# EDGAR Filing Document

**Accession Number:** 0001547580
**File Stem:** 0001104659-23-030546
**Filing Date:** 2023-3
**Character Count:** 1392681
**Document Hash:** 7c4f652daae73e9eccbd3587664c6cf2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-030546.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0001104659-23-030546

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 368

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230309

**EFFECTIVENESS DATE**: 20230309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Victory Portfolios II
- **CENTRAL INDEX KEY:** 0001547580
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22696
- **FILM NUMBER:** 23719376

**BUSINESS ADDRESS:**
- **STREET 1:** 4900 TIEDEMAN ROAD, 4TH FLOOR
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144
- **BUSINESS PHONE:** 216-898-2411

**MAIL ADDRESS:**
- **STREET 1:** 4900 TIEDEMAN ROAD, 4TH FLOOR
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Compass EMP Funds Trust
- **DATE OF NAME CHANGE:** 20120417

## Series and Classes Contracts Data

### Victory Market Neutral Income Fund (Series ID: S000037769)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000116490 | Class A      | CBHAX           |
| C000116492 | Class C      | CBHCX           |
| C000116493 | Class I      | CBHIX           |
| C000219860 | Member Class | CBHMX           |

### Victory US 500 Enhanced Volatility Wtd Index Fund (Series ID: S000037778)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000116524 | Class A      | CUHAX           |
| C000116526 | Class C      | CUHCX           |
| C000116527 | Class I      | CUHIX           |

### VictoryShares US 500 Volatility Wtd ETF (Series ID: S000044749)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000139051 | VictoryShares US 500 Volatility Wtd ETF | CFA             |

### VictoryShares US Discovery Enhanced Volatility Wtd ETF (Series ID: S000044750)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000139052 | VictoryShares US Discovery Enhanced Volatility Wtd ETF | CSF             |

### VictoryShares US 500 Enhanced Volatility Wtd ETF (Series ID: S000044751)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000139053 | VictoryShares US 500 Enhanced Volatility Wtd ETF | CFO             |

### VictoryShares Developed Enhanced Volatility Wtd ETF (Series ID: S000044752)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000139054 | VictoryShares Developed Enhanced Volatility Wtd ETF | CIZ             |

### VictoryShares US EQ Income Enhanced Volatility Wtd ETF (Series ID: S000044753)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000139055 | VictoryShares US EQ Income Enhanced Volatility Wtd ETF | CDC             |

### VictoryShares US Small Cap Volatility Wtd ETF (Series ID: S000049904)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000157585 | VictoryShares US Small Cap Volatility Wtd ETF | CSA             |

### VictoryShares International Volatility Wtd ETF (Series ID: S000049905)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000157586 | VictoryShares International Volatility Wtd ETF | CIL             |

### VictoryShares US Large Cap High Div Volatility Wtd ETF (Series ID: S000049907)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000157588 | VictoryShares US Large Cap High Div Volatility Wtd ETF | CDL             |

### VictoryShares US Small Cap High Div Volatility Wtd ETF (Series ID: S000049908)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000157589 | VictoryShares US Small Cap High Div Volatility Wtd ETF | CSB             |

### VictoryShares International High Div Volatility Wtd ETF (Series ID: S000049909)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000157590 | VictoryShares International High Div Volatility Wtd ETF | CID             |

### VictoryShares US Multi-Factor Minimum Volatility ETF (Series ID: S000056883)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000180594 | VictoryShares US Multi-Factor Minimum Volatility ETF | VSMV            |

### VictoryShares Dividend Accelerator ETF (Series ID: S000056886)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000180597 | VictoryShares Dividend Accelerator ETF | VSDA            |

### VictoryShares US Value Momentum ETF formerly VictoryShares USAA MSCI USA Value Momentum ETF (Series ID: S000065156)

| Class ID   | Class Name                                                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000210925 | VictoryShares US Value Momentum ETF formerly VictoryShares USAA MSCI USA Value Momentum ETF | ULVM            |

### VictoryShares International Value Momentum ETF formerly VictoryShares USAA MSCI International Value Momentum ETF (Series ID: S000065157)

| Class ID   | Class Name                                                                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000210926 | VictoryShares International Value Momentum ETF formerly VictoryShares USAA MSCI International Value Momentum ETF | UIVM            |

### VictoryShares Emerging Markets Value Momentum ETF formerly VictoryShares USAA MSCI Emerging Markets Value Momentum ETF (Series ID: S000065158)

| Class ID   | Class Name                                                                                                             | Ticker Symbol   |
|:---|:---|:---|
| C000210927 | VictoryShares Emerging Markets Value Momentum ETF formerly VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | UEVM            |

### VictoryShares USAA Core Short-Term Bond ETF (Series ID: S000065159)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000210928 | VictoryShares USAA Core Short-Term Bond ETF | USTB            |

### VictoryShares USAA Core Intermediate-Term Bond ETF (Series ID: S000065160)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000210929 | VictoryShares USAA Core Intermediate-Term Bond ETF | UITB            |

### VictoryShares US Small Mid Cap Value Momentum ETF formerly VictoryShares USAA MSCI USA Small Cap Value Momentum ETF (Series ID: S000065161)

| Class ID   | Class Name                                                                                                          | Ticker Symbol   |
|:---|:---|:---|
| C000210930 | VictoryShares US Small Mid Cap Value Momentum ETF formerly VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | USVM            |

### VictoryShares Nasdaq Next 50 ETF (Series ID: S000069387)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000221407 | VictoryShares Nasdaq Next 50 ETF |  |

### VictoryShares ESG Corporate Bond ETF (Series ID: S000073697)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000230773 | VictoryShares ESG Corporate Bond ETF | UCRD            |

### VictoryShares ESG Core Plus Bond ETF (Series ID: S000073698)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000230774 | VictoryShares ESG Core Plus Bond ETF | UBND            |

### VictoryShares THB Mid Cap ESG ETF (Series ID: S000073699)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000230775 | VictoryShares THB Mid Cap ESG ETF | MDCP            |

### VictoryShares WestEnd U.S. Sector ETF (Series ID: S000077771)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000238316 | VictoryShares WestEnd U.S. Sector ETF | MODL            |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number: 811-22696

Victory Portfolios II

(Exact name of registrant as specified in charter)

<u>4900 Tiedeman Road, 4th Floor, Brooklyn, Ohio</u>   <u>44144</u> <br> (Address of principal executive offices) (Zip code)

Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>800-539-3863</u>

Date of fiscal year end: <u>June 30</u>

Date of reporting period: <u>December 31, 2022</u>

**Item 1. Reports to Stockholders.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 Semi Annual Report Victory US 500 Enhanced Volatility Wtd Index Fund Victory Market Neutral Income Fund |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vcm.com News, Information And Education 24 Hours A Day, 7 Days A Week The Victory Capital website gives fund shareholders, prospective shareholders, and investment professionals a convenient way to access fund information, get guidance, and track fund performance anywhere they can access the Internet. The site includes: • Detailed performance records • Daily share prices • The latest fund news • Investment resources to help you become a better investor • A section dedicated to investment professionals Whether you're a potential investor searching for the fund that matches your investment philosophy, a seasoned investor interest-ed in planning tools, or an investment professional, vcm.com has what you seek. Visit us anytime. We're always open. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TABLE OF CONTENTS** Victory Portfolios II 1 Investment Objectives and Portfolio Holdings 4 Schedules of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund 5 Victory Market Neutral Income Fund 14 Financial Statements Statements of Assets and Liabilities 29 Statements of Operations 30 Statements of Changes in Net Assets 31 Financial Highlights 33 Notes to Financial Statements 38 Supplemental Information 46 Proxy Voting and Portfolio Holdings Information 46 Expense Examples 46 Advisory Contract Approval 47 Privacy Policy (inside back cover) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 Call Victory at: 800-539-FUND (800-539-3863) 800-235-8396 for Member Class Visit our website at: vcm.com IRA DISTRIBUTION WITHHOLDING DISCLOSURE We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution and, if you live in a state that requires state income tax withholding, at your state's tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call 800-539-3863 (800-235-8396 for Member Class) and form W-4P (OMB No. 1545-0074 withholding certificate for pension or annuity payments) will be electronically sent. If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution. For more specific information, please consult your tax adviser. The Funds are distributed by Victory Capital Services, Inc. Victory Capital Management Inc. is the investment adviser to the Funds and receives fees from the Funds for performing services for the Funds. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus of the Victory Funds. For additional information about any Victory Fund, including fees, expenses, and risks, view our prospectus online at vcm.com or call 800-539-3863 (800-235-8396 for Member Class). Read it carefully before you invest or send money. The information in this report is based on data obtained from recognized services and sources and is believed to be reliable. Any opinions, projections, or recommendations in this report are subject to change without notice and are not intended as individual investment advice. Past investment performance of the Funds, markets or securities mentioned herein should not be considered to be indicative of future results. • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Victory Portfolios II Victory US 500 Enhanced Volatility Wtd Index Fund December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide investment results that track the performance of the Nasdaq Victory US Large Cap 500 Long/Cash Volatility Weighted Index before fees and expenses. Top 10 Holdings\*: December 31, 2022 (% of Net Assets) Merck & Co., Inc. 0.4% Gilead Sciences, Inc. 0.4% Johnson & Johnson 0.4% Arch Capital Group Ltd. 0.4% Amgen, Inc. 0.4% Bristol-Myers Squibb Co. 0.4% AbbVie, Inc. 0.4% PepsiCo, Inc. 0.4% McDonald's Corp. 0.3% The Coca-Cola Co. 0.3% Sector Allocation\*: December 31, 2022 (% of Net Assets) Financials 16.7% Industrials 16.0% Health Care 14.7% Real Estate 0.2% Communication Services 4.0% Energy 4.1% Materials 5.5% Utilities 7.8% Consumer Discretionary 8.4% Consumer Staples 9.2% Information Technology 13.2% \* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 Victory Portfolios II Victory Market Neutral Income Fund December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide high current income. Top 10 Holdings\*: December 31, 2022 (% of Net Assets) NorthWestern Corp. 0.5% Fulton Financial Corp. 0.5% Avista Corp. 0.5% The Siam Cement PCL 0.5% Land & Houses PCL 0.5% Tenaga Nasional Bhd 0.5% Merck & Co., Inc. 0.4% Agricultural Bank of China Ltd., Class H 0.4% Gilead Sciences, Inc. 0.4% Bank of China Ltd., Class H 0.4% Sector Allocation\*: December 31, 2022 (% of Net Assets) Financials 21.6% Utilities 10.9% Materials 9.1% Real Estate 1.7% Health Care 3.8% Information Technology 5.3% Consumer Discretionary 6.4% Communication Services 7.0% Energy 7.2% Consumer Staples 7.6% Industrials 8.4% \* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments December 31, 2022 Victory Portfolios II Victory US 500 Enhanced Volatility Wtd Index Fund 5 (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (99.8%) Communication Services (4.0%): Alphabet, Inc., Class A (a) ................................................ 764 $67,408 AT&T, Inc. ........................................................... 6,239 114,860 Charter Communications, Inc., Class A (a) ..................................... 216 73,246 Comcast Corp., Class A .................................................. 3,081 107,743 DISH Network Corp., Class A (a) ........................................... 2,900 40,716 Electronic Arts, Inc. ..................................................... 891 108,862 Endeavor Group Holdings, Inc., Class A (a) .................................... 3,129 70,528 Fox Corp., Class A ..................................................... 3,016 91,596 Liberty Broadband Corp., Class C (a) ........................................ 930 70,931 Lumen Technologies, Inc. ................................................ 7,793 40,679 Match Group, Inc. (a).................................................... 871 36,138 Meta Platforms, Inc., Class A (a) ............................................ 307 36,944 Netflix, Inc. (a) ........................................................ 191 56,322 News Corp., Class A .................................................... 5,036 91,655 Omnicom Group, Inc. ................................................... 1,322 107,836 Paramount Global, Class B ............................................... 2,423 40,900 Pinterest, Inc., Class A (a)................................................. 1,601 38,872 Sirius XM Holdings, Inc. (b)............................................... 20,285 118,464 Take-Two Interactive Software, Inc. (a) ....................................... 579 60,291 The Interpublic Group of Cos., Inc. .......................................... 3,124 104,060 The Trade Desk, Inc., Class A (a)............................................ 525 23,536 The Walt Disney Co. (a) .................................................. 832 72,284 T-Mobile U.S., Inc. (a) ................................................... 704 98,560 Verizon Communications, Inc. ............................................. 3,347 131,872 Warner Music Group Corp., Class A ......................................... 2,437 85,344 ZoomInfo Technologies, Inc. (a) ............................................ 988 29,749 1,919,396 Consumer Discretionary (8.4%): Advance Auto Parts, Inc. ................................................. 514 75,573 Airbnb, Inc., Class A (a) .................................................. 440 37,620 Amazon.com, Inc. (a).................................................... 485 40,740 Aptiv PLC (a) ......................................................... 627 58,393 Aramark ............................................................. 2,595 107,277 AutoZone, Inc. (a) ...................................................... 46 113,444 Best Buy Co., Inc. ...................................................... 984 78,927 Booking Holdings, Inc. (a) ................................................ 37 74,565 Burlington Stores, Inc. (a)................................................. 382 77,454 CarMax, Inc. (a)........................................................ 772 47,007 Chipotle Mexican Grill, Inc. (a)............................................. 44 61,050 D.R. Horton, Inc. ...................................................... 988 88,070 Darden Restaurants, Inc. ................................................. 678 93,788 Dollar General Corp. .................................................... 374 92,098 Dollar Tree, Inc. (a) ..................................................... 514 72,700 Domino's Pizza, Inc. .................................................... 258 89,371 Etsy, Inc. (a) .......................................................... 367 43,959 Expedia Group, Inc. (a) .................................................. 568 49,757 Ford Motor Co. ........................................................ 4,078 47,427 Garmin Ltd. .......................................................... 1,108 102,257 General Motors Co. ..................................................... 1,799 60,518 Genuine Parts Co. ...................................................... 799 138,635 Hasbro, Inc. .......................................................... 1,281 78,154 Hilton Worldwide Holdings, Inc. ........................................... 619 78,217 Hyatt Hotels Corp., Class A (a) ............................................. 787 71,184 Lennar Corp., Class A ................................................... 911 82,446 LKQ Corp. ........................................................... 1,623 86,684 Lowe's Cos., Inc. ....................................................... 509 101,413 Marriott International, Inc., Class A ......................................... 526 78,316 McDonald's Corp. ...................................................... 622 163,916 MGM Resorts International ............................................... 1,929 64,679 NIKE, Inc., Class B ..................................................... 759 88,811 NVR, Inc. (a).......................................................... 21 96,864 O'Reilly Automotive, Inc. (a) .............................................. 140 118,164 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Victory US 500 Enhanced Volatility Wtd Index Fund 6 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Pool Corp. ........................................................... 221 $66,815 PulteGroup, Inc. ....................................................... 1,729 78,721 Ross Stores, Inc. ....................................................... 762 88,445 Service Corp. International ................................................ 1,626 112,422 Starbucks Corp. ....................................................... 1,015 100,688 Target Corp. .......................................................... 417 62,150 Tesla, Inc. (a).......................................................... 167 20,571 The Home Depot, Inc. ................................................... 353 111,499 The TJX Cos., Inc. ..................................................... 1,427 113,589 Tractor Supply Co. ..................................................... 458 103,036 Ulta Beauty, Inc. (a) ..................................................... 181 84,902 Vail Resorts, Inc. ....................................................... 367 87,475 VF Corp. ............................................................ 2,007 55,413 Williams-Sonoma, Inc. .................................................. 381 43,785 Yum! Brands, Inc. ...................................................... 1,137 145,627 4,034,616 Consumer Staples (9.2%): Albertsons Cos., Inc., Class A .............................................. 3,789 78,584 Altria Group, Inc. ...................................................... 2,610 119,303 Archer-Daniels-Midland Co. .............................................. 1,135 105,385 BJ's Wholesale Club Holdings, Inc. (a)........................................ 933 61,727 Brown-Forman Corp., Class B ............................................. 1,734 113,889 Bunge Ltd. ........................................................... 959 95,679 Campbell Soup Co. ..................................................... 2,573 146,018 Church & Dwight Co., Inc. ............................................... 1,469 118,416 Colgate-Palmolive Co. ................................................... 1,906 150,174 Conagra Brands, Inc. .................................................... 3,424 132,509 Constellation Brands, Inc., Class A .......................................... 545 126,304 Costco Wholesale Corp. .................................................. 185 84,452 Darling Ingredients, Inc. (a) ............................................... 900 56,331 General Mills, Inc. ..................................................... 1,792 150,259 Hormel Foods Corp. .................................................... 2,905 132,323 Kellogg Co. .......................................................... 1,983 141,269 Keurig Dr Pepper, Inc. ................................................... 3,963 141,321 Kimberly-Clark Corp. ................................................... 1,062 144,167 Lamb Weston Holdings, Inc. .............................................. 1,217 108,751 McCormick & Co., Inc. .................................................. 1,448 120,025 Molson Coors Beverage Co., Class B ........................................ 1,946 100,258 Mondelez International, Inc., Class A ........................................ 2,421 161,360 Monster Beverage Corp. (a) ............................................... 1,148 116,556 PepsiCo, Inc. ......................................................... 941 170,001 Philip Morris International, Inc. ............................................ 1,272 128,739 Sysco Corp. .......................................................... 1,241 94,874 The Clorox Co. ........................................................ 622 87,285 The Coca-Cola Co. ..................................................... 2,541 161,633 The Estee Lauder Cos., Inc. ............................................... 303 75,177 The Hershey Co. ....................................................... 642 148,668 The J.M. Smucker Co. ................................................... 845 133,899 The Kraft Heinz Co. .................................................... 3,062 124,654 The Kroger Co. ........................................................ 1,924 85,772 The Procter & Gamble Co. ................................................ 967 146,559 Tyson Foods, Inc., Class A ................................................ 1,449 90,200 Walgreens Boots Alliance, Inc. ............................................. 3,151 117,721 Walmart, Inc. ......................................................... 825 116,977 4,387,219 Energy (4.1%): Antero Resources Corp. (a)................................................ 1,250 38,738 APA Corp. ........................................................... 1,320 61,618 Chesapeake Energy Corp. ................................................ 630 59,453 Chevron Corp. ........................................................ 589 105,720 ConocoPhillips ........................................................ 665 78,470 Coterra Energy, Inc. ..................................................... 2,108 51,794 Devon Energy Corp. .................................................... 798 49,085 Diamondback Energy, Inc. ................................................ 462 63,192 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Victory US 500 Enhanced Volatility Wtd Index Fund 7 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value EOG Resources, Inc. .................................................... 564 $73,049 Exxon Mobil Corp. ..................................................... 895 98,718 Halliburton Co. ........................................................ 2,066 81,297 Hess Corp. ........................................................... 582 82,539 HF Sinclair Corp. ...................................................... 1,224 63,513 Kinder Morgan, Inc. .................................................... 6,375 115,260 Marathon Oil Corp. ..................................................... 2,299 62,234 Marathon Petroleum Corp. ................................................ 863 100,445 Occidental Petroleum Corp. ............................................... 727 45,794 ONEOK, Inc. ......................................................... 1,531 100,587 Ovintiv, Inc. .......................................................... 960 48,682 Phillips 66 ........................................................... 881 91,694 Pioneer Natural Resources Co. ............................................. 309 70,573 Schlumberger Ltd. ...................................................... 1,627 86,979 Targa Resources Corp. ................................................... 1,159 85,186 Texas Pacific Land Corp. ................................................. 34 79,704 The Williams Cos., Inc. .................................................. 3,315 109,063 Valero Energy Corp. .................................................... 596 75,609 1,978,996 Financials (16.7%): Aflac, Inc. ............................................................ 2,208 158,843 Ally Financial, Inc. ..................................................... 2,167 52,983 American Express Co. ................................................... 560 82,740 American Financial Group, Inc. ............................................ 883 121,218 American International Group, Inc. .......................................... 1,713 108,330 Ameriprise Financial, Inc. ................................................ 321 99,950 Aon PLC, Class A ...................................................... 387 116,154 Arch Capital Group Ltd. (a) ............................................... 2,862 179,676 Ares Management Corp., Class A ........................................... 865 59,201 Arthur J. Gallagher & Co. ................................................ 641 120,854 Bank of America Corp. .................................................. 2,847 94,293 Berkshire Hathaway, Inc., Class B (a) ........................................ 514 158,775 BlackRock, Inc. ....................................................... 139 98,500 Blackstone, Inc. ....................................................... 622 46,146 Brown & Brown, Inc. ................................................... 1,637 93,260 Capital One Financial Corp. ............................................... 732 68,047 Cboe Global Markets, Inc. ................................................ 1,019 127,854 Chubb Ltd. ........................................................... 715 157,729 Cincinnati Financial Corp. ................................................ 959 98,192 Citigroup, Inc. ......................................................... 1,846 83,495 Citizens Financial Group, Inc. ............................................. 2,322 91,417 CME Group, Inc. ...................................................... 607 102,073 Comerica, Inc. ........................................................ 1,045 69,858 Discover Financial Services ............................................... 731 71,514 East West Bancorp, Inc. .................................................. 1,083 71,370 Equitable Holdings, Inc. ................................................. 2,888 82,886 Erie Indemnity Co., Class A ............................................... 556 138,288 Everest Re Group Ltd. ................................................... 443 146,753 F&G Annuities & Life, Inc. (a) ............................................. 101 2,021 FactSet Research Systems, Inc. ............................................. 261 104,716 Fidelity National Financial, Inc. ............................................ 2,753 103,568 Fifth Third Bancorp ..................................................... 2,554 83,797 First Citizens BancShares, Inc., Class A ...................................... 99 75,078 First Republic Bank ..................................................... 581 70,818 Franklin Resources, Inc. ................................................. 3,386 89,323 Globe Life, Inc. ........................................................ 1,228 148,035 Huntington Bancshares, Inc. ............................................... 6,783 95,640 Interactive Brokers Group, Inc. ............................................. 1,389 100,494 Intercontinental Exchange, Inc. ............................................. 1,069 109,669 JPMorgan Chase & Co. .................................................. 911 122,165 KeyCorp ............................................................ 5,149 89,696 KKR & Co., Inc. ....................................................... 1,241 57,607 Loews Corp. .......................................................... 2,454 143,142 LPL Financial Holdings, Inc. .............................................. 327 70,688 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Victory US 500 Enhanced Volatility Wtd Index Fund 8 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value M&T Bank Corp. ...................................................... 498 $72,240 Markel Corp. (a) ....................................................... 108 142,289 MarketAxess Holdings, Inc. ............................................... 337 93,986 Marsh & McLennan Cos., Inc. ............................................. 761 125,930 MetLife, Inc. .......................................................... 1,824 132,003 Moody's Corp. ........................................................ 348 96,960 Morgan Stanley ........................................................ 1,117 94,967 Morningstar, Inc. ....................................................... 361 78,189 MSCI, Inc. ........................................................... 179 83,265 Nasdaq, Inc. .......................................................... 1,984 121,718 Northern Trust Corp. .................................................... 994 87,959 Principal Financial Group, Inc. ............................................. 1,279 107,334 Prudential Financial, Inc. ................................................. 1,089 108,312 Raymond James Financial, Inc. ............................................ 850 90,822 Regions Financial Corp. .................................................. 3,843 82,855 Rocket Cos., Inc., Class A (b) .............................................. 6,589 46,123 Ryan Specialty Holdings, Inc. (a)............................................ 1,887 78,329 S&P Global, Inc. ....................................................... 308 103,162 Signature Bank ........................................................ 317 36,525 State Street Corp. ...................................................... 1,150 89,205 SVB Financial Group (a) ................................................. 131 30,148 Synchrony Financial .................................................... 2,209 72,588 T. Rowe Price Group, Inc. ................................................ 684 74,597 The Allstate Corp. ...................................................... 953 129,227 The Bank of New York Mellon Corp. ........................................ 2,377 108,201 The Carlyle Group, Inc. .................................................. 1,936 57,770 The Charles Schwab Corp. ................................................ 1,120 93,251 The Goldman Sachs Group, Inc. ............................................ 306 105,074 The Hartford Financial Services Group, Inc. ................................... 1,819 137,935 The PNC Financial Services Group, Inc. ...................................... 676 106,767 The Progressive Corp. ................................................... 962 124,781 The Travelers Cos., Inc. .................................................. 815 152,804 Tradeweb Markets, Inc., Class A ............................................ 1,409 91,486 Truist Financial Corp. ................................................... 2,171 93,418 U.S. Bancorp ......................................................... 2,383 103,923 W.R. Berkley Corp. ..................................................... 2,000 145,140 Wells Fargo & Co. ...................................................... 1,960 80,928 7,947,067 Health Care (14.7%): Abbott Laboratories ..................................................... 1,157 127,027 AbbVie, Inc. .......................................................... 1,053 170,175 Agilent Technologies, Inc. ................................................ 678 101,463 Align Technology, Inc. (a)................................................. 219 46,187 AmerisourceBergen Corp. ................................................ 905 149,968 Amgen, Inc. .......................................................... 658 172,817 Avantor, Inc. (a)........................................................ 3,218 67,868 Baxter International, Inc. ................................................. 1,948 99,290 Becton Dickinson and Co. ................................................ 531 135,033 Biogen, Inc. (a) ........................................................ 459 127,106 BioMarin Pharmaceutical, Inc. (a) ........................................... 973 100,696 Bio-Techne Corp. ...................................................... 899 74,509 Boston Scientific Corp. (a) ................................................ 2,637 122,014 Bristol-Myers Squibb Co. ................................................ 2,377 171,025 Catalent, Inc. (a) ....................................................... 840 37,808 Centene Corp. (a)....................................................... 1,104 90,539 Charles River Laboratories International, Inc. (a) ................................ 331 72,125 Cigna Corp. .......................................................... 399 132,205 CVS Health Corp. ...................................................... 1,250 116,488 Danaher Corp. ........................................................ 346 91,835 Dexcom, Inc. (a) ....................................................... 693 78,475 Edwards Lifesciences Corp. (a) ............................................. 916 68,343 Elevance Health, Inc. .................................................... 227 116,444 Eli Lilly & Co. ........................................................ 346 126,581 Gilead Sciences, Inc. .................................................... 2,309 198,228 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Victory US 500 Enhanced Volatility Wtd Index Fund 9 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value HCA Healthcare, Inc. ................................................... 356 $85,426 Henry Schein, Inc. (a).................................................... 1,643 131,226 Hologic, Inc. (a)........................................................ 1,733 129,646 Horizon Therapeutics PLC (a).............................................. 1,239 140,998 Humana, Inc. ......................................................... 187 95,780 IDEXX Laboratories, Inc. (a) .............................................. 212 86,488 Incyte Corp. (a) ........................................................ 1,551 124,576 Insulet Corp. (a)........................................................ 214 62,999 Intuitive Surgical, Inc. (a) ................................................. 336 89,158 IQVIA Holdings, Inc. (a) ................................................. 416 85,234 Johnson & Johnson ..................................................... 1,068 188,662 Laboratory Corp. of America Holdings ....................................... 496 116,798 McKesson Corp. ....................................................... 361 135,418 Medtronic PLC ........................................................ 1,428 110,984 Merck & Co., Inc. ...................................................... 1,846 204,814 Mettler-Toledo International, Inc. (a) ......................................... 70 101,182 Moderna, Inc. (a) ....................................................... 318 57,119 Molina Healthcare, Inc. (a) ................................................ 297 98,075 Neurocrine Biosciences, Inc. (a) ............................................ 821 98,060 PerkinElmer, Inc. ...................................................... 609 85,394 Pfizer, Inc. ........................................................... 2,347 120,260 Quest Diagnostics, Inc. .................................................. 971 151,903 R1 RCM, Inc. (a) ....................................................... 3,123 34,197 Regeneron Pharmaceuticals, Inc. (a) ......................................... 187 134,919 Repligen Corp. (a) ...................................................... 243 41,142 ResMed, Inc. ......................................................... 421 87,623 Shockwave Medical, Inc. (a)............................................... 140 28,785 STERIS PLC ......................................................... 489 90,313 Stryker Corp. ......................................................... 491 120,045 Teleflex, Inc. .......................................................... 404 100,851 The Cooper Cos., Inc. ................................................... 345 114,081 Thermo Fisher Scientific, Inc. .............................................. 175 96,371 United Therapeutics Corp. (a) .............................................. 381 105,952 UnitedHealth Group, Inc. ................................................. 238 126,183 Veeva Systems, Inc., Class A (a) ............................................ 313 50,512 Vertex Pharmaceuticals, Inc. (a)............................................. 363 104,827 Viatris, Inc. ........................................................... 7,438 82,785 Waters Corp. (a)........................................................ 305 104,487 West Pharmaceutical Services, Inc. .......................................... 287 67,545 Zimmer Biomet Holdings, Inc. ............................................. 951 121,253 Zoetis, Inc. ........................................................... 677 99,214 7,005,534 Industrials (16.0%): 3M Co. .............................................................. 945 113,324 Advanced Drainage Systems, Inc. ........................................... 464 38,034 AECOM ............................................................. 1,423 120,855 AMETEK, Inc. ........................................................ 1,084 151,457 Booz Allen Hamilton Holding Corp. ......................................... 1,100 114,972 Builders FirstSource, Inc. (a)............................................... 1,023 66,372 C.H. Robinson Worldwide, Inc. ............................................ 788 72,149 Carlisle Cos., Inc. ...................................................... 332 78,236 Carrier Global Corp. .................................................... 2,475 102,094 Caterpillar, Inc. ........................................................ 498 119,301 Cintas Corp. .......................................................... 279 126,002 Copart, Inc. (a)......................................................... 1,490 90,726 CoStar Group, Inc. (a) ................................................... 941 72,720 CSX Corp. ........................................................... 3,463 107,284 Cummins, Inc. ........................................................ 493 119,449 Deere & Co. .......................................................... 220 94,327 Delta Air Lines, Inc. (a) .................................................. 2,061 67,724 Dover Corp. .......................................................... 888 120,244 Eaton Corp. PLC ....................................................... 790 123,991 Emerson Electric Co. .................................................... 1,408 135,253 Equifax, Inc. .......................................................... 459 89,211 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Victory US 500 Enhanced Volatility Wtd Index Fund 10 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Expeditors International of Washington, Inc. ................................... 1,000 $103,920 Fastenal Co. .......................................................... 2,217 104,908 FedEx Corp. .......................................................... 382 66,162 Fortive Corp. ......................................................... 1,623 104,278 Generac Holdings, Inc. (a) ................................................ 215 21,642 General Dynamics Corp. ................................................. 575 142,663 Graco, Inc. ........................................................... 1,864 125,373 HEICO Corp. ......................................................... 734 112,772 Honeywell International, Inc. .............................................. 661 141,652 Howmet Aerospace, Inc. ................................................. 2,540 100,101 Hubbell, Inc. .......................................................... 522 122,503 Huntington Ingalls Industries, Inc. .......................................... 511 117,878 IDEX Corp. .......................................................... 589 134,486 Illinois Tool Works, Inc. .................................................. 626 137,908 Ingersoll Rand, Inc. ..................................................... 1,865 97,446 J.B. Hunt Transport Services, Inc. ........................................... 526 91,713 Jacobs Solutions, Inc. ................................................... 873 104,821 Johnson Controls International PLC ......................................... 1,852 118,528 L3Harris Technologies, Inc. ............................................... 454 94,527 Leidos Holdings, Inc. ................................................... 1,243 130,751 Lockheed Martin Corp. .................................................. 292 142,055 Masco Corp. .......................................................... 1,908 89,046 Nordson Corp. ........................................................ 480 114,106 Norfolk Southern Corp. .................................................. 449 110,643 Northrop Grumman Corp. ................................................ 214 116,761 Old Dominion Freight Line, Inc. ............................................ 269 76,337 Otis Worldwide Corp. ................................................... 1,568 122,790 PACCAR, Inc. ........................................................ 1,336 132,224 Parker-Hannifin Corp. ................................................... 374 108,834 Quanta Services, Inc. .................................................... 542 77,235 Raytheon Technologies Corp. .............................................. 1,307 131,902 Regal Rexnord Corp. .................................................... 695 83,386 Republic Services, Inc. .................................................. 958 123,572 Rockwell Automation, Inc. ................................................ 357 91,953 Rollins, Inc. .......................................................... 3,212 117,367 Snap-on, Inc. ......................................................... 535 122,242 Southwest Airlines Co. (a) ................................................ 2,233 75,185 Stanley Black & Decker, Inc. .............................................. 840 63,101 Textron, Inc. .......................................................... 1,459 103,297 Trane Technologies PLC ................................................. 671 112,788 TransDigm Group, Inc. .................................................. 150 94,448 TransUnion ........................................................... 1,118 63,447 U-Haul Holding Co. .................................................... 1,891 103,967 U-Haul Holding Co. .................................................... 210 12,640 Union Pacific Corp. ..................................................... 565 116,995 United Parcel Service, Inc., Class B ......................................... 506 87,963 United Rentals, Inc. (a)................................................... 255 90,632 Verisk Analytics, Inc. .................................................... 628 110,792 W.W. Grainger, Inc. ..................................................... 196 109,025 Waste Management, Inc. ................................................. 833 130,681 Watsco, Inc. .......................................................... 369 92,029 Westinghouse Air Brake Technologies Corp. ................................... 1,057 105,499 Xylem, Inc. ........................................................... 941 104,046 7,634,745 Information Technology (13.2%): Accenture PLC, Class A .................................................. 325 86,723 Adobe, Inc. (a)......................................................... 188 63,268 Advanced Micro Devices, Inc. (a) ........................................... 582 37,696 Akamai Technologies, Inc. (a).............................................. 1,183 99,727 Amphenol Corp., Class A ................................................. 1,431 108,956 Analog Devices, Inc. .................................................... 561 92,021 ANSYS, Inc. (a)........................................................ 296 71,511 Apple, Inc. ........................................................... 588 76,399 Applied Materials, Inc. .................................................. 643 62,615 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Victory US 500 Enhanced Volatility Wtd Index Fund 11 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Arista Networks, Inc. (a).................................................. 589 $71,475 Autodesk, Inc. (a)....................................................... 321 59,985 Automatic Data Processing, Inc. ............................................ 443 105,815 Bentley Systems, Inc., Class B ............................................. 1,621 59,912 Broadcom, Inc. ........................................................ 166 92,816 Broadridge Financial Solutions, Inc. ......................................... 625 83,831 Cadence Design Systems, Inc. (a) ........................................... 420 67,469 CDW Corp. .......................................................... 568 101,433 Cisco Systems, Inc. ..................................................... 2,264 107,857 Cognizant Technology Solutions Corp., Class A ................................. 1,548 88,530 Corning, Inc. .......................................................... 2,794 89,240 Datadog, Inc., Class A (a) ................................................. 373 27,416 Dell Technologies, Inc., Class C ............................................ 1,890 76,016 Dynatrace, Inc. (a) ...................................................... 1,341 51,360 Enphase Energy, Inc. (a) .................................................. 139 36,829 Entegris, Inc. ......................................................... 599 39,288 EPAM Systems, Inc. (a) .................................................. 77 25,236 F5, Inc. (a)............................................................ 530 76,060 Fair Isaac Corp. (a)...................................................... 165 98,766 Fidelity National Information Services, Inc. .................................... 939 63,711 First Solar, Inc. (a) ...................................................... 444 66,507 Fiserv, Inc. (a) ......................................................... 986 99,655 FleetCor Technologies, Inc. (a) ............................................. 441 81,003 Fortinet, Inc. (a)........................................................ 1,109 54,219 Gartner, Inc. (a) ........................................................ 281 94,455 Gen Digital, Inc. ....................................................... 3,770 80,791 Global Payments, Inc. ................................................... 645 64,061 GoDaddy, Inc., Class A (a) ................................................ 1,008 75,419 Hewlett Packard Enterprise Co. ............................................ 6,387 101,937 HP, Inc. ............................................................. 2,459 66,073 Intel Corp. ........................................................... 2,685 70,965 International Business Machines Corp. ....................................... 1,012 142,581 Intuit, Inc. ............................................................ 149 57,994 Jack Henry & Associates, Inc. ............................................. 650 114,114 Juniper Networks, Inc. ................................................... 3,574 114,225 Keysight Technologies, Inc. (a) ............................................. 551 94,260 KLA Corp. ........................................................... 176 66,357 Lam Research Corp. .................................................... 134 56,320 Mastercard, Inc., Class A ................................................. 285 99,103 Microchip Technology, Inc. ............................................... 1,024 71,936 Micron Technology, Inc. ................................................. 1,081 54,028 Microsoft Corp. ....................................................... 351 84,177 Monolithic Power Systems, Inc. ............................................ 108 38,190 Motorola Solutions, Inc. ................................................. 418 107,723 NetApp, Inc. .......................................................... 1,264 75,916 NVIDIA Corp. ........................................................ 318 46,473 NXP Semiconductors NV ................................................ 411 64,950 ON Semiconductor Corp. (a)............................................... 716 44,657 Oracle Corp. .......................................................... 1,311 107,161 Paychex, Inc. ......................................................... 867 100,191 Paycom Software, Inc. (a)................................................. 160 49,650 Paylocity Holding Corp. (a) ............................................... 220 42,737 PayPal Holdings, Inc. (a) ................................................. 529 37,675 PTC, Inc. (a) .......................................................... 630 75,625 Qorvo, Inc. (a) ......................................................... 746 67,617 QUALCOMM, Inc. ..................................................... 494 54,310 Roper Technologies, Inc. ................................................. 295 127,467 Salesforce, Inc. (a) ...................................................... 419 55,555 Seagate Technology Holdings PLC .......................................... 1,117 58,765 ServiceNow, Inc. (a)..................................................... 126 48,922 Skyworks Solutions, Inc. ................................................. 733 66,798 SS&C Technologies Holdings, Inc. .......................................... 1,918 99,851 Synopsys, Inc. (a)....................................................... 205 65,454 TD SYNNEX Corp. .................................................... 949 89,880 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Victory US 500 Enhanced Volatility Wtd Index Fund 12 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value TE Connectivity Ltd. .................................................... 751 $86,215 Teledyne Technologies, Inc. (a) ............................................. 286 114,374 Teradyne, Inc. ......................................................... 667 58,263 Texas Instruments, Inc. .................................................. 594 98,141 Trimble, Inc. (a)........................................................ 1,262 63,807 Tyler Technologies, Inc. (a)................................................ 198 63,837 VeriSign, Inc. (a) ....................................................... 492 101,077 Visa, Inc., Class A ...................................................... 484 100,556 Western Digital Corp. (a) ................................................. 1,589 50,133 Zebra Technologies Corp. (a) .............................................. 240 61,538 Zoom Video Communications, Inc., Class A (a) ................................. 569 38,544 6,294,193 Materials (5.5%): Air Products and Chemicals, Inc. ........................................... 451 139,025 Albemarle Corp. ....................................................... 207 44,890 Avery Dennison Corp. ................................................... 524 94,844 Ball Corp. ............................................................ 1,341 68,579 Celanese Corp. ........................................................ 789 80,667 CF Industries Holdings, Inc. ............................................... 604 51,461 Corteva, Inc. .......................................................... 1,823 107,156 Dow, Inc. ............................................................ 2,147 108,187 DuPont de Nemours, Inc. ................................................. 1,714 117,632 Eastman Chemical Co. ................................................... 1,084 88,281 Ecolab, Inc. .......................................................... 593 86,317 FMC Corp. ........................................................... 970 121,056 Freeport-McMoRan, Inc. ................................................. 2,009 76,342 International Flavors & Fragrances, Inc. ...................................... 873 91,525 International Paper Co. .................................................. 2,947 102,055 LyondellBasell Industries NV, Class A ....................................... 1,089 90,420 Martin Marietta Materials, Inc. ............................................. 282 95,308 Newmont Corp. ....................................................... 1,942 91,662 Nucor Corp. .......................................................... 482 63,532 Packaging Corp. ....................................................... 821 105,014 PPG Industries, Inc. ..................................................... 710 89,275 Reliance Steel & Aluminum Co. ............................................ 488 98,791 RPM International, Inc. .................................................. 1,185 115,478 Steel Dynamics, Inc. .................................................... 842 82,263 The Mosaic Co. ........................................................ 1,039 45,581 The Sherwin-Williams Co. ................................................ 379 89,948 Vulcan Materials Co. .................................................... 607 106,292 Westlake Corp. ........................................................ 861 88,287 Westrock Co. ......................................................... 2,191 77,036 2,616,904 Real Estate (0.2%): CBRE Group, Inc., Class A (a) ............................................. 1,187 91,352 Utilities (7.8%): Alliant Energy Corp. .................................................... 2,439 134,657 Ameren Corp. ......................................................... 1,787 158,900 American Electric Power Co., Inc. .......................................... 1,542 146,413 American Water Works Co., Inc. ............................................ 823 125,442 Atmos Energy Corp. .................................................... 1,354 151,743 CenterPoint Energy, Inc. ................................................. 4,621 138,584 CMS Energy Corp. ..................................................... 2,218 140,466 Consolidated Edison, Inc. ................................................ 1,608 153,259 Constellation Energy Corp. ............................................... 716 61,726 Dominion Energy, Inc. ................................................... 2,038 124,970 DTE Energy Co. ....................................................... 1,238 145,502 Duke Energy Corp. ..................................................... 1,546 159,223 Edison International .................................................... 1,919 122,087 Entergy Corp. ......................................................... 1,197 134,663 Essential Utilities, Inc. ................................................... 2,561 122,237 Evergy, Inc. .......................................................... 2,311 145,431 Eversource Energy ..................................................... 1,642 137,665 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Victory US 500 Enhanced Volatility Wtd Index Fund 13 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Exelon Corp. ......................................................... 3,028 $130,900 FirstEnergy Corp. ...................................................... 3,757 157,569 NextEra Energy, Inc. .................................................... 1,189 99,400 NiSource, Inc. ......................................................... 4,944 135,564 NRG Energy, Inc. ...................................................... 2,342 74,522 PG&E Corp. (a)........................................................ 7,043 114,519 PPL Corp. ............................................................ 4,888 142,827 Sempra Energy ........................................................ 890 137,541 The Southern Co. ...................................................... 1,992 142,249 WEC Energy Group, Inc. ................................................. 1,475 138,296 Xcel Energy, Inc. ....................................................... 2,086 146,249 3,722,604 Total Common Stocks (Cost $42,822,995) 47,632,626 Investment Companies (0.4%) BlackRock Liquidity Funds T-Fund, Institutional Shares, 4.02% (c) ................... 207,096 207,096 Total Investment Companies (Cost $207,096) 207,096 Collateral for Securities Loaned (0.2%)^ Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (c) ....... 20,324 20,324 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (c)............ 20,324 20,324 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (c) ............... 20,324 20,324 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (c). 20,324 20,324 Total Collateral for Securities Loaned (Cost $81,296) 81,296 Total Investments (Cost $43,111,387) — 100.4% 47,921,018 Liabilities in excess of other assets — (0.4)%(d) (208778) NET ASSETS - 100.00% $47,712,240 ^ Purchased with cash collateral from securities on loan. (a) Non-income producing security. (b) All or a portion of this security is on loan. (c) Rate disclosed is the daily yield on December 31, 2022. (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 3/17/23 $192,242 $193,050 $808 Total unrealized appreciation $808 Total unrealized depreciation — Total net unrealized appreciation (depreciation) $808 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments December 31, 2022 Victory Portfolios II Victory Market Neutral Income Fund 14 (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (89.0%) Australia (1.3%): Energy (0.2%): Woodside Energy Group Ltd. ............................................. 215,225 $5,211,201 Financials (0.5%): ANZ Group Holdings Ltd. (a) ............................................. 571,561 9,205,172 Westpac Banking Corp. .................................................. 585,480 9,266,963 18,472,135 Materials (0.6%): BHP Group Ltd. ....................................................... 208,075 6,444,090 Newcrest Mining Ltd. ................................................... 456,002 6,392,777 Rio Tinto Ltd. ........................................................ 90,283 7,124,049 19,960,916 43,644,252 Austria (0.3%): Energy (0.2%): OMV AG ............................................................ 107,267 5,517,130 Financials (0.1%): Erste Group Bank AG ................................................... 164,807 5,272,286 10,789,416 Belgium (0.2%): Financials (0.2%): KBC Group NV ....................................................... 102,416 6,593,146 Brazil (1.4%): Communication Services (0.3%): Telefonica Brasil SA .................................................... 1,259,800 9,101,120 Consumer Staples (0.2%): JBS SA ............................................................. 1,385,500 5,789,579 Energy (0.2%): Petroleo Brasileiro SA, Preference Shares ..................................... 823,700 3,822,102 Ultrapar Participacoes SA ................................................ 2,007,200 4,766,146 8,588,248 Materials (0.4%): Cia Siderurgica Nacional SA .............................................. 1,304,100 3,554,930 CSN Mineracao SA .................................................... 1,711,786 1,305,828 Vale SA ............................................................. 451,300 7,646,743 12,507,501 Utilities (0.3%): Engie Brasil Energia SA ................................................. 1,366,300 9,812,056 45,798,504 Canada (2.8%): Communication Services (0.7%): BCE, Inc. ........................................................... 266,259 11,700,213 TELUS Corp. (b) ...................................................... 517,418 9,986,802 21,687,015 Energy (0.8%): Enbridge, Inc. (b) ...................................................... 269,073 10,518,055 Pembina Pipeline Corp. ................................................. 246,618 8,372,406 TC Energy Corp. ...................................................... 189,420 7,552,734 26,443,195 Financials (0.8%): Great-West Lifeco, Inc. .................................................. 455,953 10,541,682 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Victory Market Neutral Income Fund 15 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Manulife Financial Corp. ................................................ 436,112 $7,779,661 Power Corp. (b) ....................................................... 400,543 9,423,323 27,744,666 Utilities (0.5%): Algonquin Power & Utilities Corp. (b) ....................................... 880,565 5,736,876 Emera, Inc. .......................................................... 291,240 11,132,863 16,869,739 92,744,615 Chile (0.8%): Consumer Discretionary (0.2%): Falabella SA ......................................................... 2,707,779 5,277,990 Consumer Staples (0.2%): Cencosud SA ......................................................... 4,116,557 6,780,414 Energy (0.2%): Empresas COPEC SA ................................................... 694,161 5,176,516 Industrials (0.1%): Cia Sud Americana de Vapores SA .......................................... 51,033,731 4,027,521 Materials (0.1%): Empresas CMPC SA .................................................... 2,575,600 4,296,497 25,558,938 China (4.7%): Consumer Staples (0.1%): China Feihe Ltd. (c) .................................................... 4,634,000 3,923,641 Energy (0.4%): China Petroleum & Chemical Corp., Class H .................................. 17,008,000 8,195,133 China Shenhua Energy Co. Ltd., Class H ..................................... 1,539,000 4,433,623 12,628,756 Financials (3.4%): Agricultural Bank of China Ltd., Class H ..................................... 41,360,000 14,149,933 Bank of China Ltd., Class H .............................................. 36,846,000 13,336,422 Bank of Communications Co. Ltd., Class H ................................... 18,326,000 10,517,847 China CITIC Bank Corp. Ltd., Class H ...................................... 28,147,000 12,456,398 China Construction Bank Corp., Class H ..................................... 19,409,000 12,138,886 China Everbright Bank Co. Ltd., Class H ..................................... 27,059,000 8,239,228 China Merchants Securities Co. Ltd., Class H (c)................................ 5,775,000 5,655,666 China Minsheng Banking Corp. Ltd., Class H .................................. 28,980,000 10,014,762 Industrial & Commercial Bank of China Ltd., Class H ............................ 25,418,000 13,037,381 New China Life Insurance Co. Ltd., Class H ................................... 3,158,300 7,689,891 The People's Insurance Co. Group of China Ltd., Class H ......................... 11,683,000 3,865,140 111,101,554 Industrials (0.3%): COSCO SHIPPING Holdings Co. Ltd., Class H ................................ 2,471,000 2,512,018 Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H ................. 12,266,800 5,779,639 8,291,657 Information Technology (0.2%): China Railway Signal & Communication Corp. Ltd., Class H (c)..................... 24,306,000 7,926,813 Materials (0.3%): Anhui Conch Cement Co. Ltd., Class H ...................................... 954,000 3,324,377 China Hongqiao Group Ltd. .............................................. 4,184,000 3,946,385 China National Building Material Co. Ltd., Class H ............................. 4,516,000 3,690,107 10,960,869 154,833,290 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Victory Market Neutral Income Fund 16 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Colombia (0.1%): Utilities (0.1%): Interconexion Electrica SA ESP ............................................ 1,130,052 $4,944,763 Czech Republic (0.3%): Financials (0.1%): Komercni Banka A/S ................................................... 118,690 3,437,484 Utilities (0.2%): CEZ A/S ............................................................ 156,932 5,348,608 8,786,092 Denmark (0.1%): Industrials (0.1%): AP Moller - Maersk A/S, Class B ........................................... 1,702 3,810,764 Finland (0.5%): Financials (0.2%): Nordea Bank Abp ...................................................... 700,075 7,503,307 Industrials (0.3%): Kone Oyj, Class B ..................................................... 155,921 8,071,152 15,574,459 France (2.4%): Communication Services (0.4%): Orange SA ........................................................... 1,241,870 12,320,226 Consumer Discretionary (0.2%): Cie Generale des Etablissements Michelin SCA ................................ 236,456 6,586,086 Energy (0.2%): TotalEnergies SE (b) .................................................... 112,875 7,084,513 Financials (0.9%): Amundi SA (c) ........................................................ 110,441 6,262,099 AXA SA ............................................................ 270,951 7,546,408 BNP Paribas SA ....................................................... 106,316 6,052,683 Credit Agricole SA ..................................................... 564,421 5,936,493 Societe Generale SA .................................................... 180,600 4,529,462 30,327,145 Industrials (0.3%): Bouygues SA ......................................................... 327,243 9,813,194 Utilities (0.4%): Engie SA ............................................................ 470,818 6,734,602 Veolia Environnement SA ................................................ 213,918 5,495,717 12,230,319 78,361,483 Germany (1.7%): Consumer Discretionary (0.3%): Bayerische Motoren Werke AG ............................................ 71,955 6,369,631 Mercedes-Benz Group AG ............................................... 85,689 5,602,828 11,972,459 Financials (0.3%): Allianz SE, Registered Shares ............................................. 41,639 8,891,064 Industrials (0.2%): Deutsche Post AG, Registered Shares ........................................ 147,925 5,535,550 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Victory Market Neutral Income Fund 17 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Materials (0.6%): BASF SE ............................................................ 120,330 $5,924,039 Evonik Industries AG ................................................... 315,157 6,010,394 HeidelbergCement AG .................................................. 121,397 6,877,988 18,812,421 Real Estate (0.1%): Vonovia SE .......................................................... 196,295 4,623,350 Utilities (0.2%): E.ON SE ............................................................ 743,525 7,391,076 57,225,920 Hong Kong (1.0%): Industrials (0.3%): CK Hutchison Holdings Ltd. .............................................. 1,405,000 8,417,632 Real Estate (0.5%): Henderson Land Development Co. Ltd. ...................................... 2,473,000 8,609,510 Swire Pacific Ltd., Class A ............................................... 882,500 7,736,338 16,345,848 Utilities (0.2%): Hong Kong & China Gas Co. Ltd. .......................................... 7,870,000 7,464,405 32,227,885 India (2.0%): Communication Services (0.1%): Indus Towers Ltd. ...................................................... 1,629,109 3,740,668 Consumer Discretionary (0.3%): Bajaj Auto Ltd. ....................................................... 193,647 8,444,313 Consumer Staples (0.3%): ITC Ltd. ............................................................ 2,539,998 10,167,597 Energy (0.3%): Bharat Petroleum Corp. Ltd. .............................................. 1,764,948 7,036,127 Hindustan Petroleum Corp. Ltd. ........................................... 1,578,493 4,475,118 11,511,245 Information Technology (0.0%):(d) HCL Technologies Ltd. .................................................. 35,283 442,507 Materials (0.6%): Ambuja Cements Ltd. ................................................... 1,437,607 9,092,962 Steel Authority of India, Ltd. .............................................. 321,413 320,603 Tata Steel Ltd. ........................................................ 3,307,937 4,505,710 Vedanta Ltd. ......................................................... 1,297,971 4,831,227 18,750,502 Utilities (0.4%): NTPC Ltd. ........................................................... 4,236,294 8,520,054 Power Grid Corp. of India Ltd. ............................................ 2,100,986 5,417,102 13,937,156 66,993,988 Indonesia (0.9%): Consumer Staples (0.4%): PT Gudang Garam Tbk .................................................. 3,049,300 3,527,499 PT Indofood Sukses Makmur Tbk .......................................... 20,662,300 8,933,296 12,460,795 Energy (0.4%): PT Adaro Energy Indonesia Tbk ........................................... 21,823,600 5,406,855 PT Bukit Asam Tbk .................................................... 11,888,600 2,819,991 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Victory Market Neutral Income Fund 18 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value PT Indo Tambangraya Megah Tbk .......................................... 1,415,600 $3,555,891 11,782,737 Utilities (0.1%): PT Perusahaan Gas Negara Tbk ............................................ 38,203,500 4,317,662 28,561,194 Ireland (0.2%): Health Care (0.2%): Medtronic PLC ....................................................... 100,406 7,803,554 Israel (0.1%): Materials (0.1%): ICL Group Ltd. ....................................................... 457,169 3,307,963 Italy (1.5%): Energy (0.2%): Eni SpA ............................................................. 503,034 7,151,854 Financials (0.8%): Assicurazioni Generali SpA ............................................... 479,483 8,525,196 Intesa Sanpaolo SpA .................................................... 2,659,275 5,890,547 Poste Italiane SpA (c) ................................................... 703,986 6,867,440 UniCredit SpA ........................................................ 361,381 5,127,106 26,410,289 Utilities (0.5%): Enel SpA ............................................................ 1,385,442 7,450,043 Snam SpA ........................................................... 1,943,954 9,424,576 16,874,619 50,436,762 Japan (2.0%): Communication Services (0.3%): Softbank Corp. ........................................................ 1,071,900 12,128,976 Consumer Staples (0.4%): Japan Tobacco, Inc. (b) .................................................. 606,300 12,225,013 Energy (0.2%): ENEOS Holdings, Inc. .................................................. 1,985,600 6,762,826 Health Care (0.3%): Takeda Pharmaceutical Co. Ltd. ............................................ 374,300 11,697,420 Industrials (0.6%): Marubeni Corp. ....................................................... 575,800 6,597,340 Nippon Yusen KK ..................................................... 157,500 3,714,518 Sumitomo Corp. ....................................................... 511,300 8,500,681 18,812,539 Materials (0.2%): Nippon Steel Corp. ..................................................... 356,600 6,188,360 67,815,134 Korea, Republic Of (0.8%): Energy (0.1%): S-Oil Corp. .......................................................... 67,402 4,486,307 Financials (0.5%): KB Financial Group, Inc. ................................................ 177,628 6,805,938 Shinhan Financial Group Co. Ltd. .......................................... 301,666 8,398,892 15,204,830 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Victory Market Neutral Income Fund 19 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Materials (0.2%): POSCO Holdings, Inc. .................................................. 34,833 $7,623,872 27,315,009 Malaysia (1.3%): Consumer Staples (0.1%): Kuala Lumpur Kepong Bhd .............................................. 157,200 799,866 Sime Darby Plantation Bhd ............................................... 1,723,000 1,822,791 2,622,657 Financials (0.3%): RHB Bank Bhd ....................................................... 8,518,400 11,204,830 Industrials (0.4%): MISC Bhd ........................................................... 4,956,400 8,447,752 Sime Darby Bhd ....................................................... 11,444,600 5,980,528 14,428,280 Utilities (0.5%): Tenaga Nasional Bhd ................................................... 6,668,300 14,594,031 42,849,798 Mexico (1.2%): Consumer Staples (0.6%): Arca Continental SAB de CV ............................................. 1,252,132 10,170,226 Kimberly-Clark de Mexico SAB de CV, Class A ................................ 5,455,576 9,260,598 19,430,824 Financials (0.2%): Grupo Financiero Banorte SAB de CV, Class O ................................ 987,362 7,090,705 Industrials (0.0%):(d) Alfa SAB de CV, Class A ................................................ 2,598,264 1,655,081 Materials (0.4%): Grupo Mexico SAB de CV, Class B ......................................... 1,333,478 4,682,413 Orbia Advance Corp. SAB de CV .......................................... 4,674,084 8,277,131 12,959,544 41,136,154 Netherlands (1.6%): Communication Services (0.3%): Koninklijke KPN NV ................................................... 3,562,512 11,025,315 Consumer Staples (0.0%):(d) X5 Retail Group NV, GDR (a)(e)(f)(g)(h) ..................................... 201,753 15,821 Financials (0.4%): ABN AMRO Bank NV (c)................................................ 468,362 6,484,939 NN Group NV ........................................................ 133,479 5,457,471 11,942,410 Health Care (0.1%): Koninklijke Philips NV .................................................. 277,805 4,179,597 Industrials (0.3%): Randstad NV ......................................................... 127,529 7,791,217 Materials (0.2%): LyondellBasell Industries NV, Class A ....................................... 76,645 6,363,834 Real Estate (0.3%): NEPI Rockcastle NV ................................................... 1,756,277 10,536,350 51,854,544 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Victory Market Neutral Income Fund 20 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Norway (0.5%): Communication Services (0.2%): Telenor ASA ......................................................... 863,683 $8,079,431 Energy (0.1%): Aker BP ASA ......................................................... 112,355 3,496,672 Materials (0.2%): Yara International ASA .................................................. 126,517 5,563,173 17,139,276 Philippines (0.3%): Communication Services (0.3%): Globe Telecom, Inc. .................................................... 107,910 4,236,021 PLDT, Inc. ........................................................... 202,335 4,776,793 9,012,814 Poland (0.8%): Communication Services (0.1%): Cyfrowy Polsat SA ..................................................... 949,675 3,838,756 Consumer Discretionary (0.0%):(d) LPP SA ............................................................. 176 430,237 Energy (0.2%): Polski Koncern Naftowy ORLEN SA ........................................ 422,303 6,218,740 Financials (0.5%): Powszechna Kasa Oszczednosci Bank Polski SA ................................ 871,419 6,062,461 Powszechny Zaklad Ubezpieczen SA ........................................ 1,117,153 9,093,545 15,156,006 25,643,739 Portugal (0.2%): Energy (0.2%): Galp Energia SGPS SA .................................................. 447,544 6,036,791 Russian Federation (0.0%):(d) Communication Services (0.0%):(d) Mobile TeleSystems PJSC (e)(f)(g)(h)........................................ 2,330,210 75,531 Rostelecom PJSC (e)(f)(g)(h).............................................. 6,752,730 66,130 141,661 Consumer Staples (0.0%):(d) Magnit PJSC (a)(e)(f)(g)(h) ............................................... 93,217 1,149 Energy (0.0%):(d) Tatneft PJSC (e)(f)(g)(h) ................................................. 827,565 43,105 Financials (0.0%):(d) Moscow Exchange MICEX-RTS PJSC (a)(e)(f)................................. 2,604,790 35,840 Materials (0.0%):(d) Magnitogorsk Iron & Steel Works PJSC (e)(f) .................................. 4,673,660 31,169 MMC Norilsk Nickel PJSC (e)(f)(g)(h)....................................... 14,877 41,326 Novolipetsk Steel PJSC (a)(e)(f)............................................ 1,477,080 38,200 Polyus PJSC (a)(e)(f).................................................... 34,403 52,786 Severstal PAO (e)(f)(g)(h) ................................................ 223,944 43,553 207,034 Utilities (0.0%):(d) Inter RAO UES PJSC (e)(f) ............................................... 128,274,200 50,425 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Victory Market Neutral Income Fund 21 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value RusHydro PJSC (e)(f)(g)(h) ............................................... 694,437,000 $67,049 117,474 546,263 Singapore (0.3%): Industrials (0.3%): Keppel Corp. Ltd. ...................................................... 2,008,300 10,893,812 South Africa (1.4%): Communication Services (0.6%): MultiChoice Group .................................................... 1,378,717 9,513,816 Vodacom Group Ltd. (b) ................................................. 1,434,271 10,343,747 19,857,563 Energy (0.2%): Exxaro Resources Ltd. .................................................. 386,185 4,954,160 Financials (0.2%): Nedbank Group Ltd. .................................................... 600,652 7,518,143 Materials (0.4%): African Rainbow Minerals Ltd. ............................................ 328,061 5,546,845 Anglo American Platinum Ltd. ............................................ 51,207 4,276,223 Kumba Iron Ore Ltd. ................................................... 19,202 554,963 Sibanye Stillwater Ltd. .................................................. 1,589,027 4,215,494 14,593,525 46,923,391 Spain (0.9%): Communication Services (0.2%): Telefonica SA ........................................................ 2,016,771 7,299,885 Financials (0.2%): Banco Bilbao Vizcaya Argentaria SA ........................................ 1,106,742 6,665,252 Utilities (0.5%): Endesa SA ........................................................... 424,995 8,008,546 Red Electrica Corp. SA .................................................. 431,697 7,505,351 15,513,897 29,479,034 Sweden (0.9%): Communication Services (0.2%): Telia Co. AB ......................................................... 2,785,058 7,120,499 Financials (0.7%): Skandinaviska Enskilda Banken AB, Class A .................................. 583,878 6,725,819 Svenska Handelsbanken AB, Class A ........................................ 866,739 8,731,135 Swedbank AB, Class A .................................................. 457,654 7,788,559 23,245,513 30,366,012 Switzerland (1.3%): Communication Services (0.4%): Swisscom AG, Registered Shares ........................................... 23,404 12,824,441 Consumer Discretionary (0.2%): Garmin Ltd. .......................................................... 77,912 7,190,498 Financials (0.3%): Swiss Re AG ......................................................... 92,120 8,615,677 Industrials (0.2%): Kuehne + Nagel International AG, Class R .................................... 23,379 5,436,684 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Victory Market Neutral Income Fund 22 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Materials (0.2%): Holcim AG .......................................................... 155,309 $8,041,479 42,108,779 Taiwan (4.2%): Consumer Discretionary (0.1%): Giant Manufacturing Co. Ltd. ............................................. 721,000 4,691,377 Financials (0.5%): Cathay Financial Holding Co. Ltd. .......................................... 6,384,000 8,290,228 China Development Financial Holding Corp. .................................. 14,727,000 6,027,469 Yuanta Financial Holding Co. Ltd. .......................................... 926,640 653,106 14,970,803 Industrials (0.3%): Evergreen Marine Corp. Ltd. .............................................. 483,000 2,553,050 Far Eastern New Century Corp. ............................................ 1,476,000 1,529,752 Wan Hai Lines Ltd. .................................................... 1,254,000 3,259,597 Yang Ming Marine Transport Corp. ......................................... 1,561,000 3,316,313 10,658,712 Information Technology (2.4%): ASE Technology Holding Co. Ltd. .......................................... 2,507,000 7,618,085 Asustek Computer, Inc. .................................................. 1,077,000 9,389,481 Compal Electronics, Inc. ................................................. 15,398,000 11,534,683 MediaTek, Inc. ........................................................ 229,000 4,630,664 Micro-Star International Co. Ltd. ........................................... 1,897,000 7,357,452 Novatek Microelectronics Corp. ........................................... 497,000 5,081,275 Pegatron Corp. ........................................................ 4,766,000 9,834,839 Quanta Computer, Inc. .................................................. 3,874,000 9,086,099 Synnex Technology International Corp. ...................................... 4,780,000 9,185,211 United Microelectronics Corp. ............................................. 4,315,000 5,670,059 WPG Holdings Ltd. .................................................... 400,000 624,688 80,012,536 Materials (0.9%): Asia Cement Corp. ..................................................... 8,967,000 11,945,367 China Steel Corp. ...................................................... 8,744,000 8,473,788 Formosa Plastics Corp. .................................................. 1,768,000 4,986,363 Nan Ya Plastics Corp. ................................................... 2,174,000 5,014,274 Taiwan Cement Corp. ................................................... 327 358 30,420,150 140,753,578 Thailand (2.2%): Communication Services (0.1%): Intouch Holdings PCL .................................................. 1,893,900 4,225,606 Energy (0.8%): PTT Exploration & Production PCL ......................................... 1,765,300 8,991,919 PTT PCL ............................................................ 11,660,500 11,191,657 Thai Oil PCL ......................................................... 4,568,800 7,407,352 27,590,928 Materials (0.8%): PTT Global Chemical PCL ............................................... 8,532,200 11,619,935 The Siam Cement PCL .................................................. 1,629,400 16,083,033 27,702,968 Real Estate (0.5%): Land & Houses PCL .................................................... 51,455,300 14,711,481 74,230,983 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-025.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Victory Market Neutral Income Fund 23 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Turkey (0.4%): Consumer Discretionary (0.2%): Ford Otomotiv Sanayi A/S (b) ............................................. 229,582 $6,437,118 Materials (0.2%): Eregli Demir ve Celik Fabrikalari TAS (b)..................................... 3,234,284 7,113,476 13,550,594 United Kingdom (2.6%): Communication Services (0.5%): BT Group PLC ........................................................ 3,483,473 4,702,646 Vodafone Group PLC ................................................... 5,838,987 5,911,988 WPP PLC ........................................................... 592,156 5,849,250 16,463,884 Consumer Staples (1.0%): British American Tobacco PLC ............................................ 200,723 7,938,543 Imperial Brands PLC ................................................... 352,045 8,767,977 Tesco PLC ........................................................... 3,240,457 8,730,751 Unilever PLC ......................................................... 148,951 7,518,615 32,955,886 Health Care (0.2%): GSK PLC ........................................................... 466,140 8,054,694 Materials (0.4%): Anglo American PLC ................................................... 135,358 5,299,477 Evraz PLC (e)(f)(g)(h)................................................... 753,373 368,792 Rio Tinto PLC ........................................................ 101,239 7,124,095 12,792,364 Utilities (0.5%): National Grid PLC ..................................................... 690,215 8,266,574 SSE PLC ............................................................ 354,216 7,283,590 15,550,164 85,816,992 United States (43.8%): Communication Services (2.3%): AT&T, Inc. .......................................................... 438,730 8,077,019 Cogent Communications Holdings, Inc. ...................................... 200,817 11,462,634 Comcast Corp., Class A ................................................. 216,665 7,576,775 John Wiley & Sons, Inc., Class A ........................................... 228,279 9,144,857 Lumen Technologies, Inc. ................................................ 548,394 2,862,617 Omnicom Group, Inc. ................................................... 93,094 7,593,678 Paramount Global, Class B (b) ............................................. 170,488 2,877,838 Sinclair Broadcast Group, Inc., Class A ...................................... 249,000 3,861,990 Telephone and Data Systems, Inc. .......................................... 506,115 5,309,146 The Interpublic Group of Cos., Inc. ......................................... 219,826 7,322,404 Verizon Communications, Inc. ............................................. 235,336 9,272,238 75,361,196 Consumer Discretionary (4.9%): Advance Auto Parts, Inc. ................................................. 36,187 5,320,575 American Eagle Outfitters, Inc. ............................................ 323,514 4,516,255 Best Buy Co., Inc. ..................................................... 69,259 5,555,264 Bloomin' Brands, Inc. ................................................... 211,255 4,250,451 Camping World Holdings, Inc., Class A (b) .................................... 161,138 3,596,600 Cracker Barrel Old Country Store, Inc. ....................................... 58,178 5,511,784 Dana, Inc. ........................................................... 304,940 4,613,742 Darden Restaurants, Inc. ................................................. 47,774 6,608,577 Dine Brands Global, Inc. ................................................. 73,800 4,767,480 Ethan Allen Interiors, Inc. ................................................ 8,789 232,205 Ford Motor Co. ....................................................... 286,476 3,331,716 Franchise Group, Inc. (b) ................................................. 154,275 3,674,831 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-026.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Victory Market Neutral Income Fund 24 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Guess?, Inc. (b)........................................................ 223,364 $4,621,401 Hasbro, Inc. .......................................................... 90,063 5,494,744 Jack in the Box, Inc. .................................................... 74,589 5,089,208 KB Home ........................................................... 171,392 5,458,835 Kontoor Brands, Inc. ................................................... 165,123 6,603,269 La-Z-Boy, Inc. ........................................................ 306,495 6,994,216 LCI Industries ........................................................ 49,800 4,604,010 MDC Holdings, Inc. .................................................... 269,681 8,521,920 Monro, Inc. .......................................................... 136,111 6,152,217 Nordstrom, Inc. (b) ..................................................... 143,200 2,311,248 Patrick Industries, Inc. .................................................. 118,425 7,176,555 Rent-A-Center, Inc. .................................................... 146,998 3,314,805 Standard Motor Products, Inc. ............................................. 142,745 4,967,526 Steven Madden Ltd. .................................................... 223,100 7,130,276 Strategic Education, Inc. ................................................. 129,545 10,145,964 Sturm Ruger & Co., Inc. ................................................. 146,247 7,403,023 The Buckle, Inc. ....................................................... 183,177 8,307,077 VF Corp. ............................................................ 141,154 3,897,262 Wolverine World Wide, Inc. .............................................. 309,267 3,380,288 163,553,324 Consumer Staples (4.3%): Altria Group, Inc. ...................................................... 183,722 8,397,933 B&G Foods, Inc. (b) .................................................... 391,535 4,365,615 Campbell Soup Co. .................................................... 180,975 10,270,331 Conagra Brands, Inc. ................................................... 240,937 9,324,262 Energizer Holdings, Inc. ................................................. 341,546 11,458,868 Fresh Del Monte Produce, Inc. ............................................ 22,605 592,025 Inter Parfums, Inc. ..................................................... 716 69,108 Kellogg Co. .......................................................... 139,531 9,940,188 Kimberly-Clark Corp. ................................................... 74,700 10,140,525 Medifast, Inc. ......................................................... 42,962 4,955,667 Nu Skin Enterprises, Inc., Class A .......................................... 176,281 7,432,007 Philip Morris International, Inc. ............................................ 89,403 9,048,478 SpartanNash Co. ...................................................... 294,124 8,894,310 Spectrum Brands Holdings, Inc. ........................................... 130,300 7,937,876 The Clorox Co. ....................................................... 43,741 6,138,175 The Kraft Heinz Co. .................................................... 215,385 8,768,323 Universal Corp. ....................................................... 156,817 8,281,506 Vector Group Ltd. ..................................................... 753,719 8,939,107 Walgreens Boots Alliance, Inc. ............................................ 221,630 8,280,097 143,234,401 Energy (2.3%): Archrock, Inc. ........................................................ 890,054 7,992,685 Chevron Corp. ........................................................ 41,423 7,435,014 Devon Energy Corp. .................................................... 56,143 3,453,356 Exxon Mobil Corp. ..................................................... 62,792 6,925,958 Kinder Morgan, Inc. .................................................... 448,494 8,108,772 ONEOK, Inc. ......................................................... 107,735 7,078,189 Phillips 66 ........................................................... 61,962 6,449,005 Pioneer Natural Resources Co. ............................................ 21,735 4,964,057 Sitio Royalties Corp., Class A (b) ........................................... 387,810 11,188,318 The Williams Cos., Inc. .................................................. 233,271 7,674,616 Valero Energy Corp. .................................................... 41,868 5,311,374 76,581,344 Financials (10.5%): Ally Financial, Inc. ..................................................... 152,700 3,733,515 AMERISAFE, Inc. ..................................................... 17,775 923,767 Ares Management Corp., Class A ........................................... 60,800 4,161,152 Artisan Partners Asset Management, Inc., Class A ............................... 269,816 8,013,535 Bank of Hawaii Corp. ................................................... 88,476 6,862,199 Blackstone, Inc. ....................................................... 43,717 3,243,364 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-027.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Victory Market Neutral Income Fund 25 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Bread Financial Holdings, Inc. ............................................ 114,527 $4,313,087 Brookline Bancorp, Inc. ................................................. 60,070 849,990 Capitol Federal Financial, Inc. ............................................. 949,274 8,211,220 Citigroup, Inc. ........................................................ 129,877 5,874,337 Citizens Financial Group, Inc. ............................................. 163,542 6,438,648 CME Group, Inc. ...................................................... 42,671 7,175,555 Columbia Banking System, Inc. ............................................ 312,653 9,420,235 Comerica, Inc. ........................................................ 73,691 4,926,243 Community Bank System, Inc. ............................................ 20,735 1,305,268 Compass Diversified Holdings ............................................. 27,839 507,505 Eagle Bancorp, Inc. .................................................... 16,093 709,218 Employers Holdings, Inc. ................................................ 14,849 640,437 Federal Agricultural Mortgage Corp., Class C .................................. 579 65,259 Fidelity National Financial, Inc. ............................................ 193,883 7,293,878 Fifth Third Bancorp .................................................... 179,792 5,898,975 First Busey Corp. ...................................................... 160,210 3,960,391 First Commonwealth Financial Corp. ........................................ 32,631 455,855 First Financial Bancorp .................................................. 348,117 8,434,875 First Merchants Corp. ................................................... 156,087 6,416,737 Franklin Resources, Inc. (b) ............................................... 238,118 6,281,553 Fulton Financial Corp. .................................................. 973,364 16,381,716 GCM Grosvenor, Inc., Class A (b) .......................................... 62,864 478,395 Golub Capital BDC, Inc. ................................................. 146,211 1,924,137 Hope Bancorp, Inc. ..................................................... 785,558 10,062,998 Huntington Bancshares, Inc. .............................................. 477,588 6,733,991 Jackson Financial, Inc., Class A ............................................ 148,183 5,155,287 JPMorgan Chase & Co. .................................................. 64,123 8,598,894 Kearny Financial Corp. .................................................. 33,870 343,780 KeyCorp ............................................................ 362,773 6,319,506 MetLife, Inc. ......................................................... 128,980 9,334,283 Moelis & Co., Class A .................................................. 212,375 8,148,829 Morgan Stanley ....................................................... 78,580 6,680,872 Navient Corp. ........................................................ 398,056 6,548,021 NBT Bancorp, Inc. ..................................................... 147,159 6,389,644 Northern Trust Corp. ................................................... 69,918 6,187,044 Northwest Bancshares, Inc. ............................................... 842,970 11,784,721 Park National Corp. .................................................... 17,700 2,491,275 Premier Financial Corp. ................................................. 121,611 3,279,849 Principal Financial Group, Inc. ............................................ 90,337 7,581,081 Provident Financial Services, Inc. .......................................... 353,211 7,544,587 Prudential Financial, Inc. ................................................ 76,815 7,640,020 Regions Financial Corp. ................................................. 270,529 5,832,605 S&T Bancorp, Inc. ..................................................... 147,738 5,049,685 Safety Insurance Group, Inc. .............................................. 91,403 7,701,617 Sandy Spring Bancorp, Inc. ............................................... 47,623 1,677,758 Southside Bancshares, Inc. ............................................... 99,729 3,589,247 State Street Corp. ...................................................... 80,867 6,272,853 T. Rowe Price Group, Inc. ................................................ 48,085 5,244,150 The Bank of New York Mellon Corp. ........................................ 167,157 7,608,987 The Carlyle Group, Inc. ................................................. 136,217 4,064,715 The PNC Financial Services Group, Inc. ...................................... 47,559 7,511,468 Towne Bank .......................................................... 109,721 3,383,796 TriCo Bancshares ...................................................... 5,926 302,167 Truist Financial Corp. ................................................... 152,594 6,566,120 Trustmark Corp. ....................................................... 18,715 653,341 U.S. Bancorp ......................................................... 167,536 7,306,245 Washington Federal, Inc. ................................................. 25,051 840,461 Washington Trust Bancorp, Inc. ............................................ 63,826 3,011,311 WesBanco, Inc. ....................................................... 221,209 8,180,309 Westamerica Bancorp ................................................... 117,234 6,917,978 347,440,541 Health Care (3.0%): AbbVie, Inc. ......................................................... 73,997 11,958,655 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-028.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Victory Market Neutral Income Fund 26 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Amgen, Inc. .......................................................... 46,311 $12,163,121 Bristol-Myers Squibb Co. ................................................ 167,156 12,026,874 Gilead Sciences, Inc. ................................................... 162,371 13,939,550 Merck & Co., Inc. ..................................................... 129,762 14,397,094 National HealthCare Corp. ............................................... 95,385 5,675,407 Patterson Cos., Inc. ..................................................... 405,791 11,374,322 Pfizer, Inc. ........................................................... 165,096 8,459,519 Phibro Animal Health Corp., Class A ........................................ 82,527 1,106,687 U.S. Physical Therapy, Inc. ............................................... 51,029 4,134,880 Viatris, Inc. .......................................................... 523,475 5,826,277 101,062,386 Industrials (4.7%): 3M Co. ............................................................. 66,601 7,986,792 ACCO Brands Corp. .................................................... 268,696 1,502,011 Apogee Enterprises, Inc. ................................................. 12,902 573,623 Barnes Group, Inc. ..................................................... 64,177 2,621,630 Boise Cascade Co. ..................................................... 87,111 5,981,912 Brady Corp., Class A ................................................... 33,564 1,580,864 CSW Industrials, Inc. ................................................... 6,317 732,330 Deluxe Corp. ......................................................... 261,472 4,439,795 Douglas Dynamics, Inc. ................................................. 109,848 3,972,104 Global Industrial Co. ................................................... 101,575 2,390,060 Granite Construction, Inc. ................................................ 21,295 746,816 H&E Equipment Services, Inc. ............................................ 205,144 9,313,538 Healthcare Services Group, Inc. ............................................ 525,888 6,310,656 Hillenbrand, Inc. ...................................................... 205,462 8,767,064 HNI Corp. ........................................................... 210,778 5,992,418 Kaman Corp. ......................................................... 159,031 3,546,391 Kennametal, Inc. ...................................................... 364,771 8,776,390 Kforce, Inc. .......................................................... 74,759 4,099,036 McGrath RentCorp ..................................................... 89,438 8,831,108 MSC Industrial Direct Co., Inc. ............................................ 74,071 6,051,601 Mueller Water Products, Inc., Class A ........................................ 909,057 9,781,453 Stanley Black & Decker, Inc. .............................................. 59,108 4,440,193 Steelcase, Inc., Class A .................................................. 535,428 3,785,476 The Gorman-Rupp Co. .................................................. 139,155 3,565,151 The Greenbrier Cos., Inc. ................................................ 242,845 8,142,593 Trinity Industries, Inc. ................................................... 351,725 10,400,508 United Parcel Service, Inc., Class B ......................................... 35,554 6,180,707 Wabash National Corp. .................................................. 344,087 7,776,366 Watsco, Inc. .......................................................... 25,960 6,474,424 154,763,010 Information Technology (2.7%): American Software, Inc., Class A ........................................... 131,387 1,928,761 Benchmark Electronics, Inc. .............................................. 195,569 5,219,737 Broadcom, Inc. ....................................................... 11,634 6,504,918 Cisco Systems, Inc. .................................................... 158,966 7,573,140 Corning, Inc. ......................................................... 196,490 6,275,891 CSG Systems International, Inc. ........................................... 11,825 676,390 Hewlett Packard Enterprise Co. ............................................ 449,170 7,168,753 HP, Inc. ............................................................. 172,894 4,645,662 Intel Corp. ........................................................... 188,799 4,989,958 InterDigital, Inc. ....................................................... 178,297 8,822,135 International Business Machines Corp. ....................................... 71,137 10,022,492 Juniper Networks, Inc. .................................................. 251,532 8,038,963 Seagate Technology Holdings PLC ......................................... 78,519 4,130,885 Vishay Intertechnology, Inc. .............................................. 569,183 12,277,277 88,274,962 Materials (2.3%): Dow, Inc. ............................................................ 150,996 7,608,689 Eastman Chemical Co. .................................................. 76,282 6,212,406 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-029.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Victory Market Neutral Income Fund 27 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value International Flavors & Fragrances, Inc. ...................................... 61,337 $6,430,571 International Paper Co. .................................................. 207,362 7,180,946 Mativ Holdings, Inc. .................................................... 321,748 6,724,533 NewMarket Corp. ...................................................... 22,935 7,135,308 Newmont Corp. ....................................................... 136,545 6,444,924 Packaging Corp. ....................................................... 57,730 7,384,244 Pactiv Evergreen, Inc. ................................................... 344,965 3,918,803 Schnitzer Steel Industries, Inc. ............................................. 67,063 2,055,481 SunCoke Energy, Inc. ................................................... 246,535 2,127,597 Trinseo PLC ......................................................... 174,317 3,958,739 Worthington Industries, Inc. .............................................. 149,182 7,415,837 74,598,078 Real Estate (0.3%): Getty Realty Corp. ..................................................... 36,845 1,247,203 Global Net Lease, Inc. .................................................. 90,603 1,138,880 Kennedy-Wilson Holdings, Inc. ............................................ 323,521 5,088,985 The RMR Group, Inc., Class A ............................................ 110,781 3,129,563 10,604,631 Utilities (6.5%): American Electric Power Co., Inc. .......................................... 108,497 10,301,790 American States Water Co. ............................................... 95,489 8,837,507 Avista Corp. .......................................................... 369,426 16,380,349 Consolidated Edison, Inc. ................................................ 113,020 10,771,936 Dominion Energy, Inc. .................................................. 143,276 8,785,684 DTE Energy Co. ....................................................... 87,061 10,232,279 Duke Energy Corp. ..................................................... 108,659 11,190,790 Edison International .................................................... 134,992 8,588,191 Entergy Corp. ........................................................ 84,214 9,474,075 Evergy, Inc. .......................................................... 162,528 10,227,887 Exelon Corp. ......................................................... 212,965 9,206,477 FirstEnergy Corp. ...................................................... 264,229 11,081,764 MGE Energy, Inc. ..................................................... 110,127 7,752,941 NiSource, Inc. ........................................................ 347,737 9,534,949 Northwest Natural Holding Co. ............................................ 278,161 13,237,682 NorthWestern Corp. .................................................... 281,100 16,680,474 NRG Energy, Inc. ...................................................... 164,805 5,244,095 PPL Corp. ........................................................... 343,708 10,043,148 SJW Group .......................................................... 104,188 8,459,024 Spire, Inc. ........................................................... 82,000 5,646,520 The Southern Co. ...................................................... 140,110 10,005,255 Unitil Corp. .......................................................... 106,671 5,478,623 217,161,440 1,452,635,313 Total Common Stocks (Cost $2,973,008,012) 2,954,104,998 Collateral for Securities Loaned (2.6%)^ United States (2.6%): Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (i) ....... 22,019,924 22,019,924 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (i) ............ 22,062,474 22,062,474 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (i) ............... 22,062,474 22,062,474 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (i) . 21,934,824 21,934,824 Total Collateral for Securities Loaned (Cost $88,079,696) 88,079,696 Total Investments (Cost $3,061,087,708) — 91.6% 3,042,184,694 Other assets in excess of liabilities — 8.4% 278,105,382 NET ASSETS - 100.00% $3,320,290,076 ^ Purchased with cash collateral from securities on loan. (a) Non-income producing security. (b) All or a portion of this security is on loan.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-030.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Victory Market Neutral Income Fund 28 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. (c) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December 31, 2022, the fair value of these securities was $37,120,598 and amounted to 1.1% of net assets. (d) Amount represents less than 0.05% of net assets. (e) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of December 31, 2022, illiquid securities were less than 0.05% of net assets. (f) Security was fair valued based upon procedures approved by the Board of Trustees and represents less than 0.05% of net assets as of December 31, 2022. This security is classified as Level 3 within the fair value hierarchy. (See Note 2 in the Notes to Financial Statements) (g) Restricted security due to trading restrictions. Russian sanctioned entity by the United States Government. (h) The following table details the earliest acquisition date and cost of the Fund's Russian sanctioned restricted securities at December 31, 2022. Security Name Acquisition Date Cost Evraz PLC................................................. 3/19/2021 $4,339,844 Magnit PJSC ............................................... 8/22/2019 6,809,485 MMC Norilsk Nickel PJSC..................................... 9/19/2014 4,446,120 Mobile TeleSystems PJSC ..................................... 5/15/2020 9,690,609 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 (i) Rate disclosed is the daily yield on December 31, 2022. 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 ......... 7,176 3/17/23 $1,669,742,855 $1,581,913,320 $(87829535) Futures Contracts Sold Number of Contracts Expiration Date Notional Amount Value Unrealized Appreciation (Depreciation) E-Mini MSCI EAFE Index Futures ...... 6,668 3/17/23 $660,732,475 $649,929,960 $10,802,515 E-Mini MSCI Emerging Markets Index Futures .......................... 10,996 3/17/23 532,529,902 527,478,120 5,051,782 E-Mini Russell 2000 Index Futures ...... 6,818 3/17/23 617,552,456 603,699,810 13,852,646 E-Mini S&P 500 Futures.............. 13,330 3/17/23 2,644,109,875 2,573,356,500 70,753,375 $100,460,318 Total unrealized appreciation $100,460,318 Total unrealized depreciation (87829535) Total net unrealized appreciation (depreciation) $12,630,783 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-031.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities December 31, 2022 29 See notes to financial statements. Victory Portfolios II (Unaudited) Victory US 500 Enhanced Volatility Wtd Index Fund Victory Market Neutral Income Fund Assets: Investments, at value (Cost $43,111,387 and $3,061,087,708) $47,921,018(a) $3,042,184,694(b) Foreign currency, at value (Cost $— and $719,716) — 717,024 Cash — 17,889,995 Deposit with broker for futures contracts 54,412 243,976,560 Receivables: Interest and dividends 75,045 7,440,377 Capital shares issued 41 5,555,780 Investments sold — 111,639,436 Variation margin on open futures contracts 579 24,924,186 Reclaims — 1,141,990 From Adviser 27,018 1,473,310 Prepaid expenses 18,585 290,460 Total Assets 48,096,698 3,457,233,812 Liabilities: Payables: Collateral received on loaned securities 81,296 88,079,696 Investments purchased — 26,419,962 Capital shares redeemed 230,570 15,967,832 Variation margin on open futures contracts 2,858 1,715,442 Accrued foreign capital gains taxes — 2,142,984 Accrued expenses and other payables: Investment advisory fees 29,201 1,050,682 Administration fees 2,221 158,524 Custodian fees 1,904 342,616 Transfer agent fees 14,637 993,619 Compliance fees 40 2,301 Trustees' fees 40 2,161 12b-1 fees 8,863 19,947 Other accrued expenses 12,828 47,970 Total Liabilities 384,458 136,943,736 Net Assets: Capital 46,546,614 3,933,012,035 Total accumulated earnings/(loss) 1,165,626 (612721959) Net Assets $47,712,240 $3,320,290,076 Net Assets Class A $24,492,374 $113,683,771 Class C 13,982,102 16,874,582 Class I 9,237,764 3,175,676,817 Member Class — 14,054,906 Total $47,712,240 $3,320,290,076 Shares (unlimited number of shares authorized with a par value of $0.001 per share): Class A 2,409,279 13,740,164 Class C 1,472,641 2,068,073 Class I 907,484 380,946,521 Member Class — 1,698,010 Total 4,789,404 398,452,768 Net asset value, offering (except Class A) and redemption price per share: Class A $10.17 $8.27 Class C (c) 9.49 8.16 Class I 10.18 8.34 Member Class — 8.28 Maximum Sales Charge — Class A 5.75% 5.75% Maximum offering price (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A $10.79 $8.77 (a) Includes $79,023 of securities on loan. (b) Includes $83,279,229 of securities on loan. (c) Redemption price per share varies by the length of time shares are held. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-032.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Operations For the Six Months Ended December 31, 2022 30 See notes to financial statements. Victory Portfolios II (Unaudited) Victory US 500 Enhanced Volatility Wtd Index Fund Victory Market Neutral Income Fund Investment Income: Dividends $578,363 $104,631,596 Interest 655 3,829,476 Securities lending (net of fees) 1,895 1,065,311 Foreign tax withholding (67) (7988652) Total Income 580,846 101,537,731 Expenses: Investment advisory fees 183,480 8,068,210 Administration fees 14,386 1,264,980 Sub-Administration fees 9,407 9,457 12b-1 fees — Class A 32,363 175,769 12b-1 fees — Class C 80,737 84,102 Custodian fees 2,023 745,393 Transfer agent fees — Class A 13,156 50,475 Transfer agent fees — Class C 10,058 7,728 Transfer agent fees — Class I 6,478 2,848,590 Transfer agent fees — Member Class — 9,565 Trustees' fees 2,633 129,064 Compliance fees 241 20,514 Legal and audit fees 6,014 104,781 State registration and filing fees 23,000 298,035 Interfund lending — 39,301 Other expenses 7,667 193,680 Total Expenses 391,643 14,049,644 Expenses waived/reimbursed by Adviser (84800) (4458372) Net Expenses 306,843 9,591,272 Net Investment Income (Loss) 274,003 91,946,459 Realized/Unrealized Gains (Losses) from Investments: Net realized gains (losses) from investment securities and foreign currency transactions (1979285) (363318820) Foreign taxes on realized gains — (886949) Net realized gains (losses) from futures contracts (13976) (43533751) Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations 3,243,401 390,470,646 Net change in unrealized appreciation/depreciation on futures contracts (7384) (178055608) Net change in accrued foreign taxes on unrealized gains — (1915838) Net realized/unrealized gains (losses) on investments 1,242,756 (197240320) Change in net assets resulting from operations $1,516,759 $(105293861) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-033.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 Victory Portfolios II Statements of Changes in Net Assets See notes to financial statements. Victory US 500 Enhanced Volatility Wtd Index Fund Victory Market Neutral Income Fund Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 From Investment Activities: Operations: Net Investment Income (Loss) $274,003 $221,973 $91,946,459 $105,008,860 Net realized gains (losses) (1993261) 16,256,801 (407739520) 143,027,219 Net change in unrealized appreciation/depreciation 3,236,017 (21917476) 210,499,200 (293060197) Change in net assets resulting from operations 1,516,759 (5438702) (105293861) (45024118) Distributions to Shareholders: Class A (6718711) (3584298) (11502381) (2765503) Class C (3979833) (2787518) (1553173) (170615) Class I (2560991) (1966797) (343937158) (85193496) Member Class — — (1323947) (241400) Change in net assets resulting from distributions to shareholders (13259535) (8338613) (358316659) (88371014) Change in net assets resulting from capital transactions 5,294,094 (2819845) (1172936377) 4,027,093,740 Change in net assets (6448682) (16597160) (1636546897) 3,893,698,608 Net Assets: Beginning of period 54,160,922 70,758,082 4,956,836,973 1,063,138,365 End of period $47,712,240 $54,160,922 $3,320,290,076 $4,956,836,973 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-034.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 Victory Portfolios II Statements of Changes in Net Assets (continued) See notes to financial statements. Victory US 500 Enhanced Volatility Wtd Index Fund Victory Market Neutral Income Fund Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Capital Transactions: Class A Proceeds from shares issued $1,427,245 $2,511,389 $38,423,421 $130,429,939 Distributions reinvested 6,525,113 3,473,757 11,355,130 2,740,812 Cost of shares redeemed (3120271) (5730344) (71139480) (29648616) Total Class A $4,832,087 $254,802 $(21360929) $103,522,135 Class C Proceeds from shares issued $165,467 $564,931 $5,149,063 $15,009,927 Distributions reinvested 3,958,381 2,748,655 1,526,643 167,998 Cost of shares redeemed (3736940) (6062903) (3021836) (1526848) Total Class C $386,908 $(2749317) $3,653,870 $13,651,077 Class I Proceeds from shares issued $41,903 $2,046,144 $1,275,808,109 $4,484,096,007 Distributions reinvested 2,526,827 1,952,504 320,182,094 79,965,218 Cost of shares redeemed (2493631) (4323978) (2752977627) (665931613) Total Class I $75,099 $(325330) $(1156987424) $3,898,129,612 Member Class Proceeds from shares issued $— $— $3,275,038 $13,437,497 Distributions reinvested — — 1,323,947 241,400 Cost of shares redeemed — — (2840879) (1887981) Total Member Class $— $— $1,758,106 $11,790,916 Change in net assets resulting from capital transactions $5,294,094 $(2819845) $(1172936377) $4,027,093,740 Share Transactions: Class A Issued 109,457 165,396 4,288,368 13,604,423 Reinvested 623,027 220,223 1,347,238 289,322 Redeemed (247556) (357322) (8017032) (3109868) Total Class A 484,928 28,297 (2381426) 10,783,877 Class C Issued 12,916 36,850 574,397 1,587,725 Reinvested 405,572 183,026 184,896 17,992 Redeemed (296811) (403116) (345138) (161923) Total Class C 121,677 (183240) 414,155 1,443,794 Class I Issued 3,069 121,867 140,241,297 465,846,238 Reinvested 240,673 123,729 37,607,747 8,386,294 Redeemed (189925) (280922) (306838412) (69670012) Total Class I 53,817 (35326) (128989368) 404,562,520 Member Class Issued — — 362,023 1,402,956 Reinvested — — 157,496 25,481 Redeemed — — (315778) (198998) Total Member Class — — 203,741 1,229,439 Change in Shares 660,422 (190269) (130752898) 418,019,630 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-035.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Financial Highlights For a Share Outstanding Throughout Each Period 33 See notes to financial statements. Victory US 500 Enhanced Volatility Wtd Index Fund Class A Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $13.33 $16.62 $13.42 $14.26 $16.50 $16.04 Investment Activities: Net investment income (loss)(a) 0.08 0.08 0.07 0.08 0.13 0.11 Net realized and unrealized gains (losses) 0.38 (1.31) 4.77 0.88 (0.36) 1.91 Total from Investment Activities 0.46 (1.23) 4.84 0.96 (0.23) 2.02 Distributions to Shareholders From: Net investment income (0.04) (0.08) (0.05) (0.07) (0.12) (0.10) Net realized gains from investments (3.59) (1.98) (1.59) (1.73) (1.89) (1.46) Total Distributions (3.63) (2.06) (1.64) (1.80) (2.01) (1.56) Net Asset Value, End of Period $10.17 $13.33 $16.62 $13.42 $14.26 $16.50 Total Return (excludes sales charge)(b) 2.79% (9.25)% 38.05% 6.71% (0.01)% 12.79% Ratios to Average Net Assets: Net Expenses (c)(d) 0.99% 0.99% 0.99% 0.99% 0.99% 0.99% Net Investment Income (Loss) (c) 1.23% 0.52% 0.47% 0.56% 0.84% 0.67% Gross Expenses (c)(d) 1.28% 1.25% 1.24% 1.28% 1.25% 1.19% Supplemental Data: Net Assets at end of period (000's) $24,492 $25,643 $31,504 $26,394 $33,406 $51,671 Portfolio Turnover (b)(e) 140% 101% 68% 54% 120%(f) 45% Victory US 500 Enhanced Volatility Wtd Index Fund Class C Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $12.68 $15.95 $12.99 $13.90 $16.16 $15.78 Investment Activities: Net investment income (loss)(a) 0.03 (0.03) (0.04) (0.03) 0.02 (0.02) Net realized and unrealized gains (losses) 0.37 (1.25) 4.59 0.87 (0.35) 1.86 Total from Investment Activities 0.40 (1.28) 4.55 0.84 (0.33) 1.84 Distributions to Shareholders From: Net investment income — (0.01) —(g) (0.02) (0.04) —(g) Net realized gains from investments (3.59) (1.98) (1.59) (1.73) (1.89) (1.46) Total Distributions (3.59) (1.99) (1.59) (1.75) (1.93) (1.46) Net Asset Value, End of Period $9.49 $12.68 $15.95 $12.99 $13.90 $16.16 Total Return (excludes contingent deferred sales charge)(b) 2.47% (9.97)% 36.98% 5.96% (0.73)% 11.78% Ratios to Average Net Assets: Net Expenses (c)(d) 1.74% 1.74% 1.74% 1.74% 1.74% 1.74% Net Investment Income (Loss) (c) 0.47% (0.22)% (0.29)% (0.19)% 0.10% (0.11)% Gross Expenses (c)(d) 2.09% 2.03% 1.99% 2.03% 2.00% 1.97% Supplemental Data: Net Assets at end of period (000's) $13,982 $17,132 $24,465 $26,240 $35,649 $41,410 Portfolio Turnover (b)(e) 140% 101% 68% 54% 120%(f) 45% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-036.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Financial Highlights — continued For a Share Outstanding Throughout Each Period 34 See notes to financial statements. Victory US 500 Enhanced Volatility Wtd Index Fund Class I Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $13.34 $16.64 $13.43 $14.26 $16.50 $16.05 Investment Activities: Net investment income (loss)(a) 0.10 0.12 0.11 0.12 0.17 0.15 Net realized and unrealized gains (losses) 0.38 (1.31) 4.77 0.88 (0.36) 1.90 Total from Investment Activities 0.48 (1.19) 4.88 1.00 (0.19) 2.05 Distributions to Shareholders From: Net investment income (0.05) (0.13) (0.08) (0.10) (0.16) (0.14) Net realized gains from investments (3.59) (1.98) (1.59) (1.73) (1.89) (1.46) Total Distributions (3.64) (2.11) (1.67) (1.83) (2.05) (1.60) Net Asset Value, End of Period $10.18 $13.34 $16.64 $13.43 $14.26 $16.50 Total Return(b) 2.90% (9.03)% 38.43% 6.97% 0.24% 12.97% Ratios to Average Net Assets: Net Expenses (c)(d) 0.74% 0.74% 0.74% 0.74% 0.74% 0.74% Net Investment Income (Loss) (c) 1.47% 0.78% 0.71% 0.86% 1.10% 0.91% Gross Expenses (c)(d) 1.11% 1.02% 0.98% 1.02% 1.00% 0.95% Supplemental Data: Net Assets at end of period (000's) $9,238 $11,386 $14,789 $14,179 $26,501 $36,400 Portfolio Turnover (b)(e) 140% 101% 68% 54% 120%(f) 45% (a) Per share net investment income (loss) has been calculated using the average daily shares method. (b) Not annualized for periods less than one year. (c) Annualized for periods less than one year. (d) Does not include acquired fund fees and expenses, if any. (e) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares. (f) Portfolio turnover increased significantly due to changes in the volume and timing of purchases and sales of portfolio holdings during the period. (g) Amount is less than $0.005 per share. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-037.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 Victory Portfolios II For a Share Outstanding Throughout Each Period Financial Highlights — continued See notes to financial statements. Victory Market Neutral Income Fund Class A Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $9.30 $9.51 $9.77 $9.51 $9.61 $9.40 Investment Activities: Net investment income (loss)(a) 0.17 0.38 0.29 0.27 0.32 0.24 Net realized and unrealized gains (losses) (0.36) (0.29) (0.06) 0.23 (0.13) 0.26 Total from Investment Activities (0.19) 0.09 0.23 0.50 0.19 0.50 Distributions to Shareholders From: Net investment income (0.18) (0.30) (0.24) (0.24) (0.27) (0.29) Net realized gains from investments (0.66) — (0.25) — (0.02) — Total Distributions (0.84) (0.30) (0.49) (0.24) (0.29) (0.29) Net Asset Value, End of Period $8.27 $9.30 $9.51 $9.77 $9.51 $9.61 Total Return (excludes sales charge)(b)(c) (2.06)% 0.90% 2.33% 5.31% 1.99% 5.37% Ratios to Average Net Assets: Net Expenses (d)(e) 0.75% 0.78%(f) 0.79%(f) 0.75% 0.75% 0.89% Net Investment Income (Loss) (d) 3.68% 3.94% 3.03% 2.78% 3.36% 2.55% Gross Expenses (d)(e) 0.81% 0.83% 0.95% 1.17% 1.03% 1.18% Supplemental Data: Net Assets at end of period (000's) $113,684 $150,010 $50,735 $12,870 $32,627 $23,847 Portfolio Turnover (b)(g) 46% 61% 89% 119%(h) 82% 69% Victory Market Neutral Income Fund Class C Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $9.19 $9.40 $9.69 $9.43 $9.54 $9.33 Investment Activities: Net investment income (loss)(a) 0.13 0.34 0.22 0.21 0.25 0.17 Net realized and unrealized gains (losses) (0.36) (0.31) (0.08) 0.22 (0.14) 0.26 Total from Investment Activities (0.23) 0.03 0.14 0.43 0.11 0.43 Distributions to Shareholders From: Net investment income (0.14) (0.24) (0.18) (0.17) (0.20) (0.22) Net realized gains from investments (0.66) — (0.25) — (0.02) — Total Distributions (0.80) (0.24) (0.43) (0.17) (0.22) (0.22) Net Asset Value, End of Period $8.16 $9.19 $9.40 $9.69 $9.43 $9.54 Total Return (excludes contingent deferred sales charge)(b)(c) (2.44)% 0.31% 1.40% 4.59% 1.19% 4.64% Ratios to Average Net Assets: Net Expenses (d)(e) 1.50% 1.53%(f) 1.54%(f) 1.50% 1.50% 1.64% Net Investment Income (Loss) (d) 2.88% 3.59% 2.28% 2.20% 2.57% 1.79% Gross Expenses (d)(e) 1.61% 1.93% 2.29% 2.62% 2.56% 2.51% Supplemental Data: Net Assets at end of period (000's) $16,875 $15,197 $1,976 $626 $441 $311 Portfolio Turnover (b)(g) 46% 61% 89% 119%(h) 82% 69% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-038.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Financial Highlights — continued For a Share Outstanding Throughout Each Period 36 See notes to financial statements. Victory Market Neutral Income Fund Class I Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $9.37 $9.57 $9.83 $9.55 $9.65 $9.44 Investment Activities: Net investment income (loss)(a) 0.18 0.42 0.33 0.31 0.38 0.26 Net realized and unrealized gains (losses) (0.36) (0.29) (0.08) 0.23 (0.16) 0.26 Total from Investment Activities (0.18) 0.13 0.25 0.54 0.22 0.52 Distributions to Shareholders From: Net investment income (0.19) (0.33) (0.26) (0.26) (0.30) (0.31) Net realized gains from investments (0.66) — (0.25) — (0.02) — Total Distributions (0.85) (0.33) (0.51) (0.26) (0.32) (0.31) Net Asset Value, End of Period $8.34 $9.37 $9.57 $9.83 $9.55 $9.65 Total Return(b)(c) (1.86)% 1.32% 2.62% 5.79% 2.25% 5.62% Ratios to Average Net Assets: Net Expenses (d)(e) 0.40% 0.43%(f) 0.44%(f) 0.40% 0.40% 0.64% Net Investment Income (Loss) (d) 4.01% 4.40% 3.37% 3.23% 3.91% 2.72% Gross Expenses (d)(e) 0.60% 0.62% 0.75% 0.89% 1.05% 1.09% Supplemental Data: Net Assets at end of period (000's) $3,175,677 $4,777,720 $1,007,909 $174,719 $54,920 $19,483 Portfolio Turnover (b)(g) 46% 61% 89% 119%(h) 82% 69% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-039.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 Victory Portfolios II For a Share Outstanding Throughout Each Period Financial Highlights — continued See notes to financial statements. Victory Market Neutral Income Fund Member Class Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 November 3, 2020(i) through June 30, 2021 Net Asset Value, Beginning of Period $9.31 $9.51 $9.62 Investment Activities: Net investment income (loss)(a) 0.17 0.41 0.25 Net realized and unrealized gains (losses) (0.36) (0.29) 0.04(j) Total from Investment Activities (0.19) 0.12 0.29 Distributions to Shareholders From: Net investment income (0.19) (0.32) (0.15) Net realized gains from investments (0.66) — (0.25) Total Distributions (0.85) (0.32) (0.40) Net Asset Value, End of Period $8.28 $9.31 $9.51 Total Return(b)(c) (1.94)% 1.20% 3.05% Ratios to Average Net Assets: Net Expenses (d)(e) 0.55% 0.58%(f) 0.60% Net Investment Income (Loss) (d) 3.85% 4.34% 3.94% Gross Expenses (d)(e) 0.81% 1.08% 5.38% Supplemental Data: Net Assets at end of period (000's) $14,055 $13,910 $2,518 Portfolio Turnover (b)(g) 46% 61% 89% (a) Per share net investment income (loss) has been calculated using the average daily shares method. (b) Not annualized for periods less than one year. (c) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported total return. (d) Annualized for periods less than one year. (e) Does not include acquired fund fees and expenses, if any. (f) Includes impact of broker interest fees. Without these broker interest fees, the net expense ratio would have been at the contractual expense cap. (See note 5 in the Notes to Financial Statements) (g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares. (h) Portfolio turnover increased significantly due to changes in the volume and timing of purchases and sales of portfolio holdings during the year. (i) Commencement of operations. (j) The amount shown reflects a net realized and unrealized gain per share, whereas the statement of operations reflected a net realized and unrealized loss for the period for the Fund in total. The difference in realized and unrealized gains and losses for the Fund versus the class is due to the timing of sales and repurchases of the class in relation to fluctuating market values during the period. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-040.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements Victory Portfolios II December 31, 2022 38 (Unaudited) 1. Organization: Victory Portfolios II (the "Trust") is organized as a Delaware statutory trust and the Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment company. The Trust is comprised of 25 funds, 23 of which are Exchange-Traded Funds ("ETFs"), and is authorized to issue an unlimited number of shares, which are units of beneficial interest with no par value. The accompanying financial statements are those of the following two Funds (collectively, the "Funds" and individually, a "Fund"). Each Fund is classified as diversified under the 1940 Act. Funds (Legal Name) Funds (Short Name) Investment Share Classes Offered Victory US 500 Enhance Volatility Wtd Index Fund US 500 Enhance Volatility Wtd Index Fund A, C, and I Victory Market Neutral Income Fund Market Neutral Income Fund A, C, I, and Member Class Each class of shares of a Fund has substantially identical rights and privileges except with respect to sales charges, fees paid under distribution plans, expenses allocable exclusively to each class of shares, voting rights on matters solely affecting a single class of shares, and the exchange privilege of each class of shares. Victory Capital Management Inc. ("VCM" or the "Adviser") is an indirect wholly owned subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly owned direct subsidiary of Victory Capital Operating, LLC. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts with their vendors and others that provide for general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote. 2. Significant Accounting Policies: The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with U.S. Generally Accepted Accounting Principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds follow the specialized accounting and reporting requirements under GAAP that are applicable to investment companies under Accounting Standards Codification Topic 946. Investment Valuation: The Funds record investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Funds' investments are summarized in the three broad levels listed below: • Level 1 — quoted prices (unadjusted) in active markets for identical securities • Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, or credit spreads, applicable to those securities, etc.) • Level 3 — significant unobservable inputs (including the Adviser's assumptions in determining the fair value of investments) Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodologies used for valuation techniques are not necessarily an indication of the risk associated with entering into those investments. The Adviser, appointed as the valuation designee by the Trust's Board of Trustees' (the "Board"), has established the Pricing and Liquidity Committee (the "Committee"), and subject to Board oversight, the Committee administers and oversees the Funds' valuation policies and procedures, which are approved by the Board. Portfolio securities listed or traded on securities exchanges, including ETFs, and American Depositary Receipts ("ADRs"), are valued at the closing price on the exchange or system where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy. Investments in open-end investment companies, other than ETFs, are valued at their net asset value ("NAV"). These valuations are typically categorized as Level 1 in the fair value hierarchy. Futures contracts are valued at the settlement price established each day by the board of trade or an exchange on which they are traded. These valuations are typically categorized as Level 1 in the fair value hierarchy. In the event that price quotations or valuations are not readily available, investments are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board. These valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy, based on the observability of inputs used to determine the fair value. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded and the actual price realized from the sale of a security may differ materially from the fair value price. Valuing these securities at fair value is intended to cause the Fund's NAV to be more reliable than it otherwise would be.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-041.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 39 (Unaudited) In accordance with procedures adopted by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time the exchange on which they are traded closes and the time the Funds' NAV is calculated. The Funds use a systematic valuation model, provided daily by an independent third party to fair value their international equity securities. These valuations are categorized as Level 2 in the fair value hierarchy. A summary of the valuations as of December 31, 2022, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedules of Portfolio Investments: l Level 1 Level 2 Level 3 Total US 500 Enhanced Volatility Wtd Index Fund Common Stocks............................ $47,632,626 $— $— $47,632,626 Investment Companies ....................... 207,096 — — 207,096 Collateral for Securities Loaned ................ 81,296 — — 81,296 Total .................................... $47,921,018 $— $— $47,921,018 Other Financial Investments\* Assets: Futures Contracts........................... 808 — — 808 Total .................................... $808 $— $— $808 Market Neutral Income Fund Common Stocks............................ 1,617,079,140 1,336,094,982 930,876 2,954,104,998 Collateral for Securities Loaned ................ 88,079,696 — — 88,079,696 Total .................................... $1,705,158,836 $1,336,094,982 $930,876 $3,042,184,694 Other Financial Investments\* Assets: Futures Contracts........................... 100,460,318 — — 100,460,318 Liabilities: Futures Contracts........................... (87829535) — — (87829535) Total .................................... $12,630,783 $— $— $12,630,783 \* Futures Contracts are valued at the unrealized appreciation (depreciation) on the investment. As of December 31, 2022, there were no transfers into/out of Level 3. Investment Companies: Open-End Funds: The Funds may invest in portfolios of open-end investment companies. These investment companies value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the board of directors of the underlying funds. Derivative Instruments: Foreign Exchange Currency Contracts: The Funds may enter into foreign exchange currency contracts to convert U.S. dollars to and from various foreign currencies. A foreign exchange currency contract is an obligation by a Fund to purchase or sell a specific currency at a future date at a price (in U.S. dollars) set at the time of the contract. The Funds do not engage in "cross-currency" foreign exchange contracts (i.e., contracts to purchase or sell one foreign currency in exchange for another foreign currency). The Funds' foreign exchange currency contracts might be considered spot contracts (typically a contract of one week or less) or forward contracts (typically a contract term over one week). A spot contract is entered into for purposes of hedging against foreign currency fluctuations relating to a specific portfolio transaction, such as the delay between a security transaction trade date and settlement date. Forward contracts are entered into for purposes of hedging portfolio holdings or concentrations of such holdings. The Funds enter into foreign exchange currency contracts solely for spot or forward hedging purposes, and not for speculative purposes (i.e., the Funds do not enter into such contracts solely for the purpose of earning foreign currency gains). Each foreign exchange currency contract is adjusted daily by the prevailing spot or forward rate of the underlying currency, and any appreciation or depreciation is recorded for financial statement purposes as unrealized until the contract settlement date, at which time the Funds record realized gains or losses equal to the difference between the value of a contract at the time it was opened and the value at the time it was closed. The Funds could be exposed to risk if a counterparty is unable to meet the terms of a foreign exchange currency contract or if the value of the foreign currency changes unfavorably. In addition, the use of foreign exchange currency contracts does not eliminate fluctuations in the underlying prices of the securities. As of December 31, 2022, the Funds had no open forward foreign exchange currency contracts. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-042.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 40 (Unaudited) Futures Contracts: The Funds may enter into contracts for the future delivery of securities or foreign currencies and futures contracts based on a specific security, class of securities, foreign currency or an index, and purchase or sell options on any such futures contracts. A futures contract on a securities index is an agreement obligating either party to pay, and entitling the other party to receive, while the contract is outstanding, cash payments based on the level of a specified securities index. No physical delivery of the underlying asset is made. The Funds may enter into futures contracts in an effort to hedge against market risks. The acquisition of put and call options on futures contracts will give the Funds the right (but not the obligation), for a specified price, to sell or to purchase the underlying futures contract, upon exercise of the option, at any time during the option period. Futures transactions involve brokerage costs and require the Funds to segregate assets to cover contracts that would require it to purchase securities or currencies. A good faith margin deposit, known as initial margin, of cash or government securities with a broker or custodian is required to initiate and maintain open positions in futures contracts. Subsequent payments, known as variation margin, are made or received by the Funds based on the change in the market value of the position and are recorded as unrealized appreciation or depreciation until the contract is closed out, at which time the gain or loss is realized. The Funds may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices change in an unanticipated manner. Such unanticipated changes may also result in lower overall performance than if the Funds had not entered into any futures transactions. In addition, the value of the Funds' futures positions may not prove to be perfectly or even highly correlated with the value of its portfolio securities or foreign currencies, limiting the Funds' ability to hedge effectively against interest rate, exchange rate and/or market risk and giving rise to additional risks. There is no assurance of liquidity in the secondary market for purposes of closing out futures positions. The collateral held by the Funds is reflected on the Statements of Assets and Liabilities under Deposit with broker for futures contracts. Management has determined that no offsetting requirements exist as a result of their conclusion that the Funds are not subject to master netting agreements for futures contracts. During the six months December 31, 2022, the Funds entered into futures contracts primarily for the strategy of hedging or other purposes, including but not limited to, providing liquidity and equitizing cash. Summary of Derivative Instruments: The following table summarizes the fair values of derivative instruments on the Statements of Assets and Liabilities, categorized by risk exposure, as of December 31, 2022: Assets Liabilities Variation Margin Receivable on Open Futures Contracts\* Variation Margin Payable on Open Futures Contracts\* Equity Risk Exposure: 100,460,318 (87828727) US 500 Enhanced Volatility Wtd Index Fund .................................................. $– $(808) Market Neutral Income Fund ............................................................. 100,460,318 87,829,535 \* Includes cumulative appreciation (depreciation) of futures contracts as reported on the Schedules of Portfolio Investments. Only current day's variation margin for futures contracts is reported within the Statements of Assets and Liabilities. The following table presents the effect of derivative instruments on the Statements of Operations, categorized by risk exposure, for the period ended December 31, 2022: Net Realized Gains (Losses) on Derivatives Recognized as a Result from Operations Net Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized as a Result of Operations Net Realized Gains (Losses) from Futures Contracts Net Change in Unrealized Appreciation/ Depreciation on Futures Contracts Equity Risk Exposure: (43547727) (178062992) US 500 Enhanced Volatility Wtd Index Fund .............................................. $(13976) $(7384) Market Neutral Income Fund ......................................................... (43533751) (178055608) All open derivative positions at period end are reflected on each respective Fund's Schedule of Portfolio Investments. The underlying face value of open derivative positions relative to each Fund's net assets at period end is generally representative of the notional amount of open positions to net assets throughout the period. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-043.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 41 (Unaudited) Investment Transactions and Related Income: Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date or the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are recorded on the identified cost basis. Withholding taxes on interest, dividends, and gains as a result of certain investments by the Funds have been provided for in accordance with each investment's applicable country's tax rules and rates. Securities Lending: The Funds, through a Securities Lending Agreement with Citibank, N.A. ("Citibank"), may lend their securities to qualified financial institutions, such as certain broker-dealers and banks, to earn additional income, net of income retained by Citibank. Borrowers are required to initially secure their loans for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked-to-market daily. Any collateral shortfalls associated with increases in the valuation of the securities loaned are generally cured the next business day. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and other securities as permitted by Securities and Exchange Commission ("SEC") guidelines. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted on the Funds' Schedules of Portfolio Investments. The Funds effectively do not have control of the non-cash collateral and therefore it is not disclosed on the Funds' Schedules of Portfolio Investments. Collateral requirements are determined daily based on the value of the Funds' securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Funds any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Funds also earn a return from the collateral. The Funds pay Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statements of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, a Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower. The Funds' agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Funds may not be sold or repledged, except to satisfy borrower default. The following table is a summary of the Funds' securities lending transactions as of December 31, 2022. Value of Securities on Loan Non-Cash Collateral Cash Collateral US 500 Enhanced Volatility Wtd Index Fund ............................. $79,023 $— $81,296 Market Neutral Income Fund ........................................ 83,279,229 — 88,079,696 Foreign Currency Translations: The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities of a Fund denominated in a foreign currency are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rates on the date of the transactions. The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are disclosed as Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations on the Statements of Operations. Any realized gains or losses from these fluctuations are disclosed as Net realized gains (losses) from investment securities and foreign currency transactions on the Statements of Operations. Foreign Taxes: The Funds may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities, and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Funds invest. Federal Income Taxes: Each Fund intends to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes is required in the financial statements. The Funds have a tax year end of June 30. For the six months ended December 31, 2022, the Funds did not incur any income tax, interest, or penalties, and have recorded no liability for net unrecognized tax benefits relating to uncertain tax positions. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-044.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 42 (Unaudited) Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax years, which includes the current fiscal tax year end). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken. Allocations: Expenses directly attributable to a Fund are charged to that Fund, while expenses that are attributable to more than one fund in the Trust, or jointly with an affiliated trust, are allocated among the respective funds in the Trust and/or an affiliated trust based upon net assets or another appropriate basis. Income, expenses (other than class-specific expenses such as transfer agent fees, state registration fees, printing fees, and 12b-1 fees), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred. 3.Purchases and Sales: Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended December 31, 2022, were as follows: Excluding U.S. Government Securities Purchases Sales US 500 Enhanced Volatility Wtd Index Fund ............................................... $38,935,363 $46,532,621 Market Neutral Income Fund .......................................................... 1,836,199,378 3,199,670,055 4.Affiliated Fund Ownership: The Funds offer shares for investment by other funds. The fund-of-funds do not invest in the underlying funds for the purpose of exercising management or control, and the affiliated fund-of-funds' annual and semi-annual reports may be viewed at vcm.com. As of December 31, 2022, certain fund-of-funds owned total outstanding shares of the Funds as follows: Market Neutral Income Fund Ownership % USAA Cornerstone Conservative Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 USAA Target Retirement Income Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 USAA Target Retirement 2030 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 USAA Target Retirement 2040 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 USAA Target Retirement 2050 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 5. Fees and Transactions with Affiliates and Related Parties: Investment Advisory Fees: Investment advisory services are provided to the Funds by the Adviser, which is a New York corporation registered as an investment adviser with the SEC. Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive fees based on a percentage of the average daily net assets of each Fund. The rates at which the Adviser is paid by each Fund are included in the table below. Flat Rate US 500 Enhanced Volatility Wtd Index Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.70% Market Neutral Income Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35% Amounts incurred and paid to VCM for the six months ended December 31, 2022, are reflected on the Statements of Operations as Investment advisory fees. Administration and Servicing Fees: VCM also serves as the Funds' administrator and fund accountant. Under the Administration and Fund Accounting Agreement, VCM is entitled to receive fees based on a percentage of the average daily net assets of the Trust, Victory Variable Insurance Funds and Victory Portfolios. The tiered rates at which VCM is paid by the Funds are shown in the table below: Net Assets Up to $15 billion $15 billion — $30 billion Over $30 billion 0.08%, plus 0.05%, plus 0.04% Amounts incurred for the six months ended December 31, 2022, are reflected on the Statements of Operations as Administration fees. Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Funds pursuant to the Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-045.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 43 (Unaudited) The Funds reimburse VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Funds. Amounts incurred for the six months ended December 31, 2022, are reflected on the Statements of Operations as Sub-Administration fees. The Funds (as part of the Trust) have entered into an agreement with the Adviser to provide compliance services, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. The funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios and USAA Mutual Funds (collectively, the "Victory Funds Complex"), in aggregate, compensate the Adviser for these services. Amounts incurred for the six months ended December 31, 2022, are reflected on the Statements of Operations as Compliance fees. Transfer Agency Fees: FIS Investor Services, LLC ("FIS") serves as the Funds' transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services. Amounts incurred for the six months ended December 31, 2022, are reflected on the Statements of Operations as Transfer agent fees. Victory Capital Transfer Agency, Inc., an affiliate of the Adviser, serves as sub-transfer agent for the Member Class. Amounts incurred for the six months ended December 31, 2022, are reflected on the Statements of Operations as Transfer agent fees. Distributor/Underwriting Services: Victory Capital Services, Inc. (the "Distributor"), an affiliate of the Adviser, serves as Distributor for the continuous offering of the shares of the Funds pursuant to a Distribution Agreement between the Distributor and the Trust. Pursuant to the Distribution and Service Plans adopted in accordance with Rule 12b-1 under the 1940 Act, the Distributor may receive a monthly distribution and service fee up to the annual rate shown in the table below: Class A Class C US 500 Enhanced Volatility Wtd Index Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25% 1.00% Market Neutral Income Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25% 1.00% The Plans are characterized as reimbursement plans since the distribution fees will be paid to the Distributor as reimbursement for, or in anticipation of, expenses incurred for distribution-related activity. If the aggregate payments received by the Distributor for a particular class of shares of the Funds in any fiscal year exceed the expenditures made by the Distributor in that year pursuant to the Plans, the Distributor will reimburse the Funds for the amount of the excess. For the six months, the Distributor did not reimburse the Funds. The distribution and service fees paid to the Distributor may be used by the Distributor to pay for activities primarily intended to result in the sale of Class A and Class C. Amounts incurred for the six-months ended December 31, 2022, are reflected on the Statements of Operations as 12b-1 fees. In addition, the Distributor is entitled to receive commissions in connection with sales of the Class A. For the six months ended December 31, 2022, the Distributor received $6,313 from commissions earned in connection with sales of Class A. A $15 fee may be charged for redemptions made by wire. The redemption fee is paid directly to and retained by the Funds, and is designed to deter excessive short-term trading and to offset brokerage commissions, market impact and other costs that may be associated with short-term money movement in and out of the Funds. Other Fees: Citibank serves as the Funds' custodian. The Funds pay Citibank a fee for providing these services. Amounts incurred for the six months ended December 31, 2022, are reflected on the Statements of Operations as Custodian fees. Sidley Austin LLP provides legal services to the Trust. The Adviser has entered into expense limitation agreements with the Funds. Under the terms of the agreements, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred by certain classes of a Fund in any fiscal year exceed the expense limit for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business are excluded from the expense limits. As of December 31, 2022, the expense limits (excluding voluntary waivers) are as follows: In effect until February 28, 2023 Class A Class C Class I Member Class US 500 Enhanced Volatility Wtd Index Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.99% 1.74% 0.74% N/A Market Neutral Income Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75% 1.50% 0.40% 0.55% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-046.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 44 (Unaudited) Under the terms of the expense limitation agreements, the Funds have agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period of up to three years (thirty-six (36) months) after the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. As of December 31, 2022, the following amounts are available to be repaid to the Adviser. The Funds have not recorded any amounts available to be repaid as a liability due to an assessment that such repayments are not probable at December 31, 2022. Expires 2023 Expires 2024 Expires 2025 Expires 2026 Total US 500 Enhanced Volatility Wtd Index Fund ....................... $99,468 $170,552 $182,939 $84,800 $537,759 Market Neutral Income Fund .................................. 377,592 1,612,292 4,525,747 4,458,372 10,974,003 The Adviser may voluntarily waive or reimburse additional fees to assist the Funds in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Funds are not available to be recouped at a future time. There were no voluntary waivers or reimbursements for the six months ended December 31, 2022. Certain officers and/or interested trustees of the Funds are also officers and/or employees of the Adviser, administrator, fund accountant, sub-administrator, sub-fund accountant, custodian, legal counsel, and Distributor. 6. Risks: The Funds may be subject to other risks in addition to these identified risks. Equity Risk — The value of the equity securities in which the Funds invest may decline in response to developments affecting individual companies and/or general, economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Market Risk — Overall market risks may affect the value of the Funds. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health crises, sanctions against a particular foreign country, its nationals, businesses or industries and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods. Large-Capitalization Stock Risk — The securities of large-capitalization companies may underperform the securities of smaller capitalization companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion. Investment Style Risk — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Funds' performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles. 7. Borrowing and Interfund Lending: Line of Credit: The Victory Funds Complex participates in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 27, 2022, with a termination date of June 26, 2023. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the six months ended December 31, 2022, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each Fund in the Victory Funds Complex paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. Prior to June 28, 2022, interest was based on the one-month London Interbank Offered Rate ("LIBOR") plus one percent. Effective with the renewal, June 27, 2022, interest was based on the one-month Secured Overnight Financing Rate (SOFR) plus 1.10 percent. The Funds did not experience a material financial impact transitioning from LIBOR to SOFR. Interest charged to each Fund during the period, if applicable, is reflected on the Statements of Operations under Line of credit fees. The Funds had no borrowings under the Line of Credit agreement during the six months ended December 31, 2022. Interfund Lending: The Trust and the Adviser rely on an exemptive order granted by the SEC in March 2017 (the "Order"), permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows each Fund to directly lend and borrow money to or from any  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-047.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 45 (Unaudited) other fund in the Victory Funds Complex that is permitted to participate in the Facility, relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are allowed for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. As a Borrower, interest charged to each Fund, if any, during the period, is reflected on the Statements of Operations under Interfund lending fees. As a Lender, interest earned by each Fund, if any, during the period, is reflected on the Statements of Operations under Interfund lending. The average borrowing or lending for the days outstanding and average interest rate for the Funds that utilized this Facility during the six months ended December 31, 2022, were as follows: Borrower or Lender Amount Outstanding December 31, 2022 Average Borrowing\* Days Borrowing Outstanding Average Interest Rate\* Maximum Borrowing During the Period Market Neutral Income Fund. . . . . .Borrower $— $30,152,583 12 3.90% $44,148,000 \* Based on the number of days borrowings were outstanding for the period ended December 31, 2022. 8. Federal Income Tax Information: Dividends from net investment income, if any, are declared and paid as noted in the table below. Distributable net realized gains, if any, are declared and distributed at least annually from each Fund. Declared Paid US 500 Enhanced Volatility Wtd Index Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Quarterly Quarterly Market Neutral Income Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Annually Annually The amounts of dividends from net investment income and distributions from net realized gains (collectively distributions to shareholders) are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (e.g., net operating loss and distribution reclassification), such amounts are reclassified within the components of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require reclassification. To the extent dividends and distributions exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital. Net investment losses incurred by the Funds may be reclassified as an offset to capital on the accompanying Statement of Assets and Liabilities. The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (loss) will be determined at the end of the current tax year. At the tax year ended June 30, 2022, the Funds had no capital loss carryforward for federal income tax purposes. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-048.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Information Victory Portfolios II December 31, 2022 46 (Unaudited) Proxy Voting and Portfolio Holdings Information Proxy Voting: Information regarding the policies and procedures each Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 800-539-3863. The information is also included in the Funds' Statement of Additional Information, which is available on the SEC's website at sec.gov. Information relating to how the Funds voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at sec.gov. Availability of Schedules of Portfolio Investments: The Trust files a complete list of Schedules of Portfolio Investments with the SEC for the first and third quarter of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's website at sec.gov. Expense Examples As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022, through December 31, 2022. The Actual Expense figures in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period. The Hypothetical Expense figures in the table below provide information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds. Please note the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Beginning Account Value 7/1/22 Actual Ending Account Value 12/31/22 Hypothetical Ending Account Value 12/31/22 Actual Expenses Paid During Period 7/1/22 - 12/31/22\* Hypothetical Expenses Paid During Period 7/1/22 - 12/31/22\* Annualized Expense Ratio During Period 7/1/22 - 12/31/22 US 500 Enhanced Volatility Wtd Index Fund Class A ............................... $1,000.00 $1,027.90 $1,020.21 $5.06 $5.04 0.99% Class C ............................... 1,000.00 1,024.70 1,016.43 8.88 8.84 1.74% Class I ............................... 1,000.00 1,029.00 1,021.48 3.78 3.77 0.74% Market Neutral Income Fund Class A ............................... 1,000.00 979.40 1,021.42 3.74 3.82 0.75% Class C ............................... 1,000.00 975.60 1,017.64 7.47 7.63 1.50% Class I ............................... 1,000.00 981.40 1,023.19 2.00 2.04 0.40% Member Class .......................... 1,000.00 980.60 1,022.43 2.75 2.80 0.55% \* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year). |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-049.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II 47 (Unaudited) Supplemental Information — continued December 31, 2022 Considerations of the Board in Continuing the Investment Advisory Agreements (the "Agreement") The Board approved the Agreement on behalf of each of the Funds at a meeting, which was called for that purpose, on December 6, 2022. The Board also considered information relating to the Funds and the Agreement provided throughout the year and, more specifically, at the meetings on October 18, 2022 and December 6, 2022. In considering whether to approve the Agreement, the Board requested, and the Adviser provided, information that the Board believed to be reasonably necessary to reach its conclusions. The Board, including the Independent Trustees, evaluated this information along with other information obtained throughout the year and was advised by legal counsel to the Funds and independent legal counsel to the Independent Trustees. In addition, the Independent Trustees considered a past review of their overall process for conducting the annual review of the Funds' advisory arrangements by a consultant retained through their counsel. The Board considered each Fund's advisory fee, expense ratio and investment performance as significant factors in determining whether the Agreement should be continued. In considering whether the compensation paid to the Adviser was fair and reasonable, the Board also evaluated, among other things, the following factors: • The requirements of the Funds for the services provided by the Adviser; • The nature, quality and extent of the services provided and expected to be provided; • The performance of the Funds as compared to comparable funds; • The fees payable for the services and whether the fee arrangements provided for economies of scale that would benefit Fund shareholders as the Funds grow (acknowledging that economies of scale can be complex to assess and typically are not directly measurable); • Whether the fee would be sufficient to enable the Adviser to attract and retain experienced personnel and continue to provide quality services to the Funds; • The fees paid by other clients of the Adviser whose accounts are managed in a similar investment style and any differences in the services provided to the other clients compared to those provided to the Funds; • The total expenses of each Fund; • Management's commitment to operating the Funds at competitive expense levels; • The profitability of the Adviser (as reflected by comparing fees earned against an estimate of the Adviser's costs) with respect to the Adviser's relationship with the Funds; • Research and other service benefits received by the Adviser obtained through payment of client commissions for securities transactions; • Other benefits received by the Adviser, and its affiliates, including revenues paid to the Adviser, or its affiliates, by the Funds for administration and fund accounting services, shareholder services and distribution; • The capabilities and financial condition of the Adviser; • Current economic and industry trends; and • The historical relationship between each Fund and the Adviser. The Board reviewed each Fund's current management fee, comprised of the advisory fee plus the administrative services fee paid to the Adviser, in the context of the Adviser's profitability with respect to each Fund individually. The Board retained an independent, third-party consultant to provide comparative information about fees, expenses and performance, and to design and maintain a database of relevant information designed to assist the Board in retrieving and analyzing comparative information. The Board met with the consultant to review its inputs and methodologies, among other things. The Board compared each Fund's gross management fee and total operating expense ratio on a net and gross basis with the median gross management fee and median expense ratio of a universe of comparable mutual funds compiled by the consultant and a peer group of funds with similar investment strategies selected by that consultant from the universe. The Board reviewed the factors and methodology used by the consultant in the selection of each Fund's peer group, including the consultant's selection of a broad universe of funds, the more specific universe of comparable funds, and peer groups of funds with comparable investment strategies and asset levels, among other factors. The Board also reviewed any changes to the consultant's methodology as compared to the prior year, including those resulting from the Adviser's input, if any. The Board noted that none of the advisory fee arrangements for the Funds included breakpoints, which would be a structure that results in reduced fees as a fund grows. The Board also considered the Adviser's commitment to limit expenses as discussed in more detail below. For Funds with total net expense ratios that ranked within the fourth quartile (most expensive) in relation to their peers as evaluated by a consultant, the Board requested, and the Adviser provided, supplemental information about the level of fees and the nature of the services provided. The Adviser reviewed additional relevant circumstances, which included, among other things, specialized strategies, small or decreasing assets, or rapid or recent changes in peer expense ratios. The Board also reviewed the compliance and administrative services provided to the Funds by the Adviser and its affiliates, including the Adviser's oversight of the Funds' day-to-day operations and oversight of Fund accounting, assistance in meeting legal and regulatory requirements, and other services necessary for the operation of the Funds and the Trust. The Board found that the gross annual management fee paid by each Fund was within the range of management fees paid by each Fund's respective peer group. The Board also found that each Fund's Class A net annual expense ratio, taking into account any shareholder servicing  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-050.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Information — continued Victory Portfolios II December 31, 2022 48 (Unaudited) or distribution fees, was reasonable as compared with each Fund's respective peer group. The Board considered the Adviser's contractual agreement with each Fund to waive its fees and reimburse expenses of certain classes for a specified period of time, as described in the Fund's prospectus. The Board reviewed each Fund's performance over one-, three- and five-year periods against the performance of the Fund's selected peer group and benchmark index. The Board recognized that the performance of the Funds and the peer group funds are net of expenses, while the performance of the benchmark index is gross returns. The Board reviewed various other specific factors with respect to each Fund, as described below. In their deliberations, the Trustees did not rank the importance of any particular information or factor considered and each Trustee may have attributed different weights to various factors. US 500 Enhanced Volatility Wtd Index Fund: Noting that the Fund commenced operations in 2012, the Board compared the Fund's Class A performance for the one-, three- and five-year periods ended June 30, 2022, to that of the median performance of the Fund's peer group for the same periods and considered the fact that the Fund underperformed the benchmark index for all of the periods reviewed, outperformed the peer group median for the one- and three-year periods, and underperformed the peer group median for the five-year period. The Board noted that the Fund's investment objective is to track its benchmark index before fees and expenses. The Board recognized that the performance of the Fund is net of expenses, while the performance of the benchmark index is gross returns and as a result, the Fund generally will underperform its benchmark due to fees and expenses. The Board discussed with the Adviser how market conditions affected the Fund during periods of underperformance given the Fund's investment strategy and fee and expense profile. Having considered, among other things: (1) the Fund's management fee compared to comparable mutual funds; (2) the Fund's total expense ratio compared to comparable mutual funds; (3) that the Adviser's willingness to limit the expenses of certain classes for a period of time would provide stability to the Fund's expenses for those share classes during that period; and (4) the Fund's performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders. Market Neutral Income Fund: Noting that the Fund commenced operations in 2012, the Board compared the Fund's Class A performance for the one-, three- and five-year periods ended June 30, 2022, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund outperformed the benchmark for all of the periods reviewed, outperformed the peer group median for the one-and five-year periods, and matched the peer group median for the three-year period. Having considered, among other things: (1) the Fund's management fee compared to comparable mutual funds; (2) the Fund's total expense ratio compared to comparable mutual funds; (3) that the Adviser's willingness to limit the expenses of certain classes for a period of time would provide stability to the Fund's expenses for those share classes during that period; and (4) the Fund's performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders. Conclusion: Based on its review of the information requested and provided, and following extended discussions, the Board determined that the Agreement, on behalf of the Funds discussed above, was consistent with the best interests of each Fund and its shareholders, and the Board unanimously approved the Agreement, on behalf of each Fund, for an additional annual period on the basis of the foregoing review and discussions and the following considerations, among others: • The fairness and reasonableness of the investment advisory fee payable to the Adviser under the Agreement in light of the investment advisory services provided, the costs of these services, the profitability of the Adviser's relationship with the Fund and the comparability of the fee paid to the fees paid by other investment companies; • The nature, quality and extent of the investment advisory services provided by the Adviser; • The Adviser's entrepreneurial commitment to the management of the Funds and the creation of a broad-based family of funds, which entails a substantial commitment of the Adviser's resources to the successful operation of the Funds; • The Adviser's representations regarding its staffing and capabilities to manage the Funds, including the retention of personnel with relevant portfolio management experience; • The Adviser's efforts to enhance investment results by, among other things, developing and supporting quality portfolio management teams; and • The overall high quality of the personnel, operations, financial condition, investment management capabilities, methodologies and perfor-mance of the Adviser. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-051.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Privacy Policy Protecting the Privacy of Information The Trust respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms, and from the transactions you make with us or third parties. It may include your name, address, social security number, account transactions and balances, and information about investment goals and risk tolerance. We do not disclose any information about you or about former customers to anyone except as permitted or required by law. Specifically, we may disclose the information we collect to companies that perform services on our behalf, such as the transfer agent that processes shareholder accounts and printers and mailers that assist us in the distribution of investor materials. We may also disclose this information to companies that perform marketing services on our behalf. This allows us to continue to offer you Victory investment products and services that meet your investing needs, and to effect transactions that you request or authorize. These companies will use this information only in connection with the services for which we hired them. They are not permitted to use or share this information for any other purpose. To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic, and procedural safeguards to guard your personal information.\* \* You may have received communications regarding information about privacy policies from other financial institutions which gave you the opportunity to "opt-out" of certain information sharing with companies which are not affiliated with that financial institution. The Trust does not share information with other companies for purposes of marketing solicitations for products other than the Trust. Therefore, the Trust does not provide opt-out options to their shareholders. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-052.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Funds P.O. Box 182593 Columbus, Ohio 43218-2593 Visit our website at: vcm.com Call Victory at: 800-539-FUND (800-539-3863) 800-235-8396 for Member Class VP-COMPASS-SAR (12/22) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-053.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 Semi Annual Report VictoryShares US 500 Volatility Wtd ETF VictoryShares US Small Cap Volatility Wtd ETF VictoryShares International Volatility Wtd ETF VictoryShares US Large Cap High Div Volatility Wtd ETF VictoryShares US Small Cap High Div Volatility Wtd ETF VictoryShares International High Div Volatility Wtd ETF VictoryShares Dividend Accelerator ETF VictoryShares US Multi-Factor Minimum Volatility ETF VictoryShares US 500 Enhanced Volatility Wtd ETF VictoryShares US EQ Income Enhanced Volatility Wtd ETF VictoryShares US Discovery Enhanced Volatility Wtd ETF VictoryShares Developed Enhanced Volatility Wtd ETF VictoryShares Nasdaq Next 50 ETF VictoryShares ESG Core Plus Bond ETF VictoryShares ESG Corporate Bond ETF VictoryShares THB Mid Cap ESG ETF VictoryShares WestEnd U.S. Sector ETF |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-054.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vcm.com News, Information And Education 24 Hours A Day, 7 Days A Week The Victory Capital website gives fund shareholders, prospective shareholders, and investment professionals a convenient way to access fund information, get guidance, and track fund performance anywhere they can access the Internet. The site includes: • Detailed performance records • Daily share prices • The latest fund news • Investment resources to help you become a better investor • A section dedicated to investment professionals Whether you're a potential investor searching for the fund that matches your investment philosophy, a seasoned investor interest-ed in planning tools, or an investment professional, vcm.com has what you seek. Visit us anytime. We're always open. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-055.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TABLE OF CONTENTS** Victory Portfolios II 1 Investment Objectives and Portfolio Holdings 3 Schedules of Portfolio Investments VictoryShares US 500 Volatility Wtd ETF 20 VictoryShares US Small Cap Volatility Wtd ETF 29 VictoryShares International Volatility Wtd ETF 38 VictoryShares US Large Cap High Div Volatility Wtd ETF 54 VictoryShares US Small Cap High Div Volatility Wtd ETF 57 VictoryShares International High Div Volatility Wtd ETF 60 VictoryShares Dividend Accelerator ETF 66 VictoryShares US Multi-Factor Minimum Volatility ETF 68 VictoryShares US 500 Enhanced Volatility Wtd ETF 70 VictoryShares US EQ Income Enhanced Volatility Wtd ETF 79 VictoryShares US Discovery Enhanced Volatility Wtd ETF 82 VictoryShares Developed Enhanced Volatility Wtd ETF 92 VictoryShares Nasdaq Next 50 ETF 108 VictoryShares ESG Core Plus Bond ETF 110 VictoryShares ESG Corporate Bond ETF 122 VictoryShares THB Mid Cap ESG ETF 128 VictoryShares WestEnd U.S. Sector ETF 130 Financial Statements Statements of Assets and Liabilities 136 Statements of Operations 142 Statements of Changes in Net Assets 148 Financial Highlights 154 Notes to Financial Statements 171 Supplemental Information 187 Proxy Voting and Portfolio Holdings Information 187 Expense Examples 187 Advisory Contract Approval 189 Privacy Policy (inside back cover) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-056.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 Call Victory at: 800-539-FUND (800-539-3863) Visit our website at: vcm.com IRA DISTRIBUTION WITHHOLDING DISCLOSURE We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution and, if you live in a state that requires state income tax withholding, at your state's tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call 800-539-3863 and form W-4P (OMB No. 1545-0074 withholding certificate for pension or annuity payments) will be electronically sent. If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution. For more specific information, please consult your tax adviser. The Funds are distributed by Foreside Fund Services, LLC. Victory Capital Management Inc. is the investment adviser to the Funds and receives fees from the Funds for performing services for the Funds. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus of the Victory Funds. For additional information about any Victory Fund, including fees, expenses, and risks, view our prospectus online at vcm.com or call 800-539-3863. Read it carefully before you invest or send money. The information in this report is based on data obtained from recognized services and sources and is believed to be reliable. Any opinions, projections, or recommendations in this report are subject to change without notice and are not intended as individual investment advice. Past investment performance of the Funds, markets or securities mentioned herein should not be considered to be indicative of future results. • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-057.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Victory Portfolios II VictoryShares US 500 Volatility Wtd ETF December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide investment results that track the performance of the Nasdaq Victory US Large Cap 500 Volatility Weighted Index before fees and expenses. Top 10 Holdings\*: December 31, 2022 (% of Net Assets) Merck & Co., Inc. 0.4% Gilead Sciences, Inc. 0.4% Johnson & Johnson 0.4% Arch Capital Group Ltd. 0.4% Amgen, Inc. 0.4% Bristol-Myers Squibb Co. 0.4% AbbVie, Inc. 0.4% PepsiCo, Inc. 0.4% McDonald's Corp. 0.3% The Coca-Cola Co. 0.3% Sector Allocation\*: December 31, 2022 (% of Net Assets) Financials 16.6% Industrials 16.0% Health Care 14.7% Real Estate 0.2% Communication Services 4.0% Energy 4.1% Materials 5.5% Utilities 7.8% Consumer Discretionary 8.4% Consumer Staples 9.2% Information Technology 13.2% \* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-058.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 Victory Portfolios II VictoryShares US Small Cap Volatility Wtd ETF December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide investment results that track the performance of the Nasdaq Victory US Small Cap 500 Volatility Weighted Index before fees and expenses. Top 10 Holdings\*: December 31, 2022 (% of Net Assets) SJW Group 0.5% City Holding Co. 0.4% Westamerica Bancorp 0.4% NBT Bancorp, Inc. 0.4% Avista Corp. 0.4% NorthWestern Corp. 0.4% Northwest Bancshares, Inc. 0.4% Capitol Federal Financial, Inc. 0.4% S&T Bancorp, Inc. 0.4% Sitio Royalties Corp., Class A 0.4% Sector Allocation\*: December 31, 2022 (% of Net Assets) Financials 25.9% Industrials 19.7% Real Estate 1.3% Utilities 2.9% Energy 3.0% Communication Services 3.6% Materials 5.0% Consumer Staples 7.1% Health Care 7.8% Information Technology 9.3% Consumer Discretionary 14.0% \* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-059.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Victory Portfolios II VictoryShares International Volatility Wtd ETF December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide investment results that track the performance of the Nasdaq Victory International 500 Volatility Weighted Index before fees and expenses. Top 10 Holdings\*: December 31, 2022 (% of Net Assets) MTR Corp. Ltd. 0.5% Hydro One Ltd. 0.4% Swisscom AG, Registered Shares 0.4% Fortis, Inc. 0.4% Orange SA 0.4% Sun Hung Kai Properties Ltd. 0.4% Japan Tobacco, Inc. 0.4% Mizuho Financial Group, Inc. 0.4% Softbank Corp. 0.4% Japan Post Holdings Co. Ltd. 0.4% Sector Allocation\*: December 31, 2022 (% of Net Assets) Financials 21.6% Industrials 16.5% Consumer Staples 10.6% Real Estate 3.1% Energy 4.1% Utilities 5.6% Information Technology 6.4% Communication Services 7.5% Consumer Discretionary 7.6% Materials 8.1% Health Care 8.1% \* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-060.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 Victory Portfolios II VictoryShares US Large Cap High Div Volatility Wtd ETF December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide investment results that track the performance of the Nasdaq Victory US Large Cap High Dividend 100 Volatility Weighted Index before fees and expenses. Top 10 Holdings\*: December 31, 2022 (% of Net Assets) Merck & Co., Inc. 2.0% Gilead Sciences, Inc. 1.9% Amgen, Inc. 1.6% Bristol-Myers Squibb Co. 1.6% AbbVie, Inc. 1.6% Duke Energy Corp. 1.5% FirstEnergy Corp. 1.5% Consolidated Edison, Inc. 1.4% American Electric Power Co., Inc. 1.4% Campbell Soup Co. 1.4% Sector Allocation\*: December 31, 2022 (% of Net Assets) Financials 22.2% Utilities 18.2% Industrials 3.4% Consumer Discretionary 5.0% Communication Services 6.1% Materials 6.4% Energy 7.7% Information Technology 8.0% Consumer Staples 10.8% Health Care 11.7% \* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-061.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 Victory Portfolios II VictoryShares US Small Cap High Div Volatility Wtd ETF December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide investment results that track the performance of the Nasdaq Victory US Small Cap High Dividend 100 Volatility Weighted Index before fees and expenses. Top 10 Holdings\*: December 31, 2022 (% of Net Assets) SJW Group 1.9% Avista Corp. 1.8% Capitol Federal Financial, Inc. 1.7% NorthWestern Corp. 1.7% Northwest Bancshares, Inc. 1.7% S&T Bancorp, Inc. 1.7% Sitio Royalties Corp., Class A 1.7% OceanFirst Financial Corp. 1.6% Provident Financial Services, Inc. 1.6% McGrath RentCorp 1.6% Sector Allocation\*: December 31, 2022 (% of Net Assets) Financials 25.5% Industrials 17.4% Real Estate 2.6% Energy 2.7% Information Technology 3.3% Communication Services 3.4% Health Care 4.2% Materials 4.9% Consumer Staples 8.6% Utilities 9.4% Consumer Discretionary 17.3% \* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-062.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 Victory Portfolios II VictoryShares International High Div Volatility Wtd ETF December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide investment results that track the performance of the Nasdaq Victory International High Dividend 100 Volatility Weighted Index before fees and expenses. Top 10 Holdings\*: December 31, 2022 (% of Net Assets) Swisscom AG, Registered Shares 1.7% Orange SA 1.7% Japan Tobacco, Inc. 1.7% Softbank Corp. 1.6% BCE, Inc. 1.6% Takeda Pharmaceutical Co. Ltd. 1.6% Emera, Inc. 1.5% Koninklijke KPN NV 1.5% Keppel Corp. Ltd. 1.5% Great-West Lifeco, Inc. 1.4% Sector Allocation\*: December 31, 2022 (% of Net Assets) Financials 26.2% Communication Services 14.6% Consumer Discretionary 2.5% Real Estate 2.8% Health Care 3.3% Consumer Staples 6.1% Energy 9.6% Industrials 10.5% Materials 10.9% Utilities 12.4% \* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-063.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 Victory Portfolios II VictoryShares Dividend Accelerator ETF December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide investment results that track the performance of the Nasdaq Victory Dividend Accelerator Index before fees and expenses. Top 10 Holdings\*: December 31, 2022 (% of Net Assets) 3M Co. 3.3% Lincoln Electric Holdings, Inc. 3.2% Aon PLC, Class A 3.0% Elevance Health, Inc. 2.9% Cisco Systems, Inc. 2.8% Emerson Electric Co. 2.7% Consolidated Edison, Inc. 2.6% Donaldson Co., Inc. 2.5% Apple, Inc. 2.4% Mastercard, Inc., Class A 2.3% Sector Allocation\*: December 31, 2022 (% of Net Assets) Industrials 29.4% Consumer Staples 18.6% Communication Services 0.6% Energy 1.0% Utilities 3.3% Materials 6.1% Consumer Discretionary 6.6% Financials 9.3% Health Care 12.1% Information Technology 12.5% \* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-064.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 Victory Portfolios II VictoryShares US Multi-Factor Minimum Volatility ETF December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide investment results that track the performance of the Nasdaq Victory US Multi-Factor Minimum Volatility Index before fees and expenses. Top 10 Holdings\*: December 31, 2022 (% of Net Assets) Microsoft Corp. 7.8% Chevron Corp. 4.2% Johnson & Johnson 4.2% AbbVie, Inc. 4.0% Lockheed Martin Corp. 3.7% Walmart, Inc. 3.5% Pfizer, Inc. 3.4% Texas Instruments, Inc. 3.3% Bristol-Myers Squibb Co. 3.1% Merck & Co., Inc. 3.1% Sector Allocation\*: December 31, 2022 (% of Net Assets) Information Technology 20.5% Health Care 19.7% Real Estate 0.6% Materials 0.6% Consumer Discretionary 1.8% Financials 7.0% Communication Services 9.7% Energy 10.3% Consumer Staples 13.9% Industrials 15.5% \* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-065.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 Victory Portfolios II VictoryShares US 500 Enhanced Volatility Wtd ETF December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide investment results that track the performance of the Nasdaq Victory US Large Cap 500 Long/Cash Volatility Weighted Index before fees and expenses. Top 10 Holdings\*: December 31, 2022 (% of Net Assets) Merck & Co., Inc. 0.4% Gilead Sciences, Inc. 0.4% Johnson & Johnson 0.4% Arch Capital Group Ltd. 0.4% Amgen, Inc. 0.4% Bristol-Myers Squibb Co. 0.4% AbbVie, Inc. 0.4% PepsiCo, Inc. 0.4% McDonald's Corp. 0.3% The Coca-Cola Co. 0.3% Sector Allocation\*: December 31, 2022 (% of Net Assets) Financials 16.6% Industrials 15.9% Health Care 14.6% Real Estate 0.2% Communication Services 4.0% Energy 4.1% Materials 5.5% Utilities 7.8% Consumer Discretionary 8.4% Consumer Staples 9.1% Information Technology 13.1% \* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-066.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 Victory Portfolios II VictoryShares US EQ Income Enhanced Volatility Wtd ETF December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide investment results that track the performance of the Nasdaq Victory US Large Cap High Dividend 100 Long/Cash Volatility Weighted Index before fees and expenses. Top 10 Holdings\*: December 31, 2022 (% of Net Assets) Merck & Co., Inc. 1.9% Gilead Sciences, Inc. 1.9% Amgen, Inc. 1.6% Bristol-Myers Squibb Co. 1.6% AbbVie, Inc. 1.6% Duke Energy Corp. 1.5% FirstEnergy Corp. 1.5% Consolidated Edison, Inc. 1.4% American Electric Power Co., Inc. 1.4% Campbell Soup Co. 1.4% Sector Allocation\*: December 31, 2022 (% of Net Assets) Financials 22.1% Utilities 18.1% Industrials 3.4% Consumer Discretionary 5.0% Communication Services 6.1% Materials 6.4% Energy 7.7% Information Technology 8.0% Consumer Staples 10.8% Health Care 11.6% \* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-067.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 Victory Portfolios II VictoryShares US Discovery Enhanced Volatility Wtd ETF December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide investment results that track the performance of the Nasdaq Victory US Small Cap High Dividend 500 Long/Cash Volatility Weighted Index before fees and expenses. Top 10 Holdings\*: December 31, 2022 (% of Net Assets) SJW Group 0.5% City Holding Co. 0.4% Westamerica Bancorp 0.4% NBT Bancorp, Inc. 0.4% Avista Corp. 0.4% Capitol Federal Financial, Inc. 0.4% NorthWestern Corp. 0.4% Northwest Bancshares, Inc. 0.4% S&T Bancorp, Inc. 0.4% Employers Holdings, Inc. 0.4% Sector Allocation\*: December 31, 2022 (% of Net Assets) Financials 25.8% Industrials 19.7% Real Estate 1.3% Utilities 2.9% Energy 3.0% Communication Services 3.6% Materials 5.0% Consumer Staples 7.1% Health Care 7.8% Information Technology 9.3% Consumer Discretionary 13.9% \* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-068.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 Victory Portfolios II VictoryShares Developed Enhanced Volatility Wtd ETF December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide investment results that track the performance of the Nasdaq Victory International 500 Long/Cash Volatility Weighted Index before fees and expenses. Top 10 Holdings\*: December 31, 2022 (% of Net Assets) MTR Corp. Ltd. 0.2% Hydro One Ltd. 0.2% Swisscom AG, Registered Shares 0.2% Fortis, Inc. 0.2% Orange SA 0.2% Japan Tobacco, Inc. 0.2% Sun Hung Kai Properties Ltd. 0.2% Softbank Corp. 0.2% Mizuho Financial Group, Inc. 0.2% Oversea-Chinese Banking Corp. Ltd. 0.2% Sector Allocation\*: December 31, 2022 (% of Net Assets) Financials 11.4% Industrials 8.5% Consumer Staples 5.8% Real Estate 1.7% Energy 2.3% Utilities 3.0% Information Technology 3.4% Consumer Discretionary 3.9% Communication Services 4.1% Materials 4.3% Health Care 4.4% \* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-069.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 Victory Portfolios II VictoryShares Nasdaq Next 50 ETF December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide investment results that track the performance of the Nasdaq Q-50 Index before fees and expenses. Top 10 Holdings\*: December 31, 2022 (% of Net Assets) Alnylam Pharmaceuticals, Inc. 3.5% ON Semiconductor Corp. 3.2% Horizon Therapeutics PLC 3.1% Coca-Cola Europacific Partners PLC 3.0% Tractor Supply Co. 3.0% CDW Corp. 2.9% Ulta Beauty, Inc. 2.9% VeriSign, Inc. 2.6% Insulet Corp. 2.5% The Trade Desk, Inc., Class A 2.4% Sector Allocation\*: December 31, 2022 (% of Net Assets) Information Technology 37.1% Utilities 1.7% Materials 2.1% Consumer Staples 3.0% Energy 3.3% Industrials 7.3% Consumer Discretionary 9.2% Communication Services 11.4% Health Care 24.7% \* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-070.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 Victory Portfolios II VictoryShares ESG Core Plus Bond ETF December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks high current income without undue risk to principal. Asset Allocation\*: December 31, 2022 (% of Net Assets) Corporate Bonds 30.6% Collateralized Mortgage Obligations 20.3% Municipal Bonds 0.7% Senior Secured Loans 3.1% U.S. Government Agency Mortgages 3.2% Yankee Dollars 6.0% Asset-Backed Securities 17.0% U.S. Treasury Obligations 17.3% \* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-071.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 Victory Portfolios II VictoryShares ESG Corporate Bond ETF December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks maximum current income without undue risk to principal. Asset Allocation\*: December 31, 2022 (% of Net Assets) Corporate Bonds 79.6% Yankee Dollars 18.0% \* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-072.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 Victory Portfolios II VictoryShares THB Mid Cap ESG ETF December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks capital appreciation. Top 10 Holdings\*: December 31, 2022 (% of Net Assets) Waters Corp. 4.6% The Toro Co. 4.2% HEICO Corp. 4.2% Hologic, Inc. 3.9% Amphenol Corp., Class A 3.9% Verisk Analytics, Inc. 3.9% Chemed Corp. 3.7% NVR, Inc. 3.6% Cadence Design Systems, Inc. 3.6% Copart, Inc. 3.5% Sector Allocation\*: December 31, 2022 (% of Net Assets) Industrials 43.1% Materials 3.3% Consumer Staples 6.0% Consumer Discretionary 9.8% Health Care 18.5% Information Technology 19.2% \* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-073.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 Victory Portfolios II VictoryShares WestEnd U.S. Sector ETF December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide long-term capital appreciation. Top 10 Holdings\*: December 31, 2022 (% of Net Assets) Apple, Inc. 6.2% Microsoft Corp. 5.8% UnitedHealth Group, Inc. 3.0% Johnson & Johnson 2.8% Alphabet, Inc., Class A 2.5% Alphabet, Inc., Class C 2.3% Amazon.com, Inc. 2.0% The Procter & Gamble Co. 1.9% NextEra Energy, Inc. 1.8% Eli Lilly & Co. 1.8% Sector Allocation\*: December 31, 2022 (% of Net Assets) Health Care 30.4% Consumer Discretionary 8.4% Utilities 10.6% Communication Services 11.4% Consumer Staples 12.7% Information Technology 26.2% \* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-074.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments December 31, 2022 Victory Portfolios II VictoryShares US 500 Volatility Wtd ETF 20 (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (99.7%) Communication Services (4.0%): Alphabet, Inc., Class A (a) ................................................ 9,217 $813,216 AT&T, Inc. ........................................................... 75,243 1,385,224 Charter Communications, Inc., Class A (a) ..................................... 2,610 885,051 Comcast Corp., Class A .................................................. 37,154 1,299,275 DISH Network Corp., Class A (a) ........................................... 34,975 491,049 Electronic Arts, Inc. ..................................................... 10,742 1,312,458 Endeavor Group Holdings, Inc., Class A (a) .................................... 37,738 850,615 Fox Corp., Class A ..................................................... 36,375 1,104,709 Liberty Broadband Corp., Class C (a) ........................................ 11,218 855,597 Lumen Technologies, Inc. ................................................ 93,984 490,596 Match Group, Inc. (a).................................................... 10,499 435,603 Meta Platforms, Inc., Class A (a) ............................................ 3,708 446,221 Netflix, Inc. (a) ........................................................ 2,306 679,993 News Corp., Class A .................................................... 60,729 1,105,268 Omnicom Group, Inc. ................................................... 15,946 1,300,715 Paramount Global, Class B ............................................... 29,220 493,234 Pinterest, Inc., Class A (a)................................................. 19,309 468,822 Sirius XM Holdings, Inc. (b)............................................... 244,624 1,428,604 Take-Two Interactive Software, Inc. (a) ....................................... 6,978 726,619 The Interpublic Group of Cos., Inc. .......................................... 37,676 1,254,988 The Trade Desk, Inc., Class A (a)............................................ 6,329 283,729 The Walt Disney Co. (a) .................................................. 10,031 871,493 T-Mobile U.S., Inc. (a) ................................................... 8,486 1,188,040 Verizon Communications, Inc. ............................................. 40,361 1,590,223 Warner Music Group Corp., Class A ......................................... 29,388 1,029,168 ZoomInfo Technologies, Inc. (a) ............................................ 11,912 358,670 23,149,180 Consumer Discretionary (8.4%): Advance Auto Parts, Inc. ................................................. 6,199 911,439 Airbnb, Inc., Class A (a) .................................................. 5,306 453,663 Amazon.com, Inc. (a).................................................... 5,844 490,896 Aptiv PLC (a) ......................................................... 7,560 704,063 Aramark ............................................................. 31,295 1,293,735 AutoZone, Inc. (a) ...................................................... 560 1,381,061 Best Buy Co., Inc. ...................................................... 11,868 951,932 Booking Holdings, Inc. (a) ................................................ 446 898,815 Burlington Stores, Inc. (a)................................................. 4,607 934,115 CarMax, Inc. (a)........................................................ 9,310 566,886 Chipotle Mexican Grill, Inc. (a)............................................. 534 740,920 D.R. Horton, Inc. ...................................................... 11,916 1,062,192 Darden Restaurants, Inc. ................................................. 8,181 1,131,678 Dollar General Corp. .................................................... 4,513 1,111,326 Dollar Tree, Inc. (a) ..................................................... 6,198 876,645 Domino's Pizza, Inc. .................................................... 3,116 1,079,382 Etsy, Inc. (a) .......................................................... 4,432 530,865 Expedia Group, Inc. (a) .................................................. 6,855 600,498 Ford Motor Co. ........................................................ 49,173 571,882 Garmin Ltd. .......................................................... 13,365 1,233,456 General Motors Co. ..................................................... 21,697 729,887 Genuine Parts Co. ...................................................... 9,630 1,670,901 Hasbro, Inc. .......................................................... 15,443 942,177 Hilton Worldwide Holdings, Inc. ........................................... 7,469 943,783 Hyatt Hotels Corp., Class A (a) ............................................. 9,488 858,190 Lennar Corp., Class A ................................................... 10,989 994,505 LKQ Corp. ........................................................... 19,567 1,045,074 Lowe's Cos., Inc. ....................................................... 6,135 1,222,337 Marriott International, Inc., Class A ......................................... 6,338 943,665 McDonald's Corp. ...................................................... 7,500 1,976,475 MGM Resorts International ............................................... 23,265 780,075 NIKE, Inc., Class B ..................................................... 9,158 1,071,578 NVR, Inc. (a).......................................................... 259 1,194,658 O'Reilly Automotive, Inc. (a) .............................................. 1,690 1,426,411 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-075.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US 500 Volatility Wtd ETF 21 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Pool Corp. ........................................................... 2,670 $807,221 PulteGroup, Inc. ....................................................... 20,856 949,574 Ross Stores, Inc. ....................................................... 9,187 1,066,335 Service Corp. International ................................................ 19,609 1,355,766 Starbucks Corp. ....................................................... 12,246 1,214,803 Target Corp. .......................................................... 5,024 748,777 Tesla, Inc. (a).......................................................... 2,013 247,961 The Home Depot, Inc. ................................................... 4,258 1,344,932 The TJX Cos., Inc. ..................................................... 17,209 1,369,836 Tractor Supply Co. ..................................................... 5,527 1,243,409 Ulta Beauty, Inc. (a) ..................................................... 2,185 1,024,918 Vail Resorts, Inc. ....................................................... 4,425 1,054,699 VF Corp. ............................................................ 24,200 668,162 Williams-Sonoma, Inc. .................................................. 4,594 527,943 Yum! Brands, Inc. ...................................................... 13,706 1,755,465 48,704,966 Consumer Staples (9.2%): Albertsons Cos., Inc., Class A .............................................. 45,694 947,694 Altria Group, Inc. ...................................................... 31,477 1,438,814 Archer-Daniels-Midland Co. .............................................. 13,683 1,270,466 BJ's Wholesale Club Holdings, Inc. (a)........................................ 11,253 744,498 Brown-Forman Corp., Class B ............................................. 20,911 1,373,434 Bunge Ltd. ........................................................... 11,561 1,153,441 Campbell Soup Co. ..................................................... 31,027 1,760,782 Church & Dwight Co., Inc. ............................................... 17,711 1,427,684 Colgate-Palmolive Co. ................................................... 22,987 1,811,146 Conagra Brands, Inc. .................................................... 41,294 1,598,078 Constellation Brands, Inc., Class A .......................................... 6,577 1,524,220 Costco Wholesale Corp. .................................................. 2,232 1,018,908 Darling Ingredients, Inc. (a) ............................................... 10,859 679,665 General Mills, Inc. ..................................................... 21,609 1,811,915 Hormel Foods Corp. .................................................... 35,027 1,595,480 Kellogg Co. .......................................................... 23,916 1,703,776 Keurig Dr Pepper, Inc. ................................................... 47,787 1,704,084 Kimberly-Clark Corp. ................................................... 12,808 1,738,686 Lamb Weston Holdings, Inc. .............................................. 14,679 1,311,715 McCormick & Co., Inc. .................................................. 17,461 1,447,342 Molson Coors Beverage Co., Class B ........................................ 23,465 1,208,917 Mondelez International, Inc., Class A ........................................ 29,190 1,945,513 Monster Beverage Corp. (a) ............................................... 13,839 1,405,074 PepsiCo, Inc. ......................................................... 11,348 2,050,130 Philip Morris International, Inc. ............................................ 15,337 1,552,258 Sysco Corp. .......................................................... 14,961 1,143,768 The Clorox Co. ........................................................ 7,499 1,052,335 The Coca-Cola Co. ..................................................... 30,647 1,949,456 The Estee Lauder Cos., Inc. ............................................... 3,651 905,850 The Hershey Co. ....................................................... 7,740 1,792,352 The J.M. Smucker Co. ................................................... 10,192 1,615,024 The Kraft Heinz Co. .................................................... 36,929 1,503,380 The Kroger Co. ........................................................ 23,200 1,034,256 The Procter & Gamble Co. ................................................ 11,661 1,767,341 Tyson Foods, Inc., Class A ................................................ 17,477 1,087,943 Walgreens Boots Alliance, Inc. ............................................. 37,994 1,419,456 Walmart, Inc. ......................................................... 9,950 1,410,810 52,905,691 Energy (4.1%): Antero Resources Corp. (a)................................................ 15,076 467,205 APA Corp. ........................................................... 15,914 742,866 Chesapeake Energy Corp. ................................................ 7,592 716,457 Chevron Corp. ........................................................ 7,109 1,275,994 ConocoPhillips ........................................................ 8,015 945,770 Coterra Energy, Inc. ..................................................... 25,425 624,692 Devon Energy Corp. .................................................... 9,623 591,911 Diamondback Energy, Inc. ................................................ 5,575 762,549 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-076.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US 500 Volatility Wtd ETF 22 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value EOG Resources, Inc. .................................................... 6,724 $870,893 Exxon Mobil Corp. ..................................................... 10,788 1,189,916 Halliburton Co. ........................................................ 24,917 980,484 Hess Corp. ........................................................... 7,018 995,293 HF Sinclair Corp. ...................................................... 14,757 765,741 Kinder Morgan, Inc. .................................................... 76,877 1,389,936 Marathon Oil Corp. ..................................................... 27,729 750,624 Marathon Petroleum Corp. ................................................ 10,403 1,210,805 Occidental Petroleum Corp. ............................................... 8,764 552,044 ONEOK, Inc. ......................................................... 18,457 1,212,625 Ovintiv, Inc. .......................................................... 11,580 587,222 Phillips 66 ........................................................... 10,619 1,105,226 Pioneer Natural Resources Co. ............................................. 3,732 852,352 Schlumberger Ltd. ...................................................... 19,616 1,048,671 Targa Resources Corp. ................................................... 13,980 1,027,530 Texas Pacific Land Corp. ................................................. 405 949,413 The Williams Cos., Inc. .................................................. 39,976 1,315,210 Valero Energy Corp. .................................................... 7,183 911,235 23,842,664 Financials (16.6%): Aflac, Inc. ............................................................ 26,632 1,915,906 Ally Financial, Inc. ..................................................... 26,133 638,952 American Express Co. ................................................... 6,758 998,494 American Financial Group, Inc. ............................................ 10,651 1,462,169 American International Group, Inc. .......................................... 20,662 1,306,665 Ameriprise Financial, Inc. ................................................ 3,875 1,206,559 Aon PLC, Class A ...................................................... 4,669 1,401,354 Arch Capital Group Ltd. (a) ............................................... 34,509 2,166,475 Ares Management Corp., Class A ........................................... 10,428 713,692 Arthur J. Gallagher & Co. ................................................ 7,727 1,456,849 Bank of America Corp. .................................................. 34,336 1,137,208 Berkshire Hathaway, Inc., Class B (a) ........................................ 6,201 1,915,489 BlackRock, Inc. ....................................................... 1,671 1,184,121 Blackstone, Inc. ....................................................... 7,502 556,573 Brown & Brown, Inc. ................................................... 19,736 1,124,360 Capital One Financial Corp. ............................................... 8,821 820,000 Cboe Global Markets, Inc. ................................................ 12,288 1,541,775 Chubb Ltd. ........................................................... 8,624 1,902,454 Cincinnati Financial Corp. ................................................ 11,561 1,183,731 Citigroup, Inc. ......................................................... 22,259 1,006,775 Citizens Financial Group, Inc. ............................................. 27,998 1,102,281 CME Group, Inc. ...................................................... 7,325 1,231,772 Comerica, Inc. ........................................................ 12,608 842,845 Discover Financial Services ............................................... 8,815 862,371 East West Bancorp, Inc. .................................................. 13,059 860,588 Equitable Holdings, Inc. ................................................. 34,828 999,564 Erie Indemnity Co., Class A ............................................... 6,705 1,667,668 Everest Re Group Ltd. ................................................... 5,348 1,771,632 F&G Annuities & Life, Inc. (a) ............................................. 2,258 45,183 FactSet Research Systems, Inc. ............................................. 3,151 1,264,213 Fidelity National Financial, Inc. ............................................ 33,199 1,248,946 Fifth Third Bancorp ..................................................... 30,796 1,010,417 First Citizens BancShares, Inc., Class A ...................................... 1,199 909,274 First Republic Bank ..................................................... 7,010 854,449 Franklin Resources, Inc. ................................................. 40,827 1,077,016 Globe Life, Inc. ........................................................ 14,811 1,785,466 Huntington Bancshares, Inc. ............................................... 81,798 1,153,352 Interactive Brokers Group, Inc. ............................................. 16,748 1,211,718 Intercontinental Exchange, Inc. ............................................. 12,894 1,322,795 JPMorgan Chase & Co. .................................................. 10,987 1,473,357 KeyCorp ............................................................ 62,090 1,081,608 KKR & Co., Inc. ....................................................... 14,970 694,907 Loews Corp. .......................................................... 29,595 1,726,276 LPL Financial Holdings, Inc. .............................................. 3,939 851,494 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-077.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US 500 Volatility Wtd ETF 23 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value M&T Bank Corp. ...................................................... 6,005 $871,085 Markel Corp. (a) ....................................................... 1,302 1,715,372 MarketAxess Holdings, Inc. ............................................... 4,064 1,133,409 Marsh & McLennan Cos., Inc. ............................................. 9,177 1,518,610 MetLife, Inc. .......................................................... 21,993 1,591,633 Moody's Corp. ........................................................ 4,202 1,170,761 Morgan Stanley ........................................................ 13,470 1,145,219 Morningstar, Inc. ....................................................... 4,356 943,466 MSCI, Inc. ........................................................... 2,156 1,002,907 Nasdaq, Inc. .......................................................... 23,931 1,468,167 Northern Trust Corp. .................................................... 11,987 1,060,730 Principal Financial Group, Inc. ............................................. 15,427 1,294,634 Prudential Financial, Inc. ................................................. 13,134 1,306,308 Raymond James Financial, Inc. ............................................ 10,251 1,095,319 Regions Financial Corp. .................................................. 46,340 999,090 Rocket Cos., Inc., Class A (b) .............................................. 79,461 556,227 Ryan Specialty Holdings, Inc. (a)............................................ 22,752 944,436 S&P Global, Inc. ....................................................... 3,710 1,242,627 Signature Bank ........................................................ 3,823 440,486 State Street Corp. ...................................................... 13,863 1,075,353 SVB Financial Group (a) ................................................. 1,581 363,851 Synchrony Financial .................................................... 26,641 875,423 T. Rowe Price Group, Inc. ................................................ 8,246 899,309 The Allstate Corp. ...................................................... 11,496 1,558,858 The Bank of New York Mellon Corp. ........................................ 28,661 1,304,649 The Carlyle Group, Inc. .................................................. 23,353 696,854 The Charles Schwab Corp. ................................................ 13,507 1,124,593 The Goldman Sachs Group, Inc. ............................................ 3,685 1,265,355 The Hartford Financial Services Group, Inc. ................................... 21,941 1,663,786 The PNC Financial Services Group, Inc. ...................................... 8,150 1,287,211 The Progressive Corp. ................................................... 11,602 1,504,895 The Travelers Cos., Inc. .................................................. 9,832 1,843,402 Tradeweb Markets, Inc., Class A ............................................ 16,990 1,103,161 Truist Financial Corp. ................................................... 26,175 1,126,310 U.S. Bancorp ......................................................... 28,732 1,253,002 W.R. Berkley Corp. ..................................................... 24,123 1,750,606 Wells Fargo & Co. ...................................................... 23,632 975,765 95,861,662 Health Care (14.7%): Abbott Laboratories ..................................................... 13,958 1,532,449 AbbVie, Inc. .......................................................... 12,694 2,051,477 Agilent Technologies, Inc. ................................................ 8,173 1,223,089 Align Technology, Inc. (a)................................................. 2,645 557,831 AmerisourceBergen Corp. ................................................ 10,914 1,808,559 Amgen, Inc. .......................................................... 7,939 2,085,099 Avantor, Inc. (a)........................................................ 38,801 818,313 Baxter International, Inc. ................................................. 23,486 1,197,081 Becton Dickinson and Co. ................................................ 6,409 1,629,809 Biogen, Inc. (a) ........................................................ 5,537 1,533,306 BioMarin Pharmaceutical, Inc. (a) ........................................... 11,734 1,214,352 Bio-Techne Corp. ...................................................... 10,842 898,585 Boston Scientific Corp. (a) ................................................ 31,802 1,471,479 Bristol-Myers Squibb Co. ................................................ 28,669 2,062,735 Catalent, Inc. (a) ....................................................... 10,127 455,816 Centene Corp. (a)....................................................... 13,311 1,091,635 Charles River Laboratories International, Inc. (a) ................................ 3,989 869,203 Cigna Corp. .......................................................... 4,817 1,596,065 CVS Health Corp. ...................................................... 15,070 1,404,373 Danaher Corp. ........................................................ 4,177 1,108,659 Dexcom, Inc. (a) ....................................................... 8,360 946,686 Edwards Lifesciences Corp. (a) ............................................. 11,047 824,217 Elevance Health, Inc. .................................................... 2,743 1,407,077 Eli Lilly & Co. ........................................................ 4,171 1,525,919 Gilead Sciences, Inc. .................................................... 27,840 2,390,064 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-078.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US 500 Volatility Wtd ETF 24 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value HCA Healthcare, Inc. ................................................... 4,296 $1,030,868 Henry Schein, Inc. (a).................................................... 19,817 1,582,784 Hologic, Inc. (a)........................................................ 20,902 1,563,679 Horizon Therapeutics PLC (a).............................................. 14,943 1,700,513 Humana, Inc. ......................................................... 2,260 1,157,549 IDEXX Laboratories, Inc. (a) .............................................. 2,558 1,043,562 Incyte Corp. (a) ........................................................ 18,699 1,501,904 Insulet Corp. (a)........................................................ 2,579 759,232 Intuitive Surgical, Inc. (a) ................................................. 4,047 1,073,871 IQVIA Holdings, Inc. (a) ................................................. 5,011 1,026,704 Johnson & Johnson ..................................................... 12,884 2,275,959 Laboratory Corp. of America Holdings ....................................... 5,986 1,409,583 McKesson Corp. ....................................................... 4,355 1,633,648 Medtronic PLC ........................................................ 17,221 1,338,416 Merck & Co., Inc. ...................................................... 22,258 2,469,525 Mettler-Toledo International, Inc. (a) ......................................... 838 1,211,287 Moderna, Inc. (a) ....................................................... 3,838 689,382 Molina Healthcare, Inc. (a) ................................................ 3,576 1,180,867 Neurocrine Biosciences, Inc. (a) ............................................ 9,900 1,182,456 PerkinElmer, Inc. ...................................................... 7,340 1,029,215 Pfizer, Inc. ........................................................... 28,304 1,450,297 Quest Diagnostics, Inc. .................................................. 11,710 1,831,912 R1 RCM, Inc. (a) ....................................................... 37,657 412,344 Regeneron Pharmaceuticals, Inc. (a) ......................................... 2,252 1,624,795 Repligen Corp. (a) ...................................................... 2,928 495,740 ResMed, Inc. ......................................................... 5,074 1,056,052 Shockwave Medical, Inc. (a)............................................... 1,694 348,303 STERIS PLC ......................................................... 5,892 1,088,193 Stryker Corp. ......................................................... 5,922 1,447,870 Teleflex, Inc. .......................................................... 4,875 1,216,946 The Cooper Cos., Inc. ................................................... 4,158 1,374,926 Thermo Fisher Scientific, Inc. .............................................. 2,115 1,164,709 United Therapeutics Corp. (a) .............................................. 4,590 1,276,433 UnitedHealth Group, Inc. ................................................. 2,872 1,522,677 Veeva Systems, Inc., Class A (a) ............................................ 3,771 608,564 Vertex Pharmaceuticals, Inc. (a)............................................. 4,379 1,264,568 Viatris, Inc. ........................................................... 89,696 998,316 Waters Corp. (a)........................................................ 3,682 1,261,380 West Pharmaceutical Services, Inc. .......................................... 3,458 813,840 Zimmer Biomet Holdings, Inc. ............................................. 11,471 1,462,552 Zoetis, Inc. ........................................................... 8,162 1,196,141 84,481,440 Industrials (16.0%): 3M Co. .............................................................. 11,399 1,366,968 Advanced Drainage Systems, Inc. ........................................... 5,591 458,294 AECOM ............................................................. 17,157 1,457,144 AMETEK, Inc. ........................................................ 13,075 1,826,839 Booz Allen Hamilton Holding Corp. ......................................... 13,263 1,386,249 Builders FirstSource, Inc. (a)............................................... 12,335 800,295 C.H. Robinson Worldwide, Inc. ............................................ 9,499 869,728 Carlisle Cos., Inc. ...................................................... 4,008 944,485 Carrier Global Corp. .................................................... 29,843 1,231,024 Caterpillar, Inc. ........................................................ 6,010 1,439,756 Cintas Corp. .......................................................... 3,360 1,517,443 Copart, Inc. (a)......................................................... 17,966 1,093,950 CoStar Group, Inc. (a) ................................................... 11,352 877,283 CSX Corp. ........................................................... 41,758 1,293,663 Cummins, Inc. ........................................................ 5,944 1,440,172 Deere & Co. .......................................................... 2,650 1,136,214 Delta Air Lines, Inc. (a) .................................................. 24,857 816,801 Dover Corp. .......................................................... 10,706 1,449,699 Eaton Corp. PLC ....................................................... 9,523 1,494,635 Emerson Electric Co. .................................................... 16,979 1,631,003 Equifax, Inc. .......................................................... 5,537 1,076,171 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-079.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US 500 Volatility Wtd ETF 25 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Expeditors International of Washington, Inc. ................................... 12,064 $1,253,691 Fastenal Co. .......................................................... 26,735 1,265,100 FedEx Corp. .......................................................... 4,603 797,240 Fortive Corp. ......................................................... 19,573 1,257,565 Generac Holdings, Inc. (a) ................................................ 2,593 261,011 General Dynamics Corp. ................................................. 6,930 1,719,402 Graco, Inc. ........................................................... 22,479 1,511,938 HEICO Corp. ......................................................... 8,854 1,360,329 Honeywell International, Inc. .............................................. 7,967 1,707,328 Howmet Aerospace, Inc. ................................................. 30,630 1,207,128 Hubbell, Inc. .......................................................... 6,299 1,478,249 Huntington Ingalls Industries, Inc. .......................................... 6,163 1,421,681 IDEX Corp. .......................................................... 7,099 1,620,915 Illinois Tool Works, Inc. .................................................. 7,550 1,663,265 Ingersoll Rand, Inc. ..................................................... 22,488 1,174,998 J.B. Hunt Transport Services, Inc. ........................................... 6,338 1,105,094 Jacobs Solutions, Inc. ................................................... 10,523 1,263,497 Johnson Controls International PLC ......................................... 22,336 1,429,504 L3Harris Technologies, Inc. ............................................... 5,474 1,139,741 Leidos Holdings, Inc. ................................................... 14,988 1,576,588 Lockheed Martin Corp. .................................................. 3,518 1,711,472 Masco Corp. .......................................................... 23,015 1,074,110 Nordson Corp. ........................................................ 5,793 1,377,112 Norfolk Southern Corp. .................................................. 5,409 1,332,886 Northrop Grumman Corp. ................................................ 2,577 1,406,037 Old Dominion Freight Line, Inc. ............................................ 3,244 920,582 Otis Worldwide Corp. ................................................... 18,913 1,481,077 PACCAR, Inc. ........................................................ 15,759 1,559,668 Parker-Hannifin Corp. ................................................... 4,509 1,312,119 Quanta Services, Inc. .................................................... 6,533 930,952 Raytheon Technologies Corp. .............................................. 15,764 1,590,903 Regal Rexnord Corp. .................................................... 8,382 1,005,672 Republic Services, Inc. .................................................. 11,556 1,490,608 Rockwell Automation, Inc. ................................................ 4,305 1,108,839 Rollins, Inc. .......................................................... 38,734 1,415,340 Snap-on, Inc. ......................................................... 6,455 1,474,903 Southwest Airlines Co. (a) ................................................ 26,925 906,565 Stanley Black & Decker, Inc. .............................................. 10,130 760,966 Textron, Inc. .......................................................... 17,597 1,245,868 Trane Technologies PLC ................................................. 8,089 1,359,680 TransDigm Group, Inc. .................................................. 1,812 1,140,926 TransUnion ........................................................... 13,481 765,047 U-Haul Holding Co. .................................................... 22,798 1,253,434 U-Haul Holding Co. (b) .................................................. 2,533 152,461 Union Pacific Corp. ..................................................... 6,808 1,409,733 United Parcel Service, Inc., Class B ......................................... 6,100 1,060,424 United Rentals, Inc. (a)................................................... 3,077 1,093,627 Verisk Analytics, Inc. .................................................... 7,574 1,336,205 W.W. Grainger, Inc. ..................................................... 2,359 1,312,194 Waste Management, Inc. ................................................. 10,047 1,576,173 Watsco, Inc. .......................................................... 4,448 1,109,331 Westinghouse Air Brake Technologies Corp. ................................... 12,742 1,271,779 Xylem, Inc. ........................................................... 11,348 1,254,748 92,023,521 Information Technology (13.2%): Accenture PLC, Class A .................................................. 3,919 1,045,746 Adobe, Inc. (a)......................................................... 2,261 760,894 Advanced Micro Devices, Inc. (a) ........................................... 7,014 454,297 Akamai Technologies, Inc. (a).............................................. 14,264 1,202,455 Amphenol Corp., Class A ................................................. 17,261 1,314,253 Analog Devices, Inc. .................................................... 6,762 1,109,171 ANSYS, Inc. (a)........................................................ 3,575 863,684 Apple, Inc. ........................................................... 7,091 921,334 Applied Materials, Inc. .................................................. 7,760 755,669 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-080.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US 500 Volatility Wtd ETF 26 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Arista Networks, Inc. (a).................................................. 7,098 $861,342 Autodesk, Inc. (a)....................................................... 3,877 724,495 Automatic Data Processing, Inc. ............................................ 5,345 1,276,707 Bentley Systems, Inc., Class B ............................................. 19,544 722,346 Broadcom, Inc. ........................................................ 1,998 1,117,142 Broadridge Financial Solutions, Inc. ......................................... 7,541 1,011,474 Cadence Design Systems, Inc. (a) ........................................... 5,066 813,802 CDW Corp. .......................................................... 6,852 1,223,630 Cisco Systems, Inc. ..................................................... 27,308 1,300,953 Cognizant Technology Solutions Corp., Class A ................................. 18,669 1,067,680 Corning, Inc. .......................................................... 33,699 1,076,346 Datadog, Inc., Class A (a) ................................................. 4,503 330,970 Dell Technologies, Inc., Class C ............................................ 22,787 916,493 Dynatrace, Inc. (a) ...................................................... 16,174 619,464 Enphase Energy, Inc. (a) .................................................. 1,673 443,278 Entegris, Inc. ......................................................... 7,221 473,625 EPAM Systems, Inc. (a) .................................................. 923 302,504 F5, Inc. (a)............................................................ 6,397 918,033 Fair Isaac Corp. (a)...................................................... 1,994 1,193,568 Fidelity National Information Services, Inc. .................................... 11,321 768,130 First Solar, Inc. (a) ...................................................... 5,359 802,725 Fiserv, Inc. (a) ......................................................... 11,896 1,202,329 FleetCor Technologies, Inc. (a) ............................................. 5,313 975,892 Fortinet, Inc. (a)........................................................ 13,377 654,001 Gartner, Inc. (a) ........................................................ 3,386 1,138,170 Gen Digital, Inc. ....................................................... 45,461 974,229 Global Payments, Inc. ................................................... 7,780 772,710 GoDaddy, Inc., Class A (a) ................................................ 12,159 909,736 Hewlett Packard Enterprise Co. ............................................ 77,025 1,229,319 HP, Inc. ............................................................. 29,658 796,910 Intel Corp. ........................................................... 32,379 855,777 International Business Machines Corp. ....................................... 12,200 1,718,858 Intuit, Inc. ............................................................ 1,801 700,985 Jack Henry & Associates, Inc. ............................................. 7,839 1,376,215 Juniper Networks, Inc. ................................................... 43,098 1,377,412 Keysight Technologies, Inc. (a) ............................................. 6,651 1,137,787 KLA Corp. ........................................................... 2,117 798,172 Lam Research Corp. .................................................... 1,612 677,524 Mastercard, Inc., Class A ................................................. 3,438 1,195,496 Microchip Technology, Inc. ............................................... 12,347 867,377 Micron Technology, Inc. ................................................. 13,030 651,239 Microsoft Corp. ....................................................... 4,227 1,013,719 Monolithic Power Systems, Inc. ............................................ 1,302 460,400 Motorola Solutions, Inc. ................................................. 5,042 1,299,374 NetApp, Inc. .......................................................... 15,241 915,374 NVIDIA Corp. ........................................................ 3,834 560,301 NXP Semiconductors NV ................................................ 4,952 782,565 ON Semiconductor Corp. (a)............................................... 8,632 538,378 Oracle Corp. .......................................................... 15,804 1,291,819 Paychex, Inc. ......................................................... 10,459 1,208,642 Paycom Software, Inc. (a)................................................. 1,930 598,898 Paylocity Holding Corp. (a) ............................................... 2,650 514,789 PayPal Holdings, Inc. (a) ................................................. 6,376 454,099 PTC, Inc. (a) .......................................................... 7,603 912,664 Qorvo, Inc. (a) ......................................................... 8,995 815,307 QUALCOMM, Inc. ..................................................... 5,954 654,583 Roper Technologies, Inc. ................................................. 3,563 1,539,537 Salesforce, Inc. (a) ...................................................... 5,051 669,712 Seagate Technology Holdings PLC .......................................... 13,470 708,657 ServiceNow, Inc. (a)..................................................... 1,514 587,841 Skyworks Solutions, Inc. ................................................. 8,835 805,134 SS&C Technologies Holdings, Inc. .......................................... 23,126 1,203,940 Synopsys, Inc. (a)....................................................... 2,475 790,243 TD SYNNEX Corp. .................................................... 11,445 1,083,956 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-081.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US 500 Volatility Wtd ETF 27 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value TE Connectivity Ltd. .................................................... 9,056 $1,039,629 Teledyne Technologies, Inc. (a) ............................................. 3,447 1,378,490 Teradyne, Inc. ......................................................... 8,047 702,905 Texas Instruments, Inc. .................................................. 7,159 1,182,810 Trimble, Inc. (a)........................................................ 15,222 769,624 Tyler Technologies, Inc. (a)................................................ 2,389 770,237 VeriSign, Inc. (a) ....................................................... 5,938 1,219,903 Visa, Inc., Class A ...................................................... 5,837 1,212,695 Western Digital Corp. (a) ................................................. 19,160 604,498 Zebra Technologies Corp. (a) .............................................. 2,894 742,051 Zoom Video Communications, Inc., Class A (a) ................................. 6,861 464,764 75,899,886 Materials (5.5%): Air Products and Chemicals, Inc. ........................................... 5,435 1,675,393 Albemarle Corp. ....................................................... 2,498 541,716 Avery Dennison Corp. ................................................... 6,318 1,143,558 Ball Corp. ............................................................ 16,177 827,292 Celanese Corp. ........................................................ 9,511 972,405 CF Industries Holdings, Inc. ............................................... 7,289 621,023 Corteva, Inc. .......................................................... 21,984 1,292,219 Dow, Inc. ............................................................ 25,887 1,304,446 DuPont de Nemours, Inc. ................................................. 20,664 1,418,170 Eastman Chemical Co. ................................................... 13,067 1,064,176 Ecolab, Inc. .......................................................... 7,148 1,040,463 FMC Corp. ........................................................... 11,703 1,460,534 Freeport-McMoRan, Inc. ................................................. 24,227 920,626 International Flavors & Fragrances, Inc. ...................................... 10,527 1,103,651 International Paper Co. .................................................. 35,538 1,230,681 LyondellBasell Industries NV, Class A ....................................... 13,136 1,090,682 Martin Marietta Materials, Inc. ............................................. 3,396 1,147,746 Newmont Corp. ....................................................... 23,418 1,105,330 Nucor Corp. .......................................................... 5,817 766,739 Packaging Corp. ....................................................... 9,896 1,265,797 PPG Industries, Inc. ..................................................... 8,564 1,076,837 Reliance Steel & Aluminum Co. ............................................ 5,883 1,190,955 RPM International, Inc. .................................................. 14,289 1,392,463 Steel Dynamics, Inc. .................................................... 10,157 992,339 The Mosaic Co. ........................................................ 12,526 549,516 The Sherwin-Williams Co. ................................................ 4,567 1,083,886 Vulcan Materials Co. .................................................... 7,325 1,282,681 Westlake Corp. ........................................................ 10,386 1,064,980 Westrock Co. ......................................................... 26,419 928,892 31,555,196 Real Estate (0.2%): CBRE Group, Inc., Class A (a) ............................................. 14,317 1,101,836 Utilities (7.8%): Alliant Energy Corp. .................................................... 29,410 1,623,726 Ameren Corp. ......................................................... 21,550 1,916,226 American Electric Power Co., Inc. .......................................... 18,600 1,766,070 American Water Works Co., Inc. ............................................ 9,920 1,512,006 Atmos Energy Corp. .................................................... 16,331 1,830,215 CenterPoint Energy, Inc. ................................................. 55,724 1,671,163 CMS Energy Corp. ..................................................... 26,748 1,693,951 Consolidated Edison, Inc. ................................................ 19,389 1,847,965 Constellation Energy Corp. ............................................... 8,631 744,078 Dominion Energy, Inc. ................................................... 24,572 1,506,755 DTE Energy Co. ....................................................... 14,928 1,754,488 Duke Energy Corp. ..................................................... 18,639 1,919,631 Edison International .................................................... 23,144 1,472,421 Entergy Corp. ......................................................... 14,432 1,623,600 Essential Utilities, Inc. ................................................... 30,881 1,473,950 Evergy, Inc. .......................................................... 27,867 1,753,670 Eversource Energy ..................................................... 19,796 1,659,697 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-082.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US 500 Volatility Wtd ETF 28 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Exelon Corp. ......................................................... 36,522 $1,578,846 FirstEnergy Corp. ...................................................... 45,303 1,900,008 NextEra Energy, Inc. .................................................... 14,343 1,199,075 NiSource, Inc. ......................................................... 59,623 1,634,863 NRG Energy, Inc. ...................................................... 28,246 898,788 PG&E Corp. (a)........................................................ 84,935 1,381,043 PPL Corp. ............................................................ 58,940 1,722,227 Sempra Energy ........................................................ 10,732 1,658,523 The Southern Co. ...................................................... 24,025 1,715,625 WEC Energy Group, Inc. ................................................. 17,793 1,668,272 Xcel Energy, Inc. ....................................................... 25,151 1,763,337 44,890,219 Total Common Stocks (Cost $499,864,205) 574,416,261 Collateral for Securities Loaned (0.3%)^ Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (c) ....... 476,745 476,745 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (c)............ 476,745 476,745 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (c) ............... 476,745 476,745 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (c). 476,745 476,745 Total Collateral for Securities Loaned (Cost $1,906,980) 1,906,980 Total Investments (Cost $501,771,185) — 100.0% 576,323,241 Other assets in excess of liabilities — 0.0%(d) 113,099 NET ASSETS - 100.00% $576,436,340 ^ Purchased with cash collateral from securities on loan. (a) Non-income producing security. (b) All or a portion of this security is on loan. (c) Rate disclosed is the daily yield on December 31, 2022. (d) Amount represents less than 0.05% of net assets. PLC—Public Limited Company Futures Contracts Purchased Number of Contracts Expiration Date Notional Amount Value Unrealized Appreciation (Depreciation) E-Mini S&P 500 Futures.............. 7 3/17/23 $1,373,568 $1,351,350 $(22218) Total unrealized appreciation $– Total unrealized depreciation (22218) Total net unrealized appreciation (depreciation) $(22218) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-083.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments December 31, 2022 Victory Portfolios II VictoryShares US Small Cap Volatility Wtd ETF 29 (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (99.6%) Banks (16.7%): 1st Source Corp. ....................................................... 1,660 $88,129 Atlantic Union Bankshares Corp. ........................................... 2,063 72,494 Banc of California, Inc. .................................................. 3,563 56,759 BankUnited, Inc. ....................................................... 1,507 51,193 Banner Corp. ......................................................... 1,070 67,624 Berkshire Hills Bancorp, Inc. .............................................. 2,372 70,923 City Holding Co. ....................................................... 1,069 99,513 Columbia Banking System, Inc. ............................................ 1,870 56,343 Customers Bancorp, Inc. (a) ............................................... 960 27,206 Dime Community Bancshares, Inc. .......................................... 2,107 67,066 Eagle Bancorp, Inc. ..................................................... 1,475 65,003 Enterprise Financial Services Corp. .......................................... 1,679 82,204 FB Financial Corp. ..................................................... 1,733 62,631 First Bancorp/Puerto Rico ................................................ 3,213 40,869 First Bancorp/Southern Pines NC ........................................... 1,793 76,812 First Busey Corp. ...................................................... 3,198 79,055 First Commonwealth Financial Corp. ........................................ 5,456 76,220 First Financial Bancorp .................................................. 3,135 75,961 First Foundation, Inc. ................................................... 3,331 47,733 First Merchants Corp. ................................................... 1,780 73,176 Fulton Financial Corp. ................................................... 4,366 73,480 German American Bancorp, Inc. ............................................ 1,987 74,115 Heartland Financial USA, Inc. ............................................. 1,646 76,737 Hilltop Holdings, Inc. ................................................... 1,865 55,969 Hope Bancorp, Inc. ..................................................... 4,399 56,351 Independent Bank Group, Inc. ............................................. 1,063 63,865 International Bancshares Corp. ............................................. 1,546 70,745 Lakeland Bancorp, Inc. .................................................. 4,662 82,098 Lakeland Financial Corp. ................................................. 1,016 74,138 Live Oak Bancshares, Inc. ................................................ 992 29,958 National Bank Holdings Corp., Class A ....................................... 1,657 69,710 NBT Bancorp, Inc. ..................................................... 2,227 96,696 Nicolet Bankshares, Inc. (a) ............................................... 1,032 82,343 Northwest Bancshares, Inc. ............................................... 6,530 91,289 OceanFirst Financial Corp. ................................................ 4,105 87,231 OFG Bancorp ......................................................... 2,192 60,412 Park National Corp. ..................................................... 575 80,931 Preferred Bank ........................................................ 1,037 77,381 Renasant Corp. ........................................................ 2,055 77,247 S&T Bancorp, Inc. ..................................................... 2,636 90,099 Sandy Spring Bancorp, Inc. ............................................... 1,848 65,105 Seacoast Banking Corp. of Florida .......................................... 1,900 59,261 Silvergate Capital Corp., Class A (a) ......................................... 192 3,341 Southside Bancshares, Inc. ................................................ 2,244 80,762 Stock Yards Bancorp, Inc. ................................................ 1,079 70,113 Texas Capital Bancshares, Inc. (a) ........................................... 903 54,460 The Bancorp, Inc. (a) .................................................... 1,619 45,947 Tompkins Financial Corp. ................................................ 1,121 86,967 Towne Bank .......................................................... 2,733 84,286 TriCo Bancshares ...................................................... 1,501 76,536 Triumph Financial, Inc. (a) ................................................ 583 28,491 Trustmark Corp. ....................................................... 2,542 88,741 Veritex Holdings, Inc. ................................................... 1,897 53,268 Washington Federal, Inc. ................................................. 2,358 79,111 WesBanco, Inc. ........................................................ 2,183 80,727 Westamerica Bancorp ................................................... 1,674 98,783 3,863,608 Capital Markets (3.0%): Artisan Partners Asset Management, Inc., Class A ............................... 1,485 44,105 AssetMark Financial Holdings, Inc. (a) ....................................... 3,104 71,392 BGC Partners, Inc., Class A ............................................... 12,360 46,597 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-084.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US Small Cap Volatility Wtd ETF 30 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Bridge Investment Group Holdings, Inc., Class A ................................ 2,787 $33,583 Donnelley Financial Solutions, Inc. (a)........................................ 841 32,505 GCM Grosvenor, Inc., Class A ............................................. 7,849 59,731 Moelis & Co., Class A ................................................... 1,230 47,195 Open Lending Corp., Class A (a) ............................................ 2,842 19,184 P10, Inc., Class A ...................................................... 4,041 43,117 Piper Sandler Cos. ...................................................... 406 52,857 PJT Partners, Inc., Class A ................................................ 867 63,889 StepStone Group, Inc., Class A ............................................. 1,515 38,148 StoneX Group, Inc. (a) ................................................... 644 61,373 Victory Capital Holdings, Inc., Class A (b) ..................................... 1,732 46,470 Virtus Investment Partners, Inc. ............................................ 228 43,648 703,794 Communication Services (3.6%): Advantage Solutions, Inc. (a) .............................................. 9,095 18,918 AMC Networks, Inc., Class A (a)............................................ 1,201 18,820 Cars.com, Inc. (a)....................................................... 3,097 42,646 Cogent Communications Holdings, Inc. ...................................... 1,144 65,300 EchoStar Corp., Class A (a)................................................ 2,657 44,319 Gogo, Inc. (a) ......................................................... 2,500 36,900 Gray Television, Inc. .................................................... 2,416 27,035 iHeartMedia, Inc., Class A (a) .............................................. 3,388 20,768 John Wiley & Sons, Inc., Class A ........................................... 1,423 57,005 PubMatic, Inc., Class A (a) ................................................ 1,175 15,052 Scholastic Corp. ....................................................... 1,251 49,364 Sciplay Corp., Class A (a) ................................................. 3,500 56,280 Shenandoah Telecommunications Co. ........................................ 1,927 30,601 Shutterstock, Inc. ...................................................... 709 37,378 Sinclair Broadcast Group, Inc., Class A ....................................... 1,753 27,189 Stagwell, Inc. (a) ....................................................... 5,709 35,453 TechTarget, Inc. (a) ..................................................... 565 24,894 Telephone and Data Systems, Inc. ........................................... 3,217 33,746 The E.W. Scripps Co. Class A, Class A (a) ..................................... 3,047 40,190 Thryv Holdings, Inc. (a) .................................................. 1,717 32,623 United States Cellular Corp. (a)............................................. 2,164 45,119 WideOpenWest, Inc. (a) .................................................. 2,343 21,345 Yelp, Inc. (a) .......................................................... 1,142 31,222 ZipRecruiter, Inc. (a) .................................................... 1,795 29,474 841,641 Consumer Discretionary (14.0%): Accel Entertainment, Inc. (a)............................................... 4,635 35,690 American Eagle Outfitters, Inc. ............................................. 2,865 39,995 Arhaus, Inc. (a) ........................................................ 2,702 26,345 Arko Corp. ........................................................... 4,658 40,338 Bloomin' Brands, Inc. ................................................... 1,699 34,184 Boot Barn Holdings, Inc. (a) ............................................... 466 29,134 Brinker International, Inc. (a) .............................................. 1,195 38,132 Caleres, Inc. .......................................................... 1,122 24,998 Camping World Holdings, Inc., Class A ....................................... 1,199 26,762 Carter's, Inc. .......................................................... 659 49,168 Cavco Industries, Inc. (a) ................................................. 171 38,689 Century Communities, Inc. ............................................... 790 39,508 Chegg, Inc. (a)......................................................... 1,309 33,078 Cracker Barrel Old Country Store, Inc. ....................................... 425 40,265 Cricut, Inc., Class A (a)(c)................................................. 4,332 40,158 Dana, Inc. ............................................................ 2,141 32,393 Dave & Buster's Entertainment, Inc. (a) ....................................... 699 24,773 Designer Brands, Inc., Class A ............................................. 1,937 18,944 Dine Brands Global, Inc. ................................................. 546 35,272 Dorman Products, Inc. ................................................... 627 50,706 Dream Finders Homes, Inc., Class A (a)(c)..................................... 2,734 23,676 European Wax Center, Inc., Class A ......................................... 1,321 16,446 Everi Holdings, Inc. (a) .................................................. 2,047 29,374 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-085.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US Small Cap Volatility Wtd ETF 31 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value First Watch Restaurant Group, Inc. (a) ........................................ 2,028 $27,439 Franchise Group, Inc. ................................................... 1,117 26,607 Frontdoor, Inc. (a) ...................................................... 2,007 41,746 Funko, Inc., Class A (a) .................................................. 1,290 14,074 Gentherm, Inc. (a) ...................................................... 621 40,545 G-III Apparel Group Ltd. (a)............................................... 1,674 22,951 Golden Entertainment, Inc. (a) ............................................. 911 34,071 GoPro, Inc., Class A (a) .................................................. 6,296 31,354 Graham Holdings Co., Class B ............................................. 133 80,360 Grand Canyon Education, Inc. (a) ........................................... 738 77,977 Green Brick Partners, Inc. (a) .............................................. 1,423 34,479 Group 1 Automotive, Inc. ................................................. 236 42,567 Guess?, Inc. .......................................................... 1,806 37,366 Helen of Troy Ltd. (a).................................................... 408 45,251 Installed Building Products, Inc. ............................................ 411 35,182 Jack in the Box, Inc. .................................................... 573 39,096 KB Home ............................................................ 1,272 40,513 Kontoor Brands, Inc. .................................................... 1,027 41,070 La-Z-Boy, Inc. ........................................................ 1,631 37,219 LCI Industries ......................................................... 323 29,861 Leslie's, Inc. (a) ........................................................ 2,589 31,612 LGI Homes, Inc. (a) ..................................................... 383 35,466 M/I Homes, Inc. (a) ..................................................... 950 43,871 Malibu Boats, Inc., Class A (a) ............................................. 683 36,404 MarineMax, Inc. (a) ..................................................... 1,033 32,250 MDC Holdings, Inc. .................................................... 1,333 42,123 Meritage Homes Corp. (a)................................................. 527 48,589 Modine Manufacturing Co. (a) ............................................. 2,122 42,143 Monarch Casino & Resort, Inc. (a) .......................................... 660 50,747 Monro, Inc. ........................................................... 975 44,070 National Vision Holdings, Inc. (a) ........................................... 992 38,450 Nordstrom, Inc. ........................................................ 1,395 22,515 OneSpaWorld Holdings Ltd. (a) ............................................ 4,347 40,558 Overstock.com, Inc. (a) .................................................. 833 16,127 Oxford Industries, Inc. ................................................... 434 40,440 Papa John's International, Inc. ............................................. 608 50,044 Patrick Industries, Inc. ................................................... 730 44,238 Perdoceo Education Corp. (a) .............................................. 5,434 75,533 Playa Hotels & Resorts NV (a) ............................................. 5,970 38,984 Qurate Retail, Inc., Class A (a) ............................................. 8,362 13,630 Rent-A-Center, Inc. ..................................................... 1,116 25,166 Revolve Group, Inc. (a) .................................................. 1,067 23,751 Sally Beauty Holdings, Inc. (a) ............................................. 2,533 31,713 Six Flags Entertainment Corp. (a) ........................................... 1,371 31,876 Sleep Number Corp. (a) .................................................. 746 19,381 Solid Power, Inc. (a)..................................................... 3,471 8,816 Sonic Automotive, Inc., Class A ............................................ 737 36,312 Sonos, Inc. (a) ......................................................... 1,960 33,124 Standard Motor Products, Inc. ............................................. 1,443 50,216 Steven Madden Ltd. .................................................... 1,513 48,356 Strategic Education, Inc. ................................................. 681 53,336 Stride, Inc. (a) ......................................................... 939 29,372 Sturm Ruger & Co., Inc. ................................................. 1,327 67,173 Target Hospitality Corp. (a)................................................ 1,526 23,104 Taylor Morrison Home Corp. (a) ............................................ 1,509 45,798 The Buckle, Inc. ....................................................... 1,147 52,016 The Cheesecake Factory, Inc. .............................................. 1,143 36,245 TravelCenters of America, Inc. (a)........................................... 607 27,181 Tri Pointe Homes, Inc. (a)................................................. 2,402 44,653 Urban Outfitters, Inc. (a).................................................. 1,720 41,022 Victoria's Secret & Co. (a) ................................................ 886 31,701 Vista Outdoor, Inc. (a) ................................................... 1,518 36,994 Vivid Seats, Inc., Class A (a)(c) ............................................. 3,580 26,134 Winnebago Industries, Inc. ................................................ 618 32,569 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-086.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US Small Cap Volatility Wtd ETF 32 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Wolverine World Wide, Inc. ............................................... 2,068 $22,603 XPEL, Inc. (a) ......................................................... 452 27,147 3,241,309 Consumer Finance (1.4%): Bread Financial Holdings, Inc. ............................................. 938 35,325 Encore Capital Group, Inc. (a).............................................. 955 45,783 Enova International, Inc. (a) ............................................... 1,171 44,931 Green Dot Corp., Class A (a)............................................... 1,850 29,267 LendingClub Corp. (a) ................................................... 1,808 15,910 Navient Corp. ......................................................... 2,755 45,320 PRA Group, Inc. (a) ..................................................... 2,406 81,275 PROG Holdings, Inc. (a).................................................. 1,516 25,605 Upstart Holdings, Inc. (a)(c) ............................................... 498 6,584 330,000 Consumer Staples (7.1%): B&G Foods, Inc. (c)..................................................... 2,409 26,860 Cal-Maine Foods, Inc. ................................................... 1,054 57,390 Central Garden & Pet Co., Class A (a) ........................................ 1,729 61,898 e.l.f. Beauty, Inc. (a)..................................................... 1,107 61,217 Edgewell Personal Care Co. ............................................... 1,319 50,834 Energizer Holdings, Inc. ................................................. 1,899 63,711 Fresh Del Monte Produce, Inc. ............................................. 2,219 58,116 Herbalife Nutrition Ltd. (a) ................................................ 1,379 20,520 Ingles Markets, Inc., Class A .............................................. 678 65,400 Inter Parfums, Inc. ...................................................... 683 65,923 J & J Snack Foods Corp. ................................................. 468 70,064 John B Sanfilippo & Son, Inc. ............................................. 861 70,017 Medifast, Inc. ......................................................... 306 35,297 MGP Ingredients, Inc. ................................................... 509 54,147 Mission Produce, Inc. (a) ................................................. 3,363 39,078 Nu Skin Enterprises, Inc., Class A ........................................... 1,116 47,051 PriceSmart, Inc. ....................................................... 955 58,045 SpartanNash Co. ....................................................... 1,732 52,376 Spectrum Brands Holdings, Inc. ............................................ 869 52,939 The Andersons, Inc. ..................................................... 927 32,436 The Chefs' Warehouse, Inc. (a) ............................................. 1,187 39,503 The Duckhorn Portfolio, Inc. (a) ............................................ 3,040 50,373 The Hain Celestial Group, Inc. (a) ........................................... 2,189 35,418 The Vita Coco Co., Inc. (a) ................................................ 1,736 23,992 Tootsie Roll Industries, Inc. ............................................... 1,980 84,289 United Natural Foods, Inc. (a) .............................................. 1,013 39,213 Universal Corp. ........................................................ 1,395 73,670 USANA Health Sciences, Inc. (a) ........................................... 909 48,359 Utz Brands, Inc. ....................................................... 2,701 42,838 Vector Group Ltd. ...................................................... 4,650 55,149 WD-40 Co. ........................................................... 249 40,141 Weis Markets, Inc. ...................................................... 807 66,408 1,642,672 Diversified Financial Services (0.3%): Compass Diversified Holdings ............................................. 2,215 40,379 Jackson Financial, Inc., Class A ............................................ 1,088 37,852 78,231 Energy (3.0%): Arch Resources, Inc. .................................................... 188 26,845 Archrock, Inc. ......................................................... 6,275 56,350 Bristow Group, Inc. (a)................................................... 1,376 37,331 Callon Petroleum Co. (a) ................................................. 609 22,588 CONSOL Energy, Inc. ................................................... 364 23,660 Delek U.S. Holdings, Inc. ................................................ 1,011 27,297 Earthstone Energy, Inc., Class A (a) .......................................... 1,638 23,309 Laredo Petroleum, Inc. (a) ................................................ 282 14,500 NexTier Oilfield Solutions, Inc. (a) .......................................... 2,596 23,987 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-087.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US Small Cap Volatility Wtd ETF 33 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Noble Corp. PLC (a) .................................................... 1,177 $44,385 Northern Oil and Gas, Inc. ................................................ 916 28,231 Par Pacific Holdings, Inc. (a)............................................... 1,745 40,571 Permian Resources Corp. ................................................. 3,443 32,364 Ranger Oil Corp. ....................................................... 632 25,552 RPC, Inc. ............................................................ 3,265 29,026 Select Energy Services, Inc., Class A ......................................... 4,213 38,928 SilverBow Resources, Inc. (a) .............................................. 639 18,071 Sitio Royalties Corp., Class A (c)............................................ 3,111 89,764 Talos Energy, Inc. (a) .................................................... 1,256 23,713 W&T Offshore, Inc. (a)................................................... 3,306 18,447 World Fuel Services Corp. ................................................ 1,565 42,771 687,690 Health Care (7.8%): AdaptHealth Corp. (a) ................................................... 1,601 30,771 Addus HomeCare Corp. (a)................................................ 522 51,934 Agiliti, Inc. (a)......................................................... 2,411 39,323 Alector, Inc. (a) ........................................................ 2,660 24,552 Amphastar Pharmaceuticals, Inc. (a) ......................................... 1,110 31,102 Apollo Medical Holdings, Inc. (a) ........................................... 609 18,020 Arcus Biosciences, Inc. (a) ................................................ 1,012 20,928 AtriCure, Inc. (a) ....................................................... 788 34,971 Atrion Corp. .......................................................... 89 49,791 Avid Bioservices, Inc. (a) ................................................. 1,693 23,313 Catalyst Pharmaceuticals, Inc. (a) ........................................... 2,305 42,873 Corcept Therapeutics, Inc. (a) .............................................. 1,470 29,856 CorVel Corp. (a) ....................................................... 343 49,848 Cross Country Healthcare, Inc. (a)........................................... 1,103 29,307 DocGo, Inc. (a) ........................................................ 2,611 18,460 Dynavax Technologies Corp. (a) ............................................ 2,310 24,578 Embecta Corp. ........................................................ 852 21,547 Emergent BioSolutions, Inc. (a)............................................. 1,261 14,892 Enhabit, Inc. (a) ........................................................ 1,379 18,148 Enovis Corp. (a)........................................................ 1,018 54,483 Figs, Inc., Class A (a) .................................................... 1,924 12,949 Fulgent Genetics, Inc. (a) ................................................. 744 22,156 Harmony Biosciences Holdings, Inc. (a)....................................... 774 42,647 Innoviva, Inc. (a) ....................................................... 3,777 50,045 Integer Holdings Corp. (a) ................................................ 908 62,162 Ironwood Pharmaceuticals, Inc. (a) .......................................... 5,565 68,950 iTeos Therapeutics, Inc. (a) ................................................ 1,173 22,909 LeMaitre Vascular, Inc. .................................................. 1,013 46,618 Multiplan Corp. (a) ..................................................... 7,521 8,649 National HealthCare Corp. ................................................ 1,160 69,020 National Research Corp. ................................................. 1,554 57,964 Neogen Corp. (a) ....................................................... 2,511 38,243 Owens & Minor, Inc. (a).................................................. 1,355 26,463 Pacira BioSciences, Inc. (a)................................................ 957 36,950 Patterson Cos., Inc. ..................................................... 2,183 61,190 Pediatrix Medical Group, Inc. (a)............................................ 2,575 38,265 Prestige Consumer Healthcare, Inc. (a)........................................ 1,316 82,382 Prothena Corp. PLC (a) .................................................. 1,006 60,612 RadNet, Inc. (a) ........................................................ 1,987 37,415 REGENXBIO, Inc. (a) ................................................... 1,007 22,839 Senseonics Holdings, Inc. (a)(c) ............................................ 10,198 10,504 SIGA Technologies, Inc. ................................................. 1,020 7,507 Simulations Plus, Inc. ................................................... 659 24,100 Supernus Pharmaceuticals, Inc. (a)........................................... 1,543 55,039 Syndax Pharmaceuticals, Inc. (a)............................................ 1,396 35,528 U.S. Physical Therapy, Inc. ............................................... 501 40,596 Varex Imaging Corp. (a) .................................................. 2,603 52,841 Veradigm, Inc. (a) ...................................................... 2,696 47,557 Xencor, Inc. (a) ........................................................ 1,442 37,550 1,808,347 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-088.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US Small Cap Volatility Wtd ETF 34 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Industrials (19.7%): 3D Systems Corp. (a) .................................................... 2,942 $21,771 AAR Corp. (a)......................................................... 1,259 56,529 AerSale Corp. (a)....................................................... 2,153 34,922 Air Transport Services Group, Inc. (a) ........................................ 1,735 45,075 Alamo Group, Inc. ..................................................... 519 73,490 Albany International Corp. ................................................ 713 70,295 Allegiant Travel Co. (a) .................................................. 403 27,400 Altra Industrial Motion Corp. .............................................. 1,119 66,860 Apogee Enterprises, Inc. ................................................. 1,238 55,041 ArcBest Corp. ......................................................... 412 28,856 Arcosa, Inc. .......................................................... 849 46,135 Astec Industries, Inc. .................................................... 1,143 46,474 AZZ, Inc. ............................................................ 1,571 63,154 Barnes Group, Inc. ..................................................... 1,920 78,432 Boise Cascade Co. ...................................................... 502 34,472 Brady Corp., Class A .................................................... 1,534 72,251 BrightView Holdings, Inc. (a) .............................................. 4,449 30,654 CBIZ, Inc. (a) ......................................................... 1,562 73,180 Columbus McKinnon Corp. ............................................... 1,549 50,296 Construction Partners, Inc., Class A (a) ....................................... 1,235 32,962 CoreCivic, Inc. (a) ...................................................... 4,090 47,280 CSW Industrials, Inc. .................................................... 545 63,182 Deluxe Corp. ......................................................... 2,671 45,354 Encore Wire Corp. ...................................................... 258 35,490 Energy Recovery, Inc. (a) ................................................. 2,379 48,746 Enerpac Tool Group Corp. ................................................ 2,771 70,522 EnerSys ............................................................. 855 63,133 EnPro Industries, Inc. ................................................... 592 64,344 Esab Corp. ........................................................... 972 45,606 ESCO Technologies, Inc. ................................................. 729 63,817 Federal Signal Corp. .................................................... 1,641 76,257 First Advantage Corp. (a) ................................................. 3,410 44,330 Forrester Research, Inc. (a) ................................................ 1,484 53,068 Forward Air Corp. ...................................................... 506 53,074 Gibraltar Industries, Inc. (a) ............................................... 1,021 46,843 Global Industrial Co. .................................................... 1,412 33,224 GMS, Inc. (a).......................................................... 857 42,679 GrafTech International Ltd. ............................................... 6,677 31,783 Granite Construction, Inc. ................................................ 2,055 72,069 Griffon Corp. ......................................................... 1,076 38,510 H&E Equipment Services, Inc. ............................................. 1,197 54,344 Hayward Holdings, Inc. (a)................................................ 3,322 31,227 Healthcare Services Group, Inc. ............................................ 2,926 35,112 Heartland Express, Inc. .................................................. 4,994 76,608 Helios Technologies, Inc. ................................................. 799 43,498 Heritage-Crystal Clean, Inc. (a)............................................. 1,791 58,172 Hillenbrand, Inc. ....................................................... 1,403 59,866 HireRight Holdings Corp. (a) .............................................. 1,783 21,146 HNI Corp. ........................................................... 1,728 49,127 Hub Group, Inc., Class A (a) ............................................... 628 49,920 Huron Consulting Group, Inc. (a) ........................................... 896 65,050 ICF International, Inc. ................................................... 700 69,335 Janus International Group, Inc. (a)........................................... 3,478 33,111 JELD-WEN Holding, Inc. (a) .............................................. 3,070 29,626 Kadant, Inc. .......................................................... 316 56,131 Kaman Corp. ......................................................... 1,585 35,346 Kennametal, Inc. ....................................................... 2,143 51,561 Kforce, Inc. .......................................................... 930 50,992 Lindsay Corp. ......................................................... 330 53,741 Marten Transport Ltd. ................................................... 2,478 49,015 Matson, Inc. .......................................................... 512 32,005 Maxar Technologies, Inc. ................................................. 1,299 67,210 McGrath RentCorp ..................................................... 851 84,028 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-089.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US Small Cap Volatility Wtd ETF 35 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Mercury Systems, Inc. (a)................................................. 858 $38,387 Moog, Inc., Class A ..................................................... 873 76,614 Mueller Water Products, Inc., Class A ........................................ 5,511 59,298 MYR Group, Inc. (a) .................................................... 621 57,175 NOW, Inc. (a) ......................................................... 3,394 43,104 NV5 Global, Inc. (a)..................................................... 381 50,414 PGT Innovations, Inc. (a) ................................................. 2,267 40,715 Primoris Services Corp. .................................................. 2,384 52,305 Proto Labs, Inc. (a)...................................................... 1,067 27,241 Rush Enterprises, Inc., Class A ............................................. 1,267 66,239 SkyWest, Inc. (a) ....................................................... 1,571 25,937 SPX Technologies, Inc. (a) ................................................ 1,037 68,079 Standex International Corp. ............................................... 762 78,036 Steelcase, Inc., Class A .................................................. 5,196 36,736 Sun Country Airlines Holdings, Inc. (a) ....................................... 1,691 26,819 Tennant Co. .......................................................... 1,090 67,111 Terex Corp. ........................................................... 1,276 54,511 The AZEK Co., Inc. (a) .................................................. 1,539 31,273 The Brink's Co. ........................................................ 1,148 61,659 The Greenbrier Cos., Inc. ................................................. 1,629 54,620 The Shyft Group, Inc. ................................................... 1,526 37,936 Titan International, Inc. (a) ................................................ 1,725 26,427 Trinity Industries, Inc. ................................................... 2,218 65,586 Universal Logistics Holdings, Inc. .......................................... 1,128 37,720 V2X, Inc. (a) .......................................................... 927 38,276 Veritiv Corp. .......................................................... 293 35,661 Wabash National Corp. .................................................. 2,462 55,641 Werner Enterprises, Inc. .................................................. 1,614 64,980 4,582,231 Information Technology (9.3%): A10 Networks, Inc. ..................................................... 2,718 45,200 ACI Worldwide, Inc. (a) .................................................. 2,296 52,808 ACM Research, Inc., Class A (a) ............................................ 1,349 10,401 Agilysys, Inc. (a) ....................................................... 780 61,729 Alpha & Omega Semiconductor Ltd. (a) ...................................... 586 16,742 Avid Technology, Inc. (a) ................................................. 1,107 29,435 Axcelis Technologies, Inc. (a) .............................................. 381 30,236 Badger Meter, Inc. ...................................................... 606 66,072 Belden, Inc. .......................................................... 725 52,127 Benchmark Electronics, Inc. ............................................... 2,251 60,079 Clearfield, Inc. (a) ...................................................... 218 20,523 Cohu, Inc. (a).......................................................... 1,247 39,966 CommVault Systems, Inc. (a) .............................................. 959 60,264 Conduent, Inc. (a) ...................................................... 8,921 36,130 Consensus Cloud Solutions, Inc. (a).......................................... 736 39,567 CSG Systems International, Inc. ............................................ 1,105 63,206 Digi International, Inc. (a)................................................. 1,337 48,867 Digital Turbine, Inc. (a) .................................................. 1,114 16,977 Ebix, Inc. ............................................................ 723 14,431 ePlus, Inc. (a).......................................................... 1,070 47,380 EVERTEC, Inc. ....................................................... 1,857 60,130 Extreme Networks, Inc. (a) ................................................ 2,292 41,967 FormFactor, Inc. (a) ..................................................... 1,147 25,498 Harmonic, Inc. (a) ...................................................... 3,852 50,461 Ichor Holdings Ltd. (a) ................................................... 901 24,165 InterDigital, Inc. ....................................................... 1,188 58,782 International Money Express, Inc. (a)......................................... 2,234 54,443 MaxLinear, Inc. (a)...................................................... 777 26,379 Methode Electronics, Inc. ................................................ 1,461 64,825 N-able, Inc. (a)......................................................... 3,753 38,581 Napco Security Technologies, Inc. (a) ........................................ 1,504 41,330 NetScout Systems, Inc. (a) ................................................ 1,953 63,492 OSI Systems, Inc. (a) .................................................... 905 71,966 Paya Holdings, Inc. (a) ................................................... 4,710 37,068 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-090.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US Small Cap Volatility Wtd ETF 36 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Paymentus Holdings, Inc., Class A (a) ........................................ 1,935 $15,499 Payoneer Global, Inc. (a) ................................................. 3,499 19,140 PC Connection, Inc. .................................................... 1,191 55,858 Perficient, Inc. (a)....................................................... 467 32,611 Photronics, Inc. (a)...................................................... 1,647 27,719 Plexus Corp. (a)........................................................ 626 64,434 Progress Software Corp. ................................................. 1,210 61,044 Sanmina Corp. (a) ...................................................... 1,149 65,826 Semtech Corp. (a) ...................................................... 890 25,534 SiTime Corp. (a) ....................................................... 187 19,003 SMART Global Holdings, Inc. (a) ........................................... 1,855 27,602 TaskUS, Inc., Class A (a) ................................................. 1,368 23,119 TTEC Holdings, Inc. .................................................... 786 34,686 TTM Technologies, Inc. (a)................................................ 2,479 37,383 Ultra Clean Holdings, Inc. (a) .............................................. 1,044 34,609 Veeco Instruments, Inc. (a) ................................................ 1,797 33,388 Verra Mobility Corp. (a) .................................................. 3,136 43,371 Vishay Intertechnology, Inc. ............................................... 2,838 61,216 2,153,269 Insurance (2.2%): CNO Financial Group, Inc. ............................................... 3,048 69,647 Employers Holdings, Inc. ................................................. 2,027 87,424 Genworth Financial, Inc. (a) ............................................... 12,520 66,231 Goosehead Insurance, Inc., Class A (a)........................................ 455 15,625 Horace Mann Educators Corp. ............................................. 1,875 70,069 Palomar Holdings, Inc. (a) ................................................ 485 21,903 ProAssurance Corp. ..................................................... 2,862 49,999 Safety Insurance Group, Inc. .............................................. 993 83,670 Stewart Information Services Corp. ......................................... 1,139 48,669 513,237 Materials (5.0%): AdvanSix, Inc. ........................................................ 987 37,526 Alpha Metallurgical Resources, Inc. ......................................... 152 22,251 Arconic Corp. (a)....................................................... 1,526 32,290 Chase Corp. .......................................................... 782 67,455 Ecovyst, Inc. (a)........................................................ 4,588 40,650 Hawkins, Inc. ......................................................... 1,403 54,156 Hecla Mining Co. ...................................................... 7,762 43,157 Ingevity Corp. (a)....................................................... 734 51,703 Innospec, Inc. ......................................................... 723 74,368 Materion Corp. ........................................................ 602 52,681 Mativ Holdings, Inc. .................................................... 2,010 42,009 Minerals Technologies, Inc. ............................................... 1,042 63,270 NewMarket Corp. ...................................................... 232 72,177 O-I Glass, Inc. (a) ...................................................... 2,951 48,898 Origin Materials, Inc. (a) ................................................. 4,900 22,589 Orion Engineered Carbons SA ............................................. 2,490 44,347 Pactiv Evergreen, Inc. ................................................... 3,947 44,838 Ryerson Holding Corp. .................................................. 949 28,717 Schnitzer Steel Industries, Inc. ............................................. 1,066 32,673 Stepan Co. ........................................................... 694 73,883 Sylvamo Corp. ........................................................ 778 37,803 TriMas Corp. ......................................................... 2,428 67,353 Trinseo PLC .......................................................... 1,265 28,728 Warrior Met Coal, Inc. ................................................... 1,073 37,169 Worthington Industries, Inc. ............................................... 871 43,297 1,163,988 Real Estate (1.3%): Anywhere Real Estate, Inc. (a) ............................................. 3,696 23,618 eXp World Holdings, Inc. (c)............................................... 1,837 20,354 Kennedy-Wilson Holdings, Inc. ............................................ 3,914 61,567 Marcus & Millichap, Inc. ................................................. 1,355 46,680 Newmark Group, Inc., Class A ............................................. 3,909 31,155 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-091.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US Small Cap Volatility Wtd ETF 37 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value The RMR Group, Inc., Class A ............................................. 2,724 $76,953 The St. Joe Co. ........................................................ 1,236 47,771 308,098 Thrifts & Mortgage Finance (2.3%): Axos Financial, Inc. (a) .................................................. 1,142 43,647 Capitol Federal Financial, Inc. ............................................. 10,524 91,032 Columbia Financial, Inc. (a) ............................................... 3,651 78,935 Federal Agricultural Mortgage Corp., Class C .................................. 580 65,372 Merchants Bancorp ..................................................... 2,350 57,152 NMI Holdings, Inc., Class A (a)............................................. 2,304 48,154 PennyMac Financial Services, Inc. .......................................... 994 56,320 Provident Financial Services, Inc. ........................................... 3,951 84,393 525,005 Utilities (2.9%): Altus Power, Inc. (a)..................................................... 2,377 15,498 Avista Corp. .......................................................... 2,134 94,622 Chesapeake Utilities Corp. ................................................ 613 72,444 MGE Energy, Inc. ...................................................... 1,180 83,072 Middlesex Water Co. .................................................... 717 56,406 Montauk Renewables, Inc. (a).............................................. 1,657 18,277 Northwest Natural Holding Co. ............................................ 1,555 74,002 NorthWestern Corp. ..................................................... 1,587 94,173 SJW Group ........................................................... 1,283 104,167 Unitil Corp. .......................................................... 1,121 57,574 670,235 Total Common Stocks (Cost $22,877,860) 23,113,355 Collateral for Securities Loaned (0.7%)^ Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (d) ....... 43,047 43,047 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (d) ........... 43,047 43,047 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (d) ............... 43,047 43,047 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (d) 43,047 43,047 Total Collateral for Securities Loaned (Cost $172,188) 172,188 Total Investments (Cost $23,050,048) — 100.3% 23,285,543 Liabilities in excess of other assets — (0.3)% (78743) NET ASSETS - 100.00% $23,206,800 ^ Purchased with cash collateral from securities on loan. (a) Non-income producing security. (b) Affiliated security (See Note 9 in the Notes to Financial Statements) (c) All or a portion of this security is on loan. (d) Rate disclosed is the daily yield on December 31, 2022. PLC—Public Limited Company Futures Contracts Purchased Number of Contracts Expiration Date Notional Amount Value Unrealized Appreciation (Depreciation) E-Mini Russell 2000 Index Futures ...... 1 3/17/23 $90,580 $88,545 $(2035) Total unrealized appreciation $– Total unrealized depreciation (2035) Total net unrealized appreciation (depreciation) $(2035) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-092.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments December 31, 2022 Victory Portfolios II VictoryShares International Volatility Wtd ETF 38 (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (99.2%) Australia (5.8%): Communication Services (0.4%): REA Group Ltd. ....................................................... 1,351 $101,894 Telstra Corp. Ltd. ...................................................... 105,620 286,863 388,757 Consumer Discretionary (0.4%): Aristocrat Leisure Ltd. .................................................. 6,279 130,446 Wesfarmers Ltd. ....................................................... 6,076 189,880 320,326 Consumer Staples (0.7%): Coles Group Ltd. ...................................................... 20,300 231,040 Endeavour Group Ltd. .................................................. 34,655 151,445 Woolworths Group Ltd. ................................................. 8,862 202,445 584,930 Energy (0.3%): Santos Ltd. .......................................................... 27,666 134,462 Woodside Energy Group Ltd. ............................................. 5,606 135,239 269,701 Financials (1.9%): ANZ Group Holdings Ltd. (a) ............................................. 14,887 239,760 ASX Ltd. ............................................................ 4,304 199,280 Commonwealth Bank of Australia .......................................... 3,463 241,854 Macquarie Group Ltd. .................................................. 1,384 157,291 National Australia Bank Ltd. .............................................. 10,929 223,627 QBE Insurance Group Ltd. ............................................... 20,627 188,567 Suncorp Group Ltd. .................................................... 24,743 202,784 Westpac Banking Corp. .................................................. 15,250 242,388 1,695,551 Health Care (0.7%): Cochlear Ltd. ......................................................... 1,121 155,756 CSL Ltd. ............................................................ 914 179,032 Ramsay Health Care Ltd. ................................................ 2,788 122,787 Sonic Healthcare Ltd. ................................................... 8,294 169,202 626,777 Industrials (0.2%): Brambles Ltd. ........................................................ 20,194 165,914 Information Technology (0.3%): Computershare Ltd. .................................................... 9,663 172,333 WiseTech Global Ltd. ................................................... 2,336 80,698 253,031 Materials (0.9%): BHP Group Ltd. ....................................................... 5,420 168,347 Fortescue Metals Group Ltd. .............................................. 9,118 127,298 Newcrest Mining Ltd. ................................................... 11,877 166,867 Rio Tinto Ltd. ........................................................ 2,351 186,293 South32 Ltd. ......................................................... 44,111 120,105 768,910 5,073,897 Austria (0.4%): Energy (0.2%): OMV AG ............................................................ 2,794 143,839 Financials (0.1%): Erste Group Bank AG ................................................... 4,292 137,352 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-093.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares International Volatility Wtd ETF 39 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Utilities (0.1%): Verbund AG .......................................................... 1,038 $87,377 368,568 Belgium (0.8%): Consumer Staples (0.2%): Anheuser-Busch InBev SA ............................................... 3,402 204,888 Financials (0.2%): KBC Group NV ....................................................... 2,667 171,497 Health Care (0.2%): UCB SA ............................................................ 2,393 188,403 Utilities (0.2%): Elia Group SA ........................................................ 1,197 170,136 734,924 Canada (12.6%): Communication Services (0.9%): BCE, Inc. ........................................................... 6,935 304,744 Rogers Communications, Inc., Class B ....................................... 5,581 261,241 TELUS Corp. (b) ...................................................... 13,477 260,123 826,108 Consumer Discretionary (0.6%): Dollarama, Inc. ....................................................... 3,344 195,606 Magna International, Inc. ................................................ 2,094 117,647 Restaurant Brands International, Inc. ........................................ 3,550 229,630 542,883 Consumer Staples (1.3%): Alimentation Couche-Tard, Inc. ............................................ 3,918 172,197 George Weston Ltd. .................................................... 2,107 261,453 Loblaw Cos. Ltd. ...................................................... 2,445 216,218 Metro, Inc. ........................................................... 5,256 291,064 Saputo, Inc. .......................................................... 7,403 183,298 1,124,230 Energy (1.6%): ARC Resources Ltd. .................................................... 6,941 93,569 Cameco Corp. ........................................................ 2,823 63,996 Canadian Natural Resources Ltd. ........................................... 2,376 131,963 Cenovus Energy, Inc. ................................................... 5,446 105,678 Enbridge, Inc. (b) ...................................................... 7,009 273,982 Imperial Oil Ltd. ...................................................... 2,793 136,060 Pembina Pipeline Corp. ................................................. 6,423 218,054 Suncor Energy, Inc. .................................................... 3,842 121,889 TC Energy Corp. ...................................................... 4,934 196,733 Tourmaline Oil Corp. ................................................... 2,023 102,091 1,444,015 Financials (3.6%): Bank of Montreal ...................................................... 2,718 246,262 Brookfield Asset Management Ltd., Class A (a) ................................. 861 24,657 Brookfield Corp. ...................................................... 3,443 108,290 Canadian Imperial Bank of Commerce ....................................... 5,153 208,472 Fairfax Financial Holdings Ltd. ............................................ 380 225,134 Great-West Lifeco, Inc. .................................................. 11,876 274,574 Intact Financial Corp. ................................................... 1,973 284,058 Manulife Financial Corp. ................................................ 11,359 202,629 National Bank of Canada ................................................ 3,681 248,056 Power Corp. (b) ....................................................... 10,432 245,427 Royal Bank of Canada .................................................. 3,072 288,865 Sun Life Financial, Inc. .................................................. 6,003 278,689 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-094.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares International Volatility Wtd ETF 40 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value The Bank of Nova Scotia ................................................ 4,819 $236,145 The Toronto-Dominion Bank .............................................. 4,046 262,013 3,133,271 Industrials (1.4%): Canadian National Railway Co. ............................................ 1,804 214,327 Canadian Pacific Railway Ltd. ............................................. 2,560 190,894 TFI International, Inc. ................................................... 1,155 115,696 Thomson Reuters Corp. ................................................. 2,386 272,227 Waste Connections, Inc. ................................................. 1,749 231,874 WSP Global, Inc. ...................................................... 1,459 169,297 1,194,315 Information Technology (0.5%): CGI, Inc. (a) .......................................................... 2,872 247,593 Constellation Software, Inc. .............................................. 108 168,642 416,235 Materials (1.4%): Aginco Eagle Mines Ltd. ................................................ 2,902 150,823 Barrick Gold Corp. ..................................................... 9,639 165,254 CCL Industries, Inc. .................................................... 4,175 178,374 First Quantum Minerals Ltd. .............................................. 4,431 92,593 Franco-Nevada Corp. ................................................... 1,459 198,912 Nutrien Ltd. .......................................................... 1,305 95,287 Teck Resources Ltd., Class B ............................................. 2,878 108,781 Wheaton Precious Metals Corp. ............................................ 4,989 194,946 1,184,970 Utilities (1.3%): Algonquin Power & Utilities Corp. (b) ....................................... 22,937 149,435 Emera, Inc. .......................................................... 7,586 289,980 Fortis, Inc. (b)......................................................... 8,043 321,886 Hydro One Ltd. (c) ..................................................... 13,366 358,091 1,119,392 10,985,419 Denmark (1.6%): Financials (0.5%): Danske Bank A/S ...................................................... 10,924 215,945 Tryg A/S ............................................................ 9,360 222,828 438,773 Health Care (0.6%): Coloplast A/S, Class B .................................................. 1,251 146,252 Genmab A/S (a) ....................................................... 389 164,716 Novo Nordisk A/S, Class B ............................................... 1,268 171,243 482,211 Industrials (0.3%): AP Moller - Maersk A/S, Class B ........................................... 45 101,201 DSV A/S ............................................................ 944 149,029 250,230 Materials (0.1%): Novozymes A/S, B Shares ................................................ 2,589 131,172 Utilities (0.1%): Orsted A/S (c)......................................................... 1,047 95,164 1,397,550 Finland (1.6%): Communication Services (0.3%): Elisa Oyj ............................................................ 5,254 278,130 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-095.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares International Volatility Wtd ETF 41 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Energy (0.1%): Neste Oyj ........................................................... 2,004 $92,273 Financials (0.5%): Nordea Bank Abp ...................................................... 18,234 195,259 Sampo Oyj, A Shares ................................................... 3,960 206,917 402,176 Industrials (0.2%): Kone Oyj, Class B ..................................................... 4,061 209,935 Information Technology (0.2%): Nokia Oyj ........................................................... 32,401 150,055 Materials (0.3%): Stora Enso Oyj, Class R ................................................. 8,583 120,801 UPM-Kymmene Oyj ................................................... 4,571 170,889 291,690 1,424,259 France (8.3%): Communication Services (1.1%): Bollore SE ........................................................... 34,058 190,280 Orange SA ........................................................... 32,346 321,307 Publicis Groupe SA .................................................... 2,912 185,195 Vivendi SE .......................................................... 25,245 240,853 937,635 Consumer Discretionary (0.9%): Cie Generale des Etablissements Michelin SCA ................................ 6,159 171,292 Hermes International ................................................... 101 156,204 Kering SA ........................................................... 286 145,553 LVMH Moet Hennessy Louis Vuitton SE ..................................... 218 158,637 Sodexo SA ........................................................... 1,973 188,955 820,641 Consumer Staples (1.0%): Carrefour SA ......................................................... 10,984 183,866 Danone SA .......................................................... 3,738 196,958 L'Oreal SA ........................................................... 465 166,029 Pernod Ricard SA ...................................................... 1,003 197,257 Remy Cointreau SA .................................................... 831 140,172 884,282 Energy (0.2%): TotalEnergies SE (b) .................................................... 2,933 184,113 Financials (0.9%): Amundi SA (c) ........................................................ 2,876 163,143 AXA SA ............................................................ 7,058 196,824 BNP Paribas SA ....................................................... 2,769 157,815 Credit Agricole SA ..................................................... 14,701 154,685 Societe Generale SA .................................................... 4,704 118,214 790,681 Health Care (0.7%): BioMerieux .......................................................... 1,475 154,585 EssilorLuxottica SA .................................................... 1,034 187,252 Sanofi .............................................................. 2,322 223,273 Sartorius Stedim Biotech ................................................. 297 96,158 661,268 Industrials (2.3%): Aeroports de Paris (a) ................................................... 1,125 150,751 Airbus SE ........................................................... 1,272 151,145 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-096.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares International Volatility Wtd ETF 42 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Bouygues SA ......................................................... 8,523 $255,785 Bureau Veritas SA ..................................................... 7,963 209,745 Cie de Saint-Gobain .................................................... 3,189 155,812 Eiffage SA ........................................................... 2,056 202,273 Legrand SA .......................................................... 2,561 205,084 Schneider Electric SE ................................................... 1,206 168,730 Teleperformance ...................................................... 556 132,525 Thales SA ........................................................... 1,325 169,185 Vinci SA ............................................................ 1,961 195,802 1,996,837 Information Technology (0.5%): Capgemini SE ........................................................ 841 140,374 Dassault Systemes SE ................................................... 3,788 135,798 Edenred ............................................................. 3,545 193,049 469,221 Materials (0.3%): Air Liquide SA ........................................................ 1,640 232,400 Utilities (0.4%): Engie SA ............................................................ 12,263 175,718 Veolia Environnement SA ................................................ 5,572 143,129 318,847 7,295,925 Germany (6.2%): Communication Services (0.3%): Deutsche Telekom AG .................................................. 11,308 225,574 Consumer Discretionary (0.8%): adidas AG ........................................................... 844 115,138 Bayerische Motoren Werke AG ............................................ 1,874 167,238 Continental AG ....................................................... 1,854 111,083 Mercedes-Benz Group AG ............................................... 2,232 146,679 Puma SE ............................................................ 1,914 116,153 656,291 Consumer Staples (0.2%): Beiersdorf AG ........................................................ 1,901 218,113 Financials (1.4%): Allianz SE, Registered Shares ............................................. 1,085 233,300 Deutsche Bank AG, Registered Shares ....................................... 12,245 138,764 Deutsche Boerse AG .................................................... 1,246 215,241 Hannover Rueck SE .................................................... 1,002 198,937 Muenchener Rueckversicherungs-Gesellschaft AG, Class R ........................ 683 222,228 Talanx AG ........................................................... 5,136 243,629 1,252,099 Health Care (0.9%): Bayer AG, Registered Shares .............................................. 2,916 150,822 Carl Zeiss Meditec AG .................................................. 931 117,481 Fresenius Medical Care AG & Co. KGaA ..................................... 4,317 141,248 Fresenius SE & Co. KGaA ............................................... 6,580 184,867 Merck KGaA ......................................................... 856 165,736 760,154 Industrials (0.9%): Brenntag SE ......................................................... 2,412 154,171 Daimler Truck Holding AG (a)............................................. 4,729 146,503 Deutsche Post AG, Registered Shares ........................................ 3,853 145,077 MTU Aero Engines AG ................................................. 731 158,199 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-097.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares International Volatility Wtd ETF 43 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Siemens AG, Registered Shares ............................................ 1,280 $177,604 781,554 Information Technology (0.4%): Infineon Technologies AG ................................................ 4,724 143,744 SAP SE ............................................................. 2,180 224,902 368,646 Materials (0.8%): BASF SE ............................................................ 3,134 155,607 Evonik Industries AG ................................................... 8,208 157,559 HeidelbergCement AG .................................................. 3,162 180,314 Symrise AG .......................................................... 1,600 174,073 667,553 Real Estate (0.1%): Vonovia SE .......................................................... 5,113 120,503 Utilities (0.4%): E.ON SE ............................................................ 19,366 193,470 RWE AG ............................................................ 3,676 163,632 357,102 5,407,589 Hong Kong (4.1%): Consumer Staples (0.2%): WH Group Ltd. (c) ..................................................... 233,000 135,531 Financials (0.6%): AIA Group Ltd. ....................................................... 16,258 180,806 Hang Seng Bank Ltd. ................................................... 13,054 217,093 Hong Kong Exchanges & Clearing Ltd. ...................................... 3,512 151,729 549,628 Health Care (0.1%): Sino Biopharmaceutical Ltd. .............................................. 212,000 124,131 Industrials (1.0%): CK Hutchison Holdings Ltd. .............................................. 36,623 219,832 Jardine Matheson Holdings Ltd. ........................................... 3,400 173,060 MTR Corp. Ltd. ....................................................... 76,500 405,289 Techtronic Industries Co. Ltd. ............................................. 7,687 85,783 883,964 Real Estate (1.6%): CK Asset Holdings Ltd. ................................................. 34,014 209,401 Henderson Land Development Co. Ltd. ...................................... 64,046 223,607 Hongkong Land Holdings Ltd. ............................................ 37,300 171,580 Sino Land Co. Ltd. ..................................................... 158,000 197,576 Sun Hung Kai Properties Ltd. ............................................. 23,416 320,414 Swire Pacific Ltd., Class A ............................................... 23,000 202,447 The Wharf Holdings Ltd. ................................................ 34,324 100,927 1,425,952 Utilities (0.6%): Hong Kong & China Gas Co. Ltd. .......................................... 204,441 194,356 Power Assets Holdings Ltd. ............................................... 54,196 296,846 491,202 3,610,408 Ireland (1.0%): Consumer Staples (0.2%): Kerry Group PLC ...................................................... 1,849 166,709 Industrials (0.5%): Experian PLC ........................................................ 5,268 179,115 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-098.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares International Volatility Wtd ETF 44 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Kingspan Group PLC ................................................... 1,782 $96,470 Ryanair Holdings PLC (a) ................................................ 8,849 115,641 391,226 Materials (0.3%): CRH PLC ........................................................... 4,144 164,151 Smurfit Kappa Group PLC ............................................... 3,698 137,266 301,417 859,352 Israel (1.0%): Financials (0.5%): Bank Hapoalim BM .................................................... 15,511 140,170 Bank Leumi Le-Israel BM ............................................... 15,273 127,532 Mizrahi Tefahot Bank Ltd. ............................................... 4,110 133,366 401,068 Industrials (0.1%): Elbit Systems Ltd. ..................................................... 563 91,810 Information Technology (0.1%): Nice Ltd. (a) .......................................................... 656 127,085 Materials (0.1%): ICL Group Ltd. ....................................................... 11,466 83,134 Real Estate (0.2%): Azrieli Group Ltd. ..................................................... 1,933 128,643 831,740 Italy (2.3%): Communication Services (0.3%): Infrastrutture Wireless Italiane SpA (c) ....................................... 21,704 218,685 Consumer Discretionary (0.2%): Moncler SpA ......................................................... 2,596 137,535 Energy (0.2%): Eni SpA ............................................................. 13,103 186,324 Financials (0.8%): Assicurazioni Generali SpA ............................................... 12,488 222,074 Intesa Sanpaolo SpA .................................................... 69,264 154,049 Poste Italiane SpA (c) ................................................... 18,336 179,097 UniCredit SpA ........................................................ 9,413 133,712 688,932 Information Technology (0.1%): Nexi SpA (a)(c)........................................................ 14,142 111,493 Utilities (0.7%): Enel SpA ............................................................ 36,086 194,272 Snam SpA ........................................................... 50,632 245,324 Terna - Rete Elettrica Nazionale ........................................... 27,230 201,095 640,691 1,983,660 Japan (19.6%): Communication Services (1.5%): KDDI Corp. .......................................................... 8,100 245,802 Nexon Co. Ltd. ....................................................... 6,700 151,238 Nintendo Co. Ltd. ...................................................... 4,600 193,928 Nippon Telegraph & Telephone Corp. ....................................... 10,300 295,295 Softbank Corp. ........................................................ 27,900 316,379 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-099.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares International Volatility Wtd ETF 45 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Z Holdings Corp. ...................................................... 40,200 $101,710 1,304,352 Consumer Discretionary (2.4%): Bandai Namco Holdings, Inc. ............................................. 2,100 133,054 Bridgestone Corp. ..................................................... 4,300 153,721 Denso Corp. .......................................................... 2,400 119,543 Fast Retailing Co. Ltd. .................................................. 200 122,740 Honda Motor Co. Ltd. .................................................. 6,500 150,191 Nissan Motor Co. Ltd. .................................................. 31,800 101,323 Oriental Land Co. Ltd. .................................................. 1,000 146,014 Pan Pacific International Holdings Corp. ..................................... 6,800 127,118 Panasonic Corp. ....................................................... 22,500 190,415 Sekisui House Ltd. ..................................................... 15,000 266,747 Shimano, Inc. ......................................................... 600 95,656 Sony Group Corp. ..................................................... 1,600 122,359 Subaru Corp. ......................................................... 8,200 126,699 Suzuki Motor Corp. .................................................... 4,000 130,194 Toyota Motor Corp. .................................................... 10,400 143,652 2,129,426 Consumer Staples (2.3%): Aeon Co. Ltd. ........................................................ 9,400 199,361 Ajinomoto Co., Inc. .................................................... 6,400 196,604 Asahi Group Holdings Ltd. ............................................... 4,800 150,672 Japan Tobacco, Inc. (b) .................................................. 15,800 320,407 Kao Corp. ........................................................... 4,700 188,222 Kikkoman Corp. ....................................................... 2,200 116,354 Kirin Holdings Co. Ltd. ................................................. 14,300 219,153 Seven & i Holdings Co. Ltd. .............................................. 4,900 211,355 Shiseido Co. Ltd. ...................................................... 3,800 187,394 Unicharm Corp. ....................................................... 5,300 204,698 1,994,220 Energy (0.3%): ENEOS Holdings, Inc. .................................................. 51,700 176,510 Inpex Corp. .......................................................... 8,700 92,556 269,066 Financials (2.9%): Dai-ichi Life Holdings, Inc. ............................................... 8,600 196,223 Japan Post Holdings Co. Ltd. .............................................. 36,400 307,772 Mitsubishi UFJ Financial Group, Inc. ........................................ 37,300 252,703 Mizuho Financial Group, Inc. ............................................. 22,370 316,406 MS&AD Insurance Group Holdings, Inc. ..................................... 6,000 193,141 Nomura Holdings, Inc. .................................................. 58,200 216,709 ORIX Corp. .......................................................... 10,000 161,446 Sompo Holdings, Inc. ................................................... 4,100 183,097 Sumitomo Mitsui Financial Group, Inc. ...................................... 7,400 298,662 Sumitomo Mitsui Trust Holdings, Inc. ....................................... 6,500 227,267 Tokio Marine Holdings, Inc. .............................................. 9,300 200,394 2,553,820 Health Care (2.7%): Astellas Pharma, Inc. ................................................... 12,900 197,255 Chugai Pharmaceutical Co. Ltd. ........................................... 6,700 171,968 Daiichi Sankyo Co. Ltd. ................................................. 3,800 123,076 Eisai Co. Ltd. ......................................................... 4,200 278,592 Hoya Corp. .......................................................... 1,200 116,186 Kyowa Kirin Co. Ltd. ................................................... 7,600 174,912 M3, Inc. ............................................................ 2,900 79,075 Olympus Corp. ........................................................ 5,500 98,582 Ono Pharmaceutical Co. Ltd. .............................................. 8,700 204,406 Otsuka Holdings Co. Ltd. ................................................ 6,700 219,810 Shionogi & Co. Ltd. .................................................... 2,600 130,495 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-100.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares International Volatility Wtd ETF 46 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Sysmex Corp. ........................................................ 1,500 $91,427 Takeda Pharmaceutical Co. Ltd. ............................................ 9,700 303,892 Terumo Corp. ......................................................... 4,900 139,883 2,329,559 Industrials (3.8%): Central Japan Railway Co. ............................................... 1,900 234,640 Daikin Industries Ltd. ................................................... 800 123,152 FANUC Corp. ........................................................ 900 136,043 Hitachi Ltd. .......................................................... 2,900 147,873 ITOCHU Corp. ....................................................... 7,500 236,968 Komatsu Ltd. ......................................................... 7,200 157,805 Kubota Corp. ......................................................... 9,100 126,008 Marubeni Corp. ....................................................... 15,000 173,182 Mitsubishi Corp. ...................................................... 4,900 159,935 Mitsubishi Electric Corp. ................................................ 18,200 182,180 Mitsubishi Heavy Industries Ltd. ........................................... 3,600 143,594 Mitsui & Co. Ltd. ...................................................... 6,600 193,795 Nidec Corp. .......................................................... 2,000 104,237 Nippon Yusen KK ..................................................... 4,100 97,173 Recruit Holdings Co. Ltd. ................................................ 3,200 101,863 Secom Co. Ltd. ....................................................... 3,500 201,193 SMC Corp. .......................................................... 300 127,069 Sumitomo Corp. ....................................................... 13,300 222,579 Toshiba Corp. ........................................................ 5,100 178,900 Toyota Industries Corp. .................................................. 2,600 143,454 Toyota Tsusho Corp. .................................................... 3,700 137,742 3,329,385 Information Technology (2.3%): Advantest Corp. ....................................................... 2,200 142,173 Canon, Inc. .......................................................... 9,300 202,379 FUJIFILM Holdings Corp. ............................................... 3,600 181,756 Fujitsu Ltd. .......................................................... 1,100 147,664 Keyence Corp. ........................................................ 400 156,744 Kyocera Corp. ........................................................ 4,000 199,726 Lasertec Corp. ........................................................ 600 99,428 Murata Manufacturing Co. Ltd. ............................................ 3,000 150,617 Nomura Research Institute Ltd. ............................................ 4,778 113,424 NTT Data Corp. ....................................................... 10,200 150,178 Obic Co. Ltd. ......................................................... 1,100 162,712 Renesas Electronics Corp. (a).............................................. 11,500 103,721 TDK Corp. .......................................................... 3,200 105,716 Tokyo Electron Ltd. .................................................... 400 118,519 2,034,757 Materials (0.5%): Nippon Paint Holdings Co. Ltd. ............................................ 11,800 93,432 Nippon Steel Corp. ..................................................... 9,300 162,442 Shin-Etsu Chemical Co. Ltd. .............................................. 1,200 148,377 404,251 Real Estate (0.9%): Daiwa House Industry Co. Ltd. ............................................ 9,300 215,384 Mitsubishi Estate Co. Ltd. ................................................ 15,500 202,107 Mitsui Fudosan Co. Ltd. ................................................. 9,600 176,827 Sumitomo Realty & Development Co. Ltd. .................................... 6,700 159,356 753,674 17,102,510 Korea, Republic Of (4.6%): Communication Services (0.3%): Kakao Corp. ......................................................... 2,329 97,809 Krafton, Inc. (a) ....................................................... 530 70,421 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-101.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares International Volatility Wtd ETF 47 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value NAVER Corp. ........................................................ 807 $113,289 281,519 Consumer Discretionary (0.7%): Hyundai Mobis Co. Ltd. ................................................. 1,069 169,515 Hyundai Motor Co. .................................................... 1,287 153,699 Kia Corp. ............................................................ 2,988 140,136 LG Electronics, Inc. .................................................... 1,825 124,852 588,202 Consumer Staples (0.1%): LG Household & Health Care Ltd. .......................................... 229 130,764 Energy (0.2%): SK Innovation Co. Ltd. (a)................................................ 810 98,655 S-Oil Corp. .......................................................... 1,690 111,473 210,128 Financials (1.1%): Hana Financial Group, Inc. ............................................... 5,582 185,640 KakaoBank Corp. (a).................................................... 5,767 110,834 KB Financial Group, Inc. ................................................ 4,455 170,885 Samsung Life Insurance Co. Ltd. ........................................... 4,428 248,646 Shinhan Financial Group Co. Ltd. .......................................... 7,566 210,632 926,637 Health Care (0.3%): Celltrion, Inc. ......................................................... 856 108,648 Samsung Biologics Co. Ltd. (a)(c) .......................................... 278 180,511 289,159 Industrials (0.7%): Doosan Enerbility Co. Ltd. (a) ............................................. 7,012 85,404 LG Corp. ............................................................ 2,764 170,728 Samsung C&T Corp. ................................................... 1,955 175,492 SK, Inc. ............................................................. 1,017 152,019 583,643 Information Technology (0.6%): Samsung Electronics Co. Ltd. ............................................. 5,432 237,575 Samsung SDI Co. Ltd. .................................................. 282 131,811 SK Hynix, Inc. ........................................................ 2,106 124,921 494,307 Materials (0.6%): Korea Zinc Co. Ltd. .................................................... 287 128,020 LG Chem Ltd. ........................................................ 211 100,127 POSCO Chemical Co. Ltd. ............................................... 811 115,454 POSCO Holdings, Inc. .................................................. 873 190,908 534,509 4,038,868 Luxembourg (0.5%): Energy (0.2%): Tenaris SA ........................................................... 7,746 135,011 Health Care (0.2%): Eurofins Scientific SE ................................................... 2,048 146,993 Materials (0.1%): ArcelorMittal SA ...................................................... 4,392 115,521 397,525 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-102.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares International Volatility Wtd ETF 48 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Netherlands (3.4%): Communication Services (0.3%): Koninklijke KPN NV ................................................... 92,790 $287,014 Consumer Discretionary (0.1%): Prosus NV ........................................................... 1,287 88,778 Consumer Staples (0.9%): Davide Campari-Milano NV .............................................. 15,234 154,636 Heineken Holding NV .................................................. 2,637 203,352 Heineken NV ......................................................... 2,085 196,110 Koninklijke Ahold Delhaize NV ........................................... 7,399 212,550 766,648 Financials (0.7%): ABN AMRO Bank NV (c)................................................ 12,199 168,756 Aegon NV ........................................................... 27,875 141,356 ING Groep NV ....................................................... 13,463 164,094 NN Group NV ........................................................ 3,477 142,010 616,216 Health Care (0.1%): Koninklijke Philips NV .................................................. 7,236 108,456 Industrials (0.5%): Randstad NV ......................................................... 3,324 202,645 Wolters Kluwer NV .................................................... 2,026 211,985 414,630 Information Technology (0.5%): Adyen NV (a)(c)....................................................... 55 75,844 ASM International NV .................................................. 342 86,258 ASML Holding NV .................................................... 229 123,480 STMicroelectronics NV ................................................. 3,699 130,628 416,210 Materials (0.3%): Akzo Nobel NV ....................................................... 2,343 156,882 Koninklijke DSM NV ................................................... 1,192 145,823 302,705 3,000,657 Norway (1.5%): Communication Services (0.3%): Adevinta ASA (a) ...................................................... 8,609 57,718 Telenor ASA ......................................................... 22,496 210,600 268,318 Consumer Staples (0.2%): Mowi ASA .......................................................... 8,253 141,028 Energy (0.2%): Aker BP ASA ......................................................... 2,927 90,970 Equinor ASA ......................................................... 3,128 112,465 203,435 Financials (0.5%): DNB Bank ASA ....................................................... 9,820 195,153 Gjensidige Forsikring ASA ............................................... 10,377 203,837 398,990 Materials (0.3%): Norsk Hydro ASA ..................................................... 16,150 121,019 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-103.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares International Volatility Wtd ETF 49 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Yara International ASA .................................................. 3,285 $144,566 265,585 1,277,356 Portugal (0.6%): Consumer Staples (0.2%): Jeronimo Martins SGPS SA .............................................. 8,701 187,929 Energy (0.2%): Galp Energia SGPS SA .................................................. 11,657 157,328 Utilities (0.2%): EDP - Energias de Portugal SA ............................................ 37,101 184,886 530,143 Singapore (2.4%): Communication Services (0.3%): Singapore Telecommunications Ltd. ......................................... 148,100 284,233 Consumer Staples (0.3%): Wilmar International Ltd. ................................................ 78,800 245,386 Financials (1.0%): DBS Group Holdings Ltd. ................................................ 10,900 276,102 Oversea-Chinese Banking Corp. Ltd. ........................................ 33,400 303,795 United Overseas Bank Ltd. ............................................... 12,900 295,743 875,640 Industrials (0.5%): Jardine Cycle & Carriage Ltd. ............................................. 8,200 175,133 Keppel Corp. Ltd. ...................................................... 52,300 283,547 458,680 Real Estate (0.3%): Capitaland Investment Ltd. ............................................... 76,700 211,926 2,075,865 Spain (2.8%): Communication Services (0.2%): Telefonica SA ........................................................ 52,529 190,310 Consumer Discretionary (0.2%): Industria de Diseno Textil SA ............................................. 7,183 191,045 Energy (0.2%): Repsol SA ........................................................... 10,459 166,234 Financials (0.6%): Banco Bilbao Vizcaya Argentaria SA ........................................ 28,826 173,822 Banco Santander SA .................................................... 54,464 163,365 CaixaBank SA ........................................................ 40,470 159,053 496,240 Industrials (0.4%): Aena SME SA (a)(c) .................................................... 1,335 167,604 Ferrovial SA ......................................................... 7,262 190,193 357,797 Information Technology (0.2%): Amadeus IT Group SA (a) ................................................ 2,817 146,380 Utilities (1.0%): Acciona SA .......................................................... 824 151,603 Endesa SA ........................................................... 11,070 208,943 Iberdrola SA ......................................................... 17,403 203,586 Naturgy Energy Group SA ............................................... 5,675 147,657 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-104.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares International Volatility Wtd ETF 50 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Red Electrica Corp. SA .................................................. 11,244 $195,680 907,469 2,455,475 Sweden (3.5%): Communication Services (0.2%): Telia Co. AB ......................................................... 72,540 185,435 Consumer Discretionary (0.3%): Evolution AB (c)....................................................... 1,082 105,346 H & M Hennes & Mauritz AB, Class B (b) .................................... 12,199 131,288 236,634 Consumer Staples (0.2%): Essity AB, Class B ..................................................... 7,249 189,964 Financials (1.0%): EQT AB ............................................................ 3,846 81,352 L E Lundbergforetagen AB, Class B ......................................... 3,850 163,944 Skandinaviska Enskilda Banken AB, Class A .................................. 15,208 174,914 Svenska Handelsbanken AB, Class A ........................................ 22,576 227,511 Swedbank AB, Class A .................................................. 11,920 202,646 850,367 Industrials (1.2%): Alfa Laval AB ........................................................ 4,883 140,978 Assa Abloy AB, Class B ................................................. 7,952 170,567 Atlas Copco AB, Class A ................................................ 12,537 147,981 Epiroc AB, Class A ..................................................... 9,099 165,637 Nibe Industrier AB, Class B .............................................. 10,569 98,402 Sandvik AB .......................................................... 8,762 158,284 Volvo AB, Class B ..................................................... 9,377 169,466 1,051,315 Information Technology (0.3%): Hexagon AB, Class B ................................................... 14,324 149,707 Telefonaktiebolaget LM Ericsson, Class B .................................... 17,956 104,853 254,560 Materials (0.3%): Boliden AB .......................................................... 3,559 133,517 Svenska Cellulosa AB SCA, Class B ........................................ 10,479 132,581 266,098 3,034,373 Switzerland (6.3%): Communication Services (0.4%): Swisscom AG, Registered Shares ........................................... 609 333,751 Consumer Discretionary (0.3%): Cie Financiere Richemont SA, Registered Shares ............................... 939 121,794 The Swatch Group AG .................................................. 550 156,480 278,274 Consumer Staples (0.8%): Barry Callebaut AG, Registered Shares ...................................... 127 251,280 Chocoladefabriken Lindt & Spruengli AG .................................... 16 163,220 Nestle SA, Registered Shares ............................................. 2,195 254,405 668,905 Financials (1.2%): Julius Baer Group Ltd. .................................................. 2,788 162,442 Partners Group Holding AG .............................................. 135 119,286 Swiss Life Holding AG .................................................. 368 189,812 Swiss Re AG ......................................................... 2,399 224,433 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-105.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares International Volatility Wtd ETF 51 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value UBS Group AG ....................................................... 8,271 $153,940 Zurich Insurance Group AG .............................................. 520 248,806 1,098,719 Health Care (1.2%): Alcon, Inc. ........................................................... 2,530 172,918 Lonza Group AG, Registered Shares ........................................ 281 137,734 Novartis AG, Registered Shares ............................................ 3,265 295,242 Roche Holding AG ..................................................... 678 213,067 Sonova Holding AG .................................................... 453 107,467 Straumann Holding AG, Class R ........................................... 961 109,781 1,036,209 Industrials (1.1%): ABB Ltd., Registered Shares .............................................. 6,064 184,072 Accelleron Industries AG (a) .............................................. 304 6,296 Geberit AG, Registered Shares ............................................ 392 184,677 Kuehne + Nagel International AG, Class R .................................... 609 141,775 Schindler Holding AG .................................................. 1,003 188,686 SGS SA, Registered Shares ............................................... 98 227,932 933,438 Information Technology (0.2%): Logitech International SA, Class R ......................................... 2,595 160,180 Materials (1.1%): EMS-Chemie Holding AG ............................................... 237 160,496 Givaudan SA, Registered Shares ........................................... 54 165,493 Glencore PLC ........................................................ 22,689 151,490 Holcim AG .......................................................... 4,045 209,514 SIG Group AG ........................................................ 6,379 139,394 Sika AG, Registered Shares ............................................... 633 151,813 978,200 5,487,676 United Kingdom (8.2%): Communication Services (0.7%): BT Group PLC ........................................................ 90,736 122,887 Informa PLC ......................................................... 22,518 168,639 Vodafone Group PLC ................................................... 152,084 154,852 WPP PLC ........................................................... 15,423 152,899 599,277 Consumer Discretionary (0.7%): Compass Group PLC ................................................... 7,674 177,858 Entain PLC .......................................................... 8,783 140,290 InterContinental Hotels Group PLC ......................................... 2,662 152,640 Next PLC ........................................................... 2,289 160,634 631,422 Consumer Staples (1.8%): Associated British Foods PLC ............................................. 9,118 173,689 British American Tobacco PLC ............................................ 5,228 207,360 Diageo PLC .......................................................... 4,512 199,057 Haleon PLC (a)........................................................ 39,408 155,924 Imperial Brands PLC ................................................... 9,170 229,544 Reckitt Benckiser Group PLC ............................................. 2,705 188,128 Tesco PLC ........................................................... 84,402 228,720 Unilever PLC ......................................................... 3,880 196,124 1,578,546 Energy (0.2%): Shell PLC ........................................................... 5,167 145,266 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-106.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares International Volatility Wtd ETF 52 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Financials (1.6%): 3i Group PLC ........................................................ 9,981 $161,838 Barclays PLC ......................................................... 69,304 132,788 HSBC Holdings PLC ................................................... 25,733 160,400 Legal & General Group PLC .............................................. 51,184 154,355 Lloyds Banking Group PLC .............................................. 279,617 153,473 London Stock Exchange Group PLC ........................................ 1,795 154,823 NatWest Group PLC .................................................... 52,152 167,171 Prudential PLC ....................................................... 11,408 155,468 Standard Chartered PLC ................................................. 16,918 127,272 1,367,588 Health Care (0.4%): GSK PLC ........................................................... 12,141 210,964 Smith & Nephew PLC .................................................. 13,314 178,547 389,511 Industrials (1.4%): Ashtead Group PLC .................................................... 2,561 146,106 BAE Systems PLC ..................................................... 19,550 202,272 Bunzl PLC ........................................................... 6,096 203,288 Ferguson PLC ........................................................ 1,396 176,158 RELX PLC .......................................................... 8,326 230,255 Rentokil Initial PLC .................................................... 25,278 155,211 Spirax-Sarco Engineering PLC ............................................ 1,205 154,605 1,267,895 Information Technology (0.2%): Halma PLC .......................................................... 6,241 148,908 Materials (0.7%): Anglo American PLC ................................................... 3,526 137,935 Antofagasta PLC ...................................................... 8,416 157,214 Croda International PLC ................................................. 1,901 151,741 Evraz PLC (d)(e)(f)(g)................................................... 34,029 16,658 Rio Tinto PLC ........................................................ 2,637 184,801 648,349 Utilities (0.5%): National Grid PLC ..................................................... 17,977 216,722 SSE PLC ............................................................ 9,226 190,912 407,634 7,184,396 United States (0.1%): Utilities (0.1%): Brookfield Renewable Corp., Class A ........................................ 4,422 121,737 Total Common Stocks (Cost $83,970,480) 86,679,872 Collateral for Securities Loaned (1.9%)^ United States (1.9%): Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (h) ....... 415,297 415,297 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (h) ........... 415,297 415,297 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (h) ............... 415,297 415,297 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (h) 415,297 415,297 Total Collateral for Securities Loaned (Cost $1,661,188) 1,661,188 Total Investments (Cost $85,631,668) — 101.1% 88,341,060 Liabilities in excess of other assets — (1.1)% (974407) NET ASSETS - 100.00% $87,366,653 ^ Purchased with cash collateral from securities on loan.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-107.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares International Volatility Wtd ETF 53 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. (a) Non-income producing security. (b) All or a portion of this security is on loan. (c) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December 31, 2022, the fair value of these securities was $1,959,265 and amounted to 2.2% of net assets. (d) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of December 31, 2022, illiquid securities were less than 0.05% of net assets. (e) Security was fair valued based upon procedures approved by the Board of Trustees and represents less than 0.05% of net assets as of December 31, 2022. This security is classified as Level 3 within the fair value hierarchy. (See Note 2 in the Notes to Financial Statements) (f) Restricted security due to trading restrictions. Russian sanctioned entity by the United States Government. (g) The following table details the earliest acquisition date and cost of the Fund's Russian sanctioned restricted securities at December 31, 2022. Security Name Acquisition Date Cost Evraz PLC................................................. 3/19/2021 $213,602 (h) Rate disclosed is the daily yield on December 31, 2022. PLC—Public Limited Company Futures Contracts Purchased Number of Contracts Expiration Date Notional Amount Value Unrealized Appreciation (Depreciation) E-Mini MSCI EAFE Index Futures ...... 3 3/17/23 $294,672 $292,410 $(2262) Total unrealized appreciation $– Total unrealized depreciation (2262) Total net unrealized appreciation (depreciation) $(2262) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-108.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments December 31, 2022 Victory Portfolios II VictoryShares US Large Cap High Div Volatility Wtd ETF 54 (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (99.5%) Communication Services (6.1%): AT&T, Inc. ........................................................... 215,589 $3,968,994 Comcast Corp., Class A .................................................. 106,444 3,722,347 Lumen Technologies, Inc. ................................................ 269,284 1,405,662 Omnicom Group, Inc. ................................................... 45,681 3,726,199 Paramount Global, Class B (a) ............................................. 83,716 1,413,126 The Interpublic Group of Cos., Inc. .......................................... 107,956 3,596,014 Verizon Communications, Inc. ............................................. 115,647 4,556,492 22,388,834 Consumer Discretionary (5.0%): Advance Auto Parts, Inc. ................................................. 17,758 2,610,959 Best Buy Co., Inc. ...................................................... 34,001 2,727,220 Darden Restaurants, Inc. ................................................. 23,440 3,242,455 Ford Motor Co. ........................................................ 140,884 1,638,481 Garmin Ltd. .......................................................... 38,297 3,534,430 Hasbro, Inc. .......................................................... 44,249 2,699,632 VF Corp. ............................................................ 69,335 1,914,339 18,367,516 Consumer Staples (10.8%): Altria Group, Inc. ...................................................... 90,180 4,122,128 Campbell Soup Co. ..................................................... 88,899 5,045,018 Conagra Brands, Inc. .................................................... 118,311 4,578,636 Kellogg Co. .......................................................... 68,531 4,882,148 Kimberly-Clark Corp. ................................................... 36,698 4,981,754 Philip Morris International, Inc. ............................................ 43,935 4,446,661 The Clorox Co. ........................................................ 21,480 3,014,288 The Kraft Heinz Co. .................................................... 105,801 4,307,159 Walgreens Boots Alliance, Inc. ............................................. 108,860 4,067,010 39,444,802 Energy (7.7%): Chevron Corp. ........................................................ 20,364 3,655,134 Devon Energy Corp. .................................................... 27,565 1,695,523 Exxon Mobil Corp. ..................................................... 30,905 3,408,821 Kinder Morgan, Inc. .................................................... 220,257 3,982,247 ONEOK, Inc. ......................................................... 52,874 3,473,822 Phillips 66 ........................................................... 30,419 3,166,010 Pioneer Natural Resources Co. ............................................. 10,688 2,441,032 The Williams Cos., Inc. .................................................. 114,542 3,768,432 Valero Energy Corp. .................................................... 20,581 2,610,906 28,201,927 Financials (22.2%): Ally Financial, Inc. ..................................................... 74,877 1,830,743 Ares Management Corp., Class A ........................................... 29,878 2,044,850 Blackstone, Inc. ....................................................... 21,488 1,594,195 Citigroup, Inc. ......................................................... 63,771 2,884,362 Citizens Financial Group, Inc. ............................................. 80,220 3,158,261 CME Group, Inc. ...................................................... 20,983 3,528,501 Comerica, Inc. ........................................................ 36,118 2,414,488 F&G Annuities & Life, Inc. (b) ............................................. 6,467 129,405 Fidelity National Financial, Inc. ............................................ 95,118 3,578,339 Fifth Third Bancorp ..................................................... 88,243 2,895,253 Franklin Resources, Inc. (a) ............................................... 116,969 3,085,642 Huntington Bancshares, Inc. ............................................... 234,364 3,304,532 JPMorgan Chase & Co. .................................................. 31,482 4,221,736 KeyCorp ............................................................ 177,902 3,099,053 MetLife, Inc. .......................................................... 63,011 4,560,106 Morgan Stanley ........................................................ 38,591 3,281,007 Northern Trust Corp. .................................................... 34,345 3,039,189 Principal Financial Group, Inc. ............................................. 44,192 3,708,593 Prudential Financial, Inc. ................................................. 37,624 3,742,083 Regions Financial Corp. .................................................. 132,776 2,862,651 State Street Corp. ...................................................... 39,714 3,080,615 T. Rowe Price Group, Inc. ................................................ 23,633 2,577,415 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-109.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US Large Cap High Div Volatility Wtd ETF 55 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value The Bank of New York Mellon Corp. ........................................ 82,113 $3,737,784 The Carlyle Group, Inc. .................................................. 66,916 1,996,774 The PNC Financial Services Group, Inc. ...................................... 23,346 3,687,267 Truist Financial Corp. ................................................... 74,999 3,227,207 U.S. Bancorp ......................................................... 82,322 3,590,062 80,860,113 Health Care (11.7%): AbbVie, Inc. .......................................................... 36,366 5,877,109 Amgen, Inc. .......................................................... 22,739 5,972,171 Bristol-Myers Squibb Co. ................................................ 82,130 5,909,253 Gilead Sciences, Inc. .................................................... 79,761 6,847,482 Medtronic PLC ........................................................ 49,342 3,834,860 Merck & Co., Inc. ...................................................... 63,767 7,074,949 Pfizer, Inc. ........................................................... 81,094 4,155,257 Viatris, Inc. ........................................................... 257,000 2,860,410 42,531,491 Industrials (3.4%): 3M Co. .............................................................. 32,654 3,915,868 Stanley Black & Decker, Inc. .............................................. 29,022 2,180,133 United Parcel Service, Inc., Class B ......................................... 17,478 3,038,375 Watsco, Inc. .......................................................... 12,749 3,179,601 12,313,977 Information Technology (8.0%): Broadcom, Inc. ........................................................ 5,723 3,199,901 Cisco Systems, Inc. ..................................................... 78,242 3,727,449 Corning, Inc. .......................................................... 96,558 3,084,062 Hewlett Packard Enterprise Co. ............................................ 220,692 3,522,244 HP, Inc. ............................................................. 84,970 2,283,144 Intel Corp. ........................................................... 92,768 2,451,858 International Business Machines Corp. ....................................... 34,957 4,925,092 Juniper Networks, Inc. ................................................... 123,484 3,946,549 Seagate Technology Holdings PLC .......................................... 38,590 2,030,220 29,170,519 Materials (6.4%): Dow, Inc. ............................................................ 74,167 3,737,275 Eastman Chemical Co. ................................................... 37,441 3,049,195 International Flavors & Fragrances, Inc. ...................................... 30,158 3,161,765 International Paper Co. .................................................. 101,818 3,525,957 LyondellBasell Industries NV, Class A ....................................... 37,645 3,125,664 Newmont Corp. ....................................................... 67,094 3,166,837 Packaging Corp. ....................................................... 28,359 3,627,400 23,394,093 Utilities (18.2%): American Electric Power Co., Inc. .......................................... 53,295 5,060,360 Consolidated Edison, Inc. ................................................ 55,553 5,294,756 Dominion Energy, Inc. ................................................... 70,407 4,317,357 DTE Energy Co. ....................................................... 42,773 5,027,111 Duke Energy Corp. ..................................................... 53,410 5,500,696 Edison International .................................................... 66,314 4,218,897 Entergy Corp. ......................................................... 41,343 4,651,087 Evergy, Inc. .......................................................... 79,844 5,024,583 Exelon Corp. ......................................................... 104,642 4,523,674 FirstEnergy Corp. ...................................................... 129,804 5,443,980 NiSource, Inc. ......................................................... 170,834 4,684,268 NRG Energy, Inc. ...................................................... 80,934 2,575,320 PPL Corp. ............................................................ 168,875 4,934,527 The Southern Co. ...................................................... 68,833 4,915,365 66,171,981 Total Common Stocks (Cost $358,504,776) 362,845,253 Collateral for Securities Loaned (0.3%)^ Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (c) ....... 302,778 302,778 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (c)............ 302,778 302,778 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-110.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US Large Cap High Div Volatility Wtd ETF 56 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (c) ............... 302,778 $302,778 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (c). 302,778 302,778 Total Collateral for Securities Loaned (Cost $1,211,112) 1,211,112 Total Investments (Cost $359,715,888) — 99.8% 364,056,365 Other assets in excess of liabilities — 0.2% 780,557 NET ASSETS - 100.00% $364,836,922 ^ 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) Rate disclosed is the daily yield on December 31, 2022. PLC—Public Limited Company Futures Contracts Purchased Number of Contracts Expiration Date Notional Amount Value Unrealized Appreciation (Depreciation) E-Mini S&P 500 Futures.............. 6 3/17/23 $1,169,017 $1,158,300 $(10717) Total unrealized appreciation $– Total unrealized depreciation (10717) Total net unrealized appreciation (depreciation) $(10717) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-111.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments December 31, 2022 Victory Portfolios II VictoryShares US Small Cap High Div Volatility Wtd ETF 57 (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (99.3%) Banks (14.3%): Columbia Banking System, Inc. ............................................ 127,716 $3,848,083 First Busey Corp. ...................................................... 218,342 5,397,414 First Financial Bancorp .................................................. 214,089 5,187,377 Fulton Financial Corp. ................................................... 299,127 5,034,308 Hope Bancorp, Inc. ..................................................... 300,361 3,847,624 Northwest Bancshares, Inc. ............................................... 445,886 6,233,486 OceanFirst Financial Corp. ................................................ 280,276 5,955,865 S&T Bancorp, Inc. ..................................................... 179,983 6,151,819 Southside Bancshares, Inc. ................................................ 153,408 5,521,154 WesBanco, Inc. ........................................................ 149,084 5,513,126 52,690,256 Capital Markets (3.4%): Artisan Partners Asset Management, Inc., Class A ............................... 101,389 3,011,253 Bridge Investment Group Holdings, Inc., Class A ................................ 190,313 2,293,272 GCM Grosvenor, Inc., Class A (a) ........................................... 535,953 4,078,602 Moelis & Co., Class A ................................................... 83,964 3,221,699 12,604,826 Communication Services (3.4%): Cogent Communications Holdings, Inc. ...................................... 78,107 4,458,348 John Wiley & Sons, Inc., Class A ........................................... 97,169 3,892,590 Sinclair Broadcast Group, Inc., Class A ....................................... 119,673 1,856,128 Telephone and Data Systems, Inc. ........................................... 219,630 2,303,919 12,510,985 Consumer Discretionary (17.3%): American Eagle Outfitters, Inc. ............................................. 195,626 2,730,939 Bloomin' Brands, Inc. ................................................... 116,008 2,334,081 Camping World Holdings, Inc., Class A (a)..................................... 81,865 1,827,227 Cracker Barrel Old Country Store, Inc. ....................................... 29,018 2,749,165 Dana, Inc. ............................................................ 146,173 2,211,598 Dine Brands Global, Inc. ................................................. 37,305 2,409,903 Franchise Group, Inc. (a) ................................................. 76,298 1,817,418 Guess?, Inc. (a) ........................................................ 123,341 2,551,925 Jack in the Box, Inc. .................................................... 39,105 2,668,134 KB Home ............................................................ 86,855 2,766,332 Kontoor Brands, Inc. .................................................... 70,092 2,802,979 La-Z-Boy, Inc. ........................................................ 111,388 2,541,874 LCI Industries ......................................................... 22,078 2,041,111 MDC Holdings, Inc. .................................................... 91,015 2,876,074 Monro, Inc. ........................................................... 66,605 3,010,546 Nordstrom, Inc. (a)...................................................... 95,236 1,537,109 Patrick Industries, Inc. ................................................... 49,834 3,019,941 Rent-A-Center, Inc. ..................................................... 76,173 1,717,701 Standard Motor Products, Inc. ............................................. 98,498 3,427,731 Steven Madden Ltd. .................................................... 103,312 3,301,852 Strategic Education, Inc. ................................................. 46,504 3,642,193 Sturm Ruger & Co., Inc. ................................................. 90,689 4,590,677 The Buckle, Inc. ....................................................... 78,326 3,552,084 Wolverine World Wide, Inc. ............................................... 141,199 1,543,305 63,671,899 Consumer Finance (1.5%): Bread Financial Holdings, Inc. ............................................. 64,040 2,411,746 Navient Corp. ......................................................... 188,100 3,094,245 5,505,991 Consumer Staples (8.6%): B&G Foods, Inc. (a)..................................................... 164,469 1,833,829 Energizer Holdings, Inc. ................................................. 129,635 4,349,254 Fresh Del Monte Produce, Inc. ............................................. 151,538 3,968,780 Medifast, Inc. ......................................................... 20,916 2,412,661 Nu Skin Enterprises, Inc., Class A ........................................... 76,226 3,213,688 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-112.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US Small Cap High Div Volatility Wtd ETF 58 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value SpartanNash Co. ....................................................... 118,257 $3,576,092 Spectrum Brands Holdings, Inc. ............................................ 59,355 3,615,907 Universal Corp. ........................................................ 95,278 5,031,631 Vector Group Ltd. ...................................................... 317,506 3,765,621 31,767,463 Diversified Financial Services (1.4%): Compass Diversified Holdings ............................................. 151,230 2,756,923 Jackson Financial, Inc., Class A ............................................ 74,273 2,583,958 5,340,881 Energy (2.7%): Archrock, Inc. ......................................................... 428,469 3,847,651 Sitio Royalties Corp., Class A (a)............................................ 212,443 6,128,989 9,976,640 Health Care (4.2%): National HealthCare Corp. ................................................ 79,231 4,714,244 National Research Corp. ................................................. 106,127 3,958,537 Patterson Cos., Inc. ..................................................... 149,033 4,177,395 U.S. Physical Therapy, Inc. ............................................... 34,189 2,770,335 15,620,511 Industrials (17.4%): Apogee Enterprises, Inc. ................................................. 84,560 3,759,538 Barnes Group, Inc. ..................................................... 131,132 5,356,742 Boise Cascade Co. ...................................................... 34,759 2,386,900 Deluxe Corp. ......................................................... 182,356 3,096,405 Global Industrial Co. .................................................... 96,392 2,268,104 H&E Equipment Services, Inc. ............................................. 81,755 3,711,677 Healthcare Services Group, Inc. ............................................ 199,765 2,397,180 Hillenbrand, Inc. ....................................................... 95,816 4,088,469 HNI Corp. ........................................................... 117,978 3,354,114 Kaman Corp. ......................................................... 108,258 2,414,153 Kennametal, Inc. ....................................................... 146,302 3,520,026 Kforce, Inc. .......................................................... 63,507 3,482,089 McGrath RentCorp ..................................................... 58,112 5,737,979 Mueller Water Products, Inc., Class A ........................................ 376,332 4,049,332 Steelcase, Inc., Class A .................................................. 354,794 2,508,394 The Greenbrier Cos., Inc. ................................................. 111,256 3,730,414 Trinity Industries, Inc. ................................................... 151,447 4,478,288 Wabash National Corp. .................................................. 168,123 3,799,580 64,139,384 Information Technology (3.3%): Benchmark Electronics, Inc. ............................................... 153,675 4,101,586 InterDigital, Inc. ....................................................... 81,095 4,012,581 Vishay Intertechnology, Inc. ............................................... 193,767 4,179,554 12,293,721 Insurance (1.6%): Safety Insurance Group, Inc. .............................................. 67,801 5,712,912 Materials (4.9%): Mativ Holdings, Inc. .................................................... 137,257 2,868,671 NewMarket Corp. ...................................................... 15,862 4,934,827 Pactiv Evergreen, Inc. ................................................... 269,479 3,061,281 Schnitzer Steel Industries, Inc. ............................................. 72,775 2,230,554 Trinseo PLC .......................................................... 86,384 1,961,781 Worthington Industries, Inc. ............................................... 59,457 2,955,607 18,012,721 Real Estate (2.6%): Kennedy-Wilson Holdings, Inc. ............................................ 267,261 4,204,015 The RMR Group, Inc., Class A ............................................. 185,972 5,253,709 9,457,724 Thrifts & Mortgage Finance (3.3%): Capitol Federal Financial, Inc. ............................................. 743,969 6,435,332 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-113.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US Small Cap High Div Volatility Wtd ETF 59 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Provident Financial Services, Inc. ........................................... 269,800 $5,762,928 12,198,260 Utilities (9.4%): Avista Corp. .......................................................... 145,738 6,462,023 MGE Energy, Inc. ...................................................... 80,583 5,673,043 Northwest Natural Holding Co. ............................................ 106,190 5,053,582 NorthWestern Corp. ..................................................... 108,347 6,429,311 SJW Group ........................................................... 87,578 7,110,458 Unitil Corp. .......................................................... 76,553 3,931,762 34,660,179 Total Common Stocks (Cost $383,728,626) 366,164,353 Collateral for Securities Loaned (2.1%)^ Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (b) ....... 1,890,144 1,890,144 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (b) ........... 1,890,144 1,890,144 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (b) ............... 1,890,144 1,890,144 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (b) 1,890,144 1,890,144 Total Collateral for Securities Loaned (Cost $7,560,576) 7,560,576 Total Investments (Cost $391,289,202) — 101.4% 373,724,929 Liabilities in excess of other assets — (1.4)% (4981677) NET ASSETS - 100.00% $368,743,252 ^ Purchased with cash collateral from securities on loan. (a) All or a portion of this security is on loan. (b) Rate disclosed is the daily yield on December 31, 2022. PLC—Public Limited Company Futures Contracts Purchased Number of Contracts Expiration Date Notional Amount Value Unrealized Appreciation (Depreciation) E-Mini Russell 2000 Index Futures ...... 20 3/17/23 $1,759,922 $1,770,900 $10,978 Total unrealized appreciation $10,978 Total unrealized depreciation — Total net unrealized appreciation (depreciation) $10,978 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-114.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments December 31, 2022 Victory Portfolios II VictoryShares International High Div Volatility Wtd ETF 60 (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (98.9%) Australia (5.8%): Energy (0.7%): Woodside Energy Group Ltd. ............................................. 4,637 $111,863 Financials (2.4%): ANZ Group Holdings Ltd. (a) ............................................. 12,315 198,337 Westpac Banking Corp. .................................................. 12,615 200,507 398,844 Materials (2.7%): BHP Group Ltd. ....................................................... 4,483 139,243 Newcrest Mining Ltd. ................................................... 9,825 138,037 Rio Tinto Ltd. ........................................................ 1,945 154,122 431,402 942,109 Austria (1.4%): Energy (0.7%): OMV AG ............................................................ 2,312 119,025 Financials (0.7%): Erste Group Bank AG ................................................... 3,551 113,639 232,664 Belgium (0.9%): Financials (0.9%): KBC Group NV ....................................................... 2,206 141,853 Canada (12.4%): Communication Services (2.9%): BCE, Inc. ........................................................... 5,737 252,101 TELUS Corp. (b) ...................................................... 11,149 215,189 467,290 Energy (3.5%): Enbridge, Inc. ........................................................ 5,797 226,605 Pembina Pipeline Corp. ................................................. 5,314 180,404 TC Energy Corp. ...................................................... 4,082 162,761 569,770 Financials (3.7%): Great-West Lifeco, Inc. .................................................. 9,825 227,155 Manulife Financial Corp. ................................................ 9,396 167,612 Power Corp. (b) ....................................................... 8,631 203,056 597,823 Utilities (2.3%): Algonquin Power & Utilities Corp. (b) ....................................... 18,975 123,622 Emera, Inc. .......................................................... 6,275 239,867 363,489 1,998,372 Denmark (0.5%): Industrials (0.5%): AP Moller - Maersk A/S, Class B ........................................... 37 83,210 Finland (2.1%): Financials (1.0%): Nordea Bank Abp ...................................................... 15,084 161,527 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-115.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares International High Div Volatility Wtd ETF 61 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Industrials (1.1%): Kone Oyj, Class B ..................................................... 3,360 $173,696 335,223 France (10.5%): Communication Services (1.7%): Orange SA ........................................................... 26,758 265,799 Consumer Discretionary (0.9%): Cie Generale des Etablissements Michelin SCA ................................ 5,095 141,700 Energy (0.9%): TotalEnergies SE (b) .................................................... 2,391 150,090 Financials (4.1%): Amundi SA (c) ........................................................ 2,380 135,007 AXA SA ............................................................ 5,839 162,830 BNP Paribas SA ....................................................... 2,291 130,572 Credit Agricole SA ..................................................... 12,161 127,959 Societe Generale SA .................................................... 3,892 97,808 654,176 Industrials (1.3%): Bouygues SA ......................................................... 7,051 211,609 Utilities (1.6%): Engie SA ............................................................ 10,143 145,340 Veolia Environnement SA ................................................ 4,609 118,392 263,732 1,687,106 Germany (7.7%): Consumer Discretionary (1.6%): Bayerische Motoren Werke AG ............................................ 1,551 138,413 Mercedes-Benz Group AG ............................................... 1,847 121,378 259,791 Financials (1.2%): Allianz SE, Registered Shares ............................................. 897 192,876 Industrials (0.8%): Deutsche Post AG, Registered Shares ........................................ 3,188 120,038 Materials (2.5%): BASF SE ............................................................ 2,593 128,745 Evonik Industries AG ................................................... 6,791 130,359 HeidelbergCement AG .................................................. 2,616 149,178 408,282 Real Estate (0.6%): Vonovia SE .......................................................... 4,230 99,693 Utilities (1.0%): E.ON SE ............................................................ 16,020 160,042 1,240,722 Hong Kong (4.3%): Industrials (1.1%): CK Hutchison Holdings Ltd. .............................................. 30,527 183,240 Real Estate (2.2%): Henderson Land Development Co. Ltd. ...................................... 54,123 188,962 Swire Pacific Ltd., Class A ............................................... 19,000 167,239 356,201 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-116.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares International High Div Volatility Wtd ETF 62 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Utilities (1.0%): Hong Kong & China Gas Co. Ltd. .......................................... 169,000 $160,664 700,105 Israel (0.4%): Materials (0.4%): ICL Group Ltd. ....................................................... 9,518 69,010 Italy (6.8%): Energy (1.0%): Eni SpA ............................................................. 10,839 154,130 Financials (3.5%): Assicurazioni Generali SpA ............................................... 10,330 183,698 Intesa Sanpaolo SpA .................................................... 57,299 127,438 Poste Italiane SpA (c) ................................................... 15,168 148,154 UniCredit SpA ........................................................ 7,786 110,600 569,890 Utilities (2.3%): Enel SpA ............................................................ 29,851 160,706 Snam SpA ........................................................... 41,886 202,947 363,653 1,087,673 Japan (9.1%): Communication Services (1.6%): Softbank Corp. ........................................................ 23,000 260,814 Consumer Staples (1.7%): Japan Tobacco, Inc. .................................................... 13,100 265,654 Energy (0.9%): ENEOS Holdings, Inc. .................................................. 42,800 146,124 Health Care (1.6%): Takeda Pharmaceutical Co. Ltd. ............................................ 8,000 250,633 Industrials (2.5%): Marubeni Corp. ....................................................... 12,400 143,164 Nippon Yusen KK ..................................................... 3,300 78,212 Sumitomo Corp. ....................................................... 11,000 184,088 405,464 Materials (0.8%): Nippon Steel Corp. ..................................................... 7,600 132,748 1,461,437 Korea, Republic Of (3.5%): Energy (0.6%): S-Oil Corp. .......................................................... 1,404 92,608 Financials (1.9%): KB Financial Group, Inc. ................................................ 3,698 141,848 Shinhan Financial Group Co. Ltd. .......................................... 6,281 174,859 316,707 Materials (1.0%): POSCO Holdings, Inc. .................................................. 725 158,544 567,859 Netherlands (4.7%): Communication Services (1.5%): Koninklijke KPN NV ................................................... 76,762 237,437 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-117.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares International High Div Volatility Wtd ETF 63 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Financials (1.6%): ABN AMRO Bank NV (c)................................................ 10,092 $139,609 NN Group NV ........................................................ 2,876 117,463 257,072 Health Care (0.6%): Koninklijke Philips NV .................................................. 5,985 89,706 Industrials (1.0%): Randstad NV ......................................................... 2,769 168,809 753,024 Norway (2.3%): Communication Services (1.1%): Telenor ASA ......................................................... 18,609 174,211 Energy (0.5%): Aker BP ASA ......................................................... 2,421 75,244 Materials (0.7%): Yara International ASA .................................................. 2,666 117,325 366,780 Portugal (0.8%): Energy (0.8%): Galp Energia SGPS SA .................................................. 9,643 130,146 Singapore (1.5%): Industrials (1.5%): Keppel Corp. Ltd. ...................................................... 43,300 234,753 Spain (3.9%): Communication Services (0.9%): Telefonica SA ........................................................ 43,455 157,435 Financials (0.9%): Banco Bilbao Vizcaya Argentaria SA ........................................ 23,846 143,793 Utilities (2.1%): Endesa SA ........................................................... 9,157 172,835 Red Electrica Corp. SA .................................................. 9,301 161,866 334,701 635,929 Sweden (4.1%): Communication Services (1.0%): Telia Co. AB ......................................................... 60,010 153,404 Financials (3.1%): Skandinaviska Enskilda Banken AB, Class A .................................. 12,580 144,688 Svenska Handelsbanken AB, Class A ........................................ 18,675 188,199 Swedbank AB, Class A .................................................. 9,860 167,625 500,512 653,916 Switzerland (4.7%): Communication Services (1.7%): Swisscom AG, Registered Shares ........................................... 505 276,756 Financials (1.2%): Swiss Re AG ......................................................... 1,985 185,702 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-118.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares International High Div Volatility Wtd ETF 64 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Industrials (0.7%): Kuehne + Nagel International AG, Class R .................................... 504 $117,331 Materials (1.1%): Holcim AG .......................................................... 3,347 173,360 753,149 United Kingdom (11.5%): Communication Services (2.2%): BT Group PLC ........................................................ 75,062 101,660 Vodafone Group PLC ................................................... 125,813 128,103 WPP PLC ........................................................... 12,758 126,479 356,242 Consumer Staples (4.4%): British American Tobacco PLC ............................................ 4,325 171,543 Imperial Brands PLC ................................................... 7,586 189,893 Tesco PLC ........................................................... 69,822 189,210 Unilever PLC ......................................................... 3,210 162,258 712,904 Health Care (1.1%): GSK PLC ........................................................... 10,043 174,509 Materials (1.7%): Anglo American PLC ................................................... 2,917 114,111 Evraz PLC (d)(e)(f)(g)................................................... 23,292 11,402 Rio Tinto PLC ........................................................ 2,181 152,844 278,357 Utilities (2.1%): National Grid PLC ..................................................... 14,871 179,277 SSE PLC ............................................................ 7,632 157,928 337,205 1,859,217 Total Common Stocks (Cost $16,828,396) 15,934,257 Collateral for Securities Loaned (2.2%)^ United States (2.2%): Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (h) ....... 86,957 86,957 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (h) ........... 100,276 100,276 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (h) ............... 86,957 86,957 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (h) 73,638 73,638 Total Collateral for Securities Loaned (Cost $347,828) 347,828 Total Investments (Cost $17,176,224) — 101.1% 16,282,085 Liabilities in excess of other assets — (1.1)% (176737) NET ASSETS - 100.00% $16,105,348 ^ Purchased with cash collateral from securities on loan. (a) Non-income producing security. (b) All or a portion of this security is on loan. (c) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December 31, 2022, the fair value of these securities was $422,770 and amounted to 2.6% of net assets. (d) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of December 31, 2022, illiquid securities were 0.1% of net assets. (e) Security was fair valued based upon procedures approved by the Board of Trustees and represents 0.1% of net assets as of December 31, 2022. This security is classified as Level 3 within the fair value hierarchy. (See Note 2 in the Notes to Financial Statements) (f) Restricted security due to trading restrictions. Russian sanctioned entity by the United States Government. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-119.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares International High Div Volatility Wtd ETF 65 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. (g) The following table details the earliest acquisition date and cost of the Fund's Russian sanctioned restricted securities at December 31, 2022. Security Name Acquisition Date Cost Evraz PLC................................................. 3/19/2021 $141,369 (h) Rate disclosed is the daily yield on December 31, 2022. PLC—Public Limited Company Futures Contracts Purchased Number of Contracts Expiration Date Notional Amount Value Unrealized Appreciation (Depreciation) E-Mini MSCI EAFE Index Futures ...... 1 3/17/23 $97,514 $97,470 $(44) Total unrealized appreciation $– Total unrealized depreciation (44) Total net unrealized appreciation (depreciation) $(44) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-120.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments December 31, 2022 Victory Portfolios II VictoryShares Dividend Accelerator ETF 66 (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (99.5%) Aerospace & Defense (3.1%): Lockheed Martin Corp. .................................................. 7,520 $3,658,405 Northrop Grumman Corp. ................................................ 4,876 2,660,394 6,318,799 Building Products (0.9%): Carlisle Cos., Inc. ...................................................... 8,085 1,905,230 Commercial Services & Supplies (0.7%): Cintas Corp. .......................................................... 3,043 1,374,280 Communication Services (0.6%): AT&T, Inc. ........................................................... 63,137 1,162,352 Consumer Discretionary (6.6%): Genuine Parts Co. ...................................................... 14,369 2,493,165 Leggett & Platt, Inc. .................................................... 69,681 2,245,819 Lithia Motors, Inc. ..................................................... 8,209 1,680,711 Lowe's Cos., Inc. ....................................................... 5,771 1,149,814 NIKE, Inc., Class B ..................................................... 37,270 4,360,963 Target Corp. .......................................................... 11,089 1,652,704 13,583,176 Consumer Staples (18.6%): Altria Group, Inc. ...................................................... 23,793 1,087,578 Archer-Daniels-Midland Co. .............................................. 28,949 2,687,915 Brown-Forman Corp., Class B ............................................. 43,630 2,865,618 Colgate-Palmolive Co. ................................................... 57,040 4,494,182 Costco Wholesale Corp. .................................................. 6,533 2,982,314 Hormel Foods Corp. .................................................... 50,027 2,278,730 Kimberly-Clark Corp. ................................................... 23,513 3,191,890 McCormick & Co., Inc. .................................................. 24,631 2,041,663 PepsiCo, Inc. ......................................................... 13,227 2,389,590 Sysco Corp. .......................................................... 20,999 1,605,373 The Clorox Co. ........................................................ 22,619 3,174,124 The Coca-Cola Co. ..................................................... 35,026 2,228,004 The Procter & Gamble Co. ................................................ 16,884 2,558,939 Walgreens Boots Alliance, Inc. ............................................. 43,508 1,625,459 Walmart, Inc. ......................................................... 21,192 3,004,814 38,216,193 Electrical Equipment (2.7%): Emerson Electric Co. .................................................... 57,716 5,544,199 Energy (1.0%): ONEOK, Inc. ......................................................... 33,332 2,189,912 Financials (9.3%): Aflac, Inc. ............................................................ 39,326 2,829,112 Aon PLC, Class A ...................................................... 20,697 6,211,997 Axis Capital Holdings Ltd. ................................................ 22,458 1,216,550 Cincinnati Financial Corp. ................................................ 8,080 827,311 Commerce Bancshares, Inc. ............................................... 34,381 2,340,315 Franklin Resources, Inc. ................................................. 91,238 2,406,858 Old Republic International Corp. ........................................... 35,264 851,626 S&P Global, Inc. ....................................................... 3,022 1,012,189 T. Rowe Price Group, Inc. ................................................ 13,582 1,481,253 19,177,211 Health Care (12.1%): Abbott Laboratories ..................................................... 25,337 2,781,749 Becton Dickinson and Co. ................................................ 6,716 1,707,879 Elevance Health, Inc. .................................................... 11,419 5,857,605 Johnson & Johnson ..................................................... 10,241 1,809,073 Medtronic PLC ........................................................ 37,082 2,882,013 Merck & Co., Inc. ...................................................... 41,512 4,605,756 Quest Diagnostics, Inc. .................................................. 28,630 4,478,877 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-121.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares Dividend Accelerator ETF 67 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value West Pharmaceutical Services, Inc. .......................................... 2,911 $685,104 24,808,056 Industrial Conglomerates (5.3%): 3M Co. .............................................................. 56,652 6,793,708 Honeywell International, Inc. .............................................. 18,857 4,041,055 10,834,763 Information Technology (12.5%): Apple, Inc. ........................................................... 37,432 4,863,540 Automatic Data Processing, Inc. ............................................ 9,066 2,165,505 Cisco Systems, Inc. ..................................................... 120,748 5,752,435 Jack Henry & Associates, Inc. ............................................. 11,880 2,085,653 Mastercard, Inc., Class A ................................................. 13,605 4,730,866 Microchip Technology, Inc. ............................................... 26,321 1,849,050 QUALCOMM, Inc. ..................................................... 13,919 1,530,255 Texas Instruments, Inc. .................................................. 16,467 2,720,678 25,697,982 Machinery (13.3%): Caterpillar, Inc. ........................................................ 13,086 3,134,882 Donaldson Co., Inc. ..................................................... 86,553 5,095,375 Dover Corp. .......................................................... 23,325 3,158,438 Illinois Tool Works, Inc. .................................................. 19,465 4,288,139 ITT, Inc. ............................................................. 11,477 930,785 Lincoln Electric Holdings, Inc. ............................................. 45,517 6,576,751 Nordson Corp. ........................................................ 10,416 2,476,092 Stanley Black & Decker, Inc. .............................................. 22,272 1,673,073 27,333,535 Materials (6.1%): Air Products and Chemicals, Inc. ........................................... 9,353 2,883,156 Nucor Corp. .......................................................... 4,608 607,381 PPG Industries, Inc. ..................................................... 21,112 2,654,623 RPM International, Inc. .................................................. 35,243 3,434,430 Sonoco Products Co. .................................................... 21,652 1,314,493 The Sherwin-Williams Co. ................................................ 6,649 1,578,007 12,472,090 Professional Services (1.5%): Robert Half International, Inc. ............................................. 42,607 3,145,675 Trading Companies & Distributors (1.9%): W.W. Grainger, Inc. ..................................................... 7,076 3,936,025 Utilities (3.3%): Consolidated Edison, Inc. ................................................ 56,374 5,373,006 National Fuel Gas Co. ................................................... 7,324 463,609 UGI Corp. ........................................................... 25,962 962,411 6,799,026 Total Common Stocks (Cost $201,935,397) 204,498,504 Total Investments (Cost $201,935,397) — 99.5% 204,498,504 Other assets in excess of liabilities — 0.5% 1,096,150 NET ASSETS - 100.00% $205,594,654 PLC—Public Limited Company Futures Contracts Purchased Number of Contracts Expiration Date Notional Amount Value Unrealized Appreciation (Depreciation) E-Mini S&P 500 Futures.............. 4 3/17/23 $773,054 $772,200 $(854) Total unrealized appreciation $– Total unrealized depreciation (854) Total net unrealized appreciation (depreciation) $(854) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-122.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments December 31, 2022 Victory Portfolios II VictoryShares US Multi-Factor Minimum Volatility ETF 68 (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (99.6%) Communication Services (9.7%): Charter Communications, Inc., Class A (a) ..................................... 10,234 $3,470,349 Comcast Corp., Class A .................................................. 76,693 2,681,954 Electronic Arts, Inc. ..................................................... 24,940 3,047,169 Fox Corp., Class A ..................................................... 46,822 1,421,984 Lumen Technologies, Inc. ................................................ 38,911 203,116 Nexstar Media Group, Inc. ................................................ 6,522 1,141,546 11,966,118 Consumer Discretionary (1.8%): Gentex Corp. ......................................................... 18,998 518,076 Lowe's Cos., Inc. ....................................................... 7,175 1,429,547 Thor Industries, Inc. .................................................... 4,255 321,210 2,268,833 Consumer Staples (13.9%): General Mills, Inc. ..................................................... 22,435 1,881,175 Kellogg Co. .......................................................... 38,231 2,723,576 The Hershey Co. ....................................................... 15,648 3,623,607 The J.M. Smucker Co. ................................................... 9,923 1,572,399 The Kroger Co. ........................................................ 7,171 319,683 The Procter & Gamble Co. ................................................ 15,657 2,372,975 Tyson Foods, Inc., Class A ................................................ 5,539 344,803 Walmart, Inc. ......................................................... 30,841 4,372,945 17,211,163 Energy (10.3%): Chevron Corp. ........................................................ 29,395 5,276,108 ConocoPhillips ........................................................ 3,341 394,238 Devon Energy Corp. .................................................... 4,656 286,391 EOG Resources, Inc. .................................................... 2,505 324,448 Exxon Mobil Corp. ..................................................... 4,213 464,694 Hess Corp. ........................................................... 2,568 364,194 Kinder Morgan, Inc. .................................................... 138,359 2,501,531 ONEOK, Inc. ......................................................... 7,572 497,480 Phillips 66 ........................................................... 3,469 361,053 Pioneer Natural Resources Co. ............................................. 10,349 2,363,608 12,833,745 Financials (7.0%): Arch Capital Group Ltd. (a) ............................................... 54,491 3,420,945 Essent Group Ltd. ...................................................... 8,172 317,727 First American Financial Corp. ............................................. 6,407 335,343 Old Republic International Corp. ........................................... 45,034 1,087,571 The Hartford Financial Services Group, Inc. ................................... 47,143 3,574,854 8,736,440 Health Care (19.7%): Abbott Laboratories ..................................................... 2,893 317,622 AbbVie, Inc. .......................................................... 30,548 4,936,862 AmerisourceBergen Corp. ................................................ 2,069 342,854 Amgen, Inc. .......................................................... 4,166 1,094,158 Bristol-Myers Squibb Co. ................................................ 54,105 3,892,855 Hologic, Inc. (a)........................................................ 4,339 324,601 Johnson & Johnson ..................................................... 29,613 5,231,136 Merck & Co., Inc. ...................................................... 34,672 3,846,858 Pfizer, Inc. ........................................................... 82,227 4,213,312 UnitedHealth Group, Inc. ................................................. 554 293,720 24,493,978 Industrials (15.5%): A O Smith Corp. ....................................................... 5,763 329,874 Builders FirstSource, Inc. (a)............................................... 4,837 313,824 CACI International, Inc., Class A (a) ......................................... 3,292 989,542 CSX Corp. ........................................................... 14,006 433,906 Cummins, Inc. ........................................................ 12,010 2,909,903 Illinois Tool Works, Inc. .................................................. 5,313 1,170,454 Lockheed Martin Corp. .................................................. 9,489 4,616,304 Republic Services, Inc. .................................................. 21,204 2,735,104 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-123.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US Multi-Factor Minimum Volatility ETF 69 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Science Applications International Corp. ...................................... 8,888 $985,946 Textron, Inc. .......................................................... 4,892 346,353 United Parcel Service, Inc., Class B ......................................... 5,252 913,008 Waste Management, Inc. ................................................. 22,245 3,489,796 19,234,014 Information Technology (20.5%): Cognizant Technology Solutions Corp., Class A ................................. 60,038 3,433,573 HP, Inc. ............................................................. 75,311 2,023,606 Jack Henry & Associates, Inc. ............................................. 11,014 1,933,618 Microsoft Corp. ....................................................... 40,278 9,659,470 NetApp, Inc. .......................................................... 30,194 1,813,452 Skyworks Solutions, Inc. ................................................. 20,182 1,839,186 Texas Instruments, Inc. .................................................. 24,598 4,064,081 The Western Union Co. .................................................. 21,110 290,685 Visa, Inc., Class A ...................................................... 1,604 333,247 25,390,918 Materials (0.6%): Avery Dennison Corp. ................................................... 1,893 342,633 Packaging Corp. ....................................................... 3,056 390,893 733,526 Real Estate (0.6%): CBRE Group, Inc., Class A (a) ............................................. 4,221 324,848 Weyerhaeuser Co. ...................................................... 12,693 393,483 718,331 Total Common Stocks (Cost $118,471,542) 123,587,066 Total Investments (Cost $118,471,542) — 99.6% 123,587,066 Other assets in excess of liabilities — 0.4% 522,909 NET ASSETS - 100.00% $124,109,975 (a) Non-income producing security. Futures Contracts Purchased Number of Contracts Expiration Date Notional Amount Value Unrealized Appreciation (Depreciation) E-Mini S&P 500 Futures.............. 2 3/17/23 $396,943 $386,100 $(10843) Total unrealized appreciation $– Total unrealized depreciation (10843) Total net unrealized appreciation (depreciation) $(10843) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-124.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments December 31, 2022 Victory Portfolios II VictoryShares US 500 Enhanced Volatility Wtd ETF 70 (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (99.3%) Communication Services (4.0%): Alphabet, Inc., Class A (a) ................................................ 13,454 $1,187,046 AT&T, Inc. ........................................................... 109,834 2,022,044 Charter Communications, Inc., Class A (a) ..................................... 3,810 1,291,971 Comcast Corp., Class A .................................................. 54,235 1,896,598 DISH Network Corp., Class A (a) ........................................... 51,053 716,784 Electronic Arts, Inc. ..................................................... 15,681 1,915,905 Endeavor Group Holdings, Inc., Class A (a) .................................... 55,087 1,241,661 Fox Corp., Class A ..................................................... 53,098 1,612,586 Liberty Broadband Corp., Class C (a) ........................................ 16,375 1,248,921 Lumen Technologies, Inc. ................................................ 137,191 716,137 Match Group, Inc. (a).................................................... 15,326 635,876 Meta Platforms, Inc., Class A (a) ............................................ 5,413 651,400 Netflix, Inc. (a) ........................................................ 3,367 992,861 News Corp., Class A .................................................... 88,647 1,613,375 Omnicom Group, Inc. ................................................... 23,278 1,898,787 Paramount Global, Class B ............................................... 42,652 719,966 Pinterest, Inc., Class A (a)................................................. 28,185 684,332 Sirius XM Holdings, Inc. (b)............................................... 357,084 2,085,371 Take-Two Interactive Software, Inc. (a) ....................................... 10,186 1,060,668 The Interpublic Group of Cos., Inc. .......................................... 54,997 1,831,950 The Trade Desk, Inc., Class A (a)............................................ 9,239 414,184 The Walt Disney Co. (a) .................................................. 14,643 1,272,184 T-Mobile U.S., Inc. (a) ................................................... 12,387 1,734,180 Verizon Communications, Inc. ............................................. 58,916 2,321,290 Warner Music Group Corp., Class A ......................................... 42,898 1,502,288 ZoomInfo Technologies, Inc. (a) ............................................ 17,387 523,523 33,791,888 Consumer Discretionary (8.4%): Advance Auto Parts, Inc. ................................................. 9,049 1,330,474 Airbnb, Inc., Class A (a) .................................................. 7,745 662,198 Amazon.com, Inc. (a).................................................... 8,530 716,520 Aptiv PLC (a) ......................................................... 11,036 1,027,783 Aramark ............................................................. 45,682 1,888,494 AutoZone, Inc. (a) ...................................................... 817 2,014,869 Best Buy Co., Inc. ...................................................... 17,325 1,389,638 Booking Holdings, Inc. (a) ................................................ 650 1,309,932 Burlington Stores, Inc. (a)................................................. 6,726 1,363,764 CarMax, Inc. (a)........................................................ 13,590 827,495 Chipotle Mexican Grill, Inc. (a)............................................. 780 1,082,242 D.R. Horton, Inc. ...................................................... 17,393 1,550,412 Darden Restaurants, Inc. ................................................. 11,942 1,651,937 Dollar General Corp. .................................................... 6,587 1,622,049 Dollar Tree, Inc. (a) ..................................................... 9,046 1,279,466 Domino's Pizza, Inc. .................................................... 4,548 1,575,427 Etsy, Inc. (a) .......................................................... 6,470 774,977 Expedia Group, Inc. (a) .................................................. 10,006 876,526 Ford Motor Co. ........................................................ 71,779 834,790 Garmin Ltd. .......................................................... 19,509 1,800,486 General Motors Co. ..................................................... 31,671 1,065,412 Genuine Parts Co. ...................................................... 14,057 2,439,030 Hasbro, Inc. .......................................................... 22,543 1,375,348 Hilton Worldwide Holdings, Inc. ........................................... 10,901 1,377,450 Hyatt Hotels Corp., Class A (a) ............................................. 13,850 1,252,732 Lennar Corp., Class A ................................................... 16,041 1,451,710 LKQ Corp. ........................................................... 28,563 1,525,550 Lowe's Cos., Inc. ....................................................... 8,955 1,784,194 Marriott International, Inc., Class A ......................................... 9,252 1,377,530 McDonald's Corp. ...................................................... 10,949 2,885,390 MGM Resorts International ............................................... 33,960 1,138,679 NIKE, Inc., Class B ..................................................... 13,369 1,564,307 NVR, Inc. (a).......................................................... 377 1,738,943 O'Reilly Automotive, Inc. (a) .............................................. 2,466 2,081,378 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-125.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US 500 Enhanced Volatility Wtd ETF 71 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Pool Corp. ........................................................... 3,897 $1,178,180 PulteGroup, Inc. ....................................................... 30,444 1,386,115 Ross Stores, Inc. ....................................................... 13,411 1,556,615 Service Corp. International ................................................ 28,624 1,979,063 Starbucks Corp. ....................................................... 17,876 1,773,299 Target Corp. .......................................................... 7,333 1,092,910 Tesla, Inc. (a).......................................................... 2,938 361,903 The Home Depot, Inc. ................................................... 6,216 1,963,386 The TJX Cos., Inc. ..................................................... 25,121 1,999,632 Tractor Supply Co. ..................................................... 8,068 1,815,058 Ulta Beauty, Inc. (a) ..................................................... 3,190 1,496,333 Vail Resorts, Inc. ....................................................... 6,460 1,539,741 VF Corp. ............................................................ 35,325 975,323 Williams-Sonoma, Inc. .................................................. 6,705 770,539 Yum! Brands, Inc. ...................................................... 20,007 2,562,497 71,087,726 Consumer Staples (9.1%): Albertsons Cos., Inc., Class A .............................................. 66,702 1,383,399 Altria Group, Inc. ...................................................... 45,948 2,100,283 Archer-Daniels-Midland Co. .............................................. 19,974 1,854,586 BJ's Wholesale Club Holdings, Inc. (a)........................................ 16,426 1,086,744 Brown-Forman Corp., Class B ............................................. 30,525 2,004,882 Bunge Ltd. ........................................................... 16,876 1,683,719 Campbell Soup Co. ..................................................... 45,291 2,570,264 Church & Dwight Co., Inc. ............................................... 25,853 2,084,010 Colgate-Palmolive Co. ................................................... 33,555 2,643,798 Conagra Brands, Inc. .................................................... 60,278 2,332,759 Constellation Brands, Inc., Class A .......................................... 9,602 2,225,263 Costco Wholesale Corp. .................................................. 3,257 1,486,821 Darling Ingredients, Inc. (a) ............................................... 15,850 992,051 General Mills, Inc. ..................................................... 31,543 2,644,881 Hormel Foods Corp. .................................................... 51,129 2,328,926 Kellogg Co. .......................................................... 34,912 2,487,131 Keurig Dr Pepper, Inc. ................................................... 69,755 2,487,463 Kimberly-Clark Corp. ................................................... 18,696 2,537,982 Lamb Weston Holdings, Inc. .............................................. 21,427 1,914,717 McCormick & Co., Inc. .................................................. 25,489 2,112,783 Molson Coors Beverage Co., Class B ........................................ 34,252 1,764,663 Mondelez International, Inc., Class A ........................................ 42,609 2,839,890 Monster Beverage Corp. (a) ............................................... 20,201 2,051,008 PepsiCo, Inc. ......................................................... 16,565 2,992,633 Philip Morris International, Inc. ............................................ 22,387 2,265,788 Sysco Corp. .......................................................... 21,839 1,669,592 The Clorox Co. ........................................................ 10,946 1,536,052 The Coca-Cola Co. ..................................................... 44,736 2,845,657 The Estee Lauder Cos., Inc. ............................................... 5,330 1,322,426 The Hershey Co. ....................................................... 11,298 2,616,278 The J.M. Smucker Co. ................................................... 14,878 2,357,568 The Kraft Heinz Co. .................................................... 53,906 2,194,513 The Kroger Co. ........................................................ 33,865 1,509,702 The Procter & Gamble Co. ................................................ 17,022 2,579,854 Tyson Foods, Inc., Class A ................................................ 25,512 1,588,122 Walgreens Boots Alliance, Inc. ............................................. 55,461 2,072,023 Walmart, Inc. ......................................................... 14,523 2,059,216 77,227,447 Energy (4.1%): Antero Resources Corp. (a)................................................ 22,007 681,997 APA Corp. ........................................................... 23,229 1,084,330 Chesapeake Energy Corp. ................................................ 11,082 1,045,808 Chevron Corp. ........................................................ 10,377 1,862,568 ConocoPhillips ........................................................ 11,699 1,380,482 Coterra Energy, Inc. ..................................................... 37,113 911,866 Devon Energy Corp. .................................................... 14,046 863,970 Diamondback Energy, Inc. ................................................ 8,139 1,113,252 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-126.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US 500 Enhanced Volatility Wtd ETF 72 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value EOG Resources, Inc. .................................................... 9,932 $1,286,393 Exxon Mobil Corp. ..................................................... 15,748 1,737,004 Halliburton Co. ........................................................ 36,372 1,431,238 Hess Corp. ........................................................... 10,244 1,452,804 HF Sinclair Corp. ...................................................... 21,541 1,117,763 Kinder Morgan, Inc. .................................................... 112,219 2,028,920 Marathon Oil Corp. ..................................................... 40,476 1,095,685 Marathon Petroleum Corp. ................................................ 15,186 1,767,499 Occidental Petroleum Corp. ............................................... 12,794 805,894 ONEOK, Inc. ......................................................... 26,942 1,770,089 Ovintiv, Inc. .......................................................... 16,903 857,151 Phillips 66 ........................................................... 15,501 1,613,344 Pioneer Natural Resources Co. ............................................. 5,447 1,244,040 Schlumberger Ltd. ...................................................... 28,633 1,530,720 Targa Resources Corp. ................................................... 20,408 1,499,988 Texas Pacific Land Corp. ................................................. 591 1,385,440 The Williams Cos., Inc. .................................................. 58,354 1,919,847 Valero Energy Corp. .................................................... 10,485 1,330,127 34,818,219 Financials (16.6%): Aflac, Inc. ............................................................ 38,876 2,796,739 Ally Financial, Inc. ..................................................... 38,146 932,670 American Express Co. ................................................... 9,866 1,457,702 American Financial Group, Inc. ............................................ 15,547 2,134,292 American International Group, Inc. .......................................... 30,161 1,907,382 Ameriprise Financial, Inc. ................................................ 5,656 1,761,109 Aon PLC, Class A ...................................................... 6,816 2,045,754 Arch Capital Group Ltd. (a) ............................................... 50,375 3,162,543 Ares Management Corp., Class A ........................................... 15,222 1,041,794 Arthur J. Gallagher & Co. ................................................ 11,280 2,126,731 Bank of America Corp. .................................................. 50,121 1,660,008 Berkshire Hathaway, Inc., Class B (a) ........................................ 9,052 2,796,163 BlackRock, Inc. ....................................................... 2,440 1,729,057 Blackstone, Inc. ....................................................... 10,951 812,455 Brown & Brown, Inc. ................................................... 28,809 1,641,249 Capital One Financial Corp. ............................................... 12,877 1,197,046 Cboe Global Markets, Inc. ................................................ 17,937 2,250,555 Chubb Ltd. ........................................................... 12,589 2,777,133 Cincinnati Financial Corp. ................................................ 16,875 1,727,831 Citigroup, Inc. ......................................................... 32,493 1,469,658 Citizens Financial Group, Inc. ............................................. 40,869 1,609,013 CME Group, Inc. ...................................................... 10,693 1,798,135 Comerica, Inc. ........................................................ 18,404 1,230,307 Discover Financial Services ............................................... 12,868 1,258,876 East West Bancorp, Inc. .................................................. 19,063 1,256,252 Equitable Holdings, Inc. ................................................. 50,839 1,459,079 Erie Indemnity Co., Class A ............................................... 9,788 2,434,471 Everest Re Group Ltd. ................................................... 7,807 2,586,225 F&G Annuities & Life, Inc. (a) ............................................. 1,770 35,418 FactSet Research Systems, Inc. ............................................. 4,599 1,845,165 Fidelity National Financial, Inc. ............................................ 48,461 1,823,103 Fifth Third Bancorp ..................................................... 44,954 1,474,941 First Citizens BancShares, Inc., Class A ...................................... 1,751 1,327,888 First Republic Bank ..................................................... 10,233 1,247,300 Franklin Resources, Inc. ................................................. 59,596 1,572,142 Globe Life, Inc. ........................................................ 21,620 2,606,291 Huntington Bancshares, Inc. ............................................... 119,403 1,683,582 Interactive Brokers Group, Inc. ............................................. 24,448 1,768,813 Intercontinental Exchange, Inc. ............................................. 18,822 1,930,949 JPMorgan Chase & Co. .................................................. 16,038 2,150,696 KeyCorp ............................................................ 90,634 1,578,844 KKR & Co., Inc. ....................................................... 21,852 1,014,370 Loews Corp. .......................................................... 43,200 2,519,856 LPL Financial Holdings, Inc. .............................................. 5,750 1,242,978 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-127.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US 500 Enhanced Volatility Wtd ETF 73 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value M&T Bank Corp. ...................................................... 8,765 $1,271,451 Markel Corp. (a) ....................................................... 1,901 2,504,549 MarketAxess Holdings, Inc. ............................................... 5,932 1,654,375 Marsh & McLennan Cos., Inc. ............................................. 13,396 2,216,770 MetLife, Inc. .......................................................... 32,104 2,323,366 Moody's Corp. ........................................................ 6,134 1,709,055 Morgan Stanley ........................................................ 19,663 1,671,748 Morningstar, Inc. ....................................................... 6,359 1,377,296 MSCI, Inc. ........................................................... 3,147 1,463,890 Nasdaq, Inc. .......................................................... 34,932 2,143,078 Northern Trust Corp. .................................................... 17,498 1,548,398 Principal Financial Group, Inc. ............................................. 22,519 1,889,794 Prudential Financial, Inc. ................................................. 19,173 1,906,947 Raymond James Financial, Inc. ............................................ 14,963 1,598,797 Regions Financial Corp. .................................................. 67,643 1,458,383 Rocket Cos., Inc., Class A (b) .............................................. 115,992 811,944 Ryan Specialty Holdings, Inc. (a)............................................ 33,212 1,378,630 S&P Global, Inc. ....................................................... 5,417 1,814,370 Signature Bank ........................................................ 5,580 642,928 State Street Corp. ...................................................... 20,236 1,569,707 SVB Financial Group (a) ................................................. 2,308 531,163 Synchrony Financial .................................................... 38,889 1,277,893 T. Rowe Price Group, Inc. ................................................ 12,036 1,312,646 The Allstate Corp. ...................................................... 16,781 2,275,504 The Bank of New York Mellon Corp. ........................................ 41,837 1,904,420 The Carlyle Group, Inc. .................................................. 34,089 1,017,216 The Charles Schwab Corp. ................................................ 19,716 1,641,554 The Goldman Sachs Group, Inc. ............................................ 5,379 1,847,041 The Hartford Financial Services Group, Inc. ................................... 32,029 2,428,759 The PNC Financial Services Group, Inc. ...................................... 11,897 1,879,012 The Progressive Corp. ................................................... 16,935 2,196,639 The Travelers Cos., Inc. .................................................. 14,352 2,690,856 Tradeweb Markets, Inc., Class A ............................................ 24,800 1,610,264 Truist Financial Corp. ................................................... 38,208 1,644,090 U.S. Bancorp ......................................................... 41,940 1,829,003 W.R. Berkley Corp. ..................................................... 35,213 2,555,407 Wells Fargo & Co. ...................................................... 34,496 1,424,340 139,903,848 Health Care (14.6%): Abbott Laboratories ..................................................... 20,375 2,236,971 AbbVie, Inc. .......................................................... 18,530 2,994,633 Agilent Technologies, Inc. ................................................ 11,929 1,785,175 Align Technology, Inc. (a)................................................. 3,862 814,496 AmerisourceBergen Corp. ................................................ 15,931 2,639,926 Amgen, Inc. .......................................................... 11,589 3,043,735 Avantor, Inc. (a)........................................................ 56,639 1,194,517 Baxter International, Inc. ................................................. 34,283 1,747,404 Becton Dickinson and Co. ................................................ 9,355 2,378,976 Biogen, Inc. (a) ........................................................ 8,082 2,238,067 BioMarin Pharmaceutical, Inc. (a) ........................................... 17,128 1,772,577 Bio-Techne Corp. ...................................................... 15,826 1,311,659 Boston Scientific Corp. (a) ................................................ 46,422 2,147,946 Bristol-Myers Squibb Co. ................................................ 41,849 3,011,036 Catalent, Inc. (a) ....................................................... 14,782 665,338 Centene Corp. (a)....................................................... 19,430 1,593,454 Charles River Laboratories International, Inc. (a) ................................ 5,823 1,268,832 Cigna Corp. .......................................................... 7,032 2,329,983 CVS Health Corp. ...................................................... 21,998 2,049,994 Danaher Corp. ........................................................ 6,097 1,618,266 Dexcom, Inc. (a) ....................................................... 12,202 1,381,754 Edwards Lifesciences Corp. (a) ............................................. 16,125 1,203,086 Elevance Health, Inc. .................................................... 4,004 2,053,932 Eli Lilly & Co. ........................................................ 6,088 2,227,234 Gilead Sciences, Inc. .................................................... 40,639 3,488,858 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-128.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US 500 Enhanced Volatility Wtd ETF 74 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value HCA Healthcare, Inc. ................................................... 6,272 $1,505,029 Henry Schein, Inc. (a).................................................... 28,927 2,310,399 Hologic, Inc. (a)........................................................ 30,511 2,282,528 Horizon Therapeutics PLC (a).............................................. 21,813 2,482,319 Humana, Inc. ......................................................... 3,299 1,689,715 IDEXX Laboratories, Inc. (a) .............................................. 3,734 1,523,323 Incyte Corp. (a) ........................................................ 27,295 2,192,334 Insulet Corp. (a)........................................................ 3,764 1,108,084 Intuitive Surgical, Inc. (a) ................................................. 5,907 1,567,422 IQVIA Holdings, Inc. (a) ................................................. 7,314 1,498,565 Johnson & Johnson ..................................................... 18,807 3,322,257 Laboratory Corp. of America Holdings ....................................... 8,738 2,057,624 McKesson Corp. ....................................................... 6,356 2,384,263 Medtronic PLC ........................................................ 25,138 1,953,725 Merck & Co., Inc. ...................................................... 32,491 3,604,876 Mettler-Toledo International, Inc. (a) ......................................... 1,224 1,769,231 Moderna, Inc. (a) ....................................................... 5,601 1,006,052 Molina Healthcare, Inc. (a) ................................................ 5,221 1,724,079 Neurocrine Biosciences, Inc. (a) ............................................ 14,451 1,726,027 PerkinElmer, Inc. ...................................................... 10,714 1,502,317 Pfizer, Inc. ........................................................... 41,315 2,116,981 Quest Diagnostics, Inc. .................................................. 17,093 2,674,029 R1 RCM, Inc. (a) ....................................................... 54,969 601,911 Regeneron Pharmaceuticals, Inc. (a) ......................................... 3,288 2,372,259 Repligen Corp. (a) ...................................................... 4,274 723,631 ResMed, Inc. ......................................................... 7,406 1,541,411 Shockwave Medical, Inc. (a)............................................... 2,473 508,474 STERIS PLC ......................................................... 8,601 1,588,519 Stryker Corp. ......................................................... 8,645 2,113,616 Teleflex, Inc. .......................................................... 7,116 1,776,367 The Cooper Cos., Inc. ................................................... 6,070 2,007,167 Thermo Fisher Scientific, Inc. .............................................. 3,087 1,699,980 United Therapeutics Corp. (a) .............................................. 6,700 1,863,203 UnitedHealth Group, Inc. ................................................. 4,193 2,223,045 Veeva Systems, Inc., Class A (a) ............................................ 5,505 888,397 Vertex Pharmaceuticals, Inc. (a)............................................. 6,392 1,845,882 Viatris, Inc. ........................................................... 130,931 1,457,262 Waters Corp. (a)........................................................ 5,374 1,841,025 West Pharmaceutical Services, Inc. .......................................... 5,047 1,187,811 Zimmer Biomet Holdings, Inc. ............................................. 16,745 2,134,987 Zoetis, Inc. ........................................................... 11,913 1,745,850 123,319,825 Industrials (15.9%): 3M Co. .............................................................. 16,640 1,995,469 Advanced Drainage Systems, Inc. ........................................... 8,162 669,039 AECOM ............................................................. 25,045 2,127,072 AMETEK, Inc. ........................................................ 19,086 2,666,696 Booz Allen Hamilton Holding Corp. ......................................... 19,360 2,023,507 Builders FirstSource, Inc. (a)............................................... 18,006 1,168,229 C.H. Robinson Worldwide, Inc. ............................................ 13,865 1,269,479 Carlisle Cos., Inc. ...................................................... 5,850 1,378,553 Carrier Global Corp. .................................................... 43,562 1,796,933 Caterpillar, Inc. ........................................................ 8,773 2,101,660 Cintas Corp. .......................................................... 4,905 2,215,196 Copart, Inc. (a)......................................................... 26,226 1,596,901 CoStar Group, Inc. (a) ................................................... 16,571 1,280,607 CSX Corp. ........................................................... 60,955 1,888,386 Cummins, Inc. ........................................................ 8,677 2,102,350 Deere & Co. .......................................................... 3,869 1,658,872 Delta Air Lines, Inc. (a) .................................................. 36,284 1,192,292 Dover Corp. .......................................................... 15,627 2,116,052 Eaton Corp. PLC ....................................................... 13,901 2,181,762 Emerson Electric Co. .................................................... 24,784 2,380,751 Equifax, Inc. .......................................................... 8,083 1,571,012 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-129.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US 500 Enhanced Volatility Wtd ETF 75 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Expeditors International of Washington, Inc. ................................... 17,609 $1,829,927 Fastenal Co. .......................................................... 39,026 1,846,710 FedEx Corp. .......................................................... 6,719 1,163,731 Fortive Corp. ......................................................... 28,572 1,835,751 Generac Holdings, Inc. (a) ................................................ 3,785 380,998 General Dynamics Corp. ................................................. 10,116 2,509,881 Graco, Inc. ........................................................... 32,813 2,207,002 HEICO Corp. ......................................................... 12,925 1,985,797 Honeywell International, Inc. .............................................. 11,629 2,492,095 Howmet Aerospace, Inc. ................................................. 44,711 1,762,061 Hubbell, Inc. .......................................................... 9,194 2,157,648 Huntington Ingalls Industries, Inc. .......................................... 8,996 2,075,197 IDEX Corp. .......................................................... 10,362 2,365,955 Illinois Tool Works, Inc. .................................................. 11,020 2,427,706 Ingersoll Rand, Inc. ..................................................... 32,827 1,715,211 J.B. Hunt Transport Services, Inc. ........................................... 9,252 1,613,179 Jacobs Solutions, Inc. ................................................... 15,360 1,844,275 Johnson Controls International PLC ......................................... 32,605 2,086,720 L3Harris Technologies, Inc. ............................................... 7,990 1,663,598 Leidos Holdings, Inc. ................................................... 21,878 2,301,347 Lockheed Martin Corp. .................................................. 5,136 2,498,613 Masco Corp. .......................................................... 33,595 1,567,879 Nordson Corp. ........................................................ 8,456 2,010,160 Norfolk Southern Corp. .................................................. 7,896 1,945,732 Northrop Grumman Corp. ................................................ 3,761 2,052,039 Old Dominion Freight Line, Inc. ............................................ 4,736 1,343,982 Otis Worldwide Corp. ................................................... 27,608 2,161,982 PACCAR, Inc. ........................................................ 23,648 2,340,443 Parker-Hannifin Corp. ................................................... 6,582 1,915,362 Quanta Services, Inc. .................................................... 9,535 1,358,737 Raytheon Technologies Corp. .............................................. 23,011 2,322,270 Regal Rexnord Corp. .................................................... 12,236 1,468,075 Republic Services, Inc. .................................................. 16,868 2,175,803 Rockwell Automation, Inc. ................................................ 6,284 1,618,570 Rollins, Inc. .......................................................... 56,542 2,066,045 Snap-on, Inc. ......................................................... 9,422 2,152,833 Southwest Airlines Co. (a) ................................................ 39,303 1,323,332 Stanley Black & Decker, Inc. .............................................. 14,786 1,110,724 Textron, Inc. .......................................................... 25,687 1,818,640 Trane Technologies PLC ................................................. 11,807 1,984,639 TransDigm Group, Inc. .................................................. 2,645 1,665,424 TransUnion ........................................................... 19,679 1,116,783 U-Haul Holding Co. .................................................... 33,280 1,829,734 U-Haul Holding Co. .................................................... 3,698 222,583 Union Pacific Corp. ..................................................... 9,938 2,057,862 United Parcel Service, Inc., Class B ......................................... 8,904 1,547,871 United Rentals, Inc. (a)................................................... 4,491 1,596,191 Verisk Analytics, Inc. .................................................... 11,056 1,950,500 W.W. Grainger, Inc. ..................................................... 3,443 1,915,169 Waste Management, Inc. ................................................. 14,667 2,300,959 Watsco, Inc. .......................................................... 6,494 1,619,604 Westinghouse Air Brake Technologies Corp. ................................... 18,601 1,856,566 Xylem, Inc. ........................................................... 16,565 1,831,592 134,392,305 Information Technology (13.1%): Accenture PLC, Class A .................................................. 5,721 1,526,592 Adobe, Inc. (a)......................................................... 3,302 1,111,222 Advanced Micro Devices, Inc. (a) ........................................... 10,238 663,115 Akamai Technologies, Inc. (a).............................................. 20,821 1,755,210 Amphenol Corp., Class A ................................................. 25,197 1,918,500 Analog Devices, Inc. .................................................... 9,872 1,619,304 ANSYS, Inc. (a)........................................................ 5,219 1,260,858 Apple, Inc. ........................................................... 10,351 1,344,905 Applied Materials, Inc. .................................................. 11,327 1,103,023 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-130.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US 500 Enhanced Volatility Wtd ETF 76 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Arista Networks, Inc. (a).................................................. 10,361 $1,257,307 Autodesk, Inc. (a)....................................................... 5,659 1,057,497 Automatic Data Processing, Inc. ............................................ 7,802 1,863,586 Bentley Systems, Inc., Class B ............................................. 28,529 1,054,432 Broadcom, Inc. ........................................................ 2,917 1,630,982 Broadridge Financial Solutions, Inc. ......................................... 11,008 1,476,503 Cadence Design Systems, Inc. (a) ........................................... 7,395 1,187,933 CDW Corp. .......................................................... 10,002 1,786,157 Cisco Systems, Inc. ..................................................... 39,862 1,899,026 Cognizant Technology Solutions Corp., Class A ................................. 27,252 1,558,542 Corning, Inc. .......................................................... 49,191 1,571,161 Datadog, Inc., Class A (a) ................................................. 6,573 483,115 Dell Technologies, Inc., Class C ............................................ 33,262 1,337,798 Dynatrace, Inc. (a) ...................................................... 23,609 904,225 Enphase Energy, Inc. (a) .................................................. 2,442 647,032 Entegris, Inc. ......................................................... 10,540 691,319 EPAM Systems, Inc. (a) .................................................. 1,347 441,466 F5, Inc. (a)............................................................ 9,339 1,340,240 Fair Isaac Corp. (a)...................................................... 2,911 1,742,466 Fidelity National Information Services, Inc. .................................... 16,526 1,121,289 First Solar, Inc. (a) ...................................................... 7,823 1,171,807 Fiserv, Inc. (a) ......................................................... 17,365 1,755,081 FleetCor Technologies, Inc. (a) ............................................. 7,755 1,424,438 Fortinet, Inc. (a)........................................................ 19,526 954,626 Gartner, Inc. (a) ........................................................ 4,943 1,661,540 Gen Digital, Inc. ....................................................... 66,360 1,422,095 Global Payments, Inc. ................................................... 11,357 1,127,977 GoDaddy, Inc., Class A (a) ................................................ 17,748 1,327,905 Hewlett Packard Enterprise Co. ............................................ 112,436 1,794,479 HP, Inc. ............................................................. 43,293 1,163,283 Intel Corp. ........................................................... 47,265 1,249,214 International Business Machines Corp. ....................................... 17,809 2,509,110 Intuit, Inc. ............................................................ 2,629 1,023,259 Jack Henry & Associates, Inc. ............................................. 11,444 2,009,109 Juniper Networks, Inc. ................................................... 62,911 2,010,636 Keysight Technologies, Inc. (a) ............................................. 9,708 1,660,748 KLA Corp. ........................................................... 3,090 1,165,023 Lam Research Corp. .................................................... 2,353 988,966 Mastercard, Inc., Class A ................................................. 5,018 1,744,909 Microchip Technology, Inc. ............................................... 18,024 1,266,186 Micron Technology, Inc. ................................................. 19,020 950,620 Microsoft Corp. ....................................................... 6,170 1,479,689 Monolithic Power Systems, Inc. ............................................ 1,900 671,859 Motorola Solutions, Inc. ................................................. 7,360 1,896,746 NetApp, Inc. .......................................................... 22,248 1,336,215 NVIDIA Corp. ........................................................ 5,596 817,799 NXP Semiconductors NV ................................................ 7,228 1,142,241 ON Semiconductor Corp. (a)............................................... 12,600 785,862 Oracle Corp. .......................................................... 23,070 1,885,742 Paychex, Inc. ......................................................... 15,266 1,764,139 Paycom Software, Inc. (a)................................................. 2,817 874,143 Paylocity Holding Corp. (a) ............................................... 3,868 751,398 PayPal Holdings, Inc. (a) ................................................. 9,307 662,845 PTC, Inc. (a) .......................................................... 11,098 1,332,204 Qorvo, Inc. (a) ......................................................... 13,131 1,190,194 QUALCOMM, Inc. ..................................................... 8,691 955,489 Roper Technologies, Inc. ................................................. 5,202 2,247,732 Salesforce, Inc. (a) ...................................................... 7,373 977,586 Seagate Technology Holdings PLC .......................................... 19,663 1,034,470 ServiceNow, Inc. (a)..................................................... 2,209 857,688 Skyworks Solutions, Inc. ................................................. 12,896 1,175,212 SS&C Technologies Holdings, Inc. .......................................... 33,757 1,757,389 Synopsys, Inc. (a)....................................................... 3,613 1,153,595 TD SYNNEX Corp. .................................................... 16,707 1,582,320 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-131.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US 500 Enhanced Volatility Wtd ETF 77 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value TE Connectivity Ltd. .................................................... 13,220 $1,517,656 Teledyne Technologies, Inc. (a) ............................................. 5,031 2,011,947 Teradyne, Inc. ......................................................... 11,746 1,026,013 Texas Instruments, Inc. .................................................. 10,450 1,726,549 Trimble, Inc. (a)........................................................ 22,219 1,123,393 Tyler Technologies, Inc. (a)................................................ 3,487 1,124,244 VeriSign, Inc. (a) ....................................................... 8,668 1,780,754 Visa, Inc., Class A ...................................................... 8,519 1,769,907 Western Digital Corp. (a) ................................................. 27,968 882,390 Zebra Technologies Corp. (a) .............................................. 4,224 1,083,076 Zoom Video Communications, Inc., Class A (a) ................................. 10,015 678,416 110,792,718 Materials (5.5%): Air Products and Chemicals, Inc. ........................................... 7,933 2,445,427 Albemarle Corp. ....................................................... 3,646 790,672 Avery Dennison Corp. ................................................... 9,223 1,669,363 Ball Corp. ............................................................ 23,614 1,207,620 Celanese Corp. ........................................................ 13,884 1,419,500 CF Industries Holdings, Inc. ............................................... 10,639 906,443 Corteva, Inc. .......................................................... 32,091 1,886,309 Dow, Inc. ............................................................ 37,788 1,904,137 DuPont de Nemours, Inc. ................................................. 30,164 2,070,155 Eastman Chemical Co. ................................................... 19,075 1,553,468 Ecolab, Inc. .......................................................... 10,435 1,518,919 FMC Corp. ........................................................... 17,084 2,132,083 Freeport-McMoRan, Inc. ................................................. 35,364 1,343,832 International Flavors & Fragrances, Inc. ...................................... 15,367 1,611,076 International Paper Co. .................................................. 51,875 1,796,431 LyondellBasell Industries NV, Class A ....................................... 19,175 1,592,100 Martin Marietta Materials, Inc. ............................................. 4,957 1,675,317 Newmont Corp. ....................................................... 34,183 1,613,438 Nucor Corp. .......................................................... 8,490 1,119,067 Packaging Corp. ....................................................... 14,445 1,847,660 PPG Industries, Inc. ..................................................... 12,501 1,571,876 Reliance Steel & Aluminum Co. ............................................ 8,588 1,738,555 RPM International, Inc. .................................................. 20,857 2,032,515 Steel Dynamics, Inc. .................................................... 14,826 1,448,500 The Mosaic Co. ........................................................ 18,284 802,119 The Sherwin-Williams Co. ................................................ 6,667 1,582,279 Vulcan Materials Co. .................................................... 10,693 1,872,451 Westlake Corp. ........................................................ 15,162 1,554,712 Westrock Co. ......................................................... 38,565 1,355,945 46,061,969 Real Estate (0.2%): CBRE Group, Inc., Class A (a) ............................................. 20,898 1,608,310 Utilities (7.8%): Alliant Energy Corp. .................................................... 42,931 2,370,220 Ameren Corp. ......................................................... 31,457 2,797,156 American Electric Power Co., Inc. .......................................... 27,150 2,577,892 American Water Works Co., Inc. ............................................ 14,480 2,207,042 Atmos Energy Corp. .................................................... 23,839 2,671,637 CenterPoint Energy, Inc. ................................................. 81,341 2,439,417 CMS Energy Corp. ..................................................... 39,044 2,472,657 Consolidated Edison, Inc. ................................................ 28,303 2,697,559 Constellation Energy Corp. ............................................... 12,599 1,086,160 Dominion Energy, Inc. ................................................... 35,868 2,199,426 DTE Energy Co. ....................................................... 21,791 2,561,096 Duke Energy Corp. ..................................................... 27,208 2,802,152 Edison International .................................................... 33,783 2,149,274 Entergy Corp. ......................................................... 21,067 2,370,037 Essential Utilities, Inc. ................................................... 45,077 2,151,525 Evergy, Inc. .......................................................... 40,678 2,559,867 Eversource Energy ..................................................... 28,896 2,422,641 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-132.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US 500 Enhanced Volatility Wtd ETF 78 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Exelon Corp. ......................................................... 53,312 $2,304,678 FirstEnergy Corp. ...................................................... 66,130 2,773,492 NextEra Energy, Inc. .................................................... 20,937 1,750,333 NiSource, Inc. ......................................................... 87,033 2,386,445 NRG Energy, Inc. ...................................................... 41,231 1,311,970 PG&E Corp. (a)........................................................ 123,981 2,015,931 PPL Corp. ............................................................ 86,036 2,513,972 Sempra Energy ........................................................ 15,665 2,420,869 The Southern Co. ...................................................... 35,070 2,504,349 WEC Energy Group, Inc. ................................................. 25,973 2,435,228 Xcel Energy, Inc. ....................................................... 36,714 2,574,019 65,527,044 Total Common Stocks (Cost $790,063,311) 838,531,299 Investment Companies (0.5%) BlackRock Liquidity Funds T-Fund, Institutional Shares, 4.02% (c) ................... 4,160,411 4,160,411 Total Investment Companies (Cost $4,160,411) 4,160,411 Collateral for Securities Loaned (0.2%)^ Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (c) ....... 371,059 371,059 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (c)............ 371,059 371,059 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (c) ............... 371,059 371,059 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (c). 371,059 371,059 Total Collateral for Securities Loaned (Cost $1,484,236) 1,484,236 Total Investments (Cost $795,707,958) — 100.0% 844,175,946 Liabilities in excess of other assets — 0.0%(d) (46669) NET ASSETS - 100.00% $844,129,277 ^ Purchased with cash collateral from securities on loan. (a) Non-income producing security. (b) All or a portion of this security is on loan. (c) Rate disclosed is the daily yield on December 31, 2022. (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.............. 24 3/17/23 $4,701,551 $4,633,200 $(68351) Total unrealized appreciation $– Total unrealized depreciation (68351) Total net unrealized appreciation (depreciation) $(68351) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-133.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments December 31, 2022 Victory Portfolios II VictoryShares US EQ Income Enhanced Volatility Wtd ETF 79 (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (99.2%) Communication Services (6.1%): AT&T, Inc. ........................................................... 1,196,690 $22,031,063 Comcast Corp., Class A .................................................. 590,914 20,664,263 Lumen Technologies, Inc. ................................................ 1,494,750 7,802,595 Omnicom Group, Inc. ................................................... 253,614 20,687,294 Paramount Global, Class B (a) ............................................. 464,717 7,844,423 The Interpublic Group of Cos., Inc. .......................................... 599,218 19,959,951 Verizon Communications, Inc. ............................................. 641,913 25,291,372 124,280,961 Consumer Discretionary (5.0%): Advance Auto Parts, Inc. ................................................. 98,597 14,496,717 Best Buy Co., Inc. ...................................................... 188,758 15,140,279 Darden Restaurants, Inc. ................................................. 130,120 17,999,500 Ford Motor Co. ........................................................ 782,060 9,095,358 Garmin Ltd. .......................................................... 212,567 19,617,808 Hasbro, Inc. .......................................................... 245,606 14,984,422 VF Corp. ............................................................ 384,888 10,626,758 101,960,842 Consumer Staples (10.8%): Altria Group, Inc. ...................................................... 500,623 22,883,477 Campbell Soup Co. ..................................................... 493,466 28,004,196 Conagra Brands, Inc. .................................................... 656,758 25,416,535 Kellogg Co. .......................................................... 380,374 27,097,844 Kimberly-Clark Corp. ................................................... 203,710 27,653,632 Philip Morris International, Inc. ............................................ 243,918 24,686,941 The Clorox Co. ........................................................ 119,265 16,736,457 The Kraft Heinz Co. .................................................... 587,328 23,910,123 Walgreens Boots Alliance, Inc. ............................................. 604,272 22,575,602 218,964,807 Energy (7.7%): Chevron Corp. ........................................................ 113,062 20,293,498 Devon Energy Corp. .................................................... 153,047 9,413,921 Exxon Mobil Corp. ..................................................... 171,583 18,925,605 Kinder Morgan, Inc. .................................................... 1,222,670 22,105,874 ONEOK, Inc. ......................................................... 293,549 19,286,169 Phillips 66 ........................................................... 168,890 17,578,071 Pioneer Natural Resources Co. ............................................. 59,345 13,553,805 The Williams Cos., Inc. .................................................. 635,795 20,917,655 Valero Energy Corp. .................................................... 114,237 14,492,106 156,566,704 Financials (22.1%): Ally Financial, Inc. ..................................................... 415,621 10,161,933 Ares Management Corp., Class A ........................................... 165,843 11,350,295 Blackstone, Inc. ....................................................... 119,316 8,852,054 Citigroup, Inc. ......................................................... 354,023 16,012,460 Citizens Financial Group, Inc. ............................................. 445,291 17,531,107 CME Group, Inc. ...................................................... 116,500 19,590,640 Comerica, Inc. ........................................................ 200,516 13,404,495 F&G Annuities & Life, Inc. (b) ............................................. 19,416 388,514 Fidelity National Financial, Inc. ............................................ 528,009 19,863,699 Fifth Third Bancorp ..................................................... 489,796 16,070,207 Franklin Resources, Inc. (a) ............................................... 649,327 17,129,246 Huntington Bancshares, Inc. ............................................... 1,300,955 18,343,465 JPMorgan Chase & Co. .................................................. 174,746 23,433,439 KeyCorp ............................................................ 987,499 17,202,232 MetLife, Inc. .......................................................... 349,786 25,314,013 Morgan Stanley ........................................................ 214,237 18,214,430 Northern Trust Corp. .................................................... 190,642 16,869,911 Principal Financial Group, Inc. ............................................. 245,355 20,590,192 Prudential Financial, Inc. ................................................. 208,898 20,776,995 Regions Financial Corp. .................................................. 737,010 15,889,936 State Street Corp. ...................................................... 220,485 17,103,021 T. Rowe Price Group, Inc. ................................................ 131,137 14,301,801 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-134.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US EQ Income Enhanced Volatility Wtd ETF 80 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value The Bank of New York Mellon Corp. ........................................ 455,832 $20,749,473 The Carlyle Group, Inc. .................................................. 371,411 11,082,904 The PNC Financial Services Group, Inc. ...................................... 129,624 20,472,814 Truist Financial Corp. ................................................... 416,299 17,913,346 U.S. Bancorp ......................................................... 456,954 19,927,764 448,540,386 Health Care (11.6%): AbbVie, Inc. .......................................................... 201,895 32,628,251 Amgen, Inc. .......................................................... 126,266 33,162,502 Bristol-Myers Squibb Co. ................................................ 455,965 32,806,682 Gilead Sciences, Inc. .................................................... 442,776 38,012,319 Medtronic PLC ........................................................ 273,887 21,286,498 Merck & Co., Inc. ...................................................... 354,002 39,276,522 Pfizer, Inc. ........................................................... 450,152 23,065,788 Viatris, Inc. ........................................................... 1,426,560 15,877,613 236,116,175 Industrials (3.4%): 3M Co. .............................................................. 181,303 21,741,856 Stanley Black & Decker, Inc. .............................................. 161,109 12,102,508 United Parcel Service, Inc., Class B ......................................... 97,016 16,865,261 Watsco, Inc. .......................................................... 70,749 17,644,801 68,354,426 Information Technology (8.0%): Broadcom, Inc. ........................................................ 31,781 17,769,711 Cisco Systems, Inc. ..................................................... 434,318 20,690,910 Corning, Inc. .......................................................... 535,953 17,118,339 Hewlett Packard Enterprise Co. ............................................ 1,225,038 19,551,606 HP, Inc. ............................................................. 471,698 12,674,525 Intel Corp. ........................................................... 514,974 13,610,763 International Business Machines Corp. ....................................... 194,034 27,337,450 Juniper Networks, Inc. ................................................... 685,444 21,906,790 Seagate Technology Holdings PLC .......................................... 214,232 11,270,746 161,930,840 Materials (6.4%): Dow, Inc. ............................................................ 411,711 20,746,117 Eastman Chemical Co. ................................................... 207,828 16,925,512 International Flavors & Fragrances, Inc. ...................................... 167,431 17,553,466 International Paper Co. .................................................. 565,207 19,573,118 LyondellBasell Industries NV, Class A ....................................... 208,927 17,347,209 Newmont Corp. ....................................................... 372,449 17,579,593 Packaging Corp. ....................................................... 157,382 20,130,732 129,855,747 Utilities (18.1%): American Electric Power Co., Inc. .......................................... 295,820 28,088,109 Consolidated Edison, Inc. ................................................ 308,368 29,390,554 Dominion Energy, Inc. ................................................... 390,803 23,964,040 DTE Energy Co. ....................................................... 237,424 27,904,443 Duke Energy Corp. ..................................................... 296,451 30,531,488 Edison International .................................................... 368,082 23,417,377 Entergy Corp. ......................................................... 229,536 25,822,800 Evergy, Inc. .......................................................... 443,202 27,890,702 Exelon Corp. ......................................................... 580,855 25,110,362 FirstEnergy Corp. ...................................................... 720,516 30,218,441 NiSource, Inc. ......................................................... 948,265 26,001,426 NRG Energy, Inc. ...................................................... 449,230 14,294,499 PPL Corp. ............................................................ 937,411 27,391,149 The Southern Co. ...................................................... 382,106 27,286,189 367,311,579 Total Common Stocks (Cost $2,013,187,267) 2,013,882,467 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-135.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US EQ Income Enhanced Volatility Wtd ETF 81 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Investment Companies (0.5%) BlackRock Liquidity Funds T-Fund, Institutional Shares, 4.02% (c) ................... 9,562,048 $9,562,048 Total Investment Companies (Cost $9,562,048) 9,562,048 Collateral for Securities Loaned (0.5%)^ Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (c) ....... 2,408,828 2,408,828 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (c)............ 2,408,828 2,408,828 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (c) ............... 2,408,828 2,408,828 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (c). 2,408,828 2,408,828 Total Collateral for Securities Loaned (Cost $9,635,312) 9,635,312 Total Investments (Cost $2,032,384,627) — 100.2% 2,033,079,827 Liabilities in excess of other assets — (0.2)% (3417604) NET ASSETS - 100.00% $2,029,662,223 ^ 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) Rate disclosed is the daily yield on December 31, 2022. PLC—Public Limited Company Futures Contracts Purchased Number of Contracts Expiration Date Notional Amount Value Unrealized Appreciation (Depreciation) E-Mini S&P 500 Futures.............. 54 3/17/23 $10,532,403 $10,424,700 $(107703) Total unrealized appreciation $– Total unrealized depreciation (107703) Total net unrealized appreciation (depreciation) $(107703) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-136.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments December 31, 2022 Victory Portfolios II VictoryShares US Discovery Enhanced Volatility Wtd ETF 82 (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (99.4%) Banks (16.6%): 1st Source Corp. ....................................................... 6,424 $341,050 Atlantic Union Bankshares Corp. ........................................... 7,983 280,523 Banc of California, Inc. .................................................. 13,787 219,627 BankUnited, Inc. ....................................................... 5,832 198,113 Banner Corp. ......................................................... 4,139 261,585 Berkshire Hills Bancorp, Inc. .............................................. 9,177 274,392 City Holding Co. ....................................................... 4,135 384,927 Columbia Banking System, Inc. ............................................ 7,237 218,051 Customers Bancorp, Inc. (a) ............................................... 3,713 105,226 Dime Community Bancshares, Inc. .......................................... 8,153 259,510 Eagle Bancorp, Inc. ..................................................... 5,706 251,463 Enterprise Financial Services Corp. .......................................... 6,497 318,093 FB Financial Corp. ..................................................... 6,707 242,391 First Bancorp/Puerto Rico ................................................ 12,429 158,097 First Bancorp/Southern Pines NC ........................................... 6,936 297,138 First Busey Corp. ...................................................... 12,372 305,836 First Commonwealth Financial Corp. ........................................ 21,109 294,893 First Financial Bancorp .................................................. 12,131 293,934 First Foundation, Inc. ................................................... 12,888 184,685 First Merchants Corp. ................................................... 6,886 283,084 Fulton Financial Corp. ................................................... 16,949 285,252 German American Bancorp, Inc. ............................................ 7,688 286,762 Heartland Financial USA, Inc. ............................................. 6,370 296,969 Hilltop Holdings, Inc. ................................................... 7,217 216,582 Hope Bancorp, Inc. ..................................................... 17,019 218,013 Independent Bank Group, Inc. ............................................. 4,113 247,109 International Bancshares Corp. ............................................. 5,983 273,782 Lakeland Bancorp, Inc. .................................................. 18,036 317,614 Lakeland Financial Corp. ................................................. 3,932 286,918 Live Oak Bancshares, Inc. ................................................ 3,837 115,877 National Bank Holdings Corp., Class A ....................................... 6,410 269,669 NBT Bancorp, Inc. ..................................................... 8,616 374,107 Nicolet Bankshares, Inc. (a) ............................................... 3,992 318,522 Northwest Bancshares, Inc. ............................................... 25,265 353,205 OceanFirst Financial Corp. ................................................ 15,881 337,471 OFG Bancorp ......................................................... 8,482 233,764 Park National Corp. ..................................................... 2,233 314,295 Preferred Bank ........................................................ 4,011 299,301 Renasant Corp. ........................................................ 7,953 298,953 S&T Bancorp, Inc. ..................................................... 10,198 348,568 Sandy Spring Bancorp, Inc. ............................................... 7,151 251,930 Seacoast Banking Corp. of Florida .......................................... 7,349 229,215 Silvergate Capital Corp., Class A (a) ......................................... 743 12,928 Southside Bancshares, Inc. ................................................ 8,693 312,861 Stock Yards Bancorp, Inc. ................................................ 4,173 271,162 Texas Capital Bancshares, Inc. (a) ........................................... 3,494 210,723 The Bancorp, Inc. (a) .................................................... 6,264 177,772 Tompkins Financial Corp. ................................................ 4,337 336,464 Towne Bank .......................................................... 10,575 326,133 TriCo Bancshares ...................................................... 5,806 296,048 Triumph Financial, Inc. (a) ................................................ 2,257 110,300 Trustmark Corp. ....................................................... 9,835 343,340 Veritex Holdings, Inc. ................................................... 7,341 206,135 Washington Federal, Inc. ................................................. 9,123 306,077 WesBanco, Inc. ........................................................ 8,447 312,370 Westamerica Bancorp ................................................... 6,478 382,267 14,951,076 Capital Markets (3.0%): Artisan Partners Asset Management, Inc., Class A ............................... 5,745 170,627 AssetMark Financial Holdings, Inc. (a) ....................................... 12,010 276,230 BGC Partners, Inc., Class A ............................................... 47,823 180,293 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-137.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US Discovery Enhanced Volatility Wtd ETF 83 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Bridge Investment Group Holdings, Inc., Class A ................................ 10,784 $129,947 Donnelley Financial Solutions, Inc. (a)........................................ 3,254 125,767 GCM Grosvenor, Inc., Class A ............................................. 30,369 231,108 Moelis & Co., Class A ................................................... 4,758 182,564 Open Lending Corp., Class A (a) ............................................ 10,998 74,237 P10, Inc., Class A ...................................................... 15,633 166,804 Piper Sandler Cos. ...................................................... 1,573 204,789 PJT Partners, Inc., Class A ................................................ 3,354 247,156 StepStone Group, Inc., Class A ............................................. 5,862 147,605 StoneX Group, Inc. (a) ................................................... 2,490 237,297 Victory Capital Holdings, Inc., Class A (b) ..................................... 6,700 179,761 Virtus Investment Partners, Inc. ............................................ 883 169,042 2,723,227 Communication Services (3.6%): Advantage Solutions, Inc. (a) .............................................. 35,189 73,193 AMC Networks, Inc., Class A (a)............................................ 4,646 72,803 Cars.com, Inc. (a)....................................................... 11,984 165,020 Cogent Communications Holdings, Inc. ...................................... 4,426 252,636 EchoStar Corp., Class A (a)................................................ 10,279 171,454 Gogo, Inc. (a) ......................................................... 9,672 142,759 Gray Television, Inc. .................................................... 9,349 104,615 iHeartMedia, Inc., Class A (a) .............................................. 13,108 80,352 John Wiley & Sons, Inc., Class A ........................................... 5,506 220,570 PubMatic, Inc., Class A (a) ................................................ 4,546 58,234 Scholastic Corp. ....................................................... 4,838 190,908 Sciplay Corp., Class A (a) ................................................. 13,542 217,755 Shenandoah Telecommunications Co. ........................................ 7,457 118,417 Shutterstock, Inc. ...................................................... 2,745 144,716 Sinclair Broadcast Group, Inc., Class A ....................................... 6,781 105,173 Stagwell, Inc. (a) ....................................................... 22,089 137,173 TechTarget, Inc. (a) ..................................................... 2,185 96,271 Telephone and Data Systems, Inc. ........................................... 12,445 130,548 The E.W. Scripps Co. Class A, Class A (a) ..................................... 11,788 155,484 Thryv Holdings, Inc. (a) .................................................. 6,643 126,217 United States Cellular Corp. (a)............................................. 8,371 174,535 WideOpenWest, Inc. (a) .................................................. 9,067 82,600 Yelp, Inc. (a) .......................................................... 4,419 120,816 ZipRecruiter, Inc. (a) .................................................... 6,947 114,070 3,256,319 Consumer Discretionary (13.9%): Accel Entertainment, Inc. (a)............................................... 17,932 138,076 American Eagle Outfitters, Inc. ............................................. 11,085 154,747 Arhaus, Inc. (a) ........................................................ 10,454 101,927 Arko Corp. ........................................................... 18,022 156,071 Bloomin' Brands, Inc. ................................................... 6,573 132,249 Boot Barn Holdings, Inc. (a) ............................................... 1,804 112,786 Brinker International, Inc. (a) .............................................. 4,622 147,488 Caleres, Inc. .......................................................... 4,343 96,762 Camping World Holdings, Inc., Class A (c)..................................... 4,639 103,542 Carter's, Inc. .......................................................... 2,549 190,181 Cavco Industries, Inc. (a) ................................................. 663 150,004 Century Communities, Inc. ............................................... 3,056 152,831 Chegg, Inc. (a)......................................................... 5,066 128,018 Cracker Barrel Old Country Store, Inc. ....................................... 1,644 155,753 Cricut, Inc., Class A (a)(c)................................................. 16,759 155,356 Dana, Inc. ............................................................ 8,283 125,322 Dave & Buster's Entertainment, Inc. (a) ....................................... 2,703 95,794 Designer Brands, Inc., Class A ............................................. 7,495 73,301 Dine Brands Global, Inc. ................................................. 2,114 136,564 Dorman Products, Inc. ................................................... 2,424 196,029 Dream Finders Homes, Inc., Class A (a)(c)..................................... 10,578 91,605 European Wax Center, Inc., Class A ......................................... 5,113 63,657 Everi Holdings, Inc. (a) .................................................. 7,918 113,623 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-138.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US Discovery Enhanced Volatility Wtd ETF 84 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value First Watch Restaurant Group, Inc. (a) ........................................ 7,846 $106,156 Franchise Group, Inc. ................................................... 4,323 102,974 Frontdoor, Inc. (a) ...................................................... 7,767 161,554 Funko, Inc., Class A (a) .................................................. 4,993 54,474 Gentherm, Inc. (a) ...................................................... 2,403 156,892 G-III Apparel Group Ltd. (a)............................................... 6,478 88,813 Golden Entertainment, Inc. (a) ............................................. 3,524 131,798 GoPro, Inc., Class A (a) .................................................. 24,359 121,308 Graham Holdings Co., Class B ............................................. 513 309,960 Grand Canyon Education, Inc. (a) ........................................... 2,857 301,871 Green Brick Partners, Inc. (a) .............................................. 5,504 133,362 Group 1 Automotive, Inc. ................................................. 915 165,039 Guess?, Inc. .......................................................... 6,989 144,602 Helen of Troy Ltd. (a).................................................... 1,579 175,127 Installed Building Products, Inc. ............................................ 1,589 136,018 Jack in the Box, Inc. .................................................... 2,216 151,198 KB Home ............................................................ 4,921 156,734 Kontoor Brands, Inc. .................................................... 3,972 158,840 La-Z-Boy, Inc. ........................................................ 6,312 144,040 LCI Industries ......................................................... 1,251 115,655 Leslie's, Inc. (a) ........................................................ 10,016 122,295 LGI Homes, Inc. (a) ..................................................... 1,484 137,418 M/I Homes, Inc. (a) ..................................................... 3,677 169,804 Malibu Boats, Inc., Class A (a) ............................................. 2,642 140,819 MarineMax, Inc. (a) ..................................................... 3,996 124,755 MDC Holdings, Inc. .................................................... 5,157 162,961 Meritage Homes Corp. (a)................................................. 2,041 188,180 Modine Manufacturing Co. (a) ............................................. 8,212 163,090 Monarch Casino & Resort, Inc. (a) .......................................... 2,553 196,300 Monro, Inc. ........................................................... 3,774 170,585 National Vision Holdings, Inc. (a) ........................................... 3,838 148,761 Nordstrom, Inc. ........................................................ 5,396 87,091 OneSpaWorld Holdings Ltd. (a) ............................................ 16,818 156,912 Overstock.com, Inc. (a) .................................................. 3,225 62,436 Oxford Industries, Inc. ................................................... 1,679 156,449 Papa John's International, Inc. ............................................. 2,353 193,675 Patrick Industries, Inc. ................................................... 2,824 171,134 Perdoceo Education Corp. (a) .............................................. 21,023 292,220 Playa Hotels & Resorts NV (a) ............................................. 23,097 150,823 Qurate Retail, Inc., Class A (a) ............................................. 32,354 52,737 Rent-A-Center, Inc. ..................................................... 4,316 97,326 Revolve Group, Inc. (a) .................................................. 4,128 91,889 Sally Beauty Holdings, Inc. (a) ............................................. 9,799 122,683 Six Flags Entertainment Corp. (a) ........................................... 5,306 123,364 Sleep Number Corp. (a) .................................................. 2,888 75,030 Solid Power, Inc. (a)..................................................... 13,429 34,110 Sonic Automotive, Inc., Class A ............................................ 2,851 140,469 Sonos, Inc. (a) ......................................................... 7,585 128,187 Standard Motor Products, Inc. ............................................. 5,581 194,219 Steven Madden Ltd. .................................................... 5,854 187,094 Strategic Education, Inc. ................................................. 2,635 206,373 Stride, Inc. (a) ......................................................... 3,632 113,609 Sturm Ruger & Co., Inc. ................................................. 5,139 260,136 Target Hospitality Corp. (a)................................................ 5,905 89,402 Taylor Morrison Home Corp. (a) ............................................ 5,837 177,153 The Buckle, Inc. ....................................................... 4,438 201,263 The Cheesecake Factory, Inc. .............................................. 4,423 140,253 TravelCenters of America, Inc. (a)........................................... 2,347 105,099 Tri Pointe Homes, Inc. (a)................................................. 9,294 172,775 Urban Outfitters, Inc. (a).................................................. 6,654 158,698 Victoria's Secret & Co. (a) ................................................ 3,429 122,690 Vista Outdoor, Inc. (a) ................................................... 5,875 143,174 Vivid Seats, Inc., Class A (a) ............................................... 13,852 101,120 Winnebago Industries, Inc. ................................................ 2,392 126,058 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-139.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US Discovery Enhanced Volatility Wtd ETF 85 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Wolverine World Wide, Inc. ............................................... 8,001 $87,451 XPEL, Inc. (a) ......................................................... 1,749 105,045 12,541,216 Consumer Finance (1.4%): Bread Financial Holdings, Inc. ............................................. 3,629 136,668 Encore Capital Group, Inc. (a).............................................. 3,695 177,138 Enova International, Inc. (a) ............................................... 4,532 173,893 Green Dot Corp., Class A (a)............................................... 7,157 113,224 LendingClub Corp. (a) ................................................... 6,994 61,547 Navient Corp. ......................................................... 10,658 175,324 PRA Group, Inc. (a) ..................................................... 9,307 314,390 PROG Holdings, Inc. (a).................................................. 5,867 99,094 Upstart Holdings, Inc. (a)(c) ............................................... 1,925 25,449 1,276,727 Consumer Staples (7.1%): B&G Foods, Inc. (c)..................................................... 9,319 103,907 Cal-Maine Foods, Inc. ................................................... 4,080 222,156 Central Garden & Pet Co., Class A (a) ........................................ 6,691 239,538 e.l.f. Beauty, Inc. (a)..................................................... 4,284 236,905 Edgewell Personal Care Co. ............................................... 5,104 196,708 Energizer Holdings, Inc. ................................................. 7,345 246,425 Fresh Del Monte Produce, Inc. ............................................. 8,587 224,894 Herbalife Nutrition Ltd. (a) ................................................ 5,337 79,415 Ingles Markets, Inc., Class A .............................................. 2,622 252,918 Inter Parfums, Inc. ...................................................... 2,644 255,199 J & J Snack Foods Corp. ................................................. 1,810 270,975 John B Sanfilippo & Son, Inc. ............................................. 3,332 270,958 Medifast, Inc. ......................................................... 1,185 136,690 MGP Ingredients, Inc. ................................................... 1,971 209,675 Mission Produce, Inc. (a) ................................................. 13,010 151,176 Nu Skin Enterprises, Inc., Class A ........................................... 4,319 182,089 PriceSmart, Inc. ....................................................... 3,696 224,643 SpartanNash Co. ....................................................... 6,701 202,638 Spectrum Brands Holdings, Inc. ............................................ 3,363 204,874 The Andersons, Inc. ..................................................... 3,588 125,544 The Chefs' Warehouse, Inc. (a) ............................................. 4,594 152,888 The Duckhorn Portfolio, Inc. (a) ............................................ 11,763 194,913 The Hain Celestial Group, Inc. (a) ........................................... 8,469 137,028 The Vita Coco Co., Inc. (a) ................................................ 6,715 92,801 Tootsie Roll Industries, Inc. ............................................... 7,661 326,129 United Natural Foods, Inc. (a) .............................................. 3,920 151,743 Universal Corp. ........................................................ 5,399 285,121 USANA Health Sciences, Inc. (a) ........................................... 3,516 187,051 Utz Brands, Inc. ....................................................... 10,450 165,737 Vector Group Ltd. ...................................................... 17,991 213,373 WD-40 Co. ........................................................... 964 155,407 Weis Markets, Inc. ...................................................... 3,123 256,992 6,356,510 Diversified Financial Services (0.3%): Compass Diversified Holdings ............................................. 8,569 156,213 Jackson Financial, Inc., Class A ............................................ 4,209 146,431 302,644 Energy (3.0%): Arch Resources, Inc. .................................................... 726 103,666 Archrock, Inc. ......................................................... 24,278 218,016 Bristow Group, Inc. (a)................................................... 5,325 144,467 Callon Petroleum Co. (a) ................................................. 2,358 87,458 CONSOL Energy, Inc. ................................................... 1,407 91,455 Delek U.S. Holdings, Inc. ................................................ 3,912 105,624 Earthstone Energy, Inc., Class A (a) .......................................... 6,336 90,161 Laredo Petroleum, Inc. (a) ................................................ 1,090 56,048 NexTier Oilfield Solutions, Inc. (a) .......................................... 10,042 92,788 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-140.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US Discovery Enhanced Volatility Wtd ETF 86 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Noble Corp. PLC (a) .................................................... 4,555 $171,769 Northern Oil and Gas, Inc. ................................................ 3,545 109,257 Par Pacific Holdings, Inc. (a)............................................... 6,751 156,961 Permian Resources Corp. ................................................. 13,319 125,199 Ranger Oil Corp. ....................................................... 2,444 98,811 RPC, Inc. ............................................................ 12,632 112,298 Select Energy Services, Inc., Class A ......................................... 16,300 150,612 SilverBow Resources, Inc. (a) .............................................. 2,474 69,965 Sitio Royalties Corp., Class A (c)............................................ 12,039 347,312 Talos Energy, Inc. (a) .................................................... 4,861 91,776 W&T Offshore, Inc. (a)................................................... 12,790 71,368 World Fuel Services Corp. ................................................ 6,054 165,456 2,660,467 Health Care (7.8%): AdaptHealth Corp. (a) ................................................... 6,196 119,087 Addus HomeCare Corp. (a)................................................ 2,018 200,771 Agiliti, Inc. (a)......................................................... 9,329 152,156 Alector, Inc. (a) ........................................................ 10,293 95,004 Amphastar Pharmaceuticals, Inc. (a) ......................................... 4,295 120,346 Apollo Medical Holdings, Inc. (a) ........................................... 2,355 69,684 Arcus Biosciences, Inc. (a) ................................................ 3,916 80,983 AtriCure, Inc. (a) ....................................................... 3,049 135,315 Atrion Corp. .......................................................... 346 193,570 Avid Bioservices, Inc. (a) ................................................. 6,552 90,221 Catalyst Pharmaceuticals, Inc. (a) ........................................... 8,918 165,875 Corcept Therapeutics, Inc. (a) .............................................. 5,688 115,523 CorVel Corp. (a) ....................................................... 1,328 192,998 Cross Country Healthcare, Inc. (a)........................................... 4,268 113,401 DocGo, Inc. (a) ........................................................ 10,101 71,414 Dynavax Technologies Corp. (a) ............................................ 8,937 95,090 Embecta Corp. ........................................................ 3,297 83,381 Emergent BioSolutions, Inc. (a)............................................. 4,879 57,621 Enhabit, Inc. (a) ........................................................ 5,336 70,222 Enovis Corp. (a)........................................................ 3,940 210,869 Figs, Inc., Class A (a) .................................................... 7,443 50,091 Fulgent Genetics, Inc. (a) ................................................. 2,880 85,766 Harmony Biosciences Holdings, Inc. (a)....................................... 2,996 165,080 Innoviva, Inc. (a) ....................................................... 14,612 193,609 Integer Holdings Corp. (a) ................................................ 3,514 240,568 Ironwood Pharmaceuticals, Inc. (a) .......................................... 21,531 266,769 iTeos Therapeutics, Inc. (a) ................................................ 4,540 88,666 LeMaitre Vascular, Inc. .................................................. 3,919 180,352 Multiplan Corp. (a) ..................................................... 29,099 33,464 National HealthCare Corp. ................................................ 4,489 267,096 National Research Corp. ................................................. 6,013 224,285 Neogen Corp. (a) ....................................................... 9,715 147,959 Owens & Minor, Inc. (a).................................................. 5,244 102,415 Pacira BioSciences, Inc. (a)................................................ 3,703 142,973 Patterson Cos., Inc. ..................................................... 8,445 236,713 Pediatrix Medical Group, Inc. (a)............................................ 9,962 148,035 Prestige Consumer Healthcare, Inc. (a)........................................ 5,093 318,822 Prothena Corp. PLC (a) .................................................. 3,891 234,433 RadNet, Inc. (a) ........................................................ 7,689 144,784 REGENXBIO, Inc. (a) ................................................... 3,898 88,407 Senseonics Holdings, Inc. (a)(c) ............................................ 39,457 40,641 SIGA Technologies, Inc. ................................................. 3,948 29,057 Simulations Plus, Inc. ................................................... 2,548 93,180 Supernus Pharmaceuticals, Inc. (a)........................................... 5,969 212,914 Syndax Pharmaceuticals, Inc. (a)............................................ 5,402 137,481 U.S. Physical Therapy, Inc. ............................................... 1,937 156,955 Varex Imaging Corp. (a) .................................................. 10,072 204,462 Veradigm, Inc. (a) ...................................................... 10,432 184,021 Xencor, Inc. (a) ........................................................ 5,580 145,303 6,997,832 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-141.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US Discovery Enhanced Volatility Wtd ETF 87 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Industrials (19.7%): 3D Systems Corp. (a) .................................................... 11,382 $84,227 AAR Corp. (a)......................................................... 4,869 218,618 AerSale Corp. (a)....................................................... 8,330 135,113 Air Transport Services Group, Inc. (a) ........................................ 6,715 174,456 Alamo Group, Inc. ..................................................... 2,007 284,191 Albany International Corp. ................................................ 2,760 272,108 Allegiant Travel Co. (a) .................................................. 1,558 105,928 Altra Industrial Motion Corp. .............................................. 4,328 258,598 Apogee Enterprises, Inc. ................................................. 4,791 213,008 ArcBest Corp. ......................................................... 1,594 111,644 Arcosa, Inc. .......................................................... 3,283 178,398 Astec Industries, Inc. .................................................... 4,424 179,880 AZZ, Inc. ............................................................ 6,078 244,336 Barnes Group, Inc. ..................................................... 7,430 303,516 Boise Cascade Co. ...................................................... 1,970 135,280 Brady Corp., Class A .................................................... 5,937 279,633 BrightView Holdings, Inc. (a) .............................................. 17,212 118,591 CBIZ, Inc. (a) ......................................................... 6,044 283,161 Columbus McKinnon Corp. ............................................... 5,991 194,528 Construction Partners, Inc., Class A (a) ....................................... 4,778 127,525 CoreCivic, Inc. (a) ...................................................... 15,823 182,914 CSW Industrials, Inc. .................................................... 2,109 244,496 Deluxe Corp. ......................................................... 10,333 175,454 Encore Wire Corp. ...................................................... 998 137,285 Energy Recovery, Inc. (a) ................................................. 9,205 188,610 Enerpac Tool Group Corp. ................................................ 10,722 272,875 EnerSys ............................................................. 3,309 244,337 EnPro Industries, Inc. ................................................... 2,290 248,900 Esab Corp. ........................................................... 3,759 176,372 ESCO Technologies, Inc. ................................................. 2,822 247,038 Federal Signal Corp. .................................................... 6,348 294,992 First Advantage Corp. (a) ................................................. 13,193 171,509 Forrester Research, Inc. (a) ................................................ 5,743 205,370 Forward Air Corp. ...................................................... 1,959 205,480 Gibraltar Industries, Inc. (a) ............................................... 3,951 181,272 Global Industrial Co. .................................................... 5,462 128,521 GMS, Inc. (a).......................................................... 3,317 165,187 GrafTech International Ltd. ............................................... 25,834 122,970 Granite Construction, Inc. ................................................ 7,949 278,771 Griffon Corp. ......................................................... 4,162 148,958 H&E Equipment Services, Inc. ............................................. 4,632 210,293 Hayward Holdings, Inc. (a)................................................ 12,852 120,809 Healthcare Services Group, Inc. ............................................ 11,319 135,828 Heartland Express, Inc. .................................................. 19,322 296,400 Helios Technologies, Inc. ................................................. 3,092 168,328 Heritage-Crystal Clean, Inc. (a)............................................. 6,931 225,119 Hillenbrand, Inc. ....................................................... 5,429 231,655 HireRight Holdings Corp. (a) .............................................. 6,900 81,834 HNI Corp. ........................................................... 6,685 190,055 Hub Group, Inc., Class A (a) ............................................... 2,429 193,081 Huron Consulting Group, Inc. (a) ........................................... 3,469 251,849 ICF International, Inc. ................................................... 2,707 268,128 Janus International Group, Inc. (a)........................................... 13,458 128,120 JELD-WEN Holding, Inc. (a) .............................................. 11,877 114,613 Kadant, Inc. .......................................................... 1,221 216,886 Kaman Corp. ......................................................... 6,134 136,788 Kennametal, Inc. ....................................................... 8,290 199,457 Kforce, Inc. .......................................................... 3,598 197,278 Lindsay Corp. ......................................................... 1,278 208,122 Marten Transport Ltd. ................................................... 9,587 189,631 Matson, Inc. .......................................................... 1,979 123,707 Maxar Technologies, Inc. ................................................. 5,025 259,994 McGrath RentCorp ..................................................... 3,293 325,151 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-142.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US Discovery Enhanced Volatility Wtd ETF 88 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Mercury Systems, Inc. (a)................................................. 3,321 $148,582 Moog, Inc., Class A ..................................................... 3,379 296,541 Mueller Water Products, Inc., Class A ........................................ 21,324 229,446 MYR Group, Inc. (a) .................................................... 2,401 221,060 NOW, Inc. (a) ......................................................... 13,132 166,776 NV5 Global, Inc. (a)..................................................... 1,473 194,907 PGT Innovations, Inc. (a) ................................................. 8,772 157,545 Primoris Services Corp. .................................................. 9,222 202,331 Proto Labs, Inc. (a)...................................................... 4,127 105,362 Rush Enterprises, Inc., Class A ............................................. 4,902 256,277 SkyWest, Inc. (a) ....................................................... 6,077 100,331 SPX Technologies, Inc. (a) ................................................ 4,011 263,322 Standex International Corp. ............................................... 2,947 301,802 Steelcase, Inc., Class A .................................................. 20,104 142,135 Sun Country Airlines Holdings, Inc. (a) ....................................... 6,541 103,740 Tennant Co. .......................................................... 4,219 259,764 Terex Corp. ........................................................... 4,935 210,823 The AZEK Co., Inc. (a) .................................................. 5,954 120,985 The Brink's Co. ........................................................ 4,443 238,634 The Greenbrier Cos., Inc. ................................................. 6,304 211,373 The Shyft Group, Inc. ................................................... 5,905 146,798 Titan International, Inc. (a) ................................................ 6,674 102,246 Trinity Industries, Inc. ................................................... 8,581 253,740 Universal Logistics Holdings, Inc. .......................................... 4,366 145,999 V2X, Inc. (a) .......................................................... 3,586 148,066 Veritiv Corp. .......................................................... 1,134 138,019 Wabash National Corp. .................................................. 9,526 215,288 Werner Enterprises, Inc. .................................................. 6,245 251,424 17,730,492 Information Technology (9.3%): A10 Networks, Inc. ..................................................... 10,515 174,864 ACI Worldwide, Inc. (a) .................................................. 8,884 204,332 ACM Research, Inc., Class A (a) ............................................ 5,221 40,254 Agilysys, Inc. (a) ....................................................... 3,020 239,003 Alpha & Omega Semiconductor Ltd. (a) ...................................... 2,267 64,768 Avid Technology, Inc. (a) ................................................. 4,284 113,912 Axcelis Technologies, Inc. (a) .............................................. 1,475 117,056 Badger Meter, Inc. ...................................................... 2,343 255,457 Belden, Inc. .......................................................... 2,805 201,679 Benchmark Electronics, Inc. ............................................... 8,708 232,416 Clearfield, Inc. (a) ...................................................... 842 79,266 Cohu, Inc. (a).......................................................... 4,824 154,609 CommVault Systems, Inc. (a) .............................................. 3,710 233,136 Conduent, Inc. (a) ...................................................... 34,515 139,786 Consensus Cloud Solutions, Inc. (a).......................................... 2,849 153,162 CSG Systems International, Inc. ............................................ 4,275 244,530 Digi International, Inc. (a)................................................. 5,174 189,110 Digital Turbine, Inc. (a) .................................................. 4,309 65,669 Ebix, Inc. ............................................................ 2,797 55,828 ePlus, Inc. (a).......................................................... 4,141 183,363 EVERTEC, Inc. ....................................................... 7,185 232,650 Extreme Networks, Inc. (a) ................................................ 8,868 162,373 FormFactor, Inc. (a) ..................................................... 4,437 98,634 Harmonic, Inc. (a) ...................................................... 14,902 195,216 Ichor Holdings Ltd. (a) ................................................... 3,485 93,468 InterDigital, Inc. ....................................................... 4,595 227,361 International Money Express, Inc. (a)......................................... 8,645 210,679 MaxLinear, Inc. (a)...................................................... 3,007 102,088 Methode Electronics, Inc. ................................................ 5,652 250,779 N-able, Inc. (a)......................................................... 14,522 149,286 Napco Security Technologies, Inc. (a) ........................................ 5,820 159,934 NetScout Systems, Inc. (a) ................................................ 7,556 245,646 OSI Systems, Inc. (a) .................................................... 3,503 278,559 Paya Holdings, Inc. (a) ................................................... 18,224 143,423 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-143.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US Discovery Enhanced Volatility Wtd ETF 89 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Paymentus Holdings, Inc., Class A (a)(c) ...................................... 7,485 $59,955 Payoneer Global, Inc. (a) ................................................. 13,539 74,058 PC Connection, Inc. .................................................... 4,637 217,475 Perficient, Inc. (a)....................................................... 1,807 126,183 Photronics, Inc. (a)...................................................... 6,373 107,258 Plexus Corp. (a)........................................................ 2,424 249,502 Progress Software Corp. ................................................. 4,681 236,156 Sanmina Corp. (a) ...................................................... 4,446 254,711 Semtech Corp. (a) ...................................................... 3,442 98,751 SiTime Corp. (a) ....................................................... 722 73,370 SMART Global Holdings, Inc. (a) ........................................... 7,177 106,794 TaskUS, Inc., Class A (a) ................................................. 5,292 89,435 TTEC Holdings, Inc. .................................................... 3,043 134,288 TTM Technologies, Inc. (a)................................................ 9,592 144,647 Ultra Clean Holdings, Inc. (a) .............................................. 4,039 133,893 Veeco Instruments, Inc. (a) ................................................ 6,953 129,187 Verra Mobility Corp. (a) .................................................. 12,132 167,786 Vishay Intertechnology, Inc. ............................................... 10,979 236,817 8,332,562 Insurance (2.2%): CNO Financial Group, Inc. ............................................... 11,794 269,493 Employers Holdings, Inc. ................................................. 8,058 347,542 Genworth Financial, Inc. (a) ............................................... 48,442 256,258 Goosehead Insurance, Inc., Class A (a)........................................ 1,760 60,438 Horace Mann Educators Corp. ............................................. 7,256 271,157 Palomar Holdings, Inc. (a) ................................................ 1,878 84,810 ProAssurance Corp. ..................................................... 11,072 193,428 Safety Insurance Group, Inc. .............................................. 3,842 323,727 Stewart Information Services Corp. ......................................... 4,405 188,226 1,995,079 Materials (5.0%): AdvanSix, Inc. ........................................................ 3,819 145,198 Alpha Metallurgical Resources, Inc. ......................................... 609 89,151 Arconic Corp. (a)....................................................... 5,903 124,907 Chase Corp. .......................................................... 3,025 260,936 Ecovyst, Inc. (a)........................................................ 17,752 157,283 Hawkins, Inc. ......................................................... 5,430 209,598 Hecla Mining Co. ...................................................... 30,030 166,967 Ingevity Corp. (a)....................................................... 2,838 199,909 Innospec, Inc. ......................................................... 2,799 287,905 Materion Corp. ........................................................ 2,329 203,811 Mativ Holdings, Inc. .................................................... 7,777 162,539 Minerals Technologies, Inc. ............................................... 4,033 244,884 NewMarket Corp. ...................................................... 899 279,688 O-I Glass, Inc. (a) ...................................................... 11,419 189,213 Origin Materials, Inc. (a)(c) ............................................... 18,959 87,401 Orion Engineered Carbons SA ............................................. 9,635 171,599 Pactiv Evergreen, Inc. ................................................... 15,269 173,456 Ryerson Holding Corp. .................................................. 3,672 111,115 Schnitzer Steel Industries, Inc. ............................................. 4,124 126,401 Stepan Co. ........................................................... 2,685 285,845 Sylvamo Corp. ........................................................ 3,010 146,256 TriMas Corp. ......................................................... 9,393 260,562 Trinseo PLC .......................................................... 4,895 111,165 Warrior Met Coal, Inc. ................................................... 4,151 143,791 Worthington Industries, Inc. ............................................... 3,369 167,473 4,507,053 Real Estate (1.3%): Anywhere Real Estate, Inc. (a) ............................................. 14,301 91,383 eXp World Holdings, Inc. ................................................. 7,109 78,768 Kennedy-Wilson Holdings, Inc. ............................................ 15,144 238,215 Marcus & Millichap, Inc. ................................................. 5,243 180,621 Newmark Group, Inc., Class A ............................................. 15,125 120,546 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-144.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US Discovery Enhanced Volatility Wtd ETF 90 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value The RMR Group, Inc., Class A ............................................. 10,538 $297,699 The St. Joe Co. ........................................................ 4,783 184,863 1,192,095 Thrifts & Mortgage Finance (2.3%): Axos Financial, Inc. (a) .................................................. 4,417 168,818 Capitol Federal Financial, Inc. ............................................. 42,155 364,641 Columbia Financial, Inc. (a) ............................................... 14,124 305,361 Federal Agricultural Mortgage Corp., Class C .................................. 2,244 252,921 Merchants Bancorp ..................................................... 9,091 221,093 NMI Holdings, Inc., Class A (a)............................................. 8,916 186,344 PennyMac Financial Services, Inc. .......................................... 3,847 217,971 Provident Financial Services, Inc. ........................................... 15,288 326,552 2,043,701 Utilities (2.9%): Altus Power, Inc. (a)..................................................... 9,195 59,951 Avista Corp. .......................................................... 8,258 366,160 Chesapeake Utilities Corp. ................................................ 2,373 280,441 MGE Energy, Inc. ...................................................... 4,566 321,447 Middlesex Water Co. .................................................... 2,775 218,309 Montauk Renewables, Inc. (a).............................................. 6,413 70,735 Northwest Natural Holding Co. ............................................ 6,017 286,349 NorthWestern Corp. ..................................................... 6,139 364,288 SJW Group ........................................................... 4,962 402,865 Unitil Corp. .......................................................... 4,338 222,800 2,593,345 Total Common Stocks (Cost $89,168,944) 89,460,345 Investment Companies (0.4%) BlackRock Liquidity Funds T-Fund, Institutional Shares, 4.02% (d) ................... 402,773 402,773 Total Investment Companies (Cost $402,773) 402,773 Collateral for Securities Loaned (0.2%)^ Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (d) ....... 41,811 41,811 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (d) ........... 41,811 41,811 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (d) ............... 41,811 41,811 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (d) 41,811 41,811 Total Collateral for Securities Loaned (Cost $167,244) 167,244 Total Investments (Cost $89,738,961) — 100.0% 90,030,362 Liabilities in excess of other assets — 0.0%(e) (19718) NET ASSETS - 100.00% $90,010,644 ^ Purchased with cash collateral from securities on loan. (a) Non-income producing security. (b) Affiliated security (See Note 9 in the Notes to Financial Statements) (c) All or a portion of this security is on loan. (d) Rate disclosed is the daily yield on December 31, 2022. (e) Amount represents less than 0.05% of net assets. PLC—Public Limited Company |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-145.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US Discovery Enhanced Volatility Wtd ETF 91 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Futures Contracts Purchased Number of Contracts Expiration Date Notional Amount Value Unrealized Appreciation (Depreciation) E-Mini Russell 2000 Index Futures ...... 6 3/17/23 $534,918 $531,270 $(3648) Total unrealized appreciation $– Total unrealized depreciation (3648) Total net unrealized appreciation (depreciation) $(3648) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-146.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments December 31, 2022 Victory Portfolios II VictoryShares Developed Enhanced Volatility Wtd ETF 92 (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (52.8%) Australia (3.1%): Communication Services (0.2%): REA Group Ltd. ....................................................... 379 $28,585 Telstra Corp. Ltd. ...................................................... 29,631 80,477 109,062 Consumer Discretionary (0.2%): Aristocrat Leisure Ltd. .................................................. 1,762 36,605 Wesfarmers Ltd. ....................................................... 1,705 53,283 89,888 Consumer Staples (0.4%): Coles Group Ltd. ...................................................... 5,694 64,805 Endeavour Group Ltd. .................................................. 9,723 42,490 Woolworths Group Ltd. ................................................. 2,486 56,791 164,086 Energy (0.2%): Santos Ltd. .......................................................... 7,762 37,725 Woodside Energy Group Ltd. ............................................. 1,572 37,923 75,648 Financials (1.0%): ANZ Group Holdings Ltd. (a) ............................................. 4,177 67,272 ASX Ltd. ............................................................ 1,208 55,932 Commonwealth Bank of Australia .......................................... 972 67,884 Macquarie Group Ltd. .................................................. 388 44,096 National Australia Bank Ltd. .............................................. 3,066 62,736 QBE Insurance Group Ltd. ............................................... 5,786 52,894 Suncorp Group Ltd. .................................................... 6,940 56,877 Westpac Banking Corp. .................................................. 4,278 67,996 475,687 Health Care (0.4%): Cochlear Ltd. ......................................................... 315 43,767 CSL Ltd. ............................................................ 257 50,341 Ramsay Health Care Ltd. ................................................ 782 34,440 Sonic Healthcare Ltd. ................................................... 2,328 47,493 176,041 Industrials (0.1%): Brambles Ltd. ........................................................ 5,665 46,544 Information Technology (0.1%): Computershare Ltd. .................................................... 2,711 48,348 WiseTech Global Ltd. ................................................... 656 22,662 71,010 Materials (0.5%): BHP Group Ltd. ....................................................... 1,521 47,243 Fortescue Metals Group Ltd. .............................................. 2,559 35,727 Newcrest Mining Ltd. ................................................... 3,331 46,799 Rio Tinto Ltd. ........................................................ 660 52,298 South32 Ltd. ......................................................... 12,376 33,697 215,764 1,423,730 Austria (0.2%): Energy (0.1%): OMV AG ............................................................ 784 40,362 Financials (0.1%): Erste Group Bank AG ................................................... 1,205 38,562 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-147.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares Developed Enhanced Volatility Wtd ETF 93 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Utilities (0.0%):(b) Verbund AG .......................................................... 291 $24,496 103,420 Belgium (0.5%): Consumer Staples (0.2%): Anheuser-Busch InBev SA ............................................... 954 57,455 Financials (0.1%): KBC Group NV ....................................................... 749 48,163 Health Care (0.1%): UCB SA ............................................................ 671 52,829 Utilities (0.1%): Elia Group SA ........................................................ 337 47,900 206,347 Canada (6.7%): Communication Services (0.5%): BCE, Inc. ........................................................... 1,945 85,469 Rogers Communications, Inc., Class B ....................................... 1,565 73,256 TELUS Corp. (c)....................................................... 3,781 72,978 231,703 Consumer Discretionary (0.3%): Dollarama, Inc. ....................................................... 939 54,926 Magna International, Inc. ................................................ 589 33,092 Restaurant Brands International, Inc. ........................................ 995 64,361 152,379 Consumer Staples (0.7%): Alimentation Couche-Tard, Inc. ............................................ 1,099 48,302 George Weston Ltd. .................................................... 593 73,584 Loblaw Cos. Ltd. ...................................................... 687 60,753 Metro, Inc. ........................................................... 1,474 81,626 Saputo, Inc. .......................................................... 2,077 51,427 315,692 Energy (0.9%): ARC Resources Ltd. .................................................... 1,948 26,260 Cameco Corp. ........................................................ 794 18,000 Canadian Natural Resources Ltd. ........................................... 669 37,156 Cenovus Energy, Inc. ................................................... 1,526 29,611 Enbridge, Inc. (c) ...................................................... 1,966 76,851 Imperial Oil Ltd. ...................................................... 786 38,290 Pembina Pipeline Corp. ................................................. 1,801 61,142 Suncor Energy, Inc. .................................................... 1,079 34,232 TC Energy Corp. ...................................................... 1,384 55,184 Tourmaline Oil Corp. ................................................... 556 28,059 404,785 Financials (1.9%): Bank of Montreal ...................................................... 762 69,040 Brookfield Asset Management Ltd., Class A (a) ................................. 241 6,902 Brookfield Corp. ...................................................... 967 30,414 Canadian Imperial Bank of Commerce ....................................... 1,445 58,460 Fairfax Financial Holdings Ltd. ............................................ 107 63,393 Great-West Lifeco, Inc. .................................................. 3,331 77,013 Intact Financial Corp. ................................................... 554 79,761 Manulife Financial Corp. ................................................ 3,186 56,834 National Bank of Canada ................................................ 1,033 69,612 Power Corp. (c)........................................................ 2,926 68,838 Royal Bank of Canada .................................................. 863 81,149 Sun Life Financial, Inc. .................................................. 1,683 78,133 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-148.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares Developed Enhanced Volatility Wtd ETF 94 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value The Bank of Nova Scotia ................................................ 1,353 $66,301 The Toronto-Dominion Bank .............................................. 1,134 73,436 879,286 Industrials (0.7%): Canadian National Railway Co. ............................................ 507 60,235 Canadian Pacific Railway Ltd. ............................................. 718 53,540 TFI International, Inc. ................................................... 325 32,555 Thomson Reuters Corp. ................................................. 670 76,443 Waste Connections, Inc. ................................................. 491 65,094 WSP Global, Inc. ...................................................... 411 47,691 335,558 Information Technology (0.3%): CGI, Inc. (a) .......................................................... 807 69,571 Constellation Software, Inc. .............................................. 31 48,406 117,977 Materials (0.7%): Aginco Eagle Mines Ltd. (d) .............................................. 816 42,409 Barrick Gold Corp. ..................................................... 2,705 46,375 CCL Industries, Inc. .................................................... 1,138 48,620 First Quantum Minerals Ltd. .............................................. 1,245 26,017 Franco-Nevada Corp. ................................................... 409 55,761 Nutrien Ltd. .......................................................... 367 26,797 Teck Resources Ltd., Class B ............................................. 810 30,616 Wheaton Precious Metals Corp. ............................................ 1,399 54,666 331,261 Utilities (0.7%): Algonquin Power & Utilities Corp. (c) ....................................... 6,438 41,943 Emera, Inc. .......................................................... 2,129 81,383 Fortis, Inc. (c)......................................................... 2,256 90,287 Hydro One Ltd. (d) ..................................................... 3,750 100,467 314,080 3,082,721 Denmark (0.9%): Financials (0.3%): Danske Bank A/S ...................................................... 3,071 60,707 Tryg A/S ............................................................ 2,628 62,564 123,271 Health Care (0.3%): Coloplast A/S, Class B .................................................. 352 41,152 Genmab A/S (a) ....................................................... 110 46,578 Novo Nordisk A/S, Class B ............................................... 357 48,212 135,942 Industrials (0.1%): AP Moller - Maersk A/S, Class B ........................................... 12 26,987 DSV A/S ............................................................ 266 41,993 68,980 Materials (0.1%): Novozymes A/S, B Shares ................................................ 729 36,935 Utilities (0.1%): Orsted A/S (d)......................................................... 295 26,813 391,941 Finland (0.9%): Communication Services (0.2%): Elisa Oyj ............................................................ 1,474 78,029 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-149.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares Developed Enhanced Volatility Wtd ETF 95 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Energy (0.1%): Neste Oyj ........................................................... 563 $25,923 Financials (0.2%): Nordea Bank Abp ...................................................... 5,115 54,774 Sampo Oyj, A Shares ................................................... 1,110 58,000 112,774 Industrials (0.1%): Kone Oyj, Class B ..................................................... 1,138 58,829 Information Technology (0.1%): Nokia Oyj ........................................................... 9,095 42,121 Materials (0.2%): Stora Enso Oyj, Class R ................................................. 2,412 33,947 UPM-Kymmene Oyj ................................................... 1,281 47,891 81,838 399,514 France (4.4%): Communication Services (0.6%): Bollore SE ........................................................... 9,555 53,383 Orange SA ........................................................... 9,074 90,136 Publicis Groupe SA .................................................... 816 51,895 Vivendi SE .......................................................... 7,082 67,567 262,981 Consumer Discretionary (0.5%): Cie Generale des Etablissements Michelin SCA ................................ 1,728 48,058 Hermes International ................................................... 29 44,851 Kering SA ........................................................... 81 41,223 LVMH Moet Hennessy Louis Vuitton SE ..................................... 61 44,389 Sodexo SA ........................................................... 554 53,057 231,578 Consumer Staples (0.5%): Carrefour SA ......................................................... 3,082 51,591 Danone SA .......................................................... 1,048 55,220 L'Oreal SA ........................................................... 131 46,774 Pernod Ricard SA ...................................................... 282 55,460 Remy Cointreau SA .................................................... 234 39,471 248,516 Energy (0.1%): TotalEnergies SE (c) .................................................... 811 50,909 Financials (0.5%): Amundi SA (d) ........................................................ 807 45,778 AXA SA ............................................................ 1,981 55,243 BNP Paribas SA ....................................................... 777 44,284 Credit Agricole SA ..................................................... 4,125 43,404 Societe Generale SA .................................................... 1,320 33,172 221,881 Health Care (0.4%): BioMerieux .......................................................... 413 43,284 EssilorLuxottica SA .................................................... 290 52,517 Sanofi .............................................................. 653 62,790 Sartorius Stedim Biotech ................................................. 84 27,196 185,787 Industrials (1.2%): Aeroports de Paris (a) ................................................... 316 42,344 Airbus SE ........................................................... 356 42,302 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-150.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares Developed Enhanced Volatility Wtd ETF 96 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Bouygues SA ......................................................... 2,392 $71,787 Bureau Veritas SA ..................................................... 2,233 58,817 Cie de Saint-Gobain .................................................... 895 43,729 Eiffage SA ........................................................... 577 56,766 Legrand SA .......................................................... 719 57,577 Schneider Electric SE ................................................... 339 47,429 Teleperformance ...................................................... 156 37,184 Thales SA ........................................................... 372 47,499 Vinci SA ............................................................ 551 55,016 560,450 Information Technology (0.3%): Capgemini SE ........................................................ 236 39,392 Dassault Systemes SE ................................................... 1,063 38,108 Edenred ............................................................. 994 54,130 131,630 Materials (0.1%): Air Liquide SA ........................................................ 460 65,185 Utilities (0.2%): Engie SA ............................................................ 3,440 49,292 Veolia Environnement SA ................................................ 1,563 40,149 89,441 2,048,358 Germany (3.3%): Communication Services (0.1%): Deutsche Telekom AG .................................................. 3,173 63,296 Consumer Discretionary (0.4%): adidas AG ........................................................... 236 32,195 Bayerische Motoren Werke AG ............................................ 525 46,852 Continental AG ....................................................... 520 31,156 Mercedes-Benz Group AG ............................................... 627 41,204 Puma SE ............................................................ 538 32,649 184,056 Consumer Staples (0.1%): Beiersdorf AG ........................................................ 532 61,039 Financials (0.8%): Allianz SE, Registered Shares ............................................. 305 65,582 Deutsche Bank AG, Registered Shares ....................................... 3,435 38,926 Deutsche Boerse AG .................................................... 350 60,461 Hannover Rueck SE .................................................... 282 55,988 Muenchener Rueckversicherungs-Gesellschaft AG, Class R ........................ 192 62,471 Talanx AG ........................................................... 1,441 68,355 351,783 Health Care (0.5%): Bayer AG, Registered Shares .............................................. 817 42,257 Carl Zeiss Meditec AG .................................................. 261 32,935 Fresenius Medical Care AG & Co. KGaA ..................................... 1,211 39,623 Fresenius SE & Co. KGaA ............................................... 1,847 51,892 Merck KGaA ......................................................... 240 46,468 213,175 Industrials (0.5%): Brenntag SE ......................................................... 676 43,209 Daimler Truck Holding AG (a)............................................. 1,327 41,110 Deutsche Post AG, Registered Shares ........................................ 1,080 40,665 MTU Aero Engines AG ................................................. 205 44,365 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-151.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares Developed Enhanced Volatility Wtd ETF 97 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Siemens AG, Registered Shares ............................................ 358 $49,674 219,023 Information Technology (0.2%): Infineon Technologies AG ................................................ 1,326 40,348 SAP SE ............................................................. 612 63,138 103,486 Materials (0.4%): BASF SE ............................................................ 878 43,594 Evonik Industries AG ................................................... 2,303 44,208 HeidelbergCement AG .................................................. 888 50,638 Symrise AG .......................................................... 450 48,958 187,398 Real Estate (0.1%): Vonovia SE .......................................................... 1,435 33,820 Utilities (0.2%): E.ON SE ............................................................ 5,433 54,276 RWE AG ............................................................ 1,032 45,938 100,214 1,517,290 Hong Kong (2.2%): Consumer Staples (0.1%): WH Group Ltd. (d) ..................................................... 65,576 38,144 Financials (0.3%): AIA Group Ltd. ....................................................... 4,586 51,001 Hang Seng Bank Ltd. ................................................... 3,620 60,202 Hong Kong Exchanges & Clearing Ltd. ...................................... 959 41,432 152,635 Health Care (0.1%): Sino Biopharmaceutical Ltd. .............................................. 59,320 34,733 Industrials (0.5%): CK Hutchison Holdings Ltd. .............................................. 10,381 62,312 Jardine Matheson Holdings Ltd. ........................................... 900 45,810 MTR Corp. Ltd. ....................................................... 21,524 114,032 Techtronic Industries Co. Ltd. ............................................. 2,306 25,734 247,888 Real Estate (0.9%): CK Asset Holdings Ltd. ................................................. 9,619 59,218 Henderson Land Development Co. Ltd. ...................................... 17,801 62,150 Hongkong Land Holdings Ltd. ............................................ 10,500 48,300 Sino Land Co. Ltd. ..................................................... 44,052 55,086 Sun Hung Kai Properties Ltd. ............................................. 6,551 89,641 Swire Pacific Ltd., Class A ............................................... 6,444 56,720 The Wharf Holdings Ltd. ................................................ 9,632 28,322 399,437 Utilities (0.3%): China Common Rich Renewable Energy Investments Ltd. (a)(e)(f) ................... 26,000 666 Hong Kong & China Gas Co. Ltd. .......................................... 57,168 54,348 Power Assets Holdings Ltd. ............................................... 15,274 83,660 138,674 1,011,511 Ireland (0.5%): Consumer Staples (0.1%): Kerry Group PLC ...................................................... 519 46,794 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-152.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares Developed Enhanced Volatility Wtd ETF 98 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Industrials (0.2%): Experian PLC ........................................................ 1,477 $50,219 Kingspan Group PLC ................................................... 499 27,014 Ryanair Holdings PLC (a) ................................................ 2,483 32,448 109,681 Materials (0.2%): CRH PLC ........................................................... 1,162 46,029 Smurfit Kappa Group PLC ............................................... 1,038 38,529 84,558 241,033 Israel (0.5%): Financials (0.2%): Bank Hapoalim BM .................................................... 4,371 39,500 Bank Leumi Le-Israel BM ............................................... 4,304 35,939 Mizrahi Tefahot Bank Ltd. ............................................... 1,159 37,609 113,048 Industrials (0.1%): Elbit Systems Ltd. ..................................................... 158 25,765 Information Technology (0.1%): Nice Ltd. (a) .......................................................... 184 35,646 Materials (0.0%):(b) ICL Group Ltd. ....................................................... 3,235 23,455 Real Estate (0.1%): Azrieli Group Ltd. ..................................................... 546 36,337 234,251 Italy (1.2%): Communication Services (0.1%): Infrastrutture Wireless Italiane SpA (d) ....................................... 6,089 61,352 Consumer Discretionary (0.1%): Moncler SpA ......................................................... 728 38,569 Energy (0.1%): Eni SpA ............................................................. 3,675 52,258 Financials (0.4%): Assicurazioni Generali SpA ............................................... 3,503 62,294 Intesa Sanpaolo SpA .................................................... 19,434 43,223 Poste Italiane SpA (d) ................................................... 5,144 50,244 UniCredit SpA ........................................................ 2,642 37,529 193,290 Information Technology (0.1%): Nexi SpA (a)(d) ....................................................... 3,967 31,275 Utilities (0.4%): Enel SpA ............................................................ 10,127 54,520 Snam SpA ........................................................... 14,205 68,826 Terna - Rete Elettrica Nazionale ........................................... 7,640 56,422 179,768 556,512 Japan (10.4%): Communication Services (0.8%): KDDI Corp. .......................................................... 2,308 70,039 Nexon Co. Ltd. ....................................................... 1,900 42,888 Nintendo Co. Ltd. ...................................................... 1,200 50,590 Nippon Telegraph & Telephone Corp. ....................................... 2,928 83,944 Softbank Corp. ........................................................ 7,900 89,584 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-153.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares Developed Enhanced Volatility Wtd ETF 99 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Z Holdings Corp. ...................................................... 11,330 $28,666 365,711 Consumer Discretionary (1.3%): Bandai Namco Holdings, Inc. ............................................. 600 38,015 Bridgestone Corp. ..................................................... 1,200 42,899 Denso Corp. .......................................................... 600 29,886 Fast Retailing Co. Ltd. .................................................. 100 61,370 Honda Motor Co. Ltd. .................................................. 1,900 43,902 Nissan Motor Co. Ltd. .................................................. 8,900 28,358 Oriental Land Co. Ltd. .................................................. 200 29,203 Pan Pacific International Holdings Corp. ..................................... 1,900 35,518 Panasonic Corp. ....................................................... 6,300 53,316 Sekisui House Ltd. ..................................................... 4,072 72,413 Shimano, Inc. ......................................................... 140 22,320 Sony Group Corp. ..................................................... 400 30,590 Subaru Corp. ......................................................... 2,300 35,538 Suzuki Motor Corp. .................................................... 1,100 35,803 Toyota Motor Corp. .................................................... 2,920 40,333 599,464 Consumer Staples (1.2%): Aeon Co. Ltd. ........................................................ 2,600 55,142 Ajinomoto Co., Inc. .................................................... 1,800 55,295 Asahi Group Holdings Ltd. ............................................... 1,360 42,690 Japan Tobacco, Inc. .................................................... 4,444 90,120 Kao Corp. ........................................................... 1,418 56,787 Kikkoman Corp. ....................................................... 600 31,733 Kirin Holdings Co. Ltd. ................................................. 3,900 59,769 Seven & i Holdings Co. Ltd. .............................................. 1,400 60,387 Shiseido Co. Ltd. ...................................................... 1,000 49,314 Unicharm Corp. ....................................................... 1,494 57,702 558,939 Energy (0.2%): ENEOS Holdings, Inc. .................................................. 14,500 49,505 Inpex Corp. .......................................................... 2,500 26,596 76,101 Financials (1.6%): Dai-ichi Life Holdings, Inc. ............................................... 2,488 56,768 Japan Post Holdings Co. Ltd. .............................................. 10,100 85,398 Mitsubishi UFJ Financial Group, Inc. ........................................ 10,500 71,136 Mizuho Financial Group, Inc. ............................................. 6,200 87,694 MS&AD Insurance Group Holdings, Inc. ..................................... 1,700 54,723 Nomura Holdings, Inc. .................................................. 16,400 61,066 ORIX Corp. .......................................................... 2,768 44,688 Sompo Holdings, Inc. ................................................... 1,200 53,590 Sumitomo Mitsui Financial Group, Inc. ...................................... 2,084 84,110 Sumitomo Mitsui Trust Holdings, Inc. ....................................... 1,900 66,432 Tokio Marine Holdings, Inc. .............................................. 2,600 56,024 721,629 Health Care (1.4%): Astellas Pharma, Inc. ................................................... 3,552 54,314 Chugai Pharmaceutical Co. Ltd. ........................................... 1,890 48,510 Daiichi Sankyo Co. Ltd. ................................................. 1,000 32,388 Eisai Co. Ltd. ......................................................... 1,254 83,180 Hoya Corp. .......................................................... 318 30,789 Kyowa Kirin Co. Ltd. ................................................... 2,200 50,633 M3, Inc. ............................................................ 800 21,814 Olympus Corp. ........................................................ 1,600 28,679 Ono Pharmaceutical Co. Ltd. .............................................. 2,484 58,361 Otsuka Holdings Co. Ltd. ................................................ 1,900 62,334 Shionogi & Co. Ltd. .................................................... 728 36,539 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-154.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares Developed Enhanced Volatility Wtd ETF 100 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Sysmex Corp. ........................................................ 374 $22,796 Takeda Pharmaceutical Co. Ltd. ............................................ 2,700 84,588 Terumo Corp. ......................................................... 1,400 39,966 654,891 Industrials (2.0%): Central Japan Railway Co. ............................................... 500 61,747 Daikin Industries Ltd. ................................................... 166 25,554 FANUC Corp. ........................................................ 230 34,766 Hitachi Ltd. .......................................................... 800 40,793 ITOCHU Corp. ....................................................... 2,100 66,351 Komatsu Ltd. ......................................................... 2,088 45,763 Kubota Corp. (c) ....................................................... 2,604 36,058 Marubeni Corp. ....................................................... 4,100 47,337 Mitsubishi Corp. ...................................................... 1,292 42,171 Mitsubishi Electric Corp. ................................................ 5,152 51,571 Mitsubishi Heavy Industries Ltd. ........................................... 1,000 39,887 Mitsui & Co. Ltd. ...................................................... 1,886 55,378 Nidec Corp. .......................................................... 554 28,874 Nippon Yusen KK ..................................................... 1,100 26,071 Recruit Holdings Co. Ltd. ................................................ 920 29,285 Secom Co. Ltd. ....................................................... 910 52,310 SMC Corp. .......................................................... 114 48,286 Sumitomo Corp. ....................................................... 3,700 61,920 Toshiba Corp. ........................................................ 1,500 52,618 Toyota Industries Corp. .................................................. 808 44,581 Toyota Tsusho Corp. .................................................... 1,000 37,228 928,549 Information Technology (1.2%): Advantest Corp. ....................................................... 500 32,312 Canon, Inc. .......................................................... 2,614 56,884 FUJIFILM Holdings Corp. ............................................... 1,060 53,517 Fujitsu Ltd. .......................................................... 300 40,272 Keyence Corp. ........................................................ 128 50,158 Kyocera Corp. ........................................................ 1,200 59,918 Lasertec Corp. ........................................................ 100 16,571 Murata Manufacturing Co. Ltd. ............................................ 802 40,265 Nomura Research Institute Ltd. ............................................ 1,274 30,243 NTT Data Corp. ....................................................... 2,808 41,343 Obic Co. Ltd. ......................................................... 300 44,376 Renesas Electronics Corp. (a).............................................. 3,200 28,862 TDK Corp. .......................................................... 900 29,733 Tokyo Electron Ltd. .................................................... 126 37,333 561,787 Materials (0.2%): Nippon Paint Holdings Co. Ltd. ............................................ 3,290 26,050 Nippon Steel Corp. ..................................................... 2,600 45,414 Shin-Etsu Chemical Co. Ltd. .............................................. 270 33,385 104,849 Real Estate (0.5%): Daiwa House Industry Co. Ltd. ............................................ 2,600 60,215 Mitsubishi Estate Co. Ltd. ................................................ 4,352 56,746 Mitsui Fudosan Co. Ltd. ................................................. 2,678 49,327 Sumitomo Realty & Development Co. Ltd. .................................... 1,900 45,191 211,479 4,783,399 Korea, Republic Of (2.5%): Communication Services (0.2%): Kakao Corp. ......................................................... 656 27,549 Krafton, Inc. (a) ....................................................... 149 19,798 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-155.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares Developed Enhanced Volatility Wtd ETF 101 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value NAVER Corp. ........................................................ 228 $32,007 79,354 Consumer Discretionary (0.4%): Hyundai Mobis Co. Ltd. ................................................. 301 47,730 Hyundai Motor Co. .................................................... 363 43,351 Kia Corp. ............................................................ 841 39,443 LG Electronics, Inc. .................................................... 514 35,164 165,688 Consumer Staples (0.1%): LG Household & Health Care Ltd. .......................................... 64 36,545 Energy (0.1%): SK Innovation Co. Ltd. (a)................................................ 228 27,770 S-Oil Corp. .......................................................... 475 31,331 59,101 Financials (0.6%): Hana Financial Group, Inc. ............................................... 1,571 52,246 KakaoBank Corp. (a).................................................... 1,623 31,192 KB Financial Group, Inc. ................................................ 1,253 48,063 Samsung Life Insurance Co. Ltd. ........................................... 1,246 69,967 Shinhan Financial Group Co. Ltd. .......................................... 2,130 59,297 260,765 Health Care (0.2%): Celltrion, Inc. ......................................................... 241 30,628 Samsung Biologics Co. Ltd. (a)(d) .......................................... 79 51,296 81,924 Industrials (0.3%): Doosan Enerbility Co. Ltd. (a) ............................................. 1,973 24,031 LG Corp. ............................................................ 778 48,056 Samsung C&T Corp. ................................................... 551 49,461 SK, Inc. ............................................................. 287 42,900 164,448 Information Technology (0.3%): Samsung Electronics Co. Ltd. ............................................. 1,529 66,873 Samsung SDI Co. Ltd. .................................................. 80 37,393 SK Hynix, Inc. ........................................................ 594 35,234 139,500 Materials (0.3%): Korea Zinc Co. Ltd. .................................................... 81 36,131 LG Chem Ltd. ........................................................ 59 27,998 POSCO Chemical Co. Ltd. ............................................... 229 32,600 POSCO Holdings, Inc. .................................................. 247 54,014 150,743 1,138,068 Luxembourg (0.2%): Energy (0.1%): Tenaris SA ........................................................... 2,175 37,910 Health Care (0.1%): Eurofins Scientific SE ................................................... 575 41,270 Materials (0.0%):(b) ArcelorMittal SA ...................................................... 1,233 32,431 111,611 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-156.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares Developed Enhanced Volatility Wtd ETF 102 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Netherlands (1.8%): Communication Services (0.2%): Koninklijke KPN NV ................................................... 26,033 $80,524 Consumer Discretionary (0.0%):(b) Prosus NV ........................................................... 360 24,833 Consumer Staples (0.5%): Davide Campari-Milano NV .............................................. 4,274 43,384 Heineken Holding NV .................................................. 741 57,142 Heineken NV ......................................................... 585 55,024 Koninklijke Ahold Delhaize NV ........................................... 2,076 59,637 215,187 Financials (0.4%): ABN AMRO Bank NV (d)................................................ 3,421 47,325 Aegon NV ........................................................... 7,821 39,661 ING Groep NV ....................................................... 3,777 46,036 NN Group NV ........................................................ 976 39,862 172,884 Health Care (0.1%): Koninklijke Philips NV .................................................. 2,029 30,412 Industrials (0.2%): Randstad NV ......................................................... 922 56,209 Wolters Kluwer NV .................................................... 569 59,536 115,745 Information Technology (0.2%): Adyen NV (a)(d)....................................................... 16 22,064 ASM International NV .................................................. 95 23,960 ASML Holding NV .................................................... 64 34,510 STMicroelectronics NV ................................................. 1,038 36,656 117,190 Materials (0.2%): Akzo Nobel NV ....................................................... 658 44,058 Koninklijke DSM NV ................................................... 335 40,982 85,040 841,815 Norway (0.8%): Communication Services (0.2%): Adevinta ASA (a) ...................................................... 2,417 16,204 Telenor ASA ......................................................... 6,312 59,091 75,295 Consumer Staples (0.1%): Mowi ASA .......................................................... 2,315 39,559 Energy (0.1%): Aker BP ASA ......................................................... 820 25,485 Equinor ASA ......................................................... 867 31,172 56,657 Financials (0.2%): DNB Bank ASA ....................................................... 2,757 54,790 Gjensidige Forsikring ASA ............................................... 2,912 57,201 111,991 Materials (0.2%): Norsk Hydro ASA ..................................................... 4,527 33,923 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-157.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares Developed Enhanced Volatility Wtd ETF 103 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Yara International ASA .................................................. 903 $39,739 73,662 357,164 Portugal (0.3%): Consumer Staples (0.1%): Jeronimo Martins SGPS SA .............................................. 2,442 52,744 Energy (0.1%): Galp Energia SGPS SA .................................................. 3,270 44,133 Utilities (0.1%): EDP - Energias de Portugal SA ............................................ 10,408 51,866 148,743 Singapore (1.3%): Communication Services (0.2%): Singapore Telecommunications Ltd. ......................................... 41,500 79,647 Consumer Staples (0.2%): Wilmar International Ltd. ................................................ 22,162 69,013 Financials (0.5%): DBS Group Holdings Ltd. ................................................ 3,078 77,967 Oversea-Chinese Banking Corp. Ltd. ........................................ 9,438 85,845 United Overseas Bank Ltd. ............................................... 3,592 82,350 246,162 Industrials (0.3%): Jardine Cycle & Carriage Ltd. ............................................. 2,300 49,122 Keppel Corp. Ltd. ...................................................... 14,700 79,697 128,819 Real Estate (0.1%): Capitaland Investment Ltd. ............................................... 21,600 59,682 583,323 Spain (1.5%): Communication Services (0.1%): Telefonica SA ........................................................ 14,736 53,388 Consumer Discretionary (0.1%): Industria de Diseno Textil SA ............................................. 1,993 53,007 Energy (0.1%): Repsol SA ........................................................... 2,935 46,649 Financials (0.3%): Banco Bilbao Vizcaya Argentaria SA ........................................ 8,087 48,765 Banco Santander SA .................................................... 15,279 45,829 CaixaBank SA ........................................................ 11,353 44,619 139,213 Industrials (0.2%): Aena SME SA (a)(d) .................................................... 375 47,080 Ferrovial SA ......................................................... 2,073 54,292 101,372 Information Technology (0.1%): Amadeus IT Group SA (a) ................................................ 790 41,051 Utilities (0.6%): Acciona SA .......................................................... 231 42,500 Endesa SA ........................................................... 3,107 58,644 Iberdrola SA ......................................................... 4,882 57,112 Naturgy Energy Group SA ............................................... 1,594 41,474 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-158.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares Developed Enhanced Volatility Wtd ETF 104 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Red Electrica Corp. SA .................................................. 3,154 $54,889 254,619 689,299 Sweden (1.8%): Communication Services (0.1%): Telia Co. AB ......................................................... 20,354 52,031 Consumer Discretionary (0.1%): Evolution AB (d)....................................................... 304 29,598 H & M Hennes & Mauritz AB, Class B (c) .................................... 3,424 36,850 66,448 Consumer Staples (0.1%): Essity AB, Class B ..................................................... 2,032 53,250 Financials (0.5%): EQT AB ............................................................ 1,079 22,823 L E Lundbergforetagen AB, Class B ......................................... 1,079 45,947 Skandinaviska Enskilda Banken AB, Class A .................................. 4,267 49,077 Svenska Handelsbanken AB, Class A ........................................ 6,333 63,821 Swedbank AB, Class A .................................................. 3,345 56,867 238,535 Industrials (0.6%): Alfa Laval AB ........................................................ 1,369 39,524 Assa Abloy AB, Class B ................................................. 2,230 47,833 Atlas Copco AB, Class A ................................................ 3,518 41,525 Epiroc AB, Class A ..................................................... 2,552 46,456 Nibe Industrier AB, Class B .............................................. 2,966 27,615 Sandvik AB .......................................................... 2,458 44,403 Volvo AB, Class B ..................................................... 2,631 47,549 294,905 Information Technology (0.2%): Hexagon AB, Class B ................................................... 4,018 41,994 Telefonaktiebolaget LM Ericsson, Class B .................................... 5,037 29,413 71,407 Materials (0.2%): Boliden AB .......................................................... 999 37,478 Svenska Cellulosa AB SCA, Class B ........................................ 2,940 37,197 74,675 851,251 Switzerland (3.3%): Communication Services (0.2%): Swisscom AG, Registered Shares ........................................... 171 93,713 Consumer Discretionary (0.1%): Cie Financiere Richemont SA, Registered Shares ............................... 264 34,242 The Swatch Group AG .................................................. 154 43,815 78,057 Consumer Staples (0.4%): Barry Callebaut AG, Registered Shares ...................................... 35 69,250 Chocoladefabriken Lindt & Spruengli AG .................................... 4 40,805 Nestle SA, Registered Shares ............................................. 615 71,280 181,335 Financials (0.7%): Julius Baer Group Ltd. .................................................. 782 45,563 Partners Group Holding AG .............................................. 39 34,460 Swiss Life Holding AG .................................................. 104 53,643 Swiss Re AG ......................................................... 673 62,961 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-159.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares Developed Enhanced Volatility Wtd ETF 105 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value UBS Group AG ....................................................... 2,322 $43,217 Zurich Insurance Group AG .............................................. 146 69,857 309,701 Health Care (0.6%): Alcon, Inc. ........................................................... 711 48,595 Lonza Group AG, Registered Shares ........................................ 79 38,722 Novartis AG, Registered Shares ............................................ 917 82,921 Roche Holding AG ..................................................... 191 60,023 Sonova Holding AG .................................................... 126 29,892 Straumann Holding AG, Class R ........................................... 271 30,958 291,111 Industrials (0.6%): ABB Ltd., Registered Shares .............................................. 1,701 51,634 Accelleron Industries AG (a) .............................................. 48 994 Geberit AG, Registered Shares ............................................ 110 51,823 Kuehne + Nagel International AG, Class R .................................... 171 39,809 Schindler Holding AG .................................................. 282 53,050 SGS SA, Registered Shares ............................................... 28 65,123 262,433 Information Technology (0.1%): Logitech International SA, Class R ......................................... 728 44,937 Materials (0.6%): EMS-Chemie Holding AG ............................................... 66 44,695 Givaudan SA, Registered Shares ........................................... 16 49,035 Glencore PLC ........................................................ 6,364 42,491 Holcim AG .......................................................... 1,134 58,737 SIG Group AG ........................................................ 1,790 39,115 Sika AG, Registered Shares ............................................... 177 42,450 276,523 1,537,810 United Kingdom (4.4%): Communication Services (0.4%): BT Group PLC ........................................................ 25,457 34,477 Informa PLC ......................................................... 6,318 47,316 Vodafone Group PLC ................................................... 42,665 43,442 WPP PLC ........................................................... 4,328 42,907 168,142 Consumer Discretionary (0.4%): Compass Group PLC ................................................... 2,154 49,923 Entain PLC .......................................................... 2,463 39,341 InterContinental Hotels Group PLC ......................................... 747 42,833 Next PLC ........................................................... 642 45,054 177,151 Consumer Staples (1.0%): Associated British Foods PLC ............................................. 2,559 48,746 British American Tobacco PLC ............................................ 1,467 58,186 Diageo PLC .......................................................... 1,266 55,853 Haleon PLC (a)........................................................ 11,056 43,745 Imperial Brands PLC ................................................... 2,572 64,382 Reckitt Benckiser Group PLC ............................................. 758 52,718 Tesco PLC ........................................................... 23,679 64,167 Unilever PLC ......................................................... 1,089 55,046 442,843 Energy (0.1%): Shell PLC ........................................................... 1,449 40,737 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-160.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares Developed Enhanced Volatility Wtd ETF 106 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Financials (0.8%): 3i Group PLC ........................................................ 2,800 $45,401 Barclays PLC ......................................................... 19,442 37,251 HSBC Holdings PLC ................................................... 7,219 44,998 Legal & General Group PLC .............................................. 14,359 43,302 Lloyds Banking Group PLC .............................................. 78,446 43,057 London Stock Exchange Group PLC ........................................ 503 43,385 NatWest Group PLC .................................................... 14,632 46,902 Prudential PLC ....................................................... 3,201 43,623 Standard Chartered PLC ................................................. 4,745 35,696 383,615 Health Care (0.2%): GSK PLC ........................................................... 3,406 59,183 Smith & Nephew PLC .................................................. 3,734 50,075 109,258 Industrials (0.8%): Ashtead Group PLC .................................................... 719 41,019 BAE Systems PLC ..................................................... 5,485 56,750 Bunzl PLC ........................................................... 1,710 57,025 Ferguson PLC ........................................................ 393 49,592 RELX PLC .......................................................... 2,336 64,602 Rentokil Initial PLC .................................................... 7,093 43,552 Spirax-Sarco Engineering PLC ............................................ 339 43,494 356,034 Information Technology (0.1%): Halma PLC .......................................................... 1,752 41,802 Materials (0.4%): Anglo American PLC ................................................... 989 38,689 Antofagasta PLC ...................................................... 2,362 44,123 Croda International PLC ................................................. 533 42,545 Evraz PLC (e)(f)(g)(h)................................................... 12,158 5,952 Rio Tinto PLC ........................................................ 741 51,929 183,238 Utilities (0.2%): National Grid PLC ..................................................... 5,045 60,820 SSE PLC ............................................................ 2,589 53,574 114,394 2,017,214 United States (0.1%): Utilities (0.1%): Brookfield Renewable Corp., Class A ........................................ 1,241 34,165 Total Common Stocks (Cost $21,964,222) 24,310,490 Investment Companies (46.6%) United States (46.6%): BlackRock Liquidity Funds T-Fund, Institutional Shares, 4.02% (i) ................... 21,438,853 21,438,853 Total Investment Companies (Cost $21,438,853) 21,438,853 Collateral for Securities Loaned (0.4%)^ United States (0.4%): Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (i) ....... 55,224 55,224 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (i) ............ 55,224 55,224 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (i) ............... 55,224 55,224 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (i) . 55,224 55,224 Total Collateral for Securities Loaned (Cost $220,896) 220,896 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-161.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares Developed Enhanced Volatility Wtd ETF 107 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Total Investments (Cost $43,623,971) — 99.8% $45,970,239 Other assets in excess of liabilities — 0.2% 98,432 NET ASSETS - 100.00% $46,068,671 ^ Purchased with cash collateral from securities on loan. (a) Non-income producing security. (b) Amount represents less than 0.05% of net assets. (c) All or a portion of this security is on loan. (d) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December 31, 2022, the fair value of these securities was $593,845 and amounted to 1.3% of net assets. (e) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of December 31, 2022, illiquid securities were less than 0.05% of net assets. (f) Security was fair valued based upon procedures approved by the Board of Trustees and represents less than 0.05% of net assets as of December 31, 2022. This security is classified as Level 3 within the fair value hierarchy. (See Note 2 in the Notes to Financial Statements) (g) Restricted security due to trading restrictions. Russian sanctioned entity by the United States Government. (h) The following table details the earliest acquisition date and cost of the Fund's Russian sanctioned restricted securities at December 31, 2022. Security Name Acquisition Date Cost Evraz PLC................................................. 3/19/2021 $75,288 (i) Rate disclosed is the daily yield on December 31, 2022. PLC—Public Limited Company Futures Contracts Purchased Number of Contracts Expiration Date Notional Amount Value Unrealized Appreciation (Depreciation) E-Mini MSCI EAFE Index Futures ...... 1 3/17/23 $98,254 $97,470 $(784) Total unrealized appreciation $– Total unrealized depreciation (784) Total net unrealized appreciation (depreciation) $(784) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-162.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments December 31, 2022 Victory Portfolios II VictoryShares Nasdaq Next 50 ETF 108 (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (99.8%) Communication Services (11.4%): Baidu, Inc., ADR (a)..................................................... 17,697 $2,024,183 Fox Corp., Class A ..................................................... 33,662 1,022,315 Fox Corp., Class B ..................................................... 26,733 760,554 Liberty Broadband Corp., Class A (a)......................................... 2,100 159,285 Liberty Broadband Corp., Class C (a) ........................................ 14,167 1,080,517 Take-Two Interactive Software, Inc. (a) ....................................... 18,677 1,944,836 The Trade Desk, Inc., Class A (a)............................................ 49,556 2,221,596 Yandex NV, Class A (a)(b)(c)(d)(e) .......................................... 45,921 8,697 ZoomInfo Technologies, Inc. (a) ............................................ 44,922 1,352,601 10,574,584 Consumer Discretionary (9.2%): Expedia Group, Inc. (a) .................................................. 16,756 1,467,826 LKQ Corp. ........................................................... 29,734 1,588,093 Tractor Supply Co. ..................................................... 12,293 2,765,556 Ulta Beauty, Inc. (a) ..................................................... 5,700 2,673,699 8,495,174 Consumer Staples (3.0%): Coca-Cola Europacific Partners PLC ......................................... 50,849 2,812,967 Electronic Equipment, Instruments & Components (6.0%): CDW Corp. .......................................................... 15,067 2,690,665 Trimble, Inc. (a)........................................................ 27,447 1,387,720 Zebra Technologies Corp. (a) .............................................. 5,746 1,473,332 5,551,717 Energy (3.3%): APA Corp. ........................................................... 35,781 1,670,257 Chesapeake Energy Corp. ................................................ 14,909 1,406,962 3,077,219 Health Care (24.7%): Alnylam Pharmaceuticals, Inc. (a) ........................................... 13,692 3,253,904 BioMarin Pharmaceutical, Inc. (a) ........................................... 20,683 2,140,484 BioNTech SE, ADR ..................................................... 10,235 1,537,502 Hologic, Inc. (a)........................................................ 27,358 2,046,652 Horizon Therapeutics PLC (a).............................................. 25,220 2,870,036 ICON PLC (a) ......................................................... 9,086 1,764,955 Incyte Corp. (a) ........................................................ 24,759 1,988,643 Insulet Corp. (a)........................................................ 7,729 2,275,340 Royalty Pharma PLC, Class A ............................................. 49,090 1,940,037 Sanofi, ADR .......................................................... 32,161 1,557,557 Viatris, Inc. ........................................................... 134,959 1,502,094 22,877,204 Industrials (7.3%): Expeditors International of Washington, Inc. ................................... 17,710 1,840,423 J.B. Hunt Transport Services, Inc. ........................................... 11,522 2,008,976 Nordson Corp. ........................................................ 6,367 1,513,563 United Airlines Holdings, Inc. (a) ........................................... 36,384 1,371,677 6,734,639 IT Services (8.9%): Akamai Technologies, Inc. (a).............................................. 17,499 1,475,166 Jack Henry & Associates, Inc. ............................................. 8,118 1,425,196 MongoDB, Inc. (a)...................................................... 7,646 1,505,039 SS&C Technologies Holdings, Inc. .......................................... 28,035 1,459,502 VeriSign, Inc. (a) ....................................................... 11,798 2,423,781 8,288,684 Materials (2.1%): Steel Dynamics, Inc. .................................................... 19,539 1,908,960 Semiconductors & Semiconductor Equipment (12.4%): First Solar, Inc. (a) ...................................................... 11,864 1,777,108 Monolithic Power Systems, Inc. ............................................ 5,224 1,847,259 ON Semiconductor Corp. (a)............................................... 48,125 3,001,556 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-163.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares Nasdaq Next 50 ETF 109 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Skyworks Solutions, Inc. ................................................. 17,824 $1,624,301 SolarEdge Technologies, Inc. (a) ............................................ 6,221 1,762,223 Teradyne, Inc. ......................................................... 17,334 1,514,125 11,526,572 Software (8.2%): Check Point Software Technologies Ltd. (a) .................................... 13,957 1,760,815 Gen Digital, Inc. ....................................................... 72,489 1,553,439 Paylocity Holding Corp. (a) ............................................... 6,196 1,203,635 PTC, Inc. (a) .......................................................... 13,073 1,569,283 Splunk, Inc. (a) ........................................................ 18,106 1,558,746 7,645,918 Technology Hardware, Storage & Peripherals (1.6%): NetApp, Inc. .......................................................... 24,191 1,452,911 Utilities (1.7%): Alliant Energy Corp. .................................................... 27,936 1,542,347 Total Common Stocks (Cost $100,632,553) 92,488,896 Total Investments (Cost $100,632,553) — 99.8% 92,488,896 Other assets in excess of liabilities — 0.2% 139,784 NET ASSETS - 100.00% $92,628,680 (a) Non-income producing security. (b) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of December 31, 2022, illiquid securities were less than 0.05% of net assets. (c) Security was fair valued based upon procedures approved by the Board of Trustees and represents less than 0.05% of net assets as of December 31, 2022. This security is classified as Level 3 within the fair value hierarchy. (See Note 2 in the Notes to Financial Statements) (d) Restricted security due to trading restrictions. Russian sanctioned entity by the United States Government. (e) The following table details the earliest acquisition date and cost of the Fund's Russian sanctioned restricted securities at December 31, 2022. Security Name Acquisition Date Cost Yandex NV, Class A .......................................... 9/9/2020 $2,892,222 ADR—American Depositary Receipt PLC—Public Limited Company Futures Contracts Purchased Number of Contracts Expiration Date Notional Amount Value Unrealized Appreciation (Depreciation) NASDAQ 100 E-Mini Futures ......... 1 3/17/23 $229,614 $220,445 $(9169) Total unrealized appreciation $– Total unrealized depreciation (9169) Total net unrealized appreciation (depreciation) $(9169) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-164.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments December 31, 2022 Victory Portfolios II VictoryShares ESG Core Plus Bond ETF 110 (Unaudited) See notes to financial statements. Security Description Principal Amount Value Asset-Backed Securities (17.0%) AmeriCredit Automobile Receivables Trust, Series 2021-3, Class C, 1.41%, 8/18/27, Callable 12/18/25 @ 100 ................................................... $500,000 $452,718 Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class B, 2.20%, 1/20/28, Callable 9/20/25 @ 100 (a) ............................................ 676,000 611,450 Amur Equipment Finance Receivables XI LLC, Series 2022-2A, Class A2, 5.30%, 6/21/28, Callable 7/20/26 @ 100 (a) ............................................ 500,000 493,089 ARI Fleet Lease Trust, Series 2022-A, Class A3, 3.43%, 1/15/31, Callable 4/15/25 @ 100 (a). 190,000 182,200 ARI Fleet Lease Trust, Series 2022-A, Class B, 3.79%, 1/15/31, Callable 4/15/25 @ 100 (a) . 116,000 107,929 ARI Fleet Lease Trust, Series 2022-A, Class C, 4.17%, 1/15/31, Callable 4/15/25 @ 100 (a) . 250,000 229,919 Avis Budget Rental Car Funding AESOP LLC, Series 2022-5A, Class B, 7.09%, 4/20/27 (a) . 500,000 501,029 CARDS II Trust, Series 2021-1A, Class C, 1.20%, 4/15/27 (a)....................... 540,000 506,163 Carvana Auto Receivables Trust, Series 2021-P4, Class B, 1.98%, 2/10/28, Callable 5/10/27 @ 100 ............................................................ 500,000 420,850 Carvana Auto Receivables Trust, Series 2021-N4, Class D, 2.30%, 9/11/28, Callable 9/10/26 @ 100 ............................................................ 875,000 785,239 Carvana Auto Receivables Trust, Series 2019-2A, Class D, 3.28%, 1/15/25 (a) ........... 138,250 137,153 CCG Receivables Trust, Series 2021-2, Class C, 1.50%, 3/14/29, Callable 1/14/25 @ 100 (a). 250,000 226,543 Conn's Receivables Funding LLC, Series 2022-A, Class B, 9.52%, 12/15/26, Callable 4/15/24 @ 100 (a) ........................................................ 500,000 495,885 Credit Acceptance Auto Loan Trust, Series 2021-4, Class B, 1.74%, 12/16/30, Callable 4/15/25 @ 100 (a) ........................................................ 320,000 291,853 DB Master Finance LLC, Series 2021-1A, Class A2II, 2.49%, 11/20/51, Callable 11/20/25 @ 100 (a) .......................................................... 1,336,500 1,089,469 Diamond Issuer, Series 2021-1A, Class B, 2.70%, 11/20/51, Callable 11/20/25 @ 100 (a) ... 654,000 532,585 Drive Auto Receivables Trust, Series 2021-3, Class C, 1.47%, 1/15/27, Callable 11/15/24 @ 100 ............................................................ 500,000 471,725 Drive Auto Receivables Trust, Series 2020-2, Class C, 2.28%, 8/17/26, Callable 4/15/24 @ 100 ............................................................ 253,832 251,811 DT Auto Owner Trust, Series 2020-2A, Class D, 4.73%, 3/16/26, Callable 8/15/24 @ 100 (a). 500,000 490,264 Enterprise Fleet Financing LLC, Series 2022-4, Class A3, 5.65%, 10/22/29, Callable 7/20/25 @ 100 (a) ........................................................ 250,000 251,551 Evergreen Credit Card Trust, Series 2021-1, Class B, 1.15%, 10/15/26 (a)............... 391,000 362,710 Evergreen Credit Card Trust, Series 2022-CRT1, Class C, 6.19%, 7/15/26 (a) ............ 250,000 244,658 Evergreen Credit Card Trust, Series 2022-CRT2, Class B, 6.56%, 11/15/26 (a) ........... 250,000 249,412 Evergreen Credit Card Trust, Series 2022-CRT2, Class C, 7.44%, 11/15/26 (a) ........... 400,000 395,596 Evergreen Credit Card Trust, Series 2021-1, Class C, 1.42%, 10/15/26 (a)............... 319,000 295,602 Evergreen Credit Card Trust, Series 2022-CRT1, Class B, 5.61%, 7/15/26 (a) ............ 250,000 244,638 Exeter Automobile Receivables Trust, Series 2019-4A, Class D, 2.58%, 9/15/25, Callable 5/15/24 @ 100 (a) .................................................. 202,093 197,078 First Investors Auto Owner Trust, Series 2019-1A, Class D, 3.55%, 4/15/25, Callable 4/15/23 @ 100 (a) ........................................................ 214,534 213,641 FirstKey Homes Trust, Series 2021-SFR3, Class D, 2.79%, 12/17/38 (a)................ 750,000 633,136 FirstKey Homes Trust, Series 2021-SFR3, Class A, 2.14%, 12/17/38 (a)................ 741,926 643,300 FirstKey Homes Trust, Series 2021-SFR3, Class B, 2.44%, 12/17/38 (a)................ 500,000 434,170 Flagship Credit Auto Trust, Series 4, Class C, 1.96%, 12/15/27, Callable 1/15/26 @ 100 (a). . 500,000 455,317 Flagship Credit Auto Trust, Series 2018-3, Class D, 4.15%, 12/16/24, Callable 3/15/24 @ 100 (a) ............................................................. 282,676 280,227 Flagship Credit Auto Trust, Series 2018-4, Class D, 4.33%, 12/16/24, Callable 5/15/24 @ 100 (a) ............................................................. 433,905 430,514 Flagship Credit Auto Trust, Series 2019-4, Class E, 4.11%, 3/15/27, Callable 12/15/24 @ 100 (a) ............................................................. 1,265,000 1,155,896 Ford Credit Auto Lease Trust, Series 2022-A, Class B, 3.81%, 8/15/25, Callable 10/15/24 @ 100 ............................................................ 321,000 311,872 Ford Credit Auto Owner Trust, Series 2022-1, Class C, 4.67%, 11/15/34, Callable 5/15/27 @ 100 (a) .......................................................... 950,000 911,275 Ford Credit Auto Owner Trust, Series 2021-2, Class C, 2.11%, 5/15/34, Callable 11/15/26 @ 100 (a) .......................................................... 500,000 427,414 Golden Credit Card Trust, Series 2021-1A, Class C, 1.74%, 8/15/28 (a) ................ 200,000 174,232 Hertz Vehicle Financing LLC, Series 2022-4A, Class B, 4.12%, 9/25/26, Callable 9/25/25 @ 100 (a) .......................................................... 700,000 656,940 Hertz Vehicle Financing LLC, Series 2022-2A, Class B, 2.65%, 6/26/28, Callable 6/25/27 @ 100 (a) .......................................................... 1,000,000 856,759 Hpefs Equipment Trust, Series 2022-2A, Class D, 4.94%, 3/20/30, Callable 9/20/25 @ 100 (a) 1,300,000 1,254,127 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-165.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares ESG Core Plus Bond ETF 111 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value HPEFS Equipment Trust, Series 2022-1A, Class D, 2.40%, 11/20/29, Callable 5/20/25 @ 100 (a) ............................................................. $333,000 $305,349 Hyundai Auto Receivables Trust, Series 2021-C, Class C, 1.66%, 6/15/28, Callable 2/15/26 @ 100 ............................................................ 500,000 441,463 JPMorgan Chase Bank NA, Series 2021-2, Class B, 0.89%, 12/26/28, Callable 6/25/25 @ 100 (a) ............................................................. 107,756 102,983 JPMorgan Chase Bank NA, Series 2020-2, Class C, 1.14%, 2/25/28, Callable 11/25/24 @ 100 (a) ............................................................. 117,408 114,761 Kubota Credit Owner Trust, Series 2022-1A, Class A3, 2.67%, 10/15/26, Callable 2/15/26 @ 100 (a) .......................................................... 500,000 471,112 Master Credit Card Trust, Series 2021-1A, Class C, 1.06%, 11/21/25 (a)................ 1,000,000 929,088 Master Credit Card Trust, Series 2022-2A, Class C, 2.73%, 7/21/28 (a)................. 312,000 276,144 Master Credit Card Trust, Series 2022-2A, Class B, 2.38%, 7/21/28 (a)................. 500,000 452,052 New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.91%, 10/20/61, Callable 10/20/24 @ 100 (a) ........................................... 677,000 572,044 New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61, Callable 10/20/24 @ 100 (a) ........................................... 366,000 300,674 Oscar U.S. Funding XII LLC, Series 1A, Class A4, 1.00%, 4/10/28, Callable 2/10/25 @ 100 (a) ............................................................. 250,000 228,228 Oscar US Funding XIV LLC, Series 2022-1A, Class A4, 2.82%, 4/10/29, Callable 3/10/26 @ 100 (a) .......................................................... 1,000,000 924,819 Pawnee Equipment Receivables LLC, Series 2021-1, Class B, 1.82%, 7/15/27, Callable 9/15/25 @ 100 (a) .................................................. 136,000 123,079 PenFed Auto Receivables Owner Trust, Series 2022-A, Class D, 5.85%, 6/17/30, Callable 12/15/25 @ 100 (a) ................................................. 76,000 72,955 PenFed Auto Receivables Owner Trust, Series 2022-A, Class A4, 4.18%, 12/15/28, Callable 12/15/25 @ 100 (a) ................................................. 250,000 245,718 Santander Bank Auto Credit-Linked Notes, Series 2022-B, Class E, 8.68%, 8/16/32, Callable 2/15/26 @ 100 (a) .................................................. 341,915 340,395 Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class C, 7.38%, 5/15/32, Callable 11/15/25 @ 100 (a) ................................................. 708,862 692,405 Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class B, 5.28%, 5/15/32, Callable 11/15/25 @ 100 (a) ................................................. 708,862 692,041 Santander Bank Auto Credit-Linked Notes, Series 2022-C, Class D, 8.20%, 12/15/32, Callable 9/15/26 @ 100 (a) .................................................. 293,478 293,361 Santander Bank NA, Series 2021-1A, Class B, 1.83%, 12/15/31, Callable 7/15/25 @ 100 (a) . 420,637 404,582 Santander Bank NA, Series 2021-1A, Class C, 3.27%, 12/15/31, Callable 7/15/25 @ 100 (a) . 394,347 380,723 Santander Consumer Auto Receivables Trust, Series 2020-AA, Class D, 5.49%, 4/15/26, Callable 9/15/24 @ 100 (a) ............................................ 250,000 246,723 Santander Drive Auto Receivables Trust, Series 2021-4, Class C, 1.26%, 2/16/27, Callable 1/15/25 @ 100 .................................................... 250,000 237,811 SCF Equipment Leasing LLC, Series 2021-1A, Class D, 1.93%, 9/20/30, Callable 9/20/26 @ 100 (a) .......................................................... 500,000 420,257 SCF Equipment Leasing LLC, Series 2022-2A, Class C, 6.50%, 8/20/32, Callable 8/20/29 @ 100 (a) .......................................................... 196,294 190,780 SCF Equipment Leasing LLC, Series 2022-2A, Class D, 6.50%, 10/20/32, Callable 8/20/29 @ 100 (a) .......................................................... 329,793 303,667 Synchrony Card Funding LLC, Series 2022-A1, Class A, 3.37%, 4/15/28, Callable 4/15/25 @ 100 ............................................................ 220,000 211,850 Tricon Residential Trust, Series 2022-SFR1, Class A, 3.86%, 4/17/39 (a) ............... 750,000 697,671 Tricon Residential Trust, Series 2022-SFR2, Class B, 5.24%, 7/17/40, Callable 7/17/28 @ 100 (a) ............................................................. 200,000 188,939 Trillium Credit Card Trust II, Series 2021-1A, Class C, 2.42%, 10/26/29 (a) ............. 744,000 658,597 Trinity Rail Leasing LLC, Series 2022-1, Class A, 4.55%, 5/20/52, Callable 10/21/24 @ 100 (a) ............................................................. 492,615 447,487 United Auto Credit Securitization Trust, Series 2022-1, Class C, 2.61%, 6/10/27, Callable 1/10/25 @ 100 (a) .................................................. 250,000 240,329 Vantage Data Centers LLC, Series 2020-2A, Class A2, 1.99%, 9/15/45, Callable 9/15/25 @ 100 (a) .......................................................... 453,000 370,789 VB-S1 Issuer LLC - VBTEL, Series 2022-1A, Class C2II, 3.71%, 2/15/57, Callable 2/15/30 @ 100 (a) .......................................................... 1,000,000 789,460 VB-S1 Issuer LLC - VBTEL, Series 2022-1A, Class F, 5.27%, 2/15/52, Callable 2/15/26 @ 100 (a) .......................................................... 1,000,000 830,503 Verizon Master Trust, Series 2021-2, Class C, 1.38%, 4/20/28, Callable 10/20/24 @ 100 .... 500,000 457,728 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-166.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares ESG Core Plus Bond ETF 112 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value Westlake Automobile Receivables Trust, Series 2021-3A, Class C, 1.58%, 1/15/27, Callable 4/15/25 @ 100 (a) .................................................. $500,000 $467,723 Westlake Automobile Receivables Trust, Series 2019-2A, Class E, 4.02%, 4/15/25, Callable 5/15/23 @ 100 (a) .................................................. 1,250,000 1,240,388 Total Asset-Backed Securities (Cost $38,908,173) 35,722,617 Collateralized Mortgage Obligations (20.3%) 37 Capital CLO I, Series 2021-1A, Class C, 6.33% (LIBOR03M+225bps), 10/15/34, Callable 4/15/30 @ 100 (a)(b) ................................................ 250,000 228,787 720 East CLO Ltd., Series 2022-1A, Class D, 10.72% (TSFR3M+615bps), 1/20/36 (a)(b)... 500,000 487,544 720 East CLO Ltd., Series 2022-1A, Class B, 7.82% (TSFR3M+325bps), 1/20/36 (a)(b).... 350,000 348,318 AB BSL CLO 1 Ltd., Series 2020-1A, Class A2AR, 5.51% (TSFR3M+165bps), 1/15/35, Callable 10/15/29 @ 100 (a)(b) ......................................... 500,000 477,398 AB BSL CLO 1 Ltd., Series 2020-1A, Class CR, 6.36% (TSFR3M+250bps), 1/15/35, Callable 10/15/29 @ 100 (a)(b) ............................................... 250,000 232,648 AIMCO CLO 17 Ltd., Series 2022-17A, Class B, 4.27% (TSFR3M+210bps), 7/20/35, Callable 4/20/29 @ 100 (a)(b).......................................... 250,000 245,544 AOA Mortgage Trust, Series 2021-1177, Class D, 6.14% (LIBOR01M+182bps), 10/15/38 (a)(b) ........................................................... 300,000 272,635 AOA Mortgage Trust, Series 2021-1177, Class B, 5.49% (LIBOR01M+117bps), 10/15/38 (a)(b) ........................................................... 250,000 234,873 Arbor Multifamily Mortgage Securities Trust, Series 2022-MF4, Class A5, 3.29%, 2/15/55, Callable 2/15/32 @ 100 (a)(c) .......................................... 500,000 429,607 Aventura Mall Trust, Series 2018-AVM, Class A, 4.11%, 7/5/40 (a)(c) ................. 790,000 706,212 Ballyrock CLO 18 Ltd., Series 2021-18A, Class A2, 5.73% (LIBOR03M+165bps), 1/15/35, Callable 1/15/30 @ 100 (a)(b).......................................... 750,000 714,337 Ballyrock CLO 20 Ltd., Series 2022-20A, Class A2A, 5.94% (TSFR3M+305bps), 7/15/34, Callable 4/15/29 @ 100 (a)(b).......................................... 250,000 248,106 BAMLL Commercial Mortgage Securities Trust, Series 2015-200P, Class B, 3.49%, 4/14/33, Callable 4/14/25 @ 100 (a) ............................................ 750,000 688,410 BAMLL Commercial Mortgage Securities Trust, Series 2015-200P, Class D, 3.60% (LIBOR01M+105bps), 4/14/33, Callable 4/14/25 @ 100 (a)(b)............. 750,000 663,870 BBCMS Mortgage Trust, Series 2020-BID, Class C, 7.96% (LIBOR01M+364bps), 10/15/37 (a)(b) ........................................................... 300,000 293,758 BBCMS Mortgage Trust, Series 2020-BID, Class B, 6.86% (LIBOR01M+254bps), 10/15/37 (a)(b) ........................................................... 500,000 488,636 BBCMS Mortgage Trust, Series 2022-C16, Class AS, 4.60%, 6/15/55, Callable 6/15/32 @ 100 (c) ............................................................. 135,135 121,596 Benchmark Mortgage Trust, Series 2022-B36, Class XA, 0.64%, 7/15/55, Callable 6/15/32 @ 100 (c)(d) ........................................................ 10,001,000 497,085 Benchmark Mortgage Trust, Series 2020-B19, Class AS, 2.15%, 9/15/53, Callable 10/15/30 @ 100 ............................................................ 1,000,000 741,995 BPR Trust, Series 2021-TY, Class D, 6.67% (LIBOR01M+235bps), 9/15/38 (a)(b)........ 500,000 471,466 BPR Trust, Series 2022-STAR, Class A, 7.57% (TSFR1M+323bps), 8/15/24 (a)(b)........ 211,364 209,150 BPR Trust, Series 2021-TY, Class A, 5.37% (LIBOR01M+105bps), 9/15/38 (a)(b) ........ 500,000 474,912 BPR Trust, Series 2022-OANA, Class D, 8.03% (TSFR1M+370bps), 4/15/37 (a)(b)....... 500,000 458,416 BPR Trust, Series 2022-OANA, Class A, 6.23% (TSFR1M+190bps), 4/15/37 (a)(b)....... 1,000,000 984,711 BX Commercial Mortgage Trust, Series 2021-SOAR, Class D, 5.72% (LIBOR01M+140bps), 6/15/38 (a)(b) ..................................................... 248,120 233,789 BX Commercial Mortgage Trust, Series 2022-CSMO, Class D, 8.67% (TSFR1M+434bps), 6/15/27 (a)(b) ..................................................... 500,000 492,627 BX Commercial Mortgage Trust, Series 2021-XL2, Class B, 5.32% (LIBOR01M+100bps), 10/15/38 (a)(b)..................................................... 231,679 219,974 BX Commercial Mortgage Trust, Series 2019-XL, Class D, 5.90% (LIBOR01M+145bps), 10/15/36 (a)(b)..................................................... 1,215,500 1,175,357 BX Commercial Mortgage Trust, Series 2020-VIV2, Class C, 3.54%, 3/9/44 (a)(c) ........ 500,000 379,738 BX Commercial Mortgage Trust, Series 2020-VIV3, Class B, 3.54%, 3/9/44, Callable 3/9/30 @ 100 (a)(c) ...................................................... 250,000 201,464 BX Commercial Mortgage Trust, Series 2022-CSMO, Class C, 8.22% (TSFR1M+389bps), 6/15/27 (a)(b) ..................................................... 1,000,000 988,941 BX Commercial Mortgage Trust, Series 2021-VOLT, Class B, 5.27% (LIBOR01M+85bps), 9/15/36 (a)(b) ..................................................... 250,000 236,460 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-167.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares ESG Core Plus Bond ETF 113 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value BX Mortgage Trust, Series 2021-PAC, Class B, 5.22% (LIBOR01M+90bps), 10/15/36 (a)(b) $250,000 $235,975 BX Trust, Series 2021-RISE, Class B, 5.57% (LIBOR01M+125bps), 11/15/36 (a)(b) ...... 500,000 478,448 BX Trust, Series 2021-ARIA, Class D, 6.21% (LIBOR01M+190bps), 10/15/36 (a)(b)...... 250,000 229,011 BX Trust, Series 2022-CLS, Class B, 6.30%, 10/13/27 (a) .......................... 250,000 246,757 BXP Trust, Series 2021-601L, Class D, 2.78%, 1/15/44 (a)(c) ....................... 1,250,000 782,740 BXP Trust, Series 2021-601L, Class B, 2.78%, 1/15/44 (a)(c) ....................... 500,000 352,962 BXP Trust, Series 2021-601L, Class C, 2.78%, 1/15/44 (a)(c) ....................... 250,000 169,607 CAMB Commercial Mortgage Trust, Series 2021-CX2, Class A, 2.70%, 11/10/46, Callable 11/10/31 @ 100 (a) ................................................. 1,000,000 791,276 Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class D, 4.74%, 1/10/36 (a)(c) . . 615,000 594,035 Columbia Cent CLO 29 Ltd., Series 2020-29A, Class BR, 5.94% (LIBOR03M+170bps), 10/20/34, Callable 4/20/30 @ 100 (a)(b) .................................. 500,000 474,461 Columbia Cent CLO 32 Ltd., Series 2022-32A, Class BF, 5.20%, 7/24/34, Callable 7/24/29 @ 100 (a) .......................................................... 250,000 224,258 COMM Mortgage Trust, Series 2014- 277P, Class C, 3.61%, 8/10/49, Callable 8/10/24 @ 100 (a)(c) ........................................................... 333,000 305,064 COMM Mortgage Trust, Series 2014-277P, Class A, 3.61%, 8/10/49, Callable 8/10/24 @ 100 (a)(c) ........................................................... 1,235,000 1,168,759 COMM Mortgage Trust, Series 2020-CX, Class A, 2.17%, 11/10/46, Callable 11/10/30 @ 100 (a) ............................................................. 825,000 639,429 CSMC, Series 2019-UVIL, Class A, 3.16%, 12/15/41 (a)........................... 302,000 246,429 Dryden 109 CLO Ltd., Series 2022-112A, Class C, 6.73% (TSFR3M+400bps), 8/15/34, Callable 2/15/29 @ 100 (a)(b).......................................... 250,000 245,441 Eaton Vance CLO Ltd., Series 2020-2A, Class BR, 5.78% (LIBOR03M+170bps), 1/15/35, Callable 4/15/29 @ 100 (a)(b).......................................... 500,000 475,234 Flatiron CLO 20 Ltd., Series 2020-1A, Class B, 6.43% (LIBOR03M+175bps), 11/20/33, Callable 11/20/28 @ 100 (a)(b) ......................................... 750,000 720,142 Golub Capital Partners CLO Ltd., Series 2020-52A, Class C, 7.04% (LIBOR03M+280bps), 1/20/34, Callable 10/20/28 @ 100 (a)(b) .................................. 500,000 472,089 GS Mortgage Securities Corp. Trust, Series 2022-SHIP, Class D, 5.94% (TSFR1M+161bps), 8/15/36 (a)(b) ..................................................... 1,000,000 969,569 Hilton USA Trust, Series 2016-HHV, Class B, 4.19%, 11/5/38 (a)(c) .................. 350,000 318,953 Hilton USA Trust, Series 2016-HHV, Class C, 4.19%, 11/5/38 (a)(c) .................. 200,000 180,098 Houston Galleria Mall Trust, Series 2015-HGLR, Class A1A2, 3.09%, 3/5/37 (a) ......... 250,000 229,665 Hudson Yards Mortgage Trust, Series 2019-30HY, Class D, 3.44%, 7/10/39 (a)(c)......... 365,000 285,836 Hudson Yards Mortgage Trust, Series 2019-55HY, Class A, 2.94%, 12/10/41 (a)(c) ........ 1,000,000 838,892 Hudson Yards Mortgage Trust, Series 2019-30HY, Class A, 3.23%, 7/10/39 (a) ........... 1,200,000 1,031,843 ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class C, 7.83% (TSFR1M+349bps), 10/15/39 (a)(b)..................................................... 100,000 100,866 ILPT Commercial Mortgage Trust, Series 2022-LPFX, Class A, 3.82%, 3/15/32 (a)(c)...... 750,000 585,157 JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class B, 3.67%, 12/15/47 (c)....................................................... 449,000 442,684 JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class B, 4.12%, 1/15/46, Callable 7/15/23 @ 100 (c) ..................................... 338,000 332,090 KNDL Mortgage Trust, Series 2019-KNSQ, Class B, 5.27% (LIBOR01M+95bps), 5/15/36 (a)(b) ........................................................... 250,000 245,545 LCM Ltd., Series 36A, Class A2, 5.48% (LIBOR03M+140bps), 1/15/34, Callable 7/15/30 @ 100 (a)(b) ........................................................ 750,000 698,940 Life Mortgage Trust, Series 2022-BMR2, Class C, 6.43% (TSFR1M+209bps), 5/15/39, Callable 5/15/24 @ 100 (a)(b).......................................... 250,000 241,741 Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13%, 9/10/39 (a) ......... 500,000 427,325 MHC Commercial Mortgage Trust, Series 2021-MHC, Class A, 5.12% (LIBOR01M+80bps), 4/15/38 (a)(b) ..................................................... 250,000 242,518 MHC Commercial Mortgage Trust, Series MHC, Class D, 5.92% (LIBOR01M+160bps), 4/15/38 (a)(b) ..................................................... 500,000 473,877 MHP, Series 2022-MHIL, Class D, 5.95% (SOFR30A+161bps), 1/15/27 (a)(b) .......... 485,829 452,298 Morgan Stanley Capital I Trust, Series 2021-PLZA, Class B, 2.81%, 11/9/43, Callable 5/9/31 @ 100 (a) ........................................................ 500,000 365,072 Morgan Stanley Capital I Trust, Series 2021-PLZA, Class C, 2.81%, 11/9/43, Callable 5/9/31 @ 100 (a) ........................................................ 750,000 518,286 MTN Commercial Mortgage Trust, Series 2022-LPFL, Class C, 6.73% (TSFR1M+239bps), 3/15/39 (a)(b) ..................................................... 250,000 239,021 Oaktree CLO Ltd., Series 2022-2A, Class B, 5.57% (TSFR3M+275bps), 7/15/33, Callable 7/15/28 @ 100 (a)(b) ................................................ 500,000 490,324 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-168.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares ESG Core Plus Bond ETF 114 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value Oaktree CLO Ltd., Series 2022-1A, Class B, 6.22% (TSFR3M+195bps), 5/15/33, Callable 11/15/28 @ 100 (a)(b) ............................................... $333,000 $319,974 Oaktree CLO Ltd., Series 2022-3A, Class B1, 5.92% (TSFR3M+310bps), 7/15/35, Callable 4/15/30 @ 100 (a)(b) ................................................ 250,000 246,688 Oaktree CLO Ltd., Series 2022-3A, Class C, 6.97% (TSFR3M+415bps), 7/15/35, Callable 4/15/30 @ 100 (a)(b) ................................................ 250,000 249,355 Octagon Investment Partners 48 Ltd., Series 2020-3A, Class BR, 5.84% (LIBOR03M+160bps), 10/20/34, Callable 10/20/30 @ 100 (a)(b) ........... 500,000 479,930 Palmer Square Loan Funding Ltd., Series 2022-5A, Class C, 7.29% (TSFR3M+391bps), 1/15/31, Callable 10/15/23 @ 100 (a)(b) .................................. 250,000 239,480 SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 7/15/41 (a)..................... 500,000 398,594 SLG Office Trust, Series 2021-OVA, Class C, 2.85%, 7/15/41 (a)..................... 500,000 379,930 SMRT, Series 2022-MINI, Class E, 7.04% (SOFR30A+270bps), 1/15/39 (a)(b) .......... 250,000 228,749 Sound Point CLO XXXII Ltd., Series 2021-4A, Class B1, 6.11% (LIBOR03M+175bps), 10/25/34, Callable 1/25/29 @ 100 (a)(b) .................................. 500,000 470,550 SREIT Trust, Series 2021-MFP2, Class B, 5.49% (LIBOR01M+117bps), 11/15/36 (a)(b) ... 500,000 476,850 SREIT Trust, Series 2021-MFP2, Class D, 5.89% (LIBOR01M+157bps), 11/15/36 (a)(b) ... 760,000 715,703 Stratus CLO Ltd., Series 2022-1A, Class B, 4.63% (TSFR3M+235bps), 7/20/30, Callable 10/20/28 @ 100 (a)(b) ............................................... 250,000 243,211 Stratus CLO Ltd., Series 2022-2A, Class C, 6.33% (TSFR3M+400bps), 7/20/30, Callable 10/20/28 @ 100 (a)(b) ............................................... 250,000 244,771 Stratus CLO Ltd., Series 2021-3A, Class B, 5.79% (LIBOR03M+155bps), 12/29/29, Callable 4/20/27 @ 100 (a)(b) ................................................ 205,000 197,882 SUMIT Mortgage Trust, Series 2022-BVUE, Class D, 2.89%, 2/12/41, Callable 2/12/29 @ 100 (a)(c) ........................................................... 363,636 269,616 Symphony CLO XXII Ltd., Series 2020-22A, Class C, 6.34% (LIBOR03M+215bps), 4/18/33, Callable 10/18/28 @ 100 (a)(b) ......................................... 500,000 473,539 Symphony CLO XXIX Ltd., Series 2021-29A, Class B, 5.73% (LIBOR03M+165bps), 1/15/34, Callable 1/15/29 @ 100 (a)(b) ................................... 500,000 483,848 TRESTLES CLO III Ltd., Series 2020-3A, Class C, 6.49% (LIBOR03M+225bps), 1/20/33, Callable 1/20/28 @ 100 (a)(b).......................................... 500,000 472,807 Trimaran Cavu Ltd., Series 2021-2A, Class B1, 6.11% (LIBOR03M+175bps), 10/25/34, Callable 7/25/29 @ 100 (a)(b).......................................... 500,000 467,426 Trimaran Cavu Ltd., Series 2021-3A, Class C1, 6.66% (LIBOR03M+247bps), 1/18/35, Callable 10/18/29 @ 100 (a)(b) ......................................... 750,000 693,308 TSTAT Ltd., Series 2022-1A, Class A2, 5.50% (TSFR3M+295bps), 7/20/31, Callable 1/20/29 @ 100 (a)(b) ...................................................... 250,000 244,265 TTAN, Series 2021-MHC, Class C, 5.67% (LIBOR01M+140bps), 3/15/38 (a)(b)......... 690,781 659,762 Venture 46 CLO Ltd., Series 2022-46A, Class A2F, 5.02%, 7/20/35, Callable 1/20/31 @ 100 (a) ............................................................. 475,000 423,487 Wells Fargo Commercial Mortgage Trust, Series 2021-SAVE, Class C, 6.12% (LIBOR01M+180bps), 2/15/40 (a)(b)............................... 227,255 207,980 Wells Fargo Commercial Mortgage Trust, Series 2021-SAVE, Class B, 5.77% (LIBOR01M+145bps), 2/15/40 (a)(b)............................... 227,255 206,399 Total Collateralized Mortgage Obligations (Cost $46,995,478) 42,705,185 Senior Secured Loans (3.1%) Bausch & Lomb, Inc., Initial Term Loans, First Lien, 7.74% (SOFR03M+325bps), 5/10/27 (b) 497,500 472,317 CDK Global, Inc., Initial Term Loan, First Lien, 8.11% (SOFR03M+450bps), 7/6/29 (b).... 250,000 247,443 Delta 2 (Lux) S.a.r.l., Term Loan B, First Lien, 7.34% (SOFR01M+325bps), 1/15/30 (b)(e). . 500,000 499,375 Delta Air Lines, Inc. and Skymiles IP Ltd., Initial Term Loan, First Lien, 7.99% (LIBOR03M+375bps), 10/20/27 (b) ................................ 500,000 509,000 Directv Financing LLC, Closing Date Term Loans, First Lien, 9.07% (LIBOR01M+500bps), 7/22/27 (b) ....................................................... 411,629 399,881 Great Outdoors Group LLC, Term B1, First Lien, 7.82% (LIBOR01M+375bps), 3/5/28 (b). . 493,750 473,383 Hub International Ltd., 2022 Incremental Term Loans, First Lien, 8.22% (SOFR03M+400bps), 11/10/29 (b)(e)..................................................... 125,000 123,508 Hub International Ltd., B-3 Incremental Term Loans, First Lien, 7.53% (LIBOR03M+325bps), 4/25/25 (b) ....................................................... 243,703 241,209 IRB Holding Corp., TLB, First Lien, 7.22% (SOFR01M+300bps), 12/15/27 (b) .......... 243,696 236,203 Mileage Plus Holdings LLC, Initial Term Loan, First Lien, 10.00% (LIBOR03M+525bps), 6/20/27 (b) ....................................................... 426,316 437,933 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-169.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares ESG Core Plus Bond ETF 115 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value Oculus Acquisition Corp., Initial Term Loan, First Lien, 7.24% (SOFR03M+350bps), 11/8/27 (b) ............................................................. $248,734 $240,339 OEG Borrower LLC, Initial Term Loans, First Lien, 9.50% (SOFR03M+500bps), 6/18/29 (b) 498,750 485,034 Reynolds Consumer Products, Inc., Initial Term Loan, First Lien, 5.82% (LIBOR01M+175bps), 2/4/27 (b).................................. 494,195 489,638 Scientific Games International, Inc., Initial Term B Loans, First Lien, 7.42% (SOFR01M+300bps), 4/16/29 (b).................................. 246,250 242,293 Sotheby's, 2021 2nd Refin Term Loan, First Lien, 8.58% (LIBOR03M+450bps), 1/15/27 (b). 243,750 237,230 Tibco Software, Inc., Term A Loan, First Lien, 8.05% (SOFR03M+450bps), 9/30/28 (b) .... 500,000 441,875 UKG, Inc., Incremental Term Loans, First Lien, 7.00% (LIBOR03M+325bps), 5/3/26 (b) ... 245,633 233,351 Whatabrands LLC, Initial Term B Loans, First Lien, 7.32% (LIBOR01M+325bps), 7/21/28 (b) 488,741 471,736 Total Senior Secured Loans (Cost $6,553,252) 6,481,748 Corporate Bonds (30.6%) Communication Services (1.9%): AT&T, Inc., 4.50%, 5/15/35, Callable 11/15/34 @ 100 ............................ 250,000 227,380 Charter Communications Operating LLC/Charter Communications Operating Capital, 4.40%, 4/1/33, Callable 1/1/33 @ 100.......................................... 500,000 428,500 CSC Holdings LLC, 3.38%, 2/15/31, Callable 2/15/26 @ 101.69(a) ................... 250,000 163,088 DISH Network Corp., 11.75%, 11/15/27, Callable 5/15/25 @ 105.88(a) ................ 250,000 257,085 Gray Television, Inc., 4.75%, 10/15/30, Callable 10/15/25 @ 102.38(a) ................ 250,000 180,888 Netflix, Inc., 4.88%, 6/15/30, Callable 3/15/30 @ 100(a) ........................... 56,000 52,371 T-Mobile USA, Inc., 3.50%, 4/15/31, Callable 4/15/26 @ 101.75 ..................... 500,000 433,035 Verizon Communications, Inc. 2.55%, 3/21/31, Callable 12/21/30 @ 100 ................................. 750,000 617,250 2.88%, 11/20/50, Callable 5/20/50 @ 100 ................................. 250,000 157,675 Warnermedia Holdings, Inc. 4.28%, 3/15/32, Callable 12/15/31 @ 100 (a) ............................... 1,000,000 824,520 5.14%, 3/15/52, Callable 9/15/51 @ 100 (a) ................................ 100,000 73,428 ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 2/1/29, Callable 2/1/24 @ 101.94(a)......................................................... 250,000 210,670 3,625,890 Consumer Discretionary (3.6%): AutoNation, Inc. 2.40%, 8/1/31, Callable 5/1/31 @ 100 .................................... 500,000 359,200 3.85%, 3/1/32, Callable 12/1/31 @ 100 ................................... 750,000 599,474 Carnival Corp. 9.88%, 8/1/27, Callable 2/1/24 @ 104.94 (a) ............................... 500,000 473,625 10.50%, 6/1/30, Callable 6/1/25 @ 105.25 (a)............................... 250,000 204,335 Dollar Tree, Inc., 2.65%, 12/1/31, Callable 9/1/31 @ 100........................... 500,000 403,370 Group 1 Automotive, Inc., 4.00%, 8/15/28, Callable 8/15/23 @ 102(a) ................. 100,000 85,020 Hilton Domestic Operating Co., Inc., 4.00%, 5/1/31, Callable 5/1/26 @ 102(a) ........... 250,000 210,560 Kohl's Corp., 3.63%, 5/1/31, Callable 2/1/31 @ 100 .............................. 700,000 491,435 Lithia Motors, Inc. 3.88%, 6/1/29, Callable 6/1/24 @ 101.94 (a) ............................... 250,000 206,048 4.38%, 1/15/31, Callable 10/15/25 @ 102.19 (a)............................. 250,000 205,158 Marriott International, Inc. 3.50%, 10/15/32, Callable 7/15/32 @ 100 ................................. 250,000 207,805 2.75%, 10/15/33, Callable 7/15/33 @ 100 ................................. 250,000 191,695 Murphy Oil USA, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88(a) ................. 173,000 144,047 Newell Brands, Inc., 6.63%, 9/15/29, Callable 6/15/29 @ 100 ....................... 273,000 269,454 Nordstrom, Inc., 4.25%, 8/1/31, Callable 5/1/31 @ 100 ............................ 250,000 180,343 PulteGroup, Inc., 6.00%, 2/15/35............................................ 750,000 716,947 Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, 4/6/31, Callable 1/6/31 @ 100(a). 500,000 335,230 Sodexo, Inc., 2.72%, 4/16/31, Callable 1/16/31 @ 100(a) .......................... 1,000,000 791,280 Sotheby's, 7.38%, 10/15/27, Callable 1/23/23 @ 103.69(a) ......................... 500,000 472,390 Toll Brothers Finance Corp., 3.80%, 11/1/29, Callable 8/1/29 @ 100 .................. 670,000 571,222 Tractor Supply Co., 1.75%, 11/1/30, Callable 8/1/30 @ 100......................... 750,000 576,135 7,694,773 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-170.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares ESG Core Plus Bond ETF 116 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value Consumer Staples (1.1%): 7-Eleven, Inc., 2.80%, 2/10/51, Callable 8/2/50 @ 100(a) .......................... $1,350,000 $830,195 Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.88%, 2/15/30, Callable 2/15/25 @ 103.66(a) .......................................... 250,000 223,018 Anheuser-Busch InBev Worldwide, Inc., 3.75%, 7/15/42 ........................... 250,000 199,973 General Mills, Inc., 2.25%, 10/14/31, Callable 7/14/31 @ 100 ....................... 250,000 200,498 JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.00%, 5/15/32, Callable 2/15/32 @ 100(a)................................................... 250,000 191,788 Kraft Heinz Foods Co., 5.00%, 6/4/42 ........................................ 250,000 225,842 Pilgrim's Pride Corp., 3.50%, 3/1/32, Callable 9/1/26 @ 101.75(a) .................... 250,000 195,415 Unilever Capital Corp., 2.63%, 8/12/51, Callable 2/12/51 @ 100 ..................... 250,000 162,613 2,229,342 Energy (0.7%): Boardwalk Pipelines LP, 3.40%, 2/15/31, Callable 11/15/30 @ 100 ................... 250,000 209,298 Magellan Midstream Partners LP, 5.15%, 10/15/43, Callable 4/15/43 @ 100 ............. 500,000 435,015 Midwest Connector Capital Co. LLC, 4.63%, 4/1/29, Callable 1/1/29 @ 100(a)........... 250,000 225,567 Plains All American Pipeline LP/PAA Finance Corp., 3.80%, 9/15/30, Callable 6/15/30 @ 100 250,000 217,348 Viper Energy Partners LP, 5.38%, 11/1/27, Callable 2/10/23 @ 102.69(a) ............... 500,000 475,595 1,562,823 Financials (8.7%): Ares Finance Co. IV LLC, 3.65%, 2/1/52, Callable 8/1/51 @ 100(a)................... 500,000 308,485 Bank of America Corp., 3.85% (H15T5Y+200bps), 3/8/37, Callable 3/8/32 @ 100(b) ...... 750,000 620,324 Blackstone Holdings Finance Co. LLC 1.60%, 3/30/31, Callable 12/30/30 @ 100 (a) ............................... 500,000 363,160 6.20%, 4/22/33, Callable 1/22/33 @ 100 (a) ................................ 250,000 252,070 Blackstone Private Credit Fund 7.05%, 9/29/25 (a) .................................................. 250,000 247,745 3.25%, 3/15/27, Callable 2/15/27 @ 100 (a) ................................ 750,000 632,047 Blue Owl Finance LLC, 3.13%, 6/10/31, Callable 3/10/31 @ 100(a)................... 1,250,000 921,862 Brown & Brown, Inc., 4.20%, 3/17/32, Callable 12/17/31 @ 100 ..................... 500,000 433,240 Citizens Financial Group, Inc., 2.64%, 9/30/32, Callable 7/2/32 @ 100................. 500,000 369,175 Cullen/Frost Bankers, Inc., 4.50%, 3/17/27, Callable 2/17/27 @ 100................... 500,000 482,350 F&G Global Funding, 2.00%, 9/20/28(a) ...................................... 500,000 414,285 Fells Point Funding Trust, 3.05%, 1/31/27, Callable 12/31/26 @ 100(a) ................ 500,000 455,390 Fifth Third Bancorp, 4.34% (SOFR+166bps), 4/25/33, Callable 4/25/32 @ 100(b)......... 217,000 198,757 Global Atlantic Fin Co. 4.40%, 10/15/29, Callable 7/15/29 @ 100 (a) ............................... 750,000 626,783 3.13%, 6/15/31, Callable 3/15/31 @ 100 (a) ................................ 250,000 183,270 Huntington Bancshares, Inc., 2.49% (H15T5Y+117bps), 8/15/36, Callable 8/15/31 @ 100(b). 1,000,000 723,829 JPMorgan Chase & Co. 2.96% (SOFR+252bps), 5/13/31, Callable 5/13/30 @ 100 (b) ................... 500,000 411,670 5.72% (SOFR+258bps), 9/14/33, Callable 9/14/32 @ 100 (b) ................... 250,000 245,665 KeyCorp., 4.79% (SOFR+206bps), 6/1/33, Callable 6/1/32 @ 100, MTN(b) ............. 189,000 178,554 MetLife, Inc., 9.25%, 4/8/38, Callable 4/8/33 @ 100(a)............................ 250,000 291,893 Metropolitan Life Global Funding I, 2.40%, 1/11/32(a) ............................ 500,000 403,040 Morgan Stanley 1.93% (SOFR+102bps), 4/28/32, Callable 4/28/31 @ 100, MTN (b)............... 250,000 188,885 2.48% (SOFR+136bps), 9/16/36, Callable 9/16/31 @ 100 (b) ................... 600,000 437,658 New York Life Global Funding, 1.85%, 8/1/31(a) ................................ 1,600,000 1,260,959 Northern Trust Corp., 6.13%, 11/2/32, Callable 8/2/32 @ 100 ....................... 250,000 264,280 OWL Rock Core Income Corp. 5.50%, 3/21/25 (a) .................................................. 500,000 485,375 4.70%, 2/8/27, Callable 1/8/27 @ 100 (a).................................. 375,000 336,068 7.75%, 9/16/27, Callable 8/16/27 @ 100 (a) ................................ 152,000 151,234 Regions Financial Corp., 5.75% (H15T5Y+543bps), Callable 6/15/25 @ 100(b)(f) ........ 399,000 389,931 State Street Corp., 4.16% (SOFR+173bps), 8/4/33, Callable 8/4/32 @ 100(b) ............ 750,000 692,265 Synchrony Bank, 5.63%, 8/23/27, Callable 7/23/27 @ 100 ......................... 250,000 244,113 Texas Capital Bancshares, Inc., 4.00% (H15T5Y+315bps), 5/6/31, Callable 5/6/26 @ 100(b) . 500,000 437,300 The Bank of New York Mellon Corp., 4.70% (H15T5Y+436bps), Callable 9/20/25 @ 100(b)(f) 250,000 239,505 The Charles Schwab Corp., 5.38% (H15T5Y+497bps), Callable 6/1/25 @ 100(b)(f) ....... 1,500,000 1,471,493 The Huntington National Bank, 5.50% (LIBOR03M+509bps), 5/6/30, Callable 5/6/25 @ 100(b)........................................................... 750,000 724,364 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-171.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares ESG Core Plus Bond ETF 117 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value The PNC Financial Services Group, Inc., 4.63% (SOFR+185bps), 6/6/33, Callable 6/6/32 @ 100(b)........................................................... $500,000 $462,885 Truist Financial Corp. 5.10% (H15T10Y+435bps), Callable 3/1/30 @ 100 (b)(f) ...................... 250,000 232,168 4.95% (H15T5Y+461bps), Callable 9/1/25 @ 100 (b)(f) ....................... 500,000 479,660 U.S. Bancorp, 4.97% (SOFR+211bps), 7/22/33, Callable 7/22/32 @ 100(b) ............. 250,000 237,650 United Financial Bancorp, Inc., 5.75%, 10/1/24 ................................. 300,000 289,917 Willis North America, Inc., 2.95%, 9/15/29, Callable 6/15/29 @ 100 .................. 500,000 420,485 18,209,789 Health Care (1.9%): Alcon Finance Corp., 5.75%, 12/6/52, Callable 6/6/52 @ 100(a) ..................... 250,000 253,610 Amgen, Inc., 3.00%, 1/15/52, Callable 7/15/51 @ 100............................. 350,000 224,963 Baxter International, Inc., 2.27%, 12/1/28, Callable 10/1/28 @ 100 ................... 250,000 213,388 Bio-Rad Laboratories, Inc., 3.70%, 3/15/32, Callable 12/15/31 @ 100 ................. 500,000 428,515 Centene Corp., 2.50%, 3/1/31, Callable 12/1/30 @ 100 ............................ 750,000 586,777 CVS Health Corp., 1.88%, 2/28/31, Callable 11/28/30 @ 100 ....................... 500,000 391,585 DENTSPLY SIRONA, Inc., 3.25%, 6/1/30, Callable 3/1/30 @ 100.................... 250,000 207,063 GE HealthCare Technologies, Inc., 5.91%, 11/22/32, Callable 8/22/32 @ 100(a) .......... 250,000 259,387 HCA, Inc., 3.50%, 9/1/30, Callable 3/1/30 @ 100 ................................ 500,000 430,200 Illumina, Inc., 2.55%, 3/23/31, Callable 12/23/30 @ 100 ........................... 500,000 400,110 Prestige Brands, Inc., 3.75%, 4/1/31, Callable 4/1/26 @ 101.88(a) .................... 209,000 172,872 Tenet Healthcare Corp. 4.25%, 6/1/29, Callable 6/1/24 @ 102.13 (a) ............................... 250,000 216,453 4.38%, 1/15/30, Callable 12/1/24 @ 102.19 (a).............................. 50,000 43,320 Universal Health Services, Inc., 2.65%, 1/15/32, Callable 10/15/31 @ 100(a) ............ 393,000 298,562 4,126,805 Industrials (3.9%): Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100 ................ 500,000 384,190 Air Lease Corp., 2.88%, 1/15/32, Callable 10/15/31 @ 100 ......................... 500,000 398,855 Allegiant Travel Co., 7.25%, 8/15/27, Callable 8/15/24 @ 103.63(a)................... 500,000 475,950 American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/29(a)................ 250,000 228,715 Ashtead Capital, Inc. 2.45%, 8/12/31, Callable 5/12/31 @ 100 (a) ................................ 250,000 193,053 5.50%, 8/11/32, Callable 5/11/32 @ 100 (a) ................................ 250,000 239,598 CoStar Group, Inc., 2.80%, 7/15/30, Callable 4/15/30 @ 100(a)...................... 250,000 204,815 Delta Air Lines Pass Through Trust, 2.50%, 6/10/28 .............................. 123,856 104,152 Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28(a) ......................... 500,000 470,954 FedEx Corp., 4.05%, 2/15/48, Callable 8/15/47 @ 100 ............................ 302,000 229,399 GXO Logistics, Inc., 2.65%, 7/15/31, Callable 4/15/31 @ 100 ....................... 1,000,000 741,250 Kennametal, Inc., 4.63%, 6/15/28, Callable 3/15/28 @ 100 ......................... 250,000 234,835 Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27, Callable 6/30/23 @ 103.25(a) .......................................... 1,125,073 1,120,965 Pentair Finance Sarl, 5.90%, 7/15/32, Callable 4/15/32 @ 100 ....................... 250,000 247,743 Southwest Airlines Co., 2.63%, 2/10/30, Callable 11/10/29 @ 100 .................... 250,000 206,895 Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 9/20/25, Callable 9/20/23 @ 104(a) 800,000 803,328 The Boeing Co. 3.63%, 2/1/31, Callable 11/1/30 @ 100 ................................... 250,000 218,810 5.81%, 5/1/50, Callable 11/1/49 @ 100 ................................... 1,000,000 930,400 The Timken Co., 4.13%, 4/1/32, Callable 1/1/32 @ 100............................ 500,000 445,605 XPO Escrow Sub LLC, 7.50%, 11/15/27, Callable 11/15/24 @ 103.75(a) ............... 500,000 504,515 8,384,027 Information Technology (3.3%): Autodesk, Inc., 2.40%, 12/15/31, Callable 9/15/31 @ 100 .......................... 350,000 280,704 Broadcom, Inc. 2.60%, 2/15/33, Callable 11/15/32 @ 100 (a) ............................... 500,000 374,795 3.42%, 4/15/33, Callable 1/15/33 @ 100 (a) ................................ 250,000 200,670 Fidelity National Information Services, Inc., 5.10%, 7/15/32, Callable 4/15/32 @ 100 ...... 500,000 482,390 Global Payments, Inc. 2.90%, 11/15/31, Callable 8/15/31 @ 100 ................................. 500,000 395,155 4.15%, 8/15/49, Callable 2/15/49 @ 100 .................................. 750,000 535,778 Micron Technology, Inc., 2.70%, 4/15/32, Callable 1/15/32 @ 100 .................... 250,000 187,550 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-172.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares ESG Core Plus Bond ETF 118 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value Microsoft Corp., 2.53%, 6/1/50, Callable 12/1/49 @ 100 ........................... $1,000,000 $666,409 Open Text Holdings, Inc., 4.13%, 12/1/31, Callable 12/1/26 @ 102.06(a) ............... 250,000 194,828 Oracle Corp. 3.85%, 7/15/36, Callable 1/15/36 @ 100 .................................. 750,000 613,537 3.60%, 4/1/50, Callable 10/1/49 @ 100 ................................... 250,000 170,553 Seagate HDD, 9.63%, 12/1/32, Callable 12/1/27 @ 104.81(a) ....................... 1,155,450 1,267,008 TSMC Arizona Corp., 2.50%, 10/25/31, Callable 7/25/31 @ 100 ..................... 500,000 410,785 VMware, Inc., 2.20%, 8/15/31, Callable 5/15/31 @ 100 ........................... 500,000 379,084 Western Digital Corp., 3.10%, 2/1/32, Callable 11/1/31 @ 100....................... 450,000 323,586 Workday, Inc., 3.80%, 4/1/32, Callable 1/1/32 @ 100 ............................. 250,000 220,628 6,703,460 Materials (2.0%): Albemarle Corp., 5.05%, 6/1/32, Callable 3/1/32 @ 100 ........................... 250,000 235,608 Amcor Flexibles North America, Inc., 2.69%, 5/25/31, Callable 2/25/31 @ 100........... 1,000,000 812,570 AptarGroup, Inc., 3.60%, 3/15/32, Callable 12/15/31 @ 100 ........................ 507,000 420,536 Avery Dennison Corp., 2.25%, 2/15/32, Callable 11/15/31 @ 100 .................... 250,000 190,440 Celanese U.S. Holdings LLC, 6.33%, 7/15/29, Callable 5/15/29 @ 100 ................ 128,000 124,586 Eagle Materials, Inc., 2.50%, 7/1/31, Callable 4/1/31 @ 100 ........................ 881,000 688,977 LYB International Finance III LLC, 3.38%, 10/1/40, Callable 4/1/40 @ 100 ............. 250,000 177,555 Reliance Steel & Aluminum Co., 2.15%, 8/15/30, Callable 5/15/30 @ 100 .............. 355,000 280,454 The Dow Chemical Co., 6.90%, 5/15/53, Callable 11/15/52 @ 100.................... 231,000 251,990 Vulcan Materials Co. 3.50%, 6/1/30, Callable 3/1/30 @ 100 .................................... 750,000 661,125 4.50%, 6/15/47, Callable 12/15/46 @ 100 ................................. 545,000 455,506 4,299,347 Real Estate (3.0%): Alexandria Real Estate Equities, Inc., 1.88%, 2/1/33, Callable 11/1/32 @ 100 ............ 1,000,000 745,060 Boston Properties LP, 2.45%, 10/1/33, Callable 7/1/33 @ 100 ....................... 1,100,000 795,486 CBRE Services, Inc., 2.50%, 4/1/31, Callable 1/1/31 @ 100 ........................ 250,000 197,590 Crown Castle International Corp., 2.90%, 4/1/41, Callable 10/1/40 @ 100 .............. 500,000 342,950 Equinix, Inc., 3.90%, 4/15/32, Callable 1/15/32 @ 100 ............................ 250,000 221,433 GLP Capital LP/GLP Financing II, Inc., 3.25%, 1/15/32, Callable 10/15/31 @ 100 ........ 483,000 386,497 Healthpeak Properties, Inc. 2.13%, 12/1/28, Callable 10/1/28 @ 100 .................................. 500,000 420,415 2.88%, 1/15/31, Callable 10/15/30 @ 100 ................................. 250,000 208,905 Host Hotels & Resorts LP, 3.50%, 9/15/30, Callable 6/15/30 @ 100 ................... 250,000 206,228 Invitation Homes Operating Partnership LP, 2.70%, 1/15/34, Callable 10/15/33 @ 100 ..... 500,000 365,890 RHP Hotel Properties LP/RHP Finance Corp., 4.50%, 2/15/29, Callable 2/15/24 @ 102.25(a) 400,000 346,292 SBA Tower Trust 6.60%, 1/15/28, Callable 1/15/27 @ 100 (a) ................................ 211,000 210,484 2.59%, 10/15/31 (a) ................................................. 500,000 383,792 Simon Property Group LP, 2.25%, 1/15/32, Callable 10/15/31 @ 100 .................. 1,000,000 778,399 VICI Properties LP/VICI Note Co., Inc., 4.13%, 8/15/30, Callable 2/15/25 @ 102.06(a) .... 664,000 580,356 6,189,777 Utilities (0.5%): Duquesne Light Holdings, Inc., 2.78%, 1/7/32, Callable 10/7/31 @ 100(a) .............. 500,000 391,655 Entergy Corp., 2.40%, 6/15/31, Callable 3/5/31 @ 100 ............................ 250,000 198,165 NRG Energy, Inc., 4.45%, 6/15/29, Callable 3/15/29 @ 100(a)....................... 500,000 440,740 1,030,560 Total Corporate Bonds (Cost $72,553,094) 64,056,593 Yankee Dollars (6.0%) Communication Services (0.7%): British Telecommunications PLC, 3.25%, 11/8/29, Callable 8/8/29 @ 100(a) ............ 1,250,000 1,062,450 Rogers Communications, Inc. 3.80%, 3/15/32, Callable 12/15/31 @ 100 (a) ............................... 250,000 215,760 4.55%, 3/15/52, Callable 9/15/51 @ 100 (a) ................................ 250,000 195,008 1,473,218 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-173.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares ESG Core Plus Bond ETF 119 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value Consumer Discretionary (0.0%):(g) Royal Caribbean Cruises Ltd., 5.50%, 4/1/28, Callable 10/1/27 @ 100(a) ............... $100,000 $79,881 Consumer Staples (0.2%): Becle SAB de CV, 2.50%, 10/14/31, Callable 7/14/31 @ 100(a)...................... 500,000 385,740 Energy (0.2%): BP Capital Markets PLC, 4.38% (H15T5Y+404bps), Callable 6/22/25 @ 100(b)(f) ........ 500,000 476,245 Financials (2.8%): Bank of Montreal, 3.09% (H15T5Y+140bps), 1/10/37, Callable 1/10/32 @ 100(b) ........ 500,000 379,530 Barclays PLC, 3.56% (H15T5Y+3bps), 9/23/35, Callable 9/23/30 @ 100(b) ............. 750,000 574,807 Brookfield Finance I UK PLC, 2.34%, 1/30/32, Callable 10/30/31 @ 100 ............... 250,000 190,130 Brookfield Finance, Inc., 2.72%, 4/15/31, Callable 1/15/31 @ 100 .................... 600,000 480,216 Credit Suisse Group AG, 3.09% (SOFR+173bps), 5/14/32, Callable 5/14/31 @ 100(a)(b).... 500,000 347,180 Deutsche Bank AG, 3.74% (SOFR+226bps), 1/7/33, Callable 10/7/31 @ 100(b) .......... 1,000,000 715,880 HSBC Holdings PLC, 8.11% (SOFR+425bps), 11/3/33, Callable 11/3/32 @ 100(b)........ 250,000 264,937 JAB Holdings BV, 3.75%, 5/28/51, Callable 11/28/50 @ 100(a)...................... 350,000 206,955 Lloyds Banking Group PLC 3.75% (H15T1Y+180bps), 3/18/28, Callable 3/18/27 @ 100 (b).................. 250,000 230,498 7.95% (H15T1Y+375bps), 11/15/33, Callable 8/15/32 @ 100 (b)................. 152,000 161,090 Macquarie Bank Ltd., 3.05% (H15T5Y+170bps), 3/3/36, Callable 3/3/31 @ 100(a)(b)...... 750,000 544,140 Mizuho Financial Group, Inc., 2.56%, 9/13/31 .................................. 500,000 382,315 Societe Generale SA 3.34% (H15T1Y+160bps), 1/21/33, Callable 1/21/32 @ 100 (a)(b)................ 500,000 392,725 4.03% (H15T1Y+190bps), 1/21/43, Callable 1/21/42 @ 100 (a)(b)................ 500,000 338,870 Westpac Banking Corp., 3.02% (H15T5Y+153bps), 11/18/36, Callable 11/18/31 @ 100(b) . . 750,000 554,865 5,764,138 Health Care (0.3%): STERIS Irish FinCo Unlimited Co., 2.70%, 3/15/31, Callable 12/15/30 @ 100 ........... 650,000 528,093 Industrials (0.2%): Aircastle Ltd., 4.25%, 6/15/26, Callable 4/15/26 @ 100............................ 250,000 235,370 Ferguson Finance PLC, 4.65%, 4/20/32, Callable 1/20/32 @ 100(a) ................... 250,000 228,150 463,520 Information Technology (0.3%): NXP BV/NXP Funding LLC/NXP USA, Inc., 2.65%, 2/15/32, Callable 11/15/31 @ 100 .... 500,000 391,090 Open Text Corp., 6.90%, 12/1/27, Callable 11/1/27 @ 100(a)........................ 294,000 296,434 687,524 Materials (0.2%): ArcelorMittal SA, 6.80%, 11/29/32, Callable 8/29/32 @ 100 ........................ 250,000 249,235 Yara International ASA, 7.38%, 11/14/32, Callable 8/14/32 @ 100(a).................. 250,000 261,070 510,305 Real Estate (0.8%): Ontario Teachers' Cadillac Fairview Properties Trust, 2.50%, 10/15/31, Callable 7/15/31 @ 100(a)........................................................... 1,992,000 1,499,856 Utilities (0.3%): Enel SpA, 8.75% (USSW5+588bps), 9/24/73, Callable 9/24/23 @ 100(a)(b)............. 700,000 700,889 Total Yankee Dollars (Cost $15,082,872) 12,569,409 Municipal Bonds (0.7%) Alabama (0.1%): Homewood Educational Building Authority Revenue, 2.25%, 12/1/29 ................. 250,000 204,760 Louisiana (0.1%): Louisiana Local Government Environmental Facilities & Community Development Authority Revenue, Series A, 4.48%, 8/1/39 ....................................... 145,000 134,916 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-174.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares ESG Core Plus Bond ETF 120 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value Montana (0.1%): Montana Facility Finance Authority Revenue, 2.44%, 8/15/31 ....................... $250,000 $198,046 New York (0.1%): New York City Housing Development Corp. Revenue, 3.76%, 1/1/29 ................. 250,000 228,514 South Carolina (0.1%): County of Charleston SC Revenue, 1.92%, 12/1/29 .............................. 250,000 203,301 Washington (0.2%): Port of Seattle WA Revenue, 3.91%, 8/1/30 .................................... 500,000 461,926 Total Municipal Bonds (Cost $1,643,411) 1,431,463 U.S. Government Agency Mortgages (3.2%) Federal Home Loan Mortgage Corp. 5.00%, 9/1/52 - 10/1/52 .............................................. 535,506 527,530 527,530 Federal National Mortgage Association 4.00%, 9/1/42 (e) ................................................... 482,808 458,636 4.00%, 5/1/52 - 9/1/52 ............................................... 2,162,034 2,026,566 4.50%, 6/1/52 - 9/1/52 ............................................... 1,928,418 1,856,184 5.50%, 6/1/52 - 10/1/52 .............................................. 1,455,266 1,459,252 6.00%, 7/1/52 ..................................................... 471,764 479,024 6,279,662 Total U.S. Government Agency Mortgages (Cost $7,061,339) 6,807,192 U.S. Treasury Obligations (17.3%) U.S. Treasury Bonds 1.38%, 11/15/40 ................................................... 2,500,000 1,626,953 1.75%, 8/15/41 .................................................... 14,650,000 10,042,117 3.38%, 8/15/42 .................................................... 1,250,000 1,117,773 1.25%, 5/15/50 .................................................... 1,000,000 540,938 2.00%, 8/15/51 .................................................... 4,500,000 2,961,563 U.S. Treasury Notes 2.38%, 3/31/29 .................................................... 1,900,000 1,729,445 0.63%, 8/15/30 .................................................... 2,850,000 2,243,039 1.25%, 8/15/31 .................................................... 4,500,000 3,653,438 1.88%, 2/15/32 .................................................... 10,650,000 9,032,531 2.75%, 8/15/32 .................................................... 3,700,000 3,368,156 Total U.S. Treasury Obligations (Cost $40,209,639) 36,315,953 Commercial Papers (0.3%) Energy Transfer LP, 6.46%, 1/3/23 (a)(h) ...................................... 600,000 599,677 Total Commercial Papers (Cost $599,833) 599,677 Total Investments (Cost $229,607,091) — 98.5% 206,689,837 Other assets in excess of liabilities — 1.5% 3,165,658 NET ASSETS - 100.00% $209,855,495 (a) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December 31, 2022, the fair value of these securities was $103,845,774 and amounted to 49.5% of net assets. (b) Variable or Floating-Rate Security. Rate disclosed is as of December 31, 2022. (c) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at December 31, 2022. (d) Security is interest only. (e) Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-175.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares ESG Core Plus Bond ETF 121 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. (f) Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future. (g) Amount represents less than 0.05% of net assets. (h) Rate represents the effective yield at December 31, 2022. bps—Basis points H15T1Y—1 Year Treasury Constant Maturity Rate, rate disclosed as of December 31, 2022. H15T5Y—5 Year Treasury Constant Maturity Rate, rate disclosed as of December 31, 2022. H15T10Y—10 Year Treasury Constant Maturity Rate, rate disclosed as of December 31, 2022. LIBOR—London Interbank Offered Rate LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of December 31, 2022, based on the last reset date of the security LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of December 31, 2022, based on the last reset date of the security LLC—Limited Liability Company LP—Limited Partnership MTN—Medium Term Note PLC—Public Limited Company SOFR—Secured Overnight Financing Rate SOFR01M—1 Month SOFR, rate disclosed as of December 31, 2022. SOFR03M—3 Month SOFR, rate disclosed as of December 31, 2022. SOFR30A—30 day average of SOFR, rate disclosed as of December 31, 2022 TSFR1M—1 month Term SOFR, rate disclosed as of December 31, 2022. TSFR3M—3 month Term SOFR, rate disclosed as of December 31, 2022. USSW5—USD 5 Year Swap Rate, rate disclosed as of December 31, 2022. Futures Contracts Purchased Number of Contracts Expiration Date Notional Amount Value Unrealized Appreciation (Depreciation) 10-Year U.S. Treasury Note Futures...... 60 3/22/23 $6,773,013 $6,737,812 $(35201) 30-Year U.S. Treasury Bond Futures ..... 27 3/22/23 3,389,290 3,384,281 (5009) 5-Year U.S. Treasury Note Futures....... 8 3/31/23 864,907 863,438 (1469) $(41679) Total unrealized appreciation $– Total unrealized depreciation (41679) Total net unrealized appreciation (depreciation) $(41679) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-176.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments December 31, 2022 Victory Portfolios II VictoryShares ESG Corporate Bond ETF 122 (Unaudited) See notes to financial statements. Security Description Principal Amount Value Corporate Bonds (79.6%) Communication Services (7.9%): AT&T, Inc., 3.10%, 2/1/43, Callable 8/1/42 @ 100 ............................... $2,000,000 $1,385,540 Charter Communications Operating LLC/Charter Communications Operating Capital, 4.40%, 4/1/33, Callable 1/1/33 @ 100.......................................... 750,000 642,750 Comcast Corp., 2.89%, 11/1/51, Callable 5/1/51 @ 100(a).......................... 1,000,000 647,170 Discovery Communications LLC, 3.95%, 3/20/28, Callable 12/20/27 @ 100............. 500,000 443,715 Paramount Global 3.38%, 2/15/28, Callable 11/15/27 @ 100 ................................. 445,000 394,746 4.20%, 6/1/29, Callable 3/1/29 @ 100 .................................... 750,000 667,005 Rogers Communications, Inc., 4.50%, 3/15/42, Callable 9/15/41 @ 100(a) .............. 500,000 406,130 T-Mobile USA, Inc. 2.55%, 2/15/31, Callable 11/15/30 @ 100 ................................. 1,500,000 1,222,395 2.25%, 11/15/31, Callable 8/15/31 @ 100 ................................. 500,000 393,200 Verizon Communications, Inc. 1.75%, 1/20/31, Callable 10/20/30 @ 100 ................................. 1,000,000 774,580 2.88%, 11/20/50, Callable 5/20/50 @ 100 ................................. 1,000,000 630,700 Warnermedia Holdings, Inc., 5.05%, 3/15/42, Callable 9/15/41 @ 100(a) ............... 389,000 299,141 7,907,072 Consumer Discretionary (6.3%): Advance Auto Parts, Inc., 3.50%, 3/15/32, Callable 12/15/31 @ 100................... 250,000 204,380 Amazon.com, Inc., 2.88%, 5/12/41, Callable 11/12/40 @ 100 ....................... 500,000 373,390 AutoNation, Inc., 3.85%, 3/1/32, Callable 12/1/31 @ 100 .......................... 500,000 399,650 BMW US Capital LLC, 3.70%, 4/1/32, Callable 1/1/32 @ 100(a)..................... 500,000 447,915 General Motors Financial Co., Inc., 4.30%, 4/6/29, Callable 2/6/29 @ 100 .............. 500,000 448,830 Genuine Parts Co., 2.75%, 2/1/32, Callable 11/1/31 @ 100 ......................... 167,000 134,367 Hasbro, Inc., 3.55%, 11/19/26, Callable 9/19/26 @ 100 ............................ 500,000 469,075 Kohl's Corp., 3.63%, 5/1/31, Callable 2/1/31 @ 100 .............................. 250,000 175,513 Lowe's Cos., Inc., 2.80%, 9/15/41, Callable 3/15/41 @ 100 ......................... 1,000,000 680,720 Marriott International, Inc., 3.50%, 10/15/32, Callable 7/15/32 @ 100 ................. 500,000 415,610 Newell Brands, Inc., 6.38%, 9/15/27, Callable 6/15/27 @ 100 ....................... 250,000 248,215 PulteGroup, Inc., 6.00%, 2/15/35............................................ 500,000 477,965 Sodexo, Inc., 2.72%, 4/16/31, Callable 1/16/31 @ 100(a) .......................... 750,000 593,460 The Home Depot, Inc., 2.38%, 3/15/51, Callable 9/15/50 @ 100 ..................... 600,000 363,078 Tractor Supply Co., 1.75%, 11/1/30, Callable 8/1/30 @ 100......................... 500,000 384,090 VF Corp., 2.95%, 4/23/30, Callable 1/23/30 @ 100............................... 76,000 63,222 Volkswagen Group of America Finance LLC, 4.60%, 6/8/29, Callable 4/8/29 @ 100(a) ..... 500,000 472,745 6,352,225 Consumer Staples (3.7%): Anheuser-Busch InBev Worldwide, Inc. 3.50%, 6/1/30, Callable 3/1/30 @ 100 .................................... 750,000 682,132 3.75%, 7/15/42 .................................................... 750,000 599,918 Bunge Ltd. Finance Corp., 2.75%, 5/14/31, Callable 2/14/31 @ 100 ................... 500,000 410,440 Church & Dwight Co., Inc., 2.30%, 12/15/31, Callable 9/15/31 @ 100 ................. 250,000 200,195 General Mills, Inc., 2.25%, 10/14/31, Callable 7/14/31 @ 100 ....................... 750,000 601,493 Keurig Dr Pepper, Inc. 3.95%, 4/15/29, Callable 2/15/29 @ 100 .................................. 250,000 232,273 4.50%, 4/15/52, Callable 10/15/51 @ 100 ................................. 75,000 62,847 McCormick & Co., Inc., 1.85%, 2/15/31, Callable 11/15/30 @ 100 ................... 500,000 386,845 Sysco Corp., 2.45%, 12/14/31, Callable 9/14/31 @ 100 ............................ 500,000 401,270 Walgreens Boots Alliance, Inc., 4.10%, 4/15/50, Callable 10/15/49 @ 100 .............. 250,000 183,960 3,761,373 Energy (0.6%): Energy Transfer LP, 6.50% (H15T5Y+569bps), Callable 11/15/26 @ 100(b)(c)........... 250,000 217,143 Plains All American Pipeline LP/PAA Finance Corp., 3.80%, 9/15/30, Callable 6/15/30 @ 100 500,000 434,695 651,838 Financials (22.3%): Ally Financial, Inc., 7.10%, 11/15/27, Callable 10/15/27 @ 100 ...................... 278,000 283,429 American Express Co., 4.99% (SOFR+226bps), 5/26/33, Callable 2/26/32 @ 100(b)....... 500,000 481,880 AmFam Holdings, Inc., 2.81%, 3/11/31, Callable 12/11/30 @ 100(a) .................. 500,000 383,310 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-177.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares ESG Corporate Bond ETF 123 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value Assurant, Inc., 2.65%, 1/15/32, Callable 10/15/31 @ 100........................... $250,000 $185,345 Bank of America Corp. 4.38% (H15T5Y+276bps), Callable 1/27/27 @ 100 (b)(c) ...................... 500,000 424,910 3.42% (LIBOR03M+104bps), 12/20/28, Callable 12/20/27 @ 100 (b) ............. 1,500,000 1,360,545 2.69% (SOFR+110bps), 4/22/32, Callable 4/22/31 @ 100 (b).................... 2,000,000 1,600,140 2.57% (SOFR+121bps), 10/20/32, Callable 10/20/31 @ 100 (b).................. 250,000 196,115 Blue Owl Finance LLC, 3.13%, 6/10/31, Callable 3/10/31 @ 100(a)................... 250,000 184,373 Cullen/Frost Bankers, Inc., 4.50%, 3/17/27, Callable 2/17/27 @ 100................... 500,000 482,350 F&G Global Funding, 2.00%, 9/20/28(a) ...................................... 250,000 207,143 Fells Point Funding Trust, 3.05%, 1/31/27, Callable 12/31/26 @ 100(a) ................ 750,000 683,084 First American Financial Corp., 2.40%, 8/15/31, Callable 5/15/31 @ 100 ............... 750,000 548,325 GA Global Funding Trust, 1.63%, 1/15/26(a) ................................... 500,000 443,730 Global Atlantic Fin Co., 3.13%, 6/15/31, Callable 3/15/31 @ 100(a)................... 250,000 183,270 Huntington Bancshares, Inc., 2.49% (H15T5Y+117bps), 8/15/36, Callable 8/15/31 @ 100(b). 500,000 361,915 JPMorgan Chase & Co. 4.60% (SOFR+313bps), Callable 2/1/25 @ 100 (b)(c)......................... 500,000 443,965 2.95% (SOFR+117bps), 2/24/28, Callable 2/24/27 @ 100 (b).................... 500,000 452,605 2.96% (SOFR+252bps), 5/13/31, Callable 5/13/30 @ 100 (b) ................... 250,000 205,835 1.95% (SOFR+1bps), 2/4/32, Callable 2/4/31 @ 100 (b) ....................... 2,500,000 1,913,674 3.33% (SOFR+158bps), 4/22/52, Callable 4/22/51 @ 100 (b) ................... 1,000,000 688,850 KeyBank NA, 3.90%, 4/13/29.............................................. 500,000 445,479 Level 3 Financing, Inc., 3.88%, 11/15/29, Callable 8/15/29 @ 100(a) .................. 500,000 394,110 MetLife, Inc., 4.13%, 8/13/42 .............................................. 500,000 423,985 Morgan Stanley 1.59% (SOFR+88bps), 5/4/27, Callable 5/4/26 @ 100 (b) ...................... 2,500,000 2,194,699 1.93% (SOFR+102bps), 4/28/32, Callable 4/28/31 @ 100, MTN (b)............... 500,000 377,770 2.48% (SOFR+136bps), 9/16/36, Callable 9/16/31 @ 100 (b) ................... 250,000 182,358 2.80% (SOFR+143bps), 1/25/52, Callable 1/25/51 @ 100 (b) ................... 1,000,000 621,020 New York Life Global Funding, 1.85%, 8/1/31(a) ................................ 500,000 394,050 Northern Trust Corp., 6.13%, 11/2/32, Callable 8/2/32 @ 100 ....................... 500,000 528,560 OWL Rock Core Income Corp., 4.70%, 2/8/27, Callable 1/8/27 @ 100(a)............... 375,000 336,068 Prudential Financial, Inc., 3.94%, 12/7/49, Callable 6/7/49 @ 100 .................... 500,000 392,510 Regions Bank, 6.45%, 6/26/37 ............................................. 1,000,000 1,036,989 Stewart Information Services Corp., 3.60%, 11/15/31, Callable 8/15/31 @ 100 ........... 250,000 190,620 The Allstate Corp., 5.75% (LIBOR03M+294bps), 8/15/53, Callable 8/15/23 @ 100(b)...... 500,000 470,900 The Bank of New York Mellon Corp., 4.70% (H15T5Y+436bps), Callable 9/20/25 @ 100(b)(c)......................................................... 250,000 239,505 The Huntington National Bank, 5.65%, 1/10/30, Callable 11/10/29 @ 100 .............. 250,000 251,028 The PNC Financial Services Group, Inc., 2.55%, 1/22/30, Callable 10/24/29 @ 100 ....... 500,000 424,890 Truist Financial Corp. 5.10% (H15T10Y+435bps), Callable 3/1/30 @ 100 (b)(c) ...................... 500,000 464,335 1.89% (SOFR+63bps), 6/7/29, Callable 6/7/28 @ 100, MTN (b) ................. 1,000,000 840,260 W R Berkley Corp., 3.55%, 3/30/52, Callable 9/30/51 @ 100........................ 250,000 172,333 Webster Financial Corp., 4.10%, 3/25/29, Callable 12/25/28 @ 100 ................... 500,000 454,045 22,550,307 Health Care (6.9%): AbbVie, Inc., 4.25%, 11/21/49, Callable 5/21/49 @ 100 ........................... 500,000 420,285 Amgen, Inc. 1.65%, 8/15/28, Callable 6/15/28 @ 100 .................................. 500,000 417,745 4.20%, 2/22/52, Callable 8/22/51 @ 100 .................................. 250,000 200,718 Baxter International, Inc., 2.54%, 2/1/32, Callable 11/1/31 @ 100(a) .................. 250,000 199,125 Bio Rad Laboratories, Inc., 3.30%, 3/15/27, Callable 2/15/27 @ 100 .................. 250,000 230,648 Bristol-Myers Squibb Co., 2.55%, 11/13/50, Callable 5/13/50 @ 100 .................. 500,000 315,795 Cigna Corp., 3.40%, 3/1/27, Callable 12/1/26 @ 100.............................. 500,000 469,220 CVS Health Corp., 1.75%, 8/21/30, Callable 5/21/30 @ 100 ........................ 2,000,000 1,572,180 DENTSPLY SIRONA, Inc., 3.25%, 6/1/30, Callable 3/1/30 @ 100.................... 1,000,000 828,250 Fresenius Medical Care U.S. Finance III, Inc., 2.38%, 2/16/31, Callable 11/16/30 @ 100(a) . . 500,000 366,600 HCA, Inc., 4.38%, 3/15/42, Callable 9/15/41 @ 100(a) ............................ 94,000 75,123 Illumina, Inc., 2.55%, 3/23/31, Callable 12/23/30 @ 100 ........................... 500,000 400,110 Mylan NV, 3.95%, 6/15/26, Callable 3/15/26 @ 100 .............................. 500,000 467,295 PerkinElmer, Inc., 2.55%, 3/15/31, Callable 12/15/30 @ 100 ........................ 500,000 403,870 Roche Holdings, Inc., 1.93%, 12/13/28, Callable 10/13/28 @ 100(a) .................. 500,000 428,085 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-178.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares ESG Corporate Bond ETF 124 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value Universal Health Services, Inc., 2.65%, 1/15/32, Callable 10/15/31 @ 100(a) ............ $191,000 $145,103 6,940,152 Industrials (8.7%): Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100 ................ 750,000 576,285 Air Lease Corp., 2.88%, 1/15/32, Callable 10/15/31 @ 100 ......................... 250,000 199,428 Ashtead Capital, Inc., 5.50%, 8/11/32, Callable 5/11/32 @ 100(a) .................... 500,000 479,195 Burlington Northern Santa Fe LLC 3.65%, 9/1/25, Callable 6/1/25 @ 100 .................................... 500,000 485,890 3.90%, 8/1/46, Callable 2/1/46 @ 100 .................................... 500,000 407,830 Carlisle Cos., Inc., 2.75%, 3/1/30, Callable 12/1/29 @ 100 ......................... 500,000 416,035 Carrier Global Corp., 3.38%, 4/5/40, Callable 10/5/39 @ 100 ....................... 750,000 568,222 Daimler Trucks Finance North America LLC, 2.38%, 12/14/28(a) .................... 350,000 294,826 Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28(a) ......................... 250,000 235,478 FedEx Corp., 4.05%, 2/15/48, Callable 8/15/47 @ 100 ............................ 250,000 189,900 Fortune Brands Home & Security, Inc., 4.00%, 3/25/32, Callable 12/25/31 @ 100 ......... 250,000 216,978 GXO Logistics, Inc., 2.65%, 7/15/31, Callable 4/15/31 @ 100 ....................... 750,000 555,938 Hubbell, Inc., 2.30%, 3/15/31, Callable 12/15/30 @ 100 ........................... 500,000 398,160 IDEX Corp., 3.00%, 5/1/30, Callable 2/1/30 @ 100 .............................. 500,000 430,240 Otis Worldwide Corp., 3.11%, 2/15/40, Callable 8/15/39 @ 100...................... 500,000 368,535 Pentair Finance Sarl, 5.90%, 7/15/32, Callable 4/15/32 @ 100 ....................... 500,000 495,485 Quanta Services, Inc., 2.90%, 10/1/30, Callable 7/1/30 @ 100 ....................... 500,000 411,675 Ryder System, Inc., 2.85%, 3/1/27, Callable 2/1/27 @ 100, MTN..................... 500,000 452,655 The Boeing Co. 3.63%, 2/1/31, Callable 11/1/30 @ 100 ................................... 750,000 656,430 5.81%, 5/1/50, Callable 11/1/49 @ 100 ................................... 500,000 465,200 The Timken Co., 4.13%, 4/1/32, Callable 1/1/32 @ 100............................ 500,000 445,605 8,749,990 Information Technology (7.2%): Autodesk, Inc., 2.40%, 12/15/31, Callable 9/15/31 @ 100 .......................... 750,000 601,507 Broadcom, Inc., 2.60%, 2/15/33, Callable 11/15/32 @ 100(a)........................ 1,000,000 749,590 Dell, Inc., 5.40%, 9/10/40 ................................................. 500,000 437,590 Global Payments, Inc., 5.40%, 8/15/32, Callable 5/15/32 @ 100...................... 250,000 238,345 HP, Inc., 4.00%, 4/15/29, Callable 2/15/29 @ 100................................ 500,000 457,800 Jabil, Inc., 3.00%, 1/15/31, Callable 10/15/30 @ 100.............................. 500,000 413,585 Microsoft Corp. 3.45%, 8/8/36, Callable 2/8/36 @ 100 .................................... 500,000 443,715 2.53%, 6/1/50, Callable 12/1/49 @ 100 ................................... 250,000 166,603 Oracle Corp. 1.65%, 3/25/26, Callable 2/25/26 @ 100 .................................. 1,000,000 896,179 2.95%, 4/1/30, Callable 1/1/30 @ 100 .................................... 500,000 426,800 3.60%, 4/1/50, Callable 10/1/49 @ 100 ................................... 250,000 170,553 Qorvo, Inc., 3.38%, 4/1/31, Callable 4/1/26 @ 101.69(a)........................... 1,000,000 811,100 TSMC Arizona Corp., 2.50%, 10/25/31, Callable 7/25/31 @ 100 ..................... 1,000,000 821,570 Western Digital Corp., 3.10%, 2/1/32, Callable 11/1/31 @ 100....................... 250,000 179,770 Workday, Inc., 3.70%, 4/1/29, Callable 2/1/29 @ 100 ............................. 500,000 458,650 7,273,357 Materials (5.1%): Albemarle Corp., 4.65%, 6/1/27, Callable 5/1/27 @ 100 ........................... 500,000 488,910 AptarGroup, Inc., 3.60%, 3/15/32, Callable 12/15/31 @ 100 ........................ 588,000 487,722 Avery Dennison Corp., 2.25%, 2/15/32, Callable 11/15/31 @ 100 .................... 500,000 380,880 Bayport Polymers LLC, 4.74%, 4/14/27, Callable 3/14/27 @ 100(a)................... 500,000 464,780 Celanese U.S. Holdings LLC, 6.33%, 7/15/29, Callable 5/15/29 @ 100 ................ 128,000 124,586 Eagle Materials, Inc., 2.50%, 7/1/31, Callable 4/1/31 @ 100 ........................ 250,000 195,510 Ecolab, Inc., 2.70%, 12/15/51, Callable 6/15/51 @ 100 ............................ 250,000 156,565 Glencore Funding LLC, 1.63%, 4/27/26, Callable 3/27/26 @ 100(a)................... 300,000 265,518 LYB International Finance III LLC, 4.20%, 5/1/50, Callable 11/1/49 @ 100 ............. 500,000 370,865 Packaging Corp. of America, 3.05%, 10/1/51, Callable 4/1/51 @ 100 .................. 750,000 481,605 Reliance Steel & Aluminum Co., 2.15%, 8/15/30, Callable 5/15/30 @ 100 .............. 500,000 395,005 The Dow Chemical Co., 6.30%, 3/15/33, Callable 12/15/32 @ 100.................... 500,000 526,815 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-179.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares ESG Corporate Bond ETF 125 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value WRKCo, Inc., 3.00%, 6/15/33, Callable 3/15/33 @ 100............................ $1,000,000 $797,990 5,136,751 Real Estate (4.4%): Alexandria Real Estate Equities, Inc., 2.00%, 5/18/32, Callable 2/18/32 @ 100 ........... 1,000,000 769,460 American Tower Corp., 1.50%, 1/31/28, Callable 11/30/27 @ 100 .................... 500,000 414,165 Boston Properties LP, 2.55%, 4/1/32, Callable 1/1/32 @ 100 ........................ 500,000 381,015 CBRE Services, Inc., 2.50%, 4/1/31, Callable 1/1/31 @ 100 ........................ 250,000 197,590 Crown Castle International Corp. 2.25%, 1/15/31, Callable 10/15/30 @ 100 ................................. 250,000 199,923 2.90%, 4/1/41, Callable 10/1/40 @ 100 ................................... 250,000 171,475 ERP Operating LP, 2.85%, 11/1/26, Callable 8/1/26 @ 100 ......................... 500,000 462,115 Essex Portfolio LP, 2.65%, 3/15/32, Callable 12/15/31 @ 100 ....................... 500,000 395,145 GLP Capital LP/GLP Financing II, Inc., 3.25%, 1/15/32, Callable 10/15/31 @ 100 ........ 117,000 93,623 Host Hotels & Resorts LP, 3.50%, 9/15/30, Callable 6/15/30 @ 100 ................... 500,000 412,455 Kilroy Realty LP, 2.65%, 11/15/33, Callable 8/15/33 @ 100 ........................ 500,000 344,015 Physicians Realty LP, 2.63%, 11/1/31, Callable 8/1/31 @ 100 ....................... 250,000 194,905 SBA Tower Trust, 6.60%, 1/15/28, Callable 1/15/27 @ 100(a) ....................... 210,000 209,487 Simon Property Group LP, 2.25%, 1/15/32, Callable 10/15/31 @ 100 .................. 250,000 194,600 4,439,973 Utilities (6.5%): Alabama Power Co., 3.13%, 7/15/51, Callable 1/15/51 @ 100 ....................... 500,000 345,260 Ameren Corp., 3.50%, 1/15/31, Callable 10/15/30 @ 100 .......................... 250,000 220,690 DTE Electric Co., 3.65%, 3/1/52, Callable 9/1/51 @ 100 ........................... 500,000 389,560 Duke Energy Carolinas LLC, 2.85%, 3/15/32, Callable 12/15/31 @ 100 ................ 250,000 211,215 Duke Energy Florida LLC, 2.40%, 12/15/31, Callable 9/15/31 @ 100.................. 1,000,000 814,309 Duquesne Light Holdings, Inc., 2.78%, 1/7/32, Callable 10/7/31 @ 100(a) .............. 250,000 195,828 Entergy Corp., 2.40%, 6/15/31, Callable 3/5/31 @ 100 ............................ 500,000 396,330 Florida Power & Light Co. 3.15%, 10/1/49, Callable 4/1/49 @ 100 ................................... 250,000 181,608 2.88%, 12/4/51, Callable 6/4/51 @ 100 ................................... 500,000 340,480 ITC Holdings Corp., 3.35%, 11/15/27, Callable 8/15/27 @ 100 ...................... 500,000 459,960 MidAmerican Energy Co., 2.70%, 8/1/52, Callable 2/1/52 @ 100..................... 500,000 321,930 NextEra Energy Capital Holdings, Inc. 4.47% (SOFR+40bps), 11/3/23, Callable 2/10/23 @ 100 (b) .................... 250,000 249,003 2.44%, 1/15/32, Callable 10/15/31 @ 100 ................................. 500,000 402,965 Oglethorpe Power Corp., 4.50%, 4/1/47, Callable 10/1/46 @ 100(a)................... 312,000 248,208 Oncor Electric Delivery Co. LLC, 3.75%, 4/1/45, Callable 10/1/44 @ 100 .............. 500,000 403,074 PECO Energy Co., 3.00%, 9/15/49, Callable 3/15/49 @ 100 ........................ 500,000 343,205 Southwestern Electric Power Co., 3.25%, 11/1/51, Callable 5/1/51 @ 100............... 250,000 165,305 Union Electric Co., 2.15%, 3/15/32, Callable 12/15/31 @ 100 ....................... 500,000 394,935 Wisconsin Public Service Corp., 2.85%, 12/1/51, Callable 6/1/51 @ 100 ............... 250,000 160,790 Xcel Energy, Inc., 2.35%, 11/15/31, Callable 5/15/31 @ 100 ........................ 500,000 399,035 6,643,690 Total Corporate Bonds (Cost $98,026,491) 80,406,728 Yankee Dollars (18.0%) Communication Services (0.4%): British Telecommunications PLC, 3.25%, 11/8/29, Callable 8/8/29 @ 100(a) ............ 500,000 424,980 Consumer Discretionary (0.4%): Bacardi Ltd., 4.70%, 5/15/28, Callable 2/15/28 @ 100(a)........................... 500,000 480,310 Consumer Staples (0.6%): Alimentation Couche-Tard, Inc., 2.95%, 1/25/30, Callable 10/25/29 @ 100(a)............ 500,000 422,500 Becle SAB de CV, 2.50%, 10/14/31, Callable 7/14/31 @ 100(a)...................... 250,000 192,870 615,370 Energy (1.8%): BP Capital Markets PLC 4.38% (H15T5Y+404bps), Callable 6/22/25 @ 100 (b)(c) ...................... 500,000 476,245 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-180.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares ESG Corporate Bond ETF 126 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value 4.88% (H15T5Y+440bps), Callable 3/22/30 @ 100 (b)(c) ...................... $250,000 $218,875 Shell International Finance BV 2.75%, 4/6/30, Callable 1/6/30 @ 100 .................................... 500,000 439,460 2.88%, 11/26/41, Callable 5/26/41 @ 100 ................................. 500,000 363,975 Var Energi ASA, 8.00%, 11/15/32, Callable 8/15/32 @ 100(a) ....................... 250,000 257,725 1,756,280 Financials (10.9%): Bank of New Zealand, 2.87%, 1/27/32(a)...................................... 250,000 206,095 Barclays PLC, 4.95%, 1/10/47.............................................. 1,000,000 863,950 BNP Paribas SA, 4.63%, 3/13/27(a).......................................... 500,000 476,875 BPCE SA, 3.25%, 1/11/28(a) .............................................. 250,000 224,213 Brookfield Finance, Inc., 2.72%, 4/15/31, Callable 1/15/31 @ 100 .................... 500,000 400,180 Canadian Imperial Bank of Commerce, 7.26%, 4/10/32(a).......................... 227,603 260,187 Commonwealth Bank of Australia, 2.69%, 3/11/31(a) ............................. 500,000 384,515 Credit Agricole SA, 3.25%, 10/4/24(a)........................................ 500,000 481,810 Credit Suisse Group AG 3.09% (SOFR+173bps), 5/14/32, Callable 5/14/31 @ 100 (a)(b) ................. 500,000 347,180 6.54% (SOFR+392bps), 8/12/33, Callable 8/12/32 @ 100 (a)(b) ................. 435,000 382,138 9.02% (SOFR+502bps), 11/15/33, Callable 11/15/32 @ 100 (a)(b)................ 250,000 257,178 Deutsche Bank AG, 4.88% (USISDA05+255bps), 12/1/32, Callable 12/1/27 @ 100(b) ..... 500,000 417,490 HSBC Holdings PLC, 2.21% (SOFR+129bps), 8/17/29, Callable 8/17/28 @ 100(b)........ 1,000,000 807,670 JAB Holdings BV, 4.50%, 4/8/52, Callable 10/8/51 @ 100(a) ....................... 250,000 169,775 Lloyds Banking Group PLC 1.63% (H15T1Y+85bps), 5/11/27, Callable 5/11/26 @ 100 (b)................... 1,000,000 864,900 7.95% (H15T1Y+375bps), 11/15/33, Callable 8/15/32 @ 100 (b)................. 303,000 321,119 Macquarie Bank Ltd., 3.05% (H15T5Y+170bps), 3/3/36, Callable 3/3/31 @ 100(a)(b)...... 500,000 362,760 NatWest Group PLC, 1.64% (H15T1Y+90bps), 6/14/27, Callable 6/14/26 @ 100(b) ....... 1,000,000 866,550 Phoenix Group Holdings PLC, 5.38%, 7/6/27, MTN .............................. 250,000 235,313 Societe Generale SA, 1.49% (H15T1Y+1bps), 12/14/26, Callable 12/14/25 @ 100(a)(b) .... 500,000 435,695 Standard Chartered PLC, 7.77% (H15T1Y+345bps), 11/16/28, Callable 11/16/27 @ 100(a)(b) 500,000 529,830 Sumitomo Mitsui Financial Group, Inc., 2.47%, 1/14/29 ........................... 250,000 210,685 The Bank of Nova Scotia, 4.50%, 12/16/25 .................................... 500,000 490,535 The Toronto-Dominion Bank, 3.63% (USSW5+221bps), 9/15/31, Callable 9/15/26 @ 100(b). 500,000 460,410 Westpac Banking Corp., 4.32% (USISDA05+224bps), 11/23/31, Callable 11/23/26 @ 100(b) 500,000 468,615 10,925,668 Health Care (0.7%): Olympus Corp., 2.14%, 12/8/26, Callable 11/8/26 @ 100(a) ........................ 152,000 134,526 Smith & Nephew PLC, 2.03%, 10/14/30, Callable 7/14/30 @ 100 .................... 725,000 569,074 703,600 Industrials (1.6%): Aircastle Ltd., 4.25%, 6/15/26, Callable 4/15/26 @ 100............................ 500,000 470,740 Ferguson Finance PLC 3.25%, 6/2/30, Callable 3/2/30 @ 100 (a).................................. 500,000 423,710 4.65%, 4/20/32, Callable 1/20/32 @ 100 (a) ................................ 250,000 228,150 Siemens Financieringsmaatschappij NV, 3.40%, 3/16/27(a) ......................... 500,000 471,085 1,593,685 Information Technology (0.1%): Open Text Corp., 6.90%, 12/1/27, Callable 11/1/27 @ 100(a)........................ 98,000 98,811 Materials (0.6%): ArcelorMittal SA, 6.80%, 11/29/32, Callable 8/29/32 @ 100 ........................ 250,000 249,235 CCL Industries, Inc., 3.25%, 10/1/26, Callable 7/1/26 @ 100(a)...................... 500,000 453,450 702,685 Real Estate (0.4%): Ontario Teachers' Cadillac Fairview Properties Trust, 2.50%, 10/15/31, Callable 7/15/31 @ 100(a)........................................................... 504,000 379,482 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-181.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares ESG Corporate Bond ETF 127 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value Utilities (0.5%): Enel Finance International NV, 7.50%, 10/14/32, Callable 7/14/32 @ 100(a)............. $500,000 $531,350 Total Yankee Dollars (Cost $21,260,472) 18,212,221 Commercial Papers (1.0%) Southwestern Public Service Co., 6.06%, 1/3/23 (a)(d) ............................ 1,000,000 999,495 Total Commercial Papers (Cost $999,756) 999,495 Total Investments (Cost $120,286,719) — 98.6% 99,618,444 Other assets in excess of liabilities — 1.4% 1,442,356 NET ASSETS - 100.00% $101,060,800 (a) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December 31, 2022, the fair value of these securities was $21,260,440 and amounted to 21.0% of net assets. (b) Variable or Floating-Rate Security. Rate disclosed is as of December 31, 2022. (c) Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future. (d) Rate represents the effective yield at December 31, 2022. bps—Basis points H15T1Y—1 Year Treasury Constant Maturity Rate, rate disclosed as of December 31, 2022. H15T5Y—5 Year Treasury Constant Maturity Rate, rate disclosed as of December 31, 2022. H15T10Y—10 Year Treasury Constant Maturity Rate, rate disclosed as of December 31, 2022. LIBOR—London Interbank Offered Rate LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of December 31, 2022, based on the last reset date of the security LLC—Limited Liability Company LP—Limited Partnership MTN—Medium Term Note PLC—Public Limited Company SOFR—Secured Overnight Financing Rate USISDA05—5 Year ICE Swap Rate, rate disclosed as of December 31, 2022 USSW5—USD 5 Year Swap Rate, rate disclosed as of December 31, 2022. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-182.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments December 31, 2022 Victory Portfolios II VictoryShares THB Mid Cap ESG ETF 128 (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (99.9%) Aerospace & Defense (4.2%): HEICO Corp. ......................................................... 597 $91,723 Building Products (2.9%): Carlisle Cos., Inc. ...................................................... 266 62,683 Commercial Services & Supplies (9.9%): Cintas Corp. .......................................................... 168 75,872 Copart, Inc. (a)......................................................... 1,280 77,938 Rollins, Inc. .......................................................... 1,744 63,726 217,536 Consumer Discretionary (9.8%): LKQ Corp. ........................................................... 1,176 62,810 NVR, Inc. (a).......................................................... 17 78,414 Pool Corp. ........................................................... 238 71,955 213,179 Consumer Staples (6.0%): Darling Ingredients, Inc. (a) ............................................... 1,059 66,283 The Hershey Co. ....................................................... 282 65,303 131,586 Health Care (18.5%): Chemed Corp. ......................................................... 158 80,648 Hologic, Inc. (a)........................................................ 1,151 86,106 Laboratory Corp. of America Holdings ....................................... 304 71,586 STERIS PLC ......................................................... 356 65,750 Waters Corp. (a)........................................................ 296 101,404 405,494 Information Technology (19.2%): Amphenol Corp., Class A ................................................. 1,130 86,038 Cadence Design Systems, Inc. (a) ........................................... 481 77,268 Keysight Technologies, Inc. (a) ............................................. 430 73,560 PTC, Inc. (a) .......................................................... 550 66,022 Teledyne Technologies, Inc. (a) ............................................. 184 73,583 Zebra Technologies Corp. (a) .............................................. 166 42,564 419,035 Machinery (7.5%): Graco, Inc. ........................................................... 1,068 71,834 The Toro Co. ......................................................... 812 91,918 163,752 Materials (3.3%): Crown Holdings, Inc. ................................................... 865 71,112 Professional Services (7.4%): CACI International, Inc., Class A (a) ......................................... 257 77,252 Verisk Analytics, Inc. .................................................... 484 85,387 162,639 Road & Rail (8.0%): J.B. Hunt Transport Services, Inc. ........................................... 373 65,036 Landstar System, Inc. ................................................... 333 54,246 Old Dominion Freight Line, Inc. ............................................ 193 54,770 174,052 Trading Companies & Distributors (3.2%): Fastenal Co. .......................................................... 1,500 70,980 Total Common Stocks (Cost $2,256,450) 2,183,771 Total Investments (Cost $2,256,450) — 99.9% 2,183,771 Other assets in excess of liabilities — 0.1% 3,199 NET ASSETS - 100.00% $2,186,970 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-183.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares THB Mid Cap ESG ETF 129 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. (a) Non-income producing security. PLC—Public Limited Company |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-184.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments December 31, 2022 Victory Portfolios II VictoryShares WestEnd U.S. Sector ETF 130 (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (99.7%) Biotechnology (4.8%): AbbVie, Inc. .......................................................... 14,905 $2,408,796 Amgen, Inc. .......................................................... 4,498 1,181,355 Biogen, Inc. (a) ........................................................ 1,217 337,012 Gilead Sciences, Inc. .................................................... 10,566 907,091 Incyte Corp. (a) ........................................................ 1,552 124,657 Moderna, Inc. (a) ....................................................... 2,787 500,601 Regeneron Pharmaceuticals, Inc. (a) ......................................... 900 649,341 Vertex Pharmaceuticals, Inc. (a)............................................. 2,170 626,653 6,735,506 Communication Services (11.4%): Activision Blizzard, Inc. ................................................. 4,921 376,703 Alphabet, Inc., Class C (a) ................................................ 36,583 3,246,010 Alphabet, Inc., Class A (a) ................................................ 41,258 3,640,193 AT&T, Inc. ........................................................... 49,231 906,343 Charter Communications, Inc., Class A (a) ..................................... 741 251,273 Comcast Corp., Class A .................................................. 29,810 1,042,455 DISH Network Corp., Class A (a) ........................................... 1,746 24,514 Electronic Arts, Inc. ..................................................... 1,817 222,001 Fox Corp., Class A ..................................................... 2,099 63,747 Fox Corp., Class B ..................................................... 953 27,113 Live Nation Entertainment, Inc. (a) .......................................... 988 68,903 Lumen Technologies, Inc. ................................................ 6,597 34,436 Match Group, Inc. (a).................................................... 1,923 79,785 Meta Platforms, Inc., Class A (a) ............................................ 15,540 1,870,084 Netflix, Inc. (a) ........................................................ 3,069 904,987 News Corp., Class A .................................................... 2,646 48,157 News Corp., Class B .................................................... 811 14,955 Omnicom Group, Inc. ................................................... 1,411 115,095 Paramount Global, Class B ............................................... 3,493 58,962 Take-Two Interactive Software, Inc. (a) ....................................... 1,094 113,918 The Interpublic Group of Cos., Inc. .......................................... 2,681 89,304 The Walt Disney Co. (a) .................................................. 12,594 1,094,166 T-Mobile U.S., Inc. (a) ................................................... 4,128 577,920 Verizon Communications, Inc. ............................................. 29,016 1,143,230 Warner Bros Discovery, Inc. (a)............................................. 15,275 144,807 16,159,061 Communications Equipment (0.9%): Arista Networks, Inc. (a).................................................. 1,111 134,820 Cisco Systems, Inc. ..................................................... 18,503 881,484 F5, Inc. (a)............................................................ 265 38,030 Juniper Networks, Inc. ................................................... 1,464 46,789 Motorola Solutions, Inc. ................................................. 758 195,344 1,296,467 Consumer Discretionary (8.4%): Advance Auto Parts, Inc. ................................................. 229 33,670 Amazon.com, Inc. (a).................................................... 33,743 2,834,412 Aptiv PLC (a) ......................................................... 1,023 95,272 AutoZone, Inc. (a) ...................................................... 71 175,099 Bath & Body Works, Inc. ................................................. 864 36,409 Best Buy Co., Inc. ...................................................... 758 60,799 Booking Holdings, Inc. (a) ................................................ 141 284,155 BorgWarner, Inc. ....................................................... 882 35,501 Caesars Entertainment, Inc. (a) ............................................. 811 33,738 CarMax, Inc. (a)........................................................ 600 36,534 Carnival Corp. (a) ...................................................... 3,810 30,709 Chipotle Mexican Grill, Inc. (a)............................................. 106 147,074 D.R. Horton, Inc. ...................................................... 1,182 105,363 Darden Restaurants, Inc. ................................................. 459 63,493 Dollar General Corp. .................................................... 864 212,760 Dollar Tree, Inc. (a) ..................................................... 794 112,303 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-185.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares WestEnd U.S. Sector ETF 131 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Domino's Pizza, Inc. .................................................... 141 $48,842 eBay, Inc. ............................................................ 2,064 85,594 Etsy, Inc. (a) .......................................................... 476 57,015 Expedia Group, Inc. (a) .................................................. 564 49,406 Ford Motor Co. ........................................................ 15,011 174,578 Garmin Ltd. .......................................................... 582 53,713 General Motors Co. ..................................................... 5,398 181,589 Genuine Parts Co. ...................................................... 529 91,786 Hasbro, Inc. .......................................................... 494 30,139 Hilton Worldwide Holdings, Inc. ........................................... 1,023 129,266 Las Vegas Sands Corp. (a)................................................. 1,252 60,184 Lennar Corp., Class A ................................................... 970 87,785 LKQ Corp. ........................................................... 970 51,808 Lowe's Cos., Inc. ....................................................... 2,364 471,003 Marriott International, Inc., Class A ......................................... 1,023 152,314 McDonald's Corp. ...................................................... 2,787 734,459 MGM Resorts International ............................................... 1,217 40,806 Mohawk Industries, Inc. (a) ............................................... 194 19,831 Newell Brands, Inc. ..................................................... 1,429 18,691 NIKE, Inc., Class B ..................................................... 4,798 561,414 Norwegian Cruise Line Holdings Ltd. (a)...................................... 1,605 19,645 NVR, Inc. (a).......................................................... 18 83,026 O'Reilly Automotive, Inc. (a) .............................................. 229 193,283 Pool Corp. ........................................................... 141 42,629 PulteGroup, Inc. ....................................................... 864 39,338 Ralph Lauren Corp. ..................................................... 159 16,802 Ross Stores, Inc. ....................................................... 1,323 153,561 Royal Caribbean Cruises Ltd. (a)............................................ 829 40,977 Starbucks Corp. ....................................................... 4,357 432,215 Tapestry, Inc. ......................................................... 917 34,919 Target Corp. .......................................................... 1,746 260,224 Tesla, Inc. (a).......................................................... 10,213 1,258,037 The Home Depot, Inc. ................................................... 3,898 1,231,222 The TJX Cos., Inc. ..................................................... 4,410 351,036 Tractor Supply Co. ..................................................... 423 95,162 Ulta Beauty, Inc. (a) ..................................................... 194 91,000 VF Corp. ............................................................ 1,252 34,568 Whirlpool Corp. ....................................................... 212 29,990 Wynn Resorts Ltd. (a).................................................... 388 31,998 Yum! Brands, Inc. ...................................................... 1,076 137,814 11,974,960 Consumer Staples (12.7%): Altria Group, Inc. ...................................................... 14,058 642,591 Archer-Daniels-Midland Co. .............................................. 4,304 399,626 Brown-Forman Corp., Class B ............................................. 1,429 93,857 Campbell Soup Co. ..................................................... 1,570 89,098 Church & Dwight Co., Inc. ............................................... 1,905 153,562 Colgate-Palmolive Co. ................................................... 6,544 515,602 Conagra Brands, Inc. .................................................... 3,757 145,396 Constellation Brands, Inc., Class A .......................................... 1,270 294,323 Costco Wholesale Corp. .................................................. 3,475 1,586,337 General Mills, Inc. ..................................................... 4,657 390,489 Hormel Foods Corp. .................................................... 2,275 103,626 Kellogg Co. .......................................................... 2,011 143,264 Keurig Dr Pepper, Inc. ................................................... 6,668 237,781 Kimberly-Clark Corp. ................................................... 2,646 359,195 Lamb Weston Holdings, Inc. .............................................. 1,129 100,887 McCormick & Co., Inc. .................................................. 1,958 162,299 Molson Coors Beverage Co., Class B ........................................ 1,482 76,353 Mondelez International, Inc., Class A ........................................ 10,707 713,622 Monster Beverage Corp. (a) ............................................... 2,981 302,661 PepsiCo, Inc. ......................................................... 10,813 1,953,476 Philip Morris International, Inc. ............................................ 12,136 1,228,285 Sysco Corp. .......................................................... 3,969 303,430 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-186.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares WestEnd U.S. Sector ETF 132 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value The Clorox Co. ........................................................ 970 $136,120 The Coca-Cola Co. ..................................................... 30,533 1,942,203 The Estee Lauder Cos., Inc. ............................................... 1,817 450,816 The Hershey Co. ....................................................... 1,147 265,611 The J.M. Smucker Co. ................................................... 829 131,363 The Kraft Heinz Co. .................................................... 6,244 254,193 The Kroger Co. ........................................................ 5,115 228,027 The Procter & Gamble Co. ................................................ 18,592 2,817,803 Tyson Foods, Inc., Class A ................................................ 2,275 141,619 Walgreens Boots Alliance, Inc. ............................................. 5,627 210,225 Walmart, Inc. ......................................................... 11,077 1,570,608 18,144,348 Electronic Equipment, Instruments & Components (0.7%): Amphenol Corp., Class A ................................................. 2,681 204,131 CDW Corp. .......................................................... 617 110,184 Corning, Inc. .......................................................... 3,440 109,874 Keysight Technologies, Inc. (a) ............................................. 811 138,738 TE Connectivity Ltd. .................................................... 1,429 164,049 Teledyne Technologies, Inc. (a) ............................................. 212 84,781 Trimble, Inc. (a)........................................................ 1,111 56,172 Zebra Technologies Corp. (a) .............................................. 229 58,718 926,647 Health Care Equipment & Supplies (5.4%): Abbott Laboratories ..................................................... 14,693 1,613,145 Align Technology, Inc. (a)................................................. 617 130,125 Baxter International, Inc. ................................................. 4,251 216,673 Becton Dickinson and Co. ................................................ 2,399 610,066 Boston Scientific Corp. (a) ................................................ 12,065 558,248 DENTSPLY SIRONA, Inc. ............................................... 1,817 57,853 Dexcom, Inc. (a) ....................................................... 3,246 367,577 Edwards Lifesciences Corp. (a) ............................................. 5,204 388,270 Hologic, Inc. (a)........................................................ 2,099 157,026 IDEXX Laboratories, Inc. (a) .............................................. 706 288,020 Intuitive Surgical, Inc. (a) ................................................. 2,981 791,009 Medtronic PLC ........................................................ 11,201 870,542 ResMed, Inc. ......................................................... 1,235 257,041 STERIS PLC ......................................................... 847 156,432 Stryker Corp. ......................................................... 2,840 694,352 Teleflex, Inc. .......................................................... 388 96,856 The Cooper Cos., Inc. ................................................... 423 139,873 Zimmer Biomet Holdings, Inc. ............................................. 1,764 224,910 7,618,018 Health Care Providers & Services (7.1%): AmerisourceBergen Corp. ................................................ 1,358 225,034 Cardinal Health, Inc. .................................................... 2,205 169,498 Centene Corp. (a)....................................................... 4,763 390,614 Cigna Corp. .......................................................... 2,575 853,201 CVS Health Corp. ...................................................... 11,077 1,032,265 DaVita, Inc. (a) ........................................................ 459 34,274 Elevance Health, Inc. .................................................... 2,011 1,031,583 HCA Healthcare, Inc. ................................................... 1,782 427,609 Henry Schein, Inc. (a).................................................... 1,147 91,611 Humana, Inc. ......................................................... 1,058 541,897 Laboratory Corp. of America Holdings ....................................... 741 174,491 McKesson Corp. ....................................................... 1,199 449,769 Molina Healthcare, Inc. (a) ................................................ 494 163,129 Quest Diagnostics, Inc. .................................................. 953 149,087 UnitedHealth Group, Inc. ................................................. 7,867 4,170,925 Universal Health Services, Inc., Class B ...................................... 547 77,067 9,982,054 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-187.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares WestEnd U.S. Sector ETF 133 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value IT Services (4.5%): Accenture PLC, Class A .................................................. 2,840 $757,826 Akamai Technologies, Inc. (a).............................................. 706 59,516 Automatic Data Processing, Inc. ............................................ 1,870 446,668 Broadridge Financial Solutions, Inc. ......................................... 529 70,955 Cognizant Technology Solutions Corp., Class A ................................. 2,311 132,166 DXC Technology Co. (a) ................................................. 1,041 27,587 EPAM Systems, Inc. (a) .................................................. 265 86,851 Fidelity National Information Services, Inc. .................................... 2,681 181,906 Fiserv, Inc. (a) ......................................................... 2,858 288,858 FleetCor Technologies, Inc. (a) ............................................. 335 61,533 Gartner, Inc. (a) ........................................................ 353 118,657 Global Payments, Inc. ................................................... 1,217 120,872 International Business Machines Corp. ....................................... 4,075 574,127 Jack Henry & Associates, Inc. ............................................. 335 58,813 Mastercard, Inc., Class A ................................................. 3,828 1,331,110 Paychex, Inc. ......................................................... 1,446 167,100 PayPal Holdings, Inc. (a) ................................................. 5,133 365,572 VeriSign, Inc. (a) ....................................................... 423 86,901 Visa, Inc., Class A ...................................................... 7,373 1,531,814 6,468,832 Life Sciences Tools & Services (3.7%): Agilent Technologies, Inc. ................................................ 2,487 372,180 Bio-Rad Laboratories, Inc., Class A (a) ....................................... 176 74,006 Bio-Techne Corp. ...................................................... 1,323 109,650 Charles River Laboratories International, Inc. (a) ................................ 423 92,172 Danaher Corp. ........................................................ 5,521 1,465,384 Illumina, Inc. (a) ....................................................... 1,323 267,511 IQVIA Holdings, Inc. (a) ................................................. 1,570 321,677 Mettler-Toledo International, Inc. (a) ......................................... 194 280,417 PerkinElmer, Inc. ...................................................... 1,058 148,353 Thermo Fisher Scientific, Inc. .............................................. 3,298 1,816,175 Waters Corp. (a)........................................................ 494 169,235 West Pharmaceutical Services, Inc. .......................................... 617 145,211 5,261,971 Pharmaceuticals (9.4%): Bristol-Myers Squibb Co. ................................................ 17,921 1,289,416 Catalent, Inc. (a) ....................................................... 1,517 68,280 Eli Lilly & Co. ........................................................ 6,650 2,432,836 Johnson & Johnson ..................................................... 22,031 3,891,775 Merck & Co., Inc. ...................................................... 21,361 2,370,003 Organon & Co. ........................................................ 2,152 60,105 Pfizer, Inc. ........................................................... 47,290 2,423,140 Viatris, Inc. ........................................................... 10,213 113,671 Zoetis, Inc. ........................................................... 3,934 576,528 13,225,754 Semiconductors & Semiconductor Equipment (5.1%): Advanced Micro Devices, Inc. (a) ........................................... 7,267 470,684 Analog Devices, Inc. .................................................... 2,311 379,073 Applied Materials, Inc. .................................................. 3,881 377,932 Broadcom, Inc. ........................................................ 1,817 1,015,939 Enphase Energy, Inc. (a) .................................................. 617 163,480 First Solar, Inc. (a) ...................................................... 441 66,057 Intel Corp. ........................................................... 18,592 491,387 KLA Corp. ........................................................... 635 239,414 Lam Research Corp. .................................................... 617 259,325 Microchip Technology, Inc. ............................................... 2,487 174,712 Micron Technology, Inc. ................................................. 4,904 245,102 Monolithic Power Systems, Inc. ............................................ 194 68,600 NVIDIA Corp. ........................................................ 11,218 1,639,399 NXP Semiconductors NV ................................................ 1,164 183,947 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-188.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares WestEnd U.S. Sector ETF 134 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value ON Semiconductor Corp. (a)............................................... 1,940 $120,998 Qorvo, Inc. (a) ......................................................... 459 41,604 QUALCOMM, Inc. ..................................................... 5,045 554,647 Skyworks Solutions, Inc. ................................................. 723 65,887 SolarEdge Technologies, Inc. (a) ............................................ 247 69,968 Teradyne, Inc. ......................................................... 706 61,669 Texas Instruments, Inc. .................................................. 4,092 676,080 7,365,904 Software (8.6%): Adobe, Inc. (a)......................................................... 2,099 706,375 ANSYS, Inc. (a)........................................................ 388 93,737 Autodesk, Inc. (a)....................................................... 970 181,264 Cadence Design Systems, Inc. (a) ........................................... 1,235 198,390 Ceridian HCM Holding, Inc. (a) ............................................ 688 44,135 Fortinet, Inc. (a)........................................................ 2,928 143,150 Gen Digital, Inc. ....................................................... 2,611 55,954 Intuit, Inc. ............................................................ 1,270 494,309 Microsoft Corp. ....................................................... 33,602 8,058,431 Oracle Corp. .......................................................... 6,932 566,622 Paycom Software, Inc. (a)................................................. 212 65,786 PTC, Inc. (a) .......................................................... 476 57,139 Roper Technologies, Inc. ................................................. 476 205,675 Salesforce, Inc. (a) ...................................................... 4,498 596,389 ServiceNow, Inc. (a)..................................................... 917 356,044 Synopsys, Inc. (a)....................................................... 688 219,672 Tyler Technologies, Inc. (a)................................................ 194 62,548 12,105,620 Technology Hardware, Storage & Peripherals (6.4%): Apple, Inc. ........................................................... 67,399 8,757,152 Hewlett Packard Enterprise Co. ............................................ 5,803 92,616 HP, Inc. ............................................................. 3,986 107,104 NetApp, Inc. .......................................................... 988 59,339 Seagate Technology Holdings PLC .......................................... 864 45,455 Western Digital Corp. (a) ................................................. 1,429 45,085 9,106,751 Utilities (10.6%): Alliant Energy Corp. .................................................... 3,687 203,559 Ameren Corp. ......................................................... 3,792 337,185 American Electric Power Co., Inc. .......................................... 7,532 715,163 American Water Works Co., Inc. ............................................ 2,663 405,894 Atmos Energy Corp. .................................................... 2,046 229,295 CenterPoint Energy, Inc. ................................................. 9,225 276,658 CMS Energy Corp. ..................................................... 4,251 269,216 Consolidated Edison, Inc. ................................................ 5,204 495,993 Constellation Energy Corp. ............................................... 4,798 413,636 Dominion Energy, Inc. ................................................... 12,206 748,472 DTE Energy Co. ....................................................... 2,840 333,785 Duke Energy Corp. ..................................................... 11,271 1,160,800 Edison International .................................................... 5,592 355,763 Entergy Corp. ......................................................... 2,981 335,363 Evergy, Inc. .......................................................... 3,369 212,011 Eversource Energy ..................................................... 5,098 427,416 Exelon Corp. ......................................................... 14,552 629,083 FirstEnergy Corp. ...................................................... 7,955 333,633 NextEra Energy, Inc. .................................................... 29,104 2,433,094 NiSource, Inc. ......................................................... 5,944 162,984 NRG Energy, Inc. ...................................................... 3,369 107,202 PG&E Corp. (a)........................................................ 23,583 383,460 Pinnacle West Capital Corp. ............................................... 1,658 126,074 PPL Corp. ............................................................ 10,777 314,904 Public Service Enterprise Group, Inc. ........................................ 7,303 447,455 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-189.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares WestEnd U.S. Sector ETF 135 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Sempra Energy ........................................................ 4,604 $711,502 The AES Corp. ........................................................ 9,790 281,560 The Southern Co. ...................................................... 15,946 1,138,704 WEC Energy Group, Inc. ................................................. 4,621 433,265 Xcel Energy, Inc. ....................................................... 8,008 561,441 14,984,570 Total Common Stocks (Cost $140,995,145) 141,356,463 Rights (0.0%)(b) Health Care (0.0%):(b) Abiomed, Inc. CVR (a)(c)(d) .............................................. 532 543 Total Rights (Cost $–) 543 Total Investments (Cost $140,995,145) — 99.7% 141,357,006 Other assets in excess of liabilities — 0.3% 435,364 NET ASSETS - 100.00% $141,792,370 (a) Non-income producing security. (b) Amount represents less than 0.05% of net assets. (c) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of December 31, 2022, illiquid securities were less than 0.05% of net assets. (d) Security was fair valued based upon procedures approved by the Board of Trustees and represents less than 0.05% of net assets as of December 31, 2022. This security is classified as Level 3 within the fair value hierarchy. (See Note 2 in the Notes to Financial Statements) 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.............. 1 3/17/23 $193,335 $193,050 $(285) Total unrealized appreciation $– Total unrealized depreciation (285) Total net unrealized appreciation (depreciation) $(285) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-190.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities December 31, 2022 136 See notes to financial statements. Victory Portfolios II (Unaudited) VictoryShares US 500 Volatility Wtd ETF VictoryShares US Small Cap Volatility Wtd ETF VictoryShares International Volatility Wtd ETF Assets: Affiliated investments, at value (Cost $—, $39,684 and $—) $— $46,470 $— Investments, at value (Cost $501,771,186, $23,010,364 and $85,631,668) 576,323,241(a) 23,239,073(b) 88,341,060(c) Foreign currency, at value (Cost $—, $— and $124,283) — — 124,409 Cash 1,014,625 73,027 466,182 Deposit with broker for futures contracts 290,082 13,668 52,732 Receivables: Interest and dividends 900,996 21,803 174,350 Investments sold — — 27,131 Reclaims — — 234,013 From Adviser 2,855 3,948 8,841 Prepaid expenses 1,031 44 184 Total Assets 578,532,830 23,398,033 89,428,902 Liabilities: Payables: Collateral received on loaned securities 1,906,980 172,188 1,661,188 Investments purchased — — 323,865 Variation margin on open futures contracts 2,042 310 3,015 Accrued expenses and other payables: Investment advisory fees 149,066 6,033 29,815 Administration fees 6,925 397 949 Custodian fees 6,008 756 17,321 Compliance fees 446 18 64 Trustees' fees 1,023 — — Other accrued expenses 24,000 11,531 26,032 Total Liabilities 2,096,490 191,233 2,062,249 Net Assets: Capital 579,986,323 32,479,404 90,663,485 Total accumulated earnings/(loss) (3549983) (9272604) (3296832) Net Assets $576,436,340 $23,206,800 $87,366,653 Shares outstanding (unlimited shares authorized, no par value): 8,500,000 400,000 2,350,000 Net asset value: $67.82 $58.02 $37.18 (a) Includes $1,855,376 of securities on loan. (b) Includes $165,997 of securities on loan. (c) Includes $1,597,051 of securities on loan. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-191.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities December 31, 2022 137 See notes to financial statements. Victory Portfolios II (Unaudited) VictoryShares US Large Cap High Div Volatility Wtd ETF VictoryShares US Small Cap High Div Volatility Wtd ETF VictoryShares International High Div Volatility Wtd ETF Assets: Investments, at value (Cost $359,715,888, $391,289,202 and $17,176,224) $364,056,365(a) $373,724,929(b) $16,282,085(c) Foreign currency, at value (Cost $—, $— and $10,103) — — 10,268 Cash 944,938 1,579,990 15,399 Deposit with broker for futures contracts 174,840 150,228 28,257 Receivables: Interest and dividends 969,387 971,788 57,120 Capital shares issued 2,942,261 — — Reclaims — — 81,479 From Adviser 2,895 3,200 6,123 Prepaid expenses 441 477 21 Total Assets 369,091,127 376,430,612 16,480,752 Liabilities: Payables: Collateral received on loaned securities 1,211,112 7,560,576 347,828 Investments purchased 2,925,565 — — Variation margin on open futures contracts 1,504 4,352 44 Accrued expenses and other payables: Investment advisory fees 90,441 94,267 5,479 Administration fees 5,554 6,255 97 Custodian fees 3,177 3,137 5,673 Compliance fees 221 248 11 Trustees' fees 537 753 — Other accrued expenses 16,094 17,772 16,272 Total Liabilities 4,254,205 7,687,360 375,404 Net Assets: Capital 409,225,004 446,688,369 31,405,444 Total accumulated earnings/(loss) (44388082) (77945117) (15300096) Net Assets $364,836,922 $368,743,252 $16,105,348 Shares outstanding (unlimited shares authorized, no par value): 6,200,000 7,150,000 550,000 Net asset value: $58.84 $51.57 $29.28 (a) Includes $1,188,301 of securities on loan. (b) Includes $7,381,563 of securities on loan. (c) Includes $328,504 of securities on loan. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-192.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities December 31, 2022 138 See notes to financial statements. Victory Portfolios II (Unaudited) VictoryShares Dividend Accelerator ETF VictoryShares US Multi-Factor Minimum Volatility ETF VictoryShares US 500 Enhanced Volatility Wtd ETF Assets: Investments, at value (Cost $201,935,397, $118,471,542 and $795,707,958) $204,498,504 $123,587,066 $844,175,946(a) Cash 724,906 419,381 — Deposit with broker for futures contracts 106,406 41,889 429,132 Receivables: Interest and dividends 333,665 108,014 1,295,043 From Adviser 3,788 3,328 2,360 Prepaid expenses 539 250 1,720 Total Assets 205,667,808 124,159,928 845,904,201 Liabilities: Payables: Collateral received on loaned securities — — 1,484,236 Variation margin on open futures contracts 2,150 1,075 9,458 Accrued expenses and other payables: Investment advisory fees 51,670 32,092 219,122 Administration fees 1,541 1,284 12,678 Custodian fees 3,389 1,894 14,485 Compliance fees 159 95 633 Trustees' fees — 106 1,287 Other accrued expenses 14,245 13,407 33,025 Total Liabilities 73,154 49,953 1,774,924 Net Assets: Capital 211,016,979 135,997,828 879,871,115 Total accumulated earnings/(loss) (5422325) (11887853) (35741838) Net Assets $205,594,654 $124,109,975 $844,129,277 Shares outstanding (unlimited shares authorized, no par value): 4,600,000 3,250,000 13,150,000 Net asset value: $44.69 $38.19 $64.19 (a) Includes $1,443,419 of securities on loan. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-193.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities December 31, 2022 139 See notes to financial statements. Victory Portfolios II (Unaudited) VictoryShares US EQ Income Enhanced Volatility Wtd ETF VictoryShares US Discovery Enhanced Volatility Wtd ETF VictoryShares Developed Enhanced Volatility Wtd ETF Assets: Affiliated investments, at value (Cost $—, $173,588 and $—) $— $179,761 $— Investments, at value (Cost $2,032,384,627, $89,565,373 and $43,623,971) 2,033,079,827(a) 89,850,601(b) 45,970,239(c) Foreign currency, at value (Cost $—, $— and $57,761) — — 57,776 Deposit with broker for futures contracts 827,518 84,510 38,804 Receivables: Interest and dividends 6,021,924 99,935 117,406 Reclaims — — 162,388 From Adviser — 3,758 10,892 Prepaid expenses 2,174 135 63 Total Assets 2,039,931,443 90,218,700 46,357,568 Liabilities: Payables: Collateral received on loaned securities 9,635,312 167,244 220,896 Variation margin on open futures contracts 18,675 1,244 1,005 Accrued expenses and other payables: Investment advisory fees 526,362 23,415 15,681 Administration fees 36,104 1,650 887 Custodian fees 21,050 1,834 24,928 Compliance fees 1,317 60 32 Trustees' fees 2,940 159 70 Other accrued expenses 27,460 12,450 25,398 Total Liabilities 10,269,220 208,056 288,897 Net Assets: Capital 2,264,413,614 127,265,169 69,289,381 Total accumulated earnings/(loss) (234751391) (37254525) (23220710) Net Assets $2,029,662,223 $90,010,644 $46,068,671 Shares outstanding (unlimited shares authorized, no par value): 32,700,000 1,650,000 1,500,000 Net asset value: $62.07 $54.55 $30.71 (a) Includes $9,253,471 of securities on loan. (b) Includes $161,398 of securities on loan. (c) Includes $209,197 of securities on loan. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-194.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities December 31, 2022 140 See notes to financial statements. Victory Portfolios II (Unaudited) VictoryShares Nasdaq Next 50 ETF VictoryShares ESG Core Plus Bond ETF VictoryShares ESG Corporate Bond ETF Assets: Investments, at value (Cost $100,632,553, $229,607,091 and $120,286,719) $92,488,896 $206,689,837 $99,618,444 Cash 112,021 184,229 551,548 Deposit with broker for futures contracts 51,979 1,027,467 — Receivables: Interest and dividends 35,179 1,639,819 949,729 Investments sold — 1,718,208 — From Adviser 5,496 4,184 3,664 Prepaid expenses 236 — 74 Total Assets 92,693,807 211,263,744 101,123,459 Liabilities: Payables: Investments purchased — 1,295,368 — Variation margin on open futures contracts 210 13,344 — Accrued expenses and other payables: Investment advisory fees 12,243 63,384 30,651 Administration fees 1,728 4,625 2,491 Custodian fees 1,252 4,092 6,559 Compliance fees 82 91 55 Trustees' fees 121 238 169 Other accrued expenses 49,491 27,107 22,734 Total Liabilities 65,127 1,408,249 62,659 Net Assets: Capital 134,612,737 245,412,526 124,787,839 Total accumulated earnings/(loss) (41984057) (35557031) (23727039) Net Assets $92,628,680 $209,855,495 $101,060,800 Shares outstanding (unlimited shares authorized, no par value): 3,850,000 9,950,000 5,025,000 Net asset value: $24.06 $21.09 $20.11 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-195.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities December 31, 2022 141 See notes to financial statements. Victory Portfolios II (Unaudited) VictoryShares THB Mid Cap ESG ETF VictoryShares WestEnd U.S. Sector ETF Assets: Investments, at value (Cost $2,256,450 and $140,995,145) $2,183,771 $141,357,006 Cash — 105,388 Deposit with broker for futures contracts — 189,728 Receivables: Interest and dividends 513 53,613 Investments sold 216,726 — From Adviser 1,494 35,354 Prepaid expenses — 122,671 Total Assets 2,402,504 141,863,760 Liabilities: Payables: To custodian 199,289 — Variation margin on open futures contracts — 537 Accrued expenses and other payables: Investment advisory fees 944 52,436 Administration fees 56 2,543 Custodian fees 904 636 Compliance fees 2 431 Trustees' fees 119 2,981 Other accrued expenses 14,220 11,826 Total Liabilities 215,534 71,390 Net Assets: Capital 2,373,729 137,113,521 Total accumulated earnings/(loss) (186759) 4,678,849 Net Assets $2,186,970 $141,792,370 Shares outstanding (unlimited shares authorized, no par value): 100,000 5,330,000 Net asset value: $21.87 $26.60 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-196.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Operations For the Six Months Ended December 31, 2022 142 See notes to financial statements. Victory Portfolios II (Unaudited) VictoryShares US 500 Volatility Wtd ETF VictoryShares US Small Cap Volatility Wtd ETF VictoryShares International Volatility Wtd ETF Investment Income: Dividends $5,798,034 $226,847 $1,187,208 Affiliated dividend income — 803 — Interest 13,111 694 1,539 Securities lending (net of fees) 79,162 3,871 11,273 Foreign tax withholding (1198) (191) (167784) Total Income 5,889,109 232,024 1,032,236 Expenses: Investment advisory fees 851,613 35,614 176,135 Administration fees 156,159 6,531 24,220 Sub-Administration fees 9,406 9,406 9,407 Custodian fees 13,832 1,808 35,280 Servicing fees 1,987 1,949 1,949 Trustees' fees 17,699 1,715 4,043 Compliance fees 2,530 105 399 Legal and audit fees 22,783 4,813 8,452 Other expenses 28,245 6,450 12,244 Total Expenses 1,104,254 68,391 272,129 Expenses waived/reimbursed by Adviser (110296) (26836) (74043) Net Expenses 993,958 41,555 198,086 Net Investment Income (Loss) 4,895,151 190,469 834,150 Realized/Unrealized Gains (Losses) from Investments: Net realized gains (losses) from investment securities and foreign currency transactions (1644047) (777839) (3261547) Net realized gains (losses) from futures contracts (88021) 2,467 (19549) Net realized gains (losses) from in-kind redemptions 2,934,078 — 633,555 Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations 29,037,742 1,364,153 4,124,241 Net change in unrealized appreciation/depreciation on affiliated investment securities — 35,728 — Net change in unrealized appreciation/depreciation on futures contracts 66,104 (4701) 1,578 Net realized/unrealized gains (losses) on investments 30,305,856 619,808 1,478,278 Change in net assets resulting from operations $35,201,007 $810,277 $2,312,428 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-197.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Operations For the Six Months Ended December 31, 2022 143 See notes to financial statements. Victory Portfolios II (Unaudited) VictoryShares US Large Cap High Div Volatility Wtd ETF VictoryShares US Small Cap High Div Volatility Wtd ETF VictoryShares International High Div Volatility Wtd ETF Investment Income: Dividends $6,546,207 $7,191,758 $351,985 Interest 10,421 11,958 360 Securities lending (net of fees) 9,518 102,163 2,770 Foreign tax withholding — (138) (48980) Total Income 6,566,146 7,305,741 306,135 Expenses: Investment advisory fees 484,827 489,600 31,014 Administration fees 88,911 89,805 4,265 Sub-Administration fees 9,407 9,407 9,407 Custodian fees 7,953 7,698 11,959 Servicing fees 1,720 1,949 1,949 Trustees' fees 9,724 9,649 1,495 Compliance fees 1,358 1,358 69 Legal and audit fees 12,865 13,403 6,036 Other expenses 17,790 20,603 6,967 Total Expenses 634,555 643,472 73,161 Expenses waived/reimbursed by Adviser (68153) (71327) (38270) Net Expenses 566,402 572,145 34,891 Net Investment Income (Loss) 5,999,744 6,733,596 271,244 Realized/Unrealized Gains (Losses) from Investments: Net realized gains (losses) from investment securities and foreign currency transactions (6246699) (16460546) (756700) Net realized gains (losses) from futures contracts (98911) (248041) (1131) Net realized gains (losses) from in-kind redemptions 10,641,640 — — Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations (111786) 11,823,409 998,575 Net change in unrealized appreciation/depreciation on futures contracts 60,482 95,741 170 Net realized/unrealized gains (losses) on investments 4,244,726 (4789437) 240,914 Change in net assets resulting from operations $10,244,470 $1,944,159 $512,158 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-198.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Operations For the Six Months Ended December 31, 2022 144 See notes to financial statements. Victory Portfolios II (Unaudited) VictoryShares Dividend Accelerator ETF VictoryShares US Multi-Factor Minimum Volatility ETF VictoryShares US 500 Enhanced Volatility Wtd ETF Investment Income: Dividends $2,793,566 $1,483,474 $9,715,696 Interest 4,809 2,833 5,401 Securities lending (net of fees) 21,101 406 35,431 Foreign tax withholding — (1256) (1142) Total Income 2,819,476 1,485,457 9,755,386 Expenses: Investment advisory fees 373,372 185,948 1,321,168 Administration fees 68,406 34,098 242,237 Sub-Administration fees 9,407 9,407 9,407 Custodian fees 7,639 4,068 18,225 Servicing fees 1,897 2,040 1,987 Trustees' fees 8,984 4,820 26,990 Compliance fees 1,187 564 3,955 Legal and audit fees 13,981 7,410 31,470 Other expenses 14,246 9,990 42,700 Total Expenses 499,119 258,345 1,698,139 Expenses waived/reimbursed by Adviser (64213) (41361) (157232) Net Expenses 434,906 216,984 1,540,907 Net Investment Income (Loss) 2,384,570 1,268,473 8,214,479 Realized/Unrealized Gains (Losses) from Investments: Net realized gains (losses) from investment securities (2223997) (2145643) (47991546) Net realized gains (losses) from futures contracts (9423) (26417) 118,152 Net realized gains (losses) from in-kind redemptions 6,852,419 357,584 4,239,508 Net change in unrealized appreciation/depreciation on investment securities 9,557,917 6,830,202 62,724,201 Net change in unrealized appreciation/depreciation on futures contracts 6,885 3,135 110,165 Net realized/unrealized gains (losses) on investments 14,183,801 5,018,861 19,200,480 Change in net assets resulting from operations $16,568,371 $6,287,334 $27,414,959 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-199.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Operations For the Six Months Ended December 31, 2022 145 See notes to financial statements. Victory Portfolios II (Unaudited) VictoryShares US EQ Income Enhanced Volatility Wtd ETF VictoryShares US Discovery Enhanced Volatility Wtd ETF VictoryShares Developed Enhanced Volatility Wtd ETF Investment Income: Dividends $38,472,963 $888,840 $516,356 Affiliated dividend income — 1,970 — Interest 13,320 777 295 Securities lending (net of fees) 54,121 1,628 917 Foreign tax withholding — (352) (27208) Total Income 38,540,404 892,863 490,360 Expenses: Investment advisory fees 3,096,857 121,414 80,889 Administration fees 567,807 22,270 11,127 Sub-Administration fees 9,407 9,407 9,407 Custodian fees 43,605 2,515 39,143 Servicing fees 1,988 2,079 1,949 Trustees' fees 56,113 3,213 2,141 Compliance fees 8,758 342 173 Legal and audit fees 55,591 6,376 6,819 Line of credit fees 168 — — Other expenses 69,282 9,718 12,252 Total Expenses 3,909,576 177,334 163,900 Expenses waived/reimbursed by Adviser (338115) (35508) (72768) Net Expenses 3,571,461 141,826 91,132 Net Investment Income (Loss) 34,968,943 751,037 399,228 Realized/Unrealized Gains (Losses) from Investments: Net realized gains (losses) from investment securities and foreign currency transactions (193732691) (251764) (243492) Net realized gains (losses) from affiliated investment securities — (95) — Net realized gains (losses) from futures contracts (266234) (13660) 5,432 Net realized gains (losses) from in-kind redemptions 48,835,857 — — Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations 15,614,849 (903561) 2,050,054 Net change in unrealized appreciation/depreciation on affiliated investment securities — 68,254 — Net change in unrealized appreciation/depreciation on futures contracts 280,571 16,259 5,834 Net realized/unrealized gains (losses) on investments (129267648) (1084567) 1,817,828 Change in net assets resulting from operations $(94298705)$(333530)$2,217,056 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-200.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Operations For the Six Months Ended December 31, 2022 146 See notes to financial statements. Victory Portfolios II (Unaudited) VictoryShares Nasdaq Next 50 ETF VictoryShares ESG Core Plus Bond ETF VictoryShares ESG Corporate Bond ETF Investment Income: Dividends $460,648 $— $— Interest 2,222 4,509,529 1,786,075 Securities lending (net of fees) 37,803 — — Foreign tax withholding (4092) — — Total Income 496,581 4,509,529 1,786,075 Expenses: Investment advisory fees 74,945 375,389 180,766 Administration fees 27,482 58,990 28,407 Sub-Administration fees 9,283 10,695 10,362 Custodian fees 3,673 4,419 — Servicing fees 3,139 5,215 5,492 Trustees' fees 4,060 6,786 3,704 Compliance fees 459 897 445 Legal and audit fees 7,937 11,232 7,288 Other expenses 12,959 17,048 4,939 Total Expenses 143,937 490,671 241,403 Expenses waived/reimbursed by Adviser (54017) (61695) (34848) Net Expenses 89,920 428,976 206,555 Net Investment Income (Loss) 406,661 4,080,553 1,579,520 Realized/Unrealized Gains (Losses) from Investments: Net realized gains (losses) from investment securities (5500366) (6891272) (2049522) Net realized gains (losses) from futures contracts (18069) (173796) — Net realized gains (losses) from in-kind redemptions 287,078 — — Net change in unrealized appreciation/depreciation on investment securities 9,347,120 (544198) (1513690) Net change in unrealized appreciation/depreciation on futures contracts (16850) (120999) — Net realized/unrealized gains (losses) on investments 4,098,913 (7730265) (3563212) Change in net assets resulting from operations $4,505,574 $(3649712)$(1983692) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-201.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Operations For the Six Months Ended December 31, 2022 147 See notes to financial statements. Victory Portfolios II (Unaudited) VictoryShares THB Mid Cap ESG ETF VictoryShares WestEnd U.S. Sector ETF(a) Investment Income: Dividends $7,190 $659,425 Interest 132 69 Total Income 7,322 659,494 Expenses: Investment advisory fees 5,512 107,757 Administration fees 606 14,900 Sub-Administration fees 8,078 3,560 Custodian fees 905 636 Servicing fees 4,095 1,072 Trustees' fees 900 2,982 Compliance fees 10 477 Legal and audit fees 3,972 42,088 Printing fees 2,021 5,330 Other expenses 1,408 4,644 Total Expenses 27,507 183,446 Expenses waived/reimbursed by Adviser (21440) (102668) Net Expenses 6,067 80,778 Net Investment Income (Loss) 1,255 578,716 Realized/Unrealized Gains (Losses) from Investments: Net realized gains (losses) from investment securities (112663) 13,569 Net realized gains (losses) from futures contracts — (20595) Net realized gains (losses) from in-kind redemptions — 4,302,765 Net change in unrealized appreciation/depreciation on investment securities 244,739 361,861 Net change in unrealized appreciation/depreciation on futures contracts — (285) Net realized/unrealized gains (losses) on investments 132,076 4,657,315 Change in net assets resulting from operations $133,331 $5,236,031 (a) Commencement of operations on October 12, 2022. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-202.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 Victory Portfolios II Statements of Changes in Net Assets See notes to financial statements. VictoryShares US 500 Volatility Wtd ETF VictoryShares US Small Cap Volatility Wtd ETF VictoryShares International Volatility Wtd ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 From Investment Activities: Operations: Net Investment Income (Loss) $4,895,151 $8,537,149 $190,469 $343,899 $834,150 $3,100,960 Net realized gains (losses) 1,202,010 85,272,474 (775372) 1,657,573 (2647541) 3,297,119 Net change in unrealized appreciation/ depreciation 29,103,846 (139787295) 1,395,180 (5049196) 4,125,819 (24310828) Change in net assets resulting from operations 35,201,007 (45977672) 810,277 (3047724) 2,312,428 (17912749) Change in net assets resulting from distributions to shareholders (5707606) (8500286) (220240) (334788) (579964) (3855525) Change in net assets resulting from capital transactions 13,540,373 (117556950) — 13,588 (7078574) (2229024) Change in net assets 43,033,774 (172034908) 590,037 (3368924) (5346110) (23997298) Net Assets: Beginning of period 533,402,566 705,437,474 22,616,763 25,985,687 92,712,763 116,710,061 End of period $576,436,340 $533,402,566 $23,206,800 $22,616,763 $87,366,653 $92,712,763 Capital Transactions: Proceeds from shares issued $26,649,180 $149,606,089 $— $6,396,215 $— $— Cost of shares redeemed (13108807) (267163039) — (6382627) (7078574) (2229024) Change in net assets resulting from capital transactions $13,540,373 $(117556950) $— $13,588 $(7078574) $(2229024) Share Transactions: Issued 400,000 2,050,000 — 100,000 — — Redeemed (200000) (3650000) — (100000) (200000) (50000) Change in Shares 200,000 (1600000) — — (200000) (50000) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-203.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 Victory Portfolios II Statements of Changes in Net Assets See notes to financial statements. VictoryShares US Large Cap High Div Volatility Wtd ETF VictoryShares US Small Cap High Div Volatility Wtd ETF VictoryShares International High Div Volatility Wtd ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 From Investment Activities: Operations: Net Investment Income (Loss) $5,999,744 $7,715,881 $6,733,596 $8,161,335 $271,244 $1,067,491 Net realized gains (losses) 4,296,030 25,427,608 (16708587) 4,486,055 (757831) 1,159,900 Net change in unrealized appreciation/ depreciation (51304) (24395266) 11,919,150 (41873109) 998,745 (3116371) Change in net assets resulting from operations 10,244,470 8,748,223 1,944,159 (29225719) 512,158 (888980) Change in net assets resulting from distributions to shareholders (6742965) (7496456) (7648982) (8027701) (444827) (1097626) Change in net assets resulting from capital transactions 77,028,369 61,999,721 104,429,143 55,474,967 — (4953633) Change in net assets 80,529,874 63,251,488 98,724,320 18,221,547 67,331 (6940239) Net Assets: Beginning of period 284,307,048 221,055,560 270,018,932 251,797,385 16,038,017 22,978,256 End of period $364,836,922 $284,307,048 $368,743,252 $270,018,932 $16,105,348 $16,038,017 Capital Transactions: Proceeds from shares issued $165,752,746 $180,785,637 $104,429,143 $210,566,850 $— $53 Cost of shares redeemed (88724377) (118785916) — (155091883) — (4953686) Change in net assets resulting from capital transactions $77,028,369 $61,999,721 $104,429,143 $55,474,967 $— $(4953633) Share Transactions: Issued 2,850,000 3,000,000 2,000,000 3,600,000 — — Redeemed (1550000) (2000000) — (2650000) — (150000) Change in Shares 1,300,000 1,000,000 2,000,000 950,000 — (150000) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-204.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 Victory Portfolios II Statements of Changes in Net Assets See notes to financial statements. VictoryShares Dividend Accelerator ETF VictoryShares US Multi-Factor Minimum Volatility ETF VictoryShares US 500 Enhanced Volatility Wtd ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 From Investment Activities: Operations: Net Investment Income (Loss) $2,384,570 $5,112,728 $1,268,473 $2,687,221 $8,214,479 $11,898,656 Net realized gains (losses) 4,618,999 41,850,336 (1814476) 23,045,689 (43633886) 124,960,680 Net change in unrealized appreciation/ depreciation 9,564,802 (59220747) 6,833,337 (27429595) 62,834,366 (223003372) Change in net assets resulting from operations 16,568,371 (12257683) 6,287,334 (1696685) 27,414,959 (86144036) Change in net assets resulting from distributions to shareholders (2917288) (5149858) (1419781) (2679211) (29304993) (11440022) Change in net assets resulting from capital transactions (85965810) (48837549) (198290) (40248349) (45334070) 51,596,689 Change in net assets (72314727) (66245090) 4,669,263 (44624245) (47224104) (45987369) Net Assets: Beginning of period 277,909,381 344,154,471 119,440,712 164,064,957 891,353,381 937,340,750 End of period $205,594,654 $277,909,381 $124,109,975 $119,440,712 $844,129,277 $891,353,381 Capital Transactions: Proceeds from shares issued $20,468,697 $167,875,902 $1,780,288 $96,773,697 $16,350,615 $280,873,318 Cost of shares redeemed (106434507) (216713451) (1978578) (137022046) (61684685) (229276629) Change in net assets resulting from capital transactions $(85965810) $(48837549) $(198290) $(40248349) $(45334070) $51,596,689 Share Transactions: Issued 450,000 3,650,000 50,000 2,400,000 250,000 3,850,000 Redeemed (2550000) (4750000) (50000) (3450000) (950000) (3150000) Change in Shares (2100000) (1100000) — (1050000) (700000) 700,000 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-205.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 Victory Portfolios II Statements of Changes in Net Assets See notes to financial statements. VictoryShares US EQ Income Enhanced Volatility Wtd ETF VictoryShares US Discovery Enhanced Volatility Wtd ETF VictoryShares Developed Enhanced Volatility Wtd ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 From Investment Activities: Operations: Net Investment Income (Loss) $34,968,943 $39,161,780 $751,037 $820,477 $399,228 $862,590 Net realized gains (losses) (145163068) 114,713,791 (265519) 2,090,345 (238060) 1,591,399 Net change in unrealized appreciation/ depreciation 15,895,420 (147978353) (819048) (9626008) 2,055,888 (6884687) Change in net assets resulting from operations (94298705) 5,897,218 (333530) (6715186) 2,217,056 (4430698) Change in net assets resulting from distributions to shareholders (42318803) (36342855) (936776) (805290) (330997) (1203675) Change in net assets resulting from capital transactions 258,883,886 1,020,995,531 19,702,936 15,526,039 8,833,501 (1758974) Change in net assets 122,266,378 990,549,894 18,432,630 8,005,563 10,719,560 (7393347) Net Assets: Beginning of period 1,907,395,845 916,845,951 71,578,014 63,572,451 35,349,111 42,742,458 End of period $2,029,662,223 $1,907,395,845 $90,010,644 $71,578,014 $46,068,671 $35,349,111 Capital Transactions: Proceeds from shares issued $771,290,620 $1,582,185,104 $19,702,936 $36,104,432 $8,833,501 $— Cost of shares redeemed (512406734) (561189573) — (20578393) — (1758974) Change in net assets resulting from capital transactions $258,883,886 $1,020,995,531 $19,702,936 $15,526,039 $8,833,501 $(1758974) Share Transactions: Issued 11,750,000 22,950,000 350,000 600,000 300,000 — Redeemed (7900000) (8300000) — (350000) — (50000) Change in Shares 3,850,000 14,650,000 350,000 250,000 300,000 (50000) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-206.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 Victory Portfolios II Statements of Changes in Net Assets See notes to financial statements. VictoryShares Nasdaq Next 50 ETF VictoryShares ESG Core Plus Bond ETF VictoryShares ESG Corporate Bond ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) For the Period October 5, 2021(a) through June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) For the Period October 5, 2021(a) through June 30, 2022 From Investment Activities: Operations: Net Investment Income (Loss) $406,661 $545,521 $4,080,553 $3,117,886 $1,579,520 $1,709,819 Net realized gains (losses) (5231357) (10770137) (7065068) (5493700) (2049522) (991577) Net change in unrealized appreciation/ depreciation 9,330,270 (38838362) (665197) (22293736) (1513690) (19154585) Change in net assets resulting from operations 4,505,574 (49062978) (3649712) (24669550) (1983692) (18436343) Change in net assets resulting from distributions to shareholders (595958) (586469) (4646681) (2591088) (1813777) (1493227) Change in net assets resulting from capital transactions (6644570) (3453861) 4,422,740 240,989,786 535,401 124,252,438 Change in net assets (2734954) (53103308) (3873653) 213,729,148 (3262068) 104,322,868 Net Assets: Beginning of period 95,363,634 148,466,942 213,729,148 — 104,322,868 — End of period $92,628,680 $95,363,634 $209,855,495 $213,729,148 $101,060,800 $104,322,868 Capital Transactions: Proceeds from shares issued $1,876,609 $38,309,198 $4,422,740 $240,989,786 $535,401 $124,252,438 Cost of shares redeemed (8521179) (41763059) — — — — Change in net assets resulting from capital transactions $(6644570) $(3453861) $4,422,740 $240,989,786 $535,401 $124,252,438 Share Transactions: Issued 75,000 1,150,000 200,000 9,750,000 25,000 5,000,000 Redeemed (350000) (1350000) — — — — Change in Shares (275000) (200000) 200,000 9,750,000 25,000 5,000,000 (a) Commencement of operations. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-207.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 Victory Portfolios II Statements of Changes in Net Assets See notes to financial statements. VictoryShares THB Mid Cap ESG ETF VictoryShares WestEnd U.S. Sector ETF Six Months Ended December 31, 2022 (Unaudited) For the Period October 5, 2021(a) through June 30, 2022 For the Period October 12, 2022(a) through December 31, 2022 (Unaudited) From Investment Activities: Operations: Net Investment Income (Loss) $1,255 $1,022 $578,716 Net realized gains (losses) (112663) 4,207 4,295,739 Net change in unrealized appreciation/depreciation 244,739 (317418) 361,576 Change in net assets resulting from operations 133,331 (312189) 5,236,031 Change in net assets resulting from distributions to shareholders — (7901) (557182) Change in net assets resulting from capital transactions — 2,373,729 137,113,521 Change in net assets 133,331 2,053,639 141,792,370 Net Assets: Beginning of period 2,053,639 — — End of period $2,186,970 $2,053,639 $141,792,370 Capital Transactions: Proceeds from shares issued $— $2,373,729 $279,026,126 Cost of shares redeemed — — (141912605) Change in net assets resulting from capital transactions $— $2,373,729 $137,113,521 Share Transactions: Issued — 100,000 10,650,000 Redeemed — — (5320000) Change in Shares — 100,000 5,330,000 (a) Commencement of operations. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-208.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Financial Highlights For a Share Outstanding Throughout Each Period 154 See notes to financial statements. VictoryShares US 500 Volatility Wtd ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $64.27 $71.26 $50.57 $52.46 $49.34 $44.05 Investment Activities: Net investment income (loss)(a) 0.58 0.94 0.69 0.77 0.73 0.63 Net realized and unrealized gains (losses) 3.65 (6.99) 20.68 (1.88) 3.09 5.26 Total from Investment Activities 4.23 (6.05) 21.37 (1.11) 3.82 5.89 Distributions to Shareholders From: Net investment income (0.68) (0.94) (0.68) (0.78) (0.70) (0.60) Total Distributions (0.68) (0.94) (0.68) (0.78) (0.70) (0.60) Net Asset Value, End of Period $67.82 $64.27 $71.26 $50.57 $52.46 $49.34 Total Return(b) 6.60% (8.63)% 42.51% (2.12)% 7.86% 13.42% Ratios to Average Net Assets: Net Expenses (c)(d) 0.35% 0.35% 0.35% 0.35% 0.35% 0.35% Net Investment Income (Loss) (c) 1.72% 1.30% 1.13% 1.49% 1.48% 1.32% Gross Expenses (c)(d) 0.39% 0.38% 0.39% 0.40% 0.40% 0.41% Supplemental Data: Net Assets at end of period (000's) $576,436 $533,403 $705,437 $670,005 $731,775 $567,370 Portfolio Turnover (b)(e) 12% 21% 34% 28% 46% 36% (a) Per share net investment income (loss) has been calculated using the average daily shares method. (b) Not annualized for periods less than one year. (c) Annualized for periods less than one year. (d) Does not include acquired fund fees and expenses, if any. (e) Excludes impact of in-kind transactions.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-209.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 Victory Portfolios II For a Share Outstanding Throughout Each Period Financial Highlights — continued See notes to financial statements. VictoryShares US Small Cap Volatility Wtd ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $56.54 $64.96 $40.22 $45.87 $48.54 $42.40 Investment Activities: Net investment income (loss)(a) 0.48 0.86 0.70 0.59 0.63 0.50 Net realized and unrealized gains (losses) 1.55 (8.44) 24.76 (5.62) (2.62) 6.14 Total from Investment Activities 2.03 (7.58) 25.46 (5.03) (1.99) 6.64 Distributions to Shareholders From: Net investment income (0.55) (0.84) (0.72) (0.62) (0.68) (0.50) Total Distributions (0.55) (0.84) (0.72) (0.62) (0.68) (0.50) Net Asset Value, End of Period $58.02 $56.54 $64.96 $40.22 $45.87 $48.54 Total Return(b) 3.59% (11.82)% 63.72% (11.00)% (4.07)% 15.75% Ratios to Average Net Assets: Net Expenses (c)(d) 0.35% 0.35% 0.35% 0.35% 0.35% 0.35% Net Investment Income (Loss) (c) 1.60% 1.33% 1.30% 1.35% 1.36% 1.10% Gross Expenses (c)(d) 0.58% 0.58% 0.55% 0.55% 0.46% 0.47% Supplemental Data: Net Assets at end of period (000's) $23,207 $22,617 $25,986 $16,089 $29,814 $41,261 Portfolio Turnover (b)(e) 29% 55% 71% 50% 62% 47% (a) Per share net investment income (loss) has been calculated using the average daily shares method. (b) Not annualized for periods less than one year. (c) Annualized for periods less than one year. (d) Does not include acquired fund fees and expenses, if any. (e) Excludes impact of in-kind transactions.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-210.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Financial Highlights — continued For a Share Outstanding Throughout Each Period 156 See notes to financial statements. VictoryShares International Volatility Wtd ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $36.36 $44.89 $34.63 $38.12 $39.09 $37.20 Investment Activities: Net investment income (loss)(a) 0.34 1.20 0.95 0.77 1.17 1.04 Net realized and unrealized gains (losses) 0.72 (8.23) 10.25 (3.51) (1.07) 1.81 Total from Investment Activities 1.06 (7.03) 11.20 (2.74) 0.10 2.85 Distributions to Shareholders From: Net investment income (0.24) (1.50) (0.94) (0.75) (1.07) (0.96) Total Distributions (0.24) (1.50) (0.94) (0.75) (1.07) (0.96) Net Asset Value, End of Period $37.18 $36.36 $44.89 $34.63 $38.12 $39.09 Total Return(b) 2.97% (16.10)% 32.59% (7.23)% 0.33% 7.62% Ratios to Average Net Assets: Net Expenses (c)(d) 0.45% 0.45% 0.45% 0.45% 0.45% 0.45% Net Investment Income (Loss) (c) 1.89% 2.79% 2.34% 2.12% 3.14% 2.61% Gross Expenses (c)(d) 0.62% 0.58% 0.63% 0.64% 0.73% 0.98% Supplemental Data: Net Assets at end of period (000's) $87,367 $92,713 $116,710 $83,120 $36,215 $21,497 Portfolio Turnover (b)(e) 16% 32% 45% 41% 53% 37% (a) Per share net investment income (loss) has been calculated using the average daily shares method. (b) Not annualized for periods less than one year. (c) Annualized for periods less than one year. (d) Does not include acquired fund fees and expenses, if any. (e) Excludes impact of in-kind transactions.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-211.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 Victory Portfolios II For a Share Outstanding Throughout Each Period Financial Highlights — continued See notes to financial statements. VictoryShares US Large Cap High Div Volatility Wtd ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $58.02 $56.68 $39.52 $47.03 $45.06 $42.17 Investment Activities: Net investment income (loss)(a) 1.09 1.84 1.45 1.58 1.51 1.34 Net realized and unrealized gains (losses) 0.94 1.30 17.10 (7.44) 1.83 2.92 Total from Investment Activities 2.03 3.14 18.55 (5.86) 3.34 4.26 Distributions to Shareholders From: Net investment income (1.21) (1.80) (1.39) (1.65) (1.37) (1.37) Total Distributions (1.21) (1.80) (1.39) (1.65) (1.37) (1.37) Net Asset Value, End of Period $58.84 $58.02 $56.68 $39.52 $47.03 $45.06 Total Return(b) 3.55% 5.50% 47.74% (12.78)% 7.59% 10.23% Ratios to Average Net Assets: Net Expenses (c)(d) 0.35% 0.35% 0.35% 0.35% 0.35% 0.35% Net Investment Income (Loss) (c) 3.71% 3.06% 3.04% 3.47% 3.33% 3.04% Gross Expenses (c)(d) 0.39% 0.40% 0.41% 0.41% 0.42% 0.42% Supplemental Data: Net Assets at end of period (000's) $364,837 $284,307 $221,056 $193,635 $331,527 $144,187 Portfolio Turnover (b)(e) 23% 43% 67% 56% 66% 52% (a) Per share net investment income (loss) has been calculated using the average daily shares method. (b) Not annualized for periods less than one year. (c) Annualized for periods less than one year. (d) Does not include acquired fund fees and expenses, if any. (e) Excludes impact of in-kind transactions.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-212.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Financial Highlights — continued For a Share Outstanding Throughout Each Period 158 See notes to financial statements. VictoryShares US Small Cap High Div Volatility Wtd ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $52.43 $59.95 $36.75 $44.28 $45.96 $40.41 Investment Activities: Net investment income (loss)(a) 1.09 1.83 1.85 1.53 1.38 1.39 Net realized and unrealized gains (losses) (0.75) (7.52) 23.26 (7.47) (1.74) 5.61 Total from Investment Activities 0.34 (5.69) 25.11 (5.94) (0.36) 7.00 Distributions to Shareholders From: Net investment income (1.19) (1.83) (1.91) (1.59) (1.32) (1.45) Total Distributions (1.19) (1.83) (1.91) (1.59) (1.32) (1.45) Net Asset Value, End of Period $51.57 $52.43 $59.95 $36.75 $44.28 $45.96 Total Return(b) 0.67% (9.76)% 69.75% (13.61)% (0.70)% 17.64% Ratios to Average Net Assets: Net Expenses (c)(d) 0.35% 0.35% 0.35% 0.35% 0.35% 0.35% Net Investment Income (Loss) (c) 4.12% 3.14% 3.51% 3.69% 3.10% 3.23% Gross Expenses (c)(d) 0.39% 0.40% 0.42% 0.44% 0.44% 0.45% Supplemental Data: Net Assets at end of period (000's) $368,743 $270,019 $251,797 $66,142 $75,277 $43,665 Portfolio Turnover (b)(e) 34% 68% 104% 68% 83% 68% (a) Per share net investment income (loss) has been calculated using the average daily shares method. (b) Not annualized for periods less than one year. (c) Annualized for periods less than one year. (d) Does not include acquired fund fees and expenses, if any. (e) Excludes impact of in-kind transactions.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-213.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 Victory Portfolios II For a Share Outstanding Throughout Each Period Financial Highlights — continued See notes to financial statements. VictoryShares International High Div Volatility Wtd ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $29.16 $32.83 $25.32 $32.43 $33.94 $34.25 Investment Activities: Net investment income (loss)(a) 0.49 1.80 1.11 1.02 1.63 1.47 Net realized and unrealized gains (losses) 0.44 (3.63) 7.73 (7.13) (1.48) (0.41) Total from Investment Activities 0.93 (1.83) 8.84 (6.11) 0.15 1.06 Distributions to Shareholders From: Net investment income (0.81) (1.84) (1.33) (1.00) (1.66) (1.37) Total Distributions (0.81) (1.84) (1.33) (1.00) (1.66) (1.37) Net Asset Value, End of Period $29.28 $29.16 $32.83 $25.32 $32.43 $33.94 Total Return(b) 3.38% (5.92)% 35.49% (19.22)% 0.58% 3.00% Ratios to Average Net Assets: Net Expenses (c)(d) 0.45% 0.45% 0.45% 0.45% 0.45% 0.45% Net Investment Income (Loss) (c) 3.50% 5.57% 3.95% 3.45% 5.06% 4.14% Gross Expenses (c)(d) 0.94% 0.85% 0.66% 0.57% 0.59% 0.60% Supplemental Data: Net Assets at end of period (000's) $16,105 $16,038 $22,978 $62,042 $40,540 $45,824 Portfolio Turnover (b)(e) 36% 62% 111% 71% 76% 58% (a) Per share net investment income (loss) has been calculated using the average daily shares method. (b) Not annualized for periods less than one year. (c) Annualized for periods less than one year. (d) Does not include acquired fund fees and expenses, if any. (e) Excludes impact of in-kind transactions.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-214.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Financial Highlights — continued For a Share Outstanding Throughout Each Period 160 See notes to financial statements. VictoryShares Dividend Accelerator ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $41.48 $44.12 $33.14 $32.90 $28.41 $25.95 Investment Activities: Net investment income (loss)(a) 0.42 0.70 0.66 0.55 0.48 0.48 Net realized and unrealized gains (losses) 3.31 (2.63) 10.95 0.19 4.47 2.45 Total from Investment Activities 3.73 (1.93) 11.61 0.74 4.95 2.93 Distributions to Shareholders From: Net investment income (0.52) (0.71) (0.63) (0.50) (0.46) (0.47) Total Distributions (0.52) (0.71) (0.63) (0.50) (0.46) (0.47) Net Asset Value, End of Period $44.69 $41.48 $44.12 $33.14 $32.90 $28.41 Total Return(b) 9.06% (4.49)% 35.33% 2.23% 17.60% 11.33% Ratios to Average Net Assets: Net Expenses (c)(d) 0.35% 0.35% 0.35% 0.35% 0.35% 0.35% Net Investment Income (Loss) (c) 1.92% 1.55% 1.67% 1.65% 1.57% 1.75% Gross Expenses (c)(d) 0.40% 0.39% 0.40% 0.42% 0.59% 0.67% Supplemental Data: Net Assets at end of period (000's) $205,595 $277,909 $344,154 $235,277 $16,450 $7,102 Portfolio Turnover (b)(e) 10% 43% 41% 74% 62% 43% (a) Per share net investment income (loss) has been calculated using the average daily shares method. (b) Not annualized for periods less than one year. (c) Annualized for periods less than one year. (d) Does not include acquired fund fees and expenses, if any. (e) Excludes impact of in-kind transactions.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-215.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 Victory Portfolios II For a Share Outstanding Throughout Each Period Financial Highlights — continued See notes to financial statements. VictoryShares US Multi-Factor Minimum Volatility ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $36.75 $38.15 $30.73 $30.87 $27.58 $24.83 Investment Activities: Net investment income (loss)(a) 0.39 0.66 0.62 0.70 0.73 0.63 Net realized and unrealized gains (losses) 1.49 (1.39) 7.43 (0.14) 3.20 2.69 Total from Investment Activities 1.88 (0.73) 8.05 0.56 3.93 3.32 Distributions to Shareholders From: Net investment income (0.44) (0.67) (0.63) (0.70) (0.64) (0.57) Total Distributions (0.44) (0.67) (0.63) (0.70) (0.64) (0.57) Net Asset Value, End of Period $38.19 $36.75 $38.15 $30.73 $30.87 $27.58 Total Return(b) 5.12% (2.04)% 26.47% 1.82% 14.47% 13.41% Ratios to Average Net Assets: Net Expenses (c)(d) 0.35% 0.35% 0.35% 0.35% 0.35% 0.35% Net Investment Income (Loss) (c) 2.05% 1.66% 1.80% 2.23% 2.50% 2.33% Gross Expenses (c)(d) 0.42% 0.41% 0.41% 0.42% 0.48% 0.74% Supplemental Data: Net Assets at end of period (000's) $124,110 $119,441 $164,065 $155,182 $43,213 $8,273 Portfolio Turnover (b)(e) 39% 63% 56% 69% 34% 26% (a) Per share net investment income (loss) has been calculated using the average daily shares method. (b) Not annualized for periods less than one year. (c) Annualized for periods less than one year. (d) Does not include acquired fund fees and expenses, if any. (e) Excludes impact of in-kind transactions.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-216.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Financial Highlights — continued For a Share Outstanding Throughout Each Period 162 See notes to financial statements. VictoryShares US 500 Enhanced Volatility Wtd ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $64.36 $71.28 $51.88 $48.89 $49.30 $44.00 Investment Activities: Net investment income (loss)(a) 0.62 0.87 0.70 0.60 0.73 0.64 Net realized and unrealized gains (losses) 1.44 (6.95) 19.32 3.04 (0.42) 5.25 Total from Investment Activities 2.06 (6.08) 20.02 3.64 0.31 5.89 Distributions to Shareholders From: Net investment income (0.82) (0.84) (0.62) (0.65) (0.72) (0.59) Net realized gains from investments (1.41) — — — — — Total Distributions (2.23) (0.84) (0.62) (0.65) (0.72) (0.59) Net Asset Value, End of Period $64.19 $64.36 $71.28 $51.88 $48.89 $49.30 Total Return(b) 3.19% (8.67)% 38.78% 7.49% 0.69% 13.42% Ratios to Average Net Assets: Net Expenses (c)(d) 0.35% 0.35% 0.35% 0.35% 0.35% 0.35% Net Investment Income (Loss) (c) 1.87% 1.20% 1.13% 1.20% 1.51% 1.32% Gross Expenses (c)(d) 0.39% 0.38% 0.39% 0.40% 0.40% 0.41% Supplemental Data: Net Assets at end of period (000's) $844,129 $891,353 $937,341 $609,613 $828,729 $951,411 Portfolio Turnover (b)(e) 142% 101%(f) 34% 56% 116%(f) 37% (a) Per share net investment income (loss) has been calculated using the average daily shares method. (b) Not annualized for periods less than one year. (c) Annualized for periods less than one year. (d) Does not include acquired fund fees and expenses, if any. (e) Excludes impact of in-kind transactions. (f) Portfolio turnover increased significantly due to changes in the volume and timing of purchases and sales of portfolio holdings during the year. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-217.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 Victory Portfolios II For a Share Outstanding Throughout Each Period Financial Highlights — continued See notes to financial statements. VictoryShares US EQ Income Enhanced Volatility Wtd ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $66.11 $64.57 $46.58 $45.54 $46.29 $43.30 Investment Activities: Net investment income (loss)(a) 1.10 2.14 1.56 1.39 1.46 1.39 Net realized and unrealized gains (losses) (3.81) 1.42(b) 17.87 1.09 (0.80) 2.99 Total from Investment Activities (2.71) 3.56 19.43 2.48 0.66 4.38 Distributions to Shareholders From: Net investment income (1.33) (2.02) (1.44) (1.44) (1.41) (1.39) Total Distributions (1.33) (2.02) (1.44) (1.44) (1.41) (1.39) Net Asset Value, End of Period $62.07 $66.11 $64.57 $46.58 $45.54 $46.29 Total Return(c) (4.13)% 5.49% 42.31% 5.49% 1.52% 10.23% Ratios to Average Net Assets: Net Expenses (d)(e) 0.35% 0.35% 0.35% 0.35% 0.35% 0.35% Net Investment Income (Loss) (d) 3.39% 3.13% 2.80% 3.02% 3.22% 3.06% Gross Expenses (d)(e) 0.38% 0.39% 0.40% 0.40% 0.40% 0.41% Supplemental Data: Net Assets at end of period (000's) $2,029,662 $1,907,396 $916,846 $565,892 $696,814 $738,260 Portfolio Turnover (c)(f) 195% 41% 65%(g) 116% 143%(h) 52% (a) Per share net investment income (loss) has been calculated using the average daily shares method. (b) The amount shown reflects a net realized and unrealized gain per share, whereas the Statement of Operations reflected a net realized and unrealized loss for the period for the Fund in total. The difference in realized and unrealized gains and losses for the Fund versus the class is due to the timing of sales and repurchases of the class in relation to fluctuating market values during the period. (c) Not annualized for periods less than one year. (d) Annualized for periods less than one year. (e) Does not include acquired fund fees and expenses, if any. (f) Excludes impact of in-kind transactions. (g) Increased trading levels in a given year reflect additional portfolio transactions required to track the "enhanced volatility" methodology of the Fund's underlying index. The Fund expects trading levels to be lower during periods of lower market volatility. (h) Portfolio turnover increased significantly due to changes in the volume and timing of purchases and sales of portfolio holdings during the year. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-218.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Financial Highlights — continued For a Share Outstanding Throughout Each Period 164 See notes to financial statements. VictoryShares US Discovery Enhanced Volatility Wtd ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $55.06 $60.55 $39.16 $37.80 $47.41 $41.41 Investment Activities: Net investment income (loss)(a) 0.52 0.69 0.62 0.44 0.64 0.50 Net realized and unrealized gains (losses) (0.41) (5.48) 21.38 1.42 (9.61) 5.98 Total from Investment Activities 0.11 (4.79) 22.00 1.86 (8.97) 6.48 Distributions to Shareholders From: Net investment income (0.62) (0.70) (0.61) (0.50) (0.64) (0.48) Total Distributions (0.62) (0.70) (0.61) (0.50) (0.64) (0.48) Net Asset Value, End of Period $54.55 $55.06 $60.55 $39.16 $37.80 $47.41 Total Return(b) 0.20% (8.00)% 56.47% 5.00% (19.04)% 15.75% Ratios to Average Net Assets: Net Expenses (c)(d) 0.35% 0.35% 0.35% 0.35% 0.35% 0.35% Net Investment Income (Loss) (c) 1.85% 1.15% 1.22% 1.19% 1.48% 1.13% Gross Expenses (c)(d) 0.44% 0.45% 0.46% 0.47% 0.42% 0.43% Supplemental Data: Net Assets at end of period (000's) $90,011 $71,578 $63,572 $37,203 $92,614 $116,157 Portfolio Turnover (b)(e) 15% 64% 70%(f) 232% 398%(g) 47% (a) Per share net investment income (loss) has been calculated using the average daily shares method. (b) Not annualized for periods less than one year. (c) Annualized for periods less than one year. (d) Does not include acquired fund fees and expenses, if any. (e) Excludes impact of in-kind transactions. (f) Increased trading levels in a given year reflect additional portfolio transactions required to track the "enhanced volatility" methodology of the Fund's underlying index. The Fund expects trading levels to be lower during periods of lower market volatility. (g) Portfolio turnover increased significantly due to changes in the volume and timing of purchases and sales of portfolio holdings during the year. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-219.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 Victory Portfolios II For a Share Outstanding Throughout Each Period Financial Highlights — continued See notes to financial statements. VictoryShares Developed Enhanced Volatility Wtd ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $29.46 $34.19 $26.92 $32.10 $33.79 $32.22 Investment Activities: Net investment income (loss)(a) 0.30 0.72 0.66 0.52 0.85 0.94 Net realized and unrealized gains (losses) 1.19 (4.45) 7.26 (5.14) (1.59) 1.45 Total from Investment Activities 1.49 (3.73) 7.92 (4.62) (0.74) 2.39 Distributions to Shareholders From: Net investment income (0.24) (1.00) (0.65) (0.56) (0.95) (0.82) Total Distributions (0.24) (1.00) (0.65) (0.56) (0.95) (0.82) Net Asset Value, End of Period $30.71 $29.46 $34.19 $26.92 $32.10 $33.79 Total Return(b) 5.11% (11.20)% 29.63% (14.55)% (2.16)% 7.41% Ratios to Average Net Assets: Net Expenses (c)(d) 0.45% 0.45% 0.45% 0.45% 0.45% 0.45% Net Investment Income (Loss) (c) 1.97% 2.17% 2.16% 1.69% 2.63% 2.73% Gross Expenses (c)(d) 0.81% 0.81% 0.88% 0.65% 0.56% 0.58% Supplemental Data: Net Assets at end of period (000's) $46,069 $35,349 $42,742 $48,455 $110,746 $179,103 Portfolio Turnover (b)(e) 12% 37% 55% 33% 154%(f) 38% (a) Per share net investment income (loss) has been calculated using the average daily shares method. (b) Not annualized for periods less than one year. (c) Annualized for periods less than one year. (d) Does not include acquired fund fees and expenses, if any. (e) Excludes impact of in-kind transactions. (f) Portfolio turnover increased significantly due to changes in the volume and timing of purchases and sales of portfolio holdings during the year. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-220.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Financial Highlights — continued For a Share Outstanding Throughout Each Period 166 See notes to financial statements. VictoryShares Nasdaq Next 50 ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 September 10, 2020(a) through June 30, 2021 Net Asset Value, Beginning of Period $23.12 $34.33 $25.45 Investment Activities: Net investment income (loss)(b) 0.10 0.12 0.12 Net realized and unrealized gains (losses) 0.99 (11.20) 8.85 Total from Investment Activities 1.09 (11.08) 8.97 Distributions to Shareholders From: Net investment income (0.15) (0.13) (0.09) Total Distributions (0.15) (0.13) (0.09) Net Asset Value, End of Period $24.06 $23.12 $34.33 Total Return(c) 4.69% (32.34)% 35.26% Ratios to Average Net Assets: Net Expenses (d)(e) 0.18% 0.18% 0.18% Net Investment Income (Loss) (d) 0.81% 0.40% 0.46% Gross Expenses (d)(e) 0.29% 0.31% 0.30% Supplemental Data: Net Assets at end of period (000's) $92,629 $95,364 $148,467 Portfolio Turnover (c)(f) 36% 95% 68% (a) Commencement of operations. (b) Per share net investment income (loss) has been calculated using the average daily shares method. (c) Not annualized for periods less than one year. (d) Annualized for periods less than one year. (e) Does not include acquired fund fees and expenses, if any. (f) Excludes impact of in-kind transactions.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-221.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 Victory Portfolios II For a Share Outstanding Throughout Each Period Financial Highlights — continued See notes to financial statements. VictoryShares ESG Core Plus Bond ETF Six Months Ended December 31, 2022 (Unaudited) October 5, 2021(a) through June 30, 2022 Net Asset Value, Beginning of Period $21.92 $25.00 Investment Activities: Net investment income (loss)(b) 0.41 0.38 Net realized and unrealized gains (losses) (0.77) (3.17) Total from Investment Activities (0.36) (2.79) Distributions to Shareholders From: Net investment income (0.47) (0.29) Total Distributions (0.47) (0.29) Net Asset Value, End of Period $21.09 $21.92 Total Return(c) (1.67)% (11.20)% Ratios to Average Net Assets: Net Expenses (d)(e) 0.40% 0.40% Net Investment Income (Loss) (d) 3.80% 2.20% Gross Expenses (d)(e) 0.46% 0.50% Supplemental Data: Net Assets at end of period (000's) $209,855 $213,729 Portfolio Turnover (c)(f) 30% 56% (a) Commencement of operations. (b) Per share net investment income (loss) has been calculated using the average daily shares method. (c) Not annualized for periods less than one year. (d) Annualized for periods less than one year. (e) Does not include acquired fund fees and expenses, if any. (f) Excludes impact of in-kind transactions.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-222.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Financial Highlights — continued For a Share Outstanding Throughout Each Period 168 See notes to financial statements. VictoryShares ESG Corporate Bond ETF Six Months Ended December 31, 2022 (Unaudited) October 5, 2021(a) through June 30, 2022 Net Asset Value, Beginning of Period $20.86 $25.00 Investment Activities: Net investment income (loss)(b) 0.31 0.37 Net realized and unrealized gains (losses) (0.70) (4.19) Total from Investment Activities (0.39) (3.82) Distributions to Shareholders From: Net investment income (0.36) (0.32) Total Distributions (0.36) (0.32) Net Asset Value, End of Period $20.11 $20.86 Total Return(c) (1.89)% (15.37)% Ratios to Average Net Assets: Net Expenses (d)(e) 0.40% 0.40% Net Investment Income (Loss) (d) 3.06% 2.17% Gross Expenses (d)(e) 0.47% 0.53% Supplemental Data: Net Assets at end of period (000's) $101,061 $104,323 Portfolio Turnover (c)(f) 13% 9% (a) Commencement of operations. (b) Per share net investment income (loss) has been calculated using the average daily shares method. (c) Not annualized for periods less than one year. (d) Annualized for periods less than one year. (e) Does not include acquired fund fees and expenses, if any. (f) Excludes impact of in-kind transactions.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-223.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 Victory Portfolios II For a Share Outstanding Throughout Each Period Financial Highlights — continued See notes to financial statements. VictoryShares THB Mid Cap ESG ETF Six Months Ended December 31, 2022 (Unaudited) October 5, 2021(a) through June 30, 2022 Net Asset Value, Beginning of Period $20.54 $23.74 Investment Activities: Net investment income (loss)(b) 0.01 0.01 Net realized and unrealized gains (losses) 1.32 (3.13) Total from Investment Activities 1.33 (3.12) Distributions to Shareholders From: Net investment income — (0.08) Total Distributions — (0.08) Net Asset Value, End of Period $21.87 $20.54 Total Return(c) 6.49% (13.23)% Ratios to Average Net Assets: Net Expenses (d)(e) 0.55% 0.55% Net Investment Income (Loss) (d) 0.11% 0.06% Gross Expenses (d)(e) 2.49% 2.49% Supplemental Data: Net Assets at end of period (000's) $2,187 $2,054 Portfolio Turnover (c)(f) 21% 17% (a) Commencement of operations. (b) Per share net investment income (loss) has been calculated using the average daily shares method. (c) Not annualized for periods less than one year. (d) Annualized for periods less than one year. (e) Does not include acquired fund fees and expenses, if any. (f) Excludes impact of in-kind transactions.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-224.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Financial Highlights — continued For a Share Outstanding Throughout Each Period 170 See notes to financial statements. VictoryShares WestEnd U.S. Sector ETF October 12, 2022(a) through December 31, 2022 (Unaudited) Net Asset Value, Beginning of Period $25.00 Investment Activities: Net investment income (loss)(b) 0.13 Net realized and unrealized gains (losses) 1.57 Total from Investment Activities 1.70 Distributions to Shareholders From: Net investment income (0.10) Total Distributions (0.10) Net Asset Value, End of Period $26.60 Total Return(c) 6.84% Ratios to Average Net Assets: Net Expenses (d)(e) 0.30% Net Investment Income (Loss) (d) 2.14% Gross Expenses (d)(e) 0.68% Supplemental Data: Net Assets at end of period (000's) $141,792 Portfolio Turnover (c)(f) 8% (a) Commencement of operations. (b) Per share net investment income (loss) has been calculated using the average daily shares method. (c) Not annualized for periods less than one year. (d) Annualized for periods less than one year. (e) Does not include acquired fund fees and expenses, if any. (f) Excludes impact of in-kind transactions.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-225.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements Victory Portfolios II December 31, 2022 171 (Unaudited) 1. Organization: Victory Portfolios II (the "Trust") is organized as a Delaware statutory trust and the Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment company. The Trust is comprised of 25 funds, 23 of which are Exchange-Traded Funds ("ETFs"), and is authorized to issue an unlimited number of shares, which are units of beneficial interest with no par value. The accompanying financial statements are those of the following 17 Funds (collectively, the "Funds" and individually, a "Fund"). Each Fund is classified as diversified under the 1940 Act. Funds (Legal Name) Funds (Short Name) VictoryShares US 500 Volatility Wtd ETF US 500 Volatility Wtd ETF VictoryShares US Small Cap Volatility Wtd ETF US Small Cap Volatility Wtd ETF VictoryShares International Volatility Wtd ETF International Volatility Wtd ETF VictoryShares US Large Cap High Div Volatility Wtd ETF US Large Cap High Div Volatility Wtd ETF VictoryShares US Small Cap High Div Volatility Wtd ETF US Small Cap High Div Volatility Wtd ETF VictoryShares International High Div Volatility Wtd ETF International High Div Volatility Wtd ETF VictoryShares Dividend Accelerator ETF Dividend Accelerator ETF VictoryShares US Multi-Factor Minimum Volatility ETF US Multi-Factor Minimum Volatility ETF VictoryShares US 500 Enhanced Volatility Wtd ETF US 500 Enhanced Volatility Wtd ETF VictoryShares US EQ Income Enhanced Volatility Wtd ETF US EQ Income Enhanced Volatility Wtd ETF VictoryShares US Discovery Enhanced Volatility Wtd ETF US Discovery Enhanced Volatility Wtd ETF VictoryShares Developed Enhanced Volatility Wtd ETF Developed Enhanced Volatility Wtd ETF VictoryShares Nasdaq Next 50 ETF Nasdaq Next 50 ETF VictoryShares ESG Core Plus Bond ETF ESG Core Plus Bond ETF VictoryShares ESG Corporate Bond ETF ESG Corporate Bond ETF VictoryShares THB Mid Cap ESG ETF THB Mid Cap ESG ETF VictoryShares WestEnd U.S. Sector ETF WestEnd U.S. Sector ETF\*^ \* Commenced operations October 12, 2022. ^ Effective December 16, 2022, the Board of Trustees of the Trust (the "Board") has approved changes to the investment strategy of the West-End U.S. Sector ETF. While the Fund's principal investment strategy of investing in one or more GICS® Sectors (as defined in the Fund's prospectus) will not change, the Fund will implement its GICS® Sectors exposure strategy by investing directly in equity securities rather than investing only in ETFs. Victory Capital Management Inc. ("VCM" or the "Adviser") is an indirect wholly owned subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly owned direct subsidiary of Victory Capital Operating, LLC. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts with their vendors and others that provide for general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote. 2. Significant Accounting Policies: The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with U.S. Generally Accepted Accounting Principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds follow the specialized accounting and reporting requirements under GAAP that are applicable to investment companies under Accounting Standards Codification Topic 946. Shares of the Funds are listed and traded on the Nasdaq Stock Market, LLC. (the "Exchange"). The Funds issue and redeem shares at Net Asset Value ("NAV") only in aggregations of 50,000 shares, or 25,000 shares in the case of THB Mid Cap ESG ETF, ESG Core Plus Bond ETF, ESG Corporate Bond ETF, and Nasdaq Next 50 ETF and 10,000 shares for WestEnd U.S. Sector ETF (each a "Creation Unit"). Creation Units are issued and redeemed in exchange for a basket of securities included in the respective Fund's Index (the "Deposit Securities"), and/or with the deposit of a specified cash payment (the "Cash Component"), plus a transaction fee. Shares trade on the Exchange at market prices that may be below, at, or above NAV. Shares of a Fund may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the distributor. Only Authorized Participants may purchase or redeem the shares directly from a Fund. In addition, shares may be issued in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash equal to up to 105% of the market value of the missing Deposit Securities. In each instance of such cash creations or redemptions, transaction fees may be imposed and may be higher than the transaction fees associated with in-kind creations or redemptions. Each Fund may issue an unlimited number of shares of beneficial interest, with no par value. Shares of each Fund have equal rights and privileges. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transactional costs associated with the purchase of  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-226.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 172 (Unaudited) Creation Units. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units. Variable fees received by each Fund are displayed in the Capital Transactions section of the Statements of Changes in Net Assets as an increase to Capital. The transaction fees for each Fund are listed below: Fee for In-Kind and Cash Purchases and Redemptions Maximum Additional Variable Charge for Cash Purchases and Redemptions\* US 500 Volatility Wtd ETF ............................................... $750 2.00% US Small Cap Volatility Wtd ETF .......................................... 750 2.00% International Volatility Wtd ETF ........................................... 6,000 2.00% US Large Cap High Div Volatility Wtd ETF ................................... 250 2.00% US Small Cap High Div Volatility Wtd ETF ................................... 250 2.00% International High Div Volatility Wtd ETF .................................... 1,500 2.00% Dividend Accelerator ETF ............................................... 250 2.00% US Multi-Factor Minimum Volatility ETF .................................... 250 2.00% US 500 Enhanced Volatility Wtd ETF ....................................... 750 2.00% US EQ Income Enhanced Volatility Wtd ETF.................................. 250 2.00% US Discovery Enhanced Volatility Wtd ETF................................... 750 2.00% Developed Enhanced Volatility Wtd ETF ..................................... 4,500 2.00% Nasdaq Next 50 ETF ................................................... 250 2.00% ESG Core Plus Bond ETF................................................ 100 2.00% ESG Corporate Bond ETF ............................................... 100 2.00% THB Mid Cap ESG ETF................................................. 250 2.00% WestEnd U.S. Sector ETF................................................ 100 2.00% \* As a percentage of the amount invested Investment Valuation: The Funds record investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Funds' investments are summarized in the three broad levels listed below: • Level 1 — quoted prices (unadjusted) in active markets for identical securities • Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, or credit spreads, applicable to those securities, etc.) • Level 3 — significant unobservable inputs (including the Adviser's assumptions in determining the fair value of investments) Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodologies used for valuation techniques are not necessarily an indication of the risk associated with entering into those investments. The Adviser, appointed as the valuation designee by the Trust's Board of Trustees' (the "Board"), has established the Pricing and Liquidity Committee (the "Committee"), and subject to Board oversight, the Committee administers and oversees the Funds' valuation policies and procedures, which are approved by the Board. Portfolio securities listed or traded on securities exchanges, including ETFs, American Depositary Receipts ("ADRs"), and Rights, are valued at the closing price on the exchange or system where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy. Investments in open-end investment companies, other than ETFs, are valued at their NAV. These valuations are typically categorized as Level 1 in the fair value hierarchy. Debt securities are valued each business day by a pricing service approved by the valuation designee and subject to the oversight of the Board. The pricing service uses the evaluated bid or the last sale price to value securities. Debt obligations maturing within 60 days may be valued at amortized cost, provided that the amortized cost represents the fair value of such securities. These valuations are typically categorized as Level 2 in the fair value hierarchy. Futures contracts are valued at the settlement price established each day by the board of trade or an exchange on which they are traded. These valuations are typically categorized as Level 1 in the fair value hierarchy. In the event that price quotations or valuations are not readily available, investments are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board. These valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy, based on the observability of inputs used to determine the fair value. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded and the actual price realized from the sale of a security may differ materially from the fair value price. Valuing these securities at fair value is intended to cause the Fund's NAV to be more reliable than it otherwise would be.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-227.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 173 (Unaudited) A summary of the valuations as of December 31, 2022, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedules of Portfolio Investments: Level 1 Level 2 Level 3 Total US 500 Volatility Wtd ETF Common Stocks............................ $574,416,261 $— $— $574,416,261 Collateral for Securities Loaned ................ 1,906,980 — — 1,906,980 Total .................................... $576,323,241 $— $— $576,323,241 Other Financial Investments\* Liabilities: Futures Contracts........................... (22218) — — (22218) Total .................................... $(22218) $— $— $(22218) US Small Cap Volatility Wtd ETF Common Stocks............................ 23,113,355 — — 23,113,355 Collateral for Securities Loaned ................ 172,188 — — 172,188 Total .................................... $23,285,543 $— $— $23,285,543 Other Financial Investments\* Liabilities: Futures Contracts........................... (2035) — — (2035) Total .................................... $(2035) $— $— $(2035) International Volatility Wtd ETF Common Stocks............................ 86,663,214 — 16,658 86,679,872 Collateral for Securities Loaned ................ 1,661,188 — — 1,661,188 Total .................................... $88,324,402 $— $16,658 $88,341,060 Other Financial Investments\* Liabilities: Futures Contracts........................... (2262) — — (2262) Total .................................... $(2262) $— $— $(2262) US Large Cap High Div Volatility Wtd ETF Common Stocks............................ 362,845,253 — — 362,845,253 Collateral for Securities Loaned ................ 1,211,112 — — 1,211,112 Total .................................... $364,056,365 $— $— $364,056,365 Other Financial Investments\* Liabilities: Futures Contracts........................... (10717) — — (10717) Total .................................... $(10717) $— $— $(10717) US Small Cap High Div Volatility Wtd ETF Common Stocks............................ 366,164,353 — — 366,164,353 Collateral for Securities Loaned ................ 7,560,576 — — 7,560,576 Total .................................... $373,724,929 $— $— $373,724,929 Other Financial Investments\* Assets: Futures Contracts........................... 10,978 — — 10,978 Total .................................... $10,978 $— $— $10,978 International High Div Volatility Wtd ETF Common Stocks............................ 15,922,855 — 11,402 15,934,257 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-228.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 174 (Unaudited) Level 1 Level 2 Level 3 Total International High Div Volatility Wtd ETF, continued Collateral for Securities Loaned ................ $347,828 $— $— $347,828 Total .................................... $16,270,683 $— $11,402 $16,282,085 Other Financial Investments\* Liabilities: Futures Contracts........................... (44) — — (44) Total .................................... $(44) $— $— $(44) Dividend Accelerator ETF Common Stocks............................ 204,498,504 — — 204,498,504 Total .................................... $204,498,504 $— $— $204,498,504 Other Financial Investments\* Liabilities: Futures Contracts........................... (854) — — (854) Total .................................... $(854) $— $— $(854) US Multi-Factor Minimum Volatility ETF Common Stocks............................ 123,587,066 — — 123,587,066 Total .................................... $123,587,066 $— $— $123,587,066 Other Financial Investments\* Liabilities: Futures Contracts........................... (10843) — — (10843) Total .................................... $(10843) $— $— $(10843) US 500 Enhanced Volatility Wtd ETF Common Stocks............................ 838,531,299 — — 838,531,299 Investment Companies ....................... 4,160,411 — — 4,160,411 Collateral for Securities Loaned ................ 1,484,236 — — 1,484,236 Total .................................... $844,175,946 $— $— $844,175,946 Other Financial Investments\* Liabilities: Futures Contracts........................... (68351) — — (68351) Total .................................... $(68351) $— $— $(68351) US EQ Income Enhanced Volatility Wtd ETF Common Stocks............................ 2,013,882,467 — — 2,013,882,467 Investment Companies ....................... 9,562,048 — — 9,562,048 Collateral for Securities Loaned ................ 9,635,312 — — 9,635,312 Total .................................... $2,033,079,827 $— $— $2,033,079,827 Other Financial Investments\* Liabilities: Futures Contracts........................... (107703) — — (107703) Total .................................... $(107703) $— $— $(107703) US Discovery Enhanced Volatility Wtd ETF Common Stocks............................ 89,460,345 — — 89,460,345 Investment Companies ....................... 402,773 — — 402,773 Collateral for Securities Loaned ................ 167,244 — — 167,244 Total .................................... $90,030,362 $— $— $90,030,362 Other Financial Investments\* Liabilities: Futures Contracts........................... (3648) — — (3648) Total .................................... $(3648) $— $— $(3648) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-229.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 175 (Unaudited) Level 1 Level 2 Level 3 Total Developed Enhanced Volatility Wtd ETF Common Stocks............................ $24,303,872 $— $6,618 $24,310,490 Investment Companies ....................... 21,438,853 — — 21,438,853 Collateral for Securities Loaned ................ 220,896 — — 220,896 Total .................................... $45,963,621 $— $6,618 $45,970,239 Other Financial Investments\* Liabilities: Futures Contracts........................... (784) — — (784) Total .................................... $(784) $— $— $(784) Nasdaq Next 50 ETF Common Stocks............................ 92,480,199 — 8,697 92,488,896 Total .................................... $92,480,199 $— $8,697 $92,488,896 Other Financial Investments\* Liabilities: Futures Contracts........................... (9169) — — (9169) Total .................................... $(9169) $— $— $(9169) ESG Core Plus Bond ETF Asset-Backed Securities ...................... — 35,722,617 — 35,722,617 Collateralized Mortgage Obligations ............. — 42,705,185 — 42,705,185 Senior Secured Loans........................ — 6,481,748 — 6,481,748 Corporate Bonds ........................... — 64,056,593 — 64,056,593 Yankee Dollars ............................ — 12,569,409 — 12,569,409 Municipal Bonds ........................... — 1,431,463 — 1,431,463 U.S. Government Agency Mortgages............. — 6,807,192 — 6,807,192 U.S. Treasury Obligations..................... — 36,315,953 — 36,315,953 Commercial Papers ......................... — 599,677 — 599,677 Total .................................... $— $206,689,837 $— $206,689,837 Other Financial Investments\* Liabilities: Futures Contracts........................... (41679) — — (41679) Total .................................... $(41679) $— $— $(41679) ESG Corporate Bond ETF Corporate Bonds ........................... — 80,406,728 — 80,406,728 Yankee Dollars ............................ — 18,212,221 — 18,212,221 Commercial Papers ......................... — 999,495 — 999,495 Total .................................... $— $99,618,444 $— $99,618,444 THB Mid Cap ESG ETF Common Stocks............................ 2,183,771 — — 2,183,771 Total .................................... $2,183,771 $— $— $2,183,771 WestEnd U.S. Sector ETF Common Stocks............................ 141,356,463 — — 141,356,463 Rights................................... — — 543 543 Total .................................... $141,356,463 $— $543 $141,357,006 Other Financial Investments\* Liabilities: Futures Contracts........................... (285) — — (285) Total .................................... $(285) $— $— $(285) \* Futures Contracts are valued at the unrealized appreciation (depreciation) on the investment. As of December 31, 2022, there were no transfers into/out of Level 3. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-230.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 176 (Unaudited) Real Estate Investment Trusts ("REITs"): The Funds may invest in REITs, which report information on the source of their distributions annually. REITs are pooled investment vehicles that invest primarily in income-producing real estate or real-estate related loans or interests (such as mortgages). Certain distributions received from REITs during the year are recorded as realized gains or return of capital as estimated by the Funds or when such information becomes known. Securities Purchased on a Delayed-Delivery or When-Issued Basis: The Funds may purchase securities on a delayed-delivery or when-issued basis. Delivery and payment for securities that have been purchased by the Funds on a delayed-delivery or when-issued basis, or for delayed draws on loans can generally take place within 35 days a month or more after the trade date. Securities that require more than 35 days to settle are considered a senior security and subject to Rule 18f-4. At the time the Funds makes the commitment to purchase a security on a delayed-delivery or when-issued basis, the Funds records the transaction and reflects the value of the security in determining NAV. No interest accrues to the Fund until the transaction settles and payment takes place. If the Funds owns delayed-delivery or when-issued securities, these values are included in Payables for Investments purchased on the accompanying Statements of Assets and Liabilities and the segregated assets are identified on the Schedules of Portfolio Investments. Municipal Obligations: The values of municipal obligations can fluctuate and may be affected by adverse tax, legislative, or political changes, and by financial developments affecting municipal issuers. Payment of municipal obligations may depend on a relatively limited source of revenue, resulting in greater credit risk. Future changes in federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Investment Companies: Open-End Funds: The Funds may invest in portfolios of open-end investment companies. These investment companies value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the board of directors of the underlying funds. Mortgage- and Asset-Backed Securities: The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Funds to a lower rate of return upon reinvestment of principal. The values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market's perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as "Ginnie Mae"), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as "Fannie Mae" and "Freddie Mac," respectively), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government. Loans: Floating rate loans in which a Fund invests are primarily "senior" loans. Senior floating rate loans typically hold a senior position in the capital structures of the borrower, are typically secured by specific collateral, and have a claim on the assets and/or stock of the borrower that is senior to that held by subordinated debtholders and stockholders of the borrower. While these protections may reduce risk, these investments still present significant credit risk. A significant portion of a Fund's floating rate investments may be issued in connection with highly leveraged transactions such as leveraged buyouts, leveraged recapitalization loans, and other types of acquisition financing. Obligations in these types of transactions are subject to greater credit risk (including default and bankruptcy) than many other investments and may be, or become, illiquid. See the note below regarding below investment grade securities. The Funds may purchase second-lien loans (secured loans with a claim on collateral subordinate to a senior lender's claim on such collateral), fixed rate loans, unsecured loans, and other debt obligations. Transactions in loans often settle on a delayed basis, and a Fund may not receive the proceeds from the sale of a loan or pay for a loan purchase for a substantial period of time after entering into the transactions. Derivative Instruments: Foreign Exchange Currency Contracts: The Funds may enter into foreign exchange currency contracts to convert U.S. dollars to and from various foreign currencies. A foreign exchange currency contract is an obligation by a Fund to purchase or sell a specific currency at a future date at a price (in U.S. dollars) set at the time of the contract. The Funds do not engage in "cross-currency" foreign exchange contracts (i.e., contracts to purchase or sell one foreign currency in exchange for another foreign currency). The Funds' foreign exchange currency contracts might be considered spot contracts (typically a contract  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-231.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 177 (Unaudited) of one week or less) or forward contracts (typically a contract term over one week). A spot contract is entered into for purposes of hedging against foreign currency fluctuations relating to a specific portfolio transaction, such as the delay between a security transaction trade date and settlement date. Forward contracts are entered into for purposes of hedging portfolio holdings or concentrations of such holdings. The Funds enter into foreign exchange currency contracts solely for spot or forward hedging purposes, and not for speculative purposes (i.e., the Funds do not enter into such contracts solely for the purpose of earning foreign currency gains). Each foreign exchange currency contract is adjusted daily by the prevailing spot or forward rate of the underlying currency, and any appreciation or depreciation is recorded for financial statement purposes as unrealized until the contract settlement date, at which time the Funds record realized gains or losses equal to the difference between the value of a contract at the time it was opened and the value at the time it was closed. The Funds could be exposed to risk if a counterparty is unable to meet the terms of a foreign exchange currency contract or if the value of the foreign currency changes unfavorably. In addition, the use of foreign exchange currency contracts does not eliminate fluctuations in the underlying prices of the securities. As of December 31, 2022, the Funds had no open forward foreign exchange currency contracts. Futures Contracts: The Funds may enter into contracts for the future delivery of securities or foreign currencies and futures contracts based on a specific security, class of securities, foreign currency or an index, and purchase or sell options on any such futures contracts. A futures contract on a securities index is an agreement obligating either party to pay, and entitling the other party to receive, while the contract is outstanding, cash payments based on the level of a specified securities index. No physical delivery of the underlying asset is made. The Funds may enter into futures contracts in an effort to hedge against market risks. The acquisition of put and call options on futures contracts will give the Funds the right (but not the obligation), for a specified price, to sell or to purchase the underlying futures contract, upon exercise of the option, at any time during the option period. Futures transactions involve brokerage costs and require the Funds to segregate assets to cover contracts that would require it to purchase securities or currencies. A good faith margin deposit, known as initial margin, of cash or government securities with a broker or custodian is required to initiate and maintain open positions in futures contracts. Subsequent payments, known as variation margin, are made or received by the Funds based on the change in the market value of the position and are recorded as unrealized appreciation or depreciation until the contract is closed out, at which time the gain or loss is realized. The Funds may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices change in an unanticipated manner. Such unanticipated changes may also result in lower overall performance than if the Funds had not entered into any futures transactions. In addition, the value of the Funds' futures positions may not prove to be perfectly or even highly correlated with the value of its portfolio securities or foreign currencies, limiting the Funds' ability to hedge effectively against interest rate, exchange rate and/or market risk and giving rise to additional risks. There is no assurance of liquidity in the secondary market for purposes of closing out futures positions. The collateral held by the Funds is reflected on the Statements of Assets and Liabilities under Deposit with broker for futures contracts. Management has determined that no offsetting requirements exist as a result of their conclusion that the Funds are not subject to master netting agreements for futures contracts. During the six months December 31, 2022, the Funds entered into futures contracts primarily for the strategy of hedging or other purposes, including but not limited to, providing liquidity and equitizing cash. Summary of Derivative Instruments: The following table summarizes the fair values of derivative instruments on the Statements of Assets and Liabilities, categorized by risk exposure, as of December 31, 2022: Assets Liabilities Variation Margin Receivable on Open Futures Contracts\* Variation Margin Payable on Open Futures Contracts\* Equity Risk Exposure: 10,978 (238913) US 500 Volatility Wtd ETF ............................................................... $– $22,218 US Small Cap Volatility Wtd ETF .......................................................... – 2,035 International Volatility Wtd ETF ........................................................... – 2,262 US Large Cap High Div Volatility Wtd ETF ................................................... – 10,717 US Small Cap High Div Volatility Wtd ETF ................................................... 10,978 – International High Div Volatility Wtd ETF .................................................... – 44 Dividend Accelerator ETF ............................................................... – 854 US Multi-Factor Minimum Volatility ETF .................................................... – 10,843 US 500 Enhanced Volatility Wtd ETF ....................................................... – 68,351 US EQ Income Enhanced Volatility Wtd ETF.................................................. – 107,703 US Discovery Enhanced Volatility Wtd ETF................................................... – 3,648 Developed Enhanced Volatility Wtd ETF ..................................................... – 784 Nasdaq Next 50 ETF ................................................................... – 9,169 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-232.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 178 (Unaudited) Assets Liabilities Variation Margin Receivable on Open Futures Contracts\* Variation Margin Payable on Open Futures Contracts\* WestEnd U.S. Sector ETF................................................................ $– $285 Interest Rate Risk Exposure: – (41679) ESG Core Plus Bond ETF................................................................ – 41,679 \* Includes cumulative appreciation (depreciation) of futures contracts as reported on the Schedules of Portfolio Investments. Only current day's variation margin for futures contracts is reported within the Statements of Assets and Liabilities. The following table presents the effect of derivative instruments on the Statements of Operations, categorized by risk exposure, for the period ended December 31, 2022: Net Realized Gains (Losses) on Derivatives Recognized as a Result from Operations Net Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized as a Result of Operations Net Realized Gains (Losses) from Futures Contracts Net Change in Unrealized Appreciation/ Depreciation on Futures Contracts Equity Risk Exposure: (684000) 625,088 US 500 Volatility Wtd ETF ........................................................... $(88021) $66,104 US Small Cap Volatility Wtd ETF ...................................................... 2,467 (4701) International Volatility Wtd ETF ....................................................... (19549) 1,578 US Large Cap High Div Volatility Wtd ETF ............................................... (98911) 60,482 US Small Cap High Div Volatility Wtd ETF ............................................... (248041) 95,741 International High Div Volatility Wtd ETF ................................................ (1131) 170 Dividend Accelerator ETF ........................................................... (9423) 6,885 US Multi-Factor Minimum Volatility ETF ................................................ (26417) 3,135 US 500 Enhanced Volatility Wtd ETF ................................................... 118,152 110,165 US EQ Income Enhanced Volatility Wtd ETF.............................................. (266234) 280,571 US Discovery Enhanced Volatility Wtd ETF............................................... (13660) 16,259 Developed Enhanced Volatility Wtd ETF ................................................. 5,432 5,834 Nasdaq Next 50 ETF ............................................................... (18069) (16850) WestEnd U.S. Sector ETF............................................................ (20595) (285) Interest Rate Risk Exposure: (173796) (120999) ESG Core Plus Bond ETF............................................................ (173796) (120999) All open derivative positions at period end are reflected on each respective Fund's Schedule of Portfolio Investments. The underlying face value of open derivative positions relative to each Fund's net assets at period end is generally representative of the notional amount of open positions to net assets throughout the period. Investment Transactions and Related Income: Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date or the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are recorded on the identified cost basis. Paydown gains or losses on applicable securities, if any, are recorded as components of Interest income on the Statements of Operations. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-233.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 179 (Unaudited) The Funds may receive other income from investments in loan assignments and/or unfunded commitments, including amendment fees, consent fees, and commitment fees. These fees are recorded as income when received. These amounts, if received, are included in Interest income on the Statements of Operations. Withholding taxes on interest, dividends, and gains as a result of certain investments by the Funds have been provided for in accordance with each investment's applicable country's tax rules and rates. Securities Lending: The Funds, through a Securities Lending Agreement with Citibank, N.A. ("Citibank"), may lend their securities to qualified financial institutions, such as certain broker-dealers and banks, to earn additional income, net of income retained by Citibank. Borrowers are required to initially secure their loans for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked-to-market daily. Any collateral shortfalls associated with increases in the valuation of the securities loaned are generally cured the next business day. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and other securities as permitted by Securities and Exchange Commission ("SEC") guidelines. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted on the Funds' Schedules of Portfolio Investments. The Funds effectively do not have control of the non-cash collateral and therefore it is not disclosed on the Funds' Schedules of Portfolio Investments. Collateral requirements are determined daily based on the value of the Funds' securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Funds any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Funds also earn a return from the collateral. The Funds pay Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statements of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, a Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower. The Funds' agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Funds may not be sold or repledged, except to satisfy borrower default. The following table is a summary of the Funds' securities lending transactions as of December 31, 2022. Value of Securities on Loan Non-Cash Collateral Cash Collateral US 500 Volatility Wtd ETF .......................................... $1,855,376 $— $1,906,980 US Small Cap Volatility Wtd ETF ..................................... 165,997 — 172,188 International Volatility Wtd ETF ...................................... 1,597,051 — 1,661,188 US Large Cap High Div Volatility Wtd ETF .............................. 1,188,301 — 1,211,112 US Small Cap High Div Volatility Wtd ETF .............................. 7,381,563 — 7,560,576 International High Div Volatility Wtd ETF ............................... 328,504 — 347,828 US 500 Enhanced Volatility Wtd ETF .................................. 1,443,419 — 1,484,236 US EQ Income Enhanced Volatility Wtd ETF............................. 9,253,471 — 9,635,312 US Discovery Enhanced Volatility Wtd ETF.............................. 161,398 — 167,244 Developed Enhanced Volatility Wtd ETF ................................ 209,197 — 220,896 Foreign Currency Translations: The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities of a Fund denominated in a foreign currency are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rates on the date of the transactions. The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are disclosed as Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations on the Statements of Operations. Any realized gains or losses from these fluctuations are disclosed as Net realized gains (losses) from investment securities and foreign currency transactions on the Statements of Operations. Foreign Taxes: The Funds may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities, and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Funds invest. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-234.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 180 (Unaudited) Federal Income Taxes: Each Fund intends to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes is required in the financial statements. The Funds have a tax year end of June 30. For the six months ended December 31, 2022, the Funds did not incur any income tax, interest, or penalties, and have recorded no liability for net unrecognized tax benefits relating to uncertain tax positions. Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax years, which includes the current fiscal tax year end). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken. Allocations: Expenses directly attributable to the Fund are charged to the Fund, while expenses that are attributable to more than one fund in the Trust, or jointly with an affiliated trust, are allocated among the respective funds in the Trust and/or an affiliated trust based upon net assets or another appropriate basis. 3.Purchases and Sales: Purchases and sales of securities (excluding securities maturing less than one year from acquisition) and purchases and sales associated with in-kind transactions for the six months ended December 31, 2022, are included in the table below. Any realized gains or losses from in-kind redemptions are reflected on the Statements of Operations as net realized gains (losses) from in kind redemptions. Excluding U.S. Government Securities and In-Kind Transactions Associated with In-Kind Transactions Purchases Sales Purchases Sales US 500 Volatility Wtd ETF .................................. $65,773,331 $66,076,858 $26,529,331 $13,039,531 US Small Cap Volatility Wtd ETF ............................. 6,652,608 6,692,007 — — International Volatility Wtd ETF .............................. 14,410,576 14,257,224 — 6,881,882 US Large Cap High Div Volatility Wtd ETF ...................... 74,358,142 73,667,850 164,569,927 88,951,480 US Small Cap High Div Volatility Wtd ETF ...................... 109,810,910 110,784,228 103,632,721 — International High Div Volatility Wtd ETF ....................... 5,551,970 5,683,567 — — Dividend Accelerator ETF .................................. 25,055,732 25,844,586 20,381,976 105,983,544 US Multi-Factor Minimum Volatility ETF ....................... 47,518,370 47,725,235 1,770,923 1,966,914 US 500 Enhanced Volatility Wtd ETF .......................... 672,709,946 735,755,711 12,207,664 16,875,097 US EQ Income Enhanced Volatility Wtd ETF..................... 3,031,588,451 2,936,839,486 630,181,504 475,818,566 US Discovery Enhanced Volatility Wtd ETF...................... 70,619,557 5,606,719 8,630,862 — Developed Enhanced Volatility Wtd ETF ........................ 12,765,551 1,679,200 3,372,711 — Nasdaq Next 50 ETF ...................................... 35,229,717 35,504,403 1,855,028 8,429,906 THB Mid Cap ESG ETF.................................... 444,838 449,153 — — WestEnd U.S. Sector ETF................................... 12,769,664 10,609,361 275,591,711 141,073,201 Excluding U.S. Government Securities U.S. Government Securities Purchases Sales Purchases Sales ESG Core Plus Bond ETF............................. $43,044,178 $41,791,085 $21,369,882 $20,570,672 ESG Corporate Bond ETF ............................ 13,302,744 13,581,457 — — 4.Affiliated Fund Ownership: The Funds offer shares for investment by other funds. The fund-of-funds do not invest in the underlying funds for the purpose of exercising management or control, and the affiliated fund-of-funds' annual and semi-annual reports may be viewed at vcm.com. As of December 31, 2022, certain fund-of-funds owned total outstanding shares of the Funds as follows: International Volatility Wtd ETF Ownership % USAA Target Retirement Income Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6 USAA Target Retirement 2030 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.0 USAA Target Retirement 2040 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.0 USAA Target Retirement 2050 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.9 USAA Target Retirement 2060 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-235.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 181 (Unaudited) US Multi-Factor Minimum Volatility ETF Ownership % Victory Strategic Allocation Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 USAA Target Retirement Income Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4 USAA Target Retirement 2030 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1 USAA Target Retirement 2040 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.2 USAA Target Retirement 2050 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.5 USAA Target Retirement 2060 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 Nasdaq Next 50 ETF Ownership % USAA Target Retirement Income Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9 USAA Target Retirement 2030 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.1 USAA Target Retirement 2040 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.2 USAA Target Retirement 2050 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.6 USAA Target Retirement 2060 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9 ESG Core Plus Bond ETF Ownership % USAA Cornerstone Moderately Conservative Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.9 USAA Cornerstone Aggressive Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0 USAA Cornerstone Moderate Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.0 USAA Cornerstone Moderately Aggressive Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57.0 ESG Corporate Bond ETF Ownership % USAA Target Retirement Income Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.8 USAA Target Retirement 2030 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.2 USAA Target Retirement 2040 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.4 USAA Target Retirement 2050 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.3 USAA Target Retirement 2060 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 WestEnd U.S. Sector ETF Ownership % USAA Cornerstone Equity Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4 USAA Target Retirement Income Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.7 USAA Target Retirement 2030 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.7 USAA Target Retirement 2040 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.2 USAA Target Retirement 2050 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.9 USAA Target Retirement 2060 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9 5. Fees and Transactions with Affiliates and Related Parties: Investment Advisory Fees: Investment advisory services are provided to the Funds by the Adviser, which is a New York corporation registered as an investment adviser with the SEC. Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive fees based on a percentage of the average daily net assets of each Fund. The rates at which the Adviser is paid by each Fund are included in the table below. Flat Rate US 500 Volatility Wtd ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.30% US Small Cap Volatility Wtd ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.30% International Volatility Wtd ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.40% US Large Cap High Div Volatility Wtd ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.30% US Small Cap High Div Volatility Wtd ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.30% International High Div Volatility Wtd ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.40% Dividend Accelerator ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.30% US Multi-Factor Minimum Volatility ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.30% US 500 Enhanced Volatility Wtd ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.40% US EQ Income Enhanced Volatility Wtd ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.30% US Discovery Enhanced Volatility Wtd ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.30% Developed Enhanced Volatility Wtd ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.40% Nasdaq Next 50 ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15% ESG Core Plus Bond ETF 0.35% ESG Corporate Bond ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35% THB Mid Cap ESG ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50% WestEnd U.S. Sector ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.40% Amounts incurred and paid to VCM for the six months ended December 31, 2022, are reflected on the Statements of Operations as Investment advisory fees. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-236.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 182 (Unaudited) Administration and Servicing Fees: VCM also serves as the Funds' administrator and fund accountant. Under the Administration and Fund Accounting Agreement, VCM is entitled to receive fees based on a percentage of the average daily net assets of the Trust, Victory Variable Insurance Funds and Victory Portfolios. The tiered rates at which VCM is paid by the Funds are shown in the table below: Net Assets Up to $15 billion $15 billion — $30 billion Over $30 billion 0.08%, plus 0.05%, plus 0.04% Amounts incurred for the six months ended December 31, 2022, are reflected on the Statements of Operations as Administration fees. Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Funds pursuant to the Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Funds reimburse VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Funds. Amounts incurred for the six months ended December 31, 2022, are reflected on the Statements of Operations as Sub-Administration fees. The Funds (as part of the Trust) have entered into an agreement with the Adviser to provide compliance services, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. The funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios and USAA Mutual Funds (collectively, the "Victory Funds Complex"), in aggregate, compensate the Adviser for these services. Amounts incurred for the six months ended December 31, 2022, are reflected on the Statements of Operations as Compliance fees. Distributor/Underwriting Services: Foreside Fund Services, LLC serves as the Funds' distributor. Other Fees: Citibank serves as the Funds' custodian. The Funds pay Citibank a fee for providing these services. Amounts incurred for the six months ended December 31, 2022, are reflected on the Statements of Operations as Custodian fees. Sidley Austin LLP provides legal services to the Trust. The Adviser has entered into expense limitation agreements with the Funds. Under the terms of the agreements, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred by certain classes of a Fund in any fiscal year exceed the expense limit for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business are excluded from the expense limits. As of December 31, 2022, the expense limits (excluding voluntary waivers) are as follows: In Effect Until October 31, 2023 US 500 Volatility Wtd ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35% US Small Cap Volatility Wtd ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35% International Volatility Wtd ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.45% US Large Cap High Div Volatility Wtd ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35% US Small Cap High Div Volatility Wtd ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35% International High Div Volatility Wtd ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.45% Dividend Accelerator ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35% US Multi-Factor Minimum Volatility ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35% US 500 Enhanced Volatility Wtd ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35% US EQ Income Enhanced Volatility Wtd ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35% US Discovery Enhanced Volatility Wtd ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35% Developed Enhanced Volatility Wtd ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.45% Nasdaq Next 50 ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.18% ESG Core Plus Bond ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.40% ESG Corporate Bond ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.40% THB Mid Cap ESG ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.55% WestEnd U.S. Sector ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.46%(a) (a) In effect from December 16, 2022, until at least October 31, 2024. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-237.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 183 (Unaudited) Under the terms of the expense limitation agreements, the Funds have agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period of up to three years (thirty-six (36) months) after the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. As of December 31, 2022, the following amounts are available to be repaid to the Adviser. The Funds have not recorded any amounts available to be repaid as a liability due to an assessment that such repayments are not probable at December 31, 2022. Expires 2023 Expires 2024 Expires 2025 Expires 2026 Total US 500 Volatility Wtd ETF .................................... $51,095 $66,415 $15,251 $17,303 $150,064 US Small Cap Volatility Wtd ETF ............................... 18,195 35,421 49,801 22,947 126,364 International Volatility Wtd ETF ................................ 51,636 150,668 111,915 59,622 373,841 US Large Cap High Div Volatility Wtd ETF ........................ 35,786 47,070 45,449 15,202 143,507 US Small Cap High Div Volatility Wtd ETF ........................ 23,906 47,951 51,444 17,837 141,138 International High Div Volatility Wtd ETF ......................... 29,570 65,624 70,418 35,729 201,341 Dividend Accelerator ETF .................................... 33,951 46,360 25,944 23,499 129,754 US Multi-Factor Minimum Volatility ETF ......................... 27,381 40,209 40,631 21,056 129,277 US 500 Enhanced Volatility Wtd ETF ............................ 21,936 77,028 3,538 12,989 115,491 US EQ Income Enhanced Volatility Wtd ETF....................... 20,792 89,656 79,459 — 189,907 US Discovery Enhanced Volatility Wtd ETF........................ 17,752 38,554 50,302 22,244 128,852 Developed Enhanced Volatility Wtd ETF .......................... 66,631 172,550 129,939 66,140 435,260 Nasdaq Next 50 ETF ........................................ — 74,147 134,640 37,653 246,440 ESG Core Plus Bond ETF..................................... — — 93,356 26,570 119,926 ESG Corporate Bond ETF .................................... — — 78,541 17,933 96,474 THB Mid Cap ESG ETF...................................... — — 33,895 21,079 54,974 WestEnd U.S. Sector ETF..................................... — — — 74,634 74,634 The Adviser may voluntarily waive or reimburse additional fees to assist the Funds in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Funds are not available to be recouped at a future time and are reflected on the Statements of Operations as Expenses waived/reimbursed by Adviser. For the six months ended December 31, 2022, the Adviser voluntarily waived the following amounts: US 500 Volatility Wtd ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $92,993 US Small Cap Volatility Wtd ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,889 International Volatility Wtd ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,421 US Large Cap High Div Volatility Wtd ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,951 US Small Cap High Div Volatility Wtd ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,490 International High Div Volatility Wtd ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,541 Dividend Accelerator ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,714 US Multi-Factor Minimum Volatility ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,305 US 500 Enhanced Volatility Wtd ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,243 US EQ Income Enhanced Volatility Wtd ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 338,115 US Discovery Enhanced Volatility Wtd ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,264 Developed Enhanced Volatility Wtd ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,628 Nasdaq Next 50 ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,364 ESG Core Plus Bond ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,125 ESG Corporate Bond ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,915 THB Mid Cap ESG ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 361 WestEnd U.S. Sector ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,034\* \* This amount includes $19,126 in expenses that the Adviser has reimbursed related to this Fund's principal investment strategy change effec-tive December 16, 2022. Certain officers and/or interested trustees of the Funds are also officers and/or employees of the Adviser, administrator, fund accountant, sub-administrator, sub-fund accountant, custodian, legal counsel, and distributor. 6. Risks: The Funds may be subject to other risks in addition to these identified risks. Equity Risk — The value of the equity securities in which the Funds invest may decline in response to developments affecting individual companies and/or general, economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-238.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 184 (Unaudited) Foreign Securities Risk — The International Volatility Wtd ETF, International High Div Volatility Wtd ETF and Developed Enhanced Volatility Wtd ETF invest in securities of foreign issuers in various countries. Foreign securities may be subject to risk of loss because of more of less foreign government regulations, less public information, and less economic, political, and social stability in the countries in which the Funds invest. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs), and other government restrictions by the United States or other governments; or problems in shares registration, settlement, or custody also may result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Funds have exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Passive Investment Risk — Certain Funds are designed to track its index and is not actively managed. A Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from its index. A Fund does not, therefore, seek returns in excess of its index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by its index. Different types of investment styles, for example passively managed or actively managed, or growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, a Fund's performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles. LIBOR Discontinuation Risk — The London Interbank Offered Rate ("LIBOR") discontinuation may adversely affect the financial markets generally and the Funds' operations, finances and investments specifically. LIBOR has been the principal floating-rate benchmark in the financial markets. However, LIBOR has been or will be discontinued as a floating rate benchmark. The date of discontinuation depends on the LIBOR currency and tenor. With limited exceptions, no new LIBOR obligations will be entered into after December 31, 2021. Existing LIBOR obligations have transitioned or will transition to another benchmark, depending on the LIBOR currency and tenor. For some existing LIBOR-based obligations, the contractual consequences of the discontinuation of LIBOR may not be clear. Non-LIBOR floating-rate obligations, including Secured Overnight Financing Rate ("SOFR")-based obligations, may have returns and values that fluctuate more than those of floating-rate debt obligations that are based on LIBOR or other rates. Also, because SOFR and some alternative floating rates are relatively new market indexes, markets for certain non-LIBOR obligations may never develop or may not be liquid. Market terms for non-LIBOR floating rate obligations, such as the spread over the index reflected in interest-rate provisions, may evolve over time, and prices of non-LIBOR floating rate obligations may be different depending on when they are issued and changing views about correct spread levels. Various SOFR-based rates, including SOFR-based term rates, and various non-SOFR-based rates are expected to develop in response to the discontinuation of U.S. dollar LIBOR, which may create various risks for the Funds and the financial markets more generally. There are non-LIBOR forward-looking floating rates that are not based on SOFR and that may be considered by participants in the financial markets as LIBOR alternatives. Such rates include AMERIBOR (American Interbank Offered Rate), BSBY (Bloomberg Short-Term Bank Yield Index) and BYI (Bank Yield Index). Unlike forward-looking SOFR-based term rates, such rates are intended to reflect a bank credit spread component. It is not clear how replacement rates for LIBOR — including SOFR-based rates and non-SOFR-based rates — will develop and to what extent they will be used. There is no assurance that these replacement rates will be suitable substitutes for LIBOR, and thus the substitution of such rates for LIBOR could have an adverse effect on the Funds and the financial markets more generally. Concerns about market depth and stability could affect the development of non-SOFR-based term rates, and such rates may create various risks, which may or may not be similar to the risks relating to SOFR. Market Risk — Overall market risks may affect the value of the Funds. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health crises, sanctions against a particular foreign country, its nationals, businesses or industries and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods. 7. Borrowing: Line of Credit: The Victory Funds Complex participates in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 27, 2022, with a termination date of June 26, 2023. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the six months ended December 31, 2022, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each Fund in the Victory Funds Complex paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. Prior to June 28, 2022, interest was based on the one-month LIBOR plus one percent. Effective with the renewal, June 27, 2022, interest was based on  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-239.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 185 (Unaudited) the one-month SOFR plus 1.10 percent. The Funds did not experience a material financial impact transitioning from LIBOR to SOFR. Interest charged to each Fund during the period, if applicable, is reflected on the Statements of Operations under Line of credit fees. The Funds had no borrowings under the Line of Credit agreement during the six months ended December 31, 2022. 8. Federal Income Tax Information: Dividends from net investment income, if any, are declared and paid as noted in the table below. Distributable net realized gains, if any, are declared and distributed at least annually from each Fund. Declared Paid US 500 Volatility Wtd ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Monthly Monthly US Small Cap Volatility Wtd ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Monthly Monthly International Volatility Wtd ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Monthly Monthly US Large Cap High Div Volatility Wtd ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Monthly Monthly US Small Cap High Div Volatility Wtd ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Monthly Monthly International High Div Volatility Wtd ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Monthly Monthly Dividend Accelerator ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Monthly Monthly US Multi-Factor Minimum Volatility ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Monthly Monthly US 500 Enhanced Volatility Wtd ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Monthly Monthly US EQ Income Enhanced Volatility Wtd ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Monthly Monthly US Discovery Enhanced Volatility Wtd ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Monthly Monthly Developed Enhanced Volatility Wtd ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Monthly Monthly Nasdaq Next 50 ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Monthly Monthly ESG Core Plus Bond ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Monthly Monthly ESG Corporate Bond ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Monthly Monthly THB Mid Cap ESG ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Monthly Monthly WestEnd U.S. Sector ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Monthly Monthly The amounts of dividends from net investment income and distributions from net realized gains (collectively distributions to shareholders) are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (e.g., net operating loss and distribution reclassification), such amounts are reclassified within the components of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require reclassification. To the extent dividends and distributions exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital. Net investment losses incurred by the Funds may be reclassified as an offset to capital on the accompanying Statement of Assets and Liabilities. The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (loss) will be determined at the end of the current tax year. As of tax year ended June 30, 2022, the Funds had net capital loss carryforwards as shown in the table below. It is unlikely that the Board will authorize a distribution of capital gains realized in the future until the capital loss carryforwards have been used. Short-Term Amount Long-Term Amount Total US 500 Volatility Wtd ETF ............................................... $38,312,708 $40,999,832 $79,312,540 US Small Cap Volatility Wtd ETF .......................................... 5,192,078 3,523,678 8,715,756 International Volatility Wtd ETF ........................................... 1,338,567 1,823,435 3,162,002 US Large Cap High Div Volatility Wtd ETF ................................... 27,791,522 25,348,528 53,140,050 US Small Cap High Div Volatility Wtd ETF ................................... 34,727,680 8,564,039 43,291,719 International High Div Volatility Wtd ETF .................................... 6,034,546 7,610,915 13,645,461 Dividend Accelerator ETF ............................................... 9,031,729 3,519,356 12,551,085 US Multi-Factor Minimum Volatility ETF .................................... 12,688,394 2,497,286 15,185,680 US EQ Income Enhanced Volatility Wtd ETF.................................. 43,234,925 39,566,523 82,801,448 US Discovery Enhanced Volatility Wtd ETF................................... 34,846,891 1,672,142 36,519,033 Developed Enhanced Volatility Wtd ETF ..................................... 16,259,710 9,007,845 25,267,555 Nasdaq Next 50 ETF ................................................... 25,621,923 2,571,590 28,193,513 ESG Core Plus Bond ETF................................................ 5,176,406 — 5,176,406 ESG Corporate Bond ETF ............................................... 998,291 — 998,291 9.Affiliated Securities: An affiliated security is a security in which a Fund has ownership of at least 5% of the security's outstanding voting shares, an investment company managed by VCM, or an issuer under common control with a Fund or VCM. The Funds do not invest in affiliated securities for the purpose of exercising management or control. These securities are noted as affiliated on a Fund's Schedule of Portfolio Investments. Section 12(d)(3) of the 1940 Act, and Rule 12d3-1(c) under the 1940 Act, generally prohibit a fund from purchasing the securities issued by, among other entities, a fund's investment adviser. When a fund's investment objective is to track the performance of an unaffiliated index by investing in the stocks that comprise that index, the staff of the SEC has taken the position that, subject to certain conditions, the fund may establish and maintain a position in the common stock of an affiliate of the fund's investment adviser in an amount approximately in proportion to the  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-240.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 186 (Unaudited) percentage that the stock is represented in the index. In seeking to provide investment results that closely correspond to its respective unaffiliated index, one or more Funds may hold the securities of Victory Capital Holdings, Inc., the parent company of VCM and other Fund service providers. Transactions in affiliated securities during the six months ended December 31, 2022, were as follows: Fair Value 6/30/2022 Purchases at Cost Proceeds from Sales Realized Gains (Losses) Capital Gain Distribution Net Change in Unrealized Appreciation/ Depreciation Fair Value 12/31/2022 Dividend Income US Small Cap Volatility Wtd ETF Victory Capital Holdings, Inc. ... $35,620 $6,906 $— $— $— $3,944 $46,470 $803 Fair Value 6/30/2022 Purchases at Cost Proceeds from Sales Realized Gains (Losses) Capital Gain Distribution Net Change in Unrealized Appreciation/ Depreciation Fair Value 12/31/2022 Dividend Income US Discovery Enhanced Volatility Wtd ETF Victory Capital Holdings, Inc. ... $26,751 $155,691 $(671) $(95) $— $(1915) $179,761 $1,970 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-241.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Information Victory Portfolios II December 31, 2022 187 (Unaudited) Proxy Voting and Portfolio Holdings Information Proxy Voting: Information regarding the policies and procedures each Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 800-539-3863. The information is also included in the Funds' Statement of Additional Information, which is available on the SEC's website at sec.gov. Information relating to how the Funds voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at sec.gov. Availability of Schedules of Portfolio Investments: The Trust files a complete list of Schedules of Portfolio Investments with the SEC for the first and third quarter of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's website at sec.gov. Expense Examples As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022, through December 31, 2022 (unless otherwise noted). The Actual Expense figures in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period. The Hypothetical Expense figures in the table below provide information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds. Please note the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Beginning Account Value 7/1/22 Actual Ending Account Value 12/31/22 Hypothetical Ending Account Value 12/31/22 Actual Expenses Paid During Period 7/1/22 - 12/31/22\* Hypothetical Expenses Paid During Period 7/1/22 - 12/31/22\* Annualized Expense Ratio During Period 7/1/22 - 12/31/22 US 500 Volatility Wtd ETF ................. $1,000.00 $1,066.00 $1,023.44 $1.82 $1.79 0.35% US Small Cap Volatility Wtd ETF ............ 1,000.00 1,035.90 1,023.44 1.80 1.79 0.35% International Volatility Wtd ETF ............. 1,000.00 1,029.70 1,022.94 2.30 2.29 0.45% US Large Cap High Div Volatility Wtd ETF ..... 1,000.00 1,035.50 1,023.44 1.80 1.79 0.35% US Small Cap High Div Volatility Wtd ETF ..... 1,000.00 1,006.70 1,023.44 1.77 1.79 0.35% International High Div Volatility Wtd ETF ...... 1,000.00 1,033.80 1,022.94 2.31 2.29 0.45% Dividend Accelerator ETF ................. 1,000.00 1,090.60 1,023.44 1.84 1.79 0.35% US Multi-Factor Minimum Volatility ETF ...... 1,000.00 1,051.20 1,023.44 1.81 1.79 0.35% US 500 Enhanced Volatility Wtd ETF ......... 1,000.00 1,031.90 1,023.44 1.79 1.79 0.35% US EQ Income Enhanced Volatility Wtd ETF.... 1,000.00 958.70 1,023.44 1.73 1.79 0.35% US Discovery Enhanced Volatility Wtd ETF..... 1,000.00 1,002.00 1,023.44 1.77 1.79 0.35% Developed Enhanced Volatility Wtd ETF ....... 1,000.00 1,051.10 1,022.94 2.33 2.29 0.45% Nasdaq Next 50 ETF ..................... 1,000.00 1,046.90 1,024.30 0.93 0.92 0.18% ESG Core Plus Bond ETF.................. 1,000.00 983.30 1,023.19 2.00 2.04 0.40% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-242.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Information — continued Victory Portfolios II December 31, 2022 188 (Unaudited) Beginning Account Value 7/1/22 Actual Ending Account Value 12/31/22 Hypothetical Ending Account Value 12/31/22 Actual Expenses Paid During Period 7/1/22 - 12/31/22\* Hypothetical Expenses Paid During Period 7/1/22 - 12/31/22\* Annualized Expense Ratio During Period 7/1/22 - 12/31/22 ESG Corporate Bond ETF ................. 1,000.00 981.10 1,023.19 2.00 2.04 0.40% THB Mid Cap ESG ETF................... 1,000.00 1,064.90 1,022.43 2.86 2.80 0.55% WestEnd U.S. Sector ETF\*\* ................ 1,000.00 1,068.40 1,023.69 0.69 1.53 0.30% \* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year). \*\* Actual Expense Paid are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 81/365 to reflect the stub period from commencement of operations October 12, 2022, through December 31, 2022. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-243.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II 189 (Unaudited) Supplemental Information — continued December 31, 2022 Considerations of the Board in Continuing the Investment Advisory Agreements (the "Agreement") The Board approved the Agreement on behalf of each of the Funds at a meeting, which was called for that purpose, on December 6, 2022. The Board also considered information relating to the Funds and the Agreement provided throughout the year and, more specifically, at the meetings on October 18, 2022 and December 6, 2022. In considering whether to approve the Agreement, the Board requested, and the Adviser provided, information that the Board believed to be reasonably necessary to reach its conclusions. The Board, including the Independent Trustees, evaluated this information along with other information obtained throughout the year and was advised by legal counsel to the Funds and independent legal counsel to the Independent Trustees. In addition, the Independent Trustees considered a past review of their overall process for conducting the annual review of the Funds' advisory arrangements by a consultant retained through their counsel. The Board considered each Fund's advisory fee, expense ratio and investment performance as significant factors in determining whether the Agreement should be continued. In considering whether the compensation paid to the Adviser was fair and reasonable, the Board also evaluated, among other things, the following factors: • The requirements of the Funds for the services provided by the Adviser; • The nature, quality and extent of the services provided and expected to be provided; • The performance of the Funds as compared to comparable funds; • The fees payable for the services and whether the fee arrangements provided for economies of scale that would benefit Fund shareholders as the Funds grow (acknowledging that economies of scale can be complex to assess and typically are not directly measurable); • Whether the fee would be sufficient to enable the Adviser to attract and retain experienced personnel and continue to provide quality services to the Funds; • Fees paid by other clients of the Adviser whose accounts are managed in a similar investment style and any differences in the services provided to the other clients compared to those provided to the Funds; • Total expenses of each Fund; • Management's commitment to operating the Funds at competitive expense levels; • The profitability of the Adviser (as reflected by comparing fees earned against an estimate of the Adviser's costs) with respect to the Adviser's relationship with the Funds; • Research and other service benefits received by the Adviser obtained through payment of client commissions for securities transactions; • Other benefits received by the Adviser, and its affiliates, including revenues paid to the Adviser, or its affiliates, by the Funds for administration and fund accounting services, shareholder services and distribution; • The capabilities and financial condition of the Adviser; • Current economic and industry trends; and • The historical relationship between each Fund and the Adviser. The Board reviewed each Fund's current management fee in the context of the Adviser's profitability with respect to each Fund. The Board retained an independent, third-party consultant to provide comparative information about fees, expenses and performance, and to design and maintain a database of relevant information designed to assist the Board in retrieving and analyzing comparative information. The Board met with the consultant to review its inputs and methodologies, among other things. The Board compared each Fund's gross management fee and total expense ratio on a net and gross basis with the median gross management fee and median expense ratio of a universe of comparable exchange-traded funds ("ETFs") compiled by the consultant and a peer group of funds with similar investment strategies selected by that consultant from the universe. The Board reviewed the factors and methodology used by the consultant in the selection of each Fund's peer group, including the consultant's selection of a broad universe of funds, the more specific universe of comparable funds, and peer groups of funds with comparable investment strategies and asset levels, among other factors. The Board also reviewed any changes to the consultant's methodology as compared to the prior year, including those resulting from the Adviser's input, if any. The Board also reviewed the fee of a comparable mutual fund managed by the Adviser that is comparable to the VictoryShares US 500 Enhanced Volatility Wtd ETF and the differences in the services provided to the mutual fund. The Board noted that none of the advisory fee arrangements for the Funds included breakpoints, which would be a structure that results in reduced fees as a fund grows. The Board also considered the Adviser's commitment to limit expenses as discussed in more detail below. For Funds with total net expense ratios that ranked within the fourth quartile (most expensive) in relation to their peers as evaluated by a consultant, the Board requested, and the Adviser provided, supplemental information about the level of fees and the nature of the services provided. The Adviser reviewed additional relevant circumstances, which included, among other things, specialized strategies, small or decreasing assets, or rapid or recent changes in peer expense ratios. The Board also reviewed the compliance and administrative services provided to the Funds by the Adviser and its affiliates, including the Adviser's oversight of the Funds' day-to-day operations and oversight of Fund accounting, assistance in meeting legal and regulatory requirements, and other services necessary for the operation of the Funds and the Trust.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-244.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Information — continued Victory Portfolios II December 31, 2022 190 (Unaudited) The Board found that the gross annual management fee paid by each Fund was within the range of management fees paid by each Fund's respective peer group. The Board also found that each Fund's net annual expense ratio was reasonable as compared with each Fund's respective peer group. The Board considered the Adviser's contractual agreement with each Fund to waive its fees and reimburse expenses for a specified period of time, as described in the Fund's prospectus. The Board reviewed each Fund's performance against the performance of the Fund's selected peer group and benchmark index. The Board noted that each Fund's investment objective is to track an index maintained by an independent third party. The Board recognized that the performance of each Fund is net of expenses, while the performance of each benchmark index reflects gross returns, and as a result, each Fund will generally underperform its benchmark index due to fees and expenses. The Board also considered each Fund's tracking error as a factor in evaluating performance. The Board reviewed various other specific factors with respect to each Fund, as described below. In their deliberations, the Trustees did not rank the importance of any particular information or factor considered and each Trustee may have attributed different weights to various factors. VictoryShares US 500 Volatility Wtd ETF: Noting that the Fund commenced operations in 2014, the Board compared the Fund's one-, three- and five-year performance for the periods ended June 30, 2022, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed both the benchmark index and the peer group median for all of the periods reviewed. The Board noted the Fund's tracking error for the periods relative to its peers. The Board also discussed the steps that had been or could be taken by the Adviser to enhance performance in the future. Having considered, among other things: (1) the Fund's management fee compared to comparable ETFs; (2) the Fund's total expense ratio compared to comparable ETFs; (3) that the Adviser's willingness to limit the expenses for a period of time would provide stability to the Fund's expenses during that period; and (4) that the Fund's performance in relation to its benchmark index and peer group was within an acceptable range, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders. VictoryShares US Small Cap Volatility Wtd ETF: Noting that the Fund commenced operations in 2015, the Board compared the Fund's one-, three- and five-year performance for the periods ended June 30, 2022, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for all of the periods reviewed and outperformed the peer group median for all of the periods reviewed. The Board noted the Fund's tracking error for the periods relative to its peers. Having considered, among other things: (1) the Fund's management fee compared to comparable ETFs; (2) the Fund's total expense ratio compared to comparable ETFs; (3) that the Adviser's willingness to limit the expenses for a period of time would provide stability to the Fund's expenses during that period; and (4) that the Fund's performance in relation to its benchmark index and peer group was within an acceptable range, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders. VictoryShares International Volatility Wtd ETF: Noting that the Fund commenced operations in 2015, the Board compared the Fund's one-, three- and five-year performance for the periods ended June 30, 2022, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for all of the periods reviewed, underperformed the peer group median for the one-year period, and outperformed the peer group median for the three- and five-year periods. The Board noted the Fund's tracking error for the periods relative to its peers. Having considered, among other things: (1) the Fund's management fee compared to comparable ETFs; (2) the Fund's total expense ratio compared to comparable ETFs; (3) that the Adviser's willingness to limit the expenses for a period of time would provide stability to the Fund's expenses during that period; and (4) that the Fund's performance in relation to its benchmark index and peer group was within an acceptable range, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders. VictoryShares US Large Cap High Div Volatility Wtd ETF: Noting that the Fund commenced operations in 2015, the Board compared the Fund's one-, three- and five-year performance for the periods ended June 30, 2022, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for all of the periods reviewed and outperformed the peer group median for all of the periods reviewed. The Board noted the Fund's tracking error for the periods relative to its peers. Having considered, among other things: (1) the Fund's management fee compared to comparable ETFs; (2) the Fund's total expense ratio compared to comparable ETFs; (3) that the Adviser's willingness to limit the expenses for a period of time would provide stability to the Fund's expenses during that period; and (4) that the Fund's performance in relation to its benchmark index and peer group was within an acceptable range, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders. VictoryShares US Small Cap High Div Volatility Wtd ETF: Noting that the Fund commenced operations in 2015, the Board compared the Fund's one-, three- and five-year performance for the periods ended June 30, 2022, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for all of the periods reviewed, outperformed the peer group median for one- and ten- |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-245.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Information — continued Victory Portfolios II December 31, 2022 191 (Unaudited) years periods, and underperformed the peer group median for the three-year period. The Board noted the Fund's tracking error for the periods relative to its peers. Having considered, among other things: (1) the Fund's management fee compared to comparable ETFs; (2) the Fund's total expense ratio compared to comparable ETFs; (3) that the Adviser's willingness to limit the expenses for a period of time would provide stability to the Fund's expenses during that period; and (4) that the Fund's performance in relation to its benchmark index and peer group was within an acceptable range, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders. VictoryShares International High Div Volatility Wtd ETF: Noting that the Fund commenced operations in 2015, the Board compared the Fund's one-, three- and five-year performance for the periods ended June 30, 2022, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for all of the periods reviewed, outperformed the peer group median for the one-and three-year periods, and underperformed the peer group median for the five-year period. The Board noted the Fund's tracking error for the periods relative to its peers. Having considered, among other things: (1) the Fund's management fee compared to comparable ETFs; (2) the Fund's total expense ratio compared to comparable ETFs; (3) that the Adviser's willingness to limit the expenses for a period of time would provide stability to the Fund's expenses during that period; and (4) that the Fund's performance in relation to its benchmark index and peer group was within an acceptable range, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders. VictoryShares US 500 Enhanced Volatility Wtd ETF: Noting that the Fund commenced operations in 2014, the Board compared the Fund's one-, three- and five-year performance for the periods ended June 30, 2022, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for all of the periods reviewed, outperformed peer group median for the one- and three-year periods, and matched the peer group median for the five-year period. The Board noted the Fund's tracking error for the periods relative to its peers. Having considered, among other things: (1) the Fund's management fee compared to comparable ETFs; (2) the Fund's total expense ratio compared to comparable ETFs; (3) that the Adviser's willingness to limit the expenses for a period of time would provide stability to the Fund's expenses during that period; and (4) that the Fund's performance in relation to its benchmark index and peer group was within an acceptable range, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders. VictoryShares US EQ Income Enhanced Volatility Wtd ETF: Noting that the Fund commenced operations in 2014, the Board compared the Fund's one-, three- and five-year performance for the periods ended June 30, 2022, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for all of the periods reviewed, and outperformed the peer group median for all of the periods reviewed. The Board noted the Fund's tracking error for the periods relative to its peers. Having considered, among other things: (1) the Fund's management fee compared to comparable ETFs; (2) the Fund's total expense ratio compared to comparable ETFs; (3) that the Adviser's willingness to limit the expenses for a period of time would provide stability to the Fund's expenses during that period; and (4) that the Fund's performance in relation to its benchmark index and peer group was within an acceptable range, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders. VictoryShares US Discovery Enhanced Volatility Wtd ETF: Noting that the Fund commenced operations in 2014, the Board compared the Fund's one-, three- and five-year performance for the periods ended June 30, 2022, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for all of the periods reviewed, and outperformed the peer group median for all of the periods reviewed. The Board noted the Fund's tracking error for the periods relative to its peers. Having considered, among other things: (1) the Fund's management fee compared to comparable ETFs; (2) the Fund's total expense ratio compared to comparable ETFs; (3) that the Adviser's willingness to limit the expenses for a period of time would provide stability to the Fund's expenses during that period; and (4) that the Fund's performance in relation to its benchmark index and peer group was within an acceptable range, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders. VictoryShares Developed Enhanced Volatility Wtd ETF: Noting that the Fund commenced operations in 2014, the Board compared the Fund's one-, three- and five-year performance for the periods ended June 30, 2022, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for all of the periods reviewed, outperformed the peer group median for the one-year period, and underperformed the peer group median for the three- and five-year periods. The Board noted the Fund's tracking error for the periods relative to its peers. Having considered, among other things: (1) the Fund's management fee compared to comparable ETFs; (2) the Fund's total expense ratio compared to comparable ETFs; (3) that the Adviser's willingness to limit the expenses for a period of time would provide stability to the Fund's  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-246.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Information — continued Victory Portfolios II December 31, 2022 192 (Unaudited) expenses during that period; and (4) that the Fund's performance in relation to its benchmark index and peer group was within an acceptable range, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders. VictoryShares Dividend Accelerator ETF: Noting that the Fund commenced operations in 2017, the Board compared the Fund's one-, three- and five-year performance for the periods ended June 30, 2022, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for all of the periods reviewed and outperformed the peer group median for all of the periods reviewed. The Board noted the Fund's tracking error for the period relative to its peers. Having considered, among other things: (1) the Fund's management fee compared to comparable ETFs; (2) the Fund's total expense ratio compared to comparable ETFs; (3) that the Adviser's willingness to limit the expenses for a period of time would provide stability to the Fund's expenses during that period; and (4) that the Fund's performance in relation to its benchmark index and peer group was within an acceptable range, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders. VictoryShares US Multi-Factor Minimum Volatility ETF: Noting that the Fund commenced operations in 2017, the Board compared the Fund's one-, three- and five-year performance for the periods ended June 30, 2022, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for all of the periods reviewed, outperformed the peer group median for the one- and five-year periods, and underperformed the peer group median for the three-year period. The Board noted the Fund's tracking error for the period relative to its peers. Having considered, among other things: (1) the Fund's management fee compared to comparable ETFs; (2) the Fund's total expense ratio compared to comparable ETFs; (3) that the Adviser's willingness to limit the expenses for a period of time would provide stability to the Fund's expenses during that period; and (4) that the Fund's performance in relation to its benchmark index and peer group was within an acceptable range, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders. VictoryShares Nasdaq Next 50 ETF: Noting that the Fund commenced operations in 2020, the Board compared the Fund's one-year performance for the period ended June 30, 2022 to that of the median performance of the Fund's peer group and benchmark index for the same period and considered the fact that the Fund underperformed both the benchmark index and the peer group median for the period. Having considered, among other things: (1) the Fund's management fee compared to comparable ETFs; (2) the Fund's total expense ratio compared to comparable ETFs; (3) that the Adviser's willingness to limit the expenses for a period of time would provide stability to the Fund's expenses during that period; and (4) that the Fund's performance in relation to its benchmark index and peer group was within an acceptable range, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders. VictoryShares ESG Core Plus Bond ETF: Noting that the Fund commenced operations in 2021 and did not yet have a full calendar year of operating history, the Board compared the Fund's three-month performance for the period ended September 30, 2022 to that of the median performance of the Fund's peer group and benchmark index for the same period and considered the fact that the Fund outperformed both the benchmark index and the peer group median for the period. Having considered, among other things: (1) the Fund's management fee compared to comparable ETFs; (2) the Fund's total expense ratio compared to comparable ETFs; (3) that the Adviser's willingness to limit the expenses for a period of time would provide stability to the Fund's expenses during that period; and (4) that the Fund's performance in relation to its benchmark index and peer group was within an acceptable range, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders. VictoryShares ESG Corporate Bond ETF: Noting that the Fund commenced operations in 2021 and did not yet have a full calendar year of operating history, the Board compared the Fund's three-month performance for the period ended September 30, 2022 to that of the median performance of the Fund's peer group and benchmark index for the same period and considered the fact that the Fund underperformed both the benchmark index and the peer group median for the period. Having considered, among other things: (1) the Fund's management fee compared to comparable ETFs; (2) the Fund's total expense ratio compared to comparable ETFs; (3) that the Adviser's willingness to limit the expenses for a period of time would provide stability to the Fund's expenses during that period; and (4) that the Fund's performance in relation to its benchmark index and peer group was within an acceptable range, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders. VictoryShares THB Mid Cap ESG ETF: Noting that the Fund commenced operations in 2021 and did not yet have a full calendar year of operating history, the Board compared the Fund's three-month performance for the period ended September 30, 2022 to that of the median performance of the Fund's peer group and benchmark index for the same period and considered the fact that the Fund outperformed both the benchmark index and the peer group median for the period.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-247.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Information — continued Victory Portfolios II December 31, 2022 193 (Unaudited) Having considered, among other things: (1) the Fund's management fee compared to comparable ETFs; (2) the Fund's total expense ratio compared to comparable ETFs; (3) that the Adviser's willingness to limit the expenses for a period of time would provide stability to the Fund's expenses during that period; and (4) that the Fund's performance in relation to its benchmark index and peer group was within an acceptable range, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders. Conclusion: Based on its review of the information requested and provided, and following extended discussions, the Board determined that the Agreement, on behalf of the Funds discussed above, was consistent with the best interests of each Fund and its shareholders, and the Board unanimously approved the Agreement, on behalf of each Fund, for an additional annual period on the basis of the foregoing review and discussions and the following considerations, among others: • The fairness and reasonableness of the investment advisory fee payable to the Adviser under the Agreement in light of the investment advisory services provided, the costs of these services, the profitability of the Adviser's relationship with the Fund and the comparability of the fee paid to the fees paid by other investment companies, to the extent applicable; • The nature, quality and extent of the investment advisory services provided by the Adviser; • The Adviser's entrepreneurial commitment to the management of the Funds and the creation of a broad-based family of funds, which entails a substantial commitment of the Adviser's resources to the successful operation of the Funds; • The Adviser's representations regarding its staffing and capabilities to manage the Funds, including the retention of personnel with relevant portfolio management experience; • The Adviser's efforts to enhance investment results by, among other things, developing and supporting quality portfolio management teams; and • The overall high quality of the personnel, operations, financial condition, investment management capabilities, methodologies and perfor-mance of the Adviser. Considerations of the Board in Approving the Investment Advisory Agreement (the "Agreement") The Board approved the Agreement on behalf of the VictoryShares WestEnd U.S. Sector ETF (the "Fund") at a meeting, which was called for that purpose, on August 30, 2022. In considering whether to approve the Agreement, the Board requested, and the Adviser provided, information that the Board believed to be reasonably necessary to reach its conclusions. The Board, including the Independent Trustees, evaluated the information provided and its extensive experience with the Adviser and was advised by legal counsel to the Fund and independent legal counsel to the Independent Trustees. The Board reviewed numerous factors with respect to the Fund. The Board recognized that management was proposing to add the Fund as an investment portfolio of the Trust and that the Fund had not yet commenced operations and thus had no performance record or historical expenses. In considering whether the compensation to be paid to the Adviser was fair and reasonable, the Board also evaluated, among other things, the following factors: • The requirements of the Fund for the services to be provided by the Adviser; • The nature, quality and extent of the services provided to the other exchange-traded funds in the Trust and expected to be provided to the Fund; • The proposed fees to be paid for the services and whether the fee arrangements provide for economies of scale that would benefit Fund shareholders as the Fund grows (acknowledging that economies of scale can be complex to assess and typically are not directly measurable); • Fees paid by other clients of the Adviser whose accounts are managed in a similar investment style and any differences in the services provided to the other clients compared to those provided to the Fund; • The estimated total expenses of the Fund; • Management's commitment to operating the Fund at competitive expense levels; • The expected profitability of the Adviser with respect to the Adviser's relationship with the Fund; • Research and other service benefits expected to be received by the Adviser obtained through payment of client commissions for securities transactions; • Other benefits expected to be received by the Adviser, including revenues to be paid to affiliates of the Adviser by the Fund for administration and fund accounting services; • The capabilities and financial condition of the Adviser; • Current economic and industry trends; and • The historical relationship between the Trust and the Adviser. The Board reviewed the Fund's proposed gross management fee both in the context of the Adviser's expected profitability from the Fund and the historical costs associated with operating similar funds. The Board acknowledged that the Fund's profitability is inherently difficult to estimate in a startup phase. In addition, the Board compared the Fund's expected operating expense ratio, with the understanding that no distribution or shareholder servicing fees were being proposed to be paid at this time, and management fee with comparable exchange-traded funds in a  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-248.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Information — continued Victory Portfolios II December 31, 2022 194 (Unaudited) peer group of funds with similar investment strategies. The Board considered the Adviser's commitment to competitive total operating expense ratios through its contractual agreement to waive its fees and reimburse expenses for a specified period of time, noting that this could result in substantial initial subsidies by the Adviser. The Trustees noted that no breakpoints in the advisory fee schedule for the Fund were being proposed at this time. The Board reviewed various other factors with respect to the Fund. In their deliberations, the Trustees did not rank the importance of any particular information or factor considered and each Trustee may gave attributed different weights to various factors. Approval of the Agreement on Behalf of the Fund Based on its review of the information requested and provided, and following extended discussions, the Board determined that the Agreement, on behalf of the Fund, were consistent with the best interests of the Fund and its future shareholders, and the Board unanimously approved the Agreement, on behalf of the Fund, for an initial two year period on the basis of the foregoing review and discussions and the following considerations, among others: • The fairness and reasonableness of the investment advisory fee to be paid to the Adviser under the Agreement in light of the investment advisory services to be provided, the costs of these services, the expected profitability of the Adviser's relationship with the Fund and the comparability of the fee to be paid to the fees paid by other investment companies; • The nature, quality and extent of the investment advisory services to be provided by Adviser; • The Adviser's entrepreneurial commitment to the management of the Fund and their inclusion in a broad-based family of funds, which could entail a substantial commitment of the Adviser's resources to the successful operation of the Fund; • The Adviser's representations regarding its staffing and capabilities to manage the Fund, including the retention of personnel with relevant portfolio management experience; • The Adviser's efforts to enhance investment results by, among other things, developing quality portfolio management teams; and • The overall high quality of the personnel, operations, financial condition, investment management capabilities, methodologies and perfor-mance of the Adviser. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-249.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Privacy Policy Protecting the Privacy of Information The Trust respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms, and from the transactions you make with us or third parties. It may include your name, address, social security number, account transactions and balances, and information about investment goals and risk tolerance. We do not disclose any information about you or about former customers to anyone except as permitted or required by law. Specifically, we may disclose the information we collect to companies that perform services on our behalf, such as the transfer agent that processes shareholder accounts and printers and mailers that assist us in the distribution of investor materials. We may also disclose this information to companies that perform marketing services on our behalf. This allows us to continue to offer you Victory investment products and services that meet your investing needs, and to effect transactions that you request or authorize. These companies will use this information only in connection with the services for which we hired them. They are not permitted to use or share this information for any other purpose. To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic, and procedural safeguards to guard your personal information.\* \* You may have received communications regarding information about privacy policies from other financial institutions which gave you the opportunity to "opt-out" of certain information sharing with companies which are not affiliated with that financial institution. The Trust does not share information with other companies for purposes of marketing solicitations for products other than the Trust. Therefore, the Trust does not provide opt-out options to their shareholders. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-250.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Victory Funds P.O. Box 182593 Columbus, Ohio 43218-2593 Visit our website at: vcm.com Call Victory at: 866-376-7890 VPII-VICTORYSHARESETF-SAR (12/22) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-251.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 Semi Annual Report VictoryShares USAA Core Short-Term Bond ETF VictoryShares USAA Core Intermediate-Term Bond ETF |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-252.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vcm.com News, Information And Education 24 Hours A Day, 7 Days A Week The Victory Capital website gives fund shareholders, prospective shareholders, and investment professionals a convenient way to access fund information, get guidance, and track fund performance anywhere they can access the Internet. The site includes: • Detailed performance records • Daily share prices • The latest fund news • Investment resources to help you become a better investor • A section dedicated to investment professionals Whether you're a potential investor searching for the fund that matches your investment philosophy, a seasoned investor interest-ed in planning tools, or an investment professional, vcm.com has what you seek. Visit us anytime. We're always open. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-253.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TABLE OF CONTENTS** Victory Portfolios II 1 Investment Objectives and Portfolio Holdings 3 Schedules of Portfolio Investments VictoryShares USAA Core Short-Term Bond ETF 5 VictoryShares USAA Core Intermediate-Term Bond ETF 17 Financial Statements Statements of Assets and Liabilities 37 Statements of Operations 38 Statements of Changes in Net Assets 39 Financial Highlights 40 Notes to Financial Statements 42 Supplemental Information 50 Proxy Voting and Portfolio Holdings Information 50 Expense Examples 50 Advisory Contract Approval 51 Privacy Policy (inside back cover) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-254.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 Call Victory at: 800-539-FUND (800-539-3863) Visit our website at: vcm.com IRA DISTRIBUTION WITHHOLDING DISCLOSURE We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution and, if you live in a state that requires state income tax withholding, at your state's tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call 800-539-3863 and form W-4P (OMB No. 1545-0074 withholding certificate for pension or annuity payments) will be electronically sent. If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution. For more specific information, please consult your tax adviser. The Funds are distributed by Foreside Fund Services, LLC. Victory Capital Management Inc. is the investment adviser to the Funds and receives fees from the Funds for performing services for the Funds. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus of the Victory Funds. For additional information about any Victory Fund, including fees, expenses, and risks, view our prospectus online at vcm.com or call 800-539-3863. Read it carefully before you invest or send money. The information in this report is based on data obtained from recognized services and sources and is believed to be reliable. Any opinions, projections, or recommendations in this report are subject to change without notice and are not intended as individual investment advice. Past investment performance of the Funds, markets or securities mentioned herein should not be considered to be indicative of future results. • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-255.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Victory Portfolios II VictoryShares USAA Core Short-Term Bond ETF December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide high current income consistent with preservation of principal. Asset Allocation\*: December 31, 2022 (% of Net Assets) Senior Secured Loans 0.1% Corporate Bonds 33.5% U.S. Treasury Obligations 2.9% Municipal Bonds 5.5% Collateralized Mortgage Obligations 5.6% Yankee Dollars 8.6% Asset-Backed Securities 23.0% \* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-256.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 Victory Portfolios II VictoryShares USAA Core Intermediate-Term Bond ETF December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks high current income without undue risk to principal. Asset Allocation\*: December 31, 2022 (% of Net Assets) U.S. Treasury Obligations 37.0% Municipal Bonds 2.5% Collateralized Mortgage Obligations 4.5% U.S. Government Agency Mortgages 7.1% Yankee Dollars 8.2% Asset-Backed Securities 9.1% Corporate Bonds 30.5% \* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-257.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments December 31, 2022 Victory Portfolios II VictoryShares USAA Core Short-Term Bond ETF 5 (Unaudited) See notes to financial statements. Security Description Principal Amount Value Asset-Backed Securities (23.0%) AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01%, 1/19/27, Callable 7/18/25 @ 100 .................................................... $1,000,000 $910,205 Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class A2, 1.64%, 10/20/27, Callable 9/20/25 @ 100 (a) ............................................ 478,358 453,976 Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class B, 2.20%, 1/20/28, Callable 9/20/25 @ 100 (a) ............................................ 541,000 489,341 ARI Fleet Lease Trust, Series 2022-A, Class A3, 3.43%, 1/15/31, Callable 4/15/25 @ 100 (a). 762,000 730,717 ARI Fleet Lease Trust, Series 2022-A, Class A2, 3.12%, 1/15/31, Callable 4/15/25 @ 100 (a). 1,000,000 981,091 Atalaya Equipment Leasing Trust, Series 2021-1A, Class A2, 1.23%, 5/15/26, Callable 10/15/24 @ 100 (a) ................................................. 738,373 716,723 Avis Budget Rental Car Funding AESOP LLC, Series 2022-5A, Class B, 7.09%, 4/20/27 (a) . 1,000,000 1,002,057 Avis Budget Rental Car Funding AESOP LLC, Series 2017-2A, Class B, 3.33%, 3/20/24, Callable 4/20/23 @ 100 (a) ............................................ 500,000 498,432 Avis Budget Rental Car Funding AESOP LLC, Series 2018-1A, Class B, 4.00%, 9/20/24, Callable 10/20/23 @ 100 (a) ........................................... 1,000,000 987,878 Avis Budget Rental Car Funding AESOP LLC, Series 2018-1A, Class A, 3.70%, 9/20/24, Callable 10/20/23 @ 100 (a) ........................................... 1,500,000 1,483,723 Canadian Pacer Auto Receivables Trust, Series 2020-1A, Class B, 2.00%, 7/21/25, Callable 10/19/23 @ 100 (a) ................................................. 1,156,000 1,119,336 Canadian Pacer Auto Receivables Trust, Series 2019-1A, Class B, 3.16% (SONIO/N+130bps), 10/21/24, Callable 2/19/23 @ 100 (a)..................................... 860,000 857,543 Canadian Pacer Auto Receivables Trust, Series 2019-1A, Class C, 3.75%, 7/21/25, Callable 2/19/23 @ 100 (a) .................................................. 1,000,000 997,092 CarMax Auto Owner Trust, Series 2021-2, Class A3, 0.52%, 2/17/26, Callable 4/15/25 @ 100 1,926,475 1,852,056 CarMax Auto Owner Trust, Series 2020-4, Class A3, 0.50%, 8/15/25, Callable 12/15/24 @ 100 ............................................................ 677,701 658,045 CARS LP, Series 2020-1A, Class A1, 2.69%, 2/15/50, Callable 2/15/23 @ 100 (a)......... 582,331 542,778 Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.72%, 9/11/28, Callable 9/10/26 @ 100 ............................................................ 1,000,000 956,485 Carvana Auto Receivables Trust, Series 2021-N1, Class A, 0.70%, 1/10/28, Callable 1/10/26 @ 100 ............................................................ 547,765 514,211 Carvana Auto Receivables Trust, Series 2021-N1, Class C, 1.30%, 1/10/28, Callable 1/10/26 @ 100 ............................................................ 567,929 526,187 Carvana Auto Receivables Trust, Series 2019-2A, Class D, 3.28%, 1/15/25 (a) ........... 276,500 274,306 Conn's Receivables Funding LLC, Series 2021-A, Class B, 2.87%, 5/15/26, Callable 10/15/23 @ 100.25 (a) ...................................................... 1,000,000 983,210 Conn's Receivables Funding LLC, Series 2022-A, Class B, 9.52%, 12/15/26, Callable 4/15/24 @ 100 (a) ........................................................ 1,500,000 1,487,655 Conn's Receivables Funding LLC, Series 2022-A, Class A, 5.87%, 12/15/26, Callable 4/15/24 @ 100 (a) ........................................................ 771,042 769,809 Conn's Receivables Funding LLC, Series 2021-A, Class A, 1.05%, 5/15/26, Callable 10/15/23 @ 100 (a) ........................................................ 1,333 1,331 CP EF Asset Securitization I LLC, Series 2022-1A, Class A, 5.96%, 4/15/30, Callable 11/15/25 @ 100 (a) ........................................................ 1,214,190 1,194,373 CPS Auto Receivables Trust, Series 2022-D, Class B, 6.84%, 1/16/29, Callable 12/15/27 @ 100 (a) .......................................................... 1,500,000 1,515,631 CPS Auto Receivables Trust, Series 2022-A, Class B, 1.70%, 4/16/29, Callable 2/15/26 @ 100 (a) ............................................................. 800,000 768,405 CPS Auto Receivables Trust, Series 2019-C, Class D, 3.17%, 6/16/25, Callable 1/15/24 @ 100 (a) ............................................................. 359,820 357,864 Credit Acceptance Auto Loan Trust, Series 2019-3A, Class B, 2.86%, 1/16/29, Callable 3/15/23 @ 100 (a) ........................................................ 268,577 268,155 Credit Acceptance Auto Loan Trust, Series 2020-2A, Class A, 1.37%, 7/16/29, Callable 1/15/24 @ 100 (a) ........................................................ 465,162 460,484 Credit Acceptance Auto Loan Trust, Series 2021-4, Class B, 1.74%, 12/16/30, Callable 4/15/25 @ 100 (a) ........................................................ 320,000 291,853 Credit Acceptance Auto Loan Trust, Series 2021-4, Class A, 1.26%, 10/15/30, Callable 4/15/25 @ 100 (a) ........................................................ 333,000 312,107 Credit Acceptance Auto Loan Trust, Series 2022-3A, Class C, 8.45%, 2/15/33, Callable 10/15/26 @ 100 (a) ................................................. 1,000,000 1,025,662 Credit Acceptance Auto Loan Trust, Series 2022-1A, Class B, 4.95%, 8/16/32, Callable 4/15/26 @ 100 (a) ........................................................ 1,000,000 965,745 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-258.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Short-Term Bond ETF 6 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value Dell Equipment Finance Trust, Series 2020-2, Class D, 1.92%, 3/23/26, Callable 6/22/23 @ 100 (a) .......................................................... $1,000,000 $980,772 Diamond Issuer, Series 2021-1A, Class B, 2.70%, 11/20/51, Callable 11/20/25 @ 100 (a) ... 655,000 533,399 DLLST LLC, Series 2022-1A, Class A4, 3.69%, 9/20/28, Callable 7/20/25 @ 100 (a) ...... 1,000,000 966,537 Drive Auto Receivables Trust, Series 2021-1, Class B, 0.65%, 7/15/25, Callable 9/15/24 @ 100 ............................................................ 25,455 25,420 Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02%, 6/15/27, Callable 9/15/24 @ 100 ............................................................ 708,000 693,869 Drive Auto Receivables Trust, Series 2020-2, Class C, 2.28%, 8/17/26, Callable 4/15/24 @ 100 ............................................................ 453,271 449,663 Encina Equipment Finance LLC, Series 2022-1A, Class A2, 4.88%, 11/15/28, Callable 7/15/26 @ 100 (a) ........................................................ 975,000 948,767 Enterprise Fleet Financing LLC, Series 2022-3, Class A3, 4.29%, 7/20/29, Callable 5/20/26 @ 100 (a) .......................................................... 1,125,000 1,083,580 Enterprise Fleet Financing LLC, Series 2022-4, Class A3, 5.65%, 10/22/29, Callable 7/20/25 @ 100 (a) ........................................................ 1,000,000 1,006,204 Enterprise Fleet Financing LLC, Series 2022-1, Class A2, 3.03%, 1/20/28, Callable 8/20/25 @ 100 (a) .......................................................... 493,006 479,968 Enterprise Fleet Financing LLC, Series 2022-2, Class A2, 4.65%, 5/21/29, Callable 2/20/26 @ 100 (a) .......................................................... 1,000,000 986,062 Evergreen Credit Card Trust, Series 2021-1A, Class A, 0.90%, 10/15/26 (a) ............. 1,500,000 1,395,435 Evergreen Credit Card Trust, Series 2022-CRT1, Class B, 5.61%, 7/15/26 (a) ............ 1,000,000 978,552 Evergreen Credit Card Trust, Series 2022-CRT2, Class C, 7.44%, 11/15/26 (a) ........... 1,000,000 988,989 Exeter Automobile Receivables Trust, Series 2021-2A, Class C, 0.98%, 6/15/26, Callable 12/15/24 @ 100 ................................................... 1,500,000 1,442,264 Exeter Automobile Receivables Trust, Series 2022-5A, Class C, 6.51%, 12/15/27 ......... 1,000,000 1,003,553 Exeter Automobile Receivables Trust, Series 2020-3A, Class C, 1.32%, 7/15/25, Callable 12/15/24 @ 100 ................................................... 242,946 239,691 Exeter Automobile Receivables Trust, Series 2021-4, Class C, 1.46%, 10/15/27, Callable 2/15/25 @ 100 .................................................... 1,000,000 946,761 FirstKey Homes Trust, Series 2021-SFR3, Class B, 2.44%, 12/17/38 (a)................ 1,000,000 868,340 FirstKey Homes Trust, Series 2021-SFR3, Class A, 2.14%, 12/17/38 (a)................ 989,234 857,734 FirstKey Homes Trust, Series 2021-SFR3, Class C, 2.54%, 12/17/38 (a)................ 1,000,000 852,166 Flagship Credit Auto Trust, Series 2019-4, Class E, 4.11%, 3/15/27, Callable 12/15/24 @ 100 (a) ............................................................. 1,000,000 913,752 Flagship Credit Auto Trust, Series 4, Class B, 1.49%, 2/15/27, Callable 1/15/26 @ 100 (a)... 1,000,000 940,093 Flagship Credit Auto Trust, Series 4, Class C, 1.96%, 12/15/27, Callable 1/15/26 @ 100 (a). . 1,000,000 910,634 Flexential Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/51, Callable 11/25/25 @ 100 (a) . . 1,000,000 871,774 Ford Credit Auto Lease Trust, Series 2022-A, Class B, 3.81%, 8/15/25, Callable 10/15/24 @ 100 ............................................................ 643,000 624,717 Ford Credit Floorplan Master Owner Trust A, Series 2020-1, Class B, 0.98%, 9/15/25 ..... 1,400,000 1,349,345 Foursight Capital Automobile Receivables Trust, Series 2022-2, Class A3, 4.59%, 6/15/27, Callable 11/15/25 @ 100 (a) ........................................... 1,000,000 981,680 Foursight Capital Automobile Receivables Trust, Series 2022-1, Class B, 2.15%, 5/17/27, Callable 8/15/25 @ 100 (a) ............................................ 1,000,000 942,529 Foursight Capital Automobile Receivables Trust, Series 2022-1, Class A3, 1.83%, 12/15/26, Callable 8/15/25 @ 100 (a) ............................................ 600,000 576,674 GLS Auto Receivables Issuer Trust, Series 4A, Class A, 0.84%, 7/15/25 (a) ............. 332,801 328,121 GLS Auto Receivables Issuer Trust, Series 4A, Class B, 1.53%, 4/15/26, Callable 2/15/26 @ 100 (a) .......................................................... 500,000 478,548 GLS Auto Receivables Issuer Trust, Series 2022-2A, Class B, 4.70%, 9/15/26 (a) ......... 1,000,000 980,985 GLS Auto Receivables Issuer Trust, Series 2020-2A, Class B, 3.16%, 6/16/25, Callable 8/15/24 @ 100 (a) ........................................................ 663,233 658,693 GLS Auto Receivables Trust, Series 2022-1A, Class B, 2.84%, 5/15/26, Callable 2/15/26 @ 100 (a) .......................................................... 1,000,000 970,935 GM Financial Automobile Leasing Trust, Series 2020-3, Class A4, 0.51%, 10/21/24, Callable 4/20/23 @ 100 .................................................... 455,556 454,467 Hertz Vehicle Financing III LLC, Series 2022-1A, Class A, 1.99%, 6/25/26, Callable 6/25/25 @ 100 (a) ........................................................ 1,000,000 920,265 Hertz Vehicle Financing III LLC, Series 2022-1A, Class B, 2.19%, 6/25/26, Callable 6/25/25 @ 100 (a) ........................................................ 1,000,000 901,307 Hertz Vehicle Financing III LLC, Series 2022-3A, Class A, 3.37%, 3/25/25, Callable 3/25/24 @ 100 (a) ........................................................ 1,000,000 974,715 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-259.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Short-Term Bond ETF 7 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value Hertz Vehicle Financing LLC, Series 2022-4A, Class A, 3.73%, 9/25/26, Callable 9/25/25 @ 100 (a) .......................................................... $1,000,000 $954,848 Honda Auto Receivables Owner Trust, Series 2020-3, Class A3, 0.37%, 10/18/24, Callable 1/18/24 @ 100 .................................................... 501,579 489,733 HPEFS Equipment Trust, Series 2020-2A, Class C, 2.00%, 7/22/30, Callable 5/20/23 @ 100 (a) ............................................................. 795,255 791,268 HPEFS Equipment Trust, Series 2022-1A, Class D, 2.40%, 11/20/29, Callable 5/20/25 @ 100 (a) ............................................................. 667,000 611,614 HPEFS Equipment Trust, Series 2020-1A, Class D, 2.26%, 2/20/30, Callable 4/20/23 @ 100 (a) ............................................................. 1,000,000 989,032 HPEFS Equipment Trust, Series 2021-1A, Class D, 1.03%, 3/20/31, Callable 3/20/24 @ 100 (a) ............................................................. 1,000,000 941,979 HPEFS Equipment Trust, Series 2021-1A, Class C, 0.75%, 3/20/31, Callable 3/20/24 @ 100 (a) ............................................................. 1,300,000 1,246,631 Hyundai Auto Receivables Trust, Series 2020-C, Class A3, 0.38%, 5/15/25, Callable 3/15/25 @ 100 ............................................................ 639,544 621,416 John Deere Owner Trust, Series 2021-B, Class A3, 0.52%, 3/16/26, Callable 4/15/25 @ 100 . 1,500,000 1,416,787 JPMorgan Chase Bank NA - CACLN, Series 2021-3, Class B, 0.76%, 2/26/29, Callable 5/25/25 @ 100 (a) .................................................. 362,449 341,617 Kubota Credit Owner Trust, Series 2022-1A, Class A3, 2.67%, 10/15/26, Callable 2/15/26 @ 100 (a) .......................................................... 1,000,000 942,224 LAD Auto Receivables Trust, Series 2022-1A, Class B, 5.87%, 9/15/27, Callable 12/15/25 @ 100 (a) .......................................................... 800,000 766,544 LAD Auto Receivables Trust, Series 2022-1A, Class A, 5.21%, 6/15/27, Callable 12/15/25 @ 100 (a) .......................................................... 797,784 784,654 LAD Auto Receivables Trust, Series 2021-1A, Class A, 1.30%, 8/17/26, Callable 3/15/25 @ 100 (a) .......................................................... 406,567 394,566 LAD Auto Receivables Trust, Series 2021-1A, Class B, 1.94%, 11/16/26, Callable 3/15/25 @ 100 (a) .......................................................... 1,000,000 940,947 Master Credit Card Trust, Series 2021-1A, Class C, 1.06%, 11/21/25 (a)................ 1,500,000 1,393,632 Master Credit Card Trust II, Series 2022-1A, Class B, 1.97%, 7/21/26 (a) ............... 1,000,000 934,032 Mercedes-Benz Auto Lease Trust, Series 2020-B, Class A3, 0.40%, 11/15/23, Callable 4/15/23 @ 100 .......................................................... 179,353 178,971 New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.91%, 10/20/61, Callable 10/20/24 @ 100 (a) ........................................... 903,000 763,008 New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61, Callable 10/20/24 @ 100 (a) ........................................... 293,000 240,704 Nissan Auto Lease Trust, Series 2020-B, Class A3, 0.43%, 10/16/23, Callable 4/15/23 @ 100 8,503 8,492 NMEF Funding LLC, Series 2022-B, Class A2, 6.07%, 6/15/29, Callable 11/15/26 @ 100 (a) 1,000,000 996,929 NMEF Funding LLC, Series 2022-A, Class A2, 2.58%, 10/16/28, Callable 9/15/25 @ 100 (a) 987,547 956,495 NMEF Funding LLC, Series 2022-A, Class B, 3.35%, 10/16/28, Callable 9/15/25 @ 100 (a) . 1,000,000 911,141 Oscar U.S. Funding XII LLC, Series 1A, Class A4, 1.00%, 4/10/28, Callable 2/10/25 @ 100 (a) ............................................................. 2,500,000 2,282,284 Oscar U.S. Funding XIV LLC, Series 2022-1A, Class A3, 2.30%, 4/10/26, Callable 3/10/26 @ 100 (a) .......................................................... 1,000,000 945,329 Pawnee Equipment Receivables LLC, Series 2021-1, Class A2, 1.10%, 7/15/27, Callable 9/15/25 @ 100 (a) .................................................. 1,324,907 1,263,302 Pawneee Equipment Receivables LLC, Series 2022-1, Class A3, 5.17%, 2/15/28, Callable 8/15/26 @ 100 (a) .................................................. 1,000,000 980,991 PenFed Auto Receivables Owner Trust, Series 2022-A, Class A4, 4.18%, 12/15/28, Callable 12/15/25 @ 100 (a) ................................................. 1,000,000 982,873 PenFed Auto Receivables Owner Trust, Series 2022-A, Class B, 4.60%, 12/15/28, Callable 12/15/25 @ 100 (a) ................................................. 202,000 199,523 PenFed Auto Receivables Owner Trust, Series 2022-A, Class C, 4.83%, 12/15/28, Callable 12/15/25 @ 100 (a) ................................................. 667,000 645,932 Prestige Auto Receivables Trust, Series 2018-1A, Class D, 4.14%, 10/15/24, Callable 2/15/23 @ 100 (a) ........................................................ 660,739 659,238 PSNH Funding LLC, Series 2018-1, Class A1, 3.09%, 2/1/26 ....................... 114,326 113,118 Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class B, 5.28%, 5/15/32, Callable 11/15/25 @ 100 (a) ................................................. 886,078 865,051 Santander Bank Auto Credit-Linked Notes, Series 2022-C, Class D, 8.20%, 12/15/32, Callable 9/15/26 @ 100 (a) .................................................. 586,956 586,721 Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class C, 7.38%, 5/15/32, Callable 11/15/25 @ 100 (a) ................................................. 708,862 692,405 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-260.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Short-Term Bond ETF 8 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value Santander Bank Auto Credit-Linked Notes, Series 2022-C, Class B, 6.45%, 12/15/32, Callable 9/15/26 @ 100 (a) .................................................. $1,000,000 $1,000,065 Santander Bank Auto Credit-Linked Notes, Series 2022-C, Class C, 6.99%, 12/15/32, Callable 9/15/26 @ 100 (a) .................................................. 1,000,000 1,000,066 Santander Bank Auto Credit-Linked Notes, Series 2022-B, Class B, 5.72%, 8/16/32, Callable 2/15/26 @ 100 (a) .................................................. 854,788 850,879 Santander Drive Auto Receivables Trust, Series 2021-2, Class B, 0.59%, 9/15/25, Callable 12/15/24 @ 100 ................................................... 346,237 345,077 Santander Drive Auto Receivables Trust, Series 2020-4, Class C, 1.01%, 1/15/26, Callable 8/15/24 @ 100 .................................................... 627,124 619,269 Santander Retail Auto Lease Trust, Series 2020-B, Class C, 1.18%, 12/20/24, Callable 2/20/24 @ 100 (a) ........................................................ 500,000 475,849 SCF Equipment Leasing LLC, Series 2020-1A, Class A3, 1.19%, 10/20/27, Callable 3/20/25 @ 100 (a) .......................................................... 752,078 739,997 SCF Equipment Leasing LLC, Series 2022-2A, Class B, 6.50%, 2/20/32, Callable 8/20/29 @ 100 (a) .......................................................... 428,571 425,824 SCF Equipment Leasing LLC, Series 2019-2A, Class A2, 2.47%, 4/20/26, Callable 11/20/24 @ 100 (a) .......................................................... 341,329 335,597 United Auto Credit Securitization Trust, Series 2022-1, Class C, 2.61%, 6/10/27, Callable 1/10/25 @ 100 (a) .................................................. 1,000,000 961,316 Vantage Data Centers LLC, Series 2020-1A, Class A2, 1.65%, 9/15/45, Callable 9/15/23 @ 100 (a) .......................................................... 1,000,000 880,283 VB-S1 Issuer LLC-VBTEL, Series 2022-1A, Class C2I, 3.16%, 2/15/52, Callable 2/15/26 @ 100 (a) .......................................................... 1,000,000 868,983 Westlake Automobile Receivables Trust, Series 2022-2A, Class B, 4.31%, 9/15/27, Callable 2/15/26 @ 100 (a) .................................................. 800,000 778,005 Westlake Automobile Receivables Trust, Series 2019-2A, Class E, 4.02%, 4/15/25, Callable 5/15/23 @ 100 (a) .................................................. 1,000,000 992,310 Westlake Automobile Receivables Trust, Series 2021-3A, Class D, 2.12%, 1/15/27, Callable 4/15/25 @ 100 (a) .................................................. 1,000,000 916,324 Westlake Automobile Receivables Trust, Series 2022-1A, Class B, 2.75%, 3/15/27, Callable 6/15/25 @ 100 (a) .................................................. 1,000,000 963,277 Wheels Fleet Lease Funding 1 LLC, Series 2022-1A, Class A, 2.47%, 10/18/36, Callable 9/18/24 @ 100 (a) .................................................. 872,639 849,090 World Omni Select Auto Trust, Series 2020-A, Class A3, 0.55%, 7/15/25, Callable 5/15/24 @ 100 ............................................................ 283,764 281,446 World Omni Select Auto Trust, Series 2021-A, Class A3, 0.53%, 3/15/27, Callable 2/15/25 @ 100 ............................................................ 2,000,000 1,928,993 Total Asset-Backed Securities (Cost $107,650,221) 103,508,107 Collateralized Mortgage Obligations (5.6%) BBCMS Mortgage Trust, Series 2020-BID, Class B, 6.86% (LIBOR01M+254bps), 10/15/37 (a)(b) ........................................................... 1,750,000 1,710,225 BBCMS Mortgage Trust, Series 2020-BID, Class A, 6.46% (LIBOR01M+214bps), 10/15/37 (a)(b) ........................................................... 1,000,000 971,967 BPR Trust, Series 2021-TY, Class C, 6.02% (LIBOR01M+170bps), 9/15/38 (a)(b) ........ 1,000,000 935,773 BPR Trust, Series 2021-TY, Class A, 5.37% (LIBOR01M+105bps), 9/15/38 (a)(b) ........ 1,000,000 949,825 BX Commercial Mortgage Trust, Series 2019-XL, Class D, 5.90% (LIBOR01M+145bps), 10/15/36 (a)(b)..................................................... 2,465,000 2,383,590 BX Trust, Series 2022-CLS, Class B, 6.30%, 10/13/27 (a) .......................... 1,000,000 987,028 BX Trust, Series 2022-LBA6, Class C, 5.94% (TSFR1M+160bps), 1/15/39 (a)(b) ........ 1,000,000 947,542 Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class B, 4.38%, 1/10/36 (a) .... 500,000 486,656 COMM Mortgage Trust, Series 2015-PC1, Class AM, 4.29%, 7/10/50, Callable 6/10/25 @ 100 (c) ............................................................. 1,500,000 1,431,618 COMM Mortgage Trust, Series 2014-277P, Class A, 3.61%, 8/10/49, Callable 8/10/24 @ 100 (a)(c) ........................................................... 3,000,000 2,839,089 COMM Mortgage Trust, Series 2014- 277P, Class C, 3.61%, 8/10/49, Callable 8/10/24 @ 100 (a)(c) ........................................................... 333,000 305,064 Houston Galleria Mall Trust, Series 2015-HGLR, Class A1A2, 3.09%, 3/5/37 (a) ......... 1,000,000 918,658 Hudson Yards Mortgage Trust, Series 2016-10HY, Class A, 2.84%, 8/10/38, Callable 8/10/26 @ 100 (a) ........................................................ 1,000,000 888,809 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-261.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Short-Term Bond ETF 9 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class C, 4.12%, 1/15/46, Callable 7/15/23 @ 100 (c) ..................................... $1,000,000 $982,079 JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class A5, 3.14%, 12/15/47 ......................................................... 160,699 159,985 KNDL Mortgage Trust, Series 2019-KNSQ, Class C, 5.37% (LIBOR01M+105bps), 5/15/36 (a)(b) ........................................................... 1,175,000 1,146,945 KNDL Mortgage Trust, Series 2019-KNSQ, Class B, 5.27% (LIBOR01M+95bps), 5/15/36 (a) (b) ............................................................. 500,000 491,090 Palmer Square Loan Funding Ltd., Series 2020-1A, Class A1, 5.48% (LIBOR03M+80bps), 2/20/28, Callable 2/20/23 @ 100 (a)(b) ................................... 136,889 135,932 SMRT, Series 2022-MINI, Class B, 5.69% (TSFR1M+135bps), 1/15/39 (a)(b)........... 1,000,000 959,684 SREIT Trust, Series 2021-MFP2, Class A, 5.14% (LIBOR01M+82bps), 11/15/36 (a)(b) .... 1,000,000 962,559 SREIT Trust, Series 2021-MFP2, Class B, 5.49% (LIBOR01M+117bps), 11/15/36 (a)(b) ... 1,000,000 953,701 Stratus CLO Ltd., Series 2021-3A, Class A, 5.19% (LIBOR03M+95bps), 12/29/29, Callable 1/20/23 @ 100 (a)(b) ................................................ 905,199 892,868 Stratus CLO Ltd., Series 2021-3A, Class B, 5.79% (LIBOR03M+155bps), 12/29/29, Callable 4/20/27 @ 100 (a)(b) ................................................ 821,000 792,494 WFRBS Commercial Mortgage Trust, Series 2013-C12, Class B, 3.86%, 3/15/48, Callable 3/15/23 @ 100 (c) .................................................. 2,000,000 1,988,755 Total Collateralized Mortgage Obligations (Cost $26,166,505) 25,221,936 Senior Secured Loans (0.1%) Clean Harbors, Inc., Initial Term Loan, First Lien, 5.98% (LIBOR01M+175bps), 6/30/24 (b) 423,269 421,220 Total Senior Secured Loans (Cost $423,793) 421,220 Corporate Bonds (33.5%) Communication Services (1.4%): Magallanes, Inc., 3.64%, 3/15/25(a).......................................... 1,000,000 951,160 Sprint Corp., 7.88%, 9/15/23............................................... 2,000,000 2,029,860 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) ...................................... 1,185,750 1,170,608 TEGNA, Inc., 4.75%, 3/15/26, Callable 3/15/23 @ 102.38(a)........................ 2,000,000 1,946,980 6,098,608 Consumer Discretionary (2.9%): Association of American Medical Colleges, 2.12%, 10/1/24......................... 750,000 702,122 BMW US Capital LLC, 3.25%, 4/1/25(a)...................................... 1,000,000 965,200 Expedia Group, Inc., 6.25%, 5/1/25, Callable 2/1/25 @ 100(a)....................... 1,000,000 1,007,220 Genting New York LLC/GENNY Capital, Inc., 3.30%, 2/15/26, Callable 1/15/26 @ 100(a) . . 500,000 438,795 Lithia Motors, Inc., 4.63%, 12/15/27, Callable 2/6/23 @ 103.47(a).................... 2,000,000 1,821,740 Murphy Oil USA, Inc., 5.63%, 5/1/27, Callable 2/6/23 @ 102.81 ..................... 1,000,000 970,060 Newell Brands, Inc., 4.45%, 4/1/26, Callable 1/1/26 @ 100 ......................... 2,750,000 2,602,105 Nissan Motor Acceptance Co. LLC, 2.00%, 3/9/26, Callable 2/9/26 @ 100(a) ............ 2,331,000 2,006,478 Nordstrom, Inc., 2.30%, 4/8/24, Callable 1/23/23 @ 100 ........................... 1,500,000 1,405,275 QVC, Inc., 4.45%, 2/15/25, Callable 11/15/24 @ 100 ............................. 617,000 504,434 Toll Brothers Finance Corp., 4.38%, 4/15/23, Callable 2/6/23 @ 100 .................. 750,000 746,310 13,169,739 Consumer Staples (0.6%): Darling Ingredients, Inc., 5.25%, 4/15/27, Callable 1/17/23 @ 102.63(a)................ 2,500,000 2,438,450 JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 4/15/29, Callable 4/15/24 @ 103.25(a) ................................................ 319,000 319,571 2,758,021 Energy (4.0%): Buckeye Partners LP, 4.15%, 7/1/23, Callable 4/1/23 @ 100 ........................ 500,000 493,240 DCP Midstream Operating LP 3.88%, 3/15/23, Callable 2/6/23 @ 100 ................................... 1,000,000 994,150 5.85% (LIBOR03M+385bps), 5/21/43, Callable 5/21/23 @ 100 (a)(b) ............. 500,000 487,815 Energy Transfer LP |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-262.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Short-Term Bond ETF 10 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value 6.50% (H15T5Y+569bps), Callable 11/15/26 @ 100 (b)(d) ..................... $1,000,000 $868,570 4.90%, 2/1/24, Callable 11/1/23 @ 100 ................................... 1,000,000 987,720 EQM Midstream Partners LP, 4.00%, 8/1/24, Callable 5/1/24 @ 100 .................. 324,000 311,772 Gray Oak Pipeline LLC, 2.00%, 9/15/23(a) .................................... 833,000 808,918 HollyFrontier Corp., 5.88%, 4/1/26, Callable 1/1/26 @ 100 ......................... 1,881,000 1,859,068 Midwest Connector Capital Co. LLC, 3.90%, 4/1/24, Callable 3/1/24 @ 100(a)........... 2,500,000 2,420,275 Murphy Oil Corp., 5.88%, 12/1/27, Callable 2/6/23 @ 102.94 ....................... 1,690,000 1,626,270 Parsley Energy LLC/Parsley Finance Corp., 4.13%, 2/15/28, Callable 2/15/23 @ 102.06(a) . . 2,000,000 1,867,380 SM Energy Co., 5.63%, 6/1/25, Callable 2/6/23 @ 100.94 .......................... 1,000,000 966,040 Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.50%, 7/15/27, Callable 2/6/23 @ 104.88 ............................................. 1,000,000 1,009,710 USX Corp., 8.13%, 7/15/23 ............................................... 400,000 405,060 Western Midstream Operating LP 5.04% (LIBOR03M+185bps), 1/13/23 (b) ................................. 500,000 499,915 3.35%, 2/1/25, Callable 1/1/25 @ 100 .................................... 2,000,000 1,892,440 WPX Energy, Inc., 8.25%, 8/1/23, Callable 6/1/23 @ 100 .......................... 500,000 495,220 17,993,563 Financials (14.5%): Ally Financial, Inc., 7.10%, 11/15/27, Callable 10/15/27 @ 100(e).................... 1,556,000 1,586,389 AmTrust Financial Services, Inc., 6.13%, 8/15/23 ................................ 1,500,000 1,458,810 Antares Holdings LP, 6.00%, 8/15/23, Callable 7/15/23 @ 100(a)..................... 1,546,000 1,518,899 Ares Capital Corp., 3.25%, 7/15/25, Callable 6/15/25 @ 100 ........................ 750,000 689,940 Athene Global Funding 2.80%, 5/26/23 (a) .................................................. 750,000 742,238 1.20%, 10/13/23 (a) ................................................. 500,000 482,810 1.72%, 1/7/25 (a) ................................................... 2,000,000 1,843,320 Aviation Capital Group LLC, 5.50%, 12/15/24, Callable 11/15/24 @ 100(a) ............. 1,000,000 981,060 Blackstone Private Credit Fund 1.75%, 9/15/24 (a) .................................................. 1,000,000 919,730 2.35%, 11/22/24 (a) ................................................. 1,000,000 915,330 7.05%, 9/29/25 (a) .................................................. 1,000,000 990,980 Cadence Bancorp, 4.75% (LIBOR03M+303bps), 6/30/29, Callable 6/30/24 @ 100(b) ...... 1,832,000 1,755,184 DAE Funding LLC, 1.55%, 8/1/24, Callable 7/1/24 @ 100(a) ....................... 250,000 232,955 Entergy Texas Restoration Funding II LLC, 3.05%, 12/15/27 ........................ 585,249 557,104 F&G Global Funding, 5.15%, 7/7/25(a) ....................................... 1,000,000 977,800 First American Financial Corp., 4.30%, 2/1/23 .................................. 2,800,000 2,794,680 First Citizens BancShares, Inc., 3.38% (SOFR+247bps), 3/15/30, Callable 3/15/25 @ 100(b). 1,000,000 945,360 First Financial Bancorp, 5.13%, 8/25/25....................................... 1,000,000 967,680 FNB Corp. 2.20%, 2/24/23, Callable 2/6/23 @ 100 ................................... 2,376,000 2,359,867 5.15%, 8/25/25, Callable 7/25/25 @ 100 .................................. 450,000 444,924 Ford Motor Credit Co. LLC, 3.38%, 11/13/25, Callable 10/13/25 @ 100................ 1,000,000 905,770 FS KKR Capital Corp. 4.25%, 2/14/25, Callable 1/14/25 @ 100 (a) ................................ 1,400,000 1,315,342 3.40%, 1/15/26, Callable 12/15/25 @ 100 ................................. 2,024,000 1,797,433 Fulton Financial Corp., 3.25% (SOFR+230bps), 3/15/30, Callable 3/15/25 @ 100(b)....... 1,000,000 940,750 GA Global Funding Trust, 1.63%, 1/15/26(a) ................................... 500,000 443,730 Main Street Capital Corp. 5.20%, 5/1/24 ..................................................... 2,400,000 2,363,328 3.00%, 7/14/26, Callable 6/14/26 @ 100 .................................. 500,000 431,315 Morgan Stanley, 0.79% (SOFR+53bps), 5/30/25, Callable 5/30/24 @ 100(b)............. 2,000,000 1,863,540 National General Holdings Corp., 6.75%, 5/15/24(a).............................. 1,000,000 1,007,990 OneMain Finance Corp., 8.25%, 10/1/23 ...................................... 500,000 502,640 OWL Rock Core Income Corp., 5.50%, 3/21/25(a) ............................... 1,000,000 970,750 People's United Bank NA, 4.00%, 7/15/24, Callable 4/16/24 @ 100 ................... 1,000,000 980,130 ProAssurance Corp., 5.30%, 11/15/23 ........................................ 1,000,000 989,180 Prudential Financial, Inc., 5.63% (LIBOR03M+392bps), 6/15/43, Callable 6/15/23 @ 100(b). 2,363,000 2,327,555 Radian Group, Inc., 4.50%, 10/1/24, Callable 7/1/24 @ 100......................... 2,503,000 2,410,739 Regions Financial Corp., 5.75% (H15T5Y+543bps), Callable 6/15/25 @ 100(b)(d) ........ 2,998,000 2,929,855 SCE Recovery Funding LLC, 0.86%, 11/15/31 .................................. 1,732,651 1,445,776 Synchrony Bank, 5.40%, 8/22/25, Callable 7/22/25 @ 100 ......................... 1,000,000 986,500 Synchrony Financial 4.88%, 6/13/25, Callable 5/13/25 @ 100 .................................. 1,000,000 975,560 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-263.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Short-Term Bond ETF 11 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value 3.95%, 12/1/27, Callable 9/1/27 @ 100 ................................... $1,000,000 $892,670 Synovus Financial Corp., 5.90% (USSW5+338bps), 2/7/29, Callable 2/7/24 @ 100(b)...... 1,500,000 1,467,285 Texas Capital Bancshares, Inc., 4.00% (H15T5Y+315bps), 5/6/31, Callable 5/6/26 @ 100(b) . 1,500,000 1,311,900 The Bank of New York Mellon Corp., 4.70% (H15T5Y+436bps), Callable 9/20/25 @ 100(b) (d) ............................................................. 1,876,000 1,797,246 The Huntington National Bank, 5.50% (LIBOR03M+509bps), 5/6/30, Callable 5/6/25 @ 100(b)........................................................... 2,000,000 1,931,640 The Prudential Insurance Co. of America, 8.30%, 7/1/25(a) ......................... 1,000,000 1,063,210 TIAA FSB Holdings, Inc. 5.75%, 7/2/25, Callable 6/2/25 @ 100 .................................... 1,000,000 982,900 9.47% (LIBOR03M+470bps), 3/15/26, Callable 2/6/23 @ 100 (b) ................ 750,000 747,060 Truist Financial Corp., 4.95% (H15T5Y+461bps), Callable 9/1/25 @ 100(b)(d) .......... 3,000,000 2,877,960 UMB Financial Corp., 3.70% (H15T5Y+344bps), 9/17/30, Callable 9/17/25 @ 100(b) ..... 1,000,000 920,760 Webster Financial Corp., 4.38%, 2/15/24, Callable 1/16/24 @ 100 .................... 2,550,000 2,488,749 65,234,323 Health Care (1.2%): Astrazeneca Finance LLC, 0.70%, 5/28/24, Callable 2/6/23 @ 100.................... 1,000,000 943,280 CommonSpirit Health, 6.07%, 11/1/27, Callable 8/1/27 @ 100....................... 1,500,000 1,531,725 HCA, Inc., 7.50%, 12/15/23 ............................................... 1,000,000 1,012,320 Hikma Finance USA LLC, 3.25%, 7/9/25...................................... 2,000,000 1,854,720 5,342,045 Industrials (3.0%): Air Lease Corp. 2.75%, 1/15/23 .................................................... 2,000,000 1,998,220 2.25%, 1/15/23 .................................................... 250,000 249,667 American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(a)................ 1,000,000 961,660 Ashtead Capital, Inc., 4.38%, 8/15/27, Callable 1/23/23 @ 102.19(a) .................. 3,435,000 3,216,362 Daimler Trucks Finance North America LLC, 1.63%, 12/13/24(a) .................... 2,000,000 1,859,720 Delta Air Lines Pass Through Trust, 2.00%, 6/10/28 .............................. 850,515 725,566 EnerSys, 5.00%, 4/30/23, Callable 2/6/23 @ 100(a) .............................. 908,000 905,022 Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27, Callable 6/30/23 @ 103.25(a) .......................................... 900,058 896,773 Spirit Airlines Pass Through Trust, 4.45%, 4/1/24 ................................ 793,021 749,516 The Nature Conservancy, 0.63%, 7/1/24....................................... 650,000 607,451 U.S. Airways Pass Through Trust, 3.95%, 11/15/25............................... 286,715 258,258 United Airlines Pass Through Trust 4.15%, 4/11/24 .................................................... 532,422 513,377 4.88%, 1/15/26 .................................................... 261,366 246,045 XPO Escrow Sub LLC, 7.50%, 11/15/27, Callable 11/15/24 @ 103.75(a) ............... 500,000 504,515 13,692,152 Information Technology (0.5%): Qorvo, Inc., 1.75%, 12/15/24, Callable 1/17/23 @ 100(a) .......................... 1,675,000 1,545,422 Western Digital Corp., 4.75%, 2/15/26, Callable 11/15/25 @ 100 ..................... 500,000 470,375 2,015,797 Materials (1.8%): Bayport Polymers LLC, 4.74%, 4/14/27, Callable 3/14/27 @ 100(a)................... 1,000,000 929,560 Berry Global, Inc., 4.88%, 7/15/26, Callable 2/6/23 @ 102.44(a) ..................... 3,150,000 3,042,176 Celanese US Holdings LLC 5.90%, 7/5/24 ..................................................... 1,000,000 999,470 6.05%, 3/15/25 .................................................... 1,000,000 997,160 Cleveland-Cliffs, Inc., 6.75%, 3/15/26, Callable 2/6/23 @ 105.06(a)................... 1,000,000 1,004,050 Freeport-McMoRan, Inc., 5.00%, 9/1/27, Callable 2/6/23 @ 102.5 .................... 1,000,000 972,850 7,945,266 Real Estate (3.4%): Alexander Funding Trust, 1.84%, 11/15/23(a)................................... 2,000,000 1,890,320 Boston Properties LP, 6.75%, 12/1/27, Callable 11/1/27 @ 100 ...................... 1,000,000 1,032,710 Host Hotels & Resorts LP, 4.50%, 2/1/26, Callable 11/1/25 @ 100 .................... 1,044,000 1,000,319 LXP Industrial Trust, 4.40%, 6/15/24, Callable 3/15/24 @ 100(e)..................... 1,000,000 971,510 MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27, Callable 2/6/23 @ 102.5 2,500,000 2,103,750 Newmark Group, Inc., 6.13%, 11/15/23, Callable 10/15/23 @ 100 .................... 800,000 794,296 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-264.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Short-Term Bond ETF 12 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value Omega Healthcare Investors, Inc., 4.38%, 8/1/23, Callable 6/1/23 @ 100 ............... $3,418,000 $3,390,622 Retail Opportunity Investments Partnership LP, 5.00%, 12/15/23, Callable 9/15/23 @ 100 ... 1,000,000 985,030 SBA Tower Trust 2.84%, 1/15/25, Callable 1/15/24 @ 100 (a) ................................ 750,000 706,888 6.60%, 1/15/28, Callable 1/15/27 @ 100 (a) ................................ 421,000 419,971 VICI Properties LP/VICI Note Co., Inc., 3.50%, 2/15/25, Callable 2/6/23 @ 101.75(a) ..... 864,000 817,249 Vornado Realty LP, 2.15%, 6/1/26, Callable 5/1/26 @ 100.......................... 1,500,000 1,270,680 15,383,345 Utilities (0.2%): CenterPoint Energy Resources Corp., 0.70%, 3/2/23, Callable 2/6/23 @ 100............. 1,000,000 992,860 Total Corporate Bonds (Cost $157,592,795) 150,625,719 Yankee Dollars (8.6%) Communication Services (0.2%): Bharti Airtel International Netherlands BV, 5.35%, 5/20/24(a) ....................... 1,000,000 994,460 Consumer Discretionary (0.1%): Stellantis NV, 5.25%, 4/15/23 .............................................. 500,000 499,030 Consumer Staples (0.3%): Imperial Brands Finance PLC, 3.13%, 7/26/24, Callable 6/26/24 @ 100(a) .............. 948,000 908,175 Leviathan Bond Ltd., 5.75%, 6/30/23, Callable 3/30/23 @ 100(a)..................... 500,000 497,908 1,406,083 Energy (1.5%): BP Capital Markets PLC, 4.38% (H15T5Y+404bps), Callable 6/22/25 @ 100(b)(d)........ 1,500,000 1,428,735 Galaxy Pipeline Assets Bidco Ltd., 1.75%, 9/30/27(a) ............................. 405,995 376,159 Harbour Energy PLC, 5.50%, 10/15/26, Callable 10/15/23 @ 102.75(a) ................ 1,500,000 1,342,155 Var Energi ASA 5.00%, 5/18/27, Callable 4/18/27 @ 100 (a) ................................ 1,000,000 942,530 7.50%, 1/15/28, Callable 12/15/27 @ 100 (a) ............................... 2,334,000 2,374,728 6,464,307 Financials (3.4%): AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.15%, 2/15/24, Callable 1/15/24 @ 100........................................................... 1,000,000 969,880 Avolon Holdings Funding Ltd., 2.13%, 2/21/26, Callable 1/21/26 @ 100(a) ............. 750,000 646,575 Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander, 5.38%, 4/17/25(a) .................................................. 1,000,000 989,860 Barclays PLC, 7.33% (H15T1Y+305bps), 11/2/26, Callable 11/2/25 @ 100(b) ........... 1,000,000 1,036,790 BAT International Finance PLC 1.67%, 3/25/26, Callable 2/25/26 @ 100 .................................. 1,000,000 885,390 4.45%, 3/16/28, Callable 2/16/28 @ 100 .................................. 1,000,000 925,590 Element Fleet Management Corp., 1.60%, 4/6/24, Callable 3/6/24 @ 100(a) ............. 400,000 378,476 Federation des Caisses Desjardins du Quebec, 4.40%, 8/23/25(a) ..................... 1,000,000 974,980 NatWest Group PLC 6.10%, 6/10/23 .................................................... 500,000 498,955 7.47% (H15T1Y+285bps), 11/10/26, Callable 11/10/25 @ 100 (b) ................ 1,000,000 1,041,280 Ontario Teachers' Cadillac Fairview Properties Trust, 3.88%, 3/20/27, Callable 12/20/26 @ 100(a)........................................................... 1,000,000 915,230 Ontario Teachers' Finance Trust, 0.38%, 9/29/23(a)............................... 1,000,000 968,020 ORIX Corp., 5.00%, 9/13/27(e)............................................. 1,000,000 994,870 Phoenix Group Holdings PLC, 5.38%, 7/6/27, MTN .............................. 2,100,000 1,976,625 Santander UK Group Holdings PLC, 3.37% (LIBOR03M+108bps), 1/5/24(b)............ 250,000 250,000 Standard Chartered PLC, 7.78% (H15T1Y+310bps), 11/16/25, Callable 11/16/24 @ 100(a)(b) 1,000,000 1,031,520 VEON Holdings BV, 5.95%, 2/13/23 ......................................... 1,000,000 908,810 15,392,851 Industrials (0.6%): Air Canada Pass Through Trust 5.00%, 12/15/23 (a) ................................................. 196,666 189,031 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-265.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Short-Term Bond ETF 13 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value 4.13%, 5/15/25 (a) .................................................. $857,268 $777,808 Aircastle Ltd., 4.25%, 6/15/26, Callable 4/15/26 @ 100............................ 500,000 470,740 The Weir Group PLC, 2.20%, 5/13/26, Callable 4/13/26 @ 100(a) .................... 1,455,000 1,295,503 2,733,082 Information Technology (0.3%): Open Text Corp., 6.90%, 12/1/27, Callable 11/1/27 @ 100(a)........................ 1,392,000 1,403,526 Materials (2.2%): Alcoa Nederland Holding BV, 5.50%, 12/15/27, Callable 6/15/23 @ 102.75(a) ........... 1,613,000 1,554,158 ArcelorMittal SA, 6.55%, 11/29/27, Callable 10/29/27 @ 100 ....................... 1,500,000 1,511,865 OCI NV, 4.63%, 10/15/25, Callable 2/6/23 @ 102.31(a) ........................... 2,000,000 1,911,580 POSCO, 4.38%, 8/4/25(a)................................................. 1,000,000 965,300 Syngenta Finance NV 4.44%, 4/24/23, Callable 3/24/23 @ 100 (a) ................................ 1,000,000 995,820 4.89%, 4/24/25, Callable 2/24/25 @ 100 (a) ................................ 1,725,000 1,673,284 West Fraser Timber Co. Ltd., 4.35%, 10/15/24, Callable 7/15/24 @ 100(a) .............. 1,000,000 967,660 9,579,667 Total Yankee Dollars (Cost $39,982,137) 38,473,006 Municipal Bonds (5.5%) California (1.0%): California Municipal Finance Authority Revenue 0.93%, 2/1/2023 ................................................... 1,000,000 996,831 1.36%, 2/1/2024 ................................................... 495,000 474,412 California Statewide Communities Development Authority Revenue, 2.15%, 11/15/30, Continuously Callable @100 .......................................... 1,065,000 853,427 California Statewide Communities Development Authority Revenue (NBGA - California Health Insurance Construction Loan Insurance Program), 2.05%, 8/1/30 ........... 1,385,000 1,201,065 City of Gardena Revenue, 1.30%, 4/1/23 ...................................... 565,000 560,133 Placentia Public Financing Authority Revenue, Series A, 1.93%, 6/1/23 ................ 300,000 295,657 4,381,525 Colorado (0.4%): Colorado Health Facilities Authority Revenue, Series B, 2.80%, 12/1/26 ............... 420,000 385,397 Denver City & County Housing Authority Revenue, 1.33%, 6/1/24, Continuously Callable @100 ........................................................... 750,000 709,646 Park Creek Metropolitan District Revenue, Series B, 2.43%, 12/1/23 .................. 700,000 683,094 1,778,137 Florida (0.2%): Hillsborough County IDA Revenue, 2.16%, 8/1/25 ............................... 1,250,000 1,159,439 Hawaii (0.1%): State of Hawaii Airports System Revenue, Series B, 0.90%, 7/1/23 ................... 300,000 294,188 Illinois (0.6%): Chicago O'Hare International Airport Revenue, Series D, 0.96%, 1/1/23 ............... 165,000 165,000 Sales Tax Securitization Corp. Revenue, 0.79%, 1/1/23 ........................... 1,750,000 1,750,000 State of Illinois Sales Tax Revenue, Series B, 0.94%, 6/15/24 ....................... 1,000,000 940,356 2,855,356 Indiana (0.2%): Indiana Finance Authority Revenue 0.96%, 3/1/2024 ................................................... 450,000 428,091 1.41%, 3/1/2025 ................................................... 570,000 525,299 953,390 Maine (0.1%): Maine State Housing Authority Revenue, Series H, 1.70%, 11/15/26 .................. 600,000 534,062 Maryland (0.4%): Maryland Health & Higher Educational Facilities Authority Revenue 1.81%, 1/1/2025 ................................................... 1,000,000 919,744 1.89%, 1/1/2026 ................................................... 1,000,000 885,899 1,805,643 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-266.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Short-Term Bond ETF 14 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value Michigan (0.3%): Michigan Finance Authority Revenue 2.21%, 12/1/2023 .................................................. $185,000 $180,322 2.31%, 12/1/2024 .................................................. 105,000 99,739 Series A-1, 2.33%, 6/1/2030 ........................................... 497,786 476,097 Ypsilanti School District, GO, 1.89%, 5/1/24 ................................... 510,000 487,437 1,243,595 Nebraska (0.1%): Papio-Missouri River Natural Resource District Special Tax, 2.09%, 12/15/24, Continuously Callable @100 .................................................... 545,000 517,329 New Jersey (0.4%): South Jersey Transportation Authority Revenue Series B, 2.10%, 11/1/2024 ........................................... 750,000 701,548 Series B, 2.20%, 11/1/2025 ........................................... 750,000 679,775 South Jersey Transportation Authority System Revenue, Series B, 3.02%, 11/1/25 ........ 425,000 394,212 1,775,535 New York (0.1%): New York City Housing Development Corp. Revenue, 2.32%, 1/1/23 ................. 240,000 240,000 Oklahoma (0.2%): Oklahoma Turnpike Authority Revenue, Series B, 0.63%, 1/1/23 ..................... 560,000 560,000 The University of Oklahoma Revenue, Series B, 0.93%, 7/1/24 ...................... 350,000 330,082 890,082 Pennsylvania (0.1%): State Public School Building Authority Revenue, 2.75%, 4/1/25 ..................... 500,000 470,207 Rhode Island (0.2%): Providence Redevelopment Agency Revenue, Series A, 2.50%, 3/15/26 ................ 805,000 754,378 Tennessee (0.1%): Metropolitan Government Nashville & Davidson County Sports Authority Revenue, 1.03%, 8/1/24 .......................................................... 600,000 565,741 Texas (1.0%): Aledo Independent School District, GO (NBGA - Texas Permanent School Fund), 2/15/24 (f) 250,000 236,815 Harris County Cultural Education Facilities Finance Corp. Revenue 1.59%, 11/15/2023 ................................................. 675,000 653,757 1.84%, 11/15/2024 ................................................. 500,000 469,601 Series B, 2.30%, 5/15/2024 ........................................... 600,000 575,669 Lubbock Texas Water & Wastewater System Revenue, Series B, 1.93%, 2/15/24 ......... 750,000 726,063 State of Texas, GO, 3.11%, 10/1/23 .......................................... 500,000 493,943 Tarrant County Cultural Education Facilities Finance Corp. Revenue 1.07%, 9/1/2023 ................................................... 525,000 510,354 1.36%, 9/1/2024 ................................................... 700,000 655,803 4,322,005 Total Municipal Bonds (Cost $26,085,959) 24,540,612 U.S. Treasury Obligations (2.9%) U.S. Treasury Notes 0.50%, 11/30/23 ................................................... 2,000,000 1,923,906 3.00%, 7/31/24 .................................................... 2,000,000 1,950,312 4.50%, 11/30/24 ................................................... 4,000,000 4,000,313 4.25%, 10/15/25 ................................................... 5,000,000 4,996,875 Total U.S. Treasury Obligations (Cost $12,917,353) 12,871,406 Commercial Papers (18.4%)(g) Alliant Energy, 6.06%, 1/3/23 (a)............................................ 4,400,000 4,397,778 Amphenol Corp., 5.94%, 1/3/23 (a) .......................................... 3,500,000 3,498,268 Autonation, Inc., 6.46%, 1/3/23 (a) .......................................... 4,000,000 3,997,847 Aviation Capital Group, 5.33%, 1/5/23 (a) ..................................... 1,700,000 1,698,743 Aviation Capital Group, 4.72%, 1/23/23 (a) .................................... 634,000 632,096 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-267.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Short-Term Bond ETF 15 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value Aviation Capital Group, 5.91%, 1/3/23 (a) ..................................... 1,000,000 $999,508 CenterPoint Energy, Inc., 6.06%, 1/3/23 (a) .................................... 4,400,000 4,397,778 ConAgra Brands, Inc., 6.33%, 1/3/23 (a) ...................................... 4,000,000 3,997,892 Constellation Brands, Inc., 6.46%, 1/3/23 (a) ................................... 800,000 799,569 Crown Castle, Inc., 5.38%, 1/10/23 (a)........................................ 3,300,000 3,295,072 Crown Castle, Inc., 5.43%, 1/9/23 (a)......................................... 850,000 848,847 Dominion Resources, Inc., 5.01%, 1/11/23 (a) .................................. 1,600,000 1,597,557 Dominion Resources, Inc., 4.90%, 1/17/23 (a) .................................. 2,500,000 2,494,229 DTE Energy Co., 5.00%, 1/12/23 (a) ......................................... 4,300,000 4,292,846 Energy Transfer LP, 5.84%, 1/5/23 (a) ........................................ 2,000,000 1,998,380 Erac USA Finance, 5.69%, 1/4/23 (a)......................................... 1,000,000 999,368 Eversource Energy, 5.32%, 1/5/23 (a) ........................................ 4,000,000 3,997,049 FMC Corp., 6.46%, 1/3/23 (a).............................................. 4,400,000 4,397,632 Jabil, Inc., 5.92%, 1/6/23 (a) ............................................... 4,200,000 4,195,860 Newell Brands, Inc., 5.39%, 1/10/23 (a)....................................... 1,300,000 1,298,056 One Gas, Inc., 5.53%, 1/5/23 (a) ............................................ 4,300,000 4,296,700 Ovintiv, Inc., 6.07%, 1/4/23 (a) ............................................. 4,000,000 3,997,304 Ovintiv, Inc., 5.36%, 1/11/23 (a) ............................................ 350,000 349,428 Southwestern Public Service Co., 6.06%, 1/3/23 (a) .............................. 4,400,000 4,397,778 Targa Resources Corp., 5.66%, 1/3/23 (a)...................................... 3,000,000 2,998,585 TE Connectivity, 6.06%, 1/3/23 (a) .......................................... 4,300,000 4,297,829 VW Credit, Inc., 5.06%, 1/10/23 (a).......................................... 4,200,000 4,194,103 Walgreens Boots Alliance, Inc., 5.06%, 1/12/23 (a) ............................... 576,000 575,029 Walgreens Boots Alliance, Inc., 4.96%, 1/23/23 (a) ............................... 3,800,000 3,787,984 Total Commercial Papers (Cost $82,748,510) 82,729,115 Shares Collateral for Securities Loaned (0.6%)^ Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (h) ....... 673,875 673,875 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (h) ........... 673,875 673,875 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (h) ............... 673,875 673,875 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (h) 673,875 673,875 Total Collateral for Securities Loaned (Cost $2,695,500) 2,695,500 Total Investments (Cost $456,262,773) — 98.2% 441,086,621 Other assets in excess of liabilities — 1.8% 8,178,575 NET ASSETS - 100.00% $449,265,196 ^ Purchased with cash collateral from securities on loan. (a) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December 31, 2022, the fair value of these securities was $265,077,348 and amounted to 59.0% of net assets. (b) Variable or Floating-Rate Security. Rate disclosed is as of December 31, 2022. (c) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at December 31, 2022. (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 December 31, 2022. (h) Rate disclosed is the daily yield on December 31, 2022. bps—Basis points GO—General Obligation H15T1Y—1 Year Treasury Constant Maturity Rate, rate disclosed as of December 31, 2022. H15T5Y—5 Year Treasury Constant Maturity Rate, rate disclosed as of December 31, 2022. IDA—Industrial Development Authority LIBOR—London Interbank Offered Rate LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of December 31, 2022, based on the last reset date of the security LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of December 31, 2022, based on the last reset date of the security LLC—Limited Liability Company LP—Limited Partnership |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-268.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Short-Term Bond ETF 16 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. MTN—Medium Term Note PLC—Public Limited Company SOFR—Secured Overnight Financing Rate TSFR1M—1 month Term SOFR, rate disclosed as of December 31, 2022. USSW5—USD 5 Year Swap Rate, rate disclosed as of December 31, 2022. 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. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-269.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments December 31, 2022 Victory Portfolios II VictoryShares USAA Core Intermediate-Term Bond ETF 17 (Unaudited) See notes to financial statements. Security Description Principal Amount Value Asset-Backed Securities (9.1%) Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, 1.94%, 8/15/46, Callable 8/15/24 @ 100 (a) ........................................................ $1,500,000 $1,276,580 American Credit Acceptance Receivables Trust, Series 2022-1, Class B, 1.68%, 9/14/26, Callable 10/13/24 @ 100 (a) ........................................... 1,000,000 974,471 American Credit Acceptance Receivables Trust, Series 2022-1, Class C, 2.12%, 3/13/28, Callable 10/13/24 @ 100 (a) ........................................... 1,000,000 940,022 AmeriCredit Automobile Receivables Trust, Series 2021-3, Class B, 1.17%, 8/18/27, Callable 12/18/25 @ 100 ................................................... 1,000,000 924,039 Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class A2, 1.64%, 10/20/27, Callable 9/20/25 @ 100 (a) ............................................ 955,910 907,188 Amur Equipment Finance Receivables XI LLC, Series 2022-2A, Class A2, 5.30%, 6/21/28, Callable 7/20/26 @ 100 (a) ............................................ 1,500,000 1,479,266 ARI Fleet Lease Trust, Series 2022-A, Class A3, 3.43%, 1/15/31, Callable 4/15/25 @ 100 (a). 762,000 730,717 ARI Fleet Lease Trust, Series 2022-A, Class B, 3.79%, 1/15/31, Callable 4/15/25 @ 100 (a) . 467,000 434,505 ARI Fleet Lease Trust, Series 2020-A, Class A3, 1.80%, 8/15/28, Callable 2/15/23 @ 100 (a). 723,396 721,734 Avis Budget Rental Car Funding AESOP LLC, Series 2022-5A, Class B, 7.09%, 4/20/27 (a) . 1,000,000 1,002,057 Avis Budget Rental Car Funding AESOP LLC, Series 2018-1A, Class B, 4.00%, 9/20/24, Callable 10/20/23 @ 100 (a) ........................................... 1,000,000 987,878 Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class B, 3.55%, 9/22/25, Callable 10/20/24 @ 100 (a) ........................................... 500,000 477,071 Bank of The West Auto Trust, Series 2019-1, Class C, 2.90%, 4/15/25, Callable 8/15/23 @ 100 (a) ............................................................. 1,062,000 1,043,249 Canadian Pacer Auto Receivables Trust, Series 2020-1A, Class A4, 1.89%, 3/19/25, Callable 10/19/23 @ 100 (a) ................................................. 433,000 422,727 CARDS II Trust, Series 2021-1A, Class A, 0.60%, 4/15/27 (a)....................... 2,300,000 2,168,926 CarMax Auto Owner Trust, Series 2021-2, Class B, 1.03%, 12/15/26, Callable 4/15/25 @ 100 2,000,000 1,821,661 CarMax Auto Owner Trust, Series 2020-2, Class D, 5.75%, 5/17/27, Callable 4/15/24 @ 100 780,000 764,265 CarMax Auto Owner Trust, Series 2020-1, Class B, 2.21%, 9/15/25, Callable 3/15/24 @ 100 1,275,000 1,229,911 Carvana Auto Receivables Trust, Series 2021-P2, Class B, 1.27%, 3/10/27, Callable 12/10/26 @ 100 .......................................................... 1,500,000 1,279,537 CF Hippolyta LLC, Series 2021-1A, Class A1, 1.53%, 3/15/61, Callable 3/15/24 @ 100 (a) . . 1,427,581 1,234,401 Conn's Receivables Funding LLC, Series 2022-A, Class B, 9.52%, 12/15/26, Callable 4/15/24 @ 100 (a) ........................................................ 1,500,000 1,487,655 CPS Auto Receivables Trust, Series 2022-D, Class B, 6.84%, 1/16/29, Callable 12/15/27 @ 100 (a) .......................................................... 2,000,000 2,020,841 CPS Auto Receivables Trust, Series 2022-A, Class B, 1.70%, 4/16/29, Callable 2/15/26 @ 100 (a) ............................................................. 1,200,000 1,152,608 CPS Auto Receivables Trust, Series 2019-C, Class D, 3.17%, 6/16/25, Callable 1/15/24 @ 100 (a) ............................................................. 719,641 715,728 Credit Acceptance Auto Loan Trust, Series 2019-3A, Class B, 2.86%, 1/16/29, Callable 3/15/23 @ 100 (a) ........................................................ 268,577 268,155 Credit Acceptance Auto Loan Trust, Series 2020-1A, Class B, 2.39%, 4/16/29, Callable 6/15/23 @ 100 (a) ........................................................ 526,248 523,929 Credit Acceptance Auto Loan Trust, Series 2022-3A, Class B, 7.52%, 12/15/32, Callable 10/15/26 @ 100 (a) ................................................. 1,500,000 1,544,053 Credit Acceptance Auto Loan Trust, Series 2021-2A, Class B, 1.26%, 4/15/30, Callable 12/15/24 @ 100 (a) ................................................. 1,038,000 955,885 Crossroads Asset Trust, Series 2021-A, Class A2, 0.82%, 3/20/24 (a) .................. 107,268 106,486 Diamond Infrastructure Funding LLC, Series 2021-1A, Class A, 1.76%, 4/15/49, Callable 9/20/25 @ 100 (a) .................................................. 1,000,000 819,087 Diamond Issuer, Series 2021-1A, Class A, 2.31%, 11/20/51, Callable 11/20/25 @ 100 (a) ... 1,125,000 932,577 DLLST LLC, Series 2022-1A, Class A4, 3.69%, 9/20/28, Callable 7/20/25 @ 100 (a) ...... 2,000,000 1,933,074 Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class B, 0.98%, 12/11/34 (a) ......... 1,327,000 1,243,338 Drive Auto Receivables Trust, Series 2021-1, Class B, 0.65%, 7/15/25, Callable 9/15/24 @ 100 ............................................................ 50,911 50,841 DT Auto Owner Trust, Series 2021-3A, Class B, 0.58%, 11/17/25, Callable 5/15/25 @ 100 (a) 2,000,000 1,933,295 Encina Equipment Finance LLC, Series 2021-1A, Class A2, 0.74%, 12/15/26, Callable 7/15/23 @ 100 (a) ........................................................ 439,065 432,009 Encina Equipment Finance LLC, Series 2021-1A, Class B, 1.21%, 2/16/27, Callable 7/15/23 @ 100 (a) .......................................................... 1,187,000 1,139,847 Enterprise Fleet Financing LLC, Series 2020-1, Class A3, 1.86%, 12/22/25, Callable 5/20/23 @ 100 (a) ........................................................ 820,000 802,184 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-270.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Intermediate-Term Bond ETF 18 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value Enterprise Fleet Financing LLC, Series 2022-4, Class A3, 5.65%, 10/22/29, Callable 7/20/25 @ 100 (a) ........................................................ $2,000,000 $2,012,409 Enterprise Fleet Financing LLC, Series 22-1, Class A3, 3.27%, 1/20/28, Callable 8/20/25 @ 100 (a) .......................................................... 1,000,000 944,747 Enterprise Fleet Financing LLC, Series 2022-3, Class A2, 4.38%, 7/20/29, Callable 5/20/26 @ 100 (a) .......................................................... 1,000,000 981,003 Evergreen Credit Card Trust, Series 2022-CRT2, Class C, 7.44%, 11/15/26 (a) ........... 1,000,000 988,989 Evergreen Credit Card Trust, Series 2022-CRT1, Class C, 6.19%, 7/15/26 (a) ............ 1,500,000 1,467,947 Exeter Automobile Receivables Trust, Series 2021-4A, Class B, 1.05%, 5/15/26, Callable 2/15/25 @ 100 .................................................... 1,000,000 976,060 ExteNet LLC, Series 2019-1A, Class A2, 3.20%, 7/26/49, Callable 1/25/23 @ 100 (a)...... 500,000 469,365 First Investors Auto Owner Trust, Series 2018-2A, Class F, 7.31%, 9/15/25, Callable 2/15/23 @ 100 (a) ........................................................ 750,000 750,016 First Investors Auto Owner Trust, Series 2019-2A, Class C, 2.71%, 12/15/25, Callable 11/15/23 @ 100 (a) ................................................. 852,322 847,114 FirstKey Homes Trust, Series 2021-SFR2, Class B, 1.61%, 9/17/38 (a)................. 1,153,846 977,682 Flagship Credit Auto Trust, Series 2020-2, Class D, 5.75%, 4/15/26, Callable 4/15/25 @ 100 (a) ............................................................. 1,000,000 989,299 Ford Credit Auto Owner Trust, Series 2020-1, Class B, 2.29%, 8/15/31, Callable 2/15/25 @ 100 (a) .......................................................... 1,500,000 1,384,430 Foursight Capital Automobile Receivables Trust, Series 2021-1, Class B, 0.87%, 1/15/26, Callable 7/15/24 @ 100 (a) ............................................ 1,406,000 1,370,369 Foursight Capital Automobile Receivables Trust, Series 2022-1, Class A3, 1.83%, 12/15/26, Callable 8/15/25 @ 100 (a) ............................................ 1,200,000 1,153,348 GLS Auto Receivables Issuer Trust, Series 2020-1A, Class B, 2.43%, 11/15/24, Callable 5/15/24 @ 100 (a) .................................................. 61,773 61,717 GM Financial Consumer Automobile Receivables Trust, Series 2020-1, Class A4, 1.90%, 3/17/25, Callable 10/16/23 @ 100 ....................................... 1,000,000 978,907 GM Financial Consumer Automobile Receivables Trust, Series 19-4, Class A4, 1.76%, 1/16/25, Callable 7/16/23 @ 100 ....................................... 345,000 340,631 GM Financial Consumer Automobile Receivables Trust, Series 2019-3, Class B, 2.32%, 12/16/24, Callable 4/16/23 @ 100 ....................................... 2,000,000 1,981,876 GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A4, 1.74%, 8/18/25, Callable 1/16/24 @ 100 ....................................... 750,000 725,578 Hertz Vehicle Financing III LP, Series 2021-2A, Class A, 1.68%, 12/27/27 (a)............ 1,000,000 867,985 Hertz Vehicle Financing LLC, Series 2022-4A, Class B, 4.12%, 9/25/26, Callable 9/25/25 @ 100 (a) .......................................................... 1,000,000 938,485 Hertz Vehicle Financing LLC, Series 2021-1A, Class C, 2.05%, 12/26/25 (a) ............ 1,333,000 1,188,215 HPEFS Equipment Trust, Series 2022-1A, Class C, 1.96%, 5/21/29, Callable 5/20/25 @ 100 (a) ............................................................. 2,000,000 1,854,494 HPEFS Equipment Trust, Series 2020-1A, Class D, 2.26%, 2/20/30, Callable 4/20/23 @ 100 (a) ............................................................. 1,000,000 989,032 HPEFS Equipment Trust, Series 2021-1A, Class D, 1.03%, 3/20/31, Callable 3/20/24 @ 100 (a) ............................................................. 1,500,000 1,412,969 Hyundai Auto Receivables Trust, Series 2020-C, Class B, 0.81%, 11/16/26, Callable 3/15/25 @ 100 ............................................................ 1,271,000 1,163,933 Hyundai Auto Receivables Trust, Series 2021-C, Class B, 1.49%, 12/15/27, Callable 2/15/26 @ 100 ............................................................ 2,000,000 1,808,715 John Deere Owner Trust, Series 22-A, Class A4, 2.49%, 1/16/29, Callable 9/15/25 @ 100 ... 1,000,000 939,438 John Deere Owner Trust, Series 2020-A, Class A4, 1.21%, 11/16/26, Callable 7/15/23 @ 100 2,000,000 1,958,919 JPMorgan Chase Bank NA, Series 2021-1, Class B, 0.88%, 9/25/28, Callable 5/25/25 @ 100 (a) ............................................................. 363,032 350,931 JPMorgan Chase Bank NA, Series 2021-2, Class B, 0.89%, 12/26/28, Callable 6/25/25 @ 100 (a) ............................................................. 344,389 329,134 Kubota Credit Owner Trust, Series 2020-1A, Class A4, 2.26%, 7/15/26, Callable 9/15/23 @ 100 (a) .......................................................... 433,000 423,869 Kubota Credit Owner Trust, Series 22-1A, Class A4, 2.78%, 2/15/28, Callable 2/15/26 @ 100 (a) ............................................................. 2,000,000 1,852,247 LAD Auto Receivables Trust, Series 2022-1A, Class B, 5.87%, 9/15/27, Callable 12/15/25 @ 100 (a) .......................................................... 1,600,000 1,533,088 LAD Auto Receivables Trust, Series 2021-1A, Class A, 1.30%, 8/17/26, Callable 3/15/25 @ 100 (a) .......................................................... 813,135 789,133 Master Credit Card Trust, Series 2021-1A, Class B, 0.79%, 11/21/25 (a)................ 539,000 502,002 Master Credit Card Trust, Series 2022-2A, Class C, 2.73%, 7/21/28 (a)................. 625,000 553,174 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-271.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Intermediate-Term Bond ETF 19 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value MMAF Equipment Finance LLC, Series 2022-A, Class A4, 3.32%, 6/13/44 (a)........... $1,500,000 $1,408,645 MVW LLC, Series 2021-1WA, Class A, 1.14%, 1/22/41, Callable 9/20/26 @ 100 (a)....... 584,433 531,913 Navient Student Loan Trust, Series 2018-2A, Class B, 5.54% (LIBOR01M+115bps), 3/25/67, Callable 8/25/34 @ 100 (a)(b).......................................... 1,000,000 875,712 Navient Student Loan Trust, Series 2015-2, Class B, 5.89% (LIBOR01M+150bps), 8/25/50, Callable 5/25/31 @ 100 (b)............................................ 3,000,000 2,684,362 Nelnet Student Loan Trust, Series 2019-5, Class A, 2.53%, 10/25/67, Callable 10/25/34 @ 100 (a) ............................................................. 2,551,111 2,204,903 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 1,526,860 NP SPE II LLC, Series 2019-2A, Class C1, 6.44%, 11/19/49 (a)...................... 772,203 683,997 NP SPE LLC, Series 2019-1A, Class A2, 3.24%, 9/20/49 (a) ........................ 500,000 441,744 Oscar U.S. Funding XIII LLC, Series 2021-2A, Class A4, 1.27%, 9/11/28, Callable 5/10/25 @ 100 (a) .......................................................... 1,500,000 1,355,564 Pawnee Equipment Receivables LLC, Series 2020-1, Class B, 1.84%, 1/15/26, Callable 3/15/24 @ 100 (a) .................................................. 1,000,000 964,841 PenFed Auto Receivables Owner Trust, Series 2022-A, Class B, 4.60%, 12/15/28, Callable 12/15/25 @ 100 (a) ................................................. 749,000 739,814 PenFed Auto Receivables Owner Trust, Series 2022-A, Class A4, 4.18%, 12/15/28, Callable 12/15/25 @ 100 (a) ................................................. 1,000,000 982,873 Prestige Auto Receivables Trust, Series 2018-1A, Class D, 4.14%, 10/15/24, Callable 2/15/23 @ 100 (a) ........................................................ 660,739 659,238 Prestige Auto Receivables Trust, Series 2020-1A, Class C, 1.31%, 11/16/26, Callable 10/15/23 @ 100 (a) ........................................................ 628,022 623,452 Prestige Auto Receivables Trust, Series 2021-1A, Class C, 1.53%, 2/15/28, Callable 2/15/26 @ 100 (a) .......................................................... 1,000,000 909,242 Progress Residential Trust, Series 2021-SFR6, Class A, 1.52%, 7/17/38, Callable 7/17/26 @ 100 (a) .......................................................... 1,098,743 950,167 PSNH Funding LLC, Series 2018-1, Class A3, 3.81%, 2/1/35 ....................... 1,000,000 911,968 Santander Bank Auto Credit-Linked Notes, Series 2022-B, Class C, 5.92%, 8/16/32, Callable 2/15/26 @ 100 (a) .................................................. 788,969 785,367 Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class B, 5.28%, 5/15/32, Callable 11/15/25 @ 100 (a) ................................................. 708,862 692,041 Santander Bank NA, Series 2021-1A, Class B, 1.83%, 12/15/31, Callable 7/15/25 @ 100 (a) . 1,201,970 1,156,094 Santander Consumer Auto Receivables Trust, Series 2020-AA, Class D, 5.49%, 4/15/26, Callable 9/15/24 @ 100 (a) ............................................ 1,000,000 986,893 Santander Drive Auto Receivables Trust, Series 2022-3, Class B, 4.13%, 8/16/27, Callable 5/15/25 @ 100 .................................................... 1,062,000 1,035,783 SCF Equipment Leasing LLC, Series 2020-1A, Class A3, 1.19%, 10/20/27, Callable 3/20/25 @ 100 (a) .......................................................... 501,385 493,332 SCF Equipment Leasing LLC, Series 2022-2A, Class B, 6.50%, 2/20/32, Callable 8/20/29 @ 100 (a) .......................................................... 1,071,429 1,064,562 SCF Equipment Leasing LLC, Series 2020-1A, Class B, 2.02%, 3/20/28, Callable 3/20/25 @ 100 (a) .......................................................... 1,529,000 1,461,150 SLM Student Loan Trust, Series 2007-1, Class B, 4.58% (LIBOR03M+22bps), 1/27/42, Callable 10/25/29 @ 100 (b) ........................................... 273,116 241,586 SLM Student Loan Trust, Series 2006-10, Class B, 4.58% (LIBOR03M+22bps), 3/25/44, Callable 7/25/32 @ 100 (b)............................................ 171,998 155,868 Synchrony Credit Card Master Note Trust, Series 2018-2, Class A, 3.47%, 5/15/26 ........ 2,000,000 1,987,746 Toyota Auto Loan Extended Note Trust, Series 2021-1A, Class A, 1.07%, 2/27/34, Callable 2/25/26 @ 100 (a)(c) ................................................ 2,000,000 1,771,408 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 1,913,017 Transportation Finance Equipment Trust, Series 2019-1, Class A4, 1.88%, 3/25/24, Callable 5/23/23 @ 100 (a) .................................................. 876,549 869,179 Trillium Credit Card Trust II, Series 2021-1A, Class A, 1.53%, 10/26/29 (a) ............. 2,000,000 1,776,025 Trillium Credit Card Trust II, Series 2021-1A, Class C, 2.42%, 10/26/29 (a) ............. 2,000,000 1,770,420 VB-S1 Issuer LLC-VBTEL, Series 2022-1A, Class C2I, 3.16%, 2/15/52, Callable 2/15/26 @ 100 (a) .......................................................... 1,000,000 868,983 Volvo Financial Equipment LLC, Series 2020-1A, Class A3, 0.51%, 10/15/24, Callable 7/15/24 @ 100 (a) ........................................................ 921,716 902,817 Wepco Environmental Trust Finance I LLC, Series 2021-1, Class A, 1.58%, 12/15/35 ...... 1,337,394 1,110,730 Westlake Automobile Receivables Trust, Series 2021-3A, Class C, 1.58%, 1/15/27, Callable 4/15/25 @ 100 (a) .................................................. 1,000,000 935,446 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-272.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Intermediate-Term Bond ETF 20 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value Westlake Automobile Receivables Trust, Series 2019-2A, Class E, 4.02%, 4/15/25, Callable 5/15/23 @ 100 (a) .................................................. $1,000,000 $992,310 Westlake Automobile Receivables Trust, Series 2022-2A, Class C, 4.85%, 9/15/27, Callable 2/15/26 @ 100 (a) .................................................. 1,071,000 1,040,614 Total Asset-Backed Securities (Cost $127,675,124) 120,205,713 Collateralized Mortgage Obligations (4.5%) Arbor Multifamily Mortgage Securities Trust, Series 2022-MF4, Class A5, 3.29%, 2/15/55, Callable 2/15/32 @ 100 (a)(c) .......................................... 2,000,000 1,718,428 Aventura Mall Trust, Series 2018-AVM, Class D, 4.11%, 7/5/40 (a)(c) ................. 1,000,000 807,996 Aventura Mall Trust, Series 2018-AVM, Class A, 4.11%, 7/5/40 (a)(c) ................. 1,740,000 1,555,455 BAMLL Commercial Mortgage Securities Trust, Series 2015-200P, Class D, 3.60% (LIBOR01M+105bps), 4/14/33, Callable 4/14/25 @ 100 (a)(b)............. 500,000 442,580 BBCMS Mortgage Trust, Series 2020-BID, Class B, 6.86% (LIBOR01M+254bps), 10/15/37 (a)(b) ........................................................... 1,750,000 1,710,226 BBCMS Mortgage Trust, Series 2022-C16, Class AS, 4.60%, 6/15/55, Callable 6/15/32 @ 100 (c) ............................................................. 540,540 486,383 Benchmark Mortgage Trust, Series 2020-B17, Class ASB, 2.18%, 3/15/53, Callable 3/15/30 @ 100 ............................................................ 1,000,000 867,491 BPR Trust, Series 2021-TY, Class A, 5.37% (LIBOR01M+105bps), 9/15/38 (a)(b) ........ 865,000 821,598 BPR Trust, Series 2022-OANA, Class B, 6.78% (TSFR1M+245bps), 4/15/37 (a)(b)....... 2,000,000 1,877,355 BPR Trust, Series 2022-OANA, Class D, 8.03% (TSFR1M+370bps), 4/15/37 (a)(b)....... 1,000,000 916,832 BPR Trust, Series 2022-STAR, Class A, 7.57% (TSFR1M+323bps), 8/15/24 (a)(b)........ 1,690,909 1,673,195 BX Commercial Mortgage Trust, Series 2019-XL, Class B, 5.53% (LIBOR01M+108bps), 10/15/36 (a)(b)..................................................... 218,450 214,432 BX Commercial Mortgage Trust, Series 2019-XL, Class D, 5.90% (LIBOR01M+145bps), 10/15/36 (a)(b)..................................................... 1,015,750 982,203 BX Commercial Mortgage Trust, Series 2020-VIV3, Class B, 3.54%, 3/9/44, Callable 3/9/30 @ 100 (a)(c) ...................................................... 1,750,000 1,410,251 BX Commercial Mortgage Trust, Series 2022-CSMO, Class B, 7.48% (TSFR1M+314bps), 6/15/27 (a)(b) ..................................................... 1,500,000 1,487,600 BX Trust, Series 2019-OC11, Class A, 3.20%, 12/9/41, Callable 12/9/29 @ 100 (a)........ 923,077 775,429 BX Trust, Series 2022-CLS, Class B, 6.30%, 10/13/27 (a) .......................... 2,000,000 1,974,056 BXP Trust, Series 2021-601L, Class B, 2.78%, 1/15/44 (a)(c) ....................... 550,000 388,258 BXP Trust, Series 2021-601L, Class D, 2.78%, 1/15/44 (a)(c) ....................... 500,000 313,096 BXP Trust, Series 2021-601L, Class C, 2.78%, 1/15/44 (a)(c) ....................... 1,500,000 1,017,645 Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class AAB, 2.61%, 2/15/53, Callable 2/15/30 @ 100 .............................................. 732,000 648,371 Citigroup Commercial Mortgage Trust, Series 2017-P8, Class AS, 3.79%, 9/15/50, Callable 9/15/27 @ 100 (c) .................................................. 500,000 454,157 Citigroup Commercial Mortgage Trust, Series 2020-555, Class A, 2.65%, 12/10/41 (a) ..... 2,000,000 1,637,102 Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class C, 4.68%, 1/10/36 (a) .... 500,000 485,758 COMM Mortgage Trust, Series 2015-PC1, Class AM, 4.29%, 7/10/50, Callable 6/10/25 @ 100 (c) ............................................................. 1,750,000 1,670,221 COMM Mortgage Trust, Series 2014-277P, Class A, 3.61%, 8/10/49, Callable 8/10/24 @ 100 (a)(c) ........................................................... 2,420,000 2,290,198 COMM Mortgage Trust, Series 2020-CX, Class A, 2.17%, 11/10/46, Callable 11/10/30 @ 100 (a) ............................................................. 1,500,000 1,162,599 COMM Mortgage Trust, Series 2015-LC23, Class AM, 4.16%, 10/10/48, Callable 11/10/25 @ 100 (c) .......................................................... 250,000 231,521 COMM Mortgage Trust, Series 2015-PC1, Class B, 4.29%, 7/10/50, Callable 6/10/25 @ 100 (c) ............................................................. 865,000 805,066 CSMC, Series 2019-UVIL, Class A, 3.16%, 12/15/41 (a)........................... 2,252,000 1,837,607 DBJPM Mortgage Trust, Series 2016-SFC, Class A, 2.83%, 8/10/36, Callable 8/10/26 @ 100 (a) ............................................................. 1,750,000 1,499,605 Extended Stay America Trust, Series 2021-ESH, Class B, 5.70% (LIBOR01M+138bps), 7/15/38 (a)(b) ..................................................... 759,261 727,368 GS Mortgage Securities Corp. Trust, Series 2017-GPTX, Class A, 2.86%, 5/10/34 (a) ...... 1,000,000 944,906 GS Mortgage Securities Corp. Trust, Series 2022-SHIP, Class A, 5.07% (TSFR1M+73bps), 8/15/36 (a)(b) ..................................................... 1,000,000 987,351 Houston Galleria Mall Trust, Series 2015-HGLR, Class A1A2, 3.09%, 3/5/37 (a) ......... 1,500,000 1,377,987 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-273.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Intermediate-Term Bond ETF 21 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value Hudson Yards Mortgage Trust, Series 2016-10HY, Class A, 2.84%, 8/10/38, Callable 8/10/26 @ 100 (a) ........................................................ $1,000,000 $888,809 Hudson Yards Mortgage Trust, Series 2019-30HY, Class D, 3.44%, 7/10/39 (a)(c)......... 595,000 465,952 Hudson Yards Mortgage Trust, Series 2019-55HY, Class A, 2.94%, 12/10/41 (a)(c) ........ 535,000 448,807 ILPT Commercial Mortgage Trust, Series 2022-LPFX, Class A, 3.38%, 3/15/32 (a)........ 2,000,000 1,654,984 ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class B, 7.08% (TSFR1M+274bps), 10/15/39 (a)(b)..................................................... 2,000,000 1,993,065 J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2021-2NU, Class B, 2.08%, 1/5/40 (a)(c) ...................................................... 1,000,000 767,180 JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class B, 3.67%, 12/15/47 (c)....................................................... 2,300,000 2,267,644 Magnetite XXXV Ltd., Series 2022-35A, Class A1, 4.66% (TSFR3M+205bps), 10/25/35, Callable 10/25/23 @ 100 (a)(b) ......................................... 1,000,000 990,858 Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13%, 9/10/39 (a) ......... 750,000 640,988 MHC Commercial Mortgage Trust, Series 2021-MHC, Class A, 5.12% (LIBOR01M+80bps), 4/15/38 (a)(b) ..................................................... 2,290,000 2,221,465 Morgan Stanley Capital I Trust, Series 2021-PLZA, Class B, 2.81%, 11/9/43, Callable 5/9/31 @ 100 (a) ........................................................ 1,000,000 730,145 Palmer Square Loan Funding Ltd., Series 2022-5A, Class A1, 4.94% (TSFR3M+156bps), 1/15/31, Callable 10/15/23 @ 100 (a)(b) .................................. 1,000,000 991,861 SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 7/15/41 (a)..................... 800,000 637,751 SMRT, Series 2022-MINI, Class B, 5.69% (TSFR1M+135bps), 1/15/39 (a)(b)........... 1,500,000 1,439,526 SREIT Trust, Series 2021-MFP2, Class B, 5.49% (LIBOR01M+117bps), 11/15/36 (a)(b) ... 1,500,000 1,430,551 VLS Commercial Mortgage Trust, Series 2020-LAB, Class A, 2.13%, 10/10/42 (a) ........ 1,000,000 769,076 Wells Fargo Commercial Mortgage Trust, Series 2018-AUS, Class A, 4.06%, 8/17/36 (a)(c). . 250,000 222,735 WFRBS Commercial Mortgage Trust, Series 2013-C12, Class B, 3.86%, 3/15/48, Callable 3/15/23 @ 100 (c) .................................................. 1,939,500 1,928,595 Total Collateralized Mortgage Obligations (Cost $64,115,466) 58,690,318 Corporate Bonds (30.5%) Communication Services (1.8%): AT&T, Inc. 4.35%, 3/1/29, Callable 12/1/28 @ 100 ................................... 1,000,000 951,680 3.10%, 2/1/43, Callable 8/1/42 @ 100 .................................... 2,000,000 1,385,540 CenturyLink, Inc., 4.50%, 1/15/29, Callable 1/15/24 @ 102.25(a) .................... 1,000,000 690,800 Charter Communications Operating LLC/Charter Communications Operating Capital 3.75%, 2/15/28, Callable 11/15/27 @ 100 ................................. 500,000 452,800 2.25%, 1/15/29, Callable 11/15/28 @ 100 ................................. 2,000,000 1,607,520 2.30%, 2/1/32, Callable 11/1/31 @ 100 ................................... 2,500,000 1,844,900 4.40%, 4/1/33, Callable 1/1/33 @ 100 .................................... 750,000 642,750 Comcast Corp. 3.55%, 5/1/28, Callable 2/1/28 @ 100 .................................... 750,000 705,187 2.89%, 11/1/51, Callable 5/1/51 @ 100 (a) ................................. 1,250,000 808,963 Fox Corp., 4.71%, 1/25/29, Callable 10/25/28 @ 100 ............................. 1,000,000 967,950 Magallanes, Inc., 4.05%, 3/15/29, Callable 1/15/29 @ 100(a)........................ 2,000,000 1,733,420 Paramount Global 3.38%, 2/15/28, Callable 11/15/27 @ 100 ................................. 444,000 393,859 4.20%, 6/1/29, Callable 3/1/29 @ 100 .................................... 1,250,000 1,111,675 T-Mobile USA, Inc. 4.75%, 2/1/28, Callable 2/1/23 @ 102.38 ................................. 643,000 626,481 3.88%, 4/15/30, Callable 1/15/30 @ 100 .................................. 1,000,000 907,730 2.25%, 11/15/31, Callable 8/15/31 @ 100 ................................. 4,500,000 3,538,800 Verizon Communications, Inc. 2.10%, 3/22/28, Callable 1/22/28 @ 100 .................................. 1,500,000 1,301,235 3.40%, 3/22/41, Callable 9/22/40 @ 100 .................................. 4,000,000 3,012,240 Warnermedia Holdings, Inc., 4.28%, 3/15/32, Callable 12/15/31 @ 100(a) .............. 1,000,000 824,520 23,508,050 Consumer Discretionary (2.7%): Advance Auto Parts, Inc., 3.50%, 3/15/32, Callable 12/15/31 @ 100................... 2,000,000 1,635,040 American Honda Finance Corp., 1.30%, 9/9/26.................................. 1,000,000 883,300 AutoNation, Inc., 2.40%, 8/1/31, Callable 5/1/31 @ 100 ........................... 3,000,000 2,155,200 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-274.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Intermediate-Term Bond ETF 22 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value AutoZone, Inc., 3.75%, 6/1/27, Callable 3/1/27 @ 100 ............................ $500,000 $477,155 BMW US Capital LLC 1.25%, 8/12/26, Callable 7/12/26 @ 100 (a) ................................ 1,000,000 875,490 3.75%, 4/12/28, Callable 1/12/28 @ 100 (a) ................................ 1,000,000 944,200 3.70%, 4/1/32, Callable 1/1/32 @ 100 (a)(d)................................ 1,500,000 1,343,745 Boston Medical Center Corp., 3.91%, 7/1/28 ................................... 500,000 447,320 Brunswick Corp., 2.40%, 8/18/31, Callable 5/18/31 @ 100 ......................... 1,500,000 1,101,885 D.R. Horton, Inc., 4.75%, 2/15/23, Callable 2/6/23 @ 100 .......................... 500,000 499,700 Daimler Finance North America LLC 3.70%, 5/4/23 (a) ................................................... 1,000,000 994,270 3.45%, 1/6/27 (a) ................................................... 1,000,000 939,210 General Motors Financial Co., Inc., 4.30%, 4/6/29, Callable 2/6/29 @ 100 .............. 1,500,000 1,346,490 Genting New York LLC/GENNY Capital, Inc., 3.30%, 2/15/26, Callable 1/15/26 @ 100(a) . . 1,000,000 877,590 Genuine Parts Co., 2.75%, 2/1/32, Callable 11/1/31 @ 100 ......................... 1,000,000 804,590 Hasbro, Inc., 3.90%, 11/19/29, Callable 8/19/29 @ 100 ............................ 3,500,000 3,111,255 Hyundai Capital America 3.40%, 6/20/24 (a) .................................................. 500,000 483,680 3.50%, 11/2/26, Callable 9/2/26 @ 100 (a) ................................. 500,000 458,975 Kohl's Corp., 3.63%, 5/1/31, Callable 2/1/31 @ 100 .............................. 1,500,000 1,053,075 Marriott International, Inc. 2.85%, 4/15/31, Callable 1/15/31 @ 100 .................................. 2,000,000 1,620,180 3.50%, 10/15/32, Callable 7/15/32 @ 100 ................................. 1,000,000 831,220 Murphy Oil USA, Inc. 4.75%, 9/15/29, Callable 9/15/24 @ 102.38 ................................ 1,000,000 913,550 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (a).............................. 235,000 195,670 Newell Brands, Inc. 4.45%, 4/1/26, Callable 1/1/26 @ 100 .................................... 500,000 473,110 6.38%, 9/15/27, Callable 6/15/27 @ 100 .................................. 750,000 744,645 Nordstrom, Inc., 4.25%, 8/1/31, Callable 5/1/31 @ 100 ............................ 750,000 541,028 Novant Health, Inc., 2.64%, 11/1/36, Callable 8/1/36 @ 100 ........................ 2,000,000 1,477,040 O'Reilly Automotive, Inc., 4.20%, 4/1/30, Callable 1/1/30 @ 100..................... 500,000 470,765 PulteGroup, Inc., 6.00%, 2/15/35............................................ 1,500,000 1,433,895 Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, 4/6/31, Callable 1/6/31 @ 100(a). 1,300,000 871,598 Sodexo, Inc., 2.72%, 4/16/31, Callable 1/16/31 @ 100(a) .......................... 3,000,000 2,373,840 The Home Depot, Inc., 2.38%, 3/15/51, Callable 9/15/50 @ 100 ..................... 1,400,000 847,182 Tractor Supply Co., 1.75%, 11/1/30, Callable 8/1/30 @ 100......................... 1,000,000 768,180 VF Corp., 2.95%, 4/23/30, Callable 1/23/30 @ 100............................... 303,000 252,057 Volkswagen Group of America Finance LLC, 4.60%, 6/8/29, Callable 4/8/29 @ 100(a) ..... 1,500,000 1,418,235 35,664,365 Consumer Staples (2.1%): 7-Eleven, Inc., 1.80%, 2/10/31, Callable 11/10/30 @ 100(a)......................... 1,500,000 1,145,010 Altria Group, Inc., 2.45%, 2/4/32, Callable 11/4/31 @ 100.......................... 1,500,000 1,131,240 Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc., 3.65%, 2/1/26, Callable 11/1/25 @ 100 ..................................................... 1,000,000 963,210 Anheuser-Busch InBev Worldwide, Inc. 3.50%, 6/1/30, Callable 3/1/30 @ 100 .................................... 1,500,000 1,364,265 4.38%, 4/15/38, Callable 10/15/37 @ 100 ................................. 500,000 449,525 5.45%, 1/23/39, Callable 7/23/38 @ 100 .................................. 500,000 498,560 4.35%, 6/1/40, Callable 12/1/39 @ 100 ................................... 1,000,000 883,700 3.75%, 7/15/42 .................................................... 750,000 599,918 BAT Capital Corp. 2.73%, 3/25/31, Callable 12/25/30 @ 100 ................................. 1,000,000 779,890 7.75%, 10/19/32, Callable 7/19/32 @ 100 ................................. 1,000,000 1,076,030 4.39%, 8/15/37, Callable 2/15/37 @ 100 .................................. 1,250,000 972,075 Bunge Ltd. Finance Corp., 2.75%, 5/14/31, Callable 2/14/31 @ 100 ................... 2,000,000 1,641,760 Cargill, Inc. 2.13%, 11/10/31, Callable 8/10/31 @ 100 (a) ............................... 1,000,000 790,450 5.13%, 10/11/32, Callable 7/11/32 @ 100 (a) ............................... 1,500,000 1,504,125 Church & Dwight Co., Inc., 2.30%, 12/15/31, Callable 9/15/31 @ 100 ................. 1,000,000 800,780 Constellation Brands, Inc. 3.50%, 5/9/27, Callable 2/9/27 @ 100 .................................... 750,000 702,030 2.25%, 8/1/31, Callable 5/1/31 @ 100 .................................... 1,769,000 1,404,144 General Mills, Inc., 4.55%, 4/17/38, Callable 10/17/37 @ 100 ....................... 1,000,000 878,190 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-275.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Intermediate-Term Bond ETF 23 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value 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 $1,312,440 Keurig Dr Pepper, Inc. 3.95%, 4/15/29, Callable 2/15/29 @ 100 .................................. 750,000 696,817 2.25%, 3/15/31, Callable 12/15/30 @ 100 (d) ............................... 1,000,000 805,270 4.50%, 4/15/52, Callable 10/15/51 @ 100 ................................. 1,000,000 837,960 Kraft Heinz Foods Co., 5.00%, 6/4/42 ........................................ 1,000,000 903,370 Mars, Inc., 3.88%, 4/1/39, Callable 10/1/38 @ 100(a) ............................. 1,000,000 846,290 McCormick & Co., Inc., 1.85%, 2/15/31, Callable 11/15/30 @ 100 ................... 1,000,000 773,690 PepsiCo, Inc., 2.75%, 3/19/30, Callable 12/19/29 @ 100 ........................... 1,000,000 884,860 Sysco Corp., 2.45%, 12/14/31, Callable 9/14/31 @ 100 ............................ 1,500,000 1,203,810 The Coca-Cola Co., 2.00%, 3/5/31........................................... 2,000,000 1,650,100 Walgreens Boots Alliance, Inc., 4.10%, 4/15/50, Callable 10/15/49 @ 100 .............. 1,000,000 735,840 28,235,349 Energy (1.7%): Boardwalk Pipelines LP 4.45%, 7/15/27, Callable 4/15/27 @ 100 .................................. 500,000 475,215 4.80%, 5/3/29, Callable 2/3/29 @ 100 .................................... 500,000 470,400 Boardwalk Pipelines, LP, 3.60%, 9/1/32, Callable 6/1/32 @ 100...................... 1,000,000 829,450 Buckeye Partners LP, 4.13%, 12/1/27, Callable 9/1/27 @ 100 ....................... 1,000,000 876,400 Cameron LNG LLC, 3.30%, 1/15/35, Callable 9/15/34 @ 100(a) ..................... 1,091,000 886,808 Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/39, Callable 7/4/39 @ 100(a) ....... 1,333,000 1,034,448 Enable Midstream Partners LP, 4.15%, 9/15/29, Callable 6/15/29 @ 100................ 1,000,000 902,190 Energy Transfer LP, 6.50% (H15T5Y+569bps), Callable 11/15/26 @ 100(b)(e)........... 1,000,000 868,570 Enterprise Products Operating LLC, 2.80%, 1/31/30, Callable 10/31/29 @ 100 ........... 1,000,000 851,950 EQT Corp., 7.00%, 2/1/30, Callable 11/1/29 @ 100 .............................. 514,000 532,447 Exxon Mobil Corp., 2.61%, 10/15/30, Callable 7/15/30 @ 100....................... 1,250,000 1,091,288 Florida Gas Transmission Co. LLC, 2.55%, 7/1/30, Callable 4/1/30 @ 100(a) ............ 1,500,000 1,213,125 Gray Oak Pipeline LLC, 3.45%, 10/15/27, Callable 8/15/27 @ 100(a) ................. 1,334,000 1,178,162 Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 11/1/28, Callable 11/1/23 @ 103.13(a).... 1,000,000 907,240 HollyFrontier Corp., 4.50%, 10/1/30, Callable 7/1/30 @ 100 ........................ 2,000,000 1,713,520 Midwest Connector Capital Co. LLC, 4.63%, 4/1/29, Callable 1/1/29 @ 100(a)........... 2,500,000 2,255,675 MPLX LP 4.25%, 12/1/27, Callable 9/1/27 @ 100 ................................... 500,000 472,280 4.00%, 3/15/28, Callable 12/15/27 @ 100 ................................. 750,000 698,603 4.80%, 2/15/29, Callable 11/15/28 @ 100 ................................. 250,000 239,120 Murphy Oil Corp., 5.75%, 8/15/25, Callable 2/6/23 @ 101.44 ....................... 278,000 276,154 Occidental Petroleum Corp., 4.40%, 8/15/49, Callable 2/15/49 @ 100 ................. 500,000 391,195 Pioneer Natural Resources Co., 1.90%, 8/15/30, Callable 5/15/30 @ 100 ............... 1,500,000 1,177,020 Plains All American Pipeline LP/PAA Finance Corp., 3.55%, 12/15/29, Callable 9/15/29 @ 100 ............................................................. 2,280,000 1,981,525 Rockies Express Pipeline LLC, 4.95%, 7/15/29, Callable 4/15/29 @ 100(a) ............. 1,000,000 907,940 Southwestern Energy Co., 7.75%, 10/1/27, Callable 2/6/23 @ 103.88.................. 500,000 516,250 22,746,975 Financials (7.3%): Ally Financial, Inc., 7.10%, 11/15/27, Callable 10/15/27 @ 100 ...................... 833,000 849,268 American Express Co., 4.99% (SOFR+226bps), 5/26/33, Callable 2/26/32 @ 100(b)....... 1,500,000 1,445,640 AmFam Holdings, Inc., 2.81%, 3/11/31, Callable 12/11/30 @ 100(a) .................. 1,000,000 766,620 Assurant, Inc., 2.65%, 1/15/32, Callable 10/15/31 @ 100........................... 1,000,000 741,380 Athene Global Funding 1.45%, 1/8/26 (a)(d)................................................. 1,000,000 877,030 2.72%, 1/7/29 (a) ................................................... 1,000,000 826,980 Athene Holding Ltd., 3.50%, 1/15/31, Callable 10/15/30 @ 100...................... 1,000,000 823,680 AXA Equitable Holdings, Inc., 4.35%, 4/20/28, Callable 1/20/28 @ 100................ 1,000,000 951,730 Bank of America Corp. 4.38% (H15T5Y+276bps), Callable 1/27/27 @ 100 (b)(e) ...................... 1,000,000 849,820 1.53% (SOFR+65bps), 12/6/25, Callable 12/6/24 @ 100, MTN (b) ............... 500,000 461,245 1.66% (SOFR+91bps), 3/11/27, Callable 3/11/26 @ 100 (b) .................... 1,500,000 1,325,520 2.57% (SOFR+121bps), 10/20/32, Callable 10/20/31 @ 100 (b).................. 2,750,000 2,157,265 Belrose Funding Trust, 2.33%, 8/15/30, Callable 5/15/30 @ 100(a) ................... 1,000,000 755,930 Blackstone Private Credit Fund, 2.63%, 12/15/26, Callable 11/15/26 @ 100(a) ........... 1,290,000 1,068,352 Blue Owl Finance LLC, 3.13%, 6/10/31, Callable 3/10/31 @ 100(a)................... 1,000,000 737,490 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-276.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Intermediate-Term Bond ETF 24 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value Brown & Brown, Inc., 4.20%, 3/17/32, Callable 12/17/31 @ 100 ..................... $1,000,000 $866,480 Cadence Bank, 4.13% (LIBOR03M+247bps), 11/20/29, Callable 11/20/24 @ 100(b)....... 625,000 582,781 Capital One Financial Corp. 3.75%, 7/28/26, Callable 6/28/26 @ 100 .................................. 1,000,000 944,050 2.36% (SOFR+134bps), 7/29/32, Callable 7/29/31 @ 100 (b) ................... 1,000,000 720,200 Citigroup, Inc., 2.52% (SOFR+118bps), 11/3/32, Callable 11/3/31 @ 100(b)............. 2,000,000 1,552,840 Citizens Financial Group, Inc. 2.50%, 2/6/30, Callable 11/6/29 @ 100 ................................... 2,000,000 1,608,360 5.64% (H15T5Y+275bps), 5/21/37, Callable 5/21/32 @ 100 (b).................. 1,000,000 929,580 Compeer Financial FLCA/Compeer Financial PCA, 3.38% (SOFR+197bps), 6/1/36, Callable 6/1/31 @ 100(a)(b).................................................. 500,000 374,660 Credit Acceptance Corp., 6.63%, 3/15/26, Callable 1/17/23 @ 103.31.................. 500,000 475,030 F&G Global Funding, 2.00%, 9/20/28(a) ...................................... 2,000,000 1,657,140 Fells Point Funding Trust, 3.05%, 1/31/27, Callable 12/31/26 @ 100(a) ................ 1,750,000 1,593,865 Fifth Third Bancorp 3.95%, 3/14/28, Callable 2/14/28 @ 100 .................................. 500,000 477,760 4.34% (SOFR+166bps), 4/25/33, Callable 4/25/32 @ 100 (b) ................... 1,739,000 1,592,802 First American Financial Corp., 2.40%, 8/15/31, Callable 5/15/31 @ 100 ............... 3,025,000 2,211,578 First Citizens BancShares, Inc., 3.38% (SOFR+247bps), 3/15/30, Callable 3/15/25 @ 100(b). 1,000,000 945,360 First Horizon Bank, 5.75%, 5/1/30, Callable 2/1/30 @ 100 ......................... 2,000,000 1,934,280 Ford Motor Credit Co. LLC 4.54%, 8/1/26, Callable 6/1/26 @ 100 .................................... 1,000,000 922,800 2.90%, 2/10/29, Callable 12/10/28 @ 100 ................................. 500,000 399,155 FS KKR Capital Corp., 4.63%, 7/15/24, Callable 6/15/24 @ 100 ..................... 1,000,000 967,980 GA Global Funding Trust 1.63%, 1/15/26 (a) .................................................. 250,000 221,865 2.90%, 1/6/32 (a) ................................................... 1,000,000 791,370 Global Atlantic Fin Co., 4.40%, 10/15/29, Callable 7/15/29 @ 100(a).................. 1,714,000 1,432,407 Guardian Life Global Funding, 1.25%, 5/13/26(a)................................ 2,000,000 1,768,300 Huntington Bancshares, Inc., 2.49%, 8/15/36, Callable 8/15/31 @ 100(a) ............... 1,000,000 723,830 ILFC E-Capital Trust I, 6.29%, 12/21/65, Callable 2/6/23 @ 100(a) ................... 500,000 284,565 JPMorgan Chase & Co. 4.60% (SOFR+313bps), Callable 2/1/25 @ 100 (b)(e)......................... 1,000,000 887,930 2.95% (SOFR+117bps), 2/24/28, Callable 2/24/27 @ 100 (b).................... 500,000 452,605 2.52% (SOFR+204bps), 4/22/31, Callable 4/22/30 @ 100 (b) ................... 2,500,000 2,045,300 1.95% (SOFR+1bps), 2/4/32, Callable 2/4/31 @ 100 (b) ....................... 2,333,000 1,785,842 KeyBank NA, 3.90%, 4/13/29.............................................. 1,500,000 1,336,440 KeyCorp. 2.25%, 4/6/27, MTN ................................................ 500,000 444,585 4.79% (SOFR+206bps), 6/1/33, Callable 6/1/32 @ 100, MTN (b) ................ 757,000 715,161 Level 3 Financing, Inc. 3.75%, 7/15/29, Callable 1/15/24 @ 101.88 (a).............................. 1,500,000 1,080,270 3.88%, 11/15/29, Callable 8/15/29 @ 100 (a) ............................... 1,500,000 1,182,330 Lincoln National Corp., 3.80%, 3/1/28, Callable 12/1/27 @ 100...................... 500,000 459,555 Loews Corp., 3.20%, 5/15/30, Callable 2/15/30 @ 100 ............................ 1,000,000 881,930 Main Street Capital Corp., 3.00%, 7/14/26, Callable 6/14/26 @ 100 ................... 1,000,000 862,630 MassMutual Global Funding II, 1.20%, 7/16/26(a) ............................... 1,500,000 1,322,445 Mercury General Corp., 4.40%, 3/15/27, Callable 12/15/26 @ 100 .................... 1,000,000 937,680 Metropolitan Life Global Funding I, 2.40%, 1/11/32(a) ............................ 2,000,000 1,612,160 Morgan Stanley 2.51% (SOFR+120bps), 10/20/32, Callable 10/20/31 @ 100, MTN (b)............. 3,000,000 2,344,770 2.48% (SOFR+136bps), 9/16/36, Callable 9/16/31 @ 100 (b) ................... 1,250,000 911,788 New York Community Bancorp, Inc., 5.90% (LIBOR03M+278bps), 11/6/28, Callable 11/6/23 @ 100(b)......................................................... 1,250,000 1,206,263 New York Life Global Funding, 1.85%, 8/1/31(a) ................................ 1,500,000 1,182,150 Northern Trust Corp., 6.13%, 11/2/32, Callable 8/2/32 @ 100 ....................... 1,000,000 1,057,120 OWL Rock Core Income Corp. 5.50%, 3/21/25 (a) .................................................. 500,000 485,375 3.13%, 9/23/26, Callable 8/23/26 @ 100 (a) ................................ 250,000 213,997 4.70%, 2/8/27, Callable 1/8/27 @ 100 (a).................................. 1,125,000 1,008,202 Pacific Life Global Funding II, 1.38%, 4/14/26(a)................................ 2,000,000 1,764,580 Pine Street Trust I, 4.57%, 2/15/29, Callable 11/15/28 @ 100(a)...................... 500,000 463,830 Primerica, Inc., 2.80%, 11/19/31, Callable 8/19/31 @ 100 .......................... 1,000,000 816,980 Principal Life Global Funding II, 1.25%, 8/16/26(a) .............................. 2,000,000 1,735,020 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-277.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Intermediate-Term Bond ETF 25 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value Protective Life Global Funding, 1.90%, 7/6/28(a) ................................ $2,000,000 $1,666,360 Prudential Financial, Inc. 3.94%, 12/7/49, Callable 6/7/49 @ 100 ................................... 1,000,000 785,020 6.00% (H15T5Y+323bps), 9/1/52, Callable 6/1/32 @ 100 (b)(d) ................. 1,000,000 972,140 Regions Financial Corp. 5.75% (H15T5Y+543bps), Callable 6/15/25 @ 100 (b)(d)(e) .................... 595,000 581,476 1.80%, 8/12/28, Callable 6/12/28 @ 100 .................................. 4,000,000 3,393,600 Santander Holdings USA, Inc., 4.40%, 7/13/27, Callable 4/14/27 @ 100................ 750,000 715,275 Stellantis Finance U.S., Inc., 2.69%, 9/15/31, Callable 6/15/31 @ 100(a) ............... 1,200,000 915,636 Stewart Information Services Corp., 3.60%, 11/15/31, Callable 8/15/31 @ 100 ........... 2,250,000 1,715,580 Synchrony Bank, 5.63%, 8/23/27, Callable 7/23/27 @ 100 ......................... 500,000 488,225 Synchrony Financial 4.50%, 7/23/25, Callable 4/23/25 @ 100 .................................. 500,000 480,525 5.15%, 3/19/29, Callable 12/19/28 @ 100 ................................. 500,000 471,690 Synovus Bank/Columbus GA, 4.00% (H15T5Y+363bps), 10/29/30, Callable 10/29/25 @ 100(b)........................................................... 500,000 464,770 Synovus Financial Corp., 5.90% (USSW5+338bps), 2/7/29, Callable 2/7/24 @ 100(b)...... 500,000 489,095 Texas Capital Bancshares, Inc., 4.00% (H15T5Y+315bps), 5/6/31, Callable 5/6/26 @ 100(b) . 1,000,000 874,600 Texas Capital Bank NA, 5.25%, 1/31/26 ...................................... 250,000 243,450 The Bank of New York Mellon Corp. 3.75% (H15T5Y+263bps), Callable 12/20/26 @ 100 (b)(e) ..................... 1,000,000 810,660 4.70% (H15T5Y+436bps), Callable 9/20/25 @ 100 (b)(e) ...................... 500,000 479,010 3.99% (SOFR+115bps), 6/13/28, Callable 6/13/27 @ 100, MTN (b)............... 1,000,000 956,570 The Huntington National Bank, 5.65%, 1/10/30, Callable 11/10/29 @ 100 .............. 1,000,000 1,004,110 The PNC Financial Services Group, Inc. 2.55%, 1/22/30, Callable 10/24/29 @ 100 ................................. 1,500,000 1,274,670 4.63% (SOFR+185bps), 6/6/33, Callable 6/6/32 @ 100 (b) ..................... 500,000 462,885 Truist Bank, 2.25%, 3/11/30, Callable 12/11/29 @ 100 ............................ 1,050,000 847,802 Truist Financial Corp., 4.25%, 9/30/24........................................ 750,000 732,457 UMB Financial Corp., 3.70% (H15T5Y+344bps), 9/17/30, Callable 9/17/25 @ 100(b) ..... 375,000 345,285 US BanCorp, 2.49% (H15T5Y+95bps), 11/3/36, Callable 11/3/31 @ 100(b) ............. 1,500,000 1,144,995 W R Berkley Corp., 3.55%, 3/30/52, Callable 9/30/51 @ 100........................ 1,172,000 807,895 Webster Financial Corp. 4.38%, 2/15/24, Callable 1/16/24 @ 100 .................................. 1,000,000 975,980 4.10%, 3/25/29, Callable 12/25/28 @ 100 ................................. 500,000 454,045 Wells Fargo & Co. 2.19% (SOFR+200bps), 4/30/26, Callable 4/30/25 @ 100 (b) ................... 750,000 698,062 3.00%, 10/23/26 ................................................... 1,000,000 924,330 Zions Bancorp NA, 3.25%, 10/29/29, Callable 7/29/29 @ 100 ....................... 1,000,000 819,490 96,809,614 Health Care (2.8%): AbbVie, Inc. 3.20%, 11/21/29, Callable 8/21/29 @ 100 ................................. 1,000,000 901,630 4.25%, 11/21/49, Callable 5/21/49 @ 100 ................................. 500,000 420,285 Amgen, Inc. 3.00%, 1/15/52, Callable 7/15/51 @ 100 .................................. 1,250,000 803,437 4.20%, 2/22/52, Callable 8/22/51 @ 100 .................................. 1,250,000 1,003,588 Anthem, Inc. 2.88%, 9/15/29, Callable 6/15/29 @ 100 .................................. 323,000 283,310 2.55%, 3/15/31, Callable 12/15/30 @ 100 ................................. 2,000,000 1,674,520 Baxter International, Inc., 2.54%, 2/1/32, Callable 11/1/31 @ 100 .................... 1,750,000 1,393,875 Bio Rad Laboratories, Inc., 3.30%, 3/15/27, Callable 2/15/27 @ 100 .................. 1,250,000 1,153,238 Bristol Myers Squibb Co., 3.90%, 2/20/28, Callable 11/20/27 @ 100 .................. 500,000 482,940 Centene Corp., 2.50%, 3/1/31, Callable 12/1/30 @ 100 ............................ 1,500,000 1,173,555 Cigna Corp., 2.38%, 3/15/31, Callable 12/15/30 @ 100 ............................ 2,000,000 1,635,820 CVS Health Corp. 1.75%, 8/21/30, Callable 5/21/30 @ 100 .................................. 3,500,000 2,751,315 2.13%, 9/15/31, Callable 6/15/31 @ 100 .................................. 2,000,000 1,585,000 DENTSPLY SIRONA, Inc., 3.25%, 6/1/30, Callable 3/1/30 @ 100.................... 4,000,000 3,313,000 Duke University Health System, Inc., 2.60%, 6/1/30 .............................. 2,000,000 1,650,600 Eastern Maine Healthcare Systems, 3.71%, 7/1/26 ............................... 335,000 317,600 Fresenius Medical Care U.S. Finance III, Inc., 2.38%, 2/16/31, Callable 11/16/30 @ 100(a) . . 2,500,000 1,833,000 Gilead Sciences, Inc., 1.20%, 10/1/27, Callable 8/1/27 @ 100 ....................... 1,000,000 849,300 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-278.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Intermediate-Term Bond ETF 26 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value HCA, Inc., 4.38%, 3/15/42, Callable 9/15/41 @ 100(a) ............................ $750,000 $599,385 Illumina, Inc., 2.55%, 3/23/31, Callable 12/23/30 @ 100 ........................... 2,000,000 1,600,440 Mylan NV, 3.95%, 6/15/26, Callable 3/15/26 @ 100 .............................. 1,000,000 934,590 Orlando Health Obligated Group 3.78%, 10/1/28, Callable 7/1/28 @ 100 ................................... 500,000 450,385 2.89%, 10/1/35 .................................................... 1,000,000 773,080 PerkinElmer, Inc. 2.55%, 3/15/31, Callable 12/15/30 @ 100 ................................. 1,500,000 1,211,610 2.25%, 9/15/31, Callable 6/15/31 @ 100 .................................. 500,000 391,500 Roche Holdings, Inc., 1.93%, 12/13/28, Callable 10/13/28 @ 100(a) .................. 1,500,000 1,284,255 Royalty Pharma PLC 2.20%, 9/2/30, Callable 6/2/30 @ 100 .................................... 2,000,000 1,562,740 2.15%, 9/2/31, Callable 6/2/31 @ 100 .................................... 1,500,000 1,132,815 Southern Illinois Healthcare Enterprises, Inc., 3.97%, 5/15/50, Callable 11/15/49 @ 100 .... 1,000,000 748,260 Universal Health Services, Inc., 2.65%, 1/15/32, Callable 10/15/31 @ 100(a) ............ 3,262,000 2,478,141 Viatris, Inc., 2.30%, 6/22/27, Callable 4/22/27 @ 100 ............................. 1,000,000 854,570 37,247,784 Industrials (3.6%): Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100 ................ 2,250,000 1,728,855 Air Lease Corp., 2.88%, 1/15/32, Callable 10/15/31 @ 100 ......................... 1,000,000 797,710 American Airlines Pass Through Trust 3.70%, 10/1/26 .................................................... 287,866 246,373 3.85%, 2/15/28 .................................................... 381,265 318,646 3.60%, 10/15/29 ................................................... 378,224 296,762 Arconic, Inc., 5.90%, 2/1/27 ............................................... 250,000 249,307 Ashtead Capital, Inc. 4.25%, 11/1/29, Callable 11/1/24 @ 102.13 (a).............................. 1,448,000 1,315,711 2.45%, 8/12/31, Callable 5/12/31 @ 100 (a) ................................ 667,000 515,064 5.50%, 8/11/32, Callable 5/11/32 @ 100 (a) ................................ 750,000 718,792 British Airways Pass Through Trust 3.35%, 6/15/29 (a) .................................................. 363,857 312,295 3.80%, 9/20/31 (a) .................................................. 539,546 489,498 Builders FirstSource, Inc., 6.38%, 6/15/32, Callable 6/15/27 @ 103.19(a)............... 500,000 470,720 Carlisle Cos., Inc., 2.75%, 3/1/30, Callable 12/1/29 @ 100 ......................... 1,000,000 832,070 Carrier Global Corp., 3.38%, 4/5/40, Callable 10/5/39 @ 100 ....................... 2,250,000 1,704,667 CoStar Group, Inc., 2.80%, 7/15/30, Callable 4/15/30 @ 100(a)...................... 2,091,000 1,713,073 Daimler Trucks Finance North America LLC, 2.38%, 12/14/28(a) .................... 1,050,000 884,478 Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28(a) ......................... 1,250,000 1,177,388 FedEx Corp., 4.05%, 2/15/48, Callable 8/15/47 @ 100 ............................ 2,250,000 1,709,100 Fluor Corp., 4.25%, 9/15/28, Callable 6/15/28 @ 100(d) ........................... 1,000,000 906,740 Fortune Brands Home & Security, Inc., 4.00%, 3/25/32, Callable 12/25/31 @ 100 ......... 1,250,000 1,084,887 GXO Logistics, Inc., 2.65%, 7/15/31, Callable 4/15/31 @ 100 ....................... 2,000,000 1,482,500 Hawaiian Airlines Pass Through Certificates, 3.90%, 1/15/26........................ 92,775 79,515 Hillenbrand, Inc. 5.00%, 9/15/26, Callable 7/15/26 @ 100 .................................. 1,000,000 964,530 3.75%, 3/1/31, Callable 3/1/26 @ 101.88 ................................. 350,000 288,599 Howmet Aerospace, Inc., 3.00%, 1/15/29, Callable 11/15/28 @ 100 ................... 1,500,000 1,267,770 Hubbell, Inc., 2.30%, 3/15/31, Callable 12/15/30 @ 100 ........................... 1,500,000 1,194,480 Huntington Ingalls Industries, Inc., 2.04%, 8/16/28, Callable 6/16/28 @ 100 ............. 1,500,000 1,236,705 IDEX Corp., 3.00%, 5/1/30, Callable 2/1/30 @ 100 .............................. 500,000 430,240 Ingersoll-Rand Global Holding Co. Ltd., 3.75%, 8/21/28, Callable 5/21/28 @ 100......... 500,000 472,935 JetBlue Pass Through Trust, 2.95%, 5/15/28 .................................... 211,274 178,869 Kennametal, Inc., 4.63%, 6/15/28, Callable 3/15/28 @ 100 ......................... 1,058,000 993,822 Leidos, Inc., 2.30%, 2/15/31, Callable 11/15/30 @ 100 ............................ 1,500,000 1,147,905 Northrop Grumman Corp., 3.25%, 1/15/28, Callable 10/15/27 @ 100 .................. 500,000 462,420 Otis Worldwide Corp., 3.11%, 2/15/40, Callable 8/15/39 @ 100...................... 1,000,000 737,070 Penske Truck Leasing Co. LP/PTL Finance Corp., 1.70%, 6/15/26, Callable 5/15/26 @ 100(a) 1,000,000 873,360 Pentair Finance Sarl, 5.90%, 7/15/32, Callable 4/15/32 @ 100 ....................... 2,000,000 1,981,940 Quanta Services, Inc. 2.90%, 10/1/30, Callable 7/1/30 @ 100 ................................... 1,500,000 1,235,025 2.35%, 1/15/32, Callable 10/15/31 @ 100 ................................. 250,000 190,020 Ryder System, Inc. 3.40%, 3/1/23, Callable 2/6/23 @ 100, MTN ............................... 1,000,000 997,060 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-279.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Intermediate-Term Bond ETF 27 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value 2.85%, 3/1/27, Callable 2/1/27 @ 100, MTN ............................... $2,000,000 $1,810,620 Southwest Airlines Co., 5.13%, 6/15/27, Callable 4/15/27 @ 100 ..................... 800,000 790,896 Spirit Airlines Pass Through Trust, 3.38%, 2/15/30 ............................... 1,028,958 853,788 The Boeing Co. 3.25%, 2/1/28, Callable 12/1/27 @ 100 ................................... 1,500,000 1,369,680 3.63%, 2/1/31, Callable 11/1/30 @ 100 ................................... 2,750,000 2,406,910 5.71%, 5/1/40, Callable 11/1/39 @ 100 ................................... 1,000,000 952,010 5.81%, 5/1/50, Callable 11/1/49 @ 100 ................................... 2,000,000 1,860,800 The Timken Co., 4.13%, 4/1/32, Callable 1/1/32 @ 100............................ 2,100,000 1,871,541 Union Pacific Corp., 3.25%, 2/5/50, Callable 8/5/49 @ 100 ......................... 1,000,000 731,340 United Airlines Pass Through Trust 4.88%, 1/15/26 .................................................... 261,366 246,045 3.70%, 3/1/30 ..................................................... 404,557 331,878 46,912,409 Information Technology (2.5%): Amphenol Corp. 4.35%, 6/1/29, Callable 3/1/29 @ 100 .................................... 500,000 476,745 2.20%, 9/15/31, Callable 6/15/31 @ 100 .................................. 1,125,000 891,360 Broadcom, Inc. 4.00%, 4/15/29, Callable 2/15/29 @ 100 (a) ................................ 500,000 455,010 2.45%, 2/15/31, Callable 11/15/30 @ 100 (a) ............................... 2,500,000 1,968,225 3.42%, 4/15/33, Callable 1/15/33 @ 100 (a) ................................ 2,000,000 1,605,360 4.93%, 5/15/37, Callable 2/15/37 @ 100 (a) ................................ 500,000 437,015 Dell International LLC/EMC Corp., 3.38%, 12/15/41, Callable 6/15/41 @ 100(a) ......... 500,000 335,805 Dell, Inc., 5.40%, 9/10/40 ................................................. 2,000,000 1,750,360 Global Payments, Inc. 2.90%, 11/15/31, Callable 8/15/31 @ 100 ................................. 1,500,000 1,185,465 5.40%, 8/15/32, Callable 5/15/32 @ 100 .................................. 1,000,000 953,380 HP, Inc. 4.00%, 4/15/29, Callable 2/15/29 @ 100 .................................. 1,500,000 1,373,400 2.65%, 6/17/31, Callable 3/17/31 @ 100 (a) ................................ 1,500,000 1,169,145 Jabil, Inc., 3.00%, 1/15/31, Callable 10/15/30 @ 100.............................. 1,474,000 1,219,249 Marvell Technology, Inc., 2.45%, 4/15/28, Callable 2/15/28 @ 100 ................... 1,050,000 882,903 Microsoft Corp. 3.45%, 8/8/36, Callable 2/8/36 @ 100 .................................... 2,000,000 1,774,860 2.53%, 6/1/50, Callable 12/1/49 @ 100 ................................... 750,000 499,807 Motorola Solutions, Inc. 2.75%, 5/24/31, Callable 2/24/31 @ 100 .................................. 1,000,000 798,000 5.60%, 6/1/32, Callable 3/1/32 @ 100 .................................... 1,000,000 975,700 Oracle Corp. 2.95%, 4/1/30, Callable 1/1/30 @ 100 .................................... 1,000,000 853,600 3.85%, 7/15/36, Callable 1/15/36 @ 100 .................................. 750,000 613,537 3.60%, 4/1/50, Callable 10/1/49 @ 100 ................................... 1,000,000 682,210 Qorvo, Inc., 3.38%, 4/1/31, Callable 4/1/26 @ 101.69(a)........................... 3,909,000 3,170,590 Skyworks Solutions, Inc., 3.00%, 6/1/31, Callable 3/1/31 @ 100 ..................... 1,200,000 939,972 Teledyne Technologies, Inc., 2.75%, 4/1/31, Callable 1/1/31 @ 100 ................... 2,000,000 1,638,380 TSMC Arizona Corp., 2.50%, 10/25/31, Callable 7/25/31 @ 100 ..................... 3,400,000 2,793,338 Western Digital Corp., 3.10%, 2/1/32, Callable 11/1/31 @ 100....................... 2,000,000 1,438,160 Workday, Inc., 3.70%, 4/1/29, Callable 2/1/29 @ 100 ............................. 1,500,000 1,375,950 32,257,526 Materials (2.0%): Albemarle Corp., 4.65%, 6/1/27, Callable 5/1/27 @ 100 ........................... 1,500,000 1,466,730 AptarGroup, Inc., 3.60%, 3/15/32, Callable 12/15/31 @ 100 ........................ 2,102,000 1,743,525 Avery Dennison Corp. 2.65%, 4/30/30, Callable 2/1/30 @ 100 ................................... 800,000 657,208 2.25%, 2/15/32, Callable 11/15/31 @ 100 ................................. 1,500,000 1,142,640 Ball Corp., 3.13%, 9/15/31, Callable 6/15/31 @ 100 .............................. 1,500,000 1,204,125 Bayport Polymers LLC, 4.74%, 4/14/27, Callable 3/14/27 @ 100(a)................... 1,500,000 1,394,340 Celanese U.S. Holdings LLC, 6.33%, 7/15/29, Callable 5/15/29 @ 100 ................ 641,000 623,905 Colonial Enterprises, Inc., 3.25%, 5/15/30, Callable 2/15/30 @ 100(a) ................. 1,000,000 866,700 Commercial Metals Co. 3.88%, 2/15/31, Callable 2/15/26 @ 101.94 ................................ 1,000,000 843,220 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-280.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Intermediate-Term Bond ETF 28 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value 4.38%, 3/15/32, Callable 3/15/27 @ 102.19 ................................ $500,000 $432,635 Eagle Materials, Inc., 2.50%, 7/1/31, Callable 4/1/31 @ 100 ........................ 2,500,000 1,955,100 Ecolab, Inc., 2.70%, 12/15/51, Callable 6/15/51 @ 100 ............................ 1,250,000 782,825 Freeport-McMoRan, Inc., 4.38%, 8/1/28, Callable 8/1/23 @ 102.19 ................... 1,500,000 1,406,520 Glencore Funding LLC 1.63%, 4/27/26, Callable 3/27/26 @ 100 (a) ................................ 700,000 619,542 2.50%, 9/1/30, Callable 6/1/30 @ 100 (a).................................. 500,000 405,975 2.85%, 4/27/31, Callable 1/27/31 @ 100 (a) ................................ 1,000,000 819,860 LYB International Finance III LLC 3.38%, 10/1/40, Callable 4/1/40 @ 100 ................................... 500,000 355,110 4.20%, 5/1/50, Callable 11/1/49 @ 100 ................................... 500,000 370,865 Martin Marietta Materials, Inc. 3.50%, 12/15/27, Callable 9/15/27 @ 100 ................................. 625,000 580,187 2.40%, 7/15/31, Callable 4/15/31 @ 100 .................................. 1,000,000 799,170 NewMarket Corp., 2.70%, 3/18/31, Callable 12/18/30 @ 100........................ 1,250,000 985,787 Packaging Corp. of America 3.40%, 12/15/27, Callable 9/15/27 @ 100 ................................. 500,000 460,655 3.05%, 10/1/51, Callable 4/1/51 @ 100 ................................... 1,875,000 1,204,013 Reliance Steel & Aluminum Co. 4.50%, 4/15/23, Callable 1/15/23 @ 100 .................................. 500,000 499,805 2.15%, 8/15/30, Callable 5/15/30 @ 100 .................................. 1,000,000 790,010 The Dow Chemical Co., 6.30%, 3/15/33, Callable 12/15/32 @ 100.................... 1,500,000 1,580,445 Vulcan Materials Co. 3.90%, 4/1/27, Callable 1/1/27 @ 100 .................................... 500,000 474,795 3.50%, 6/1/30, Callable 3/1/30 @ 100 .................................... 1,000,000 881,500 WRKCo, Inc., 3.00%, 6/15/33, Callable 3/15/33 @ 100............................ 1,500,000 1,196,985 26,544,177 Real Estate (1.5%): Alexandria Real Estate Equities, Inc., 2.00%, 5/18/32, Callable 2/18/32 @ 100 ........... 2,750,000 2,116,015 AvalonBay Communities, Inc. 3.20%, 1/15/28, Callable 10/15/27 @ 100, MTN ............................ 750,000 685,725 2.45%, 1/15/31, Callable 10/17/30 @ 100, MTN ............................ 1,000,000 825,580 Boston Properties LP 2.55%, 4/1/32, Callable 1/1/32 @ 100 .................................... 1,250,000 952,537 2.45%, 10/1/33, Callable 7/1/33 @ 100 ................................... 1,000,000 723,170 CBRE Services, Inc., 2.50%, 4/1/31, Callable 1/1/31 @ 100 ........................ 500,000 395,180 Crown Castle International Corp. 2.25%, 1/15/31, Callable 10/15/30 @ 100 ................................. 1,500,000 1,199,535 2.90%, 4/1/41, Callable 10/1/40 @ 100 ................................... 1,750,000 1,200,325 Essex Portfolio LP 1.70%, 3/1/28, Callable 1/1/28 @ 100 .................................... 1,000,000 834,080 2.65%, 3/15/32, Callable 12/15/31 @ 100 ................................. 1,000,000 790,290 GLP Capital LP/GLP Financing II, Inc. 4.00%, 1/15/31, Callable 10/15/30 @ 100 ................................. 1,000,000 850,500 3.25%, 1/15/32, Callable 10/15/31 @ 100 ................................. 933,000 746,587 Host Hotels & Resorts LP 3.38%, 12/15/29, Callable 9/15/29 @ 100 ................................. 500,000 418,425 3.50%, 9/15/30, Callable 6/15/30 @ 100 .................................. 1,017,000 838,933 Hudson Pacific Properties LP 3.95%, 11/1/27, Callable 8/1/27 @ 100 ................................... 500,000 425,285 4.65%, 4/1/29, Callable 1/1/29 @ 100 .................................... 500,000 426,670 3.25%, 1/15/30, Callable 10/15/29 @ 100 ................................. 1,500,000 1,144,275 Kilroy Realty LP, 2.65%, 11/15/33, Callable 8/15/33 @ 100 ........................ 2,000,000 1,376,060 Physicians Realty LP, 2.63%, 11/1/31, Callable 8/1/31 @ 100 ....................... 1,000,000 779,620 SBA Tower Trust, 6.60%, 1/15/28, Callable 1/15/27 @ 100(a) ....................... 1,158,000 1,155,171 VICI Properties LP, 5.13%, 5/15/32, Callable 2/15/32 @ 100........................ 2,000,000 1,853,940 Vornado Realty LP, 3.50%, 1/15/25, Callable 11/15/24 @ 100 ....................... 500,000 469,735 20,207,638 Utilities (2.5%): AEP Texas, Inc., 3.45%, 1/15/50, Callable 7/15/49 @ 100 .......................... 1,500,000 1,062,165 Alabama Power Co., 3.13%, 7/15/51, Callable 1/15/51 @ 100 ....................... 2,000,000 1,381,040 Ameren Corp. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-281.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Intermediate-Term Bond ETF 29 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value 1.75%, 3/15/28, Callable 1/15/28 @ 100 .................................. $1,400,000 $1,187,522 3.50%, 1/15/31, Callable 10/15/30 @ 100 ................................. 1,000,000 882,760 American Water Capital Corp., 2.95%, 9/1/27, Callable 6/1/27 @ 100 ................. 1,000,000 922,160 Appalachian Power Co., 2.70%, 4/1/31, Callable 1/1/31 @ 100 ...................... 1,500,000 1,233,630 CenterPoint Energy, Inc., 2.65%, 6/1/31, Callable 3/1/31 @ 100...................... 1,500,000 1,236,180 Dominion Energy, Inc., 2.25%, 8/15/31, Callable 5/15/31 @ 100 ..................... 1,500,000 1,191,540 DTE Electric Co. 2.25%, 3/1/30, Callable 12/1/29 @ 100 ................................... 1,000,000 843,170 3.00%, 3/1/32, Callable 12/1/31 @ 100 ................................... 1,000,000 863,520 3.65%, 3/1/52, Callable 9/1/51 @ 100 .................................... 500,000 389,560 Duke Energy Carolinas LLC, 2.85%, 3/15/32, Callable 12/15/31 @ 100 ................ 750,000 633,645 Duquesne Light Holdings, Inc., 2.78%, 1/7/32, Callable 10/7/31 @ 100(a) .............. 1,200,000 939,972 Entergy Corp., 1.90%, 6/15/28, Callable 4/15/28 @ 100 ........................... 2,000,000 1,692,740 Entergy Louisiana LLC, 4.00%, 3/15/33, Callable 12/15/32 @ 100.................... 1,000,000 901,470 Florida Power & Light Co., 2.88%, 12/4/51, Callable 6/4/51 @ 100 ................... 1,000,000 680,960 IPALCO Enterprises, Inc., 4.25%, 5/1/30, Callable 2/1/30 @ 100 ..................... 1,525,000 1,355,633 ITC Holdings Corp., 4.95%, 9/22/27, Callable 8/22/27 @ 100(a) ..................... 1,000,000 987,920 NextEra Energy Capital Holdings, Inc. 4.47% (SOFR+40bps), 11/3/23, Callable 2/10/23 @ 100 (b) .................... 1,500,000 1,494,015 2.44%, 1/15/32, Callable 10/15/31 @ 100 ................................. 2,000,000 1,611,860 NRG Energy, Inc., 4.45%, 6/15/29, Callable 3/15/29 @ 100(a)....................... 1,000,000 881,480 Oglethorpe Power Corp., 4.50%, 4/1/47, Callable 10/1/46 @ 100(a)................... 938,000 746,217 Oncor Electric Delivery Co. LLC, 2.70%, 11/15/51, Callable 5/15/51 @ 100(a)........... 1,500,000 984,630 Public Service Co. of Colorado, 1.88%, 6/15/31, Callable 12/15/30 @ 100 .............. 2,000,000 1,592,380 Public Service Electric & Gas Co., 1.90%, 8/15/31, Callable 5/15/31 @ 100, MTN ........ 2,000,000 1,594,740 Rayburn Country Securitization LLC, 2.31%, 12/1/30(a)........................... 955,361 858,229 South Jersey Industries, Inc., 5.02%, 4/15/31 ................................... 1,000,000 771,510 Southern Co. Gas Capital Corp., 1.75%, 1/15/31, Callable 10/15/30 @ 100.............. 1,000,000 764,220 Southwestern Electric Power Co., 3.25%, 11/1/51, Callable 5/1/51 @ 100............... 750,000 495,915 The AES Corp., 2.45%, 1/15/31, Callable 10/15/30 @ 100.......................... 1,000,000 792,640 Vistra Operations Co. LLC, 4.30%, 7/15/29, Callable 4/15/29 @ 100(a) ................ 500,000 448,800 Wisconsin Public Service Corp., 2.85%, 12/1/51, Callable 6/1/51 @ 100 ............... 1,250,000 803,950 Xcel Energy, Inc., 2.35%, 11/15/31, Callable 5/15/31 @ 100 ........................ 500,000 399,035 32,625,208 Total Corporate Bonds (Cost $474,510,216) 402,759,095 Yankee Dollars (8.2%) Communication Services (0.3%): British Telecommunications PLC, 3.25%, 11/8/29, Callable 8/8/29 @ 100(a) ............ 1,000,000 849,960 Rogers Communications, Inc., 3.80%, 3/15/32, Callable 12/15/31 @ 100(a) ............. 4,000,000 3,452,160 4,302,120 Consumer Discretionary (0.5%): Ascot Group Ltd., 4.25%, 12/15/30, Callable 12/15/25 @ 100(a) ..................... 1,000,000 861,810 Bacardi Ltd. 4.45%, 5/15/25, Callable 3/15/25 @ 100 (a) ................................ 1,500,000 1,456,515 2.75%, 7/15/26, Callable 4/15/26 @ 100 (a) ................................ 500,000 453,540 4.70%, 5/15/28, Callable 2/15/28 @ 100 (a) ................................ 500,000 480,310 GENM Capital Labuan Ltd., 3.88%, 4/19/31, Callable 1/19/31 @ 100(a) ............... 1,500,000 1,136,895 International Game Technology PLC, 5.25%, 1/15/29, Callable 1/15/24 @ 102.63(a)....... 1,000,000 938,620 Nemak SAB de CV, 3.63%, 6/28/31, Callable 3/28/31 @ 100(a) ..................... 1,269,000 981,381 6,309,071 Consumer Staples (0.6%): Alimentation Couche-Tard, Inc. 2.95%, 1/25/30, Callable 10/25/29 @ 100 (a) ............................... 667,000 563,615 3.44%, 5/13/41, Callable 11/13/40 @ 100 (a) ............................... 750,000 534,540 Becle SAB de CV, 2.50%, 10/14/31, Callable 7/14/31 @ 100(a)...................... 1,750,000 1,350,090 CK Hutchison International 19 II Ltd., 2.75%, 9/6/29, Callable 6/6/29 @ 100(a) .......... 1,500,000 1,291,710 Imperial Brands Finance PLC, 3.88%, 7/26/29, Callable 4/26/29 @ 100(a) .............. 1,000,000 854,270 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-282.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Intermediate-Term Bond ETF 30 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value 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 $620,085 JDE Peet's NV, 2.25%, 9/24/31, Callable 6/24/31 @ 100(a) ......................... 3,000,000 2,235,960 7,450,270 Energy (0.5%): Aker BP ASA, 4.00%, 1/15/31, Callable 10/15/30 @ 100(a) ........................ 750,000 659,168 BP Capital Markets PLC 4.38% (H15T5Y+404bps), Callable 6/22/25 @ 100 (b)(e) ...................... 2,000,000 1,904,980 4.88% (H15T5Y+440bps), Callable 3/22/30 @ 100 (b)(e) ...................... 750,000 656,625 Korea National Oil Corp., 2.63%, 4/18/32(a) ................................... 1,500,000 1,221,165 Petroleos Mexicanos, 6.70%, 2/16/32, Callable 11/16/31 @ 100(a).................... 500,000 393,650 Shell International Finance BV, 2.88%, 11/26/41, Callable 5/26/41 @ 100 .............. 1,500,000 1,091,925 Transocean Guardian Ltd., 5.88%, 1/15/24, Callable 2/6/23 @ 101.47(a) ............... 271,397 265,893 Var Energi ASA, 8.00%, 11/15/32, Callable 8/15/32 @ 100(a) ....................... 1,000,000 1,030,900 7,224,306 Financials (4.4%): ABN AMRO Bank NV, 4.80%, 4/18/26(a) ..................................... 500,000 479,510 ANZ Bank New Zealand Ltd., 5.55%, 8/11/32, Callable 8/11/27 @ 100(a) .............. 833,000 809,584 Bank of Montreal, 3.09% (H15T5Y+140bps), 1/10/37, Callable 1/10/32 @ 100(b) ........ 1,500,000 1,138,590 Bank of New Zealand 1.00%, 3/3/26 (a) ................................................... 1,600,000 1,404,832 2.87%, 1/27/32 (a) .................................................. 750,000 618,285 Barclays PLC 2.28% (H15T1Y+105bps), 11/24/27, Callable 11/24/26 @ 100 (b) ................ 2,000,000 1,733,580 5.75% (H15T1Y+300bps), 8/9/33, Callable 8/9/32 @ 100 (b) ................... 500,000 473,280 7.44% (H15T1Y+350bps), 11/2/33, Callable 11/2/32 @ 100 (b).................. 1,000,000 1,052,760 BNP Paribas SA, 4.71% (LIBOR03M+224bps), 1/10/25, Callable 1/10/24 @ 100(a)(b)..... 1,000,000 989,300 BPCE SA 4.00%, 9/12/23 (a) .................................................. 500,000 493,885 3.25%, 1/11/28 (a) .................................................. 1,000,000 896,850 5.75% (SOFR+287bps), 7/19/33, Callable 7/19/32 @ 100 (a)(b) ................. 1,000,000 953,980 Brookfield Finance, Inc., 2.72%, 4/15/31, Callable 1/15/31 @ 100 .................... 1,000,000 800,360 Commonwealth Bank of Australia 2.69%, 3/11/31 (a) .................................................. 1,000,000 769,030 3.78%, 3/14/32 (a) .................................................. 2,000,000 1,643,300 Cooperatieve Rabobank UA 1.11% (H15T1Y+55bps), 2/24/27, Callable 2/24/26 @ 100 (a)(b)................. 2,000,000 1,741,720 4.00% (USSW5+189bps), 4/10/29, Callable 4/10/24 @ 100, MTN (b) ............. 600,000 572,609 Credit Agricole SA, 3.25%, 10/4/24(a)........................................ 1,250,000 1,204,525 Credit Suisse Group AG 2.19% (SOFR+204bps), 6/5/26, Callable 6/5/25 @ 100 (a)(b) ................... 1,000,000 854,310 1.31% (SOFR+98bps), 2/2/27, Callable 2/2/26 @ 100 (a)(b) .................... 1,000,000 795,420 6.54% (SOFR+392bps), 8/12/33, Callable 8/12/32 @ 100 (a)(b) ................. 2,174,000 1,909,816 9.02% (SOFR+502bps), 11/15/33, Callable 11/15/32 @ 100 (a)(b)................ 500,000 514,355 Credit Suisse Group Funding Guernsey Ltd., 3.75%, 3/26/25(d)...................... 500,000 451,530 Deutsche Bank AG, 3.74% (SOFR+226bps), 1/7/33, Callable 10/7/31 @ 100(b) .......... 3,750,000 2,684,550 Federation des Caisses Desjardins du Quebec, 4.55%, 8/23/27(a) ..................... 2,000,000 1,919,120 HSBC Holdings PLC 2.21% (SOFR+129bps), 8/17/29, Callable 8/17/28 @ 100 (b) ................... 1,000,000 807,670 8.11% (SOFR+425bps), 11/3/33, Callable 11/3/32 @ 100 (b).................... 1,000,000 1,059,750 ING Groep NV, 2.73% (SOFR+112bps), 4/1/32, Callable 4/1/31 @ 100(b) .............. 2,000,000 1,589,220 JAB Holdings BV, 4.50%, 4/8/52, Callable 10/8/51 @ 100(a) ....................... 1,000,000 679,100 Lloyds Banking Group PLC 1.63% (H15T1Y+85bps), 5/11/27, Callable 5/11/26 @ 100 (b)................... 1,000,000 864,900 3.57% (LIBOR03M+121bps), 11/7/28, Callable 11/7/27 @ 100 (b) ............... 250,000 224,827 7.95% (H15T1Y+375bps), 11/15/33, Callable 8/15/32 @ 100 (b)................. 606,000 642,239 Macquarie Bank Ltd., 3.05% (H15T5Y+170bps), 3/3/36, Callable 3/3/31 @ 100(a)(b)...... 1,250,000 906,900 Macquarie Group Ltd., 4.10% (SOFR+213bps), 6/21/28, Callable 6/21/27 @ 100(a)(b)(d)... 1,000,000 937,930 Mitsubishi UFJ Financial Group, Inc., 5.02% (H15T1Y+195bps), 7/20/28, Callable 7/20/27 @ 100(b)........................................................... 1,500,000 1,464,270 Mizuho Financial Group, Inc. 2.56%, 9/13/31 .................................................... 1,000,000 764,630 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-283.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Intermediate-Term Bond ETF 31 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value 2.17% (H15T1Y+87bps), 5/22/32, Callable 5/22/31 @ 100 (b) .................. $1,500,000 $1,140,765 National Australia Bank Ltd., 3.93% (H15T5Y+188bps), 8/2/34, Callable 8/2/29 @ 100(a)(b) 1,500,000 1,263,735 Nationwide Building Society 4.36% (LIBOR03M+139bps), 8/1/24, Callable 8/1/23 @ 100 (a)(b) ............... 750,000 740,340 4.30% (LIBOR03M+145bps), 3/8/29, Callable 3/8/28 @ 100 (a)(b) ............... 250,000 224,575 3.96% (LIBOR03M+186bps), 7/18/30, Callable 7/18/29 @ 100 (a)(b) ............. 500,000 436,455 Nomura Holdings, Inc., 5.61%, 7/6/29 ........................................ 1,500,000 1,471,365 Phoenix Group Holdings PLC, 5.38%, 7/6/27, MTN .............................. 1,000,000 941,250 Port of Newcastle Investments Financing Pty Ltd., 5.90%, 11/24/31, Callable 8/24/31 @ 100(a)........................................................... 1,000,000 820,080 Royal Bank of Scotland Group PLC, 4.45% (LIBOR03M+187bps), 5/8/30, Callable 5/8/29 @ 100(b)........................................................... 1,000,000 907,850 Santander UK Group Holdings PLC, 2.90% (SOFR+148bps), 3/15/32, Callable 3/15/31 @ 100(b)........................................................... 2,000,000 1,545,660 Societe Generale SA 1.49% (H15T1Y+1bps), 12/14/26, Callable 12/14/25 @ 100 (a)(b)................ 500,000 435,695 3.34% (H15T1Y+160bps), 1/21/33, Callable 1/21/32 @ 100 (a)(b)................ 1,000,000 785,450 6.22% (H15T1Y+320bps), 6/15/33, Callable 6/15/32 @ 100 (a)(b)................ 1,000,000 936,680 Standard Chartered PLC 7.77% (H15T1Y+345bps), 11/16/28, Callable 11/16/27 @ 100 (a)(b)(d)............ 1,000,000 1,059,660 4.87% (LIBOR03M+197bps), 3/15/33, Callable 3/15/28 @ 100 (a)(b) ............. 500,000 439,280 Sumitomo Mitsui Financial Group, Inc., 2.22%, 9/17/31(d) ......................... 1,500,000 1,156,560 Swedbank AB, 0.85%, 3/18/24(a) ........................................... 1,500,000 1,422,585 The Bank of Nova Scotia 4.50%, 12/16/25 ................................................... 500,000 490,535 1.30%, 9/15/26 .................................................... 1,000,000 874,430 2.45%, 2/2/32 ..................................................... 1,000,000 804,850 The Toronto-Dominion Bank, 2.00%, 9/10/31................................... 1,500,000 1,180,815 Westpac Banking Corp. 4.32% (USISDA05+224bps), 11/23/31, Callable 11/23/26 @ 100 (b) .............. 1,000,000 937,230 2.67% (H15T5Y+2bps), 11/15/35, Callable 11/15/30 @ 100 (b).................. 1,000,000 742,930 3.02% (H15T5Y+153bps), 11/18/36, Callable 11/18/31 @ 100 (b) ................ 1,000,000 739,820 58,345,112 Health Care (0.4%): Olympus Corp., 2.14%, 12/8/26, Callable 11/8/26 @ 100(a) ........................ 758,000 670,860 Smith & Nephew PLC, 2.03%, 10/14/30, Callable 7/14/30 @ 100 .................... 3,900,000 3,061,227 STERIS Irish FinCo Unlimited Co., 2.70%, 3/15/31, Callable 12/15/30 @ 100 ........... 2,000,000 1,624,900 5,356,987 Industrials (0.6%): Air Canada Pass Through Trust, 4.13%, 5/15/25(a) ............................... 1,713,965 1,555,098 Aircastle Ltd. 4.40%, 9/25/23, Callable 8/25/23 @ 100 .................................. 500,000 494,680 4.25%, 6/15/26, Callable 4/15/26 @ 100 .................................. 1,000,000 941,480 BAE Systems PLC, 3.40%, 4/15/30, Callable 1/15/30 @ 100(a)...................... 750,000 660,248 Canadian Pacific Railway Co., 2.45%, 12/2/31, Callable 9/2/31 @ 100 ................. 833,000 693,339 Ferguson Finance PLC 3.25%, 6/2/30, Callable 3/2/30 @ 100 (a).................................. 1,800,000 1,525,356 4.65%, 4/20/32, Callable 1/20/32 @ 100 (a) ................................ 750,000 684,450 Rolls-Royce PLC, 3.63%, 10/14/25, Callable 7/14/25 @ 100(a) ...................... 275,000 253,151 Siemens Financieringsmaatschappij NV 1.70%, 3/11/28 (a) .................................................. 1,000,000 854,690 2.15%, 3/11/31 (a) .................................................. 1,000,000 813,960 8,476,452 Information Technology (0.1%): NXP BV/NXP Funding LLC/NXP USA, Inc., 2.65%, 2/15/32, Callable 11/15/31 @ 100(a) . . 1,500,000 1,173,270 Open Text Corp., 6.90%, 12/1/27, Callable 11/1/27 @ 100(a)........................ 686,000 691,680 1,864,950 Materials (0.4%): Anglo American Capital PLC, 4.00%, 9/11/27(a) ................................ 1,000,000 946,000 ArcelorMittal SA, 6.80%, 11/29/32, Callable 8/29/32 @ 100 ........................ 1,500,000 1,495,410 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-284.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Intermediate-Term Bond ETF 32 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value Braskem Netherlands Finance BV, 4.50%, 1/31/30(a) ............................. $1,000,000 $849,510 CCL Industries, Inc., 3.05%, 6/1/30, Callable 3/1/30 @ 100(a)....................... 2,000,000 1,645,800 4,936,720 Real Estate (0.2%): Ontario Teachers' Cadillac Fairview Properties Trust, 2.50%, 10/15/31, Callable 7/15/31 @ 100(a)........................................................... 3,233,000 2,434,255 Utilities (0.2%): Enel Finance International NV 1.88%, 7/12/28, Callable 5/12/28 @ 100 (a) ................................ 2,000,000 1,589,280 7.50%, 10/14/32, Callable 7/14/32 @ 100 (a) ............................... 500,000 531,350 2,120,630 Total Yankee Dollars (Cost $126,061,409) 108,820,873 Municipal Bonds (2.5%) Arizona (0.1%): The University of Arizona Revenue, Series A, 1.82%, 6/1/30 ....................... 1,000,000 790,260 California (0.2%): California Statewide Communities Development Authority Revenue, 1.73%, 4/1/27 ....... 1,000,000 848,851 City of El Cajon Revenue Series A, 1.70%, 4/1/2027 ............................................ 620,000 539,220 Series A, 1.90%, 4/1/2028 ............................................ 500,000 425,269 San Jose Redevelopment Agency Successor Agency Tax Allocation, Series A-T, 3.13%, 8/1/28, Continuously Callable @100 .......................................... 500,000 452,538 2,265,878 Colorado (0.1%): City & County of Denver Co. Airport System Revenue, Series C, 2.14%, 11/15/29 ........ 1,500,000 1,247,214 Connecticut (0.1%): State of Connecticut, GO Series A, 3.43%, 4/15/2028 ........................................... 500,000 467,318 Series A, 2.55%, 7/1/2028 ............................................ 800,000 712,542 1,179,860 Florida (0.3%): County of Miami-Dade Seaport Department Revenue, Series B-3, 2.34%, 10/1/33, Continuously Callable @100 .......................................... 1,500,000 1,134,976 Florida Development Finance Corp. Revenue, Series A, 3.22%, 2/1/32, Continuously Callable @100 ........................................................... 1,020,000 844,642 Hillsborough County IDA Revenue, 3.58%, 8/1/35, Continuously Callable @100 ......... 1,500,000 1,276,146 Hillsborough County School Board Certificate of Participation, Series B, 1.92%, 7/1/25 .... 750,000 695,287 3,951,051 Georgia (0.1%): City of Atlanta GA Water & Wastewater Revenue, 2.26%, 11/1/35, Continuously Callable @100 ........................................................... 1,500,000 1,124,560 Hawaii (0.0%):(f) State of Hawaii Airports System Revenue, Series E, 1.81%, 7/1/27 ................... 915,000 781,264 Illinois (0.0%):(f) Illinois Finance Authority Revenue, 3.55%, 8/15/29 .............................. 500,000 444,264 Louisiana (0.1%): Louisiana Local Government Environmental Facilities & Community Development Authority Revenue 1.55%, 2/1/2027 ................................................... 700,000 609,558 Series A, 4.48%, 8/1/2039 ............................................ 835,000 776,930 Louisiana Public Facilities Authority Revenue, 2.28%, 6/1/30 ....................... 500,000 396,355 1,782,843 Michigan (0.1%): Michigan Finance Authority Revenue |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-285.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Intermediate-Term Bond ETF 33 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value 2.47%, 12/1/2025 .................................................. $1,000,000 $928,557 3.08%, 12/1/2034 .................................................. 1,000,000 830,161 1,758,718 New Jersey (0.2%): New Jersey Economic Development Authority Revenue, Series NNN, 3.47%, 6/15/27 ..... 1,000,000 931,641 New Jersey Health Care Facilities Financing Authority Revenue, Series A, 3.36%, 7/1/40 ... 1,000,000 728,824 New Jersey Transportation Trust Fund Authority Revenue, 4.08%, 6/15/39 ............. 385,000 317,441 South Jersey Transportation Authority Revenue, Series B, 2.38%, 11/1/27 .............. 900,000 778,257 2,756,163 New York (0.1%): New York City Industrial Development Agency Revenue, 2.73%, 3/1/34 ............... 1,500,000 1,142,683 New York State Dormitory Authority Revenue, Series A, 2.46%, 7/1/32 ................ 750,000 591,625 1,734,308 Oklahoma (0.1%): The University of Oklahoma Revenue, Series C, 2.05%, 7/1/29 ...................... 1,000,000 823,065 Pennsylvania (0.2%): Commonwealth Financing Authority Revenue, Series A, 3.63%, 6/1/29 ................ 500,000 455,696 Public Parking Authority Of Pittsburgh Revenue, 2.33%, 12/1/29 .................... 895,000 746,851 State Public School Building Authority Revenue, 3.15%, 4/1/30 ..................... 1,290,000 1,093,232 2,295,779 Texas (0.6%): City of Houston Airport System Revenue, Series C, 2.09%, 7/1/28 ................... 750,000 638,527 City of San Antoni, GO, 1.76%, 2/1/31, Continuously Callable @100 ................. 630,000 498,333 County of Bexar Revenue, 2.28%, 8/15/32, Continuously Callable @100 ............... 1,070,000 820,164 Harris County Cultural Education Facilities Finance Corp. Revenue 3.34%, 11/15/2037 ................................................. 2,000,000 1,583,064 Series D, 2.28%, 7/1/2034 ............................................ 370,000 268,085 North Texas Tollway Authority Revenue, 1.02%, 1/1/25 ........................... 1,000,000 925,038 San Antonio Education Facilities Corp. Revenue, 2.50%, 4/1/29 ..................... 1,270,000 1,045,181 Tarrant County Cultural Education Facilities Finance Corp. Revenue 1.63%, 9/1/2026 ................................................... 525,000 460,811 1.82%, 9/1/2027 ................................................... 700,000 598,427 Uptown Development Authority Tax Allocation Series B, 2.58%, 9/1/2031 ............................................ 270,000 214,180 Series B, 2.78%, 9/1/2033, Continuously Callable @100 ...................... 500,000 386,843 7,438,653 Virginia (0.1%): Virginia Housing Development Authority Revenue Series J, 1.97%, 11/1/2028 ............................................ 225,000 192,785 Series J, 2.27%, 11/1/2031, Continuously Callable @100 ...................... 225,000 181,177 Series J, 2.42%, 11/1/2032, Continuously Callable @100 ...................... 275,000 218,878 Series J, 2.47%, 11/1/2033, Continuously Callable @100 ...................... 270,000 211,096 Series J, 2.52%, 11/1/2034, Continuously Callable @100 ...................... 250,000 192,310 Series J, 2.57%, 11/1/2035, Continuously Callable @100 ...................... 300,000 227,665 1,223,911 Washington (0.1%): Washington State University Revenue, Series A, 2.24%, 10/1/28 ..................... 1,000,000 850,359 Total Municipal Bonds (Cost $38,937,021) 32,448,150 U.S. Government Agency Mortgages (7.1%) Federal Home Loan Mortgage Corp. Series K028, Class A2, 3.11%, 2/25/23 ................................... 214,730 214,730 Series K059, Class A2, 3.12%, 9/25/26 (c) ................................. 1,000,000 952,382 Series KIR3, Class A2, 3.28%, 8/25/27 ................................... 1,500,000 1,426,448 Series K069, Class A2, 3.19%, 9/25/27 (c) ................................. 86,000 81,475 Series K071, Class A2, 3.29%, 11/25/27 .................................. 500,000 475,175 Series K075, Class A2, 3.65%, 2/25/28 (c) ................................. 500,000 482,405 Series K087, Class A2, 3.77%, 12/25/28 .................................. 500,000 481,208 Series K091, Class A2, 3.51%, 3/25/29 ................................... 1,250,000 1,183,522 Series K095, Class A2, 2.79%, 6/25/29 ................................... 1,000,000 904,710 Series K097, Class A2, 2.51%, 7/25/29 ................................... 2,000,000 1,774,617 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-286.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Intermediate-Term Bond ETF 34 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value Series K096, Class A2, 2.52%, 7/25/29 ................................... $1,000,000 $888,751 Series KG02, Class A2, 2.41%, 8/25/29 .................................. 909,000 801,780 Series K100, Class A2, 2.67%, 9/25/29 ................................... 545,000 487,487 Series K159, Class A2, 3.95%, 11/25/30 (c) ................................ 500,000 481,103 3.00%, 3/1/31 - 2/1/33 ............................................... 229,440 217,514 3.50%, 5/1/33 - 11/1/47 .............................................. 1,202,310 1,124,177 Series K-1510, Class A3, 3.79%, 1/25/34 ................................. 1,000,000 931,092 Series K-1512, Class A3, 3.06%, 4/25/34 ................................. 1,000,000 864,274 4.00%, 7/1/42 - 9/1/52 ............................................... 2,543,666 2,411,288 4.50%, 12/1/45 .................................................... 75,068 74,376 5.00%, 9/1/52 ..................................................... 2,907,820 2,864,511 19,123,025 Federal National Mortgage Association Series 2018-M4, Class A2, 3.06%, 3/25/28 (c) .............................. 448,042 421,982 Series 2019-M1, Class A2, 3.55%, 9/25/28 (c) .............................. 674,330 644,828 Series 2019-M12, Class A2, 2.89%, 6/25/29 (c) ............................. 1,000,000 909,715 2.50%, 11/1/34 .................................................... 267,836 246,523 4.00%, 12/1/41 - 6/1/52 .............................................. 27,636,824 25,956,591 4.00%, 9/1/42 (g)................................................... 3,572,779 3,393,909 3.50%, 9/1/45 - 2/1/50 ............................................... 4,318,531 3,991,600 4.50%, 8/1/47 - 9/1/52 ............................................... 25,969,358 24,996,808 3.00%, 2/1/50 - 2/1/52 ............................................... 2,383,747 2,110,427 2.00%, 11/1/51 - 12/1/51 ............................................. 3,217,480 2,629,132 5.00%, 6/1/52 ..................................................... 2,855,215 2,812,690 5.50%, 10/1/52 .................................................... 3,894,086 3,904,753 72,018,958 Government National Mortgage Association 3.00%, 10/20/51 ................................................... 2,614,485 2,333,443 Total U.S. Government Agency Mortgages (Cost $100,402,261) 93,475,426 U.S. Treasury Obligations (37.0%) U.S. Treasury Bonds 5.25%, 2/15/29 .................................................... 7,000,000 7,424,922 4.38%, 2/15/38 .................................................... 750,000 786,914 3.50%, 2/15/39 .................................................... 2,770,000 2,605,531 4.38%, 11/15/39 ................................................... 1,000,000 1,044,219 1.13%, 5/15/40 .................................................... 1,000,000 626,875 1.38%, 11/15/40 ................................................... 5,000,000 3,253,906 1.88%, 2/15/41 .................................................... 9,000,000 6,367,500 1.75%, 8/15/41 .................................................... 21,000,000 14,394,844 2.00%, 11/15/41 ................................................... 4,000,000 2,861,250 2.38%, 2/15/42 .................................................... 3,000,000 2,292,187 3.38%, 8/15/42 .................................................... 5,000,000 4,471,094 3.13%, 2/15/43 .................................................... 5,000,000 4,270,312 3.38%, 5/15/44 .................................................... 7,000,000 6,180,781 2.75%, 8/15/47 .................................................... 500,000 392,266 2.75%, 11/15/47 ................................................... 500,000 392,266 3.00%, 2/15/48 .................................................... 3,500,000 2,883,125 3.38%, 11/15/48 ................................................... 7,012,000 6,215,481 1.38%, 8/15/50 .................................................... 7,000,000 3,915,625 1.63%, 11/15/50 ................................................... 3,000,000 1,795,781 1.88%, 2/15/51 .................................................... 3,000,000 1,916,719 2.00%, 8/15/51 .................................................... 2,000,000 1,316,250 U.S. Treasury Inflation Indexed Bonds, 0.88%, 1/15/29 ........................... 590,040 561,773 U.S. Treasury Notes 0.13%, 8/31/23 .................................................... 5,000,000 4,849,609 0.25%, 11/15/23 ................................................... 7,000,000 6,731,484 0.38%, 7/15/24 .................................................... 7,000,000 6,557,305 3.00%, 7/31/24 .................................................... 7,000,000 6,826,094 0.38%, 8/15/24 .................................................... 10,000,000 9,341,406 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-287.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Intermediate-Term Bond ETF 35 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value 0.38%, 9/15/24 .................................................... $5,000,000 $4,659,180 1.50%, 10/31/24 ................................................... 3,000,000 2,842,031 1.00%, 12/15/24 ................................................... 24,000,000 22,456,875 2.25%, 12/31/24 ................................................... 5,000,000 4,791,211 1.13%, 1/15/25 .................................................... 4,000,000 3,743,125 2.75%, 2/28/25 .................................................... 850,000 821,313 2.63%, 4/15/25 .................................................... 8,000,000 7,697,500 2.75%, 5/15/25 .................................................... 12,000,000 11,570,625 2.88%, 6/15/25 .................................................... 5,000,000 4,831,250 0.25%, 6/30/25 .................................................... 10,000,000 9,057,812 3.00%, 7/15/25 .................................................... 5,000,000 4,842,969 3.00%, 9/30/25 .................................................... 300,000 289,969 0.38%, 11/30/25 ................................................... 18,000,000 16,107,187 0.38%, 1/31/26 .................................................... 4,000,000 3,559,063 0.75%, 5/31/26 .................................................... 5,000,000 4,459,766 1.50%, 8/15/26 .................................................... 2,000,000 1,823,437 1.38%, 8/31/26 .................................................... 8,000,000 7,252,500 1.13%, 10/31/26 ................................................... 10,000,000 8,942,969 1.63%, 10/31/26 ................................................... 5,000,000 4,562,891 2.00%, 11/15/26 ................................................... 2,700,000 2,495,812 1.25%, 12/31/26 ................................................... 10,000,000 8,954,687 2.38%, 5/15/27 .................................................... 7,000,000 6,524,219 0.50%, 6/30/27 .................................................... 2,500,000 2,138,477 2.25%, 8/15/27 .................................................... 1,000,000 924,922 2.25%, 11/15/27 ................................................... 1,700,000 1,566,391 0.63%, 11/30/27 ................................................... 13,000,000 11,041,875 0.75%, 1/31/28 .................................................... 10,000,000 8,505,469 2.75%, 2/15/28 .................................................... 9,000,000 8,461,406 1.25%, 3/31/28 .................................................... 8,000,000 6,955,625 1.25%, 4/30/28 .................................................... 10,000,000 8,678,125 2.88%, 5/15/28 .................................................... 4,000,000 3,775,313 1.25%, 6/30/28 .................................................... 15,000,000 12,967,969 1.00%, 7/31/28 .................................................... 22,000,000 18,701,719 2.88%, 8/15/28 .................................................... 630,000 593,234 1.13%, 8/31/28 .................................................... 5,000,000 4,270,703 1.25%, 9/30/28 .................................................... 10,000,000 8,589,844 3.13%, 11/15/28 ................................................... 1,000,000 953,437 2.63%, 2/15/29 .................................................... 1,000,000 924,687 2.38%, 3/31/29 .................................................... 18,000,000 16,384,219 2.88%, 4/30/29 .................................................... 5,000,000 4,682,812 2.75%, 5/31/29 .................................................... 5,000,000 4,644,922 3.25%, 6/30/29 .................................................... 10,000,000 9,568,750 1.63%, 8/15/29 .................................................... 10,000,000 8,675,000 0.63%, 5/15/30 .................................................... 2,500,000 1,978,516 0.63%, 8/15/30 .................................................... 5,000,000 3,935,156 0.88%, 11/15/30 ................................................... 17,000,000 13,589,375 1.13%, 2/15/31 .................................................... 12,000,000 9,781,875 1.63%, 5/15/31 .................................................... 20,000,000 16,828,125 1.25%, 8/15/31 .................................................... 5,000,000 4,059,375 1.38%, 11/15/31 ................................................... 4,000,000 3,257,500 1.88%, 2/15/32 .................................................... 6,000,000 5,088,750 2.88%, 5/15/32 .................................................... 6,000,000 5,531,250 2.75%, 8/15/32 .................................................... 7,000,000 6,372,187 4.13%, 11/15/32 ................................................... 21,500,000 21,930,000 Total U.S. Treasury Obligations (Cost $544,265,193) 487,918,918 Commercial Papers (0.7%)(h) Alliant Energy, 6.06%, 1/3/23 (a)............................................ 5,000,000 4,997,476 Southwestern Public Service Co., 6.06%, 1/3/23 (a) .............................. 4,700,000 4,697,627 Total Commercial Papers (Cost $9,697,601) 9,695,103 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-288.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares USAA Core Intermediate-Term Bond ETF 36 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Collateral for Securities Loaned (0.4%)^ Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (i) ....... 1,313,685 $1,313,685 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (i) ............ 1,313,685 1,313,685 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (i) ............... 1,313,685 1,313,685 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (i) . 1,313,685 1,313,685 Total Collateral for Securities Loaned (Cost $5,254,740) 5,254,740 Total Investments (Cost $1,490,919,031) — 100.0% 1,319,268,336 Other assets in excess of liabilities — 0.0%(f) 168,833 NET ASSETS - 100.00% $1,319,437,169 ^ Purchased with cash collateral from securities on loan. (a) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December 31, 2022, the fair value of these securities was $315,000,637 and amounted to 23.9% of net assets. (b) Variable or Floating-Rate Security. Rate disclosed is as of December 31, 2022. (c) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at December 31, 2022. (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) Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis. (h) Rate represents the effective yield at December 31, 2022. (i) Rate disclosed is the daily yield on December 31, 2022. bps—Basis points GO—General Obligation H15T1Y—1 Year Treasury Constant Maturity Rate, rate disclosed as of December 31, 2022. H15T5Y—5 Year Treasury Constant Maturity Rate, rate disclosed as of December 31, 2022. IDA—Industrial Development Authority LIBOR—London Interbank Offered Rate LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of December 31, 2022, based on the last reset date of the security LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of December 31, 2022, based on the last reset date of the security LLC—Limited Liability Company LP—Limited Partnership MTN—Medium Term Note PLC—Public Limited Company SOFR—Secured Overnight Financing Rate TSFR1M—1 month Term SOFR, rate disclosed as of December 31, 2022. TSFR3M—3 month Term SOFR, rate disclosed as of December 31, 2022. USISDA05—5 Year ICE Swap Rate, rate disclosed as of December 31, 2022 USSW5—USD 5 Year Swap Rate, rate disclosed as of December 31, 2022. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-289.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities December 31, 2022 37 See notes to financial statements. Victory Portfolios II (Unaudited) VictoryShares USAA Core Short-Term Bond ETF VictoryShares USAA Core Intermediate-Term Bond ETF Assets: Investments, at value (Cost $456,262,773 and $1,490,919,031) $441,086,621(a) $1,319,268,336(b) Cash 1,153,576 306,524 Deposit with broker for futures contracts — 40,673 Receivables: Interest and dividends 2,581,609 8,964,747 Capital shares issued 7,286,689 — Prepaid expenses 677 2,187 Total Assets 452,109,172 1,328,582,467 Liabilities: Payables: Collateral received on loaned securities 2,695,500 5,254,740 Investments purchased — 3,439,916 Accrued expenses and other payables: Investment advisory fees 97,549 341,121 Administration fees 18,961 57,026 Custodian fees 4,085 12,821 Compliance fees 249 926 Trustees' fees 560 2,128 Other accrued expenses 27,072 36,620 Total Liabilities 2,843,976 9,145,298 Net Assets: Capital 469,453,015 1,502,331,335 Total accumulated earnings/(loss) (20187819) (182894166) Net Assets $449,265,196 $1,319,437,169 Shares outstanding (unlimited shares authorized, no par value): 9,250,000 29,050,000 Net asset value: $48.57 $45.42 (a) Includes $2,614,178 of securities on loan. (b) Includes $5,081,159 of securities on loan. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-290.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Operations For the Six Months Ended December 31, 2022 38 See notes to financial statements. Victory Portfolios II (Unaudited) VictoryShares USAA Core Short-Term Bond ETF VictoryShares USAA Core Intermediate-Term Bond ETF Investment Income: Interest $6,077,130 $19,307,348 Securities lending (net of fees) 11,528 19,298 Total Income 6,088,658 19,326,646 Expenses: Investment advisory fees 465,251 1,954,313 Administration fees 102,376 358,335 Sub-Administration fees 10,415 12,935 Custodian fees 9,366 29,316 Servicing fees 4,845 4,845 Trustees' fees 11,319 37,504 Compliance fees 1,597 5,695 Legal and audit fees 14,871 41,611 Other expenses 28,222 53,493 Recoupment of prior expenses waived/reimbursed by Adviser 10,124 — Total Expenses 658,386 2,498,047 Expenses waived/reimbursed by Adviser (8518) — Net Expenses 649,868 2,498,047 Net Investment Income (Loss) 5,438,790 16,828,599 Realized/Unrealized Gains (Losses) from Investments: Net realized gains (losses) from investment securities (2392389) (8676708) Net change in unrealized appreciation/depreciation on investment securities 680,001 (39219815) Net realized/unrealized gains (losses) on investments (1712388) (47896523) Change in net assets resulting from operations $3,726,402 $(31067924) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-291.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 Victory Portfolios II Statements of Changes in Net Assets See notes to financial statements. VictoryShares USAA Core Short-Term Bond ETF VictoryShares USAA Core Intermediate-Term Bond ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 From Investment Activities: Operations: Net Investment Income (Loss) $5,438,790 $5,735,527 $16,828,599 $19,984,674 Net realized gains (losses) (2392389) (1615096) (8676708) (290125) Net change in unrealized appreciation/depreciation 680,001 (18669472) (39219815) (155730262) Change in net assets resulting from operations 3,726,402 (14549041) (31067924) (136035713) Change in net assets resulting from distributions to shareholders (6569326) (6848232) (18849541) (23367285) Change in net assets resulting from capital transactions 92,371,185 108,838,303 133,146,995 501,277,517 Change in net assets 89,528,261 87,441,030 83,229,530 341,874,519 Net Assets: Beginning of period 359,736,935 272,295,905 1,236,207,639 894,333,120 End of period $449,265,196 $359,736,935 $1,319,437,169 $1,236,207,639 Capital Transactions: Proceeds from shares issued $114,379,079 $123,658,260 $160,114,206 $501,277,517 Cost of shares redeemed (22007894) (14819957) (26967211) — Change in net assets resulting from capital transactions $92,371,185 $108,838,303 $133,146,995 $501,277,517 Share Transactions: Issued 2,350,000 2,400,000 3,450,000 9,550,000 Redeemed (450000) (300000) (600000) — Change in Shares 1,900,000 2,100,000 2,850,000 9,550,000 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-292.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Financial Highlights For a Share Outstanding Throughout Each Period 40 See notes to financial statements. VictoryShares USAA Core Short-Term Bond ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Ten Months Ended June 30, 2020(a) Year Ended August 31, 2019 October 24, 2017(b) through August 31, 2018 Net Asset Value, Beginning of Period $48.94 $51.87 $51.22 $50.65 $49.50 $50.00 Investment Activities: Net investment income (loss)(c) 0.72 0.86 0.84 1.10 1.37 0.93 Net realized and unrealized gains (losses) (0.25) (2.78) 0.93 0.48 1.13 (0.59) Total from Investment Activities 0.47 (1.92) 1.77 1.58 2.50 0.34 Distributions to Shareholders From: Net investment income (0.84) (0.84) (0.90) (1.01) (1.35) (0.84) Net realized gains from investments — (0.17) (0.22) — — — Total Distributions (0.84) (1.01) (1.12) (1.01) (1.35) (0.84) Net Asset Value, End of Period $48.57 $48.94 $51.87 $51.22 $50.65 $49.50 Total Return(d) 0.97% (3.73)% 3.48% 3.17% 5.11% 0.70% Ratios to Average Net Assets: Net Expenses (e)(f) 0.35% 0.32%(g) 0.34%(h) 0.35% 0.35% 0.35% Net Investment Income (Loss) (e) 2.92% 1.70% 1.62% 2.62% 2.75% 2.21% Gross Expenses (e)(f) 0.35% 0.36% 0.37% 0.44% 0.40% 0.40% Supplemental Data: Net Assets at end of period (000's) $449,265 $359,737 $272,296 $105,000 $83,573 $61,872 Portfolio Turnover (d)(i) 30% 67% 80% 72%(j) 30% 22% (a) The Fund's fiscal year-end changed from August 31 to June 30, effective September 1, 2019. (b) Commencement of operations. (c) Per share net investment income (loss) has been calculated using the average daily shares method. (d) Not annualized for periods less than one year. (e) Annualized for periods less than one year. (f) Does not include acquired fund fees and expenses, if any. (g) Includes impact of voluntary waiver. Without this voluntary waiver, the net expense ratio would have been 0.02% higher. (h) Includes impact of voluntary waivers. Without these voluntary waivers, the net expense ratio would have been at the contractual cap. (See Note 5 in the Notes to Financial Statements). (i) Excludes impact of in-kind transactions. (j) Portfolio turnover increased significantly due to changes in the volume and timing of purchases and sales of portfolio holdings during the period. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-293.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 Victory Portfolios II For a Share Outstanding Throughout Each Period Financial Highlights — continued See notes to financial statements. VictoryShares USAA Core Intermediate-Term Bond ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Ten Months Ended June 30, 2020(a) Year Ended August 31, 2019 October 24, 2017(b) through August 31, 2018 Net Asset Value, Beginning of Period $47.18 $53.71 $53.67 $52.48 $48.61 $49.93 Investment Activities: Net investment income (loss)(c) 0.60 0.89 1.08 1.21 1.62 1.29 Net realized and unrealized gains (losses) (1.69) (6.37) 0.27 1.12 3.81 (1.46) Total from Investment Activities (1.09) (5.48) 1.35 2.33 5.43 (0.17) Distributions to Shareholders From: Net investment income (0.67) (0.92) (1.11) (1.14) (1.56) (1.15) Net realized gains from investments — (0.13) (0.20) — — — Total Distributions (0.67) (1.05) (1.31) (1.14) (1.56) (1.15) Net Asset Value, End of Period $45.42 $47.18 $53.71 $53.67 $52.48 $48.61 Total Return(d) (2.34)% (10.35)% 2.55% 4.52% 11.37% (0.33)% Ratios to Average Net Assets: Net Expenses (e)(f) 0.38% 0.39% 0.37%(g) 0.38%(h) 0.39% 0.40% Net Investment Income (Loss) (e) 2.58% 1.74% 2.01% 2.80% 3.27% 3.10% Gross Expenses (e)(f) 0.38% 0.39% 0.41% 0.42% 0.44% 0.45% Supplemental Data: Net Assets at end of period (000's) $1,319,437 $1,236,208 $894,333 $450,789 $314,856 $150,703 Portfolio Turnover (d)(i) 9% 24% 16% 13% 3%(j) 10% (a) The Fund's fiscal year-end changed from August 31 to June 30, effective September 1, 2019. (b) Commencement of operations. (c) Per share net investment income (loss) has been calculated using the average daily shares method. (d) Not annualized for periods less than one year. (e) Annualized for periods less than one year. (f) Does not include acquired fund fees and expenses, if any. (g) Includes impact of voluntary waivers. Without these voluntary waivers, the net expense ratio would have been at the contractual cap. (See Note 5 in the Notes to Financial Statements). (h) Includes impact of voluntary waiver. Without this voluntary waiver, the net expense ratio would have been 0.02% higher for the ten months ended June 30, 2020. (i) Excludes impact of in-kind transactions. (j) Portfolio turnover decreased significantly due to changes in the volume and timing of purchases and sales of portfolio holdings during the year. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-294.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements Victory Portfolios December 31, 2022 42 (Unaudited) 1. Organization: Victory Portfolios II (the "Trust") is organized as a Delaware statutory trust and the Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment company. The Trust is comprised of 25 funds, 23 of which are Exchange-Traded Funds ("ETFs"), and is authorized to issue an unlimited number of shares, which are units of beneficial interest with no par value. The accompanying financial statements are those of the following two Funds (collectively, the "Funds" and individually, a "Fund"). Each Fund is classified as diversified under the 1940 Act. Funds (Legal Name) Funds (Short Name) VictoryShares USAA Core Short-Term Bond ETF USAA Core Short-Term Bond ETF VictoryShares USAA Core Intermediate-Term Bond ETF USAA Core Intermediate-Term Bond ETF Victory Capital Management Inc. ("VCM" or the "Adviser") is an indirect wholly owned subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly owned direct subsidiary of Victory Capital Operating, LLC. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts with their vendors and others that provide for general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote. 2. Significant Accounting Policies: The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with U.S. Generally Accepted Accounting Principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds follow the specialized accounting and reporting requirements under GAAP that are applicable to investment companies under Accounting Standards Codification Topic 946. Shares of the Funds are listed and traded on the Nasdaq Stock Market, LLC. (the "Exchange"). The Funds issue and redeem shares ("Shares") at net asset value ("NAV") only in aggregations of 50,000 shares, (each a "Creation Unit"). Creation Units are issued and redeemed in exchange for a basket of securities included in the respective Fund's Index (the "Deposit Securities"), and/or with the deposit of a specified cash payment (the "Cash Component"), plus a transaction fee. Shares trade on the Exchange at market prices that may be below, at, or above NAV. Shares of a Fund may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the distributor. Only Authorized Participants may purchase or redeem the shares directly from a Fund. In addition, shares may be issued in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash equal to up to 105% of the market value of the missing Deposit Securities. In each instance of such cash creations or redemptions, transaction fees may be imposed and may be higher than the transaction fees associated with in-kind creations or redemptions. Each Fund may issue an unlimited number of shares of beneficial interest, with no par value. Shares of each Fund have equal rights and privileges. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transactional costs associated with the purchase of Creation Units. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units. Variable fees received by each Fund are displayed in the Capital Transactions section of the Statements of Changes in Net Assets as an increase to Capital. The transaction fees for each Fund are listed below: Fee for In-Kind and Cash Purchases and Redemptions Maximum Additional Variable Charge for Cash Purchases and Redemptions\* USAA Core Short-Term Bond ETF ......................................... $100 2.00% USAA Core Intermediate-Term Bond ETF .................................... 100 2.00% \* As a percentage of the amount invested Investment Valuation: The Funds record investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Funds' investments are summarized in the three broad levels listed below: • Level 1 — quoted prices (unadjusted) in active markets for identical securities • Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, or credit spreads, applicable to those securities, etc.) • Level 3 — significant unobservable inputs (including the Adviser's assumptions in determining the fair value of investments) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-295.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios December 31, 2022 43 (Unaudited) Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodologies used for valuation techniques are not necessarily an indication of the risk associated with entering into those investments. The Adviser, appointed as the valuation designee by the Trust's Board of Trustees' (the "Board"), has established the Pricing and Liquidity Committee (the "Committee"), and subject to Board oversight, the Committee administers and oversees the Funds' valuation policies and procedures, which are approved by the Board. Investments in open-end investment companies, other than ETFs, are valued at their net asset value ("NAV"). These valuations are typically categorized as Level 1 in the fair value hierarchy. Debt securities are valued each business day by a pricing service approved by the valuation designee and subject to the oversight of the Board. The pricing service uses the evaluated bid or the last sale price to value securities. Debt obligations maturing within 60 days may be valued at amortized cost, provided that the amortized cost represents the fair value of such securities. These valuations are typically categorized as Level 2 in the fair value hierarchy. In the event that price quotations or valuations are not readily available, investments are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board. These valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy, based on the observability of inputs used to determine the fair value. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded and the actual price realized from the sale of a security may differ materially from the fair value price. Valuing these securities at fair value is intended to cause the Fund's NAV to be more reliable than it otherwise would be. A summary of the valuations as of December 31, 2022, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedules of Portfolio Investments: Level 1 Level 2 Level 3 Total USAA Core Short-Term Bond ETF Asset-Backed Securities ...................... $— $103,508,107 $— $103,508,107 Collateralized Mortgage Obligations ............. — 25,221,936 — 25,221,936 Senior Secured Loans........................ — 421,220 — 421,220 Corporate Bonds ........................... — 150,625,719 — 150,625,719 Yankee Dollars ............................ — 38,473,006 — 38,473,006 Municipal Bonds ........................... — 24,540,612 — 24,540,612 U.S. Treasury Obligations..................... — 12,871,406 — 12,871,406 Commercial Papers ......................... — 82,729,115 — 82,729,115 Collateral for Securities Loaned ................ 2,695,500 — — 2,695,500 Total .................................... $2,695,500 $438,391,121 $— $441,086,621 USAA Core Intermediate-Term Bond ETF Asset-Backed Securities ...................... — 120,205,713 — 120,205,713 Collateralized Mortgage Obligations ............. — 58,690,318 — 58,690,318 Corporate Bonds ........................... — 402,759,095 — 402,759,095 Yankee Dollars ............................ — 108,820,873 — 108,820,873 Municipal Bonds ........................... — 32,448,150 — 32,448,150 U.S. Government Agency Mortgages............. — 93,475,426 — 93,475,426 U.S. Treasury Obligations..................... — 487,918,918 — 487,918,918 Commercial Papers ......................... — 9,695,103 — 9,695,103 Collateral for Securities Loaned ................ 5,254,740 — — 5,254,740 Total .................................... $5,254,740 $1,314,013,596 $— $1,319,268,336 As of December 31, 2022, there were no transfers into/out of Level 3. Securities Purchased on a Delayed-Delivery or When-Issued Basis: The Funds may purchase securities on a delayed-delivery or when-issued basis. Delivery and payment for securities that have been purchased by the Funds on a delayed-delivery or when-issued basis, or for delayed draws on loans can generally take place within 35 days a month or more after the trade date. Securities that require more than 35 days to settle are considered a senior security and subject to Rule 18f-4. At the time the Funds makes the commitment to purchase a security on a delayed-delivery or when-issued basis, the Funds records the transaction and reflects the value of the security in determining NAV. No interest accrues to the Fund until the transaction settles and payment takes place. If the Funds owns delayed-delivery or when-issued securities, these values are included in Payables for Investments purchased on the accompanying Statements of Assets and Liabilities and the segregated assets are identified on the Schedules of Portfolio Investments. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-296.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios December 31, 2022 44 (Unaudited) Municipal Obligations: The values of municipal obligations can fluctuate and may be affected by adverse tax, legislative, or political changes, and by financial developments affecting municipal issuers. Payment of municipal obligations may depend on a relatively limited source of revenue, resulting in greater credit risk. Future changes in federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Mortgage- and Asset-Backed Securities: The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Funds to a lower rate of return upon reinvestment of principal. The values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market's perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as "Ginnie Mae"), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as "Fannie Mae" and "Freddie Mac," respectively), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government. Below-Investment-Grade Securities: Certain Funds may invest in below-investment-grade securities (i.e., lower-quality, "junk" debt), which are subject to various risks. Lower-quality debt is considered to be speculative because it is less certain that the issuer will be able to pay interest or repay the principal than in the case of investment-grade debt. These securities can involve a substantially greater risk of default than higher-rated securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about their issuers, the market and the economy in general, than higher-quality debt securities. The market for these securities can be less liquid, especially during periods of recession or general market decline. Collateralized Loan Obligations ("CLOs"): CLOs are securities issued by entities that are collateralized by a pool of loans. CLOs are issued in multiple classes (tranches) and can be equity or debt with specific adjustable or fixed interest rates and varying maturities. The cash flow from the underlying loans is used to pay off each tranche separately within the debt, or senior tranches. Equity, or subordinated tranches, typically are not paid a cash flow but do offer ownership in the CLO itself in the event of a sale. Loans: Floating rate loans in which a Fund invests are primarily "senior" loans. Senior floating rate loans typically hold a senior position in the capital structures of the borrower, are typically secured by specific collateral, and have a claim on the assets and/or stock of the borrower that is senior to that held by subordinated debtholders and stockholders of the borrower. While these protections may reduce risk, these investments still present significant credit risk. A significant portion of a Fund's floating rate investments may be issued in connection with highly leveraged transactions such as leveraged buyouts, leveraged recapitalization loans, and other types of acquisition financing. Obligations in these types of transactions are subject to greater credit risk (including default and bankruptcy) than many other investments and may be, or become, illiquid. See the note below regarding below investment grade securities. The Funds may purchase second-lien loans (secured loans with a claim on collateral subordinate to a senior lender's claim on such collateral), fixed rate loans, unsecured loans, and other debt obligations. Transactions in loans often settle on a delayed basis, and a Fund may not receive the proceeds from the sale of a loan or pay for a loan purchase for a substantial period of time after entering into the transactions. Investment Companies: Open-End Funds: The Funds may invest in portfolios of open-end investment companies. These investment companies value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the board of directors of the underlying funds. Investment Transactions and Related Income: Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date or the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Gains or losses realized on sales of securities are recorded on the identified cost basis. Paydown gains or losses on applicable securities, if any, are recorded as components of Interest income on the Statements of Operations. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-297.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios December 31, 2022 45 (Unaudited) The Funds may receive other income from investments in loan assignments and/or unfunded commitments, including amendment fees, consent fees, and commitment fees. These fees are recorded as income when received. These amounts, if received, are included in Interest income on the Statements of Operations. Securities Lending: The Funds, through a Securities Lending Agreement with Citibank, N.A. ("Citibank"), may lend their securities to qualified financial institutions, such as certain broker-dealers and banks, to earn additional income, net of income retained by Citibank. Borrowers are required to initially secure their loans for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked-to-market daily. Any collateral shortfalls associated with increases in the valuation of the securities loaned are generally cured the next business day. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and other securities as permitted by Securities and Exchange Commission ("SEC") guidelines. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted on the Funds' Schedules of Portfolio Investments. The Funds effectively do not have control of the non-cash collateral and therefore it is not disclosed on the Funds' Schedules of Portfolio Investments. Collateral requirements are determined daily based on the value of the Funds' securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Funds any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Funds also earn a return from the collateral. The Funds pay Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statements of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, a Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower. The Funds' agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Funds may not be sold or repledged, except to satisfy borrower default. The following table is a summary of the Funds' securities lending transactions as of December 31, 2022. Value of Securities on Loan Non-Cash Collateral Cash Collateral USAA Core Short-Term Bond ETF .................................... $2,614,178 $— $2,695,500 USAA Core Intermediate-Term Bond ETF ............................... 5,081,159 — 5,254,740 Federal Income Taxes: Each Fund intends to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes is required in the financial statements. The Funds have a tax year end of June 30. For the six months ended December 31, 2022, the Funds did not incur any income tax, interest, or penalties, and have recorded no liability for net unrecognized tax benefits relating to uncertain tax positions. Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax years, which includes the current fiscal tax year end). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken. Allocations: Expenses directly attributable to the Fund are charged to the Fund, while expenses that are attributable to more than one fund in the Trust, or jointly with an affiliated trust, are allocated among the respective funds in the Trust and/or an affiliated trust based upon net assets or another appropriate basis. Cross-Trade Transactions: Pursuant to Rule 17a-7 under the 1940 Act, the Funds may engage in cross-trades, which are securities transactions with affiliated investment companies and advisory accounts managed by the Adviser and any applicable sub-adviser under specified conditions outlined in the valuation policies and procedures adopted by the Board. In addition, as defined under the valuation policies and procedures, each transaction must be effected at the independent current market price. For the six months ended December 31, 2022, the Funds below engaged in the following securities transactions with affiliated funds, which resulted in the following net realized gains (losses): Purchases Sales Net Realized Gains (Losses) USAA Core Intermediate-Term Bond ETF ......................................... $2,737,123 $– $– |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-298.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios December 31, 2022 46 (Unaudited) 3.Purchases and Sales: Purchases and sales of securities (excluding securities maturing less than one year from acquisition) and purchases and sales associated with in-kind transactions for the six months ended December 31, 2022, are included in the table below. Any realized gains or losses from in-kind redemptions are reflected on the Statements of Operations as net realized gains (losses) from in kind redemptions. Excluding U.S. Government Securities U.S. Government Securities Purchases Sales Purchases Sales USAA Core Short-Term Bond ETF ...................... $102,143,143 $91,780,220 $19,881,914 $9,824,180 USAA Core Intermediate-Term Bond ETF ................. 102,677,652 70,161,135 137,964,616 38,069,653 4.Affiliated Fund Ownership: The Funds offer shares for investment by other funds. The fund-of-funds do not invest in the underlying funds for the purpose of exercising management or control, and the affiliated fund-of-funds' annual and semi-annual reports may be viewed at vcm.com. As of December 31, 2022, certain fund-of-funds owned total outstanding shares of the Funds as follows: USAA Core Short-Term Bond ETF Ownership % USAA Cornerstone Aggressive Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 USAA Cornerstone Conservative Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2 USAA Cornerstone Moderate Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7 USAA Cornerstone Moderately Aggressive Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.5 USAA Cornerstone Moderately Conservative Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 USAA Target Retirement Income Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8 USAA Target Retirement 2030 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.0 USAA Target Retirement 2040 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3 USAA Core Intermediate-Term Bond ETF Ownership % USAA Cornerstone Aggressive Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2 USAA Cornerstone Conservative Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 USAA Cornerstone Moderate Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.9 USAA Cornerstone Moderately Aggressive Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38.8 USAA Cornerstone Moderately Conservative Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2 5. Fees and Transactions with Affiliates and Related Parties: Investment Advisory Fees: Investment advisory services are provided to the Funds by the Adviser, which is a New York corporation registered as an investment adviser with the SEC. Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive fees based on a percentage of the average daily net assets of each Fund. The rates at which the Adviser is paid by each Fund are included in the table below. Flat Rate USAA Core Short-Term Bond ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25% USAA Core Intermediate-Term Bond ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.30% Amounts incurred and paid to VCM for the six months ended December 31, 2022, are reflected on the Statements of Operations as Investment advisory fees. Administration and Servicing Fees: VCM also serves as the Funds' administrator and fund accountant. Under the Administration and Fund Accounting Agreement, VCM is entitled to receive fees based on a percentage of the average daily net assets of the Trust, Victory Variable Insurance Funds and Victory Portfolios. The tiered rates at which VCM is paid by the Funds are shown in the table below: Net Assets Up to $15 billion $15 billion — $30 billion Over $30 billion 0.08%, plus 0.05%, plus 0.04% Amounts incurred for the six months ended December 31, 2022, are reflected on the Statements of Operations as Administration fees. Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Funds pursuant to the Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Funds reimburse VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Funds. Amounts incurred for the six months ended December 31, 2022, are reflected on the Statements of Operations as Sub-Administration fees. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-299.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios December 31, 2022 47 (Unaudited) The Funds (as part of the Trust) have entered into an agreement with the Adviser to provide compliance services, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. The funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios and USAA Mutual Funds (collectively, the "Victory Funds Complex"), in aggregate, compensate the Adviser for these services. Amounts incurred for the six months ended December 31, 2022, are reflected on the Statements of Operations as Compliance fees. Distributor/Underwriting Services: Foreside Fund Services, LLC serves as the Funds' distributor. Other Fees: Citibank serves as the Funds' custodian. The Funds pay Citibank a fee for providing these services. Amounts incurred for the six months ended December 31, 2022, are reflected on the Statements of Operations as Custodian fees. Sidley Austin LLP provides legal services to the Trust. The Adviser has entered into expense limitation agreements with the Funds. Under the terms of the agreements, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred by certain classes of a Fund in any fiscal year exceed the expense limit for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business are excluded from the expense limits. As of December 31, 2022, the expense limits (excluding voluntary waivers) are as follows: In Effect Until October 31, 2023 USAA Core Short-Term Bond ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35% USAA Core Intermediate-Term Bond ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.40% Under the terms of the expense limitation agreements, the Funds have agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period of up to three years (thirty-six (36) months) after the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. As of December 31, 2022, the following amounts are available to be repaid to the Adviser. The Funds have not recorded any amounts available to be repaid as a liability due to an assessment that such repayments are not probable at December 31, 2022. Expires 2023 Total USAA Core Short-Term Bond ETF ................................................................ $19,719 $19,719 The Adviser may voluntarily waive or reimburse additional fees to assist the Funds in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Funds are not available to be recouped at a future time and are reflected on the Statements of Operations as Expenses waived/reimbursed by Adviser. For the six months ended December 31, 2022, the Adviser voluntarily waived the following amounts: USAA Core Short-Term Bond ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $8,518 Certain officers and/or interested trustees of the Funds are also officers and/or employees of the Adviser, administrator, fund accountant, sub-administrator, sub-fund accountant, custodian, legal counsel, and distributor. 6. Risks: The Funds may be subject to other risks in addition to these identified risks. Debt Securities or Bond Risk —The Funds are subject to the risk that the market value of the bonds in the Funds' portfolios will fluctuate because of changes in interest rates, changes in the supply of and demand for debt securities, and other market factors. Bond prices generally are linked to the prevailing market interest rates. In general, when interest rates rise, bond prices typically fall; conversely, when interest rates fall, bond prices typically rise. The price volatility of a bond also depends on its duration, which is a measure of a bond's sensitivity to a change in interest rates. Generally, the longer the duration of a bond, the greater is its sensitivity to interest rates. To compensate investors for this higher interest rate risk, bonds with longer durations generally offer higher yields than bonds with shorter durations. Should the U.S. Federal Reserve raise interest rates, the Funds may be subject to risks associated with rising interest rates. The fixed-income securities in the Funds' portfolios also are subject to credit risk, which is the possibility that an issuer of a fixed-income security cannot make timely interest and principal payments on its securities or that negative market perceptions of the issuer's ability to make such payments will cause the price of that security to decline. The Funds accept some credit risk as a recognized means to enhance an investor's return. High-Yield Bond Risk — Fixed-income securities rated below investment grade, also known as "junk" or high-yield bonds, generally entail greater credit and liquidity risk than investment-grade securities. Their prices also may be more volatile, especially during economic downturns  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-300.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios December 31, 2022 48 (Unaudited) and financial setbacks or liquidity events. The Funds' values could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments. These securities are considered by the major rating agencies to be predominantly speculative with respect to the issuer's continuing ability to pay principal and interest, and they carry a greater risk that the issuer of such securities will default on the timely payment of principal and interest. Issuers of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case the Funds may lose their entire investment. The creditworthiness of issuers of these securities may be more complex to analyze than that of issuers of investment-grade debt securities, and the overreliance on credit ratings may present additional risks. Asset-Backed and Mortgage-Backed Securities Risk—Mortgage- and asset-backed securities ("MBS" or "ABS," respectively) differ from conventional debt securities because principal is paid back over the life of the security rather than at maturity. MBS and ABS are subject to prepayment or call risk, which is the risk that a borrower's payments may be received earlier than expected due to changes in prepayment rates on underlying loans. As a result, the Funds may reinvest these early payments at lower interest rates, thereby reducing the Funds' income. These securities also are subject to extension risk, which is the risk that the life of the ABS or MBS may be extended due to higher interest rates and lower prepayments. As a result, the value of the securities will decrease. The value of MBS can be impacted by factors affecting the housing market, and MBS also are subject to the risk of high default rates on the mortgages within the mortgage pool. The liquidity of non-agency or privately issued ABS or MBS securities, in particular those that are rated as non-investment grade, may change dramatically over time. LIBOR Discontinuation Risk — The London Interbank Offered Rate ("LIBOR") discontinuation may adversely affect the financial markets generally and the Funds' operations, finances and investments specifically. LIBOR has been the principal floating-rate benchmark in the financial markets. However, LIBOR has been or will be discontinued as a floating rate benchmark. The date of discontinuation depends on the LIBOR currency and tenor. With limited exceptions, no new LIBOR obligations will be entered into after December 31, 2021. Existing LIBOR obligations have transitioned or will transition to another benchmark, depending on the LIBOR currency and tenor. For some existing LIBOR-based obligations, the contractual consequences of the discontinuation of LIBOR may not be clear. Non-LIBOR floating-rate obligations, including Secured Overnight Financing Rate ("SOFR")-based obligations, may have returns and values that fluctuate more than those of floating-rate debt obligations that are based on LIBOR or other rates. Also, because SOFR and some alternative floating rates are relatively new market indexes, markets for certain non-LIBOR obligations may never develop or may not be liquid. Market terms for non-LIBOR floating rate obligations, such as the spread over the index reflected in interest-rate provisions, may evolve over time, and prices of non-LIBOR floating rate obligations may be different depending on when they are issued and changing views about correct spread levels. Various SOFR-based rates, including SOFR-based term rates, and various non-SOFR-based rates are expected to develop in response to the discontinuation of U.S. dollar LIBOR, which may create various risks for the Funds and the financial markets more generally. There are non-LIBOR forward-looking floating rates that are not based on SOFR and that may be considered by participants in the financial markets as LIBOR alternatives. Such rates include AMERIBOR (American Interbank Offered Rate), BSBY (Bloomberg Short-Term Bank Yield Index) and BYI (Bank Yield Index). Unlike forward-looking SOFR-based term rates, such rates are intended to reflect a bank credit spread component. It is not clear how replacement rates for LIBOR — including SOFR-based rates and non-SOFR-based rates — will develop and to what extent they will be used. There is no assurance that these replacement rates will be suitable substitutes for LIBOR, and thus the substitution of such rates for LIBOR could have an adverse effect on the Funds and the financial markets more generally. Concerns about market depth and stability could affect the development of non-SOFR-based term rates, and such rates may create various risks, which may or may not be similar to the risks relating to SOFR. Market Risk — Overall market risks may affect the value of the Funds. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health crises, sanctions against a particular foreign country, its nationals, businesses or industries and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods. 7. Borrowing: Line of Credit: The Victory Funds Complex participates in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 27, 2022, with a termination date of June 26, 2023. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the six months ended December 31, 2022, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each Fund in the Victory Funds Complex paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. Prior to June 28, 2022, interest was based on the one-month LIBOR plus one percent. Effective with the renewal, June 27, 2022, interest was based on the one-month SOFR plus 1.10 percent. The Funds did not experience a material financial impact transitioning from LIBOR to SOFR. Interest charged to each Fund during the period, if applicable, is reflected on the Statements of Operations under Line of credit fees. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-301.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios December 31, 2022 49 (Unaudited) The average borrowing for the days outstanding and average interest rate for each Fund during the six months ended December 31, 2022, were as follows: Amount Outstanding December 31, 2022 Average Borrowing\* Days Borrowing Outstanding Average Interest Rate\* Maximum Borrowing During the Period USAA Core Short-Term Bond ETF. . . . . . . . . . . . . .$— $4,300,000 1 3.91% $4,300,000 \* Based on the number of days borrowings were outstanding for the period ended December 31, 2022. 8. Federal Income Tax Information: Dividends from net investment income, if any, are declared and paid as noted in the table below. Distributable net realized gains, if any, are declared and distributed at least annually from each Fund. Declared Paid USAA Core Short-Term Bond ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Monthly Monthly USAA Core Intermediate-Term Bond ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Monthly Monthly The amounts of dividends from net investment income and distributions from net realized gains (collectively distributions to shareholders) are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (e.g., net operating loss and distribution reclassification), such amounts are reclassified within the components of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require reclassification. To the extent dividends and distributions exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital. Net investment losses incurred by the Funds may be reclassified as an offset to capital on the accompanying Statement of Assets and Liabilities. The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (loss) will be determined at the end of the current tax year. At the tax year ended June 30, 2022, the Funds had no capital loss carryforward for federal income tax purposes. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-302.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Information Victory Portfolios II December 31, 2022 50 (Unaudited) Proxy Voting and Portfolio Holdings Information Proxy Voting: Information regarding the policies and procedures each Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 800-539-3863. The information is also included in the Funds' Statement of Additional Information, which is available on the SEC's website at sec.gov. Information relating to how the Funds voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at sec.gov. Availability of Schedules of Portfolio Investments: The Trust files a complete list of Schedules of Portfolio Investments with the SEC for the first and third quarter of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's website at sec.gov. Expense Examples As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022, through December 31, 2022. The Actual Expense figures in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period. The Hypothetical Expense figures in the table below provide information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds. Please note the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Beginning Account Value 7/1/22 Actual Ending Account Value 12/31/22 Hypothetical Ending Account Value 12/31/22 Actual Expenses Paid During Period 7/1/22 - 12/31/22\* Hypothetical Expenses Paid During Period 7/1/22 - 12/31/22\* Annualized Expense Ratio During Period 7/1/22 - 12/31/22 USAA Core Short-Term Bond ETF ........... $1,000.00 $1,009.70 $1,023.44 $1.77 $1.79 0.35% USAA Core Intermediate-Term Bond ETF ...... 1,000.00 976.60 1,023.29 1.89 1.94 0.38% \* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year). |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-303.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II 51 (Unaudited) Supplemental Information — continued December 31, 2022 Considerations of the Board in Continuing the Investment Advisory Agreements (the "Agreement") The Board approved the Agreement on behalf of each of the Funds at a meeting, which was called for that purpose, on December 6, 2022. The Board also considered information relating to the Funds and the Agreement provided throughout the year and, more specifically, at the meetings on October 18, 2022 and December 6, 2022. In considering whether to approve the Agreement, the Board requested, and the Adviser provided, information that the Board believed to be reasonably necessary to reach its conclusions. The Board, including the Independent Trustees, evaluated this information along with other information obtained throughout the year and was advised by legal counsel to the Funds and independent legal counsel to the Independent Trustees. The Board noted that each Fund assumed the performance of its predecessor fund, that the Adviser became the investment adviser to each Fund on February 26, 2019, and that prior to that date each predecessor fund was managed by a different investment adviser. The Board considered each Fund's advisory fee, expense ratio and investment performance as significant factors in determining whether the Agreement should be continued. In considering whether the compensation paid to the Adviser was fair and reasonable, the Board also evaluated, among other things, the following factors: • The requirements of the Funds for the services provided by the Adviser; • The nature, quality and extent of the services provided and expected to be provided; • The performance of the Funds as compared to comparable funds; • The fees payable for the services and whether the fee arrangements provided for economies of scale that would benefit Fund shareholders as the Funds grow (acknowledging that economies of scale can be complex to assess and typically are not directly measurable); • Whether the fee would be sufficient to enable the Adviser to attract and retain experienced personnel and continue to provide quality services to the Funds; • Fees paid by other clients of the Adviser whose accounts are managed in a similar investment style and any differences in the services provided to the other clients compared to those provided to the Funds; • Total expenses of each Fund; • Management's commitment to operating the Funds at competitive expense levels; • The profitability of the Adviser (as reflected by comparing fees earned against an estimate of the Adviser's costs) with respect to the Adviser's relationship with the Funds; • The fact that the Funds are actively managed exchange-traded funds ("ETFs"); • Research and other service benefits received by the Adviser obtained through payment of client commissions for securities transactions; • Other benefits received by the Adviser, and its affiliates, including revenues paid to the Adviser, or its affiliates, by the Funds for administration and fund accounting services, shareholder services and distribution; • The capabilities and financial condition of the Adviser; • Current economic and industry trends; and • The historical relationship between the Trust and the Adviser. The Board reviewed each Fund's current management fee in the context of the Adviser's profitability with respect to each Fund. The Board retained an independent, third-party consultant to provide comparative information about fees, expenses and performance, and to design and maintain a database of relevant information designed to assist the Board in retrieving and analyzing comparative information. The Board met with the consultant to review its inputs and methodologies, among other things. The Board compared each Fund's gross management fee and total expense ratio on a net and gross basis with the median gross management fee and median expense ratio of a universe of comparable ETFs compiled by the consultant and a peer group of funds with similar investment strategies selected by that consultant from the universe. The Board reviewed the factors and methodology used by the consultant in the selection of each Fund's peer group, including the consultant's selection of a broad universe of funds, the more specific universe of comparable funds, and peer groups of funds with comparable investment strategies and asset levels, among other factors. The Board noted that none of the advisory fee arrangements for the Funds included breakpoints, which would be a structure that results in reduced fees as a fund grows. The Board also considered the Adviser's commitment to limit expenses as discussed in more detail below. The Board also reviewed the compliance and administrative services provided to the Funds by the Adviser and its affiliates, including the Adviser's oversight of the Funds' day-to-day operations and oversight of Fund accounting, assistance in meeting legal and regulatory requirements, and other services necessary for the operation of the Funds and the Trust. The Board found that the gross annual management fee paid by each Fund was within the range of management fees paid by each Fund's respective peer group. The Board also found that each Fund's net annual expense ratio was reasonable as compared with each Fund's respective peer group. The Board considered the Adviser's contractual agreement with each Fund to waive its fees and reimburse expenses for a specified period of time, as described in the Fund's prospectus. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-304.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Information — continued Victory Portfolios II December 31, 2022 52 (Unaudited) The Board reviewed each Fund's performance over the one- and three-year periods against the performance of the Fund's selected peer group and benchmark index. The Board recognized that the performance of the Funds and the peer group funds are net of expenses, while the performance of the benchmark index is gross returns. The Board reviewed various other specific factors with respect to each Fund, as described below. In their deliberations, the Trustees did not rank the importance of any particular information or factor considered and each Trustee may have attributed different weights to various factors. VictoryShares USAA Core Short-Term Bond ETF: Noting that the Fund commenced operations in 2017, the Board compared the Fund's one- and three-year performance for the periods ended June 30, 2022, to that of the median performance of the Fund's peer group and benchmark index for the same period and considered the fact that the Fund underperformed the benchmark index for the one-year period, outperformed the benchmark index for the three-year period, and outperformed the peer group median for both of the periods reviewed. Having considered, among other things: (1) the Fund's management fee compared to comparable ETFs; (2) the Fund's total expense ratio compared to comparable ETFs; (3) that the Adviser's willingness to limit the expenses for a period of time would provide stability to the Fund's expenses during that period; and (4) that the Fund's performance in relation to its benchmark index and peer group was within an acceptable range, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders. VictoryShares USAA Core Intermediate-Term Bond ETF: Noting that the Fund commenced operations in 2017, the Board compared the Fund's one- and three-year performance for the periods ended June 30, 2022, to that of the median performance of the Fund's peer group and benchmark index for the same period and considered the fact that the Fund underperformed the benchmark index for the one-year period, outperformed the benchmark index for the three-year period, and outperformed the peer group median for both of the periods reviewed. Having considered, among other things: (1) the Fund's management fee compared to comparable ETFs; (2) the Fund's total expense ratio compared to comparable ETFs; (3) that the Adviser's willingness to limit the expenses for a period of time would provide stability to the Fund's expenses during that period; and (4) that the Fund's performance in relation to its benchmark index and peer group was within an acceptable range, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders. Conclusion: Based on its review of the information requested and provided, and following extended discussions, the Board determined that the Agreement, on behalf of the Funds discussed above, was consistent with the best interests of each Fund and its shareholders, and the Board unanimously approved the Agreement, on behalf of each Fund, for an additional annual period on the basis of the foregoing review and discussions and the following considerations, among others: • The fairness and reasonableness of the investment advisory fee payable to the Adviser under the Agreement in light of the investment advisory services provided, the costs of these services, the profitability of the Adviser's relationship with the Fund and the comparability of the fee paid to the fees paid by other investment companies, to the extent applicable; • The nature, quality and extent of the investment advisory services provided by the Adviser; • The Adviser's entrepreneurial commitment to the management of the Funds and the creation of a broad-based family of funds, which entails a substantial commitment of the Adviser's resources to the successful operation of the Funds; • The Adviser's representations regarding its staffing and capabilities to manage the Funds, including the retention of personnel with relevant portfolio management experience; • The Adviser's efforts to enhance investment results by, among other things, developing and supporting quality portfolio management teams; and • The overall high quality of the personnel, operations, financial condition, investment management capabilities, methodologies and perfor-mance of the Adviser. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-305.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Privacy Policy Protecting the Privacy of Information The Trust respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms, and from the transactions you make with us or third parties. It may include your name, address, social security number, account transactions and balances, and information about investment goals and risk tolerance. We do not disclose any information about you or about former customers to anyone except as permitted or required by law. Specifically, we may disclose the information we collect to companies that perform services on our behalf, such as the transfer agent that processes shareholder accounts and printers and mailers that assist us in the distribution of investor materials. We may also disclose this information to companies that perform marketing services on our behalf. This allows us to continue to offer you Victory investment products and services that meet your investing needs, and to effect transactions that you request or authorize. These companies will use this information only in connection with the services for which we hired them. They are not permitted to use or share this information for any other purpose. To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic, and procedural safeguards to guard your personal information.\* \* You may have received communications regarding information about privacy policies from other financial institutions which gave you the opportunity to "opt-out" of certain information sharing with companies which are not affiliated with that financial institution. The Trust does not share information with other companies for purposes of marketing solicitations for products other than the Trust. Therefore, the Trust does not provide opt-out options to their shareholders. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-306.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Funds P.O. Box 182593 Columbus, Ohio 43218-2593 Visit our website at: vcm.com Call Victory at: 866-376-7890 VS-BOND-ETF-SAR (12/22) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-307.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 Semi Annual Report VictoryShares US Value Momentum ETF (Formerly VictoryShares USAA MSCI USA Value Momentum ETF) VictoryShares US Small Mid Cap Value Momentum ETF (Formerly VictoryShares USAA MSCI USA Small Cap Value Momentum ETF) VictoryShares International Value Momentum ETF (Formerly VictoryShares USAA MSCI International Value Momentum ETF) VictoryShares Emerging Markets Value Momentum ETF (Formerly VictoryShares USAA MSCI Emerging Markets Value Momentum ETF) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-308.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vcm.com News, Information And Education 24 Hours A Day, 7 Days A Week The Victory Capital website gives fund shareholders, prospective shareholders, and investment professionals a convenient way to access fund information, get guidance, and track fund performance anywhere they can access the Internet. The site includes: • Detailed performance records • Daily share prices • The latest fund news • Investment resources to help you become a better investor • A section dedicated to investment professionals Whether you're a potential investor searching for the fund that matches your investment philosophy, a seasoned investor interest-ed in planning tools, or an investment professional, vcm.com has what you seek. Visit us anytime. We're always open. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-309.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TABLE OF CONTENTS** Victory Portfolios II 1 Investment Objectives and Portfolio Holdings 3 Schedules of Portfolio Investments VictoryShares US Value Momentum ETF 7 VictoryShares US Small Mid Cap Value Momentum ETF 10 VictoryShares International Value Momentum ETF 16 VictoryShares Emerging Markets Value Momentum ETF 25 Financial Statements Statements of Assets and Liabilities 33 Statements of Operations 35 Statements of Changes in Net Assets 37 Financial Highlights 39 Notes to Financial Statements 43 Supplemental Information 52 Proxy Voting and Portfolio Holdings Information 52 Expense Examples 52 Advisory Contract Approval 53 Privacy Policy (inside back cover) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-310.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 Call Victory at: 800-539-FUND (800-539-3863) Visit our website at: vcm.com IRA DISTRIBUTION WITHHOLDING DISCLOSURE We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution and, if you live in a state that requires state income tax withholding, at your state's tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call 800-539-3863 and form W-4P (OMB No. 1545-0074 withholding certificate for pension or annuity payments) will be electronically sent. If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution. For more specific information, please consult your tax adviser. The Funds are distributed by Foreside Fund Services, LLC. Victory Capital Management Inc. is the investment adviser to the Funds and receives fees from the Funds for performing services for the Funds. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus of the Victory Funds. For additional information about any Victory Fund, including fees, expenses, and risks, view our prospectus online at vcm.com or call 800-539-3863. Read it carefully before you invest or send money. The information in this report is based on data obtained from recognized services and sources and is believed to be reliable. Any opinions, projections, or recommendations in this report are subject to change without notice and are not intended as individual investment advice. Past investment performance of the Funds, markets or securities mentioned herein should not be considered to be indicative of future results. • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-311.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Victory Portfolios II VictoryShares US Value Momentum ETF December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Nasdaq Victory US Value Momentum Index. Top 10 Holdings\*: December 31, 2022 (% of Net Assets) Merck & Co., Inc. 1.3% The Hershey Co. 1.2% The Southern Co. 1.2% Kellogg Co. 1.2% Bristol-Myers Squibb Co. 1.2% Amgen, Inc. 1.2% General Mills, Inc. 1.1% DTE Energy Co. 1.1% Leidos Holdings, Inc. 1.1% Chubb Ltd. 1.1% Sector Allocation\*: December 31, 2022 (% of Net Assets) Health Care 20.0% Financials 14.3% Industrials 12.6% Energy 4.1% Materials 4.7% Communication Services 5.2% Consumer Staples 6.3% Real Estate 6.4% Utilities 8.1% Consumer Discretionary 8.3% Information Technology 9.5% \* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-312.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 Victory Portfolios II VictoryShares US Small Mid Cap Value Momentum ETF December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Nasdaq Victory US Small Mid Cap Value Momentum Index. Top 10 Holdings\*: December 31, 2022 (% of Net Assets) Equity Commonwealth 0.7% Premier, Inc., Class A 0.6% Agree Realty Corp. 0.6% Northwest Bancshares, Inc. 0.6% CVB Financial Corp. 0.6% OGE Energy Corp. 0.6% National Retail Properties, Inc. 0.6% Prestige Consumer Healthcare, Inc. 0.6% Prosperity Bancshares, Inc. 0.6% Henry Schein, Inc. 0.5% Sector Allocation\*: December 31, 2022 (% of Net Assets) Industrials 20.0% Financials 15.8% Communication Services 2.6% Utilities 4.1% Consumer Staples 4.5% Energy 4.6% Materials 5.1% Real Estate 7.9% Information Technology 9.4% Consumer Discretionary 11.4% Health Care 14.1% \* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-313.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Victory Portfolios II VictoryShares International Value Momentum ETF December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Nasdaq Victory International Value Momentum Index. Top 10 Holdings\*: December 31, 2022 (% of Net Assets) Orange SA 1.2% Canadian Utilities Ltd., Class A 1.0% Henkel AG And Co. KGaA, Preference Shares 0.9% George Weston Ltd. 0.9% Capital Power Corp. 0.9% Banque Cantonale Vaudoise, Registered Shares 0.8% KT&G Corp. 0.8% Bouygues SA 0.8% British American Tobacco PLC 0.8% Vivendi SE 0.8% Sector Allocation\*: December 31, 2022 (% of Net Assets) Financials 17.4% Industrials 15.3% Consumer Staples 11.3% Energy 3.5% Information Technology 4.9% Utilities 6.0% Materials 7.0% Real Estate 7.4% Communication Services 7.5% Health Care 9.0% Consumer Discretionary 9.5% \* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-314.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 Victory Portfolios II VictoryShares Emerging Markets Value Momentum ETF December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Nasdaq Victory Emerging Market Value Momentum Index. Top 10 Holdings\*: December 31, 2022 (% of Net Assets) Malayan Banking Bhd 1.7% Hong Leong Bank Bhd 1.7% RHB Bank Bhd 1.4% Bangkok Bank PCL 1.3% Charoen Pokphand Foods PCL 1.2% Kasikornbank PCL 1.2% Public Bank Bhd 1.1% Bank of China Ltd., Class H 1.1% PT Indofood Sukses Makmur Tbk 1.1% Agricultural Bank of China Ltd., Class H 1.1% Sector Allocation\*: December 31, 2022 (% of Net Assets) Financials 28.0% Information Technology 13.4% Real Estate 2.1% Utilities 3.7% Communication Services 5.0% Materials 5.8% Energy 6.2% Health Care 6.6% Consumer Discretionary 8.9% Industrials 9.2% Consumer Staples 10.6% \* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-315.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments December 31, 2022 Victory Portfolios II VictoryShares US Value Momentum ETF 7 (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (99.5%) Communication Services (5.2%): Alphabet, Inc., Class A (a) ................................................ 16,044 $1,415,562 AT&T, Inc. ........................................................... 123,368 2,271,205 Fox Corp., Class A ..................................................... 62,269 1,891,109 Liberty Media Corp.-Liberty Formula One, Class C (a) ............................ 31,469 1,881,217 Omnicom Group, Inc. ................................................... 27,119 2,212,097 Paramount Global, Class B (b) ............................................. 60,440 1,020,227 T-Mobile U.S., Inc. (a) ................................................... 15,512 2,171,680 12,863,097 Consumer Discretionary (8.3%): AutoZone, Inc. (a) ...................................................... 824 2,032,132 Best Buy Co., Inc. ...................................................... 16,143 1,294,830 D.R. Horton, Inc. ...................................................... 16,707 1,489,262 Dollar General Corp. .................................................... 7,648 1,883,320 Dollar Tree, Inc. (a) ..................................................... 9,561 1,352,308 Ford Motor Co. ........................................................ 100,224 1,165,605 General Motors Co. ..................................................... 36,201 1,217,802 Genuine Parts Co. ...................................................... 14,760 2,561,008 Lennar Corp., Class A ................................................... 16,877 1,527,368 LKQ Corp. ........................................................... 39,468 2,107,986 O'Reilly Automotive, Inc. (a) .............................................. 2,453 2,070,406 Ulta Beauty, Inc. (a) ..................................................... 3,746 1,757,136 20,459,163 Consumer Staples (6.3%): General Mills, Inc. ..................................................... 33,738 2,828,931 Kellogg Co. .......................................................... 40,767 2,904,241 The Hershey Co. ....................................................... 12,769 2,956,918 The Kraft Heinz Co. .................................................... 62,646 2,550,319 The Kroger Co. ........................................................ 44,562 1,986,574 Tyson Foods, Inc., Class A ................................................ 37,993 2,365,064 15,592,047 Energy (4.1%): Chevron Corp. ........................................................ 10,490 1,882,850 Coterra Energy, Inc. ..................................................... 49,465 1,215,355 Exxon Mobil Corp. ..................................................... 16,413 1,810,354 Marathon Oil Corp. ..................................................... 38,367 1,038,595 Marathon Petroleum Corp. ................................................ 14,256 1,659,256 Occidental Petroleum Corp. ............................................... 17,738 1,117,316 Valero Energy Corp. .................................................... 10,327 1,310,083 10,033,809 Financials (14.3%): Aflac, Inc. ............................................................ 37,885 2,725,447 American International Group, Inc. .......................................... 31,664 2,002,431 Arch Capital Group Ltd. (a) ............................................... 36,668 2,302,017 Berkshire Hathaway, Inc., Class B (a) ........................................ 8,574 2,648,509 Capital One Financial Corp. ............................................... 14,409 1,339,461 Chubb Ltd. ........................................................... 12,570 2,772,942 Citigroup, Inc. ......................................................... 37,723 1,706,211 Loews Corp. .......................................................... 46,641 2,720,569 LPL Financial Holdings, Inc. .............................................. 6,868 1,484,656 M&T Bank Corp. ...................................................... 11,283 1,636,712 MetLife, Inc. .......................................................... 33,399 2,417,086 Principal Financial Group, Inc. ............................................. 22,927 1,924,034 Prudential Financial, Inc. ................................................. 20,419 2,030,874 Regions Financial Corp. .................................................. 84,258 1,816,602 Synchrony Financial .................................................... 37,676 1,238,033 The Allstate Corp. ...................................................... 15,134 2,052,170 W.R. Berkley Corp. ..................................................... 33,365 2,421,298 35,239,052 Health Care (20.0%): AbbVie, Inc. .......................................................... 16,436 2,656,222 Amgen, Inc. .......................................................... 10,738 2,820,228 Biogen, Inc. (a) ........................................................ 3,740 1,035,681 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-316.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US Value Momentum ETF 8 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Bio-Rad Laboratories, Inc., Class A (a) ....................................... 3,804 $1,599,544 Bristol-Myers Squibb Co. ................................................ 39,281 2,826,268 Cardinal Health, Inc. .................................................... 29,424 2,261,823 Centene Corp. (a)....................................................... 21,897 1,795,773 Cigna Corp. .......................................................... 7,499 2,484,719 Elevance Health, Inc. .................................................... 4,337 2,224,751 Eli Lilly & Co. ........................................................ 6,134 2,244,063 Gilead Sciences, Inc. .................................................... 27,078 2,324,646 Hologic, Inc. (a)........................................................ 30,201 2,259,337 Humana, Inc. ......................................................... 4,514 2,312,026 Laboratory Corp. of America Holdings ....................................... 8,747 2,059,743 McKesson Corp. ....................................................... 6,801 2,551,191 Merck & Co., Inc. ...................................................... 28,857 3,201,684 Moderna, Inc. (a) ....................................................... 5,612 1,008,027 Molina Healthcare, Inc. (a) ................................................ 6,689 2,208,842 Pfizer, Inc. ........................................................... 50,028 2,563,435 Quest Diagnostics, Inc. .................................................. 16,972 2,655,100 UnitedHealth Group, Inc. ................................................. 4,786 2,537,441 Vertex Pharmaceuticals, Inc. (a)............................................. 6,117 1,766,467 49,397,011 Industrials (12.6%): Booz Allen Hamilton Holding Corp. ......................................... 22,565 2,358,494 Carlisle Cos., Inc. ...................................................... 6,759 1,592,758 Cummins, Inc. ........................................................ 9,132 2,212,592 FedEx Corp. .......................................................... 7,676 1,329,483 General Dynamics Corp. ................................................. 10,454 2,593,742 HEICO Corp. ......................................................... 14,098 2,166,017 L3Harris Technologies, Inc. ............................................... 9,883 2,057,739 Leidos Holdings, Inc. ................................................... 26,446 2,781,855 Lockheed Martin Corp. .................................................. 5,039 2,451,423 Northrop Grumman Corp. ................................................ 4,011 2,188,442 PACCAR, Inc. ........................................................ 23,544 2,330,150 Quanta Services, Inc. .................................................... 11,435 1,629,487 Rollins, Inc. .......................................................... 52,754 1,927,631 United Rentals, Inc. (a)................................................... 4,404 1,565,270 Westinghouse Air Brake Technologies Corp. ................................... 19,939 1,990,112 31,175,195 Information Technology (9.5%): Analog Devices, Inc. .................................................... 10,366 1,700,335 Aspen Technology, Inc. (a) ................................................ 6,953 1,428,146 Broadcom, Inc. ........................................................ 3,145 1,758,464 Cadence Design Systems, Inc. (a) ........................................... 9,433 1,515,317 Gen Digital, Inc. ....................................................... 83,410 1,787,476 Hewlett Packard Enterprise Co. ............................................ 108,961 1,739,018 HP, Inc. ............................................................. 47,296 1,270,843 Intel Corp. ........................................................... 53,428 1,412,102 International Business Machines Corp. ....................................... 17,691 2,492,485 Jack Henry & Associates, Inc. ............................................. 13,936 2,446,604 KLA Corp. ........................................................... 3,441 1,297,360 Micron Technology, Inc. ................................................. 24,301 1,214,564 ON Semiconductor Corp. (a)............................................... 14,188 884,906 Synopsys, Inc. (a)....................................................... 4,606 1,470,650 Western Digital Corp. (a) ................................................. 36,620 1,155,361 23,573,631 Materials (4.7%): CF Industries Holdings, Inc. ............................................... 11,824 1,007,405 Corteva, Inc. .......................................................... 33,000 1,939,740 DuPont de Nemours, Inc. ................................................. 27,545 1,890,413 LyondellBasell Industries NV, Class A ....................................... 20,746 1,722,540 Nucor Corp. .......................................................... 9,312 1,227,415 Steel Dynamics, Inc. .................................................... 13,733 1,341,714 The Mosaic Co. ........................................................ 22,515 987,733 Westlake Corp. ........................................................ 14,640 1,501,186 11,618,146 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-317.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US Value Momentum ETF 9 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Real Estate (6.4%): Gaming and Leisure Properties, Inc. ......................................... 46,421 $2,418,070 Kimco Realty Corp. ..................................................... 87,672 1,856,893 Realty Income Corp. .................................................... 43,153 2,737,195 Ventas, Inc. ........................................................... 43,253 1,948,548 VICI Properties, Inc. .................................................... 67,118 2,174,623 Weyerhaeuser Co. ...................................................... 62,042 1,923,302 WP Carey, Inc. ........................................................ 33,517 2,619,353 15,677,984 Utilities (8.1%): Atmos Energy Corp. .................................................... 21,744 2,436,850 CenterPoint Energy, Inc. ................................................. 85,548 2,565,585 Consolidated Edison, Inc. ................................................ 28,891 2,753,601 DTE Energy Co. ....................................................... 24,034 2,824,716 Exelon Corp. ......................................................... 55,560 2,401,859 Sempra Energy ........................................................ 15,562 2,404,952 The AES Corp. ........................................................ 58,916 1,694,424 The Southern Co. ...................................................... 40,720 2,907,815 19,989,802 Total Common Stocks (Cost $234,051,430) 245,618,937 Collateral for Securities Loaned (0.1%)^ Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (c) ....... 67,500 67,500 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (c)............ 67,500 67,500 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (c) ............... 67,500 67,500 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (c). 67,500 67,500 Total Collateral for Securities Loaned (Cost $270,000) 270,000 Total Investments (Cost $234,321,430) — 99.6% 245,888,937 Other assets in excess of liabilities — 0.4% 1,039,133 NET ASSETS - 100.00% $246,928,070 ^ Purchased with cash collateral from securities on loan. (a) Non-income producing security. (b) All or a portion of this security is on loan. (c) Rate disclosed is the daily yield on December 31, 2022. Futures Contracts Purchased Number of Contracts Expiration Date Notional Amount Value Unrealized Appreciation (Depreciation) E-Mini S&P 500 Futures.............. 5 3/17/23 $984,561 $965,250 $(19311) Total unrealized appreciation $– Total unrealized depreciation (19311) Total net unrealized appreciation (depreciation) $(19311) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-318.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments December 31, 2022 Victory Portfolios II VictoryShares US Small Mid Cap Value Momentum ETF 10 (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (99.5%) Communication Services (2.6%): Bumble, Inc., Class A (a) ................................................. 16,080 $338,484 DISH Network Corp., Class A (a) ........................................... 28,759 403,776 Gray Television, Inc. .................................................... 45,001 503,561 John Wiley & Sons, Inc., Class A ........................................... 18,961 759,578 Lumen Technologies, Inc. ................................................ 124,104 647,823 Nexstar Media Group, Inc. ................................................ 4,573 800,412 Telephone and Data Systems, Inc. ........................................... 62,565 656,307 World Wrestling Entertainment, Inc., Class A ................................... 14,304 980,110 Yelp, Inc. (a) .......................................................... 20,324 555,658 5,645,709 Consumer Discretionary (11.4%): Academy Sports & Outdoors, Inc. .......................................... 11,011 578,518 Adtalem Global Education, Inc. (a) .......................................... 21,577 765,984 Asbury Automotive Group, Inc. (a) .......................................... 3,185 570,911 AutoNation, Inc. (a) ..................................................... 5,576 598,305 Dick's Sporting Goods, Inc. ............................................... 4,815 579,196 Dillard's, Inc., Class A ................................................... 1,293 417,898 Funko, Inc., Class A (a) .................................................. 41,225 449,765 Graham Holdings Co., Class B ............................................. 1,961 1,184,856 Grand Canyon Education, Inc. (a) ........................................... 8,457 893,567 Green Brick Partners, Inc. (a) .............................................. 22,263 539,432 Group 1 Automotive, Inc. ................................................. 3,432 619,030 H&R Block, Inc. ....................................................... 16,859 615,522 Harley-Davidson, Inc. ................................................... 13,786 573,498 KB Home ............................................................ 21,087 671,621 Kohl's Corp. .......................................................... 14,357 362,514 Laureate Education, Inc., Class A ........................................... 74,392 715,651 LCI Industries ......................................................... 6,270 579,662 Levi Strauss & Co., Class A ............................................... 41,114 638,089 M/I Homes, Inc. (a) ..................................................... 13,787 636,684 Macy's, Inc. .......................................................... 20,776 429,024 Meritage Homes Corp. (a)................................................. 7,789 718,146 Mohawk Industries, Inc. (a) ............................................... 6,558 670,359 Murphy USA, Inc. ...................................................... 3,258 910,741 Oxford Industries, Inc. ................................................... 6,018 560,757 Patrick Industries, Inc. ................................................... 11,333 686,780 Penske Automotive Group, Inc. ............................................ 5,779 664,180 PulteGroup, Inc. ....................................................... 15,742 716,733 Ralph Lauren Corp. ..................................................... 6,172 652,195 Service Corp. International ................................................ 13,470 931,316 Signet Jewelers Ltd. .................................................... 7,386 502,248 Strategic Education, Inc. ................................................. 12,119 949,160 Stride, Inc. (a) ......................................................... 16,370 512,054 Taylor Morrison Home Corp. (a) ............................................ 20,681 627,668 The Buckle, Inc. ....................................................... 16,107 730,452 Toll Brothers, Inc. ...................................................... 15,059 751,745 Tri Pointe Homes, Inc. (a)................................................. 36,220 673,330 Visteon Corp. (a) ....................................................... 4,256 556,812 Winnebago Industries, Inc. ................................................ 10,125 533,588 24,767,991 Consumer Staples (4.5%): BJ's Wholesale Club Holdings, Inc. (a)........................................ 10,398 687,932 Cal-Maine Foods, Inc. ................................................... 14,698 800,306 e.l.f. Beauty, Inc. (a)..................................................... 12,155 672,172 Grocery Outlet Holding Corp. (a) ........................................... 25,111 732,990 Hostess Brands, Inc. (a) .................................................. 41,471 930,609 Ingles Markets, Inc., Class A .............................................. 10,424 1,005,499 MGP Ingredients, Inc. ................................................... 6,678 710,406 Molson Coors Beverage Co., Class B ........................................ 20,210 1,041,219 Post Holdings, Inc. (a) ................................................... 12,448 1,123,556 Sprouts Farmers Market, Inc. (a) ............................................ 18,375 594,799 TreeHouse Foods, Inc. (a)................................................. 16,419 810,770 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-319.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US Small Mid Cap Value Momentum ETF 11 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value United Natural Foods, Inc. (a) .............................................. 16,969 $656,870 9,767,128 Energy (4.6%): Antero Resources Corp. (a)................................................ 13,682 424,005 Arch Resources, Inc. .................................................... 2,961 422,801 California Resources Corp. ............................................... 14,441 628,328 Comstock Resources, Inc. ................................................ 23,171 317,674 CONSOL Energy, Inc. ................................................... 5,796 376,740 CVR Energy, Inc. ...................................................... 13,032 408,423 Delek U.S. Holdings, Inc. ................................................ 16,474 444,798 DT Midstream, Inc. ..................................................... 16,574 915,879 Helmerich & Payne, Inc. ................................................. 9,880 489,752 HF Sinclair Corp. ...................................................... 11,866 615,727 International Seaways, Inc. ............................................... 14,881 550,895 Kosmos Energy Ltd. (a) .................................................. 67,133 426,966 Matador Resources Co. .................................................. 8,169 467,593 Murphy Oil Corp. ...................................................... 11,657 501,367 PBF Energy, Inc., Class A ................................................ 11,697 477,004 PDC Energy, Inc. ...................................................... 7,114 451,597 SM Energy Co. ........................................................ 11,266 392,395 Talos Energy, Inc. (a) .................................................... 22,313 421,269 Weatherford International PLC (a)........................................... 11,651 593,269 World Fuel Services Corp. ................................................ 21,981 600,741 9,927,223 Financials (15.8%): American Equity Investment Life Holding Co. .................................. 16,150 736,763 American Financial Group, Inc. ............................................ 7,827 1,074,491 Apollo Commercial Real Estate Finance, Inc. .................................. 53,157 571,969 Associated Banc-Corp. .................................................. 42,391 978,808 Assured Guaranty Ltd. ................................................... 13,047 812,306 BancFirst Corp. ........................................................ 9,502 837,886 Banner Corp. ......................................................... 16,962 1,071,998 Bread Financial Holdings, Inc. ............................................. 13,597 512,063 Brighthouse Financial, Inc. (a) ............................................. 12,456 638,619 Cannae Holdings, Inc. (a) ................................................. 27,761 573,265 CNO Financial Group, Inc. ............................................... 38,790 886,352 CVB Financial Corp. .................................................... 50,678 1,304,959 Encore Capital Group, Inc. (a).............................................. 17,220 825,527 First Bancorp/Puerto Rico ................................................ 56,250 715,500 FNB Corp. ........................................................... 81,928 1,069,160 Fulton Financial Corp. ................................................... 63,380 1,066,686 Genworth Financial, Inc. (a) ............................................... 177,177 937,266 Hilltop Holdings, Inc. ................................................... 26,120 783,861 Hope Bancorp, Inc. ..................................................... 83,060 1,063,999 International Bancshares Corp. ............................................. 22,088 1,010,747 Jackson Financial, Inc., Class A ............................................ 14,689 511,030 Jefferies Financial Group, Inc. ............................................. 23,661 811,099 Lincoln National Corp. .................................................. 13,485 414,259 MGIC Investment Corp. ................................................. 72,889 947,557 Mr. Cooper Group, Inc. (a) ................................................ 16,867 676,873 Navient Corp. ......................................................... 42,972 706,889 New York Community Bancorp, Inc. ......................................... 96,629 831,009 Northwest Bancshares, Inc. ............................................... 94,049 1,314,805 PennyMac Financial Services, Inc. .......................................... 11,381 644,848 Prosperity Bancshares, Inc. ............................................... 16,703 1,213,974 Radian Group, Inc. ..................................................... 55,015 1,049,136 Reinsurance Group of America, Inc. ......................................... 6,998 994,346 Rithm Capital Corp. .................................................... 78,854 644,237 SouthState Corp. ....................................................... 11,956 912,960 United Bankshares, Inc. .................................................. 29,083 1,177,571 Unum Group .......................................................... 19,460 798,444 Voya Financial, Inc. ..................................................... 14,913 917,000 Washington Federal, Inc. ................................................. 33,054 1,108,962 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-320.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US Small Mid Cap Value Momentum ETF 12 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value White Mountains Insurance Group Ltd. ....................................... 848 $1,199,352 34,346,576 Health Care (14.1%): Acadia Healthcare Co., Inc. (a) ............................................. 9,961 819,990 AdaptHealth Corp. (a) ................................................... 22,529 433,007 Alignment Healthcare, Inc. (a).............................................. 36,216 425,900 Amphastar Pharmaceuticals, Inc. (a) ......................................... 20,497 574,326 Corcept Therapeutics, Inc. (a) .............................................. 28,672 582,328 Dynavax Technologies Corp. (a) ............................................ 37,080 394,531 Embecta Corp. ........................................................ 15,589 394,246 Emergent BioSolutions, Inc. (a)............................................. 32,812 387,510 Encompass Health Corp. ................................................. 16,209 969,460 Enovis Corp. (a)........................................................ 14,904 797,662 Envista Holdings Corp. (a) ................................................ 27,285 918,686 Evolent Health, Inc., Class A (a) ............................................ 21,310 598,385 Fulgent Genetics, Inc. (a) ................................................. 17,046 507,630 Haemonetics Corp. (a) ................................................... 10,372 815,758 Halozyme Therapeutics, Inc. (a) ............................................ 14,698 836,316 Harmony Biosciences Holdings, Inc. (a)....................................... 9,648 531,605 Henry Schein, Inc. (a).................................................... 15,019 1,199,568 iRhythm Technologies, Inc. (a) ............................................. 4,079 382,080 Ironwood Pharmaceuticals, Inc. (a) .......................................... 85,435 1,058,540 Jazz Pharmaceuticals PLC (a) .............................................. 6,614 1,053,676 Karuna Therapeutics, Inc. (a) .............................................. 1,664 326,976 Lantheus Holdings, Inc. (a)................................................ 8,402 428,166 Multiplan Corp. (a) ..................................................... 313,008 359,959 Neurocrine Biosciences, Inc. (a) ............................................ 7,459 890,903 Option Care Health, Inc. (a) ............................................... 23,021 692,702 Organon & Co. ........................................................ 38,734 1,081,841 Perrigo Co. PLC ....................................................... 29,249 997,098 Premier, Inc., Class A ................................................... 38,963 1,362,926 Prestige Consumer Healthcare, Inc. (a)........................................ 20,095 1,257,947 Privia Health Group, Inc. (a) ............................................... 20,369 462,580 Prometheus Biosciences, Inc. (a) ............................................ 10,854 1,193,940 QuidelOrtho Corp. (a) ................................................... 7,850 672,509 Sarepta Therapeutics, Inc. (a) .............................................. 5,916 766,595 Select Medical Holdings Corp. ............................................. 26,916 668,324 Shockwave Medical, Inc. (a)............................................... 1,783 366,603 SIGA Technologies, Inc. ................................................. 42,664 314,007 Supernus Pharmaceuticals, Inc. (a)........................................... 25,812 920,714 Tenet Healthcare Corp. (a) ................................................ 10,198 497,560 uniQure NV (a) ........................................................ 14,881 337,352 United Therapeutics Corp. (a) .............................................. 3,348 931,045 Universal Health Services, Inc., Class B ...................................... 5,522 777,995 Vaxcyte, Inc. (a)........................................................ 8,501 407,623 Viatris, Inc. ........................................................... 76,883 855,708 Vir Biotechnology, Inc. (a) ................................................ 15,971 404,226 30,656,503 Industrials (20.0%): AAR Corp. (a)......................................................... 18,397 826,025 ABM Industries, Inc. .................................................... 17,805 790,898 Air Lease Corp. ........................................................ 19,653 755,068 Air Transport Services Group, Inc. (a) ........................................ 30,156 783,453 Allison Transmission Holdings, Inc. ......................................... 23,166 963,706 ArcBest Corp. ......................................................... 7,203 504,498 Atkore, Inc. (a) ........................................................ 4,730 536,477 Avis Budget Group, Inc. (a) ............................................... 1,860 304,910 Beacon Roofing Supply, Inc. (a) ............................................ 15,779 832,973 Boise Cascade Co. ...................................................... 8,331 572,090 Builders FirstSource, Inc. (a)............................................... 9,132 592,484 BWX Technologies, Inc. ................................................. 18,638 1,082,495 CACI International, Inc., Class A (a) ......................................... 3,853 1,158,173 CBIZ, Inc. (a) ......................................................... 23,698 1,110,251 Chart Industries, Inc. (a) .................................................. 3,168 365,049 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-321.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US Small Mid Cap Value Momentum ETF 13 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Comfort Systems USA, Inc. ............................................... 6,725 $773,913 CoreCivic, Inc. (a) ...................................................... 47,646 550,788 Curtiss-Wright Corp. .................................................... 5,969 996,763 Dycom Industries, Inc. (a)................................................. 7,072 661,939 EMCOR Group, Inc. .................................................... 7,301 1,081,351 Encore Wire Corp. ...................................................... 3,998 549,965 FTI Consulting, Inc. (a) .................................................. 5,082 807,022 GATX Corp. .......................................................... 9,191 977,371 GMS, Inc. (a).......................................................... 14,612 727,678 GrafTech International Ltd. ............................................... 93,154 443,413 Griffon Corp. ......................................................... 15,318 548,231 Hertz Global Holdings, Inc. (a) ............................................. 31,205 480,245 Hub Group, Inc., Class A (a) ............................................... 9,831 781,466 Hubbell, Inc. .......................................................... 3,880 910,558 Huntington Ingalls Industries, Inc. .......................................... 4,973 1,147,172 JELD-WEN Holding, Inc. (a) .............................................. 49,176 474,548 KAR Auction Services, Inc. (a) ............................................. 50,929 664,623 KBR, Inc. ............................................................ 19,523 1,030,814 Knight-Swift Transportation Holdings, Inc. .................................... 15,375 805,804 Matson, Inc. .......................................................... 9,770 610,723 Moog, Inc., Class A ..................................................... 12,061 1,058,473 Mueller Industries, Inc. .................................................. 12,044 710,596 NV5 Global, Inc. (a)..................................................... 6,349 840,100 Owens Corning ........................................................ 8,639 736,907 Parsons Corp. (a) ....................................................... 22,045 1,019,581 Primoris Services Corp. .................................................. 36,968 811,078 Rush Enterprises, Inc., Class A ............................................. 19,220 1,004,822 Ryder System, Inc. ..................................................... 7,455 623,014 Schneider National, Inc., Class B ........................................... 37,542 878,483 Science Applications International Corp. ...................................... 10,447 1,158,886 SkyWest, Inc. (a) ....................................................... 37,830 624,573 Snap-on, Inc. ......................................................... 4,858 1,110,004 SPX Technologies, Inc. (a) ................................................ 13,669 897,370 Trinity Industries, Inc. ................................................... 25,994 768,643 Triton International Ltd. .................................................. 13,247 911,129 UFP Industries, Inc. ..................................................... 9,393 744,395 U-Haul Holding Co. .................................................... 15,701 945,043 Valmont Industries, Inc. .................................................. 3,080 1,018,464 Veritiv Corp. .......................................................... 4,598 559,623 Werner Enterprises, Inc. .................................................. 22,028 886,847 43,510,968 Information Technology (9.4%): Amkor Technology, Inc. .................................................. 22,271 534,059 Arrow Electronics, Inc. (a) ................................................ 8,687 908,400 Avnet, Inc. ........................................................... 20,102 835,841 Axcelis Technologies, Inc. (a) .............................................. 5,788 459,336 Belden, Inc. .......................................................... 10,169 731,151 Box, Inc., Class A (a) .................................................... 29,625 922,226 Cirrus Logic, Inc. (a) .................................................... 10,885 810,715 Clearfield, Inc. (a) ...................................................... 3,259 306,802 Cohu, Inc. (a).......................................................... 16,136 517,159 CSG Systems International, Inc. ............................................ 16,543 946,260 Dell Technologies, Inc., Class C ............................................ 15,644 629,202 Diodes, Inc. (a) ........................................................ 6,969 530,620 DXC Technology Co. (a) ................................................. 20,246 536,519 ExlService Holdings, Inc. (a) .............................................. 4,305 729,396 Impinj, Inc. (a)......................................................... 3,377 368,701 Jabil, Inc. ............................................................ 11,555 788,051 NCR Corp. (a) ......................................................... 20,705 484,704 NetScout Systems, Inc. (a) ................................................ 27,937 908,232 Onto Innovation, Inc. (a).................................................. 6,856 466,825 Photronics, Inc. (a)...................................................... 25,995 437,496 Plexus Corp. (a)........................................................ 9,658 994,098 Progress Software Corp. ................................................. 18,970 957,036 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-322.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US Small Mid Cap Value Momentum ETF 14 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Pure Storage, Inc., Class A (a) .............................................. 23,890 $639,296 Rackspace Technology, Inc. (a)(b) ........................................... 80,271 236,799 Rambus, Inc. (a)........................................................ 19,855 711,206 Sanmina Corp. (a) ...................................................... 12,867 737,150 Super Micro Computer, Inc. (a)............................................. 4,828 396,379 TD SYNNEX Corp. .................................................... 8,972 849,738 TTM Technologies, Inc. (a)................................................ 37,656 567,852 Vishay Intertechnology, Inc. ............................................... 39,821 858,939 Xerox Holdings Corp. ................................................... 38,192 557,603 20,357,791 Materials (5.1%): Alpha Metallurgical Resources, Inc. ......................................... 2,497 365,536 Cabot Corp. .......................................................... 10,078 673,614 Commercial Metals Co. .................................................. 15,345 741,164 Graphic Packaging Holding Co. ............................................ 44,164 982,649 Greif, Inc., Class A ..................................................... 13,138 881,034 Louisiana-Pacific Corp. .................................................. 10,007 592,414 LSB Industries, Inc. (a)................................................... 26,179 348,181 O-I Glass, Inc. (a) ...................................................... 38,266 634,068 Reliance Steel & Aluminum Co. ............................................ 4,230 856,321 Silgan Holdings, Inc. .................................................... 22,497 1,166,244 Sonoco Products Co. .................................................... 17,443 1,058,965 Sylvamo Corp. ........................................................ 11,460 556,841 Trinseo PLC .......................................................... 20,071 455,812 United States Steel Corp. ................................................. 21,151 529,833 Warrior Met Coal, Inc. ................................................... 16,594 574,816 Westrock Co. ......................................................... 21,974 772,606 11,190,098 Real Estate (7.9%): Agree Realty Corp. ..................................................... 19,163 1,359,232 Anywhere Real Estate, Inc. (a) ............................................. 67,787 433,159 Apartment Investment and Management Co. ................................... 100,645 716,592 Apple Hospitality REIT, Inc. .............................................. 54,825 865,138 Corporate Office Properties Trust ........................................... 41,107 1,066,316 EPR Properties ........................................................ 22,397 844,815 Equity Commonwealth .................................................. 65,485 1,635,160 Four Corners Property Trust, Inc. ........................................... 45,641 1,183,471 Global Net Lease, Inc. ................................................... 71,392 897,397 Inventrust Properties Corp. ................................................ 31,330 741,581 LTC Properties, Inc. .................................................... 32,402 1,151,243 National Health Investors, Inc. ............................................. 19,527 1,019,700 National Retail Properties, Inc. ............................................. 27,751 1,269,886 Omega Healthcare Investors, Inc. ........................................... 29,286 818,544 Paramount Group, Inc. ................................................... 132,711 788,303 Phillips Edison & Co., Inc. ................................................ 31,720 1,009,965 Sabra Health Care REIT, Inc. .............................................. 61,856 768,870 SL Green Realty Corp. ................................................... 19,033 641,793 17,211,165 Utilities (4.1%): Clearway Energy, Inc., Class C ............................................. 26,318 838,755 National Fuel Gas Co. ................................................... 17,318 1,096,229 New Jersey Resources Corp. .............................................. 23,261 1,154,211 Northwest Natural Holding Co. ............................................ 23,615 1,123,838 NRG Energy, Inc. ...................................................... 21,244 675,984 OGE Energy Corp. ..................................................... 32,161 1,271,968 Otter Tail Corp. ........................................................ 15,409 904,662 Spire, Inc. ............................................................ 16,772 1,154,920 Vistra Corp. .......................................................... 34,816 807,731 9,028,298 Total Common Stocks (Cost $210,350,588) 216,409,450 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-323.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares US Small Mid Cap Value Momentum ETF 15 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Rights (0.0%)(c) Health Care (0.0%):(c) Achillion Pharmaceuticals, CVR (a)(d)(e) ..................................... 17,954 $4,129 Zogenix, Inc., CVR (a)(d)(e) .............................................. 9,491 6,454 10,583 Total Rights (Cost $–) 10,583 Collateral for Securities Loaned (0.0%)^(c) Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (f) ....... 14,553 14,553 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (f)............ 14,553 14,553 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (f) ............... 14,553 14,553 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (f). 14,553 14,553 Total Collateral for Securities Loaned (Cost $58,212) 58,212 Total Investments (Cost $210,408,800) — 99.5% 216,478,245 Other assets in excess of liabilities — 0.5% 1,037,497 NET ASSETS - 100.00% $217,515,742 ^ 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) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of December 31, 2022, illiquid securities were less than 0.05% of net assets. (e) Security was fair valued based upon procedures approved by the Board of Trustees and represents less than 0.05% of net assets as of December 31, 2022. This security is classified as Level 3 within the fair value hierarchy. (See Note 2 in the Notes to Financial Statements) (f) Rate disclosed is the daily yield on December 31, 2022. CVR—Contingent Value Right PLC—Public Limited Company REIT—Real Estate Investment Trust Futures Contracts Purchased Number of Contracts Expiration Date Notional Amount Value Unrealized Appreciation (Depreciation) E-Mini Russell 2000 Index Futures ...... 10 3/17/23 $900,977 $885,450 $(15527) Total unrealized appreciation $– Total unrealized depreciation (15527) Total net unrealized appreciation (depreciation) $(15527) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-324.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments December 31, 2022 Victory Portfolios II VictoryShares International Value Momentum ETF 16 (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (98.8%) Australia (3.4%): Energy (0.4%): Worley, Ltd. .......................................................... 107,828 $1,100,975 Financials (0.5%): National Australia Bank Ltd. .............................................. 71,419 1,461,360 Industrials (0.6%): Aurizon Holdings Ltd. .................................................. 621,738 1,578,595 Information Technology (0.4%): Computershare Ltd. .................................................... 66,128 1,179,346 Materials (1.1%): Incitec Pivot, Ltd. ...................................................... 383,231 980,851 Rio Tinto Ltd. ........................................................ 14,060 1,114,116 South32 Ltd. ......................................................... 287,509 782,827 2,877,794 Real Estate (0.4%): Vicinity Centres ....................................................... 832,162 1,132,902 9,330,972 Austria (0.4%): Energy (0.4%): OMV AG ............................................................ 21,442 1,103,862 Belgium (1.2%): Financials (0.6%): Ageas SA ........................................................... 37,141 1,646,524 Utilities (0.6%): Elia Group SA ........................................................ 12,008 1,706,762 3,353,286 Canada (7.9%): Consumer Discretionary (0.7%): Dollarama, Inc. ....................................................... 31,776 1,858,725 Consumer Staples (2.4%): Empire Co. Ltd., Class A ................................................. 78,252 2,061,210 George Weston Ltd. .................................................... 18,930 2,348,981 Loblaw Cos. Ltd. ...................................................... 24,469 2,163,857 6,574,048 Energy (0.6%): Crescent Point Energy Corp. .............................................. 105,581 753,370 Tourmaline Oil Corp. ................................................... 19,064 962,072 1,715,442 Financials (1.2%): Element Fleet Management Corp. .......................................... 117,204 1,597,292 Fairfax Financial Holdings Ltd. ............................................ 3,030 1,795,148 3,392,440 Materials (1.1%): Nutrien Ltd. .......................................................... 13,315 972,217 Teck Resources Ltd., Class B ............................................. 25,013 945,424 West Fraser Timber Co. Ltd. .............................................. 14,411 1,040,747 2,958,388 Utilities (1.9%): Canadian Utilities Ltd., Class A ............................................ 102,740 2,781,371 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-325.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares International Value Momentum ETF 17 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Capital Power Corp. .................................................... 68,607 $2,347,882 5,129,253 21,628,296 Denmark (1.6%): Health Care (1.2%): H Lundbeck A S (a)..................................................... 343,563 1,288,559 Novo Nordisk A/S, Class B ............................................... 13,225 1,786,030 3,074,589 Industrials (0.4%): AP Moller - Maersk A/S, Class B ........................................... 502 1,128,951 4,203,540 Finland (0.7%): Health Care (0.7%): Orion Oyj, Class B ..................................................... 32,708 1,793,773 France (9.5%): Communication Services (2.8%): Bollore SE ........................................................... 383,088 2,140,294 Orange SA ........................................................... 337,323 3,350,773 Vivendi SE .......................................................... 233,038 2,223,329 7,714,396 Consumer Discretionary (0.4%): Renault SA (a) ........................................................ 28,293 947,067 Consumer Staples (0.7%): Carrefour SA ......................................................... 115,999 1,941,759 Energy (0.5%): Gaztransport Et Technigaz SA ............................................. 12,634 1,349,509 Health Care (1.3%): Ipsen SA ............................................................ 12,059 1,297,125 Sanofi .............................................................. 22,196 2,134,267 3,431,392 Industrials (2.2%): Bouygues SA ......................................................... 75,183 2,256,327 Eiffage SA ........................................................... 21,036 2,069,558 Thales SA ........................................................... 13,412 1,712,530 6,038,415 Real Estate (1.0%): Covivio ............................................................. 24,113 1,431,058 Klepierre SA ......................................................... 54,498 1,255,824 2,686,882 Utilities (0.6%): Engie SA ............................................................ 121,522 1,741,306 25,850,726 Germany (6.6%): Consumer Discretionary (2.0%): Bayerische Motoren Werke AG ............................................ 17,761 1,585,016 Mercedes-Benz Group AG ............................................... 19,814 1,302,102 Porsche Automobil Holding SE, Preference Shares .............................. 20,677 1,133,968 Volkswagen AG, Preference Shares ......................................... 11,532 1,436,933 5,458,019 Consumer Staples (0.9%): Henkel AG And Co. KGaA, Preference Shares ................................. 34,406 2,394,338 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-326.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares International Value Momentum ETF 18 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Financials (0.4%): Commerzbank AG (a) ................................................... 123,496 $1,167,920 Health Care (1.8%): Fresenius Medical Care AG & Co. KGaA ..................................... 45,264 1,480,992 Fresenius SE & Co. KGaA ............................................... 58,651 1,647,817 Merck KGaA ......................................................... 9,041 1,750,489 4,879,298 Industrials (0.3%): Rheinmetall AG ....................................................... 4,769 949,645 Materials (0.6%): HeidelbergCement AG .................................................. 27,400 1,562,497 Utilities (0.6%): RWE AG ............................................................ 35,940 1,599,821 18,011,538 Greece (0.8%): Consumer Discretionary (0.8%): OPAP SA ............................................................ 146,975 2,081,170 Hong Kong (3.6%): Consumer Staples (0.4%): WH Group Ltd. (b) ..................................................... 1,699,297 988,445 Industrials (0.5%): CK Hutchison Holdings Ltd. .............................................. 238,146 1,429,486 Real Estate (2.7%): CK Asset Holdings Ltd. ................................................. 215,916 1,329,246 Hongkong Land Holdings Ltd. ............................................ 279,300 1,284,780 Sino Land Co. Ltd. ..................................................... 954,402 1,193,461 Sun Hung Kai Properties Ltd. ............................................. 126,927 1,736,810 Swire Pacific Ltd., Class A ............................................... 137,263 1,208,196 The Wharf Holdings Ltd. ................................................ 257,346 756,706 7,509,199 9,927,130 Ireland (0.5%): Financials (0.5%): AIB Group PLC ....................................................... 368,346 1,425,571 Israel (1.2%): Communication Services (0.7%): Bezeq The Israeli Telecommunication Corp. Ltd. ............................... 1,131,479 1,955,050 Industrials (0.5%): Elbit Systems Ltd. ..................................................... 8,383 1,367,035 3,322,085 Italy (1.0%): Financials (0.5%): UniCredit SpA ........................................................ 86,832 1,233,447 Industrials (0.5%): Leonardo SpA ........................................................ 173,159 1,493,773 2,727,220 Japan (26.0%): Communication Services (1.5%): Capcom Co. Ltd. ...................................................... 16,900 542,212 Dentsu Group, Inc. ..................................................... 17,800 562,269 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-327.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares International Value Momentum ETF 19 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value KDDI Corp. .......................................................... 29,600 $898,241 Nexon Co. Ltd. ....................................................... 23,900 539,489 Nippon Telegraph & Telephone Corp. ....................................... 32,700 937,490 Toho Co. Ltd. ......................................................... 17,600 681,360 4,161,061 Consumer Discretionary (2.9%): Aisin Corp. .......................................................... 24,400 656,394 Bandai Namco Holdings, Inc. ............................................. 10,000 633,592 Bridgestone Corp. ..................................................... 20,400 729,282 Honda Motor Co. Ltd. .................................................. 27,400 633,111 Iida Group Holdings Co. Ltd. ............................................. 45,200 689,264 Isuzu Motors Ltd. ...................................................... 49,200 580,037 Mazda Motor Corp. .................................................... 62,600 479,447 Mitsubishi Motors Corp. (a)............................................... 75,600 293,827 Sekisui House Ltd. ..................................................... 47,800 850,033 Subaru Corp. ......................................................... 29,800 460,444 Sumitomo Electric Industries Ltd. .......................................... 61,400 703,980 Suzuki Motor Corp. .................................................... 16,700 543,558 USS Co. Ltd. ......................................................... 39,000 622,657 7,875,626 Consumer Staples (2.1%): Japan Tobacco, Inc. (c) .................................................. 44,000 892,272 Kirin Holdings Co. Ltd. ................................................. 58,100 890,406 MEIJI Holdings Co. Ltd. ................................................. 20,227 1,038,942 Nissin Foods Holdings Co. Ltd. ............................................ 11,239 892,474 Suntory Beverage & Food Ltd. ............................................ 19,500 668,724 Toyo Suisan Kaisha Ltd. ................................................. 14,800 575,217 Yakult Honsha Co. Ltd. .................................................. 11,582 755,540 5,713,575 Energy (0.6%): ENEOS Holdings, Inc. .................................................. 209,900 716,622 Idemitsu Kosan Co. Ltd. ................................................. 23,100 540,444 Inpex Corp. .......................................................... 36,500 388,310 1,645,376 Financials (4.9%): Dai-ichi Life Holdings, Inc. ............................................... 31,800 725,569 Japan Post Holdings Co. Ltd. .............................................. 127,100 1,074,664 Japan Post Insurance Co. Ltd. ............................................. 43,600 771,191 Mitsubishi HC Capital, Inc. ............................................... 207,900 1,028,251 Mitsubishi UFJ Financial Group, Inc. ........................................ 137,100 928,836 Mizuho Financial Group, Inc. ............................................. 79,600 1,125,877 MS&AD Insurance Group Holdings, Inc. ..................................... 23,700 762,908 Nomura Holdings, Inc. .................................................. 250,800 933,858 ORIX Corp. .......................................................... 39,700 640,942 Resona Holdings, Inc. ................................................... 137,700 758,914 SBI Holdings, Inc. ..................................................... 37,400 717,389 Sompo Holdings, Inc. ................................................... 14,700 656,470 Sumitomo Mitsui Financial Group, Inc. ...................................... 26,400 1,065,496 Sumitomo Mitsui Trust Holdings, Inc. ....................................... 23,800 832,148 The Chiba Bank Ltd. ................................................... 108,100 792,503 Tokio Marine Holdings, Inc. .............................................. 30,800 663,672 13,478,688 Health Care (1.5%): Astellas Pharma, Inc. ................................................... 43,600 666,693 Daiichi Sankyo Co. Ltd. ................................................. 13,400 434,004 Ono Pharmaceutical Co. Ltd. .............................................. 27,600 648,459 Otsuka Holdings Co. Ltd. ................................................ 23,400 767,695 Shionogi & Co. Ltd. .................................................... 10,600 532,019 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-328.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares International Value Momentum ETF 20 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Takeda Pharmaceutical Co. Ltd. ............................................ 32,600 $1,021,328 4,070,198 Industrials (5.5%): AGC, Inc. (c) ......................................................... 21,300 713,409 Dai Nippon Printing Co. Ltd. .............................................. 34,400 694,711 Hankyu Hanshin Holdings, Inc. ............................................ 28,000 836,458 ITOCHU Corp. ....................................................... 21,100 666,671 Kajima Corp. ......................................................... 71,200 833,434 Kawasaki Kisen Kaisha Ltd. .............................................. 16,400 348,322 Kintetsu Group Holdings Co. Ltd. .......................................... 20,600 683,684 Komatsu Ltd. ......................................................... 25,900 567,660 Marubeni Corp. ....................................................... 48,900 564,575 Mitsubishi Corp. ...................................................... 17,200 561,405 Mitsubishi Heavy Industries Ltd. ........................................... 12,400 494,601 Mitsui & Co. Ltd. ...................................................... 18,800 552,023 Mitsui Osk Lines Ltd. ................................................... 16,500 413,695 NGK Insulators Ltd. .................................................... 57,000 728,898 NIPPON EXPRESS HOLDINGS, Inc. ....................................... 10,300 591,846 Nippon Yusen KK ..................................................... 17,000 402,911 Obayashi Corp. ....................................................... 113,800 865,511 Shimizu Corp. ........................................................ 140,900 755,934 Sumitomo Corp. ....................................................... 37,900 634,266 Taisei Corp. .......................................................... 23,300 754,649 Tobu Railway Co. Ltd. .................................................. 36,100 847,340 TOPPAN, Inc. ........................................................ 45,500 677,541 Toshiba Corp. ........................................................ 21,200 743,664 14,933,208 Information Technology (3.3%): Brother Industries Ltd. .................................................. 42,200 645,446 Canon, Inc. .......................................................... 35,500 772,521 Fujitsu Ltd. .......................................................... 4,100 550,385 Hirose Electric Co. Ltd. ................................................. 4,900 619,875 Itochu Techno-Solutions Corp. ............................................ 27,100 634,027 Kyocera Corp. ........................................................ 15,500 773,937 NEC Corp. ........................................................... 18,800 664,060 Ricoh Co. Ltd. ........................................................ 72,500 556,375 Rohm Co. Ltd. ........................................................ 6,600 479,332 SCSK Corp. .......................................................... 44,800 683,164 Seiko Epson Corp. ..................................................... 39,100 573,896 TDK Corp. .......................................................... 12,500 412,952 TIS, Inc. ............................................................ 20,100 533,059 Trend Micro, Inc. Japan ................................................. 11,200 524,067 Yokogawa Electric Corp. ................................................ 30,300 486,065 8,909,161 Materials (1.0%): JFE Holdings, Inc. ..................................................... 54,500 637,951 Nippon Steel Corp. ..................................................... 37,200 649,767 Sumitomo Chemical Co. Ltd. ............................................. 187,700 678,020 Toray Industries, Inc. ................................................... 139,132 781,014 2,746,752 Real Estate (1.5%): Daito Trust Construction Co. Ltd. .......................................... 6,500 670,706 Daiwa House Industry Co. Ltd. ............................................ 36,100 836,061 Hulic Co. Ltd. ........................................................ 99,500 788,599 Mitsubishi Estate Co. Ltd. ................................................ 53,600 698,900 Mitsui Fudosan Co. Ltd. ................................................. 35,700 657,574 Sumitomo Realty & Development Co. Ltd. .................................... 23,200 551,800 4,203,640 Utilities (1.2%): Chubu Electric Power Co., Inc. ............................................ 77,800 807,526 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-329.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares International Value Momentum ETF 21 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Osaka Gas Co. Ltd. .................................................... 43,400 $704,481 The Kansai Electric Power Co., Inc. ......................................... 82,800 807,051 Tokyo Electric Power Co. Holdings, Inc. (a) ................................... 88,100 319,582 Tokyo Gas Co. Ltd. .................................................... 32,100 632,362 3,271,002 71,008,287 Korea, Republic Of (9.1%): Communication Services (1.0%): KT Corp. ............................................................ 54,102 1,446,257 SK Telecom Co. Ltd. ................................................... 37,542 1,407,380 2,853,637 Consumer Discretionary (1.2%): Hyundai Mobis Co. Ltd. ................................................. 6,704 1,063,075 Hyundai Motor Co. .................................................... 9,732 1,162,237 Kia Corp. ............................................................ 22,976 1,077,568 3,302,880 Consumer Staples (1.3%): CJ CheilJedang Corp. ................................................... 4,047 1,217,877 KT&G Corp. ......................................................... 31,453 2,276,138 3,494,015 Financials (2.6%): Hana Financial Group, Inc. ............................................... 31,584 1,050,385 Industrial Bank of Korea ................................................. 199,054 1,545,959 KB Financial Group, Inc. ................................................ 27,124 1,040,425 Samsung Life Insurance Co. Ltd. ........................................... 24,397 1,369,968 Shinhan Financial Group Co. Ltd. .......................................... 43,952 1,223,593 Woori Financial Group, Inc. .............................................. 105,532 964,010 7,194,340 Industrials (1.2%): Hyundai Glovis Co. Ltd. ................................................. 7,656 990,000 LG Corp. ............................................................ 19,213 1,186,757 SK, Inc. ............................................................. 6,676 997,915 3,174,672 Information Technology (0.9%): LG Innotek Co. Ltd. .................................................... 3,169 632,848 SK Hynix, Inc. ........................................................ 14,931 885,657 SK Square Co. Ltd. (a) .................................................. 33,325 884,256 2,402,761 Materials (0.9%): Hanwha Solutions Corp. (a) ............................................... 15,698 533,861 Lotte Chemical Corp. ................................................... 6,279 886,430 POSCO Holdings, Inc. .................................................. 4,445 972,036 2,392,327 24,814,632 Luxembourg (0.4%): Materials (0.4%): ArcelorMittal SA ...................................................... 44,064 1,158,996 Netherlands (2.3%): Financials (1.9%): Aegon NV ........................................................... 289,068 1,465,883 ASR Nederland NV .................................................... 43,183 2,049,797 NN Group NV ........................................................ 42,863 1,750,634 5,266,314 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-330.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares International Value Momentum ETF 22 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Materials (0.4%): OCI NV ............................................................. 26,859 $960,728 6,227,042 Norway (1.0%): Energy (0.5%): Equinor ASA ......................................................... 34,558 1,242,514 Industrials (0.5%): Kongsberg Gruppen ASA ................................................ 31,246 1,327,171 2,569,685 Singapore (2.9%): Consumer Discretionary (0.6%): Genting Singapore Ltd. .................................................. 2,479,600 1,768,365 Industrials (1.1%): Jardine Cycle & Carriage Ltd. ............................................. 52,700 1,125,547 Keppel Corp. Ltd. ...................................................... 327,400 1,775,016 2,900,563 Real Estate (1.2%): City Developments Ltd. ................................................. 240,400 1,477,479 UOL Group Ltd. ....................................................... 366,100 1,837,198 3,314,677 7,983,605 Spain (3.7%): Communication Services (0.8%): Telefonica SA ........................................................ 568,556 2,059,853 Financials (0.5%): CaixaBank SA (c) ...................................................... 340,429 1,337,931 Health Care (0.4%): Grifols SA (a) ......................................................... 96,895 1,116,918 Industrials (0.8%): ACS Actividades de Construccion y Servicios SA ............................... 74,353 2,130,351 Real Estate (0.6%): Merlin Properties Socimi SA .............................................. 171,616 1,611,793 Utilities (0.6%): Acciona SA .......................................................... 9,262 1,704,061 9,960,907 Sweden (3.4%): Consumer Staples (0.6%): Axfood AB .......................................................... 61,768 1,693,288 Financials (1.3%): Industrivarden AB, Class C ............................................... 67,712 1,642,628 Investor AB, Class B ................................................... 99,990 1,807,837 3,450,465 Health Care (0.6%): Swedish Orphan Biovitrum AB (a) .......................................... 79,245 1,638,986 Industrials (0.5%): Saab AB, Class B ...................................................... 35,691 1,405,519 Materials (0.4%): SSAB AB, Class B ..................................................... 214,354 1,113,997 9,302,255 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-331.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares International Value Momentum ETF 23 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Switzerland (1.3%): Financials (0.8%): Banque Cantonale Vaudoise, Registered Shares ................................. 23,799 $2,284,900 Materials (0.5%): Glencore PLC ........................................................ 183,535 1,225,430 3,510,330 United Kingdom (10.3%): Communication Services (0.7%): Vodafone Group PLC ................................................... 1,882,951 1,917,226 Consumer Discretionary (0.9%): Frasers Group PLC (a)................................................... 96,155 825,175 Pearson PLC ......................................................... 147,941 1,679,433 2,504,608 Consumer Staples (2.9%): British American Tobacco PLC ............................................ 56,462 2,239,467 Haleon PLC (a)........................................................ 451,364 1,785,892 Imperial Brands PLC ................................................... 88,165 2,206,949 J Sainsbury PLC ....................................................... 611,186 1,608,229 7,840,537 Energy (0.5%): Shell PLC ........................................................... 53,957 1,516,958 Financials (1.7%): HSBC Holdings PLC ................................................... 272,505 1,698,586 NatWest Group PLC .................................................... 478,888 1,535,053 Standard Chartered PLC ................................................. 185,129 1,392,708 4,626,347 Health Care (1.5%): AstraZeneca PLC ...................................................... 16,086 2,181,120 GSK PLC ........................................................... 114,524 1,989,988 4,171,108 Industrials (0.7%): BAE Systems PLC ..................................................... 190,800 1,974,095 Information Technology (0.3%): Wise PLC, Class A (a) ................................................... 111,521 758,624 Materials (0.6%): Rio Tinto PLC ........................................................ 22,134 1,551,151 Utilities (0.5%): Centrica PLC ......................................................... 1,087,087 1,268,229 28,128,883 Total Common Stocks (Cost $257,079,288) 269,423,791 Rights (0.0%)(d) Korea, Republic Of (0.0%):(d) Materials (0.0%):(d) Lotte Chemical Corp. , Expires 1/23/23 (a)(e) .................................. 1,470 41,273 Total Rights (Cost $–) 41,273 Collateral for Securities Loaned (0.7%)^ United States (0.7%): Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (f) ....... 458,813 458,813 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (f)............ 458,813 458,813 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (f) ............... 458,813 458,813 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-332.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares International Value Momentum ETF 24 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (f). 458,813 $458,813 Total Collateral for Securities Loaned (Cost $1,835,252) 1,835,252 Total Investments (Cost $258,914,540) — 99.5% 271,300,316 Other assets in excess of liabilities — 0.5% 1,424,068 NET ASSETS - 100.00% $272,724,384 ^ 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. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December 31, 2022, the fair value of these securities was $988,445 and amounted to 0.4% of net assets. (c) All or a portion of this security is on loan. (d) Amount represents less than 0.05% of net assets. (e) Security was fair valued based upon procedures approved by the Board of Trustees and represents less than 0.05% of net assets as of December 31, 2022. (See Note 2) (f) Rate disclosed is the daily yield on December 31, 2022. PLC—Public Limited Company Futures Contracts Purchased Number of Contracts Expiration Date Notional Amount Value Unrealized Appreciation (Depreciation) E-Mini MSCI EAFE Index Futures ...... 14 3/17/23 $1,378,877 $1,364,580 $(14297) Total unrealized appreciation $– Total unrealized depreciation (14297) Total net unrealized appreciation (depreciation) $(14297) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-333.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments December 31, 2022 Victory Portfolios II VictoryShares Emerging Markets Value Momentum ETF 25 (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (99.5%) Brazil (6.2%): Consumer Staples (1.4%): JBS SA ............................................................. 251,900 $1,049,265 M Dias Branco SA ..................................................... 102,400 694,990 Sao Martinho SA ...................................................... 149,300 750,007 2,494,262 Energy (0.4%): Petroleo Brasileiro SA, Preference Shares ..................................... 140,500 652,040 Financials (1.4%): Banco do Brasil SA .................................................... 154,700 1,017,717 BB Seguridade Participacoes SA ........................................... 228,900 1,461,626 2,479,343 Health Care (0.7%): Hypera SA ........................................................... 132,400 1,133,596 Information Technology (0.5%): Cielo SA ............................................................ 857,600 851,232 Materials (0.8%): Braskem SA, Preference Shares ............................................ 131,200 590,490 Gerdau SA, Preference Shares ............................................. 143,400 797,783 1,388,273 Utilities (1.0%): Cia Energetica de Minas Gerais, Preference Shares .............................. 454,600 959,283 Cia Paranaense de Energia, Preference Shares .................................. 572,700 858,095 1,817,378 10,816,124 Chile (2.1%): Consumer Staples (0.8%): Cencosud SA ......................................................... 854,351 1,405,779 Industrials (0.4%): Cia Sud Americana de Vapores SA .......................................... 9,036,359 714,126 Materials (0.9%): Empresas CMPC SA .................................................... 574,132 958,851 Sociedad Quimica y Minera de Chile SA, Class B ............................... 7,257 587,202 1,546,053 3,665,958 China (23.1%): Communication Services (0.6%): China Tower Corp. Ltd., Class H (a) ......................................... 10,317,929 1,110,450 Consumer Discretionary (2.1%): Dongfeng Motor Group Co. Ltd., Class H .................................... 1,658,367 951,888 Great Wall Motor Co. Ltd., Class H ......................................... 322,968 420,417 Guangzhou Automobile Group Co. Ltd., Class H ............................... 1,141,072 768,999 Haichang Ocean Park Holdings, Ltd. (a)(b) .................................... 1,381,642 283,232 Koolearn Technology Holding Ltd. (a)(b) ..................................... 82,900 557,623 Yadea Group Holdings Ltd. (a)............................................. 365,713 611,943 3,594,102 Consumer Staples (0.4%): Tsingtao Brewery Co. Ltd., Class H ......................................... 78,000 770,506 Energy (3.0%): China Coal Energy Co. Ltd., Class H ........................................ 702,168 571,271 China Petroleum & Chemical Corp., Class H .................................. 2,756,999 1,331,696 China Shenhua Energy Co. Ltd., Class H ..................................... 283,627 819,448 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-334.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares Emerging Markets Value Momentum ETF 26 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Inner Mongolia Yitai Coal Co. Ltd., Class B ................................... 592,400 $782,560 PetroChina Co. Ltd., Class H .............................................. 2,625,785 1,201,032 Yankuang Energy Group Co. Ltd., Class H .................................... 175,528 535,242 5,241,249 Financials (11.0%): Agricultural Bank of China Ltd., Class H ..................................... 5,374,938 1,845,591 Bank of China Ltd., Class H .............................................. 5,310,254 1,932,238 Bank of Communications Co. Ltd., Class H ................................... 2,495,129 1,435,379 China CITIC Bank Corp. Ltd., Class H ...................................... 3,458,780 1,533,296 China Life Insurance Co. Ltd., Class H ....................................... 674,435 1,157,903 China Minsheng Banking Corp. Ltd., Class H .................................. 3,792,150 1,311,826 CITIC Securities Co. Ltd., Class H ......................................... 467,491 945,164 GF Securities Co. Ltd., Class H ............................................ 565,735 813,267 Haitong Securities Co. Ltd., Class H ........................................ 1,774,987 1,091,600 Huatai Securities Co. Ltd., Class H (a) ....................................... 918,903 1,051,352 Industrial & Commercial Bank of China Ltd., Class H ............................ 3,158,293 1,626,693 New China Life Insurance Co. Ltd., Class H ................................... 381,378 933,289 PICC Property & Casualty Co. Ltd., Class H .................................. 1,115,062 1,058,630 Postal Savings Bank of China Co. Ltd., Class H (a) .............................. 1,650,061 1,025,342 The People's Insurance Co. Group of China Ltd., Class H ......................... 4,555,145 1,511,573 19,273,143 Health Care (1.8%): China Resources Pharmaceutical Group Ltd. (a)................................. 966,254 782,412 Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H .......................... 160,266 513,344 Sinopharm Group Co. Ltd., Class H ......................................... 515,546 1,310,497 WuXi AppTec Co Ltd., Class H (a).......................................... 50,803 536,670 3,142,923 Industrials (1.3%): China Railway Group Ltd., Class H ......................................... 1,693,575 893,982 COSCO SHIPPING Holdings Co. Ltd., Class H ................................ 602,746 614,716 Weichai Power Co. Ltd. ................................................. 576,728 774,389 2,283,087 Materials (2.0%): Anhui Conch Cement Co. Ltd., Class H ...................................... 221,256 773,900 China Hongqiao Group Ltd. .............................................. 749,995 708,195 China National Building Material Co. Ltd., Class H ............................. 753,966 619,208 CMOC Group Ltd., Class H .............................................. 1,425,180 657,354 Zijin Mining Group Co. Ltd., Class H ....................................... 526,776 714,067 3,472,724 Real Estate (0.5%): China Vanke Co. Ltd., Class H ............................................ 275,100 556,897 Seazen Group Ltd. (b) ................................................... 973,163 360,338 917,235 Utilities (0.4%): Huaneng Power International, Inc., Class H (b) ................................. 1,401,018 662,365 40,467,784 Cyprus (0.0%):(c) Financials (0.0%):(c) TCS Group Holding PLC, GDR (b)(d)(e) ..................................... 15,868 7,442 Greece (0.0%):(c) Consumer Discretionary (0.0%):(c) FF Group (b)(d)(e) ..................................................... 14,913 3,831 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-335.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares Emerging Markets Value Momentum ETF 27 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Hong Kong (2.2%): Industrials (0.3%): Orient Overseas International Ltd. .......................................... 27,904 $504,095 Information Technology (0.5%): Lenovo Group Ltd. ..................................................... 1,095,813 899,957 Real Estate (0.8%): China Overseas Land & Investment Ltd., Class H ............................... 254,038 670,491 Yuexiu Property Co. Ltd. ................................................ 573,861 694,809 1,365,300 Utilities (0.6%): Beijing Enterprises Holdings Ltd. .......................................... 344,727 1,104,187 3,873,539 Hungary (0.7%): Health Care (0.7%): Richter Gedeon Nyrt .................................................... 53,253 1,187,704 India (7.0%): Consumer Discretionary (2.6%): Indian Hotels Co. Ltd. .................................................. 270,331 1,041,293 Mahindra & Mahindra Ltd. ............................................... 77,805 1,174,905 Page Industries Ltd. .................................................... 2,185 1,131,438 TVS Motor Co. Ltd. .................................................... 93,116 1,221,736 4,569,372 Consumer Staples (1.0%): ITC Ltd. ............................................................ 410,485 1,645,165 Health Care (0.8%): Sun Pharmaceutical Industries Ltd. ......................................... 120,041 1,453,116 Industrials (1.9%): Adani Enterprises Ltd. .................................................. 20,697 965,322 Bharat Electronics Ltd. .................................................. 904,907 1,092,780 Cummins India Ltd. .................................................... 76,114 1,270,085 3,328,187 Information Technology (0.4%): Tata Elxsi Ltd. ........................................................ 9,530 724,142 Utilities (0.3%): Adani Power Ltd. (b).................................................... 155,654 563,628 12,283,610 Indonesia (8.3%): Communication Services (0.8%): PT Telkom Indonesia Persero Tbk .......................................... 5,940,691 1,431,262 Consumer Discretionary (0.7%): PT Astra International Tbk ............................................... 3,127,081 1,145,156 Consumer Staples (1.1%): PT Indofood Sukses Makmur Tbk .......................................... 4,446,785 1,921,274 Energy (2.0%): PT Adaro Energy Indonesia Tbk ........................................... 3,342,845 826,852 PT Bukit Asam Tbk .................................................... 3,850,600 912,863 PT Indo Tambangraya Megah Tbk .......................................... 307,800 771,725 United Tractors Tbk PT .................................................. 534,968 896,196 3,407,636 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-336.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares Emerging Markets Value Momentum ETF 28 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Financials (1.3%): PT Bank Mandiri Persero Tbk ............................................. 1,796,002 $1,145,218 PT Bank Negara Indonesia Persero Tbk ...................................... 1,993,580 1,181,547 2,326,765 Health Care (0.7%): PT Kalbe Farma Tbk ................................................... 9,339,137 1,254,018 Materials (1.2%): PT Berkah Beton Sadaya Tbk ............................................. 11,127,195 529,015 PT Bumi Resources Minerals Tbk (b) ........................................ 46,389,258 473,877 PT Indah Kiat Pulp & Paper Corp. Tbk ....................................... 1,838,304 1,030,466 2,033,358 Utilities (0.5%): PT Perusahaan Gas Negara Tbk ............................................ 8,015,016 906,292 14,425,761 Malaysia (7.7%): Consumer Discretionary (0.8%): Genting Bhd ......................................................... 1,408,400 1,434,007 Consumer Staples (0.6%): Sime Darby Plantation Bhd ............................................... 1,051,700 1,111,456 Financials (5.9%): Hong Leong Bank Bhd .................................................. 618,700 2,891,016 Malayan Banking Bhd .................................................. 1,499,700 2,965,316 Public Bank Bhd ...................................................... 2,014,200 1,977,578 RHB Bank Bhd ....................................................... 1,883,700 2,478,778 10,312,688 Health Care (0.4%): Hartalega Holdings Bhd ................................................. 1,546,400 597,473 13,455,624 Mexico (3.3%): Consumer Staples (2.2%): Arca Continental SAB de CV ............................................. 168,755 1,370,683 Coca-Cola Femsa SAB de CV ............................................. 220,212 1,490,227 Grupo Bimbo SAB de CV, Class A .......................................... 227,250 960,693 3,821,603 Financials (1.1%): Banco del Bajio SA (a) .................................................. 334,030 1,055,305 Grupo Financiero Inbursa SAB de CV (b) ..................................... 507,605 855,644 1,910,949 5,732,552 Philippines (0.4%): Communication Services (0.4%): PLDT, Inc. ........................................................... 32,760 774,734 Poland (0.9%): Materials (0.4%): KGHM Polska Miedz SA ................................................ 25,835 749,145 Utilities (0.5%): PGE Polska Grupa Energetyczna SA (b) ...................................... 502,017 790,621 1,539,766 Russian Federation (0.0%):(c) Consumer Staples (0.0%):(c) Magnit PJSC, GDR (b)(d)(e)(f)(g) .......................................... 32,414 74 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-337.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares Emerging Markets Value Momentum ETF 29 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Energy (0.0%):(c) Gazprom PJSC (b)(d)(e)(f)(g) ............................................. 324,752 $10,661 Financials (0.0%):(c) Sberbank of Russia PJSC (b)(d)(e)(f)(g) ...................................... 177,888 522 Materials (0.0%):(c) PhosAgro PJSC, GDR (b)(d)(e) ............................................ 35,202 272 Severstal PAO (d)(e)(f)(g) ................................................ 37,552 7,303 United Co. RUSAL International PJSC (d)(e) .................................. 555,630 4,775 12,350 Utilities (0.0%):(c) Inter RAO UES PJSC (d)(e)............................................... 23,475,472 9,228 32,835 South Africa (2.4%): Consumer Staples (0.7%): Shoprite Holdings Ltd. .................................................. 88,279 1,174,925 Energy (0.3%): Thungela Resources, Ltd. ................................................ 29,015 489,817 Financials (1.4%): Nedbank Group Ltd. .................................................... 93,558 1,171,245 OUTsurance Group Ltd. ................................................. 745,361 1,384,436 2,555,681 4,220,423 Taiwan (16.4%): Communication Services (1.0%): Far EasTone Telecommunications Co. Ltd. .................................... 779,000 1,670,445 Financials (0.8%): Taiwan Business Bank .................................................. 3,391,000 1,428,916 Industrials (3.0%): Eva Airways Corp. ..................................................... 826,000 756,602 Evergreen Marine Corp. Ltd. .............................................. 117,400 622,680 Far Eastern New Century Corp. ............................................ 1,682,000 1,745,926 Tatung Co., Ltd. (b)..................................................... 1,229,000 1,379,686 Yang Ming Marine Transport Corp. ......................................... 346,000 737,440 5,242,334 Information Technology (11.6%): ASE Technology Holding Co. Ltd. .......................................... 319,000 974,688 Asustek Computer, Inc. .................................................. 143,000 1,249,365 AU Optronics Corp. .................................................... 1,659,800 810,133 Catcher Technology Co. Ltd. .............................................. 246,000 1,352,792 Chicony Electronics Co. Ltd. .............................................. 552,000 1,550,098 Compal Electronics, Inc. ................................................. 2,323,000 1,742,325 Compeq Manufacturing Co. Ltd. ........................................... 542,000 784,817 Hon Hai Precision Industry Co. Ltd. ........................................ 543,000 1,765,121 Innolux Corp. ......................................................... 2,006,995 721,635 Inventec Corp. ........................................................ 1,999,000 1,707,463 Lite-On Technology Corp. ................................................ 618,000 1,282,975 Macronix International Co. Ltd. ............................................ 889,000 976,303 Pegatron Corp. ........................................................ 658,000 1,359,593 Powertech Technology, Inc. ............................................... 567,000 1,461,226 Wistron Corp. ........................................................ 1,741,000 1,665,541 Zhen Ding Technology Holding Ltd. ........................................ 268,000 915,658 20,319,733 28,661,428 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-338.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares Emerging Markets Value Momentum ETF 30 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Thailand (9.9%): Communication Services (1.7%): Total Access Communication PCL .......................................... 1,092,000 $1,474,286 True Corp. PCL ....................................................... 10,379,200 1,450,731 2,925,017 Consumer Discretionary (0.9%): Asset World Corp. PCL .................................................. 8,753,500 1,592,575 Consumer Staples (1.2%): Charoen Pokphand Foods PCL ............................................ 2,982,500 2,136,042 Financials (3.4%): Bangkok Bank PCL .................................................... 535,000 2,286,615 Kasikornbank PCL ..................................................... 480,000 2,044,612 Krung Thai Bank PCL .................................................. 3,173,300 1,622,042 5,953,269 Health Care (1.5%): Bangkok Dusit Medical Services PCL ....................................... 1,671,600 1,399,935 Bumrungrad Hospital PCL ............................................... 200,100 1,225,069 2,625,004 Information Technology (0.4%): Delta Electronics Thailand PCL ............................................ 28,200 675,935 Real Estate (0.8%): Central Pattana PCL .................................................... 687,100 1,408,821 17,316,663 Turkey (8.9%): Communication Services (0.5%): Turkcell Iletisim Hizmetleri A/S ........................................... 419,306 850,052 Consumer Discretionary (1.8%): Arcelik A/S (h) ........................................................ 188,844 1,133,968 Ford Otomotiv Sanayi A/S ............................................... 38,650 1,084,925 Tofas Turk Otomobil Fabrikasi A/S ......................................... 109,626 972,166 3,191,059 Consumer Staples (1.2%): BIM Birlesik Magazalar A/S .............................................. 135,134 990,085 Coca-Cola Icecek A/S ................................................... 105,278 1,151,657 2,141,742 Energy (0.5%): Turkiye Petrol Rafinerileri A/S (b)(h) ........................................ 31,220 885,384 Financials (1.7%): Akbank TAS ......................................................... 637,908 667,436 Haci Omer Sabanci Holding A/S ........................................... 356,507 860,115 Turkiye Garanti Bankasi A/S .............................................. 433,983 697,714 Turkiye Is Bankasi A/S .................................................. 1,006,041 687,560 2,912,825 Industrials (2.3%): Enka Insaat ve Sanayi A/S ................................................ 615,376 1,091,434 KOC Holding AS ...................................................... 232,759 1,042,645 Turk Hava Yollari AO (b)................................................. 128,404 968,265 Turkiye Sise ve Cam Fabrikalari A/S ........................................ 410,195 942,225 4,044,569 Materials (0.5%): Eregli Demir ve Celik Fabrikalari TAS ....................................... 343,838 759,255 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-339.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares Emerging Markets Value Momentum ETF 31 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Utilities (0.4%): Aksa Enerji Uretim As (h) ................................................ 280,308 $705,079 15,489,965 United States (0.0%):(c) Materials (0.0%):(c) Phosagro Public Joint, GDR (b)(d)(e) ........................................ 227 2 Total Common Stocks (Cost $171,059,415) 173,955,745 Rights (0.0%)(c) Thailand (0.0%):(c) Consumer Staples (0.0%):(c) Thai Union Group PCL , Expires 1/31/23 (b)(d)(e)............................... 35,818 18,211 Total Rights (Cost $–) 18,211 Collateral for Securities Loaned (1.1%)^ United States (1.1%): Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (i) ....... 482,145 482,145 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (i) ............ 482,145 482,145 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (i) ............... 482,145 482,145 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (i) . 482,145 482,145 Total Collateral for Securities Loaned (Cost $1,928,580) 1,928,580 Total Investments (Cost $172,987,995) — 100.6% 175,902,536 Liabilities in excess of other assets — (0.6)% (1111689) NET ASSETS - 100.00% $174,790,847 ^ Purchased with cash collateral from securities on loan. (a) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December 31, 2022, the fair value of these securities was $7,014,329 and amounted to 4.0% of net assets. (b) Non-income producing security. (c) Amount represents less than 0.05% of net assets. (d) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of December 31, 2022, illiquid securities were less than 0.05% of net assets. (e) Security was fair valued based upon procedures approved by the Board of Trustees and represents less than 0.05% of net assets as of December 31, 2022. This security is classified as Level 3 within the fair value hierarchy. (See Note 2 in the Notes to Financial Statements) (f) Restricted security due to trading restrictions. Russian sanctioned entity by the United States Government. (g) The following table details the earliest acquisition date and cost of the Fund's Russian sanctioned restricted securities at December 31, 2022. Security Name Acquisition Date Cost Gazprom PJSC ............................................. 12/8/2017 $722,938 Magnit PJSC, GDR .......................................... 12/21/2021 479,540 Sberbank of Russia PJSC ...................................... 10/24/2017 634,243 Severstal PAO .............................................. 5/7/2021 881,363 (h) All or a portion of this security is on loan. (i) Rate disclosed is the daily yield on December 31, 2022. GDR—Global Depositary Receipt PCL—Public Company Limited PLC—Public Limited Company |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-340.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II VictoryShares Emerging Markets Value Momentum ETF 32 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Futures Contracts Purchased Number of Contracts Expiration Date Notional Amount Value Unrealized Appreciation (Depreciation) E-Mini MSCI Emerging Markets Index Futures .......................... 19 3/17/23 $917,743 $911,430 $(6313) Total unrealized appreciation $– Total unrealized depreciation (6313) Total net unrealized appreciation (depreciation) $(6313) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-341.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities December 31, 2022 33 See notes to financial statements. Victory Portfolios II (Unaudited) VictoryShares US Value Momentum ETF VictoryShares US Small Mid Cap Value Momentum ETF Assets: Investments, at value (Cost $234,321,430 and $210,408,800) $245,888,937(a) $216,478,245(b) Cash 811,858 643,683 Deposit with broker for futures contracts 162,606 204,468 Receivables: Interest and dividends 403,251 318,855 From Adviser 8,746 — Prepaid expenses 490 458 Total Assets 247,275,888 217,645,709 Liabilities: Payables: Collateral received on loaned securities 270,000 58,212 Variation margin on open futures contracts 2,687 2,484 Accrued expenses and other payables: Investment advisory fees 31,939 28,266 Administration fees 856 1,882 Custodian fees 3,296 3,118 Compliance fees 210 162 Trustees' fees 507 182 Other accrued expenses 38,323 35,661 Total Liabilities 347,818 129,967 Net Assets: Capital 309,565,482 262,430,336 Total accumulated earnings/(loss) (62637412) (44914594) Net Assets $246,928,070 $217,515,742 Shares outstanding (unlimited shares authorized, no par value): 3,900,000 3,450,000 Net asset value: $63.31 $63.05 (a) Includes $253,200 of securities on loan. (b) Includes $57,242 of securities on loan. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-342.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities December 31, 2022 34 See notes to financial statements. Victory Portfolios II (Unaudited) VictoryShares International Value Momentum ETF VictoryShares Emerging Markets Value Momentum ETF Assets: Investments, at value (Cost $258,914,540 and $172,987,995) $271,300,316(a) $175,902,536(b) Foreign currency, at value (Cost $77,000 and $19,809) 76,800 19,809 Cash 1,028,561 674,788 Deposit with broker for futures contracts 262,893 246,695 Receivables: Interest and dividends 1,307,597 185,385 Investments sold 546 — Reclaims 741,892 12,390 From Adviser 8,668 31,861 Prepaid expenses 571 399 Total Assets 274,727,844 177,073,863 Liabilities: Payables: Collateral received on loaned securities 1,835,252 1,928,580 Variation margin on open futures contracts 13,109 14,535 Accrued foreign capital gains taxes — 157,835 Accrued expenses and other payables: Investment advisory fees 58,422 45,291 Administration fees 2,185 1,642 Custodian fees 25,820 69,297 Compliance fees 196 125 Trustees' fees 274 46 Other accrued expenses 68,202 65,665 Total Liabilities 2,003,460 2,283,016 Net Assets: Capital 346,106,972 214,085,840 Total accumulated earnings/(loss) (73382588) (39294993) Net Assets $272,724,384 $174,790,847 Shares outstanding (unlimited shares authorized, no par value): 6,550,000 4,350,000 Net asset value: $41.64 $40.18 (a) Includes $1,767,922 of securities on loan. (b) Includes $1,838,888 of securities on loan. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-343.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Operations For the Six Months Ended December 31, 2022 35 See notes to financial statements. Victory Portfolios II (Unaudited) VictoryShares US Value Momentum ETF VictoryShares US Small Mid Cap Value Momentum ETF Investment Income: Dividends $3,074,881 $2,393,400 Interest 8,018 9,441 Securities lending (net of fees) 316 25,235 Foreign tax withholding (601) (1336) Total Income 3,082,614 2,426,740 Expenses: Investment advisory fees 201,179 191,225 Administration fees 73,765 70,103 Sub-Administration fees 9,760 11,327 Custodian fees 7,426 7,256 Servicing fees 1,394 1,394 Trustees' fees 9,241 8,645 Compliance fees 1,234 1,157 Legal and audit fees 14,357 12,400 Licensing fees 33,528 31,869 Other expenses 16,546 19,393 Total Expenses 368,430 354,769 Expenses waived/reimbursed by Adviser (100304) (41736) Net Expenses 268,126 313,033 Net Investment Income (Loss) 2,814,488 2,113,707 Realized/Unrealized Gains (Losses) from Investments: Net realized gains (losses) from investment securities (3363876) (8893748) Net realized gains (losses) from futures contracts 50,584 (62358) Net realized gains (losses) from in-kind redemptions 4,618,811 7,320,585 Net change in unrealized appreciation/depreciation on investment securities 13,471,385 12,936,663 Net change in unrealized appreciation/depreciation on futures contracts 37,822 52,253 Net realized/unrealized gains (losses) on investments 14,814,726 11,353,395 Change in net assets resulting from operations $17,629,214 $13,467,102 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-344.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Operations For the Six Months Ended December 31, 2022 36 See notes to financial statements. Victory Portfolios II (Unaudited) VictoryShares International Value Momentum ETF VictoryShares Emerging Markets Value Momentum ETF Investment Income: Dividends $5,306,712 $5,414,955 Interest 4,981 — Securities lending (net of fees) 44,696 17,755 Foreign tax withholding (573355) (636230) Total Income 4,783,034 4,796,480 Expenses: Investment advisory fees 344,657 282,077 Administration fees 75,828 51,711 Sub-Administration fees 9,407 10,415 Custodian fees 54,680 164,913 Servicing fees 1,860 1,860 Trustees' fees 9,304 6,819 Compliance fees 1,240 863 Legal and audit fees 18,744 23,903 Line of credit fees — 842 Interest fees — 2,651 Licensing fees 48,252 32,909 Other expenses 21,465 18,519 Total Expenses 585,437 597,482 Expenses waived/reimbursed by Adviser (103014) (171309) Net Expenses 482,423 426,173 Net Investment Income (Loss) 4,300,611 4,370,307 Realized/Unrealized Gains (Losses) from Investments: Net realized gains (losses) from investment securities and foreign currency transactions (24519571) (21485990) Foreign taxes on realized gains — (216344) Net realized gains (losses) from futures contracts (25944) (88456) Net realized gains (losses) from in-kind redemptions 1,023,310 1,639,237 Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations 31,614,302 17,865,726 Net change in unrealized appreciation/depreciation on futures contracts (2104) 9,690 Net change in accrued foreign taxes on unrealized gains — (96057) Net realized/unrealized gains (losses) on investments 8,089,993 (2372194) Change in net assets resulting from operations $12,390,604 $1,998,113 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-345.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 Victory Portfolios II Statements of Changes in Net Assets See notes to financial statements. VictoryShares US Value Momentum ETF VictoryShares US Small Mid Cap Value Momentum ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 From Investment Activities: Operations: Net Investment Income (Loss) $2,814,488 $5,579,531 $2,113,707 $3,329,478 Net realized gains (losses) 1,305,519 64,245,529 (1635521) 21,387,250 Net change in unrealized appreciation/depreciation 13,509,207 (84518410) 12,988,916 (69348412) Change in net assets resulting from operations 17,629,214 (14693350) 13,467,102 (44631684) Change in net assets resulting from distributions to shareholders (3305008) (5861933) (1960674) (3010992) Change in net assets resulting from capital transactions (34857284) (155196933) (51347136) 5,367,845 Change in net assets (20533078) (175752216) (39840708) (42274831) Net Assets: Beginning of period 267,461,148 443,213,364 257,356,450 299,631,281 End of period $246,928,070 $267,461,148 $217,515,742 $257,356,450 Capital Transactions: Proceeds from shares issued $— $88,866,918 $— $95,338,557 Cost of shares redeemed (34857284) (244063851) (51347136) (89970712) Change in net assets resulting from capital transactions $(34857284) $(155196933) $(51347136) $5,367,845 Share Transactions: Issued — 1,300,000 — 1,350,000 Redeemed (550000) (3600000) (800000) (1250000) Change in Shares (550000) (2300000) (800000) 100,000 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-346.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 Victory Portfolios II Statements of Changes in Net Assets (continued) See notes to financial statements. VictoryShares International Value Momentum ETF VictoryShares Emerging Markets Value Momentum ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 From Investment Activities: Operations: Net Investment Income (Loss) $4,300,611 $10,073,851 $4,370,307 $9,609,284 Net realized gains (losses) (23522205) (689429) (20151553) 1,927,212 Net change in unrealized appreciation/depreciation 31,612,198 (64701944) 17,779,359 (59090887) Change in net assets resulting from operations 12,390,604 (55317522) 1,998,113 (47554391) Change in net assets resulting from distributions to shareholders (3096237) (12229755) (5753172) (10246565) Change in net assets resulting from capital transactions (19527145) (6876009) (31389901) 2,145,943 Change in net assets (10232778) (74423286) (35144960) (55655013) Net Assets: Beginning of period 282,957,162 357,380,448 209,935,807 265,590,820 End of period $272,724,384 $282,957,162 $174,790,847 $209,935,807 Capital Transactions: Proceeds from shares issued $— $— $— $9,384,929 Cost of shares redeemed (19527145) (6876009) (31389901) (7238986) Change in net assets resulting from capital transactions $(19527145) $(6876009) $(31389901) $2,145,943 Share Transactions: Issued — — — 200,000 Redeemed (500000) (150000) (800000) (150000) Change in Shares (500000) (150000) (800000) 50,000 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-347.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Financial Highlights For a Share Outstanding Throughout Each Period 39 See notes to financial statements. VictoryShares US Value Momentum ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Ten Months Ended June 30, 2020(a) Year Ended August 31, 2019 October 24, 2017(b) through August 31, 2018 Net Asset Value, Beginning of Period $60.10 $65.66 $45.30 $50.37 $53.85 $50.19 Investment Activities: Net investment income (loss)(c) 0.66 1.07 0.81 0.72 1.00 0.78 Net realized and unrealized gains (losses) 3.34 (5.52) 20.32 (4.85) (3.59) 3.34 Total from Investment Activities 4.00 (4.45) 21.13 (4.13) (2.59) 4.12 Distributions to Shareholders From: Net investment income (0.79) (1.11) (0.77) (0.94) (0.89) (0.46) Total Distributions (0.79) (1.11) (0.77) (0.94) (0.89) (0.46) Net Asset Value, End of Period $63.31 $60.10 $65.66 $45.30 $50.37 $53.85 Total Return(d) 6.68% (6.94)% 47.02% (8.31)% (4.79)% 8.23% Ratios to Average Net Assets: Net Expenses (e)(f) 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% Net Investment Income (Loss) (e) 2.10% 1.59% 1.47% 1.80% 2.00% 1.76% Gross Expenses (e)(f) 0.27% 0.27% 0.27% 0.28% 0.25% 0.25% Supplemental Data: Net Assets at end of period (000's) $246,928 $267,461 $443,213 $464,347 $468,445 $398,504 Portfolio Turnover (d)(g) 73% 53% 76% 66% 87% 84% (a) The Fund's fiscal year-end changed from August 31 to June 30, effective September 1, 2019. (b) Commencement of operations. (c) Per share net investment income (loss) has been calculated using the average daily shares method. (d) Not annualized for periods less than one year. (e) Annualized for periods less than one year. (f) Does not include acquired fund fees and expenses, if any. (g) Excludes impact of in-kind transactions.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-348.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Financial Highlights — continued For a Share Outstanding Throughout Each Period 40 See notes to financial statements. VictoryShares US Small Mid Cap Value Momentum ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Ten Months Ended June 30, 2020(a) Year Ended August 31, 2019 October 24, 2017(b) through August 31, 2018 Net Asset Value, Beginning of Period $60.55 $72.20 $45.57 $49.54 $57.21 $50.13 Investment Activities: Net investment income (loss)(c) 0.53 0.88 0.52 0.60 1.00 0.57 Net realized and unrealized gains (losses) 2.49 (11.79) 26.84 (3.74) (7.86) 6.81 Total from Investment Activities 3.02 (10.91) 27.36 (3.14) (6.86) 7.38 Distributions to Shareholders From: Net investment income (0.52) (0.74) (0.73) (0.83) (0.81) (0.30) Total Distributions (0.52) (0.74) (0.73) (0.83) (0.81) (0.30) Net Asset Value, End of Period $63.05 $60.55 $72.20 $45.57 $49.54 $57.21 Total Return(d) 4.99% (15.24)% 60.47% (6.44)% (11.99)% 14.80% Ratios to Average Net Assets: Net Expenses (e)(f) 0.25% 0.24%(g) 0.24%(g) 0.25% 0.25% 0.25% Net Investment Income (Loss) (e) 1.66% 1.26% 0.87% 1.53% 1.98% 1.25% Gross Expenses (e)(f) 0.28% 0.27% 0.28% 0.31% 0.30% 0.30% Supplemental Data: Net Assets at end of period (000's) $217,516 $257,356 $299,631 $239,247 $101,564 $71,517 Portfolio Turnover (d)(h) 91% 70% 78% 70% 88% 81% (a) The Fund's fiscal year-end changed from August 31 to June 30, effective September 1, 2019. (b) Commencement of operations. (c) Per share net investment income (loss) has been calculated using the average daily shares method. (d) Not annualized for periods less than one year. (e) Annualized for periods less than one year. (f) Does not include acquired fund fees and expenses, if any. (g) Includes impact of voluntary waivers. Without these voluntary waivers, the net expense ratio would have been at the contractual cap. (See Note 5 in the Notes to Financial Statements). (h) Excludes impact of in-kind transactions.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-349.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 Victory Portfolios II For a Share Outstanding Throughout Each Period Financial Highlights — continued See notes to financial statements. VictoryShares International Value Momentum ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Ten Months Ended June 30, 2020(a) Year Ended August 31, 2019 October 24, 2017(b) through August 31, 2018 Net Asset Value, Beginning of Period $40.14 $49.64 $38.42 $43.16 $48.10 $50.08 Investment Activities: Net investment income (loss)(c) 0.62 1.41 1.28 0.83 1.30 1.34 Net realized and unrealized gains (losses) 1.33 (9.20) 11.17 (4.35) (4.99) (2.64) Total from Investment Activities 1.95 (7.79) 12.45 (3.52) (3.69) (1.30) Distributions to Shareholders From: Net investment income (0.45) (1.71) (1.23) (1.22) (1.25) (0.68) Total Distributions (0.45) (1.71) (1.23) (1.22) (1.25) (0.68) Net Asset Value, End of Period $41.64 $40.14 $49.64 $38.42 $43.16 $48.10 Total Return(d) 4.96% (16.12)% 32.66% (8.39)% (7.70)% (2.64)% Ratios to Average Net Assets: Net Expenses (e)(f) 0.35% 0.35% 0.35% 0.35% 0.35% 0.35% Net Investment Income (Loss) (e) 3.12% 2.96% 2.86% 2.41% 2.90% 3.12% Gross Expenses (e)(f) 0.42% 0.41% 0.42% 0.41% 0.40% 0.40% Supplemental Data: Net Assets at end of period (000's) $272,724 $282,957 $357,380 $315,004 $323,693 $307,836 Portfolio Turnover (d)(g) 75% 68% 90% 62% 87% 65% (a) The Fund's fiscal year-end changed from August 31 to June 30, effective September 1, 2019. (b) Commencement of operations. (c) Per share net investment income (loss) has been calculated using the average daily shares method. (d) Not annualized for periods less than one year. (e) Annualized for periods less than one year. (f) Does not include acquired fund fees and expenses, if any. (g) Excludes impact of in-kind transactions.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-350.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II Financial Highlights — continued For a Share Outstanding Throughout Each Period 42 See notes to financial statements. VictoryShares Emerging Markets Value Momentum ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Ten Months Ended June 30, 2020(a) Year Ended August 31, 2019 October 24, 2017(b) through August 31, 2018 Net Asset Value, Beginning of Period $40.76 $52.08 $37.91 $41.23 $45.58 $49.95 Investment Activities: Net investment income (loss)(c) 0.92 1.91 1.36 0.73 1.31 1.17 Net realized and unrealized gains (losses) (0.35) (11.18) 14.10 (2.85) (4.73) (5.10) Total from Investment Activities 0.57 (9.27) 15.46 (2.12) (3.42) (3.93) Distributions to Shareholders From: Net investment income (1.15) (2.05) (1.29) (1.20) (0.93) (0.44) Total Distributions (1.15) (2.05) (1.29) (1.20) (0.93) (0.44) Net Asset Value, End of Period $40.18 $40.76 $52.08 $37.91 $41.23 $45.58 Total Return(d) 1.47% (18.34)% 41.48% (5.47)% (7.62)% (7.95)% Ratios to Average Net Assets: Net Expenses (e)(f) 0.45% 0.45% 0.45% 0.45% 0.45% 0.45% Net Investment Income (Loss) (e) 4.65% 4.05% 2.98% 2.18% 3.00% 2.77% Gross Expenses (e)(f) 0.64% 0.55% 0.56% 0.57% 0.50% 0.50% Supplemental Data: Net Assets at end of period (000's) $174,791 $209,936 $265,591 $164,892 $169,051 $154,974 Portfolio Turnover (d)(g) 81% 70% 95% 51% 67% 58% (a) The Fund's fiscal year-end changed from August 31 to June 30, effective September 1, 2019. (b) Commencement of operations. (c) Per share net investment income (loss) has been calculated using the average daily shares method. (d) Not annualized for periods less than one year. (e) Annualized for periods less than one year. (f) Does not include acquired fund fees and expenses, if any. (g) Excludes impact of in-kind transactions.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-351.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements Victory Portfolios II December 31, 2022 43 (Unaudited) 1. Organization: Victory Portfolios II (the "Trust") is organized as a Delaware statutory trust and the Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment company. The Trust is comprised of 25 funds, 23 of which are Exchange-Traded Funds ("ETFs"), and is authorized to issue an unlimited number of shares, which are units of beneficial interest with no par value. The accompanying financial statements are those of the following four Funds (collectively, the "Funds" and individually, a "Fund"). Each Fund is classified as diversified under the 1940 Act. Funds (Legal Name) Funds (Short Name) VictoryShares US Value Momentum ETF (Formerly VictoryShares USAA MSCI USA Value Momentum ETF) US Value Momentum ETF VictoryShares US Small Mid Cap Value Momentum ETF (Formerly VictoryShares USAA MSCI USA Small Cap Value Momentum ETF) US Small Mid Cap Value Momentum ETF VictoryShares International Value Momentum ETF (Formerly Victory-Shares USAA MSCI International Value Momentum ETF) International Value Momentum ETF VictoryShares Emerging Markets Value Momentum ETF (Formerly VictoryShares USAA MSCI Emerging Markets Value Momentum ETF) Emerging Markets Value Momentum ETF Victory Capital Management Inc. ("VCM" or the "Adviser") is an indirect wholly owned subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly owned direct subsidiary of Victory Capital Operating, LLC. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts with their vendors and others that provide for general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote. 2. Significant Accounting Policies: The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with U.S. Generally Accepted Accounting Principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds follow the specialized accounting and reporting requirements under GAAP that are applicable to investment companies under Accounting Standards Codification Topic 946. Shares of the Funds are listed and traded on the Nasdaq Stock Market, LLC. (the "Exchange"). The Funds issue and redeem shares ("Shares") at net asset value ("NAV") only in aggregations of 50,000 shares, (each a "Creation Unit"). Creation Units are issued and redeemed in exchange for a basket of securities included in the respective Fund's Index (the "Deposit Securities"), and/or with the deposit of a specified cash payment (the "Cash Component"), plus a transaction fee. Shares trade on the Exchange at market prices that may be below, at, or above NAV. Shares of a Fund may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the distributor. Only Authorized Participants may purchase or redeem the shares directly from a Fund. In addition, shares may be issued in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash equal to up to 105% of the market value of the missing Deposit Securities. In each instance of such cash creations or redemptions, transaction fees may be imposed and may be higher than the transaction fees associated with in-kind creations or redemptions. Each Fund may issue an unlimited number of shares of beneficial interest, with no par value. Shares of each Fund have equal rights and privileges. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transactional costs associated with the purchase of Creation Units. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units. Variable fees received by each Fund are displayed in the Capital Transactions section of the Statements of Changes in Net Assets as an increase to Capital. The transaction fees for each Fund are listed below: Fee for In-Kind and Cash Purchases and Redemptions Maximum Additional Variable Charge for Cash Purchases and Redemptions\* US Value Momentum ETF ............................................... $500 2.00% US Small Mid Cap Value Momentum ETF .................................... 750 2.00% International Value Momentum ETF ........................................ 3,000 2.00% Emerging Markets Value Momentum ETF .................................... 5,500 2.00% \* As a percentage of the amount invested Investment Valuation: The Funds record investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-352.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 44 (Unaudited) The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Funds' investments are summarized in the three broad levels listed below: • Level 1 — quoted prices (unadjusted) in active markets for identical securities • Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, or credit spreads, applicable to those securities, etc.) • Level 3 — significant unobservable inputs (including the Adviser's assumptions in determining the fair value of investments) Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodologies used for valuation techniques are not necessarily an indication of the risk associated with entering into those investments. The Adviser, appointed as the valuation designee by the Trust's Board of Trustees' (the "Board"), has established the Pricing and Liquidity Committee (the "Committee"), and subject to Board oversight, the Committee administers and oversees the Funds' valuation policies and procedures, which are approved by the Board. Portfolio securities listed or traded on securities exchanges, including ETFs, American Depositary Receipts ("ADRs"), and Rights, are valued at the closing price on the exchange or system where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy. Investments in open-end investment companies, other than ETFs, are valued at their net asset value ("NAV"). These valuations are typically categorized as Level 1 in the fair value hierarchy. Futures contracts are valued at the settlement price established each day by the board of trade or an exchange on which they are traded. These valuations are typically categorized as Level 1 in the fair value hierarchy. In the event that price quotations or valuations are not readily available, investments are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board. These valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy, based on the observability of inputs used to determine the fair value. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded and the actual price realized from the sale of a security may differ materially from the fair value price. Valuing these securities at fair value is intended to cause the Fund's NAV to be more reliable than it otherwise would be. In accordance with procedures adopted by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time the exchange on which they are traded closes and the time the Funds' NAV is calculated. The Funds use a systematic valuation model, provided daily by an independent third party to fair value their international equity securities. These valuations are categorized as Level 2 in the fair value hierarchy. A summary of the valuations as of December 31, 2022, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedules of Portfolio Investments: Level 1 Level 2 Level 3 Total US Value Momentum ETF Common Stocks............................ $245,618,937 $— $— $245,618,937 Collateral for Securities Loaned ................ 270,000 — — 270,000 Total .................................... $245,888,937 $— $— $245,888,937 Other Financial Investments\* Liabilities: Futures Contracts........................... (19311) — — (19311) Total .................................... $(19311) $— $— $(19311) US Small Mid Cap Value Momentum ETF Common Stocks............................ 216,409,450 — — 216,409,450 Rights................................... — — 10,583 10,583 Collateral for Securities Loaned ................ 58,212 — — 58,212 Total .................................... $216,467,662 $— $10,583 $216,478,245 Other Financial Investments\* Liabilities: Futures Contracts........................... (15527) — — (15527) Total .................................... $(15527) $— $— $(15527) International Value Momentum ETF Common Stocks............................ 269,423,791 — — 269,423,791 Rights................................... — 41,273 — 41,273 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-353.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 45 (Unaudited) Level 1 Level 2 Level 3 Total International Value Momentum ETF, continued Collateral for Securities Loaned ................ $1,835,252 $— $— $1,835,252 Total .................................... $271,259,043 $41,273 $— $271,300,316 Other Financial Investments\* Liabilities: Futures Contracts........................... (14297) — — (14297) Total .................................... $(14297) $— $— $(14297) Emerging Markets Value Momentum ETF Common Stocks............................ 173,911,635 — 44,110 173,955,745 Rights................................... — — 18,211 18,211 Collateral for Securities Loaned ................ 1,928,580 — — 1,928,580 Total .................................... $175,840,215 $— $62,321 $175,902,536 Other Financial Investments\* Liabilities: Futures Contracts........................... (6313) — — (6313) Total .................................... $(6313) $— $— $(6313) \* Futures Contracts are valued at the unrealized appreciation (depreciation) on the investment. As of December 31, 2022, there were no transfers into/out of Level 3. Real Estate Investment Trusts ("REITs"): The Funds may invest in REITs, which report information on the source of their distributions annually. REITs are pooled investment vehicles that invest primarily in income-producing real estate or real-estate related loans or interests (such as mortgages). Certain distributions received from REITs during the year are recorded as realized gains or return of capital as estimated by the Funds or when such information becomes known. Investment Companies: Open-End Funds: The Funds may invest in portfolios of open-end investment companies. These investment companies value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the board of directors of the underlying funds. Derivative Instruments: Foreign Exchange Currency Contracts: The Funds may enter into foreign exchange currency contracts to convert U.S. dollars to and from various foreign currencies. A foreign exchange currency contract is an obligation by a Fund to purchase or sell a specific currency at a future date at a price (in U.S. dollars) set at the time of the contract. The Funds do not engage in "cross-currency" foreign exchange contracts (i.e., contracts to purchase or sell one foreign currency in exchange for another foreign currency). The Funds' foreign exchange currency contracts might be considered spot contracts (typically a contract of one week or less) or forward contracts (typically a contract term over one week). A spot contract is entered into for purposes of hedging against foreign currency fluctuations relating to a specific portfolio transaction, such as the delay between a security transaction trade date and settlement date. Forward contracts are entered into for purposes of hedging portfolio holdings or concentrations of such holdings. The Funds enter into foreign exchange currency contracts solely for spot or forward hedging purposes, and not for speculative purposes (i.e., the Funds do not enter into such contracts solely for the purpose of earning foreign currency gains). Each foreign exchange currency contract is adjusted daily by the prevailing spot or forward rate of the underlying currency, and any appreciation or depreciation is recorded for financial statement purposes as unrealized until the contract settlement date, at which time the Funds record realized gains or losses equal to the difference between the value of a contract at the time it was opened and the value at the time it was closed. The Funds could be exposed to risk if a counterparty is unable to meet the terms of a foreign exchange currency contract or if the value of the foreign currency changes unfavorably. In addition, the use of foreign exchange currency contracts does not eliminate fluctuations in the underlying prices of the securities. As of December 31, 2022, the Funds had no open forward foreign exchange currency contracts. Futures Contracts: The Funds may enter into contracts for the future delivery of securities or foreign currencies and futures contracts based on a specific security, class of securities, foreign currency or an index, and purchase or sell options on any such futures contracts. A futures contract on a securities  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-354.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 46 (Unaudited) index is an agreement obligating either party to pay, and entitling the other party to receive, while the contract is outstanding, cash payments based on the level of a specified securities index. No physical delivery of the underlying asset is made. The Funds may enter into futures contracts in an effort to hedge against market risks. The acquisition of put and call options on futures contracts will give the Funds the right (but not the obligation), for a specified price, to sell or to purchase the underlying futures contract, upon exercise of the option, at any time during the option period. Futures transactions involve brokerage costs and require the Funds to segregate assets to cover contracts that would require it to purchase securities or currencies. A good faith margin deposit, known as initial margin, of cash or government securities with a broker or custodian is required to initiate and maintain open positions in futures contracts. Subsequent payments, known as variation margin, are made or received by the Funds based on the change in the market value of the position and are recorded as unrealized appreciation or depreciation until the contract is closed out, at which time the gain or loss is realized. The Funds may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices change in an unanticipated manner. Such unanticipated changes may also result in lower overall performance than if the Funds had not entered into any futures transactions. In addition, the value of the Funds' futures positions may not prove to be perfectly or even highly correlated with the value of its portfolio securities or foreign currencies, limiting the Funds' ability to hedge effectively against interest rate, exchange rate and/or market risk and giving rise to additional risks. There is no assurance of liquidity in the secondary market for purposes of closing out futures positions. The collateral held by the Funds is reflected on the Statements of Assets and Liabilities under Deposit with broker for futures contracts. Management has determined that no offsetting requirements exist as a result of their conclusion that the Funds are not subject to master netting agreements for futures contracts. During the six months December 31, 2022, the Funds entered into futures contracts primarily for the strategy of hedging or other purposes, including but not limited to, providing liquidity and equitizing cash. Summary of Derivative Instruments: The following table summarizes the fair values of derivative instruments on the Statements of Assets and Liabilities, categorized by risk exposure, as of December 31, 2022: Liabilities Variation Margin Payable on Open Futures Contracts\* Equity Risk Exposure: (55448) US Value Momentum ETF ............................................................................. $19,311 US Small Mid Cap Value Momentum ETF .................................................................. 15,527 International Value Momentum ETF ...................................................................... 14,297 Emerging Markets Value Momentum ETF .................................................................. 6,313 \* Includes cumulative appreciation (depreciation) of futures contracts as reported on the Schedules of Portfolio Investments. Only current day's variation margin for futures contracts is reported within the Statements of Assets and Liabilities. The following table presents the effect of derivative instruments on the Statements of Operations, categorized by risk exposure, for the period ended December 31, 2022: Net Realized Gains (Losses) on Derivatives Recognized as a Result from Operations Net Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized as a Result of Operations Net Realized Gains (Losses) from Futures Contracts Net Change in Unrealized Appreciation/ Depreciation on Futures Contracts Equity Risk Exposure: (126174) 97,661 US Value Momentum ETF ........................................................... $50,584 $37,822 US Small Mid Cap Value Momentum ETF ................................................ (62358) 52,253 International Value Momentum ETF .................................................... (25944) (2104) Emerging Markets Value Momentum ETF ................................................ (88456) 9,690 All open derivative positions at period end are reflected on each respective Fund's Schedule of Portfolio Investments. The underlying face value of open derivative positions relative to each Fund's net assets at period end is generally representative of the notional amount of open positions to net assets throughout the period. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-355.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 47 (Unaudited) Investment Transactions and Related Income: Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date or the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are recorded on the identified cost basis. Withholding taxes on interest, dividends, and gains as a result of certain investments by the Funds have been provided for in accordance with each investment's applicable country's tax rules and rates. Securities Lending: The Funds, through a Securities Lending Agreement with Citibank, N.A. ("Citibank"), may lend their securities to qualified financial institutions, such as certain broker-dealers and banks, to earn additional income, net of income retained by Citibank. Borrowers are required to initially secure their loans for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked-to-market daily. Any collateral shortfalls associated with increases in the valuation of the securities loaned are generally cured the next business day. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and other securities as permitted by Securities and Exchange Commission ("SEC") guidelines. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted on the Funds' Schedules of Portfolio Investments. The Funds effectively do not have control of the non-cash collateral and therefore it is not disclosed on the Funds' Schedules of Portfolio Investments. Collateral requirements are determined daily based on the value of the Funds' securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Funds any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Funds also earn a return from the collateral. The Funds pay Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statements of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, a Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower. The Funds' agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Funds may not be sold or repledged, except to satisfy borrower default. The following table is a summary of the Funds' securities lending transactions as of December 31, 2022. Value of Securities on Loan Non-Cash Collateral Cash Collateral US Value Momentum ETF .......................................... $253,200 $— $270,000 US Small Mid Cap Value Momentum ETF ............................... 57,242 — 58,212 International Value Momentum ETF ................................... 1,767,922 — 1,835,252 Emerging Markets Value Momentum ETF ............................... 1,838,888 — 1,928,580 Foreign Currency Translations: The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities of a Fund denominated in a foreign currency are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rates on the date of the transactions. The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are disclosed as Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations on the Statements of Operations. Any realized gains or losses from these fluctuations are disclosed as Net realized gains (losses) from investment securities and foreign currency transactions on the Statements of Operations. Foreign Taxes: The Funds may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities, and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Funds invest. Federal Income Taxes: Each Fund intends to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes is required in the financial statements. The Funds have a tax year end of June 30. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-356.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 48 (Unaudited) For the six months ended December 31, 2022, the Funds did not incur any income tax, interest, or penalties, and have recorded no liability for net unrecognized tax benefits relating to uncertain tax positions. Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax years, which includes the current fiscal tax year end). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken. Allocations: Expenses directly attributable to the Fund are charged to the Fund, while expenses that are attributable to more than one fund in the Trust, or jointly with an affiliated trust, are allocated among the respective funds in the Trust and/or an affiliated trust based upon net assets or another appropriate basis. 3.Purchases and Sales: Purchases and sales of securities (excluding securities maturing less than one year from acquisition) and purchases and sales associated with in-kind transactions for the six months ended December 31, 2022, are included in the table below. Any realized gains or losses from in-kind redemptions are reflected on the Statements of Operations as net realized gains (losses) from in kind redemptions. Excluding U.S. Government Securities and In-Kind Transactions Associated with In-Kind Transactions Purchases Sales Purchases Sales US Value Momentum ETF .................................. $192,789,799 $192,688,873 $— $34,675,445 US Small Mid Cap Value Momentum ETF ....................... 230,505,696 229,751,068 — 50,970,641 International Value Momentum ETF ........................... 202,693,937 203,175,734 — 19,041,513 Emerging Markets Value Momentum ETF ....................... 149,474,727 163,829,312 — 16,607,444 4.Affiliated Fund Ownership: The Funds offer shares for investment by other funds. The fund-of-funds do not invest in the underlying funds for the purpose of exercising management or control, and the affiliated fund-of-funds' annual and semi-annual reports may be viewed at vcm.com. As of December 31, 2022, certain fund-of-funds owned total outstanding shares of the Funds as follows: US Value Momentum ETF Ownership % USAA Cornerstone Conservative Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 USAA Cornerstone Equity Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.4 USAA Target Retirement Income Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9 USAA Target Retirement 2030 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.3 USAA Target Retirement 2040 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.7 USAA Target Retirement 2050 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.6 USAA Target Retirement 2060 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 Small Mid Cap Value Momentum ETF Ownership % USAA Cornerstone Conservative Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 USAA Cornerstone Equity Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9 USAA Target Retirement Income Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 USAA Target Retirement 2030 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.0 USAA Target Retirement 2040 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.1 USAA Target Retirement 2050 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1 USAA Target Retirement 2060 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 International Value Momentum ETF Ownership % USAA Cornerstone Conservative Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 USAA Cornerstone Equity Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.5 USAA Target Retirement Income Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.7 USAA Target Retirement 2030 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.4 USAA Target Retirement 2040 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.6 USAA Target Retirement 2050 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.8 USAA Target Retirement 2060 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 Emerging Markets Value Momentum ETF Ownership % USAA Cornerstone Aggressive Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 USAA Cornerstone Conservative Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 USAA Cornerstone Equity Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1 USAA Cornerstone Moderate Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-357.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 49 (Unaudited) USAA Cornerstone Moderately Aggressive Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 USAA Cornerstone Moderately Conservative Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 USAA Target Retirement Income Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.6 USAA Target Retirement 2030 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.1 USAA Target Retirement 2040 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.2 USAA Target Retirement 2050 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.2 USAA Target Retirement 2060 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 5. Fees and Transactions with Affiliates and Related Parties: Investment Advisory Fees: Investment advisory services are provided to the Funds by the Adviser, which is a New York corporation registered as an investment adviser with the SEC. Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive fees based on a percentage of the average daily net assets of each Fund. The rates at which the Adviser is paid by each Fund are included in the table below. Flat Rate US Value Momentum ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15% US Small Mid Cap Value Momentum ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15% International Value Momentum ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25% Emerging Markets Value Momentum ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.30% Amounts incurred and paid to VCM for the six months ended December 31, 2022, are reflected on the Statements of Operations as Investment advisory fees. Administration and Servicing Fees: VCM also serves as the Funds' administrator and fund accountant. Under the Administration and Fund Accounting Agreement, VCM is entitled to receive fees based on a percentage of the average daily net assets of the Trust, Victory Variable Insurance Funds and Victory Portfolios. The tiered rates at which VCM is paid by the Funds are shown in the table below: Net Assets Up to $15 billion $15 billion — $30 billion Over $30 billion 0.08%, plus 0.05%, plus 0.04% Amounts incurred for the six months ended December 31, 2022, are reflected on the Statements of Operations as Administration fees. Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Funds pursuant to the Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Funds reimburse VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Funds. Amounts incurred for the six months ended December 31, 2022, are reflected on the Statements of Operations as Sub-Administration fees. The Funds (as part of the Trust) have entered into an agreement with the Adviser to provide compliance services, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. The funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios and USAA Mutual Funds (collectively, the "Victory Funds Complex"), in aggregate, compensate the Adviser for these services. Amounts incurred for the six months ended December 31, 2022, are reflected on the Statements of Operations as Compliance fees. Distributor/Underwriting Services: Foreside Fund Services, LLC serves as the Funds' distributor. Other Fees: Citibank serves as the Funds' custodian. The Funds pay Citibank a fee for providing these services. Amounts incurred for the six months ended December 31, 2022, are reflected on the Statements of Operations as Custodian fees. Sidley Austin LLP provides legal services to the Trust. The Adviser has entered into expense limitation agreements with the Funds. Under the terms of the agreements, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred by certain classes of a Fund in any fiscal year exceed the expense limit for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business are excluded from the expense limits. As of December 31, 2022, the expense limits (excluding voluntary waivers) are as follows: |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-358.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 50 (Unaudited) In Effect Until October 31, 2023 US Value Momentum ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.20% US Small Mid Cap Value Momentum ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25% International Value Momentum ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35% Emerging Markets Value Momentum ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.45% Under the terms of the expense limitation agreements, the Funds have agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period of up to three years (thirty-six (36) months) after the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. As of December 31, 2022, the following amounts are available to be repaid to the Adviser. The Funds have not recorded any amounts available to be repaid as a liability due to an assessment that such repayments are not probable at December 31, 2022. Expires 2023 Expires 2024 Expires 2025 Expires 2026 Total US Value Momentum ETF .................................... $171,944 $169,706 $130,524 $56,383 $528,557 US Small Mid Cap Value Momentum ETF ......................... 37,764 — — — 37,764 International Value Momentum ETF ............................. 71,346 144,936 104,166 57,862 378,310 Emerging Markets Value Momentum ETF ......................... 104,495 195,585 147,952 140,521 588,553 The Adviser may voluntarily waive or reimburse additional fees to assist the Funds in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Funds are not available to be recouped at a future time and are reflected on the Statements of Operations as Expenses waived/reimbursed by Adviser. For the six months ended December 31, 2022, the Adviser voluntarily waived the following amounts: US Value Momentum ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $43,921 US Small Mid Cap Value Momentum ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,736 International Value Momentum ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,152 Emerging Markets Value Momentum ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,788 Certain officers and/or interested trustees of the Funds are also officers and/or employees of the Adviser, administrator, fund accountant, sub-administrator, sub-fund accountant, custodian, legal counsel, and distributor. 6. Risks: The Funds may be subject to other risks in addition to these identified risks. Equity Risk — The value of the equity securities in which the Funds invest may decline in response to developments affecting individual companies and/or general, economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Foreign Securities Risk — The Emerging Markets Value Momentum ETF invests in securities of foreign issuers in various countries. Foreign securities may be subject to risk of loss because of more of less foreign government regulations, less public information, and less economic, political, and social stability in the countries in which the Funds invest. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs), and other government restrictions by the United States or other governments; or problems in shares registration, settlement, or custody also may result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Funds have exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Passive Investment Risk — Each Fund is designed to track its index and is not actively managed. A Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from its index. A Fund does not, therefore, seek returns in excess of its index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by its index. Different types of investment styles, for example passively managed or actively managed, or growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, a Fund's performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles. Market Risk — Overall market risks may affect the value of the Funds. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health crises, sanctions against a particular foreign country, its nationals, businesses or industries and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-359.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 51 (Unaudited) increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods. 7. Borrowing: Line of Credit: The Victory Funds Complex participates in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 27, 2022, with a termination date of June 26, 2023. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the six months ended December 31, 2022, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each Fund in the Victory Funds Complex paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. Prior to June 28, 2022, interest was based on the one-month London Interbank Offered Rate ("LIBOR") plus one percent. Effective with the renewal, June 27, 2022, interest was based on the one-month Secured Overnight Financing Rate (SOFR) plus 1.10 percent. The Funds did not experience a material financial impact transitioning from LIBOR to SOFR. Interest charged to each Fund during the period, if applicable, is reflected on the Statements of Operations under Line of credit fees. The average borrowing for the days outstanding and average interest rate for each Fund during the six months ended December 31, 2022, were as follows: Amount Outstanding December 31, 2022 Average Borrowing\* Days Borrowing Outstanding Average Interest Rate\* Maximum Borrowing During the Period Emerging Markets Value Momentum ETF. . . . . . . . . .$— $4,811,871 31 4.79% $20,700,000 \* Based on the number of days borrowings were outstanding for the period ended December 31, 2022. 8. Federal Income Tax Information: Dividends from net investment income, if any, are declared and paid as noted in the table below. Distributable net realized gains, if any, are declared and distributed at least annually from each Fund. Declared Paid US Value Momentum ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Monthly Monthly US Small Mid Cap Value Momentum ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Monthly Monthly International Value Momentum ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Monthly Monthly Emerging Markets Value Momentum ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Monthly Monthly The amounts of dividends from net investment income and distributions from net realized gains (collectively distributions to shareholders) are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (e.g., net operating loss and distribution reclassification), such amounts are reclassified within the components of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require reclassification. To the extent dividends and distributions exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital. Net investment losses incurred by the Funds may be reclassified as an offset to capital on the accompanying Statement of Assets and Liabilities. The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (loss) will be determined at the end of the current tax year. As of tax year ended June 30, 2022, the Funds had net capital loss carryforwards as shown in the table below. It is unlikely that the Board will authorize a distribution of capital gains realized in the future until the capital loss carryforwards have been used. Short-Term Amount Long-Term Amount Total US Value Momentum ETF ............................................... $55,201,537 $20,164,210 $75,365,747 US Small Mid Cap Value Momentum ETF .................................... 44,173,153 5,142,550 49,315,703 International Value Momentum ETF ........................................ 50,644,305 10,558,298 61,202,603 Emerging Markets Value Momentum ETF .................................... 17,581,884 1,021,501 18,603,385 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-360.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Information Victory Portfolios II December 31, 2022 52 (Unaudited) Proxy Voting and Portfolio Holdings Information Proxy Voting: Information regarding the policies and procedures each Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 800-539-3863. The information is also included in the Funds' Statement of Additional Information, which is available on the SEC's website at sec.gov. Information relating to how the Funds voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at sec.gov. Availability of Schedules of Portfolio Investments: The Trust files a complete list of Schedules of Portfolio Investments with the SEC for the first and third quarter of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's website at sec.gov. Expense Examples As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022, through December 31, 2022. The Actual Expense figures in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period. The Hypothetical Expense figures in the table below provide information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds. Please note the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Beginning Account Value 7/1/22 Actual Ending Account Value 12/31/22 Hypothetical Ending Account Value 12/31/22 Actual Expenses Paid During Period 7/1/22 - 12/31/22\* Hypothetical Expenses Paid During Period 7/1/22 - 12/31/22\* Annualized Expense Ratio During Period 7/1/22 - 12/31/22 US Value Momentum ETF ................. $1,000.00 $1,066.80 $1,024.20 $1.04 $1.02 0.20% US Small Mid Cap Value Momentum ETF ...... 1,000.00 1,049.90 1,023.95 1.29 1.28 0.25% International Value Momentum ETF .......... 1,000.00 1,049.60 1,023.44 1.81 1.79 0.35% Emerging Markets Value Momentum ETF ...... 1,000.00 1,014.70 1,022.94 2.29 2.29 0.45% \* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year). |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-361.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Portfolios II 53 (Unaudited) Supplemental Information — continued December 31, 2022 Considerations of the Board in Continuing the Investment Advisory Agreements (the "Agreement") The Board approved the Agreement on behalf of each of the Funds at a meeting, which was called for that purpose, on December 6, 2022. The Board also considered information relating to the Funds and the Agreement provided throughout the year and, more specifically, at the meetings on October 18, 2022 and December 6, 2022. In considering whether to approve the Agreement, the Board requested, and the Adviser provided, information that the Board believed to be reasonably necessary to reach its conclusions. The Board, including the Independent Trustees, evaluated this information along with other information obtained throughout the year and was advised by legal counsel to the Funds and independent legal counsel to the Independent Trustees. The Board noted that each Fund assumed the performance of its predecessor fund, that the Adviser became the investment adviser to each Fund on February 26, 2019, and that prior to that date each predecessor fund was managed by a different investment adviser. The Board considered each Fund's advisory fee, expense ratio and investment performance as significant factors in determining whether the Agreement should be continued. In considering whether the compensation paid to the Adviser was fair and reasonable, the Board also evaluated, among other things, the following factors: • The requirements of the Funds for the services provided by the Adviser; • The nature, quality and extent of the services provided and expected to be provided; • The performance of the Funds as compared to comparable funds; • The fees payable for the services and whether the fee arrangements provided for economies of scale that would benefit Fund shareholders as the Funds grow (acknowledging that economies of scale can be complex to assess and typically are not directly measurable); • Whether the fee would be sufficient to enable the Adviser to attract and retain experienced personnel and continue to provide quality services to the Funds; • Fees paid by other clients of the Adviser whose accounts are managed in a similar investment style and any differences in the services provided to the other clients compared to those provided to the Funds; • The total expenses of each Fund; • Management's commitment to operating the Funds at competitive expense levels; • The profitability of the Adviser (as reflected by comparing fees earned against an estimate of the Adviser's costs) with respect to the Adviser's relationship with the Funds; • Research and other service benefits received by the Adviser obtained through payment of client commissions for securities transactions; • Other benefits received by the Adviser, and its affiliates, including revenues paid to the Adviser, or its affiliates, by the Funds for administration and fund accounting services, shareholder services and distribution; • The capabilities and financial condition of the Adviser; • Current economic and industry trends; and • The historical relationship between the Trust and the Adviser. The Board reviewed each Fund's current management fee in the context of the Adviser's profitability with respect to each Fund. The Board retained an independent, third-party consultant to provide comparative information about fees, expenses and performance, and to design and maintain a database of relevant information designed to assist the Board in retrieving and analyzing comparative information. The Board met with the consultant to review its inputs and methodologies, among other things. The Board compared each Fund's gross management fee and total expense ratio on a net and gross basis with the median gross management fee and median expense ratio of a universe of comparable exchange-traded funds ("ETFs") compiled by the consultant and a peer group of funds with similar investment strategies selected by that consultant from the universe. The Board reviewed the factors and methodology used by the consultant in the selection of each Fund's peer group, including the consultant's selection of a broad universe of funds, the more specific universe of comparable funds, and peer groups of funds with comparable investment strategies and asset levels, among other factors. The Board noted that none of the advisory fee arrangements for the Funds included breakpoints, which would be a structure that results in reduced fees as a fund grows. The Board also considered the Adviser's commitment to limit expenses as discussed in more detail below. The Board also reviewed the compliance and administrative services provided to the Funds by the Adviser and its affiliates, including the Adviser's oversight of the Funds' day-to-day operations and oversight of Fund accounting, assistance in meeting legal and regulatory requirements, and other services necessary for the operation of the Funds and the Trust. The Board found that the gross annual management fee paid by each Fund was within the range of management fees paid by each Fund's respective peer group. The Board also found that each Fund's net annual expense ratio was reasonable as compared with each Fund's respective peer group. The Board considered the Adviser's contractual agreement with each Fund to waive its fees and reimburse expenses for a specified period of time, as described in the Fund's prospectus. The Board reviewed each Fund's performance over the one- and three-year periods against the performance of the Fund's selected peer group and benchmark index, noting that each Fund's investment objective is to track its benchmark index before fees and expenses. The Board recognized that the performance of each Fund is net of expenses, while the performance of each benchmark index reflects gross returns, and as  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-362.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Information — continued Victory Portfolios II December 31, 2022 54 (Unaudited) a result, each Fund will generally underperform its benchmark index due to fees and expenses. The Board also considered each Fund's tracking error as a factor in evaluating performance. The Board reviewed various other specific factors with respect to each Fund, as described below. In their deliberations, the Trustees did not rank the importance of any particular information or factor considered and each Trustee may have attributed different weights to various factors. > VictoryShares US Value Momentum ETF Noting that the Fund commenced operations in 2017, the Board compared the Fund's one-year and three-year performance for the periods ended June 30, 2022, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund outperformed the benchmark index for the one-year period, underperformed the benchmark index for the three-year period, and underperformed the peer group median for both of the periods reviewed. The Board noted the Fund's tracking error for the periods relative to its peers. Having considered, among other things: (1) the Fund's management fee compared to comparable ETFs; (2) the Fund's total expense ratio compared to comparable ETFs; (3) that the Adviser's willingness to limit the expenses for a period of time would provide stability to the Fund's expenses during that period; and (4) that the Fund's performance in relation to its benchmark index and peer group was within an acceptable range, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders. VictoryShares US Small Mid Cap Value Momentum ETF Noting that the Fund commenced operations in 2017, the Board compared the Fund's one-year and three-year performance for the periods ended June 30, 2022, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund outperformed both the benchmark index and the peer group median for both of the periods reviewed, underperformed the peer group median for the one-year period, and outperformed the peer group median for the three-year period. The Board noted the Fund's tracking error for the periods relative to its peers. Having considered, among other things: (1) the Fund's management fee compared to comparable ETFs; (2) the Fund's total expense ratio compared to comparable ETFs; (3) that the Adviser's willingness to limit the expenses for a period of time would provide stability to the Fund's expenses during that period; and (4) that the Fund's performance in relation to its benchmark index and peer group was within an acceptable range, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders. VictoryShares International Value Momentum ETF Noting that the Fund commenced operations in 2017, the Board compared the Fund's one-year and three-year performance for the periods ended June 30, 2022, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed both the benchmark index and the peer group median for both of the periods reviewed. Having considered, among other things: (1) the Fund's management fee compared to comparable ETFs; (2) the Fund's total expense ratio compared to comparable ETFs; (3) that the Adviser's willingness to limit the expenses for a period of time would provide stability to the Fund's expenses during that period; and (4) that the Fund's performance in relation to its benchmark index and peer group was within an acceptable range, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders. The Board noted the Fund's tracking error for the periods relative to its peers. VictoryShares Emerging Markets Value Momentum ETF Noting that the Fund commenced operations in 2017, the Board compared the Fund's one-year and three-year performance for the periods ended June 30, 2022, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for both of the periods reviewed, outperformed the peer group median for the one-year period and underperformed the peer group median for the three-year period. The Board noted the Fund's tracking error for the periods relative to its peers. Having considered, among other things: (1) the Fund's management fee compared to comparable ETFs; (2) the Fund's total expense ratio compared to comparable ETFs; (3) that the Adviser's willingness to limit the expenses for a period of time would provide stability to the Fund's expenses during that period; and (4) that the Fund's performance in relation to its benchmark index and peer group was within an acceptable range, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders. Conclusion: Based on its review of the information requested and provided, and following extended discussions, the Board determined that the Agreement, on behalf of the Funds discussed above, was consistent with the best interests of each Fund and its shareholders, and the Board unanimously approved the Agreement, on behalf of each Fund, for an additional annual period on the basis of the foregoing review and discussions and the following considerations, among others: • The fairness and reasonableness of the investment advisory fee payable to the Adviser under the Agreement in light of the investment advisory services provided, the costs of these services, the profitability of the Adviser's relationship with the Fund and the comparability of the fee paid to the fees paid by other investment companies, to the extent applicable; • The nature, quality and extent of the investment advisory services provided by the Adviser; |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-363.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Information — continued Victory Portfolios II December 31, 2022 55 (Unaudited) • The Adviser's entrepreneurial commitment to the management of the Funds and the creation of a broad-based family of funds, which entails a substantial commitment of the Adviser's resources to the successful operation of the Funds; • The Adviser's representations regarding its staffing and capabilities to manage the Funds, including the retention of personnel with relevant portfolio management experience; • The Adviser's efforts to enhance investment results by, among other things, developing and supporting quality portfolio management teams; and • The overall high quality of the personnel, operations, financial condition, investment management capabilities, methodologies and perfor-mance of the Adviser. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-364.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Privacy Policy Protecting the Privacy of Information The Trust respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms, and from the transactions you make with us or third parties. It may include your name, address, social security number, account transactions and balances, and information about investment goals and risk tolerance. We do not disclose any information about you or about former customers to anyone except as permitted or required by law. Specifically, we may disclose the information we collect to companies that perform services on our behalf, such as the transfer agent that processes shareholder accounts and printers and mailers that assist us in the distribution of investor materials. We may also disclose this information to companies that perform marketing services on our behalf. This allows us to continue to offer you Victory investment products and services that meet your investing needs, and to effect transactions that you request or authorize. These companies will use this information only in connection with the services for which we hired them. They are not permitted to use or share this information for any other purpose. To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic, and procedural safeguards to guard your personal information.\* \* You may have received communications regarding information about privacy policies from other financial institutions which gave you the opportunity to "opt-out" of certain information sharing with companies which are not affiliated with that financial institution. The Trust does not share information with other companies for purposes of marketing solicitations for products other than the Trust. Therefore, the Trust does not provide opt-out options to their shareholders. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm233202d1_ncsrsimg-365.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Funds P.O. Box 182593 Columbus, Ohio 43218-2593 Visit our website at: vcm.com Call Victory at: 866-376-7890 VS-ETF-SAR (12/22) |

---

**Item 2. Code of Ethics.**

Not applicable – only for annual reports.

**Item 3. Audit Committee Financial Expert.**

 

Not applicable – only for annual reports.

 

**Item 4. Principal Accountant Fees and Services.**

 ****

Not applicable – only for annual reports.

 **Item 5. Audit Committee of Listed Registrants.**

Not applicable.

 **Item 6. Investments.**

(a) Not applicable.

(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 11. Controls and Procedures.**

(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Not applicable.

**Item 13. Exhibits.**

(a)(1) Not applicable.

[(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.](tm233202d1_ex99-cert.htm)

(a)(3) Not applicable.

[(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.](tm233202d1_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Victory
 Portfolios II

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Allan Shaer |
|  | Allan Shaer, Principal Financial Officer |

---

Date <u>March 1, 2023</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Christopher K. Dyer |
|  | Christopher K. Dyer, Principal Executive Officer |

---

Date <u>March 1, 2023</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Allan Shaer |
|  | Allan Shaer, Principal Financial Officer |

---

Date <u>March 1, 2023</u>

## Ex-99.Cert

**Exhibit 99.CERT**

<u>CERTIFICATIONS</u>

I, Christopher K. Dyer, certify that:

1. I have reviewed this report on Form N-CSR of Victory Portfolios
II (the "registrant");

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
and have:

a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed
to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent
functions):

a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| March 1, 2023 | /s/ Christopher K. Dyer |
| Date | Christopher K. Dyer |
|  | Principal Executive Officer |

---

<u>CERTIFICATIONS</u>

I, Allan Shaer, certify that:

1. I have reviewed this report on Form N-CSR of Victory Portfolios
II (the "registrant");

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
and have:

a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of
a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed
to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| March 1, 2023 | /s/ Allan Shaer |
| Date | Allan Shaer |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2022 of Victory Portfolios II (the "Registrant").

I, Christopher K. Dyer, the Principal Executive Officer of the Registrant, certify that, to the best of my knowledge:

1. the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

<u>March 1, 2023</u> <br> Date

---

| |
|:---|
| /s/ Christopher K. Dyer |
| Christopher K. Dyer |
| Principal Executive Officer |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2022 of Victory Portfolios II (the "Registrant").

I, Allan Shaer, the Principal Financial Officer of the Registrant, certify that, to the best of my knowledge:

1. the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

<u>March 1, 2023</u> <br> Date

---

| |
|:---|
| /s/ Allan Shaer |
| Allan Shaer |
| Principal Financial Officer |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.