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

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

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

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

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

Victory Portfolios II VictoryShares USAA Core Short-Term Bond ETF 9 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class C, 4.12%, 1/15/46, Callable 7/15/23 @ 100 (c) ..................................... $ 1,000,000 $ 982,079 JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class A5, 3.14%, 12/15/47 ......................................................... 160,699 159,985 KNDL Mortgage Trust, Series 2019-KNSQ, Class C, 5.37% (LIBOR01M+105bps), 5/15/36 (a)(b) ........................................................... 1,175,000 1,146,945 KNDL Mortgage Trust, Series 2019-KNSQ, Class B, 5.27% (LIBOR01M+95bps), 5/15/36 (a) (b) ............................................................. 500,000 491,090 Palmer Square Loan Funding Ltd., Series 2020-1A, Class A1, 5.48% (LIBOR03M+80bps), 2/20/28, Callable 2/20/23 @ 100 (a)(b) ................................... 136,889 135,932 SMRT, Series 2022-MINI, Class B, 5.69% (TSFR1M+135bps), 1/15/39 (a)(b)........... 1,000,000 959,684 SREIT Trust, Series 2021-MFP2, Class A, 5.14% (LIBOR01M+82bps), 11/15/36 (a)(b) .... 1,000,000 962,559 SREIT Trust, Series 2021-MFP2, Class B, 5.49% (LIBOR01M+117bps), 11/15/36 (a)(b) ... 1,000,000 953,701 Stratus CLO Ltd., Series 2021-3A, Class A, 5.19% (LIBOR03M+95bps), 12/29/29, Callable 1/20/23 @ 100 (a)(b) ................................................ 905,199 892,868 Stratus CLO Ltd., Series 2021-3A, Class B, 5.79% (LIBOR03M+155bps), 12/29/29, Callable 4/20/27 @ 100 (a)(b) ................................................ 821,000 792,494 WFRBS Commercial Mortgage Trust, Series 2013-C12, Class B, 3.86%, 3/15/48, Callable 3/15/23 @ 100 (c) .................................................. 2,000,000 1,988,755 Total Collateralized Mortgage Obligations (Cost $26,166,505) 25,221,936 Senior Secured Loans (0.1%) Clean Harbors, Inc., Initial Term Loan, First Lien, 5.98% (LIBOR01M+175bps), 6/30/24 (b) 423,269 421,220 Total Senior Secured Loans (Cost $423,793) 421,220 Corporate Bonds (33.5%) Communication Services (1.4%): Magallanes, Inc., 3.64%, 3/15/25(a).......................................... 1,000,000 951,160 Sprint Corp., 7.88%, 9/15/23............................................... 2,000,000 2,029,860 Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 4.74%, 3/20/25, Callable 3/20/24 @ 100(a) ...................................... 1,185,750 1,170,608 TEGNA, Inc., 4.75%, 3/15/26, Callable 3/15/23 @ 102.38(a)........................ 2,000,000 1,946,980 6,098,608 Consumer Discretionary (2.9%): Association of American Medical Colleges, 2.12%, 10/1/24......................... 750,000 702,122 BMW US Capital LLC, 3.25%, 4/1/25(a)...................................... 1,000,000 965,200 Expedia Group, Inc., 6.25%, 5/1/25, Callable 2/1/25 @ 100(a)....................... 1,000,000 1,007,220 Genting New York LLC/GENNY Capital, Inc., 3.30%, 2/15/26, Callable 1/15/26 @ 100(a) . . 500,000 438,795 Lithia Motors, Inc., 4.63%, 12/15/27, Callable 2/6/23 @ 103.47(a).................... 2,000,000 1,821,740 Murphy Oil USA, Inc., 5.63%, 5/1/27, Callable 2/6/23 @ 102.81 ..................... 1,000,000 970,060 Newell Brands, Inc., 4.45%, 4/1/26, Callable 1/1/26 @ 100 ......................... 2,750,000 2,602,105 Nissan Motor Acceptance Co. LLC, 2.00%, 3/9/26, Callable 2/9/26 @ 100(a) ............ 2,331,000 2,006,478 Nordstrom, Inc., 2.30%, 4/8/24, Callable 1/23/23 @ 100 ........................... 1,500,000 1,405,275 QVC, Inc., 4.45%, 2/15/25, Callable 11/15/24 @ 100 ............................. 617,000 504,434 Toll Brothers Finance Corp., 4.38%, 4/15/23, Callable 2/6/23 @ 100 .................. 750,000 746,310 13,169,739 Consumer Staples (0.6%): Darling Ingredients, Inc., 5.25%, 4/15/27, Callable 1/17/23 @ 102.63(a)................ 2,500,000 2,438,450 JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 4/15/29, Callable 4/15/24 @ 103.25(a) ................................................ 319,000 319,571 2,758,021 Energy (4.0%): Buckeye Partners LP, 4.15%, 7/1/23, Callable 4/1/23 @ 100 ........................ 500,000 493,240 DCP Midstream Operating LP 3.88%, 3/15/23, Callable 2/6/23 @ 100 ................................... 1,000,000 994,150 5.85% (LIBOR03M+385bps), 5/21/43, Callable 5/21/23 @ 100 (a)(b) ............. 500,000 487,815 Energy Transfer LP

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

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

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

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

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

Victory Portfolios II VictoryShares USAA Core Short-Term Bond ETF 15 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value Aviation Capital Group, 5.91%, 1/3/23 (a) ..................................... 1,000,000 $ 999,508 CenterPoint Energy, Inc., 6.06%, 1/3/23 (a) .................................... 4,400,000 4,397,778 ConAgra Brands, Inc., 6.33%, 1/3/23 (a) ...................................... 4,000,000 3,997,892 Constellation Brands, Inc., 6.46%, 1/3/23 (a) ................................... 800,000 799,569 Crown Castle, Inc., 5.38%, 1/10/23 (a)........................................ 3,300,000 3,295,072 Crown Castle, Inc., 5.43%, 1/9/23 (a)......................................... 850,000 848,847 Dominion Resources, Inc., 5.01%, 1/11/23 (a) .................................. 1,600,000 1,597,557 Dominion Resources, Inc., 4.90%, 1/17/23 (a) .................................. 2,500,000 2,494,229 DTE Energy Co., 5.00%, 1/12/23 (a) ......................................... 4,300,000 4,292,846 Energy Transfer LP, 5.84%, 1/5/23 (a) ........................................ 2,000,000 1,998,380 Erac USA Finance, 5.69%, 1/4/23 (a)......................................... 1,000,000 999,368 Eversource Energy, 5.32%, 1/5/23 (a) ........................................ 4,000,000 3,997,049 FMC Corp., 6.46%, 1/3/23 (a).............................................. 4,400,000 4,397,632 Jabil, Inc., 5.92%, 1/6/23 (a) ............................................... 4,200,000 4,195,860 Newell Brands, Inc., 5.39%, 1/10/23 (a)....................................... 1,300,000 1,298,056 One Gas, Inc., 5.53%, 1/5/23 (a) ............................................ 4,300,000 4,296,700 Ovintiv, Inc., 6.07%, 1/4/23 (a) ............................................. 4,000,000 3,997,304 Ovintiv, Inc., 5.36%, 1/11/23 (a) ............................................ 350,000 349,428 Southwestern Public Service Co., 6.06%, 1/3/23 (a) .............................. 4,400,000 4,397,778 Targa Resources Corp., 5.66%, 1/3/23 (a)...................................... 3,000,000 2,998,585 TE Connectivity, 6.06%, 1/3/23 (a) .......................................... 4,300,000 4,297,829 VW Credit, Inc., 5.06%, 1/10/23 (a).......................................... 4,200,000 4,194,103 Walgreens Boots Alliance, Inc., 5.06%, 1/12/23 (a) ............................... 576,000 575,029 Walgreens Boots Alliance, Inc., 4.96%, 1/23/23 (a) ............................... 3,800,000 3,787,984 Total Commercial Papers (Cost $82,748,510) 82,729,115 Shares Collateral for Securities Loaned (0.6%)^ Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (h) ....... 673,875 673,875 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (h) ........... 673,875 673,875 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (h) ............... 673,875 673,875 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (h) 673,875 673,875 Total Collateral for Securities Loaned (Cost $2,695,500) 2,695,500 Total Investments (Cost $456,262,773) — 98.2% 441,086,621 Other assets in excess of liabilities — 1.8% 8,178,575 NET ASSETS - 100.00% $ 449,265,196 ^ Purchased with cash collateral from securities on loan. (a) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December 31, 2022, the fair value of these securities was $265,077,348 and amounted to 59.0% of net assets. (b) Variable or Floating-Rate Security. Rate disclosed is as of December 31, 2022. (c) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at December 31, 2022. (d) Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future. (e) All or a portion of this security is on loan. (f) Zero-coupon bond. (g) Rate represents the effective yield at December 31, 2022. (h) Rate disclosed is the daily yield on December 31, 2022. bps—Basis points GO—General Obligation H15T1Y—1 Year Treasury Constant Maturity Rate, rate disclosed as of December 31, 2022. H15T5Y—5 Year Treasury Constant Maturity Rate, rate disclosed as of December 31, 2022. IDA—Industrial Development Authority LIBOR—London Interbank Offered Rate LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of December 31, 2022, based on the last reset date of the security LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of December 31, 2022, based on the last reset date of the security LLC—Limited Liability Company LP—Limited Partnership

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

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

Victory Portfolios II VictoryShares USAA Core Intermediate-Term Bond ETF 19 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value MMAF Equipment Finance LLC, Series 2022-A, Class A4, 3.32%, 6/13/44 (a)........... $ 1,500,000 $ 1,408,645 MVW LLC, Series 2021-1WA, Class A, 1.14%, 1/22/41, Callable 9/20/26 @ 100 (a)....... 584,433 531,913 Navient Student Loan Trust, Series 2018-2A, Class B, 5.54% (LIBOR01M+115bps), 3/25/67, Callable 8/25/34 @ 100 (a)(b).......................................... 1,000,000 875,712 Navient Student Loan Trust, Series 2015-2, Class B, 5.89% (LIBOR01M+150bps), 8/25/50, Callable 5/25/31 @ 100 (b)............................................ 3,000,000 2,684,362 Nelnet Student Loan Trust, Series 2019-5, Class A, 2.53%, 10/25/67, Callable 10/25/34 @ 100 (a) ............................................................. 2,551,111 2,204,903 New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.91%, 10/20/61, Callable 10/20/24 @ 100 (a) ........................................... 1,807,000 1,526,860 NP SPE II LLC, Series 2019-2A, Class C1, 6.44%, 11/19/49 (a)...................... 772,203 683,997 NP SPE LLC, Series 2019-1A, Class A2, 3.24%, 9/20/49 (a) ........................ 500,000 441,744 Oscar U.S. Funding XIII LLC, Series 2021-2A, Class A4, 1.27%, 9/11/28, Callable 5/10/25 @ 100 (a) .......................................................... 1,500,000 1,355,564 Pawnee Equipment Receivables LLC, Series 2020-1, Class B, 1.84%, 1/15/26, Callable 3/15/24 @ 100 (a) .................................................. 1,000,000 964,841 PenFed Auto Receivables Owner Trust, Series 2022-A, Class B, 4.60%, 12/15/28, Callable 12/15/25 @ 100 (a) ................................................. 749,000 739,814 PenFed Auto Receivables Owner Trust, Series 2022-A, Class A4, 4.18%, 12/15/28, Callable 12/15/25 @ 100 (a) ................................................. 1,000,000 982,873 Prestige Auto Receivables Trust, Series 2018-1A, Class D, 4.14%, 10/15/24, Callable 2/15/23 @ 100 (a) ........................................................ 660,739 659,238 Prestige Auto Receivables Trust, Series 2020-1A, Class C, 1.31%, 11/16/26, Callable 10/15/23 @ 100 (a) ........................................................ 628,022 623,452 Prestige Auto Receivables Trust, Series 2021-1A, Class C, 1.53%, 2/15/28, Callable 2/15/26 @ 100 (a) .......................................................... 1,000,000 909,242 Progress Residential Trust, Series 2021-SFR6, Class A, 1.52%, 7/17/38, Callable 7/17/26 @ 100 (a) .......................................................... 1,098,743 950,167 PSNH Funding LLC, Series 2018-1, Class A3, 3.81%, 2/1/35 ....................... 1,000,000 911,968 Santander Bank Auto Credit-Linked Notes, Series 2022-B, Class C, 5.92%, 8/16/32, Callable 2/15/26 @ 100 (a) .................................................. 788,969 785,367 Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class B, 5.28%, 5/15/32, Callable 11/15/25 @ 100 (a) ................................................. 708,862 692,041 Santander Bank NA, Series 2021-1A, Class B, 1.83%, 12/15/31, Callable 7/15/25 @ 100 (a) . 1,201,970 1,156,094 Santander Consumer Auto Receivables Trust, Series 2020-AA, Class D, 5.49%, 4/15/26, Callable 9/15/24 @ 100 (a) ............................................ 1,000,000 986,893 Santander Drive Auto Receivables Trust, Series 2022-3, Class B, 4.13%, 8/16/27, Callable 5/15/25 @ 100 .................................................... 1,062,000 1,035,783 SCF Equipment Leasing LLC, Series 2020-1A, Class A3, 1.19%, 10/20/27, Callable 3/20/25 @ 100 (a) .......................................................... 501,385 493,332 SCF Equipment Leasing LLC, Series 2022-2A, Class B, 6.50%, 2/20/32, Callable 8/20/29 @ 100 (a) .......................................................... 1,071,429 1,064,562 SCF Equipment Leasing LLC, Series 2020-1A, Class B, 2.02%, 3/20/28, Callable 3/20/25 @ 100 (a) .......................................................... 1,529,000 1,461,150 SLM Student Loan Trust, Series 2007-1, Class B, 4.58% (LIBOR03M+22bps), 1/27/42, Callable 10/25/29 @ 100 (b) ........................................... 273,116 241,586 SLM Student Loan Trust, Series 2006-10, Class B, 4.58% (LIBOR03M+22bps), 3/25/44, Callable 7/25/32 @ 100 (b)............................................ 171,998 155,868 Synchrony Credit Card Master Note Trust, Series 2018-2, Class A, 3.47%, 5/15/26 ........ 2,000,000 1,987,746 Toyota Auto Loan Extended Note Trust, Series 2021-1A, Class A, 1.07%, 2/27/34, Callable 2/25/26 @ 100 (a)(c) ................................................ 2,000,000 1,771,408 Toyota Auto Loan Extended Note Trust, Series 2022-1A, Class A, 3.82%, 4/25/35, Callable 4/25/27 @ 100 (a) .................................................. 2,000,000 1,913,017 Transportation Finance Equipment Trust, Series 2019-1, Class A4, 1.88%, 3/25/24, Callable 5/23/23 @ 100 (a) .................................................. 876,549 869,179 Trillium Credit Card Trust II, Series 2021-1A, Class A, 1.53%, 10/26/29 (a) ............. 2,000,000 1,776,025 Trillium Credit Card Trust II, Series 2021-1A, Class C, 2.42%, 10/26/29 (a) ............. 2,000,000 1,770,420 VB-S1 Issuer LLC-VBTEL, Series 2022-1A, Class C2I, 3.16%, 2/15/52, Callable 2/15/26 @ 100 (a) .......................................................... 1,000,000 868,983 Volvo Financial Equipment LLC, Series 2020-1A, Class A3, 0.51%, 10/15/24, Callable 7/15/24 @ 100 (a) ........................................................ 921,716 902,817 Wepco Environmental Trust Finance I LLC, Series 2021-1, Class A, 1.58%, 12/15/35 ...... 1,337,394 1,110,730 Westlake Automobile Receivables Trust, Series 2021-3A, Class C, 1.58%, 1/15/27, Callable 4/15/25 @ 100 (a) .................................................. 1,000,000 935,446

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

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

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

Victory Portfolios II VictoryShares USAA Core Intermediate-Term Bond ETF 23 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 2.50%, 1/15/27, Callable 12/15/26 @ 100(a) .................................................. $ 1,500,000 $ 1,312,440 Keurig Dr Pepper, Inc. 3.95%, 4/15/29, Callable 2/15/29 @ 100 .................................. 750,000 696,817 2.25%, 3/15/31, Callable 12/15/30 @ 100 (d) ............................... 1,000,000 805,270 4.50%, 4/15/52, Callable 10/15/51 @ 100 ................................. 1,000,000 837,960 Kraft Heinz Foods Co., 5.00%, 6/4/42 ........................................ 1,000,000 903,370 Mars, Inc., 3.88%, 4/1/39, Callable 10/1/38 @ 100(a) ............................. 1,000,000 846,290 McCormick & Co., Inc., 1.85%, 2/15/31, Callable 11/15/30 @ 100 ................... 1,000,000 773,690 PepsiCo, Inc., 2.75%, 3/19/30, Callable 12/19/29 @ 100 ........................... 1,000,000 884,860 Sysco Corp., 2.45%, 12/14/31, Callable 9/14/31 @ 100 ............................ 1,500,000 1,203,810 The Coca-Cola Co., 2.00%, 3/5/31........................................... 2,000,000 1,650,100 Walgreens Boots Alliance, Inc., 4.10%, 4/15/50, Callable 10/15/49 @ 100 .............. 1,000,000 735,840 28,235,349 Energy (1.7%): Boardwalk Pipelines LP 4.45%, 7/15/27, Callable 4/15/27 @ 100 .................................. 500,000 475,215 4.80%, 5/3/29, Callable 2/3/29 @ 100 .................................... 500,000 470,400 Boardwalk Pipelines, LP, 3.60%, 9/1/32, Callable 6/1/32 @ 100...................... 1,000,000 829,450 Buckeye Partners LP, 4.13%, 12/1/27, Callable 9/1/27 @ 100 ....................... 1,000,000 876,400 Cameron LNG LLC, 3.30%, 1/15/35, Callable 9/15/34 @ 100(a) ..................... 1,091,000 886,808 Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/39, Callable 7/4/39 @ 100(a) ....... 1,333,000 1,034,448 Enable Midstream Partners LP, 4.15%, 9/15/29, Callable 6/15/29 @ 100................ 1,000,000 902,190 Energy Transfer LP, 6.50% (H15T5Y+569bps), Callable 11/15/26 @ 100(b)(e)........... 1,000,000 868,570 Enterprise Products Operating LLC, 2.80%, 1/31/30, Callable 10/31/29 @ 100 ........... 1,000,000 851,950 EQT Corp., 7.00%, 2/1/30, Callable 11/1/29 @ 100 .............................. 514,000 532,447 Exxon Mobil Corp., 2.61%, 10/15/30, Callable 7/15/30 @ 100....................... 1,250,000 1,091,288 Florida Gas Transmission Co. LLC, 2.55%, 7/1/30, Callable 4/1/30 @ 100(a) ............ 1,500,000 1,213,125 Gray Oak Pipeline LLC, 3.45%, 10/15/27, Callable 8/15/27 @ 100(a) ................. 1,334,000 1,178,162 Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 11/1/28, Callable 11/1/23 @ 103.13(a).... 1,000,000 907,240 HollyFrontier Corp., 4.50%, 10/1/30, Callable 7/1/30 @ 100 ........................ 2,000,000 1,713,520 Midwest Connector Capital Co. LLC, 4.63%, 4/1/29, Callable 1/1/29 @ 100(a)........... 2,500,000 2,255,675 MPLX LP 4.25%, 12/1/27, Callable 9/1/27 @ 100 ................................... 500,000 472,280 4.00%, 3/15/28, Callable 12/15/27 @ 100 ................................. 750,000 698,603 4.80%, 2/15/29, Callable 11/15/28 @ 100 ................................. 250,000 239,120 Murphy Oil Corp., 5.75%, 8/15/25, Callable 2/6/23 @ 101.44 ....................... 278,000 276,154 Occidental Petroleum Corp., 4.40%, 8/15/49, Callable 2/15/49 @ 100 ................. 500,000 391,195 Pioneer Natural Resources Co., 1.90%, 8/15/30, Callable 5/15/30 @ 100 ............... 1,500,000 1,177,020 Plains All American Pipeline LP/PAA Finance Corp., 3.55%, 12/15/29, Callable 9/15/29 @ 100 ............................................................. 2,280,000 1,981,525 Rockies Express Pipeline LLC, 4.95%, 7/15/29, Callable 4/15/29 @ 100(a) ............. 1,000,000 907,940 Southwestern Energy Co., 7.75%, 10/1/27, Callable 2/6/23 @ 103.88.................. 500,000 516,250 22,746,975 Financials (7.3%): Ally Financial, Inc., 7.10%, 11/15/27, Callable 10/15/27 @ 100 ...................... 833,000 849,268 American Express Co., 4.99% (SOFR+226bps), 5/26/33, Callable 2/26/32 @ 100(b)....... 1,500,000 1,445,640 AmFam Holdings, Inc., 2.81%, 3/11/31, Callable 12/11/30 @ 100(a) .................. 1,000,000 766,620 Assurant, Inc., 2.65%, 1/15/32, Callable 10/15/31 @ 100........................... 1,000,000 741,380 Athene Global Funding 1.45%, 1/8/26 (a)(d)................................................. 1,000,000 877,030 2.72%, 1/7/29 (a) ................................................... 1,000,000 826,980 Athene Holding Ltd., 3.50%, 1/15/31, Callable 10/15/30 @ 100...................... 1,000,000 823,680 AXA Equitable Holdings, Inc., 4.35%, 4/20/28, Callable 1/20/28 @ 100................ 1,000,000 951,730 Bank of America Corp. 4.38% (H15T5Y+276bps), Callable 1/27/27 @ 100 (b)(e) ...................... 1,000,000 849,820 1.53% (SOFR+65bps), 12/6/25, Callable 12/6/24 @ 100, MTN (b) ............... 500,000 461,245 1.66% (SOFR+91bps), 3/11/27, Callable 3/11/26 @ 100 (b) .................... 1,500,000 1,325,520 2.57% (SOFR+121bps), 10/20/32, Callable 10/20/31 @ 100 (b).................. 2,750,000 2,157,265 Belrose Funding Trust, 2.33%, 8/15/30, Callable 5/15/30 @ 100(a) ................... 1,000,000 755,930 Blackstone Private Credit Fund, 2.63%, 12/15/26, Callable 11/15/26 @ 100(a) ........... 1,290,000 1,068,352 Blue Owl Finance LLC, 3.13%, 6/10/31, Callable 3/10/31 @ 100(a)................... 1,000,000 737,490

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

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

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

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

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

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

Victory Portfolios II VictoryShares USAA Core Intermediate-Term Bond ETF 30 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.00%, 2/2/29, Callable 12/2/28 @ 100(a)................................................... $ 750,000 $ 620,085 JDE Peet's NV, 2.25%, 9/24/31, Callable 6/24/31 @ 100(a) ......................... 3,000,000 2,235,960 7,450,270 Energy (0.5%): Aker BP ASA, 4.00%, 1/15/31, Callable 10/15/30 @ 100(a) ........................ 750,000 659,168 BP Capital Markets PLC 4.38% (H15T5Y+404bps), Callable 6/22/25 @ 100 (b)(e) ...................... 2,000,000 1,904,980 4.88% (H15T5Y+440bps), Callable 3/22/30 @ 100 (b)(e) ...................... 750,000 656,625 Korea National Oil Corp., 2.63%, 4/18/32(a) ................................... 1,500,000 1,221,165 Petroleos Mexicanos, 6.70%, 2/16/32, Callable 11/16/31 @ 100(a).................... 500,000 393,650 Shell International Finance BV, 2.88%, 11/26/41, Callable 5/26/41 @ 100 .............. 1,500,000 1,091,925 Transocean Guardian Ltd., 5.88%, 1/15/24, Callable 2/6/23 @ 101.47(a) ............... 271,397 265,893 Var Energi ASA, 8.00%, 11/15/32, Callable 8/15/32 @ 100(a) ....................... 1,000,000 1,030,900 7,224,306 Financials (4.4%): ABN AMRO Bank NV, 4.80%, 4/18/26(a) ..................................... 500,000 479,510 ANZ Bank New Zealand Ltd., 5.55%, 8/11/32, Callable 8/11/27 @ 100(a) .............. 833,000 809,584 Bank of Montreal, 3.09% (H15T5Y+140bps), 1/10/37, Callable 1/10/32 @ 100(b) ........ 1,500,000 1,138,590 Bank of New Zealand 1.00%, 3/3/26 (a) ................................................... 1,600,000 1,404,832 2.87%, 1/27/32 (a) .................................................. 750,000 618,285 Barclays PLC 2.28% (H15T1Y+105bps), 11/24/27, Callable 11/24/26 @ 100 (b) ................ 2,000,000 1,733,580 5.75% (H15T1Y+300bps), 8/9/33, Callable 8/9/32 @ 100 (b) ................... 500,000 473,280 7.44% (H15T1Y+350bps), 11/2/33, Callable 11/2/32 @ 100 (b).................. 1,000,000 1,052,760 BNP Paribas SA, 4.71% (LIBOR03M+224bps), 1/10/25, Callable 1/10/24 @ 100(a)(b)..... 1,000,000 989,300 BPCE SA 4.00%, 9/12/23 (a) .................................................. 500,000 493,885 3.25%, 1/11/28 (a) .................................................. 1,000,000 896,850 5.75% (SOFR+287bps), 7/19/33, Callable 7/19/32 @ 100 (a)(b) ................. 1,000,000 953,980 Brookfield Finance, Inc., 2.72%, 4/15/31, Callable 1/15/31 @ 100 .................... 1,000,000 800,360 Commonwealth Bank of Australia 2.69%, 3/11/31 (a) .................................................. 1,000,000 769,030 3.78%, 3/14/32 (a) .................................................. 2,000,000 1,643,300 Cooperatieve Rabobank UA 1.11% (H15T1Y+55bps), 2/24/27, Callable 2/24/26 @ 100 (a)(b)................. 2,000,000 1,741,720 4.00% (USSW5+189bps), 4/10/29, Callable 4/10/24 @ 100, MTN (b) ............. 600,000 572,609 Credit Agricole SA, 3.25%, 10/4/24(a)........................................ 1,250,000 1,204,525 Credit Suisse Group AG 2.19% (SOFR+204bps), 6/5/26, Callable 6/5/25 @ 100 (a)(b) ................... 1,000,000 854,310 1.31% (SOFR+98bps), 2/2/27, Callable 2/2/26 @ 100 (a)(b) .................... 1,000,000 795,420 6.54% (SOFR+392bps), 8/12/33, Callable 8/12/32 @ 100 (a)(b) ................. 2,174,000 1,909,816 9.02% (SOFR+502bps), 11/15/33, Callable 11/15/32 @ 100 (a)(b)................ 500,000 514,355 Credit Suisse Group Funding Guernsey Ltd., 3.75%, 3/26/25(d)...................... 500,000 451,530 Deutsche Bank AG, 3.74% (SOFR+226bps), 1/7/33, Callable 10/7/31 @ 100(b) .......... 3,750,000 2,684,550 Federation des Caisses Desjardins du Quebec, 4.55%, 8/23/27(a) ..................... 2,000,000 1,919,120 HSBC Holdings PLC 2.21% (SOFR+129bps), 8/17/29, Callable 8/17/28 @ 100 (b) ................... 1,000,000 807,670 8.11% (SOFR+425bps), 11/3/33, Callable 11/3/32 @ 100 (b).................... 1,000,000 1,059,750 ING Groep NV, 2.73% (SOFR+112bps), 4/1/32, Callable 4/1/31 @ 100(b) .............. 2,000,000 1,589,220 JAB Holdings BV, 4.50%, 4/8/52, Callable 10/8/51 @ 100(a) ....................... 1,000,000 679,100 Lloyds Banking Group PLC 1.63% (H15T1Y+85bps), 5/11/27, Callable 5/11/26 @ 100 (b)................... 1,000,000 864,900 3.57% (LIBOR03M+121bps), 11/7/28, Callable 11/7/27 @ 100 (b) ............... 250,000 224,827 7.95% (H15T1Y+375bps), 11/15/33, Callable 8/15/32 @ 100 (b)................. 606,000 642,239 Macquarie Bank Ltd., 3.05% (H15T5Y+170bps), 3/3/36, Callable 3/3/31 @ 100(a)(b)...... 1,250,000 906,900 Macquarie Group Ltd., 4.10% (SOFR+213bps), 6/21/28, Callable 6/21/27 @ 100(a)(b)(d)... 1,000,000 937,930 Mitsubishi UFJ Financial Group, Inc., 5.02% (H15T1Y+195bps), 7/20/28, Callable 7/20/27 @ 100(b)........................................................... 1,500,000 1,464,270 Mizuho Financial Group, Inc. 2.56%, 9/13/31 .................................................... 1,000,000 764,630

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

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

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

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

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

Victory Portfolios II VictoryShares USAA Core Intermediate-Term Bond ETF 36 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Collateral for Securities Loaned (0.4%)^ Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (i) ....... 1,313,685 $ 1,313,685 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (i) ............ 1,313,685 1,313,685 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (i) ............... 1,313,685 1,313,685 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (i) . 1,313,685 1,313,685 Total Collateral for Securities Loaned (Cost $5,254,740) 5,254,740 Total Investments (Cost $1,490,919,031) — 100.0% 1,319,268,336 Other assets in excess of liabilities — 0.0%(f) 168,833 NET ASSETS - 100.00% $ 1,319,437,169 ^ Purchased with cash collateral from securities on loan. (a) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December 31, 2022, the fair value of these securities was $315,000,637 and amounted to 23.9% of net assets. (b) Variable or Floating-Rate Security. Rate disclosed is as of December 31, 2022. (c) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at December 31, 2022. (d) All or a portion of this security is on loan. (e) Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future. (f) Amount represents less than 0.05% of net assets. (g) Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis. (h) Rate represents the effective yield at December 31, 2022. (i) Rate disclosed is the daily yield on December 31, 2022. bps—Basis points GO—General Obligation H15T1Y—1 Year Treasury Constant Maturity Rate, rate disclosed as of December 31, 2022. H15T5Y—5 Year Treasury Constant Maturity Rate, rate disclosed as of December 31, 2022. IDA—Industrial Development Authority LIBOR—London Interbank Offered Rate LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of December 31, 2022, based on the last reset date of the security LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of December 31, 2022, based on the last reset date of the security LLC—Limited Liability Company LP—Limited Partnership MTN—Medium Term Note PLC—Public Limited Company SOFR—Secured Overnight Financing Rate TSFR1M—1 month Term SOFR, rate disclosed as of December 31, 2022. TSFR3M—3 month Term SOFR, rate disclosed as of December 31, 2022. USISDA05—5 Year ICE Swap Rate, rate disclosed as of December 31, 2022 USSW5—USD 5 Year Swap Rate, rate disclosed as of December 31, 2022.

39 Victory Portfolios II Statements of Changes in Net Assets See notes to financial statements. VictoryShares USAA Core Short-Term Bond ETF VictoryShares USAA Core Intermediate-Term Bond ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 From Investment Activities: Operations: Net Investment Income (Loss) $ 5,438,790 $ 5,735,527 $ 16,828,599 $ 19,984,674 Net realized gains (losses) (2,392,389) (1,615,096) (8,676,708) (290,125) Net change in unrealized appreciation/depreciation 680,001 (18,669,472) (39,219,815) (155,730,262) Change in net assets resulting from operations 3,726,402 (14,549,041) (31,067,924) (136,035,713) Change in net assets resulting from distributions to shareholders (6,569,326) (6,848,232) (18,849,541) (23,367,285) Change in net assets resulting from capital transactions 92,371,185 108,838,303 133,146,995 501,277,517 Change in net assets 89,528,261 87,441,030 83,229,530 341,874,519 Net Assets: Beginning of period 359,736,935 272,295,905 1,236,207,639 894,333,120 End of period $ 449,265,196 $ 359,736,935 $ 1,319,437,169 $ 1,236,207,639 Capital Transactions: Proceeds from shares issued $ 114,379,079 $ 123,658,260 $ 160,114,206 $ 501,277,517 Cost of shares redeemed (22,007,894) (14,819,957) (26,967,211) — Change in net assets resulting from capital transactions $ 92,371,185 $ 108,838,303 $ 133,146,995 $ 501,277,517 Share Transactions: Issued 2,350,000 2,400,000 3,450,000 9,550,000 Redeemed (450,000) (300,000) (600,000) — Change in Shares 1,900,000 2,100,000 2,850,000 9,550,000

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

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

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

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

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

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

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

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

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

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

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

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

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

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.