June
30,
2023
Annual
Report
VictoryShares
US
Value
Momentum
ETF
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
VictoryShares
International
Value
Momentum
ETF
VictoryShares
Emerging
Markets
Value
Momentum
ETF
vcm.com
News,
Information
And
Education
24
Hours
A
Day,
7
Days
A
Week
The
Victory
Capital
website
gives
fund
shareholders,
prospective
shareholders,
and
investment
professionals
a
convenient
way
to
access
fund
information,
get
guidance,
and
track
fund
performance
anywhere
they
can
access
the
Internet.
The
site
includes:
Detailed
performance
records
Daily
share
prices
The
latest
fund
news
Investment
resources
to
help
you
become
a
better
investor
A
section
dedicated
to
investment
professionals
Whether
you’re
a
potential
investor
searching
for
the
fund
that
matches
your
investment
philosophy,
a
seasoned
investor
interest-
ed
in
planning
tools,
or
an
investment
professional,
vcm.com
has
what
you
seek.
Visit
us
anytime.
We’re
always
open.
TABLE
OF
CONTENTS
Victory
Portfolios
II
1
Shareholder
Letter
(Unaudited)
3
Managers’
Commentary
/
Investment
Overview
(Unaudited)
5
Investment
Objectives
and
Portfolio
Holdings
(Unaudited)
17
Schedules
of
Portfolio
Investments
VictoryShares
US
Value
Momentum
ETF
21
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
24
VictoryShares
International
Value
Momentum
ETF
30
VictoryShares
Emerging
Markets
Value
Momentum
ETF
39
Financial
Statements
Statements
of
Assets
and
Liabilities
47
Statements
of
Operations
49
Statements
of
Changes
in
Net
Assets
51
Financial
Highlights
53
Notes
to
Financial
Statements
57
Report
of
Independent
Registered
Public
Accounting
Firm
68
Supplemental
Information
(Unaudited)
69
Trustee
and
Officer
Information
69
Proxy
Voting
and
Portfolio
Holdings
Information
71
Expense
Examples
71
Additional
Federal
Income
Tax
Information
72
Liquidity
Risk
Management
Program
73
Privacy
Policy
(inside
back
cover)
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
Funds
Letter
to
Shareholders
(Unaudited)
Dear
Shareholder,
Our
annual
reporting
period
for
the
12
months
ended
June
30,
2023,
has
been
a
tale
of
two
markets.
The
dichotomy
has
been
nothing
short
of
remarkable.
Think
back
to
the
latter
half
of
2022.
This
was
a
very
difficult
time
for
investors,
marked
by
an
array
of
challenges
that
punished
both
bond
and
stock
markets.
The
U.S.
Federal
Reserve
(the
“Fed”)
was
in
the
midst
of
a
series
of
rate
hikes—more
aggressive
than
many
investors
had
ever
experienced.
Inflation
was
raging
and
conjuring
up
memories
of
the
1970s.
And
if
that
wasn’t
enough,
a
terrible
war
was
taking
place
in
Eastern
Europe,
while
tensions
between
the
world’s
two
largest
economic
powers,
the
United
States
and
China,
were
also
on
the
rise.
It
was
not
exactly
a
constructive
environment
for
investors,
and
all
of these
issues
created
headwinds
for
both
stocks
and
bonds.
It’s
not
often
that
stocks
and
bonds
decline
in
tandem,
and
the
traditional
diversified
portfolio
of
60%
equities/40%
fixed
income
was
suffering
through
one
of
its
worst
periods
on
record.
But
when
the
calendar
year
flipped,
so
did
the
markets.
During
the
first
six
months
of
2023,
financial
markets
exhibited
greater
stability
and
less
volatility.
Equities
(including
domestic,
international
and
emerging
markets)
regained
their
footing
and
rebounded.
In
the
United
States,
some
of
the
most
beaten-down
growth
sectors
that
were
punished
during
the
period
of
sharply
rising
interest
rates
led
the
market
higher.
The
market’s
resiliency
and
strong
rebound
during
the
first
two
quarters
of
2023
surprised
many
pundits.
After
all,
there
were
ample
challenges
that
could
have
undermined
this
rally,
including
unusual
turmoil
within
the
banking
sector
in
March
2023
that
resulted
in
the
collapse
of
a
few
regional
banks.
Naturally,
this
ratcheted
up
volatility
for
a
spell,
but
the
Fed
took
the
necessary
steps
to
restore
confidence
in
the
banking
sector
and
avoided
a
wider
contagion.
It
also
helped
that
the
Fed
paused
its
rate
hikes
as
inflation
data
finally
cooled.
Through
all
the
ups
and
downs
in
these
two
very
different
environments,
the
S&P
500
®
Index,
the
most
widely
followed
index
representing the
domestic
stock
market,
managed
to
deliver
an
impressive
total
return
of
more
than
19%
for
our
annual
reporting
period
ended
June
30,
2023.
The
Bloomberg
U.S.
Aggregate
Bond
Index—a
proxy
for
a
diversified
fixed
income
portfolio
and
one
that
many
investors
and
institutions
follow
closely—was
basically
unchanged
during
the
same
period
at
0.94%
(despite
the
volatility).
We
don’t
deny
that
this
past
annual
reporting
period
was
difficult.
We
realize
that
the
bouts
of
stomach-churning
volatility
can
take
a
toll
on
investors’
psyche.
But
even
when
markets
snap
back
sharply
as
they
have,
investors
often
wonder
if
they
have
missed
an
opportunity.
This
reminds
us
of
two
enduring
realities:
1)
financial
markets
are
dynamic
and
apt
to
change
abruptly;
2)
it’s
vital
to
remain
calm
and
rational
whenever
faced
with
those
inevitable
times
of
turmoil.
Fortunately,
we
think
that
investors
can
take
comfort
knowing
that
all
our
Victory
Capital
independent
investment
franchises
have
experience
managing
portfolios
through
a
variety
of
market
environments.
Our
investment
professionals
remain
calm
during
turbulent
financial
markets,
and
we
think
it’s
imperative
that
investors
do
the
same.
Of
course,
there
are
still
uncertainties
ahead.
For
example, is
the
Fed
finished
with
its
rate
hikes?
Will
the
impact
of
tighter
lending
standards
ultimately
result
in
slower
growth
and
lower
corporate
profits?
Is
there
another
banking
crisis
lurking?
Nobody
really
knows
what
the
future
will
bring.
That’s
why
we
continue
to
advocate
for
a
long-term
plan,
a
well-diversified
portfolio
across
asset
classes
and
investment
types,
and
a
clear
understanding
of
individual
risk
tolerances.
These,
in
our
opinion,
are
the
key
ingredients
for
staying
the
course
and
progressing
on
investment
goals.
4
On
the
following
pages
you
will
find
information
relating
to
your
Victory
Funds
investment.
If
you
have
any
questions,
we
encourage
you
to
contact
your
financial
advisor. In
addition,
you
may
call
866-376-7890 or
visit
our
website
at
vcm.com.
From
all
of
us
here
at
Victory
Capital,
thank
you
for
letting
us
help
you
work
toward
your
investment
goals.
James
De
Vries
President,
Victory
Funds
5
VictoryShares
US
Value
Momentum
ETF
Managers’
Commentary
(Unaudited)
VictoryShares
US
Value
Momentum
ETF
(the
“Fund”)
seeks
to
provide
investment
results
that
closely
correspond,
before
fees
and
expenses,
to
the
performance
of
the
Nasdaq
Victory
US
Value
Momentum
Index
(the
“Index”). 
On
November
1,
2022,
the
Fund
changed
its
broad-based
securities
index
from
the
MSCI
USA
Index
(the
“Prior
Broad-Based
Index”)
to
the
Nasdaq
US
500
Large
Cap
Index
(the
“Broad-Based
Index”).
At
that
time,
the
Fund
selected
the
Index
in
place
of
the
MSCI
USA
Select
Value
Momentum
Blend
Index
(the
“Prior
Index”)
because
the
Adviser
believes
the
Index
is
more
cost-effective
than
the
Prior
Index.
The
Fund
returned
5.64%
for
the
period
July
1,
2022,
through
October
31,
2022,
underperforming
the
Prior
Index,
which
returned
5.79%
during
the
period,
and
the
Fund
returned
3.17%
for
the
period
November
1,
2022,
through
June
30,
2023,
underperforming
the
Index,
which
returned
3.30%
during
the
period. 
For
the
period
July
1,
2022,
through
October
31,
2022,
the
Fund
outperformed
the
Prior
Broad-Based
Index,
which
returned
2.87%
for
the
period
and
for
the
period
November
1,
2022,
through
June
30,
2023,
the
Fund
underperformed
the
Broad-Based
Index,
against
which
the
performance
of
the
Fund
is
also
measured,
which
returned
16.29%
for
the
period.
The
Fund’s
underweight
allocation
to
the
Information
Technology
sector
was
a
negative
contributor
to
relative
performance.
Stock
selection
was
positive
in
the
Utilities
sector,
but
detracted
in
the
Industrials
and
Information
Technology
sectors.
The
Fund’s
small
allocation
to
derivatives
during
the
year
did
not
have
a
material
impact
on
performance.
6
VictoryShares
US
Value
Momentum
ETF
Investment
Overview
(Unaudited)
*On
November
1,
2022,
the
Fund
changed
its
broad-based
securities
index
from
the
MSCI
USA
Index
to
the
Nasdaq
US
500
Large
Cap
Index.
At
that
time,
the
Fund
selected
the
Nasdaq
Victory
US
Value
Momentum
Index
(the
“Index”)
in
place
of
the
MSCI
USA
Select
Value
Momentum
Blend
Index
(the
“Prior
Index”)
because
the
Adviser
believes
the
Index
is
more
cost-effective
than
the
Prior
Index.
The
performance
data
quoted
represents
past
performance
and
current
returns
may
be
lower
or
higher.
The
investment
return
and
principal
value
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
the
original
cost.
To
obtain
performance
information
current
to
the
most
recent
month’s
end,
please
visit
vcm.com.
Total
return
measures
the
price
change
in
a
share
assuming
the
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any.
The
total
returns
quoted
do
not
reflect
adjustments
made
to
the
enclosed
financial
statements
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
or
the
deduction
of
taxes
that
a
shareholder
would
pay
on
net
investment
income
and
realized
capital
gain
distributions,
including
reinvested
distributions,
or
redemptions
of
shares.
The
total
return
figures
set
forth
above
include
all
waivers
of
fees.
Without
such
fee
waivers,
the
total
returns
would
have
been
lower.
VictoryShares
US
Value
Momentum
ETF —
Growth
of
$10,000
+The
inception
date
for
the
Nasdaq
Victory
US
Value
Momentum
Index
is
September
19,
2022.
Prior
to
that
date,
the
data
is
hypothetical.
1
The
Nasdaq
Victory
US
Value
Momentum
Index
is
designed
to
deliver
exposure
to
equity
securities
of
large-capitalization
U.S.
issuers
within
the
Nasdaq
US
Large
Cap
500
Index
that
have
higher
exposure
to
value
and
momentum
factors,
while
also
maintaining
moderate
Index
turnover
and
lower
realized
volatility
than
traditional
capitalization-weighted
indexes.
This
index
does
not
include
the
effect
of
sales
charges,
commissions,
expenses,
or
taxes,
is
not
representative
of
the
Fund,
and
it
is
not
possible
to
invest
directly
in
an
index.
2
The
Nasdaq
US
500
Large
Cap
Index
is
comprised
of
the
largest
500
securities
on
a
float-adjusted,
market-capitalization
rank
from
the
Nasdaq
US
Benchmark
Index.
This
index
does
not
include
the
effect
of
sales
charges,
commissions,
expenses,
or
taxes,
is
not
representative
of
the
Fund,
and
it
is
not
possible
to
invest
directly
in
an
index.
3
The
MSCI
USA
Select
Value
Momentum
Blend
Index
is
based
on
MSCI
USA
Index,
its
parent
index,
which
includes
large-
and
mid-cap
stocks
in
the
U.S.
equity
market.
The
index
is
designed
to
represent
the
performance
of
a
strategy
that
seeks
higher
exposure
to
value
and
momentum
factors
within
the
parent
index
while
also
maintaining
moderate
Index
turnover
and
lower
realized
volatility
than
traditional
cap-weighted
indexes.
This
index
does
not
include
the
effect
of
sales
charges,
commissions,
expenses,
or
taxes,
is
not
representative
of
the
Fund,
and
it
is
not
possible
to
invest
directly
in
an
index.
4
The
MSCI
USA
Index
is
designed
to
measure
the
performance
of
the
large-
and
mid-cap
segments
of
the
U.S.
market.
With
627
constituents,
the
index
covers
approximately
85%
of
the
free
float-adjusted
market
capitalization
in
the
United
States.
This
index
does
not
include
the
effect
of
sales
charges,
commissions,
expenses,
or
taxes,
is
not
representative
of
the
Fund,
and
it
is
not
possible
to
invest
directly
in
an
index.
Average
Annual
Total
Return
Year
Ended
June
30,
2023
INCEPTION
DATE
10/24/17
10/24/17
Net
Asset
Value
Market
Price
Value
Nasdaq
Victory
US
Value
Momentum
Index
1
Nasdaq
US
500
Large
Cap
Index
2
MSCI
USA
Select
Value
Momentum
Blend
Index
3
MSCI
USA
Index
4
7/1/22-10/31/22*
5.64%
5.93%
N/A
N/A
5.79%
2.87%
11/1/22-6/30/23*
3.17%
3.02%
3.30%
16.29%
N/A
N/A
One
Year
8.99%
9.12%
N/A
N/A
10.01%
19.57%
Five
Year
6.40%
6.36%
N/A
N/A
6.77%
12.17%
Since
Inception
6.21%
6.20%
N/A
N/A
N/A
N/A
7
VictoryShares
US
Value
Momentum
ETF
Investment
Overview
(continued)
(Unaudited)
The
graph
reflects
investment
growth
of
a
hypothetical
$10,000
investment
in
the
Fund. 
The
graph
and
table
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
shares. 
Past
performance
is
not
indicative
of
future
results.
8
VictoryShares
Small
Mid
Cap
Value
Momentum
ETF
Managers’
Commentary
(Unaudited)
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
(the
“Fund”)
seeks
to
provide
investment
results
that
closely
correspond,
before
fees
and
expenses,
to
the
performance
of
the
Nasdaq
Victory
US
Small
Mid
Cap
Value
Momentum
Index
(the
“Index”).
On
November
1,
2022,
the
Fund
changed
its
broad-based
securities
index
from
the
MSCI
USA
Small
Cap
Index
(the
“Prior
Broad-Based
Index”)
to
the
Nasdaq
US
1300
Small
Mid
Cap
Index
(the
“Broad-Based
Index”).
At
that
time,
the
Fund
selected
the
Index
in
place
of
the
MSCI
USA
Small
Cap
Select
Value
Momentum
Blend
Index
(the
“Prior
Index”)
because
the
Adviser
believes
the
Index
is
more
cost-effective
than
the
Prior
Index.
The
Fund
returned
6.64%
for
the
period
July
1,
2022,
through
October
31,
2022,
underperforming
the
Prior
Index,
which
returned
6.90%
during
the
period,
and
the
Fund
returned
5.33%
for
the
period
November
1,
2022,
through
June
30,
2023,
underperforming
the
Index,
which
returned
5.61%
during
the
period.
For
the
period
July
1,
2022,
through
October
31,
2022,
the
Fund
underperformed
the
Prior
Broad-Based
Index,
which
returned
7.76%
for
the
period
and
for
the
period
November
1,
2022,
through
June
30,
2023,
the
Fund
underperformed
the
Broad-Based
Index,
against
which
the
performance
of
the
Fund
is
also
measured,
which
returned
8.51%
for
the
period.
The
Fund’s
underweight
allocation
to
the
Industrials
sector
was
a
negative
contributor
to
relative
performance.
Stock
selection
was
positive
in
the
Financial
sector,
but
detracted
in
the
Industrials
and
Health
Care
sectors.
The
Fund’s
small
allocation
to
derivatives
during
the
year
did
not
have
a
material
impact
on
performance.
9
VictoryShares
Small
Mid
Cap
Value
Momentum
ETF
Investment
Overview
(Unaudited)
*On
November
1,
2022,
the
Fund
changed
its
broad-based
securities
index
from
the
MSCI
USA
Small
Cap
Index
to
the
Nasdaq
US
1300
Small
Mid
Cap
index.
At
that
time,
the
Fund
selected
the
Nasdaq
Victory
US
Small
Mid
Cap
Value
Momentum
Index
(the
“Index”)
in
place
of
the
MSCI
USA
Small
Cap
Select
Value
Momentum
Blend
Index
(the
Prior
Index”)
because
the
Adviser
believe
the
Index
is
more
cost-effect
than
the
Prior
Index.
The
performance
data
quoted
represents
past
performance
and
current
returns
may
be
lower
or
higher.
The
investment
return
and
principal
value
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
the
original
cost.
To
obtain
performance
information
current
to
the
most
recent
month’s
end,
please
visit
vcm.com.
Total
return
measures
the
price
change
in
a
share
assuming
the
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any.
The
total
returns
quoted
do
not
reflect
adjustments
made
to
the
enclosed
financial
statements
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
or
the
deduction
of
taxes
that
a
shareholder
would
pay
on
net
investment
income
and
realized
capital
gain
distributions,
including
reinvested
distributions,
or
redemptions
of
shares.
The
total
return
figures
set
forth
above
include
all
waivers
of
fees.
Without
such
fee
waivers,
the
total
returns
would
have
been
lower.
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF —
Growth
of
$10,000
+
The
inception
date
for
the
Nasdaq
Victory
US
Small
Mid
Cap
Value
Momentum
Index
is
September
19,
2022.
Prior
to
that
date,
the
data
is
hypothetical.
1
The
Nasdaq
Victory
US  Small
Mid
Cap
Value
Momentum
Index
is
designed
to
deliver
exposure
to
equity
securities
of
small-
and
mid-capitalization
U.S.
issuers
within
the
Nasdaq
US
1300
Small
Mid
Cap
Index
that
have
higher
exposure
to
value
and
momentum
factors
while
also
maintaining
moderate
Index
turnover
and
lower
realized
volatility
than
traditional
capitalization-weighted
indexes.
This
index
does
not
include
the
effect
of
sales
charges,
commissions,
expenses,
or
taxes,
is
not
representative
of
the
Fund,
and
it
is
not
possible
to
invest
directly
in
an
index.
2
The
Nasdaq
US
1300
Small
Mid
Cap
Index
is
designed
to
track
the
performance
of
the
1300
securities
in
the
Nasdaq
US
Benchmark
Index
comprising
the
small-cap
and
mid-cap
size
categories.
This
index
does
not
include
the
effect
of
sales
charges,
commissions,
expenses,
or
taxes,
is
not
representative
of
the
Fund,
and
it
is
not
possible
to
invest
directly
in
an
index.
3
The
MSCI
USA
Small
Cap
Select
Value
Momentum
Blend
Index
is
based
on
a
traditional
market
cap-weighted
parent
index,
the
MSCI
USA
Small
Cap
Index,
which
includes
U.S.
small-cap
stocks.
The
index
is
designed
to
represent
the
performance
of
a
strategy
that
seeks
higher
exposure
to
value
and
momentum
factors
within
the
parent
index
while
also
maintaining
moderate
Index
turnover
and
lower
realized
volatility
than
traditional
cap-
weighted
indexes.
This
index
does
not
include
the
effect
of
sales
charges,
commissions,
expenses,
or
taxes,
is
not
representative
of
the
Fund,
and
it
is
not
possible
to
invest
directly
in
an
index.
Average
Annual
Total
Return
Year
Ended
June
30,
2023
INCEPTION
DATE
10/24/17
10/24/17
Net
Asset
Value
Market
Price
Value
Nasdaq
Victory
US
Small
Mid
Cap
Value
Momentum
Index
1
Nasdaq
US
1300
Small
Mid
Cap
Index
2
MSCI
USA
Small
Cap
Select
Value
Momentum
Blend
Index
3
MSCI
USA
Small
Cap
Index
4
7/1/22-10/31/22*
6.64%
6.86%
N/A
N/A
6.90%
7.76%
11/1/22-6/30/23*
5.33%
5.08%
5.61%
8.51%
N/A
N/A
One
Year
12.33%
12.29%
N/A
N/A
14.75%
15.39%
Five
Year
5.90%
5.88%
N/A
N/A
6.58%
6.79%
Since
Inception
6.68%
6.68%
N/A
N/A
N/A
N/A
10
VictoryShares
Small
Mid
Cap
Value
Momentum
ETF
Investment
Overview
(continued)
(Unaudited)
4
The
MSCI
USA
Small
Cap
Index
is
designed
to
measure
the
performance
of
the
small-cap
segment
of
the
U.S.
equity
market.
With
1,974
constituents,
the
index
represents
approximately
14%
of
the
free
float-adjusted
market
capitalization
in
the
United
States.
This
index
does
not
include
the
effect
of
sales
charges,
commissions,
expenses,
or
taxes,
is
not
representative
of
the
Fund,
and
it
is
not
possible
to
invest
directly
in
an
index.
The
graph
reflects
investment
growth
of
a
hypothetical
$10,000
investment
in
the
Fund. 
The
graph
and
table
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
shares. 
Past
performance
is
not
indicative
of
future
results.
11
VictoryShares
International
Value
Momentum
ETF
Managers’
Commentary
(Unaudited)
VictoryShares
International
Value
Momentum
ETF
(the
“Fund”)
seeks
to
provide
investment
results
that
closely
correspond,
before
fees
and
expenses,
to
the
performance
of
the
Nasdaq
Victory
International
Value
Momentum
Index
(the
“Index”).
On
November
1,
2022,
the
Fund
changed
its
broad-based
securities
index
from
the
MSCI
World
ex
USA
Index
(Net)
(the
“Prior
Broad-Based
Index”)
to
the
Nasdaq
DM
Ex
United
States
Large
Mid
Cap
Index
(the
“Broad-Based
Index”).
At
that
time,
the
Fund
selected
the
Index
in
place
of
the
MSCI
World
ex
USA
Select
Value
Momentum
Blend
Index
(the
“Prior
Index”)
because
the
Adviser
believes
the
Index
is
more
cost-effective
than
the
Prior
Index.
The
Fund
returned
-5.48%
for
the
period
July
1,
2022,
through
October
31,
2022,
underperforming
the
Prior
Index,
which
returned
-5.22%
during
the
period,
and
the
Fund
returned
19.03%
for
the
period
November
1,
2022,
through
June
30,
2023,
underperforming
the
Index,
which
returned
19.46%
during
the
period. 
For
the
period
July
1,
2022,
through
October
31,
2022,
the
Fund
underperformed
the
Prior
Broad-Based
Index,
which
returned
-4.20%
for
the
period
and
for
the
period
November
1,
2022,
through
June
30,
2023,
the
Fund
underperformed
the
Broad-Based
Index,
against
which
the
performance
of
the
Fund
is
also
measured,
which
returned
22.53%
for
the
period.
The
Fund’s
overweight
allocation
to
Israel
was
a
positive
contributor
to
relative
performance.
An
overweight
allocation
to
Canada
a
negative
contributor.
Stock
selection
added
to
returns
in
Canada
and
detracted
in
the
United
Kingdom.
The
Fund’s
small
allocation
to
derivatives
during
the
year
did
not
have
a
material
impact
on
performance.
.
12
VictoryShares
International
Value
Momentum
ETF
Investment
Overview
(Unaudited)
*On
November
1,
2022,
the
Fund
changed
its
broad-based
securities
index
from
the
MSCI
World
ex
USA
Index
to
the
Nasdaq
DM
Ex
United
States
Large
Mid
Cap
index.
At
that
time,
the
Fund
selected
the
Nasdaq
Victory
International
Value
Momentum
Index
(the
“Index”)
in
place
of
the
MSCI
World
ex
USA
Select
Value
Momentum
Blend
Index
(the
“Prior
Index”)
because
the
Adviser
believe
the
Index
is
more
cost
effective
than
the
Prior
Index.
The
performance
data
quoted
represents
past
performance
and
current
returns
may
be
lower
or
higher.
The
investment
return
and
principal
value
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
the
original
cost.
To
obtain
performance
information
current
to
the
most
recent
month’s
end,
please
visit
vcm.com.
Total
return
measures
the
price
change
in
a
share
assuming
the
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any.
The
total
returns
quoted
do
not
reflect
adjustments
made
to
the
enclosed
financial
statements
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
or
the
deduction
of
taxes
that
a
shareholder
would
pay
on
net
investment
income
and
realized
capital
gain
distributions,
including
reinvested
distributions,
or
redemptions
of
shares.
The
total
return
figures
set
forth
above
include
all
waivers
of
fees.
Without
such
fee
waivers,
the
total
returns
would
have
been
lower.
VictoryShares
International
Value
Momentum
ETF —
Growth
of
$10,000
+The
inception
date
for
the
Nasdaq
Victory
International
Value
Momentum
Index
is
September
19,
2022.
Prior
to
that
date,
the
data
is
hypothetical.
1
The
Nasdaq
Victory
International
Value
Momentum
Index
is
designed
to
deliver
exposure
to
equity
market
performance
in
non-U.S.
developed
markets
and
provide
higher
exposure
to
value
and
momentum
factors
within
the
Nasdaq
Developed
Markets
Ex
United
States
Large
Mid
Cap
Index
while
also
maintaining
moderate
Index
turnover
and
lower
realized
volatility
than
traditional
capitalization-weighted
indexes.
This
index
does
not
include
the
effect
of
sales
charges,
commissions,
expenses,
or
taxes,
is
not
representative
of
the
Fund,
and
it
is
not
possible
to
invest
directly
in
an
index.
2
The
Nasdaq
DM
Ex
United
States
Large
Mid
Cap
Index
is
designed
to
track
the
performance
of
securities
assigned
to
Developed
Markets
Ex
United
States
and
comprised
of
the
large/mid-cap
segment.
This
index
does
not
include
the
effect
of
sales
charges,
commissions,
expenses,
or
taxes,
is
not
representative
of
the
Fund,
and
it
is
not
possible
to
invest
directly
in
an
index.
3
The
MSCI
World
ex
USA
Select
Value
Momentum
Blend
Index
is
based
on
the
MSCI
World
ex
USA
(Net)
Index,
its
parent
index,
which
includes
large-
and
mid-cap
stocks
across
22
of
23
Developed
Markets
(DM)
countries,
excluding
the
United
States.
The
index
is
designed
to
represent
the
performance
of
a
strategy
that
seeks
higher
exposure
to
value
and
momentum
factors
within
the
parent
index
while
also
maintaining
moderate
Index
turnover
and
lower
realized
volatility
than
traditional
cap-weighted
indexes.
This
index
does
not
include
the
effect
of
sales
charges,
commissions,
expenses,
or
taxes,
is
not
representative
of
the
Fund,
and
it
is
not
possible
to
invest
directly
in
an
index.
4
The
MSCI
World
ex
USA
Index
(Net)
captures
large‐
and
mid‐cap
representation
across
22
of
23
Developed
Markets
(DM)
countries,
excluding
the
United
States.
With
890
constituents,
the
index
covers
approximately
85%
of
the
free
float‐adjusted
market
capitalization
in
each
country.
This
index
Average
Annual
Total
Return
Year
Ended
June
30,
2023
INCEPTION
DATE
10/24/17
10/24/17
Net
Asset
Value
Market
Price
Value
Nasdaq
Victory
International
Value
Momentum
Index
1
Nasdaq
DM
Ex
United
States
Large
Mid
Cap
Index
2
MSCI
World
ex
USA
Select
Value
Momentum
Blend
Index
3
MSCI
World
ex
USA
Index
(Net)
4
7/1/22-10/31/22*
-5.48%
-5.96%
N/A
N/A
-5.22%
-4.20%
11/1/22-6/30/23
19.03%
19.34%
19.46%
22.53%
N/A
N/A
One
Year
12.50%
12.23%
N/A
N/A
12.32%
17.41%
Five
Year
1.05%
1.07%
N/A
N/A
1.28%
4.58%
Since
Inception
0.54%
0.55%
N/A
N/A
N/A
N/A
13
VictoryShares
International
Value
Momentum
ETF
Investment
Overview
(continued)
(Unaudited)
does
not
include
the
effect
of
sales
charges,
commissions,
expenses,
or
taxes,
is
not
representative
of
the
Fund,
and
it
is
not
possible
to
invest
directly
in
an
index.
The
graph
reflects
investment
growth
of
a
hypothetical
$10,000
investment
in
the
Fund. 
The
graph
and
table
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
shares. 
Past
performance
is
not
indicative
of
future
results.
14
VictoryShares
Emerging
Markets
Value
Momentum
ETF
Managers’
Commentary
(Unaudited)
VictoryShares
Emerging
Markets
Value
Momentum
ETF
(the
“Fund”)
seeks
to
provide
investment
results
that
closely
correspond,
before
fees
and
expenses,
to
the
performance
of
the
Nasdaq
Victory
Emerging
Market
Value
Momentum
Index
(the
“Index”).
On
November
1,
2022,
the
Fund
changed
its
broad-based
securities
index
from
the
MSCI
Emerging
Markets
Index
(the
“Prior
Broad-Based
Index”)
to
the
Nasdaq
Emerging
Market
Large
Mid
Cap
Index
(the
“Broad-Based
Index”).
At
that
time,
the
Fund
selected
the
Index
in
place
of
the
MSCI
Emerging
Markets
Select
Value
Momentum
Blend
Index
(the
“Prior
Index”)
because
the
Adviser
believes
the
Index
is
more
cost-effective
than
the
Prior
Index.
The
Fund
returned
-9.03%
for
the
period
July
1,
2022,
through
October
31,
2022,
underperforming
the
Prior
Index,
which
returned
-8.33%
during
the
period,
and
the
Fund
returned
18.51%
for
the
period
November
1,
2022,
through
June
30,
2023,
underperforming
the
Index,
which
returned
19.83%
during
the
period.
For
the
period
July
1,
2022,
through
October
31,
2022,
the
Fund
outperformed
the
Prior
Broad-Based
Index,
which
returned
-14.31%
for
the
period
and
for
the
period
November
1,
2022,
through
June
30,
2023,
the
Fund
underperformed
the
Broad-Based
Index,
against
which
the
performance
of
the
Fund
is
also
measured,
which
returned
21.31%
for
the
period.
The
Fund’s
overweight
allocation
to
Turkey
was
a
positive
contributor
to
relative
performance.
An
overweight
allocation
to
Malaysia
was
a
detractor.
Stock
selection
added
to
returns
in
Hong
Kong
and
Taiwan.
The
Fund’s
small
allocation
to
derivatives
during
the
year
did
not
have
a
material
impact
on
performance.
15
VictoryShares
Emerging
Markets
Value
Momentum
ETF
Investment
Overview
(Unaudited)
*On
November
1,
2022,
the
Fund
changed
its
broad-based
securities
index
from
the
MSCI
Emerging
Markets
Index
to
the
Nasdaq
Emerging
Market
Large
Mid
Cap
index.
At
that
time,
the
Fund
selected
the
Nasdaq
Victory
Emerging
Market
Value
Momentum
Index
(the
“Index”)
in
place
of
the
MSCI
Emerging
Markets
Select
Value
Momentum
Blend
Index
(the
“Prior
Index”)
because
the
Adviser
believes
the
Index
is
more
cost-effective
than
the
Prior
Index.
The
performance
data
quoted
represents
past
performance
and
current
returns
may
be
lower
or
higher.
The
investment
return
and
principal
value
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
the
original
cost.
To
obtain
performance
information
current
to
the
most
recent
month’s
end,
please
visit
vcm.com.
Total
return
measures
the
price
change
in
a
share
assuming
the
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any.
The
total
returns
quoted
do
not
reflect
adjustments
made
to
the
enclosed
financial
statements
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
or
the
deduction
of
taxes
that
a
shareholder
would
pay
on
net
investment
income
and
realized
capital
gain
distributions,
including
reinvested
distributions,
or
redemptions
of
shares.
The
total
return
figures
set
forth
above
include
all
waivers
of
fees.
Without
such
fee
waivers,
the
total
returns
would
have
been
lower.
VictoryShares
Emerging
Markets
Value
Momentum
ETF —
Growth
of
$10,000
1
The
Nasdaq
Victory
Emerging
Markets
Value
Momentum
Index
is
designed
to
deliver
exposure
to
equity
market
performance
in
the
global
emerging
markets
and
provide
higher
exposure
to
value
and
momentum
factors
within
the
Nasdaq
Emerging
Market
Large
Mid
Cap
Index
while
also
maintaining
moderate
Index
turnover
and
lower
realized
volatility
than
traditional
capitalization-weighted
indexes.
This
index
does
not
include
the
effect
of
sales
charges,
commissions,
expenses,
or
taxes,
is
not
representative
of
the
Fund,
and
it
is
not
possible
to
invest
directly
in
an
index.
2
The
Nasdaq
Emerging
Market
Large
Mid
Cap
Index
is
a
float-adjusted
market-capitalization
index
designed
to
track
the
performance
of
securities
in
the
Nasdaq
Emerging
Market
Index
that
comprise
the
large/mid-cap
segment
of
companies
designated
as
Emerging
Markets.
This
index
does
not
include
the
effect
of
sales
charges,
commissions,
expenses,
or
taxes,
is
not
representative
of
the
Fund,
and
it
is
not
possible
to
invest
directly
in
an
index.
3
The
MSCI
Emerging
Markets
Select
Value
Momentum
Blend
Index
is
based
on
the
MSCI
Emerging
Markets
Index
(Net),
its
parent
index,
which
includes
large‐
and
mid‐cap
stocks
across
24
Emerging
Markets
(EM)
countries.
The
index
is
designed
to
represent
the
performance
of
a
strategy
that
seeks
higher
exposure
to
value
and
momentum
factors
within
the
parent
index
while
also
maintaining
moderate
Index
turnover
and
lower
realized
volatility
than
traditional
cap‐weighted
indexes.
This
index
does
not
include
the
effect
of
sales
charges,
commissions,
expenses,
or
taxes,
is
not
representative
of
the
Fund,
and
it
is
not
possible
to
invest
directly
in
an
index.
4
The
unmanaged
 MSCI
Emerging
Markets
Index
is
a
free-float-adjusted
market
capitalization
index
designed
to
measure
equity
market
performance
in
the
global
emerging
markets.
The
index
reflects
the
reinvestment
of
dividends
paid
on
the
stocks
constituting
the
index,
net
of
withholding
taxes.
This
Average
Annual
Total
Return
Year
Ended
June
30,
2023
INCEPTION
DATE
10/24/17
10/24/17
Net
Asset
Value
Market
Price
Value
Nasdaq
Victory
Emerging
Market
Value
Momentum
Index
1
Nasdaq
Emerging
Market
Large
Mid
Cap
Index
2
MSCI
Emerging
Markets
Select
Value
Momentum
Blend
Index
3
MSCI
Emerging
Markets
Index
4
7/1/22-10/31/22*
-9.03%
-10.04%
N/A
N/A
-8.33%
-14.31%
11/1/22-6/30/23*
18.51%
18.22%
19.83%
21.31%
N/A
N/A
One
Year
7.80%
6.35%
N/A
N/A
7.00%
1.75%
Five
Year
1.19%
1.12%
N/A
N/A
1.57%
0.93%
Since
Inception
0.03%
0.01%
N/A
N/A
N/A
N/A
16
VictoryShares
Emerging
Markets
Value
Momentum
ETF
Investment
Overview
(continued)
(Unaudited)
index
does
not
include
the
effect
of
sales
charges,
commissions,
expenses,
or
taxes,
is
not
representative
of
the
Fund,
and
it
is
not
possible
to
invest
directly
in
an
index.
The
graph
reflects
investment
growth
of
a
hypothetical
$10,000
investment
in
the
Fund. 
The
graph
and
table
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
shares. 
Past
performance
is
not
indicative
of
future
results.
17
Victory
Portfolios
II
VictoryShares
US
Value
Momentum
ETF
June
30,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
closely
correspond,
before
fees
and
expenses,
to
the
performance
of
the
Nasdaq
Victory
US
Value
Momentum
Index.
Top
10
Holdings*:
June
30,
2023
(%
of
Net
Assets)
Sector
Allocation*:
June
30,
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.
The
J.M.
Smucker
Co.
1.4%
The
Hershey
Co.
1.2%
Berkshire
Hathaway,
Inc.,
Class
B
1.2%
Kellogg
Co.
1.1%
Merck
&
Co.,
Inc.
1.1%
International
Business
Machines
Corp.
1.1%
O'Reilly
Automotive,
Inc.
1.1%
Quest
Diagnostics,
Inc.
1.1%
Genuine
Parts
Co.
1.1%
Cardinal
Health,
Inc.
1.0%
18
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
June
30,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
closely
correspond,
before
fees
and
expenses,
to
the
performance
of
the
Nasdaq
Victory
US
Small
Mid Cap
Value
Momentum
Index.
Top
10
Holdings*:
June
30,
2023
(%
of
Net
Assets)
Sector
Allocation*:
June
30,
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.
Science
Applications
International
Corp.
0.6%
BWX
Technologies,
Inc.
0.6%
NNN
REIT,
Inc.
0.6%
Post
Holdings,
Inc.
0.6%
Agree
Realty
Corp.
0.6%
CACI
International,
Inc.,
Class
A
0.6%
Ingredion,
Inc.
0.5%
Curtiss-Wright
Corp.
0.5%
Dolby
Laboratories,
Inc.,
Class
A
0.5%
Parsons
Corp.
0.5%
19
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
June
30,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
closely
correspond,
before
fees
and
expenses,
to
the
performance
of
the
Nasdaq
Victory
International
Value
Momentum
Index.
Top
10
Holdings*:
June
30,
2023
(%
of
Net
Assets)
Sector
Allocation*:
June
30,
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.
Henkel
AG
And
Co.
KGaA,
Preference
Shares
0.9%
Deutsche
Telekom
AG
0.9%
Orange
SA
0.8%
ACS
Actividades
de
Construccion
y
Servicios
SA
0.8%
Empire
Co.
Ltd.,
Class
A
0.8%
Loblaw
Cos.
Ltd.
0.8%
Canadian
Utilities
Ltd.,
Class
A
0.8%
Restaurant
Brands
International,
Inc.
0.8%
Imperial
Brands
PLC
0.8%
George
Weston
Ltd.
0.7%
20
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
June
30,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
investment
results
that
closely
correspond,
before
fees
and
expenses,
to
the
performance
of
the
Nasdaq
Victory
Emerging
Market
Value
Momentum
Index.
Top
10
Holdings*:
June
30,
2023
(%
of
Net
Assets)
Sector
Allocation*:
June
30,
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.
Malayan
Banking
Bhd
1.5%
RHB
Bank
Bhd
1.3%
Far
EasTone
Telecommunications
Co.
Ltd.
1.2%
Sun
Pharmaceutical
Industries
Ltd.
1.2%
Pegatron
Corp.
1.2%
Hon
Hai
Precision
Industry
Co.
Ltd.
1.2%
Compal
Electronics,
Inc.
1.1%
Chicony
Electronics
Co.
Ltd.
1.1%
Charoen
Pokphand
Foods
PCL
1.1%
PT
Indofood
Sukses
Makmur
Tbk
1.0%
Schedule
of
Portfolio
Investments
June
30,
2023
Victory
Portfolios
II
VictoryShares
US
Value
Momentum
ETF
21
See
notes
to
financial
statements.
Security
Description
Shares
Value
Common
Stocks
(99.4%)
Communication
Services
(4.6%):
Alphabet,
Inc.
,
Class
A
(a)
.................................................
9,162
$
1,096,691
AT&T,
Inc.
...........................................................
96,510
1,539,335
Fox
Corp.
,
Class
A
......................................................
45,321
1,540,914
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
C
(a)
............................
19,901
1,498,147
Meta
Platforms,
Inc.
,
Class
A
(a)
............................................
2,665
764,802
Omnicom
Group,
Inc.
....................................................
18,913
1,799,572
Paramount
Global
,
Class
B
................................................
43,256
688,203
8,927,664
Consumer
Discretionary
(11.6%):
AutoZone,
Inc.
(a)
.......................................................
760
1,894,954
Best
Buy
Co.,
Inc.
......................................................
15,809
1,295,548
D.R.
Horton,
Inc.
.......................................................
11,470
1,395,784
Ford
Motor
Co.
........................................................
81,904
1,239,208
General
Motors
Co.
.....................................................
33,187
1,279,691
Genuine
Parts
Co.
......................................................
12,083
2,044,806
Lennar
Corp.
,
Class
A
....................................................
11,693
1,465,250
LKQ
Corp.
...........................................................
31,950
1,861,727
NVR,
Inc.
(a)
..........................................................
257
1,632,109
O'Reilly
Automotive,
Inc.
(a)
...............................................
2,181
2,083,509
PulteGroup,
Inc.
........................................................
18,058
1,402,745
Ross
Stores,
Inc.
.......................................................
14,194
1,591,573
Starbucks
Corp.
........................................................
15,105
1,496,301
Ulta
Beauty,
Inc.
(a)
.....................................................
3,639
1,712,495
22,395,700
Consumer
Staples
(8.0%):
Dollar
Tree,
Inc.
(a)
......................................................
9,937
1,425,960
General
Mills,
Inc.
......................................................
24,220
1,857,674
Kellogg
Co.
...........................................................
32,437
2,186,254
The
Hershey
Co.
.......................................................
8,954
2,235,814
The
J.M.
Smucker
Co.
...................................................
17,551
2,591,756
The
Kraft
Heinz
Co.
.....................................................
56,425
2,003,087
The
Kroger
Co.
........................................................
37,702
1,771,994
Tyson
Foods,
Inc.
,
Class
A
................................................
27,517
1,404,468
15,477,007
Energy
(3.9%):
Chevron
Corp.
.........................................................
9,933
1,562,958
Exxon
Mobil
Corp.
.....................................................
13,785
1,478,441
Marathon
Oil
Corp.
.....................................................
42,209
971,651
Marathon
Petroleum
Corp.
................................................
10,849
1,264,993
Occidental
Petroleum
Corp.
...............................................
20,352
1,196,698
Valero
Energy
Corp.
.....................................................
9,453
1,108,837
7,583,578
Financials
(12.7%):
Aflac,
Inc.
............................................................
27,956
1,951,329
American
International
Group,
Inc.
..........................................
25,605
1,473,312
Arch
Capital
Group
Ltd.
(a)
................................................
19,495
1,459,201
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
6,538
2,229,458
Capital
One
Financial
Corp.
...............................................
9,547
1,044,155
Chubb
Ltd.
...........................................................
9,967
1,919,246
Citigroup,
Inc.
.........................................................
31,304
1,441,236
Corebridge
Financial,
Inc.
.................................................
67,857
1,198,355
Everest
Re
Group
Ltd.
...................................................
3,898
1,332,570
Loews
Corp.
..........................................................
32,065
1,904,020
MetLife,
Inc.
..........................................................
28,816
1,628,968
Principal
Financial
Group,
Inc.
.............................................
20,355
1,543,723
Prudential
Financial,
Inc.
.................................................
17,759
1,566,699
Regions
Financial
Corp.
..................................................
67,462
1,202,173
Synchrony
Financial
.....................................................
32,526
1,103,282
Victory
Portfolios
II
VictoryShares
US
Value
Momentum
ETF
22
Schedule
of
Portfolio
Investments
—
continued
June
30,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
The
Allstate
Corp.
......................................................
12,353
$
1,346,971
24,344,698
Health
Care
(16.4%):
AbbVie,
Inc.
..........................................................
13,530
1,822,897
Amgen,
Inc.
...........................................................
8,713
1,934,460
Biogen,
Inc.
(a)
.........................................................
2,675
761,974
Cardinal
Health,
Inc.
....................................................
21,295
2,013,868
Centene
Corp.
(a)
.......................................................
22,600
1,524,370
Elevance
Health,
Inc.
....................................................
3,749
1,665,643
Eli
Lilly
&
Co.
.........................................................
3,838
1,799,945
Gilead
Sciences,
Inc.
....................................................
21,323
1,643,364
HCA
Healthcare,
Inc.
....................................................
5,729
1,738,637
Hologic,
Inc.
(a)
........................................................
21,533
1,743,527
Humana,
Inc.
..........................................................
3,216
1,437,970
Laboratory
Corp.
of
America
Holdings
........................................
7,512
1,812,871
Merck
&
Co.,
Inc.
......................................................
18,764
2,165,178
Moderna,
Inc.
(a)
.......................................................
5,969
725,234
Pfizer,
Inc.
............................................................
48,190
1,767,609
Quest
Diagnostics,
Inc.
...................................................
14,610
2,053,582
The
Cigna
Group
.......................................................
6,709
1,882,545
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
4,709
1,657,144
Viatris,
Inc.
...........................................................
139,954
1,396,741
31,547,559
Industrials
(11.2%):
Cummins,
Inc.
.........................................................
7,914
1,940,196
FedEx
Corp.
..........................................................
4,897
1,213,966
General
Electric
Co.
.....................................................
14,301
1,570,965
HEICO
Corp.
..........................................................
9,570
1,693,316
Leidos
Holdings,
Inc.
....................................................
19,389
1,715,539
Lockheed
Martin
Corp.
...................................................
4,169
1,919,324
Northrop
Grumman
Corp.
.................................................
3,525
1,606,695
PACCAR,
Inc.
.........................................................
23,659
1,979,075
Quanta
Services,
Inc.
....................................................
7,711
1,514,826
Snap-on,
Inc.
..........................................................
6,810
1,962,574
U-Haul
Holding
Co.
(b)
...................................................
20,514
1,134,835
United
Rentals,
Inc.
.....................................................
3,106
1,383,319
Westinghouse
Air
Brake
Technologies
Corp.
....................................
18,077
1,982,505
21,617,135
Information
Technology
(11.5%):
Analog
Devices,
Inc.
....................................................
7,275
1,417,243
Aspen
Technology,
Inc.
(a)
.................................................
5,593
937,443
Broadcom,
Inc.
........................................................
1,523
1,321,096
Cadence
Design
Systems,
Inc.
(a)
............................................
5,251
1,231,464
First
Solar,
Inc.
(a)
......................................................
3,615
687,175
Gartner,
Inc.
(a)
........................................................
4,506
1,578,497
Hewlett
Packard
Enterprise
Co.
.............................................
95,238
1,599,998
HP,
Inc.
..............................................................
45,853
1,408,146
Intel
Corp.
............................................................
32,838
1,098,103
International
Business
Machines
Corp.
........................................
15,725
2,104,162
KLA
Corp.
...........................................................
2,329
1,129,611
Micron
Technology,
Inc.
..................................................
14,334
904,619
NVIDIA
Corp.
.........................................................
1,829
773,704
ON
Semiconductor
Corp.
(a)
...............................................
9,775
924,519
Oracle
Corp.
..........................................................
15,356
1,828,746
Skyworks
Solutions,
Inc.
.................................................
10,057
1,113,209
Synopsys,
Inc.
(a)
.......................................................
2,604
1,133,808
Western
Digital
Corp.
(a)
..................................................
22,903
868,711
22,060,254
Materials
(5.7%):
Corteva,
Inc.
..........................................................
29,374
1,683,130
Victory
Portfolios
II
VictoryShares
US
Value
Momentum
ETF
23
Schedule
of
Portfolio
Investments
—
continued
June
30,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
DuPont
de
Nemours,
Inc.
.................................................
21,470
$
1,533,817
LyondellBasell
Industries
NV
,
Class
A
........................................
15,936
1,463,403
Nucor
Corp.
...........................................................
7,516
1,232,474
Reliance
Steel
&
Aluminum
Co.
............................................
6,074
1,649,638
Steel
Dynamics,
Inc.
.....................................................
10,307
1,122,741
The
Mosaic
Co.
........................................................
30,286
1,060,010
Westlake
Corp.
........................................................
10,763
1,285,855
11,031,068
Real
Estate
(6.3%):
Gaming
and
Leisure
Properties,
Inc.
.........................................
39,475
1,912,959
Kimco
Realty
Corp.
.....................................................
76,595
1,510,453
Realty
Income
Corp.
....................................................
33,679
2,013,667
Ventas,
Inc.
...........................................................
31,524
1,490,139
VICI
Properties,
Inc.
....................................................
59,866
1,881,588
Weyerhaeuser
Co.
......................................................
47,658
1,597,020
WP
Carey,
Inc.
.........................................................
25,878
1,748,318
12,154,144
Utilities
(7.5%):
Atmos
Energy
Corp.
.....................................................
14,845
1,727,067
CenterPoint
Energy,
Inc.
..................................................
64,410
1,877,551
Consolidated
Edison,
Inc.
.................................................
21,201
1,916,570
DTE
Energy
Co.
.......................................................
16,851
1,853,947
Edison
International
.....................................................
22,702
1,576,654
Exelon
Corp.
..........................................................
42,154
1,717,354
PPL
Corp.
............................................................
72,317
1,913,508
Sempra
Energy
........................................................
12,345
1,797,309
14,379,960
Total
Common
Stocks
(Cost
$182,336,223)
191,518,767
Collateral
for
Securities
Loaned
(0.6%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.02
%
(c)
........
272,373
272,373
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.02
%
(c)
............
272,373
272,373
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.08
%
(c)
...............
272,373
272,373
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.04
%
(c)
.
272,373
272,373
Total
Collateral
for
Securities
Loaned
(Cost
$1,089,492)
1,089,492
Total
Investments
(Cost
$183,425,715)
—
100.0%
192,608,259
Liabilities
in
excess
of
other
assets
—
0.0%(d)
(
39,985
)
NET
ASSETS
-
100.00%
$
192,568,274
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
June
30,
2023.
(d)
Amount
represents
less
than
0.05%
of
net
assets.
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
4
9/15/23
$
876,312
$
897,650
$
21,338
Total
unrealized
appreciation
$
21,338
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
21,338
Schedule
of
Portfolio
Investments
June
30,
2023
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
24
See
notes
to
financial
statements.
Security
Description
Shares
Value
Common
Stocks
(99.5%)
Communication
Services
(1.5%):
Bumble,
Inc.
,
Class
A
(a)
..................................................
30,163
$
506,135
DISH
Network
Corp.
,
Class
A
(a)
............................................
67,322
443,652
Iridium
Communications,
Inc.
..............................................
12,507
776,935
Lumen
Technologies,
Inc.
.................................................
215,426
486,863
Nexstar
Media
Group,
Inc.
................................................
5,097
848,905
Telephone
and
Data
Systems,
Inc.
...........................................
62,740
516,350
3,578,840
Consumer
Discretionary
(14.4%):
Academy
Sports
&
Outdoors,
Inc.
...........................................
12,178
658,221
Adtalem
Global
Education,
Inc.
(a)
...........................................
17,726
608,711
Asbury
Automotive
Group,
Inc.
(a)
...........................................
2,879
692,169
AutoNation,
Inc.
(a)
.....................................................
5,049
831,116
BorgWarner,
Inc.
.......................................................
19,408
949,245
Century
Communities,
Inc.
................................................
9,482
726,511
Deckers
Outdoor
Corp.
(a)
.................................................
1,680
886,469
Dick's
Sporting
Goods,
Inc.
................................................
4,967
656,588
Dillard's,
Inc.
,
Class
A
...................................................
2,089
681,599
Foot
Locker,
Inc.
.......................................................
18,801
509,695
Graham
Holdings
Co.
,
Class
B
.............................................
1,834
1,048,094
Grand
Canyon
Education,
Inc.
(a)
............................................
9,185
947,984
Green
Brick
Partners,
Inc.
(a)
...............................................
10,674
606,283
Group
1
Automotive,
Inc.
.................................................
3,139
810,176
H&R
Block,
Inc.
.......................................................
30,674
977,580
Harley-Davidson,
Inc.
...................................................
22,638
797,084
KB
Home
............................................................
16,690
863,040
Kohl's
Corp.
..........................................................
28,872
665,500
LCI
Industries
.........................................................
5,957
752,727
Levi
Strauss
&
Co.
,
Class
A
...............................................
46,803
675,367
M/I
Homes,
Inc.
(a)
......................................................
9,175
799,968
Macy's,
Inc.
...........................................................
39,181
628,855
MDC
Holdings,
Inc.
.....................................................
18,807
879,603
Meritage
Homes
Corp.
...................................................
6,097
867,420
Mohawk
Industries,
Inc.
(a)
................................................
6,610
681,888
Oxford
Industries,
Inc.
...................................................
6,267
616,798
Patrick
Industries,
Inc.
...................................................
10,415
833,200
Penske
Automotive
Group,
Inc.
.............................................
5,458
909,467
PVH
Corp.
...........................................................
6,036
512,879
Ralph
Lauren
Corp.
.....................................................
6,835
842,755
Service
Corp.
International
................................................
16,438
1,061,730
Signet
Jewelers
Ltd.
.....................................................
7,696
502,241
Skechers
USA,
Inc.
,
Class
A
(a)
.............................................
14,273
751,616
Sonic
Automotive,
Inc.
,
Class
A
............................................
14,177
675,818
Strategic
Education,
Inc.
..................................................
11,660
791,014
Stride,
Inc.
(a)
..........................................................
11,806
439,537
Taylor
Morrison
Home
Corp.
(a)
............................................
16,554
807,339
The
Buckle,
Inc.
........................................................
26,628
921,329
The
ODP
Corp.
(a)
......................................................
19,784
926,287
Toll
Brothers,
Inc.
......................................................
11,657
921,719
Tri
Pointe
Homes,
Inc.
(a)
.................................................
25,531
838,949
Visteon
Corp.
(a)
........................................................
5,356
769,175
Winnebago
Industries,
Inc.
................................................
12,043
803,148
33,126,894
Consumer
Staples
(4.7%):
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
........................................
15,851
998,771
Cal-Maine
Foods,
Inc.
...................................................
14,390
647,550
Coty,
Inc.
,
Class
A
(a)
....................................................
61,063
750,464
e.l.f.
Beauty,
Inc.
(a)
.....................................................
5,179
591,597
Hostess
Brands,
Inc.
(a)
...................................................
41,649
1,054,553
Ingredion,
Inc.
.........................................................
12,104
1,282,419
Inter
Parfums,
Inc.
......................................................
5,773
780,683
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
25
Schedule
of
Portfolio
Investments
—
continued
June
30,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
17,368
$
1,143,509
Post
Holdings,
Inc.
(a)
....................................................
15,058
1,304,776
Sprouts
Farmers
Market,
Inc.
(a)
............................................
20,279
744,848
TreeHouse
Foods,
Inc.
(a)
.................................................
22,946
1,156,019
United
Natural
Foods,
Inc.
(a)
..............................................
19,136
374,109
10,829,298
Energy
(5.9%):
Antero
Resources
Corp.
(a)
................................................
24,335
560,435
Arch
Resources,
Inc.
....................................................
5,542
624,916
California
Resources
Corp.
................................................
17,553
794,975
Comstock
Resources,
Inc.
.................................................
46,433
538,623
CONSOL
Energy,
Inc.
...................................................
9,100
617,071
CVR
Energy,
Inc.
.......................................................
21,685
649,683
DT
Midstream,
Inc.
.....................................................
21,492
1,065,358
Helix
Energy
Solutions
Group,
Inc.
(a)
........................................
77,283
570,348
HF
Sinclair
Corp.
.......................................................
15,313
683,113
International
Seaways,
Inc.
................................................
16,263
621,897
Kosmos
Energy
Ltd.
(a)
...................................................
73,291
439,013
Matador
Resources
Co.
...................................................
11,347
593,675
Murphy
Oil
Corp.
......................................................
17,096
654,777
PBF
Energy,
Inc.
,
Class
A
.................................................
12,968
530,910
PDC
Energy,
Inc.
.......................................................
8,042
572,108
Peabody
Energy
Corp.
...................................................
25,039
542,345
Permian
Resources
Corp.
.................................................
47,889
524,863
SM
Energy
Co.
........................................................
18,998
600,907
Tidewater,
Inc.
(a)
.......................................................
10,944
606,735
Transocean
Ltd.
(a)
(b)
....................................................
67,956
476,372
Weatherford
International
PLC
(a)
...........................................
10,211
678,215
World
Fuel
Services
Corp.
................................................
29,828
616,843
13,563,182
Financials
(13.4%):
AGNC
Investment
Corp.
.................................................
77,473
784,802
American
Equity
Investment
Life
Holding
Co.
..................................
14,580
759,764
Apollo
Commercial
Real
Estate
Finance,
Inc.
...................................
56,766
642,591
Associated
Banc-Corp.
...................................................
48,792
791,894
Assured
Guaranty
Ltd.
...................................................
17,600
982,080
Bread
Financial
Holdings,
Inc.
.............................................
17,199
539,877
Cannae
Holdings,
Inc.
(a)
.................................................
34,628
699,832
Chimera
Investment
Corp.
................................................
106,447
614,199
CNO
Financial
Group,
Inc.
................................................
36,658
867,695
Encore
Capital
Group,
Inc.
(a)
..............................................
20,881
1,015,234
Enstar
Group
Ltd.
(a)
....................................................
4,210
1,028,250
Federated
Hermes,
Inc.
...................................................
30,537
1,094,751
FNB
Corp.
............................................................
78,734
900,717
Genworth
Financial,
Inc.
(a)
................................................
124,044
620,220
Hilltop
Holdings,
Inc.
....................................................
25,875
814,028
Hope
Bancorp,
Inc.
.....................................................
87,085
733,256
International
Bancshares
Corp.
.............................................
21,478
949,328
Invesco
Ltd.
...........................................................
44,776
752,685
Jackson
Financial,
Inc.
,
Class
A
.............................................
18,528
567,142
Jefferies
Financial
Group,
Inc.
..............................................
24,341
807,391
Lincoln
National
Corp.
...................................................
19,898
512,572
MFA
Financial,
Inc.
.....................................................
55,252
621,032
MGIC
Investment
Corp.
..................................................
66,546
1,050,761
Mr.
Cooper
Group,
Inc.
(a)
.................................................
16,154
818,039
Navient
Corp.
.........................................................
49,566
920,936
New
York
Community
Bancorp,
Inc.
.........................................
43,056
483,949
Old
Republic
International
Corp.
............................................
45,940
1,156,310
PennyMac
Financial
Services,
Inc.
..........................................
10,301
724,263
PennyMac
Mortgage
Investment
Trust
........................................
59,622
803,705
PRA
Group,
Inc.
(a)
.....................................................
28,565
652,710
Prosperity
Bancshares,
Inc.
................................................
16,326
922,093
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
26
Schedule
of
Portfolio
Investments
—
continued
June
30,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Radian
Group,
Inc.
......................................................
36,498
$
922,669
Reinsurance
Group
of
America,
Inc.
.........................................
6,380
884,842
Rithm
Capital
Corp.
.....................................................
96,468
901,976
United
Bankshares,
Inc.
..................................................
28,723
852,211
Unum
Group
..........................................................
18,201
868,188
Voya
Financial,
Inc.
.....................................................
11,697
838,792
White
Mountains
Insurance
Group
Ltd.
.......................................
693
962,515
30,863,299
Health
Care
(13.7%):
Acadia
Healthcare
Co.,
Inc.
(a)
..............................................
12,862
1,024,330
AdaptHealth
Corp.
(a)
....................................................
46,218
562,473
Akero
Therapeutics,
Inc.
(a)
................................................
7,513
350,782
Amphastar
Pharmaceuticals,
Inc.
(a)
..........................................
15,779
906,819
Arcellx,
Inc.
(a)
........................................................
8,686
274,651
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
........................................
1,664
630,856
Catalyst
Pharmaceuticals,
Inc.
(a)
............................................
35,337
474,929
Certara,
Inc.
(a)
.........................................................
22,598
411,510
Corcept
Therapeutics,
Inc.
(a)
..............................................
30,827
685,901
Dynavax
Technologies
Corp.
(a)
.............................................
55,823
721,233
Embecta
Corp.
.........................................................
19,087
412,279
Encompass
Health
Corp.
..................................................
14,812
1,002,921
Enovis
Corp.
(a)
........................................................
15,562
997,835
Envista
Holdings
Corp.
(a)
.................................................
26,550
898,452
Evolent
Health,
Inc.
,
Class
A
(a)
.............................................
19,218
582,305
Haemonetics
Corp.
(a)
....................................................
10,305
877,368
Henry
Schein,
Inc.
(a)
....................................................
14,044
1,138,968
Hims
&
Hers
Health,
Inc.
(a)
...............................................
44,219
415,659
Immunovant,
Inc.
(a)
.....................................................
18,223
345,690
Ironwood
Pharmaceuticals,
Inc.
(a)
...........................................
82,227
874,895
Jazz
Pharmaceuticals
PLC
(a)
..............................................
7,750
960,768
Karuna
Therapeutics,
Inc.
(a)
...............................................
2,678
580,724
Lantheus
Holdings,
Inc.
(a)
................................................
5,759
483,295
Ligand
Pharmaceuticals,
Inc.
(a)
.............................................
7,075
510,108
Madrigal
Pharmaceuticals,
Inc.
(a)
...........................................
1,203
277,893
Masimo
Corp.
(a)
.......................................................
4,303
708,059
Neurocrine
Biosciences,
Inc.
(a)
.............................................
10,110
953,373
Option
Care
Health,
Inc.
(a)
................................................
23,501
763,547
Organon
&
Co.
........................................................
38,001
790,801
Penumbra,
Inc.
(a)
.......................................................
2,388
821,615
Perrigo
Co.
PLC
.......................................................
26,859
911,863
Pliant
Therapeutics,
Inc.
(a)
................................................
18,038
326,849
Premier,
Inc.
,
Class
A
....................................................
34,948
966,662
Prestige
Consumer
Healthcare,
Inc.
(a)
........................................
19,598
1,164,709
QuidelOrtho
Corp.
(a)
....................................................
7,480
619,793
Reata
Pharmaceuticals,
Inc.
,
Class
A
(a)
.......................................
3,719
379,189
Sarepta
Therapeutics,
Inc.
(a)
...............................................
3,002
343,789
Select
Medical
Holdings
Corp.
.............................................
24,723
787,675
Shockwave
Medical,
Inc.
(a)
...............................................
1,897
541,423
Supernus
Pharmaceuticals,
Inc.
(a)
...........................................
25,880
777,953
Tenet
Healthcare
Corp.
(a)
.................................................
6,586
535,969
TG
Therapeutics,
Inc.
(a)
..................................................
12,575
312,363
TransMedics
Group,
Inc.
(a)
................................................
5,613
471,380
United
Therapeutics
Corp.
(a)
..............................................
4,466
985,869
Universal
Health
Services,
Inc.
,
Class
B
.......................................
5,681
896,291
Vaxcyte,
Inc.
(a)
........................................................
6,764
337,794
Ventyx
Biosciences,
Inc.
(a)
................................................
11,694
383,563
Vir
Biotechnology,
Inc.
(a)
.................................................
21,007
515,302
31,698,475
Industrials
(18.7%):
AAON,
Inc.
...........................................................
7,888
747,861
AAR
Corp.
(a)
.........................................................
17,122
988,967
Air
Lease
Corp.
........................................................
22,697
949,869
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
27
Schedule
of
Portfolio
Investments
—
continued
June
30,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Air
Transport
Services
Group,
Inc.
(a)
.........................................
32,289
$
609,293
Allison
Transmission
Holdings,
Inc.
.........................................
19,426
1,096,792
Applied
Industrial
Technologies,
Inc.
.........................................
6,677
967,030
ArcBest
Corp.
.........................................................
6,927
684,388
Atkore,
Inc.
(a)
.........................................................
4,759
742,118
Avis
Budget
Group,
Inc.
(a)
................................................
2,750
628,842
Beacon
Roofing
Supply,
Inc.
(a)
.............................................
12,601
1,045,631
Boise
Cascade
Co.
......................................................
9,979
901,603
Builders
FirstSource,
Inc.
(a)
...............................................
5,172
703,392
BWX
Technologies,
Inc.
..................................................
19,060
1,364,124
CACI
International,
Inc.
,
Class
A
(a)
.........................................
3,715
1,266,221
CBIZ,
Inc.
(a)
..........................................................
22,178
1,181,644
Clean
Harbors,
Inc.
(a)
...................................................
6,226
1,023,741
Comfort
Systems
USA,
Inc.
...............................................
4,819
791,280
CoreCivic,
Inc.
(a)
......................................................
70,275
661,288
Crane
NXT
Co.
........................................................
16,477
929,962
Curtiss-Wright
Corp.
....................................................
6,777
1,244,664
EMCOR
Group,
Inc.
....................................................
5,560
1,027,377
Encore
Wire
Corp.
......................................................
3,724
692,403
Esab
Corp.
............................................................
12,727
846,855
FTI
Consulting,
Inc.
(a)
...................................................
3,872
736,454
GATX
Corp.
..........................................................
8,494
1,093,518
GMS,
Inc.
(a)
..........................................................
10,499
726,531
GrafTech
International
Ltd.
................................................
97,073
489,248
Granite
Construction,
Inc.
.................................................
21,942
872,853
Griffon
Corp.
..........................................................
19,862
800,439
Hertz
Global
Holdings,
Inc.
(a)
.............................................
38,926
715,849
Hub
Group,
Inc.
,
Class
A
(a)
...............................................
11,143
895,006
KBR,
Inc.
............................................................
17,176
1,117,471
Knight-Swift
Transportation
Holdings,
Inc.
....................................
14,979
832,233
Matson,
Inc.
..........................................................
8,985
698,404
Moog,
Inc.
,
Class
A
.....................................................
10,201
1,106,094
Mueller
Industries,
Inc.
...................................................
10,460
912,949
MYR
Group,
Inc.
(a)
.....................................................
5,420
749,803
Owens
Corning
........................................................
7,295
951,997
Parsons
Corp.
(a)
.......................................................
25,261
1,216,065
Rush
Enterprises,
Inc.
,
Class
A
.............................................
18,422
1,118,952
Ryder
System,
Inc.
......................................................
9,331
791,175
Schneider
National,
Inc.
,
Class
B
............................................
33,941
974,786
Science
Applications
International
Corp.
......................................
12,548
1,411,399
SPX
Technologies,
Inc.
(a)
.................................................
8,419
715,362
The
GEO
Group,
Inc.
(a)
..................................................
68,221
488,462
UFP
Industries,
Inc.
.....................................................
9,647
936,241
Veritiv
Corp.
..........................................................
5,331
669,627
Werner
Enterprises,
Inc.
..................................................
21,697
958,573
43,074,836
Information
Technology
(10.2%):
Agilysys,
Inc.
(a)
.......................................................
7,974
547,335
Allegro
MicroSystems,
Inc.
(a)
..............................................
15,990
721,789
Amkor
Technology,
Inc.
..................................................
24,543
730,154
Arrow
Electronics,
Inc.
(a)
.................................................
7,304
1,046,152
Avnet,
Inc.
............................................................
22,677
1,144,055
Axcelis
Technologies,
Inc.
(a)
..............................................
3,495
640,738
Belden,
Inc.
...........................................................
9,804
937,753
Cirrus
Logic,
Inc.
(a)
.....................................................
9,106
737,677
Dell
Technologies,
Inc.
,
Class
C
............................................
17,449
944,165
Diodes,
Inc.
(a)
.........................................................
7,156
661,858
Dolby
Laboratories,
Inc.
,
Class
A
...........................................
14,717
1,231,519
DXC
Technology
Co.
(a)
..................................................
27,359
731,033
Impinj,
Inc.
(a)
.........................................................
3,413
305,975
Insight
Enterprises,
Inc.
(a)
................................................
7,287
1,066,380
IPG
Photonics
Corp.
(a)
...................................................
7,017
953,049
Jabil,
Inc.
............................................................
10,197
1,100,562
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
28
Schedule
of
Portfolio
Investments
—
continued
June
30,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Lattice
Semiconductor
Corp.
(a)
.............................................
6,542
$
628,490
NCR
Corp.
(a)
.........................................................
23,930
603,036
NetScout
Systems,
Inc.
(a)
.................................................
26,565
822,187
Onto
Innovation,
Inc.
(a)
..................................................
5,785
673,779
OSI
Systems,
Inc.
(a)
.....................................................
7,832
922,845
Plexus
Corp.
(a)
........................................................
9,259
909,604
Progress
Software
Corp.
..................................................
19,021
1,105,120
Rambus,
Inc.
(a)
........................................................
9,990
641,058
Sanmina
Corp.
(a)
.......................................................
14,661
883,618
Super
Micro
Computer,
Inc.
(a)
.............................................
1,571
391,572
TD
SYNNEX
Corp.
.....................................................
10,214
960,116
Vishay
Intertechnology,
Inc.
...............................................
27,933
821,230
Xerox
Holdings
Corp.
...................................................
40,424
601,913
23,464,762
Materials
(5.2%):
Alpha
Metallurgical
Resources,
Inc.
..........................................
4,015
659,905
Carpenter
Technology
Corp.
...............................................
12,306
690,736
Commercial
Metals
Co.
..................................................
17,153
903,277
Graphic
Packaging
Holding
Co.
............................................
39,568
950,819
Greif,
Inc.
,
Class
A
......................................................
14,851
1,023,085
Louisiana-Pacific
Corp.
..................................................
11,429
856,947
NewMarket
Corp.
......................................................
2,825
1,135,989
O-I
Glass,
Inc.
(a)
.......................................................
31,200
665,496
Orion
SA
.............................................................
27,678
587,327
Ryerson
Holding
Corp.
...................................................
13,836
600,206
Silgan
Holdings,
Inc.
....................................................
24,284
1,138,677
Sylvamo
Corp.
.........................................................
18,612
752,855
United
States
Steel
Corp.
.................................................
26,321
658,288
Warrior
Met
Coal,
Inc.
...................................................
18,209
709,241
Westrock
Co.
..........................................................
25,773
749,221
12,082,069
Real
Estate
(7.9%):
Agree
Realty
Corp.
.....................................................
19,837
1,297,141
Apartment
Investment
and
Management
Co.
....................................
95,984
817,784
Apple
Hospitality
REIT,
Inc.
...............................................
64,753
978,418
Corporate
Office
Properties
Trust
............................................
41,403
983,321
EPR
Properties
........................................................
21,181
991,271
Equity
Commonwealth
...................................................
46,390
939,861
Four
Corners
Property
Trust,
Inc.
............................................
46,825
1,189,355
Getty
Realty
Corp.
......................................................
32,467
1,098,034
Global
Net
Lease,
Inc.
...................................................
77,595
797,677
InvenTrust
Properties
Corp.
...............................................
39,600
916,344
LTC
Properties,
Inc.
.....................................................
34,311
1,132,949
National
Health
Investors,
Inc.
.............................................
17,873
936,903
NNN
REIT,
Inc.
........................................................
31,231
1,336,375
Omega
Healthcare
Investors,
Inc.
...........................................
29,929
918,521
Paramount
Group,
Inc.
...................................................
152,277
674,587
Phillips
Edison
&
Co.,
Inc.
................................................
33,618
1,145,701
Sabra
Health
Care
REIT,
Inc.
..............................................
66,554
783,341
SL
Green
Realty
Corp.
(b)
.................................................
22,707
682,345
The
Macerich
Co.
......................................................
61,266
690,468
18,310,396
Utilities
(3.9%):
Clearway
Energy,
Inc.
,
Class
C
.............................................
35,223
1,005,969
New
Jersey
Resources
Corp.
...............................................
22,086
1,042,459
Northwest
Natural
Holding
Co.
.............................................
24,205
1,042,025
OGE
Energy
Corp.
......................................................
32,641
1,172,138
Otter
Tail
Corp.
........................................................
10,507
829,633
Pinnacle
West
Capital
Corp.
...............................................
14,278
1,163,086
Spire,
Inc.
............................................................
15,849
1,005,461
UGI
Corp.
............................................................
30,064
810,826
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
29
Schedule
of
Portfolio
Investments
—
continued
June
30,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Vistra
Corp.
...........................................................
31,093
$
816,191
8,887,788
Total
Common
Stocks
(Cost
$208,779,914)
229,479,839
Rights
(0.0%)(c)
Health
Care
(0.0%):(c)
Achillion
Pharmaceuticals,
CVR
(a)
(d)
........................................
17,954
4,129
Total
Rights
(Cost
$–)
4,129
Collateral
for
Securities
Loaned
(0.4%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.02
%
(e)
........
237,107
237,107
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.02
%
(e)
............
237,107
237,107
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.08
%
(e)
...............
237,107
237,107
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.04
%
(e)
.
237,107
237,107
Total
Collateral
for
Securities
Loaned
(Cost
$948,428)
948,428
Total
Investments
(Cost
$209,728,342)
—
99.9%
230,432,396
Other
assets
in
excess
of
liabilities
—
0.1%
227,287
NET
ASSETS
-
100.00%
$
230,659,683
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
This
security
is
classified
as
Level
3
within
the
fair
value
hierarchy.
(See
Note
2
in
the
Notes
to
Financial
Statements)
(e)
Rate
disclosed
is
the
daily
yield
on
June
30,
2023.
CVR
—
Contingent
Value
Right
PLC—Public
Limited
Company
REIT—Real
Estate
Investment
Trust
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
Russell
2000
Index
Futures
......
10
9/15/23
$
945,212
$
951,850
$
6,638
Total
unrealized
appreciation
$
6,638
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
6,638
Schedule
of
Portfolio
Investments
June
30,
2023
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
30
See
notes
to
financial
statements.
Security
Description
Shares
Value
Common
Stocks
(98.6%)
Australia
(2.6%):
Energy
(0.7%):
Whitehaven
Coal
Ltd.
....................................................
133,406
$
596,173
Worley,
Ltd.
...........................................................
99,103
1,042,182
1,638,355
Industrials
(0.7%):
Brambles
Ltd.
.........................................................
180,334
1,730,678
Materials
(0.7%):
Rio
Tinto
Ltd.
.........................................................
14,535
1,110,236
South32
Ltd.
..........................................................
291,760
730,614
1,840,850
Real
Estate
(0.5%):
Vicinity
Centres
........................................................
994,800
1,222,382
6,432,265
Austria
(1.4%):
Energy
(0.4%):
OMV
AG
............................................................
23,276
986,394
Financials
(0.5%):
Raiffeisen
Bank
International
AG
...........................................
72,547
1,149,341
Materials
(0.5%):
voestalpine
AG
........................................................
34,809
1,249,540
3,385,275
Belgium
(0.5%):
Financials
(0.5%):
Ageas
SA
............................................................
30,290
1,226,459
Canada
(7.7%):
Consumer
Discretionary
(0.8%):
Restaurant
Brands
International,
Inc.(a)
.......................................
24,544
1,903,151
Consumer
Staples
(2.3%):
Empire
Co.
Ltd.,
Class
A
.................................................
70,271
1,996,299
George
Weston
Ltd.
.....................................................
15,943
1,885,092
Loblaw
Cos.
Ltd.
.......................................................
21,365
1,956,173
5,837,564
Energy
(0.4%):
Tourmaline
Oil
Corp.
....................................................
21,856
1,029,935
Financials
(1.1%):
Element
Fleet
Management
Corp.
...........................................
80,895
1,232,418
Fairfax
Financial
Holdings
Ltd.
.............................................
1,899
1,422,587
2,655,005
Information
Technology
(0.7%):
CGI,
Inc.(b)
...........................................................
17,415
1,836,687
Materials
(0.9%):
Teck
Resources
Ltd.,
Class
B
..............................................
18,837
792,673
West
Fraser
Timber
Co.
Ltd.
...............................................
15,730
1,351,526
2,144,199
Real
Estate
(0.7%):
RioCan
Real
Estate
Investment
Trust
.........................................
121,597
1,769,886
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
31
Schedule
of
Portfolio
Investments
—
continued
June
30,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Utilities
(0.8%):
Canadian
Utilities
Ltd.,
Class
A
.............................................
73,834
$
1,912,460
19,088,887
Denmark
(0.9%):
Health
Care
(0.5%):
Novo
Nordisk
A/S,
Class
B
................................................
8,619
1,388,894
Industrials
(0.4%):
AP
Moller
-
Maersk
A/S,
Class
B
...........................................
519
910,960
2,299,854
Finland
(0.5%):
Health
Care
(0.5%):
Orion
Oyj,
Class
B
......................................................
30,654
1,271,634
France
(7.8%):
Communication
Services
(2.1%):
Bollore
SE
............................................................
260,974
1,625,909
Orange
SA
............................................................
172,137
2,010,027
Vivendi
SE
...........................................................
162,770
1,492,886
5,128,822
Consumer
Discretionary
(0.5%):
Renault
SA
...........................................................
27,421
1,154,272
Consumer
Staples
(0.5%):
Carrefour
SA
..........................................................
71,138
1,347,067
Health
Care
(1.2%):
Ipsen
SA
.............................................................
11,230
1,350,281
Sanofi
...............................................................
15,719
1,684,221
3,034,502
Industrials
(1.9%):
Bouygues
SA
..........................................................
50,544
1,696,363
Eiffage
SA
............................................................
16,263
1,696,018
Thales
SA
............................................................
9,288
1,390,398
4,782,779
Real
Estate
(0.9%):
Covivio
..............................................................
21,757
1,025,049
Klepierre
SA
..........................................................
46,197
1,145,209
2,170,258
Utilities
(0.7%):
Engie
SA
.............................................................
98,929
1,643,725
19,261,425
Germany
(9.6%):
Communication
Services
(0.9%):
Deutsche
Telekom
AG
...................................................
96,597
2,105,402
Consumer
Discretionary
(2.2%):
Bayerische
Motoren
Werke
AG
.............................................
13,252
1,626,949
Mercedes-Benz
Group
AG
................................................
16,306
1,310,693
Porsche
Automobil
Holding
SE,
Preference
Shares(b)
.............................
20,225
1,217,238
Volkswagen
AG,
Preference
Shares
..........................................
9,174
1,230,594
5,385,474
Consumer
Staples
(0.9%):
Henkel
AG
And
Co.
KGaA,
Preference
Shares
..................................
28,154
2,250,452
Financials
(1.4%):
Commerzbank
AG
......................................................
78,241
866,489
Deutsche
Bank
AG,
Registered
Shares
........................................
89,773
942,092
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
32
Schedule
of
Portfolio
Investments
—
continued
June
30,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen,
Class
R
...............
4,574
$
1,714,795
3,523,376
Health
Care
(1.4%):
Fresenius
Medical
Care
AG
&
Co.
KGaA
......................................
23,741
1,133,805
Fresenius
SE
&
Co.
KGaA
................................................
41,349
1,144,585
Merck
KGaA
..........................................................
6,952
1,149,552
3,427,942
Industrials
(0.9%):
Hochtief
AG
..........................................................
16,171
1,397,413
Rheinmetall
AG
........................................................
3,356
918,359
2,315,772
Materials
(0.6%):
HeidelbergCement
AG
...................................................
17,473
1,433,666
Utilities
(1.3%):
E.ON
SE
.............................................................
124,076
1,581,224
RWE
AG
.............................................................
35,241
1,533,053
3,114,277
23,556,361
Greece
(0.6%):
Consumer
Discretionary
(0.6%):
OPAP
SA
.............................................................
90,212
1,572,910
Hong
Kong
(4.5%):
Consumer
Staples
(0.3%):
WH
Group
Ltd.(c)
......................................................
1,743,289
923,293
Industrials
(0.5%):
CK
Hutchison
Holdings
Ltd.
...............................................
194,073
1,185,139
Real
Estate
(3.7%):
CK
Asset
Holdings
Ltd.
..................................................
206,777
1,145,287
Hang
Lung
Properties
Ltd.
................................................
468,000
722,692
Henderson
Land
Development
Co.
Ltd.
.......................................
288,475
857,801
Hongkong
Land
Holdings
Ltd.
.............................................
251,900
982,410
New
World
Development
Co.
Ltd.
...........................................
267,000
656,962
Sino
Land
Co.
Ltd.
......................................................
734,725
902,970
Sun
Hung
Kai
Properties
Ltd.
..............................................
91,002
1,146,279
Swire
Pacific
Ltd.,
Class
A
................................................
146,610
1,123,567
The
Wharf
Holdings
Ltd.
.................................................
320,715
762,116
Wharf
Real
Estate
Investment
Co.
Ltd.
........................................
161,801
808,416
9,108,500
11,216,932
Ireland
(0.4%):
Financials
(0.4%):
AIB
Group
PLC
........................................................
225,087
945,527
Italy
(2.5%):
Financials
(1.5%):
Banco
BPM
SpA
.......................................................
252,992
1,173,164
Intesa
Sanpaolo
SpA
.....................................................
520,113
1,361,983
UniCredit
SpA
.........................................................
47,164
1,094,306
3,629,453
Industrials
(0.5%):
Leonardo
SpA
.........................................................
102,953
1,167,686
Utilities
(0.5%):
A2A
SpA
.............................................................
748,734
1,366,741
6,163,880
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
33
Schedule
of
Portfolio
Investments
—
continued
June
30,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Japan
(26.0%):
Communication
Services
(1.1%):
Capcom
Co.
Ltd.
.......................................................
13,500
$
532,870
Dentsu
Group,
Inc.(a)
....................................................
19,300
630,447
Nexon
Co.
Ltd.
........................................................
26,500
504,543
Nippon
Telegraph
&
Telephone
Corp.
........................................
860,000
1,016,288
2,684,148
Consumer
Discretionary
(3.2%):
Aisin
Corp.
...........................................................
26,000
797,768
Bridgestone
Corp.(a)
....................................................
18,800
767,740
Honda
Motor
Co.
Ltd.
...................................................
23,400
704,044
Iida
Group
Holdings
Co.
Ltd.
..............................................
42,800
719,662
Isuzu
Motors
Ltd.
.......................................................
53,900
650,028
Mazda
Motor
Corp.
.....................................................
50,300
485,813
Mitsubishi
Motors
Corp.
..................................................
98,400
341,754
Sekisui
House
Ltd.
......................................................
43,300
871,972
Subaru
Corp.
..........................................................
31,000
580,767
Sumitomo
Electric
Industries
Ltd.
...........................................
63,600
774,502
Suzuki
Motor
Corp.
.....................................................
17,500
630,839
Yamaha
Motor
Co.
Ltd.(a)
................................................
21,500
614,243
7,939,132
Consumer
Staples
(2.1%):
Japan
Tobacco,
Inc.(a)
...................................................
36,000
786,720
Kirin
Holdings
Co.
Ltd.(a)
................................................
62,500
910,339
MEIJI
Holdings
Co.
Ltd.
.................................................
40,540
904,198
Nissin
Foods
Holdings
Co.
Ltd.
.............................................
8,742
721,633
Suntory
Beverage
&
Food
Ltd.
.............................................
16,300
588,825
Toyo
Suisan
Kaisha
Ltd.
..................................................
12,800
576,923
Yakult
Honsha
Co.
Ltd.
..................................................
10,282
648,861
5,137,499
Energy
(0.8%):
ENEOS
Holdings,
Inc.
...................................................
224,900
770,658
Idemitsu
Kosan
Co.
Ltd.
..................................................
32,500
650,090
Inpex
Corp.(a)
.........................................................
46,800
518,342
1,939,090
Financials
(4.1%):
Concordia
Financial
Group
Ltd.
............................................
127,400
496,779
Dai-ichi
Life
Holdings,
Inc.
...............................................
28,200
535,151
Japan
Post
Holdings
Co.
Ltd.
..............................................
98,100
704,745
Japan
Post
Insurance
Co.
Ltd.
..............................................
39,100
587,123
Mitsubishi
HC
Capital,
Inc.
................................................
165,100
977,807
Mitsubishi
UFJ
Financial
Group,
Inc.
.........................................
77,600
572,803
Mizuho
Financial
Group,
Inc.
..............................................
42,800
652,323
MS&AD
Insurance
Group
Holdings,
Inc.
......................................
19,500
688,744
Nomura
Holdings,
Inc.
...................................................
192,700
730,839
ORIX
Corp.
...........................................................
36,800
666,343
Resona
Holdings,
Inc.
....................................................
101,000
483,229
SBI
Holdings,
Inc.
......................................................
38,600
740,672
Sumitomo
Mitsui
Financial
Group,
Inc.
.......................................
14,500
618,973
Sumitomo
Mitsui
Trust
Holdings,
Inc.
........................................
17,000
602,447
The
Chiba
Bank
Ltd.
....................................................
80,900
490,009
Tokio
Marine
Holdings,
Inc.
...............................................
26,900
618,059
10,166,046
Health
Care
(1.4%):
Astellas
Pharma,
Inc.
....................................................
50,000
744,733
Daiichi
Sankyo
Co.
Ltd.
..................................................
15,600
491,960
Eisai
Co.
Ltd.
..........................................................
5,900
397,641
Otsuka
Holdings
Co.
Ltd.(a)
...............................................
22,100
807,382
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
34
Schedule
of
Portfolio
Investments
—
continued
June
30,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Takeda
Pharmaceutical
Co.
Ltd.
............................................
28,100
$
881,679
3,323,395
Industrials
(6.1%):
AGC,
Inc.(a)
..........................................................
19,500
697,799
Dai
Nippon
Printing
Co.
Ltd.
..............................................
15,900
449,405
Hankyu
Hanshin
Holdings,
Inc.
.............................................
26,600
876,650
IHI
Corp.
.............................................................
22,700
611,711
ITOCHU
Corp.
........................................................
18,200
717,379
Kajima
Corp.
..........................................................
43,800
658,761
Kawasaki
Kisen
Kaisha
Ltd.
...............................................
15,300
373,168
Komatsu
Ltd.
..........................................................
28,100
755,864
Marubeni
Corp.
........................................................
35,900
607,125
Mitsubishi
Corp.
.......................................................
14,500
696,458
Mitsubishi
Electric
Corp.
.................................................
59,400
834,515
Mitsubishi
Heavy
Industries
Ltd.
............................................
12,100
562,816
Mitsui
&
Co.
Ltd.
.......................................................
16,600
622,557
Mitsui
Osk
Lines
Ltd.
....................................................
20,700
495,836
NIPPON
EXPRESS
HOLDINGS,
Inc.
........................................
14,000
786,360
Nippon
Yusen
KK
......................................................
19,600
433,352
Obayashi
Corp.
........................................................
85,900
740,640
Sojitz
Corp.
...........................................................
31,800
700,226
Sumitomo
Corp.
........................................................
31,500
663,928
Taisei
Corp.
...........................................................
19,000
661,207
Tobu
Railway
Co.
Ltd.
...................................................
30,800
823,582
TOPPAN,
Inc.
.........................................................
27,100
582,271
Toyota
Tsusho
Corp.
.....................................................
13,200
653,138
15,004,748
Information
Technology
(3.1%):
Canon,
Inc.(a)
.........................................................
30,500
801,185
Fujitsu
Ltd.
...........................................................
5,300
683,071
Hirose
Electric
Co.
Ltd.
..................................................
4,700
621,379
Itochu
Techno-Solutions
Corp.
.............................................
25,400
640,105
Kyocera
Corp.
.........................................................
13,600
734,389
NEC
Corp.
...........................................................
13,000
627,564
Ricoh
Co.
Ltd.
.........................................................
63,500
538,042
Rohm
Co.
Ltd.
.........................................................
6,000
562,240
SCSK
Corp.
...........................................................
45,900
718,818
Seiko
Epson
Corp.
......................................................
40,600
630,049
TDK
Corp.
...........................................................
13,500
520,893
TIS,
Inc.
.............................................................
21,800
542,583
7,620,318
Materials
(1.6%):
JFE
Holdings,
Inc.
......................................................
36,000
511,505
Mitsubishi
Chemical
Group
Corp.
...........................................
122,000
729,903
Mitsui
Chemicals,
Inc.
...................................................
24,100
706,396
Nippon
Steel
Corp.
......................................................
26,500
551,747
Sumitomo
Chemical
Co.
Ltd.
..............................................
234,500
709,449
Toray
Industries,
Inc.
....................................................
119,772
664,441
3,873,441
Real
Estate
(1.2%):
Daiwa
House
Industry
Co.
Ltd.
.............................................
33,400
877,827
Hulic
Co.
Ltd.
.........................................................
110,500
942,788
Mitsui
Fudosan
Co.
Ltd.
..................................................
32,500
644,346
Sumitomo
Realty
&
Development
Co.
Ltd.
....................................
23,200
571,317
3,036,278
Utilities
(1.3%):
Chubu
Electric
Power
Co.,
Inc.
.............................................
62,600
762,325
Osaka
Gas
Co.
Ltd.
.....................................................
50,500
772,656
The
Kansai
Electric
Power
Co.,
Inc.
..........................................
50,900
636,956
Tokyo
Electric
Power
Co.
Holdings,
Inc.(b)
....................................
136,900
500,138
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
35
Schedule
of
Portfolio
Investments
—
continued
June
30,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Tokyo
Gas
Co.
Ltd.
.....................................................
27,800
$
605,596
3,277,671
64,001,766
Luxembourg
(0.5%):
Materials
(0.5%):
ArcelorMittal
SA
.......................................................
41,029
1,116,030
Netherlands
(2.3%):
Financials
(1.6%):
ABN
AMRO
Bank
NV(c)
.................................................
68,332
1,060,942
Aegon
NV
............................................................
257,443
1,300,544
NN
Group
NV
.........................................................
41,180
1,523,621
3,885,107
Health
Care
(0.4%):
Koninklijke
Philips
NV(b)
................................................
42,737
923,650
Materials
(0.3%):
OCI
NV
.............................................................
38,343
919,134
5,727,891
Norway
(1.2%):
Energy
(0.5%):
Equinor
ASA
..........................................................
45,327
1,318,510
Industrials
(0.7%):
Kongsberg
Gruppen
ASA
.................................................
35,227
1,602,899
2,921,409
Singapore
(2.1%):
Consumer
Discretionary
(0.5%):
Genting
Singapore
Ltd.
...................................................
1,798,000
1,249,996
Industrials
(1.0%):
Jardine
Cycle
&
Carriage
Ltd.
..............................................
50,700
1,304,904
Keppel
Corp.
Ltd.
......................................................
236,700
1,174,659
2,479,563
Utilities
(0.6%):
Sembcorp
Industries
Ltd.
.................................................
318,200
1,353,192
5,082,751
South
Korea
(8.6%):
Communication
Services
(1.1%):
KT
Corp.
.............................................................
57,648
1,303,818
SK
Telecom
Co.
Ltd.
....................................................
40,833
1,444,154
2,747,972
Consumer
Discretionary
(1.5%):
Hanwha
Galleria
Co.,
Ltd.(b)
..............................................
425,262
489,619
Hyundai
Mobis
Co.
Ltd.
..................................................
5,806
1,024,510
Hyundai
Motor
Co.
.....................................................
7,250
1,136,252
Kia
Corp.
............................................................
14,230
955,795
3,606,176
Consumer
Staples
(0.6%):
KT&G
Corp.
..........................................................
22,915
1,440,014
Financials
(2.5%):
Hana
Financial
Group,
Inc.
................................................
26,219
780,043
Industrial
Bank
of
Korea
..................................................
160,483
1,259,407
KB
Financial
Group,
Inc.
.................................................
25,270
915,788
Samsung
Life
Insurance
Co.
Ltd.
............................................
25,539
1,304,474
Shinhan
Financial
Group
Co.
Ltd.
...........................................
37,523
968,262
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
36
Schedule
of
Portfolio
Investments
—
continued
June
30,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Woori
Financial
Group,
Inc.
...............................................
104,517
$
935,227
6,163,201
Industrials
(1.5%):
HMM
Co.
Ltd.
.........................................................
54,492
779,580
Hyundai
Glovis
Co.
Ltd.
..................................................
7,774
1,166,454
LG
Corp.
.............................................................
15,108
1,009,034
SK,
Inc.
..............................................................
7,753
874,978
3,830,046
Information
Technology
(0.6%):
LG
Innotek
Co.
Ltd.
.....................................................
2,971
697,878
SK
Hynix,
Inc.
.........................................................
9,283
811,629
1,509,507
Materials
(0.8%):
Hanwha
Solutions
Corp.(b)
................................................
17,483
561,271
Lotte
Chemical
Corp.
....................................................
5,561
652,498
POSCO
Holdings,
Inc.
...................................................
2,601
765,929
1,979,698
21,276,614
Spain
(4.4%):
Communication
Services
(0.6%):
Telefonica
SA
.........................................................
367,772
1,491,136
Consumer
Discretionary
(0.7%):
Industria
de
Diseno
Textil
SA
..............................................
44,532
1,722,954
Energy
(0.5%):
Repsol
SA
............................................................
88,613
1,288,814
Financials
(0.9%):
Banco
de
Sabadell
SA
...................................................
837,683
963,348
CaixaBank
SA
.........................................................
296,104
1,223,495
2,186,843
Health
Care
(0.3%):
Grifols
SA(b)
..........................................................
63,483
813,183
Industrials
(0.8%):
ACS
Actividades
de
Construccion
y
Servicios
SA
................................
57,229
2,008,769
Real
Estate
(0.6%):
Merlin
Properties
Socimi
SA
...............................................
156,543
1,339,099
10,850,798
Sweden
(2.8%):
Financials
(1.3%):
Industrivarden
AB,
Class
C
................................................
56,102
1,546,493
Investor
AB,
Class
B
....................................................
76,258
1,525,301
3,071,794
Health
Care
(0.4%):
Swedish
Orphan
Biovitrum
AB(b)
...........................................
54,269
1,059,055
Industrials
(0.4%):
Saab
AB,
Class
B
.......................................................
20,015
1,082,665
Materials
(0.4%):
SSAB
AB,
Class
B
......................................................
144,081
998,270
Real
Estate
(0.3%):
Fastighets
AB
Balder,
Class
B(b)
............................................
175,146
639,405
6,851,189
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
37
Schedule
of
Portfolio
Investments
—
continued
June
30,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Switzerland
(1.2%):
Consumer
Discretionary
(0.5%):
The
Swatch
Group
AG
...................................................
4,059
$
1,184,404
Materials
(0.7%):
Holcim
AG
...........................................................
26,436
1,778,551
2,962,955
United
Kingdom
(10.5%):
Communication
Services
(0.5%):
Vodafone
Group
PLC
....................................................
1,369,433
1,286,262
Consumer
Discretionary
(0.9%):
Burberry
Group
PLC
....................................................
45,803
1,232,999
Frasers
Group
PLC(b)
...................................................
123,744
1,103,047
2,336,046
Consumer
Staples
(2.6%):
British
American
Tobacco
PLC
.............................................
52,259
1,730,619
Haleon
PLC
...........................................................
372,947
1,526,065
Imperial
Brands
PLC
....................................................
83,957
1,853,380
J
Sainsbury
PLC
.......................................................
388,055
1,325,496
6,435,560
Energy
(0.6%):
Shell
PLC
............................................................
46,263
1,376,088
Financials
(2.0%):
3i
Group
PLC
.........................................................
51,434
1,272,576
HSBC
Holdings
PLC
....................................................
175,707
1,387,084
NatWest
Group
PLC
.....................................................
347,177
1,061,550
Standard
Chartered
PLC
..................................................
127,476
1,105,559
4,826,769
Health
Care
(1.9%):
AstraZeneca
PLC
.......................................................
11,836
1,694,700
GSK
PLC
............................................................
95,274
1,680,146
Hikma
Pharmaceuticals
PLC
...............................................
54,984
1,319,915
4,694,761
Industrials
(1.0%):
BAE
Systems
PLC
......................................................
128,885
1,517,103
Wise
PLC,
Class
A(b)
....................................................
100,728
840,583
2,357,686
Materials
(0.5%):
Rio
Tinto
PLC
.........................................................
20,184
1,277,759
Utilities
(0.5%):
Centrica
PLC
..........................................................
787,876
1,240,044
25,830,975
Total
Common
Stocks
(Cost
$223,243,290)
243,043,787
Collateral
for
Securities
Loaned
(2.5%)^
United
States
(2.5%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.02%(d)
........
1,527,843
1,527,843
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.02%(d)
............
1,527,843
1,527,843
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.08%(d)
...............
1,527,843
1,527,843
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
38
Schedule
of
Portfolio
Investments
—
continued
June
30,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.04%(d)
.
1,527,843
$
1,527,843
Total
Collateral
for
Securities
Loaned
(Cost
$6,111,372)
6,111,372
Total
Investments
(Cost
$229,354,662)
—
101.1%
249,155,159
Liabilities
in
excess
of
other
assets
—
(1.1)%
(2,591,114)
NET
ASSETS
-
100.00%
$
246,564,045
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
June
30,
2023,
the
fair
value
of
these
securities
was
$1,984,235
and
amounted
to
0.8%
of
net
assets.
(d)
Rate
disclosed
is
the
daily
yield
on
June
30,
2023.
PLC—Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
MSCI
EAFE
Index
Futures
......
19
9/15/23
$
2,039,291
$
2,047,725
$
8,434
Total
unrealized
appreciation
$
8,434
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
8,434
Schedule
of
Portfolio
Investments
June
30,
2023
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
39
See
notes
to
financial
statements.
Security
Description
Shares
Value
Common
Stocks
(98.6%)
Brazil
(6.6%):
Consumer
Staples
(1.0%):
JBS
SA
..............................................................
257,400
$
938,698
M
Dias
Branco
SA
......................................................
93,900
834,915
1,773,613
Energy
(0.5%):
Petroleo
Brasileiro
SA
,
Preference
Shares
.....................................
138,300
853,019
Financials
(1.4%):
Banco
do
Brasil
SA
.....................................................
103,900
1,072,051
BB
Seguridade
Participacoes
SA
............................................
198,300
1,274,452
2,346,503
Health
Care
(0.8%):
Hypera
SA
............................................................
135,700
1,304,083
Industrials
(0.5%):
Cielo
SA
.............................................................
884,600
848,072
Materials
(1.2%):
Bradespar
SA
,
Preference
Shares
............................................
242,000
1,122,631
Gerdau
SA
,
Preference
Shares
..............................................
190,120
995,532
2,118,163
Utilities
(1.2%):
Cia
Energetica
de
Minas
Gerais
,
Preference
Shares
...............................
419,200
1,125,992
Cia
Paranaense
de
Energia
,
Preference
Shares
..................................
546,800
946,795
2,072,787
11,316,240
Chile
(2.9%):
Consumer
Staples
(0.8%):
Cencosud
SA
..........................................................
721,472
1,399,602
Industrials
(0.3%):
Cia
Sud
Americana
de
Vapores
SA
...........................................
8,075,434
548,941
Materials
(1.1%):
Empresas
CMPC
SA
....................................................
613,345
1,174,606
Sociedad
Quimica
y
Minera
de
Chile
SA
,
Class
B
................................
10,268
748,606
1,923,212
Utilities
(0.7%):
Enel
Chile
SA
.........................................................
16,743,467
1,089,044
4,960,799
China
(24.2%):
Communication
Services
(0.5%):
China
Tower
Corp.
Ltd.
,
Class
H
(a)
..........................................
7,515,499
834,448
Consumer
Discretionary
(1.9%):
China
Tourism
Group
Duty
Free
Corp.,
Ltd.
(a)
(b)
................................
39,900
539,760
Great
Wall
Motor
Co.
Ltd.
,
Class
H
..........................................
534,492
611,865
Guangzhou
Automobile
Group
Co.
Ltd.
,
Class
H
................................
1,567,758
934,368
Koolearn
Technology
Holding
Ltd.
(a)
(b)
......................................
106,574
346,828
Yadea
Group
Holdings
Ltd.
(a)
..............................................
348,225
791,936
3,224,757
Consumer
Staples
(0.5%):
Tsingtao
Brewery
Co.
Ltd.
,
Class
H
..........................................
96,000
872,315
Energy
(3.4%):
China
Coal
Energy
Co.
Ltd.
,
Class
H
.........................................
1,068,298
793,483
China
Petroleum
&
Chemical
Corp.
,
Class
H
...................................
1,777,449
1,041,195
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
40
Schedule
of
Portfolio
Investments
—
continued
June
30,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
China
Shenhua
Energy
Co.
Ltd.
,
Class
H
......................................
361,375
$
1,104,551
Inner
Mongolia
Yitai
Coal
Co.
Ltd.
,
Class
B
....................................
780,900
1,067,490
PetroChina
Co.
Ltd.
,
Class
H
..............................................
1,609,469
1,113,279
Yankuang
Energy
Group
Co.
Ltd.
,
Class
H
.....................................
263,288
754,345
5,874,343
Financials
(10.7%):
Agricultural
Bank
of
China
Ltd.
,
Class
H
......................................
4,281,654
1,683,001
Bank
of
China
Ltd.
,
Class
H
...............................................
4,432,464
1,776,221
Bank
of
Communications
Co.
Ltd.
,
Class
H
....................................
2,089,789
1,384,178
China
CITIC
Bank
Corp.
Ltd.
,
Class
H
.......................................
2,755,600
1,294,155
China
Life
Insurance
Co.
Ltd.
,
Class
H
.......................................
487,467
812,476
China
Merchants
Bank
Co.
Ltd.
,
Class
H
......................................
147,500
670,138
China
Minsheng
Banking
Corp.
Ltd.
,
Class
H
...................................
3,175,298
1,175,181
China
Pacific
Insurance
Group
Co.
Ltd.
,
Class
H
................................
275,400
711,723
CITIC
Securities
Co.
Ltd.
,
Class
H
..........................................
484,001
877,116
GF
Securities
Co.
Ltd.
,
Class
H
.............................................
610,593
843,143
Haitong
Securities
Co.
Ltd.
,
Class
H
.........................................
1,461,669
895,391
Huatai
Securities
Co.
Ltd.
,
Class
H
(a)
........................................
788,039
973,521
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
H
.............................
2,545,957
1,358,156
New
China
Life
Insurance
Co.
Ltd.
,
Class
H
....................................
292,546
770,968
PICC
Property
&
Casualty
Co.
Ltd.
,
Class
H
...................................
837,620
931,081
Postal
Savings
Bank
of
China
Co.
Ltd.
,
Class
H
(a)
...............................
1,398,395
860,199
The
People's
Insurance
Co.
Group
of
China
Ltd.
,
Class
H
..........................
3,149,777
1,141,617
18,158,265
Health
Care
(1.8%):
3SBio,
Inc.
(a)
.........................................................
836,500
840,162
China
Resources
Pharmaceutical
Group
Ltd.
(a)
.................................
781,084
679,836
Sinopharm
Group
Co.
Ltd.
,
Class
H
..........................................
315,296
985,840
WuXi
AppTec
Co
Ltd.
,
Class
H
(a)
...........................................
72,921
581,641
3,087,479
Industrials
(1.3%):
China
Railway
Group
Ltd.
,
Class
H
..........................................
1,145,885
756,056
COSCO
SHIPPING
Holdings
Co.
Ltd.
,
Class
H
.................................
740,366
667,073
Weichai
Power
Co.
Ltd.
..................................................
556,642
815,530
2,238,659
Materials
(3.1%):
Aluminum
Corp.
of
China
Ltd.
,
Class
H
.......................................
1,576,000
677,810
Anhui
Conch
Cement
Co.
Ltd.
,
Class
H
.......................................
298,794
793,154
China
Hongqiao
Group
Ltd.
...............................................
928,849
753,919
China
National
Building
Material
Co.
Ltd.
,
Class
H
..............................
1,135,628
698,563
CMOC
Group
Ltd.
,
Class
H
...............................................
1,311,198
686,079
Jiangxi
Copper
Co.
Ltd.
,
Class
H
............................................
615,000
944,983
Zijin
Mining
Group
Co.
Ltd.
,
Class
H
........................................
496,128
728,138
5,282,646
Real
Estate
(0.6%):
China
Vanke
Co.
Ltd.
,
Class
H
.............................................
463,142
621,802
Seazen
Group
Ltd.
(b)
....................................................
2,249,513
439,240
1,061,042
Utilities
(0.4%):
Huaneng
Power
International,
Inc.
,
Class
H
(b)
..................................
991,656
620,125
41,254,079
Cyprus
(0.0%):(c)
Financials
(0.0%):(c)
TCS
Group
Holding
PLC
,
GDR
(b)
(d)
........................................
15,868
6,079
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
41
Schedule
of
Portfolio
Investments
—
continued
June
30,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Egypt
(0.4%):
Financials
(0.4%):
Commercial
International
Bank
.............................................
390,002
$
644,736
Greece
(0.0%):(c)
Consumer
Discretionary
(0.0%):(c)
FF
Group
(b)
(d)
........................................................
14,913
3,905
Hong
Kong
(3.2%):
Industrials
(0.9%):
Orient
Overseas
International
Ltd.
...........................................
46,906
629,149
Sinotruk
Hong
Kong
Ltd.
.................................................
450,000
874,076
1,503,225
Information
Technology
(0.5%):
Lenovo
Group
Ltd.
......................................................
855,691
892,198
Real
Estate
(1.2%):
C&D
International
Investment
Group
Ltd.
.....................................
258,000
584,770
China
Overseas
Land
&
Investment
Ltd.
,
Class
H
................................
342,350
746,243
Yuexiu
Property
Co.
Ltd.
.................................................
565,949
657,988
1,989,001
Utilities
(0.6%):
Beijing
Enterprises
Holdings
Ltd.
...........................................
281,191
1,017,364
5,401,788
Hungary
(0.7%):
Health
Care
(0.7%):
Richter
Gedeon
Nyrt
....................................................
46,691
1,152,908
India
(7.5%):
Consumer
Discretionary
(2.3%):
Indian
Hotels
Co.
Ltd.
...................................................
239,875
1,147,745
Mahindra
&
Mahindra
Ltd.
................................................
94,179
1,668,860
TVS
Motor
Co.
Ltd.
.....................................................
72,267
1,167,858
3,984,463
Consumer
Staples
(1.0%):
ITC
Ltd.
.............................................................
315,800
1,738,549
Financials
(1.4%):
Power
Finance
Corp.
Ltd.
.................................................
423,623
1,114,944
REC
Ltd.
.............................................................
646,506
1,297,643
2,412,587
Health
Care
(1.2%):
Sun
Pharmaceutical
Industries
Ltd.
..........................................
160,226
2,054,019
Industrials
(1.6%):
Bharat
Electronics
Ltd.
...................................................
856,300
1,312,668
Cummins
India
Ltd.
.....................................................
56,659
1,342,101
2,654,769
12,844,387
Indonesia
(7.7%):
Communication
Services
(0.8%):
PT
Telkom
Indonesia
Persero
Tbk
...........................................
4,978,549
1,328,499
Consumer
Discretionary
(0.8%):
PT
Astra
International
Tbk
................................................
2,969,905
1,342,302
Consumer
Staples
(1.0%):
PT
Indofood
Sukses
Makmur
Tbk
...........................................
3,649,977
1,789,682
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
42
Schedule
of
Portfolio
Investments
—
continued
June
30,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Energy
(2.4%):
Medco
Energi
Internasional
Tbk
PT
..........................................
10,177,500
$
604,268
PT
Adaro
Energy
Indonesia
Tbk
............................................
5,998,181
892,324
PT
Bukit
Asam
Tbk
.....................................................
4,451,700
795,901
PT
Indo
Tambangraya
Megah
Tbk
...........................................
559,000
899,658
PT
United
Tractors
Tbk
..................................................
599,068
930,174
4,122,325
Financials
(1.5%):
PT
Bank
Mandiri
Persero
Tbk
..............................................
3,455,888
1,198,840
PT
Bank
Negara
Indonesia
Persero
Tbk
.......................................
2,298,506
1,403,024
2,601,864
Health
Care
(0.6%):
PT
Kalbe
Farma
Tbk
....................................................
7,227,033
988,353
Utilities
(0.6%):
PT
Perusahaan
Gas
Negara
Tbk
.............................................
11,564,750
1,006,805
13,179,830
Malaysia
(3.7%):
Consumer
Discretionary
(0.9%):
Genting
Bhd
..........................................................
1,810,600
1,575,785
Financials
(2.8%):
Malayan
Banking
Bhd
...................................................
1,409,600
2,607,684
RHB
Bank
Bhd
........................................................
1,842,100
2,144,181
4,751,865
6,327,650
Mexico
(4.7%):
Consumer
Staples
(2.7%):
Arca
Continental
SAB
de
CV
..............................................
153,129
1,574,239
Coca-Cola
Femsa
SAB
de
CV
..............................................
194,842
1,628,958
Grupo
Bimbo
SAB
de
CV
,
Class
A
..........................................
248,683
1,331,763
4,534,960
Financials
(1.2%):
Banco
del
Bajio
SA
(a)
...................................................
326,677
992,973
Grupo
Financiero
Inbursa
SAB
de
CV
(b)
......................................
442,670
1,051,710
2,044,683
Real
Estate
(0.8%):
Fibra
Uno
Administracion
SA
de
CV
.........................................
913,390
1,334,273
7,913,916
Poland
(0.9%):
Materials
(0.4%):
KGHM
Polska
Miedz
SA
.................................................
27,397
757,732
Utilities
(0.5%):
PGE
Polska
Grupa
Energetyczna
SA
(b)
.......................................
440,450
786,827
1,544,559
Russian
Federation
(0.0%):(c)
Consumer
Staples
(0.0%):(c)
Magnit
PJSC
,
GDR
(b)
(d)
(e)
...............................................
32,414
74
Energy
(0.0%):(c)
Gazprom
PJSC
(b)
(d)
(e)
..................................................
324,752
8,709
Financials
(0.0%):
Sberbank
of
Russia
PJSC
(b)
(d)
(e)
...........................................
177,888
—
Materials
(0.0%):(c)
PhosAgro
PJSC
,
GDR
(b)
(d)
(e)
.............................................
35,202
273
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
43
Schedule
of
Portfolio
Investments
—
continued
June
30,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Severstal
PAO
(b)
(d)
(e)
...................................................
37,552
$
—
United
Co.
RUSAL
International
PJSC
(d)
(e)
...................................
555,630
3,900
4,173
Utilities
(0.0%):(c)
Inter
RAO
UES
PJSC
(b)
(d)
(e)
.............................................
23,475,472
7,538
20,494
South
Africa
(3.3%):
Consumer
Discretionary
(0.4%):
Naspers
Ltd.
,
Class
N
....................................................
3,878
700,624
Consumer
Staples
(0.9%):
Shoprite
Holdings
Ltd.
...................................................
124,611
1,494,243
Financials
(1.7%):
Nedbank
Group
Ltd.
.....................................................
106,601
1,295,165
OUTsurance
Group
Ltd.
..................................................
847,187
1,530,581
2,825,746
Materials
(0.3%):
AngloGold
Ashanti
Ltd.
..................................................
27,150
574,035
5,594,648
Taiwan
(20.9%):
Communication
Services
(1.2%):
Far
EasTone
Telecommunications
Co.
Ltd.
.....................................
828,000
2,090,077
Consumer
Discretionary
(0.4%):
Yulon
Motor
Co.,
Ltd.
...................................................
255,000
676,440
Financials
(0.9%):
Taiwan
Business
Bank
...................................................
3,549,000
1,624,165
Industrials
(4.0%):
Eva
Airways
Corp.
......................................................
869,000
1,110,739
Evergreen
Marine
Corp.
Ltd.
...............................................
168,400
505,665
Far
Eastern
New
Century
Corp.
.............................................
1,659,000
1,782,181
Tatung
Co.,
Ltd.
(b)
......................................................
978,000
1,705,485
Walsin
Lihwa
Corp.
.....................................................
494,000
650,459
Yang
Ming
Marine
Transport
Corp.
..........................................
511,000
1,033,882
6,788,411
Information
Technology
(14.4%):
Acer,
Inc.
............................................................
1,431,000
1,440,743
ASE
Technology
Holding
Co.
Ltd.
...........................................
307,000
1,089,457
Asustek
Computer,
Inc.
...................................................
126,000
1,272,625
AU
Optronics
Corp.
.....................................................
1,818,800
1,086,444
Catcher
Technology
Co.
Ltd.
...............................................
312,000
1,758,494
Chicony
Electronics
Co.
Ltd.
..............................................
597,000
1,878,926
Compal
Electronics,
Inc.
..................................................
2,042,000
1,918,187
Hon
Hai
Precision
Industry
Co.
Ltd.
.........................................
547,000
1,985,066
Innolux
Corp.
.........................................................
2,069,995
1,013,791
Inventec
Corp.
.........................................................
909,000
1,261,121
Lite-On
Technology
Corp.
................................................
476,000
1,582,183
Macronix
International
Co.
Ltd.
............................................
1,043,000
1,095,321
Novatek
Microelectronics
Corp.
............................................
67,000
917,705
Pegatron
Corp.
.........................................................
837,000
2,010,649
Powertech
Technology,
Inc.
................................................
511,000
1,723,136
Wistron
Corp.
.........................................................
471,000
1,373,460
Zhen
Ding
Technology
Holding
Ltd.
.........................................
313,000
1,055,463
24,462,771
35,641,864
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
44
Schedule
of
Portfolio
Investments
—
continued
June
30,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
Thailand
(6.2%):
Communication
Services
(0.4%):
True
Corp.
PCL
(b)
......................................................
3,634,716
$
671,594
Consumer
Staples
(1.1%):
Charoen
Pokphand
Foods
PCL
.............................................
3,357,300
1,865,740
Financials
(2.0%):
Bangkok
Bank
PCL
.....................................................
387,000
1,741,271
Krung
Thai
Bank
PCL
...................................................
3,085,600
1,688,637
3,429,908
Health
Care
(1.6%):
Bangkok
Dusit
Medical
Services
PCL
........................................
1,856,400
1,453,213
Bumrungrad
Hospital
PCL
................................................
203,600
1,298,019
2,751,232
Information
Technology
(0.3%):
Delta
Electronics
Thailand
PCL
.............................................
168,000
436,005
Real
Estate
(0.8%):
Central
Pattana
PCL
.....................................................
753,900
1,392,996
10,547,475
Turkey
(5.7%):
Communication
Services
(0.2%):
Turkcell
Iletisim
Hizmetleri
A/S
............................................
285,316
398,864
Consumer
Discretionary
(1.0%):
Arcelik
A/S
...........................................................
101,357
507,445
Ford
Otomotiv
Sanayi
A/S
................................................
22,203
650,711
Tofas
Turk
Otomobil
Fabrikasi
A/S
..........................................
49,041
476,883
1,635,039
Consumer
Staples
(0.6%):
BIM
Birlesik
Magazalar
A/S
...............................................
91,342
599,772
Coca-Cola
Icecek
A/S
....................................................
50,977
516,127
1,115,899
Energy
(0.3%):
Turkiye
Petrol
Rafinerileri
A/S
.............................................
156,755
478,725
Financials
(1.1%):
Akbank
TAS
..........................................................
560,009
435,650
Haci
Omer
Sabanci
Holding
A/S
............................................
303,272
537,490
Turkiye
Is
Bankasi
A/S
...................................................
779,396
422,022
Yapi
ve
Kredi
Bankasi
A/S
................................................
847,814
423,806
1,818,968
Industrials
(1.8%):
Aselsan
Elektronik
Sanayi
Ve
Ticaret
A/S
......................................
198,454
416,149
Enka
Insaat
ve
Sanayi
A/S
................................................
384,702
434,094
KOC
Holding
AS
.......................................................
141,675
565,801
Pegasus
Hava
Tasimaciligi
AS
(b)
...........................................
23,695
563,033
Turk
Hava
Yollari
AO
(b)
..................................................
76,561
571,122
Turkiye
Sise
ve
Cam
Fabrikalari
A/S
.........................................
269,291
461,087
3,011,286
Materials
(0.5%):
Eregli
Demir
ve
Celik
Fabrikalari
TAS
(b)
.....................................
347,399
491,273
Koza
Altin
Isletmeleri
A/S
................................................
346,691
331,120
822,393
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
45
Schedule
of
Portfolio
Investments
—
continued
June
30,
2023
See
notes
to
financial
statements.
Security
Name
Acquisition
Date
Cost
Gazprom
PJSC
.............................................
12/8/2017
$
722,938
Inter
RAO
UES
PJSC
.........................................
5/2/2018
1,576,280
Magnit
PJSC
,
GDR
..........................................
12/21/2021
479,540
PhosAgro
PJSC
,
GDR
........................................
12/21/2021
748,678
Sberbank
of
Russia
PJSC
......................................
10/24/2017
634,243
Severstal
PAO
..............................................
5/27/2021
881,363
United
Co.
RUSAL
International
PJSC
............................
11/30/2021
516,962
Security
Description
Shares
Value
Utilities
(0.2%):
Enerjisa
Enerji
A/S
(a)
....................................................
322,030
$
434,066
9,715,240
United
States
(0.0%):(c)
Materials
(0.0%):(c)
Phosagro
Public
Joint
,
GDR
(b)
(d)
...........................................
227
2
Total
Common
Stocks
(Cost
$161,171,594)
168,070,599
Total
Investments
(Cost
$161,171,594)
—
98.6%
168,070,599
Other
assets
in
excess
of
liabilities
—
1.4%
2,355,404
NET
ASSETS
-
100.00%
$
170,426,003
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
June
30,
2023,
the
fair
value
of
these
securities
was
$7,875,370
and
amounted
to
4.6%
of
net
assets.
(b)
Non-income
producing
security.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Security
was
fair
valued
based
upon
procedures
approved
by
the
Board
of
Trustees
and
represents
less
than
0.05%
of
net
assets
as
of
June
30,
2023.
This
security
is
classified
as
Level
3
within
the
fair
value
hierarchy.
(See
Note
2
in
the
Notes
to
Financial
Statements)
(e)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
at
June
30,
2023.
GDR—Global
Depositary
Receipt
PCL—Public
Company
Limited
PLC—Public
Limited
Company
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
46
Schedule
of
Portfolio
Investments
—
continued
June
30,
2023
See
notes
to
financial
statements.
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
MSCI
Emerging
Markets
Index
Futures
..........................
24
9/15/23
$
1,200,253
$
1,197,480
$
(
2,773
)
Total
unrealized
appreciation
$
–
Total
unrealized
depreciation
(
2,773
)
Total
net
unrealized
appreciation
(depreciation)
$
(
2,773
)
Statements
of
Assets
and
Liabilities
June
30,
2023
47
See
notes
to
financial
statements.
Victory
Portfolios
II
VictoryShares
US
Value
Momentum
ETF
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
Assets:
Investments,
at
value
(Cost
$183,425,715
and
$209,728,342)
$
192,608,259‌
(a)
$
230,432,396‌
(b)
Cash
572,851‌
634,988‌
Deposit
with
broker
for
futures
contracts
314,047‌
300,858‌
Receivables:
Interest
and
dividends
266,919‌
319,356‌
Investments
sold
9,573,278‌
—‌
Variation
margin
on
open
futures
contracts
8,346‌
2,411‌
Prepaid
expenses
1,413‌
1,291‌
Total
Assets
203,345,113‌
231,691,300‌
Liabilities:
Payables:
Collateral
received
on
loaned
securities
1,089,492‌
948,428‌
Capital
shares
redeemed
9,628,414‌
—‌
Accrued
expenses
and
other
payables:
Investment
advisory
fees
28,561‌
27,678‌
Administration
fees
—‌
19,827‌
Custodian
fees
3,205‌
3,060‌
Compliance
fees
169‌
172‌
Trustees'
fees
156‌
153‌
Other
accrued
expenses
26,842‌
32,299‌
Total
Liabilities
10,776,839‌
1,031,617‌
Commitments
and
contingencies
(Note
5
)
Net
Assets:
Capital
263,984,286‌
270,149,074‌
Total
accumulated
earnings/(loss)
(
71,416,012‌
)
(
39,489,391‌
)
Net
Assets
$
192,568,274‌
$
230,659,683‌
Shares
outstanding
(unlimited
shares
authorized,
no
par
value):
3,000,000‌
3,450,000‌
Net
asset
value:
$
64
.19‌
$
66
.86‌
(a)
Includes
$1,072,434
of
securities
on
loan.
(b)
Includes
$955,819
of
securities
on
loan.
Statements
of
Assets
and
Liabilities
June
30,
2023
48
See
notes
to
financial
statements.
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
VictoryShares
Emerging
Markets
Value
Momentum
ETF
Assets:
Investments,
at
value
(Cost
$229,354,662
and
$161,171,594)
$
249,155,159‌
(a)
$
168,070,599‌
Foreign
currency,
at
value
(Cost
$155,676
and
$453,685)
155,274‌
453,648‌
Cash
1,708,258‌
410,941‌
Deposit
with
broker
for
futures
contracts
238,690‌
350,271‌
Receivables:
Interest
and
dividends
626,959‌
2,033,581‌
Investments
sold
—‌
5,526‌
Variation
margin
on
open
futures
contracts
22,871‌
6,925‌
Reclaims
929,165‌
14,096‌
Prepaid
expenses
1,590‌
1,036‌
Total
Assets
252,837,966‌
171,346,623‌
Liabilities:
Payables:
Collateral
received
on
loaned
securities
6,111,372‌
—‌
Accrued
foreign
capital
gains
taxes
—‌
750,390‌
Accrued
expenses
and
other
payables:
Investment
advisory
fees
77,052‌
44,205‌
Administration
fees
1,461‌
1,412‌
Custodian
fees
41,901‌
63,484‌
Compliance
fees
188‌
131‌
Trustees'
fees
161‌
148‌
Other
accrued
expenses
41,786‌
60,850‌
Total
Liabilities
6,273,921‌
920,620‌
Commitments
and
contingencies
(Note
5
)
Net
Assets:
Capital
312,756,167‌
204,259,765‌
Total
accumulated
earnings/(loss)
(
66,192,122‌
)
(
33,833,762‌
)
Net
Assets
$
246,564,045‌
$
170,426,003‌
Shares
outstanding
(unlimited
shares
authorized,
no
par
value):
5,650,000‌
4,050,000‌
Net
asset
value:
$
43
.64‌
$
42
.08‌
(a)
Includes
$5,830,187
of
securities
on
loan.
Statements
of
Operations
For
the
Year
Ended
June
30,
2023
49
See
notes
to
financial
statements.
Victory
Portfolios
II
VictoryShares
US
Value
Momentum
ETF
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
Investment
Income:
Dividends
$
5,439,676‌
$
4,688,020‌
Interest
22,492‌
23,449‌
Securities
lending
(net
of
fees)
1,101‌
26,123‌
Foreign
tax
withholding
(
601‌
)
(
2,996‌
)
Total
Income
5,462,668‌
4,734,596‌
Expenses:
Investment
advisory
fees
373,553‌
356,398‌
Administration
fees
136,720‌
130,811‌
Sub-Administration
fees
19,304‌
21,637‌
Custodian
fees
14,820‌
14,282‌
Servicing
fees
2,166‌
2,166‌
Trustees'
fees
17,780‌
16,940‌
Compliance
fees
2,283‌
2,177‌
Legal
and
audit
fees
28,436‌
25,017‌
Other
expenses
59,406‌
71,925‌
Total
Expenses
654,468‌
641,353‌
Expenses
waived/reimbursed
by
Adviser
(
156,765‌
)
(
59,989‌
)
Net
Expenses
497,703‌
581,364‌
Net
Investment
Income
(Loss)
4,964,965‌
4,153,232‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
investment
securities
(
5,788,161‌
)
(
10,951,406‌
)
Net
realized
gains
(losses)
from
futures
contracts
168,006‌
12,195‌
Net
realized
gains
(losses)
from
in-kind
redemptions
11,817,993‌
7,647,128‌
Net
change
in
unrealized
appreciation/depreciation
on
investment
securities
11,086,422‌
27,571,272‌
Net
change
in
unrealized
appreciation/depreciation
on
futures
contracts
78,471‌
74,418‌
Net
realized/unrealized
gains
(losses)
on
investments
17,362,731‌
24,353,607‌
Change
in
net
assets
resulting
from
operations
$
22,327,696‌
$
28,506,839‌
Statements
of
Operations
For
the
Year
Ended
June
30,
2023
50
See
notes
to
financial
statements.
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
VictoryShares
Emerging
Markets
Value
Momentum
ETF
Investment
Income:
Dividends
$
11,857,361‌
$
11,237,041‌
Non-cash
dividends
596,125‌
—‌
Interest
21,693‌
7,350‌
Securities
lending
(net
of
fees)
77,367‌
42,515‌
Foreign
tax
withholding
(
1,259,453‌
)
(
1,404,391‌
)
Total
Income
11,293,093‌
9,882,515‌
Expenses:
Investment
advisory
fees
670,512‌
536,789‌
Administration
fees
147,677‌
98,521‌
Sub-Administration
fees
19,304‌
21,303‌
Custodian
fees
124,969‌
270,548‌
Servicing
fees
2,889‌
2,889‌
Trustees'
fees
18,767‌
13,304‌
Compliance
fees
2,450‌
1,648‌
Legal
and
audit
fees
47,452‌
77,030‌
Line
of
credit
fees
—‌
16,405‌
Other
expenses
53,425‌
46,799‌
Total
Expenses
1,087,445‌
1,085,236‌
Expenses
waived/reimbursed
by
Adviser
(
149,097‌
)
(
275,288‌
)
Net
Expenses
938,348‌
809,948‌
Net
Investment
Income
(Loss)
10,354,745‌
9,072,567‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
investment
securities
and
foreign
currency
transactions
(
24,489,930‌
)
(
20,365,736‌
)
Foreign
taxes
on
realized
gains
—‌
(
301,487‌
)
Net
realized
gains
(losses)
from
futures
contracts
107,884‌
29,036‌
Net
realized
gains
(losses)
from
in-kind
redemptions
6,260,344‌
2,765,406‌
Net
change
in
unrealized
appreciation/depreciation
on
investment
securities
and
foreign
currency
translations
39,040,423‌
21,854,456‌
Net
change
in
unrealized
appreciation/depreciation
on
futures
contracts
20,627‌
13,230‌
Net
change
in
accrued
foreign
taxes
on
unrealized
gains
—‌
(
688,612‌
)
Net
realized/unrealized
gains
(losses)
on
investments
20,939,348‌
3,306,293‌
Change
in
net
assets
resulting
from
operations
$
31,294,093‌
$
12,378,860‌
51
Victory
Portfolios
II
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
VictoryShares
US
Value
Momentum
ETF
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
From
Investment
Activities:
Operations:
Net
Investment
Income
(Loss)
$
4,964,965‌
$
5,579,531‌
$
4,153,232‌
$
3,329,478‌
Net
realized
gains
(losses)
6,197,838‌
64,245,529‌
(
3,292,083‌
)
21,387,250‌
Net
change
in
unrealized
appreciation/depreciation
11,164,893‌
(
84,518,410‌
)
27,645,690‌
(
69,348,412‌
)
Change
in
net
assets
resulting
from
operations
22,327,696‌
(
14,693,350‌
)
28,506,839‌
(
44,631,684‌
)
Change
in
net
assets
resulting
from
distributions
to
shareholders
(
5,037,898‌
)
(
5,861,933‌
)
(
3,949,369‌
)
(
3,010,992‌
)
Change
in
net
assets
resulting
from
capital
transactions
(
92,182,672‌
)
(
155,196,933‌
)
(
51,254,237‌
)
5,367,845‌
Change
in
net
assets
(
74,892,874‌
)
(
175,752,216‌
)
(
26,696,767‌
)
(
42,274,831‌
)
Net
Assets:
Beginning
of
period
267,461,148‌
443,213,364‌
257,356,450‌
299,631,281‌
End
of
period
$
192,568,274‌
$
267,461,148‌
$
230,659,683‌
$
257,356,450‌
Capital
Transactions:
Proceeds
from
shares
issued
$
—‌
$
88,866,918‌
$
3,167,675‌
$
95,338,557‌
Cost
of
shares
redeemed
(
92,182,672‌
)
(
244,063,851‌
)
(
54,421,912‌
)
(
89,970,712‌
)
Change
in
net
assets
resulting
from
capital
transactions
$
(
92,182,672‌
)
$
(
155,196,933‌
)
$
(
51,254,237‌
)
$
5,367,845‌
Share
Transactions:
Issued
—‌
1,300,000‌
50,000‌
1,350,000‌
Redeemed
(
1,450,000‌
)
(
3,600,000‌
)
(
850,000‌
)
(
1,250,000‌
)
Change
in
Shares
(
1,450,000‌
)
(
2,300,000‌
)
(
800,000‌
)
100,000‌
52
Victory
Portfolios
II
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
VictoryShares
International
Value
Momentum
ETF
VictoryShares
Emerging
Markets
Value
Momentum
ETF
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
From
Investment
Activities:
Operations:
Net
Investment
Income
(Loss)
$
10,354,745‌
$
10,073,851‌
$
9,072,567‌
$
9,609,284‌
Net
realized
gains
(losses)
(
18,121,702‌
)
(
689,429‌
)
(
17,872,781‌
)
1,927,212‌
Net
change
in
unrealized
appreciation/depreciation
39,061,050‌
(
64,701,944‌
)
21,179,074‌
(
59,090,887‌
)
Change
in
net
assets
resulting
from
operations
31,294,093‌
(
55,317,522‌
)
12,378,860‌
(
47,554,391‌
)
Change
in
net
assets
resulting
from
distributions
to
shareholders
(
9,023,923‌
)
(
12,229,755‌
)
(
8,231,290‌
)
(
10,246,565‌
)
Change
in
net
assets
resulting
from
capital
transactions
(
58,663,287‌
)
(
6,876,009‌
)
(
43,657,374‌
)
2,145,943‌
Change
in
net
assets
(
36,393,117‌
)
(
74,423,286‌
)
(
39,509,804‌
)
(
55,655,013‌
)
Net
Assets:
Beginning
of
period
282,957,162‌
357,380,448‌
209,935,807‌
265,590,820‌
End
of
period
$
246,564,045‌
$
282,957,162‌
$
170,426,003‌
$
209,935,807‌
Capital
Transactions:
Proceeds
from
shares
issued
$
—‌
$
—‌
$
—‌
$
9,384,929‌
Cost
of
shares
redeemed
(
58,663,287‌
)
(
6,876,009‌
)
(
43,657,374‌
)
(
7,238,986‌
)
Change
in
net
assets
resulting
from
capital
transactions
$
(
58,663,287‌
)
$
(
6,876,009‌
)
$
(
43,657,374‌
)
$
2,145,943‌
Share
Transactions:
Issued
—‌
—‌
—‌
200,000‌
Redeemed
(
1,400,000‌
)
(
150,000‌
)
(
1,100,000‌
)
(
150,000‌
)
Change
in
Shares
(
1,400,000‌
)
(
150,000‌
)
(
1,100,000‌
)
50,000‌
Victory
Portfolios
II
Financial
Highlights
For
a
Share
Outstanding
Throughout
Each
Period
53
See
notes
to
financial
statements.
VictoryShares
US
Value
Momentum
ETF
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
October
24,
2017(b)
through
August
31,
2018
Net
Asset
Value,
Beginning
of
Period
$60.10
$65.66
$45.30
$50.37
$53.85
$50.19
Investment
Activities:
Net
investment
income
(loss)(c)
1.25
1.07
0.81
0.72
1.00
0.78
Net
realized
and
unrealized
gains
(losses)
4.10
(5.52)
20.32
(4.85)
(3.59)
3.34
Total
from
Investment
Activities
5.35
(4.45)
21.13
(4.13)
(2.59)
4.12
Distributions
to
Shareholders
from:
Net
investment
income
(1.27)
(1.11)
(0.77)
(0.94)
(0.89)
(0.46)
Total
Distributions
(1.27)
(1.11)
(0.77)
(0.94)
(0.89)
(0.46)
Net
Asset
Value,
End
of
Period
$64.19
$60.10
$65.66
$45.30
$50.37
$53.85
Total
Return(d)(e)
8.99%
(6.94)%
47.02%
(8.31)%
(4.79)%
8.23%
Ratios
to
Average
Net
Assets:
Net
Expenses(f)(g)
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
Net
Investment
Income
(Loss)(f)
2.00%
1.59%
1.47%
1.80%
2.00%
1.76%
Gross
Expenses(f)(g)
0.26%
0.27%
0.27%
0.28%
0.25%
0.25%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$192,568
$267,461
$443,213
$464,347
$468,445
$398,504
Portfolio
Turnover(d)(h)
101%
53%
76%
66%
87%
84%
(a)
The
Fund's
fiscal
year-end
changed
from
August
31
to
June
30,
effective
September
1,
2019.
(b)
Commencement
of
operations.
(c)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(d)
Not
annualized
for
periods
less
than
one
year.
(e)
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.
(f)
Annualized
for
periods
less
than
one
year.
(g)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(h)
Excludes
impact
of
in-kind
transactions.
Victory
Portfolios
II
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
54
See
notes
to
financial
statements.
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
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
October
24,
2017(b)
through
August
31,
2018
Net
Asset
Value,
Beginning
of
Period
$60.55
$72.20
$45.57
$49.54
$57.21
$50.13
Investment
Activities:
Net
investment
income
(loss)(c)
1.12
0.88
0.52
0.60
1.00
0.57
Net
realized
and
unrealized
gains
(losses)
6.29
(11.79)
26.84
(3.74)
(7.86)
6.81
Total
from
Investment
Activities
7.41
(10.91)
27.36
(3.14)
(6.86)
7.38
Distributions
to
Shareholders
from:
Net
investment
income
(1.10)
(0.74)
(0.73)
(0.83)
(0.81)
(0.30)
Total
Distributions
(1.10)
(0.74)
(0.73)
(0.83)
(0.81)
(0.30)
Net
Asset
Value,
End
of
Period
$66.86
$60.55
$72.20
$45.57
$49.54
$57.21
Total
Return(d)(e)
12.33%
(15.24)%
60.47%
(6.44)%
(11.99)%
14.80%
Ratios
to
Average
Net
Assets:
Net
Expenses(f)(g)
0.24%(h)
0.24%(h)
0.24%(h)
0.25%
0.25%
0.25%
Net
Investment
Income
(Loss)(f)
1.75%
1.26%
0.87%
1.53%
1.98%
1.25%
Gross
Expenses(f)(g)
0.27%
0.27%
0.28%
0.31%
0.30%
0.30%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$230,660
$257,356
$299,631
$239,247
$101,564
$71,517
Portfolio
Turnover(d)(i)
126%
70%
78%
70%
88%
81%
(a)
The
Fund's
fiscal
year-end
changed
from
August
31
to
June
30,
effective
September
1,
2019.
(b)
Commencement
of
operations.
(c)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(d)
Not
annualized
for
periods
less
than
one
year.
(e)
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.
(f)
Annualized
for
periods
less
than
one
year.
(g)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(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.
55
Victory
Portfolios
II
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
VictoryShares
International
Value
Momentum
ETF
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
October
24,
2017(b)
through
August
31,
2018
Net
Asset
Value,
Beginning
of
Period
$40.14
$49.64
$38.42
$43.16
$48.10
$50.08
Investment
Activities:
Net
investment
income
(loss)(c)
1.59
1.41
1.28
0.83
1.30
1.34
Net
realized
and
unrealized
gains
(losses)
3.33
(9.20)
11.17
(4.35)
(4.99)
(2.64)
Total
from
Investment
Activities
4.92
(7.79)
12.45
(3.52)
(3.69)
(1.30)
Distributions
to
Shareholders
from:
Net
investment
income
(1.42)
(1.71)
(1.23)
(1.22)
(1.25)
(0.68)
Total
Distributions
(1.42)
(1.71)
(1.23)
(1.22)
(1.25)
(0.68)
Net
Asset
Value,
End
of
Period
$43.64
$40.14
$49.64
$38.42
$43.16
$48.10
Total
Return(d)(e)
12.50%
(16.12)%
32.66%
(8.39)%
(7.70)%
(2.64)%
Ratios
to
Average
Net
Assets:
Net
Expenses(f)(g)
0.35%
0.35%
0.35%
0.35%
0.35%
0.35%
Net
Investment
Income
(Loss)(f)
3.86%
2.96%
2.86%
2.41%
2.90%
3.12%
Gross
Expenses(f)(g)
0.41%
0.41%
0.42%
0.41%
0.40%
0.40%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$246,564
$282,957
$357,380
$315,004
$323,693
$307,836
Portfolio
Turnover(d)(h)
105%
68%
90%
62%
87%
65%
(a)
The
Fund's
fiscal
year-end
changed
from
August
31
to
June
30,
effective
September
1,
2019.
(b)
Commencement
of
operations.
(c)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(d)
Not
annualized
for
periods
less
than
one
year.
(e)
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.
(f)
Annualized
for
periods
less
than
one
year.
(g)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(h)
Excludes
impact
of
in-kind
transactions.
Victory
Portfolios
II
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
56
See
notes
to
financial
statements.
VictoryShares
Emerging
Markets
Value
Momentum
ETF
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
October
24,
2017(b)
through
August
31,
2018
Net
Asset
Value,
Beginning
of
Period
$40.76
$52.08
$37.91
$41.23
$45.58
$49.95
Investment
Activities:
Net
investment
income
(loss)(c)
2.04
1.91
1.36
0.73
1.31
1.17
Net
realized
and
unrealized
gains
(losses)
1.04
(11.18)
14.10
(2.85)
(4.73)
(5.10)
Total
from
Investment
Activities
3.08
(9.27)
15.46
(2.12)
(3.42)
(3.93)
Distributions
to
Shareholders
from:
Net
investment
income
(1.76)
(2.05)
(1.29)
(1.20)
(0.93)
(0.44)
Total
Distributions
(1.76)
(2.05)
(1.29)
(1.20)
(0.93)
(0.44)
Net
Asset
Value,
End
of
Period
$42.08
$40.76
$52.08
$37.91
$41.23
$45.58
Total
Return(d)(e)
7.80%
(18.34)%
41.48%
(5.47)%
(7.62)%
(7.95)%
Ratios
to
Average
Net
Assets:
Net
Expenses(f)(g)
0.45%
0.45%
0.45%
0.45%
0.45%
0.45%
Net
Investment
Income
(Loss)(f)
5.07%
4.05%
2.98%
2.18%
3.00%
2.77%
Gross
Expenses(f)(g)
0.61%
0.55%
0.56%
0.57%
0.50%
0.50%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$170,426
$209,936
$265,591
$164,892
$169,051
$154,974
Portfolio
Turnover(d)(h)
109%
70%
95%
51%
67%
58%
(a)
The
Fund's
fiscal
year-end
changed
from
August
31
to
June
30,
effective
September
1,
2019.
(b)
Commencement
of
operations.
(c)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(d)
Not
annualized
for
periods
less
than
one
year.
(e)
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.
(f)
Annualized
for
periods
less
than
one
year.
(g)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(h)
Excludes
impact
of
in-kind
transactions.
Notes
to
Financial
Statements
June
30,
2023
Victory
Portfolios
II
57
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
26
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 four
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
Funds
(Legal
Name)
Funds
(Short
Name)
VictoryShares
US
Value
Momentum
ETF
US
Value
Momentum
ETF
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
US
Small
Mid
Cap
Value
Momentum
ETF
VictoryShares
International
Value
Momentum
ETF
International
Value
Momentum
ETF
VictoryShares
Emerging
Markets
Value
Momentum
ETF
Emerging
Markets
Value
Momentum
ETF
Fee
for
In-Kind
and
Cash
Purchases
and
Redemptions
Maximum
Additional
Variable
Charge
for
Cash
Purchases
and
Redemptions*
US
Value
Momentum
ETF
...............................................
$
500
2.00%
US
Small
Mid
Cap
Value
Momentum
ETF
....................................
750
2.00%
International
Value
Momentum
ETF
........................................
3,000
2.00%
Emerging
Markets
Value
Momentum
ETF
....................................
5,500
2.00%
*  
As
a
percentage
of
the
amount
invested
Notes
to
Financial
Statements
—
continued
June
30,
2023
Victory
Portfolios
II
58
Level
2
—
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
or
credit
spreads,
applicable
to
those
securities,
etc.)
Level
3
—
significant
unobservable
inputs
(including
the
Adviser’s
assumptions
in
determining
the
fair
value of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
in
or
out
of
an
assigned
level
within
the
disclosure
hierarchy.
The
inputs
or
methodologies
used
for
valuation
techniques
are
not
necessarily
an
indication
of
the
risk
associated
with
entering
into
those
investments.
The
Adviser,
appointed
as the
valuation
designee
by the
Trust’s
Board
of
Trustees
(the
“Board”),
has
established
the
Pricing
and
Liquidity
Committee
(the
“Committee”),
and
subject
to Board
oversight,
the
Committee
administers
and
oversees
the
Funds’
valuation
policies
and
procedures,
which
were
approved
by
the
Board.
Portfolio
securities
listed
or
traded
on
securities
exchanges,
including
Exchange-Traded
Funds
(“ETFs”),
American
Depositary
Receipts,
and
Rights,
are
valued
at
the
closing
price
on
the
exchange
or
system
where
the
security
is
principally
traded,
if
available,
or
at
the
Nasdaq
Official
Closing
Price.
If
there
have
been
no
sales
for
that
day
on
the
exchange
or
system,
then
a
security
is
valued
at
the
last
available
bid
quotation
on
the
exchange
or
system
where
the
security
is
principally
traded.
In
each
of
these
situations,
valuations
are
typically
categorized
as
Level
1
in
the
fair
value
hierarchy.
Investments
in
open-end
investment
companies,
other
than
ETFs, are
valued
at their
NAV.
These
valuations
are
typically
categorized
as
Level
1 in
the
fair
value
hierarchy.
Futures
contracts
are
valued
at
the
settlement
price
established
each
day
by
the
board
of
trade
or
an
exchange
on
which
they
are
traded.
These
valuations
are
typically
categorized
as
Level
1
in
the
fair
value
hierarchy.
In
the
event
that
price
quotations
or
valuations
are
not
readily
available,
investments
are
valued
at
fair
value
in
accordance
with
procedures
established
by
and
under
the
general
supervision
and
responsibility
of
the
Board.
These
valuations
are
typically
categorized
as
Level
2
or
Level
3
in
the
fair
value
hierarchy,
based
on
the
observability
of
inputs
used
to
determine
the
fair
value.
The
effect
of
fair
value
pricing
is
that
securities
may
not
be
priced
on
the
basis
of
quotations
from
the
primary
market
in
which
they
are
traded
and
the
actual
price
realized
from
the
sale
of
a
security
may
differ
materially
from
the
fair
value
price.
Valuing
these
securities
at
fair
value
is
intended
to
cause
the
Fund’s
NAV to
be
more
reliable
than
it
otherwise
would
be.
A
summary
of
the
valuations
as
of
June
30,
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:
Level
1
Level
2
Level
3
Total
US
Value
Momentum
ETF
Common
Stocks
............................
$
191,518,767
$
—
$
—
$
191,518,767
Collateral
for
Securities
Loaned
................
1,089,492
—
—
1,089,492
Total
....................................
$
192,608,259
$
—
$
—
$
192,608,259
Other
Financial
Investments:*
Assets:
Futures
Contracts
...........................
21,338
—
—
21,338
Total
....................................
$
21,338
$
—
$
—
$
21,338
US
Small
Mid
Cap
Value
Momentum
ETF
Common
Stocks
............................
229,479,839
—
—
229,479,839
Rights
...................................
—
—
4,129
4,129
Collateral
for
Securities
Loaned
................
948,428
—
—
948,428
Total
....................................
$
230,428,267
$
—
$
4,129
$
230,432,396
Other
Financial
Investments:*
Assets:
Futures
Contracts
...........................
6,638
—
—
6,638
Total
....................................
$
6,638
$
—
$
—
$
6,638
International
Value
Momentum
ETF
Common
Stocks
............................
243,043,787
—
—
243,043,787
Collateral
for
Securities
Loaned
................
6,111,372
—
—
6,111,372
Total
....................................
$
249,155,159
$
—
$
—
$
249,155,159
Other
Financial
Investments:*
Assets:
Futures
Contracts
...........................
8,434
—
—
8,434
Total
....................................
$
8,434
$
—
$
—
$
8,434
Notes
to
Financial
Statements
—
continued
June
30,
2023
Victory
Portfolios
II
59
As
of June
30,
2023,
there
were
no
significant transfers
into/out
of
Level
3.
Real
Estate
Investment
Trusts
(“REITs”):
The
Funds
may
invest
in
REITs,
which
report
information
on
the
source
of
their
distributions
annually.
REITs
are
pooled
investment
vehicles
that
invest
primarily
in
income-producing
real
estate
or
real-estate
related
loans
or
interests
(such
as
mortgages).
Certain
distributions
received
from
REITs
during
the
year
are
recorded
as
realized
gains
or
return
of
capital
as
estimated
by
the
Funds
or
when
such
information
becomes
known.
Investment
Companies:
Open-End
Funds:
The
Funds
may
invest
in
portfolios
of
open-end
investment
companies.
These
investment
companies
value
securities
in
their
portfolios
for
which
market
quotations
are
readily
available
at
their
market
values
(generally
the
last
reported
sale
price)
and
all
other
securities
and
assets
at
their
fair
value
by
the
methods
established
by
the
board
of
directors
of
the
underlying
funds.
Derivative
Instruments:
Foreign
Exchange
Currency
Contracts:
The Funds
may
enter
into
foreign
exchange
currency
contracts
to
convert
U.S.
dollars
to
and
from
various
foreign
currencies.
A
foreign
exchange
currency
contract
is
an
obligation
by
a
Fund
to
purchase
or
sell
a
specific
currency
at
a
future
date
at
a
price
(in
U.S.
dollars)
set
at
the
time
of
the
contract.
The
Funds
do
not
engage
in
“cross-currency”
foreign
exchange
contracts
(i.e.,
contracts
to
purchase
or
sell
one
foreign
currency
in
exchange
for
another
foreign
currency).
The
Funds’
foreign
exchange
currency
contracts
might
be
considered
spot
contracts
(typically
a
contract
of
one
week
or
less)
or
forward
contracts
(typically
a
contract
term
over
one
week).
A
spot
contract
is
entered
into
for
purposes
of
hedging
against
foreign
currency
fluctuations
relating
to
a
specific
portfolio
transaction,
such
as
the
delay
between
a
security
transaction
trade
date
and
settlement
date.
Forward
contracts
are
entered
into
for
purposes
of
hedging
portfolio
holdings
or
concentrations
of
such
holdings.
Each
foreign
exchange
currency
contract
is
adjusted
daily
by
the
prevailing
spot
or
forward
rate
of
the
underlying
currency,
and
any
appreciation
or
depreciation
is
recorded
for
financial
statement
purposes
as
unrealized
until
the
contract
settlement
date,
at
which
time
the
Funds
record
realized
gains
or
losses
equal
to
the
difference
between
the
value
of
a
contract
at
the
time
it
was
opened
and
the
value
at
the
time
it
was
closed. The
Funds
could
be
exposed
to
risk
if
a
counterparty
is
unable
to
meet
the
terms
of
a
foreign
exchange
currency
contract
or
if
the
value
of
the
foreign
currency
changes
unfavorably.
In
addition,
the
use
of
foreign
exchange
currency
contracts
does
not
eliminate
fluctuations
in
the
underlying
prices
of
the
securities.
The
Funds
enter
into
foreign
exchange
currency
contracts
solely
for
spot
or
forward
hedging
purposes,
and
not
for
speculative
purposes
(i.e.,
the
Funds
do
not
enter
into
such
contracts
solely
for
the
purpose
of
earning
foreign
currency
gains).
 As
of June
30,
2023,
the
Funds
had
no
open
forward
foreign
exchange
currency
contracts.
Futures
Contracts:
The
Funds
may
enter
into
contracts
for
the
future
delivery
of
securities
or
foreign
currencies
and
futures
contracts
based
on
a
specific
security,
class
of
securities,
foreign
currency
or
an
index,
and
purchase
or
sell
options
on
any
such
futures
contracts.
A
futures
contract
on
a
securities
index
is
an
agreement
obligating
either
party
to
pay,
and
entitling
the
other
party
to
receive,
while
the
contract
is
outstanding,
cash
payments
based
on
the
level
of
a
specified
securities
index.
No
physical
delivery
of
the
underlying
asset
is
made.
The
Funds
may
enter
into
futures
contracts
in
an
effort
to
hedge
against
market
risks.
The
acquisition
of
put
and
call
options
on
futures
contracts
will
give
the
Funds
the
right
(but
not
the
obligation),
for
a
specified
price,
to
sell
or
to
purchase
the
underlying
futures
contract,
upon
exercise
of
the
option,
at
any
time
during
the
option
period.
Futures
transactions
involve
brokerage
costs and
a
good
faith
margin
deposit,
known
as
initial
margin,
of
cash
or
government
securities
with
a
broker
or
custodian
is
required
to
initiate
and
maintain
open
positions
in
futures
contracts.
Subsequent
payments,
known
as
variation
margin,
are
made
or
received
by
the
Funds
based
on
the
change
in
the
market
value
of
the
position
and
are
recorded
as
unrealized
appreciation
or
depreciation
until
the
contract
is
closed
out,
at
which
time
the
gain
or
loss
is
realized.
The
Funds
may
lose
the
expected
benefit
of
futures
transactions
if
interest
rates,
exchange
rates
or
securities
prices
change
in
an
unanticipated
manner.
Such
unanticipated
changes
may
also
result
in
lower
overall
performance
than
if
the
Funds
had
not
entered
into
any
futures
transactions.
In
addition,
the
value
of
the
Funds’
futures
positions
may
not
prove
to
be
perfectly
or
even
highly
correlated
with
the
value
of
its
portfolio
securities
or
foreign
currencies,
limiting
Level
1
Level
2
Level
3
Total
Emerging
Markets
Value
Momentum
ETF
Common
Stocks
............................
$
168,040,119
$
—
$
30,480
$
168,070,599
Total
....................................
$
168,040,119
$
—
$
30,480
$
168,070,599
Other
Financial
Investments:*
Liabilities:
Futures
Contracts
...........................
(2,773)
—
—
(2,773)
Total
....................................
$
(2,773)
$
—
$
—
$
(2,773)
*
Futures
Contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
investment.
Notes
to
Financial
Statements
—
continued
June
30,
2023
Victory
Portfolios
II
60
the
Funds’
ability
to
hedge
effectively
against
interest
rate,
exchange
rate
and/or
market
risk
and
giving
rise
to
additional
risks.
There
is
no
assurance
of
liquidity
in
the
secondary
market
for
purposes
of
closing
out
futures
positions.
The
collateral
held
by
the
Funds
is
reflected
on
the
Statements
of
Assets
and
Liabilities
under
Deposit
with
broker
for
futures
contracts.
Management
has
determined
that
no
offsetting
requirements
exist
as
a
result
of
their
conclusion
that
the
Funds
are
not
subject
to
master
netting
agreements
for
futures
contracts. During
the
year June
30,
2023,
the Funds entered
into
futures
contracts
primarily
for
the
strategy
of
hedging
or
other
purposes,
including
but
not
limited
to,
providing
liquidity
and
equitizing
cash.
Summary
of
Derivative
Instruments:
The
following
table
summarizes
the
fair
values
of
derivative
instruments
on
the
Statements
of
Assets
and
Liabilities,
categorized
by
risk
exposure,
as
of
June
30,
2023:
The
following
table
presents the
effect
of
derivative
instruments
on
the
Statements
of
Operations,
categorized
by
risk
exposure,
for
the year
ended
June
30,
2023:
All
open
derivative
positions
at
period
end
are
reflected
on
each
respective
Fund’s
Schedule
of
Portfolio
Investments.
The
underlying
face
value
of
open
derivative
positions
relative
to
each
Fund’s
net
assets
at
year end
is
generally
representative
of
the
notional
amount
of
open
positions
to
net
assets
throughout
the
year.
Investment
Transactions
and
Related
Income:
Changes
in
holdings
of
investments
are
accounted
for
no
later
than
one
business
day
following
the
trade
date.
For
financial
reporting
purposes,
however,
investment
transactions
are
accounted
for
on
trade
date
or
the
last
business
day
of
the
reporting
period.
Interest
income
is
determined
on
the
basis
of
coupon
interest
accrued
using
the
effective
interest
method
which
adjusts,
where
applicable,
the
amortization
of
premiums
or
accretion
of
discounts. Dividend
income
is
recorded
on
the
ex-dividend
date.
Non-cash
dividends
included
in
income,
if
any,
are
recorded
at
the
fair
value
of
the
securities
received. Gains
or
losses
realized
on
sales
of
securities
are
recorded
on
the
identified
cost
basis.
Withholding
taxes
on
interest,
dividends,
and
gains
as
a
result
of
certain
investments
by
the
Funds
have
been
provided
for
in
accordance
with
each
investment’s
applicable
country’s
tax
rules
and
rates.
Assets
Liabilities
Variation
Margin
Receivable
on
Open
Futures
Contracts*
Variation
Margin
Payable
on
Open
Futures
Contracts*
Equity
Risk
Exposure:
36,410
(2,773)
US
Value
Momentum
ETF
...............................................................
$
21,338
$
–
US
Small
Mid
Cap
Value
Momentum
ETF
....................................................
6,638
–
International
Value
Momentum
ETF
........................................................
8,434
–
Emerging
Markets
Value
Momentum
ETF
....................................................
–
2,773
*
Includes
cumulative
appreciation
(depreciation)
of
futures
contracts
as
reported
on
the
Schedules
of
Portfolio
Investments.
Only
current
day’s
variation
margin
for
futures
contracts
is
reported
within
the
Statements
of
Assets
and
Liabilities.
Net
Realized
Gains
(Losses)
on
Derivatives
Recognized
as
a
Result
from
Operations
Net
Change
in
Unrealized
Appreciation/
Depreciation
on
Derivatives
Recognized
as
a
Result
of
Operations
Net
Realized
Gains
(Losses)
from
Futures
Contracts
Net
Change
in
Unrealized
Appreciation/
Depreciation
on
Futures
Contracts
Equity
Risk
Exposure:
317121.00
186746.00
US
Value
Momentum
ETF
...........................................................
$
168,006
$
78,471
US
Small
Mid
Cap
Value
Momentum
ETF
................................................
12,195
74,418
International
Value
Momentum
ETF
....................................................
107,884
20,627
Emerging
Markets
Value
Momentum
ETF
................................................
29,036
13,230
Notes
to
Financial
Statements
—
continued
June
30,
2023
Victory
Portfolios
II
61
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
June
30,
2023.
Foreign
Currency
Translations:
The
accounting
records
of
the
Funds
are
maintained
in
U.S.
dollars.
Investment
securities
and
other
assets
and
liabilities
of
a
Fund
denominated
in
a
foreign
currency
are
translated
into
U.S.
dollars
at
current
exchange
rates.
Purchases
and
sales
of
securities,
income
receipts
and
expense
payments
are
translated
into
U.S.
dollars
at
the
exchange
rates
on
the
date
of
the
transactions.
The
Funds
do
not
isolate
the
portion
of
the
results
of
operations
resulting
from
changes
in
foreign
exchange
rates
on
investments
from
fluctuations
arising
from
changes
in
market
prices
of
securities
held.
Such
fluctuations,
if
any, are
disclosed
as
Net
change
in
unrealized
appreciation/depreciation
on investment
securities
and
foreign
currency
translations
on
the
Statements
of
Operations.
Any
realized
gains
or
losses
from
these
fluctuations,
if
any, are
disclosed
as
Net
realized
gains
(losses)
from
investment
securities
and
foreign
currency
transactions
on
the
Statements
of
Operations.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
related
to
foreign
income
received
(a
portion
of
which
may
be
reclaimable),
capital
gains
on
the
sale
of
securities,
and
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
the
Funds
invest.
Federal
Income
Taxes:
Each
Fund
intends
to
continue
to
qualify
as
a
regulated
investment
company
by
complying
with
the
provisions
available
to
certain
investment
companies,
as
defined
in
applicable
sections
of
the
Internal
Revenue
Code,
and
to
make
distributions
of
net
investment
income
and
net
realized
gains
sufficient
to
relieve
it
from
all,
or
substantially
all,
federal
income
taxes.
Accordingly,
no
provision
for
federal
income
taxes
is
required
in
the
financial
statements.
The
Funds
have
a
tax
year
end
of
June
30.
For
the
year
ended
June
30,
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 the
Fund
are
charged
to the
Fund,
while
expenses
that
are
attributable
to
more
than
one
fund
in
the
Trust,
or
jointly
with
an
affiliated
trust,
are
allocated
among
the
respective
funds
in
the
Trust
and/or
an
affiliated
trust
based
upon
net
assets
or
another
appropriate
basis.
Value
of
Securities
on
Loan
Non-Cash
Collateral
Cash
Collateral
US
Value
Momentum
ETF
..........................................
$
1,072,434
$
—
$
1,089,492
US
Small
Mid
Cap
Value
Momentum
ETF
...............................
955,819
—
948,428
International
Value
Momentum
ETF
...................................
5,830,187
—
6,111,372
Notes
to
Financial
Statements
—
continued
June
30,
2023
Victory
Portfolios
II
62
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
year
ended
June
30,
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.
4.
Affiliated
Fund
Ownership:
The
Funds
offer
shares
for
investment
by
other
funds.
The
fund-of-funds
do
not
invest
in
the
underlying
funds
for
the
purpose
of
exercising
management
or control;
however,
investments
by
a
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
June
30,
2023,
certain
fund-of-funds
owned
total
outstanding
shares
of
the
Funds
as
follows:
Excluding
U.S.
Government
Securities
and
In-Kind
Transactions
Associated
with
In-Kind
Transactions
Purchases
Sales
Purchases
Sales
US
Value
Momentum
ETF
..................................
$
248,439,116
$
247,502,136
$
—
$
91,664,549
US
Small
Mid
Cap
Value
Momentum
ETF
.......................
301,793,107
300,540,866
3,147,120
54,034,100
International
Value
Momentum
ETF
...........................
275,875,943
280,474,222
—
54,728,254
Emerging
Markets
Value
Momentum
ETF
.......................
194,611,069
214,559,278
—
23,261,158
US
Value
Momentum
ETF
Ownership
%
Victory
Cornerstone
Conservative
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2.4
Victory
Cornerstone
Equity
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
13.0
Victory
Target
Retirement
Income
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
4.3
Victory
Target
Retirement
2030
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
16.4
Victory
Target
Retirement
2040
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
27.8
Victory
Target
Retirement
2050
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
19.2
Victory
Target
Retirement
2060
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2.4
Small
Mid
Cap
Value
Momentum
ETF
Ownership
%
Victory
Cornerstone
Conservative
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.5
Victory
Cornerstone
Equity
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2.9
Victory
Target
Retirement
Income
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2.5
Victory
Target
Retirement
2030
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
9.0
Victory
Target
Retirement
2040
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
13.1
Victory
Target
Retirement
2050
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
9.0
Victory
Target
Retirement
2060
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.2
International
Value
Momentum
ETF
Ownership
%
Victory
Cornerstone
Conservative
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2.0
Victory
Cornerstone
Equity
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
9.6
Victory
Target
Retirement
Income
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
6.7
Victory
Target
Retirement
2030
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
18.5
Victory
Target
Retirement
2040
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
28.0
Victory
Target
Retirement
2050
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
19.1
Victory
Target
Retirement
2060
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2.8
Emerging
Markets
Value
Momentum
ETF
Ownership
%
Victory
Cornerstone
Aggressive
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.4
Victory
Cornerstone
Conservative
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.4
Victory
Cornerstone
Equity
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
6.6
Victory
Cornerstone
Moderate
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.3
Victory
Cornerstone
Moderately
Aggressive
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.7
Victory
Cornerstone
Moderately
Conservative
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.2
Victory
Target
Retirement
Income
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
6.3
Victory
Target
Retirement
2030
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
15.0
Victory
Target
Retirement
2040
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
24.9
Victory
Target
Retirement
2050
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
18.4
Victory
Target
Retirement
2060
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2.7
Notes
to
Financial
Statements
—
continued
June
30,
2023
Victory
Portfolios
II
63
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
year ended
June
30,
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
Fund
Administration,
Servicing
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
year
ended
June
30,
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
allocated
to
the
Funds.
Amounts
incurred
for
the year
ended
June
30,
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 year
ended
June
30,
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 year
ended
June
30,
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
by
certain
classes
of
a
Fund
in
any
fiscal
year
exceed
the
expense
limit
for
such
classes
of the
Fund.
Such
excess
amounts
will
be
the
liability
of
the
Adviser.
Acquired
fund
fees
and
expenses,
interest,
taxes,
brokerage
commissions,
other
expenditures which
are
capitalized
in
accordance
with
GAAP,
and
other
extraordinary
expenses
not
incurred
in
the
ordinary
course
of the
Fund’s
business
are
excluded
from
the
expense
limits.
As
of
June
30,
2023,
the
expense
limits
(excluding
voluntary
waivers) are
as
follows:
Flat
Rate
US
Value
Momentum
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15%
US
Small
Mid
Cap
Value
Momentum
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15%
International
Value
Momentum
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.25%
Emerging
Markets
Value
Momentum
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.30%
Net
Assets
Up
to
$15
billion
$15
billion
—
$30
billion
Over
$30
billion
0.08%,
plus
0.05%,
plus
0.04%
In
Effect
Until
October
31,
2023
US
Value
Momentum
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.20%
US
Small
Mid
Cap
Value
Momentum
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.25%
International
Value
Momentum
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.35%
Emerging
Markets
Value
Momentum
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.45%
Notes
to
Financial
Statements
—
continued
June
30,
2023
Victory
Portfolios
II
64
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
as
a
commitment
and
contingency
liability
due
to
an
assessment
that
such
repayments
are
not
probable
at
June
30,
2023.
As
of June
30,
2023,
the
following amounts
are
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
and
are
reflected
on
the
Statements
of
Operations
as
Expenses
waived/reimbursed
by
Adviser.
For
the year ended
June
30,
2023,
the
Adviser
voluntarily
waived
the
following
amounts:
The
Funds
have
adopted
a
Deferred
Compensation
Agreement
(the
“Agreement”)
for
their
Trustees
and
any
Advisory
Trustees
who
receive
compensation
from
the
Funds.
Under
the
terms
of
the
Agreement,
a
Trustee
or
Advisory
Trustee
may
elect
to
defer
all
or
a
portion
of
their
compensation.
Amounts
deferred
may
be
allocated
to
investment
options
that
are
specified
in
the
Agreement
as
selected
by
the
Trustee
or
Advisory
Trustee,
including
certain
Victory
Funds,
in
which
their
deferred
accounts
are
deemed
invested.
Deferred
compensation
liability
under
the
Agreement
constitutes
a
general
unsecured
obligation
for
an
applicable
Victory
Fund.
For
the
year ended June
30,
2023,
no
material
amounts
have
been
deferred,
and,
therefore,
have
not
been
included
in
the
Funds’
Statements
of
Assets
and
Liabilities.
Certain
officers
and/or
interested
trustees
of
the
Funds
are
also
officers
and/or
employees
of
the
Adviser,
administrator,
fund
accountant,
sub-
administrator,
sub-fund
accountant,
custodian,
legal
counsel,
and
distributor.
6.
Risks:
The
Funds
may
be
subject
to
other
risks
in
addition
to
these
identified
risks.
Equity
Risk
—
The
value
of
the
equity
securities
in
which
the
Funds
invest
may
decline
in
response
to
developments
affecting
individual
companies
and/or
general
economic
conditions
in
the
United
States
or
abroad.
A
company’s
earnings
or
dividends
may
not
increase
as
expected
(or
may
decline)
because
of
poor
management,
competitive
pressures,
reliance
on
particular
suppliers
or
geographical
regions,
labor
problems
or
shortages,
corporate
restructurings,
fraudulent
disclosures,
man-made
or
natural
disasters,
military
confrontations
or
wars,
terrorism,
public
health
crises,
or
other
events,
conditions
and
factors.
Price
changes
may
be
temporary
or
last
for
extended
periods.
Foreign
Securities
Risk
—
The Emerging
Markets
Value
Momentum
ETF
invests in
securities
of
foreign
issuers
in
various
countries.
Foreign
securities
may
be
subject
to
risk
of
loss
because
of
more
of
less
foreign
government
regulations,
less
public
information,
and
less
economic,
political,
and
social
stability
in
the
countries
in
which
the
Funds
invest.
The
imposition
of
exchange
controls,
sanctions,
confiscations,
trade
restrictions
(including
tariffs),
and
other
government
restrictions
by
the
United
States
or
other
governments;
or
problems
in
shares
registration,
settlement,
or
custody
also
may
result
in
losses.
Foreign
risk
also
involves
the
risk
of
negative
foreign
currency
rate
fluctuations,
which
may
cause
the
value
of
securities
denominated
in
such
foreign
currency
(or
other
instruments
through
which
the
Funds
have
exposure
to
foreign
currencies)
to
decline
in
value.
Currency
exchange
rates
may
fluctuate
significantly
over
short
periods
of
time.
Passive
Investment
Risk
—
Each
Fund
is
designed
to
track
its
index
and
is
not
actively
managed.
A
Fund
will
not
buy
or
sell
shares
of
an
equity
security
due
to
current
or
projected
performance
of
a
security,
industry
or
sector,
unless
that
security
is
added
to
or
removed,
respectively,
from
its
index.
A
Fund
does
not,
therefore,
seek
returns
in
excess
of
its
index,
and
does
not
attempt
to
take
defensive
positions
or
hedge
against
potential
risks
unless
such
defensive
positions
are
also
taken
by
its
index.
Different
types
of
investment
styles,
for
example
passively
managed
or
actively
managed,
or
growth
or
value,
tend
to
perform
differently
and
shift
into
and
out
of
favor
with
investors
depending
on
changes
in
market
and
economic
sentiment
and
conditions.
As
a
result,
a
Fund’s
performance
may
at
times
be
worse
than
the
performance
of
other
mutual
funds
that
invest
more
broadly
or
that
have
different
investment
styles.
Smaller-Capitalization
Stock
Risk
—
Small-
and
mid-sized
capitalization
companies
are
subject
to
a
number
of
risks
not
associated
with
larger,
more
established
companies,
potentially
making
their
stock
prices
more
volatile
and
increasing
the
risk
of
loss.
Smaller
companies
may
have
limited
markets,
product
lines,
or
financial
resources
and
lack
management
experience
and
may
experience
higher
failure
rates
than
larger
companies.
Expires
2024
Expires
2025
Expires
2026
Total
US
Value
Momentum
ETF
..............................................
$
169,706
$
130,524
$
74,980
$
375,210
International
Value
Momentum
ETF
.......................................
144,936
104,166
61,004
310,106
Emerging
Markets
Value
Momentum
ETF
...................................
195,585
147,952
216,521
560,058
US
Value
Momentum
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
$
81,785
US
Small
Mid
Cap
Value
Momentum
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
59,989
International
Value
Momentum
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
88,093
Emerging
Markets
Value
Momentum
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
58,767
Notes
to
Financial
Statements
—
continued
June
30,
2023
Victory
Portfolios
II
65
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 year
ended
June
30,
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 Secured
Overnight
Financing
Rate
(SOFR)
plus
1.10
percent.
Effective
June
27,
2023,
the
agreement
was
renewed
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
year
ended
June
30,
2023,
were
as
follows:
*
Based
on
the
number
of
days
borrowings
were
outstanding
for
the
year
ended
June
30,
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. 
The
amounts
of
dividends
from
net
investment
income
and
distributions
from
net
realized
gains
(collectively,
distributions
to
shareholders)
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
To
the
extent
these
“book/tax”
differences
are
permanent
in
nature
(e.g.,
net
operating
loss
and
distribution
reclassification),
such
amounts
are
reclassified
within
the
components
of
net
assets
based
on
their
federal
tax-basis
treatment;
temporary
differences
(e.g.,
wash
sales)
do
not
require
reclassification.
To
the
extent
dividends
and
distributions
exceed
net
investment
income
and
net
realized
gains
for
tax
purposes,
they
are
reported
as
distributions
of
capital.
Net
investment
losses
incurred
by
the
Funds
may
be
reclassified
as
an
offset
to
capital
on
the
accompanying
Statement
of
Assets
and
Liabilities.
As
of
June
30,
2023,
on
the
Statements
of
Assets
and
Liabilities,
as
a
result
of
permanent
book-to-tax
differences,
reclassification
adjustments
were
as
follows:
The
tax
character
of
distributions
paid
during
the
tax
years
ended,
as
noted
below,
were
as
follows
(total
distributions
paid
may
differ
from
the
Statements
of
Changes
in
Net
Assets
because,
for
tax
purposes,
dividends
are
recognized
when
actually
paid).
Amount
Outstanding
June
30,
2023
Average
Borrowing*
Average
Interest
Rate*
Maximum
Borrowing
During
the
Period
Emerging
Markets
Value
Momentum
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
$
—
$
6,150,692
4.88%
$20,700,000
Declared
Paid
US
Value
Momentum
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Monthly
Monthly
US
Small
Mid
Cap
Value
Momentum
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Monthly
Monthly
International
Value
Momentum
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Monthly
Monthly
Emerging
Markets
Value
Momentum
ETF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Monthly
Monthly
Total
Accumulated
Earnings/
(Loss)
Capital
US
Value
Momentum
ETF
..................................................
$
(11,744,192)
$
11,744,192
US
Small
Mid
Cap
Value
Momentum
ETF
.......................................
(7,625,839)
7,625,839
International
Value
Momentum
ETF
...........................................
(5,785,337)
5,785,337
Emerging
Markets
Value
Momentum
ETF
.......................................
(2,441,398)
2,441,398
Notes
to
Financial
Statements
—
continued
June
30,
2023
Victory
Portfolios
II
66
As
of
June
30,
2023,
the
components
of
accumulated
earnings/(loss)
on
a
tax
basis
were
as
follows:
*
The
difference
between
the
book-basis
and
tax-basis
unrealized
appreciation
(depreciation)
is
attributable
primarily
to
tax
deferral
of
losses
on
wash
sales,
passive
foreign
investment
company
adjustments,
and
REIT
adjustments.
As
of 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.
As
of June
30,
2023,
the
cost
basis
for
federal
income
tax
purposes,
gross
unrealized
appreciation,
gross
unrealized
depreciation,
and
net
unrealized
appreciation
(depreciation)
for
investments were
as
follows: 
9.
New
Regulatory
Pronouncement:
In
October
2022,
the
SEC
adopted
a
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
Year
Ended
June
30,
2023
Distributions
Paid
From:
Ordinary
Income
Total
Distributions
Paid
US
Value
Momentum
ETF
....................................................................
$
5,037,898
$
5,037,898
US
Small
Mid
Cap
Value
Momentum
ETF
.........................................................
3,949,369
3,949,369
International
Value
Momentum
ETF
.............................................................
9,023,923
9,023,923
Emerging
Markets
Value
Momentum
ETF
.........................................................
8,231,290
8,231,290
Year
Ended
June
30,
2022
Distributions
Paid
From:
Ordinary
Income
Total
Distributions
Paid
US
Value
Momentum
ETF
....................................................................
$
5,861,933
$
5,861,933
US
Small
Mid
Cap
Value
Momentum
ETF
.........................................................
3,010,992
3,010,992
International
Value
Momentum
ETF
.............................................................
12,229,755
12,229,755
Emerging
Markets
Value
Momentum
ETF
.........................................................
10,246,565
10,246,565
Undistributed
Ordinary
Income
Accumulated
Earnings
Accumulated
Capital
And
Other
Losses
Unrealized
Appreciation
(Depreciation)*
Total
Accumulated
Earnings
(Loss)
US
Value
Momentum
ETF
.................
$
419,207
$
419,207
$
(80,929,015)
$
9,093,796
$
(71,416,012)
US
Small
Mid
Cap
Value
Momentum
ETF
......
412,717
412,717
(60,466,849)
20,564,741
(39,489,391)
International
Value
Momentum
ETF
..........
2,951,982
2,951,982
(85,299,978)
16,155,874
(66,192,122)
Emerging
Markets
Value
Momentum
ETF
......
2,700,473
2,700,473
(41,051,586)
4,517,351
(33,833,762)
Short-Term
Amount
Long-Term
Amount
Total
US
Value
Momentum
ETF
...............................................
$
62,184,494
$
18,744,521
$
80,929,015
US
Small
Mid
Cap
Value
Momentum
ETF
....................................
56,572,873
3,893,976
60,466,849
International
Value
Momentum
ETF
........................................
63,614,249
21,685,729
85,299,978
Emerging
Markets
Value
Momentum
ETF
....................................
28,251,110
12,800,476
41,051,586
Cost
of
Investments
for
Federal
Tax
Purposes
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
US
Value
Momentum
ETF
..........................
$
183,514,463
$
18,887,035
$
(9,793,239)
$
9,093,796
US
Small
Mid
Cap
Value
Momentum
ETF
...............
209,867,655
31,590,802
(11,026,061)
20,564,741
International
Value
Momentum
ETF
...................
232,989,037
27,814,675
(11,648,553)
16,166,122
Emerging
Markets
Value
Momentum
ETF
...............
162,806,569
21,588,439
(16,324,409)
5,264,030
Notes
to
Financial
Statements
—
continued
June
30,
2023
Victory
Portfolios
II
67
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.
68
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Shareholders
and
Board
of
Trustees
of
Victory
Portfolios
II
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
portfolio
investments,
of
VictoryShares
US
Value
Momentum
ETF,
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF,
VictoryShares
International
Value
Momentum
ETF,
and
VictoryShares
Emerging
Markets
Value
Momentum
ETF
(the
“Funds”),
each
a
series
of
Victory
Portfolios
II,
as
of
June
30,
2023,
the
related
statements
of
operations
for
the
year
then
ended,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
the
related
notes,
and
the
financial
highlights
for
each
of
the
years
ended
June
30,
2023,
2022,
and
2021,
for
the
ten
months
ended
June
30,
2020,
and
for
the
year
ended
August
31,
2019
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
June
30,
2023,
the
results
of
their
operations
for
the
year
then
ended,
the
changes
in
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
and
the
financial
highlights
for
each
of
the
years
ended
June
30,
2023,
2022,
and
2021,
for
the
ten
months
ended
June
30,
2020,
and
for
the
year
ended
August
31,
2019,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
The
Funds’
financial
highlights
for
the
period
ended
August
31,
2018,
were
audited
by
other
auditors
whose
report
dated
October
25,
2018,
expressed
an
unqualified
opinion
on
those
financial
highlights.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(“PCAOB”)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
June
30,
2023,
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
We
have
served
as
the
auditor
of
one
or
more
investment
companies
advised
by
Victory
Capital
Management
Inc.
since
2015.
COHEN
&
COMPANY,
LTD.
Cleveland,
Ohio
August
28,
2023
Supplemental
Information
June
30,
2023
Victory
Portfolios
II
69
(Unaudited)
Trustee
and
Officer
Information
Board
of
Trustees:
Overall
responsibility
for
management
of
the
Trust
rests
with
the
Board.
The
Trust
is
managed
by
the
Board
in
accordance
with
the
laws
of
the
State
of
Delaware.
There
are
currently
nine
Trustees,
eight
of
whom
are
not
“interested
persons”
of
the
Trust
within
the
meaning
of
that
term
under
the
1940
Act
(“Independent
Trustees”)
and
one
of
whom
is
an
“interested
person”
of
the
Trust
within
the
meaning
of
that
term
under
the
1940
Act
(“Interested
Trustee”).
The
Trustees,
in
turn,
elect
the
officers
of
the
Trust
to
actively
supervise
its
day-to-day
operations.
The
following
tables
list
the
Trustees,
their
date
of
birth,
position
with
the
Trust,
commencement
of
service,
principal
occupations
during
the
past
five
years,
and
any
directorships
of
other
investment
companies
or
companies
whose
securities
are
registered
under
the
Securities
Exchange
Act
of
1934,
as
amended,
or
who
file
reports
under
that
Act.
Each
Trustee
oversees 26
portfolios
in
the
Trust,
six
portfolios
in
Victory
Variable
Insurance
Funds,
and 37
portfolios
in
Victory
Portfolios, each
a
registered
investment
company
that,
together
with
the
Trust,
comprise
the
Victory
Fund
Complex.
David
C.
Brown
is
a
Trustee
of
Victory
Portfolios
III
and
oversees
45
portfolios
of
the
Victory
Portfolios
III.
Each
Trustee’s
address
is
c/o
Victory
Portfolios,
4900
Tiedeman
Road,
4th
Floor,
Brooklyn,
Ohio
44144.
 Each
Trustee
has
an
indefinite
term.
*
The
Board
has
designated
Ms.
Beard
as
its
Audit
Committee
Financial
Expert.
**
Mr.
Brown
is
an
"Interested
Person"
by
reason
of
his
relationship
with
the
Adviser.
The
Statement
of
Additional
Information
includes
additional
information
about
the
Trustees
of
the
Trust
and
is
available,
without
charge,
by
calling
800-539-3863.
Name
and
Date
of
Birth
Position
Held
with
the
Trust
Date
Commenced
Service
Principal
Occupation
During
Past
5
Years
Other
Directorships
Held
During
Past
5
Years
Independent
Trustees
David
Brooks
Adcock,
(October
1951)
Trustee
May
2015
Consultant
(since
2006).
None.
Nigel
D.
T.
Andrews,
(April
1947)
Trustee
May
2015
Retired.
Director,
Carlyle
Secured
Lending,
Inc.
(formerly
TCG
BDC
I,
Inc.)
(since
2012);
Director,
Carlyle
Credit
Solutions,
Inc.
(formerly
TCG
BDC
II,
Inc.)
(since
2017);
Trustee,
Carlyle
Secured
Lending
III
(since
2021).
E.
Lee
Beard,*
(October
1951)
Trustee
May
2015
Retired.
None.
Dennis
M.
Bushe,
(October
1951)
Trustee
July
2016
Retired.
None.
John
L.
Kelly,
(April
1953)
Chair
and
Trustee
May
2015
Managing
Partner,
Active
Capital
Partners
LLC
(since
October
2017).
Director,
Caledonia
Mining
Corporation
(since
May
2012).
David
L.
Meyer,
(April
1957)
Trustee
May
2015
Retired.
None.
Gloria
S.
Nelund,
(May
1961)
Trustee
July
2016
Chair,
CEO
and
Co-Founder
of
TriLinc
Global,
LLC,
an
investment
firm.
TriLinc
Global
Impact
Fund,
LLC
(since
2012).
Leigh
A.
Wilson,
(December
1944)
Trustee
May
2015
Private
Investor.
Chair
(since
2013),
Caledonia
Mining
Corporation.
Advisory
Trustee
Timothy
Pettee,
(April
1958)
Advisory
Trustee
January
2023
Chief
Investment
Officer,
Hoya
Capital
Real
Estate
LLC
(since
February
2022);
Chief
Investment
Officer,
Sun
America
Asset
Management
Corp.
(January
2003-
July
2021).
None.
Interested
Trustee
David
C.
Brown,**
(May
1972)
Trustee
May
2015
Chief
Executive
Officer
and
Chairman
(since
2013),
the
Adviser;
Chief
Executive
Officer
and
Chairman
(since
2013),
Victory
Capital
Holdings,
Inc.;
Director
(since
2013),
Victory
Capital
Services,
Inc.;
Director
(since
2019),
Victory
Capital
Transfer
Agency,
Inc.
Trustee,
Victory
Portfolios
III;
Board
Member,
Victory
Capital
Services,
Inc.
Supplemental
Information
—
continued
June
30,
2023
Victory
Portfolios
II
70
(Unaudited)
Officers:
The
officers
of
the
Trust,
their
date
of
birth,
their
commencement
of
service,
and
their
principal
occupations
during
the
past
five
years,
are
detailed
in
the
following
table.
Each
officer
serves
until
the
earlier
of
his
or
her
resignation,
removal,
retirement,
death,
or
the
election
of
a
successor.
The
mailing
address
of
each
officer
of
the
Trust
is
4900
Tiedeman
Road,
4th
Floor,
Brooklyn,
Ohio
44144. 
The
officers
of
the
Trust
receive
no
compensation
directly
from
the
Trust
for
performing
the
duties
of
their
offices.
*
Effective
May
1,
2023,
Christopher
Dyer
resigned
as
the
President
of
the
Trust.
Name
and
Date
of
Birth
Position
with
the
Trust
Date
Commenced
Service
Principal
Occupation
During
Past
5
Years
James
K.
De
Vries,
(April
1969)
President
May
2023*
Head
of
Fund
Administration,
the
Adviser
(5/1/23-present);
Vice
President,
Victory
Capital
Transfer
Agency,
Inc.
(4/20/23-present);
Executive
Director,
the
Adviser
(7/1/19-4/30/23);
Executive
Director,
Investment
and
Financial
Administration,
USAA
(2012-
6/30/19);
Treasurer,
USAA
Mutual
Funds
Trust
(2018-4/30/23).
Mr.
De
Vries
also
serves
as
the
Principal
Executive
Officer
for
the
Funds,
Victory
Portfolios,
Victory
Portfolios
III
and
Victory
Variable
Insurance
Funds.
Scott
A.
Stahorsky,
(July
1969)
Vice
President
May
2015
Director,
Third-Party
Dealer
Services
&
Reg
Administration,
Fund
Administration,
the
Adviser
(5/1/23-present);
Vice
President,
Victory
Capital
Transfer
Agency,
Inc.
(4/20/23-present);
Manager,
Fund
Administration,
the
Adviser
(2015-4/30/23).
Mr.
Stahorsky
also
serves
as
Vice
President
of
Victory
Portfolios,
Victory
Portfolios
III
and
Victory
Variable
Insurance
Funds.
Thomas
Dusenberry,
(July
1977)
Secretary
May
2022
Director,
Fund
Administration,
the
Adviser
(5/1/23-present);
Manager,
Fund
Administration,
the
Adviser
(2022-4/30/23);
Treasurer
and
Principal
Financial
Officer
(2020-2022),
Assistant
Treasurer
(2019),
Salient
MF
Trust,
Salient
Midstream,
MLP
Fund,
and
Forward
Funds;
Principal
Financial
Officer
(2018-
2021)
and
Treasurer
(2020-2021),
Salient
Private
Access
Funds
and
Endowment
PMF
Funds;
Senior
Vice
President
of
Fund
Accounting
and
Operations,
Salient
Partners
(2020-2022);
Director
of
Fund
Operations,
Salient
Partners
(2016-2019).
Mr.
Dusenberry
also
serves
as
Secretary
of
Victory
Portfolios,
Victory
Portfolios
III
and
Victory
Variable
Insurance
Funds.
Allan
Shaer,
(March
1965)
Treasurer
December
2017
Senior
Vice
President,
Financial
Administration,
Citi
Fund
Services
Ohio,
Inc.
(since
2016).
Mr.
Shaer
also
serves
as
the
Funds’
Principal
Financial
and
Accounting
Officer.
Mr.
Shaer
also
serves
as
Treasurer
of
Victory
Portfolios,
Victory
Portfolios
III
and
Victory
Variable
Insurance
Funds.
Christopher
A.
Ponte,
(March
1984)
Assistant
Treasurer
May
2015
Director,
Fund
and
BD
Finance,
the
Adviser
(5/1/23-present);
Manager,
Fund
Administration,
the
Adviser
(2017-4/30/23);
Chief
Financial
Officer,
Victory
Capital
Services,
Inc.
(since
2018).
Mr.
Ponte
also
serves
as
Assistant
Treasurer
of
Victory
Portfolios,
Victory
Portfolios
III
and
Victory
Variable
Insurance
Funds.
Carol
D.
Trevino,
(October
1965)
Assistant
Treasurer
February
2023
Director,
Financial
Reporting,
Fund
Administration,
the
Adviser
(5/1/23-present);
Director,
Accounting
and
Finance,
the
Adviser
(7/1/19-4/30/23);
Accounting/Financial
Director,
USAA
(12/13-
6/30/19).
Ms.
Trevino
also
serves
as
Assistant
Treasurer
Victory
Portfolios,
Victory
Portfolios
III
and
Victory
Variable
Insurance
Funds.
Sean
Fox,
(September
1976)
Chief
Compliance
Officer
June
2022
Deputy
Chief
Compliance
Officer
(July
2021-June
2022),
Senior
Compliance
Officer,
the
Adviser
(2019-present);
Compliance
Officer,
the
Adviser
(2015-2019).
Mr.
Fox
also
serves
as
Chief
Compliance
Officer
for
Victory
Portfolios,
Victory
Portfolios
III
and
Victory
Variable
Insurance
Funds.
Michael
Bryan,
(December
1962)
Anti-Money
Laundering
Compliance
Officer
and
Identity
Theft
Officer
May
2023
Vice
President,
CCO
Compliance
Support
Services,
Citi
Fund
Services
Ohio,
Inc.
(2008-present).
Mr.
Bryan
also
serves
as
the
Anti-Money
Laundering
Compliance
Officer
and
identity
Theft
Officer
for
Victory
Portfolios,
Victory
Portfolios
III
and
Victory
Variable
Insurance
Funds.
Jay
G.
Baris,
(January
1954)
Assistant
Secretary
May
2015
Partner,
Sidley
Austin
LLP
(since
2020);
Partner,
Shearman
&
Sterling
LLP
(2018-2020).
Victory
Portfolios
II
71
(Unaudited)
Supplemental
Information
—
continued
June
30,
2023
Proxy
Voting
and
Portfolio
Holdings
Information 
Proxy
Voting:
Information
regarding
the
policies
and
procedures each
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
available
without
charge,
upon
request,
by
calling
800-539-3863.
The
information
is
also
included
in
the
Funds'
Statement
of
Additional
Information,
which
is
available
on
the
SEC’s
website
at sec.gov.
Information
relating
to
how
the
Funds
voted
proxies
relating
to
portfolio
securities
held
during
the
most
recent
12
months
ended
June
30
is
available
on
the
SEC’s
website
at
sec.gov.
Availability
of
Schedules
of
Portfolio
Investments:
The
Trust
files
a
complete
list
of
Schedules
of
Portfolio
Investments
with
the
SEC
for
the
first
and
third
quarter
of
each
fiscal
year
on
Form
N-PORT.
Forms
N-PORT are
available
on
the
SEC’s
website
at
sec.gov.
Expense
Examples
As
a
shareholder
of
the
Funds,
you
may
incur
two
types
of
costs:
(1)
transaction
costs,
and
(2)
ongoing
costs,
including
management
fees
and
other
Fund
expenses.
These
examples
are
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
These
examples
are
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
from
January
1,
2023,
through
June
30,
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
1/1/23
Actual
Ending
Account
Value
6/30/23
Hypothetical
Ending
Account
Value
6/30/23
Actual
Expenses
Paid
During
Period
1/1/23
-
6/30/23*
Hypothetical
Expenses
Paid
During
Period
1/1/23
-
6/30/23*
Annualized
Expense
Ratio
During
Period
1/1/23
-
6/30/23
US
Value
Momentum
ETF
.................
$
1,000.00
$
1,021.60
$
1,023.80
$
1.00
$
1.00
0.20%
US
Small
Mid
Cap
Value
Momentum
ETF
......
1,000.00
1,070.00
1,023.60
1.23
1.20
0.24%
International
Value
Momentum
ETF
..........
1,000.00
1,071.90
1,023.06
1.80
1.76
0.35%
Emerging
Markets
Value
Momentum
ETF
......
1,000.00
1,062.40
1,022.51
2.35
2.31
0.46%
*
Expenses
are
equal
to
the
average
account
value
multiplied
by
the
Fund’s
annualized
expense
ratio
multiplied
by
181/365
(the
number
of
days
in
the
most
recent
fiscal
half-year
divided
by
the
number
of
days
in
the
fiscal
year).
Victory
Portfolios
II
72
(Unaudited)
Supplemental
Information
—
continued
June
30,
2023
Additional
Federal
Income
Tax
Information 
For
the
year
ended
June
30,
2023,
the
following
Funds paid
qualified
dividend
income
for
the
purposes
of
reduced
individual
federal
income
tax
rates
of:
Dividends
qualified
for
corporate
dividends
received
deductions
of:
The
following
Funds
intends
to
elect
to
pass
through
to
shareholders
the
income
tax
credit
for
taxes
paid
to
foreign
countries.
Foreign
source
income
and
foreign
tax
expense
per
shares
outstanding
on
June
30,
2023,
were
as
follow:
Percent
US
Value
Momentum
ETF
............................................................................
98%
US
Small
Mid
Cap
Value
Momentum
ETF
.................................................................
83%
International
Value
Momentum
ETF
.....................................................................
67%
Emerging
Markets
Value
Momentum
ETF
.................................................................
56%
Percent
US
Value
Momentum
ETF
............................................................................
95%
US
Small
Mid
Cap
Value
Momentum
ETF
.................................................................
73%
Foreign
Source
Income
Foreign
Tax
Expense
International
Value
Momentum
ETF
.............................................
$
1.89
$
0.18
Emerging
Markets
Value
Momentum
ETF
.........................................
2.84
0.42
Victory
Portfolios
II
73
(Unaudited)
Supplemental
Information
—
continued
June
30,
2023
Liquidity
Risk
Management
Program:
The
Victory
Funds
have
adopted
and
implemented
a
written
liquidity
risk
management
program
(the
“LRMP”)
as
required
by
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended.
The
LRMP
is
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk,
taking
into
consideration
each
Fund’s
investment
strategy
and
the
liquidity
of
its
portfolio
investments
during
normal
and
reasonably
foreseeable
stressed
market
conditions;
its
short-
and
long-term
cash
flow
projections;
and
its
cash
holdings
and
access
to
other
liquidity
management
tools
such
as
available
funding
sources
including
the
Victory
Funds
Complex
Interfund
Lending
Facility
and
Line
of
Credit
(discussed
in
the
Notes
to
Financial
Statements).
The
Victory
Funds’
Board
of
Trustees
approved
the
appointment
of
the
Funds’
investment
adviser,
Victory
Capital
Management
Inc.
(“Victory
Capital”),
as
the
administrator
of
the
LRMP.
Victory
Capital
manages
liquidity
risks
associated
with
the
Funds’
investments
by
monitoring,
among
other
things,
cash
and
cash
equivalents,
any
use
of
derivatives,
the
concentration
of
investments,
the
appropriateness
of
each
Fund’s
investment
strategy,
and
by
classifying
every
Fund
investment
as
either
highly
liquid,
moderately
liquid,
less
liquid,
or
illiquid
on
at
least
a
monthly
basis.
To
assist
with
the
classification
of
Fund
investments,
Victory
Capital
has
retained
a
third-party
provider
of
liquidity
evaluation
services.
This
provider
determines
preliminary
liquidity
classifications
for
all
portfolio
holdings
based
upon
portfolio-level
data
and
certain
assumptions
provided
by
Victory
Capital.
Victory
Capital
reviews
the
preliminary
liquidity
classifications
and,
when
appropriate,
considers
other
information
including
input
from
the
Funds’
portfolio
managers
(including
the
portfolio
managers
employed
by
any
investment
sub-advisers)
in
determining
final
liquidity
classifications.
At
a
meeting
held
on
February
23,
2023,
Victory
Capital
provided
an
oral
and
written
report
to
the
Trustees
on
the
operation
and
effectiveness
of
the
LRMP
during
the
previous
year.
The
report
from
Victory
Capital
concluded
that
the
Funds
did
not
experience
any
significant
liquidity
challenges
during
the
covered
period,
and
the
Funds’
LRMP
is
reasonably
designed
to
assess
and
manage
its
liquidity
risk.
The
report
also
concluded
that
the
LRMP
continues
to
operate
adequately
and
effectively
to
enable
Victory
Capital
to
oversee
and
manage
liquidity
risk
and
ensure
each
Fund
is
able
to
meet
redemption
requests
without
significant
dilution
to
the
remaining
investors’
interest
in
each
Fund.
During
the
review
period,
each
Fund’s
portfolio
consisted
primarily
of
highly
liquid
investments,
which
are
defined
as
cash
and
any
investments
that
each
Fund
reasonably
expects
to
be
converted
to
cash
in
current
market
conditions
in
three
business
days
or
less
without
significantly
changing
the
market
value
of
the
investment.
Therefore,
the
Funds
have
not
adopted
a
highly
liquid
investment
minimum.
The
Funds’
investments
were
below
the
limitation
on
illiquid
investments
during
the
review
period.
Additionally,
Victory
Capital
indicated
that
no
events
occurred
that
would
require
the
filing
of
Form
N-RN
(prior
to
August
2022,
Form
N-LIQUID)
and
recommended
no
material
changes
to
the
LRMP.
Privacy
Policy
Protecting
the
Privacy
of
Information
The
Trust
respects
your
right
to
privacy.
We
also
know
that
you
expect
us
to
conduct
and
process
your
business
in
an
accurate
and
efficient
manner.
To
do
so,
we
must
collect
and
maintain
certain
personal
information
about
you.
This
is
the
information
we
collect
from
you
on
applications
or
other
forms,
and
from
the
transactions
you
make
with
us
or
third
parties.
It
may
include
your
name,
address,
social
security
number,
account
transactions
and
balances,
and
information
about
investment
goals
and
risk
tolerance.
We
do
not
disclose
any
information
about
you
or
about
former
customers
to
anyone
except
as
permitted
or
required
by
law.
Specifically,
we
may
disclose
the
information
we
collect
to
companies
that
perform
services
on
our
behalf,
such
as
the
transfer
agent
that
processes
shareholder
accounts
and
printers
and
mailers
that
assist
us
in
the
distribution
of
investor
materials.
We
may
also
disclose
this
information
to
companies
that
perform
marketing
services
on
our
behalf.
This
allows
us
to
continue
to
offer
you
Victory
investment
products
and
services
that
meet
your
investing
needs,
and
to
effect
transactions
that
you
request
or
authorize.
These
companies
will
use
this
information
only
in
connection
with
the
services
for
which
we
hired
them.
They
are
not
permitted
to
use
or
share
this
information
for
any
other
purpose.
To
protect
your
personal
information
internally,
we
permit
access
only
by
authorized
employees
and
maintain
physical,
electronic,
and
procedural
safeguards
to
guard
your
personal
information.*
You
may
have
received
communications
regarding
information
about
privacy
policies
from
other
financial
institutions
which
gave
you
the
opportunity
to
“opt-out”
of
certain
information
sharing
with
companies
which
are
not
affiliated
with
that
financial
institution.
The
Trust
does
not
share
information
with
other
companies
for
purposes
of
marketing
solicitations
for
products
other
than
the
Trust.
Therefore,
the
Trust
does
not
provide
opt-out
options
to
their
shareholders. 
Victory
Funds
P.O.
Box
182593
Columbus,
Ohio
43218-2593
Visit
our
website
at:
vcm.com
Call
Victory
at:
866-376-7890
VS-ETF-AR
(6/23)