December
31,
2023
Semi
Annual
Report
VictoryShares
Short-Term
Bond
ETF
VictoryShares
Core
Intermediate
Bond
ETF
vcm.com
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TABLE
OF
CONTENTS
Victory
Portfolios
II
1
Investment
Objectives
and
Portfolio
Holdings
3
Schedules
of
Portfolio
Investments
VictoryShares
Short-Term
Bond
ETF
5
VictoryShares
Core
Intermediate
Bond
ETF
19
Financial
Statements
Statements
of
Assets
and
Liabilities
40
Statements
of
Operations
41
Statements
of
Changes
in
Net
Assets
42
Financial
Highlights
43
Notes
to
Financial
Statements
45
Supplemental
Information
Proxy
Voting
and
Portfolio
Holdings
Information 
53
Expense
Examples
53
Advisory
Contract
Approval
54
Privacy
Policy
56
2
Call
Victory
at:
866-376-7890
Visit
our
website
at:
vcm.com
IRA
DISTRIBUTION
WITHHOLDING
DISCLOSURE
We
generally
must
withhold
federal
income
tax
at
a
rate
of
10%
of
the
taxable
portion
of
your
distribution
and,
if
you
live
in
a
state
that
requires
state
income
tax
withholding,
at
your
state’s
tax
rate.
However,
you
may
elect
not
to
have
withholding
apply
or
to
have
income
tax
withheld
at
a
higher
rate.
Any
withholding
election
that
you
make
will
apply
to
any
subsequent
distribution
unless
and
until
you
change
or
revoke
the
election.
If
you
wish
to
make
a
withholding
election,
or
change
or
revoke
a
prior
withholding
election,
call
800-539-3863
and
form
W-4P
(OMB
No.
1545-0074
withholding
certificate
for
pension
or
annuity
payments)
will
be
electronically
sent.
If
you
do
not
have
a
withholding
election
in
place
by
the
date
of
a
distribution,
federal
income
tax
will
be
withheld
from
the
taxable
portion
of
your
distribution
at
a
rate
of
10%.
If
you
must
pay
estimated
taxes,
you
may
be
subject
to
estimated
tax
penalties
if
your
estimated
tax
payments
are
not
sufficient
and
sufficient
tax
is
not
withheld
from
your
distribution.
For
more
specific
information,
please
consult
your
tax
adviser.
The
Funds
are
distributed
by
Foreside
Fund
Services,
LLC.
Victory
Capital
Management
Inc.
is
the
investment
adviser
to
the
Funds
and
receives
fees
from
the
Funds
for
performing
services
for
the
Funds.
This
report
is
not
authorized
for
distribution
to
prospective
investors
unless
preceded
or
accompanied
by
a
current
prospectus
of
the
Victory
Funds.
For
additional
information
about
any
Victory
Fund,
including
fees,
expenses,
and
risks,
view
our
prospectus
online
at
vcm.com
or
call
800-539-3863.
Read
it
carefully
before
you
invest
or
send
money.
The
information
in
this
report
is
based
on
data
obtained
from
recognized
services
and
sources
and
is
believed
to
be
reliable.
Any
opinions,
projections,
or
recommendations
in
this
report
are
subject
to
change
without
notice
and
are
not
intended
as
individual
investment
advice.
Past
investment
performance
of
the
Funds,
markets
or
securities
mentioned
herein
should
not
be
considered
to
be
indicative
of
future
results.
NOT
FDIC
INSURED
NO
BANK
GUARANTEE
MAY
LOSE
VALUE
INVESTMENTS
INVOLVE
RISK
PRINCIPAL
LOSS
IS
POSSIBLE
3
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
high
current
income
consistent
with
preservation
of
principal.
Asset
Allocation*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Percentages
are
of
the
net
assets
of
the
Fund
and
may
not
equal
100%.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
**
Other
includes
the
remaining
sectors
which
are
each
under
2%
of
the
net
assets
of
the
Fund.
4
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
high
current
income
without
undue
risk
to
principal.
Asset
Allocation*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Percentages
are
of
the
net
assets
of
the
Fund
and
may
not
equal
100%.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
5
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Asset-Backed
Securities
(35.6%)
ABS
Auto
(24.1%):
Ally
Auto
Receivables
Trust
...............................................
Series
2023-1
,
Class
B
,
5
.76
%
,
1/15/29
,
Callable
2/15/27
@
100
(a)
...............
$
1,000,000
$
1,014,142
Series
2023-1
,
Class
D
,
6
.74
%
,
4/15/34
,
Callable
2/15/27
@
100
(a)
...............
422,000
424,233
Series
2023-A
,
Class
C
,
6
.08
%
,
1/17/34
,
Callable
5/15/27
@
100
(a)
...............
1,000,000
1,010,308
Series
2023-A
,
Class
D
,
7
.33
%
,
1/17/34
,
Callable
5/15/27
@
100
(a)
...............
667,000
682,120
American
Credit
Acceptance
Receivables
Trust
.................................
Series
2022-1
,
Class
C
,
2
.12
%
,
3/13/28
,
Callable
5/13/25
@
100
(a)
...............
809,240
800,314
Series
2023-1
,
Class
B
,
5
.38
%
,
5/12/27
,
Callable
1/12/26
@
100
(a)
...............
1,000,000
995,610
Series
2023-2
,
Class
C
,
5
.96
%
,
8/13/29
,
Callable
2/12/26
@
100
(a)
...............
1,000,000
997,573
AmeriCredit
Automobile
Receivables
Trust
....................................
Series
2021-1
,
Class
D
,
1
.21
%
,
12/18/26
,
Callable
6/18/25
@
100
................
1,000,000
934,785
Series
2021-2
,
Class
C
,
1
.01
%
,
1/19/27
,
Callable
12/18/25
@
100
................
1,000,000
937,588
ARI
Fleet
Lease
Trust
....................................................
Series
2022-A
,
Class
A2
,
3
.12
%
,
1/15/31
,
Callable
6/15/25
@
100
(a)
..............
393,287
389,579
Series
2022-A
,
Class
A3
,
3
.43
%
,
1/15/31
,
Callable
6/15/25
@
100
(a)
..............
762,000
744,339
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2019-2A
,
Class
B
,
3
.55
%
,
9/22/25
,
Callable
10/20/24
@
100
(a)
.............
1,000,000
985,816
Series
2022-5A
,
Class
B
,
7
.09
%
,
4/20/27
(a)
................................
1,000,000
1,020,397
Series
2023-5A
,
Class
B
,
6
.12
%
,
4/20/28
(a)
................................
1,000,000
1,005,651
CarMax
Auto
Owner
Trust
................................................
Series
2020-4
,
Class
A3
,
0
.50
%
,
8/15/25
,
Callable
12/15/24
@
100
...............
172,100
170,293
Series
2021-2
,
Class
A3
,
0
.52
%
,
2/17/26
,
Callable
6/15/25
@
100
................
8,005
7,834
Series
2021-3
,
Class
D
,
1
.50
%
,
1/18/28
,
Callable
10/15/25
@
100
................
1,370,000
1,263,326
Series
2023-2
,
Class
C
,
5
.57
%
,
11/15/28
,
Callable
2/15/27
@
100
................
1,000,000
1,004,798
Series
2023-4
,
Class
D
,
7
.16
%
,
4/15/30
,
Callable
6/15/27
@
100
.................
1,000,000
1,020,983
Carvana
Auto
Receivables
Trust
............................................
Series
2021-N1
,
Class
A
,
0
.70
%
,
1/10/28
,
Callable
3/10/26
@
100
................
338,600
323,738
Series
2021-N1
,
Class
C
,
1
.30
%
,
1/10/28
,
Callable
3/10/26
@
100
................
363,330
342,635
Series
2021-N4
,
Class
C
,
1
.72
%
,
9/11/28
,
Callable
5/10/27
@
100
................
240,941
225,206
Chase
Auto
Owner
Trust
,
Series
2023-AA
,
Class
D
,
6
.85
%
,
6/25/31
,
Callable
1/25/28
@
100
(a)
...........................................................
1,878,000
1,888,211
Chesapeake
Funding
II
LLC
...............................................
Series
2023-1A
,
Class
B
,
5
.59
%
,
5/15/35
,
Callable
3/15/26
@
100
(a)
..............
176,000
175,837
Series
2023-1A
,
Class
C
,
6
.07
%
,
5/15/35
,
Callable
3/15/26
@
100
(a)
..............
200,000
200,729
Series
2023-1A
,
Class
D
,
6
.69
%
,
5/15/35
,
Callable
3/15/26
@
100
(a)
..............
375,000
375,004
Series
2023-2A
,
Class
B
,
5
.97
%
,
10/15/35
,
Callable
7/15/26
@
100
(a)
.............
791,000
803,921
Series
2023-2A
,
Class
C
,
6
.15
%
,
10/15/35
,
Callable
7/15/26
@
100
(a)
.............
765,000
776,885
Citizens
Auto
Receivables
Trust
............................................
Series
2023-1
,
Class
A4
,
5
.78
%
,
10/15/30
,
Callable
4/15/27
@
100
(a)
.............
2,000,000
2,048,312
Series
2023-2
,
Class
A4
,
5
.74
%
,
10/15/30
,
Callable
6/15/27
@
100
(a)
.............
1,000,000
1,023,071
CPS
Auto
Receivables
Trust
...............................................
Series
2022-A
,
Class
B
,
1
.70
%
,
4/16/29
,
Callable
5/15/26
@
100
(a)
...............
430,269
426,860
Series
2022-D
,
Class
B
,
6
.84
%
,
1/16/29
,
Callable
3/15/27
@
100
(a)
...............
1,500,000
1,515,138
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2021-4
,
Class
A
,
1
.26
%
,
10/15/30
,
Callable
4/15/25
@
100
(a)
..............
279,172
273,606
Series
2021-4
,
Class
B
,
1
.74
%
,
12/16/30
,
Callable
4/15/25
@
100
(a)
..............
320,000
304,323
Series
2022-1A
,
Class
B
,
4
.95
%
,
8/16/32
,
Callable
4/15/26
@
100
(a)
..............
1,000,000
976,246
Series
2022-3A
,
Class
C
,
8
.45
%
,
2/15/33
,
Callable
10/15/26
@
100
(a)
.............
1,000,000
1,043,446
Series
2023-1A
,
Class
B
,
7
.02
%
,
5/16/33
,
Callable
11/15/26
@
100
(a)
.............
1,000,000
1,016,608
Series
2023-2A
,
Class
C
,
7
.15
%
,
9/15/33
,
Callable
12/15/26
@
100
(a)
.............
1,000,000
1,023,231
Series
2023-3A
,
Class
C
,
7
.62
%
,
12/15/33
,
Callable
3/15/27
@
100
(a)
.............
977,000
1,014,325
Drive
Auto
Receivables
Trust
..............................................
Series
2021-1
,
Class
C
,
1
.02
%
,
6/15/27
,
Callable
3/15/25
@
100
.................
128,749
127,852
Series
2021-2
,
Class
D
,
1
.39
%
,
3/15/29
,
Callable
7/15/25
@
100
.................
2,000,000
1,883,371
DT
Auto
Owner
Trust
....................................................
Series
2019-4A
,
Class
E
,
3
.93
%
,
10/15/26
,
Callable
4/15/24
@
100
(a)
.............
1,000,000
990,803
Series
2020-1A
,
Class
E
,
3
.48
%
,
2/16/27
,
Callable
9/15/24
@
100
(a)
..............
1,000,000
977,146
Series
2020-2A
,
Class
D
,
4
.73
%
,
3/16/26
,
Callable
10/15/24
@
100
(a)
.............
500,000
496,701
Ent
Auto
Receivables
Trust
................................................
Series
2023-1A
,
Class
A4
,
6
.26
%
,
11/15/29
,
Callable
6/15/28
@
100
(a)
............
1,510,000
1,533,211
Series
2023-1A
,
Class
B
,
6
.45
%
,
1/15/30
,
Callable
6/15/28
@
100
(a)
..............
400,000
407,242
Series
2023-1A
,
Class
C
,
6
.77
%
,
4/15/30
,
Callable
6/15/28
@
100
(a)
..............
327,600
318,852
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
6
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Enterprise
Fleet
Financing
LLC
.............................................
Series
2022-2
,
Class
A2
,
4
.65
%
,
5/21/29
,
Callable
12/20/25
@
100
(a)
.............
$
651,355
$
646,629
Series
2022-3
,
Class
A3
,
4
.29
%
,
7/20/29
,
Callable
4/20/26
@
100
(a)
..............
1,125,000
1,104,693
Series
2022-4
,
Class
A3
,
5
.65
%
,
10/22/29
,
Callable
7/20/26
@
100
(a)
.............
1,000,000
1,011,906
Series
2023-2
,
Class
A2
,
5
.56
%
,
4/22/30
,
Callable
2/20/27
@
100
(a)
..............
1,000,000
1,003,568
Exeter
Automobile
Receivables
Trust
.........................................
Series
2020-1A
,
Class
E
,
3
.74
%
,
1/15/27
,
Callable
9/15/24
@
100
(a)
..............
250,000
244,425
Series
2020-2A
,
Class
E
,
7
.19
%
,
9/15/27
,
Callable
1/15/25
@
100
(a)
..............
1,610,000
1,611,646
Series
2021-2A
,
Class
C
,
0
.98
%
,
6/15/26
,
Callable
11/15/25
@
100
...............
578,631
572,081
Series
2021-4A
,
Class
C
,
1
.46
%
,
10/15/27
,
Callable
12/15/25
@
100
..............
1,000,000
980,120
Series
2022-5A
,
Class
C
,
6
.51
%
,
12/15/27
,
Callable
2/15/27
@
100
...............
1,000,000
1,006,773
First
Investors
Auto
Owner
Trust
,
Series
2023-1A
,
Class
C
,
6
.81
%
,
12/17/29
,
Callable
7/15/27
@
100
(a)
.........................................................
1,000,000
1,020,373
Flagship
Credit
Auto
Trust
................................................
Series
2019-4
,
Class
E
,
4
.11
%
,
3/15/27
,
Callable
4/15/25
@
100
(a)
...............
1,000,000
957,525
Series
2021-2
,
Class
D
,
1
.59
%
,
6/15/27
,
Callable
5/15/26
@
100
(a)
...............
1,750,000
1,590,688
Series
2021-4
,
Class
B
,
1
.49
%
,
2/15/27
,
Callable
9/15/26
@
100
(a)
...............
1,000,000
962,050
Series
2021-4
,
Class
C
,
1
.96
%
,
12/15/27
,
Callable
9/15/26
@
100
(a)
..............
1,000,000
939,327
Ford
Credit
Auto
Lease
Trust
..............................................
Series
2022-A
,
Class
B
,
3
.81
%
,
8/15/25
,
Callable
10/15/24
@
100
................
643,000
634,813
Series
2023-A
,
Class
C
,
5
.54
%
,
12/15/26
,
Callable
8/15/25
@
100
................
360,000
357,630
Series
2023-B
,
Class
C
,
6
.43
%
,
4/15/27
,
Callable
4/15/26
@
100
.................
786,000
797,078
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2023-1
,
Class
B
,
5
.29
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
822,000
816,462
Series
2023-1
,
Class
C
,
5
.58
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
1,000,000
995,371
Series
2023-1
,
Class
D
,
6
.26
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
2,290,000
2,272,894
Foursight
Capital
Automobile
Receivables
Trust
.................................
Series
2022-1
,
Class
A3
,
1
.83
%
,
12/15/26
,
Callable
7/15/25
@
100
(a)
.............
482,285
475,407
Series
2022-1
,
Class
B
,
2
.15
%
,
5/17/27
,
Callable
7/15/25
@
100
(a)
...............
1,000,000
966,636
Series
2022-2
,
Class
A3
,
4
.59
%
,
6/15/27
,
Callable
9/15/25
@
100
(a)
..............
1,000,000
990,809
Series
2023-1
,
Class
B
,
5
.35
%
,
3/15/28
,
Callable
7/15/26
@
100
(a)
...............
626,000
620,153
GECU
Auto
Receivables
Trust
.............................................
Series
2023-1A
,
Class
A4
,
5
.79
%
,
10/15/29
,
Callable
9/15/28
@
100
(a)
............
1,000,000
1,002,525
Series
2023-1A
,
Class
B
,
5
.87
%
,
1/15/30
,
Callable
9/15/28
@
100
(a)
..............
415,000
415,002
Series
2023-1A
,
Class
C
,
6
.33
%
,
4/15/30
,
Callable
9/15/28
@
100
(a)
..............
250,000
239,013
GLS
Auto
Receivables
Issuer
Trust
..........................................
Series
2019-2A
,
Class
D
,
4
.52
%
,
2/17/26
,
Callable
1/15/24
@
100
(a)
..............
1,514,577
1,513,204
Series
2019-3A
,
Class
D
,
3
.84
%
,
5/15/26
,
Callable
4/15/24
@
100
(a)
..............
1,000,000
993,557
Series
2021-4A
,
Class
B
,
1
.53
%
,
4/15/26
(a)
................................
293,024
290,263
Series
2022-1A
,
Class
B
,
2
.84
%
,
5/15/26
(a)
................................
865,842
858,970
Series
2022-2A
,
Class
B
,
4
.70
%
,
9/15/26
(a)
................................
1,000,000
992,387
GM
Financial
Automobile
Leasing
Trust
,
Series
2023-2
,
Class
B
,
5
.54
%
,
5/20/27
,
Callable
12/20/25
@
100
....................................................
417,000
417,127
GTE
Auto
Receivables
Trust
...............................................
Series
2023-1
,
Class
A3
,
5
.18
%
,
3/15/28
,
Callable
9/15/26
@
100
(a)
..............
1,000,000
991,551
Series
2023-1
,
Class
A4
,
5
.12
%
,
4/16/29
,
Callable
9/15/26
@
100
(a)
..............
1,000,000
986,027
Series
2023-1
,
Class
B
,
5
.39
%
,
8/15/29
,
Callable
9/15/26
@
100
(a)
...............
500,000
492,861
Hertz
Vehicle
Financing
III
LLC
............................................
Series
2022-1A
,
Class
A
,
1
.99
%
,
6/25/26
,
Callable
6/25/25
@
100
(a)
..............
1,000,000
955,087
Series
2022-1A
,
Class
B
,
2
.19
%
,
6/25/26
,
Callable
6/25/25
@
100
(a)
..............
1,000,000
948,811
Series
2022-3A
,
Class
A
,
3
.37
%
,
3/25/25
,
Callable
3/25/24
@
100
(a)
..............
500,000
498,078
Series
2023-1A
,
Class
C
,
6
.91
%
,
6/25/27
(a)
................................
1,000,000
999,580
Hertz
Vehicle
Financing
LLC
,
Series
2022-4A
,
Class
A
,
3
.73
%
,
9/25/26
,
Callable
9/25/25
@
100
(a)
...........................................................
1,000,000
972,950
Honda
Auto
Receivables
Owner
Trust
,
Series
2020-3
,
Class
A3
,
0
.37
%
,
10/18/24
,
Callable
1/18/24
@
100
.....................................................
20,236
20,190
Hyundai
Auto
Receivables
Trust
,
Series
2020-C
,
Class
A3
,
0
.38
%
,
5/15/25
,
Callable
3/15/25
@
100
.............................................................
103,900
103,262
JPMorgan
Chase
Bank
NA
................................................
Series
2020-2
,
Class
B
,
0
.84
%
,
2/25/28
,
Callable
10/25/24
@
100
(a)
..............
84,818
84,489
Series
2021-2
,
Class
D
,
1
.14
%
,
12/26/28
,
Callable
10/25/25
@
100
(a)
.............
174,023
169,985
Series
2021-3
,
Class
B
,
0
.76
%
,
2/26/29
,
Callable
6/25/25
@
100
(a)
...............
176,251
170,062
LAD
Auto
Receivables
Trust
...............................................
Series
2021-1A
,
Class
A
,
1
.30
%
,
8/17/26
,
Callable
11/15/25
@
100
(a)
.............
126,588
124,997
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
7
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Series
2021-1A
,
Class
B
,
1
.94
%
,
11/16/26
,
Callable
11/15/25
@
100
(a)
............
$
1,750,000
$
1,703,136
Series
2021-1A
,
Class
C
,
2
.35
%
,
4/15/27
,
Callable
11/15/25
@
100
(a)
.............
1,000,000
954,831
Series
2022-1A
,
Class
A
,
5
.21
%
,
6/15/27
,
Callable
5/15/26
@
100
(a)
..............
431,932
429,749
Series
2022-1A
,
Class
B
,
5
.87
%
,
9/15/27
,
Callable
5/15/26
@
100
(a)
..............
800,000
796,183
Series
2023-1A
,
Class
D
,
7
.30
%
,
6/17/30
,
Callable
6/15/27
@
100
(a)
..............
453,000
464,806
Series
2023-2A
,
Class
D
,
6
.30
%
,
2/15/31
,
Callable
7/15/27
@
100
(a)
..............
350,000
352,166
Lobel
Automobile
Receivables
Trust
,
Series
2023-1
,
Class
A
,
6
.97
%
,
7/15/26
,
Callable
10/15/25
@
100
(a)
..................................................
1,112,160
1,110,587
Merchants
Fleet
Funding
LLC
,
Series
2023-1A
,
Class
A
,
7
.21
%
,
5/20/36
(a)
.............
1,000,000
1,013,040
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
,
Series
2023-1
,
Class
A
,
6
.18
%
,
8/25/28
(a)
........................................................
413,793
420,298
OCCU
Auto
Receivables
Trust
.............................................
Series
2023-1A
,
Class
A4
,
6
.29
%
,
9/17/29
,
Callable
4/15/28
@
100
(a)
.............
925,000
940,321
Series
2023-1A
,
Class
B
,
6
.51
%
,
9/17/29
,
Callable
4/15/28
@
100
(a)
..............
1,000,000
1,021,256
Series
2023-1A
,
Class
C
,
6
.82
%
,
9/17/29
,
Callable
4/15/28
@
100
(a)
..............
1,000,000
974,157
Series
2023-1A
,
Class
D
,
7
.88
%
,
12/15/31
,
Callable
4/15/28
@
100
(a)
.............
1,000,000
1,005,786
Oscar
U.S.
Funding
XII
LLC
,
Series
2021-1A
,
Class
A4
,
1
.00
%
,
4/10/28
,
Callable
2/10/25
@
100
(a)
...........................................................
2,500,000
2,387,890
Oscar
U.S.
Funding
XIV
LLC
..............................................
Series
2022-1A
,
Class
A3
,
2
.30
%
,
4/10/26
,
Callable
3/10/26
@
100
(a)
.............
1,000,000
978,446
Series
2022-1A
,
Class
A4
,
2
.82
%
,
4/10/29
,
Callable
3/10/26
@
100
(a)
.............
150,000
141,653
PenFed
Auto
Receivables
Owner
Trust
........................................
Series
2022-A
,
Class
A4
,
4
.18
%
,
12/15/28
,
Callable
3/15/26
@
100
(a)
.............
1,000,000
987,907
Series
2022-A
,
Class
B
,
4
.60
%
,
12/15/28
,
Callable
3/15/26
@
100
(a)
..............
452,000
445,559
Series
2022-A
,
Class
C
,
4
.83
%
,
12/15/28
,
Callable
3/15/26
@
100
(a)
..............
917,000
906,201
Prestige
Auto
Receivables
Trust
............................................
Series
2023-1A
,
Class
C
,
5
.65
%
,
2/15/28
,
Callable
7/15/27
@
100
(a)
..............
1,000,000
993,086
Series
2023-2A
,
Class
C
,
7
.12
%
,
8/15/29
,
Callable
2/15/29
@
100
(a)
..............
1,000,000
1,026,217
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2022-A
,
Class
B
,
5
.28
%
,
5/15/32
,
Callable
1/15/26
@
100
(a)
...............
624,944
619,620
Series
2022-A
,
Class
C
,
7
.38
%
,
5/15/32
,
Callable
1/15/26
@
100
(a)
...............
340,383
340,044
Series
2022-B
,
Class
B
,
5
.72
%
,
8/16/32
,
Callable
4/15/26
@
100
(a)
...............
362,735
361,418
Series
2022-C
,
Class
B
,
6
.45
%
,
12/15/32
,
Callable
1/15/27
@
100
(a)
..............
537,296
537,989
Series
2022-C
,
Class
C
,
6
.99
%
,
12/15/32
,
Callable
1/15/27
@
100
(a)
..............
537,296
539,084
Series
2022-C
,
Class
D
,
8
.20
%
,
12/15/32
,
Callable
1/15/27
@
100
(a)
..............
449,693
453,519
Series
2023-A
,
Class
C
,
6
.74
%
,
6/15/33
,
Callable
7/15/27
@
100
(a)
...............
154,204
154,717
Series
2023-A
,
Class
D
,
7
.08
%
,
6/15/33
,
Callable
7/15/27
@
100
(a)
...............
624,667
626,740
Series
2023-B
,
Class
D
,
6
.66
%
,
12/15/33
,
Callable
2/15/28
@
100
(a)
..............
1,000,000
1,002,623
Santander
Bank
NA
,
Series
2021-1A
,
Class
B
,
1
.83
%
,
12/15/31
,
Callable
9/15/25
@
100
(a)
..
107,732
104,956
Santander
Retail
Auto
Lease
Trust
...........................................
Series
2021-B
,
Class
D
,
1
.41
%
,
11/20/25
,
Callable
3/20/24
@
100
(a)
..............
400,000
393,003
Series
2021-C
,
Class
C
,
1
.11
%
,
3/20/26
,
Callable
7/20/24
@
100
(a)
...............
535,000
523,385
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A
,
Class
A4
,
5
.70
%
,
8/15/29
,
Callable
2/15/28
@
100
(a)
.............
1,800,000
1,813,590
Series
2023-1A
,
Class
B
,
6
.08
%
,
11/15/29
,
Callable
2/15/28
@
100
(a)
.............
750,000
756,770
Series
2023-1A
,
Class
C
,
6
.61
%
,
3/15/30
,
Callable
2/15/28
@
100
(a)
..............
1,500,000
1,514,438
Series
2023-1A
,
Class
D
,
7
.34
%
,
11/17/31
,
Callable
2/15/28
@
100
(a)
.............
1,000,000
1,008,664
SFS
Auto
Receivables
Securitization
Trust
,
Series
2023-1A
,
Class
C
,
5
.97
%
,
2/20/31
,
Callable
8/20/27
@
100
(a)
...................................................
903,000
915,773
Tesla
Auto
Lease
Trust
...................................................
Series
2023-A
,
Class
B
,
6
.41
%
,
7/20/27
,
Callable
9/20/25
@
100
(a)
...............
1,000,000
1,009,108
Series
2023-B
,
Class
B
,
6
.57
%
,
8/20/27
,
Callable
1/20/26
@
100
(a)
...............
675,000
684,856
Tesla
Electric
Vehicle
Trust
................................................
Series
2023-1
,
Class
A4
,
5
.38
%
,
2/20/29
,
Callable
3/20/27
@
100
(a)
..............
1,350,000
1,363,964
Series
2023-1
,
Class
B
,
5
.82
%
,
5/20/31
,
Callable
3/20/27
@
100
(a)
...............
1,300,000
1,313,302
Toyota
Lease
Owner
Trust
,
Series
2023-A
,
Class
A4
,
5
.05
%
,
8/20/27
,
Callable
9/20/25
@
100
(a)
...........................................................
1,333,000
1,332,121
U.S.
Bank
NA
,
Series
2023-1
,
Class
B
,
6
.79
%
,
8/25/32
,
Callable
8/25/26
@
100
(a)
........
4,860,000
4,877,986
United
Auto
Credit
Securitization
Trust
.......................................
Series
2022-1
,
Class
C
,
2
.61
%
,
6/10/27
,
Callable
12/10/25
@
100
(a)
..............
401,866
400,103
Series
2023-1
,
Class
C
,
6
.28
%
,
7/10/28
,
Callable
5/10/26
@
100
(a)
...............
2,000,000
1,988,253
Veridian
Auto
Receivables
Trust
............................................
Series
2023-1A
,
Class
A3
,
5
.56
%
,
3/15/28
,
Callable
7/15/27
@
100
(a)
.............
1,000,000
997,707
Series
2023-1A
,
Class
A4
,
5
.59
%
,
12/15/28
,
Callable
7/15/27
@
100
(a)
............
1,000,000
997,296
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
8
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Series
2023-1A
,
Class
B
,
5
.86
%
,
4/16/29
,
Callable
7/15/27
@
100
(a)
..............
$
534,000
$
533,551
Series
2023-1A
,
Class
C
,
6
.37
%
,
7/16/29
,
Callable
7/15/27
@
100
(a)
..............
1,000,000
961,842
VStrong
Auto
Receivables
Trust
............................................
Series
2023-A
,
Class
A3
,
6
.87
%
,
11/15/27
(a)
...............................
500,000
508,226
Series
2023-A
,
Class
B
,
7
.11
%
,
2/15/30
,
Callable
8/15/29
@
100
(a)
...............
1,000,000
1,020,063
Westlake
Automobile
Receivables
Trust
.......................................
Series
2020-1A
,
Class
E
,
3
.31
%
,
10/15/25
,
Callable
2/15/24
@
100
(a)
.............
500,000
497,721
Series
2021-3A
,
Class
D
,
2
.12
%
,
1/15/27
,
Callable
9/15/25
@
100
(a)
..............
1,000,000
951,775
Series
2022-1A
,
Class
B
,
2
.75
%
,
3/15/27
,
Callable
9/15/25
@
100
(a)
..............
1,000,000
988,530
Series
2022-2A
,
Class
B
,
4
.31
%
,
9/15/27
,
Callable
3/15/26
@
100
(a)
..............
800,000
790,626
Series
2023-1A
,
Class
B
,
5
.41
%
,
1/18/28
,
Callable
6/15/26
@
100
(a)
..............
500,000
497,806
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2022-1A
,
Class
A
,
2
.47
%
,
10/18/36
,
Callable
9/18/24
@
100
(a)
.............
475,451
468,553
Series
2023-1A
,
Class
A
,
5
.80
%
,
4/18/38
(a)
................................
900,000
904,385
Series
2023-1A
,
Class
B
,
5
.80
%
,
4/18/38
(a)
................................
1,000,000
1,001,530
Series
2023-1A
,
Class
C
,
6
.18
%
,
4/18/38
(a)
................................
1,667,000
1,682,517
Series
2023-2A
,
Class
D
,
7
.38
%
,
8/18/38
(a)
................................
911,000
920,735
World
Omni
Select
Auto
Trust
,
Series
2023-A
,
Class
C
,
6
.00
%
,
1/16/29
,
Callable
7/15/26
@
100
.............................................................
1,000,000
1,013,393
133,166,791
ABS
Card
(2.0%):
Evergreen
Credit
Card
Trust
...............................................
Series
2021-1
,
Class
A
,
0
.90
%
,
10/15/26
(a)
................................
1,500,000
1,447,880
Series
2022-CRT1
,
Class
B
,
5
.61
%
,
7/15/26
(a)
..............................
1,000,000
995,060
Series
2022-CRT2
,
Class
C
,
7
.44
%
,
11/15/26
(a)
.............................
1,000,000
1,003,739
Series
2023-CRT3
,
Class
B
,
6
.58
%
,
2/15/27
(a)
..............................
762,000
767,141
Series
2023-CRT3
,
Class
C
,
7
.31
%
,
2/15/27
(a)
..............................
423,000
424,990
Master
Credit
Card
Trust
,
Series
2021-1A
,
Class
C
,
1
.06
%
,
11/21/25
(a)
................
1,500,000
1,467,793
Master
Credit
Card
Trust
II
................................................
Series
2022-1A
,
Class
B
,
1
.97
%
,
7/21/26
(a)
................................
1,000,000
962,084
Series
2023-1A
,
Class
C
,
5
.87
%
,
6/21/27
(a)
................................
600,000
598,565
Series
2023-2A
,
Class
B
,
6
.26
%
,
1/21/27
(a)
................................
410,000
412,903
Series
2023-2A
,
Class
C
,
6
.89
%
,
1/21/27
(a)
................................
476,000
478,593
Trillium
Credit
Card
Trust
II
...............................................
Series
2023-1A
,
Class
B
,
5
.23
%
,
3/26/31
(a)
................................
1,000,000
976,797
Series
2023-1A
,
Class
C
,
6
.06
%
,
3/26/31
(a)
................................
375,000
366,361
Series
2023-3A
,
Class
C
,
6
.94
%
,
8/26/28
(a)
................................
1,000,000
1,008,495
10,910,401
ABS
Other
(9.5%):
AFG
ABS
I
LLC
,
Series
2023-1
,
Class
B
,
7
.51
%
,
9/16/30
,
Callable
10/15/26
@
100
(a)
.....
832,992
838,436
Amur
Equipment
Finance
Receivables
IX
LLC
..................................
Series
2021-1A
,
Class
B
,
1
.38
%
,
2/22/27
,
Callable
11/20/24
@
100
(a)
.............
500,000
486,031
Series
2021-1A
,
Class
C
,
1
.75
%
,
6/21/27
,
Callable
11/20/24
@
100
(a)
.............
1,500,000
1,441,647
Amur
Equipment
Finance
Receivables
X
LLC
..................................
Series
2022-1A
,
Class
A2
,
1
.64
%
,
10/20/27
,
Callable
9/20/25
@
100
(a)
............
255,393
248,069
Series
2022-1A
,
Class
B
,
2
.20
%
,
1/20/28
,
Callable
9/20/25
@
100
(a)
..............
541,000
510,072
Amur
Equipment
Finance
Receivables
XII
LLC
.................................
Series
2023-1A
,
Class
B
,
6
.03
%
,
12/20/29
,
Callable
5/20/27
@
100
(a)
.............
750,000
751,218
Series
2023-1A
,
Class
C
,
6
.36
%
,
12/20/29
,
Callable
5/20/27
@
100
(a)
.............
655,173
657,536
Series
2023-1A
,
Class
D
,
7
.48
%
,
7/22/30
,
Callable
5/20/27
@
100
(a)
..............
325,000
330,804
Atalaya
Equipment
Leasing
Trust
,
Series
2021-1A
,
Class
A2
,
1
.23
%
,
5/15/26
,
Callable
10/15/24
@
100
(a)
..................................................
168,309
166,739
Auxilior
Term
Funding
LLC
...............................................
Series
2023-1A
,
Class
A3
,
5
.70
%
,
2/15/30
,
Callable
2/15/28
@
100
(a)
.............
1,000,000
1,009,141
Series
2023-1A
,
Class
B
,
6
.05
%
,
6/17/30
,
Callable
2/15/28
@
100
(a)
..............
413,000
414,653
Series
2023-1A
,
Class
C
,
6
.50
%
,
11/15/30
,
Callable
2/15/28
@
100
(a)
.............
300,000
302,878
Series
2023-1A
,
Class
D
,
7
.27
%
,
12/16/30
,
Callable
2/15/28
@
100
(a)
.............
471,000
476,907
Blue
Bridge
Funding
LLC
,
Series
2023-1A
,
Class
A
,
7
.37
%
,
11/15/30
,
Callable
11/15/26
@
100
(a)
...........................................................
800,000
801,620
CARS-DB4
LP
,
Series
2020-1A
,
Class
A1
,
2
.69
%
,
2/15/50
,
Callable
1/15/24
@
100
(a)
.....
579,236
556,305
CARS-DB7
LP
,
Series
2023-1A
,
Class
A1
,
5
.75
%
,
9/15/53
,
Callable
9/15/28
@
100
(a)
.....
990,000
987,515
CCG
Receivables
Trust
...................................................
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Series
2023-1
,
Class
B
,
5
.99
%
,
9/16/30
,
Callable
12/14/26
@
100
(a)
..............
$
1,000,000
$
1,011,160
Series
2023-1
,
Class
C
,
6
.28
%
,
9/16/30
,
Callable
12/14/26
@
100
(a)
..............
1,777,778
1,799,562
Series
2023-2
,
Class
C
,
6
.45
%
,
4/14/32
,
Callable
12/14/27
@
100
(a)
..............
1,000,000
1,022,426
Series
2023-2
,
Class
D
,
7
.18
%
,
4/14/32
,
Callable
12/14/27
@
100
(a)
..............
433,000
443,869
Conn's
Receivables
Funding
LLC
...........................................
Series
2022-A
,
Class
B
,
9
.52
%
,
12/15/26
,
Callable
8/15/24
@
100
(a)
..............
714,251
716,280
Series
2023-A
,
Class
A
,
8
.01
%
,
1/17/28
,
Callable
4/15/24
@
100
(a)
...............
393,947
394,680
Series
2023-A
,
Class
B
,
10
.00
%
,
1/17/28
,
Callable
12/15/24
@
100
(a)
.............
451,000
456,922
CP
EF
Asset
Securitization
I
LLC
,
Series
2022-1A
,
Class
A
,
5
.96
%
,
4/15/30
,
Callable
11/15/25
@
100
(a)
.........................................................
1,473,593
1,464,896
CP
EF
Asset
Securitization
II
LLC
,
Series
2023-1A
,
Class
A
,
7
.48
%
,
3/15/32
,
Callable
6/15/27
@
100
(a)
.........................................................
954,157
957,688
Dell
Equipment
Finance
Trust
..............................................
Series
2021-2
,
Class
C
,
0
.94
%
,
12/22/26
,
Callable
3/22/24
@
100
(a)
..............
500,000
493,681
Series
2023-1
,
Class
D
,
6
.80
%
,
3/22/29
,
Callable
10/22/25
@
100
(a)
..............
909,091
916,155
Series
2023-2
,
Class
C
,
6
.06
%
,
1/22/29
,
Callable
2/22/26
@
100
(a)
...............
1,000,000
1,002,651
Series
2023-2
,
Class
D
,
6
.74
%
,
7/23/29
,
Callable
2/22/26
@
100
(a)
...............
761,000
766,807
Series
2023-3
,
Class
D
,
6
.75
%
,
10/22/29
,
Callable
3/22/26
@
100
(a)
..............
353,000
356,057
Dext
ABS
LLC
........................................................
Series
2020-1
,
Class
C
,
3
.03
%
,
11/15/27
,
Callable
10/15/24
@
100
(a)
.............
300,000
295,924
Series
2021-1
,
Class
C
,
2
.29
%
,
9/15/28
,
Callable
4/15/26
@
100
(a)
...............
1,000,000
931,769
Series
2023-1
,
Class
A2
,
5
.99
%
,
3/15/32
,
Callable
2/15/27
@
100
(a)
..............
1,000,000
1,002,758
Series
2023-1
,
Class
B
,
6
.55
%
,
3/15/32
,
Callable
2/15/27
@
100
(a)
...............
2,000,000
2,031,998
Series
2023-2
,
Class
B
,
6
.41
%
,
5/15/34
,
Callable
3/15/27
@
100
(a)
...............
1,000,000
1,012,197
Series
2023-2
,
Class
D
,
8
.30
%
,
5/15/34
,
Callable
3/15/27
@
100
(a)
...............
667,000
647,266
Diamond
Issuer
,
Series
2021-1A
,
Class
B
,
2
.70
%
,
11/20/51
,
Callable
11/20/25
@
100
(a)
....
655,000
555,416
DLLAA
LLC
..........................................................
Series
2023-1A
,
Class
A3
,
5
.64
%
,
2/22/28
,
Callable
12/20/27
@
100
(a)
............
1,000,000
1,014,325
Series
2023-1A
,
Class
A4
,
5
.35
%
,
3/20/31
,
Callable
1/20/27
@
100
(a)
.............
571,429
576,241
DLLST
LLC
,
Series
2022-1A
,
Class
A4
,
3
.69
%
,
9/20/28
,
Callable
8/20/25
@
100
(a)
.......
1,000,000
982,353
FirstKey
Homes
Trust
....................................................
Series
2021-SFR3
,
Class
B
,
2
.44
%
,
12/17/38
(a)
.............................
1,000,000
908,803
Series
2021-SFR3
,
Class
C
,
2
.54
%
,
12/17/38
(a)
.............................
1,000,000
907,228
Flexential
Issuer
,
Series
2021-1A
,
Class
A2
,
3
.25
%
,
11/27/51
,
Callable
11/25/25
@
100
(a)
..
1,000,000
897,421
Ford
Credit
Floorplan
Master
Owner
Trust
,
Series
2023-1
,
Class
C
,
5
.75
%
,
5/15/28
(a)
......
532,000
530,190
Frontier
Issuer
LLC
,
Series
2023-1
,
Class
B
,
8
.30
%
,
8/20/53
,
Callable
7/20/26
@
100
(a)
....
466,667
461,769
Granite
Park
Equipment
Leasing
LLC
........................................
Series
2023-1A
,
Class
B
,
6
.62
%
,
4/20/33
,
Callable
8/20/30
@
100
(a)
..............
327,000
336,148
Series
2023-1A
,
Class
C
,
6
.97
%
,
8/22/33
,
Callable
8/20/30
@
100
(a)
..............
300,000
311,869
Series
2023-1A
,
Class
D
,
7
.00
%
,
8/22/33
,
Callable
8/20/30
@
100
(a)
..............
200,000
205,123
GreatAmerica
Leasing
Receivables
,
Series
2023-1
,
Class
B
,
5
.21
%
,
3/15/30
,
Callable
7/15/27
@
100
(a)
.........................................................
500,000
495,190
HPEFS
Equipment
Trust
..................................................
Series
2021-1A
,
Class
D
,
1
.03
%
,
3/20/31
,
Callable
4/20/24
@
100
(a)
..............
2,289,903
2,260,858
Series
2021-2A
,
Class
C
,
0
.88
%
,
9/20/28
,
Callable
8/20/24
@
100
(a)
..............
248,598
245,893
Series
2022-1A
,
Class
D
,
2
.40
%
,
11/20/29
,
Callable
6/20/25
@
100
(a)
.............
667,000
633,443
Series
2023-2A
,
Class
D
,
6
.97
%
,
7/21/31
,
Callable
9/20/26
@
100
(a)
..............
500,000
508,070
M&T
Equipment
LEAF1
Notes
,
Series
2023-1A
,
Class
A4
,
5
.75
%
,
7/15/30
,
Callable
8/15/27
@
100
(a)
.........................................................
1,038,000
1,048,538
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
790,206
Series
2021-1
,
Class
B1
,
2
.41
%
,
10/20/61
,
Callable
10/20/24
@
100
(a)
............
293,000
237,543
NMEF
Funding
LLC
....................................................
Series
2021-A
,
Class
B
,
1
.85
%
,
12/15/27
,
Callable
9/15/24
@
100
(a)
..............
521,117
515,304
Series
2022-A
,
Class
A2
,
2
.58
%
,
10/16/28
,
Callable
8/15/25
@
100
(a)
.............
398,045
392,308
Series
2022-A
,
Class
B
,
3
.35
%
,
10/16/28
,
Callable
8/15/25
@
100
(a)
..............
1,000,000
966,888
Series
2022-B
,
Class
A2
,
6
.07
%
,
6/15/29
,
Callable
9/15/26
@
100
(a)
..............
744,670
748,409
Series
2023-A
,
Class
B
,
6
.83
%
,
6/17/30
,
Callable
9/15/27
@
100
(a)
...............
500,000
508,667
Pawnee
Equipment
Receivables
LLC
,
Series
2021-1
,
Class
A2
,
1
.10
%
,
7/15/27
,
Callable
8/15/25
@
100
(a)
...................................................
548,831
536,006
Post
Road
Equipment
Finance
,
Series
2022-1A
,
Class
A2
,
4
.88
%
,
11/15/28
,
Callable
5/15/26
@
100
(a)
.........................................................
975,000
966,437
PSNH
Funding
LLC
,
Series
2018-1
,
Class
A1
,
3
.09
%
,
2/1/26
.......................
22,741
22,688
SCF
Equipment
Leasing
LLC
..............................................
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
10
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Series
2020-1A
,
Class
B
,
2
.02
%
,
3/20/28
,
Callable
2/20/25
@
100
(a)
..............
$
65,392
$
64,667
Series
2021-1A
,
Class
D
,
1
.93
%
,
9/20/30
,
Callable
10/20/25
@
100
(a)
.............
250,000
228,993
Series
2022-2A
,
Class
B
,
6
.50
%
,
2/20/32
,
Callable
8/20/29
@
100
(a)
..............
428,571
435,210
Series
2023-1A
,
Class
B
,
6
.37
%
,
5/20/32
,
Callable
5/20/30
@
100
(a)
..............
857,000
872,429
Series
2023-1A
,
Class
C
,
6
.77
%
,
8/22/33
,
Callable
5/20/30
@
100
(a)
..............
937,000
964,694
Vantage
Data
Centers
Issuer
LLC
...........................................
Series
2019-1A
,
Class
A2
,
3
.19
%
,
7/15/44
,
Callable
1/15/24
@
100
(a)
.............
478,333
469,592
Series
2020-1A
,
Class
A2
,
1
.65
%
,
9/15/45
,
Callable
1/15/24
@
100
(a)
.............
1,000,000
925,276
VB-S1
Issuer
LLC
,
Series
2022-1A
,
Class
C2I
,
3
.16
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
..
1,000,000
901,540
Verdant
Receivables
LLC
.................................................
Series
2023-1A
,
Class
A2
,
6
.24
%
,
1/13/31
,
Callable
3/12/27
@
100
(a)
.............
483,000
487,311
Series
2023-1A
,
Class
B
,
6
.05
%
,
1/13/31
,
Callable
3/12/27
@
100
(a)
..............
500,000
501,783
Series
2023-1A
,
Class
C
,
6
.73
%
,
1/13/31
,
Callable
3/12/27
@
100
(a)
..............
374,000
380,008
52,499,154
Total
Asset-Backed
Securities
(Cost
$197,049,650)
196,576,346
Collateralized
Loan
Obligations
(0.7%)
Cash
Flow
CLO
(0.7%):
Barrow
Hanley
CLO
I
Ltd.
,
Series
2023-1A
,
Class
A1
,
7
.72
%
(
TSFR3M
+
230
bps
)
,
4/20/35
,
Callable
4/20/24
@
100
(a)
(b)
..........................................
1,000,000
1,001,871
Palmer
Square
Loan
Funding
Ltd.
...........................................
Series
2023-1A
,
Class
A1
,
6
.96
%
(
TSFR3M
+
170
bps
)
,
7/20/31
,
Callable
7/20/24
@
100
(a)
(b)
.....................................................
1,000,000
1,000,600
Series
2023-1A
,
Class
A2
,
7
.76
%
(
TSFR3M
+
250
bps
)
,
7/20/31
,
Callable
7/20/24
@
100
(a)
(b)
.....................................................
500,000
500,250
Stratus
CLO
Ltd.
.......................................................
Series
2021-3A
,
Class
A
,
6
.63
%
(
TSFR3M
+
121
bps
)
,
12/29/29
,
Callable
1/20/24
@
100
(a)
(b)
.....................................................
689,617
688,867
Series
2021-3A
,
Class
B
,
7
.23
%
(
TSFR3M
+
181
bps
)
,
12/29/29
,
Callable
1/20/24
@
100
(a)
(b)
.....................................................
821,000
813,146
4,004,734
Total
Collateralized
Loan
Obligations
(Cost
$4,010,617)
4,004,734
Collateralized
Mortgage
Obligations
(4.6%)
Agency
CMO
Other
(0.7%):
Federal
Home
Loan
Mortgage
Corporation
,
Series
5270
,
Class
AB
,
5
.50
%
,
1/25/49
........
962,344
973,280
Federal
National
Mortgage
Association
,
Series
2022-88
,
Class
BA
,
5
.50
%
,
7/25/47
........
990,911
998,840
Government
National
Mortgage
Association
....................................
Series
2023-107
,
Class
PA
,
5
.50
%
,
1/20/46
................................
982,298
992,991
Series
2023-131
,
Class
P
,
5
.50
%
,
6/20/48
..................................
992,475
988,264
3,953,375
Commercial
MBS
(3.9%):
Aventura
Mall
Trust
,
Series
2018-AVM
,
Class
C
,
4
.11
%
,
7/5/40
(a)
(c)
..................
1,000,000
896,500
BBCMS
Mortgage
Trust
,
Series
2020-BID
,
Class
C
,
9
.12
%
(
TSFR1M
+
375
bps
)
,
10/15/37
(a)
(b)
.....................................................
1,000,000
951,898
BPR
Trust
............................................................
Series
2021-TY
,
Class
A
,
6
.53
%
(
TSFR1M
+
116
bps
)
,
9/15/38
(a)
(b)
...............
1,000,000
968,162
Series
2021-TY
,
Class
C
,
7
.18
%
(
TSFR1M
+
181
bps
)
,
9/15/38
(a)
(b)
...............
1,000,000
951,391
Series
2022-STAR
,
Class
A
,
8
.59
%
(
TSFR1M
+
323
bps
)
,
8/15/24
(a)
(b)
.............
2,000,000
2,003,873
BX
Commercial
Mortgage
Trust
,
Series
2019-XL
,
Class
D
,
6
.93
%
(
TSFR1M
+
156
bps
)
,
10/15/36
(a)
(b)
.....................................................
2,465,000
2,449,483
BX
Trust
.............................................................
Series
2022-CLS
,
Class
B
,
6
.30
%
,
10/13/27
(a)
..............................
1,000,000
922,877
Series
2022-LBA6
,
Class
C
,
6
.96
%
(
TSFR1M
+
160
bps
)
,
1/15/39
(a)
(b)
.............
1,000,000
979,596
Citigroup
Commercial
Mortgage
Trust
,
Series
2019-SMRT
,
Class
B
,
4
.38
%
,
1/10/36
(a)
.....
500,000
500,000
COMM
Mortgage
Trust
..................................................
Series
2014-277P
,
Class
A
,
3
.61
%
,
8/10/49
,
Callable
8/10/24
@
100
(a)
(c)
..........
3,000,000
2,766,367
Series
2014-277P
,
Class
C
,
3
.61
%
,
8/10/49
,
Callable
8/10/24
@
100
(a)
(c)
..........
333,000
285,491
Series
2015-PC1
,
Class
AM
,
4
.29
%
,
7/10/50
,
Callable
6/10/25
@
100
(c)
...........
1,500,000
1,446,611
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
11
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
GS
Mortgage
Securities
Corp.
II
,
Series
2023-SHIP
,
Class
B
,
4
.94
%
,
9/10/38
(a)
(c)
........
$
600,000
$
583,244
Houston
Galleria
Mall
Trust
,
Series
2015-HGLR
,
Class
A1A2
,
3
.09
%
,
3/5/37
(a)
..........
1,000,000
956,661
Hudson
Yards
Mortgage
Trust
,
Series
2016-10HY
,
Class
A
,
2
.84
%
,
8/10/38
,
Callable
8/10/26
@
100
(a)
.........................................................
1,500,000
1,392,825
KNDL
Mortgage
Trust
...................................................
Series
2019-KNSQ
,
Class
B
,
6
.51
%
(
TSFR1M
+
115
bps
)
,
5/15/36
(a)
(b)
............
500,000
498,052
Series
2019-KNSQ
,
Class
C
,
6
.61
%
(
TSFR1M
+
125
bps
)
,
5/15/36
(a)
(b)
............
1,175,000
1,165,500
SCOTT
Trust
,
Series
2023-SFS
,
Class
AS
,
6
.20
%
,
3/15/40
(a)
.......................
785,714
768,914
SMRT
,
Series
2022-MINI
,
Class
B
,
6
.71
%
(
TSFR1M
+
135
bps
)
,
1/15/39
(a)
(b)
............
1,000,000
975,277
21,462,722
Total
Collateralized
Mortgage
Obligations
(Cost
$25,864,126)
25,416,097
Senior
Secured
Loans
(0.4%)
Consumer
Discretionary
(0.2%):
Delta
Air
Lines,
Inc.
and
SkyMiles
IP
Ltd.,
Initial
Term
Loan,
First
Lien
,
9
.17
%
(
SOFR03M
+
375
bps
)
,
10/20/27
(b)
.......................................
1,200,000
1,227,372
Industrials
(0.2%):
MasTec,
Inc.,
Three-Year
Term
Loan,
First
Lien
,
6
.73
%
(
SOFR01M
+
138
bps
)
,
9/1/25
(b)
....
1,000,000
1,000,000
Total
Senior
Secured
Loans
(Cost
$2,198,899)
2,227,372
Corporate
Bonds
(32.5%)
Communication
Services
(0.2%):
Paramount
Global
,
2
.90
%
,
1/15/27
,
Callable
10/15/26
@
100
.......................
580,000
537,280
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)
......................................
658,750
652,533
1,189,813
Consumer
Discretionary
(1.8%):
Advance
Auto
Parts,
Inc.
1
.75
%
,
10/1/27
,
Callable
8/1/27
@
100
...................................
1,000,000
859,065
5
.95
%
,
3/9/28
,
Callable
2/9/28
@
100
....................................
1,000,000
995,185
3
.90
%
,
4/15/30
,
Callable
1/15/30
@
100
(d)
................................
1,000,000
892,980
Association
of
American
Medical
Colleges
,
2
.12
%
,
10/1/24
.........................
750,000
727,149
LKQ
Corp.
,
5
.75
%
,
6/15/28
,
Callable
5/15/28
@
100
.............................
1,000,000
1,027,073
Nissan
Motor
Acceptance
Co.
LLC
,
1
.85
%
,
9/16/26
,
Callable
8/16/26
@
100
(a)
..........
1,513,000
1,360,969
Nordstrom,
Inc.
,
2
.30
%
,
4/8/24
,
Callable
1/22/24
@
100
...........................
1,000,000
986,532
QVC,
Inc.
,
4
.45
%
,
2/15/25
,
Callable
11/15/24
@
100
.............................
617,000
579,205
Tapestry,
Inc.
7
.00
%
,
11/27/26
....................................................
1,000,000
1,037,444
7
.35
%
,
11/27/28
,
Callable
10/27/28
@
100
.................................
500,000
524,754
Volkswagen
Group
of
America
Finance
LLC
,
6
.20
%
,
11/16/28
,
Callable
10/16/28
@
100
(a)
(d)
1,000,000
1,048,969
10,039,325
Consumer
Staples
(0.5%):
Dollar
General
Corp.
,
5
.20
%
,
7/5/28
,
Callable
6/5/28
@
100
........................
1,000,000
1,014,058
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
6
.50
%
,
4/15/29
,
Callable
4/15/24
@
103.25
................................
319,000
309,695
3
.75
%
,
12/1/31
,
Callable
12/1/26
@
101.88
................................
864,000
743,366
Sodexo,
Inc.
,
2
.72
%
,
4/16/31
,
Callable
1/16/31
@
100
(a)
..........................
1,000,000
850,151
2,917,270
Energy
(1.3%):
Antero
Resources
Corp.
,
7
.63
%
,
2/1/29
,
Callable
2/5/24
@
103.81
(a)
..................
500,000
512,989
Energy
Transfer
LP
6
.75
%
(
H15T5Y
+
513
bps
)
,
Callable
5/15/25
@
100
(b)
(e)
......................
167,000
160,118
6
.50
%
(
H15T5Y
+
569
bps
)
,
Callable
11/15/26
@
100
(b)
(e)
......................
1,000,000
950,601
8
.00
%
,
4/1/29
,
Callable
4/1/24
@
104
(a)
..................................
250,000
260,196
Gray
Oak
Pipeline
LLC
,
2
.60
%
,
10/15/25
,
Callable
9/15/25
@
100
(a)
.................
690,000
654,384
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
,
6
.00
%
,
4/15/30
,
Callable
4/15/25
@
103
(a)
......
667,000
647,116
Parsley
Energy
LLC/Parsley
Finance
Corp.
,
4
.13
%
,
2/15/28
,
Callable
2/5/24
@
102.06
(a)
...
2,000,000
1,910,001
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
12
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Targa
Resources
Partners
LP/Targa
Resources
Partners
Finance
Corp.
6
.50
%
,
7/15/27
,
Callable
2/5/24
@
103.25
.................................
$
1,000,000
$
1,015,610
5
.00
%
,
1/15/28
,
Callable
2/5/24
@
101.67
.................................
871,000
860,865
6,971,880
Financials
(19.6%):
Ally
Financial,
Inc.
,
6
.99
%
(
SOFR
+
326
bps
)
,
6/13/29
,
Callable
6/13/28
@
100
(b)
.........
2,056,000
2,126,691
Antares
Holdings
LP
,
8
.50
%
,
5/18/25
,
Callable
4/18/25
@
100
(a)
.....................
1,000,000
1,016,437
Ares
Capital
Corp.
,
3
.25
%
,
7/15/25
,
Callable
6/15/25
@
100
........................
750,000
718,507
Assurant,
Inc.
,
6
.10
%
,
2/27/26
,
Callable
1/27/26
@
100
...........................
1,765,000
1,778,854
Athene
Global
Funding
,
1
.72
%
,
1/7/25
(a)
......................................
1,000,000
959,207
Bank
of
America
Corp.
6
.50
%
(
TSFR3M
+
444
bps
)
,
Callable
10/23/24
@
100
(b)
(d)
(e)
...................
500,000
498,668
6
.10
%
(
TSFR3M
+
416
bps
)
,
Callable
3/17/25
@
100
(b)
(e)
......................
1,000,000
995,933
Blackstone
Private
Credit
Fund
1
.75
%
,
9/15/24
(d)
..................................................
1,000,000
969,760
2
.35
%
,
11/22/24
....................................................
1,000,000
967,751
7
.05
%
,
9/29/25
....................................................
500,000
509,116
2
.63
%
,
12/15/26
,
Callable
11/15/26
@
100
.................................
500,000
453,060
Blue
Owl
Credit
Income
Corp.
5
.50
%
,
3/21/25
....................................................
2,000,000
1,970,925
7
.75
%
,
9/16/27
,
Callable
8/16/27
@
100
..................................
1,000,000
1,033,228
Cadence
Bank
7
.25
%
(
US0003M
+
454
bps
)
,
6/28/29
,
Callable
6/28/24
@
100
(a)
(b)
...............
1,000,000
970,797
4
.75
%
(
US0003M
+
303
bps
)
,
6/30/29
,
Callable
6/30/24
@
100
(b)
.................
2,082,000
2,056,400
Capital
One
Financial
Corp.
4
.17
%
(
SOFR
+
137
bps
)
,
5/9/25
,
Callable
5/9/24
@
100
(b)
......................
1,000,000
992,337
5
.47
%
(
SOFR
+
208
bps
)
,
2/1/29
,
Callable
2/1/28
@
100
(b)
......................
1,000,000
1,000,221
6
.31
%
(
SOFR
+
264
bps
)
,
6/8/29
,
Callable
6/8/28
@
100
(b)
......................
1,000,000
1,025,864
CDW
LLC/CDW
Finance
Corp.
,
2
.67
%
,
12/1/26
,
Callable
11/1/26
@
100
..............
825,000
772,484
Citizens
Bank
NA
4
.12
%
(
SOFR
+
140
bps
)
,
5/23/25
,
Callable
5/23/24
@
100
(b)
....................
760,000
740,835
6
.06
%
(
SOFR
+
145
bps
)
,
10/24/25
,
Callable
10/24/24
@
100
(b)
..................
2,000,000
1,952,521
4
.58
%
(
SOFR
+
200
bps
)
,
8/9/28
,
Callable
8/9/27
@
100
(b)
......................
334,000
317,298
Citizens
Financial
Group,
Inc.
,
5
.65
%
(
H15T5Y
+
531
bps
)
,
Callable
10/6/25
@
100
(b)
(d)
(e)
..
200,000
189,852
Credit
Acceptance
Corp.
,
9
.25
%
,
12/15/28
,
Callable
12/15/25
@
104.63
(a)
..............
857,000
915,371
DAE
Funding
LLC
,
1
.55
%
,
8/1/24
,
Callable
7/1/24
@
100
(a)
.......................
250,000
243,617
Enact
Holdings,
Inc.
,
6
.50
%
,
8/15/25
,
Callable
2/15/25
@
100
(a)
.....................
1,718,000
1,713,719
Entergy
Texas
Restoration
Funding
II
LLC
,
3
.05
%
,
12/15/27
........................
466,288
447,605
F&G
Global
Funding
,
5
.15
%
,
7/7/25
(a)
.......................................
1,000,000
985,982
Farm
Credit
Bank
of
Texas
,
5
.70
%
(
H15T5Y
+
542
bps
)
,
Callable
9/15/25
@
100
(a)
(b)
(e)
....
1,500,000
1,425,000
Fifth
Third
Bancorp
4
.50
%
(
H15T5Y
+
422
bps
)
,
Callable
9/30/25
@
100
(b)
(e)
......................
2,916,000
2,709,880
4
.30
%
,
1/16/24
....................................................
965,000
963,609
First
American
Financial
Corp.
,
4
.60
%
,
11/15/24
................................
2,399,000
2,369,230
First
Citizens
BancShares,
Inc.
,
3
.38
%
(
TSFR3M
+
247
bps
)
,
3/15/30
,
Callable
3/15/25
@
100
(b)
...........................................................
1,000,000
945,386
First
Financial
Bancorp
,
5
.13
%
,
8/25/25
.......................................
1,000,000
910,540
First
Horizon
Corp.
,
4
.00
%
,
5/26/25
,
Callable
4/26/25
@
100
.......................
1,450,000
1,407,463
Ford
Motor
Credit
Co.
LLC
3
.38
%
,
11/13/25
,
Callable
10/13/25
@
100
.................................
1,000,000
956,611
4
.95
%
,
5/28/27
,
Callable
4/28/27
@
100
..................................
1,000,000
976,321
FS
KKR
Capital
Corp.
4
.25
%
,
2/14/25
,
Callable
1/14/25
@
100
(a)
................................
1,400,000
1,360,341
3
.40
%
,
1/15/26
,
Callable
12/15/25
@
100
.................................
1,024,000
969,291
Fulton
Financial
Corp.
,
3
.25
%
(
TSFR3M
+
230
bps
)
,
3/15/30
,
Callable
3/15/25
@
100
(b)
....
1,000,000
833,642
GA
Global
Funding
Trust
,
1
.63
%
,
1/15/26
(a)
...................................
500,000
459,915
Hikma
Finance
USA
LLC
,
3
.25
%
,
7/9/25
......................................
2,400,000
2,295,472
Horace
Mann
Educators
Corp.
,
7
.25
%
,
9/15/28
,
Callable
8/15/28
@
100
................
2,000,000
2,125,965
HSB
Group,
Inc.
,
6
.57
%
(
TSFR3M
+
117
bps
)
,
7/15/27
,
Callable
2/5/24
@
100
(b)
..........
750,000
680,915
Huntington
Bancshares,
Inc.
,
4
.45
%
(
H15T7Y
+
405
bps
)
,
Callable
10/15/27
@
100
(b)
(e)
....
1,150,000
1,020,827
Hyundai
Capital
America
,
0
.80
%
,
1/8/24
(a)
....................................
2,000,000
1,998,623
Kemper
Corp.
4
.35
%
,
2/15/25
,
Callable
11/15/24
@
100
..................................
1,000,000
978,628
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
13
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
2
.40
%
,
9/30/30
,
Callable
6/30/30
@
100
..................................
$
550,000
$
430,041
KeyCorp.
,
3
.88
%
(
SOFRINDX
+
125
bps
)
,
5/23/25
,
Callable
5/23/24
@
100
,
MTN
(b)
.......
2,250,000
2,199,751
Luther
Burbank
Corp.
,
6
.50
%
,
9/30/24
,
Callable
8/31/24
@
100
(a)
....................
1,250,000
1,230,599
M&T
Bank
Corp.
3
.50
%
(
H15T5Y
+
268
bps
)
,
Callable
9/1/26
@
100
(b)
(e)
.......................
300,000
221,518
4
.00
%
,
7/15/24
,
Callable
4/16/24
@
100
(d)
................................
1,000,000
988,102
Main
Street
Capital
Corp.
5
.20
%
,
5/1/24
(d)
...................................................
1,400,000
1,393,531
3
.00
%
,
7/14/26
,
Callable
6/14/26
@
100
..................................
500,000
456,180
Manufacturers
&
Traders
Trust
Co.
,
4
.65
%
,
1/27/26
,
Callable
12/27/25
@
100
...........
1,000,000
978,781
Metropolitan
Tower
Life
Insurance
Co.
,
7
.63
%
,
1/15/24
(a)
.........................
500,000
500,352
Midwest
Connector
Capital
Co.
LLC
,
3
.90
%
,
4/1/24
,
Callable
3/1/24
@
100
(a)
...........
2,500,000
2,485,340
Morgan
Stanley
,
0
.79
%
(
SOFR
+
53
bps
)
,
5/30/25
,
Callable
5/30/24
@
100
(b)
.............
1,000,000
977,497
MPT
Operating
Partnership
LP/MPT
Finance
Corp.
,
5
.00
%
,
10/15/27
,
Callable
2/5/24
@
101.67
...........................................................
2,000,000
1,640,721
National
General
Holdings
Corp.
,
6
.75
%
,
5/15/24
(a)
..............................
1,000,000
1,002,567
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
,
5
.75
%
,
5/24/26
,
Callable
4/24/26
@
100
(a)
1,000,000
1,007,576
PRA
Group,
Inc.
,
8
.38
%
,
2/1/28
,
Callable
2/1/25
@
104.19
(a)
.......................
1,444,000
1,375,508
Radian
Group,
Inc.
,
4
.50
%
,
10/1/24
,
Callable
7/1/24
@
100
.........................
2,503,000
2,468,717
Regions
Financial
Corp.
,
5
.75
%
(
H15T5Y
+
543
bps
)
,
Callable
6/15/25
@
100
(b)
(e)
........
2,998,000
2,914,804
SCE
Recovery
Funding
LLC
,
0
.86
%
,
11/15/31
..................................
1,539,263
1,318,032
Starwood
Property
Trust,
Inc.
,
3
.63
%
,
7/15/26
,
Callable
1/15/26
@
100
(a)
..............
500,000
473,546
Stewart
Information
Services
Corp.
,
3
.60
%
,
11/15/31
,
Callable
8/15/31
@
100
...........
1,700,000
1,323,718
Synchrony
Bank
,
5
.40
%
,
8/22/25
,
Callable
7/22/25
@
100
.........................
1,000,000
985,041
Synchrony
Financial
4
.88
%
,
6/13/25
,
Callable
5/13/25
@
100
..................................
1,000,000
982,658
3
.95
%
,
12/1/27
,
Callable
9/1/27
@
100
...................................
1,000,000
936,659
Synovus
Bank
,
5
.63
%
,
2/15/28
,
Callable
1/15/28
@
100
...........................
1,000,000
962,461
Synovus
Financial
Corp.
,
5
.90
%
(
USSW5
+
338
bps
)
,
2/7/29
,
Callable
2/7/24
@
100
(b)
......
1,500,000
1,408,762
Texas
Capital
Bancshares,
Inc.
,
4
.00
%
(
H15T5Y
+
315
bps
)
,
5/6/31
,
Callable
5/6/26
@
100
(b)
.
1,500,000
1,301,934
Texas
Capital
Bank
NA
,
5
.25
%
,
1/31/26
......................................
1,000,000
913,485
The
Bank
of
New
York
Mellon
Corp.
,
4
.70
%
(
H15T5Y
+
436
bps
)
,
Callable
9/20/25
@
100
(b)
(e)
.........................................................
1,000,000
976,645
The
Charles
Schwab
Corp.
,
5
.37
%
(
H15T5Y
+
497
bps
)
,
Callable
6/1/25
@
100
(b)
(e)
.......
3,000,000
2,960,099
The
Huntington
National
Bank
,
5
.50
%
(
TSFR3M
+
535
bps
)
,
5/6/30
,
Callable
5/6/25
@
100
(b)
2,000,000
1,889,240
The
Prudential
Insurance
Co.
of
America
,
8
.30
%
,
7/1/25
(a)
.........................
1,000,000
1,032,932
TIAA
FSB
Holdings,
Inc.
5
.75
%
,
7/2/25
,
Callable
6/2/25
@
100
....................................
1,000,000
930,715
10
.35
%
(
TSFR3M
+
497
bps
)
,
3/15/26
,
Callable
2/5/24
@
100
(b)
..................
750,000
723,844
Truist
Financial
Corp.
4
.95
%
(
H15T5Y
+
461
bps
)
,
Callable
9/1/25
@
100
(b)
(e)
.......................
3,000,000
2,870,911
7
.16
%
(
SOFR
+
245
bps
)
,
10/30/29
,
Callable
10/30/28
@
100
,
MTN
(b)
.............
1,000,000
1,079,100
UL
Solutions,
Inc.
,
6
.50
%
,
10/20/28
,
Callable
9/20/28
@
100
(a)
.....................
1,000,000
1,050,694
US
Bancorp
,
5
.78
%
(
SOFR
+
202
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(b)
..............
1,000,000
1,027,119
Webster
Financial
Corp.
,
4
.38
%
,
2/15/24
,
Callable
2/5/24
@
100
.....................
2,550,000
2,525,244
Wells
Fargo
&
Co.
5
.90
%
,
Callable
6/15/24
@
100
(e)
.......................................
3,750,000
3,723,339
3
.90
%
(
H15T5Y
+
345
bps
)
,
Callable
3/15/26
@
100
(b)
(e)
......................
1,000,000
923,798
108,302,260
Health
Care
(0.1%):
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.
,
2
.20
%
,
6/1/30
,
Callable
3/1/30
@
100
(a)
...........................................................
1,000,000
853,116
Industrials
(2.8%):
American
Airlines
Pass
Through
Trust
,
4
.00
%
,
9/22/27
............................
483,532
441,544
British
Airways
Pass
Through
Trust
,
4
.63
%
,
6/20/24
(a)
............................
242,354
241,268
Concentrix
Corp.
,
6
.60
%
,
8/2/28
,
Callable
7/2/28
@
100
...........................
1,000,000
1,031,086
Delta
Air
Lines
Pass
Through
Trust
,
2
.00
%
,
6/10/28
..............................
790,721
702,489
HEICO
Corp.
,
5
.25
%
,
8/1/28
,
Callable
7/1/28
@
100
.............................
1,000,000
1,021,510
Hexcel
Corp.
,
4
.95
%
,
8/15/25
,
Callable
5/15/25
@
100
............................
1,600,000
1,586,477
Mileage
Plus
Holdings
LLC/Mileage
Plus
Intellectual
Property
Assets
Ltd.
,
6
.50
%
,
6/20/27
,
Callable
2/5/24
@
103.25
(a)
...........................................
1,400,000
1,404,002
Molex
Electronic
Technologies
LLC
,
3
.90
%
,
4/15/25
,
Callable
1/15/25
@
100
(a)
.........
1,500,000
1,457,718
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
14
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Regal
Rexnord
Corp.
,
6
.05
%
,
4/15/28
,
Callable
3/15/28
@
100
(a)
....................
$
1,000,000
$
1,013,407
RXO,
Inc.
,
7
.50
%
,
11/15/27
,
Callable
11/15/24
@
103.75
(a)
........................
500,000
517,242
Ryder
System,
Inc.
,
5
.25
%
,
6/1/28
,
Callable
5/1/28
@
100
,
MTN
.....................
1,000,000
1,013,762
Spirit
Airlines
Pass
Through
Trust
,
4
.45
%
,
4/1/24
................................
660,745
636,834
Stanley
Black
&
Decker,
Inc.
,
6
.27
%
,
3/6/26
,
Callable
3/6/24
@
100
..................
1,000,000
1,002,447
The
Nature
Conservancy
,
0
.63
%
,
7/1/24
.......................................
650,000
634,506
U.S.
Airways
Pass
Through
Trust
,
3
.95
%
,
11/15/25
...............................
1,099,318
1,029,045
United
Airlines
Pass
Through
Trust
4
.15
%
,
4/11/24
.....................................................
483,203
480,974
4
.88
%
,
1/15/26
....................................................
208,544
202,424
XPO,
Inc.
,
6
.25
%
,
6/1/28
,
Callable
6/1/25
@
103.13
(a)
............................
1,019,000
1,036,131
15,452,866
Information
Technology
(0.2%):
Arrow
Electronics,
Inc.
,
6
.13
%
,
3/1/26
,
Callable
3/1/24
@
100
......................
1,000,000
1,001,420
Materials
(0.5%):
Bayport
Polymers
LLC
,
4
.74
%
,
4/14/27
,
Callable
3/14/27
@
100
(a)
...................
1,700,000
1,625,794
Celanese
U.S.
Holdings
LLC
,
6
.17
%
,
7/15/27
,
Callable
6/15/27
@
100
................
1,000,000
1,025,786
2,651,580
Real
Estate
(4.9%):
Boston
Properties
LP
,
6
.75
%
,
12/1/27
,
Callable
11/1/27
@
100
(d)
....................
1,500,000
1,572,595
CBRE
Services,
Inc.
,
4
.88
%
,
3/1/26
,
Callable
12/1/25
@
100
........................
1,097,000
1,096,286
Extra
Space
Storage
LP
,
5
.90
%
,
1/15/31
,
Callable
11/15/30
@
100
....................
1,000,000
1,045,049
Federal
Realty
OP
LP
,
5
.38
%
,
5/1/28
,
Callable
4/1/28
@
100
........................
1,000,000
1,010,102
Highwoods
Realty
LP
4
.13
%
,
3/15/28
,
Callable
12/15/27
@
100
.................................
600,000
552,164
4
.20
%
,
4/15/29
,
Callable
1/15/29
@
100
..................................
2,250,000
2,041,794
Jones
Lang
LaSalle,
Inc.
,
6
.88
%
,
12/1/28
,
Callable
11/1/28
@
100
....................
1,000,000
1,058,131
Kilroy
Realty
LP
,
4
.38
%
,
10/1/25
,
Callable
7/1/25
@
100
..........................
1,500,000
1,460,268
Kimco
Realty
OP
LLC
,
3
.80
%
,
4/1/27
,
Callable
1/1/27
@
100
.......................
1,000,000
960,577
Kite
Realty
Group
LP
,
4
.00
%
,
10/1/26
,
Callable
7/1/26
@
100
.......................
725,000
685,685
Kite
Realty
Group
Trust
,
4
.00
%
,
3/15/25
,
Callable
12/15/24
@
100
...................
2,000,000
1,950,082
LXP
Industrial
Trust
4
.40
%
,
6/15/24
,
Callable
3/15/24
@
100
..................................
1,000,000
987,451
6
.75
%
,
11/15/28
,
Callable
10/15/28
@
100
.................................
1,000,000
1,050,626
Physicians
Realty
LP
4
.30
%
,
3/15/27
,
Callable
12/15/26
@
100
.................................
750,000
730,134
3
.95
%
,
1/15/28
,
Callable
10/15/27
@
100
.................................
450,000
427,938
2
.63
%
,
11/1/31
,
Callable
8/1/31
@
100
...................................
500,000
411,777
Realty
Income
Corp.
,
5
.05
%
,
1/13/26
,
Callable
1/16/24
@
100
......................
1,000,000
999,498
Retail
Opportunity
Investments
Partnership
LP
4
.00
%
,
12/15/24
,
Callable
9/15/24
@
100
.................................
500,000
489,878
6
.75
%
,
10/15/28
,
Callable
9/15/28
@
100
.................................
1,000,000
1,051,528
SBA
Tower
Trust
,
6
.60
%
,
1/15/28
,
Callable
1/15/27
@
100
(a)
.......................
421,000
432,692
SITE
Centers
Corp.
,
3
.63
%
,
2/1/25
,
Callable
11/1/24
@
100
........................
1,000,000
972,664
The
NHP
Foundation
,
5
.85
%
,
12/1/28
,
Callable
6/1/28
@
100
.......................
1,000,000
1,060,700
UDR,
Inc.
,
3
.50
%
,
7/1/27
,
Callable
4/1/27
@
100
,
MTN
...........................
1,120,000
1,066,917
VICI
Properties
LP/VICI
Note
Co.,
Inc.
,
3
.50
%
,
2/15/25
,
Callable
2/5/24
@
100.88
(a)
.....
864,000
841,428
Vornado
Realty
LP
,
2
.15
%
,
6/1/26
,
Callable
5/1/26
@
100
..........................
1,500,000
1,352,560
WEA
Finance
LLC/Westfield
UK
&
Europe
Finance
PLC
,
3
.75
%
,
9/17/24
,
Callable
6/17/24
@
100
(a)
...........................................................
1,700,000
1,665,421
26,973,945
Utilities
(0.6%):
Black
Hills
Corp.
,
5
.95
%
,
3/15/28
,
Callable
2/15/28
@
100
.........................
1,000,000
1,036,536
DTE
Energy
Co.
,
4
.88
%
,
6/1/28
,
Callable
5/1/28
@
100
...........................
1,000,000
1,008,526
Florida
Power
&
Light
Co.
,
5
.05
%
,
4/1/28
,
Callable
3/1/28
@
100
....................
1,000,000
1,022,601
3,067,663
Total
Corporate
Bonds
(Cost
$179,625,876)
179,421,138
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
15
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Yankee
Dollars
(4.3%)
Consumer
Discretionary
(0.1%):
Borgwarner
Jersey
Ltd.
,
5
.00
%
,
10/1/25
(a)
.....................................
$
500,000
$
489,095
Consumer
Staples
(0.2%):
BAT
International
Finance
PLC
,
4
.45
%
,
3/16/28
,
Callable
2/16/28
@
100
...............
1,000,000
984,539
Energy
(0.7%):
Enbridge,
Inc.
,
5
.75
%
(
H15T5Y
+
531
bps
)
,
7/15/80
,
Callable
4/15/30
@
100
(b)
...........
1,515,000
1,393,807
Harbour
Energy
PLC
,
5
.50
%
,
10/15/26
,
Callable
2/5/24
@
102.75
(a)
..................
1,500,000
1,468,355
Var
Energi
ASA
,
5
.00
%
,
5/18/27
,
Callable
4/18/27
@
100
(a)
........................
1,000,000
977,613
3,839,775
Financials
(1.6%):
Avolon
Holdings
Funding
Ltd.
,
6
.38
%
,
5/4/28
,
Callable
4/4/28
@
100
(a)
...............
1,000,000
1,020,268
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
,
7
.53
%
(
H15T5Y
+
300
bps
)
,
10/1/28
(a)
(b)
.......................................
1,500,000
1,571,051
Barclays
PLC
7
.33
%
(
H15T1Y
+
305
bps
)
,
11/2/26
,
Callable
11/2/25
@
100
(b)
..................
1,000,000
1,032,632
6
.49
%
(
SOFR
+
222
bps
)
,
9/13/29
,
Callable
9/13/28
@
100
(b)
....................
1,000,000
1,042,977
Beazley
Insurance
DAC
5
.88
%
,
11/4/26
.....................................................
250,000
240,515
5
.50
%
,
9/10/29
....................................................
1,250,000
1,125,035
BP
Capital
Markets
PLC
,
4
.38
%
(
H15T5Y
+
404
bps
)
,
Callable
6/22/25
@
100
(b)
(e)
........
1,000,000
987,265
Nationwide
Building
Society
,
4
.00
%
,
9/14/26
(a)
.................................
1,000,000
959,050
NatWest
Group
PLC
,
7
.47
%
(
H15T1Y
+
285
bps
)
,
11/10/26
,
Callable
11/10/25
@
100
(b)
.....
500,000
517,414
Phoenix
Group
Holdings
PLC
,
4
.75
%
(
H15T5Y
+
428
bps
)
,
9/4/31
,
Callable
6/4/26
@
100
(b)
.
563,000
536,929
9,033,136
Health
Care
(0.1%):
Galaxy
Pipeline
Assets
Bidco
Ltd.
,
1
.75
%
,
9/30/27
(a)
.............................
323,300
304,071
Industrials
(0.4%):
Air
Canada
Pass
Through
Trust
,
4
.13
%
,
5/15/25
(a)
...............................
1,400,223
1,340,628
Element
Fleet
Management
Corp.
,
6
.32
%
,
12/4/28
,
Callable
11/4/28
@
100
(a)
...........
1,000,000
1,032,776
2,373,404
Materials
(1.0%):
Braskem
Netherlands
Finance
BV
,
4
.50
%
,
1/10/28
,
Callable
10/10/27
@
100
(a)
..........
1,500,000
1,226,064
Endeavour
Mining
PLC
,
5
.00
%
,
10/14/26
,
Callable
2/5/24
@
102.5
(a)
.................
500,000
462,017
OCI
NV
,
4
.63
%
,
10/15/25
,
Callable
2/5/24
@
101.16
(a)
...........................
1,000,000
974,406
Syngenta
Finance
NV
,
4
.89
%
,
4/24/25
,
Callable
2/24/25
@
100
(a)
....................
1,423,000
1,403,445
West
Fraser
Timber
Co.
Ltd.
,
4
.35
%
,
10/15/24
,
Callable
7/15/24
@
100
(a)
..............
1,700,000
1,668,638
5,734,570
Real
Estate
(0.2%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust
,
3
.88
%
,
3/20/27
,
Callable
12/20/26
@
100
(a)
...........................................................
1,000,000
949,043
Total
Yankee
Dollars
(Cost
$23,551,440)
23,707,633
Municipal
Bonds
(1.2%)
Alabama
(0.2%):
Black
Belt
Energy
Gas
District
Revenue
,
Series
D-2
,
6
.00
%
,
2/1/29
,
Continuously
Callable
@100
...........................................................
1,000,000
1,013,647
California
(0.2%):
California
Municipal
Finance
Authority
Revenue
,
1
.36
%
,
2/1/24
.....................
495,000
492,944
California
Statewide
Communities
Development
Authority
Revenue
,
2
.15
%
,
11/15/30
,
Continuously
Callable
@100
...........................................
940,000
826,626
1,319,570
Colorado
(0.1%):
Colorado
Health
Facilities
Authority
Revenue
,
Series
B
,
2
.80
%
,
12/1/26
................
365,000
340,399
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
16
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Maryland
(0.3%):
Maryland
Health
&
Higher
Educational
Facilities
Authority
Revenue
1
.81
%
,
1/1/25
.....................................................
$
1,000,000
$
958,931
1
.89
%
,
1/1/26
.....................................................
1,000,000
927,888
1,886,819
Michigan
(0.1%):
Michigan
Finance
Authority
Revenue
,
Series
A-1
,
2
.33
%
,
6/1/30
.....................
251,214
248,299
New
Jersey
(0.2%):
City
of
Orange
Township,
GO
,
Series
B
,
5
.50
%
,
3/22/24
...........................
1,000,000
998,936
Rhode
Island
(0.1%):
Providence
Redevelopment
Agency
Revenue
,
Series
A
,
2
.50
%
,
3/15/26
................
610,000
588,422
Total
Municipal
Bonds
(Cost
$6,659,966)
6,396,092
U.S.
Government
Agency
Mortgages
(0.3%)
Federal
Home
Loan
Mortgage
Corporation
5
.50
%
,
10/1/38
....................................................
922,640
934,970
Government
National
Mortgage
Association
Series
2023-128
,
Class
KA
,
6
.00
%
,
6/20/47
................................
981,411
992,248
Total
U.S.
Government
Agency
Mortgages
(Cost
$1,888,692)
1,927,218
U.S.
Treasury
Obligations
(8.1%)
U.S.
Treasury
Notes
4
.50
%
,
11/30/24
....................................................
5,000,000
4,982,227
4
.25
%
,
10/15/25
....................................................
4,000,000
3,992,969
4
.63
%
,
9/15/26
....................................................
1,000,000
1,013,984
0
.50
%
,
8/31/27
....................................................
10,000,000
8,835,938
4
.00
%
,
6/30/28
....................................................
9,000,000
9,043,594
1
.63
%
,
8/15/29
....................................................
10,000,000
8,901,562
4
.13
%
,
8/31/30
....................................................
8,000,000
8,103,750
Total
U.S.
Treasury
Obligations
(Cost
$43,864,015)
44,874,024
Commercial
Paper
(11.6%)
Consumer
Discretionary
(1.0%):
Autonation,
Inc.
,
11
.46
%
,
1/2/24
(a)
(f)
........................................
3,300,000
3,297,901
AutoNation,
Inc.
,
5
.91
%
,
1/3/24
(a)
(f)
.........................................
2,100,000
2,098,328
5,396,229
Energy
(4.3%):
Energy
Transfer
Part
LP
,
8
.06
%
,
1/5/24
(a)
(f)
...................................
600,000
599,329
Energy
Transfer
Part
LP
,
6
.86
%
,
1/11/24
(a)
(f)
...................................
4,300,000
4,291,011
Marathon
Oil
Corp.
,
6
.05
%
,
1/2/24
(a)
(f)
......................................
5,000,000
4,996,986
Ovintiv,
Inc.
,
6
.12
%
,
1/16/24
(a)
(f)
...........................................
5,000,000
4,984,414
Targa
Resources
Corp.
,
8
.62
%
,
1/4/24
(a)
(f)
....................................
3,500,000
3,496,651
Western
Midstream
Operating
LP
,
10
.20
%
,
1/3/24
(a)
(f)
............................
2,000,000
1,998,302
Western
Midstream
Operating
LP
,
7
.25
%
,
1/12/24
(a)
(f)
............................
2,100,000
2,094,940
Western
Midstream
Operating
LP
,
6
.81
%
,
1/23/24
(a)
(f)
............................
1,200,000
1,194,802
23,656,435
Financials
(0.8%):
Hyundai
Capital
America,
Inc.
,
1/4/24
(a)
(f)
....................................
500,000
499,550
Nissan
Motor
Acceptance
,
8
.60
%
,
1/4/24
(a)
(f)
..................................
3,800,000
3,796,372
4,295,922
Industrials
(2.8%):
Aviation
Capital
Group
LLC
,
5
.88
%
,
1/3/24
(a)
(f)
................................
2,000,000
1,998,470
Aviation
Captial
Group
LLC
,
7
.72
%
,
1/5/24
(a)
(f)
................................
3,300,000
3,296,464
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
17
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Global
Payments,
Inc.
,
11
.97
%
,
1/2/24
(a)
(f)
....................................
$
3,400,000
$
3,397,740
Global
Payments,
Inc.
,
5
.99
%
,
1/10/24
(a)
(f)
....................................
2,000,000
1,995,935
Quanta
Services,
Inc.
,
6
.53
%
,
1/17/24
(a)
(f)
....................................
3,062,000
3,052,582
Stanley
Black
&
Decker
,
5
.93
%
,
1/24/24
(a)
(f)
..................................
1,700,000
1,693,301
15,434,492
Information
Technology
(0.7%):
Arrow
Electronics,
Inc.
,
5
.76
%
,
1/9/24
(a)
(f)
....................................
4,000,000
3,992,916
Materials
(1.0%):
Cabot
Corp.
,
11
.09
%
,
1/2/24
(a)
(f)
...........................................
1,000,000
999,384
FMC
Corp.
,
7
.59
%
,
1/8/24
(a)
(f)
............................................
1,000,000
998,316
FMC
Corp.
,
6
.01
%
,
1/2/24
(a)
(f)
............................................
3,600,000
3,597,580
5,595,280
Utilities
(1.0%):
Arizona
Public
Service
,
5
.40
%
,
1/3/24
(a)
(f)
....................................
5,400,000
5,395,932
Total
Commercial
Paper
(Cost
$63,797,083)
63,767,206
Shares
Collateral
for
Securities
Loaned
(0.6%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(g)
........
759,013
759,013
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(g)
............
759,013
759,013
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(g)
...............
759,013
759,013
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(g)
.
759,013
759,013
Total
Collateral
for
Securities
Loaned
(Cost
$3,036,052)
3,036,052
Total
Investments
(Cost
$551,546,416)
—
99.9%
551,353,912
Other
assets
in
excess
of
liabilities
—
0.1%
642,150
NET
ASSETS
-
100.00%
$
551,996,062
At
December
31,
2023,
the
Fund's
investments
in
foreign
securities
were
7.9%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
December
31,
2023,
the
fair
value
of
these
securities
was
$327,237,003
and
amounted
to
59.3%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
December
31,
2023.
(c)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
December
31,
2023.
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(f)
Rate
represents
the
effective
yield
at
December
31,
2023.
(g)
Rate
disclosed
is
the
daily
yield
on
December
31,
2023.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CLO
—
Collateralized
Loan
Obligations
CMO
—
Collateralized
Mortgage
Obligations
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
December
31,
2023.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
December
31,
2023.
H15T7Y
—
7
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
December
31,
2023.
LIBOR
—
London
Interbank
Offered
Rate
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of  December
31,
2023.
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
18
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
December
31,
2023.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
December
31,
2023.
TSFR1M
—
1
month
Term
SOFR,
rate
disclosed
as
of
December
31,
2023.
TSFR3M
—
3
month
Term
SOFR,
rate
disclosed
as
of
December
31,
2023.
US0003M
—
3
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
December
31,
2023,
based
on
the
last
reset
date
of
the
security.
USSW5
—
USD
5
Year
Swap
Rate,
rate
disclosed
as
of
December
31,
2023.
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
19
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Asset-Backed
Securities
(10.6%)
ABS
Auto
(6.4%):
American
Credit
Acceptance
Receivables
Trust
,
Series
2022-1
,
Class
C
,
2
.12
%
,
3/13/28
,
Callable
5/13/25
@
100
(a)
............................................
$
809,240
$
800,314
AmeriCredit
Automobile
Receivables
Trust
....................................
Series
2021-1
,
Class
D
,
1
.21
%
,
12/18/26
,
Callable
6/18/25
@
100
................
1,135,000
1,060,981
Series
2021-3
,
Class
B
,
1
.17
%
,
8/18/27
,
Callable
6/18/26
@
100
.................
1,000,000
948,814
ARI
Fleet
Lease
Trust
....................................................
Series
2022-A
,
Class
A3
,
3
.43
%
,
1/15/31
,
Callable
6/15/25
@
100
(a)
..............
762,000
744,339
Series
2022-A
,
Class
B
,
3
.79
%
,
1/15/31
,
Callable
6/15/25
@
100
(a)
...............
467,000
448,875
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2019-2A
,
Class
B
,
3
.55
%
,
9/22/25
,
Callable
10/20/24
@
100
(a)
.............
500,000
492,908
Series
2021-2A
,
Class
C
,
2
.35
%
,
2/20/28
,
Callable
2/20/27
@
100
(a)
..............
800,000
701,359
Series
2022-5A
,
Class
B
,
7
.09
%
,
4/20/27
(a)
................................
1,000,000
1,020,397
Series
2023-6A
,
Class
C
,
7
.03
%
,
12/20/29
(a)
...............................
1,000,000
995,997
CarMax
Auto
Owner
Trust
................................................
Series
2020-1
,
Class
B
,
2
.21
%
,
9/15/25
,
Callable
3/15/24
@
100
.................
1,275,000
1,265,076
Series
2020-2
,
Class
D
,
5
.75
%
,
5/17/27
,
Callable
5/15/24
@
100
.................
780,000
776,966
Series
2021-2
,
Class
B
,
1
.03
%
,
12/15/26
,
Callable
6/15/25
@
100
................
2,000,000
1,881,793
Series
2021-3
,
Class
D
,
1
.50
%
,
1/18/28
,
Callable
10/15/25
@
100
................
1,000,000
922,136
Series
2022-3
,
Class
C
,
4
.98
%
,
2/15/28
,
Callable
9/15/26
@
100
.................
1,090,000
1,079,271
Carvana
Auto
Receivables
Trust
,
Series
2021-P2
,
Class
B
,
1
.27
%
,
3/10/27
,
Callable
2/10/27
@
100
.............................................................
1,500,000
1,365,015
Chase
Auto
Owner
Trust
,
Series
2023-AA
,
Class
C
,
6
.24
%
,
9/25/29
,
Callable
1/25/28
@
100
(a)
...........................................................
875,000
883,729
Chesapeake
Funding
II
LLC
...............................................
Series
2023-1A
,
Class
B
,
5
.59
%
,
5/15/35
,
Callable
3/15/26
@
100
(a)
..............
882,000
881,184
Series
2023-2A
,
Class
A1
,
6
.16
%
,
10/15/35
,
Callable
7/15/26
@
100
(a)
............
1,191,855
1,202,342
Citizens
Auto
Receivables
Trust
............................................
Series
2023-1
,
Class
A3
,
5
.84
%
,
1/18/28
,
Callable
4/15/27
@
100
(a)
..............
1,000,000
1,014,431
Series
2023-1
,
Class
A4
,
5
.78
%
,
10/15/30
,
Callable
4/15/27
@
100
(a)
.............
1,000,000
1,024,156
CPS
Auto
Receivables
Trust
...............................................
Series
2022-A
,
Class
B
,
1
.70
%
,
4/16/29
,
Callable
5/15/26
@
100
(a)
...............
645,404
640,290
Series
2022-D
,
Class
B
,
6
.84
%
,
1/16/29
,
Callable
3/15/27
@
100
(a)
...............
2,000,000
2,020,184
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2021-2A
,
Class
B
,
1
.26
%
,
4/15/30
,
Callable
8/15/24
@
100
(a)
..............
1,038,000
1,020,434
Series
2022-3A
,
Class
B
,
7
.52
%
,
12/15/32
,
Callable
10/15/26
@
100
(a)
............
1,500,000
1,528,116
Series
2023-2A
,
Class
B
,
6
.61
%
,
7/15/33
,
Callable
12/15/26
@
100
(a)
.............
1,000,000
1,008,682
Series
2023-3A
,
Class
B
,
7
.09
%
,
10/17/33
,
Callable
3/15/27
@
100
(a)
.............
947,000
968,070
Donlen
Fleet
Lease
Funding
2
LLC
,
Series
2021-2
,
Class
B
,
0
.98
%
,
12/11/34
(a)
..........
1,327,000
1,282,402
Drive
Auto
Receivables
Trust
,
Series
2021-2
,
Class
D
,
1
.39
%
,
3/15/29
,
Callable
7/15/25
@
100
1,750,000
1,647,950
DT
Auto
Owner
Trust
,
Series
2020-1A
,
Class
E
,
3
.48
%
,
2/16/27
,
Callable
9/15/24
@
100
(a)
.
1,000,000
977,146
Ent
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
A4
,
6
.26
%
,
11/15/29
,
Callable
6/15/28
@
100
(a)
...........................................................
700,000
710,760
Enterprise
Fleet
Financing
LLC
.............................................
Series
2022-1
,
Class
A3
,
3
.27
%
,
1/20/28
,
Callable
7/20/25
@
100
(a)
..............
1,000,000
964,059
Series
2022-3
,
Class
A2
,
4
.38
%
,
7/20/29
,
Callable
4/20/26
@
100
(a)
..............
766,117
757,367
Series
2022-4
,
Class
A3
,
5
.65
%
,
10/22/29
,
Callable
7/20/26
@
100
(a)
.............
2,000,000
2,023,812
Series
2023-2
,
Class
A2
,
5
.56
%
,
4/22/30
,
Callable
2/20/27
@
100
(a)
..............
1,000,000
1,003,568
Series
2023-3
,
Class
A3
,
6
.41
%
,
6/20/30
,
Callable
9/20/27
@
100
(a)
..............
1,450,000
1,510,412
Exeter
Automobile
Receivables
Trust
.........................................
Series
2019-3A
,
Class
E
,
4
.00
%
,
8/17/26
,
Callable
4/15/24
@
100
(a)
..............
1,200,000
1,190,530
Series
2020-2A
,
Class
E
,
7
.19
%
,
9/15/27
,
Callable
1/15/25
@
100
(a)
..............
1,000,000
1,001,023
Series
2021-4A
,
Class
B
,
1
.05
%
,
5/15/26
,
Callable
12/15/25
@
100
...............
22,817
22,777
Flagship
Credit
Auto
Trust
................................................
Series
2020-2
,
Class
D
,
5
.75
%
,
4/15/26
,
Callable
6/15/25
@
100
(a)
...............
887,636
883,365
Series
2021-2
,
Class
D
,
1
.59
%
,
6/15/27
,
Callable
5/15/26
@
100
(a)
...............
1,000,000
908,964
Ford
Credit
Auto
Lease
Trust
,
Series
2023-A
,
Class
B
,
5
.29
%
,
6/15/26
,
Callable
8/15/25
@
100
.............................................................
800,000
794,823
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2020-1
,
Class
B
,
2
.29
%
,
8/15/31
,
Callable
2/15/25
@
100
(a)
...............
1,500,000
1,443,187
Series
2023-1
,
Class
B
,
5
.29
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
822,000
816,462
Series
2023-2
,
Class
B
,
5
.92
%
,
2/15/36
,
Callable
8/15/28
@
100
(a)
...............
1,000,000
1,019,240
Foursight
Capital
Automobile
Receivables
Trust
.................................
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
20
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Series
2022-1
,
Class
A3
,
1
.83
%
,
12/15/26
,
Callable
7/15/25
@
100
(a)
.............
$
964,569
$
950,814
Series
2023-1
,
Class
B
,
5
.35
%
,
3/15/28
,
Callable
7/15/26
@
100
(a)
...............
1,253,000
1,241,298
GECU
Auto
Receivables
Trust
.............................................
Series
2023-1A
,
Class
B
,
5
.87
%
,
1/15/30
,
Callable
9/15/28
@
100
(a)
..............
415,000
415,002
Series
2023-1A
,
Class
C
,
6
.33
%
,
4/15/30
,
Callable
9/15/28
@
100
(a)
..............
250,000
239,013
GLS
Auto
Receivables
Issuer
Trust
..........................................
Series
2019-2A
,
Class
D
,
4
.52
%
,
2/17/26
,
Callable
1/15/24
@
100
(a)
..............
865,472
864,688
Series
2019-3A
,
Class
D
,
3
.84
%
,
5/15/26
,
Callable
4/15/24
@
100
(a)
..............
1,500,000
1,490,335
GLS
Auto
Select
Receivables
Trust
,
Series
2023-2A
,
Class
B
,
6
.67
%
,
12/17/29
,
Callable
8/15/28
@
100
(a)
...................................................
2,755,000
2,835,147
GM
Financial
Automobile
Leasing
Trust
,
Series
2022-1
,
Class
C
,
2
.64
%
,
2/20/26
,
Callable
7/20/24
@
100
.....................................................
1,000,000
981,295
GM
Financial
Consumer
Automobile
Receivables
Trust
,
Series
2020-2
,
Class
A4
,
1
.74
%
,
8/18/25
,
Callable
1/16/24
@
100
........................................
468,004
467,329
GTE
Auto
Receivables
Trust
,
Series
2023-1
,
Class
A4
,
5
.12
%
,
4/16/29
,
Callable
9/15/26
@
100
(a)
...........................................................
1,250,000
1,232,534
Hertz
Vehicle
Financing
III
LLC
,
Series
2023-3A
,
Class
C
,
7
.26
%
,
2/25/28
(a)
...........
1,000,000
1,011,970
Hertz
Vehicle
Financing
III
LP
,
Series
2021-2A
,
Class
A
,
1
.68
%
,
12/27/27
(a)
............
1,000,000
904,620
Hertz
Vehicle
Financing
LLC
..............................................
Series
2021-1A
,
Class
C
,
2
.05
%
,
12/26/25
(a)
...............................
1,333,000
1,281,900
Series
2022-4A
,
Class
B
,
4
.12
%
,
9/25/26
,
Callable
9/25/25
@
100
(a)
..............
1,000,000
969,018
Hyundai
Auto
Receivables
Trust
............................................
Series
2020-C
,
Class
B
,
0
.81
%
,
11/16/26
,
Callable
3/15/25
@
100
................
1,271,000
1,211,220
Series
2021-C
,
Class
B
,
1
.49
%
,
12/15/27
,
Callable
4/15/26
@
100
................
2,000,000
1,853,010
JPMorgan
Chase
Bank
NA
................................................
Series
2021-1
,
Class
B
,
0
.88
%
,
9/25/28
,
Callable
5/25/25
@
100
(a)
...............
112,653
110,628
Series
2021-2
,
Class
B
,
0
.89
%
,
12/26/28
,
Callable
10/25/25
@
100
(a)
.............
124,703
121,904
LAD
Auto
Receivables
Trust
...............................................
Series
2021-1A
,
Class
A
,
1
.30
%
,
8/17/26
,
Callable
11/15/25
@
100
(a)
.............
253,177
249,995
Series
2021-1A
,
Class
C
,
2
.35
%
,
4/15/27
,
Callable
11/15/25
@
100
(a)
.............
1,500,000
1,432,246
Series
2022-1A
,
Class
B
,
5
.87
%
,
9/15/27
,
Callable
5/15/26
@
100
(a)
..............
1,600,000
1,592,366
Series
2023-1A
,
Class
B
,
5
.59
%
,
8/16/27
,
Callable
6/15/27
@
100
(a)
..............
600,000
599,505
Series
2023-2A
,
Class
C
,
5
.58
%
,
9/15/28
,
Callable
7/15/27
@
100
(a)
..............
1,000,000
996,647
Series
2023-3A
,
Class
B
,
6
.09
%
,
6/15/28
,
Callable
10/15/27
@
100
(a)
.............
1,000,000
1,010,121
Series
2023-4A
,
Class
B
,
6
.39
%
,
10/16/28
,
Callable
6/15/26
@
100
(a)
.............
1,500,000
1,527,560
Merchants
Fleet
Funding
LLC
..............................................
Series
2023-1A
,
Class
A
,
7
.21
%
,
5/20/36
(a)
................................
2,000,000
2,026,081
Series
2023-1A
,
Class
B
,
7
.25
%
,
5/20/36
(a)
................................
2,000,000
2,055,907
OCCU
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
B
,
6
.51
%
,
9/17/29
,
Callable
4/15/28
@
100
(a)
...........................................................
500,000
510,628
Oscar
U.S.
Funding
XIII
LLC
,
Series
2021-2A
,
Class
A4
,
1
.27
%
,
9/11/28
,
Callable
6/10/25
@
100
(a)
...........................................................
1,500,000
1,409,957
PenFed
Auto
Receivables
Owner
Trust
........................................
Series
2022-A
,
Class
A4
,
4
.18
%
,
12/15/28
,
Callable
3/15/26
@
100
(a)
.............
1,000,000
987,907
Series
2022-A
,
Class
B
,
4
.60
%
,
12/15/28
,
Callable
3/15/26
@
100
(a)
..............
1,499,000
1,477,638
Series
2022-A
,
Class
C
,
4
.83
%
,
12/15/28
,
Callable
3/15/26
@
100
(a)
..............
750,000
741,167
Prestige
Auto
Receivables
Trust
............................................
Series
2021-1A
,
Class
C
,
1
.53
%
,
2/15/28
,
Callable
7/15/26
@
100
(a)
..............
1,000,000
952,883
Series
2023-1A
,
Class
B
,
5
.55
%
,
4/15/27
(a)
................................
1,000,000
997,768
Series
2023-2A
,
Class
B
,
6
.64
%
,
12/15/27
(a)
...............................
750,000
762,510
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2022-A
,
Class
B
,
5
.28
%
,
5/15/32
,
Callable
1/15/26
@
100
(a)
...............
340,383
337,484
Series
2022-B
,
Class
C
,
5
.92
%
,
8/16/32
,
Callable
4/15/26
@
100
(a)
...............
334,805
333,687
Santander
Bank
NA
,
Series
2021-1A
,
Class
B
,
1
.83
%
,
12/15/31
,
Callable
9/15/25
@
100
(a)
..
492,550
479,858
Santander
Consumer
Auto
Receivables
Trust
...................................
Series
2020-AA
,
Class
D
,
5
.49
%
,
4/15/26
,
Callable
11/15/24
@
100
(a)
............
778,400
777,490
Series
2020-BA
,
Class
E
,
4
.13
%
,
1/15/27
,
Callable
7/15/25
@
100
(a)
..............
1,500,000
1,459,211
Santander
Drive
Auto
Receivables
Trust
,
Series
2022-3
,
Class
B
,
4
.13
%
,
8/16/27
,
Callable
4/15/26
@
100
.....................................................
1,062,000
1,048,012
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A
,
Class
A4
,
5
.70
%
,
8/15/29
,
Callable
2/15/28
@
100
(a)
.............
900,000
906,795
Series
2023-1A
,
Class
B
,
6
.08
%
,
11/15/29
,
Callable
2/15/28
@
100
(a)
.............
2,000,000
2,018,052
SFS
Auto
Receivables
Securitization
Trust
,
Series
2023-1A
,
Class
B
,
5
.71
%
,
1/22/30
,
Callable
8/20/27
@
100
(a)
...................................................
1,500,000
1,516,645
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
21
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Tesla
Auto
Lease
Trust
,
Series
2023-B
,
Class
A4
,
6
.22
%
,
3/22/27
,
Callable
1/20/26
@
100
(a)
$
802,000
$
818,067
Toyota
Auto
Loan
Extended
Note
Trust
.......................................
Series
2021-1A
,
Class
A
,
1
.07
%
,
2/27/34
,
Callable
2/25/26
@
100
(a)
(b)
............
2,000,000
1,841,291
Series
2022-1A
,
Class
A
,
3
.82
%
,
4/25/35
,
Callable
4/25/27
@
100
(a)
..............
2,000,000
1,939,073
Toyota
Auto
Receivables
Owner
Trust
,
Series
2023-A
,
Class
A3
,
4
.63
%
,
9/15/27
,
Callable
3/15/27
@
100
.....................................................
4,000,000
3,976,794
Toyota
Lease
Owner
Trust
,
Series
2023-A
,
Class
A4
,
5
.05
%
,
8/20/27
,
Callable
9/20/25
@
100
(a)
...........................................................
2,000,000
1,998,680
U.S.
Bank
NA
,
Series
2023-1
,
Class
B
,
6
.79
%
,
8/25/32
,
Callable
8/25/26
@
100
(a)
........
2,651,000
2,660,811
Veridian
Auto
Receivables
Trust
............................................
Series
2023-1A
,
Class
A4
,
5
.59
%
,
12/15/28
,
Callable
7/15/27
@
100
(a)
............
1,000,000
997,296
Series
2023-1A
,
Class
B
,
5
.86
%
,
4/16/29
,
Callable
7/15/27
@
100
(a)
..............
533,000
532,551
Westlake
Automobile
Receivables
Trust
.......................................
Series
2020-1A
,
Class
E
,
3
.31
%
,
10/15/25
,
Callable
2/15/24
@
100
(a)
.............
2,000,000
1,990,885
Series
2021-3A
,
Class
C
,
1
.58
%
,
1/15/27
,
Callable
9/15/25
@
100
(a)
..............
1,000,000
968,071
Series
2022-2A
,
Class
C
,
4
.85
%
,
9/15/27
,
Callable
3/15/26
@
100
(a)
..............
1,071,000
1,059,445
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2023-1A
,
Class
A
,
5
.80
%
,
4/18/38
(a)
................................
1,350,000
1,356,577
Series
2023-2A
,
Class
B
,
6
.75
%
,
8/18/38
(a)
................................
2,000,000
2,060,756
114,243,848
ABS
Card
(0.6%):
CARDS
II
Trust
,
Series
2021-1A
,
Class
A
,
0
.60
%
,
4/15/27
(a)
.......................
2,300,000
2,266,442
Evergreen
Credit
Card
Trust
...............................................
Series
2022-CRT1
,
Class
C
,
6
.19
%
,
7/15/26
(a)
..............................
1,500,000
1,491,418
Series
2022-CRT2
,
Class
C
,
7
.44
%
,
11/15/26
(a)
.............................
1,000,000
1,003,739
Master
Credit
Card
Trust
.................................................
Series
2021-1A
,
Class
B
,
0
.79
%
,
11/21/25
(a)
...............................
539,000
527,969
Series
2022-2A
,
Class
C
,
2
.73
%
,
7/21/28
(a)
................................
625,000
560,999
Master
Credit
Card
Trust
II
................................................
Series
2023-2A
,
Class
B
,
6
.26
%
,
1/21/27
(a)
................................
410,000
412,903
Series
2023-4A
,
Class
C
,
7
.53
%
,
10/21/32
(a)
...............................
1,145,000
1,203,274
Trillium
Credit
Card
Trust
II
...............................................
Series
2021-1A
,
Class
A
,
1
.53
%
,
10/26/29
(a)
...............................
2,000,000
1,830,365
Series
2021-1A
,
Class
C
,
2
.42
%
,
10/26/29
(a)
...............................
2,000,000
1,816,450
11,113,559
ABS
Other
(3.3%):
Aligned
Data
Centers
Issuer
LLC
,
Series
2021-1A
,
Class
A2
,
1
.94
%
,
8/15/46
,
Callable
8/15/24
@
100
(a)
.........................................................
1,500,000
1,344,139
Amur
Equipment
Finance
Receivables
IX
LLC
,
Series
2021-1A
,
Class
C
,
1
.75
%
,
6/21/27
,
Callable
11/20/24
@
100
(a)
...........................................
1,600,000
1,537,756
Amur
Equipment
Finance
Receivables
X
LLC
,
Series
2022-1A
,
Class
A2
,
1
.64
%
,
10/20/27
,
Callable
9/20/25
@
100
(a)
............................................
510,355
495,721
Amur
Equipment
Finance
Receivables
XI
LLC
,
Series
2022-2A
,
Class
A2
,
5
.30
%
,
6/21/28
,
Callable
6/20/26
@
100
(a)
............................................
1,097,286
1,093,690
Amur
Equipment
Finance
Receivables
XII
LLC
,
Series
2023-1A
,
Class
B
,
6
.03
%
,
12/20/29
,
Callable
5/20/27
@
100
(a)
............................................
1,125,000
1,126,827
Atalaya
Equipment
Leasing
Trust
,
Series
2021-1A
,
Class
B
,
2
.08
%
,
2/15/27
,
Callable
10/15/24
@
100
(a)
.........................................................
1,000,000
963,035
Auxilior
Term
Funding
LLC
...............................................
Series
2023-1A
,
Class
B
,
6
.05
%
,
6/17/30
,
Callable
2/15/28
@
100
(a)
..............
826,000
829,306
Series
2023-1A
,
Class
D
,
7
.27
%
,
12/16/30
,
Callable
2/15/28
@
100
(a)
.............
833,000
843,448
CCG
Receivables
Trust
...................................................
Series
2021-2
,
Class
C
,
1
.50
%
,
3/14/29
,
Callable
6/14/25
@
100
(a)
...............
1,000,000
940,027
Series
2023-1
,
Class
A2
,
5
.82
%
,
9/16/30
,
Callable
12/14/26
@
100
(a)
.............
991,813
997,267
Series
2023-2
,
Class
B
,
6
.21
%
,
4/14/32
,
Callable
12/14/27
@
100
(a)
..............
1,450,000
1,480,918
CF
Hippolyta
Issuer
LLC
,
Series
2021-1A
,
Class
A1
,
1
.53
%
,
3/15/61
,
Callable
3/15/24
@
100
(a)
...........................................................
1,413,671
1,263,560
Conn's
Receivables
Funding
LLC
...........................................
Series
2022-A
,
Class
B
,
9
.52
%
,
12/15/26
,
Callable
8/15/24
@
100
(a)
..............
714,251
716,280
Series
2023-A
,
Class
A
,
8
.01
%
,
1/17/28
,
Callable
4/15/24
@
100
(a)
...............
393,947
394,680
Daimler
Trucks
Retail
Trust
,
Series
2023-1
,
Class
A4
,
5
.93
%
,
12/16/30
,
Callable
11/15/26
@
100
.............................................................
1,680,000
1,718,533
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
22
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Dell
Equipment
Finance
Trust
..............................................
Series
2021-2
,
Class
C
,
0
.94
%
,
12/22/26
,
Callable
3/22/24
@
100
(a)
..............
$
2,000,000
$
1,974,725
Series
2023-1
,
Class
A3
,
5
.65
%
,
9/22/28
,
Callable
10/22/25
@
100
(a)
.............
1,000,000
1,005,791
Series
2023-3
,
Class
A3
,
5
.93
%
,
4/23/29
,
Callable
3/22/26
@
100
(a)
..............
1,594,000
1,623,190
Dext
ABS
LLC
,
Series
2023-2
,
Class
B
,
6
.41
%
,
5/15/34
,
Callable
3/15/27
@
100
(a)
.......
1,500,000
1,518,296
Diamond
Infrastructure
Funding
LLC
,
Series
2021-1A
,
Class
A
,
1
.76
%
,
4/15/49
,
Callable
9/20/25
@
100
(a)
...................................................
1,000,000
887,635
Diamond
Issuer
,
Series
2021-1A
,
Class
A
,
2
.31
%
,
11/20/51
,
Callable
11/20/25
@
100
(a)
....
1,125,000
991,071
DLLST
LLC
,
Series
2022-1A
,
Class
A4
,
3
.69
%
,
9/20/28
,
Callable
8/20/25
@
100
(a)
.......
2,000,000
1,964,706
ExteNet
LLC
,
Series
2019-1A
,
Class
A2
,
3
.20
%
,
7/25/49
,
Callable
1/25/24
@
100
(a)
......
500,000
488,524
FirstKey
Homes
Trust
,
Series
2021-SFR2
,
Class
B
,
1
.61
%
,
9/17/38
(a)
.................
1,153,846
1,031,414
Ford
Credit
Floorplan
Master
Owner
Trust
,
Series
2023-1
,
Class
C
,
5
.75
%
,
5/15/28
(a)
......
532,000
530,190
Granite
Park
Equipment
Leasing
LLC
,
Series
2023-1A
,
Class
B
,
6
.62
%
,
4/20/33
,
Callable
8/20/30
@
100
(a)
...................................................
1,634,000
1,679,715
HPEFS
Equipment
Trust
..................................................
Series
2021-1A
,
Class
D
,
1
.03
%
,
3/20/31
,
Callable
4/20/24
@
100
(a)
..............
4,274,792
4,220,570
Series
2022-1A
,
Class
C
,
1
.96
%
,
5/21/29
,
Callable
6/20/25
@
100
(a)
..............
2,000,000
1,931,167
Series
2023-2A
,
Class
C
,
6
.48
%
,
1/21/31
,
Callable
9/20/26
@
100
(a)
..............
1,250,000
1,263,177
John
Deere
Owner
Trust
,
Series
2022-A
,
Class
A4
,
2
.49
%
,
1/16/29
,
Callable
10/15/25
@
100
1,000,000
959,369
Kubota
Credit
Owner
Trust
,
Series
2022-1A
,
Class
A4
,
2
.78
%
,
2/15/28
,
Callable
2/15/26
@
100
(a)
...........................................................
2,000,000
1,909,878
M&T
Equipment
LEAF1
Notes
,
Series
2023-1A
,
Class
A4
,
5
.75
%
,
7/15/30
,
Callable
8/15/27
@
100
(a)
.........................................................
2,076,000
2,097,075
MMAF
Equipment
Finance
LLC
............................................
Series
2022-A
,
Class
A4
,
3
.32
%
,
6/13/44
(a)
................................
1,500,000
1,446,484
Series
2023-A
,
Class
A4
,
5
.50
%
,
12/13/38
(a)
...............................
750,000
759,624
MVW
LLC
,
Series
2021-1WA
,
Class
A
,
1
.14
%
,
1/22/41
,
Callable
3/20/27
@
100
(a)
.......
386,258
354,054
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
1,581,286
NP
SPE
II
LLC
........................................................
Series
2019-1A
,
Class
A2
,
3
.24
%
,
9/20/49
,
Callable
1/20/24
@
100
(a)
.............
498,295
463,653
Series
2019-2A
,
Class
C1
,
6
.44
%
,
11/19/49
,
Callable
1/19/24
@
100
(a)
............
554,167
518,202
Progress
Residential
Trust
,
Series
2021-SFR6
,
Class
A
,
1
.52
%
,
7/17/38
,
Callable
7/17/26
@
100
(a)
...........................................................
1,095,255
989,493
PSNH
Funding
LLC
,
Series
2018-1
,
Class
A3
,
3
.81
%
,
2/1/35
.......................
4,000,000
3,803,185
SCF
Equipment
Leasing
LLC
..............................................
Series
2020-1A
,
Class
B
,
2
.02
%
,
3/20/28
,
Callable
2/20/25
@
100
(a)
..............
1,436,013
1,420,096
Series
2022-2A
,
Class
B
,
6
.50
%
,
2/20/32
,
Callable
8/20/29
@
100
(a)
..............
1,071,429
1,088,025
Series
2023-1A
,
Class
B
,
6
.37
%
,
5/20/32
,
Callable
5/20/30
@
100
(a)
..............
1,243,000
1,265,378
Vantage
Data
Centers
Issuer
LLC
,
Series
2019-1A
,
Class
A2
,
3
.19
%
,
7/15/44
,
Callable
1/15/24
@
100
(a)
.........................................................
717,500
704,388
VB-S1
Issuer
LLC
......................................................
Series
2022-1A
,
Class
C2I
,
3
.16
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
............
1,000,000
901,540
Series
2022-1A
,
Class
D
,
4
.29
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
..............
500,000
450,561
Verdant
Receivables
LLC
,
Series
2023-1A
,
Class
A2
,
6
.24
%
,
1/13/31
,
Callable
3/12/27
@
100
(a)
...........................................................
1,207,000
1,217,772
WEPCO
Environmental
Trust
Finance
I
LLC
,
Series
2021-1
,
Class
A
,
1
.58
%
,
12/15/35
.....
1,225,141
1,048,900
59,834,321
Agency
ABS
Other
(0.3%):
Navient
Student
Loan
Trust
................................................
Series
2015-2
,
Class
B
,
6
.95
%
(
SOFR30A
+
161
bps
)
,
8/25/50
,
Callable
12/25/32
@
100
(c)
.......................................................
3,000,000
2,798,935
Series
2018-2A
,
Class
B
,
6
.60
%
(
SOFR30A
+
126
bps
)
,
3/25/67
,
Callable
4/25/36
@
100
(a)
(c)
.....................................................
1,000,000
885,589
Nelnet
Student
Loan
Trust
,
Series
2019-5
,
Class
A
,
2
.53
%
,
10/25/67
,
Callable
4/25/34
@
100
(a)
...........................................................
2,063,497
1,874,746
SLM
Student
Loan
Trust
..................................................
Series
2006-10
,
Class
B
,
5
.82
%
(
SOFR90A
+
48
bps
)
,
3/25/44
,
Callable
4/25/32
@
100
(c)
142,944
129,917
Series
2007-1
,
Class
B
,
5
.82
%
(
SOFR90A
+
48
bps
)
,
1/27/42
,
Callable
10/25/29
@
100
(c)
229,143
204,224
5,893,411
Total
Asset-Backed
Securities
(Cost
$193,878,241)
191,085,139
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
23
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Collateralized
Mortgage
Obligations
(3.9%)
Agency
CMO
Other
(0.4%):
Federal
Home
Loan
Mortgage
Corporation
,
Series
5270
,
Class
AB
,
5
.50
%
,
1/25/49
........
$
1,968,431
$
1,990,799
Federal
National
Mortgage
Association
,
Series
2022-88
,
Class
BA
,
5
.50
%
,
7/25/47
........
1,738,440
1,752,351
Government
National
Mortgage
Association
....................................
Series
2022-207
,
Class
NA
,
3
.00
%
,
1/20/52
................................
1,931,082
1,692,182
Series
2023-107
,
Class
PA
,
5
.50
%
,
1/20/46
................................
1,473,447
1,489,486
6,924,818
Agency
Commercial
MBS
(0.7%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
K087
,
Class
A2
,
3
.77
%
,
12/25/28
..................................
500,000
487,124
Series
K091
,
Class
A2
,
3
.51
%
,
3/25/29
...................................
1,250,000
1,201,505
Series
K095
,
Class
A2
,
2
.79
%
,
6/25/29
...................................
1,000,000
924,980
Series
K096
,
Class
A2
,
2
.52
%
,
7/25/29
,
Callable
7/25/29
@
100
.................
1,000,000
910,482
Series
K097
,
Class
A2
,
2
.51
%
,
7/25/29
...................................
2,000,000
1,817,235
Series
K100
,
Class
A2
,
2
.67
%
,
9/25/29
...................................
545,000
498,102
Series
K-1510
,
Class
A3
,
3
.79
%
,
1/25/34
,
Callable
1/25/34
@
100
................
1,000,000
946,543
Series
K-1512
,
Class
A3
,
3
.06
%
,
4/25/34
..................................
1,000,000
879,450
Series
K159
,
Class
A2
,
3
.95
%
,
11/25/30
(b)
................................
500,000
485,150
Series
KG02
,
Class
A2
,
2
.41
%
,
8/25/29
,
Callable
8/25/29
@
100
.................
909,000
823,994
Series
KIR3
,
Class
A2
,
3
.28
%
,
8/25/27
,
Callable
8/25/27
@
100
.................
1,500,000
1,443,790
Federal
National
Mortgage
Association
.......................................
Series
2018-M4
,
Class
A2
,
3
.06
%
,
3/25/28
(b)
...............................
379,604
362,354
Series
2019-M1
,
Class
A2
,
3
.55
%
,
9/25/28
(b)
...............................
652,756
632,480
Series
2019-M12
,
Class
A2
,
2
.89
%
,
6/25/29
(b)
..............................
981,933
913,613
12,326,802
Commercial
MBS
(2.8%):
Arbor
Multifamily
Mortgage
Securities
Trust
,
Series
2022-MF4
,
Class
A5
,
3
.29
%
,
2/15/55
,
Callable
2/15/32
@
100
(a)
(b)
..........................................
2,000,000
1,794,334
Aventura
Mall
Trust
.....................................................
Series
2018-AVM
,
Class
A
,
4
.11
%
,
7/5/40
(a)
(b)
.............................
1,740,000
1,650,024
Series
2018-AVM
,
Class
C
,
4
.11
%
,
7/5/40
(a)
(b)
.............................
1,000,000
896,501
Series
2018-AVM
,
Class
D
,
4
.11
%
,
7/5/40
(a)
(b)
.............................
1,000,000
862,174
BBCMS
Mortgage
Trust
,
Series
2022-C16
,
Class
AS
,
4
.60
%
,
6/15/55
,
Callable
6/15/32
@
100
(b)
...........................................................
540,540
494,847
Benchmark
Mortgage
Trust
,
Series
2020-B17
,
Class
ASB
,
2
.18
%
,
3/15/53
,
Callable
3/15/30
@
100
.............................................................
1,000,000
902,509
BPR
Trust
............................................................
Series
2021-TY
,
Class
A
,
6
.53
%
(
TSFR1M
+
116
bps
)
,
9/15/38
(a)
(c)
...............
865,000
837,460
Series
2022-OANA
,
Class
B
,
7
.81
%
(
TSFR1M
+
245
bps
)
,
4/15/37
(a)
(c)
............
2,000,000
1,961,021
Series
2022-OANA
,
Class
D
,
9
.06
%
(
TSFR1M
+
370
bps
)
,
4/15/37
(a)
(c)
............
1,000,000
958,635
Series
2022-STAR
,
Class
A
,
8
.59
%
(
TSFR1M
+
323
bps
)
,
8/15/24
(a)
(c)
.............
2,690,909
2,696,120
BX
Commercial
Mortgage
Trust
............................................
Series
2019-XL
,
Class
B
,
6
.56
%
(
TSFR1M
+
119
bps
)
,
10/15/36
(a)
(c)
..............
218,450
217,409
Series
2019-XL
,
Class
C
,
6
.73
%
(
TSFR1M
+
136
bps
)
,
10/15/36
(a)
(c)
..............
566,950
563,760
Series
2019-XL
,
Class
D
,
6
.93
%
(
TSFR1M
+
156
bps
)
,
10/15/36
(a)
(c)
..............
1,015,750
1,009,356
Series
2022-CSMO
,
Class
B
,
8
.50
%
(
TSFR1M
+
314
bps
)
,
6/15/27
(a)
(c)
............
1,500,000
1,503,485
BX
Trust
.............................................................
Series
2019-OC11
,
Class
A
,
3
.20
%
,
12/9/41
,
Callable
12/9/29
@
100
(a)
............
923,077
814,532
Series
2022-CLS
,
Class
B
,
6
.30
%
,
10/13/27
(a)
..............................
2,000,000
1,845,754
BXP
Trust
............................................................
Series
2021-601L
,
Class
B
,
2
.78
%
,
1/15/44
(a)
(b)
............................
550,000
406,171
Series
2021-601L
,
Class
C
,
2
.78
%
,
1/15/44
(a)
(b)
............................
1,500,000
1,031,973
Series
2021-601L
,
Class
D
,
2
.78
%
,
1/15/44
(a)
(b)
............................
500,000
306,238
Citigroup
Commercial
Mortgage
Trust
........................................
Series
2017-P8
,
Class
AS
,
3
.79
%
,
9/15/50
,
Callable
9/15/27
@
100
(b)
.............
500,000
457,661
Series
2019-SMRT
,
Class
C
,
4
.68
%
,
1/10/36
(a)
.............................
500,000
500,000
Series
2020-555
,
Class
A
,
2
.65
%
,
12/10/41
(a)
..............................
2,000,000
1,651,099
Series
2020-GC46
,
Class
AAB
,
2
.61
%
,
2/15/53
,
Callable
2/15/30
@
100
...........
732,000
672,356
COMM
Mortgage
Trust
..................................................
Series
2014-277P
,
Class
A
,
3
.61
%
,
8/10/49
,
Callable
8/10/24
@
100
(a)
(b)
..........
2,420,000
2,231,536
Series
2015-LC23
,
Class
AM
,
4
.16
%
,
10/10/48
,
Callable
11/10/25
@
100
(b)
........
250,000
238,080
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
24
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Series
2015-PC1
,
Class
AM
,
4
.29
%
,
7/10/50
,
Callable
6/10/25
@
100
(b)
...........
$
1,750,000
$
1,687,713
Series
2015-PC1
,
Class
B
,
4
.28
%
,
7/10/50
,
Callable
6/10/25
@
100
(b)
.............
865,000
811,022
Series
2020-CX
,
Class
A
,
2
.17
%
,
11/10/46
,
Callable
11/10/30
@
100
(a)
............
1,500,000
1,217,316
CSMC
,
Series
2019-UVIL
,
Class
A
,
3
.16
%
,
12/15/41
(a)
...........................
2,252,000
1,961,504
DBJPM
Mortgage
Trust
,
Series
2016-SFC
,
Class
A
,
2
.83
%
,
8/10/36
,
Callable
8/10/26
@
100
(a)
...........................................................
1,750,000
761,598
Extended
Stay
America
Trust
,
Series
2021-ESH
,
Class
B
,
6
.86
%
(
TSFR1M
+
149
bps
)
,
7/15/38
(a)
(c)
......................................................
726,009
714,976
GS
Mortgage
Securities
Corp.
II
,
Series
2023-SHIP
,
Class
B
,
4
.94
%
,
9/10/38
(a)
(b)
........
1,080,000
1,049,839
GS
Mortgage
Securities
Corp.
Trust
,
Series
2017-GPTX
,
Class
A
,
2
.86
%
,
5/10/34
(a)
.......
968,963
701,804
Houston
Galleria
Mall
Trust
,
Series
2015-HGLR
,
Class
A1A2
,
3
.09
%
,
3/5/37
(a)
..........
1,500,000
1,434,991
Hudson
Yards
Mortgage
Trust
..............................................
Series
2016-10HY
,
Class
A
,
2
.84
%
,
8/10/38
,
Callable
8/10/26
@
100
(a)
............
1,000,000
928,550
Series
2019-55HY
,
Class
A
,
2
.94
%
,
12/10/41
(a)
(b)
...........................
535,000
462,924
ILPT
Commercial
Mortgage
Trust
...........................................
Series
2022-LPF2
,
Class
B
,
8
.11
%
(
TSFR1M
+
274
bps
)
,
10/15/39
(a)
(c)
.............
2,000,000
1,979,937
Series
2022-LPFX
,
Class
A
,
3
.38
%
,
3/15/32
(a)
..............................
2,000,000
1,676,304
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
Series
2021-2NU
,
Class
B
,
2
.08
%
,
1/5/40
(a)
(b)
.......................................................
1,000,000
757,645
Manhattan
West
Mortgage
Trust
,
Series
2020-1MW
,
Class
A
,
2
.13
%
,
9/10/39
(a)
..........
750,000
662,225
MHC
Commercial
Mortgage
Trust
,
Series
2021-MHC
,
Class
A
,
6
.28
%
(
TSFR1M
+
92
bps
)
,
4/15/38
(a)
(c)
......................................................
2,112,504
2,088,462
Morgan
Stanley
Capital
I
Trust
,
Series
2021-PLZA
,
Class
B
,
2
.81
%
,
11/9/43
(a)
..........
1,000,000
643,965
SCOTT
Trust
,
Series
2023-SFS
,
Class
A
,
5
.91
%
,
3/15/40
(a)
........................
1,000,000
999,065
SLG
Office
Trust
,
Series
2021-OVA
,
Class
A
,
2
.59
%
,
7/15/41
(a)
.....................
800,000
661,264
SMRT
,
Series
2022-MINI
,
Class
B
,
6
.71
%
(
TSFR1M
+
135
bps
)
,
1/15/39
(a)
(c)
............
1,500,000
1,462,916
SREIT
Trust
,
Series
2021-MFP2
,
Class
B
,
6
.65
%
(
TSFR1M
+
129
bps
)
,
11/15/36
(a)
(c)
......
1,500,000
1,472,853
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2018-AUS
,
Class
A
,
4
.06
%
,
8/17/36
(a)
(b)
..
250,000
230,176
50,870,084
Total
Collateralized
Mortgage
Obligations
(Cost
$76,131,776)
70,121,704
Corporate
Bonds
(23.5%)
Communication
Services
(1.2%):
AT&T,
Inc.
,
3
.10
%
,
2/1/43
,
Callable
8/1/42
@
100
(d)
.............................
2,000,000
1,507,393
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
3
.75
%
,
2/15/28
,
Callable
11/15/27
@
100
..................................
500,000
472,406
2
.25
%
,
1/15/29
,
Callable
11/15/28
@
100
..................................
2,000,000
1,736,331
2
.30
%
,
2/1/32
,
Callable
11/1/31
@
100
...................................
2,500,000
1,990,660
5
.38
%
,
4/1/38
,
Callable
10/1/37
@
100
...................................
750,000
678,124
Comcast
Corp.
3
.55
%
,
5/1/28
,
Callable
2/1/28
@
100
....................................
750,000
724,021
2
.89
%
,
11/1/51
,
Callable
5/1/51
@
100
...................................
1,250,000
846,511
Paramount
Global
3
.38
%
,
2/15/28
,
Callable
11/15/27
@
100
..................................
444,000
405,807
4
.20
%
,
6/1/29
,
Callable
3/1/29
@
100
....................................
1,250,000
1,169,478
T-Mobile
US,
Inc.
4
.75
%
,
2/1/28
,
Callable
1/16/24
@
102.38
.................................
643,000
640,502
3
.88
%
,
4/15/30
,
Callable
1/15/30
@
100
..................................
1,000,000
949,389
2
.25
%
,
11/15/31
,
Callable
8/15/31
@
100
..................................
4,500,000
3,744,423
Verizon
Communications,
Inc.
3
.40
%
,
3/22/41
,
Callable
9/22/40
@
100
..................................
4,000,000
3,193,189
3
.55
%
,
3/22/51
,
Callable
9/22/50
@
100
..................................
1,500,000
1,157,233
Warnermedia
Holdings,
Inc.
4
.05
%
,
3/15/29
,
Callable
1/15/29
@
100
..................................
2,000,000
1,896,442
4
.28
%
,
3/15/32
,
Callable
12/15/31
@
100
.................................
1,000,000
914,866
22,026,775
Consumer
Discretionary
(1.4%):
Advance
Auto
Parts,
Inc.
,
3
.50
%
,
3/15/32
,
Callable
12/15/31
@
100
...................
2,000,000
1,653,539
AutoNation,
Inc.
,
2
.40
%
,
8/1/31
,
Callable
5/1/31
@
100
...........................
3,000,000
2,416,739
Brunswick
Corp.
,
2
.40
%
,
8/18/31
,
Callable
5/18/31
@
100
.........................
1,500,000
1,210,716
Daimler
Truck
Finance
North
America
LLC
,
2
.38
%
,
12/14/28
(a)
.....................
1,050,000
933,739
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
25
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Genuine
Parts
Co.
2
.75
%
,
2/1/32
,
Callable
11/1/31
@
100
...................................
$
1,000,000
$
836,653
6
.88
%
,
11/1/33
,
Callable
8/1/33
@
100
...................................
952,000
1,057,466
Hasbro,
Inc.
,
3
.90
%
,
11/19/29
,
Callable
8/19/29
@
100
............................
3,500,000
3,262,032
Kohl's
Corp.
,
4
.63
%
,
5/1/31
,
Callable
2/1/31
@
100
..............................
1,500,000
1,185,083
Marriott
International,
Inc.
,
3
.50
%
,
10/15/32
,
Callable
7/15/32
@
100
.................
1,000,000
891,656
Mercedes-Benz
Finance
North
America
LLC
,
3
.45
%
,
1/6/27
(a)
......................
1,000,000
966,740
Newell
Brands,
Inc.
,
5
.20
%
,
4/1/26
,
Callable
1/1/26
@
100
.........................
500,000
492,324
Nordstrom,
Inc.
,
4
.25
%
,
8/1/31
,
Callable
5/1/31
@
100
............................
750,000
624,380
Novant
Health,
Inc.
,
2
.64
%
,
11/1/36
,
Callable
8/1/36
@
100
........................
2,000,000
1,541,633
O'Reilly
Automotive,
Inc.
,
4
.20
%
,
4/1/30
,
Callable
1/1/30
@
100
.....................
1,000,000
964,930
Resorts
World
Las
Vegas
LLC/RWLV
Capital,
Inc.
,
4
.63
%
,
4/6/31
,
Callable
1/6/31
@
100
(a)
.
1,300,000
1,077,968
Tapestry,
Inc.
,
7
.85
%
,
11/27/33
,
Callable
8/27/33
@
100
...........................
1,500,000
1,601,717
The
Home
Depot,
Inc.
,
2
.38
%
,
3/15/51
,
Callable
9/15/50
@
100
.....................
1,400,000
889,155
Tractor
Supply
Co.
1
.75
%
,
11/1/30
,
Callable
8/1/30
@
100
...................................
1,000,000
820,101
5
.25
%
,
5/15/33
,
Callable
2/15/33
@
100
..................................
750,000
769,636
Volkswagen
Group
of
America
Finance
LLC
4
.60
%
,
6/8/29
,
Callable
4/8/29
@
100
(a)
..................................
1,500,000
1,467,713
6
.45
%
,
11/16/30
,
Callable
9/16/30
@
100
(a)
................................
1,500,000
1,596,809
26,260,729
Consumer
Staples
(1.9%):
7-Eleven,
Inc.
1
.80
%
,
2/10/31
,
Callable
11/10/30
@
100
(a)
................................
1,500,000
1,218,980
2
.80
%
,
2/10/51
,
Callable
8/2/50
@
100
(a)
.................................
1,000,000
643,498
Altria
Group,
Inc.
,
2
.45
%
,
2/4/32
,
Callable
11/4/31
@
100
..........................
1,500,000
1,225,422
Anheuser-Busch
InBev
Worldwide,
Inc.
4
.38
%
,
4/15/38
,
Callable
10/15/37
@
100
.................................
1,500,000
1,424,910
5
.45
%
,
1/23/39
,
Callable
7/23/38
@
100
..................................
500,000
527,542
4
.35
%
,
6/1/40
,
Callable
12/1/39
@
100
...................................
1,000,000
935,751
BAT
Capital
Corp.
2
.73
%
,
3/25/31
,
Callable
12/25/30
@
100
.................................
1,000,000
838,843
7
.75
%
,
10/19/32
,
Callable
7/19/32
@
100
.................................
1,000,000
1,128,028
4
.39
%
,
8/15/37
,
Callable
2/15/37
@
100
..................................
1,250,000
1,048,281
Bunge
Ltd.
Finance
Corp.
,
2
.75
%
,
5/14/31
,
Callable
2/14/31
@
100
...................
2,000,000
1,740,445
Cargill,
Inc.
2
.13
%
,
11/10/31
,
Callable
8/10/31
@
100
(a)
................................
1,000,000
834,040
5
.13
%
,
10/11/32
,
Callable
7/11/32
@
100
(a)
................................
1,500,000
1,539,101
Church
&
Dwight
Co.,
Inc.
,
2
.30
%
,
12/15/31
,
Callable
9/15/31
@
100
.................
1,000,000
849,124
Constellation
Brands,
Inc.
,
2
.25
%
,
8/1/31
,
Callable
5/1/31
@
100
.....................
1,000,000
841,166
Dollar
General
Corp.
,
5
.45
%
,
7/5/33
,
Callable
4/5/33
@
100
(d)
......................
1,250,000
1,274,547
General
Mills,
Inc.
,
4
.55
%
,
4/17/38
,
Callable
10/17/37
@
100
.......................
1,000,000
932,778
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
Luxembourg
SARL
,
6
.75
%
,
3/15/34
,
Callable
12/15/33
@
100
(a)
..................................................
1,500,000
1,578,186
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
2
.50
%
,
1/15/27
,
Callable
12/15/26
@
100
.................................
1,500,000
1,380,669
3
.00
%
,
2/2/29
,
Callable
12/2/28
@
100
...................................
750,000
659,402
Keurig
Dr
Pepper,
Inc.
3
.95
%
,
4/15/29
,
Callable
2/15/29
@
100
..................................
750,000
730,915
2
.25
%
,
3/15/31
,
Callable
12/15/30
@
100
.................................
1,000,000
854,389
4
.50
%
,
4/15/52
,
Callable
10/15/51
@
100
.................................
1,000,000
914,856
Kraft
Heinz
Foods
Co.
,
5
.00
%
,
6/4/42
........................................
1,000,000
966,589
Mars,
Inc.
,
3
.88
%
,
4/1/39
,
Callable
10/1/38
@
100
(a)
.............................
1,000,000
877,192
McCormick
&
Co.,
Inc.
,
1
.85
%
,
2/15/31
,
Callable
11/15/30
@
100
...................
1,000,000
822,799
Philip
Morris
International,
Inc.
,
5
.38
%
,
2/15/33
,
Callable
11/15/32
@
100
..............
2,000,000
2,052,409
Sodexo,
Inc.
,
2
.72
%
,
4/16/31
,
Callable
1/16/31
@
100
(a)
..........................
3,000,000
2,550,453
Sysco
Corp.
,
2
.45
%
,
12/14/31
,
Callable
9/14/31
@
100
............................
1,500,000
1,269,508
The
Coca-Cola
Co.
,
2
.00
%
,
3/5/31
...........................................
2,000,000
1,726,542
The
J.M.
Smucker
Co.
,
6
.20
%
,
11/15/33
,
Callable
8/15/33
@
100
....................
900,000
981,727
Walgreens
Boots
Alliance,
Inc.
,
4
.10
%
,
4/15/50
,
Callable
10/15/49
@
100
..............
1,000,000
725,902
35,093,994
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
26
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Energy
(1.5%):
Apache
Corp.
,
4
.25
%
,
1/15/44
,
Callable
7/15/43
@
100
............................
$
1,500,000
$
1,044,603
Boardwalk
Pipelines
LP
4
.45
%
,
7/15/27
,
Callable
4/15/27
@
100
..................................
500,000
489,860
4
.80
%
,
5/3/29
,
Callable
2/3/29
@
100
....................................
500,000
491,038
3
.60
%
,
9/1/32
,
Callable
6/1/32
@
100
....................................
1,000,000
888,123
Buckeye
Partners
LP
,
4
.13
%
,
12/1/27
,
Callable
9/1/27
@
100
.......................
1,000,000
953,753
Cameron
LNG
LLC
,
3
.30
%
,
1/15/35
,
Callable
9/15/34
@
100
(a)
.....................
1,091,000
930,014
Columbia
Pipelines
Operating
Co.
LLC
,
6
.04
%
,
11/15/33
,
Callable
8/15/33
@
100
(a)
......
1,500,000
1,572,505
ConocoPhillips
Co.
,
5
.55
%
,
3/15/54
,
Callable
9/15/53
@
100
.......................
1,500,000
1,596,654
Energy
Transfer
LP
6
.50
%
(
H15T5Y
+
569
bps
)
,
Callable
11/15/26
@
100
(c)
(e)
......................
1,000,000
950,601
4
.15
%
,
9/15/29
,
Callable
6/15/29
@
100
..................................
1,000,000
953,423
EQT
Corp.
,
7
.00
%
,
2/1/30
,
Callable
11/1/29
@
100
..............................
514,000
551,529
Florida
Gas
Transmission
Co.
LLC
,
2
.55
%
,
7/1/30
,
Callable
4/1/30
@
100
(a)
............
1,500,000
1,284,577
Gray
Oak
Pipeline
LLC
,
3
.45
%
,
10/15/27
,
Callable
8/15/27
@
100
(a)
.................
1,334,000
1,241,698
Helmerich
&
Payne,
Inc.
,
2
.90
%
,
9/29/31
,
Callable
6/29/31
@
100
....................
500,000
419,630
HF
Sinclair
Corp.
,
4
.50
%
,
10/1/30
,
Callable
7/1/30
@
100
..........................
2,000,000
1,869,112
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
,
6
.25
%
,
11/1/28
,
Callable
2/5/24
@
103.13
(a)
....
1,000,000
998,065
MPLX
LP
4
.25
%
,
12/1/27
,
Callable
9/1/27
@
100
...................................
500,000
488,530
4
.00
%
,
3/15/28
,
Callable
12/15/27
@
100
.................................
750,000
723,851
4
.80
%
,
2/15/29
,
Callable
11/15/28
@
100
..................................
250,000
248,423
Murphy
Oil
USA,
Inc.
4
.75
%
,
9/15/29
,
Callable
9/15/24
@
102.38
................................
1,000,000
949,653
3
.75
%
,
2/15/31
,
Callable
2/15/26
@
101.88
(a)
..............................
235,000
205,904
Occidental
Petroleum
Corp.
,
4
.40
%
,
8/15/49
,
Callable
2/15/49
@
100
.................
1,250,000
935,737
Patterson-UTI
Energy,
Inc.
,
7
.15
%
,
10/1/33
,
Callable
7/1/33
@
100
...................
1,000,000
1,060,142
Phillips
66
Co.
,
4
.90
%
,
10/1/46
,
Callable
4/1/46
@
100
............................
1,000,000
936,135
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
3
.55
%
,
12/15/29
,
Callable
9/15/29
@
100
.................................
2,280,000
2,099,070
4
.70
%
,
6/15/44
,
Callable
12/15/43
@
100
.................................
500,000
418,690
Rockies
Express
Pipeline
LLC
,
4
.95
%
,
7/15/29
,
Callable
4/15/29
@
100
(a)
.............
1,000,000
957,446
Western
Midstream
Operating
LP
4
.05
%
,
2/1/30
,
Callable
11/1/29
@
100
...................................
1,000,000
936,454
5
.25
%
,
2/1/50
,
Callable
8/1/49
@
100
....................................
500,000
446,606
26,641,826
Financials
(6.7%):
Ally
Financial,
Inc.
7
.10
%
,
11/15/27
,
Callable
10/15/27
@
100
.................................
833,000
868,225
6
.99
%
(
SOFR
+
326
bps
)
,
6/13/29
,
Callable
6/13/28
@
100
(c)
....................
1,585,000
1,639,497
American
Express
Co.
,
4
.99
%
(
SOFR
+
226
bps
)
,
5/26/33
,
Callable
2/26/32
@
100
(c)
.......
1,500,000
1,496,214
AmFam
Holdings,
Inc.
,
2
.81
%
,
3/11/31
,
Callable
12/11/30
@
100
(a)
..................
1,000,000
767,792
Assurant,
Inc.
6
.10
%
,
2/27/26
,
Callable
1/27/26
@
100
..................................
882,000
888,923
2
.65
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
1,000,000
809,985
Bank
of
America
Corp.
6
.10
%
(
TSFR3M
+
416
bps
)
,
Callable
3/17/25
@
100
(c)
(e)
......................
1,000,000
995,933
4
.38
%
(
H15T5Y
+
276
bps
)
,
Callable
1/27/27
@
100
(c)
(e)
......................
1,000,000
894,744
1
.66
%
(
SOFR
+
91
bps
)
,
3/11/27
,
Callable
3/11/26
@
100
(c)
.....................
500,000
462,551
2
.57
%
(
SOFR
+
121
bps
)
,
10/20/32
,
Callable
10/20/31
@
100
(c)
..................
4,000,000
3,318,312
2
.48
%
(
H15T5Y
+
120
bps
)
,
9/21/36
,
Callable
9/21/31
@
100
(c)
..................
1,000,000
793,434
Belrose
Funding
Trust
,
2
.33
%
,
8/15/30
,
Callable
5/15/30
@
100
(a)
...................
1,000,000
798,942
Blackstone
Private
Credit
Fund
,
2
.63
%
,
12/15/26
,
Callable
11/15/26
@
100
.............
1,290,000
1,168,896
Blue
Owl
Credit
Income
Corp.
5
.50
%
,
3/21/25
....................................................
500,000
492,731
3
.13
%
,
9/23/26
,
Callable
8/23/26
@
100
..................................
250,000
228,208
4
.70
%
,
2/8/27
,
Callable
1/8/27
@
100
....................................
1,125,000
1,063,951
Blue
Owl
Finance
LLC
,
3
.13
%
,
6/10/31
,
Callable
3/10/31
@
100
(a)
...................
1,000,000
822,777
BMW
US
Capital
LLC
,
3
.75
%
,
4/12/28
,
Callable
1/12/28
@
100
(a)
...................
1,000,000
967,900
Brown
&
Brown,
Inc.
,
4
.20
%
,
3/17/32
,
Callable
12/17/31
@
100
.....................
1,000,000
915,312
Cadence
Bank
,
4
.13
%
(
US0003M
+
247
bps
)
,
11/20/29
,
Callable
11/20/24
@
100
(c)
(d)
......
625,000
580,460
Capital
One
Financial
Corp.
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
27
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
3
.75
%
,
7/28/26
,
Callable
6/28/26
@
100
..................................
$
1,000,000
$
957,888
2
.36
%
(
SOFR
+
134
bps
)
,
7/29/32
,
Callable
7/29/31
@
100
(c)
....................
1,000,000
759,283
5
.82
%
(
SOFR
+
260
bps
)
,
2/1/34
,
Callable
2/1/33
@
100
(c)
......................
1,000,000
995,968
Citigroup,
Inc.
,
2
.52
%
(
SOFR
+
118
bps
)
,
11/3/32
,
Callable
11/3/31
@
100
(c)
.............
2,000,000
1,650,529
Citizens
Bank
NA
4
.12
%
(
SOFR
+
140
bps
)
,
5/23/25
,
Callable
5/23/24
@
100
(c)
....................
907,000
884,128
6
.06
%
(
SOFR
+
145
bps
)
,
10/24/25
,
Callable
10/24/24
@
100
(c)
..................
500,000
488,130
Citizens
Financial
Group,
Inc.
2
.50
%
,
2/6/30
,
Callable
11/6/29
@
100
...................................
2,000,000
1,679,368
5
.64
%
(
H15T5Y
+
275
bps
)
,
5/21/37
,
Callable
5/21/32
@
100
(c)
..................
1,000,000
924,634
Compeer
Financial
FLCA/Compeer
Financial
PCA
,
3
.37
%
(
SOFR
+
197
bps
)
,
6/1/36
,
Callable
6/1/31
@
100
(a)
(c)
..................................................
500,000
349,173
Credit
Acceptance
Corp.
,
6
.63
%
,
3/15/26
,
Callable
1/16/24
@
101.66
(d)
...............
500,000
499,141
Equitable
Holdings,
Inc.
,
4
.35
%
,
4/20/28
,
Callable
1/20/28
@
100
....................
1,000,000
966,876
F&G
Global
Funding
,
2
.00
%
,
9/20/28
(a)
......................................
2,000,000
1,699,701
Fells
Point
Funding
Trust
,
3
.05
%
,
1/31/27
,
Callable
12/31/26
@
100
(a)
................
1,750,000
1,650,130
Fifth
Third
Bancorp
3
.95
%
,
3/14/28
,
Callable
2/14/28
@
100
..................................
500,000
479,870
4
.34
%
(
SOFR
+
166
bps
)
,
4/25/33
,
Callable
4/25/32
@
100
(c)
....................
2,000,000
1,859,665
First
American
Financial
Corp.
,
2
.40
%
,
8/15/31
,
Callable
5/15/31
@
100
...............
3,025,000
2,390,620
First
Citizens
BancShares,
Inc.
,
3
.38
%
(
TSFR3M
+
247
bps
)
,
3/15/30
,
Callable
3/15/25
@
100
(c)
...........................................................
1,000,000
945,386
First
Horizon
Bank
,
5
.75
%
,
5/1/30
,
Callable
2/1/30
@
100
.........................
2,000,000
1,888,052
Fiserv,
Inc.
5
.60
%
,
3/2/33
,
Callable
12/2/32
@
100
...................................
1,500,000
1,568,284
5
.63
%
,
8/21/33
,
Callable
5/21/33
@
100
..................................
1,000,000
1,047,163
Ford
Motor
Credit
Co.
LLC
4
.54
%
,
8/1/26
,
Callable
6/1/26
@
100
....................................
1,000,000
969,243
2
.90
%
,
2/10/29
,
Callable
12/10/28
@
100
.................................
500,000
438,185
Glencore
Funding
LLC
1
.63
%
,
4/27/26
,
Callable
3/27/26
@
100
(a)
................................
700,000
648,334
2
.50
%
,
9/1/30
,
Callable
6/1/30
@
100
(a)
..................................
500,000
428,076
2
.85
%
,
4/27/31
,
Callable
1/27/31
@
100
(a)
................................
1,000,000
862,613
Global
Payments,
Inc.
2
.90
%
,
11/15/31
,
Callable
8/15/31
@
100
..................................
1,500,000
1,282,335
5
.40
%
,
8/15/32
,
Callable
5/15/32
@
100
..................................
1,000,000
1,010,508
Guardian
Life
Global
Funding
,
1
.40
%
,
7/6/27
(a)
.................................
2,000,000
1,788,938
Huntington
Bancshares,
Inc.
4
.44
%
(
SOFR
+
197
bps
)
,
8/4/28
,
Callable
8/4/27
@
100
(c)
......................
500,000
484,738
6
.21
%
(
SOFR
+
202
bps
)
,
8/21/29
,
Callable
8/21/28
@
100
(c)
....................
1,000,000
1,030,933
2
.49
%
(
H15T5Y
+
117
bps
)
,
8/15/36
,
Callable
8/15/31
@
100
(c)
..................
1,000,000
756,095
Hyundai
Capital
America
3
.40
%
,
6/20/24
(a)
..................................................
500,000
494,453
3
.50
%
,
11/2/26
,
Callable
9/2/26
@
100
(a)
.................................
500,000
476,562
ILFC
E-Capital
Trust
I
,
7
.19
%
(
TSFR3M
+
181
bps
)
,
12/21/65
,
Callable
2/5/24
@
100
(a)
(c)
..
500,000
371,765
JPMorgan
Chase
&
Co.
4
.60
%
(
TSFR3M
+
313
bps
)
,
Callable
2/1/25
@
100
(c)
(e)
.......................
1,000,000
963,277
2
.52
%
(
SOFR
+
204
bps
)
,
4/22/31
,
Callable
4/22/30
@
100
(c)
....................
3,000,000
2,596,240
1
.95
%
(
SOFR
+
107
bps
)
,
2/4/32
,
Callable
2/4/31
@
100
(c)
......................
4,000,000
3,255,526
5
.60
%
,
7/15/41
....................................................
750,000
796,710
KeyBank
NA
,
3
.90
%
,
4/13/29
..............................................
1,500,000
1,314,736
KeyCorp.
3
.88
%
(
SOFRINDX
+
125
bps
)
,
5/23/25
,
Callable
5/23/24
@
100
,
MTN
(c)
...........
500,000
488,834
2
.25
%
,
4/6/27
,
MTN
................................................
500,000
450,173
4
.79
%
(
SOFRINDX
+
206
bps
)
,
6/1/33
,
Callable
6/1/32
@
100
,
MTN
(c)
............
757,000
695,767
Lincoln
National
Corp.
,
3
.80
%
,
3/1/28
,
Callable
12/1/27
@
100
(d)
....................
500,000
480,146
Loews
Corp.
,
3
.20
%
,
5/15/30
,
Callable
2/15/30
@
100
............................
1,000,000
916,099
M&T
Bank
Corp.
,
5
.05
%
(
SOFR
+
185
bps
)
,
1/27/34
,
Callable
1/27/33
@
100
(c)
..........
1,750,000
1,657,916
Manufacturers
&
Traders
Trust
Co.
,
4
.65
%
,
1/27/26
,
Callable
12/27/25
@
100
...........
500,000
489,390
MassMutual
Global
Funding
II
,
1
.20
%
,
7/16/26
(a)
...............................
1,500,000
1,370,134
Mercury
General
Corp.
,
4
.40
%
,
3/15/27
,
Callable
12/15/26
@
100
....................
1,000,000
957,057
Metropolitan
Life
Global
Funding
I
,
2
.40
%
,
1/11/32
(a)
............................
2,000,000
1,659,118
Midwest
Connector
Capital
Co.
LLC
,
4
.63
%
,
4/1/29
,
Callable
1/1/29
@
100
(a)
...........
1,500,000
1,442,758
Morgan
Stanley
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
28
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
2
.51
%
(
SOFR
+
120
bps
)
,
10/20/32
,
Callable
10/20/31
@
100
,
MTN
(c)
.............
$
3,000,000
$
2,488,131
2
.48
%
(
SOFR
+
136
bps
)
,
9/16/36
,
Callable
9/16/31
@
100
(c)
....................
2,000,000
1,587,543
New
York
Community
Bancorp,
Inc.
,
8
.43
%
(
TSFR3M
+
304
bps
)
,
11/6/28
,
Callable
2/6/24
@
100
(c)
...........................................................
1,250,000
1,240,525
New
York
Life
Global
Funding
,
1
.85
%
,
8/1/31
(a)
................................
1,500,000
1,209,132
Northern
Trust
Corp.
,
6
.13
%
,
11/2/32
,
Callable
8/2/32
@
100
.......................
1,000,000
1,073,833
Pacific
Life
Global
Funding
II
,
1
.38
%
,
4/14/26
(a)
................................
2,000,000
1,847,878
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
1
.70
%
,
6/15/26
,
Callable
5/15/26
@
100
(a)
................................
1,000,000
919,290
6
.20
%
,
6/15/30
,
Callable
4/15/30
@
100
(a)
................................
1,000,000
1,049,050
Primerica,
Inc.
,
2
.80
%
,
11/19/31
,
Callable
8/19/31
@
100
..........................
1,750,000
1,480,574
Principal
Life
Global
Funding
II
,
1
.25
%
,
8/16/26
(a)
..............................
2,000,000
1,813,964
Protective
Life
Global
Funding
,
1
.90
%
,
7/6/28
(a)
(d)
..............................
2,000,000
1,771,748
Prudential
Financial,
Inc.
3
.94
%
,
12/7/49
,
Callable
6/7/49
@
100
...................................
1,000,000
824,898
6
.00
%
(
H15T5Y
+
323
bps
)
,
9/1/52
,
Callable
6/1/32
@
100
(c)
....................
1,000,000
997,145
Raymond
James
Financial,
Inc.
,
4
.95
%
,
7/15/46
.................................
1,000,000
934,312
Regions
Financial
Corp.
,
5
.75
%
(
H15T5Y
+
543
bps
)
,
Callable
6/15/25
@
100
(c)
(e)
........
595,000
578,488
Santander
Holdings
USA,
Inc.
4
.40
%
,
7/13/27
,
Callable
4/14/27
@
100
..................................
750,000
728,685
6
.57
%
(
SOFR
+
270
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(c)
....................
500,000
516,052
State
Street
Corp.
,
5
.16
%
(
SOFR
+
189
bps
)
,
5/18/34
,
Callable
5/18/33
@
100
(c)
..........
1,500,000
1,512,548
Stellantis
Finance
U.S.,
Inc.
,
2
.69
%
,
9/15/31
,
Callable
6/15/31
@
100
(a)
...............
1,200,000
1,006,154
Stewart
Information
Services
Corp.
,
3
.60
%
,
11/15/31
,
Callable
8/15/31
@
100
...........
2,250,000
1,751,980
Synchrony
Bank
,
5
.63
%
,
8/23/27
,
Callable
7/23/27
@
100
.........................
500,000
491,827
Synchrony
Financial
4
.50
%
,
7/23/25
,
Callable
4/23/25
@
100
..................................
500,000
488,504
5
.15
%
,
3/19/29
,
Callable
12/19/28
@
100
.................................
500,000
485,619
Synovus
Bank
,
4
.00
%
(
H15T5Y
+
363
bps
)
,
10/29/30
,
Callable
10/29/25
@
100
(c)
.........
500,000
405,630
Synovus
Financial
Corp.
,
5
.90
%
(
USSW5
+
338
bps
)
,
2/7/29
,
Callable
2/7/24
@
100
(c)
......
500,000
469,587
The
Bank
of
New
York
Mellon
Corp.
3
.75
%
(
H15T5Y
+
263
bps
)
,
Callable
12/20/26
@
100
(c)
(e)
......................
1,000,000
866,274
4
.70
%
(
H15T5Y
+
436
bps
)
,
Callable
9/20/25
@
100
(c)
(e)
......................
500,000
488,322
3
.99
%
(
SOFR
+
115
bps
)
,
6/13/28
,
Callable
6/13/27
@
100
,
MTN
(c)
...............
1,000,000
976,832
The
Charles
Schwab
Corp.
,
5
.85
%
(
SOFR
+
250
bps
)
,
5/19/34
,
Callable
5/19/33
@
100
(c)
....
1,350,000
1,391,624
The
Huntington
National
Bank
,
5
.65
%
,
1/10/30
,
Callable
11/10/29
@
100
..............
1,000,000
1,011,214
The
PNC
Financial
Services
Group,
Inc.
2
.55
%
,
1/22/30
,
Callable
10/24/29
@
100
.................................
1,500,000
1,312,501
4
.63
%
(
SOFRINDX
+
185
bps
)
,
6/6/33
,
Callable
6/6/32
@
100
(c)
.................
500,000
469,687
5
.94
%
(
SOFR
+
195
bps
)
,
8/18/34
,
Callable
8/18/33
@
100
(c)
....................
1,000,000
1,042,251
Truist
Bank
,
2
.25
%
,
3/11/30
,
Callable
12/11/29
@
100
............................
1,050,000
871,081
Truist
Financial
Corp.
,
4
.25
%
,
9/30/24
........................................
750,000
740,762
UL
Solutions,
Inc.
,
6
.50
%
,
10/20/28
,
Callable
9/20/28
@
100
(a)
.....................
2,000,000
2,101,388
US
Bancorp
5
.78
%
(
SOFR
+
202
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(c)
....................
750,000
770,340
2
.49
%
(
H15T5Y
+
95
bps
)
,
11/3/36
,
Callable
11/3/31
@
100
(c)
...................
1,500,000
1,174,803
W.R.
Berkley
Corp.
,
3
.55
%
,
3/30/52
,
Callable
9/30/51
@
100
.......................
1,172,000
843,405
Webster
Financial
Corp.
4
.38
%
,
2/15/24
,
Callable
2/5/24
@
100
...................................
1,000,000
990,292
4
.10
%
,
3/25/29
,
Callable
12/25/28
@
100
(d)
...............................
500,000
461,631
Wells
Fargo
&
Co.
5
.90
%
,
Callable
6/15/24
@
100
(e)
.......................................
1,746,000
1,733,586
3
.00
%
,
10/23/26
....................................................
1,000,000
949,593
2
.88
%
(
TSFR3M
+
143
bps
)
,
10/30/30
,
Callable
10/30/29
@
100
,
MTN
(c)
...........
1,000,000
888,565
120,992,683
Health
Care
(1.8%):
AbbVie,
Inc.
3
.20
%
,
11/21/29
,
Callable
8/21/29
@
100
..................................
1,000,000
934,335
4
.25
%
,
11/21/49
,
Callable
5/21/49
@
100
..................................
500,000
446,240
Amgen,
Inc.
5
.25
%
,
3/2/33
,
Callable
12/2/32
@
100
...................................
1,000,000
1,024,945
3
.00
%
,
1/15/52
,
Callable
7/15/51
@
100
(d)
................................
1,250,000
875,396
4
.20
%
,
2/22/52
,
Callable
8/22/51
@
100
..................................
1,250,000
1,057,447
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
29
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Baxter
International,
Inc.
,
2
.54
%
,
2/1/32
,
Callable
11/1/31
@
100
....................
$
1,750,000
$
1,468,344
Bio-Rad
Laboratories,
Inc.
,
3
.30
%
,
3/15/27
,
Callable
2/15/27
@
100
..................
1,250,000
1,187,341
Boston
Medical
Center
Corp.
,
3
.91
%
,
7/1/28
...................................
500,000
468,933
Bristol-Myers
Squibb
Co.
3
.90
%
,
2/20/28
,
Callable
11/20/27
@
100
..................................
500,000
491,297
5
.90
%
,
11/15/33
,
Callable
8/15/33
@
100
..................................
1,500,000
1,634,912
Centene
Corp.
,
2
.50
%
,
3/1/31
,
Callable
12/1/30
@
100
............................
1,500,000
1,249,836
CVS
Health
Corp.
2
.13
%
,
9/15/31
,
Callable
6/15/31
@
100
..................................
2,000,000
1,654,817
5
.63
%
,
2/21/53
,
Callable
8/21/52
@
100
..................................
500,000
507,470
DENTSPLY
SIRONA,
Inc.
,
3
.25
%
,
6/1/30
,
Callable
3/1/30
@
100
....................
4,000,000
3,535,449
Duke
University
Health
System,
Inc.
,
2
.60
%
,
6/1/30
..............................
2,000,000
1,727,435
Eastern
Maine
Healthcare
Systems
,
3
.71
%
,
7/1/26
...............................
270,000
260,559
Elevance
Health,
Inc.
2
.88
%
,
9/15/29
,
Callable
6/15/29
@
100
..................................
323,000
296,149
2
.55
%
,
3/15/31
,
Callable
12/15/30
@
100
.................................
1,000,000
868,554
Fresenius
Medical
Care
U.S.
Finance
III,
Inc.
,
2
.38
%
,
2/16/31
,
Callable
11/16/30
@
100
(a)
..
2,500,000
1,930,898
HCA,
Inc.
4
.38
%
,
3/15/42
,
Callable
9/15/41
@
100
..................................
750,000
635,085
5
.90
%
,
6/1/53
,
Callable
12/1/52
@
100
...................................
1,000,000
1,026,825
Illumina,
Inc.
,
2
.55
%
,
3/23/31
,
Callable
12/23/30
@
100
...........................
1,000,000
844,548
Orlando
Health
Obligated
Group
3
.78
%
,
10/1/28
,
Callable
7/1/28
@
100
...................................
500,000
468,399
2
.89
%
,
10/1/35
....................................................
1,000,000
821,965
Revvity,
Inc.
2
.55
%
,
3/15/31
,
Callable
12/15/30
@
100
.................................
1,500,000
1,268,359
2
.25
%
,
9/15/31
,
Callable
6/15/31
@
100
(d)
................................
500,000
411,249
Southern
Illinois
Healthcare
Enterprises,
Inc.
,
3
.97
%
,
5/15/50
,
Callable
11/15/49
@
100
....
1,000,000
704,773
The
Cigna
Group
,
2
.38
%
,
3/15/31
,
Callable
12/15/30
@
100
........................
2,000,000
1,706,822
Universal
Health
Services,
Inc.
,
2
.65
%
,
1/15/32
,
Callable
10/15/31
@
100
..............
3,262,000
2,675,224
32,183,606
Industrials
(2.5%):
Acuity
Brands
Lighting,
Inc.
,
2
.15
%
,
12/15/30
,
Callable
9/15/30
@
100
................
2,250,000
1,867,205
Air
Lease
Corp.
,
2
.88
%
,
1/15/32
,
Callable
10/15/31
@
100
.........................
1,000,000
847,720
American
Airlines
Pass
Through
Trust
3
.70
%
,
10/1/26
....................................................
264,074
245,416
3
.85
%
,
2/15/28
....................................................
333,313
295,369
3
.60
%
,
10/15/29
....................................................
351,163
306,279
Ashtead
Capital,
Inc.
4
.25
%
,
11/1/29
,
Callable
11/1/24
@
102.13
(a)
..............................
1,448,000
1,351,243
2
.45
%
,
8/12/31
,
Callable
5/12/31
@
100
(a)
................................
667,000
542,921
5
.50
%
,
8/11/32
,
Callable
5/11/32
@
100
(a)
................................
750,000
740,896
5
.95
%
,
10/15/33
,
Callable
7/15/33
@
100
(a)
...............................
1,500,000
1,528,144
British
Airways
Pass
Through
Trust
3
.35
%
,
6/15/29
(a)
..................................................
307,879
278,524
3
.80
%
,
9/20/31
(a)
..................................................
480,513
447,766
Builders
FirstSource,
Inc.
,
6
.38
%
,
6/15/32
,
Callable
6/15/27
@
103.19
(a)
...............
500,000
513,441
Carlisle
Cos.,
Inc.
,
2
.75
%
,
3/1/30
,
Callable
12/1/29
@
100
.........................
2,000,000
1,774,611
Carrier
Global
Corp.
,
3
.38
%
,
4/5/40
,
Callable
10/5/39
@
100
.......................
1,100,000
886,107
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
,
4
.75
%
,
10/20/28
(a)
.........................
1,250,000
1,228,902
FedEx
Corp.
,
4
.05
%
,
2/15/48
,
Callable
8/15/47
@
100
............................
2,250,000
1,875,584
Fluor
Corp.
,
4
.25
%
,
9/15/28
,
Callable
6/15/28
@
100
.............................
1,000,000
954,142
Fortune
Brands
Innovations,
Inc.
,
4
.00
%
,
3/25/32
,
Callable
12/25/31
@
100
.............
1,250,000
1,165,254
GXO
Logistics,
Inc.
,
2
.65
%
,
7/15/31
,
Callable
4/15/31
@
100
.......................
2,000,000
1,642,733
Hawaiian
Airlines
Pass
Through
Certificates
,
3
.90
%
,
1/15/26
........................
81,908
76,180
Hillenbrand,
Inc.
5
.00
%
,
9/15/26
,
Callable
7/15/26
@
100
..................................
1,000,000
990,835
3
.75
%
,
3/1/31
,
Callable
3/1/26
@
101.88
..................................
350,000
303,968
Howmet
Aerospace,
Inc.
5
.90
%
,
2/1/27
.....................................................
250,000
256,441
3
.00
%
,
1/15/29
,
Callable
11/15/28
@
100
..................................
1,500,000
1,370,302
Hubbell,
Inc.
,
2
.30
%
,
3/15/31
,
Callable
12/15/30
@
100
...........................
1,500,000
1,261,412
Huntington
Ingalls
Industries,
Inc.
,
2
.04
%
,
8/16/28
,
Callable
6/16/28
@
100
.............
1,500,000
1,321,426
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
30
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
JetBlue
Pass
Through
Trust
,
2
.95
%
,
5/15/28
....................................
$
199,374
$
171,550
Kennametal,
Inc.
,
4
.63
%
,
6/15/28
,
Callable
3/15/28
@
100
.........................
1,058,000
1,032,208
Leidos,
Inc.
2
.30
%
,
2/15/31
,
Callable
11/15/30
@
100
..................................
1,500,000
1,254,606
5
.75
%
,
3/15/33
,
Callable
12/15/32
@
100
.................................
2,250,000
2,341,852
Otis
Worldwide
Corp.
,
3
.11
%
,
2/15/40
,
Callable
8/15/39
@
100
......................
1,000,000
801,530
Quanta
Services,
Inc.
2
.90
%
,
10/1/30
,
Callable
7/1/30
@
100
...................................
1,500,000
1,321,389
2
.35
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
250,000
207,276
Regal
Rexnord
Corp.
,
6
.40
%
,
4/15/33
,
Callable
1/15/33
@
100
(a)
....................
570,000
595,256
Ryder
System,
Inc.
,
2
.85
%
,
3/1/27
,
Callable
2/1/27
@
100
,
MTN
.....................
2,000,000
1,878,471
Spirit
Airlines
Pass
Through
Trust
,
3
.38
%
,
2/15/30
...............................
951,363
820,002
The
Boeing
Co.
3
.25
%
,
2/1/28
,
Callable
12/1/27
@
100
...................................
1,500,000
1,422,873
3
.63
%
,
2/1/31
,
Callable
11/1/30
@
100
...................................
2,750,000
2,556,619
5
.81
%
,
5/1/50
,
Callable
11/1/49
@
100
...................................
2,250,000
2,333,640
The
Timken
Co.
,
4
.13
%
,
4/1/32
,
Callable
1/1/32
@
100
............................
2,100,000
1,934,597
Trane
Technologies
Global
Holding
Co.
Ltd.
,
3
.75
%
,
8/21/28
,
Callable
5/21/28
@
100
.....
500,000
488,285
Union
Pacific
Corp.
,
3
.25
%
,
2/5/50
,
Callable
8/5/49
@
100
.........................
1,000,000
766,174
United
Airlines
Pass
Through
Trust
4
.88
%
,
1/15/26
....................................................
208,544
202,424
3
.70
%
,
3/1/30
.....................................................
379,774
331,054
44,532,627
Information
Technology
(1.5%):
Amphenol
Corp.
4
.35
%
,
6/1/29
,
Callable
3/1/29
@
100
....................................
500,000
498,225
2
.20
%
,
9/15/31
,
Callable
6/15/31
@
100
..................................
1,125,000
947,327
Broadcom,
Inc.
2
.45
%
,
2/15/31
,
Callable
11/15/30
@
100
(a)
................................
1,000,000
855,555
3
.42
%
,
4/15/33
,
Callable
1/15/33
@
100
(a)
................................
2,000,000
1,756,917
3
.47
%
,
4/15/34
,
Callable
1/15/34
@
100
(a)
................................
500,000
435,205
Dell
International
LLC/EMC
Corp.
5
.75
%
,
2/1/33
,
Callable
11/1/32
@
100
(d)
.................................
260,000
273,703
3
.38
%
,
12/15/41
,
Callable
6/15/41
@
100
.................................
1,250,000
946,564
HP,
Inc.
,
2
.65
%
,
6/17/31
,
Callable
3/17/31
@
100
................................
1,500,000
1,279,170
Jabil,
Inc.
,
3
.00
%
,
1/15/31
,
Callable
10/15/30
@
100
..............................
1,474,000
1,276,559
Marvell
Technology,
Inc.
,
2
.45
%
,
4/15/28
,
Callable
2/15/28
@
100
...................
1,050,000
949,858
Micron
Technology,
Inc.
,
5
.88
%
,
2/9/33
,
Callable
11/9/32
@
100
.....................
1,250,000
1,304,386
Microsoft
Corp.
,
2
.53
%
,
6/1/50
,
Callable
12/1/49
@
100
...........................
1,500,000
1,026,084
Motorola
Solutions,
Inc.
2
.75
%
,
5/24/31
,
Callable
2/24/31
@
100
..................................
1,000,000
853,957
5
.60
%
,
6/1/32
,
Callable
3/1/32
@
100
....................................
1,000,000
1,033,198
Oracle
Corp.
2
.95
%
,
4/1/30
,
Callable
1/1/30
@
100
....................................
1,000,000
902,547
3
.85
%
,
7/15/36
,
Callable
1/15/36
@
100
..................................
2,000,000
1,743,570
3
.60
%
,
4/1/50
,
Callable
10/1/49
@
100
...................................
1,000,000
740,617
Qorvo,
Inc.
,
3
.38
%
,
4/1/31
,
Callable
4/1/26
@
101.69
(a)
...........................
3,909,000
3,357,580
Skyworks
Solutions,
Inc.
,
3
.00
%
,
6/1/31
,
Callable
3/1/31
@
100
.....................
1,200,000
1,031,701
Teledyne
Technologies,
Inc.
,
2
.75
%
,
4/1/31
,
Callable
1/1/31
@
100
...................
2,000,000
1,740,643
TSMC
Arizona
Corp.
,
2
.50
%
,
10/25/31
,
Callable
7/25/31
@
100
.....................
3,400,000
2,911,976
Workday,
Inc.
,
3
.70
%
,
4/1/29
,
Callable
2/1/29
@
100
.............................
1,500,000
1,440,585
27,305,927
Materials
(1.5%):
Albemarle
Corp.
,
4
.65
%
,
6/1/27
,
Callable
5/1/27
@
100
...........................
1,500,000
1,474,262
Amcor
Finance
USA,
Inc.
,
5
.63
%
,
5/26/33
,
Callable
2/26/33
@
100
...................
1,364,000
1,418,730
AptarGroup,
Inc.
,
3
.60
%
,
3/15/32
,
Callable
12/15/31
@
100
........................
2,102,000
1,897,199
Avery
Dennison
Corp.
2
.65
%
,
4/30/30
,
Callable
2/1/30
@
100
...................................
800,000
707,423
2
.25
%
,
2/15/32
,
Callable
11/15/31
@
100
..................................
1,500,000
1,240,712
Ball
Corp.
,
3
.13
%
,
9/15/31
,
Callable
6/15/31
@
100
..............................
1,500,000
1,292,664
Bayport
Polymers
LLC
,
4
.74
%
,
4/14/27
,
Callable
3/14/27
@
100
(a)
...................
1,500,000
1,434,524
Celanese
U.S.
Holdings
LLC
,
6
.33
%
,
7/15/29
,
Callable
5/15/29
@
100
................
641,000
672,778
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
31
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Colonial
Enterprises,
Inc.
,
3
.25
%
,
5/15/30
,
Callable
2/15/30
@
100
(a)
.................
$
1,000,000
$
908,110
Commercial
Metals
Co.
,
3
.88
%
,
2/15/31
,
Callable
2/15/26
@
101.94
..................
1,000,000
890,420
Eagle
Materials,
Inc.
,
2
.50
%
,
7/1/31
,
Callable
4/1/31
@
100
........................
2,000,000
1,697,065
Ecolab,
Inc.
,
2
.70
%
,
12/15/51
,
Callable
6/15/51
@
100
............................
1,250,000
854,109
Freeport-McMoRan,
Inc.
,
4
.38
%
,
8/1/28
,
Callable
2/5/24
@
102.19
...................
1,500,000
1,443,078
LYB
International
Finance
III
LLC
5
.63
%
,
5/15/33
,
Callable
2/15/33
@
100
(d)
................................
850,000
889,280
3
.38
%
,
10/1/40
,
Callable
4/1/40
@
100
...................................
500,000
384,215
4
.20
%
,
5/1/50
,
Callable
11/1/49
@
100
...................................
500,000
399,630
Martin
Marietta
Materials,
Inc.
,
2
.40
%
,
7/15/31
,
Callable
4/15/31
@
100
...............
1,000,000
851,814
NewMarket
Corp.
,
2
.70
%
,
3/18/31
,
Callable
12/18/30
@
100
........................
1,250,000
1,051,265
Packaging
Corp.
of
America
3
.40
%
,
12/15/27
,
Callable
9/15/27
@
100
.................................
500,000
476,649
3
.05
%
,
10/1/51
,
Callable
4/1/51
@
100
...................................
2,168,000
1,516,051
Reliance
Steel
&
Aluminum
Co.
,
2
.15
%
,
8/15/30
,
Callable
5/15/30
@
100
..............
1,000,000
848,532
The
Dow
Chemical
Co.
,
6
.30
%
,
3/15/33
,
Callable
12/15/32
@
100
(d)
.................
1,500,000
1,655,246
Vulcan
Materials
Co.
3
.90
%
,
4/1/27
,
Callable
1/1/27
@
100
....................................
500,000
483,608
3
.50
%
,
6/1/30
,
Callable
3/1/30
@
100
....................................
1,000,000
930,332
WRKCo,
Inc.
,
3
.00
%
,
6/15/33
,
Callable
3/15/33
@
100
............................
1,000,000
862,615
26,280,311
Real
Estate
(1.6%):
Alexandria
Real
Estate
Equities,
Inc.
,
2
.00
%
,
5/18/32
,
Callable
2/18/32
@
100
...........
2,750,000
2,204,069
AvalonBay
Communities,
Inc.
3
.20
%
,
1/15/28
,
Callable
10/15/27
@
100
,
MTN
.............................
750,000
711,913
2
.45
%
,
1/15/31
,
Callable
10/17/30
@
100
,
MTN
.............................
1,000,000
861,356
Boston
Properties
LP
2
.55
%
,
4/1/32
,
Callable
1/1/32
@
100
....................................
1,250,000
996,261
2
.45
%
,
10/1/33
,
Callable
7/1/33
@
100
...................................
1,750,000
1,332,866
CBRE
Services,
Inc.
2
.50
%
,
4/1/31
,
Callable
1/1/31
@
100
....................................
1,500,000
1,267,556
5
.95
%
,
8/15/34
,
Callable
5/15/34
@
100
..................................
2,000,000
2,104,603
CoStar
Group,
Inc.
,
2
.80
%
,
7/15/30
,
Callable
4/15/30
@
100
(a)
......................
2,091,000
1,789,276
Crown
Castle,
Inc.
2
.25
%
,
1/15/31
,
Callable
10/15/30
@
100
.................................
1,500,000
1,242,742
2
.90
%
,
4/1/41
,
Callable
10/1/40
@
100
...................................
1,750,000
1,251,302
Essex
Portfolio
LP
1
.70
%
,
3/1/28
,
Callable
1/1/28
@
100
....................................
1,000,000
876,396
2
.65
%
,
3/15/32
,
Callable
12/15/31
@
100
.................................
1,000,000
836,774
GLP
Capital
LP/GLP
Financing
II,
Inc.
4
.00
%
,
1/15/31
,
Callable
10/15/30
@
100
.................................
1,000,000
900,984
3
.25
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
933,000
790,106
Highwoods
Realty
LP
,
2
.60
%
,
2/1/31
,
Callable
11/1/30
@
100
.......................
1,000,000
778,140
Host
Hotels
&
Resorts
LP
3
.38
%
,
12/15/29
,
Callable
9/15/29
@
100
.................................
500,000
449,395
3
.50
%
,
9/15/30
,
Callable
6/15/30
@
100
..................................
1,017,000
909,849
Hudson
Pacific
Properties
LP
3
.95
%
,
11/1/27
,
Callable
8/1/27
@
100
...................................
500,000
420,969
4
.65
%
,
4/1/29
,
Callable
1/1/29
@
100
(d)
..................................
500,000
409,299
3
.25
%
,
1/15/30
,
Callable
10/15/29
@
100
.................................
1,500,000
1,126,960
Kilroy
Realty
LP
,
2
.65
%
,
11/15/33
,
Callable
8/15/33
@
100
........................
2,500,000
1,897,192
Physicians
Realty
LP
,
2
.63
%
,
11/1/31
,
Callable
8/1/31
@
100
.......................
1,000,000
823,554
Pine
Street
Trust
I
,
4
.57
%
,
2/15/29
,
Callable
11/15/28
@
100
(a)
......................
500,000
477,024
SBA
Tower
Trust
2
.84
%
,
1/15/25
,
Callable
2/5/24
@
100
(a)
.................................
500,000
482,835
6
.60
%
,
1/15/28
,
Callable
1/15/27
@
100
(a)
................................
1,158,000
1,190,159
Simon
Property
Group
LP
,
6
.25
%
,
1/15/34
,
Callable
10/15/33
@
100
..................
1,500,000
1,633,955
VICI
Properties
LP/VICI
Note
Co.,
Inc.
,
4
.13
%
,
8/15/30
,
Callable
2/15/25
@
102.06
(a)
....
2,000,000
1,832,392
29,597,927
Utilities
(1.9%):
AEP
Texas,
Inc.
,
3
.45
%
,
1/15/50
,
Callable
7/15/49
@
100
..........................
1,500,000
1,086,845
Alabama
Power
Co.
,
3
.13
%
,
7/15/51
,
Callable
1/15/51
@
100
.......................
2,000,000
1,429,869
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
32
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Ameren
Corp.
,
3
.50
%
,
1/15/31
,
Callable
10/15/30
@
100
..........................
$
1,000,000
$
911,805
Appalachian
Power
Co.
,
2
.70
%
,
4/1/31
,
Callable
1/1/31
@
100
......................
1,500,000
1,284,969
CenterPoint
Energy,
Inc.
,
2
.65
%
,
6/1/31
,
Callable
3/1/31
@
100
......................
1,500,000
1,283,614
Dominion
Energy,
Inc.
,
2
.25
%
,
8/15/31
,
Callable
5/15/31
@
100
.....................
1,500,000
1,241,696
DTE
Electric
Co.
2
.25
%
,
3/1/30
,
Callable
12/1/29
@
100
...................................
1,000,000
877,372
3
.00
%
,
3/1/32
,
Callable
12/1/31
@
100
...................................
1,000,000
887,160
3
.65
%
,
3/1/52
,
Callable
9/1/51
@
100
....................................
500,000
394,984
Duke
Energy
Carolinas
LLC
,
2
.85
%
,
3/15/32
,
Callable
12/15/31
@
100
................
750,000
655,374
Duquesne
Light
Holdings,
Inc.
,
2
.78
%
,
1/7/32
,
Callable
10/7/31
@
100
(a)
..............
1,200,000
958,007
Entergy
Corp.
,
1
.90
%
,
6/15/28
,
Callable
4/15/28
@
100
...........................
2,000,000
1,771,395
Entergy
Louisiana
LLC
,
4
.00
%
,
3/15/33
,
Callable
12/15/32
@
100
....................
1,000,000
933,161
Florida
Power
&
Light
Co.
,
2
.88
%
,
12/4/51
,
Callable
6/4/51
@
100
...................
1,000,000
694,148
IPALCO
Enterprises,
Inc.
,
4
.25
%
,
5/1/30
,
Callable
2/1/30
@
100
.....................
1,525,000
1,411,426
ITC
Holdings
Corp.
,
4
.95
%
,
9/22/27
,
Callable
8/22/27
@
100
(a)
.....................
1,000,000
1,003,999
NextEra
Energy
Capital
Holdings,
Inc.
,
2
.44
%
,
1/15/32
,
Callable
10/15/31
@
100
.........
2,000,000
1,677,128
NRG
Energy,
Inc.
4
.45
%
,
6/15/29
,
Callable
3/15/29
@
100
(a)
................................
1,000,000
944,416
7
.00
%
,
3/15/33
,
Callable
12/15/32
@
100
(a)
...............................
1,000,000
1,056,695
Oglethorpe
Power
Corp.
4
.20
%
,
12/1/42
....................................................
1,000,000
792,673
4
.50
%
,
4/1/47
,
Callable
10/1/46
@
100
...................................
938,000
796,538
Oncor
Electric
Delivery
Co.
LLC
,
2
.70
%
,
11/15/51
,
Callable
5/15/51
@
100
.............
1,500,000
990,602
Piedmont
Natural
Gas
Co.,
Inc.
,
5
.40
%
,
6/15/33
,
Callable
3/15/33
@
100
...............
1,750,000
1,802,280
Public
Service
Co.
of
Colorado
,
1
.88
%
,
6/15/31
,
Callable
12/15/30
@
100
..............
2,000,000
1,651,158
Public
Service
Electric
&
Gas
Co.
,
1
.90
%
,
8/15/31
,
Callable
5/15/31
@
100
,
MTN
........
2,000,000
1,639,517
Rayburn
Country
Securitization
LLC
,
2
.31
%
,
12/1/30
(a)
...........................
845,289
767,700
South
Jersey
Industries,
Inc.
,
5
.02
%
,
4/15/31
...................................
1,000,000
811,006
Southern
Co.
Gas
Capital
Corp.
,
1
.75
%
,
1/15/31
,
Callable
10/15/30
@
100
..............
1,000,000
816,669
Southwestern
Electric
Power
Co.
,
3
.25
%
,
11/1/51
,
Callable
5/1/51
@
100
...............
750,000
506,373
The
AES
Corp.
,
2
.45
%
,
1/15/31
,
Callable
10/15/30
@
100
..........................
1,000,000
840,451
Vistra
Operations
Co.
LLC
,
4
.30
%
,
7/15/29
,
Callable
4/15/29
@
100
(a)
................
500,000
470,124
Wisconsin
Public
Service
Corp.
,
2
.85
%
,
12/1/51
,
Callable
6/1/51
@
100
...............
1,250,000
828,092
Xcel
Energy,
Inc.
,
2
.35
%
,
11/15/31
,
Callable
5/15/31
@
100
........................
500,000
411,821
33,629,067
Total
Corporate
Bonds
(Cost
$464,814,387)
424,545,472
Yankee
Dollars
(6.3%)
Communication
Services
(0.2%):
Rogers
Communications,
Inc.
,
3
.80
%
,
3/15/32
,
Callable
12/15/31
@
100
...............
4,000,000
3,684,126
Consumer
Discretionary
(0.1%):
International
Game
Technology
PLC
,
5
.25
%
,
1/15/29
,
Callable
2/5/24
@
102.63
(a)
........
1,000,000
977,536
Nemak
SAB
de
CV
,
3
.63
%
,
6/28/31
,
Callable
3/28/31
@
100
(a)
.....................
1,269,000
1,050,176
2,027,712
Consumer
Staples
(0.4%):
Alimentation
Couche-Tard,
Inc.
2
.95
%
,
1/25/30
,
Callable
10/25/29
@
100
(a)
...............................
667,000
596,741
3
.44
%
,
5/13/41
,
Callable
11/13/40
@
100
(a)
................................
750,000
567,491
Bacardi
Ltd.
4
.45
%
,
5/15/25
,
Callable
3/15/25
@
100
(a)
................................
1,500,000
1,478,841
2
.75
%
,
7/15/26
,
Callable
4/15/26
@
100
(a)
................................
500,000
470,831
Bacardi
Ltd./Bacardi-Martini
BV
,
5
.40
%
,
6/15/33
,
Callable
3/15/33
@
100
(a)
............
600,000
604,535
Becle
SAB
de
CV
,
2
.50
%
,
10/14/31
,
Callable
7/14/31
@
100
(a)
......................
1,750,000
1,402,322
JDE
Peet's
NV
,
2
.25
%
,
9/24/31
,
Callable
6/24/31
@
100
(a)
.........................
3,000,000
2,402,572
7,523,333
Energy
(0.3%):
Aker
BP
ASA
,
4
.00
%
,
1/15/31
,
Callable
10/15/30
@
100
(a)
........................
750,000
687,404
Korea
National
Oil
Corp.
,
2
.63
%
,
4/18/32
(a)
...................................
1,500,000
1,265,212
Petroleos
Mexicanos
,
6
.70
%
,
2/16/32
,
Callable
11/16/31
@
100
......................
500,000
414,669
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
33
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Shell
International
Finance
BV
,
2
.88
%
,
11/26/41
,
Callable
5/26/41
@
100
..............
$
1,500,000
$
1,136,238
Var
Energi
ASA
,
8
.00
%
,
11/15/32
,
Callable
8/15/32
@
100
(a)
.......................
1,000,000
1,127,128
4,630,651
Financials
(3.5%):
ABN
AMRO
Bank
,
4
.80
%
,
4/18/26
(a)
........................................
500,000
489,359
ANZ
Bank
New
Zealand
Ltd.
,
5
.55
%
,
8/11/32
,
Callable
8/11/27
@
100
(a)
..............
833,000
835,760
Ascot
Group
Ltd.
,
4
.25
%
,
12/15/30
,
Callable
12/15/25
@
100
(a)
.....................
1,000,000
830,680
Banco
Santander
SA
,
6
.92
%
,
8/8/33
.........................................
1,000,000
1,066,748
Bank
of
Montreal
,
3
.09
%
(
H15T5Y
+
140
bps
)
,
1/10/37
,
Callable
1/10/32
@
100
(c)
........
1,500,000
1,218,224
Bank
of
New
Zealand
,
2
.87
%
,
1/27/32
(a)
......................................
750,000
631,843
Barclays
PLC
2
.28
%
(
H15T1Y
+
105
bps
)
,
11/24/27
,
Callable
11/24/26
@
100
(c)
................
2,000,000
1,834,401
2
.89
%
(
H15T1Y
+
130
bps
)
,
11/24/32
,
Callable
11/24/31
@
100
(c)
................
500,000
411,126
7
.44
%
(
H15T1Y
+
350
bps
)
,
11/2/33
,
Callable
11/2/32
@
100
(c)
..................
1,000,000
1,120,709
BNP
Paribas
SA
,
4
.71
%
(
TSFR3M
+
250
bps
)
,
1/10/25
,
Callable
1/10/24
@
100
(a)
(c)
.......
1,000,000
999,773
BP
Capital
Markets
PLC
4
.87
%
(
H15T5Y
+
440
bps
)
,
Callable
3/22/30
@
100
(c)
(e)
......................
750,000
703,404
4
.38
%
(
H15T5Y
+
404
bps
)
,
Callable
6/22/25
@
100
(c)
(e)
......................
2,000,000
1,974,530
BPCE
SA
3
.25
%
,
1/11/28
(a)
...................................................
1,000,000
930,819
5
.75
%
(
SOFR
+
287
bps
)
,
7/19/33
,
Callable
7/19/32
@
100
(a)
(c)
..................
1,000,000
1,004,928
Brookfield
Finance,
Inc.
,
2
.72
%
,
4/15/31
,
Callable
1/15/31
@
100
....................
1,000,000
848,584
Canadian
Imperial
Bank
of
Commerce
,
6
.09
%
,
10/3/33
,
Callable
7/3/33
@
100
...........
1,000,000
1,067,360
Commonwealth
Bank
of
Australia
2
.69
%
,
3/11/31
(a)
...................................................
1,000,000
824,781
3
.78
%
,
3/14/32
(a)
..................................................
2,000,000
1,755,618
Cooperatieve
Rabobank
UA
1
.11
%
(
H15T1Y
+
55
bps
)
,
2/24/27
,
Callable
2/24/26
@
100
(a)
(c)
.................
2,000,000
1,830,812
4
.00
%
(
USSW5
+
189
bps
)
,
4/10/29
,
Callable
4/10/24
@
100
,
MTN
(c)
..............
600,000
595,485
Credit
Agricole
SA
,
3
.25
%
,
10/4/24
(a)
........................................
1,250,000
1,228,355
Deutsche
Bank
AG
,
3
.74
%
(
SOFR
+
226
bps
)
,
1/7/33
,
Callable
10/7/31
@
100
(c)
..........
3,750,000
3,078,339
Federation
des
Caisses
Desjardins
du
Quebec
,
4
.55
%
,
8/23/27
(a)
.....................
2,000,000
1,988,177
HSBC
Holdings
PLC
2
.21
%
(
SOFR
+
129
bps
)
,
8/17/29
,
Callable
8/17/28
@
100
(c)
....................
1,000,000
872,994
8
.11
%
(
SOFR
+
425
bps
)
,
11/3/33
,
Callable
11/3/32
@
100
(c)
....................
1,000,000
1,152,071
Imperial
Brands
Finance
PLC
,
3
.88
%
,
7/26/29
,
Callable
4/26/29
@
100
(a)
..............
1,000,000
933,209
ING
Groep
NV
,
2
.73
%
(
SOFR
+
132
bps
)
,
4/1/32
,
Callable
4/1/31
@
100
(c)
..............
2,000,000
1,716,636
JAB
Holdings
BV
,
4
.50
%
,
4/8/52
,
Callable
10/8/51
@
100
(a)
.......................
1,000,000
776,993
Lloyds
Banking
Group
PLC
1
.63
%
(
H15T1Y
+
85
bps
)
,
5/11/27
,
Callable
5/11/26
@
100
(c)
...................
1,000,000
916,575
3
.57
%
(
US0003M
+
121
bps
)
,
11/7/28
,
Callable
11/7/27
@
100
(c)
.................
250,000
235,233
7
.95
%
(
H15T1Y
+
375
bps
)
,
11/15/33
,
Callable
8/15/32
@
100
(c)
.................
606,000
695,178
Macquarie
Bank
Ltd.
,
3
.05
%
(
H15T5Y
+
170
bps
)
,
3/3/36
,
Callable
3/3/31
@
100
(a)
(c)
......
1,250,000
1,012,082
Macquarie
Group
Ltd.
,
4
.10
%
(
SOFR
+
213
bps
)
,
6/21/28
,
Callable
6/21/27
@
100
(a)
(c)
.....
1,000,000
960,165
Mitsubishi
UFJ
Financial
Group,
Inc.
,
5
.02
%
(
H15T1Y
+
195
bps
)
,
7/20/28
,
Callable
7/20/27
@
100
(c)
...........................................................
1,500,000
1,501,520
Mizuho
Financial
Group,
Inc.
2
.56
%
,
9/13/31
....................................................
1,000,000
814,338
2
.17
%
(
H15T1Y
+
87
bps
)
,
5/22/32
,
Callable
5/22/31
@
100
(c)
...................
1,500,000
1,219,692
National
Australia
Bank
Ltd.
,
3
.93
%
(
H15T5Y
+
188
bps
)
,
8/2/34
,
Callable
8/2/29
@
100
(a)
(c)
1,500,000
1,359,849
Nationwide
Building
Society
4
.30
%
(
US0003M
+
145
bps
)
,
3/8/29
,
Callable
3/8/28
@
100
(a)
(c)
.................
250,000
239,437
3
.96
%
(
US0003M
+
186
bps
)
,
7/18/30
,
Callable
7/18/29
@
100
(a)
(c)
...............
500,000
466,663
NatWest
Group
PLC
,
4
.45
%
(
US0003M
+
187
bps
)
,
5/8/30
,
Callable
5/8/29
@
100
(c)
.......
1,000,000
956,721
Nomura
Holdings,
Inc.
,
5
.61
%
,
7/6/29
........................................
1,500,000
1,533,313
Santander
UK
Group
Holdings
PLC
,
2
.90
%
(
SOFR
+
148
bps
)
,
3/15/32
,
Callable
3/15/31
@
100
(c)
...........................................................
2,000,000
1,717,387
Societe
Generale
SA
1
.49
%
(
H15T1Y
+
110
bps
)
,
12/14/26
,
Callable
12/14/25
@
100
(a)
(c)
..............
500,000
460,312
3
.34
%
(
H15T1Y
+
160
bps
)
,
1/21/33
,
Callable
1/21/32
@
100
(a)
(c)
................
1,000,000
839,456
6
.22
%
(
H15T1Y
+
320
bps
)
,
6/15/33
,
Callable
6/15/32
@
100
(a)
(c)
................
1,000,000
999,032
Standard
Chartered
PLC
7
.77
%
(
H15T1Y
+
345
bps
)
,
11/16/28
,
Callable
11/16/27
@
100
(a)
(c)
..............
1,000,000
1,079,191
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
34
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
4
.87
%
(
USISOA05
+
197
bps
)
,
3/15/33
,
Callable
3/15/28
@
100
(a)
(c)
..............
$
500,000
$
470,444
Sumitomo
Mitsui
Financial
Group,
Inc.
,
2
.22
%
,
9/17/31
...........................
1,500,000
1,238,394
Swedbank
AB
,
0
.85
%
,
3/18/24
(a)
...........................................
1,500,000
1,484,953
The
Bank
of
Nova
Scotia
4
.50
%
,
12/16/25
....................................................
500,000
491,921
1
.30
%
,
9/15/26
....................................................
1,000,000
910,947
2
.45
%
,
2/2/32
.....................................................
1,000,000
838,126
The
Toronto-Dominion
Bank
,
2
.00
%
,
9/10/31
...................................
1,500,000
1,247,303
UBS
Group
AG
3
.75
%
,
3/26/25
....................................................
500,000
489,811
2
.19
%
(
SOFR
+
204
bps
)
,
6/5/26
,
Callable
6/5/25
@
100
(a)
(c)
....................
1,000,000
951,551
1
.31
%
(
SOFRINDX
+
98
bps
)
,
2/2/27
,
Callable
2/2/26
@
100
(a)
(c)
................
1,000,000
916,256
4
.28
%
,
1/9/28
,
Callable
1/9/27
@
100
(a)
..................................
750,000
725,123
9
.02
%
(
SOFR
+
502
bps
)
,
11/15/33
,
Callable
11/15/32
@
100
(a)
(c)
................
500,000
614,982
Westpac
Banking
Corp.
4
.32
%
(
USISOA05
+
224
bps
)
,
11/23/31
,
Callable
11/23/26
@
100
(c)
...............
1,000,000
961,831
2
.67
%
(
H15T5Y
+
175
bps
)
,
11/15/35
,
Callable
11/15/30
@
100
(c)
................
1,000,000
813,390
3
.02
%
(
H15T5Y
+
153
bps
)
,
11/18/36
,
Callable
11/18/31
@
100
(c)
................
1,000,000
811,864
62,694,758
Health
Care
(0.4%):
Olympus
Corp.
,
2
.14
%
,
12/8/26
,
Callable
11/8/26
@
100
(a)
........................
758,000
698,128
Royalty
Pharma
PLC
2
.15
%
,
9/2/31
,
Callable
6/2/31
@
100
....................................
1,500,000
1,226,518
3
.30
%
,
9/2/40
,
Callable
3/2/40
@
100
....................................
2,000,000
1,507,789
3
.55
%
,
9/2/50
,
Callable
3/2/50
@
100
(d)
..................................
750,000
533,796
Smith
&
Nephew
PLC
,
2
.03
%
,
10/14/30
,
Callable
7/14/30
@
100
....................
2,650,000
2,190,142
STERIS
Irish
FinCo
Unlimited
Co.
,
2
.70
%
,
3/15/31
,
Callable
12/15/30
@
100
...........
2,000,000
1,719,704
7,876,077
Industrials
(0.7%):
Air
Canada
Pass
Through
Trust
,
4
.13
%
,
5/15/25
(a)
...............................
1,570,739
1,503,887
Aircastle
Ltd.
,
6
.50
%
,
7/18/28
,
Callable
6/18/28
@
100
(a)
..........................
1,000,000
1,020,350
BAE
Systems
PLC
,
3
.40
%
,
4/15/30
,
Callable
1/15/30
@
100
(a)
......................
750,000
690,466
Ferguson
Finance
PLC
3
.25
%
,
6/2/30
,
Callable
3/2/30
@
100
(a)
..................................
1,800,000
1,612,231
4
.65
%
,
4/20/32
,
Callable
1/20/32
@
100
(a)
................................
750,000
726,173
nVent
Finance
Sarl
,
5
.65
%
,
5/15/33
,
Callable
2/15/33
@
100
........................
1,500,000
1,519,675
Pentair
Finance
Sarl
,
5
.90
%
,
7/15/32
,
Callable
4/15/32
@
100
.......................
2,000,000
2,076,932
Port
of
Newcastle
Investments
Financing
Pty
Ltd.
,
5
.90
%
,
11/24/31
,
Callable
8/24/31
@
100
(a)
...........................................................
1,000,000
911,314
Rolls-Royce
PLC
,
3
.63
%
,
10/14/25
,
Callable
7/14/25
@
100
(a)
......................
275,000
265,553
Trane
Technologies
Financing
Ltd.
,
5
.25
%
,
3/3/33
,
Callable
12/3/32
@
100
.............
1,750,000
1,813,384
12,139,965
Information
Technology
(0.2%):
NXP
BV/NXP
Funding
LLC/NXP
USA,
Inc.
,
2
.65
%
,
2/15/32
,
Callable
11/15/31
@
100
....
1,500,000
1,264,358
Open
Text
Corp.
,
6
.90
%
,
12/1/27
,
Callable
11/1/27
@
100
(a)
........................
686,000
714,181
SK
Hynix,
Inc.
,
6
.50
%
,
1/17/33
(a)
...........................................
1,071,000
1,130,352
3,108,891
Materials
(0.2%):
ArcelorMittal
SA
,
6
.80
%
,
11/29/32
,
Callable
8/29/32
@
100
........................
1,500,000
1,622,670
Braskem
Netherlands
Finance
BV
4
.50
%
,
1/31/30
,
Callable
10/31/29
@
100
(a)
...............................
1,000,000
766,979
7
.25
%
,
2/13/33
,
Callable
11/13/32
@
100
(a)
................................
300,000
250,042
CCL
Industries,
Inc.
,
3
.05
%
,
6/1/30
,
Callable
3/1/30
@
100
(a)
.......................
2,000,000
1,752,707
4,392,398
Real
Estate
(0.1%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust
,
2
.50
%
,
10/15/31
,
Callable
7/15/31
@
100
(a)
...........................................................
3,233,000
2,611,889
Utilities
(0.2%):
Enel
Finance
International
NV
,
1
.88
%
,
7/12/28
,
Callable
5/12/28
@
100
(a)
..............
2,000,000
1,744,718
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
35
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
GENM
Capital
Labuan
Ltd.
,
3
.88
%
,
4/19/31
,
Callable
1/19/31
@
100
(a)
...............
$
1,500,000
$
1,281,790
3,026,508
Total
Yankee
Dollars
(Cost
$122,859,371)
113,716,308
Municipal
Bonds
(1.2%)
Arizona
(0.0%):(f)
The
University
of
Arizona
Revenue
,
Series
A
,
1
.82
%
,
6/1/30
........................
1,000,000
848,375
California
(0.1%):
California
Statewide
Communities
Development
Authority
Revenue
,
1
.73
%
,
4/1/27
.......
1,000,000
887,587
City
of
El
Cajon
Revenue
Series
A
,
1
.70
%
,
4/1/27
..............................................
620,000
561,188
Series
A
,
1
.90
%
,
4/1/28
..............................................
500,000
443,141
San
Jose
Redevelopment
Agency
Successor
Agency
Tax
Allocation
,
Series
A-T
,
3
.13
%
,
8/1/28
,
Continuously
Callable
@100
...........................................
500,000
472,326
2,364,242
Connecticut
(0.0%):(f)
State
of
Connecticut,
GO
,
Series
A
,
3
.43
%
,
4/15/28
..............................
500,000
477,690
Florida
(0.2%):
Florida
Development
Finance
Corp.
Revenue
,
Series
B
,
3
.22
%
,
2/1/32
,
Continuously
Callable
@100
...........................................................
1,020,000
859,013
Hillsborough
County
IDA
Revenue
,
3
.58
%
,
8/1/35
,
Continuously
Callable
@100
.........
1,500,000
1,259,816
Hillsborough
County
School
Board
Certificate
of
Participation
,
Series
B
,
1
.92
%
,
7/1/25
....
750,000
717,184
2,836,013
Louisiana
(0.0%):(f)
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
,
Series
A
,
4
.48
%
,
8/1/39
.......................................
835,000
808,822
Michigan
(0.1%):
Michigan
Finance
Authority
Revenue
,
2
.47
%
,
12/1/25
............................
1,000,000
960,089
New
Jersey
(0.1%):
New
Jersey
Economic
Development
Authority
Revenue
,
Series
NNN
,
3
.47
%
,
6/15/27
......
1,000,000
966,114
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
,
Series
A
,
3
.36
%
,
7/1/40
...
1,000,000
835,101
South
Jersey
Transportation
Authority
Revenue
,
Series
B
,
2
.38
%
,
11/1/27
...............
900,000
810,265
2,611,480
Pennsylvania
(0.1%):
Public
Parking
Authority
of
Pittsburgh
Revenue
,
2
.33
%
,
12/1/29
.....................
895,000
760,576
State
Public
School
Building
Authority
Revenue
,
3
.15
%
,
4/1/30
......................
1,290,000
1,183,910
1,944,486
Texas
(0.4%):
City
of
San
Antonio,
GO
,
1
.76
%
,
2/1/31
,
Continuously
Callable
@100
.................
630,000
527,319
County
of
Bexar
Revenue
,
2
.28
%
,
8/15/32
,
Continuously
Callable
@100
...............
1,070,000
867,206
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
3
.34
%
,
11/15/37
....................................................
2,000,000
1,686,655
Series
D
,
2
.28
%
,
7/1/34
..............................................
370,000
287,713
North
Texas
Tollway
Authority
Revenue
,
1
.02
%
,
1/1/25
...........................
1,000,000
961,150
San
Antonio
Education
Facilities
Corp.
Revenue
,
2
.50
%
,
4/1/29
......................
1,270,000
1,104,402
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
1
.63
%
,
9/1/26
.....................................................
525,000
483,426
1
.82
%
,
9/1/27
.....................................................
700,000
631,878
Uptown
Development
Authority
Tax
Allocation
Series
B
,
2
.58
%
,
9/1/31
..............................................
270,000
222,390
Series
B
,
2
.78
%
,
9/1/33
,
Continuously
Callable
@100
.........................
500,000
399,475
7,171,614
Virginia
(0.1%):
Virginia
Housing
Development
Authority
Revenue
Series
J
,
1
.97
%
,
11/1/28
..............................................
225,000
196,923
Series
J
,
2
.27
%
,
11/1/31
,
Continuously
Callable
@100
........................
225,000
185,352
Series
J
,
2
.42
%
,
11/1/32
,
Continuously
Callable
@100
........................
275,000
224,962
Series
J
,
2
.47
%
,
11/1/33
,
Continuously
Callable
@100
........................
270,000
217,808
Series
J
,
2
.52
%
,
11/1/34
,
Continuously
Callable
@100
........................
250,000
199,245
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
36
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
Series
J
,
2
.57
%
,
11/1/35
,
Continuously
Callable
@100
........................
$
300,000
$
236,367
1,260,657
Washington
(0.1%):
Washington
State
University
Revenue
,
Series
A
,
2
.24
%
,
10/1/28
.....................
1,000,000
903,113
Total
Municipal
Bonds
(Cost
$25,186,117)
22,186,581
U.S.
Government
Agency
Mortgages
(10.7%)
Federal
Farm
Credit
Banks
Funding
Corp.
5
.93
%
,
7/14/33
....................................................
5,000,000
5,045,100
Federal
Home
Loan
Mortgage
Corporation
3
.00
%
,
3/1/31
-
5/1/52
...............................................
4,132,872
3,674,995
3
.50
%
,
5/1/33
-
7/1/52
...............................................
3,456,947
3,199,020
4
.00
%
,
7/1/42
-
9/1/52
...............................................
4,292,455
4,117,795
4
.50
%
,
11/1/42
-
10/1/52
..............................................
4,384,557
4,279,210
5
.00
%
,
3/1/38
-
6/1/53
...............................................
15,954,027
15,845,993
5
.50
%
,
8/1/38
-
5/1/53
...............................................
6,676,326
6,737,378
6
.00
%
,
8/1/53
.....................................................
1,981,525
2,012,100
39,866,491
Federal
National
Mortgage
Association
2
.00
%
,
11/1/51
-
12/1/51
..............................................
3,061,938
2,519,627
2
.50
%
,
11/1/34
-
3/1/52
..............................................
3,474,359
2,976,102
3
.00
%
,
2/1/50
-
2/1/52
...............................................
3,859,554
3,425,859
3
.50
%
,
12/1/42
-
8/1/52
..............................................
13,055,744
12,095,691
4
.00
%
,
4/1/38
-
6/1/52
...............................................
19,081,056
18,203,562
4
.50
%
,
1/1/38
-
9/1/52
...............................................
25,755,641
25,009,653
5
.00
%
,
12/1/37
-
4/1/53
..............................................
7,239,242
7,212,645
5
.50
%
,
10/1/52
....................................................
3,497,985
3,518,274
6
.00
%
,
9/1/53
.....................................................
1,073,314
1,090,929
76,052,342
Government
National
Mortgage
Association
2
.50
%
,
6/20/53
-
9/20/53
.............................................
10,155,666
8,897,053
3
.00
%
,
10/20/51
-
11/20/52
............................................
12,596,034
11,393,580
3
.50
%
,
2/20/52
-
6/20/52
.............................................
6,178,419
5,738,568
4
.00
%
,
11/20/52
....................................................
4,286,081
4,087,288
4
.50
%
,
9/20/52
-
9/20/53
.............................................
6,306,774
6,151,058
5
.00
%
,
8/20/38
-
9/20/53
.............................................
6,514,002
6,493,229
5
.50
%
,
4/20/53
-
9/20/53
.............................................
16,949,033
17,074,593
6
.00
%
,
7/20/53
-
9/20/53
.............................................
8,905,725
9,058,744
6
.50
%
,
1/20/54
....................................................
4,000,000
4,099,728
72,993,841
Total
U.S.
Government
Agency
Mortgages
(Cost
$195,535,950)
193,957,774
U.S.
Treasury
Obligations
(40.3%)
U.S.
Treasury
Bonds
5
.25
%
,
2/15/29
....................................................
7,000,000
7,416,719
3
.50
%
,
2/15/39
....................................................
20,000,000
18,940,625
1
.13
%
,
5/15/40
....................................................
6,878,000
4,437,385
1
.38
%
,
11/15/40
....................................................
5,000,000
3,322,656
1
.75
%
,
8/15/41
....................................................
21,000,000
14,627,812
2
.00
%
,
11/15/41
....................................................
12,190,000
8,835,845
2
.38
%
,
2/15/42
....................................................
10,000,000
7,687,500
3
.38
%
,
8/15/42
....................................................
15,000,000
13,399,219
3
.13
%
,
2/15/43
....................................................
14,000,000
11,985,313
3
.88
%
,
5/15/43
....................................................
17,000,000
16,240,312
2
.88
%
,
5/15/43
....................................................
2,000,000
1,644,375
4
.38
%
,
8/15/43
....................................................
10,000,000
10,226,563
3
.38
%
,
5/15/44
....................................................
7,000,000
6,179,688
2
.50
%
,
2/15/46
....................................................
10,000,000
7,514,062
2
.75
%
,
8/15/47
....................................................
500,000
390,234
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
37
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
2
.75
%
,
11/15/47
....................................................
$
500,000
$
390,078
3
.00
%
,
2/15/48
....................................................
3,500,000
2,857,969
3
.38
%
,
11/15/48
....................................................
7,012,000
6,122,353
1
.38
%
,
8/15/50
....................................................
7,000,000
3,910,156
1
.63
%
,
11/15/50
....................................................
3,000,000
1,792,031
1
.88
%
,
2/15/51
....................................................
28,013,000
17,818,894
2
.00
%
,
8/15/51
....................................................
27,203,000
17,813,715
4
.00
%
,
11/15/52
....................................................
2,000,000
1,977,813
3
.63
%
,
2/15/53
....................................................
10,000,000
9,257,813
4
.13
%
,
8/15/53
....................................................
16,000,000
16,217,500
U.S.
Treasury
Notes
3
.00
%
,
7/31/24
....................................................
7,000,000
6,916,055
0
.38
%
,
8/15/24
....................................................
10,000,000
9,712,500
0
.38
%
,
9/15/24
....................................................
5,000,000
4,841,406
1
.50
%
,
10/31/24
....................................................
3,000,000
2,918,320
0
.75
%
,
11/15/24
....................................................
10,000,000
9,649,609
4
.25
%
,
12/31/24
....................................................
5,000,000
4,974,414
2
.25
%
,
12/31/24
....................................................
5,000,000
4,877,148
1
.13
%
,
1/15/25
....................................................
4,000,000
3,853,594
2
.63
%
,
4/15/25
....................................................
8,000,000
7,803,125
2
.88
%
,
6/15/25
....................................................
5,000,000
4,887,109
3
.00
%
,
7/15/25
....................................................
5,000,000
4,891,406
3
.00
%
,
9/30/25
....................................................
300,000
293,121
0
.38
%
,
11/30/25
....................................................
3,000,000
2,786,016
4
.88
%
,
11/30/25
....................................................
25,000,000
25,262,695
0
.38
%
,
1/31/26
....................................................
4,000,000
3,695,313
0
.75
%
,
5/31/26
....................................................
5,000,000
4,616,016
1
.50
%
,
8/15/26
....................................................
2,000,000
1,872,031
1
.38
%
,
8/31/26
....................................................
8,000,000
7,459,375
1
.13
%
,
10/31/26
....................................................
5,000,000
4,613,281
2
.00
%
,
11/15/26
....................................................
2,700,000
2,552,977
1
.88
%
,
2/28/27
....................................................
15,000,000
14,066,016
2
.38
%
,
5/15/27
....................................................
7,000,000
6,648,906
0
.50
%
,
6/30/27
....................................................
2,500,000
2,220,508
2
.25
%
,
8/15/27
....................................................
1,000,000
942,969
2
.25
%
,
11/15/27
....................................................
1,700,000
1,598,398
0
.63
%
,
11/30/27
....................................................
13,000,000
11,458,281
0
.75
%
,
1/31/28
....................................................
10,000,000
8,817,188
2
.75
%
,
2/15/28
....................................................
9,000,000
8,602,031
1
.25
%
,
3/31/28
....................................................
8,000,000
7,175,625
1
.25
%
,
4/30/28
....................................................
10,000,000
8,953,125
2
.88
%
,
5/15/28
....................................................
4,000,000
3,835,938
1
.00
%
,
7/31/28
....................................................
22,000,000
19,349,687
2
.88
%
,
8/15/28
....................................................
630,000
602,880
1
.13
%
,
8/31/28
....................................................
5,000,000
4,414,844
1
.25
%
,
9/30/28
....................................................
10,000,000
8,863,281
3
.13
%
,
11/15/28
....................................................
1,000,000
966,172
0
.88
%
,
1/15/29
....................................................
609,250
583,498
2
.63
%
,
2/15/29
....................................................
1,000,000
941,953
2
.38
%
,
3/31/29
....................................................
18,000,000
16,716,094
2
.88
%
,
4/30/29
....................................................
5,000,000
4,758,203
2
.75
%
,
5/31/29
....................................................
5,000,000
4,723,438
1
.63
%
,
8/15/29
....................................................
10,000,000
8,901,562
3
.50
%
,
1/31/30
....................................................
10,000,000
9,785,156
4
.00
%
,
2/28/30
....................................................
16,000,000
16,086,250
0
.63
%
,
8/15/30
....................................................
10,485,000
8,509,233
4
.63
%
,
9/30/30
....................................................
5,000,000
5,214,844
1
.13
%
,
2/15/31
....................................................
15,295,000
12,771,325
1
.63
%
,
5/15/31
....................................................
20,000,000
17,159,375
1
.38
%
,
11/15/31
....................................................
5,128,000
4,260,246
1
.88
%
,
2/15/32
....................................................
6,000,000
5,160,938
2
.88
%
,
5/15/32
....................................................
9,185,000
8,516,217
2
.75
%
,
8/15/32
....................................................
9,307,000
8,528,993
4
.13
%
,
11/15/32
....................................................
69,500,000
70,683,672
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
38
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
Value
3
.38
%
,
5/15/33
....................................................
$
53,350,000
$
51,232,672
3
.88
%
,
8/15/33
....................................................
34,176,000
34,154,640
Total
U.S.
Treasury
Obligations
(Cost
$753,965,050)
726,686,299
Commercial
Paper
(2.9%)
Consumer
Staples
(0.3%):
Sysco
Corp.
,
5
.64
%
,
1/4/24
(a)
(g)
............................................
5,000,000
4,995,497
Energy
(0.2%):
Kinder
Morgan
Energy
LP
,
5
.56
%
,
1/2/24
(a)
(g)
.................................
3,000,000
2,998,092
Financials
(0.4%):
Intercontinental
Exchange,
Inc.
,
9
.56
%
,
1/3/24
(a)
(g)
..............................
5,000,000
4,996,020
VW
Credit,
Inc.
,
5
.77
%
,
2/1/24
(a)
(g)
.........................................
2,000,000
1,989,412
6,985,432
Industrials
(0.2%):
Lennox
International,
Inc.
,
5
.61
%
,
1/4/24
(a)
(g)
..................................
4,000,000
3,996,328
Vulcan
Materials
Co.
,
5
.61
%
,
1/9/24
(a)
(g)
.....................................
753,000
751,740
4,748,068
Materials
(0.9%):
Cabot
Corp.
,
11
.09
%
,
1/2/24
(a)
(g)
...........................................
11,000,000
10,993,224
Glencore
Funding
LLC
,
7
.76
%
,
1/5/24
(a)
(g)
....................................
5,000,000
4,994,614
15,987,838
Utilities
(0.9%):
Arizona
Public
Service
,
5
.40
%
,
1/3/24
(a)
(g)
....................................
2,700,000
2,697,966
Arizona
Public
Service
,
8
.15
%
,
1/4/24
(a)
(g)
....................................
6,000,000
5,994,573
DTE
Energy
Co.
,
10
.86
%
,
1/2/24
(a)
(g)
.......................................
750,000
749,548
Evergy
Kansas
Central
,
10
.86
%
,
1/2/24
(a)
(g)
...................................
7,000,000
6,995,780
16,437,867
Total
Commercial
Paper
(Cost
$52,176,622)
52,152,794
Shares
Collateral
for
Securities
Loaned
(0.3%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(h)
........
1,442,023
1,442,023
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(h)
............
1,442,023
1,442,023
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(h)
...............
1,442,023
1,442,023
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(h)
.
1,442,023
1,442,023
Total
Collateral
for
Securities
Loaned
(Cost
$5,768,092)
5,768,092
Total
Investments
(Cost
$1,890,315,606)
—
99.7%
1,800,220,163
Other
assets
in
excess
of
liabilities
—
0.3%
5,081,424
NET
ASSETS
-
100.00%
$
1,805,301,587
At
December
31,
2023,
the
Fund's
investments
in
foreign
securities
were
7.0%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
December
31,
2023,
the
fair
value
of
these
securities
was
$394,500,563
and
amounted
to
21.9%
of
net
assets.
(b)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
December
31,
2023.
(c)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
December
31,
2023.
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(f)
Amount
represents
less
than
0.05%
of
net
assets.
(g)
Rate
represents
the
effective
yield
at
December
31,
2023.
(h)
Rate
disclosed
is
the
daily
yield
on
December
31,
2023.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
39
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
CMO
—
Collateralized
Mortgage
Obligations
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
December
31,
2023.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
December
31,
2023.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
IDA
—
Industrial
Development
Authority
LIBOR
—
London
Interbank
Offered
Rate
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of  December
31,
2023.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
December
31,
2023.
SOFR90A
—
90
day
average
of
SOFR,
rate
disclosed
as
of
December
31,
2023.
TSFR1M
—
1
month
Term
SOFR,
rate
disclosed
as
of
December
31,
2023.
TSFR3M
—
3
month
Term
SOFR,
rate
disclosed
as
of
December
31,
2023.
US0003M
—
3
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
December
31,
2023,
based
on
the
last
reset
date
of
the
security.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
December
31,
2023.
USSW5
—
USD
5
Year
Swap
Rate,
rate
disclosed
as
of
December
31,
2023.
Statements
of
Assets
and
Liabilities
December
31,
2023
40
See
notes
to
financial
statements.
Victory
Portfolios
II
(Unaudited)
VictoryShares
Short-Term
Bond
ETF
VictoryShares
Core
Intermediate
Bond
ETF
Assets:
Investments,
at
value
(Cost
$551,546,416
and
$1,890,315,606)
$
551,353,912‌(a)
$
1,800,220,163‌(b)
Cash
5,658,114‌
264,166‌
Deposit
with
broker
for
futures
contracts
—‌
42,649‌
Receivables:
Interest
and
dividends
3,559,653‌
12,864,682‌
Capital
shares
issued
—‌
2,341,228‌
Prepaid
expenses
644‌
1,975‌
Total
Assets
560,572,323‌
1,815,734,863‌
Liabilities:
Payables:
Collateral
received
on
loaned
securities
3,036,052‌
5,768,092‌
Investments
purchased
5,376,159‌
4,110,000‌
Accrued
expenses
and
other
payables:
Investment
advisory
fees
115,270‌
441,825‌
Administration
fees
24,731‌
74,629‌
Custodian
fees
2,048‌
7,029‌
Compliance
fees
450‌
1,279‌
Trustees'
fees
1,407‌
3,447‌
Other
accrued
expenses
20,144‌
26,975‌
Total
Liabilities
8,576,261‌
10,433,276‌
Commitments
and
contingencies
(Note
5
)
Net
Assets:
Capital
562,685,520‌
1,937,543,522‌
Total
accumulated
earnings/(loss)
(10,689,458‌)
(132,241,935‌)
Net
Assets
$
551,996,062‌
$
1,805,301,587‌
Shares
outstanding
(unlimited
shares
authorized,
no
par
value):
11,150,000‌
38,550,000‌
Net
asset
value:
$
49.51‌
$
46.83‌
(a)
Includes
$2,944,261
of
securities
on
loan.
(b)
Includes
$5,548,313
of
securities
on
loan.
Statements
of
Operations
For
the
Six
Months
Ended
December
31,
2023
41
See
notes
to
financial
statements.
Victory
Portfolios
II
(Unaudited)
VictoryShares
Short-Term
Bond
ETF
VictoryShares
Core
Intermediate
Bond
ETF
Investment
Income:
Interest
$
14,066,363‌
$
30,522,535‌
Securities
lending
(net
of
fees)
10,477‌
45,178‌
Total
Income
14,076,840‌
30,567,713‌
Expenses:
Investment
advisory
fees
675,419‌
2,342,283‌
Administration
fees
150,115‌
433,946‌
Sub-Administration
fees
10,774‌
13,279‌
Custodian
fees
13,662‌
35,102‌
Trustees'
fees
18,766‌
51,262‌
Compliance
fees
2,480‌
6,994‌
Legal
and
audit
fees
25,765‌
61,962‌
Line
of
credit
fees
141‌
752‌
Other
expenses
31,677‌
50,948‌
Recoupment
of
prior
expenses
waived/reimbursed
by
Adviser
4,498‌
—‌
Total
Expenses
933,297‌
2,996,528‌
Net
Investment
Income
(Loss)
13,143,543‌
27,571,185‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
investment
securities
(
4,152,830‌
)
(
15,069,084‌
)
Net
change
in
unrealized
appreciation/depreciation
on
investment
securities
13,169,458‌
54,090,050‌
Net
realized/unrealized
gains
(losses)
on
investments
9,016,628‌
39,020,966‌
Change
in
net
assets
resulting
from
operations
$
22,160,171‌
$
66,592,151‌
42
Victory
Portfolios
II
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
VictoryShares
Short-Term
Bond
ETF
VictoryShares
Core
Intermediate
Bond
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
From
Investment
Activities:
Operations:
Net
Investment
Income
(Loss)
$
13,143,543‌
$
15,360,377‌
$
27,571,185‌
$
38,303,923‌
Net
realized
gains
(losses)
(
4,152,830‌
)
(
3,336,317‌
)
(
15,069,084‌
)
(
24,741,872‌
)
Net
change
in
unrealized
appreciation/depreciation
13,169,458‌
2,494,191‌
54,090,050‌
(
11,754,614‌
)
Change
in
net
assets
resulting
from
operations
22,160,171‌
14,518,251‌
66,592,151‌
1,807,437‌
Change
in
net
assets
resulting
from
distributions
to
shareholders
(
15,230,935‌
)
(
14,792,050‌
)
(
30,834,897‌
)
(
36,829,925‌
)
Change
in
net
assets
resulting
from
capital
transactions
22,313,341‌
163,290,349‌
311,864,042‌
256,495,140‌
Change
in
net
assets
29,242,577‌
163,016,550‌
347,621,296‌
221,472,652‌
Net
Assets:
Beginning
of
period
522,753,485‌
359,736,935‌
1,457,680,291‌
1,236,207,639‌
End
of
period
$
551,996,062‌
$
522,753,485‌
$
1,805,301,587‌
$
1,457,680,291‌
Capital
Transactions:
Proceeds
from
shares
issued
$
49,036,979‌
$
185,298,243‌
$
311,864,042‌
$
290,534,658‌
Cost
of
shares
redeemed
(
26,723,638‌
)
(
22,007,894‌
)
—‌
(
34,039,518‌
)
Change
in
net
assets
resulting
from
capital
transactions
$
22,313,341‌
$
163,290,349‌
$
311,864,042‌
$
256,495,140‌
Share
Transactions:
Issued
1,000,000‌
3,800,000‌
6,850,000‌
6,250,000‌
Redeemed
(
550,000‌
)
(
450,000‌
)
—‌
(
750,000‌
)
Change
in
Shares
450,000‌
3,350,000‌
6,850,000‌
5,500,000‌
Victory
Portfolios
II
Financial
Highlights
For
a
Share
Outstanding
Throughout
Each
Period
43
See
notes
to
financial
statements.
VictoryShares
Short-Term
Bond
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Ten
Months
Ended
June
30,
2020(a)
Year
Ended
August
31,
2019
Net
Asset
Value,
Beginning
of
Period
$48.86
$48.94
$51.87
$51.22
$50.65
$49.50
Investment
Activities:
Net
investment
income
(loss)(b)
1.20
1.77
0.86
0.84
1.10
1.37
Net
realized
and
unrealized
gains
(losses)
0.84
(0.17)
(2.78)
0.93
0.48
1.13
Total
from
Investment
Activities
2.04
1.60
(1.92)
1.77
1.58
2.50
Distributions
to
Shareholders
from:
Net
investment
income
(1.39)
(1.68)
(0.84)
(0.90)
(1.01)
(1.35)
Net
realized
gains
—
—
(0.17)
(0.22)
—
—
Total
Distributions
(1.39)
(1.68)
(1.01)
(1.12)
(1.01)
(1.35)
Net
Asset
Value,
End
of
Period
$49.51
$48.86
$48.94
$51.87
$51.22
$50.65
Total
Return(c)(d)
4.23%
3.32%
(3.73)%
3.48%
3.17%
5.11%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.35%
0.35%
0.32%(g)
0.34%(h)
0.35%
0.35%
Net
Investment
Income
(Loss)(e)
4.86%
3.63%
1.70%
1.62%
2.62%
2.75%
Gross
Expenses(e)(f)
0.35%
0.35%
0.36%
0.37%
0.44%
0.40%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$551,996
$522,753
$359,737
$272,296
$105,000
$83,573
Portfolio
Turnover(c)(i)
38%
53%
67%
80%
72%(j)
30%
(a)
The
Fund's
fiscal
year-end
changed
from
August
31
to
June
30,
effective
September
1,
2019.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Includes
impact
of
voluntary
waiver.
Without
this
voluntary
waiver,
the
net
expense
ratio
would
have
been
0.02%
higher.
(h)
Includes
impact
of
voluntary
waivers.
Without
these
voluntary
waivers,
the
net
expense
ratio
would
have
been
at
the
contractual
cap.
(i)
Excludes
impact
of
in-kind
transactions.
(j)
Portfolio
turnover
increased
significantly
due
to
changes
in
the
volume
and
timing
of
purchases
and
sales
of
portfolio
holdings
during
the
period.
Victory
Portfolios
II
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
44
See
notes
to
financial
statements.
VictoryShares
Core
Intermediate
Bond
ETF
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Ten
Months
Ended
June
30,
2020(a)
Year
Ended
August
31,
2019
Net
Asset
Value,
Beginning
of
Period
$45.98
$47.18
$53.71
$53.67
$52.48
$48.61
Investment
Activities:
Net
investment
income
(loss)(b)
0.80
1.31
0.89
1.08
1.21
1.62
Net
realized
and
unrealized
gains
(losses)
0.94
(1.26)
(6.37)
0.27
1.12
3.81
Total
from
Investment
Activities
1.74
0.05
(5.48)
1.35
2.33
5.43
Distributions
to
Shareholders
from:
Net
investment
income
(0.89)
(1.25)
(0.92)
(1.11)
(1.14)
(1.56)
Net
realized
gains
—
—
(0.13)
(0.20)
—
—
Total
Distributions
(0.89)
(1.25)
(1.05)
(1.31)
(1.14)
(1.56)
Net
Asset
Value,
End
of
Period
$46.83
$45.98
$47.18
$53.71
$53.67
$52.48
Total
Return(c)(d)
3.84%
0.13%
(10.35)%
2.55%
4.52%
11.37%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.38%
0.38%
0.39%
0.37%(g)
0.38%(h)
0.39%
Net
Investment
Income
(Loss)(e)
3.53%
2.83%
1.74%
2.01%
2.80%
3.27%
Gross
Expenses(e)(f)
0.38%
0.38%
0.39%
0.41%
0.42%
0.44%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$1,805,302
$1,457,680
$1,236,208
$894,333
$450,789
$314,856
Portfolio
Turnover(c)(i)
11%
23%
24%
16%
13%
3%(j)
(a)
The
Fund's
fiscal
year-end
changed
from
August
31
to
June
30,
effective
September
1,
2019.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Includes
impact
of
voluntary
waivers.
Without
these
voluntary
waivers,
the
net
expense
ratio
would
have
been
at
the
contractual
cap.
(h)
Includes
impact
of
voluntary
waiver.
Without
this
voluntary
waiver,
the
net
expense
ratio
would
have
been
0.02%
higher
for
the
ten
months
ended
June
30,
2020.
(i)
Excludes
impact
of
in-kind
transactions.
(j)
Portfolio
turnover
decreased
significantly
due
to
changes
in
the
volume
and
timing
of
purchases
and
sales
of
portfolio
holdings
during
the
year.
Notes
to
Financial
Statements
December
31,
2023
Victory
Portfolios
II
45
(Unaudited)
1.
Organization:
Victory
Portfolios
II
(the
“Trust”)
is
organized as
a
Delaware
statutory
trust and
the Trust
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
investment
company.
The
Trust
is
comprised
of
27
funds, and
is
authorized
to
issue
an
unlimited
number
of
shares,
which
are
units
of
beneficial
interest
with
no
par
value.
The
accompanying
financial
statements
are
those
of
the
following two
Funds
(collectively,
the
“Funds”
and
individually,
a
“Fund”).
Each
Fund
is
classified
as
diversified
under
the
1940
Act.
Victory
Capital
Management
Inc.
(“VCM”
or
the
“Adviser”)
is
an
indirect
wholly
owned
subsidiary
of
Victory
Capital
Holdings,
Inc.,
a
publicly
traded
Delaware
corporation,
and
a
wholly
owned
direct
subsidiary
of
Victory
Capital
Operating,
LLC.
Under
the
Trust’s
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Funds.
In
addition,
in
the
normal
course
of
business,
the
Funds
enter
into
contracts
with
their
vendors
and
others
that
provide
for
general
indemnifications.
The Funds’
maximum
exposure
under
these
arrangements
is
unknown,
as
this
would
involve
future
claims
that
may
be
made
against
the
Funds.
However,
based
on
experience,
the
Funds
expect
that
risk
of
loss
to
be
remote.
2.
Significant
Accounting
Policies:
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the Funds
in
the
preparation
of their
financial
statements.
 The
policies
are
in
conformity
with
U.S.
Generally
Accepted
Accounting
Principles
(“GAAP”).
The
preparation
of
financial
statements
in
accordance
with
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
for
the
period.
Actual
results
could
differ
from
those
estimates.
The
Funds
follow
the
specialized
accounting
and
reporting
requirements
under
GAAP
that
are
applicable
to
investment
companies
under
Accounting
Standards
Codification
Topic
946.
Shares
of
the
Funds
are
listed
and
traded
on
the Nasdaq
Stock
Market,
LLC. (the
“Exchange”).
The
Funds
issue
and
redeem
shares (“Shares”)
at
net
asset
value
(“NAV”)
only
in
aggregations
of
50,000
shares,
(each
a
“Creation
Unit”).
Creation
Units
are
issued
and
redeemed
in
exchange
for
a
basket
of
securities
included
in
the
respective
Fund’s
Index
(the
“Deposit
Securities”),
and/or
with
the
deposit
of
a
specified
cash
payment
(the
“Cash
Component”),
plus
a
transaction
fee.
Shares
trade
on
the Exchange
at
market
prices
that
may
be
below,
at,
or
above
NAV.
Shares
of
a
Fund
may
only
be
purchased
or
redeemed
by
certain
financial
institutions
(“Authorized
Participants”).
An
Authorized
Participant
is
either
(i)
a
broker-dealer
or
other
participant
in
the
clearing
process
through
the
Continuous
Net
Settlement
System
of
the
National
Securities
Clearing
Corporation
or
(ii)
a
DTC
participant
and,
in
each
case,
must
have
executed
a
Participant
Agreement
with
the
distributor.
Only
Authorized
Participants
may
purchase
or
redeem
the
shares
directly
from
a
Fund.
In
addition,
shares
may
be
issued
in
advance
of
receipt
of
Deposit
Securities
subject
to
various
conditions,
including
a
requirement
to
maintain
on
deposit
with
the
Trust
cash
equal
to
up
to
105%
of
the
market
value
of
the
missing
Deposit
Securities.
In
each
instance
of
such
cash
creations
or
redemptions,
transaction
fees
may
be
imposed
and
may
be
higher
than
the
transaction
fees
associated
with
in-kind
creations
or
redemptions.
Each
Fund
may
issue
an
unlimited
number
of
shares
of
beneficial
interest,
with
no
par
value.
Shares
of
each
Fund
have
equal
rights
and
privileges.
A
purchase
(i.e.,
creation)
transaction
fee
is
imposed
for
the
transfer
and
other
transactional
costs
associated
with
the
purchase
of
Creation
Units.
In
addition,
a
variable
fee
may
be
charged
on
all
cash
transactions
or
substitutes
for
Creation
Units.
Variable
fees
received
by
each
Fund
are
displayed
in
the
Capital
Transactions
section
of
the
Statements
of
Changes
in
Net
Assets
as
an
increase
to
Capital.
The
transaction
fees
for
each
Fund
are
listed
below:
Investment
Valuation:
The
Funds
record
investments
at
fair
value.
Fair
value
is
defined
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
valuation
techniques
described
below
maximize
the
use
of
observable
inputs
and
minimize
the
use
of
unobservable
inputs
in
determining
fair
value.
The
inputs
used
for
valuing
the
Funds’
investments
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
quoted
prices
(unadjusted)
in
active
markets
for
identical
securities
Level
2
—
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
or
credit
spreads,
applicable
to
those
securities,
etc.)
Funds
(Legal
Name)
Funds
(Short
Name)
VictoryShares
Short-Term
Bond
ETF
Short-Term
Bond
ETF
VictoryShares
Core
Intermediate
Bond
ETF
Core
Intermediate
Bond
ETF
Fee
for
In-Kind
and
Cash
Purchases
and
Redemptions
Maximum
Additional
Variable
Charge
for
Cash
Purchases
and
Redemptions*
Short-Term
Bond
ETF
..................................................
$
100
2.00%
Core
Intermediate
Bond
ETF
.............................................
100
2.00%
*  
As
a
percentage
of
the
amount
invested
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
46
(Unaudited)
Level
3
—
significant
unobservable
inputs
(including
the
Adviser’s
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
in
or
out
of
an
assigned
level
within
the
disclosure
hierarchy.
The
inputs
or
methodologies
used
for
valuation
techniques
are
not
necessarily
an
indication
of
the
risks
associated
with
entering
into
those
investments.
The
Adviser,
appointed
as the
valuation
designee
by the
Trust’s
Board
of
Trustees
(the
“Board”),
has
established
the
Pricing
and
Liquidity
Committee
(the
“Committee”),
and
subject
to Board
oversight,
the
Committee
administers
and
oversees
the
Funds’
valuation
policies
and
procedures,
which
were
approved
by
the
Board.
Investments
in
open-end
investment
companies,
other
than
ETFs, are
valued
at their
NAV.
These
valuations
are
typically
categorized
as
Level
1 in
the
fair
value
hierarchy.
Debt
securities
are
valued
each
business
day
by
a
pricing
service
approved
by
the
valuation
designee
and
subject
to
the
oversight
of
the
Board.
The
pricing
service
uses
the
evaluated
bid
or market
quotes to
value
securities.
Debt
obligations
maturing
within
60
days
may
be
valued
at
amortized
cost,
provided
that
the
amortized
cost
represents
the
fair
value
of
such
securities.
These
valuations
are
typically
categorized
as
Level
2
in
the
fair
value
hierarchy.
In
the
event
that
price
quotations
or
valuations
are
not
readily
available,
investments
are
valued
at
fair
value
in
accordance
with
procedures
established
by
and
under
the
general
supervision
and
responsibility
of
the
Board.
These
valuations
are
typically
categorized
as
Level
2
or
Level
3
in
the
fair
value
hierarchy,
based
on
the
observability
of
inputs
used
to
determine
the
fair
value.
The
effect
of
fair
value
pricing
is
that
securities
may
not
be
priced
on
the
basis
of
quotations
from
the
primary
market
in
which
they
are
traded
and
the
actual
price
realized
from
the
sale
of
a
security
may
differ
materially
from
the
fair
value
price.
Valuing
these
securities
at
fair
value
is
intended
to
cause
the
Funds’
NAV to
be
more
reliable
than
it
otherwise
would
be.
A
summary
of
the
valuations
as
of
December
31,
2023,
based
upon
the
three
levels
defined
above,
is
included
in
the
table
below
while
the
breakdown,
by
category,
of
investments
is
disclosed
on
the
Schedules
of
Portfolio
Investments:
As
of December
31,
2023,
there
were
no
significant
transfers
into/out
of
Level
3.
Securities
Purchased
on
a
Delayed-Delivery
or
When-Issued
Basis:
The
Funds
may
purchase
securities
on
a
delayed-delivery
or
when-issued
basis.
Delivery
and
payment
for
securities
that
have
been
purchased
by
the
Funds
on
a
delayed-delivery
or
when-issued
basis,
or
for
delayed
draws
on
loans
can
generally
take
place
within
35
days after
the
trade
date.
Securities
that
require
more
than
35
days
to
settle
are
considered
a
senior
security
and
subject
to
Rule
18f-4.
At
the
time
the
Funds
makes
Level
1
Level
2
Level
3
Total
Short-Term
Bond
ETF
Asset-Backed
Securities
......................
$
—
$
196,576,346
$
—
$
196,576,346
Collateralized
Loan
Obligations
................
—
4,004,734
—
4,004,734
Collateralized
Mortgage
Obligations
.............
—
25,416,097
—
25,416,097
Senior
Secured
Loans
........................
—
2,227,372
—
2,227,372
Corporate
Bonds
...........................
—
179,421,138
—
179,421,138
Yankee
Dollars
............................
—
23,707,633
—
23,707,633
Municipal
Bonds
...........................
—
6,396,092
—
6,396,092
U.S.
Government
Agency
Mortgages
.............
—
1,927,218
—
1,927,218
U.S.
Treasury
Obligations
.....................
—
44,874,024
—
44,874,024
Commercial
Paper
..........................
—
63,767,206
—
63,767,206
Collateral
for
Securities
Loaned
................
3,036,052
—
—
3,036,052
Total
....................................
$
3,036,052
$
548,317,860
$
—
$
551,353,912
Core
Intermediate
Bond
ETF
Asset-Backed
Securities
......................
—
191,085,139
—
191,085,139
Collateralized
Mortgage
Obligations
.............
—
70,121,704
—
70,121,704
Corporate
Bonds
...........................
—
424,545,472
—
424,545,472
Yankee
Dollars
............................
—
113,716,308
—
113,716,308
Municipal
Bonds
...........................
—
22,186,581
—
22,186,581
U.S.
Government
Agency
Mortgages
.............
—
193,957,774
—
193,957,774
U.S.
Treasury
Obligations
.....................
—
726,686,299
—
726,686,299
Commercial
Paper
..........................
—
52,152,794
—
52,152,794
Collateral
for
Securities
Loaned
................
5,768,092
—
—
5,768,092
Total
....................................
$
5,768,092
$
1,794,452,071
$
—
$
1,800,220,163
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
47
(Unaudited)
the
commitment
to
purchase
a
security
on
a
delayed-delivery
or
when-issued
basis,
the
Funds
records
the
transaction
and
reflects
the
value
of
the
security
in
determining
NAV.
No
interest
accrues
to
the
Funds
until
the
transaction
settles
and
payment
takes
place.
If
the
Funds
own
delayed-delivery
or
when-issued
securities,
these
values
are
included
in
Payables
for
Investments
purchased
on
the
accompanying
Statements
of
Assets
and
Liabilities.
Municipal
Obligations:
The
values
of
municipal
obligations
can
fluctuate
and
may
be
affected
by
adverse
tax,
legislative,
or
political
changes,
and
by
financial
developments
affecting
municipal
issuers.
Payments
of
municipal
obligations
may
depend
on
a
relatively
limited
source
of
revenue,
resulting
in
greater
credit
risk.
Future
changes
in
federal
tax
laws
or
the
activity
of
an
issuer
may
adversely
affect
the
tax-exempt
status
of
municipal
obligations.
Mortgage-
and
Asset-Backed
Securities:
The
values
of
some
mortgage-related
or
asset-backed
securities
may
be
particularly
sensitive
to
changes
in
prevailing
interest
rates.
Early
repayment
of
principal
on
some
mortgage-related
securities
may
expose
the
Funds
to
a
lower
rate
of
return
upon
reinvestment
of
principal.
The
values
of
mortgage-
and
asset-backed
securities
depend
in
part
on
the
credit
quality
and
adequacy
of
the
underlying
assets
or
collateral
and
may
fluctuate
in
response
to
the
market’s
perception
of
these
factors
as
well
as
current
and
future
repayment
rates.
Some
mortgage-backed
securities
are
backed
by
the
full
faith
and
credit
of
the
U.S.
government
(e.g.,
mortgage-backed
securities
issued
by
the
Government
National
Mortgage
Association,
commonly
known
as
“Ginnie
Mae”),
while
other
mortgage-backed
securities
(e.g.,
mortgage-backed
securities
issued
by
the
Federal
National
Mortgage
Association
and
the
Federal
Home
Loan
Mortgage
Corporation,
commonly
known
as
“Fannie
Mae”
and
“Freddie
Mac,”
respectively),
are
backed
only
by
the
credit
of
the
government
entity
issuing
them.
In
addition,
some
mortgage-backed
securities
are
issued
by
private
entities
and,
as
such,
are
not
guaranteed
by
the
U.S.
government
or
any
agency
or
instrumentality
of
the
U.S.
government.
Below-Investment-Grade
Securities:
Certain
Funds
may
invest
in
below-investment-grade
securities
(i.e.,
lower-quality,
“junk”
debt),
which
are
subject
to
various
risks.
Lower-
quality
debt
is
considered
to
be
speculative
because
it
is
less
certain
that
the
issuer
will
be
able
to
pay
interest
or
repay
the
principal
than
in
the
case
of
investment-grade
debt.
These
securities
can
involve
a
substantially
greater
risk
of
default
than
higher-rated
securities,
and
their
values
can
decline
significantly
over
short
periods
of
time.
Lower-quality
debt
securities
tend
to
be
more
sensitive
to
adverse
news
about
their
issuers,
the
market
and
the
economy
in
general,
than
higher-quality
debt
securities.
The
market
for
these
securities
can
be
less
liquid,
especially
during
periods
of
recession
or
general
market
decline.
Collateralized
Loan
Obligations
(“CLOs”):
CLOs
are
securities
issued
by
entities
that
are
collateralized
by
a
pool
of
loans.
CLOs
are
issued
in
multiple
classes
(tranches)
and
can
be
equity
or
debt
with
specific
adjustable
or
fixed
interest
rates
and
varying
maturities.
The
cash
flow
from
the
underlying
loans
is
used
to
pay
off
each
tranche
separately
within
the
debt,
or
senior
tranches.
Equity,
or
subordinated
tranches,
typically
are
not
paid
a
cash
flow
but
do
offer
ownership
in
the
CLO
itself
in
the
event
of
a
sale.
Loans:
Floating
rate
loans
in
which
a
Fund
invests
are
primarily
“senior”
loans.
Senior
floating
rate
loans
typically
hold
a
senior
position
in
the
capital
structures
of
the
borrower,
are
typically
secured
by
specific
collateral,
and
have
a
claim
on
the
assets
and/or
stock
of
the
borrower
that
is
senior
to
that
held
by
subordinated
debtholders
and
stockholders
of
the
borrower.
While
these
protections
may
reduce
risk,
these
investments
still
present
significant
credit
risk.
A
significant
portion
of
a
Fund’s
floating
rate
investments
may
be
issued
in
connection
with
highly
leveraged
transactions
such
as
leveraged
buyouts,
leveraged
recapitalization
loans,
and
other
types
of
acquisition
financing.
Obligations
in
these
types
of
transactions
are
subject
to
greater
credit
risk
(including
default
and
bankruptcy)
than
many
other
investments
and
may
be,
or
become,
illiquid.
See
the
note
below
regarding
below
investment
grade
securities.
The Funds
may
purchase
second-lien
loans
(secured
loans
with
a
claim
on
collateral
subordinate
to
a
senior
lender’s
claim
on
such
collateral),
fixed
rate
loans,
unsecured
loans,
and
other
debt
obligations.
Transactions
in
loans
often
settle
on
a
delayed
basis,
and
a
Fund
may
not
receive
the
proceeds
from
the
sale
of
a
loan
or
pay
for
a
loan
purchase
for
a
substantial
period
of
time
after
entering
into
the
transactions.
Investment
Companies:
Open-End
Funds:
The
Funds
may
invest
in
portfolios
of
open-end
investment
companies.
These
investment
companies
value
securities
in
their
portfolios
for
which
market
quotations
are
readily
available
at
their
market
values
(generally
the
last
reported
sale
price)
and
all
other
securities
and
assets
at
their
fair
value
by
the
methods
established
by
the
board
of
directors
of
the
underlying
funds.
Investment
Transactions
and
Related
Income:
Changes
in
holdings
of
investments
are
accounted
for
no
later
than
one
business
day
following
the
trade
date.
For
financial
reporting
purposes,
however,
investment
transactions
are
accounted
for
on
trade
date
or
the
last
business
day
of
the
reporting
period.
Interest
income
is
determined
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
48
(Unaudited)
on
the
basis
of
coupon
interest
accrued
and
recorded
daily
 using
the
effective
interest
method
which
adjusts,
where
applicable,
the
amortization
of
premiums
or
accretion
of
discounts. Gains
or
losses
realized
on
sales
of
securities
are
recorded
on
the
identified
cost
basis.
Paydown
gains
or
losses
on
applicable
securities,
if
any,
are
recorded
as
components
of
Interest
income
on
the
Statements
of
Operations. 
The Funds
may
receive
other
income
from
investments
in
loan
assignments
and/or
unfunded
commitments,
including
amendment
fees,
consent
fees,
and
commitment
fees.
These
fees
are
recorded
as
income
when
received.
These
amounts,
if
received,
are
included
in
Interest
income
on
the
Statements
of
Operations.
Securities
Lending:
The
Funds, through
a Securities
Lending
Agreement with
Citibank,
N.A.
(“Citibank”), may
lend
their
securities
to
qualified
financial
institutions,
such
as
certain
broker-dealers
and
banks,
to
earn
additional
income,
net
of
income
retained
by
Citibank. 
Borrowers
are
required
to
initially
secure
their
loans for
collateral
in
the
amount
of
at
least
102%
of
the
value
of
U.S.
securities
loaned
or
at
least
105%
of
the
value
of
non-U.S.
securities
loaned,
marked-to-market
daily.
Any
collateral
shortfalls
associated
with
increases
in
the
valuation
of
the
securities
loaned
are
generally
cured the
next
business
day.
The
collateral
can
be
received
in
the
form
of
cash
collateral
and/or
non-cash
collateral.
Non-
cash
collateral
can
include
U.S.
Government
Securities and
other
securities
as
permitted
by
Securities
and
Exchange
Commission
(“SEC”)
guidelines.
The
cash
collateral
is
invested
in
short-term
instruments
or
cash
equivalents,
primarily
open-end
investment
companies,
as
noted
on
the
Funds’
Schedules
of
Portfolio
Investments.
The
Funds
effectively
do not
have
control
of
the
non-cash
collateral
and
therefore
it
is
not
disclosed
on
the
Funds’
Schedules
of
Portfolio
Investments.
Collateral
requirements
are
determined
daily
based
on
the
value
of
the
Funds’
securities
on
loan
as
of
the
end
of
the prior
business
day. 
During
the
time
portfolio
securities
are
on
loan,
the
borrower
will
pay
the
Funds
any
dividends
or
interest
paid
on
such
securities
plus
any
fee
negotiated
between
the
parties
to
the
lending
agreement.
The
Funds
also
earn
a
return
from
the
collateral.
The
Funds
pay
Citibank
various
fees
in
connection
with
the
investment
of
cash
collateral
and
fees
based
on
the
investment
income
received
from
securities
lending
activities.
Securities
lending
income
(net
of
these
fees)
is
disclosed
on
the
Statements
of
Operations.
Loans
are
terminable
upon
demand
and
the
borrower
must
return
the
loaned
securities
within
the
lesser
of
one
standard
settlement
period
or
five
business
days. 
Although
risk
is
mitigated
by
the
collateral, a
Fund could
experience
a
delay
in
recovering
its
securities
and
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
them.
In
addition,
there
is
a
risk that
the
value
of
the
short-term
investments
will
be
less
than
the
amount
of
cash
collateral
required
to
be
returned
to
the
borrower.
The
Funds’
agreement
with
Citibank
does
not
include
master
netting
provisions.
Non-cash
collateral
received
by
the
Funds
may
not
be
sold
or
repledged,
except
to
satisfy
borrower
default.
The
following
table
is
a
summary
of
the
Funds’
securities
lending
transactions
as
of
December
31,
2023.
Federal
Income
Taxes:
Each
Fund
intends
to
continue
to
qualify
as
a
regulated
investment
company
by
complying
with
the
provisions
available
to
certain
investment
companies,
as
defined
in
applicable
sections
of
the
Internal
Revenue
Code,
and
to
make
distributions
of
net
investment
income
and
net
realized
gains
sufficient
to
relieve
it
from
all,
or
substantially
all,
federal
income
taxes.
Accordingly,
no
provision
for
federal
income
taxes
is
required
in
the
financial
statements.
The
Funds
have
a
tax
year
end
of
June
30.
For
the
six
months
ended
December
31,
2023,
the
Funds
did
not
incur
any
income
tax,
interest,
or
penalties,
and
have
recorded
no
liability
for
net
unrecognized
tax
benefits
relating
to
uncertain
tax
positions.
Management
of
the
Funds
has
reviewed
tax
positions
taken
in
tax
years
that
remain
subject
to
examination
by
all
major
tax
jurisdictions,
including
federal
(i.e.,
the
last
four
tax
years,
which
includes
the
current
fiscal
tax
year
end).
Management
believes
that
there
is
no
tax
liability
resulting
from
unrecognized
tax
benefits
related
to
uncertain
tax
positions
taken.
Allocations:
Expenses
directly
attributable
to a
Fund
are
charged
to that
Fund,
while
expenses
that
are
attributable
to
more
than
one
fund
in
the
Trust,
or
jointly
with
an
affiliated
trust,
are
allocated
among
the
respective
funds
in
the
Trust
and/or
an
affiliated
trust
based
upon
net
assets
or
another
appropriate
basis.
3.
Purchases
and
Sales:
Purchases
and
sales
of
securities
(excluding
securities
maturing
less
than
one
year
from
acquisition)
and
purchases
and
sales
associated
with
in-kind
transactions
for
the
six
months
ended
December
31,
2023,
are
included
in
the
table
below.
Any
realized
gains
or
losses
from
in-kind
redemptions
are
reflected
on
the
Statements
of
Operations
as
net
realized
gains
(losses)
from
in
kind
redemptions.
Value
of
Securities
on
Loan
Non-Cash
Collateral
Cash
Collateral
Short-Term
Bond
ETF
.............................................
$
2,944,261
$
—
$
3,036,052
Core
Intermediate
Bond
ETF
........................................
5,548,313
—
5,768,092
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
49
(Unaudited)
4.
Affiliated
Fund
Ownership:
The
Funds
offer
shares
for
investment
by
other
funds,
including
funds
offered
by
VCM
affiliated
fund-of-funds.
The
affiliated
fund-of-funds
do
not
invest
in
the
underlying
funds
for
the
purpose
of
exercising
management
or control;
however,
investments
by
affiliated
fund-of-funds
within
its
principal
investment
strategies
may
represent
a
significant
portion
of
an
underlying
fund’s
assets,
and
together
with
the
investments
of
the
other
affiliated
funds-of-funds,
may
represent
a
substantial
portion
or
even
all
of
an
underlying
fund’s
net
assets.
The
affiliated
fund-of-funds’
annual
and
semi-annual
reports
may
be
viewed
at
vcm.com.
As
of
December
31,
2023,
certain
affiliated fund-of-funds
owned
total
outstanding
shares
of
the
Funds
as
follows:
5.
Fees
and
Transactions
with
Affiliates
and
Related
Parties:
Investment
Advisory
Fees: 
Investment
advisory
services
are
provided
to
the
Funds
by
the
Adviser,
which
is
a
New
York
corporation
registered
as
an
investment
adviser
with
the
SEC.
Under
the
terms
of
the
Investment
Advisory
Agreement,
the
Adviser
is
entitled
to
receive
fees
accrued
daily
and
paid
monthly
at
an
annualized
rate
based
on
a
percentage
of
the
average
daily
net
assets
of
each
Fund. The
rates
at
which
the
Adviser
is
paid
by
each
Fund
are
included
in
the
table
below.
Amounts
incurred
and
paid
to
VCM
for
the
six
months ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Investment
advisory
fees.
Administration
and
Servicing
Fees:
VCM
also
serves
as
the
Funds’
administrator
and
fund
accountant.
Under
the
Administration
and
Fund
Accounting
Agreement,
VCM
is
paid
an
administration
fee
based
on
a
percentage
of
the
average
daily
net
assets
of
the
Trust,
Victory
Variable
Insurance
Funds
and
Victory
Portfolios.
The
tiered
rates
at
which
VCM
is
paid
by
the
Funds
are
shown
in
the
table
below:
Amounts
incurred
for
the
six
months
ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Administration
fees.
Citi
Fund
Services
Ohio,
Inc.
(“Citi”),
an
affiliate
of
Citibank,
acts
as
sub-administrator
and
sub-fund
accountant
to
the
Funds
pursuant
to
the
Sub-Administration
and
Sub-Fund
Accounting
Services
Agreement
between
VCM
and
Citi.
VCM
pays
Citi
a
fee
for
providing
these
services.
The Funds
reimburse
VCM
and
Citi
for
out-of-pocket
expenses
incurred
in
providing
these
services
and
certain
other
expenses
specifically
Excluding
U.S.
Government
Securities
U.S.
Government
Securities
Purchases
Sales
Purchases
Sales
Short-Term
Bond
ETF
...............................
$
144,212,440
$
197,664,024
$
40,682,513
$
7,060,034
Core
Intermediate
Bond
ETF
..........................
94,506,755
66,439,326
361,258,321
108,068,312
Short-Term
Bond
ETF
Ownership
%
Victory
Cornerstone
Aggressive
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.9
Victory
Cornerstone
Conservative
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
6.0
Victory
Cornerstone
Moderate
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.6
Victory
Cornerstone
Moderately
Aggressive
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
9.6
Victory
Cornerstone
Moderately
Conservative
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.7
Victory
Target
Retirement
Income
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
4.0
Victory
Target
Retirement
2030
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
7.8
Victory
Target
Retirement
2040
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
5.2
Core
Intermediate
Bond
ETF
Ownership
%
Victory
Cornerstone
Aggressive
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.9
Victory
Cornerstone
Conservative
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.9
Victory
Cornerstone
Moderate
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
15.5
Victory
Cornerstone
Moderately
Aggressive
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
29.2
Victory
Cornerstone
Moderately
Conservative
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.0
Flat
Rate
Short-Term
Bond
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.25%
Core
Intermediate
Bond
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.30%
Net
Assets
Up
to
$15
billion
$15
billion
—
$30
billion
Over
$30
billion
0.08%,
plus
0.05%,
plus
0.04%
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
50
(Unaudited)
allocated
to
the
Funds.
Amounts
incurred
for
the six
months
ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Sub-
Administration
fees.
The
Funds
(as
part
of
the
Trust)
have
entered
into
an
agreement
with
the
Adviser
to
provide
compliance
services,
pursuant
to
which
the
Adviser
furnishes
its
compliance
personnel,
including
the
services
of
the
Chief
Compliance
Officer
(“CCO”),
and
other
resources
reasonably
necessary
to
provide
the
Trust
with
compliance
oversight
services
related
to
the
design,
administration,
and
oversight
of
a
compliance
program
for
the
Trust
in
accordance
with
Rule
38a-1
under
the
1940
Act.
The
CCO
is
an
employee
of
the
Adviser,
which
pays
the
compensation
of
the
CCO
and
support
staff.
The
funds
in
the
Trust,
Victory
Variable
Insurance
Funds,
Victory
Portfolios
and
Victory
Portfolios
III (collectively,
the
“Victory
Funds
Complex”),
in
aggregate,
compensate
the
Adviser
for
these
services.
Amounts
incurred
for
the six
months
ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Compliance
fees.
Distributor/Underwriting
Services: 
Foreside
Fund
Services,
LLC
serves
as
the
Funds’
distributor.
Other
Fees:
Citibank
serves
as
the
Funds’
custodian.
The
Funds
pay
Citibank
a
fee
for
providing
these
services.
Amounts
incurred
for
the six
months
ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Custodian
fees.
Sidley
Austin
LLP
provides
legal
services
to
the
Trust.
The
Adviser
has
entered
into
an
expense
limitation
agreement
with
the
Trust.  Under
the
terms
of
the
agreement,
the
Adviser
has
agreed
to
waive
fees
or
reimburse
certain
expenses
to
the
extent
that
ordinary
operating
expenses
incurred
in
any
fiscal
year
exceed
the
expense
limits
for the
Funds.
Such
excess
amounts
will
be
the
liability
of
the
Adviser.
Acquired
fund
fees
and
expenses,
interest,
taxes,
brokerage
commissions,
other
expenditures which
are
capitalized
in
accordance
with
GAAP,
and
other
extraordinary
expenses
not
incurred
in
the
ordinary
course
of the
Funds’
business
are
excluded
from
the
expense
limits.
As
of
December
31,
2023,
the
expense
limits
(excluding
voluntary
waivers) are
as
follows:
Under
the
terms
of
the
expense
limitation agreement, the Funds
have
agreed
to
repay
fees
and
expenses
that
were
waived
or
reimbursed
by
the
Adviser
for
a
period
of
up
to
three
years
(thirty-six
(36)
months)
after
the
waiver
or
reimbursement
took
place,
subject
to
the
lesser
of
any
operating
expense
limits
in
effect
at
the
time
of:
(a)
the
original
waiver
or
expense
reimbursement;
or
(b)
the
recoupment,
after
giving
effect
to
the
recoupment
amount.
The
Funds
have
not
recorded
any
amounts
available
to
be
repaid
to
the
Adviser
as
a
commitment
and
contingency
liability
due
to
an
assessment
that
such
repayments
are
not
probable
at
December
31,
2023.
For
the
six
months ended
December
31,
2023,
the
following
recoupment
amounts
were
paid
to
the
Adviser.
As
of December
31,
2023,
the
Funds
had
no amounts available
to
be
repaid
to
the
Adviser.
The
Adviser
may
voluntarily
waive
or
reimburse
additional
fees
to
assist
the
Funds
in
maintaining
competitive
expense
ratios.
Voluntary
waivers
and
reimbursements
applicable
to
the
Funds
are
not
available
to
be
recouped
at
a
future
time.
There
were
no
voluntary
waivers
or
reimbursements
for
the six
months
ended
December
31,
2023.
Certain
officers
and/or
interested
trustees
of
the
Funds
are
also
officers
and/or
employees
of
the
Adviser,
administrator,
fund
accountant,
sub-
administrator,
sub-fund
accountant,
custodian,
legal
counsel, and
distributor.
6.
Risks:
The
Funds
may
be
subject
to
other
risks
in
addition
to
these
identified
risks.
Debt
Securities
or
Bond
Risk
—
 The
Funds
are
subject
to
the
risk
that
the
market
value
of
the
bonds
in
the
Funds’
portfolios
will
fluctuate
because
of
changes
in
interest
rates,
changes
in
the
supply
of
and
demand
for
debt
securities,
and
other
market
factors.
Bond
prices
generally
are
linked
to
the
prevailing
market
interest
rates.
In
general,
when
interest
rates
rise,
bond
prices
typically
fall;
conversely,
when
interest
rates
fall,
bond
prices
typically
rise.
The
price
volatility
of
a
bond
also
depends
on
its
duration,
which
is
a
measure
of
a
bond’s
sensitivity
to
a
change
in
interest
rates.
Generally,
the
longer
the
duration
of
a
bond,
the
greater
is
its
sensitivity
to
interest
rates.
To
compensate
investors
for
this
higher
interest
rate
risk,
bonds
with
longer
durations
generally
offer
higher
yields
than
bonds
with
shorter
durations.
Should
the
U.S.
Federal
Reserve
raise
interest
rates,
the
Funds
may
be
subject
to
risks
associated
with
rising
interest
rates.
The
fixed-income
securities
in
the
Funds’
portfolios
also
are
subject
to
credit
risk,
which
is
the
possibility
that
an
issuer
of
a
fixed-income
security
cannot
make
timely
interest
and
principal
payments
on
its
securities
or
that
negative
market
perceptions
of
the
issuer’s
ability
to
make
such
payments
will
cause
the
price
of
that
security
to
decline.
The
Funds
accept
some
credit
risk
as
a
recognized
means
to
enhance
an
investor’s
return.
In
Effect
Until
October
31,
2024
Short-Term
Bond
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.35%
Core
Intermediate
Bond
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.40%
Amount
Short-Term
Bond
ETF
.................................................................................
$
4,498
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
51
(Unaudited)
High-Yield
Bond
Risk
—
Fixed-income
securities
rated
below
investment
grade,
also
known
as
“junk”
or
high-yield
bonds,
generally
entail
greater
credit
and
liquidity
risk
than
investment-grade
securities.
Their
prices
also
may
be
more
volatile,
especially
during
economic
downturns
and
financial
setbacks
or
liquidity
events.
The
Funds’
values
could
be
hurt
by
price
declines
due
to
actual
or
perceived
changes
in
an
issuer’s
ability
to
make
such
payments.
These
securities
are
considered
by
the
major
rating
agencies
to
be
predominantly
speculative
with
respect
to
the
issuer’s
continuing
ability
to
pay
principal
and
interest,
and
they
carry
a
greater
risk
that
the
issuer
of
such
securities
will
default
on
the
timely
payment
of
principal
and
interest.
Issuers
of
securities
that
are
in
default
or
have
defaulted
may
fail
to
resume
principal
or
interest
payments,
in
which
case
the
Funds
may
lose
their
entire
investment.
The
creditworthiness
of
issuers
of
these
securities
may
be
more
complex
to
analyze
than
that
of
issuers
of
investment-grade
debt
securities,
and
the
overreliance
on
credit
ratings
may
present
additional
risks.
Asset-Backed
and
Mortgage-Backed
Securities
Risk
—
Mortgage-
and
asset-backed
securities
(“MBS”
or
“ABS,”
respectively)
differ
from
conventional
debt
securities
because
principal
is
paid
back
over
the
life
of
the
security
rather
than
at
maturity.
MBS
and
ABS
are
subject
to
prepayment
or
call
risk,
which
is
the
risk
that
a
borrower’s
payments
may
be
received
earlier
than
expected
due
to
changes
in
prepayment
rates
on
underlying
loans.
As
a
result,
the
Funds
may
reinvest
these
early
payments
at
lower
interest
rates,
thereby
reducing
the
Funds’
income.
These
securities
also
are
subject
to
extension
risk,
which
is
the
risk
that
the
life
of
the
ABS
or
MBS
may
be
extended
due
to
higher
interest
rates
and
lower
prepayments.
As
a
result,
the
value
of
the
securities
will
decrease.
The
value
of
MBS
can
be
impacted
by
factors
affecting
the
housing
market,
and
MBS
also
are
subject
to
the
risk
of
high
default
rates
on
the
mortgages
within
the
mortgage
pool.
The
liquidity
of
non-agency
or
privately
issued
ABS
or
MBS
securities,
in
particular
those
that
are
rated
as
non-investment
grade,
may
change
dramatically
over
time.
LIBOR
Discontinuation
Risk
—
The
terms
of
some
floating
rate
loans
and
other
instruments
that
were
previously
tied
to
the
London
Interbank
Offered
Rate
("LIBOR"),
which
functioned
as
a
reference
rate
or
benchmark
for
these
instruments
but
was
discontinued
as
a
floating
rate
benchmark
have
recently
transitioned
from,
or
continue
to
be
tied
to USD
LIBOR
synthetic
rates
that
continue
to
be
published
until
September
30,
2024.
Secured
Overnight
Financing
Rate
(SOFR)
has
largely
been
used
as
a
new
reference
rate
for
new
instruments.
There
is
no
assurance
that
proposed
replacement
rates
will
be
suitable
substitutes
for
LIBOR,
and
thus
the
substitution
of
such
rates
for
LIBOR
could
have
an
adverse
effect.
Market
Risk
—
Overall
market
risks
may
affect
the
value
of
the
Funds.
Domestic
and
international
factors
such
as
political
events,
war,
terrorism,
trade
disputes,
inflation
rates,
interest
rate
levels,
and
other
fiscal
and
monetary
policy
changes;
cybersecurity
incidents,
pandemics,
and
other
public
health
crises;
sanctions
against
a
particular
foreign
country,
its
nationals,
businesses,
or
industries;
and
related
geopolitical
events,
as
well
as
environmental
disasters
such
as
earthquakes,
fires,
and
floods,
or
other
catastrophes,
may
add
to
instability
in
global
economies
and
markets
generally,
and
may
lead
to
increased
market
volatility.
Global
economies
and
financial
markets
are
highly
interconnected,
which
increases
the
possibility
that
conditions
in
one
country
or
region
might
adversely
affect
issuers
in
another
country
or
region.
The
impact
of
these
and
other
factors
may
be
short-term
or
may
last
for
extended
periods.
7.
Borrowing:
Line
of
Credit:
The
Victory
Funds
Complex
participates
in
a
short-term
demand
note
“Line
of
Credit”
agreement
with
Citibank.
Under
the
agreement
with
Citibank,
the
Victory
Funds
Complex
may
borrow
up
to
$600
million,
of
which
$300
million
is
committed
and
$300
million
is
uncommitted.
$40
million
of
the
Line
of
Credit
is
reserved
for
use
by
the
Victory
Floating
Rate
Fund,
another
series
of
the
Victory
Funds
Complex,
with
Victory
Floating
Rate
Fund
paying
the
related
commitment
fees
for
that
amount.
The
purpose
of
the
Line
of
Credit
is
to
meet
temporary
or
emergency
cash
needs.
For
the six
months
ended
December
31,
2023,
Citibank
received
an
annual
commitment
fee
of
0.15%
on
$300
million
for
providing
the
Line
of
Credit.
Each
Fund
in
the
Victory
Funds
Complex
paid
a
pro-rata
portion
of
the
commitment
fees
plus
any
interest
on
amounts
borrowed.
Interest
is
based
on
the
one-month SOFR
plus
1.10
percent.
Effective
June
27,
2023,
the
agreement
was
renewed
with
a
termination
date
of
June
24,
2024,
and
the
annual
commitment
fee
of
0.15%
remained
unchanged. Interest
charged
to each
Fund during
the
period,
if
applicable,
is
reflected
on
the
Statements
of
Operations
under
Line
of
credit
fees.
The
average
borrowing
for
the
days
outstanding
and
average
interest
rate
for
each
Fund
during
the
six
months
ended
December
31,
2023,
were
as
follows:
*
Based
on
the
number
of
days
borrowings
were
outstanding
for
the
six
months
ended
December
31,
2023.
8.
Federal
Income
Tax
Information:
Dividends
from
net
investment
income,
if
any,
are
declared
and
paid
as
noted
in
the
table
below.
Distributable
net
realized
gains,
if
any,
are
declared
and
distributed
at
least
annually
from
each
Fund. 
Amount
Outstanding
at
December
31,
2023
Average
Borrowing*
Average
Interest
Rate*
Maximum
Borrowing
During
the
Period
Short-Term
Bond
ETF
.....................................
$
—
$
1,809,000
6.36%
$
1,809,000
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
II
52
(Unaudited)
The
amounts
of
dividends
from
net
investment
income
and
distributions
from
net
realized
gains
(collectively,
distributions
to
shareholders)
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
To
the
extent
these
“book/tax”
differences
are
permanent
in
nature
(e.g.,
net
operating
loss
and
distribution
reclassification),
such
amounts
are
reclassified
within
the
components
of
net
assets
based
on
their
federal
tax-basis
treatment;
temporary
differences
(e.g.,
wash
sales)
do
not
require
reclassification.
To
the
extent
dividends
and
distributions
exceed
net
investment
income
and
net
realized
gains
for
tax
purposes,
they
are
reported
as
distributions
of
capital.
Net
investment
losses
incurred
by
the
Funds
may
be
reclassified
as
an
offset
to
capital
on
the
accompanying
Statements
of
Assets
and
Liabilities.
The
tax
character
of
current
year
distributions
paid
and
the
tax
basis
of
the
current
components
of
accumulated
earnings
(loss)
will
be
determined
at
the
end
of
the
current
tax
year.
As
of
the
tax
year
ended June
30,
2023,
the
Funds
had
net
capital
loss
carryforwards as shown
in
the
table
below.
It
is
unlikely
that
the
Board
will
authorize
a
distribution
of
capital
gains
realized
in
the
future
until
the
capital
loss
carryforwards
have
been
used.
9.
New
Regulatory
Pronouncement:
In
October
2022,
the
SEC
adopted
the
Tailored
Shareholder
Reports
Rule
and
form
amendments
that
require,
among
other
things,
mutual
funds
and
ETFs
to
prepare
and
transmit
streamlined
annual
and
semi-annual
shareholder
reports.
In
connection
with
these
amendments,
certain
information
that
was
previously
disclosed
in
shareholder
reports
will
instead
be
made
available
online,
delivered
free
of
charge
upon
request,
and
filed
with
the
SEC
on
a
semi-annual
basis.
Also
in
connection
with
these
amendments,
annual
and
semi-annual
reports
will
be
provided
directly
to
shareholders,
either
in
paper
or
(if
the
shareholder
has
so
elected)
electronically.
Compliance
with
the
rule
and
form
amendments
begins
in
July
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Funds.
Declared
Paid
Short-Term
Bond
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Monthly
Monthly
Core
Intermediate
Bond
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Monthly
Monthly
Short-Term
Amount
Long-Term
Amount
Total
Short-Term
Bond
ETF
..................................................
$
(1,927,716)
$
(3,992,657)
$
(5,920,373)
Core
Intermediate
Bond
ETF
.............................................
(6,041,475)
(21,498,835)
(27,540,310)
Victory
Portfolios
II
53
(Unaudited)
Supplemental
Information
—
continued
December
31,
2023
Proxy
Voting
and
Portfolio
Holdings
Information 
Proxy
Voting:
Information
regarding
each
Fund’s
policies
and
procedures
—
which
describes
how
we
vote
proxies
relating
to
portfolio
securities
—
is
included
in
the
Funds'
Statement
of
Additional
Information
on
our
website
or
upon
request
by
calling
800-539-3863. Each
Fund
files
its
proxy
voting
record
with
the
U.S.
Securities
and
Exchange
Commission
(SEC)
for
the
12
months
ended
June
30
by
August
31.
The
proxy
voting
record
is
available
free
of
charge
on
the
SEC
website
at sec.gov and
on
our
website.
Availability
of
Schedules
of
Portfolio
Investments:
The
Trust
files
a
complete
list
of
Schedules
of
Portfolio
Investments
with
the
SEC
for
the
first
and
third
quarter
of
each
fiscal
year
on
Form
N-PORT-P
and are
available
on
the
SEC’s
website
at
sec.gov.
Expense
Examples
As
a
shareholder
of
the
Fund,
you
may
incur
two
types
of
costs:
(1)
transaction
costs,  and
(2)
ongoing
costs,
including
management
fees
and
other
Fund
expenses.
These
examples
are
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
These
examples
are
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
from
July
1,
2023,
through
December
31,
2023.
The
Actual
Expense
figures
in
the
table
below
provide
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
below,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
table
under
the
heading
entitled
“Actual
Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
The
Hypothetical
Expense
figures
in
the
table
below
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds.
Please
note
the
expenses
shown
in
the
table
below
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs.
Therefore,
the
hypothetical
expenses
in
the
table
are
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Beginning
Account
Value
7/1/23
Actual
Ending
Account
Value
12/31/23
Hypothetical
Ending
Account
Value
12/31/23
Actual
Expenses
Paid
During
Period
7/1/23
-
12/31/23*
Hypothetical
Expenses
Paid
During
Period
7/1/23
-
12/31/23*
Annualized
Expense
Ratio
During
Period
7/1/23
-
12/31/23
Short-Term
Bond
ETF
....................
$
1,000.00
$
1,042.30
$
1,023.38
$
1.80
$
1.78
0.35%
Core
Intermediate
Bond
ETF
...............
1,000.00
1,038.40
1,023.23
1.95
1.93
0.38%
*
Expenses
are
equal
to
the
average
account
value
multiplied
by
the
Fund’s
annualized
expense
ratio
multiplied
by
184/366
(the
number
of
days
in
the
most
recent
fiscal
half-year
divided
by
the
number
of
days
in
the
fiscal
year).
Victory
Portfolios
II
54
(Unaudited)
Supplemental
Information
—
continued
December
31,
2023
Considerations
of
the
Board
in
Continuing
the
Investment
Advisory
Agreements (the
“Agreement”)
The
Board
approved
the
Agreement
on
behalf
of
each
of
the
Funds
at
a
meeting,
which
was
called
for
that
purpose,
on
December
5,
2023.
The
Board
also
considered
information
relating
to
the
Funds
and
the
Agreement
provided
throughout
the
year
and,
more
specifically,
at
the
meetings
on
October
17,
2023
and
December
5,
2023.
In
considering
whether
to
approve
the
Agreement,
the
Board
requested
from
the
Adviser
certain
information
concerning
the
Funds
to
assist
it
in
evaluating
the
terms
of
the
Agreement.
In
response
to
the
request
from
the
Independent
Trustees,
the
Adviser
provided
information
and
reports
relevant
to
the
continuation
of
the
Agreement.
The
Board,
including
the
Independent
Trustees,
evaluated
this
information
along
with
other
information
obtained
throughout
the
year
and
was
advised
by
legal
counsel
to
the
Funds
and
independent
legal
counsel
to
the
Independent
Trustees.
The
Board
noted
that
each
Fund
assumed
the
performance
of
its
predecessor
fund,
that
the
Adviser
became
the
investment
adviser
to
each
Fund
on
February
26,
2019,
and
that
prior
to
that
date
each
predecessor
fund
was
managed
by
a
different
investment
adviser.
The
Board
considered
each
Fund’s
advisory
fee,
expense
ratio
and
investment
performance
as
significant
factors
in
determining
whether
the
Agreement
should
be
continued.
In
considering
whether
the
compensation
paid
to
the
Adviser
was
fair
and
reasonable,
the
Board
also
evaluated,
among
other
things,
the
following
factors:
The
requirements
of
the
Funds
for
the
services
provided
by
the
Adviser;
The
nature,
quality
and
extent
of
the
services
provided
and
expected
to
be
provided;
The
performance
of
the
Funds
as
compared
to
comparable
funds;
The
fees
payable
for
the
services
and
whether
the
fee
arrangements
provided
for
economies
of
scale
that
would
benefit
Fund
shareholders
as
the
Funds
grow
(acknowledging
that
economies
of
scale
can
be
complex
to
assess
and
typically
are
not
directly
measurable)
and
whether
breakpoints
would
be
appropriate;
Whether
the
fee
would
be
sufficient
to
enable
the
Adviser
to
attract
and
retain
experienced
personnel
and
continue
to
provide
quality
services
to
the
Funds;
Fees
paid
by
other
clients
of
the
Adviser
whose
accounts
are
managed
in
a
similar
investment
style
and
any
differences
in
the
services
provided
to
the
other
clients
compared
to
those
provided
to
the
Funds;
Total
expenses
of
each
Fund;
Management’s
commitment
to
operating
the
Funds
at
competitive
expense
levels;
The
profitability
of
the
Adviser
(as
reflected
by
comparing
fees
earned
against
an
estimate
of
the
Adviser’s
costs)
with
respect
to
the
Adviser’s
relationship
with
the
Funds;
The
fact
that
the
Funds
are
actively
managed
exchange-traded
funds
(“ETFs”);
Research
and
other
service
benefits
received
by
the
Adviser
obtained
through
payment
of
client
commissions
for
securities
transactions;
Other
benefits
received
by
the
Adviser,
and
its
affiliates,
including
revenues
paid
to
the
Adviser,
or
its
affiliates,
by
the
Funds
for
administration
and
fund
accounting
services,
shareholder
services
and
distribution;
The
capabilities
and
financial
condition
of
the
Adviser;
Current
economic
and
industry
trends;
and
The
historical
relationship
between
the
Trust
and
the
Adviser.
The
Board
reviewed
each
Fund’s
current
management
fee
in
the
context
of
the
Adviser’s
business
and
services
with
respect
to
each
Fund
and
with
respect
to
all
the
funds
as
a
whole.
The
Board
retained
an
independent,
third-party
consultant
to
provide
comparative
information
about
fees,
expenses
and
performance,
and
to
design
and
maintain
a
database
of
relevant
information
designed
to
assist
the
Board
in
retrieving
and
analyzing
comparative
information.
The
Board
met
with
the
consultant
to
review
its
inputs
and
methodologies,
among
other
things.
The
Board
compared
each
Fund’s
gross
management
fee
and
total
expense
ratio
on
a
net
and
gross
basis
with
the
median
gross
management
fee
and
median
expense
ratio
of
a
universe
of
comparable
ETFs
compiled
by
the
consultant
and
a
peer
group
of
funds
with
similar
investment
strategies
selected
by
that
consultant
from
the
universe.
The
Board
reviewed
the
factors
and
methodology
used
by
the
consultant
in
the
selection
of
each
Fund’s
peer
group,
including
the
consultant’s
selection
of
a
broad
universe
of
funds,
the
more
specific
universe
of
comparable
funds,
and
peer
groups
of
funds
with
comparable
investment
strategies
and
asset
levels,
among
other
factors.
The
Board
noted
that
none
of
the
advisory
fee
arrangements
for
these
Funds
included
breakpoints,
which
would
be
a
structure
that
results
in
reduced
fees
as
a
fund
grows.
The
Board
also
considered
the
Adviser’s
commitment
to
limit
expenses
as
discussed
in
more
detail
below.
The
Board
also
reviewed
the
compliance
and
administrative
services
provided
to
the
Funds
by
the
Adviser
and
its
affiliates,
including
the
Adviser’s
oversight
of
the
Funds’
day-to-day
operations
and
oversight
of
Fund
accounting,
assistance
in
meeting
legal
and
regulatory
requirements,
and
other
services
necessary
for
the
operation
of
the
Funds
and
the
Trust.
The
Board
found
that
the
gross
annual
management
fee
paid
by
each
Fund
was
within
the
range
of
management
fees
paid
by
each
Fund’s
respective
peer
group.
The
Board
also
found
that
each
Fund’s
net
annual
expense
ratio
was
reasonable
as
compared
with
each
Fund’s
respective
peer
group.
The
Board
considered
the
Adviser’s
contractual
agreement
with
each
Fund
to
waive
its
fees
and
reimburse
expenses
for
a
specified
period
of
time,
as
described
in
the
Fund’s
prospectus.
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
II
55
(Unaudited)
The
Board
reviewed
each
Fund’s
performance
over
the
one-
and
three-year
periods
against
the
performance
of
the
Fund’s
selected
peer
group
and
benchmark
index.
The
Board
recognized
that
the
performance
of
the
Funds
and
the
peer
group
funds
are
net
of
expenses,
while
the
performance
of
the
benchmark
index
is
gross
returns.
The
Board
reviewed
various
other
specific
factors
with
respect
to
each
Fund,
as
described
below.
In
their
deliberations,
the
Trustees
did
not
rank
the
importance
of
any
particular
information
or
factor
considered
and
each
Trustee
may
have
attributed
different
weights
to
various
factors.
VictoryShares
Short-Term
Bond
ETF:
Noting
that
the
Fund
commenced
operations
in
2017,
the
Board
compared
the
Fund’s
one-,
three-
and
five-year
performance
for
the
periods
ended
June
30,
2023,
to
that
of
the
median
performance
of
the
Fund’s
peer
group
and
benchmark
index
for
the
same
periods
and
considered
the
fact
that
the
Fund
outperformed
both
the
benchmark
index
and
the
peer
group
median
for
all
of
the
periods
reviewed.
Having
considered,
among
other
things:
(1)
the
Fund’s
management
fee
compared
to
comparable
ETFs;
(2)
the
Fund’s
total
expense
ratio
compared
to
comparable
ETFs;
(3)
that
the
Adviser’s
willingness
to
limit
the
expenses
for
a
period
of
time
would
provide
stability
to
the
Fund’s
expenses
during
that
period;
and
(4)
that
the
Fund’s
performance
in
relation
to
its
benchmark
index
and
peer
group
was
within
an
acceptable
range,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
VictoryShares
Core
Intermediate
Bond
ETF:
Noting
that
the
Fund
commenced
operations
in
2017,
the
Board
compared
the
Fund’s
one-,
three-
and
five-year
performance
for
the
periods
ended
June
30,
2023,
to
that
of
the
median
performance
of
the
Fund’s
peer
group
and
benchmark
index
for
the
same
period
and
considered
the
fact
that
the
Fund
outperformed
both
the
benchmark
index
and
the
peer
group
median
for
all
of
the
periods
reviewed.
Having
considered,
among
other
things:
(1)
the
Fund’s
management
fee
compared
to
comparable
ETFs;
(2)
the
Fund’s
total
expense
ratio
compared
to
comparable
ETFs;
(3)
that
the
Adviser’s
willingness
to
limit
the
expenses
for
a
period
of
time
would
provide
stability
to
the
Fund’s
expenses
during
that
period;
and
(4)
that
the
Fund’s
performance
in
relation
to
its
benchmark
index
and
peer
group
was
within
an
acceptable
range,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
Conclusion:
Based
on
its
review
of
the
information
requested
and
provided,
and
following
extended
discussions,
the
Board
determined
that:
(i)
the
Adviser’s
services
benefitted
the
Funds’
shareholders,
particularly
in
light
of
the
nature
of
the
Funds
and
the
services
required
to
support
the
Funds;
(ii)
it
was
generally
satisfied
with
the
nature,
quality
and
extent
of
the
services
provide
by
the
Adviser
to
the
Funds;
and
(iii)
the
Agreement,
on
behalf
of
the
Funds
discussed
above,
was
consistent
with
the
best
interests
of
each
Fund
and
its
shareholders.
Accordingly,
the
Board
unanimously
approved
the
Agreement,
on
behalf
of
each
Fund,
for
an
additional
annual
period
on
the
basis
of
the
foregoing
review
and
discussions
and
the
following
considerations,
among
others:
The
fairness
and
reasonableness
of
the
investment
advisory
fee
payable
to
the
Adviser
under
the
Agreement
in
light
of
the
investment
advisory
services
provided,
the
costs
of
these
services,
the
profitability
of
the
Adviser’s
relationship
with
the
Fund
and
the
comparability
of
the
fee
paid
to
the
fees
paid
by
other
investment
companies,
to
the
extent
applicable;
The
nature,
quality
and
extent
of
the
investment
advisory
services
provided
by
the
Adviser;
The
Adviser’s
entrepreneurial
commitment
to
the
management
of
the
Funds
and
the
creation
of
a
broad-based
family
of
funds,
which
entails
a
substantial
commitment
of
the
Adviser’s
resources
to
the
successful
operation
of
the
Funds;
The
Adviser’s
representations
regarding
its
staffing
and
capabilities
to
manage
the
Funds,
including
the
retention
of
personnel
with
relevant
portfolio
management
experience;
The
Adviser’s
efforts
to
enhance
investment
results
by,
among
other
things,
developing
and
supporting
quality
portfolio
management
teams;
and
The
overall
high
quality
of
the
personnel,
operations,
financial
condition,
investment
management
capabilities,
methodologies
and
perfor-
mance
of
the
Adviser.
Victory
Portfolios
II
56
(Unaudited)
Supplemental
Information
—
continued
December
31,
2023
Privacy
Policy
Facts
WHAT
DOES
VICTORY
DO
WITH
YOUR
PERSONAL
INFORMATION?
Why?
Financial
companies
choose
how
they
share
your
personal
information.
Federal
law
gives
consumers
the
right
to
limit
some,
but
not
all
sharing.
Federal
law
also
requires
us
to
tell
you
how
we
collect,
share,
and
protect
your
personal
information.
Please
read
this
notice
carefully
to
understand
what
we
do.
What?
The
types
of
personal
information
we
collect,
and
share
depend
on
the
product
or
service
you
have
with
us.
This
information
can
include:
■
Social
Security
number
and
income.
■
Account
balances
and
account
transactions.
■
Data
from
public
sources
and
third-party
data
services.
How?
All
financial
companies
need
to
share
customers’
personal
information
to
run
their
everyday
business
as
permitted
by
law.
For
example,
we
share
with
print
and
mail
companies
that
assist
us
in
sending
mail.
In
the
section
below,
we
list
the
reasons
financial
companies
can
share
their
customers’
personal
information,
the
reasons
Victory
chooses
to
share
and
whether
you
can
limit
this
sharing.
Reasons
we
can
share
your
personal
information
Does
Victory
share?
Can
you
limit
this
sharing?
For
our
everyday
business
purposes
—
such
as
to
process
your
transactions,
maintain
your
accounts,
respond
to
court
orders
and
legal
investigations,
or
report
to
credit
bureaus
Yes
No
For
our
marketing
purposes
—
to
offer
products
and
services
provided
by
Victory
Yes
No
For
joint
marketing
—
sharing
with
other
financial
companies
to
jointly
market
the
other
company’s
products
or
services
No
We
do
not
share
For
everyday
business
purposes
of
the
Victory
family
of
companies
—
this
can
include
information
about
your
Victory
transactions
and
experiences
Yes
No
For
everyday
business
purposes
of
the
Victory
family
of
companies
—
this
can
include
information
about
your
creditworthiness
or
insurability
No
We
do
not
share
For
non-Victory
companies
to
market
to
you
No
We
do
not
share
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
II
57
(Unaudited)
To
limit
our
sharing
■
Visit
us
online:
vcm.com/optout
■
Call
(877)
660-4400
–
our
menu
will
prompt
you
through
your
choices.
Please
note:
If
you
are
a
new
customer,
we
can
begin
sharing
this
information
30
days
from
the
date
we
sent
this
notice.
When
you
are
no
longer
our
customer,
we
continue
to
share
and
protect
your
information
as
described
in
this
notice.
However,
you
can
contact
us
at
any
time
to
limit
our
sharing.
Questions?
Call
your
account
representative
or
(877)
660-4400
and
ask
to
speak
to
a
representative.
Who
we
are
Who
is
providing
this
notice?
Victory
Capital
Holdings,
Inc.,
and
its
family
of
companies,
including
companies
identified
with
the
Victory
Capital
name
as
described
in
the
affiliates
section
below.
What
we
do
How
does
Victory
protect
my
personal
information?
To
protect
your
personal
information
from
unauthorized
access
and
use,
we
use
security
measures
that
comply
with
federal
law.
These
measures
include
computer
safeguards
and
secured
files
and
buildings.
How
does
Victory
collect
my
personal
information?
We
collect
your
personal
information,
for
example,
when
you:
■
Open
an
account
or
make
deposits
or
withdrawals
from
your
account.
■
Give
us
your
contact
or
account
information.
■
Direct
us
to
buy
or
sell
securities.
We
also
collect
your
personal
information
from
others,
such
as
credit
bureaus,
affiliates,
or
other
companies.
Why
can’t
I
limit
all
sharing?
Federal
law
gives
you
the
right
to
limit
only:
■
Sharing
among
affiliated
companies
for
everyday
business
purposes
information
about
your
creditworthiness
and
insurability.
■
Affiliates
from
using
your
information
to
market
to
you.
■
Sharing
for
nonaffiliates
to
market
to
you.
State
laws
and
individual
companies
may
give
you
additional
rights
to
limit
sharing.
See
below
for
more
on
your
rights
under
state
law.
What
happens
when
I
limit
sharing
for
an
account
I
hold
jointly
with
someone
else?
Your
choices
will
apply
to
everyone
on
your
account.
Definitions
Victory
family
of
companies
(affiliates)
Companies
owned
or
controlled
by
Victory
Capital
Holdings,
Inc.
They
can
be
financial
and
nonfinancial
companies
in
the
Victory
family
of
companies.
■
The
Victory
family
of
companies
includes:
companies
with
a
Victory
Capital
name,
including
without
limitation
Victory
Capital
Services,
Inc.,
Victory
Capital
Transfer
Agency,
Inc.,
Victory
Capital
Management
Inc.
and
its
subsidiaries,
RS
Investments
(UK)
Limited,
RS
Investments
(Hong
Kong)
Limited,
and
RS
Investment
Management
(Singapore)
Pte.
Ltd.,
as
well
as
pooled
vehicles
managed
or
administered
by
Victory
Capital
Management
Inc.,
from
time
to
time.
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
II
58
(Unaudited)
Non-Victory
companies
(nonaffiliates)
Companies
not
related
by
common
ownership
or
control.
They
can
be
financial
and
nonfinancial
companies.
■
We
only
share
with
non-Victory
companies
to
service
transactions
you
request
or
as
necessary
to
provide
our
services.
■
We
do
not
share
with
non-Victory
companies
so
they
can
market
their
products
to
you.
Joint
Marketing
A
formal
agreement
between
a
Victory
company
and
a
non-Victory
financial
company
to
market
the
non-Victory
company’s
products
or
services
to
you.
■
We
do
not
share
with
any
non-Victory
financial
company
for
joint
marketing.
Other
important
information
For
Nevada
Residents
:
Nevada
law
requires
that
we
tell
you
about
the
option
to
be
placed
on
our
internal
do-
not-call
list.
If
you’d
rather
not
receive
sales
calls
from
us,
please
call
(877)
660-4400
and
ask
to
speak
to
a
representative
so
we
can
place
you
on
our
do-not-call
list.
You
may
also
contact:
Bureau
of
Consumer
Protection
Office
of
the
Nevada
Attorney
General,
555
E.
Washington
Ave.,
Ste.
3900,
Las
Vegas,
NV
89101,
call
1-702-486-3132
or
Email:
[email protected].
For
Vermont
Residents
:
In
accordance
with
Vermont
law,
we
will
not
share
information
we
collect
about
you
with
companies
who
are
not
affiliates,
except
as
permitted
by
law,
such
as
with
your
consent
or
to
service
your
accounts.
We
will
not
share
information
about
your
creditworthiness
with
our
affiliates
without
your
authorization
or
consent,
but
we
may
share
information
about
our
transactions
or
experiences
with
you
with
our
affiliates
as
permitted
by
law.
For
California
Residents
:
In
accordance
with
California
law,
we
will
not
share
information
we
collect
about
you
with
nonaffiliates,
except
as
allowed
by
law.
For
example,
we
may
share
information
with
your
consent
or
to
service
your
accounts.
Among
our
affiliates,
we
will
limit
information
sharing
to
the
extent
required
by
California
law.
Victory
Funds
P.O.
Box
182593
Columbus,
Ohio
43218-2593
Visit
our
website
at:
vcm.com
Call
Victory
at:
866-376-7890
VS-BOND-ETF-SAR
(12/23)