................................
9,429
2,672,178
Ecolab,
Inc.
...........................................................
22,765
3,856,391
Nucor
Corp.
...........................................................
4,439
694,038
PPG
Industries,
Inc.
.....................................................
22,939
2,977,482
RPM
International,
Inc.
..................................................
24,467
2,319,716
Sonoco
Products
Co.
....................................................
27,611
1,500,658
Steel
Dynamics,
Inc.
.....................................................
18,873
2,023,563
The
Sherwin-Williams
Co.
................................................
8,636
2,202,612
Westlake
Corp.
........................................................
20,312
2,532,297
20,778,935
Professional
Services
(2.4%):
Jack
Henry
&
Associates,
Inc.
..............................................
37,932
5,733,043
Trading
Companies
&
Distributors
(1.0%):
W.W.
Grainger,
Inc.
.....................................................
3,471
2,401,377
Utilities
(2.6%):
Consolidated
Edison,
Inc.
.................................................
66,469
5,685,094
National
Fuel
Gas
Co.
...................................................
12,416
644,514
6,329,608
Total
Common
Stocks
(Cost
$248,956,798)
239,283,227
Total
Investments
(Cost
$248,956,798)
—
99.4%
239,283,227
Other
assets
in
excess
of
liabilities
—
0.6%
1,512,867
NET
ASSETS
-
100.00%
$
240,796,094
PLC
—
Public
Limited
Company
Victory
Portfolios
II
VictoryShares
Dividend
Accelerator
ETF
74
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
6
12/15/23
$
1,346,103
$
1,297,650
$
(
48,453
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
48,453
)
Total
net
unrealized
appreciation
(depreciation)
$
(
48,453
)
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
II
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
75
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.4%)
Communication
Services
(7.3%):
Comcast
Corp.
,
Class
A
..................................................
102,680
$
4,552,831
Electronic
Arts,
Inc.
.....................................................
22,539
2,713,696
Fox
Corp.
,
Class
A
......................................................
40,189
1,253,897
8,520,424
Consumer
Discretionary
(2.4%):
Murphy
USA,
Inc.
......................................................
2,953
1,009,129
Texas
Roadhouse,
Inc.
...................................................
9,234
887,387
Thor
Industries,
Inc.
.....................................................
3,567
339,329
Toll
Brothers,
Inc.
......................................................
6,943
513,504
2,749,349
Consumer
Staples
(12.2%):
Altria
Group,
Inc.
.......................................................
44,834
1,885,270
General
Mills,
Inc.
......................................................
41,056
2,627,173
Kellanova
............................................................
33,896
2,017,151
Kimberly-Clark
Corp.
....................................................
2,116
255,718
The
Hershey
Co.
.......................................................
13,671
2,735,294
The
J.M.
Smucker
Co.
...................................................
1,803
221,607
Walmart,
Inc.
..........................................................
27,487
4,395,996
14,138,209
Energy
(9.6%):
Cheniere
Energy,
Inc.
....................................................
6,375
1,057,995
Chevron
Corp.
.........................................................
25,930
4,372,316
Kinder
Morgan,
Inc.
.....................................................
123,240
2,043,319
Occidental
Petroleum
Corp.
...............................................
4,550
295,204
ONEOK,
Inc.
..........................................................
4,469
283,469
Phillips
66
............................................................
19,758
2,373,924
Pioneer
Natural
Resources
Co.
.............................................
1,389
318,845
Valero
Energy
Corp.
.....................................................
2,922
414,077
11,159,149
Financials
(7.4%):
American
Express
Co.
...................................................
1,722
256,905
Arch
Capital
Group
Ltd.
(a)
................................................
47,042
3,749,718
First
American
Financial
Corp.
.............................................
5,103
288,268
Old
National
Bancorp
....................................................
31,122
452,514
The
Hartford
Financial
Services
Group,
Inc.
....................................
24,622
1,745,946
W.
R.
Berkley
Corp.
.....................................................
32,142
2,040,696
8,534,047
Health
Care
(17.6%):
AbbVie,
Inc.
..........................................................
23,113
3,445,224
Amgen,
Inc.
...........................................................
14,409
3,872,563
Bristol-Myers
Squibb
Co.
.................................................
52,226
3,031,197
DaVita,
Inc.
(a)
.........................................................
3,503
331,139
Hologic,
Inc.
(a)
........................................................
3,518
244,149
Johnson
&
Johnson
.....................................................
30,554
4,758,785
McKesson
Corp.
.......................................................
796
346,141
Merck
&
Co.,
Inc.
......................................................
37,926
3,904,482
Quest
Diagnostics,
Inc.
...................................................
2,007
244,573
UnitedHealth
Group,
Inc.
.................................................
602
303,522
20,481,775
Industrials
(17.2%):
CACI
International,
Inc.
,
Class
A
(a)
.........................................
3,111
976,636
Carlisle
Cos.,
Inc.
.......................................................
4,094
1,061,410
CSX
Corp.
............................................................
9,485
291,664
FedEx
Corp.
..........................................................
2,623
694,885
Illinois
Tool
Works,
Inc.
..................................................
1,166
268,541
Jack
Henry
&
Associates,
Inc.
..............................................
9,891
1,494,926
Lockheed
Martin
Corp.
...................................................
7,936
3,245,507
Victory
Portfolios
II
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
76
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Oshkosh
Corp.
.........................................................
3,414
$
325,798
Republic
Services,
Inc.
...................................................
25,739
3,668,065
Science
Applications
International
Corp.
......................................
7,708
813,502
Snap-on,
Inc.
..........................................................
7,465
1,904,023
United
Parcel
Service,
Inc.
,
Class
B
..........................................
11,894
1,853,918
Waste
Management,
Inc.
..................................................
21,896
3,337,826
19,936,701
Information
Technology
(24.7%):
Akamai
Technologies,
Inc.
(a)
..............................................
22,727
2,421,334
Apple,
Inc.
...........................................................
61,665
10,557,665
Cisco
Systems,
Inc.
.....................................................
5,433
292,078
Jabil,
Inc.
............................................................
17,670
2,242,146
Microsoft
Corp.
........................................................
35,072
11,073,984
NetApp,
Inc.
..........................................................
27,294
2,071,069
28,658,276
Materials
(0.5%):
CF
Industries
Holdings,
Inc.
...............................................
3,919
336,015
Graphic
Packaging
Holding
Co.
............................................
11,141
248,222
584,237
Real
Estate
(0.5%):
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
3,901
288,128
Weyerhaeuser
Co.
......................................................
9,425
288,970
577,098
Total
Common
Stocks
(Cost
$106,292,593)
115,339,265
Total
Investments
(Cost
$106,292,593)
—
99.4%
115,339,265
Other
assets
in
excess
of
liabilities
—
0.6%
698,980
NET
ASSETS
-
100.00%
$
116,038,245
(a)
Non-income
producing
security.
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
3
12/15/23
$
676,148
$
648,825
$
(
27,323
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
27,323
)
Total
net
unrealized
appreciation
(depreciation)
$
(
27,323
)
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
77
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.5%)
Communication
Services
(3.2%):
Alphabet,
Inc.
,
Class
A
(a)
.................................................
6,945
$
908,823
Charter
Communications,
Inc.
,
Class
A
(a)
.....................................
1,894
833,019
Comcast
Corp.
,
Class
A
..................................................
26,790
1,187,869
Electronic
Arts,
Inc.
.....................................................
11,333
1,364,493
Fox
Corp.
,
Class
A
......................................................
38,981
1,216,207
Liberty
Broadband
Corp.
,
Class
C
(a)
.........................................
8,753
799,324
Liberty
Media
Corp.-Liberty
Formula
One
(a)
...................................
16,540
1,030,442
Live
Nation
Entertainment,
Inc.
(a)
...........................................
10,721
890,272
Match
Group,
Inc.
(a)
....................................................
14,897
583,590
Meta
Platforms,
Inc.
,
Class
A
(a)
............................................
2,263
679,375
Netflix,
Inc.
(a)
.........................................................
1,789
675,526
News
Corp.
,
Class
A
.....................................................
47,459
952,027
Omnicom
Group,
Inc.
....................................................
14,256
1,061,787
The
Interpublic
Group
of
Cos.,
Inc.
..........................................
31,231
895,080
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
6,398
500,004
The
Walt
Disney
Co.
(a)
..................................................
12,802
1,037,602
T-Mobile
U.S.,
Inc.
......................................................
10,976
1,537,189
Verizon
Communications,
Inc.
..............................................
37,943
1,229,733
Warner
Music
Group
Corp.
,
Class
A
.........................................
26,515
832,571
18,214,933
Consumer
Discretionary
(9.7%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
5,201
713,629
Amazon.com,
Inc.
(a)
....................................................
6,306
801,619
Aptiv
PLC
(a)
..........................................................
9,989
984,815
Aramark
.............................................................
28,294
981,802
AutoZone,
Inc.
(a)
.......................................................
575
1,460,494
Best
Buy
Co.,
Inc.
......................................................
15,008
1,042,606
Booking
Holdings,
Inc.
(a)
.................................................
369
1,137,978
BorgWarner,
Inc.
.......................................................
25,425
1,026,407
Burlington
Stores,
Inc.
(a)
.................................................
5,454
737,926
Caesars
Entertainment,
Inc.
(a)
..............................................
11,894
551,287
CarMax,
Inc.
(a)
........................................................
8,776
620,726
Chewy,
Inc.
,
Class
A
(a)
(b)
................................................
22,847
417,186
Chipotle
Mexican
Grill,
Inc.
(a)
.............................................
543
994,684
Churchill
Downs,
Inc.
....................................................
8,034
932,265
Darden
Restaurants,
Inc.
..................................................
11,245
1,610,509
Deckers
Outdoor
Corp.
(a)
.................................................
2,153
1,106,836
Dick's
Sporting
Goods,
Inc.
................................................
6,005
652,023
Domino's
Pizza,
Inc.
.....................................................
2,501
947,354
DR
Horton,
Inc.
........................................................
9,511
1,022,147
eBay,
Inc.
............................................................
22,676
999,785
Expedia
Group,
Inc.
(a)
...................................................
6,846
705,617
Five
Below,
Inc.
(a)
......................................................
5,842
939,978
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
......................................
7,690
695,945
Ford
Motor
Co.
........................................................
67,560
839,095
Garmin
Ltd.
...........................................................
14,450
1,520,140
General
Motors
Co.
.....................................................
26,173
862,924
Genuine
Parts
Co.
......................................................
8,764
1,265,346
Hilton
Worldwide
Holdings,
Inc.
............................................
9,103
1,367,089
Hyatt
Hotels
Corp.
,
Class
A
................................................
8,807
934,247
Las
Vegas
Sands
Corp.
...................................................
18,340
840,706
Lennar
Corp.
,
Class
A
....................................................
9,849
1,105,353
LKQ
Corp.
...........................................................
27,657
1,369,298
Lowe's
Cos.,
Inc.
.......................................................
5,515
1,146,238
Marriott
International,
Inc.
,
Class
A
..........................................
6,007
1,180,736
McDonald's
Corp.
......................................................
8,073
2,126,751
MGM
Resorts
International
................................................
21,063
774,276
NIKE,
Inc.
,
Class
B
.....................................................
10,541
1,007,930
NVR,
Inc.
(a)
..........................................................
229
1,365,596
O'Reilly
Automotive,
Inc.
(a)
...............................................
1,643
1,493,257
Penske
Automotive
Group,
Inc.
.............................................
5,934
991,334
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
78
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Pool
Corp.
............................................................
2,499
$
889,894
PulteGroup,
Inc.
........................................................
13,085
968,944
Ross
Stores,
Inc.
.......................................................
12,251
1,383,750
Service
Corp.
International
................................................
23,648
1,351,247
Starbucks
Corp.
........................................................
14,304
1,305,526
Tesla,
Inc.
(a)
..........................................................
1,937
484,676
The
Home
Depot,
Inc.
...................................................
4,122
1,245,504
The
TJX
Cos.,
Inc.
......................................................
19,954
1,773,512
Tractor
Supply
Co.
......................................................
5,814
1,180,533
Ulta
Beauty,
Inc.
(a)
.....................................................
2,654
1,060,140
Yum!
Brands,
Inc.
......................................................
15,009
1,875,224
54,792,884
Consumer
Staples
(9.9%):
Altria
Group,
Inc.
.......................................................
41,733
1,754,873
Archer-Daniels-Midland
Co.
...............................................
16,716
1,260,721
Brown-Forman
Corp.
,
Class
B
.............................................
23,341
1,346,542
Bunge
Ltd.
...........................................................
8,400
909,300
Campbell
Soup
Co.
.....................................................
36,604
1,503,692
Church
&
Dwight
Co.,
Inc.
................................................
17,632
1,615,620
Colgate-Palmolive
Co.
...................................................
25,443
1,809,252
Conagra
Brands,
Inc.
....................................................
60,356
1,654,962
Costco
Wholesale
Corp.
..................................................
2,843
1,606,181
Coty,
Inc.
,
Class
A
(a)
....................................................
84,202
923,696
Darling
Ingredients,
Inc.
(a)
................................................
14,507
757,265
Dollar
General
Corp.
....................................................
6,439
681,246
Dollar
Tree,
Inc.
(a)
......................................................
7,889
839,784
General
Mills,
Inc.
......................................................
23,868
1,527,313
Hormel
Foods
Corp.
.....................................................
43,720
1,662,672
Kellanova
............................................................
33,014
1,964,663
Keurig
Dr
Pepper,
Inc.
...................................................
55,246
1,744,116
Kimberly-Clark
Corp.
....................................................
15,656
1,892,028
Lamb
Weston
Holdings,
Inc.
...............................................
14,282
1,320,514
McCormick
&
Co.,
Inc.
..................................................
16,172
1,223,250
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
20,314
1,291,767
Mondelez
International,
Inc.
,
Class
A
.........................................
25,787
1,789,618
Monster
Beverage
Corp.
(a)
................................................
26,590
1,407,941
PepsiCo,
Inc.
..........................................................
12,357
2,093,770
Performance
Food
Group
Co.
(a)
............................................
20,638
1,214,753
Philip
Morris
International,
Inc.
.............................................
19,304
1,787,164
Sysco
Corp.
...........................................................
23,325
1,540,616
Target
Corp.
..........................................................
9,102
1,006,408
The
Clorox
Co.
........................................................
8,013
1,050,184
The
Coca-Cola
Co.
......................................................
41,670
2,332,687
The
Estee
Lauder
Cos.,
Inc.
...............................................
5,495
794,302
The
Hershey
Co.
.......................................................
8,480
1,696,678
The
Kraft
Heinz
Co.
.....................................................
56,954
1,915,933
The
Kroger
Co.
........................................................
32,906
1,472,543
The
Procter
&
Gamble
Co.
................................................
13,439
1,960,213
Tyson
Foods,
Inc.
,
Class
A
................................................
19,307
974,810
U.S.
Foods
Holding
Corp.
(a)
...............................................
31,156
1,236,893
Walmart,
Inc.
..........................................................
13,490
2,157,456
55,721,426
Energy
(4.9%):
APA
Corp.
............................................................
16,314
670,505
Baker
Hughes
Co.
......................................................
28,180
995,318
Cheniere
Energy,
Inc.
....................................................
6,241
1,035,756
Chesapeake
Energy
Corp.
.................................................
10,330
890,756
Chevron
Corp.
.........................................................
8,097
1,365,316
ConocoPhillips
........................................................
8,250
988,350
Coterra
Energy,
Inc.
.....................................................
33,700
911,585
Devon
Energy
Corp.
.....................................................
16,205
772,978
Diamondback
Energy,
Inc.
................................................
6,302
976,054
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
79
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
EOG
Resources,
Inc.
....................................................
7,476
$
947,658
EQT
Corp.
............................................................
17,265
700,614
Exxon
Mobil
Corp.
.....................................................
10,460
1,229,887
Halliburton
Co.
........................................................
19,306
781,893
Hess
Corp.
............................................................
5,827
891,531
HF
Sinclair
Corp.
.......................................................
14,845
845,126
Kinder
Morgan,
Inc.
.....................................................
97,650
1,619,037
Marathon
Oil
Corp.
.....................................................
31,235
835,536
Marathon
Petroleum
Corp.
................................................
6,564
993,396
Occidental
Petroleum
Corp.
...............................................
17,143
1,112,238
ONEOK,
Inc.
..........................................................
18,372
1,165,336
Ovintiv,
Inc.
..........................................................
13,920
662,174
Phillips
66
............................................................
8,739
1,049,991
Pioneer
Natural
Resources
Co.
.............................................
4,321
991,886
Schlumberger
NV
......................................................
14,168
825,994
Targa
Resources
Corp.
...................................................
13,414
1,149,848
Texas
Pacific
Land
Corp.
.................................................
429
782,307
The
Williams
Cos.,
Inc.
..................................................
41,652
1,403,256
Valero
Energy
Corp.
.....................................................
6,732
953,992
27,548,318
Financials
(15.6%):
Aflac,
Inc.
............................................................
18,829
1,445,126
American
Express
Co.
...................................................
6,858
1,023,145
American
Financial
Group,
Inc.
.............................................
10,911
1,218,431
American
International
Group,
Inc.
..........................................
18,084
1,095,890
Ameriprise
Financial,
Inc.
.................................................
3,266
1,076,735
Aon
PLC
,
Class
A
......................................................
4,900
1,588,678
Apollo
Global
Management,
Inc.
............................................
10,199
915,462
Arch
Capital
Group
Ltd.
(a)
................................................
15,723
1,253,280
Ares
Management
Corp.
,
Class
A
...........................................
9,726
1,000,514
Arthur
J.
Gallagher
&
Co.
.................................................
7,234
1,648,846
Bank
of
America
Corp.
...................................................
40,062
1,096,898
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
5,268
1,845,380
BlackRock,
Inc.
........................................................
1,931
1,248,372
Blackstone,
Inc.
........................................................
8,074
865,048
Brown
&
Brown,
Inc.
....................................................
19,827
1,384,718
Capital
One
Financial
Corp.
...............................................
8,646
839,094
Cboe
Global
Markets,
Inc.
................................................
11,314
1,767,360
Chubb
Ltd.
...........................................................
6,985
1,454,137
Cincinnati
Financial
Corp.
................................................
9,925
1,015,228
Citigroup,
Inc.
.........................................................
27,564
1,133,707
Citizens
Financial
Group,
Inc.
..............................................
26,204
702,267
CME
Group,
Inc.
.......................................................
7,776
1,556,911
Corebridge
Financial,
Inc.
.................................................
47,352
935,202
Discover
Financial
Services
...............................................
9,103
788,593
Equitable
Holdings,
Inc.
..................................................
31,290
888,323
Erie
Indemnity
Co.
,
Class
A
...............................................
3,328
977,733
Everest
Group
Ltd.
......................................................
3,133
1,164,442
FactSet
Research
Systems,
Inc.
.............................................
2,938
1,284,670
Fidelity
National
Financial,
Inc.
............................................
29,180
1,205,134
Fifth
Third
Bancorp
.....................................................
29,664
751,389
First
Citizens
BancShares,
Inc.
,
Class
A
.......................................
300
414,030
Fiserv,
Inc.
(a)
..........................................................
10,807
1,220,759
FleetCor
Technologies,
Inc.
(a)
..............................................
3,808
972,335
Franklin
Resources,
Inc.
..................................................
41,060
1,009,255
Global
Payments,
Inc.
....................................................
7,262
837,962
Globe
Life,
Inc.
........................................................
13,484
1,466,115
Huntington
Bancshares,
Inc.
...............................................
71,596
744,598
Interactive
Brokers
Group,
Inc.
.............................................
10,971
949,650
Intercontinental
Exchange,
Inc.
.............................................
13,710
1,508,374
JPMorgan
Chase
&
Co.
..................................................
9,043
1,311,416
KeyCorp
.............................................................
44,384
477,572
Loews
Corp.
..........................................................
24,672
1,561,984
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
80
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
LPL
Financial
Holdings,
Inc.
...............................................
3,553
$
844,370
M&T
Bank
Corp.
.......................................................
7,130
901,588
Markel
Group,
Inc.
(a)
....................................................
973
1,432,733
Marsh
&
McLennan
Cos.,
Inc.
.............................................
9,103
1,732,301
Mastercard,
Inc.
,
Class
A
.................................................
4,138
1,638,276
MetLife,
Inc.
..........................................................
16,317
1,026,502
Moody's
Corp.
.........................................................
3,932
1,243,180
Morgan
Stanley
........................................................
14,419
1,177,600
Morningstar,
Inc.
.......................................................
3,929
920,329
MSCI,
Inc.
...........................................................
1,734
889,681
Nasdaq,
Inc.
..........................................................
22,864
1,110,962
Northern
Trust
Corp.
....................................................
11,424
793,740
PayPal
Holdings,
Inc.
(a)
..................................................
12,645
739,227
Principal
Financial
Group,
Inc.
.............................................
13,686
986,350
Prudential
Financial,
Inc.
.................................................
11,993
1,138,016
Raymond
James
Financial,
Inc.
.............................................
10,063
1,010,627
Regions
Financial
Corp.
..................................................
48,772
838,878
RenaissanceRe
Holdings
Ltd.
..............................................
5,218
1,032,747
Ryan
Specialty
Holdings,
Inc.
(a)
............................................
25,043
1,212,081
S&P
Global,
Inc.
.......................................................
3,360
1,227,778
State
Street
Corp.
.......................................................
13,200
883,872
Synchrony
Financial
.....................................................
27,515
841,134
T.
Rowe
Price
Group,
Inc.
.................................................
8,609
902,826
The
Bank
of
New
York
Mellon
Corp.
.........................................
25,946
1,106,597
The
Carlyle
Group,
Inc.
..................................................
25,410
766,366
The
Charles
Schwab
Corp.
................................................
11,379
624,707
The
Goldman
Sachs
Group,
Inc.
............................................
3,827
1,238,302
The
Hartford
Financial
Services
Group,
Inc.
....................................
17,980
1,274,962
The
PNC
Financial
Services
Group,
Inc.
......................................
7,991
981,055
The
Progressive
Corp.
...................................................
7,093
988,055
The
Travelers
Cos.,
Inc.
..................................................
8,544
1,395,321
Tradeweb
Markets,
Inc.
,
Class
A
............................................
11,951
958,470
Truist
Financial
Corp.
....................................................
21,998
629,363
U.S.
Bancorp
..........................................................
20,508
677,994
Unum
Group
..........................................................
19,737
970,863
UWM
Holdings
Corp.
(b)
.................................................
103,019
499,642
Visa,
Inc.
,
Class
A
......................................................
7,608
1,749,916
W.
R.
Berkley
Corp.
.....................................................
21,931
1,392,399
Wells
Fargo
&
Co.
......................................................
25,317
1,034,453
88,458,026
Health
Care
(13.7%):
Abbott
Laboratories
.....................................................
14,496
1,403,938
AbbVie,
Inc.
..........................................................
10,012
1,492,389
Agilent
Technologies,
Inc.
.................................................
9,885
1,105,341
Align
Technology,
Inc.
(a)
.................................................
1,561
476,604
Amgen,
Inc.
...........................................................
5,867
1,576,815
Avantor,
Inc.
(a)
........................................................
42,052
886,456
Becton
Dickinson
&
Co.
..................................................
6,029
1,558,677
Biogen,
Inc.
(a)
.........................................................
5,449
1,400,447
BioMarin
Pharmaceutical,
Inc.
(a)
...........................................
12,063
1,067,334
Bio-Techne
Corp.
.......................................................
12,427
845,906
Boston
Scientific
Corp.
(a)
.................................................
30,261
1,597,781
Bristol-Myers
Squibb
Co.
.................................................
27,694
1,607,360
Bruker
Corp.
..........................................................
15,034
936,618
Cardinal
Health,
Inc.
....................................................
16,813
1,459,705
Cencora,
Inc.
..........................................................
10,256
1,845,772
Centene
Corp.
(a)
.......................................................
18,026
1,241,631
Charles
River
Laboratories
International,
Inc.
(a)
.................................
4,072
798,031
CVS
Health
Corp.
......................................................
18,696
1,305,355
Danaher
Corp.
.........................................................
4,643
1,151,928
DaVita,
Inc.
(a)
.........................................................
9,674
914,483
Dexcom,
Inc.
(a)
........................................................
8,257
770,378
Edwards
Lifesciences
Corp.
(a)
.............................................
14,103
977,056
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
81
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Elevance
Health,
Inc.
....................................................
2,580
$
1,123,384
Eli
Lilly
&
Co.
.........................................................
1,938
1,040,958
GE
HealthCare
Technologies,
Inc.
...........................................
13,294
904,524
Gilead
Sciences,
Inc.
....................................................
19,748
1,479,915
HCA
Healthcare,
Inc.
....................................................
5,523
1,358,548
Henry
Schein,
Inc.
(a)
....................................................
17,588
1,305,909
Hologic,
Inc.
(a)
........................................................
20,495
1,422,353
Humana,
Inc.
..........................................................
2,375
1,155,485
IDEXX
Laboratories,
Inc.
(a)
...............................................
1,939
847,867
Incyte
Corp.
(a)
.........................................................
21,749
1,256,440
Insulet
Corp.
(a)
........................................................
4,868
776,397
Intuitive
Surgical,
Inc.
(a)
.................................................
3,310
967,480
IQVIA
Holdings,
Inc.
(a)
..................................................
5,450
1,072,287
Johnson
&
Johnson
.....................................................
10,866
1,692,379
Laboratory
Corp.
of
America
Holdings
........................................
7,479
1,503,653
McKesson
Corp.
.......................................................
3,588
1,560,242
Medtronic
PLC
........................................................
16,706
1,309,082
Merck
&
Co.,
Inc.
......................................................
13,920
1,433,064
Mettler-Toledo
International,
Inc.
(a)
.........................................
928
1,028,289
Moderna,
Inc.
(a)
.......................................................
5,280
545,371
Molina
Healthcare,
Inc.
(a)
................................................
3,533
1,158,435
Neurocrine
Biosciences,
Inc.
(a)
.............................................
10,879
1,223,887
Penumbra,
Inc.
(a)
.......................................................
3,804
920,226
Pfizer,
Inc.
............................................................
40,905
1,356,819
Quest
Diagnostics,
Inc.
...................................................
12,453
1,517,523
Regeneron
Pharmaceuticals,
Inc.
(a)
..........................................
1,386
1,140,623
Repligen
Corp.
(a)
.......................................................
3,702
588,655
ResMed,
Inc.
..........................................................
5,852
865,335
Revvity,
Inc.
..........................................................
9,610
1,063,827
STERIS
PLC
..........................................................
4,644
1,018,986
Stryker
Corp.
..........................................................
4,672
1,276,717
Teleflex,
Inc.
..........................................................
5,229
1,027,028
The
Cigna
Group
.......................................................
4,191
1,198,919
The
Cooper
Cos.,
Inc.
....................................................
3,599
1,144,518
Thermo
Fisher
Scientific,
Inc.
..............................................
2,371
1,200,129
United
Therapeutics
Corp.
(a)
..............................................
5,332
1,204,339
UnitedHealth
Group,
Inc.
.................................................
2,759
1,391,060
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
3,908
795,083
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
3,917
1,362,098
Viatris,
Inc.
...........................................................
112,512
1,109,368
Waters
Corp.
(a)
........................................................
3,722
1,020,610
West
Pharmaceutical
Services,
Inc.
..........................................
2,378
892,249
Zimmer
Biomet
Holdings,
Inc.
.............................................
13,555
1,521,142
Zoetis,
Inc.
...........................................................
6,171
1,073,631
77,274,839
Industrials
(17.8%):
A
O
Smith
Corp.
.......................................................
14,128
934,285
Advanced
Drainage
Systems,
Inc.
...........................................
5,302
603,527
AECOM
.............................................................
16,997
1,411,431
AGCO
Corp.
..........................................................
7,493
886,272
Allegion
PLC
.........................................................
9,771
1,018,138
American
Airlines
Group,
Inc.
(a)
............................................
55,603
712,274
AMETEK,
Inc.
........................................................
9,819
1,450,855
Automatic
Data
Processing,
Inc.
............................................
5,759
1,385,500
Axon
Enterprise,
Inc.
(a)
..................................................
3,652
726,711
Booz
Allen
Hamilton
Holding
Corp.
.........................................
11,572
1,264,472
Broadridge
Financial
Solutions,
Inc.
.........................................
7,363
1,318,345
Builders
FirstSource,
Inc.
(a)
...............................................
5,514
686,438
C.H.
Robinson
Worldwide,
Inc.
.............................................
12,565
1,082,223
Carlisle
Cos.,
Inc.
.......................................................
4,526
1,173,411
Carrier
Global
Corp.
.....................................................
17,711
977,647
Caterpillar,
Inc.
........................................................
3,726
1,017,198
Cintas
Corp.
..........................................................
3,122
1,501,713
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
82
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Copart,
Inc.
(a)
.........................................................
30,989
$
1,335,316
CoStar
Group,
Inc.
(a)
....................................................
13,395
1,029,941
CSX
Corp.
............................................................
45,725
1,406,044
Cummins,
Inc.
.........................................................
5,139
1,174,056
Deere
&
Co.
..........................................................
2,641
996,661
Delta
Air
Lines,
Inc.
.....................................................
23,020
851,740
Dover
Corp.
...........................................................
8,317
1,160,305
Eaton
Corp.
PLC
.......................................................
4,945
1,054,670
EMCOR
Group,
Inc.
....................................................
4,784
1,006,506
Equifax,
Inc.
..........................................................
5,142
941,912
Expeditors
International
of
Washington,
Inc.
....................................
10,567
1,211,295
Fastenal
Co.
...........................................................
23,719
1,296,006
FedEx
Corp.
..........................................................
4,373
1,158,495
Fortive
Corp.
..........................................................
17,051
1,264,502
General
Dynamics
Corp.
..................................................
8,191
1,809,965
General
Electric
Co.
.....................................................
10,537
1,164,865
Graco,
Inc.
...........................................................
14,314
1,043,204
HEICO
Corp.
..........................................................
7,046
1,140,959
Honeywell
International,
Inc.
..............................................
8,339
1,540,547
Howmet
Aerospace,
Inc.
..................................................
26,642
1,232,192
Hubbell,
Inc.
..........................................................
3,212
1,006,673
IDEX
Corp.
...........................................................
6,144
1,278,075
Illinois
Tool
Works,
Inc.
..................................................
5,521
1,271,541
Ingersoll
Rand,
Inc.
.....................................................
17,149
1,092,734
J.B.
Hunt
Transport
Services,
Inc.
...........................................
6,253
1,178,816
Jack
Henry
&
Associates,
Inc.
..............................................
6,557
991,025
Jacobs
Solutions,
Inc.
....................................................
10,317
1,408,270
Johnson
Controls
International
PLC
..........................................
18,956
1,008,649
L3Harris
Technologies,
Inc.
...............................................
8,088
1,408,283
Leidos
Holdings,
Inc.
....................................................
11,326
1,043,804
Lennox
International,
Inc.
.................................................
2,686
1,005,746
Lincoln
Electric
Holdings,
Inc.
.............................................
6,418
1,166,728
Lockheed
Martin
Corp.
...................................................
4,208
1,720,904
Masco
Corp.
..........................................................
18,513
989,520
Nordson
Corp.
.........................................................
4,615
1,029,930
Norfolk
Southern
Corp.
..................................................
6,923
1,363,346
Northrop
Grumman
Corp.
.................................................
3,477
1,530,541
Old
Dominion
Freight
Line,
Inc.
............................................
2,061
843,237
Otis
Worldwide
Corp.
....................................................
17,655
1,417,873
Owens
Corning
........................................................
7,600
1,036,716
PACCAR,
Inc.
.........................................................
14,781
1,256,681
Parker-Hannifin
Corp.
...................................................
2,691
1,048,198
Paychex,
Inc.
..........................................................
10,832
1,249,255
Paycom
Software,
Inc.
...................................................
2,625
680,584
Paylocity
Holding
Corp.
(a)
................................................
4,099
744,788
Quanta
Services,
Inc.
....................................................
5,912
1,105,958
Regal
Rexnord
Corp.
....................................................
5,664
809,272
Republic
Services,
Inc.
...................................................
12,482
1,778,810
Rockwell
Automation,
Inc.
................................................
3,416
976,532
Rollins,
Inc.
...........................................................
37,717
1,407,976
RTX
Corp.
............................................................
15,917
1,145,546
Saia,
Inc.
(a)
...........................................................
1,675
667,739
Snap-on,
Inc.
..........................................................
4,849
1,236,786
Southwest
Airlines
Co.
...................................................
29,774
805,982
SS&C
Technologies
Holdings,
Inc.
..........................................
21,872
1,149,155
Stanley
Black
&
Decker,
Inc.
..............................................
8,923
745,784
Textron,
Inc.
..........................................................
15,392
1,202,731
The
Toro
Co.
..........................................................
12,217
1,015,233
Trane
Technologies
PLC
..................................................
6,005
1,218,475
TransDigm
Group,
Inc.
(a)
.................................................
1,528
1,288,303
TransUnion
...........................................................
11,947
857,675
U-Haul
Holding
Co.
.....................................................
14,602
764,999
Union
Pacific
Corp.
.....................................................
5,335
1,086,366
United
Airlines
Holdings,
Inc.
(a)
............................................
16,062
679,423
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
83
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
United
Parcel
Service,
Inc.
,
Class
B
..........................................
7,511
$
1,170,740
United
Rentals,
Inc.
.....................................................
1,658
737,097
Verisk
Analytics,
Inc.
....................................................
5,937
1,402,557
Vertiv
Holdings
Co.
.....................................................
12,633
469,948
W.W.
Grainger,
Inc.
.....................................................
1,527
1,056,440
Waste
Management,
Inc.
..................................................
11,626
1,772,267
Watsco,
Inc.
...........................................................
2,859
1,079,901
Westinghouse
Air
Brake
Technologies
Corp.
....................................
12,722
1,351,967
Xylem,
Inc.
...........................................................
12,018
1,093,998
100,819,198
Information
Technology
(12.1%):
Accenture
PLC
,
Class
A
..................................................
3,744
1,149,820
Adobe,
Inc.
(a)
.........................................................
1,621
826,548
Akamai
Technologies,
Inc.
(a)
..............................................
10,516
1,120,375
Amphenol
Corp.
,
Class
A
.................................................
17,081
1,434,633
Analog
Devices,
Inc.
....................................................
6,015
1,053,166
ANSYS,
Inc.
(a)
........................................................
3,193
950,077
Apple,
Inc.
...........................................................
7,071
1,210,626
Applied
Materials,
Inc.
...................................................
5,323
736,969
AppLovin
Corp.
,
Class
A
(a)
...............................................
9,432
376,903
Arista
Networks,
Inc.
(a)
..................................................
3,210
590,415
Autodesk,
Inc.
(a)
.......................................................
4,139
856,401
Bentley
Systems,
Inc.
,
Class
B
.............................................
19,791
992,717
Broadcom,
Inc.
........................................................
1,036
860,481
Cadence
Design
Systems,
Inc.
(a)
............................................
4,374
1,024,828
CDW
Corp.
...........................................................
5,269
1,063,073
Cisco
Systems,
Inc.
.....................................................
27,565
1,481,894
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
16,275
1,102,469
Corning,
Inc.
..........................................................
38,362
1,168,890
Dell
Technologies,
Inc.
,
Class
C
............................................
18,796
1,295,044
Dropbox,
Inc.
,
Class
A
(a)
.................................................
36,402
991,227
Dynatrace,
Inc.
(a)
......................................................
15,960
745,811
Enphase
Energy,
Inc.
(a)
..................................................
4,175
501,626
Entegris,
Inc.
..........................................................
5,992
562,709
EPAM
Systems,
Inc.
(a)
...................................................
2,476
633,088
F5,
Inc.
(a)
............................................................
7,978
1,285,575
Fair
Isaac
Corp.
(a)
......................................................
1,350
1,172,516
First
Solar,
Inc.
(a)
......................................................
2,872
464,087
Fortinet,
Inc.
(a)
........................................................
11,599
680,629
Gartner,
Inc.
(a)
........................................................
3,843
1,320,493
Gen
Digital,
Inc.
.......................................................
46,373
819,875
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
17,568
1,308,465
Hewlett
Packard
Enterprise
Co.
.............................................
65,216
1,132,802
HP,
Inc.
..............................................................
37,490
963,493
International
Business
Machines
Corp.
........................................
11,841
1,661,292
Intuit,
Inc.
............................................................
1,700
868,598
Jabil,
Inc.
............................................................
9,589
1,216,748
Juniper
Networks,
Inc.
...................................................
43,003
1,195,053
Keysight
Technologies,
Inc.
(a)
.............................................
7,167
948,266
KLA
Corp.
...........................................................
1,617
741,653
Lam
Research
Corp.
.....................................................
1,086
680,672
Lattice
Semiconductor
Corp.
(a)
.............................................
6,760
580,887
Manhattan
Associates,
Inc.
(a)
..............................................
5,454
1,078,038
Microchip
Technology,
Inc.
................................................
10,684
833,886
Microsoft
Corp.
........................................................
3,373
1,065,025
Monolithic
Power
Systems,
Inc.
............................................
1,116
515,592
Motorola
Solutions,
Inc.
..................................................
5,599
1,524,272
NetApp,
Inc.
..........................................................
15,455
1,172,725
NVIDIA
Corp.
.........................................................
1,111
483,274
NXP
Semiconductors
NV
.................................................
4,424
884,446
ON
Semiconductor
Corp.
(a)
...............................................
7,200
669,240
Oracle
Corp.
..........................................................
10,546
1,117,032
Palo
Alto
Networks,
Inc.
(a)
................................................
3,077
721,372
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
84
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
PTC,
Inc.
(a)
...........................................................
9,654
$
1,367,779
QUALCOMM,
Inc.
.....................................................
7,818
868,267
Roper
Technologies,
Inc.
..................................................
3,624
1,755,031
Salesforce,
Inc.
(a)
......................................................
4,429
898,113
ServiceNow,
Inc.
(a)
.....................................................
1,492
833,968
Skyworks
Solutions,
Inc.
.................................................
8,313
819,579
Super
Micro
Computer,
Inc.
(a)
.............................................
1,377
377,601
Synopsys,
Inc.
(a)
.......................................................
2,352
1,079,498
TD
SYNNEX
Corp.
.....................................................
11,704
1,168,761
TE
Connectivity
Ltd.
....................................................
10,647
1,315,224
Teledyne
Technologies,
Inc.
(a)
.............................................
3,285
1,342,185
Teradyne,
Inc.
.........................................................
8,326
836,430
Texas
Instruments,
Inc.
...................................................
7,137
1,134,854
Trimble,
Inc.
(a)
........................................................
19,027
1,024,794
Tyler
Technologies,
Inc.
(a)
................................................
2,683
1,036,014
VeriSign,
Inc.
(a)
........................................................
7,961
1,612,341
Zebra
Technologies
Corp.
(a)
...............................................
2,631
622,310
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
..................................
10,429
729,404
68,657,949
Materials
(4.9%):
Air
Products
and
Chemicals,
Inc.
............................................
4,661
1,320,927
Albemarle
Corp.
.......................................................
3,494
594,120
Avery
Dennison
Corp.
...................................................
6,680
1,220,235
Ball
Corp.
............................................................
17,033
847,903
Celanese
Corp.
.........................................................
7,187
902,112
CF
Industries
Holdings,
Inc.
...............................................
11,966
1,025,965
Corteva,
Inc.
..........................................................
24,629
1,260,020
Crown
Holdings,
Inc.
....................................................
12,414
1,098,391
Dow,
Inc.
............................................................
23,968
1,235,790
DuPont
de
Nemours,
Inc.
.................................................
16,022
1,195,081
Eastman
Chemical
Co.
...................................................
12,108
928,926
Ecolab,
Inc.
...........................................................
7,495
1,269,653
FMC
Corp.
...........................................................
13,317
891,839
Freeport-McMoRan,
Inc.
.................................................
21,379
797,223
International
Paper
Co.
...................................................
30,625
1,086,269
LyondellBasell
Industries
NV
,
Class
A
........................................
12,768
1,209,130
Martin
Marietta
Materials,
Inc.
.............................................
2,612
1,072,174
Nucor
Corp.
...........................................................
4,887
764,082
Packaging
Corp.
of
America
...............................................
7,698
1,182,028
PPG
Industries,
Inc.
.....................................................
8,257
1,071,758
Reliance
Steel
&
Aluminum
Co.
............................................
4,204
1,102,415
RPM
International,
Inc.
..................................................
10,167
963,933
Steel
Dynamics,
Inc.
.....................................................
7,008
751,398
The
Mosaic
Co.
........................................................
21,200
754,720
The
Sherwin-Williams
Co.
................................................
4,170
1,063,558
Vulcan
Materials
Co.
....................................................
5,950
1,202,019
Westlake
Corp.
........................................................
7,295
909,468
27,721,137
Real
Estate
(0.2%):
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
12,655
934,698
Utilities
(7.5%):
Alliant
Energy
Corp.
....................................................
30,641
1,484,556
Ameren
Corp.
.........................................................
19,757
1,478,416
American
Electric
Power
Co.,
Inc.
...........................................
19,381
1,457,839
American
Water
Works
Co.,
Inc.
............................................
11,138
1,379,219
Atmos
Energy
Corp.
.....................................................
13,823
1,464,270
CenterPoint
Energy,
Inc.
..................................................
57,195
1,535,686
CMS
Energy
Corp.
......................................................
27,530
1,462,118
Consolidated
Edison,
Inc.
.................................................
19,281
1,649,104
Constellation
Energy
Corp.
................................................
11,431
1,246,893
Dominion
Energy,
Inc.
...................................................
29,392
1,312,941
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
85
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
DTE
Energy
Co.
.......................................................
15,782
$
1,566,837
Duke
Energy
Corp.
......................................................
18,896
1,667,761
Edison
International
.....................................................
20,374
1,289,470
Entergy
Corp.
.........................................................
14,768
1,366,040
Essential
Utilities,
Inc.
...................................................
40,992
1,407,255
Evergy,
Inc.
...........................................................
28,301
1,434,861
Eversource
Energy
......................................................
22,830
1,327,565
Exelon
Corp.
..........................................................
41,427
1,565,526
FirstEnergy
Corp.
.......................................................
42,994
1,469,535
NextEra
Energy,
Inc.
....................................................
20,832
1,193,465
NiSource,
Inc.
.........................................................
61,872
1,527,001
PG&E
Corp.
(a)
........................................................
95,487
1,540,205
PPL
Corp.
............................................................
68,435
1,612,329
Public
Service
Enterprise
Group,
Inc.
.........................................
26,254
1,494,115
Sempra
Energy
........................................................
23,123
1,573,058
The
Southern
Co.
.......................................................
24,484
1,584,605
Vistra
Corp.
...........................................................
29,973
994,504
WEC
Energy
Group,
Inc.
.................................................
19,044
1,533,994
Xcel
Energy,
Inc.
.......................................................
27,744
1,587,512
42,206,680
Total
Common
Stocks
(Cost
$574,302,245)
562,350,088
Investment
Companies
(0.3%)
Federated
Hermes
Treasury
Obligations
Fund
,
5
.22
%
(c)
...........................
1,591,506
1,591,506
Total
Investment
Companies
(Cost
$1,591,506)
1,591,506
Collateral
for
Securities
Loaned
(0.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.24
%
(c)
........
97,011
97,011
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.28
%
(c)
............
97,011
97,011
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.26
%
(c)
...............
97,011
97,011
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.27
%
(c)
.
97,011
97,011
Total
Collateral
for
Securities
Loaned
(Cost
$388,044)
388,044
Total
Investments
(Cost
$576,281,795)
—
99.9%
564,329,638
Other
assets
in
excess
of
liabilities
—
0.1%
713,645
NET
ASSETS
-
100.00%
$
565,043,283
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
11
12/15/23
$
2,463,899
$
2,379,025
$
(
84,874
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
84,874
)
Total
net
unrealized
appreciation
(depreciation)
$
(
84,874
)
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
II
VictoryShares
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
86
(Unaudited)
A
Security
Description
Shares
Value
Common
Stocks
(23.7%)
Communication
Services
(0.6%):
Omnicom
Group,
Inc.
....................................................
32,502
$
2,420,749
The
Interpublic
Group
of
Cos.,
Inc.
..........................................
71,195
2,040,449
Verizon
Communications,
Inc.
..............................................
86,515
2,803,951
7,265,149
Consumer
Discretionary
(0.7%):
Best
Buy
Co.,
Inc.
......................................................
34,222
2,377,402
Darden
Restaurants,
Inc.
..................................................
25,630
3,670,729
Ford
Motor
Co.
........................................................
153,984
1,912,481
7,960,612
Consumer
Staples
(3.8%):
Altria
Group,
Inc.
.......................................................
95,121
3,999,838
Campbell
Soup
Co.
.....................................................
83,449
3,428,085
Conagra
Brands,
Inc.
....................................................
137,561
3,771,923
General
Mills,
Inc.
......................................................
54,413
3,481,888
Kellanova
............................................................
75,237
4,477,354
Kimberly-Clark
Corp.
....................................................
35,677
4,311,565
Philip
Morris
International,
Inc.
.............................................
43,981
4,071,761
Target
Corp.
..........................................................
20,758
2,295,212
The
Clorox
Co.
........................................................
18,290
2,397,087
The
Coca-Cola
Co.
......................................................
94,961
5,315,917
The
Kraft
Heinz
Co.
.....................................................
129,843
4,367,919
Tyson
Foods,
Inc.
,
Class
A
................................................
43,990
2,221,055
44,139,604
Energy
(2.9%):
Chevron
Corp.
.........................................................
18,446
3,110,365
ConocoPhillips
........................................................
18,786
2,250,563
Coterra
Energy,
Inc.
.....................................................
76,842
2,078,576
Devon
Energy
Corp.
.....................................................
36,921
1,761,132
Diamondback
Energy,
Inc.
................................................
14,375
2,226,400
EOG
Resources,
Inc.
....................................................
17,065
2,163,159
Exxon
Mobil
Corp.
.....................................................
23,818
2,800,520
HF
Sinclair
Corp.
.......................................................
33,854
1,927,308
Kinder
Morgan,
Inc.
.....................................................
222,569
3,690,194
ONEOK,
Inc.
..........................................................
41,903
2,657,907
Phillips
66
............................................................
19,942
2,396,031
Pioneer
Natural
Resources
Co.
.............................................
9,875
2,266,806
The
Williams
Cos.,
Inc.
..................................................
94,917
3,197,754
Valero
Energy
Corp.
.....................................................
15,367
2,177,658
34,704,373
Financials
(5.0%):
Bank
of
America
Corp.
...................................................
91,316
2,500,232
Blackstone,
Inc.
........................................................
18,386
1,969,876
Citigroup,
Inc.
.........................................................
62,848
2,584,938
Citizens
Financial
Group,
Inc.
..............................................
59,719
1,600,469
CME
Group,
Inc.
.......................................................
17,730
3,549,901
Corebridge
Financial,
Inc.
.................................................
107,959
2,132,190
Fidelity
National
Financial,
Inc.
............................................
66,512
2,746,946
Fifth
Third
Bancorp
.....................................................
67,595
1,712,181
Franklin
Resources,
Inc.
..................................................
93,607
2,300,860
Huntington
Bancshares,
Inc.
...............................................
163,176
1,697,030
KeyCorp
.............................................................
101,184
1,088,740
M&T
Bank
Corp.
.......................................................
16,228
2,052,031
MetLife,
Inc.
..........................................................
37,211
2,340,944
Morgan
Stanley
........................................................
32,869
2,684,411
Northern
Trust
Corp.
....................................................
26,037
1,809,051
Principal
Financial
Group,
Inc.
.............................................
31,198
2,248,440
Prudential
Financial,
Inc.
.................................................
27,328
2,593,154
Regions
Financial
Corp.
..................................................
111,172
1,912,158
Victory
Portfolios
II
VictoryShares
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
87
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
State
Street
Corp.
.......................................................
30,110
$
2,016,166
T.
Rowe
Price
Group,
Inc.
.................................................
19,603
2,055,767
The
Bank
of
New
York
Mellon
Corp.
.........................................
59,162
2,523,259
The
Carlyle
Group,
Inc.
..................................................
57,893
1,746,053
The
Goldman
Sachs
Group,
Inc.
............................................
8,710
2,818,295
The
PNC
Financial
Services
Group,
Inc.
......................................
18,233
2,238,465
Truist
Financial
Corp.
....................................................
50,152
1,434,849
U.S.
Bancorp
..........................................................
46,748
1,545,489
UWM
Holdings
Corp.
(a)
.................................................
234,811
1,138,833
Wells
Fargo
&
Co.
......................................................
57,711
2,358,071
59,398,799
Health
Care
(2.2%):
AbbVie,
Inc.
..........................................................
22,831
3,403,189
Amgen,
Inc.
...........................................................
13,365
3,591,977
Bristol-Myers
Squibb
Co.
.................................................
63,121
3,663,543
CVS
Health
Corp.
......................................................
42,623
2,975,938
Gilead
Sciences,
Inc.
....................................................
45,010
3,373,049
Medtronic
PLC
........................................................
38,100
2,985,516
Pfizer,
Inc.
............................................................
93,260
3,093,434
Viatris,
Inc.
...........................................................
256,468
2,528,775
25,615,421
Industrials
(0.4%):
Stanley
Black
&
Decker,
Inc.
..............................................
20,350
1,700,853
United
Parcel
Service,
Inc.
,
Class
B
..........................................
17,101
2,665,533
4,366,386
Information
Technology
(1.2%):
Corning,
Inc.
..........................................................
87,428
2,663,931
HP,
Inc.
..............................................................
85,448
2,196,014
International
Business
Machines
Corp.
........................................
27,001
3,788,240
Juniper
Networks,
Inc.
...................................................
98,011
2,723,726
Texas
Instruments,
Inc.
...................................................
16,247
2,583,435
13,955,346
Materials
(1.1%):
Dow,
Inc.
............................................................
54,622
2,816,310
Eastman
Chemical
Co.
...................................................
27,574
2,115,477
International
Paper
Co.
...................................................
69,799
2,475,771
LyondellBasell
Industries
NV
,
Class
A
........................................
29,112
2,756,906
Packaging
Corp.
of
America
...............................................
17,528
2,691,425
12,855,889
Utilities
(5.8%):
Alliant
Energy
Corp.
....................................................
69,842
3,383,845
American
Electric
Power
Co.,
Inc.
...........................................
44,176
3,322,919
CMS
Energy
Corp.
......................................................
62,751
3,332,706
Consolidated
Edison,
Inc.
.................................................
43,965
3,760,326
Dominion
Energy,
Inc.
...................................................
67,002
2,992,979
DTE
Energy
Co.
.......................................................
35,996
3,573,683
Duke
Energy
Corp.
......................................................
43,083
3,802,506
Edison
International
.....................................................
46,458
2,940,327
Entergy
Corp.
.........................................................
33,660
3,113,550
Evergy,
Inc.
...........................................................
64,518
3,271,063
Eversource
Energy
......................................................
52,019
3,024,905
Exelon
Corp.
..........................................................
94,445
3,569,076
FirstEnergy
Corp.
.......................................................
97,988
3,349,230
NiSource,
Inc.
.........................................................
141,028
3,480,571
PPL
Corp.
............................................................
155,963
3,674,488
Public
Service
Enterprise
Group,
Inc.
.........................................
59,854
3,406,291
Sempra
Energy
........................................................
52,710
3,585,861
The
Southern
Co.
.......................................................
55,789
3,610,664
WEC
Energy
Group,
Inc.
.................................................
43,414
3,496,998
Victory
Portfolios
II
VictoryShares
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
88
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Xcel
Energy,
Inc.
.......................................................
63,254
$
3,619,394
68,311,382
Total
Common
Stocks
(Cost
$288,492,115)
278,572,961
Investment
Companies
(76.8%)
Federated
Hermes
Treasury
Obligations
Fund
,
5
.22
%
(b)
(c)
.........................
902,012,924
902,012,924
Total
Investment
Companies
(Cost
$902,012,924)
902,012,924
Collateral
for
Securities
Loaned
(0.0%)^(d)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.24
%
(b)
........
23
23
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.28
%
(b)
............
23
23
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.26
%
(b)
...............
23
23
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.27
%
(b)
.
23
23
Total
Collateral
for
Securities
Loaned
(Cost
$92)
92
Total
Investments
(Cost
$1,190,505,131)
—
100.5%
1,180,585,977
Liabilities
in
excess
of
other
assets
—
(0.5)%
(
5,443,150
)
NET
ASSETS
-
100.00%
$
1,175,142,827
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
(c)
Represents
an
investment
greater
than
25%
of
the
Fund's
net
assets.  The
financial
statements
and
portfolio
holdings
for
these
securities
can
be
found
at
www.sec.gov
(d)
Amount
represents
less
than
0.05%
of
net
assets.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
21
12/15/23
$
4,736,436
$
4,541,775
$
(
194,661
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
194,661
)
Total
net
unrealized
appreciation
(depreciation)
$
(
194,661
)
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
89
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.6%)
Communication
Services
(2.7%):
Cargurus,
Inc.
(a)
.......................................................
5,580
$
97,762
Cars.com,
Inc.
(a)
.......................................................
5,844
98,530
Cogent
Communications
Holdings,
Inc.
.......................................
2,013
124,605
DISH
Network
Corp.
,
Class
A
(a)
............................................
11,365
66,599
Gogo,
Inc.
(a)
..........................................................
8,542
101,906
Integral
Ad
Science
Holding
Corp.
(a)
.........................................
5,788
68,819
John
Wiley
&
Sons,
Inc.
,
Class
A
............................................
3,171
117,866
Liberty
Latin
America,
Ltd.
,
Class
C
(a)
.......................................
10,148
82,808
Madison
Square
Garden
Sports
Corp.
........................................
912
160,785
Scholastic
Corp.
........................................................
2,449
93,405
Shutterstock,
Inc.
.......................................................
2,429
92,423
Sphere
Entertainment
Co.
(a)
...............................................
2,262
84,056
Vivid
Seats,
Inc.
,
Class
A
(a)
...............................................
11,659
74,851
Yelp,
Inc.
(a)
...........................................................
3,227
134,211
Ziff
Davis,
Inc.
(a)
.......................................................
2,320
147,761
ZipRecruiter,
Inc.
(a)
.....................................................
6,170
73,978
1,620,365
Consumer
Discretionary
(14.2%):
Abercrombie
&
Fitch
Co.
(a)
...............................................
1,324
74,634
Acushnet
Holdings
Corp.
.................................................
2,405
127,561
Adient
PLC
(a)
.........................................................
3,187
116,963
Adtalem
Global
Education,
Inc.
(a)
...........................................
2,859
122,508
American
Eagle
Outfitters,
Inc.
.............................................
6,166
102,417
Arhaus,
Inc.
(a)
.........................................................
7,147
66,467
Bloomin'
Brands,
Inc.
....................................................
4,612
113,409
Boot
Barn
Holdings,
Inc.
(a)
...............................................
1,001
81,271
Bright
Horizons
Family
Solutions,
Inc.
(a)
.....................................
1,275
103,862
Brinker
International,
Inc.
(a)
...............................................
3,587
113,313
Camping
World
Holdings,
Inc.
,
Class
A
(b)
.....................................
3,911
79,824
Carter's,
Inc.
..........................................................
2,123
146,805
Cavco
Industries,
Inc.
(a)
..................................................
427
113,437
Century
Communities,
Inc.
................................................
1,826
121,940
Chegg,
Inc.
(a)
.........................................................
5,507
49,122
Cracker
Barrel
Old
Country
Store,
Inc.
........................................
1,698
114,106
Dave
&
Buster's
Entertainment,
Inc.
(a)
.......................................
2,379
88,190
Dorman
Products,
Inc.
...................................................
1,812
137,277
Dream
Finders
Homes,
Inc.
,
Class
A
(a)
.......................................
2,587
57,509
Dutch
Bros,
Inc.
,
Class
A
(a)
(b)
.............................................
2,887
67,123
Everi
Holdings,
Inc.
(a)
...................................................
8,632
114,115
First
Watch
Restaurant
Group,
Inc.
(a)
........................................
6,971
120,529
Foot
Locker,
Inc.
.......................................................
3,537
61,367
Frontdoor,
Inc.
(a)
.......................................................
4,160
127,254
Gentherm,
Inc.
(a)
.......................................................
2,088
113,295
Graham
Holdings
Co.
,
Class
B
.............................................
345
201,135
Grand
Canyon
Education,
Inc.
(a)
............................................
1,858
217,163
Green
Brick
Partners,
Inc.
(a)
...............................................
1,893
78,578
Group
1
Automotive,
Inc.
.................................................
501
134,624
Guess?,
Inc.
...........................................................
4,046
87,555
Helen
of
Troy
Ltd.
(a)
....................................................
689
80,310
Installed
Building
Products,
Inc.
............................................
790
98,663
Jack
in
the
Box,
Inc.
.....................................................
1,806
124,722
KB
Home
............................................................
2,788
129,029
Kontoor
Brands,
Inc.
....................................................
2,140
93,967
Laureate
Education,
Inc.
..................................................
10,413
146,823
La-Z-Boy,
Inc.
.........................................................
4,102
126,670
LCI
Industries
.........................................................
983
115,424
Leslie's,
Inc.
(a)
........................................................
11,594
65,622
Levi
Strauss
&
Co.
,
Class
A
...............................................
8,662
117,630
LGI
Homes,
Inc.
(a)
.....................................................
913
90,834
Life
Time
Group
Holdings,
Inc.
(a)
...........................................
5,388
81,952
M/I
Homes,
Inc.
(a)
......................................................
1,438
120,850
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
90
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
MDC
Holdings,
Inc.
.....................................................
3,084
$
127,153
Meritage
Homes
Corp.
...................................................
964
117,984
Mister
Car
Wash,
Inc.
(a)
..................................................
14,068
77,515
Modine
Manufacturing
Co.
(a)
..............................................
1,619
74,069
Monarch
Casino
&
Resort,
Inc.
.............................................
2,586
160,591
National
Vision
Holdings,
Inc.
(a)
............................................
3,781
61,177
Nordstrom,
Inc.
........................................................
4,723
70,562
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
.......................................
1,569
121,095
Oxford
Industries,
Inc.
...................................................
1,185
113,914
Papa
John's
International,
Inc.
..............................................
1,808
123,342
Patrick
Industries,
Inc.
...................................................
1,541
115,667
Portillo's,
Inc.
,
Class
A
(a)
.................................................
5,731
88,200
Red
Rock
Resorts,
Inc.
,
Class
A
.............................................
3,450
141,450
SeaWorld
Entertainment,
Inc.
(a)
............................................
2,512
116,180
Signet
Jewelers
Ltd.
.....................................................
1,327
95,292
Six
Flags
Entertainment
Corp.
(a)
............................................
3,987
93,734
Skyline
Champion
Corp.
(a)
................................................
1,496
95,325
Steven
Madden
Ltd.
.....................................................
4,044
128,478
Strategic
Education,
Inc.
..................................................
2,026
152,457
Stride,
Inc.
(a)
..........................................................
2,361
106,316
Target
Hospitality
Corp.
(a)
(b)
..............................................
5,266
83,624
Taylor
Morrison
Home
Corp.
(a)
............................................
3,112
132,602
The
Buckle,
Inc.
........................................................
4,107
137,133
The
Cheesecake
Factory,
Inc.
..............................................
4,001
121,230
The
ODP
Corp.
(a)
......................................................
2,585
119,298
Topgolf
Callaway
Brands
Corp.
(a)
...........................................
7,113
98,444
Travel
+
Leisure
Co.
.....................................................
3,453
126,829
Tri
Pointe
Homes,
Inc.
(a)
.................................................
4,452
121,762
Urban
Outfitters,
Inc.
(a)
..................................................
3,212
105,000
Victoria's
Secret
&
Co.
(a)
.................................................
4,159
69,372
Visteon
Corp.
(a)
........................................................
968
133,652
Winmark
Corp.
........................................................
442
164,923
Winnebago
Industries,
Inc.
................................................
1,935
115,036
XPEL,
Inc.
(a)
.........................................................
1,362
105,024
YETI
Holdings,
Inc.
(a)
...................................................
2,024
97,597
8,557,876
Consumer
Staples
(8.5%):
BellRing
Brands,
Inc.
(a)
..................................................
4,159
171,476
Cal-Maine
Foods,
Inc.
...................................................
2,572
124,536
Central
Garden
&
Pet
Co.
,
Class
A
(a)
........................................
3,701
148,373
Coca-Cola
Consolidated,
Inc.
..............................................
173
110,083
Edgewell
Personal
Care
Co.
...............................................
4,170
154,123
elf
Beauty,
Inc.
(a)
.......................................................
622
68,314
Fresh
Del
Monte
Produce,
Inc.
.............................................
6,558
169,459
Grocery
Outlet
Holding
Corp.
(a)
............................................
5,011
144,567
Herbalife
Ltd.
(a)
.......................................................
5,112
71,517
Hostess
Brands,
Inc.
(a)
...................................................
4,536
151,094
Ingles
Markets,
Inc.
,
Class
A
...............................................
2,590
195,105
Inter
Parfums,
Inc.
......................................................
851
114,323
J
&
J
Snack
Foods
Corp.
..................................................
1,217
199,162
John
B
Sanfilippo
&
Son,
Inc.
..............................................
1,645
162,526
MGP
Ingredients,
Inc.
....................................................
1,152
121,513
National
Beverage
Corp.
(a)
................................................
3,217
151,263
Nu
Skin
Enterprises,
Inc.
,
Class
A
...........................................
6,195
131,396
Olaplex
Holdings,
Inc.
(a)
.................................................
27,726
54,066
PriceSmart,
Inc.
........................................................
2,039
151,763
Seaboard
Corp.
........................................................
53
198,909
Spectrum
Brands
Holdings,
Inc.
............................................
1,892
148,238
Sprouts
Farmers
Market,
Inc.
(a)
............................................
3,361
143,851
The
Andersons,
Inc.
.....................................................
2,339
120,482
The
Boston
Beer
Co.,
Inc.
,
Class
A
(a)
........................................
319
124,260
The
Chefs'
Warehouse,
Inc.
(a)
..............................................
4,434
93,912
The
Duckhorn
Portfolio,
Inc.
(a)
.............................................
13,926
142,881
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
91
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
The
Simply
Good
Foods
Co.
(a)
.............................................
4,522
$
156,099
The
Vita
Coco
Co.,
Inc.
(a)
................................................
3,188
83,016
Tootsie
Roll
Industries,
Inc.
................................................
5,912
176,532
TreeHouse
Foods,
Inc.
(a)
.................................................
3,747
163,294
United
Natural
Foods,
Inc.
(a)
..............................................
4,198
59,360
Universal
Corp.
........................................................
5,310
250,685
USANA
Health
Sciences,
Inc.
(a)
............................................
2,659
155,844
Utz
Brands,
Inc.
........................................................
9,214
123,744
Vector
Group
Ltd.
......................................................
12,337
131,266
WD-40
Co.
...........................................................
611
124,180
Weis
Markets,
Inc.
......................................................
2,378
149,814
5,141,026
Energy
(5.5%):
Arch
Resources,
Inc.
....................................................
872
148,816
Archrock,
Inc.
.........................................................
9,710
122,346
Cactus,
Inc.
,
Class
A
.....................................................
1,970
98,914
California
Resources
Corp.
................................................
2,338
130,951
Callon
Petroleum
Co.
(a)
..................................................
2,310
90,367
CNX
Resources
Corp.
(a)
.................................................
6,205
140,109
Comstock
Resources,
Inc.
.................................................
6,803
75,037
CONSOL
Energy,
Inc.
...................................................
1,038
108,897
Crescent
Energy
Co.
,
Class
A
..............................................
7,770
98,213
CVR
Energy,
Inc.
.......................................................
3,063
104,234
Diamond
Offshore
Drilling,
Inc.
(a)
..........................................
5,487
80,549
Excelerate
Energy,
Inc.
,
Class
A
............................................
6,043
102,973
Gulfport
Energy
Corp.
(a)
.................................................
784
93,029
International
Seaways,
Inc.
................................................
2,362
106,290
Kinetik
Holdings,
Inc.
...................................................
4,142
139,792
Kosmos
Energy
Ltd.
(a)
...................................................
11,800
96,524
Liberty
Energy,
Inc.
.....................................................
6,094
112,861
Magnolia
Oil
&
Gas
Corp.
,
Class
A
..........................................
5,222
119,636
Northern
Oil
and
Gas,
Inc.
................................................
2,612
105,081
Oceaneering
International,
Inc.
(a)
...........................................
3,855
99,151
Par
Pacific
Holdings,
Inc.
(a)
...............................................
3,190
114,649
Patterson-UTI
Energy,
Inc.
................................................
5,904
81,711
Peabody
Energy
Corp.
...................................................
4,708
122,361
Permian
Resources
Corp.
(b)
...............................................
6,068
84,709
RPC,
Inc.
............................................................
11,808
105,564
Sitio
Royalties
Corp.
,
Class
A
..............................................
4,432
107,299
SM
Energy
Co.
........................................................
2,185
86,635
Talos
Energy,
Inc.
(a)
.....................................................
4,721
77,613
Tidewater,
Inc.
(a)
.......................................................
1,330
94,523
Weatherford
International
PLC
(a)
...........................................
1,156
104,421
World
Kinect
Corp.
.....................................................
6,009
134,782
3,288,037
Financials
(20.1%):
Ameris
Bancorp
........................................................
2,609
100,160
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
3,947
147,697
AssetMark
Financial
Holdings,
Inc.
(a)
........................................
4,760
119,381
Associated
Banc-Corp.
...................................................
6,684
114,363
Assured
Guaranty
Ltd.
...................................................
2,848
172,361
Atlantic
Union
Bankshares
Corp.
............................................
3,477
100,068
Axos
Financial,
Inc.
(a)
...................................................
2,046
77,462
B
Riley
Financial,
Inc.
(b)
.................................................
1,237
50,705
BancFirst
Corp.
........................................................
1,323
114,744
Bank
of
Hawaii
Corp.
....................................................
1,491
74,088
BankUnited,
Inc.
.......................................................
3,117
70,756
Banner
Corp.
..........................................................
2,681
113,621
BGC
Group,
Inc.
,
Class
A
.................................................
18,769
99,100
Bread
Financial
Holdings,
Inc.
.............................................
2,289
78,284
Cathay
General
Bancorp
..................................................
3,537
122,946
City
Holding
Co.
.......................................................
1,848
166,967
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
92
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
CNO
Financial
Group,
Inc.
................................................
6,007
$
142,546
Cohen
&
Steers,
Inc.
....................................................
2,320
145,441
Columbia
Banking
System,
Inc.
............................................
4,454
90,416
Community
Bank
System,
Inc.
.............................................
2,474
104,428
CVB
Financial
Corp.
....................................................
5,272
87,357
Donnelley
Financial
Solutions,
Inc.
(a)
........................................
2,317
130,401
Enova
International,
Inc.
(a)
................................................
2,362
120,155
Enstar
Group
Ltd.
(a)
....................................................
773
187,066
Enterprise
Financial
Services
Corp.
..........................................
3,584
134,400
EVERTEC,
Inc.
........................................................
4,231
157,309
FB
Financial
Corp.
......................................................
3,528
100,054
Federal
Agricultural
Mortgage
Corp.
,
Class
C
...................................
881
135,938
Federated
Hermes,
Inc.
...................................................
5,205
176,293
First
Bancorp
..........................................................
8,837
118,946
First
Bancorp/Southern
Pines
NC
...........................................
3,873
108,986
First
Commonwealth
Financial
Corp.
.........................................
9,702
118,461
First
Financial
Bancorp
...................................................
6,137
120,285
First
Hawaiian,
Inc.
.....................................................
5,815
104,961
First
Interstate
BancSystem,
Inc.
,
Class
A
......................................
4,416
110,135
First
Merchants
Corp.
....................................................
4,092
113,839
FirstCash
Holdings,
Inc.
..................................................
2,132
214,010
Fulton
Financial
Corp.
...................................................
8,885
107,597
Genworth
Financial,
Inc.
(a)
................................................
18,792
110,121
Goosehead
Insurance,
Inc.
,
Class
A
(a)
........................................
1,263
94,131
Hamilton
Lane,
Inc.
,
Class
A
...............................................
1,614
145,970
Hancock
Whitney
Corp.
..................................................
2,710
100,243
Heartland
Financial
USA,
Inc.
..............................................
3,390
99,768
Hilltop
Holdings,
Inc.
....................................................
4,297
121,863
Hope
Bancorp,
Inc.
.....................................................
11,052
97,810
Independent
Bank
Corp.
..................................................
2,066
101,420
Independent
Bank
Group,
Inc.
..............................................
2,318
91,677
International
Bancshares
Corp.
.............................................
3,310
143,455
Jackson
Financial,
Inc.
,
Class
A
.............................................
2,534
96,849
Lakeland
Financial
Corp.
.................................................
2,332
110,677
Live
Oak
Bancshares,
Inc.
................................................
2,265
65,572
MGIC
Investment
Corp.
..................................................
11,075
184,842
Moelis
&
Co.
,
Class
A
...................................................
2,780
125,461
Mr.
Cooper
Group,
Inc.
(a)
.................................................
2,560
137,114
National
Bank
Holdings
Corp.
,
Class
A
.......................................
3,549
105,618
National
Western
Life
Group,
Inc.
,
Class
A
.....................................
143
62,561
Navient
Corp.
.........................................................
8,736
150,434
NBT
Bancorp,
Inc.
......................................................
3,561
112,848
Nelnet,
Inc.
,
Class
A
.....................................................
2,898
258,849
NMI
Holdings,
Inc.
,
Class
A
(a)
.............................................
5,774
156,418
Northwest
Bancshares,
Inc.
................................................
13,797
141,143
OFG
Bancorp
.........................................................
4,555
136,012
Pacific
Premier
Bancorp,
Inc.
..............................................
4,436
96,527
Palomar
Holdings,
Inc.
(a)
.................................................
2,027
102,870
Park
National
Corp.
.....................................................
1,248
117,961
Pathward
Financial,
Inc.
..................................................
2,387
110,017
Payoneer
Global,
Inc.
(a)
..................................................
15,062
92,179
PennyMac
Financial
Services,
Inc.
..........................................
1,876
124,942
Piper
Sandler
Cos.
......................................................
945
137,318
PJT
Partners,
Inc.
,
Class
A
................................................
2,036
161,740
PROG
Holdings,
Inc.
(a)
..................................................
2,687
89,235
Provident
Financial
Services,
Inc.
...........................................
7,924
121,158
Radian
Group,
Inc.
......................................................
6,996
175,670
Renasant
Corp.
........................................................
4,382
114,765
Seacoast
Banking
Corp.
of
Florida
...........................................
3,712
81,516
ServisFirst
Bancshares,
Inc.
...............................................
1,562
81,490
Shift4
Payments,
Inc.
,
Class
A
(a)
............................................
1,629
90,198
Simmons
First
National
Corp.
,
Class
A
.......................................
6,273
106,390
SLM
Corp.
...........................................................
8,266
112,583
Stellar
Bancorp,
Inc.
.....................................................
5,437
115,917
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
93
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
StepStone
Group,
Inc.
,
Class
A
.............................................
4,023
$
127,046
Stewart
Information
Services
Corp.
..........................................
3,019
132,232
Stock
Yards
Bancorp,
Inc.
.................................................
2,662
104,590
StoneX
Group,
Inc.
(a)
...................................................
1,194
115,722
Texas
Capital
Bancshares,
Inc.
(a)
...........................................
1,529
90,058
The
Bancorp,
Inc.
(a)
.....................................................
2,204
76,038
Towne
Bank
..........................................................
6,216
142,533
TPG,
Inc.
............................................................
4,222
127,167
Triumph
Financial,
Inc.
(a)
.................................................
1,647
106,709
Trustmark
Corp.
........................................................
5,080
110,388
UMB
Financial
Corp.
....................................................
1,499
93,013
United
Community
Banks,
Inc.
.............................................
4,224
107,332
UWM
Holdings
Corp.
...................................................
14,952
72,517
Victory
Capital
Holdings,
Inc.
,
Class
A
(c)
.....................................
4,571
152,397
Virtu
Financial,
Inc.
,
Class
A
...............................................
7,804
134,775
Virtus
Investment
Partners,
Inc.
.............................................
598
120,790
Walker
&
Dunlop,
Inc.
...................................................
1,373
101,932
Washington
Federal,
Inc.
.................................................
4,455
114,137
WesBanco,
Inc.
........................................................
4,607
112,503
Westamerica
Bancorp
....................................................
3,372
145,839
White
Mountains
Insurance
Group
Ltd.
.......................................
112
167,517
WSFS
Financial
Corp.
...................................................
2,716
99,134
12,089,428
Health
Care
(6.0%):
AdaptHealth
Corp.
(a)
....................................................
6,008
54,673
Addus
HomeCare
Corp.
(a)
................................................
1,167
99,417
Agiliti,
Inc.
(a)
.........................................................
7,919
51,394
AMN
Healthcare
Services,
Inc.
(a)
...........................................
1,413
120,359
Amphastar
Pharmaceuticals,
Inc.
(a)
..........................................
1,891
86,967
Apollo
Medical
Holdings,
Inc.
(a)
...........................................
2,390
73,732
Catalyst
Pharmaceuticals,
Inc.
(a)
............................................
5,232
61,162
Certara,
Inc.
(a)
.........................................................
5,554
80,755
CONMED
Corp.
.......................................................
1,086
109,523
Corcept
Therapeutics,
Inc.
(a)
..............................................
3,220
87,729
CorVel
Corp.
(a)
........................................................
754
148,274
Doximity,
Inc.
,
Class
A
(a)
.................................................
3,462
73,464
Dynavax
Technologies
Corp.
(a)
.............................................
8,967
132,443
GoodRx
Holdings,
Inc.
,
Class
A
(a)
..........................................
8,958
50,434
Haemonetics
Corp.
(a)
....................................................
1,676
150,136
Harmony
Biosciences
Holdings,
Inc.
(a)
.......................................
2,374
77,796
Integer
Holdings
Corp.
(a)
.................................................
1,639
128,547
Kiniksa
Pharmaceuticals
Ltd.
,
Class
A
(a)
......................................
4,324
75,108
Lantheus
Holdings,
Inc.
(a)
................................................
1,355
94,145
LeMaitre
Vascular,
Inc.
...................................................
2,257
122,961
Ligand
Pharmaceuticals,
Inc.
(a)
.............................................
1,848
110,732
Maravai
LifeSciences
Holdings,
Inc.
,
Class
A
(a)
.................................
7,880
78,800
Merit
Medical
Systems,
Inc.
(a)
.............................................
2,675
184,629
NextGen
Healthcare,
Inc.
(a)
...............................................
9,380
222,587
Patterson
Cos.,
Inc.
.....................................................
4,862
144,110
Pediatrix
Medical
Group,
Inc.
(a)
............................................
9,238
117,415
Premier,
Inc.
,
Class
A
....................................................
6,398
137,557
Privia
Health
Group,
Inc.
(a)
...............................................
4,015
92,345
Progyny,
Inc.
(a)
........................................................
2,459
83,655
Schrodinger,
Inc.
(a)
.....................................................
1,526
43,140
Select
Medical
Holdings
Corp.
.............................................
4,802
121,347
STAAR
Surgical
Co.
(a)
..................................................
1,952
78,431
Supernus
Pharmaceuticals,
Inc.
(a)
...........................................
4,478
123,458
U.S.
Physical
Therapy,
Inc.
................................................
1,296
118,882
UFP
Technologies,
Inc.
(a)
.................................................
660
106,557
3,642,664
Industrials
(22.9%):
AAON,
Inc.
...........................................................
2,005
114,024
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
94
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
AAR
Corp.
(a)
.........................................................
2,575
$
153,290
ABM
Industries,
Inc.
....................................................
4,127
165,121
Air
Transport
Services
Group,
Inc.
(a)
.........................................
3,972
82,896
Alamo
Group,
Inc.
......................................................
835
144,338
Albany
International
Corp.
................................................
1,868
161,171
Allegiant
Travel
Co.
.....................................................
934
71,787
Allison
Transmission
Holdings,
Inc.
.........................................
2,788
164,659
Ameresco,
Inc.
,
Class
A
(a)
................................................
1,749
67,441
American
Woodmark
Corp.
(a)
..............................................
1,486
112,356
ArcBest
Corp.
.........................................................
944
95,958
Arcosa,
Inc.
...........................................................
1,695
121,870
Armstrong
World
Industries,
Inc.
............................................
2,304
165,888
Array
Technologies,
Inc.
(a)
................................................
2,606
57,827
ASGN,
Inc.
(a)
.........................................................
1,696
138,529
Astec
Industries,
Inc.
....................................................
2,037
95,963
Barnes
Group,
Inc.
......................................................
4,287
145,629
Beacon
Roofing
Supply,
Inc.
(a)
.............................................
1,737
134,044
Boise
Cascade
Co.
......................................................
1,271
130,964
Brady
Corp.
,
Class
A
....................................................
4,087
224,458
Casella
Waste
Systems,
Inc.
(a)
.............................................
2,285
174,345
CBIZ,
Inc.
(a)
..........................................................
3,480
180,612
Comfort
Systems
USA,
Inc.
...............................................
694
118,265
Construction
Partners,
Inc.
,
Class
A
(a)
........................................
2,993
109,424
Core
&
Main,
Inc.
,
Class
A
(a)
..............................................
4,702
135,653
CoreCivic,
Inc.
(a)
......................................................
10,382
116,797
CSG
Systems
International,
Inc.
............................................
2,845
145,436
CSW
Industrials,
Inc.
....................................................
824
144,398
Dycom
Industries,
Inc.
(a)
.................................................
1,181
105,109
Encore
Wire
Corp.
......................................................
655
119,511
Energy
Recovery,
Inc.
(a)
.................................................
4,312
91,458
Enerpac
Tool
Group
Corp.
................................................
5,861
154,906
EnerSys
..............................................................
1,187
112,373
EnPro
Industries,
Inc.
....................................................
947
114,767
Esab
Corp.
............................................................
2,128
149,428
ESCO
Technologies,
Inc.
.................................................
1,546
161,464
Federal
Signal
Corp.
.....................................................
2,690
160,674
First
Advantage
Corp.
....................................................
9,237
127,378
Flowserve
Corp.
........................................................
3,819
151,882
Forward
Air
Corp.
......................................................
1,297
89,156
Franklin
Electric
Co.,
Inc.
.................................................
1,753
156,420
FTAI
Aviation
Ltd.
......................................................
3,334
118,524
GATX
Corp.
..........................................................
1,678
182,617
Gibraltar
Industries,
Inc.
(a)
................................................
1,777
119,965
GMS,
Inc.
(a)
..........................................................
1,994
127,556
Granite
Construction,
Inc.
.................................................
3,962
150,635
H&E
Equipment
Services,
Inc.
.............................................
2,304
99,510
Hayward
Holdings,
Inc.
(a)
................................................
7,408
104,453
Helios
Technologies,
Inc.
.................................................
2,120
117,618
Herc
Holdings,
Inc.
.....................................................
728
86,588
Hillenbrand,
Inc.
.......................................................
2,887
122,149
HNI
Corp.
............................................................
3,836
132,841
Hub
Group,
Inc.
,
Class
A
(a)
...............................................
1,907
149,776
Huron
Consulting
Group,
Inc.
(a)
............................................
1,074
111,868
ICF
International,
Inc.
...................................................
1,230
148,596
Insperity,
Inc.
..........................................................
1,282
125,123
Janus
International
Group,
Inc.
(a)
...........................................
11,538
123,457
JELD-WEN
Holding,
Inc.
(a)
...............................................
5,891
78,704
JetBlue
Airways
Corp.
(a)
.................................................
16,616
76,434
John
Bean
Technologies
Corp.
..............................................
1,217
127,955
Kadant,
Inc.
...........................................................
664
149,765
Kennametal,
Inc.
.......................................................
4,962
123,455
Kforce,
Inc.
...........................................................
2,425
144,675
Kirby
Corp.
(a)
.........................................................
1,952
161,626
Korn
Ferry
...........................................................
3,272
155,224
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
95
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Leonardo
DRS,
Inc.
(a)
...................................................
7,837
$
130,878
Lindsay
Corp.
.........................................................
1,034
121,681
ManpowerGroup,
Inc.
...................................................
2,037
149,353
Marten
Transport
Ltd.
....................................................
7,947
156,635
Masterbrand,
Inc.
(a)
.....................................................
6,430
78,125
Matson,
Inc.
..........................................................
1,326
117,643
Maximus,
Inc.
.........................................................
2,257
168,553
McGrath
RentCorp
......................................................
1,750
175,420
MillerKnoll,
Inc.
.......................................................
5,369
131,272
Moog,
Inc.
,
Class
A
.....................................................
1,284
145,041
MSC
Industrial
Direct
Co.,
Inc.
.............................................
2,151
211,121
Mueller
Industries,
Inc.
...................................................
1,662
124,916
Mueller
Water
Products,
Inc.
,
Class
A
........................................
9,849
124,885
MYR
Group,
Inc.
(a)
.....................................................
959
129,235
NOW,
Inc.
(a)
..........................................................
10,204
121,121
NV5
Global,
Inc.
(a)
.....................................................
1,231
118,459
Parsons
Corp.
(a)
.......................................................
3,257
177,018
PGT
Innovations,
Inc.
(a)
..................................................
4,514
125,263
Primoris
Services
Corp.
..................................................
4,329
141,688
Resideo
Technologies,
Inc.
(a)
..............................................
6,918
109,304
Rush
Enterprises,
Inc.
,
Class
A
.............................................
4,216
172,139
RXO,
Inc.
(a)
..........................................................
6,512
128,482
Schneider
National,
Inc.
,
Class
B
............................................
5,461
151,215
Shoals
Technologies
Group,
Inc.
,
Class
A
(a)
....................................
3,742
68,292
Simpson
Manufacturing
Co.,
Inc.
...........................................
881
131,983
SPX
Technologies,
Inc.
(a)
.................................................
1,408
114,611
Standex
International
Corp.
................................................
1,001
145,836
Sterling
Infrastructure,
Inc.
(a)
..............................................
1,216
89,352
SunPower
Corp.
(a)
(b)
....................................................
10,237
63,162
Tennant
Co.
...........................................................
1,716
127,241
Terex
Corp.
...........................................................
1,738
100,144
The
AZEK
Co.,
Inc.
(a)
...................................................
3,379
100,491
The
Brink's
Co.
........................................................
1,765
128,210
The
Greenbrier
Cos.,
Inc.
.................................................
1,826
73,040
Trinity
Industries,
Inc.
...................................................
4,912
119,607
TTEC
Holdings,
Inc.
....................................................
3,572
93,658
UniFirst
Corp.
.........................................................
955
155,675
Verra
Mobility
Corp.
(a)
..................................................
9,786
182,998
Vicor
Corp.
(a)
.........................................................
707
41,635
Watts
Water
Technologies,
Inc.
,
Class
A
.......................................
928
160,377
Werner
Enterprises,
Inc.
..................................................
4,187
163,084
Zurn
Elkay
Water
Solutions
Corp.
...........................................
4,332
121,383
13,797,009
Information
Technology
(8.9%):
ACI
Worldwide,
Inc.
(a)
..................................................
4,711
106,280
Advanced
Energy
Industries,
Inc.
...........................................
1,104
113,844
Aehr
Test
Systems
(a)
....................................................
934
42,684
Agilysys,
Inc.
(a)
.......................................................
1,525
100,894
Alarm.com
Holdings,
Inc.
(a)
...............................................
1,830
111,886
AppLovin
Corp.
,
Class
A
(a)
...............................................
1,368
54,665
Avnet,
Inc.
............................................................
3,514
169,340
Axcelis
Technologies,
Inc.
(a)
..............................................
504
82,177
Badger
Meter,
Inc.
......................................................
902
129,771
Belden,
Inc.
...........................................................
1,645
158,825
Blackline,
Inc.
(a)
.......................................................
1,835
101,787
Calix,
Inc.
(a)
..........................................................
2,246
102,957
Cohu,
Inc.
(a)
..........................................................
3,691
127,118
Corsair
Gaming,
Inc.
(a)
..................................................
7,532
109,440
CTS
Corp.
............................................................
3,315
138,368
Digi
International,
Inc.
(a)
.................................................
3,469
93,663
Diodes,
Inc.
(a)
.........................................................
1,512
119,206
DoubleVerify
Holdings,
Inc.
(a)
.............................................
3,177
88,797
ePlus,
Inc.
(a)
..........................................................
1,837
116,686
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
96
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Extreme
Networks,
Inc.
(a)
................................................
3,437
$
83,210
Harmonic,
Inc.
(a)
.......................................................
7,643
73,602
Insight
Enterprises,
Inc.
(a)
................................................
1,051
152,920
InterDigital,
Inc.
.......................................................
1,517
121,724
Itron,
Inc.
(a)
..........................................................
1,578
95,595
MaxLinear,
Inc.
(a)
......................................................
3,171
70,555
Methode
Electronics,
Inc.
.................................................
3,890
88,887
MicroStrategy,
Inc.
(a)
....................................................
153
50,227
N-able,
Inc.
(a)
.........................................................
9,161
118,177
NCR
Corp.
(a)
.........................................................
3,955
106,666
NetScout
Systems,
Inc.
(a)
.................................................
4,823
135,140
Onto
Innovation,
Inc.
(a)
..................................................
736
93,855
OSI
Systems,
Inc.
(a)
.....................................................
1,046
123,470
PDF
Solutions,
Inc.
(a)
...................................................
2,961
95,936
Perficient,
Inc.
(a)
.......................................................
1,468
84,938
Photronics,
Inc.
(a)
......................................................
4,605
93,067
Plexus
Corp.
(a)
........................................................
1,414
131,474
Progress
Software
Corp.
..................................................
3,131
164,628
Qualys,
Inc.
(a)
.........................................................
898
136,990
Rambus,
Inc.
(a)
........................................................
1,662
92,723
Rogers
Corp.
(a)
........................................................
1,098
144,354
Sanmina
Corp.
(a)
.......................................................
2,559
138,903
Super
Micro
Computer,
Inc.
(a)
.............................................
200
54,844
Teradata
Corp.
(a)
.......................................................
2,504
112,730
TTM
Technologies,
Inc.
(a)
................................................
8,337
107,381
Ultra
Clean
Holdings,
Inc.
(a)
..............................................
2,912
86,399
Veeco
Instruments,
Inc.
(a)
.................................................
4,551
127,929
Viavi
Solutions,
Inc.
(a)
...................................................
15,585
142,447
Vishay
Intertechnology,
Inc.
...............................................
4,807
118,829
Vontier
Corp.
..........................................................
5,251
162,361
5,378,349
Materials
(5.1%):
Alpha
Metallurgical
Resources,
Inc.
..........................................
512
132,982
Avient
Corp.
..........................................................
3,222
113,801
Balchem
Corp.
.........................................................
1,226
152,073
Cabot
Corp.
...........................................................
2,004
138,817
Carpenter
Technology
Corp.
...............................................
1,639
110,157
Compass
Minerals
International,
Inc.
.........................................
3,569
99,754
Ecovyst,
Inc.
(a)
........................................................
12,276
120,796
Greif,
Inc.
,
Class
A
......................................................
2,241
149,721
H.B.
Fuller
Co.
........................................................
2,206
151,354
Ingevity
Corp.
(a)
.......................................................
2,014
95,887
Innospec,
Inc.
.........................................................
1,671
170,776
Kaiser
Aluminum
Corp.
..................................................
1,339
100,773
Materion
Corp.
........................................................
901
91,821
Minerals
Technologies,
Inc.
................................................
2,338
128,029
NewMarket
Corp.
......................................................
430
195,667
O-I
Glass,
Inc.
(a)
.......................................................
5,724
95,762
Orion
SA
.............................................................
5,214
110,954
Quaker
Chemical
Corp.
..................................................
679
108,640
Sensient
Technologies
Corp.
...............................................
2,873
168,013
Stepan
Co.
............................................................
1,880
140,944
Summit
Materials,
Inc.
,
Class
A
(a)
..........................................
3,857
120,107
Sylvamo
Corp.
.........................................................
2,837
124,658
Warrior
Met
Coal,
Inc.
...................................................
2,637
134,698
Worthington
Industries,
Inc.
...............................................
1,598
98,788
3,054,972
Real
Estate
(1.1%):
eXp
World
Holdings,
Inc.
.................................................
3,608
58,594
Howard
Hughes
Holdings,
Inc.
(a)
...........................................
1,979
146,703
Kennedy-Wilson
Holdings,
Inc.
.............................................
8,344
122,991
Marcus
&
Millichap,
Inc.
.................................................
4,485
131,590
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
97
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Newmark
Group,
Inc.
,
Class
A
.............................................
14,082
$
90,547
The
St.
Joe
Co.
........................................................
2,177
118,276
668,701
Utilities
(4.6%):
ALLETE,
Inc.
.........................................................
3,808
201,062
American
States
Water
Co.
................................................
2,261
177,896
Avista
Corp.
..........................................................
6,013
194,641
California
Water
Service
Group
.............................................
3,685
174,337
Chesapeake
Utilities
Corp.
................................................
2,002
195,696
Clearway
Energy,
Inc.
,
Class
C
.............................................
7,656
162,001
MGE
Energy,
Inc.
......................................................
2,780
190,458
Middlesex
Water
Co.
....................................................
2,212
146,545
Northwest
Natural
Holding
Co.
.............................................
5,184
197,821
Northwestern
Energy
Group,
Inc.
...........................................
4,622
222,133
ONE
Gas,
Inc.
.........................................................
2,732
186,541
Otter
Tail
Corp.
........................................................
1,757
133,391
Portland
General
Electric
Co.
..............................................
4,765
192,887
SJW
Group
...........................................................
2,923
175,702
Spire,
Inc.
............................................................
3,652
206,630
2,757,741
Total
Common
Stocks
(Cost
$62,682,261)
59,996,168
Investment
Companies
(0.3%)
Federated
Hermes
Treasury
Obligations
Fund
,
5
.22
%
(d)
...........................
175,376
175,376
Total
Investment
Companies
(Cost
$175,376)
175,376
Collateral
for
Securities
Loaned
(0.6%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.24
%
(d)
........
84,108
84,108
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.28
%
(d)
............
84,108
84,108
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.26
%
(d)
...............
84,108
84,108
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.27
%
(d)
.
84,108
84,108
Total
Collateral
for
Securities
Loaned
(Cost
$336,432)
336,432
Total
Investments
(Cost
$63,194,069)
—
100.5%
60,507,976
Liabilities
in
excess
of
other
assets
—
(0.5)%
(
285,066
)
NET
ASSETS
-
100.00%
$
60,222,910
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliated
security.
(d)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
PLC
—
Public
Limited
Company
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
98
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
Russell
2000
Index
Futures
......
2
12/15/23
$
187,253
$
179,860
$
(
7,393
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
7,393
)
Total
net
unrealized
appreciation
(depreciation)
$
(
7,393
)
Fair
Value
6/30/2023
Purchases
at
Cost
Proceeds
from
Sales
Realized
Gains
(Losses)
Capital
Gain
Distribution
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
9/30/2023
Dividend
Income
Victory
Capital
Holdings,
Inc.
.............
$
37,154
$
133,376
$
(
21,065
)
$
10,838
$
—
$
(
7,906
)
$
152,397
$
1,355
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
99
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(98.2%)
Australia
(5.6%):
Communication
Services
(0.5%):
REA
Group
Ltd.
........................................................
806
$
79,953
Telstra
Group
Ltd.
......................................................
62,261
154,083
234,036
Consumer
Discretionary
(0.5%):
Aristocrat
Leisure
Ltd.
...................................................
3,694
96,999
Wesfarmers
Ltd.
........................................................
3,518
119,536
216,535
Consumer
Staples
(0.6%):
Coles
Group
Ltd.
.......................................................
13,376
133,787
Woolworths
Group
Ltd.
..................................................
5,703
136,811
270,598
Energy
(0.4%):
Santos
Ltd.
...........................................................
19,513
99,090
Woodside
Energy
Group
Ltd.
..............................................
3,401
79,773
178,863
Financials
(1.9%):
ANZ
Group
Holdings
Ltd.
................................................
7,215
119,006
Commonwealth
Bank
of
Australia
...........................................
1,873
120,361
Insurance
Australia
Group
Ltd.
.............................................
26,341
96,174
Macquarie
Group
Ltd.
...................................................
882
95,095
National
Australia
Bank
Ltd.
...............................................
5,671
105,970
QBE
Insurance
Group
Ltd.
................................................
9,891
99,883
Suncorp
Group
Ltd.
.....................................................
12,159
109,187
Westpac
Banking
Corp.
..................................................
8,377
113,887
859,563
Health
Care
(0.6%):
Cochlear
Ltd.
..........................................................
572
93,877
CSL
Ltd.
.............................................................
681
109,787
Sonic
Healthcare
Ltd.
....................................................
4,029
77,177
280,841
Industrials
(0.4%):
Brambles
Ltd.
.........................................................
12,697
116,875
Computershare
Ltd.
.....................................................
5,087
84,887
201,762
Information
Technology
(0.1%):
WiseTech
Global
Ltd.
....................................................
1,206
50,428
Materials
(0.6%):
BHP
Group
Ltd.
........................................................
3,230
91,874
Fortescue
Metals
Group
Ltd.
...............................................
4,878
65,596
Rio
Tinto
Ltd.
.........................................................
1,258
91,822
249,292
2,541,918
Austria
(0.5%):
Energy
(0.2%):
OMV
AG
............................................................
1,584
75,886
Financials
(0.1%):
Erste
Group
Bank
AG
....................................................
2,152
74,662
Utilities
(0.2%):
Verbund
AG
..........................................................
928
75,586
226,134
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
100
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Belgium
(1.1%):
Consumer
Staples
(0.3%):
Anheuser-Busch
InBev
SA
................................................
2,099
$
116,512
Financials
(0.4%):
Groupe
Bruxelles
Lambert
SA
..............................................
1,552
115,763
KBC
Group
NV
........................................................
1,251
78,209
193,972
Health
Care
(0.2%):
UCB
SA
.............................................................
1,116
91,476
Materials
(0.2%):
Solvay
SA,
Class
A
.....................................................
756
83,793
485,753
Canada
(12.2%):
Communication
Services
(0.8%):
BCE,
Inc.
............................................................
3,986
152,179
Rogers
Communications,
Inc.,
Class
B
........................................
2,711
104,100
TELUS
Corp.(a)
.......................................................
7,644
124,839
381,118
Consumer
Discretionary
(0.7%):
Dollarama,
Inc.
........................................................
2,030
139,877
Magna
International,
Inc.
.................................................
1,045
56,009
Restaurant
Brands
International,
Inc.
.........................................
1,862
124,010
319,896
Consumer
Staples
(1.2%):
Alimentation
Couche-Tard,
Inc.
.............................................
2,191
111,284
George
Weston
Ltd.
.....................................................
1,177
130,544
Loblaw
Cos.
Ltd.
.......................................................
1,519
129,072
Metro,
Inc.
...........................................................
3,082
160,080
530,980
Energy
(1.8%):
ARC
Resources
Ltd.
.....................................................
4,194
66,951
Cameco
Corp.
.........................................................
1,873
74,321
Canadian
Natural
Resources
Ltd.
............................................
1,162
75,156
Cenovus
Energy,
Inc.
....................................................
2,998
62,428
Enbridge,
Inc.
.........................................................
3,713
123,165
Imperial
Oil
Ltd.(a)
.....................................................
1,322
81,436
Pembina
Pipeline
Corp.
..................................................
3,858
116,016
Suncor
Energy,
Inc.
.....................................................
2,256
77,592
TC
Energy
Corp.
.......................................................
2,528
86,947
Tourmaline
Oil
Corp.
....................................................
1,250
62,910
826,922
Financials
(3.8%):
Bank
of
Montreal
.......................................................
1,498
126,383
Brookfield
Asset
Management
Ltd.,
Class
A
....................................
2,169
72,284
Brookfield
Corp.
.......................................................
2,230
69,736
Canadian
Imperial
Bank
of
Commerce
........................................
3,011
116,241
Fairfax
Financial
Holdings
Ltd.
.............................................
115
93,887
Great-West
Lifeco,
Inc.(a)
.................................................
5,708
163,326
Intact
Financial
Corp.
....................................................
1,017
148,285
Manulife
Financial
Corp.
.................................................
6,629
121,148
National
Bank
of
Canada
.................................................
1,758
116,799
Power
Corp.
of
Canada(a)
.................................................
5,465
139,150
Royal
Bank
of
Canada
...................................................
1,675
146,398
Sun
Life
Financial,
Inc.
..................................................
3,259
159,027
The
Bank
of
Nova
Scotia
.................................................
2,642
118,434
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
101
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
The
Toronto-Dominion
Bank(a)
.............................................
1,967
$
118,518
1,709,616
Industrials
(1.4%):
Canadian
National
Railway
Co.
.............................................
1,115
120,761
Canadian
Pacific
Kansas
City
Ltd.
...........................................
1,327
98,648
TFI
International,
Inc.
....................................................
497
63,837
Thomson
Reuters
Corp.
..................................................
882
107,910
Waste
Connections,
Inc.
..................................................
1,009
135,492
WSP
Global,
Inc.
.......................................................
779
109,958
636,606
Information
Technology
(0.6%):
CGI,
Inc.(b)
...........................................................
1,175
115,830
Constellation
Software,
Inc.
...............................................
49
101,170
Open
Text
Corp.
........................................................
1,869
65,603
282,603
Materials
(1.0%):
Agnico
Eagle
Mines
Ltd.
.................................................
1,569
71,305
First
Quantum
Minerals
Ltd.
...............................................
1,573
37,168
Franco-Nevada
Corp.
....................................................
638
85,184
Ivanhoe
Mines
Ltd.(b)
...................................................
5,101
43,720
Nutrien
Ltd.
...........................................................
1,090
67,321
Teck
Resources
Ltd.,
Class
B
..............................................
1,212
52,171
Wheaton
Precious
Metals
Corp.
.............................................
1,800
73,055
429,924
Utilities
(0.9%):
Emera,
Inc.
...........................................................
3,510
122,557
Fortis,
Inc.
............................................................
3,361
127,674
Hydro
One
Ltd.(c)
......................................................
5,255
133,803
384,034
5,501,699
Chile
(0.1%):
Materials
(0.1%):
Antofagasta
PLC
.......................................................
3,336
58,154
Denmark
(2.0%):
Consumer
Discretionary
(0.1%):
Pandora
A/S
..........................................................
597
61,924
Consumer
Staples
(0.2%):
Carlsberg
A/S,
Class
B
...................................................
817
103,254
Financials
(0.4%):
Danske
Bank
A/S
.......................................................
3,437
80,087
Tryg
A/S
.............................................................
6,127
112,365
192,452
Health
Care
(0.7%):
Coloplast
A/S,
Class
B
...................................................
876
92,851
Genmab
A/S(b)
........................................................
230
81,784
Novo
Nordisk
A/S,
Class
B
................................................
1,270
115,941
290,576
Industrials
(0.3%):
AP
Moller
-
Maersk
A/S,
Class
B
...........................................
32
57,778
DSV
A/S
.............................................................
434
81,161
138,939
Materials
(0.2%):
Novozymes
A/S,
B
Shares
................................................
2,229
89,973
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
102
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Utilities
(0.1%):
Orsted
A/S(c)
..........................................................
767
$
41,878
918,996
Finland
(1.6%):
Energy
(0.1%):
Neste
Oyj(a)
..........................................................
1,746
59,303
Financials
(0.4%):
Nordea
Bank
Abp
.......................................................
8,081
88,875
Sampo
Oyj,
A
Shares
....................................................
2,610
113,065
201,940
Industrials
(0.3%):
Kone
Oyj,
Class
B
......................................................
1,989
83,935
Metso
Oyj
............................................................
6,284
66,123
150,058
Information
Technology
(0.2%):
Nokia
Oyj
............................................................
20,580
77,623
Materials
(0.4%):
Stora
Enso
Oyj,
Class
R
..................................................
5,078
63,825
UPM-Kymmene
Oyj
....................................................
2,757
94,632
158,457
Utilities
(0.2%):
Fortum
Oyj(a)
.........................................................
6,021
69,981
717,362
France
(8.5%):
Communication
Services
(0.5%):
Orange
SA
............................................................
11,949
137,177
Publicis
Groupe
SA
.....................................................
1,096
83,140
220,317
Consumer
Discretionary
(1.2%):
Accor
SA
............................................................
2,403
81,135
Cie
Generale
des
Etablissements
Michelin
SCA
.................................
3,046
93,604
Hermes
International
SCA
................................................
38
69,486
Kering
SA
............................................................
139
63,462
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
96
72,702
Renault
SA
...........................................................
1,597
65,628
Sodexo
SA
...........................................................
976
100,615
546,632
Consumer
Staples
(0.9%):
Carrefour
SA
..........................................................
4,539
78,138
Danone
SA
...........................................................
2,459
135,846
L'Oreal
SA
...........................................................
223
92,691
Pernod
Ricard
SA
.......................................................
561
93,611
400,286
Energy
(0.2%):
TotalEnergies
SE
.......................................................
1,335
87,934
Financials
(1.3%):
Amundi
SA(c)
.........................................................
1,367
77,094
AXA
SA
.............................................................
3,196
95,206
BNP
Paribas
SA
........................................................
1,113
71,099
Credit
Agricole
SA
......................................................
7,025
86,827
Edenred
..............................................................
2,152
134,856
Societe
Generale
SA
.....................................................
2,335
56,883
Worldline
SA(b)(c)
......................................................
2,264
63,781
585,746
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
103
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Health
Care
(0.9%):
BioMerieux
...........................................................
966
$
93,763
EssilorLuxottica
SA
.....................................................
482
84,153
Ipsen
SA
.............................................................
732
96,106
Sanofi
...............................................................
1,000
107,275
Sartorius
Stedim
Biotech
.................................................
173
41,331
422,628
Industrials
(2.7%):
Aeroports
de
Paris
......................................................
697
82,448
Airbus
SE
............................................................
676
90,740
Bouygues
SA
..........................................................
3,320
116,308
Bureau
Veritas
SA
......................................................
4,925
122,399
Cie
de
Saint-Gobain
.....................................................
1,231
74,018
Eiffage
SA
............................................................
1,176
111,934
Getlink
SE
............................................................
7,052
112,640
Legrand
SA
...........................................................
1,068
98,561
Safran
SA
............................................................
676
106,218
Schneider
Electric
SE
....................................................
489
81,147
Thales
SA
............................................................
653
91,877
Vinci
SA
.............................................................
1,046
116,124
1,204,414
Information
Technology
(0.3%):
Capgemini
SE
.........................................................
404
70,808
Dassault
Systemes
SE
....................................................
1,943
72,495
143,303
Materials
(0.3%):
Air
Liquide
SA
........................................................
662
111,856
Utilities
(0.2%):
Veolia
Environnement
SA
.................................................
3,322
96,326
3,819,442
Germany
(5.8%):
Communication
Services
(0.3%):
Deutsche
Telekom
AG
...................................................
5,611
117,845
Consumer
Discretionary
(0.6%):
Bayerische
Motoren
Werke
AG
.............................................
899
91,593
Continental
AG
........................................................
847
59,775
Mercedes-Benz
Group
AG
................................................
1,249
86,996
Puma
SE
.............................................................
836
51,964
290,328
Consumer
Staples
(0.3%):
Beiersdorf
AG
.........................................................
1,150
148,494
Financials
(1.4%):
Allianz
SE,
Registered
Shares
..............................................
480
114,522
Commerzbank
AG
......................................................
4,561
52,023
Deutsche
Bank
AG,
Registered
Shares
........................................
5,645
62,359
Deutsche
Boerse
AG
....................................................
583
100,887
Hannover
Rueck
SE
.....................................................
487
107,029
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen,
Class
R
...............
285
111,201
Talanx
AG
............................................................
1,552
98,438
646,459
Health
Care
(0.7%):
Bayer
AG,
Registered
Shares
..............................................
1,658
79,659
Fresenius
Medical
Care
AG
&
Co.
KGaA
......................................
1,454
62,772
Fresenius
SE
&
Co.
KGaA
................................................
2,469
76,891
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
104
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Merck
KGaA
..........................................................
449
$
75,064
294,386
Industrials
(1.3%):
Brenntag
SE
..........................................................
1,249
97,017
Daimler
Truck
Holding
AG
................................................
2,355
81,705
Deutsche
Lufthansa
AG,
Registered
Shares(b)
..................................
8,422
66,826
Deutsche
Post
AG
......................................................
1,895
77,194
Knorr-Bremse
AG
......................................................
1,106
70,360
MTU
Aero
Engines
AG
..................................................
370
67,176
Rheinmetall
AG
........................................................
240
61,879
Siemens
AG,
Registered
Shares
.............................................
559
80,164
602,321
Information
Technology
(0.3%):
Infineon
Technologies
AG
.................................................
1,649
54,657
SAP
SE
..............................................................
754
97,895
152,552
Materials
(0.4%):
HeidelbergCement
AG
...................................................
1,125
87,433
Symrise
AG
...........................................................
957
91,372
178,805
Utilities
(0.5%):
E.ON
SE
.............................................................
9,143
108,250
RWE
AG
.............................................................
2,647
98,355
206,605
2,637,795
Hong
Kong
(2.9%):
Consumer
Discretionary
(0.1%):
Galaxy
Entertainment
Group
Ltd.
...........................................
10,000
60,212
Financials
(0.5%):
AIA
Group
Ltd.
........................................................
8,282
67,530
Hang
Seng
Bank
Ltd.
....................................................
8,019
99,793
Hong
Kong
Exchanges
&
Clearing
Ltd.
.......................................
2,033
75,965
243,288
Industrials
(0.6%):
CK
Hutchison
Holdings
Ltd.
...............................................
19,151
102,472
MTR
Corp.
Ltd.
........................................................
31,395
124,286
Techtronic
Industries
Co.
Ltd.
..............................................
3,942
38,258
265,016
Real
Estate
(1.0%):
CK
Asset
Holdings
Ltd.
..................................................
19,808
104,343
Henderson
Land
Development
Co.
Ltd.
.......................................
30,031
79,193
Sino
Land
Co.
Ltd.
......................................................
77,167
87,014
Sun
Hung
Kai
Properties
Ltd.
..............................................
8,452
90,449
Swire
Pacific
Ltd.,
Class
A
................................................
9,431
63,651
424,650
Utilities
(0.7%):
China
Common
Rich
Renewable
Energy
Investments
Ltd.
(b)(d)
.....................
26,000
664
CLP
Holdings
Ltd.
......................................................
14,045
103,938
Hong
Kong
&
China
Gas
Co.
Ltd.
...........................................
143,129
99,798
Power
Assets
Holdings
Ltd.
...............................................
25,893
125,320
329,720
1,322,886
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
105
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Ireland
(1.1%):
Consumer
Staples
(0.2%):
Kerry
Group
PLC
.......................................................
1,186
$
99,270
Financials
(0.3%):
AIB
Group
PLC
........................................................
14,395
64,825
Bank
of
Ireland
Group
PLC
...............................................
5,926
58,196
123,021
Industrials
(0.3%):
Experian
PLC
.........................................................
2,792
91,654
Kingspan
Group
PLC
....................................................
661
49,583
141,237
Materials
(0.3%):
CRH
PLC
............................................................
1,548
85,771
Smurfit
Kappa
Group
PLC
................................................
1,855
61,778
147,549
511,077
Israel
(0.5%):
Financials
(0.4%):
Bank
Hapoalim
BM
.....................................................
9,406
83,627
Bank
Leumi
Le-Israel
BM
................................................
10,111
83,582
167,209
Information
Technology
(0.1%):
Nice
Ltd.(b)
...........................................................
358
60,587
227,796
Italy
(3.0%):
Communication
Services
(0.2%):
Infrastrutture
Wireless
Italiane
SpA(c)
........................................
8,383
99,827
Consumer
Discretionary
(0.2%):
Moncler
SpA
..........................................................
1,180
68,706
Consumer
Staples
(0.2%):
Davide
Campari-Milano
NV
...............................................
8,676
102,399
Energy
(0.2%):
Eni
SpA
.............................................................
5,709
92,070
Financials
(1.0%):
Assicurazioni
Generali
SpA
...............................................
5,492
112,426
Intesa
Sanpaolo
SpA
.....................................................
28,804
74,295
Mediobanca
Banca
di
Credito
Finanziario
SpA
..................................
7,672
101,620
Poste
Italiane
SpA(c)
....................................................
9,192
96,858
UniCredit
SpA
.........................................................
2,315
55,625
440,824
Health
Care
(0.2%):
Recordati
Industria
Chimica
e
Farmaceutica
SpA
................................
1,728
81,671
Industrials
(0.3%):
Nexi
SpA(b)
(c)
........................................................
10,362
63,400
Prysmian
SpA
.........................................................
1,952
78,721
142,121
Utilities
(0.7%):
Enel
SpA
.............................................................
16,237
99,896
Snam
SpA
............................................................
22,054
103,721
Terna
-
Rete
Elettrica
Nazionale
............................................
14,343
108,075
311,692
1,339,310
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
106
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Japan
(19.3%):
Communication
Services
(1.7%):
KDDI
Corp.
...........................................................
4,608
$
141,151
Nexon
Co.
Ltd.
........................................................
3,600
64,413
Nintendo
Co.
Ltd.
......................................................
2,300
95,897
Nippon
Telegraph
&
Telephone
Corp.
........................................
122,500
144,783
SoftBank
Corp.
........................................................
18,600
210,436
SoftBank
Group
Corp.
...................................................
1,500
63,596
Z
Holdings
Corp.
.......................................................
21,630
60,148
780,424
Consumer
Discretionary
(3.1%):
Bandai
Namco
Holdings,
Inc.
..............................................
4,200
85,507
Bridgestone
Corp.
......................................................
3,200
124,835
Denso
Corp.
..........................................................
5,600
89,985
Fast
Retailing
Co.
Ltd.
...................................................
300
65,433
Honda
Motor
Co.
Ltd.
...................................................
8,100
91,180
Nissan
Motor
Co.
Ltd.
...................................................
15,500
68,496
Nitori
Holdings
Co.
Ltd.
..................................................
800
89,466
Oriental
Land
Co.
Ltd.
...................................................
2,600
85,420
Pan
Pacific
International
Holdings
Corp.
......................................
3,800
79,804
Panasonic
Holdings
Corp.
.................................................
7,300
82,175
Sekisui
House
Ltd.
......................................................
6,172
122,969
Shimano,
Inc.
.........................................................
440
59,380
Sony
Group
Corp.
......................................................
1,000
81,917
Subaru
Corp.
..........................................................
4,300
83,629
Suzuki
Motor
Corp.
.....................................................
2,100
84,551
Toyota
Motor
Corp.
.....................................................
5,120
91,747
1,386,494
Consumer
Staples
(2.1%):
Aeon
Co.
Ltd.
.........................................................
6,100
120,943
Ajinomoto
Co.,
Inc.
.....................................................
1,900
73,294
Asahi
Group
Holdings
Ltd.
................................................
2,860
106,996
Japan
Tobacco,
Inc.
.....................................................
6,644
152,961
Kao
Corp.
............................................................
2,918
108,405
Kirin
Holdings
Co.
Ltd.
..................................................
9,800
137,273
Seven
&
i
Holdings
Co.
Ltd.
...............................................
2,200
86,207
Shiseido
Co.
Ltd.
.......................................................
1,900
66,758
Unicharm
Corp.
........................................................
2,394
84,772
937,609
Energy
(0.1%):
Inpex
Corp.
...........................................................
4,500
67,943
Financials
(2.3%):
Dai-ichi
Life
Holdings,
Inc.
...............................................
3,588
74,368
Japan
Post
Holdings
Co.
Ltd.
..............................................
12,700
101,782
Mitsubishi
UFJ
Financial
Group,
Inc.
.........................................
8,800
74,708
Mizuho
Financial
Group,
Inc.
..............................................
5,100
86,729
MS&AD
Insurance
Group
Holdings,
Inc.
......................................
2,600
95,616
Nomura
Holdings,
Inc.
...................................................
21,500
86,204
ORIX
Corp.
...........................................................
5,268
98,471
Resona
Holdings,
Inc.
....................................................
11,900
65,967
Sompo
Holdings,
Inc.
....................................................
2,100
90,412
Sumitomo
Mitsui
Financial
Group,
Inc.
.......................................
1,784
87,719
Sumitomo
Mitsui
Trust
Holdings,
Inc.
........................................
2,300
86,677
Tokio
Marine
Holdings,
Inc.
...............................................
3,700
85,802
1,034,455
Health
Care
(2.0%):
Astellas
Pharma,
Inc.
....................................................
6,052
84,004
Chugai
Pharmaceutical
Co.
Ltd.
............................................
3,190
98,719
Daiichi
Sankyo
Co.
Ltd.
..................................................
2,000
54,959
Eisai
Co.
Ltd.
..........................................................
1,054
58,576
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
107
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Hoya
Corp.
...........................................................
618
$
63,384
M3,
Inc.
.............................................................
3,500
63,619
Olympus
Corp.
........................................................
5,100
66,267
Otsuka
Holdings
Co.,
Ltd.
.................................................
2,900
103,117
Shionogi
&
Co.
Ltd.
.....................................................
2,728
122,068
Takeda
Pharmaceutical
Co.
Ltd.
............................................
4,400
136,665
Terumo
Corp.
.........................................................
2,900
76,915
928,293
Industrials
(3.8%):
Central
Japan
Railway
Co.
................................................
5,000
121,637
Daikin
Industries
Ltd.
....................................................
366
57,501
East
Japan
Railway
Co.
..................................................
2,400
137,411
FANUC
Corp.
.........................................................
3,150
82,070
Hitachi
Ltd.
...........................................................
1,300
80,695
ITOCHU
Corp.
........................................................
2,400
86,832
Komatsu
Ltd.
..........................................................
3,088
83,555
Kubota
Corp.
..........................................................
5,504
81,186
Marubeni
Corp.
........................................................
4,500
70,232
Mitsubishi
Corp.
.......................................................
1,592
75,946
Mitsubishi
Electric
Corp.
.................................................
7,652
94,690
Mitsubishi
Heavy
Industries
Ltd.
............................................
1,200
67,027
Mitsui
&
Co.
Ltd.
.......................................................
1,986
72,079
Nidec
Corp.
...........................................................
1,354
62,807
Nippon
Yusen
KK
......................................................
2,700
70,220
Recruit
Holdings
Co.
Ltd.
.................................................
2,020
62,309
Secom
Co.
Ltd.
........................................................
1,610
109,258
SMC
Corp.
...........................................................
114
51,102
Sumitomo
Corp.
........................................................
4,500
89,868
Toyota
Industries
Corp.
...................................................
1,008
79,435
Toyota
Tsusho
Corp.
.....................................................
1,200
70,633
1,706,493
Information
Technology
(2.7%):
Advantest
Corp.
........................................................
1,200
33,578
Canon,
Inc.
...........................................................
4,514
108,907
Disco
Corp.
...........................................................
200
36,916
FUJIFILM
Holdings
Corp.
................................................
1,760
101,981
Fujitsu
Ltd.
...........................................................
700
82,452
Keyence
Corp.
.........................................................
128
47,544
Kyocera
Corp.
.........................................................
2,500
126,941
Lasertec
Corp.
.........................................................
300
46,721
Murata
Manufacturing
Co.
Ltd.
.............................................
5,106
93,427
NEC
Corp.
...........................................................
1,600
88,459
Nomura
Research
Institute
Ltd.
.............................................
2,974
77,485
NTT
Data
Corp.
........................................................
6,708
89,989
Obic
Co.
Ltd.
..........................................................
600
91,092
Renesas
Electronics
Corp.(b)
..............................................
3,400
52,006
TDK
Corp.
...........................................................
2,100
77,889
Tokyo
Electron
Ltd.
.....................................................
378
51,709
1,207,096
Materials
(0.4%):
Nippon
Paint
Holdings
Co.
Ltd.
.............................................
9,190
61,873
Nippon
Steel
Corp.
......................................................
3,100
72,718
Shin-Etsu
Chemical
Co.
Ltd.
...............................................
2,550
74,118
208,709
Real
Estate
(0.9%):
Daiwa
House
Industry
Co.
Ltd.
.............................................
4,400
118,230
Mitsubishi
Estate
Co.
Ltd.
.................................................
8,352
109,277
Mitsui
Fudosan
Co.
Ltd.
..................................................
4,078
89,901
Sumitomo
Realty
&
Development
Co.
Ltd.
....................................
3,100
80,622
398,030
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
108
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Utilities
(0.2%):
The
Kansai
Electric
Power
Co.,
Inc.
..........................................
5,800
$
80,642
8,736,188
Luxembourg
(0.4%):
Energy
(0.1%):
Tenaris
SA
............................................................
3,954
62,634
Health
Care
(0.1%):
Eurofins
Scientific
SE
....................................................
1,100
62,211
Materials
(0.2%):
ArcelorMittal
SA
.......................................................
2,729
68,587
193,432
Netherlands
(3.3%):
Communication
Services
(0.6%):
Koninklijke
KPN
NV
....................................................
47,770
157,503
Universal
Music
Group
NV
................................................
3,320
86,792
244,295
Consumer
Discretionary
(0.1%):
Prosus
NV(b)
..........................................................
876
25,855
Consumer
Staples
(0.7%):
Heineken
Holding
NV
...................................................
1,498
113,065
Heineken
NV
..........................................................
1,164
102,695
Koninklijke
Ahold
Delhaize
NV
............................................
3,715
112,002
327,762
Financials
(0.6%):
ABN
AMRO
Bank
NV(c)
.................................................
4,427
62,896
ASR
Nederland
NV
.....................................................
2,154
80,879
ING
Groep
NV
........................................................
5,238
69,491
NN
Group
NV
.........................................................
2,143
68,958
282,224
Health
Care
(0.3%):
QIAGEN
NV(b)
.......................................................
3,004
121,528
Industrials
(0.5%):
Adyen
NV(b)(c)
........................................................
40
29,840
Randstad
NV
..........................................................
1,406
77,852
Wolters
Kluwer
NV
.....................................................
966
117,076
224,768
Information
Technology
(0.3%):
ASM
International
NV
...................................................
108
45,382
ASML
Holding
NV
.....................................................
101
59,694
BE
Semiconductor
Industries
NV
...........................................
474
46,599
151,675
Materials
(0.2%):
Akzo
Nobel
NV
........................................................
1,226
88,751
1,466,858
Norway
(1.3%):
Communication
Services
(0.2%):
Telenor
ASA
..........................................................
9,356
106,301
Consumer
Staples
(0.2%):
Mowi
ASA
...........................................................
4,772
84,586
Energy
(0.3%):
Aker
BP
ASA
.........................................................
2,535
70,169
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
109
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Equinor
ASA
..........................................................
2,337
$
76,740
146,909
Financials
(0.2%):
DNB
Bank
ASA
........................................................
5,399
108,851
Materials
(0.4%):
Norsk
Hydro
ASA
......................................................
11,485
72,172
Yara
International
ASA
...................................................
2,272
86,111
158,283
604,930
Portugal
(0.6%):
Consumer
Staples
(0.2%):
Jeronimo
Martins
SGPS
SA
...............................................
3,922
88,143
Energy
(0.2%):
Galp
Energia
SGPS
SA
...................................................
5,478
81,303
Utilities
(0.2%):
EDP
-
Energias
de
Portugal
SA
.............................................
24,479
101,852
271,298
Singapore
(2.3%):
Communication
Services
(0.3%):
Singapore
Telecommunications
Ltd.
.........................................
70,400
124,656
Consumer
Staples
(0.3%):
Wilmar
International
Ltd.
.................................................
47,962
130,898
Financials
(0.9%):
DBS
Group
Holdings
Ltd.
.................................................
5,478
134,836
Oversea-Chinese
Banking
Corp.
Ltd.
.........................................
17,138
160,633
United
Overseas
Bank
Ltd.
................................................
6,192
129,123
424,592
Industrials
(0.6%):
Jardine
Cycle
&
Carriage
Ltd.
..............................................
4,200
98,124
Keppel
Corp.
Ltd.
......................................................
15,400
76,623
Singapore
Airlines
Ltd.
...................................................
21,300
100,679
275,426
Real
Estate
(0.2%):
Capitaland
Investment
Ltd.
................................................
40,800
92,544
1,048,116
South
Korea
(3.1%):
Communication
Services
(0.3%):
Kakao
Corp.
..........................................................
1,755
57,169
NAVER
Corp.
.........................................................
358
53,466
110,635
Consumer
Discretionary
(0.7%):
Hyundai
Mobis
Co.
Ltd.
..................................................
452
80,571
Hyundai
Motor
Co.
.....................................................
647
91,641
Kia
Corp.
............................................................
1,216
73,364
LG
Electronics,
Inc.
.....................................................
919
68,727
314,303
Financials
(0.9%):
KakaoBank
Corp.
.......................................................
2,517
43,560
KB
Financial
Group,
Inc.
.................................................
1,851
75,867
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
....................................
449
86,692
Samsung
Life
Insurance
Co.
Ltd.
............................................
2,161
112,599
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
110
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Shinhan
Financial
Group
Co.
Ltd.
...........................................
2,899
$
76,493
395,211
Health
Care
(0.1%):
Celltrion,
Inc.
.........................................................
614
63,348
Industrials
(0.5%):
Ecopro
BM
Co.
Ltd.
.....................................................
116
21,752
LG
Corp.
.............................................................
1,311
81,428
Posco
International
Corp.
.................................................
424
22,438
Samsung
C&T
Corp.
....................................................
1,482
118,191
243,809
Information
Technology
(0.3%):
Samsung
Electronics
Co.
Ltd.
..............................................
1,949
98,808
Samsung
SDI
Co.
Ltd.
...................................................
141
53,507
152,315
Materials
(0.3%):
Ecopro
Co.,
Ltd.
.......................................................
22
14,692
LG
Chem
Ltd.
.........................................................
133
48,943
POSCO
Future
M
Co.
Ltd.
................................................
97
25,846
POSCO
Holdings,
Inc.
...................................................
102
40,446
129,927
1,409,548
Spain
(2.6%):
Communication
Services
(0.2%):
Telefonica
SA
.........................................................
23,440
95,843
Consumer
Discretionary
(0.2%):
Industria
de
Diseno
Textil
SA
..............................................
2,585
96,434
Energy
(0.2%):
Repsol
SA
............................................................
5,536
91,118
Financials
(0.5%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
8,629
70,329
Banco
Santander
SA
.....................................................
17,452
66,756
CaixaBank
SA
.........................................................
18,522
74,129
211,214
Industrials
(1.0%):
ACS
Actividades
de
Construccion
y
Servicios
SA
................................
3,435
123,714
Aena
SME
SA(c)
.......................................................
594
89,541
Amadeus
IT
Group
SA
...................................................
1,351
81,804
Ferrovial
SE
..........................................................
4,223
129,327
424,386
Utilities
(0.5%):
Endesa
SA
............................................................
5,143
104,792
Iberdrola
SA
..........................................................
12,008
134,490
239,282
1,158,277
Sweden
(3.5%):
Consumer
Discretionary
(0.3%):
Evolution
AB(c)
........................................................
693
70,201
H
&
M
Hennes
&
Mauritz
AB,
Class
B(a)
.....................................
3,425
48,750
118,951
Consumer
Staples
(0.2%):
Essity
AB,
Class
B
......................................................
4,536
97,971
Financials
(1.3%):
Industrivarden
AB,
Class
C
................................................
4,299
113,596
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
111
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Investor
AB,
Class
B
....................................................
5,946
$
114,216
L
E
Lundbergforetagen
AB,
Class
B
.........................................
2,668
111,635
Skandinaviska
Enskilda
Banken
AB,
Class
A
...................................
7,409
88,627
Svenska
Handelsbanken
AB,
Class
A
.........................................
9,431
84,242
Swedbank
AB,
Class
A
...................................................
4,750
87,546
599,862
Industrials
(1.2%):
Alfa
Laval
AB
.........................................................
2,334
80,307
Assa
Abloy
AB,
Class
B
..................................................
4,198
91,555
Atlas
Copco
AB,
Class
A
.................................................
5,169
69,688
Epiroc
AB,
Class
A
......................................................
4,073
77,567
Nibe
Industrier
AB,
Class
B
...............................................
7,850
51,605
Sandvik
AB
...........................................................
4,346
80,219
Volvo
AB,
Class
B
......................................................
4,039
83,428
534,369
Information
Technology
(0.3%):
Hexagon
AB,
Class
B
....................................................
8,954
76,554
Telefonaktiebolaget
LM
Ericsson,
Class
B(a)
...................................
13,800
67,383
143,937
Materials
(0.2%):
Svenska
Cellulosa
AB
SCA,
Class
B
.........................................
6,040
82,924
1,578,014
Switzerland
(6.8%):
Communication
Services
(0.3%):
Swisscom
AG,
Registered
Shares
...........................................
251
149,267
Consumer
Discretionary
(0.3%):
Cie
Financiere
Richemont
SA,
Registered
Shares
................................
497
60,828
The
Swatch
Group
AG
...................................................
273
70,227
131,055
Consumer
Staples
(1.1%):
Barry
Callebaut
AG,
Registered
Shares
.......................................
74
117,902
Chocoladefabriken
Lindt
&
Spruengli
AG
.....................................
11
122,490
Coca-Cola
HBC
AG
.....................................................
3,867
106,093
Nestle
SA,
Registered
Shares
..............................................
1,166
132,183
478,668
Financials
(1.4%):
Banque
Cantonale
Vaudoise,
Registered
Shares
.................................
983
103,177
Julius
Baer
Group
Ltd.
...................................................
1,001
64,385
Partners
Group
Holding
AG
...............................................
59
66,698
Swiss
Life
Holding
AG
...................................................
150
93,695
Swiss
Re
AG
..........................................................
983
101,318
UBS
Group
AG
........................................................
2,423
60,079
Zurich
Insurance
Group
AG
...............................................
254
116,605
605,957
Health
Care
(1.1%):
Alcon,
Inc.
...........................................................
1,165
90,313
Lonza
Group
AG,
Registered
Shares
.........................................
134
62,321
Novartis
AG,
Registered
Shares
.............................................
1,059
108,631
Roche
Holding
AG
......................................................
474
129,727
Sonova
Holding
AG
.....................................................
277
65,898
Straumann
Holding
AG,
Class
R
............................................
421
53,919
510,809
Industrials
(1.1%):
ABB
Ltd.,
Registered
Shares
...............................................
2,562
91,830
Geberit
AG,
Registered
Shares
.............................................
172
86,273
Kuehne
+
Nagel
International
AG,
Class
R
.....................................
285
81,286
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
112
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Schindler
Holding
AG
...................................................
360
$
71,992
SGS
SA,
Registered
Shares
................................................
1,352
113,792
VAT
Group
AG(c)
......................................................
148
53,209
498,382
Information
Technology
(0.2%):
Logitech
International
SA,
Class
R
..........................................
772
53,385
STMicroelectronics
NV
..................................................
1,249
54,113
107,498
Materials
(1.3%):
DSM-Firmenich
AG
.....................................................
828
70,136
EMS-Chemie
Holding
AG
................................................
126
85,781
Givaudan
SA,
Registered
Shares
............................................
29
94,881
Glencore
PLC
.........................................................
11,671
66,902
Holcim
AG
...........................................................
1,650
105,985
SIG
Group
AG
.........................................................
3,425
84,736
Sika
AG,
Registered
Shares
................................................
264
67,248
575,669
3,057,305
United
Kingdom
(9.8%):
Communication
Services
(0.7%):
BT
Group
PLC
........................................................
48,677
69,297
Informa
PLC
..........................................................
11,282
103,277
Vodafone
Group
PLC
....................................................
85,971
80,566
WPP
PLC
............................................................
8,759
78,322
331,462
Consumer
Discretionary
(1.0%):
Burberry
Group
PLC
....................................................
2,886
67,191
Compass
Group
PLC
....................................................
5,526
134,823
InterContinental
Hotels
Group
PLC
..........................................
1,381
102,328
JD
Sports
Fashion
PLC
...................................................
30,542
55,775
Next
PLC
............................................................
990
88,114
448,231
Consumer
Staples
(2.1%):
Associated
British
Foods
PLC
..............................................
4,019
101,389
British
American
Tobacco
PLC
.............................................
3,450
108,457
Diageo
PLC
...........................................................
2,964
109,703
Haleon
PLC
...........................................................
25,528
106,146
Imperial
Brands
PLC
....................................................
5,483
111,501
Reckitt
Benckiser
Group
PLC
..............................................
1,888
133,446
Tesco
PLC
............................................................
38,021
122,541
Unilever
PLC
.........................................................
3,012
149,251
942,434
Energy
(0.4%):
BP
PLC
..............................................................
12,143
78,717
Shell
PLC
............................................................
2,962
94,164
172,881
Financials
(1.8%):
3i
Group
PLC
.........................................................
3,435
86,866
Admiral
Group
PLC
.....................................................
2,353
68,230
Barclays
PLC
.........................................................
36,097
69,989
HSBC
Holdings
PLC
....................................................
12,842
101,030
Legal
&
General
Group
PLC
...............................................
29,523
80,134
Lloyds
Banking
Group
PLC
...............................................
177,201
95,913
London
Stock
Exchange
Group
PLC
.........................................
1,302
130,781
NatWest
Group
PLC
.....................................................
27,462
78,961
Prudential
PLC
........................................................
4,895
53,074
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
113
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Standard
Chartered
PLC
..................................................
7,337
$
67,844
832,822
Health
Care
(0.7%):
AstraZeneca
PLC
.......................................................
736
99,679
GSK
PLC
............................................................
7,052
128,353
Smith
&
Nephew
PLC
...................................................
7,720
96,342
324,374
Industrials
(1.6%):
Ashtead
Group
PLC
.....................................................
1,046
63,826
BAE
Systems
PLC
......................................................
8,634
105,095
Bunzl
PLC
...........................................................
3,699
132,033
International
Consolidated
Airlines
Group
SA(b)
................................
32,515
58,704
RELX
PLC
...........................................................
3,794
128,435
Rentokil
Initial
PLC
.....................................................
12,338
91,842
Rolls-Royce
Holdings
PLC(b)
..............................................
14,735
39,707
Spirax-Sarco
Engineering
PLC
.............................................
687
79,835
Wise
PLC,
Class
A(b)
....................................................
5,575
46,627
746,104
Information
Technology
(0.5%):
Halma
PLC
...........................................................
3,554
84,044
The
Sage
Group
PLC
....................................................
10,005
120,709
204,753
Materials
(0.5%):
Anglo
American
PLC
....................................................
2,259
62,431
Croda
International
PLC
..................................................
1,051
63,016
Evraz
PLC(b)(d)(e)
.....................................................
12,158
6,007
Rio
Tinto
PLC
.........................................................
1,292
81,548
213,002
Utilities
(0.5%):
Centrica
PLC
..........................................................
45,915
86,510
National
Grid
PLC
......................................................
9,862
117,900
204,410
4,420,473
United
States
(0.3%):
Industrials
(0.2%):
Rb
Global,
Inc.
........................................................
1,393
87,225
Utilities
(0.1%):
Brookfield
Renewable
Corp.,
Class
A
.........................................
2,817
67,433
154,658
Total
Common
Stocks
(Cost
$44,528,066)
44,407,419
Warrants
(0.0%)
Canada
(0.0%):
Information
Technology
(0.0%):
Constellation
Software,
Inc.(b)(d)
...........................................
61
—
Total
Warrants
(Cost
$–)
—
Investment
Companies
(1.1%)
United
States
(1.1%):
Federated
Hermes
Treasury
Obligations
Fund,
5.22%(f)
...........................
504,656
504,656
Total
Investment
Companies
(Cost
$504,656)
504,656
Collateral
for
Securities
Loaned
(1.7%)^
United
States
(1.7%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.24%(f)
........
193,027
193,027
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
114
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Name
Acquisition
Date
Cost
Evraz
PLC
.................................................
3/19/2021
$
75,288
Security
Description
Shares
Value
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.28%(f)
............
193,027
$
193,027
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.26%(f)
................
193,027
193,027
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.27%(f)
.
193,027
193,027
Total
Collateral
for
Securities
Loaned
(Cost
$772,108)
772,108
Total
Investments
(Cost
$45,804,830)
—
101.0%
45,684,183
Liabilities
in
excess
of
other
assets
—
(1.0)%
(449,727)
NET
ASSETS
-
100.00%
$
45,234,456
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2023,
the
fair
value
of
these
securities
was
$882,328
and
amounted
to
2.0%
of
net
assets.
(d)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
September
30,
2023.
(e)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
September
30,
2023.
(f)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
PLC
—
Public
Limited
Company
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
115
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
MSCI
EAFE
Index
Futures
......
6
12/15/23
$
634,419
$
612,450
$
(21,969)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(21,969)
Total
net
unrealized
appreciation
(depreciation)
$
(21,969)
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
II
VictoryShares
Nasdaq
Next
50
ETF
116
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.8%)
Communication
Services
(8.0%):
Baidu,
Inc.,
ADR(a)
.....................................................
12,430
$
1,669,971
Fox
Corp.,
Class
A
......................................................
23,046
719,035
Fox
Corp.,
Class
B
......................................................
21,403
618,119
Liberty
Media
Corp.-Liberty
Formula
One(a)
...................................
18,908
1,177,968
Take-Two
Interactive
Software,
Inc.(a)
........................................
15,427
2,165,797
Yandex
NV,
Class
A(a)(b)(c)
...............................................
45,921
8,697
6,359,587
Consumer
Discretionary
(15.1%):
DraftKings,
Inc.(a)
......................................................
42,126
1,240,189
Expedia
Group,
Inc.(a)
...................................................
12,524
1,290,849
LKQ
Corp.
...........................................................
24,312
1,203,687
Pool
Corp.
............................................................
3,545
1,262,375
Rivian
Automotive,
Inc.,
Class
A(a)
..........................................
85,379
2,073,002
Tractor
Supply
Co.
......................................................
9,883
2,006,743
Trip.com
Group
Ltd.,
ADR(a)
..............................................
30,385
1,062,563
Ulta
Beauty,
Inc.(a)
.....................................................
4,470
1,785,542
11,924,950
Consumer
Staples
(3.3%):
Coca-Cola
Europacific
Partners
PLC
.........................................
41,500
2,592,920
Electronic
Equipment,
Instruments
&
Components
(4.5%):
CDW
Corp.
...........................................................
12,182
2,457,840
Zebra
Technologies
Corp.(a)
...............................................
4,666
1,103,649
3,561,489
Health
Care
(19.4%):
Alnylam
Pharmaceuticals,
Inc.(a)
...........................................
11,357
2,011,325
Argenx
SE,
ADR(a)
.....................................................
2,703
1,328,876
BioMarin
Pharmaceutical,
Inc.(a)
...........................................
17,094
1,512,477
Hologic,
Inc.(a)
........................................................
22,251
1,544,219
Horizon
Therapeutics
PLC(a)
..............................................
20,808
2,407,278
ICON
PLC(a)
.........................................................
7,463
1,837,764
Incyte
Corp.(a)
.........................................................
20,359
1,176,139
Insulet
Corp.(a)
........................................................
6,345
1,011,964
Royalty
Pharma
PLC,
Class
A
..............................................
40,789
1,107,013
Sanofi,
ADR
..........................................................
25,620
1,374,257
15,311,312
Industrials
(12.0%):
Axon
Enterprise,
Inc.(a)
..................................................
6,790
1,351,142
Expeditors
International
of
Washington,
Inc.
....................................
13,439
1,540,513
Grab
Holdings
Ltd.(a)
...................................................
344,224
1,218,553
J.B.
Hunt
Transport
Services,
Inc.
...........................................
9,388
1,769,826
Nordson
Corp.
.........................................................
5,181
1,156,244
SS&C
Technologies
Holdings,
Inc.
..........................................
22,538
1,184,146
United
Airlines
Holdings,
Inc.(a)
............................................
29,799
1,260,498
9,480,922
IT
Services
(7.1%):
Akamai
Technologies,
Inc.(a)
..............................................
13,783
1,468,441
MongoDB,
Inc.(a)
......................................................
6,411
2,217,308
VeriSign,
Inc.(a)
........................................................
9,368
1,897,301
5,583,050
Materials
(2.0%):
Steel
Dynamics,
Inc.
.....................................................
15,047
1,613,339
Semiconductors
&
Semiconductor
Equipment
(9.7%):
Entegris,
Inc.
..........................................................
13,627
1,279,712
First
Solar,
Inc.(a)
......................................................
9,708
1,568,716
Monolithic
Power
Systems,
Inc.
............................................
4,338
2,004,156
Victory
Portfolios
II
VictoryShares
Nasdaq
Next
50
ETF
117
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Name
Acquisition
Date
Cost
Yandex
NV,
Class
A
..........................................
9/9/2020
$
2,892,222
Security
Description
Shares
Value
Skyworks
Solutions,
Inc.
.................................................
14,484
$
1,427,977
Teradyne,
Inc.
.........................................................
13,996
1,406,038
7,686,599
Software
(12.2%):
Bentley
Systems,
Inc.,
Class
B
.............................................
25,742
1,291,219
Check
Point
Software
Technologies
Ltd.(a)
....................................
10,632
1,417,033
PTC,
Inc.(a)
...........................................................
10,795
1,529,436
Roper
Technologies,
Inc.
..................................................
6,616
3,203,996
Splunk,
Inc.(a)
.........................................................
15,237
2,228,411
9,670,095
Technology
Hardware,
Storage
&
Peripherals
(5.2%):
NetApp,
Inc.
..........................................................
18,970
1,439,444
Super
Micro
Computer,
Inc.(a)
.............................................
4,766
1,306,932
Western
Digital
Corp.(a)
..................................................
29,225
1,333,537
4,079,913
Utilities
(1.3%):
Evergy,
Inc.
...........................................................
20,868
1,058,008
Total
Common
Stocks
(Cost
$81,364,303)
78,922,184
Total
Investments
(Cost
$81,364,303)
—
99.8%
78,922,184
Other
assets
in
excess
of
liabilities
—
0.2%
163,954
NET
ASSETS
-
100.00%
$
79,086,138
At
September
30,
2023,
the
Fund's
investments
in
foreign
securities
were
15.8%
of
net
assets.
(a)
Non-income
producing
security.
(b)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
September
30,
2023.
(c)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
September
30,
2023.
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
NASDAQ
100
E-Mini
Futures
.........
1
12/15/23
$
307,884
$
297,330
$
(10,554)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(10,554)
Total
net
unrealized
appreciation
(depreciation)
$
(10,554)
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
118
(Unaudited)
Security
Description
Principal
Amount
Value
Asset-Backed
Securities
(24.1%)
ABS
Auto
(12.6%):
AmeriCredit
Automobile
Receivables
Trust
,
Series
2021-3
,
Class
C
,
1
.41
%
,
8/18/27
,
Callable
4/18/26
@
100
.....................................................
$
500,000
$
450,551
AmeriCredit
Automobile
Receivables
Trust
,
Series
2021-1
,
Class
D
,
1
.21
%
,
12/18/26
,
Callable
4/18/25
@
100
.....................................................
191,000
175,025
ARI
Fleet
Lease
Trust
,
Series
2022-A
,
Class
C
,
4
.17
%
,
1/15/31
,
Callable
12/15/24
@
100
(a)
.
250,000
234,220
ARI
Fleet
Lease
Trust
,
Series
2022-A
,
Class
A3
,
3
.43
%
,
1/15/31
,
Callable
12/15/24
@
100
(a)
190,000
182,894
ARI
Fleet
Lease
Trust
,
Series
2022-A
,
Class
B
,
3
.79
%
,
1/15/31
,
Callable
12/15/24
@
100
(a)
.
116,000
109,092
ARI
Fleet
Lease
Trust
,
Series
2021-A
,
Class
A2
,
0
.37
%
,
3/15/30
,
Callable
7/15/24
@
100
(a)
.
18,081
17,938
Avis
Budget
Rental
Car
Funding
AESOP
LLC
,
Series
2019-2A
,
Class
B
,
3
.55
%
,
9/22/25
,
Callable
10/20/24
@
100
(a)
...........................................
100,000
97,675
Avis
Budget
Rental
Car
Funding
AESOP
LLC
,
Series
2022-5A
,
Class
B
,
7
.09
%
,
4/20/27
(a)
..
500,000
503,618
Avis
Budget
Rental
Car
Funding
AESOP
LLC
,
Series
2023-6A
,
Class
C
,
7
.03
%
,
12/20/29
(a)
.
251,000
245,132
Avis
Budget
Rental
Car
Funding
AESOP
LLC
,
Series
2023-6A
,
Class
B
,
6
.40
%
,
12/20/29
(a)
.
189,000
185,511
CarMax
Auto
Owner
Trust
,
Series
2021-3
,
Class
D
,
1
.50
%
,
1/18/28
,
Callable
8/15/25
@
100
.
79,000
70,652
Carvana
Auto
Receivables
Trust
,
Series
2021-P4
,
Class
B
,
1
.98
%
,
2/10/28
,
Callable
5/10/27
@
100
.............................................................
500,000
436,466
Carvana
Auto
Receivables
Trust
,
Series
2021-N4
,
Class
D
,
2
.30
%
,
9/11/28
,
Callable
12/10/26
@
100
...........................................................
875,000
830,183
Chesapeake
Funding
II
LLC
,
Series
2023-1A
,
Class
D
,
6
.69
%
,
5/15/35
,
Callable
11/15/25
@
100
(a)
...........................................................
96,000
95,113
Chesapeake
Funding
II
LLC
,
Series
2023-1A
,
Class
B
,
5
.59
%
,
5/15/35
,
Callable
11/15/25
@
100
(a)
...........................................................
57,000
56,201
Chesapeake
Funding
II
LLC
,
Series
2023-1A
,
Class
C
,
6
.07
%
,
5/15/35
,
Callable
11/15/25
@
100
(a)
...........................................................
64,000
63,312
Chesapeake
Funding
II
LLC
,
Series
2023-2A
,
Class
C
,
6
.15
%
,
10/15/35
(a)
..............
185,000
184,181
Chesapeake
Funding
II
LLC
,
Series
2023-2A
,
Class
B
,
5
.97
%
,
10/15/35
(a)
..............
119,000
119,076
Credit
Acceptance
Auto
Loan
Trust
,
Series
2021-4
,
Class
B
,
1
.74
%
,
12/16/30
,
Callable
5/15/25
@
100
(a)
.........................................................
320,000
298,800
Credit
Acceptance
Auto
Loan
Trust
,
Series
2023-2A
,
Class
C
,
7
.15
%
,
9/15/33
,
Callable
12/15/26
@
100
(a)
..................................................
189,000
189,832
Credit
Acceptance
Auto
Loan
Trust
,
Series
2023-3A
,
Class
B
,
7
.09
%
,
10/17/33
,
Callable
3/15/27
@
100
(a)
...................................................
118,000
118,547
Credit
Acceptance
Auto
Loan
Trust
,
Series
2023-3A
,
Class
C
,
7
.62
%
,
12/15/33
,
Callable
3/15/27
@
100
(a)
...................................................
196,000
199,243
Credit
Acceptance
Auto
Loan
Trust
,
Series
2023-3A
,
Class
A
,
6
.39
%
,
8/15/33
,
Callable
3/15/27
@
100
(a)
.........................................................
125,000
125,098
Drive
Auto
Receivables
Trust
,
Series
2021-2
,
Class
D
,
1
.39
%
,
3/15/29
,
Callable
4/15/25
@
100
256,000
239,744
Drive
Auto
Receivables
Trust
,
Series
2021-3
,
Class
C
,
1
.47
%
,
1/15/27
,
Callable
6/15/25
@
100
500,000
484,177
DT
Auto
Owner
Trust
,
Series
2019-2A
,
Class
E
,
4
.46
%
,
5/15/26
,
Callable
10/15/23
@
100
(a)
276,556
276,393
DT
Auto
Owner
Trust
,
Series
2020-2A
,
Class
D
,
4
.73
%
,
3/16/26
,
Callable
9/15/24
@
100
(a)
.
500,000
493,781
DT
Auto
Owner
Trust
,
Series
2020-1A
,
Class
E
,
3
.48
%
,
2/16/27
,
Callable
8/15/24
@
100
(a)
.
375,000
364,171
Ent
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
C
,
6
.77
%
,
4/15/30
,
Callable
3/15/28
@
100
(a)
...........................................................
48,794
48,790
Ent
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
A4
,
6
.26
%
,
11/15/29
,
Callable
3/15/28
@
100
(a)
...........................................................
74,472
74,475
Enterprise
Fleet
Financing
LLC
,
Series
2022-4
,
Class
A3
,
5
.65
%
,
10/22/29
,
Callable
3/20/26
@
100
(a)
.........................................................
250,000
247,235
Enterprise
Fleet
Financing
LLC
,
Series
2023-2
,
Class
A2
,
5
.56
%
,
4/22/30
,
Callable
2/20/27
@
100
(a)
...........................................................
189,000
187,544
Exeter
Automobile
Receivables
Trust
,
Series
2019-4A
,
Class
D
,
2
.58
%
,
9/15/25
,
Callable
5/15/24
@
100
(a)
...................................................
95,245
93,759
Exeter
Automobile
Receivables
Trust
,
Series
2020-1A
,
Class
E
,
3
.74
%
,
1/15/27
,
Callable
8/15/24
@
100
(a)
...................................................
250,000
240,980
Flagship
Credit
Auto
Trust
,
Series
2018-3
,
Class
D
,
4
.15
%
,
12/16/24
,
Callable
3/15/24
@
100
(a)
...........................................................
63,651
63,478
Flagship
Credit
Auto
Trust
,
Series
4
,
Class
C
,
1
.96
%
,
12/15/27
,
Callable
2/15/26
@
100
(a)
..
500,000
464,548
Flagship
Credit
Auto
Trust
,
Series
2018-4
,
Class
D
,
4
.33
%
,
12/16/24
,
Callable
5/15/24
@
100
(a)
...........................................................
80,281
80,122
Flagship
Credit
Auto
Trust
,
Series
2019-4
,
Class
E
,
4
.11
%
,
3/15/27
,
Callable
12/15/24
@
100
(a)
...........................................................
1,265,000
1,197,933
Ford
Credit
Auto
Lease
Trust
,
Series
2023-A
,
Class
C
,
5
.54
%
,
12/15/26
,
Callable
8/15/25
@
100
.............................................................
90,000
88,293
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
119
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Ford
Credit
Auto
Lease
Trust
,
Series
2023-B
,
Class
C
,
6
.43
%
,
4/15/27
,
Callable
3/15/26
@
100
$
166,000
$
165,598
Ford
Credit
Auto
Lease
Trust
,
Series
2022-A
,
Class
B
,
3
.81
%
,
8/15/25
,
Callable
10/15/24
@
100
.............................................................
321,000
314,226
Ford
Credit
Auto
Owner
Trust
,
Series
2021-2
,
Class
C
,
2
.11
%
,
5/15/34
,
Callable
11/15/26
@
100
(a)
...........................................................
500,000
438,019
Ford
Credit
Auto
Owner
Trust
,
Series
2022-1
,
Class
C
,
4
.67
%
,
11/15/34
,
Callable
5/15/27
@
100
(a)
...........................................................
950,000
896,175
Ford
Credit
Auto
Owner
Trust
,
Series
2023-1
,
Class
B
,
5
.29
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...........................................................
206,000
197,950
Ford
Credit
Auto
Owner
Trust
,
Series
2023-1
,
Class
C
,
5
.58
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...........................................................
750,000
727,000
Ford
Credit
Auto
Owner
Trust
,
Series
2023-1
,
Class
D
,
6
.26
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...........................................................
750,000
724,624
Ford
Credit
Auto
Owner
Trust
,
Series
2023-2
,
Class
B
,
5
.92
%
,
2/15/36
,
Callable
8/15/28
@
100
(a)
...........................................................
75,000
73,698
Ford
Credit
Auto
Owner
Trust
,
Series
2023-2
,
Class
C
,
6
.16
%
,
2/15/36
,
Callable
8/15/28
@
100
(a)
...........................................................
50,000
49,263
Ford
Credit
Auto
Owner
Trust
,
Series
2023-2
,
Class
D
,
6
.60
%
,
2/15/36
,
Callable
8/15/28
@
100
(a)
...........................................................
118,711
117,037
Foursight
Capital
Automobile
Receivables
Trust
,
Series
2023-1
,
Class
B
,
5
.35
%
,
3/15/28
,
Callable
12/15/25
@
100
(a)
...........................................
313,000
306,066
GECU
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
C
,
6
.33
%
,
4/15/30
,
Callable
11/15/28
@
100
(a)
...........................................................
19,000
18,815
GLS
Auto
Receivables
Issuer
Trust
,
Series
2019-4A
,
Class
D
,
4
.09
%
,
8/17/26
,
Callable
5/15/24
@
100
(a)
.........................................................
150,000
147,170
GLS
Auto
Receivables
Issuer
Trust
,
Series
2019-2A
,
Class
D
,
4
.52
%
,
2/17/26
,
Callable
12/15/23
@
100
(a)
..................................................
500,000
498,757
GM
Financial
Automobile
Leasing
Trust
,
Series
2022-1
,
Class
C
,
2
.64
%
,
2/20/26
,
Callable
6/20/24
@
100
.....................................................
244,000
236,220
GMF
Floorplan
Owner
Revolving
Trust
,
Series
2019-2
,
Class
C
,
3
.30
%
,
4/15/26
(a)
........
75,000
73,701
GMF
Floorplan
Owner
Revolving
Trust
,
Series
2023-1
,
Class
B
,
5
.73
%
,
6/15/28
(a)
........
200,403
198,598
GTE
Auto
Receivables
Trust
,
Series
2023-1
,
Class
C
,
5
.88
%
,
11/15/29
,
Callable
5/15/26
@
100
(a)
...........................................................
168,000
165,117
GTE
Auto
Receivables
Trust
,
Series
2023-1
,
Class
B
,
5
.39
%
,
8/15/29
,
Callable
5/15/26
@
100
(a)
...........................................................
224,000
218,952
Hertz
Vehicle
Financing
III
LLC
,
Series
2022-1A
,
Class
B
,
2
.19
%
,
6/25/26
,
Callable
6/25/25
@
100
(a)
.........................................................
100,000
93,321
Hertz
Vehicle
Financing
III
LLC
,
Series
2023-1A
,
Class
C
,
6
.91
%
,
6/25/27
(a)
...........
261,000
258,202
Hertz
Vehicle
Financing
III
LLC
,
Series
2023-2A
,
Class
B
,
6
.49
%
,
9/25/29
(a)
...........
212,000
209,499
Hertz
Vehicle
Financing
III
LLC
,
Series
2023-2A
,
Class
C
,
7
.13
%
,
9/25/29
(a)
...........
75,000
73,645
Hertz
Vehicle
Financing
III
LLC
,
Series
2023-3A
,
Class
B
,
6
.53
%
,
2/25/28
(a)
...........
38,000
37,951
Hertz
Vehicle
Financing
III
LLC
,
Series
2023-3A
,
Class
A
,
5
.94
%
,
2/25/28
(a)
...........
125,000
124,491
Hertz
Vehicle
Financing
LLC
,
Series
2022-2A
,
Class
B
,
2
.65
%
,
6/26/28
,
Callable
6/25/27
@
100
(a)
...........................................................
1,000,000
874,224
Hertz
Vehicle
Financing
LLC
,
Series
2022-4A
,
Class
B
,
4
.12
%
,
9/25/26
,
Callable
9/25/25
@
100
(a)
...........................................................
700,000
668,771
Hyundai
Auto
Receivables
Trust
,
Series
2021-C
,
Class
C
,
1
.66
%
,
6/15/28
,
Callable
2/15/26
@
100
.............................................................
500,000
445,962
JPMorgan
Chase
Bank
NA
,
Series
2021-3
,
Class
B
,
0
.76
%
,
2/26/29
,
Callable
5/25/25
@
100
(a)
...........................................................
91,329
87,331
JPMorgan
Chase
Bank
NA
,
Series
2021-2
,
Class
B
,
0
.89
%
,
12/26/28
,
Callable
6/25/25
@
100
(a)
...........................................................
52,874
51,346
JPMorgan
Chase
Bank
NA
,
Series
2020-2
,
Class
B
,
0
.84
%
,
2/25/28
,
Callable
10/25/24
@
100
(a)
...........................................................
95,067
94,151
JPMorgan
Chase
Bank
NA
,
Series
2020-2
,
Class
C
,
1
.14
%
,
2/25/28
,
Callable
10/25/24
@
100
(a)
...........................................................
29,077
28,791
JPMorgan
Chase
Bank
NA
,
Series
2021-2
,
Class
D
,
1
.14
%
,
12/26/28
,
Callable
6/25/25
@
100
(a)
...........................................................
235,817
228,788
LAD
Auto
Receivables
Trust
,
Series
2021-1A
,
Class
B
,
1
.94
%
,
11/16/26
,
Callable
8/15/25
@
100
(a)
...........................................................
250,000
239,429
LAD
Auto
Receivables
Trust
,
Series
2021-1A
,
Class
C
,
2
.35
%
,
4/15/27
,
Callable
8/15/25
@
100
(a)
...........................................................
500,000
471,085
LAD
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
B
,
5
.59
%
,
8/16/27
,
Callable
5/15/26
@
100
(a)
...........................................................
240,000
236,221
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
120
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
LAD
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
D
,
7
.30
%
,
6/17/30
,
Callable
5/15/26
@
100
(a)
...........................................................
$
226,000
$
227,942
LAD
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
C
,
6
.18
%
,
12/15/27
,
Callable
5/15/26
@
100
(a)
...........................................................
400,000
396,311
LAD
Auto
Receivables
Trust
,
Series
2023-2A
,
Class
D
,
6
.30
%
,
2/15/31
,
Callable
11/15/25
@
100
(a)
...........................................................
52,000
51,058
LAD
Auto
Receivables
Trust
,
Series
2023-2A
,
Class
C
,
5
.58
%
,
9/15/28
,
Callable
11/15/25
@
100
(a)
...........................................................
200,000
195,362
LAD
Auto
Receivables
Trust
,
Series
2023-3A
,
Class
B
,
6
.09
%
,
6/15/28
,
Callable
3/15/26
@
100
(a)
...........................................................
214,000
212,537
LAD
Auto
Receivables
Trust
,
Series
2023-3A
,
Class
D
,
6
.92
%
,
12/16/30
,
Callable
3/15/26
@
100
(a)
...........................................................
114,000
113,586
Navistar
Financial
Dealer
Note
Master
Owner
Trust
,
Series
2023-1
,
Class
A
,
6
.18
%
,
8/25/28
(a)
81,433
81,304
OCCU
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
A4
,
6
.29
%
,
9/17/29
,
Callable
10/15/27
@
100
(a)
.........................................................
92,500
92,798
OCCU
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
D
,
7
.88
%
,
12/15/31
,
Callable
10/15/27
@
100
(a)
.........................................................
329,346
328,883
Oscar
U.S.
Funding
XII
LLC
,
Series
1A
,
Class
A4
,
1
.00
%
,
4/10/28
,
Callable
2/10/25
@
100
(a)
250,000
234,528
Oscar
US
Funding
XIV
LLC
,
Series
2022-1A
,
Class
A4
,
2
.82
%
,
4/10/29
,
Callable
3/10/26
@
100
(a)
...........................................................
1,000,000
928,686
PenFed
Auto
Receivables
Owner
Trust
,
Series
2022-A
,
Class
A4
,
4
.18
%
,
12/15/28
,
Callable
2/15/26
@
100
(a)
...................................................
250,000
243,283
PenFed
Auto
Receivables
Owner
Trust
,
Series
2022-A
,
Class
D
,
5
.85
%
,
6/17/30
,
Callable
2/15/26
@
100
(a)
...................................................
106,000
103,398
Santander
Bank
Auto
Credit
Linked
Notes
,
Series
2023-A
,
Class
C
,
6
.74
%
,
6/15/33
,
Callable
7/15/27
@
100
(a)
...................................................
84,372
84,174
Santander
Bank
Auto
Credit
Linked
Notes
,
Series
2023-A
,
Class
D
,
7
.08
%
,
6/15/33
,
Callable
7/15/27
@
100
(a)
...................................................
39,262
39,162
Santander
Bank
Auto
Credit-Linked
Notes
,
Series
2022-A
,
Class
B
,
5
.28
%
,
5/15/32
,
Callable
11/15/25
@
100
(a)
..................................................
419,809
414,701
Santander
Bank
Auto
Credit-Linked
Notes
,
Series
2022-A
,
Class
C
,
7
.38
%
,
5/15/32
,
Callable
11/15/25
@
100
(a)
..................................................
419,809
417,193
Santander
Bank
Auto
Credit-Linked
Notes
,
Series
2022-B
,
Class
E
,
8
.68
%
,
8/16/32
,
Callable
2/15/26
@
100
(a)
...................................................
187,860
187,214
Santander
Bank
Auto
Credit-Linked
Notes
,
Series
2022-C
,
Class
D
,
8
.20
%
,
12/15/32
,
Callable
11/15/26
@
100
(a)
..................................................
186,909
188,363
Santander
Bank
NA
,
Series
2021-1A
,
Class
C
,
3
.27
%
,
12/15/31
,
Callable
7/15/25
@
100
(a)
..
211,329
207,188
Santander
Bank
NA
,
Series
2021-1A
,
Class
B
,
1
.83
%
,
12/15/31
,
Callable
7/15/25
@
100
(a)
..
225,417
219,718
Santander
Consumer
Auto
Receivables
Trust
,
Series
2020-AA
,
Class
D
,
5
.49
%
,
4/15/26
,
Callable
11/15/24
@
100
(a)
...........................................
250,000
249,229
Santander
Drive
Auto
Receivables
Trust
,
Series
2021-4
,
Class
C
,
1
.26
%
,
2/16/27
,
Callable
6/15/25
@
100
.....................................................
250,000
242,822
Santander
Retail
Auto
Lease
Trust
,
Series
2020-B
,
Class
C
,
1
.18
%
,
12/20/24
,
Callable
2/20/24
@
100
(a)
.........................................................
250,000
246,874
SFS
Auto
Receivables
Securitization
Trust
,
Series
2023-1A
,
Class
C
,
5
.97
%
,
2/20/31
,
Callable
12/20/26
@
100
(a)
..................................................
167,000
163,375
Tesla
Auto
Lease
Trust
,
Series
2023-A
,
Class
A4
,
5
.94
%
,
7/20/27
,
Callable
9/20/25
@
100
(a)
50,000
49,797
Tesla
Auto
Lease
Trust
,
Series
2023-A
,
Class
B
,
6
.41
%
,
7/20/27
,
Callable
9/20/25
@
100
(a)
.
127,000
126,301
Tesla
Auto
Lease
Trust
,
Series
2023-B
,
Class
A4
,
6
.22
%
,
3/22/27
,
Callable
11/20/25
@
100
(a)
87,000
87,002
Toyota
Lease
Owner
Trust
,
Series
2023-A
,
Class
A4
,
5
.05
%
,
8/20/27
,
Callable
9/20/25
@
100
(a)
...........................................................
100,000
98,459
United
Auto
Credit
Securitization
Trust
,
Series
2022-1
,
Class
C
,
2
.61
%
,
6/10/27
,
Callable
11/10/25
@
100
(a)
..................................................
214,942
213,187
United
Auto
Credit
Securitization
Trust
,
Series
2023-1
,
Class
C
,
6
.28
%
,
7/10/28
,
Callable
12/10/26
@
100
(a)
..................................................
500,000
493,641
Veridian
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
B
,
5
.86
%
,
4/16/29
,
Callable
2/15/27
@
100
(a)
...........................................................
101,000
99,541
Veridian
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
C
,
6
.37
%
,
7/16/29
,
Callable
2/15/27
@
100
(a)
...........................................................
220,000
218,665
Westlake
Automobile
Receivables
Trust
,
Series
2020-1A
,
Class
E
,
3
.31
%
,
10/15/25
,
Callable
2/15/24
@
100
(a)
...................................................
147,000
145,060
Westlake
Automobile
Receivables
Trust
,
Series
2021-3A
,
Class
C
,
1
.58
%
,
1/15/27
,
Callable
6/15/25
@
100
(a)
...................................................
500,000
477,034
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
121
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Wheels
Fleet
Lease
Funding
1
LLC
,
Series
2023-1A
,
Class
A
,
5
.80
%
,
4/18/38
(a)
.........
$
169,000
$
168,021
27,470,374
ABS
Card
(3.1%):
CARDS
II
Trust
,
Series
2021-1A
,
Class
C
,
1
.20
%
,
4/15/27
(a)
.......................
540,000
522,894
Evergreen
Credit
Card
Trust
,
Series
2021-1
,
Class
B
,
1
.15
%
,
10/15/26
(a)
...............
391,000
370,094
Evergreen
Credit
Card
Trust
,
Series
2021-1
,
Class
C
,
1
.42
%
,
10/15/26
(a)
...............
319,000
301,379
Evergreen
Credit
Card
Trust
,
Series
2022-CRT1
,
Class
B
,
5
.61
%
,
7/15/26
(a)
.............
250,000
247,766
Evergreen
Credit
Card
Trust
,
Series
2022-CRT1
,
Class
C
,
6
.19
%
,
7/15/26
(a)
.............
250,000
247,359
Evergreen
Credit
Card
Trust
,
Series
2022-CRT2
,
Class
C
,
7
.44
%
,
11/15/26
(a)
............
400,000
399,666
Evergreen
Credit
Card
Trust
,
Series
2022-CRT2
,
Class
B
,
6
.56
%
,
11/15/26
(a)
............
250,000
249,906
Evergreen
Credit
Card
Trust
,
Series
2023-CRT3
,
Class
C
,
7
.31
%
,
2/15/27
(a)
.............
152,000
151,677
Evergreen
Credit
Card
Trust
,
Series
2023-CRT3
,
Class
B
,
6
.58
%
,
2/15/27
(a)
.............
273,000
273,086
Golden
Credit
Card
Trust
,
Series
2021-1A
,
Class
C
,
1
.74
%
,
8/15/28
(a)
.................
200,000
175,466
Master
Credit
Card
Trust
,
Series
2022-2A
,
Class
B
,
2
.38
%
,
7/21/28
(a)
.................
500,000
444,494
Master
Credit
Card
Trust
,
Series
2022-2A
,
Class
C
,
2
.73
%
,
7/21/28
(a)
.................
312,000
272,564
Master
Credit
Card
Trust
,
Series
2021-1A
,
Class
C
,
1
.06
%
,
11/21/25
(a)
................
1,000,000
961,146
Master
Credit
Card
Trust
II
,
Series
2023-4A
,
Class
C
,
7
.53
%
,
10/21/32
(a)
..............
265,000
264,899
Master
Credit
Card
Trust
II
,
Series
2023-4A
,
Class
B
,
6
.56
%
,
10/21/32
(a)
..............
104,000
103,966
Master
Credit
Card
Trust
II
,
Series
2023-1A
,
Class
C
,
5
.87
%
,
6/21/27
(a)
...............
150,000
146,692
Master
Credit
Card
Trust
II
,
Series
2023-2A
,
Class
C
,
6
.89
%
,
1/21/27
(a)
...............
95,000
94,565
Synchrony
Card
Funding
LLC
,
Series
2022-A1
,
Class
A
,
3
.37
%
,
4/15/28
,
Callable
4/15/25
@
100
.............................................................
220,000
211,923
Synchrony
Card
Funding
LLC
,
Series
2023-A1
,
Class
A
,
5
.54
%
,
7/15/29
...............
59,000
58,918
Trillium
Credit
Card
TR
,
Series
2023-3A
,
Class
C
,
6
.94
%
,
8/28/28
(a)
.................
214,000
213,726
Trillium
Credit
Card
Trust
II
,
Series
2021-1A
,
Class
C
,
2
.42
%
,
10/26/29
(a)
.............
744,000
655,775
Trillium
Credit
Card
Trust
II
,
Series
2023-2A
,
Class
B
,
5
.35
%
,
3/26/33
(a)
..............
100,000
95,208
Trillium
Credit
Card
Trust
II
,
Series
2023-1A
,
Class
C
,
6
.06
%
,
3/26/31
(a)
..............
72,000
68,670
Trillium
Credit
Card
Trust
II
,
Series
2023-3A
,
Class
B
,
6
.26
%
,
8/28/28
(a)
..............
234,000
234,109
6,765,948
ABS
Other
(8.4%):
Amur
Equipment
Finance
Receivables
IX
LLC
,
Series
2021-1A
,
Class
C
,
1
.75
%
,
6/21/27
,
Callable
11/20/24
@
100
(a)
...........................................
839,000
792,702
Amur
Equipment
Finance
Receivables
IX
LLC
,
Series
2021-1A
,
Class
B
,
1
.38
%
,
2/22/27
,
Callable
11/20/24
@
100
(a)
...........................................
110,000
105,502
Amur
Equipment
Finance
Receivables
X
LLC
,
Series
2022-1A
,
Class
B
,
2
.20
%
,
1/20/28
,
Callable
9/20/25
@
100
(a)
............................................
676,000
624,026
Amur
Equipment
Finance
Receivables
XI
LLC
,
Series
2022-2A
,
Class
A2
,
5
.30
%
,
6/21/28
,
Callable
6/20/26
@
100
(a)
............................................
410,452
405,170
Amur
Equipment
Finance
Receivables
XII
LLC
,
Series
2023-1A
,
Class
C
,
6
.36
%
,
12/20/29
,
Callable
9/20/27
@
100
(a)
............................................
131,151
128,716
CARS-DB7
LP
,
Series
2023-1A
,
Class
A1
,
5
.75
%
,
9/15/53
,
Callable
9/15/28
@
100
(a)
.....
211,000
207,027
CCG
Receivables
Trust
,
Series
2021-2
,
Class
C
,
1
.50
%
,
3/14/29
,
Callable
5/14/25
@
100
(a)
.
250,000
231,212
CCG
Receivables
Trust
,
Series
2023-1
,
Class
C
,
6
.28
%
,
9/16/30
,
Callable
6/14/26
@
100
(a)
.
173,174
172,543
Conn's
Receivables
Funding
LLC
,
Series
2022-A
,
Class
B
,
9
.52
%
,
12/15/26
,
Callable
7/15/24
@
100
(a)
.........................................................
379,115
380,926
Conn's
Receivables
Funding
LLC
,
Series
2023-A
,
Class
A
,
8
.01
%
,
1/17/28
,
Callable
4/15/24
@
100
(a)
.........................................................
270,909
271,286
DB
Master
Finance
LLC
,
Series
2021-1A
,
Class
A2II
,
2
.49
%
,
11/20/51
,
Callable
11/20/25
@
100
(a)
...........................................................
1,326,375
1,104,745
Dell
Equipment
Finance
Trust
,
Series
2021-2
,
Class
C
,
0
.94
%
,
12/22/26
,
Callable
2/22/24
@
100
(a)
...........................................................
153,000
149,181
Dell
Equipment
Finance
Trust
,
Series
2023-2
,
Class
D
,
6
.74
%
,
7/23/29
,
Callable
2/22/26
@
100
(a)
...........................................................
237,000
236,894
Dell
Equipment
Finance
Trust
,
Series
2021-1
,
Class
D
,
1
.03
%
,
11/23/26
,
Callable
10/22/23
@
100
(a)
...........................................................
126,000
126,000
Dell
Equipment
Finance
Trust
,
Series
2023-1
,
Class
D
,
6
.80
%
,
3/22/29
,
Callable
10/22/25
@
100
(a)
...........................................................
147,446
147,669
Dell
Equipment
Finance
Trust
,
Series
2023-2
,
Class
C
,
6
.06
%
,
1/22/29
,
Callable
2/22/26
@
100
(a)
...........................................................
125,000
124,036
Dext
ABS
LLC
,
Series
2023-1
,
Class
B
,
6
.55
%
,
3/15/32
,
Callable
2/15/27
@
100
(a)
.......
100,000
99,597
Dext
ABS
LLC
,
Series
2020-1
,
Class
C
,
3
.03
%
,
11/15/27
,
Callable
9/15/24
@
100
(a)
......
120,000
116,821
Diamond
Issuer
,
Series
2021-1A
,
Class
B
,
2
.70
%
,
11/20/51
,
Callable
11/20/25
@
100
(a)
....
654,000
533,796
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
122
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
DLLAA
LLC
,
Series
2023-1A
,
Class
A2
,
5
.93
%
,
7/20/26
(a)
........................
$
75,000
$
74,828
FirstKey
Homes
Trust
,
Series
2021-SFR3
,
Class
B
,
2
.44
%
,
12/17/38
(a)
................
500,000
445,881
FirstKey
Homes
Trust
,
Series
2021-SFR3
,
Class
A
,
2
.14
%
,
12/17/38
(a)
................
741,053
655,678
FirstKey
Homes
Trust
,
Series
2021-SFR3
,
Class
D
,
2
.79
%
,
12/17/38
(a)
................
750,000
663,764
Ford
Credit
Floorplan
Master
Owner
Trust
,
Series
2023-1
,
Class
C
,
5
.75
%
,
5/15/28
(a)
......
106,000
103,712
Ford
Credit
Floorplan
Master
Owner
Trust
,
Series
2023-1
,
Class
B
,
5
.31
%
,
5/15/28
(a)
......
70,000
68,671
Frontier
Issuer
LLC
,
Series
2023-1
,
Class
C
,
11
.50
%
,
8/20/53
,
Callable
7/20/26
@
100
(a)
...
178,067
170,751
Frontier
Issuer
LLC
,
Series
2023-1
,
Class
A2
,
6
.60
%
,
8/20/53
,
Callable
7/20/26
@
100
(a)
...
593,000
566,838
Frontier
Issuer
LLC
,
Series
2023-1
,
Class
B
,
8
.30
%
,
8/20/53
,
Callable
7/20/26
@
100
(a)
....
415,490
394,369
HPEFS
Equipment
Trust
,
Series
2021-1A
,
Class
D
,
1
.03
%
,
3/20/31
,
Callable
4/20/24
@
100
(a)
588,000
574,524
HPEFS
Equipment
Trust
,
Series
2022-1A
,
Class
D
,
2
.40
%
,
11/20/29
,
Callable
4/20/25
@
100
(a)
...........................................................
333,000
309,864
HPEFS
Equipment
Trust
,
Series
2022-2A
,
Class
D
,
4
.94
%
,
3/20/30
,
Callable
10/20/25
@
100
(a)
...........................................................
1,300,000
1,252,298
HPEFS
Equipment
Trust
,
Series
2023-2A
,
Class
D
,
6
.97
%
,
7/21/31
,
Callable
12/20/26
@
100
(a)
...........................................................
150,000
150,259
Kubota
Credit
Owner
Trust
,
Series
2022-1A
,
Class
A3
,
2
.67
%
,
10/15/26
,
Callable
1/15/26
@
100
(a)
...........................................................
500,000
477,686
M&T
Equipment
,
Series
2023-1A
,
Class
A3
,
5
.74
%
,
7/15/30
,
Callable
8/15/27
@
100
(a)
....
118,000
116,013
MMAF
Equipment
Finance
LLC
,
Series
2023-A
,
Class
A4
,
5
.50
%
,
12/13/38
(a)
..........
152,000
149,824
New
Economy
Assets
Phase
1
Sponsor
LLC
,
Series
2021-1
,
Class
B1
,
2
.41
%
,
10/20/61
,
Callable
10/20/24
@
100
(a)
...........................................
366,000
304,326
New
Economy
Assets
Phase
1
Sponsor
LLC
,
Series
2021-1
,
Class
A1
,
1
.91
%
,
10/20/61
,
Callable
10/20/24
@
100
(a)
...........................................
677,000
583,775
Pawnee
Equipment
Receivables
LLC
,
Series
2021-1
,
Class
B
,
1
.82
%
,
7/15/27
,
Callable
8/15/25
@
100
(a)
...................................................
136,000
126,654
SCF
Equipment
Leasing
LLC
,
Series
2022-2A
,
Class
D
,
6
.50
%
,
10/20/32
,
Callable
10/20/29
@
100
(a)
.........................................................
329,793
298,590
SCF
Equipment
Leasing
LLC
,
Series
2022-2A
,
Class
C
,
6
.50
%
,
8/20/32
,
Callable
10/20/29
@
100
(a)
...........................................................
196,294
193,759
SCF
Equipment
Leasing
LLC
,
Series
2021-1A
,
Class
D
,
1
.93
%
,
9/20/30
,
Callable
1/20/26
@
100
(a)
...........................................................
550,000
486,532
SCF
Equipment
Leasing
LLC
,
Series
2020-1A
,
Class
B
,
2
.02
%
,
3/20/28
,
Callable
12/20/24
@
100
(a)
...........................................................
50,000
48,655
Tricon
Residential
Trust
,
Series
2022-SFR2
,
Class
B
,
5
.24
%
,
7/17/40
,
Callable
7/17/28
@
100
(a)
...........................................................
200,000
191,017
Trinity
Rail
Leasing
LLC
,
Series
2022-1
,
Class
A
,
4
.55
%
,
5/20/52
,
Callable
10/21/24
@
100
(a)
480,091
437,400
Vantage
Data
Centers
Issuer
LLC
,
Series
2019-1A
,
Class
A2
,
3
.19
%
,
7/15/44
,
Callable
10/15/23
@
100
(a)
..................................................
144,261
140,216
Vantage
Data
Centers
LLC
,
Series
2020-2A
,
Class
A2
,
1
.99
%
,
9/15/45
,
Callable
9/15/25
@
100
(a)
...........................................................
453,000
377,524
VB-S1
Issuer
LLC
,
Series
2022-1A
,
Class
C2II
,
3
.71
%
,
2/15/57
,
Callable
2/15/30
@
100
(a)
.
1,000,000
776,920
VB-S1
Issuer
LLC
,
Series
2022-1A
,
Class
F
,
5
.27
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
....
1,500,000
1,245,399
VB-S1
Issuer
LLC
,
Series
2022-1A
,
Class
D
,
4
.29
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
...
300,000
261,300
Verdant
Receivables
LLC
,
Series
2023-1A
,
Class
A2
,
6
.24
%
,
1/13/31
,
Callable
3/12/27
@
100
(a)
...........................................................
48,000
47,816
Verdant
Receivables
LLC
,
Series
2023-1A
,
Class
C
,
6
.73
%
,
1/13/31
,
Callable
3/12/27
@
100
(a)
...........................................................
47,000
46,759
Verizon
Master
Trust
,
Series
2021-2
,
Class
C
,
1
.38
%
,
4/20/28
,
Callable
10/20/24
@
100
....
500,000
474,577
Verizon
Master
Trust
,
Series
2023-2
,
Class
A
,
4
.89
%
,
4/13/28
,
Callable
4/20/25
@
100
.....
129,000
127,294
18,301,322
Total
Asset-Backed
Securities
(Cost
$55,258,405)
52,537,644
Collateralized
Loan
Obligations
(5.3%)
Cash
Flow
CLO
(5.3%):
720
East
CLO
Ltd.
,
Series
2022-1A
,
Class
B
,
8
.58
%
(
TSFR3M
+
325
bps
)
,
1/20/36
,
Callable
1/20/25
@
100
(a)
(b)
.................................................
350,000
351,988
720
East
CLO
Ltd.
,
Series
2022-1A
,
Class
D
,
11
.48
%
(
TSFR3M
+
615
bps
)
,
1/20/36
,
Callable
1/20/25
@
100
(a)
(b)
.................................................
500,000
488,147
720
East
CLO
Ltd.
,
Series
2023-IA
,
Class
D
,
10
.73
%
(
TSFR3M
+
585
bps
)
,
4/15/36
,
Callable
4/15/25
@
100
(a)
(b)
.................................................
500,000
500,314
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
123
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
720
East
CLO
Ltd.
,
Series
2023-IA
,
Class
B
,
7
.38
%
(
TSFR3M
+
250
bps
)
,
4/15/36
,
Callable
4/15/25
@
100
(a)
(b)
.................................................
$
250,000
$
250,199
720
East
CLO
Ltd.
,
Series
2023-2A
,
Class
D
,
10
.55
%
(
TSFR3M
+
515
bps
)
,
10/15/36
(a)
(b)
...
184,000
184,046
720
East
CLO
Ltd.
,
Series
2023-2A
,
Class
A2
,
7
.55
%
(
TSFR3M
+
215
bps
)
,
10/15/36
(a)
(b)
...
245,000
245,062
AIMCO
CLO
17
Ltd.
,
Series
2022-17A
,
Class
B
,
7
.43
%
(
TSFR3M
+
210
bps
)
,
7/20/35
,
Callable
7/20/24
@
100
(a)
(b)
.................................................
250,000
248,843
Ballyrock
CLO
20
Ltd.
,
Series
2022-20A
,
Class
A2AR
(
TSFR3M
+
220
bps
)
,
7/15/34
(a)
(b)
(c)
.
196,000
196,035
Ballyrock
CLO
20
Ltd.
,
Series
2022-20A
,
Class
A2A
,
8
.36
%
(
TSFR3M
+
305
bps
)
,
7/15/34
,
Callable
10/15/23
@
100
(a)
(b)
.........................................
250,000
250,079
Barrow
Hanley
CLO
I
Ltd.
,
Series
2023-1A
,
Class
A1
,
7
.17
%
(
TSFR3M
+
230
bps
)
,
4/20/35
,
Callable
4/20/24
@
100
(a)
(b)
..........................................
400,000
405,972
Barrow
Hanley
CLO
I
Ltd.
,
Series
2023-1A
,
Class
A2
,
7
.52
%
(
TSFR3M
+
265
bps
)
,
4/20/35
,
Callable
4/20/24
@
100
(a)
(b)
..........................................
500,000
506,158
Barrow
Hanley
CLO
I
Ltd.
,
Series
2023-1A
,
Class
C
,
8
.87
%
(
TSFR3M
+
400
bps
)
,
4/20/35
,
Callable
4/20/24
@
100
(a)
(b)
..........................................
175,000
179,480
Barrow
Hanley
CLO
I
Ltd.
,
Series
2023-1A
,
Class
D
,
11
.03
%
(
TSFR3M
+
616
bps
)
,
4/20/35
,
Callable
4/20/24
@
100
(a)
(b)
..........................................
700,000
698,693
Barrow
Hanley
CLO
II
Ltd.
,
Series
2023-2A
,
Class
C
,
8
.84
%
(
TSFR3M
+
350
bps
)
,
10/20/35
,
Callable
10/20/24
@
100
(a)
(b)
.........................................
184,000
181,660
Barrow
Hanley
CLO
II
Ltd.
,
Series
2023-2A
,
Class
D1
,
11
.09
%
(
TSFR3M
+
575
bps
)
,
10/20/35
,
Callable
10/20/24
@
100
(a)
(b)
.........................................
276,000
275,959
Columbia
Cent
CLO
32
Ltd.
,
Series
2022-32A
,
Class
BF
,
5
.20
%
,
7/24/34
,
Callable
1/24/24
@
100
(a)
...........................................................
250,000
230,814
Dryden
102
CLO
Ltd.
,
Series
2023-102A
,
Class
A2
(
TSFR3M
+
200
bps
)
,
10/15/36
(a)
(b)
(c)
..
109,696
109,715
Dryden
109
CLO
Ltd.
,
Series
2022-112A
,
Class
C
,
9
.36
%
(
TSFR3M
+
400
bps
)
,
8/15/34
,
Callable
11/15/23
@
100
(a)
(b)
.........................................
250,000
250,144
Eaton
Vance
CLO
Ltd.
,
Series
2020-2A
,
Class
BR
,
7
.27
%
(
TSFR3M
+
196
bps
)
,
1/15/35
,
Callable
1/15/24
@
100
(a)
(b)
..........................................
500,000
489,960
Golub
Capital
Partners
CLO
68B
Ltd.
,
Series
2023-68A
,
Class
B
,
8
.20
%
(
TSFR3M
+
280
bps
)
,
7/25/36
,
Callable
7/25/25
@
100
(a)
(b)
....................................
155,000
156,023
LCM
Ltd.
,
Series
36A
,
Class
A2
,
6
.97
%
(
TSFR3M
+
166
bps
)
,
1/15/34
,
Callable
1/15/24
@
100
(a)
(b)
.........................................................
750,000
717,414
Oaktree
CLO
Ltd.
,
Series
2022-2A
,
Class
B
,
8
.06
%
(
TSFR3M
+
275
bps
)
,
7/15/33
,
Callable
1/15/24
@
100
(a)
(b)
.................................................
500,000
500,162
Oaktree
CLO
Ltd.
,
Series
2022-3A
,
Class
C
,
9
.46
%
(
TSFR3M
+
415
bps
)
,
7/15/35
,
Callable
7/15/24
@
100
(a)
(b)
.................................................
250,000
251,753
Oaktree
CLO
Ltd.
,
Series
2022-3A
,
Class
B1
,
8
.41
%
(
TSFR3M
+
310
bps
)
,
7/15/35
,
Callable
7/15/24
@
100
(a)
(b)
.................................................
250,000
250,853
Oaktree
CLO
Ltd.
,
Series
2023-1A
,
Class
B
,
7
.41
%
(
TSFR3M
+
255
bps
)
,
4/15/36
,
Callable
4/15/25
@
100
(a)
(b)
.................................................
250,000
249,251
Octagon
68
Ltd.
,
Series
2023-1A
,
Class
X
(
TSFR3M
+
130
bps
)
,
10/20/36
(a)
(b)
(c)
.........
297,000
297,000
Palmer
Square
Loan
Funding
Ltd.
,
Series
2023-1A
,
Class
A2
,
7
.76
%
(
TSFR3M
+
250
bps
)
,
7/20/31
,
Callable
7/20/24
@
100
(a)
(b)
....................................
378,000
377,811
Stratus
CLO
Ltd.
,
Series
2021-3A
,
Class
B
,
7
.14
%
(
TSFR3M
+
181
bps
)
,
12/29/29
,
Callable
10/20/23
@
100
(a)
(b)
................................................
205,000
201,891
Stratus
CLO
Ltd.
,
Series
2022-1A
,
Class
B
,
7
.68
%
(
TSFR3M
+
235
bps
)
,
7/20/30
,
Callable
10/20/23
@
100
(a)
(b)
................................................
250,000
249,995
Symphony
CLO
XXIX
Ltd.
,
Series
2021-29A
,
Class
B
,
7
.22
%
(
TSFR3M
+
191
bps
)
,
1/15/34
,
Callable
10/15/23
@
100
(a)
(b)
.........................................
500,000
493,119
Trimaran
Cavu
Ltd.
,
Series
2021-3A
,
Class
C1
,
8
.04
%
(
TSFR3M
+
273
bps
)
,
1/18/35
,
Callable
1/18/24
@
100
(a)
(b)
.................................................
750,000
738,950
TSTAT
Ltd.
,
Series
2022-1A
,
Class
A2
,
8
.28
%
(
TSFR3M
+
295
bps
)
,
7/20/31
,
Callable
10/20/23
@
100
(a)
(b)
.......................................................
250,000
250,066
Venture
46
CLO
Ltd.
,
Series
2022-46A
,
Class
A2F
,
5
.02
%
,
7/20/35
,
Callable
7/20/24
@
100
(a)
475,000
427,812
Venture
47
CLO
Ltd.
,
Series
2023-47A
,
Class
AJ
,
7
.63
%
(
TSFR3M
+
230
bps
)
,
4/20/36
,
Callable
4/20/25
@
100
(a)
(b)
..........................................
194,000
194,776
Venture
48
CLO
Ltd.
,
Series
2023-48A
,
Class
B1
,
8
.17
%
(
TSFR3M
+
275
bps
)
,
10/20/36
,
Callable
10/20/25
@
100
(a)
(b)
.........................................
197,000
197,032
11,597,176
Total
Collateralized
Loan
Obligations
(Cost
$11,700,859)
11,597,176
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
124
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Collateralized
Mortgage
Obligations
(10.0%)
Commercial
MBS
(10.0%):
AOA
Mortgage
Trust
,
Series
2021-1177
,
Class
B
,
6
.62
%
(
TSFR1M
+
129
bps
)
,
10/15/38
(a)
(b)
.
$
250,000
$
215,000
AOA
Mortgage
Trust
,
Series
2021-1177
,
Class
D
,
7
.27
%
(
TSFR1M
+
194
bps
)
,
10/15/38
(a)
(b)
.
300,000
250,680
Arbor
Multifamily
Mortgage
Securities
Trust
,
Series
2022-MF4
,
Class
A5
,
3
.40
%
,
2/15/55
,
Callable
2/15/32
@
100
(a)
(d)
..........................................
500,000
416,469
Aventura
Mall
Trust
,
Series
2018-AVM
,
Class
D
,
4
.25
%
,
7/5/40
(a)
(d)
.................
100,000
81,456
Aventura
Mall
Trust
,
Series
2018-AVM
,
Class
A
,
4
.25
%
,
7/5/40
(a)
(d)
.................
790,000
710,297
Aventura
Mall
Trust
,
Series
2018-AVM
,
Class
C
,
4
.25
%
,
7/5/40
(a)
(d)
.................
100,000
84,524
BAMLL
Commercial
Mortgage
Securities
Trust
,
Series
2015-200P
,
Class
B
,
3
.49
%
,
4/14/33
,
Callable
4/14/25
@
100
(a)
............................................
750,000
688,452
BAMLL
Commercial
Mortgage
Securities
Trust
,
Series
2015-200P
,
Class
D
,
3
.72
%
(
LIBOR01M
+
105
bps
)
,
4/14/33
,
Callable
4/14/25
@
100
(a)
(b)
...................
375,000
334,907
BBCMS
Mortgage
Trust
,
Series
2020-BID
,
Class
C
,
9
.09
%
(
TSFR1M
+
375
bps
)
,
10/15/37
(a)
(b)
.....................................................
550,000
505,095
BBCMS
Mortgage
Trust
,
Series
2022-C16
,
Class
AS
,
4
.60
%
,
6/15/55
,
Callable
6/15/32
@
100
(d)
...........................................................
135,135
116,314
Benchmark
Mortgage
Trust
,
Series
2020-B19
,
Class
AS
,
2
.15
%
,
9/15/53
,
Callable
10/15/30
@
100
.............................................................
1,000,000
721,220
Benchmark
Mortgage
Trust
,
Series
2022-B36
,
Class
XA
,
0
.81
%
,
7/15/55
,
Callable
6/15/32
@
100
(d)
(e)
.........................................................
10,001,000
452,823
BPR
Trust
,
Series
2022-STAR
,
Class
A
,
8
.56
%
(
TSFR1M
+
323
bps
)
,
8/15/24
(a)
(b)
........
407,215
404,493
BPR
Trust
,
Series
2022-OANA
,
Class
D
,
9
.03
%
(
TSFR1M
+
370
bps
)
,
4/15/37
(a)
(b)
........
500,000
489,912
BPR
Trust
,
Series
2021-TY
,
Class
D
,
7
.80
%
(
TSFR1M
+
246
bps
)
,
9/15/38
(a)
(b)
...........
500,000
465,918
BPR
Trust
,
Series
2021-TY
,
Class
A
,
6
.50
%
(
TSFR1M
+
116
bps
)
,
9/15/38
(a)
(b)
...........
500,000
481,665
BPR
Trust
,
Series
2022-OANA
,
Class
A
,
7
.23
%
(
TSFR1M
+
190
bps
)
,
4/15/37
(a)
(b)
........
1,000,000
981,859
BX
Commercial
Mortgage
Trust
,
Series
2019-XL
,
Class
D
,
6
.90
%
(
TSFR1M
+
156
bps
)
,
10/15/36
(a)
(b)
.....................................................
1,215,500
1,204,686
BX
Commercial
Mortgage
Trust
,
Series
2021-XL2
,
Class
B
,
6
.44
%
(
TSFR1M
+
111
bps
)
,
10/15/38
(a)
(b)
.....................................................
195,483
190,267
BX
Commercial
Mortgage
Trust
,
Series
2022-CSMO
,
Class
D
,
9
.67
%
(
TSFR1M
+
434
bps
)
,
6/15/27
(a)
(b)
......................................................
100,000
99,804
BX
Commercial
Mortgage
Trust
,
Series
2022-CSMO
,
Class
C
,
9
.22
%
(
TSFR1M
+
389
bps
)
,
6/15/27
(a)
(b)
......................................................
500,000
500,238
BX
Trust
,
Series
2022-CLS
,
Class
B
,
6
.30
%
,
10/13/27
(a)
..........................
250,000
230,309
BXP
Trust
,
Series
2021-601L
,
Class
C
,
2
.87
%
,
1/15/44
(a)
(d)
........................
250,000
160,157
BXP
Trust
,
Series
2021-601L
,
Class
D
,
2
.87
%
,
1/15/44
(a)
(d)
........................
1,250,000
750,451
BXP
Trust
,
Series
2021-601L
,
Class
B
,
2
.87
%
,
1/15/44
(a)
(d)
........................
500,000
344,185
CAMB
Commercial
Mortgage
Trust
,
Series
2021-CX2
,
Class
A
,
2
.70
%
,
11/10/46
,
Callable
11/10/31
@
100
(a)
..................................................
250,000
192,232
Citigroup
Commercial
Mortgage
Trust
,
Series
2019-SMRT
,
Class
D
,
4
.90
%
,
1/10/36
(a)
(d)
...
615,000
612,968
COMM
Mortgage
Trust
,
Series
2014-
277P
,
Class
C
,
3
.73
%
,
8/10/49
,
Callable
8/10/24
@
100
(a)
(d)
.........................................................
333,000
306,481
COMM
Mortgage
Trust
,
Series
2020-CX
,
Class
A
,
2
.17
%
,
11/10/46
,
Callable
11/10/30
@
100
(a)
...........................................................
200,000
152,389
COMM
Mortgage
Trust
,
Series
2014-277P
,
Class
A
,
3
.73
%
,
8/10/49
,
Callable
8/10/24
@
100
(a)
(d)
.........................................................
1,235,000
1,160,425
CSMC
,
Series
2019-UVIL
,
Class
A
,
3
.16
%
,
12/15/41
(a)
...........................
302,000
249,873
GS
Mortgage
Securities
Corp.
II
,
Series
2023-SHIP
,
Class
C
,
5
.69
%
,
9/10/38
(a)
(d)
........
118,438
113,031
Hilton
USA
Trust
,
Series
2016-HHV
,
Class
B
,
4
.33
%
,
11/5/38
(a)
(d)
...................
350,000
325,872
Hilton
USA
Trust
,
Series
2016-HHV
,
Class
C
,
4
.33
%
,
11/5/38
(a)
(d)
...................
200,000
184,658
Houston
Galleria
Mall
Trust
,
Series
2015-HGLR
,
Class
A1A2
,
3
.09
%
,
3/5/37
(a)
..........
250,000
234,171
Hudson
Yards
Mortgage
Trust
,
Series
2019-30HY
,
Class
A
,
3
.23
%
,
7/10/39
(a)
...........
350,000
296,252
Hudson
Yards
Mortgage
Trust
,
Series
2019-30HY
,
Class
D
,
3
.56
%
,
7/10/39
(a)
(d)
.........
115,000
88,359
Hudson
Yards
Mortgage
Trust
,
Series
2019-55HY
,
Class
A
,
3
.04
%
,
12/10/41
(a)
(d)
........
500,000
410,911
ILPT
Commercial
Mortgage
Trust
,
Series
2022-LPFX
,
Class
A
,
3
.95
%
,
3/15/32
(a)
(d)
......
750,000
572,196
ILPT
Commercial
Mortgage
Trust
,
Series
2022-LPF2
,
Class
C
,
8
.83
%
(
TSFR1M
+
349
bps
)
,
10/15/39
(a)
(b)
.....................................................
100,000
99,011
KNDL
Mortgage
Trust
,
Series
2019-KNSQ
,
Class
B
,
6
.48
%
(
TSFR1M
+
115
bps
)
,
5/15/36
(a)
(b)
250,000
248,439
Life
Mortgage
Trust
,
Series
2022-BMR2
,
Class
C
,
7
.43
%
(
TSFR1M
+
209
bps
)
,
5/15/39
,
Callable
5/15/24
@
100
(a)
(b)
..........................................
250,000
242,801
Manhattan
West
Mortgage
Trust
,
Series
2020-1MW
,
Class
A
,
2
.13
%
,
9/10/39
(a)
..........
500,000
427,885
MHC
Commercial
Mortgage
Trust
,
Series
2021-MHC
,
Class
A
,
6
.25
%
(
TSFR1M
+
92
bps
)
,
4/15/38
(a)
(b)
......................................................
230,623
227,547
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
125
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
MHC
Commercial
Mortgage
Trust
,
Series
MHC
,
Class
D
,
7
.05
%
(
TSFR1M
+
172
bps
)
,
4/15/38
(a)
(b)
......................................................
$
461,245
$
452,195
MHP
,
Series
2022-MHIL
,
Class
D
,
6
.95
%
(
TSFR1M
+
161
bps
)
,
1/15/27
(a)
(b)
............
485,829
468,799
Morgan
Stanley
Capital
I
Trust
,
Series
2021-PLZA
,
Class
B
,
2
.90
%
,
11/9/43
(a)
..........
500,000
339,178
Morgan
Stanley
Capital
I
Trust
,
Series
2021-PLZA
,
Class
C
,
2
.90
%
,
11/9/43
(a)
..........
750,000
338,767
MTN
Commercial
Mortgage
Trust
,
Series
2022-LPFL
,
Class
C
,
7
.73
%
(
TSFR1M
+
239
bps
)
,
3/15/39
(a)
(b)
......................................................
250,000
244,011
One
Bryant
Park
Trust
,
Series
2019-OBP
,
Class
A
,
2
.52
%
,
9/15/54
(a)
..................
128,000
101,963
SLG
Office
Trust
,
Series
2021-OVA
,
Class
A
,
2
.59
%
,
7/15/41
(a)
.....................
125,000
97,498
SLG
Office
Trust
,
Series
2021-OVA
,
Class
C
,
2
.85
%
,
7/15/41
(a)
.....................
500,000
373,081
SREIT
Trust
,
Series
2021-MFP2
,
Class
B
,
6
.62
%
(
TSFR1M
+
129
bps
)
,
11/15/36
(a)
(b)
......
500,000
489,590
SREIT
Trust
,
Series
2021-MFP2
,
Class
D
,
7
.02
%
(
TSFR1M
+
168
bps
)
,
11/15/36
(a)
(b)
......
760,000
736,880
SUMIT
Mortgage
Trust
,
Series
2022-BVUE
,
Class
D
,
2
.99
%
,
2/12/41
,
Callable
2/12/29
@
100
(a)
(d)
.........................................................
363,636
230,755
TTAN
,
Series
2021-MHC
,
Class
C
,
6
.80
%
(
TSFR1M
+
146
bps
)
,
3/15/38
(a)
(b)
............
601,387
589,422
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2021-SAVE
,
Class
C
,
7
.25
%
(
TSFR1M
+
191
bps
)
,
2/15/40
(a)
(b)
.......................................
200,000
181,017
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2021-SAVE
,
Class
B
,
6
.90
%
(
TSFR1M
+
156
bps
)
,
2/15/40
(a)
(b)
.......................................
200,000
185,513
21,855,351
Total
Collateralized
Mortgage
Obligations
(Cost
$24,949,779)
21,855,351
Senior
Secured
Loans
(2.1%)
Consumer
Discretionary
(0.4%):
Aramark
Services,
Inc.,
U.S.
Term
B-6
Loan,
First
Lien
,
7
.83
%
(
SOFR01M
+
250
bps
)
,
6/13/30
(b)
........................................................
31,104
31,026
Carnival
Corp.,
Initial
Advance,
First
Lien
,
8
.33
%
(
SOFR01M
+
300
bps
)
,
8/8/27
(b)
........
100,000
99,625
Delta
Air
Lines,
Inc.
and
SkyMiles
IP
Ltd.,
Initial
Term
Loan,
First
Lien
,
9
.08
%
(
SOFR03M
+
375
bps
)
,
10/20/27
(b)
.......................................
6,871
7,109
Great
Outdoors
Group
LLC,
Term
B1,
First
Lien
,
9
.08
%
(
SOFR01M
+
375
bps
)
,
3/5/28
(b)
...
241,885
241,065
Hilton
Grand
Vacations
Borrower
LLC,
Initial
Term
Loan,
First
Lien
,
8/2/28
(f)
...........
118,867
118,867
Scientific
Games
International,
Inc.,
Initial
Term
B
Loans,
First
Lien
,
8
.33
%
(
SOFR01M
+
300
bps
)
,
4/14/29
(b)
........................................
246,259
245,951
Sotheby's,
2021
2nd
Refin
Term
Loan,
First
Lien
,
9
.81
%
(
SOFR03M
+
450
bps
)
,
1/15/27
(b)
...
241,899
235,549
979,192
Consumer
Staples
(0.1%):
Alliance
Laundry
Systems
LLC,
Initial
Term
B
Loans,
First
Lien
,
8
.80
%
(
SOFR03M
+
350
bps
)
,
10/8/27
(b)
........................................................
121,419
121,268
Financials
(0.8%):
Delta
2
(Lux)
S.a.r.l.,
Term
Loan
B,
First
Lien
,
8
.33
%
(
SOFR01M
+
300
bps
)
,
1/15/30
(b)
.....
500,000
499,499
Gtcr
W
Merger
Sub
LLC,
Term
Loan
B,
First
Lien
,
9/20/30
(f)
.......................
200,000
199,854
Hub
International
Ltd.,
2022
Incremental
Term
Loans,
First
Lien
,
9
.37
%
(
SOFR03M
+
400
bps
)
,
11/10/29
(b)
.......................................................
124,063
124,147
Hub
International
Ltd.,
2022
Incremental
Term
Loans,
First
Lien
,
9
.37
%
(
SOFR01M
+
400
bps
)
,
11/10/29
(b)
.......................................................
313
313
IRB
Holding
Corp.,
Term
Loan
B,
First
Lien
,
8
.33
%
(
SOFR01M
+
300
bps
)
,
12/15/27
(b)
.....
68,099
67,784
Oculus
Acquisition
Corp.,
Initial
Term
Loan,
First
Lien
,
8
.80
%
(
SOFR03M
+
350
bps
)
,
11/8/27
(b)
........................................................
122,468
121,965
OEG
Borrower
LLC,
Initial
Term
Loans,
First
Lien
,
10
.41
%
(
SOFR03M
+
500
bps
)
,
6/18/29
(b)
496,250
496,250
Whatabrands
LLC,
Initial
Term
B
Loans,
First
Lien
,
8
.33
%
(
SOFR01M
+
300
bps
)
,
7/21/28
(b)
.
15,046
14,972
1,524,784
Health
Care
(0.2%):
Bausch
+
Lomb
Corp.,
Initial
Term
Loans,
First
Lien
,
8
.66
%
(
SOFR03M
+
325
bps
)
,
5/10/27
(b)
495,000
480,427
Industrials
(0.0%):(g)
Janus
International
Group
LLC,
Amendment
No.
6
Refinancing
Term
Loan,
First
Lien
,
8
.58
%
(
SOFR01M
+
325
bps
)
,
7/25/30
(b)
........................................
100,000
99,531
Information
Technology
(0.5%):
Central
Parent,
Inc.,
Initial
Term
Loan,
First
Lien
,
9
.49
%
(
SOFR03M
+
425
bps
)
,
7/6/29
(b)
...
248,750
248,616
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
126
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
MKS
Instruments,
Inc.,
Term
Loan
B,
First
Lien
,
8/17/29
(f)
........................
$
250,000
$
249,766
Open
Text
Corp.,
Term
Loan
B,
First
Lien
,
8
.06
%
(
SOFR01M
+
275
bps
)
,
1/31/30
(b)
.......
350,000
349,843
UKG,
Inc.,
Incremental
Term
Loans,
First
Lien
,
8
.52
%
(
SOFR03M
+
325
bps
)
,
5/3/26
(b)
.....
244,392
243,503
1,091,728
Materials
(0.1%):
The
Chemours
Co.,
Term
Loan
B,
First
Lien
,
8
.83
%
(
SOFR01M
+
350
bps
)
,
8/10/28
(b)
......
208,197
205,595
Total
Senior
Secured
Loans
(Cost
$4,460,961)
4,502,525
Corporate
Bonds
(22.8%)
Communication
Services
(1.6%):
AT&T,
Inc.
,
4
.50
%
,
5/15/35
,
Callable
11/15/34
@
100
............................
250,000
213,005
Cable
One,
Inc.
,
4
.00
%
,
11/15/30
,
Callable
11/15/25
@
102
(a)
.......................
100,000
76,155
Charter
Communications
Operating
LLC
,
4
.80
%
,
3/1/50
,
Callable
9/1/49
@
100
..........
94,000
65,467
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
,
5
.38
%
,
4/1/38
,
Callable
10/1/37
@
100
.........................................
250,000
204,220
DISH
Network
Corp.
,
11
.75
%
,
11/15/27
,
Callable
5/15/25
@
105.88
(a)
................
507,000
508,745
Gray
Television,
Inc.
,
4
.75
%
,
10/15/30
,
Callable
10/15/25
@
102.38
(a)
................
250,000
165,576
Nexstar
Media,
Inc.
,
4
.75
%
,
11/1/28
,
Callable
11/1/23
@
102.38
(a)
...................
75,000
62,102
Paramount
Global
,
4
.20
%
,
5/19/32
,
Callable
2/19/32
@
100
(h)
......................
183,000
145,484
T-Mobile
USA,
Inc.
,
3
.50
%
,
4/15/31
,
Callable
4/15/26
@
101.75
.....................
403,000
340,382
Verizon
Communications,
Inc.
2
.55
%
,
3/21/31
,
Callable
12/21/30
@
100
.................................
669,000
532,239
2
.88
%
,
11/20/50
,
Callable
5/20/50
@
100
..................................
250,000
143,784
Warnermedia
Holdings,
Inc.
4
.28
%
,
3/15/32
,
Callable
12/15/31
@
100
(a)
...............................
500,000
424,341
5
.14
%
,
3/15/52
,
Callable
9/15/51
@
100
..................................
222,000
164,704
ZoomInfo
Technologies
LLC/ZoomInfo
Finance
Corp.
,
3
.88
%
,
2/1/29
,
Callable
2/1/24
@
101.94
(a)
.........................................................
250,000
208,317
3,254,521
Consumer
Discretionary
(1.7%):
Acushnet
Co.
,
7
.38
%
,
10/15/28
,
Callable
10/15/25
@
103.69
(a)
......................
60,000
60,481
Advance
Auto
Parts,
Inc.
,
3
.50
%
,
3/15/32
,
Callable
12/15/31
@
100
...................
514,000
384,375
AutoNation,
Inc.
,
3
.85
%
,
3/1/32
,
Callable
12/1/31
@
100
..........................
166,000
134,813
Caesars
Entertainment,
Inc.
,
7
.00
%
,
2/15/30
,
Callable
2/15/26
@
103.5
(a)
..............
246,000
239,243
Carnival
Corp.
7
.00
%
,
8/15/29
,
Callable
8/15/26
@
103.5
(a)
...............................
59,000
58,215
10
.50
%
,
6/1/30
,
Callable
6/1/25
@
105.25
(a)
...............................
60,000
61,797
Daimler
Truck
Finance
North
America
LLC
,
5
.50
%
,
9/20/33
(a)
......................
208,000
197,084
ERAC
USA
Finance
LLC
,
4
.90
%
,
5/1/33
,
Callable
2/1/33
@
100
(a)
...................
192,000
179,926
General
Motors
Financial
Co.,
Inc.
,
5
.70
%
(
H15T5Y
+
500
bps
)
,
Callable
9/30/30
@
100
(b)
(i)
.
120,000
103,244
Group
1
Automotive,
Inc.
,
4
.00
%
,
8/15/28
,
Callable
11/6/23
@
102
(a)
.................
100,000
86,705
Kohl's
Corp.
,
4
.63
%
,
5/1/31
,
Callable
2/1/31
@
100
..............................
200,000
134,618
Lithia
Motors,
Inc.
,
4
.38
%
,
1/15/31
,
Callable
10/15/25
@
102.19
(a)
...................
250,000
206,607
LKQ
Corp.
,
6
.25
%
,
6/15/33
,
Callable
3/15/33
@
100
(a)
...........................
140,000
135,415
PulteGroup,
Inc.
,
6
.00
%
,
2/15/35
............................................
125,000
120,345
Resorts
World
Las
Vegas
LLC/RWLV
Capital,
Inc.
,
4
.63
%
,
4/6/31
,
Callable
1/6/31
@
100
(a)
.
200,000
149,282
Sodexo,
Inc.
,
2
.72
%
,
4/16/31
,
Callable
1/16/31
@
100
(a)
..........................
500,000
397,186
Sotheby's
,
7
.38
%
,
10/15/27
,
Callable
10/16/23
@
101.84
(a)
.........................
250,000
230,270
Tapestry,
Inc.
,
3
.05
%
,
3/15/32
,
Callable
12/15/31
@
100
...........................
511,000
373,760
Tractor
Supply
Co.
,
1
.75
%
,
11/1/30
,
Callable
8/1/30
@
100
.........................
174,000
132,212
3,385,578
Consumer
Staples
(1.3%):
7-Eleven,
Inc.
1
.80
%
,
2/10/31
,
Callable
11/10/30
@
100
(a)
................................
125,000
94,809
2
.80
%
,
2/10/51
,
Callable
8/2/50
@
100
(a)
.................................
1,111,000
623,704
Albertsons
Cos.,
Inc./Safeway,
Inc./New
Albertsons
LP/Albertsons
LLC
6
.50
%
,
2/15/28
,
Callable
2/15/25
@
103.25
(a)
..............................
152,000
150,164
4
.88
%
,
2/15/30
,
Callable
2/15/25
@
103.66
(a)
..............................
100,000
90,158
Anheuser-Busch
InBev
Worldwide,
Inc.
,
3
.75
%
,
7/15/42
...........................
250,000
193,218
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
127
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Dollar
General
Corp.
5
.00
%
,
11/1/32
,
Callable
8/1/32
@
100
...................................
$
204,000
$
184,739
5
.45
%
,
7/5/33
,
Callable
4/5/33
@
100
(h)
..................................
353,000
326,282
Dollar
Tree,
Inc.
,
2
.65
%
,
12/1/31
,
Callable
9/1/31
@
100
...........................
500,000
386,705
General
Mills,
Inc.
,
2
.25
%
,
10/14/31
,
Callable
7/14/31
@
100
.......................
250,000
194,475
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
Luxembourg
SARL
,
6
.75
%
,
3/15/34
,
Callable
12/15/33
@
100
(a)
..................................................
198,000
192,664
Kellogg
Co.
,
5
.25
%
,
3/1/33
,
Callable
12/1/32
@
100
..............................
196,000
186,322
Kraft
Heinz
Foods
Co.
,
5
.00
%
,
6/4/42
........................................
128,000
110,801
Walgreens
Boots
Alliance,
Inc.
,
4
.10
%
,
4/15/50
,
Callable
10/15/49
@
100
..............
92,000
57,147
2,791,188
Energy
(0.5%):
Magellan
Midstream
Partners
LP
,
5
.15
%
,
10/15/43
,
Callable
4/15/43
@
100
.............
195,000
157,912
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
,
3
.80
%
,
9/15/30
,
Callable
6/15/30
@
100
250,000
214,463
Venture
Global
Calcasieu
Pass
LLC
,
3
.88
%
,
11/1/33
,
Callable
5/1/33
@
100
(a)
...........
269,000
208,845
Viper
Energy
Partners
LP
,
5
.38
%
,
11/1/27
,
Callable
11/6/23
@
101.79
(a)
...............
500,000
473,482
1,054,702
Financials
(9.0%):
Aon
Corp./Aon
Global
Holdings
PLC
,
5
.35
%
,
2/28/33
,
Callable
11/28/32
@
100
.........
212,000
203,066
Bank
of
America
Corp.
,
2
.48
%
(
H15T5Y
+
120
bps
)
,
9/21/36
,
Callable
9/21/31
@
100
(b)
....
750,000
548,207
Blackstone
Holdings
Finance
Co.
LLC
,
6
.20
%
,
4/22/33
,
Callable
1/22/33
@
100
(a)
.......
125,000
123,675
Blackstone
Private
Credit
Fund
2
.63
%
,
12/15/26
,
Callable
11/15/26
@
100
.................................
250,000
215,073
3
.25
%
,
3/15/27
,
Callable
2/15/27
@
100
(a)
................................
750,000
650,586
Blue
Owl
Finance
LLC
,
3
.13
%
,
6/10/31
,
Callable
3/10/31
@
100
(a)
...................
1,250,000
933,994
Brookfield
Capital
Finance
LLC
,
6
.09
%
,
6/14/33
,
Callable
3/14/33
@
100
..............
204,000
197,966
Brown
&
Brown,
Inc.
,
4
.20
%
,
3/17/32
,
Callable
12/17/31
@
100
.....................
29,000
25,009
Citizens
Bank
NA
,
6
.06
%
(
SOFR
+
145
bps
)
,
10/24/25
,
Callable
10/24/24
@
100
(b)
........
250,000
241,266
Citizens
Bank
NA/Providence
RI
,
4
.12
%
(
SOFR
+
140
bps
)
,
5/23/25
,
Callable
5/23/24
@
100
(b)
287,000
277,533
Citizens
Financial
Group,
Inc.
,
2
.64
%
,
9/30/32
,
Callable
7/2/32
@
100
.................
500,000
346,216
F&G
Global
Funding
,
2
.00
%
,
9/20/28
(a)
......................................
250,000
203,282
Fidelity
National
Information
Services,
Inc.
,
5
.10
%
,
7/15/32
,
Callable
4/15/32
@
100
......
380,000
358,143
Fifth
Third
Bancorp
4
.50
%
(
H15T5Y
+
422
bps
)
,
Callable
9/30/25
@
100
(b)
(i)
.......................
412,000
371,447
4
.34
%
(
SOFR
+
166
bps
)
,
4/25/33
,
Callable
4/25/32
@
100
(b)
....................
412,000
348,295
Global
Atlantic
Fin
Co.
3
.13
%
,
6/15/31
,
Callable
3/15/31
@
100
(a)
................................
250,000
178,410
7
.95
%
,
6/15/33
,
Callable
3/15/33
@
100
(a)
................................
274,000
263,436
Global
Payments,
Inc.
2
.90
%
,
11/15/31
,
Callable
8/15/31
@
100
..................................
500,000
391,982
4
.15
%
,
8/15/49
,
Callable
2/15/49
@
100
..................................
474,000
325,703
GTCR
W-2
Merger
Sub
LLC
,
7
.50
%
,
1/15/31
,
Callable
1/15/27
@
103.75
(a)
............
75,000
75,095
HUB
International
Ltd.
,
7
.25
%
,
6/15/30
,
Callable
6/15/26
@
103.63
(a)
................
31,000
30,852
Huntington
Bancshares,
Inc.
,
2
.49
%
(
H15T5Y
+
117
bps
)
,
8/15/36
,
Callable
8/15/31
@
100
(b)
.
500,000
351,590
JPMorgan
Chase
&
Co.
2
.96
%
(
TSFR3M
+
252
bps
)
,
5/13/31
,
Callable
5/13/30
@
100
(b)
..................
98,000
80,667
5
.72
%
(
SOFR
+
258
bps
)
,
9/14/33
,
Callable
9/14/32
@
100
(b)
....................
250,000
240,625
KeyBank
NA
,
4
.90
%
,
8/8/32
...............................................
347,000
278,602
KeyCorp.
,
4
.79
%
(
SOFRINDX
+
206
bps
)
,
6/1/33
,
Callable
6/1/32
@
100
,
MTN
(b)
........
367,000
305,922
MetLife,
Inc.
,
9
.25
%
,
4/8/38
,
Callable
4/8/33
@
100
(a)
............................
350,000
395,724
Metropolitan
Life
Global
Funding
I
,
2
.40
%
,
1/11/32
(a)
............................
500,000
392,605
Morgan
Stanley
1
.93
%
(
SOFR
+
102
bps
)
,
4/28/32
,
Callable
4/28/31
@
100
,
MTN
(b)
...............
250,000
185,462
2
.48
%
(
SOFR
+
136
bps
)
,
9/16/36
,
Callable
9/16/31
@
100
(b)
....................
925,000
675,950
Neptune
Bidco
US,
Inc.
,
9
.29
%
,
4/15/29
,
Callable
10/15/25
@
104.65
(a)
...............
65,000
58,910
New
York
Life
Global
Funding
,
1
.85
%
,
8/1/31
(a)
................................
1,600,000
1,208,831
Northern
Trust
Corp.
,
6
.13
%
,
11/2/32
,
Callable
8/2/32
@
100
.......................
250,000
246,528
OWL
Rock
Core
Income
Corp.
5
.50
%
,
3/21/25
(a)
..................................................
500,000
483,913
4
.70
%
,
2/8/27
,
Callable
1/8/27
@
100
(a)
..................................
375,000
340,496
7
.75
%
,
9/16/27
,
Callable
8/16/27
@
100
(a)
................................
152,000
150,721
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
,
6
.20
%
,
6/15/30
,
Callable
4/15/30
@
100
(a)
189,000
186,209
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
128
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Regions
Financial
Corp.
,
5
.75
%
(
H15T5Y
+
543
bps
)
,
Callable
6/15/25
@
100
(b)
(i)
........
$
149,000
$
141,631
State
Street
Corp.
,
4
.16
%
(
SOFR
+
173
bps
)
,
8/4/33
,
Callable
8/4/32
@
100
(b)
............
750,000
653,196
Texas
Capital
Bancshares,
Inc.
,
4
.00
%
(
H15T5Y
+
315
bps
)
,
5/6/31
,
Callable
5/6/26
@
100
(b)
.
500,000
414,909
The
Bank
of
New
York
Mellon
Corp.
,
4
.70
%
(
H15T5Y
+
436
bps
)
,
Callable
9/20/25
@
100
(b)
(i)
317,000
306,203
The
Charles
Schwab
Corp.
5
.38
%
(
H15T5Y
+
497
bps
)
,
Callable
6/1/25
@
100
(b)
(i)
........................
1,389,000
1,337,856
5
.85
%
(
SOFR
+
250
bps
)
,
5/19/34
,
Callable
5/19/33
@
100
(b)
....................
315,000
299,676
The
Huntington
National
Bank
,
5
.50
%
(
TSFR3M
+
535
bps
)
,
5/6/30
,
Callable
5/6/25
@
100
(b)
750,000
707,199
The
PNC
Financial
Services
Group,
Inc.
,
4
.63
%
(
SOFRINDX
+
185
bps
)
,
6/6/33
,
Callable
6/6/32
@
100
(b)
....................................................
536,000
461,729
Truist
Financial
Corp.
5
.10
%
(
H15T10Y
+
435
bps
)
,
Callable
3/1/30
@
100
(b)
(i)
.......................
331,000
283,550
4
.95
%
(
H15T5Y
+
461
bps
)
,
Callable
9/1/25
@
100
(b)
(i)
........................
690,875
640,176
U.S.
Bancorp
,
4
.97
%
(
SOFR
+
211
bps
)
,
7/22/33
,
Callable
7/22/32
@
100
(b)
.............
891,000
776,520
United
Financial
Bancorp,
Inc.
,
5
.75
%
,
10/1/24
.................................
300,000
290,056
Wells
Fargo
&
Co.
,
5
.90
%
,
Callable
6/15/24
@
100
(i)
.............................
1,187,000
1,168,237
Willis
North
America,
Inc.
,
5
.35
%
,
5/15/33
,
Callable
2/15/33
@
100
..................
573,000
534,449
19,907,378
Health
Care
(0.7%):
Alcon
Finance
Corp.
,
5
.75
%
,
12/6/52
,
Callable
6/6/52
@
100
(a)
.....................
250,000
238,425
Amgen,
Inc.
,
3
.00
%
,
1/15/52
,
Callable
7/15/51
@
100
.............................
350,000
211,604
Bio-Rad
Laboratories,
Inc.
,
3
.70
%
,
3/15/32
,
Callable
12/15/31
@
100
.................
125,000
105,110
Centene
Corp.
,
2
.50
%
,
3/1/31
,
Callable
12/1/30
@
100
............................
343,000
263,756
CVS
Health
Corp.
,
5
.63
%
,
2/21/53
,
Callable
8/21/52
@
100
........................
250,000
223,498
DENTSPLY
SIRONA,
Inc.
,
3
.25
%
,
6/1/30
,
Callable
3/1/30
@
100
....................
55,000
46,080
GE
HealthCare
Technologies,
Inc.
,
5
.91
%
,
11/22/32
,
Callable
8/22/32
@
100
(a)
..........
250,000
247,942
HCA,
Inc.
3
.50
%
,
9/1/30
,
Callable
3/1/30
@
100
....................................
205,000
173,674
5
.90
%
,
6/1/53
,
Callable
12/1/52
@
100
...................................
40,000
35,857
Prestige
Brands,
Inc.
,
3
.75
%
,
4/1/31
,
Callable
4/1/26
@
101.88
(a)
....................
209,000
168,232
Tenet
Healthcare
Corp.
,
4
.38
%
,
1/15/30
,
Callable
12/1/24
@
102.19
...................
50,000
43,066
1,757,244
Industrials
(3.5%):
Acuity
Brands
Lighting,
Inc.
,
2
.15
%
,
12/15/30
,
Callable
9/15/30
@
100
................
250,000
194,692
Air
Lease
Corp.
,
2
.88
%
,
1/15/32
,
Callable
10/15/31
@
100
.........................
250,000
195,170
American
Airlines
Pass
Through
Trust
4
.95
%
,
2/15/25
....................................................
76,500
73,699
3
.70
%
,
10/15/25
....................................................
298,659
282,830
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.
,
5
.75
%
,
4/20/29
(a)
................
1,073,000
997,642
Ashtead
Capital,
Inc.
,
2
.45
%
,
8/12/31
,
Callable
5/12/31
@
100
(a)
....................
250,000
189,115
CoStar
Group,
Inc.
,
2
.80
%
,
7/15/30
,
Callable
4/15/30
@
100
(a)
......................
411,000
329,851
Delta
Air
Lines
Pass
Through
Trust
,
2
.50
%
,
6/10/28
..............................
116,628
101,968
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
,
4
.75
%
,
10/20/28
(a)
.........................
437,127
415,760
GXO
Logistics,
Inc.
,
2
.65
%
,
7/15/31
,
Callable
4/15/31
@
100
.......................
62,000
47,246
HEICO
Corp.
,
5
.35
%
,
8/1/33
,
Callable
5/1/33
@
100
.............................
305,000
288,974
Kennametal,
Inc.
,
4
.63
%
,
6/15/28
,
Callable
3/15/28
@
100
.........................
125,000
117,634
Mileage
Plus
Holdings
LLC/Mileage
Plus
Intellectual
Property
Assets
Ltd.
,
6
.50
%
,
6/20/27
,
Callable
11/6/23
@
103.25
(a)
..........................................
1,161,563
1,152,907
Regal
Rexnord
Corp.
,
6
.40
%
,
4/15/33
,
Callable
1/15/33
@
100
(a)
....................
244,000
234,892
Southwest
Airlines
Co.
,
2
.63
%
,
2/10/30
,
Callable
11/10/29
@
100
....................
347,000
285,421
Spirit
AeroSystems,
Inc.
,
9
.38
%
,
11/30/29
,
Callable
11/30/25
@
104.69
(a)
..............
181,000
184,206
The
Boeing
Co.
3
.63
%
,
2/1/31
,
Callable
11/1/30
@
100
...................................
250,000
215,509
5
.81
%
,
5/1/50
,
Callable
11/1/49
@
100
...................................
1,257,000
1,138,113
The
Timken
Co.
,
4
.13
%
,
4/1/32
,
Callable
1/1/32
@
100
............................
444,000
379,418
XPO
Escrow
Sub
LLC
,
7
.50
%
,
11/15/27
,
Callable
11/15/24
@
103.75
(a)
...............
250,000
252,520
XPO,
Inc.
,
6
.25
%
,
6/1/28
,
Callable
6/1/25
@
103.13
(a)
............................
610,000
589,121
7,666,688
Information
Technology
(1.2%):
Autodesk,
Inc.
,
2
.40
%
,
12/15/31
,
Callable
9/15/31
@
100
..........................
350,000
275,409
Booz
Allen
Hamilton,
Inc.
,
5
.95
%
,
8/4/33
,
Callable
5/4/33
@
100
....................
119,000
115,664
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
129
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Broadcom,
Inc.
2
.60
%
,
2/15/33
,
Callable
11/15/32
@
100
(a)
................................
$
250,000
$
186,437
3
.42
%
,
4/15/33
,
Callable
1/15/33
@
100
(a)
................................
125,000
99,621
Open
Text
Holdings,
Inc.
,
4
.13
%
,
12/1/31
,
Callable
12/1/26
@
102.06
(a)
...............
153,000
122,095
Oracle
Corp.
3
.85
%
,
7/15/36
,
Callable
1/15/36
@
100
..................................
387,000
305,177
3
.60
%
,
4/1/50
,
Callable
10/1/49
@
100
...................................
129,000
83,374
Trimble,
Inc.
,
6
.10
%
,
3/15/33
,
Callable
12/15/32
@
100
...........................
196,000
192,298
TSMC
Arizona
Corp.
,
2
.50
%
,
10/25/31
,
Callable
7/25/31
@
100
.....................
500,000
402,390
VMware,
Inc.
,
2
.20
%
,
8/15/31
,
Callable
5/15/31
@
100
...........................
500,000
376,385
Western
Digital
Corp.
,
3
.10
%
,
2/1/32
,
Callable
11/1/31
@
100
.......................
271,000
198,217
Workday,
Inc.
,
3
.80
%
,
4/1/32
,
Callable
1/1/32
@
100
.............................
125,000
107,118
2,464,185
Materials
(1.2%):
Amcor
Finance
USA,
Inc.
,
5
.63
%
,
5/26/33
,
Callable
2/26/33
@
100
...................
286,000
274,428
Amcor
Flexibles
North
America,
Inc.
,
2
.69
%
,
5/25/31
,
Callable
2/25/31
@
100
...........
750,000
594,661
AptarGroup,
Inc.
,
3
.60
%
,
3/15/32
,
Callable
12/15/31
@
100
........................
150,000
124,106
Avery
Dennison
Corp.
,
2
.25
%
,
2/15/32
,
Callable
11/15/31
@
100
....................
41,000
30,796
Eagle
Materials,
Inc.
,
2
.50
%
,
7/1/31
,
Callable
4/1/31
@
100
........................
376,000
293,194
LYB
International
Finance
III
LLC
,
3
.38
%
,
10/1/40
,
Callable
4/1/40
@
100
.............
219,000
148,979
Reliance
Steel
&
Aluminum
Co.
,
2
.15
%
,
8/15/30
,
Callable
5/15/30
@
100
..............
355,000
277,948
The
Dow
Chemical
Co.
,
6
.90
%
,
5/15/53
,
Callable
11/15/52
@
100
....................
106,000
111,150
Vulcan
Materials
Co.
3
.50
%
,
6/1/30
,
Callable
3/1/30
@
100
....................................
610,000
531,405
4
.50
%
,
6/15/47
,
Callable
12/15/46
@
100
.................................
449,000
359,302
2,745,969
Real
Estate
(1.9%):
Alexandria
Real
Estate
Equities,
Inc.
,
1
.88
%
,
2/1/33
,
Callable
11/1/32
@
100
............
750,000
531,183
American
Tower
Trust
#1
,
5
.49
%
,
3/15/28
,
Callable
3/15/27
@
100
(a)
.................
260,000
255,878
Boston
Properties
LP
,
2
.45
%
,
10/1/33
,
Callable
7/1/33
@
100
.......................
487,000
331,217
CBRE
Services,
Inc.
2
.50
%
,
4/1/31
,
Callable
1/1/31
@
100
....................................
292,000
225,705
5
.95
%
,
8/15/34
,
Callable
5/15/34
@
100
..................................
308,000
290,556
Crown
Castle,
Inc.
,
2
.90
%
,
4/1/41
,
Callable
10/1/40
@
100
.........................
264,000
169,188
EPR
Properties
,
3
.60
%
,
11/15/31
,
Callable
8/15/31
@
100
..........................
222,000
164,329
GLP
Capital
LP/GLP
Financing
II,
Inc.
,
3
.25
%
,
1/15/32
,
Callable
10/15/31
@
100
........
233,000
180,596
Healthpeak
Properties,
Inc.
,
2
.13
%
,
12/1/28
,
Callable
10/1/28
@
100
..................
500,000
419,786
Highwoods
Realty,
LP
,
2
.60
%
,
2/1/31
,
Callable
11/1/30
@
100
......................
122,000
87,745
Host
Hotels
&
Resorts
LP
,
3
.50
%
,
9/15/30
,
Callable
6/15/30
@
100
...................
125,000
104,106
Kilroy
Realty
LP
,
2
.65
%
,
11/15/33
,
Callable
8/15/33
@
100
........................
49,000
32,914
RHP
Hotel
Properties
LP/RHP
Finance
Corp.
,
7
.25
%
,
7/15/28
,
Callable
7/15/25
@
103.63
(a)
31,000
30,545
SBA
Tower
Trust
2
.84
%
,
1/15/25
,
Callable
1/15/24
@
100
(a)
................................
163,000
156,014
6
.60
%
,
1/15/28
,
Callable
1/15/27
@
100
(a)
................................
211,000
211,551
2
.59
%
,
10/15/31
(a)
..................................................
500,000
381,656
VICI
Properties
LP/VICI
Note
Co.,
Inc.
,
4
.13
%
,
8/15/30
,
Callable
2/15/25
@
102.06
(a)
....
876,000
741,963
4,314,932
Utilities
(0.2%):
Duquesne
Light
Holdings,
Inc.
,
2
.78
%
,
1/7/32
,
Callable
10/7/31
@
100
(a)
..............
100,000
74,264
Entergy
Corp.
,
2
.40
%
,
6/15/31
,
Callable
3/5/31
@
100
............................
125,000
97,573
NRG
Energy,
Inc.
,
7
.00
%
,
3/15/33
,
Callable
12/15/32
@
100
(a)
......................
114,000
109,452
The
NHP
Foundation
,
6
.00
%
,
12/1/33
,
Callable
6/1/33
@
100
.......................
179,000
183,188
464,477
Total
Corporate
Bonds
(Cost
$55,130,228)
49,806,862
Yankee
Dollars
(5.2%)
Communication
Services
(0.2%):
Rogers
Communications,
Inc.
3
.80
%
,
3/15/32
,
Callable
12/15/31
@
100
(a)
...............................
250,000
207,496
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
130
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
4
.55
%
,
3/15/52
,
Callable
9/15/51
@
100
(a)
................................
$
250,000
$
182,748
390,244
Consumer
Discretionary
(0.2%):
GENM
Capital
Labuan
Ltd.
,
3
.88
%
,
4/19/31
,
Callable
1/19/31
@
100
(a)
...............
200,000
157,140
NCL
Corp.,
Ltd.
,
7
.75
%
,
2/15/29
,
Callable
11/15/28
@
100
(a)
.......................
257,000
238,564
Nissan
Motor
Co.
Ltd.
,
4
.81
%
,
9/17/30
,
Callable
6/17/30
@
100
(a)
...................
97,000
83,981
479,685
Consumer
Staples
(0.2%):
Bacardi
Ltd./Bacardi-Martini
BV
,
5
.40
%
,
6/15/33
,
Callable
3/15/33
@
100
(a)
............
188,000
176,408
Becle
SAB
de
CV
,
2
.50
%
,
10/14/31
,
Callable
7/14/31
@
100
(a)
......................
500,000
381,739
558,147
Financials
(3.1%):
1375209
BC
Ltd.
,
9
.00
%
,
1/30/28
,
Callable
10/16/23
@
101
(a)
......................
572,000
566,389
Allianz
SE
,
6
.35
%
(
H15T5Y
+
323
bps
)
,
9/6/53
,
Callable
3/6/33
@
100
(a)
(b)
.............
200,000
193,977
Avolon
Holdings
Funding
Ltd.
,
2
.75
%
,
2/21/28
,
Callable
12/21/27
@
100
(a)
............
190,000
161,002
Banco
Santander
SA
,
6
.92
%
,
8/8/33
.........................................
200,000
191,333
Bank
of
Montreal
,
3
.09
%
(
H15T5Y
+
140
bps
)
,
1/10/37
,
Callable
1/10/32
@
100
(b)
........
500,000
372,804
Barclays
PLC
,
3
.56
%
(
H15T5Y
+
290
bps
)
,
9/23/35
,
Callable
9/23/30
@
100
(b)
...........
750,000
579,204
BBVA
Bancomer
SA
,
8
.45
%
,
6/29/38
,
Callable
6/29/33
@
100
(a)
....................
116,000
114,313
BP
Capital
Markets
PLC
,
4
.38
%
(
H15T5Y
+
404
bps
)
,
Callable
6/22/25
@
100
(b)
(i)
........
250,000
238,932
Brookfield
Finance
I
UK
PLC/Brookfield
Finance,
Inc.
,
2
.34
%
,
1/30/32
,
Callable
10/30/31
@
100
.............................................................
123,000
92,101
Brookfield
Finance,
Inc.
,
2
.72
%
,
4/15/31
,
Callable
1/15/31
@
100
....................
600,000
475,763
Credit
Suisse
Group
AG
,
3
.09
%
(
SOFR
+
173
bps
)
,
5/14/32
,
Callable
5/14/31
@
100
(a)
(b)
....
500,000
395,868
Deutsche
Bank
AG
,
3
.74
%
(
SOFR
+
226
bps
)
,
1/7/33
,
Callable
10/7/31
@
100
(b)
..........
750,000
538,909
HSBC
Holdings
PLC
,
8
.11
%
(
SOFR
+
425
bps
)
,
11/3/33
,
Callable
11/3/32
@
100
(b)
........
50,000
52,745
ING
Groep
NV
,
6
.11
%
(
SOFR
+
209
bps
)
,
9/11/34
,
Callable
9/11/33
@
100
(b)
............
182,000
176,846
Lloyds
Banking
Group
PLC
3
.75
%
(
H15T1Y
+
180
bps
)
,
3/18/28
,
Callable
3/18/27
@
100
(b)
..................
250,000
229,494
7
.95
%
(
H15T1Y
+
375
bps
)
,
11/15/33
,
Callable
8/15/32
@
100
(b)
.................
152,000
157,360
Macquarie
Bank
Ltd.
,
3
.05
%
(
H15T5Y
+
170
bps
)
,
3/3/36
,
Callable
3/3/31
@
100
(a)
(b)
......
250,000
186,313
Mizuho
Financial
Group,
Inc.
,
2
.56
%
,
9/13/31
..................................
500,000
378,240
nVent
Finance
Sarl
,
5
.65
%
,
5/15/33
,
Callable
2/15/33
@
100
........................
320,000
297,729
Societe
Generale
SA
3
.34
%
(
H15T1Y
+
160
bps
)
,
1/21/33
,
Callable
1/21/32
@
100
(a)
(b)
................
500,000
385,896
4
.03
%
(
H15T1Y
+
190
bps
)
,
1/21/43
,
Callable
1/21/42
@
100
(a)
(b)
................
250,000
157,037
Westpac
Banking
Corp.
,
3
.02
%
(
H15T5Y
+
153
bps
)
,
11/18/36
,
Callable
11/18/31
@
100
(b)
..
500,000
370,435
6,312,690
Health
Care
(0.1%):
STERIS
Irish
FinCo
Unlimited
Co.
,
2
.70
%
,
3/15/31
,
Callable
12/15/30
@
100
...........
400,000
323,827
Industrials
(0.2%):
Aircastle
Ltd.
,
6
.50
%
,
7/18/28
,
Callable
6/18/28
@
100
(a)
..........................
182,000
178,220
Spirit
Loyalty
Cayman
Ltd./Spirit
IP
Cayman
Ltd.
,
8
.00
%
,
9/20/25
,
Callable
10/16/23
@
104
(a)
...........................................................
300,000
299,730
477,950
Information
Technology
(0.4%):
NXP
BV/NXP
Funding
LLC/NXP
USA,
Inc.
,
2
.65
%
,
2/15/32
,
Callable
11/15/31
@
100
....
250,000
193,434
Open
Text
Corp.
,
6
.90
%
,
12/1/27
,
Callable
11/1/27
@
100
(a)
........................
144,000
144,279
Seagate
HDD
Cayman
8
.50
%
,
7/15/31
,
Callable
7/15/26
@
104.25
(a)
..............................
40,000
40,993
9
.63
%
,
12/1/32
,
Callable
12/1/27
@
104.81
(a)
..............................
205,450
221,332
SK
Hynix,
Inc.
,
6
.50
%
,
1/17/33
(a)
(h)
.........................................
322,000
314,469
914,507
Materials
(0.1%):
ArcelorMittal
SA
,
6
.80
%
,
11/29/32
,
Callable
8/29/32
@
100
........................
250,000
248,279
Yara
International
ASA
,
7
.38
%
,
11/14/32
,
Callable
8/14/32
@
100
(a)
..................
50,000
52,175
300,454
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
131
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Real
Estate
(0.7%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust
,
2
.50
%
,
10/15/31
,
Callable
7/15/31
@
100
(a)
...........................................................
$
2,142,000
$
1,616,738
Total
Yankee
Dollars
(Cost
$13,125,109)
11,374,242
Municipal
Bonds
(0.4%)
Louisiana
(0.1%):
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
,
Series
A
,
4
.48
%
,
8/1/39
.......................................
145,000
129,488
Montana
(0.1%):
Montana
Facility
Finance
Authority
Revenue
,
2
.44
%
,
8/15/31
.......................
250,000
196,451
New
York
(0.1%):
New
York
City
Housing
Development
Corp.
Revenue
,
3
.76
%
,
1/1/29
..................
250,000
227,026
South
Carolina
(0.1%):
County
of
Charleston
SC
Revenue
,
1
.92
%
,
12/1/29
...............................
250,000
205,522
Tennessee
(0.0%):(g)
Metropolitan
Government
Nashville
&
Davidson
County
Sports
Authority
Revenue
,
Series
D
,
5
.27
%
,
7/1/35
.....................................................
75,000
72,710
Total
Municipal
Bonds
(Cost
$970,000)
831,197
U.S.
Government
Mortgage-Backed
Agencies
(0.1%)
Federal
Home
Loan
Mortgage
Corporation
Series
5270
,
Class
AB
,
5
.50
%
,
1/25/49
...................................
271,980
264,461
Total
U.S.
Government
Mortgage-Backed
Agencies
(Cost
$267,957)
264,461
U.S.
Government
Agency
Mortgages
(9.6%)
Federal
Home
Loan
Mortgage
Corp.
5
.50
%
,
8/1/38
-
6/1/53
...............................................
1,038,826
1,010,894
4
.50
%
,
11/1/42
-
10/1/52
..............................................
948,880
873,903
5
.00
%
,
12/1/42
-
6/1/53
..............................................
2,526,924
2,389,407
4
.00
%
,
1/1/43
.....................................................
246,823
223,814
3
.00
%
,
1/1/52
-
5/1/52
...............................................
461,778
383,542
3
.50
%
,
7/1/52
.....................................................
326,793
281,171
6
.00
%
,
8/1/53
.....................................................
452,283
446,620
5,609,351
Federal
National
Mortgage
Association
5
.00
%
,
12/1/37
-
4/1/53
..............................................
828,434
799,305
4
.00
%
,
4/1/38
-
9/1/52
...............................................
2,742,492
2,463,921
3
.50
%
,
12/1/42
-
6/1/52
..............................................
524,190
454,922
2
.50
%
,
10/1/50
....................................................
250,109
198,582
3
.00
%
,
12/1/51
....................................................
258,278
214,008
4
.50
%
,
6/1/52
-
9/1/52
...............................................
1,833,822
1,683,325
5
.50
%
,
6/1/52
-
10/1/52
..............................................
1,341,419
1,297,535
6
.00
%
,
7/1/52
-
9/1/53
...............................................
739,726
730,888
7,842,486
Government
National
Mortgage
Association
5
.00
%
,
8/20/38
-
9/20/53
.............................................
1,250,586
1,192,926
Series
2023-131
,
Class
P
,
5
.50
%
,
6/20/48
-
9/20/53
...........................
1,644,488
1,598,421
3
.50
%
,
6/20/52
....................................................
200,098
173,726
4
.50
%
,
9/20/52
-
9/20/53
.............................................
1,086,518
1,003,324
2
.50
%
,
6/20/53
....................................................
524,325
429,378
6
.00
%
,
7/20/53
-
10/20/53
.............................................
1,627,285
1,613,338
6
.50
%
,
9/20/53
-
10/20/53
.............................................
755,562
761,097
6,772,210
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
132
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Federal
National
Mortgage
Association
Series
2022-88
,
Class
BA
,
5
.50
%
,
7/25/47
.................................
$
162,062
$
158,748
Government
National
Mortgage
Association
Series
2023-107
,
Class
PA
,
5
.50
%
,
1/20/46
-
6/20/48
.........................
481,071
474,531
474,531
Total
U.S.
Government
Agency
Mortgages
(Cost
$21,853,651)
20,857,326
U.S.
Treasury
Obligations
(20.9%)
U.S.
Treasury
Bonds
1
.38
%
,
11/15/40
....................................................
2,500,000
1,478,906
1
.75
%
,
8/15/41
....................................................
14,650,000
9,124,203
3
.38
%
,
8/15/42
....................................................
2,275,000
1,844,883
3
.88
%
,
5/15/43
....................................................
796,000
692,271
1
.25
%
,
5/15/50
....................................................
1,000,000
472,031
2
.00
%
,
8/15/51
....................................................
4,250,000
2,453,711
3
.63
%
,
2/15/53
....................................................
763,000
631,502
3
.63
%
,
5/15/53
....................................................
921,000
762,847
4
.13
%
,
8/15/53
....................................................
1,333,000
1,210,531
U.S.
Treasury
Notes
1
.25
%
,
8/15/31
....................................................
75,000
58,617
1
.88
%
,
2/15/32
....................................................
10,000,000
8,121,875
2
.75
%
,
8/15/32
....................................................
5,020,000
4,347,006
3
.50
%
,
2/15/33
....................................................
5,543,000
5,086,569
3
.38
%
,
5/15/33
....................................................
5,269,000
4,779,148
3
.88
%
,
8/15/33
....................................................
4,819,000
4,553,202
Total
U.S.
Treasury
Obligations
(Cost
$52,316,304)
45,617,302
Shares
Collateral
for
Securities
Loaned
(0.3%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.24
%
(j)
........
182,522
182,522
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.28
%
(j)
............
182,522
182,522
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.26
%
(j)
................
182,522
182,522
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.27
%
(j)
.
182,522
182,522
Total
Collateral
for
Securities
Loaned
(Cost
$730,088)
730,088
Total
Investments
(Cost
$240,763,341)
—
100.8%
219,974,174
Liabilities
in
excess
of
other
assets
—
(0.8)%
(
1,852,395
)
NET
ASSETS
-
100.00%
$
218,121,779
At
September
30,
2023,
the
Fund's
investments
in
foreign
securities
were
13.1%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2023,
the
fair
value
of
these
securities
was
$104,432,091
and
amounted
to
47.9%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
September
30,
2023.
(c)
Zero-coupon
bond.
(d)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
September
30,
2023.
(e)
Security
is
interest
only.
(f)
The
rates
for
this
senior
secured
loan
will
be
known
on
settlement
date
of
the
loan,
subsequent
to
this
report
date.
Senior
secured
loans
have
rates
that
will
fluctuate
over
time
in
line
with
prevailing
interest
rates.
(g)
Amount
represents
less
than
0.05%
of
net
assets.
(h)
All
or
a
portion
of
this
security
is
on
loan.
(i)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(j)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CLO
—
Collateralized
Loan
Obligations
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
September
30,
2023.
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
133
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
September
30,
2023.
H15T10Y
—
10
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
September
30,
2023.
LIBOR
—
London
Interbank
Offered
Rate
LIBOR01M
—
1
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
September
30,
2023,
based
on
the
last
reset
date
of
the
security.
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of  September
30,
2023.
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
September
30,
2023.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
September
30,
2023.
TSFR1M
—
1
month
Term
SOFR,
rate
disclosed
as
of
September
30,
2023.
TSFR3M
—
3
month
Term
SOFR,
rate
disclosed
as
of
September
30,
2023.
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
10-Year
U.S.
Treasury
Note
Futures
......
59
12/19/23
$
6,538,610
$
6,375,688
$
(
162,922
)
5-Year
U.S.
Treasury
Note
Futures
.......
12
12/29/23
1,281,217
1,264,313
(
16,904
)
U.S.
Long
Bond
Futures
..............
45
12/19/23
5,454,256
5,120,156
(
334,100
)
$
(
513,926
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
513,926
)
Total
net
unrealized
appreciation
(depreciation)
$
(
513,926
)
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
134
(Unaudited)
Security
Description
Principal
Amount
Value
Corporate
Bonds
(77.1%)
Communication
Services
(6.8%):
AT&T,
Inc.,
3.10%,
2/1/43,
Callable
8/1/42
@
100(a)
.............................
$
2,000,000
$
1,314,048
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital,
5.38%,
4/1/38,
Callable
10/1/37
@
100
.........................................
750,000
612,659
Comcast
Corp.,
2.89%,
11/1/51,
Callable
5/1/51
@
100(b)
..........................
1,000,000
589,500
Discovery
Communications
LLC,
3.95%,
3/20/28,
Callable
12/20/27
@
100
.............
500,000
455,479
Paramount
Global
3.38%,
2/15/28,
Callable
11/15/27
@
100
..................................
445,000
385,800
4.20%,
6/1/29,
Callable
3/1/29
@
100
....................................
750,000
645,387
T-Mobile
USA,
Inc.
2.55
%,
2/15/31,
Callable
11/15/30
@
100
..................................
1,500,000
1,194,021
2.25%,
11/15/31,
Callable
8/15/31
@
100
..................................
500,000
380,619
Verizon
Communications,
Inc.
1.75%,
1/20/31,
Callable
10/20/30
@
100
.................................
1,000,000
753,390
2.88%,
11/20/50
,
Callable
5/20/50
@
100
..................................
1,000,000
575,135
Warnermedia
Holdings,
Inc.,
5.05%,
3/15/42,
Callable
9/15/41
@
100(b)
...............
389,000
300,906
7,206,944
Consumer
Discretionary
(4.6%):
Advance
Auto
Parts,
Inc.,
3.50%,
3/15/32
,
Callable
12/15/31
@
100
...................
250,000
186,953
AutoNation,
Inc.,
3.85%,
3/1/32,
Callable
12/1/31
@
100
..........................
500,000
406,062
Brunswick
Corp.,
4.40%,
9/15/32,
Callable
6/15/32
@
100
.........................
250,000
202,985
Genuine
Parts
Co.,
2.75%,
2/1/32
,
Callable
11/1/31
@
100
.........................
167,000
130,024
Hasbro,
Inc.,
3.55%,
11/19/26,
Callable
9/19/26
@
100
............................
250,000
232,583
Kohl's
Corp.,
4.63%,
5/1/31,
Callable
2/1/31
@
100
..............................
250,000
168,272
Lowe's
Cos.,
Inc.,
2.80%,
9/15/41
,
Callable
3/15/41
@
100
.........................
1,000,000
646,188
Marriott
International,
Inc.,
3.50%,
10/15/32,
Callable
7/15/32
@
100
.................
250,000
204,484
Mattel,
Inc.,
3.75%,
4/1/29,
Callable
4/1/24
@
101.88(b)
...........................
250,000
217,562
Newell
Brands,
Inc.,
6.38%,
9/15/27,
Callable
6/15/27
@
100
.......................
250,000
238,424
Nissan
Motor
Acceptance
Co.
LLC,
6.95%,
9/15/26(b)
............................
250,000
251,683
Sodexo,
Inc.,
2.72%,
4/16/31,
Callable
1/16/31
@
100(b)
..........................
750,000
595,779
The
Home
Depot,
Inc.,
2.38%,
3/15/51,
Callable
9/15/50
@
100
.....................
600,000
329,394
Tractor
Supply
Co.
1.75%,
11/1/30,
Callable
8/1/30
@
100
...................................
500,000
379,920
5.25%,
5/15/33,
Callable
2/15/33
@
100
..................................
250,000
235,388
Volkswagen
Group
of
America
Finance
LLC,
4.60%,
6/8/29,
Callable
4/8/29
@
100(b)
.....
500,000
466,322
4,892,023
Consumer
Staples
(4.3%):
Anheuser-Busch
InBev
Worldwide,
Inc.
3.50%,
6/1/30,
Callable
3/1/30
@
100
....................................
500,000
445,155
3.75%,
7/15/42
....................................................
750,000
579,654
BAT
Capital
Corp.,
6.42%,
8/2/33,
Callable
5/2/33
@
100
..........................
200,000
194,018
Bunge
Ltd.
Finance
Corp.,
2.75%,
5/14/31,
Callable
2/14/31
@
100
...................
500,000
405,379
Church
&
Dwight
Co.,
Inc.,
2.30%,
12/15/31,
Callable
9/15/31
@
100
.................
250,000
199,296
Dollar
General
Corp.,
5.20%,
7/5/28,
Callable
6/5/28
@
100
........................
250,000
242,056
General
Mills,
Inc.,
2.25%,
10/14/31,
Callable
7/14/31
@
100
.......................
750,000
583,426
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.,
5.75%,
4/1/33,
Callable
1/1/33
@
100(b)
.........................................................
250,000
228,126
Keurig
Dr
Pepper,
Inc.
3.95%,
4/15/29,
Callable
2/15/29
@
100
..................................
250,000
230,520
4.50%,
4/15/52
,
Callable
10/15/51
@
100
.................................
75,000
58,988
McCormick
&
Co.,
Inc.,
1.85%,
2/15/31,
Callable
11/15/30
@
100
...................
500,000
380,349
Philip
Morris
International,
Inc.,
5.63%,
9/7/33,
Callable
6/7/33
@
100
................
500,000
480,959
Sysco
Corp.,
2.45%,
12/14/31,
Callable
9/14/31
@
100
............................
500,000
390,950
Walgreens
Boots
Alliance,
Inc.,
4.10%,
4/15/50,
Callable
10/15/49
@
100
..............
250,000
155,290
4,574,166
Energy
(2.9%):
Apache
Corp.,
4.25%,
1/15/44,
Callable
7/15/43
@
100
............................
250,000
161,694
Columbia
Pipelines
Opco,
6.54%,
11/15/53,
Callable
5/15/53
@
100(b)
................
200,000
195,384
ConocoPhillips
Co.,
5.55%,
3/15/54,
Callable
9/15/53
@
100
.......................
250,000
237,443
DCP
Midstream
Operating
LP,
5
.60%,
4/1/44,
Callable
10/1/43
@
100
.................
250,000
219,356
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
135
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Energy
Transfer
LP,
6.50%
(H15T5Y+569bps),
Callable
11/15/26
@
100(c)(d)
...........
$
250,000
$
230,218
MPLX
LP,
4.70%,
4/15/48,
Callable
10/15/47
@
100
.............................
500,000
378,919
Occidental
Petroleum
Corp.,
4.40%,
8/15/49,
Callable
2/15/49
@
100
.................
400,000
272,607
Patterson
UTI
Energy,
Inc.,
7.15%,
10/1/33,
Callable
7/1/33
@
100
...................
250,000
251,099
Phillips
66
Co.,
4.90%,
10/1/46,
Callable
4/1/46
@
100(b)
..........................
250,000
206,207
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.,
3.80%,
9/15/30,
Callable
6/15/30
@
100
500,000
428,925
Targa
Resources
Partners
LP/Targa
Resources
Partners
Finance
Corp.,
5.50%,
3/1/30,
Callable
3/1/25
@
102.75
...................................................
250,000
233,798
Western
Midstream
Operating
LP,
5.25%,
2/1/50,
Callable
8/1/49
@
100
...............
350,000
270,796
3,086,446
Financials
(23.4%):
Ally
Financial,
Inc.,
7.10%,
11/15/27,
Callable
10/15/27
@
100
......................
278,000
277,567
American
Express
Co.,
4.99%
(SOFR+226bps),
5/26/33,
Callable
2/26/32
@
100(c)
.......
500,000
456,666
AmFam
Holdings,
Inc.,
2.81%,
3/11/31,
Callable
12/11/30
@
100(b)
..................
500,000
361,270
Assurant,
Inc.,
2.65%,
1/15/32,
Callable
10/15/31
@
100
...........................
250,000
182,859
Bank
of
America
Corp.
4.38%
(H15T5Y+276bps),
Callable
1/27/27
@
100(c)(d)
......................
500,000
421,670
3.42%
(TSFR3M+130bps),
12/20/28,
Callable
12/20/27
@
100(c)
................
1,250,000
1,121,006
2.69%
(SOFR+132bps),
4/22/32
,
Callable
4/22/31
@
100(c)
....................
1,750,000
1,372,176
Blue
Owl
Finance
LLC,
3.13%,
6/10/31,
Callable
3/10/31
@
100(b)
..................
250,000
186,799
BMW
U.S.
Capital
LLC,
3.70%,
4/1/32,
Callable
1/1/32
@
100(b)
....................
250,000
218,308
Capital
One
Financial
Corp.,
5.82%
(SOFR+260bps),
2/1/34,
Callable
2/1/33
@
100(c)
.....
500,000
452,060
Citizens
Bank
NA,
6.06%
(SOFR+145bps),
10/24/25,
Callable
10/24/24
@
100(c)
........
250,000
241,266
Citizens
Bank
NA/Providence
RI,
4.12%
(
SOFR+140bps),
5/23/25,
Callable
5/23/24
@
100(c)
227,000
219,512
Corebridge
Global
Funding,
5.75%,
7/2/26(b)
...................................
250,000
247,050
Cullen/Frost
Bankers,
Inc.,
4.50%,
3/17/27,
Callable
2/17/27
@
100
...................
500,000
469,839
F&G
Global
Funding,
2.00%,
9/20/28(b)
......................................
250,000
203,282
Fells
Point
Funding
Trust,
3.05%,
1/31/27,
Callable
12/31/26
@
100(b)
................
750,000
680,025
Fifth
Third
Bancorp,
4.50%
(H15T5Y+422bps),
Callable
9/30/25
@
100(c)(d)
...........
250,000
225,393
First
American
Financial
Corp.,
2.40%,
8/15/31,
Callable
5/15/31
@
100
...............
750,000
556,040
Fiserv,
Inc.,
5.60%,
3/2/33,
Callable
12/2/32
@
100
..............................
250,000
242,129
Ford
Motor
Credit
Co.
LLC,
6.80%,
5/12/28,
Callable
4/12/28
@
100
.................
250,000
249,641
Glencore
Funding
LLC,
1.63%,
4/27/26,
Callable
3/27/26
@
100(b)
...................
300,000
270,134
Global
Atlantic
Fin
Co.,
3.13%,
6/15/31,
Callable
3/15/31
@
100(b)
...................
250,000
178,410
Global
Payments,
Inc.,
5.40%,
8/15/32
,
Callable
5/15/32
@
100
......................
250,000
233,845
Huntington
Bancshares,
Inc.
4.44%
(SOFR+197bps),
8/4/28,
Callable
8/4/27
@
100(c)
......................
250,000
231,284
2.49%
(H15T5Y+117bps),
8/15/36,
Callable
8/15/31
@
100(c)
..................
500,000
351,590
JPMorgan
Chase
&
Co.
4.60%
(TSFR3M+313bps),
Callable
2/1/25
@
100(c)(d)
.......................
500,000
468,273
2.95%
(SOFR+117bps),
2/24/28,
Callable
2/24/27
@
100(c)
....................
250,000
226,761
2.96%
(TSFR3M+252bps),
5/13/31,
Callable
5/13/30
@
100(c)
..................
250,000
205,783
1.95%
(SOFR+107bps),
2/4/32,
Callable
2/4/31
@
100(c)
......................
1,250,000
946,918
3.16%
(SOFR+146bps),
4/22/42,
Callable
4/22/41
@
100(c)
....................
500,000
342,395
3.33%
(SOFR+158bps),
4/22/52,
Callable
4/22/51
@
100(c)
....................
1,000,000
649,170
KeyBank
NA,
3.90%,
4/13/29
..............................................
500,000
406,099
M&T
Bank
Corp.,
5.05%
(SOFR+185bps),
1/27/34,
Callable
1/27/33
@
100(c)
..........
250,000
216,609
MetLife,
Inc.,
4.13%,
8/13/42
..............................................
500,000
391,156
Morgan
Stanley
1.59%
(SOFR+88bps),
5/4/27,
Callable
5/4/26
@
100(c)
.......................
2,250,000
2,003,052
1.93%
(SOFR+102bps),
4/28/32,
Callable
4/28/31
@
100,
MTN(c)
...............
250,000
185,462
2.48%
(SOFR+136bps),
9/16/36,
Callable
9/16/31
@
100(c)
....................
250,000
182,689
2.80%
(SOFR+143bps),
1/25/52,
Callable
1/25/51
@
100(c)
....................
1,000,000
582,590
New
York
Life
Global
Funding,
1.85%,
8/1/31(b)
................................
500,000
377,759
Northern
Trust
Corp.,
6.13%,
11/2/32,
Callable
8/2/32
@
100
.......................
500,000
493,057
OWL
Rock
Core
Income
Corp.,
4.70%,
2/8/27,
Callable
1/8/27
@
100(b)
...............
375,000
340,496
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.,
6.20%,
6/15/30,
Callable
4/15/30
@
100(b)
500,000
492,617
Primerica,
Inc.,
2.80%,
11/19/31
,
Callable
8/19/31
@
100
..........................
250,000
198,444
Prudential
Financial,
Inc.,
3.94%,
12/7/49,
Callable
6/7/49
@
100
....................
500,000
359,450
Regions
Bank,
6.45%,
6/26/37
.............................................
500,000
465,668
Santander
Holdings
USA,
Inc.,
6.57%
(SOFR+270bps),
6/12/29,
Callable
6/12/28
@
100(c)
.
250,000
243,668
State
Street
Corp.,
5.16%
(SOFR+189bps),
5/18/34,
Callable
5/18/33
@
100(c)
..........
250,000
232,372
Stewart
Information
Services
Corp.,
3.60%,
11/15/31,
Callable
8/15/31
@
100
...........
250,000
183,400
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
136
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
The
Allstate
Corp.,
8.56%
(TSFR3M+320bps),
8/15/53,
Callable
11/6/23
@
100(c)
........
$
500,000
$
494,343
The
Bank
of
New
York
Mellon
Corp.,
4.70%
(H15T5Y+436bps),
Callable
9/20/25
@
100(c)
(d)
.............................................................
250,000
241,485
The
Charles
Schwab
Corp.
5.38%
(H15T5Y+497bps),
Callable
6/1/25
@
100(c)(d)
.......................
250,000
240,795
5.85%
(SOFR+250bps),
5/19/34,
Callable
5/19/33
@
100(c)
....................
150,000
142,703
The
Huntington
National
Bank,
5.65%,
1/10/30,
Callable
11/10/29
@
100
..............
250,000
234,828
The
PNC
Financial
Services
Group,
Inc.,
2.55%,
1/22/30,
Callable
10/24/29
@
100
.......
1,000,000
810,243
Truist
Financial
Corp.
5.10%
(H15T10Y+435bps),
Callable
3/1/30
@
100(c)(d)
......................
500,000
428,323
1
.89%
(SOFR+86bps),
6/7/29,
Callable
6/7/28
@
100,
MTN(c)
..................
1,000,000
820,939
US
Bancorp,
5.78%
(SOFR+202bps),
6/12/29,
Callable
6/12/28
@
100(c)
..............
250,000
243,478
W
R
Berkley
Corp.,
3.55%,
3/30/52,
Callable
9/30/51
@
100
........................
250,000
159,949
Webster
Financial
Corp.,
4.10%,
3/25/29,
Callable
12/25/28
@
100
...................
500,000
428,523
Wells
Fargo
&
Co.
5.90%,
Callable
6/15/24
@
100(d)
.......................................
250,000
246,048
2.88%
(TSFR3M+143bps),
10/30/30,
Callable
10/30/29
@
100,
MTN(c)
...........
250,000
208,081
24,543,447
Health
Care
(6.2%):
AbbVie,
Inc.,
4.25%,
11/21/49,
Callable
5/21/49
@
100
...........................
500,000
396,010
Amgen,
Inc.
1.65%,
8/15/28,
Callable
6/15/28
@
100
..................................
500,000
420,323
4.20%,
2/22/52
,
Callable
8/22/51
@
100
..................................
250,000
186,639
Baxter
International,
Inc.,
2.54%,
2/1/32,
Callable
11/1/31
@
100(a)(b)
................
250,000
193,610
Bio-Rad
Laboratories,
Inc.,
3.30%,
3/15/27,
Callable
2/15/27
@
100
..................
250,000
230,511
Bristol-Myers
Squibb
Co.,
2.55%,
11/13/50,
Callable
5/13/50
@
100
..................
500,000
285,545
Cigna
Corp.,
3.40%,
3/1/27,
Callable
12/1/26
@
100
..............................
500,000
465,496
CVS
Health
Corp.,
1.75%,
8/21/30,
Callable
5/21/30
@
100
........................
1,500,000
1,152,793
DENTSPLY
SIRONA,
Inc.,
3.25%,
6/1/30,
Callable
3/1/30
@
100
....................
1,000,000
837,812
Fresenius
Medical
Care
U.S.
Finance
III,
Inc.,
2.38%,
2/16/31,
Callable
11/16/30
@
100(b)
..
500,000
363,491
HCA,
Inc.
4.38%,
3/15/42
,
Callable
9/15/41
@
100
..................................
94,000
71,736
5.90%,
6/1/53,
Callable
12/1/52
@
100
...................................
500,000
448,217
Illumina,
Inc.,
2.55%,
3/23/31,
Callable
12/23/30
@
100
...........................
500,000
388,036
PerkinElmer,
Inc.,
2.55%,
3/15/31,
Callable
12/15/30
@
100
........................
500,000
394,082
Roche
Holdings,
Inc.,
1.93%,
12/13/28,
Callable
10/13/28
@
100(b)
..................
500,000
426,361
Universal
Health
Services,
Inc.,
2.65%,
1/15/32,
Callable
10/15/31
@
100(b)
............
191,000
142,208
6,402,870
Industrials
(7.4%):
Acuity
Brands
Lighting,
Inc.,
2.15%,
12/15/30,
Callable
9/15/30
@
100
................
750,000
584,077
Air
Lease
Corp.,
2.88%,
1/15/32,
Callable
10/15/31
@
100
.........................
250,000
195,170
Ashtead
Capital,
Inc.,
5.50%,
8/11/32,
Callable
5/11/32
@
100(b)
....................
500,000
461,968
Burlington
Northern
Santa
Fe
LLC,
3.90%,
8/1/46,
Callable
2/1/46
@
100
..............
500,000
374,490
Carlisle
Cos.,
Inc.,
2.75%,
3/1/30,
Callable
12/1/29
@
100
.........................
700,000
578,299
Carrier
Global
Corp.,
3
.38%,
4/5/40,
Callable
10/5/39
@
100
.......................
750,000
536,130
Daimler
Truck
Finance
North
America
LLC,
2.38%,
12/14/28(b)
.....................
350,000
296,923
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.,
4.75%,
10/20/28(b)
.........................
250,000
237,780
FedEx
Corp.,
4
.05%,
2/15/48,
Callable
8/15/47
@
100
............................
250,000
182,538
Fortune
Brands
Innovations,
Inc.,
4.00%,
3/25/32,
Callable
12/25/31
@
100
.............
250,000
213,229
GXO
Logistics,
Inc.,
2.65%,
7/15/31,
Callable
4/15/31
@
100
.......................
750,000
571,527
HEICO
Corp.,
5.25%,
8/1/28,
Callable
7/1/28
@
100
.............................
250,000
243,933
Hubbell,
Inc.,
2.30%,
3/15/31,
Callable
12/15/30
@
100
...........................
500,000
395,193
Leidos,
Inc.,
5.75%,
3/15/33,
Callable
12/15/32
@
100
............................
250,000
239,099
Otis
Worldwide
Corp.,
3.11%,
2/15/40,
Callable
8/15/39
@
100
......................
500,000
357,038
Quanta
Services,
Inc.,
2.90%,
10/1/30,
Callable
7/1/30
@
100
.......................
500,000
407,743
Raytheon
Technologies
Corp.,
4.20%,
12/15/44,
Callable
6/15/44
@
100
...............
250,000
181,955
Regal
Rexnord
Corp.,
6.40%,
4/15/33,
Callable
1/15/33
@
100(b)
....................
81,000
77,976
Ryder
System,
Inc.,
2.85%,
3/1/27,
Callable
2/1/27
@
100,
MTN
.....................
500,000
454,547
The
Boeing
Co.
3.63%,
2/1/31,
Callable
11/1/30
@
100
...................................
500,000
431,018
5.81%,
5/1/50,
Callable
11/1/49
@
100
...................................
500,000
452,711
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
137
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
The
Timken
Co.,
4.13%,
4/1/32,
Callable
1/1/32
@
100
............................
$
500,000
$
427,274
7,900,618
Information
Technology
(6.0%):
Autodesk,
Inc.,
2
.40%,
12/15/31,
Callable
9/15/31
@
100
..........................
750,000
590,163
Broadcom,
Inc.,
2.60%,
2/15/33,
Callable
11/15/32
@
100(b)
.......................
1,000,000
745,750
Dell
International
LLC/EMC
Corp.
5.75%,
2/1/33,
Callable
11/1/32
@
100
...................................
40,000
38,883
3.38%,
12/15/41,
Callable
6/15/41
@
100(b)
...............................
500,000
334,827
Jabil,
Inc.,
3.00%,
1/15/31,
Callable
10/15/30
@
100
..............................
500,000
404,704
Micron
Technology,
Inc.,
5.88%,
2/9/33,
Callable
11/9/32
@
100
.....................
250,000
238,916
Microsoft
Corp.,
2.53%,
6/1/50,
Callable
12/1/49
@
100
...........................
250,000
152,225
Oracle
Corp.
1.65%,
3/25/26,
Callable
2/25/26
@
100
..................................
1,000,000
905,466
3.60%,
4/1/50,
Callable
10/1/49
@
100
...................................
650,000
420,102
Qorvo,
Inc.,
3.38%,
4/1/31,
Callable
4/1/26
@
101.69(b)
...........................
1,000,000
792,597
TSMC
Arizona
Corp.,
2.50%,
10/25/31,
Callable
7/25/31
@
100
.....................
1,000,000
804,778
Western
Digital
Corp.,
2.85%,
2/1/29,
Callable
12/1/28
@
100
.......................
500,000
400,737
Workday,
Inc.,
3.70%,
4/1/29,
Callable
2/1/29
@
100
.............................
500,000
453,445
6,282,593
Materials
(4.5%):
Albemarle
Corp.,
4.65%,
6/1/27,
Callable
5/1/27
@
100
...........................
250,000
239,555
Amcor
Finance
USA,
Inc.,
5.63%,
5/26/33
,
Callable
2/26/33
@
100
...................
227,000
217,815
AptarGroup,
Inc.,
3.60%,
3/15/32,
Callable
12/15/31
@
100
........................
588,000
486,496
Avery
Dennison
Corp.,
2.25%,
2/15/32,
Callable
11/15/31
@
100
....................
500,000
375,563
Bayport
Polymers
LLC,
4.74%
,
4/14/27,
Callable
3/14/27
@
100(b)
...................
500,000
462,181
Celanese
U.S.
Holdings
LLC,
6.33%,
7/15/29,
Callable
5/15/29
@
100
................
128,000
125,468
Eagle
Materials,
Inc.,
2.50%,
7/1/31,
Callable
4/1/31
@
100
........................
250,000
194,943
Ecolab,
Inc.,
2.70%,
12/15/51,
Callable
6/15/51
@
100
............................
250,000
146,400
LYB
International
Finance
III
LLC
5.63%,
5/15/33,
Callable
2/15/33
@
100
..................................
150,000
144,268
4.20%,
5/1/50,
Callable
11/1/49
@
100
...................................
500,000
351,926
Packaging
Corp.
of
America,
3.05%,
10/1/51,
Callable
4/1/51
@
100
..................
750,000
445,770
Reliance
Steel
&
Aluminum
Co.,
2.15%,
8/15/30,
Callable
5/15/30
@
100
..............
500,000
391,477
The
Dow
Chemical
Co.,
6.30%,
3/15/33,
Callable
12/15/32
@
100(a)
..................
500,000
515,331
WRKCo,
Inc.,
3.00%,
6/15/33,
Callable
3/15/33
@
100
............................
750,000
587,170
4,684,363
Real
Estate
(4.9%):
Alexandria
Real
Estate
Equities,
Inc.,
2.00%,
5/18/32,
Callable
2/18/32
@
100
...........
1,000,000
727,060
Boston
Properties
LP,
2.55%,
4/1/32,
Callable
1/1/32
@
100
........................
500,000
360,917
CBRE
Services,
Inc.
2.50%,
4/1/31,
Callable
1/1/31
@
100
....................................
250,000
193,241
5.95%,
8/15/34,
Callable
5/15/34
@
100
..................................
250,000
235,841
Crown
Castle,
Inc.
2.25%,
1/15/31,
Callable
10/15/30
@
100
.................................
250,000
194,069
2.90%,
4/1/41,
Callable
10/1/40
@
100
...................................
250,000
160,216
ERP
Operating
LP,
2.85%,
11/1/26,
Callable
8/1/26
@
100
.........................
500,000
461,823
Essex
Portfolio
LP,
2.65%,
3/15/32,
Callable
12/15/31
@
100
.......................
500,000
384,207
GLP
Capital
LP/GLP
Financing
II,
Inc.
5.38%,
4/15/26,
Callable
1/15/26
@
100
..................................
200,000
194,021
3.25%,
1/15/32,
Callable
10/15/31
@
100
.................................
117,000
90,685
Highwoods
Realty,
LP,
2.60%,
2/1/31,
Callable
11/1/30
@
100
......................
400,000
287,688
Host
Hotels
&
Resorts
LP,
3.50%,
9/15/30,
Callable
6/15/30
@
100
...................
500,000
416,425
Kilroy
Realty
LP,
2.65%,
11/15/33,
Callable
8/15/33
@
100
........................
650,000
436,609
Physicians
Realty
LP,
2.63%,
11/1/31,
Callable
8/1/31
@
100
.......................
250,000
188,654
Retail
Opportunity
Investments
Partnership
LP,
6.75%,
10/15/28,
Callable
9/15/28
@
100
...
250,000
246,526
SBA
Tower
Trust,
6.60%,
1/15/28
,
Callable
1/15/27
@
100(b)
.......................
210,000
210,549
Simon
Property
Group
LP,
2.25%,
1/15/32,
Callable
10/15/31
@
100
..................
250,000
187,529
VICI
Properties
LP,
4.75%,
2/15/28,
Callable
1/15/28
@
100
........................
250,000
233,870
5,209,930
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
138
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Utilities
(6.1%):
Alabama
Power
Co.,
3.13%,
7/15/51,
Callable
1/15/51
@
100
.......................
$
500,000
$
304,956
Ameren
Corp.,
3.50%,
1/15/31,
Callable
10/15/30
@
100
..........................
250,000
214,518
DTE
Electric
Co.,
3.65%,
3/1/52,
Callable
9/1/51
@
100
...........................
500,000
350,412
Duke
Energy
Carolinas
LLC,
2.85%,
3/15/32,
Callable
12/15/31
@
100
................
250,000
204,025
Duke
Energy
Florida
LLC,
2.40%,
12/15/31,
Callable
9/15/31
@
100
..................
1,000,000
789,813
Duquesne
Light
Holdings,
Inc.,
2.78%,
1/7/32
,
Callable
10/7/31
@
100(b)
..............
250,000
185,660
Entergy
Corp.,
2.40%,
6/15/31,
Callable
3/5/31
@
100
............................
500,000
390,290
Florida
Power
&
Light
Co.
3.15%,
10/1/49,
Callable
4/1/49
@
100
...................................
250,000
163,144
2.88%,
12/4/51
,
Callable
6/4/51
@
100
...................................
500,000
303,662
ITC
Holdings
Corp.,
3.35%,
11/15/27,
Callable
8/15/27
@
100
......................
500,000
456,521
MidAmerican
Energy
Co.,
2.70%,
8/1/52,
Callable
2/1/52
@
100
.....................
500,000
283,000
NextEra
Energy
Capital
Holdings,
Inc.
5.75%
(SOFRINDX+40bps),
11/3/23(c)
...................................
250,000
249,979
2.44%,
1/15/32,
Callable
10/15/31
@
100
.................................
500,000
386,802
Oglethorpe
Power
Corp.,
4.50%,
4/1/47,
Callable
10/1/46
@
100
.....................
312,000
232,608
Oncor
Electric
Delivery
Co.
LLC,
3.75%,
4/1/45,
Callable
10/1/44
@
100
..............
500,000
370,080
PECO
Energy
Co.,
3.00%,
9/15/49,
Callable
3/15/49
@
100
........................
500,000
311,008
Piedmont
Natural
Gas
Co.,
Inc.,
5.40%,
6/15/33,
Callable
3/15/33
@
100
...............
250,000
238,475
Southwestern
Electric
Power
Co.,
3.25%,
11/1/51,
Callable
5/1/51
@
100
...............
250,000
150,283
Union
Electric
Co.,
2.15%,
3/15/32,
Callable
12/15/31
@
100
.......................
500,000
382,714
Wisconsin
Public
Service
Corp.,
2
.85%,
12/1/51,
Callable
6/1/51
@
100
...............
250,000
145,927
Xcel
Energy,
Inc.,
2.35%,
11/15/31,
Callable
5/15/31
@
100
........................
500,000
381,347
6,495,224
Total
Corporate
Bonds
(Cost
$99,144,043)
81,278,624
Yankee
Dollars
(18.2%)
Communication
Services
(0.4%):
Rogers
Communications,
Inc.,
4.50%,
3/15/42,
Callable
9/15/41
@
100(b)
..............
500,000
387,024
Consumer
Staples
(0.9%):
Alimentation
Couche-Tard,
Inc.,
2.95%,
1/25/30,
Callable
10/25/29
@
100(b)
............
500,000
415,730
Bacardi
Ltd./Bacardi-Martini
BV,
5.40%,
6/15/33,
Callable
3/15/33
@
100(b)
............
300,000
281,502
Becle
SAB
de
CV,
2.50%,
10/14/31,
Callable
7/14/31
@
100(b)
......................
250,000
190,869
888,101
Energy
(0.6%):
Shell
International
Finance
BV,
2.75%,
4/6/30,
Callable
1/6/30
@
100
.................
500,000
430,371
Var
Energi
ASA,
8.00%,
11/15/32,
Callable
8/15/32
@
100(b)
.......................
250,000
261,578
691,949
Financials
(12.5%):
Allianz
SE,
6.35%
(H15T5Y+323bps),
9/6/53,
Callable
3/6/33
@
100(b)(c)
.............
200,000
193,977
Banco
Santander
SA,
6.92%,
8/8/33
.........................................
200,000
191,333
Bank
of
New
Zealand,
2.87%,
1/27/32(b)
......................................
250,000
198,444
Barclays
PLC
5.83%
(SOFR+221bps),
5/9/27,
Callable
5/9/26
@
100(c)
......................
250,000
245,489
4.95%,
1/10/47
....................................................
1,000,000
805,516
BNP
Paribas
SA,
4.63%,
3/13/27(b)
..........................................
500,000
473,334
BP
Capital
Markets
PLC
4.38%
(H15T5Y+404bps),
Callable
6/22/25
@
100(c)(d)
......................
500,000
477,864
4.88%
(H15T5Y+440bps),
Callable
3/22/30
@
100(c)(d)
......................
250,000
223,863
BPCE
SA,
3.25%,
1/11/28(b)
..............................................
250,000
223,023
Brookfield
Finance,
Inc.,
2.72%,
4/15/31,
Callable
1/15/31
@
100
....................
500,000
396,469
Canadian
Imperial
Bank
of
Commerce
7.26%,
4/10/32(b)
..................................................
215,624
223,285
6.09%,
10/3/33,
Callable
7/3/33
@
100
...................................
250,000
248,426
Commonwealth
Bank
of
Australia,
2.69%,
3/11/31(b)
.............................
500,000
380,928
Credit
Agricole
SA,
3.25%,
10/4/24(b)
........................................
500,000
486,492
Credit
Suisse
Group
AG
3.09%
(SOFR+173bps),
5/14/32,
Callable
5/14/31
@
100(b)(c)
..................
500,000
395,869
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
139
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
9.02%
(SOFR+502bps),
11/15/33
,
Callable
11/15/32
@
100(b)(c)
................
$
250,000
$
288,940
Deutsche
Bank
AG,
4.88%
(USISDA05+255bps),
12/1/32,
Callable
12/1/27
@
100(c)
.....
500,000
426,454
Enel
Finance
International
NV,
7.50%,
10/14/32,
Callable
7/14/32
@
100(b)
.............
500,000
533,597
HSBC
Holdings
PLC,
2.21%
(SOFR+129bps),
8/17/29,
Callable
8/17/28
@
100(c)
........
1,000,000
824,691
JAB
Holdings
BV,
4.50%,
4/8/52,
Callable
10/8/51
@
100(b)
.......................
250,000
174,996
Lloyds
Banking
Group
PLC
1.63%
(H15T1Y+85bps),
5/11/27,
Callable
5/11/26
@
100(c)
...................
1,000,000
886,270
7.95%
(H15T1Y+375bps),
11/15/33,
Callable
8/15/32
@
100(c)
.................
303,000
313,685
Macquarie
Bank
Ltd.,
3.05%
(H15T5Y+170bps),
3/3/36,
Callable
3/3/31
@
100(b)(c)
......
500,000
372,625
NatWest
Group
PLC,
1.64%
(H15T1Y+90bps),
6/14/27,
Callable
6/14/26
@
100(c)
.......
1,000,000
882,582
Shell
International
Finance
BV,
2.88%,
11/26/41,
Callable
5/26/41
@
100
..............
500,000
339,128
Societe
Generale
SA,
1.49%
(H15T1Y+110bps
),
12/14/26,
Callable
12/14/25
@
100(b)(c)
..
500,000
446,337
Standard
Chartered
PLC,
7.77%
(H15T1Y+345bps),
11/16/28,
Callable
11/16/27
@
100(b)(c)
500,000
522,947
Sumitomo
Mitsui
Financial
Group,
Inc.,
2.47%,
1/14/29
...........................
250,000
210,447
The
Bank
of
Nova
Scotia,
4.50%,
12/16/25
....................................
500,000
482,707
The
Toronto-Dominion
Bank,
3.63%
(USSW5+221bps),
9/15/31,
Callable
9/15/26
@
100(c)
.
500,000
462,264
UBS
Group
AG,
4.28%,
1/9/28,
Callable
1/9/27
@
100(b)
..........................
217,000
199,521
Westpac
Banking
Corp.,
4.32%
(USISOA05+224bps),
11/23/31,
Callable
11/23/26
@
100(c)
.
500,000
463,281
12,994,784
Health
Care
(0.8%):
Olympus
Corp.,
2.14%,
12/8/26,
Callable
11/8/26
@
100(b)
........................
152,000
135,451
Royalty
Pharma
PLC,
3.55%,
9/2/50,
Callable
3/2/50
@
100
........................
750,000
459,408
Smith
&
Nephew
PLC,
2.03%,
10/14/30,
Callable
7/14/30
@
100
....................
475,000
365,484
960,343
Industrials
(1.3%):
Ferguson
Finance
PLC
3.25%,
6/2/30,
Callable
3/2/30
@
100(b)
..................................
500,000
423,337
4.65%,
4/20/32,
Callable
1/20/32
@
100(b)
................................
250,000
224,485
Pentair
Finance
Sarl,
5.90%,
7/15/32,
Callable
4/15/32
@
100
.......................
500,000
488,304
Trane
Technologies
Financing
Ltd.,
5.25%,
3/3/33,
Callable
12/3/32
@
100
.............
250,000
240,855
1,376,981
Information
Technology
(0.6%):
Open
Text
Corp.,
6.90%,
12/1/27,
Callable
11/1/27
@
100(b)
.......................
338,000
338,656
SK
Hynix,
Inc.,
6.50%,
1/17/33(a)(b)
.........................................
321,000
313,492
652,148
Materials
(0.7%):
ArcelorMittal
SA,
6.80%,
11/29/32,
Callable
8/29/32
@
100
........................
250,000
248,279
Braskem
Netherlands
Finance
BV,
7.25%,
2/13/33,
Callable
11/13/32
@
100(b)
..........
100,000
91,747
CCL
Industries,
Inc.,
3.25%,
10/1/26,
Callable
7/1/26
@
100(b)
......................
500,000
461,354
801,380
Real
Estate
(0.4%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust,
2.50%,
10/15/31
,
Callable
7/15/31
@
100(b)
...........................................................
504,000
380,409
Total
Yankee
Dollars
(Cost
$21,904,248)
19,133,119
U.S.
Treasury
Obligations
(2.0%)
U.S.
Treasury
Bonds
3.88%,
5/15/43
....................................................
500,000
434,844
4.13%,
8/15/53
....................................................
500,000
454,063
U.S.
Treasury
Notes,
1.13%,
1/15/25
.........................................
1,250,000
1,184,814
Total
U.S.
Treasury
Obligations
(Cost
$2,146,842)
2,073,721
Commercial
Papers
(1.7%)
Financials
(1.5%):
Brookfield
COR
Treasury,
5.48%,
10/4/23(b)(e)
.................................
500,000
499,620
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
140
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Hannover
Funding
Co.
LLC,
5.48%,
10/2/23(b)(e)
...............................
$
1,000,000
$
999,543
1,499,163
Industrials
(0.2%):
Equifax,
Inc.,
5.43%,
10/2/23(b)(e)
..........................................
250,000
249,887
Total
Commercial
Papers
(Cost
$1,749,572)
1,749,050
Shares
Collateral
for
Securities
Loaned
(1.0%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.24%(f)
........
256,731
256,731
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.28%(f)
............
256,731
256,731
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.26%(f)
................
256,731
256,731
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.27%(f)
.
256,731
256,731
Total
Collateral
for
Securities
Loaned
(Cost
$1,026,924)
1,026,924
Total
Investments
(Cost
$125,971,629)
—
100.0%
105,261,438
Other
assets
in
excess
of
liabilities
—
0.0%(g)
24,603
NET
ASSETS
-
100.00%
$
105,286,041
At
September
30,
2023,
the
Fund's
investments
in
foreign
securities
were
18.2%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2023,
the
fair
value
of
these
securities
was
$22,308,499
and
amounted
to
21.2%
of
net
assets.
(c)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
September
30,
2023.
(d)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(e)
Rate
represents
the
effective
yield
at
September
30,
2023.
(f)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
(g)
Amount
represents
less
than
0.05%
of
net
assets.
bps
—
Basis
points
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
September
30,
2023.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
September
30,
2023.
H15T10Y
—
10
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
September
30,
2023.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of  September
30,
2023.
TSFR3M
—
3
month
Term
SOFR,
rate
disclosed
as
of
September
30,
2023.
USISOA05
—
1
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
September
30,
2023,
based
on
the
last
reset
date
of
the
security.
USISDA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
September
30,
2023.
USSW5
—
USD
5
Year
Swap
Rate,
rate
disclosed
as
of
September
30,
2023.
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
II
VictoryShares
THB
Mid
Cap
ESG
ETF
141
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.7%)
Aerospace
&
Defense
(4.1%):
HEICO
Corp.
..........................................................
597
$
96,672
Building
Products
(2.9%):
Carlisle
Cos.,
Inc.
.......................................................
266
68,963
Commercial
Services
&
Supplies
(11.8%):
Cintas
Corp.
..........................................................
168
80,810
Copart,
Inc.
(a)
.........................................................
2,560
110,310
Rollins,
Inc.
...........................................................
2,267
84,627
275,747
Consumer
Discretionary
(13.6%):
LKQ
Corp.
...........................................................
1,176
58,224
NVR,
Inc.
(a)
..........................................................
17
101,376
Pool
Corp.
............................................................
238
84,752
Ross
Stores,
Inc.
.......................................................
669
75,564
319,916
Consumer
Staples
(2.8%):
Darling
Ingredients,
Inc.
(a)
................................................
1,249
65,198
Ground
Transportation
(8.9%):
J.B.
Hunt
Transport
Services,
Inc.
...........................................
373
70,318
Landstar
System,
Inc.
....................................................
333
58,921
Old
Dominion
Freight
Line,
Inc.
............................................
193
78,964
208,203
Health
Care
(16.8%):
Chemed
Corp.
.........................................................
158
82,113
Hologic,
Inc.
(a)
........................................................
1,151
79,879
Laboratory
Corp.
of
America
Holdings
........................................
358
71,976
STERIS
PLC
..........................................................
356
78,114
Waters
Corp.
(a)
........................................................
296
81,166
393,248
Information
Technology
(17.5%):
Amphenol
Corp.
,
Class
A
.................................................
1,130
94,908
Keysight
Technologies,
Inc.
(a)
.............................................
430
56,893
Littelfuse,
Inc.
.........................................................
256
63,314
PTC,
Inc.
(a)
...........................................................
550
77,924
Teledyne
Technologies,
Inc.
(a)
.............................................
184
75,179
Zebra
Technologies
Corp.
(a)
...............................................
166
39,264
407,482
Machinery
(6.2%):
Graco,
Inc.
...........................................................
1,068
77,836
The
Toro
Co.
..........................................................
812
67,477
145,313
Materials
(3.3%):
Crown
Holdings,
Inc.
....................................................
865
76,535
Professional
Services
(8.3%):
CACI
International,
Inc.
,
Class
A
(a)
.........................................
257
80,680
Verisk
Analytics,
Inc.
....................................................
484
114,340
195,020
Victory
Portfolios
II
VictoryShares
THB
Mid
Cap
ESG
ETF
142
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Trading
Companies
&
Distributors
(3.5%):
Fastenal
Co.
...........................................................
1,500
$
81,960
Total
Common
Stocks
(Cost
$2,294,529)
2,334,257
Total
Investments
(Cost
$2,294,529)
—
99.7%
2,334,257
Other
assets
in
excess
of
liabilities
—
0.3%
6,589
NET
ASSETS
-
100.00%
$
2,340,846
(a)
Non-income
producing
security.
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
143
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.5%)
Biotechnology
(4.8%):
AbbVie,
Inc.
..........................................................
21,645
$
3,226,404
Alnylam
Pharmaceuticals,
Inc.
(a)
...........................................
1,486
263,171
Amgen,
Inc.
...........................................................
6,547
1,759,572
Biogen,
Inc.
(a)
.........................................................
1,728
444,113
BioMarin
Pharmaceutical,
Inc.
(a)
...........................................
2,199
194,568
Gilead
Sciences,
Inc.
....................................................
15,242
1,142,235
Horizon
Therapeutics
PLC
(a)
..............................................
2,776
321,155
Incyte
Corp.
(a)
.........................................................
2,790
161,178
Moderna,
Inc.
(a)
.......................................................
3,996
412,747
Regeneron
Pharmaceuticals,
Inc.
(a)
..........................................
1,276
1,050,097
Seagen,
Inc.
(a)
.........................................................
2,237
474,580
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
3,103
1,079,037
10,528,857
Communication
Services
(13.1%):
Activision
Blizzard,
Inc.
..................................................
6,347
594,270
Alphabet,
Inc.
,
Class
C
(a)
.................................................
44,341
5,846,361
Alphabet,
Inc.
,
Class
A
(a)
.................................................
50,958
6,668,364
AT&T,
Inc.
...........................................................
61,857
929,092
Charter
Communications,
Inc.
,
Class
A
(a)
.....................................
889
391,000
Comcast
Corp.
,
Class
A
..................................................
36,143
1,602,580
Electronic
Arts,
Inc.
.....................................................
2,223
267,649
Fox
Corp.
,
Class
A
......................................................
2,483
77,470
Fox
Corp.
,
Class
B
......................................................
1,182
34,136
Liberty
Broadband
Corp.
,
Class
C
(a)
.........................................
980
89,494
Liberty
Media
Corp.
Liberty
Live
(a)
.........................................
67
2,151
Liberty
Media
Corp.-Liberty
Formula
One
(a)
...................................
1,688
105,162
Live
Nation
Entertainment,
Inc.
(a)
...........................................
1,262
104,796
Meta
Platforms,
Inc.
,
Class
A
(a)
............................................
19,186
5,759,829
Netflix,
Inc.
(a)
.........................................................
3,759
1,419,398
Omnicom
Group,
Inc.
....................................................
1,703
126,839
Paramount
Global
,
Class
B
................................................
5,011
64,642
Pinterest,
Inc.
,
Class
A
(a)
.................................................
4,999
135,123
ROBLOX
Corp.
,
Class
A
(a)
...............................................
3,662
106,052
Sirius
XM
Holdings,
Inc.
(b)
...............................................
6,055
27,369
Snap,
Inc.
,
Class
A
(a)
....................................................
8,278
73,757
Take-Two
Interactive
Software,
Inc.
(a)
........................................
1,353
189,948
The
Interpublic
Group
of
Cos.,
Inc.
..........................................
3,221
92,314
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
3,769
294,547
The
Walt
Disney
Co.
(a)
..................................................
15,898
1,288,533
T-Mobile
U.S.,
Inc.
......................................................
4,534
634,987
Verizon
Communications,
Inc.
..............................................
36,622
1,186,919
Warner
Bros
Discovery,
Inc.
(a)
.............................................
19,105
207,480
28,320,262
Consumer
Discretionary
(10.5%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
2,286
313,662
Amazon.com,
Inc.
(a)
....................................................
54,972
6,988,041
AutoZone,
Inc.
(a)
.......................................................
105
266,699
Best
Buy
Co.,
Inc.
......................................................
1,228
85,309
Booking
Holdings,
Inc.
(a)
.................................................
203
626,041
Burlington
Stores,
Inc.
(a)
.................................................
430
58,179
Chipotle
Mexican
Grill,
Inc.
(a)
.............................................
150
274,775
Coupang,
Inc.
(a)
.......................................................
6,874
116,858
Darden
Restaurants,
Inc.
..................................................
741
106,126
DoorDash,
Inc.
,
Class
A
(a)
................................................
1,440
114,437
DR
Horton,
Inc.
........................................................
1,876
201,614
eBay,
Inc.
............................................................
3,227
142,278
Etsy,
Inc.
(a)
...........................................................
752
48,564
Expedia
Group,
Inc.
(a)
...................................................
869
89,568
Ford
Motor
Co.
........................................................
23,729
294,714
General
Motors
Co.
.....................................................
8,489
279,882
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
144
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Genuine
Parts
Co.
......................................................
835
$
120,557
Hilton
Worldwide
Holdings,
Inc.
............................................
1,577
236,834
Las
Vegas
Sands
Corp.
...................................................
2,014
92,322
Lennar
Corp.
,
Class
A
....................................................
1,507
169,131
LKQ
Corp.
...........................................................
1,606
79,513
Lowe's
Cos.,
Inc.
.......................................................
3,693
767,553
Lucid
Group,
Inc.
(a)
(b)
...................................................
4,099
22,913
Lululemon
Athletica,
Inc.
(a)
...............................................
684
263,757
Marriott
International,
Inc.
,
Class
A
..........................................
1,577
309,975
McDonald's
Corp.
......................................................
4,466
1,176,522
MGM
Resorts
International
................................................
1,956
71,903
NIKE,
Inc.
,
Class
B
.....................................................
7,493
716,481
NVR,
Inc.
(a)
..........................................................
17
101,376
O'Reilly
Automotive,
Inc.
(a)
...............................................
410
372,633
Pool
Corp.
............................................................
207
73,713
PulteGroup,
Inc.
........................................................
1,368
101,300
Rivian
Automotive,
Inc.
,
Class
A
(a)
..........................................
3,591
87,189
Ross
Stores,
Inc.
.......................................................
2,073
234,145
Royal
Caribbean
Cruises
Ltd.
(a)
............................................
1,350
124,389
Starbucks
Corp.
........................................................
6,792
619,906
Tesla,
Inc.
(a)
..........................................................
16,314
4,082,090
The
Home
Depot,
Inc.
...................................................
6,167
1,863,421
The
TJX
Cos.,
Inc.
......................................................
7,100
631,048
Tractor
Supply
Co.
......................................................
676
137,262
Ulta
Beauty,
Inc.
(a)
.....................................................
278
111,047
Yum
China
Holdings,
Inc.
.................................................
2,418
134,731
Yum!
Brands,
Inc.
......................................................
1,696
211,898
22,920,356
Consumer
Staples
(14.3%):
Altria
Group,
Inc.
.......................................................
24,031
1,010,504
Archer-Daniels-Midland
Co.
...............................................
7,190
542,270
Brown-Forman
Corp.
,
Class
B
.............................................
3,991
230,241
Bunge
Ltd.
...........................................................
1,976
213,902
Campbell
Soup
Co.
.....................................................
2,670
109,684
Church
&
Dwight
Co.,
Inc.
................................................
3,224
295,415
Colgate-Palmolive
Co.
...................................................
11,062
786,619
Conagra
Brands,
Inc.
....................................................
6,339
173,815
Constellation
Brands,
Inc.
,
Class
A
..........................................
2,203
553,680
Costco
Wholesale
Corp.
..................................................
5,915
3,341,739
Dollar
General
Corp.
....................................................
2,984
315,707
Dollar
Tree,
Inc.
(a)
......................................................
2,949
313,921
General
Mills,
Inc.
......................................................
7,892
505,009
Hormel
Foods
Corp.
.....................................................
3,847
146,301
Kellanova
............................................................
4,510
268,390
Keurig
Dr
Pepper,
Inc.
...................................................
12,036
379,977
Kimberly-Clark
Corp.
....................................................
4,495
543,221
Lamb
Weston
Holdings,
Inc.
...............................................
1,907
176,321
McCormick
&
Co.,
Inc.
..................................................
3,360
254,150
Mondelez
International,
Inc.
,
Class
A
.........................................
18,203
1,263,289
Monster
Beverage
Corp.
(a)
................................................
9,868
522,511
PepsiCo,
Inc.
..........................................................
18,370
3,112,613
Philip
Morris
International,
Inc.
.............................................
20,696
1,916,035
Sysco
Corp.
...........................................................
6,782
447,951
Target
Corp.
..........................................................
6,100
674,477
The
Clorox
Co.
........................................................
1,632
213,890
The
Coca-Cola
Co.
......................................................
57,132
3,198,248
The
Estee
Lauder
Cos.,
Inc.
...............................................
3,023
436,975
The
Hershey
Co.
.......................................................
1,987
397,559
The
J.M.
Smucker
Co.
...................................................
1,394
171,337
The
Kraft
Heinz
Co.
.....................................................
14,711
494,878
The
Kroger
Co.
........................................................
9,449
422,843
The
Procter
&
Gamble
Co.
................................................
31,391
4,578,691
Tyson
Foods,
Inc.
,
Class
A
................................................
3,723
187,974
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
145
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Walgreens
Boots
Alliance,
Inc.
.............................................
9,591
$
213,304
Walmart,
Inc.
..........................................................
18,680
2,987,492
31,400,933
Health
Care
Equipment
&
Supplies
(5.0%):
Abbott
Laboratories
.....................................................
20,836
2,017,968
Align
Technology,
Inc.
(a)
.................................................
860
262,575
Baxter
International,
Inc.
.................................................
6,137
231,610
Becton
Dickinson
&
Co.
..................................................
3,458
893,997
Boston
Scientific
Corp.
(a)
.................................................
17,183
907,262
Dexcom,
Inc.
(a)
........................................................
4,568
426,194
Edwards
Lifesciences
Corp.
(a)
.............................................
7,298
505,605
GE
HealthCare
Technologies,
Inc.
...........................................
4,416
300,465
Hologic,
Inc.
(a)
........................................................
2,795
193,973
IDEXX
Laboratories,
Inc.
(a)
...............................................
938
410,159
Insulet
Corp.
(a)
........................................................
825
131,579
Intuitive
Surgical,
Inc.
(a)
.................................................
4,225
1,234,925
Medtronic
PLC
........................................................
16,151
1,265,592
ResMed,
Inc.
..........................................................
1,760
260,251
STERIS
PLC
..........................................................
1,218
267,254
Stryker
Corp.
..........................................................
4,279
1,169,322
The
Cooper
Cos.,
Inc.
....................................................
607
193,032
Zimmer
Biomet
Holdings,
Inc.
.............................................
2,403
269,665
10,941,428
Health
Care
Providers
&
Services
(5.9%):
Cardinal
Health,
Inc.
....................................................
3,096
268,795
Cencora,
Inc.
..........................................................
2,074
373,258
Centene
Corp.
(a)
.......................................................
6,653
458,259
CVS
Health
Corp.
......................................................
15,663
1,093,591
Elevance
Health,
Inc.
....................................................
2,906
1,265,330
HCA
Healthcare,
Inc.
....................................................
2,477
609,292
Humana,
Inc.
..........................................................
1,524
741,456
Laboratory
Corp.
of
America
Holdings
........................................
1,036
208,288
McKesson
Corp.
.......................................................
1,651
717,937
Molina
Healthcare,
Inc.
(a)
................................................
708
232,146
Quest
Diagnostics,
Inc.
...................................................
1,359
165,608
The
Cigna
Group
.......................................................
3,565
1,019,840
UnitedHealth
Group,
Inc.
.................................................
11,450
5,772,975
12,926,775
Health
Care
Technology
(0.2%):
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
1,670
339,762
Information
Technology
(24.8%):
Accenture
PLC
,
Class
A
..................................................
3,492
1,072,428
Adobe,
Inc.
(a)
.........................................................
2,376
1,211,522
Advanced
Micro
Devices,
Inc.
(a)
............................................
8,384
862,043
Amphenol
Corp.
,
Class
A
.................................................
3,099
260,284
Analog
Devices,
Inc.
....................................................
2,681
469,416
ANSYS,
Inc.
(a)
........................................................
478
142,229
Apple,
Inc.
...........................................................
83,685
14,327,709
Applied
Materials,
Inc.
...................................................
4,434
613,887
Arista
Networks,
Inc.
(a)
..................................................
1,414
260,077
Aspen
Technology,
Inc.
(a)
.................................................
306
62,504
Atlassian
Corp.
,
Class
A
(a)
................................................
766
154,357
Autodesk,
Inc.
(a)
.......................................................
1,170
242,085
Broadcom,
Inc.
........................................................
2,176
1,807,342
Cadence
Design
Systems,
Inc.
(a)
............................................
1,422
333,175
CDW
Corp.
...........................................................
718
144,863
Cisco
Systems,
Inc.
.....................................................
22,006
1,183,043
Cloudflare,
Inc.
,
Class
A
(a)
................................................
1,456
91,786
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
2,711
183,643
Corning,
Inc.
..........................................................
3,993
121,667
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
146
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
1,148
$
192,152
Datadog,
Inc.
,
Class
A
(a)
.................................................
1,352
123,154
DocuSign,
Inc.
(a)
.......................................................
1,016
42,672
Dynatrace,
Inc.
(a)
......................................................
1,158
54,113
Enphase
Energy,
Inc.
(a)
..................................................
703
84,465
Entegris,
Inc.
..........................................................
770
72,311
EPAM
Systems,
Inc.
(a)
...................................................
267
68,269
Fair
Isaac
Corp.
(a)
......................................................
116
100,749
First
Solar,
Inc.
(a)
......................................................
550
88,875
Fortinet,
Inc.
(a)
........................................................
3,754
220,285
Gartner,
Inc.
(a)
........................................................
413
141,911
Gen
Digital,
Inc.
.......................................................
3,048
53,889
GLOBALFOUNDRIES,
Inc.
(a)
(b)
..........................................
434
25,254
Hewlett
Packard
Enterprise
Co.
.............................................
6,793
117,994
HP,
Inc.
..............................................................
5,166
132,766
HubSpot,
Inc.
(a)
.......................................................
220
108,350
Intel
Corp.
............................................................
21,843
776,519
International
Business
Machines
Corp.
........................................
4,818
675,965
Intuit,
Inc.
............................................................
1,433
732,177
Keysight
Technologies,
Inc.
(a)
.............................................
912
120,667
KLA
Corp.
...........................................................
732
335,739
Lam
Research
Corp.
.....................................................
702
439,993
Marvell
Technology,
Inc.
.................................................
4,481
242,557
Microchip
Technology,
Inc.
................................................
2,811
219,399
Micron
Technology,
Inc.
..................................................
5,732
389,948
Microsoft
Corp.
........................................................
38,496
12,155,112
MongoDB,
Inc.
(a)
......................................................
314
108,600
Monolithic
Power
Systems,
Inc.
............................................
195
90,090
Motorola
Solutions,
Inc.
..................................................
872
237,393
NetApp,
Inc.
..........................................................
1,169
88,704
NVIDIA
Corp.
.........................................................
12,428
5,406,055
ON
Semiconductor
Corp.
(a)
...............................................
2,258
209,881
Oracle
Corp.
..........................................................
8,109
858,905
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
8,932
142,912
Palo
Alto
Networks,
Inc.
(a)
................................................
1,557
365,023
PTC,
Inc.
(a)
...........................................................
593
84,016
QUALCOMM,
Inc.
.....................................................
5,884
653,477
Roper
Technologies,
Inc.
..................................................
578
279,914
Salesforce,
Inc.
(a)
......................................................
5,103
1,034,786
Seagate
Technology
Holdings
PLC
..........................................
1,051
69,313
ServiceNow,
Inc.
(a)
.....................................................
1,026
573,493
Skyworks
Solutions,
Inc.
.................................................
824
81,238
Snowflake,
Inc.
,
Class
A
(a)
................................................
1,450
221,517
Splunk,
Inc.
(a)
.........................................................
773
113,051
Synopsys,
Inc.
(a)
.......................................................
789
362,127
Teledyne
Technologies,
Inc.
(a)
.............................................
220
89,888
Teradyne,
Inc.
.........................................................
812
81,574
Texas
Instruments,
Inc.
...................................................
4,736
753,071
Trimble,
Inc.
(a)
........................................................
1,309
70,503
Tyler
Technologies,
Inc.
(a)
................................................
197
76,070
VeriSign,
Inc.
(a)
........................................................
564
114,227
VMware,
Inc.
,
Class
A
(a)
.................................................
1,161
193,283
Western
Digital
Corp.
(a)
..................................................
1,620
73,921
Workday,
Inc.
,
Class
A
(a)
.................................................
1,017
218,502
Zebra
Technologies
Corp.
(a)
...............................................
196
46,360
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
..................................
1,167
81,620
Zscaler,
Inc.
(a)
.........................................................
472
73,438
54,112,297
Life
Sciences
Tools
&
Services
(3.2%):
Agilent
Technologies,
Inc.
.................................................
3,602
402,776
Avantor,
Inc.
(a)
........................................................
7,899
166,511
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
........................................
228
81,727
Danaher
Corp.
.........................................................
8,087
2,006,385
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
147
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
ICON
PLC
(a)
.........................................................
963
$
237,139
Illumina,
Inc.
(a)
........................................................
1,931
265,088
IQVIA
Holdings,
Inc.
(a)
..................................................
2,239
440,523
Mettler-Toledo
International,
Inc.
(a)
.........................................
237
262,613
Revvity,
Inc.
..........................................................
1,579
174,795
Thermo
Fisher
Scientific,
Inc.
..............................................
4,650
2,353,690
Waters
Corp.
(a)
........................................................
726
199,076
West
Pharmaceutical
Services,
Inc.
..........................................
888
333,186
6,923,509
Pharmaceuticals
(8.6%):
Bristol-Myers
Squibb
Co.
.................................................
25,734
1,493,601
Catalent,
Inc.
(a)
........................................................
2,100
95,613
Eli
Lilly
&
Co.
.........................................................
10,354
5,561,444
Johnson
&
Johnson
.....................................................
31,134
4,849,121
Merck
&
Co.,
Inc.
......................................................
31,651
3,258,470
Pfizer,
Inc.
............................................................
68,215
2,262,692
Royalty
Pharma
PLC
,
Class
A
..............................................
4,549
123,460
Viatris,
Inc.
...........................................................
14,578
143,739
Zoetis,
Inc.
...........................................................
5,650
982,987
18,771,127
Utilities
(9.1%):
Alliant
Energy
Corp.
....................................................
5,950
288,278
Ameren
Corp.
.........................................................
6,111
457,286
American
Electric
Power
Co.,
Inc.
...........................................
12,226
919,640
American
Water
Works
Co.,
Inc.
............................................
4,308
533,460
Atmos
Energy
Corp.
.....................................................
3,420
362,281
Avangrid,
Inc.
.........................................................
1,635
49,328
CenterPoint
Energy,
Inc.
..................................................
14,670
393,890
CMS
Energy
Corp.
......................................................
6,819
362,157
Consolidated
Edison,
Inc.
.................................................
8,396
718,110
Constellation
Energy
Corp.
................................................
7,765
847,006
Dominion
Energy,
Inc.
...................................................
19,767
882,992
DTE
Energy
Co.
.......................................................
4,847
481,210
Duke
Energy
Corp.
......................................................
18,293
1,614,540
Edison
International
.....................................................
9,025
571,192
Entergy
Corp.
.........................................................
5,022
464,535
Evergy,
Inc.
...........................................................
5,360
271,752
Eversource
Energy
......................................................
8,247
479,563
Exelon
Corp.
..........................................................
23,553
890,068
FirstEnergy
Corp.
.......................................................
13,558
463,412
NextEra
Energy,
Inc.
....................................................
46,751
2,678,366
PG&E
Corp.
(a)
........................................................
41,319
666,475
PPL
Corp.
............................................................
17,466
411,499
Public
Service
Enterprise
Group,
Inc.
.........................................
11,825
672,961
Sempra
Energy
........................................................
14,872
1,011,742
The
AES
Corp.
........................................................
15,648
237,850
The
Southern
Co.
.......................................................
25,818
1,670,941
WEC
Energy
Group,
Inc.
.................................................
7,515
605,333
Xcel
Energy,
Inc.
.......................................................
13,019
744,947
19,750,814
Total
Common
Stocks
(Cost
$201,567,324)
216,936,120
Rights
(0.0%)(c)
Health
Care
(0.0%):(c)
ABIOMED,
Inc.
CVR
1/2/26
(a)
(d)
..........................................
532
543
Total
Rights
(Cost
$–)
543
Collateral
for
Securities
Loaned
(0.0%)^(c)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.24
%
(e)
........
16,845
16,845
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
148
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.28
%
(e)
............
16,845
$
16,845
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.26
%
(e)
...............
16,845
16,845
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.27
%
(e)
.
16,845
16,845
Total
Collateral
for
Securities
Loaned
(Cost
$67,380)
67,380
Total
Investments
(Cost
$201,634,704)
—
99.5%
217,004,043
Other
assets
in
excess
of
liabilities
—
0.5%
1,054,603
NET
ASSETS
-
100.00%
$
218,058,646
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
September
30,
2023.
(e)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
CVR
—
Contingent
Value
Right
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
5
12/15/23
$
1,112,161
$
1,081,375
$
(
30,786
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
30,786
)
Total
net
unrealized
appreciation
(depreciation)
$
(
30,786
)
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
II
VictoryShares
Free
Cash
Flow
ETF
149
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.5%)
Biotechnology
(5.8%):
AbbVie,
Inc.
..........................................................
19,360
$
2,885,801
Incyte
Corp.
(a)
.........................................................
19,666
1,136,105
United
Therapeutics
Corp.
(a)
..............................................
4,570
1,032,226
5,054,132
Consumer
Discretionary
(15.5%):
Booking
Holdings,
Inc.
(a)
.................................................
602
1,856,538
DR
Horton,
Inc.
........................................................
18,257
1,962,080
Expedia
Group,
Inc.
(a)
...................................................
33,293
3,431,509
Lennar
Corp.
,
Class
A
....................................................
20,188
2,265,699
NVR,
Inc.
(a)
..........................................................
244
1,455,045
PulteGroup,
Inc.
........................................................
34,842
2,580,050
13,550,921
Energy
(24.7%):
Cheniere
Energy,
Inc.
....................................................
5,392
894,856
Chevron
Corp.
.........................................................
12,000
2,023,440
ConocoPhillips
........................................................
11,464
1,373,387
Coterra
Energy,
Inc.
.....................................................
31,931
863,734
Devon
Energy
Corp.
.....................................................
21,779
1,038,858
Diamondback
Energy,
Inc.
................................................
7,079
1,096,396
EOG
Resources,
Inc.
....................................................
8,051
1,020,545
EQT
Corp.
............................................................
18,859
765,298
Exxon
Mobil
Corp.
.....................................................
19,520
2,295,162
Marathon
Oil
Corp.
.....................................................
49,331
1,319,604
Marathon
Petroleum
Corp.
................................................
14,266
2,159,016
Occidental
Petroleum
Corp.
...............................................
18,811
1,220,458
Ovintiv,
Inc.
..........................................................
15,512
737,906
Phillips
66
............................................................
12,908
1,550,896
Pioneer
Natural
Resources
Co.
.............................................
4,150
952,633
Valero
Energy
Corp.
.....................................................
16,333
2,314,549
21,626,738
Health
Care
Providers
&
Services
(21.6%):
Cardinal
Health,
Inc.
....................................................
24,258
2,106,080
Cencora,
Inc.
..........................................................
7,544
1,357,694
Centene
Corp.
(a)
.......................................................
31,337
2,158,493
CVS
Health
Corp.
......................................................
45,723
3,192,379
Elevance
Health,
Inc.
....................................................
5,577
2,428,337
Humana,
Inc.
..........................................................
3,411
1,659,520
McKesson
Corp.
.......................................................
4,457
1,938,126
Molina
Healthcare,
Inc.
(a)
................................................
3,834
1,257,130
The
Cigna
Group
.......................................................
9,840
2,814,929
18,912,688
Industrials
(5.9%):
Builders
FirstSource,
Inc.
(a)
...............................................
11,768
1,464,998
Delta
Air
Lines,
Inc.
.....................................................
39,603
1,465,311
EMCOR
Group,
Inc.
....................................................
3,949
830,830
Owens
Corning
........................................................
9,756
1,330,816
5,091,955
Information
Technology
(11.0%):
Amdocs
Ltd.
..........................................................
11,359
959,722
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
16,547
1,232,421
Microchip
Technology,
Inc.
................................................
20,368
1,589,722
QUALCOMM,
Inc.
.....................................................
22,192
2,464,644
Skyworks
Solutions,
Inc.
.................................................
19,800
1,952,082
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
..................................
19,945
1,394,953
9,593,544
Materials
(6.7%):
CF
Industries
Holdings,
Inc.
...............................................
31,479
2,699,010
Victory
Portfolios
II
VictoryShares
Free
Cash
Flow
ETF
150
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Nucor
Corp.
...........................................................
11,022
$
1,723,290
The
Mosaic
Co.
........................................................
39,229
1,396,552
5,818,852
Pharmaceuticals
(5.8%):
Bristol-Myers
Squibb
Co.
.................................................
58,720
3,408,109
Royalty
Pharma
PLC
,
Class
A
..............................................
60,235
1,634,778
5,042,887
Utilities
(2.5%):
Vistra
Corp.
...........................................................
65,360
2,168,645
Total
Common
Stocks
(Cost
$86,222,045)
86,860,362
Total
Investments
(Cost
$86,222,045)
—
99.5%
86,860,362
Other
assets
in
excess
of
liabilities
—
0.5%
409,195
NET
ASSETS
-
100.00%
$
87,269,557
(a)
Non-income
producing
security.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
2
12/15/23
$
445,551
$
432,550
$
(
13,001
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
13,001
)
Total
net
unrealized
appreciation
(depreciation)
$
(
13,001
)
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
151
(Unaudited)
Security
Description
Principal
Amount
Value
Asset-Backed
Securities
(31.9%)
ABS
Auto
(21.3%):
American
Credit
Acceptance
Receivables
Trust
,
Series
2022-1
,
Class
C
,
2
.12
%
,
3/13/28
,
Callable
1/13/25
@
100
(a)
............................................
$
1,000,000
$
979,857
American
Credit
Acceptance
Receivables
Trust
,
Series
2023-2
,
Class
C
,
5
.96
%
,
8/13/29
,
Callable
3/12/26
@
100
(a)
............................................
1,000,000
988,303
American
Credit
Acceptance
Receivables
Trust
,
Series
2023-1B
,
Class
B
,
5
.38
%
,
5/12/27
,
Callable
8/12/25
@
100
(a)
............................................
1,000,000
988,466
AmeriCredit
Automobile
Receivables
Trust
,
Series
2021-2
,
Class
C
,
1
.01
%
,
1/19/27
,
Callable
10/18/25
@
100
....................................................
1,000,000
920,107
AmeriCredit
Automobile
Receivables
Trust
,
Series
2021-1
,
Class
D
,
1
.21
%
,
12/18/26
,
Callable
4/18/25
@
100
.....................................................
1,000,000
916,363
ARI
Fleet
Lease
Trust
,
Series
2022-A
,
Class
A3
,
3
.43
%
,
1/15/31
,
Callable
12/15/24
@
100
(a)
762,000
733,503
ARI
Fleet
Lease
Trust
,
Series
2022-A
,
Class
A2
,
3
.12
%
,
1/15/31
,
Callable
12/15/24
@
100
(a)
511,800
505,683
Avis
Budget
Rental
Car
Funding
AESOP
LLC
,
Series
2019-2A
,
Class
B
,
3
.55
%
,
9/22/25
,
Callable
10/20/24
@
100
(a)
...........................................
1,000,000
976,754
Avis
Budget
Rental
Car
Funding
AESOP
LLC
,
Series
2022-5A
,
Class
B
,
7
.09
%
,
4/20/27
(a)
..
1,000,000
1,007,235
Avis
Budget
Rental
Car
Funding
AESOP
LLC
,
Series
2023-5A
,
Class
B
,
6
.12
%
,
4/20/28
(a)
..
1,000,000
983,626
Canadian
Pacer
Auto
Receivables
Trust
,
Series
2020-1A
,
Class
C
,
2
.49
%
,
5/19/26
,
Callable
11/19/23
@
100
(a)
..................................................
1,000,000
995,009
Canadian
Pacer
Auto
Receivables
Trust
,
Series
2020-1A
,
Class
B
,
2
.00
%
,
7/21/25
,
Callable
11/19/23
@
100
(a)
..................................................
1,156,000
1,150,172
Carmax
Auto
Owner
Trust
,
Series
2023-2
,
Class
C
,
5
.57
%
,
11/15/28
,
Callable
6/15/26
@
100
1,000,000
972,702
CarMax
Auto
Owner
Trust
,
Series
2021-2
,
Class
A3
,
0
.52
%
,
2/17/26
,
Callable
4/15/25
@
100
1,058,377
1,027,669
CarMax
Auto
Owner
Trust
,
Series
2021-3
,
Class
D
,
1
.50
%
,
1/18/28
,
Callable
8/15/25
@
100
.
500,000
447,163
CarMax
Auto
Owner
Trust
,
Series
2020-4
,
Class
A3
,
0
.50
%
,
8/15/25
,
Callable
10/15/24
@
100
281,932
277,032
CarNow
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
A
,
6
.62
%
,
12/16/24
(a)
...........
83,877
83,903
Carvana
Auto
Receivables
Trust
,
Series
2021-N4
,
Class
C
,
1
.72
%
,
9/11/28
,
Callable
12/10/26
@
100
...........................................................
373,597
354,276
Carvana
Auto
Receivables
Trust
,
Series
2021-N1
,
Class
C
,
1
.30
%
,
1/10/28
,
Callable
11/10/25
@
100
...........................................................
409,143
382,257
Carvana
Auto
Receivables
Trust
,
Series
2021-N1
,
Class
A
,
0
.70
%
,
1/10/28
,
Callable
11/10/25
@
100
...........................................................
389,457
368,175
Chase
Auto
Owner
Trust
,
Series
2023-AA
,
Class
D
,
6
.85
%
,
6/25/31
,
Callable
5/25/28
@
100
(a)
...........................................................
1,878,000
1,870,173
Chesapeake
Funding
II
LLC
,
Series
2023-1A
,
Class
D
,
6
.69
%
,
5/15/35
,
Callable
11/15/25
@
100
(a)
...........................................................
375,000
371,537
Chesapeake
Funding
II
LLC
,
Series
2023-1A
,
Class
B
,
5
.59
%
,
5/15/35
,
Callable
11/15/25
@
100
(a)
...........................................................
176,000
173,534
Chesapeake
Funding
II
LLC
,
Series
2023-1A
,
Class
C
,
6
.07
%
,
5/15/35
,
Callable
11/15/25
@
100
(a)
...........................................................
200,000
197,851
Chesapeake
Funding
II
LLC
,
Series
2023-2A
,
Class
C
,
6
.15
%
,
10/15/35
(a)
..............
765,000
761,612
Chesapeake
Funding
II
LLC
,
Series
2023-2A
,
Class
B
,
5
.97
%
,
10/15/35
(a)
..............
791,000
791,504
Citizens
Auto
Receivables
Trust
,
Series
2023-2
,
Class
A4
,
5
.74
%
,
10/15/30
,
Callable
2/15/27
@
100
(a)
.........................................................
1,000,000
999,729
Citizens
Auto
Receivables
Trust
,
Series
2023-1
,
Class
A4
,
5
.78
%
,
10/15/30
,
Callable
2/15/27
@
100
(a)
.........................................................
2,000,000
2,000,643
CPS
Auto
Receivables
Trust
,
Series
2022-A
,
Class
B
,
1
.70
%
,
4/16/29
,
Callable
2/15/26
@
100
(a)
...........................................................
746,219
736,988
CPS
Auto
Receivables
Trust
,
Series
2022-D
,
Class
B
,
6
.84
%
,
1/16/29
,
Callable
12/15/26
@
100
(a)
...........................................................
1,500,000
1,517,015
Credit
Acceptance
Auto
Loan
Trust
,
Series
2023-2A
,
Class
C
,
7
.15
%
,
9/15/33
,
Callable
12/15/26
@
100
(a)
..................................................
1,000,000
1,004,402
Credit
Acceptance
Auto
Loan
Trust
,
Series
2021-4
,
Class
A
,
1
.26
%
,
10/15/30
,
Callable
5/15/25
@
100
(a)
.........................................................
333,000
322,727
Credit
Acceptance
Auto
Loan
Trust
,
Series
2022-3A
,
Class
C
,
8
.45
%
,
2/15/33
,
Callable
10/15/26
@
100
(a)
..................................................
1,000,000
1,031,629
Credit
Acceptance
Auto
Loan
Trust
,
Series
2021-4
,
Class
B
,
1
.74
%
,
12/16/30
,
Callable
5/15/25
@
100
(a)
.........................................................
320,000
298,800
Credit
Acceptance
Auto
Loan
Trust
,
Series
2022-1A
,
Class
B
,
4
.95
%
,
8/16/32
,
Callable
4/15/26
@
100
(a)
.........................................................
1,000,000
961,819
Credit
Acceptance
Auto
Loan
Trust
,
Series
2023-1A
,
Class
B
,
7
.02
%
,
5/16/33
,
Callable
11/15/26
@
100
(a)
..................................................
1,000,000
1,000,629
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
152
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Credit
Acceptance
Auto
Loan
Trust
,
Series
2023-3A
,
Class
C
,
7
.62
%
,
12/15/33
,
Callable
3/15/27
@
100
(a)
...................................................
$
977,000
$
993,163
Drive
Auto
Receivables
Trust
,
Series
2021-1
,
Class
C
,
1
.02
%
,
6/15/27
,
Callable
1/15/25
@
100
246,790
243,683
Drive
Auto
Receivables
Trust
,
Series
2021-2
,
Class
D
,
1
.39
%
,
3/15/29
,
Callable
4/15/25
@
100
2,000,000
1,872,999
DT
Auto
Owner
Trust
,
Series
2019-4A
,
Class
E
,
3
.93
%
,
10/15/26
,
Callable
4/15/24
@
100
(a)
1,000,000
983,950
DT
Auto
Owner
Trust
,
Series
2020-2A
,
Class
D
,
4
.73
%
,
3/16/26
,
Callable
9/15/24
@
100
(a)
.
500,000
493,781
DT
Auto
Owner
Trust
,
Series
2019-2A
,
Class
E
,
4
.46
%
,
5/15/26
,
Callable
10/15/23
@
100
(a)
2,160,593
2,159,323
DT
Auto
Owner
Trust
,
Series
2020-1A
,
Class
E
,
3
.48
%
,
2/16/27
,
Callable
8/15/24
@
100
(a)
.
1,000,000
971,125
Ent
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
B
,
6
.45
%
,
1/15/30
,
Callable
3/15/28
@
100
(a)
...........................................................
400,000
399,962
Ent
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
C
,
6
.77
%
,
4/15/30
,
Callable
3/15/28
@
100
(a)
...........................................................
327,600
327,573
Ent
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
A4
,
6
.26
%
,
11/15/29
,
Callable
3/15/28
@
100
(a)
...........................................................
500,000
500,018
Enterprise
Fleet
Financing
LLC
,
Series
2023-2
,
Class
A2
,
5
.56
%
,
4/22/30
,
Callable
2/20/27
@
100
(a)
...........................................................
1,000,000
992,295
Enterprise
Fleet
Financing
LLC
,
Series
2022-1
,
Class
A2
,
3
.03
%
,
1/20/28
,
Callable
6/20/25
@
100
(a)
...........................................................
306,887
299,866
Enterprise
Fleet
Financing
LLC
,
Series
2022-3
,
Class
A3
,
4
.29
%
,
7/20/29
,
Callable
2/20/26
@
100
(a)
...........................................................
1,125,000
1,076,095
Enterprise
Fleet
Financing
LLC
,
Series
2022-2
,
Class
A2
,
4
.65
%
,
5/21/29
,
Callable
12/20/25
@
100
(a)
.........................................................
749,107
737,952
Enterprise
Fleet
Financing
LLC
,
Series
2022-4
,
Class
A3
,
5
.65
%
,
10/22/29
,
Callable
3/20/26
@
100
(a)
.........................................................
1,000,000
988,939
Exeter
Automobile
Receivables
Trust
,
Series
2020-2A
,
Class
E
,
7
.19
%
,
9/15/27
,
Callable
10/15/24
@
100
(a)
..................................................
1,010,000
1,015,250
Exeter
Automobile
Receivables
Trust
,
Series
2021-2A
,
Class
C
,
0
.98
%
,
6/15/26
,
Callable
7/15/25
@
100
.....................................................
898,074
881,606
Exeter
Automobile
Receivables
Trust
,
Series
2022-5A
,
Class
C
,
6
.51
%
,
12/15/27
,
Callable
5/15/26
@
100
.....................................................
1,000,000
998,320
Exeter
Automobile
Receivables
Trust
,
Series
2020-1A
,
Class
E
,
3
.74
%
,
1/15/27
,
Callable
8/15/24
@
100
(a)
...................................................
250,000
240,980
Exeter
Automobile
Receivables
Trust
,
Series
2021-4
,
Class
C
,
1
.46
%
,
10/15/27
,
Callable
10/15/25
@
100
....................................................
1,000,000
967,363
Flagship
Credit
Auto
Trust
,
Series
4
,
Class
C
,
1
.96
%
,
12/15/27
,
Callable
2/15/26
@
100
(a)
..
1,000,000
929,096
Flagship
Credit
Auto
Trust
,
Series
4
,
Class
B
,
1
.49
%
,
2/15/27
,
Callable
2/15/26
@
100
(a)
...
1,000,000
951,227
Flagship
Credit
Auto
Trust
,
Series
2019-4
,
Class
E
,
4
.11
%
,
3/15/27
,
Callable
12/15/24
@
100
(a)
...........................................................
1,000,000
946,982
Ford
Credit
Auto
Lease
Trust
,
Series
2023-A
,
Class
C
,
5
.54
%
,
12/15/26
,
Callable
8/15/25
@
100
.............................................................
360,000
353,171
Ford
Credit
Auto
Lease
Trust
,
Series
2023-B
,
Class
C
,
6
.43
%
,
4/15/27
,
Callable
3/15/26
@
100
786,000
784,095
Ford
Credit
Auto
Lease
Trust
,
Series
2022-A
,
Class
B
,
3
.81
%
,
8/15/25
,
Callable
10/15/24
@
100
.............................................................
643,000
629,432
Ford
Credit
Auto
Owner
Trust
,
Series
2023-1
,
Class
D
,
6
.26
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...........................................................
2,290,000
2,212,520
Ford
Credit
Auto
Owner
Trust
,
Series
2023-1
,
Class
B
,
5
.29
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...........................................................
822,000
789,879
Ford
Credit
Auto
Owner
Trust
,
Series
2023-1
,
Class
C
,
5
.58
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...........................................................
1,000,000
969,333
Foursight
Capital
Automobile
Receivables
Trust
,
Series
2022-1
,
Class
A3
,
1
.83
%
,
12/15/26
,
Callable
4/15/25
@
100
(a)
............................................
600,000
588,554
Foursight
Capital
Automobile
Receivables
Trust
,
Series
2023-1
,
Class
B
,
5
.35
%
,
3/15/28
,
Callable
12/15/25
@
100
(a)
...........................................
626,000
612,132
Foursight
Capital
Automobile
Receivables
Trust
,
Series
2022-2
,
Class
A3
,
4
.59
%
,
6/15/27
,
Callable
8/15/25
@
100
(a)
............................................
1,000,000
986,851
Foursight
Capital
Automobile
Receivables
Trust
,
Series
2022-1
,
Class
B
,
2
.15
%
,
5/17/27
,
Callable
4/15/25
@
100
(a)
............................................
1,000,000
957,070
GECU
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
A4
,
5
.79
%
,
10/15/29
,
Callable
11/15/28
@
100
(a)
.........................................................
1,000,000
989,101
GECU
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
B
,
5
.87
%
,
1/15/30
,
Callable
11/15/28
@
100
(a)
...........................................................
415,000
408,190
GECU
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
C
,
6
.33
%
,
4/15/30
,
Callable
11/15/28
@
100
(a)
...........................................................
250,000
247,568
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
153
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
GLS
Auto
Receivables
Issuer
Trust
,
Series
2019-2A
,
Class
D
,
4
.52
%
,
2/17/26
,
Callable
12/15/23
@
100
(a)
..................................................
$
1,750,000
$
1,745,651
GLS
Auto
Receivables
Issuer
Trust
,
Series
2022-2A
,
Class
B
,
4
.70
%
,
9/15/26
,
Callable
8/15/26
@
100
(a)
.........................................................
1,000,000
986,641
GLS
Auto
Receivables
Issuer
Trust
,
Series
4A
,
Class
B
,
1
.53
%
,
4/15/26
,
Callable
4/15/26
@
100
(a)
...........................................................
480,156
473,877
GLS
Auto
Receivables
Issuer
Trust
,
Series
2019-3A
,
Class
D
,
3
.84
%
,
5/15/26
,
Callable
3/15/24
@
100
(a)
.........................................................
1,000,000
986,157
GLS
Auto
Receivables
Trust
,
Series
2022-1A
,
Class
B
,
2
.84
%
,
5/15/26
,
Callable
5/15/26
@
100
(a)
...........................................................
1,000,000
984,084
GM
Financial
Automobile
Leasing
Trust
,
Series
2023-2
,
Class
B
,
5
.54
%
,
5/20/27
,
Callable
11/20/25
@
100
....................................................
417,000
410,643
GTE
Auto
Receivables
Trust
,
Series
2023-1
,
Class
A4
,
5
.12
%
,
4/16/29
,
Callable
5/15/26
@
100
(a)
...........................................................
1,000,000
985,097
GTE
Auto
Receivables
Trust
,
Series
2023-1
,
Class
A3
,
5
.18
%
,
3/15/28
,
Callable
5/15/26
@
100
(a)
...........................................................
1,000,000
988,749
GTE
Auto
Receivables
Trust
,
Series
2023-1
,
Class
B
,
5
.39
%
,
8/15/29
,
Callable
5/15/26
@
100
(a)
...........................................................
500,000
488,733
Hertz
Vehicle
Financing
III
LLC
,
Series
2022-3A
,
Class
A
,
3
.37
%
,
3/25/25
,
Callable
3/25/24
@
100
(a)
.........................................................
1,000,000
992,943
Hertz
Vehicle
Financing
III
LLC
,
Series
2022-1A
,
Class
B
,
2
.19
%
,
6/25/26
,
Callable
6/25/25
@
100
(a)
.........................................................
1,000,000
933,212
Hertz
Vehicle
Financing
III
LLC
,
Series
2022-1A
,
Class
A
,
1
.99
%
,
6/25/26
,
Callable
6/25/25
@
100
(a)
.........................................................
1,000,000
937,332
Hertz
Vehicle
Financing
III
LLC
,
Series
2023-1A
,
Class
C
,
6
.91
%
,
6/25/27
(a)
...........
1,000,000
989,281
Hertz
Vehicle
Financing
LLC
,
Series
2022-4A
,
Class
A
,
3
.73
%
,
9/25/26
,
Callable
9/25/25
@
100
(a)
...........................................................
1,000,000
957,635
Honda
Auto
Receivables
Owner
Trust
,
Series
2020-3
,
Class
A3
,
0
.37
%
,
10/18/24
,
Callable
1/18/24
@
100
.....................................................
118,833
117,832
Hyundai
Auto
Receivables
Trust
,
Series
2020-C
,
Class
A3
,
0
.38
%
,
5/15/25
,
Callable
3/15/25
@
100
.............................................................
220,445
217,626
JPMorgan
Chase
Bank
NA
,
Series
2020-2
,
Class
B
,
0
.84
%
,
2/25/28
,
Callable
10/25/24
@
100
(a)
...........................................................
452,783
448,418
JPMorgan
Chase
Bank
NA
,
Series
2021-2
,
Class
D
,
1
.14
%
,
12/26/28
,
Callable
6/25/25
@
100
(a)
...........................................................
235,817
228,788
JPMorgan
Chase
Bank
NA
,
Series
2021-3
,
Class
B
,
0
.76
%
,
2/26/29
,
Callable
5/25/25
@
100
(a)
...........................................................
217,890
208,353
LAD
Auto
Receivables
Trust
,
Series
2021-1A
,
Class
B
,
1
.94
%
,
11/16/26
,
Callable
8/15/25
@
100
(a)
...........................................................
1,750,000
1,676,004
LAD
Auto
Receivables
Trust
,
Series
2021-1A
,
Class
A
,
1
.30
%
,
8/17/26
,
Callable
8/15/25
@
100
(a)
...........................................................
185,825
182,202
LAD
Auto
Receivables
Trust
,
Series
2023-2A
,
Class
D
,
6
.30
%
,
2/15/31
,
Callable
11/15/25
@
100
(a)
...........................................................
350,000
343,659
LAD
Auto
Receivables
Trust
,
Series
2021-1A
,
Class
C
,
2
.35
%
,
4/15/27
,
Callable
8/15/25
@
100
(a)
...........................................................
1,000,000
942,169
LAD
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
D
,
7
.30
%
,
6/17/30
,
Callable
5/15/26
@
100
(a)
...........................................................
453,000
456,893
LAD
Auto
Receivables
Trust
,
Series
2022-1A
,
Class
B
,
5
.87
%
,
9/15/27
,
Callable
4/15/26
@
100
(a)
...........................................................
800,000
788,501
LAD
Auto
Receivables
Trust
,
Series
2022-1A
,
Class
A
,
5
.21
%
,
6/15/27
,
Callable
4/15/26
@
100
(a)
...........................................................
510,744
506,780
Lobel
Automobile
Receivables
Trust
,
Series
2023-1
,
Class
A
,
6
.97
%
,
7/15/26
,
Callable
11/15/25
@
100
(a)
..................................................
1,460,495
1,460,024
Navistar
Financial
Dealer
Note
Master
Owner
Trust
,
Series
2023-1
,
Class
A
,
6
.18
%
,
8/25/28
(a)
413,793
413,135
OCCU
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
B
,
6
.51
%
,
9/17/29
,
Callable
10/15/27
@
100
(a)
...........................................................
1,000,000
999,229
OCCU
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
C
,
6
.82
%
,
9/17/29
,
Callable
10/15/27
@
100
(a)
...........................................................
1,000,000
998,696
OCCU
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
D
,
7
.88
%
,
12/15/31
,
Callable
10/15/27
@
100
(a)
.........................................................
1,000,000
998,593
OCCU
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
A4
,
6
.29
%
,
9/17/29
,
Callable
10/15/27
@
100
(a)
.........................................................
925,000
927,979
Oscar
U.S.
Funding
XII
LLC
,
Series
1A
,
Class
A4
,
1
.00
%
,
4/10/28
,
Callable
2/10/25
@
100
(a)
2,500,000
2,345,284
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
154
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Oscar
U.S.
Funding
XIV
LLC
,
Series
2022-1A
,
Class
A3
,
2
.30
%
,
4/10/26
,
Callable
3/10/26
@
100
(a)
...........................................................
$
1,000,000
$
967,709
PenFed
Auto
Receivables
Owner
Trust
,
Series
2022-A
,
Class
C
,
4
.83
%
,
12/15/28
,
Callable
2/15/26
@
100
(a)
...................................................
917,000
883,052
PenFed
Auto
Receivables
Owner
Trust
,
Series
2022-A
,
Class
A4
,
4
.18
%
,
12/15/28
,
Callable
2/15/26
@
100
(a)
...................................................
1,000,000
973,133
PenFed
Auto
Receivables
Owner
Trust
,
Series
2022-A
,
Class
B
,
4
.60
%
,
12/15/28
,
Callable
2/15/26
@
100
(a)
...................................................
452,000
436,890
Prestige
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
C
,
5
.65
%
,
2/15/28
,
Callable
3/15/27
@
100
(a)
...........................................................
1,000,000
982,251
Santander
Bank
Auto
Credit
Linked
Notes
,
Series
2023-A
,
Class
C
,
6
.74
%
,
6/15/33
,
Callable
7/15/27
@
100
(a)
...................................................
180,438
180,016
Santander
Bank
Auto
Credit
Linked
Notes
,
Series
2023-A
,
Class
D
,
7
.08
%
,
6/15/33
,
Callable
7/15/27
@
100
(a)
...................................................
730,941
729,078
Santander
Bank
Auto
Credit-Linked
Notes
,
Series
2022-B
,
Class
B
,
5
.72
%
,
8/16/32
,
Callable
2/15/26
@
100
(a)
...................................................
469,650
466,809
Santander
Bank
Auto
Credit-Linked
Notes
,
Series
2022-A
,
Class
B
,
5
.28
%
,
5/15/32
,
Callable
11/15/25
@
100
(a)
..................................................
524,761
518,377
Santander
Bank
Auto
Credit-Linked
Notes
,
Series
2022-A
,
Class
C
,
7
.38
%
,
5/15/32
,
Callable
11/15/25
@
100
(a)
..................................................
419,809
417,193
Santander
Bank
Auto
Credit-Linked
Notes
,
Series
2022-C
,
Class
C
,
6
.99
%
,
12/15/32
,
Callable
11/15/26
@
100
(a)
..................................................
636,875
637,012
Santander
Bank
Auto
Credit-Linked
Notes
,
Series
2022-C
,
Class
B
,
6
.45
%
,
12/15/32
,
Callable
11/15/26
@
100
(a)
..................................................
636,875
635,071
Santander
Bank
Auto
Credit-Linked
Notes
,
Series
2022-C
,
Class
D
,
8
.20
%
,
12/15/32
,
Callable
11/15/26
@
100
(a)
..................................................
533,037
537,183
Santander
Bank
NA
,
Series
2021-1A
,
Class
B
,
1
.83
%
,
12/15/31
,
Callable
7/15/25
@
100
(a)
..
140,886
137,324
Santander
Retail
Auto
Lease
Trust
,
Series
2020-B
,
Class
C
,
1
.18
%
,
12/20/24
,
Callable
2/20/24
@
100
(a)
.........................................................
2,000,000
1,974,994
Santander
Retail
Auto
Lease
Trust
,
Series
2021-C
,
Class
C
,
1
.11
%
,
3/20/26
,
Callable
6/20/24
@
100
(a)
.........................................................
535,000
515,550
SFS
Auto
Receivables
Securitization
Trust
,
Series
2023-1A
,
Class
C
,
5
.97
%
,
2/20/31
,
Callable
12/20/26
@
100
(a)
..................................................
903,000
883,398
Tesla
Auto
Lease
Trust
,
Series
2023-A
,
Class
B
,
6
.41
%
,
7/20/27
,
Callable
9/20/25
@
100
(a)
.
1,000,000
994,494
Tesla
Auto
Lease
Trust
,
Series
2023-B
,
Class
B
,
6
.57
%
,
8/20/27
,
Callable
11/20/25
@
100
(a)
.
675,000
674,607
Toyota
Lease
Owner
Trust
,
Series
2023-A
,
Class
A4
,
5
.05
%
,
8/20/27
,
Callable
9/20/25
@
100
(a)
...........................................................
1,333,000
1,312,458
United
Auto
Credit
Securitization
Trust
,
Series
2022-1
,
Class
C
,
2
.61
%
,
6/10/27
,
Callable
11/10/25
@
100
(a)
..................................................
859,766
852,749
United
Auto
Credit
Securitization
Trust
,
Series
2023-1
,
Class
C
,
6
.28
%
,
7/10/28
,
Callable
12/10/26
@
100
(a)
..................................................
2,000,000
1,974,564
Veridian
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
A3
,
5
.56
%
,
3/15/28
,
Callable
2/15/27
@
100
(a)
.........................................................
1,000,000
986,942
Veridian
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
A4
,
5
.59
%
,
12/15/28
,
Callable
2/15/27
@
100
(a)
.........................................................
1,000,000
984,784
Veridian
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
B
,
5
.86
%
,
4/16/29
,
Callable
2/15/27
@
100
(a)
...........................................................
534,000
526,289
Veridian
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
C
,
6
.37
%
,
7/16/29
,
Callable
2/15/27
@
100
(a)
...........................................................
1,000,000
993,932
Westlake
Automobile
Receivables
Trust
,
Series
2023-1A
,
Class
B
,
5
.41
%
,
1/18/28
,
Callable
3/15/26
@
100
(a)
...................................................
500,000
492,978
Westlake
Automobile
Receivables
Trust
,
Series
2022-2A
,
Class
B
,
4
.31
%
,
9/15/27
,
Callable
11/15/25
@
100
(a)
..................................................
800,000
784,478
Westlake
Automobile
Receivables
Trust
,
Series
2021-3A
,
Class
D
,
2
.12
%
,
1/15/27
,
Callable
6/15/25
@
100
(a)
...................................................
1,000,000
932,331
Westlake
Automobile
Receivables
Trust
,
Series
2022-1A
,
Class
B
,
2
.75
%
,
3/15/27
,
Callable
8/15/25
@
100
(a)
...................................................
1,000,000
978,768
Westlake
Automobile
Receivables
Trust
,
Series
2020-1A
,
Class
E
,
3
.31
%
,
10/15/25
,
Callable
2/15/24
@
100
(a)
...................................................
500,000
493,403
Wheels
Fleet
Lease
Funding
1
LLC
,
Series
2023-1A
,
Class
A
,
5
.80
%
,
4/18/38
(a)
.........
900,000
894,787
Wheels
Fleet
Lease
Funding
1
LLC
,
Series
2023-1A
,
Class
B
,
5
.80
%
,
4/18/38
(a)
.........
1,000,000
980,832
Wheels
Fleet
Lease
Funding
1
LLC
,
Series
2023-1A
,
Class
C
,
6
.18
%
,
4/18/38
(a)
.........
1,667,000
1,642,764
Wheels
Fleet
Lease
Funding
1
LLC
,
Series
2022-1A
,
Class
A
,
2
.47
%
,
10/18/36
,
Callable
9/18/24
@
100
(a)
...................................................
552,781
541,861
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
155
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
World
Omni
Select
Auto
Trust
,
Series
2023-A
,
Class
C
,
6
.00
%
,
1/16/29
,
Callable
3/15/26
@
100
.............................................................
$
1,000,000
$
993,713
World
Omni
Select
Auto
Trust
,
Series
2021-A
,
Class
A3
,
0
.53
%
,
3/15/27
,
Callable
7/15/25
@
100
.............................................................
1,099,097
1,070,604
117,700,869
ABS
Card
(2.0%):
Evergreen
Credit
Card
Trust
,
Series
2023-CRT3
,
Class
C
,
7
.31
%
,
2/15/27
(a)
.............
423,000
422,101
Evergreen
Credit
Card
Trust
,
Series
2023-CRT3
,
Class
B
,
6
.58
%
,
2/15/27
(a)
.............
762,000
762,241
Evergreen
Credit
Card
Trust
,
Series
2022-CRT2
,
Class
C
,
7
.44
%
,
11/15/26
(a)
............
1,000,000
999,164
Evergreen
Credit
Card
Trust
,
Series
2021-1A
,
Class
A
,
0
.90
%
,
10/15/26
(a)
..............
1,500,000
1,424,107
Evergreen
Credit
Card
Trust
,
Series
2022-CRT1
,
Class
B
,
5
.61
%
,
7/15/26
(a)
.............
1,000,000
991,066
Master
Credit
Card
Trust
,
Series
2021-1A
,
Class
C
,
1
.06
%
,
11/21/25
(a)
................
1,500,000
1,441,717
Master
Credit
Card
Trust
II
,
Series
2023-1A
,
Class
C
,
5
.87
%
,
6/21/27
(a)
...............
600,000
586,768
Master
Credit
Card
Trust
II
,
Series
2022-1A
,
Class
B
,
1
.97
%
,
7/21/26
(a)
...............
1,000,000
942,661
Master
Credit
Card
Trust
II
,
Series
2023-2A
,
Class
C
,
6
.89
%
,
1/21/27
(a)
...............
476,000
473,819
Master
Credit
Card
Trust
II
,
Series
2023-2A
,
Class
B
,
6
.26
%
,
1/21/27
(a)
...............
410,000
408,833
Trillium
Credit
Card
TR
,
Series
2023-3A
,
Class
C
,
6
.94
%
,
8/28/28
(a)
.................
1,000,000
998,718
Trillium
Credit
Card
Trust
II
,
Series
2023-1A
,
Class
C
,
6
.06
%
,
3/26/31
(a)
..............
375,000
357,655
Trillium
Credit
Card
Trust
II
,
Series
2023-1A
,
Class
B
,
5
.23
%
,
3/26/31
(a)
..............
1,000,000
953,048
10,761,898
ABS
Other
(8.6%):
AFG
ABS
I
LLC
,
Series
2023-1
,
Class
B
,
7
.51
%
,
9/16/30
,
Callable
1/15/27
@
100
(a)
......
832,992
825,365
Amur
Equipment
Finance
Receivables
IX
LLC
,
Series
2021-1A
,
Class
B
,
1
.38
%
,
2/22/27
,
Callable
11/20/24
@
100
(a)
...........................................
500,000
479,553
Amur
Equipment
Finance
Receivables
IX
LLC
,
Series
2021-1A
,
Class
C
,
1
.75
%
,
6/21/27
,
Callable
11/20/24
@
100
(a)
...........................................
1,500,000
1,417,226
Amur
Equipment
Finance
Receivables
X
LLC
,
Series
2022-1A
,
Class
B
,
2
.20
%
,
1/20/28
,
Callable
9/20/25
@
100
(a)
............................................
541,000
499,405
Amur
Equipment
Finance
Receivables
X
LLC
,
Series
2022-1A
,
Class
A2
,
1
.64
%
,
10/20/27
,
Callable
9/20/25
@
100
(a)
............................................
308,130
296,292
Amur
Equipment
Finance
Receivables
XII
LLC
,
Series
2023-1A
,
Class
B
,
6
.03
%
,
12/20/29
,
Callable
9/20/27
@
100
(a)
............................................
750,000
729,636
Amur
Equipment
Finance
Receivables
XII
LLC
,
Series
2023-1A
,
Class
C
,
6
.36
%
,
12/20/29
,
Callable
9/20/27
@
100
(a)
............................................
655,173
643,011
Atalaya
Equipment
Leasing
Trust
,
Series
2021-1A
,
Class
A2
,
1
.23
%
,
5/15/26
,
Callable
10/15/24
@
100
(a)
..................................................
288,850
284,467
CARS
LP
,
Series
2020-1A
,
Class
A1
,
2
.69
%
,
2/15/50
,
Callable
10/15/23
@
100
(a)
........
580,010
547,454
CARS-DB7
LP
,
Series
2023-1A
,
Class
A1
,
5
.75
%
,
9/15/53
,
Callable
9/15/28
@
100
(a)
.....
1,000,000
981,173
CCG
Receivables
Trust
,
Series
2023-1
,
Class
B
,
5
.99
%
,
9/16/30
,
Callable
6/14/26
@
100
(a)
.
1,000,000
989,776
CCG
Receivables
Trust
,
Series
2023-1
,
Class
C
,
6
.28
%
,
9/16/30
,
Callable
6/14/26
@
100
(a)
.
1,777,778
1,771,300
Conn's
Receivables
Funding
LLC
,
Series
2023-A
,
Class
A
,
8
.01
%
,
1/17/28
,
Callable
4/15/24
@
100
(a)
.........................................................
608,959
609,808
Conn's
Receivables
Funding
LLC
,
Series
2023-A
,
Class
B
,
10
.00
%
,
1/17/28
,
Callable
12/15/24
@
100
(a)
.........................................................
451,000
452,392
Conn's
Receivables
Funding
LLC
,
Series
2022-A
,
Class
B
,
9
.52
%
,
12/15/26
,
Callable
7/15/24
@
100
(a)
.........................................................
1,137,346
1,142,779
CP
EF
Asset
Securitization
I
LLC
,
Series
2022-1A
,
Class
A
,
5
.96
%
,
4/15/30
,
Callable
11/15/25
@
100
(a)
.........................................................
776,692
764,722
Dell
Equipment
Finance
Trust
,
Series
2021-2
,
Class
C
,
0
.94
%
,
12/22/26
,
Callable
2/22/24
@
100
(a)
...........................................................
500,000
487,519
Dell
Equipment
Finance
Trust
,
Series
2021-1
,
Class
D
,
1
.03
%
,
11/23/26
,
Callable
10/22/23
@
100
(a)
...........................................................
500,000
500,000
Dell
Equipment
Finance
Trust
,
Series
2023-1
,
Class
D
,
6
.80
%
,
3/22/29
,
Callable
10/22/25
@
100
(a)
...........................................................
909,091
910,464
Dell
Equipment
Finance
Trust
,
Series
2023-2
,
Class
C
,
6
.06
%
,
1/22/29
,
Callable
2/22/26
@
100
(a)
...........................................................
1,000,000
992,290
Dell
Equipment
Finance
Trust
,
Series
2023-2
,
Class
D
,
6
.74
%
,
7/23/29
,
Callable
2/22/26
@
100
(a)
...........................................................
761,000
760,660
Dext
ABS
LLC
,
Series
2023-1
,
Class
B
,
6
.55
%
,
3/15/32
,
Callable
2/15/27
@
100
(a)
.......
2,000,000
1,991,946
Dext
ABS
LLC
,
Series
2021-1
,
Class
C
,
2
.29
%
,
9/15/28
,
Callable
4/15/26
@
100
(a)
.......
1,000,000
916,522
Dext
ABS
LLC
,
Series
2020-1
,
Class
C
,
3
.03
%
,
11/15/27
,
Callable
9/15/24
@
100
(a)
......
300,000
292,053
Dext
ABS
LLC
,
Series
2023-1
,
Class
A2
,
5
.99
%
,
3/15/32
,
Callable
2/15/27
@
100
(a)
......
1,000,000
993,026
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
156
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Diamond
Issuer
,
Series
2021-1A
,
Class
B
,
2
.70
%
,
11/20/51
,
Callable
11/20/25
@
100
(a)
....
$
655,000
$
534,612
DLLAA
LLC
,
Series
2023-1A
,
Class
A4
,
5
.35
%
,
3/20/31
,
Callable
1/20/27
@
100
(a)
......
571,429
563,410
DLLAA
LLC
,
Series
2023-1A
,
Class
A3
,
5
.64
%
,
2/22/28
,
Callable
12/20/27
@
100
(a)
.....
1,000,000
994,462
DLLST
LLC
,
Series
2022-1A
,
Class
A4
,
3
.69
%
,
9/20/28
,
Callable
6/20/25
@
100
(a)
.......
1,000,000
973,273
Encina
Equipment
Finance
LLC
,
Series
2022-1A
,
Class
A2
,
4
.88
%
,
11/15/28
,
Callable
1/15/26
@
100
(a)
.........................................................
975,000
955,126
FirstKey
Homes
Trust
,
Series
2021-SFR3
,
Class
B
,
2
.44
%
,
12/17/38
(a)
................
1,000,000
891,763
FirstKey
Homes
Trust
,
Series
2021-SFR3
,
Class
A
,
2
.14
%
,
12/17/38
(a)
................
988,070
874,238
FirstKey
Homes
Trust
,
Series
2021-SFR3
,
Class
C
,
2
.54
%
,
12/17/38
(a)
................
1,000,000
885,524
Flexential
Issuer
,
Series
2021-1A
,
Class
A2
,
3
.25
%
,
11/27/51
,
Callable
11/25/25
@
100
(a)
..
1,000,000
875,618
Ford
Credit
Floorplan
Master
Owner
Trust
,
Series
2023-1
,
Class
C
,
5
.75
%
,
5/15/28
(a)
......
532,000
520,516
Frontier
Issuer
LLC
,
Series
2023-1
,
Class
B
,
8
.30
%
,
8/20/53
,
Callable
7/20/26
@
100
(a)
....
466,667
442,946
GreatAmerica
Leasing
Receivables
,
Series
2023-1
,
Class
B
,
5
.21
%
,
3/15/30
,
Callable
7/15/27
@
100
(a)
.........................................................
500,000
481,555
HPEFS
Equipment
Trust
,
Series
2021-1A
,
Class
C
,
0
.75
%
,
3/20/31
,
Callable
4/20/24
@
100
(a)
968,133
963,349
HPEFS
Equipment
Trust
,
Series
2023-2A
,
Class
D
,
6
.97
%
,
7/21/31
,
Callable
12/20/26
@
100
(a)
...........................................................
500,000
500,863
HPEFS
Equipment
Trust
,
Series
2021-1A
,
Class
D
,
1
.03
%
,
3/20/31
,
Callable
4/20/24
@
100
(a)
2,500,000
2,442,702
HPEFS
Equipment
Trust
,
Series
2021-2A
,
Class
C
,
0
.88
%
,
9/20/28
,
Callable
7/20/24
@
100
(a)
300,000
294,005
HPEFS
Equipment
Trust
,
Series
2022-1A
,
Class
D
,
2
.40
%
,
11/20/29
,
Callable
4/20/25
@
100
(a)
...........................................................
667,000
620,659
John
Deere
Owner
Trust
,
Series
2021-B
,
Class
A3
,
0
.52
%
,
3/16/26
,
Callable
4/15/25
@
100
.
1,107,470
1,066,129
Kubota
Credit
Owner
Trust
,
Series
2022-1A
,
Class
A3
,
2
.67
%
,
10/15/26
,
Callable
1/15/26
@
100
(a)
...........................................................
1,000,000
955,371
M&T
Equipment
,
Series
2023-1A
,
Class
A4
,
5
.75
%
,
7/15/30
,
Callable
8/15/27
@
100
(a)
....
1,038,000
1,011,191
New
Economy
Assets
Phase
1
Sponsor
LLC
,
Series
2021-1
,
Class
B1
,
2
.41
%
,
10/20/61
,
Callable
10/20/24
@
100
(a)
...........................................
293,000
243,627
New
Economy
Assets
Phase
1
Sponsor
LLC
,
Series
2021-1
,
Class
A1
,
1
.91
%
,
10/20/61
,
Callable
10/20/24
@
100
(a)
...........................................
903,000
778,655
NMEF
Funding
LLC
,
Series
2023-A
,
Class
B
,
6
.83
%
,
6/17/30
,
Callable
10/15/27
@
100
(a)
..
500,000
498,052
NMEF
Funding
LLC
,
Series
2022-A
,
Class
B
,
3
.35
%
,
10/16/28
,
Callable
7/15/25
@
100
(a)
..
1,000,000
949,639
NMEF
Funding
LLC
,
Series
2022-A
,
Class
A2
,
2
.58
%
,
10/16/28
,
Callable
7/15/25
@
100
(a)
.
537,451
526,857
NMEF
Funding
LLC
,
Series
2022-B
,
Class
A2
,
6
.07
%
,
6/15/29
,
Callable
10/15/26
@
100
(a)
.
868,227
864,106
Pawneee
Equipment
Receivables
LLC
,
Series
2021-1
,
Class
A2
,
1
.10
%
,
7/15/27
,
Callable
8/15/25
@
100
(a)
...................................................
721,797
700,469
Pawneee
Equipment
Receivables
LLC
,
Series
2022-1
,
Class
A3
,
5
.17
%
,
2/15/28
,
Callable
8/15/26
@
100
(a)
...................................................
1,000,000
987,816
Post
Road
Equipment
Finance
,
Series
2021-1A
,
Class
C
,
1
.39
%
,
6/15/27
,
Callable
12/15/23
@
100
(a)
...........................................................
500,000
495,912
PSNH
Funding
LLC
,
Series
2018-1
,
Class
A1
,
3
.09
%
,
2/1/26
.......................
22,741
22,510
SCF
Equipment
Leasing
LLC
,
Series
2019-2A
,
Class
A2
,
2
.47
%
,
4/20/26
,
Callable
11/20/24
@
100
(a)
...........................................................
27,872
27,791
SCF
Equipment
Leasing
LLC
,
Series
2020-1A
,
Class
A3
,
1
.19
%
,
10/20/27
,
Callable
12/20/24
@
100
(a)
.........................................................
139,873
138,909
SCF
Equipment
Leasing
LLC
,
Series
2020-1A
,
Class
B
,
2
.02
%
,
3/20/28
,
Callable
12/20/24
@
100
(a)
...........................................................
100,000
97,310
SCF
Equipment
Leasing
LLC
,
Series
2022-2A
,
Class
B
,
6
.50
%
,
2/20/32
,
Callable
10/20/29
@
100
(a)
...........................................................
428,571
426,018
SCF
Equipment
Leasing
LLC
,
Series
2021-1A
,
Class
D
,
1
.93
%
,
9/20/30
,
Callable
1/20/26
@
100
(a)
...........................................................
250,000
221,151
Vantage
Data
Centers
Issuer
LLC
,
Series
2019-1A
,
Class
A2
,
3
.19
%
,
7/15/44
,
Callable
10/15/23
@
100
(a)
..................................................
479,583
466,138
Vantage
Data
Centers
LLC
,
Series
2020-1A
,
Class
A2
,
1
.65
%
,
9/15/45
,
Callable
10/15/23
@
100
(a)
...........................................................
1,000,000
902,952
VB-S1
Issuer
LLC
-
VBTEL
,
Series
2022-1A
,
Class
C2I
,
3
.16
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
...........................................................
1,000,000
872,064
Verdant
Receivables
LLC
,
Series
2023-1A
,
Class
B
,
6
.05
%
,
1/13/31
,
Callable
3/12/27
@
100
(a)
...........................................................
500,000
489,465
Verdant
Receivables
LLC
,
Series
2023-1A
,
Class
A2
,
6
.24
%
,
1/13/31
,
Callable
3/12/27
@
100
(a)
...........................................................
483,000
481,147
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
157
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Verdant
Receivables
LLC
,
Series
2023-1A
,
Class
C
,
6
.73
%
,
1/13/31
,
Callable
3/12/27
@
100
(a)
...........................................................
$
374,000
$
372,086
47,688,825
Total
Asset-Backed
Securities
(Cost
$179,361,442)
176,151,592
Collateralized
Loan
Obligations
(0.8%)
Cash
Flow
CLO
(0.8%):
Barrow
Hanley
CLO
I
Ltd.
,
Series
2023-1A
,
Class
A1
,
7
.17
%
(
TSFR3M
+
230
bps
)
,
4/20/35
,
Callable
4/20/24
@
100
(a)
(b)
..........................................
1,000,000
1,014,929
Palmer
Square
Loan
Funding
Ltd.
,
Series
2023-1A
,
Class
A1
,
6
.96
%
(
TSFR3M
+
170
bps
)
,
7/20/31
,
Callable
7/20/24
@
100
(a)
(b)
....................................
1,000,000
999,400
Palmer
Square
Loan
Funding
Ltd.
,
Series
2023-1A
,
Class
A2
,
7
.76
%
(
TSFR3M
+
250
bps
)
,
7/20/31
,
Callable
7/20/24
@
100
(a)
(b)
....................................
500,000
499,750
Stratus
CLO
Ltd.
,
Series
2021-3A
,
Class
B
,
7
.14
%
(
TSFR3M
+
181
bps
)
,
12/29/29
,
Callable
10/20/23
@
100
(a)
(b)
................................................
821,000
808,549
Stratus
CLO
Ltd.
,
Series
2021-3A
,
Class
A
,
6
.54
%
(
TSFR3M
+
121
bps
)
,
12/29/29
,
Callable
10/20/23
@
100
(a)
(b)
................................................
760,740
757,563
4,080,191
Total
Collateralized
Loan
Obligations
(Cost
$4,081,740)
4,080,191
Collateralized
Mortgage
Obligations
(4.5%)
Commercial
MBS
(4.5%):
Aventura
Mall
Trust
,
Series
2018-AVM
,
Class
C
,
4
.25
%
,
7/5/40
(a)
(c)
..................
1,000,000
845,239
BBCMS
Mortgage
Trust
,
Series
2020-BID
,
Class
C
,
9
.09
%
(
TSFR1M
+
375
bps
)
,
10/15/37
(a)
(b)
.....................................................
1,000,000
918,355
BBCMS
Mortgage
Trust
,
Series
2020-BID
,
Class
B
,
7
.99
%
(
TSFR1M
+
265
bps
)
,
10/15/37
(a)
(b)
.....................................................
1,750,000
1,623,860
BPR
Trust
,
Series
2021-TY
,
Class
C
,
7
.15
%
(
TSFR1M
+
181
bps
)
,
9/15/38
(a)
(b)
...........
1,000,000
933,707
BPR
Trust
,
Series
2022-STAR
,
Class
A
,
8
.56
%
(
TSFR1M
+
323
bps
)
,
8/15/24
(a)
(b)
........
2,000,000
1,986,631
BPR
Trust
,
Series
2021-TY
,
Class
A
,
6
.50
%
(
TSFR1M
+
116
bps
)
,
9/15/38
(a)
(b)
...........
1,000,000
963,330
BX
Commercial
Mortgage
Trust
,
Series
2019-XL
,
Class
D
,
6
.90
%
(
TSFR1M
+
156
bps
)
,
10/15/36
(a)
(b)
.....................................................
2,465,000
2,443,068
BX
Trust
,
Series
2022-LBA6
,
Class
C
,
6
.93
%
(
TSFR1M
+
160
bps
)
,
1/15/39
(a)
(b)
.........
1,000,000
972,807
BX
Trust
,
Series
2022-CLS
,
Class
B
,
6
.30
%
,
10/13/27
(a)
..........................
1,000,000
921,238
Citigroup
Commercial
Mortgage
Trust
,
Series
2019-SMRT
,
Class
B
,
4
.38
%
,
1/10/36
(a)
.....
500,000
498,161
COMM
Mortgage
Trust
,
Series
2015-PC1
,
Class
AM
,
4
.29
%
,
7/10/50
,
Callable
6/10/25
@
100
(c)
...........................................................
1,500,000
1,439,554
COMM
Mortgage
Trust
,
Series
2014-277P
,
Class
A
,
3
.73
%
,
8/10/49
,
Callable
8/10/24
@
100
(a)
(c)
.........................................................
3,000,000
2,818,844
COMM
Mortgage
Trust
,
Series
2014-
277P
,
Class
C
,
3
.73
%
,
8/10/49
,
Callable
8/10/24
@
100
(a)
(c)
.........................................................
333,000
306,481
GS
Mortgage
Securities
Corp.
II
,
Series
2023-SHIP
,
Class
B
,
5
.10
%
,
9/10/38
(a)
(c)
........
600,000
570,378
Houston
Galleria
Mall
Trust
,
Series
2015-HGLR
,
Class
A1A2
,
3
.09
%
,
3/5/37
(a)
..........
1,000,000
936,684
Hudson
Yards
Mortgage
Trust
,
Series
2016-10HY
,
Class
A
,
2
.84
%
,
8/10/38
,
Callable
8/10/26
@
100
(a)
.........................................................
1,500,000
1,356,084
KNDL
Mortgage
Trust
,
Series
2019-KNSQ
,
Class
B
,
6
.48
%
(
TSFR1M
+
115
bps
)
,
5/15/36
(a)
(b)
500,000
496,879
KNDL
Mortgage
Trust
,
Series
2019-KNSQ
,
Class
C
,
6
.58
%
(
TSFR1M
+
125
bps
)
,
5/15/36
(a)
(b)
1,175,000
1,164,304
SCOTT
Trust
,
Series
2023-SFS
,
Class
AS
,
6
.20
%
,
3/15/40
(a)
.......................
785,714
753,174
SMRT
,
Series
2022-MINI
,
Class
B
,
6
.68
%
(
TSFR1M
+
135
bps
)
,
1/15/39
(a)
(b)
............
1,000,000
970,985
SREIT
Trust
,
Series
2021-MFP2
,
Class
B
,
6
.62
%
(
TSFR1M
+
129
bps
)
,
11/15/36
(a)
(b)
......
1,000,000
979,180
SREIT
Trust
,
Series
2021-MFP2
,
Class
A
,
6
.27
%
(
TSFR1M
+
94
bps
)
,
11/15/36
(a)
(b)
.......
1,000,000
982,552
24,881,495
Total
Collateralized
Mortgage
Obligations
(Cost
$25,727,231)
24,881,495
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
158
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Senior
Secured
Loans
(0.4%)
Consumer
Discretionary
(0.2%):
Delta
Air
Lines,
Inc.
and
SkyMiles
IP
Ltd.,
Initial
Term
Loan,
First
Lien
,
9
.08
%
(
SOFR03M
+
375
bps
)
,
10/20/27
(b)
.......................................
$
1,275,000
$
1,319,153
Industrials
(0.2%):
MasTec,
Inc.,
Three-Year
Term
Loan,
First
Lien
,
6
.71
%
(
SOFR01M
+
138
bps
)
,
9/1/25
(b)
....
1,000,000
998,750
Total
Senior
Secured
Loans
(Cost
$2,273,368)
2,317,903
Corporate
Bonds
(42.0%)
Communication
Services
(0.9%):
Paramount
Global
,
2
.90
%
,
1/15/27
,
Callable
10/15/26
@
100
.......................
580,000
513,485
Sprint
Spectrum
Co.
LLC/Sprint
Spectrum
Co.
II
LLC/Sprint
Spectrum
Co.
III
LLC
,
4
.74
%
,
3/20/25
,
Callable
3/20/24
@
100
(a)
......................................
790,500
779,487
TEGNA,
Inc.
,
4
.75
%
,
3/15/26
,
Callable
11/6/23
@
102.38
(a)
........................
2,000,000
1,895,129
Warnermedia
Holdings,
Inc.
,
3
.76
%
,
3/15/27
,
Callable
2/15/27
@
100
.................
2,000,000
1,846,117
5,034,218
Consumer
Discretionary
(2.9%):
Advance
Auto
Parts,
Inc.
1
.75
%
,
10/1/27
,
Callable
8/1/27
@
100
...................................
1,000,000
811,800
5
.95
%
,
3/9/28
,
Callable
2/9/28
@
100
....................................
1,000,000
946,253
3
.90
%
,
4/15/30
,
Callable
1/15/30
@
100
..................................
1,000,000
811,721
Association
of
American
Medical
Colleges
,
2
.12
%
,
10/1/24
.........................
750,000
715,419
Daimler
Trucks
Finance
North
America
LLC
,
1
.63
%
,
12/13/24
(a)
....................
2,000,000
1,899,018
Expedia
Group,
Inc.
,
6
.25
%
,
5/1/25
,
Callable
2/1/25
@
100
(a)
.......................
1,000,000
1,000,256
General
Motors
Financial
Co.,
Inc.
,
5
.40
%
,
4/6/26
...............................
1,000,000
978,888
Genting
New
York
LLC/GENNY
Capital,
Inc.
,
3
.30
%
,
2/15/26
,
Callable
1/15/26
@
100
(a)
..
500,000
445,682
Lithia
Motors,
Inc.
,
4
.63
%
,
12/15/27
,
Callable
11/6/23
@
103.47
(a)
...................
2,000,000
1,825,083
LKQ
Corp.
,
5
.75
%
,
6/15/28
,
Callable
5/15/28
@
100
(a)
...........................
1,000,000
977,016
Mattel,
Inc.
,
3
.75
%
,
4/1/29
,
Callable
4/1/24
@
101.88
(a)
...........................
1,000,000
870,248
Nissan
Motor
Acceptance
Co.
LLC
2
.00
%
,
3/9/26
,
Callable
2/9/26
@
100
(a)
..................................
3,044,000
2,720,608
1
.85
%
,
9/16/26
,
Callable
8/16/26
@
100
(a)
................................
513,000
446,237
Nordstrom,
Inc.
,
2
.30
%
,
4/8/24
,
Callable
10/23/23
@
100
..........................
1,000,000
978,753
QVC,
Inc.
,
4
.45
%
,
2/15/25
,
Callable
11/15/24
@
100
.............................
617,000
539,478
15,966,460
Consumer
Staples
(0.8%):
Dollar
General
Corp.
,
5
.20
%
,
7/5/28
,
Callable
6/5/28
@
100
........................
1,000,000
968,223
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
6
.50
%
,
4/15/29
,
Callable
4/15/24
@
103.25
(a)
..............................
319,000
304,863
5
.50
%
,
1/15/30
,
Callable
1/15/25
@
102.75
(a)
..............................
408,000
380,750
Philip
Morris
International,
Inc.
4
.88
%
,
2/15/28
,
Callable
1/15/28
@
100
..................................
2,000,000
1,937,201
5
.25
%
,
9/7/28
,
Callable
8/7/28
@
100
....................................
1,000,000
979,059
4,570,096
Energy
(2.9%):
Antero
Resources
Corp.
,
7
.63
%
,
2/1/29
,
Callable
2/1/24
@
103.81
(a)
..................
500,000
506,425
Columbia
Pipelines
Holding
Co.
LLC
,
6
.04
%
,
8/15/28
,
Callable
7/15/28
@
100
(a)
........
500,000
497,585
Endeavor
Energy
Resources
LP
,
5
.75
%
,
1/30/28
,
Callable
11/6/23
@
102.88
(a)
...........
1,500,000
1,446,992
Energy
Transfer
LP
6
.50
%
(
H15T5Y
+
569
bps
)
,
Callable
11/15/26
@
100
(b)
(d)
.....................
1,000,000
920,872
6
.75
%
(
H15T5Y
+
513
bps
)
,
Callable
5/15/25
@
100
(b)
(d)
......................
167,000
154,430
4
.90
%
,
2/1/24
,
Callable
11/6/23
@
100
...................................
1,000,000
995,724
Gray
Oak
Pipeline
LLC
,
2
.60
%
,
10/15/25
,
Callable
9/15/25
@
100
(a)
.................
690,000
636,167
Laredo
Petroleum,
Inc.
,
9
.50
%
,
1/15/25
,
Callable
11/6/23
@
102.38
...................
1,000,000
1,008,910
Midwest
Connector
Capital
Co.
LLC
,
3
.90
%
,
4/1/24
,
Callable
3/1/24
@
100
(a)
...........
2,500,000
2,466,600
Murphy
Oil
Corp.
,
5
.88
%
,
12/1/27
,
Callable
10/23/23
@
102.94
.....................
1,690,000
1,639,691
Parsley
Energy
LLC/Parsley
Finance
Corp.
,
4
.13
%
,
2/15/28
,
Callable
11/6/23
@
102.06
(a)
..
2,000,000
1,845,034
PDC
Energy,
Inc.
,
5
.75
%
,
5/15/26
,
Callable
11/6/23
@
101.44
.......................
1,000,000
997,368
Targa
Resources
Partners
LP/Targa
Resources
Partners
Finance
Corp.
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
159
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
6
.50
%
,
7/15/27
,
Callable
11/6/23
@
103.25
................................
$
1,000,000
$
997,667
5
.00
%
,
1/15/28
,
Callable
11/6/23
@
102.5
.................................
871,000
827,962
The
Williams
Cos.,
Inc.
,
5
.40
%
,
3/2/26
.......................................
1,000,000
992,108
15,933,535
Financials
(20.9%):
Alexander
Funding
Trust
,
1
.84
%
,
11/15/23
(a)
...................................
4,060,000
4,032,064
Ally
Financial,
Inc.
1
.45
%
,
10/2/23
....................................................
2,000,000
2,000,000
6
.99
%
(
SOFR
+
326
bps
)
,
6/13/29
,
Callable
6/13/28
@
100
(b)
....................
3,056,000
2,990,343
Antares
Holdings
LP
,
8
.50
%
,
5/18/25
,
Callable
4/18/25
@
100
(a)
.....................
1,000,000
1,006,934
Ares
Capital
Corp.
,
3
.25
%
,
7/15/25
,
Callable
6/15/25
@
100
........................
750,000
702,148
Assurant,
Inc.
,
6
.10
%
,
2/27/26
,
Callable
1/27/26
@
100
...........................
1,765,000
1,739,038
Athene
Global
Funding
1
.20
%
,
10/13/23
(a)
..................................................
875,000
873,751
1
.72
%
,
1/7/25
(a)
...................................................
2,000,000
1,874,947
Bank
of
America
Corp.
,
6
.50
%
(
TSFR3M
+
444
bps
)
,
Callable
10/23/24
@
100
(b)
(d)
.......
500,000
496,860
Blackstone
Private
Credit
Fund
1
.75
%
,
9/15/24
(a)
(e)
................................................
1,000,000
953,691
2
.35
%
,
11/22/24
(a)
..................................................
1,000,000
950,818
7
.05
%
,
9/29/25
(a)
..................................................
500,000
500,703
2
.63
%
,
12/15/26
,
Callable
11/15/26
@
100
.................................
500,000
430,147
Cadence
Bancorp
,
4
.75
%
(
US0003M
+
303
bps
)
,
6/30/29
,
Callable
6/30/24
@
100
(b)
.......
2,082,000
1,992,945
Cadence
Bank
,
7
.25
%
(
US0003M
+
454
bps
)
,
6/28/29
,
Callable
6/28/24
@
100
(a)
(b)
........
1,000,000
958,378
Capital
One
Financial
Corp.
4
.17
%
(
SOFR
+
137
bps
)
,
5/9/25
,
Callable
5/9/24
@
100
(b)
......................
1,000,000
979,956
5
.47
%
(
SOFR
+
208
bps
)
,
2/1/29
,
Callable
2/1/28
@
100
(b)
......................
1,000,000
950,357
6
.31
%
(
SOFR
+
264
bps
)
,
6/8/29
,
Callable
6/8/28
@
100
(b)
......................
1,000,000
977,556
Citizens
Bank
NA
,
6
.06
%
(
SOFR
+
145
bps
)
,
10/24/25
,
Callable
10/24/24
@
100
(b)
........
2,000,000
1,930,127
Citizens
Bank
NA/Providence
RI
4
.12
%
(
SOFR
+
140
bps
)
,
5/23/25
,
Callable
5/23/24
@
100
(b)
....................
760,000
734,932
4
.58
%
(
SOFR
+
200
bps
)
,
8/9/28
,
Callable
8/9/27
@
100
(b)
......................
334,000
304,453
DAE
Funding
LLC
,
1
.55
%
,
8/1/24
,
Callable
7/1/24
@
100
(a)
.......................
250,000
239,394
Enact
Holdings,
Inc.
,
6
.50
%
,
8/15/25
,
Callable
2/15/25
@
100
(a)
.....................
1,718,000
1,693,595
Entergy
Texas
Restoration
Funding
II
LLC
,
3
.05
%
,
12/15/27
........................
526,179
494,855
F&G
Global
Funding
,
5
.15
%
,
7/7/25
(a)
.......................................
1,000,000
969,648
Fifth
Third
Bancorp
,
4
.50
%
(
H15T5Y
+
422
bps
)
,
Callable
9/30/25
@
100
(b)
(d)
...........
2,916,000
2,628,980
First
American
Financial
Corp.
,
4
.60
%
,
11/15/24
................................
2,399,000
2,350,905
First
Citizens
BancShares,
Inc.
,
3
.38
%
(
TSFR3M
+
247
bps
)
,
3/15/30
,
Callable
3/15/25
@
100
(b)
...........................................................
1,000,000
920,763
First
Financial
Bancorp
,
5
.13
%
,
8/25/25
.......................................
1,000,000
903,801
First
Horizon
Corp.
,
4
.00
%
,
5/26/25
,
Callable
4/26/25
@
100
.......................
1,450,000
1,365,531
Ford
Motor
Credit
Co.
LLC
3
.38
%
,
11/13/25
,
Callable
10/13/25
@
100
.................................
1,000,000
927,569
4
.95
%
,
5/28/27
,
Callable
4/28/27
@
100
..................................
1,000,000
938,684
FS
KKR
Capital
Corp.
4
.25
%
,
2/14/25
,
Callable
1/14/25
@
100
(a)
................................
1,400,000
1,337,683
3
.40
%
,
1/15/26
,
Callable
12/15/25
@
100
.................................
2,024,000
1,853,254
Fulton
Financial
Corp.
,
3
.25
%
(
TSFR3M
+
230
bps
)
,
3/15/30
,
Callable
3/15/25
@
100
(b)
....
1,000,000
840,698
GA
Global
Funding
Trust
,
1
.63
%
,
1/15/26
(a)
...................................
500,000
446,112
Horace
Mann
Educators
Corp.
,
7
.25
%
,
9/15/28
,
Callable
8/15/28
@
100
................
2,000,000
1,998,863
HSB
Group,
Inc.
,
6
.48
%
(
TSFR3M
+
117
bps
)
,
7/15/27
,
Callable
11/6/23
@
100
(b)
.........
750,000
684,330
Huntington
Bancshares,
Inc.
,
4
.45
%
(
H15T7Y
+
405
bps
)
,
Callable
10/15/27
@
100
(b)
(d)
....
1,150,000
944,697
Hyundai
Capital
America
,
5
.50
%
,
3/30/26
(a)
...................................
1,000,000
987,172
KeyCorp.
,
3
.88
%
(
SOFRINDX
+
125
bps
)
,
5/23/25
,
Callable
5/23/24
@
100
,
MTN
(b)
.......
2,250,000
2,155,647
Luther
Burbank
Corp.
,
6
.50
%
,
9/30/24
,
Callable
8/31/24
@
100
(a)
....................
1,250,000
1,206,161
M
T
Bank
Corp.
,
3
.50
%
(
H15T5Y
+
268
bps
)
,
Callable
9/1/26
@
100
(b)
(d)
...............
300,000
210,169
Main
Street
Capital
Corp.
5
.20
%
,
5/1/24
.....................................................
2,400,000
2,371,139
3
.00
%
,
7/14/26
,
Callable
6/14/26
@
100
..................................
500,000
441,733
Manufacturers
&
Traders
Trust
Co.
,
4
.65
%
,
1/27/26
,
Callable
12/27/25
@
100
...........
2,000,000
1,906,267
Metropolitan
Tower
Life
Insurance
Co.
,
7
.63
%
,
1/15/24
(a)
.........................
500,000
500,669
Morgan
Stanley
,
0
.79
%
(
SOFR
+
53
bps
)
,
5/30/25
,
Callable
5/30/24
@
100
(b)
.............
2,000,000
1,920,589
National
General
Holdings
Corp.
,
6
.75
%
,
5/15/24
(a)
..............................
1,000,000
1,002,139
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
160
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
National
Securities
Clearing
Corp.
5
.15
%
,
5/30/25
(a)
..................................................
$
1,000,000
$
990,539
5
.00
%
,
5/30/28
,
Callable
4/30/28
@
100
(a)
................................
375,000
366,454
OneMain
Finance
Corp.
,
8
.25
%
,
10/1/23
......................................
500,000
500,000
OWL
Rock
Core
Income
Corp.
5
.50
%
,
3/21/25
(a)
..................................................
2,000,000
1,935,651
7
.75
%
,
9/16/27
,
Callable
8/16/27
@
100
(a)
................................
1,000,000
991,585
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
,
5
.75
%
,
5/24/26
,
Callable
4/24/26
@
100
(a)
1,000,000
985,204
People's
United
Bank
NA
,
4
.00
%
,
7/15/24
,
Callable
4/16/24
@
100
...................
1,000,000
974,543
PRA
Group,
Inc.
,
8
.38
%
,
2/1/28
,
Callable
2/1/25
@
104.19
(a)
.......................
1,444,000
1,318,254
ProAssurance
Corp.
,
5
.30
%
,
11/15/23
........................................
1,809,000
1,805,189
Radian
Group,
Inc.
,
4
.50
%
,
10/1/24
,
Callable
7/1/24
@
100
.........................
2,503,000
2,432,707
Regions
Financial
Corp.
,
5
.75
%
(
H15T5Y
+
543
bps
)
,
Callable
6/15/25
@
100
(b)
(d)
........
2,998,000
2,849,739
SCE
Recovery
Funding
LLC
,
0
.86
%
,
11/15/31
..................................
1,636,165
1,355,351
SLM
Corp.
,
4
.20
%
,
10/29/25
,
Callable
9/29/25
@
100
............................
1,650,000
1,543,501
Starwood
Property
Trust,
Inc.
,
3
.63
%
,
7/15/26
,
Callable
1/15/26
@
100
(a)
..............
500,000
444,067
Stewart
Information
Services
Corp.
,
3
.60
%
,
11/15/31
,
Callable
8/15/31
@
100
...........
1,700,000
1,247,121
Synchrony
Bank
,
5
.40
%
,
8/22/25
,
Callable
7/22/25
@
100
.........................
1,000,000
961,976
Synchrony
Financial
4
.88
%
,
6/13/25
,
Callable
5/13/25
@
100
..................................
1,000,000
954,787
3
.95
%
,
12/1/27
,
Callable
9/1/27
@
100
...................................
1,000,000
878,773
Synovus
Bank
,
5
.63
%
,
2/15/28
,
Callable
1/15/28
@
100
...........................
1,000,000
900,983
Synovus
Financial
Corp.
,
5
.90
%
(
USSW5
+
338
bps
)
,
2/7/29
,
Callable
2/7/24
@
100
(b)
......
1,500,000
1,387,103
Texas
Capital
Bancshares,
Inc.
,
4
.00
%
(
H15T5Y
+
315
bps
)
,
5/6/31
,
Callable
5/6/26
@
100
(b)
.
1,500,000
1,244,728
Texas
Capital
Bank
NA
,
5
.25
%
,
1/31/26
......................................
1,000,000
930,647
The
Bank
of
New
York
Mellon
Corp.
,
4
.70
%
(
H15T5Y
+
436
bps
)
,
Callable
9/20/25
@
100
(b)
(d)
.........................................................
2,376,000
2,295,074
The
Charles
Schwab
Corp.
,
5
.38
%
(
H15T5Y
+
497
bps
)
,
Callable
6/1/25
@
100
(b)
(d)
(e)
.....
3,000,000
2,889,540
The
Huntington
National
Bank
,
5
.50
%
(
TSFR3M
+
535
bps
)
,
5/6/30
,
Callable
5/6/25
@
100
(b)
2,000,000
1,885,865
The
PNC
Financial
Services
Group,
Inc.
,
3
.90
%
,
4/29/24
,
Callable
3/29/24
@
100
........
2,750,000
2,713,006
The
Prudential
Insurance
Co.
of
America
,
8
.30
%
,
7/1/25
(a)
.........................
1,000,000
1,024,927
TIAA
FSB
Holdings,
Inc.
5
.75
%
,
7/2/25
,
Callable
6/2/25
@
100
....................................
1,000,000
940,641
10
.38
%
(
TSFR3M
+
497
bps
)
,
3/15/26
,
Callable
11/6/23
@
100
(b)
.................
750,000
741,412
Truist
Financial
Corp.
,
4
.95
%
(
H15T5Y
+
461
bps
)
,
Callable
9/1/25
@
100
(b)
(d)
..........
3,000,000
2,779,847
US
Bancorp
3
.10
%
,
4/27/26
,
Callable
3/27/26
@
100
,
MTN
.............................
1,750,000
1,626,173
5
.78
%
(
SOFR
+
202
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(b)
....................
1,000,000
973,910
WEA
Finance
LLC/Westfield
UK
&
Europe
Finance
PLC
,
3
.75
%
,
9/17/24
,
Callable
6/17/24
@
100
(a)
...........................................................
1,700,000
1,634,956
Webster
Financial
Corp.
,
4
.38
%
,
2/15/24
,
Callable
1/16/24
@
100
....................
2,550,000
2,508,189
Wells
Fargo
&
Co.
5
.90
%
,
Callable
6/15/24
@
100
(d)
.......................................
3,500,000
3,444,672
3
.90
%
(
H15T5Y
+
345
bps
)
,
Callable
3/15/26
@
100
(b)
(d)
......................
1,000,000
871,922
6
.07
%
(
TSFR3M
+
76
bps
)
,
1/15/27
,
Callable
11/6/23
@
100
(b)
...................
500,000
475,827
115,426,058
Health
Care
(1.1%):
Astrazeneca
Finance
LLC
,
0
.70
%
,
5/28/24
,
Callable
10/16/23
@
100
..................
1,000,000
968,139
CommonSpirit
Health
,
6
.07
%
,
11/1/27
,
Callable
8/1/27
@
100
.......................
1,500,000
1,513,078
CVS
Health
Corp.
,
5
.00
%
,
2/20/26
,
Callable
1/20/26
@
100
........................
1,000,000
984,327
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.
,
2
.20
%
,
6/1/30
,
Callable
3/1/30
@
100
(a)
...........................................................
1,000,000
800,833
Hikma
Finance
USA
LLC
,
3
.25
%
,
7/9/25
......................................
2,000,000
1,896,381
6,162,758
Industrials
(3.9%):
American
Airlines
Pass
Through
Trust
,
4
.00
%
,
9/22/27
............................
483,532
434,082
Ashtead
Capital,
Inc.
,
4
.38
%
,
8/15/27
,
Callable
10/23/23
@
101.46
(a)
.................
3,435,000
3,180,376
Aviation
Capital
Group
LLC
,
5
.50
%
,
12/15/24
,
Callable
11/15/24
@
100
(a)
.............
1,000,000
983,438
British
Airways
Pass
Through
Trust
,
4
.63
%
,
6/20/24
(a)
............................
358,404
353,698
Concentrix
Corp.
6
.65
%
,
8/2/26
,
Callable
7/2/26
@
100
....................................
1,000,000
994,254
6
.60
%
,
8/2/28
,
Callable
7/2/28
@
100
....................................
1,000,000
964,778
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
161
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Delta
Air
Lines
Pass
Through
Trust
,
2
.00
%
,
6/10/28
..............................
$
820,618
$
718,915
HEICO
Corp.
,
5
.25
%
,
8/1/28
,
Callable
7/1/28
@
100
.............................
1,000,000
975,734
Hexcel
Corp.
,
4
.95
%
,
8/15/25
,
Callable
5/15/25
@
100
............................
1,600,000
1,554,082
Mileage
Plus
Holdings
LLC/Mileage
Plus
Intellectual
Property
Assets
Ltd.
,
6
.50
%
,
6/20/27
,
Callable
11/6/23
@
103.25
(a)
..........................................
1,500,000
1,488,820
Otis
Worldwide
Corp.
,
5
.25
%
,
8/16/28
,
Callable
7/16/28
@
100
......................
1,000,000
981,872
Regal
Rexnord
Corp.
6
.05
%
,
2/15/26
(a)
..................................................
1,000,000
987,180
6
.05
%
,
4/15/28
,
Callable
3/15/28
@
100
(a)
................................
1,000,000
972,253
Ryder
System,
Inc.
,
5
.25
%
,
6/1/28
,
Callable
5/1/28
@
100
,
MTN
.....................
1,000,000
974,045
Spirit
Airlines
Pass
Through
Trust
,
4
.45
%
,
4/1/24
................................
726,883
714,773
Stanley
Black
&
Decker,
Inc.
,
6
.27
%
,
3/6/26
,
Callable
3/6/24
@
100
..................
1,000,000
1,004,568
The
Nature
Conservancy
,
0
.63
%
,
7/1/24
.......................................
650,000
623,373
U.S.
Airways
Pass
Through
Trust
,
3
.95
%
,
11/15/25
...............................
1,191,585
1,126,767
United
Airlines
Pass
Through
Trust
4
.15
%
,
4/11/24
.....................................................
507,813
500,987
4
.88
%
,
1/15/26
....................................................
221,750
213,324
XPO
Escrow
Sub
LLC
,
7
.50
%
,
11/15/27
,
Callable
11/15/24
@
103.75
(a)
...............
500,000
505,040
XPO,
Inc.
,
6
.25
%
,
6/1/28
,
Callable
6/1/25
@
103.13
(a)
............................
1,019,000
984,122
21,236,481
Information
Technology
(0.6%):
Arrow
Electronics,
Inc.
,
6
.13
%
,
3/1/26
,
Callable
3/1/24
@
100
......................
1,000,000
994,803
CDW
LLC/CDW
Finance
Corp.
,
2
.67
%
,
12/1/26
,
Callable
11/1/26
@
100
..............
825,000
743,988
Qorvo,
Inc.
,
1
.75
%
,
12/15/24
,
Callable
10/16/23
@
100
(a)
.........................
1,675,000
1,577,688
3,316,479
Materials
(1.4%):
Bayport
Polymers
LLC
,
4
.74
%
,
4/14/27
,
Callable
3/14/27
@
100
(a)
...................
1,700,000
1,571,413
Berry
Global,
Inc.
,
4
.88
%
,
7/15/26
,
Callable
11/6/23
@
101.22
(a)
....................
1,650,000
1,578,055
Celanese
US
Holdings
LLC
1
.40
%
,
8/5/26
,
Callable
7/5/26
@
100
....................................
1,000,000
870,122
6
.17
%
,
7/15/27
,
Callable
6/15/27
@
100
..................................
1,000,000
985,942
EIDP,
Inc.
,
4
.50
%
,
5/15/26
,
Callable
4/15/26
@
100
..............................
1,000,000
973,548
FMC
Corp.
,
5
.15
%
,
5/18/26
,
Callable
4/18/26
@
100
.............................
1,000,000
971,157
Vulcan
Materials
Co.
,
5
.80
%
,
3/1/26
,
Callable
3/1/24
@
100
........................
1,000,000
995,998
7,946,235
Real
Estate
(4.9%):
Boston
Properties
LP
,
6
.75
%
,
12/1/27
,
Callable
11/1/27
@
100
......................
1,500,000
1,507,996
CBRE
Services,
Inc.
,
4
.88
%
,
3/1/26
,
Callable
12/1/25
@
100
........................
1,097,000
1,067,083
Federal
Realty
OP
LP
,
5
.38
%
,
5/1/28
,
Callable
4/1/28
@
100
........................
1,000,000
971,791
GLP
Capital
LP/GLP
Financing
II,
Inc.
,
5
.25
%
,
6/1/25
,
Callable
3/1/25
@
100
...........
300,000
293,917
Highwoods
Realty
LP
,
4
.20
%
,
4/15/29
,
Callable
1/15/29
@
100
......................
1,750,000
1,484,366
Highwoods
Realty,
LP
,
4
.13
%
,
3/15/28
,
Callable
12/15/27
@
100
....................
600,000
533,644
Host
Hotels
&
Resorts
LP
,
4
.50
%
,
2/1/26
,
Callable
11/1/25
@
100
....................
1,044,000
1,001,960
Kilroy
Realty
LP
,
4
.38
%
,
10/1/25
,
Callable
7/1/25
@
100
..........................
1,500,000
1,435,784
Kimco
Realty
Op
LLC
,
3
.80
%
,
4/1/27
,
Callable
1/1/27
@
100
.......................
1,000,000
926,755
Kite
Realty
Group
LP
,
4
.00
%
,
10/1/26
,
Callable
7/1/26
@
100
.......................
500,000
455,284
Kite
Realty
Group
Trust
,
4
.00
%
,
3/15/25
,
Callable
12/15/24
@
100
...................
2,000,000
1,916,177
LXP
Industrial
Trust
,
4
.40
%
,
6/15/24
,
Callable
3/15/24
@
100
.......................
1,000,000
971,277
MPT
Operating
Partnership
LP/MPT
Finance
Corp.
,
5
.00
%
,
10/15/27
,
Callable
11/6/23
@
101.67
...........................................................
2,000,000
1,548,840
Newmark
Group,
Inc.
,
6
.13
%
,
11/15/23
,
Callable
11/6/23
@
100
.....................
800,000
797,906
Physicians
Realty
LP
4
.30
%
,
3/15/27
,
Callable
12/15/26
@
100
.................................
750,000
703,624
3
.95
%
,
1/15/28
,
Callable
10/15/27
@
100
.................................
450,000
406,325
2
.63
%
,
11/1/31
,
Callable
8/1/31
@
100
...................................
500,000
377,307
Realty
Income
Corp.
,
5
.05
%
,
1/13/26
,
Callable
1/13/24
@
100
......................
1,000,000
986,057
Retail
Opportunity
Investments
Partnership
LP
5
.00
%
,
12/15/23
,
Callable
11/6/23
@
100
..................................
1,000,000
997,200
4
.00
%
,
12/15/24
,
Callable
9/15/24
@
100
.................................
500,000
482,802
6
.75
%
,
10/15/28
,
Callable
9/15/28
@
100
.................................
1,000,000
986,103
SBA
Tower
Trust
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
162
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
2
.84
%
,
1/15/25
,
Callable
1/15/24
@
100
(a)
................................
$
2,250,000
$
2,153,566
6
.60
%
,
1/15/28
,
Callable
1/15/27
@
100
(a)
................................
421,000
422,100
SITE
Centers
Corp.
,
3
.63
%
,
2/1/25
,
Callable
11/1/24
@
100
........................
1,000,000
951,334
UDR,
Inc.
2
.95
%
,
9/1/26
,
Callable
6/1/26
@
100
,
MTN
...............................
500,000
461,913
3
.50
%
,
7/1/27
,
Callable
4/1/27
@
100
,
MTN
...............................
1,120,000
1,033,970
VICI
Properties
LP/VICI
Note
Co.,
Inc.
,
3
.50
%
,
2/15/25
,
Callable
11/6/23
@
100.88
(a)
.....
864,000
827,529
Vornado
Realty
LP
,
2
.15
%
,
6/1/26
,
Callable
5/1/26
@
100
..........................
1,500,000
1,273,991
26,976,601
Utilities
(1.7%):
American
Electric
Power
Co.,
Inc.
,
5
.70
%
,
8/15/25
...............................
1,000,000
994,033
Black
Hills
Corp.
,
5
.95
%
,
3/15/28
,
Callable
2/15/28
@
100
.........................
1,000,000
999,970
DTE
Energy
Co.
,
4
.88
%
,
6/1/28
,
Callable
5/1/28
@
100
...........................
1,000,000
965,543
Florida
Power
&
Light
Co.
5
.05
%
,
4/1/28
,
Callable
3/1/28
@
100
....................................
1,000,000
987,560
4
.40
%
,
5/15/28
,
Callable
3/15/28
@
100
..................................
1,200,000
1,157,834
National
Fuel
Gas
Co.
,
5
.50
%
,
10/1/26
.......................................
1,250,000
1,232,619
NextEra
Energy
Capital
Holdings,
Inc.
,
6
.05
%
,
3/1/25
.............................
1,000,000
1,001,571
The
NHP
Foundation
,
5
.85
%
,
12/1/28
,
Callable
6/1/28
@
100
.......................
1,000,000
1,025,068
Vistra
Operations
Co.
LLC
,
3
.55
%
,
7/15/24
,
Callable
6/15/24
@
100
(a)
................
1,000,000
975,834
9,340,032
Total
Corporate
Bonds
(Cost
$238,746,500)
231,908,953
Yankee
Dollars
(10.6%)
Consumer
Discretionary
(0.1%):
Borgwarner
Jersey
Ltd.
,
5
.00
%
,
10/1/25
(a)
.....................................
500,000
483,226
Consumer
Staples
(0.3%):
Imperial
Brands
Finance
PLC
,
3
.13
%
,
7/26/24
,
Callable
6/26/24
@
100
(a)
..............
948,000
924,235
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
,
3
.75
%
,
12/1/31
,
Callable
12/1/26
@
101.88
(a)
................................................
864,000
691,575
1,615,810
Energy
(1.5%):
Enbridge,
Inc.
,
5
.75
%
(
H15T5Y
+
531
bps
)
,
7/15/80
,
Callable
4/15/30
@
100
(b)
...........
1,315,000
1,139,763
Galaxy
Pipeline
Assets
Bidco
Ltd.
,
1
.75
%
,
9/30/27
(a)
.............................
364,685
336,759
Harbour
Energy
PLC
,
5
.50
%
,
10/15/26
,
Callable
11/6/23
@
102.75
(a)
.................
1,500,000
1,406,911
Petroleos
Mexicanos
,
8
.63
%
,
12/1/23
.........................................
1,000,000
996,429
TransCanada
PipeLines
Ltd.
,
6
.20
%
,
3/9/26
,
Callable
3/9/24
@
100
...................
1,000,000
999,259
Var
Energi
ASA
5
.00
%
,
5/18/27
,
Callable
4/18/27
@
100
(a)
................................
1,000,000
946,662
7
.50
%
,
1/15/28
,
Callable
12/15/27
@
100
(a)
...............................
2,334,000
2,396,164
8,221,947
Financials
(5.2%):
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
,
3
.15
%
,
2/15/24
,
Callable
1/15/24
@
100
...........................................................
1,000,000
987,841
Australia
&
New
Zealand
Banking
Group
Ltd.
,
5
.52
%
(
US0006M
+
15
bps
)
,
Callable
10/31/23
@
100
(b)
(d)
......................................................
1,500,000
1,496,717
Avolon
Holdings
Funding
Ltd.
5
.13
%
,
10/1/23
(a)
..................................................
900,000
900,000
2
.13
%
,
2/21/26
,
Callable
1/21/26
@
100
(a)
................................
750,000
671,299
6
.38
%
,
5/4/28
,
Callable
4/4/28
@
100
(a)
..................................
1,000,000
982,493
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
,
7
.72
%
(
H15T5Y
+
300
bps
)
,
10/1/28
(a)
(b)
.......................................
2,500,000
2,474,012
Barclays
PLC
7
.33
%
(
H15T1Y
+
305
bps
)
,
11/2/26
,
Callable
11/2/25
@
100
(b)
..................
1,000,000
1,015,080
6
.49
%
(
SOFR
+
222
bps
)
,
9/13/29
,
Callable
9/13/28
@
100
(b)
....................
1,000,000
991,877
BAT
International
Finance
PLC
4
.45
%
,
3/16/28
,
Callable
2/16/28
@
100
..................................
1,000,000
931,101
5
.93
%
,
2/2/29
,
Callable
1/2/29
@
100
....................................
1,000,000
981,196
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
163
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Beazley
Insurance
DAC
5
.88
%
,
11/4/26
.....................................................
$
250,000
$
238,378
5
.50
%
,
9/10/29
....................................................
1,000,000
882,745
BP
Capital
Markets
PLC
,
4
.38
%
(
H15T5Y
+
404
bps
)
,
Callable
6/22/25
@
100
(b)
(d)
........
2,000,000
1,911,455
BPCE
SA
5
.70
%
,
10/22/23
(a)
..................................................
1,200,000
1,198,864
5
.70
%
,
10/22/23
,
MTN
...............................................
2,000,000
1,998,107
Element
Fleet
Management
Corp.
,
1
.60
%
,
4/6/24
,
Callable
3/6/24
@
100
(a)
.............
1,650,000
1,608,711
Federation
des
Caisses
Desjardins
du
Quebec
,
4
.40
%
,
8/23/25
(a)
.....................
1,000,000
967,970
Lloyds
Banking
Group
PLC
,
5
.99
%
(
H15T1Y
+
148
bps
)
,
8/7/27
,
Callable
8/7/26
@
100
(b)
...
1,000,000
990,918
Nationwide
Building
Society
,
4
.00
%
,
9/14/26
(a)
.................................
1,000,000
932,351
NatWest
Group
PLC
,
7
.47
%
(
H15T1Y
+
285
bps
)
,
11/10/26
,
Callable
11/10/25
@
100
(b)
.....
500,000
510,005
ORIX
Corp.
,
5
.00
%
,
9/13/27
...............................................
1,000,000
976,936
Phoenix
Group
Holdings
PLC
,
4
.75
%
(
H15T5Y
+
428
bps
)
,
9/4/31
,
Callable
6/4/26
@
100
(b)
.
1,000,000
908,389
Santander
UK
Group
Holdings
PLC
,
6
.53
%
(
SOFR
+
260
bps
)
,
1/10/29
,
Callable
1/10/28
@
100
(b)
...........................................................
2,000,000
1,978,365
Standard
Chartered
PLC
6
.19
%
(
H15T1Y
+
185
bps
)
,
7/6/27
,
Callable
7/6/26
@
100
(a)
(b)
..................
1,000,000
995,742
6
.30
%
(
H15T1Y
+
245
bps
)
,
1/9/29
,
Callable
1/9/28
@
100
(a)
(b)
..................
1,000,000
995,486
Westpac
Banking
Corp.
,
5
.36
%
(
US0006M
+
15
bps
)
(b)
(d)
..........................
500,000
500,000
29,026,038
Industrials
(0.7%):
Air
Canada
Pass
Through
Trust
5
.00
%
,
12/15/23
(a)
..................................................
173,333
172,011
4
.13
%
,
5/15/25
(a)
..................................................
1,464,062
1,382,651
The
Weir
Group
PLC
,
2
.20
%
,
5/13/26
,
Callable
4/13/26
@
100
(a)
....................
1,455,000
1,307,895
Triton
Container
International,
Ltd.
,
2
.05
%
,
4/15/26
,
Callable
3/15/26
@
100
(a)
..........
1,000,000
893,376
3,755,933
Information
Technology
(0.9%):
Open
Text
Corp.
,
6
.90
%
,
12/1/27
,
Callable
11/1/27
@
100
(a)
........................
2,892,000
2,897,611
SK
Hynix,
Inc.
,
6
.25
%
,
1/17/26
(a)
...........................................
2,000,000
1,998,290
4,895,901
Materials
(1.7%):
Alcoa
Nederland
Holding
BV
,
5
.50
%
,
12/15/27
,
Callable
11/6/23
@
102.75
(a)
...........
1,613,000
1,538,176
ArcelorMittal
SA
,
6
.55
%
,
11/29/27
,
Callable
10/29/27
@
100
.......................
1,500,000
1,521,942
Braskem
Netherlands
Finance
BV
,
4
.50
%
,
1/10/28
,
Callable
10/10/27
@
100
(a)
..........
2,000,000
1,764,708
Endeavour
Mining
PLC
,
5
.00
%
,
10/14/26
,
Callable
11/6/23
@
102.5
(a)
................
500,000
445,689
OCI
NV
,
4
.63
%
,
10/15/25
,
Callable
11/6/23
@
101.16
(a)
...........................
2,000,000
1,900,835
Syngenta
Finance
NV
,
4
.89
%
,
4/24/25
,
Callable
2/24/25
@
100
(a)
....................
1,423,000
1,387,470
West
Fraser
Timber
Co.
Ltd.
,
4
.35
%
,
10/15/24
,
Callable
7/15/24
@
100
(a)
..............
1,000,000
975,586
9,534,406
Real
Estate
(0.2%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust
,
3
.88
%
,
3/20/27
,
Callable
12/20/26
@
100
(a)
...........................................................
1,000,000
918,324
Total
Yankee
Dollars
(Cost
$59,334,467)
58,451,585
Municipal
Bonds
(3.6%)
Alabama
(0.2%):
Black
Belt
Energy
Gas
District
Revenue
,
Series
D-2
,
6
.00
%
,
2/1/29
,
Continuously
Callable
@100
...........................................................
1,000,000
977,469
California
(0.4%):
California
Municipal
Finance
Authority
Revenue
,
1
.36
%
,
2/1/24
.....................
495,000
486,443
California
Statewide
Communities
Development
Authority
Revenue
,
2
.15
%
,
11/15/30
,
Continuously
Callable
@100
...........................................
1,065,000
856,078
California
Statewide
Communities
Development
Authority
Revenue
(NBGA
-
California
Health
Insurance
Construction
Loan
Insurance
Program)
,
2
.05
%
,
8/1/30
............
1,225,000
1,076,236
2,418,757
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
164
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Colorado
(0.3%):
Colorado
Health
Facilities
Authority
Revenue
,
Series
B
,
2
.80
%
,
12/1/26
................
$
420,000
$
388,334
Denver
City
&
County
Housing
Authority
Revenue
,
1
.33
%
,
6/1/24
,
Continuously
Callable
@100
...........................................................
750,000
728,045
Park
Creek
Metropolitan
District
Revenue
,
Series
B
,
2
.43
%
,
12/1/23
..................
700,000
696,240
1,812,619
Florida
(0.2%):
Hillsborough
County
IDA
Revenue
,
2
.16
%
,
8/1/25
...............................
1,250,000
1,164,900
Illinois
(0.2%):
State
of
Illinois
Sales
Tax
Revenue
,
Series
B
,
0
.94
%
,
6/15/24
.......................
1,000,000
965,132
Indiana
(0.2%):
Indiana
Finance
Authority
Revenue
0
.96
%
,
3/1/24
.....................................................
450,000
440,375
1
.41
%
,
3/1/25
.....................................................
570,000
534,150
974,525
Maine
(0.1%):
Maine
State
Housing
Authority
Revenue
,
Series
H
,
1
.70
%
,
11/15/26
..................
600,000
543,231
Maryland
(0.3%):
Maryland
Health
&
Higher
Educational
Facilities
Authority
Revenue
1
.81
%
,
1/1/25
.....................................................
1,000,000
939,097
1
.89
%
,
1/1/26
.....................................................
1,000,000
899,434
1,838,531
Michigan
(0.2%):
Michigan
Finance
Authority
Revenue
2
.21
%
,
12/1/23
....................................................
185,000
183,911
2
.31
%
,
12/1/24
....................................................
105,000
100,903
Series
A-1
,
2
.33
%
,
6/1/30
.............................................
251,214
248,393
Ypsilanti
School
District,
GO
,
1
.89
%
,
5/1/24
...................................
510,000
498,709
1,031,916
New
Jersey
(0.5%):
City
of
Orange
Township,
GO
,
Series
B
,
5
.50
%
,
3/22/24
...........................
1,000,000
996,731
South
Jersey
Transportation
Authority
Revenue
Series
B
,
2
.10
%
,
11/1/24
..............................................
750,000
719,493
Series
B
,
2
.20
%
,
11/1/25
..............................................
750,000
697,457
South
Jersey
Transportation
Authority
System
Revenue
,
Series
B
,
3
.02
%
,
11/1/25
.........
425,000
401,992
2,815,673
Oklahoma
(0.1%):
The
University
of
Oklahoma
Revenue
,
Series
B
,
0
.93
%
,
7/1/24
......................
350,000
337,837
Rhode
Island
(0.1%):
Providence
Redevelopment
Agency
Revenue
,
Series
A
,
2
.50
%
,
3/15/26
................
610,000
580,882
Tennessee
(0.1%):
Metropolitan
Government
Nashville
&
Davidson
County
Sports
Authority
Revenue
,
1
.03
%
,
8/1/24
...........................................................
600,000
577,563
Texas
(0.7%):
Aledo
Independent
School
District,
GO
(NBGA
-
Texas
Permanent
School
Fund)
,
2/15/24
(f)
.
250,000
244,809
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
1
.59
%
,
11/15/23
....................................................
675,000
671,486
1
.84
%
,
11/15/24
....................................................
500,000
477,560
Series
B
,
2
.30
%
,
5/15/24
.............................................
600,000
586,131
Lubbock
Texas
Water
&
Wastewater
System
Revenue
,
Series
B
,
1
.93
%
,
2/15/24
..........
750,000
740,102
State
of
Texas,
GO
,
3
.11
%
,
10/1/23
..........................................
500,000
500,000
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
,
1
.36
%
,
9/1/24
.......
700,000
671,129
3,891,217
Total
Municipal
Bonds
(Cost
$21,032,960)
19,930,252
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
165
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
U.S.
Government
Mortgage-Backed
Agencies
(0.2%)
Federal
Home
Loan
Mortgage
Corporation
Series
5270
,
Class
AB
,
5
.50
%
,
1/25/49
...................................
$
988,160
$
960,843
Total
U.S.
Government
Mortgage-Backed
Agencies
(Cost
$973,542)
960,843
U.S.
Government
Agency
Mortgages
(0.7%)
Federal
National
Mortgage
Association
Series
2022-88
,
Class
BA
,
5
.50
%
,
7/25/47
.................................
1,019,014
998,181
Government
National
Mortgage
Association
Series
2023-107
,
Class
PA
,
5
.50
%
,
1/20/46
-
6/20/48
.........................
1,994,909
1,970,063
Series
2023-128
,
Class
KA
,
6
.00
%
,
6/20/47
................................
998,361
996,693
2,966,756
Total
U.S.
Government
Agency
Mortgages
(Cost
$3,979,686)
3,964,937
U.S.
Treasury
Obligations
(4.8%)
U.S.
Treasury
Notes
0
.50
%
,
11/30/23
....................................................
3,000,000
2,976,094
3
.00
%
,
7/31/24
....................................................
2,000,000
1,959,141
4
.50
%
,
11/30/24
....................................................
10,000,000
9,897,656
4
.25
%
,
10/15/25
....................................................
4,000,000
3,937,187
0
.50
%
,
8/31/27
....................................................
5,000,000
4,255,469
4
.00
%
,
6/30/28
....................................................
2,000,000
1,946,562
1
.63
%
,
8/15/29
....................................................
1,000,000
848,594
4
.13
%
,
8/31/30
....................................................
500,000
485,156
Total
U.S.
Treasury
Obligations
(Cost
$26,544,527)
26,305,859
Commercial
Papers
(0.2%)
Information
Technology
(0.2%):
Jabil,
Inc.
,
6
.05
%
,
10/3/23
(a)
(g)
............................................
700,000
699,524
Jabil,
Inc.
,
6
.03
%
,
10/2/23
(a)
(g)
............................................
600,000
599,694
1,299,218
Total
Commercial
Papers
(Cost
$1,299,664)
1,299,218
Shares
Collateral
for
Securities
Loaned
(0.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.24
%
(h)
........
205,830
205,830
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.28
%
(h)
............
205,830
205,830
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.26
%
(h)
...............
205,830
205,830
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.27
%
(h)
.
205,830
205,830
Total
Collateral
for
Securities
Loaned
(Cost
$823,320)
823,320
Total
Investments
(Cost
$564,178,447)
—
99.8%
551,076,148
Other
assets
in
excess
of
liabilities
—
0.2%
923,738
NET
ASSETS
-
100.00%
$
551,999,886
At
September
30,
2023,
the
Fund's
investments
in
foreign
securities
were
12.9%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2023,
the
fair
value
of
these
securities
was
$294,703,175
and
amounted
to
53.4%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
September
30,
2023.
(c)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
September
30,
2023.
(d)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(e)
All
or
a
portion
of
this
security
is
on
loan.
(f)
Zero-coupon
bond.
(g)
Rate
represents
the
effective
yield
at
September
30,
2023.
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
166
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
(h)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CLO
—
Collateralized
Loan
Obligations
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
September
30,
2023.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
September
30,
2023.
H15T7Y
—
7
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
September
30,
2023.
IDA
—
Industrial
Development
Authority
LIBOR
—
London
Interbank
Offered
Rate
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of  September
30,
2023.
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
September
30,
2023.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
September
30,
2023.
TSFR1M
—
1
month
Term
SOFR,
rate
disclosed
as
of
September
30,
2023.
TSFR3M
—
3
month
Term
SOFR,
rate
disclosed
as
of
September
30,
2023.
US0003M
—
3
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
September
30,
2023,
based
on
the
last
reset
date
of
the
security.
US0006M
—
6
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
September
30,
2023,
based
on
the
last
reset
date
of
the
security.
USSW5
—
USD
5
Year
Swap
Rate,
rate
disclosed
as
of
September
30,
2023.
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
NBGA
—
Principal
and
interest
payments
or,
under
certain
circumstances
underlying
mortgages
are
guaranteed
by
a
nonbank
guarantee
agreement
from
the
name
listed.
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
167
(Unaudited)
Security
Description
Principal
Amount
Value
Asset-Backed
Securities
(11.0%)
ABS
Auto
(6.4%):
American
Credit
Acceptance
Receivables
Trust
,
Series
2022-1
,
Class
C
,
2
.12
%
,
3/13/28
,
Callable
1/13/25
@
100
(a)
............................................
$
1,000,000
$
979,857
American
Credit
Acceptance
Receivables
Trust
,
Series
2022-1
,
Class
B
,
1
.68
%
,
9/14/26
,
Callable
1/13/25
@
100
(a)
............................................
209,350
208,799
AmeriCredit
Automobile
Receivables
Trust
,
Series
2021-3
,
Class
B
,
1
.17
%
,
8/18/27
,
Callable
4/18/26
@
100
.....................................................
1,000,000
930,198
AmeriCredit
Automobile
Receivables
Trust
,
Series
2021-1
,
Class
D
,
1
.21
%
,
12/18/26
,
Callable
4/18/25
@
100
.....................................................
1,135,000
1,040,072
ARI
Fleet
Lease
Trust
,
Series
2022-A
,
Class
A3
,
3
.43
%
,
1/15/31
,
Callable
12/15/24
@
100
(a)
762,000
733,503
ARI
Fleet
Lease
Trust
,
Series
2022-A
,
Class
B
,
3
.79
%
,
1/15/31
,
Callable
12/15/24
@
100
(a)
.
467,000
439,187
Avis
Budget
Rental
Car
Funding
AESOP
LLC
,
Series
2022-5A
,
Class
B
,
7
.09
%
,
4/20/27
(a)
..
1,000,000
1,007,235
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
488,377
Avis
Budget
Rental
Car
Funding
AESOP
LLC
,
Series
2021-2A
,
Class
C
,
2
.35
%
,
2/20/28
,
Callable
2/20/27
@
100
(a)
............................................
800,000
682,816
Avis
Budget
Rental
Car
Funding
AESOP
LLC
,
Series
2023-6A
,
Class
C
,
7
.03
%
,
12/20/29
(a)
.
1,000,000
976,622
Canadian
Pacer
Auto
Receivables
Trust
,
Series
2020-1A
,
Class
A4
,
1
.89
%
,
3/19/25
,
Callable
11/19/23
@
100
(a)
..................................................
294,753
293,443
CarMax
Auto
Owner
Trust
,
Series
2020-1
,
Class
B
,
2
.21
%
,
9/15/25
,
Callable
2/15/24
@
100
.
1,275,000
1,256,217
CarMax
Auto
Owner
Trust
,
Series
2020-2
,
Class
D
,
5
.75
%
,
5/17/27
,
Callable
4/15/24
@
100
.
780,000
774,499
CarMax
Auto
Owner
Trust
,
Series
2021-2
,
Class
B
,
1
.03
%
,
12/15/26
,
Callable
4/15/25
@
100
2,000,000
1,839,614
Carvana
Auto
Receivables
Trust
,
Series
2021-P2
,
Class
B
,
1
.27
%
,
3/10/27
,
Callable
12/10/26
@
100
...........................................................
1,500,000
1,337,717
Chase
Auto
Owner
Trust
,
Series
2023-AA
,
Class
C
,
6
.24
%
,
9/25/29
,
Callable
5/25/28
@
100
(a)
...........................................................
875,000
872,085
Chesapeake
Funding
II
LLC
,
Series
2023-1A
,
Class
B
,
5
.59
%
,
5/15/35
,
Callable
11/15/25
@
100
(a)
...........................................................
882,000
869,644
Chesapeake
Funding
II
LLC
,
Series
2023-2A
,
Class
A1
,
6
.16
%
,
10/15/35
(a)
.............
1,250,000
1,249,328
Citizens
Auto
Receivables
Trust
,
Series
2023-1
,
Class
A3
,
5
.84
%
,
1/18/28
,
Callable
2/15/27
@
100
(a)
...........................................................
1,000,000
1,001,031
Citizens
Auto
Receivables
Trust
,
Series
2023-1
,
Class
A4
,
5
.78
%
,
10/15/30
,
Callable
2/15/27
@
100
(a)
.........................................................
1,000,000
1,000,321
CPS
Auto
Receivables
Trust
,
Series
2022-A
,
Class
B
,
1
.70
%
,
4/16/29
,
Callable
2/15/26
@
100
(a)
...........................................................
1,119,329
1,105,482
CPS
Auto
Receivables
Trust
,
Series
2022-D
,
Class
B
,
6
.84
%
,
1/16/29
,
Callable
12/15/26
@
100
(a)
...........................................................
2,000,000
2,022,687
Credit
Acceptance
Auto
Loan
Trust
,
Series
2021-2A
,
Class
B
,
1
.26
%
,
4/15/30
,
Callable
9/15/24
@
100
(a)
.........................................................
1,038,000
1,002,375
Credit
Acceptance
Auto
Loan
Trust
,
Series
2023-2A
,
Class
B
,
6
.61
%
,
7/15/33
,
Callable
12/15/26
@
100
(a)
..................................................
1,000,000
991,263
Credit
Acceptance
Auto
Loan
Trust
,
Series
2023-3A
,
Class
B
,
7
.09
%
,
10/17/33
,
Callable
3/15/27
@
100
(a)
...................................................
947,000
951,386
Credit
Acceptance
Auto
Loan
Trust
,
Series
2022-3A
,
Class
B
,
7
.52
%
,
12/15/32
,
Callable
10/15/26
@
100
(a)
..................................................
1,500,000
1,511,735
Donlen
Fleet
Lease
Funding
2
LLC
,
Series
2021-2
,
Class
B
,
0
.98
%
,
12/11/34
(a)
..........
1,327,000
1,275,130
Drive
Auto
Receivables
Trust
,
Series
2021-2
,
Class
D
,
1
.39
%
,
3/15/29
,
Callable
4/15/25
@
100
1,750,000
1,638,874
DT
Auto
Owner
Trust
,
Series
2021-3A
,
Class
B
,
0
.58
%
,
11/17/25
,
Callable
11/15/25
@
100
(a)
748,316
743,873
DT
Auto
Owner
Trust
,
Series
2020-1A
,
Class
E
,
3
.48
%
,
2/16/27
,
Callable
8/15/24
@
100
(a)
.
1,000,000
971,125
Ent
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
A4
,
6
.26
%
,
11/15/29
,
Callable
3/15/28
@
100
(a)
...........................................................
700,000
700,025
Enterprise
Fleet
Financing
LLC
,
Series
2022-3
,
Class
A2
,
4
.38
%
,
7/20/29
,
Callable
2/20/26
@
100
(a)
...........................................................
869,387
851,292
Enterprise
Fleet
Financing
LLC
,
Series
2020-1
,
Class
A3
,
1
.86
%
,
12/22/25
,
Callable
10/20/23
@
100
(a)
.........................................................
492,555
491,599
Enterprise
Fleet
Financing
LLC
,
Series
2022-1
,
Class
A3
,
3
.27
%
,
1/20/28
,
Callable
6/20/25
@
100
(a)
...........................................................
1,000,000
946,306
Enterprise
Fleet
Financing
LLC
,
Series
2022-4
,
Class
A3
,
5
.65
%
,
10/22/29
,
Callable
3/20/26
@
100
(a)
.........................................................
2,000,000
1,977,877
Enterprise
Fleet
Financing
LLC
,
Series
2023-2
,
Class
A2
,
5
.56
%
,
4/22/30
,
Callable
2/20/27
@
100
(a)
...........................................................
1,000,000
992,295
Exeter
Automobile
Receivables
Trust
,
Series
2021-4A
,
Class
B
,
1
.05
%
,
5/15/26
,
Callable
10/15/25
@
100
....................................................
306,493
304,541
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
168
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Exeter
Automobile
Receivables
Trust
,
Series
2020-2A
,
Class
E
,
7
.19
%
,
9/15/27
,
Callable
10/15/24
@
100
(a)
..................................................
$
1,000,000
$
1,005,198
Exeter
Automobile
Receivables
Trust
,
Series
2019-3A
,
Class
E
,
4
.00
%
,
8/17/26
,
Callable
4/15/24
@
100
(a)
...................................................
1,200,000
1,181,909
Flagship
Credit
Auto
Trust
,
Series
2020-2
,
Class
D
,
5
.75
%
,
4/15/26
,
Callable
4/15/25
@
100
(a)
1,000,000
992,027
Ford
Credit
Auto
Lease
Trust
,
Series
2023-A
,
Class
B
,
5
.29
%
,
6/15/26
,
Callable
8/15/25
@
100
.............................................................
800,000
786,042
Ford
Credit
Auto
Owner
Trust
,
Series
2023-1
,
Class
B
,
5
.29
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...........................................................
822,000
789,879
Ford
Credit
Auto
Owner
Trust
,
Series
2020-1
,
Class
B
,
2
.29
%
,
8/15/31
,
Callable
2/15/25
@
100
(a)
...........................................................
1,500,000
1,419,102
Ford
Credit
Auto
Owner
Trust
,
Series
2023-2
,
Class
B
,
5
.92
%
,
2/15/36
,
Callable
8/15/28
@
100
(a)
...........................................................
1,000,000
982,641
Foursight
Capital
Automobile
Receivables
Trust
,
Series
2022-1
,
Class
A3
,
1
.83
%
,
12/15/26
,
Callable
4/15/25
@
100
(a)
............................................
1,200,000
1,177,108
Foursight
Capital
Automobile
Receivables
Trust
,
Series
2021-1
,
Class
B
,
0
.87
%
,
1/15/26
,
Callable
6/15/24
@
100
(a)
............................................
66,220
66,104
Foursight
Capital
Automobile
Receivables
Trust
,
Series
2023-1
,
Class
B
,
5
.35
%
,
3/15/28
,
Callable
12/15/25
@
100
(a)
...........................................
1,253,000
1,225,242
GECU
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
B
,
5
.87
%
,
1/15/30
,
Callable
11/15/28
@
100
(a)
...........................................................
415,000
408,190
GECU
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
C
,
6
.33
%
,
4/15/30
,
Callable
11/15/28
@
100
(a)
...........................................................
250,000
247,568
GLS
Auto
Receivables
Issuer
Trust
,
Series
2019-3A
,
Class
D
,
3
.84
%
,
5/15/26
,
Callable
3/15/24
@
100
(a)
.........................................................
1,500,000
1,479,235
GLS
Auto
Receivables
Issuer
Trust
,
Series
2019-2A
,
Class
D
,
4
.52
%
,
2/17/26
,
Callable
12/15/23
@
100
(a)
..................................................
1,000,000
997,515
GM
Financial
Automobile
Leasing
Trust
,
Series
2022-1
,
Class
C
,
2
.64
%
,
2/20/26
,
Callable
6/20/24
@
100
.....................................................
1,000,000
968,113
GM
Financial
Consumer
Automobile
Receivables
Trust
,
Series
2020-2
,
Class
A4
,
1
.74
%
,
8/18/25
,
Callable
1/16/24
@
100
........................................
750,000
743,097
GM
Financial
Consumer
Automobile
Receivables
Trust
,
Series
2020-1
,
Class
A4
,
1
.90
%
,
3/17/25
,
Callable
10/16/23
@
100
.......................................
543,412
542,630
GTE
Auto
Receivables
Trust
,
Series
2023-1
,
Class
A4
,
5
.12
%
,
4/16/29
,
Callable
5/15/26
@
100
(a)
...........................................................
1,250,000
1,231,371
Hertz
Vehicle
Financing
III
LLC
,
Series
2023-3A
,
Class
C
,
7
.26
%
,
2/25/28
(a)
...........
1,000,000
996,376
Hertz
Vehicle
Financing
III
LP
,
Series
2021-2A
,
Class
A
,
1
.68
%
,
12/27/27
(a)
............
1,000,000
878,117
Hertz
Vehicle
Financing
LLC
,
Series
2022-4A
,
Class
B
,
4
.12
%
,
9/25/26
,
Callable
9/25/25
@
100
(a)
...........................................................
1,000,000
955,388
Hertz
Vehicle
Financing
LLC
,
Series
2021-1A
,
Class
C
,
2
.05
%
,
12/26/25
(a)
.............
1,333,000
1,262,862
Hyundai
Auto
Receivables
Trust
,
Series
2021-C
,
Class
B
,
1
.49
%
,
12/15/27
,
Callable
2/15/26
@
100
.............................................................
2,000,000
1,801,934
Hyundai
Auto
Receivables
Trust
,
Series
2020-C
,
Class
B
,
0
.81
%
,
11/16/26
,
Callable
3/15/25
@
100
.............................................................
1,271,000
1,189,458
JPMorgan
Chase
Bank
NA
,
Series
2021-2
,
Class
B
,
0
.89
%
,
12/26/28
,
Callable
6/25/25
@
100
(a)
...........................................................
168,985
164,101
JPMorgan
Chase
Bank
NA
,
Series
2021-1
,
Class
B
,
0
.88
%
,
9/25/28
,
Callable
5/25/25
@
100
(a)
...........................................................
167,059
162,988
LAD
Auto
Receivables
Trust
,
Series
2021-1A
,
Class
C
,
2
.35
%
,
4/15/27
,
Callable
8/15/25
@
100
(a)
...........................................................
1,500,000
1,413,254
LAD
Auto
Receivables
Trust
,
Series
2022-1A
,
Class
B
,
5
.87
%
,
9/15/27
,
Callable
4/15/26
@
100
(a)
...........................................................
1,600,000
1,577,002
LAD
Auto
Receivables
Trust
,
Series
2021-1A
,
Class
A
,
1
.30
%
,
8/17/26
,
Callable
8/15/25
@
100
(a)
...........................................................
371,651
364,404
LAD
Auto
Receivables
Trust
,
Series
2023-3A
,
Class
B
,
6
.09
%
,
6/15/28
,
Callable
3/15/26
@
100
(a)
...........................................................
1,000,000
993,166
LAD
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
B
,
5
.59
%
,
8/16/27
,
Callable
5/15/26
@
100
(a)
...........................................................
600,000
590,552
OCCU
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
B
,
6
.51
%
,
9/17/29
,
Callable
10/15/27
@
100
(a)
...........................................................
500,000
499,614
Oscar
U.S.
Funding
XIII
LLC
,
Series
2021-2A
,
Class
A4
,
1
.27
%
,
9/11/28
,
Callable
6/10/25
@
100
(a)
...........................................................
1,500,000
1,383,871
PenFed
Auto
Receivables
Owner
Trust
,
Series
2022-A
,
Class
C
,
4
.83
%
,
12/15/28
,
Callable
2/15/26
@
100
(a)
...................................................
750,000
722,235
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
169
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
PenFed
Auto
Receivables
Owner
Trust
,
Series
2022-A
,
Class
B
,
4
.60
%
,
12/15/28
,
Callable
2/15/26
@
100
(a)
...................................................
$
1,499,000
$
1,448,888
PenFed
Auto
Receivables
Owner
Trust
,
Series
2022-A
,
Class
A4
,
4
.18
%
,
12/15/28
,
Callable
2/15/26
@
100
(a)
...................................................
1,000,000
973,133
Prestige
Auto
Receivables
Trust
,
Series
2020-1A
,
Class
C
,
1
.31
%
,
11/16/26
,
Callable
9/15/24
@
100
(a)
.........................................................
107,435
106,988
Prestige
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
B
,
5
.55
%
,
4/15/27
,
Callable
3/15/27
@
100
(a)
...........................................................
1,000,000
989,090
Prestige
Auto
Receivables
Trust
,
Series
2021-1A
,
Class
C
,
1
.53
%
,
2/15/28
,
Callable
9/15/25
@
100
(a)
...........................................................
1,000,000
941,893
Santander
Bank
Auto
Credit-Linked
Notes
,
Series
2022-A
,
Class
B
,
5
.28
%
,
5/15/32
,
Callable
11/15/25
@
100
(a)
..................................................
419,809
414,701
Santander
Bank
Auto
Credit-Linked
Notes
,
Series
2022-B
,
Class
C
,
5
.92
%
,
8/16/32
,
Callable
2/15/26
@
100
(a)
...................................................
433,487
430,984
Santander
Bank
NA
,
Series
2021-1A
,
Class
B
,
1
.83
%
,
12/15/31
,
Callable
7/15/25
@
100
(a)
..
644,130
627,843
Santander
Consumer
Auto
Receivables
Trust
,
Series
2020-AA
,
Class
D
,
5
.49
%
,
4/15/26
,
Callable
11/15/24
@
100
(a)
...........................................
1,000,000
996,914
Santander
Consumer
Auto
Receivables
Trust
,
Series
2020-BA
,
Class
E
,
4
.13
%
,
1/15/27
,
Callable
6/15/25
@
100
(a)
............................................
1,500,000
1,442,472
Santander
Drive
Auto
Receivables
Trust
,
Series
2022-3
,
Class
B
,
4
.13
%
,
8/16/27
,
Callable
8/15/25
@
100
.....................................................
1,062,000
1,034,995
Santander
Retail
Auto
Lease
Trust
,
Series
2020-B
,
Class
C
,
1
.18
%
,
12/20/24
,
Callable
2/20/24
@
100
(a)
.........................................................
1,500,000
1,481,245
SFS
Auto
Receivables
Securitization
Trust
,
Series
2023-1A
,
Class
B
,
5
.71
%
,
1/22/30
,
Callable
12/20/26
@
100
(a)
..................................................
1,500,000
1,473,400
Tesla
Auto
Lease
Trust
,
Series
2023-B
,
Class
A4
,
6
.22
%
,
3/22/27
,
Callable
11/20/25
@
100
(a)
802,000
802,019
Toyota
Auto
Loan
Extended
Note
Trust
,
Series
2021-1A
,
Class
A
,
1
.07
%
,
2/27/34
,
Callable
2/25/26
@
100
(a)
(b)
.................................................
2,000,000
1,791,091
Toyota
Auto
Loan
Extended
Note
Trust
,
Series
2022-1A
,
Class
A
,
3
.82
%
,
4/25/35
,
Callable
4/25/27
@
100
(a)
...................................................
2,000,000
1,881,982
Toyota
Auto
Receivables
Trust
,
Series
2023-A
,
Class
A3
,
4
.63
%
,
9/15/27
,
Callable
2/15/27
@
100
.............................................................
4,000,000
3,923,158
Toyota
Lease
Owner
Trust
,
Series
2023-A
,
Class
A4
,
5
.05
%
,
8/20/27
,
Callable
9/20/25
@
100
(a)
...........................................................
2,000,000
1,969,179
Veridian
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
A4
,
5
.59
%
,
12/15/28
,
Callable
2/15/27
@
100
(a)
.........................................................
1,000,000
984,784
Veridian
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
B
,
5
.86
%
,
4/16/29
,
Callable
2/15/27
@
100
(a)
...........................................................
533,000
525,303
Westlake
Automobile
Receivables
Trust
,
Series
2022-2A
,
Class
C
,
4
.85
%
,
9/15/27
,
Callable
11/15/25
@
100
(a)
..................................................
1,071,000
1,046,836
Westlake
Automobile
Receivables
Trust
,
Series
2020-1A
,
Class
E
,
3
.31
%
,
10/15/25
,
Callable
2/15/24
@
100
(a)
...................................................
2,000,000
1,973,611
Westlake
Automobile
Receivables
Trust
,
Series
2021-3A
,
Class
C
,
1
.58
%
,
1/15/27
,
Callable
6/15/25
@
100
(a)
...................................................
1,000,000
954,069
Wheels
Fleet
Lease
Funding
1
LLC
,
Series
2023-1A
,
Class
A
,
5
.80
%
,
4/18/38
(a)
.........
1,350,000
1,342,181
97,213,482
ABS
Card
(0.7%):
CARDS
II
Trust
,
Series
2021-1A
,
Class
A
,
0
.60
%
,
4/15/27
(a)
.......................
2,300,000
2,234,991
Evergreen
Credit
Card
Trust
,
Series
2022-CRT2
,
Class
C
,
7
.44
%
,
11/15/26
(a)
............
1,000,000
999,164
Evergreen
Credit
Card
Trust
,
Series
2022-CRT1
,
Class
C
,
6
.19
%
,
7/15/26
(a)
.............
1,500,000
1,484,154
Master
Credit
Card
Trust
,
Series
2021-1A
,
Class
B
,
0
.79
%
,
11/21/25
(a)
................
539,000
520,801
Master
Credit
Card
Trust
,
Series
2022-2A
,
Class
C
,
2
.73
%
,
7/21/28
(a)
.................
625,000
546,003
Master
Credit
Card
Trust
II
,
Series
2023-2A
,
Class
B
,
6
.26
%
,
1/21/27
(a)
...............
410,000
408,833
Master
Credit
Card
Trust
II
,
Series
2023-4A
,
Class
C
,
7
.53
%
,
10/21/32
(a)
..............
1,145,000
1,144,565
Trillium
Credit
Card
Trust
II
,
Series
2021-1A
,
Class
C
,
2
.42
%
,
10/26/29
(a)
.............
2,000,000
1,762,836
Trillium
Credit
Card
Trust
II
,
Series
2021-1A
,
Class
A
,
1
.53
%
,
10/26/29
(a)
.............
2,000,000
1,773,426
10,874,773
ABS
Other
(3.5%):
Aligned
Data
Centers
Issuer
LLC
,
Series
2021-1A
,
Class
A2
,
1
.94
%
,
8/15/46
,
Callable
8/15/24
@
100
(a)
.........................................................
1,500,000
1,312,200
Amur
Equipment
Finance
Receivables
IX
LLC
,
Series
2021-1A
,
Class
C
,
1
.75
%
,
6/21/27
,
Callable
11/20/24
@
100
(a)
...........................................
1,600,000
1,511,708
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
170
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Amur
Equipment
Finance
Receivables
X
LLC
,
Series
2022-1A
,
Class
A2
,
1
.64
%
,
10/20/27
,
Callable
9/20/25
@
100
(a)
............................................
$
615,742
$
592,086
Amur
Equipment
Finance
Receivables
XI
LLC
,
Series
2022-2A
,
Class
A2
,
5
.30
%
,
6/21/28
,
Callable
6/20/26
@
100
(a)
............................................
1,231,357
1,215,510
Amur
Equipment
Finance
Receivables
XII
LLC
,
Series
2023-1A
,
Class
B
,
6
.03
%
,
12/20/29
,
Callable
9/20/27
@
100
(a)
............................................
1,125,000
1,094,453
Atalaya
Equipment
Leasing
Trust
,
Series
2022-1A
,
Class
B
,
2
.08
%
,
2/15/27
,
Callable
10/15/24
@
100
(a)
.........................................................
1,000,000
952,470
CCG
Receivables
Trust
,
Series
2023-1
,
Class
A2
,
5
.82
%
,
9/16/30
,
Callable
6/14/26
@
100
(a)
1,000,000
997,605
CF
Hippolyta
Issuer
LLC
,
Series
2021-1A
,
Class
A1
,
1
.53
%
,
3/15/61
,
Callable
3/15/24
@
100
(a)
...........................................................
1,413,671
1,241,127
Conn's
Receivables
Funding
LLC
,
Series
2023-A
,
Class
A
,
8
.01
%
,
1/17/28
,
Callable
4/15/24
@
100
(a)
.........................................................
608,959
609,808
Conn's
Receivables
Funding
LLC
,
Series
2022-A
,
Class
B
,
9
.52
%
,
12/15/26
,
Callable
7/15/24
@
100
(a)
.........................................................
1,137,346
1,142,779
Daimler
Trucks
Retail
Trust
,
Series
2023-1
,
Class
A4
,
5
.93
%
,
12/16/30
,
Callable
9/15/26
@
100
.............................................................
1,680,000
1,677,325
Dell
Equipment
Finance
Trust
,
Series
2021-1
,
Class
D
,
1
.03
%
,
11/23/26
,
Callable
10/22/23
@
100
(a)
...........................................................
1,000,000
1,000,000
Dell
Equipment
Finance
Trust
,
Series
2023-1
,
Class
A3
,
5
.65
%
,
9/22/28
,
Callable
10/22/25
@
100
(a)
...........................................................
1,000,000
997,270
Dell
Equipment
Finance
Trust
,
Series
2021-2
,
Class
C
,
0
.94
%
,
12/22/26
,
Callable
2/22/24
@
100
(a)
...........................................................
2,000,000
1,950,076
Diamond
Infrastructure
Funding
LLC
,
Series
2021-1A
,
Class
A
,
1
.76
%
,
4/15/49
,
Callable
9/20/25
@
100
(a)
...................................................
1,000,000
854,672
Diamond
Issuer
,
Series
2021-1A
,
Class
A
,
2
.31
%
,
11/20/51
,
Callable
11/20/25
@
100
(a)
....
1,125,000
957,580
DLLST
LLC
,
Series
2022-1A
,
Class
A4
,
3
.69
%
,
9/20/28
,
Callable
6/20/25
@
100
(a)
.......
2,000,000
1,946,546
Encina
Equipment
Finance
LLC
,
Series
2021-1A
,
Class
B
,
1
.21
%
,
2/16/27
,
Callable
12/15/23
@
100
(a)
.........................................................
109,803
109,613
ExteNet
LLC
,
Series
2019-1A
,
Class
A2
,
3
.20
%
,
7/25/49
,
Callable
10/25/23
@
100
(a)
.....
500,000
480,595
FirstKey
Homes
Trust
,
Series
2021-SFR2
,
Class
B
,
1
.61
%
,
9/17/38
(a)
.................
1,153,846
1,003,433
Ford
Credit
Floorplan
Master
Owner
Trust
,
Series
2023-1
,
Class
C
,
5
.75
%
,
5/15/28
(a)
......
532,000
520,516
HPEFS
Equipment
Trust
,
Series
2023-2A
,
Class
C
,
6
.48
%
,
1/21/31
,
Callable
12/20/26
@
100
(a)
...........................................................
1,250,000
1,252,622
HPEFS
Equipment
Trust
,
Series
2021-1A
,
Class
D
,
1
.03
%
,
3/20/31
,
Callable
4/20/24
@
100
(a)
4,667,000
4,560,037
HPEFS
Equipment
Trust
,
Series
2022-1A
,
Class
C
,
1
.96
%
,
5/21/29
,
Callable
4/20/25
@
100
(a)
2,000,000
1,906,005
John
Deere
Owner
Trust
,
Series
2022-A
,
Class
A4
,
2
.49
%
,
1/16/29
,
Callable
11/15/25
@
100
1,000,000
940,198
Kubota
Credit
Owner
Trust
,
Series
2022-1A
,
Class
A4
,
2
.78
%
,
2/15/28
,
Callable
1/15/26
@
100
(a)
...........................................................
2,000,000
1,863,589
M&T
Equipment
,
Series
2023-1A
,
Class
A4
,
5
.75
%
,
7/15/30
,
Callable
8/15/27
@
100
(a)
....
2,076,000
2,022,381
MMAF
Equipment
Finance
LLC
,
Series
2022-A
,
Class
A4
,
3
.32
%
,
6/13/44
(a)
...........
1,500,000
1,412,672
MMAF
Equipment
Finance
LLC
,
Series
2023-A
,
Class
A4
,
5
.50
%
,
12/13/38
(a)
..........
750,000
739,262
MVW
LLC
,
Series
2021-1WA
,
Class
A
,
1
.14
%
,
1/22/41
,
Callable
9/20/26
@
100
(a)
.......
424,137
382,861
New
Economy
Assets
Phase
1
Sponsor
LLC
,
Series
2021-1
,
Class
A1
,
1
.91
%
,
10/20/61
,
Callable
10/20/24
@
100
(a)
...........................................
1,807,000
1,558,171
NP
SPE
II
LLC
,
Series
2019-1A
,
Class
A2
,
3
.24
%
,
9/20/49
,
Callable
10/20/23
@
100
(a)
....
498,295
449,685
NP
SPE
II
LLC
,
Series
2019-2A
,
Class
C1
,
6
.44
%
,
11/19/49
,
Callable
11/19/23
@
100
(a)
...
601,667
553,861
Pawnee
Equipment
Receivables
LLC
,
Series
2020-1
,
Class
B
,
1
.84
%
,
1/15/26
,
Callable
1/15/24
@
100
(a)
...................................................
544,645
542,370
Progress
Residential
Trust
,
Series
2021-SFR6
,
Class
A
,
1
.52
%
,
7/17/38
,
Callable
7/17/26
@
100
(a)
...........................................................
1,095,255
966,960
PSNH
Funding
LLC
,
Series
2018-1
,
Class
A3
,
3
.81
%
,
2/1/35
.......................
4,000,000
3,629,930
SCF
Equipment
Leasing
LLC
,
Series
2020-1A
,
Class
A3
,
1
.19
%
,
10/20/27
,
Callable
12/20/24
@
100
(a)
.........................................................
93,248
92,606
SCF
Equipment
Leasing
LLC
,
Series
2020-1A
,
Class
B
,
2
.02
%
,
3/20/28
,
Callable
12/20/24
@
100
(a)
...........................................................
2,196,000
2,136,924
SCF
Equipment
Leasing
LLC
,
Series
2022-2A
,
Class
B
,
6
.50
%
,
2/20/32
,
Callable
10/20/29
@
100
(a)
...........................................................
1,071,429
1,065,047
Vantage
Data
Centers
Issuer
LLC
,
Series
2019-1A
,
Class
A2
,
3
.19
%
,
7/15/44
,
Callable
10/15/23
@
100
(a)
..................................................
719,375
699,207
VB-S1
Issuer
LLC
,
Series
2022-1A
,
Class
D
,
4
.29
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
...
500,000
435,499
VB-S1
Issuer
LLC
-
VBTEL
,
Series
2022-1A
,
Class
C2I
,
3
.16
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
...........................................................
1,000,000
872,064
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
171
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Verdant
Receivables
LLC
,
Series
2023-1A
,
Class
A2
,
6
.24
%
,
1/13/31
,
Callable
3/12/27
@
100
(a)
...........................................................
$
1,207,000
$
1,202,369
Volvo
Financial
Equipment
LLC
,
Series
2020-1A
,
Class
A3
,
0
.51
%
,
10/15/24
,
Callable
6/15/24
@
100
(a)
.........................................................
104,658
104,325
WEPCO
Environmental
Trust
Finance
I
LLC
,
Series
2021-1
,
Class
A
,
1
.58
%
,
12/15/35
.....
1,281,488
1,057,616
52,613,633
Agency
ABS
Other
(0.4%):
Navient
Student
Loan
Trust
,
Series
2015-2
,
Class
B
,
6
.93
%
(
SOFR30A
+
161
bps
)
,
8/25/50
,
Callable
11/25/32
@
100
(c)
...........................................
3,000,000
2,823,923
Navient
Student
Loan
Trust
,
Series
2018-2A
,
Class
B
,
6
.58
%
(
SOFR30A
+
126
bps
)
,
3/25/67
,
Callable
1/25/36
@
100
(a)
(c)
..........................................
1,000,000
896,334
Nelnet
Student
Loan
Trust
,
Series
2019-5
,
Class
A
,
2
.53
%
,
10/25/67
,
Callable
6/25/34
@
100
(a)
...........................................................
2,184,734
1,935,904
SLM
Student
Loan
Trust
,
Series
2006-10
,
Class
B
,
5
.54
%
(
SOFR90A
+
48
bps
)
,
3/25/44
,
Callable
4/25/32
@
100
(c)
............................................
147,432
136,165
SLM
Student
Loan
Trust
,
Series
2007-1
,
Class
B
,
5
.54
%
(
SOFR90A
+
48
bps
)
,
1/27/42
,
Callable
10/25/29
@
100
(c)
..................................................
235,911
213,223
6,005,549
Total
Asset-Backed
Securities
(Cost
$172,618,471)
166,707,437
Collateralized
Loan
Obligations
(0.1%)
Cash
Flow
CLO
(0.1%):
Magnetite
XXXV
Ltd.
,
Series
2022-35A
,
Class
A1
,
7
.40
%
(
TSFR3M
+
205
bps
)
,
10/25/35
,
Callable
10/25/23
@
100
(a)
(c)
.........................................
1,000,000
1,000,277
Total
Collateralized
Loan
Obligations
(Cost
$1,000,000)
1,000,277
Collateralized
Mortgage
Obligations
(3.4%)
Commercial
MBS
(3.4%):
Arbor
Multifamily
Mortgage
Securities
Trust
,
Series
2022-MF4
,
Class
A5
,
3
.40
%
,
2/15/55
,
Callable
2/15/32
@
100
(a)
(b)
..........................................
2,000,000
1,665,875
Aventura
Mall
Trust
,
Series
2018-AVM
,
Class
A
,
4
.25
%
,
7/5/40
(a)
(b)
.................
1,740,000
1,564,452
Aventura
Mall
Trust
,
Series
2018-AVM
,
Class
C
,
4
.25
%
,
7/5/40
(a)
(b)
.................
1,000,000
845,239
Aventura
Mall
Trust
,
Series
2018-AVM
,
Class
D
,
4
.25
%
,
7/5/40
(a)
(b)
.................
1,000,000
814,562
BBCMS
Mortgage
Trust
,
Series
2022-C16
,
Class
AS
,
4
.60
%
,
6/15/55
,
Callable
6/15/32
@
100
(b)
...........................................................
540,540
465,258
BBCMS
Mortgage
Trust
,
Series
2020-BID
,
Class
B
,
7
.99
%
(
TSFR1M
+
265
bps
)
,
10/15/37
(a)
(c)
1,750,000
1,623,860
Benchmark
Mortgage
Trust
,
Series
2020-B17
,
Class
ASB
,
2
.18
%
,
3/15/53
,
Callable
3/15/30
@
100
.............................................................
1,000,000
873,626
BPR
Trust
,
Series
2022-OANA
,
Class
D
,
9
.03
%
(
TSFR1M
+
370
bps
)
,
4/15/37
(a)
(c)
........
1,000,000
979,825
BPR
Trust
,
Series
2021-TY
,
Class
A
,
6
.50
%
(
TSFR1M
+
116
bps
)
,
9/15/38
(a)
(c)
...........
865,000
833,280
BPR
Trust
,
Series
2022-STAR
,
Class
A
,
8
.56
%
(
TSFR1M
+
323
bps
)
,
8/15/24
(a)
(c)
.........
2,690,909
2,672,921
BPR
Trust
,
Series
2022-OANA
,
Class
B
,
7
.78
%
(
TSFR1M
+
245
bps
)
,
4/15/37
(a)
(c)
........
2,000,000
1,947,819
BX
Commercial
Mortgage
Trust
,
Series
2022-CSMO
,
Class
B
,
8
.47
%
(
TSFR1M
+
314
bps
)
,
6/15/27
(a)
(c)
......................................................
1,500,000
1,498,946
BX
Commercial
Mortgage
Trust
,
Series
2019-XL
,
Class
C
,
6
.70
%
(
TSFR1M
+
136
bps
)
,
10/15/36
(a)
(c)
.....................................................
566,950
563,066
BX
Commercial
Mortgage
Trust
,
Series
2019-XL
,
Class
D
,
6
.90
%
(
TSFR1M
+
156
bps
)
,
10/15/36
(a)
(c)
.....................................................
1,015,750
1,006,713
BX
Commercial
Mortgage
Trust
,
Series
2019-XL
,
Class
B
,
6
.53
%
(
TSFR1M
+
119
bps
)
,
10/15/36
(a)
(c)
.....................................................
218,450
217,078
BX
Trust
,
Series
2019-OC11
,
Class
A
,
3
.20
%
,
12/9/41
,
Callable
12/9/29
@
100
(a)
........
923,077
777,972
BX
Trust
,
Series
2022-CLS
,
Class
B
,
6
.30
%
,
10/13/27
(a)
..........................
2,000,000
1,842,476
BXP
Trust
,
Series
2021-601L
,
Class
B
,
2
.87
%
,
1/15/44
(a)
(b)
........................
550,000
378,604
BXP
Trust
,
Series
2021-601L
,
Class
C
,
2
.87
%
,
1/15/44
(a)
(b)
........................
1,500,000
960,941
BXP
Trust
,
Series
2021-601L
,
Class
D
,
2
.87
%
,
1/15/44
(a)
(b)
........................
500,000
300,180
Citigroup
Commercial
Mortgage
Trust
,
Series
2017-P8
,
Class
AS
,
3
.79
%
,
9/15/50
,
Callable
9/15/27
@
100
(b)
...................................................
500,000
439,232
Citigroup
Commercial
Mortgage
Trust
,
Series
2019-SMRT
,
Class
C
,
4
.68
%
,
1/10/36
(a)
.....
500,000
498,155
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
172
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Citigroup
Commercial
Mortgage
Trust
,
Series
2020-GC46
,
Class
AAB
,
2
.61
%
,
2/15/53
,
Callable
2/15/30
@
100
..............................................
$
732,000
$
651,555
Citigroup
Commercial
Mortgage
Trust
,
Series
2020-555
,
Class
A
,
2
.65
%
,
12/10/41
(a)
......
2,000,000
1,574,928
COMM
Mortgage
Trust
,
Series
2014-277P
,
Class
A
,
3
.73
%
,
8/10/49
,
Callable
8/10/24
@
100
(a)
(b)
.........................................................
2,420,000
2,273,868
COMM
Mortgage
Trust
,
Series
2015-PC1
,
Class
B
,
4
.42
%
,
7/10/50
,
Callable
6/10/25
@
100
(b)
...........................................................
865,000
792,013
COMM
Mortgage
Trust
,
Series
2020-CX
,
Class
A
,
2
.17
%
,
11/10/46
,
Callable
11/10/30
@
100
(a)
...........................................................
1,500,000
1,142,920
COMM
Mortgage
Trust
,
Series
2015-PC1
,
Class
AM
,
4
.29
%
,
7/10/50
,
Callable
6/10/25
@
100
(b)
...........................................................
1,750,000
1,679,480
COMM
Mortgage
Trust
,
Series
2015-LC23
,
Class
AM
,
4
.16
%
,
10/10/48
,
Callable
11/10/25
@
100
(b)
...........................................................
250,000
233,485
CSMC
,
Series
2019-UVIL
,
Class
A
,
3
.16
%
,
12/15/41
(a)
...........................
2,252,000
1,863,292
DBJPM
Mortgage
Trust
,
Series
2016-SFC
,
Class
A
,
2
.83
%
,
8/10/36
,
Callable
8/10/26
@
100
(a)
...........................................................
1,750,000
659,478
Extended
Stay
America
Trust
,
Series
2021-ESH
,
Class
B
,
6
.83
%
(
TSFR1M
+
149
bps
)
,
7/15/38
(a)
(c)
......................................................
739,268
730,091
GS
Mortgage
Securities
Corp.
II
,
Series
2023-SHIP
,
Class
B
,
5
.10
%
,
9/10/38
(a)
(b)
........
1,080,000
1,026,680
GS
Mortgage
Securities
Corp.
Trust
,
Series
2017-GPTX
,
Class
A
,
2
.86
%
,
5/10/34
(a)
.......
1,000,000
691,040
Houston
Galleria
Mall
Trust
,
Series
2015-HGLR
,
Class
A1A2
,
3
.09
%
,
3/5/37
(a)
..........
1,500,000
1,405,026
Hudson
Yards
Mortgage
Trust
,
Series
2016-10HY
,
Class
A
,
2
.84
%
,
8/10/38
,
Callable
8/10/26
@
100
(a)
.........................................................
1,000,000
904,056
Hudson
Yards
Mortgage
Trust
,
Series
2019-55HY
,
Class
A
,
3
.04
%
,
12/10/41
(a)
(b)
........
535,000
439,675
ILPT
Commercial
Mortgage
Trust
,
Series
2022-LPF2
,
Class
B
,
8
.08
%
(
TSFR1M
+
274
bps
)
,
10/15/39
(a)
(c)
.....................................................
2,000,000
1,987,250
ILPT
Commercial
Mortgage
Trust
,
Series
2022-LPFX
,
Class
A
,
3
.38
%
,
3/15/32
(a)
........
2,000,000
1,604,377
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
Series
2021-2NU
,
Class
B
,
2
.15
%
,
1/5/40
(a)
(b)
.......................................................
1,000,000
724,701
Manhattan
West
Mortgage
Trust
,
Series
2020-1MW
,
Class
A
,
2
.13
%
,
9/10/39
(a)
..........
750,000
641,827
MHC
Commercial
Mortgage
Trust
,
Series
2021-MHC
,
Class
A
,
6
.25
%
(
TSFR1M
+
92
bps
)
,
4/15/38
(a)
(c)
......................................................
2,112,504
2,084,327
Morgan
Stanley
Capital
I
Trust
,
Series
2021-PLZA
,
Class
B
,
2
.90
%
,
11/9/43
(a)
..........
1,000,000
678,356
SCOTT
Trust
,
Series
2023-SFS
,
Class
A
,
5
.91
%
,
3/15/40
(a)
........................
1,000,000
969,343
SLG
Office
Trust
,
Series
2021-OVA
,
Class
A
,
2
.59
%
,
7/15/41
(a)
.....................
800,000
623,984
SMRT
,
Series
2022-MINI
,
Class
B
,
6
.68
%
(
TSFR1M
+
135
bps
)
,
1/15/39
(a)
(c)
............
1,500,000
1,456,477
SREIT
Trust
,
Series
2021-MFP2
,
Class
B
,
6
.62
%
(
TSFR1M
+
129
bps
)
,
11/15/36
(a)
(c)
......
1,500,000
1,468,770
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2018-AUS
,
Class
A
,
4
.19
%
,
8/17/36
(a)
(b)
..
250,000
222,142
51,299,221
Total
Collateralized
Mortgage
Obligations
(Cost
$57,663,510)
51,299,221
Corporate
Bonds
(25.6%)
Communication
Services
(1.3%):
AT&T,
Inc.
,
3
.10
%
,
2/1/43
,
Callable
8/1/42
@
100
(d)
.............................
2,000,000
1,314,049
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
3
.75
%
,
2/15/28
,
Callable
11/15/27
@
100
..................................
500,000
450,674
2
.25
%
,
1/15/29
,
Callable
11/15/28
@
100
..................................
2,000,000
1,630,586
2
.30
%
,
2/1/32
,
Callable
11/1/31
@
100
...................................
2,500,000
1,822,205
5
.38
%
,
4/1/38
,
Callable
10/1/37
@
100
...................................
750,000
612,659
Comcast
Corp.
3
.55
%
,
5/1/28
,
Callable
2/1/28
@
100
....................................
750,000
695,988
2
.89
%
,
11/1/51
,
Callable
5/1/51
@
100
(a)
.................................
1,250,000
736,875
Paramount
Global
3
.38
%
,
2/15/28
,
Callable
11/15/27
@
100
..................................
444,000
384,933
4
.20
%
,
6/1/29
,
Callable
3/1/29
@
100
....................................
1,250,000
1,075,644
T-Mobile
USA,
Inc.
4
.75
%
,
2/1/28
,
Callable
10/16/23
@
102.38
................................
643,000
616,492
3
.88
%
,
4/15/30
,
Callable
1/15/30
@
100
..................................
1,000,000
885,173
2
.25
%
,
11/15/31
,
Callable
8/15/31
@
100
..................................
4,500,000
3,425,573
Verizon
Communications,
Inc.
,
3
.40
%
,
3/22/41
,
Callable
9/22/40
@
100
................
4,000,000
2,820,560
Warnermedia
Holdings,
Inc.
4
.05
%
,
3/15/29
,
Callable
1/15/29
@
100
..................................
2,000,000
1,784,036
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
173
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
4
.28
%
,
3/15/32
,
Callable
12/15/31
@
100
.................................
$
1,000,000
$
848,682
19,104,129
Consumer
Discretionary
(1.6%):
Advance
Auto
Parts,
Inc.
,
3
.50
%
,
3/15/32
,
Callable
12/15/31
@
100
...................
2,000,000
1,495,626
AutoNation,
Inc.
,
2
.40
%
,
8/1/31
,
Callable
5/1/31
@
100
...........................
3,000,000
2,214,044
Boston
Medical
Center
Corp.
,
3
.91
%
,
7/1/28
...................................
500,000
450,258
Brunswick
Corp.
,
2
.40
%
,
8/18/31
,
Callable
5/18/31
@
100
.........................
1,500,000
1,096,869
Daimler
Finance
North
America
LLC
,
3
.45
%
,
1/6/27
(a)
...........................
1,000,000
938,422
Genting
New
York
LLC/GENNY
Capital,
Inc.
,
3
.30
%
,
2/15/26
,
Callable
1/15/26
@
100
(a)
..
1,000,000
891,365
Genuine
Parts
Co.
,
2
.75
%
,
2/1/32
,
Callable
11/1/31
@
100
.........................
1,000,000
778,587
Hasbro,
Inc.
,
3
.90
%
,
11/19/29
,
Callable
8/19/29
@
100
............................
3,500,000
3,097,112
Kohl's
Corp.
,
4
.63
%
,
5/1/31
,
Callable
2/1/31
@
100
..............................
1,500,000
1,009,635
Marriott
International,
Inc.
,
3
.50
%
,
10/15/32
,
Callable
7/15/32
@
100
.................
1,000,000
817,935
Murphy
Oil
USA,
Inc.
4
.75
%
,
9/15/29
,
Callable
9/15/24
@
102.38
................................
1,000,000
901,561
3
.75
%
,
2/15/31
,
Callable
2/15/26
@
101.88
(a)
..............................
235,000
191,872
Newell
Brands,
Inc.
5
.20
%
,
4/1/26
,
Callable
1/1/26
@
100
....................................
500,000
471,153
6
.38
%
,
9/15/27
,
Callable
6/15/27
@
100
..................................
750,000
715,273
Nordstrom,
Inc.
,
4
.25
%
,
8/1/31
,
Callable
5/1/31
@
100
............................
750,000
543,348
Novant
Health,
Inc.
,
2
.64
%
,
11/1/36
,
Callable
8/1/36
@
100
........................
2,000,000
1,412,759
O'Reilly
Automotive,
Inc.
,
4
.20
%
,
4/1/30
,
Callable
1/1/30
@
100
.....................
1,000,000
910,143
Resorts
World
Las
Vegas
LLC/RWLV
Capital,
Inc.
,
4
.63
%
,
4/6/31
,
Callable
1/6/31
@
100
(a)
.
1,300,000
970,333
Sodexo,
Inc.
,
2
.72
%
,
4/16/31
,
Callable
1/16/31
@
100
(a)
..........................
3,000,000
2,383,118
The
Home
Depot,
Inc.
,
2
.38
%
,
3/15/51
,
Callable
9/15/50
@
100
.....................
1,400,000
768,586
Tractor
Supply
Co.
1
.75
%
,
11/1/30
,
Callable
8/1/30
@
100
...................................
1,000,000
759,840
5
.25
%
,
5/15/33
,
Callable
2/15/33
@
100
..................................
750,000
706,163
Volkswagen
Group
of
America
Finance
LLC
,
4
.60
%
,
6/8/29
,
Callable
4/8/29
@
100
(a)
.....
1,500,000
1,398,965
24,922,967
Consumer
Staples
(1.9%):
7-Eleven,
Inc.
1
.80
%
,
2/10/31
,
Callable
11/10/30
@
100
(a)
................................
1,500,000
1,137,705
2
.80
%
,
2/10/51
,
Callable
8/2/50
@
100
(a)
.................................
1,000,000
561,390
Altria
Group,
Inc.
,
2
.45
%
,
2/4/32
,
Callable
11/4/31
@
100
..........................
1,500,000
1,128,834
Anheuser-Busch
InBev
Worldwide,
Inc.
4
.38
%
,
4/15/38
,
Callable
10/15/37
@
100
.................................
1,500,000
1,300,995
5
.45
%
,
1/23/39
,
Callable
7/23/38
@
100
..................................
500,000
483,735
4
.35
%
,
6/1/40
,
Callable
12/1/39
@
100
...................................
1,000,000
846,800
3
.75
%
,
7/15/42
....................................................
750,000
579,653
BAT
Capital
Corp.
2
.73
%
,
3/25/31
,
Callable
12/25/30
@
100
.................................
1,000,000
769,714
7
.75
%
,
10/19/32
,
Callable
7/19/32
@
100
.................................
1,000,000
1,056,250
4
.39
%
,
8/15/37
,
Callable
2/15/37
@
100
..................................
1,250,000
952,762
Bunge
Ltd.
Finance
Corp.
,
2
.75
%
,
5/14/31
,
Callable
2/14/31
@
100
...................
2,000,000
1,621,515
Cargill,
Inc.
2
.13
%
,
11/10/31
,
Callable
8/10/31
@
100
(a)
................................
1,000,000
777,020
5
.13
%
,
10/11/32
,
Callable
7/11/32
@
100
(a)
................................
1,500,000
1,450,830
Church
&
Dwight
Co.,
Inc.
,
2
.30
%
,
12/15/31
,
Callable
9/15/31
@
100
.................
1,000,000
797,184
Constellation
Brands,
Inc.
,
2
.25
%
,
8/1/31
,
Callable
5/1/31
@
100
.....................
1,000,000
777,942
Dollar
General
Corp.
,
5
.45
%
,
7/5/33
,
Callable
4/5/33
@
100
(d)
......................
1,250,000
1,155,389
General
Mills,
Inc.
,
4
.55
%
,
4/17/38
,
Callable
10/17/37
@
100
.......................
1,000,000
838,580
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
Luxembourg
SARL
,
6
.75
%
,
3/15/34
,
Callable
12/15/33
@
100
(a)
..................................................
1,000,000
973,050
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
,
2
.50
%
,
1/15/27
,
Callable
12/15/26
@
100
(a)
..................................................
1,500,000
1,324,397
Keurig
Dr
Pepper,
Inc.
3
.95
%
,
4/15/29
,
Callable
2/15/29
@
100
..................................
750,000
691,561
2
.25
%
,
3/15/31
,
Callable
12/15/30
@
100
.................................
1,000,000
786,922
4
.50
%
,
4/15/52
,
Callable
10/15/51
@
100
.................................
1,000,000
786,507
Kraft
Heinz
Foods
Co.
,
5
.00
%
,
6/4/42
........................................
1,000,000
865,632
Mars,
Inc.
,
3
.88
%
,
4/1/39
,
Callable
10/1/38
@
100
(a)
.............................
1,000,000
795,580
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
174
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
McCormick
&
Co.,
Inc.
,
1
.85
%
,
2/15/31
,
Callable
11/15/30
@
100
...................
$
1,000,000
$
760,698
Philip
Morris
International,
Inc.
,
5
.38
%
,
2/15/33
,
Callable
11/15/32
@
100
..............
2,000,000
1,890,714
Sysco
Corp.
,
2
.45
%
,
12/14/31
,
Callable
9/14/31
@
100
............................
1,500,000
1,172,851
The
Coca-Cola
Co.
,
2
.00
%
,
3/5/31
...........................................
2,000,000
1,605,825
Walgreens
Boots
Alliance,
Inc.
,
4
.10
%
,
4/15/50
,
Callable
10/15/49
@
100
..............
1,000,000
621,161
28,511,196
Energy
(1.6%):
Apache
Corp.
,
4
.25
%
,
1/15/44
,
Callable
7/15/43
@
100
............................
1,500,000
970,163
Boardwalk
Pipelines
LP
4
.45
%
,
7/15/27
,
Callable
4/15/27
@
100
..................................
500,000
470,696
4
.80
%
,
5/3/29
,
Callable
2/3/29
@
100
....................................
500,000
465,675
3
.60
%
,
9/1/32
,
Callable
6/1/32
@
100
....................................
1,000,000
813,235
Buckeye
Partners
LP
,
4
.13
%
,
12/1/27
,
Callable
9/1/27
@
100
.......................
1,000,000
881,680
Cameron
LNG
LLC
,
3
.30
%
,
1/15/35
,
Callable
9/15/34
@
100
(a)
.....................
1,091,000
867,069
Columbia
Pipelines
Operating
Co.
LLC
,
6
.04
%
,
11/15/33
,
Callable
8/15/33
@
100
(a)
......
1,500,000
1,465,420
ConocoPhillips
Co.
,
5
.55
%
,
3/15/54
,
Callable
9/15/53
@
100
.......................
1,500,000
1,424,655
Energy
Transfer
LP
6
.50
%
(
H15T5Y
+
569
bps
)
,
Callable
11/15/26
@
100
(c)
(e)
......................
1,000,000
920,872
4
.15
%
,
9/15/29
,
Callable
6/15/29
@
100
..................................
1,000,000
906,408
EQT
Corp.
,
7
.00
%
,
2/1/30
,
Callable
11/1/29
@
100
..............................
514,000
530,397
Florida
Gas
Transmission
Co.
LLC
,
2
.55
%
,
7/1/30
,
Callable
4/1/30
@
100
(a)
............
1,500,000
1,204,585
Gray
Oak
Pipeline
LLC
,
3
.45
%
,
10/15/27
,
Callable
8/15/27
@
100
(a)
.................
1,334,000
1,182,236
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
,
6
.25
%
,
11/1/28
,
Callable
11/6/23
@
103.13
(a)
....
1,000,000
936,879
HollyFrontier
Corp.
,
4
.50
%
,
10/1/30
,
Callable
7/1/30
@
100
........................
2,000,000
1,718,237
Midwest
Connector
Capital
Co.
LLC
,
4
.63
%
,
4/1/29
,
Callable
1/1/29
@
100
(a)
...........
1,500,000
1,368,840
MPLX
LP
4
.25
%
,
12/1/27
,
Callable
9/1/27
@
100
...................................
500,000
469,045
4
.00
%
,
3/15/28
,
Callable
12/15/27
@
100
.................................
750,000
692,737
4
.80
%
,
2/15/29
,
Callable
11/15/28
@
100
..................................
250,000
236,979
Occidental
Petroleum
Corp.
,
4
.40
%
,
8/15/49
,
Callable
2/15/49
@
100
.................
1,250,000
851,897
Patterson
UTI
Energy,
Inc.
,
7
.15
%
,
10/1/33
,
Callable
7/1/33
@
100
...................
1,000,000
1,004,397
Phillips
66
Co.
,
4
.90
%
,
10/1/46
,
Callable
4/1/46
@
100
............................
1,000,000
824,830
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
,
3
.55
%
,
12/15/29
,
Callable
9/15/29
@
100
.............................................................
2,280,000
1,956,669
Rockies
Express
Pipeline
LLC
,
4
.95
%
,
7/15/29
,
Callable
4/15/29
@
100
(a)
.............
1,000,000
890,142
Western
Midstream
Operating
LP
4
.05
%
,
2/1/30
,
Callable
11/1/29
@
100
...................................
1,000,000
872,164
5
.25
%
,
2/1/50
,
Callable
8/1/49
@
100
....................................
500,000
386,851
24,312,758
Financials
(7.1%):
Ally
Financial,
Inc.
7
.10
%
,
11/15/27
,
Callable
10/15/27
@
100
(d)
...............................
833,000
831,703
6
.99
%
(
SOFR
+
326
bps
)
,
6/13/29
,
Callable
6/13/28
@
100
(c)
....................
1,585,000
1,550,947
American
Express
Co.
,
4
.99
%
(
SOFR
+
226
bps
)
,
5/26/33
,
Callable
2/26/32
@
100
(c)
.......
1,500,000
1,369,997
AmFam
Holdings,
Inc.
,
2
.81
%
,
3/11/31
,
Callable
12/11/30
@
100
(a)
..................
1,000,000
722,539
Assurant,
Inc.
6
.10
%
,
2/27/26
,
Callable
1/27/26
@
100
..................................
882,000
869,027
2
.65
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
1,000,000
731,435
Bank
of
America
Corp.
4
.38
%
(
H15T5Y
+
276
bps
)
,
Callable
1/27/27
@
100
(c)
(e)
......................
1,000,000
843,340
1
.66
%
(
SOFR
+
91
bps
)
,
3/11/27
,
Callable
3/11/26
@
100
(c)
.....................
500,000
448,516
2
.57
%
(
SOFR
+
121
bps
)
,
10/20/32
,
Callable
10/20/31
@
100
(c)
..................
3,750,000
2,879,100
2
.48
%
(
H15T5Y
+
120
bps
)
,
9/21/36
,
Callable
9/21/31
@
100
(c)
..................
1,000,000
730,943
Belrose
Funding
Trust
,
2
.33
%
,
8/15/30
,
Callable
5/15/30
@
100
(a)
...................
1,000,000
749,274
Blackstone
Private
Credit
Fund
,
2
.63
%
,
12/15/26
,
Callable
11/15/26
@
100
(a)
...........
1,290,000
1,109,779
Blue
Owl
Finance
LLC
,
3
.13
%
,
6/10/31
,
Callable
3/10/31
@
100
(a)
...................
1,000,000
747,195
BMW
US
Capital
LLC
,
3
.75
%
,
4/12/28
,
Callable
1/12/28
@
100
(a)
...................
1,000,000
929,719
Brown
&
Brown,
Inc.
,
4
.20
%
,
3/17/32
,
Callable
12/17/31
@
100
.....................
1,000,000
862,367
Cadence
Bank
,
4
.13
%
(
US0003M
+
247
bps
)
,
11/20/29
,
Callable
11/20/24
@
100
(c)
........
625,000
576,762
Capital
One
Financial
Corp.
3
.75
%
,
7/28/26
,
Callable
6/28/26
@
100
..................................
1,000,000
926,837
2
.36
%
(
SOFR
+
134
bps
)
,
7/29/32
,
Callable
7/29/31
@
100
(c)
....................
1,000,000
681,409
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
175
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
5
.82
%
(
SOFR
+
260
bps
)
,
2/1/34
,
Callable
2/1/33
@
100
(c)
......................
$
1,000,000
$
904,121
Citigroup,
Inc.
,
2
.52
%
(
SOFR
+
118
bps
)
,
11/3/32
,
Callable
11/3/31
@
100
(c)
.............
2,000,000
1,519,020
Citizens
Bank
NA
,
6
.06
%
(
SOFR
+
145
bps
)
,
10/24/25
,
Callable
10/24/24
@
100
(c)
........
500,000
482,532
Citizens
Bank
NA/Providence
RI
,
4
.12
%
(
SOFR
+
140
bps
)
,
5/23/25
,
Callable
5/23/24
@
100
(c)
907,000
877,083
Citizens
Financial
Group,
Inc.
2
.50
%
,
2/6/30
,
Callable
11/6/29
@
100
...................................
2,000,000
1,552,298
5
.64
%
(
H15T5Y
+
275
bps
)
,
5/21/37
,
Callable
5/21/32
@
100
(c)
..................
1,000,000
837,705
Compeer
Financial
FLCA/Compeer
Financial
PCA
,
3
.38
%
(
SOFR
+
197
bps
)
,
6/1/36
,
Callable
6/1/31
@
100
(a)
(c)
..................................................
500,000
325,839
Credit
Acceptance
Corp.
,
6
.63
%
,
3/15/26
,
Callable
10/16/23
@
101.66
(d)
...............
500,000
482,360
Equitable
Holdings,
Inc.
,
4
.35
%
,
4/20/28
,
Callable
1/20/28
@
100
....................
1,000,000
929,889
F&G
Global
Funding
,
2
.00
%
,
9/20/28
(a)
......................................
2,000,000
1,626,254
Fells
Point
Funding
Trust
,
3
.05
%
,
1/31/27
,
Callable
12/31/26
@
100
(a)
................
1,750,000
1,586,727
Fifth
Third
Bancorp
3
.95
%
,
3/14/28
,
Callable
2/14/28
@
100
..................................
500,000
455,355
4
.34
%
(
SOFR
+
166
bps
)
,
4/25/33
,
Callable
4/25/32
@
100
(c)
....................
2,000,000
1,690,751
First
American
Financial
Corp.
,
2
.40
%
,
8/15/31
,
Callable
5/15/31
@
100
...............
3,025,000
2,242,697
First
Citizens
BancShares,
Inc.
,
3
.38
%
(
TSFR3M
+
247
bps
)
,
3/15/30
,
Callable
3/15/25
@
100
(c)
...........................................................
1,000,000
920,763
First
Horizon
Bank
,
5
.75
%
,
5/1/30
,
Callable
2/1/30
@
100
(d)
.......................
2,000,000
1,776,552
Fiserv,
Inc.
5
.60
%
,
3/2/33
,
Callable
12/2/32
@
100
...................................
1,500,000
1,452,772
5
.63
%
,
8/21/33
,
Callable
5/21/33
@
100
..................................
1,000,000
969,169
Ford
Motor
Credit
Co.
LLC
4
.54
%
,
8/1/26
,
Callable
6/1/26
@
100
....................................
1,000,000
937,973
2
.90
%
,
2/10/29
,
Callable
12/10/28
@
100
.................................
500,000
410,624
Glencore
Funding
LLC
1
.63
%
,
4/27/26
,
Callable
3/27/26
@
100
(a)
................................
700,000
630,313
2
.50
%
,
9/1/30
,
Callable
6/1/30
@
100
(a)
..................................
500,000
395,359
2
.85
%
,
4/27/31
,
Callable
1/27/31
@
100
(a)
................................
1,000,000
791,193
Global
Payments,
Inc.
2
.90
%
,
11/15/31
,
Callable
8/15/31
@
100
..................................
1,500,000
1,175,946
5
.40
%
,
8/15/32
,
Callable
5/15/32
@
100
..................................
1,000,000
935,380
Guardian
Life
Global
Funding
,
1
.40
%
,
7/6/27
(a)
.................................
2,000,000
1,725,359
Huntington
Bancshares,
Inc.
4
.44
%
(
SOFR
+
197
bps
)
,
8/4/28
,
Callable
8/4/27
@
100
(c)
......................
500,000
462,568
6
.21
%
(
SOFR
+
202
bps
)
,
8/21/29
,
Callable
8/21/28
@
100
(c)
....................
1,000,000
979,080
2
.49
%
(
H15T5Y
+
117
bps
)
,
8/15/36
,
Callable
8/15/31
@
100
(c)
..................
1,000,000
703,180
Hyundai
Capital
America
3
.40
%
,
6/20/24
(a)
..................................................
500,000
490,343
3
.50
%
,
11/2/26
,
Callable
9/2/26
@
100
(a)
.................................
500,000
465,005
ILFC
E-Capital
Trust
I
,
7
.21
%
,
12/21/65
,
Callable
11/6/23
@
100
(a)
..................
500,000
362,169
JPMorgan
Chase
&
Co.
4
.60
%
(
TSFR3M
+
313
bps
)
,
Callable
2/1/25
@
100
(c)
(e)
.......................
1,000,000
936,546
2
.52
%
(
SOFR
+
204
bps
)
,
4/22/31
,
Callable
4/22/30
@
100
(c)
....................
3,000,000
2,429,023
1
.95
%
(
SOFR
+
107
bps
)
,
2/4/32
,
Callable
2/4/31
@
100
(c)
......................
4,000,000
3,030,141
KeyBank
NA
,
3
.90
%
,
4/13/29
..............................................
1,500,000
1,218,296
KeyCorp.
3
.88
%
(
SOFRINDX
+
125
bps
)
,
5/23/25
,
Callable
5/23/24
@
100
,
MTN
(c)
...........
500,000
479,033
2
.25
%
,
4/6/27
,
MTN
................................................
500,000
424,421
4
.79
%
(
SOFRINDX
+
206
bps
)
,
6/1/33
,
Callable
6/1/32
@
100
,
MTN
(c)
............
757,000
631,017
Lincoln
National
Corp.
,
3
.80
%
,
3/1/28
,
Callable
12/1/27
@
100
(d)
....................
500,000
452,670
Loews
Corp.
,
3
.20
%
,
5/15/30
,
Callable
2/15/30
@
100
............................
1,000,000
862,526
M&T
Bank
Corp.
,
5
.05
%
(
SOFR
+
185
bps
)
,
1/27/34
,
Callable
1/27/33
@
100
(c)
..........
1,750,000
1,516,261
Manufacturers
&
Traders
Trust
Co.
,
4
.65
%
,
1/27/26
,
Callable
12/27/25
@
100
...........
500,000
476,567
MassMutual
Global
Funding
II
,
1
.20
%
,
7/16/26
(a)
...............................
1,500,000
1,327,293
Mercury
General
Corp.
,
4
.40
%
,
3/15/27
,
Callable
12/15/26
@
100
....................
1,000,000
931,303
Metropolitan
Life
Global
Funding
I
,
2
.40
%
,
1/11/32
(a)
............................
2,000,000
1,570,421
Morgan
Stanley
2
.51
%
(
SOFR
+
120
bps
)
,
10/20/32
,
Callable
10/20/31
@
100
,
MTN
(c)
.............
3,000,000
2,291,493
2
.48
%
(
SOFR
+
136
bps
)
,
9/16/36
,
Callable
9/16/31
@
100
(c)
....................
2,000,000
1,461,513
New
York
Community
Bancorp,
Inc.
,
5
.90
%
(
TSFR3M
+
304
bps
)
,
11/6/28
,
Callable
11/6/23
@
100
(c)
...........................................................
1,250,000
1,172,312
New
York
Life
Global
Funding
,
1
.85
%
,
8/1/31
(a)
................................
1,500,000
1,133,278
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
176
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Northern
Trust
Corp.
,
6
.13
%
,
11/2/32
,
Callable
8/2/32
@
100
.......................
$
1,000,000
$
986,114
OWL
Rock
Core
Income
Corp.
5
.50
%
,
3/21/25
(a)
..................................................
500,000
483,913
3
.13
%
,
9/23/26
,
Callable
8/23/26
@
100
(a)
................................
250,000
219,690
4
.70
%
,
2/8/27
,
Callable
1/8/27
@
100
(a)
..................................
1,125,000
1,021,488
Pacific
Life
Global
Funding
II
,
1
.38
%
,
4/14/26
(a)
................................
2,000,000
1,792,102
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
1
.70
%
,
6/15/26
,
Callable
5/15/26
@
100
(a)
................................
1,000,000
886,441
6
.20
%
,
6/15/30
,
Callable
4/15/30
@
100
(a)
................................
1,000,000
985,235
Pine
Street
Trust
I
,
4
.57
%
,
2/15/29
,
Callable
11/15/28
@
100
(a)
......................
500,000
450,922
Primerica,
Inc.
,
2
.80
%
,
11/19/31
,
Callable
8/19/31
@
100
..........................
1,750,000
1,389,105
Principal
Life
Global
Funding
II
,
1
.25
%
,
8/16/26
(a)
..............................
2,000,000
1,751,149
Protective
Life
Global
Funding
,
1
.90
%
,
7/6/28
(a)
(d)
..............................
2,000,000
1,696,560
Prudential
Financial,
Inc.
3
.94
%
,
12/7/49
,
Callable
6/7/49
@
100
...................................
1,000,000
718,900
6
.00
%
(
H15T5Y
+
323
bps
)
,
9/1/52
,
Callable
6/1/32
@
100
(c)
....................
1,000,000
916,600
Raymond
James
Financial,
Inc.
,
4
.95
%
,
7/15/46
.................................
1,000,000
825,411
Regions
Financial
Corp.
,
5
.75
%
(
H15T5Y
+
543
bps
)
,
Callable
6/15/25
@
100
(c)
(e)
........
595,000
565,575
Santander
Holdings
USA,
Inc.
4
.40
%
,
7/13/27
,
Callable
4/14/27
@
100
..................................
750,000
695,834
6
.57
%
(
SOFR
+
270
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(c)
....................
500,000
487,336
State
Street
Corp.
,
5
.16
%
(
SOFR
+
189
bps
)
,
5/18/34
,
Callable
5/18/33
@
100
(c)
..........
1,500,000
1,394,233
Stellantis
Finance
U.S.,
Inc.
,
2
.69
%
,
9/15/31
,
Callable
6/15/31
@
100
(a)
...............
1,200,000
922,576
Stewart
Information
Services
Corp.
,
3
.60
%
,
11/15/31
,
Callable
8/15/31
@
100
...........
2,250,000
1,650,601
Synchrony
Bank
,
5
.63
%
,
8/23/27
,
Callable
7/23/27
@
100
.........................
500,000
464,354
Synchrony
Financial
4
.50
%
,
7/23/25
,
Callable
4/23/25
@
100
..................................
500,000
474,197
5
.15
%
,
3/19/29
,
Callable
12/19/28
@
100
.................................
500,000
444,719
Synovus
Bank
,
4
.00
%
(
H15T5Y
+
363
bps
)
,
10/29/30
,
Callable
10/29/25
@
100
(c)
.........
500,000
403,534
Synovus
Financial
Corp.
,
5
.90
%
(
USSW5
+
338
bps
)
,
2/7/29
,
Callable
2/7/24
@
100
(c)
......
500,000
462,368
The
Bank
of
New
York
Mellon
Corp.
4
.70
%
(
H15T5Y
+
436
bps
)
,
Callable
9/20/25
@
100
(c)
(e)
......................
500,000
482,970
3
.75
%
(
H15T5Y
+
263
bps
)
,
Callable
12/20/26
@
100
(c)
(e)
......................
1,000,000
811,512
3
.99
%
(
SOFR
+
115
bps
)
,
6/13/28
,
Callable
6/13/27
@
100
,
MTN
(c)
...............
1,000,000
941,398
The
Charles
Schwab
Corp.
,
5
.85
%
(
SOFR
+
250
bps
)
,
5/19/34
,
Callable
5/19/33
@
100
(c)
....
1,350,000
1,284,324
The
Huntington
National
Bank
,
5
.65
%
,
1/10/30
,
Callable
11/10/29
@
100
..............
1,000,000
939,310
The
PNC
Financial
Services
Group,
Inc.
2
.55
%
,
1/22/30
,
Callable
10/24/29
@
100
.................................
1,500,000
1,215,364
4
.63
%
(
SOFRINDX
+
185
bps
)
,
6/6/33
,
Callable
6/6/32
@
100
(c)
.................
500,000
430,717
5
.94
%
(
SOFR
+
195
bps
)
,
8/18/34
,
Callable
8/18/33
@
100
(c)
....................
1,000,000
960,840
Truist
Bank
,
2
.25
%
,
3/11/30
,
Callable
12/11/29
@
100
............................
1,050,000
803,765
Truist
Financial
Corp.
,
4
.25
%
,
9/30/24
........................................
750,000
734,113
US
Bancorp
5
.78
%
(
SOFR
+
202
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(c)
....................
750,000
730,432
2
.49
%
(
H15T5Y
+
95
bps
)
,
11/3/36
,
Callable
11/3/31
@
100
(c)
...................
1,500,000
1,049,580
W
R
Berkley
Corp.
,
3
.55
%
,
3/30/52
,
Callable
9/30/51
@
100
........................
1,172,000
749,840
Webster
Financial
Corp.
4
.38
%
,
2/15/24
,
Callable
1/16/24
@
100
..................................
1,000,000
983,603
4
.10
%
,
3/25/29
,
Callable
12/25/28
@
100
.................................
500,000
428,523
Wells
Fargo
&
Co.
5
.90
%
,
Callable
6/15/24
@
100
(d)
(e)
.....................................
1,000,000
984,192
3
.00
%
,
10/23/26
....................................................
1,000,000
917,800
2
.88
%
(
TSFR3M
+
143
bps
)
,
10/30/30
,
Callable
10/30/29
@
100
,
MTN
(c)
...........
1,000,000
832,323
108,370,945
Health
Care
(2.0%):
AbbVie,
Inc.
3
.20
%
,
11/21/29
,
Callable
8/21/29
@
100
..................................
1,000,000
882,290
4
.25
%
,
11/21/49
,
Callable
5/21/49
@
100
..................................
500,000
396,010
Amgen,
Inc.
5
.25
%
,
3/2/33
,
Callable
12/2/32
@
100
...................................
1,000,000
955,659
5
.60
%
,
3/2/43
,
Callable
9/2/42
@
100
....................................
1,000,000
930,200
3
.00
%
,
1/15/52
,
Callable
7/15/51
@
100
..................................
1,250,000
755,729
4
.20
%
,
2/22/52
,
Callable
8/22/51
@
100
..................................
1,250,000
933,196
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
177
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Anthem,
Inc.
,
2
.88
%
,
9/15/29
,
Callable
6/15/29
@
100
............................
$
323,000
$
278,332
Baxter
International,
Inc.
,
2
.54
%
,
2/1/32
,
Callable
11/1/31
@
100
....................
1,750,000
1,355,267
Bio-Rad
Laboratories,
Inc.
,
3
.30
%
,
3/15/27
,
Callable
2/15/27
@
100
..................
1,250,000
1,152,557
Bristol
Myers
Squibb
Co.
,
3
.90
%
,
2/20/28
,
Callable
11/20/27
@
100
..................
500,000
472,549
Centene
Corp.
,
2
.50
%
,
3/1/31
,
Callable
12/1/30
@
100
............................
1,500,000
1,153,455
Cigna
Corp.
,
2
.38
%
,
3/15/31
,
Callable
12/15/30
@
100
............................
2,000,000
1,594,983
CVS
Health
Corp.
2
.13
%
,
9/15/31
,
Callable
6/15/31
@
100
..................................
2,000,000
1,529,123
5
.63
%
,
2/21/53
,
Callable
8/21/52
@
100
..................................
500,000
446,995
DENTSPLY
SIRONA,
Inc.
,
3
.25
%
,
6/1/30
,
Callable
3/1/30
@
100
....................
4,000,000
3,351,248
Duke
University
Health
System,
Inc.
,
2
.60
%
,
6/1/30
..............................
2,000,000
1,629,671
Eastern
Maine
Healthcare
Systems
,
3
.71
%
,
7/1/26
...............................
270,000
254,709
Elevance
Health,
Inc.
,
2
.55
%
,
3/15/31
,
Callable
12/15/30
@
100
.....................
1,000,000
809,375
Fresenius
Medical
Care
U.S.
Finance
III,
Inc.
,
2
.38
%
,
2/16/31
,
Callable
11/16/30
@
100
(a)
..
2,500,000
1,817,455
HCA,
Inc.
4
.38
%
,
3/15/42
,
Callable
9/15/41
@
100
..................................
750,000
572,363
5
.90
%
,
6/1/53
,
Callable
12/1/52
@
100
...................................
1,000,000
896,433
Illumina,
Inc.
,
2
.55
%
,
3/23/31
,
Callable
12/23/30
@
100
...........................
2,000,000
1,552,144
Orlando
Health
Obligated
Group
3
.78
%
,
10/1/28
,
Callable
7/1/28
@
100
...................................
500,000
455,181
2
.89
%
,
10/1/35
....................................................
1,000,000
763,308
PerkinElmer,
Inc.
2
.55
%
,
3/15/31
,
Callable
12/15/30
@
100
.................................
1,500,000
1,182,247
2
.25
%
,
9/15/31
,
Callable
6/15/31
@
100
..................................
500,000
380,105
Roche
Holdings,
Inc.
,
1
.93
%
,
12/13/28
,
Callable
10/13/28
@
100
(a)
..................
1,500,000
1,279,083
Southern
Illinois
Healthcare
Enterprises,
Inc.
,
3
.97
%
,
5/15/50
,
Callable
11/15/49
@
100
....
1,000,000
640,405
Universal
Health
Services,
Inc.
,
2
.65
%
,
1/15/32
,
Callable
10/15/31
@
100
(a)
............
3,262,000
2,428,708
30,848,780
Industrials
(3.0%):
Acuity
Brands
Lighting,
Inc.
,
2
.15
%
,
12/15/30
,
Callable
9/15/30
@
100
................
2,250,000
1,752,231
Air
Lease
Corp.
,
2
.88
%
,
1/15/32
,
Callable
10/15/31
@
100
.........................
1,000,000
780,680
American
Airlines
Pass
Through
Trust
3
.70
%
,
10/1/26
....................................................
275,841
249,514
3
.85
%
,
2/15/28
....................................................
333,313
293,587
3
.60
%
,
10/15/29
....................................................
364,694
313,001
Arconic,
Inc.
,
5
.90
%
,
2/1/27
...............................................
250,000
245,648
Ashtead
Capital,
Inc.
4
.25
%
,
11/1/29
,
Callable
11/1/24
@
102.13
(a)
..............................
1,448,000
1,286,244
2
.45
%
,
8/12/31
,
Callable
5/12/31
@
100
(a)
................................
667,000
504,560
5
.50
%
,
8/11/32
,
Callable
5/11/32
@
100
(a)
................................
750,000
692,951
5
.95
%
,
10/15/33
,
Callable
7/15/33
@
100
(a)
...............................
1,000,000
949,463
British
Airways
Pass
Through
Trust
3
.35
%
,
6/15/29
(a)
..................................................
321,873
285,117
3
.80
%
,
9/20/31
(a)
..................................................
495,482
451,533
Builders
FirstSource,
Inc.
,
6
.38
%
,
6/15/32
,
Callable
6/15/27
@
103.19
(a)
...............
500,000
470,510
Carlisle
Cos.,
Inc.
,
2
.75
%
,
3/1/30
,
Callable
12/1/29
@
100
.........................
2,000,000
1,652,282
Carrier
Global
Corp.
,
3
.38
%
,
4/5/40
,
Callable
10/5/39
@
100
.......................
2,250,000
1,608,390
CoStar
Group,
Inc.
,
2
.80
%
,
7/15/30
,
Callable
4/15/30
@
100
(a)
......................
2,091,000
1,678,148
Daimler
Truck
Finance
North
America
LLC
,
2
.38
%
,
12/14/28
(a)
.....................
1,050,000
890,769
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
,
4
.75
%
,
10/20/28
(a)
.........................
1,250,000
1,188,898
FedEx
Corp.
,
4
.05
%
,
2/15/48
,
Callable
8/15/47
@
100
............................
2,250,000
1,642,838
Fluor
Corp.
,
4
.25
%
,
9/15/28
,
Callable
6/15/28
@
100
.............................
1,000,000
915,556
Fortune
Brands
Innovations,
Inc.
,
4
.00
%
,
3/25/32
,
Callable
12/25/31
@
100
.............
1,250,000
1,066,145
GXO
Logistics,
Inc.
,
2
.65
%
,
7/15/31
,
Callable
4/15/31
@
100
.......................
2,000,000
1,524,073
Hawaiian
Airlines
Pass
Through
Certificates
,
3
.90
%
,
1/15/26
........................
81,908
73,533
Hillenbrand,
Inc.
5
.00
%
,
9/15/26
,
Callable
7/15/26
@
100
..................................
1,000,000
946,203
3
.75
%
,
3/1/31
,
Callable
3/1/26
@
101.88
..................................
350,000
280,239
Howmet
Aerospace,
Inc.
,
3
.00
%
,
1/15/29
,
Callable
11/15/28
@
100
...................
1,500,000
1,270,244
Hubbell,
Inc.
,
2
.30
%
,
3/15/31
,
Callable
12/15/30
@
100
...........................
1,500,000
1,185,579
Huntington
Ingalls
Industries,
Inc.
,
2
.04
%
,
8/16/28
,
Callable
6/16/28
@
100
.............
1,500,000
1,257,744
Ingersoll-Rand
Global
Holding
Co.
Ltd.
,
3
.75
%
,
8/21/28
,
Callable
5/21/28
@
100
.........
500,000
462,195
JetBlue
Pass
Through
Trust
,
2
.95
%
,
5/15/28
....................................
205,324
175,332
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
178
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Kennametal,
Inc.
,
4
.63
%
,
6/15/28
,
Callable
3/15/28
@
100
.........................
$
1,058,000
$
995,651
Leidos,
Inc.
2
.30
%
,
2/15/31
,
Callable
11/15/30
@
100
..................................
1,500,000
1,150,937
5
.75
%
,
3/15/33
,
Callable
12/15/32
@
100
.................................
2,250,000
2,151,888
Otis
Worldwide
Corp.
,
3
.11
%
,
2/15/40
,
Callable
8/15/39
@
100
......................
1,000,000
714,076
Quanta
Services,
Inc.
2
.90
%
,
10/1/30
,
Callable
7/1/30
@
100
...................................
1,500,000
1,223,230
2
.35
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
250,000
188,314
Regal
Rexnord
Corp.
,
6
.40
%
,
4/15/33
,
Callable
1/15/33
@
100
(a)
....................
570,000
548,722
Ryder
System,
Inc.
,
2
.85
%
,
3/1/27
,
Callable
2/1/27
@
100
,
MTN
.....................
2,000,000
1,818,187
Spirit
Airlines
Pass
Through
Trust
,
3
.38
%
,
2/15/30
...............................
951,363
825,417
The
Boeing
Co.
3
.25
%
,
2/1/28
,
Callable
12/1/27
@
100
...................................
1,500,000
1,349,460
3
.63
%
,
2/1/31
,
Callable
11/1/30
@
100
...................................
2,750,000
2,370,600
5
.71
%
,
5/1/40
,
Callable
11/1/39
@
100
...................................
1,000,000
922,190
5
.81
%
,
5/1/50
,
Callable
11/1/49
@
100
...................................
2,000,000
1,810,840
The
Timken
Co.
,
4
.13
%
,
4/1/32
,
Callable
1/1/32
@
100
............................
2,100,000
1,794,548
Union
Pacific
Corp.
,
3
.25
%
,
2/5/50
,
Callable
8/5/49
@
100
.........................
1,000,000
668,395
United
Airlines
Pass
Through
Trust
4
.88
%
,
1/15/26
....................................................
221,750
213,324
3
.70
%
,
3/1/30
.....................................................
379,774
325,422
45,164,408
Information
Technology
(1.8%):
Amphenol
Corp.
4
.35
%
,
6/1/29
,
Callable
3/1/29
@
100
....................................
500,000
474,552
2
.20
%
,
9/15/31
,
Callable
6/15/31
@
100
..................................
1,125,000
879,619
Broadcom,
Inc.
2
.45
%
,
2/15/31
,
Callable
11/15/30
@
100
(a)
................................
2,500,000
1,951,875
3
.42
%
,
4/15/33
,
Callable
1/15/33
@
100
(a)
................................
2,000,000
1,593,940
3
.47
%
,
4/15/34
,
Callable
1/15/34
@
100
(a)
................................
500,000
392,134
Dell
International
LLC/EMC
Corp.
5
.75
%
,
2/1/33
,
Callable
11/1/32
@
100
...................................
260,000
252,739
3
.38
%
,
12/15/41
,
Callable
6/15/41
@
100
(a)
...............................
2,500,000
1,674,135
HP,
Inc.
,
2
.65
%
,
6/17/31
,
Callable
3/17/31
@
100
(a)
..............................
1,500,000
1,169,639
Jabil,
Inc.
,
3
.00
%
,
1/15/31
,
Callable
10/15/30
@
100
..............................
1,474,000
1,193,068
Marvell
Technology,
Inc.
,
2
.45
%
,
4/15/28
,
Callable
2/15/28
@
100
...................
1,050,000
906,812
Micron
Technology,
Inc.
,
5
.88
%
,
2/9/33
,
Callable
11/9/32
@
100
.....................
1,250,000
1,194,579
Microsoft
Corp.
,
2
.53
%
,
6/1/50
,
Callable
12/1/49
@
100
...........................
1,500,000
913,350
Motorola
Solutions,
Inc.
2
.75
%
,
5/24/31
,
Callable
2/24/31
@
100
..................................
1,000,000
789,609
5
.60
%
,
6/1/32
,
Callable
3/1/32
@
100
....................................
1,000,000
954,990
Oracle
Corp.
2
.95
%
,
4/1/30
,
Callable
1/1/30
@
100
....................................
1,000,000
839,840
3
.85
%
,
7/15/36
,
Callable
1/15/36
@
100
..................................
2,000,000
1,577,140
3
.60
%
,
4/1/50
,
Callable
10/1/49
@
100
...................................
1,000,000
646,310
Qorvo,
Inc.
,
3
.38
%
,
4/1/31
,
Callable
4/1/26
@
101.69
(a)
...........................
3,909,000
3,098,263
Skyworks
Solutions,
Inc.
,
3
.00
%
,
6/1/31
,
Callable
3/1/31
@
100
.....................
1,200,000
934,763
Teledyne
Technologies,
Inc.
,
2
.75
%
,
4/1/31
,
Callable
1/1/31
@
100
...................
2,000,000
1,616,059
TSMC
Arizona
Corp.
,
2
.50
%
,
10/25/31
,
Callable
7/25/31
@
100
.....................
3,400,000
2,736,246
Workday,
Inc.
,
3
.70
%
,
4/1/29
,
Callable
2/1/29
@
100
.............................
1,500,000
1,360,336
27,149,998
Materials
(1.6%):
Albemarle
Corp.
,
4
.65
%
,
6/1/27
,
Callable
5/1/27
@
100
...........................
1,500,000
1,437,331
Amcor
Finance
USA,
Inc.
,
5
.63
%
,
5/26/33
,
Callable
2/26/33
@
100
...................
1,364,000
1,308,808
AptarGroup,
Inc.
,
3
.60
%
,
3/15/32
,
Callable
12/15/31
@
100
........................
2,102,000
1,739,140
Avery
Dennison
Corp.
2
.65
%
,
4/30/30
,
Callable
2/1/30
@
100
...................................
800,000
652,219
2
.25
%
,
2/15/32
,
Callable
11/15/31
@
100
..................................
1,500,000
1,126,690
Ball
Corp.
,
3
.13
%
,
9/15/31
,
Callable
6/15/31
@
100
..............................
1,500,000
1,174,793
Bayport
Polymers
LLC
,
4
.74
%
,
4/14/27
,
Callable
3/14/27
@
100
(a)
...................
1,500,000
1,386,541
Celanese
U.S.
Holdings
LLC
,
6
.33
%
,
7/15/29
,
Callable
5/15/29
@
100
................
641,000
628,323
Colonial
Enterprises,
Inc.
,
3
.25
%
,
5/15/30
,
Callable
2/15/30
@
100
(a)
.................
1,000,000
859,973
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
179
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Commercial
Metals
Co.
,
3
.88
%
,
2/15/31
,
Callable
2/15/26
@
101.94
..................
$
1,000,000
$
834,542
Eagle
Materials,
Inc.
,
2
.50
%
,
7/1/31
,
Callable
4/1/31
@
100
........................
2,500,000
1,949,426
Ecolab,
Inc.
,
2
.70
%
,
12/15/51
,
Callable
6/15/51
@
100
............................
1,250,000
732,001
Freeport-McMoRan,
Inc.
,
4
.38
%
,
8/1/28
,
Callable
11/6/23
@
102.19
..................
1,500,000
1,376,235
LYB
International
Finance
III
LLC
5
.63
%
,
5/15/33
,
Callable
2/15/33
@
100
..................................
850,000
817,521
3
.38
%
,
10/1/40
,
Callable
4/1/40
@
100
...................................
500,000
340,136
4
.20
%
,
5/1/50
,
Callable
11/1/49
@
100
...................................
500,000
351,926
Martin
Marietta
Materials,
Inc.
,
2
.40
%
,
7/15/31
,
Callable
4/15/31
@
100
...............
1,000,000
783,090
NewMarket
Corp.
,
2
.70
%
,
3/18/31
,
Callable
12/18/30
@
100
........................
1,250,000
979,828
Packaging
Corp.
of
America
3
.40
%
,
12/15/27
,
Callable
9/15/27
@
100
.................................
500,000
460,587
3
.05
%
,
10/1/51
,
Callable
4/1/51
@
100
...................................
1,875,000
1,114,425
Reliance
Steel
&
Aluminum
Co.
,
2
.15
%
,
8/15/30
,
Callable
5/15/30
@
100
..............
1,000,000
782,953
The
Dow
Chemical
Co.
,
6
.30
%
,
3/15/33
,
Callable
12/15/32
@
100
(d)
.................
1,500,000
1,545,991
Vulcan
Materials
Co.
3
.90
%
,
4/1/27
,
Callable
1/1/27
@
100
....................................
500,000
470,912
3
.50
%
,
6/1/30
,
Callable
3/1/30
@
100
....................................
1,000,000
871,156
WRKCo,
Inc.
,
3
.00
%
,
6/15/33
,
Callable
3/15/33
@
100
............................
1,000,000
782,892
24,507,439
Real
Estate
(1.6%):
Alexandria
Real
Estate
Equities,
Inc.
,
2
.00
%
,
5/18/32
,
Callable
2/18/32
@
100
...........
2,750,000
1,999,414
AvalonBay
Communities,
Inc.
3
.20
%
,
1/15/28
,
Callable
10/15/27
@
100
,
MTN
.............................
750,000
683,705
2
.45
%
,
1/15/31
,
Callable
10/17/30
@
100
,
MTN
.............................
1,000,000
807,356
Boston
Properties
LP
2
.55
%
,
4/1/32
,
Callable
1/1/32
@
100
....................................
1,250,000
902,293
2
.45
%
,
10/1/33
,
Callable
7/1/33
@
100
...................................
1,750,000
1,190,204
CBRE
Services,
Inc.
2
.50
%
,
4/1/31
,
Callable
1/1/31
@
100
....................................
1,500,000
1,159,444
5
.95
%
,
8/15/34
,
Callable
5/15/34
@
100
..................................
2,000,000
1,886,730
Crown
Castle,
Inc.
2
.25
%
,
1/15/31
,
Callable
10/15/30
@
100
.................................
1,500,000
1,164,413
2
.90
%
,
4/1/41
,
Callable
10/1/40
@
100
...................................
1,750,000
1,121,512
Essex
Portfolio
LP
1
.70
%
,
3/1/28
,
Callable
1/1/28
@
100
....................................
1,000,000
835,593
2
.65
%
,
3/15/32
,
Callable
12/15/31
@
100
.................................
1,000,000
768,413
GLP
Capital
LP/GLP
Financing
II,
Inc.
4
.00
%
,
1/15/31
,
Callable
10/15/30
@
100
.................................
1,000,000
832,390
3
.25
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
933,000
723,158
Highwoods
Realty,
LP
,
2
.60
%
,
2/1/31
,
Callable
11/1/30
@
100
......................
1,000,000
719,220
Host
Hotels
&
Resorts
LP
3
.38
%
,
12/15/29
,
Callable
9/15/29
@
100
.................................
500,000
420,181
3
.50
%
,
9/15/30
,
Callable
6/15/30
@
100
..................................
1,017,000
847,009
Hudson
Pacific
Properties
LP
3
.95
%
,
11/1/27
,
Callable
8/1/27
@
100
...................................
500,000
394,553
4
.65
%
,
4/1/29
,
Callable
1/1/29
@
100
....................................
500,000
379,999
3
.25
%
,
1/15/30
,
Callable
10/15/29
@
100
.................................
1,500,000
1,028,970
Kilroy
Realty
LP
,
2
.65
%
,
11/15/33
,
Callable
8/15/33
@
100
........................
2,500,000
1,679,267
Physicians
Realty
LP
,
2
.63
%
,
11/1/31
,
Callable
8/1/31
@
100
.......................
1,000,000
754,614
SBA
Tower
Trust
2
.84
%
,
1/15/25
,
Callable
1/15/24
@
100
(a)
................................
500,000
478,570
6
.60
%
,
1/15/28
,
Callable
1/15/27
@
100
(a)
................................
1,158,000
1,161,027
VICI
Properties
LP/VICI
Note
Co.,
Inc.
,
4
.13
%
,
8/15/30
,
Callable
2/15/25
@
102.06
(a)
....
2,000,000
1,693,980
23,632,015
Utilities
(2.1%):
AEP
Texas,
Inc.
,
3
.45
%
,
1/15/50
,
Callable
7/15/49
@
100
..........................
1,500,000
966,435
Alabama
Power
Co.
,
3
.13
%
,
7/15/51
,
Callable
1/15/51
@
100
.......................
2,000,000
1,219,824
Ameren
Corp.
1
.75
%
,
3/15/28
,
Callable
1/15/28
@
100
..................................
1,000,000
848,383
3
.50
%
,
1/15/31
,
Callable
10/15/30
@
100
.................................
1,000,000
858,073
Appalachian
Power
Co.
,
2
.70
%
,
4/1/31
,
Callable
1/1/31
@
100
......................
1,500,000
1,205,397
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
180
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
CenterPoint
Energy,
Inc.
,
2
.65
%
,
6/1/31
,
Callable
3/1/31
@
100
......................
$
1,500,000
$
1,198,789
Dominion
Energy,
Inc.
,
2
.25
%
,
8/15/31
,
Callable
5/15/31
@
100
.....................
1,500,000
1,157,448
DTE
Electric
Co.
2
.25
%
,
3/1/30
,
Callable
12/1/29
@
100
...................................
1,000,000
826,048
3
.00
%
,
3/1/32
,
Callable
12/1/31
@
100
...................................
1,000,000
827,957
3
.65
%
,
3/1/52
,
Callable
9/1/51
@
100
....................................
500,000
350,412
Duke
Energy
Carolinas
LLC
,
2
.85
%
,
3/15/32
,
Callable
12/15/31
@
100
................
750,000
612,075
Duquesne
Light
Holdings,
Inc.
,
2
.78
%
,
1/7/32
,
Callable
10/7/31
@
100
(a)
..............
1,200,000
891,169
Entergy
Corp.
,
1
.90
%
,
6/15/28
,
Callable
4/15/28
@
100
...........................
2,000,000
1,691,968
Entergy
Louisiana
LLC
,
4
.00
%
,
3/15/33
,
Callable
12/15/32
@
100
....................
1,000,000
868,475
Florida
Power
&
Light
Co.
,
2
.88
%
,
12/4/51
,
Callable
6/4/51
@
100
...................
1,000,000
607,325
IPALCO
Enterprises,
Inc.
,
4
.25
%
,
5/1/30
,
Callable
2/1/30
@
100
.....................
1,525,000
1,335,811
ITC
Holdings
Corp.
,
4
.95
%
,
9/22/27
,
Callable
8/22/27
@
100
(a)
.....................
1,000,000
972,929
NextEra
Energy
Capital
Holdings,
Inc.
5
.75
%
(
SOFRINDX
+
40
bps
)
,
11/3/23
(c)
...................................
1,500,000
1,499,875
2
.44
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
2,000,000
1,547,206
NRG
Energy,
Inc.
4
.45
%
,
6/15/29
,
Callable
3/15/29
@
100
(a)
................................
1,000,000
869,847
7
.00
%
,
3/15/33
,
Callable
12/15/32
@
100
(a)
...............................
1,000,000
960,106
Oglethorpe
Power
Corp.
,
4
.50
%
,
4/1/47
,
Callable
10/1/46
@
100
.....................
938,000
699,316
Oncor
Electric
Delivery
Co.
LLC
,
2
.70
%
,
11/15/51
,
Callable
5/15/51
@
100
(a)
...........
1,500,000
853,578
Piedmont
Natural
Gas
Co.,
Inc.
,
5
.40
%
,
6/15/33
,
Callable
3/15/33
@
100
...............
1,750,000
1,669,326
Public
Service
Co.
of
Colorado
,
1
.88
%
,
6/15/31
,
Callable
12/15/30
@
100
..............
2,000,000
1,533,798
Public
Service
Electric
&
Gas
Co.
,
1
.90
%
,
8/15/31
,
Callable
5/15/31
@
100
,
MTN
........
2,000,000
1,547,374
Rayburn
Country
Securitization
LLC
,
2
.31
%
,
12/1/30
(a)
...........................
900,641
798,179
South
Jersey
Industries,
Inc.
,
5
.02
%
,
4/15/31
...................................
1,000,000
761,823
Southern
Co.
Gas
Capital
Corp.
,
1
.75
%
,
1/15/31
,
Callable
10/15/30
@
100
..............
1,000,000
754,079
Southwestern
Electric
Power
Co.
,
3
.25
%
,
11/1/51
,
Callable
5/1/51
@
100
...............
750,000
450,849
The
AES
Corp.
,
2
.45
%
,
1/15/31
,
Callable
10/15/30
@
100
..........................
1,000,000
768,090
Vistra
Operations
Co.
LLC
,
4
.30
%
,
7/15/29
,
Callable
4/15/29
@
100
(a)
................
500,000
436,772
Wisconsin
Public
Service
Corp.
,
2
.85
%
,
12/1/51
,
Callable
6/1/51
@
100
...............
1,250,000
729,634
Xcel
Energy,
Inc.
,
2
.35
%
,
11/15/31
,
Callable
5/15/31
@
100
........................
500,000
381,347
32,699,717
Total
Corporate
Bonds
(Cost
$461,092,993)
389,224,352
Yankee
Dollars
(7.1%)
Communication
Services
(0.2%):
Rogers
Communications,
Inc.
,
3
.80
%
,
3/15/32
,
Callable
12/15/31
@
100
(a)
.............
4,000,000
3,319,945
Consumer
Discretionary
(0.2%):
GENM
Capital
Labuan
Ltd.
,
3
.88
%
,
4/19/31
,
Callable
1/19/31
@
100
(a)
...............
1,500,000
1,178,553
International
Game
Technology
PLC
,
5
.25
%
,
1/15/29
,
Callable
1/15/24
@
102.63
(a)
.......
1,000,000
921,952
Nemak
SAB
de
CV
,
3
.63
%
,
6/28/31
,
Callable
3/28/31
@
100
(a)
.....................
1,269,000
946,379
3,046,884
Consumer
Staples
(0.6%):
Alimentation
Couche-Tard,
Inc.
2
.95
%
,
1/25/30
,
Callable
10/25/29
@
100
(a)
...............................
667,000
554,584
3
.44
%
,
5/13/41
,
Callable
11/13/40
@
100
(a)
................................
750,000
496,729
Bacardi
Ltd.
4
.45
%
,
5/15/25
,
Callable
3/15/25
@
100
(a)
................................
1,500,000
1,455,517
2
.75
%
,
7/15/26
,
Callable
4/15/26
@
100
(a)
................................
500,000
458,545
Bacardi
Ltd./Bacardi-Martini
BV
,
5
.40
%
,
6/15/33
,
Callable
3/15/33
@
100
(a)
............
600,000
563,005
Becle
SAB
de
CV
,
2
.50
%
,
10/14/31
,
Callable
7/14/31
@
100
(a)
......................
1,750,000
1,336,085
Imperial
Brands
Finance
PLC
,
3
.88
%
,
7/26/29
,
Callable
4/26/29
@
100
(a)
..............
1,000,000
880,342
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
,
3
.00
%
,
2/2/29
,
Callable
12/2/28
@
100
(a)
...................................................
750,000
630,134
JDE
Peet's
NV
,
2
.25
%
,
9/24/31
,
Callable
6/24/31
@
100
(a)
.........................
3,000,000
2,228,675
8,603,616
Energy
(0.2%):
Aker
BP
ASA
,
4
.00
%
,
1/15/31
,
Callable
10/15/30
@
100
(a)
........................
750,000
642,826
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
181
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Korea
National
Oil
Corp.
,
2
.63
%
,
4/18/32
(a)
...................................
$
1,500,000
$
1,191,733
Petroleos
Mexicanos
,
6
.70
%
,
2/16/32
,
Callable
11/16/31
@
100
......................
500,000
371,041
Var
Energi
ASA
,
8
.00
%
,
11/15/32
,
Callable
8/15/32
@
100
(a)
.......................
1,000,000
1,046,313
3,251,913
Financials
(4.2%):
ABN
AMRO
Bank
NV
,
4
.80
%
,
4/18/26
(a)
.....................................
500,000
478,901
ANZ
Bank
New
Zealand
Ltd.
,
5
.55
%
,
8/11/32
,
Callable
8/11/27
@
100
(a)
..............
833,000
811,171
Ascot
Group
Ltd.
,
4
.25
%
,
12/15/30
,
Callable
12/15/25
@
100
(a)
.....................
1,000,000
737,811
Banco
Santander
SA
,
6
.92
%
,
8/8/33
.........................................
1,000,000
956,666
Bank
of
Montreal
,
3
.09
%
(
H15T5Y
+
140
bps
)
,
1/10/37
,
Callable
1/10/32
@
100
(c)
........
1,500,000
1,118,411
Bank
of
New
Zealand
,
2
.87
%
,
1/27/32
(a)
......................................
750,000
595,332
Barclays
PLC
2
.28
%
(
H15T1Y
+
105
bps
)
,
11/24/27
,
Callable
11/24/26
@
100
(c)
................
2,000,000
1,761,550
2
.89
%
(
H15T1Y
+
130
bps
)
,
11/24/32
,
Callable
11/24/31
@
100
(c)
................
500,000
374,939
7
.44
%
(
H15T1Y
+
350
bps
)
,
11/2/33
,
Callable
11/2/32
@
100
(c)
..................
1,000,000
1,028,982
BNP
Paribas
SA
,
4
.71
%
(
TSFR3M
+
250
bps
)
,
1/10/25
,
Callable
1/10/24
@
100
(a)
(c)
.......
1,000,000
995,082
BP
Capital
Markets
PLC
4
.88
%
(
H15T5Y
+
440
bps
)
,
Callable
3/22/30
@
100
(c)
(e)
......................
750,000
671,588
4
.38
%
(
H15T5Y
+
404
bps
)
,
Callable
6/22/25
@
100
(c)
(e)
......................
2,000,000
1,911,455
BPCE
SA
3
.25
%
,
1/11/28
(a)
...................................................
1,000,000
892,091
5
.75
%
(
SOFR
+
287
bps
)
,
7/19/33
,
Callable
7/19/32
@
100
(a)
(c)
..................
1,000,000
936,183
Brookfield
Finance,
Inc.
,
2
.72
%
,
4/15/31
,
Callable
1/15/31
@
100
....................
1,000,000
792,938
Canadian
Imperial
Bank
of
Commerce
,
6
.09
%
,
10/3/33
,
Callable
7/3/33
@
100
...........
1,000,000
993,702
Commonwealth
Bank
of
Australia
2
.69
%
,
3/11/31
(a)
...................................................
1,000,000
761,855
3
.78
%
,
3/14/32
(a)
..................................................
2,000,000
1,614,987
Cooperatieve
Rabobank
UA
1
.11
%
(
H15T1Y
+
55
bps
)
,
2/24/27
,
Callable
2/24/26
@
100
(a)
(c)
.................
2,000,000
1,776,115
4
.00
%
(
USSW5
+
189
bps
)
,
4/10/29
,
Callable
4/10/24
@
100
,
MTN
(c)
..............
600,000
588,551
Credit
Agricole
SA
,
3
.25
%
,
10/4/24
(a)
........................................
1,250,000
1,216,231
Credit
Suisse
Group
AG
2
.19
%
(
SOFR
+
204
bps
)
,
6/5/26
,
Callable
6/5/25
@
100
(a)
(c)
....................
1,000,000
929,157
1
.31
%
(
SOFRINDX
+
98
bps
)
,
2/2/27
,
Callable
2/2/26
@
100
(a)
(c)
................
1,000,000
885,501
9
.02
%
(
SOFR
+
502
bps
)
,
11/15/33
,
Callable
11/15/32
@
100
(a)
(c)
................
500,000
577,881
Deutsche
Bank
AG
,
3
.74
%
(
SOFR
+
226
bps
)
,
1/7/33
,
Callable
10/7/31
@
100
(c)
..........
3,750,000
2,694,543
Enel
Finance
International
NV
1
.88
%
,
7/12/28
,
Callable
5/12/28
@
100
(a)
................................
2,000,000
1,660,713
7
.50
%
,
10/14/32
,
Callable
7/14/32
@
100
(a)
...............................
500,000
533,597
Federation
des
Caisses
Desjardins
du
Quebec
,
4
.55
%
,
8/23/27
(a)
.....................
2,000,000
1,912,820
HSBC
Holdings
PLC
2
.21
%
(
SOFR
+
129
bps
)
,
8/17/29
,
Callable
8/17/28
@
100
(c)
....................
1,000,000
824,691
8
.11
%
(
SOFR
+
425
bps
)
,
11/3/33
,
Callable
11/3/32
@
100
(c)
....................
1,000,000
1,054,908
ING
Groep
NV
,
2
.73
%
(
SOFR
+
132
bps
)
,
4/1/32
,
Callable
4/1/31
@
100
(c)
..............
2,000,000
1,573,149
JAB
Holdings
BV
,
4
.50
%
,
4/8/52
,
Callable
10/8/51
@
100
(a)
.......................
1,000,000
699,982
Lloyds
Banking
Group
PLC
1
.63
%
(
H15T1Y
+
85
bps
)
,
5/11/27
,
Callable
5/11/26
@
100
(c)
...................
1,000,000
886,271
3
.57
%
(
US0003M
+
121
bps
)
,
11/7/28
,
Callable
11/7/27
@
100
(c)
.................
250,000
223,199
7
.95
%
(
H15T1Y
+
375
bps
)
,
11/15/33
,
Callable
8/15/32
@
100
(c)
.................
606,000
627,370
Macquarie
Bank
Ltd.
,
3
.05
%
(
H15T5Y
+
170
bps
)
,
3/3/36
,
Callable
3/3/31
@
100
(a)
(c)
......
1,250,000
931,563
Macquarie
Group
Ltd.
,
4
.10
%
(
SOFR
+
213
bps
)
,
6/21/28
,
Callable
6/21/27
@
100
(a)
(c)
.....
1,000,000
927,737
Mitsubishi
UFJ
Financial
Group,
Inc.
,
5
.02
%
(
H15T1Y
+
195
bps
)
,
7/20/28
,
Callable
7/20/27
@
100
(c)
...........................................................
1,500,000
1,449,372
Mizuho
Financial
Group,
Inc.
2
.56
%
,
9/13/31
....................................................
1,000,000
756,480
2
.17
%
(
H15T1Y
+
87
bps
)
,
5/22/32
,
Callable
5/22/31
@
100
(c)
...................
1,500,000
1,123,841
National
Australia
Bank
Ltd.
,
3
.93
%
(
H15T5Y
+
188
bps
)
,
8/2/34
,
Callable
8/2/29
@
100
(a)
(c)
1,500,000
1,281,433
Nationwide
Building
Society
4
.30
%
(
US0003M
+
145
bps
)
,
3/8/29
,
Callable
3/8/28
@
100
(a)
(c)
.................
250,000
229,296
3
.96
%
(
US0003M
+
186
bps
)
,
7/18/30
,
Callable
7/18/29
@
100
(a)
(c)
...............
500,000
440,218
Nomura
Holdings,
Inc.
,
5
.61
%
,
7/6/29
........................................
1,500,000
1,446,931
nVent
Finance
Sarl
,
5
.65
%
,
5/15/33
,
Callable
2/15/33
@
100
........................
1,500,000
1,395,605
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
182
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Port
of
Newcastle
Investments
Financing
Pty
Ltd.
,
5
.90
%
,
11/24/31
,
Callable
8/24/31
@
100
(a)
...........................................................
$
1,000,000
$
834,000
Royal
Bank
of
Scotland
Group
PLC
,
4
.45
%
(
US0003M
+
187
bps
)
,
5/8/30
,
Callable
5/8/29
@
100
(c)
...........................................................
1,000,000
901,061
Santander
UK
Group
Holdings
PLC
,
2
.90
%
(
SOFR
+
148
bps
)
,
3/15/32
,
Callable
3/15/31
@
100
(c)
...........................................................
2,000,000
1,547,643
Shell
International
Finance
BV
,
2
.88
%
,
11/26/41
,
Callable
5/26/41
@
100
..............
1,500,000
1,017,383
Societe
Generale
SA
1
.49
%
(
H15T1Y
+
110
bps
)
,
12/14/26
,
Callable
12/14/25
@
100
(a)
(c)
..............
500,000
446,337
3
.34
%
(
H15T1Y
+
160
bps
)
,
1/21/33
,
Callable
1/21/32
@
100
(a)
(c)
................
1,000,000
771,792
6
.22
%
(
H15T1Y
+
320
bps
)
,
6/15/33
,
Callable
6/15/32
@
100
(a)
(c)
................
1,000,000
905,851
Standard
Chartered
PLC
7
.77
%
(
H15T1Y
+
345
bps
)
,
11/16/28
,
Callable
11/16/27
@
100
(a)
(c)
..............
1,000,000
1,045,893
4
.87
%
(
USISDA05
+
197
bps
)
,
3/15/33
,
Callable
3/15/28
@
100
(a)
(c)
..............
500,000
446,207
Sumitomo
Mitsui
Financial
Group,
Inc.
,
2
.22
%
,
9/17/31
...........................
1,500,000
1,139,125
Swedbank
AB
,
0
.85
%
,
3/18/24
(a)
(d)
.........................................
1,500,000
1,464,800
The
Bank
of
Nova
Scotia
4
.50
%
,
12/16/25
....................................................
500,000
482,708
1
.30
%
,
9/15/26
....................................................
1,000,000
880,695
2
.45
%
,
2/2/32
.....................................................
1,000,000
774,530
The
Toronto-Dominion
Bank
,
2
.00
%
,
9/10/31
...................................
1,500,000
1,142,394
UBS
Group
AG
3
.75
%
,
3/26/25
....................................................
500,000
480,791
4
.28
%
,
1/9/28
,
Callable
1/9/27
@
100
(a)
..................................
750,000
689,590
Westpac
Banking
Corp.
4
.32
%
(
USISOA05
+
224
bps
)
,
11/23/31
,
Callable
11/23/26
@
100
(c)
...............
1,000,000
926,562
2
.67
%
(
H15T5Y
+
175
bps
)
,
11/15/35
,
Callable
11/15/30
@
100
(c)
................
1,000,000
748,644
3
.02
%
(
H15T5Y
+
153
bps
)
,
11/18/36
,
Callable
11/18/31
@
100
(c)
................
1,000,000
740,870
63,467,675
Health
Care
(0.5%):
Olympus
Corp.
,
2
.14
%
,
12/8/26
,
Callable
11/8/26
@
100
(a)
........................
758,000
675,474
Royalty
Pharma
PLC
2
.15
%
,
9/2/31
,
Callable
6/2/31
@
100
....................................
1,500,000
1,122,042
3
.30
%
,
9/2/40
,
Callable
3/2/40
@
100
....................................
2,000,000
1,309,007
3
.55
%
,
9/2/50
,
Callable
3/2/50
@
100
....................................
750,000
459,408
Smith
&
Nephew
PLC
,
2
.03
%
,
10/14/30
,
Callable
7/14/30
@
100
....................
2,650,000
2,039,016
STERIS
Irish
FinCo
Unlimited
Co.
,
2
.70
%
,
3/15/31
,
Callable
12/15/30
@
100
...........
2,000,000
1,619,136
7,224,083
Industrials
(0.6%):
Air
Canada
Pass
Through
Trust
,
4
.13
%
,
5/15/25
(a)
...............................
1,642,352
1,551,027
Aircastle
Ltd.
,
6
.50
%
,
7/18/28
,
Callable
6/18/28
@
100
(a)
..........................
1,000,000
979,231
BAE
Systems
PLC
,
3
.40
%
,
4/15/30
,
Callable
1/15/30
@
100
(a)
......................
750,000
652,970
Ferguson
Finance
PLC
3
.25
%
,
6/2/30
,
Callable
3/2/30
@
100
(a)
..................................
1,800,000
1,524,012
4
.65
%
,
4/20/32
,
Callable
1/20/32
@
100
(a)
................................
750,000
673,455
Pentair
Finance
Sarl
,
5
.90
%
,
7/15/32
,
Callable
4/15/32
@
100
.......................
2,000,000
1,953,216
Rolls-Royce
PLC
,
3
.63
%
,
10/14/25
,
Callable
7/14/25
@
100
(a)
......................
275,000
259,696
Trane
Technologies
Financing
Ltd.
,
5
.25
%
,
3/3/33
,
Callable
12/3/32
@
100
.............
1,750,000
1,685,983
9,279,590
Information
Technology
(0.2%):
NXP
BV/NXP
Funding
LLC/NXP
USA,
Inc.
,
2
.65
%
,
2/15/32
,
Callable
11/15/31
@
100
(a)
..
1,500,000
1,160,605
Open
Text
Corp.
,
6
.90
%
,
12/1/27
,
Callable
11/1/27
@
100
(a)
........................
686,000
687,331
SK
Hynix,
Inc.
,
6
.50
%
,
1/17/33
(a)
(d)
.........................................
1,071,000
1,045,950
2,893,886
Materials
(0.3%):
ArcelorMittal
SA
,
6
.80
%
,
11/29/32
,
Callable
8/29/32
@
100
........................
1,500,000
1,489,672
Braskem
Netherlands
Finance
BV
4
.50
%
,
1/31/30
(a)
..................................................
1,000,000
813,596
7
.25
%
,
2/13/33
,
Callable
11/13/32
@
100
(a)
................................
300,000
275,241
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
183
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
CCL
Industries,
Inc.
,
3
.05
%
,
6/1/30
,
Callable
3/1/30
@
100
(a)
.......................
$
2,000,000
$
1,654,716
4,233,225
Real
Estate
(0.1%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust
,
2
.50
%
,
10/15/31
,
Callable
7/15/31
@
100
(a)
...........................................................
3,233,000
2,440,204
Total
Yankee
Dollars
(Cost
$124,133,979)
107,761,021
Municipal
Bonds
(1.4%)
Arizona
(0.0%):(f)
The
University
of
Arizona
Revenue
,
Series
A
,
1
.82
%
,
6/1/30
........................
1,000,000
801,512
California
(0.1%):
California
Statewide
Communities
Development
Authority
Revenue
,
1
.73
%
,
4/1/27
.......
1,000,000
861,231
City
of
El
Cajon
Revenue
Series
A
,
1
.70
%
,
4/1/27
..............................................
620,000
542,548
Series
A
,
1
.90
%
,
4/1/28
..............................................
500,000
425,230
San
Jose
Redevelopment
Agency
Successor
Agency
Tax
Allocation
,
Series
A-T
,
3
.13
%
,
8/1/28
,
Continuously
Callable
@100
...........................................
500,000
453,539
2,282,548
Connecticut
(0.0%):(f)
State
of
Connecticut,
GO
,
Series
A
,
3
.43
%
,
4/15/28
..............................
500,000
464,226
Florida
(0.2%):
Florida
Development
Finance
Corp.
Revenue
,
Series
B
,
3
.22
%
,
2/1/32
,
Continuously
Callable
@100
...........................................................
1,020,000
816,755
Hillsborough
County
IDA
Revenue
,
3
.58
%
,
8/1/35
,
Continuously
Callable
@100
.........
1,500,000
1,167,925
Hillsborough
County
School
Board
Certificate
of
Participation
,
Series
B
,
1
.92
%
,
7/1/25
....
750,000
706,267
2,690,947
Louisiana
(0.1%):
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
1
.55
%
,
2/1/27
.....................................................
700,000
617,956
Series
A
,
4
.48
%
,
8/1/39
..............................................
835,000
745,670
1,363,626
Michigan
(0.1%):
Michigan
Finance
Authority
Revenue
,
2
.47
%
,
12/1/25
............................
1,000,000
937,524
New
Jersey
(0.2%):
New
Jersey
Economic
Development
Authority
Revenue
,
Series
NNN
,
3
.47
%
,
6/15/27
......
1,000,000
940,126
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
,
Series
A
,
3
.36
%
,
7/1/40
...
1,000,000
769,370
South
Jersey
Transportation
Authority
Revenue
,
Series
B
,
2
.38
%
,
11/1/27
...............
900,000
789,535
2,499,031
Pennsylvania
(0.1%):
Commonwealth
Financing
Authority
Revenue
,
Series
A
,
3
.63
%
,
6/1/29
................
500,000
458,187
Public
Parking
Authority
of
Pittsburgh
Revenue
,
2
.33
%
,
12/1/29
.....................
895,000
721,677
State
Public
School
Building
Authority
Revenue
,
3
.15
%
,
4/1/30
......................
1,290,000
1,117,724
2,297,588
Texas
(0.4%):
City
of
San
Antoni,
GO
,
1
.76
%
,
2/1/31
,
Continuously
Callable
@100
..................
630,000
499,318
County
of
Bexar
Revenue
,
2
.28
%
,
8/15/32
,
Continuously
Callable
@100
...............
1,070,000
815,800
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
3
.34
%
,
11/15/37
....................................................
2,000,000
1,554,030
Series
D
,
2
.28
%
,
7/1/34
..............................................
370,000
267,270
North
Texas
Tollway
Authority
Revenue
,
1
.02
%
,
1/1/25
...........................
1,000,000
944,027
San
Antonio
Education
Facilities
Corp.
Revenue
,
2
.50
%
,
4/1/29
......................
1,270,000
1,032,627
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
1
.63
%
,
9/1/26
.....................................................
525,000
469,424
1
.82
%
,
9/1/27
.....................................................
700,000
608,695
Uptown
Development
Authority
Tax
Allocation
Series
B
,
2
.58
%
,
9/1/31
..............................................
270,000
212,132
Series
B
,
2
.78
%
,
9/1/33
,
Continuously
Callable
@100
.........................
500,000
379,713
6,783,036
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
184
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Virginia
(0.1%):
Virginia
Housing
Development
Authority
Revenue
Series
J
,
1
.97
%
,
11/1/28
..............................................
$
225,000
$
189,090
Series
J
,
2
.27
%
,
11/1/31
,
Continuously
Callable
@100
........................
225,000
175,011
Series
J
,
2
.42
%
,
11/1/32
,
Continuously
Callable
@100
........................
275,000
211,038
Series
J
,
2
.47
%
,
11/1/33
,
Continuously
Callable
@100
........................
270,000
203,056
Series
J
,
2
.52
%
,
11/1/34
,
Continuously
Callable
@100
........................
250,000
184,211
Series
J
,
2
.57
%
,
11/1/35
,
Continuously
Callable
@100
........................
300,000
216,670
1,179,076
Washington
(0.1%):
Washington
State
University
Revenue
,
Series
A
,
2
.24
%
,
10/1/28
.....................
1,000,000
870,420
Total
Municipal
Bonds
(Cost
$26,385,922)
22,169,534
U.S.
Government
Mortgage-Backed
Agencies
(0.1%)
Federal
Home
Loan
Mortgage
Corporation
Series
5270
,
Class
AB
,
5
.50
%
,
1/25/49
...................................
2,021,236
1,965,360
Total
U.S.
Government
Mortgage-Backed
Agencies
(Cost
$1,991,336)
1,965,360
U.S.
Government
Agency
Mortgages
(10.8%)
Federal
Farm
Credit
Banks
5
.93
%
,
7/14/33
....................................................
5,000,000
4,949,150
Federal
Home
Loan
Mortgage
Corp.
Series
KIR3
,
Class
A2
,
3
.28
%
,
8/25/27
...................................
1,500,000
1,397,586
Series
K087
,
Class
A2
,
3
.77
%
,
12/25/28
..................................
500,000
468,838
Series
K091
,
Class
A2
,
3
.51
%
,
3/25/29
...................................
1,250,000
1,152,999
Series
K095
,
Class
A2
,
2
.79
%
,
6/25/29
...................................
1,000,000
883,939
Series
K097
,
Class
A2
,
2
.51
%
,
7/25/29
...................................
2,000,000
1,734,103
Series
K096
,
Class
A2
,
2
.52
%
,
7/25/29
...................................
1,000,000
869,090
Series
KG02
,
Class
A2
,
2
.41
%
,
8/25/29
...................................
909,000
783,859
Series
K100
,
Class
A2
,
2
.67
%
,
9/25/29
...................................
545,000
475,034
Series
K159
,
Class
A2
,
3
.95
%
,
11/25/30
(b)
................................
500,000
461,242
3
.00
%
,
3/1/31
-
5/1/52
...............................................
4,271,393
3,566,307
3
.50
%
,
5/1/33
-
7/1/52
...............................................
3,522,449
3,061,798
Series
K-1510
,
Class
A3
,
3
.79
%
,
1/25/34
..................................
1,000,000
883,100
Series
K-1512
,
Class
A3
,
3
.06
%
,
4/25/34
..................................
1,000,000
819,129
5
.00
%
,
3/1/38
-
6/1/53
...............................................
16,153,561
15,315,287
5
.50
%
,
8/1/38
-
5/1/53
...............................................
5,913,954
5,761,469
4
.00
%
,
7/1/42
-
9/1/52
...............................................
4,338,602
3,921,257
4
.50
%
,
11/1/42
-
10/1/52
..............................................
4,483,759
4,138,673
6
.00
%
,
8/1/53
.....................................................
1,988,026
1,963,135
47,656,845
Federal
National
Mortgage
Association
Series
2018-M4
,
Class
A2
,
3
.17
%
,
3/25/28
(b)
...............................
380,926
351,016
Series
2019-M1
,
Class
A2
,
3
.67
%
,
9/25/28
(b)
...............................
654,767
612,326
Series
2019-M12
,
Class
A2
,
2
.89
%
,
6/25/29
(b)
..............................
982,635
874,728
2
.50
%
,
11/1/34
-
10/1/50
..............................................
2,199,599
1,768,306
5
.00
%
,
12/1/37
-
4/1/53
..............................................
7,461,999
7,141,334
4
.50
%
,
1/1/38
-
9/1/52
...............................................
26,201,766
24,114,729
4
.00
%
,
4/1/38
-
6/1/52
...............................................
19,463,853
17,513,475
3
.50
%
,
12/1/42
-
6/1/52
..............................................
8,760,024
7,638,134
3
.00
%
,
2/1/50
-
2/1/52
...............................................
3,920,403
3,262,115
2
.00
%
,
11/1/51
-
12/1/51
..............................................
3,125,443
2,394,711
5
.50
%
,
10/1/52
....................................................
3,573,854
3,456,273
6
.00
%
,
9/1/53
.....................................................
1,108,939
1,096,787
70,223,934
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
185
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
Government
National
Mortgage
Association
5
.00
%
,
8/20/38
-
9/20/53
.............................................
$
6,574,350
$
6,287,802
3
.00
%
,
10/20/51
....................................................
2,432,070
2,064,851
3
.50
%
,
6/20/52
....................................................
2,466,372
2,141,324
4
.50
%
,
9/20/52
-
9/20/53
.............................................
6,376,881
5,888,638
5
.50
%
,
4/20/53
-
9/20/53
.............................................
8,455,639
8,212,007
2
.50
%
,
6/20/53
....................................................
3,427,831
2,807,105
6
.00
%
,
7/20/53
-
9/20/53
.............................................
6,983,162
6,922,283
6
.50
%
,
9/20/53
-
10/20/53
.............................................
4,000,000
4,028,105
38,352,115
Federal
National
Mortgage
Association
Series
2022-88
,
Class
BA
,
5
.50
%
,
7/25/47
.................................
1,787,744
1,751,195
Government
National
Mortgage
Association
Series
2023-107
,
Class
PA
,
5
.50
%
,
1/20/46
................................
1,492,364
1,466,999
Total
U.S.
Government
Agency
Mortgages
(Cost
$176,718,192)
164,400,238
U.S.
Treasury
Obligations
(38.8%)
U.S.
Treasury
Bonds
5
.25
%
,
2/15/29
....................................................
7,000,000
7,174,453
1
.13
%
,
5/15/40
....................................................
1,000,000
573,906
1
.38
%
,
11/15/40
....................................................
5,000,000
2,957,813
1
.75
%
,
8/15/41
....................................................
21,000,000
13,079,062
2
.00
%
,
11/15/41
....................................................
9,000,000
5,841,562
2
.38
%
,
2/15/42
....................................................
3,000,000
2,073,750
3
.38
%
,
8/15/42
....................................................
15,000,000
12,164,063
3
.13
%
,
2/15/43
....................................................
14,000,000
10,836,875
2
.88
%
,
5/15/43
....................................................
2,000,000
1,481,563
3
.88
%
,
5/15/43
....................................................
17,000,000
14,784,688
3
.38
%
,
5/15/44
....................................................
7,000,000
5,585,781
2
.50
%
,
2/15/46
....................................................
10,000,000
6,709,375
2
.75
%
,
8/15/47
....................................................
500,000
349,063
2
.75
%
,
11/15/47
....................................................
500,000
348,594
3
.00
%
,
2/15/48
....................................................
3,500,000
2,561,563
3
.38
%
,
11/15/48
....................................................
7,012,000
5,502,229
1
.38
%
,
8/15/50
....................................................
7,000,000
3,417,969
1
.63
%
,
11/15/50
....................................................
3,000,000
1,571,719
1
.88
%
,
2/15/51
....................................................
23,000,000
12,897,969
2
.00
%
,
8/15/51
....................................................
2,000,000
1,154,687
4
.00
%
,
11/15/52
....................................................
2,000,000
1,773,437
3
.63
%
,
2/15/53
....................................................
10,000,000
8,276,563
U.S.
Treasury
Inflation
Indexed
Bonds
,
0
.88
%
,
1/15/29
............................
605,285
561,546
U.S.
Treasury
Notes
0
.25
%
,
11/15/23
....................................................
7,000,000
6,957,070
3
.00
%
,
7/31/24
....................................................
7,000,000
6,856,992
0
.38
%
,
8/15/24
....................................................
10,000,000
9,566,797
0
.38
%
,
9/15/24
....................................................
5,000,000
4,764,648
1
.50
%
,
10/31/24
....................................................
3,000,000
2,876,836
0
.75
%
,
11/15/24
....................................................
10,000,000
9,496,484
1
.00
%
,
12/15/24
....................................................
14,000,000
13,291,797
2
.25
%
,
12/31/24
....................................................
5,000,000
4,813,867
4
.25
%
,
12/31/24
....................................................
5,000,000
4,931,641
1
.13
%
,
1/15/25
....................................................
4,000,000
3,791,406
2
.75
%
,
2/28/25
....................................................
850,000
820,615
2
.63
%
,
4/15/25
....................................................
8,000,000
7,693,125
2
.88
%
,
6/15/25
....................................................
5,000,000
4,812,891
3
.00
%
,
7/15/25
....................................................
5,000,000
4,817,773
3
.00
%
,
9/30/25
....................................................
300,000
288,328
0
.38
%
,
11/30/25
....................................................
3,000,000
2,717,813
0
.38
%
,
1/31/26
....................................................
4,000,000
3,600,313
0
.75
%
,
5/31/26
....................................................
5,000,000
4,489,453
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
186
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Principal
Amount
Value
1
.50
%
,
8/15/26
....................................................
$
2,000,000
$
1,823,281
1
.38
%
,
8/31/26
....................................................
8,000,000
7,258,125
1
.13
%
,
10/31/26
....................................................
10,000,000
8,959,375
2
.00
%
,
11/15/26
....................................................
2,700,000
2,483,367
2
.38
%
,
5/15/27
....................................................
7,000,000
6,455,859
0
.50
%
,
6/30/27
....................................................
2,500,000
2,141,602
2
.25
%
,
8/15/27
....................................................
1,000,000
913,828
2
.25
%
,
11/15/27
....................................................
1,700,000
1,546,070
0
.63
%
,
11/30/27
....................................................
13,000,000
11,022,578
0
.75
%
,
1/31/28
....................................................
10,000,000
8,478,906
2
.75
%
,
2/15/28
....................................................
9,000,000
8,323,594
1
.25
%
,
3/31/28
....................................................
8,000,000
6,905,000
1
.25
%
,
4/30/28
....................................................
10,000,000
8,609,375
2
.88
%
,
5/15/28
....................................................
4,000,000
3,706,563
1
.00
%
,
7/31/28
....................................................
22,000,000
18,559,062
2
.88
%
,
8/15/28
....................................................
630,000
581,667
1
.13
%
,
8/31/28
....................................................
5,000,000
4,234,375
1
.25
%
,
9/30/28
....................................................
10,000,000
8,497,656
3
.13
%
,
11/15/28
....................................................
1,000,000
931,016
2
.63
%
,
2/15/29
....................................................
1,000,000
904,531
2
.38
%
,
3/31/29
....................................................
18,000,000
16,025,625
2
.88
%
,
4/30/29
....................................................
5,000,000
4,565,625
2
.75
%
,
5/31/29
....................................................
5,000,000
4,530,078
1
.63
%
,
8/15/29
....................................................
10,000,000
8,485,938
3
.50
%
,
1/31/30
....................................................
10,000,000
9,373,438
4
.00
%
,
2/28/30
....................................................
16,000,000
15,430,000
0
.63
%
,
5/15/30
....................................................
2,500,000
1,934,766
0
.63
%
,
8/15/30
....................................................
5,000,000
3,837,500
0
.88
%
,
11/15/30
....................................................
17,000,000
13,225,469
1
.13
%
,
2/15/31
....................................................
12,000,000
9,463,125
1
.63
%
,
5/15/31
....................................................
20,000,000
16,234,375
1
.25
%
,
8/15/31
....................................................
5,000,000
3,907,812
1
.38
%
,
11/15/31
....................................................
4,000,000
3,135,000
1
.88
%
,
2/15/32
....................................................
6,000,000
4,873,125
2
.88
%
,
5/15/32
....................................................
6,000,000
5,266,875
2
.75
%
,
8/15/32
....................................................
7,000,000
6,061,562
4
.13
%
,
11/15/32
....................................................
69,500,000
67,034,922
3
.38
%
,
5/15/33
....................................................
50,000,000
45,351,563
3
.88
%
,
8/15/33
....................................................
20,000,000
18,896,875
Total
U.S.
Treasury
Obligations
(Cost
$660,779,621)
588,235,582
Commercial
Papers
(1.1%)
Financials
(1.1%):
Brookfield
Corp.
Treasury
,
5
.73
%
,
10/3/23
(a)
(g)
.................................
9,900,000
9,893,982
Hannover
Funding
Co.
LLC
,
5
.53
%
,
10/4/23
(a)
(g)
...............................
5,000,000
4,996,191
Hannover
Funding
Co.
LLC
,
5
.48
%
,
10/2/23
(a)
(g)
...............................
1,400,000
1,399,361
16,289,534
Total
Commercial
Papers
(Cost
$16,294,341)
16,289,534
Shares
Collateral
for
Securities
Loaned
(0.6%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.24
%
(h)
........
2,128,495
2,128,495
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.28
%
(h)
............
2,128,495
2,128,495
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.26
%
(h)
...............
2,128,495
2,128,495
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
187
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.27
%
(h)
.
2,128,495
$
2,128,495
Total
Collateral
for
Securities
Loaned
(Cost
$8,513,980)
8,513,980
Total
Investments
(Cost
$1,707,192,345)
—
100.0%
1,517,566,536
Liabilities
in
excess
of
other
assets
—
0.0%(f)
(
232,809
)
NET
ASSETS
-
100.00%
$
1,517,333,727
At
September
30,
2023,
the
Fund's
investments
in
foreign
securities
were
7.7%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2023,
the
fair
value
of
these
securities
was
$345,306,279
and
amounted
to
22.8%
of
net
assets.
(b)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
September
30,
2023.
(c)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
September
30,
2023.
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(f)
Amount
represents
less
than
0.05%
of
net
assets.
(g)
Rate
represents
the
effective
yield
at
September
30,
2023.
(h)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CLO
—
Collateralized
Loan
Obligations
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
September
30,
2023.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
September
30,
2023.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
IDA
—
Industrial
Development
Authority
LIBOR
—
London
Interbank
Offered
Rate
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of  September
30,
2023.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
September
30,
2023.
SOFR90A
—
90
day
average
of
SOFR,
rate
disclosed
as
of
September
30,
2023.
TSFR1M
—
1
month
Term
SOFR,
rate
disclosed
as
of
September
30,
2023.
TSFR3M
—
3
month
Term
SOFR,
rate
disclosed
as
of
September
30,
2023.
USISOA05
—
1
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
September
30,
2023,
based
on
the
last
reset
date
of
the
security.
US0003M
—
3
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
September
30,
2023,
based
on
the
last
reset
date
of
the
security.
USISDA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
September
30,
2023.
USSW5
—
USD
5
Year
Swap
Rate,
rate
disclosed
as
of
September
30,
2023.
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
II
VictoryShares
US
Value
Momentum
ETF
188
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.5%)
Communication
Services
(3.5%):
Alphabet,
Inc.
,
Class
A
(a)
.................................................
7,528
$
985,114
Comcast
Corp.
,
Class
A
..................................................
29,051
1,288,121
Fox
Corp.
,
Class
A
......................................................
42,258
1,318,450
Meta
Platforms,
Inc.
,
Class
A
(a)
............................................
2,454
736,715
Omnicom
Group,
Inc.
....................................................
15,456
1,151,163
5,479,563
Consumer
Discretionary
(10.1%):
Best
Buy
Co.,
Inc.
......................................................
16,272
1,130,416
Darden
Restaurants,
Inc.
..................................................
12,195
1,746,568
Deckers
Outdoor
Corp.
(a)
.................................................
2,333
1,199,372
DR
Horton,
Inc.
........................................................
10,312
1,108,231
Ford
Motor
Co.
........................................................
73,238
909,616
General
Motors
Co.
.....................................................
28,377
935,590
Lennar
Corp.
,
Class
A
....................................................
10,676
1,198,167
MGM
Resorts
International
................................................
22,835
839,415
NVR,
Inc.
(a)
..........................................................
247
1,472,935
O'Reilly
Automotive,
Inc.
(a)
...............................................
1,783
1,620,497
PulteGroup,
Inc.
........................................................
14,185
1,050,399
Royal
Caribbean
Cruises
Ltd.
(a)
............................................
8,623
794,523
The
TJX
Cos.,
Inc.
......................................................
21,630
1,922,474
15,928,203
Consumer
Staples
(7.7%):
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
22,022
1,400,379
Mondelez
International,
Inc.
,
Class
A
.........................................
27,950
1,939,730
The
J.M.
Smucker
Co.
...................................................
13,386
1,645,273
The
Kraft
Heinz
Co.
.....................................................
61,736
2,076,799
The
Kroger
Co.
........................................................
35,676
1,596,501
Tyson
Foods,
Inc.
,
Class
A
................................................
20,934
1,056,958
Walmart,
Inc.
..........................................................
14,627
2,339,296
12,054,936
Energy
(3.3%):
Diamondback
Energy,
Inc.
................................................
6,834
1,058,450
Marathon
Oil
Corp.
.....................................................
33,870
906,022
Marathon
Petroleum
Corp.
................................................
7,117
1,077,087
Phillips
66
............................................................
9,478
1,138,782
Valero
Energy
Corp.
.....................................................
7,298
1,034,199
5,214,540
Financials
(13.5%):
Aflac,
Inc.
............................................................
20,414
1,566,774
American
International
Group,
Inc.
..........................................
19,603
1,187,942
Arch
Capital
Group
Ltd.
(a)
................................................
17,048
1,358,896
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
6,050
2,119,315
Capital
One
Financial
Corp.
...............................................
9,373
909,650
Citigroup,
Inc.
.........................................................
29,886
1,229,211
Everest
Group
Ltd.
......................................................
3,395
1,261,820
First
Citizens
BancShares,
Inc.
,
Class
A
.......................................
327
451,293
Fiserv,
Inc.
(a)
..........................................................
11,717
1,323,552
Franklin
Resources,
Inc.
..................................................
44,509
1,094,031
JPMorgan
Chase
&
Co.
..................................................
9,805
1,421,921
Loews
Corp.
..........................................................
26,753
1,693,732
Principal
Financial
Group,
Inc.
.............................................
14,837
1,069,303
Synchrony
Financial
.....................................................
29,833
911,995
The
Bank
of
New
York
Mellon
Corp.
.........................................
28,126
1,199,574
The
Goldman
Sachs
Group,
Inc.
............................................
4,149
1,342,492
Wells
Fargo
&
Co.
......................................................
27,452
1,121,689
21,263,190
Health
Care
(15.7%):
Becton
Dickinson
&
Co.
..................................................
6,534
1,689,235
Victory
Portfolios
II
VictoryShares
US
Value
Momentum
ETF
189
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Biogen,
Inc.
(a)
.........................................................
5,906
$
1,517,901
Cardinal
Health,
Inc.
....................................................
18,225
1,582,295
Cencora,
Inc.
..........................................................
11,120
2,001,267
Centene
Corp.
(a)
.......................................................
19,544
1,346,191
Gilead
Sciences,
Inc.
....................................................
21,410
1,604,465
HCA
Healthcare,
Inc.
....................................................
5,989
1,473,174
Hologic,
Inc.
(a)
........................................................
22,220
1,542,068
Intuitive
Surgical,
Inc.
(a)
.................................................
3,587
1,048,444
Laboratory
Corp.
of
America
Holdings
........................................
8,108
1,630,113
Merck
&
Co.,
Inc.
......................................................
15,094
1,553,927
Moderna,
Inc.
(a)
.......................................................
5,727
591,542
Quest
Diagnostics,
Inc.
...................................................
13,505
1,645,719
Regeneron
Pharmaceuticals,
Inc.
(a)
..........................................
1,501
1,235,263
The
Cigna
Group
.......................................................
4,544
1,299,902
The
Cooper
Cos.,
Inc.
....................................................
3,903
1,241,193
Zimmer
Biomet
Holdings,
Inc.
.............................................
14,698
1,649,410
24,652,109
Industrials
(15.5%):
Builders
FirstSource,
Inc.
(a)
...............................................
5,979
744,326
Carrier
Global
Corp.
.....................................................
19,199
1,059,785
Copart,
Inc.
(a)
.........................................................
33,589
1,447,350
Cummins,
Inc.
.........................................................
5,572
1,272,979
Expeditors
International
of
Washington,
Inc.
....................................
11,458
1,313,431
FedEx
Corp.
..........................................................
4,743
1,256,516
General
Electric
Co.
.....................................................
11,422
1,262,702
Howmet
Aerospace,
Inc.
..................................................
28,881
1,335,746
Hubbell,
Inc.
..........................................................
3,483
1,091,607
Lennox
International,
Inc.
.................................................
2,912
1,090,369
PACCAR,
Inc.
.........................................................
16,027
1,362,616
Parker-Hannifin
Corp.
...................................................
2,916
1,135,840
Quanta
Services,
Inc.
....................................................
6,412
1,199,493
Republic
Services,
Inc.
...................................................
13,533
1,928,588
Snap-on,
Inc.
..........................................................
5,256
1,340,595
Textron,
Inc.
..........................................................
16,686
1,303,844
Uber
Technologies,
Inc.
(a)
................................................
18,192
836,650
United
Rentals,
Inc.
.....................................................
1,799
799,781
Watsco,
Inc.
...........................................................
3,100
1,170,932
Westinghouse
Air
Brake
Technologies
Corp.
....................................
13,793
1,465,782
24,418,932
Information
Technology
(9.6%):
Broadcom,
Inc.
........................................................
1,121
931,080
Dell
Technologies,
Inc.
,
Class
C
............................................
20,379
1,404,113
Fair
Isaac
Corp.
(a)
......................................................
1,464
1,271,528
First
Solar,
Inc.
(a)
......................................................
3,114
503,191
Hewlett
Packard
Enterprise
Co.
.............................................
70,696
1,227,990
HP,
Inc.
..............................................................
40,641
1,044,474
Intel
Corp.
............................................................
23,819
846,765
Jabil,
Inc.
............................................................
10,395
1,319,022
KLA
Corp.
...........................................................
1,752
803,572
Micron
Technology,
Inc.
..................................................
12,049
819,693
Microsoft
Corp.
........................................................
3,658
1,155,014
NVIDIA
Corp.
.........................................................
1,205
524,163
ON
Semiconductor
Corp.
(a)
...............................................
7,804
725,382
Oracle
Corp.
..........................................................
11,434
1,211,089
Skyworks
Solutions,
Inc.
.................................................
9,011
888,395
Super
Micro
Computer,
Inc.
(a)
.............................................
1,492
409,136
15,084,607
Materials
(4.6%):
DuPont
de
Nemours,
Inc.
.................................................
17,368
1,295,479
LyondellBasell
Industries
NV
,
Class
A
........................................
13,844
1,311,027
Nucor
Corp.
...........................................................
5,297
828,186
Victory
Portfolios
II
VictoryShares
US
Value
Momentum
ETF
190
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Reliance
Steel
&
Aluminum
Co.
............................................
4,558
$
1,195,245
Steel
Dynamics,
Inc.
.....................................................
7,597
814,550
The
Mosaic
Co.
........................................................
22,982
818,159
Westlake
Corp.
........................................................
7,909
986,015
7,248,661
Real
Estate
(9.8%):
American
Homes
4
Rent
,
Class
A
...........................................
39,099
1,317,245
AvalonBay
Communities,
Inc.
..............................................
8,125
1,395,388
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
13,721
1,013,433
Equity
Residential
......................................................
22,694
1,332,365
Host
Hotels
&
Resorts,
Inc.
................................................
70,138
1,127,118
Invitation
Homes,
Inc.
...................................................
41,618
1,318,874
Iron
Mountain,
Inc.
.....................................................
21,870
1,300,172
Simon
Property
Group,
Inc.
...............................................
11,206
1,210,584
Ventas,
Inc.
...........................................................
29,103
1,226,109
VICI
Properties,
Inc.
....................................................
55,321
1,609,841
Welltower,
Inc.
.........................................................
15,636
1,280,901
Weyerhaeuser
Co.
......................................................
42,022
1,288,395
15,420,425
Utilities
(6.2%):
Consolidated
Edison,
Inc.
.................................................
20,899
1,787,491
Edison
International
.....................................................
22,091
1,398,139
Entergy
Corp.
.........................................................
16,014
1,481,295
Evergy,
Inc.
...........................................................
30,678
1,555,375
Exelon
Corp.
..........................................................
44,923
1,697,640
PPL
Corp.
............................................................
74,201
1,748,176
9,668,116
Total
Common
Stocks
(Cost
$155,252,170)
156,433,282
Total
Investments
(Cost
$155,252,170)
—
99.5%
156,433,282
Other
assets
in
excess
of
liabilities
—
0.5%
836,240
NET
ASSETS
-
100.00%
$
157,269,522
(a)
Non-income
producing
security.
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
3
12/15/23
$
668,235
$
648,825
$
(
19,410
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
19,410
)
Total
net
unrealized
appreciation
(depreciation)
$
(
19,410
)
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
191
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.6%)
Communication
Services
(2.6%):
DISH
Network
Corp.,
Class
A(a)
............................................
70,248
$
411,653
GCI
Liberty,
Inc.
Escrow(a)(b)
.............................................
4,908
4,439
IAC,
Inc.(a)
...........................................................
11,600
584,524
Integral
Ad
Science
Holding
Corp.(a)
.........................................
35,776
425,377
Liberty
Latin
America,
Ltd.,
Class
C(a)
.......................................
62,712
511,730
News
Corp.,
Class
A
.....................................................
42,567
853,894
Nexstar
Media
Group,
Inc.
................................................
5,422
777,352
Sphere
Entertainment
Co.(a)
...............................................
13,976
519,348
Yelp,
Inc.(a)
...........................................................
19,942
829,388
Ziff
Davis,
Inc.(a)
.......................................................
14,338
913,187
5,830,892
Consumer
Discretionary
(13.0%):
Abercrombie
&
Fitch
Co.(a)
...............................................
8,180
461,107
Academy
Sports
&
Outdoors,
Inc.
...........................................
12,751
602,740
American
Axle
&
Manufacturing
Holdings,
Inc.(a)
...............................
74,768
542,816
Asbury
Automotive
Group,
Inc.(a)
...........................................
2,981
685,839
AutoNation,
Inc.(a)
.....................................................
4,400
666,160
BorgWarner,
Inc.
.......................................................
22,806
920,678
Camping
World
Holdings,
Inc.,
Class
A(c)
.....................................
24,162
493,146
Century
Communities,
Inc.
................................................
11,283
753,479
Dick's
Sporting
Goods,
Inc.
................................................
5,385
584,703
Dillard's,
Inc.,
Class
A(c)
.................................................
1,817
601,082
Foot
Locker,
Inc.
.......................................................
21,865
379,358
Graham
Holdings
Co.,
Class
B
.............................................
2,134
1,244,122
Green
Brick
Partners,
Inc.(a)
...............................................
11,701
485,709
Group
1
Automotive,
Inc.
.................................................
3,094
831,389
Installed
Building
Products,
Inc.
............................................
4,888
610,462
KB
Home
............................................................
17,235
797,636
Kohl's
Corp.
..........................................................
19,531
409,370
Levi
Strauss
&
Co.,
Class
A
...............................................
53,539
727,060
M/I
Homes,
Inc.(a)
......................................................
8,897
747,704
Macy's,
Inc.
...........................................................
47,922
556,374
MDC
Holdings,
Inc.
.....................................................
19,053
785,555
Meritage
Homes
Corp.
...................................................
5,965
730,056
Modine
Manufacturing
Co.(a)
..............................................
10,010
457,957
Mohawk
Industries,
Inc.(a)
................................................
7,353
630,961
Patrick
Industries,
Inc.
...................................................
9,527
715,097
Penske
Automotive
Group,
Inc.
.............................................
5,322
889,093
PVH
Corp.
...........................................................
7,359
563,037
Ralph
Lauren
Corp.
.....................................................
8,097
939,981
Signet
Jewelers
Ltd.
.....................................................
8,201
588,914
Skechers
USA,
Inc.,
Class
A(a)
.............................................
17,439
853,639
Sonic
Automotive,
Inc.,
Class
A
............................................
13,021
621,883
Tapestry,
Inc.
..........................................................
22,916
658,835
Taylor
Morrison
Home
Corp.(a)
............................................
19,233
819,518
The
Goodyear
Tire
&
Rubber
Co.(a)
.........................................
41,887
520,655
The
ODP
Corp.(a)
......................................................
15,969
736,969
Thor
Industries,
Inc.
.....................................................
6,633
630,997
Toll
Brothers,
Inc.
......................................................
12,743
942,472
Tri
Pointe
Homes,
Inc.(a)
.................................................
27,516
752,563
Under
Armour,
Inc.,
Class
A(a)
.............................................
86,775
594,409
Upbound
Group,
Inc.
....................................................
22,216
654,261
Urban
Outfitters,
Inc.(a)
..................................................
19,858
649,158
Winnebago
Industries,
Inc.
................................................
11,952
710,546
28,547,490
Consumer
Staples
(4.4%):
Cal-Maine
Foods,
Inc.
...................................................
15,899
769,830
Coty,
Inc.,
Class
A(a)
....................................................
75,532
828,586
elf
Beauty,
Inc.(a)
.......................................................
3,844
422,187
Ingredion,
Inc.
.........................................................
13,451
1,323,578
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
192
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Inter
Parfums,
Inc.
......................................................
5,257
$
706,225
Lancaster
Colony
Corp.
..................................................
6,892
1,137,387
Spectrum
Brands
Holdings,
Inc.
............................................
11,695
916,303
Sprouts
Farmers
Market,
Inc.(a)
............................................
20,766
888,785
The
Andersons,
Inc.
.....................................................
14,461
744,886
The
Vita
Coco
Co.,
Inc.(a)
................................................
19,711
513,275
TreeHouse
Foods,
Inc.(a)
.................................................
23,166
1,009,574
United
Natural
Foods,
Inc.(a)
..............................................
25,943
366,834
9,627,450
Energy
(5.6%):
Arch
Resources,
Inc.
....................................................
5,390
919,857
California
Resources
Corp.
................................................
14,457
809,736
Chesapeake
Energy
Corp.
.................................................
9,263
798,748
Chord
Energy
Corp.
.....................................................
4,929
798,843
Civitas
Resources,
Inc.
...................................................
7,748
626,581
CNX
Resources
Corp.(a)
.................................................
38,341
865,740
Comstock
Resources,
Inc.
.................................................
42,038
463,679
CONSOL
Energy,
Inc.
...................................................
6,424
673,942
Dorian
LPG
Ltd.
.......................................................
24,245
696,559
Helix
Energy
Solutions
Group,
Inc.(a)
........................................
60,244
672,925
HF
Sinclair
Corp.
.......................................................
13,315
758,023
International
Seaways,
Inc.
................................................
14,591
656,595
PBF
Energy,
Inc.,
Class
A
.................................................
12,122
648,891
Peabody
Energy
Corp.
...................................................
29,087
755,971
Permian
Resources
Corp.(c)
...............................................
37,506
523,584
Tidewater,
Inc.(a)
.......................................................
8,218
584,053
Transocean
Ltd.(a)
......................................................
55,860
458,611
Weatherford
International
PLC(a)
...........................................
7,139
644,866
12,357,204
Financials
(13.4%):
Ally
Financial,
Inc.
......................................................
21,534
574,527
Apollo
Commercial
Real
Estate
Finance,
Inc.
...................................
69,312
702,131
Associated
Banc-Corp.
...................................................
41,297
706,592
Assured
Guaranty
Ltd.
...................................................
17,605
1,065,455
Bread
Financial
Holdings,
Inc.
.............................................
14,152
483,998
Cannae
Holdings,
Inc.(a)
.................................................
46,779
871,961
Chimera
Investment
Corp.
................................................
117,070
639,202
CNO
Financial
Group,
Inc.
................................................
37,122
880,905
Corebridge
Financial,
Inc.
.................................................
42,473
838,842
Customers
Bancorp,
Inc.(a)
................................................
9,791
337,300
Enova
International,
Inc.(a)
................................................
14,597
742,549
Enstar
Group
Ltd.(a)
....................................................
4,781
1,157,002
Essent
Group
Ltd.
......................................................
22,602
1,068,849
Genworth
Financial,
Inc.(a)
................................................
116,134
680,545
Hilltop
Holdings,
Inc.
....................................................
26,559
753,213
Invesco
Ltd.
...........................................................
53,340
774,497
Jackson
Financial,
Inc.,
Class
A
.............................................
15,656
598,372
Jefferies
Financial
Group,
Inc.
..............................................
22,951
840,695
MFA
Financial,
Inc.
.....................................................
77,538
745,140
MGIC
Investment
Corp.
..................................................
68,444
1,142,330
Mr.
Cooper
Group,
Inc.(a)
.................................................
15,813
846,944
Navient
Corp.
.........................................................
53,988
929,673
New
York
Community
Bancorp,
Inc.
.........................................
38,072
431,737
NMI
Holdings,
Inc.,
Class
A(a)
.............................................
35,685
966,707
Old
Republic
International
Corp.
............................................
49,039
1,321,111
OneMain
Holdings,
Inc.
..................................................
17,910
718,012
PennyMac
Financial
Services,
Inc.
..........................................
11,592
772,027
Primerica,
Inc.
.........................................................
5,286
1,025,537
PROG
Holdings,
Inc.(a)
..................................................
16,595
551,120
Radian
Group,
Inc.
......................................................
43,244
1,085,857
Reinsurance
Group
of
America,
Inc.
.........................................
7,581
1,100,685
Rithm
Capital
Corp.
.....................................................
94,594
878,778
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
193
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Unum
Group
..........................................................
17,701
$
870,712
Upstart
Holdings,
Inc.(a)(c)
................................................
10,495
299,527
Voya
Financial,
Inc.
.....................................................
13,190
876,476
White
Mountains
Insurance
Group
Ltd.
.......................................
688
1,029,035
29,308,043
Health
Care
(16.2%):
89bio,
Inc.(a)
..........................................................
20,963
323,669
ACADIA
Pharmaceuticals,
Inc.(a)
...........................................
21,135
440,453
AdaptHealth
Corp.(a)
....................................................
37,123
337,819
Akero
Therapeutics,
Inc.(a)
................................................
9,766
493,964
Alphatec
Holdings,
Inc.(a)
................................................
38,610
500,772
Amphastar
Pharmaceuticals,
Inc.(a)
..........................................
11,693
537,761
Axsome
Therapeutics,
Inc.(a)
..............................................
7,472
522,218
Bio-Rad
Laboratories,
Inc.,
Class
A(a)
........................................
1,896
679,621
Bridgebio
Pharma,
Inc.(a)
.................................................
11,288
297,665
Catalyst
Pharmaceuticals,
Inc.(a)
............................................
32,333
377,973
Chemed
Corp.
.........................................................
2,832
1,471,790
CorVel
Corp.(a)
........................................................
4,656
915,602
Cymabay
Therapeutics,
Inc.(a)
.............................................
26,172
390,225
DaVita,
Inc.(a)
.........................................................
8,675
820,048
DENTSPLY
SIRONA,
Inc.
................................................
25,033
855,127
Embecta
Corp.
.........................................................
29,630
445,932
Encompass
Health
Corp.
..................................................
15,792
1,060,591
Enovis
Corp.(a)
........................................................
17,654
930,895
Envista
Holdings
Corp.(a)
.................................................
28,726
800,881
Fulgent
Genetics,
Inc.(a)
..................................................
17,699
473,271
Glaukos
Corp.(a)
.......................................................
9,905
745,351
Haemonetics
Corp.(a)
....................................................
10,360
928,049
Henry
Schein,
Inc.(a)
....................................................
15,773
1,171,145
ImmunoGen,
Inc.(a)
.....................................................
21,315
338,269
Immunovant,
Inc.(a)
.....................................................
21,675
832,103
Integer
Holdings
Corp.(a)
.................................................
10,139
795,202
Ironwood
Pharmaceuticals,
Inc.(a)
...........................................
94,475
909,794
Lantheus
Holdings,
Inc.(a)
................................................
8,370
581,548
Ligand
Pharmaceuticals,
Inc.(a)
.............................................
11,420
684,286
Merit
Medical
Systems,
Inc.(a)
.............................................
16,527
1,140,694
MoonLake
Immunotherapeutics(a)(c)
........................................
5,865
334,305
Morphic
Holding,
Inc.(a)
.................................................
8,251
189,030
NeoGenomics,
Inc.(a)
....................................................
27,037
332,555
Nuvalent,
Inc.,
Class
A(a)
.................................................
10,019
460,573
Organon
&
Co.
........................................................
35,589
617,825
Owens
&
Minor,
Inc.(a)
..................................................
22,914
370,290
Penumbra,
Inc.(a)
.......................................................
3,412
825,397
Perrigo
Co.
PLC
.......................................................
29,969
957,510
Premier,
Inc.,
Class
A
....................................................
39,541
850,132
Prestige
Consumer
Healthcare,
Inc.(a)
........................................
20,583
1,177,142
QuidelOrtho
Corp.(a)
....................................................
8,743
638,589
RadNet,
Inc.(a)
........................................................
22,853
644,226
Select
Medical
Holdings
Corp.
.............................................
29,680
750,014
Tenet
Healthcare
Corp.(a)
.................................................
10,754
708,581
The
Ensign
Group,
Inc.
...................................................
12,324
1,145,269
TransMedics
Group,
Inc.(a)
................................................
7,091
388,232
UFP
Technologies,
Inc.(a)
.................................................
4,070
657,102
United
Therapeutics
Corp.(a)
..............................................
4,784
1,080,562
Universal
Health
Services,
Inc.,
Class
B
.......................................
7,593
954,668
Viatris,
Inc.
...........................................................
100,907
994,943
Viking
Therapeutics,
Inc.(a)
...............................................
24,448
270,639
Vir
Biotechnology,
Inc.(a)
.................................................
31,672
296,767
35,447,069
Industrials
(18.9%):
AAON,
Inc.
...........................................................
12,386
704,392
AAR
Corp.(a)
.........................................................
15,912
947,241
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
194
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
ACV
Auctions,
Inc.,
Class
A(a)
.............................................
29,743
$
451,499
Air
Lease
Corp.
........................................................
25,127
990,255
Air
Transport
Services
Group,
Inc.(a)
.........................................
24,546
512,275
Allegiant
Travel
Co.
.....................................................
5,765
443,098
Allison
Transmission
Holdings,
Inc.
.........................................
17,239
1,018,135
API
Group
Corp.(a)
.....................................................
35,220
913,255
ArcBest
Corp.
.........................................................
5,836
593,229
Arcosa,
Inc.
...........................................................
10,476
753,224
Atkore,
Inc.(a)
.........................................................
4,232
631,372
Avis
Budget
Group,
Inc.(a)
................................................
2,744
493,069
Beacon
Roofing
Supply,
Inc.(a)
.............................................
10,745
829,192
Boise
Cascade
Co.
......................................................
7,857
809,585
CACI
International,
Inc.,
Class
A(a)
.........................................
4,191
1,315,681
Clean
Harbors,
Inc.(a)
...................................................
6,366
1,065,414
Comfort
Systems
USA,
Inc.
...............................................
4,295
731,911
Core
&
Main,
Inc.,
Class
A(a)
..............................................
29,051
838,121
Crane
NXT
Co.
........................................................
15,178
843,441
EMCOR
Group,
Inc.
....................................................
4,291
902,783
Encore
Wire
Corp.
......................................................
4,047
738,416
Esab
Corp.
............................................................
13,145
923,042
Federal
Signal
Corp.
.....................................................
16,630
993,310
FTAI
Aviation
Ltd.
......................................................
20,598
732,259
GATX
Corp.
..........................................................
10,367
1,128,241
GMS,
Inc.(a)
..........................................................
12,328
788,622
GrafTech
International
Ltd.
................................................
130,501
499,819
Hub
Group,
Inc.,
Class
A(a)
...............................................
11,781
925,280
Huron
Consulting
Group,
Inc.(a)
............................................
6,636
691,206
JELD-WEN
Holding,
Inc.(a)
...............................................
36,412
486,464
KBR,
Inc.
............................................................
20,691
1,219,528
Knight-Swift
Transportation
Holdings,
Inc.
....................................
17,502
877,725
Masterbrand,
Inc.(a)
.....................................................
39,731
482,732
Matson,
Inc.
..........................................................
8,197
727,238
MDU
Resources
Group,
Inc.
...............................................
68,991
1,350,844
MSC
Industrial
Direct
Co.,
Inc.
.............................................
13,290
1,304,413
MYR
Group,
Inc.(a)
.....................................................
5,921
797,914
Owens
Corning
........................................................
6,818
930,043
Parsons
Corp.(a)
.......................................................
20,122
1,093,631
Rush
Enterprises,
Inc.,
Class
A
.............................................
26,063
1,064,152
Ryder
System,
Inc.
......................................................
10,350
1,106,932
Schneider
National,
Inc.,
Class
B
............................................
33,749
934,510
Science
Applications
International
Corp.
......................................
13,218
1,395,028
Simpson
Manufacturing
Co.,
Inc.
...........................................
5,440
814,966
SkyWest,
Inc.(a)
........................................................
11,623
487,469
Sterling
Infrastructure,
Inc.(a)
..............................................
7,519
552,496
Terex
Corp.
...........................................................
10,747
619,242
Vertiv
Holdings
Co.
.....................................................
11,329
421,439
Werner
Enterprises,
Inc.
..................................................
25,885
1,008,221
XPO,
Inc.(a)
..........................................................
7,398
552,335
41,434,689
Information
Technology
(11.5%):
Advanced
Energy
Industries,
Inc.
...........................................
6,820
703,278
Aehr
Test
Systems(a)
....................................................
6,619
302,488
Allegro
MicroSystems,
Inc.(a)
..............................................
15,959
509,730
Altair
Engineering,
Inc.,
Class
A(a)
..........................................
12,321
770,802
Amkor
Technology,
Inc.
..................................................
23,822
538,377
Appfolio,
Inc.,
Class
A(a)
.................................................
3,471
633,909
Arrow
Electronics,
Inc.(a)
.................................................
7,477
936,419
Avnet,
Inc.
............................................................
21,724
1,046,880
Axcelis
Technologies,
Inc.(a)
..............................................
3,112
507,412
Badger
Meter,
Inc.
......................................................
5,574
801,931
Belden,
Inc.
...........................................................
10,168
981,720
Cohu,
Inc.(a)
..........................................................
22,820
785,921
Diodes,
Inc.(a)
.........................................................
9,351
737,233
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
195
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Dolby
Laboratories,
Inc.,
Class
A
...........................................
12,719
$
1,008,108
DoubleVerify
Holdings,
Inc.(a)
.............................................
19,628
548,603
DXC
Technology
Co.(a)
..................................................
27,963
582,469
Extreme
Networks,
Inc.(a)
................................................
21,246
514,366
Insight
Enterprises,
Inc.(a)
................................................
6,492
944,586
InterDigital,
Inc.
.......................................................
9,380
752,651
IonQ,
Inc.(a)(c)
........................................................
19,641
292,258
IPG
Photonics
Corp.
.....................................................
6,120
621,425
NCR
Corp.(a)
.........................................................
24,442
659,201
NetScout
Systems,
Inc.(a)
.................................................
29,813
835,360
Onto
Innovation,
Inc.(a)
..................................................
4,540
578,941
OSI
Systems,
Inc.(a)
.....................................................
6,469
763,601
Photronics,
Inc.(a)
......................................................
28,454
575,055
Progress
Software
Corp.
..................................................
19,345
1,017,160
Rambus,
Inc.(a)
........................................................
10,277
573,354
Riot
Platforms,
Inc.(a)
...................................................
29,746
277,530
Sanmina
Corp.(a)
.......................................................
15,807
858,004
SMART
Global
Holdings,
Inc.(a)
...........................................
23,559
573,662
TD
SYNNEX
Corp.
.....................................................
10,497
1,048,230
Teradata
Corp.(a)
.......................................................
15,472
696,549
Veeco
Instruments,
Inc.(a)
.................................................
28,123
790,538
Vishay
Intertechnology,
Inc.
...............................................
29,704
734,283
Xerox
Holdings
Corp.
...................................................
44,971
705,595
25,207,629
Materials
(5.5%):
Alpha
Metallurgical
Resources,
Inc.
..........................................
3,161
821,007
Berry
Global
Group,
Inc.
.................................................
16,571
1,025,911
Carpenter
Technology
Corp.
...............................................
10,140
681,509
Cleveland-Cliffs,
Inc.(a)
..................................................
38,170
596,597
Commercial
Metals
Co.
..................................................
14,457
714,320
Eagle
Materials,
Inc.
.....................................................
5,512
917,858
Greif,
Inc.,
Class
A
......................................................
13,852
925,452
Louisiana-Pacific
Corp.
..................................................
12,276
678,495
NewMarket
Corp.
......................................................
2,656
1,208,586
O-I
Glass,
Inc.(a)
.......................................................
35,376
591,841
Orion
SA
.............................................................
32,232
685,897
Ryerson
Holding
Corp.
...................................................
18,241
530,631
Sylvamo
Corp.
.........................................................
17,539
770,664
United
States
Steel
Corp.
.................................................
14,634
475,312
Warrior
Met
Coal,
Inc.
...................................................
16,291
832,144
Worthington
Industries,
Inc.
...............................................
9,877
610,596
12,066,820
Real
Estate
(5.2%):
Apartment
Investment
and
Management
Co.(a)
..................................
125,669
854,549
CareTrust
REIT,
Inc.
....................................................
62,112
1,273,296
eXp
World
Holdings,
Inc.
.................................................
22,292
362,022
Medical
Properties
Trust,
Inc.(c)
............................................
76,677
417,890
Omega
Healthcare
Investors,
Inc.(c)
.........................................
34,161
1,132,779
Paramount
Group,
Inc.
...................................................
123,918
572,501
Phillips
Edison
&
Co.,
Inc.
................................................
34,675
1,163,000
PotlatchDeltic
Corp.
.....................................................
24,533
1,113,553
Sabra
Health
Care
REIT,
Inc.
..............................................
82,794
1,154,148
SL
Green
Realty
Corp.(c)
.................................................
11,544
430,591
Tanger
Factory
Outlet
Centers,
Inc.
..........................................
42,484
960,138
The
Macerich
Co.
......................................................
58,248
635,486
The
St.
Joe
Co.
........................................................
13,453
730,901
Zillow
Group,
Inc.,
Class
C(a)
..............................................
12,242
565,091
11,365,945
Utilities
(3.3%):
ALLETE,
Inc.
.........................................................
23,523
1,242,014
Clearway
Energy,
Inc.,
Class
C
.............................................
47,311
1,001,101
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
196
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Hawaiian
Electric
Industries,
Inc.
...........................................
24,081
$
296,437
Northwestern
Energy
Group,
Inc.
...........................................
28,559
1,372,545
Pinnacle
West
Capital
Corp.
...............................................
17,900
1,318,872
Portland
General
Electric
Co.
..............................................
29,456
1,192,379
Vistra
Corp.
...........................................................
26,887
892,111
7,315,459
Total
Common
Stocks
(Cost
$207,021,816)
218,508,690
Rights
(0.0%)(d)
Health
Care
(0.0%):(d)
Achillion
Pharmaceuticals,
CVR(a)(b)
........................................
17,954
4,129
Total
Rights
(Cost
$–)
4,129
Collateral
for
Securities
Loaned
(1.8%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.24%(e)
........
1,004,985
1,004,985
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.28%(e)
............
1,004,985
1,004,985
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.26%(e)
...............
1,004,985
1,004,985
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.27%(e)
.
1,004,985
1,004,985
Total
Collateral
for
Securities
Loaned
(Cost
$4,019,940)
4,019,940
Total
Investments
(Cost
$211,041,756)
—
101.4%
222,532,759
Liabilities
in
excess
of
other
assets
—
(1.4)%
(3,171,982)
NET
ASSETS
-
100.00%
$
219,360,777
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
September
30,
2023.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Amount
represents
less
than
0.05%
of
net
assets.
(e)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
CVR
—
Contingent
Value
Right
PLC—Public
Limited
Company
REIT—Real
Estate
Investment
Trust
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
Russell
2000
Index
Futures
......
7
12/15/23
$
652,139
$
629,510
$
(22,629)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(22,629)
Total
net
unrealized
appreciation
(depreciation)
$
(22,629)
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
197
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(98.7%)
Australia
(4.4%):
Energy
(0.3%):
Whitehaven
Coal
Ltd.
....................................................
128,767
$
588,506
Financials
(0.7%):
Washington
H
Soul
Pattinson
&
Co.
Ltd.
......................................
72,399
1,516,680
Health
Care
(0.4%):
Sonic
Healthcare
Ltd.
....................................................
43,260
828,666
Industrials
(1.1%):
Brambles
Ltd.
.........................................................
137,619
1,266,772
Seven
Group
Holdings
Ltd.
................................................
66,058
1,322,697
2,589,469
Materials
(1.1%):
BlueScope
Steel
Ltd.
....................................................
67,482
843,259
Fortescue
Metals
Group
Ltd.
...............................................
52,146
701,229
Rio
Tinto
Ltd.
.........................................................
13,687
999,016
2,543,504
Real
Estate
(0.8%):
Stockland
............................................................
343,979
866,752
Vicinity
Centres
........................................................
902,532
983,353
1,850,105
9,916,930
Austria
(1.4%):
Energy
(0.5%):
OMV
AG
............................................................
24,295
1,163,925
Financials
(0.5%):
Raiffeisen
Bank
International
AG
...........................................
70,909
1,035,173
Materials
(0.4%):
voestalpine
AG
........................................................
36,286
991,173
3,190,271
Canada
(5.8%):
Consumer
Discretionary
(0.8%):
Restaurant
Brands
International,
Inc.
.........................................
27,789
1,850,758
Consumer
Staples
(0.8%):
Empire
Co.
Ltd.,
Class
A
.................................................
68,173
1,854,792
Financials
(2.2%):
Element
Fleet
Management
Corp.
...........................................
81,478
1,169,285
Fairfax
Financial
Holdings
Ltd.
.............................................
1,709
1,395,249
Great-West
Lifeco,
Inc.
...................................................
85,123
2,435,668
5,000,202
Information
Technology
(0.8%):
CGI,
Inc.(a)
...........................................................
17,392
1,714,484
Materials
(1.2%):
Kinross
Gold
Corp.
.....................................................
174,481
795,256
Teck
Resources
Ltd.,
Class
B
..............................................
17,952
772,752
West
Fraser
Timber
Co.
Ltd.
...............................................
15,442
1,121,225
2,689,233
13,109,469
Denmark
(0.8%):
Health
Care
(0.4%):
Novo
Nordisk
A/S,
Class
B
................................................
10,811
986,957
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
198
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Industrials
(0.4%):
AP
Moller
-
Maersk
A/S,
Class
B
...........................................
491
$
886,531
1,873,488
France
(9.3%):
Communication
Services
(2.6%):
Bollore
SE
............................................................
243,954
1,312,634
Orange
SA
............................................................
172,409
1,979,283
Publicis
Groupe
SA
.....................................................
15,975
1,211,829
Vivendi
SE
...........................................................
168,789
1,480,236
5,983,982
Consumer
Discretionary
(0.4%):
Renault
SA
...........................................................
23,543
967,499
Consumer
Staples
(0.5%):
Carrefour
SA
..........................................................
65,779
1,132,382
Energy
(0.6%):
TotalEnergies
SE
.......................................................
19,580
1,289,699
Financials
(1.3%):
BNP
Paribas
SA
........................................................
15,950
1,018,899
Credit
Agricole
SA
......................................................
101,791
1,258,103
Societe
Generale
SA
.....................................................
33,491
815,874
3,092,876
Health
Care
(1.3%):
Ipsen
SA
.............................................................
10,630
1,395,638
Sanofi
...............................................................
14,680
1,574,797
2,970,435
Industrials
(1.5%):
Bouygues
SA
..........................................................
48,509
1,699,389
Eiffage
SA
............................................................
17,747
1,689,190
3,388,579
Real
Estate
(0.5%):
Klepierre
SA
..........................................................
42,894
1,053,329
Utilities
(0.6%):
Engie
SA
.............................................................
91,467
1,404,909
21,283,690
Germany
(10.2%):
Communication
Services
(0.7%):
Deutsche
Telekom
AG
...................................................
81,596
1,713,725
Consumer
Discretionary
(2.7%):
Bayerische
Motoren
Werke
AG
.............................................
13,136
1,338,345
HUGO
BOSS
AG
......................................................
17,927
1,135,527
Mercedes-Benz
Group
AG
................................................
18,199
1,267,608
Porsche
Automobil
Holding
SE,
Preference
Shares
...............................
24,150
1,190,932
Volkswagen
AG,
Preference
Shares
..........................................
9,994
1,150,919
6,083,331
Consumer
Staples
(0.9%):
Henkel
AG
And
Co.
KGaA,
Preference
Shares
..................................
28,312
2,018,993
Financials
(2.1%):
Commerzbank
AG
......................................................
66,957
763,722
Deutsche
Bank
AG,
Registered
Shares
........................................
81,595
901,359
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen,
Class
R
...............
4,171
1,627,430
Talanx
AG
............................................................
22,503
1,427,282
4,719,793
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
199
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Health
Care
(1.4%):
Fresenius
Medical
Care
AG
&
Co.
KGaA
......................................
21,409
$
924,273
Fresenius
SE
&
Co.
KGaA
................................................
36,118
1,124,798
Merck
KGaA
..........................................................
6,572
1,098,714
3,147,785
Industrials
(0.5%):
Hochtief
AG
..........................................................
12,107
1,225,444
Materials
(0.9%):
HeidelbergCement
AG
...................................................
16,200
1,259,037
K+S
AG,
Registered
Shares
...............................................
48,047
872,585
2,131,622
Real
Estate
(0.3%):
LEG
Immobilien
SE(a)
...................................................
9,985
689,676
Utilities
(0.7%):
E.ON
SE
.............................................................
131,696
1,559,224
23,289,593
Greece
(0.4%):
Financials
(0.4%):
Eurobank
Ergasias
Services
and
Holdings
SA(a)
.................................
520,140
802,220
Hong
Kong
(4.8%):
Consumer
Staples
(0.4%):
WH
Group
Ltd.(b)
......................................................
1,839,145
965,289
Health
Care
(0.3%):
Sino
Biopharmaceutical
Ltd.
...............................................
1,869,000
675,453
Industrials
(0.5%):
CK
Hutchison
Holdings
Ltd.
...............................................
215,537
1,153,281
Real
Estate
(3.6%):
CK
Asset
Holdings
Ltd.
..................................................
223,563
1,177,669
Hang
Lung
Properties
Ltd.
................................................
573,596
785,236
Henderson
Land
Development
Co.
Ltd.
.......................................
339,797
896,064
New
World
Development
Co.
Ltd.
...........................................
376,510
732,759
Sino
Land
Co.
Ltd.
......................................................
860,861
970,718
Sun
Hung
Kai
Properties
Ltd.
..............................................
97,570
1,044,143
Swire
Pacific
Ltd.,
Class
A
................................................
107,160
723,231
The
Wharf
Holdings
Ltd.
.................................................
403,297
1,011,500
Wharf
Real
Estate
Investment
Co.
Ltd.
........................................
179,993
695,313
8,036,633
10,830,656
Ireland
(1.2%):
Consumer
Discretionary
(0.4%):
Flutter
Entertainment
PLC(a)
..............................................
5,683
928,287
Financials
(0.8%):
AIB
Group
PLC
........................................................
213,133
959,794
Bank
of
Ireland
Group
PLC
...............................................
87,434
858,646
1,818,440
2,746,727
Italy
(3.5%):
Energy
(0.6%):
Eni
SpA
.............................................................
82,906
1,337,041
Financials
(1.8%):
Banco
BPM
SpA
.......................................................
183,230
878,399
Intesa
Sanpaolo
SpA
.....................................................
417,588
1,077,100
Mediobanca
Banca
di
Credito
Finanziario
SpA
..................................
111,256
1,473,644
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
200
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
UniCredit
SpA
.........................................................
33,583
$
806,932
4,236,075
Industrials
(0.5%):
Leonardo
SpA
.........................................................
81,923
1,182,972
Utilities
(0.6%):
A2A
SpA
.............................................................
723,646
1,289,739
8,045,827
Japan
(26.3%):
Communication
Services
(0.6%):
Capcom
Co.
Ltd.
.......................................................
10,900
392,829
Nippon
Telegraph
&
Telephone
Corp.
........................................
881,000
1,041,257
1,434,086
Consumer
Discretionary
(3.9%):
Aisin
Corp.
...........................................................
19,800
748,695
Bridgestone
Corp.
......................................................
23,500
916,755
Denso
Corp.
..........................................................
40,400
649,180
Honda
Motor
Co.
Ltd.
...................................................
60,000
675,412
Iida
Group
Holdings
Co.
Ltd.
..............................................
41,900
697,258
Isuzu
Motors
Ltd.
.......................................................
50,400
634,301
Mazda
Motor
Corp.
.....................................................
43,400
492,759
Nissan
Motor
Co.
Ltd.
...................................................
111,700
493,612
Panasonic
Holdings
Corp.
.................................................
52,100
586,482
Sekisui
House
Ltd.
......................................................
45,200
900,551
Subaru
Corp.
..........................................................
31,600
614,574
Sumitomo
Electric
Industries
Ltd.
...........................................
60,500
729,425
Yamaha
Motor
Co.
Ltd.
..................................................
23,300
612,986
8,751,990
Consumer
Staples
(1.9%):
Ajinomoto
Co.,
Inc.
.....................................................
13,700
528,489
Asahi
Group
Holdings
Ltd.
................................................
20,400
763,191
Japan
Tobacco,
Inc.
.....................................................
48,100
1,107,375
MatsukiyoCocokara
&
Co.
................................................
28,500
511,272
MEIJI
Holdings
Co.
Ltd.
.................................................
29,938
744,543
Nissin
Foods
Holdings
Co.
Ltd.
.............................................
8,074
671,392
4,326,262
Energy
(0.9%):
ENEOS
Holdings,
Inc.
...................................................
207,800
820,380
Idemitsu
Kosan
Co.
Ltd.
..................................................
34,100
784,606
Inpex
Corp.
...........................................................
32,500
490,697
2,095,683
Financials
(4.2%):
Concordia
Financial
Group
Ltd.
............................................
113,500
517,670
Dai-ichi
Life
Holdings,
Inc.
...............................................
25,800
534,752
Daiwa
Securities
Group,
Inc.
...............................................
128,500
742,259
Japan
Post
Holdings
Co.
Ltd.
..............................................
91,200
730,906
Japan
Post
Insurance
Co.
Ltd.
..............................................
39,000
657,874
Mitsubishi
HC
Capital,
Inc.
................................................
137,300
915,211
Mitsubishi
UFJ
Financial
Group,
Inc.
.........................................
64,300
545,874
Mizuho
Financial
Group,
Inc.
..............................................
37,100
630,913
MS&AD
Insurance
Group
Holdings,
Inc.
......................................
19,400
713,445
Nomura
Holdings,
Inc.
...................................................
153,800
616,662
Resona
Holdings,
Inc.
....................................................
85,900
476,181
SBI
Holdings,
Inc.
......................................................
35,300
743,705
Sumitomo
Mitsui
Financial
Group,
Inc.
.......................................
13,000
639,212
Sumitomo
Mitsui
Trust
Holdings,
Inc.
........................................
17,100
644,426
The
Chiba
Bank
Ltd.
....................................................
72,200
525,482
9,634,572
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
201
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Health
Care
(1.0%):
Astellas
Pharma,
Inc.
....................................................
44,100
$
612,123
Otsuka
Holdings
Co.,
Ltd.
.................................................
21,400
760,930
Takeda
Pharmaceutical
Co.
Ltd.
............................................
31,800
987,711
2,360,764
Industrials
(5.8%):
AGC,
Inc.
............................................................
24,400
856,335
Dai
Nippon
Printing
Co.
Ltd.
..............................................
17,900
466,008
Hitachi
Construction
Machinery
Co.
Ltd.
......................................
17,800
541,553
Hitachi
Ltd.
...........................................................
9,800
608,319
ITOCHU
Corp.
........................................................
17,700
640,384
Kajima
Corp.
..........................................................
36,500
594,450
Kawasaki
Kisen
Kaisha
Ltd.(c)
.............................................
10,700
365,499
Keisei
Electric
Railway
Co.
Ltd.
............................................
16,000
554,678
Komatsu
Ltd.
..........................................................
22,400
606,098
Marubeni
Corp.
........................................................
32,600
508,789
Mitsubishi
Corp.
.......................................................
11,900
567,683
Mitsubishi
Electric
Corp.
.................................................
55,500
686,785
Mitsui
&
Co.
Ltd.
.......................................................
14,400
522,629
Mitsui
O.S.K.
Lines
Ltd.(c)
................................................
21,500
591,387
NIPPON
EXPRESS
HOLDINGS,
Inc.
........................................
15,200
793,773
Nippon
Yusen
KK
......................................................
19,600
509,742
Obayashi
Corp.
........................................................
73,600
648,470
Sojitz
Corp.
...........................................................
29,800
653,757
Sumitomo
Corp.
........................................................
32,500
649,043
Taisei
Corp.
...........................................................
18,000
633,771
TOPPAN
Holdings,
Inc.
..................................................
25,300
605,324
Toyota
Tsusho
Corp.
.....................................................
9,400
553,293
13,157,770
Information
Technology
(3.3%):
Advantest
Corp.
........................................................
10,400
291,008
Canon,
Inc.
...........................................................
32,900
793,766
Disco
Corp.
...........................................................
2,000
369,161
FUJIFILM
Holdings
Corp.
................................................
13,100
759,067
Ibiden
Co.
Ltd.
.........................................................
6,200
330,456
Kyocera
Corp.
.........................................................
18,200
924,129
NEC
Corp.
...........................................................
11,700
646,859
Renesas
Electronics
Corp.(a)
...............................................
24,800
379,336
Ricoh
Co.
Ltd.
.........................................................
71,400
616,663
Rohm
Co.
Ltd.
.........................................................
28,000
527,881
Seiko
Epson
Corp.(c)
....................................................
41,800
657,269
SUMCO
Corp.
.........................................................
52,200
680,885
TDK
Corp.
...........................................................
15,900
589,732
7,566,212
Materials
(1.6%):
JFE
Holdings,
Inc.
......................................................
29,300
429,637
Mitsubishi
Chemical
Group
Corp.
...........................................
126,900
800,620
Mitsui
Chemicals,
Inc.
...................................................
23,200
601,970
Nippon
Steel
Corp.(c)
....................................................
22,800
534,828
Sumitomo
Chemical
Co.
Ltd.
..............................................
251,900
686,142
Taiyo
Nippon
Sanso
Corp.
................................................
24,500
581,264
3,634,461
Real
Estate
(1.6%):
Daito
Trust
Construction
Co.
Ltd.
...........................................
6,200
653,527
Daiwa
House
Industry
Co.
Ltd.
.............................................
32,300
867,919
Hulic
Co.
Ltd.
.........................................................
105,200
944,138
Mitsui
Fudosan
Co.
Ltd.
..................................................
29,900
659,153
Sumitomo
Realty
&
Development
Co.
Ltd.
....................................
22,800
592,965
3,717,702
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
202
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Utilities
(1.5%):
Chubu
Electric
Power
Co.,
Inc.
.............................................
53,100
$
677,699
Osaka
Gas
Co.
Ltd.
.....................................................
56,100
924,362
The
Kansai
Electric
Power
Co.,
Inc.
..........................................
42,000
583,958
Tokyo
Electric
Power
Co.
Holdings,
Inc.(a)
....................................
106,300
475,796
Tokyo
Gas
Co.
Ltd.
.....................................................
27,400
621,827
3,283,642
59,963,144
Luxembourg
(0.4%):
Materials
(0.4%):
ArcelorMittal
SA
.......................................................
39,604
995,354
Netherlands
(1.5%):
Consumer
Staples
(0.7%):
Koninklijke
Ahold
Delhaize
NV
............................................
53,693
1,618,770
Financials
(0.4%):
ABN
AMRO
Bank
NV(b)
.................................................
63,798
906,410
Health
Care
(0.4%):
Koninklijke
Philips
NV(a)
................................................
39,476
791,456
3,316,636
Norway
(0.7%):
Communication
Services
(0.7%):
Telenor
ASA
..........................................................
135,795
1,542,880
Singapore
(1.6%):
Industrials
(1.3%):
Jardine
Cycle
&
Carriage
Ltd.
..............................................
46,300
1,081,700
Keppel
Corp.
Ltd.
......................................................
168,000
835,882
Singapore
Airlines
Ltd.
...................................................
228,200
1,078,636
2,996,218
Utilities
(0.3%):
Sembcorp
Industries
Ltd.
.................................................
203,000
756,033
3,752,251
South
Korea
(7.1%):
Communication
Services
(1.1%):
KT
Corp.
.............................................................
44,478
1,092,830
SK
Telecom
Co.
Ltd.
....................................................
37,093
1,429,614
2,522,444
Consumer
Discretionary
(1.0%):
Hanwha
Galleria
Co.,
Ltd.(a)
..............................................
490,329
412,847
Hyundai
Motor
Co.
.....................................................
6,944
983,544
Kia
Corp.
............................................................
13,190
795,780
2,192,171
Financials
(2.5%):
Hana
Financial
Group,
Inc.
................................................
25,645
806,871
Industrial
Bank
of
Korea
..................................................
142,569
1,184,553
KB
Financial
Group,
Inc.
.................................................
20,723
849,379
Samsung
Life
Insurance
Co.
Ltd.
............................................
23,034
1,200,185
Shinhan
Financial
Group
Co.
Ltd.
...........................................
32,524
858,178
Woori
Financial
Group,
Inc.
...............................................
100,772
915,702
5,814,868
Industrials
(1.2%):
Ecopro
BM
Co.
Ltd.
.....................................................
1,240
232,523
HMM
Co.
Ltd.
.........................................................
49,706
599,036
LG
Corp.
.............................................................
13,957
866,882
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
203
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
SK,
Inc.
..............................................................
8,569
$
928,541
2,626,982
Information
Technology
(0.7%):
Samsung
Electronics
Co.
Ltd.
..............................................
20,828
1,055,911
SK
Hynix,
Inc.
.........................................................
7,025
597,219
1,653,130
Materials
(0.6%):
Lotte
Chemical
Corp.
....................................................
6,863
697,389
POSCO
Future
M
Co.
Ltd.
................................................
1,058
281,909
POSCO
Holdings,
Inc.
...................................................
1,109
439,753
1,419,051
16,228,646
Spain
(4.1%):
Communication
Services
(0.6%):
Telefonica
SA
.........................................................
343,251
1,403,513
Consumer
Discretionary
(0.6%):
Industria
de
Diseno
Textil
SA
..............................................
38,136
1,422,672
Energy
(0.6%):
Repsol
SA
............................................................
81,607
1,343,180
Financials
(1.2%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
124,159
1,011,930
Banco
de
Sabadell
SA
...................................................
681,752
793,112
Banco
Santander
SA
.....................................................
251,872
963,444
2,768,486
Health
Care
(0.3%):
Grifols
SA(a)
..........................................................
53,815
699,439
Industrials
(0.8%):
ACS
Actividades
de
Construccion
y
Servicios
SA
................................
48,973
1,763,790
9,401,080
Sweden
(3.6%):
Financials
(2.0%):
Industrivarden
AB,
Class
C(c)
..............................................
63,288
1,672,305
Investor
AB,
Class
B
....................................................
87,153
1,674,117
Swedbank
AB,
Class
A
...................................................
69,538
1,281,633
4,628,055
Industrials
(1.0%):
Saab
AB,
Class
B
.......................................................
19,507
994,460
Volvo
AB,
Class
B
......................................................
58,702
1,212,523
2,206,983
Materials
(0.3%):
SSAB
AB,
Class
B
......................................................
141,330
777,690
Real
Estate
(0.3%):
Fastighets
AB
Balder,
Class
B(a)
............................................
127,837
577,034
8,189,762
Switzerland
(2.4%):
Consumer
Staples
(0.7%):
Coca-Cola
HBC
AG
.....................................................
57,073
1,565,828
Materials
(1.1%):
DSM-Firmenich
AG
.....................................................
11,857
1,004,357
Holcim
AG
...........................................................
24,315
1,561,835
2,566,192
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
204
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Utilities
(0.6%):
BKW
AG
............................................................
7,232
$
1,276,328
5,408,348
United
Kingdom
(9.2%):
Communication
Services
(0.5%):
Vodafone
Group
PLC
....................................................
1,280,205
1,199,714
Consumer
Discretionary
(0.5%):
Kingfisher
PLC
........................................................
406,514
1,107,358
Consumer
Staples
(2.6%):
Associated
British
Foods
PLC
..............................................
58,380
1,472,782
Haleon
PLC
...........................................................
378,458
1,573,638
Imperial
Brands
PLC
....................................................
81,158
1,650,406
J
Sainsbury
PLC
.......................................................
428,019
1,319,970
6,016,796
Energy
(1.1%):
BP
PLC
..............................................................
178,704
1,158,456
Shell
PLC
............................................................
43,782
1,391,855
2,550,311
Financials
(1.8%):
3i
Group
PLC
.........................................................
50,796
1,284,555
abrdn
PLC
............................................................
440,996
837,889
Barclays
PLC
.........................................................
531,797
1,031,105
Standard
Chartered
PLC
..................................................
108,787
1,005,936
4,159,485
Health
Care
(1.2%):
Hikma
Pharmaceuticals
PLC
...............................................
49,869
1,270,238
Smith
&
Nephew
PLC
...................................................
112,694
1,406,372
2,676,610
Industrials
(0.4%):
Melrose
Industries
PLC
..................................................
145,968
835,487
Materials
(0.5%):
Rio
Tinto
PLC
.........................................................
19,253
1,215,202
Utilities
(0.6%):
Centrica
PLC
..........................................................
681,996
1,284,972
21,045,935
Total
Common
Stocks
(Cost
$215,703,757)
224,932,907
Collateral
for
Securities
Loaned
(0.8%)^
United
States
(0.8%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.24%(d)
........
498,778
498,778
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.28%(d)
............
498,778
498,778
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.26%(d)
...............
498,778
498,778
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.27%(d)
.
498,778
498,778
Total
Collateral
for
Securities
Loaned
(Cost
$1,995,112)
1,995,112
Total
Investments
(Cost
$217,698,869)
—
99.5%
226,928,019
Other
assets
in
excess
of
liabilities
—
0.5%
1,051,374
NET
ASSETS
-
100.00%
$
227,979,393
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2023,
the
fair
value
of
these
securities
was
$1,871,699
and
amounted
to
0.8%
of
net
assets.
(c)
All
or
a
portion
of
this
security
is
on
loan.
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
205
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
(d)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
MSCI
EAFE
Index
Futures
......
15
12/15/23
$
1,579,857
$
1,531,125
$
(48,732)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(48,732)
Total
net
unrealized
appreciation
(depreciation)
$
(48,732)
Schedule
of
Portfolio
Investments
September
30,
2023
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
206
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.8%)
Brazil
(6.8%):
Consumer
Staples
(0.5%):
JBS
SA
..............................................................
229,100
$
822,953
Energy
(0.5%):
Petroleo
Brasileiro
SA
,
Preference
Shares
.....................................
129,100
889,973
Financials
(2.0%):
Banco
do
Brasil
SA
.....................................................
119,400
1,121,076
Caixa
Seguridade
Participacoes
S/A
..........................................
687,533
1,526,969
NU
Holdings
Ltd.
,
Class
A
(a)
..............................................
104,937
760,793
3,408,838
Materials
(1.0%):
Cia
Siderurgica
Nacional
SA
...............................................
301,600
728,656
Gerdau
SA
,
Preference
Shares
..............................................
199,220
956,671
1,685,327
Real
Estate
(0.6%):
Aliansce
Sonae
Shopping
Centers
sa
.........................................
214,800
965,657
Utilities
(2.2%):
Cia
Energetica
de
Minas
Gerais
,
Preference
Shares
...............................
546,400
1,349,445
Cia
Paranaense
de
Energia
,
Preference
Shares
..................................
729,000
1,299,894
Energisa
SA
...........................................................
118,300
1,100,624
3,749,963
11,522,711
Chile
(2.3%):
Consumer
Staples
(0.7%):
Cencosud
SA
..........................................................
671,841
1,275,049
Industrials
(0.4%):
Cia
Sud
Americana
de
Vapores
SA
...........................................
10,310,080
618,942
Materials
(0.7%):
Empresas
CMPC
SA
....................................................
608,023
1,120,444
Utilities
(0.5%):
Enel
Chile
SA
.........................................................
15,492,954
942,298
3,956,733
China
(28.7%):
Communication
Services
(0.6%):
China
Tower
Corp.
Ltd.
,
Class
H
(b)
..........................................
10,291,499
985,687
Consumer
Discretionary
(2.6%):
China
Tourism
Group
Duty
Free
Corp.,
Ltd.
(b)
..................................
51,900
688,624
Great
Wall
Motor
Co.
Ltd.
,
Class
H
..........................................
569,992
679,853
Guangzhou
Automobile
Group
Co.
Ltd.
,
Class
H
................................
2,213,758
1,094,058
Haier
Smart
Home
Co.
Ltd.
,
Class
H
.........................................
320,400
1,008,577
Minth
Group
Ltd.
.......................................................
314,000
807,987
4,279,099
Energy
(4.0%):
China
Coal
Energy
Co.
Ltd.
,
Class
H
.........................................
1,468,298
1,151,283
China
Petroleum
&
Chemical
Corp.
,
Class
H
...................................
1,921,449
1,050,200
China
Shenhua
Energy
Co.
Ltd.
,
Class
H
......................................
417,375
1,353,816
Inner
Mongolia
Yitai
Coal
Co.
Ltd.
,
Class
B
(a)
..................................
908,800
1,271,411
PetroChina
Co.
Ltd.
,
Class
H
..............................................
1,475,469
1,111,684
Yankuang
Energy
Group
Co.
Ltd.
,
Class
H
.....................................
462,932
874,940
6,813,334
Financials
(11.7%):
Agricultural
Bank
of
China
Ltd.
,
Class
H
......................................
4,288,654
1,599,202
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
207
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Bank
of
China
Ltd.
,
Class
H
...............................................
4,434,464
$
1,551,641
Bank
of
Communications
Co.
Ltd.
,
Class
H
....................................
2,219,789
1,343,660
China
CITIC
Bank
Corp.
Ltd.
,
Class
H
.......................................
3,045,600
1,415,708
China
Life
Insurance
Co.
Ltd.
,
Class
H
.......................................
592,467
923,046
China
Merchants
Bank
Co.
Ltd.
,
Class
H
......................................
229,000
956,275
China
Minsheng
Banking
Corp.
Ltd.
,
Class
H
...................................
3,792,798
1,298,057
China
Pacific
Insurance
Group
Co.
Ltd.
,
Class
H
................................
341,200
854,013
CITIC
Securities
Co.
Ltd.
,
Class
H
..........................................
478,001
969,346
GF
Securities
Co.
Ltd.
,
Class
H
.............................................
694,593
933,137
Haitong
Securities
Co.
Ltd.
,
Class
H
.........................................
1,887,269
1,132,742
Huatai
Securities
Co.
Ltd.
,
Class
H
(b)
........................................
802,639
1,024,990
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
H
.............................
2,891,957
1,392,299
New
China
Life
Insurance
Co.
Ltd.
,
Class
H
....................................
331,546
799,365
PICC
Property
&
Casualty
Co.
Ltd.
,
Class
H
...................................
921,620
1,183,993
Postal
Savings
Bank
of
China
Co.
Ltd.
,
Class
H
(b)
...............................
2,136,395
1,080,379
The
People's
Insurance
Co.
Group
of
China
Ltd.
,
Class
H
..........................
3,663,777
1,314,725
19,772,578
Health
Care
(2.7%):
3SBio,
Inc.
(b)
.........................................................
1,330,000
1,112,481
China
Medical
System
Holdings
Ltd.
.........................................
615,000
931,449
China
Resources
Pharmaceutical
Group
Ltd.
(b)
.................................
1,291,584
857,680
Sinopharm
Group
Co.
Ltd.
,
Class
H
..........................................
310,496
900,080
WuXi
AppTec
Co
Ltd.
,
Class
H
(b)
...........................................
67,321
805,975
4,607,665
Industrials
(2.1%):
China
Railway
Group
Ltd.
,
Class
H
..........................................
1,566,885
808,384
COSCO
SHIPPING
Holdings
Co.
Ltd.
,
Class
H
.................................
801,866
822,274
Sany
Heavy
Equipment
International
Holdings
Co.
Ltd.
...........................
613,000
969,127
Weichai
Power
Co.
Ltd.
..................................................
728,642
991,907
3,591,692
Materials
(3.6%):
Aluminum
Corp.
of
China
Ltd.
,
Class
H
.......................................
1,550,000
866,972
Anhui
Conch
Cement
Co.
Ltd.
,
Class
H
.......................................
361,794
963,312
China
National
Building
Material
Co.
Ltd.
,
Class
H
..............................
1,603,628
841,676
CMOC
Group
Ltd.
,
Class
H
...............................................
1,395,198
896,196
Ganfeng
Lithium
Group
Co.
Ltd.
,
Class
H
(b)
...................................
152,200
624,878
Jiangxi
Copper
Co.
Ltd.
,
Class
H
............................................
671,000
1,052,253
Zijin
Mining
Group
Co.
Ltd.
,
Class
H
........................................
526,128
804,911
6,050,198
Real
Estate
(1.0%):
China
Vanke
Co.
Ltd.
,
Class
H
.............................................
722,842
797,548
Country
Garden
Holdings
Co.
Ltd.
(a)
(c)
......................................
3,733,000
433,809
Seazen
Group
Ltd.
(a)
....................................................
2,399,513
438,186
1,669,543
Utilities
(0.4%):
Huaneng
Power
International,
Inc.
,
Class
H
(a)
..................................
1,493,656
724,826
48,494,622
Cyprus
(0.0%):(d)
Financials
(0.0%):(d)
TCS
Group
Holding
PLC
,
GDR
(a)
(e)
........................................
15,868
5,635
Egypt
(0.5%):
Financials
(0.5%):
Commercial
International
Bank
.............................................
452,854
880,753
Greece
(0.0%):(d)
Consumer
Discretionary
(0.0%):(d)
FF
Group
(a)
(e)
........................................................
14,913
3,784
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
208
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Hong
Kong
(2.9%):
Health
Care
(0.6%):
China
Traditional
Chinese
Medicine
Holdings
Co.
Ltd.
............................
2,348,000
$
1,094,436
Industrials
(0.8%):
Orient
Overseas
International
Ltd.
...........................................
46,406
619,284
Sinotruk
Hong
Kong
Ltd.
.................................................
392,500
755,858
1,375,142
Information
Technology
(0.4%):
Lenovo
Group
Ltd.
......................................................
707,691
729,318
Real
Estate
(0.4%):
Yuexiu
Property
Co.
Ltd.
.................................................
550,949
635,329
Utilities
(0.7%):
Beijing
Enterprises
Holdings
Ltd.
...........................................
323,691
1,116,076
4,950,301
Hungary
(0.8%):
Health
Care
(0.8%):
Richter
Gedeon
Nyrt
....................................................
58,603
1,420,796
India
(19.7%):
Communication
Services
(0.7%):
Tata
Communications
Ltd.
................................................
48,089
1,119,319
Consumer
Discretionary
(4.4%):
Apollo
Tyres
Ltd.
.......................................................
265,727
1,179,730
Bajaj
Auto
Ltd.
........................................................
28,149
1,716,578
Bosch
Ltd.
............................................................
8,196
1,877,319
Tata
Motors
Ltd.
.......................................................
171,895
1,304,590
TVS
Motor
Co.
Ltd.
.....................................................
76,052
1,393,801
7,472,018
Consumer
Staples
(2.1%):
Colgate-Palmolive
India
Ltd.
..............................................
73,077
1,765,008
ITC
Ltd.
.............................................................
326,068
1,745,078
3,510,086
Financials
(3.2%):
Bank
of
Baroda
........................................................
448,158
1,154,718
L&t
Finance
Holdings
Ltd.
................................................
697,723
1,118,391
Piramal
Enterprises
Ltd.
..................................................
65,693
830,179
Power
Finance
Corp.
Ltd.
.................................................
373,973
1,134,489
REC
Ltd.
.............................................................
340,524
1,178,602
5,416,379
Health
Care
(3.6%):
Aurobindo
Pharma
Ltd.
..................................................
113,185
1,246,332
Dr.
Reddy's
Laboratories
Ltd.
..............................................
25,813
1,736,799
Lupin
Ltd.
............................................................
92,797
1,308,929
Torrent
Pharmaceuticals
Ltd.
...............................................
72,409
1,682,209
5,974,269
Industrials
(3.1%):
Bharat
Electronics
Ltd.
...................................................
748,035
1,245,881
Bharat
Heavy
Electricals,
Ltd.
..............................................
589,464
929,953
Cummins
India
Ltd.
.....................................................
61,361
1,253,510
Larsen
&
Toubro
Ltd.
....................................................
51,048
1,858,782
5,288,126
Real
Estate
(1.5%):
DLF
Ltd.
.............................................................
192,335
1,229,713
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
209
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Oberoi
Realty
Ltd.
......................................................
95,771
$
1,331,386
2,561,099
Utilities
(1.1%):
NTPC
Ltd.
............................................................
644,189
1,904,960
33,246,256
Indonesia
(2.3%):
Consumer
Discretionary
(0.8%):
PT
Astra
International
Tbk
................................................
3,219,305
1,297,099
Consumer
Staples
(0.9%):
PT
Indofood
Sukses
Makmur
Tbk
...........................................
3,537,477
1,516,879
Energy
(0.6%):
PT
United
Tractors
Tbk
..................................................
546,368
999,022
3,813,000
Malaysia
(0.8%):
Industrials
(0.8%):
Gamuda
Bhd
..........................................................
1,336,800
1,261,750
Mexico
(4.9%):
Consumer
Staples
(2.6%):
Coca-Cola
Femsa
SAB
de
CV
..............................................
197,043
1,546,761
Fomento
Economico
Mexicano
SAB
de
CV
....................................
144,361
1,576,873
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Class
A
.................................
652,491
1,299,403
4,423,037
Financials
(0.7%):
Qualitas
Controladora
SAB
de
CV
...........................................
161,532
1,213,958
Industrials
(0.6%):
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
...............................
93,090
1,010,476
Real
Estate
(1.0%):
Fibra
Uno
Administracion
SA
de
CV
.........................................
995,506
1,659,701
8,307,172
Netherlands
(0.9%):
Real
Estate
(0.9%):
NEPI
Rockcastle
NV
....................................................
278,501
1,531,842
Poland
(0.4%):
Utilities
(0.4%):
PGE
Polska
Grupa
Energetyczna
SA
(a)
.......................................
403,958
693,805
Russian
Federation
(0.0%):(d)
Consumer
Staples
(0.0%):(d)
Magnit
PJSC
,
GDR
(a)
(e)
(f)
...............................................
32,414
74
Energy
(0.0%):(d)
Gazprom
PJSC
(a)
(e)
(f)
...................................................
324,752
8,072
Financials
(0.0%):
Sberbank
of
Russia
PJSC
(a)
(e)
(f)
...........................................
177,888
—
Materials
(0.0%):(d)
PhosAgro
PJSC
,
GDR
(a)
(e)
(f)
.............................................
35,202
273
Severstal
PAO
(a)
(e)
(f)
...................................................
37,552
—
United
Co.
RUSAL
International
PJSC
(a)
(e)
(f)
..................................
555,630
3,615
3,888
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
210
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Utilities
(0.0%):(d)
Inter
RAO
UES
PJSC
(a)
(e)
(f)
..............................................
23,475,472
$
6,988
19,022
South
Africa
(2.0%):
Financials
(1.0%):
OUTsurance
Group
Ltd.
..................................................
774,481
1,749,787
Health
Care
(0.6%):
Aspen
Pharmacare
Holdings
Ltd.
............................................
108,160
981,922
Materials
(0.4%):
Gold
Fields
Ltd.
........................................................
55,537
602,461
3,334,170
Taiwan
(18.2%):
Consumer
Discretionary
(1.2%):
Pou
Chen
Corp.
........................................................
2,208,000
1,959,945
Financials
(1.3%):
Taishin
Financial
Holding
Co.
Ltd.
..........................................
3,995,000
2,215,594
Taiwan
Business
Bank
...................................................
84,480
34,550
2,250,144
Health
Care
(0.4%):
Lotus
Pharmaceutical
Co.
Ltd.
.............................................
87,000
642,877
Industrials
(0.8%):
Evergreen
Marine
Corp.
Ltd.
...............................................
168,400
605,230
Yang
Ming
Marine
Transport
Corp.
..........................................
580,000
816,737
1,421,967
Information
Technology
(13.5%):
Acer,
Inc.
............................................................
841,000
945,851
ASE
Technology
Holding
Co.
Ltd.
...........................................
304,000
1,031,355
Asustek
Computer,
Inc.
...................................................
75,000
852,801
AU
Optronics
Corp.
.....................................................
1,913,800
972,435
Catcher
Technology
Co.
Ltd.
...............................................
306,000
1,730,233
Chicony
Electronics
Co.
Ltd.
..............................................
472,000
1,689,057
Compal
Electronics,
Inc.
..................................................
1,004,000
954,976
Gigabyte
Technology
Co.,
Ltd.
.............................................
57,000
497,134
Global
Unichip
Corp.
....................................................
11,000
465,206
Hon
Hai
Precision
Industry
Co.
Ltd.
.........................................
507,000
1,633,660
Innolux
Corp.
(a)
.......................................................
2,182,345
889,139
Inventec
Corp.
.........................................................
376,000
570,827
Lite-On
Technology
Corp.
................................................
178,000
670,064
Macronix
International
Co.
Ltd.
............................................
1,255,000
1,230,659
Micro-Star
International
Co.
Ltd.
............................................
212,000
1,077,209
Novatek
Microelectronics
Corp.
............................................
81,000
1,061,563
Pegatron
Corp.
.........................................................
562,000
1,333,784
Powertech
Technology,
Inc.
................................................
465,000
1,462,309
Quanta
Computer,
Inc.
...................................................
78,000
578,789
Winbond
Electronics
Corp.
................................................
1,130,000
885,766
Wistron
Corp.
.........................................................
154,000
484,292
Wiwynn
Corp.
.........................................................
11,000
509,512
Zhen
Ding
Technology
Holding
Ltd.
.........................................
453,000
1,381,063
22,907,684
Materials
(1.0%):
TA
Chen
Stainless
Pipe
...................................................
1,439,000
1,642,928
30,825,545
Thailand
(1.9%):
Financials
(1.9%):
Bangkok
Bank
PCL
.....................................................
359,400
1,653,532
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
211
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Description
Shares
Value
Krung
Thai
Bank
PCL
...................................................
2,849,500
$
1,487,107
3,140,639
Turkey
(6.3%):
Communication
Services
(0.3%):
Turkcell
Iletisim
Hizmetleri
A/S
(a)
..........................................
255,205
496,375
Consumer
Discretionary
(1.0%):
Arcelik
A/S
...........................................................
77,805
462,795
Ford
Otomotiv
Sanayi
A/S
................................................
19,903
613,719
Tofas
Turk
Otomobil
Fabrikasi
A/S
..........................................
53,653
578,556
1,655,070
Consumer
Staples
(0.8%):
BIM
Birlesik
Magazalar
A/S
...............................................
66,441
666,022
Coca-Cola
Icecek
A/S
....................................................
43,179
621,919
1,287,941
Energy
(0.3%):
Turkiye
Petrol
Rafinerileri
A/S
.............................................
100,699
584,274
Financials
(1.3%):
Akbank
TAS
..........................................................
446,202
544,818
Haci
Omer
Sabanci
Holding
A/S
............................................
283,217
617,004
Turkiye
Is
Bankasi
A/S
...................................................
617,173
579,708
Yapi
ve
Kredi
Bankasi
A/S
................................................
817,012
550,369
2,291,899
Industrials
(2.0%):
Aselsan
Elektronik
Sanayi
Ve
Ticaret
A/S
......................................
358,751
534,130
Enka
Insaat
ve
Sanayi
A/S
................................................
432,359
549,373
KOC
Holding
AS
.......................................................
106,616
570,751
Pegasus
Hava
Tasimaciligi
A/S
(a)
...........................................
17,649
530,819
Turk
Hava
Yollari
AO
(a)
..................................................
61,897
547,741
Turkiye
Sise
ve
Cam
Fabrikalari
A/S
.........................................
289,228
576,799
3,309,613
Materials
(0.3%):
Koza
Altin
Isletmeleri
A/S
................................................
415,654
436,533
Utilities
(0.3%):
Enerjisa
Enerji
A/S
(b)
....................................................
264,742
499,951
10,561,656
United
Kingdom
(0.4%):
Materials
(0.4%):
AngloGold
Ashanti
PLC
..................................................
46,472
748,219
United
States
(0.0%):(d)
Materials
(0.0%):(d)
Phosagro
Public
Joint
,
GDR
(a)
(e)
...........................................
227
2
Total
Common
Stocks
(Cost
$165,535,934)
168,718,413
Collateral
for
Securities
Loaned
(0.1%)^
United
States
(0.1%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.24
%
(g)
........
48,750
48,750
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.28
%
(g)
............
48,750
48,750
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.26
%
(g)
...............
48,750
48,750
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
212
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
September
30,
2023
Security
Name
Acquisition
Date
Cost
Gazprom
PJSC
.............................................
12/8/2017
$
722,938
Inter
RAO
UES
PJSC
.........................................
5/2/2018
1,576,280
Magnit
PJSC
,
GDR
..........................................
12/21/2021
479,540
PhosAgro
PJSC
,
GDR
........................................
12/21/2021
748,678
Sberbank
of
Russia
PJSC
......................................
10/24/2017
634,243
Severstal
PAO
..............................................
5/27/2021
881,363
United
Co.
RUSAL
International
PJSC
............................
11/30/2021
516,962
Security
Description
Shares
Value
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.27
%
(g)
.
48,750
$
48,750
Total
Collateral
for
Securities
Loaned
(Cost
$195,000)
195,000
Total
Investments
(Cost
$165,730,934)
—
99.9%
168,913,413
Other
assets
in
excess
of
liabilities
—
0.1%
140,054
NET
ASSETS
-
100.00%
$
169,053,467
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
September
30,
2023,
the
fair
value
of
these
securities
was
$7,680,645
and
amounted
to
4.5%
of
net
assets.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Amount
represents
less
than
0.05%
of
net
assets.
(e)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
September
30,
2023.
(f)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
September
30,
2023.
(g)
Rate
disclosed
is
the
daily
yield
on
September
30,
2023.
GDR
—
Global
Depositary
Receipt
PCL
—
Public
Company
Limited
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
MSCI
Emerging
Markets
Index
Futures
..........................
17
12/15/23
$
831,639
$
812,175
$
(
19,464
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
19,464
)
Total
net
unrealized
appreciation
(depreciation)
$
(
19,464
)