| Victory Portfolios II | Schedule of Portfolio Investments |
| Victory US 500 Enhanced Volatility Wtd Index Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (23.1%) | ||||||||
| Communication Services (1.0%): | ||||||||
| Alphabet, Inc., Class A (a) | 210 | $ | 20,086 | |||||
| AT&T, Inc. | 1,706 | 26,170 | ||||||
| Charter Communications, Inc., Class A (a) | 59 | 17,898 | ||||||
| Comcast Corp., Class A | 843 | 24,725 | ||||||
| DISH Network Corp., Class A (a) | 793 | 10,967 | ||||||
| Electronic Arts, Inc. | 244 | 28,233 | ||||||
| Endeavor Group Holdings, Inc., Class A (a) | 856 | 17,343 | ||||||
| Fox Corp., Class A | 826 | 25,342 | ||||||
| Liberty Broadband Corp., Class C (a) | 254 | 18,745 | ||||||
| Lumen Technologies, Inc. (b) | 2,130 | 15,506 | ||||||
| Match Group, Inc. (a) | 239 | 11,412 | ||||||
| Meta Platforms, Inc., Class A (a) | 84 | 11,397 | ||||||
| Netflix, Inc. (a) | 52 | 12,243 | ||||||
| News Corp., Class A | 1,378 | 20,822 | ||||||
| Omnicom Group, Inc. | 362 | 22,839 | ||||||
| Paramount Global, Class B (b) | 662 | 12,604 | ||||||
| Pinterest, Inc., Class A (a) | 438 | 10,205 | ||||||
| Sirius XM Holdings, Inc. (b) | 5,549 | 31,685 | ||||||
| Take-Two Interactive Software, Inc. (a) | 158 | 17,222 | ||||||
| The Interpublic Group of Cos., Inc. | 854 | 21,862 | ||||||
| The Trade Desk, Inc., Class A (a) | 144 | 8,604 | ||||||
| The Walt Disney Co. (a) | 228 | 21,507 | ||||||
| T-Mobile U.S., Inc. (a) | 192 | 25,761 | ||||||
| Verizon Communications, Inc. | 916 | 34,781 | ||||||
| Warner Music Group Corp., Class A | 665 | 15,435 | ||||||
| ZoomInfo Technologies, Inc. (a) | 271 | 11,290 | ||||||
| 494,684 | ||||||||
| Consumer Discretionary (1.9%): | ||||||||
| Advance Auto Parts, Inc. | 141 | 22,044 | ||||||
| Airbnb, Inc., Class A (a) | 120 | 12,605 | ||||||
| Amazon.com, Inc. (a) | 133 | 15,029 | ||||||
| Aptiv PLC (a) | 172 | 13,452 | ||||||
| Aramark | 710 | 22,152 | ||||||
| AutoZone, Inc. (a) | 13 | 27,845 | ||||||
| Best Buy Co., Inc. | 270 | 17,102 | ||||||
| Booking Holdings, Inc. (a) | 10 | 16,432 | ||||||
| Burlington Stores, Inc. (a) | 105 | 11,748 | ||||||
| CarMax, Inc. (a) | 211 | 13,930 | ||||||
| Chipotle Mexican Grill, Inc. (a) | 12 | 18,033 | ||||||
| D.R. Horton, Inc. | 271 | 18,252 | ||||||
| Darden Restaurants, Inc. | 185 | 23,369 | ||||||
| Dollar General Corp. | 103 | 24,706 | ||||||
| Dollar Tree, Inc. (a) | 141 | 19,190 | ||||||
| Domino's Pizza, Inc. | 71 | 22,024 | ||||||
| Etsy, Inc. (a) | 101 | 10,113 | ||||||
| Expedia Group, Inc. (a) | 155 | 14,522 | ||||||
| Ford Motor Co. | 1,115 | 12,488 | ||||||
| Garmin Ltd. | 304 | 24,414 | ||||||
| General Motors Co. | 493 | 15,820 | ||||||
| Genuine Parts Co. | 218 | 32,552 | ||||||
| Hasbro, Inc. | 350 | 23,597 | ||||||
| Hilton Worldwide Holdings, Inc. | 170 | 20,505 | ||||||
| Hyatt Hotels Corp., Class A (a)(b) | 215 | 17,406 | ||||||
| Lennar Corp., Class A | 249 | 18,563 | ||||||
| LKQ Corp. | 444 | 20,935 | ||||||
| Lowe's Cos., Inc. | 140 | 26,293 | ||||||
| Marriott International, Inc., Class A | 144 | 20,180 | ||||||
| McDonald's Corp. | 170 | 39,226 | ||||||
| MGM Resorts International | 528 | 15,692 | ||||||
| NIKE, Inc., Class B | 208 | 17,289 | ||||||
| NVR, Inc. (a) | 6 | 23,923 | ||||||
| O'Reilly Automotive, Inc. (a) | 39 | 27,431 | ||||||
| Pool Corp. | 60 | 19,093 | ||||||
| PulteGroup, Inc. | 473 | 17,738 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| Victory US 500 Enhanced Volatility Wtd Index Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Ross Stores, Inc. | 209 | $ | 17,612 | |||||
| Service Corp. International | 445 | 25,694 | ||||||
| Starbucks Corp. | 277 | 23,340 | ||||||
| Target Corp. | 114 | 16,917 | ||||||
| Tesla, Inc. (a) | 46 | 12,202 | ||||||
| The Home Depot, Inc. | 97 | 26,766 | ||||||
| The TJX Cos., Inc. | 391 | 24,289 | ||||||
| Tractor Supply Co. | 125 | 23,235 | ||||||
| Ulta Beauty, Inc. (a) | 49 | 19,658 | ||||||
| Vail Resorts, Inc. | 101 | 21,780 | ||||||
| VF Corp. | 549 | 16,421 | ||||||
| Williams-Sonoma, Inc. (b) | 104 | 12,256 | ||||||
| Yum! Brands, Inc. | 311 | 33,072 | ||||||
| 988,935 | ||||||||
| Consumer Staples (2.1%): | ||||||||
| Albertsons Cos., Inc., Class A | 778 | 19,341 | ||||||
| Altria Group, Inc. | 714 | 28,831 | ||||||
| Archer-Daniels-Midland Co. | 310 | 24,940 | ||||||
| BJ's Wholesale Club Holdings, Inc. (a) | 255 | 18,567 | ||||||
| Brown-Forman Corp., Class B | 474 | 31,554 | ||||||
| Bunge Ltd. | 262 | 21,633 | ||||||
| Campbell Soup Co. | 704 | 33,173 | ||||||
| Church & Dwight Co., Inc. | 402 | 28,719 | ||||||
| Colgate-Palmolive Co. | 522 | 36,671 | ||||||
| Conagra Brands, Inc. | 937 | 30,574 | ||||||
| Constellation Brands, Inc., Class A | 149 | 34,222 | ||||||
| Costco Wholesale Corp. | 53 | 25,030 | ||||||
| Darling Ingredients, Inc. (a) | 246 | 16,273 | ||||||
| General Mills, Inc. | 490 | 37,539 | ||||||
| Hormel Foods Corp. | 795 | 36,125 | ||||||
| Kellogg Co. | 542 | 37,756 | ||||||
| Keurig Dr Pepper, Inc. | 1,085 | 38,865 | ||||||
| Kimberly-Clark Corp. | 291 | 32,749 | ||||||
| Lamb Weston Holdings, Inc. | 333 | 25,768 | ||||||
| McCormick & Co., Inc. | 396 | 28,223 | ||||||
| Molson Coors Beverage Co., Class B | 533 | 25,579 | ||||||
| Mondelez International, Inc., Class A | 663 | 36,352 | ||||||
| Monster Beverage Corp. (a) | 314 | 27,305 | ||||||
| PepsiCo, Inc. | 257 | 41,958 | ||||||
| Philip Morris International, Inc. | 348 | 28,887 | ||||||
| Sysco Corp. | 340 | 24,041 | ||||||
| The Clorox Co. | 170 | 21,826 | ||||||
| The Coca-Cola Co. | 696 | 38,990 | ||||||
| The Estee Lauder Cos., Inc. | 82 | 17,704 | ||||||
| The Hershey Co. | 176 | 38,803 | ||||||
| The J.M. Smucker Co. | 231 | 31,742 | ||||||
| The Kraft Heinz Co. | 838 | 27,947 | ||||||
| The Kroger Co. | 527 | 23,056 | ||||||
| The Procter & Gamble Co. | 265 | 33,456 | ||||||
| Tyson Foods, Inc., Class A | 397 | 26,174 | ||||||
| Walgreens Boots Alliance, Inc. | 862 | 27,067 | ||||||
| Walmart, Inc. | 226 | 29,312 | ||||||
| 1,086,752 | ||||||||
| Energy (0.9%): | ||||||||
| Antero Resources Corp. (a) | 342 | 10,441 | ||||||
| APA Corp. | 361 | 12,343 | ||||||
| Chesapeake Energy Corp. | 173 | 16,298 | ||||||
| Chevron Corp. | 161 | 23,131 | ||||||
| ConocoPhillips | 181 | 18,524 | ||||||
| Coterra Energy, Inc. | 577 | 15,071 | ||||||
| Devon Energy Corp. | 218 | 13,108 | ||||||
| Diamondback Energy, Inc. | 126 | 15,178 | ||||||
| EOG Resources, Inc. | 152 | 16,983 | ||||||
| Exxon Mobil Corp. | 244 | 21,304 | ||||||
| Halliburton Co. | 565 | 13,910 | ||||||
| Hess Corp. | 159 | 17,329 | ||||||
| HF Sinclair Corp. | 335 | 18,036 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| Victory US 500 Enhanced Volatility Wtd Index Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Kinder Morgan, Inc. | 1,743 | $ | 29,003 | |||||
| Marathon Oil Corp. | 629 | 14,203 | ||||||
| Marathon Petroleum Corp. | 236 | 23,442 | ||||||
| Occidental Petroleum Corp. | 199 | 12,229 | ||||||
| ONEOK, Inc. | 419 | 21,470 | ||||||
| Ovintiv, Inc. | 263 | 12,098 | ||||||
| Phillips 66 | 241 | 19,454 | ||||||
| Pioneer Natural Resources Co. | 84 | 18,188 | ||||||
| Schlumberger NV | 445 | 15,975 | ||||||
| Targa Resources Corp. | 317 | 19,128 | ||||||
| Texas Pacific Land Corp. | 9 | 15,995 | ||||||
| The Williams Cos., Inc. | 907 | 25,967 | ||||||
| Valero Energy Corp. | 163 | 17,417 | ||||||
| 456,225 | ||||||||
| Financials (3.9%): | ||||||||
| Aflac, Inc. | 604 | 33,945 | ||||||
| Ally Financial, Inc. | 593 | 16,503 | ||||||
| American Express Co. | 153 | 20,641 | ||||||
| American Financial Group, Inc. | 239 | 29,380 | ||||||
| American International Group, Inc. | 469 | 22,268 | ||||||
| Ameriprise Financial, Inc. | 88 | 22,172 | ||||||
| Aon PLC, Class A | 106 | 28,394 | ||||||
| Arch Capital Group Ltd. (a) | 783 | 35,658 | ||||||
| Ares Management Corp., Class A | 237 | 14,682 | ||||||
| Arthur J. Gallagher & Co. | 176 | 30,135 | ||||||
| Bank of America Corp. | 779 | 23,526 | ||||||
| Berkshire Hathaway, Inc., Class B (a) | 141 | 37,650 | ||||||
| BlackRock, Inc. | 38 | 20,911 | ||||||
| Blackstone, Inc. | 170 | 14,229 | ||||||
| Brown & Brown, Inc. | 448 | 27,095 | ||||||
| Capital One Financial Corp. | 200 | 18,434 | ||||||
| Cboe Global Markets, Inc. | 278 | 32,629 | ||||||
| Chubb Ltd. | 196 | 35,648 | ||||||
| Cincinnati Financial Corp. | 262 | 23,467 | ||||||
| Citigroup, Inc. | 505 | 21,043 | ||||||
| Citizens Financial Group, Inc. | 635 | 21,819 | ||||||
| CME Group, Inc. | 166 | 29,404 | ||||||
| Comerica, Inc. | 286 | 20,335 | ||||||
| Discover Financial Services | 200 | 18,184 | ||||||
| East West Bancorp, Inc. | 296 | 19,873 | ||||||
| Equitable Holdings, Inc. | 791 | 20,843 | ||||||
| Erie Indemnity Co., Class A | 152 | 33,791 | ||||||
| Everest Re Group Ltd. | 121 | 31,755 | ||||||
| FactSet Research Systems, Inc. | 72 | 28,808 | ||||||
| Fidelity National Financial, Inc. | 754 | 27,295 | ||||||
| Fifth Third Bancorp | 699 | 22,340 | ||||||
| First Citizens BancShares, Inc., Class A | 27 | 21,531 | ||||||
| First Republic Bank | 159 | 20,757 | ||||||
| Franklin Resources, Inc. (b) | 925 | 19,906 | ||||||
| Globe Life, Inc. | 336 | 33,499 | ||||||
| Huntington Bancshares, Inc. | 1,855 | 24,449 | ||||||
| Interactive Brokers Group, Inc. | 380 | 24,286 | ||||||
| Intercontinental Exchange, Inc. | 293 | 26,473 | ||||||
| JPMorgan Chase & Co. | 249 | 26,020 | ||||||
| KeyCorp | 1,408 | 22,556 | ||||||
| KKR & Co., Inc. | 340 | 14,620 | ||||||
| Loews Corp. | 671 | 33,443 | ||||||
| LPL Financial Holdings, Inc. | 89 | 19,445 | ||||||
| M&T Bank Corp. | 136 | 23,979 | ||||||
| Markel Corp. (a) | 31 | 33,611 | ||||||
| MarketAxess Holdings, Inc. | 92 | 20,469 | ||||||
| Marsh & McLennan Cos., Inc. | 209 | 31,202 | ||||||
| MetLife, Inc. | 499 | 30,329 | ||||||
| Moody's Corp. | 95 | 23,095 | ||||||
| Morgan Stanley | 306 | 24,177 | ||||||
| Morningstar, Inc. | 99 | 21,020 | ||||||
| MSCI, Inc. | 49 | 20,668 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| Victory US 500 Enhanced Volatility Wtd Index Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Nasdaq, Inc. | 543 | $ | 30,777 | |||||
| Northern Trust Corp. | 272 | 23,272 | ||||||
| Principal Financial Group, Inc. | 350 | 25,252 | ||||||
| Prudential Financial, Inc. | 298 | 25,562 | ||||||
| Raymond James Financial, Inc. | 233 | 23,025 | ||||||
| Regions Financial Corp. | 1,051 | 21,094 | ||||||
| Rocket Cos., Inc., Class A (b) | 1,802 | 11,389 | ||||||
| Ryan Specialty Holdings, Inc. (a) | 516 | 20,960 | ||||||
| S&P Global, Inc. | 84 | 25,649 | ||||||
| Signature Bank | 86 | 12,986 | ||||||
| State Street Corp. | 314 | 19,094 | ||||||
| SVB Financial Group (a) | 36 | 12,088 | ||||||
| Synchrony Financial | 604 | 17,027 | ||||||
| T. Rowe Price Group, Inc. | 187 | 19,637 | ||||||
| The Allstate Corp. | 261 | 32,502 | ||||||
| The Bank of New York Mellon Corp. | 650 | 25,038 | ||||||
| The Carlyle Group, Inc. | 530 | 13,695 | ||||||
| The Charles Schwab Corp. | 307 | 22,064 | ||||||
| The Goldman Sachs Group, Inc. | 83 | 24,323 | ||||||
| The Hartford Financial Services Group, Inc. | 498 | 30,846 | ||||||
| The PNC Financial Services Group, Inc. | 185 | 27,643 | ||||||
| The Progressive Corp. | 263 | 30,563 | ||||||
| The Travelers Cos., Inc. | 223 | 34,164 | ||||||
| Tradeweb Markets, Inc., Class A | 385 | 21,722 | ||||||
| Truist Financial Corp. | 594 | 25,863 | ||||||
| U.S. Bancorp | 652 | 26,289 | ||||||
| W.R. Berkley Corp. | 547 | 35,325 | ||||||
| Wells Fargo & Co. | 536 | 21,558 | ||||||
| 1,957,799 | ||||||||
| Health Care (3.4%): | ||||||||
| Abbott Laboratories | 317 | 30,673 | ||||||
| AbbVie, Inc. | 288 | 38,652 | ||||||
| ABIOMED, Inc. (a) | 65 | 15,968 | ||||||
| Agilent Technologies, Inc. | 185 | 22,487 | ||||||
| Align Technology, Inc. (a) | 60 | 12,427 | ||||||
| AmerisourceBergen Corp. | 247 | 33,426 | ||||||
| Amgen, Inc. | 180 | 40,572 | ||||||
| Avantor, Inc. (a) | 880 | 17,248 | ||||||
| Baxter International, Inc. | 533 | 28,707 | ||||||
| Becton Dickinson & Co. | 146 | 32,533 | ||||||
| Biogen, Inc. (a) | 126 | 33,642 | ||||||
| BioMarin Pharmaceutical, Inc. (a) | 266 | 22,549 | ||||||
| Bio-Techne Corp. | 61 | 17,324 | ||||||
| Boston Scientific Corp. (a) | 722 | 27,963 | ||||||
| Bristol-Myers Squibb Co. | 651 | 46,280 | ||||||
| Catalent, Inc. (a) | 230 | 16,643 | ||||||
| Centene Corp. (a) | 302 | 23,499 | ||||||
| Charles River Laboratories International, Inc. (a) | 90 | 17,712 | ||||||
| Cigna Corp. | 110 | 30,522 | ||||||
| CVS Health Corp. | 342 | 32,617 | ||||||
| Danaher Corp. | 95 | 24,538 | ||||||
| Dexcom, Inc. (a) | 190 | 15,303 | ||||||
| Edwards Lifesciences Corp. (a) | 250 | 20,657 | ||||||
| Elevance Health, Inc. | 62 | 28,163 | ||||||
| Eli Lilly & Co. | 95 | 30,718 | ||||||
| Gilead Sciences, Inc. | 632 | 38,988 | ||||||
| HCA Healthcare, Inc. | 97 | 17,828 | ||||||
| Henry Schein, Inc. (a) | 450 | 29,596 | ||||||
| Hologic, Inc. (a) | 474 | 30,582 | ||||||
| Horizon Therapeutics PLC (a) | 340 | 21,043 | ||||||
| Humana, Inc. | 51 | 24,745 | ||||||
| IDEXX Laboratories, Inc. (a) | 58 | 18,896 | ||||||
| Incyte Corp. (a) | 424 | 28,255 | ||||||
| Insulet Corp. (a) | 58 | 13,305 | ||||||
| Intuitive Surgical, Inc. (a) | 92 | 17,244 | ||||||
| IQVIA Holdings, Inc. (a) | 114 | 20,650 | ||||||
| Johnson & Johnson | 292 | 47,701 | ||||||
| Laboratory Corp. of America Holdings | 136 | 27,854 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| Victory US 500 Enhanced Volatility Wtd Index Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| McKesson Corp. | 99 | $ | 33,647 | |||||
| Medtronic PLC | 391 | 31,573 | ||||||
| Merck & Co., Inc. | 505 | 43,491 | ||||||
| Mettler-Toledo International, Inc. (a) | 19 | 20,598 | ||||||
| Moderna, Inc. (a) | 87 | 10,288 | ||||||
| Molina Healthcare, Inc. (a) | 81 | 26,717 | ||||||
| Neurocrine Biosciences, Inc. (a) | 225 | 23,897 | ||||||
| PerkinElmer, Inc. (b) | 167 | 20,095 | ||||||
| Pfizer, Inc. | 642 | 28,094 | ||||||
| Quest Diagnostics, Inc. | 266 | 32,636 | ||||||
| R1 RCM, Inc. (a) | 854 | 15,825 | ||||||
| Regeneron Pharmaceuticals, Inc. (a) | 51 | 35,132 | ||||||
| Repligen Corp. (a) | 66 | 12,349 | ||||||
| ResMed, Inc. | 115 | 25,104 | ||||||
| Shockwave Medical, Inc. (a) | 39 | 10,845 | ||||||
| STERIS PLC | 134 | 22,282 | ||||||
| Stryker Corp. | 135 | 27,343 | ||||||
| Teleflex, Inc. | 111 | 22,362 | ||||||
| The Cooper Cos., Inc. | 94 | 24,807 | ||||||
| Thermo Fisher Scientific, Inc. | 48 | 24,345 | ||||||
| United Therapeutics Corp. (a) | 104 | 21,775 | ||||||
| UnitedHealth Group, Inc. | 65 | 32,828 | ||||||
| Veeva Systems, Inc., Class A (a) | 85 | 14,015 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 99 | 28,664 | ||||||
| Viatris, Inc. | 2,034 | 17,330 | ||||||
| Waters Corp. (a) | 83 | 22,371 | ||||||
| West Pharmaceutical Services, Inc. | 79 | 19,440 | ||||||
| Zimmer Biomet Holdings, Inc. | 260 | 27,183 | ||||||
| Zoetis, Inc. | 185 | 27,434 | ||||||
| 1,699,980 | ||||||||
| Industrials (3.6%): | ||||||||
| 3M Co. | 259 | 28,619 | ||||||
| Advanced Drainage Systems, Inc. | 127 | 15,795 | ||||||
| AECOM | 389 | 26,596 | ||||||
| AMERCO, Inc. | 57 | 29,026 | ||||||
| AMETEK, Inc. | 297 | 33,683 | ||||||
| Booz Allen Hamilton Holding Corp. | 301 | 27,797 | ||||||
| Builders FirstSource, Inc. (a) | 280 | 16,498 | ||||||
| C.H. Robinson Worldwide, Inc. | 215 | 20,707 | ||||||
| Carlisle Cos., Inc. | 91 | 25,517 | ||||||
| Carrier Global Corp. | 677 | 24,074 | ||||||
| Caterpillar, Inc. | 137 | 22,479 | ||||||
| Cintas Corp. | 77 | 29,891 | ||||||
| Copart, Inc. (a) | 204 | 21,706 | ||||||
| CoStar Group, Inc. (a) | 258 | 17,970 | ||||||
| CSX Corp. | 948 | 25,255 | ||||||
| Cummins, Inc. | 135 | 27,474 | ||||||
| Deere & Co. | 60 | 20,033 | ||||||
| Delta Air Lines, Inc. (a) | 564 | 15,826 | ||||||
| Dover Corp. | 243 | 28,329 | ||||||
| Eaton Corp. PLC | 216 | 28,806 | ||||||
| Emerson Electric Co. | 385 | 28,190 | ||||||
| Equifax, Inc. | 126 | 21,600 | ||||||
| Expeditors International of Washington, Inc. | 274 | 24,197 | ||||||
| Fastenal Co. | 606 | 27,900 | ||||||
| FedEx Corp. | 105 | 15,589 | ||||||
| Fortive Corp. | 444 | 25,885 | ||||||
| Generac Holdings, Inc. (a) | 59 | 10,510 | ||||||
| General Dynamics Corp. | 157 | 33,311 | ||||||
| Graco, Inc. | 510 | 30,574 | ||||||
| HEICO Corp. | 201 | 28,940 | ||||||
| Honeywell International, Inc. | 180 | 30,055 | ||||||
| Howmet Aerospace, Inc. | 695 | 21,496 | ||||||
| Hubbell, Inc. | 143 | 31,889 | ||||||
| Huntington Ingalls Industries, Inc. | 140 | 31,010 | ||||||
| IDEX Corp. | 161 | 32,176 | ||||||
| Illinois Tool Works, Inc. | 172 | 31,072 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| Victory US 500 Enhanced Volatility Wtd Index Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Ingersoll Rand, Inc. | 510 | $ | 22,063 | |||||
| J.B. Hunt Transport Services, Inc. | 144 | 22,524 | ||||||
| Jacobs Solutions, Inc. | 239 | 25,929 | ||||||
| Johnson Controls International PLC | 506 | 24,905 | ||||||
| L3Harris Technologies, Inc. | 124 | 25,771 | ||||||
| Leidos Holdings, Inc. | 341 | 29,827 | ||||||
| Lockheed Martin Corp. | 80 | 30,903 | ||||||
| Masco Corp. | 522 | 24,372 | ||||||
| Nordson Corp. | 132 | 28,020 | ||||||
| Norfolk Southern Corp. | 123 | 25,787 | ||||||
| Northrop Grumman Corp. | 58 | 27,279 | ||||||
| Old Dominion Freight Line, Inc. | 74 | 18,409 | ||||||
| Otis Worldwide Corp. | 429 | 27,370 | ||||||
| PACCAR, Inc. | 358 | 29,961 | ||||||
| Parker-Hannifin Corp. | 102 | 24,716 | ||||||
| Quanta Services, Inc. | 148 | 18,854 | ||||||
| Raytheon Technologies Corp. | 358 | 29,306 | ||||||
| Regal Rexnord Corp. | 190 | 26,668 | ||||||
| Republic Services, Inc. | 262 | 35,642 | ||||||
| Rockwell Automation, Inc. | 98 | 21,081 | ||||||
| Rollins, Inc. | 879 | 30,484 | ||||||
| Snap-on, Inc. | 146 | 29,397 | ||||||
| Southwest Airlines Co. (a) | 611 | 18,843 | ||||||
| Stanley Black & Decker, Inc. | 230 | 17,298 | ||||||
| Textron, Inc. | 400 | 23,304 | ||||||
| Trane Technologies PLC | 183 | 26,500 | ||||||
| TransDigm Group, Inc. | 41 | 21,518 | ||||||
| TransUnion | 306 | 18,204 | ||||||
| Union Pacific Corp. | 154 | 30,002 | ||||||
| United Parcel Service, Inc., Class B | 139 | 22,454 | ||||||
| United Rentals, Inc. (a) | 70 | 18,908 | ||||||
| Verisk Analytics, Inc. | 172 | 29,331 | ||||||
| W.W. Grainger, Inc. | 53 | 25,927 | ||||||
| Waste Management, Inc. | 228 | 36,528 | ||||||
| Watsco, Inc. | 101 | 26,003 | ||||||
| Westinghouse Air Brake Technologies Corp. | 289 | 23,510 | ||||||
| Xylem, Inc. | 257 | 22,452 | ||||||
| 1,850,525 | ||||||||
| Information Technology (3.2%): | ||||||||
| Accenture PLC, Class A | 89 | 22,900 | ||||||
| Adobe, Inc. (a) | 51 | 14,035 | ||||||
| Advanced Micro Devices, Inc. (a) | 159 | 10,074 | ||||||
| Akamai Technologies, Inc. (a) | 324 | 26,024 | ||||||
| Amphenol Corp., Class A | 392 | 26,248 | ||||||
| Analog Devices, Inc. | 153 | 21,319 | ||||||
| ANSYS, Inc. (a) | 81 | 17,958 | ||||||
| Apple, Inc. | 161 | 22,250 | ||||||
| Applied Materials, Inc. | 177 | 14,502 | ||||||
| Arista Networks, Inc. (a) | 161 | 18,175 | ||||||
| Autodesk, Inc. (a) | 88 | 16,438 | ||||||
| Automatic Data Processing, Inc. | 121 | 27,369 | ||||||
| Bentley Systems, Inc., Class B (b) | 443 | 13,551 | ||||||
| Broadcom, Inc. | 46 | 20,424 | ||||||
| Broadridge Financial Solutions, Inc. | 171 | 24,679 | ||||||
| Cadence Design Systems, Inc. (a) | 115 | 18,794 | ||||||
| CDW Corp. | 155 | 24,192 | ||||||
| Cisco Systems, Inc. | 620 | 24,800 | ||||||
| Cognizant Technology Solutions Corp., Class A | 424 | 24,355 | ||||||
| Corning, Inc. | 764 | 22,171 | ||||||
| Datadog, Inc., Class A (a) | 102 | 9,056 | ||||||
| Dell Technologies, Inc., Class C | 517 | 17,666 | ||||||
| Dynatrace, Inc. (a) | 367 | 12,775 | ||||||
| Enphase Energy, Inc. (a) | 38 | 10,544 | ||||||
| Entegris, Inc. | 164 | 13,615 | ||||||
| EPAM Systems, Inc. (a) | 21 | 7,606 | ||||||
| F5, Inc. (a) | 146 | 21,131 | ||||||
| Fair Isaac Corp. (a) | 46 | 18,953 | ||||||
| Fidelity National Information Services, Inc. | 257 | 19,422 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| Victory US 500 Enhanced Volatility Wtd Index Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| First Solar, Inc. (a) | 121 | $ | 16,005 | |||||
| Fiserv, Inc. (a) | 270 | 25,264 | ||||||
| FleetCor Technologies, Inc. (a) | 120 | 21,140 | ||||||
| Fortinet, Inc. (a) | 304 | 14,936 | ||||||
| Gartner, Inc. (a) | 77 | 21,305 | ||||||
| Global Payments, Inc. | 177 | 19,125 | ||||||
| GoDaddy, Inc., Class A (a) | 276 | 19,563 | ||||||
| Hewlett Packard Enterprise Co. | 1,747 | 20,929 | ||||||
| HP, Inc. | 672 | 16,746 | ||||||
| Intel Corp. | 734 | 18,915 | ||||||
| International Business Machines Corp. | 276 | 32,792 | ||||||
| Intuit, Inc. | 41 | 15,880 | ||||||
| Jack Henry & Associates, Inc. | 178 | 32,444 | ||||||
| Juniper Networks, Inc. | 977 | 25,519 | ||||||
| Keysight Technologies, Inc. (a) | 151 | 23,761 | ||||||
| KLA Corp. | 49 | 14,829 | ||||||
| Lam Research Corp. | 37 | 13,542 | ||||||
| Mastercard, Inc., Class A | 78 | 22,179 | ||||||
| Microchip Technology, Inc. | 280 | 17,088 | ||||||
| Micron Technology, Inc. | 296 | 14,830 | ||||||
| Microsoft Corp. | 96 | 22,358 | ||||||
| Monolithic Power Systems, Inc. | 31 | 11,265 | ||||||
| Motorola Solutions, Inc. | 114 | 25,533 | ||||||
| NetApp, Inc. | 346 | 21,400 | ||||||
| NortonLifeLock, Inc. | 1,030 | 20,744 | ||||||
| NVIDIA Corp. | 87 | 10,561 | ||||||
| NXP Semiconductors NV | 113 | 16,669 | ||||||
| ON Semiconductor Corp. (a) | 196 | 12,217 | ||||||
| Oracle Corp. | 359 | 21,924 | ||||||
| Paychex, Inc. | 238 | 26,706 | ||||||
| Paycom Software, Inc. (a) | 44 | 14,520 | ||||||
| Paylocity Holding Corp. (a) | 60 | 14,495 | ||||||
| PayPal Holdings, Inc. (a) | 145 | 12,480 | ||||||
| PTC, Inc. (a) | 173 | 18,096 | ||||||
| Qorvo, Inc. (a) | 204 | 16,200 | ||||||
| QUALCOMM, Inc. | 135 | 15,252 | ||||||
| Roper Technologies, Inc. | 81 | 29,131 | ||||||
| Salesforce, Inc. (a) | 114 | 16,398 | ||||||
| Seagate Technology Holdings PLC | 306 | 16,288 | ||||||
| ServiceNow, Inc. (a) | 34 | 12,839 | ||||||
| Skyworks Solutions, Inc. | 201 | 17,139 | ||||||
| SS&C Technologies Holdings, Inc. | 525 | 25,069 | ||||||
| Synopsys, Inc. (a) | 56 | 17,109 | ||||||
| TD SYNNEX Corp. | 260 | 21,109 | ||||||
| TE Connectivity Ltd. | 206 | 22,734 | ||||||
| Teledyne Technologies, Inc. (a) | 79 | 26,660 | ||||||
| Teradyne, Inc. | 182 | 13,677 | ||||||
| Texas Instruments, Inc. | 162 | 25,074 | ||||||
| Trimble, Inc. (a) | 345 | 18,723 | ||||||
| Tyler Technologies, Inc. (a) | 54 | 18,765 | ||||||
| VeriSign, Inc. (a) | 135 | 23,450 | ||||||
| Visa, Inc., Class A | 133 | 23,627 | ||||||
| Western Digital Corp. (a) | 435 | 14,159 | ||||||
| Zebra Technologies Corp. (a) | 66 | 17,293 | ||||||
| Zoom Video Communications, Inc., Class A (a) | 155 | 11,406 | ||||||
| 1,598,888 | ||||||||
| Materials (1.2%): | ||||||||
| Air Products and Chemicals, Inc. | 123 | 28,626 | ||||||
| Albemarle Corp. | 56 | 14,809 | ||||||
| Avery Dennison Corp. | 144 | 23,429 | ||||||
| Ball Corp. | 367 | 17,733 | ||||||
| Celanese Corp. | 215 | 19,423 | ||||||
| CF Industries Holdings, Inc. | 165 | 15,881 | ||||||
| Corteva, Inc. | 499 | 28,518 | ||||||
| Dow, Inc. | 588 | 25,831 | ||||||
| DuPont de Nemours, Inc. | 469 | 23,638 | ||||||
| Eastman Chemical Co. | 297 | 21,102 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| Victory US 500 Enhanced Volatility Wtd Index Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Ecolab, Inc. | 162 | $ | 23,396 | |||||
| FMC Corp. | 266 | 28,116 | ||||||
| Freeport-McMoRan, Inc. | 550 | 15,031 | ||||||
| International Flavors & Fragrances, Inc. | 239 | 21,708 | ||||||
| International Paper Co. | 806 | 25,550 | ||||||
| LyondellBasell Industries NV, Class A | 298 | 22,433 | ||||||
| Martin Marietta Materials, Inc. | 77 | 24,801 | ||||||
| Newmont Corp. | 532 | 22,360 | ||||||
| Nucor Corp. | 132 | 14,123 | ||||||
| Packaging Corp. of America | 224 | 25,153 | ||||||
| PPG Industries, Inc. | 194 | 21,474 | ||||||
| Reliance Steel & Aluminum Co. | 134 | 23,371 | ||||||
| RPM International, Inc. | 324 | 26,992 | ||||||
| Steel Dynamics, Inc. | 231 | 16,389 | ||||||
| The Mosaic Co. | 284 | 13,726 | ||||||
| The Sherwin-Williams Co. | 104 | 21,294 | ||||||
| Vulcan Materials Co. | 166 | 26,180 | ||||||
| Westlake Corp. | 236 | 20,504 | ||||||
| Westrock Co. | 600 | 18,534 | ||||||
| 630,125 | ||||||||
| Real Estate (0.0%):(c) | ||||||||
| CBRE Group, Inc., Class A (a) | 325 | 21,941 | ||||||
| Utilities (1.9%): | ||||||||
| Alliant Energy Corp. | 667 | 35,344 | ||||||
| Ameren Corp. | 489 | 39,389 | ||||||
| American Electric Power Co., Inc. | 422 | 36,482 | ||||||
| American Water Works Co., Inc. | 225 | 29,286 | ||||||
| Atmos Energy Corp. | 371 | 37,786 | ||||||
| CenterPoint Energy, Inc. | 1,264 | 35,620 | ||||||
| CMS Energy Corp. | 607 | 35,352 | ||||||
| Consolidated Edison, Inc. | 440 | 37,734 | ||||||
| Constellation Energy Corp. | 196 | 16,305 | ||||||
| Dominion Energy, Inc. | 558 | 38,563 | ||||||
| DTE Energy Co. | 339 | 39,002 | ||||||
| Duke Energy Corp. | 423 | 39,347 | ||||||
| Edison International | 525 | 29,705 | ||||||
| Entergy Corp. | 328 | 33,007 | ||||||
| Essential Utilities, Inc. | 700 | 28,966 | ||||||
| Evergy, Inc. | 633 | 37,600 | ||||||
| Eversource Energy | 449 | 35,004 | ||||||
| Exelon Corp. | 829 | 31,054 | ||||||
| FirstEnergy Corp. | 1,028 | 38,036 | ||||||
| NextEra Energy, Inc. | 326 | 25,562 | ||||||
| NiSource, Inc. | 1,353 | 34,082 | ||||||
| NRG Energy, Inc. | 641 | 24,531 | ||||||
| PG&E Corp. (a) | 1,927 | 24,088 | ||||||
| PPL Corp. | 1,337 | 33,893 | ||||||
| Sempra Energy | 244 | 36,585 | ||||||
| The Southern Co. | 545 | 37,060 | ||||||
| WEC Energy Group, Inc. | 404 | 36,130 | ||||||
| Xcel Energy, Inc. | 570 | 36,480 | ||||||
| 941,993 | ||||||||
| Total Common Stocks (Cost $8,315,322) | 11,727,847 | |||||||
| Investment Companies (76.8%) | ||||||||
| BlackRock Liquidity Funds T-Fund, Institutional Shares, 2.79% (d) | 38,948,271 | 38,948,271 | ||||||
| Total Investment Companies (Cost $38,948,271) | 38,948,271 | |||||||
| Collateral for Securities Loaned (0.2%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (d) | 2,379 | 2,379 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (d) | 1,601 | 1,601 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (d) | 1,187 | 1,187 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (d) | 54,054 | 54,054 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| Victory US 500 Enhanced Volatility Wtd Index Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (d) | 2,370 | $ | 2,370 | |||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (d) | 6,437 | 6,437 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (d) | 42,564 | 42,564 | ||||||
| Total Collateral for Securities Loaned (Cost $110,592) | 110,592 | |||||||
| Total Investments (Cost $47,374,185) — 100.1% | 50,786,710 | |||||||
| Liabilities in excess of other assets — (0.1)% | (44,125 | ) | ||||||
| NET ASSETS - 100.00% | $ | 50,742,585 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Amount represents less than 0.05% of net assets. |
| (d) | Rate disclosed is the daily yield on September 30, 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 | 2 | 12/16/22 | $ | 387,258 | $ | 360,150 | $ | (27,108 | ) | |||||||
| Total unrealized appreciation | $ | – | ||||||||||||||
| Total unrealized depreciation | (27,108 | ) | ||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | (27,108 | ) | |||||||||||||
| Victory Portfolios II | Schedule of Portfolio Investments |
| Victory Market Neutral Income Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (87.5%) | ||||||||
| Australia (1.3%): | ||||||||
| Energy (0.2%): | ||||||||
| Woodside Energy Group Ltd. | 356,478 | $ | 7,281,686 | |||||
| Financials (0.6%): | ||||||||
| Australia & New Zealand Banking Group Ltd. | 946,686 | 13,855,115 | ||||||
| Westpac Banking Corp. | 969,741 | 12,826,677 | ||||||
| 26,681,792 | ||||||||
| Materials (0.5%): | ||||||||
| BHP Group Ltd. | 344,636 | 8,565,007 | ||||||
| Newcrest Mining Ltd. | 754,457 | 8,281,394 | ||||||
| Rio Tinto Ltd. | 149,537 | 9,043,738 | ||||||
| 25,890,139 | ||||||||
| 59,853,617 | ||||||||
| Austria (0.3%): | ||||||||
| Energy (0.2%): | ||||||||
| OMV AG | 177,675 | 6,429,649 | ||||||
| Financials (0.1%): | ||||||||
| Erste Group Bank AG | 273,314 | 5,990,733 | ||||||
| 12,420,382 | ||||||||
| Belgium (0.2%): | ||||||||
| Financials (0.2%): | ||||||||
| KBC Group NV | 169,633 | 8,048,548 | ||||||
| Brazil (1.7%): | ||||||||
| Consumer Staples (0.4%): | ||||||||
| Atacadao SA | 2,857,800 | 10,241,435 | ||||||
| JBS SA | 2,192,500 | 10,210,719 | ||||||
| 20,452,154 | ||||||||
| Energy (0.2%): | ||||||||
| Petroleo Brasileiro SA, Preference Shares | 1,441,800 | 7,965,598 | ||||||
| Financials (0.5%): | ||||||||
| Banco do Brasil SA | 1,713,300 | 12,235,362 | ||||||
| BB Seguridade Participacoes SA | 2,173,500 | 10,706,519 | ||||||
| 22,941,881 | ||||||||
| Materials (0.4%): | ||||||||
| Cia Siderurgica Nacional SA | 2,050,500 | 4,835,529 | ||||||
| CSN Mineracao SA | 5,816,686 | 3,569,445 | ||||||
| Vale SA | 709,500 | 9,475,960 | ||||||
| 17,880,934 | ||||||||
| Utilities (0.2%): | ||||||||
| CPFL Energia SA | 1,407,900 | 8,811,937 | ||||||
| 78,052,504 | ||||||||
| Canada (3.3%): | ||||||||
| Communication Services (1.0%): | ||||||||
| BCE, Inc. (a) | 575,885 | 24,149,478 | ||||||
| TELUS Corp. (a) | 1,102,841 | 21,901,918 | ||||||
| 46,051,396 | ||||||||
| Energy (0.9%): | ||||||||
| Enbridge, Inc. | 445,669 | 16,527,054 | ||||||
| Pembina Pipeline Corp. (a) | 465,507 | 14,141,814 | ||||||
| TC Energy Corp. | 319,153 | 12,856,699 | ||||||
| 43,525,567 | ||||||||
| Financials (1.0%): | ||||||||
| Great-West Lifeco, Inc. | 802,064 | 17,316,499 | ||||||
| Manulife Financial Corp. | 722,338 | 11,338,175 | ||||||
| Power Corp. of Canada (a) | 732,158 | 16,501,650 | ||||||
| 45,156,324 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| Victory Market Neutral Income Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Utilities (0.4%): | ||||||||
| Emera, Inc. | 523,670 | $ | 21,190,208 | |||||
| 155,923,495 | ||||||||
| Chile (0.4%): | ||||||||
| Energy (0.2%): | ||||||||
| Empresas COPEC SA | 1,098,439 | 7,041,663 | ||||||
| Industrials (0.1%): | ||||||||
| Cia Sud Americana de Vapores SA | 86,337,633 | 5,951,315 | ||||||
| Materials (0.1%): | ||||||||
| Empresas CMPC SA | 4,377,227 | 6,665,164 | ||||||
| 19,658,142 | ||||||||
| China (4.2%): | ||||||||
| Energy (0.4%): | ||||||||
| China Petroleum & Chemical Corp., Class H | 26,976,000 | 11,519,848 | ||||||
| China Shenhua Energy Co. Ltd., Class H | 3,002,000 | 8,933,210 | ||||||
| 20,453,058 | ||||||||
| Financials (3.1%): | ||||||||
| Agricultural Bank of China Ltd., Class H | 65,733,000 | 19,674,207 | ||||||
| Bank of China Ltd., Class H | 58,438,000 | 19,086,186 | ||||||
| Bank of Communications Co. Ltd., Class H | 29,066,000 | 15,323,397 | ||||||
| China CITIC Bank Corp. Ltd., Class H | 43,949,000 | 17,441,497 | ||||||
| China Everbright Bank Co. Ltd., Class H | 41,298,000 | 11,339,558 | ||||||
| China Merchants Securities Co. Ltd., Class H (b) | 8,423,800 | 7,253,260 | ||||||
| China Minsheng Banking Corp. Ltd., Class H | 40,632,000 | 11,619,048 | ||||||
| Industrial & Commercial Bank of China Ltd., Class H | 40,313,000 | 18,911,679 | ||||||
| New China Life Insurance Co. Ltd., Class H | 5,009,200 | 9,540,166 | ||||||
| The People's Insurance Co. Group of China Ltd., Class H | 47,450,000 | 13,747,642 | ||||||
| 143,936,640 | ||||||||
| Health Care (0.1%): | ||||||||
| Sinopharm Group Co. Ltd., Class H | 2,630,800 | 5,250,681 | ||||||
| Industrials (0.2%): | ||||||||
| COSCO SHIPPING Holdings Co. Ltd., Class H | 3,915,500 | 4,554,527 | ||||||
| Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 14,647,400 | 5,067,829 | ||||||
| 9,622,356 | ||||||||
| Information Technology (0.2%): | ||||||||
| China Railway Signal & Communication Corp. Ltd., Class H (b) | 36,187,000 | 9,950,781 | ||||||
| Materials (0.1%): | ||||||||
| China Hongqiao Group Ltd. | 6,583,000 | 5,389,103 | ||||||
| Real Estate (0.1%): | ||||||||
| China Vanke Co. Ltd., Class H | 1,851,500 | 3,350,882 | ||||||
| 197,953,501 | ||||||||
| Colombia (0.1%): | ||||||||
| Utilities (0.1%): | ||||||||
| Interconexion Electrica SA ESP | 1,858,670 | 6,660,988 | ||||||
| Finland (0.6%): | ||||||||
| Financials (0.2%): | ||||||||
| Nordea Bank Abp | 1,159,539 | 9,928,745 | ||||||
| Industrials (0.2%): | ||||||||
| Kone Oyj, Class B | 258,580 | 9,961,202 | ||||||
| Materials (0.2%): | ||||||||
| UPM-Kymmene Oyj | 275,994 | 8,757,196 | ||||||
| 28,647,143 | ||||||||
| France (2.3%): | ||||||||
| Communication Services (0.4%): | ||||||||
| Orange SA | 2,056,930 | 18,601,178 | ||||||
| Consumer Discretionary (0.2%): | ||||||||
| Cie Generale des Etablissements Michelin SCA | 391,645 | 8,773,756 | ||||||
| Energy (0.2%): | ||||||||
| TotalEnergies SE (a) | 219,441 | 10,293,431 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| Victory Market Neutral Income Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Financials (0.8%): | ||||||||
| Amundi SA (b) | 182,925 | $ | 7,614,182 | |||||
| AXA SA | 472,744 | 10,319,824 | ||||||
| BNP Paribas SA | 176,092 | 7,436,874 | ||||||
| Credit Agricole SA | 934,851 | 7,588,005 | ||||||
| Societe Generale SA | 299,153 | 5,915,188 | ||||||
| 38,874,073 | ||||||||
| Industrials (0.3%): | ||||||||
| Bouygues SA | 542,018 | 14,176,247 | ||||||
| Utilities (0.4%): | ||||||||
| Engie SA | 779,820 | 8,974,289 | ||||||
| Veolia Environnement SA | 354,313 | 6,770,674 | ||||||
| 15,744,963 | ||||||||
| 106,463,648 | ||||||||
| Germany (1.6%): | ||||||||
| Consumer Discretionary (0.3%): | ||||||||
| Bayerische Motoren Werke AG | 119,179 | 8,076,444 | ||||||
| Mercedes-Benz Group AG | 141,928 | 7,175,794 | ||||||
| 15,252,238 | ||||||||
| Financials (0.2%): | ||||||||
| Allianz SE, Registered Shares | 68,968 | 10,863,193 | ||||||
| Industrials (0.2%): | ||||||||
| Deutsche Post AG, Registered Shares | 245,011 | 7,383,434 | ||||||
| Materials (0.5%): | ||||||||
| BASF SE | 199,303 | 7,647,778 | ||||||
| Evonik Industries AG (a) | 526,742 | 8,820,354 | ||||||
| HeidelbergCement AG | 201,071 | 7,941,944 | ||||||
| 24,410,076 | ||||||||
| Real Estate (0.2%): | ||||||||
| Vonovia SE | 325,536 | 7,024,587 | ||||||
| Utilities (0.2%): | ||||||||
| E.ON SE | 1,231,509 | 9,459,978 | ||||||
| 74,393,506 | ||||||||
| Hong Kong (1.3%): | ||||||||
| Industrials (0.3%): | ||||||||
| CK Hutchison Holdings Ltd. | 2,327,000 | 12,813,449 | ||||||
| SITC International Holdings Co. Ltd. | 1,266,000 | 2,321,835 | ||||||
| 15,135,284 | ||||||||
| Real Estate (0.3%): | ||||||||
| CK Asset Holdings Ltd. | 871,500 | 5,232,119 | ||||||
| Henderson Land Development Co. Ltd. | 4,091,000 | 11,456,034 | ||||||
| 16,688,153 | ||||||||
| Utilities (0.7%): | ||||||||
| China Gas Holdings Ltd. | 3,174,600 | 3,797,120 | ||||||
| CK Infrastructure Holdings Ltd. | 1,752,500 | 8,938,607 | ||||||
| CLP Holdings Ltd. | 1,098,000 | 8,298,660 | ||||||
| Power Assets Holdings Ltd. | 2,093,000 | 10,492,071 | ||||||
| 31,526,458 | ||||||||
| 63,349,895 | ||||||||
| India (2.1%): | ||||||||
| Communication Services (0.1%): | ||||||||
| Indus Towers Ltd. | 2,557,285 | 6,173,403 | ||||||
| Consumer Discretionary (0.3%): | ||||||||
| Bajaj Auto Ltd. | 313,034 | 13,507,396 | ||||||
| Consumer Staples (0.4%): | ||||||||
| ITC Ltd. | 4,225,706 | 17,175,326 | ||||||
| Energy (0.3%): | ||||||||
| Bharat Petroleum Corp. Ltd. | 2,769,332 | 10,311,703 | ||||||
| Hindustan Petroleum Corp. Ltd. | 2,544,176 | 6,721,934 | ||||||
| 17,033,637 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| Victory Market Neutral Income Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Materials (0.5%): | ||||||||
| Ambuja Cements Ltd. | 2,519,050 | $ | 15,886,856 | |||||
| Vedanta Ltd. | 1,957,538 | 6,424,275 | ||||||
| 22,311,131 | ||||||||
| Utilities (0.5%): | ||||||||
| NTPC Ltd. | 6,670,196 | 13,028,120 | ||||||
| Power Grid Corp. of India Ltd. | 3,987,214 | 10,353,484 | ||||||
| 23,381,604 | ||||||||
| 99,582,497 | ||||||||
| Indonesia (0.7%): | ||||||||
| Consumer Staples (0.4%): | ||||||||
| PT Gudang Garam Tbk | 4,832,000 | 7,273,615 | ||||||
| PT Indofood Sukses Makmur Tbk | 32,109,200 | 12,689,112 | ||||||
| 19,962,727 | ||||||||
| Energy (0.3%): | ||||||||
| PT Adaro Energy Indonesia Tbk | 42,327,800 | 10,917,363 | ||||||
| 30,880,090 | ||||||||
| Ireland (0.3%): | ||||||||
| Health Care (0.3%): | ||||||||
| Medtronic PLC | 155,100 | 12,524,325 | ||||||
| Italy (1.4%): | ||||||||
| Energy (0.2%): | ||||||||
| Eni SpA | 833,235 | 8,854,869 | ||||||
| Financials (0.7%): | ||||||||
| Assicurazioni Generali SpA | 803,942 | 10,975,633 | ||||||
| Intesa Sanpaolo SpA (a) | 4,404,566 | 7,279,721 | ||||||
| Poste Italiane SpA (b) | 1,166,019 | 8,807,954 | ||||||
| UniCredit SpA | 598,592 | 6,059,283 | ||||||
| 33,122,591 | ||||||||
| Utilities (0.5%): | ||||||||
| Enel SpA | 2,294,728 | 9,409,778 | ||||||
| Snam SpA | 3,219,804 | 13,012,271 | ||||||
| Terna - Rete Elettrica Nazionale | 499,023 | 3,038,856 | ||||||
| 25,460,905 | ||||||||
| 67,438,365 | ||||||||
| Japan (2.1%): | ||||||||
| Communication Services (0.4%): | ||||||||
| Softbank Corp. (a) | 1,773,400 | 17,711,494 | ||||||
| Consumer Discretionary (0.1%): | ||||||||
| Aisin Corp. | 210,500 | 5,418,962 | ||||||
| Consumer Staples (0.4%): | ||||||||
| Japan Tobacco, Inc. | 1,005,600 | 16,527,065 | ||||||
| Energy (0.2%): | ||||||||
| ENEOS Holdings, Inc. | 3,379,600 | 10,901,235 | ||||||
| Health Care (0.3%): | ||||||||
| Takeda Pharmaceutical Co. Ltd. | 620,000 | 16,102,264 | ||||||
| Industrials (0.5%): | ||||||||
| Marubeni Corp. | 953,600 | 8,321,780 | ||||||
| Nippon Yusen KK | 261,000 | 4,430,791 | ||||||
| Sumitomo Corp. | 847,000 | 10,465,607 | ||||||
| 23,218,178 | ||||||||
| Materials (0.2%): | ||||||||
| Nippon Steel Corp. | 590,600 | 8,197,637 | ||||||
| 98,076,835 | ||||||||
| Korea, Republic Of (0.8%): | ||||||||
| Financials (0.4%): | ||||||||
| KB Financial Group, Inc. | 284,276 | 8,585,320 | ||||||
| Shinhan Financial Group Co. Ltd. | 482,788 | 11,215,538 | ||||||
| 19,800,858 | ||||||||
| Industrials (0.2%): | ||||||||
| Samsung C&T Corp. | 117,193 | 8,398,392 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| Victory Market Neutral Income Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Materials (0.2%): | ||||||||
| POSCO Holdings, Inc. | 55,747 | $ | 8,132,256 | |||||
| 36,331,506 | ||||||||
| Malaysia (2.2%): | ||||||||
| Consumer Staples (0.1%): | ||||||||
| Kuala Lumpur Kepong Bhd | 1,363,900 | 6,078,093 | ||||||
| Financials (1.2%): | ||||||||
| Malayan Banking Bhd | 12,327,200 | 22,776,668 | ||||||
| Public Bank Bhd | 18,263,900 | 16,629,434 | ||||||
| RHB Bank Bhd | 13,510,600 | 16,149,613 | ||||||
| 55,555,715 | ||||||||
| Industrials (0.5%): | ||||||||
| MISC Bhd | 8,662,600 | 12,604,514 | ||||||
| Sime Darby Bhd | 24,670,100 | 11,350,563 | ||||||
| 23,955,077 | ||||||||
| Utilities (0.4%): | ||||||||
| Tenaga Nasional Bhd | 10,567,200 | 18,328,224 | ||||||
| 103,917,109 | ||||||||
| Mexico (1.3%): | ||||||||
| Consumer Staples (0.7%): | ||||||||
| Arca Continental SAB de CV | 2,745,440 | 19,773,516 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Class A | 9,817,607 | 13,120,893 | ||||||
| 32,894,409 | ||||||||
| Financials (0.2%): | ||||||||
| Grupo Financiero Banorte SAB de CV, Class O | 1,564,644 | 10,049,057 | ||||||
| Materials (0.4%): | ||||||||
| Grupo Mexico SAB de CV, Class B | 2,096,663 | 7,093,283 | ||||||
| Orbia Advance Corp. SAB de CV | 6,567,993 | 11,018,853 | ||||||
| 18,112,136 | ||||||||
| 61,055,602 | ||||||||
| Netherlands (1.2%): | ||||||||
| Communication Services (0.3%): | ||||||||
| Koninklijke KPN NV | 5,900,651 | 15,966,914 | ||||||
| Consumer Staples (0.0%):(c) | ||||||||
| X5 Retail Group NV, GDR (d)(e)(f)(g) | 201,753 | 15,821 | ||||||
| Financials (0.2%): | ||||||||
| NN Group NV | 265,422 | 10,321,752 | ||||||
| Health Care (0.2%): | ||||||||
| Koninklijke Philips NV | 460,131 | 7,083,340 | ||||||
| Materials (0.2%): | ||||||||
| LyondellBasell Industries NV, Class A | 118,343 | 8,908,861 | ||||||
| Real Estate (0.3%): | ||||||||
| NEPI Rockcastle NV | 2,785,557 | 12,410,047 | ||||||
| 54,706,735 | ||||||||
| Norway (0.6%): | ||||||||
| Communication Services (0.3%): | ||||||||
| Telenor ASA (a) | 1,430,530 | 13,099,360 | ||||||
| Energy (0.2%): | ||||||||
| Aker BP ASA (a) | 329,653 | 9,467,580 | ||||||
| Materials (0.1%): | ||||||||
| Yara International ASA | 204,926 | 7,195,743 | ||||||
| 29,762,683 | ||||||||
| Philippines (0.3%): | ||||||||
| Communication Services (0.3%): | ||||||||
| Globe Telecom, Inc. | 165,455 | 5,714,987 | ||||||
| PLDT, Inc. | 309,345 | 7,946,397 | ||||||
| 13,661,384 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| Victory Market Neutral Income Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Poland (0.5%): | ||||||||
| Communication Services (0.1%): | ||||||||
| Cyfrowy Polsat SA | 1,980,055 | $ | 6,372,862 | |||||
| Consumer Discretionary (0.1%): | ||||||||
| LPP SA | 2,681 | 4,185,784 | ||||||
| Energy (0.1%): | ||||||||
| Polski Koncern Naftowy ORLEN SA | 668,252 | 7,179,558 | ||||||
| Financials (0.2%): | ||||||||
| Powszechny Zaklad Ubezpieczen SA | 1,767,779 | 8,208,627 | ||||||
| 25,946,831 | ||||||||
| Russian Federation (0.0%):(c) | ||||||||
| Communication Services (0.0%): | ||||||||
| Mobile TeleSystems PJSC (d)(e) | 2,330,210 | 92,111 | ||||||
| Rostelecom PJSC (d)(e)(f)(g) | 6,752,730 | 80,647 | ||||||
| 172,758 | ||||||||
| Consumer Staples (0.0%): | ||||||||
| Magnit PJSC (d)(e) | 93,217 | 1,401 | ||||||
| Energy (0.0%): | ||||||||
| Tatneft PJSC (d)(e) | 827,565 | 52,567 | ||||||
| Financials (0.0%): | ||||||||
| Moscow Exchange MICEX-RTS PJSC (d)(e)(h) | 2,604,790 | 43,707 | ||||||
| Materials (0.0%): | ||||||||
| Magnitogorsk Iron & Steel Works PJSC (d)(e) | 4,673,660 | 38,010 | ||||||
| MMC Norilsk Nickel PJSC (d)(e) | 14,877 | 50,397 | ||||||
| Novolipetsk Steel PJSC (d)(e) | 1,477,080 | 46,586 | ||||||
| Polyus PJSC (d)(e) | 34,403 | 64,373 | ||||||
| Severstal PAO (d)(e)(f)(g) | 223,944 | 53,114 | ||||||
| 252,480 | ||||||||
| Utilities (0.0%): | ||||||||
| Inter RAO UES PJSC (d)(e) | 128,274,200 | 61,494 | ||||||
| RusHydro PJSC (d)(e)(f)(g) | 694,437,000 | 81,767 | ||||||
| 143,261 | ||||||||
| 666,174 | ||||||||
| South Africa (1.4%): | ||||||||
| Communication Services (0.6%): | ||||||||
| MultiChoice Group | 2,125,225 | 13,534,358 | ||||||
| Vodacom Group Ltd. (a) | 2,274,835 | 15,292,180 | ||||||
| 28,826,538 | ||||||||
| Energy (0.2%): | ||||||||
| Exxaro Resources Ltd. (a) | 713,279 | 7,925,508 | ||||||
| Financials (0.2%): | ||||||||
| Sanlam Ltd. | 3,359,285 | 9,506,442 | ||||||
| Materials (0.4%): | ||||||||
| African Rainbow Minerals Ltd. | 515,819 | 6,939,887 | ||||||
| Anglo American Platinum Ltd. | 81,030 | 5,749,775 | ||||||
| Kumba Iron Ore Ltd. | 166,420 | 3,531,981 | ||||||
| Sibanye Stillwater Ltd. | 2,514,472 | 5,774,805 | ||||||
| 21,996,448 | ||||||||
| 68,254,936 | ||||||||
| Spain (1.0%): | ||||||||
| Communication Services (0.2%): | ||||||||
| Telefonica SA | 3,340,401 | 11,041,427 | ||||||
| Financials (0.2%): | ||||||||
| Banco Bilbao Vizcaya Argentaria SA | 1,833,108 | 8,221,799 | ||||||
| Utilities (0.6%): | ||||||||
| Endesa SA | 703,925 | 10,571,049 | ||||||
| Naturgy Energy Group SA | 225,170 | 5,208,206 | ||||||
| Red Electrica Corp. SA | 767,369 | 11,773,959 | ||||||
| 27,553,214 | ||||||||
| 46,816,440 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| Victory Market Neutral Income Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Sweden (1.0%): | ||||||||
| Communication Services (0.3%): | ||||||||
| Telia Co. AB | 4,701,521 | $ | 13,547,791 | |||||
| Financials (0.7%): | ||||||||
| Skandinaviska Enskilda Banken AB, Class A | 968,299 | 9,233,405 | ||||||
| Svenska Handelsbanken AB, Class A | 1,437,398 | 11,805,712 | ||||||
| Swedbank AB, Class A | 850,646 | 11,171,162 | ||||||
| 32,210,279 | ||||||||
| 45,758,070 | ||||||||
| Switzerland (1.0%): | ||||||||
| Communication Services (0.4%): | ||||||||
| Swisscom AG, Registered Shares | 38,764 | 18,154,578 | ||||||
| Consumer Discretionary (0.2%): | ||||||||
| Garmin Ltd. | 96,500 | 7,749,915 | ||||||
| Financials (0.2%): | ||||||||
| Swiss Re AG | 154,766 | 11,416,925 | ||||||
| Materials (0.2%): | ||||||||
| Holcim AG | 266,986 | 10,943,452 | ||||||
| 48,264,870 | ||||||||
| Taiwan (4.4%): | ||||||||
| Communication Services (0.4%): | ||||||||
| Far EasTone Telecommunications Co. Ltd. | 7,941,000 | 18,069,623 | ||||||
| Financials (0.3%): | ||||||||
| Yuanta Financial Holding Co. Ltd. | 20,717,640 | 12,706,208 | ||||||
| Industrials (0.6%): | ||||||||
| Evergreen Marine Corp. Ltd. | 763,000 | 3,479,061 | ||||||
| Far Eastern New Century Corp. | 14,957,000 | 15,186,738 | ||||||
| Wan Hai Lines Ltd. | 1,972,000 | 4,113,927 | ||||||
| Yang Ming Marine Transport Corp. | 2,453,000 | 4,713,027 | ||||||
| 27,492,753 | ||||||||
| Information Technology (2.6%): | ||||||||
| ASE Technology Holding Co. Ltd. | 3,976,000 | 9,885,346 | ||||||
| Asustek Computer, Inc. | 1,709,000 | 12,532,724 | ||||||
| Catcher Technology Co. Ltd. | 1,387,000 | 7,511,244 | ||||||
| Compal Electronics, Inc. | 25,096,000 | 17,113,654 | ||||||
| Lite-On Technology Corp. | 3,994,000 | 8,011,150 | ||||||
| MediaTek, Inc. | 363,000 | 6,264,472 | ||||||
| Novatek Microelectronics Corp. | 782,000 | 5,352,442 | ||||||
| Pegatron Corp. | 8,003,000 | 14,689,696 | ||||||
| Quanta Computer, Inc. | 6,143,000 | 14,871,168 | ||||||
| Synnex Technology International Corp. | 7,581,000 | 12,559,114 | ||||||
| United Microelectronics Corp. | 6,784,000 | 7,592,437 | ||||||
| WPG Holdings Ltd. | 6,025,000 | 8,799,898 | ||||||
| 125,183,345 | ||||||||
| Materials (0.5%): | ||||||||
| Asia Cement Corp. | 13,711,000 | 16,977,083 | ||||||
| Taiwan Cement Corp. | 5,817,327 | 6,195,928 | ||||||
| 23,173,011 | ||||||||
| 206,624,940 | ||||||||
| Thailand (2.1%): | ||||||||
| Communication Services (0.1%): | ||||||||
| Total Access Communication PCL | 3,003,000 | 3,612,153 | ||||||
| Consumer Staples (0.2%): | ||||||||
| Charoen Pokphand Foods PCL | 14,531,300 | 9,629,263 | ||||||
| Energy (0.6%): | ||||||||
| PTT Exploration & Production PCL | 2,793,500 | 11,914,011 | ||||||
| PTT PCL | 18,478,000 | 16,619,421 | ||||||
| 28,533,432 | ||||||||
| Materials (0.8%): | ||||||||
| PTT Global Chemical PCL | 13,528,600 | 14,807,138 | ||||||
| The Siam Cement PCL | 2,589,600 | 22,344,555 | ||||||
| 37,151,693 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| Victory Market Neutral Income Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Real Estate (0.4%): | ||||||||
| Land & Houses PCL | 81,611,000 | $ | 19,180,766 | |||||
| 98,107,307 | ||||||||
| Turkey (0.3%): | ||||||||
| Industrials (0.1%): | ||||||||
| Enka Insaat ve Sanayi A/S | 6,462,296 | 5,920,139 | ||||||
| Materials (0.2%): | ||||||||
| Eregli Demir ve Celik Fabrikalari TAS | 5,129,760 | 8,020,508 | ||||||
| 13,940,647 | ||||||||
| United Kingdom (2.7%): | ||||||||
| Communication Services (0.4%): | ||||||||
| Vodafone Group PLC | 9,683,352 | 10,835,138 | ||||||
| WPP PLC | 980,795 | 8,094,809 | ||||||
| 18,929,947 | ||||||||
| Consumer Staples (1.0%): | ||||||||
| British American Tobacco PLC | 336,201 | 12,052,593 | ||||||
| Imperial Brands PLC | 633,452 | 13,022,626 | ||||||
| Tesco PLC | 5,367,225 | 12,315,365 | ||||||
| Unilever PLC | 249,133 | 10,944,374 | ||||||
| 48,334,958 | ||||||||
| Financials (0.3%): | ||||||||
| Admiral Group PLC | 123,966 | 2,632,888 | ||||||
| Aviva PLC | 2,231,331 | 9,567,648 | ||||||
| 12,200,536 | ||||||||
| Health Care (0.2%): | ||||||||
| GSK PLC | 772,076 | 11,148,329 | ||||||
| Materials (0.3%): | ||||||||
| Anglo American PLC | 224,195 | 6,730,106 | ||||||
| Evraz PLC (d)(e)(f)(g) | 753,373 | 340,600 | ||||||
| Rio Tinto PLC | 167,684 | 9,070,624 | ||||||
| 16,141,330 | ||||||||
| Utilities (0.5%): | ||||||||
| National Grid PLC | 1,172,815 | 12,070,338 | ||||||
| SSE PLC | 586,695 | 9,904,675 | ||||||
| 21,975,013 | ||||||||
| 128,730,113 | ||||||||
| United States (42.8%): | ||||||||
| Communication Services (1.9%): | ||||||||
| AT&T, Inc. | 677,708 | 10,396,041 | ||||||
| Comcast Corp., Class A | 334,665 | 9,815,724 | ||||||
| John Wiley & Sons, Inc., Class A | 343,870 | 12,915,757 | ||||||
| Lumen Technologies, Inc. (a) | 846,543 | 6,162,833 | ||||||
| Omnicom Group, Inc. | 143,682 | 9,064,897 | ||||||
| Paramount Global, Class B (a) | 263,203 | 5,011,385 | ||||||
| Telephone & Data Systems, Inc. | 938,615 | 13,046,749 | ||||||
| The Interpublic Group of Cos., Inc. | 339,347 | 8,687,283 | ||||||
| Verizon Communications, Inc. | 363,539 | 13,803,576 | ||||||
| 88,904,245 | ||||||||
| Consumer Discretionary (4.9%): | ||||||||
| Advance Auto Parts, Inc. | 55,800 | 8,723,772 | ||||||
| American Eagle Outfitters, Inc. | 502,400 | 4,888,352 | ||||||
| Best Buy Co., Inc. | 106,952 | 6,774,340 | ||||||
| Bloomin' Brands, Inc. (a) | 327,155 | 5,996,751 | ||||||
| Camping World Holdings, Inc., Class A (a) | 349,971 | 8,861,266 | ||||||
| Cracker Barrel Old Country Store, Inc. (a) | 90,378 | 8,367,195 | ||||||
| Dana, Inc. | 473,440 | 5,411,419 | ||||||
| Darden Restaurants, Inc. | 73,680 | 9,307,258 | ||||||
| Ethan Allen Interiors, Inc. (a) | 405,759 | 8,577,745 | ||||||
| Ford Motor Co. | 442,905 | 4,960,536 | ||||||
| Franchise Group, Inc. (a) | 296,275 | 7,199,482 | ||||||
| Guess?, Inc. (a) | 374,789 | 5,498,155 | ||||||
| Hasbro, Inc. | 139,058 | 9,375,290 | ||||||
| Jack in the Box, Inc. | 205,889 | 15,250,198 | ||||||
| KB Home | 251,092 | 6,508,305 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| Victory Market Neutral Income Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Kontoor Brands, Inc. | 275,023 | $ | 9,243,523 | |||||
| La-Z-Boy, Inc. (a) | 531,097 | 11,986,859 | ||||||
| Monro, Inc. | 210,816 | 9,162,063 | ||||||
| Movado Group, Inc. | 194,104 | 5,469,851 | ||||||
| Nordstrom, Inc. (a) | 222,300 | 3,719,079 | ||||||
| Oxford Industries, Inc. (a) | 35,266 | 3,166,181 | ||||||
| Patrick Industries, Inc. | 178,703 | 7,834,340 | ||||||
| Rent-A-Center, Inc. (a) | 235,998 | 4,132,325 | ||||||
| Smith & Wesson Brands, Inc. (a) | 471,176 | 4,886,095 | ||||||
| Standard Motor Products, Inc. | 208,619 | 6,780,117 | ||||||
| Strategic Education, Inc. (a) | 205,933 | 12,646,346 | ||||||
| Sturm Ruger & Co., Inc. | 229,539 | 11,658,286 | ||||||
| The Aaron's Co., Inc. | 255,680 | 2,485,210 | ||||||
| The Buckle, Inc. | 283,869 | 8,987,293 | ||||||
| VF Corp. | 217,986 | 6,519,961 | ||||||
| Wolverine World Wide, Inc. (a) | 486,067 | 7,480,571 | ||||||
| 231,858,164 | ||||||||
| Consumer Staples (4.6%): | ||||||||
| Altria Group, Inc. | 283,550 | 11,449,749 | ||||||
| B&G Foods, Inc. (a) | 933,288 | 15,389,919 | ||||||
| Campbell Soup Co. | 279,432 | 13,166,836 | ||||||
| Conagra Brands, Inc. | 386,792 | 12,621,023 | ||||||
| Energizer Holdings, Inc. (a) | 818,095 | 20,566,908 | ||||||
| Inter Parfums, Inc. | 53,941 | 4,070,388 | ||||||
| Kellogg Co. | 214,549 | 14,945,483 | ||||||
| Kimberly-Clark Corp. | 115,326 | 12,978,788 | ||||||
| Medifast, Inc. | 84,470 | 9,153,169 | ||||||
| Nu Skin Enterprises, Inc., Class A (a) | 361,581 | 12,065,958 | ||||||
| Philip Morris International, Inc. | 138,102 | 11,463,847 | ||||||
| SpartanNash Co. | 426,018 | 12,363,042 | ||||||
| Spectrum Brands Holdings, Inc. | 164,300 | 6,412,629 | ||||||
| The Andersons, Inc. | 48,493 | 1,504,738 | ||||||
| The Clorox Co. | 67,507 | 8,667,224 | ||||||
| The Kraft Heinz Co. | 332,679 | 11,094,845 | ||||||
| Universal Corp. | 216,589 | 9,971,758 | ||||||
| Vector Group Ltd. | 1,257,332 | 11,077,095 | ||||||
| Walgreens Boots Alliance, Inc. | 342,278 | 10,747,529 | ||||||
| Weis Markets, Inc. (a) | 90,106 | 6,419,151 | ||||||
| 216,130,079 | ||||||||
| Energy (2.1%): | ||||||||
| Archrock, Inc. | 1,547,670 | 9,936,042 | ||||||
| Brigham Minerals, Inc. | 306,096 | 7,551,388 | ||||||
| Chevron Corp. | 64,044 | 9,201,202 | ||||||
| Devon Energy Corp. (a) | 86,663 | 5,211,046 | ||||||
| Exxon Mobil Corp. | 97,168 | 8,483,738 | ||||||
| Kinder Morgan, Inc. | 692,488 | 11,523,000 | ||||||
| ONEOK, Inc. | 166,251 | 8,518,701 | ||||||
| Phillips 66 | 95,641 | 7,720,142 | ||||||
| Pioneer Natural Resources Co. | 33,654 | 7,287,101 | ||||||
| The Williams Cos., Inc. | 390,383 | 11,176,665 | ||||||
| Valero Energy Corp. | 86,791 | 9,273,618 | ||||||
| World Fuel Services Corp. | 172,997 | 4,055,050 | ||||||
| 99,937,693 | ||||||||
| Financials (11.1%): | ||||||||
| Ally Financial, Inc. | 235,386 | 6,550,792 | ||||||
| AMERISAFE, Inc. | 59,928 | 2,800,435 | ||||||
| B Riley Financial, Inc. (a) | 151,789 | 6,757,646 | ||||||
| Blackstone, Inc. | 67,542 | 5,653,265 | ||||||
| Bread Financial Holdings, Inc. | 177,727 | 5,589,514 | ||||||
| Brookline Bancorp, Inc. | 284,953 | 3,319,702 | ||||||
| Capitol Federal Financial, Inc. | 1,373,601 | 11,400,888 | ||||||
| Citigroup, Inc. | 200,512 | 8,355,335 | ||||||
| Citizens Financial Group, Inc. | 252,209 | 8,665,901 | ||||||
| City Holding Co. (a) | 44,611 | 3,956,550 | ||||||
| CME Group, Inc. | 66,023 | 11,694,654 | ||||||
| CNA Financial Corp. | 258,603 | 9,542,451 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| Victory Market Neutral Income Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Columbia Banking System, Inc. (a) | 453,625 | $ | 13,105,226 | |||||
| Comerica, Inc. | 113,603 | 8,077,173 | ||||||
| Eagle Bancorp, Inc. | 105,358 | 4,722,146 | ||||||
| Employers Holdings, Inc. | 91,491 | 3,155,525 | ||||||
| Federal Agricultural Mortgage Corp., Class C | 10,612 | 1,052,074 | ||||||
| Fidelity National Financial, Inc. | 299,085 | 10,826,877 | ||||||
| Fifth Third Bancorp | 277,448 | 8,867,238 | ||||||
| First Busey Corp. | 291,812 | 6,414,028 | ||||||
| First Financial Bancorp | 497,454 | 10,486,330 | ||||||
| First Merchants Corp. | 219,125 | 8,475,755 | ||||||
| Franklin Resources, Inc. (a) | 367,713 | 7,913,184 | ||||||
| Fulton Financial Corp. | 1,406,784 | 22,227,187 | ||||||
| GCM Grosvenor, Inc., Class A (a) | 94,364 | 744,532 | ||||||
| Heritage Financial Corp. (a) | 190,563 | 5,044,203 | ||||||
| HomeStreet, Inc. (a) | 126,690 | 3,649,939 | ||||||
| Hope Bancorp, Inc. | 1,126,342 | 14,236,963 | ||||||
| Horace Mann Educators Corp. | 167,868 | 5,924,062 | ||||||
| Huntington Bancshares, Inc. | 736,768 | 9,710,602 | ||||||
| International Bancshares Corp. | 123,075 | 5,230,688 | ||||||
| Jackson Financial, Inc., Class A | 230,028 | 6,383,277 | ||||||
| JPMorgan Chase & Co. | 98,982 | 10,343,619 | ||||||
| Kearny Financial Corp. | 105,207 | 1,117,298 | ||||||
| KeyCorp | 559,266 | 8,959,441 | ||||||
| MetLife, Inc. | 198,126 | 12,042,098 | ||||||
| Morgan Stanley | 121,314 | 9,585,019 | ||||||
| Navient Corp. | 702,464 | 10,319,196 | ||||||
| NBT Bancorp, Inc. | 155,176 | 5,888,929 | ||||||
| Northern Trust Corp. | 107,971 | 9,237,999 | ||||||
| Northwest Bancshares, Inc. (a) | 1,192,894 | 16,115,998 | ||||||
| Park National Corp. (a) | 38,954 | 4,848,994 | ||||||
| Peoples Bancorp, Inc. | 19,958 | 577,385 | ||||||
| Piper Sandler Cos. | 18,536 | 1,941,461 | ||||||
| Premier Financial Corp. | 238,330 | 6,125,081 | ||||||
| Principal Financial Group, Inc. | 138,930 | 10,023,800 | ||||||
| Provident Financial Services, Inc. (a) | 510,426 | 9,953,307 | ||||||
| Prudential Financial, Inc. | 118,327 | 10,150,090 | ||||||
| Regions Financial Corp. | 417,372 | 8,376,656 | ||||||
| RLI Corp. | 52,471 | 5,371,981 | ||||||
| S&T Bancorp, Inc. | 228,952 | 6,710,583 | ||||||
| Safety Insurance Group, Inc. (a) | 125,610 | 10,244,752 | ||||||
| Sandy Spring Bancorp, Inc. (a) | 150,025 | 5,289,882 | ||||||
| Southside Bancshares, Inc. | 144,606 | 5,113,268 | ||||||
| State Street Corp. | 124,887 | 7,594,379 | ||||||
| Stewart Information Services Corp. (a) | 83,767 | 3,655,592 | ||||||
| T. Rowe Price Group, Inc. | 74,231 | 7,794,997 | ||||||
| The Bank of New York Mellon Corp. | 258,202 | 9,945,941 | ||||||
| The Carlyle Group, Inc. | 210,306 | 5,434,307 | ||||||
| The PNC Financial Services Group, Inc. | 73,411 | 10,969,072 | ||||||
| Towne Bank | 199,792 | 5,360,419 | ||||||
| Truist Financial Corp. | 235,752 | 10,264,642 | ||||||
| U.S. Bancorp | 258,810 | 10,435,219 | ||||||
| Washington Federal, Inc. | 310,468 | 9,307,831 | ||||||
| Washington Trust Bancorp, Inc. (a) | 136,336 | 6,336,897 | ||||||
| Webster Financial Corp. | 126,642 | 5,724,218 | ||||||
| WesBanco, Inc. | 343,228 | 11,453,518 | ||||||
| Westamerica Bancorp | 151,751 | 7,935,060 | ||||||
| 521,083,071 | ||||||||
| Health Care (2.7%): | ||||||||
| AbbVie, Inc. | 114,384 | 15,351,477 | ||||||
| Amgen, Inc. | 71,533 | 16,123,538 | ||||||
| Bristol-Myers Squibb Co. | 258,253 | 18,359,206 | ||||||
| Gilead Sciences, Inc. | 250,753 | 15,468,953 | ||||||
| Merck & Co., Inc. | 200,492 | 17,266,371 | ||||||
| National HealthCare Corp. | 132,901 | 8,417,949 | ||||||
| Patterson Cos., Inc. | 769,142 | 18,474,791 | ||||||
| Pfizer, Inc. | 254,932 | 11,155,824 | ||||||
| Phibro Animal Health Corp., Class A | 285,828 | 3,798,654 | ||||||
| 124,416,763 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| Victory Market Neutral Income Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Industrials (4.4%): | ||||||||
| 3M Co. | 102,723 | $ | 11,350,892 | |||||
| ACCO Brands Corp. | 928,962 | 4,551,914 | ||||||
| Boise Cascade Co. | 129,197 | 7,682,054 | ||||||
| Brady Corp., Class A | 215,719 | 9,001,954 | ||||||
| Deluxe Corp. | 385,267 | 6,414,696 | ||||||
| Douglas Dynamics, Inc. (a) | 199,618 | 5,593,296 | ||||||
| Genco Shipping & Trading Ltd. | 360,987 | 4,523,167 | ||||||
| Global Industrial Co. | 150,686 | 4,042,905 | ||||||
| Granite Construction, Inc. (a) | 218,019 | 5,535,502 | ||||||
| H&E Equipment Services, Inc. | 309,909 | 8,782,821 | ||||||
| Healthcare Services Group | 1,092,725 | 13,211,045 | ||||||
| HNI Corp. (a) | 311,477 | 8,257,255 | ||||||
| Kaman Corp. | 248,872 | 6,950,995 | ||||||
| Kennametal, Inc. | 669,930 | 13,787,159 | ||||||
| McGrath RentCorp | 124,845 | 10,469,502 | ||||||
| MSC Industrial Direct Co., Inc. | 110,105 | 8,016,745 | ||||||
| Mueller Water Products, Inc., Class A | 1,209,225 | 12,418,741 | ||||||
| Pitney Bowes, Inc. (a) | 1,296,252 | 3,020,267 | ||||||
| Stanley Black & Decker, Inc. (a) | 91,216 | 6,860,355 | ||||||
| Steelcase, Inc., Class A | 1,087,554 | 7,090,852 | ||||||
| The Gorman-Rupp Co. | 229,514 | 5,460,138 | ||||||
| The Greenbrier Cos., Inc. | 374,874 | 9,098,192 | ||||||
| Trinity Industries, Inc. (a) | 688,462 | 14,698,664 | ||||||
| Wabash National Corp. (a) | 526,423 | 8,191,142 | ||||||
| Watsco, Inc. (a) | 43,934 | 11,311,248 | ||||||
| 206,321,501 | ||||||||
| Information Technology (2.8%): | ||||||||
| American Software, Inc., Class A | 259,060 | 3,968,799 | ||||||
| Benchmark Electronics, Inc. | 305,948 | 7,581,391 | ||||||
| Broadcom, Inc. | 17,967 | 7,977,528 | ||||||
| Cisco Systems, Inc. | 245,982 | 9,839,280 | ||||||
| Corning, Inc. | 303,579 | 8,809,863 | ||||||
| CSG Systems International, Inc. | 116,074 | 6,137,993 | ||||||
| Hewlett Packard Enterprise Co. | 693,764 | 8,311,293 | ||||||
| HP, Inc. | 267,171 | 6,657,901 | ||||||
| Intel Corp. | 291,644 | 7,515,666 | ||||||
| InterDigital, Inc. | 278,694 | 11,264,811 | ||||||
| International Business Machines Corp. | 109,942 | 13,062,209 | ||||||
| Juniper Networks, Inc. | 336,300 | 8,784,156 | ||||||
| Progress Software Corp. | 219,489 | 9,339,257 | ||||||
| Seagate Technology Holdings PLC | 121,312 | 6,457,438 | ||||||
| Vishay Intertechnology, Inc. | 830,858 | 14,780,964 | ||||||
| 130,488,549 | ||||||||
| Materials (2.1%): | ||||||||
| Dow, Inc. | 233,174 | 10,243,334 | ||||||
| Eastman Chemical Co. | 117,752 | 8,366,280 | ||||||
| Greif, Inc., Class A | 174,774 | 10,411,287 | ||||||
| International Flavors & Fragrances, Inc. | 94,832 | 8,613,590 | ||||||
| International Paper Co. | 320,077 | 10,146,441 | ||||||
| Mativ Holdings, Inc. | 543,239 | 11,994,717 | ||||||
| Newmont Corp. | 210,919 | 8,864,926 | ||||||
| Packaging Corp. of America | 89,106 | 10,005,713 | ||||||
| Pactiv Evergreen, Inc. | 421,644 | 3,680,952 | ||||||
| SunCoke Energy, Inc. | 1,106,966 | 6,431,472 | ||||||
| Worthington Industries, Inc. (a) | 215,743 | 8,228,438 | ||||||
| 96,987,150 | ||||||||
| Real Estate (0.1%): | ||||||||
| The RMR Group, Inc., Class A | 154,628 | 3,663,137 | ||||||
| Utilities (6.1%): | ||||||||
| ALLETE, Inc. | 84,179 | 4,213,159 | ||||||
| Alliant Energy Corp. | 188,434 | 9,985,118 | ||||||
| Ameren Corp. | 99,127 | 7,984,680 | ||||||
| American Electric Power Co., Inc. | 167,577 | 14,487,032 | ||||||
| Avista Corp. | 466,735 | 17,292,532 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| Victory Market Neutral Income Fund | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Consolidated Edison, Inc. | 171,541 | $ | 14,711,356 | |||||
| Dominion Energy, Inc. | 221,308 | 15,294,596 | ||||||
| DTE Energy Co. | 134,466 | 15,470,313 | ||||||
| Duke Energy Corp. | 167,867 | 15,614,988 | ||||||
| Edison International | 208,509 | 11,797,439 | ||||||
| Entergy Corp. | 129,994 | 13,081,296 | ||||||
| Evergy, Inc. | 252,723 | 15,011,746 | ||||||
| Eversource Energy | 129,782 | 10,117,805 | ||||||
| Exelon Corp. | 328,930 | 12,321,718 | ||||||
| FirstEnergy Corp. | 408,037 | 15,097,369 | ||||||
| MGE Energy, Inc. | 157,408 | 10,330,687 | ||||||
| New Jersey Resources Corp. | 123,057 | 4,762,306 | ||||||
| NiSource, Inc. | 538,423 | 13,562,876 | ||||||
| Northwest Natural Holding Co. | 414,177 | 17,966,998 | ||||||
| Otter Tail Corp. | 138,183 | 8,501,018 | ||||||
| PNM Resources, Inc. | 151,284 | 6,918,217 | ||||||
| SJW Group | 166,235 | 9,575,136 | ||||||
| The Southern Co. | 215,582 | 14,659,576 | ||||||
| Unitil Corp. | 186,473 | 8,661,671 | ||||||
| 287,419,632 | ||||||||
| 2,007,209,984 | ||||||||
| Total Common Stocks (Cost $4,921,077,956) | 4,109,682,812 | |||||||
| Rights (0.0%)(c) | ||||||||
| Philippines (0.0%): | ||||||||
| Communication Services (0.0%): | ||||||||
| Globe Telecom, Inc., Expires 10/10/22 (h) | 10,192 | 60,697 | ||||||
| Total Rights (Cost $–) | 60,697 | |||||||
| Collateral for Securities Loaned (3.7%)^ | ||||||||
| United States (3.7%): | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (i) | 3,672,794 | 3,672,794 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (i) | 2,472,109 | 2,472,109 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (i) | 1,832,906 | 1,832,906 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (i) | 83,451,353 | 83,451,353 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (i) | 3,659,570 | 3,659,570 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (i) | 9,936,926 | 9,936,926 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (i) | 65,711,989 | 65,711,989 | ||||||
| Total Collateral for Securities Loaned (Cost $170,737,647) | 170,737,647 | |||||||
| Total Investments (Cost $5,091,815,603) — 91.2% | 4,280,481,156 | |||||||
| Other assets in excess of liabilities — 8.8% | 414,028,159 | |||||||
| NET ASSETS - 100.00% | $ | 4,694,509,315 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | All or a portion of this security is on loan. |
| (b) | Rule 144A security or other security that is restricted as to resale to institutional investors. 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 September 30, 2022, the fair value of these securities was $33,626,177 and amounted to 0.7% of net assets. |
| (c) | Amount represents less than 0.05% of net assets. |
| (d) | Security was fair valued using significant unobservable inputs as of September 30, 2022. |
| (e) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2022, illiquid securities were less than 0.05% of net assets. |
| (f) | Restricted security due to trading restrictions. Russian sanctioned entity by the United States Government. |
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| Victory Market Neutral Income Fund | September 30, 2022 |
| (Unaudited) |
| (g) | The following table details the acquisition date and cost of the Fund's restricted securities at September 30, 2022. |
| Security Name | Acquisition Date | Cost | ||||
| Evraz PLC | 3/19/2021 | $ | 4,339,844 | |||
| Rostelecom PJSC | 9/18/2020 | 8,205,300 | ||||
| RusHydro PJSC | 9/18/2020 | 7,349,117 | ||||
| Severstal PAO | 3/17/2017 | 4,076,024 | ||||
| X5 Retail Group NV, GDR | 9/18/2020 | 5,468,213 | ||||
| (h) | Non-income producing security. |
| (i) | Rate disclosed is the daily yield on September 30, 2022. |
| GDR—Global Depositary Receipt |
| PCL—Public Company Limited |
| PLC—Public Limited Company |
| Futures Contracts Purchased | ||||||||||||||||||
Number of | Expiration Date | Notional Amount | Value | Unrealized | ||||||||||||||
| NASDAQ 100 E-Mini Futures | 8,637 | 12/16/22 | $ | 2,177,020,191 | $ | 1,906,272,270 | $ | (270,747,921 | ) | |||||||||
Futures Contracts Sold
| Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||
| E-Mini MSCI EAFE Index Futures | 8,674 | 12/16/22 | $ | 813,733,886 | $ | 720,202,220 | $ | 93,531,666 | ||||||||||
| E-Mini MSCI Emerging Markets Index Futures | 12,334 | 12/16/22 | 608,450,307 | 537,454,050 | 70,996,257 | |||||||||||||
| E-Mini Russell 2000 Index Futures | 7,729 | 12/16/22 | 729,501,845 | 645,294,210 | 84,207,635 | |||||||||||||
| E-Mini S&P 500 Futures | 17,134 | 12/19/22 | 3,493,111,471 | 3,085,405,050 | 407,706,421 | |||||||||||||
| $ | 656,441,979 | |||||||||||||||||
| Total unrealized appreciation | $ | 656,441,979 | ||||||||||||||||
| Total unrealized depreciation | (270,747,921 | ) | ||||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | 385,694,058 | ||||||||||||||||
| Victory Portfolios II | Schedule of Portfolio Investments |
| VictoryShares US 500 Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (99.4%) | ||||||||
| Communication Services (4.2%): | ||||||||
| Alphabet, Inc., Class A (a) | 9,093 | $ | 869,745 | |||||
| AT&T, Inc. | 74,229 | 1,138,673 | ||||||
| Charter Communications, Inc., Class A (a) | 2,575 | 781,126 | ||||||
| Comcast Corp., Class A | 36,654 | 1,075,062 | ||||||
| DISH Network Corp., Class A (a) | 34,504 | 477,190 | ||||||
| Electronic Arts, Inc. | 10,598 | 1,226,295 | ||||||
| Endeavor Group Holdings, Inc., Class A (a) | 37,230 | 754,280 | ||||||
| Fox Corp., Class A | 35,885 | 1,100,952 | ||||||
| Liberty Broadband Corp., Class C (a) | 11,067 | 816,745 | ||||||
| Lumen Technologies, Inc. (b) | 92,718 | 674,987 | ||||||
| Match Group, Inc. (a) | 10,358 | 494,594 | ||||||
| Meta Platforms, Inc., Class A (a) | 3,658 | 496,317 | ||||||
| Netflix, Inc. (a) | 2,275 | 535,626 | ||||||
| News Corp., Class A | 59,911 | 905,255 | ||||||
| Omnicom Group, Inc. | 15,731 | 992,469 | ||||||
| Paramount Global, Class B (b) | 28,826 | 548,847 | ||||||
| Pinterest, Inc., Class A (a) | 19,049 | 443,842 | ||||||
| Sirius XM Holdings, Inc. (b) | 241,329 | 1,377,989 | ||||||
| Take-Two Interactive Software, Inc. (a) | 6,884 | 750,356 | ||||||
| The Interpublic Group of Cos., Inc. | 37,169 | 951,526 | ||||||
| The Trade Desk, Inc., Class A (a) | 6,244 | 373,079 | ||||||
| The Walt Disney Co. (a) | 9,896 | 933,490 | ||||||
| T-Mobile U.S., Inc. (a) | 8,371 | 1,123,137 | ||||||
| Verizon Communications, Inc. | 39,817 | 1,511,851 | ||||||
| Warner Music Group Corp., Class A | 28,992 | 672,904 | ||||||
| ZoomInfo Technologies, Inc. (a) | 11,751 | 489,547 | ||||||
| 21,515,884 | ||||||||
| Consumer Discretionary (8.4%): | ||||||||
| Advance Auto Parts, Inc. | 6,116 | 956,176 | ||||||
| Airbnb, Inc., Class A (a) | 5,235 | 549,884 | ||||||
| Amazon.com, Inc. (a) | 5,765 | 651,445 | ||||||
| Aptiv PLC (a) | 7,458 | 583,290 | ||||||
| Aramark | 30,873 | 963,238 | ||||||
| AutoZone, Inc. (a) | 552 | 1,182,345 | ||||||
| Best Buy Co., Inc. | 11,709 | 741,648 | ||||||
| Booking Holdings, Inc. (a) | 440 | 723,012 | ||||||
| Burlington Stores, Inc. (a) | 4,545 | 508,540 | ||||||
| CarMax, Inc. (a) | 9,184 | 606,328 | ||||||
| Chipotle Mexican Grill, Inc. (a) | 527 | 791,955 | ||||||
| D.R. Horton, Inc. | 11,755 | 791,699 | ||||||
| Darden Restaurants, Inc. | 8,071 | 1,019,529 | ||||||
| Dollar General Corp. | 4,452 | 1,067,857 | ||||||
| Dollar Tree, Inc. (a) | 6,114 | 832,115 | ||||||
| Domino's Pizza, Inc. | 3,074 | 953,555 | ||||||
| Etsy, Inc. (a)(b) | 4,372 | 437,768 | ||||||
| Expedia Group, Inc. (a) | 6,763 | 633,626 | ||||||
| Ford Motor Co. | 48,510 | 543,312 | ||||||
| Garmin Ltd. | 13,185 | 1,058,887 | ||||||
| General Motors Co. | 21,405 | 686,887 | ||||||
| Genuine Parts Co. | 9,501 | 1,418,689 | ||||||
| Hasbro, Inc. | 15,235 | 1,027,144 | ||||||
| Hilton Worldwide Holdings, Inc. | 7,368 | 888,728 | ||||||
| Hyatt Hotels Corp., Class A (a) | 9,360 | 757,786 | ||||||
| Lennar Corp., Class A | 10,841 | 808,197 | ||||||
| LKQ Corp. | 19,304 | 910,184 | ||||||
| Lowe's Cos., Inc. | 6,052 | 1,136,626 | ||||||
| Marriott International, Inc., Class A | 6,253 | 876,295 | ||||||
| McDonald's Corp. | 7,399 | 1,707,245 | ||||||
| MGM Resorts International | 22,951 | 682,104 | ||||||
| NIKE, Inc., Class B | 9,035 | 750,989 | ||||||
| NVR, Inc. (a) | 255 | 1,016,705 | ||||||
| O'Reilly Automotive, Inc. (a) | 1,667 | 1,172,485 | ||||||
| Pool Corp. | 2,634 | 838,165 | ||||||
| PulteGroup, Inc. | 20,575 | 771,563 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares US 500 Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Ross Stores, Inc. | 9,064 | $ | 763,823 | |||||
| Service Corp. International | 19,345 | 1,116,980 | ||||||
| Starbucks Corp. | 12,081 | 1,017,945 | ||||||
| Target Corp. | 4,956 | 735,421 | ||||||
| Tesla, Inc. (a) | 1,985 | 526,521 | ||||||
| The Home Depot, Inc. | 4,201 | 1,159,224 | ||||||
| The TJX Cos., Inc. | 16,977 | 1,054,611 | ||||||
| Tractor Supply Co. | 5,452 | 1,013,418 | ||||||
| Ulta Beauty, Inc. (a) | 2,156 | 864,966 | ||||||
| Vail Resorts, Inc. | 4,366 | 941,484 | ||||||
| VF Corp. | 23,874 | 714,071 | ||||||
| Williams-Sonoma, Inc. (b) | 4,532 | 534,096 | ||||||
| Yum! Brands, Inc. | 13,521 | 1,437,823 | ||||||
| 42,926,384 | ||||||||
| Consumer Staples (9.2%): | ||||||||
| Albertsons Cos., Inc., Class A | 33,850 | 841,511 | ||||||
| Altria Group, Inc. | 31,053 | 1,253,920 | ||||||
| Archer-Daniels-Midland Co. | 13,499 | 1,085,995 | ||||||
| BJ's Wholesale Club Holdings, Inc. (a) | 11,101 | 808,264 | ||||||
| Brown-Forman Corp., Class B | 20,630 | 1,373,339 | ||||||
| Bunge Ltd. | 11,406 | 941,793 | ||||||
| Campbell Soup Co. | 30,609 | 1,442,296 | ||||||
| Church & Dwight Co., Inc. | 17,473 | 1,248,271 | ||||||
| Colgate-Palmolive Co. | 22,677 | 1,593,059 | ||||||
| Conagra Brands, Inc. | 40,738 | 1,329,281 | ||||||
| Constellation Brands, Inc., Class A | 6,489 | 1,490,394 | ||||||
| Costco Wholesale Corp. | 2,202 | 1,039,939 | ||||||
| Darling Ingredients, Inc. (a) | 10,712 | 708,599 | ||||||
| General Mills, Inc. | 21,318 | 1,633,172 | ||||||
| Hormel Foods Corp. | 34,555 | 1,570,179 | ||||||
| Kellogg Co. | 23,594 | 1,643,558 | ||||||
| Keurig Dr Pepper, Inc. | 47,143 | 1,688,662 | ||||||
| Kimberly-Clark Corp. | 12,636 | 1,422,055 | ||||||
| Lamb Weston Holdings, Inc. | 14,482 | 1,120,617 | ||||||
| McCormick & Co., Inc. (b) | 17,226 | 1,227,697 | ||||||
| Molson Coors Beverage Co., Class B | 23,149 | 1,110,920 | ||||||
| Mondelez International, Inc., Class A | 28,797 | 1,578,940 | ||||||
| Monster Beverage Corp. (a) | 13,652 | 1,187,178 | ||||||
| PepsiCo, Inc. | 11,195 | 1,827,696 | ||||||
| Philip Morris International, Inc. | 15,130 | 1,255,941 | ||||||
| Sysco Corp. | 14,760 | 1,043,680 | ||||||
| The Clorox Co. | 7,398 | 949,829 | ||||||
| The Coca-Cola Co. | 30,234 | 1,693,709 | ||||||
| The Estee Lauder Cos., Inc. | 3,602 | 777,672 | ||||||
| The Hershey Co. | 7,635 | 1,683,288 | ||||||
| The J.M. Smucker Co. | 10,055 | 1,381,658 | ||||||
| The Kraft Heinz Co. | 36,431 | 1,214,974 | ||||||
| The Kroger Co. | 22,887 | 1,001,306 | ||||||
| The Procter & Gamble Co. | 11,504 | 1,452,380 | ||||||
| Tyson Foods, Inc., Class A | 17,242 | 1,136,765 | ||||||
| Walgreens Boots Alliance, Inc. | 37,482 | 1,176,935 | ||||||
| Walmart, Inc. | 9,816 | 1,273,135 | ||||||
| 47,208,607 | ||||||||
| Energy (3.9%): | ||||||||
| Antero Resources Corp. (a) | 14,873 | 454,072 | ||||||
| APA Corp. | 15,699 | 536,749 | ||||||
| Chesapeake Energy Corp. (b) | 7,490 | 705,633 | ||||||
| Chevron Corp. | 7,013 | 1,007,558 | ||||||
| ConocoPhillips | 7,907 | 809,202 | ||||||
| Coterra Energy, Inc. | 25,082 | 655,142 | ||||||
| Devon Energy Corp. | 9,493 | 570,814 | ||||||
| Diamondback Energy, Inc. | 5,500 | 662,530 | ||||||
| EOG Resources, Inc. | 6,633 | 741,105 | ||||||
| Exxon Mobil Corp. | 10,643 | 929,240 | ||||||
| Halliburton Co. | 24,582 | 605,209 | ||||||
| Hess Corp. | 6,923 | 754,538 | ||||||
| HF Sinclair Corp. | 14,558 | 783,803 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares US 500 Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Kinder Morgan, Inc. | 75,841 | $ | 1,261,994 | |||||
| Marathon Oil Corp. | 27,355 | 617,676 | ||||||
| Marathon Petroleum Corp. | 10,263 | 1,019,424 | ||||||
| Occidental Petroleum Corp. | 8,646 | 531,297 | ||||||
| ONEOK, Inc. | 18,209 | 933,029 | ||||||
| Ovintiv, Inc. | 11,424 | 525,504 | ||||||
| Phillips 66 | 10,476 | 845,623 | ||||||
| Pioneer Natural Resources Co. | 3,681 | 797,047 | ||||||
| Schlumberger NV | 19,351 | 694,701 | ||||||
| Targa Resources Corp. | 13,792 | 832,209 | ||||||
| Texas Pacific Land Corp. | 400 | 710,892 | ||||||
| The Williams Cos., Inc. | 39,437 | 1,129,081 | ||||||
| Valero Energy Corp. | 7,086 | 757,139 | ||||||
| 19,871,211 | ||||||||
| Financials (16.6%): | ||||||||
| Aflac, Inc. | 26,273 | 1,476,543 | ||||||
| Ally Financial, Inc. | 25,781 | 717,485 | ||||||
| American Express Co. | 6,667 | 899,445 | ||||||
| American Financial Group, Inc. | 10,359 | 1,273,432 | ||||||
| American International Group, Inc. | 20,384 | 967,832 | ||||||
| Ameriprise Financial, Inc. | 3,822 | 962,953 | ||||||
| Aon PLC, Class A | 4,607 | 1,234,077 | ||||||
| Arch Capital Group Ltd. (a) | 34,044 | 1,550,364 | ||||||
| Ares Management Corp., Class A | 10,287 | 637,280 | ||||||
| Arthur J. Gallagher & Co. | 7,623 | 1,305,210 | ||||||
| Bank of America Corp. | 33,873 | 1,022,965 | ||||||
| Berkshire Hathaway, Inc., Class B (a) | 6,118 | 1,633,628 | ||||||
| BlackRock, Inc. | 1,649 | 907,412 | ||||||
| Blackstone, Inc. | 7,401 | 619,464 | ||||||
| Brown & Brown, Inc. | 19,470 | 1,177,546 | ||||||
| Capital One Financial Corp. | 8,703 | 802,155 | ||||||
| Cboe Global Markets, Inc. | 12,123 | 1,422,876 | ||||||
| Chubb Ltd. | 8,508 | 1,547,435 | ||||||
| Cincinnati Financial Corp. | 11,405 | 1,021,546 | ||||||
| Citigroup, Inc. | 21,959 | 915,031 | ||||||
| Citizens Financial Group, Inc. | 27,621 | 949,058 | ||||||
| CME Group, Inc. | 7,226 | 1,279,941 | ||||||
| Comerica, Inc. | 12,438 | 884,342 | ||||||
| Discover Financial Services | 8,696 | 790,640 | ||||||
| East West Bancorp, Inc. | 12,883 | 864,965 | ||||||
| Equitable Holdings, Inc. | 34,359 | 905,360 | ||||||
| Erie Indemnity Co., Class A | 6,615 | 1,470,581 | ||||||
| Everest Re Group Ltd. | 5,276 | 1,384,633 | ||||||
| FactSet Research Systems, Inc. | 3,108 | 1,243,542 | ||||||
| Fidelity National Financial, Inc. | 32,752 | 1,185,622 | ||||||
| Fifth Third Bancorp | 30,381 | 970,977 | ||||||
| First Citizens BancShares, Inc., Class A | 1,183 | 943,360 | ||||||
| First Republic Bank | 6,916 | 902,884 | ||||||
| Franklin Resources, Inc. | 40,277 | 866,761 | ||||||
| Globe Life, Inc. | 14,612 | 1,456,816 | ||||||
| Huntington Bancshares, Inc. | 80,696 | 1,063,573 | ||||||
| Interactive Brokers Group, Inc. | 16,523 | 1,055,985 | ||||||
| Intercontinental Exchange, Inc. | 12,720 | 1,149,252 | ||||||
| JPMorgan Chase & Co. | 10,839 | 1,132,675 | ||||||
| KeyCorp | 61,253 | 981,273 | ||||||
| KKR & Co., Inc. | 14,768 | 635,024 | ||||||
| Loews Corp. | 29,196 | 1,455,129 | ||||||
| LPL Financial Holdings, Inc. | 3,886 | 849,013 | ||||||
| M&T Bank Corp. | 5,924 | 1,044,520 | ||||||
| Markel Corp. (a) | 1,285 | 1,393,223 | ||||||
| MarketAxess Holdings, Inc. | 4,009 | 891,962 | ||||||
| Marsh & McLennan Cos., Inc. | 9,053 | 1,351,522 | ||||||
| MetLife, Inc. | 21,697 | 1,318,744 | ||||||
| Moody's Corp. | 4,146 | 1,007,934 | ||||||
| Morgan Stanley | 13,289 | 1,049,964 | ||||||
| Morningstar, Inc. | 4,298 | 912,551 | ||||||
| MSCI, Inc. | 2,127 | 897,147 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares US 500 Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Nasdaq, Inc. (b) | 23,608 | $ | 1,338,101 | |||||
| Northern Trust Corp. | 11,826 | 1,011,833 | ||||||
| Principal Financial Group, Inc. | 15,219 | 1,098,051 | ||||||
| Prudential Financial, Inc. | 12,957 | 1,111,451 | ||||||
| Raymond James Financial, Inc. | 10,113 | 999,367 | ||||||
| Regions Financial Corp. | 45,716 | 917,520 | ||||||
| Rocket Cos., Inc., Class A (b) | 78,391 | 495,431 | ||||||
| Ryan Specialty Holdings, Inc. (a) | 22,446 | 911,756 | ||||||
| S&P Global, Inc. | 3,660 | 1,117,581 | ||||||
| Signature Bank | 3,771 | 569,421 | ||||||
| State Street Corp. | 13,676 | 831,638 | ||||||
| SVB Financial Group (a) | 1,560 | 523,817 | ||||||
| Synchrony Financial | 26,282 | 740,890 | ||||||
| T. Rowe Price Group, Inc. | 8,134 | 854,151 | ||||||
| The Allstate Corp. | 11,341 | 1,412,295 | ||||||
| The Bank of New York Mellon Corp. | 28,275 | 1,089,153 | ||||||
| The Carlyle Group, Inc. | 23,038 | 595,302 | ||||||
| The Charles Schwab Corp. | 13,325 | 957,668 | ||||||
| The Goldman Sachs Group, Inc. | 3,636 | 1,065,530 | ||||||
| The Hartford Financial Services Group, Inc. | 21,646 | 1,340,753 | ||||||
| The PNC Financial Services Group, Inc. | 8,040 | 1,201,337 | ||||||
| The Progressive Corp. | 11,445 | 1,330,023 | ||||||
| The Travelers Cos., Inc. | 9,700 | 1,486,040 | ||||||
| Tradeweb Markets, Inc., Class A | 16,761 | 945,656 | ||||||
| Truist Financial Corp. | 25,823 | 1,124,333 | ||||||
| U.S. Bancorp | 28,344 | 1,142,830 | ||||||
| W.R. Berkley Corp. | 23,798 | 1,536,875 | ||||||
| Wells Fargo & Co. | 23,314 | 937,689 | ||||||
| 85,070,144 | ||||||||
| Health Care (14.4%): | ||||||||
| Abbott Laboratories | 13,770 | 1,332,385 | ||||||
| AbbVie, Inc. | 12,523 | 1,680,712 | ||||||
| ABIOMED, Inc. (a) | 2,823 | 693,498 | ||||||
| Agilent Technologies, Inc. | 8,062 | 979,936 | ||||||
| Align Technology, Inc. (a) | 2,610 | 540,557 | ||||||
| AmerisourceBergen Corp. | 10,767 | 1,457,098 | ||||||
| Amgen, Inc. | 7,832 | 1,765,333 | ||||||
| Avantor, Inc. (a) | 38,279 | 750,268 | ||||||
| Baxter International, Inc. | 23,170 | 1,247,936 | ||||||
| Becton Dickinson & Co. | 6,322 | 1,408,731 | ||||||
| Biogen, Inc. (a) | 5,462 | 1,458,354 | ||||||
| BioMarin Pharmaceutical, Inc. (a) | 11,576 | 981,298 | ||||||
| Bio-Techne Corp. | 2,674 | 759,416 | ||||||
| Boston Scientific Corp. (a) | 31,373 | 1,215,076 | ||||||
| Bristol-Myers Squibb Co. | 28,283 | 2,010,638 | ||||||
| Catalent, Inc. (a) | 9,990 | 722,876 | ||||||
| Centene Corp. (a) | 13,131 | 1,021,723 | ||||||
| Charles River Laboratories International, Inc. (a) | 3,936 | 774,605 | ||||||
| Cigna Corp. | 4,752 | 1,318,537 | ||||||
| CVS Health Corp. | 14,867 | 1,417,866 | ||||||
| Danaher Corp. | 4,121 | 1,064,413 | ||||||
| Dexcom, Inc. (a) | 8,247 | 664,213 | ||||||
| Edwards Lifesciences Corp. (a) | 10,898 | 900,502 | ||||||
| Elevance Health, Inc. | 2,706 | 1,229,173 | ||||||
| Eli Lilly & Co. | 4,115 | 1,330,585 | ||||||
| Gilead Sciences, Inc. | 27,465 | 1,694,316 | ||||||
| HCA Healthcare, Inc. | 4,238 | 778,902 | ||||||
| Henry Schein, Inc. (a) | 19,550 | 1,285,803 | ||||||
| Hologic, Inc. (a) | 20,620 | 1,330,402 | ||||||
| Horizon Therapeutics PLC (a) | 14,742 | 912,382 | ||||||
| Humana, Inc. | 2,229 | 1,081,489 | ||||||
| IDEXX Laboratories, Inc. (a) | 2,524 | 822,319 | ||||||
| Incyte Corp. (a) | 18,447 | 1,229,308 | ||||||
| Insulet Corp. (a)(b) | 2,544 | 583,594 | ||||||
| Intuitive Surgical, Inc. (a) | 3,992 | 748,260 | ||||||
| IQVIA Holdings, Inc. (a) | 4,943 | 895,375 | ||||||
| Johnson & Johnson | 12,710 | 2,076,306 | ||||||
| Laboratory Corp. of America Holdings | 5,906 | 1,209,608 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares US 500 Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| McKesson Corp. | 4,296 | $ | 1,460,082 | |||||
| Medtronic PLC | 16,989 | 1,371,862 | ||||||
| Merck & Co., Inc. | 21,958 | 1,891,023 | ||||||
| Mettler-Toledo International, Inc. (a) | 827 | 896,567 | ||||||
| Moderna, Inc. (a)(b) | 3,786 | 447,695 | ||||||
| Molina Healthcare, Inc. (a) | 3,528 | 1,163,676 | ||||||
| Neurocrine Biosciences, Inc. (a) | 9,767 | 1,037,353 | ||||||
| PerkinElmer, Inc. (b) | 7,241 | 871,310 | ||||||
| Pfizer, Inc. | 27,922 | 1,221,867 | ||||||
| Quest Diagnostics, Inc. | 11,552 | 1,417,315 | ||||||
| R1 RCM, Inc. (a) | 37,150 | 688,390 | ||||||
| Regeneron Pharmaceuticals, Inc. (a) | 2,222 | 1,530,669 | ||||||
| Repligen Corp. (a) | 2,888 | 540,374 | ||||||
| ResMed, Inc. | 5,006 | 1,092,810 | ||||||
| Shockwave Medical, Inc. (a) | 1,671 | 464,655 | ||||||
| STERIS PLC | 5,812 | 966,419 | ||||||
| Stryker Corp. | 5,842 | 1,183,239 | ||||||
| Teleflex, Inc. | 4,809 | 968,821 | ||||||
| The Cooper Cos., Inc. | 4,102 | 1,082,518 | ||||||
| Thermo Fisher Scientific, Inc. | 2,086 | 1,057,998 | ||||||
| United Therapeutics Corp. (a) | 4,528 | 948,073 | ||||||
| UnitedHealth Group, Inc. | 2,833 | 1,430,778 | ||||||
| Veeva Systems, Inc., Class A (a) | 3,720 | 613,354 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 4,320 | 1,250,813 | ||||||
| Viatris, Inc. | 88,487 | 753,909 | ||||||
| Waters Corp. (a) | 3,632 | 978,933 | ||||||
| West Pharmaceutical Services, Inc. | 3,411 | 839,379 | ||||||
| Zimmer Biomet Holdings, Inc. | 11,317 | 1,183,192 | ||||||
| Zoetis, Inc. | 8,052 | 1,194,031 | ||||||
| 73,920,898 | ||||||||
| Industrials (15.7%): | ||||||||
| 3M Co. | 11,246 | 1,242,683 | ||||||
| Advanced Drainage Systems, Inc. | 5,516 | 686,025 | ||||||
| AECOM | 16,926 | 1,157,231 | ||||||
| AMERCO, Inc. | 2,499 | 1,272,541 | ||||||
| AMETEK, Inc. | 12,899 | 1,462,876 | ||||||
| Booz Allen Hamilton Holding Corp. | 13,084 | 1,208,307 | ||||||
| Builders FirstSource, Inc. (a) | 12,169 | 716,998 | ||||||
| C.H. Robinson Worldwide, Inc. | 9,371 | 902,521 | ||||||
| Carlisle Cos., Inc. | 3,954 | 1,108,741 | ||||||
| Carrier Global Corp. | 29,441 | 1,046,922 | ||||||
| Caterpillar, Inc. | 5,929 | 972,830 | ||||||
| Cintas Corp. | 3,315 | 1,286,850 | ||||||
| Copart, Inc. (a) | 8,862 | 942,917 | ||||||
| CoStar Group, Inc. (a) | 11,199 | 780,010 | ||||||
| CSX Corp. | 41,195 | 1,097,435 | ||||||
| Cummins, Inc. | 5,864 | 1,193,383 | ||||||
| Deere & Co. | 2,615 | 873,122 | ||||||
| Delta Air Lines, Inc. (a) | 24,522 | 688,087 | ||||||
| Dover Corp. | 10,562 | 1,231,318 | ||||||
| Eaton Corp. PLC | 9,395 | 1,252,917 | ||||||
| Emerson Electric Co. | 16,750 | 1,226,435 | ||||||
| Equifax, Inc. | 5,463 | 936,522 | ||||||
| Expeditors International of Washington, Inc. | 11,901 | 1,050,977 | ||||||
| Fastenal Co. | 26,375 | 1,214,305 | ||||||
| FedEx Corp. | 4,541 | 674,202 | ||||||
| Fortive Corp. | 19,309 | 1,125,715 | ||||||
| Generac Holdings, Inc. (a) | 2,558 | 455,682 | ||||||
| General Dynamics Corp. | 6,837 | 1,450,606 | ||||||
| Graco, Inc. | 22,176 | 1,329,451 | ||||||
| HEICO Corp. | 8,735 | 1,257,665 | ||||||
| Honeywell International, Inc. | 7,860 | 1,312,384 | ||||||
| Howmet Aerospace, Inc. | 30,217 | 934,612 | ||||||
| Hubbell, Inc. | 6,214 | 1,385,722 | ||||||
| Huntington Ingalls Industries, Inc. | 6,080 | 1,346,720 | ||||||
| IDEX Corp. | 7,004 | 1,399,749 | ||||||
| Illinois Tool Works, Inc. | 7,448 | 1,345,481 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares US 500 Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Ingersoll Rand, Inc. | 22,185 | $ | 959,723 | |||||
| J.B. Hunt Transport Services, Inc. | 6,253 | 978,094 | ||||||
| Jacobs Solutions, Inc. | 10,381 | 1,126,235 | ||||||
| Johnson Controls International PLC | 22,035 | 1,084,563 | ||||||
| L3Harris Technologies, Inc. | 5,400 | 1,122,282 | ||||||
| Leidos Holdings, Inc. | 14,786 | 1,293,331 | ||||||
| Lockheed Martin Corp. | 3,470 | 1,340,426 | ||||||
| Masco Corp. | 22,705 | 1,060,097 | ||||||
| Nordson Corp. | 5,715 | 1,213,123 | ||||||
| Norfolk Southern Corp. | 5,336 | 1,118,692 | ||||||
| Northrop Grumman Corp. | 2,542 | 1,195,553 | ||||||
| Old Dominion Freight Line, Inc. | 3,201 | 796,313 | ||||||
| Otis Worldwide Corp. | 18,658 | 1,190,380 | ||||||
| PACCAR, Inc. | 15,547 | 1,301,128 | ||||||
| Parker-Hannifin Corp. | 4,448 | 1,077,795 | ||||||
| Quanta Services, Inc. | 6,445 | 821,029 | ||||||
| Raytheon Technologies Corp. | 15,552 | 1,273,087 | ||||||
| Regal Rexnord Corp. | 8,269 | 1,160,637 | ||||||
| Republic Services, Inc. | 11,400 | 1,550,856 | ||||||
| Rockwell Automation, Inc. | 4,247 | 913,572 | ||||||
| Rollins, Inc. | 38,213 | 1,325,227 | ||||||
| Snap-on, Inc. | 6,368 | 1,282,197 | ||||||
| Southwest Airlines Co. (a) | 26,562 | 819,172 | ||||||
| Stanley Black & Decker, Inc. | 9,993 | 751,574 | ||||||
| Textron, Inc. | 17,360 | 1,011,394 | ||||||
| Trane Technologies PLC | 7,980 | 1,155,584 | ||||||
| TransDigm Group, Inc. | 1,788 | 938,378 | ||||||
| TransUnion | 13,299 | 791,158 | ||||||
| Union Pacific Corp. | 6,716 | 1,308,411 | ||||||
| United Parcel Service, Inc., Class B | 6,018 | 972,148 | ||||||
| United Rentals, Inc. (a) | 3,035 | 819,814 | ||||||
| Verisk Analytics, Inc. | 7,472 | 1,274,200 | ||||||
| W.W. Grainger, Inc. | 2,327 | 1,138,345 | ||||||
| Waste Management, Inc. | 9,912 | 1,588,002 | ||||||
| Watsco, Inc. (b) | 4,388 | 1,129,735 | ||||||
| Westinghouse Air Brake Technologies Corp. | 12,571 | 1,022,651 | ||||||
| Xylem, Inc. | 11,195 | 977,995 | ||||||
| 80,452,843 | ||||||||
| Information Technology (13.5%): | ||||||||
| Accenture PLC, Class A | 3,866 | 994,722 | ||||||
| Adobe, Inc. (a) | 2,231 | 613,971 | ||||||
| Advanced Micro Devices, Inc. (a) | 6,919 | 438,388 | ||||||
| Akamai Technologies, Inc. (a) | 14,071 | 1,130,183 | ||||||
| Amphenol Corp., Class A | 17,029 | 1,140,262 | ||||||
| Analog Devices, Inc. | 6,671 | 929,537 | ||||||
| ANSYS, Inc. (a) | 3,527 | 781,936 | ||||||
| Apple, Inc. | 6,996 | 966,847 | ||||||
| Applied Materials, Inc. | 7,655 | 627,174 | ||||||
| Arista Networks, Inc. (a) | 7,002 | 790,456 | ||||||
| Autodesk, Inc. (a) | 3,824 | 714,323 | ||||||
| Automatic Data Processing, Inc. | 5,273 | 1,192,700 | ||||||
| Bentley Systems, Inc., Class B (b) | 19,281 | 589,806 | ||||||
| Broadcom, Inc. | 1,972 | 875,588 | ||||||
| Broadridge Financial Solutions, Inc. | 7,440 | 1,073,741 | ||||||
| Cadence Design Systems, Inc. (a) | 4,998 | 816,823 | ||||||
| CDW Corp. | 6,760 | 1,055,101 | ||||||
| Cisco Systems, Inc. | 26,940 | 1,077,600 | ||||||
| Cognizant Technology Solutions Corp., Class A | 18,417 | 1,057,872 | ||||||
| Corning, Inc. | 33,245 | 964,770 | ||||||
| Datadog, Inc., Class A (a) | 4,442 | 394,361 | ||||||
| Dell Technologies, Inc., Class C | 22,480 | 768,142 | ||||||
| Dynatrace, Inc. (a) | 15,956 | 555,428 | ||||||
| Enphase Energy, Inc. (a) | 1,651 | 458,103 | ||||||
| Entegris, Inc. | 7,123 | 591,351 | ||||||
| EPAM Systems, Inc. (a) | 911 | 329,955 | ||||||
| F5, Inc. (a) | 6,311 | 913,391 | ||||||
| Fair Isaac Corp. (a) | 1,968 | 810,836 | ||||||
| Fidelity National Information Services, Inc. | 11,169 | 844,041 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares US 500 Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| First Solar, Inc. (a) | 5,287 | $ | 699,311 | |||||
| Fiserv, Inc. (a) | 11,736 | 1,098,138 | ||||||
| FleetCor Technologies, Inc. (a) | 5,241 | 923,307 | ||||||
| Fortinet, Inc. (a) | 13,197 | 648,369 | ||||||
| Gartner, Inc. (a) | 3,340 | 924,145 | ||||||
| Global Payments, Inc. | 7,675 | 829,284 | ||||||
| GoDaddy, Inc., Class A (a) | 11,995 | 850,206 | ||||||
| Hewlett Packard Enterprise Co. | 75,987 | 910,324 | ||||||
| HP, Inc. | 29,259 | 729,134 | ||||||
| Intel Corp. | 31,943 | 823,171 | ||||||
| International Business Machines Corp. | 12,036 | 1,429,997 | ||||||
| Intuit, Inc. | 1,777 | 688,268 | ||||||
| Jack Henry & Associates, Inc. | 7,734 | 1,409,676 | ||||||
| Juniper Networks, Inc. | 42,517 | 1,110,544 | ||||||
| Keysight Technologies, Inc. (a) | 6,561 | 1,032,439 | ||||||
| KLA Corp. | 2,088 | 631,891 | ||||||
| Lam Research Corp. | 1,590 | 581,940 | ||||||
| Mastercard, Inc., Class A | 3,392 | 964,481 | ||||||
| Microchip Technology, Inc. | 12,181 | 743,406 | ||||||
| Micron Technology, Inc. | 12,855 | 644,035 | ||||||
| Microsoft Corp. | 4,170 | 971,193 | ||||||
| Monolithic Power Systems, Inc. | 1,284 | 466,606 | ||||||
| Motorola Solutions, Inc. | 4,974 | 1,114,027 | ||||||
| NetApp, Inc. | 15,036 | 929,977 | ||||||
| NortonLifeLock, Inc. | 44,849 | 903,259 | ||||||
| NVIDIA Corp. | 3,782 | 459,097 | ||||||
| NXP Semiconductors NV | 4,885 | 720,586 | ||||||
| ON Semiconductor Corp. (a) | 8,516 | 530,802 | ||||||
| Oracle Corp. | 15,591 | 952,142 | ||||||
| Paychex, Inc. | 10,318 | 1,157,783 | ||||||
| Paycom Software, Inc. (a) | 1,904 | 628,301 | ||||||
| Paylocity Holding Corp. (a) | 2,614 | 631,490 | ||||||
| PayPal Holdings, Inc. (a) | 6,290 | 541,380 | ||||||
| PTC, Inc. (a) | 7,501 | 784,605 | ||||||
| Qorvo, Inc. (a) | 8,874 | 704,684 | ||||||
| QUALCOMM, Inc. | 5,874 | 663,645 | ||||||
| Roper Technologies, Inc. | 3,515 | 1,264,135 | ||||||
| Salesforce, Inc. (a) | 4,983 | 716,755 | ||||||
| Seagate Technology Holdings PLC | 13,289 | 707,373 | ||||||
| ServiceNow, Inc. (a) | 1,493 | 563,772 | ||||||
| Skyworks Solutions, Inc. | 8,716 | 743,213 | ||||||
| SS&C Technologies Holdings, Inc. | 22,814 | 1,089,368 | ||||||
| Synopsys, Inc. (a) | 2,442 | 746,055 | ||||||
| TD SYNNEX Corp. | 11,291 | 916,716 | ||||||
| TE Connectivity Ltd. | 8,934 | 985,956 | ||||||
| Teledyne Technologies, Inc. (a) | 3,400 | 1,147,398 | ||||||
| Teradyne, Inc. | 7,938 | 596,541 | ||||||
| Texas Instruments, Inc. | 7,062 | 1,093,056 | ||||||
| Trimble, Inc. (a) | 15,017 | 814,973 | ||||||
| Tyler Technologies, Inc. (a) | 2,357 | 819,057 | ||||||
| VeriSign, Inc. (a) | 5,858 | 1,017,535 | ||||||
| Visa, Inc., Class A | 5,758 | 1,022,909 | ||||||
| Western Digital Corp. (a) | 18,902 | 615,260 | ||||||
| Zebra Technologies Corp. (a) | 2,855 | 748,039 | ||||||
| Zoom Video Communications, Inc., Class A (a) | 6,769 | 498,131 | ||||||
| 69,435,293 | ||||||||
| Materials (5.3%): | ||||||||
| Air Products and Chemicals, Inc. | 5,361 | 1,247,666 | ||||||
| Albemarle Corp. | 2,464 | 651,580 | ||||||
| Avery Dennison Corp. | 6,233 | 1,014,109 | ||||||
| Ball Corp. | 15,959 | 771,139 | ||||||
| Celanese Corp. | 9,383 | 847,660 | ||||||
| CF Industries Holdings, Inc. | 7,191 | 692,134 | ||||||
| Corteva, Inc. | 21,688 | 1,239,469 | ||||||
| Dow, Inc. | 25,538 | 1,121,884 | ||||||
| DuPont de Nemours, Inc. | 20,385 | 1,027,404 | ||||||
| Eastman Chemical Co. | 12,891 | 915,906 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares US 500 Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Ecolab, Inc. | 7,052 | $ | 1,018,450 | |||||
| FMC Corp. | 11,546 | 1,220,412 | ||||||
| Freeport-McMoRan, Inc. | 23,900 | 653,187 | ||||||
| International Flavors & Fragrances, Inc. | 10,386 | 943,360 | ||||||
| International Paper Co. | 35,059 | 1,111,370 | ||||||
| LyondellBasell Industries NV, Class A | 12,959 | 975,554 | ||||||
| Martin Marietta Materials, Inc. | 3,350 | 1,079,002 | ||||||
| Newmont Corp. | 23,102 | 970,977 | ||||||
| Nucor Corp. | 5,738 | 613,909 | ||||||
| Packaging Corp. of America | 9,762 | 1,096,175 | ||||||
| PPG Industries, Inc. | 8,448 | 935,109 | ||||||
| Reliance Steel & Aluminum Co. | 5,804 | 1,012,276 | ||||||
| RPM International, Inc. | 14,096 | 1,174,338 | ||||||
| Steel Dynamics, Inc. | 10,020 | 710,919 | ||||||
| The Mosaic Co. | 12,357 | 597,214 | ||||||
| The Sherwin-Williams Co. | 4,506 | 922,603 | ||||||
| Vulcan Materials Co. | 7,227 | 1,139,770 | ||||||
| Westlake Corp. (b) | 10,247 | 890,259 | ||||||
| Westrock Co. | 26,063 | 805,086 | ||||||
| 27,398,921 | ||||||||
| Real Estate (0.2%): | ||||||||
| CBRE Group, Inc., Class A (a) | 14,124 | 953,511 | ||||||
| Utilities (8.0%): | ||||||||
| Alliant Energy Corp. | 29,014 | 1,537,452 | ||||||
| Ameren Corp. | 21,260 | 1,712,493 | ||||||
| American Electric Power Co., Inc. | 18,349 | 1,586,271 | ||||||
| American Water Works Co., Inc. | 9,786 | 1,273,746 | ||||||
| Atmos Energy Corp. | 16,111 | 1,640,905 | ||||||
| CenterPoint Energy, Inc. | 54,973 | 1,549,139 | ||||||
| CMS Energy Corp. | 26,388 | 1,536,837 | ||||||
| Consolidated Edison, Inc. | 19,128 | 1,640,417 | ||||||
| Constellation Energy Corp. | 8,515 | 708,363 | ||||||
| Dominion Energy, Inc. | 24,241 | 1,675,295 | ||||||
| DTE Energy Co. | 14,727 | 1,694,341 | ||||||
| Duke Energy Corp. | 18,388 | 1,710,452 | ||||||
| Edison International | 22,832 | 1,291,835 | ||||||
| Entergy Corp. | 14,238 | 1,432,770 | ||||||
| Essential Utilities, Inc. (b) | 30,465 | 1,260,642 | ||||||
| Evergy, Inc. | 27,491 | 1,632,965 | ||||||
| Eversource Energy | 19,529 | 1,522,481 | ||||||
| Exelon Corp. | 36,030 | 1,349,684 | ||||||
| FirstEnergy Corp. | 44,693 | 1,653,641 | ||||||
| NextEra Energy, Inc. | 14,150 | 1,109,501 | ||||||
| NiSource, Inc. | 58,820 | 1,481,676 | ||||||
| NRG Energy, Inc. | 27,865 | 1,066,394 | ||||||
| PG&E Corp. (a) | 83,791 | 1,047,387 | ||||||
| PPL Corp. | 58,146 | 1,474,001 | ||||||
| Sempra Energy | 10,587 | 1,587,415 | ||||||
| The Southern Co. | 23,701 | 1,611,668 | ||||||
| WEC Energy Group, Inc. | 17,553 | 1,569,765 | ||||||
| Xcel Energy, Inc. | 24,812 | 1,587,968 | ||||||
| 40,945,504 | ||||||||
| Total Common Stocks (Cost $492,138,441) | 509,699,200 | |||||||
| Collateral for Securities Loaned (1.4%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (c) | 152,744 | 152,744 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (c) | 102,810 | 102,810 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (c) | 76,227 | 76,227 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (c) | 3,470,562 | 3,470,562 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (c) | 152,194 | 152,194 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (c) | 413,255 | 413,255 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares US 500 Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (c) | 2,732,820 | $ | 2,732,820 | |||||
| Total Collateral for Securities Loaned (Cost $7,100,612) | 7,100,612 | |||||||
| Total Investments (Cost $499,239,053) — 100.8% | 516,799,812 | |||||||
| Liabilities in excess of other assets — (0.8)% | (4,237,176 | ) | ||||||
| NET ASSETS - 100.00% | $ | 512,562,636 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Rate disclosed is the daily yield on September 30, 2022. |
PLC—Public Limited Company
Futures Contracts Purchased
| Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized | ||||||||||||
| E-Mini S&P 500 Futures | 14 | 12/16/22 | $ | 2,768,167 | $ | 2,521,050 | $ | (247,117 | ) | |||||||
| Total unrealized appreciation | $ | – | ||||||||||||||
| Total unrealized depreciation | (247,117 | ) | ||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | (247,117 | ) | |||||||||||||
| Victory Portfolios II | Schedule of Portfolio Investments |
| VictoryShares US Small Cap Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (99.4%) | ||||||||
| Banks (16.5%): | ||||||||
| 1st Source Corp. | 1,660 | $ | 76,858 | |||||
| Atlantic Union Bankshares Corp. | 2,063 | 62,674 | ||||||
| Banc of California, Inc. | 3,563 | 56,901 | ||||||
| BankUnited, Inc. | 1,507 | 51,494 | ||||||
| Banner Corp. | 1,070 | 63,216 | ||||||
| Berkshire Hills Bancorp, Inc. | 2,372 | 64,756 | ||||||
| City Holding Co. | 1,069 | 94,810 | ||||||
| Columbia Banking System, Inc. | 1,870 | 54,024 | ||||||
| Customers Bancorp, Inc. (a) | 960 | 28,301 | ||||||
| Dime Community Bancshares, Inc. | 2,107 | 61,693 | ||||||
| Eagle Bancorp, Inc. | 1,475 | 66,109 | ||||||
| Enterprise Financial Services Corp. | 1,679 | 73,943 | ||||||
| FB Financial Corp. | 1,733 | 66,218 | ||||||
| First BanCorp/Puerto Rico | 3,213 | 43,954 | ||||||
| First Bancorp/Southern Pines NC | 1,793 | 65,588 | ||||||
| First Busey Corp. | 3,198 | 70,292 | ||||||
| First Commonwealth Financial Corp. | 5,456 | 70,055 | ||||||
| First Financial Bancorp | 3,135 | 66,086 | ||||||
| First Foundation, Inc. | 3,331 | 60,424 | ||||||
| First Merchants Corp. | 1,780 | 68,850 | ||||||
| Fulton Financial Corp. | 4,366 | 68,983 | ||||||
| German American Bancorp, Inc. | 1,987 | 70,956 | ||||||
| Heartland Financial USA, Inc. | 1,646 | 71,371 | ||||||
| Hilltop Holdings, Inc. | 1,865 | 46,345 | ||||||
| Hope Bancorp, Inc. | 4,399 | 55,603 | ||||||
| Independent Bank Group, Inc. | 1,063 | 65,258 | ||||||
| International Bancshares Corp. | 1,546 | 65,705 | ||||||
| Lakeland Bancorp, Inc. | 4,662 | 74,639 | ||||||
| Lakeland Financial Corp. | 1,016 | 73,975 | ||||||
| Live Oak Bancshares, Inc. | 992 | 30,355 | ||||||
| National Bank Holdings Corp., Class A | 1,657 | 61,292 | ||||||
| NBT Bancorp, Inc. | 2,227 | 84,515 | ||||||
| Nicolet Bankshares, Inc. (a) | 1,032 | 72,694 | ||||||
| OceanFirst Financial Corp. | 4,105 | 76,517 | ||||||
| OFG Bancorp | 2,192 | 55,085 | ||||||
| Park National Corp. | 575 | 71,576 | ||||||
| Preferred Bank | 1,037 | 67,644 | ||||||
| Renasant Corp. | 2,055 | 64,280 | ||||||
| S&T Bancorp, Inc. | 2,636 | 77,261 | ||||||
| Sandy Spring Bancorp, Inc. | 1,848 | 65,160 | ||||||
| Seacoast Banking Corp. of Florida | 1,900 | 57,437 | ||||||
| Silvergate Capital Corp., Class A (a) | 192 | 14,467 | ||||||
| Southside Bancshares, Inc. | 2,244 | 79,348 | ||||||
| Stock Yards Bancorp, Inc. | 1,079 | 73,383 | ||||||
| Texas Capital Bancshares, Inc. (a) | 903 | 53,304 | ||||||
| The Bancorp, Inc. (a) | 1,619 | 35,586 | ||||||
| Tompkins Financial Corp. (b) | 1,121 | 81,407 | ||||||
| Towne Bank | 2,733 | 73,326 | ||||||
| TriCo Bancshares | 1,501 | 67,020 | ||||||
| Triumph Bancorp, Inc. (a) | 583 | 31,686 | ||||||
| Trustmark Corp. | 2,542 | 77,861 | ||||||
| Veritex Holdings, Inc. | 1,897 | 50,441 | ||||||
| Washington Federal, Inc. | 2,358 | 70,693 | ||||||
| WesBanco, Inc. | 2,183 | 72,847 | ||||||
| Westamerica Bancorp | 1,674 | 87,533 | ||||||
| 3,511,799 | ||||||||
| Capital Markets (3.0%): | ||||||||
| Artisan Partners Asset Management, Inc., Class A | 1,485 | 39,991 | ||||||
| AssetMark Financial Holdings, Inc. (a) | 3,104 | 56,772 | ||||||
| BGC Partners, Inc., Class A | 12,360 | 38,810 | ||||||
| Bridge Investment Group Holdings, Inc., Class A | 2,787 | 40,412 | ||||||
| Donnelley Financial Solutions, Inc. (a) | 841 | 31,092 | ||||||
| GCM Grosvenor, Inc., Class A (b) | 7,849 | 61,929 | ||||||
| Moelis & Co., Class A | 1,230 | 41,586 | ||||||
| Open Lending Corp., Class A (a) | 2,842 | 22,850 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares US Small Cap Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| P10, Inc., Class A | 4,041 | $ | 42,511 | |||||
| Piper Sandler Cos. | 406 | 42,524 | ||||||
| PJT Partners, Inc., Class A | 867 | 57,933 | ||||||
| StepStone Group, Inc., Class A | 1,515 | 37,133 | ||||||
| StoneX Group, Inc. (a) | 644 | 53,413 | ||||||
| Victory Capital Holdings, Inc., Class A (d) | 1,732 | 40,373 | ||||||
| Virtus Investment Partners, Inc. | 228 | 36,371 | ||||||
| 643,700 | ||||||||
| Communication Services (4.1%): | ||||||||
| Advantage Solutions, Inc. (a) | 9,095 | 19,372 | ||||||
| AMC Networks, Inc., Class A (a) | 1,201 | 24,380 | ||||||
| Cars.com, Inc. (a) | 3,097 | 35,615 | ||||||
| Cogent Communications Holdings, Inc. | 1,144 | 59,671 | ||||||
| EchoStar Corp., Class A (a) | 2,657 | 43,761 | ||||||
| Gogo, Inc. (a) | 2,500 | 30,300 | ||||||
| Gray Television, Inc. | 2,416 | 34,597 | ||||||
| iHeartMedia, Inc., Class A (a) | 3,388 | 24,834 | ||||||
| John Wiley & Sons, Inc., Class A | 1,423 | 53,448 | ||||||
| PubMatic, Inc., Class A (a) | 1,175 | 19,540 | ||||||
| Scholastic Corp. | 1,251 | 38,481 | ||||||
| Sciplay Corp., Class A (a) | 3,500 | 41,160 | ||||||
| Shenandoah Telecommunications Co. | 1,927 | 32,798 | ||||||
| Shutterstock, Inc. | 709 | 35,571 | ||||||
| Sinclair Broadcast Group, Inc., Class A | 1,753 | 31,712 | ||||||
| Stagwell, Inc. (a) | 5,709 | 39,678 | ||||||
| TechTarget, Inc. (a) | 565 | 33,448 | ||||||
| Telephone & Data Systems, Inc. | 3,217 | 44,716 | ||||||
| The EW Scripps Co., Class A (a) | 3,047 | 34,340 | ||||||
| Thryv Holdings, Inc. (a) | 1,717 | 39,199 | ||||||
| United States Cellular Corp. (a) | 2,164 | 56,329 | ||||||
| WideOpenWest, Inc. (a) | 2,343 | 28,749 | ||||||
| Yelp, Inc. (a) | 1,142 | 38,725 | ||||||
| ZipRecruiter, Inc. (a) | 1,795 | 29,617 | ||||||
| 870,041 | ||||||||
| Consumer Discretionary (14.0%): | ||||||||
| Accel Entertainment, Inc. (a) | 4,635 | 36,199 | ||||||
| American Eagle Outfitters, Inc. | 2,865 | 27,876 | ||||||
| Arhaus, Inc. (a) | 2,702 | 19,049 | ||||||
| Arko Corp. | 4,658 | 43,739 | ||||||
| Bloomin' Brands, Inc. | 1,699 | 31,143 | ||||||
| Boot Barn Holdings, Inc. (a) | 466 | 27,242 | ||||||
| Brinker International, Inc. (a) | 1,195 | 29,851 | ||||||
| Caleres, Inc. | 1,122 | 27,175 | ||||||
| Camping World Holdings, Inc., Class A | 1,199 | 30,359 | ||||||
| Carter's, Inc. | 659 | 43,184 | ||||||
| Cavco Industries, Inc. (a) | 171 | 35,185 | ||||||
| Century Communities, Inc. | 790 | 33,796 | ||||||
| Chegg, Inc. (a) | 1,309 | 27,581 | ||||||
| Cracker Barrel Old Country Store, Inc. | 425 | 39,347 | ||||||
| Cricut, Inc., Class A (a) | 4,332 | 40,114 | ||||||
| Dana, Inc. | 2,141 | 24,472 | ||||||
| Dave & Buster's Entertainment, Inc. (a) | 699 | 21,690 | ||||||
| Designer Brands, Inc., Class A | 1,937 | 29,655 | ||||||
| Dine Brands Global, Inc. | 546 | 34,704 | ||||||
| Dorman Products, Inc. (a) | 627 | 51,489 | ||||||
| Dream Finders Homes, Inc., Class A (a)(b) | 2,734 | 28,980 | ||||||
| European Wax Center, Inc., Class A | 1,321 | 24,372 | ||||||
| Everi Holdings, Inc. (a) | 2,047 | 33,202 | ||||||
| First Watch Restaurant Group, Inc. (a) | 2,028 | 29,365 | ||||||
| Franchise Group, Inc. | 1,117 | 27,143 | ||||||
| Frontdoor, Inc. (a) | 2,007 | 40,923 | ||||||
| Funko, Inc., Class A (a) | 1,290 | 26,084 | ||||||
| Gentherm, Inc. (a) | 621 | 30,882 | ||||||
| G-III Apparel Group Ltd. (a) | 1,674 | 25,026 | ||||||
| Golden Entertainment, Inc. (a) | 911 | 31,785 | ||||||
| GoPro, Inc., Class A (a) | 6,296 | 31,039 | ||||||
| Graham Holdings Co., Class B | 133 | 71,551 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares US Small Cap Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Grand Canyon Education, Inc. (a) | 738 | $ | 60,700 | |||||
| Green Brick Partners, Inc. (a) | 1,423 | 30,424 | ||||||
| Group 1 Automotive, Inc. | 236 | 33,717 | ||||||
| Guess?, Inc. (b) | 1,806 | 26,494 | ||||||
| Helen of Troy Ltd. (a) | 408 | 39,348 | ||||||
| Installed Building Products, Inc. | 411 | 33,287 | ||||||
| Jack in the Box, Inc. | 573 | 42,442 | ||||||
| KB Home | 1,272 | 32,970 | ||||||
| Kontoor Brands, Inc. | 1,027 | 34,517 | ||||||
| La-Z-Boy, Inc. | 1,631 | 36,812 | ||||||
| LCI Industries | 323 | 32,772 | ||||||
| Leslie's, Inc. (a) | 2,589 | 38,084 | ||||||
| LGI Homes, Inc. (a) | 383 | 31,165 | ||||||
| M/I Homes, Inc. (a) | 950 | 34,419 | ||||||
| Malibu Boats, Inc., Class A (a) | 683 | 32,777 | ||||||
| MarineMax, Inc. (a) | 1,033 | 30,773 | ||||||
| MDC Holdings, Inc. | 1,333 | 36,551 | ||||||
| Meritage Homes Corp. (a) | 527 | 37,032 | ||||||
| Modine Manufacturing Co. (a) | 2,122 | 27,459 | ||||||
| Monarch Casino & Resort, Inc. (a) | 660 | 37,052 | ||||||
| Monro, Inc. | 975 | 42,374 | ||||||
| National Vision Holdings, Inc. (a) | 992 | 32,389 | ||||||
| Nordstrom, Inc. | 1,395 | 23,338 | ||||||
| OneSpaWorld Holdings Ltd. (a) | 4,347 | 36,515 | ||||||
| Overstock.com, Inc. (a) | 833 | 20,284 | ||||||
| Oxford Industries, Inc. | 434 | 38,965 | ||||||
| Papa John's International, Inc. | 608 | 42,566 | ||||||
| Patrick Industries, Inc. | 730 | 32,003 | ||||||
| Perdoceo Education Corp. (a) | 5,434 | 55,970 | ||||||
| Playa Hotels & Resorts NV (a) | 5,970 | 34,745 | ||||||
| Qurate Retail, Inc., Class A | 8,362 | 16,808 | ||||||
| Rent-A-Center, Inc. | 1,116 | 19,541 | ||||||
| Revolve Group, Inc. (a) | 1,067 | 23,143 | ||||||
| Sally Beauty Holdings, Inc. (a) | 2,533 | 31,916 | ||||||
| Six Flags Entertainment Corp. (a) | 1,371 | 24,267 | ||||||
| Sleep Number Corp. (a) | 746 | 25,222 | ||||||
| Solid Power, Inc. (a) | 3,471 | 18,257 | ||||||
| Sonic Automotive, Inc., Class A | 737 | 31,912 | ||||||
| Sonos, Inc. (a) | 1,960 | 27,244 | ||||||
| Standard Motor Products, Inc. | 1,443 | 46,898 | ||||||
| Steven Madden Ltd. | 1,513 | 40,352 | ||||||
| Strategic Education, Inc. | 681 | 41,820 | ||||||
| Stride, Inc. (a) | 939 | 39,466 | ||||||
| Sturm Ruger & Co., Inc. | 1,214 | 61,659 | ||||||
| Target Hospitality Corp. (a) | 1,526 | 19,258 | ||||||
| Taylor Morrison Home Corp. (a) | 1,509 | 35,190 | ||||||
| The Buckle, Inc. | 1,147 | 36,314 | ||||||
| The Cheesecake Factory, Inc. | 1,143 | 33,467 | ||||||
| TravelCenters of America, Inc. (a) | 607 | 32,736 | ||||||
| Tri Pointe Homes, Inc. (a) | 2,402 | 36,294 | ||||||
| Urban Outfitters, Inc. (a) | 1,720 | 33,798 | ||||||
| Victoria's Secret & Co. (a) | 886 | 25,800 | ||||||
| Vista Outdoor, Inc. (a) | 1,518 | 36,918 | ||||||
| Vivid Seats, Inc., Class A (b) | 3,580 | 27,423 | ||||||
| Winnebago Industries, Inc. | 618 | 32,884 | ||||||
| Wolverine World Wide, Inc. | 2,068 | 31,827 | ||||||
| XPEL, Inc. (a) | 452 | 29,127 | ||||||
| 2,981,687 | ||||||||
| Consumer Finance (1.5%): | ||||||||
| Bread Financial Holdings, Inc. | 938 | 29,500 | ||||||
| Encore Capital Group, Inc. (a) | 955 | 43,433 | ||||||
| Enova International, Inc. (a) | 1,171 | 34,275 | ||||||
| Green Dot Corp., Class A (a) | 1,850 | 35,113 | ||||||
| LendingClub Corp. (a) | 1,808 | 19,978 | ||||||
| Navient Corp. | 2,755 | 40,471 | ||||||
| PRA Group, Inc. (a) | 2,406 | 79,061 | ||||||
| PROG Holdings, Inc. (a) | 1,516 | 22,710 | ||||||
| Upstart Holdings, Inc. (a)(b) | 498 | 10,354 | ||||||
| 314,895 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares US Small Cap Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Consumer Staples (6.9%): | ||||||||
| B&G Foods, Inc. (b) | 2,409 | $ | 39,724 | |||||
| Cal-Maine Foods, Inc. | 1,054 | 58,592 | ||||||
| Central Garden & Pet Co., Class A (a) | 1,729 | 59,063 | ||||||
| e.l.f. Beauty, Inc. (a) | 1,107 | 41,645 | ||||||
| Edgewell Personal Care Co. | 1,319 | 49,331 | ||||||
| Energizer Holdings, Inc. | 1,899 | 47,741 | ||||||
| Fresh Del Monte Produce, Inc. | 2,219 | 51,570 | ||||||
| Herbalife Nutrition Ltd. (a) | 1,379 | 27,428 | ||||||
| Ingles Markets, Inc., Class A | 678 | 53,704 | ||||||
| Inter Parfums, Inc. | 683 | 51,539 | ||||||
| J & J Snack Foods Corp. | 468 | 60,592 | ||||||
| John B Sanfilippo & Son, Inc. | 861 | 65,204 | ||||||
| Medifast, Inc. | 306 | 33,158 | ||||||
| MGP Ingredients, Inc. | 509 | 54,035 | ||||||
| Mission Produce, Inc. (a) | 3,363 | 48,629 | ||||||
| Nu Skin Enterprises, Inc., Class A | 1,116 | 37,241 | ||||||
| PriceSmart, Inc. | 955 | 54,999 | ||||||
| SpartanNash Co. | 1,732 | 50,263 | ||||||
| Spectrum Brands Holdings, Inc. | 869 | 33,917 | ||||||
| The Andersons, Inc. | 927 | 28,765 | ||||||
| The Chefs' Warehouse, Inc. (a) | 1,187 | 34,387 | ||||||
| The Duckhorn Portfolio, Inc. (a) | 3,040 | 43,867 | ||||||
| The Hain Celestial Group, Inc. (a) | 2,189 | 36,950 | ||||||
| The Vita Coco Co., Inc. (a) | 1,736 | 19,773 | ||||||
| Tootsie Roll Industries, Inc. | 1,980 | 65,894 | ||||||
| United Natural Foods, Inc. (a) | 1,013 | 34,817 | ||||||
| Universal Corp. | 1,395 | 64,226 | ||||||
| USANA Health Sciences, Inc. (a) | 909 | 50,949 | ||||||
| Utz Brands, Inc. | 2,701 | 40,785 | ||||||
| Vector Group Ltd. | 4,650 | 40,967 | ||||||
| WD-40 Co. | 249 | 43,759 | ||||||
| Weis Markets, Inc. | 807 | 57,491 | ||||||
| 1,481,005 | ||||||||
| Diversified Financial Services (0.3%): | ||||||||
| Compass Diversified Holdings | 2,215 | 40,003 | ||||||
| Jackson Financial, Inc., Class A | 1,088 | 30,192 | ||||||
| 70,195 | ||||||||
| Energy (2.7%): | ||||||||
| Arch Resources, Inc. | 188 | 22,297 | ||||||
| Archrock, Inc. | 6,275 | 40,286 | ||||||
| Brigham Minerals, Inc. | 1,379 | 34,020 | ||||||
| Bristow Group, Inc. (a) | 1,376 | 32,322 | ||||||
| Callon Petroleum Co. (a) | 609 | 21,321 | ||||||
| CONSOL Energy, Inc. | 364 | 23,413 | ||||||
| Delek U.S. Holdings, Inc. | 1,011 | 27,439 | ||||||
| Earthstone Energy, Inc., Class A (a) | 1,638 | 20,180 | ||||||
| Laredo Petroleum, Inc. (a) | 282 | 17,724 | ||||||
| NexTier Oilfield Solutions, Inc. (a) | 2,596 | 19,210 | ||||||
| Noble Corp. PLC (a) | 1,177 | 34,816 | ||||||
| Northern Oil and Gas, Inc. | 916 | 25,108 | ||||||
| Par Pacific Holdings, Inc. (a) | 1,745 | 28,635 | ||||||
| Permian Resources Corp. (a) | 3,443 | 23,412 | ||||||
| Ranger Oil Corp. | 632 | 19,876 | ||||||
| RPC, Inc. | 3,265 | 22,626 | ||||||
| Select Energy Services, Inc., Class A (a) | 4,213 | 29,365 | ||||||
| SilverBow Resources, Inc. (a) | 639 | 17,176 | ||||||
| Sitio Royalties Corp. | 1,549 | 34,248 | ||||||
| Talos Energy, Inc. (a) | 1,256 | 20,912 | ||||||
| W&T Offshore, Inc. (a) | 3,306 | 19,373 | ||||||
| World Fuel Services Corp. | 1,565 | 36,684 | ||||||
| 570,443 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares US Small Cap Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Health Care (8.6%): | ||||||||
| AdaptHealth Corp. (a) | 1,601 | $ | 30,067 | |||||
| Addus HomeCare Corp. (a) | 522 | 49,715 | ||||||
| Agiliti, Inc. (a) | 2,411 | 34,501 | ||||||
| Alector, Inc. (a) | 2,660 | 25,164 | ||||||
| Allscripts Healthcare Solutions, Inc. (a) | 2,696 | 41,060 | ||||||
| Amphastar Pharmaceuticals, Inc. (a) | 1,110 | 31,191 | ||||||
| Apollo Medical Holdings, Inc. (a) | 609 | 23,751 | ||||||
| Arcus Biosciences, Inc. (a) | 1,012 | 26,474 | ||||||
| AtriCure, Inc. (a) | 788 | 30,811 | ||||||
| Atrion Corp. | 89 | 50,285 | ||||||
| Avid Bioservices, Inc. (a) | 1,693 | 32,370 | ||||||
| Catalyst Pharmaceuticals, Inc. (a) | 2,305 | 29,573 | ||||||
| Corcept Therapeutics, Inc. (a) | 1,470 | 37,691 | ||||||
| CorVel Corp. (a) | 343 | 47,482 | ||||||
| Cross Country Healthcare, Inc. (a) | 1,103 | 31,292 | ||||||
| DocGo, Inc. (a)(b) | 2,611 | 25,901 | ||||||
| Dynavax Technologies Corp. (a) | 2,310 | 24,116 | ||||||
| Embecta Corp. | 852 | 24,529 | ||||||
| Emergent BioSolutions, Inc. (a) | 1,261 | 26,468 | ||||||
| Enhabit, Inc. (a) | 1,379 | 19,361 | ||||||
| Enovis Corp. (a) | 1,018 | 46,899 | ||||||
| Figs, Inc., Class A (a) | 1,924 | 15,873 | ||||||
| Fulgent Genetics, Inc. (a) | 744 | 28,361 | ||||||
| Harmony Biosciences Holdings, Inc. (a) | 774 | 34,281 | ||||||
| Innoviva, Inc. (a) | 3,777 | 43,851 | ||||||
| Integer Holdings Corp. (a) | 908 | 56,505 | ||||||
| Ironwood Pharmaceuticals, Inc. (a) | 5,565 | 57,653 | ||||||
| iTeos Therapeutics, Inc. (a) | 1,173 | 22,346 | ||||||
| LeMaitre Vascular, Inc. | 1,013 | 51,339 | ||||||
| Multiplan Corp. (a) | 7,521 | 21,510 | ||||||
| National HealthCare Corp. | 1,160 | 73,474 | ||||||
| National Research Corp. | 1,554 | 61,849 | ||||||
| Neogen Corp. (a) | 2,511 | 35,079 | ||||||
| Owens & Minor, Inc. | 1,355 | 32,656 | ||||||
| Pacira BioSciences, Inc. (a) | 957 | 50,903 | ||||||
| Patterson Cos., Inc. | 2,183 | 52,436 | ||||||
| Pediatrix Medical Group, Inc. (a) | 2,575 | 42,513 | ||||||
| Prestige Consumer Healthcare, Inc. (a) | 1,316 | 65,576 | ||||||
| Prothena Corp. PLC (a) | 1,006 | 60,994 | ||||||
| RadNet, Inc. (a) | 1,987 | 40,436 | ||||||
| REGENXBIO, Inc. (a) | 1,007 | 26,615 | ||||||
| Senseonics Holdings, Inc. (a) | 10,198 | 13,461 | ||||||
| SIGA Technologies, Inc. | 1,020 | 10,506 | ||||||
| Simulations Plus, Inc. | 659 | 31,988 | ||||||
| Supernus Pharmaceuticals, Inc. (a) | 1,543 | 52,231 | ||||||
| Syndax Pharmaceuticals, Inc. (a) | 1,396 | 33,546 | ||||||
| U.S. Physical Therapy, Inc. | 501 | 38,086 | ||||||
| Varex Imaging Corp. (a) | 2,603 | 55,027 | ||||||
| Xencor, Inc. (a) | 1,442 | 37,463 | ||||||
| 1,835,259 | ||||||||
| Industrials (18.8%): | ||||||||
| 3D Systems Corp. (a) | 2,942 | 23,477 | ||||||
| AAR Corp. (a) | 1,259 | 45,097 | ||||||
| AerSale Corp. (a) | 2,153 | 39,917 | ||||||
| Air Transport Services Group, Inc. (a) | 1,735 | 41,796 | ||||||
| Alamo Group, Inc. | 519 | 63,458 | ||||||
| Albany International Corp. | 713 | 56,206 | ||||||
| Allegiant Travel Co. (a) | 403 | 29,411 | ||||||
| Altra Industrial Motion Corp. | 1,119 | 37,621 | ||||||
| Apogee Enterprises, Inc. | 1,238 | 47,316 | ||||||
| ArcBest Corp. | 412 | 29,965 | ||||||
| Arcosa, Inc. | 849 | 48,546 | ||||||
| Astec Industries, Inc. | 1,143 | 35,650 | ||||||
| AZZ, Inc. | 1,571 | 57,357 | ||||||
| Barnes Group, Inc. | 1,920 | 55,450 | ||||||
| Boise Cascade Co. | 502 | 29,849 | ||||||
| Brady Corp., Class A | 1,534 | 64,014 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares US Small Cap Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| BrightView Holdings, Inc. (a) | 4,449 | $ | 35,325 | |||||
| CBIZ, Inc. (a) | 1,562 | 66,822 | ||||||
| Columbus McKinnon Corp. | 1,549 | 40,522 | ||||||
| Construction Partners, Inc., Class A (a) | 1,235 | 32,394 | ||||||
| CoreCivic, Inc. (a) | 4,090 | 36,156 | ||||||
| CSW Industrials, Inc. | 545 | 65,291 | ||||||
| Deluxe Corp. | 2,671 | 44,472 | ||||||
| Encore Wire Corp. | 258 | 29,809 | ||||||
| Energy Recovery, Inc. (a) | 2,379 | 51,719 | ||||||
| Enerpac Tool Group Corp. | 2,771 | 49,407 | ||||||
| EnerSys | 855 | 49,735 | ||||||
| EnPro Industries, Inc. | 592 | 50,308 | ||||||
| Esab Corp. | 972 | 32,426 | ||||||
| ESCO Technologies, Inc. | 729 | 53,538 | ||||||
| Federal Signal Corp. | 1,641 | 61,242 | ||||||
| First Advantage Corp. (a) | 3,410 | 43,750 | ||||||
| Forrester Research, Inc. (a) | 1,484 | 53,439 | ||||||
| Forward Air Corp. | 506 | 45,672 | ||||||
| Gibraltar Industries, Inc. (a) | 1,021 | 41,790 | ||||||
| Global Industrial Co. | 1,412 | 37,884 | ||||||
| GMS, Inc. (a) | 857 | 34,289 | ||||||
| GrafTech International Ltd. | 6,677 | 28,778 | ||||||
| Granite Construction, Inc. | 2,055 | 52,176 | ||||||
| Griffon Corp. | 1,076 | 31,764 | ||||||
| H&E Equipment Services, Inc. | 1,197 | 33,923 | ||||||
| Hayward Holdings, Inc. (a) | 3,322 | 29,466 | ||||||
| Healthcare Services Group | 2,926 | 35,375 | ||||||
| Heartland Express, Inc. | 4,994 | 71,464 | ||||||
| Helios Technologies, Inc. | 799 | 40,429 | ||||||
| Heritage-Crystal Clean, Inc. (a) | 1,791 | 52,960 | ||||||
| Hillenbrand, Inc. | 1,403 | 51,518 | ||||||
| HireRight Holdings Corp. (a) | 1,783 | 27,209 | ||||||
| HNI Corp. | 1,728 | 45,809 | ||||||
| Hub Group, Inc., Class A (a) | 628 | 43,319 | ||||||
| Huron Consulting Group, Inc. (a) | 896 | 59,360 | ||||||
| ICF International, Inc. | 700 | 76,314 | ||||||
| Janus International Group, Inc. (a) | 3,478 | 31,024 | ||||||
| JELD-WEN Holding, Inc. (a) | 3,070 | 26,863 | ||||||
| Kadant, Inc. | 316 | 52,712 | ||||||
| Kaman Corp. | 1,585 | 44,269 | ||||||
| Kennametal, Inc. | 2,143 | 44,103 | ||||||
| Kforce, Inc. | 930 | 54,545 | ||||||
| Lindsay Corp. | 330 | 47,282 | ||||||
| Marten Transport Ltd. | 2,478 | 47,479 | ||||||
| Matson, Inc. | 512 | 31,498 | ||||||
| Maxar Technologies, Inc. | 1,299 | 24,317 | ||||||
| McGrath RentCorp | 851 | 71,365 | ||||||
| Mercury Systems, Inc. (a) | 858 | 34,835 | ||||||
| Moog, Inc., Class A | 873 | 61,416 | ||||||
| Mueller Water Products, Inc., Class A | 5,511 | 56,598 | ||||||
| MYR Group, Inc. (a) | 621 | 52,617 | ||||||
| NOW, Inc. (a) | 3,394 | 34,110 | ||||||
| NV5 Global, Inc. (a) | 381 | 47,175 | ||||||
| PGT Innovations, Inc. (a) | 2,267 | 47,516 | ||||||
| Primoris Services Corp. | 2,384 | 38,740 | ||||||
| Proto Labs, Inc. (a) | 1,067 | 38,871 | ||||||
| Rush Enterprises, Inc., Class A | 1,267 | 55,571 | ||||||
| SkyWest, Inc. (a) | 1,571 | 25,544 | ||||||
| SPX Technologies, Inc. (a) | 1,037 | 57,263 | ||||||
| Standex International Corp. | 762 | 62,217 | ||||||
| Steelcase, Inc., Class A | 5,196 | 33,878 | ||||||
| Sun Country Airlines Holdings, Inc. (a) | 1,691 | 23,015 | ||||||
| Tennant Co. | 1,090 | 61,650 | ||||||
| Terex Corp. | 1,276 | 37,948 | ||||||
| The AZEK Co., Inc. (a) | 1,539 | 25,578 | ||||||
| The Brink's Co. | 1,148 | 55,609 | ||||||
| The Greenbrier Cos., Inc. | 1,629 | 39,536 | ||||||
| The Shyft Group, Inc. | 1,526 | 31,176 | ||||||
| Titan International, Inc. (a) | 1,725 | 20,942 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares US Small Cap Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Trinity Industries, Inc. | 2,218 | $ | 47,354 | |||||
| Universal Logistics Holdings, Inc. | 1,128 | 35,780 | ||||||
| V2X, Inc. (a) | 927 | 32,816 | ||||||
| Veritiv Corp. (a) | 293 | 28,647 | ||||||
| Wabash National Corp. | 2,462 | 38,309 | ||||||
| Werner Enterprises, Inc. | 1,614 | 60,686 | ||||||
| 4,001,838 | ||||||||
| Information Technology (9.1%): | ||||||||
| A10 Networks, Inc. | 2,718 | 36,068 | ||||||
| ACI Worldwide, Inc. (a) | 2,296 | 47,986 | ||||||
| ACM Research, Inc., Class A (a) | 1,349 | 16,809 | ||||||
| Agilysys, Inc. (a) | 780 | 43,173 | ||||||
| Alpha & Omega Semiconductor Ltd. (a) | 586 | 18,025 | ||||||
| Avid Technology, Inc. (a) | 1,107 | 25,749 | ||||||
| Axcelis Technologies, Inc. (a) | 381 | 23,073 | ||||||
| Badger Meter, Inc. | 606 | 55,988 | ||||||
| Belden, Inc. | 725 | 43,515 | ||||||
| Benchmark Electronics, Inc. | 2,251 | 55,780 | ||||||
| Clearfield, Inc. (a) | 218 | 22,812 | ||||||
| Cohu, Inc. (a) | 1,247 | 32,148 | ||||||
| CommVault Systems, Inc. (a) | 959 | 50,865 | ||||||
| Conduent, Inc. (a) | 8,921 | 29,796 | ||||||
| Consensus Cloud Solutions, Inc. (a) | 736 | 34,813 | ||||||
| CSG Systems International, Inc. | 1,105 | 58,432 | ||||||
| Digi International, Inc. (a) | 1,337 | 46,220 | ||||||
| Digital Turbine, Inc. (a) | 1,114 | 16,053 | ||||||
| Ebix, Inc. | 723 | 13,715 | ||||||
| ePlus, Inc. (a) | 1,070 | 44,448 | ||||||
| EVERTEC, Inc. | 1,857 | 58,217 | ||||||
| Extreme Networks, Inc. (a) | 2,292 | 29,956 | ||||||
| FormFactor, Inc. (a) | 1,147 | 28,732 | ||||||
| Harmonic, Inc. (a) | 3,852 | 50,346 | ||||||
| Ichor Holdings Ltd. (a) | 901 | 21,813 | ||||||
| InterDigital, Inc. | 1,188 | 48,019 | ||||||
| International Money Express, Inc. (a) | 2,234 | 50,913 | ||||||
| MaxLinear, Inc. (a) | 777 | 25,346 | ||||||
| Methode Electronics, Inc. | 1,461 | 54,276 | ||||||
| N-able, Inc. (a) | 3,753 | 34,640 | ||||||
| Napco Security Technologies, Inc. (a) | 1,504 | 43,736 | ||||||
| NetScout Systems, Inc. (a) | 1,953 | 61,168 | ||||||
| OSI Systems, Inc. (a) | 905 | 65,214 | ||||||
| Paya Holdings, Inc. (a) | 4,710 | 28,778 | ||||||
| Paymentus Holdings, Inc., Class A (a) | 1,935 | 18,808 | ||||||
| Payoneer Global, Inc. (a) | 3,499 | 21,169 | ||||||
| PC Connection, Inc. | 1,191 | 53,702 | ||||||
| Perficient, Inc. (a) | 467 | 30,364 | ||||||
| Photronics, Inc. (a) | 1,647 | 24,079 | ||||||
| Plexus Corp. (a) | 626 | 54,813 | ||||||
| Progress Software Corp. | 1,210 | 51,486 | ||||||
| Sanmina Corp. (a) | 1,149 | 52,946 | ||||||
| Semtech Corp. (a) | 890 | 26,175 | ||||||
| SiTime Corp. (a) | 187 | 14,723 | ||||||
| SMART Global Holdings, Inc. (a) | 1,855 | 29,439 | ||||||
| TaskUS, Inc., Class A (a) | 1,368 | 22,025 | ||||||
| TTEC Holdings, Inc. | 786 | 34,828 | ||||||
| TTM Technologies, Inc. (a) | 2,479 | 32,673 | ||||||
| Ultra Clean Holdings, Inc. (a) | 1,044 | 26,883 | ||||||
| Veeco Instruments, Inc. (a) | 1,797 | 32,921 | ||||||
| Verra Mobility Corp. (a) | 3,136 | 48,200 | ||||||
| Vishay Intertechnology, Inc. | 2,838 | 50,488 | ||||||
| 1,942,344 | ||||||||
| Insurance (2.2%): | ||||||||
| CNO Financial Group, Inc. | 3,048 | 54,773 | ||||||
| Employers Holdings, Inc. | 2,027 | 69,911 | ||||||
| Genworth Financial, Inc. (a) | 12,520 | 43,820 | ||||||
| Goosehead Insurance, Inc., Class A (a)(b) | 455 | 16,216 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares US Small Cap Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Horace Mann Educators Corp. | 1,875 | $ | 66,169 | |||||
| Palomar Holdings, Inc. (a) | 485 | 40,604 | ||||||
| ProAssurance Corp. | 2,862 | 55,838 | ||||||
| Safety Insurance Group, Inc. | 993 | 80,989 | ||||||
| Stewart Information Services Corp. | 1,139 | 49,706 | ||||||
| 478,026 | ||||||||
| Materials (4.7%): | ||||||||
| AdvanSix, Inc. | 987 | 31,683 | ||||||
| Alpha Metallurgical Resources, Inc. | 152 | 20,800 | ||||||
| Arconic Corp. (a) | 1,526 | 26,003 | ||||||
| Chase Corp. | 782 | 65,352 | ||||||
| Ecovyst, Inc. (a) | 4,588 | 38,723 | ||||||
| Hawkins, Inc. | 1,403 | 54,703 | ||||||
| Hecla Mining Co. | 7,762 | 30,582 | ||||||
| Ingevity Corp. (a) | 734 | 44,502 | ||||||
| Innospec, Inc. | 723 | 61,939 | ||||||
| Materion Corp. | 602 | 48,160 | ||||||
| Mativ Holdings, Inc. | 2,010 | 44,381 | ||||||
| Minerals Technologies, Inc. | 1,042 | 51,485 | ||||||
| NewMarket Corp. | 232 | 69,793 | ||||||
| O-I Glass, Inc. (a) | 2,951 | 38,215 | ||||||
| Origin Materials, Inc. (a) | 4,900 | 25,284 | ||||||
| Orion Engineered Carbons SA | 2,490 | 33,242 | ||||||
| Pactiv Evergreen, Inc. | 3,947 | 34,457 | ||||||
| Ryerson Holding Corp. | 949 | 24,427 | ||||||
| Schnitzer Steel Industries, Inc. | 1,066 | 30,338 | ||||||
| Stepan Co. | 694 | 65,007 | ||||||
| Sylvamo Corp. | 778 | 26,374 | ||||||
| TriMas Corp. | 2,428 | 60,870 | ||||||
| Trinseo PLC | 1,265 | 23,175 | ||||||
| Warrior Met Coal, Inc. | 1,073 | 30,516 | ||||||
| Worthington Industries, Inc. | 871 | 33,220 | ||||||
| 1,013,231 | ||||||||
| Real Estate (1.4%): | ||||||||
| Anywhere Real Estate, Inc. (a) | 3,696 | 29,975 | ||||||
| eXp World Holdings, Inc. (b) | 1,837 | 20,593 | ||||||
| Kennedy-Wilson Holdings, Inc. | 3,914 | 60,510 | ||||||
| Marcus & Millichap, Inc. | 1,355 | 44,417 | ||||||
| Newmark Group, Inc., Class A | 3,909 | 31,506 | ||||||
| The RMR Group, Inc., Class A | 2,724 | 64,532 | ||||||
| The St. Joe Co. | 1,236 | 39,589 | ||||||
| 291,122 | ||||||||
| Thrifts & Mortgage Finance (2.7%): | ||||||||
| Axos Financial, Inc. (a) | 1,142 | 39,091 | ||||||
| Capitol Federal Financial, Inc. | 10,524 | 87,349 | ||||||
| Columbia Financial, Inc. (a) | 3,651 | 77,146 | ||||||
| Federal Agricultural Mortgage Corp., Class C | 580 | 57,501 | ||||||
| Merchants Bancorp | 2,350 | 54,214 | ||||||
| NMI Holdings, Inc., Class A (a) | 2,304 | 46,932 | ||||||
| Northwest Bancshares, Inc. | 6,530 | 88,220 | ||||||
| PennyMac Financial Services, Inc. | 994 | 42,643 | ||||||
| Provident Financial Services, Inc. | 3,951 | 77,045 | ||||||
| 570,141 | ||||||||
| Utilities (2.9%): | ||||||||
| Altus Power, Inc. (a) | 2,377 | 26,171 | ||||||
| Avista Corp. | 2,134 | 79,065 | ||||||
| Chesapeake Utilities Corp. | 613 | 70,734 | ||||||
| MGE Energy, Inc. | 1,180 | 77,443 | ||||||
| Middlesex Water Co. | 717 | 55,352 | ||||||
| Montauk Renewables, Inc. (a) | 1,657 | 28,898 | ||||||
| Northwest Natural Holding Co. | 1,555 | 67,456 | ||||||
| NorthWestern Corp. | 1,587 | 78,207 | ||||||
| SJW Group | 1,283 | 73,901 | ||||||
| Unitil Corp. | 1,121 | 52,071 | ||||||
| 609,298 | ||||||||
| Total Common Stocks (Cost $22,876,232) | 21,185,024 | |||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares US Small Cap Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Collateral for Securities Loaned (0.7%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (c) | 3,327 | $ | 3,327 | |||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (c) | 2,239 | 2,239 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (c) | 1,660 | 1,660 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (c) | 75,595 | 75,595 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (c) | 3,315 | 3,315 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (c) | 9,001 | 9,001 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (c) | 59,526 | 59,526 | ||||||
| Total Collateral for Securities Loaned (Cost $154,663) | 154,663 | |||||||
| Total Investments (Cost $23,030,895) — 100.1% | 21,339,687 | |||||||
| Liabilities in excess of other assets — (0.1)% | (30,628 | ) | ||||||
| NET ASSETS - 100.00% | $ | 21,309,059 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Rate disclosed is the daily yield on September 30, 2022. |
| (d) | Affiliated security. |
PLC—Public Limited Company
Futures Contracts Purchased
| Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||
| E-Mini Russell 2000 Index Futures | 1 | 12/16/22 | $ | 94,512 | $ | 83,490 | $ | (11,022 | ) | |||||||
| Total unrealized appreciation | $ | – | ||||||||||||||
| Total unrealized depreciation | (11,022 | ) | ||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | (11,022 | ) | |||||||||||||
Affiliated Holdings
| Net Change | ||||||||||||||||||||||||||||||||
| Proceeds | Capital | in Unrealized | ||||||||||||||||||||||||||||||
| Fair Value | Purchases | from | Realized | Gain | Appreciation/ | Fair Value | Dividend | |||||||||||||||||||||||||
| US Small Cap Volatility Wtd ETF | 6/30/2022 | at Cost | Sales | Gains(Losses) | Distribution | Depreciation | 9/30/22 | Income | ||||||||||||||||||||||||
| Victory Capital Holdings Inc. | $ | 35,620 | $ | 6,906 | $ | – | $ | – | $ | – | $ | (2,153 | ) | $ | 40,373 | $ | 370 | |||||||||||||||
| Victory Portfolios II | Schedule of Portfolio Investments |
| VictoryShares International Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (99.0%) | ||||||||
| Australia (5.8%): | ||||||||
| Communication Services (0.5%): | ||||||||
| REA Group Ltd. | 1,346 | $ | 98,859 | |||||
| Telstra Corp. Ltd. | 105,252 | 259,139 | ||||||
| 357,998 | ||||||||
| Consumer Discretionary (0.4%): | ||||||||
| Aristocrat Leisure Ltd. | 6,258 | 131,746 | ||||||
| Wesfarmers Ltd. | 6,055 | 165,419 | ||||||
| 297,165 | ||||||||
| Consumer Staples (0.7%): | ||||||||
| Coles Group Ltd. | 20,229 | 212,546 | ||||||
| Endeavour Group Ltd. | 34,534 | 154,592 | ||||||
| Woolworths Group Ltd. | 8,831 | 191,730 | ||||||
| 558,868 | ||||||||
| Energy (0.3%): | ||||||||
| Santos Ltd. | 27,569 | 125,000 | ||||||
| Woodside Energy Group Ltd. | 5,586 | 113,097 | ||||||
| 238,097 | ||||||||
| Financials (1.9%): | ||||||||
| ASX Ltd. | 4,289 | 196,825 | ||||||
| Australia & New Zealand Banking Group Ltd. | 14,835 | 216,303 | ||||||
| Commonwealth Bank of Australia | 3,451 | 200,167 | ||||||
| Macquarie Group Ltd. | 1,379 | 134,697 | ||||||
| National Australia Bank Ltd. | 10,891 | 200,656 | ||||||
| QBE Insurance Group Ltd. | 20,554 | 151,554 | ||||||
| Suncorp Group Ltd. | 24,656 | 158,148 | ||||||
| Westpac Banking Corp. | 15,197 | 200,590 | ||||||
| 1,458,940 | ||||||||
| Health Care (0.7%): | ||||||||
| Cochlear Ltd. | 1,116 | 138,840 | ||||||
| CSL Ltd. | 910 | 165,866 | ||||||
| Ramsay Health Care Ltd. | 2,778 | 101,760 | ||||||
| Sonic Healthcare Ltd. | 8,266 | 161,649 | ||||||
| 568,115 | ||||||||
| Industrials (0.2%): | ||||||||
| Brambles Ltd. | 20,123 | 146,832 | ||||||
| Information Technology (0.3%): | ||||||||
| Computershare Ltd. | 9,629 | 152,466 | ||||||
| WiseTech Global Ltd. | 2,328 | 77,415 | ||||||
| 229,881 | ||||||||
| Materials (0.8%): | ||||||||
| BHP Group Ltd. | 5,400 | 133,021 | ||||||
| Fortescue Metals Group Ltd. | 9,086 | 97,733 | ||||||
| Newcrest Mining Ltd. | 11,836 | 128,070 | ||||||
| Rio Tinto Ltd. | 2,344 | 139,990 | ||||||
| South32 Ltd. | 43,957 | 102,041 | ||||||
| 600,855 | ||||||||
| 4,456,751 | ||||||||
| Austria (0.4%): | ||||||||
| Energy (0.2%): | ||||||||
| OMV AG | 2,784 | 101,947 | ||||||
| Financials (0.1%): | ||||||||
| Erste Group Bank AG | 4,277 | 94,885 | ||||||
| Utilities (0.1%): | ||||||||
| Verbund AG | 1,033 | 88,521 | ||||||
| 285,353 | ||||||||
| Belgium (0.8%): | ||||||||
| Consumer Staples (0.2%): | ||||||||
| Anheuser-Busch InBev SA | 3,390 | 155,281 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares International Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Financials (0.2%): | ||||||||
| KBC Group NV | 2,658 | $ | 126,739 | |||||
| Health Care (0.2%): | ||||||||
| UCB SA | 2,384 | 166,143 | ||||||
| Utilities (0.2%): | ||||||||
| Elia Group SA | 1,193 | 140,750 | ||||||
| 588,913 | ||||||||
| Canada (13.5%): | ||||||||
| Communication Services (1.0%): | ||||||||
| BCE, Inc. (a) | 6,911 | 289,810 | ||||||
| Rogers Communications, Inc., Class B | 5,562 | 214,273 | ||||||
| TELUS Corp. (a) | 13,430 | 266,713 | ||||||
| 770,796 | ||||||||
| Consumer Discretionary (0.6%): | ||||||||
| Dollarama, Inc. | 3,332 | 191,303 | ||||||
| Magna International, Inc. | 2,087 | 99,016 | ||||||
| Restaurant Brands International, Inc. | 3,537 | 188,169 | ||||||
| 478,488 | ||||||||
| Consumer Staples (1.3%): | ||||||||
| Alimentation Couche-Tard, Inc. | 3,904 | 157,183 | ||||||
| George Weston Ltd. | 2,100 | 219,898 | ||||||
| Loblaw Cos. Ltd. | 2,437 | 192,991 | ||||||
| Metro, Inc. | 5,237 | 262,267 | ||||||
| Saputo, Inc. | 7,377 | 175,880 | ||||||
| 1,008,219 | ||||||||
| Energy (1.7%): | ||||||||
| ARC Resources Ltd. | 6,916 | 83,070 | ||||||
| Cameco Corp. | 2,814 | 74,690 | ||||||
| Canadian Natural Resources Ltd. (a) | 2,368 | 110,239 | ||||||
| Cenovus Energy, Inc. | 5,408 | 83,086 | ||||||
| Enbridge, Inc. | 6,984 | 258,992 | ||||||
| Imperial Oil Ltd. (a) | 2,783 | 120,512 | ||||||
| Pembina Pipeline Corp. | 6,401 | 194,458 | ||||||
| Suncor Energy, Inc. | 3,829 | 107,840 | ||||||
| TC Energy Corp. | 4,917 | 198,075 | ||||||
| Tourmaline Oil Corp. | 1,969 | 102,342 | ||||||
| 1,333,304 | ||||||||
| Financials (3.9%): | ||||||||
| Bank of Montreal | 2,709 | 237,459 | ||||||
| Brookfield Asset Management, Inc., Class A | 3,431 | 140,375 | ||||||
| Canadian Imperial Bank of Commerce (a) | 5,135 | 224,777 | ||||||
| Fairfax Financial Holdings Ltd. | 379 | 173,116 | ||||||
| Great-West Lifeco, Inc. | 11,835 | 255,517 | ||||||
| Intact Financial Corp. | 1,967 | 278,402 | ||||||
| Manulife Financial Corp. (a) | 11,320 | 177,684 | ||||||
| National Bank of Canada (a) | 3,668 | 229,927 | ||||||
| Power Corp. of Canada | 10,397 | 234,331 | ||||||
| Royal Bank of Canada (a) | 3,061 | 275,627 | ||||||
| Sun Life Financial, Inc. | 5,982 | 237,903 | ||||||
| The Bank of Nova Scotia | 4,803 | 228,466 | ||||||
| The Toronto-Dominion Bank | 4,032 | 247,315 | ||||||
| 2,940,899 | ||||||||
| Industrials (1.5%): | ||||||||
| Canadian National Railway Co. | 1,797 | 194,089 | ||||||
| Canadian Pacific Railway Ltd. | 2,551 | 170,307 | ||||||
| TFI International, Inc. | 1,151 | 104,175 | ||||||
| Thomson Reuters Corp. | 2,378 | 244,136 | ||||||
| Waste Connections, Inc. (a) | 1,743 | 235,542 | ||||||
| WSP Global, Inc. (a) | 1,453 | 160,028 | ||||||
| 1,108,277 | ||||||||
| Information Technology (0.5%): | ||||||||
| CGI, Inc. (b) | 2,863 | 215,554 | ||||||
| Constellation Software, Inc. | 108 | 150,294 | ||||||
| 365,848 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares International Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Materials (1.4%): | ||||||||
| Aginco Eagle Mines Ltd. | 2,891 | $ | 122,154 | |||||
| Barrick Gold Corp. | 9,605 | 148,887 | ||||||
| CCL Industries, Inc. | 4,161 | 201,724 | ||||||
| First Quantum Minerals Ltd. | 4,415 | 74,958 | ||||||
| Franco-Nevada Corp. | 1,453 | 173,577 | ||||||
| Nutrien Ltd. | 1,300 | 108,427 | ||||||
| Teck Resources Ltd., Class B | 2,869 | 87,262 | ||||||
| Wheaton Precious Metals Corp. | 4,972 | 161,018 | ||||||
| 1,078,007 | ||||||||
| Utilities (1.6%): | ||||||||
| Algonquin Power & Utilities Corp. (a) | 22,857 | 249,719 | ||||||
| Emera, Inc. | 7,560 | 305,914 | ||||||
| Fortis, Inc. | 8,015 | 304,538 | ||||||
| Hydro One Ltd. (a)(c) | 13,320 | 325,767 | ||||||
| 1,185,938 | ||||||||
| 10,269,776 | ||||||||
| Denmark (1.5%): | ||||||||
| Financials (0.4%): | ||||||||
| Danske Bank A/S | 10,885 | 136,100 | ||||||
| Tryg A/S | 9,327 | 192,932 | ||||||
| 329,032 | ||||||||
| Health Care (0.5%): | ||||||||
| Coloplast A/S, Class B | 1,246 | 127,440 | ||||||
| Genmab A/S (b) | 387 | 125,563 | ||||||
| Novo Nordisk A/S, Class B | 1,263 | 126,781 | ||||||
| 379,784 | ||||||||
| Industrials (0.3%): | ||||||||
| AP Moller - Maersk A/S, Class B | 43 | 78,601 | ||||||
| DSV A/S | 941 | 111,157 | ||||||
| 189,758 | ||||||||
| Materials (0.2%): | ||||||||
| Novozymes A/S, B Shares | 2,580 | 130,342 | ||||||
| Utilities (0.1%): | ||||||||
| Orsted A/S (c) | 1,043 | 83,535 | ||||||
| 1,112,451 | ||||||||
| Finland (1.6%): | ||||||||
| Communication Services (0.3%): | ||||||||
| Elisa Oyj | 5,235 | 237,766 | ||||||
| Energy (0.1%): | ||||||||
| Neste Oyj | 1,997 | 87,667 | ||||||
| Financials (0.4%): | ||||||||
| Nordea Bank Abp | 18,171 | 156,729 | ||||||
| Sampo Oyj, A Shares | 3,947 | 169,249 | ||||||
| 325,978 | ||||||||
| Industrials (0.2%): | ||||||||
| Kone Oyj, Class B | 4,047 | 157,080 | ||||||
| Information Technology (0.2%): | ||||||||
| Nokia Oyj | 32,287 | 139,856 | ||||||
| Materials (0.4%): | ||||||||
| Stora Enso Oyj, Class R | 8,553 | 109,709 | ||||||
| UPM-Kymmene Oyj | 4,556 | 145,451 | ||||||
| 255,160 | ||||||||
| 1,203,507 | ||||||||
| France (8.0%): | ||||||||
| Communication Services (1.0%): | ||||||||
| Bollore SE | 33,939 | 157,039 | ||||||
| Orange SA | 32,233 | 292,100 | ||||||
| Publicis Groupe SA | 2,902 | 139,056 | ||||||
| Vivendi SE | 25,157 | 196,521 | ||||||
| 784,716 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares International Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Consumer Discretionary (0.9%): | ||||||||
| Cie Generale des Etablissements Michelin SCA | 6,137 | $ | 139,246 | |||||
| Hermes International | 101 | 120,447 | ||||||
| Kering SA | 285 | 128,060 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 217 | 129,795 | ||||||
| Sodexo SA | 1,967 | 148,723 | ||||||
| 666,271 | ||||||||
| Consumer Staples (1.1%): | ||||||||
| Carrefour SA | 10,946 | 152,470 | ||||||
| Danone SA | 3,725 | 177,287 | ||||||
| L'Oreal SA | 464 | 150,156 | ||||||
| Pernod Ricard SA | 999 | 184,870 | ||||||
| Remy Cointreau SA | 829 | 138,829 | ||||||
| 803,612 | ||||||||
| Energy (0.2%): | ||||||||
| TotalEnergies SE (a) | 2,880 | 136,238 | ||||||
| Financials (0.8%): | ||||||||
| Amundi SA (c) | 2,867 | 120,691 | ||||||
| AXA SA | 7,034 | 154,912 | ||||||
| BNP Paribas SA | 2,759 | 117,888 | ||||||
| Credit Agricole SA | 14,650 | 120,070 | ||||||
| Societe Generale SA | 4,688 | 93,782 | ||||||
| 607,343 | ||||||||
| Health Care (0.7%): | ||||||||
| BioMerieux | 1,470 | 117,253 | ||||||
| EssilorLuxottica SA | 1,030 | 141,655 | ||||||
| Sanofi | 2,315 | 177,849 | ||||||
| Sartorius Stedim Biotech | 296 | 91,975 | ||||||
| 528,732 | ||||||||
| Industrials (2.2%): | ||||||||
| Aeroports de Paris (b) | 1,120 | 130,602 | ||||||
| Airbus SE | 1,267 | 110,360 | ||||||
| Bouygues SA | 8,494 | 223,480 | ||||||
| Bureau Veritas SA | 7,936 | 178,704 | ||||||
| Cie de Saint-Gobain | 3,177 | 115,342 | ||||||
| Eiffage SA | 2,049 | 165,685 | ||||||
| Legrand SA | 2,552 | 166,698 | ||||||
| Schneider Electric SE | 1,201 | 137,622 | ||||||
| Teleperformance | 555 | 141,889 | ||||||
| Thales SA | 1,320 | 146,162 | ||||||
| Vinci SA | 1,955 | 159,330 | ||||||
| 1,675,874 | ||||||||
| Information Technology (0.6%): | ||||||||
| Capgemini SE | 838 | 135,902 | ||||||
| Dassault Systemes SE | 3,774 | 132,153 | ||||||
| Edenred | 3,532 | 163,914 | ||||||
| 431,969 | ||||||||
| Materials (0.2%): | ||||||||
| Air Liquide SA | 1,634 | 188,232 | ||||||
| Utilities (0.3%): | ||||||||
| Engie SA | 12,220 | 141,801 | ||||||
| Veolia Environnement SA | 5,552 | 107,230 | ||||||
| 249,031 | ||||||||
| 6,072,018 | ||||||||
| Germany (5.7%): | ||||||||
| Communication Services (0.3%): | ||||||||
| Deutsche Telekom AG | 11,268 | 193,139 | ||||||
| Consumer Discretionary (0.7%): | ||||||||
| adidas AG | 841 | 97,969 | ||||||
| Bayerische Motoren Werke AG | 1,868 | 128,114 | ||||||
| Continental AG | 1,847 | 83,164 | ||||||
| Mercedes-Benz Group AG | 2,224 | 114,086 | ||||||
| Puma SE | 1,907 | 89,640 | ||||||
| 512,973 | ||||||||
| Consumer Staples (0.2%): | ||||||||
| Beiersdorf AG | 1,894 | 187,357 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares International Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Financials (1.3%): | ||||||||
| Allianz SE, Registered Shares | 1,081 | $ | 171,390 | |||||
| Deutsche Bank AG, Registered Shares | 12,203 | 91,429 | ||||||
| Deutsche Boerse AG | 1,241 | 204,602 | ||||||
| Hannover Rueck SE | 999 | 150,950 | ||||||
| Muenchener Rueckversicherungs-Gesellschaft AG, Class R | 681 | 165,160 | ||||||
| Talanx AG | 5,118 | 182,551 | ||||||
| 966,082 | ||||||||
| Health Care (0.8%): | ||||||||
| Bayer AG, Registered Shares | 2,906 | 135,019 | ||||||
| Carl Zeiss Meditec AG | 927 | 97,604 | ||||||
| Fresenius Medical Care AG & Co. KGaA | 4,302 | 122,377 | ||||||
| Fresenius SE & Co. KGaA | 6,558 | 141,055 | ||||||
| Merck KGaA | 853 | 139,421 | ||||||
| 635,476 | ||||||||
| Industrials (0.8%): | ||||||||
| Brenntag SE | 2,404 | 146,948 | ||||||
| Daimler Truck Holding AG (b) | 4,714 | 107,860 | ||||||
| Deutsche Post AG, Registered Shares | 3,840 | 117,080 | ||||||
| MTU Aero Engines AG | 729 | 110,188 | ||||||
| Siemens AG, Registered Shares | 1,275 | 126,437 | ||||||
| 608,513 | ||||||||
| Information Technology (0.4%): | ||||||||
| Infineon Technologies AG | 4,708 | 104,770 | ||||||
| SAP SE | 2,172 | 179,036 | ||||||
| 283,806 | ||||||||
| Materials (0.7%): | ||||||||
| BASF SE | 3,123 | 121,185 | ||||||
| Evonik Industries AG | 8,180 | 138,269 | ||||||
| HeidelbergCement AG | 3,151 | 126,131 | ||||||
| Symrise AG | 1,595 | 156,998 | ||||||
| 542,583 | ||||||||
| Real Estate (0.1%): | ||||||||
| Vonovia SE | 5,095 | 110,886 | ||||||
| Utilities (0.4%): | ||||||||
| E.ON SE | 19,299 | 149,322 | ||||||
| RWE AG | 3,663 | 135,643 | ||||||
| 284,965 | ||||||||
| 4,325,780 | ||||||||
| Hong Kong (4.2%): | ||||||||
| Consumer Staples (0.2%): | ||||||||
| WH Group Ltd. (c) | 232,000 | 146,304 | ||||||
| Financials (0.6%): | ||||||||
| AIA Group Ltd. | 16,058 | 133,895 | ||||||
| Hang Seng Bank Ltd. | 12,954 | 196,718 | ||||||
| Hong Kong Exchanges & Clearing Ltd. | 3,512 | 120,625 | ||||||
| 451,238 | ||||||||
| Health Care (0.1%): | ||||||||
| Sino Biopharmaceutical Ltd. | 210,000 | 98,721 | ||||||
| Industrials (1.0%): | ||||||||
| CK Hutchison Holdings Ltd. | 36,123 | 199,727 | ||||||
| Jardine Matheson Holdings Ltd. | 3,400 | 172,176 | ||||||
| MTR Corp. Ltd. | 76,000 | 349,046 | ||||||
| Techtronic Industries Co. Ltd. | 7,687 | 74,280 | ||||||
| 795,229 | ||||||||
| Real Estate (1.7%): | ||||||||
| CK Asset Holdings Ltd. | 33,514 | 201,526 | ||||||
| Henderson Land Development Co. Ltd. | 64,046 | 179,506 | ||||||
| Hongkong Land Holdings Ltd. | 37,200 | 164,424 | ||||||
| Sino Land Co. Ltd. | 158,000 | 208,938 | ||||||
| Sun Hung Kai Properties Ltd. | 23,416 | 259,087 | ||||||
| Swire Pacific Ltd., Class A | 23,000 | 172,147 | ||||||
| The Wharf Holdings Ltd. | 34,324 | 109,977 | ||||||
| 1,295,605 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares International Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Utilities (0.6%): | ||||||||
| Hong Kong & China Gas Co. Ltd. | 204,441 | $ | 180,234 | |||||
| Power Assets Holdings Ltd. | 54,196 | 272,037 | ||||||
| 452,271 | ||||||||
| 3,239,368 | ||||||||
| Ireland (1.0%): | ||||||||
| Consumer Staples (0.2%): | ||||||||
| Kerry Group PLC | 1,842 | 164,614 | ||||||
| Industrials (0.5%): | ||||||||
| Experian PLC | 5,249 | 155,920 | ||||||
| Kingspan Group PLC | 1,776 | 80,646 | ||||||
| Ryanair Holdings PLC (b) | 8,818 | 90,555 | ||||||
| 327,121 | ||||||||
| Materials (0.3%): | ||||||||
| CRH PLC | 4,130 | 133,834 | ||||||
| Smurfit Kappa Group PLC | 3,685 | 105,909 | ||||||
| 239,743 | ||||||||
| 731,478 | ||||||||
| Israel (1.1%): | ||||||||
| Financials (0.5%): | ||||||||
| Bank Hapoalim BM | 15,511 | 131,889 | ||||||
| Bank Leumi Le-Israel BM | 15,273 | 131,453 | ||||||
| Mizrahi Tefahot Bank Ltd. | 4,110 | 144,987 | ||||||
| 408,329 | ||||||||
| Industrials (0.1%): | ||||||||
| Elbit Systems Ltd. | 563 | 107,137 | ||||||
| Information Technology (0.2%): | ||||||||
| Nice Ltd. (b) | 656 | 125,314 | ||||||
| Materials (0.1%): | ||||||||
| ICL Group Ltd. | 11,466 | 92,821 | ||||||
| Real Estate (0.2%): | ||||||||
| Azrieli Group Ltd. | 1,933 | 132,685 | ||||||
| 866,286 | ||||||||
| Italy (2.1%): | ||||||||
| Communication Services (0.2%): | ||||||||
| Infrastrutture Wireless Italiane SpA (c) | 21,629 | 190,113 | ||||||
| Consumer Discretionary (0.1%): | ||||||||
| Moncler SpA | 2,587 | 107,459 | ||||||
| Energy (0.2%): | ||||||||
| Eni SpA | 13,057 | 139,589 | ||||||
| Financials (0.7%): | ||||||||
| Assicurazioni Generali SpA | 12,446 | 170,986 | ||||||
| Intesa Sanpaolo SpA | 69,022 | 115,169 | ||||||
| Poste Italiane SpA (c) | 18,272 | 139,478 | ||||||
| UniCredit SpA | 9,380 | 96,124 | ||||||
| 521,757 | ||||||||
| Information Technology (0.2%): | ||||||||
| Nexi SpA (a)(b)(c) | 14,093 | 115,201 | ||||||
| Utilities (0.7%): | ||||||||
| Enel SpA | 35,959 | 148,838 | ||||||
| Snam SpA | 50,456 | 204,987 | ||||||
| Terna - Rete Elettrica Nazionale | 27,135 | 166,185 | ||||||
| 520,010 | ||||||||
| 1,594,129 | ||||||||
| Japan (19.8%): | ||||||||
| Communication Services (1.6%): | ||||||||
| KDDI Corp. | 8,100 | 237,498 | ||||||
| Nexon Co. Ltd. | 6,800 | 119,920 | ||||||
| Nintendo Co. Ltd. | 5,000 | 202,266 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares International Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Nippon Telegraph & Telephone Corp. | 10,300 | $ | 278,017 | |||||
| Softbank Corp. | 27,900 | 278,884 | ||||||
| Z Holdings Corp. | 40,100 | 105,356 | ||||||
| 1,221,941 | ||||||||
| Consumer Discretionary (2.6%): | ||||||||
| Bandai Namco Holdings, Inc. | 2,000 | 130,371 | ||||||
| Bridgestone Corp. | 4,200 | 135,511 | ||||||
| Denso Corp. | 2,400 | 109,228 | ||||||
| Fast Retailing Co. Ltd. | 200 | 106,019 | ||||||
| Honda Motor Co. Ltd. | 6,600 | 143,074 | ||||||
| Nissan Motor Co. Ltd. | 31,700 | 100,811 | ||||||
| Oriental Land Co. Ltd. | 1,000 | 136,169 | ||||||
| Pan Pacific International Holdings Corp. | 6,800 | 120,296 | ||||||
| Panasonic Corp. | 22,500 | 157,738 | ||||||
| Sekisui House Ltd. | 15,000 | 248,877 | ||||||
| Shimano, Inc. | 600 | 94,285 | ||||||
| Sony Group Corp. | 1,600 | 102,671 | ||||||
| Subaru Corp. | 8,300 | 124,291 | ||||||
| Suzuki Motor Corp. | 4,000 | 123,861 | ||||||
| Toyota Motor Corp. | 10,300 | 133,528 | ||||||
| 1,966,730 | ||||||||
| Consumer Staples (2.3%): | ||||||||
| Aeon Co. Ltd. | 9,200 | 171,876 | ||||||
| Ajinomoto Co., Inc. | 6,300 | 172,487 | ||||||
| Asahi Group Holdings Ltd. | 4,700 | 145,635 | ||||||
| Japan Tobacco, Inc. | 15,700 | 257,562 | ||||||
| Kao Corp. | 4,700 | 191,560 | ||||||
| Kikkoman Corp. | 2,200 | 124,663 | ||||||
| Kirin Holdings Co. Ltd. | 14,200 | 218,529 | ||||||
| Seven & i Holdings Co. Ltd. | 4,900 | 196,596 | ||||||
| Shiseido Co. Ltd. | 3,800 | 132,767 | ||||||
| Unicharm Corp. | 5,300 | 173,969 | ||||||
| 1,785,644 | ||||||||
| Energy (0.3%): | ||||||||
| ENEOS Holdings, Inc. | 51,500 | 165,522 | ||||||
| Inpex Corp. | 8,600 | 80,764 | ||||||
| 246,286 | ||||||||
| Financials (2.6%): | ||||||||
| Dai-ichi Life Holdings, Inc. | 8,600 | 136,212 | ||||||
| Japan Post Holdings Co. Ltd. | 36,200 | 239,574 | ||||||
| Mitsubishi UFJ Financial Group, Inc. | 37,200 | 167,478 | ||||||
| Mizuho Financial Group, Inc. | 22,370 | 241,539 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 6,100 | 161,700 | ||||||
| Nomura Holdings, Inc. | 58,000 | 191,744 | ||||||
| ORIX Corp. | 9,900 | 138,775 | ||||||
| Sompo Holdings, Inc. | 4,100 | 163,252 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 7,500 | 208,555 | ||||||
| Sumitomo Mitsui Trust Holdings, Inc. | 6,500 | 184,117 | ||||||
| Tokio Marine Holdings, Inc. | 9,300 | 164,843 | ||||||
| 1,997,789 | ||||||||
| Health Care (2.8%): | ||||||||
| Astellas Pharma, Inc. | 12,800 | 169,564 | ||||||
| Chugai Pharmaceutical Co. Ltd. | 6,600 | 165,376 | ||||||
| Daiichi Sankyo Co. Ltd. | 3,700 | 103,347 | ||||||
| Eisai Co. Ltd. | 4,200 | 224,904 | ||||||
| Hoya Corp. | 1,200 | 115,099 | ||||||
| Kyowa Kirin Co. Ltd. | 7,600 | 174,100 | ||||||
| M3, Inc. | 2,900 | 81,182 | ||||||
| Olympus Corp. | 5,500 | 105,603 | ||||||
| Ono Pharmaceutical Co. Ltd. | 8,700 | 203,267 | ||||||
| Otsuka Holdings Co. Ltd. | 6,700 | 212,237 | ||||||
| Shionogi & Co. Ltd. | 2,600 | 125,571 | ||||||
| Sysmex Corp. | 1,500 | 80,520 | ||||||
| Takeda Pharmaceutical Co. Ltd. | 9,700 | 252,504 | ||||||
| Terumo Corp. | 4,900 | 137,949 | ||||||
| 2,151,223 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares International Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Industrials (3.8%): | ||||||||
| Central Japan Railway Co. | 1,800 | $ | 210,649 | |||||
| Daikin Industries Ltd. | 800 | 123,253 | ||||||
| FANUC Corp. | 900 | 126,004 | ||||||
| Hitachi Ltd. | 2,900 | 122,525 | ||||||
| ITOCHU Corp. | 7,600 | 183,868 | ||||||
| Komatsu Ltd. | 7,200 | 129,909 | ||||||
| Kubota Corp. | 9,100 | 126,020 | ||||||
| Marubeni Corp. | 14,900 | 130,559 | ||||||
| Mitsubishi Corp. | 4,900 | 134,360 | ||||||
| Mitsubishi Electric Corp. | 18,200 | 164,065 | ||||||
| Mitsubishi Heavy Industries Ltd. | 3,600 | 119,561 | ||||||
| Mitsui & Co. Ltd. | 6,600 | 140,885 | ||||||
| Nidec Corp. | 2,000 | 112,363 | ||||||
| Nippon Yusen KK (a) | 4,200 | 71,601 | ||||||
| Recruit Holdings Co. Ltd. | 3,200 | 92,013 | ||||||
| Secom Co. Ltd. | 3,500 | 200,166 | ||||||
| SMC Corp. | 300 | 120,697 | ||||||
| Sumitomo Corp. | 13,200 | 164,419 | ||||||
| Toshiba Corp. | 5,100 | 181,430 | ||||||
| Toyota Industries Corp. | 2,700 | 128,367 | ||||||
| Toyota Tsusho Corp. | 3,700 | 114,546 | ||||||
| 2,897,260 | ||||||||
| Information Technology (2.4%): | ||||||||
| Advantest Corp. | 2,000 | 92,599 | ||||||
| Canon, Inc. | 9,200 | 201,661 | ||||||
| FUJIFILM Holdings Corp. | 3,600 | 164,415 | ||||||
| Fujitsu Ltd. | 1,100 | 119,988 | ||||||
| Keyence Corp. | 400 | 132,403 | ||||||
| Kyocera Corp. | 4,000 | 201,783 | ||||||
| Lasertec Corp. | 600 | 60,929 | ||||||
| Murata Manufacturing Co. Ltd. | 3,000 | 137,489 | ||||||
| Nomura Research Institute Ltd. | 4,778 | 117,213 | ||||||
| NTT Data Corp. | 10,100 | 130,237 | ||||||
| Obic Co. Ltd. | 1,100 | 147,391 | ||||||
| Renesas Electronics Corp. (b) | 11,500 | 95,522 | ||||||
| TDK Corp. | 3,200 | 98,514 | ||||||
| Tokyo Electron Ltd. | 400 | 98,680 | ||||||
| 1,798,824 | ||||||||
| Materials (0.4%): | ||||||||
| Nippon Paint Holdings Co. Ltd. | 11,700 | 79,153 | ||||||
| Nippon Steel Corp. | 9,300 | 128,951 | ||||||
| Shin-Etsu Chemical Co. Ltd. | 1,200 | 118,831 | ||||||
| 326,935 | ||||||||
| Real Estate (1.0%): | ||||||||
| Daiwa House Industry Co. Ltd. | 9,200 | 187,134 | ||||||
| Mitsubishi Estate Co. Ltd. | 15,400 | 201,825 | ||||||
| Mitsui Fudosan Co. Ltd. | 9,500 | 180,829 | ||||||
| Sumitomo Realty & Development Co. Ltd. | 6,700 | 152,233 | ||||||
| 722,021 | ||||||||
| 15,114,653 | ||||||||
| Korea, Republic Of (4.5%): | ||||||||
| Communication Services (0.4%): | ||||||||
| Kakao Corp. | 2,329 | 92,958 | ||||||
| Krafton, Inc. (b) | 530 | 77,800 | ||||||
| NAVER Corp. | 807 | 109,153 | ||||||
| 279,911 | ||||||||
| Consumer Discretionary (0.7%): | ||||||||
| Hyundai Mobis Co. Ltd. | 1,069 | 142,723 | ||||||
| Hyundai Motor Co. | 1,287 | 158,783 | ||||||
| Kia Corp. | 2,988 | 150,173 | ||||||
| LG Electronics, Inc. | 1,825 | 100,269 | ||||||
| 551,948 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares International Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Consumer Staples (0.1%): | ||||||||
| LG Household & Health Care Ltd. | 229 | $ | 101,326 | |||||
| Energy (0.2%): | ||||||||
| SK Innovation Co. Ltd. | 810 | 81,249 | ||||||
| S-Oil Corp. | 1,690 | 95,687 | ||||||
| 176,936 | ||||||||
| Financials (1.0%): | ||||||||
| Hana Financial Group, Inc. | 5,582 | 138,321 | ||||||
| KakaoBank Corp. (b) | 5,767 | 80,825 | ||||||
| KB Financial Group, Inc. | 4,455 | 136,085 | ||||||
| Samsung Life Insurance Co. Ltd. | 4,428 | 193,141 | ||||||
| Shinhan Financial Group Co. Ltd. | 7,566 | 177,171 | ||||||
| 725,543 | ||||||||
| Health Care (0.3%): | ||||||||
| Celltrion, Inc. | 823 | 100,962 | ||||||
| Samsung Biologics Co. Ltd. (b)(c) | 278 | 156,820 | ||||||
| 257,782 | ||||||||
| Industrials (0.7%): | ||||||||
| Doosan Enerbility Co. Ltd. (b) | 7,012 | 69,846 | ||||||
| LG Corp. | 2,764 | 142,972 | ||||||
| Samsung C&T Corp. | 1,955 | 141,439 | ||||||
| SK, Inc. | 1,017 | 136,491 | ||||||
| 490,748 | ||||||||
| Information Technology (0.6%): | ||||||||
| Samsung Electronics Co. Ltd. | 5,432 | 201,621 | ||||||
| Samsung SDI Co. Ltd. | 282 | 107,628 | ||||||
| SK Hynix, Inc. | 2,106 | 122,332 | ||||||
| 431,581 | ||||||||
| Materials (0.5%): | ||||||||
| Korea Zinc Co. Ltd. | 287 | 119,366 | ||||||
| LG Chem Ltd. | 211 | 79,055 | ||||||
| POSCO Chemical Co. Ltd. | 811 | 85,034 | ||||||
| POSCO Holdings, Inc. | 873 | 128,759 | ||||||
| 412,214 | ||||||||
| 3,427,989 | ||||||||
| Luxembourg (0.4%): | ||||||||
| Energy (0.1%): | ||||||||
| Tenaris SA | 7,719 | 100,334 | ||||||
| Health Care (0.2%): | ||||||||
| Eurofins Scientific SE | 2,041 | 122,239 | ||||||
| Materials (0.1%): | ||||||||
| ArcelorMittal SA | 4,377 | 88,633 | ||||||
| 311,206 | ||||||||
| Netherlands (3.3%): | ||||||||
| Communication Services (0.3%): | ||||||||
| Koninklijke KPN NV | 92,466 | 251,164 | ||||||
| Consumer Discretionary (0.1%): | ||||||||
| Prosus NV | 1,282 | 67,799 | ||||||
| Consumer Staples (0.9%): | ||||||||
| Davide Campari-Milano NV | 15,181 | 135,549 | ||||||
| Heineken Holding NV | 2,629 | 181,620 | ||||||
| Heineken NV | 2,078 | 182,976 | ||||||
| Koninklijke Ahold Delhaize NV | 7,374 | 188,846 | ||||||
| 688,991 | ||||||||
| Financials (0.6%): | ||||||||
| ABN AMRO Bank NV (c) | 12,157 | 109,930 | ||||||
| Aegon NV | 27,778 | 111,655 | ||||||
| ING Groep NV | 13,416 | 116,451 | ||||||
| NN Group NV | 3,465 | 135,713 | ||||||
| 473,749 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares International Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Health Care (0.1%): | ||||||||
| Koninklijke Philips NV | 7,211 | $ | 113,057 | |||||
| Industrials (0.4%): | ||||||||
| Randstad NV (a) | 3,110 | 135,857 | ||||||
| Wolters Kluwer NV | 2,019 | 197,684 | ||||||
| 333,541 | ||||||||
| Information Technology (0.5%): | ||||||||
| Adyen NV (b)(c) | 53 | 67,609 | ||||||
| ASM International NV | 340 | 77,878 | ||||||
| ASML Holding NV | 228 | 96,874 | ||||||
| STMicroelectronics NV (a) | 3,686 | 116,466 | ||||||
| 358,827 | ||||||||
| Materials (0.4%): | ||||||||
| Akzo Nobel NV | 2,335 | 133,441 | ||||||
| Koninklijke DSM NV | 1,188 | 136,726 | ||||||
| 270,167 | ||||||||
| 2,557,295 | ||||||||
| Norway (1.4%): | ||||||||
| Communication Services (0.3%): | ||||||||
| Adevinta ASA (b) | 8,578 | 51,235 | ||||||
| Telenor ASA (a) | 22,418 | 205,296 | ||||||
| 256,531 | ||||||||
| Consumer Staples (0.1%): | ||||||||
| Mowi ASA | 8,225 | 104,677 | ||||||
| Energy (0.3%): | ||||||||
| Aker BP ASA | 2,916 | 83,760 | ||||||
| Equinor ASA | 3,080 | 101,349 | ||||||
| 185,109 | ||||||||
| Financials (0.4%): | ||||||||
| DNB Bank ASA | 9,786 | 155,431 | ||||||
| Gjensidige Forsikring ASA | 10,342 | 177,709 | ||||||
| 333,140 | ||||||||
| Materials (0.3%): | ||||||||
| Norsk Hydro ASA | 15,774 | 85,286 | ||||||
| Yara International ASA | 3,211 | 113,095 | ||||||
| 198,381 | ||||||||
| 1,077,838 | ||||||||
| Portugal (0.6%): | ||||||||
| Consumer Staples (0.2%): | ||||||||
| Jeronimo Martins SGPS SA | 8,670 | 161,844 | ||||||
| Energy (0.2%): | ||||||||
| Galp Energia SGPS SA | 11,616 | 111,822 | ||||||
| Utilities (0.2%): | ||||||||
| EDP - Energias de Portugal SA | 36,972 | 160,857 | ||||||
| 434,523 | ||||||||
| Singapore (2.5%): | ||||||||
| Communication Services (0.4%): | ||||||||
| Singapore Telecommunications Ltd. | 146,400 | 271,206 | ||||||
| Consumer Staples (0.3%): | ||||||||
| Wilmar International Ltd. | 78,600 | 210,198 | ||||||
| Financials (1.0%): | ||||||||
| DBS Group Holdings Ltd. | 10,900 | 253,465 | ||||||
| Oversea-Chinese Banking Corp. Ltd. | 33,300 | 274,350 | ||||||
| United Overseas Bank Ltd. | 12,900 | 235,019 | ||||||
| 762,834 | ||||||||
| Industrials (0.6%): | ||||||||
| Jardine Cycle & Carriage Ltd. | 8,200 | 192,965 | ||||||
| Keppel Corp. Ltd. | 52,100 | 252,173 | ||||||
| 445,138 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares International Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Real Estate (0.2%): | ||||||||
| Capitaland Investment Ltd. | 76,300 | $ | 184,387 | |||||
| 1,873,763 | ||||||||
| Spain (2.7%): | ||||||||
| Communication Services (0.2%): | ||||||||
| Telefonica SA | 52,346 | 173,168 | ||||||
| Consumer Discretionary (0.2%): | ||||||||
| Industria de Diseno Textil SA | 7,080 | 147,634 | ||||||
| Energy (0.2%): | ||||||||
| Repsol SA | 10,423 | 120,571 | ||||||
| Financials (0.5%): | ||||||||
| Banco Bilbao Vizcaya Argentaria SA | 28,725 | 130,056 | ||||||
| Banco Santander SA | 54,274 | 127,507 | ||||||
| CaixaBank SA | 40,328 | 130,843 | ||||||
| 388,406 | ||||||||
| Industrials (0.4%): | ||||||||
| Aena SME SA (b)(c) | 1,330 | 139,320 | ||||||
| Ferrovial SA | 7,363 | 168,759 | ||||||
| 308,079 | ||||||||
| Information Technology (0.2%): | ||||||||
| Amadeus IT Group SA (b) | 2,808 | 131,827 | ||||||
| Utilities (1.0%): | ||||||||
| Acciona SA | 821 | 145,293 | ||||||
| Endesa SA | 11,031 | 166,679 | ||||||
| Iberdrola SA | 17,343 | 162,841 | ||||||
| Naturgy Energy Group SA | 5,656 | 131,519 | ||||||
| Red Electrica Corp. SA | 11,205 | 172,493 | ||||||
| 778,825 | ||||||||
| 2,048,510 | ||||||||
| Sweden (3.4%): | ||||||||
| Communication Services (0.3%): | ||||||||
| Telia Co. AB | 72,287 | 208,743 | ||||||
| Consumer Discretionary (0.3%): | ||||||||
| Evolution AB (c) | 1,078 | 86,186 | ||||||
| H & M Hennes & Mauritz AB, Class B (a) | 12,157 | 113,395 | ||||||
| 199,581 | ||||||||
| Consumer Staples (0.2%): | ||||||||
| Essity AB, Class B | 7,224 | 143,804 | ||||||
| Financials (0.9%): | ||||||||
| EQT AB | 3,833 | 75,714 | ||||||
| L E Lundbergforetagen AB, Class B | 3,837 | 139,893 | ||||||
| Skandinaviska Enskilda Banken AB, Class A | 15,155 | 145,922 | ||||||
| Svenska Handelsbanken AB, Class A | 22,497 | 185,827 | ||||||
| Swedbank AB, Class A | 11,879 | 157,271 | ||||||
| 704,627 | ||||||||
| Industrials (1.1%): | ||||||||
| Alfa Laval AB | 4,866 | 122,134 | ||||||
| Assa Abloy AB, Class B | 7,924 | 149,809 | ||||||
| Atlas Copco AB, Class A (b) | 12,494 | 118,047 | ||||||
| Epiroc AB, Class A | 9,068 | 130,928 | ||||||
| Nibe Industrier AB, Class B | 10,533 | 95,056 | ||||||
| Sandvik AB | 8,731 | 120,080 | ||||||
| Volvo AB, Class B | 9,344 | 133,169 | ||||||
| 869,223 | ||||||||
| Information Technology (0.3%): | ||||||||
| Hexagon AB, Class B | 14,275 | 134,746 | ||||||
| Telefonaktiebolaget LM Ericsson, Class B (a) | 17,894 | 105,652 | ||||||
| 240,398 | ||||||||
| Materials (0.3%): | ||||||||
| Boliden AB | 3,547 | 110,821 | ||||||
| Svenska Cellulosa AB SCA, Class B | 10,443 | 133,692 | ||||||
| 244,513 | ||||||||
| 2,610,889 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares International Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Switzerland (6.5%): | ||||||||
| Communication Services (0.4%): | ||||||||
| Swisscom AG, Registered Shares | 608 | $ | 285,665 | |||||
| Consumer Discretionary (0.3%): | ||||||||
| Cie Financiere Richemont SA, Registered Shares | 929 | 88,785 | ||||||
| The Swatch Group AG | 549 | 124,937 | ||||||
| 213,722 | ||||||||
| Consumer Staples (0.8%): | ||||||||
| Barry Callebaut AG, Registered Shares | 126 | 238,717 | ||||||
| Chocoladefabriken Lindt & Spruengli AG | 16 | 155,053 | ||||||
| Nestle SA, Registered Shares | 2,187 | 237,389 | ||||||
| 631,159 | ||||||||
| Financials (1.2%): | ||||||||
| Julius Baer Group Ltd. | 2,778 | 122,497 | ||||||
| Partners Group Holding AG | 134 | 109,292 | ||||||
| Swiss Life Holding AG | 367 | 163,132 | ||||||
| Swiss Re AG | 2,391 | 177,319 | ||||||
| UBS Group AG | 8,243 | 120,950 | ||||||
| Zurich Insurance Group AG | 519 | 207,810 | ||||||
| 901,000 | ||||||||
| Health Care (1.5%): | ||||||||
| Alcon, Inc. | 2,522 | 148,636 | ||||||
| Lonza Group AG, Registered Shares | 281 | 138,520 | ||||||
| Novartis AG, Registered Shares | 3,253 | 249,061 | ||||||
| Roche Holding AG | 676 | 221,644 | ||||||
| Sonova Holding AG | 452 | 100,801 | ||||||
| Straumann Holding AG, Class R | 958 | 89,187 | ||||||
| Vifor Pharma AG (a) | 1,032 | 187,099 | ||||||
| 1,134,948 | ||||||||
| Industrials (1.1%): | ||||||||
| ABB Ltd., Registered Shares | 6,044 | 158,069 | ||||||
| Geberit AG, Registered Shares | 391 | 169,440 | ||||||
| Kuehne + Nagel International AG, Class R | 607 | 124,292 | ||||||
| Schindler Holding AG | 1,000 | 156,766 | ||||||
| SGS SA, Registered Shares | 98 | 211,100 | ||||||
| 819,667 | ||||||||
| Information Technology (0.1%): | ||||||||
| Logitech International SA, Class R (a) | 2,586 | 120,453 | ||||||
| Materials (1.1%): | ||||||||
| EMS-Chemie Holding AG | 237 | 150,993 | ||||||
| Givaudan SA, Registered Shares | 54 | 164,381 | ||||||
| Glencore PLC | 22,609 | 120,677 | ||||||
| Holcim AG | 4,032 | 167,492 | ||||||
| SIG Group AG | 6,357 | 130,040 | ||||||
| Sika AG, Registered Shares | 631 | 128,375 | ||||||
| 861,958 | ||||||||
| 4,968,572 | ||||||||
| United Kingdom (8.0%): | ||||||||
| Communication Services (0.7%): | ||||||||
| BT Group PLC | 90,419 | 122,484 | ||||||
| Informa PLC | 22,438 | 130,046 | ||||||
| Vodafone Group PLC | 151,554 | 171,074 | ||||||
| WPP PLC | 15,370 | 128,681 | ||||||
| 552,285 | ||||||||
| Consumer Discretionary (0.7%): | ||||||||
| Compass Group PLC | 7,647 | 154,081 | ||||||
| Entain PLC | 8,751 | 106,088 | ||||||
| InterContinental Hotels Group PLC | 2,653 | 129,389 | ||||||
| Next PLC | 2,282 | 122,300 | ||||||
| 511,858 | ||||||||
| Consumer Staples (1.8%): | ||||||||
| Associated British Foods PLC | 9,086 | 127,950 | ||||||
| British American Tobacco PLC | 5,210 | 187,650 | ||||||
| Diageo PLC | 4,496 | 190,591 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares International Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Haleon PLC (b) | 39,271 | $ | 122,418 | |||||
| Imperial Brands PLC | 9,137 | 189,202 | ||||||
| Reckitt Benckiser Group PLC | 2,696 | 179,850 | ||||||
| Tesco PLC | 84,108 | 194,163 | ||||||
| Unilever PLC | 3,866 | 171,286 | ||||||
| 1,363,110 | ||||||||
| Energy (0.2%): | ||||||||
| Shell PLC | 5,149 | 129,125 | ||||||
| Financials (1.5%): | ||||||||
| 3i Group PLC | 9,946 | 121,352 | ||||||
| Barclays PLC | 69,062 | 111,246 | ||||||
| HSBC Holdings PLC | 25,642 | 133,760 | ||||||
| Legal & General Group PLC | 51,004 | 123,266 | ||||||
| Lloyds Banking Group PLC | 278,640 | 128,742 | ||||||
| London Stock Exchange Group PLC | 1,789 | 152,335 | ||||||
| NatWest Group PLC | 51,970 | 131,053 | ||||||
| Prudential PLC | 11,368 | 113,424 | ||||||
| Standard Chartered PLC | 16,858 | 106,663 | ||||||
| 1,121,841 | ||||||||
| Health Care (0.4%): | ||||||||
| GSK PLC | 12,099 | 176,362 | ||||||
| Smith & Nephew PLC | 13,268 | 155,590 | ||||||
| 331,952 | ||||||||
| Industrials (1.4%): | ||||||||
| Ashtead Group PLC | 2,552 | 116,401 | ||||||
| BAE Systems PLC | 19,482 | 171,763 | ||||||
| Bunzl PLC | 6,075 | 187,169 | ||||||
| Ferguson PLC | 1,392 | 146,127 | ||||||
| RELX PLC | 8,298 | 203,972 | ||||||
| Rentokil Initial PLC | 25,190 | 134,271 | ||||||
| Spirax-Sarco Engineering PLC | 1,201 | 139,430 | ||||||
| 1,099,133 | ||||||||
| Information Technology (0.2%): | ||||||||
| Halma PLC | 6,220 | 141,992 | ||||||
| Materials (0.7%): | ||||||||
| Anglo American PLC | 3,513 | 107,274 | ||||||
| Antofagasta PLC | 8,387 | 104,437 | ||||||
| Croda International PLC | 1,895 | 136,357 | ||||||
| Evraz PLC (d)(e)(f)(g) | 34,029 | 15,385 | ||||||
| Rio Tinto PLC | 2,628 | 143,630 | ||||||
| 507,083 | ||||||||
| Utilities (0.4%): | ||||||||
| National Grid PLC | 17,915 | 186,185 | ||||||
| SSE PLC | 9,194 | 156,771 | ||||||
| 342,956 | ||||||||
| 6,101,335 | ||||||||
| United States (0.2%): | ||||||||
| Utilities (0.2%): | ||||||||
| Brookfield Renewable Corp., Class A | 4,408 | 144,061 | ||||||
| Total Common Stocks (Cost $83,868,630) | 75,416,444 | |||||||
| Collateral for Securities Loaned (4.8%)^ | ||||||||
| United States (4.8%): | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (h) | 78,388 | 78,388 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (h) | 52,762 | 52,762 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (h) | 39,119 | 39,119 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (h) | 1,781,082 | 1,781,082 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (h) | 78,105 | 78,105 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares International Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (h) | 212,081 | $ | 212,081 | |||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (h) | 1,402,475 | 1,402,475 | ||||||
| Total Collateral for Securities Loaned (Cost $3,644,012) | 3,644,012 | |||||||
| Total Investments (Cost $87,512,642) — 103.8% | 79,060,456 | |||||||
| Liabilities in excess of other assets — (3.8)% | (2,900,089 | ) | ||||||
| NET ASSETS - 100.00% | $ | 76,160,367 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | All or a portion of this security is on loan. |
| (b) | Non-income producing security. |
| (c) | Rule 144A security or other security that is restricted as to resale to institutional investors. 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 September 30, 2022, the fair value of these securities was $1,680,954 and amounted to 2.2% of net assets. |
| (d) | Security was fair valued using significant unobservable inputs as of September 30, 2022. |
| (e) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2022, illiquid securities were less than 0.05% of net assets. |
| (f) | Restricted security due to trading restrictions. Russian sanctioned entity by the United States Government. |
| (g) | The following table details the acquisition date and cost of the Fund’s restricted securities at September 30, 2022: |
| Security Name | Acquisition Date | Cost | |||||
| Evraz PLC | 3/19/2021 | $ | 213,602 | ||||
| (h) | Rate disclosed is the daily yield on September 30, 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 | 4 | 12/16/22 | $ | 352,401 | $ | 332,120 | $ | (20,281 | ) | |||||||
| Total unrealized appreciation | $ | – | ||||||||||||||
| Total unrealized depreciation | (20,281 | ) | ||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | (20,281 | ) | |||||||||||||
| Victory Portfolios II | Schedule of Portfolio Investments |
| VictoryShares US Large Cap High Div Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (99.1%) | ||||||||
| Communication Services (6.1%): | ||||||||
| AT&T, Inc. | 187,765 | $ | 2,880,315 | |||||
| Comcast Corp., Class A | 92,716 | 2,719,360 | ||||||
| Lumen Technologies, Inc. (a) | 234,532 | 1,707,393 | ||||||
| Omnicom Group, Inc. | 39,793 | 2,510,540 | ||||||
| Paramount Global, Class B | 72,916 | 1,388,321 | ||||||
| The Interpublic Group of Cos., Inc. | 94,020 | 2,406,912 | ||||||
| Verizon Communications, Inc. | 100,719 | 3,824,301 | ||||||
| 17,437,142 | ||||||||
| Consumer Discretionary (5.4%): | ||||||||
| Advance Auto Parts, Inc. | 15,470 | 2,418,580 | ||||||
| Best Buy Co., Inc. | 29,617 | 1,875,941 | ||||||
| Darden Restaurants, Inc. | 20,416 | 2,578,949 | ||||||
| Ford Motor Co. | 122,708 | 1,374,330 | ||||||
| Garmin Ltd. | 33,353 | 2,678,579 | ||||||
| Hasbro, Inc. | 38,537 | 2,598,164 | ||||||
| VF Corp. | 60,391 | 1,806,295 | ||||||
| 15,330,838 | ||||||||
| Consumer Staples (10.3%): | ||||||||
| Altria Group, Inc. | 78,548 | 3,171,768 | ||||||
| Campbell Soup Co. | 77,427 | 3,648,360 | ||||||
| Conagra Brands, Inc. | 103,047 | 3,362,424 | ||||||
| Kellogg Co. | 59,683 | 4,157,518 | ||||||
| Kimberly-Clark Corp. | 31,962 | 3,597,003 | ||||||
| Philip Morris International, Inc. | 38,271 | 3,176,876 | ||||||
| The Clorox Co. | 18,712 | 2,402,434 | ||||||
| The Kraft Heinz Co. | 92,153 | 3,073,302 | ||||||
| Walgreens Boots Alliance, Inc. | 94,812 | 2,977,097 | ||||||
| 29,566,782 | ||||||||
| Energy (7.3%): | ||||||||
| Chevron Corp. | 17,740 | 2,548,706 | ||||||
| Devon Energy Corp. | 24,013 | 1,443,902 | ||||||
| Exxon Mobil Corp. | 26,921 | 2,350,473 | ||||||
| Kinder Morgan, Inc. | 191,841 | 3,192,234 | ||||||
| ONEOK, Inc. | 46,058 | 2,360,012 | ||||||
| Phillips 66 | 26,499 | 2,138,999 | ||||||
| Pioneer Natural Resources Co. | 9,312 | 2,016,327 | ||||||
| The Williams Cos., Inc. | 99,758 | 2,856,072 | ||||||
| Valero Energy Corp. | 17,925 | 1,915,286 | ||||||
| 20,822,011 | ||||||||
| Financials (22.6%): | ||||||||
| Ally Financial, Inc. | 65,213 | 1,814,878 | ||||||
| Ares Management Corp., Class A | 26,022 | 1,612,063 | ||||||
| Blackstone, Inc. | 18,720 | 1,566,864 | ||||||
| Citigroup, Inc. | 55,547 | 2,314,644 | ||||||
| Citizens Financial Group, Inc. | 69,868 | 2,400,665 | ||||||
| CME Group, Inc. | 18,279 | 3,237,759 | ||||||
| Comerica, Inc. | 31,462 | 2,236,948 | ||||||
| Fidelity National Financial, Inc. | 82,846 | 2,999,025 | ||||||
| Fifth Third Bancorp | 76,851 | 2,456,158 | ||||||
| Franklin Resources, Inc. | 101,881 | 2,192,479 | ||||||
| Huntington Bancshares, Inc. | 204,124 | 2,690,354 | ||||||
| JPMorgan Chase & Co. | 27,418 | 2,865,181 | ||||||
| KeyCorp | 154,942 | 2,482,171 | ||||||
| MetLife, Inc. | 54,883 | 3,335,789 | ||||||
| Morgan Stanley | 33,615 | 2,655,921 | ||||||
| Northern Trust Corp. | 29,913 | 2,559,356 | ||||||
| Principal Financial Group, Inc. | 38,496 | 2,777,486 | ||||||
| Prudential Financial, Inc. | 32,776 | 2,811,525 | ||||||
| Regions Financial Corp. | 115,640 | 2,320,895 | ||||||
| State Street Corp. | 34,594 | 2,103,661 | ||||||
| T. Rowe Price Group, Inc. | 20,577 | 2,160,791 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares US Large Cap High Div Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| The Bank of New York Mellon Corp. | 71,521 | $ | 2,754,989 | |||||
| The Carlyle Group, Inc. | 58,276 | 1,505,852 | ||||||
| The PNC Financial Services Group, Inc. | 20,338 | 3,038,904 | ||||||
| Truist Financial Corp. | 65,319 | 2,843,989 | ||||||
| U.S. Bancorp | 71,698 | 2,890,863 | ||||||
| 64,629,210 | ||||||||
| Health Care (11.0%): | ||||||||
| AbbVie, Inc. | 31,678 | 4,251,504 | ||||||
| Amgen, Inc. | 19,811 | 4,465,399 | ||||||
| Bristol-Myers Squibb Co. | 71,538 | 5,085,637 | ||||||
| Gilead Sciences, Inc. | 69,473 | 4,285,789 | ||||||
| Medtronic PLC | 42,974 | 3,470,151 | ||||||
| Merck & Co., Inc. | 55,543 | 4,783,363 | ||||||
| Pfizer, Inc. | 70,630 | 3,090,769 | ||||||
| Viatris, Inc. | 223,832 | 1,907,049 | ||||||
| 31,339,661 | ||||||||
| Industrials (3.6%): | ||||||||
| 3M Co. | 28,446 | 3,143,283 | ||||||
| Stanley Black & Decker, Inc. | 25,278 | 1,901,158 | ||||||
| United Parcel Service, Inc., Class B | 15,222 | 2,458,962 | ||||||
| Watsco, Inc. | 11,101 | 2,858,064 | ||||||
| 10,361,467 | ||||||||
| Information Technology (7.6%): | ||||||||
| Broadcom, Inc. | 4,987 | 2,214,278 | ||||||
| Cisco Systems, Inc. | 68,146 | 2,725,840 | ||||||
| Corning, Inc. | 84,094 | 2,440,408 | ||||||
| Hewlett Packard Enterprise Co. | 192,212 | 2,302,700 | ||||||
| HP, Inc. | 74,010 | 1,844,329 | ||||||
| Intel Corp. | 80,800 | 2,082,216 | ||||||
| International Business Machines Corp. | 30,445 | 3,617,170 | ||||||
| Juniper Networks, Inc. | 107,548 | 2,809,154 | ||||||
| Seagate Technology Holdings PLC | 33,614 | 1,789,273 | ||||||
| 21,825,368 | ||||||||
| Materials (6.3%): | ||||||||
| Dow, Inc. | 64,599 | 2,837,834 | ||||||
| Eastman Chemical Co. | 32,609 | 2,316,869 | ||||||
| International Flavors & Fragrances, Inc. | 26,270 | 2,386,104 | ||||||
| International Paper Co. | 88,682 | 2,811,219 | ||||||
| LyondellBasell Industries NV, Class A | 32,781 | 2,467,754 | ||||||
| Newmont Corp. | 58,438 | 2,456,149 | ||||||
| Packaging Corp. of America | 24,695 | 2,773,002 | ||||||
| 18,048,931 | ||||||||
| Utilities (18.9%): | ||||||||
| American Electric Power Co., Inc. | 46,415 | 4,012,577 | ||||||
| Consolidated Edison, Inc. | 48,385 | 4,149,498 | ||||||
| Dominion Energy, Inc. | 61,319 | 4,237,756 | ||||||
| DTE Energy Co. | 37,253 | 4,285,958 | ||||||
| Duke Energy Corp. | 46,514 | 4,326,732 | ||||||
| Edison International | 57,754 | 3,267,721 | ||||||
| Entergy Corp. | 36,015 | 3,624,189 | ||||||
| Evergy, Inc. | 69,540 | 4,130,676 | ||||||
| Exelon Corp. | 91,138 | 3,414,030 | ||||||
| FirstEnergy Corp. | 113,052 | 4,182,924 | ||||||
| NiSource, Inc. | 148,786 | 3,747,919 | ||||||
| NRG Energy, Inc. | 70,486 | 2,697,499 | ||||||
| PPL Corp. | 147,083 | 3,728,554 | ||||||
| The Southern Co. | 59,953 | 4,076,804 | ||||||
| 53,882,837 | ||||||||
| Total Common Stocks (Cost $311,347,220) | 283,244,247 | |||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares US Large Cap High Div Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Collateral for Securities Loaned (0.0%)^(b) | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (c) | 1,489 | $ | 1,489 | |||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (c) | 1,002 | 1,002 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (c) | 743 | 743 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (c) | 33,831 | 33,831 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (c) | 1,484 | 1,484 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (c) | 4,028 | 4,028 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (c) | 26,639 | 26,639 | ||||||
| Total Collateral for Securities Loaned (Cost $69,216) | 69,216 | |||||||
| Total Investments (Cost $311,416,436) — 99.1% | 283,313,463 | |||||||
| Other assets in excess of liabilities — 0.9% | 2,428,994 | |||||||
| NET ASSETS - 100.00% | $ | 285,742,457 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | All or a portion of this security is on loan. |
| (b) | Amount represents less than 0.05% of net assets. |
| (c) | Rate disclosed is the daily yield on September 30, 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 | 10 | 12/16/22 | $ | 1,969,931 | $ | 1,800,750 | $ | (169,181 | ) | |||||||
| Total unrealized appreciation | $ | – | ||||||||||||||
| Total unrealized depreciation | (169,181 | ) | ||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | (169,181 | ) | |||||||||||||
| Victory Portfolios II | Schedule of Portfolio Investments |
| VictoryShares US Small Cap High Div Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (99.2%) | ||||||||
| Banks (12.9%): | ||||||||
| Columbia Banking System, Inc. (a) | 112,067 | $ | 3,237,616 | |||||
| First Busey Corp. | 191,589 | 4,211,126 | ||||||
| First Financial Bancorp | 187,857 | 3,960,025 | ||||||
| Fulton Financial Corp. | 261,622 | 4,133,628 | ||||||
| Hope Bancorp, Inc. | 263,559 | 3,331,386 | ||||||
| OceanFirst Financial Corp. | 245,934 | 4,584,210 | ||||||
| S&T Bancorp, Inc. | 157,929 | 4,628,899 | ||||||
| Southside Bancshares, Inc. | 134,462 | 4,754,576 | ||||||
| WesBanco, Inc. | 130,816 | 4,365,330 | ||||||
| 37,206,796 | ||||||||
| Capital Markets (3.8%): | ||||||||
| Artisan Partners Asset Management, Inc., Class A | 88,966 | 2,395,854 | ||||||
| Bridge Investment Group Holdings, Inc., Class A | 166,994 | 2,421,413 | ||||||
| GCM Grosvenor, Inc., Class A (a) | 470,284 | 3,710,541 | ||||||
| Moelis & Co., Class A | 73,676 | 2,490,986 | ||||||
| 11,018,794 | ||||||||
| Communication Services (3.9%): | ||||||||
| Cogent Communications Holdings, Inc. | 68,537 | 3,574,890 | ||||||
| John Wiley & Sons, Inc., Class A | 85,263 | 3,202,478 | ||||||
| Sinclair Broadcast Group, Inc., Class A | 105,010 | 1,899,631 | ||||||
| Telephone & Data Systems, Inc. | 192,719 | 2,678,794 | ||||||
| 11,355,793 | ||||||||
| Consumer Discretionary (17.3%): | ||||||||
| American Eagle Outfitters, Inc. (a) | 171,656 | 1,670,213 | ||||||
| Bloomin' Brands, Inc. | 101,794 | 1,865,884 | ||||||
| Camping World Holdings, Inc., Class A (a) | 71,835 | 1,818,862 | ||||||
| Cracker Barrel Old Country Store, Inc. | 25,462 | 2,357,272 | ||||||
| Dana, Inc. | 128,263 | 1,466,046 | ||||||
| Dine Brands Global, Inc. | 32,734 | 2,080,573 | ||||||
| Franchise Group, Inc. | 66,949 | 1,626,861 | ||||||
| Guess?, Inc. (a) | 108,228 | 1,587,705 | ||||||
| Jack in the Box, Inc. | 34,314 | 2,541,638 | ||||||
| KB Home | 76,213 | 1,975,441 | ||||||
| Kontoor Brands, Inc. | 61,504 | 2,067,149 | ||||||
| La-Z-Boy, Inc. | 97,740 | 2,205,992 | ||||||
| LCI Industries | 19,373 | 1,965,585 | ||||||
| MDC Holdings, Inc. | 79,863 | 2,189,843 | ||||||
| Monro, Inc. | 58,444 | 2,539,976 | ||||||
| Nordstrom, Inc. | 83,567 | 1,398,076 | ||||||
| Patrick Industries, Inc. | 43,729 | 1,917,079 | ||||||
| Rent-A-Center, Inc. | 66,840 | 1,170,368 | ||||||
| Standard Motor Products, Inc. | 86,429 | 2,808,943 | ||||||
| Steven Madden Ltd. | 90,654 | 2,417,742 | ||||||
| Strategic Education, Inc. | 40,807 | 2,505,958 | ||||||
| Sturm Ruger & Co., Inc. | 72,742 | 3,694,566 | ||||||
| The Buckle, Inc. | 68,728 | 2,175,929 | ||||||
| Wolverine World Wide, Inc. | 123,898 | 1,906,790 | ||||||
| 49,954,491 | ||||||||
| Consumer Finance (1.4%): | ||||||||
| Bread Financial Holdings, Inc. | 56,193 | 1,767,270 | ||||||
| Navient Corp. | 165,052 | 2,424,614 | ||||||
| 4,191,884 | ||||||||
| Consumer Staples (8.3%): | ||||||||
| B&G Foods, Inc. (a) | 144,317 | 2,379,787 | ||||||
| Energizer Holdings, Inc. | 113,751 | 2,859,700 | ||||||
| Fresh Del Monte Produce, Inc. | 132,970 | 3,090,223 | ||||||
| Medifast, Inc. | 18,353 | 1,988,731 | ||||||
| Nu Skin Enterprises, Inc., Class A | 66,886 | 2,231,986 | ||||||
| SpartanNash Co. | 103,768 | 3,011,347 | ||||||
| Spectrum Brands Holdings, Inc. | 52,083 | 2,032,800 | ||||||
| Universal Corp. | 83,604 | 3,849,128 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares US Small Cap High Div Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Vector Group Ltd. | 278,603 | $ | 2,454,492 | |||||
| 23,898,194 | ||||||||
| Diversified Financial Services (1.4%): | ||||||||
| Compass Diversified Holdings | 132,700 | 2,396,562 | ||||||
| Jackson Financial, Inc., Class A | 65,173 | 1,808,551 | ||||||
| 4,205,113 | ||||||||
| Energy (2.2%): | ||||||||
| Archrock, Inc. | 375,970 | 2,413,727 | ||||||
| Brigham Minerals, Inc. | 82,610 | 2,037,989 | ||||||
| Sitio Royalties Corp. (a) | 92,816 | 2,052,162 | ||||||
| 6,503,878 | ||||||||
| Health Care (4.7%): | ||||||||
| National HealthCare Corp. | 69,523 | 4,403,587 | ||||||
| National Research Corp. | 93,124 | 3,706,335 | ||||||
| Patterson Cos., Inc. | 130,772 | 3,141,143 | ||||||
| U.S. Physical Therapy, Inc. | 30,000 | 2,280,600 | ||||||
| 13,531,665 | ||||||||
| Industrials (16.8%): | ||||||||
| Apogee Enterprises, Inc. | 74,200 | 2,835,924 | ||||||
| Barnes Group, Inc. | 115,065 | 3,323,077 | ||||||
| Boise Cascade Co. | 30,086 | 1,788,914 | ||||||
| Deluxe Corp. | 160,012 | 2,664,200 | ||||||
| Global Industrial Co. | 84,581 | 2,269,308 | ||||||
| H&E Equipment Services, Inc. | 71,737 | 2,033,027 | ||||||
| Healthcare Services Group | 175,288 | 2,119,232 | ||||||
| Hillenbrand, Inc. | 84,076 | 3,087,271 | ||||||
| HNI Corp. | 103,523 | 2,744,395 | ||||||
| Kaman Corp. | 94,993 | 2,653,154 | ||||||
| Kennametal, Inc. | 128,376 | 2,641,978 | ||||||
| Kforce, Inc. | 55,725 | 3,268,271 | ||||||
| McGrath RentCorp | 50,992 | 4,276,189 | ||||||
| Mueller Water Products, Inc., Class A | 330,221 | 3,391,370 | ||||||
| Steelcase, Inc., Class A | 311,322 | 2,029,819 | ||||||
| The Greenbrier Cos., Inc. | 97,624 | 2,369,334 | ||||||
| Trinity Industries, Inc. | 132,891 | 2,837,223 | ||||||
| Wabash National Corp. | 147,523 | 2,295,458 | ||||||
| 48,628,144 | ||||||||
| Information Technology (3.2%): | ||||||||
| Benchmark Electronics, Inc. | 134,845 | 3,341,459 | ||||||
| InterDigital, Inc. | 71,159 | 2,876,247 | ||||||
| Vishay Intertechnology, Inc. | 170,025 | 3,024,745 | ||||||
| 9,242,451 | ||||||||
| Insurance (1.7%): | ||||||||
| Safety Insurance Group, Inc. | 59,494 | 4,852,331 | ||||||
| Materials (4.9%): | ||||||||
| Mativ Holdings, Inc. | 120,439 | 2,659,293 | ||||||
| NewMarket Corp. | 13,918 | 4,186,952 | ||||||
| Pactiv Evergreen, Inc. | 236,460 | 2,064,296 | ||||||
| Schnitzer Steel Industries, Inc. | 63,858 | 1,817,398 | ||||||
| Trinseo PLC | 75,799 | 1,388,638 | ||||||
| Worthington Industries, Inc. | 52,172 | 1,989,840 | ||||||
| 14,106,417 | ||||||||
| Real Estate (2.6%): | ||||||||
| Kennedy-Wilson Holdings, Inc. | 234,514 | 3,625,586 | ||||||
| The RMR Group, Inc., Class A | 163,185 | 3,865,853 | ||||||
| 7,491,439 | ||||||||
| Thrifts & Mortgage Finance (5.2%): | ||||||||
| Capitol Federal Financial, Inc. | 630,548 | 5,233,548 | ||||||
| Northwest Bancshares, Inc. | 391,252 | 5,285,815 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares US Small Cap High Div Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Provident Financial Services, Inc. | 236,742 | $ | 4,616,469 | |||||
| 15,135,832 | ||||||||
| Utilities (8.9%): | ||||||||
| Avista Corp. | 127,882 | 4,738,028 | ||||||
| MGE Energy, Inc. | 70,709 | 4,640,632 | ||||||
| Northwest Natural Holding Co. | 93,178 | 4,042,061 | ||||||
| NorthWestern Corp. | 95,072 | 4,685,148 | ||||||
| SJW Group | 76,848 | 4,426,445 | ||||||
| Unitil Corp. | 67,173 | 3,120,186 | ||||||
| 25,652,500 | ||||||||
| Total Common Stocks (Cost $338,843,503) | 286,975,722 | |||||||
| Collateral for Securities Loaned (3.1%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (b) | 195,198 | 195,198 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (b) | 131,385 | 131,385 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (b) | 97,413 | 97,413 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (b) | 4,435,190 | 4,435,190 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (b) | 194,495 | 194,495 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (b) | 528,118 | 528,118 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (b) | 3,492,396 | 3,492,396 | ||||||
| Total Collateral for Securities Loaned (Cost $9,074,195) | 9,074,195 | |||||||
| Total Investments (Cost $347,917,698) — 102.3% | 296,049,917 | |||||||
| Liabilities in excess of other assets — (2.3)% | (6,666,257 | ) | ||||||
| NET ASSETS - 100.00% | $ | 289,383,660 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | All or a portion of this security is on loan. |
| (b) | Rate disclosed is the daily yield on September 30, 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 | 24 | 12/16/22 | $ | 2,164,368 | $ | 2,003,760 | $ | (160,608 | ) | |||||||
| Total unrealized appreciation | $ | – | ||||||||||||||
| Total unrealized depreciation | (160,608 | ) | ||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | (160,608 | ) | |||||||||||||
| Victory Portfolios II | Schedule of Portfolio Investments |
| VictoryShares International High Div Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (98.4%) | ||||||||
| Australia (5.6%): | ||||||||
| Energy (0.7%): | ||||||||
| Woodside Energy Group Ltd. | 4,637 | $ | 93,884 | |||||
| Financials (2.5%): | ||||||||
| Australia & New Zealand Banking Group Ltd. | 12,315 | 179,560 | ||||||
| Westpac Banking Corp. | 12,615 | 166,509 | ||||||
| 346,069 | ||||||||
| Materials (2.4%): | ||||||||
| BHP Group Ltd. | 4,483 | 110,432 | ||||||
| Newcrest Mining Ltd. | 9,825 | 106,310 | ||||||
| Rio Tinto Ltd. | 1,945 | 116,161 | ||||||
| 332,903 | ||||||||
| 772,856 | ||||||||
| Austria (1.2%): | ||||||||
| Energy (0.6%): | ||||||||
| OMV AG | 2,312 | 84,663 | ||||||
| Financials (0.6%): | ||||||||
| Erste Group Bank AG | 3,551 | 78,779 | ||||||
| 163,442 | ||||||||
| Belgium (0.8%): | ||||||||
| Financials (0.8%): | ||||||||
| KBC Group NV | 2,206 | 105,187 | ||||||
| Canada (14.7%): | ||||||||
| Communication Services (3.4%): | ||||||||
| BCE, Inc. (a) | 5,737 | 240,578 | ||||||
| TELUS Corp. (a) | 11,149 | 221,414 | ||||||
| 461,992 | ||||||||
| Energy (3.9%): | ||||||||
| Enbridge, Inc. | 5,797 | 214,974 | ||||||
| Pembina Pipeline Corp. | 5,314 | 161,436 | ||||||
| TC Energy Corp. | 4,082 | 164,439 | ||||||
| 540,849 | ||||||||
| Financials (4.0%): | ||||||||
| Great-West Lifeco, Inc. | 9,825 | 212,121 | ||||||
| Manulife Financial Corp. | 9,396 | 147,484 | ||||||
| Power Corp. of Canada (a) | 8,631 | 194,529 | ||||||
| 554,134 | ||||||||
| Utilities (3.4%): | ||||||||
| Algonquin Power & Utilities Corp. | 18,975 | 207,307 | ||||||
| Emera, Inc. | 6,275 | 253,917 | ||||||
| 461,224 | ||||||||
| 2,018,199 | ||||||||
| Denmark (0.5%): | ||||||||
| Industrials (0.5%): | ||||||||
| AP Moller - Maersk A/S, Class B | 37 | 67,633 | ||||||
| Finland (1.9%): | ||||||||
| Financials (0.9%): | ||||||||
| Nordea Bank Abp | 15,084 | 130,103 | ||||||
| Industrials (1.0%): | ||||||||
| Kone Oyj, Class B | 3,360 | 130,415 | ||||||
| 260,518 | ||||||||
| France (10.0%): | ||||||||
| Communication Services (1.8%): | ||||||||
| Orange SA | 26,758 | 242,484 | ||||||
| Consumer Discretionary (0.8%): | ||||||||
| Cie Generale des Etablissements Michelin SCA | 5,095 | 115,604 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares International High Div Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Energy (0.8%): | ||||||||
| TotalEnergies SE (a) | 2,391 | $ | 113,106 | |||||
| Financials (3.7%): | ||||||||
| Amundi SA (b) | 2,380 | 100,190 | ||||||
| AXA SA | 5,839 | 128,594 | ||||||
| BNP Paribas SA | 2,291 | 97,891 | ||||||
| Credit Agricole SA | 12,161 | 99,671 | ||||||
| Societe Generale SA | 3,892 | 77,858 | ||||||
| 504,204 | ||||||||
| Industrials (1.4%): | ||||||||
| Bouygues SA | 7,051 | 185,514 | ||||||
| Utilities (1.5%): | ||||||||
| Engie SA | 10,143 | 117,699 | ||||||
| Veolia Environnement SA | 4,609 | 89,018 | ||||||
| 206,717 | ||||||||
| 1,367,629 | ||||||||
| Germany (7.1%): | ||||||||
| Consumer Discretionary (1.5%): | ||||||||
| Bayerische Motoren Werke AG | 1,551 | 106,373 | ||||||
| Mercedes-Benz Group AG | 1,847 | 94,747 | ||||||
| 201,120 | ||||||||
| Financials (1.0%): | ||||||||
| Allianz SE, Registered Shares | 897 | 142,218 | ||||||
| Industrials (0.7%): | ||||||||
| Deutsche Post AG, Registered Shares | 3,188 | 97,201 | ||||||
| Materials (2.3%): | ||||||||
| BASF SE | 2,593 | 100,619 | ||||||
| Evonik Industries AG | 6,791 | 114,790 | ||||||
| HeidelbergCement AG | 2,616 | 104,716 | ||||||
| 320,125 | ||||||||
| Real Estate (0.7%): | ||||||||
| Vonovia SE | 4,230 | 92,060 | ||||||
| Utilities (0.9%): | ||||||||
| E.ON SE | 16,020 | 123,952 | ||||||
| 976,676 | ||||||||
| Hong Kong (4.4%): | ||||||||
| Industrials (1.2%): | ||||||||
| CK Hutchison Holdings Ltd. | 30,527 | 168,786 | ||||||
| Real Estate (2.1%): | ||||||||
| Henderson Land Development Co. Ltd. | 54,123 | 151,694 | ||||||
| Swire Pacific Ltd., Class A | 19,000 | 142,208 | ||||||
| 293,902 | ||||||||
| Utilities (1.1%): | ||||||||
| Hong Kong & China Gas Co. Ltd. | 169,000 | 148,990 | ||||||
| 611,678 | ||||||||
| Israel (0.6%): | ||||||||
| Materials (0.6%): | ||||||||
| ICL Group Ltd. | 9,518 | 77,051 | ||||||
| Italy (6.1%): | ||||||||
| Energy (0.8%): | ||||||||
| Eni SpA | 10,839 | 115,877 | ||||||
| Financials (3.2%): | ||||||||
| Assicurazioni Generali SpA | 10,330 | 141,916 | ||||||
| Intesa Sanpaolo SpA | 57,299 | 95,608 | ||||||
| Poste Italiane SpA (b) | 15,168 | 115,784 | ||||||
| UniCredit SpA | 7,786 | 79,789 | ||||||
| 433,097 | ||||||||
| Utilities (2.1%): | ||||||||
| Enel SpA | 29,851 | 123,557 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares International High Div Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Snam SpA | 41,886 | $ | 170,169 | |||||
| 293,726 | ||||||||
| 842,700 | ||||||||
| Japan (8.7%): | ||||||||
| Communication Services (1.7%): | ||||||||
| Softbank Corp. | 23,000 | 229,905 | ||||||
| Consumer Staples (1.5%): | ||||||||
| Japan Tobacco, Inc. | 13,100 | 214,908 | ||||||
| Energy (1.0%): | ||||||||
| ENEOS Holdings, Inc. | 42,800 | 137,560 | ||||||
| Health Care (1.5%): | ||||||||
| Takeda Pharmaceutical Co. Ltd. | 8,000 | 208,251 | ||||||
| Industrials (2.2%): | ||||||||
| Marubeni Corp. | 12,400 | 108,653 | ||||||
| Nippon Yusen KK | 3,300 | 56,258 | ||||||
| Sumitomo Corp. | 11,000 | 137,016 | ||||||
| 301,927 | ||||||||
| Materials (0.8%): | ||||||||
| Nippon Steel Corp. | 7,600 | 105,379 | ||||||
| 1,197,930 | ||||||||
| Korea, Republic Of (3.2%): | ||||||||
| Energy (0.6%): | ||||||||
| S-Oil Corp. | 1,404 | 79,494 | ||||||
| Financials (1.9%): | ||||||||
| KB Financial Group, Inc. | 3,698 | 112,961 | ||||||
| Shinhan Financial Group Co. Ltd. | 6,281 | 147,081 | ||||||
| 260,042 | ||||||||
| Materials (0.7%): | ||||||||
| POSCO Holdings, Inc. | 725 | 106,931 | ||||||
| 446,467 | ||||||||
| Netherlands (4.5%): | ||||||||
| Communication Services (1.5%): | ||||||||
| Koninklijke KPN NV | 76,762 | 208,508 | ||||||
| Financials (1.5%): | ||||||||
| ABN AMRO Bank NV (b) | 10,092 | 91,257 | ||||||
| NN Group NV | 2,876 | 112,644 | ||||||
| 203,901 | ||||||||
| Health Care (0.7%): | ||||||||
| Koninklijke Philips NV | 5,985 | 93,835 | ||||||
| Industrials (0.8%): | ||||||||
| Randstad NV (a) | 2,582 | 112,792 | ||||||
| 619,036 | ||||||||
| Norway (2.4%): | ||||||||
| Communication Services (1.2%): | ||||||||
| Telenor ASA | 18,609 | 170,415 | ||||||
| Energy (0.5%): | ||||||||
| Aker BP ASA | 2,421 | 69,542 | ||||||
| Materials (0.7%): | ||||||||
| Yara International ASA | 2,666 | 93,899 | ||||||
| 333,856 | ||||||||
| Portugal (0.7%): | ||||||||
| Energy (0.7%): | ||||||||
| Galp Energia SGPS SA | 9,643 | 92,829 | ||||||
| Singapore (1.5%): | ||||||||
| Industrials (1.5%): | ||||||||
| Keppel Corp. Ltd. | 43,300 | 209,579 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares International High Div Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Spain (3.9%): | ||||||||
| Communication Services (1.0%): | ||||||||
| Telefonica SA | 43,455 | $ | 143,756 | |||||
| Financials (0.8%): | ||||||||
| Banco Bilbao Vizcaya Argentaria SA | 23,846 | 107,966 | ||||||
| Utilities (2.1%): | ||||||||
| Endesa SA | 9,157 | 138,363 | ||||||
| Red Electrica Corp. SA | 9,301 | 143,182 | ||||||
| 281,545 | ||||||||
| 533,267 | ||||||||
| Sweden (4.2%): | ||||||||
| Communication Services (1.3%): | ||||||||
| Telia Co. AB | 60,010 | 173,290 | ||||||
| Financials (2.9%): | ||||||||
| Skandinaviska Enskilda Banken AB, Class A | 12,580 | 121,128 | ||||||
| Svenska Handelsbanken AB, Class A | 18,675 | 154,257 | ||||||
| Swedbank AB, Class A | 9,860 | 130,541 | ||||||
| 405,926 | ||||||||
| 579,216 | ||||||||
| Switzerland (4.6%): | ||||||||
| Communication Services (1.7%): | ||||||||
| Swisscom AG, Registered Shares | 505 | 237,271 | ||||||
| Financials (1.1%): | ||||||||
| Swiss Re AG | 1,985 | 147,210 | ||||||
| Industrials (0.8%): | ||||||||
| Kuehne + Nagel International AG, Class R | 504 | 103,201 | ||||||
| Materials (1.0%): | ||||||||
| Holcim AG | 3,347 | 139,037 | ||||||
| 626,719 | ||||||||
| United Kingdom (11.8%): | ||||||||
| Communication Services (2.5%): | ||||||||
| BT Group PLC | 75,062 | 101,681 | ||||||
| Vodafone Group PLC | 125,813 | 142,017 | ||||||
| WPP PLC | 12,758 | 106,813 | ||||||
| 350,511 | ||||||||
| Consumer Staples (4.5%): | ||||||||
| British American Tobacco PLC | 4,325 | 155,775 | ||||||
| Imperial Brands PLC | 7,586 | 157,085 | ||||||
| Tesco PLC | 69,822 | 161,184 | ||||||
| Unilever PLC | 3,210 | 142,222 | ||||||
| 616,266 | ||||||||
| Health Care (1.1%): | ||||||||
| GSK PLC | 10,043 | 146,393 | ||||||
| Materials (1.6%): | ||||||||
| Anglo American PLC | 2,917 | 89,074 | ||||||
| Evraz PLC (c)(d)(e)(f) | 23,292 | 10,531 | ||||||
| Rio Tinto PLC | 2,181 | 119,200 | ||||||
| 218,805 | ||||||||
| Utilities (2.1%): | ||||||||
| National Grid PLC | 14,871 | 154,550 | ||||||
| SSE PLC | 7,632 | 130,136 | ||||||
| 284,686 | ||||||||
| 1,616,661 | ||||||||
| Total Common Stocks (Cost $16,820,264) | 13,519,129 | |||||||
| Collateral for Securities Loaned (5.8%)^ | ||||||||
| United States (5.8%): | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (g) | 17,126 | 17,126 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares International High Div Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (g) | 11,527 | $ | 11,527 | |||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (g) | 8,547 | 8,547 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (g) | 389,125 | 389,125 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (g) | 17,064 | 17,064 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (g) | 46,335 | 46,335 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (g) | 306,408 | 306,408 | ||||||
| Total Collateral for Securities Loaned (Cost $796,132) | 796,132 | |||||||
| Total Investments (Cost $17,616,396) — 104.2% | 14,315,261 | |||||||
| Liabilities in excess of other assets — (4.2)% | (573,640 | ) | ||||||
| NET ASSETS - 100.00% | $ | 13,741,621 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | All or a portion of this security is on loan. |
| (b) | Rule 144A security or other security that is restricted as to resale to institutional investors. 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 September 30, 2022, the fair value of these securities was $307,231 and amounted to 2.2% of net assets. |
| (c) | Security was fair valued using significant unobservable inputs as of September 30, 2022. |
| (d) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2022, illiquid securities were 0.1% of net assets. |
| (e) | Restricted security due to trading restrictions. Russian sanctioned entity by the United States Government. |
| (f) | The following table details the acquisition date and cost of the Fund’s restricted securities at September 30, 2022. |
| Security Name | Acquisition Date | Cost | ||||||
| Evraz PLC | 3/19/2021 | $ | 141,368 | |||||
| (g) | Rate disclosed is the daily yield on September 30, 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 | 12/16/22 | $ | 89,624 | $ | 83,030 | $ | (6,594 | ) | |||||||
| Total unrealized appreciation | $ | – | ||||||||||||||
| Total unrealized depreciation | (6,594 | ) | ||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | (6,594 | ) | |||||||||||||
| Victory Portfolios | Schedule of Portfolio Investments |
| VictoryShares Emerging Market High Div Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (99.2%) | ||||||||
| Brazil (7.0%): | ||||||||
| Communication Services (1.6%): | ||||||||
| Telefonica Brasil SA | 17,600 | $ | 132,117 | |||||
| Consumer Staples (0.9%): | ||||||||
| JBS SA | 16,600 | 77,308 | ||||||
| Energy (1.3%): | ||||||||
| Petroleo Brasileiro SA, Preference Shares | 9,900 | 54,695 | ||||||
| Ultrapar Participacoes SA | 25,600 | 55,672 | ||||||
| 110,367 | ||||||||
| Materials (1.5%): | ||||||||
| Cia Siderurgica Nacional SA | 19,100 | 45,042 | ||||||
| Vale SA | 5,700 | 76,128 | ||||||
| 121,170 | ||||||||
| Utilities (1.7%): | ||||||||
| Engie Brasil Energia SA | 20,000 | 142,791 | ||||||
| 583,753 | ||||||||
| Chile (3.7%): | ||||||||
| Consumer Discretionary (0.8%): | ||||||||
| Falabella SA | 34,472 | 68,762 | ||||||
| Consumer Staples (1.0%): | ||||||||
| Cencosud SA | 63,617 | 80,544 | ||||||
| Energy (0.7%): | ||||||||
| Empresas COPEC SA | 8,968 | 57,477 | ||||||
| Industrials (0.6%): | ||||||||
| Cia Sud Americana de Vapores SA | 672,902 | 46,387 | ||||||
| Materials (0.6%): | ||||||||
| Empresas CMPC SA | 35,016 | 53,311 | ||||||
| 306,481 | ||||||||
| China (19.2%): | ||||||||
| Consumer Staples (0.6%): | ||||||||
| China Feihe Ltd. (a)(b) | 68,974 | 48,329 | ||||||
| Energy (1.9%): | ||||||||
| China Petroleum & Chemical Corp., Class H | 218,761 | 93,921 | ||||||
| China Shenhua Energy Co. Ltd., Class H | 19,717 | 58,905 | ||||||
| 152,826 | ||||||||
| Financials (13.9%): | ||||||||
| Agricultural Bank of China Ltd., Class H | 438,512 | 131,284 | ||||||
| Bank of China Ltd., Class H (c) | 421,318 | 137,945 | ||||||
| Bank of Communications Co. Ltd., Class H | 209,070 | 110,270 | ||||||
| China CITIC Bank Corp. Ltd., Class H | 295,288 | 117,372 | ||||||
| China Construction Bank Corp., Class H | 213,029 | 123,213 | ||||||
| China Everbright Bank Co. Ltd., Class H | 393,671 | 108,331 | ||||||
| China Minsheng Banking Corp. Ltd., Class H (c) | 324,127 | 92,910 | ||||||
| Chongqing Rural Commercial Bank Co. Ltd., Class H | 413,744 | 134,411 | ||||||
| Industrial & Commercial Bank of China Ltd., Class H (c) | 288,941 | 135,463 | ||||||
| New China Life Insurance Co. Ltd., Class H | 34,068 | 65,016 | ||||||
| 1,156,215 | ||||||||
| Industrials (1.0%): | ||||||||
| COSCO SHIPPING Holdings Co. Ltd., Class H | 34,057 | 39,961 | ||||||
| Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 132,333 | 46,025 | ||||||
| 85,986 | ||||||||
| Materials (1.8%): | ||||||||
| Anhui Conch Cement Co. Ltd., Class H | 19,013 | 60,313 | ||||||
| China Hongqiao Group Ltd. | 54,517 | 45,145 | ||||||
| China National Building Material Co. Ltd., Class H | 59,867 | 45,838 | ||||||
| 151,296 | ||||||||
| 1,594,652 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| VictoryShares Emerging Market High Div Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Czech Republic (1.7%): | ||||||||
| Financials (0.9%): | ||||||||
| Komercni Banka A/S | 3,080 | $ | 77,238 | |||||
| Utilities (0.8%): | ||||||||
| CEZ A/S | 1,873 | 64,219 | ||||||
| 141,457 | ||||||||
| India (9.3%): | ||||||||
| Communication Services (0.8%): | ||||||||
| Indus Towers Ltd. | 27,265 | 66,180 | ||||||
| Energy (2.0%): | ||||||||
| Bharat Petroleum Corp. Ltd. | 22,200 | 83,182 | ||||||
| Petronet LNG Ltd. | 34,229 | 84,114 | ||||||
| 167,296 | ||||||||
| Financials (2.3%): | ||||||||
| Power Finance Corp. Ltd. | 77,147 | 99,201 | ||||||
| REC Ltd. | 77,125 | 89,122 | ||||||
| 188,323 | ||||||||
| Information Technology (1.1%): | ||||||||
| HCL Technologies Ltd. | 8,238 | 94,420 | ||||||
| Materials (2.0%): | ||||||||
| Steel Authority of India, Ltd. | 63,223 | 59,651 | ||||||
| Tata Steel Ltd. (d) | 45,304 | 55,303 | ||||||
| Vedanta Ltd. | 16,398 | 54,437 | ||||||
| 169,391 | ||||||||
| Utilities (1.1%): | ||||||||
| NTPC Ltd. | 45,423 | 89,147 | ||||||
| 774,757 | ||||||||
| Indonesia (5.6%): | ||||||||
| Consumer Staples (2.6%): | ||||||||
| PT Gudang Garam Tbk | 66,020 | 99,409 | ||||||
| PT Indofood Sukses Makmur Tbk | 292,972 | 115,938 | ||||||
| 215,347 | ||||||||
| Energy (2.2%): | ||||||||
| PT Adaro Energy Indonesia Tbk | 223,709 | 58,186 | ||||||
| PT Bukit Asam Tbk | 244,800 | 67,049 | ||||||
| PT Indo Tambangraya Megah Tbk | 22,200 | 60,403 | ||||||
| 185,638 | ||||||||
| Utilities (0.8%): | ||||||||
| PT Perusahaan Gas Negara Tbk | 563,886 | 65,000 | ||||||
| 465,985 | ||||||||
| Malaysia (3.9%): | ||||||||
| Consumer Staples (0.6%): | ||||||||
| Sime Darby Plantation Bhd | 55,400 | 48,886 | ||||||
| Financials (1.7%): | ||||||||
| RHB Bank Bhd | 121,100 | 145,268 | ||||||
| Utilities (1.6%): | ||||||||
| Tenaga Nasional Bhd | 77,100 | 133,906 | ||||||
| 328,060 | ||||||||
| Mexico (6.1%): | ||||||||
| Consumer Staples (2.3%): | ||||||||
| Arca Continental SAB de CV | 15,231 | 109,698 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Class A | 61,874 | 82,693 | ||||||
| 192,391 | ||||||||
| Financials (1.0%): | ||||||||
| Grupo Financiero Banorte SAB de CV, Class O | 11,994 | 77,032 | ||||||
| Industrials (1.0%): | ||||||||
| Alfa SAB de CV, Class A | 134,009 | 85,323 | ||||||
| Materials (1.8%): | ||||||||
| Grupo Mexico SAB de CV, Class B | 17,166 | 58,075 | ||||||
| Orbia Advance Corp. SAB de CV | 54,869 | 92,051 | ||||||
| 150,126 | ||||||||
| 504,872 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| VictoryShares Emerging Market High Div Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Netherlands (1.2%): | ||||||||
| Consumer Staples (0.0%):(e) | ||||||||
| X5 Retail Group NV, GDR (f)(g)(h)(i) | 5,583 | $ | 438 | |||||
| Real Estate (1.2%): | ||||||||
| NEPI Rockcastle NV | 21,532 | 96,476 | ||||||
| 96,914 | ||||||||
| Philippines (2.5%): | ||||||||
| Communication Services (1.6%): | ||||||||
| Globe Telecom, Inc. | 1,765 | 61,122 | ||||||
| PLDT, Inc. | 2,835 | 72,930 | ||||||
| 134,052 | ||||||||
| Utilities (0.9%): | ||||||||
| Manila Electric Co. | 15,740 | 70,618 | ||||||
| 204,670 | ||||||||
| Poland (1.9%): | ||||||||
| Energy (0.6%): | ||||||||
| Polski Koncern Naftowy ORLEN SA | 4,750 | 51,348 | ||||||
| Financials (1.3%): | ||||||||
| Powszechna Kasa Oszczednosci Bank Polski SA | 10,956 | 48,312 | ||||||
| Powszechny Zaklad Ubezpieczen SA | 13,168 | 61,575 | ||||||
| 109,887 | ||||||||
| 161,235 | ||||||||
| Russian Federation (0.3%): | ||||||||
| Communication Services (0.1%): | ||||||||
| Mobile TeleSystems PJSC (f)(g) | 74,552 | 2,947 | ||||||
| Rostelecom PJSC (f)(g)(h)(i) | 216,040 | 2,580 | ||||||
| 5,527 | ||||||||
| Consumer Staples (0.0%):(e) | ||||||||
| Magnit PJSC (f)(g) | 2,982 | 45 | ||||||
| Energy (0.0%):(e) | ||||||||
| Tatneft PJSC (f)(g) | 26,475 | 1,682 | ||||||
| Financials (0.0%):(e) | ||||||||
| Moscow Exchange MICEX-RTS PJSC (a)(f)(g) | 83,340 | 1,398 | ||||||
| Materials (0.1%): | ||||||||
| Magnitogorsk Iron & Steel Works PJSC (f)(g) | 149,520 | 1,216 | ||||||
| MMC Norilsk Nickel PJSC (f)(g) | 476 | 1,613 | ||||||
| Novolipetsk Steel PJSC (f)(g) | 47,250 | 1,490 | ||||||
| Polyus PJSC (f)(g) | 1,101 | 2,060 | ||||||
| Severstal PAO (f)(g)(h)(i) | 7,165 | 1,699 | ||||||
| 8,078 | ||||||||
| Utilities (0.1%): | ||||||||
| Inter RAO UES PJSC (f)(g) | 4,103,676 | 1,967 | ||||||
| RusHydro PJSC (f)(g)(h)(i) | 22,215,994 | 2,616 | ||||||
| 4,583 | ||||||||
| 21,313 | ||||||||
| South Africa (6.4%): | ||||||||
| Communication Services (2.7%): | ||||||||
| MultiChoice Group | 16,659 | 106,485 | ||||||
| Vodacom Group Ltd. | 17,517 | 118,204 | ||||||
| 224,689 | ||||||||
| Energy (0.7%): | ||||||||
| Exxaro Resources Ltd. | 4,918 | 55,029 | ||||||
| Financials (1.1%): | ||||||||
| Nedbank Group Ltd. | 7,995 | 88,270 | ||||||
| Materials (1.9%): | ||||||||
| African Rainbow Minerals Ltd. | 4,285 | 57,916 | ||||||
| Anglo American Platinum Ltd. | 746 | 53,122 | ||||||
| Sibanye Stillwater Ltd. | 21,577 | 50,104 | ||||||
| 161,142 | ||||||||
| 529,130 | ||||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| VictoryShares Emerging Market High Div Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Taiwan (19.1%): | ||||||||
| Consumer Discretionary (0.8%): | ||||||||
| Giant Manufacturing Co. Ltd. | 10,000 | $ | 64,731 | |||||
| Financials (2.1%): | ||||||||
| Cathay Financial Holding Co. Ltd. | 69,000 | 86,829 | ||||||
| China Development Financial Holding Corp. | 213,000 | 80,511 | ||||||
| Yuanta Financial Holding Co. Ltd. | 5,250 | 3,233 | ||||||
| 170,573 | ||||||||
| Industrials (1.4%): | ||||||||
| Evergreen Marine Corp. Ltd. | 8,000 | 36,791 | ||||||
| Wan Hai Lines Ltd. | 17,000 | 35,770 | ||||||
| Yang Ming Marine Transport Corp. | 21,000 | 40,681 | ||||||
| 113,242 | ||||||||
| Information Technology (9.8%): | ||||||||
| ASE Technology Holding Co. Ltd. | 30,000 | 75,692 | ||||||
| Asustek Computer, Inc. | 13,000 | 95,820 | ||||||
| Compal Electronics, Inc. | 174,000 | 118,934 | ||||||
| MediaTek, Inc. | 3,000 | 52,068 | ||||||
| Micro-Star International Co. Ltd. | 22,000 | 74,495 | ||||||
| Novatek Microelectronics Corp. | 7,000 | 48,288 | ||||||
| Pegatron Corp. | 52,000 | 95,820 | ||||||
| Quanta Computer, Inc. | 44,000 | 106,719 | ||||||
| Synnex Technology International Corp. | 53,000 | 88,147 | ||||||
| United Microelectronics Corp. | 54,000 | 60,809 | ||||||
| 816,792 | ||||||||
| Materials (5.0%): | ||||||||
| Asia Cement Corp. | 104,000 | 129,070 | ||||||
| China Steel Corp. | 110,000 | 92,513 | ||||||
| Formosa Plastics Corp. | 38,000 | 103,657 | ||||||
| Nan Ya Plastics Corp. | 44,000 | 92,721 | ||||||
| 417,961 | ||||||||
| 1,583,299 | ||||||||
| Thailand (10.0%): | ||||||||
| Communication Services (1.9%): | ||||||||
| Intouch Holdings PCL | 83,000 | 160,107 | ||||||
| Energy (3.3%): | ||||||||
| PTT Exploration & Production PCL | 19,700 | 83,838 | ||||||
| PTT PCL | 132,000 | 119,001 | ||||||
| Thai Oil PCL | 53,800 | 73,110 | ||||||
| 275,949 | ||||||||
| Materials (3.2%): | ||||||||
| PTT Global Chemical PCL | 90,400 | 99,475 | ||||||
| The Siam Cement PCL | 19,000 | 164,237 | ||||||
| 263,712 | ||||||||
| Real Estate (1.6%): | ||||||||
| Land & Houses PCL | 563,100 | 132,884 | ||||||
| 832,652 | ||||||||
| Turkey (1.3%): | ||||||||
| Consumer Discretionary (0.6%): | ||||||||
| Ford Otomotiv Sanayi A/S | 2,903 | 51,478 | ||||||
| Industrials (0.0%):(e) | ||||||||
| Enka Insaat ve Sanayi A/S | 1 | 1 | ||||||
| Materials (0.7%): | ||||||||
| Eregli Demir ve Celik Fabrikalari TAS | 36,516 | 57,386 | ||||||
| 108,865 | ||||||||
| Total Common Stocks (Cost $12,545,087) | 8,238,095 | |||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| VictoryShares Emerging Market High Div Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Rights (0.0%)(e) | ||||||||
| Philippines (0.0%):(e) | ||||||||
| Communication Services (0.0%): | ||||||||
| Globe Telecom, Inc., Expires 10/10/22 (a) | 92 | $ | 550 | |||||
| Total Rights (Cost $–) | 550 | |||||||
| Collateral for Securities Loaned (2.4%)^ | ||||||||
| United States (2.4%): | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (j) | 4,436 | 4,436 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (j) | 2,986 | 2,986 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (j) | 2,214 | 2,214 | ||||||
| HSBC U.S. Government Money Market Fund I Shares, 2.91% (j) | 100,791 | 100,791 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (j) | 4,420 | 4,420 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (j) | 12,002 | 12,002 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (j) | 79,365 | 79,365 | ||||||
| Total Collateral for Securities Loaned (Cost $206,214) | 206,214 | |||||||
| Total Investments (Cost $12,751,301) — 101.6% | 8,444,859 | |||||||
| Liabilities in excess of other assets — (1.6)% | (136,049 | ) | ||||||
| NET ASSETS - 100.00% | $ | 8,308,810 | ||||||
| ^ | 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 September 30, 2022, the fair value of these securities was $48,329 and amounted to 0.6% of net assets. |
| (c) | All or a portion of this security is on loan. |
| (d) | Issuer filed for bankruptcy. |
| (e) | Amount represents less than 0.05% of net assets. |
| (f) | Security was fair valued using significant unobservable inputs as of September 30, 2022. |
| (g) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2022, illiquid securities were 0.3% of net assets. |
| (h) | Restricted security due to trading restrictions. Russian sanctioned entity by the United States Government. |
| (i) | The following table details the acquisition date and cost of the Fund’s restricted securities at September 2022. |
| Security Name | Acquisition Date | Cost | |||||
| Rostelecom PJSC | 9/18/2020 | $ | 283,116 | ||||
| RusHydro PJSC | 9/18/2020 | 235,617 | |||||
| Severstal PAO | 6/1/2018 | 106,124 | |||||
| X5 Retail Group NV | 9/18/2020 | 199,826 | |||||
| (j) | Rate disclosed is the daily yield on September 30, 2022. |
| GDR—Global Depositary Receipt |
| PCL—Public Company Limited |
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| VictoryShares Emerging Market High Div Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Futures Contracts Purchased | ||||||||||||||||
| Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized | ||||||||||||
| E-Mini MSCI Emerging Markets Index Futures | 1 | 12/16/22 | $ | 43,724 | $ | 43,575 | $ | (149 | ) | |||||||
| Total unrealized appreciation | $ | – | ||||||||||||||
| Total unrealized depreciation | (149 | ) | ||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | (149 | ) | |||||||||||||
| Victory Portfolios II | Schedule of Portfolio Investments |
| VictoryShares Dividend Accelerator ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (99.5%) | ||||||||
| Aerospace & Defense (2.8%): | ||||||||
| Lockheed Martin Corp. | 9,790 | $ | 3,781,779 | |||||
| Northrop Grumman Corp. | 6,951 | 3,269,194 | ||||||
| 7,050,973 | ||||||||
| Commercial Services & Supplies (0.7%): | ||||||||
| Cintas Corp. | 4,534 | 1,760,054 | ||||||
| Communication Services (0.4%): | ||||||||
| AT&T, Inc. | 67,077 | 1,028,961 | ||||||
| Consumer Discretionary (6.7%): | ||||||||
| Genuine Parts Co. | 23,450 | 3,501,554 | ||||||
| Leggett & Platt, Inc. | 96,920 | 3,219,682 | ||||||
| Lithia Motors, Inc. | 9,290 | 1,993,170 | ||||||
| Lowe's Cos., Inc. | 9,003 | 1,690,853 | ||||||
| NIKE, Inc., Class B | 47,167 | 3,920,521 | ||||||
| Target Corp. | 16,902 | 2,508,088 | ||||||
| 16,833,868 | ||||||||
| Consumer Staples (18.1%): | ||||||||
| Altria Group, Inc. | 33,120 | 1,337,386 | ||||||
| Archer-Daniels-Midland Co. | 43,552 | 3,503,758 | ||||||
| Brown-Forman Corp., Class B | 55,866 | 3,719,000 | ||||||
| Colgate-Palmolive Co. | 72,424 | 5,087,786 | ||||||
| Costco Wholesale Corp. | 9,338 | 4,410,057 | ||||||
| Hormel Foods Corp. | 69,568 | 3,161,170 | ||||||
| Kimberly-Clark Corp. | 28,268 | 3,181,281 | ||||||
| McCormick & Co., Inc. | 30,488 | 2,172,880 | ||||||
| PepsiCo, Inc. | 18,780 | 3,066,023 | ||||||
| Sysco Corp. | 25,617 | 1,811,378 | ||||||
| The Clorox Co. | 23,809 | 3,056,837 | ||||||
| The Coca-Cola Co. | 45,096 | 2,526,278 | ||||||
| The Procter & Gamble Co. | 23,183 | 2,926,854 | ||||||
| Walgreens Boots Alliance, Inc. | 51,570 | 1,619,298 | ||||||
| Walmart, Inc. | 32,825 | 4,257,402 | ||||||
| 45,837,388 | ||||||||
| Electrical Equipment (2.2%): | ||||||||
| Emerson Electric Co. | 77,001 | 5,638,013 | ||||||
| Energy (0.9%): | ||||||||
| ONEOK, Inc. | 44,473 | 2,278,797 | ||||||
| Financials (9.2%): | ||||||||
| Aflac, Inc. | 57,915 | 3,254,823 | ||||||
| Aon PLC, Class A | 29,824 | 7,988,955 | ||||||
| Axis Capital Holdings Ltd. | 27,896 | 1,371,088 | ||||||
| Cincinnati Financial Corp. | 8,647 | 774,512 | ||||||
| Commerce Bancshares, Inc. | 47,859 | 3,166,352 | ||||||
| Franklin Resources, Inc. (a) | 121,687 | 2,618,704 | ||||||
| Old Republic International Corp. | 47,514 | 994,468 | ||||||
| S&P Global, Inc. | 3,961 | 1,209,491 | ||||||
| T. Rowe Price Group, Inc. | 18,112 | 1,901,941 | ||||||
| 23,280,334 | ||||||||
| Health Care (11.7%): | ||||||||
| Abbott Laboratories | 32,715 | 3,165,504 | ||||||
| Becton Dickinson & Co. | 8,789 | 1,958,453 | ||||||
| DENTSPLY SIRONA, Inc. | 14,895 | 422,273 | ||||||
| Elevance Health, Inc. | 15,592 | 7,082,510 | ||||||
| Johnson & Johnson | 13,633 | 2,227,087 | ||||||
| Medtronic PLC | 53,461 | 4,316,976 | ||||||
| Merck & Co., Inc. | 56,870 | 4,897,644 | ||||||
| Quest Diagnostics, Inc. | 38,311 | 4,700,377 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares Dividend Accelerator ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| West Pharmaceutical Services, Inc. | 3,430 | $ | 844,054 | |||||
| 29,614,878 | ||||||||
| Industrial Conglomerates (6.3%): | ||||||||
| 3M Co. | 70,019 | 7,737,100 | ||||||
| Carlisle Cos., Inc. | 13,789 | 3,866,573 | ||||||
| Honeywell International, Inc. | 26,269 | 4,386,135 | ||||||
| 15,989,808 | ||||||||
| Information Technology (14.4%): | ||||||||
| Apple, Inc. | 54,891 | 7,585,936 | ||||||
| Automatic Data Processing, Inc. | 15,311 | 3,463,195 | ||||||
| Cisco Systems, Inc. | 164,283 | 6,571,320 | ||||||
| Jack Henry & Associates, Inc. | 16,284 | 2,968,085 | ||||||
| Mastercard, Inc., Class A | 17,787 | 5,057,556 | ||||||
| Microchip Technology, Inc. | 83,409 | 5,090,451 | ||||||
| QUALCOMM, Inc. | 17,815 | 2,012,739 | ||||||
| Texas Instruments, Inc. | 24,058 | 3,723,697 | ||||||
| 36,472,979 | ||||||||
| Machinery (12.9%): | ||||||||
| Caterpillar, Inc. | 17,398 | 2,854,664 | ||||||
| Donaldson Co., Inc. | 127,842 | 6,265,536 | ||||||
| Dover Corp. | 32,500 | 3,788,850 | ||||||
| Illinois Tool Works, Inc. | 27,978 | 5,054,226 | ||||||
| ITT, Inc. | 16,152 | 1,055,372 | ||||||
| Lincoln Electric Holdings, Inc. | 67,295 | 8,460,327 | ||||||
| Nordson Corp. | 15,842 | 3,362,781 | ||||||
| Stanley Black & Decker, Inc. | 22,874 | 1,720,354 | ||||||
| 32,562,110 | ||||||||
| Materials (6.1%): | ||||||||
| Air Products and Chemicals, Inc. | 13,118 | 3,052,952 | ||||||
| Nucor Corp. | 6,842 | 732,026 | ||||||
| PPG Industries, Inc. | 29,632 | 3,279,966 | ||||||
| RPM International, Inc. | 56,022 | 4,667,193 | ||||||
| Sonoco Products Co. | 31,200 | 1,769,976 | ||||||
| The Sherwin-Williams Co. | 8,806 | 1,803,028 | ||||||
| 15,305,141 | ||||||||
| Professional Services (1.9%): | ||||||||
| Robert Half International, Inc. | 63,140 | 4,830,210 | ||||||
| Trading Companies & Distributors (2.1%): | ||||||||
| W.W. Grainger, Inc. | 11,058 | 5,409,463 | ||||||
| Utilities (3.1%): | ||||||||
| Consolidated Edison, Inc. | 73,651 | 6,316,309 | ||||||
| National Fuel Gas Co. | 8,056 | 495,847 | ||||||
| UGI Corp. | 31,036 | 1,003,394 | ||||||
| 7,815,550 | ||||||||
| Total Common Stocks (Cost $270,801,541) | 251,708,527 | |||||||
| Collateral for Securities Loaned (0.0%)^(b) | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (c) | 40 | 40 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (c) | 27 | 27 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (c) | 20 | 20 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (c) | 901 | 901 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (c) | 40 | 40 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (c) | 107 | 107 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares Dividend Accelerator ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (c) | 709 | $ | 709 | |||||
| Total Collateral for Securities Loaned (Cost $1,844) | 1,844 | |||||||
| Total Investments (Cost $270,803,385) — 99.5% | 251,710,371 | |||||||
| Other assets in excess of liabilities — 0.5% | 1,211,637 | |||||||
| NET ASSETS - 100.00% | $ | 252,922,008 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | All or a portion of this security is on loan. |
| (b) | Amount represents less than 0.05% of net assets. |
| (c) | Rate disclosed is the daily yield on September 30, 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 | 5 | 12/16/22 | $ | 987,618 | $ | 900,375 | $ | (87,243 | ) | |||||||
| Total unrealized appreciation | $ | – | ||||||||||||||
| Total unrealized depreciation | (87,243 | ) | ||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | (87,243 | ) | |||||||||||||
| Victory Portfolios II | Schedule of Portfolio Investments |
| VictoryShares US Multi-Factor Minimum Volatility ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (99.5%) | ||||||||
| Communication Services (3.9%): | ||||||||
| Charter Communications, Inc., Class A (a) | 6,609 | $ | 2,004,840 | |||||
| Comcast Corp., Class A | 55,101 | 1,616,113 | ||||||
| Fox Corp., Class A | 13,090 | 401,601 | ||||||
| Ziff Davis, Inc. (a) | 6,652 | 455,529 | ||||||
| 4,478,083 | ||||||||
| Consumer Discretionary (10.5%): | ||||||||
| AutoZone, Inc. (a) | 2,066 | 4,425,227 | ||||||
| Gentex Corp. | 19,376 | 461,924 | ||||||
| Lowe's Cos., Inc. | 2,694 | 505,960 | ||||||
| Tapestry, Inc. | 9,477 | 269,431 | ||||||
| Target Corp. | 19,122 | 2,837,514 | ||||||
| Thor Industries, Inc. | 4,344 | 303,993 | ||||||
| Tractor Supply Co. | 16,836 | 3,129,476 | ||||||
| 11,933,525 | ||||||||
| Consumer Staples (14.4%): | ||||||||
| Colgate-Palmolive Co. | 4,513 | 317,038 | ||||||
| Kellogg Co. | 20,154 | 1,403,928 | ||||||
| Philip Morris International, Inc. | 3,642 | 302,322 | ||||||
| The Clorox Co. | 17,170 | 2,204,456 | ||||||
| The Hershey Co. | 14,341 | 3,161,760 | ||||||
| The J.M. Smucker Co. | 10,967 | 1,506,975 | ||||||
| The Kroger Co. | 68,993 | 3,018,444 | ||||||
| Tyson Foods, Inc., Class A | 6,078 | 400,723 | ||||||
| Walmart, Inc. | 31,494 | 4,084,772 | ||||||
| 16,400,418 | ||||||||
| Energy (9.6%): | ||||||||
| Chevron Corp. | 27,366 | 3,931,673 | ||||||
| ConocoPhillips | 16,201 | 1,658,010 | ||||||
| Devon Energy Corp. | 5,780 | 347,551 | ||||||
| EOG Resources, Inc. | 8,002 | 894,064 | ||||||
| Exxon Mobil Corp. | 4,138 | 361,289 | ||||||
| Hess Corp. | 3,199 | 348,659 | ||||||
| Marathon Oil Corp. | 13,623 | 307,607 | ||||||
| Phillips 66 | 6,064 | 489,486 | ||||||
| Pioneer Natural Resources Co. | 6,069 | 1,314,121 | ||||||
| Valero Energy Corp. | 12,246 | 1,308,485 | ||||||
| 10,960,945 | ||||||||
| Financials (6.0%): | ||||||||
| American International Group, Inc. | 10,072 | 478,219 | ||||||
| Arch Capital Group Ltd. (a) | 9,024 | 410,953 | ||||||
| Evercore, Inc. | 3,374 | 277,511 | ||||||
| First American Financial Corp. | 15,445 | 712,014 | ||||||
| Lazard Ltd., Class A | 10,517 | 334,756 | ||||||
| SEI Investments Co. | 6,233 | 305,729 | ||||||
| T. Rowe Price Group, Inc. | 2,498 | 262,315 | ||||||
| The Allstate Corp. | 30,402 | 3,785,961 | ||||||
| The Hartford Financial Services Group, Inc. | 5,167 | 320,044 | ||||||
| 6,887,502 | ||||||||
| Health Care (18.9%): | ||||||||
| AbbVie, Inc. | 30,682 | 4,117,831 | ||||||
| Bristol-Myers Squibb Co. | 62,127 | 4,416,608 | ||||||
| DaVita, Inc. (a) | 3,022 | 250,131 | ||||||
| Gilead Sciences, Inc. | 5,754 | 354,964 | ||||||
| Hologic, Inc. (a) | 30,248 | 1,951,601 | ||||||
| Johnson & Johnson | 31,579 | 5,158,746 | ||||||
| Laboratory Corp. of America Holdings | 14,352 | 2,939,433 | ||||||
| McKesson Corp. | 1,116 | 379,295 | ||||||
| Merck & Co., Inc. | 15,209 | 1,309,799 | ||||||
| Molina Healthcare, Inc. (a) | 1,021 | 336,767 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares US Multi-Factor Minimum Volatility ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| UnitedHealth Group, Inc. | 672 | $ | 339,387 | |||||
| 21,554,562 | ||||||||
| Industrials (11.4%): | ||||||||
| A O Smith Corp. | 5,354 | 260,097 | ||||||
| Atkore, Inc. (a) | 3,471 | 270,078 | ||||||
| Clean Harbors, Inc. (a) | 3,067 | 337,309 | ||||||
| CSX Corp. | 9,135 | 243,356 | ||||||
| Cummins, Inc. | 1,670 | 339,862 | ||||||
| Emerson Electric Co. | 3,486 | 255,245 | ||||||
| Illinois Tool Works, Inc. | 5,425 | 980,026 | ||||||
| Landstar System, Inc. | 2,271 | 327,864 | ||||||
| Lincoln Electric Holdings, Inc. | 3,241 | 407,459 | ||||||
| Lockheed Martin Corp. | 10,160 | 3,924,706 | ||||||
| Oshkosh Corp. | 3,402 | 239,127 | ||||||
| Robert Half International, Inc. | 6,636 | 507,654 | ||||||
| Snap-on, Inc. | 1,666 | 335,449 | ||||||
| Textron, Inc. | 4,595 | 267,705 | ||||||
| Waste Management, Inc. | 27,089 | 4,339,929 | ||||||
| 13,035,866 | ||||||||
| Information Technology (23.8%): | ||||||||
| Applied Materials, Inc. | 4,478 | 366,883 | ||||||
| Broadcom, Inc. | 6,451 | 2,864,308 | ||||||
| Cisco Systems, Inc. | 74,147 | 2,965,880 | ||||||
| Cognizant Technology Solutions Corp., Class A | 39,708 | 2,280,828 | ||||||
| HP, Inc. | 97,050 | 2,418,486 | ||||||
| Microsoft Corp. | 36,868 | 8,586,557 | ||||||
| NetApp, Inc. | 28,361 | 1,754,128 | ||||||
| NXP Semiconductors NV | 10,064 | 1,484,541 | ||||||
| Texas Instruments, Inc. | 25,175 | 3,896,586 | ||||||
| Visa, Inc., Class A | 1,545 | 274,469 | ||||||
| Zebra Technologies Corp. (a) | 822 | 215,372 | ||||||
| 27,108,038 | ||||||||
| Materials (0.5%): | ||||||||
| Avery Dennison Corp. | 1,964 | 319,543 | ||||||
| Packaging Corp. of America | 2,192 | 246,140 | ||||||
| 565,683 | ||||||||
| Real Estate (0.5%): | ||||||||
| CBRE Group, Inc., Class A (a) | 3,780 | 255,188 | ||||||
| Weyerhaeuser Co. | 10,786 | 308,048 | ||||||
| 563,236 | ||||||||
| Total Common Stocks (Cost $122,433,381) | 113,487,858 | |||||||
| Total Investments (Cost $122,433,381) — 99.5% | 113,487,858 | |||||||
| Other assets in excess of liabilities — 0.5% | 513,503 | |||||||
| NET ASSETS - 100.00% | $ | 114,001,361 | ||||||
| (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 | 12/16/22 | $ | 400,838 | $ | 360,150 | $ | (40,688 | ) | |||||||
| Total unrealized appreciation | $ | – | ||||||||||||||
| Total unrealized depreciation | (40,688 | ) | ||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | (40,688 | ) | |||||||||||||
| Victory Portfolios II | Schedule of Portfolio Investments |
| VictoryShares US 500 Enhanced Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (23.7%) | ||||||||
| Communication Services (1.0%): | ||||||||
| Alphabet, Inc., Class A (a) | 3,562 | $ | 340,705 | |||||
| AT&T, Inc. | 29,099 | 446,379 | ||||||
| Charter Communications, Inc., Class A (a) | 1,008 | 305,777 | ||||||
| Comcast Corp., Class A | 14,367 | 421,384 | ||||||
| DISH Network Corp., Class A (a) | 13,528 | 187,092 | ||||||
| Electronic Arts, Inc. | 4,153 | 480,544 | ||||||
| Endeavor Group Holdings, Inc., Class A (a) | 14,597 | 295,735 | ||||||
| Fox Corp., Class A | 14,069 | 431,637 | ||||||
| Liberty Broadband Corp., Class C (a) | 4,339 | 320,218 | ||||||
| Lumen Technologies, Inc. (b) | 36,348 | 264,613 | ||||||
| Match Group, Inc. (a) | 4,064 | 194,056 | ||||||
| Meta Platforms, Inc., Class A (a) | 1,437 | 194,972 | ||||||
| Netflix, Inc. (a) | 893 | 210,248 | ||||||
| News Corp., Class A | 23,488 | 354,904 | ||||||
| Omnicom Group, Inc. | 6,168 | 389,139 | ||||||
| Paramount Global, Class B (b) | 11,299 | 215,133 | ||||||
| Pinterest, Inc., Class A (a) | 7,468 | 174,004 | ||||||
| Sirius XM Holdings, Inc. (b) | 94,612 | 540,235 | ||||||
| Take-Two Interactive Software, Inc. (a) | 2,699 | 294,191 | ||||||
| The Interpublic Group of Cos., Inc. | 14,571 | 373,018 | ||||||
| The Trade Desk, Inc., Class A (a) | 2,450 | 146,387 | ||||||
| The Walt Disney Co. (a) | 3,879 | 365,906 | ||||||
| T-Mobile U.S., Inc. (a) | 3,283 | 440,480 | ||||||
| Verizon Communications, Inc. | 15,613 | 592,826 | ||||||
| Warner Music Group Corp., Class A | 11,365 | 263,782 | ||||||
| ZoomInfo Technologies, Inc. (a) | 4,604 | 191,803 | ||||||
| 8,435,168 | ||||||||
| Consumer Discretionary (2.0%): | ||||||||
| Advance Auto Parts, Inc. | 2,399 | 375,060 | ||||||
| Airbnb, Inc., Class A (a) | 2,051 | 215,437 | ||||||
| Amazon.com, Inc. (a) | 2,260 | 255,380 | ||||||
| Aptiv PLC (a) | 2,925 | 228,764 | ||||||
| Aramark | 12,104 | 377,645 | ||||||
| AutoZone, Inc. (a) | 215 | 460,515 | ||||||
| Best Buy Co., Inc. | 4,592 | 290,857 | ||||||
| Booking Holdings, Inc. (a) | 172 | 282,632 | ||||||
| Burlington Stores, Inc. (a) | 1,782 | 199,388 | ||||||
| CarMax, Inc. (a)(b) | 3,600 | 237,672 | ||||||
| Chipotle Mexican Grill, Inc. (a) | 205 | 308,066 | ||||||
| D.R. Horton, Inc. | 4,606 | 310,214 | ||||||
| Darden Restaurants, Inc. | 3,165 | 399,803 | ||||||
| Dollar General Corp. | 1,744 | 418,316 | ||||||
| Dollar Tree, Inc. (a) | 2,398 | 326,368 | ||||||
| Domino's Pizza, Inc. | 1,203 | 373,171 | ||||||
| Etsy, Inc. (a)(b) | 1,713 | 171,523 | ||||||
| Expedia Group, Inc. (a) | 2,652 | 248,466 | ||||||
| Ford Motor Co. | 19,018 | 213,002 | ||||||
| Garmin Ltd. | 5,170 | 415,203 | ||||||
| General Motors Co. | 8,391 | 269,267 | ||||||
| Genuine Parts Co. | 3,726 | 556,366 | ||||||
| Hasbro, Inc. | 5,973 | 402,700 | ||||||
| Hilton Worldwide Holdings, Inc. | 2,888 | 348,351 | ||||||
| Hyatt Hotels Corp., Class A (a) | 3,670 | 297,123 | ||||||
| Lennar Corp., Class A | 4,251 | 316,912 | ||||||
| LKQ Corp. | 7,566 | 356,737 | ||||||
| Lowe's Cos., Inc. | 2,373 | 445,673 | ||||||
| Marriott International, Inc., Class A | 2,453 | 343,763 | ||||||
| McDonald's Corp. | 2,900 | 669,146 | ||||||
| MGM Resorts International | 8,997 | 267,391 | ||||||
| NIKE, Inc., Class B | 3,543 | 294,494 | ||||||
| NVR, Inc. (a) | 101 | 402,695 | ||||||
| O'Reilly Automotive, Inc. (a) | 656 | 461,398 | ||||||
| Pool Corp. | 1,032 | 328,393 | ||||||
| PulteGroup, Inc. | 8,065 | 302,437 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares US 500 Enhanced Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Ross Stores, Inc. | 3,550 | $ | 299,158 | |||||
| Service Corp. International | 7,585 | 437,958 | ||||||
| Starbucks Corp. | 4,736 | 399,055 | ||||||
| Target Corp. | 1,944 | 288,470 | ||||||
| Tesla, Inc. (a) | 779 | 206,630 | ||||||
| The Home Depot, Inc. | 1,649 | 455,025 | ||||||
| The TJX Cos., Inc. | 6,658 | 413,595 | ||||||
| Tractor Supply Co. | 2,138 | 397,411 | ||||||
| Ulta Beauty, Inc. (a) | 847 | 339,808 | ||||||
| Vail Resorts, Inc. | 1,710 | 368,744 | ||||||
| VF Corp. | 9,357 | 279,868 | ||||||
| Williams-Sonoma, Inc. (b) | 1,777 | 209,419 | ||||||
| Yum! Brands, Inc. | 5,301 | 563,708 | ||||||
| 16,829,177 | ||||||||
| Consumer Staples (2.2%): | ||||||||
| Albertsons Cos., Inc., Class A | 13,272 | 329,942 | ||||||
| Altria Group, Inc. | 12,177 | 491,707 | ||||||
| Archer-Daniels-Midland Co. | 5,293 | 425,822 | ||||||
| BJ's Wholesale Club Holdings, Inc. (a) | 4,350 | 316,723 | ||||||
| Brown-Forman Corp., Class B | 8,087 | 538,352 | ||||||
| Bunge Ltd. | 4,472 | 369,253 | ||||||
| Campbell Soup Co. | 12,000 | 565,440 | ||||||
| Church & Dwight Co., Inc. | 6,851 | 489,435 | ||||||
| Colgate-Palmolive Co. | 8,890 | 624,522 | ||||||
| Conagra Brands, Inc. | 15,968 | 521,036 | ||||||
| Constellation Brands, Inc., Class A | 2,542 | 583,847 | ||||||
| Costco Wholesale Corp. | 864 | 408,041 | ||||||
| Darling Ingredients, Inc. (a) | 4,200 | 277,830 | ||||||
| General Mills, Inc. | 8,357 | 640,230 | ||||||
| Hormel Foods Corp. | 13,545 | 615,485 | ||||||
| Kellogg Co. | 9,252 | 644,494 | ||||||
| Keurig Dr Pepper, Inc. | 18,484 | 662,097 | ||||||
| Kimberly-Clark Corp. | 4,953 | 557,411 | ||||||
| Lamb Weston Holdings, Inc. | 5,676 | 439,209 | ||||||
| McCormick & Co., Inc. (b) | 6,751 | 481,144 | ||||||
| Molson Coors Beverage Co., Class B | 9,073 | 435,413 | ||||||
| Mondelez International, Inc., Class A | 11,290 | 619,031 | ||||||
| Monster Beverage Corp. (a) | 5,353 | 465,497 | ||||||
| PepsiCo, Inc. | 4,389 | 716,548 | ||||||
| Philip Morris International, Inc. | 5,930 | 492,249 | ||||||
| Sysco Corp. | 5,787 | 409,199 | ||||||
| The Clorox Co. | 2,900 | 372,331 | ||||||
| The Coca-Cola Co. | 11,854 | 664,061 | ||||||
| The Estee Lauder Cos., Inc. | 1,413 | 305,067 | ||||||
| The Hershey Co. | 2,996 | 660,528 | ||||||
| The J.M. Smucker Co. | 3,942 | 541,670 | ||||||
| The Kraft Heinz Co. | 14,283 | 476,338 | ||||||
| The Kroger Co. | 8,975 | 392,656 | ||||||
| The Procter & Gamble Co. | 4,511 | 569,514 | ||||||
| Tyson Foods, Inc., Class A | 6,758 | 445,555 | ||||||
| Walgreens Boots Alliance, Inc. | 14,693 | 461,360 | ||||||
| Walmart, Inc. | 3,847 | 498,956 | ||||||
| 18,507,993 | ||||||||
| Energy (0.9%): | ||||||||
| Antero Resources Corp. (a) | 5,831 | 178,020 | ||||||
| APA Corp. | 6,155 | 210,440 | ||||||
| Chesapeake Energy Corp. (b) | 2,938 | 276,789 | ||||||
| Chevron Corp. | 2,751 | 395,236 | ||||||
| ConocoPhillips | 3,098 | 317,049 | ||||||
| Coterra Energy, Inc. | 9,832 | 256,812 | ||||||
| Devon Energy Corp. | 3,723 | 223,864 | ||||||
| Diamondback Energy, Inc. | 2,156 | 259,712 | ||||||
| EOG Resources, Inc. | 2,600 | 290,498 | ||||||
| Exxon Mobil Corp. | 4,173 | 364,345 | ||||||
| Halliburton Co. | 9,633 | 237,165 | ||||||
| Hess Corp. | 2,717 | 296,126 | ||||||
| HF Sinclair Corp. | 5,707 | 307,265 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares US 500 Enhanced Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Kinder Morgan, Inc. | 29,733 | $ | 494,757 | |||||
| Marathon Oil Corp. | 10,723 | 242,125 | ||||||
| Marathon Petroleum Corp. | 4,024 | 399,704 | ||||||
| Occidental Petroleum Corp. | 3,390 | 208,316 | ||||||
| ONEOK, Inc. | 7,139 | 365,802 | ||||||
| Ovintiv, Inc. | 4,479 | 206,034 | ||||||
| Phillips 66 | 4,107 | 331,517 | ||||||
| Pioneer Natural Resources Co. | 1,446 | 313,102 | ||||||
| Schlumberger NV | 7,586 | 272,337 | ||||||
| Targa Resources Corp. | 5,405 | 326,138 | ||||||
| Texas Pacific Land Corp. | 154 | 273,693 | ||||||
| The Williams Cos., Inc. | 15,460 | 442,620 | ||||||
| Valero Energy Corp. | 2,778 | 296,829 | ||||||
| 7,786,295 | ||||||||
| Financials (4.0%): | ||||||||
| Aflac, Inc. | 10,300 | 578,860 | ||||||
| Ally Financial, Inc. | 10,108 | 281,306 | ||||||
| American Express Co. | 2,614 | 352,655 | ||||||
| American Financial Group, Inc. | 4,064 | 499,588 | ||||||
| American International Group, Inc. | 7,994 | 379,555 | ||||||
| Ameriprise Financial, Inc. | 1,497 | 377,169 | ||||||
| Aon PLC, Class A | 1,806 | 483,773 | ||||||
| Arch Capital Group Ltd. (a) | 13,346 | 607,777 | ||||||
| Ares Management Corp., Class A | 4,034 | 249,906 | ||||||
| Arthur J. Gallagher & Co. | 2,991 | 512,119 | ||||||
| Bank of America Corp. | 13,280 | 401,056 | ||||||
| Berkshire Hathaway, Inc., Class B (a) | 2,399 | 640,581 | ||||||
| BlackRock, Inc. | 649 | 357,132 | ||||||
| Blackstone, Inc. | 2,902 | 242,897 | ||||||
| Brown & Brown, Inc. | 7,633 | 461,644 | ||||||
| Capital One Financial Corp. | 3,411 | 314,392 | ||||||
| Cboe Global Markets, Inc. | 4,753 | 557,860 | ||||||
| Chubb Ltd. | 3,334 | 606,388 | ||||||
| Cincinnati Financial Corp. | 4,471 | 400,467 | ||||||
| Citigroup, Inc. | 8,608 | 358,695 | ||||||
| Citizens Financial Group, Inc. | 10,830 | 372,119 | ||||||
| CME Group, Inc. | 2,832 | 501,632 | ||||||
| Comerica, Inc. | 4,874 | 346,541 | ||||||
| Discover Financial Services | 3,409 | 309,946 | ||||||
| East West Bancorp, Inc. | 5,052 | 339,191 | ||||||
| Equitable Holdings, Inc. | 13,470 | 354,935 | ||||||
| Erie Indemnity Co., Class A | 2,593 | 576,450 | ||||||
| Everest Re Group Ltd. | 2,068 | 542,726 | ||||||
| FactSet Research Systems, Inc. | 1,217 | 486,934 | ||||||
| Fidelity National Financial, Inc. | 12,841 | 464,844 | ||||||
| Fifth Third Bancorp | 11,913 | 380,739 | ||||||
| First Citizens BancShares, Inc., Class A | 463 | 369,210 | ||||||
| First Republic Bank | 2,714 | 354,313 | ||||||
| Franklin Resources, Inc. (b) | 15,789 | 339,779 | ||||||
| Globe Life, Inc. | 5,728 | 571,082 | ||||||
| Huntington Bancshares, Inc. | 31,637 | 416,976 | ||||||
| Interactive Brokers Group, Inc. | 6,476 | 413,881 | ||||||
| Intercontinental Exchange, Inc. | 4,987 | 450,575 | ||||||
| JPMorgan Chase & Co. | 4,251 | 444,230 | ||||||
| KeyCorp | 24,015 | 384,720 | ||||||
| KKR & Co., Inc. | 5,790 | 248,970 | ||||||
| Loews Corp. | 11,445 | 570,419 | ||||||
| LPL Financial Holdings, Inc. | 1,523 | 332,745 | ||||||
| M&T Bank Corp. | 2,322 | 409,415 | ||||||
| Markel Corp. (a) | 505 | 547,531 | ||||||
| MarketAxess Holdings, Inc. | 1,572 | 349,754 | ||||||
| Marsh & McLennan Cos., Inc. | 3,550 | 529,980 | ||||||
| MetLife, Inc. | 8,509 | 517,177 | ||||||
| Moody's Corp. | 1,625 | 395,054 | ||||||
| Morgan Stanley | 5,209 | 411,563 | ||||||
| Morningstar, Inc. | 1,685 | 357,759 | ||||||
| MSCI, Inc. | 835 | 352,195 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares US 500 Enhanced Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Nasdaq, Inc. | 9,257 | $ | 524,687 | |||||
| Northern Trust Corp. | 4,636 | 396,656 | ||||||
| Principal Financial Group, Inc. | 5,965 | 430,375 | ||||||
| Prudential Financial, Inc. | 5,082 | 435,934 | ||||||
| Raymond James Financial, Inc. | 3,965 | 391,821 | ||||||
| Regions Financial Corp. | 17,923 | 359,715 | ||||||
| Rocket Cos., Inc., Class A (b) | 30,731 | 194,220 | ||||||
| Ryan Specialty Holdings, Inc. (a) | 8,802 | 357,537 | ||||||
| S&P Global, Inc. | 1,438 | 439,093 | ||||||
| Signature Bank | 1,476 | 222,876 | ||||||
| State Street Corp. | 5,362 | 326,063 | ||||||
| SVB Financial Group (a) | 613 | 205,833 | ||||||
| Synchrony Financial | 10,302 | 290,413 | ||||||
| T. Rowe Price Group, Inc. | 3,190 | 334,982 | ||||||
| The Allstate Corp. | 4,446 | 553,660 | ||||||
| The Bank of New York Mellon Corp. | 11,086 | 427,033 | ||||||
| The Carlyle Group, Inc. (b) | 9,031 | 233,361 | ||||||
| The Charles Schwab Corp. | 5,223 | 375,377 | ||||||
| The Goldman Sachs Group, Inc. | 1,426 | 417,889 | ||||||
| The Hartford Financial Services Group, Inc. | 8,487 | 525,685 | ||||||
| The PNC Financial Services Group, Inc. | 3,152 | 470,972 | ||||||
| The Progressive Corp. | 4,488 | 521,550 | ||||||
| The Travelers Cos., Inc. | 3,805 | 582,926 | ||||||
| Tradeweb Markets, Inc., Class A | 6,573 | 370,849 | ||||||
| Truist Financial Corp. | 10,125 | 440,843 | ||||||
| U.S. Bancorp | 11,114 | 448,116 | ||||||
| W.R. Berkley Corp. | 9,333 | 602,725 | ||||||
| Wells Fargo & Co. | 9,139 | 367,571 | ||||||
| 33,355,967 | ||||||||
| Health Care (3.4%): | ||||||||
| Abbott Laboratories | 5,398 | 522,310 | ||||||
| AbbVie, Inc. | 4,910 | 658,971 | ||||||
| ABIOMED, Inc. (a) | 1,108 | 272,191 | ||||||
| Agilent Technologies, Inc. | 3,161 | 384,220 | ||||||
| Align Technology, Inc. (a) | 1,022 | 211,666 | ||||||
| AmerisourceBergen Corp. | 4,221 | 571,228 | ||||||
| Amgen, Inc. | 3,069 | 691,753 | ||||||
| Avantor, Inc. (a) | 15,006 | 294,118 | ||||||
| Baxter International, Inc. | 9,081 | 489,103 | ||||||
| Becton Dickinson & Co. | 2,480 | 552,618 | ||||||
| Biogen, Inc. (a) | 2,142 | 571,914 | ||||||
| BioMarin Pharmaceutical, Inc. (a) | 4,539 | 384,771 | ||||||
| Bio-Techne Corp. | 1,049 | 297,916 | ||||||
| Boston Scientific Corp. (a) | 12,299 | 476,340 | ||||||
| Bristol-Myers Squibb Co. | 11,089 | 788,317 | ||||||
| Catalent, Inc. (a) | 3,916 | 283,362 | ||||||
| Centene Corp. (a) | 5,146 | 400,410 | ||||||
| Charles River Laboratories International, Inc. (a) | 1,542 | 303,466 | ||||||
| Cigna Corp. | 1,864 | 517,204 | ||||||
| CVS Health Corp. | 5,829 | 555,912 | ||||||
| Danaher Corp. | 1,616 | 417,397 | ||||||
| Dexcom, Inc. (a) | 3,234 | 260,466 | ||||||
| Edwards Lifesciences Corp. (a) | 4,274 | 353,161 | ||||||
| Elevance Health, Inc. | 1,061 | 481,949 | ||||||
| Eli Lilly & Co. | 1,613 | 521,564 | ||||||
| Gilead Sciences, Inc. | 10,768 | 664,278 | ||||||
| HCA Healthcare, Inc. | 1,664 | 305,827 | ||||||
| Henry Schein, Inc. (a) | 7,665 | 504,127 | ||||||
| Hologic, Inc. (a) | 8,083 | 521,515 | ||||||
| Horizon Therapeutics PLC (a) | 5,779 | 357,662 | ||||||
| Humana, Inc. | 875 | 424,541 | ||||||
| IDEXX Laboratories, Inc. (a) | 989 | 322,216 | ||||||
| Incyte Corp. (a) | 7,233 | 482,007 | ||||||
| Insulet Corp. (a) | 997 | 228,712 | ||||||
| Intuitive Surgical, Inc. (a) | 1,564 | 293,156 | ||||||
| IQVIA Holdings, Inc. (a) | 1,940 | 351,412 | ||||||
| Johnson & Johnson | 4,983 | 814,023 | ||||||
| Laboratory Corp. of America Holdings | 2,315 | 474,135 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares US 500 Enhanced Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| McKesson Corp. | 1,685 | $ | 572,681 | |||||
| Medtronic PLC | 6,663 | 538,037 | ||||||
| Merck & Co., Inc. | 8,608 | 741,321 | ||||||
| Mettler-Toledo International, Inc. (a) | 326 | 353,423 | ||||||
| Moderna, Inc. (a) | 1,482 | 175,246 | ||||||
| Molina Healthcare, Inc. (a) | 1,384 | 456,499 | ||||||
| Neurocrine Biosciences, Inc. (a) | 3,827 | 406,466 | ||||||
| PerkinElmer, Inc. | 2,839 | 341,617 | ||||||
| Pfizer, Inc. | 10,945 | 478,953 | ||||||
| Quest Diagnostics, Inc. | 4,530 | 555,786 | ||||||
| R1 RCM, Inc. (a) | 14,564 | 269,871 | ||||||
| Regeneron Pharmaceuticals, Inc. (a) | 872 | 600,695 | ||||||
| Repligen Corp. (a) | 1,134 | 212,183 | ||||||
| ResMed, Inc. | 1,964 | 428,741 | ||||||
| Shockwave Medical, Inc. (a) | 658 | 182,970 | ||||||
| STERIS PLC | 2,277 | 378,620 | ||||||
| Stryker Corp. | 2,288 | 463,411 | ||||||
| Teleflex, Inc. | 1,886 | 379,954 | ||||||
| The Cooper Cos., Inc. | 1,608 | 424,351 | ||||||
| Thermo Fisher Scientific, Inc. | 818 | 414,881 | ||||||
| United Therapeutics Corp. (a) | 1,775 | 371,649 | ||||||
| UnitedHealth Group, Inc. | 1,112 | 561,604 | ||||||
| Veeva Systems, Inc., Class A (a) | 1,457 | 240,230 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 1,694 | 490,481 | ||||||
| Viatris, Inc. | 34,690 | 295,559 | ||||||
| Waters Corp. (a) | 1,425 | 384,080 | ||||||
| West Pharmaceutical Services, Inc. | 1,338 | 329,255 | ||||||
| Zimmer Biomet Holdings, Inc. | 4,437 | 463,888 | ||||||
| Zoetis, Inc. | 3,157 | 468,151 | ||||||
| 28,986,541 | ||||||||
| Industrials (3.7%): | ||||||||
| 3M Co. | 4,408 | 487,084 | ||||||
| Advanced Drainage Systems, Inc. | 2,162 | 268,888 | ||||||
| AECOM | 6,636 | 453,703 | ||||||
| AMERCO, Inc. | 980 | 499,036 | ||||||
| AMETEK, Inc. | 5,058 | 573,628 | ||||||
| Booz Allen Hamilton Holding Corp. | 5,128 | 473,571 | ||||||
| Builders FirstSource, Inc. (a) | 4,772 | 281,166 | ||||||
| C.H. Robinson Worldwide, Inc. | 3,674 | 353,843 | ||||||
| Carlisle Cos., Inc. | 1,549 | 434,355 | ||||||
| Carrier Global Corp. | 11,542 | 410,433 | ||||||
| Caterpillar, Inc. | 2,324 | 381,322 | ||||||
| Cintas Corp. | 1,299 | 504,259 | ||||||
| Copart, Inc. (a) | 3,475 | 369,740 | ||||||
| CoStar Group, Inc. (a) | 4,390 | 305,763 | ||||||
| CSX Corp. | 16,151 | 430,263 | ||||||
| Cummins, Inc. | 2,297 | 467,462 | ||||||
| Deere & Co. | 1,024 | 341,903 | ||||||
| Delta Air Lines, Inc. (a) | 9,610 | 269,657 | ||||||
| Dover Corp. | 4,139 | 482,525 | ||||||
| Eaton Corp. PLC | 3,684 | 491,298 | ||||||
| Emerson Electric Co. | 6,567 | 480,836 | ||||||
| Equifax, Inc. | 2,142 | 367,203 | ||||||
| Expeditors International of Washington, Inc. | 4,664 | 411,878 | ||||||
| Fastenal Co. | 10,342 | 476,146 | ||||||
| FedEx Corp. | 1,780 | 264,277 | ||||||
| Fortive Corp. | 7,570 | 441,331 | ||||||
| Generac Holdings, Inc. (a) | 1,003 | 178,674 | ||||||
| General Dynamics Corp. | 2,681 | 568,828 | ||||||
| Graco, Inc. | 8,694 | 521,205 | ||||||
| HEICO Corp. | 3,424 | 492,987 | ||||||
| Honeywell International, Inc. | 3,080 | 514,268 | ||||||
| Howmet Aerospace, Inc. | 11,845 | 366,366 | ||||||
| Hubbell, Inc. | 2,438 | 543,674 | ||||||
| Huntington Ingalls Industries, Inc. | 2,384 | 528,056 | ||||||
| IDEX Corp. | 2,747 | 548,988 | ||||||
| Illinois Tool Works, Inc. | 2,921 | 527,679 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares US 500 Enhanced Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Ingersoll Rand, Inc. | 8,698 | $ | 376,275 | |||||
| J.B. Hunt Transport Services, Inc. | 2,453 | 383,698 | ||||||
| Jacobs Solutions, Inc. | 4,072 | 441,771 | ||||||
| Johnson Controls International PLC | 8,640 | 425,261 | ||||||
| L3Harris Technologies, Inc. | 2,118 | 440,184 | ||||||
| Leidos Holdings, Inc. | 5,797 | 507,064 | ||||||
| Lockheed Martin Corp. | 1,360 | 525,354 | ||||||
| Masco Corp. | 8,901 | 415,588 | ||||||
| Nordson Corp. | 2,240 | 475,485 | ||||||
| Norfolk Southern Corp. | 2,092 | 438,588 | ||||||
| Northrop Grumman Corp. | 996 | 468,439 | ||||||
| Old Dominion Freight Line, Inc. | 1,254 | 311,958 | ||||||
| Otis Worldwide Corp. | 7,316 | 466,761 | ||||||
| PACCAR, Inc. | 6,095 | 510,090 | ||||||
| Parker-Hannifin Corp. | 1,742 | 422,104 | ||||||
| Quanta Services, Inc. | 2,526 | 321,787 | ||||||
| Raytheon Technologies Corp. | 6,096 | 499,018 | ||||||
| Regal Rexnord Corp. | 3,244 | 455,328 | ||||||
| Republic Services, Inc. | 4,469 | 607,963 | ||||||
| Rockwell Automation, Inc. | 1,667 | 358,588 | ||||||
| Rollins, Inc. | 14,983 | 519,610 | ||||||
| Snap-on, Inc. | 2,498 | 502,972 | ||||||
| Southwest Airlines Co. (a) | 10,412 | 321,106 | ||||||
| Stanley Black & Decker, Inc. (b) | 3,917 | 294,598 | ||||||
| Textron, Inc. | 6,806 | 396,518 | ||||||
| Trane Technologies PLC | 3,128 | 452,966 | ||||||
| TransDigm Group, Inc. | 701 | 367,899 | ||||||
| TransUnion | 5,213 | 310,121 | ||||||
| Union Pacific Corp. | 2,633 | 512,961 | ||||||
| United Parcel Service, Inc., Class B | 2,358 | 380,911 | ||||||
| United Rentals, Inc. (a) | 1,189 | 321,173 | ||||||
| Verisk Analytics, Inc. | 2,930 | 499,653 | ||||||
| W.W. Grainger, Inc. | 915 | 447,609 | ||||||
| Waste Management, Inc. | 3,885 | 622,416 | ||||||
| Watsco, Inc. | 1,719 | 442,574 | ||||||
| Westinghouse Air Brake Technologies Corp. | 4,927 | 400,811 | ||||||
| Xylem, Inc. | 4,389 | 383,423 | ||||||
| 31,540,920 | ||||||||
| Information Technology (3.2%): | ||||||||
| Accenture PLC, Class A | 1,516 | 390,067 | ||||||
| Adobe, Inc. (a) | 876 | 241,075 | ||||||
| Advanced Micro Devices, Inc. (a) | 2,715 | 172,022 | ||||||
| Akamai Technologies, Inc. (a) | 5,517 | 443,125 | ||||||
| Amphenol Corp., Class A | 6,678 | 447,159 | ||||||
| Analog Devices, Inc. | 2,615 | 364,374 | ||||||
| ANSYS, Inc. (a) | 1,384 | 306,833 | ||||||
| Apple, Inc. | 2,743 | 379,083 | ||||||
| Applied Materials, Inc. | 3,004 | 246,118 | ||||||
| Arista Networks, Inc. (a) | 2,746 | 309,996 | ||||||
| Autodesk, Inc. (a) | 1,498 | 279,826 | ||||||
| Automatic Data Processing, Inc. | 2,066 | 467,309 | ||||||
| Bentley Systems, Inc., Class B (b) | 7,557 | 231,169 | ||||||
| Broadcom, Inc. | 773 | 343,220 | ||||||
| Broadridge Financial Solutions, Inc. | 2,918 | 421,126 | ||||||
| Cadence Design Systems, Inc. (a) | 1,961 | 320,486 | ||||||
| CDW Corp. | 2,650 | 413,612 | ||||||
| Cisco Systems, Inc. | 10,562 | 422,480 | ||||||
| Cognizant Technology Solutions Corp., Class A | 7,222 | 414,832 | ||||||
| Corning, Inc. | 13,029 | 378,102 | ||||||
| Datadog, Inc., Class A (a) | 1,740 | 154,477 | ||||||
| Dell Technologies, Inc., Class C | 8,811 | 301,072 | ||||||
| Dynatrace, Inc. (a) | 6,255 | 217,737 | ||||||
| Enphase Energy, Inc. (a) | 649 | 180,078 | ||||||
| Entegris, Inc. | 2,792 | 231,792 | ||||||
| EPAM Systems, Inc. (a) | 357 | 129,302 | ||||||
| F5, Inc. (a) | 2,476 | 358,351 | ||||||
| Fair Isaac Corp. (a) | 773 | 318,484 | ||||||
| Fidelity National Information Services, Inc. | 4,378 | 330,845 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares US 500 Enhanced Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| First Solar, Inc. (a) | 2,072 | $ | 274,063 | |||||
| Fiserv, Inc. (a) | 4,603 | 430,703 | ||||||
| FleetCor Technologies, Inc. (a) | 2,054 | 361,853 | ||||||
| Fortinet, Inc. (a) | 5,174 | 254,199 | ||||||
| Gartner, Inc. (a) | 1,309 | 362,187 | ||||||
| Global Payments, Inc. | 3,011 | 325,339 | ||||||
| GoDaddy, Inc., Class A (a) | 4,704 | 333,419 | ||||||
| Hewlett Packard Enterprise Co. | 29,791 | 356,896 | ||||||
| HP, Inc. | 11,467 | 285,758 | ||||||
| Intel Corp. | 12,521 | 322,666 | ||||||
| International Business Machines Corp. | 4,719 | 560,664 | ||||||
| Intuit, Inc. | 695 | 269,187 | ||||||
| Jack Henry & Associates, Inc. | 3,029 | 552,096 | ||||||
| Juniper Networks, Inc. | 16,669 | 435,394 | ||||||
| Keysight Technologies, Inc. (a) | 2,572 | 404,730 | ||||||
| KLA Corp. | 819 | 247,854 | ||||||
| Lam Research Corp. | 624 | 228,384 | ||||||
| Mastercard, Inc., Class A | 1,330 | 378,172 | ||||||
| Microchip Technology, Inc. | 4,777 | 291,540 | ||||||
| Micron Technology, Inc. | 5,041 | 252,554 | ||||||
| Microsoft Corp. | 1,636 | 381,024 | ||||||
| Monolithic Power Systems, Inc. | 504 | 183,154 | ||||||
| Motorola Solutions, Inc. | 1,951 | 436,965 | ||||||
| NetApp, Inc. | 5,896 | 364,668 | ||||||
| NortonLifeLock, Inc. | 17,582 | 354,101 | ||||||
| NVIDIA Corp. | 1,481 | 179,779 | ||||||
| NXP Semiconductors NV | 1,917 | 282,777 | ||||||
| ON Semiconductor Corp. (a) | 3,337 | 207,995 | ||||||
| Oracle Corp. | 6,114 | 373,382 | ||||||
| Paychex, Inc. | 4,048 | 454,226 | ||||||
| Paycom Software, Inc. (a) | 745 | 245,843 | ||||||
| Paylocity Holding Corp. (a) | 1,024 | 247,378 | ||||||
| PayPal Holdings, Inc. (a) | 2,468 | 212,421 | ||||||
| PTC, Inc. (a) | 2,942 | 307,733 | ||||||
| Qorvo, Inc. (a) | 3,480 | 276,347 | ||||||
| QUALCOMM, Inc. | 2,303 | 260,193 | ||||||
| Roper Technologies, Inc. | 1,380 | 496,303 | ||||||
| Salesforce, Inc. (a) | 1,955 | 281,207 | ||||||
| Seagate Technology Holdings PLC | 5,209 | 277,275 | ||||||
| ServiceNow, Inc. (a) | 587 | 221,657 | ||||||
| Skyworks Solutions, Inc. | 3,417 | 291,368 | ||||||
| SS&C Technologies Holdings, Inc. | 8,945 | 427,124 | ||||||
| Synopsys, Inc. (a) | 955 | 291,762 | ||||||
| TD SYNNEX Corp. | 4,426 | 359,347 | ||||||
| TE Connectivity Ltd. | 3,505 | 386,812 | ||||||
| Teledyne Technologies, Inc. (a) | 1,333 | 449,847 | ||||||
| Teradyne, Inc. | 3,113 | 233,942 | ||||||
| Texas Instruments, Inc. | 2,768 | 428,431 | ||||||
| Trimble, Inc. (a) | 5,888 | 319,542 | ||||||
| Tyler Technologies, Inc. (a) | 923 | 320,742 | ||||||
| VeriSign, Inc. (a) | 2,295 | 398,641 | ||||||
| Visa, Inc., Class A | 2,257 | 400,956 | ||||||
| Western Digital Corp. (a) | 7,412 | 241,261 | ||||||
| Zebra Technologies Corp. (a) | 1,121 | 293,713 | ||||||
| Zoom Video Communications, Inc., Class A (a) | 2,654 | 195,308 | ||||||
| 27,225,034 | ||||||||
| Materials (1.3%): | ||||||||
| Air Products and Chemicals, Inc. | 2,104 | 489,664 | ||||||
| Albemarle Corp. | 964 | 254,920 | ||||||
| Avery Dennison Corp. | 2,445 | 397,801 | ||||||
| Ball Corp. | 6,256 | 302,290 | ||||||
| Celanese Corp. | 3,679 | 332,361 | ||||||
| CF Industries Holdings, Inc. | 2,817 | 271,136 | ||||||
| Corteva, Inc. | 8,503 | 485,946 | ||||||
| Dow, Inc. | 10,013 | 439,871 | ||||||
| DuPont de Nemours, Inc. | 7,995 | 402,948 | ||||||
| Eastman Chemical Co. | 5,055 | 359,158 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares US 500 Enhanced Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Ecolab, Inc. | 2,762 | $ | 398,888 | |||||
| FMC Corp. | 4,528 | 478,610 | ||||||
| Freeport-McMoRan, Inc. | 9,366 | 255,973 | ||||||
| International Flavors & Fragrances, Inc. | 4,073 | 369,951 | ||||||
| International Paper Co. | 13,747 | 435,780 | ||||||
| LyondellBasell Industries NV, Class A | 5,082 | 382,573 | ||||||
| Martin Marietta Materials, Inc. | 1,313 | 422,904 | ||||||
| Newmont Corp. | 9,060 | 380,792 | ||||||
| Nucor Corp. | 2,249 | 240,621 | ||||||
| Packaging Corp. of America | 3,825 | 429,509 | ||||||
| PPG Industries, Inc. | 3,312 | 366,605 | ||||||
| Reliance Steel & Aluminum Co. | 2,273 | 396,434 | ||||||
| RPM International, Inc. | 5,527 | 460,454 | ||||||
| Steel Dynamics, Inc. | 3,928 | 278,692 | ||||||
| The Mosaic Co. | 4,847 | 234,255 | ||||||
| The Sherwin-Williams Co. | 1,764 | 361,179 | ||||||
| Vulcan Materials Co. | 2,832 | 446,635 | ||||||
| Westlake Corp. (b) | 4,018 | 349,084 | ||||||
| Westrock Co. | 10,216 | 315,572 | ||||||
| 10,740,606 | ||||||||
| Real Estate (0.1%): | ||||||||
| CBRE Group, Inc., Class A (a) | 5,538 | 373,870 | ||||||
| Utilities (1.9%): | ||||||||
| Alliant Energy Corp. | 11,377 | 602,867 | ||||||
| Ameren Corp. | 8,333 | 671,223 | ||||||
| American Electric Power Co., Inc. | 7,196 | 622,094 | ||||||
| American Water Works Co., Inc. | 3,837 | 499,424 | ||||||
| Atmos Energy Corp. | 6,317 | 643,386 | ||||||
| CenterPoint Energy, Inc. | 21,551 | 607,307 | ||||||
| CMS Energy Corp. | 10,347 | 602,609 | ||||||
| Consolidated Edison, Inc. | 7,496 | 642,857 | ||||||
| Constellation Energy Corp. | 3,336 | 277,522 | ||||||
| Dominion Energy, Inc. | 9,504 | 656,821 | ||||||
| DTE Energy Co. | 5,776 | 664,529 | ||||||
| Duke Energy Corp. | 7,211 | 670,767 | ||||||
| Edison International | 8,951 | 506,448 | ||||||
| Entergy Corp. | 5,583 | 561,817 | ||||||
| Essential Utilities, Inc. | 11,946 | 494,326 | ||||||
| Evergy, Inc. | 10,779 | 640,273 | ||||||
| Eversource Energy | 7,657 | 596,940 | ||||||
| Exelon Corp. | 14,126 | 529,160 | ||||||
| FirstEnergy Corp. | 17,522 | 648,314 | ||||||
| NextEra Energy, Inc. | 5,548 | 435,019 | ||||||
| NiSource, Inc. | 23,059 | 580,856 | ||||||
| NRG Energy, Inc. | 10,923 | 418,023 | ||||||
| PG&E Corp. (a) | 32,850 | 410,625 | ||||||
| PPL Corp. | 22,794 | 577,828 | ||||||
| Sempra Energy | 4,149 | 622,101 | ||||||
| The Southern Co. | 9,292 | 631,856 | ||||||
| WEC Energy Group, Inc. | 6,883 | 615,547 | ||||||
| Xcel Energy, Inc. | 9,728 | 622,592 | ||||||
| 16,053,131 | ||||||||
| Total Common Stocks (Cost $173,734,475) | 199,834,702 | |||||||
| Investment Companies (76.7%) | ||||||||
| BlackRock Liquidity Funds T-Fund, Institutional Shares, 2.79% (c) | 646,509,797 | 646,509,797 | ||||||
| Total Investment Companies (Cost $646,509,797) | 646,509,797 | |||||||
| Collateral for Securities Loaned (0.4%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (c) | 65,879 | 65,879 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (c) | 44,342 | 44,342 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (c) | 32,877 | 32,877 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (c) | 1,496,859 | 1,496,859 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares US 500 Enhanced Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (c) | 65,641 | $ | 65,641 | |||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (c) | 178,238 | 178,238 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (c) | 1,178,670 | 1,178,670 | ||||||
| Total Collateral for Securities Loaned (Cost $3,062,506) | 3,062,506 | |||||||
| Total Investments (Cost $823,306,778) — 100.8% | 849,407,005 | |||||||
| Liabilities in excess of other assets — (0.8)% | (6,387,465 | ) | ||||||
| NET ASSETS - 100.00% | $ | 843,019,540 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Rate disclosed is the daily yield on September 30, 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 | 11 | 12/16/22 | $ | 2,129,920 | $ | 1,980,825 | $ | (149,095 | ) | |||||||
| Total unrealized appreciation | $ | – | ||||||||||||||
| Total unrealized depreciation | (149,095 | ) | ||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | (149,095 | ) | |||||||||||||
| Victory Portfolios II | Schedule of Portfolio Investments | |
| VictoryShares US EQ Income Enhanced Volatility Wtd ETF | September 30, 2022 | |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (99.1%) | ||||||||
| Communication Services (6.1%): | ||||||||
| AT&T, Inc. | 1,253,505 | $ | 19,228,767 | |||||
| Comcast Corp., Class A | 618,972 | 18,154,449 | ||||||
| Lumen Technologies, Inc. (a) | 1,565,721 | 11,398,449 | ||||||
| Omnicom Group, Inc. | 265,663 | 16,760,679 | ||||||
| Paramount Global, Class B (a) | 486,786 | 9,268,405 | ||||||
| The Interpublic Group of Cos., Inc. | 627,671 | 16,068,377 | ||||||
| Verizon Communications, Inc. | 672,393 | 25,530,762 | ||||||
| 116,409,888 | ||||||||
| Consumer Discretionary (5.4%): | ||||||||
| Advance Auto Parts, Inc. | 103,277 | 16,146,326 | ||||||
| Best Buy Co., Inc. | 197,723 | 12,523,775 | ||||||
| Darden Restaurants, Inc. | 136,303 | 17,217,795 | ||||||
| Ford Motor Co. | 819,192 | 9,174,950 | ||||||
| Garmin Ltd. | 222,662 | 17,881,985 | ||||||
| Hasbro, Inc. | 257,266 | 17,344,874 | ||||||
| VF Corp. | 403,165 | 12,058,665 | ||||||
| 102,348,370 | ||||||||
| Consumer Staples (10.3%): | ||||||||
| Altria Group, Inc. | 524,384 | 21,174,626 | ||||||
| Campbell Soup Co. | 516,902 | 24,356,422 | ||||||
| Conagra Brands, Inc. | 687,936 | 22,447,352 | ||||||
| Kellogg Co. | 398,440 | 27,755,330 | ||||||
| Kimberly-Clark Corp. | 213,375 | 24,013,223 | ||||||
| Philip Morris International, Inc. | 255,503 | 21,209,304 | ||||||
| The Clorox Co. | 124,924 | 16,038,992 | ||||||
| The Kraft Heinz Co. | 615,211 | 20,517,287 | ||||||
| Walgreens Boots Alliance, Inc. | 632,964 | 19,875,070 | ||||||
| 197,387,606 | ||||||||
| Energy (7.3%): | ||||||||
| Chevron Corp. | 118,432 | 17,015,125 | ||||||
| Devon Energy Corp. | 160,314 | 9,639,681 | ||||||
| Exxon Mobil Corp. | 179,726 | 15,691,877 | ||||||
| Kinder Morgan, Inc. | 1,280,728 | 21,311,314 | ||||||
| ONEOK, Inc. | 307,483 | 15,755,429 | ||||||
| Phillips 66 | 176,909 | 14,280,095 | ||||||
| Pioneer Natural Resources Co. | 62,170 | 13,461,670 | ||||||
| The Williams Cos., Inc. | 665,979 | 19,066,979 | ||||||
| Valero Energy Corp. | 119,666 | 12,786,312 | ||||||
| 139,008,482 | ||||||||
| Financials (22.6%): | ||||||||
| Ally Financial, Inc. | 435,358 | 12,116,013 | ||||||
| Ares Management Corp., Class A | 173,723 | 10,762,140 | ||||||
| Blackstone, Inc. | 124,976 | 10,460,491 | ||||||
| Citigroup, Inc. | 370,830 | 15,452,486 | ||||||
| Citizens Financial Group, Inc. | 466,430 | 16,026,535 | ||||||
| CME Group, Inc. | 122,026 | 21,614,465 | ||||||
| Comerica, Inc. | 210,038 | 14,933,702 | ||||||
| Fidelity National Financial, Inc. | 553,077 | 20,021,387 | ||||||
| Fifth Third Bancorp | 512,243 | 16,371,286 | ||||||
| Franklin Resources, Inc. (a) | 680,156 | 14,636,957 | ||||||
| Huntington Bancshares, Inc. | 1,362,721 | 17,960,663 | ||||||
| JPMorgan Chase & Co. | 183,039 | 19,127,576 | ||||||
| KeyCorp | 1,034,384 | 16,570,832 | ||||||
| MetLife, Inc. | 366,395 | 22,269,488 | ||||||
| Morgan Stanley | 224,407 | 17,730,397 | ||||||
| Northern Trust Corp. | 199,389 | 17,059,723 | ||||||
| Principal Financial Group, Inc. | 257,001 | 18,542,622 | ||||||
| Prudential Financial, Inc. | 218,814 | 18,769,865 | ||||||
| Regions Financial Corp. | 772,005 | 15,494,140 | ||||||
| State Street Corp. | 230,957 | 14,044,495 | ||||||
| T. Rowe Price Group, Inc. (a) | 137,364 | 14,424,594 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |
| VictoryShares US EQ Income Enhanced Volatility Wtd ETF | September 30, 2022 | |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| The Bank of New York Mellon Corp. | 477,470 | $ | 18,392,145 | |||||
| The Carlyle Group, Inc. | 389,044 | 10,052,897 | ||||||
| The PNC Financial Services Group, Inc. | 135,569 | 20,256,720 | ||||||
| Truist Financial Corp. | 436,067 | 18,986,357 | ||||||
| U.S. Bancorp | 478,650 | 19,299,168 | ||||||
| 431,377,144 | ||||||||
| Health Care (11.0%): | ||||||||
| AbbVie, Inc. | 211,479 | 28,382,597 | ||||||
| Amgen, Inc. | 132,256 | 29,810,502 | ||||||
| Bristol-Myers Squibb Co. | 477,609 | 33,953,224 | ||||||
| Gilead Sciences, Inc. | 463,800 | 28,611,822 | ||||||
| Medtronic PLC | 286,887 | 23,166,125 | ||||||
| Merck & Co., Inc. | 370,809 | 31,934,071 | ||||||
| Pfizer, Inc. | 471,521 | 20,633,759 | ||||||
| Viatris, Inc. | 1,494,272 | 12,731,198 | ||||||
| 209,223,298 | ||||||||
| Industrials (3.6%): | ||||||||
| 3M Co. | 189,911 | 20,985,165 | ||||||
| Stanley Black & Decker, Inc. (a) | 168,755 | 12,692,064 | ||||||
| United Parcel Service, Inc., Class B | 101,622 | 16,416,018 | ||||||
| Watsco, Inc. (a) | 74,106 | 19,079,331 | ||||||
| 69,172,578 | ||||||||
| Information Technology (7.6%): | ||||||||
| Broadcom, Inc. | 33,296 | 14,783,757 | ||||||
| Cisco Systems, Inc. | 454,933 | 18,197,320 | ||||||
| Corning, Inc. | 560,518 | 16,266,232 | ||||||
| Hewlett Packard Enterprise Co. | 1,283,204 | 15,372,784 | ||||||
| HP, Inc. | 493,316 | 12,293,435 | ||||||
| Intel Corp. | 539,425 | 13,900,982 | ||||||
| International Business Machines Corp. | 203,253 | 24,148,489 | ||||||
| Juniper Networks, Inc. | 717,989 | 18,753,873 | ||||||
| Seagate Technology Holdings PLC | 224,055 | 11,926,447 | ||||||
| 145,643,319 | ||||||||
| Materials (6.3%): | ||||||||
| Dow, Inc. | 431,266 | 18,945,515 | ||||||
| Eastman Chemical Co. | 217,360 | 15,443,428 | ||||||
| International Flavors & Fragrances, Inc. | 175,377 | 15,929,493 | ||||||
| International Paper Co. | 592,037 | 18,767,573 | ||||||
| LyondellBasell Industries NV, Class A | 218,844 | 16,474,576 | ||||||
| Newmont Corp. | 390,131 | 16,397,206 | ||||||
| Packaging Corp. of America | 164,858 | 18,511,905 | ||||||
| 120,469,696 | ||||||||
| Utilities (18.9%): | ||||||||
| American Electric Power Co., Inc. | 309,862 | 26,787,570 | ||||||
| Consolidated Edison, Inc. | 323,017 | 27,701,938 | ||||||
| Dominion Energy, Inc. | 409,365 | 28,291,215 | ||||||
| DTE Energy Co. | 248,695 | 28,612,360 | ||||||
| Duke Energy Corp. | 310,523 | 28,884,849 | ||||||
| Edison International (a) | 385,562 | 21,815,098 | ||||||
| Entergy Corp. | 240,432 | 24,194,672 | ||||||
| Evergy, Inc. | 464,250 | 27,576,450 | ||||||
| Exelon Corp. | 608,435 | 22,791,975 | ||||||
| FirstEnergy Corp. | 754,729 | 27,924,973 | ||||||
| NiSource, Inc. | 993,284 | 25,020,824 | ||||||
| NRG Energy, Inc. | 469,825 | 17,980,203 | ||||||
| PPL Corp. | 980,371 | 24,852,405 | ||||||
| The Southern Co. | 400,252 | 27,217,136 | ||||||
| 359,651,668 | ||||||||
| Total Common Stocks (Cost $2,096,908,586) | 1,890,692,049 | |||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |
| VictoryShares US EQ Income Enhanced Volatility Wtd ETF | September 30, 2022 | |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Investment Companies (0.6%) | ||||||||
| BlackRock Liquidity Funds T-Fund, Institutional Shares, 2.79% (b) | 11,855,508 | $ | 11,855,508 | |||||
| Total Investment Companies (Cost $11,855,508) | 11,855,508 | |||||||
| Collateral for Securities Loaned (2.1%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (b) | 848,106 | 848,106 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (b) | 570,849 | 570,849 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (b) | 423,247 | 423,247 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (b) | 19,270,232 | 19,270,232 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (b) | 845,052 | 845,052 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (b) | 2,294,593 | 2,294,593 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (b) | 15,173,933 | 15,173,933 | ||||||
| Total Collateral for Securities Loaned (Cost $39,426,012) | 39,426,012 | |||||||
| Total Investments (Cost $2,148,190,106) — 101.8% | 1,941,973,569 | |||||||
| Liabilities in excess of other assets — (1.8)% | (34,286,867 | ) | ||||||
| NET ASSETS - 100.00% | $ | 1,907,686,702 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | All or a portion of this security is on loan. |
| (b) | Rate disclosed is the daily yield on September 30, 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 | 70 | 12/16/22 | $ | 13,657,134 | $ | 12,605,250 | $ | (1,051,884 | ) | |||||||
| Total unrealized appreciation | $ | – | ||||||||||||||
| Total unrealized depreciation | (1,051,884 | ) | ||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | (1,051,884 | ) | |||||||||||||
| Victory Portfolios II | Schedule of Portfolio Investments | |
| VictoryShares US Discovery Enhanced Volatility Wtd ETF | September 30, 2022 | |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (22.3%) | ||||||||
| Communication Services (0.9%): | ||||||||
| Advantage Solutions, Inc. (a) | 7,274 | $ | 15,494 | |||||
| AMC Networks, Inc., Class A (a) | 960 | 19,488 | ||||||
| Cars.com, Inc. (a) | 2,477 | 28,485 | ||||||
| Cogent Communications Holdings, Inc. | 915 | 47,726 | ||||||
| EchoStar Corp., Class A (a) | 2,125 | 34,999 | ||||||
| Gogo, Inc. (a) | 1,999 | 24,228 | ||||||
| Gray Television, Inc. | 1,933 | 27,680 | ||||||
| iHeartMedia, Inc., Class A (a) | 2,710 | 19,864 | ||||||
| John Wiley & Sons, Inc., Class A | 1,139 | 42,781 | ||||||
| PubMatic, Inc., Class A (a) | 940 | 15,632 | ||||||
| Scholastic Corp. | 1,001 | 30,791 | ||||||
| Sciplay Corp., Class A (a) | 2,800 | 32,928 | ||||||
| Shenandoah Telecommunications Co. | 1,542 | 26,245 | ||||||
| Shutterstock, Inc. | 567 | 28,446 | ||||||
| Sinclair Broadcast Group, Inc., Class A | 1,401 | 25,344 | ||||||
| Stagwell, Inc. (a) | 4,565 | 31,727 | ||||||
| TechTarget, Inc. (a) | 452 | 26,758 | ||||||
| Telephone & Data Systems, Inc. | 2,573 | 35,765 | ||||||
| The EW Scripps Co., Class A (a) | 2,436 | 27,454 | ||||||
| Thryv Holdings, Inc. (a) | 1,373 | 31,346 | ||||||
| United States Cellular Corp. (a) | 1,731 | 45,058 | ||||||
| WideOpenWest, Inc. (a) | 1,875 | 23,006 | ||||||
| Yelp, Inc. (a) | 913 | 30,960 | ||||||
| ZipRecruiter, Inc. (a) | 1,436 | 23,694 | ||||||
| 695,899 | ||||||||
| Consumer Discretionary (3.1%): | ||||||||
| Accel Entertainment, Inc. (a) | 3,706 | 28,944 | ||||||
| American Eagle Outfitters, Inc. | 2,291 | 22,291 | ||||||
| Arhaus, Inc. (a) | 2,160 | 15,228 | ||||||
| Arko Corp. | 3,725 | 34,978 | ||||||
| Bloomin' Brands, Inc. | 1,359 | 24,910 | ||||||
| Boot Barn Holdings, Inc. (a) | 372 | 21,747 | ||||||
| Brinker International, Inc. (a) | 956 | 23,881 | ||||||
| Caleres, Inc. | 898 | 21,750 | ||||||
| Camping World Holdings, Inc., Class A | 958 | 24,257 | ||||||
| Carter's, Inc. | 527 | 34,534 | ||||||
| Cavco Industries, Inc. (a) | 137 | 28,189 | ||||||
| Century Communities, Inc. | 632 | 27,037 | ||||||
| Chegg, Inc. (a) | 1,047 | 22,060 | ||||||
| Cracker Barrel Old Country Store, Inc. | 340 | 31,477 | ||||||
| Cricut, Inc., Class A (a) | 3,463 | 32,067 | ||||||
| Dana, Inc. | 1,712 | 19,568 | ||||||
| Dave & Buster's Entertainment, Inc. (a) | 559 | 17,346 | ||||||
| Designer Brands, Inc., Class A | 1,549 | 23,715 | ||||||
| Dine Brands Global, Inc. | 437 | 27,776 | ||||||
| Dorman Products, Inc. (a) | 501 | 41,142 | ||||||
| Dream Finders Homes, Inc., Class A (a)(b) | 2,186 | 23,172 | ||||||
| European Wax Center, Inc., Class A | 1,057 | 19,502 | ||||||
| Everi Holdings, Inc. (a) | 1,637 | 26,552 | ||||||
| First Watch Restaurant Group, Inc. (a) | 1,622 | 23,487 | ||||||
| Franchise Group, Inc. | 894 | 21,724 | ||||||
| Frontdoor, Inc. (a) | 1,605 | 32,726 | ||||||
| Funko, Inc., Class A (a) | 1,032 | 20,867 | ||||||
| Gentherm, Inc. (a) | 497 | 24,716 | ||||||
| G-III Apparel Group Ltd. (a) | 1,340 | 20,033 | ||||||
| Golden Entertainment, Inc. (a) | 728 | 25,400 | ||||||
| GoPro, Inc., Class A (a) | 5,034 | 24,818 | ||||||
| Graham Holdings Co., Class B | 106 | 57,026 | ||||||
| Grand Canyon Education, Inc. (a) | 591 | 48,610 | ||||||
| Green Brick Partners, Inc. (a) | 1,138 | 24,330 | ||||||
| Group 1 Automotive, Inc. | 189 | 27,002 | ||||||
| Guess?, Inc. | 1,446 | 21,213 | ||||||
| Helen of Troy Ltd. (a) | 326 | 31,439 | ||||||
| Installed Building Products, Inc. | 328 | 26,565 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |
| VictoryShares US Discovery Enhanced Volatility Wtd ETF | September 30, 2022 | |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Jack in the Box, Inc. | 458 | $ | 33,924 | |||||
| KB Home | 1,017 | 26,361 | ||||||
| Kontoor Brands, Inc. | 820 | 27,560 | ||||||
| La-Z-Boy, Inc. | 1,305 | 29,454 | ||||||
| LCI Industries | 259 | 26,278 | ||||||
| Leslie's, Inc. (a) | 2,071 | 30,464 | ||||||
| LGI Homes, Inc. (a) | 307 | 24,981 | ||||||
| M/I Homes, Inc. (a) | 760 | 27,535 | ||||||
| Malibu Boats, Inc., Class A (a) | 547 | 26,250 | ||||||
| MarineMax, Inc. (a) | 825 | 24,577 | ||||||
| MDC Holdings, Inc. | 1,066 | 29,230 | ||||||
| Meritage Homes Corp. (a) | 421 | 29,584 | ||||||
| Modine Manufacturing Co. (a) | 1,698 | 21,972 | ||||||
| Monarch Casino & Resort, Inc. (a) | 528 | 29,642 | ||||||
| Monro, Inc. | 780 | 33,899 | ||||||
| National Vision Holdings, Inc. (a) | 793 | 25,891 | ||||||
| Nordstrom, Inc. | 1,115 | 18,654 | ||||||
| OneSpaWorld Holdings Ltd. (a) | 3,476 | 29,198 | ||||||
| Overstock.com, Inc. (a) | 666 | 16,217 | ||||||
| Oxford Industries, Inc. | 347 | 31,154 | ||||||
| Papa John's International, Inc. | 486 | 34,025 | ||||||
| Patrick Industries, Inc. | 584 | 25,603 | ||||||
| Perdoceo Education Corp. (a) | 4,345 | 44,753 | ||||||
| Playa Hotels & Resorts NV (a) | 4,775 | 27,790 | ||||||
| Qurate Retail, Inc., Class A | 6,688 | 13,443 | ||||||
| Rent-A-Center, Inc. | 893 | 15,636 | ||||||
| Revolve Group, Inc. (a) | 853 | 18,502 | ||||||
| Sally Beauty Holdings, Inc. (a) | 2,026 | 25,528 | ||||||
| Six Flags Entertainment Corp. (a) | 1,097 | 19,417 | ||||||
| Sleep Number Corp. (a) | 597 | 20,185 | ||||||
| Solid Power, Inc. (a) | 2,774 | 14,591 | ||||||
| Sonic Automotive, Inc., Class A | 589 | 25,504 | ||||||
| Sonos, Inc. (a) | 1,568 | 21,795 | ||||||
| Standard Motor Products, Inc. | 1,153 | 37,472 | ||||||
| Steven Madden Ltd. | 1,210 | 32,271 | ||||||
| Strategic Education, Inc. | 544 | 33,407 | ||||||
| Stride, Inc. (a) | 751 | 31,565 | ||||||
| Sturm Ruger & Co., Inc. | 971 | 49,317 | ||||||
| Target Hospitality Corp. (a) | 1,221 | 15,409 | ||||||
| Taylor Morrison Home Corp. (a) | 1,206 | 28,124 | ||||||
| The Buckle, Inc. | 917 | 29,032 | ||||||
| The Cheesecake Factory, Inc. | 914 | 26,762 | ||||||
| TravelCenters of America, Inc. (a) | 485 | 26,156 | ||||||
| Tri Pointe Homes, Inc. (a) | 1,922 | 29,041 | ||||||
| Urban Outfitters, Inc. (a) | 1,375 | 27,019 | ||||||
| Victoria's Secret & Co. (a) | 709 | 20,646 | ||||||
| Vista Outdoor, Inc. (a) | 1,214 | 29,524 | ||||||
| Vivid Seats, Inc., Class A (b) | 2,863 | 21,931 | ||||||
| Winnebago Industries, Inc. | 495 | 26,339 | ||||||
| Wolverine World Wide, Inc. | 1,654 | 25,455 | ||||||
| XPEL, Inc. (a) | 362 | 23,327 | ||||||
| 2,384,473 | ||||||||
| Consumer Staples (1.6%): | ||||||||
| B&G Foods, Inc. | 1,927 | 31,776 | ||||||
| Cal-Maine Foods, Inc. | 843 | 46,862 | ||||||
| Central Garden & Pet Co., Class A (a) | 1,383 | 47,243 | ||||||
| e.l.f. Beauty, Inc. (a) | 886 | 33,331 | ||||||
| Edgewell Personal Care Co. | 1,055 | 39,457 | ||||||
| Energizer Holdings, Inc. | 1,518 | 38,163 | ||||||
| Fresh Del Monte Produce, Inc. | 1,775 | 41,251 | ||||||
| Herbalife Nutrition Ltd. (a) | 1,103 | 21,939 | ||||||
| Ingles Markets, Inc., Class A | 542 | 42,932 | ||||||
| Inter Parfums, Inc. | 547 | 41,277 | ||||||
| J & J Snack Foods Corp. | 373 | 48,292 | ||||||
| John B Sanfilippo & Son, Inc. | 689 | 52,178 | ||||||
| Medifast, Inc. | 245 | 26,548 | ||||||
| MGP Ingredients, Inc. | 408 | 43,313 | ||||||
| Mission Produce, Inc. (a) | 2,689 | 38,883 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |
| VictoryShares US Discovery Enhanced Volatility Wtd ETF | September 30, 2022 | |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Nu Skin Enterprises, Inc., Class A | 893 | $ | 29,800 | |||||
| PriceSmart, Inc. | 763 | 43,941 | ||||||
| SpartanNash Co. | 1,385 | 40,193 | ||||||
| Spectrum Brands Holdings, Inc. | 696 | 27,165 | ||||||
| The Andersons, Inc. | 741 | 22,993 | ||||||
| The Chefs' Warehouse, Inc. (a) | 950 | 27,522 | ||||||
| The Duckhorn Portfolio, Inc. (a) | 2,431 | 35,079 | ||||||
| The Hain Celestial Group, Inc. (a) | 1,751 | 29,557 | ||||||
| The Vita Coco Co., Inc. (a) | 1,389 | 15,821 | ||||||
| Tootsie Roll Industries, Inc. | 1,585 | 52,749 | ||||||
| United Natural Foods, Inc. (a) | 810 | 27,840 | ||||||
| Universal Corp. | 1,116 | 51,381 | ||||||
| USANA Health Sciences, Inc. (a) | 727 | 40,748 | ||||||
| Utz Brands, Inc. | 2,160 | 32,616 | ||||||
| Vector Group Ltd. | 3,719 | 32,764 | ||||||
| WD-40 Co. | 199 | 34,972 | ||||||
| Weis Markets, Inc. | 646 | 46,021 | ||||||
| 1,184,607 | ||||||||
| Energy (0.6%): | ||||||||
| Arch Resources, Inc. | 150 | 17,790 | ||||||
| Archrock, Inc. | 5,018 | 32,216 | ||||||
| Brigham Minerals, Inc. | 1,103 | 27,211 | ||||||
| Bristow Group, Inc. (a) | 1,101 | 25,862 | ||||||
| Callon Petroleum Co. (a) | 487 | 17,050 | ||||||
| CONSOL Energy, Inc. | 290 | 18,653 | ||||||
| Delek U.S. Holdings, Inc. | 809 | 21,956 | ||||||
| Earthstone Energy, Inc., Class A (a) | 1,310 | 16,139 | ||||||
| Laredo Petroleum, Inc. (a) | 225 | 14,141 | ||||||
| NexTier Oilfield Solutions, Inc. (a) | 2,075 | 15,355 | ||||||
| Noble Corp. PLC (a) | 942 | 27,864 | ||||||
| Northern Oil and Gas, Inc. | 733 | 20,092 | ||||||
| Par Pacific Holdings, Inc. (a) | 1,396 | 22,908 | ||||||
| Permian Resources Corp. (a) | 2,752 | 18,714 | ||||||
| Ranger Oil Corp. | 506 | 15,914 | ||||||
| RPC, Inc. | 2,610 | 18,087 | ||||||
| Select Energy Services, Inc., Class A (a) | 3,368 | 23,475 | ||||||
| SilverBow Resources, Inc. (a) | 511 | 13,736 | ||||||
| Sitio Royalties Corp. | 1,239 | 27,394 | ||||||
| Talos Energy, Inc. (a) | 1,006 | 16,750 | ||||||
| W&T Offshore, Inc. (a) | 2,643 | 15,488 | ||||||
| World Fuel Services Corp. | 1,252 | 29,347 | ||||||
| 456,142 | ||||||||
| Financials (5.9%): | ||||||||
| 1st Source Corp. | 1,328 | 61,486 | ||||||
| Artisan Partners Asset Management, Inc., Class A | 1,187 | 31,966 | ||||||
| AssetMark Financial Holdings, Inc. (a) | 2,483 | 45,414 | ||||||
| Atlantic Union Bankshares Corp. | 1,650 | 50,127 | ||||||
| Axos Financial, Inc. (a) | 913 | 31,252 | ||||||
| Banc of California, Inc. | 2,850 | 45,515 | ||||||
| BankUnited, Inc. | 1,205 | 41,175 | ||||||
| Banner Corp. | 857 | 50,632 | ||||||
| Berkshire Hills Bancorp, Inc. | 1,897 | 51,788 | ||||||
| BGC Partners, Inc., Class A | 9,886 | 31,042 | ||||||
| Bread Financial Holdings, Inc. | 751 | 23,619 | ||||||
| Bridge Investment Group Holdings, Inc., Class A | 2,230 | 32,335 | ||||||
| Capitol Federal Financial, Inc. | 8,416 | 69,853 | ||||||
| City Holding Co. | 856 | 75,919 | ||||||
| CNO Financial Group, Inc. | 2,438 | 43,811 | ||||||
| Columbia Banking System, Inc. | 1,496 | 43,219 | ||||||
| Columbia Financial, Inc. (a) | 2,920 | 61,700 | ||||||
| Compass Diversified Holdings | 1,771 | 31,984 | ||||||
| Customers Bancorp, Inc. (a) | 767 | 22,611 | ||||||
| Dime Community Bancshares, Inc. | 1,686 | 49,366 | ||||||
| Donnelley Financial Solutions, Inc. (a) | 672 | 24,844 | ||||||
| Eagle Bancorp, Inc. | 1,180 | 52,888 | ||||||
| Employers Holdings, Inc. | 1,622 | 55,943 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |
| VictoryShares US Discovery Enhanced Volatility Wtd ETF | September 30, 2022 | |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Encore Capital Group, Inc. (a) | 763 | $ | 34,701 | |||||
| Enova International, Inc. (a) | 937 | 27,426 | ||||||
| Enterprise Financial Services Corp. | 1,344 | 59,190 | ||||||
| FB Financial Corp. | 1,387 | 52,997 | ||||||
| Federal Agricultural Mortgage Corp., Class C | 465 | 46,100 | ||||||
| First BanCorp/Puerto Rico | 2,570 | 35,158 | ||||||
| First Bancorp/Southern Pines NC | 1,434 | 52,456 | ||||||
| First Busey Corp. | 2,557 | 56,203 | ||||||
| First Commonwealth Financial Corp. | 4,364 | 56,034 | ||||||
| First Financial Bancorp | 2,508 | 52,869 | ||||||
| First Foundation, Inc. | 2,664 | 48,325 | ||||||
| First Merchants Corp. | 1,424 | 55,080 | ||||||
| Fulton Financial Corp. | 3,493 | 55,189 | ||||||
| GCM Grosvenor, Inc., Class A | 6,277 | 49,526 | ||||||
| Genworth Financial, Inc. (a) | 10,014 | 35,049 | ||||||
| German American Bancorp, Inc. | 1,590 | 56,779 | ||||||
| Goosehead Insurance, Inc., Class A (a) | 364 | 12,973 | ||||||
| Green Dot Corp., Class A (a) | 1,480 | 28,090 | ||||||
| Heartland Financial USA, Inc. | 1,317 | 57,105 | ||||||
| Hilltop Holdings, Inc. | 1,492 | 37,076 | ||||||
| Hope Bancorp, Inc. | 3,518 | 44,468 | ||||||
| Horace Mann Educators Corp. | 1,500 | 52,935 | ||||||
| Independent Bank Group, Inc. | 850 | 52,182 | ||||||
| International Bancshares Corp. | 1,237 | 52,572 | ||||||
| Jackson Financial, Inc., Class A | 870 | 24,142 | ||||||
| Lakeland Bancorp, Inc. | 3,728 | 59,685 | ||||||
| Lakeland Financial Corp. | 812 | 59,122 | ||||||
| LendingClub Corp. (a) | 1,447 | 15,989 | ||||||
| Live Oak Bancshares, Inc. | 793 | 24,266 | ||||||
| Merchants Bancorp | 1,880 | 43,372 | ||||||
| Moelis & Co., Class A | 983 | 33,235 | ||||||
| National Bank Holdings Corp., Class A | 1,325 | 49,012 | ||||||
| Navient Corp. | 2,204 | 32,377 | ||||||
| NBT Bancorp, Inc. | 1,782 | 67,627 | ||||||
| Nicolet Bankshares, Inc. (a) | 825 | 58,113 | ||||||
| NMI Holdings, Inc., Class A (a) | 1,843 | 37,542 | ||||||
| Northwest Bancshares, Inc. | 5,224 | 70,576 | ||||||
| OceanFirst Financial Corp. | 3,283 | 61,195 | ||||||
| OFG Bancorp | 1,754 | 44,078 | ||||||
| Open Lending Corp., Class A (a) | 2,274 | 18,283 | ||||||
| P10, Inc., Class A | 3,231 | 33,990 | ||||||
| Palomar Holdings, Inc. (a) | 388 | 32,483 | ||||||
| Park National Corp. | 460 | 57,261 | ||||||
| PennyMac Financial Services, Inc. | 795 | 34,106 | ||||||
| Piper Sandler Cos. | 325 | 34,040 | ||||||
| PJT Partners, Inc., Class A | 694 | 46,373 | ||||||
| PRA Group, Inc. (a) | 1,925 | 63,255 | ||||||
| Preferred Bank | 830 | 54,141 | ||||||
| ProAssurance Corp. | 2,289 | 44,658 | ||||||
| PROG Holdings, Inc. (a) | 1,212 | 18,156 | ||||||
| Provident Financial Services, Inc. | 3,161 | 61,639 | ||||||
| Renasant Corp. | 1,644 | 51,424 | ||||||
| S&T Bancorp, Inc. | 2,108 | 61,785 | ||||||
| Safety Insurance Group, Inc. | 794 | 64,759 | ||||||
| Sandy Spring Bancorp, Inc. | 1,479 | 52,150 | ||||||
| Seacoast Banking Corp. of Florida | 1,519 | 45,919 | ||||||
| Silvergate Capital Corp., Class A (a) | 153 | 11,529 | ||||||
| Southside Bancshares, Inc. | 1,794 | 63,436 | ||||||
| StepStone Group, Inc., Class A | 1,211 | 29,682 | ||||||
| Stewart Information Services Corp. | 911 | 39,756 | ||||||
| Stock Yards Bancorp, Inc. | 862 | 58,625 | ||||||
| StoneX Group, Inc. (a) | 515 | 42,714 | ||||||
| Texas Capital Bancshares, Inc. (a) | 722 | 42,620 | ||||||
| The Bancorp, Inc. (a) | 1,295 | 28,464 | ||||||
| Tompkins Financial Corp. (b) | 897 | 65,140 | ||||||
| Towne Bank | 2,186 | 58,650 | ||||||
| TriCo Bancshares | 1,201 | 53,625 | ||||||
| Triumph Bancorp, Inc. (a) | 467 | 25,381 | ||||||
| Trustmark Corp. | 2,034 | 62,301 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |
| VictoryShares US Discovery Enhanced Volatility Wtd ETF | September 30, 2022 | |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Upstart Holdings, Inc. (a)(b) | 398 | $ | 8,274 | |||||
| Veritex Holdings, Inc. | 1,517 | 40,337 | ||||||
| Victory Capital Holdings, Inc., Class A (c) | 1,385 | 32,284 | ||||||
| Virtus Investment Partners, Inc. | 183 | 29,192 | ||||||
| Washington Federal, Inc. | 1,886 | 56,542 | ||||||
| WesBanco, Inc. | 1,746 | 58,264 | ||||||
| Westamerica Bancorp | 1,340 | 70,069 | ||||||
| 4,470,610 | ||||||||
| Health Care (1.9%): | ||||||||
| AdaptHealth Corp. (a) | 1,281 | 24,057 | ||||||
| Addus HomeCare Corp. (a) | 417 | 39,715 | ||||||
| Agiliti, Inc. (a) | 1,929 | 27,604 | ||||||
| Alector, Inc. (a) | 2,128 | 20,131 | ||||||
| Allscripts Healthcare Solutions, Inc. (a) | 2,157 | 32,851 | ||||||
| Amphastar Pharmaceuticals, Inc. (a) | 888 | 24,953 | ||||||
| Apollo Medical Holdings, Inc. (a) | 486 | 18,954 | ||||||
| Arcus Biosciences, Inc. (a) | 810 | 21,190 | ||||||
| AtriCure, Inc. (a) | 631 | 24,672 | ||||||
| Atrion Corp. | 72 | 40,680 | ||||||
| Avid Bioservices, Inc. (a) | 1,354 | 25,888 | ||||||
| Catalyst Pharmaceuticals, Inc. (a) | 1,843 | 23,646 | ||||||
| Corcept Therapeutics, Inc. (a) | 1,176 | 30,153 | ||||||
| CorVel Corp. (a) | 274 | 37,930 | ||||||
| Cross Country Healthcare, Inc. (a) | 883 | 25,051 | ||||||
| DocGo, Inc. (a) | 2,088 | 20,713 | ||||||
| Dynavax Technologies Corp. (a) | 1,847 | 19,283 | ||||||
| Embecta Corp. | 681 | 19,606 | ||||||
| Emergent BioSolutions, Inc. (a) | 1,008 | 21,158 | ||||||
| Enhabit, Inc. (a) | 1,103 | 15,486 | ||||||
| Enovis Corp. (a) | 814 | 37,501 | ||||||
| Figs, Inc., Class A (a) | 1,539 | 12,697 | ||||||
| Fulgent Genetics, Inc. (a) | 595 | 22,681 | ||||||
| Harmony Biosciences Holdings, Inc. (a) | 619 | 27,415 | ||||||
| Innoviva, Inc. (a) | 3,020 | 35,062 | ||||||
| Integer Holdings Corp. (a) | 726 | 45,179 | ||||||
| Ironwood Pharmaceuticals, Inc. (a) | 4,451 | 46,112 | ||||||
| iTeos Therapeutics, Inc. (a) | 939 | 17,888 | ||||||
| LeMaitre Vascular, Inc. | 810 | 41,051 | ||||||
| Multiplan Corp. (a) | 6,014 | 17,200 | ||||||
| National HealthCare Corp. | 928 | 58,780 | ||||||
| National Research Corp. | 1,243 | 49,471 | ||||||
| Neogen Corp. (a) | 2,009 | 28,066 | ||||||
| Owens & Minor, Inc. | 1,085 | 26,148 | ||||||
| Pacira BioSciences, Inc. (a) | 765 | 40,690 | ||||||
| Patterson Cos., Inc. | 1,745 | 41,915 | ||||||
| Pediatrix Medical Group, Inc. (a) | 2,060 | 34,011 | ||||||
| Prestige Consumer Healthcare, Inc. (a) | 1,054 | 52,521 | ||||||
| Prothena Corp. PLC (a) | 805 | 48,807 | ||||||
| RadNet, Inc. (a) | 1,590 | 32,356 | ||||||
| REGENXBIO, Inc. (a) | 806 | 21,303 | ||||||
| Senseonics Holdings, Inc. (a) | 8,156 | 10,766 | ||||||
| SIGA Technologies, Inc. | 816 | 8,405 | ||||||
| Simulations Plus, Inc. | 527 | 25,581 | ||||||
| Supernus Pharmaceuticals, Inc. (a) | 1,234 | 41,771 | ||||||
| Syndax Pharmaceuticals, Inc. (a) | 1,117 | 26,841 | ||||||
| U.S. Physical Therapy, Inc. | 400 | 30,408 | ||||||
| Varex Imaging Corp. (a) | 2,082 | 44,013 | ||||||
| Xencor, Inc. (a) | 1,153 | 29,955 | ||||||
| 1,468,315 | ||||||||
| Industrials (4.2%): | ||||||||
| 3D Systems Corp. (a) | 2,353 | 18,777 | ||||||
| AAR Corp. (a) | 1,006 | 36,035 | ||||||
| AerSale Corp. (a) | 1,723 | 31,944 | ||||||
| Air Transport Services Group, Inc. (a) | 1,389 | 33,461 | ||||||
| Alamo Group, Inc. | 416 | 50,864 | ||||||
| Albany International Corp. | 570 | 44,933 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |
| VictoryShares US Discovery Enhanced Volatility Wtd ETF | September 30, 2022 | |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Allegiant Travel Co. (a) | 321 | $ | 23,427 | |||||
| Altra Industrial Motion Corp. | 895 | 30,090 | ||||||
| Apogee Enterprises, Inc. | 990 | 37,838 | ||||||
| ArcBest Corp. | 330 | 24,001 | ||||||
| Arcosa, Inc. | 678 | 38,768 | ||||||
| Astec Industries, Inc. | 914 | 28,508 | ||||||
| AZZ, Inc. | 1,256 | 45,857 | ||||||
| Barnes Group, Inc. | 1,536 | 44,360 | ||||||
| Boise Cascade Co. | 401 | 23,843 | ||||||
| Brady Corp., Class A | 1,227 | 51,203 | ||||||
| BrightView Holdings, Inc. (a) | 3,557 | 28,243 | ||||||
| CBIZ, Inc. (a) | 1,250 | 53,475 | ||||||
| Columbus McKinnon Corp. | 1,239 | 32,412 | ||||||
| Construction Partners, Inc., Class A (a) | 988 | 25,915 | ||||||
| CoreCivic, Inc. (a) | 3,271 | 28,916 | ||||||
| CSW Industrials, Inc. | 436 | 52,233 | ||||||
| Deluxe Corp. | 2,135 | 35,548 | ||||||
| Encore Wire Corp. | 206 | 23,801 | ||||||
| Energy Recovery, Inc. (a) | 1,903 | 41,371 | ||||||
| Enerpac Tool Group Corp. | 2,217 | 39,529 | ||||||
| EnerSys | 684 | 39,788 | ||||||
| EnPro Industries, Inc. | 473 | 40,196 | ||||||
| Esab Corp. | 777 | 25,921 | ||||||
| ESCO Technologies, Inc. | 583 | 42,815 | ||||||
| Federal Signal Corp. | 1,312 | 48,964 | ||||||
| First Advantage Corp. (a) | 2,726 | 34,975 | ||||||
| Forrester Research, Inc. (a) | 1,187 | 42,744 | ||||||
| Forward Air Corp. | 405 | 36,555 | ||||||
| Gibraltar Industries, Inc. (a) | 816 | 33,399 | ||||||
| Global Industrial Co. | 1,129 | 30,291 | ||||||
| GMS, Inc. (a) | 685 | 27,407 | ||||||
| GrafTech International Ltd. | 5,340 | 23,015 | ||||||
| Granite Construction, Inc. | 1,644 | 41,741 | ||||||
| Griffon Corp. | 860 | 25,387 | ||||||
| H&E Equipment Services, Inc. | 957 | 27,121 | ||||||
| Hayward Holdings, Inc. (a) | 2,657 | 23,568 | ||||||
| Healthcare Services Group | 2,340 | 28,291 | ||||||
| Heartland Express, Inc. | 3,995 | 57,168 | ||||||
| Helios Technologies, Inc. | 639 | 32,333 | ||||||
| Heritage-Crystal Clean, Inc. (a) | 1,433 | 42,374 | ||||||
| Hillenbrand, Inc. | 1,122 | 41,200 | ||||||
| HireRight Holdings Corp. (a) | 1,426 | 21,761 | ||||||
| HNI Corp. | 1,382 | 36,637 | ||||||
| Hub Group, Inc., Class A (a) | 502 | 34,628 | ||||||
| Huron Consulting Group, Inc. (a) | 717 | 47,501 | ||||||
| ICF International, Inc. | 560 | 61,051 | ||||||
| Janus International Group, Inc. (a) | 2,781 | 24,806 | ||||||
| JELD-WEN Holding, Inc. (a) | 2,456 | 21,490 | ||||||
| Kadant, Inc. | 253 | 42,203 | ||||||
| Kaman Corp. | 1,268 | 35,415 | ||||||
| Kennametal, Inc. | 1,713 | 35,253 | ||||||
| Kforce, Inc. | 744 | 43,636 | ||||||
| Lindsay Corp. | 264 | 37,826 | ||||||
| Marten Transport Ltd. | 1,983 | 37,994 | ||||||
| Matson, Inc. | 410 | 25,223 | ||||||
| Maxar Technologies, Inc. | 1,039 | 19,450 | ||||||
| McGrath RentCorp | 680 | 57,025 | ||||||
| Mercury Systems, Inc. (a) | 687 | 27,892 | ||||||
| Moog, Inc., Class A | 699 | 49,175 | ||||||
| Mueller Water Products, Inc., Class A | 4,408 | 45,270 | ||||||
| MYR Group, Inc. (a) | 497 | 42,111 | ||||||
| NOW, Inc. (a) | 2,715 | 27,286 | ||||||
| NV5 Global, Inc. (a) | 305 | 37,765 | ||||||
| PGT Innovations, Inc. (a) | 1,814 | 38,021 | ||||||
| Primoris Services Corp. | 1,906 | 30,972 | ||||||
| Proto Labs, Inc. (a) | 853 | 31,075 | ||||||
| Rush Enterprises, Inc., Class A | 1,013 | 44,430 | ||||||
| SkyWest, Inc. (a) | 1,256 | 20,423 | ||||||
| SPX Technologies, Inc. (a) | 830 | 45,833 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |
| VictoryShares US Discovery Enhanced Volatility Wtd ETF | September 30, 2022 | |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Standex International Corp. | 610 | $ | 49,806 | |||||
| Steelcase, Inc., Class A | 4,155 | 27,091 | ||||||
| Sun Country Airlines Holdings, Inc. (a) | 1,352 | 18,401 | ||||||
| Tennant Co. | 872 | 49,320 | ||||||
| Terex Corp. | 1,020 | 30,335 | ||||||
| The AZEK Co., Inc. (a) | 1,231 | 20,459 | ||||||
| The Brink's Co. | 918 | 44,468 | ||||||
| The Greenbrier Cos., Inc. | 1,303 | 31,624 | ||||||
| The Shyft Group, Inc. | 1,221 | 24,945 | ||||||
| Titan International, Inc. (a) | 1,380 | 16,753 | ||||||
| Trinity Industries, Inc. | 1,774 | 37,875 | ||||||
| Universal Logistics Holdings, Inc. | 903 | 28,643 | ||||||
| V2X, Inc. (a) | 741 | 26,231 | ||||||
| Veritiv Corp. (a) | 234 | 22,878 | ||||||
| Wabash National Corp. | 1,969 | 30,638 | ||||||
| Werner Enterprises, Inc. | 1,291 | 48,542 | ||||||
| 3,200,766 | ||||||||
| Information Technology (2.1%): | ||||||||
| A10 Networks, Inc. | 2,174 | 28,849 | ||||||
| ACI Worldwide, Inc. (a) | 1,837 | 38,393 | ||||||
| ACM Research, Inc., Class A (a) | 1,080 | 13,457 | ||||||
| Agilysys, Inc. (a) | 624 | 34,538 | ||||||
| Alpha & Omega Semiconductor Ltd. (a) | 468 | 14,396 | ||||||
| Avid Technology, Inc. (a) | 886 | 20,608 | ||||||
| Axcelis Technologies, Inc. (a) | 305 | 18,471 | ||||||
| Badger Meter, Inc. | 484 | 44,717 | ||||||
| Belden, Inc. | 580 | 34,812 | ||||||
| Benchmark Electronics, Inc. | 1,799 | 44,579 | ||||||
| Clearfield, Inc. (a) | 173 | 18,103 | ||||||
| Cohu, Inc. (a) | 998 | 25,728 | ||||||
| CommVault Systems, Inc. (a) | 766 | 40,629 | ||||||
| Conduent, Inc. (a) | 7,135 | 23,831 | ||||||
| Consensus Cloud Solutions, Inc. (a) | 589 | 27,860 | ||||||
| CSG Systems International, Inc. | 884 | 46,746 | ||||||
| Digi International, Inc. (a) | 1,069 | 36,955 | ||||||
| Digital Turbine, Inc. (a) | 891 | 12,839 | ||||||
| Ebix, Inc. | 578 | 10,965 | ||||||
| ePlus, Inc. (a) | 857 | 35,600 | ||||||
| EVERTEC, Inc. | 1,486 | 46,586 | ||||||
| Extreme Networks, Inc. (a) | 1,833 | 23,957 | ||||||
| FormFactor, Inc. (a) | 917 | 22,971 | ||||||
| Harmonic, Inc. (a) | 3,080 | 40,256 | ||||||
| Ichor Holdings Ltd. (a) | 720 | 17,431 | ||||||
| InterDigital, Inc. | 950 | 38,399 | ||||||
| International Money Express, Inc. (a) | 1,788 | 40,749 | ||||||
| MaxLinear, Inc. (a) | 621 | 20,257 | ||||||
| Methode Electronics, Inc. | 1,168 | 43,391 | ||||||
| N-able, Inc. (a) | 3,002 | 27,708 | ||||||
| Napco Security Technologies, Inc. (a) | 1,203 | 34,983 | ||||||
| NetScout Systems, Inc. (a) | 1,562 | 48,922 | ||||||
| OSI Systems, Inc. (a) | 724 | 52,171 | ||||||
| Paya Holdings, Inc. (a) | 3,765 | 23,004 | ||||||
| Paymentus Holdings, Inc., Class A (a)(b) | 1,547 | 15,037 | ||||||
| Payoneer Global, Inc. (a) | 2,798 | 16,928 | ||||||
| PC Connection, Inc. | 953 | 42,971 | ||||||
| Perficient, Inc. (a) | 373 | 24,252 | ||||||
| Photronics, Inc. (a) | 1,317 | 19,255 | ||||||
| Plexus Corp. (a) | 501 | 43,868 | ||||||
| Progress Software Corp. | 968 | 41,188 | ||||||
| Sanmina Corp. (a) | 919 | 42,348 | ||||||
| Semtech Corp. (a) | 711 | 20,910 | ||||||
| SiTime Corp. (a) | 149 | 11,731 | ||||||
| SMART Global Holdings, Inc. (a) | 1,484 | 23,551 | ||||||
| TaskUS, Inc., Class A (a) | 1,094 | 17,613 | ||||||
| TTEC Holdings, Inc. | 628 | 27,827 | ||||||
| TTM Technologies, Inc. (a) | 1,984 | 26,149 | ||||||
| Ultra Clean Holdings, Inc. (a) | 835 | 21,501 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |
| VictoryShares US Discovery Enhanced Volatility Wtd ETF | September 30, 2022 | |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Veeco Instruments, Inc. (a) | 1,437 | $ | 26,326 | |||||
| Verra Mobility Corp. (a) | 2,508 | 38,548 | ||||||
| Vishay Intertechnology, Inc. | 2,270 | 40,383 | ||||||
| 1,553,247 | ||||||||
| Materials (1.1%): | ||||||||
| AdvanSix, Inc. | 789 | 25,327 | ||||||
| Alpha Metallurgical Resources, Inc. | 122 | 16,694 | ||||||
| Arconic Corp. (a) | 1,221 | 20,806 | ||||||
| Chase Corp. | 625 | 52,231 | ||||||
| Ecovyst, Inc. (a) | 3,669 | 30,966 | ||||||
| Hawkins, Inc. | 1,122 | 43,747 | ||||||
| Hecla Mining Co. | 6,207 | 24,456 | ||||||
| Ingevity Corp. (a) | 587 | 35,590 | ||||||
| Innospec, Inc. | 579 | 49,603 | ||||||
| Materion Corp. | 481 | 38,480 | ||||||
| Mativ Holdings, Inc. | 1,607 | 35,482 | ||||||
| Minerals Technologies, Inc. | 834 | 41,208 | ||||||
| NewMarket Corp. | 186 | 55,954 | ||||||
| O-I Glass, Inc. (a) | 2,360 | 30,562 | ||||||
| Origin Materials, Inc. (a) | 3,918 | 20,217 | ||||||
| Orion Engineered Carbons SA | 1,991 | 26,580 | ||||||
| Pactiv Evergreen, Inc. | 3,157 | 27,561 | ||||||
| Ryerson Holding Corp. | 759 | 19,537 | ||||||
| Schnitzer Steel Industries, Inc. | 852 | 24,248 | ||||||
| Stepan Co. | 555 | 51,987 | ||||||
| Sylvamo Corp. | 622 | 21,086 | ||||||
| TriMas Corp. | 1,941 | 48,661 | ||||||
| Trinseo PLC | 1,011 | 18,521 | ||||||
| Warrior Met Coal, Inc. | 859 | 24,430 | ||||||
| Worthington Industries, Inc. | 697 | 26,583 | ||||||
| 810,517 | ||||||||
| Real Estate (0.3%): | ||||||||
| Anywhere Real Estate, Inc. (a) | 2,956 | 23,973 | ||||||
| eXp World Holdings, Inc. | 1,469 | 16,467 | ||||||
| Kennedy-Wilson Holdings, Inc. | 3,131 | 48,405 | ||||||
| Marcus & Millichap, Inc. | 1,084 | 35,534 | ||||||
| Newmark Group, Inc., Class A | 3,127 | 25,204 | ||||||
| The RMR Group, Inc., Class A | 2,179 | 51,620 | ||||||
| The St. Joe Co. | 989 | 31,678 | ||||||
| 232,881 | ||||||||
| Utilities (0.6%): | ||||||||
| Altus Power, Inc. (a) | 1,901 | 20,930 | ||||||
| Avista Corp. | 1,707 | 63,244 | ||||||
| Chesapeake Utilities Corp. | 491 | 56,656 | ||||||
| MGE Energy, Inc. | 944 | 61,955 | ||||||
| Middlesex Water Co. | 573 | 44,236 | ||||||
| Montauk Renewables, Inc. (a) | 1,325 | 23,108 | ||||||
| Northwest Natural Holding Co. | 1,244 | 53,965 | ||||||
| NorthWestern Corp. | 1,269 | 62,536 | ||||||
| SJW Group | 1,026 | 59,098 | ||||||
| Unitil Corp. | 897 | 41,666 | ||||||
| 487,394 | ||||||||
| Total Common Stocks (Cost $16,711,916) | 16,944,851 | |||||||
| Investment Companies (77.6%) | ||||||||
| BlackRock Liquidity Funds T-Fund, Institutional Shares, 2.79% (d) | 58,996,230 | 58,996,230 | ||||||
| Total Investment Companies (Cost $58,996,230) | 58,996,230 | |||||||
| Collateral for Securities Loaned (0.0%)^(e) | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (d) | 511 | 511 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (d) | 344 | 344 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |
| VictoryShares US Discovery Enhanced Volatility Wtd ETF | September 30, 2022 | |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (d) | 255 | $ | 255 | |||||
| HSBC U.S. Government Money Market Fund I Shares, 2.91% (d) | 11,608 | 11,608 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (d) | 509 | 509 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (d) | 1,382 | 1,382 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (d) | 9,140 | 9,140 | ||||||
| Total Collateral for Securities Loaned (Cost $23,749) | 23,749 | |||||||
| Total Investments (Cost $75,731,895) — 99.9% | 75,964,830 | |||||||
| Other assets in excess of liabilities — 0.1% | 98,505 | |||||||
| NET ASSETS - 100.00% | $ | 76,063,335 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Affiliated security |
| (d) | Rate disclosed is the daily yield on September 30, 2022. |
| (e) | Amount represents less than 0.05% of net assets. |
| PLC—Public Limited Company |
Futures Contracts Purchased
| Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||
| E-Mini Russell 2000 Index Futures | 4 | 12/16/22 | $ | 363,986 | $ | 333,960 | $ | (30,026 | ) | |||||||
| Total unrealized appreciation | $ | – | ||||||||||||||
| Total unrealized depreciation | (30,026 | ) | ||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | (30,026 | ) | |||||||||||||
Affiliated Holdings
| Net Change | ||||||||||||||||||||||||||||||||
| Proceeds | Capital | in Unrealized | ||||||||||||||||||||||||||||||
| Fair Value | Purchases | from | Realized | Gain | Appreciation/ | Fair Value | Dividend | |||||||||||||||||||||||||
| US Discovery Enhanced Volatility Wtd ETF | 6/30/2022 | at Cost | Sales | Gains(Losses) | Distribution | Depreciation | 9/30/22 | Income | ||||||||||||||||||||||||
| Victory Capital Holdings Inc. | $ | 26,751 | $ | 7,406 | $ | – | $ | – | $ | – | $ | (1,873 | ) | $ | 32,284 | $ | 288 | |||||||||||||||
| Victory Portfolios II | Schedule of Portfolio Investments | |
| VictoryShares Developed Enhanced Volatility Wtd ETF | September 30, 2022 | |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (20.7%) | ||||||||
| Australia (1.2%): | ||||||||
| Communication Services (0.1%): | ||||||||
| REA Group Ltd. | 139 | $ | 10,209 | |||||
| Telstra Corp. Ltd. | 10,861 | 26,741 | ||||||
| 36,950 | ||||||||
| Consumer Discretionary (0.1%): | ||||||||
| Aristocrat Leisure Ltd. | 646 | 13,600 | ||||||
| Wesfarmers Ltd. | 625 | 17,074 | ||||||
| 30,674 | ||||||||
| Consumer Staples (0.1%): | ||||||||
| Coles Group Ltd. | 2,087 | 21,928 | ||||||
| Endeavour Group Ltd. | 3,562 | 15,945 | ||||||
| Woolworths Group Ltd. | 911 | 19,779 | ||||||
| 57,652 | ||||||||
| Energy (0.1%): | ||||||||
| Santos Ltd. | 2,845 | 12,899 | ||||||
| Woodside Energy Group Ltd. | 576 | 11,662 | ||||||
| 24,561 | ||||||||
| Financials (0.4%): | ||||||||
| ASX Ltd. | 443 | 20,330 | ||||||
| Australia & New Zealand Banking Group Ltd. | 1,531 | 22,323 | ||||||
| Commonwealth Bank of Australia | 356 | 20,649 | ||||||
| Macquarie Group Ltd. | 142 | 13,870 | ||||||
| National Australia Bank Ltd. | 1,124 | 20,709 | ||||||
| QBE Insurance Group Ltd. | 2,121 | 15,639 | ||||||
| Suncorp Group Ltd. | 2,543 | 16,311 | ||||||
| Westpac Banking Corp. | 1,568 | 20,696 | ||||||
| 150,527 | ||||||||
| Health Care (0.1%): | ||||||||
| Cochlear Ltd. | 115 | 14,307 | ||||||
| CSL Ltd. | 94 | 17,134 | ||||||
| Ramsay Health Care Ltd. | 287 | 10,513 | ||||||
| Sonic Healthcare Ltd. | 853 | 16,681 | ||||||
| 58,635 | ||||||||
| Industrials (0.0%):(a) | ||||||||
| Brambles Ltd. | 2,076 | 15,148 | ||||||
| Information Technology (0.1%): | ||||||||
| Computershare Ltd. | 993 | 15,723 | ||||||
| WiseTech Global Ltd. | 240 | 7,981 | ||||||
| 23,704 | ||||||||
| Materials (0.2%): | ||||||||
| BHP Group Ltd. | 557 | 13,721 | ||||||
| Fortescue Metals Group Ltd. | 938 | 10,089 | ||||||
| Newcrest Mining Ltd. | 1,221 | 13,212 | ||||||
| Rio Tinto Ltd. | 242 | 14,453 | ||||||
| South32 Ltd. | 4,536 | 10,530 | ||||||
| 62,005 | ||||||||
| 459,856 | ||||||||
| Austria (0.1%): | ||||||||
| Energy (0.1%): | ||||||||
| OMV AG | 287 | 10,510 | ||||||
| Financials (0.0%):(a) | ||||||||
| Erste Group Bank AG | 441 | 9,783 | ||||||
| Utilities (0.0%):(a) | ||||||||
| Verbund AG | 107 | 9,169 | ||||||
| 29,462 | ||||||||
| Belgium (0.2%): | ||||||||
| Consumer Staples (0.1%): | ||||||||
| Anheuser-Busch InBev SA | 350 | 16,032 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares Developed Enhanced Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Financials (0.0%):(a) | ||||||||
| KBC Group NV | 274 | $ | 13,065 | |||||
| Health Care (0.1%): | ||||||||
| UCB SA | 246 | 17,144 | ||||||
| Utilities (0.0%):(a) | ||||||||
| Elia Group SA | 123 | 14,511 | ||||||
| 60,752 | ||||||||
| Canada (2.8%): | ||||||||
| Communication Services (0.2%): | ||||||||
| BCE, Inc. (b) | 713 | 29,899 | ||||||
| Rogers Communications, Inc., Class B | 574 | 22,113 | ||||||
| TELUS Corp. (b) | 1,386 | 27,526 | ||||||
| 79,538 | ||||||||
| Consumer Discretionary (0.1%): | ||||||||
| Dollarama, Inc. | 344 | 19,750 | ||||||
| Magna International, Inc. | 215 | 10,201 | ||||||
| Restaurant Brands International, Inc. | 365 | 19,418 | ||||||
| 49,369 | ||||||||
| Consumer Staples (0.3%): | ||||||||
| Alimentation Couche-Tard, Inc. | 403 | 16,226 | ||||||
| George Weston Ltd. | 217 | 22,723 | ||||||
| Loblaw Cos. Ltd. | 251 | 19,877 | ||||||
| Metro, Inc. | 540 | 27,043 | ||||||
| Saputo, Inc. | 761 | 18,143 | ||||||
| 104,012 | ||||||||
| Energy (0.4%): | ||||||||
| ARC Resources Ltd. | 713 | 8,564 | ||||||
| Cameco Corp. | 290 | 7,697 | ||||||
| Canadian Natural Resources Ltd. (b) | 244 | 11,359 | ||||||
| Cenovus Energy, Inc. | 558 | 8,573 | ||||||
| Enbridge, Inc. | 721 | 26,737 | ||||||
| Imperial Oil Ltd. (b) | 287 | 12,428 | ||||||
| Pembina Pipeline Corp. | 661 | 20,081 | ||||||
| Suncor Energy, Inc. | 395 | 11,125 | ||||||
| TC Energy Corp. | 507 | 20,424 | ||||||
| Tourmaline Oil Corp. | 203 | 10,551 | ||||||
| 137,539 | ||||||||
| Financials (0.8%): | ||||||||
| Bank of Montreal | 279 | 24,456 | ||||||
| Brookfield Asset Management, Inc., Class A | 354 | 14,483 | ||||||
| Canadian Imperial Bank of Commerce (b) | 530 | 23,200 | ||||||
| Fairfax Financial Holdings Ltd. | 39 | 17,814 | ||||||
| Great-West Lifeco, Inc. | 1,221 | 26,361 | ||||||
| Intact Financial Corp. | 203 | 28,732 | ||||||
| Manulife Financial Corp. (b) | 1,168 | 18,334 | ||||||
| National Bank of Canada (b) | 379 | 23,757 | ||||||
| Power Corp. of Canada (b) | 1,073 | 24,184 | ||||||
| Royal Bank of Canada (b) | 316 | 28,454 | ||||||
| Sun Life Financial, Inc. | 617 | 24,538 | ||||||
| The Bank of Nova Scotia | 496 | 23,593 | ||||||
| The Toronto-Dominion Bank | 416 | 25,517 | ||||||
| 303,423 | ||||||||
| Industrials (0.3%): | ||||||||
| Canadian National Railway Co. | 185 | 19,981 | ||||||
| Canadian Pacific Railway Ltd. | 263 | 17,558 | ||||||
| TFI International, Inc. | 119 | 10,770 | ||||||
| Thomson Reuters Corp. | 245 | 25,153 | ||||||
| Waste Connections, Inc. (b) | 180 | 24,325 | ||||||
| WSP Global, Inc. (b) | 150 | 16,520 | ||||||
| 114,307 | ||||||||
| Information Technology (0.1%): | ||||||||
| CGI, Inc. (c) | 295 | 22,210 | ||||||
| Constellation Software, Inc. | 11 | 15,308 | ||||||
| 37,518 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares Developed Enhanced Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Materials (0.3%): | ||||||||
| Aginco Eagle Mines Ltd. | 298 | $ | 12,591 | |||||
| Barrick Gold Corp. | 991 | 15,362 | ||||||
| CCL Industries, Inc. | 429 | 20,798 | ||||||
| First Quantum Minerals Ltd. | 456 | 7,742 | ||||||
| Franco-Nevada Corp. | 150 | 17,919 | ||||||
| Nutrien Ltd. | 134 | 11,176 | ||||||
| Teck Resources Ltd., Class B | 296 | 9,003 | ||||||
| Wheaton Precious Metals Corp. | 513 | 16,614 | ||||||
| 111,205 | ||||||||
| Utilities (0.3%): | ||||||||
| Algonquin Power & Utilities Corp. | 2,358 | 25,762 | ||||||
| Emera, Inc. | 780 | 31,562 | ||||||
| Fortis, Inc. | 827 | 31,423 | ||||||
| Hydro One Ltd. (b)(d) | 1,374 | 33,604 | ||||||
| 122,351 | ||||||||
| 1,059,262 | ||||||||
| Denmark (0.3%): | ||||||||
| Financials (0.1%): | ||||||||
| Danske Bank A/S | 1,123 | 14,041 | ||||||
| Tryg A/S | 962 | 19,899 | ||||||
| 33,940 | ||||||||
| Health Care (0.1%): | ||||||||
| Coloplast A/S, Class B | 129 | 13,194 | ||||||
| Genmab A/S (c) | 40 | 12,978 | ||||||
| Novo Nordisk A/S, Class B | 130 | 13,050 | ||||||
| 39,222 | ||||||||
| Industrials (0.1%): | ||||||||
| AP Moller - Maersk A/S, Class B | 5 | 9,140 | ||||||
| DSV A/S | 97 | 11,458 | ||||||
| 20,598 | ||||||||
| Materials (0.0%):(a) | ||||||||
| Novozymes A/S, B Shares | 266 | 13,438 | ||||||
| Utilities (0.0%):(a) | ||||||||
| Orsted A/S (d) | 108 | 8,650 | ||||||
| 115,848 | ||||||||
| Finland (0.3%): | ||||||||
| Communication Services (0.1%): | ||||||||
| Elisa Oyj | 540 | 24,526 | ||||||
| Energy (0.0%):(a) | ||||||||
| Neste Oyj | 206 | 9,044 | ||||||
| Financials (0.1%): | ||||||||
| Nordea Bank Abp | 1,874 | 16,164 | ||||||
| Sampo Oyj, A Shares | 407 | 17,452 | ||||||
| 33,616 | ||||||||
| Industrials (0.0%):(a) | ||||||||
| Kone Oyj, Class B | 418 | 16,224 | ||||||
| Information Technology (0.0%):(a) | ||||||||
| Nokia Oyj | 3,332 | 14,433 | ||||||
| Materials (0.1%): | ||||||||
| Stora Enso Oyj, Class R | 883 | 11,326 | ||||||
| UPM-Kymmene Oyj | 470 | 15,005 | ||||||
| 26,331 | ||||||||
| 124,174 | ||||||||
| France (1.7%): | ||||||||
| Communication Services (0.2%): | ||||||||
| Bollore SE | 3,502 | 16,204 | ||||||
| Orange SA | 3,326 | 30,141 | ||||||
| Publicis Groupe SA | 299 | 14,327 | ||||||
| Vivendi SE | 2,595 | 20,272 | ||||||
| 80,944 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares Developed Enhanced Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Consumer Discretionary (0.2%): | ||||||||
| Cie Generale des Etablissements Michelin SCA | 633 | $ | 14,362 | |||||
| Hermes International | 10 | 11,925 | ||||||
| Kering SA | 29 | 13,031 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 22 | 13,159 | ||||||
| Sodexo SA | 203 | 15,349 | ||||||
| 67,826 | ||||||||
| Consumer Staples (0.2%): | ||||||||
| Carrefour SA | 1,129 | 15,726 | ||||||
| Danone SA | 384 | 18,276 | ||||||
| L'Oreal SA | 48 | 15,533 | ||||||
| Pernod Ricard SA | 103 | 19,061 | ||||||
| Remy Cointreau SA | 85 | 14,235 | ||||||
| 82,831 | ||||||||
| Energy (0.0%):(a) | ||||||||
| TotalEnergies SE (b) | 297 | 14,050 | ||||||
| Financials (0.2%): | ||||||||
| Amundi SA (d) | 296 | 12,461 | ||||||
| AXA SA | 726 | 15,989 | ||||||
| BNP Paribas SA | 285 | 12,178 | ||||||
| Credit Agricole SA | 1,512 | 12,392 | ||||||
| Societe Generale SA | 484 | 9,682 | ||||||
| 62,702 | ||||||||
| Health Care (0.1%): | ||||||||
| BioMerieux | 152 | 12,124 | ||||||
| EssilorLuxottica SA | 106 | 14,578 | ||||||
| Sanofi | 239 | 18,361 | ||||||
| Sartorius Stedim Biotech | 31 | 9,633 | ||||||
| 54,696 | ||||||||
| Industrials (0.5%): | ||||||||
| Aeroports de Paris (c) | 116 | 13,527 | ||||||
| Airbus SE | 131 | 11,411 | ||||||
| Bouygues SA | 876 | 23,048 | ||||||
| Bureau Veritas SA | 819 | 18,442 | ||||||
| Cie de Saint-Gobain | 328 | 11,908 | ||||||
| Eiffage SA | 211 | 17,062 | ||||||
| Legrand SA | 263 | 17,179 | ||||||
| Schneider Electric SE | 124 | 14,209 | ||||||
| Teleperformance | 57 | 14,572 | ||||||
| Thales SA | 136 | 15,059 | ||||||
| Vinci SA | 202 | 16,463 | ||||||
| 172,880 | ||||||||
| Information Technology (0.1%): | ||||||||
| Capgemini SE | 86 | 13,947 | ||||||
| Dassault Systemes SE | 389 | 13,621 | ||||||
| Edenred | 365 | 16,939 | ||||||
| 44,507 | ||||||||
| Materials (0.1%): | ||||||||
| Air Liquide SA | 169 | 19,468 | ||||||
| Utilities (0.1%): | ||||||||
| Engie SA | 1,261 | 14,632 | ||||||
| Veolia Environnement SA | 573 | 11,067 | ||||||
| 25,699 | ||||||||
| 625,603 | ||||||||
| Germany (1.2%): | ||||||||
| Communication Services (0.1%): | ||||||||
| Deutsche Telekom AG | 1,163 | 19,934 | ||||||
| Consumer Discretionary (0.1%): | ||||||||
| adidas AG | 87 | 10,135 | ||||||
| Bayerische Motoren Werke AG | 193 | 13,237 | ||||||
| Continental AG | 191 | 8,600 | ||||||
| Mercedes-Benz Group AG | 230 | 11,798 | ||||||
| Puma SE | 197 | 9,260 | ||||||
| 53,030 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares Developed Enhanced Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Consumer Staples (0.0%):(a) | ||||||||
| Beiersdorf AG | 195 | $ | 19,290 | |||||
| Financials (0.3%): | ||||||||
| Allianz SE, Registered Shares | 112 | 17,758 | ||||||
| Deutsche Bank AG, Registered Shares | 1,259 | 9,433 | ||||||
| Deutsche Boerse AG | 128 | 21,103 | ||||||
| Hannover Rueck SE | 103 | 15,563 | ||||||
| Muenchener Rueckversicherungs-Gesellschaft AG, Class R (b) | 70 | 16,977 | ||||||
| Talanx AG | 528 | 18,833 | ||||||
| 99,667 | ||||||||
| Health Care (0.2%): | ||||||||
| Bayer AG, Registered Shares | 300 | 13,939 | ||||||
| Carl Zeiss Meditec AG | 96 | 10,108 | ||||||
| Fresenius Medical Care AG & Co. KGaA | 444 | 12,630 | ||||||
| Fresenius SE & Co. KGaA | 677 | 14,562 | ||||||
| Merck KGaA | 88 | 14,383 | ||||||
| 65,622 | ||||||||
| Industrials (0.2%): | ||||||||
| Brenntag SE | 248 | 15,159 | ||||||
| Daimler Truck Holding AG (c) | 486 | 11,120 | ||||||
| Deutsche Post AG, Registered Shares | 396 | 12,074 | ||||||
| MTU Aero Engines AG | 75 | 11,336 | ||||||
| Siemens AG, Registered Shares | 132 | 13,090 | ||||||
| 62,779 | ||||||||
| Information Technology (0.1%): | ||||||||
| Infineon Technologies AG | 486 | 10,815 | ||||||
| SAP SE | 224 | 18,464 | ||||||
| 29,279 | ||||||||
| Materials (0.1%): | ||||||||
| BASF SE | 322 | 12,495 | ||||||
| Evonik Industries AG | 844 | 14,266 | ||||||
| HeidelbergCement AG | 325 | 13,010 | ||||||
| Symrise AG | 165 | 16,241 | ||||||
| 56,012 | ||||||||
| Real Estate (0.0%):(a) | ||||||||
| Vonovia SE | 526 | 11,448 | ||||||
| Utilities (0.1%): | ||||||||
| E.ON SE | 1,991 | 15,405 | ||||||
| RWE AG | 378 | 13,997 | ||||||
| 29,402 | ||||||||
| 446,463 | ||||||||
| Hong Kong (0.9%): | ||||||||
| Consumer Staples (0.1%): | ||||||||
| WH Group Ltd. (d) | 24,000 | 15,135 | ||||||
| Financials (0.1%): | ||||||||
| AIA Group Ltd. | 1,730 | 14,425 | ||||||
| Hang Seng Bank Ltd. | 1,320 | 20,045 | ||||||
| Hong Kong Exchanges & Clearing Ltd. | 407 | 13,979 | ||||||
| 48,449 | ||||||||
| Health Care (0.0%):(a) | ||||||||
| Sino Biopharmaceutical Ltd. | 22,000 | 10,342 | ||||||
| Industrials (0.2%): | ||||||||
| CK Hutchison Holdings Ltd. | 3,905 | 21,591 | ||||||
| Jardine Matheson Holdings Ltd. | 300 | 15,192 | ||||||
| MTR Corp. Ltd. | 8,000 | 36,742 | ||||||
| Techtronic Industries Co. Ltd. | 582 | 5,624 | ||||||
| 79,149 | ||||||||
| Real Estate (0.4%): | ||||||||
| CK Asset Holdings Ltd. | 3,351 | 20,150 | ||||||
| Henderson Land Development Co. Ltd. | 7,109 | 19,925 | ||||||
| Hongkong Land Holdings Ltd. | 3,800 | 16,796 | ||||||
| Sino Land Co. Ltd. | 16,000 | 21,158 | ||||||
| Sun Hung Kai Properties Ltd. | 2,215 | 24,508 | ||||||
| Swire Pacific Ltd., Class A | 2,500 | 18,712 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares Developed Enhanced Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| The Wharf Holdings Ltd. | 3,360 | $ | 10,766 | |||||
| 132,015 | ||||||||
| Utilities (0.1%): | ||||||||
| China Common Rich Renewable Energy Investments Ltd. (c)(e)(f) | 26,000 | 662 | ||||||
| Hong Kong & China Gas Co. Ltd. | 21,164 | 18,658 | ||||||
| Power Assets Holdings Ltd. | 5,642 | 28,320 | ||||||
| 47,640 | ||||||||
| 332,730 | ||||||||
| Ireland (0.2%): | ||||||||
| Consumer Staples (0.0%):(a) | ||||||||
| Kerry Group PLC | 190 | 16,980 | ||||||
| Industrials (0.1%): | ||||||||
| Experian PLC | 542 | 16,100 | ||||||
| Kingspan Group PLC | 183 | 8,310 | ||||||
| Ryanair Holdings PLC (c) | 910 | 9,345 | ||||||
| 33,755 | ||||||||
| Materials (0.1%): | ||||||||
| CRH PLC | 426 | 13,805 | ||||||
| Smurfit Kappa Group PLC | 380 | 10,921 | ||||||
| 24,726 | ||||||||
| 75,461 | ||||||||
| Israel (0.2%): | ||||||||
| Financials (0.1%): | ||||||||
| Bank Hapoalim BM | 1,601 | 13,613 | ||||||
| Bank Leumi Le-Israel BM | 1,576 | 13,565 | ||||||
| Mizrahi Tefahot Bank Ltd. | 424 | 14,957 | ||||||
| 42,135 | ||||||||
| Industrials (0.0%):(a) | ||||||||
| Elbit Systems Ltd. | 58 | 11,037 | ||||||
| Information Technology (0.0%):(a) | ||||||||
| Nice Ltd. (c) | 68 | 12,990 | ||||||
| Materials (0.0%):(a) | ||||||||
| ICL Group Ltd. | 1,183 | 9,577 | ||||||
| Real Estate (0.1%): | ||||||||
| Azrieli Group Ltd. | 199 | 13,660 | ||||||
| 89,399 | ||||||||
| Italy (0.4%): | ||||||||
| Communication Services (0.1%): | ||||||||
| Infrastrutture Wireless Italiane SpA (d) | 2,231 | 19,610 | ||||||
| Consumer Discretionary (0.0%):(a) | ||||||||
| Moncler SpA | 267 | 11,091 | ||||||
| Energy (0.0%):(a) | ||||||||
| Eni SpA | 1,347 | 14,400 | ||||||
| Financials (0.2%): | ||||||||
| Assicurazioni Generali SpA | 1,284 | 17,640 | ||||||
| Intesa Sanpaolo SpA | 7,122 | 11,883 | ||||||
| Poste Italiane SpA (d) | 1,886 | 14,397 | ||||||
| UniCredit SpA | 968 | 9,920 | ||||||
| 53,840 | ||||||||
| Information Technology (0.0%):(a) | ||||||||
| Nexi SpA (c)(d) | 1,454 | 11,885 | ||||||
| Utilities (0.1%): | ||||||||
| Enel SpA | 3,710 | 15,356 | ||||||
| Snam SpA | 5,207 | 21,155 | ||||||
| Terna - Rete Elettrica Nazionale | 2,800 | 17,148 | ||||||
| 53,659 | ||||||||
| 164,485 | ||||||||
| Japan (4.1%): | ||||||||
| Communication Services (0.3%): | ||||||||
| KDDI Corp. | 808 | 23,691 | ||||||
| Nexon Co. Ltd. | 700 | 12,345 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares Developed Enhanced Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Nippon Telegraph & Telephone Corp. | 1,028 | $ | 27,747 | |||||
| Softbank Corp. | 2,900 | 28,988 | ||||||
| Z Holdings Corp. | 4,130 | 10,851 | ||||||
| 103,622 | ||||||||
| Consumer Discretionary (0.5%): | ||||||||
| Bandai Namco Holdings, Inc. | 200 | 13,037 | ||||||
| Bridgestone Corp. | 400 | 12,906 | ||||||
| Denso Corp. | 200 | 9,102 | ||||||
| Honda Motor Co. Ltd. | 700 | 15,174 | ||||||
| Nissan Motor Co. Ltd. | 3,300 | 10,495 | ||||||
| Oriental Land Co. Ltd. | 100 | 13,617 | ||||||
| Pan Pacific International Holdings Corp. | 700 | 12,383 | ||||||
| Panasonic Corp. | 2,300 | 16,124 | ||||||
| Sekisui House Ltd. | 1,572 | 26,082 | ||||||
| Shimano, Inc. | 40 | 6,286 | ||||||
| Sony Group Corp. | 200 | 12,834 | ||||||
| Subaru Corp. | 800 | 11,980 | ||||||
| Suzuki Motor Corp. | 400 | 12,386 | ||||||
| Toyota Motor Corp. | 1,120 | 14,520 | ||||||
| 186,926 | ||||||||
| Consumer Staples (0.5%): | ||||||||
| Aeon Co. Ltd. | 1,000 | 18,682 | ||||||
| Ajinomoto Co., Inc. | 700 | 19,165 | ||||||
| Asahi Group Holdings Ltd. | 460 | 14,254 | ||||||
| Japan Tobacco, Inc. | 1,644 | 26,970 | ||||||
| Kao Corp. | 518 | 21,112 | ||||||
| Kikkoman Corp. | 200 | 11,333 | ||||||
| Kirin Holdings Co. Ltd. | 1,500 | 23,084 | ||||||
| Seven & i Holdings Co. Ltd. | 500 | 20,061 | ||||||
| Shiseido Co. Ltd. | 400 | 13,976 | ||||||
| Unicharm Corp. | 494 | 16,215 | ||||||
| 184,852 | ||||||||
| Energy (0.1%): | ||||||||
| ENEOS Holdings, Inc. | 5,300 | 17,034 | ||||||
| Inpex Corp. | 900 | 8,452 | ||||||
| 25,486 | ||||||||
| Financials (0.5%): | ||||||||
| Dai-ichi Life Holdings, Inc. | 888 | 14,065 | ||||||
| Japan Post Holdings Co. Ltd. | 3,700 | 24,487 | ||||||
| Mitsubishi UFJ Financial Group, Inc. | 3,800 | 17,108 | ||||||
| Mizuho Financial Group, Inc. | 2,300 | 24,834 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 600 | 15,905 | ||||||
| Nomura Holdings, Inc. | 6,000 | 19,835 | ||||||
| ORIX Corp. | 1,068 | 14,971 | ||||||
| Sompo Holdings, Inc. | 400 | 15,927 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 784 | 21,801 | ||||||
| Sumitomo Mitsui Trust Holdings, Inc. | 700 | 19,828 | ||||||
| Tokio Marine Holdings, Inc. | 900 | 15,953 | ||||||
| 204,714 | ||||||||
| Health Care (0.6%): | ||||||||
| Astellas Pharma, Inc. | 1,352 | 17,910 | ||||||
| Chugai Pharmaceutical Co. Ltd. | 690 | 17,289 | ||||||
| Daiichi Sankyo Co. Ltd. | 400 | 11,173 | ||||||
| Eisai Co. Ltd. | 454 | 24,311 | ||||||
| Hoya Corp. | 118 | 11,318 | ||||||
| Kyowa Kirin Co. Ltd. | 800 | 18,326 | ||||||
| M3, Inc. | 300 | 8,398 | ||||||
| Olympus Corp. | 600 | 11,520 | ||||||
| Ono Pharmaceutical Co. Ltd. | 884 | 20,654 | ||||||
| Otsuka Holdings Co. Ltd. | 700 | 22,174 | ||||||
| Shionogi & Co. Ltd. | 228 | 11,012 | ||||||
| Sysmex Corp. | 174 | 9,340 | ||||||
| Takeda Pharmaceutical Co. Ltd. | 1,000 | 26,032 | ||||||
| Terumo Corp. | 500 | 14,077 | ||||||
| 223,534 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares Developed Enhanced Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Industrials (0.8%): | ||||||||
| Central Japan Railway Co. | 200 | $ | 23,405 | |||||
| Daikin Industries Ltd. | 66 | 10,168 | ||||||
| FANUC Corp. | 130 | 18,201 | ||||||
| Hitachi Ltd. | 300 | 12,675 | ||||||
| ITOCHU Corp. | 800 | 19,355 | ||||||
| Komatsu Ltd. | 688 | 12,414 | ||||||
| Kubota Corp. | 904 | 12,519 | ||||||
| Marubeni Corp. | 1,500 | 13,144 | ||||||
| Mitsubishi Corp. | 492 | 13,491 | ||||||
| Mitsubishi Electric Corp. | 1,852 | 16,695 | ||||||
| Mitsubishi Heavy Industries Ltd. | 400 | 13,285 | ||||||
| Mitsui & Co. Ltd. | 686 | 14,643 | ||||||
| Nidec Corp. | 254 | 14,270 | ||||||
| Nippon Yusen KK (b) | 300 | 5,114 | ||||||
| Recruit Holdings Co. Ltd. | 320 | 9,201 | ||||||
| Secom Co. Ltd. | 310 | 17,729 | ||||||
| SMC Corp. | 14 | 5,633 | ||||||
| Sumitomo Corp. | 1,400 | 17,438 | ||||||
| Toshiba Corp. | 500 | 17,787 | ||||||
| Toyota Industries Corp. | 308 | 14,643 | ||||||
| Toyota Tsusho Corp. | 400 | 12,383 | ||||||
| 294,193 | ||||||||
| Information Technology (0.5%): | ||||||||
| Advantest Corp. | 200 | 9,260 | ||||||
| Canon, Inc. | 914 | 20,035 | ||||||
| FUJIFILM Holdings Corp. | 360 | 16,441 | ||||||
| Fujitsu Ltd. | 100 | 10,908 | ||||||
| Keyence Corp. | 28 | 9,268 | ||||||
| Kyocera Corp. | 400 | 20,178 | ||||||
| Lasertec Corp. | 100 | 10,155 | ||||||
| Murata Manufacturing Co. Ltd. | 302 | 13,841 | ||||||
| Nomura Research Institute Ltd. | 474 | 11,628 | ||||||
| NTT Data Corp. | 1,008 | 12,998 | ||||||
| Obic Co. Ltd. | 100 | 13,399 | ||||||
| Renesas Electronics Corp. (c) | 1,200 | 9,968 | ||||||
| TDK Corp. | 300 | 9,236 | ||||||
| Tokyo Electron Ltd. | 26 | 6,414 | ||||||
| 173,729 | ||||||||
| Materials (0.1%): | ||||||||
| Nippon Paint Holdings Co. Ltd. | 1,190 | 8,051 | ||||||
| Nippon Steel Corp. | 1,000 | 13,866 | ||||||
| Shin-Etsu Chemical Co. Ltd. | 170 | 16,834 | ||||||
| 38,751 | ||||||||
| Real Estate (0.2%): | ||||||||
| Daiwa House Industry Co. Ltd. | 1,000 | 20,340 | ||||||
| Mitsubishi Estate Co. Ltd. | 1,552 | 20,340 | ||||||
| Mitsui Fudosan Co. Ltd. | 978 | 18,616 | ||||||
| Sumitomo Realty & Development Co. Ltd. | 700 | 15,905 | ||||||
| 75,201 | ||||||||
| 1,511,008 | ||||||||
| Korea, Republic Of (1.0%): | ||||||||
| Communication Services (0.1%): | ||||||||
| Kakao Corp. | 240 | 9,579 | ||||||
| Krafton, Inc. (c) | 55 | 8,074 | ||||||
| NAVER Corp. | 83 | 11,226 | ||||||
| 28,879 | ||||||||
| Consumer Discretionary (0.2%): | ||||||||
| Hyundai Mobis Co. Ltd. | 110 | 14,686 | ||||||
| Hyundai Motor Co. | 133 | 16,409 | ||||||
| Kia Corp. | 308 | 15,480 | ||||||
| LG Electronics, Inc. | 188 | 10,329 | ||||||
| 56,904 | ||||||||
| Consumer Staples (0.0%):(a) | ||||||||
| LG Household & Health Care Ltd. | 24 | 10,619 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares Developed Enhanced Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Energy (0.1%): | ||||||||
| SK Innovation Co. Ltd. | 84 | $ | 8,426 | |||||
| S-Oil Corp. | 174 | 9,852 | ||||||
| 18,278 | ||||||||
| Financials (0.2%): | ||||||||
| Hana Financial Group, Inc. | 576 | 14,273 | ||||||
| KakaoBank Corp. (c) | 595 | 8,339 | ||||||
| KB Financial Group, Inc. | 460 | 14,051 | ||||||
| Samsung Life Insurance Co. Ltd. | 457 | 19,933 | ||||||
| Shinhan Financial Group Co. Ltd. | 781 | 18,289 | ||||||
| 74,885 | ||||||||
| Health Care (0.1%): | ||||||||
| Celltrion, Inc. | 85 | 10,427 | ||||||
| Samsung Biologics Co. Ltd. (c)(d) | 29 | 16,359 | ||||||
| 26,786 | ||||||||
| Industrials (0.1%): | ||||||||
| Doosan Enerbility Co. Ltd. (c) | 723 | 7,202 | ||||||
| LG Corp. | 285 | 14,742 | ||||||
| Samsung C&T Corp. | 202 | 14,614 | ||||||
| SK, Inc. | 105 | 14,092 | ||||||
| 50,650 | ||||||||
| Information Technology (0.1%): | ||||||||
| Samsung Electronics Co. Ltd. | 560 | 20,786 | ||||||
| Samsung SDI Co. Ltd. | 29 | 11,068 | ||||||
| SK Hynix, Inc. | 217 | 12,605 | ||||||
| 44,459 | ||||||||
| Materials (0.1%): | ||||||||
| Korea Zinc Co. Ltd. | 30 | 12,477 | ||||||
| LG Chem Ltd. | 22 | 8,243 | ||||||
| POSCO Chemical Co. Ltd. | 84 | 8,808 | ||||||
| POSCO Holdings, Inc. | 90 | 13,274 | ||||||
| 42,802 | ||||||||
| 354,262 | ||||||||
| Luxembourg (0.1%): | ||||||||
| Energy (0.0%):(a) | ||||||||
| Tenaris SA | 796 | 10,347 | ||||||
| Health Care (0.1%): | ||||||||
| Eurofins Scientific SE | 211 | 12,637 | ||||||
| Materials (0.0%):(a) | ||||||||
| ArcelorMittal SA | 452 | 9,153 | ||||||
| 32,137 | ||||||||
| Netherlands (0.7%): | ||||||||
| Communication Services (0.1%): | ||||||||
| Koninklijke KPN NV | 9,542 | 25,919 | ||||||
| Consumer Discretionary (0.0%):(a) | ||||||||
| Prosus NV | 132 | 6,981 | ||||||
| Consumer Staples (0.2%): | ||||||||
| Davide Campari-Milano NV | 1,567 | 13,991 | ||||||
| Heineken Holding NV | 271 | 18,721 | ||||||
| Heineken NV | 214 | 18,844 | ||||||
| Koninklijke Ahold Delhaize NV | 761 | 19,489 | ||||||
| 71,045 | ||||||||
| Financials (0.1%): | ||||||||
| ABN AMRO Bank NV (b)(d) | 1,254 | 11,339 | ||||||
| Aegon NV | 2,867 | 11,524 | ||||||
| ING Groep NV | 1,384 | 12,013 | ||||||
| NN Group NV | 358 | 14,022 | ||||||
| 48,898 | ||||||||
| Health Care (0.0%):(a) | ||||||||
| Koninklijke Philips NV | 744 | 11,665 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares Developed Enhanced Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Industrials (0.1%): | ||||||||
| Randstad NV (b) | 321 | $ | 14,022 | |||||
| Wolters Kluwer NV | 208 | 20,366 | ||||||
| 34,388 | ||||||||
| Information Technology (0.1%): | ||||||||
| Adyen NV (c)(d) | 6 | 7,654 | ||||||
| ASM International NV | 35 | 8,017 | ||||||
| ASML Holding NV | 23 | 9,772 | ||||||
| STMicroelectronics NV (b) | 380 | 12,007 | ||||||
| 37,450 | ||||||||
| Materials (0.1%): | ||||||||
| Akzo Nobel NV | 241 | 13,773 | ||||||
| Koninklijke DSM NV | 123 | 14,156 | ||||||
| 27,929 | ||||||||
| 264,275 | ||||||||
| Norway (0.3%): | ||||||||
| Communication Services (0.1%): | ||||||||
| Adevinta ASA (c) | 885 | 5,286 | ||||||
| Telenor ASA (b) | 2,313 | 21,182 | ||||||
| 26,468 | ||||||||
| Consumer Staples (0.0%):(a) | ||||||||
| Mowi ASA | 849 | 10,805 | ||||||
| Energy (0.0%):(a) | ||||||||
| Aker BP ASA | 301 | 8,646 | ||||||
| Equinor ASA | 318 | 10,464 | ||||||
| 19,110 | ||||||||
| Financials (0.1%): | ||||||||
| DNB Bank ASA | 1,010 | 16,042 | ||||||
| Gjensidige Forsikring ASA | 1,067 | 18,334 | ||||||
| 34,376 | ||||||||
| Materials (0.1%): | ||||||||
| Norsk Hydro ASA | 1,628 | 8,802 | ||||||
| Yara International ASA | 331 | 11,658 | ||||||
| 20,460 | ||||||||
| 111,219 | ||||||||
| Portugal (0.1%): | ||||||||
| Consumer Staples (0.1%): | ||||||||
| Jeronimo Martins SGPS SA | 895 | 16,707 | ||||||
| Energy (0.0%):(a) | ||||||||
| Galp Energia SGPS SA | 1,198 | 11,533 | ||||||
| Utilities (0.0%):(a) | ||||||||
| EDP - Energias de Portugal SA | 3,815 | 16,598 | ||||||
| 44,838 | ||||||||
| Singapore (0.5%): | ||||||||
| Communication Services (0.1%): | ||||||||
| Singapore Telecommunications Ltd. | 15,100 | 27,973 | ||||||
| Consumer Staples (0.1%): | ||||||||
| Wilmar International Ltd. | 8,062 | 21,560 | ||||||
| Financials (0.2%): | ||||||||
| DBS Group Holdings Ltd. | 1,078 | 25,067 | ||||||
| Oversea-Chinese Banking Corp. Ltd. | 3,438 | 28,325 | ||||||
| United Overseas Bank Ltd. | 1,292 | 23,538 | ||||||
| 76,930 | ||||||||
| Industrials (0.1%): | ||||||||
| Jardine Cycle & Carriage Ltd. | 800 | 18,826 | ||||||
| Keppel Corp. Ltd. | 5,400 | 26,137 | ||||||
| 44,963 | ||||||||
| Real Estate (0.0%):(a) | ||||||||
| Capitaland Investment Ltd. | 7,900 | 19,091 | ||||||
| 190,517 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares Developed Enhanced Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Spain (0.6%): | ||||||||
| Communication Services (0.1%): | ||||||||
| Telefonica SA | 5,401 | $ | 17,867 | |||||
| Consumer Discretionary (0.1%): | ||||||||
| Industria de Diseno Textil SA | 731 | 15,243 | ||||||
| Energy (0.0%):(a) | ||||||||
| Repsol SA | 1,076 | 12,447 | ||||||
| Financials (0.1%): | ||||||||
| Banco Bilbao Vizcaya Argentaria SA | 2,964 | 13,420 | ||||||
| Banco Santander SA | 5,600 | 13,156 | ||||||
| CaixaBank SA | 4,162 | 13,504 | ||||||
| 40,080 | ||||||||
| Industrials (0.1%): | ||||||||
| Aena SME SA (c)(d) | 137 | 14,351 | ||||||
| Ferrovial SA | 760 | 17,419 | ||||||
| 31,770 | ||||||||
| Information Technology (0.0%):(a) | ||||||||
| Amadeus IT Group SA (c) | 290 | 13,615 | ||||||
| Utilities (0.2%): | ||||||||
| Acciona SA | 85 | 15,042 | ||||||
| Endesa SA | 1,138 | 17,195 | ||||||
| Iberdrola SA | 1,790 | 16,807 | ||||||
| Naturgy Energy Group SA | 584 | 13,580 | ||||||
| Red Electrica Corp. SA | 1,156 | 17,796 | ||||||
| 80,420 | ||||||||
| 211,442 | ||||||||
| Sweden (0.7%): | ||||||||
| Communication Services (0.1%): | ||||||||
| Telia Co. AB | 7,459 | 21,539 | ||||||
| Consumer Discretionary (0.0%):(a) | ||||||||
| Evolution AB (d) | 111 | 8,874 | ||||||
| H & M Hennes & Mauritz AB, Class B (b) | 1,254 | 11,697 | ||||||
| 20,571 | ||||||||
| Consumer Staples (0.0%):(a) | ||||||||
| Essity AB, Class B | 745 | 14,830 | ||||||
| Financials (0.2%): | ||||||||
| EQT AB | 396 | 7,822 | ||||||
| L E Lundbergforetagen AB, Class B | 396 | 14,438 | ||||||
| Skandinaviska Enskilda Banken AB, Class A | 1,564 | 15,059 | ||||||
| Svenska Handelsbanken AB, Class A | 2,321 | 19,172 | ||||||
| Swedbank AB, Class A | 1,226 | 16,232 | ||||||
| 72,723 | ||||||||
| Industrials (0.2%): | ||||||||
| Alfa Laval AB | 502 | 12,600 | ||||||
| Assa Abloy AB, Class B | 818 | 15,465 | ||||||
| Atlas Copco AB, Class A (c) | 1,289 | 12,179 | ||||||
| Epiroc AB, Class A | 936 | 13,514 | ||||||
| Nibe Industrier AB, Class B | 1,087 | 9,810 | ||||||
| Sandvik AB | 901 | 12,391 | ||||||
| Volvo AB, Class B | 964 | 13,739 | ||||||
| 89,698 | ||||||||
| Information Technology (0.1%): | ||||||||
| Hexagon AB, Class B | 1,473 | 13,904 | ||||||
| Telefonaktiebolaget LM Ericsson, Class B (b) | 1,846 | 10,900 | ||||||
| 24,804 | ||||||||
| Materials (0.1%): | ||||||||
| Boliden AB | 366 | 11,435 | ||||||
| Svenska Cellulosa AB SCA, Class B | 1,078 | 13,801 | ||||||
| 25,236 | ||||||||
| 269,401 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares Developed Enhanced Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Switzerland (1.4%): | ||||||||
| Communication Services (0.1%): | ||||||||
| Swisscom AG, Registered Shares | 63 | $ | 29,600 | |||||
| Consumer Discretionary (0.1%): | ||||||||
| Cie Financiere Richemont SA, Registered Shares | 96 | 9,175 | ||||||
| The Swatch Group AG | 57 | 12,971 | ||||||
| 22,146 | ||||||||
| Consumer Staples (0.2%): | ||||||||
| Barry Callebaut AG, Registered Shares | 13 | 24,629 | ||||||
| Chocoladefabriken Lindt & Spruengli AG | 2 | 19,382 | ||||||
| Nestle SA, Registered Shares | 226 | 24,531 | ||||||
| 68,542 | ||||||||
| Financials (0.3%): | ||||||||
| Julius Baer Group Ltd. | 287 | 12,655 | ||||||
| Partners Group Holding AG | 14 | 11,419 | ||||||
| Swiss Life Holding AG | 38 | 16,891 | ||||||
| Swiss Re AG | 247 | 18,318 | ||||||
| UBS Group AG | 851 | 12,487 | ||||||
| Zurich Insurance Group AG | 54 | 21,622 | ||||||
| 93,392 | ||||||||
| Health Care (0.3%): | ||||||||
| Alcon, Inc. | 260 | 15,323 | ||||||
| Lonza Group AG, Registered Shares | 29 | 14,296 | ||||||
| Novartis AG, Registered Shares | 336 | 25,725 | ||||||
| Roche Holding AG | 70 | 22,951 | ||||||
| Sonova Holding AG | 47 | 10,481 | ||||||
| Straumann Holding AG, Class R | 99 | 9,217 | ||||||
| Vifor Pharma AG (b) | 106 | 19,218 | ||||||
| 117,211 | ||||||||
| Industrials (0.2%): | ||||||||
| ABB Ltd., Registered Shares | 624 | 16,319 | ||||||
| Geberit AG, Registered Shares | 40 | 17,334 | ||||||
| Kuehne + Nagel International AG, Class R | 63 | 12,900 | ||||||
| Schindler Holding AG | 103 | 16,147 | ||||||
| SGS SA, Registered Shares | 10 | 21,541 | ||||||
| 84,241 | ||||||||
| Information Technology (0.0%):(a) | ||||||||
| Logitech International SA, Class R (b) | 267 | 12,437 | ||||||
| Materials (0.2%): | ||||||||
| EMS-Chemie Holding AG | 24 | 15,290 | ||||||
| Givaudan SA, Registered Shares | 6 | 18,265 | ||||||
| Glencore PLC | 2,333 | 12,453 | ||||||
| Holcim AG | 416 | 17,281 | ||||||
| SIG Group AG | 656 | 13,419 | ||||||
| Sika AG, Registered Shares | 65 | 13,224 | ||||||
| 89,932 | ||||||||
| 517,501 | ||||||||
| United Kingdom (1.7%): | ||||||||
| Communication Services (0.2%): | ||||||||
| BT Group PLC | 9,329 | 12,637 | ||||||
| Informa PLC | 2,315 | 13,417 | ||||||
| Vodafone Group PLC | 15,633 | 17,647 | ||||||
| WPP PLC | 1,586 | 13,278 | ||||||
| 56,979 | ||||||||
| Consumer Discretionary (0.1%): | ||||||||
| Compass Group PLC | 789 | 15,898 | ||||||
| Entain PLC | 903 | 10,947 | ||||||
| InterContinental Hotels Group PLC | 274 | 13,363 | ||||||
| Next PLC | 235 | 12,594 | ||||||
| 52,802 | ||||||||
| Consumer Staples (0.4%): | ||||||||
| Associated British Foods PLC | 937 | 13,195 | ||||||
| British American Tobacco PLC | 538 | 19,377 | ||||||
| Diageo PLC | 464 | 19,670 | ||||||
| Haleon PLC (c) | 4,051 | 12,628 | ||||||
| Imperial Brands PLC | 943 | 19,527 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares Developed Enhanced Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Reckitt Benckiser Group PLC | 278 | $ | 18,545 | |||||
| Tesco PLC | 8,679 | 20,036 | ||||||
| Unilever PLC | 399 | 17,678 | ||||||
| 140,656 | ||||||||
| Energy (0.0%):(a) | ||||||||
| Shell PLC | 531 | 13,316 | ||||||
| Financials (0.3%): | ||||||||
| 3i Group PLC | 1,026 | 12,518 | ||||||
| Barclays PLC | 7,126 | 11,479 | ||||||
| HSBC Holdings PLC | 2,646 | 13,803 | ||||||
| Legal & General Group PLC | 5,263 | 12,719 | ||||||
| Lloyds Banking Group PLC | 28,752 | 13,284 | ||||||
| London Stock Exchange Group PLC | 185 | 15,753 | ||||||
| NatWest Group PLC | 5,363 | 13,524 | ||||||
| Prudential PLC | 1,173 | 11,704 | ||||||
| Standard Chartered PLC | 1,740 | 11,009 | ||||||
| 115,793 | ||||||||
| Health Care (0.1%): | ||||||||
| GSK PLC | 1,248 | 18,192 | ||||||
| Smith & Nephew PLC | 1,369 | 16,054 | ||||||
| 34,246 | ||||||||
| Industrials (0.3%): | ||||||||
| Ashtead Group PLC | 263 | 11,996 | ||||||
| BAE Systems PLC | 2,010 | 17,721 | ||||||
| Bunzl PLC | 627 | 19,318 | ||||||
| Ferguson PLC | 144 | 15,117 | ||||||
| RELX PLC | 856 | 21,041 | ||||||
| Rentokil Initial PLC | 2,599 | 13,853 | ||||||
| Spirax-Sarco Engineering PLC | 124 | 14,396 | ||||||
| 113,442 | ||||||||
| Information Technology (0.0%):(a) | ||||||||
| Halma PLC | 642 | 14,656 | ||||||
| Materials (0.2%): | ||||||||
| Anglo American PLC | 362 | 11,054 | ||||||
| Antofagasta PLC | 865 | 10,771 | ||||||
| Croda International PLC | 195 | 14,032 | ||||||
| Evraz PLC (e)(f)(g)(h) | 12,158 | 5,497 | ||||||
| Rio Tinto PLC | 271 | 14,811 | ||||||
| 56,165 | ||||||||
| Utilities (0.1%): | ||||||||
| National Grid PLC | 1,849 | 19,216 | ||||||
| SSE PLC | 949 | 16,182 | ||||||
| 35,398 | ||||||||
| 633,453 | ||||||||
| United States (0.0%):(a) | ||||||||
| Utilities (0.0%): | ||||||||
| Brookfield Renewable Corp., Class A | 455 | 14,870 | ||||||
| Total Common Stocks (Cost $8,221,053) | 7,738,418 | |||||||
| Investment Companies (78.7%) | ||||||||
| United States (78.7%): | ||||||||
| BlackRock Liquidity Funds T-Fund, Institutional Shares, 2.79% (i) | 29,418,797 | 29,418,797 | ||||||
| Total Investment Companies (Cost $29,418,797) | 29,418,797 | |||||||
| Collateral for Securities Loaned (1.0%)^ | ||||||||
| United States (1.0%): | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (i) | 7,973 | 7,973 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares Developed Enhanced Volatility Wtd ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (i) | 5,367 | $ | 5,367 | |||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (i) | 3,979 | 3,979 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (i) | 181,158 | 181,158 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (i) | 7,944 | 7,944 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (i) | 21,571 | 21,571 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (i) | 142,649 | 142,649 | ||||||
| Total Collateral for Securities Loaned (Cost $370,641) | 370,641 | |||||||
| Total Investments (Cost $38,010,491) — 100.4% | 37,527,856 | |||||||
| Liabilities in excess of other assets — (0.4)% | (166,031 | ) | ||||||
| NET ASSETS - 100.00% | $ | 37,361,825 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Amount represents less than 0.05% of net assets. |
| (b) | All or a portion of this security is on loan. |
| (c) | Non-income producing security. |
| (d) | Rule 144A security or other security that is restricted as to resale to institutional investors. 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 September 30, 2022, the fair value of these securities was $174,319 and amounted to 0.5% 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 September 30, 2022, illiquid securities were less than 0.05% of net assets. |
| (f) | Security was fair valued using significant unobservable inputs as of September 30, 2022. |
| (g) | Restricted security due to trading restrictions. Russian sanctioned entity by the United States Government. |
| (h) | The following table details the acquisition date and cost of the Fund's restricted securities at September 30, 2022. |
| Security Name | Acquisition Date | Cost | ||||
| Evraz PLC | 3/19/2021 | $ | 75,288 | |||
| (i) | Rate disclosed is the daily yield on September 30, 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 | 12/16/22 | $ | 91,864 | $ | 83,030 | $ | (8,834 | ) | |||||||||
| Total unrealized appreciation | $ | – | ||||||||||||||||
| Total unrealized depreciation | (8,834 | ) | ||||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | (8,834 | ) | |||||||||||||||
| Victory Portfolios | Schedule of Portfolio Investments |
| VictoryShares Nasdaq Next 50 ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (99.6%) | ||||||||
| Communication Services (15.1%): | ||||||||
| Fox Corp., Class A | 33,137 | $ | 1,016,643 | |||||
| Fox Corp., Class B | 26,235 | 747,698 | ||||||
| Liberty Broadband Corp., Class A (a) | 2,145 | 160,017 | ||||||
| Liberty Broadband Corp., Class C (a) | 14,253 | 1,051,871 | ||||||
| Paramount Global, Class B (b) | 65,783 | 1,252,508 | ||||||
| Take-Two Interactive Software, Inc. (a) | 18,023 | 1,964,507 | ||||||
| The Trade Desk, Inc., Class A (a) | 48,008 | 2,868,478 | ||||||
| Warner Bros Discovery, Inc. (a) | 262,419 | 3,017,819 | ||||||
| Yandex NV, Class A (a)(c)(d)(e)(f) | 45,921 | 8,697 | ||||||
| ZoomInfo Technologies, Inc. (a) | 43,621 | 1,817,251 | ||||||
| 13,905,489 | ||||||||
| Consumer Discretionary (11.6%): | ||||||||
| Expedia Group, Inc. (a) | 16,438 | 1,540,076 | ||||||
| LKQ Corp. | 29,667 | 1,398,799 | ||||||
| Rivian Automotive, Inc., Class A (a) | 98,214 | 3,232,223 | ||||||
| Tractor Supply Co. | 12,002 | 2,230,932 | ||||||
| Ulta Beauty, Inc. (a) | 5,538 | 2,221,790 | ||||||
| 10,623,820 | ||||||||
| Consumer Staples (2.3%): | ||||||||
| Coca-Cola Europacific Partners PLC | 49,389 | 2,104,959 | ||||||
| Electronic Equipment, Instruments & Components (5.7%): | ||||||||
| CDW Corp. | 14,623 | 2,282,358 | ||||||
| Trimble, Inc. (a) | 26,777 | 1,453,188 | ||||||
| Zebra Technologies Corp. (a) | 5,600 | 1,467,256 | ||||||
| 5,202,802 | ||||||||
| Energy (5.0%): | ||||||||
| Baker Hughes Co. | 109,392 | 2,292,856 | ||||||
| Diamondback Energy, Inc. | 18,753 | 2,258,987 | ||||||
| 4,551,843 | ||||||||
| Health Care (19.7%): | ||||||||
| Alnylam Pharmaceuticals, Inc. (a) | 12,977 | 2,597,476 | ||||||
| BioMarin Pharmaceutical, Inc. (a) | 20,054 | 1,699,978 | ||||||
| BioNTech SE, ADR | 9,527 | 1,285,002 | ||||||
| Bio-Techne Corp. | 4,240 | 1,204,160 | ||||||
| Hologic, Inc. (a) | 26,993 | 1,741,588 | ||||||
| Horizon Therapeutics PLC (a) | 24,909 | 1,541,618 | ||||||
| ICON PLC (a) | 8,815 | 1,620,021 | ||||||
| Incyte Corp. (a) | 24,050 | 1,602,692 | ||||||
| Insulet Corp. (a) | 7,504 | 1,721,418 | ||||||
| Royalty Pharma PLC, Class A | 47,264 | 1,899,067 | ||||||
| Sanofi, ADR | 31,447 | 1,195,615 | ||||||
| 18,108,635 | ||||||||
| Industrials (6.9%): | ||||||||
| CoStar Group, Inc. (a) | 42,811 | 2,981,786 | ||||||
| Expeditors International of Washington, Inc. | 17,688 | 1,562,027 | ||||||
| J.B. Hunt Transport Services, Inc. | 11,224 | 1,755,658 | ||||||
| 6,299,471 | ||||||||
| IT Services (6.1%): | ||||||||
| Akamai Technologies, Inc. (a) | 17,187 | 1,380,460 | ||||||
| Jack Henry & Associates, Inc. | 7,882 | 1,436,652 | ||||||
| MongoDB, Inc. (a)(b) | 7,365 | 1,462,394 | ||||||
| SS&C Technologies Holdings, Inc. | 27,574 | 1,316,659 | ||||||
| 5,596,165 | ||||||||
| Materials (1.5%): | ||||||||
| Steel Dynamics, Inc. | 19,744 | 1,400,837 | ||||||
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| VictoryShares Nasdaq Next 50 ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Semiconductors & Semiconductor Equipment (16.9%): | ||||||||
| Enphase Energy, Inc. (a) | 14,266 | $ | 3,958,387 | |||||
| Entegris, Inc. | 16,106 | 1,337,120 | ||||||
| GLOBALFOUNDRIES, Inc. (a)(b) | 58,401 | 2,823,688 | ||||||
| Monolithic Power Systems, Inc. | 5,059 | 1,838,440 | ||||||
| ON Semiconductor Corp. (a) | 46,842 | 2,919,662 | ||||||
| SolarEdge Technologies, Inc. (a) | 6,015 | 1,392,232 | ||||||
| Teradyne, Inc. | 16,951 | 1,273,868 | ||||||
| 15,543,397 | ||||||||
| Software (3.1%): | ||||||||
| Check Point Software Technologies Ltd. (a) | 13,560 | 1,518,991 | ||||||
| PTC, Inc. (a) | 12,700 | 1,328,420 | ||||||
| 2,847,411 | ||||||||
| Technology Hardware, Storage & Peripherals (4.1%): | ||||||||
| NetApp, Inc. | 23,502 | 1,453,599 | ||||||
| Seagate Technology Holdings PLC | 22,571 | 1,201,454 | ||||||
| Western Digital Corp. (a) | 34,003 | 1,106,798 | ||||||
| 3,761,851 | ||||||||
| Utilities (1.6%): | ||||||||
| Alliant Energy Corp. | 27,131 | 1,437,672 | ||||||
| Total Common Stocks (Cost $109,241,314) | 91,384,352 | |||||||
| Collateral for Securities Loaned (3.0%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (g) | 59,953 | 59,953 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (g) | 40,353 | 40,353 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (g) | 29,919 | 29,919 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (g) | 1,362,217 | 1,362,217 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (g) | 59,737 | 59,737 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (g) | 162,205 | 162,205 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (g) | 1,072,649 | 1,072,649 | ||||||
| Total Collateral for Securities Loaned (Cost $2,787,033) | 2,787,033 | |||||||
| Total Investments (Cost $112,028,347) — 102.6% | 94,171,385 | |||||||
| Liabilities in excess of other assets — (2.6)% | (2,418,260 | ) | ||||||
| NET ASSETS - 100.00% | $ | 91,753,125 | ||||||
| ^ | 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) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2022, illiquid securities were less than 0.05% of net assets. |
| (d) | Security was fair valued using significant unobservable inputs as of September 30, 2022. |
| (e) | Restricted security due to trading restrictions. Russian sanctioned entity by the United States Government. |
| (f) | The following table details the acquisition date and cost of the Fund’s restricted securities at September 30, 2022. |
| Security Name | Acquisition Date | Cost | ||||
| Yandex NV, Class A | 9/9/2020 | $ | 2,892,222 | |||
| (g) | Rate disclosed is the daily yield on September 30, 2022. |
| ADR—American Depositary Receipt |
| PLC—Public Limited Company |
| Victory Portfolios | Schedule of Portfolio Investments — continued |
| VictoryShares Nasdaq Next 50 ETF | September 30, 2022 |
| (Unaudited) |
Futures Contracts Purchased
| Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||
| NASDAQ 100 E-Mini Futures | 2 | 12/16/22 | $ | 491,821 | $ | 441,420 | $ | (50,401 | ) | |||||||
| Total unrealized appreciation | $ | – | ||||||||||||||
| Total unrealized depreciation | (50,401 | ) | ||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | (50,401 | ) | |||||||||||||
| Victory Portfolios II | Schedule of Portfolio Investments |
| VictoryShares ESG Core Plus Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Asset-Backed Securities (16.7%) | ||||||||
| AmeriCredit Automobile Receivables Trust, Series 2021-3, Class C, 1.41%, 8/18/27, Callable 4/18/25 @ 100 | $ | 500,000 | $ | 459,538 | ||||
| Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class B, 2.20%, 1/20/28, Callable 9/20/25 @ 100 (a) | 676,000 | 608,518 | ||||||
| Amur Equipment Finance Receivables XI LLC, Series 2022-2A, Class A2, 5.30%, 6/21/28, Callable 4/20/26 @ 100 (a) | 500,000 | 496,544 | ||||||
| ARI Fleet Lease Trust, Series 2022-A, Class B, 3.79%, 1/15/31, Callable 11/15/24 @ 100 (a) | 116,000 | 110,620 | ||||||
| ARI Fleet Lease Trust, Series 2022-A, Class A3, 3.43%, 1/15/31, Callable 11/15/24 @ 100 (a) | 190,000 | 181,613 | ||||||
| ARI Fleet Lease Trust, Series 2022-A, Class C, 4.17%, 1/15/31, Callable 11/15/24 @ 100 (a) | 250,000 | 234,907 | ||||||
| CARDS II Trust, Series 2021-1A, Class C, 1.20%, 4/15/27 (a) | 540,000 | 504,846 | ||||||
| Carvana Auto Receivables Trust, Series 2019-2A, Class D, 3.28%, 1/15/25, Callable 7/15/23 @ 100 (a) | 203,255 | 201,976 | ||||||
| Carvana Auto Receivables Trust, Series 2021-N4, Class D, 2.30%, 9/11/28, Callable 10/10/25 @ 100 | 875,000 | 821,839 | ||||||
| Carvana Auto Receivables Trust, Series 2021-P4, Class B, 1.98%, 2/10/28, Callable 2/10/26 @ 100 | 500,000 | 441,125 | ||||||
| CCG Receivables Trust, Series 2021-2, Class C, 1.50%, 3/14/29, Callable 5/14/25 @ 100 (a) | 250,000 | 225,835 | ||||||
| Conn's Receivables Funding LLC, Series 2022-A, Class B, 9.52%, 12/15/26, Callable 4/15/24 @ 100 (a) | 500,000 | 500,571 | ||||||
| Credit Acceptance Auto Loan Trust, Series 2021-4, Class B, 1.74%, 12/16/30, Callable 2/15/25 @ 100 (a) | 320,000 | 291,429 | ||||||
| DB Master Finance LLC, Series 2021-1A, Class A2II, 2.49%, 11/20/51, Callable 11/20/25 @ 100 (a) | 1,339,875 | 1,090,981 | ||||||
| Diamond Issuer, Series 2021-1A, Class B, 2.70%, 11/20/51, Callable 11/20/25 @ 100 (a) | 654,000 | 547,856 | ||||||
| Drive Auto Receivables Trust, Series 2021-3, Class C, 1.47%, 1/15/27, Callable 1/15/24 @ 100 | 500,000 | 477,158 | ||||||
| Drive Auto Receivables Trust, Series 2020-2, Class C, 2.28%, 8/17/26, Callable 7/15/23 @ 100 | 371,848 | 369,131 | ||||||
| DT Auto Owner Trust, Series 2020-2A, Class D, 4.73%, 3/16/26, Callable 6/15/24 @ 100 (a) | 500,000 | 495,951 | ||||||
| Evergreen Credit Card Trust, Series 2021-1, Class B, 1.15%, 10/15/26 (a) | 391,000 | 359,129 | ||||||
| Evergreen Credit Card Trust, Series 2022-CRT1, Class B, 5.61%, 7/15/26 (a) | 250,000 | 244,593 | ||||||
| Evergreen Credit Card Trust, Series 2022-CRT1, Class C, 6.19%, 7/15/26 (a) | 250,000 | 244,614 | ||||||
| Evergreen Credit Card Trust, Series 2021-1, Class C, 1.42%, 10/15/26 (a) | 319,000 | 292,633 | ||||||
| Exeter Automobile Receivables Trust, Series 2019-4A, Class D, 2.58%, 9/15/25, Callable 1/15/24 @ 100 (a) | 246,350 | 242,213 | ||||||
| First Investors Auto Owner Trust, Series 2019-1A, Class D, 3.55%, 4/15/25, Callable 3/15/23 @ 100 (a) | 250,000 | 248,424 | ||||||
| FirstKey Homes Trust, Series 2021-SFR3, Class A, 2.14%, 12/17/38 (a) | 746,945 | 656,499 | ||||||
| FirstKey Homes Trust, Series 2021-SFR3, Class B, 2.44%, 12/17/38 (a) | 500,000 | 441,278 | ||||||
| FirstKey Homes Trust, Series 2021-SFR3, Class D, 2.79%, 12/17/38 (a) | 750,000 | 645,205 | ||||||
| Flagship Credit Auto Trust, Series 4, Class C, 1.96%, 12/15/27, Callable 10/15/24 @ 100 (a) | 500,000 | 464,064 | ||||||
| Flagship Credit Auto Trust, Series 2018-3, Class D, 4.15%, 12/16/24, Callable 12/15/23 @ 100 (a) | 350,000 | 347,382 | ||||||
| Flagship Credit Auto Trust, Series 2019-4, Class E, 4.11%, 3/15/27, Callable 10/15/24 @ 100 (a) | 1,265,000 | 1,166,010 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares ESG Core Plus Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Flagship Credit Auto Trust, Series 2018-4, Class D, 4.33%, 12/16/24, Callable 11/15/23 @ 100 (a) | $ | 500,000 | $ | 496,386 | ||||
| Ford Credit Auto Lease Trust, Series 2022-A, Class B, 3.81%, 8/15/25, Callable 8/15/24 @ 100 | 321,000 | 312,406 | ||||||
| Ford Credit Auto Owner Trust, Series 2021-2, Class C, 2.11%, 5/15/34, Callable 11/15/26 @ 100 (a) | 500,000 | 426,017 | ||||||
| Ford Credit Auto Owner Trust, Series 2022-1, Class C, 4.67%, 11/15/34, Callable 5/15/27 @ 100 (a) | 950,000 | 899,763 | ||||||
| Hertz Vehicle Financing LLC, Series 2022-2A, Class B, 2.65%, 6/26/28, Callable 6/25/27 @ 100 (a) | 1,000,000 | 862,394 | ||||||
| Hertz Vehicle Financing LLC, Series 2022-4A, Class B, 4.12%, 9/25/26, Callable 9/25/25 @ 100 (a) | 500,000 | 474,274 | ||||||
| Hpefs Equipment Trust, Series 2022-2A, Class D, 4.94%, 3/20/30, Callable 1/20/25 @ 100 (a) | 1,300,000 | 1,248,516 | ||||||
| HPEFS Equipment Trust, Series 2022-1A, Class D, 2.40%, 11/20/29, Callable 3/20/25 @ 100 (a) | 333,000 | 303,038 | ||||||
| Hyundai Auto Receivables Trust, Series 2021-C, Class C, 1.66%, 6/15/28, Callable 1/15/26 @ 100 | 500,000 | 441,348 | ||||||
| JPMorgan Chase Bank NA, Series 2020-2, Class C, 1.14%, 2/25/28, Callable 11/25/23 @ 100 (a) | 152,058 | 148,309 | ||||||
| JPMorgan Chase Bank NA, Series 2021-2, Class B, 0.89%, 12/26/28, Callable 6/25/24 @ 100 (a) | 129,603 | 124,691 | ||||||
| Kubota Credit Owner Trust, Series 2022-1A, Class A3, 2.67%, 10/15/26, Callable 12/15/25 @ 100 (a) | 500,000 | 469,302 | ||||||
| Master Credit Card Trust, Series 2021-1A, Class C, 1.06%, 11/21/25 (a) | 1,000,000 | 927,507 | ||||||
| Master Credit Card Trust, Series 2022-2A, Class C, 2.73%, 7/21/28 (a) | 312,000 | 273,583 | ||||||
| Master Credit Card Trust, Series 2022-2A, Class B, 2.38%, 7/21/28 (a) | 500,000 | 448,375 | ||||||
| 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 | 305,829 | ||||||
| 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 | 572,858 | ||||||
| Oscar U.S. Funding XII LLC, Series 1A, Class A4, 1.00%, 4/10/28, Callable 2/10/25 @ 100 (a) | 250,000 | 228,080 | ||||||
| Oscar US Funding XIV LLC, Series 2022-1A, Class A4, 2.82%, 4/10/29, Callable 3/10/26 @ 100 (a) | 1,000,000 | 912,671 | ||||||
| Pawnee Equipment Receivables LLC, Series 2021-1, Class B, 1.82%, 7/15/27, Callable 7/15/25 @ 100 (a) | 136,000 | 122,424 | ||||||
| PenFed Auto Receivables Owner Trust, Series 2022-A, Class D, 5.85%, 6/17/30, Callable 8/15/24 @ 100 (a) | 76,000 | 73,524 | ||||||
| PenFed Auto Receivables Owner Trust, Series 2022-A, Class A4, 4.18%, 12/15/28, Callable 6/15/24 @ 100 (a) | 250,000 | 245,775 | ||||||
| Santander Bank Auto Credit-Linked Notes, Series 2022-B, Class E, 8.68%, 8/16/32, Callable 9/15/24 @ 100 (a) | 400,000 | 400,563 | ||||||
| Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class C, 7.38%, 5/15/32, Callable 11/15/24 @ 100 (a) | 818,900 | 803,910 | ||||||
| Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class B, 5.28%, 5/15/32, Callable 11/15/24 @ 100 (a) | 818,900 | 803,559 | ||||||
| Santander Bank NA, Series 2021-1A, Class C, 3.27%, 12/15/31, Callable 7/15/24 @ 100 (a) | 465,065 | 448,946 | ||||||
| Santander Bank NA, Series 2021-1A, Class B, 1.83%, 12/15/31, Callable 7/15/24 @ 100 (a) | 496,070 | 478,239 | ||||||
| Santander Consumer Auto Receivables Trust, Series 2020-AA, Class D, 5.49%, 4/15/26, Callable 11/15/23 @ 100 (a) | 250,000 | 248,185 | ||||||
| Santander Drive Auto Receivables Trust, Series 2021-4, Class C, 1.26%, 2/16/27, Callable 12/15/23 @ 100 | 250,000 | 239,262 | ||||||
| SCF Equipment Leasing LLC, Series 2021-1A, Class D, 1.93%, 9/20/30, Callable 11/20/25 @ 100 (a) | 500,000 | 425,506 | ||||||
| Synchrony Card Funding LLC, Series 2022-A1, Class A, 3.37%, 4/15/28, Callable 4/15/25 @ 100 | 220,000 | 213,195 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares ESG Core Plus Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Tesla Auto Lease Trust, Series 2019-A, Class E, 5.48%, 5/22/23, Callable 11/20/22 @ 100 (a) | $ | 500,000 | $ | 500,826 | ||||
| Tricon Residential Trust, Series 2022-SFR2, Class B, 5.24%, 7/17/40, Callable 7/17/28 @ 100 (a) | 200,000 | 193,885 | ||||||
| Tricon Residential Trust, Series 2022-SFR1, Class A, 3.86%, 4/17/39 (a) | 750,000 | 691,638 | ||||||
| Trillium Credit Card Trust II, Series 2021-1A, Class C, 2.42%, 10/26/29 (a) | 744,000 | 651,627 | ||||||
| Trinity Rail Leasing LLC, Series 2022-1, Class A, 4.55%, 5/20/52, Callable 10/21/24 @ 100 (a) | 496,243 | 464,291 | ||||||
| United Auto Credit Securitization Trust, Series 2022-1, Class C, 2.61%, 6/10/27, Callable 11/10/23 @ 100 (a) | 250,000 | 240,835 | ||||||
| Vantage Data Centers LLC, Series 2020-2A, Class A2, 1.99%, 9/15/45, Callable 9/15/25 @ 100 (a) | 453,000 | 376,899 | ||||||
| VB-S1 Issuer LLC - VBTEL, Series 2022-1A, Class F, 5.27%, 2/15/52, Callable 2/15/26 @ 100 (a) | 1,000,000 | 872,686 | ||||||
| VB-S1 Issuer LLC - VBTEL, Series 2022-1A, Class C2II, 3.71%, 2/15/57, Callable 2/15/30 @ 100 (a) | 1,000,000 | 823,989 | ||||||
| Verizon Master Trust, Series 2021-2, Class C, 1.38%, 4/20/28, Callable 10/20/24 @ 100 | 500,000 | 463,165 | ||||||
| Westlake Automobile Receivables Trust, Series 2019-2A, Class E, 4.02%, 4/15/25, Callable 5/15/23 @ 100 (a) | 1,250,000 | 1,240,069 | ||||||
| Westlake Automobile Receivables Trust, Series 2021-3A, Class C, 1.58%, 1/15/27, Callable 6/15/24 @ 100 (a) | 500,000 | 469,031 | ||||||
| Total Asset-Backed Securities (Cost $37,787,662) | 34,779,858 | |||||||
| Collateralized Mortgage Obligations (19.6%) | ||||||||
| 37 Capital CLO I, Series 2021-1A, Class C, 4.76% (LIBOR03M+225bps), 10/15/34, Callable 10/15/23 @ 100 (a)(b) | 250,000 | 218,073 | ||||||
| AB BSL CLO 1 Ltd., Series 2020-1A, Class CR, 4.83% (TSFR3M+250bps), 1/15/35, Callable 1/15/24 @ 100 (a)(b) | 250,000 | 225,981 | ||||||
| AB BSL CLO 1 Ltd., Series 2020-1A, Class A2AR, 3.98% (TSFR3M+165bps), 1/15/35, Callable 1/15/24 @ 100 (a)(b) | 500,000 | 478,417 | ||||||
| AIMCO CLO 17 Ltd., Series 2022-17A, Class B, 4.27% (TSFR3M+210bps), 7/20/35, Callable 7/20/24 @ 100 (a)(b) | 250,000 | 240,396 | ||||||
| AOA Mortgage Trust, Series 2021-1177, Class B, 3.99% (LIBOR01M+117bps), 10/15/38 (a)(b) | 250,000 | 232,997 | ||||||
| AOA Mortgage Trust, Series 2021-1177, Class D, 4.64% (LIBOR01M+182bps), 10/15/38 (a)(b) | 300,000 | 279,491 | ||||||
| Arbor Multifamily Mortgage Securities Trust, Series 2022-MF4, Class A5, 3.40%, 2/15/55, Callable 2/15/32 @ 100 (a)(c) | 500,000 | 426,459 | ||||||
| Aventura Mall Trust, Series 2018-AVM, Class A, 4.11%, 7/5/40 (a)(c) | 500,000 | 468,297 | ||||||
| Ballyrock CLO 18 Ltd., Series 2021-18A, Class A2, 4.16% (LIBOR03M+165bps), 1/15/35, Callable 1/15/24 @ 100 (a)(b) | 750,000 | 695,602 | ||||||
| Ballyrock CLO 20 Ltd., Series 2022-20A, Class A2A, 5.94% (TSFR3M+305bps), 7/15/34, Callable 7/15/23 @ 100 (a)(b) | 250,000 | 244,843 | ||||||
| BAMLL Commercial Mortgage Securities Trust, Series 2015-200P, Class B, 3.49%, 4/14/33, Callable 4/14/25 @ 100 (a) | 750,000 | 696,174 | ||||||
| BAMLL Commercial Mortgage Securities Trust, Series 2015-200P, Class D, 3.72% (LIBOR01M+105bps), 4/14/33, Callable 4/14/25 @ 100 (a)(b) | 750,000 | 678,941 | ||||||
| BBCMS Mortgage Trust, Series 2020-BID, Class B, 5.36% (LIBOR01M+254bps), 10/15/37 (a)(b) | 500,000 | 488,874 | ||||||
| BBCMS Mortgage Trust, Series 2022-C16, Class AS, 4.60%, 6/15/55, Callable 6/15/32 @ 100 (c) | 135,135 | 124,444 | ||||||
| BBCMS Mortgage Trust, Series 2020-BID, Class C, 6.46% (LIBOR01M+364bps), 10/15/37 (a)(b) | 300,000 | 293,291 | ||||||
| Benchmark Mortgage Trust, Series 2022-B36, Class XA, 0.81%, 7/15/55, Callable 6/15/32 @ 100 (c)(d) | 10,001,000 | 507,299 |
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares ESG Core Plus Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Benchmark Mortgage Trust, Series 2020-B19, Class AS, 2.15%, 9/15/53, Callable 10/15/30 @ 100 | $ | 1,000,000 | $ | 764,849 | ||||
| BPR Trust, Series 2022-STAR, Class A, 6.08% (TSFR1M+323bps), 8/15/24 (a)(b) | 211,364 | 209,207 | ||||||
| BPR Trust, Series 2021-TY, Class D, 5.17% (LIBOR01M+235bps), 9/15/38 (a)(b) | 500,000 | 476,458 | ||||||
| BPR Trust, Series 2021-TY, Class A, 3.87% (LIBOR01M+105bps), 9/15/38 (a)(b) | 500,000 | 475,132 | ||||||
| BPR Trust, Series 2022-OANA, Class D, 6.54% (TSFR1M+370bps), 4/15/37 (a)(b) | 500,000 | 484,219 | ||||||
| BPR Trust, Series 2022-OANA, Class A, 4.74% (TSFR1M+190bps), 4/15/37 (a)(b) | 1,000,000 | 993,133 | ||||||
| BX Commercial Mortgage Trust, Series 2020-VIV2, Class C, 3.66%, 3/9/44 (a)(c) | 500,000 | 402,536 | ||||||
| BX Commercial Mortgage Trust, Series 2021-SOAR, Class D, 4.22% (LIBOR01M+140bps), 6/15/38 (a)(b) | 248,120 | 232,790 | ||||||
| BX Commercial Mortgage Trust, Series 2022-CSMO, Class D, 7.18% (TSFR1M+434bps), 6/15/27 (a)(b) | 500,000 | 495,251 | ||||||
| BX Commercial Mortgage Trust, Series 2022-CSMO, Class C, 6.73% (TSFR1M+389bps), 6/15/27 (a)(b) | 1,000,000 | 989,270 | ||||||
| BX Commercial Mortgage Trust, Series 2019-XL, Class D, 4.27% (LIBOR01M+145bps), 10/15/36 (a)(b) | 1,215,500 | 1,188,798 | ||||||
| BX Commercial Mortgage Trust, Series 2021-VOLT, Class B, 3.77% (LIBOR01M+85bps), 9/15/36 (a)(b) | 250,000 | 239,390 | ||||||
| BX Commercial Mortgage Trust, Series 2021-XL2, Class B, 3.82% (LIBOR01M+100bps), 10/15/38 (a)(b) | 233,366 | 221,205 | ||||||
| BX Mortgage Trust, Series 2021-PAC, Class B, 3.72% (LIBOR01M+90bps), 10/15/36 (a)(b) | 250,000 | 235,313 | ||||||
| BX Trust, Series 2021-ARIA, Class D, 4.71% (LIBOR01M+190bps), 10/15/36 (a)(b) | 250,000 | 237,237 | ||||||
| BX Trust, Series 2021-RISE, Class B, 4.07% (LIBOR01M+125bps), 11/15/36 (a)(b) | 500,000 | 475,938 | ||||||
| BXP Trust, Series 2021-601L, Class C, 2.87%, 1/15/44 (a)(c) | 250,000 | 174,551 | ||||||
| BXP Trust, Series 2021-601L, Class D, 2.87%, 1/15/44 (a)(c) | 1,250,000 | 842,142 | ||||||
| BXP Trust, Series 2021-601L, Class B, 2.87%, 1/15/44 (a)(c) | 500,000 | 391,481 | ||||||
| CAMB Commercial Mortgage Trust, Series 2021-CX2, Class A, 2.70%, 11/10/46, Callable 11/10/31 @ 100 (a) | 1,000,000 | 795,787 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class D, 4.90%, 1/10/36 (a)(c) | 615,000 | 590,495 | ||||||
| Columbia Cent CLO 29 Ltd., Series 2020-29A, Class BR, 4.41% (LIBOR03M+170bps), 10/20/34, Callable 10/20/23 @ 100 (a)(b) | 500,000 | 463,688 | ||||||
| Columbia Cent CLO 32 Ltd., Series 2022-32A, Class BF, 5.20%, 7/24/34, Callable 1/24/24 @ 100 (a) | 250,000 | 226,671 | ||||||
| COMM Mortgage Trust, Series 2020-CX, Class A, 2.17%, 11/10/46, Callable 11/10/30 @ 100 (a) | 825,000 | 647,228 | ||||||
| COMM Mortgage Trust, Series 2014-277P, Class A, 3.73%, 8/10/49, Callable 8/10/24 @ 100 (a)(c) | 1,000,000 | 945,683 | ||||||
| Dryden 109 CLO Ltd., Series 2022-112A, Class C, 6.73% (TSFR3M+400bps), 8/15/34, Callable 8/15/23 @ 100 (a)(b) | 250,000 | 243,247 | ||||||
| Eaton Vance CLO Ltd., Series 2020-2A, Class BR, 4.21% (LIBOR03M+170bps), 1/15/35, Callable 1/15/24 @ 100 (a)(b) | 500,000 | 468,840 | ||||||
| Flatiron CLO 20 Ltd., Series 2020-1A, Class B, 4.73% (LIBOR03M+175bps), 11/20/33, Callable 11/20/22 @ 100 (a)(b) | 750,000 | 705,198 | ||||||
| Golub Capital Partners CLO Ltd., Series 2020-52A, Class C, 5.51% (LIBOR03M+280bps), 1/20/34, Callable 1/20/23 @ 100 (a)(b) | 500,000 | 454,372 | ||||||
| GS Mortgage Securities Corp. Trust, Series 2022-SHIP, Class D, 4.45% (TSFR1M+161bps), 8/15/36 (a)(b) | 1,000,000 | 968,899 | ||||||
| Hilton USA Trust, Series 2016-HHV, Class C, 4.19%, 11/5/38 (a)(c) | 200,000 | 179,852 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares ESG Core Plus Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Hilton USA Trust, Series 2016-HHV, Class B, 4.19%, 11/5/38 (a)(c) | $ | 350,000 | $ | 320,795 | ||||
| Houston Galleria Mall Trust, Series 2015-HGLR, Class A1A2, 3.09%, 3/5/37 (a) | 250,000 | 231,339 | ||||||
| Hudson Yards Mortgage Trust, Series 2019-30HY, Class A, 3.23%, 7/10/39 (a) | 1,200,000 | 1,035,383 | ||||||
| Hudson Yards Mortgage Trust, Series 2019-55HY, Class A, 3.04%, 12/10/41 (a)(c) | 1,000,000 | 847,162 | ||||||
| ILPT Commercial Mortgage Trust, Series 2022-LPFX, Class A, 3.95%, 3/15/32 (a)(c) | 750,000 | 600,335 | ||||||
| ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class C, 5.74% (TSFR1M+349bps), 10/15/39 (a)(b) | 100,000 | 100,418 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class B, 3.67%, 12/15/47, Callable 3/15/23 @ 100 (c) | 449,000 | 444,166 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class B, 4.21%, 1/15/46, Callable 7/15/23 @ 100 (c) | 338,000 | 333,718 | ||||||
| KNDL Mortgage Trust, Series 2019-KNSQ, Class B, 3.77% (LIBOR01M+95bps), 5/15/36 (a)(b) | 250,000 | 246,382 | ||||||
| LCM Ltd., Series 36A, Class A2, 3.91% (LIBOR03M+140bps), 1/15/34, Callable 1/15/24 @ 100 (a)(b) | 750,000 | 698,263 | ||||||
| Life Mortgage Trust, Series 2022-BMR2, Class C, 4.94% (TSFR1M+209bps), 5/15/39, Callable 5/15/24 @ 100 (a)(b) | 250,000 | 241,347 | ||||||
| Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13%, 9/10/39 (a) | 500,000 | 425,164 | ||||||
| MHC Commercial Mortgage Trust, Series 2021-MHC, Class A, 3.62% (LIBOR01M+80bps), 4/15/38 (a)(b) | 250,000 | 241,885 | ||||||
| MHC Commercial Mortgage Trust, Series MHC, Class D, 4.42% (LIBOR01M+160bps), 4/15/38 (a)(b) | 500,000 | 473,530 | ||||||
| MHP, Series 2022-MHIL, Class D, 4.46% (SOFR30A+161bps), 1/15/27 (a)(b) | 485,829 | 456,771 | ||||||
| Morgan Stanley Capital I Trust, Series 2017-CLS, Class F, 5.42% (LIBOR01M+260bps), 11/15/34 (a)(b) | 500,000 | 496,630 | ||||||
| Morgan Stanley Capital I Trust, Series 2021-PLZA, Class C, 2.90%, 11/9/43, Callable 5/9/31 @ 100 (a) | 750,000 | 539,049 | ||||||
| Morgan Stanley Capital I Trust, Series 2021-PLZA, Class B, 2.90%, 11/9/43, Callable 5/9/31 @ 100 (a) | 500,000 | 370,712 | ||||||
| MTN Commercial Mortgage Trust, Series 2022-LPFL, Class C, 5.24% (TSFR1M+239bps), 3/15/39 (a)(b) | 250,000 | 239,502 | ||||||
| Oaktree CLO Ltd., Series 2022-2A, Class B, 5.57% (TSFR3M+275bps), 7/15/33, Callable 1/15/24 @ 100 (a)(b) | 500,000 | 487,586 | ||||||
| Oaktree CLO Ltd., Series 2022-1A, Class B, 3.06% (TSFR3M+195bps), 5/15/33, Callable 11/15/23 @ 100 (a)(b) | 333,000 | 317,886 | ||||||
| Oaktree CLO Ltd., Series 2022-3A, Class B1, 5.92% (TSFR3M+310bps), 7/15/35, Callable 7/15/24 @ 100 (a)(b) | 250,000 | 246,159 | ||||||
| Oaktree CLO Ltd., Series 2022-3A, Class C, 6.97% (TSFR3M+415bps), 7/15/35, Callable 7/15/24 @ 100 (a)(b) | 250,000 | 245,264 | ||||||
| Octagon Investment Partners 48 Ltd., Series 2020-3A, Class BR, 4.31% (LIBOR03M+160bps), 10/20/34, Callable 10/20/23 @ 100 (a)(b) | 500,000 | 466,578 | ||||||
| Palmer Square Loan Funding Ltd., Series 2022-5A, Class C, 6.43% (TSFR3M+391bps), 1/15/31, Callable 10/15/23 @ 100 (a)(b) | 250,000 | 236,930 | ||||||
| SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 7/15/41 (a) | 500,000 | 401,727 | ||||||
| SLG Office Trust, Series 2021-OVA, Class C, 2.85%, 7/15/41 (a) | 500,000 | 380,442 | ||||||
| SMRT, Series 2022-MINI, Class E, 5.55% (SOFR30A+270bps), 1/15/39 (a)(b) | 250,000 | 231,308 | ||||||
| Sound Point CLO XXXII Ltd., Series 2021-4A, Class B1, 4.53% (LIBOR03M+175bps), 10/25/34, Callable 10/25/23 @ 100 (a)(b) | 500,000 | 463,850 | ||||||
| SREIT Trust, Series 2021-MFP2, Class B, 3.99% (LIBOR01M+117bps), 11/15/36 (a)(b) | 500,000 | 474,977 | ||||||
| SREIT Trust, Series 2021-MFP2, Class D, 4.39% (LIBOR01M+157bps), 11/15/36 (a)(b) | 760,000 | 721,623 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares ESG Core Plus Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Stratus CLO Ltd., Series 2022-1A, Class B, 4.63% (TSFR3M+235bps), 7/20/30, Callable 7/20/23 @ 100 (a)(b) | $ | 250,000 | $ | 244,346 | ||||
| Stratus CLO Ltd., Series 2022-2A, Class C, 6.33% (TSFR3M+400bps), 7/20/30, Callable 7/20/23 @ 100 (a)(b) | 250,000 | 243,362 | ||||||
| Stratus CLO Ltd., Series 2021-3A, Class B, 4.26% (LIBOR03M+155bps), 12/29/29, Callable 1/20/23 @ 100 (a)(b) | 205,000 | 194,029 | ||||||
| SUMIT Mortgage Trust, Series 2022-BVUE, Class D, 2.99%, 2/12/41, Callable 2/12/29 @ 100 (a)(c) | 363,636 | 272,857 | ||||||
| Symphony CLO XXII Ltd., Series 2020-22A, Class C, 4.89% (LIBOR03M+215bps), 4/18/33, Callable 10/18/22 @ 100 (a)(b) | 500,000 | 460,856 | ||||||
| Symphony CLO XXIX Ltd., Series 2021-29A, Class B, 4.16% (LIBOR03M+165bps), 1/15/34, Callable 1/15/23 @ 100 (a)(b) | 500,000 | 472,070 | ||||||
| TRESTLES CLO III Ltd., Series 2020-3A, Class C, 4.96% (LIBOR03M+225bps), 1/20/33, Callable 10/20/22 @ 100 (a)(b) | 500,000 | 459,507 | ||||||
| Trimaran Cavu Ltd., Series 2021-2A, Class B1, 4.53% (LIBOR03M+175bps), 10/25/34, Callable 10/25/23 @ 100 (a)(b) | 500,000 | 458,823 | ||||||
| Trimaran Cavu Ltd., Series 2021-3A, Class C1, 5.21% (LIBOR03M+247bps), 1/18/35, Callable 1/18/24 @ 100 (a)(b) | 750,000 | 660,684 | ||||||
| TSTAT Ltd., Series 2022-1A, Class A2, 5.50% (TSFR3M+295bps), 7/20/31, Callable 10/20/23 @ 100 (a)(b) | 250,000 | 244,009 | ||||||
| TTAN, Series 2021-MHC, Class C, 4.17% (LIBOR01M+140bps), 3/15/38 (a)(b) | 697,779 | 662,149 | ||||||
| Venture 46 CLO Ltd., Series 2022-46A, Class A2F, 5.02%, 7/20/35, Callable 7/20/24 @ 100 (a) | 475,000 | 420,645 | ||||||
| Wells Fargo Commercial Mortgage Trust, Series 2021-SAVE, Class B, 4.27% (LIBOR01M+145bps), 2/15/40 (a)(b) | 227,255 | 216,296 | ||||||
| Wells Fargo Commercial Mortgage Trust, Series 2021-SAVE, Class C, 4.62% (LIBOR01M+180bps), 2/15/40 (a)(b) | 227,255 | 210,169 | ||||||
| Total Collateralized Mortgage Obligations (Cost $44,915,513) | 40,755,122 | |||||||
| Senior Secured Loans (4.4%) | ||||||||
| AAdvantage Loyalty IP Ltd., Initial Term Loan, First Lien, 7.46% (LIBOR03M+475bps), 4/20/28 (b) | 250,000 | 241,750 | ||||||
| Bausch & Lomb, Inc., Initial Term Loans, First Lien, 6.00% (SOFR01M+325bps), 5/10/27 (b) | 498,750 | 463,059 | ||||||
| CDK Global, Inc., Initial Term Loan, First Lien, 6.61% (SOFR03M+450bps), 7/6/29 (b) | 250,000 | 240,370 | ||||||
| Delta Air Lines, Inc. and Skymiles IP Ltd., Initial Term Loan, First Lien, 6.46% (LIBOR03M+375bps), 10/20/27 (b) | 500,000 | 500,390 | ||||||
| Directv Financing LLC, Closing Date Term Loans, First Lien, 7.52% (LIBOR01M+500bps), 8/2/27 (b) | 410,000 | 380,943 | ||||||
| Great Outdoors Group LLC, Term B1, First Lien, 6.27% (LIBOR01M+375bps), 3/5/28 (b) | 495,000 | 456,143 | ||||||
| Hub International Ltd., B-3 Incremental Term Loans, First Lien, 5.98% (LIBOR03M+325bps), 4/25/25 (b) | 494,962 | 476,094 | ||||||
| IRB Holding Corp., Term Loan B, First Lien (SOFR01M+300bps), 12/15/27 (b)(e) | 743,696 | 695,356 | ||||||
| Mileage Plus Holdings LLC, Initial Term Loan, First Lien, 8.78% (LIBOR03M+525bps), 6/20/27 (b) | 950,000 | 952,204 | ||||||
| Oculus Acquisition Corp., Initial Term Loan, First Lien, 6.25% (SOFR01M+350bps), 11/8/27 (b) | 249,367 | 237,121 | ||||||
| OEG Borrower, LLC, Initial Term Loans, First Lien, 8.44% (SOFR03M+500bps), 6/18/29 (b) | 500,000 | 475,000 | ||||||
| Reynolds Consumer Products. Inc., Initial Term Loan, First Lien, 4.27% (LIBOR01M+175bps), 2/4/27 (b) | 495,646 | 476,360 | ||||||
| Scientific Games International, Inc., Initial Term B Loans, First Lien, 5.91% (SOFR01M+300bps), 4/16/29 (b) | 748,125 | 725,307 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares ESG Core Plus Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Sotheby's, 2021 2nd Refin Term Loan, First Lien, 7.01% (LIBOR03M+450bps), 1/15/27 (b) | $ | 495,000 | $ | 477,675 | ||||
| UKG, Inc., Incremental Term Loans, First Lien, 5.54% (LIBOR03M+325bps), 5/3/26 (b) | 246,253 | 233,736 | ||||||
| Walker & Dunlop, Inc., Term Loan B, First Lien, 4.81% (SOFR01M+225bps), 12/16/28 (b) | 990,006 | 960,306 | ||||||
| Whatabrands LLC, Initial Term B Loans, First Lien, 5.77% (LIBOR01M+325bps), 8/3/28 (b) | 1,241,869 | 1,146,556 | ||||||
| Total Senior Secured Loans (Cost $9,548,528) | 9,138,370 | |||||||
| Corporate Bonds (33.3%) | ||||||||
| Communication Services (1.9%): | ||||||||
| AT&T, Inc., 4.50%, 5/15/35, Callable 11/15/34 @ 100 | 250,000 | 216,428 | ||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital, 4.40%, 4/1/33, Callable 1/1/33 @ 100 | 500,000 | 413,085 | ||||||
| Comcast Corp., 2.89%, 11/1/51, Callable 5/1/51 @ 100 | 250,000 | 156,155 | ||||||
| CSC Holdings LLC, 3.38%, 2/15/31, Callable 2/15/26 @ 101.69(a) | 250,000 | 176,213 | ||||||
| Gray Television, Inc., 4.75%, 10/15/30, Callable 10/15/25 @ 102.38(a) | 250,000 | 187,550 | ||||||
| Lamar Media Corp., 3.63%, 1/15/31, Callable 1/15/26 @ 101.81 | 232,000 | 184,375 | ||||||
| Netflix, Inc., 4.88%, 6/15/30, Callable 3/15/30 @ 100(a) | 156,000 | 142,422 | ||||||
| T-Mobile USA, Inc., 3.50%, 4/15/31, Callable 4/15/26 @ 101.75 | 750,000 | 632,940 | ||||||
| Verizon Communications, Inc. | ||||||||
| 2.55%, 3/21/31, Callable 12/21/30 @ 100 | 750,000 | 598,762 | ||||||
| 2.88%, 11/20/50, Callable 5/20/50 @ 100 | 250,000 | 153,598 | ||||||
| Warnermedia Holdings, Inc. | ||||||||
| 4.28%, 3/15/32, Callable 12/15/31 @ 100 (a) | 1,000,000 | 823,359 | ||||||
| 5.05%, 3/15/42, Callable 9/15/41 @ 100 (a) | 250,000 | 187,123 | ||||||
| 3,872,010 | ||||||||
| Consumer Discretionary (4.4%): | ||||||||
| Asbury Automotive Group, Inc., 4.75%, 3/1/30, Callable 3/1/25 @ 102.38 | 250,000 | 197,700 | ||||||
| AutoNation, Inc. | ||||||||
| 2.40%, 8/1/31, Callable 5/1/31 @ 100 | 250,000 | 176,625 | ||||||
| 3.85%, 3/1/32, Callable 12/1/31 @ 100 | 750,000 | 596,183 | ||||||
| Caesars Entertainment, Inc., 4.63%, 10/15/29, Callable 10/15/24 @ 102.31(a) | 250,000 | 191,783 | ||||||
| Carnival Corp. | ||||||||
| 9.88%, 8/1/27, Callable 2/1/24 @ 104.94 (a) | 500,000 | 489,999 | ||||||
| 10.50%, 6/1/30, Callable 6/1/25 @ 105.25 (a) | 250,000 | 200,060 | ||||||
| Dollar Tree, Inc., 2.65%, 12/1/31, Callable 9/1/31 @ 100 | 500,000 | 392,295 | ||||||
| Group 1 Automotive, Inc., 4.00%, 8/15/28, Callable 8/15/23 @ 102(a) | 100,000 | 80,742 | ||||||
| Hilton Domestic Operating Co., Inc. | ||||||||
| 4.00%, 5/1/31, Callable 5/1/26 @ 102 (a) | 250,000 | 202,245 | ||||||
| 3.63%, 2/15/32, Callable 8/15/26 @ 101.81 (a) | 500,000 | 383,400 | ||||||
| Kohl's Corp., 3.38%, 5/1/31, Callable 2/1/31 @ 100 | 700,000 | 430,458 | ||||||
| Lithia Motors, Inc., 3.88%, 6/1/29, Callable 6/1/24 @ 101.94(a) | 500,000 | 401,250 | ||||||
| Marriott International, Inc. | ||||||||
| 3.50%, 10/15/32, Callable 7/15/32 @ 100 | 500,000 | 402,240 | ||||||
| 2.75%, 10/15/33, Callable 7/15/33 @ 100 | 250,000 | 181,110 | ||||||
| Murphy Oil USA, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88(a) | 173,000 | 138,871 | ||||||
| Newell Brands, Inc., 6.63%, 9/15/29, Callable 6/15/29 @ 100 | 273,000 | 266,975 | ||||||
| Nordstrom, Inc., 4.25%, 8/1/31, Callable 5/1/31 @ 100 | 250,000 | 171,758 | ||||||
| PulteGroup, Inc., 6.00%, 2/15/35 | 750,000 | 676,402 | ||||||
| Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, 4/6/31, Callable 1/6/31 @ 100(a) | 500,000 | 357,925 | ||||||
| Royal Caribbean Cruises, Ltd., 8.25%, 1/15/29, Callable 4/1/25 @ 104.13(a) | 500,000 | 486,683 | ||||||
| Sodexo, Inc., 2.72%, 4/16/31, Callable 1/16/31 @ 100(a) | 1,000,000 | 779,179 | ||||||
| Sonic Automotive, Inc., 4.88%, 11/15/31, Callable 11/15/26 @ 102.44(a) | 250,000 | 189,460 | ||||||
| Sotheby's, 7.38%, 10/15/27, Callable 10/24/22 @ 103.69(a) | 500,000 | 459,305 | ||||||
| The Gap, Inc., 3.63%, 10/1/29, Callable 10/1/24 @ 101.81(a) | 250,000 | 164,065 | ||||||
| Toll Brothers Finance Corp., 3.80%, 11/1/29, Callable 8/1/29 @ 100 | 670,000 | 544,074 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares ESG Core Plus Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Tractor Supply Co., 1.75%, 11/1/30, Callable 8/1/30 @ 100 | $ | 750,000 | $ | 561,930 | ||||
| 9,122,717 | ||||||||
| Consumer Staples (1.3%): | ||||||||
| 7-Eleven, Inc., 2.80%, 2/10/51, Callable 8/2/50 @ 100(a) | 1,350,000 | 785,632 | ||||||
| Anheuser-Busch InBev Worldwide, Inc., 3.75%, 7/15/42 | 750,000 | 570,833 | ||||||
| General Mills, Inc., 2.25%, 10/14/31, Callable 7/14/31 @ 100 | 250,000 | 195,660 | ||||||
| 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 | 184,965 | ||||||
| Kraft Heinz Foods Co., 5.00%, 6/4/42 | 500,000 | 434,280 | ||||||
| Sysco Corp., 2.45%, 12/14/31, Callable 9/14/31 @ 100 | 333,000 | 260,190 | ||||||
| Unilever Capital Corp., 2.63%, 8/12/51, Callable 2/12/51 @ 100 | 250,000 | 161,368 | ||||||
| Walgreens Boots Alliance, Inc., 4.10%, 4/15/50, Callable 10/15/49 @ 100 | 250,000 | 178,830 | ||||||
| 2,771,758 | ||||||||
| Energy (1.0%): | ||||||||
| Boardwalk Pipelines LP, 3.40%, 2/15/31, Callable 11/15/30 @ 100 | 250,000 | 201,458 | ||||||
| Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 11/1/28, Callable 11/1/23 @ 103.13(a) | 267,000 | 246,465 | ||||||
| Magellan Midstream Partners LP, 5.15%, 10/15/43, Callable 4/15/43 @ 100 | 500,000 | 419,560 | ||||||
| Midwest Connector Capital Co. LLC, 4.63%, 4/1/29, Callable 1/1/29 @ 100(a) | 500,000 | 446,075 | ||||||
| Plains All American Pipeline LP/PAA Finance Corp., 3.80%, 9/15/30, Callable 6/15/30 @ 100 | 250,000 | 209,540 | ||||||
| Viper Energy Partners LP, 5.38%, 11/1/27, Callable 11/14/22 @ 102.69(a) | 500,000 | 462,790 | ||||||
| 1,985,888 | ||||||||
| Financials (8.8%): | ||||||||
| Alleghany Corp., 3.63%, 5/15/30, Callable 2/15/30 @ 100 | 500,000 | 446,505 | ||||||
| Ares Finance Co. IV LLC, 3.65%, 2/1/52, Callable 8/1/51 @ 100(a) | 500,000 | 312,235 | ||||||
| Bank of America Corp., 3.85% (H15T5Y+200bps), 3/8/37, Callable 3/8/32 @ 100(b) | 750,000 | 606,052 | ||||||
| Blackstone Holdings Finance Co. LLC, 1.60%, 3/30/31, Callable 12/30/30 @ 100(a) | 500,000 | 367,955 | ||||||
| Blackstone Private Credit Fund, 3.25%, 3/15/27, Callable 2/15/27 @ 100(a) | 750,000 | 622,313 | ||||||
| Blue Owl Finance LLC, 3.13%, 6/10/31, Callable 3/10/31 @ 100(a) | 1,250,000 | 889,824 | ||||||
| Brown & Brown, Inc., 4.20%, 3/17/32, Callable 12/17/31 @ 100 | 250,000 | 214,990 | ||||||
| Citizens Financial Group, Inc., 2.64%, 9/30/32, Callable 7/2/32 @ 100 | 500,000 | 365,265 | ||||||
| Cullen/Frost Bankers, Inc., 4.50%, 3/17/27, Callable 2/17/27 @ 100 | 500,000 | 483,205 | ||||||
| F&G Global Funding, 2.00%, 9/20/28(a) | 500,000 | 399,180 | ||||||
| Fells Point Funding Trust, 3.05%, 1/31/27, Callable 12/31/26 @ 100(a) | 500,000 | 448,135 | ||||||
| Fifth Third Bancorp, 4.34% (SOFR+166bps), 4/25/33, Callable 4/25/32 @ 100(b) | 217,000 | 193,232 | ||||||
| Global Atlantic Fin Co. | ||||||||
| 4.40%, 10/15/29, Callable 7/15/29 @ 100 (a) | 750,000 | 637,147 | ||||||
| 3.13%, 6/15/31, Callable 3/15/31 @ 100 (a) | 250,000 | 183,185 | ||||||
| HUB International Ltd., 5.63%, 12/1/29, Callable 12/1/24 @ 102.81(a) | 450,000 | 375,827 | ||||||
| Huntington Bancshares, Inc., 2.49% (H15T5Y+117bps), 8/15/36, Callable 8/15/31 @ 100(b) | 1,000,000 | 705,359 | ||||||
| JPMorgan Chase & Co. | ||||||||
| 2.96% (SOFR+252bps), 5/13/31, Callable 5/13/30 @ 100 (b) | 750,000 | 596,100 | ||||||
| 5.72% (SOFR+258bps), 9/14/33, Callable 9/14/32 @ 100 (b) | 250,000 | 236,208 | ||||||
| KeyCorp., 4.79% (SOFR+206bps), 6/1/33, Callable 6/1/32 @ 100, MTN(b) | 189,000 | 173,944 | ||||||
| MetLife, Inc., 9.25%, 4/8/38, Callable 4/8/33 @ 100(a) | 250,000 | 290,293 | ||||||
| Metropolitan Life Global Funding I, 2.40%, 1/11/32(a) | 500,000 | 393,405 | ||||||
| Morgan Stanley | ||||||||
| 1.93% (SOFR+102bps), 4/28/32, Callable 4/28/31 @ 100, MTN (b) | 250,000 | 183,835 | ||||||
| 2.48% (SOFR+136bps), 9/16/36, Callable 9/16/31 @ 100 (b) | 600,000 | 429,942 | ||||||
| New York Life Global Funding, 1.85%, 8/1/31(a) | 1,600,000 | 1,233,967 | ||||||
| OWL Rock Core Income Corp. | ||||||||
| 5.50%, 3/21/25 (a) | 500,000 | 471,415 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares ESG Core Plus Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| 4.70%, 2/8/27, Callable 1/8/27 @ 100 (a) | $ | 375,000 | $ | 329,768 | ||||
| 7.75%, 9/16/27, Callable 8/16/27 @ 100 (a) | 152,000 | 149,798 | ||||||
| Regions Financial Corp., 5.75% (H15T5Y+543bps), Callable 6/15/25 @ 100(b)(f) | 250,000 | 245,958 | ||||||
| State Street Corp., 4.16% (SOFR+173bps), 8/4/33, Callable 8/4/32 @ 100(b) | 750,000 | 678,142 | ||||||
| Synchrony Bank, 5.63%, 8/23/27, Callable 7/23/27 @ 100 | 250,000 | 238,903 | ||||||
| Texas Capital Bancshares, Inc., 4.00% (H15T5Y+315bps), 5/6/31, Callable 5/6/26 @ 100(b) | 500,000 | 430,840 | ||||||
| The Bank of New York Mellon Corp. | ||||||||
| 3.75% (H15T5Y+263bps), Callable 12/20/26 @ 100 (b)(f) | 250,000 | 193,103 | ||||||
| 4.70% (H15T5Y+436bps), Callable 9/20/25 @ 100 (b)(f) | 250,000 | 240,083 | ||||||
| The Charles Schwab Corp., 5.37% (H15T5Y+497bps), Callable 6/1/25 @ 100(b)(f) | 1,500,000 | 1,465,139 | ||||||
| The Huntington National Bank, 5.50% (LIBOR03M+509bps), 5/6/30, Callable 5/6/25 @ 100(b) | 750,000 | 744,862 | ||||||
| The PNC Financial Services Group, Inc. | ||||||||
| 2.31% (SOFR+98bps), 4/23/32, Callable 4/23/31 @ 100 (b) | 250,000 | 196,950 | ||||||
| 4.63% (SOFR+185bps), 6/6/33, Callable 6/6/32 @ 100 (b) | 500,000 | 447,695 | ||||||
| Truist Financial Corp. | ||||||||
| 5.10% (H15T10Y+435bps), Callable 3/1/30 @ 100 (b)(f) | 500,000 | 448,430 | ||||||
| 4.95% (H15T5Y+461bps), Callable 9/1/25 @ 100 (b)(f) | 500,000 | 478,405 | ||||||
| United Financial Bancorp, Inc., 5.75%, 10/1/24 | 300,000 | 292,287 | ||||||
| Willis North America, Inc., 2.95%, 9/15/29, Callable 6/15/29 @ 100 | 500,000 | 411,345 | ||||||
| 18,251,226 | ||||||||
| Health Care (3.0%): | ||||||||
| Amgen, Inc., 3.00%, 1/15/52, Callable 7/15/51 @ 100 | 350,000 | 220,945 | ||||||
| Baxter International, Inc. | ||||||||
| 2.27%, 12/1/28, Callable 10/1/28 @ 100 | 250,000 | 206,598 | ||||||
| 2.54%, 2/1/32, Callable 11/1/31 @ 100 | 250,000 | 194,470 | ||||||
| Biogen, Inc., 2.25%, 5/1/30, Callable 2/1/30 @ 100 | 660,000 | 521,690 | ||||||
| Bio-Rad Laboratories, Inc., 3.70%, 3/15/32, Callable 12/15/31 @ 100 | 500,000 | 420,420 | ||||||
| Centene Corp., 2.50%, 3/1/31, Callable 12/1/30 @ 100 | 1,000,000 | 757,459 | ||||||
| CHS/Community Health System, Inc., 4.75%, 2/15/31, Callable 2/15/26 @ 102.38(a) | 250,000 | 168,113 | ||||||
| CVS Health Corp., 1.88%, 2/28/31, Callable 11/28/30 @ 100 | 1,000,000 | 761,629 | ||||||
| DENTSPLY SIRONA, Inc., 3.25%, 6/1/30, Callable 3/1/30 @ 100 | 1,000,000 | 775,600 | ||||||
| HCA, Inc., 3.50%, 9/1/30, Callable 3/1/30 @ 100 | 500,000 | 413,165 | ||||||
| HealthEquity, Inc., 4.50%, 10/1/29, Callable 10/1/24 @ 102.25(a) | 250,000 | 211,185 | ||||||
| Illumina, Inc., 2.55%, 3/23/31, Callable 12/23/30 @ 100 | 500,000 | 382,780 | ||||||
| Prestige Brands, Inc., 3.75%, 4/1/31, Callable 4/1/26 @ 101.88(a) | 209,000 | 162,370 | ||||||
| Royalty Pharma PLC, 2.15%, 9/2/31, Callable 6/2/31 @ 100 | 250,000 | 184,530 | ||||||
| Tenet Healthcare Corp. | ||||||||
| 4.25%, 6/1/29, Callable 6/1/24 @ 102.13 (a) | 250,000 | 206,933 | ||||||
| 4.38%, 1/15/30, Callable 12/1/24 @ 102.19 (a) | 50,000 | 41,702 | ||||||
| Universal Health Services, Inc., 2.65%, 1/15/32, Callable 10/15/31 @ 100(a) | 893,000 | 630,333 | ||||||
| 6,259,922 | ||||||||
| Industrials (3.7%): | ||||||||
| Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100 | 500,000 | 370,594 | ||||||
| Air Lease Corp., 2.88%, 1/15/32, Callable 10/15/31 @ 100 | 500,000 | 376,925 | ||||||
| Allegiant Travel Co., 7.25%, 8/15/27, Callable 8/15/24 @ 103.63(a) | 500,000 | 471,920 | ||||||
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/29(a) | 250,000 | 218,178 | ||||||
| Ashtead Capital, Inc. | ||||||||
| 2.45%, 8/12/31, Callable 5/12/31 @ 100 (a) | 250,000 | 182,618 | ||||||
| 5.50%, 8/11/32, Callable 5/11/32 @ 100 (a) | 250,000 | 231,700 | ||||||
| CoStar Group, Inc., 2.80%, 7/15/30, Callable 4/15/30 @ 100(a) | 250,000 | 197,763 | ||||||
| Delta Air Lines Pass Through Trust, 2.50%, 6/10/28 | 131,085 | 109,716 | ||||||
| Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28(a) | 500,000 | 465,889 | ||||||
| FedEx Corp., 4.05%, 2/15/48, Callable 8/15/47 @ 100 | 402,000 | 294,875 | ||||||
| GXO Logistics, Inc., 2.65%, 7/15/31, Callable 4/15/31 @ 100 | 1,000,000 | 705,350 | ||||||
| Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27, Callable 6/30/23 @ 103.25(a) | 1,187,500 | 1,163,096 | ||||||
| Pentair Finance Sarl, 5.90%, 7/15/32, Callable 4/15/32 @ 100 | 250,000 | 238,438 | ||||||
| Southwest Airlines Co., 2.63%, 2/10/30, Callable 11/10/29 @ 100 | 250,000 | 200,543 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares ESG Core Plus Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 9/20/25, Callable 9/20/23 @ 104(a) | $ | 800,000 | $ | 805,392 | ||||
| The Boeing Co. | ||||||||
| 3.63%, 2/1/31, Callable 11/1/30 @ 100 | 250,000 | 207,260 | ||||||
| 5.81%, 5/1/50, Callable 11/1/49 @ 100 | 1,000,000 | 870,200 | ||||||
| The Timken Co., 4.13%, 4/1/32, Callable 1/1/32 @ 100 | 500,000 | 434,745 | ||||||
| United Rentals North America, Inc., 3.88%, 2/15/31, Callable 8/15/25 @ 101.94 | 250,000 | 203,518 | ||||||
| 7,748,720 | ||||||||
| Information Technology (3.0%): | ||||||||
| AthenaHealth Group, Inc., 6.50%, 2/15/30, Callable 2/15/25 @ 103.25(a) | 250,000 | 197,793 | ||||||
| Autodesk, Inc., 2.40%, 12/15/31, Callable 9/15/31 @ 100 | 350,000 | 272,395 | ||||||
| Broadcom, Inc. | ||||||||
| 2.60%, 2/15/33, Callable 11/15/32 @ 100 (a) | 500,000 | 358,110 | ||||||
| 3.42%, 4/15/33, Callable 1/15/33 @ 100 (a) | 250,000 | 191,810 | ||||||
| Fidelity National Information Services, Inc., 5.10%, 7/15/32, Callable 4/15/32 @ 100 | 500,000 | 470,955 | ||||||
| Global Payments, Inc. | ||||||||
| 2.90%, 11/15/31, Callable 8/15/31 @ 100 | 500,000 | 383,135 | ||||||
| 4.15%, 8/15/49, Callable 2/15/49 @ 100 | 750,000 | 518,003 | ||||||
| Micron Technology, Inc., 2.70%, 4/15/32, Callable 1/15/32 @ 100 | 250,000 | 181,808 | ||||||
| Microsoft Corp., 2.53%, 6/1/50, Callable 12/1/49 @ 100 | 1,250,000 | 822,137 | ||||||
| Oracle Corp. | ||||||||
| 3.85%, 7/15/36, Callable 1/15/36 @ 100 | 500,000 | 374,345 | ||||||
| 3.60%, 4/1/50, Callable 10/1/49 @ 100 | 1,250,000 | 782,074 | ||||||
| Seagate HDD Cayman, 3.38%, 7/15/31, Callable 1/15/26 @ 101.69 | 530,000 | 370,777 | ||||||
| TSMC Arizona Corp., 2.50%, 10/25/31, Callable 7/25/31 @ 100 | 500,000 | 397,670 | ||||||
| Twilio, Inc., 3.63%, 3/15/29, Callable 3/15/24 @ 101.81 | 250,000 | 201,945 | ||||||
| VMware, Inc., 2.20%, 8/15/31, Callable 5/15/31 @ 100 | 500,000 | 365,030 | ||||||
| Western Digital Corp., 3.10%, 2/1/32, Callable 11/1/31 @ 100 | 200,000 | 136,552 | ||||||
| Workday, Inc., 3.80%, 4/1/32, Callable 1/1/32 @ 100 | 250,000 | 217,480 | ||||||
| 6,242,019 | ||||||||
| Materials (1.9%): | ||||||||
| Albemarle Corp., 5.05%, 6/1/32, Callable 3/1/32 @ 100 | 250,000 | 232,015 | ||||||
| Amcor Flexibles North America, Inc., 2.69%, 5/25/31, Callable 2/25/31 @ 100 | 1,000,000 | 784,880 | ||||||
| AptarGroup, Inc., 3.60%, 3/15/32, Callable 12/15/31 @ 100 | 507,000 | 414,944 | ||||||
| Avery Dennison Corp., 2.25%, 2/15/32, Callable 11/15/31 @ 100 | 500,000 | 369,530 | ||||||
| Celanese U.S. Holdings LLC, 6.33%, 7/15/29, Callable 5/15/29 @ 100 | 128,000 | 119,508 | ||||||
| Eagle Materials, Inc., 2.50%, 7/1/31, Callable 4/1/31 @ 100 | 881,000 | 642,874 | ||||||
| LYB International Finance III LLC, 3.38%, 10/1/40, Callable 4/1/40 @ 100 | 500,000 | 344,070 | ||||||
| Reliance Steel & Aluminum Co., 2.15%, 8/15/30, Callable 5/15/30 @ 100 | 355,000 | 270,347 | ||||||
| Vulcan Materials Co. | ||||||||
| 3.50%, 6/1/30, Callable 3/1/30 @ 100 | 500,000 | 428,345 | ||||||
| 4.50%, 6/15/47, Callable 12/15/46 @ 100 | 545,000 | 442,818 | ||||||
| 4,049,331 | ||||||||
| Real Estate (3.4%): | ||||||||
| Alexandria Real Estate Equities, Inc., 1.88%, 2/1/33, Callable 11/1/32 @ 100 | 1,500,000 | 1,055,924 | ||||||
| Boston Properties LP, 2.45%, 10/1/33, Callable 7/1/33 @ 100 | 1,100,000 | 779,415 | ||||||
| CBRE Services, Inc., 2.50%, 4/1/31, Callable 1/1/31 @ 100 | 250,000 | 190,165 | ||||||
| Crown Castle International Corp., 2.90%, 4/1/41, Callable 10/1/40 @ 100 | 750,000 | 489,653 | ||||||
| Equinix, Inc., 3.90%, 4/15/32, Callable 1/15/32 @ 100 | 250,000 | 212,273 | ||||||
| GLP Capital LP / GLP Financing II, Inc. | ||||||||
| 4.00%, 1/15/30, Callable 10/15/29 @ 100 | 250,000 | 207,803 | ||||||
| 3.25%, 1/15/32, Callable 10/15/31 @ 100 | 483,000 | 362,395 | ||||||
| Healthpeak Properties, Inc. | ||||||||
| 2.13%, 12/1/28, Callable 10/1/28 @ 100 | 500,000 | 411,010 | ||||||
| 2.88%, 1/15/31, Callable 10/15/30 @ 100 | 250,000 | 203,990 | ||||||
| Host Hotels & Resorts LP, 3.50%, 9/15/30, Callable 6/15/30 @ 100 | 500,000 | 399,405 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares ESG Core Plus Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Invitation Homes Operating Partnership LP, 2.70%, 1/15/34, Callable 10/15/33 @ 100 | $ | 500,000 | $ | 352,855 | ||||
| RHP Hotel Properties LP/RHP Finance Corp., 4.50%, 2/15/29, Callable 2/15/24 @ 102.25(a) | 400,000 | 332,856 | ||||||
| RLJ Lodging Trust LP, 3.75%, 7/1/26, Callable 7/1/23 @ 101.88(a) | 250,000 | 213,443 | ||||||
| SBA Tower Trust, 2.59%, 10/15/31(a) | 500,000 | 390,205 | ||||||
| Simon Property Group LP, 2.25%, 1/15/32, Callable 10/15/31 @ 100 | 1,000,000 | 752,270 | ||||||
| VICI Properties LP/VICI Note Co., Inc., 4.13%, 8/15/30, Callable 2/15/25 @ 102.06(a) | 914,000 | 762,942 | ||||||
| 7,116,604 | ||||||||
| Utilities (0.9%): | ||||||||
| Duke Energy Corp., 2.55%, 6/15/31, Callable 3/15/31 @ 100 | 250,000 | 195,743 | ||||||
| Duquesne Light Holdings, Inc., 2.78%, 1/7/32, Callable 10/7/31 @ 100(a) | 500,000 | 381,375 | ||||||
| Entergy Corp., 2.40%, 6/15/31, Callable 3/5/31 @ 100 | 750,000 | 573,405 | ||||||
| NRG Energy, Inc., 4.45%, 6/15/29, Callable 3/15/29 @ 100(a) | 750,000 | 650,490 | ||||||
| 1,801,013 | ||||||||
| Total Corporate Bonds (Cost $81,950,732) | 69,221,208 | |||||||
| Yankee Dollars (6.2%) | ||||||||
| Communication Services (0.7%): | ||||||||
| British Telecommunications PLC, 3.25%, 11/8/29, Callable 8/8/29 @ 100(a) | 1,250,000 | 1,017,987 | ||||||
| Rogers Communications, Inc., 3.80%, 3/15/32, Callable 12/15/31 @ 100(a) | 250,000 | 215,518 | ||||||
| 1,233,505 | ||||||||
| Consumer Discretionary (0.2%): | ||||||||
| Royal Caribbean Cruises Ltd., 5.50%, 4/1/28, Callable 10/1/27 @ 100(a) | 500,000 | 351,490 | ||||||
| Consumer Staples (0.2%): | ||||||||
| Becle SAB de CV, 2.50%, 10/14/31, Callable 7/14/31 @ 100(a) | 500,000 | 388,245 | ||||||
| Energy (0.2%): | ||||||||
| BP Capital Markets PLC, 4.38% (H15T5Y+404bps), Callable 6/22/25 @ 100(b)(f) | 500,000 | 459,540 | ||||||
| Financials (3.0%): | ||||||||
| Bank of Montreal, 3.09% (H15T5Y+140bps), 1/10/37, Callable 1/10/32 @ 100(b) | 500,000 | 376,755 | ||||||
| Barclays PLC, 3.56% (H15T5Y+3bps), 9/23/35, Callable 9/23/30 @ 100(b) | 750,000 | 555,494 | ||||||
| Brookfield Finance I UK PLC, 2.34%, 1/30/32, Callable 10/30/31 @ 100 | 250,000 | 187,305 | ||||||
| Brookfield Finance, Inc., 2.72%, 4/15/31, Callable 1/15/31 @ 100 | 600,000 | 475,554 | ||||||
| Credit Suisse Group AG | ||||||||
| 3.09% (SOFR+173bps), 5/14/32, Callable 5/14/31 @ 100 (a)(b) | 500,000 | 351,555 | ||||||
| 6.54% (SOFR+392bps), 8/12/33, Callable 8/12/32 @ 100 (a)(b) | 685,000 | 616,897 | ||||||
| Deutsche Bank AG, 3.74% (SOFR+226bps), 1/7/33, Callable 10/7/31 @ 100(b) | 1,500,000 | 988,215 | ||||||
| JAB Holdings BV, 3.75%, 5/28/51, Callable 11/28/50 @ 100(a) | 350,000 | 205,671 | ||||||
| Lloyds Banking Group PLC, 3.75% (H15T1Y+180bps), 3/18/28, Callable 3/18/27 @ 100(b) | 500,000 | 450,430 | ||||||
| Macquarie Bank Ltd., 3.05% (H15T5Y+170bps), 3/3/36, Callable 3/3/31 @ 100(a)(b) | 500,000 | 368,620 | ||||||
| Mizuho Financial Group, Inc., 2.56%, 9/13/31 | 500,000 | 369,375 | ||||||
| Societe Generale SA | ||||||||
| 3.34% (H15T1Y+160bps), 1/21/33, Callable 1/21/32 @ 100 (a)(b) | 500,000 | 375,420 | ||||||
| 4.03% (H15T1Y+190bps), 1/21/43, Callable 1/21/42 @ 100 (a)(b) | 500,000 | 313,965 | ||||||
| Westpac Banking Corp., 3.02% (H15T5Y+153bps), 11/18/36, Callable 11/18/31 @ 100(b) | 750,000 | 551,775 | ||||||
| 6,187,031 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares ESG Core Plus Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Health Care (0.3%): | ||||||||
| Smith & Nephew PLC, 2.03%, 10/14/30, Callable 7/14/30 @ 100 | $ | 250,000 | $ | 187,748 | ||||
| STERIS Irish FinCo Unlimited Co., 2.70%, 3/15/31, Callable 12/15/30 @ 100 | 650,000 | 509,574 | ||||||
| 697,322 | ||||||||
| Industrials (0.4%): | ||||||||
| Aircastle Ltd., 4.25%, 6/15/26, Callable 4/15/26 @ 100 | 500,000 | 448,385 | ||||||
| Ferguson Finance PLC, 4.65%, 4/20/32, Callable 1/20/32 @ 100(a) | 500,000 | 440,150 | ||||||
| 888,535 | ||||||||
| Information Technology (0.3%): | ||||||||
| NXP BV / NXP Funding LLC / NXP USA, Inc., 2.65%, 2/15/32, Callable 11/15/31 @ 100 | 500,000 | 373,930 | ||||||
| Open Text Holdings, Inc., 4.13%, 12/1/31, Callable 12/1/26 @ 102.06(a) | 250,000 | 189,593 | ||||||
| 563,523 | ||||||||
| Real Estate (0.7%): | ||||||||
| Ontario Teachers' Cadillac Fairview Properties Trust, 2.50%, 10/15/31, Callable 7/15/31 @ 100(a) | 1,992,000 | 1,551,369 | ||||||
| Utilities (0.2%): | ||||||||
| Enel SpA, 8.75% (USSW5+588bps), 9/24/73, Callable 9/24/23 @ 100(a)(b) | 500,000 | 498,130 | ||||||
| Total Yankee Dollars (Cost $15,984,404) | 12,818,690 | |||||||
| Municipal Bonds (0.9%) | ||||||||
| Alabama (0.1%): | ||||||||
| Homewood Educational Building Authority Revenue, 2.25%, 12/1/29 | 250,000 | 201,911 | ||||||
| Louisiana (0.1%): | ||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority Revenue, Series A, 4.48%, 8/1/39 | 145,000 | 130,991 | ||||||
| Montana (0.1%): | ||||||||
| Montana Facility Finance Authority Revenue, 2.44%, 8/15/31 | 250,000 | 193,172 | ||||||
| New York (0.1%): | ||||||||
| New York City Housing Development Corp. Revenue, 3.76%, 1/1/29 | 250,000 | 229,322 | ||||||
| South Carolina (0.1%): | ||||||||
| County of Charleston SC Revenue, 1.92%, 12/1/29 | 250,000 | 204,130 | ||||||
| Texas (0.2%): | ||||||||
| Central Texas Regional Mobility Authority Revenue, 1.34%, 1/1/25 | 250,000 | 231,803 | ||||||
| Dallas Fort Worth International Airport Revenue, 2.44%, 11/1/32, Continuously Callable @100 | 350,000 | 277,002 | ||||||
| 508,805 | ||||||||
| Washington (0.2%): | ||||||||
| Port of Seattle WA Revenue, 3.91%, 8/1/30 | 500,000 | 467,583 | ||||||
| Total Municipal Bonds (Cost $2,243,358) | 1,935,914 | |||||||
| U.S. Government Agency Mortgages (2.3%) | ||||||||
| Federal National Mortgage Association | ||||||||
| 4.00%, 5/1/52 - 9/1/52 | 2,198,596 | 2,039,115 | ||||||
| 4.50%, 6/1/52 - 9/1/52 | 1,961,349 | 1,867,759 | ||||||
| 5.50%, 6/1/52 | 490,204 | 488,416 | ||||||
| 6.00%, 7/1/52 | 483,525 | 490,354 | ||||||
| 4,885,644 | ||||||||
| Total U.S. Government Agency Mortgages (Cost $5,199,634) | 4,885,644 | |||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares ESG Core Plus Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| U.S. Treasury Obligations (16.2%) | ||||||||
| U.S. Treasury Bonds | ||||||||
| 1.38%, 11/15/40 | $ | 2,500,000 | $ | 1,615,625 | ||||
| 1.75%, 8/15/41 | 14,650,000 | 10,014,647 | ||||||
| 3.38%, 8/15/42 | 1,250,000 | 1,132,422 | ||||||
| 1.25%, 5/15/50 | 1,000,000 | 559,219 | ||||||
| 2.00%, 8/15/51 | 1,200,000 | 819,188 | ||||||
| U.S. Treasury Notes | ||||||||
| 1.25%, 9/30/28 | 50,000 | 42,566 | ||||||
| 2.38%, 3/31/29 | 9,400,000 | 8,514,344 | ||||||
| 0.63%, 8/15/30 | 1,500,000 | 1,175,391 | ||||||
| 1.25%, 8/15/31 | 4,500,000 | 3,637,969 | ||||||
| 1.88%, 2/15/32 | 7,250,000 | 6,146,641 | ||||||
| Total U.S. Treasury Obligations (Cost $38,190,259) | 33,658,012 | |||||||
| Total Investments (Cost $235,820,090) — 99.6% | 207,192,818 | |||||||
| Other assets in excess of liabilities — 0.4% | 931,623 | |||||||
| NET ASSETS - 100.00% | $ | 208,124,441 | ||||||
| (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 September 30, 2022, the fair value of these securities was $99,915,171 and amounted to 48.0% of net assets. |
| (b) | Variable or Floating-Rate Security. Rate disclosed is as of September 30, 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 September 30, 2022. |
| (d) | Security is interest only. |
| (e) | The rates for this senior secured loan will be known on settlement date of the loan, subsequent to this report date. Senior secured loans have rates that will fluctuate over time in line with prevailing interest rates. |
| (f) | Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future. |
| bps—Basis points |
| CLO - Collateralized Loan Obligation |
| H15T1Y—1 Year Treasury Constant Maturity Rate, rate disclosed as of September 30, 2022. |
| H15T5Y—5 Year Treasury Constant Maturity Rate, rate disclosed as of September 30, 2022. |
| H15T10Y—10 Year Treasury Constant Maturity Rate, rate disclosed as of September 30, 2022. |
| LIBOR—London Interbank Offered Rate |
| LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of September 30, 2022, based on the last reset date of the security. |
| LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of September 30, 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 September 30, 2022. |
| SOFR03M—3 Month SOFR, rate disclosed as of September 30, 2022. |
|
TSFR1M—1 month Term SOFR, rate disclosed as of September 30, 2022. TSFR3M—3 month Term SOFR, rate disclosed as of September 30, 2022. |
| USSW5—USD 5 Year Swap Rate, rate disclosed as of September 30, 2022. |
| Futures Contracts Purchased | ||||||||||||||||
| Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized | ||||||||||||
| 10-Year U.S. Treasury Note Futures | 50 | 12/20/22 | $ | 5,724,195 | $ | 5,603,125 | $ | (121,070 | ) | |||||||
| 30-Year U.S. Treasury Bond Futures | 30 | 12/20/22 | 3,950,079 | 3,792,188 | (157,891 | ) | ||||||||||
| $ | (278,961 | ) | ||||||||||||||
| Total unrealized appreciation | $ | – | ||||||||||||||
| Total unrealized depreciation | $ | (278,961 | ) | |||||||||||||
| Total net unrealized appreciation (depreciation) | $ | (278,961 | ) | |||||||||||||
| Victory Portfolios II | Schedule of Portfolio Investments |
| VictoryShares ESG Corporate Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Corporate Bonds (78.1%) | ||||||||
| Communication Services (7.7%): | ||||||||
| AT&T, Inc., 3.10%, 2/1/43, Callable 8/1/42 @ 100 | $ | 2,000,000 | $ | 1,333,020 | ||||
| Charter Communications Operating LLC/Charter Communications Operating Capital, 4.40%, 4/1/33, Callable 1/1/33 @ 100 | 750,000 | 619,628 | ||||||
| Comcast Corp., 2.89%, 11/1/51, Callable 5/1/51 @ 100(a) | 1,000,000 | 624,620 | ||||||
| Discovery Communications LLC, 3.95%, 3/20/28, Callable 12/20/27 @ 100 | 500,000 | 439,040 | ||||||
| Netflix, Inc., 4.88%, 6/15/30, Callable 3/15/30 @ 100(a) | 78,000 | 71,211 | ||||||
| Paramount Global, 3.38%, 2/15/28, Callable 11/15/27 @ 100 | 1,000,000 | 888,110 | ||||||
| Rogers Communications, Inc., 4.50%, 3/15/42, Callable 9/15/41 @ 100(a) | 500,000 | 403,870 | ||||||
| T-Mobile USA, Inc. | ||||||||
| 2.55%, 2/15/31, Callable 11/15/30 @ 100 | 1,500,000 | 1,188,284 | ||||||
| 2.25%, 11/15/31, Callable 8/15/31 @ 100 | 500,000 | 377,955 | ||||||
| Verizon Communications, Inc. | ||||||||
| 1.75%, 1/20/31, Callable 10/20/30 @ 100 | 1,000,000 | 749,940 | ||||||
| 2.88%, 11/20/50, Callable 5/20/50 @ 100 | 1,000,000 | 614,390 | ||||||
| Warnermedia Holdings, Inc., 5.05%, 3/15/42, Callable 9/15/41 @ 100(a) | 389,000 | 291,163 | ||||||
| 7,601,231 | ||||||||
| Consumer Discretionary (6.5%): | ||||||||
| Advance Auto Parts, Inc., 3.50%, 3/15/32, Callable 12/15/31 @ 100 | 250,000 | 199,793 | ||||||
| Amazon.com, Inc., 2.88%, 5/12/41, Callable 11/12/40 @ 100 | 500,000 | 364,705 | ||||||
| AutoNation, Inc., 3.85%, 3/1/32, Callable 12/1/31 @ 100 | 500,000 | 397,455 | ||||||
| BMW US Capital LLC, 3.70%, 4/1/32, Callable 1/1/32 @ 100(a) | 500,000 | 438,910 | ||||||
| General Motors Financial Co., Inc., 4.30%, 4/6/29, Callable 2/6/29 @ 100 | 500,000 | 435,675 | ||||||
| Genuine Parts Co., 2.75%, 2/1/32, Callable 11/1/31 @ 100 | 167,000 | 129,575 | ||||||
| Hasbro, Inc., 3.55%, 11/19/26, Callable 9/19/26 @ 100 | 500,000 | 462,370 | ||||||
| Kohl's Corp., 3.38%, 5/1/31, Callable 2/1/31 @ 100 | 250,000 | 153,735 | ||||||
| Lowe's Cos., Inc., 2.80%, 9/15/41, Callable 3/15/41 @ 100 | 1,000,000 | 641,160 | ||||||
| Marriott International, Inc., 3.50%, 10/15/32, Callable 7/15/32 @ 100 | 500,000 | 402,240 | ||||||
| Newell Brands, Inc., 6.38%, 9/15/27, Callable 6/15/27 @ 100 | 250,000 | 247,928 | ||||||
| PulteGroup, Inc., 6.00%, 2/15/35 | 500,000 | 450,935 | ||||||
| Sodexo, Inc., 2.72%, 4/16/31, Callable 1/16/31 @ 100(a) | 500,000 | 389,590 | ||||||
| The Home Depot, Inc., 2.38%, 3/15/51, Callable 9/15/50 @ 100 | 600,000 | 353,412 | ||||||
| Tractor Supply Co., 1.75%, 11/1/30, Callable 8/1/30 @ 100 | 500,000 | 374,620 | ||||||
| VF Corp., 2.95%, 4/23/30, Callable 1/23/30 @ 100 | 500,000 | 411,515 | ||||||
| Volkswagen Group of America Finance LLC, 4.60%, 6/8/29, Callable 4/8/29 @ 100(a) | 500,000 | 460,395 | ||||||
| 6,314,013 | ||||||||
| Consumer Staples (3.8%): | ||||||||
| Anheuser-Busch InBev Worldwide, Inc. | ||||||||
| 3.50%, 6/1/30, Callable 3/1/30 @ 100 | 750,000 | 669,180 | ||||||
| 3.75%, 7/15/42 | 750,000 | 570,833 | ||||||
| Bunge Ltd. Finance Corp., 2.75%, 5/14/31, Callable 2/14/31 @ 100 | 500,000 | 392,790 | ||||||
| Church & Dwight Co., Inc., 2.30%, 12/15/31, Callable 9/15/31 @ 100 | 250,000 | 196,630 | ||||||
| General Mills, Inc., 2.25%, 10/14/31, Callable 7/14/31 @ 100 | 750,000 | 586,980 | ||||||
| Keurig Dr Pepper, Inc. | ||||||||
| 3.95%, 4/15/29, Callable 2/15/29 @ 100 | 250,000 | 228,307 | ||||||
| 4.50%, 4/15/52, Callable 10/15/51 @ 100 | 75,000 | 59,324 | ||||||
| McCormick & Co., Inc., 1.85%, 2/15/31, Callable 11/15/30 @ 100 | 500,000 | 372,105 | ||||||
| Sysco Corp., 2.45%, 12/14/31, Callable 9/14/31 @ 100 | 500,000 | 390,675 | ||||||
| Walgreens Boots Alliance, Inc., 4.10%, 4/15/50, Callable 10/15/49 @ 100 | 250,000 | 178,830 | ||||||
| 3,645,654 | ||||||||
| Energy (0.6%): | ||||||||
| Energy Transfer, LP, 6.50% (H15T5Y+569bps), Callable 11/15/26 @ 100(b)(c) | 250,000 | 213,615 | ||||||
| Plains All American Pipeline LP/PAA Finance Corp., 3.80%, 9/15/30, Callable 6/15/30 @ 100 | 500,000 | 419,080 | ||||||
| 632,695 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares ESG Corporate Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Financials (21.5%): | ||||||||
| American Express Co., 4.99% (SOFR+226bps), 5/26/33, Callable 2/26/32 @ 100(b) | $ | 500,000 | $ | 467,730 | ||||
| AmFam Holdings, Inc., 2.81%, 3/11/31, Callable 12/11/30 @ 100(a) | 500,000 | 387,865 | ||||||
| Assurant, Inc., 2.65%, 1/15/32, Callable 10/15/31 @ 100 | 250,000 | 184,633 | ||||||
| Bank of America Corp. | ||||||||
| 4.38% (H15T5Y+276bps), Callable 1/27/27 @ 100 (b)(c) | 500,000 | 404,895 | ||||||
| 3.42% (LIBOR03M+104bps), 12/20/28, Callable 12/20/27 @ 100 (b) | 1,500,000 | 1,330,575 | ||||||
| 2.69% (SOFR+110bps), 4/22/32, Callable 4/22/31 @ 100 (b) | 2,000,000 | 1,558,480 | ||||||
| 2.57% (SOFR+121bps), 10/20/32, Callable 10/20/31 @ 100 (b) | 250,000 | 191,403 | ||||||
| Blue Owl Finance LLC, 3.13%, 6/10/31, Callable 3/10/31 @ 100(a) | 250,000 | 177,965 | ||||||
| Cullen/Frost Bankers, Inc., 4.50%, 3/17/27, Callable 2/17/27 @ 100 | 500,000 | 483,205 | ||||||
| F&G Global Funding, 2.00%, 9/20/28(a) | 250,000 | 199,590 | ||||||
| Fells Point Funding Trust, 3.05%, 1/31/27, Callable 12/31/26 @ 100(a) | 750,000 | 672,202 | ||||||
| First American Financial Corp., 2.40%, 8/15/31, Callable 5/15/31 @ 100 | 500,000 | 357,560 | ||||||
| GA Global Funding Trust, 1.63%, 1/15/26(a) | 500,000 | 438,660 | ||||||
| Global Atlantic Fin Co., 3.13%, 6/15/31, Callable 3/15/31 @ 100(a) | 250,000 | 183,185 | ||||||
| Huntington Bancshares, Inc., 2.49% (H15T5Y+117bps), 8/15/36, Callable 8/15/31 @ 100(b) | 500,000 | 352,680 | ||||||
| JPMorgan Chase & Co. | ||||||||
| 4.60% (SOFR+313bps), Callable 2/1/25 @ 100 (b)(c) | 500,000 | 434,945 | ||||||
| 2.95% (SOFR+117bps), 2/24/28, Callable 2/24/27 @ 100 (b) | 500,000 | 443,100 | ||||||
| 2.96% (SOFR+252bps), 5/13/31, Callable 5/13/30 @ 100 (b) | 250,000 | 198,700 | ||||||
| 1.95% (SOFR+1bps), 2/4/32, Callable 2/4/31 @ 100 (b) | 2,500,000 | 1,849,599 | ||||||
| 3.33% (SOFR+158bps), 4/22/52, Callable 4/22/51 @ 100 (b) | 1,000,000 | 654,470 | ||||||
| KeyBank NA, 3.90%, 4/13/29 | 500,000 | 440,290 | ||||||
| Level 3 Financing, Inc., 3.88%, 11/15/29, Callable 8/15/29 @ 100(a) | 500,000 | 394,950 | ||||||
| MetLife, Inc., 4.13%, 8/13/42 | 500,000 | 408,380 | ||||||
| Morgan Stanley | ||||||||
| 1.59% (SOFR+88bps), 5/4/27, Callable 5/4/26 @ 100 (b) | 2,500,000 | 2,159,849 | ||||||
| 1.93% (SOFR+102bps), 4/28/32, Callable 4/28/31 @ 100, MTN (b) | 500,000 | 367,670 | ||||||
| 2.48% (SOFR+136bps), 9/16/36, Callable 9/16/31 @ 100 (b) | 250,000 | 179,143 | ||||||
| 2.80% (SOFR+143bps), 1/25/52, Callable 1/25/51 @ 100 (b) | 1,000,000 | 602,890 | ||||||
| Mylan NV, 3.95%, 6/15/26, Callable 3/15/26 @ 100 | 500,000 | 455,460 | ||||||
| New York Life Global Funding, 1.85%, 8/1/31(a) | 500,000 | 385,615 | ||||||
| OWL Rock Core Income Corp., 4.70%, 2/8/27, Callable 1/8/27 @ 100(a) | 375,000 | 329,768 | ||||||
| Prudential Financial, Inc., 3.94%, 12/7/49, Callable 6/7/49 @ 100 | 500,000 | 382,105 | ||||||
| Regions Bank, 6.45%, 6/26/37 | 1,000,000 | 1,027,259 | ||||||
| Stewart Information Services Corp., 3.60%, 11/15/31, Callable 8/15/31 @ 100 | 250,000 | 192,740 | ||||||
| The Allstate Corp., 5.75% (LIBOR03M+294bps), 8/15/53, Callable 8/15/23 @ 100(b) | 500,000 | 460,670 | ||||||
| The PNC Financial Services Group, Inc., 2.55%, 1/22/30, Callable 10/24/29 @ 100 | 500,000 | 412,745 | ||||||
| Truist Financial Corp. | ||||||||
| 5.10% (H15T10Y+435bps), Callable 3/1/30 @ 100 (b)(c) | 500,000 | 448,430 | ||||||
| 1.89% (SOFR+63bps), 6/7/29, Callable 6/7/28 @ 100, MTN (b) | 1,000,000 | 818,660 | ||||||
| W R Berkley Corp., 3.55%, 3/30/52, Callable 9/30/51 @ 100 | 250,000 | 173,445 | ||||||
| Webster Financial Corp., 4.10%, 3/25/29, Callable 12/25/28 @ 100 | 500,000 | 455,595 | ||||||
| 21,067,106 | ||||||||
| Health Care (6.6%): | ||||||||
| AbbVie, Inc., 4.25%, 11/21/49, Callable 5/21/49 @ 100 | 500,000 | 401,210 | ||||||
| Amgen, Inc. | ||||||||
| 1.65%, 8/15/28, Callable 6/15/28 @ 100 | 500,000 | 412,175 | ||||||
| 4.20%, 2/22/52, Callable 8/22/51 @ 100 | 250,000 | 196,528 | ||||||
| Baxter International, Inc., 2.54%, 2/1/32, Callable 11/1/31 @ 100(a) | 250,000 | 194,470 | ||||||
| Bio Rad Laboratories, Inc., 3.30%, 3/15/27, Callable 2/15/27 @ 100 | 250,000 | 227,015 | ||||||
| Biogen, Inc., 2.25%, 5/1/30, Callable 2/1/30 @ 100 | 250,000 | 197,610 | ||||||
| Bristol-Myers Squibb Co., 2.55%, 11/13/50, Callable 5/13/50 @ 100 | 500,000 | 309,030 | ||||||
| Cigna Corp., 3.40%, 3/1/27, Callable 12/1/26 @ 100 | 500,000 | 460,360 | ||||||
| CVS Health Corp., 1.75%, 8/21/30, Callable 5/21/30 @ 100 | 2,000,000 | 1,531,240 | ||||||
| DENTSPLY SIRONA, Inc., 3.25%, 6/1/30, Callable 3/1/30 @ 100 | 1,000,000 | 775,600 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares ESG Corporate Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Fresenius Medical Care U.S. Finance III, Inc., 2.38%, 2/16/31, Callable 11/16/30 @ 100(a) | $ | 500,000 | $ | 356,820 | ||||
| HCA, Inc., 4.38%, 3/15/42, Callable 9/15/41 @ 100(a) | 94,000 | 70,390 | ||||||
| Illumina, Inc., 2.55%, 3/23/31, Callable 12/23/30 @ 100 | 500,000 | 382,780 | ||||||
| PerkinElmer, Inc., 2.55%, 3/15/31, Callable 12/15/30 @ 100 | 500,000 | 387,995 | ||||||
| Roche Holdings, Inc., 1.93%, 12/13/28, Callable 10/13/28 @ 100(a) | 500,000 | 420,520 | ||||||
| Universal Health Services, Inc., 2.65%, 1/15/32, Callable 10/15/31 @ 100(a) | 191,000 | 134,819 | ||||||
| 6,458,562 | ||||||||
| Industrials (8.3%): | ||||||||
| Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100 | 750,000 | 555,892 | ||||||
| Air Lease Corp., 2.88%, 1/15/32, Callable 10/15/31 @ 100 | 250,000 | 188,463 | ||||||
| Ashtead Capital, Inc., 5.50%, 8/11/32, Callable 5/11/32 @ 100(a) | 500,000 | 463,400 | ||||||
| Burlington Northern Santa Fe LLC | ||||||||
| 3.65%, 9/1/25, Callable 6/1/25 @ 100 | 500,000 | 483,940 | ||||||
| 3.90%, 8/1/46, Callable 2/1/46 @ 100 | 500,000 | 399,335 | ||||||
| Carlisle Cos., Inc., 2.75%, 3/1/30, Callable 12/1/29 @ 100 | 500,000 | 408,210 | ||||||
| Carrier Global Corp., 3.38%, 4/5/40, Callable 10/5/39 @ 100 | 750,000 | 541,575 | ||||||
| Daimler Trucks Finance North America LLC, 2.38%, 12/14/28(a) | 350,000 | 285,779 | ||||||
| Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28(a) | 250,000 | 232,945 | ||||||
| FedEx Corp., 4.05%, 2/15/48, Callable 8/15/47 @ 100 | 250,000 | 183,380 | ||||||
| Fortune Brands Home & Security, Inc., 4.00%, 3/25/32, Callable 12/25/31 @ 100 | 250,000 | 208,248 | ||||||
| GXO Logistics, Inc., 2.65%, 7/15/31, Callable 4/15/31 @ 100 | 750,000 | 529,013 | ||||||
| Hubbell, Inc., 2.30%, 3/15/31, Callable 12/15/30 @ 100 | 500,000 | 399,570 | ||||||
| IDEX Corp., 3.00%, 5/1/30, Callable 2/1/30 @ 100 | 500,000 | 420,270 | ||||||
| Otis Worldwide Corp., 3.11%, 2/15/40, Callable 8/15/39 @ 100 | 500,000 | 351,895 | ||||||
| Pentair Finance Sarl, 5.90%, 7/15/32, Callable 4/15/32 @ 100 | 500,000 | 476,875 | ||||||
| Quanta Services, Inc. | ||||||||
| 2.90%, 10/1/30, Callable 7/1/30 @ 100 | 500,000 | 402,635 | ||||||
| 2.35%, 1/15/32, Callable 10/15/31 @ 100 | 250,000 | 184,185 | ||||||
| Ryder System, Inc., 2.85%, 3/1/27, Callable 2/1/27 @ 100, MTN | 500,000 | 444,980 | ||||||
| The Boeing Co., 3.63%, 2/1/31, Callable 11/1/30 @ 100 | 750,000 | 621,780 | ||||||
| The Timken Co., 4.13%, 4/1/32, Callable 1/1/32 @ 100 | 500,000 | 434,745 | ||||||
| 8,217,115 | ||||||||
| Information Technology (7.7%): | ||||||||
| Autodesk, Inc., 2.40%, 12/15/31, Callable 9/15/31 @ 100 | 750,000 | 583,702 | ||||||
| Broadcom, Inc., 2.60%, 2/15/33, Callable 11/15/32 @ 100(a) | 1,000,000 | 716,220 | ||||||
| Dell, Inc., 5.40%, 9/10/40 | 500,000 | 402,505 | ||||||
| Global Payments, Inc., 5.40%, 8/15/32, Callable 5/15/32 @ 100 | 250,000 | 231,765 | ||||||
| HP, Inc., 4.00%, 4/15/29, Callable 2/15/29 @ 100 | 500,000 | 439,775 | ||||||
| Jabil, Inc., 3.00%, 1/15/31, Callable 10/15/30 @ 100 | 500,000 | 394,725 | ||||||
| Micron Technology, Inc., 2.70%, 4/15/32, Callable 1/15/32 @ 100 | 500,000 | 363,615 | ||||||
| Microsoft Corp. | ||||||||
| 3.45%, 8/8/36, Callable 2/8/36 @ 100 | 500,000 | 436,980 | ||||||
| 2.53%, 6/1/50, Callable 12/1/49 @ 100 | 250,000 | 164,428 | ||||||
| Oracle Corp. | ||||||||
| 1.65%, 3/25/26, Callable 2/25/26 @ 100 | 1,000,000 | 876,969 | ||||||
| 2.95%, 4/1/30, Callable 1/1/30 @ 100 | 500,000 | 403,500 | ||||||
| 3.60%, 4/1/50, Callable 10/1/49 @ 100 | 250,000 | 156,415 | ||||||
| Qorvo, Inc., 3.38%, 4/1/31, Callable 4/1/26 @ 101.69(a) | 1,000,000 | 748,800 | ||||||
| TSMC Arizona Corp., 2.50%, 10/25/31, Callable 7/25/31 @ 100 | 1,000,000 | 795,340 | ||||||
| VMware, Inc., 2.20%, 8/15/31, Callable 5/15/31 @ 100 | 500,000 | 365,030 | ||||||
| Western Digital Corp., 3.10%, 2/1/32, Callable 11/1/31 @ 100 | 100,000 | 68,276 | ||||||
| Workday, Inc., 3.70%, 4/1/29, Callable 2/1/29 @ 100 | 500,000 | 448,430 | ||||||
| 7,596,475 | ||||||||
| Materials (4.1%): | ||||||||
| Albemarle Corp., 4.65%, 6/1/27, Callable 5/1/27 @ 100 | 500,000 | 478,210 | ||||||
| AptarGroup, Inc., 3.60%, 3/15/32, Callable 12/15/31 @ 100 | 338,000 | 276,629 | ||||||
| Avery Dennison Corp., 2.25%, 2/15/32, Callable 11/15/31 @ 100 | 500,000 | 369,530 | ||||||
| Bayport Polymers LLC, 4.74%, 4/14/27, Callable 3/14/27 @ 100(a) | 500,000 | 464,145 | ||||||
| Celanese U.S. Holdings LLC, 6.33%, 7/15/29, Callable 5/15/29 @ 100 | 128,000 | 119,508 | ||||||
| Eagle Materials, Inc., 2.50%, 7/1/31, Callable 4/1/31 @ 100 | 250,000 | 182,428 | ||||||
| Ecolab, Inc., 2.70%, 12/15/51, Callable 6/15/51 @ 100 | 250,000 | 159,665 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares ESG Corporate Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| LYB International Finance III LLC, 2.25%, 10/1/30, Callable 7/1/30 @ 100 | $ | 500,000 | $ | 388,530 | ||||
| Packaging Corp. of America, 3.05%, 10/1/51, Callable 4/1/51 @ 100 | 750,000 | 472,448 | ||||||
| Reliance Steel & Aluminum Co., 2.15%, 8/15/30, Callable 5/15/30 @ 100 | 500,000 | 380,770 | ||||||
| WRKCo, Inc., 3.00%, 6/15/33, Callable 3/15/33 @ 100 | 1,000,000 | 774,270 | ||||||
| 4,066,133 | ||||||||
| Real Estate (4.8%): | ||||||||
| Alexandria Real Estate Equities, Inc., 2.00%, 5/18/32, Callable 2/18/32 @ 100 | 1,000,000 | 736,549 | ||||||
| American Tower Corp., 1.50%, 1/31/28, Callable 11/30/27 @ 100 | 500,000 | 400,490 | ||||||
| Boston Properties LP, 2.55%, 4/1/32, Callable 1/1/32 @ 100 | 500,000 | 369,275 | ||||||
| CBRE Services, Inc., 2.50%, 4/1/31, Callable 1/1/31 @ 100 | 250,000 | 190,165 | ||||||
| Crown Castle International Corp. | ||||||||
| 2.25%, 1/15/31, Callable 10/15/30 @ 100 | 250,000 | 190,823 | ||||||
| 2.90%, 4/1/41, Callable 10/1/40 @ 100 | 250,000 | 163,218 | ||||||
| ERP Operating LP, 2.85%, 11/1/26, Callable 8/1/26 @ 100 | 500,000 | 459,020 | ||||||
| Essex Portfolio LP, 2.65%, 3/15/32, Callable 12/15/31 @ 100 | 1,000,000 | 779,219 | ||||||
| GLP Capital LP / GLP Financing II, Inc., 3.25%, 1/15/32, Callable 10/15/31 @ 100 | 117,000 | 87,785 | ||||||
| Host Hotels & Resorts LP, 3.50%, 9/15/30, Callable 6/15/30 @ 100 | 500,000 | 399,405 | ||||||
| Kilroy Realty LP, 2.65%, 11/15/33, Callable 8/15/33 @ 100 | 500,000 | 349,700 | ||||||
| Physicians Realty LP | ||||||||
| 4.30%, 3/15/27, Callable 12/15/26 @ 100 | 250,000 | 233,738 | ||||||
| 2.63%, 11/1/31, Callable 8/1/31 @ 100 | 250,000 | 190,045 | ||||||
| Simon Property Group LP, 2.25%, 1/15/32, Callable 10/15/31 @ 100 | 250,000 | 188,068 | ||||||
| 4,737,500 | ||||||||
| Utilities (6.5%): | ||||||||
| Alabama Power Co., 3.13%, 7/15/51, Callable 1/15/51 @ 100 | 500,000 | 337,940 | ||||||
| Ameren Corp., 3.50%, 1/15/31, Callable 10/15/30 @ 100 | 250,000 | 215,435 | ||||||
| DTE Electric Co., 3.65%, 3/1/52, Callable 9/1/51 @ 100 | 500,000 | 378,295 | ||||||
| Duke Energy Carolinas LLC, 2.85%, 3/15/32, Callable 12/15/31 @ 100 | 250,000 | 206,928 | ||||||
| Duke Energy Florida LLC, 2.40%, 12/15/31, Callable 9/15/31 @ 100 | 1,000,000 | 794,009 | ||||||
| Duquesne Light Holdings, Inc., 2.78%, 1/7/32, Callable 10/7/31 @ 100(a) | 250,000 | 190,688 | ||||||
| Entergy Corp., 2.40%, 6/15/31, Callable 3/5/31 @ 100 | 500,000 | 382,270 | ||||||
| Florida Power & Light Co. | ||||||||
| 3.15%, 10/1/49, Callable 4/1/49 @ 100 | 250,000 | 176,763 | ||||||
| 2.88%, 12/4/51, Callable 6/4/51 @ 100 | 500,000 | 329,655 | ||||||
| ITC Holdings Corp., 3.35%, 11/15/27, Callable 8/15/27 @ 100 | 500,000 | 454,590 | ||||||
| MidAmerican Energy Co., 2.70%, 8/1/52, Callable 2/1/52 @ 100 | 500,000 | 317,325 | ||||||
| NextEra Energy Capital Holdings, Inc. | ||||||||
| 3.01% (SOFR+40bps), 11/3/23, Callable 11/14/22 @ 100 (b) | 250,000 | 247,670 | ||||||
| 2.44%, 1/15/32, Callable 10/15/31 @ 100 | 500,000 | 388,614 | ||||||
| Oglethorpe Power Corp., 4.50%, 4/1/47, Callable 10/1/46 @ 100(a) | 312,000 | 244,449 | ||||||
| Oncor Electric Delivery Co. LLC, 3.75%, 4/1/45, Callable 10/1/44 @ 100 | 500,000 | 390,689 | ||||||
| PECO Energy Co., 3.00%, 9/15/49, Callable 3/15/49 @ 100 | 500,000 | 336,195 | ||||||
| Southwestern Electric Power Co., 3.25%, 11/1/51, Callable 5/1/51 @ 100 | 250,000 | 160,023 | ||||||
| Union Electric Co., 2.15%, 3/15/32, Callable 12/15/31 @ 100 | 500,000 | 387,105 | ||||||
| Wisconsin Public Service Corp., 2.85%, 12/1/51, Callable 6/1/51 @ 100 | 250,000 | 161,380 | ||||||
| Xcel Energy, Inc., 2.35%, 11/15/31, Callable 5/15/31 @ 100 | 500,000 | 389,405 | ||||||
| 6,489,428 | ||||||||
| Total Corporate Bonds (Cost $97,465,184) | 76,825,912 | |||||||
| Yankee Dollars (15.8%) | ||||||||
| Communication Services (0.4%): | ||||||||
| British Telecommunications PLC, 3.25%, 11/8/29, Callable 8/8/29 @ 100(a) | 500,000 | 407,195 | ||||||
| Consumer Discretionary (0.4%): | ||||||||
| Bacardi Ltd., 4.70%, 5/15/28, Callable 2/15/28 @ 100(a) | 500,000 | 469,165 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares ESG Corporate Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Consumer Staples (0.6%): | ||||||||
| Alimentation Couche-Tard, Inc., 2.95%, 1/25/30, Callable 10/25/29 @ 100(a) | $ | 500,000 | $ | 410,515 | ||||
| Becle SAB de CV, 2.50%, 10/14/31, Callable 7/14/31 @ 100(a) | 250,000 | 194,123 | ||||||
| 604,638 | ||||||||
| Energy (1.5%): | ||||||||
| BP Capital Markets PLC | ||||||||
| 4.38% (H15T5Y+404bps), Callable 6/22/25 @ 100 (b)(c) | 500,000 | 459,540 | ||||||
| 4.87% (H15T5Y+440bps), Callable 3/22/30 @ 100 (b)(c) | 250,000 | 215,888 | ||||||
| Shell International Finance BV | ||||||||
| 2.75%, 4/6/30, Callable 1/6/30 @ 100 | 500,000 | 427,455 | ||||||
| 2.88%, 11/26/41, Callable 5/26/41 @ 100 | 500,000 | 350,740 | ||||||
| 1,453,623 | ||||||||
| Financials (9.7%): | ||||||||
| Bank of New Zealand, 2.87%, 1/27/32(a) | 250,000 | 204,855 | ||||||
| Barclays PLC, 4.95%, 1/10/47 | 1,000,000 | 774,400 | ||||||
| BNP Paribas SA, 4.38%, 5/12/26(a) | 500,000 | 474,139 | ||||||
| BPCE SA, 3.25%, 1/11/28(a) | 250,000 | 220,243 | ||||||
| Brookfield Finance, Inc., 2.72%, 4/15/31, Callable 1/15/31 @ 100 | 500,000 | 396,295 | ||||||
| Canadian Imperial Bank of Commerce, 7.26%, 4/10/32(a) | 239,583 | 274,336 | ||||||
| Commonwealth Bank of Australia, 2.69%, 3/11/31(a) | 500,000 | 376,990 | ||||||
| Credit Agricole SA, 3.25%, 10/4/24(a) | 500,000 | 478,270 | ||||||
| Credit Suisse Group AG | ||||||||
| 3.09% (SOFR+173bps), 5/14/32, Callable 5/14/31 @ 100 (a)(b) | 500,000 | 351,555 | ||||||
| 6.54% (SOFR+392bps), 8/12/33, Callable 8/12/32 @ 100 (a)(b) | 435,000 | 391,752 | ||||||
| Deutsche Bank AG | ||||||||
| 6.12% (SOFR+319bps), 7/14/26, Callable 7/14/25 @ 100 (b) | 250,000 | 242,933 | ||||||
| 4.87% (USISDA05+255bps), 12/1/32, Callable 12/1/27 @ 100 (b) | 500,000 | 398,270 | ||||||
| HSBC Holdings PLC, 2.21% (SOFR+129bps), 8/17/29, Callable 8/17/28 @ 100(b) | 1,000,000 | 777,030 | ||||||
| JAB Holdings BV, 3.75%, 5/28/51, Callable 11/28/50 @ 100(a) | 250,000 | 146,908 | ||||||
| Lloyds Banking Group PLC, 1.63% (H15T1Y+85bps), 5/11/27, Callable 5/11/26 @ 100(b) | 1,000,000 | 850,259 | ||||||
| Macquarie Bank Ltd., 3.05% (H15T5Y+170bps), 3/3/36, Callable 3/3/31 @ 100(a)(b) | 500,000 | 368,620 | ||||||
| NatWest Group PLC, 1.64% (H15T1Y+90bps), 6/14/27, Callable 6/14/26 @ 100(b) | 1,000,000 | 840,780 | ||||||
| Societe Generale SA, 1.49% (H15T1Y+1bps), 12/14/26, Callable 12/14/25 @ 100(a)(b) | 500,000 | 422,185 | ||||||
| Sumitomo Mitsui Financial Group, Inc., 2.47%, 1/14/29 | 250,000 | 205,823 | ||||||
| The Bank of Nova Scotia, 4.50%, 12/16/25 | 500,000 | 482,700 | ||||||
| The Toronto-Dominion Bank, 3.62% (USSW5+221bps), 9/15/31, Callable 9/15/26 @ 100(b) | 500,000 | 458,205 | ||||||
| Westpac Banking Corp., 4.32% (USISDA05+224bps), 11/23/31, Callable 11/23/26 @ 100(b) | 500,000 | 456,665 | ||||||
| 9,593,213 | ||||||||
| Health Care (0.5%): | ||||||||
| Olympus Corp., 2.14%, 12/8/26, Callable 11/8/26 @ 100(a) | 152,000 | 133,413 | ||||||
| Smith & Nephew PLC, 2.03%, 10/14/30, Callable 7/14/30 @ 100 | 500,000 | 375,495 | ||||||
| 508,908 | ||||||||
| Industrials (1.6%): | ||||||||
| Aircastle Ltd., 4.25%, 6/15/26, Callable 4/15/26 @ 100 | 500,000 | 448,385 | ||||||
| Ferguson Finance PLC | ||||||||
| 3.25%, 6/2/30, Callable 3/2/30 @ 100 (a) | 500,000 | 407,750 | ||||||
| 4.65%, 4/20/32, Callable 1/20/32 @ 100 (a) | 250,000 | 220,075 | ||||||
| Siemens Financieringsmaatschappij NV, 3.40%, 3/16/27(a) | 500,000 | 465,805 | ||||||
| 1,542,015 | ||||||||
| Information Technology (0.2%): | ||||||||
| NXP BV/NXP Funding LLC/NXP USA, Inc., 4.40%, 6/1/27, Callable 5/1/27 @ 100 | 167,000 | 157,645 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares ESG Corporate Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Materials (0.5%): | ||||||||
| CCL Industries, Inc., 3.25%, 10/1/26, Callable 7/1/26 @ 100(a) | $ | 500,000 | $ | 454,090 | ||||
| Real Estate (0.4%): | ||||||||
| Ontario Teachers' Cadillac Fairview Properties Trust, 2.50%, 10/15/31, Callable 7/15/31 @ 100(a) | 504,000 | 392,515 | ||||||
| Total Yankee Dollars (Cost $19,384,891) | 15,583,007 | |||||||
| Commercial Papers (5.1%) (d) | ||||||||
| Alliant Energy, 3.32%, 10/3/22 (a) | 400,000 | 399,890 | ||||||
| Amphenol Corp., 3.29%, 10/7/22 (a) | 900,000 | 899,424 | ||||||
| Arizona Public Service, 3.16%, 10/3/22 (a) | 925,000 | 924,756 | ||||||
| Enterprise Products Oper, 3.33%, 10/4/22 (a) | 950,000 | 949,649 | ||||||
| Hannover Funding Co. LLC, 2.27%, 10/3/22 (a) | 950,000 | 949,745 | ||||||
| Union Electric Co., 3.32%, 10/3/22 (a) | 467,000 | 466,871 | ||||||
| Vw Credit, Inc., 2.55%, 10/4/22 (a) | 450,000 | 449,834 | ||||||
| Total Commercial Papers (Cost $5,040,583) | 5,040,169 | |||||||
| Total Investments (Cost $121,890,658) — 99.0% | 97,449,088 | |||||||
| Other assets in excess of liabilities — 1.0% | 1,016,677 | |||||||
| NET ASSETS - 100.00% | $ | 98,465,765 | ||||||
| (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 September 30, 2022, the fair value of these securities was $22,677,672 and amounted to 23.0% of net assets. |
| (b) | Variable or Floating-Rate Security. Rate disclosed is as of September 30, 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 September 30, 2022. |
| bps—Basis points |
| H15T1Y—1 Year Treasury Constant Maturity Rate, rate disclosed as of September 30, 2022. |
| H15T5Y—5 Year Treasury Constant Maturity Rate, rate disclosed as of September 30, 2022. |
| H15T10Y—10 Year Treasury Constant Maturity Rate, rate disclosed as of September 30, 2022. |
| LIBOR—London Interbank Offered Rate |
| LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of September 30, 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 September 30, 2022. |
| USSW5—USD 5 Year Swap Rate, rate disclosed as of September 30, 2022. |
| Victory Portfolios II | Schedule of Portfolio Investments |
| VictoryShares THB Mid Cap ESG ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (99.4%) | ||||||||
| Aerospace & Defense (4.3%): | ||||||||
| HEICO Corp. | 597 | $ | 85,956 | |||||
| Air Freight & Logistics (2.2%): | ||||||||
| GXO Logistics, Inc. (a) | 1,273 | 44,631 | ||||||
| Commercial Services & Supplies (10.2%): | ||||||||
| Cintas Corp. | 192 | 74,532 | ||||||
| Copart, Inc. (a) | 640 | 68,096 | ||||||
| Rollins, Inc. | 1,744 | 60,482 | ||||||
| 203,110 | ||||||||
| Consumer Discretionary (9.6%): | ||||||||
| LKQ Corp. | 1,176 | 55,448 | ||||||
| NVR, Inc. (a) | 17 | 67,780 | ||||||
| Pool Corp. | 215 | 68,416 | ||||||
| 191,644 | ||||||||
| Consumer Staples (3.5%): | ||||||||
| Darling Ingredients, Inc. (a) | 1,059 | 70,053 | ||||||
| Electrical Equipment (2.4%): | ||||||||
| Generac Holdings, Inc. (a) | 276 | 49,167 | ||||||
| Health Care (17.1%): | ||||||||
| Chemed Corp. | 158 | 68,977 | ||||||
| Hologic, Inc. (a) | 1,151 | 74,263 | ||||||
| Laboratory Corp. of America Holdings | 304 | 62,262 | ||||||
| STERIS PLC | 356 | 59,196 | ||||||
| Waters Corp. (a) | 296 | 79,781 | ||||||
| 344,479 | ||||||||
| Industrial Conglomerates (3.7%): | ||||||||
| Carlisle Cos., Inc. | 266 | 74,589 | ||||||
| Information Technology (16.6%): | ||||||||
| Amphenol Corp., Class A | 1,400 | 93,743 | ||||||
| Cadence Design Systems, Inc. (a) | 534 | 87,272 | ||||||
| Keysight Technologies, Inc. (a) | 372 | 58,537 | ||||||
| Teledyne Technologies, Inc. (a) | 148 | 49,946 | ||||||
| Zebra Technologies Corp. (a) | 166 | 43,494 | ||||||
| 332,992 | ||||||||
| Machinery (10.0%): | ||||||||
| Graco, Inc. | 1,068 | 64,027 | ||||||
| Parker-Hannifin Corp. | 276 | 66,878 | ||||||
| The Toro Co. | 812 | 70,221 | ||||||
| 201,126 | ||||||||
| Materials (2.0%): | ||||||||
| Crown Holdings, Inc. | 500 | 40,515 | ||||||
| Professional Services (7.4%): | ||||||||
| CACI International, Inc., Class A (a) | 257 | 67,092 | ||||||
| Verisk Analytics, Inc. | 484 | 82,537 | ||||||
| 149,629 | ||||||||
| Road & Rail (7.0%): | ||||||||
| J.B. Hunt Transport Services, Inc. | 512 | 80,087 | ||||||
| Old Dominion Freight Line, Inc. | 240 | 59,705 | ||||||
| 139,792 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares THB Mid Cap ESG ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Trading Companies & Distributors (3.4%): | ||||||||
| Fastenal Co. | 1,500 | $ | 69,060 | |||||
| Total Common Stocks (Cost $2,332,712) | 1,996,743 | |||||||
| Total Investments (Cost $2,332,712) — 99.4% | 1,996,743 | |||||||
| Other assets in excess of liabilities — 0.6% | 12,645 | |||||||
| NET ASSETS - 100.00% | $ | 2,009,388 | ||||||
| (a) | Non-income producing security. |
| PLC—Public Limited Company |
| Victory Portfolios II | Schedule of Portfolio Investments | |
| VictoryShares USAA Core Short-Term Bond ETF | September 30, 2022 | |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Asset-Backed Securities (27.0%) | ||||||||
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01%, 1/19/27, Callable 11/18/24 @ 100 | $ | 1,000,000 | $ | 914,911 | ||||
| Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class B, 2.20%, 1/20/28, Callable 9/20/25 @ 100 (a) | 541,000 | 486,995 | ||||||
| Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class A2, 1.64%, 10/20/27, Callable 6/20/25 @ 100 (a) | 535,913 | 510,979 | ||||||
| ARI Fleet Lease Trust, Series 2022-A, Class A2, 3.12%, 1/15/31, Callable 5/15/24 @ 100 (a) | 1,000,000 | 981,993 | ||||||
| ARI Fleet Lease Trust, Series 2022-A, Class A3, 3.43%, 1/15/31, Callable 11/15/24 @ 100 (a) | 762,000 | 728,362 | ||||||
| Atalaya Equipment Leasing Trust, Series 2021-1A, Class A2, 1.23%, 5/15/26, Callable 6/15/24 @ 100 (a) | 980,374 | 953,089 | ||||||
| Avis Budget Rental Car Funding AESOP LLC, Series 2017-2A, Class B, 3.33%, 3/20/24, Callable 3/20/23 @ 100 (a) | 1,000,000 | 996,498 | ||||||
| Avis Budget Rental Car Funding AESOP LLC, Series 2018-1A, Class B, 4.00%, 9/20/24, Callable 9/20/23 @ 100 (a) | 1,000,000 | 988,406 | ||||||
| Canadian Pacer Auto Receivables Trust, Series 2019-1A, Class B, 3.16%, 10/21/24, Callable 1/19/23 @ 100 (a) | 860,000 | 856,688 | ||||||
| Canadian Pacer Auto Receivables Trust, Series 2020-1A, Class B, 2.00%, 7/21/25, Callable 10/19/23 @ 100 (a) | 1,156,000 | 1,123,710 | ||||||
| Canadian Pacer Auto Receivables Trust, Series 2019-1A, Class C, 3.75%, 7/21/25, Callable 1/19/23 @ 100 (a) | 1,000,000 | 997,651 | ||||||
| CarMax Auto Owner Trust, Series 2020-4, Class A3, 0.50%, 8/15/25, Callable 3/15/24 @ 100 | 826,901 | 805,576 | ||||||
| CarMax Auto Owner Trust, Series 2021-2, Class A3, 0.52%, 2/17/26, Callable 6/15/24 @ 100 | 2,000,000 | 1,935,822 | ||||||
| CARS LP, Series 2020-1A, Class A1, 2.69%, 2/15/50, Callable 2/15/23 @ 100 (a) | 583,104 | 542,187 | ||||||
| Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.72%, 9/11/28, Callable 10/10/25 @ 100 | 1,000,000 | 963,423 | ||||||
| Carvana Auto Receivables Trust, Series 2021-N1, Class C, 1.30%, 1/10/28, Callable 4/10/25 @ 100 | 662,919 | 629,649 | ||||||
| Carvana Auto Receivables Trust, Series 2019-2A, Class D, 3.28%, 1/15/25, Callable 7/15/23 @ 100 (a) | 406,509 | 403,953 | ||||||
| Carvana Auto Receivables Trust, Series 2021-N1, Class A, 0.70%, 1/10/28, Callable 4/10/25 @ 100 | 609,795 | 577,265 | ||||||
| CNH Equipment Trust, Series 2018-B, Class B, 3.56%, 2/17/26, Callable 10/15/22 @ 100 | 350,000 | 349,987 | ||||||
| Conn's Receivables Funding LLC, Series 2021-A, Class B, 2.87%, 5/15/26, Callable 9/15/23 @ 100.25 (a) | 1,000,000 | 971,825 | ||||||
| Conn's Receivables Funding LLC, Series 2021-A, Class A, 1.05%, 5/15/26, Callable 9/15/23 @ 100 (a) | 302,528 | 297,848 | ||||||
| Conn's Receivables Funding LLC, Series 2022-A, Class B, 9.52%, 12/15/26, Callable 4/15/24 @ 100 (a) | 1,500,000 | 1,501,714 | ||||||
| CP EF Asset Securitization I LLC, Series 2022-1A, Class A, 5.96%, 4/15/30, Callable 5/15/25 @ 100 (a) | 1,353,519 | 1,337,485 | ||||||
| CPS Auto Receivables Trust, Series 2022-A, Class B, 1.70%, 4/16/29, Callable 2/15/24 @ 100 (a) | 800,000 | 762,122 | ||||||
| CPS Auto Receivables Trust, Series 2019-C, Class D, 3.17%, 6/16/25, Callable 6/15/23 @ 100 (a) | 570,869 | 568,055 | ||||||
| Credit Acceptance Auto Loan Trust, Series 2021-4, Class A, 1.26%, 10/15/30, Callable 12/15/24 @ 100 (a) | 333,000 | 310,869 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |
| VictoryShares USAA Core Short-Term Bond ETF | September 30, 2022 | |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Credit Acceptance Auto Loan Trust, Series 2021-4, Class B, 1.74%, 12/16/30, Callable 2/15/25 @ 100 (a) | $ | 320,000 | $ | 291,429 | ||||
| Credit Acceptance Auto Loan Trust, Series 2022-1A, Class B, 4.95%, 8/16/32, Callable 10/15/25 @ 100 (a) | 1,000,000 | 973,458 | ||||||
| Credit Acceptance Auto Loan Trust, Series 2019-3A, Class B, 2.86%, 1/16/29, Callable 4/15/23 @ 100 (a) | 985,542 | 982,508 | ||||||
| Credit Acceptance Auto Loan Trust, Series 2020-2A, Class A, 1.37%, 7/16/29, Callable 8/15/23 @ 100 (a) | 767,144 | 756,215 | ||||||
| Dell Equipment Finance Trust, Series 2020-2, Class D, 1.92%, 3/23/26, Callable 5/22/23 @ 100 (a) | 1,000,000 | 979,498 | ||||||
| Diamond Issuer, Series 2021-1A, Class B, 2.70%, 11/20/51, Callable 11/20/25 @ 100 (a) | 655,000 | 548,693 | ||||||
| DLLST LLC, Series 2022-1A, Class A4, 3.69%, 9/20/28, Callable 4/20/25 @ 100 (a) | 1,000,000 | 965,958 | ||||||
| Drive Auto Receivables Trust, Series 2020-2, Class C, 2.28%, 8/17/26, Callable 7/15/23 @ 100 | 664,014 | 659,162 | ||||||
| Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02%, 6/15/27, Callable 9/15/23 @ 100 | 708,000 | 685,751 | ||||||
| Drive Auto Receivables Trust, Series 2021-1, Class B, 0.65%, 7/15/25, Callable 12/15/22 @ 100 | 354,448 | 353,234 | ||||||
| Encina Equipment Finance LLC, Series 2022-1A, Class A2, 4.88%, 11/15/28, Callable 11/15/25 @ 100 (a) | 975,000 | 951,655 | ||||||
| Enterprise Fleet Financing LLC, Series 2022-2, Class A2, 4.65%, 5/21/29, Callable 12/20/25 @ 100 (a) | 1,000,000 | 992,169 | ||||||
| Enterprise Fleet Financing LLC, Series 2022-3, Class A3, 4.29%, 7/20/29, Callable 5/20/26 @ 100 (a) | 1,125,000 | 1,081,367 | ||||||
| Enterprise Fleet Financing LLC, Series 2022-1, Class A2, 3.03%, 1/20/28, Callable 2/20/25 @ 100 (a) | 500,000 | 486,928 | ||||||
| Evergreen Credit Card Trust, Series 2022-CRT1, Class B, 5.61%, 7/15/26 (a) | 1,000,000 | 978,373 | ||||||
| Evergreen Credit Card Trust, Series 2021-1A, Class A, 0.90%, 10/15/26 (a) | 1,500,000 | 1,385,059 | ||||||
| Exeter Automobile Receivables Trust, Series 2021-2A, Class C, 0.98%, 6/15/26, Callable 11/15/23 @ 100 | 1,500,000 | 1,447,026 | ||||||
| Exeter Automobile Receivables Trust, Series 2020-3A, Class C, 1.32%, 7/15/25, Callable 6/15/23 @ 100 | 361,353 | 357,278 | ||||||
| Exeter Automobile Receivables Trust, Series 2021-4, Class C, 1.46%, 10/15/27, Callable 2/15/24 @ 100 | 1,000,000 | 950,123 | ||||||
| FirstKey Homes Trust, Series 2021-SFR3, Class A, 2.14%, 12/17/38 (a) | 995,926 | 875,332 | ||||||
| FirstKey Homes Trust, Series 2021-SFR3, Class B, 2.44%, 12/17/38 (a) | 1,000,000 | 882,557 | ||||||
| FirstKey Homes Trust, Series 2021-SFR3, Class C, 2.54%, 12/17/38 (a) | 1,000,000 | 873,144 | ||||||
| Flagship Credit Auto Trust, Series 4, Class C, 1.96%, 12/15/27, Callable 10/15/24 @ 100 (a) | 1,000,000 | 928,127 | ||||||
| Flagship Credit Auto Trust, Series 4, Class B, 1.49%, 2/15/27, Callable 5/15/24 @ 100 (a) | 1,000,000 | 943,139 | ||||||
| Flagship Credit Auto Trust, Series 2019-4, Class E, 4.11%, 3/15/27, Callable 10/15/24 @ 100 (a) | 1,000,000 | 921,747 | ||||||
| Flexential Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/51, Callable 11/25/25 @ 100 (a) | 1,000,000 | 869,664 | ||||||
| Ford Credit Auto Lease Trust, Series 2022-A, Class B, 3.81%, 8/15/25, Callable 8/15/24 @ 100 | 643,000 | 625,785 | ||||||
| Foursight Capital Automobile Receivables Trust, Series 2022-1, Class A3, 1.83%, 12/15/26, Callable 4/15/24 @ 100 (a) | 600,000 | 574,722 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |
| VictoryShares USAA Core Short-Term Bond ETF | September 30, 2022 | |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Foursight Capital Automobile Receivables Trust, Series 2022-1, Class B, 2.15%, 5/17/27, Callable 8/15/24 @ 100 (a) | $ | 1,000,000 | $ | 927,414 | ||||
| Foursight Capital Automobile Receivables Trust, Series 2022-2, Class A3, 4.59%, 6/15/27, Callable 5/15/25 @ 100 (a) | 1,000,000 | 981,437 | ||||||
| GLS Auto Receivables Issuer Trust, Series 2022-2A, Class B, 4.70%, 9/15/26, Callable 10/15/24 @ 100 (a) | 1,000,000 | 981,107 | ||||||
| GLS Auto Receivables Issuer Trust, Series 4A, Class A, 0.84%, 7/15/25, Callable 7/15/23 @ 100 (a) | 469,843 | 462,682 | ||||||
| GLS Auto Receivables Issuer Trust, Series 4A, Class B, 1.53%, 4/15/26, Callable 1/15/24 @ 100 (a) | 500,000 | 476,071 | ||||||
| GLS Auto Receivables Issuer Trust, Series 2020-2A, Class B, 3.16%, 6/16/25, Callable 6/15/23 @ 100 (a) | 988,867 | 984,371 | ||||||
| GLS Auto Receivables Trust, Series 2022-1A, Class B, 2.84%, 5/15/26, Callable 3/15/24 @ 100 (a) | 1,000,000 | 959,996 | ||||||
| GM Financial Automobile Leasing Trust, Series 2020-3, Class A4, 0.51%, 10/21/24, Callable 2/20/23 @ 100 | 1,000,000 | 993,298 | ||||||
| Hertz Vehicle Financing III LLC, Series 2022-1A, Class A, 1.99%, 6/25/26, Callable 6/25/25 @ 100 (a) | 1,000,000 | 914,098 | ||||||
| Hertz Vehicle Financing III LLC, Series 2022-1A, Class B, 2.19%, 6/25/26, Callable 6/25/25 @ 100 (a) | 1,000,000 | 908,153 | ||||||
| Hertz Vehicle Financing III LLC, Series 2022-3A, Class A, 3.37%, 3/25/25, Callable 3/25/24 @ 100 (a) | 1,000,000 | 976,818 | ||||||
| Honda Auto Receivables Owner Trust, Series 2020-3, Class A3, 0.37%, 10/18/24, Callable 12/18/23 @ 100 | 659,458 | 644,578 | ||||||
| HPEFS Equipment Trust, Series 2022-1A, Class D, 2.40%, 11/20/29, Callable 3/20/25 @ 100 (a) | 667,000 | 606,985 | ||||||
| HPEFS Equipment Trust, Series 2020-1A, Class D, 2.26%, 2/20/30, Callable 3/20/23 @ 100 (a) | 1,000,000 | 985,883 | ||||||
| HPEFS Equipment Trust, Series 2020-2A, Class C, 2.00%, 7/22/30, Callable 3/20/23 @ 100 (a) | 885,000 | 876,867 | ||||||
| HPEFS Equipment Trust, Series 2021-1A, Class D, 1.03%, 3/20/31, Callable 1/20/24 @ 100 (a) | 1,000,000 | 939,833 | ||||||
| Hyundai Auto Receivables Trust, Series 2020-C, Class A3, 0.38%, 5/15/25, Callable 2/15/24 @ 100 | 797,813 | 778,589 | ||||||
| John Deere Owner Trust, Series 2021-B, Class A3, 0.52%, 3/16/26, Callable 4/15/25 @ 100 | 1,500,000 | 1,415,715 | ||||||
| JPMorgan Chase Bank NA - CACLN, Series 2021-3, Class B, 0.76%, 2/26/29, Callable 1/25/25 @ 100 (a) | 417,011 | 400,061 | ||||||
| Kubota Credit Owner Trust, Series 2022-1A, Class A3, 2.67%, 10/15/26, Callable 12/15/25 @ 100 (a) | 1,000,000 | 938,605 | ||||||
| LAD Auto Receivables Trust, Series 2021-1A, Class B, 1.94%, 11/16/26, Callable 4/15/24 @ 100 (a) | 1,000,000 | 937,824 | ||||||
| LAD Auto Receivables Trust, Series 2022-1A, Class A, 5.21%, 6/15/27, Callable 6/15/25 @ 100 (a) | 904,155 | 887,354 | ||||||
| LAD Auto Receivables Trust, Series 2022-1A, Class B, 5.87%, 9/15/27, Callable 10/15/25 @ 100 (a) | 800,000 | 777,071 | ||||||
| LAD Auto Receivables Trust, Series 2021-1A, Class A, 1.30%, 8/17/26, Callable 1/15/24 @ 100 (a) | 502,516 | 487,136 | ||||||
| Master Credit Card Trust, Series 2021-1A, Class C, 1.06%, 11/21/25 (a) | 1,500,000 | 1,391,260 | ||||||
| Master Credit Card Trust II, Series 2022-1A, Class B, 1.97%, 7/21/26 (a) | 1,000,000 | 928,785 | ||||||
| Mercedes-Benz Auto Lease Trust, Series 2020-B, Class A3, 0.40%, 11/15/23, Callable 2/15/23 @ 100 | 506,044 | 503,490 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |
| VictoryShares USAA Core Short-Term Bond ETF | September 30, 2022 | |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| 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 | $ | 764,093 | ||||
| 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 | 244,831 | ||||||
| Nissan Auto Lease Trust, Series 2020-B, Class A3, 0.43%, 10/16/23, Callable 1/15/23 @ 100 | 292,210 | 291,269 | ||||||
| NMEF Funding LLC, Series 2022-A, Class B, 3.35%, 10/16/28, Callable 9/15/25 @ 100 (a) | 1,000,000 | 925,229 | ||||||
| NMEF Funding LLC, Series 2022-A, Class A2, 2.58%, 10/16/28, Callable 12/15/24 @ 100 (a) | 1,000,000 | 969,264 | ||||||
| Oscar U.S. Funding XII LLC, Series 1A, Class A4, 1.00%, 4/10/28, Callable 2/10/25 @ 100 (a) | 2,500,000 | 2,280,800 | ||||||
| Oscar U.S. Funding XIV LLC, Series 2022-1A, Class A3, 2.30%, 4/10/26, Callable 4/10/25 @ 100 (a) | 1,000,000 | 942,074 | ||||||
| Pawnee Equipment Receivables LLC, Series 2021-1, Class A2, 1.10%, 7/15/27, Callable 12/15/24 @ 100 (a) | 1,573,211 | 1,506,788 | ||||||
| Pawneee Equipment Receivables LLC, Series 2022-1, Class A3, 5.17%, 2/15/28, Callable 5/15/26 @ 100 (a) | 1,000,000 | 984,476 | ||||||
| PenFed Auto Receivables Owner Trust, Series 2022-A, Class B, 4.60%, 12/15/28, Callable 7/15/24 @ 100 (a) | 202,000 | 197,181 | ||||||
| PenFed Auto Receivables Owner Trust, Series 2022-A, Class A4, 4.18%, 12/15/28, Callable 6/15/24 @ 100 (a) | 1,000,000 | 983,099 | ||||||
| PenFed Auto Receivables Owner Trust, Series 2022-A, Class C, 4.83%, 12/15/28, Callable 8/15/24 @ 100 (a) | 667,000 | 649,088 | ||||||
| Prestige Auto Receivables Trust, Series 2018-1A, Class D, 4.14%, 10/15/24, Callable 12/15/22 @ 100 (a) | 860,945 | 860,445 | ||||||
| PSNH Funding LLC, Series 2018-1, Class A1, 3.09%, 2/1/26 | 114,326 | 113,104 | ||||||
| Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class B, 5.28%, 5/15/32, Callable 11/15/24 @ 100 (a) | 1,023,625 | 1,004,448 | ||||||
| Santander Bank Auto Credit-Linked Notes, Series 2022-B, Class B, 5.72%, 8/16/32, Callable 9/15/24 @ 100 (a) | 1,000,000 | 1,001,451 | ||||||
| Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class C, 7.38%, 5/15/32, Callable 11/15/24 @ 100 (a) | 818,900 | 803,910 | ||||||
| Santander Drive Auto Receivables Trust, Series 2021-2, Class B, 0.59%, 9/15/25, Callable 2/15/23 @ 100 | 953,964 | 948,868 | ||||||
| Santander Drive Auto Receivables Trust, Series 2020-4, Class C, 1.01%, 1/15/26, Callable 6/15/23 @ 100 | 927,581 | 917,762 | ||||||
| Santander Retail Auto Lease Trust, Series 2020-B, Class C, 1.18%, 12/20/24, Callable 1/20/24 @ 100 (a) | 500,000 | 474,385 | ||||||
| SCF Equipment Leasing LLC, Series 2019-2A, Class A2, 2.47%, 4/20/26, Callable 2/20/23 @ 100 (a) | 441,040 | 435,269 | ||||||
| SCF Equipment Leasing LLC, Series 2020-1A, Class A3, 1.19%, 10/20/27, Callable 1/20/24 @ 100 (a) | 1,090,980 | 1,065,330 | ||||||
| United Auto Credit Securitization Trust, Series 2022-1, Class C, 2.61%, 6/10/27, Callable 11/10/23 @ 100 (a) | 1,000,000 | 963,342 | ||||||
| Vantage Data Centers LLC, Series 2020-1A, Class A2, 1.65%, 9/15/45, Callable 9/15/23 @ 100 (a) | 1,000,000 | 878,146 | ||||||
| VB-S1 Issuer LLC-VBTEL, Series 2022-1A, Class C2I, 3.16%, 2/15/52, Callable 2/15/26 @ 100 (a) | 1,000,000 | 878,460 | ||||||
| Westlake Automobile Receivables Trust, Series 2021-3A, Class D, 2.12%, 1/15/27, Callable 11/15/24 @ 100 (a) | 1,000,000 | 905,524 | ||||||
| Westlake Automobile Receivables Trust, Series 2019-2A, Class E, 4.02%, 4/15/25, Callable 5/15/23 @ 100 (a) | 1,000,000 | 992,054 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |
| VictoryShares USAA Core Short-Term Bond ETF | September 30, 2022 | |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Westlake Automobile Receivables Trust, Series 2022-1A, Class B, 2.75%, 3/15/27, Callable 4/15/24 @ 100 (a) | $ | 1,000,000 | $ | 967,475 | ||||
| Westlake Automobile Receivables Trust, Series 2022-2A, Class B, 4.31%, 9/15/27, Callable 2/15/25 @ 100 (a) | 800,000 | 780,880 | ||||||
| Wheels Fleet Lease Funding 1 LLC, Series 2022-1A, Class A, 2.47%, 10/18/36, Callable 9/18/24 @ 100 (a) | 1,000,000 | 976,183 | ||||||
| World Omni Select Auto Trust, Series 2020-A, Class A3, 0.55%, 7/15/25, Callable 4/15/23 @ 100 | 489,352 | 484,889 | ||||||
| World Omni Select Auto Trust, Series 2021-A, Class A3, 0.53%, 3/15/27, Callable 1/15/24 @ 100 | 2,000,000 | 1,940,547 | ||||||
| Total Asset-Backed Securities (Cost $100,214,103) | 96,013,308 | |||||||
| Collateralized Mortgage Obligations (7.1%) | ||||||||
| BBCMS Mortgage Trust, Series 2020-BID, Class A, 4.96% (LIBOR01M+214bps), 10/15/37 (a)(b) | 1,000,000 | 982,772 | ||||||
| BBCMS Mortgage Trust, Series 2020-BID, Class B, 5.36% (LIBOR01M+254bps), 10/15/37 (a)(b) | 1,750,000 | 1,711,061 | ||||||
| BPR Trust, Series 2021-TY, Class A, 3.87% (LIBOR01M+105bps), 9/15/38 (a)(b) | 1,000,000 | 950,264 | ||||||
| BPR Trust, Series 2021-TY, Class C, 4.52% (LIBOR01M+170bps), 9/15/38 (a)(b) | 1,000,000 | 937,662 | ||||||
| BX Commercial Mortgage Trust, Series 2019-XL, Class D, 4.27% (LIBOR01M+145bps), 10/15/36 (a)(b) | 2,465,000 | 2,410,852 | ||||||
| BX Trust, Series 2022-LBA6, Class C, 4.45% (TSFR1M+160bps), 1/15/39 (a)(b) | 1,000,000 | 935,987 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2013-GC11, Class A3, 2.82%, 4/10/46, Callable 4/10/23 @ 100 | 771,097 | 766,250 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class B, 4.38%, 1/10/36 (a) | 500,000 | 485,454 | ||||||
| COMM Mortgage Trust, Series 2015-PC1, Class AM, 4.29%, 7/10/50, Callable 6/10/25 @ 100 (c) | 1,500,000 | 1,434,807 | ||||||
| COMM Mortgage Trust, Series 2014-277P, Class A, 3.73%, 8/10/49, Callable 8/10/24 @ 100 (a)(c) | 2,000,000 | 1,891,366 | ||||||
| Houston Galleria Mall Trust, Series 2015-HGLR, Class A1A2, 3.09%, 3/5/37 (a) | 1,000,000 | 925,354 | ||||||
| Hudson Yards Mortgage Trust, Series 2016-10HY, Class A, 2.84%, 8/10/38, Callable 8/10/26 @ 100 (a) | 1,000,000 | 895,947 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class C, 4.21%, 1/15/46, Callable 7/15/23 @ 100 (c) | 1,000,000 | 977,688 | ||||||
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class A5, 3.14%, 12/15/47, Callable 3/15/23 @ 100 | 611,818 | 607,700 | ||||||
| KNDL Mortgage Trust, Series 2019-KNSQ, Class B, 3.77% (LIBOR01M+95bps), 5/15/36 (a)(b) | 500,000 | 492,763 | ||||||
| KNDL Mortgage Trust, Series 2019-KNSQ, Class C, 3.87% (LIBOR01M+105bps), 5/15/36 (a)(b) | 1,175,000 | 1,153,389 | ||||||
| Morgan Stanley Capital I Trust, Series 2017-CLS, Class F, 5.42% (LIBOR01M+260bps), 11/15/34 (a)(b) | 1,000,000 | 993,260 | ||||||
| Palmer Square Loan Funding Ltd., Series 2020-1A, Class A1, 3.78% (LIBOR03M+80bps), 2/20/28, Callable 11/20/22 @ 100 (a)(b) | 156,423 | 154,558 | ||||||
| SMRT, Series 2022-MINI, Class B, 4.20% (TSFR1M+135bps), 1/15/39 (a)(b) | 1,000,000 | 957,367 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |
| VictoryShares USAA Core Short-Term Bond ETF | September 30, 2022 | |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| SREIT Trust, Series 2021-MFP2, Class B, 3.99% (LIBOR01M+117bps), 11/15/36 (a)(b) | $ | 1,000,000 | $ | 949,954 | ||||
| Stratus CLO Ltd., Series 2021-3A, Class A, 3.66% (LIBOR03M+95bps), 12/29/29, Callable 1/20/23 @ 100 (a)(b) | 940,711 | 918,142 | ||||||
| Stratus CLO Ltd., Series 2021-3A, Class B, 4.26% (LIBOR03M+155bps), 12/29/29, Callable 1/20/23 @ 100 (a)(b) | 821,000 | 777,062 | ||||||
| STREIT Trust, Series 2021-MFP2, Class A, 3.64% (LIBOR01M+82bps), 11/15/36 (a)(b) | 1,000,000 | 967,390 | ||||||
| WFRBS Commercial Mortgage Trust, Series 2013-C12, Class B, 3.86%, 3/15/48, Callable 3/15/23 @ 100 (c) | 2,000,000 | 1,976,271 | ||||||
| Total Collateralized Mortgage Obligations (Cost $26,210,779) | 25,253,320 | |||||||
| Convertible Corporate Bonds (0.1%) | ||||||||
| Information Technology (0.1%): | ||||||||
| Western Digital Corp., 1.50%, 2/1/24 | 500,000 | 475,745 | ||||||
| Total Convertible Corporate Bonds (Cost $476,736) | 475,745 | |||||||
| Senior Secured Loans (0.9%) | ||||||||
| Clean Harbors, Inc., Initial Term Loan, First Lien, 4.27% (LIBOR01M+175bps), 6/30/24 (b) | 492,208 | 489,747 | ||||||
| Genpact International, Inc., Term Loan, First Lien, 3.90% (LIBOR01M+138bps), 8/9/23 (b) | 2,820,896 | 2,799,739 | ||||||
| Total Senior Secured Loans (Cost $3,314,821) | 3,289,486 | |||||||
| Corporate Bonds (41.7%) | ||||||||
| Communication Services (1.8%): | ||||||||
| AT&T, Inc., 11/27/22, (Put Date 5/27/22)(a)(e)(f) | 1,000,000 | 993,930 | ||||||
| Magallanes, Inc., 3.64%, 3/15/25(a) | 1,000,000 | 947,080 | ||||||
| Sprint Corp., 7.88%, 9/15/23 | 2,000,000 | 2,027,920 | ||||||
| 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) | 380,000 | 374,786 | ||||||
| TEGNA, Inc., 4.75%, 3/15/26, Callable 3/15/23 @ 102.38(a) | 2,000,000 | 1,931,400 | ||||||
| 6,275,116 | ||||||||
| Consumer Discretionary (3.6%): | ||||||||
| Association of American Medical Colleges, 2.12%, 10/1/24 | 750,000 | 700,135 | ||||||
| BMW US Capital LLC, 3.25%, 4/1/25(a) | 1,000,000 | 959,450 | ||||||
| Expedia Group, Inc., 6.25%, 5/1/25, Callable 2/1/25 @ 100(a) | 1,000,000 | 1,006,110 | ||||||
| Genting New York LLC/GENNY Capital, Inc., 3.30%, 2/15/26, Callable 1/15/26 @ 100(a) | 500,000 | 439,185 | ||||||
| Howard University, 2.74%, 10/1/22 | 500,000 | 500,000 | ||||||
| Lithia Motors, Inc., 4.63%, 12/15/27, Callable 12/15/22 @ 103.47(a) | 2,000,000 | 1,743,820 | ||||||
| MGM Resorts International, 6.00%, 3/15/23 | 1,000,000 | 999,290 | ||||||
| Murphy Oil USA, Inc., 5.63%, 5/1/27, Callable 11/14/22 @ 102.81 | 1,500,000 | 1,438,920 | ||||||
| Newell Brands, Inc. | ||||||||
| 4.10%, 4/1/23 | 1,000,000 | 1,000,560 | ||||||
| 4.45%, 4/1/26, Callable 1/1/26 @ 100 | 1,500,000 | 1,380,045 | ||||||
| Nordstrom, Inc., 2.30%, 4/8/24, Callable 10/27/22 @ 100 | 1,500,000 | 1,399,215 | ||||||
| QVC, Inc., 4.45%, 2/15/25, Callable 11/15/24 @ 100 | 617,000 | 527,628 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |
| VictoryShares USAA Core Short-Term Bond ETF | September 30, 2022 | |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Toll Brothers Finance Corp., 4.38%, 4/15/23, Callable 1/15/23 @ 100 | $ | 750,000 | $ | 746,557 | ||||
| 12,840,915 | ||||||||
| Consumer Staples (1.0%): | ||||||||
| Central Garden & Pet Co., 5.13%, 2/1/28, Callable 1/1/23 @ 102.56 | 1,000,000 | 902,820 | ||||||
| Darling Ingredients, Inc., 5.25%, 4/15/27, Callable 10/24/22 @ 102.63(a) | 2,500,000 | 2,363,775 | ||||||
| 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 | 333,062 | ||||||
| 3,599,657 | ||||||||
| Energy (6.5%): | ||||||||
| Buckeye Partners LP, 4.15%, 7/1/23, Callable 4/1/23 @ 100 | 500,000 | 493,335 | ||||||
| DCP Midstream LP, 7.37% (LIBOR03M+515bps), Callable 12/15/22 @ 100(b)(g) | 1,000,000 | 987,860 | ||||||
| DCP Midstream Operating LP, 3.88%, 3/15/23, Callable 12/15/22 @ 100 | 1,000,000 | 989,890 | ||||||
| Energy Transfer LP, 4.90%, 2/1/24, Callable 11/1/23 @ 100 | 1,715,000 | 1,705,053 | ||||||
| EQM Midstream Partners LP, 4.00%, 8/1/24, Callable 5/1/24 @ 100 | 324,000 | 302,943 | ||||||
| Gray Oak Pipeline LLC, 2.00%, 9/15/23(a) | 833,000 | 804,470 | ||||||
| Hess Midstream Operations LP, 5.63%, 2/15/26, Callable 11/14/22 @ 102.81(a) | 3,000,000 | 2,847,630 | ||||||
| HollyFrontier Corp. | ||||||||
| 2.63%, 10/1/23 | 1,000,000 | 957,240 | ||||||
| 5.88%, 4/1/26, Callable 1/1/26 @ 100 | 1,881,000 | 1,838,170 | ||||||
| Midwest Connector Capital Co. LLC, 3.90%, 4/1/24, Callable 3/1/24 @ 100(a) | 2,500,000 | 2,413,375 | ||||||
| Murphy Oil Corp., 5.88%, 12/1/27, Callable 12/1/22 @ 102.94 | 2,690,000 | 2,518,405 | ||||||
| Parsley Energy LLC/Parsley Finance Corp., 4.13%, 2/15/28, Callable 2/15/23 @ 102.06(a) | 2,000,000 | 1,882,400 | ||||||
| SM Energy Co., 5.63%, 6/1/25, Callable 11/14/22 @ 100.94 | 1,000,000 | 961,410 | ||||||
| Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.50%, 7/15/27, Callable 11/14/22 @ 104.88 | 1,000,000 | 993,000 | ||||||
| USX Corp., 8.13%, 7/15/23 | 400,000 | 408,380 | ||||||
| Western Midstream Operating LP | ||||||||
| 3.56% (LIBOR03M+185bps), 1/13/23 (b) | 500,000 | 496,245 | ||||||
| 3.35%, 2/1/25, Callable 1/1/25 @ 100 | 2,000,000 | 1,861,560 | ||||||
| WPX Energy, Inc., 8.25%, 8/1/23, Callable 6/1/23 @ 100 | 500,000 | 505,605 | ||||||
| 22,966,971 | ||||||||
| Financials (15.8%): | ||||||||
| Aflac, Inc., 3.63%, 11/15/24 | 500,000 | 500,000 | ||||||
| AmTrust Financial Services, Inc., 6.13%, 8/15/23 | 1,500,000 | 1,461,420 | ||||||
| Antares Holdings LP, 6.00%, 8/15/23, Callable 7/15/23 @ 100(a) | 1,043,000 | 1,032,226 | ||||||
| Ares Capital Corp., 3.25%, 7/15/25, Callable 6/15/25 @ 100 | 750,000 | 685,425 | ||||||
| Athene Global Funding | ||||||||
| 2.80%, 5/26/23 (a) | 750,000 | 738,630 | ||||||
| 1.20%, 10/13/23 (a) | 500,000 | 478,845 | ||||||
| 1.72%, 1/7/25 (a) | 2,000,000 | 1,824,960 | ||||||
| Aviation Capital Group LLC, 5.50%, 12/15/24, Callable 11/15/24 @ 100(a) | 1,000,000 | 967,800 | ||||||
| Blackstone Private Credit Fund | ||||||||
| 1.75%, 9/15/24 (a) | 1,000,000 | 911,310 | ||||||
| 2.35%, 11/22/24 (a) | 1,000,000 | 912,160 | ||||||
| Cadence Bancorp, 4.75% (LIBOR03M+303bps), 6/30/29, Callable 6/30/24 @ 100(b) | 1,832,000 | 1,787,904 | ||||||
| DAE Funding LLC, 1.55%, 8/1/24, Callable 7/1/24 @ 100(a) | 250,000 | 228,485 | ||||||
| Entergy Texas Restoration Funding II LLC, 3.05%, 12/15/27 | 667,000 | 636,905 | ||||||
| F&G Global Funding, 5.15%, 7/7/25(a) | 1,000,000 | 975,000 | ||||||
| First American Financial Corp., 4.30%, 2/1/23 | 2,800,000 | 2,790,228 | ||||||
| First Citizens BancShares, Inc., 3.37% (SOFR+247bps), 3/15/30, Callable 3/15/25 @ 100(b) | 1,000,000 | 936,220 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |
| VictoryShares USAA Core Short-Term Bond ETF | September 30, 2022 | |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| First Financial Bancorp, 5.13%, 8/25/25 | $ | 1,000,000 | $ | 925,310 | ||||
| FNB Corp. | ||||||||
| 2.20%, 2/24/23, Callable 1/24/23 @ 100 | 2,376,000 | 2,342,807 | ||||||
| 5.15%, 8/25/25, Callable 7/25/25 @ 100 | 1,000,000 | 986,290 | ||||||
| Ford Motor Credit Co. LLC | ||||||||
| 2.30%, 2/10/25, Callable 1/10/25 @ 100 | 2,000,000 | 1,784,340 | ||||||
| 3.38%, 11/13/25, Callable 10/13/25 @ 100 | 1,000,000 | 884,620 | ||||||
| FS KKR Capital Corp. | ||||||||
| 1.65%, 10/12/24 | 1,024,000 | 934,728 | ||||||
| 4.25%, 2/14/25, Callable 1/14/25 @ 100 (a) | 1,400,000 | 1,306,200 | ||||||
| Fulton Financial Corp., 3.25% (SOFR+230bps), 3/15/30, Callable 3/15/25 @ 100(b) | 1,000,000 | 909,470 | ||||||
| GA Global Funding Trust, 1.63%, 1/15/26(a) | 500,000 | 438,660 | ||||||
| JPMorgan Chase Co., 5.60% (LIBOR03M+332bps)(b)(g) | 1,000,000 | 1,000,000 | ||||||
| Main Street Capital Corp. | ||||||||
| 5.20%, 5/1/24 | 2,400,000 | 2,363,544 | ||||||
| 3.00%, 7/14/26, Callable 6/14/26 @ 100 | 500,000 | 420,785 | ||||||
| Morgan Stanley, 0.79% (SOFR+53bps), 5/30/25, Callable 5/30/24 @ 100(b) | 2,000,000 | 1,841,180 | ||||||
| OneMain Finance Corp., 8.25%, 10/1/23 | 500,000 | 506,900 | ||||||
| OWL Rock Core Income Corp., 5.50%, 3/21/25(a) | 1,000,000 | 942,830 | ||||||
| People's United Bank NA, 4.00%, 7/15/24, Callable 4/16/24 @ 100 | 1,000,000 | 984,230 | ||||||
| ProAssurance Corp., 5.30%, 11/15/23 | 1,000,000 | 995,210 | ||||||
| Prudential Financial, Inc., 5.62% (LIBOR03M+392bps), 6/15/43, Callable 6/15/23 @ 100(b) | 1,500,000 | 1,474,875 | ||||||
| Radian Group, Inc., 4.50%, 10/1/24, Callable 7/1/24 @ 100 | 2,503,000 | 2,367,613 | ||||||
| Regions Financial Corp., 5.75% (H15T5Y+543bps), Callable 6/15/25 @ 100(b)(g) | 1,000,000 | 983,830 | ||||||
| Reliance Standard Life Global Funding II, 2.75%, 5/7/25(a) | 750,000 | 699,075 | ||||||
| Santander Holdings USA, Inc., 3.40%, 1/18/23, Callable 12/18/22 @ 100 | 250,000 | 249,082 | ||||||
| SCE Recovery Funding LLC, 0.86%, 11/15/31 | 1,828,723 | 1,534,628 | ||||||
| Synchrony Bank, 5.40%, 8/22/25, Callable 7/22/25 @ 100 | 1,000,000 | 974,990 | ||||||
| Synchrony Financial, 4.88%, 6/13/25, Callable 5/13/25 @ 100 | 1,000,000 | 965,890 | ||||||
| Synovus Financial Corp., 5.90% (USSW5+338bps), 2/7/29, Callable 2/7/24 @ 100(b) | 1,500,000 | 1,477,080 | ||||||
| Texas Capital Bancshares, Inc., 4.00% (H15T5Y+315bps), 5/6/31, Callable 5/6/26 @ 100(b) | 1,000,000 | 861,680 | ||||||
| The Huntington National Bank, 5.50% (LIBOR03M+509bps), 5/6/30, Callable 5/6/25 @ 100(b) | 2,000,000 | 1,986,300 | ||||||
| The Prudential Insurance Co. of America, 8.30%, 7/1/25(a) | 1,000,000 | 1,068,450 | ||||||
| TIAA FSB Holdings, Inc. | ||||||||
| 5.75%, 7/2/25, Callable 6/2/25 @ 100 | 1,000,000 | 972,080 | ||||||
| 8.00% (LIBOR03M+470bps), 3/15/26, Callable 11/14/22 @ 100 (b) | 750,000 | 749,280 | ||||||
| UMB Financial Corp., 3.70% (H15T5Y+344bps), 9/17/30, Callable 9/17/25 @ 100(b) | 1,000,000 | 933,220 | ||||||
| Webster Financial Corp., 4.38%, 2/15/24, Callable 1/16/24 @ 100 | 2,550,000 | 2,497,189 | ||||||
| 56,229,884 | ||||||||
| Health Care (1.1%): | ||||||||
| Astrazeneca Finance LLC, 0.70%, 5/28/24, Callable 11/14/22 @ 100 | 1,000,000 | 937,570 | ||||||
| HCA, Inc., 7.50%, 12/15/23 | 1,000,000 | 1,025,610 | ||||||
| Hikma Finance USA LLC, 3.25%, 7/9/25 | 2,000,000 | 1,860,000 | ||||||
| 3,823,180 | ||||||||
| Industrials (4.0%): | ||||||||
| Air Lease Corp., 2.25%, 1/15/23 | 250,000 | 248,150 | ||||||
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(a) | 1,000,000 | 939,760 | ||||||
| Ashtead Capital, Inc., 4.38%, 8/15/27, Callable 10/27/22 @ 102.19(a) | 3,435,000 | 3,145,773 | ||||||
| Daimler Trucks Finance North America LLC, 1.63%, 12/13/24(a) | 2,000,000 | 1,844,720 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |
| VictoryShares USAA Core Short-Term Bond ETF | September 30, 2022 | |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Delta Air Lines Pass Through Trust, 2.00%, 6/10/28 | $ | 880,412 | $ | 752,118 | ||||
| EnerSys, 5.00%, 4/30/23, Callable 1/30/23 @ 100(a) | 908,000 | 904,541 | ||||||
| Hillenbrand, Inc., 5.75%, 6/15/25, Callable 11/14/22 @ 102.88 | 1,000,000 | 984,170 | ||||||
| Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27, Callable 6/30/23 @ 103.25(a) | 950,000 | 930,477 | ||||||
| Spirit Airlines Pass Through Trust, 4.45%, 4/1/24 | 859,159 | 802,489 | ||||||
| The Nature Conservancy, 0.63%, 7/1/24 | 650,000 | 605,306 | ||||||
| TransDigm, Inc., 8.00%, 12/15/25, Callable 11/14/22 @ 104(a) | 2,000,000 | 2,029,020 | ||||||
| U.S. Airways Pass Through Trust, 3.95%, 11/15/25 | 307,661 | 270,951 | ||||||
| United Airlines Pass Through Trust | ||||||||
| 4.15%, 4/11/24 | 557,032 | 527,347 | ||||||
| 4.88%, 1/15/26 | 273,028 | 251,262 | ||||||
| 14,236,084 | ||||||||
| Information Technology (0.4%): | ||||||||
| Qorvo, Inc., 1.75%, 12/15/24, Callable 12/15/22 @ 100(a) | 1,675,000 | 1,535,975 | ||||||
| Materials (3.2%): | ||||||||
| Bayport Polymers LLC, 4.74%, 4/14/27, Callable 3/14/27 @ 100(a) | 1,000,000 | 928,290 | ||||||
| Berry Global, Inc., 4.88%, 7/15/26, Callable 11/14/22 @ 102.44(a) | 3,150,000 | 2,960,622 | ||||||
| Celanese US Holdings LLC, 5.90%, 7/5/24 | 1,000,000 | 986,610 | ||||||
| Commercial Metals Co., 4.88%, 5/15/23, Callable 2/15/23 @ 100 | 1,625,000 | 1,617,184 | ||||||
| Freeport-McMoRan, Inc., 5.00%, 9/1/27, Callable 11/14/22 @ 102.5 | 3,000,000 | 2,909,130 | ||||||
| Sealed Air Corp., 5.25%, 4/1/23, Callable 1/1/23 @ 100(a) | 1,000,000 | 994,620 | ||||||
| Southern Copper Corp., 3.50%, 11/8/22 | 1,000,000 | 996,480 | ||||||
| 11,392,936 | ||||||||
| Real Estate (3.8%): | ||||||||
| Alexander Funding Trust, 1.84%, 11/15/23(a) | 2,000,000 | 1,884,300 | ||||||
| Brandywine Operating Partnership LP, 3.95%, 2/15/23, Callable 11/15/22 @ 100 | 500,000 | 497,545 | ||||||
| Host Hotels & Resorts LP, 4.50%, 2/1/26, Callable 11/1/25 @ 100 | 1,044,000 | 997,198 | ||||||
| Jones Lang LaSalle, Inc., 4.40%, 11/15/22 | 1,000,000 | 1,000,000 | ||||||
| LXP Industrial Trust, 4.40%, 6/15/24, Callable 3/15/24 @ 100(h) | 1,000,000 | 977,070 | ||||||
| MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27, Callable 11/14/22 @ 102.5 | 2,500,000 | 2,159,300 | ||||||
| Newmark Group, Inc., 6.13%, 11/15/23, Callable 10/15/23 @ 100 | 800,000 | 790,504 | ||||||
| Omega Healthcare Investors, Inc., 4.38%, 8/1/23, Callable 6/1/23 @ 100 | 2,418,000 | 2,395,464 | ||||||
| SBA Tower Trust, 2.84%, 1/15/25, Callable 1/15/24 @ 100(a) | 750,000 | 701,655 | ||||||
| VICI Properties LP/VICI Note Co., Inc., 3.50%, 2/15/25, Callable 11/14/22 @ 101.75(a) | 864,000 | 798,621 | ||||||
| Vornado Realty LP, 2.15%, 6/1/26, Callable 5/1/26 @ 100 | 1,500,000 | 1,268,850 | ||||||
| 13,470,507 | ||||||||
| Utilities (0.5%): | ||||||||
| Calpine Corp., 5.25%, 6/1/26, Callable 11/14/22 @ 101.75(a) | 802,000 | 755,981 | ||||||
| CenterPoint Energy Resources Corp., 0.70%, 3/2/23, Callable 11/14/22 @ 100 | 1,000,000 | 982,600 | ||||||
| 1,738,581 | ||||||||
| Total Corporate Bonds (Cost $157,606,014) | 148,109,806 | |||||||
| Yankee Dollars (9.9%) | ||||||||
| Communication Services (0.8%): | ||||||||
| Bharti Airtel International Netherlands BV, 5.35%, 5/20/24(a) | 1,000,000 | 996,910 | ||||||
| Telefonica Chile SA, 3.88%, 10/12/22(a) | 1,000,000 | 994,490 | ||||||
| Videotron Ltd., 5.38%, 6/15/24, Callable 3/15/24 @ 100(a) | 812,000 | 797,465 | ||||||
| 2,788,865 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |
| VictoryShares USAA Core Short-Term Bond ETF | September 30, 2022 | |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Consumer Staples (0.4%): | ||||||||
| Imperial Brands Finance PLC, 3.13%, 7/26/24, Callable 6/26/24 @ 100(a) | $ | 948,000 | $ | 905,008 | ||||
| Leviathan Bond Ltd., 5.75%, 6/30/23, Callable 3/30/23 @ 100(a) | 500,000 | 492,500 | ||||||
| 1,397,508 | ||||||||
| Energy (1.1%): | ||||||||
| BP Capital Markets PLC, 4.38% (H15T5Y+404bps), Callable 6/22/25 @ 100(b)(g) | 1,500,000 | 1,378,620 | ||||||
| Galaxy Pipeline Assets Bidco Ltd., 1.75%, 9/30/27(a) | 446,010 | 407,885 | ||||||
| Harbour Energy PLC, 5.50%, 10/15/26, Callable 10/15/23 @ 102.75(a) | 1,500,000 | 1,367,370 | ||||||
| Var Energi ASA, 5.00%, 5/18/27, Callable 4/18/27 @ 100(a) | 1,000,000 | 949,750 | ||||||
| 4,103,625 | ||||||||
| Financials (4.6%): | ||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.15%, 2/15/24, Callable 1/15/24 @ 100 | 1,000,000 | 960,350 | ||||||
| Avolon Holdings Funding Ltd., 2.13%, 2/21/26, Callable 1/21/26 @ 100(a) | 750,000 | 631,838 | ||||||
| Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, 5.38%, 4/17/25(a) | 3,000,000 | 2,919,330 | ||||||
| Barclays Bank PLC, 7.63%, 11/21/22 | 2,000,000 | 1,995,440 | ||||||
| BAT International Finance PLC, 1.67%, 3/25/26, Callable 2/25/26 @ 100 | 1,000,000 | 863,810 | ||||||
| Element Fleet Management Corp., 1.60%, 4/6/24, Callable 3/6/24 @ 100(a) | 400,000 | 375,976 | ||||||
| Federation des Caisses Desjardins du Quebec, 4.40%, 8/23/25(a) | 1,000,000 | 967,080 | ||||||
| Nippon Life Insurance Co., 5.00% (LIBOR03M+424bps), 10/18/42, Callable 10/18/22 @ 100(a)(b) | 1,500,000 | 1,498,815 | ||||||
| Ontario Teachers' Finance Trust, 0.38%, 9/29/23(a) | 1,000,000 | 961,210 | ||||||
| ORIX Corp., 5.00%, 9/13/27 | 1,000,000 | 972,190 | ||||||
| Phoenix Group Holdings PLC, 5.38%, 7/6/27, MTN | 2,100,000 | 1,879,500 | ||||||
| SA Global Sukuk Ltd., 0.95%, 6/17/24, Callable 5/17/24 @ 100(a) | 416,000 | 388,153 | ||||||
| Santander UK Group Holdings PLC, 3.37% (LIBOR03M+108bps), 1/5/24, Callable 1/5/23 @ 100(b) | 250,000 | 248,477 | ||||||
| Standard Chartered PLC, 1.32% (H15T1Y+117bps), 10/14/23, Callable 10/14/22 @ 100(a)(b) | 835,000 | 833,898 | ||||||
| VEON Holdings BV, 5.95%, 2/13/23 | 1,000,000 | 805,634 | ||||||
| 16,301,701 | ||||||||
| Industrials (0.7%): | ||||||||
| Air Canada Pass Through Trust | ||||||||
| 5.00%, 12/15/23 (a) | 219,999 | 216,422 | ||||||
| 4.13%, 5/15/25 (a) | 893,086 | 782,451 | ||||||
| Aircastle Ltd., 4.25%, 6/15/26, Callable 4/15/26 @ 100 | 500,000 | 448,385 | ||||||
| The Weir Group PLC, 2.20%, 5/13/26, Callable 4/13/26 @ 100(a) | 1,455,000 | 1,224,077 | ||||||
| 2,671,335 | ||||||||
| Materials (1.9%): | ||||||||
| Alcoa Nederland Holding BV, 5.50%, 12/15/27, Callable 6/15/23 @ 102.75(a)(h) | 1,613,000 | 1,503,397 | ||||||
| OCI NV, 4.63%, 10/15/25, Callable 11/11/22 @ 102.31(a) | 2,000,000 | 1,857,600 | ||||||
| POSCO, 4.38%, 8/4/25(a) | 1,000,000 | 968,970 | ||||||
| Syngenta Finance NV, 4.89%, 4/24/25, Callable 2/24/25 @ 100(a) | 1,500,000 | 1,455,915 | ||||||
| West Fraser Timber Co. Ltd., 4.35%, 10/15/24, Callable 7/15/24 @ 100(a) | 1,000,000 | 970,960 | ||||||
| 6,756,842 | ||||||||
| Utilities (0.4%): | ||||||||
| TransAlta Corp., 4.50%, 11/15/22, Callable 11/14/22 @ 100 | 1,300,000 | 1,299,818 | ||||||
| Total Yankee Dollars (Cost $37,943,671) | 35,319,694 | |||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |
| VictoryShares USAA Core Short-Term Bond ETF | September 30, 2022 | |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Municipal Bonds (7.5%) | ||||||||
| California (1.3%): | ||||||||
| California Municipal Finance Authority Revenue | ||||||||
| 0.93%, 2/1/23 | $ | 1,000,000 | $ | 988,991 | ||||
| 1.36%, 2/1/24 | 495,000 | 472,503 | ||||||
| California Statewide Communities Development Authority Revenue, 2.15%, 11/15/30, Continuously Callable @100 | 1,155,000 | 943,112 | ||||||
| California Statewide Communities Development Authority Revenue (NBGA - California Health Insurance Construction Loan Insurance Program), 2.05%, 8/1/30 | 1,385,000 | 1,216,191 | ||||||
| City of Gardena Revenue, 1.30%, 4/1/23 | 565,000 | 555,816 | ||||||
| Placentia Public Financing Authority Revenue, Series A, 1.93%, 6/1/23 | 300,000 | 294,694 | ||||||
| 4,471,307 | ||||||||
| Colorado (0.7%): | ||||||||
| Colorado Health Facilities Authority Revenue | ||||||||
| Series B, 2.24%, 11/1/22 | 750,000 | 749,094 | ||||||
| Series B, 2.80%, 12/1/26 | 500,000 | 468,576 | ||||||
| Denver City & County Housing Authority Revenue, 1.33%, 6/1/24, Continuously Callable @100 | 750,000 | 705,022 | ||||||
| Park Creek Metropolitan District Revenue, Series B, 2.43%, 12/1/23 | 700,000 | 682,473 | ||||||
| 2,605,165 | ||||||||
| Florida (0.3%): | ||||||||
| Hillsborough County IDA Revenue, 2.16%, 8/1/25 | 1,250,000 | 1,165,833 | ||||||
| Hawaii (0.1%): | ||||||||
| State of Hawaii Airports System Revenue, Series B, 0.90%, 7/1/23 | 300,000 | 292,464 | ||||||
| Illinois (0.8%): | ||||||||
| Chicago O'Hare International Airport Revenue, Series D, 0.96%, 1/1/23 | 165,000 | 163,918 | ||||||
| Sales Tax Securitization Corp. Revenue, 0.79%, 1/1/23 | 1,750,000 | 1,737,116 | ||||||
| State of Illinois Sales Tax Revenue, Series B, 0.94%, 6/15/24 | 1,000,000 | 929,718 | ||||||
| 2,830,752 | ||||||||
| Indiana (0.3%): | ||||||||
| Indiana Finance Authority Revenue | ||||||||
| 0.96%, 3/1/24 | 450,000 | 426,359 | ||||||
| 1.41%, 3/1/25 | 570,000 | 523,247 | ||||||
| 949,606 | ||||||||
| Maine (0.1%): | ||||||||
| Maine State Housing Authority Revenue, Series H, 1.70%, 11/15/26 | 600,000 | 529,951 | ||||||
| Maryland (0.5%): | ||||||||
| Maryland Health & Higher Educational Facilities Authority Revenue | ||||||||
| 1.81%, 1/1/25 | 1,000,000 | 918,594 | ||||||
| 1.89%, 1/1/26 | 1,000,000 | 886,038 | ||||||
| 1,804,632 | ||||||||
| Michigan (0.3%): | ||||||||
| Michigan Finance Authority Revenue | ||||||||
| 2.21%, 12/1/23 | 185,000 | 180,296 | ||||||
| 2.31%, 12/1/24 | 105,000 | 100,037 | ||||||
| Series A-1, 2.33%, 6/1/30 | 497,786 | 465,505 | ||||||
| Ypsilanti School District, GO, 1.89%, 5/1/24 | 510,000 | 484,632 | ||||||
| 1,230,470 | ||||||||
| Nebraska (0.2%): | ||||||||
| Papio-Missouri River Natural Resource District Special Tax, 2.09%, 12/15/24, Continuously Callable @100 | 630,000 | 604,291 | ||||||
| New Jersey (0.5%): | ||||||||
| South Jersey Transportation Authority Revenue | ||||||||
| Series B, 2.10%, 11/1/24 | 750,000 | 697,164 | ||||||
| Series B, 2.20%, 11/1/25 | 750,000 | 674,631 | ||||||
| South Jersey Transportation Authority System Revenue, Series B, 3.02%, 11/1/25 | 425,000 | 392,032 | ||||||
| 1,763,827 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |
| VictoryShares USAA Core Short-Term Bond ETF | September 30, 2022 | |
| (Unaudited) |
| Security Description | Shares
or Principal Amount | Value | ||||||
| New York (0.1%): | ||||||||
| New York City Housing Development Corp. Revenue, 2.32%, 1/1/23 | $ | 240,000 | $ | 239,234 | ||||
| Oklahoma (0.2%): | ||||||||
| Oklahoma Turnpike Authority Revenue, Series B, 0.63%, 1/1/23 | 560,000 | 555,591 | ||||||
| The University of Oklahoma Revenue, Series B, 0.93%, 7/1/24 | 350,000 | 329,227 | ||||||
| 884,818 | ||||||||
| Pennsylvania (0.1%): | ||||||||
| State Public School Building Authority Revenue, 2.75%, 4/1/25 | 500,000 | 471,994 | ||||||
| Rhode Island (0.2%): | ||||||||
| Providence Redevelopment Agency Revenue, Series A, 2.50%, 3/15/26 | 805,000 | 756,460 | ||||||
| Tennessee (0.2%): | ||||||||
| Metropolitan Government Nashville & Davidson County Sports Authority Revenue, 1.03%, 8/1/24 | 600,000 | 559,760 | ||||||
| Texas (1.2%): | ||||||||
| Aledo Independent School District, GO (NBGA - Texas Permanent School Fund), 2/15/24 (f) | 250,000 | 235,878 | ||||||
| Harris County Cultural Education Facilities Finance Corp. Revenue | ||||||||
| 1.59%, 11/15/23 | 675,000 | 652,294 | ||||||
| 1.84%, 11/15/24 | 500,000 | 469,219 | ||||||
| Series B, 2.30%, 5/15/24 | 600,000 | 577,144 | ||||||
| Lubbock Texas Water & Wastewater System Revenue, Series B, 1.93%, 2/15/24 | 750,000 | 723,823 | ||||||
| State of Texas, GO, 3.11%, 10/1/23 | 500,000 | 494,631 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp. Revenue | ||||||||
| 1.07%, 9/1/23 | 525,000 | 508,239 | ||||||
| 1.36%, 9/1/24 | 700,000 | 655,291 | ||||||
| 4,316,519 | ||||||||
| Virginia (0.4%): | ||||||||
| Virginia Small Business Financing Authority Revenue, 2.25%, 7/1/50, (Put Date 12/29/22) (a)(e) | 1,250,000 | 1,245,486 | ||||||
| Total Municipal Bonds (Cost $28,340,554) | 26,722,569 | |||||||
| U.S. Treasury Obligations (0.3%) | ||||||||
| U.S. Treasury Notes, 3.00%, 7/31/24 | 1,000,000 | 977,734 | ||||||
| Total U.S. Treasury Obligations (Cost $995,493) | 977,734 | |||||||
| Commercial Papers (3.1%)(d) | ||||||||
| Jabil, Inc., 3.82%, 10/4/22 (a) | 2,000,000 | 1,999,151 | ||||||
| Jabil, Inc., 3.86%, 10/11/22 (a) | 1,000,000 | 998,822 | ||||||
| Quanta Services, Inc., 3.66%, 10/4/22 (a) | 900,000 | 899,634 | ||||||
| Quanta Services, Inc., 3.68%, 10/7/22 (a) | 2,500,000 | 2,498,211 | ||||||
| Targa Resources Corp., 3.04%, 10/5/22 (a) | 2,400,000 | 2,398,988 | ||||||
| Viatris, Inc., 3.62%, 10/3/22 (a) | 2,000,000 | 1,999,398 | ||||||
| Total Commercial Papers (Cost $10,794,955) | 10,794,204 | |||||||
| Collateral for Securities Loaned (0.1%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (i) | 8,601 | 8,601 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (i) | 5,790 | 5,790 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (i) | 4,293 | 4,293 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (i) | 195,437 | 195,437 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (i) | 8,570 | 8,570 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |
| VictoryShares USAA Core Short-Term Bond ETF | September 30, 2022 | |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (i) | 23,272 | $ | 23,272 | |||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (i) | 153,893 | 153,893 | ||||||
| Total Collateral for Securities Loaned (Cost $399,856) | 399,856 | |||||||
| Total Investments (Cost $366,296,982) — 97.7% | 347,355,722 | |||||||
| Other assets in excess of liabilities — 2.3% | 8,214,265 | |||||||
| NET ASSETS - 100.00% | $ | 355,569,987 | ||||||
| ^ | 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 September 30, 2022, the fair value of these securities was $183,643,430 and amounted to 51.6% of net assets. |
| (b) | Variable or Floating-Rate Security. Rate disclosed is as of September 30, 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 September 30, 2022. |
| (d) | Rate represents the effective yield at September 30, 2022. |
| (e) | Put Bond. |
| (f) | Zero-coupon bond. |
| (g) | Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future. |
| (h) | All or a portion of this security is on loan. |
| (i) | Rate disclosed is the daily yield on September 30, 2022. |
| bps—Basis points |
| GO—General Obligation |
| H15T1Y—1 Year Treasury Constant Maturity Rate, rate disclosed as of September 30, 2022. |
| H15T5Y—5 Year Treasury Constant Maturity Rate, rate disclosed as of September 30, 2022. |
| IDA—Industrial Development Authority |
| LIBOR—London Interbank Offered Rate |
| LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of September 30, 2022, based on the last reset date of the security. |
| LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of September 30, 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 September 30, 2022. |
| USSW5—USD 5 Year Swap Rate, rate disclosed as of September 30, 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. | |
| Victory Portfolios II | Schedule of Portfolio Investments |
| VictoryShares USAA Core Intermediate-Term Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Asset-Backed Securities (9.3%) | ||||||||
| Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, 1.94%, 8/15/46, Callable 8/15/24 @ 100 (a) | $ | 1,500,000 | $ | 1,288,402 | ||||
| American Credit Acceptance Receivables Trust, Series 2022-1, Class B, 1.68%, 9/14/26, Callable 10/13/23 @ 100 (a) | 1,000,000 | 966,709 | ||||||
| American Credit Acceptance Receivables Trust, Series 2022-1, Class C, 2.12%, 3/13/28, Callable 3/13/24 @ 100 (a) | 1,000,000 | 951,021 | ||||||
| AmeriCredit Automobile Receivables Trust, Series 2021-3, Class B, 1.17%, 8/18/27, Callable 10/18/24 @ 100 | 1,000,000 | 936,974 | ||||||
| Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class A2, 1.64%, 10/20/27, Callable 6/20/25 @ 100 (a) | 1,070,924 | 1,021,098 | ||||||
| Amur Equipment Finance Receivables XI LLC, Series 2022-2A, Class A2, 5.30%, 6/21/28, Callable 4/20/26 @ 100 (a) | 1,500,000 | 1,489,633 | ||||||
| ARI Fleet Lease Trust, Series 2022-A, Class B, 3.79%, 1/15/31, Callable 11/15/24 @ 100 (a) | 467,000 | 445,343 | ||||||
| ARI Fleet Lease Trust, Series 2022-A, Class A3, 3.43%, 1/15/31, Callable 11/15/24 @ 100 (a) | 762,000 | 728,362 | ||||||
| ARI Fleet Lease Trust, Series 2020-A, Class A3, 1.80%, 8/15/28, Callable 1/15/23 @ 100 (a) | 900,000 | 896,845 | ||||||
| Avis Budget Rental Car Funding AESOP LLC, Series 2018-1A, Class B, 4.00%, 9/20/24, Callable 9/20/23 @ 100 (a) | 1,000,000 | 988,406 | ||||||
| Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class B, 3.55%, 9/22/25, Callable 9/20/24 @ 100 (a) | 500,000 | 479,992 | ||||||
| Bank of The West Auto Trust, Series 2019-1, Class C, 2.90%, 4/15/25, Callable 7/15/23 @ 100 (a) | 1,062,000 | 1,045,034 | ||||||
| Canadian Pacer Auto Receivables Trust, Series 2020-1A, Class A4, 1.89%, 3/19/25, Callable 10/19/23 @ 100 (a) | 433,000 | 422,044 | ||||||
| CARDS II Trust, Series 2021-1A, Class A, 0.60%, 4/15/27 (a) | 2,300,000 | 2,162,755 | ||||||
| CarMax Auto Owner Trust, Series 2020-2, Class D, 5.75%, 5/17/27, Callable 3/15/24 @ 100 | 780,000 | 780,117 | ||||||
| CarMax Auto Owner Trust, Series 2020-1, Class B, 2.21%, 9/15/25, Callable 1/15/24 @ 100 | 1,275,000 | 1,233,156 | ||||||
| CarMax Auto Owner Trust, Series 2021-2, Class B, 1.03%, 12/15/26, Callable 11/15/24 @ 100 | 2,000,000 | 1,845,763 | ||||||
| CarNow Auto Receivables Trust, Series 2021-1A, Class A, 0.97%, 10/15/24, Callable 11/15/22 @ 100 (a) | 42,726 | 42,660 | ||||||
| Carvana Auto Receivables Trust, Series 2021-P2, Class B, 1.27%, 3/10/27, Callable 5/10/25 @ 100 | 1,500,000 | 1,331,179 | ||||||
| CF Hippolyta LLC, Series 2021-1A, Class A1, 1.53%, 3/15/61, Callable 3/15/24 @ 100 (a) | 1,446,758 | 1,244,600 | ||||||
| Chesapeake Funding II LLC, Series 2019-1A, Class A1, 2.94%, 4/15/31, Callable 10/15/22 @ 100 (a) | 91,282 | 91,262 | ||||||
| Conn's Receivables Funding LLC, Series 2022-A, Class B, 9.52%, 12/15/26, Callable 4/15/24 @ 100 (a) | 1,500,000 | 1,501,714 | ||||||
| CPS Auto Receivables Trust, Series 2019-C, Class D, 3.17%, 6/16/25, Callable 6/15/23 @ 100 (a) | 1,141,737 | 1,136,110 | ||||||
| CPS Auto Receivables Trust, Series 2022-A, Class B, 1.70%, 4/16/29, Callable 2/15/24 @ 100 (a) | 1,200,000 | 1,143,182 | ||||||
| Credit Acceptance Auto Loan Trust, Series 2020-1A, Class B, 2.39%, 4/16/29, Callable 5/15/23 @ 100 (a) | 823,000 | 815,113 | ||||||
| Credit Acceptance Auto Loan Trust, Series 2019-3A, Class B, 2.86%, 1/16/29, Callable 4/15/23 @ 100 (a) | 985,542 | 982,508 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA Core Intermediate-Term Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Credit Acceptance Auto Loan Trust, Series 2021-2A, Class B, 1.26%, 4/15/30, Callable 10/15/24 @ 100 (a) | $ | 1,038,000 | $ | 952,303 | ||||
| Crossroads Asset Trust, Series 2021-A, Class A2, 0.82%, 3/20/24, Callable 3/20/23 @ 100 (a) | 199,417 | 197,407 | ||||||
| Dell Equipment Finance Trust, Series 2020-1, Class A3, 2.24%, 2/22/23, Callable 10/22/22 @ 100 (a) | 85,872 | 85,810 | ||||||
| Diamond Infrastructure Funding LLC, Series 2021-1A, Class A, 1.76%, 4/15/49, Callable 9/20/25 @ 100 (a) | 1,000,000 | 820,873 | ||||||
| Diamond Issuer, Series 2021-1A, Class A, 2.31%, 11/20/51, Callable 11/20/25 @ 100 (a) | 1,125,000 | 950,538 | ||||||
| DLLST LLC, Series 2022-1A, Class A4, 3.69%, 9/20/28, Callable 4/20/25 @ 100 (a) | 2,000,000 | 1,931,916 | ||||||
| Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class B, 0.98%, 12/11/34 (a) | 1,327,000 | 1,236,703 | ||||||
| Drive Auto Receivables Trust, Series 2021-1, Class B, 0.65%, 7/15/25, Callable 12/15/22 @ 100 | 708,896 | 706,469 | ||||||
| DT Auto Owner Trust, Series 2021-3A, Class B, 0.58%, 11/17/25, Callable 10/15/23 @ 100 (a) | 2,000,000 | 1,931,149 | ||||||
| Encina Equipment Finance LLC, Series 2021-1A, Class B, 1.21%, 2/16/27, Callable 12/15/23 @ 100 (a) | 1,187,000 | 1,128,328 | ||||||
| Encina Equipment Finance LLC, Series 2021-1A, Class A2, 0.74%, 12/15/26, Callable 9/15/23 @ 100 (a) | 713,591 | 697,527 | ||||||
| Enterprise Fleet Financing LLC, Series 22-1, Class A3, 3.27%, 1/20/28, Callable 4/20/25 @ 100 (a) | 1,000,000 | 941,796 | ||||||
| Enterprise Fleet Financing LLC, Series 2020-1, Class A3, 1.86%, 12/22/25, Callable 5/20/23 @ 100 (a) | 820,000 | 794,991 | ||||||
| Enterprise Fleet Financing LLC, Series 2022-3, Class A2, 4.38%, 7/20/29, Callable 3/20/26 @ 100 (a) | 1,000,000 | 986,192 | ||||||
| Evergreen Credit Card Trust, Series 2022-CRT1, Class C, 6.19%, 7/15/26 (a) | 1,500,000 | 1,467,685 | ||||||
| Exeter Automobile Receivables Trust, Series 2021-4A, Class B, 1.05%, 5/15/26, Callable 8/15/23 @ 100 | 1,000,000 | 971,272 | ||||||
| ExteNet LLC, Series 2019-1A, Class A2, 3.20%, 7/26/49, Callable 1/25/23 @ 100 (a) | 500,000 | 471,967 | ||||||
| First Investors Auto Owner Trust, Series 2018-2A, Class F, 7.31%, 9/15/25, Callable 1/15/23 @ 100 (a) | 750,000 | 750,947 | ||||||
| First Investors Auto Owner Trust, Series 2019-2A, Class C, 2.71%, 12/15/25, Callable 6/15/23 @ 100 (a) | 1,322,584 | 1,315,331 | ||||||
| FirstKey Homes Trust, Series 2021-SFR2, Class B, 1.61%, 9/17/38 (a) | 1,153,846 | 985,390 | ||||||
| Flagship Credit Auto Trust, Series 2020-2, Class D, 5.75%, 4/15/26, Callable 6/15/24 @ 100 (a) | 1,000,000 | 997,515 | ||||||
| Ford Credit Auto Owner Trust, Series 2020-1, Class B, 2.29%, 8/15/31, Callable 2/15/25 @ 100 (a) | 1,500,000 | 1,390,406 | ||||||
| Foursight Capital Automobile Receivables Trust, Series 2021-1, Class B, 0.87%, 1/15/26, Callable 7/15/23 @ 100 (a) | 1,406,000 | 1,368,209 | ||||||
| Foursight Capital Automobile Receivables Trust, Series 2022-1, Class A3, 1.83%, 12/15/26, Callable 4/15/24 @ 100 (a) | 1,200,000 | 1,149,444 | ||||||
| GLS Auto Receivables Issuer Trust, Series 2020-1A, Class B, 2.43%, 11/15/24, Callable 1/15/23 @ 100 (a) | 298,922 | 298,361 | ||||||
| GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A4, 1.74%, 8/18/25, Callable 11/16/23 @ 100 | 750,000 | 726,292 | ||||||
| GM Financial Consumer Automobile Receivables Trust, Series 19-4, Class A4, 1.76%, 1/16/25, Callable 6/16/23 @ 100 | 345,000 | 339,682 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA Core Intermediate-Term Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| GM Financial Consumer Automobile Receivables Trust, Series 2020-1, Class A4, 1.90%, 3/17/25, Callable 8/16/23 @ 100 | $ | 1,000,000 | $ | 976,198 | ||||
| GM Financial Consumer Automobile Receivables Trust, Series 2019-3, Class B, 2.32%, 12/16/24, Callable 4/16/23 @ 100 | 2,000,000 | 1,981,343 | ||||||
| Hertz Vehicle Financing III LP, Series 2021-2A, Class A, 1.68%, 12/27/27 (a) | 1,000,000 | 855,512 | ||||||
| Hertz Vehicle Financing LLC, Series 2021-1A, Class C, 2.05%, 12/26/25 (a) | 1,333,000 | 1,207,484 | ||||||
| HPEFS Equipment Trust, Series 2020-1A, Class D, 2.26%, 2/20/30, Callable 3/20/23 @ 100 (a) | 1,000,000 | 985,883 | ||||||
| HPEFS Equipment Trust, Series 2020-1A, Class B, 1.89%, 2/20/30, Callable 10/20/22 @ 100 (a) | 54,552 | 54,506 | ||||||
| HPEFS Equipment Trust, Series 2021-1A, Class D, 1.03%, 3/20/31, Callable 1/20/24 @ 100 (a) | 1,500,000 | 1,409,750 | ||||||
| HPEFS Equipment Trust, Series 2022-1A, Class C, 1.96%, 5/21/29, Callable 10/20/24 @ 100 (a) | 2,000,000 | 1,848,021 | ||||||
| Hyundai Auto Receivables Trust, Series 2021-C, Class B, 1.49%, 12/15/27, Callable 12/15/25 @ 100 | 2,000,000 | 1,782,580 | ||||||
| Hyundai Auto Receivables Trust, Series 2020-C, Class B, 0.81%, 11/16/26, Callable 12/15/24 @ 100 | 1,271,000 | 1,159,684 | ||||||
| John Deere Owner Trust, Series 22-A, Class A4, 2.49%, 1/16/29, Callable 9/15/25 @ 100 | 1,000,000 | 940,918 | ||||||
| John Deere Owner Trust, Series 2020-A, Class A4, 1.21%, 11/16/26, Callable 8/15/23 @ 100 | 2,000,000 | 1,945,265 | ||||||
| JPMorgan Chase Bank NA, Series 2021-2, Class B, 0.89%, 12/26/28, Callable 6/25/24 @ 100 (a) | 414,213 | 398,514 | ||||||
| JPMorgan Chase Bank NA, Series 2021-1, Class B, 0.88%, 9/25/28, Callable 5/25/24 @ 100 (a) | 438,076 | 423,177 | ||||||
| Kubota Credit Owner Trust, Series 22-1A, Class A4, 2.78%, 2/15/28, Callable 2/15/26 @ 100 (a) | 2,000,000 | 1,839,857 | ||||||
| Kubota Credit Owner Trust, Series 2020-1A, Class A4, 2.26%, 7/15/26, Callable 9/15/23 @ 100 (a) | 433,000 | 423,308 | ||||||
| LAD Auto Receivables Trust, Series 2021-1A, Class A, 1.30%, 8/17/26, Callable 1/15/24 @ 100 (a) | 1,005,032 | 974,271 | ||||||
| LAD Auto Receivables Trust, Series 2022-1A, Class B, 5.87%, 9/15/27, Callable 10/15/25 @ 100 (a) | 1,600,000 | 1,554,141 | ||||||
| Master Credit Card Trust, Series 2022-2A, Class C, 2.73%, 7/21/28 (a) | 625,000 | 548,043 | ||||||
| Master Credit Card Trust, Series 2021-1A, Class B, 0.79%, 11/21/25 (a) | 539,000 | 501,138 | ||||||
| MMAF Equipment Finance LLC, Series 2022-A, Class A4, 3.32%, 6/13/44 (a) | 1,500,000 | 1,400,564 | ||||||
| MMAF Equipment Finance LLC, Series 2017-B, Class A4, 2.41%, 11/15/24, Callable 11/15/22 @ 100 (a) | 44,752 | 44,731 | ||||||
| MVW LLC, Series 2021-1WA, Class A, 1.14%, 1/22/41, Callable 9/20/26 @ 100 (a) | 651,451 | 590,074 | ||||||
| Navient Student Loan Trust, Series 2018-2A, Class B, 4.23% (LIBOR01M+115bps), 3/25/67, Callable 6/25/34 @ 100 (a)(b) | 1,000,000 | 968,619 | ||||||
| Navient Student Loan Trust, Series 2015-2, Class B, 4.58% (LIBOR01M+150bps), 8/25/50, Callable 3/25/31 @ 100 (b) | 3,000,000 | 2,956,713 | ||||||
| Nelnet Student Loan Trust, Series 2019-5, Class A, 2.53%, 10/25/67, Callable 1/25/35 @ 100 (a) | 2,768,505 | 2,404,341 | ||||||
| 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 | 1,529,032 | ||||||
| NP SPE II LLC, Series 2019-2A, Class C1, 6.44%, 11/19/49 (a) | 791,667 | 706,065 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA Core Intermediate-Term Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| NP SPE LLC, Series 2019-1A, Class A2, 3.24%, 9/20/49 (a) | $ | 500,000 | $ | 450,672 | ||||
| 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 | 1,338,743 | ||||||
| Pawnee Equipment Receivables LLC, Series 2020-1, Class B, 1.84%, 1/15/26, Callable 12/15/23 @ 100 (a) | 1,000,000 | 962,780 | ||||||
| PenFed Auto Receivables Owner Trust, Series 2022-A, Class B, 4.60%, 12/15/28, Callable 7/15/24 @ 100 (a) | 749,000 | 731,133 | ||||||
| PenFed Auto Receivables Owner Trust, Series 2022-A, Class A4, 4.18%, 12/15/28, Callable 6/15/24 @ 100 (a) | 1,000,000 | 983,099 | ||||||
| Prestige Auto Receivables Trust, Series 2020-1A, Class C, 1.31%, 11/16/26, Callable 4/15/23 @ 100 (a) | 862,670 | 857,093 | ||||||
| Prestige Auto Receivables Trust, Series 2021-1A, Class C, 1.53%, 2/15/28, Callable 5/15/25 @ 100 (a) | 1,000,000 | 927,589 | ||||||
| Prestige Auto Receivables Trust, Series 2018-1A, Class D, 4.14%, 10/15/24, Callable 12/15/22 @ 100 (a) | 860,945 | 860,445 | ||||||
| Progress Residential Trust, Series 2021-SFR6, Class A, 1.52%, 7/17/38, Callable 7/17/26 @ 100 (a) | 1,098,743 | 936,358 | ||||||
| PSNH Funding LLC, Series 2018-1, Class A3, 3.81%, 2/1/35 | 1,000,000 | 917,380 | ||||||
| Santander Bank Auto Credit-Linked Notes, Series 2022-B, Class C, 5.92%, 8/16/32, Callable 9/15/24 @ 100 (a) | 923,000 | 924,335 | ||||||
| Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class B, 5.28%, 5/15/32, Callable 11/15/24 @ 100 (a) | 818,900 | 803,559 | ||||||
| Santander Bank NA, Series 2021-1A, Class B, 1.83%, 12/15/31, Callable 7/15/24 @ 100 (a) | 1,417,519 | 1,366,568 | ||||||
| Santander Consumer Auto Receivables Trust, Series 2020-AA, Class D, 5.49%, 4/15/26, Callable 11/15/23 @ 100 (a) | 1,000,000 | 992,741 | ||||||
| Santander Drive Auto Receivables Trust, Series 2022-3, Class B, 4.13%, 8/16/27, Callable 7/15/24 @ 100 | 1,062,000 | 1,035,472 | ||||||
| SCF Equipment Leasing LLC, Series 2020-1A, Class B, 2.02%, 3/20/28, Callable 10/20/24 @ 100 (a) | 1,529,000 | 1,433,334 | ||||||
| SCF Equipment Leasing LLC, Series 2020-1A, Class A3, 1.19%, 10/20/27, Callable 1/20/24 @ 100 (a) | 727,320 | 710,220 | ||||||
| SLM Student Loan Trust, Series 2006-10, Class B, 3.00% (LIBOR03M+22bps), 3/25/44, Callable 10/25/32 @ 100 (b) | 181,909 | 171,240 | ||||||
| SLM Student Loan Trust, Series 2007-1, Class B, 3.00% (LIBOR03M+22bps), 1/27/42, Callable 10/25/29 @ 100 (b) | 288,784 | 272,543 | ||||||
| Synchrony Credit Card Master Note Trust, Series 2018-2, Class A, 3.47%, 5/15/26 | 2,000,000 | 1,986,481 | ||||||
| Tesla Auto Lease Trust, Series 2019-A, Class E, 5.48%, 5/22/23, Callable 11/20/22 @ 100 (a) | 825,000 | 826,363 | ||||||
| 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 | 1,921,010 | ||||||
| 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 | 1,767,082 | ||||||
| Transportation Finance Equipment Trust, Series 2019-1, Class A4, 1.88%, 3/25/24, Callable 5/23/23 @ 100 (a) | 1,156,351 | 1,145,469 | ||||||
| Trillium Credit Card Trust II, Series 2021-1A, Class A, 1.53%, 10/26/29 (a) | 2,000,000 | 1,757,178 | ||||||
| Trillium Credit Card Trust II, Series 2021-1A, Class C, 2.42%, 10/26/29 (a) | 2,000,000 | 1,751,685 | ||||||
| VB-S1 Issuer LLC-VBTEL, Series 2022-1A, Class C2I, 3.16%, 2/15/52, Callable 2/15/26 @ 100 (a) | 1,000,000 | 878,460 | ||||||
| Volvo Financial Equipment LLC, Series 20-1A, Class A3, 0.51%, 10/15/24, Callable 11/15/23 @ 100 (a) | 1,201,633 | 1,176,132 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA Core Intermediate-Term Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Wepco Environmental Trust Finance I LLC, Series 2021-1, Class A, 1.58%, 12/15/35 | $ | 1,392,863 | $ | 1,165,748 | ||||
| Westlake Automobile Receivables Trust, Series 2019-2A, Class E, 4.02%, 4/15/25, Callable 5/15/23 @ 100 (a) | 1,000,000 | 992,054 | ||||||
| Westlake Automobile Receivables Trust, Series 2021-3A, Class C, 1.58%, 1/15/27, Callable 6/15/24 @ 100 (a) | 1,000,000 | 938,062 | ||||||
| Westlake Automobile Receivables Trust, Series 2022-2A, Class C, 4.85%, 9/15/27, Callable 8/15/25 @ 100 (a) | 1,071,000 | 1,044,987 | ||||||
| Total Asset-Backed Securities (Cost $125,283,946) | 118,000,232 | |||||||
| Collateralized Mortgage Obligations (4.1%) | ||||||||
| Arbor Multifamily Mortgage Securities Trust, Series 2022-MF4, Class A5, 3.40%, 2/15/55, Callable 2/15/32 @ 100 (a)(c) | 2,000,000 | 1,705,835 | ||||||
| Aventura Mall Trust, Series 2018-AVM, Class D, 4.11%, 7/5/40 (a)(c) | 1,000,000 | 842,994 | ||||||
| BAMLL Commercial Mortgage Securities Trust, Series 2015-200P, Class D, 3.72% (LIBOR01M+105bps), 4/14/33, Callable 4/14/25 @ 100 (a)(b) | 500,000 | 452,628 | ||||||
| BBCMS Mortgage Trust, Series 2020-BID, Class B, 5.36% (LIBOR01M+254bps), 10/15/37 (a)(b) | 1,750,000 | 1,711,061 | ||||||
| BBCMS Mortgage Trust, Series 2022-C16, Class AS, 4.60%, 6/15/55, Callable 6/15/32 @ 100 (c) | 540,540 | 497,775 | ||||||
| Benchmark Mortgage Trust, Series 2020-B17, Class ASB, 2.18%, 3/15/53, Callable 3/15/30 @ 100 | 1,000,000 | 864,194 | ||||||
| BPR Trust, Series 2021-TY, Class A, 3.87% (LIBOR01M+105bps), 9/15/38 (a)(b) | 865,000 | 821,978 | ||||||
| BPR Trust, Series 2022-OANA, Class B, 5.29% (TSFR1M+245bps), 4/15/37 (a)(b) | 2,000,000 | 1,965,765 | ||||||
| BPR Trust, Series 2022-OANA, Class D, 6.54% (TSFR1M+370bps), 4/15/37 (a)(b) | 1,000,000 | 968,438 | ||||||
| BPR Trust, Series 2022-STAR, Class A, 6.08% (TSFR1M+323bps), 8/15/24 (a)(b) | 1,690,909 | 1,673,653 | ||||||
| BX Commercial Mortgage Trust, Series 2019-XL, Class D, 4.27% (LIBOR01M+145bps), 10/15/36 (a)(b) | 1,015,750 | 993,437 | ||||||
| BX Commercial Mortgage Trust, Series 2019-XL, Class B, 3.90% (LIBOR01M+108bps), 10/15/36 (a)(b) | 218,450 | 214,657 | ||||||
| BX Commercial Mortgage Trust, Series 2022-CSMO, Class B, 5.99% (TSFR1M+314bps), 6/15/27 (a)(b) | 1,500,000 | 1,490,792 | ||||||
| BX Trust, Series 2019-OC11, Class A, 3.20%, 12/9/41, Callable 12/9/29 @ 100 (a) | 923,077 | 778,855 | ||||||
| BXP Trust, Series 2021-601L, Class C, 2.87%, 1/15/44 (a)(c) | 1,500,000 | 1,047,308 | ||||||
| BXP Trust, Series 2021-601L, Class D, 2.87%, 1/15/44 (a)(c) | 500,000 | 336,857 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class C, 4.68%, 1/10/36 (a) | 500,000 | 483,467 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2020-555, Class A, 2.65%, 12/10/41 (a) | 2,000,000 | 1,652,360 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2017-P8, Class AS, 3.79%, 9/15/50, Callable 9/15/27 @ 100 (c) | 500,000 | 448,711 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class AAB, 2.61%, 2/15/53, Callable 2/15/30 @ 100 | 732,000 | 646,612 | ||||||
| COMM Mortgage Trust, Series 2015-LC23, Class AM, 4.16%, 10/10/48, Callable 11/10/25 @ 100 (c) | 250,000 | 235,450 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA Core Intermediate-Term Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| COMM Mortgage Trust, Series 2014-277P, Class A, 3.73%, 8/10/49, Callable 8/10/24 @ 100 (a)(c) | $ | 1,580,000 | $ | 1,494,179 | ||||
| COMM Mortgage Trust, Series 2020-CX, Class A, 2.17%, 11/10/46, Callable 11/10/30 @ 100 (a) | 1,500,000 | 1,176,777 | ||||||
| COMM Mortgage Trust, Series 2015-PC1, Class AM, 4.29%, 7/10/50, Callable 6/10/25 @ 100 (c) | 1,750,000 | 1,673,942 | ||||||
| COMM Mortgage Trust, Series 2015-PC1, Class B, 4.43%, 7/10/50, Callable 6/10/25 @ 100 (c) | 865,000 | 819,952 | ||||||
| DBJPM Mortgage Trust, Series 2016-SFC, Class A, 2.83%, 8/10/36, Callable 8/10/26 @ 100 (a) | 1,750,000 | 1,486,185 | ||||||
| Extended Stay America Trust, Series 2021-ESH, Class B, 4.20% (LIBOR01M+138bps), 7/15/38 (a)(b) | 773,020 | 741,341 | ||||||
| GS Mortgage Securities Corp. Trust, Series 2022-SHIP, Class A, 3.58% (TSFR1M+73bps), 8/15/36 (a)(b) | 1,000,000 | 986,343 | ||||||
| GS Mortgage Securities Corp. Trust, Series 2017-GPTX, Class A, 2.86%, 5/10/34 (a) | 1,000,000 | 949,975 | ||||||
| Houston Galleria Mall Trust, Series 2015-HGLR, Class A1A2, 3.09%, 3/5/37 (a) | 1,500,000 | 1,388,031 | ||||||
| Hudson Yards Mortgage Trust, Series 2019-55HY, Class A, 3.04%, 12/10/41 (a)(c) | 535,000 | 453,232 | ||||||
| Hudson Yards Mortgage Trust, Series 2019-30HY, Class D, 3.56%, 7/10/39 (a)(c) | 595,000 | 472,874 | ||||||
| Hudson Yards Mortgage Trust, Series 2016-10HY, Class A, 2.84%, 8/10/38, Callable 8/10/26 @ 100 (a) | 1,000,000 | 895,947 | ||||||
| ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class B, 4.99% (TSFR1M+274bps), 10/15/39 (a)(b) | 2,000,000 | 1,985,945 | ||||||
| ILPT Commercial Mortgage Trust, Series 2022-LPFX, Class A, 3.38%, 3/15/32 (a) | 2,000,000 | 1,673,425 | ||||||
| J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2021-2NU, Class B, 2.08%, 1/5/40 (a)(c) | 1,000,000 | 808,660 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class B, 3.67%, 12/15/47, Callable 3/15/23 @ 100 (c) | 2,300,000 | 2,275,240 | ||||||
| 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 | 995,894 | ||||||
| Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13%, 9/10/39 (a) | 750,000 | 637,745 | ||||||
| MHC Commercial Mortgage Trust, Series 2021-MHC, Class A, 3.62% (LIBOR01M+80bps), 4/15/38 (a)(b) | 2,290,000 | 2,215,665 | ||||||
| Morgan Stanley Capital I Trust, Series 2021-PLZA, Class B, 2.90%, 11/9/43, Callable 5/9/31 @ 100 (a) | 1,000,000 | 741,424 | ||||||
| Palmer Square Loan Funding Ltd., Series 2022-5A, Class A1, 4.08% (TSFR3M+156bps), 1/15/31, Callable 10/15/23 @ 100 (a)(b) | 1,000,000 | 988,508 | ||||||
| SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 7/15/41 (a) | 800,000 | 642,763 | ||||||
| SMRT, Series 2022-MINI, Class B, 4.20% (TSFR1M+135bps), 1/15/39 (a)(b) | 1,500,000 | 1,436,051 | ||||||
| SREIT Trust, Series 2021-MFP2, Class B, 3.99% (LIBOR01M+117bps), 11/15/36 (a)(b) | 1,500,000 | 1,424,931 | ||||||
| VLS Commercial Mortgage Trust, Series 2020-LAB, Class A, 2.13%, 10/10/42 (a) | 1,000,000 | 773,098 | ||||||
| Wells Fargo Commercial Mortgage Trust, Series 2018-AUS, Class A, 4.19%, 8/17/36 (a)(c) | 250,000 | 230,581 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA Core Intermediate-Term Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| WFRBS Commercial Mortgage Trust, Series 2013-C12, Class B, 3.86%, 3/15/48, Callable 3/15/23 @ 100 (c) | $ | 1,939,500 | $ | 1,916,489 | ||||
| Total Collateralized Mortgage Obligations (Cost $56,153,737) | 51,118,024 | |||||||
| Corporate Bonds (31.1%) | ||||||||
| Communication Services (1.8%): | ||||||||
| AT&T, Inc. | ||||||||
| 4.35%, 3/1/29, Callable 12/1/28 @ 100 | 1,000,000 | 935,110 | ||||||
| 3.10%, 2/1/43, Callable 8/1/42 @ 100 (d) | 2,000,000 | 1,333,020 | ||||||
| CenturyLink, Inc., 4.50%, 1/15/29, Callable 1/15/24 @ 102.25(a) | 1,000,000 | 703,510 | ||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
| 3.75%, 2/15/28, Callable 11/15/27 @ 100 | 500,000 | 443,045 | ||||||
| 2.25%, 1/15/29, Callable 11/15/28 @ 100 | 2,000,000 | 1,565,420 | ||||||
| 2.30%, 2/1/32, Callable 11/1/31 @ 100 | 2,500,000 | 1,780,950 | ||||||
| 4.40%, 4/1/33, Callable 1/1/33 @ 100 | 750,000 | 619,628 | ||||||
| Comcast Corp. | ||||||||
| 3.55%, 5/1/28, Callable 2/1/28 @ 100 | 750,000 | 688,950 | ||||||
| 2.89%, 11/1/51, Callable 5/1/51 @ 100 (a) | 1,250,000 | 780,775 | ||||||
| Fox Corp., 4.71%, 1/25/29, Callable 10/25/28 @ 100 | 1,000,000 | 940,100 | ||||||
| Magallanes, Inc., 4.05%, 3/15/29, Callable 1/15/29 @ 100(a) | 2,000,000 | 1,729,860 | ||||||
| Netflix, Inc., 4.88%, 6/15/30, Callable 3/15/30 @ 100(a)(d) | 469,000 | 428,178 | ||||||
| Paramount Global, 3.38%, 2/15/28, Callable 11/15/27 @ 100 | 1,000,000 | 888,110 | ||||||
| T-Mobile USA, Inc. | ||||||||
| 4.75%, 2/1/28, Callable 2/1/23 @ 102.38 | 643,000 | 607,821 | ||||||
| 3.88%, 4/15/30, Callable 1/15/30 @ 100 | 1,000,000 | 886,200 | ||||||
| 2.25%, 11/15/31, Callable 8/15/31 @ 100 | 4,500,000 | 3,401,595 | ||||||
| Verizon Communications, Inc. | ||||||||
| 2.10%, 3/22/28, Callable 1/22/28 @ 100 | 1,500,000 | 1,265,730 | ||||||
| 3.40%, 3/22/41, Callable 9/22/40 @ 100 | 4,000,000 | 2,928,040 | ||||||
| Warnermedia Holdings, Inc., 4.28%, 3/15/32, Callable 12/15/31 @ 100(a) | 1,000,000 | 823,360 | ||||||
| 22,749,402 | ||||||||
| Consumer Discretionary (2.8%): | ||||||||
| Advance Auto Parts, Inc., 3.50%, 3/15/32, Callable 12/15/31 @ 100 | 2,000,000 | 1,598,340 | ||||||
| American Honda Finance Corp., 1.30%, 9/9/26 | 1,000,000 | 873,720 | ||||||
| AutoNation, Inc., 2.40%, 8/1/31, Callable 5/1/31 @ 100 | 3,000,000 | 2,119,500 | ||||||
| AutoZone, Inc., 3.75%, 6/1/27, Callable 3/1/27 @ 100 | 500,000 | 469,200 | ||||||
| BMW US Capital LLC | ||||||||
| 1.25%, 8/12/26, Callable 7/12/26 @ 100 (a) | 1,000,000 | 867,870 | ||||||
| 3.75%, 4/12/28, Callable 1/12/28 @ 100 (a) | 1,000,000 | 922,010 | ||||||
| 3.70%, 4/1/32, Callable 1/1/32 @ 100 (a) | 1,500,000 | 1,316,730 | ||||||
| Boston Medical Center Corp., 3.91%, 7/1/28 | 500,000 | 442,285 | ||||||
| Brunswick Corp., 2.40%, 8/18/31, Callable 5/18/31 @ 100 | 1,500,000 | 1,044,555 | ||||||
| D.R. Horton, Inc., 4.75%, 2/15/23, Callable 11/15/22 @ 100 | 500,000 | 499,825 | ||||||
| Daimler Finance North America LLC | ||||||||
| 3.70%, 5/4/23 (a) | 1,000,000 | 991,430 | ||||||
| 3.45%, 1/6/27 (a) | 1,000,000 | 930,580 | ||||||
| General Motors Financial Co., Inc., 4.30%, 4/6/29, Callable 2/6/29 @ 100 | 1,500,000 | 1,307,025 | ||||||
| Genting New York LLC/GENNY Capital, Inc., 3.30%, 2/15/26, Callable 1/15/26 @ 100(a) | 1,000,000 | 878,370 | ||||||
| Genuine Parts Co., 2.75%, 2/1/32, Callable 11/1/31 @ 100 | 1,000,000 | 775,900 | ||||||
| Hasbro, Inc., 3.90%, 11/19/29, Callable 8/19/29 @ 100 | 3,500,000 | 3,065,580 | ||||||
| Hyundai Capital America | ||||||||
| 3.40%, 6/20/24 (a) | 500,000 | 481,855 | ||||||
| 3.50%, 11/2/26, Callable 9/2/26 @ 100 (a) | 500,000 | 454,380 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA Core Intermediate-Term Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Kohl's Corp., 3.38%, 5/1/31, Callable 2/1/31 @ 100 | $ | 1,500,000 | $ | 922,410 | ||||
| Marriott International, Inc. | ||||||||
| 2.85%, 4/15/31, Callable 1/15/31 @ 100 | 2,000,000 | 1,570,440 | ||||||
| 3.50%, 10/15/32, Callable 7/15/32 @ 100 | 1,000,000 | 804,480 | ||||||
| Murphy Oil USA, Inc. | ||||||||
| 4.75%, 9/15/29, Callable 9/15/24 @ 102.38 | 1,000,000 | 891,650 | ||||||
| 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (a) | 235,000 | 188,639 | ||||||
| Newell Brands, Inc. | ||||||||
| 4.45%, 4/1/26, Callable 1/1/26 @ 100 | 500,000 | 460,015 | ||||||
| 6.38%, 9/15/27, Callable 6/15/27 @ 100 | 750,000 | 743,783 | ||||||
| Nordstrom, Inc., 4.25%, 8/1/31, Callable 5/1/31 @ 100 | 750,000 | 515,272 | ||||||
| Novant Health, Inc., 2.64%, 11/1/36, Callable 8/1/36 @ 100 | 2,000,000 | 1,456,200 | ||||||
| O'Reilly Automotive, Inc., 4.20%, 4/1/30, Callable 1/1/30 @ 100 | 500,000 | 456,725 | ||||||
| PulteGroup, Inc., 6.00%, 2/15/35 | 1,500,000 | 1,352,805 | ||||||
| Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, 4/6/31, Callable 1/6/31 @ 100(a) | 1,300,000 | 930,605 | ||||||
| Sodexo, Inc., 2.72%, 4/16/31, Callable 1/16/31 @ 100(a) | 2,000,000 | 1,558,360 | ||||||
| The Home Depot, Inc., 2.38%, 3/15/51, Callable 9/15/50 @ 100 | 1,400,000 | 824,628 | ||||||
| Tractor Supply Co., 1.75%, 11/1/30, Callable 8/1/30 @ 100 | 1,000,000 | 749,240 | ||||||
| VF Corp., 2.95%, 4/23/30, Callable 1/23/30 @ 100 | 2,000,000 | 1,646,060 | ||||||
| Volkswagen Group of America Finance LLC, 4.60%, 6/8/29, Callable 4/8/29 @ 100(a) | 1,500,000 | 1,381,185 | ||||||
| 35,491,652 | ||||||||
| Consumer Staples (2.0%): | ||||||||
| 7-Eleven, Inc., 1.80%, 2/10/31, Callable 11/10/30 @ 100(a) | 1,500,000 | 1,114,575 | ||||||
| Altria Group, Inc., 2.45%, 2/4/32, Callable 11/4/31 @ 100 | 1,500,000 | 1,061,040 | ||||||
| Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc., 3.65%, 2/1/26, Callable 11/1/25 @ 100 | 1,000,000 | 961,490 | ||||||
| Anheuser-Busch InBev Worldwide, Inc. | ||||||||
| 3.50%, 6/1/30, Callable 3/1/30 @ 100 | 1,500,000 | 1,338,360 | ||||||
| 4.38%, 4/15/38, Callable 10/15/37 @ 100 | 500,000 | 427,410 | ||||||
| 5.45%, 1/23/39, Callable 7/23/38 @ 100 | 500,000 | 474,480 | ||||||
| 4.35%, 6/1/40, Callable 12/1/39 @ 100 | 1,000,000 | 846,310 | ||||||
| 3.75%, 7/15/42 | 750,000 | 570,833 | ||||||
| BAT Capital Corp. | ||||||||
| 2.73%, 3/25/31, Callable 12/25/30 @ 100 | 1,000,000 | 739,070 | ||||||
| 4.39%, 8/15/37, Callable 2/15/37 @ 100 | 1,250,000 | 893,013 | ||||||
| Bunge Ltd. Finance Corp., 2.75%, 5/14/31, Callable 2/14/31 @ 100 | 2,000,000 | 1,571,160 | ||||||
| Cargill, Inc., 2.13%, 11/10/31, Callable 8/10/31 @ 100(a) | 1,000,000 | 779,030 | ||||||
| Church & Dwight Co., Inc., 2.30%, 12/15/31, Callable 9/15/31 @ 100 | 1,000,000 | 786,520 | ||||||
| Constellation Brands, Inc. | ||||||||
| 3.50%, 5/9/27, Callable 2/9/27 @ 100 | 750,000 | 693,900 | ||||||
| 2.25%, 8/1/31, Callable 5/1/31 @ 100 | 1,769,000 | 1,357,159 | ||||||
| General Mills, Inc., 4.55%, 4/17/38, Callable 10/17/37 @ 100 | 1,000,000 | 879,120 | ||||||
| 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 | 1,279,350 | ||||||
| Keurig Dr Pepper, Inc. | ||||||||
| 3.95%, 4/15/29, Callable 2/15/29 @ 100 | 750,000 | 684,922 | ||||||
| 2.25%, 3/15/31, Callable 12/15/30 @ 100 | 1,000,000 | 776,750 | ||||||
| 4.50%, 4/15/52, Callable 10/15/51 @ 100 | 1,000,000 | 790,980 | ||||||
| Kraft Heinz Foods Co., 5.00%, 6/4/42 | 1,000,000 | 868,560 | ||||||
| Mars, Inc., 3.88%, 4/1/39, Callable 10/1/38 @ 100(a) | 1,000,000 | 824,370 | ||||||
| McCormick & Co., Inc., 1.85%, 2/15/31, Callable 11/15/30 @ 100 | 1,000,000 | 744,210 | ||||||
| PepsiCo, Inc., 2.75%, 3/19/30, Callable 12/19/29 @ 100 | 1,000,000 | 866,690 | ||||||
| Sysco Corp., 2.45%, 12/14/31, Callable 9/14/31 @ 100 | 1,500,000 | 1,172,025 | ||||||
| The Coca-Cola Co., 2.00%, 3/5/31 | 2,000,000 | 1,616,360 | ||||||
| The Kroger Co., 3.50%, 2/1/26, Callable 11/1/25 @ 100 | 500,000 | 474,185 | ||||||
| Walgreens Boots Alliance, Inc., 4.10%, 4/15/50, Callable 10/15/49 @ 100 | 1,000,000 | 715,320 | ||||||
| 25,307,192 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA Core Intermediate-Term Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Energy (1.8%): | ||||||||
| Boardwalk Pipelines LP | ||||||||
| 4.45%, 7/15/27, Callable 4/15/27 @ 100 | $ | 500,000 | $ | 464,880 | ||||
| 4.80%, 5/3/29, Callable 2/3/29 @ 100 | 500,000 | 459,905 | ||||||
| Boardwalk Pipelines, LP, 3.60%, 9/1/32, Callable 6/1/32 @ 100 | 1,000,000 | 792,880 | ||||||
| Buckeye Partners LP, 4.13%, 12/1/27, Callable 9/1/27 @ 100 | 1,000,000 | 842,900 | ||||||
| Cameron LNG LLC, 3.30%, 1/15/35, Callable 9/15/34 @ 100(a) | 1,091,000 | 861,246 | ||||||
| Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/39, Callable 7/4/39 @ 100(a) | 1,333,000 | 961,040 | ||||||
| Enable Midstream Partners LP, 4.15%, 9/15/29, Callable 6/15/29 @ 100 | 1,000,000 | 873,400 | ||||||
| Energy Transfer, LP, 6.50% (H15T5Y+569bps), Callable 11/15/26 @ 100(b)(e) | 1,000,000 | 854,460 | ||||||
| Enterprise Products Operating LLC, 2.80%, 1/31/30, Callable 10/31/29 @ 100 | 1,000,000 | 836,620 | ||||||
| EQT Corp., 7.00%, 2/1/30, Callable 11/1/29 @ 100 | 514,000 | 530,505 | ||||||
| Exxon Mobil Corp., 2.61%, 10/15/30, Callable 7/15/30 @ 100 | 1,250,000 | 1,061,088 | ||||||
| Florida Gas Transmission Co. LLC, 2.55%, 7/1/30, Callable 4/1/30 @ 100(a) | 1,500,000 | 1,196,535 | ||||||
| Gray Oak Pipeline LLC, 3.45%, 10/15/27, Callable 8/15/27 @ 100(a) | 1,334,000 | 1,176,001 | ||||||
| Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 11/1/28, Callable 11/1/23 @ 103.13(a) | 1,000,000 | 923,090 | ||||||
| HollyFrontier Corp., 4.50%, 10/1/30, Callable 7/1/30 @ 100 | 2,000,000 | 1,681,660 | ||||||
| Midwest Connector Capital Co. LLC, 4.63%, 4/1/29, Callable 1/1/29 @ 100(a) | 2,500,000 | 2,230,375 | ||||||
| MPLX LP | ||||||||
| 4.25%, 12/1/27, Callable 9/1/27 @ 100 | 500,000 | 465,220 | ||||||
| 4.00%, 3/15/28, Callable 12/15/27 @ 100 | 750,000 | 684,337 | ||||||
| 4.80%, 2/15/29, Callable 11/15/28 @ 100 | 250,000 | 233,628 | ||||||
| Murphy Oil Corp., 5.75%, 8/15/25, Callable 11/14/22 @ 101.44 | 500,000 | 486,885 | ||||||
| Occidental Petroleum Corp., 4.40%, 8/15/49, Callable 2/15/49 @ 100 | 500,000 | 413,745 | ||||||
| Pioneer Natural Resources Co., 1.90%, 8/15/30, Callable 5/15/30 @ 100 | 1,500,000 | 1,148,655 | ||||||
| Plains All American Pipeline LP/PAA Finance Corp., 3.55%, 12/15/29, Callable 9/15/29 @ 100 | 2,280,000 | 1,901,953 | ||||||
| Rockies Express Pipeline LLC, 4.95%, 7/15/29, Callable 4/15/29 @ 100(a) | 1,000,000 | 859,060 | ||||||
| Southwestern Energy Co., 7.75%, 10/1/27, Callable 11/14/22 @ 103.88 | 500,000 | 509,000 | ||||||
| 22,449,068 | ||||||||
| Financials (7.4%): | ||||||||
| Alleghany Corp., 3.63%, 5/15/30, Callable 2/15/30 @ 100 | 1,500,000 | 1,339,515 | ||||||
| American Express Co., 4.99% (SOFR+226bps), 5/26/33, Callable 2/26/32 @ 100(b) | 1,500,000 | 1,403,190 | ||||||
| AmFam Holdings, Inc., 2.81%, 3/11/31, Callable 12/11/30 @ 100(a) | 1,000,000 | 775,730 | ||||||
| Assurant, Inc., 2.65%, 1/15/32, Callable 10/15/31 @ 100 | 1,000,000 | 738,530 | ||||||
| Athene Global Funding | ||||||||
| 1.45%, 1/8/26 (a)(d) | 1,000,000 | 868,950 | ||||||
| 2.72%, 1/7/29 (a) | 1,000,000 | 808,510 | ||||||
| Athene Holding Ltd., 3.50%, 1/15/31, Callable 10/15/30 @ 100 | 1,000,000 | 800,380 | ||||||
| AXA Equitable Holdings, Inc., 4.35%, 4/20/28, Callable 1/20/28 @ 100 | 1,000,000 | 938,060 | ||||||
| Bank of America Corp. | ||||||||
| 4.38% (H15T5Y+276bps), Callable 1/27/27 @ 100 (b)(e) | 1,000,000 | 809,790 | ||||||
| 1.53% (SOFR+65bps), 12/6/25, Callable 12/6/24 @ 100, MTN (b) | 500,000 | 457,350 | ||||||
| 1.66% (SOFR+91bps), 3/11/27, Callable 3/11/26 @ 100 (b) | 1,500,000 | 1,301,295 | ||||||
| 2.57% (SOFR+121bps), 10/20/32, Callable 10/20/31 @ 100 (b) | 2,750,000 | 2,105,427 | ||||||
| Belrose Funding Trust, 2.33%, 8/15/30, Callable 5/15/30 @ 100(a) | 1,000,000 | 753,900 | ||||||
| Blackstone Private Credit Fund, 2.63%, 12/15/26, Callable 11/15/26 @ 100(a) | 1,290,000 | 1,060,677 | ||||||
| Blue Owl Finance LLC, 3.13%, 6/10/31, Callable 3/10/31 @ 100(a) | 1,000,000 | 711,860 | ||||||
| Brown & Brown, Inc., 4.20%, 3/17/32, Callable 12/17/31 @ 100 | 1,000,000 | 859,960 | ||||||
| Cadence Bank, 4.13% (LIBOR03M+247bps), 11/20/29, Callable 11/20/24 @ 100(b) | 625,000 | 597,688 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA Core Intermediate-Term Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Capital One Financial Corp. | ||||||||
| 3.75%, 7/28/26, Callable 6/28/26 @ 100 | $ | 1,000,000 | $ | 925,080 | ||||
| 2.36% (SOFR+134bps), 7/29/32, Callable 7/29/31 @ 100 (b) | 1,000,000 | 710,280 | ||||||
| Citigroup, Inc., 2.52% (SOFR+118bps), 11/3/32, Callable 11/3/31 @ 100(b) | 2,000,000 | 1,515,660 | ||||||
| Citizens Financial Group, Inc. | ||||||||
| 2.50%, 2/6/30, Callable 11/6/29 @ 100 | 2,000,000 | 1,570,880 | ||||||
| 5.64% (H15T5Y+275bps), 5/21/37, Callable 5/21/32 @ 100 (b) | 1,000,000 | 923,340 | ||||||
| Compeer Financial FLCA/Compeer Financial PCA, 3.37% (SOFR+197bps), 6/1/36, Callable 6/1/31 @ 100(a)(b) | 500,000 | 372,455 | ||||||
| Credit Acceptance Corp., 6.63%, 3/15/26, Callable 10/24/22 @ 103.31 | 500,000 | 467,175 | ||||||
| F&G Global Funding, 2.00%, 9/20/28(a) | 2,000,000 | 1,596,720 | ||||||
| Fells Point Funding Trust, 3.05%, 1/31/27, Callable 12/31/26 @ 100(a) | 1,750,000 | 1,568,472 | ||||||
| Fifth Third Bancorp | ||||||||
| 3.95%, 3/14/28, Callable 2/14/28 @ 100 | 500,000 | 467,965 | ||||||
| 4.34% (SOFR+166bps), 4/25/33, Callable 4/25/32 @ 100 (b) | 1,739,000 | 1,548,527 | ||||||
| First American Financial Corp., 2.40%, 8/15/31, Callable 5/15/31 @ 100 | 2,275,000 | 1,626,898 | ||||||
| First Citizens BancShares, Inc., 3.37% (SOFR+247bps), 3/15/30, Callable 3/15/25 @ 100(b) | 1,000,000 | 936,220 | ||||||
| First Horizon Bank, 5.75%, 5/1/30, Callable 2/1/30 @ 100 | 2,000,000 | 1,941,080 | ||||||
| Ford Motor Credit Co. LLC | ||||||||
| 4.54%, 8/1/26, Callable 6/1/26 @ 100 | 1,000,000 | 894,110 | ||||||
| 2.90%, 2/10/29, Callable 12/10/28 @ 100 | 500,000 | 379,985 | ||||||
| FS KKR Capital Corp., 4.63%, 7/15/24, Callable 6/15/24 @ 100 | 1,000,000 | 974,320 | ||||||
| GA Global Funding Trust | ||||||||
| 1.63%, 1/15/26 (a) | 250,000 | 219,330 | ||||||
| 1.95%, 9/15/28 (a) | 1,000,000 | 808,560 | ||||||
| Global Atlantic Fin Co., 4.40%, 10/15/29, Callable 7/15/29 @ 100(a) | 1,714,000 | 1,456,094 | ||||||
| Guardian Life Global Funding, 1.25%, 5/13/26(a) | 2,000,000 | 1,747,180 | ||||||
| Huntington Bancshares, Inc., 2.49%, 8/15/36, Callable 8/15/31 @ 100(a) | 1,000,000 | 705,360 | ||||||
| ILFC E-Capital Trust I, 5.12%, 12/21/65, Callable 11/14/22 @ 100(a) | 500,000 | 349,645 | ||||||
| JPMorgan Chase & Co. | ||||||||
| 4.60% (SOFR+313bps), Callable 2/1/25 @ 100 (b)(e) | 1,000,000 | 869,890 | ||||||
| 2.95% (SOFR+117bps), 2/24/28, Callable 2/24/27 @ 100 (b) | 500,000 | 443,100 | ||||||
| 2.52% (SOFR+204bps), 4/22/31, Callable 4/22/30 @ 100 (b) | 2,500,000 | 1,975,775 | ||||||
| 1.95% (SOFR+1bps), 2/4/32, Callable 2/4/31 @ 100 (b) | 2,333,000 | 1,726,047 | ||||||
| KeyBank NA, 3.90%, 4/13/29 | 1,500,000 | 1,320,870 | ||||||
| KeyCorp. | ||||||||
| 2.25%, 4/6/27, MTN | 500,000 | 433,795 | ||||||
| 4.79% (SOFR+206bps), 6/1/33, Callable 6/1/32 @ 100, MTN (b) | 757,000 | 696,697 | ||||||
| Level 3 Financing, Inc. | ||||||||
| 3.75%, 7/15/29, Callable 1/15/24 @ 101.88 (a) | 1,500,000 | 1,098,330 | ||||||
| 3.88%, 11/15/29, Callable 8/15/29 @ 100 (a) | 1,500,000 | 1,184,850 | ||||||
| Lincoln National Corp., 3.80%, 3/1/28, Callable 12/1/27 @ 100 | 500,000 | 461,970 | ||||||
| Loews Corp., 3.20%, 5/15/30, Callable 2/15/30 @ 100 | 1,000,000 | 853,870 | ||||||
| Main Street Capital Corp. | ||||||||
| 4.50%, 12/1/22 | 500,000 | 499,160 | ||||||
| 3.00%, 7/14/26, Callable 6/14/26 @ 100 | 1,000,000 | 841,570 | ||||||
| MassMutual Global Funding II, 1.20%, 7/16/26(a) | 1,500,000 | 1,307,610 | ||||||
| Mercury General Corp., 4.40%, 3/15/27, Callable 12/15/26 @ 100 | 1,000,000 | 929,450 | ||||||
| Metropolitan Life Global Funding I, 2.40%, 1/11/32(a) | 2,000,000 | 1,573,620 | ||||||
| Morgan Stanley | ||||||||
| 2.51% (SOFR+120bps), 10/20/32, Callable 10/20/31 @ 100, MTN (b) | 3,000,000 | 2,296,320 | ||||||
| 2.48% (SOFR+136bps), 9/16/36, Callable 9/16/31 @ 100 (b) | 1,250,000 | 895,712 | ||||||
| Mylan NV, 3.95%, 6/15/26, Callable 3/15/26 @ 100 | 1,000,000 | 910,920 | ||||||
| New York Community Bancorp, Inc., 5.90% (LIBOR03M+278bps), 11/6/28, Callable 11/6/23 @ 100(b) | 1,250,000 | 1,190,138 | ||||||
| New York Life Global Funding, 1.85%, 8/1/31(a) | 1,500,000 | 1,156,845 | ||||||
| OWL Rock Core Income Corp. | ||||||||
| 5.50%, 3/21/25 (a) | 500,000 | 471,415 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA Core Intermediate-Term Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| 3.13%, 9/23/26, Callable 8/23/26 @ 100 (a) | $ | 250,000 | $ | 210,028 | ||||
| 4.70%, 2/8/27, Callable 1/8/27 @ 100 (a) | 1,125,000 | 989,303 | ||||||
| Pacific Life Global Funding II, 1.38%, 4/14/26(a) | 2,000,000 | 1,752,860 | ||||||
| Pine Street Trust I, 4.57%, 2/15/29, Callable 11/15/28 @ 100(a) | 500,000 | 457,110 | ||||||
| Primerica, Inc., 2.80%, 11/19/31, Callable 8/19/31 @ 100 | 1,000,000 | 786,890 | ||||||
| Principal Life Global Funding II, 1.25%, 8/16/26(a) | 2,000,000 | 1,717,800 | ||||||
| Protective Life Global Funding, 1.90%, 7/6/28(a) | 2,000,000 | 1,632,020 | ||||||
| Prudential Financial, Inc. | ||||||||
| 3.94%, 12/7/49, Callable 6/7/49 @ 100 | 1,000,000 | 764,210 | ||||||
| 6.00% (H15T5Y+323bps), 9/1/52, Callable 6/1/32 @ 100 (b) | 1,000,000 | 938,350 | ||||||
| Regions Financial Corp., 1.80%, 8/12/28, Callable 6/12/28 @ 100 | 4,000,000 | 3,286,480 | ||||||
| Santander Holdings USA, Inc. | ||||||||
| 3.40%, 1/18/23, Callable 12/18/22 @ 100 | 250,000 | 249,082 | ||||||
| 4.40%, 7/13/27, Callable 4/14/27 @ 100 | 750,000 | 690,308 | ||||||
| Stellantis Finance U.S., Inc., 2.69%, 9/15/31, Callable 6/15/31 @ 100(a) | 1,200,000 | 857,760 | ||||||
| Stewart Information Services Corp., 3.60%, 11/15/31, Callable 8/15/31 @ 100 | 2,250,000 | 1,734,660 | ||||||
| Synchrony Bank, 5.63%, 8/23/27, Callable 7/23/27 @ 100 | 500,000 | 477,805 | ||||||
| Synchrony Financial | ||||||||
| 4.50%, 7/23/25, Callable 4/23/25 @ 100 | 500,000 | 476,790 | ||||||
| 5.15%, 3/19/29, Callable 12/19/28 @ 100 | 500,000 | 454,960 | ||||||
| Synovus Bank/Columbus GA, 4.00% (H15T5Y+363bps), 10/29/30, Callable 10/29/25 @ 100(b) | 500,000 | 465,845 | ||||||
| Synovus Financial Corp., 5.90% (USSW5+338bps), 2/7/29, Callable 2/7/24 @ 100(b) | 500,000 | 492,360 | ||||||
| Texas Capital Bancshares, Inc., 4.00% (H15T5Y+315bps), 5/6/31, Callable 5/6/26 @ 100(b) | 1,000,000 | 861,680 | ||||||
| Texas Capital Bank NA, 5.25%, 1/31/26 | 250,000 | 237,295 | ||||||
| The Bank of New York Mellon Corp. | ||||||||
| 3.75% (H15T5Y+263bps), Callable 12/20/26 @ 100 (b)(e) | 1,000,000 | 772,410 | ||||||
| 3.99% (SOFR+115bps), 6/13/28, Callable 6/13/27 @ 100, MTN (b) | 1,000,000 | 942,000 | ||||||
| The PNC Financial Services Group, Inc. | ||||||||
| 2.55%, 1/22/30, Callable 10/24/29 @ 100 | 1,500,000 | 1,238,235 | ||||||
| 4.63% (SOFR+185bps), 6/6/33, Callable 6/6/32 @ 100 (b) | 500,000 | 447,695 | ||||||
| Truist Bank, 2.25%, 3/11/30, Callable 12/11/29 @ 100 | 1,050,000 | 823,431 | ||||||
| Truist Financial Corp., 4.25%, 9/30/24 | 750,000 | 730,838 | ||||||
| UMB Financial Corp., 3.70% (H15T5Y+344bps), 9/17/30, Callable 9/17/25 @ 100(b) | 375,000 | 349,957 | ||||||
| US BanCorp, 2.49% (H15T5Y+95bps), 11/3/36, Callable 11/3/31 @ 100(b) | 1,500,000 | 1,134,480 | ||||||
| W R Berkley Corp., 3.55%, 3/30/52, Callable 9/30/51 @ 100 | 1,172,000 | 813,110 | ||||||
| Webster Financial Corp. | ||||||||
| 4.38%, 2/15/24, Callable 1/16/24 @ 100 | 1,000,000 | 979,290 | ||||||
| 4.10%, 3/25/29, Callable 12/25/28 @ 100 | 500,000 | 455,595 | ||||||
| Wells Fargo & Co. | ||||||||
| 2.19% (SOFR+200bps), 4/30/26, Callable 4/30/25 @ 100 (b) | 750,000 | 685,635 | ||||||
| 3.00%, 10/23/26 | 1,000,000 | 906,480 | ||||||
| Zions Bancorp NA, 3.25%, 10/29/29, Callable 7/29/29 @ 100 | 1,000,000 | 820,680 | ||||||
| 93,807,534 | ||||||||
| Health Care (3.0%): | ||||||||
| AbbVie, Inc. | ||||||||
| 3.20%, 11/21/29, Callable 8/21/29 @ 100 | 1,000,000 | 877,400 | ||||||
| 4.25%, 11/21/49, Callable 5/21/49 @ 100 | 500,000 | 401,210 | ||||||
| Amgen, Inc. | ||||||||
| 3.00%, 1/15/52, Callable 7/15/51 @ 100 | 1,250,000 | 789,087 | ||||||
| 4.20%, 2/22/52, Callable 8/22/51 @ 100 | 1,250,000 | 982,637 | ||||||
| Anthem, Inc. | ||||||||
| 2.88%, 9/15/29, Callable 6/15/29 @ 100 | 323,000 | 275,852 | ||||||
| 2.55%, 3/15/31, Callable 12/15/30 @ 100 | 2,000,000 | 1,612,300 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA Core Intermediate-Term Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Baxter International, Inc., 2.54%, 2/1/32, Callable 11/1/31 @ 100 | $ | 1,750,000 | $ | 1,361,290 | ||||
| Bio Rad Laboratories, Inc., 3.30%, 3/15/27, Callable 2/15/27 @ 100 | 1,250,000 | 1,135,075 | ||||||
| Biogen, Inc., 2.25%, 5/1/30, Callable 2/1/30 @ 100 | 1,750,000 | 1,383,270 | ||||||
| Bristol Myers Squibb Co., 3.90%, 2/20/28, Callable 11/20/27 @ 100 | 500,000 | 476,850 | ||||||
| Centene Corp., 2.50%, 3/1/31, Callable 12/1/30 @ 100 | 1,500,000 | 1,136,190 | ||||||
| Cigna Corp., 2.38%, 3/15/31, Callable 12/15/30 @ 100 | 2,000,000 | 1,590,240 | ||||||
| CVS Health Corp. | ||||||||
| 1.75%, 8/21/30, Callable 5/21/30 @ 100 | 3,500,000 | 2,679,670 | ||||||
| 2.13%, 9/15/31, Callable 6/15/31 @ 100 | 2,000,000 | 1,537,780 | ||||||
| DENTSPLY SIRONA, Inc., 3.25%, 6/1/30, Callable 3/1/30 @ 100 | 4,000,000 | 3,102,400 | ||||||
| Duke University Health System, Inc., 2.60%, 6/1/30 | 2,000,000 | 1,647,740 | ||||||
| Eastern Maine Healthcare Systems, 3.71%, 7/1/26 | 335,000 | 314,736 | ||||||
| Fresenius Medical Care U.S. Finance III, Inc., 2.38%, 2/16/31, Callable 11/16/30 @ 100(a) | 2,500,000 | 1,784,100 | ||||||
| Gilead Sciences, Inc., 1.20%, 10/1/27, Callable 8/1/27 @ 100 | 1,000,000 | 825,140 | ||||||
| HCA, Inc., 4.38%, 3/15/42, Callable 9/15/41 @ 100(a) | 750,000 | 561,623 | ||||||
| Illumina, Inc., 2.55%, 3/23/31, Callable 12/23/30 @ 100 | 2,000,000 | 1,531,120 | ||||||
| Orlando Health Obligated Group | ||||||||
| 3.78%, 10/1/28, Callable 7/1/28 @ 100 | 500,000 | 452,545 | ||||||
| 2.89%, 10/1/35 | 1,000,000 | 789,080 | ||||||
| PerkinElmer, Inc. | ||||||||
| 2.55%, 3/15/31, Callable 12/15/30 @ 100 | 1,500,000 | 1,163,985 | ||||||
| 2.25%, 9/15/31, Callable 6/15/31 @ 100 | 500,000 | 376,165 | ||||||
| Quest Diagnostics, Inc., 3.45%, 6/1/26, Callable 3/1/26 @ 100 | 1,250,000 | 1,180,813 | ||||||
| Roche Holdings, Inc., 1.93%, 12/13/28, Callable 10/13/28 @ 100(a) | 1,500,000 | 1,261,560 | ||||||
| Royalty Pharma PLC | ||||||||
| 2.20%, 9/2/30, Callable 6/2/30 @ 100 | 2,000,000 | 1,528,740 | ||||||
| 2.15%, 9/2/31, Callable 6/2/31 @ 100 (d) | 1,500,000 | 1,107,180 | ||||||
| Southern Illinois Healthcare Enterprises, Inc., 3.97%, 5/15/50, Callable 11/15/49 @ 100 | 1,000,000 | 730,910 | ||||||
| Universal Health Services, Inc., 2.65%, 1/15/32, Callable 10/15/31 @ 100(a) | 3,262,000 | 2,302,515 | ||||||
| Viatris, Inc., 2.30%, 6/22/27, Callable 4/22/27 @ 100 | 1,000,000 | 816,650 | ||||||
| 37,715,853 | ||||||||
| Industrials (3.5%): | ||||||||
| Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100 | 2,250,000 | 1,667,677 | ||||||
| Air Lease Corp., 2.88%, 1/15/32, Callable 10/15/31 @ 100 | 1,000,000 | 753,850 | ||||||
| American Airlines Pass Through Trust | ||||||||
| 3.70%, 10/1/26 | 300,146 | 254,089 | ||||||
| 3.85%, 2/15/28 | 381,265 | 306,304 | ||||||
| 3.60%, 10/15/29 | 391,755 | 310,650 | ||||||
| Arconic, Inc., 5.90%, 2/1/27 | 250,000 | 240,810 | ||||||
| Ashtead Capital, Inc. | ||||||||
| 4.25%, 11/1/29, Callable 11/1/24 @ 102.13 (a) | 1,448,000 | 1,264,336 | ||||||
| 2.45%, 8/12/31, Callable 5/12/31 @ 100 (a) | 667,000 | 487,223 | ||||||
| 5.50%, 8/11/32, Callable 5/11/32 @ 100 (a) | 750,000 | 695,100 | ||||||
| British Airways Pass Through Trust | ||||||||
| 3.35%, 6/15/29 (a) | 377,851 | 319,613 | ||||||
| 3.80%, 9/20/31 (a) | 553,958 | 496,812 | ||||||
| Builders FirstSource, Inc., 6.38%, 6/15/32, Callable 6/15/27 @ 103.19(a) | 500,000 | 445,535 | ||||||
| Carlisle Cos., Inc., 2.75%, 3/1/30, Callable 12/1/29 @ 100 | 1,000,000 | 816,420 | ||||||
| Carrier Global Corp., 3.38%, 4/5/40, Callable 10/5/39 @ 100 | 2,250,000 | 1,624,725 | ||||||
| CoStar Group, Inc., 2.80%, 7/15/30, Callable 4/15/30 @ 100(a) | 2,091,000 | 1,654,086 | ||||||
| Daimler Trucks Finance North America LLC, 2.38%, 12/14/28(a) | 1,050,000 | 857,336 | ||||||
| Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28(a) | 1,250,000 | 1,164,725 | ||||||
| FedEx Corp., 4.05%, 2/15/48, Callable 8/15/47 @ 100 | 2,250,000 | 1,650,420 | ||||||
| Fluor Corp., 4.25%, 9/15/28, Callable 6/15/28 @ 100(d) | 1,000,000 | 869,880 | ||||||
| Fortune Brands Home & Security, Inc., 4.00%, 3/25/32, Callable 12/25/31 @ 100 | 1,250,000 | 1,041,238 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA Core Intermediate-Term Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| GXO Logistics, Inc., 2.65%, 7/15/31, Callable 4/15/31 @ 100 | $ | 2,000,000 | $ | 1,410,700 | ||||
| Hawaiian Airlines Pass Through Certificates, 3.90%, 1/15/26 | 92,775 | 75,789 | ||||||
| Hillenbrand, Inc. | ||||||||
| 5.00%, 9/15/26, Callable 7/15/26 @ 100 | 1,000,000 | 935,460 | ||||||
| 3.75%, 3/1/31, Callable 3/1/26 @ 101.88 | 350,000 | 269,062 | ||||||
| Howmet Aerospace, Inc., 3.00%, 1/15/29, Callable 11/15/28 @ 100 | 1,500,000 | 1,226,250 | ||||||
| Hubbell, Inc., 2.30%, 3/15/31, Callable 12/15/30 @ 100 | 1,500,000 | 1,198,710 | ||||||
| Huntington Ingalls Industries, Inc., 2.04%, 8/16/28, Callable 6/16/28 @ 100 | 1,500,000 | 1,217,220 | ||||||
| IDEX Corp., 3.00%, 5/1/30, Callable 2/1/30 @ 100 | 500,000 | 420,270 | ||||||
| Ingersoll-Rand Global Holding Co. Ltd., 3.75%, 8/21/28, Callable 5/21/28 @ 100 | 500,000 | 464,880 | ||||||
| JetBlue Pass Through Trust, 2.95%, 5/15/28 | 217,225 | 183,366 | ||||||
| Kennametal, Inc., 4.63%, 6/15/28, Callable 3/15/28 @ 100 | 1,058,000 | 979,634 | ||||||
| Leidos, Inc., 2.30%, 2/15/31, Callable 11/15/30 @ 100 | 1,500,000 | 1,105,470 | ||||||
| Northrop Grumman Corp., 3.25%, 1/15/28, Callable 10/15/27 @ 100 | 500,000 | 455,425 | ||||||
| Otis Worldwide Corp., 3.11%, 2/15/40, Callable 8/15/39 @ 100 | 1,000,000 | 703,790 | ||||||
| Penske Truck Leasing Co. LP/PTL Finance Corp., 1.70%, 6/15/26, Callable 5/15/26 @ 100(a) | 1,000,000 | 860,530 | ||||||
| Pentair Finance Sarl, 5.90%, 7/15/32, Callable 4/15/32 @ 100 | 2,000,000 | 1,907,500 | ||||||
| Quanta Services, Inc. | ||||||||
| 2.90%, 10/1/30, Callable 7/1/30 @ 100 | 1,500,000 | 1,207,905 | ||||||
| 2.35%, 1/15/32, Callable 10/15/31 @ 100 | 250,000 | 184,185 | ||||||
| Ryder System, Inc. | ||||||||
| 3.40%, 3/1/23, Callable 2/1/23 @ 100, MTN | 1,000,000 | 992,420 | ||||||
| 2.85%, 3/1/27, Callable 2/1/27 @ 100, MTN | 2,000,000 | 1,779,920 | ||||||
| Southwest Airlines Co., 5.13%, 6/15/27, Callable 4/15/27 @ 100 | 800,000 | 783,504 | ||||||
| Spirit Airlines Pass Through Trust, 3.38%, 2/15/30 | 1,028,958 | 879,800 | ||||||
| The Boeing Co. | ||||||||
| 2.20%, 2/4/26, Callable 2/4/23 @ 100 | 1,333,000 | 1,183,397 | ||||||
| 3.25%, 2/1/28, Callable 12/1/27 @ 100 | 1,500,000 | 1,308,345 | ||||||
| 3.63%, 2/1/31, Callable 11/1/30 @ 100 | 2,750,000 | 2,279,860 | ||||||
| 5.71%, 5/1/40, Callable 11/1/39 @ 100 | 1,000,000 | 872,950 | ||||||
| The Timken Co., 4.13%, 4/1/32, Callable 1/1/32 @ 100 | 2,100,000 | 1,825,929 | ||||||
| Union Pacific Corp., 3.25%, 2/5/50, Callable 8/5/49 @ 100 | 1,000,000 | 707,030 | ||||||
| United Airlines Pass Through Trust | ||||||||
| 4.88%, 1/15/26 | 273,028 | 251,262 | ||||||
| 3.70%, 3/1/30 | 404,557 | 313,151 | ||||||
| 44,904,543 | ||||||||
| Information Technology (2.5%): | ||||||||
| Amphenol Corp. | ||||||||
| 4.35%, 6/1/29, Callable 3/1/29 @ 100 | 500,000 | 471,945 | ||||||
| 2.20%, 9/15/31, Callable 6/15/31 @ 100 | 1,125,000 | 872,044 | ||||||
| Broadcom, Inc. | ||||||||
| 4.00%, 4/15/29, Callable 2/15/29 @ 100 (a) | 500,000 | 440,765 | ||||||
| 2.45%, 2/15/31, Callable 11/15/30 @ 100 (a) | 2,500,000 | 1,882,450 | ||||||
| 3.42%, 4/15/33, Callable 1/15/33 @ 100 (a) | 2,000,000 | 1,534,480 | ||||||
| 4.93%, 5/15/37, Callable 2/15/37 @ 100 (a) | 500,000 | 413,635 | ||||||
| Dell International LLC/EMC Corp., 3.38%, 12/15/41, Callable 6/15/41 @ 100(a) | 500,000 | 308,885 | ||||||
| Dell, Inc., 5.40%, 9/10/40 | 2,000,000 | 1,610,020 | ||||||
| Global Payments, Inc. | ||||||||
| 2.90%, 11/15/31, Callable 8/15/31 @ 100 | 1,500,000 | 1,149,405 | ||||||
| 5.40%, 8/15/32, Callable 5/15/32 @ 100 | 1,000,000 | 927,060 | ||||||
| HP, Inc. | ||||||||
| 4.00%, 4/15/29, Callable 2/15/29 @ 100 | 1,500,000 | 1,319,325 | ||||||
| 2.65%, 6/17/31, Callable 3/17/31 @ 100 (a) | 1,500,000 | 1,103,865 | ||||||
| Jabil, Inc., 3.00%, 1/15/31, Callable 10/15/30 @ 100 | 1,474,000 | 1,163,649 | ||||||
| Marvell Technology, Inc., 2.45%, 4/15/28, Callable 2/15/28 @ 100 | 1,050,000 | 871,238 | ||||||
| Micron Technology, Inc., 2.70%, 4/15/32, Callable 1/15/32 @ 100 | 2,250,000 | 1,636,267 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA Core Intermediate-Term Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Microsoft Corp. | ||||||||
| 3.45%, 8/8/36, Callable 2/8/36 @ 100 | $ | 2,000,000 | $ | 1,747,920 | ||||
| 2.53%, 6/1/50, Callable 12/1/49 @ 100 | 750,000 | 493,283 | ||||||
| Motorola Solutions, Inc. | ||||||||
| 2.75%, 5/24/31, Callable 2/24/31 @ 100 | 1,000,000 | 766,440 | ||||||
| 5.60%, 6/1/32, Callable 3/1/32 @ 100 | 1,000,000 | 948,400 | ||||||
| Oracle Corp. | ||||||||
| 2.95%, 4/1/30, Callable 1/1/30 @ 100 | 1,000,000 | 807,000 | ||||||
| 3.85%, 7/15/36, Callable 1/15/36 @ 100 | 750,000 | 561,517 | ||||||
| 3.60%, 4/1/50, Callable 10/1/49 @ 100 | 1,000,000 | 625,660 | ||||||
| Qorvo, Inc., 3.38%, 4/1/31, Callable 4/1/26 @ 101.69(a) | 3,909,000 | 2,927,059 | ||||||
| Skyworks Solutions, Inc., 3.00%, 6/1/31, Callable 3/1/31 @ 100 | 1,200,000 | 912,000 | ||||||
| Teledyne Technologies, Inc., 2.75%, 4/1/31, Callable 1/1/31 @ 100 | 2,000,000 | 1,577,900 | ||||||
| TSMC Arizona Corp., 2.50%, 10/25/31, Callable 7/25/31 @ 100 | 3,400,000 | 2,704,156 | ||||||
| Western Digital Corp., 3.10%, 2/1/32, Callable 11/1/31 @ 100 | 1,500,000 | 1,024,140 | ||||||
| Workday, Inc., 3.70%, 4/1/29, Callable 2/1/29 @ 100 | 1,500,000 | 1,345,290 | ||||||
| 32,145,798 | ||||||||
| Materials (1.9%): | ||||||||
| Albemarle Corp., 4.65%, 6/1/27, Callable 5/1/27 @ 100 | 1,500,000 | 1,434,630 | ||||||
| AptarGroup, Inc., 3.60%, 3/15/32, Callable 12/15/31 @ 100 | 1,352,000 | 1,106,517 | ||||||
| Avery Dennison Corp. | ||||||||
| 2.65%, 4/30/30, Callable 2/1/30 @ 100 | 800,000 | 640,088 | ||||||
| 2.25%, 2/15/32, Callable 11/15/31 @ 100 | 1,500,000 | 1,108,590 | ||||||
| Ball Corp., 3.13%, 9/15/31, Callable 6/15/31 @ 100 | 1,500,000 | 1,125,555 | ||||||
| Bayport Polymers LLC, 4.74%, 4/14/27, Callable 3/14/27 @ 100(a) | 1,500,000 | 1,392,435 | ||||||
| Berry Global, Inc., 4.88%, 7/15/26, Callable 11/14/22 @ 102.44(a) | 1,000,000 | 939,880 | ||||||
| Celanese U.S. Holdings LLC, 6.33%, 7/15/29, Callable 5/15/29 @ 100 | 641,000 | 598,476 | ||||||
| Colonial Enterprises, Inc., 3.25%, 5/15/30, Callable 2/15/30 @ 100(a) | 1,000,000 | 863,870 | ||||||
| Commercial Metals Co. | ||||||||
| 3.88%, 2/15/31, Callable 2/15/26 @ 101.94 | 1,000,000 | 787,160 | ||||||
| 4.38%, 3/15/32, Callable 3/15/27 @ 102.19 | 500,000 | 395,030 | ||||||
| Eagle Materials, Inc., 2.50%, 7/1/31, Callable 4/1/31 @ 100 | 2,500,000 | 1,824,275 | ||||||
| Ecolab, Inc., 2.70%, 12/15/51, Callable 6/15/51 @ 100 | 1,250,000 | 798,325 | ||||||
| Freeport-McMoRan, Inc., 4.38%, 8/1/28, Callable 8/1/23 @ 102.19 | 1,500,000 | 1,359,015 | ||||||
| Glencore Funding LLC | ||||||||
| 2.50%, 9/1/30, Callable 6/1/30 @ 100 (a) | 500,000 | 382,590 | ||||||
| 2.85%, 4/27/31, Callable 1/27/31 @ 100 (a) | 1,000,000 | 774,010 | ||||||
| LYB International Finance III LLC | ||||||||
| 2.25%, 10/1/30, Callable 7/1/30 @ 100 | 500,000 | 388,530 | ||||||
| 3.38%, 10/1/40, Callable 4/1/40 @ 100 | 500,000 | 344,070 | ||||||
| Martin Marietta Materials, Inc. | ||||||||
| 3.50%, 12/15/27, Callable 9/15/27 @ 100 | 625,000 | 576,675 | ||||||
| 2.40%, 7/15/31, Callable 4/15/31 @ 100 | 1,000,000 | 776,180 | ||||||
| NewMarket Corp., 2.70%, 3/18/31, Callable 12/18/30 @ 100 | 1,250,000 | 951,600 | ||||||
| Packaging Corp. of America | ||||||||
| 3.40%, 12/15/27, Callable 9/15/27 @ 100 | 500,000 | 455,295 | ||||||
| 3.05%, 10/1/51, Callable 4/1/51 @ 100 | 1,875,000 | 1,181,119 | ||||||
| Reliance Steel & Aluminum Co. | ||||||||
| 4.50%, 4/15/23, Callable 1/15/23 @ 100 | 500,000 | 498,755 | ||||||
| 2.15%, 8/15/30, Callable 5/15/30 @ 100 | 1,000,000 | 761,540 | ||||||
| Vulcan Materials Co. | ||||||||
| 3.90%, 4/1/27, Callable 1/1/27 @ 100 | 500,000 | 471,655 | ||||||
| 3.50%, 6/1/30, Callable 3/1/30 @ 100 | 1,000,000 | 856,690 | ||||||
| WRKCo, Inc., 3.00%, 6/15/33, Callable 3/15/33 @ 100 | 1,500,000 | 1,161,405 | ||||||
| 23,953,960 | ||||||||
| Real Estate (1.6%): | ||||||||
| Alexandria Real Estate Equities, Inc., 2.00%, 5/18/32, Callable 2/18/32 @ 100 | 2,750,000 | 2,025,512 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA Core Intermediate-Term Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| AvalonBay Communities, Inc. | ||||||||
| 3.20%, 1/15/28, Callable 10/15/27 @ 100, MTN | $ | 750,000 | $ | 679,500 | ||||
| 2.45%, 1/15/31, Callable 10/17/30 @ 100, MTN | 1,000,000 | 814,510 | ||||||
| Boston Properties LP | ||||||||
| 2.55%, 4/1/32, Callable 1/1/32 @ 100 | 1,250,000 | 923,188 | ||||||
| 2.45%, 10/1/33, Callable 7/1/33 @ 100 | 1,000,000 | 708,560 | ||||||
| CBRE Services, Inc., 2.50%, 4/1/31, Callable 1/1/31 @ 100 | 500,000 | 380,330 | ||||||
| Crown Castle International Corp. | ||||||||
| 2.25%, 1/15/31, Callable 10/15/30 @ 100 | 1,500,000 | 1,144,935 | ||||||
| 2.90%, 4/1/41, Callable 10/1/40 @ 100 | 1,750,000 | 1,142,523 | ||||||
| Essex Portfolio LP | ||||||||
| 1.70%, 3/1/28, Callable 1/1/28 @ 100 | 1,500,000 | 1,216,545 | ||||||
| 2.65%, 3/15/32, Callable 12/15/31 @ 100 | 1,500,000 | 1,168,830 | ||||||
| GLP Capital LP / GLP Financing II, Inc., 3.25%, 1/15/32, Callable 10/15/31 @ 100 | 933,000 | 700,030 | ||||||
| GLP Capital LP/GLP Financing II, Inc., 4.00%, 1/15/31, Callable 10/15/30 @ 100 | 1,000,000 | 818,180 | ||||||
| Host Hotels & Resorts LP | ||||||||
| 3.38%, 12/15/29, Callable 9/15/29 @ 100 | 500,000 | 406,940 | ||||||
| 3.50%, 9/15/30, Callable 6/15/30 @ 100 | 1,017,000 | 812,390 | ||||||
| Hudson Pacific Properties LP | ||||||||
| 3.95%, 11/1/27, Callable 8/1/27 @ 100 | 500,000 | 442,895 | ||||||
| 4.65%, 4/1/29, Callable 1/1/29 @ 100 | 500,000 | 443,540 | ||||||
| 3.25%, 1/15/30, Callable 10/15/29 @ 100 | 1,500,000 | 1,190,925 | ||||||
| Kilroy Realty LP, 2.65%, 11/15/33, Callable 8/15/33 @ 100 | 2,000,000 | 1,398,800 | ||||||
| Physicians Realty LP | ||||||||
| 4.30%, 3/15/27, Callable 12/15/26 @ 100 | 750,000 | 701,212 | ||||||
| 2.63%, 11/1/31, Callable 8/1/31 @ 100 | 1,000,000 | 760,180 | ||||||
| VICI Properties LP, 5.13%, 5/15/32, Callable 2/15/32 @ 100 | 2,000,000 | 1,774,260 | ||||||
| Vornado Realty LP, 3.50%, 1/15/25, Callable 11/15/24 @ 100 | 500,000 | 466,855 | ||||||
| 20,120,640 | ||||||||
| Utilities (2.8%): | ||||||||
| AEP Texas, Inc., 3.45%, 1/15/50, Callable 7/15/49 @ 100 | 1,500,000 | 1,020,075 | ||||||
| Alabama Power Co., 3.13%, 7/15/51, Callable 1/15/51 @ 100 | 2,000,000 | 1,351,760 | ||||||
| Ameren Corp. | ||||||||
| 1.75%, 3/15/28, Callable 1/15/28 @ 100 | 1,400,000 | 1,157,408 | ||||||
| 3.50%, 1/15/31, Callable 10/15/30 @ 100 | 1,000,000 | 861,740 | ||||||
| American Water Capital Corp., 2.95%, 9/1/27, Callable 6/1/27 @ 100 | 1,000,000 | 907,710 | ||||||
| Appalachian Power Co., 2.70%, 4/1/31, Callable 1/1/31 @ 100 | 1,500,000 | 1,202,115 | ||||||
| CenterPoint Energy, Inc., 2.65%, 6/1/31, Callable 3/1/31 @ 100 | 1,500,000 | 1,198,110 | ||||||
| Cleco Corporate Holdings LLC, 3.38%, 9/15/29, Callable 6/15/29 @ 100 | 1,000,000 | 843,370 | ||||||
| Dominion Energy, Inc., 2.25%, 8/15/31, Callable 5/15/31 @ 100 | 1,500,000 | 1,169,715 | ||||||
| DTE Electric Co. | ||||||||
| 2.25%, 3/1/30, Callable 12/1/29 @ 100 | 1,000,000 | 824,980 | ||||||
| 3.00%, 3/1/32, Callable 12/1/31 @ 100 | 1,000,000 | 841,340 | ||||||
| 3.65%, 3/1/52, Callable 9/1/51 @ 100 | 500,000 | 378,295 | ||||||
| Duke Energy Carolinas LLC, 2.85%, 3/15/32, Callable 12/15/31 @ 100 | 750,000 | 620,783 | ||||||
| Duke Energy Corp., 2.55%, 6/15/31, Callable 3/15/31 @ 100 | 2,500,000 | 1,957,425 | ||||||
| Duquesne Light Holdings, Inc., 2.78%, 1/7/32, Callable 10/7/31 @ 100(a) | 1,200,000 | 915,300 | ||||||
| Entergy Corp., 1.90%, 6/15/28, Callable 4/15/28 @ 100 | 2,000,000 | 1,642,160 | ||||||
| Entergy Louisiana LLC, 4.00%, 3/15/33, Callable 12/15/32 @ 100 | 1,000,000 | 884,010 | ||||||
| Florida Power & Light Co., 2.88%, 12/4/51, Callable 6/4/51 @ 100 | 1,000,000 | 659,310 | ||||||
| IPALCO Enterprises, Inc., 4.25%, 5/1/30, Callable 2/1/30 @ 100 | 1,525,000 | 1,326,780 | ||||||
| ITC Holdings Corp., 4.95%, 9/22/27, Callable 8/22/27 @ 100(a) | 1,000,000 | 975,360 | ||||||
| NextEra Energy Capital Holdings, Inc. | ||||||||
| 3.01% (SOFR+40bps), 11/3/23, Callable 11/14/22 @ 100 (b) | 1,500,000 | 1,486,020 | ||||||
| 2.44%, 1/15/32, Callable 10/15/31 @ 100 | 2,000,000 | 1,554,460 | ||||||
| NRG Energy, Inc., 4.45%, 6/15/29, Callable 3/15/29 @ 100(a) | 1,000,000 | 867,320 | ||||||
| Oglethorpe Power Corp., 4.50%, 4/1/47, Callable 10/1/46 @ 100(a) | 938,000 | 734,914 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA Core Intermediate-Term Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Oncor Electric Delivery Co. LLC, 2.70%, 11/15/51, Callable 5/15/51 @ 100(a) | $ | 1,500,000 | $ | 956,550 | ||||
| Public Service Co. of Colorado, 1.88%, 6/15/31, Callable 12/15/30 @ 100 | 2,000,000 | 1,568,560 | ||||||
| Public Service Electric & Gas Co., 1.90%, 8/15/31, Callable 5/15/31 @ 100, MTN | 2,000,000 | 1,564,540 | ||||||
| Rayburn Country Securitization LLC, 2.31%, 12/1/30(a) | 1,000,000 | 909,770 | ||||||
| South Jersey Industries, Inc., 5.02%, 4/15/31 | 1,000,000 | 835,130 | ||||||
| Southern Co. Gas Capital Corp., 1.75%, 1/15/31, Callable 10/15/30 @ 100 | 1,000,000 | 740,100 | ||||||
| Southwestern Electric Power Co., 3.25%, 11/1/51, Callable 5/1/51 @ 100 | 750,000 | 480,067 | ||||||
| The AES Corp., 2.45%, 1/15/31, Callable 10/15/30 @ 100 | 1,000,000 | 766,380 | ||||||
| Vistra Operations Co. LLC, 4.30%, 7/15/29, Callable 4/15/29 @ 100(a) | 500,000 | 426,880 | ||||||
| Wisconsin Public Service Corp., 2.85%, 12/1/51, Callable 6/1/51 @ 100 | 1,250,000 | 806,900 | ||||||
| Xcel Energy, Inc., 2.35%, 11/15/31, Callable 5/15/31 @ 100 | 500,000 | 389,405 | ||||||
| 34,824,742 | ||||||||
| Total Corporate Bonds (Cost $478,318,521) | 393,470,384 | |||||||
| Yankee Dollars (7.8%) | ||||||||
| Communication Services (0.3%): | ||||||||
| British Telecommunications PLC, 3.25%, 11/8/29, Callable 8/8/29 @ 100(a) | 1,000,000 | 814,390 | ||||||
| Rogers Communications, Inc., 3.80%, 3/15/32, Callable 12/15/31 @ 100(a) | 4,000,000 | 3,448,280 | ||||||
| 4,262,670 | ||||||||
| Consumer Discretionary (0.5%): | ||||||||
| Ascot Group Ltd., 4.25%, 12/15/30, Callable 12/15/25 @ 100(a) | 1,000,000 | 834,320 | ||||||
| Bacardi Ltd. | ||||||||
| 4.45%, 5/15/25, Callable 3/15/25 @ 100 (a) | 1,500,000 | 1,439,925 | ||||||
| 2.75%, 7/15/26, Callable 4/15/26 @ 100 (a) | 500,000 | 445,660 | ||||||
| 4.70%, 5/15/28, Callable 2/15/28 @ 100 (a) | 500,000 | 469,165 | ||||||
| Genm Capital Labuan Ltd., 3.88%, 4/19/31, Callable 1/19/31 @ 100(a) | 1,500,000 | 1,083,420 | ||||||
| International Game Technology PLC, 5.25%, 1/15/29, Callable 1/15/24 @ 102.63(a) | 1,000,000 | 888,010 | ||||||
| Nemak SAB de CV, 3.63%, 6/28/31, Callable 3/28/31 @ 100(a) | 1,269,000 | 858,288 | ||||||
| 6,018,788 | ||||||||
| Consumer Staples (0.6%): | ||||||||
| Alimentation Couche-Tard, Inc. | ||||||||
| 2.95%, 1/25/30, Callable 10/25/29 @ 100 (a) | 667,000 | 547,627 | ||||||
| 3.44%, 5/13/41, Callable 11/13/40 @ 100 (a) | 750,000 | 509,632 | ||||||
| Becle SAB de CV, 2.50%, 10/14/31, Callable 7/14/31 @ 100(a) | 1,750,000 | 1,358,858 | ||||||
| CK Hutchison International 19 II Ltd., 2.75%, 9/6/29, Callable 6/6/29 @ 100(a) | 1,500,000 | 1,297,650 | ||||||
| Imperial Brands Finance PLC, 3.88%, 7/26/29, Callable 4/26/29 @ 100(a) | 1,000,000 | 849,900 | ||||||
| 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 | 612,203 | ||||||
| JDE Peet's NV, 2.25%, 9/24/31, Callable 6/24/31 @ 100(a) | 3,000,000 | 2,200,770 | ||||||
| 7,376,640 | ||||||||
| Energy (0.5%): | ||||||||
| Aker BP ASA, 4.00%, 1/15/31, Callable 10/15/30 @ 100(a) | 750,000 | 638,085 | ||||||
| BP Capital Markets PLC | ||||||||
| 4.87% (H15T5Y+440bps), Callable 3/22/30 @ 100 (b)(e) | 750,000 | 647,662 | ||||||
| 4.38% (H15T5Y+404bps), Callable 6/22/25 @ 100 (b)(e) | 2,000,000 | 1,838,160 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA Core Intermediate-Term Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Korea National Oil Corp., 2.63%, 4/18/32(a) | $ | 1,500,000 | $ | 1,205,445 | ||||
| Petroleos Mexicanos, 6.70%, 2/16/32, Callable 11/16/31 @ 100(a) | 500,000 | 351,715 | ||||||
| Shell International Finance BV, 2.88%, 11/26/41, Callable 5/26/41 @ 100 | 1,500,000 | 1,052,220 | ||||||
| Transocean Guardian Ltd., 5.88%, 1/15/24, Callable 11/11/22 @ 101.47(a) | 271,397 | 257,453 | ||||||
| 5,990,740 | ||||||||
| Financials (4.2%): | ||||||||
| ABN AMRO Bank NV, 4.80%, 4/18/26(a) | 500,000 | 473,630 | ||||||
| ANZ Bank New Zealand Ltd., 5.55%, 8/11/32, Callable 8/11/27 @ 100(a) | 833,000 | 807,027 | ||||||
| Bank of Montreal, 3.09% (H15T5Y+140bps), 1/10/37, Callable 1/10/32 @ 100(b) | 1,500,000 | 1,130,265 | ||||||
| Bank of New Zealand | ||||||||
| 1.00%, 3/3/26 (a) | 1,600,000 | 1,388,848 | ||||||
| 2.87%, 1/27/32 (a) | 750,000 | 614,565 | ||||||
| Barclays PLC | ||||||||
| 3.93% (LIBOR03M+161bps), 5/7/25, Callable 5/7/24 @ 100 (b) | 500,000 | 480,770 | ||||||
| 2.28% (H15T1Y+105bps), 11/24/27, Callable 11/24/26 @ 100 (b) | 2,000,000 | 1,674,840 | ||||||
| 5.75% (H15T1Y+300bps), 8/9/33, Callable 8/9/32 @ 100 (b) | 500,000 | 454,730 | ||||||
| BNP Paribas SA, 4.71% (LIBOR03M+224bps), 1/10/25, Callable 1/10/24 @ 100(a)(b) | 1,000,000 | 986,220 | ||||||
| BPCE SA | ||||||||
| 4.00%, 9/12/23 (a) | 500,000 | 492,845 | ||||||
| 3.25%, 1/11/28 (a) | 1,000,000 | 880,970 | ||||||
| 5.75% (SOFR+287bps), 7/19/33, Callable 7/19/32 @ 100 (a)(b) | 1,000,000 | 925,220 | ||||||
| Brookfield Finance, Inc., 2.72%, 4/15/31, Callable 1/15/31 @ 100 | 1,000,000 | 792,590 | ||||||
| Commonwealth Bank of Australia | ||||||||
| 2.69%, 3/11/31 (a) | 1,000,000 | 753,980 | ||||||
| 3.78%, 3/14/32 (a) | 2,000,000 | 1,596,840 | ||||||
| Cooperatieve Rabobank UA | ||||||||
| 1.11% (H15T1Y+55bps), 2/24/27, Callable 2/24/26 @ 100 (a)(b) | 2,000,000 | 1,706,000 | ||||||
| 4.00% (USSW5+189bps), 4/10/29, Callable 4/10/24 @ 100, MTN (b) | 600,000 | 572,318 | ||||||
| Credit Agricole SA, 3.25%, 10/4/24(a) | 1,250,000 | 1,195,675 | ||||||
| Credit Suisse Group AG | ||||||||
| 1.31% (SOFR+98bps), 2/2/27, Callable 2/2/26 @ 100 (a)(b) | 1,000,000 | 811,020 | ||||||
| 6.54% (SOFR+392bps), 8/12/33, Callable 8/12/32 @ 100 (a)(b) | 2,174,000 | 1,957,861 | ||||||
| Credit Suisse Group Funding Guernsey Ltd., 3.75%, 3/26/25 | 500,000 | 465,945 | ||||||
| Deutsche Bank AG | ||||||||
| 1.69%, 3/19/26 | 1,500,000 | 1,306,695 | ||||||
| 6.12% (SOFR+319bps), 7/14/26, Callable 7/14/25 @ 100 (b) | 750,000 | 728,797 | ||||||
| 3.74% (SOFR+226bps), 1/7/33, Callable 10/7/31 @ 100 (b) | 2,000,000 | 1,317,620 | ||||||
| Federation des Caisses Desjardins du Quebec, 4.55%, 8/23/27(a) | 2,000,000 | 1,889,260 | ||||||
| HSBC Holdings PLC | ||||||||
| 3.80% (LIBOR03M+121bps), 3/11/25, Callable 3/11/24 @ 100 (b) | 500,000 | 483,490 | ||||||
| 2.21% (SOFR+129bps), 8/17/29, Callable 8/17/28 @ 100 (b) | 1,000,000 | 777,030 | ||||||
| ING Groep NV, 2.73% (SOFR+112bps), 4/1/32, Callable 4/1/31 @ 100(b) | 2,000,000 | 1,525,820 | ||||||
| JAB Holdings BV, 3.75%, 5/28/51, Callable 11/28/50 @ 100(a) | 500,000 | 293,815 | ||||||
| Lloyds Banking Group PLC | ||||||||
| 2.91% (LIBOR03M+81bps), 11/7/23, Callable 11/7/22 @ 100 (b) | 250,000 | 249,363 | ||||||
| 1.63% (H15T1Y+85bps), 5/11/27, Callable 5/11/26 @ 100 (b) | 1,000,000 | 850,260 | ||||||
| 3.57% (LIBOR03M+121bps), 11/7/28, Callable 11/7/27 @ 100 (b) | 250,000 | 219,113 | ||||||
| Macquarie Bank Ltd., 3.05% (H15T5Y+170bps), 3/3/36, Callable 3/3/31 @ 100(a)(b) | 1,250,000 | 921,550 | ||||||
| Macquarie Group Ltd., 4.10% (SOFR+213bps), 6/21/28, Callable 6/21/27 @ 100(a)(b)(d) | 1,000,000 | 917,990 | ||||||
| Mitsubishi UFJ Financial Group, Inc., 5.02% (H15T1Y+195bps), 7/20/28, Callable 7/20/27 @ 100(b) | 1,500,000 | 1,440,870 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA Core Intermediate-Term Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Mizuho Financial Group, Inc. | ||||||||
| 2.56%, 9/13/31 | $ | 1,000,000 | $ | 738,750 | ||||
| 2.17% (H15T1Y+87bps), 5/22/32, Callable 5/22/31 @ 100 (b) | 1,500,000 | 1,099,845 | ||||||
| National Australia Bank Ltd., 3.93% (H15T5Y+188bps), 8/2/34, Callable 8/2/29 @ 100(a)(b) | 1,500,000 | 1,272,390 | ||||||
| Nationwide Building Society | ||||||||
| 4.36% (LIBOR03M+139bps), 8/1/24, Callable 8/1/23 @ 100 (a)(b) | 750,000 | 740,392 | ||||||
| 4.30% (LIBOR03M+145bps), 3/8/29, Callable 3/8/28 @ 100 (a)(b) | 250,000 | 222,720 | ||||||
| 3.96% (LIBOR03M+186bps), 7/18/30, Callable 7/18/29 @ 100 (a)(b) | 500,000 | 431,300 | ||||||
| Nomura Holdings, Inc., 5.61%, 7/6/29 | 1,500,000 | 1,427,085 | ||||||
| Port of Newcastle Investments Financing Pty Ltd., 5.90%, 11/24/31, Callable 8/24/31 @ 100(a) | 1,000,000 | 860,220 | ||||||
| Royal Bank of Scotland Group PLC, 4.44% (LIBOR03M+187bps), 5/8/30, Callable 5/8/29 @ 100(b) | 1,000,000 | 876,550 | ||||||
| Santander UK Group Holdings PLC, 2.90% (SOFR+148bps), 3/15/32, Callable 3/15/31 @ 100(b) | 2,000,000 | 1,490,380 | ||||||
| Societe Generale SA | ||||||||
| 1.49% (H15T1Y+1bps), 12/14/26, Callable 12/14/25 @ 100 (a)(b) | 500,000 | 422,185 | ||||||
| 3.34% (H15T1Y+160bps), 1/21/33, Callable 1/21/32 @ 100 (a)(b) | 1,000,000 | 750,840 | ||||||
| 6.22% (H15T1Y+320bps), 6/15/33, Callable 6/15/32 @ 100 (a)(b) | 1,000,000 | 890,560 | ||||||
| Standard Chartered PLC, 4.87% (LIBOR03M+197bps), 3/15/33, Callable 3/15/28 @ 100(a)(b) | 500,000 | 436,275 | ||||||
| Sumitomo Mitsui Financial Group, Inc., 2.22%, 9/17/31 | 1,500,000 | 1,124,520 | ||||||
| Swedbank AB, 0.85%, 3/18/24(a) | 1,500,000 | 1,411,620 | ||||||
| The Bank of Nova Scotia | ||||||||
| 4.50%, 12/16/25 | 500,000 | 482,700 | ||||||
| 1.30%, 9/15/26 | 1,000,000 | 858,740 | ||||||
| 2.45%, 2/2/32 | 1,000,000 | 761,620 | ||||||
| The Toronto-Dominion Bank, 2.00%, 9/10/31 | 1,500,000 | 1,122,315 | ||||||
| Westpac Banking Corp. | ||||||||
| 4.32% (USISDA05+224bps), 11/23/31, Callable 11/23/26 @ 100 (b) | 1,000,000 | 913,330 | ||||||
| 2.67% (H15T5Y+2bps), 11/15/35, Callable 11/15/30 @ 100 (b) | 1,000,000 | 740,350 | ||||||
| 3.02% (H15T5Y+153bps), 11/18/36, Callable 11/18/31 @ 100 (b) | 1,000,000 | 735,700 | ||||||
| 52,894,219 | ||||||||
| Health Care (0.4%): | ||||||||
| Olympus Corp., 2.14%, 12/8/26, Callable 11/8/26 @ 100(a) | 758,000 | 665,312 | ||||||
| Smith & Nephew PLC, 2.03%, 10/14/30, Callable 7/14/30 @ 100 | 3,500,000 | 2,628,465 | ||||||
| STERIS Irish FinCo Unlimited Co., 2.70%, 3/15/31, Callable 12/15/30 @ 100 | 2,000,000 | 1,567,920 | ||||||
| 4,861,697 | ||||||||
| Industrials (0.6%): | ||||||||
| Air Canada Pass Through Trust, 4.13%, 5/15/25(a) | 1,785,578 | 1,564,381 | ||||||
| Aircastle Ltd. | ||||||||
| 4.40%, 9/25/23, Callable 8/25/23 @ 100 | 500,000 | 492,030 | ||||||
| 4.25%, 6/15/26, Callable 4/15/26 @ 100 | 1,000,000 | 896,770 | ||||||
| BAE Systems PLC, 3.40%, 4/15/30, Callable 1/15/30 @ 100(a) | 750,000 | 651,060 | ||||||
| Canadian Pacific Railway Co., 2.45%, 12/2/31, Callable 9/2/31 @ 100 | 833,000 | 667,633 | ||||||
| Ferguson Finance PLC | ||||||||
| 3.25%, 6/2/30, Callable 3/2/30 @ 100 (a) | 1,800,000 | 1,467,900 | ||||||
| 4.65%, 4/20/32, Callable 1/20/32 @ 100 (a) | 750,000 | 660,225 | ||||||
| Rolls-Royce PLC, 3.63%, 10/14/25, Callable 7/14/25 @ 100(a) | 275,000 | 236,651 | ||||||
| Siemens Financieringsmaatschappij NV | ||||||||
| 1.70%, 3/11/28 (a) | 1,000,000 | 839,500 | ||||||
| 2.15%, 3/11/31 (a) | 1,000,000 | 797,510 | ||||||
| 8,273,660 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA Core Intermediate-Term Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Information Technology (0.1%): | ||||||||
| NXP BV/NXP Funding LLC/NXP USA, Inc. | ||||||||
| 4.40%, 6/1/27, Callable 5/1/27 @ 100 | $ | 333,000 | $ | 314,345 | ||||
| 2.65%, 2/15/32, Callable 11/15/31 @ 100 (a) | 1,500,000 | 1,121,790 | ||||||
| 1,436,135 | ||||||||
| Materials (0.3%): | ||||||||
| Anglo American Capital PLC, 4.00%, 9/11/27(a) | 1,000,000 | 915,810 | ||||||
| Braskem Netherlands Finance BV, 4.50%, 1/31/30(a) | 1,000,000 | 805,730 | ||||||
| CCL Industries, Inc., 3.05%, 6/1/30, Callable 3/1/30 @ 100(a) | 2,000,000 | 1,600,880 | ||||||
| 3,322,420 | ||||||||
| Real Estate (0.2%): | ||||||||
| Ontario Teachers' Cadillac Fairview Properties Trust, 2.50%, 10/15/31, Callable 7/15/31 @ 100(a) | 3,233,000 | 2,517,861 | ||||||
| Utilities (0.1%): | ||||||||
| Enel Finance International NV, 1.88%, 7/12/28, Callable 5/12/28 @ 100(a) | 2,000,000 | 1,560,340 | ||||||
| Total Yankee Dollars (Cost $118,746,440) | 98,515,170 | |||||||
| Municipal Bonds (2.6%) | ||||||||
| Arizona (0.1%): | ||||||||
| The University of Arizona Revenue, Series A, 1.82%, 6/1/30 | 1,000,000 | 783,590 | ||||||
| California (0.2%): | ||||||||
| California Statewide Communities Development Authority Revenue, 1.73%, 4/1/27 | 1,000,000 | 867,678 | ||||||
| City of El Cajon Revenue | ||||||||
| Series A, 1.70%, 4/1/27 | 620,000 | 538,491 | ||||||
| Series A, 1.90%, 4/1/28 | 500,000 | 424,007 | ||||||
| San Jose Redevelopment Agency Successor Agency Tax Allocation, Series A-T, 3.13%, 8/1/28, Continuously Callable @100 | 500,000 | 459,442 | ||||||
| 2,289,618 | ||||||||
| Colorado (0.1%): | ||||||||
| City & County of Denver Co. Airport System Revenue, Series C, 2.14%, 11/15/29 | 1,500,000 | 1,226,814 | ||||||
| Connecticut (0.1%): | ||||||||
| State of Connecticut, GO | ||||||||
| 2.55%, 7/1/28 | 800,000 | 706,767 | ||||||
| Series A, 3.43%, 4/15/28 | 500,000 | 465,233 | ||||||
| 1,172,000 | ||||||||
| Florida (0.3%): | ||||||||
| County of Miami-Dade Seaport Department Revenue, Series B-3, 2.34%, 10/1/33, Continuously Callable @100 | 1,500,000 | 1,083,248 | ||||||
| Florida Development Finance Corp. Revenue, Series A, 3.22%, 2/1/32, Continuously Callable @100 | 1,020,000 | 849,173 | ||||||
| Hillsborough County IDA Revenue, 3.58%, 8/1/35, Continuously Callable @100 | 1,500,000 | 1,280,924 | ||||||
| Hillsborough County School Board Certificate of Participation, Series B, 1.92%, 7/1/25 | 750,000 | 690,743 | ||||||
| 3,904,088 | ||||||||
| Georgia (0.1%): | ||||||||
| City of Atlanta GA Water & Wastewater Revenue, 2.26%, 11/1/35, Continuously Callable @100 | 1,500,000 | 1,123,654 | ||||||
| Hawaii (0.1%): | ||||||||
| State of Hawaii Airports System Revenue, Series E, 1.81%, 7/1/27 | 915,000 | 795,569 | ||||||
| Illinois (0.0%):(f) | ||||||||
| Illinois Finance Authority Revenue, 3.55%, 8/15/29 | 500,000 | 443,682 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA Core Intermediate-Term Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Louisiana (0.1%): | ||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority Revenue | ||||||||
| 1.55%, 2/1/27 | $ | 700,000 | $ | 612,571 | ||||
| Series A, 4.48%, 8/1/39 | 835,000 | 754,329 | ||||||
| Louisiana Public Facilities Authority Revenue, 2.28%, 6/1/30 | 500,000 | 399,336 | ||||||
| 1,766,236 | ||||||||
| Michigan (0.1%): | ||||||||
| Michigan Finance Authority Revenue | ||||||||
| 2.47%, 12/1/25 | 1,000,000 | 934,992 | ||||||
| 3.08%, 12/1/34 | 1,000,000 | 822,331 | ||||||
| 1,757,323 | ||||||||
| New Jersey (0.2%): | ||||||||
| New Jersey Economic Development Authority Revenue, Series NNN, 3.47%, 6/15/27 | 1,000,000 | 921,719 | ||||||
| New Jersey Health Care Facilities Financing Authority Revenue, Series A, 3.36%, 7/1/40 | 1,000,000 | 740,130 | ||||||
| New Jersey Transportation Trust Fund Authority Revenue, 4.08%, 6/15/39 | 385,000 | 316,104 | ||||||
| South Jersey Transportation Authority Revenue, Series B, 2.38%, 11/1/27 | 900,000 | 785,145 | ||||||
| 2,763,098 | ||||||||
| New York (0.1%): | ||||||||
| New York City Industrial Development Agency Revenue, 2.73%, 3/1/34 | 1,500,000 | 1,146,558 | ||||||
| New York State Dormitory Authority Revenue, Series A, 2.46%, 7/1/32 | 750,000 | 589,717 | ||||||
| 1,736,275 | ||||||||
| Oklahoma (0.1%): | ||||||||
| The University of Oklahoma Revenue, Series C, 2.05%, 7/1/29 | 1,000,000 | 821,410 | ||||||
| Pennsylvania (0.2%): | ||||||||
| Commonwealth Financing Authority Revenue, Series A, 3.63%, 6/1/29 | 500,000 | 455,017 | ||||||
| Public Parking Authority Of Pittsburgh Revenue, 2.33%, 12/1/29 | 895,000 | 751,892 | ||||||
| State Public School Building Authority Revenue, 3.15%, 4/1/30 | 1,290,000 | 1,111,851 | ||||||
| 2,318,760 | ||||||||
| Texas (0.6%): | ||||||||
| City of Houston Airport System Revenue, Series C, 2.09%, 7/1/28 | 750,000 | 635,834 | ||||||
| City of San Antoni, GO, 1.76%, 2/1/31, Continuously Callable @100 | 630,000 | 502,667 | ||||||
| County of Bexar Revenue, 2.28%, 8/15/32, Continuously Callable @100 | 1,070,000 | 788,004 | ||||||
| Harris County Cultural Education Facilities Finance Corp. Revenue | ||||||||
| 3.34%, 11/15/37 | 2,000,000 | 1,603,348 | ||||||
| Series D, 2.28%, 7/1/34 | 370,000 | 263,017 | ||||||
| North Texas Tollway Authority Revenue, 1.02%, 1/1/25 | 1,000,000 | 927,277 | ||||||
| San Antonio Education Facilities Corp. Revenue, 2.50%, 4/1/29 | 1,270,000 | 1,029,553 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp. Revenue | ||||||||
| 1.63%, 9/1/26 | 525,000 | 462,323 | ||||||
| 1.82%, 9/1/27 | 700,000 | 602,504 | ||||||
| Uptown Development Authority Tax Allocation | ||||||||
| Series B, 2.58%, 9/1/31 | 270,000 | 215,758 | ||||||
| Series B, 2.78%, 9/1/33, Continuously Callable @100 | 500,000 | 388,776 | ||||||
| 7,419,061 | ||||||||
| Virginia (0.1%): | ||||||||
| Virginia Housing Development Authority Revenue | ||||||||
| Series J, 1.97%, 11/1/28 | 225,000 | 192,496 | ||||||
| Series J, 2.27%, 11/1/31, Continuously Callable @100 | 225,000 | 186,040 | ||||||
| Series J, 2.42%, 11/1/32, Continuously Callable @100 | 275,000 | 225,892 | ||||||
| Series J, 2.47%, 11/1/33, Continuously Callable @100 | 270,000 | 218,301 | ||||||
| Series J, 2.52%, 11/1/34, Continuously Callable @100 | 250,000 | 199,186 | ||||||
| Series J, 2.57%, 11/1/35, Continuously Callable @100 | 300,000 | 235,816 | ||||||
| 1,257,731 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA Core Intermediate-Term Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Washington (0.1%): | ||||||||
| Washington State University Revenue, Series A, 2.24%, 10/1/28 | $ | 1,000,000 | $ | 851,507 | ||||
| Total Municipal Bonds (Cost $38,934,863) | 32,430,416 | |||||||
| U.S. Government Agency Mortgages (6.7%) | ||||||||
| Federal Home Loan Mortgage Corp. | ||||||||
| Series K028, Class A2, 3.11%, 2/25/23 | 867,814 | 864,210 | ||||||
| Series K059, Class A2, 3.12%, 9/25/26 (c) | 1,000,000 | 947,703 | ||||||
| Series KIR3, Class A2, 3.28%, 8/25/27 | 1,500,000 | 1,415,825 | ||||||
| Series K069, Class A2, 3.19%, 9/25/27 (c) | 86,000 | 80,803 | ||||||
| Series K071, Class A2, 3.29%, 11/25/27 | 500,000 | 470,620 | ||||||
| Series K075, Class A2, 3.65%, 2/25/28 (c) | 500,000 | 477,641 | ||||||
| Series K087, Class A2, 3.77%, 12/25/28 | 500,000 | 480,095 | ||||||
| Series K091, Class A2, 3.51%, 3/25/29 | 1,250,000 | 1,179,584 | ||||||
| Series K095, Class A2, 2.79%, 6/25/29 | 1,000,000 | 901,833 | ||||||
| Series K097, Class A2, 2.51%, 7/25/29 | 2,000,000 | 1,767,735 | ||||||
| Series K096, Class A2, 2.52%, 7/25/29 | 1,000,000 | 885,152 | ||||||
| Series KG02, Class A2, 2.41%, 8/25/29 | 909,000 | 794,597 | ||||||
| Series K100, Class A2, 2.67%, 9/25/29 | 545,000 | 486,785 | ||||||
| Series K159, Class A2, 3.95%, 11/25/30 (c) | 500,000 | 479,565 | ||||||
| 3.00%, 3/1/31 - 2/1/33 | 241,202 | 227,085 | ||||||
| 3.50%, 5/1/33 - 11/1/47 | 1,241,389 | 1,148,072 | ||||||
| Series K-1510, Class A3, 3.79%, 1/25/34 | 1,000,000 | 928,139 | ||||||
| Series K-1512, Class A3, 3.06%, 4/25/34 | 1,000,000 | 857,005 | ||||||
| 4.00%, 7/1/42 - 9/1/52 | 2,580,847 | 2,418,770 | ||||||
| 4.50%, 12/1/45 | 77,912 | 76,367 | ||||||
| 16,887,586 | ||||||||
| Federal National Mortgage Association | ||||||||
| Series M4, Class A2, 3.16%, 3/25/28 (c) | 449,180 | 418,560 | ||||||
| Series 2019-M1, Class A2, 3.67%, 9/25/28 (c) | 687,793 | 654,003 | ||||||
| Series 2019-M12, Class A2, 2.89%, 6/25/29 (c) | 1,000,000 | 907,025 | ||||||
| 2.50%, 11/1/34 | 279,011 | 253,744 | ||||||
| 4.00%, 12/1/41 - 6/1/52 | 28,105,322 | 26,113,525 | ||||||
| 3.50%, 9/1/45 - 2/1/50 | 4,444,171 | 4,061,906 | ||||||
| 4.50%, 8/1/47 - 9/1/52 | 26,400,110 | 25,140,586 | ||||||
| 3.00%, 2/1/50 - 2/1/52 | 2,427,962 | 2,122,966 | ||||||
| 2.00%, 11/1/51 - 12/1/51 | 3,243,487 | 2,633,232 | ||||||
| 5.00%, 6/1/52 | 2,908,991 | 2,836,080 | ||||||
| 65,141,627 | ||||||||
| Government National Mortgage Association | ||||||||
| 3.00%, 10/20/51 | 2,680,343 | 2,377,883 | ||||||
| Total U.S. Government Agency Mortgages (Cost $92,270,541) | 84,407,096 | |||||||
| U.S. Treasury Obligations (35.9%) | ||||||||
| U.S. Treasury Bonds | ||||||||
| 4.38%, 2/15/38 | 750,000 | 797,930 | ||||||
| 3.50%, 2/15/39 | 2,770,000 | 2,635,395 | ||||||
| 4.38%, 11/15/39 | 1,000,000 | 1,055,312 | ||||||
| 1.13%, 5/15/40 | 1,000,000 | 624,531 | ||||||
| 1.38%, 11/15/40 | 5,000,000 | 3,231,250 | ||||||
| 1.88%, 2/15/41 | 9,000,000 | 6,374,531 | ||||||
| 1.75%, 8/15/41 | 21,000,000 | 14,355,469 | ||||||
| 2.00%, 11/15/41 | 4,000,000 | 2,862,500 | ||||||
| 3.13%, 2/15/43 | 5,000,000 | 4,297,656 | ||||||
| 2.75%, 8/15/47 | 500,000 | 399,375 | ||||||
| 2.75%, 11/15/47 | 500,000 | 399,688 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA Core Intermediate-Term Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| 3.00%, 2/15/48 | $ | 3,500,000 | $ | 2,944,375 | ||||
| 3.38%, 11/15/48 | 7,012,000 | 6,379,824 | ||||||
| 1.38%, 8/15/50 | 7,000,000 | 4,051,250 | ||||||
| 1.63%, 11/15/50 | 3,000,000 | 1,860,937 | ||||||
| 1.88%, 2/15/51 | 3,000,000 | 1,985,156 | ||||||
| 2.00%, 8/15/51 | 2,000,000 | 1,365,313 | ||||||
| U.S. Treasury Inflation Indexed Bonds, 0.88%, 1/15/29 | 586,680 | 551,778 | ||||||
| U.S. Treasury Notes | ||||||||
| 2.00%, 10/31/22 | 400,000 | 399,562 | ||||||
| 0.13%, 7/15/23 | 7,000,000 | 6,780,156 | ||||||
| 0.13%, 8/31/23 | 5,000,000 | 4,814,648 | ||||||
| 0.13%, 10/15/23 | 2,500,000 | 2,394,727 | ||||||
| 0.25%, 11/15/23 | 7,000,000 | 6,689,922 | ||||||
| 0.13%, 1/15/24 | 10,000,000 | 9,477,344 | ||||||
| 0.25%, 6/15/24 | 10,000,000 | 9,338,281 | ||||||
| 0.38%, 7/15/24 | 7,000,000 | 6,534,883 | ||||||
| 3.00%, 7/31/24 | 7,000,000 | 6,844,141 | ||||||
| 0.38%, 8/15/24 | 10,000,000 | 9,301,562 | ||||||
| 0.38%, 9/15/24 | 5,000,000 | 4,637,109 | ||||||
| 1.50%, 10/31/24 | 3,000,000 | 2,835,938 | ||||||
| 1.00%, 12/15/24 | 30,000,000 | 27,951,562 | ||||||
| 2.25%, 12/31/24 | 5,000,000 | 4,786,328 | ||||||
| 1.13%, 1/15/25 | 4,000,000 | 3,725,938 | ||||||
| 2.75%, 2/28/25 | 850,000 | 820,316 | ||||||
| 2.63%, 4/15/25 | 8,000,000 | 7,681,875 | ||||||
| 2.75%, 5/15/25 | 12,000,000 | 11,547,188 | ||||||
| 2.88%, 6/15/25 | 5,000,000 | 4,822,266 | ||||||
| 0.25%, 6/30/25 | 10,000,000 | 8,974,219 | ||||||
| 3.00%, 9/30/25 | 300,000 | 289,547 | ||||||
| 0.25%, 9/30/25 | 3,500,000 | 3,110,352 | ||||||
| 0.38%, 11/30/25 | 18,000,000 | 15,956,719 | ||||||
| 0.38%, 1/31/26 | 4,000,000 | 3,523,438 | ||||||
| 0.75%, 5/31/26 | 5,000,000 | 4,416,797 | ||||||
| 1.50%, 8/15/26 | 2,000,000 | 1,809,063 | ||||||
| 1.38%, 8/31/26 | 8,000,000 | 7,200,625 | ||||||
| 1.13%, 10/31/26 | 4,000,000 | 3,546,875 | ||||||
| 1.63%, 10/31/26 | 5,000,000 | 4,528,906 | ||||||
| 2.00%, 11/15/26 | 2,700,000 | 2,479,570 | ||||||
| 1.25%, 12/31/26 | 10,000,000 | 8,882,812 | ||||||
| 2.38%, 5/15/27 | 7,000,000 | 6,487,578 | ||||||
| 0.50%, 6/30/27 | 2,500,000 | 2,116,602 | ||||||
| 2.25%, 8/15/27 | 1,000,000 | 918,906 | ||||||
| 2.25%, 11/15/27 | 1,700,000 | 1,555,102 | ||||||
| 0.63%, 11/30/27 | 13,000,000 | 10,925,078 | ||||||
| 0.75%, 1/31/28 | 10,000,000 | 8,417,969 | ||||||
| 2.75%, 2/15/28 | 2,000,000 | 1,872,344 | ||||||
| 1.25%, 3/31/28 | 8,000,000 | 6,897,500 | ||||||
| 1.25%, 4/30/28 | 10,000,000 | 8,601,562 | ||||||
| 2.88%, 5/15/28 | 4,000,000 | 3,756,563 | ||||||
| 1.25%, 6/30/28 | 15,000,000 | 12,855,469 | ||||||
| 1.00%, 7/31/28 | 22,000,000 | 18,529,844 | ||||||
| 2.88%, 8/15/28 | 630,000 | 590,871 | ||||||
| 1.13%, 8/31/28 | 5,000,000 | 4,233,203 | ||||||
| 1.25%, 9/30/28 | 10,000,000 | 8,513,281 | ||||||
| 3.13%, 11/15/28 | 1,000,000 | 949,922 | ||||||
| 1.75%, 1/31/29 | 4,000,000 | 3,493,125 | ||||||
| 2.63%, 2/15/29 | 1,000,000 | 921,328 | ||||||
| 2.38%, 3/31/29 | 15,000,000 | 13,586,719 | ||||||
| 2.75%, 5/31/29 | 5,000,000 | 4,632,031 | ||||||
| 3.25%, 6/30/29 | 10,000,000 | 9,560,937 | ||||||
| 1.63%, 8/15/29 | 10,000,000 | 8,623,437 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA Core Intermediate-Term Bond ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| 0.63%, 5/15/30 | $ | 2,500,000 | $ | 1,969,531 | ||||
| 0.63%, 8/15/30 | 5,000,000 | 3,917,969 | ||||||
| 0.88%, 11/15/30 | 17,000,000 | 13,546,875 | ||||||
| 1.13%, 2/15/31 | 12,000,000 | 9,721,875 | ||||||
| 1.63%, 5/15/31 | 20,000,000 | 16,790,625 | ||||||
| 1.25%, 8/15/31 | 5,000,000 | 4,042,188 | ||||||
| 1.38%, 11/15/31 | 4,000,000 | 3,251,250 | ||||||
| 1.88%, 2/15/32 | 6,000,000 | 5,086,875 | ||||||
| 2.88%, 5/15/32 | 6,000,000 | 5,550,938 | ||||||
| Total U.S. Treasury Obligations (Cost $513,564,844) | 454,192,436 | |||||||
| Commercial Papers (1.2%)(g) | ||||||||
| Arizona Public Service, 3.16%, 10/3/22 (a) | 12,300,000 | 12,296,762 | ||||||
| Enterprise Products Operating LLC, 3.32%, 10/3/22 (a) | 2,700,000 | 2,699,253 | ||||||
| Total Commercial Papers (Cost $14,997,213) | 14,996,015 | |||||||
| Collateral for Securities Loaned (0.1%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (h) | 39,351 | 39,351 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (h) | 26,487 | 26,487 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (h) | 19,638 | 19,638 | ||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (h) | 894,117 | 894,117 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (h) | 39,209 | 39,209 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (h) | 106,467 | 106,467 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (h) | 704,053 | 704,053 | ||||||
| Total Collateral for Securities Loaned (Cost $1,829,322) | 1,829,322 | |||||||
| Total Investments (Cost $1,440,099,427) — 98.8% | 1,248,959,095 | |||||||
| Other assets in excess of liabilities — 1.2% | 14,623,413 | |||||||
| NET ASSETS - 100.00% | $ | 1,263,582,508 | ||||||
| ^ | 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 September 30, 2022, the fair value of these securities was $298,831,476 and amounted to 23.6% of net assets. |
| (b) | Variable or Floating-Rate Security. Rate disclosed is as of September 30, 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 September 30, 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) | Rate represents the effective yield at September 30, 2022. |
| (h) | Rate disclosed is the daily yield on September 30, 2022. |
| bps—Basis points |
| GO—General Obligation |
| H15T1Y—1 Year Treasury Constant Maturity Rate, rate disclosed as of September 30, 2022. |
| H15T5Y—5 Year Treasury Constant Maturity Rate, rate disclosed as of September 30, 2022. |
| IDA—Industrial Development Authority |
| LIBOR—London Interbank Offered Rate |
| LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of September 30, 2022, based on the last reset date of the security. |
| LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of September 30, 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 September 30, 2022. |
| USISDA05—5 Year ICE Swap Rate, rate disclosed as of September 30, 2022. |
| USSW5—USD 5 Year Swap Rate, rate disclosed as of September 30, 2022. |
| Victory Portfolios II | Schedule of Portfolio Investments |
| VictoryShares USAA MSCI USA Value Momentum ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (99.3%) | ||||||||
| Communication Services (6.0%): | ||||||||
| AT&T, Inc. | 142,276 | $ | 2,182,514 | |||||
| DISH Network Corp., Class A (a) | 74,976 | 1,036,918 | ||||||
| Fox Corp., Class A | 55,438 | 1,700,838 | ||||||
| Liberty Global PLC, Class C (a) | 88,901 | 1,466,867 | ||||||
| Liberty Media Corp.-Liberty Formula One, Class C (a) | 27,829 | 1,627,996 | ||||||
| Lumen Technologies, Inc. (b) | 153,462 | 1,117,203 | ||||||
| News Corp., Class A | 52,200 | 788,742 | ||||||
| Omnicom Group, Inc. | 13,566 | 855,879 | ||||||
| Paramount Global, Class B (b) | 37,383 | 711,772 | ||||||
| The Interpublic Group of Cos., Inc. | 54,840 | 1,403,904 | ||||||
| T-Mobile U.S., Inc. (a) | 8,876 | 1,190,893 | ||||||
| Warner Bros Discovery, Inc. (a) | 81,102 | 932,673 | ||||||
| 15,016,199 | ||||||||
| Consumer Discretionary (10.6%): | ||||||||
| Advance Auto Parts, Inc. | 3,988 | 623,484 | ||||||
| AutoZone, Inc. (a) | 947 | 2,028,408 | ||||||
| Bath & Body Works, Inc. | 11,957 | 389,798 | ||||||
| BorgWarner, Inc. | 40,960 | 1,286,144 | ||||||
| D.R. Horton, Inc. | 22,110 | 1,489,109 | ||||||
| Dollar General Corp. | 11,080 | 2,657,649 | ||||||
| Dollar Tree, Inc. (a) | 11,868 | 1,615,235 | ||||||
| Expedia Group, Inc. (a) | 4,815 | 451,117 | ||||||
| Ford Motor Co. | 93,670 | 1,049,104 | ||||||
| General Motors Co. | 36,513 | 1,171,702 | ||||||
| Genuine Parts Co. | 6,324 | 944,300 | ||||||
| Lear Corp. | 10,728 | 1,284,034 | ||||||
| Lennar Corp., Class A | 17,717 | 1,320,802 | ||||||
| LKQ Corp. | 26,770 | 1,262,206 | ||||||
| Mohawk Industries, Inc. (a) | 9,012 | 821,804 | ||||||
| Newell Brands, Inc. | 82,088 | 1,140,202 | ||||||
| O'Reilly Automotive, Inc. (a) | 1,436 | 1,010,011 | ||||||
| PulteGroup, Inc. | 30,294 | 1,136,025 | ||||||
| Target Corp. | 6,560 | 973,438 | ||||||
| Tractor Supply Co. | 5,713 | 1,061,933 | ||||||
| Ulta Beauty, Inc. (a) | 3,621 | 1,452,709 | ||||||
| Whirlpool Corp. | 9,635 | 1,298,894 | ||||||
| 26,468,108 | ||||||||
| Consumer Staples (6.8%): | ||||||||
| Archer-Daniels-Midland Co. | 27,924 | 2,246,486 | ||||||
| Costco Wholesale Corp. | 3,462 | 1,634,999 | ||||||
| General Mills, Inc. | 21,256 | 1,628,422 | ||||||
| Kellogg Co. | 21,542 | 1,500,616 | ||||||
| Molson Coors Beverage Co., Class B | 37,318 | 1,790,891 | ||||||
| The J.M. Smucker Co. | 12,565 | 1,726,557 | ||||||
| The Kraft Heinz Co. | 59,492 | 1,984,058 | ||||||
| The Kroger Co. | 45,234 | 1,978,987 | ||||||
| Tyson Foods, Inc., Class A | 26,451 | 1,743,914 | ||||||
| Walgreens Boots Alliance, Inc. | 26,981 | 847,203 | ||||||
| 17,082,133 | ||||||||
| Energy (3.8%): | ||||||||
| APA Corp. | 22,268 | 761,343 | ||||||
| ConocoPhillips | 13,736 | 1,405,742 | ||||||
| Coterra Energy, Inc. | 24,348 | 635,970 | ||||||
| Devon Energy Corp. | 14,316 | 860,821 | ||||||
| Diamondback Energy, Inc. | 7,310 | 880,563 | ||||||
| EOG Resources, Inc. | 5,217 | 582,895 | ||||||
| EQT Corp. | 21,678 | 883,378 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA MSCI USA Value Momentum ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Exxon Mobil Corp. | 19,663 | $ | 1,716,777 | |||||
| Marathon Oil Corp. | 42,961 | 970,059 | ||||||
| Occidental Petroleum Corp. | 12,845 | 789,325 | ||||||
| 9,486,873 | ||||||||
| Financials (11.7%): | ||||||||
| Alleghany Corp. (a) | 2,166 | 1,818,075 | ||||||
| Ally Financial, Inc. | 32,219 | 896,655 | ||||||
| American International Group, Inc. | 23,899 | 1,134,725 | ||||||
| Arch Capital Group Ltd. (a) | 17,547 | 799,090 | ||||||
| Assurant, Inc. | 6,999 | 1,016,745 | ||||||
| Berkshire Hathaway, Inc., Class B (a) | 4,879 | 1,302,791 | ||||||
| Capital One Financial Corp. | 11,384 | 1,049,263 | ||||||
| Citigroup, Inc. | 30,470 | 1,269,685 | ||||||
| Citizens Financial Group, Inc. | 37,787 | 1,298,361 | ||||||
| Equitable Holdings, Inc. | 47,065 | 1,240,163 | ||||||
| Everest Re Group Ltd. | 7,025 | 1,843,641 | ||||||
| Franklin Resources, Inc. | 34,540 | 743,301 | ||||||
| Invesco Ltd. | 77,710 | 1,064,627 | ||||||
| Lincoln National Corp. | 19,050 | 836,486 | ||||||
| Loews Corp. | 33,896 | 1,689,377 | ||||||
| M&T Bank Corp. | 4,340 | 765,229 | ||||||
| MetLife, Inc. | 25,653 | 1,559,189 | ||||||
| Prudential Financial, Inc. | 15,585 | 1,336,881 | ||||||
| Raymond James Financial, Inc. | 10,154 | 1,003,418 | ||||||
| Regions Financial Corp. | 66,106 | 1,326,747 | ||||||
| The Goldman Sachs Group, Inc. | 5,746 | 1,683,865 | ||||||
| W.R. Berkley Corp. | 31,581 | 2,039,501 | ||||||
| Wells Fargo & Co. | 35,085 | 1,411,119 | ||||||
| 29,128,934 | ||||||||
| Health Care (15.9%): | ||||||||
| AbbVie, Inc. | 17,343 | 2,327,604 | ||||||
| AmerisourceBergen Corp. | 16,842 | 2,279,228 | ||||||
| Bristol-Myers Squibb Co. | 37,563 | 2,670,354 | ||||||
| Cardinal Health, Inc. | 33,913 | 2,261,319 | ||||||
| Centene Corp. (a) | 18,550 | 1,443,375 | ||||||
| Cigna Corp. | 6,954 | 1,929,526 | ||||||
| CVS Health Corp. | 22,872 | 2,181,303 | ||||||
| Elevance Health, Inc. | 3,604 | 1,637,081 | ||||||
| Eli Lilly & Co. | 6,979 | 2,256,660 | ||||||
| Jazz Pharmaceuticals PLC (a) | 13,629 | 1,816,609 | ||||||
| Laboratory Corp. of America Holdings | 7,240 | 1,482,824 | ||||||
| McKesson Corp. | 6,185 | 2,102,096 | ||||||
| Merck & Co., Inc. | 31,121 | 2,680,141 | ||||||
| Moderna, Inc. (a) | 5,888 | 696,256 | ||||||
| Molina Healthcare, Inc. (a) | 4,926 | 1,624,792 | ||||||
| Pfizer, Inc. | 49,063 | 2,146,997 | ||||||
| Quest Diagnostics, Inc. | 8,125 | 996,856 | ||||||
| Regeneron Pharmaceuticals, Inc. (a) | 1,603 | 1,104,259 | ||||||
| UnitedHealth Group, Inc. | 1,887 | 953,010 | ||||||
| Universal Health Services, Inc., Class B | 15,054 | 1,327,462 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 8,462 | 2,450,087 | ||||||
| Viatris, Inc. | 147,584 | 1,257,416 | ||||||
| 39,625,255 | ||||||||
| Industrials (13.9%): | ||||||||
| AMERCO, Inc. | 3,703 | 1,885,642 | ||||||
| C.H. Robinson Worldwide, Inc. | 10,201 | 982,458 | ||||||
| Carlisle Cos., Inc. | 3,376 | 946,664 | ||||||
| FedEx Corp. | 8,395 | 1,246,406 | ||||||
| General Dynamics Corp. | 9,963 | 2,113,850 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA MSCI USA Value Momentum ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Huntington Ingalls Industries, Inc. | 10,048 | $ | 2,225,632 | |||||
| Jacobs Solutions, Inc. | 15,431 | 1,674,109 | ||||||
| Knight-Swift Transportation Holdings, Inc. | 43,701 | 2,138,290 | ||||||
| L3Harris Technologies, Inc. | 9,372 | 1,947,783 | ||||||
| Leidos Holdings, Inc. | 19,078 | 1,668,753 | ||||||
| Lockheed Martin Corp. | 2,780 | 1,073,886 | ||||||
| Northrop Grumman Corp. | 5,488 | 2,581,116 | ||||||
| Owens Corning | 16,587 | 1,303,904 | ||||||
| PACCAR, Inc. | 13,047 | 1,091,903 | ||||||
| Quanta Services, Inc. | 6,360 | 810,200 | ||||||
| Raytheon Technologies Corp. | 18,783 | 1,537,576 | ||||||
| Republic Services, Inc. | 20,549 | 2,795,486 | ||||||
| Robert Half International, Inc. | 10,235 | 782,978 | ||||||
| Snap-on, Inc. | 8,782 | 1,768,256 | ||||||
| Textron, Inc. | 24,489 | 1,426,729 | ||||||
| United Rentals, Inc. (a) | 4,795 | 1,295,225 | ||||||
| Westinghouse Air Brake Technologies Corp. | 17,871 | 1,453,806 | ||||||
| 34,750,652 | ||||||||
| Information Technology (17.0%): | ||||||||
| Akamai Technologies, Inc. (a) | 12,916 | 1,037,413 | ||||||
| Analog Devices, Inc. | 6,913 | 963,257 | ||||||
| Apple, Inc. | 8,077 | 1,116,241 | ||||||
| Arista Networks, Inc. (a) | 14,033 | 1,584,185 | ||||||
| Arrow Electronics, Inc. (a) | 17,668 | 1,628,813 | ||||||
| Automatic Data Processing, Inc. | 4,393 | 993,653 | ||||||
| Broadcom, Inc. | 3,869 | 1,717,875 | ||||||
| Cadence Design Systems, Inc. (a) | 5,440 | 889,059 | ||||||
| Cisco Systems, Inc. | 30,113 | 1,204,520 | ||||||
| Cognizant Technology Solutions Corp., Class A | 31,224 | 1,793,507 | ||||||
| Corning, Inc. | 52,746 | 1,530,689 | ||||||
| Dell Technologies, Inc., Class C | 39,615 | 1,353,645 | ||||||
| Enphase Energy, Inc. (a) | 1,546 | 428,969 | ||||||
| Fiserv, Inc. (a) | 10,487 | 981,269 | ||||||
| Fortinet, Inc. (a) | 14,167 | 696,025 | ||||||
| Gartner, Inc. (a) | 3,173 | 877,937 | ||||||
| Hewlett Packard Enterprise Co. | 121,677 | 1,457,690 | ||||||
| HP, Inc. | 48,756 | 1,215,000 | ||||||
| Intel Corp. | 52,098 | 1,342,565 | ||||||
| International Business Machines Corp. | 17,556 | 2,085,828 | ||||||
| Jack Henry & Associates, Inc. | 12,754 | 2,324,672 | ||||||
| Juniper Networks, Inc. | 79,963 | 2,088,634 | ||||||
| Micron Technology, Inc. | 24,336 | 1,219,234 | ||||||
| NetApp, Inc. | 26,195 | 1,620,161 | ||||||
| NortonLifeLock, Inc. | 37,836 | 762,017 | ||||||
| NXP Semiconductors NV | 4,748 | 700,377 | ||||||
| ON Semiconductor Corp. (a) | 20,230 | 1,260,936 | ||||||
| Palo Alto Networks, Inc. (a) | 5,770 | 945,068 | ||||||
| Paychex, Inc. | 9,505 | 1,066,556 | ||||||
| QUALCOMM, Inc. | 6,501 | 734,483 | ||||||
| Seagate Technology Holdings PLC | 22,662 | 1,206,298 | ||||||
| SolarEdge Technologies, Inc. (a) | 1,654 | 382,835 | ||||||
| Synopsys, Inc. (a) | 2,795 | 853,900 | ||||||
| TE Connectivity Ltd. | 7,795 | 860,256 | ||||||
| VMware, Inc., Class A | 7,185 | 764,915 | ||||||
| Western Digital Corp. (a) | 24,374 | 793,374 | ||||||
| 42,481,856 | ||||||||
| Materials (4.2%): | ||||||||
| Alcoa Corp. | 7,503 | 252,551 | ||||||
| CF Industries Holdings, Inc. | 14,116 | 1,358,665 | ||||||
| Cleveland-Cliffs, Inc. (a) | 48,324 | 650,924 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA MSCI USA Value Momentum ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Corteva, Inc. | 29,967 | $ | 1,712,614 | |||||
| LyondellBasell Industries NV, Class A | 14,875 | 1,119,790 | ||||||
| Nucor Corp. | 12,323 | 1,318,438 | ||||||
| Steel Dynamics, Inc. | 19,569 | 1,388,421 | ||||||
| The Mosaic Co. | 21,256 | 1,027,302 | ||||||
| Westlake Corp. | 12,363 | 1,074,097 | ||||||
| Westrock Co. | 17,666 | 545,703 | ||||||
| 10,448,505 | ||||||||
| Real Estate (4.4%): | ||||||||
| Camden Property Trust | 7,046 | 841,645 | ||||||
| CBRE Group, Inc., Class A (a) | 9,931 | 670,442 | ||||||
| Extra Space Storage, Inc. | 11,394 | 1,967,858 | ||||||
| Gaming and Leisure Properties, Inc. | 13,566 | 600,160 | ||||||
| Iron Mountain, Inc. | 36,198 | 1,591,626 | ||||||
| Mid-America Apartment Communities, Inc. | 5,358 | 830,865 | ||||||
| Prologis, Inc. | 8,315 | 844,804 | ||||||
| Public Storage | 4,065 | 1,190,273 | ||||||
| VICI Properties, Inc. | 22,723 | 678,281 | ||||||
| Weyerhaeuser Co. | 40,472 | 1,155,880 | ||||||
| WP Carey, Inc. | 9,410 | 656,818 | ||||||
| 11,028,652 | ||||||||
| Utilities (5.0%): | ||||||||
| Consolidated Edison, Inc. | 27,914 | 2,393,905 | ||||||
| Constellation Energy Corp. | 30,816 | 2,563,583 | ||||||
| Edison International | 14,728 | 833,310 | ||||||
| Exelon Corp. | 46,338 | 1,735,822 | ||||||
| NiSource, Inc. | 36,691 | 924,246 | ||||||
| PG&E Corp. (a) | 76,159 | 951,988 | ||||||
| Sempra Energy | 6,010 | 901,139 | ||||||
| UGI Corp. | 24,858 | 803,659 | ||||||
| Vistra Corp. | 69,095 | 1,450,995 | ||||||
| 12,558,647 | ||||||||
| Total Common Stocks (Cost $264,318,017) | 248,075,814 | |||||||
| Collateral for Securities Loaned (0.4%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (c) | 19,409 | 19,409 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (c) | 13,064 | 13,064 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (c) | 9,686 | 9,686 | ||||||
| HSBC U.S. Government Money Market Fund I Shares, 2.91% (c) | 441,011 | 441,011 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (c) | 19,340 | 19,340 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (c) | 52,513 | 52,513 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (c) | 347,265 | 347,265 | ||||||
| Total Collateral for Securities Loaned (Cost $902,288) | 902,288 | |||||||
| Total Investments (Cost $265,220,305) — 99.7% | 248,978,102 | |||||||
| Other assets in excess of liabilities — 0.3% | 665,136 | |||||||
| NET ASSETS - 100.00% | $ | 249,643,238 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Rate disclosed is the daily yield on September 30, 2022. |
PLC—Public Limited Company
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA MSCI USA Value Momentum ETF | September 30, 2022 |
| (Unaudited) |
Futures Contracts Purchased
| Number of Contracts |
Expiration Date |
Notional Amount |
Value | Unrealized Appreciation (Depreciation) |
||||||||||||||||
| E-Mini S&P 500 Futures | 7 | 12/16/22 | $ | 1,356,544 | $ | 1,260,525 | $ | (96,019 | ) | |||||||||||
| Total unrealized appreciation | $ | – | ||||||||||||||||||
| Total unrealized depreciation | (96,019 | ) | ||||||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | (96,019 | ) | |||||||||||||||||
| Victory Portfolios II | Schedule of Portfolio Investments |
| VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (99.2%) | ||||||||
| Communication Services (2.8%): | ||||||||
| AMC Networks, Inc., Class A (a) | 6,341 | $ | 128,722 | |||||
| Cars.com, Inc. (a) | 35,583 | 409,205 | ||||||
| EchoStar Corp., Class A (a) | 37,342 | 615,023 | ||||||
| Entercom Communications Corp. (a)(b) | 428,073 | 165,279 | ||||||
| Gannett Co., Inc. (a) | 49,461 | 75,675 | ||||||
| Gogo, Inc. (a) | 11,941 | 144,725 | ||||||
| Gray Television, Inc. | 29,943 | 428,784 | ||||||
| Iridium Communications, Inc. (a) | 7,843 | 347,994 | ||||||
| Lions Gate Entertainment Corp., Class A (a) | 19,220 | 142,805 | ||||||
| Nexstar Media Group, Inc., Class A | 3,331 | 555,777 | ||||||
| Scholastic Corp. | 18,076 | 556,018 | ||||||
| TEGNA, Inc. | 35,399 | 732,051 | ||||||
| Telephone & Data Systems, Inc. | 46,672 | 648,741 | ||||||
| The EW Scripps Co., Class A (a) | 29,196 | 329,039 | ||||||
| United States Cellular Corp. (a) | 29,031 | 755,677 | ||||||
| WideOpenWest, Inc. (a) | 25,216 | 309,400 | ||||||
| World Wrestling Entertainment, Inc., Class A | 5,855 | 410,845 | ||||||
| 6,755,760 | ||||||||
| Consumer Discretionary (12.3%): | ||||||||
| Abercrombie & Fitch Co. (a) | 7,993 | 124,291 | ||||||
| Academy Sports & Outdoors, Inc. | 13,723 | 578,836 | ||||||
| Adtalem Global Education, Inc. (a) | 20,689 | 754,114 | ||||||
| American Axle & Manufacturing Holdings, Inc. (a) | 45,890 | 313,429 | ||||||
| Asbury Automotive Group, Inc. (a) | 3,066 | 463,273 | ||||||
| AutoNation, Inc. (a) | 5,509 | 561,202 | ||||||
| Big Lots, Inc. | 10,150 | 158,442 | ||||||
| Boot Barn Holdings, Inc. (a) | 3,010 | 175,965 | ||||||
| Caleres, Inc. | 14,743 | 357,075 | ||||||
| Capri Holdings Ltd. (a) | 8,974 | 344,961 | ||||||
| Century Communities, Inc. | 8,062 | 344,892 | ||||||
| Chico's FAS, Inc. (a) | 43,347 | 209,799 | ||||||
| Clarus Corp. (b) | 18,733 | 252,334 | ||||||
| Dana, Inc. | 29,601 | 338,339 | ||||||
| Designer Brands, Inc., Class A | 11,200 | 171,472 | ||||||
| Dick's Sporting Goods, Inc. | 3,211 | 335,999 | ||||||
| Dillard's, Inc., Class A (b) | 1,436 | 391,683 | ||||||
| Ethan Allen Interiors, Inc. | 31,146 | 658,426 | ||||||
| Foot Locker, Inc. | 7,887 | 245,522 | ||||||
| Franchise Group, Inc. | 13,846 | 336,458 | ||||||
| Funko, Inc., Class A (a) | 21,657 | 437,905 | ||||||
| Genesco, Inc. (a) | 6,583 | 258,844 | ||||||
| G-III Apparel Group Ltd. (a) | 16,763 | 250,607 | ||||||
| Golden Entertainment, Inc. (a) | 9,493 | 331,211 | ||||||
| Graham Holdings Co., Class B | 1,586 | 853,236 | ||||||
| Grand Canyon Education, Inc. (a) | 9,506 | 781,868 | ||||||
| Green Brick Partners, Inc. (a) | 23,299 | 498,133 | ||||||
| Group 1 Automotive, Inc. | 2,622 | 374,605 | ||||||
| H&R Block, Inc. | 18,872 | 802,815 | ||||||
| Harley-Davidson, Inc. | 7,074 | 246,741 | ||||||
| Haverty Furniture Cos., Inc. | 10,785 | 268,547 | ||||||
| Hilton Grand Vacations, Inc. (a) | 6,780 | 222,994 | ||||||
| Hovnanian Enterprises, Inc., Class A (a) | 8,712 | 311,018 | ||||||
| Hyatt Hotels Corp., Class A (a) | 4,049 | 327,807 | ||||||
| KB Home | 15,098 | 391,340 | ||||||
| Kohl's Corp. | 11,046 | 277,807 | ||||||
| Laureate Education, Inc., Class A | 56,816 | 599,409 | ||||||
| M/I Homes, Inc. (a) | 9,886 | 358,170 | ||||||
| Macy's, Inc. | 22,647 | 354,878 | ||||||
| MarineMax, Inc. (a) | 12,151 | 361,978 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Mattel, Inc. (a) | 14,139 | $ | 267,793 | |||||
| MDC Holdings, Inc. | 16,728 | 458,682 | ||||||
| Meritage Homes Corp. (a) | 6,319 | 444,036 | ||||||
| Modine Manufacturing Co. (a) | 36,198 | 468,402 | ||||||
| Movado Group, Inc. | 15,106 | 425,687 | ||||||
| Murphy USA, Inc. | 3,362 | 924,247 | ||||||
| Oxford Industries, Inc. | 2,646 | 237,558 | ||||||
| Penske Automotive Group, Inc. | 5,007 | 492,839 | ||||||
| Perdoceo Education Corp. (a) | 64,470 | 664,041 | ||||||
| Playa Hotels & Resorts NV (a) | 29,640 | 172,505 | ||||||
| PVH Corp. | 3,408 | 152,678 | ||||||
| Qurate Retail, Inc., Class A | 142,306 | 286,035 | ||||||
| Service Corp. International | 14,463 | 835,094 | ||||||
| Shoe Carnival, Inc. | 17,482 | 374,814 | ||||||
| Signet Jewelers Ltd. | 6,389 | 365,387 | ||||||
| Skyline Champion Corp. (a) | 9,129 | 482,650 | ||||||
| Smith & Wesson Brands, Inc. | 39,892 | 413,680 | ||||||
| Sonic Automotive, Inc., Class A | 10,041 | 434,775 | ||||||
| Standard Motor Products, Inc. | 11,533 | 374,823 | ||||||
| Strategic Education, Inc. | 10,778 | 661,877 | ||||||
| Stride, Inc. (a) | 15,020 | 631,291 | ||||||
| Target Hospitality Corp. (a)(b) | 14,267 | 180,050 | ||||||
| Taylor Morrison Home Corp. (a) | 16,309 | 380,326 | ||||||
| Tenneco, Inc., Class A (a) | 22,398 | 389,501 | ||||||
| The Aaron's Co., Inc. | 32,142 | 312,420 | ||||||
| The Container Store Group, Inc. (a) | 52,065 | 255,119 | ||||||
| The Goodyear Tire & Rubber Co. (a) | 36,894 | 372,260 | ||||||
| The ODP Corp. (a) | 13,908 | 488,866 | ||||||
| Toll Brothers, Inc. | 11,689 | 490,938 | ||||||
| TravelCenters of America, Inc. (a) | 9,235 | 498,044 | ||||||
| Tri Pointe Homes, Inc. (a) | 28,004 | 423,140 | ||||||
| Vista Outdoor, Inc. (a) | 13,044 | 317,230 | ||||||
| Visteon Corp. (a) | 2,398 | 254,332 | ||||||
| Winnebago Industries, Inc. | 3,962 | 210,818 | ||||||
| Zumiez, Inc. (a) | 8,170 | 175,900 | ||||||
| 29,744,263 | ||||||||
| Consumer Staples (5.5%): | ||||||||
| Cal-Maine Foods, Inc. | 20,236 | 1,124,919 | ||||||
| Coca-Cola Consolidated, Inc. | 701 | 288,623 | ||||||
| Edgewell Personal Care Co. | 18,009 | 673,537 | ||||||
| Flowers Foods, Inc. | 27,906 | 688,999 | ||||||
| Fresh Del Monte Produce, Inc. | 25,255 | 586,926 | ||||||
| Grocery Outlet Holding Corp. (a) | 9,466 | 315,123 | ||||||
| Hostess Brands, Inc. (a) | 56,378 | 1,310,225 | ||||||
| Ingles Markets, Inc., Class A | 10,231 | 810,397 | ||||||
| Ingredion, Inc. | 6,149 | 495,117 | ||||||
| MGP Ingredients, Inc. | 6,569 | 697,365 | ||||||
| Pilgrim's Pride Corp. (a) | 29,493 | 678,929 | ||||||
| Post Holdings, Inc. (a) | 6,056 | 496,047 | ||||||
| Seaboard Corp. | 259 | 881,289 | ||||||
| SpartanNash Co. | 18,049 | 523,782 | ||||||
| Sprouts Farmers Market, Inc. (a) | 17,522 | 486,235 | ||||||
| The Andersons, Inc. | 15,195 | 471,501 | ||||||
| TreeHouse Foods, Inc. (a) | 8,297 | 351,959 | ||||||
| United Natural Foods, Inc. (a) | 9,056 | 311,255 | ||||||
| Universal Corp. | 19,766 | 910,027 | ||||||
| Veru, Inc. (a) | 11,572 | 133,309 | ||||||
| Weis Markets, Inc. | 14,857 | 1,058,413 | ||||||
| 13,293,977 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Energy (4.1%): | ||||||||
| Antero Resources Corp. (a) | 10,313 | $ | 314,856 | |||||
| Arch Resources, Inc. | 3,011 | 357,105 | ||||||
| Berry Corp. | 42,701 | 320,257 | ||||||
| Chord Energy Corp. | 1,641 | 224,439 | ||||||
| Civitas Resources, Inc. | 6,999 | 401,673 | ||||||
| CNX Resources Corp. (a) | 12,302 | 191,050 | ||||||
| Comstock Resources, Inc. (a) | 24,367 | 421,305 | ||||||
| CONSOL Energy, Inc. | 6,519 | 419,302 | ||||||
| CVR Energy, Inc. | 7,217 | 209,149 | ||||||
| Dorian LPG Ltd. | 45,069 | 611,586 | ||||||
| Gran Tierra Energy, Inc. (a) | 294,826 | 356,739 | ||||||
| Helix Energy Solutions Group, Inc. (a) | 95,237 | 367,615 | ||||||
| HF Sinclair Corp. | 5,726 | 308,288 | ||||||
| International Seaways, Inc. | 22,730 | 798,505 | ||||||
| Kosmos Energy Ltd. (a) | 58,848 | 304,244 | ||||||
| Laredo Petroleum, Inc. (a) | 5,821 | 365,850 | ||||||
| Murphy Oil Corp. | 11,886 | 418,031 | ||||||
| Ovintiv, Inc. | 9,067 | 417,082 | ||||||
| Patterson-UTI Energy, Inc. | 12,216 | 142,683 | ||||||
| PBF Energy, Inc., Class A (a) | 11,971 | 420,900 | ||||||
| PDC Energy, Inc. | 6,391 | 369,336 | ||||||
| Peabody Energy Corp. (a)(b) | 16,533 | 410,349 | ||||||
| Permian Resources Corp. (a) | 55,192 | 375,306 | ||||||
| SandRidge Energy, Inc. (a) | 19,589 | 319,497 | ||||||
| SilverBow Resources, Inc. (a) | 10,263 | 275,869 | ||||||
| SM Energy Co. | 9,893 | 372,076 | ||||||
| Talos Energy, Inc. (a) | 10,231 | 170,346 | ||||||
| Transocean Ltd. (a) | 103,885 | 256,596 | ||||||
| 9,920,034 | ||||||||
| Financials (11.3%): | ||||||||
| A-Mark Precious Metals, Inc. | 8,032 | 228,029 | ||||||
| Amerant Bancorp, Inc. | 12,461 | 309,531 | ||||||
| American Equity Investment Life Holding Co. | 11,290 | 421,004 | ||||||
| Associated Banc-Corp. | 18,215 | 365,757 | ||||||
| Assured Guaranty Ltd. | 10,064 | 487,601 | ||||||
| Axis Capital Holdings Ltd. | 7,841 | 385,385 | ||||||
| BancFirst Corp. | 8,236 | 736,875 | ||||||
| Blucora, Inc. (a) | 17,269 | 333,982 | ||||||
| Bread Financial Holdings, Inc. | 4,597 | 144,576 | ||||||
| Brighthouse Financial, Inc. (a) | 10,013 | 434,764 | ||||||
| BrightSpire Capital, Inc. | 46,696 | 294,652 | ||||||
| Chimera Investment Corp. | 34,260 | 178,837 | ||||||
| Cowen, Inc., Class A | 19,152 | 740,033 | ||||||
| Customers Bancorp, Inc. (a) | 7,350 | 216,678 | ||||||
| CVB Financial Corp. | 41,462 | 1,049,818 | ||||||
| Encore Capital Group, Inc. (a) | 7,791 | 354,335 | ||||||
| Enova International, Inc. (a) | 13,635 | 399,096 | ||||||
| Enstar Group Ltd. (a) | 2,063 | 349,864 | ||||||
| First BanCorp/Puerto Rico | 18,629 | 254,845 | ||||||
| First Financial Corp., Class A | 11,502 | 519,775 | ||||||
| First Horizon Corp. | 28,170 | 645,093 | ||||||
| Flagstar Bancorp, Inc. | 17,981 | 600,565 | ||||||
| Flushing Financial Corp. | 16,474 | 319,101 | ||||||
| FNB Corp. | 62,302 | 722,703 | ||||||
| Franklin BSP Realty Trust, Inc. | 16,811 | 181,054 | ||||||
| Genworth Financial, Inc. (a) | 126,929 | 444,252 | ||||||
| Granite Point Mortgage Trust, Inc. | 39,679 | 255,533 | ||||||
| Hancock Whitney Corp. | 5,666 | 259,559 | ||||||
| Hanmi Financial Corp. | 29,926 | 708,648 | ||||||
| HarborOne Bancorp, Inc. | 37,627 | 504,954 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Hope Bancorp, Inc. | 54,531 | $ | 689,272 | |||||
| Jefferies Financial Group, Inc. | 23,391 | 690,035 | ||||||
| Metropolitan Bank Holding Corp. (a) | 3,944 | 253,836 | ||||||
| MFA Financial, Inc. | 31,815 | 247,521 | ||||||
| MGIC Investment Corp. | 40,828 | 523,415 | ||||||
| Midland States Bancorp, Inc. | 32,765 | 772,271 | ||||||
| Mr. Cooper Group, Inc. (a) | 11,817 | 478,589 | ||||||
| National Western Life Group, Inc., Class A | 3,276 | 559,541 | ||||||
| Navient Corp. | 34,134 | 501,428 | ||||||
| Nelnet, Inc., Class A | 11,655 | 922,959 | ||||||
| New York Community Bancorp, Inc. (b) | 44,878 | 382,809 | ||||||
| Nicolet Bankshares, Inc. (a) | 7,006 | 493,503 | ||||||
| OceanFirst Financial Corp. | 19,440 | 362,362 | ||||||
| OFG Bancorp | 11,631 | 292,287 | ||||||
| PennyMac Financial Services, Inc. | 10,791 | 462,934 | ||||||
| Popular, Inc. | 4,622 | 333,061 | ||||||
| ProAssurance Corp. | 17,375 | 338,986 | ||||||
| Radian Group, Inc. | 13,977 | 269,616 | ||||||
| Ready Capital Corp. | 16,983 | 172,208 | ||||||
| Reinsurance Group of America, Inc. | 2,389 | 300,560 | ||||||
| Rithm Capital Corp. | 44,626 | 326,662 | ||||||
| Safety Insurance Group, Inc. | 7,607 | 620,427 | ||||||
| SiriusPoint Ltd. (a) | 63,644 | 315,038 | ||||||
| Stock Yards Bancorp, Inc. | 6,500 | 442,065 | ||||||
| StoneX Group, Inc. (a) | 4,308 | 357,306 | ||||||
| The Hanover Insurance Group, Inc. | 3,634 | 465,661 | ||||||
| TPG RE Finance Trust, Inc. | 39,506 | 276,542 | ||||||
| TriCo Bancshares | 9,165 | 409,217 | ||||||
| United Bankshares, Inc. | 10,478 | 374,589 | ||||||
| United Fire Group, Inc. | 11,747 | 337,491 | ||||||
| Universal Insurance Holdings, Inc. | 30,749 | 302,878 | ||||||
| Unum Group | 14,660 | 568,808 | ||||||
| White Mountains Insurance Group Ltd. | 387 | 504,269 | ||||||
| Wintrust Financial Corp. | 3,953 | 322,367 | ||||||
| 27,517,412 | ||||||||
| Health Care (21.3%): | ||||||||
| 1Life Healthcare, Inc. (a) | 14,878 | 255,158 | ||||||
| Acadia Healthcare Co., Inc. (a) | 6,906 | 539,911 | ||||||
| AdaptHealth Corp. (a) | 26,848 | 504,205 | ||||||
| Addus HomeCare Corp. (a) | 8,330 | 793,349 | ||||||
| Adicet Bio, Inc. (a) | 32,614 | 463,771 | ||||||
| Agiliti, Inc. (a) | 28,829 | 412,543 | ||||||
| Alignment Healthcare, Inc. (a) | 17,475 | 206,904 | ||||||
| Alkermes PLC (a) | 27,685 | 618,206 | ||||||
| Allscripts Healthcare Solutions, Inc. (a) | 38,105 | 580,339 | ||||||
| AMN Healthcare Services, Inc. (a) | 7,431 | 787,389 | ||||||
| Amneal Pharmaceuticals, Inc. (a) | 160,718 | 324,650 | ||||||
| Amphastar Pharmaceuticals, Inc. (a) | 25,195 | 707,980 | ||||||
| AngioDynamics, Inc. (a) | 32,793 | 670,945 | ||||||
| ANI Pharmaceuticals, Inc. (a) | 16,879 | 542,491 | ||||||
| Apollo Medical Holdings, Inc. (a)(b) | 6,092 | 237,588 | ||||||
| Arvinas, Inc. (a) | 4,377 | 194,733 | ||||||
| Atea Pharmaceuticals, Inc. (a) | 34,347 | 195,434 | ||||||
| Atrion Corp. | 1,610 | 909,650 | ||||||
| Avanos Medical, Inc. (a) | 23,954 | 521,718 | ||||||
| Bioventus, Inc., Class A (a) | 28,788 | 201,516 | ||||||
| Catalyst Pharmaceuticals, Inc. (a) | 51,770 | 664,209 | ||||||
| Celldex Therapeutics, Inc. (a) | 6,670 | 187,494 | ||||||
| Cerevel Therapeutics Holdings, Inc. (a) | 10,189 | 287,941 | ||||||
| Change Healthcare, Inc. (a) | 25,199 | 692,721 | ||||||
| ChemoCentryx, Inc. (a) | 3,964 | 204,780 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Chinook Therapeutics, Inc. (a) | 9,248 | $ | 181,816 | |||||
| Collegium Pharmaceutical, Inc. (a) | 29,549 | 473,375 | ||||||
| Computer Programs and Systems, Inc. (a) | 25,710 | 716,795 | ||||||
| CONMED Corp. | 2,887 | 231,451 | ||||||
| Corcept Therapeutics, Inc. (a) | 24,593 | 630,565 | ||||||
| CorVel Corp. (a) | 5,312 | 735,340 | ||||||
| Covetrus, Inc. (a) | 22,719 | 474,373 | ||||||
| Cross Country Healthcare, Inc. (a) | 29,492 | 836,688 | ||||||
| Cutera, Inc. (a) | 3,880 | 176,928 | ||||||
| Cytokinetics, Inc. (a) | 9,874 | 478,395 | ||||||
| Dynavax Technologies Corp. (a) | 33,866 | 353,561 | ||||||
| Eagle Pharmaceuticals, Inc. (a) | 20,491 | 541,372 | ||||||
| Emergent BioSolutions, Inc. (a) | 17,201 | 361,049 | ||||||
| Enanta Pharmaceuticals, Inc. (a) | 13,188 | 684,062 | ||||||
| Encompass Health Corp. | 6,703 | 303,177 | ||||||
| Enhabit, Inc. (a) | 3,351 | 47,048 | ||||||
| Enovis Corp. (a) | 4,587 | 211,323 | ||||||
| Envista Holdings Corp. (a) | 12,591 | 413,111 | ||||||
| Evolent Health, Inc., Class A (a) | 14,717 | 528,782 | ||||||
| Evolus, Inc. (a)(b) | 35,809 | 288,262 | ||||||
| Exelixis, Inc. (a) | 37,144 | 582,418 | ||||||
| Fulgent Genetics, Inc. (a) | 7,474 | 284,909 | ||||||
| Geron Corp. (a) | 121,314 | 283,875 | ||||||
| Haemonetics Corp. (a) | 4,131 | 305,818 | ||||||
| Halozyme Therapeutics, Inc. (a) | 8,341 | 329,803 | ||||||
| Harmony Biosciences Holdings, Inc. (a) | 11,828 | 523,862 | ||||||
| HealthStream, Inc. (a) | 21,859 | 464,722 | ||||||
| ICU Medical, Inc. (a) | 4,691 | 706,465 | ||||||
| Innoviva, Inc. (a) | 51,238 | 594,873 | ||||||
| Integer Holdings Corp. (a) | 9,477 | 589,754 | ||||||
| Integra LifeSciences Holdings Corp. (a) | 7,233 | 306,390 | ||||||
| Intra-Cellular Therapies, Inc. (a) | 7,273 | 338,413 | ||||||
| Invitae Corp. (a)(b) | 57,109 | 140,488 | ||||||
| iRhythm Technologies, Inc. (a) | 2,820 | 353,290 | ||||||
| Ironwood Pharmaceuticals, Inc. (a) | 75,587 | 783,081 | ||||||
| iTeos Therapeutics, Inc. (a) | 25,905 | 493,490 | ||||||
| IVERIC bio, Inc. (a) | 17,811 | 319,529 | ||||||
| Kezar Life Sciences, Inc. (a) | 35,136 | 302,521 | ||||||
| Krystal Biotech, Inc. (a) | 3,557 | 247,923 | ||||||
| Lantheus Holdings, Inc. (a) | 7,041 | 495,194 | ||||||
| LeMaitre Vascular, Inc. | 7,886 | 399,662 | ||||||
| LHC Group, Inc. (a) | 5,158 | 844,158 | ||||||
| LivaNova PLC (a) | 4,850 | 246,235 | ||||||
| Meridian Bioscience, Inc. (a) | 16,948 | 534,370 | ||||||
| Merit Medical Systems, Inc. (a) | 13,098 | 740,168 | ||||||
| Multiplan Corp. (a)(b) | 120,630 | 345,002 | ||||||
| Myriad Genetics, Inc. (a) | 19,795 | 377,689 | ||||||
| National HealthCare Corp. | 14,581 | 923,561 | ||||||
| NextGen Healthcare, Inc. (a) | 34,767 | 615,376 | ||||||
| NuVasive, Inc. (a) | 7,052 | 308,948 | ||||||
| OPKO Health, Inc. (a) | 146,430 | 276,753 | ||||||
| Option Care Health, Inc. (a) | 18,028 | 567,341 | ||||||
| OraSure Technologies, Inc. (a) | 102,967 | 390,245 | ||||||
| Orthofix Medical, Inc. (a) | 14,384 | 274,878 | ||||||
| Owens & Minor, Inc. | 11,868 | 286,019 | ||||||
| Pacira BioSciences, Inc. (a) | 11,862 | 630,940 | ||||||
| Patterson Cos., Inc. | 12,114 | 290,978 | ||||||
| Pediatrix Medical Group, Inc. (a) | 25,869 | 427,097 | ||||||
| Perrigo Co. PLC | 23,086 | 823,247 | ||||||
| Phibro Animal Health Corp., Class A | 20,483 | 272,219 | ||||||
| Premier, Inc., Class A | 25,816 | 876,195 | ||||||
| Prestige Consumer Healthcare, Inc. (a) | 18,378 | 915,776 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Privia Health Group, Inc. (a) | 7,050 | $ | 240,123 | |||||
| Prometheus Biosciences, Inc. (a) | 5,236 | 308,976 | ||||||
| Prothena Corp. PLC (a) | 7,733 | 468,852 | ||||||
| QuidelOrtho Corp. (a) | 5,328 | 380,845 | ||||||
| R1 RCM, Inc. (a) | 14,692 | 272,243 | ||||||
| REGENXBIO, Inc. (a) | 20,231 | 534,705 | ||||||
| Repligen Corp. (a) | 1,396 | 261,206 | ||||||
| Sarepta Therapeutics, Inc. (a) | 2,478 | 273,918 | ||||||
| Select Medical Holdings Corp. | 21,737 | 480,388 | ||||||
| Shockwave Medical, Inc. (a) | 806 | 224,124 | ||||||
| SIGA Technologies, Inc. | 51,914 | 534,714 | ||||||
| Simulations Plus, Inc. | 4,660 | 226,196 | ||||||
| Sorrento Therapeutics, Inc. (a)(b) | 230,778 | 362,321 | ||||||
| Supernus Pharmaceuticals, Inc. (a) | 22,219 | 752,113 | ||||||
| Surgery Partners, Inc. (a) | 10,903 | 255,130 | ||||||
| Syndax Pharmaceuticals, Inc. (a) | 9,217 | 221,485 | ||||||
| Syneos Health, Inc. (a) | 9,662 | 455,563 | ||||||
| Tenet Healthcare Corp. (a) | 6,328 | 326,398 | ||||||
| The Ensign Group, Inc. | 9,084 | 722,178 | ||||||
| Tilray, Inc., Class 2 (a)(b) | 93,746 | 257,802 | ||||||
| TransMedics Group, Inc. (a) | 4,823 | 201,312 | ||||||
| Travere Therapeutics, Inc. (a) | 10,721 | 264,165 | ||||||
| Tricida, Inc. (a)(b) | 21,440 | 224,691 | ||||||
| U.S. Physical Therapy, Inc. | 3,769 | 286,519 | ||||||
| uniQure NV (a) | 13,657 | 256,205 | ||||||
| United Therapeutics Corp. (a) | 4,626 | 968,592 | ||||||
| Vanda Pharmaceuticals, Inc. (a) | 68,957 | 681,295 | ||||||
| Varex Imaging Corp. (a) | 30,441 | 643,523 | ||||||
| Xenon Pharmaceuticals, Inc. (a) | 12,228 | 441,431 | ||||||
| 51,713,786 | ||||||||
| Industrials (13.5%): | ||||||||
| AAR Corp. (a) | 10,371 | 371,489 | ||||||
| ACCO Brands Corp. | 84,135 | 412,261 | ||||||
| Air Lease Corp. | 13,840 | 429,178 | ||||||
| Air Transport Services Group, Inc. (a) | 28,540 | 687,529 | ||||||
| ArcBest Corp. | 7,902 | 574,712 | ||||||
| Argan, Inc. | 12,818 | 412,355 | ||||||
| Atkore, Inc. (a) | 5,241 | 407,802 | ||||||
| Atlas Air Worldwide Holdings, Inc. (a) | 6,931 | 662,396 | ||||||
| Avis Budget Group, Inc. (a) | 2,259 | 335,371 | ||||||
| Beacon Roofing Supply, Inc. (a) | 4,762 | 260,577 | ||||||
| BlueLinx Holdings, Inc. (a) | 4,946 | 307,147 | ||||||
| Boise Cascade Co. | 8,592 | 510,880 | ||||||
| BrightView Holdings, Inc. (a) | 30,288 | 240,487 | ||||||
| Builders FirstSource, Inc. (a) | 8,672 | 510,954 | ||||||
| CACI International, Inc., Class A (a) | 1,852 | 483,483 | ||||||
| CBIZ, Inc. (a) | 23,573 | 1,008,453 | ||||||
| Comfort Systems USA, Inc. | 3,617 | 352,043 | ||||||
| CoreCivic, Inc. (a) | 50,323 | 444,855 | ||||||
| Ducommun, Inc. (a) | 6,232 | 247,161 | ||||||
| DXP Enterprises, Inc. (a) | 17,742 | 420,131 | ||||||
| Eagle Bulk Shipping, Inc. (b) | 8,095 | 349,542 | ||||||
| Encore Wire Corp. | 5,939 | 686,192 | ||||||
| EnPro Industries, Inc. | 7,181 | 610,241 | ||||||
| Fluor Corp. (a) | 8,864 | 220,625 | ||||||
| FTI Consulting, Inc. (a) | 3,860 | 639,641 | ||||||
| GATX Corp. | 4,431 | 377,300 | ||||||
| Genco Shipping & Trading Ltd. | 26,836 | 336,255 | ||||||
| GMS, Inc. (a) | 10,558 | 422,426 | ||||||
| Griffon Corp. | 9,091 | 268,366 | ||||||
| Heidrick & Struggles International, Inc. | 13,088 | 340,157 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Hub Group, Inc., Class A (a) | 11,702 | $ | 807,204 | |||||
| Huron Consulting Group, Inc. (a) | 5,637 | 373,451 | ||||||
| Interface, Inc. | 18,514 | 166,441 | ||||||
| JetBlue Airways Corp. (a) | 24,308 | 161,162 | ||||||
| KAR Auction Services, Inc. (a) | 34,668 | 387,242 | ||||||
| Kelly Services, Inc., Class A | 34,629 | 470,608 | ||||||
| Kirby Corp. (a) | 10,632 | 646,107 | ||||||
| Marten Transport Ltd. | 49,464 | 947,730 | ||||||
| Matson, Inc. | 8,140 | 500,773 | ||||||
| Matthews International Corp., Class A | 11,744 | 263,183 | ||||||
| McGrath RentCorp | 5,945 | 498,548 | ||||||
| MRC Global, Inc. (a) | 45,118 | 324,398 | ||||||
| Mueller Industries, Inc. | 12,890 | 766,182 | ||||||
| Nielsen Holdings PLC | 14,015 | 388,496 | ||||||
| NOW, Inc. (a) | 50,710 | 509,635 | ||||||
| NV5 Global, Inc. (a) | 4,599 | 569,448 | ||||||
| nVent Electric PLC | 23,244 | 734,743 | ||||||
| Parsons Corp. (a) | 10,051 | 393,999 | ||||||
| Primoris Services Corp. | 27,780 | 451,425 | ||||||
| Quanex Building Products Corp. | 12,467 | 226,401 | ||||||
| Regal Rexnord Corp. | 3,473 | 487,470 | ||||||
| Resideo Technologies, Inc. (a) | 17,326 | 330,234 | ||||||
| Resources Connection, Inc. | 46,435 | 839,080 | ||||||
| REV Group, Inc. | 19,259 | 212,427 | ||||||
| Rush Enterprises, Inc., Class A | 17,315 | 759,436 | ||||||
| Ryder System, Inc. | 7,824 | 590,634 | ||||||
| Schneider National, Inc., Class B | 22,369 | 454,091 | ||||||
| SkyWest, Inc. (a) | 19,233 | 312,729 | ||||||
| Sterling Infrastructure, Inc. (a) | 23,707 | 508,989 | ||||||
| The GEO Group, Inc. (a) | 78,353 | 603,318 | ||||||
| The Greenbrier Cos., Inc. | 15,196 | 368,807 | ||||||
| The Manitowoc Co., Inc. (a) | 49,018 | 379,889 | ||||||
| Titan International, Inc. (a) | 24,355 | 295,670 | ||||||
| Titan Machinery, Inc. (a) | 13,886 | 392,418 | ||||||
| Triton International Ltd. | 12,988 | 710,833 | ||||||
| TrueBlue, Inc. (a) | 16,739 | 319,380 | ||||||
| Tutor Perini Corp. (a) | 54,688 | 301,878 | ||||||
| UFP Industries, Inc. | 8,492 | 612,783 | ||||||
| Univar Solutions, Inc. (a) | 10,696 | 243,227 | ||||||
| Veritiv Corp. (a) | 2,850 | 278,644 | ||||||
| Wabash National Corp. | 18,759 | 291,890 | ||||||
| WESCO International, Inc. (a) | 4,084 | 487,548 | ||||||
| 32,698,560 | ||||||||
| Information Technology (16.2%): | ||||||||
| A10 Networks, Inc. | 37,578 | 498,660 | ||||||
| ADTRAN Holdings, Inc. | 12,571 | 246,140 | ||||||
| Alpha & Omega Semiconductor Ltd. (a) | 11,788 | 362,599 | ||||||
| Amkor Technology, Inc. | 28,188 | 480,605 | ||||||
| Avaya Holdings Corp. (a)(b) | 279,005 | 443,618 | ||||||
| Avnet, Inc. | 19,940 | 720,233 | ||||||
| Axcelis Technologies, Inc. (a) | 8,155 | 493,867 | ||||||
| Belden, Inc. | 11,000 | 660,220 | ||||||
| Benchmark Electronics, Inc. | 31,977 | 792,390 | ||||||
| Calix, Inc. (a) | 4,120 | 251,897 | ||||||
| Ciena Corp. (a) | 7,437 | 300,678 | ||||||
| Clearfield, Inc. (a) | 6,802 | 711,761 | ||||||
| Coherent Corp. (a) | 5,484 | 191,117 | ||||||
| Cohu, Inc. (a) | 8,499 | 219,104 | ||||||
| Comtech Telecommunications Corp. | 40,429 | 404,694 | ||||||
| Concentrix Corp. | 2,088 | 233,083 | ||||||
| Conduent, Inc. (a) | 86,141 | 287,711 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| CSG Systems International, Inc. | 19,576 | $ | 1,035,179 | |||||
| CTS Corp. | 19,077 | 794,557 | ||||||
| Digi International, Inc. (a) | 23,556 | 814,331 | ||||||
| Diodes, Inc. (a) | 9,923 | 644,102 | ||||||
| DXC Technology Co. (a) | 18,267 | 447,176 | ||||||
| E2open Parent Holdings, Inc. (a) | 77,379 | 469,691 | ||||||
| Eastman Kodak Co. (a)(b) | 76,197 | 349,744 | ||||||
| Ebix, Inc. (b) | 14,950 | 283,602 | ||||||
| ePlus, Inc. (a) | 14,135 | 587,168 | ||||||
| ExlService Holdings, Inc. (a) | 5,284 | 778,650 | ||||||
| Fabrinet (a) | 8,128 | 775,818 | ||||||
| First Solar, Inc. (a) | 7,704 | 1,019,008 | ||||||
| Flex Ltd. (a) | 38,871 | 647,591 | ||||||
| Harmonic, Inc. (a)(b) | 30,535 | 399,093 | ||||||
| Ichor Holdings Ltd. (a) | 7,982 | 193,244 | ||||||
| Impinj, Inc. (a) | 2,465 | 197,274 | ||||||
| Insight Enterprises, Inc. (a) | 8,113 | 668,592 | ||||||
| International Money Express, Inc. (a) | 31,186 | 710,729 | ||||||
| Jabil, Inc. | 11,694 | 674,861 | ||||||
| Kimball Electronics, Inc. (a) | 35,957 | 616,663 | ||||||
| Knowles Corp. (a) | 51,531 | 627,132 | ||||||
| Kulicke & Soffa Industries, Inc. | 13,388 | 515,840 | ||||||
| Lightwave Logic, Inc. (a)(b) | 30,096 | 220,905 | ||||||
| Lumentum Holdings, Inc. (a) | 7,984 | 547,463 | ||||||
| Magnachip Semiconductor Corp. (a) | 15,374 | 157,430 | ||||||
| MaxLinear, Inc. (a) | 6,960 | 227,035 | ||||||
| Methode Electronics, Inc. | 18,620 | 691,733 | ||||||
| NCR Corp. (a) | 9,026 | 171,584 | ||||||
| NETGEAR, Inc. (a) | 33,273 | 666,791 | ||||||
| NetScout Systems, Inc. (a) | 25,427 | 796,374 | ||||||
| Onto Innovation, Inc. (a) | 7,819 | 500,807 | ||||||
| OSI Systems, Inc. (a) | 5,370 | 386,962 | ||||||
| PC Connection, Inc. | 9,550 | 430,610 | ||||||
| PDF Solutions, Inc. (a) | 11,702 | 287,050 | ||||||
| Perficient, Inc. (a) | 8,222 | 534,594 | ||||||
| Photronics, Inc. (a) | 34,423 | 503,264 | ||||||
| Plexus Corp. (a) | 4,608 | 403,477 | ||||||
| Pure Storage, Inc., Class A (a) | 9,839 | 269,293 | ||||||
| Rambus, Inc. (a) | 30,791 | 782,707 | ||||||
| Ribbon Communications, Inc. (a) | 143,978 | 319,631 | ||||||
| Riot Blockchain, Inc. (a)(b) | 54,939 | 385,122 | ||||||
| Rogers Corp. (a) | 2,899 | 701,210 | ||||||
| Sanmina Corp. (a) | 17,251 | 794,926 | ||||||
| ScanSource, Inc. (a) | 17,165 | 453,328 | ||||||
| SiTime Corp. (a) | 4,021 | 316,573 | ||||||
| SMART Global Holdings, Inc. (a) | 25,935 | 411,588 | ||||||
| SolarWinds Corp. (a) | 67,157 | 520,467 | ||||||
| Super Micro Computer, Inc. (a) | 10,270 | 565,569 | ||||||
| Switch, Inc., Class A | 26,212 | 883,082 | ||||||
| Synaptics, Inc. (a) | 1,943 | 192,376 | ||||||
| TD SYNNEX Corp. | 7,196 | 584,243 | ||||||
| The Hackett Group, Inc. | 20,362 | 360,815 | ||||||
| TTM Technologies, Inc. (a) | 59,469 | 783,801 | ||||||
| Ultra Clean Holdings, Inc. (a) | 14,484 | 372,963 | ||||||
| Veeco Instruments, Inc. (a) | 12,003 | 219,895 | ||||||
| Verint Systems, Inc. (a) | 20,268 | 680,599 | ||||||
| Viasat, Inc. (a) | 13,637 | 412,247 | ||||||
| Vishay Intertechnology, Inc. | 39,320 | 699,503 | ||||||
| Vishay Precision Group, Inc. (a) | 13,388 | 396,151 | ||||||
| Xerox Holdings Corp. | 37,558 | 491,259 | ||||||
| Xperi Holding Corp. | 37,694 | 532,993 | ||||||
| 39,204,842 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Materials (3.8%): | ||||||||
| AdvanSix, Inc. | 12,470 | $ | 400,287 | |||||
| Alpha Metallurgical Resources, Inc. | 2,581 | 353,184 | ||||||
| American Vanguard Corp. | 35,803 | 669,516 | ||||||
| Clearwater Paper Corp. (a) | 14,066 | 528,882 | ||||||
| Commercial Metals Co. | 19,049 | 675,859 | ||||||
| FutureFuel Corp. | 50,768 | 306,639 | ||||||
| Huntsman Corp. | 12,620 | 309,695 | ||||||
| Intrepid Potash, Inc. (a) | 7,694 | 304,452 | ||||||
| Kronos Worldwide, Inc. | 28,000 | 261,520 | ||||||
| Louisiana-Pacific Corp. | 4,354 | 222,881 | ||||||
| LSB Industries, Inc. (a) | 24,911 | 354,982 | ||||||
| Mercer International, Inc. | 45,237 | 556,415 | ||||||
| Olin Corp. | 9,157 | 392,652 | ||||||
| Ramaco Resources, Inc. | 31,960 | 294,032 | ||||||
| Reliance Steel & Aluminum Co. | 5,000 | 872,050 | ||||||
| Ryerson Holding Corp. | 14,961 | 385,096 | ||||||
| Schnitzer Steel Industries, Inc. | 16,363 | 465,691 | ||||||
| SunCoke Energy, Inc. | 66,672 | 387,364 | ||||||
| TimkenSteel Corp. (a) | 23,712 | 355,443 | ||||||
| Tronox Holdings PLC, Class A | 29,522 | 361,644 | ||||||
| United States Steel Corp. | 18,392 | 333,263 | ||||||
| Warrior Met Coal, Inc. | 16,412 | 466,757 | ||||||
| 9,258,304 | ||||||||
| Real Estate (6.5%): | ||||||||
| Agree Realty Corp. | 6,355 | 429,471 | ||||||
| Anywhere Real Estate, Inc. (a) | 34,453 | 279,414 | ||||||
| Apartment Investment and Management Co. | 35,119 | 256,369 | ||||||
| Apple Hospitality REIT, Inc. | 14,548 | 204,545 | ||||||
| Armada Hoffler Properties, Inc. | 23,561 | 244,563 | ||||||
| Bluerock Residential Growth REIT, Inc. | 16,082 | 430,193 | ||||||
| Brixmor Property Group, Inc. | 11,636 | 214,917 | ||||||
| Centerspace | 4,774 | 321,386 | ||||||
| City Office REIT, Inc. | 56,272 | 561,032 | ||||||
| Corporate Office Properties Trust | 13,742 | 319,227 | ||||||
| EastGroup Properties, Inc. | 2,953 | 426,236 | ||||||
| EPR Properties | 4,987 | 178,834 | ||||||
| Equity Commonwealth | 38,853 | 946,459 | ||||||
| Farmland Partners, Inc. | 58,666 | 743,298 | ||||||
| Four Corners Property Trust, Inc. | 10,459 | 253,003 | ||||||
| Gladstone Land Corp. | 38,701 | 700,488 | ||||||
| Independence Realty Trust, Inc. | 33,007 | 552,207 | ||||||
| Jones Lang LaSalle, Inc. (a) | 1,795 | 271,171 | ||||||
| Life Storage, Inc. | 7,432 | 823,168 | ||||||
| LTC Properties, Inc. | 8,710 | 326,189 | ||||||
| Marcus & Millichap, Inc. | 20,333 | 666,516 | ||||||
| National Health Investors, Inc. | 4,063 | 229,681 | ||||||
| National Retail Properties, Inc. | 7,251 | 289,025 | ||||||
| National Storage Affiliates Trust | 17,148 | 713,014 | ||||||
| NexPoint Residential Trust, Inc. | 10,709 | 494,863 | ||||||
| One Liberty Properties, Inc. | 13,760 | 289,235 | ||||||
| Phillips Edison & Co., Inc. | 9,452 | 265,129 | ||||||
| Plymouth Industrial REIT, Inc. | 19,267 | 323,878 | ||||||
| PotlatchDeltic Corp. | 22,826 | 936,779 | ||||||
| Rayonier, Inc. | 25,407 | 761,448 | ||||||
| RE/MAX Holdings, Inc. | 11,802 | 223,176 | ||||||
| Rexford Industrial Realty, Inc. | 7,427 | 386,204 | ||||||
| RPT Realty | 19,728 | 149,144 | ||||||
| Sabra Health Care REIT, Inc. | 18,506 | 242,799 | ||||||
| SITE Centers Corp. | 16,434 | 176,008 | ||||||
| Tanger Factory Outlet Centers, Inc. | 26,180 | 358,142 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Urstadt Biddle Properties, Inc., Class A | 15,251 | $ | 236,543 | |||||
| Whitestone REIT | 54,625 | 462,127 | ||||||
| 15,685,881 | ||||||||
| Utilities (1.9%): | ||||||||
| National Fuel Gas Co. | 16,893 | 1,039,764 | ||||||
| Otter Tail Corp. | 6,291 | 387,022 | ||||||
| Pinnacle West Capital Corp. | 6,089 | 392,801 | ||||||
| South Jersey Industries, Inc. | 22,297 | 745,166 | ||||||
| Southwest Gas Holdings, Inc. | 10,274 | 716,612 | ||||||
| Spire, Inc. | 14,009 | 873,181 | ||||||
| Unitil Corp. | 8,109 | 376,663 | ||||||
| 4,531,209 | ||||||||
| Total Common Stocks (Cost $255,980,267) | 240,324,028 | |||||||
| Rights (0.0%)(c) | ||||||||
| Health Care (0.0%): | ||||||||
| Achillion Pharmaceuticals, CVR1/29/49 (a)(d)(e) | 17,954 | 4,129 | ||||||
| Zogenix, Inc., CVR1/1/25 (a)(d)(e) | 9,491 | 6,454 | ||||||
| 10,583 | ||||||||
| Total Rights (Cost $–) | 10,583 | |||||||
| Collateral for Securities Loaned (1.3%)^ | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (f) | 67,710 | 67,710 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (f) | 45,575 | 45,575 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (f) | 33,791 | 33,791 | ||||||
| HSBC U.S. Government Money Market Fund I Shares, 2.91% (f) | 1,538,469 | 1,538,469 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (f) | 67,466 | 67,466 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (f) | 183,192 | 183,192 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (f) | 1,211,434 | 1,211,434 | ||||||
| Total Collateral for Securities Loaned (Cost $3,147,637) | 3,147,637 | |||||||
| Total Investments (Cost $259,127,904) — 100.5% | 243,482,248 | |||||||
| Liabilities in excess of other assets — (0.5)% | (1,179,366 | ) | ||||||
| NET ASSETS - 100.00% | $ | 242,302,882 | ||||||
| ^ | 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 September 30, 2022, illiquid securities were less than 0.05% of net assets. |
| (e) | Security was fair valued using significant unobservable inputs as of September 30, 2022. |
| (f) | Rate disclosed is the daily yield on September 30, 2022. |
CVR—Contingent Value Right
PLC—Public Limited Company
REIT—Real Estate Investment Trust
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | September 30, 2022 |
| (Unaudited) |
Futures Contracts Purchased
| Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||
| E-Mini Russell 2000 Index Futures | 20 | 12/16/22 | $ | 1,821,804 | $ | 1,669,800 | $ | (152,004 | ) | |||||||||
| Total unrealized appreciation | $ | – | ||||||||||||||||
| Total unrealized depreciation | (152,004 | ) | ||||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | (152,004 | ) | |||||||||||||||
| Victory Portfolios II | Schedule of Portfolio Investments |
| VictoryShares USAA MSCI International Value Momentum ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (98.8%) | ||||||||
| Australia (4.3%): | ||||||||
| Information Technology (0.8%): | ||||||||
| Computershare Ltd. | 120,953 | $ | 1,925,506 | |||||
| Materials (1.4%): | ||||||||
| BlueScope Steel Ltd. | 143,426 | 1,400,758 | ||||||
| Orica Ltd. | 96,016 | 816,117 | ||||||
| South32 Ltd. | 541,209 | 1,263,133 | ||||||
| 3,480,008 | ||||||||
| Real Estate (1.6%): | ||||||||
| Dexus | 375,483 | 1,863,739 | ||||||
| Stockland | 510,006 | 1,072,261 | ||||||
| Vicinity Centres | 1,028,909 | 1,147,767 | ||||||
| 4,083,767 | ||||||||
| Utilities (0.5%): | ||||||||
| Origin Energy Ltd. | 372,575 | 1,238,459 | ||||||
| 10,727,740 | ||||||||
| Austria (0.5%): | ||||||||
| Energy (0.2%): | ||||||||
| OMV AG | 13,910 | 509,240 | ||||||
| Materials (0.3%): | ||||||||
| voestalpine AG | 39,526 | 678,018 | ||||||
| 1,187,258 | ||||||||
| Belgium (1.2%): | ||||||||
| Consumer Discretionary (0.3%): | ||||||||
| D'ieteren Group | 4,724 | 672,431 | ||||||
| Financials (0.3%): | ||||||||
| Sofina SA | 4,204 | 731,027 | ||||||
| Health Care (0.3%): | ||||||||
| UCB SA | 11,219 | 781,660 | ||||||
| Utilities (0.3%): | ||||||||
| Elia Group SA | 6,575 | 775,522 | ||||||
| 2,960,640 | ||||||||
| Canada (9.9%): | ||||||||
| Consumer Discretionary (1.1%): | ||||||||
| Dollarama, Inc. | 47,404 | 2,735,808 | ||||||
| Consumer Staples (4.3%): | ||||||||
| Alimentation Couche-Tard, Inc. | 26,564 | 1,075,088 | ||||||
| Empire Co. Ltd., Class A | 37,372 | 934,538 | ||||||
| George Weston Ltd. | 26,477 | 2,786,921 | ||||||
| Loblaw Cos. Ltd. | 34,462 | 2,743,316 | ||||||
| Metro, Inc. | 67,136 | 3,379,642 | ||||||
| 10,919,505 | ||||||||
| Energy (1.4%): | ||||||||
| ARC Resources Ltd. | 40,490 | 488,868 | ||||||
| Cenovus Energy, Inc. | 46,687 | 721,006 | ||||||
| Imperial Oil Ltd. (a) | 26,146 | 1,138,090 | ||||||
| Tourmaline Oil Corp. | 21,661 | 1,131,722 | ||||||
| 3,479,686 | ||||||||
| Financials (1.1%): | ||||||||
| Bank of Montreal | 12,039 | 1,060,778 | ||||||
| Fairfax Financial Holdings Ltd. | 3,824 | 1,755,775 | ||||||
| 2,816,553 | ||||||||
| Materials (1.4%): | ||||||||
| Nutrien Ltd. | 19,311 | 1,619,029 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA MSCI International Value Momentum ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Teck Resources Ltd., Class B | 31,852 | $ | 973,839 | |||||
| West Fraser Timber Co. Ltd. | 12,015 | 873,810 | ||||||
| 3,466,678 | ||||||||
| Real Estate (0.3%): | ||||||||
| RioCan Real Estate Investment Trust (a) | 56,287 | 762,755 | ||||||
| Utilities (0.3%): | ||||||||
| AltaGas Ltd. | 39,143 | 753,490 | ||||||
| 24,934,475 | ||||||||
| Denmark (1.6%): | ||||||||
| Financials (0.3%): | ||||||||
| Danske Bank A/S | 58,465 | 730,553 | ||||||
| Health Care (0.9%): | ||||||||
| Novo Nordisk A/S, Class B | 22,399 | 2,247,012 | ||||||
| Industrials (0.4%): | ||||||||
| AP Moller - Maersk A/S, Class B | 616 | 1,125,290 | ||||||
| 4,102,855 | ||||||||
| Finland (0.5%): | ||||||||
| Information Technology (0.5%): | ||||||||
| Nokia Oyj | 298,756 | 1,293,779 | ||||||
| France (11.0%): | ||||||||
| Communication Services (2.8%): | ||||||||
| Bollore SE | 404,766 | 1,872,415 | ||||||
| Orange SA | 210,878 | 1,910,518 | ||||||
| Publicis Groupe SA | 28,043 | 1,343,400 | ||||||
| Vivendi SE | 235,341 | 1,837,964 | ||||||
| 6,964,297 | ||||||||
| Consumer Discretionary (0.8%): | ||||||||
| Cie Generale des Etablissements Michelin SCA | 34,240 | 776,695 | ||||||
| Renault SA (b) | 40,744 | 1,116,422 | ||||||
| 1,893,117 | ||||||||
| Consumer Staples (0.6%): | ||||||||
| Carrefour SA (a) | 113,972 | 1,587,147 | ||||||
| Financials (1.3%): | ||||||||
| BNP Paribas SA | 26,767 | 1,143,426 | ||||||
| Credit Agricole SA | 136,020 | 1,114,522 | ||||||
| Societe Generale SA | 48,658 | 973,141 | ||||||
| 3,231,089 | ||||||||
| Health Care (1.8%): | ||||||||
| EssilorLuxottica SA | 6,869 | 944,448 | ||||||
| Ipsen SA | 15,258 | 1,418,522 | ||||||
| Sanofi | 28,246 | 2,169,427 | ||||||
| 4,532,397 | ||||||||
| Industrials (2.5%): | ||||||||
| Bouygues SA | 55,638 | 1,463,484 | ||||||
| Cie de Saint-Gobain | 13,983 | 507,529 | ||||||
| Dassault Aviation SA | 10,940 | 1,253,936 | ||||||
| Eiffage SA | 9,346 | 755,539 | ||||||
| Getlink SE | 46,153 | 719,127 | ||||||
| Thales SA | 14,258 | 1,578,371 | ||||||
| 6,277,986 | ||||||||
| Information Technology (0.3%): | ||||||||
| Capgemini SE | 4,586 | 743,540 | ||||||
| Utilities (0.9%): | ||||||||
| Electricite de France SA | 136,055 | 1,584,778 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA MSCI International Value Momentum ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Engie SA | 64,169 | $ | 744,428 | |||||
| 2,329,206 | ||||||||
| 27,558,779 | ||||||||
| Germany (5.2%): | ||||||||
| Consumer Discretionary (1.9%): | ||||||||
| Bayerische Motoren Werke AG | 22,128 | 1,517,226 | ||||||
| Mercedes-Benz Group AG | 21,774 | 1,116,676 | ||||||
| Porsche Automobil Holding SE, Preference Shares | 19,034 | 1,084,492 | ||||||
| Volkswagen AG, Preference Shares | 9,457 | 1,171,042 | ||||||
| 4,889,436 | ||||||||
| Financials (0.8%): | ||||||||
| Commerzbank AG (b) | 152,931 | 1,099,973 | ||||||
| Deutsche Bank AG, Registered Shares | 132,915 | 995,590 | ||||||
| 2,095,563 | ||||||||
| Health Care (1.1%): | ||||||||
| Bayer AG, Registered Shares | 30,755 | 1,428,577 | ||||||
| Fresenius SE & Co. KGaA | 61,591 | 1,324,414 | ||||||
| 2,752,991 | ||||||||
| Industrials (0.7%): | ||||||||
| Daimler Truck Holding AG (b) | 28,001 | 640,520 | ||||||
| Rheinmetall AG | 7,576 | 1,174,136 | ||||||
| 1,814,656 | ||||||||
| Materials (0.5%): | ||||||||
| HeidelbergCement AG | 29,839 | 1,194,121 | ||||||
| Utilities (0.2%): | ||||||||
| Uniper SE (a) | 96,304 | 368,510 | ||||||
| 13,115,277 | ||||||||
| Hong Kong (4.4%): | ||||||||
| Consumer Staples (0.7%): | ||||||||
| WH Group Ltd. (c) | 2,600,000 | 1,639,511 | ||||||
| Industrials (1.7%): | ||||||||
| CK Hutchison Holdings Ltd. | 341,500 | 1,888,062 | ||||||
| Jardine Matheson Holdings Ltd. | 40,700 | 2,061,048 | ||||||
| SITC International Holdings Co. Ltd. | 215,000 | 397,687 | ||||||
| 4,346,797 | ||||||||
| Real Estate (1.6%): | ||||||||
| CK Asset Holdings Ltd. | 345,500 | 2,077,428 | ||||||
| Hongkong Land Holdings Ltd. | 219,200 | 968,864 | ||||||
| Sino Land Co. Ltd. | 760,000 | 1,004,955 | ||||||
| 4,051,247 | ||||||||
| Utilities (0.4%): | ||||||||
| CK Infrastructure Holdings Ltd. | 177,000 | 903,050 | ||||||
| 10,940,605 | ||||||||
| Israel (6.6%): | ||||||||
| Communication Services (0.3%): | ||||||||
| Bezeq The Israeli Telecommunication Corp. Ltd. | 505,142 | 829,489 | ||||||
| Financials (3.3%): | ||||||||
| Bank Hapoalim BM | 248,066 | 2,109,612 | ||||||
| Bank Leumi Le-Israel BM | 245,269 | 2,111,339 | ||||||
| Israel Discount Bank Ltd., Class A | 345,597 | 1,754,679 | ||||||
| Mizrahi Tefahot Bank Ltd. | 64,824 | 2,287,123 | ||||||
| 8,262,753 | ||||||||
| Health Care (0.4%): | ||||||||
| Teva Pharmaceutical Industries Ltd., ADR (b) | 126,499 | 1,020,847 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA MSCI International Value Momentum ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Industrials (1.1%): | ||||||||
| Elbit Systems Ltd. | 10,843 | $ | 2,063,708 | |||||
| Zim Integrated Shipping Services Ltd. (a) | 33,328 | 783,208 | ||||||
| 2,846,916 | ||||||||
| Information Technology (0.6%): | ||||||||
| Tower Semiconductor Ltd. (b) | 34,844 | 1,526,179 | ||||||
| Materials (0.5%): | ||||||||
| ICL Group Ltd. | 150,723 | 1,220,343 | ||||||
| Real Estate (0.4%): | ||||||||
| Azrieli Group Ltd. | 14,080 | 966,626 | ||||||
| 16,673,153 | ||||||||
| Italy (1.4%): | ||||||||
| Communication Services (0.4%): | ||||||||
| Telecom Italia SpA (b) | 4,879,940 | 909,757 | ||||||
| Energy (0.2%): | ||||||||
| Eni SpA | 57,505 | 614,614 | ||||||
| Financials (0.5%): | ||||||||
| UniCredit SpA | 121,096 | 1,240,654 | ||||||
| Industrials (0.3%): | ||||||||
| Atlantia SpA | 31,713 | 702,441 | ||||||
| 3,467,466 | ||||||||
| Japan (25.3%): | ||||||||
| Communication Services (1.0%): | ||||||||
| Dentsu Group, Inc. | 16,200 | 459,995 | ||||||
| KDDI Corp. | 30,100 | 882,340 | ||||||
| Nippon Telegraph & Telephone Corp. | 39,500 | 1,065,923 | ||||||
| SoftBank Group Corp. | 5,200 | 176,034 | ||||||
| 2,584,292 | ||||||||
| Consumer Discretionary (3.4%): | ||||||||
| Aisin Corp. | 17,600 | 451,111 | ||||||
| Bandai Namco Holdings, Inc. | 4,500 | 293,264 | ||||||
| Bridgestone Corp. | 22,400 | 722,551 | ||||||
| Denso Corp. | 5,600 | 254,804 | ||||||
| Honda Motor Co. Ltd. | 27,900 | 604,665 | ||||||
| Iida Group Holdings Co. Ltd. | 42,000 | 569,595 | ||||||
| Isuzu Motors Ltd. | 45,100 | 497,597 | ||||||
| Mazda Motor Corp. | 57,200 | 377,790 | ||||||
| Nissan Motor Co. Ltd. (a) | 143,900 | 457,513 | ||||||
| Open House Group Co. Ltd. | 6,400 | 216,436 | ||||||
| Panasonic Corp. | 37,400 | 262,132 | ||||||
| Sekisui House Ltd. | 51,900 | 860,906 | ||||||
| Subaru Corp. | 36,100 | 540,459 | ||||||
| Sumitomo Electric Industries Ltd. | 60,500 | 611,918 | ||||||
| Toyota Motor Corp. | 53,900 | 698,583 | ||||||
| USS Co. Ltd. | 48,300 | 746,465 | ||||||
| Yamaha Motor Co. Ltd. | 26,600 | 497,469 | ||||||
| 8,663,258 | ||||||||
| Consumer Staples (2.2%): | ||||||||
| Ajinomoto Co., Inc. | 35,500 | 971,716 | ||||||
| Asahi Group Holdings Ltd. | 22,400 | 693,921 | ||||||
| Japan Tobacco, Inc. | 69,500 | 1,139,887 | ||||||
| Kirin Holdings Co. Ltd. | 27,500 | 423,106 | ||||||
| Seven & i Holdings Co. Ltd. | 23,100 | 926,585 | ||||||
| Suntory Beverage & Food Ltd. | 25,100 | 889,585 | ||||||
| Yakult Honsha Co. Ltd. | 7,200 | 418,336 | ||||||
| 5,463,136 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA MSCI International Value Momentum ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Energy (0.7%): | ||||||||
| ENEOS Holdings, Inc. | 207,400 | $ | 666,425 | |||||
| Idemitsu Kosan Co. Ltd. | 32,200 | 697,413 | ||||||
| Inpex Corp. | 47,500 | 445,974 | ||||||
| 1,809,812 | ||||||||
| Financials (4.0%): | ||||||||
| Concordia Financial Group Ltd. | 202,400 | 625,050 | ||||||
| Daiwa Securities Group, Inc. | 91,000 | 356,091 | ||||||
| Japan Post Bank Co. Ltd. | 112,200 | 782,133 | ||||||
| Japan Post Holdings Co. Ltd. | 119,000 | 787,359 | ||||||
| Japan Post Insurance Co. Ltd. (a) | 45,000 | 629,866 | ||||||
| Mitsubishi HC Capital, Inc. | 77,900 | 334,753 | ||||||
| Mitsubishi UFJ Financial Group, Inc. | 144,600 | 650,847 | ||||||
| Mizuho Financial Group, Inc. | 75,300 | 812,852 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 14,600 | 386,926 | ||||||
| ORIX Corp. | 36,500 | 511,522 | ||||||
| Resona Holdings, Inc. | 198,700 | 724,817 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 27,700 | 770,077 | ||||||
| Sumitomo Mitsui Trust Holdings, Inc. | 25,600 | 724,960 | ||||||
| The Chiba Bank Ltd. | 129,100 | 694,801 | ||||||
| The Shizuoka Bank Ltd. | 140,900 | 865,385 | ||||||
| Tokio Marine Holdings, Inc. | 22,500 | 398,718 | ||||||
| 10,056,157 | ||||||||
| Health Care (1.0%): | ||||||||
| Ono Pharmaceutical Co. Ltd. | 31,500 | 735,787 | ||||||
| Otsuka Holdings Co. Ltd. | 11,500 | 364,199 | ||||||
| Shionogi & Co. Ltd. | 13,500 | 651,846 | ||||||
| Takeda Pharmaceutical Co. Ltd. | 28,500 | 741,715 | ||||||
| 2,493,547 | ||||||||
| Industrials (5.3%): | ||||||||
| AGC, Inc. | 18,100 | 561,463 | ||||||
| Dai Nippon Printing Co. Ltd. | 32,700 | 655,152 | ||||||
| Fuji Electric Co. Ltd. | 13,800 | 504,349 | ||||||
| Hankyu Hanshin Holdings, Inc. | 13,900 | 417,735 | ||||||
| Hitachi Ltd. | 12,500 | 527,998 | ||||||
| ITOCHU Corp. | 33,500 | 810,277 | ||||||
| Kajima Corp. | 71,200 | 675,378 | ||||||
| Marubeni Corp. | 65,800 | 576,423 | ||||||
| Mitsubishi Corp. | 27,900 | 764,843 | ||||||
| Mitsubishi Heavy Industries Ltd. | 18,400 | 610,939 | ||||||
| Mitsui & Co. Ltd. | 34,600 | 738,398 | ||||||
| Mitsui Osk Lines Ltd. (a) | 17,000 | 305,599 | ||||||
| NGK Insulators Ltd. | 44,400 | 552,143 | ||||||
| NIPPON EXPRESS HOLDINGS, Inc. | 12,000 | 610,177 | ||||||
| Nippon Yusen KK (a) | 18,000 | 306,788 | ||||||
| Obayashi Corp. | 109,100 | 699,470 | ||||||
| Shimizu Corp. (a) | 144,300 | 706,820 | ||||||
| Sumitomo Corp. | 59,500 | 740,950 | ||||||
| Taisei Corp. | 27,500 | 763,757 | ||||||
| TOPPAN, Inc. | 39,700 | 590,789 | ||||||
| Toshiba Corp. | 7,000 | 248,962 | ||||||
| Toyota Industries Corp. | 11,800 | 560,876 | ||||||
| Toyota Tsusho Corp. | 16,000 | 495,216 | ||||||
| 13,424,502 | ||||||||
| Information Technology (3.2%): | ||||||||
| Brother Industries Ltd. | 37,500 | 645,359 | ||||||
| Canon, Inc. | 31,500 | 690,304 | ||||||
| FUJIFILM Holdings Corp. | 15,300 | 698,592 | ||||||
| Fujitsu Ltd. | 5,000 | 545,269 | ||||||
| Hirose Electric Co. Ltd. | 2,800 | 367,156 | ||||||
| Ibiden Co. Ltd. | 7,400 | 202,453 | ||||||
| Kyocera Corp. | 16,100 | 811,980 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA MSCI International Value Momentum ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| NEC Corp. | 17,500 | $ | 559,173 | |||||
| NTT Data Corp. | 42,700 | 550,473 | ||||||
| Renesas Electronics Corp. (b) | 43,200 | 358,744 | ||||||
| Ricoh Co. Ltd. (a) | 68,800 | 501,936 | ||||||
| Rohm Co. Ltd. | 8,000 | 522,851 | ||||||
| Seiko Epson Corp. (a) | 36,900 | 502,214 | ||||||
| SUMCO Corp. | 16,700 | 194,754 | ||||||
| TDK Corp. | 16,600 | 510,919 | ||||||
| Tokyo Electron Ltd. | 600 | 147,984 | ||||||
| Yokogawa Electric Corp. | 13,900 | 218,470 | ||||||
| 8,028,631 | ||||||||
| Materials (1.5%): | ||||||||
| JFE Holdings, Inc. (a) | 43,500 | 403,009 | ||||||
| Mitsui Chemicals, Inc. | 29,800 | 580,374 | ||||||
| Nippon Steel Corp. | 34,000 | 471,318 | ||||||
| Oji Holdings Corp. | 161,000 | 598,418 | ||||||
| Sumitomo Chemical Co. Ltd. | 166,800 | 572,729 | ||||||
| Sumitomo Metal Mining Co. Ltd. | 15,900 | 456,969 | ||||||
| Tosoh Corp. | 53,600 | 596,193 | ||||||
| 3,679,010 | ||||||||
| Real Estate (1.5%): | ||||||||
| Daito Trust Construction Co. Ltd. | 8,100 | 759,384 | ||||||
| Daiwa House Industry Co. Ltd. | 29,300 | 595,838 | ||||||
| Hulic Co. Ltd. | 102,000 | 749,083 | ||||||
| Mitsubishi Estate Co. Ltd. | 27,300 | 357,694 | ||||||
| Mitsui Fudosan Co. Ltd. | 15,700 | 298,771 | ||||||
| Nippon Building Fund, Inc. | 136 | 597,575 | ||||||
| Nomura Real Estate Holdings, Inc. | 12,600 | 285,088 | ||||||
| 3,643,433 | ||||||||
| Utilities (1.5%): | ||||||||
| Chubu Electric Power Co., Inc. | 93,300 | 840,535 | ||||||
| Osaka Gas Co. Ltd. | 54,300 | 820,061 | ||||||
| The Kansai Electric Power Co., Inc. | 92,100 | 771,185 | ||||||
| Tokyo Electric Power Co. Holdings, Inc. (b) | 140,400 | 448,132 | ||||||
| Tokyo Gas Co. Ltd. | 48,100 | 814,488 | ||||||
| 3,694,401 | ||||||||
| 63,540,179 | ||||||||
| Luxembourg (0.4%): | ||||||||
| Materials (0.4%): | ||||||||
| ArcelorMittal SA | 43,742 | 885,536 | ||||||
| Netherlands (2.9%): | ||||||||
| Consumer Staples (1.0%): | ||||||||
| Koninklijke Ahold Delhaize NV | 100,265 | 2,567,107 | ||||||
| Financials (1.2%): | ||||||||
| ABN AMRO Bank NV (c) | 61,297 | 554,139 | ||||||
| Aegon NV | 254,653 | 1,023,332 | ||||||
| NN Group NV | 39,206 | 1,535,178 | ||||||
| 3,112,649 | ||||||||
| Industrials (0.2%): | ||||||||
| AerCap Holdings NV (b) | 9,431 | 399,214 | ||||||
| Materials (0.5%): | ||||||||
| OCI NV | 31,953 | 1,175,735 | ||||||
| 7,254,705 | ||||||||
| Norway (1.8%): | ||||||||
| Energy (0.7%): | ||||||||
| Equinor ASA | 50,519 | 1,660,130 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA MSCI International Value Momentum ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Industrials (0.6%): | ||||||||
| Kongsberg Gruppen ASA | 53,107 | $ | 1,617,979 | |||||
| Materials (0.5%): | ||||||||
| Norsk Hydro ASA | 221,798 | 1,197,605 | ||||||
| 4,475,714 | ||||||||
| Portugal (0.4%): | ||||||||
| Consumer Staples (0.4%): | ||||||||
| Jeronimo Martins SGPS SA | 50,349 | 939,632 | ||||||
| Singapore (3.2%): | ||||||||
| Consumer Staples (0.8%): | ||||||||
| Wilmar International Ltd. | 781,300 | 2,090,872 | ||||||
| Industrials (0.9%): | ||||||||
| Keppel Corp. Ltd. | 484,700 | 2,347,665 | ||||||
| Real Estate (1.5%): | ||||||||
| Capitaland Investment Ltd. | 786,800 | 1,902,708 | ||||||
| City Developments Ltd. | 335,300 | 1,775,929 | ||||||
| 3,678,637 | ||||||||
| 8,117,174 | ||||||||
| Spain (2.8%): | ||||||||
| Communication Services (0.5%): | ||||||||
| Telefonica SA | 385,185 | 1,273,925 | ||||||
| Energy (0.5%): | ||||||||
| Repsol SA | 100,953 | 1,167,501 | ||||||
| Financials (1.5%): | ||||||||
| Banco Bilbao Vizcaya Argentaria SA | 269,299 | 1,218,978 | ||||||
| Banco Santander SA | 475,125 | 1,115,934 | ||||||
| CaixaBank SA (a) | 454,572 | 1,474,463 | ||||||
| 3,809,375 | ||||||||
| Utilities (0.3%): | ||||||||
| Naturgy Energy Group SA (a) | 36,218 | 841,966 | ||||||
| 7,092,767 | ||||||||
| Sweden (1.6%): | ||||||||
| Consumer Discretionary (0.2%): | ||||||||
| Volvo Car AB, Class B (b) | 87,917 | 386,050 | ||||||
| Consumer Staples (0.4%): | ||||||||
| Swedish Match AB | 97,762 | 969,031 | ||||||
| Financials (0.4%): | ||||||||
| Investor AB, Class A (a) | 68,923 | 1,065,442 | ||||||
| Materials (0.6%): | ||||||||
| Boliden AB | 21,593 | 674,301 | ||||||
| Holmen AB, B Shares | 23,136 | 884,995 | ||||||
| 1,559,296 | ||||||||
| 3,979,819 | ||||||||
| Switzerland (1.3%): | ||||||||
| Consumer Discretionary (0.3%): | ||||||||
| Cie Financiere Richemont SA, Registered Shares | 8,095 | 775,409 | ||||||
| Health Care (0.5%): | ||||||||
| Novartis AG, Registered Shares | 17,028 | 1,306,706 | ||||||
| Materials (0.5%): | ||||||||
| Glencore PLC | 242,343 | 1,293,522 | ||||||
| 3,375,637 | ||||||||
| United Kingdom (12.1%): | ||||||||
| Communication Services (1.0%): | ||||||||
| BT Group PLC | 755,006 | 1,022,750 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA MSCI International Value Momentum ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Vodafone Group PLC | 1,364,924 | $ | 1,540,724 | |||||
| 2,563,474 | ||||||||
| Consumer Discretionary (0.6%): | ||||||||
| Barratt Developments PLC | 111,916 | 427,515 | ||||||
| Stellantis NV | 100,117 | 1,203,636 | ||||||
| 1,631,151 | ||||||||
| Consumer Staples (3.5%): | ||||||||
| British American Tobacco PLC | 54,764 | 1,972,450 | ||||||
| Haleon PLC (b) | 406,672 | 1,267,701 | ||||||
| Imperial Brands PLC | 84,332 | 1,746,287 | ||||||
| J Sainsbury PLC | 829,874 | 1,614,689 | ||||||
| Tesco PLC | 905,770 | 2,090,969 | ||||||
| 8,692,096 | ||||||||
| Energy (0.3%): | ||||||||
| Shell PLC | 26,548 | 665,760 | ||||||
| Financials (2.6%): | ||||||||
| 3i Group PLC | 59,666 | 727,992 | ||||||
| Aviva PLC | 159,831 | 692,621 | ||||||
| Barclays PLC | 693,734 | 1,117,477 | ||||||
| HSBC Holdings PLC | 156,847 | 818,184 | ||||||
| Lloyds Banking Group PLC | 1,320,513 | 610,123 | ||||||
| NatWest Group PLC | 462,855 | 1,167,187 | ||||||
| Standard Chartered PLC | 218,063 | 1,379,720 | ||||||
| 6,513,304 | ||||||||
| Health Care (1.2%): | ||||||||
| AstraZeneca PLC | 8,783 | 974,952 | ||||||
| GSK PLC | 137,806 | 2,008,741 | ||||||
| 2,983,693 | ||||||||
| Industrials (1.3%): | ||||||||
| BAE Systems PLC | 237,634 | 2,095,101 | ||||||
| CNH Industrial NV | 106,629 | 1,214,863 | ||||||
| 3,309,964 | ||||||||
| Materials (0.4%): | ||||||||
| Anglo American PLC | 34,495 | 1,053,349 | ||||||
| Real Estate (0.4%): | ||||||||
| Segro PLC | 107,166 | 900,806 | ||||||
| Utilities (0.8%): | ||||||||
| National Grid PLC | 200,195 | 2,080,569 | ||||||
| 30,394,166 | ||||||||
| United States (0.4%): | ||||||||
| Health Care (0.4%): | ||||||||
| Bausch Health Cos., Inc. (b) | 155,203 | 1,077,571 | ||||||
| Total Common Stocks (Cost $290,476,595) | 248,094,927 | |||||||
| Collateral for Securities Loaned (2.9%)^ | ||||||||
| United States (2.9%): | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (d) | 156,729 | 156,729 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (d) | 105,492 | 105,492 | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (d) | 78,215 | 78,215 | ||||||
| HSBC U.S. Government Money Market Fund I Shares, 2.91% (d) | 3,561,108 | 3,561,108 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (d) | 156,164 | 156,164 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued |
| VictoryShares USAA MSCI International Value Momentum ETF | September 30, 2022 |
| (Unaudited) |
| Security Description | Shares | Value | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (d) | 424,037 | $ | 424,037 | |||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (d) | 2,804,118 | 2,804,118 | ||||||
| Total Collateral for Securities Loaned (Cost $7,285,863) | 7,285,863 | |||||||
| Total Investments (Cost $297,762,458) — 101.7% | 255,380,790 | |||||||
| Liabilities in excess of other assets — (1.7)% | (4,176,392 | ) | ||||||
| NET ASSETS - 100.00% | $ | 251,204,398 | ||||||
| ^ | Purchased with cash collateral from securities on loan. |
| (a) | All or a portion of this security is on loan. |
| (b) | Non-income producing security. |
| (c) | Rule 144A security or other security that is restricted as to resale to institutional investors. 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 September 30, 2022, the fair value of these securities was $2,193,650 and amounted to 0.9% of net assets. |
| (d) | Rate disclosed is the daily yield on September 30, 2022. |
| ADR—American Depositary Receipt |
| PLC—Public Limited Company |
| Futures Contracts Purchased | ||||||||||||||||||
| Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||
| E-Mini MSCI EAFE Index Futures | 18 | 12/16/22 | $ | 1,627,603 | $ | 1,494,540 | $ | (133,063 | ) | |||||||||
| Total unrealized appreciation | $ | – | ||||||||||||||||
| Total unrealized depreciation | (133,063 | ) | ||||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | (133,063 | ) | |||||||||||||||
| Victory Portfolios II | Schedule of Portfolio Investments | |||
| VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | September 30, 2022 | |||
| (Unaudited) | ||||
| Security Description | Shares | Value | ||||||
| Common Stocks (99.2%) | ||||||||
| Brazil (3.9%): | ||||||||
| Communication Services (1.5%): | ||||||||
| Telefonica Brasil SA | 189,500 | $ | 1,418,574 | |||||
| TIM SA | 520,200 | 1,161,803 | ||||||
| 2,580,377 | ||||||||
| Consumer Staples (0.4%): | ||||||||
| JBS SA | 153,900 | 714,748 | ||||||
| Energy (0.4%): | ||||||||
| Petroleo Brasileiro SA, Preference Shares | 131,800 | 726,151 | ||||||
| Financials (0.3%): | ||||||||
| Banco do Brasil SA | 58,200 | 414,481 | ||||||
| Health Care (0.7%): | ||||||||
| Hypera SA | 153,900 | 1,259,061 | ||||||
| Materials (0.4%): | ||||||||
| Cia Siderurgica Nacional SA | 91,800 | 215,886 | ||||||
| Vale SA | 32,700 | 435,529 | ||||||
| 651,415 | ||||||||
| Utilities (0.2%): | ||||||||
| Centrais Eletricas Brasileiras SA | 43,900 | 348,759 | ||||||
| 6,694,992 | ||||||||
| Chile (1.1%): | ||||||||
| Consumer Staples (0.5%): | ||||||||
| Cencosud SA | 669,049 | 855,575 | ||||||
| Industrials (0.3%): | ||||||||
| Cia Sud Americana de Vapores SA | 7,935,990 | 552,574 | ||||||
| Materials (0.3%): | ||||||||
| Sociedad Quimica y Minera de Chile SA | 4,280 | 402,562 | ||||||
| 1,810,711 | ||||||||
| China (20.5%): | ||||||||
| Communication Services (0.9%): | ||||||||
| Autohome, Inc., ADR | 9,475 | 272,501 | ||||||
| China Tower Corp. Ltd., Class H (a) | 10,461,490 | 1,119,460 | ||||||
| JOYY, Inc., ADR (b) | 7,085 | 184,210 | ||||||
| 1,576,171 | ||||||||
| Consumer Discretionary (1.8%): | ||||||||
| Brilliance China Automotive Holdings Ltd. (c)(d)(e) | 937,510 | 435,918 | ||||||
| Dongfeng Motor Group Co. Ltd., Class H | 1,299,700 | 695,390 | ||||||
| Guangzhou Automobile Group Co. Ltd., Class H | 989,776 | 706,091 | ||||||
| New Oriental Education & Technology Group, Inc. (c) | 110,600 | 280,378 | ||||||
| TAL Education Group, ADR (c) | 57,244 | 282,785 | ||||||
| Vipshop Holdings Ltd., ADR (c) | 28,269 | 237,742 | ||||||
| Xtep International Holdings Ltd. | 234,296 | 249,223 | ||||||
| Yadea Group Holdings Ltd. (a) | 148,406 | 238,209 | ||||||
| 3,125,736 | ||||||||
| Consumer Staples (0.3%): | ||||||||
| Want Want China Holdings Ltd. | 784,126 | 512,435 | ||||||
| Energy (2.9%): | ||||||||
| China Coal Energy Co. Ltd., Class H | 1,016,096 | 921,617 | ||||||
| China Shenhua Energy Co. Ltd., Class H | 383,588 | 1,145,892 | ||||||
| Inner Mongolia Yitai Coal Co. Ltd., Class B | 693,800 | 1,045,557 | ||||||
| PetroChina Co. Ltd., Class H | 2,407,784 | 987,664 | ||||||
| Yankuang Energy Group Co. Ltd., Class H | 215,930 | 785,335 | ||||||
| 4,886,065 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |||
| VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | September 30, 2022 | |||
| (Unaudited) | ||||
| Security Description | Shares | Value | ||||||
| Financials (8.8%): | ||||||||
| 360 DigiTech, Inc., ADR | 17,198 | $ | 220,478 | |||||
| Agricultural Bank of China Ltd., Class H | 4,895,438 | 1,465,532 | ||||||
| Bank of China Ltd., Class H (b) | 5,580,020 | 1,826,858 | ||||||
| Bank of Communications Co. Ltd., Class H | 2,731,820 | 1,440,749 | ||||||
| China Cinda Asset Management Co. Ltd., Class H | 8,237,640 | 912,973 | ||||||
| China CITIC Bank Corp. Ltd., Class H | 3,719,704 | 1,478,423 | ||||||
| China Construction Bank Corp., Class H | 2,612,548 | 1,510,971 | ||||||
| China Everbright Bank Co. Ltd., Class H | 4,115,102 | 1,132,323 | ||||||
| China Galaxy Securities Co. Ltd., Class H | 2,102,614 | 972,304 | ||||||
| China Minsheng Banking Corp. Ltd., Class H | 4,426,388 | 1,268,726 | ||||||
| Industrial & Commercial Bank of China Ltd., Class H (b) | 2,963,766 | 1,389,401 | ||||||
| PICC Property & Casualty Co. Ltd., Class H | 638,612 | 662,212 | ||||||
| The People's Insurance Co. Group of China Ltd., Class H | 2,479,176 | 720,076 | ||||||
| 15,001,026 | ||||||||
| Health Care (2.1%): | ||||||||
| 3SBio, Inc. (a) | 1,141,442 | 809,926 | ||||||
| China Medical System Holdings Ltd. | 518,370 | 618,750 | ||||||
| Shanghai Pharmaceuticals Holding Co. Ltd. | 843,944 | 1,165,410 | ||||||
| Sinopharm Group Co. Ltd., Class H | 491,316 | 985,148 | ||||||
| 3,579,234 | ||||||||
| Industrials (1.3%): | ||||||||
| China Railway Group Ltd., Class H | 2,001,154 | 981,470 | ||||||
| China State Construction International Holdings Ltd. | 773,774 | 783,641 | ||||||
| COSCO SHIPPING Holdings Co. Ltd., Class H | 420,218 | 493,026 | ||||||
| 2,258,137 | ||||||||
| Information Technology (0.4%): | ||||||||
| Daqo New Energy Corp., ADR (c) | 9,016 | 478,569 | ||||||
| GDS Holdings Ltd., Class A (c) | 91,448 | 200,373 | ||||||
| 678,942 | ||||||||
| Materials (1.0%): | ||||||||
| China Hongqiao Group Ltd. | 712,740 | 590,174 | ||||||
| China National Building Material Co. Ltd., Class H | 702,406 | 537,773 | ||||||
| Dongyue Group Ltd. | 215,002 | 214,457 | ||||||
| Jiangxi Copper Co. Ltd., Class H | 329,586 | 381,233 | ||||||
| 1,723,637 | ||||||||
| Real Estate (0.2%): | ||||||||
| A-Living Smart City Services Co. Ltd. (a) | 372,558 | 295,203 | ||||||
| Utilities (0.8%): | ||||||||
| China Power International Development Ltd. | 1,467,750 | 585,238 | ||||||
| Huaneng Power International, Inc., Class H (c) | 1,570,168 | 684,082 | ||||||
| 1,269,320 | ||||||||
| 34,905,906 | ||||||||
| Cyprus (0.0%):(f) | ||||||||
| Financials (0.0%): | ||||||||
| TCS Group Holding PLC, GDR (c)(d)(e) | 15,868 | 8,826 | ||||||
| Czech Republic (0.5%): | ||||||||
| Utilities (0.5%): | ||||||||
| CEZ A/S | 25,221 | 864,768 | ||||||
| Greece (1.4%): | ||||||||
| Communication Services (0.5%): | ||||||||
| Hellenic Telecommunications Organization SA | 58,092 | 845,113 | ||||||
| Consumer Discretionary (0.4%): | ||||||||
| FF Group (c)(d)(e) | 14,913 | 3,506 | ||||||
| OPAP SA | 54,269 | 652,864 | ||||||
| 656,370 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |||
| VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | September 30, 2022 | |||
| (Unaudited) | ||||
| Security Description | Shares | Value | ||||||
| Financials (0.5%): | ||||||||
| Alpha Services and Holdings SA (c) | 221,793 | $ | 175,128 | |||||
| Eurobank Ergasias Services and Holdings SA (c) | 508,408 | 426,342 | ||||||
| National Bank of Greece SA (c) | 61,044 | 180,960 | ||||||
| 782,430 | ||||||||
| 2,283,913 | ||||||||
| Hong Kong (5.3%): | ||||||||
| Health Care (0.4%): | ||||||||
| China Traditional Chinese Medicine Holdings Co. Ltd. | 1,880,002 | 656,213 | ||||||
| Industrials (1.5%): | ||||||||
| China Merchants Port Holdings Co. Ltd. | 668,566 | 840,615 | ||||||
| CITIC Ltd. | 1,216,112 | 1,146,413 | ||||||
| Orient Overseas International Ltd. | 18,752 | 328,463 | ||||||
| Sinotruk Hong Kong Ltd. | 352,610 | 295,118 | ||||||
| 2,610,609 | ||||||||
| Information Technology (0.9%): | ||||||||
| Kingboard Holdings Ltd. | 293,932 | 831,258 | ||||||
| Lenovo Group Ltd. | 1,040,512 | 723,728 | ||||||
| 1,554,986 | ||||||||
| Materials (0.2%): | ||||||||
| Nine Dragons Paper Holdings Ltd. | 523,022 | 325,144 | ||||||
| Real Estate (1.6%): | ||||||||
| China Overseas Land & Investment Ltd., Class H | 203,288 | 529,591 | ||||||
| China Overseas Property Holdings Ltd. | 347,476 | 302,330 | ||||||
| The Wharf Holdings Ltd. | 113,608 | 363,985 | ||||||
| Yuexiu Property Co. Ltd. | 1,203,904 | 1,453,905 | ||||||
| 2,649,811 | ||||||||
| Utilities (0.7%): | ||||||||
| Beijing Enterprises Holdings Ltd. | 454,046 | 1,275,394 | ||||||
| 9,072,157 | ||||||||
| Hungary (0.7%): | ||||||||
| Energy (0.4%): | ||||||||
| MOL Hungarian Oil & Gas PLC | 129,996 | 724,235 | ||||||
| Health Care (0.3%): | ||||||||
| Richter Gedeon Nyrt | 26,690 | 457,334 | ||||||
| 1,181,569 | ||||||||
| India (9.6%): | ||||||||
| Consumer Discretionary (2.0%): | ||||||||
| Mahindra & Mahindra Ltd. | 29,436 | 458,883 | ||||||
| Page Industries Ltd. | 1,879 | 1,170,255 | ||||||
| Tata Motors Ltd. (c) | 116,909 | 581,446 | ||||||
| Titan Co. Ltd. | 20,292 | 650,270 | ||||||
| Trent Ltd. | 34,613 | 604,176 | ||||||
| 3,465,030 | ||||||||
| Consumer Staples (0.4%): | ||||||||
| ITC Ltd. | 151,674 | 619,365 | ||||||
| Energy (1.1%): | ||||||||
| Coal India Ltd. | 192,315 | 501,761 | ||||||
| Indian Oil Corp. Ltd. | 625,327 | 514,628 | ||||||
| Oil & Natural Gas Corp. Ltd. | 515,547 | 803,569 | ||||||
| 1,819,958 | ||||||||
| Health Care (1.1%): | ||||||||
| Apollo Hospitals Enterprise Ltd. | 11,476 | 618,354 | ||||||
| Sun Pharmaceutical Industries Ltd. | 110,794 | 1,291,987 | ||||||
| 1,910,341 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |||
| VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | September 30, 2022 | |||
| (Unaudited) | ||||
| Security Description | Shares | Value | ||||||
| Industrials (1.2%): | ||||||||
| Adani Enterprises Ltd. | 22,618 | $ | 960,798 | |||||
| Bharat Electronics Ltd. | 874,485 | 1,085,162 | ||||||
| 2,045,960 | ||||||||
| Information Technology (0.8%): | ||||||||
| Mphasis Ltd. | 18,870 | 484,245 | ||||||
| Tata Elxsi Ltd. | 7,446 | 783,164 | ||||||
| 1,267,409 | ||||||||
| Materials (1.7%): | ||||||||
| Hindalco Industries Ltd. | 75,204 | 361,038 | ||||||
| SRF Ltd. | 37,168 | 1,143,784 | ||||||
| Tata Steel Ltd. (g) | 624,448 | 762,222 | ||||||
| Vedanta Ltd. | 202,896 | 673,524 | ||||||
| 2,940,568 | ||||||||
| Utilities (1.3%): | ||||||||
| Adani Power Ltd. (c) | 50,486 | 231,791 | ||||||
| Adani Total Gas Ltd. | 6,887 | 282,744 | ||||||
| Adani Transmission Ltd. (c) | 17,702 | 715,859 | ||||||
| NTPC Ltd. | 302,915 | 594,464 | ||||||
| The Tata Power Co. Ltd. | 142,123 | 378,232 | ||||||
| 2,203,090 | ||||||||
| 16,271,721 | ||||||||
| Indonesia (3.9%): | ||||||||
| Communication Services (0.8%): | ||||||||
| PT Telkom Indonesia Persero Tbk | 4,424,854 | 1,296,001 | ||||||
| Consumer Discretionary (0.6%): | ||||||||
| PT Astra International Tbk | 2,300,726 | 1,000,972 | ||||||
| Consumer Staples (1.2%): | ||||||||
| PT Gudang Garam Tbk | 555,152 | 835,781 | ||||||
| PT Indofood Sukses Makmur Tbk | 3,029,564 | 1,198,695 | ||||||
| 2,034,476 | ||||||||
| Energy (0.8%): | ||||||||
| PT Adaro Energy Indonesia Tbk | 3,341,802 | 869,055 | ||||||
| United Tractors Tbk PT | 239,148 | 515,517 | ||||||
| 1,384,572 | ||||||||
| Materials (0.5%): | ||||||||
| PT Merdeka Copper Gold Tbk (c) | 1,285,388 | 332,585 | ||||||
| PT Vale Indonesia Tbk (c) | 1,411,880 | 593,402 | ||||||
| 925,987 | ||||||||
| 6,642,008 | ||||||||
| Korea, Republic Of (16.1%): | ||||||||
| Communication Services (1.0%): | ||||||||
| CJ ENM Co. Ltd. | 12,798 | 680,735 | ||||||
| LG Uplus Corp. | 145,552 | 1,093,649 | ||||||
| 1,774,384 | ||||||||
| Consumer Discretionary (2.9%): | ||||||||
| F&F Co. Ltd. | 7,120 | 684,280 | ||||||
| Hankook Tire & Technology Co. Ltd. | 33,623 | 828,413 | ||||||
| Hyundai Mobis Co. Ltd. | 5,583 | 745,337 | ||||||
| Hyundai Motor Co. | 6,272 | 773,753 | ||||||
| Kia Corp. | 14,604 | 733,926 | ||||||
| LG Electronics, Inc. | 5,796 | 318,421 | ||||||
| Lotte Shopping Co. Ltd. | 12,982 | 784,891 | ||||||
| 4,869,021 | ||||||||
| Consumer Staples (2.7%): | ||||||||
| BGF retail Co. Ltd. | 8,085 | 935,254 | ||||||
| CJ CheilJedang Corp. | 3,438 | 987,641 | ||||||
| E-MART, Inc. | 13,038 | 764,582 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |||
| VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | September 30, 2022 | |||
| (Unaudited) | ||||
| Security Description | Shares | Value | ||||||
| KT&G Corp. | 31,766 | $ | 1,922,790 | |||||
| 4,610,267 | ||||||||
| Financials (4.0%): | ||||||||
| DB Insurance Co. Ltd. | 21,381 | 824,933 | ||||||
| Hana Financial Group, Inc. | 31,517 | 780,931 | ||||||
| Industrial Bank of Korea | 156,549 | 1,041,690 | ||||||
| KB Financial Group, Inc. | 27,303 | 833,956 | ||||||
| Meritz Fire & Marine Insurance Co. Ltd. | 14,106 | 290,855 | ||||||
| Meritz Securities Co. Ltd. | 254,077 | 652,641 | ||||||
| NH Investment & Securities Co. Ltd. | 80,598 | 506,449 | ||||||
| Shinhan Financial Group Co. Ltd. | 42,802 | 1,002,214 | ||||||
| Woori Financial Group, Inc. | 120,317 | 899,833 | ||||||
| 6,833,502 | ||||||||
| Health Care (0.3%): | ||||||||
| SD Biosensor, Inc. | 13,119 | 243,912 | ||||||
| Seegene, Inc. | 17,207 | 322,323 | ||||||
| 566,235 | ||||||||
| Industrials (1.8%): | ||||||||
| Ecopro BM Co. Ltd. | 4,946 | 304,566 | ||||||
| GS Engineering & Construction Corp. | 16,543 | 260,743 | ||||||
| GS Holdings Corp. | 43,730 | 1,274,580 | ||||||
| HMM Co. Ltd. | 29,839 | 385,840 | ||||||
| Korea Aerospace Industries Ltd. | 10,859 | 367,735 | ||||||
| LG Corp. | 7,482 | 386,991 | ||||||
| 2,980,455 | ||||||||
| Information Technology (1.7%): | ||||||||
| L&F Co. Ltd. (c) | 3,052 | 379,073 | ||||||
| LG Display Co. Ltd. | 71,875 | 602,852 | ||||||
| LG Innotek Co. Ltd. | 3,524 | 673,666 | ||||||
| SK Hynix, Inc. | 13,936 | 809,451 | ||||||
| SK Square Co. Ltd. (c) | 15,136 | 382,447 | ||||||
| 2,847,489 | ||||||||
| Materials (1.7%): | ||||||||
| Hanwha Solutions Corp. (c) | 9,228 | 304,439 | ||||||
| Hyundai Steel Co. | 27,989 | 549,724 | ||||||
| Kumho Petrochemical Co. Ltd. | 6,949 | 560,991 | ||||||
| Lotte Chemical Corp. | 6,787 | 683,112 | ||||||
| POSCO Holdings, Inc. | 5,084 | 749,790 | ||||||
| 2,848,056 | ||||||||
| 27,329,409 | ||||||||
| Luxembourg (0.2%): | ||||||||
| Financials (0.2%): | ||||||||
| Reinet Investments SCA | 24,744 | 367,501 | ||||||
| Malaysia (2.4%): | ||||||||
| Consumer Discretionary (0.6%): | ||||||||
| Genting Bhd | 1,066,800 | 1,030,680 | ||||||
| Consumer Staples (0.9%): | ||||||||
| Kuala Lumpur Kepong Bhd | 130,000 | 580,332 | ||||||
| Sime Darby Plantation Bhd | 1,034,700 | 912,643 | ||||||
| 1,492,975 | ||||||||
| Health Care (0.9%): | ||||||||
| IHH Healthcare Bhd | 1,279,600 | 1,628,130 | ||||||
| 4,151,785 | ||||||||
| Mexico (3.2%): | ||||||||
| Communication Services (0.4%): | ||||||||
| America Movil SAB de CV, Class L | 757,012 | 626,090 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |||
| VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | September 30, 2022 | |||
| (Unaudited) | ||||
| Security Description | Shares | Value | ||||||
| Sitios Latinoamerica SAB de CV (c) | 37,851 | $ | 16,923 | |||||
| 643,013 | ||||||||
| Consumer Staples (2.5%): | ||||||||
| Arca Continental SAB de CV | 270,032 | 1,947,534 | ||||||
| Coca-Cola Femsa SAB de CV | 126,969 | 743,028 | ||||||
| Grupo Bimbo SAB de CV, Class A | 440,194 | 1,553,678 | ||||||
| 4,244,240 | ||||||||
| Financials (0.3%): | ||||||||
| Grupo Financiero Inbursa SAB de CV (c) | 301,621 | 478,813 | ||||||
| 5,366,066 | ||||||||
| Philippines (0.5%): | ||||||||
| Communication Services (0.5%): | ||||||||
| PLDT, Inc. | 33,030 | 849,625 | ||||||
| Poland (0.7%): | ||||||||
| Communication Services (0.4%): | ||||||||
| Orange Polska SA | 555,989 | 583,344 | ||||||
| Energy (0.1%): | ||||||||
| Polski Koncern Naftowy ORLEN SA | 21,662 | 234,821 | ||||||
| Utilities (0.2%): | ||||||||
| PGE Polska Grupa Energetyczna SA (c) | 216,729 | 275,398 | ||||||
| 1,093,563 | ||||||||
| Qatar (0.4%): | ||||||||
| Financials (0.4%): | ||||||||
| Qatar Islamic Bank SAQ | 86,380 | 585,868 | ||||||
| Russian Federation (0.0%):(f) | ||||||||
| Consumer Staples (0.0%): | ||||||||
| Magnit PJSC, GDR (d)(e) | 32,414 | 74 | ||||||
| Energy (0.0%): | ||||||||
| Gazprom PJSC (d)(e)(h)(i) | 324,752 | 12,645 | ||||||
| Financials (0.0%): | ||||||||
| Sberbank of Russia PJSC (c)(d)(e)(h)(i) | 177,888 | 619 | ||||||
| Materials (0.0%): | ||||||||
| PhosAgro PJSC, GDR (d)(e) | 35,429 | 274 | ||||||
| Severstal PAO (d)(e)(h)(i) | 37,552 | 8,663 | ||||||
| United Co. RUSAL International PJSC (c)(d)(e)(h)(i) | 555,630 | 5,663 | ||||||
| 14,600 | ||||||||
| Utilities (0.0%): | ||||||||
| Inter RAO UES PJSC (d)(e) | 23,475,472 | 10,945 | ||||||
| 38,883 | ||||||||
| South Africa (3.1%): | ||||||||
| Communication Services (0.2%): | ||||||||
| MTN Group Ltd. | 61,449 | 409,877 | ||||||
| Consumer Discretionary (0.7%): | ||||||||
| Pepkor Holdings Ltd. (a) | 520,893 | 601,973 | ||||||
| The Foschini Group Ltd. | 33,083 | 216,528 | ||||||
| Woolworths Holdings Ltd. | 106,451 | 361,717 | ||||||
| 1,180,218 | ||||||||
| Consumer Staples (0.4%): | ||||||||
| Shoprite Holdings Ltd. | 57,530 | 694,585 | ||||||
| Energy (0.4%): | ||||||||
| Exxaro Resources Ltd. | 54,710 | 616,216 | ||||||
| Health Care (0.3%): | ||||||||
| Aspen Pharmacare Holdings Ltd. | 73,297 | 547,632 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |||
| VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | September 30, 2022 | |||
| (Unaudited) | ||||
| Security Description | Shares | Value | ||||||
| Materials (1.1%): | ||||||||
| African Rainbow Minerals Ltd. | 44,689 | $ | 608,004 | |||||
| Gold Fields Ltd. | 20,270 | 166,299 | ||||||
| Harmony Gold Mining Co. Ltd. | 63,402 | 150,705 | ||||||
| Impala Platinum Holdings Ltd. | 39,557 | 373,439 | ||||||
| Sasol Ltd. | 16,017 | 254,650 | ||||||
| Sibanye Stillwater Ltd. | 100,881 | 235,805 | ||||||
| 1,788,902 | ||||||||
| 5,237,430 | ||||||||
| Taiwan (14.6%): | ||||||||
| Communication Services (2.2%): | ||||||||
| Chunghwa Telecom Co. Ltd. | 383,000 | 1,375,224 | ||||||
| Far EasTone Telecommunications Co. Ltd. | 1,002,000 | 2,284,948 | ||||||
| 3,660,172 | ||||||||
| Consumer Discretionary (0.7%): | ||||||||
| Pou Chen Corp. | 1,335,000 | 1,198,384 | ||||||
| Financials (3.0%): | ||||||||
| China Development Financial Holding Corp. | 1,450,000 | 548,049 | ||||||
| SinoPac Financial Holdings Co. Ltd. | 3,408,590 | 1,857,337 | ||||||
| Taishin Financial Holding Co. Ltd. | 1,660,332 | 716,449 | ||||||
| Taiwan Cooperative Financial Holding Co. Ltd. | 2,452,920 | 2,028,069 | ||||||
| 5,149,904 | ||||||||
| Industrials (1.5%): | ||||||||
| China Airlines Ltd. | 463,000 | 286,559 | ||||||
| Eva Airways Corp. | 750,000 | 666,163 | ||||||
| Evergreen Marine Corp. Ltd. | 66,400 | 305,345 | ||||||
| Walsin Lihwa Corp. | 652,000 | 831,711 | ||||||
| Wan Hai Lines Ltd. | 67,250 | 141,494 | ||||||
| Yang Ming Marine Transport Corp. | 155,000 | 300,246 | ||||||
| 2,531,518 | ||||||||
| Information Technology (7.0%): | ||||||||
| Acer, Inc. | 736,000 | 507,682 | ||||||
| ASE Technology Holding Co. Ltd. | 337,000 | 850,222 | ||||||
| Asustek Computer, Inc. | 70,000 | 515,922 | ||||||
| AU Optronics Corp. | 1,406,000 | 650,987 | ||||||
| Catcher Technology Co. Ltd. | 238,000 | 1,293,112 | ||||||
| Compal Electronics, Inc. | 1,227,000 | 838,637 | ||||||
| E Ink Holdings, Inc. | 114,000 | 761,221 | ||||||
| Hon Hai Precision Industry Co. Ltd. | 199,000 | 639,327 | ||||||
| Innolux Corp. | 1,779,000 | 585,548 | ||||||
| Lite-On Technology Corp. | 771,000 | 1,549,334 | ||||||
| Pegatron Corp. | 637,000 | 1,173,722 | ||||||
| Synnex Technology International Corp. | 382,000 | 635,283 | ||||||
| Unimicron Technology Corp. | 107,000 | 395,997 | ||||||
| Winbond Electronics Corp. | 529,000 | 329,073 | ||||||
| WPG Holdings Ltd. | 530,000 | 775,410 | ||||||
| Zhen Ding Technology Holding Ltd. | 132,000 | 440,707 | ||||||
| 11,942,184 | ||||||||
| Real Estate (0.2%): | ||||||||
| Ruentex Development Co. Ltd. | 235,000 | 380,453 | ||||||
| 24,862,615 | ||||||||
| Thailand (4.2%): | ||||||||
| Communication Services (0.3%): | ||||||||
| True Corp. PCL | 3,791,900 | 507,664 | ||||||
| Consumer Staples (0.7%): | ||||||||
| Charoen Pokphand Foods PCL | 913,500 | 605,448 | ||||||
| Thai Union Group PCL | 1,261,200 | 625,250 | ||||||
| 1,230,698 | ||||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |||
| VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | September 30, 2022 | |||
| (Unaudited) | ||||
| Security Description | Shares | Value | ||||||
| Financials (1.0%): | ||||||||
| JMT Network Services PCL | 212,200 | $ | 383,951 | |||||
| Krung Thai Bank PCL | 2,928,700 | 1,296,641 | ||||||
| 1,680,592 | ||||||||
| Health Care (1.8%): | ||||||||
| Bangkok Dusit Medical Services PCL | 1,959,000 | 1,532,092 | ||||||
| Bumrungrad Hospital PCL | 249,600 | 1,502,100 | ||||||
| 3,034,192 | ||||||||
| Real Estate (0.4%): | ||||||||
| Land & Houses PCL | 2,805,300 | 661,908 | ||||||
| 7,115,054 | ||||||||
| Turkey (4.8%): | ||||||||
| Communication Services (0.5%): | ||||||||
| Turkcell Iletisim Hizmetleri A/S | 863,214 | 922,885 | ||||||
| Consumer Discretionary (0.3%): | ||||||||
| Ford Otomotiv Sanayi A/S | 33,178 | 585,226 | ||||||
| Consumer Staples (0.6%): | ||||||||
| BIM Birlesik Magazalar A/S | 170,595 | 1,064,695 | ||||||
| Energy (0.2%): | ||||||||
| Turkiye Petrol Rafinerileri A/S (c) | 18,394 | 287,343 | ||||||
| Financials (1.5%): | ||||||||
| Akbank TAS | 1,231,764 | 750,148 | ||||||
| Haci Omer Sabanci Holding A/S | 589,798 | 820,185 | ||||||
| Turkiye Is Bankasi A/S | 2,288,668 | 928,380 | ||||||
| 2,498,713 | ||||||||
| Industrials (1.3%): | ||||||||
| KOC Holding AS | 291,591 | 714,094 | ||||||
| Turk Hava Yollari AO (c) | 196,456 | 748,161 | ||||||
| Turkiye Sise ve Cam Fabrikalari A/S | 563,903 | 773,224 | ||||||
| 2,235,479 | ||||||||
| Materials (0.4%): | ||||||||
| Eregli Demir ve Celik Fabrikalari TAS | 387,039 | 605,032 | ||||||
| 8,199,373 | ||||||||
| United Arab Emirates (2.1%): | ||||||||
| Communication Services (0.2%): | ||||||||
| Emirates Telecommunications Group Co. PJSC | 65,872 | 418,935 | ||||||
| Financials (1.0%): | ||||||||
| Abu Dhabi Islamic Bank PJSC | 444,036 | 1,094,057 | ||||||
| Dubai Islamic Bank PJSC | 390,658 | 636,020 | ||||||
| 1,730,077 | ||||||||
| Real Estate (0.9%): | ||||||||
| Aldar Properties PJSC | 600,834 | 688,668 | ||||||
| Emaar Properties PJSC | 502,208 | 791,654 | ||||||
| 1,480,322 | ||||||||
| 3,629,334 | ||||||||
| Total Common Stocks (Cost $197,897,429) | 168,563,077 | |||||||
| Collateral for Securities Loaned (0.2%)^ | ||||||||
| United States (0.2%): | ||||||||
| BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (j) | 5,470 | 5,470 | ||||||
| Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (j) | 3,682 | 3,682 | ||||||
| Victory Portfolios II | Schedule of Portfolio Investments — continued | |||
| VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | September 30, 2022 | |||
| (Unaudited) | ||||
| Security Description | Shares | Value | ||||||
| Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (j) | 2,730 | $ | 2,730 | |||||
| HSBC U.S. Government Money Market Fund I Shares, 2.91% (j) | 124,287 | 124,287 | ||||||
| JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (j) | 5,450 | 5,450 | ||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (j) | 14,799 | 14,799 | ||||||
| Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (j) | 97,867 | 97,867 | ||||||
| Total Collateral for Securities Loaned (Cost $254,285) | 254,285 | |||||||
| Total Investments (Cost $198,151,714) — 99.4% | 168,817,362 | |||||||
| Other assets in excess of liabilities — 0.6% | 1,103,724 | |||||||
| NET ASSETS - 100.00% | $ | 169,921,086 | ||||||
| ^ | 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 September 30, 2022, the fair value of these securities was $3,064,771 and amounted to 1.8% of net assets. |
| (b) | All or a portion of this security is on loan. |
| (c) | Non-income producing security. |
| (d) | Security was fair valued using significant unobservable inputs as of September 30, 2022. |
| (e) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2022, illiquid securities were 0.3% of net assets. |
| (f) | Amount represents less than 0.05% of net assets. |
| (g) | Issuer filed for bankruptcy. |
| (h) | Restricted security due to trading restrictions. Russian sanctioned entity by the United States Government. |
| (i) | The following table details the acquisition date and cost of the Fund's restricted securities at September 30, 2022. |
| Security Name | Acquisition Date | Cost | ||||||
| Gazprom PJSC | 12/8/2017 | $ | 722,938 | |||||
| Sberbank of Russia PJSC | 10/24/2017 | 634,243 | ||||||
| Severstal PAO | 5/27/2021 | 881,363 | ||||||
| United Co. RUSAL International PJSC | 11/30/2021 | 516,962 | ||||||
| (j) | Rate disclosed is the daily yield on September 30, 2022. |
| ADR—American Depositary Receipt |
| GDR—Global Depositary Receipt |
| PCL—Public Company Limited |
| PLC—Public Limited Company |
| Futures Contracts Purchased | ||||||||||||||||||
| Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||
| E-Mini MSCI Emerging Markets Index Futures | 21 | 12/16/22 | $ | 988,331 | $ | 915,075 | $ | (73,256 | ) | |||||||||
| Total unrealized appreciation | $ | – | ||||||||||||||||
| Total unrealized depreciation | (73,256 | ) | ||||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | (73,256 | ) | |||||||||||||||