Victory Portfolios II (Form: N-CSRS, Received: 03/06/2020 16:20:54)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-22696

Victory Portfolios II
(Exact name of registrant as specified in charter)

4900 Tiedeman Road, 4th Floor, Brooklyn, Ohio					44144
(Address of principal executive offices)					(Zip code)

Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219
(Name and address of agent for service)

Registrant’s telephone number, including area code:				800-539-3863

Date of fiscal year end:	June 30

Date of reporting period:		December 31, 2019

Item 1. Reports to Stockholders.

December 31, 2019

Semi Annual Report

Victory US 500 Enhanced Volatility Wtd Index Fund

Victory Market Neutral Income Fund

Beginning January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Victory Funds' shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Victory Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on www.VictoryFunds.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change, and you need not take any action.

You may elect to receive shareholder reports and other communications from the Victory Funds or your financial intermediary electronically sooner than January 1, 2021 by notifying your financial intermediary directly or, if you are a direct investor, by calling 800-539-3863 or by sending an e-mail request to TA.Processing@FISGlobal.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your reports. If you invest directly with the Victory Funds, you can call 800-539-3863 or send an e-mail request to TA.Processing@FISGlobal.com. Your election to receive reports in paper will apply to all Victory Funds you hold directly or through your financial intermediary.

www.vcm.com

News, Information And Education 24 Hours A Day, 7 Days A Week

The Victory Funds site gives fund shareholders, prospective shareholders, and investment professionals a convenient way to access fund information, get guidance, and track fund performance anywhere they can access the Internet. The site includes:

• Detailed performance records

• Daily share prices

• The latest fund news

• Investment resources to help you become a better investor

• A section dedicated to investment professionals

Whether you're a potential investor searching for the fund that matches your investment philosophy, a seasoned investor interested in planning tools, or an investment professional, www.vcm.com has what you seek. Visit us anytime. We're always open.

Victory
Portfolios II

Table of Contents

Financial Statements
Victory US 500 Enhanced Volatility Wtd Index Fund
Investment Objectives & Portfolio Holdings
Schedule of Investments					2-14
Statements of Assets and Liabilities					32
Statements of Operations					33
Statements of Changes in Net Assets					34-35
Financial Highlights					36-37
Victory Market Neutral Income Fund
Investment Objectives & Portfolio Holdings
Schedule of Investments					15-31
Statements of Assets and Liabilities					32
Statements of Operations					33
Statements of Changes in Net Assets					34-35
Financial Highlights					38-39
Notes to Financial Statements					40
Supplemental Information					52
Proxy Voting and Portfolio Holdings Information					52
Expense Examples					52
Advisory Contract Approval					53
Privacy Policy (inside back cover)

The Victory Funds are distributed by Victory Capital Advisers, Inc. Victory Capital Management Inc. is the investment adviser to the Funds and receives fees from the Funds for performing services for the Funds.

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus of the Victory Funds.

For additional information about any Victory Fund, including fees, expenses, and risks, view our prospectus online at www.vcm.com or call 800-539-3863. Read it carefully before you invest or send money.

The information in this semi annual 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

Call Victory at:

800-539-FUND (800-539-3863)

Visit our website at:

www.vcm.com

Victory Portfolios II

December 31, 2019

(Unaudited)

Investment Objectives & Portfolio Holdings:

  Victory US 500 Enhanced Volatility Wtd
  Index Fund
  Track performance of the Nasdaq Victory
  U.S. Large Cap 500 Long/Cash Volatility
  Weighted Index before fees and expenses.

Portfolio Holdings

As a Percentage of Total Investments

Victory Market Neutral Income Fund
Seeks to achieve high current income.

Portfolio Holdings

As a Percentage of Total Investments

Victory Portfolios II
Victory US 500 Enhanced Volatility Wtd Index Fund

Schedule of Portfolio Investments
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Common Stocks (99.8%)
Communication Services (3.9%):
Activision Blizzard, Inc.		1,919	$	114,027
Alphabet, Inc., Class A (a)		117		156,708
AT&T, Inc.		5,519		215,683
Cable One, Inc.		151		224,758
Charter Communications, Inc., Class A (a)		381		184,815
Comcast Corp., Class A		4,349		195,575
Discovery, Inc., Class A (a) (b)		4,469		146,315
DISH Network Corp., Class A (a)		3,021		107,155
Electronic Arts, Inc. (a)		964		103,640
Facebook, Inc., Class A (a)		619		127,049
InterActive Corp. (a)		482		120,071
Match Group, Inc. (a) (b)		960		78,826
Netflix, Inc. (a)		343		110,985
Omnicom Group, Inc.		2,548		206,439
Sirius XM Holdings, Inc. (b)		26,001		185,907
Take-Two Interactive Software, Inc. (a)		799		97,822
The Walt Disney Co.		1,146		165,745
T-Mobile US, Inc. (a)		2,175		170,564
TripAdvisor, Inc.		3,107		94,391
Twitter, Inc. (a)		2,039		65,350
Verizon Communications, Inc.		3,555		218,277
ViacomCBS, Inc., Class B		3,644		152,939
				3,243,041
Consumer Discretionary (11.6%):
Advance Auto Parts, Inc.		1,070		171,371
Amazon.com, Inc. (a)		73		134,892
Aptiv PLC		1,421		134,952
Aramark		3,411		148,037
AutoZone, Inc. (a)		172		204,905
Best Buy Co., Inc.		1,620		142,236
Booking Holdings, Inc. (a)		70		143,761
BorgWarner, Inc.		3,835		166,363
Bright Horizons Family Solutions, Inc. (a)		1,388		208,603
Burlington Stores, Inc. (a)		485		110,595
CarMax, Inc. (a)		1,626		142,551
Chipotle Mexican Grill, Inc. (a)		154		128,915
Columbia Sportswear Co.		1,395		139,765
D.R. Horton, Inc.		2,741		144,588
Darden Restaurants, Inc.		1,435		156,429
Dollar General Corp.		994		155,044
Domino's Pizza, Inc. (b)		557		163,635
Dunkin' Brands Group, Inc.		2,332		176,159
eBay, Inc.		3,914		141,335
Etsy, Inc. (a)		1,418		62,817
Five Below, Inc. (a)		814		104,078
Garmin Ltd.		1,728		168,584
General Motors Co., Class C		4,234		154,964

See notes to financial statements.

Victory Portfolios II
Victory US 500 Enhanced Volatility Wtd Index Fund

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Gentex Corp.		5,532	$	160,317
Genuine Parts Co.		2,226		236,467
Grand Canyon Education, Inc. (a)		796		76,249
Hasbro, Inc.		1,080		114,059
Hilton Worldwide Holdings, Inc.		1,765		195,756
Hyatt Hotels Corp., Class A		2,568		230,375
Kohl's Corp.		1,958		99,760
Lear Corp.		1,108		152,018
Lennar Corp., Class A		2,672		149,071
LKQ Corp. (a)		5,804		207,203
Marriott International, Inc., Class A		1,239		187,622
McDonald's Corp.		1,214		239,900
Mohawk Industries, Inc. (a)		950		129,561
Nike, Inc., Class B		1,726		174,861
Norwegian Cruise Line Holdings Ltd. (a)		2,738		159,927
NVR, Inc. (a)		45		171,377
O'Reilly Automotive, Inc. (a)		469		205,544
Planet Fitness, Inc., Class A (a)		1,929		144,058
Pool Corp.		870		184,771
PulteGroup, Inc.		4,195		162,766
PVH Corp.		1,196		125,759
Ralph Lauren Corp.		1,412		165,515
Ross Stores, Inc.		1,551		180,567
Royal Caribbean Cruises Ltd.		1,233		164,618
Service Corp. International		3,944		181,542
Starbucks Corp.		1,901		167,136
Tapestry, Inc.		3,950		106,532
Target Corp.		1,009		129,364
The Gap, Inc.		5,997		106,027
The Home Depot, Inc.		833		181,911
The TJX Cos., Inc.		3,202		195,514
Tiffany & Co.		1,661		221,994
Tractor Supply Co.		1,528		142,776
Ulta Beauty, Inc. (a)		359		90,877
VF Corp.		1,789		178,291
Whirlpool Corp.		850		125,401
Wynn Resorts Ltd.		841		116,790
Yum China Holdings, Inc.		2,730		131,067
Yum! Brands, Inc.		2,107		212,238
				9,710,160
Consumer Staples (6.4%):
Altria Group, Inc.		3,285		163,955
Archer-Daniels-Midland Co.		4,776		221,368
Brown-Forman Corp., Class B		3,158		213,481
Casey's General Stores, Inc.		1,081		171,868
Church & Dwight Co., Inc.		2,332		164,033
Colgate-Palmolive Co.		3,017		207,690
Conagra Brands, Inc.		3,265		111,794
Costco Wholesale Corp.		621		182,524
General Mills, Inc.		3,423		183,336

See notes to financial statements.

Victory Portfolios II
Victory US 500 Enhanced Volatility Wtd Index Fund

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Hormel Foods Corp. (b)		4,374	$	197,311
Kimberly-Clark Corp.		1,261		173,451
Lamb Weston Holdings, Inc.		2,149		184,878
McCormick & Co., Inc.		1,047		177,707
Molson Coors Beverage Co., Class B		2,843		153,238
Mondelez International, Inc., Class A		4,271		235,247
Monster Beverage Corp. (a)		2,097		133,264
PepsiCo, Inc.		1,786		244,093
Philip Morris International, Inc.		1,838		156,395
Sysco Corp.		2,856		244,302
The Boston Beer Co., Inc., Class A (a)		251		94,840
The Clorox Co.		1,095		168,126
The Coca-Cola Co.		3,665		202,858
The Estee Lauder Cos., Inc., Class A		645		133,218
The Hershey Co.		1,478		217,236
The J.M. Smucker Co.		1,598		166,400
The Kroger Co.		5,742		166,461
Tyson Foods, Inc., Class A		1,856		168,970
US Foods Holding Corp. (a)		4,420		185,154
Walgreens Boots Alliance, Inc.		2,619		154,416
Walmart, Inc.		1,931		229,480
				5,407,094
Energy (2.8%):
Cabot Oil & Gas Corp.		7,528		131,062
Chevron Corp.		1,582		190,647
ConocoPhillips		2,622		170,509
Continental Resources, Inc.		2,755		94,497
Diamondback Energy, Inc.		1,070		99,360
EOG Resources, Inc.		1,474		123,462
Exxon Mobil Corp.		2,789		194,617
Halliburton Co.		5,529		135,295
HollyFrontier Corp.		2,548		129,209
Kinder Morgan, Inc.		9,025		191,059
Marathon Oil Corp.		8,114		110,188
Occidental Petroleum Corp.		3,063		126,226
ONEOK, Inc.		2,248		170,106
Phillips 66		1,572		175,137
Schlumberger Ltd.		3,699		148,699
Valero Energy Corp.		1,634		153,024
				2,343,097
Financials (17.1%):
Aflac, Inc.		4,158		219,958
Ally Financial, Inc.		4,924		150,477
American Express Co.		1,605		199,806
Ameriprise Financial, Inc.		1,048		174,576
Arch Capital Group Ltd. (a)		5,085		218,096
Arthur J. Gallagher & Co.		2,347		223,505
Assurant, Inc.		1,491		195,440
Bank of America Corp.		5,454		192,090

See notes to financial statements.

Victory Portfolios II
Victory US 500 Enhanced Volatility Wtd Index Fund

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
BlackRock, Inc., Class A		404	$	203,091
BOK Financial Corp. (b)		1,930		168,682
Brown & Brown, Inc.		6,023		237,788
Capital One Financial Corp.		1,633		168,052
Cboe Global Markets, Inc.		1,588		190,560
Chubb Ltd.		1,423		221,504
Citigroup, Inc.		2,262		180,711
Citizens Financial Group, Inc.		4,098		166,420
CME Group, Inc.		966		193,896
Comerica, Inc.		2,186		156,846
Commerce Bancshares, Inc., Class C (b)		3,426		232,773
Credit Acceptance Corp. (a)		336		148,623
Discover Financial Services		1,909		161,921
E*TRADE Financial Corp.		3,364		152,625
East West Bancorp, Inc.		2,860		139,282
Erie Indemnity Co., Class A		600		99,600
FactSet Research Systems, Inc.		614		164,736
Fidelity National Financial, Inc., Class A		4,389		199,041
Fifth Third Bancorp.		5,610		172,451
First American Financial Corp.		3,229		188,315
First Republic Bank		1,654		194,262
Franklin Resources, Inc.		5,804		150,788
Globe Life, Inc.		2,334		245,655
Huntington Bancshares, Inc.		11,417		172,168
Intercontinental Exchange, Inc.		2,448		226,561
Invesco Ltd. (b)		8,488		152,614
JPMorgan Chase & Co.		1,726		240,603
KeyCorp		8,197		165,907
Lincoln National Corp.		2,500		147,525
LPL Financial Holdings, Inc.		1,636		150,921
M&T Bank Corp.		1,104		187,404
MarketAxess Holdings, Inc.		362		137,238
Marsh & McLennan Cos., Inc.		2,193		244,322
MetLife, Inc.		3,968		202,249
Moody's Corp.		750		178,058
Morgan Stanley		3,598		183,930
Morningstar, Inc.		1,240		187,624
MSCI, Inc.		622		160,588
New York Community Bancorp, Inc.		13,856		166,549
Northern Trust Corp.		1,758		186,770
People's United Financial, Inc.		11,596		195,972
Principal Financial Group, Inc.		2,734		150,370
Prudential Financial, Inc.		1,832		171,732
Raymond James Financial, Inc.		1,958		175,163
Regions Financial Corp.		9,226		158,318
Reinsurance Group of America, Inc.		1,270		207,086
S&P Global, Inc.		735		200,692
Santander Consumer USA Holdings, Inc.		5,580		130,405
SEI Investments Co.		2,744		179,677
Signature Bank		1,206		164,752

See notes to financial statements.

Victory Portfolios II
Victory US 500 Enhanced Volatility Wtd Index Fund

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
State Street Corp.		2,845	$	225,040
SVB Financial Group (a)		564		141,587
Synchrony Financial		4,753		171,156
Synovus Financial Corp.		3,655		143,276
T. Rowe Price Group, Inc.		1,403		170,942
TCF Financial Corp.		3,247		151,960
TD Ameritrade Holding Corp.		3,328		165,402
The Bank of New York Mellon Corp.		3,887		195,633
The Charles Schwab Corp.		3,599		171,168
The Goldman Sachs Group, Inc.		709		163,020
The Hartford Financial Services Group, Inc.		3,951		240,102
The PNC Financial Services Group, Inc.		1,375		219,491
The Progressive Corp.		2,256		163,312
The Travelers Cos., Inc.		1,654		226,515
Truist Financial Corp.		3,684		207,483
U.S. Bancorp		4,050		240,125
Voya Financial, Inc.		3,167		193,124
W.R. Berkley Corp.		3,394		234,525
Wells Fargo & Co.		3,832		206,162
Zions Bancorp NA		3,500		181,720
				14,348,511
Health Care (11.5%):
Abbott Laboratories		2,008		174,415
ABIOMED, Inc. (a)		411		70,112
Agilent Technologies, Inc.		1,970		168,061
Align Technology, Inc. (a)		413		115,244
AmerisourceBergen Corp.		1,609		136,797
Amgen, Inc.		765		184,418
Anthem, Inc.		472		142,558
Baxter International, Inc.		2,351		196,591
Biogen, Inc. (a)		398		118,099
Bio-Techne Corp.		731		160,462
Boston Scientific Corp. (a)		3,575		161,662
Bristol-Myers Squibb Co.		2,727		175,046
Bruker Corp.		2,586		131,808
Cardinal Health, Inc.		2,952		149,312
Centene Corp. (a)		2,313		145,418
Cerner Corp.		2,328		170,852
Charles River Laboratories International, Inc. (a)		975		148,941
Chemed Corp.		457		200,743
Cigna Corp.		752		153,776
Danaher Corp.		1,254		192,464
DENTSPLY SIRONA, Inc.		2,545		144,022
Edwards Lifesciences Corp. (a)		577		134,608
Elanco Animal Health, Inc. (a)		4,927		145,100
Eli Lilly & Co.		1,503		197,539
Encompass Health Corp.		2,368		164,031
Exelixis, Inc. (a)		4,832		85,140
Gilead Sciences, Inc.		2,662		172,977
HCA Healthcare, Inc.		1,055		155,940

See notes to financial statements.

Victory Portfolios II
Victory US 500 Enhanced Volatility Wtd Index Fund

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Henry Schein, Inc. (a)		2,559	$	170,736
Hill-Rom Holdings, Inc.		1,451		164,732
Humana, Inc.		439		160,902
IDEXX Laboratories, Inc. (a)		506		132,132
Illumina, Inc. (a)		373		123,739
Incyte Pharmaceuticals, Inc. (a)		1,377		120,240
Insulet Corp. (a)		580		99,296
Intuitive Surgical, Inc. (a)		248		146,605
IQVIA Holdings, Inc. (a)		996		153,892
Jazz Pharmaceuticals PLC (a)		943		140,771
Johnson & Johnson		1,461		213,116
Laboratory Corp. of America Holdings (a)		1,026		173,568
Masimo Corp. (a)		878		138,777
Medtronic PLC		1,918		217,596
Merck & Co., Inc.		2,297		208,912
Mettler-Toledo International, Inc. (a)		224		177,694
Molina Healthcare, Inc. (a)		671		91,048
PerkinElmer, Inc.		1,718		166,818
PRA Health Sciences, Inc. (a)		1,258		139,827
Quest Diagnostics, Inc.		1,677		179,087
Regeneron Pharmaceuticals, Inc. (a)		429		161,081
ResMed, Inc.		859		133,119
Stryker Corp.		720		151,157
Teleflex, Inc.		407		153,211
The Cooper Cos., Inc.		571		183,457
Thermo Fisher Scientific, Inc.		564		183,226
UnitedHealth Group, Inc.		621		182,562
Universal Health Services, Inc., Class B		1,012		145,182
Varian Medical Systems, Inc. (a)		1,487		211,169
Veeva Systems, Inc., Class A (a)		621		87,350
Vertex Pharmaceuticals, Inc. (a)		711		155,673
Waters Corp. (a)		604		141,125
West Pharmaceutical Services, Inc.		1,091		164,010
Zoetis, Inc.		1,336		176,820
				9,644,766
Industrials (16.6%):
3M Co.		894		157,719
AECOM (a)		4,522		195,034
AGCO Corp.		1,878		145,076
Alaska Air Group, Inc.		2,505		169,713
Allegion PLC		1,951		242,977
Allison Transmission Holdings, Inc.		3,434		165,931
AMERCO, Inc.		517		194,298
American Airlines Group, Inc. (b)		3,759		107,808
AMETEK, Inc.		2,207		220,127
AO Smith Corp. (b)		3,242		154,449
BWX Technologies, Inc.		2,302		142,908
C.H. Robinson Worldwide, Inc.		2,025		158,355
Carlisle Cos., Inc.		1,198		193,884
Caterpillar, Inc.		1,136		167,764

See notes to financial statements.

Victory Portfolios II
Victory US 500 Enhanced Volatility Wtd Index Fund

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Cintas Corp.		647	$	174,095
Copart, Inc. (a)		2,345		213,254
CoStar Group, Inc. (a) (c)		220		131,626
CSX Corp.		2,335		168,961
Cummins, Inc.		1,054		188,624
Deere & Co.		851		147,444
Delta Air Lines, Inc.		2,517		147,194
Donaldson Co., Inc.		3,224		185,767
Dover Corp.		1,686		194,328
Eaton Corp. PLC		2,076		196,639
Emerson Electric Co.		2,717		207,198
Expeditors International of Washington, Inc.		2,415		188,418
Fastenal Co.		4,981		184,048
Flowserve Corp.		2,750		136,868
Fortive Corp.		2,420		184,864
Fortune Brands Home & Security, Inc.		2,683		175,307
Gardner Denver Holdings, Inc. (a)		3,789		138,981
General Dynamics Corp.		948		167,180
Graco, Inc.		3,814		198,328
HD Supply Holdings, Inc. (a)		4,746		190,884
HEICO Corp.		1,014		115,748
Hexcel Corp.		1,990		145,887
Honeywell International, Inc.		1,240		219,481
Hubbell, Inc.		1,222		180,636
Huntington Ingalls Industries, Inc.		780		195,686
IDEX Corp.		1,060		182,320
Illinois Tool Works, Inc.		1,077		193,462
Ingersoll-Rand PLC		1,493		198,450
J.B. Hunt Transport Services, Inc.		1,249		145,858
Kansas City Southern		1,204		184,405
Knight-Swift Transportation Holdings, Inc. (b)		2,601		93,220
L3Harris Technologies, Inc.		714		141,279
Lennox International, Inc.		708		172,731
Lockheed Martin Corp.		503		195,858
Masco Corp.		3,172		152,224
Nordson Corp.		1,126		183,358
Norfolk Southern Corp.		861		167,146
Northrop Grumman Corp.		434		149,283
Old Dominion Freight Line, Inc.		856		162,452
Owens Corning, Inc.		2,088		135,971
PACCAR, Inc.		2,580		204,077
Parker-Hannifin Corp.		856		176,182
Republic Services, Inc., Class A		3,067		274,895
Robert Half International, Inc.		2,451		154,781
Rockwell Automation, Inc.		923		187,064
Rollins, Inc.		4,516		149,751
Roper Technologies, Inc.		515		182,428
Snap-on, Inc.		997		168,892
Southwest Airlines Co.		2,817		152,062
Spirit Aerosystems Holdings, Inc., Class A		1,588		115,733

See notes to financial statements.

Victory Portfolios II
Victory US 500 Enhanced Volatility Wtd Index Fund

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Teledyne Technologies, Inc. (a)		580	$	200,994
Textron, Inc.		2,962		132,105
The Middleby Corp. (a)		1,296		141,938
Toro Co.		2,669		212,638
TransDigm Group, Inc.		254		142,240
TransUnion		1,803		154,355
Union Pacific Corp.		910		164,519
United Airlines Holdings, Inc. (a)		1,741		153,365
United Parcel Service, Inc., Class B		1,170		136,960
United Rentals, Inc. (a)		850		141,755
United Technologies Corp.		1,217		182,258
Verisk Analytics, Inc., Class A		1,464		218,633
W.W. Grainger, Inc.		497		168,244
Waste Management, Inc.		2,083		237,379
Watsco, Inc. (b)		1,029		185,374
Woodward, Inc.		1,222		144,734
XPO Logistics, Inc. (a)		925		73,723
Xylem, Inc.		2,267		178,617
				13,987,202
Information Technology (16.2%):
Accenture PLC, Class A		979		206,148
Adobe, Inc. (a)		466		153,691
Advanced Micro Devices, Inc. (a)		1,970		90,344
Akamai Technologies, Inc. (a)		1,781		153,843
Alliance Data Systems Corp.		869		97,502
Amphenol Corp., Class A		1,867		202,065
Analog Devices, Inc.		1,143		135,834
ANSYS, Inc. (a)		737		189,711
Apple, Inc.		604		177,364
Applied Materials, Inc.		2,148		131,114
Arista Networks, Inc. (a)		422		85,835
Aspen Technology, Inc. (a)		867		104,846
Automatic Data Processing, Inc.		1,109		189,085
Black Knight, Inc. (a)		3,782		243,863
Booz Allen Hamilton Holdings Corp.		2,539		180,599
Broadcom, Inc.		418		132,096
Broadridge Financial Solutions, Inc.		1,462		180,615
CACI International, Inc., Class A (a)		733		183,243
Cadence Design Systems, Inc. (a)		2,076		143,991
CDW Corp.		1,213		173,265
Ciena Corp. (a)		2,121		90,545
Cisco Systems, Inc.		3,061		146,806
Citrix Systems, Inc.		2,476		274,589
Cognex Corp.		2,322		130,125
Cognizant Technology Solutions Corp., Class A		2,295		142,336
Corning, Inc.		4,665		135,798
Dolby Laboratories, Inc., Class A		2,393		164,638
DXC Technology Co.		2,420		90,968
Entegris, Inc.		2,631		131,787
EPAM Systems, Inc. (a)		676		143,420

See notes to financial statements.

Victory Portfolios II
Victory US 500 Enhanced Volatility Wtd Index Fund

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Euronet Worldwide, Inc. (a)		950	$	149,682
F5 Networks, Inc. (a)		1,079		150,682
Fair Isaac Corp. (a)		383		143,502
Fidelity National Information Services, Inc.		1,365		189,858
Fiserv, Inc. (a)		1,450		167,664
FleetCor Technologies, Inc. (a)		539		155,081
FLIR Systems, Inc.		3,272		170,373
Fortinet, Inc. (a)		1,422		151,813
Gartner, Inc. (a)		939		144,700
Genpact Ltd.		4,690		197,777
Global Payments, Inc.		972		177,448
HP, Inc.		6,370		130,904
Intel Corp.		2,759		165,126
International Business Machines Corp.		1,248		167,282
IPG Photonics Corp. (a)		756		109,560
Jack Henry & Associates, Inc.		1,424		207,434
Juniper Networks, Inc.		6,800		167,484
KLA Corp.		780		138,973
Lam Research Corp.		474		138,598
Leidos Holdings, Inc.		1,930		188,928
Manhattan Associates, Inc. (a)		1,282		102,240
Mastercard, Inc., Class A		580		173,182
Maxim Integrated Products, Inc.		2,336		143,687
Microchip Technology, Inc.		1,223		128,073
Micron Technology, Inc. (a)		1,806		97,127
Microsoft Corp. (c)		1,148		181,040
Monolithic Power Systems, Inc.		723		128,708
Motorola Solutions, Inc.		801		129,073
National Instruments Corp.		3,443		145,777
NetApp, Inc.		2,052		127,737
NVIDIA Corp.		516		121,415
ON Semiconductor Corp. (a)		4,884		119,072
Oracle Corp.		3,438		182,145
Paychex, Inc.		2,538		215,882
Paycom Software, Inc. (a)		432		114,376
Paylocity Holding Corp. (a)		854		103,180
PayPal Holdings, Inc. (a)		1,334		144,299
Qorvo, Inc. (a)		1,530		177,831
RealPage, Inc. (a)		2,239		120,346
Sabre Corp.		6,076		136,345
Salesforce.com, Inc. (a)		820		133,365
Seagate Technology PLC		2,261		134,530
Skyworks Solutions, Inc.		1,345		162,584
SS&C Technologies Holdings, Inc.		2,326		142,816
Synopsys, Inc. (a)		1,085		151,032
TE Connectivity Ltd.		1,762		168,870
Teradyne, Inc.		1,707		116,400
Texas Instruments, Inc.		1,055		135,346
The Trade Desk, Inc., Class A (a)		244		63,386
The Western Union Co.		9,567		256,204
Trimble, Inc. (a)		3,575		149,042

See notes to financial statements.

Victory Portfolios II
Victory US 500 Enhanced Volatility Wtd Index Fund

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Tyler Technologies, Inc. (a)		643	$	192,914
Ubiquiti, Inc.		922		174,240
Universal Display Corp.		382		78,719
VeriSign, Inc. (a)		858		165,319
Visa, Inc., Class A		1,021		191,846
VMware, Inc., Class A (a) (b)		697		105,798
WEX, Inc. (a)		679		142,223
Xerox Holdings Corp.		3,772		139,073
Xilinx, Inc.		806		78,803
Zebra Technologies Corp. (a)		443		113,160
				13,606,140
Materials (5.6%):
Air Products & Chemicals, Inc.		921		216,426
Albemarle Corp. (b)		1,713		125,118
AptarGroup, Inc.		1,911		220,950
Ball Corp.		2,268		146,672
Celanese Corp., Series A		1,229		151,314
CF Industries Holdings, Inc.		2,419		115,483
Crown Holdings, Inc. (a)		2,334		169,308
Eastman Chemical Co.		2,044		162,007
Ecolab, Inc.		998		192,604
FMC Corp.		1,690		168,696
International Flavors & Fragrances, Inc. (b)		1,170		150,953
International Paper Co.		3,458		159,241
LyondellBasell Industries NV, Class A		1,673		158,065
Martin Marietta Materials, Inc.		615		171,978
NewMarket Corp.		384		186,824
Nucor Corp.		2,970		167,152
Packaging Corp. of America		1,409		157,794
PPG Industries, Inc.		1,633		217,990
Reliance Steel & Aluminum Co.		1,620		194,011
Royal Gold, Inc. (b)		1,167		142,666
RPM International, Inc.		2,482		190,518
Sealed Air Corp.		3,683		146,694
Sonoco Products Co.		3,784		233,548
Steel Dynamics, Inc.		4,210		143,308
The Sherwin-Williams Co.		307		179,147
Vulcan Materials Co.		1,136		163,573
Westlake Chemical Corp.		1,729		121,289
Westrock Co.		3,184		136,625
				4,689,954
Real Estate (0.5%):
CBRE Group, Inc., Class A (a)		2,928		179,457
Jones Lang LaSalle, Inc.		908		158,074
The Howard Hughes Corp. (a)		550		69,740
				407,271
Utilities (7.6%):
AES Corp.		11,017		219,238
Alliant Energy Corp.		4,694		256,856

See notes to financial statements.

Victory Portfolios II
Victory US 500 Enhanced Volatility Wtd Index Fund

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Ameren Corp.		3,046	$	233,933
American Electric Power Co., Inc.		2,755		260,375
American Water Works Co., Inc.		1,843		226,413
Atmos Energy Corp.		2,136		238,933
CenterPoint Energy, Inc.		8,325		227,023
CMS Energy Corp.		3,870		243,191
Consolidated Edison, Inc.		2,733		247,255
DTE Energy Co.		2,030		263,636
Duke Energy Corp.		2,926		266,880
Evergy, Inc.		3,735		243,111
Eversource Energy		3,226		274,436
Exelon Corp.		4,994		227,676
FirstEnergy Corp.		4,973		241,688
IDACORP, Inc.		2,087		222,892
MDU Resources Group, Inc.		7,992		237,442
NextEra Energy, Inc.		1,170		283,327
OGE Energy Corp.		5,462		242,895
Pinnacle West Capital Corp.		2,433		218,800
PPL Corp.		7,273		260,955
Public Service Enterprise Group, Inc.		3,956		233,602
Sempra Energy		1,776		269,027
The Southern Co.		4,365		278,051
WEC Energy Group, Inc.		2,599		239,706
Xcel Energy, Inc.		3,896		245,263
				6,402,604
Total Common Stocks (Cost $66,356,005)				83,789,840
Investment Companies (0.0%)*
BlackRock Liquidity Funds T-Fund, Institutional Class, 1.52% (d)		137,721		137,721
Total Investment Companies (Cost $137,721)				137,721
Collateral for Securities Loaned^ (2.8%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (d)		113,454		113,454
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (d)		625,051		625,051
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (d)		18,950		18,950
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (d)		377,596		377,596
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (d)		415,385		415,385
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (d)		830,741		830,741
Total Collateral for Securities Loaned (Cost $2,381,177)				2,381,177
Total Investments (Cost $68,874,903) — 102.6%				86,308,738
Liabilities in excess of other assets — (2.6)%				(2,289,540	)
NET ASSETS — 100.00%			$	84,019,198

^ Purchased with cash collateral from securities on loan.

* Amount represents less than 0.05% of net assets.

See notes to financial statements.

Victory Portfolios II
Victory US 500 Enhanced Volatility Wtd Index Fund

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

(a) Non-income producing security.

(b) All or a portion of this security is on loan.

(d) Rate disclosed is the daily yield on December 31, 2019.

PLC — Public Limited Company

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini S&P 500 Future		2	3/20/20	$	314,603	$	323,110	$	8,507
	Total unrealized appreciation							$	8,507
	Total unrealized depreciation								—
	Total net unrealized appreciation(depreciation)							$	8,507

See notes to financial statements.

Victory Portfolios II
Victory Market Neutral Income Fund

Schedule of Portfolio Investments
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Common Stocks (84.8%)
Australia (1.9%):
Consumer Staples (0.2%):
Wesfarmers Ltd.		12,510	$	363,485
Energy (0.2%):
Woodside Petroleum Ltd.		14,694		355,205
Financials (0.6%):
Australia & New Zealand Banking Group Ltd.		18,179		313,449
National Australia Bank Ltd.		20,936		362,202
Westpac Banking Corp.		16,759		286,129
				961,780
Materials (0.7%):
BHP Group Ltd.		13,614		372,704
BHP Group PLC		12,946		303,329
Fortescue Metals Group Ltd.		28,979		218,408
Rio Tinto Ltd.		4,576		323,684
				1,218,125
Utilities (0.2%):
AGL Energy Ltd.		24,798		356,857
				3,255,452
Bermuda (0.4%):
Financials (0.2%):
Invesco Ltd. (a)		16,981		305,318
Industrials (0.2%):
Triton International Ltd.		10,474		421,055
				726,373
Brazil (0.5%):
Industrials (0.2%):
EcoRodovias Infraestrutura e Logistica SA (b)		77,100		313,736
Information Technology (0.1%):
Cielo SA		79,900		166,792
Utilities (0.2%):
Engie Brasil Energia SA		27,502		348,173
				828,701
Canada (2.2%):
Communication Services (1.1%):
BCE, Inc.		13,681		633,895
Shaw Communications, Inc., Class B		26,710		542,058
TELUS Corp.		19,313		747,888
				1,923,841

See notes to financial statements.

Victory Portfolios II
Victory Market Neutral Income Fund

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Energy (0.5%):
Inter Pipeline Ltd. (a)		19,192	$	333,170
Pembina Pipeline Corp. (a)		12,652		468,993
				802,163
Financials (0.6%):
Great-West Lifeco, Inc.		19,292		494,187
Power Financial Corp.		21,127		568,528
				1,062,715
				3,788,719
Chile (0.5%):
Utilities (0.5%):
Aguas Andinas SA		932,901		396,221
Colbun SA		2,356,496		376,574
				772,795
China (3.6%):
Consumer Discretionary (0.1%):
Great Wall Motor Co. Ltd., Class H		313,000		231,605
Energy (0.6%):
China Petroleum & Chemical Corp., Class H		596,000		358,893
China Shenhua Energy Co. Ltd., Class H		181,500		379,524
Yanzhou Coal Mining Co. Ltd.		310,000		278,535
				1,016,952
Financials (2.2%):
Agricultural Bank of China Ltd.		1,315,000		578,849
Bank of China Ltd.		1,208,000		516,427
Bank of Communications Co. Ltd., Class H		602,000		427,799
China Cinda Asset Management Co. Ltd.		1,383,000		314,381
China CITIC Bank Corp. Ltd.		850,000		509,698
China Construction Bank Corp., Class H		604,000		523,727
China Minsheng Banking Corp. Ltd.		552,000		417,213
GF Securities Co. Ltd.		202,800		247,022
Huatai Securities Co. Ltd. (c)		140,200		247,977
				3,783,093
Industrials (0.2%):
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		331,000		277,477
Materials (0.2%):
Sinopec Shanghai Petrochemical Co. Ltd.		1,018,000		307,333
Real Estate (0.3%):
Guangzhou R&f Properties Co. Ltd., Class H		147,200		271,835
Logan Property Holdings Co. Ltd.		148,000		248,347
				520,182
				6,136,642

See notes to financial statements.

Victory Portfolios II
Victory Market Neutral Income Fund

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Curacao (0.2%):
Energy (0.2%):
Schlumberger Ltd.		7,401	$	297,520
Czech Republic (0.7%):
Financials (0.3%):
Komercni Banka AS		13,616		498,881
Utilities (0.4%):
CEZ AS		28,541		641,827
				1,140,708
Denmark (0.2%):
Financials (0.2%):
Danske Bank A/S		17,879		289,293
Egypt (0.3%):
Consumer Staples (0.2%):
Eastern Tobacco		353,999		344,860
Industrials (0.1%):
Elsewedy Electric Co.		308,369		221,570
				566,430
Finland (1.0%):
Financials (0.5%):
Nordea Bank ABP		43,840		354,786
Sampo Oyj, Class A		9,762		426,203
				780,989
Materials (0.3%):
Stora ENSO Oyj, R Shares		17,147		249,481
UPM-Kymmene Oyj		8,583		297,757
				547,238
Utilities (0.2%):
Fortum Oyj		14,162		349,537
				1,677,764
France (2.1%):
Communication Services (0.4%):
Orange SA		32,534		478,086
Publicis Groupe SA		5,023		227,730
				705,816
Consumer Discretionary (0.1%):
Renault SA		3,910		185,660
Energy (0.3%):
Total SA		7,632		423,468
Financials (0.7%):
BNP Paribas SA		5,825		346,197
Credit Agricole SA		22,329		324,889

See notes to financial statements.

Victory Portfolios II
Victory Market Neutral Income Fund

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Natixis SA		55,328	$	246,439
Societe Generale SA		8,555		298,527
				1,216,052
Industrials (0.2%):
Alstom SA (a)		6,396		303,906
Utilities (0.4%):
Engie SA		24,611		398,623
Suez		22,544		341,586
				740,209
				3,575,111
Germany (0.9%):
Consumer Discretionary (0.2%):
Bayerische Motoren Werke AG		4,684		383,614
Industrials (0.2%):
Hochtief AG		2,144		272,942
Materials (0.5%):
BASF SE		4,232		318,797
Covestro AG (c)		4,509		209,786
Evonik Industries AG		9,884		301,855
				830,438
				1,486,994
Hong Kong (1.7%):
Energy (0.2%):
CNOOC Ltd.		179,000		297,666
Industrials (0.5%):
China Merchants Port Holdings Co. Ltd.		246,000		416,264
CK Hutchison Holdings Ltd.		46,000		438,660
				854,924
Materials (0.2%):
China Resources Cement Holdings Ltd.		314,000		399,740
Real Estate (0.1%):
Agile Group Holdings Ltd.		158,000		237,444
Utilities (0.7%):
CK Infrastructure Holdings Ltd.		64,000		455,497
Power Assets Holdings Ltd.		87,000		636,500
				1,091,997
				2,881,771
India (0.3%):
Communication Services (0.2%):
Bharti Infratel Ltd.		69,209		244,920
Materials (0.1%):
Vedanta Ltd.		98,587		210,898
				455,818

See notes to financial statements.

Victory Portfolios II
Victory Market Neutral Income Fund

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Indonesia (0.5%):
Energy (0.5%):
PT Adaro Energy Tbk		2,516,000	$	281,217
PT United Tractors Tbk		173,000		267,904
PT Tambang Batubara Bukit Asam Tbk		1,457,000		278,732
				827,853
Ireland (0.6%):
Communication Services (0.2%):
WPP PLC		22,877		321,882
Industrials (0.2%):
Eaton Corp. PLC		4,154		393,467
Information Technology (0.2%):
Seagate Technology PLC		4,523		269,118
				984,467
Italy (0.7%):
Energy (0.5%):
Eni SpA		26,455		410,844
Snam SpA		70,884		372,662
				783,506
Financials (0.2%):
Intesa Sanpaolo SpA		125,884		331,574
				1,115,080
Japan (2.1%):
Consumer Discretionary (0.3%):
Aisin Seiki Co. Ltd.		7,600		281,541
Nissan Motor Co. Ltd.		49,700		288,038
				569,579
Consumer Staples (0.3%):
Japan Tobacco, Inc. (a)		18,700		417,003
Industrials (1.1%):
FANUC Corp.		1,400		258,567
Komatsu Ltd.		11,000		264,053
Marubeni Corp.		42,100		311,094
Mitsubishi Corp.		14,200		376,229
Mitsui & Co. Ltd.		21,100		375,115
Sumitomo Corp.		23,400		347,616
				1,932,674
Information Technology (0.2%):
Canon, Inc. (a)		14,300		391,423
Materials (0.2%):
Mitsubishi Chemical Holdings Corp.		39,400		293,617
				3,604,296

See notes to financial statements.

Victory Portfolios II
Victory Market Neutral Income Fund

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Korea, Republic Of (0.4%):
Energy (0.2%):
SK Innovation Co. Ltd.		1,871	$	242,171
Financials (0.2%):
Hana Financial Group, Inc.		12,155		386,677
				628,848
Macau (0.3%):
Consumer Discretionary (0.3%):
Sands China Ltd.		46,800		250,072
Wynn Macau Ltd.		86,800		213,900
				463,972
Malaysia (0.9%):
Financials (0.6%):
Malayan Banking Berhad		430,300		909,633
Utilities (0.3%):
Petronas Gas Berhad		129,300		525,812
				1,435,445
Mexico (0.5%):
Financials (0.2%):
Grupo Financiero Banorte SAB de CV		47,808		267,199
Industrials (0.1%):
ALFA SAB de CV		321,090		266,341
Materials (0.2%):
Grupo Mexico SAB de CV, Series B		114,705		314,687
				848,227
Netherlands (0.9%):
Consumer Staples (0.2%):
Koninklijke Ahold Delhaize NV		16,089		403,356
Energy (0.1%):
Core Laboratories NV (a)		5,754		216,753
Financials (0.2%):
ING Groep NV		26,365		316,944
Industrials (0.2%):
Randstad NV		5,680		348,013
Materials (0.2%):
LyondellBasell Industries NV, Class A		3,346		316,130
				1,601,196
Norway (0.6%):
Consumer Staples (0.2%):
Mowi ASA		11,542		300,205

See notes to financial statements.

Victory Portfolios II
Victory Market Neutral Income Fund

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Energy (0.4%):
Aker BP ASA		7,322	$	240,393
Equinor ASA		19,465		388,310
				628,703
				928,908
Philippines (0.5%):
Communication Services (0.3%):
Globe Telecom, Inc.		7,270		289,972
PLDT, Inc.		10,505		206,089
				496,061
Utilities (0.2%):
Manila Electric Co.		49,230		308,054
				804,115
Poland (0.7%):
Financials (0.7%):
Bank Pekao SA		15,364		406,746
Powszechny Zaklad Ubezpieczen SA		42,700		451,152
Santander Bank Polska SA		3,933		318,753
				1,176,651
Russian Federation (2.2%):
Communication Services (0.3%):
Rostelecom PJSC		430,040		544,049
Consumer Staples (0.2%):
Magnit PJSC		6,597		365,412
Energy (0.2%):
Tatneft PJSC		30,190		370,686
Materials (1.2%):
Alrosa PJSC		374,160		509,531
Evraz PLC		32,834		175,793
MMC Norilsk Nickel PJSC		1,560		481,027
PhosAgro PJSC, GDR		37,162		472,431
Severstal PJSC		26,370		399,721
				2,038,503
Utilities (0.3%):
Federal Grid Co. Unified Energy System PJSC		123,890,000		402,138
				3,720,788
Singapore (0.3%):
Communication Services (0.3%):
Singapore Telecommunications Ltd.		189,700		475,724
South Africa (2.7%):
Communication Services (0.4%):
MTN Group Ltd.		35,109		207,084
Telkom SA SOC Ltd.		52,128		129,844

See notes to financial statements.

Victory Portfolios II
Victory Market Neutral Income Fund

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Vodacom Group Ltd.		41,953	$	345,785
				682,713
Consumer Discretionary (0.3%):
Mr. Price Group Ltd.		16,234		212,058
The Foschini Group Ltd.		26,675		285,082
				497,140
Consumer Staples (0.4%):
AVI Ltd.		55,753		354,523
Tiger Brands Ltd.		23,831		358,911
				713,434
Energy (0.1%):
Exxaro Resources Ltd.		25,981		242,998
Financials (0.8%):
Absa Group Ltd.		26,910		287,231
Nedbank Group Ltd.		20,854		319,483
Old Mutual Ltd.		254,672		357,609
Standard Bank Group Ltd.		26,821		322,775
				1,287,098
Health Care (0.2%):
Netcare Ltd.		291,452		405,343
Industrials (0.2%):
Barloword Ltd.		40,849		329,118
Materials (0.3%):
Sappi Ltd.		60,190		187,551
Sasol Ltd.		11,657		253,041
				440,592
				4,598,436
Spain (1.3%):
Communication Services (0.2%):
Telefonica SA		56,946		398,195
Energy (0.2%):
Repsol SA		22,561		354,407
Financials (0.2%):
CaixaBank SA		102,259		321,992
Industrials (0.2%):
ACS, Actividades de Construccion y Servicios SA		7,819		313,626
Utilities (0.5%):
Endesa SA		16,828		449,349
Naturgy Energy Group SA		14,882		374,712
				824,061
				2,212,281

See notes to financial statements.

Victory Portfolios II
Victory Market Neutral Income Fund

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Sweden (1.2%):
Communication Services (0.3%):
Telia Co. AB		109,213	$	469,384
Consumer Discretionary (0.1%):
Hennes & Mauritz AB, B Shares (a)		10,790		220,159
Financials (0.6%):
Skandinaviska Enskilda Banken AB, Class A		34,511		324,500
Svenska Handelsbanken AB, Class A		39,257		422,941
Swedbank AB, A Shares		15,412		229,187
				976,628
Industrials (0.2%):
Volvo AB, Class B		19,787		331,363
				1,997,534
Switzerland (0.4%):
Financials (0.2%):
UBS Group AG, Registered Shares		30,895		389,957
Materials (0.2%):
Glencore PLC		82,523		256,914
				646,871
Taiwan (4.5%):
Consumer Discretionary (0.3%):
Formosa Taffeta Co. Ltd.		396,000		451,774
Industrials (0.5%):
Far Eastern New Century Corp.		452,000		450,204
Walsin Lihwa Corp.		766,000		393,623
				843,827
Information Technology (2.3%):
Compal Electronics, Inc.		1,009,000		635,570
Inventec Corp.		539,000		411,380
Nanya Technology Corp.		112,000		313,463
Pegatron Corp.		171,000		391,087
Powertech Technology, Inc.		136,000		452,667
Quanta Computer, Inc.		239,000		513,434
Walsin Technology Corp.		35,000		279,394
WPG Holdings Ltd.		477,000		622,439
Yageo Corp.		24,000		349,679
				3,969,113
Materials (1.4%):
Asia Cement Corp.		266,000		425,814
Formosa Chemicals & Fibre		147,000		429,503
Nan Ya Plastics Corp.		234,000		568,693
TA Chen Stainless Pipe		347,000		371,396
Taiwan Cement Corp.		346,000		504,730
				2,300,136
				7,564,850

See notes to financial statements.

Victory Portfolios II
Victory Market Neutral Income Fund

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Thailand (1.4%):
Communication Services (0.1%):
Jasmine International PCL		930,500	$	155,322
Energy (0.6%):
Banpu PCL		624,200		247,632
PTT Exploration & Production PCL		79,500		329,990
PTT PCL		288,200		422,923
				1,000,545
Materials (0.2%):
PTT Global Chemical PCL		193,400		367,519
Utilities (0.5%):
TPI Polene Power PCL		2,620,700		384,625
TTW PCL		958,300		441,579
				826,204
				2,349,590
Turkey (0.8%):
Communication Services (0.1%):
Turkcell Iletisim Hizmetleri AS (a)		106,192		246,706
Consumer Discretionary (0.3%):
Ford Otomotiv Sanayi AS		22,736		271,157
Tofas Turk Otomobil Fabrikasi AS		63,793		288,307
				559,464
Industrials (0.2%):
TAV Havalimanlari Holding AS		50,862		249,721
Materials (0.2%):
Eregli Demir ve Celik Fabrikalari TAS		183,818		279,636
				1,335,527
United Kingdom (3.7%):
Communication Services (0.3%):
BT Group PLC		167,902		427,781
Consumer Discretionary (0.2%):
Barratt Developments PLC		40,485		400,799
Consumer Staples (0.3%):
British American Tobacco PLC		6,608		280,811
Imperial Brands PLC		10,305		254,910
				535,721
Energy (0.5%):
BP PLC		56,259		353,861
Royal Dutch Shell PLC, Class A		13,669		404,735
				758,596
Financials (1.3%):
Aviva PLC		80,907		449,010
HSBC Holdings PLC		57,963		453,691

See notes to financial statements.

Victory Portfolios II
Victory Market Neutral Income Fund

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Legal & General Group PLC		124,400	$	499,646
Lloyds Banking Group PLC		572,352		474,076
Royal Bank of Scotland Group PLC		121,862		390,867
				2,267,290
Health Care (0.3%):
GlaxoSmithKline PLC		21,200		498,061
Industrials (0.2%):
International Consolidated Airlines Group SA		44,745		370,171
Materials (0.4%):
Anglo American PLC		11,417		327,937
Rio Tinto PLC		5,458		323,037
				650,974
Utilities (0.2%):
National Grid PLC		32,427		405,184
				6,314,577
United States (41.1%):
Communication Services (1.4%):
AT&T, Inc.		11,042		431,521
Cogent Communications Holdings, Inc.		6,177		406,508
John Wiley & Sons, Inc., Class A		6,913		335,419
Omnicom Group, Inc.		5,099		413,121
Telephone & Data Systems, Inc. (a)		10,565		268,668
Verizon Communications, Inc.		7,113		436,738
				2,291,975
Consumer Discretionary (4.6%):
American Eagle Outfitters, Inc.		14,401		211,695
Best Buy Co., Inc. (a)		3,240		284,472
Brinker International, Inc. (a)		7,539		316,638
Carnival PLC		5,511		264,122
Dine Brands Global, Inc. (a)		3,655		305,266
General Motors Co., Class C		8,470		310,002
Genuine Parts Co.		4,453		473,042
Haverty Furniture Cos., Inc.		14,651		295,364
Hooker Furniture Corp.		12,418		319,018
Kohl's Corp.		3,917		199,571
LCI Industries		3,142		336,602
MDC Holdings, Inc.		8,876		338,708
Movado Group, Inc.		9,213		200,291
PetMed Express, Inc. (a)		14,545		342,098
Ralph Lauren Corp. (a)		2,824		331,029
Ruth's Hospitality Group, Inc. (a)		22,675		493,521
Shutterstock, Inc. (a) (b)		8,219		352,431
Sturm Ruger & Co., Inc. (a)		7,176		337,487
Tailored Brands, Inc. (a)		22,575		93,461
Tapestry, Inc.		7,902		213,117
The Buckle, Inc. (a)		11,438		309,284
The Cheesecake Factory, Inc. (a)		9,908		385,025

See notes to financial statements.

Victory Portfolios II
Victory Market Neutral Income Fund

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
The Children's Place, Inc. (a)		2,521	$	157,613
The Gap, Inc.		11,995		212,072
Tupperware Brands Corp.		13,968		119,845
Whirlpool Corp.		1,701		250,949
Wynn Resorts Ltd.		1,682		233,579
				7,686,302
Consumer Staples (3.2%):
Altria Group, Inc.		6,572		328,009
Archer-Daniels-Midland Co.		9,556		442,921
B&G Foods, Inc. (a)		15,975		286,432
Conagra Brands, Inc.		6,530		223,587
General Mills, Inc.		6,848		366,779
John B Sanfilippo & Son, Inc.		3,712		338,831
Kimberly-Clark Corp.		2,523		347,039
Medifast, Inc. (a)		2,279		249,733
Molson Coors Beverage Co., Class B		5,688		306,583
Philip Morris International, Inc.		3,676		312,791
The Coca-Cola Co.		7,332		405,826
The J.M. Smucker Co.		3,196		332,799
Universal Corp.		6,441		367,523
Vector Group Ltd. (a)		21,357		285,970
Walgreens Boots Alliance, Inc.		5,238		308,832
Weis Markets, Inc.		11,330		458,752
				5,362,407
Energy (2.6%):
Arch Coal, Inc., Class A (a)		3,683		264,218
Archrock, Inc.		23,619		237,135
Chevron Corp.		3,166		381,535
Delek US Holdings, Inc.		6,545		219,454
Exxon Mobil Corp.		5,579		389,302
Falcon Minerals Corp. (a)		38,556		272,205
Halliburton Co.		11,060		270,638
HollyFrontier Corp.		5,097		258,469
Kinder Morgan, Inc.		18,055		382,224
Murphy Oil Corp. (a)		13,651		365,847
Occidental Petroleum Corp.		6,127		252,494
ONEOK, Inc.		4,497		340,288
Peabody Energy Corp.		12,574		114,675
Phillips 66		3,146		350,496
Valero Energy Corp.		3,268		306,048
				4,405,028
Financials (9.6%):
Artisan Partners Asset Management, Inc., Class A		12,766		412,597
BlackRock, Inc., Class A		809		406,684
Cadence BanCorp		16,006		290,189
Cathay General Bancorp		11,925		453,746
Citizens Financial Group, Inc.		8,198		332,921
Columbia Banking System, Inc.		10,601		431,302

See notes to financial statements.

Victory Portfolios II
Victory Market Neutral Income Fund

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Comerica, Inc.		4,374	$	313,834
FBL Financial Group, Inc., Class A		8,036		473,561
Fifth Third Bancorp.		11,223		344,995
First Busey Corp.		17,443		479,682
First Financial Bancorp		15,500		394,320
Franklin Resources, Inc.		11,611		301,654
Great Western Bancorp, Inc.		11,942		414,865
Hope Bancorp, Inc.		25,553		379,718
Huntington Bancshares, Inc.		22,841		344,442
JPMorgan Chase & Co.		3,454		481,488
KeyCorp		16,399		331,916
MetLife, Inc.		7,939		404,651
Moelis & Co., Class A		8,912		284,471
Morgan Stanley		7,199		368,013
Navient Corp.		23,047		315,283
New York Community Bancorp, Inc.		27,718		333,170
Northwest Bancshares, Inc. (a)		35,214		585,609
Park National Corp.		4,403		450,779
People's United Financial, Inc.		23,200		392,080
Principal Financial Group, Inc.		5,468		300,740
Provident Financial Services, Inc.		19,596		483,041
Prudential Financial, Inc.		3,664		343,463
Regions Financial Corp.		18,458		316,739
Safety Insurance Group, Inc.		4,998		462,465
Sandy Spring Bancorp, Inc. (a)		12,543		475,129
Santander Consumer USA Holdings, Inc.		11,163		260,879
Southside Bancshares, Inc. (a)		12,983		482,189
State Street Corp.		5,692		450,237
Synovus Financial Corp.		7,312		286,630
TCF Financial Corp.		6,496		304,013
The Progressive Corp.		4,512		326,624
Truist Financial Corp.		7,371		415,135
Waddell & Reed Financial, Inc., Class A (a)		21,140		353,461
Wells Fargo & Co.		7,667		412,485
WesBanco, Inc.		11,835		447,245
Zions Bancorp NA		7,002		363,544
				16,205,989
Health Care (1.7%):
Bristol-Myers Squibb Co.		5,457		350,285
Cardinal Health, Inc.		5,905		298,675
Gilead Sciences, Inc.		5,325		346,019
Johnson & Johnson		2,923		426,378
Meridian Bioscience, Inc.		26,334		257,283
National Healthcare Corp.		6,322		546,410
Patterson Cos., Inc.		20,936		428,769
Phibro Animal Health Corp., Class A (a)		8,961		222,502
				2,876,321

See notes to financial statements.

Victory Portfolios II
Victory Market Neutral Income Fund

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Industrials (6.1%):
3M Co.		1,788	$	315,439
Aircastle Ltd.		17,977		575,444
Applied Industrial Technologies, Inc.		6,408		427,350
Caterpillar, Inc.		2,273		335,677
Cummins, Inc.		2,110		377,606
Emerson Electric Co.		5,436		414,549
Ennis, Inc.		20,846		451,316
GATX Corp.		4,859		402,568
H&E Equipment Services, Inc.		10,126		338,512
Healthcare Services Group (a)		10,508		255,555
Hillenbrand, Inc.		11,422		380,467
HNI Corp.		10,187		381,605
Interface, Inc.		25,493		422,929
Kennametal, Inc.		9,360		345,290
Knoll, Inc.		16,794		424,216
Matson, Inc.		9,033		368,546
Matthews International Corp., Class A (a)		9,564		365,058
McGrath RentCorp		5,780		442,401
National Presto Industries, Inc. (a)		3,774		333,584
Resources Connection, Inc.		17,911		292,487
Ryder System, Inc.		5,627		305,602
Steelcase, Inc., Class A		20,505		419,532
Systemax, Inc.		9,526		239,674
The Greenbrier Cos., Inc.		10,545		341,974
Trinity Industries, Inc.		15,511		343,569
United Parcel Service, Inc., Class B		2,340		273,920
Wabash National Corp. (a)		22,177		325,780
Watsco, Inc. (a)		2,058		370,749
				10,271,399
Information Technology (2.7%):
AVX Corp.		23,854		488,291
Benchmark Electronics, Inc.		13,371		459,428
Broadcom, Inc.		835		263,877
Cisco Systems, Inc.		6,123		293,659
HP, Inc.		12,743		261,869
International Business Machines Corp.		2,497		334,698
Juniper Networks, Inc.		13,604		335,066
Maxim Integrated Products, Inc.		4,672		287,375
NetApp, Inc.		4,106		255,598
Paychex, Inc.		5,077		431,850
The Western Union Co. (a)		19,140		512,569
Vishay Intertechnology, Inc.		16,530		351,924
Xerox Holdings Corp.		7,545		278,184
				4,554,388
Materials (4.6%):
Cabot Corp.		7,189		341,621
Commercial Metals Co.		16,810		374,359
Domtar Corp.		8,781		335,785

See notes to financial statements.

Victory Portfolios II
Victory Market Neutral Income Fund

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Eastman Chemical Co.		4,089	$	324,094
Futurefuel Corp.		19,871		246,202
Greif, Inc., Class A		6,227		275,233
Innophos Holdings, Inc.		11,278		360,670
International Paper Co.		6,918		318,574
Kaiser Aluminum Corp.		4,086		453,097
Kronos Worldwide, Inc.		23,728		317,955
Louisiana-Pacific Corp.		14,156		420,009
Neenah, Inc.		5,114		360,179
Nucor Corp.		5,942		334,416
Packaging Corp. of America		2,818		315,588
PolyOne Corp.		9,555		351,528
Schnitzer Steel Industries, Inc.		11,598		251,445
Schweitzer-Mauduit International, Inc.		7,849		329,580
Sensient Technologies Corp. (a)		7,050		465,934
Sonoco Products Co.		7,572		467,344
Steel Dynamics, Inc.		8,422		286,685
The Chemours Co. (a)		13,135		237,612
Westrock Co.		6,369		273,294
Worthington Industries, Inc.		8,945		377,300
				7,818,504
Utilities (4.6%):
AES Corp.		22,041		438,616
American Electric Power Co., Inc.		5,513		521,034
CenterPoint Energy, Inc.		16,655		454,182
Consolidated Edison, Inc.		5,468		494,690
Duke Energy Corp.		5,855		534,034
Evergy, Inc.		7,474		486,483
Exelon Corp.		9,991		455,490
FirstEnergy Corp.		9,949		483,521
MDU Resources Group, Inc.		15,990		475,063
OGE Energy Corp.		10,927		485,924
Otter Tail Corp.		10,009		513,362
Pinnacle West Capital Corp.		4,868		437,779
PPL Corp.		14,550		522,054
Public Service Enterprise Group, Inc.		7,914		467,322
The Southern Co.		8,732		556,228
Unitil Corp.		7,969		492,644
				7,818,426
				69,290,739
Total Common Stocks (Cost $131,502,597)				142,806,066
Preferred Stocks (0.2%)
Brazil (0.2%):
Energy (0.2%):
Petroleo Brasileiro SA , 3.11%		40,500		305,951
Total Preferred Stocks (Cost $263,584)				305,951

See notes to financial statements.

Victory Portfolios II
Victory Market Neutral Income Fund

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Rights (0.0%) (d)
Spain (0.0%): (d)
Energy (0.0%): (d)
Repsol SA Expires 01/08/20 (b)		23,843	$	11,312
United States (0.0%): (d)
Materials (0.0%): (d)
Schulman, Inc. (b) (e) (f) (g)		1,513		—	(h)
Total Rights (Cost $14,293)				11,312
Collateral for Securities Loaned^ (6.2%)
United States (6.2%):
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (i)		500,174		500,174
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (i)		2,755,599		2,755,599
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (i)		83,541		83,541
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (i)		1,664,667		1,664,667
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (i)		1,831,262		1,831,262
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (i)		3,662,400		3,662,400
Total Collateral for Securities Loaned (Cost $10,497,643)				10,497,643
Total Investments (Cost $142,278,117) — 91.2%				153,620,972
Other assets in excess of liabilities — 8.8%				14,832,360
NET ASSETS — 100.00%			$	168,453,332

^ Purchased with cash collateral from securities on loan.

(a) All or a portion of this security is on loan.

(b) Non-income producing security.

(c) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of December 31, 2019, the fair value of these securities was $457,763 and amounted to 0.3% of net assets.

(d) Amount represents less than 0.05% of net assets.

(e) Security was fair valued based upon procedures approved by the Board of Trustees and represents 0.0% of the Fund's net assets as of December 31, 2019. This security is classified as Level 3 within the fair value hierarchy. (See Note 2)

(f) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of December 31, 2019, illiquid securities were less than .05% of the Fund's net assets.

(g) No explicit expiration date. Rights are contingent upon the approval and completion of the merger agreement between LyondellBasell Industries N.V. and A. Schulman.

(h) Rounds to less than $1.

(i) Rate disclosed is the daily yield on December 31, 2019.

GDR — Global Depository Receipt

See notes to financial statements.

Victory Portfolios II
Victory Market Neutral Income Fund

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

PCL — Public Company Limited

PLC — Public Limited Company

Futures Contracts Purchased

				Number of Contracts				Expiration Date				Notional Amount				Value				Unrealized Appreciation (Depreciation)
NASDAQ 100 E-Mini Futures					533			3/20/20				$	91,916,924			$	93,298,985			$	1,382,061

Futures Contracts Sold

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini S&P 500 Future		891	3/20/20	$	142,065,018	$	143,945,505	$	(1,880,487	)
Mini MSCI EAFE Index Futures		369	3/20/20		37,034,998		37,573,425		(538,427	)
Mini MSCI Emerging Markets Index Future		538	3/20/20		29,179,467		30,133,380		(953,913	)
Russell 2000 Mini Index Future		415	3/20/20		33,959,853		34,664,950		(705,097	)
								$	(4,077,924	)
	Total unrealized appreciation							$	1,382,061
	Total unrealized depreciation								(4,077,924	)
	Total net unrealized appreciation(depreciation)							$	(2,695,863	)

See notes to financial statements.

Victory Portfolios II

Statements of Assets and Liabilities
December 31, 2019 (Unaudited)

	Victory US 500 Enhanced Volatility Wtd Index Fund			Victory Market Neutral Income Fund
ASSETS:
Investments, at value (Cost $68,874,903 and $142,278,117)	$	86,308,738	(a)	$	153,620,972	(b)
Cash and cash equivalents		2,005			8,150,043
Deposits with brokers for futures contracts		142,277			16,995,065
Interest and dividends receivable		101,616			318,609
Receivable for capital shares issued		340			35,804
Receivable for investments sold		—			609,590
Variation margin receivable on open futures contracts		770			—
Reclaims receivable		—			23,005
Receivable from Adviser		38,477			95,637
Prepaid expenses		381			7,275
Total Assets		86,594,604			179,856,000
LIABILITIES:
Payables:
Collateral received on loaned securities		2,381,177			10,497,643
Custodian		—			310,424
Capital shares redeemed		74,111			1,024
Variation margin payable on open futures contracts		—			463,055
Accrued foreign capital gains taxes		—			2,792
Accrued expenses and other payables:
Investment advisory fees		50,510			85,356
Administration fees		4,024			8,286
Custodian fees		729			6,586
Transfer agent fees		23,100			4,175
Compliance fees		82			136
Trustees' fees		—			1,207
12b-1 fees		17,299			2,852
Other accrued expenses		24,374			19,132
Total Liabilities		2,575,406			11,402,668
NET ASSETS:
Capital		68,020,293			169,454,679
Total distributable earnings/(loss)		15,998,905			(1,001,347	)
Net Assets	$	84,019,198		$	168,453,332
Net Assets
Class A Shares	$	30,545,399		$	24,435,306
Class C Shares		31,857,973			354,378
Class I Shares		21,615,826			143,663,648
Total	$	84,019,198		$	168,453,332
Shares (unlimited number of shares authorized with a par value of $0.001 per share):
Class A Shares		2,237,181			2,553,162
Class C Shares		2,406,234			37,333
Class I Shares		1,582,501			14,932,184
Total		6,225,916			17,522,679
Net asset value, offering (except Class A Shares) and redemption price per share:
Class A Shares	$	13.65		$	9.57
Class C Shares (c)		13.24			9.49
Class I Shares		13.66			9.62
Maximum Sales Charge — Class A Shares		5.75	%		5.75	%
Maximum offering price (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A Shares	$	14.48		$	10.15

(a) Includes $2,333,729 of securities on loan.

(b) Includes $10,115,799 of securities on loan.

See notes to financial statements.

Victory Portfolios II

Statements of Operations
For the Six Months Ended December 31, 2019 (Unaudited)

	Victory US 500 Enhanced Volatility Wtd Index Fund			Victory Market Neutral Income Fund
Investment Income:
Dividends	$	822,105		$	2,558,809
Interest		1,046			144,477
Securities lending (net of fees)		2,428			14,266
Foreign tax withholding		(47	)		(195,672	)
Total Income		825,532			2,521,880
Expenses:
Investment advisory fees		316,965			425,266
Administration fees		26,767			41,889
12b-1 fees — Class A Shares		38,914			1,869
12b-1 fees — Class C Shares		166,072			1,951
Custodian fees		2,667			42,962
Transfer agent fees — Class A Shares		17,079			1,720
Transfer agent fees — Class C Shares		17,887			261
Transfer agent fees — Class I Shares		10,668			28,182
Trustees' fees		4,058			5,082
Compliance fees		378			512
Legal and audit fees		11,701			15,411
State registration and filing fees		31,879			28,601
Other expenses		26,374			32,273
Total Expenses		671,409			625,979
Expenses waived/reimbursed by Adviser		(130,443	)		(292,665	)
Net Expenses		540,966			333,314
Net Investment Income (Loss)		284,566			2,188,566
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities and foreign currency translations		2,620,720			1,698,428
Net realized gains (losses) from futures transactions		22,950			(9,357,590	)
Net realized gains (losses) from written options		—			1,328,817
Foreign taxes on realized gains		—			(24,036	)
Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations		3,835,480			9,278,767
Net change in unrealized appreciation/depreciation on futures transactions		3,096			(1,027,395	)
Net change in unrealized appreciation/depreciation on written options		—			40,524
Net change in accrued foreign taxes on unrealized gains		—			16,385
Net realized/unrealized gains (losses) on investments		6,482,246			1,953,900
Change in net assets resulting from operations	$	6,766,812		$	4,142,466

See notes to financial statements.

Victory Portfolios II

Statements of Changes in Net Assets

	Victory US 500 Enhanced Volatility Wtd Index Fund						Victory Market Neutral Income Fund
	Six Months Ended December 31, 2019 (Unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (Unaudited)			Year Ended June 30, 2019
From Investment Activities:
Operations:
Net investment income (loss)	$	284,566		$	756,729		$	2,188,566		$	2,003,995
Net realized gains (losses) from investments		2,643,670			12,653,453			(6,354,381	)		1,293,733
Net change in unrealized appreciation/depreciation on investments		3,838,576			(15,031,990	)		8,308,281			(2,114,714	)
Change in net assets resulting from operations		6,766,812			(1,621,808	)		4,142,466			1,183,014
Distributions to Shareholders:
Class A Shares		(3,538,350	)		(5,511,646	)		(339,521	)		(846,203	)
Class C Shares		(3,768,202	)		(4,685,954	)		(3,352	)		(9,801	)
Class I Shares		(2,668,257	)		(4,447,685	)		(2,058,775	)		(1,094,578	)
Change in net assets resulting from distributions to shareholders		(9,974,809	)		(14,645,285	)		(2,401,648	)		(1,950,582	)
Change in net assets resulting from capital transactions		(8,328,639	)		(17,658,385	)		78,724,951			45,113,641
Change in net assets		(11,536,636	)		(33,925,478	)		80,465,769			44,346,073
Net Assets:
Beginning of period		95,555,834			129,481,312			87,987,563			43,641,490
End of period	$	84,019,198		$	95,555,834		$	168,453,332		$	87,987,563

(continues on next page)

See notes to financial statements.

Victory Portfolios II

Statements of Changes in Net Assets

(continued)

	Victory US 500 Enhanced Volatility Wtd Index Fund						Victory Market Neutral Income Fund
	Six Months Ended December 31, 2019 (Unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (Unaudited)			Year Ended June 30, 2019
Capital Transactions:
Class A Shares
Proceeds from shares issued	$	367,467		$	3,179,765		$	1,785,397		$	18,863,042
Distributions reinvested		3,510,829			5,443,862			338,557			835,435
Cost of shares redeemed		(5,619,466	)		(20,651,944	)		(10,529,300	)		(10,575,001	)
Total Class A Shares	$	(1,741,170	)	$	(12,028,317	)	$	(8,405,346	)	$	9,123,476
Class C Shares
Proceeds from shares issued	$	390,660		$	5,933,599		$	—		$	193,648
Distributions reinvested		3,728,723			4,654,559			3,352			9,801
Cost of shares redeemed		(6,579,969	)		(11,177,965	)		(91,367	)		(68,456	)
Total Class C Shares	$	(2,460,586	)	$	(589,807	)	$	(88,015	)	$	134,993
Class I Shares
Proceeds from shares issued	$	2,102,404		$	6,951,471		$	91,374,558		$	46,027,381
Distributions reinvested		2,513,769			4,229,419			2,037,771			1,066,302
Cost of shares redeemed		(8,743,056	)		(16,221,151	)		(6,194,017	)		(11,238,511	)
Total Class I Shares	$	(4,126,883	)	$	(5,040,261	)	$	87,218,312		$	35,855,172
Change in net assets resulting from capital transactions	$	(8,328,639	)	$	(17,658,385	)	$	78,724,951		$	45,113,641
Share Transactions:
Class A Shares
Issued		25,188			208,203			186,424			1,959,809
Reinvested		258,649			421,510			35,561			87,585
Redeemed		(389,596	)		(1,419,022	)		(1,101,126	)		(1,096,194	)
Total Class A Shares		(105,759	)		(789,309	)		(879,141	)		951,200
Class C Shares
Issued		27,941			409,244			—			20,286
Reinvested		283,549			371,350			355			1,035
Redeemed		(469,788	)		(777,932	)		(9,763	)		(7,185	)
Total Class C Shares		(158,298	)		2,662			(9,408	)		14,136
Class I Shares
Issued		144,358			456,414			9,616,749			4,782,813
Reinvested		184,973			326,714			212,868			111,472
Redeemed		(605,169	)		(1,131,076	)		(646,883	)		(1,163,832	)
Total Class I Shares		(275,838	)		(347,948	)		9,182,734			3,730,453
Change in Shares		(539,895	)		(1,134,595	)		8,294,185			4,695,789

See notes to financial statements.

Victory Portfolios II

Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
Victory US 500 Enhanced Volatility Wtd Index Fund
Class A
Six Months Ended 12/31/19 (unaudited)	$	14.26		0.06			1.09			1.15			(0.03	)		(1.73	)
Year Ended 6/30/19	$	16.50		0.13			(0.36	)		(0.23	)		(0.12	)		(1.89	)
Year Ended 6/30/18	$	16.04		0.11			1.91			2.02			(0.10	)		(1.46	)
Year Ended 6/30/17	$	13.80		0.11			2.48			2.59			(0.11	)		(0.24	)
Year Ended 6/30/16	$	14.15		0.13			0.16			0.29			(0.12	)		(0.52	)
Year Ended 6/30/15	$	14.16		0.05			0.74			0.79			(0.04	)		(0.76	)
Class C
Six Months Ended 12/31/19 (unaudited)	$	13.90		0.01			1.06			1.07			—	(f)		(1.73	)
Year Ended 6/30/19	$	16.16		0.02			(0.35	)		(0.33	)		(0.04	)		(1.89	)
Year Ended 6/30/18	$	15.78		(0.02	)		1.86			1.84			—	(f)		(1.46	)
Year Ended 6/30/17	$	13.59		—	(f)		2.44			2.44			(0.01	)		(0.24	)
Year Ended 6/30/16	$	13.95		0.02			0.17			0.19			(0.03	)		(0.52	)
Year Ended 6/30/15	$	14.05		(0.05	)		0.71			0.66			—			(0.76	)
Class I
Six Months Ended 12/31/19 (unaudited)	$	14.26		0.08			1.09			1.17			(0.04	)		(1.73	)
Year Ended 6/30/19	$	16.50		0.17			(0.36	)		(0.19	)		(0.16	)		(1.89	)
Year Ended 6/30/18	$	16.05		0.15			1.90			2.05			(0.14	)		(1.46	)
Year Ended 6/30/17	$	13.80		0.15			2.48			2.63			(0.14	)		(0.24	)
Year Ended 6/30/16	$	14.15		0.16			0.16			0.32			(0.15	)		(0.52	)
Year Ended 6/30/15	$	14.16		0.08			0.74			0.82			(0.07	)		(0.76	)

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Not annualized for periods less than one year.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(e) Portfolio turnover increased significantly due to changes in the volume and timing of purchases and sales of portfolio holdings during the year.

(f) Amount is less than $0.005 per share.

See notes to financial statements.

Victory Portfolios II

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return (excludes sales charge)(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
Victory US 500 Enhanced Volatility Wtd Index Fund
Class A
Six Months Ended 12/31/19 (unaudited)		(1.76	)	$	13.65		8.14	%		0.99	%		0.84	%		1.28	%	$	30,545		14	%
Year Ended 6/30/19		(2.01	)	$	14.26		(0.01	)%		0.99	%		0.84	%		1.25	%	$	33,406		120	%(e)
Year Ended 6/30/18		(1.56	)	$	16.50		12.79	%		0.99	%		0.67	%		1.19	%	$	51,671		45	%
Year Ended 6/30/17		(0.35	)	$	16.04		18.89	%		0.99	%		0.75	%		1.35	%	$	36,721		38	%
Year Ended 6/30/16		(0.64	)	$	13.80		2.17	%		0.99	%		0.92	%		1.28	%	$	62,700		46	%
Year Ended 6/30/15		(0.80	)	$	14.15		5.89	%		1.50	%		0.35	%		1.67	%	$	75,399		48	%
Class C
Six Months Ended 12/31/19 (unaudited)		(1.73	)	$	13.24		7.78	%		1.74	%		0.09	%		2.02	%	$	31,858		14	%
Year Ended 6/30/19		(1.93	)	$	13.90		(0.73	)%		1.74	%		0.10	%		2.00	%	$	35,649		120	%(e)
Year Ended 6/30/18		(1.46	)	$	16.16		11.78	%		1.74	%		(0.11	)%		1.97	%	$	41,410		45	%
Year Ended 6/30/17		(0.25	)	$	15.78		18.09	%		1.74	%		0.01	%		2.12	%	$	57,620		38	%
Year Ended 6/30/16		(0.55	)	$	13.59		1.42	%		1.74	%		0.16	%		2.11	%	$	58,249		46	%
Year Ended 6/30/15		(0.76	)	$	13.95		5.01	%		2.25	%		(0.37	)%		2.42	%	$	56,826		48	%
Class I
Six Months Ended 12/31/19 (unaudited)		(1.77	)	$	13.66		8.32	%		0.74	%		1.09	%		1.03	%	$	21,616		14	%
Year Ended 6/30/19		(2.05	)	$	14.26		0.24	%		0.74	%		1.10	%		1.00	%	$	26,501		120	%(e)
Year Ended 6/30/18		(1.60	)	$	16.50		12.97	%		0.74	%		0.91	%		0.95	%	$	36,400		45	%
Year Ended 6/30/17		(0.38	)	$	16.05		19.24	%		0.74	%		1.00	%		1.13	%	$	32,751		38	%
Year Ended 6/30/16		(0.67	)	$	13.80		2.42	%		0.74	%		1.14	%		1.11	%	$	44,170		46	%
Year Ended 6/30/15		(0.83	)	$	14.15		6.16	%		1.25	%		0.60	%		1.42	%	$	63,213		48	%

See notes to financial statements.

Victory Portfolios II

Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
Victory Market Neutral Income Fund
Class A
Six Months Ended 12/31/19 (unaudited)	$	9.51		0.14		0.05			0.19			(0.13	)		—
Year Ended 6/30/19	$	9.61		0.32		(0.13	)		0.19			(0.27	)		(0.02	)
Year Ended 6/30/18	$	9.40		0.24		0.26			0.50			(0.29	)		—
Year Ended 6/30/17	$	9.21		0.24		0.20	(e)		0.44			(0.25	)		—
Year Ended 6/30/16	$	9.41		0.26		(0.02	)		0.24			(0.21	)		(0.23	)
Year Ended 6/30/15	$	9.84		0.22		(0.38	)		(0.16	)		(0.21	)		(0.06	)
Class C
Six Months Ended 12/31/19 (unaudited)	$	9.43		0.10		0.05			0.15			(0.09	)		—
Year Ended 6/30/19	$	9.54		0.25		(0.14	)		0.11			(0.20	)		(0.02	)
Year Ended 6/30/18	$	9.33		0.17		0.26			0.43			(0.22	)		—
Year Ended 6/30/17	$	9.15		0.17		0.20	(e)		0.37			(0.19	)		—
Year Ended 6/30/16	$	9.36		0.19		(0.02	)		0.17			(0.15	)		(0.23	)
Year Ended 6/30/15	$	9.74		0.14		(0.38	)		(0.24	)		(0.08	)		(0.06	)
Class I
Six Months Ended 12/31/19 (unaudited)	$	9.55		0.15		0.06			0.21			(0.14	)		—
Year Ended 6/30/19	$	9.65		0.38		(0.16	)		0.22			(0.30	)		(0.02	)
Year Ended 6/30/18	$	9.44		0.26		0.26			0.52			(0.31	)		—
Year Ended 6/30/17	$	9.24		0.27		0.20	(e)		0.47			(0.27	)		—
Year Ended 6/30/16	$	9.44		0.30		(0.04	)		0.26			(0.23	)		(0.23	)
Year Ended 6/30/15	$	9.89		0.23		(0.37	)		(0.14	)		(0.25	)		(0.06	)

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Not annualized for periods less than one year.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(e) The amount of net realized and unrealized gains (losses) on investments per share for the year ended June 30, 2017 does not accord with the amounts in the Statement of Operations due to timing of purchases and sales of Fund Shares in relation to fluctuating market values.

See notes to financial statements.

Victory Portfolios II

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return (excludes sales charge)(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
Victory Market Neutral Income Fund
Class A
Six Months Ended 12/31/19 (unaudited)		(0.13	)	$	9.57		1.99	%		0.75	%		2.91	%		0.93	%	$	24,435		55	%
Year Ended 6/30/19		(0.29	)	$	9.51		1.99	%		0.75	%		3.36	%		1.03	%	$	32,627		82	%
Year Ended 6/30/18		(0.29	)	$	9.61		5.37	%		0.89	%		2.55	%		1.18	%	$	23,847		69	%
Year Ended 6/30/17		(0.25	)	$	9.40		4.77	%		0.90	%		2.59	%		1.25	%	$	24,998		63	%
Year Ended 6/30/16		(0.44	)	$	9.21		2.54	%		0.90	%		2.72	%		1.06	%	$	29,649		92	%
Year Ended 6/30/15		(0.27	)	$	9.41		(1.62	)%		1.13	%		2.23	%		1.27	%	$	31,313		135	%
Class C
Six Months Ended 12/31/19 (unaudited)		(0.09	)	$	9.49		1.59	%		1.50	%		2.17	%		2.77	%	$	354		55	%
Year Ended 6/30/19		(0.22	)	$	9.43		1.19	%		1.50	%		2.57	%		2.56	%	$	441		82	%
Year Ended 6/30/18		(0.22	)	$	9.54		4.64	%		1.64	%		1.79	%		2.51	%	$	311		69	%
Year Ended 6/30/17		(0.19	)	$	9.33		4.02	%		1.65	%		1.88	%		3.00	%	$	519		63	%
Year Ended 6/30/16		(0.38	)	$	9.15		1.75	%		1.65	%		2.00	%		2.48	%	$	518		92	%
Year Ended 6/30/15		(0.14	)	$	9.36		(2.42	)%		2.02	%		1.88	%		1.29	%	$	385		135	%
Class I
Six Months Ended 12/31/19 (unaudited)		(0.14	)	$	9.62		2.21	%		0.40	%		3.13	%		0.87	%	$	143,664		55	%
Year Ended 6/30/19		(0.32	)	$	9.55		2.25	%		0.40	%		3.91	%		1.05	%	$	54,920		82	%
Year Ended 6/30/18		(0.31	)	$	9.65		5.62	%		0.64	%		2.72	%		1.09	%	$	19,483		69	%
Year Ended 6/30/17		(0.27	)	$	9.44		5.11	%		0.65	%		2.83	%		1.13	%	$	31,140		63	%
Year Ended 6/30/16		(0.46	)	$	9.24		2.77	%		0.65	%		3.16	%		1.05	%	$	43,866		92	%
Year Ended 6/30/15		(0.31	)	$	9.44		(1.41	)%		1.02	%		0.88	%		2.25	%	$	25,310		135	%

See notes to financial statements.

Victory Portfolios II

Notes to Financial Statements
December 31, 2019

(Unaudited)

1. Organization:

Victory Portfolios II (the "Trust") was organized on April 11, 2012 as a Delaware statutory trust, as a successor to the "Compass EMP Funds Trust". 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 24 funds, 22 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. Each Fund is classified as diversified under the 1940 Act.

The accompanying financial statements are those of the two following Funds (collectively, the "Funds" and individually, a "Fund").

Funds (Legal Name)	Funds (Short Name)	Investment Share Classes Offered
Victory US 500 Enhanced Volatility Wtd Index Fund	US 500 Enhanced Volatility Wtd Index Fund	Classes A, C and I
Victory Market Neutral Income Fund	Market Neutral Income Fund	Classes A, C, and I

Each class of shares of a Fund has substantially identical rights and privileges except with respect to sales charges, fees paid under distribution plans, expenses allocable exclusively to each class of shares, voting rights on matters solely affecting a single class of shares, and the exchange privilege of each class of shares.

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 accounting principles generally accepted in the United States of America ("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.

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 in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities or interest rates applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodologies used for valuation techniques are not necessarily an indication of the risk associated with entering into those investments.

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

Portfolio securities listed or traded on securities exchanges, including ETFs, American Depositary Receipts ("ADRs") and Rights, are valued at the closing price on the exchange or system where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Investments in open-end investment companies are valued at net asset value. These valuations are typically categorized as Level 1 in the fair value hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or an exchange on which they are traded. These valuations are typically categorized as Level 1 in the fair value hierarchy.

Options are generally valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices. These valuations are typically categorized as Level 1 in the fair value hierarchy.

Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Trust's Board of Trustees (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.

In accordance with procedures adopted by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time the exchange on which they are traded closes and the time the Funds' net asset values are calculated. The Market Neutral Income Fund uses a systematic valuation model, provided daily by an independent third party to fair value its international equity securities. To the extent this model is utilized, these valuations are considered as Level 2 in the fair value hierarchy.

A summary of the valuations as of December 31, 2019, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed in the Schedules of Portfolio Investments.

	LEVEL 1			LEVEL 2		Total
US 500 Enhanced Volatility Wtd Index Fund
Common Stocks	$	83,789,840		$	—	$	83,789,840
Investment Companies		137,721			—		137,721
Collateral for Securities Loaned		2,381,177			—		2,381,177
Total	$	86,308,738		$	—	$	86,308,738
Other Financial Investments^:
Assets:
Futures Contracts	$	8,507		$	—	$	8,507
Total	$	8,507		$	—	$	8,507
Market Neutral Income Fund
Common Stocks	$	76,711,625		$	66,094,441	$	142,806,066
Preferred Stocks		305,951			—		305,951
Rights		11,312			—		11,312
Collateral for Securities Loaned		10,497,643			—		10,497,643
Total	$	87,526,531		$	66,094,441	$	153,620,972
Other Financial Investments^:
Assets:
Futures Contracts	$	1,382,061		$	—	$	1,382,061
Liabilities:
Futures Contracts		(4,077,924	)		—		(4,077,924	)
Total	$	(2,695,863	)	$	—	$	(2,695,863	)

^ Futures Contracts are valued at the unrealized appreciation (depreciation) on the investment.

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

For the six months ended December 31, 2019, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

Investment Companies:

The Funds may invest in portfolios of open-end investment companies. These investment companies value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the board of directors of the underlying funds.

Derivative Instruments:

Foreign Exchange Currency Contracts:

The Funds may enter into foreign exchange currency contracts to convert U.S. dollars to and from various foreign currencies. A foreign exchange currency contract is an obligation by a Fund to purchase or sell a specific currency at a future date at a price (in U.S. dollars) set at the time of the contract. The Funds do not engage in "cross-currency" foreign exchange contracts (i.e., contracts to purchase or sell one foreign currency in exchange for another foreign currency). The Funds' foreign exchange currency contracts might be considered spot contracts (typically a contract of one week or less) or forward contracts (typically a contract term over one week). A spot contract is entered into for purposes of hedging against foreign currency fluctuations relating to a specific portfolio transaction, such as the delay between a security transaction trade date and settlement date. Forward contracts are entered into for purposes of hedging portfolio holdings or concentrations of such holdings. Each foreign exchange currency contract is adjusted daily by the prevailing spot or forward rate of the underlying currency, and any appreciation or depreciation is recorded for financial statement purposes as unrealized until the contract settlement date, at which time the Fund records realized gains or losses equal to the difference between the value of a contract at the time it was opened and the value at the time it was closed. A Fund could be exposed to risk if a counterparty is unable to meet the terms of a foreign exchange currency contract or if the value of the foreign currency changes unfavorably. In addition, the use of foreign exchange currency contracts does not eliminate fluctuations in the underlying prices of the securities. As of December 31, 2019, the Funds had no open forward foreign exchange currency contracts.

Futures Contracts:

The Funds may enter into contracts for the future delivery of securities or foreign currencies and futures contracts based on a specific security, class of securities, foreign currency or an index, and purchase or sell options on any such futures contracts. A futures contract on a securities index is an agreement obligating either party to pay, and entitling the other party to receive, while the contract is outstanding, cash payments based on the level of a specified securities index. No physical delivery of the underlying asset is made. A Fund may enter into futures contracts in an effort to hedge against market risks. The acquisition of put and call options on futures contracts will give the Fund the right (but not the obligation), for a specified price, to sell or to purchase the underlying futures contract, upon exercise of the option, at any time during the option period. Futures transactions involve brokerage costs and require the Fund to segregate assets to cover contracts that would require it to purchase securities or currencies. A good faith margin deposit, known as initial margin, of cash or government securities with a broker or custodian is required to initiate and maintain open positions in futures contracts. Subsequent payments, known as variation margin, are made or received by the Fund based on the change in the market value of the position and are recorded as unrealized appreciation or depreciation until the contract is closed out, at which time the gain or loss is realized. A Fund may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices change in an unanticipated manner. Such unanticipated changes may also result in lower overall performance than if the Fund had not entered into any futures transactions. In addition, the value of a Fund's futures positions may not prove to be perfectly or even highly correlated with the value of its portfolio securities or foreign currencies, limiting a Fund's ability to hedge effectively against interest rate, exchange rate

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

and/or market risk and giving rise to additional risks. There is no assurance of liquidity in the secondary market for purposes of closing out futures positions. The collateral held by the Funds is presented on the Statements of Assets and Liabilities under Deposits with brokers for futures contracts.

As of December 31, 2019, the Funds entered into futures contracts primarily for the strategy of hedging or other purposes, including but not limited to, providing liquidity and equitizing cash.

Options Transactions:

The Funds may purchase or sell options to aid in hedging against equity price risk incurred in the normal course of pursuing its investment objective. When a Fund writes a call option, an amount equal to the premium received is included as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As a writer of an option, the Fund has no control over whether the option will be exercised and, as a result, retains the market risk of an unfavorable change in the price of the security underlying the written option.

The Funds may purchase put and call options. Put options are purchased to hedge against a decline in the value of securities held in the Fund's portfolio. If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to the Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Fund since these options are exchange-traded. The collateral held by the Funds is presented on the Schedules of Portfolio Investments.

Offsetting of Financial Assets and Derivatives Assets:

The Funds are subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow the Funds to close out and net total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.

The table below, as of December 31, 2019, discloses both gross information and net information about instruments and transactions eligible for offset in the Statements of Assets and Liabilities and instruments and transactions that are subject to an agreement similar to a master netting agreement as well as amounts related to collateral held at clearing brokers and counterparties.

	Gross Amounts of Recognized Assets		Gross Amounts Available for Offset			Net Amounts Presented in the Statements of Assets and Liabilities		Cash Collateral Received		Net Amount
U.S. 500 Enhanced Volatility Wtd Index Fund
Futures-Goldman Sachs & Co.	$	770	$	—		$	770	$	—	$	770
Market Neutral Income Fund
Futures-Goldman Sachs & Co.		197,210		(197,210	)		—		—		—

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

	Gross Amounts of Recognized Liabilities		Gross Amounts Available for Offset			Net Amounts Presented in the Statements of Assets and Liabilities			Cash Collateral Pledged*		Net Amount
Market Neutral Income Fund
Futures-Goldman Sachs & Co.	$	660,265	$	(197,210	)	$	(463,055	)	$	463,055	$	—

* Cash collateral pledged may be in excess of the amounts shown in the table. The total cash collateral pledged by each Fund is disclosed in the Statements of Assets and Liabilities.

Summary of Derivative Instruments:

The following table summarizes the fair values of derivative instruments on the Statements of Assets and Liabilities, categorized by risk exposure, as of December 31, 2019:

	Assets		Liabilities
	Variation Margin Receivable on Open Futures Contracts*		Variation Margin Payable on Open Futures Contracts*
Equity Risk Exposure:
US 500 Enhanced Volatility Wtd Index Fund	$	8,507	$	—
Market Neutral Income Fund		1,382,061		4,077,924

* Includes cumulative appreciation (depreciation) of futures contracts as reported on the Schedules of Portfolio Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities.

The following table presents the effect of derivative instruments on the Statements of Operations, categorized by risk exposure, for the six months ended December 31, 2019:

	Net Realized Gains (Losses) on Derivatives Recognized as a Result from Operations					Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized as a Result of Operations
	Net Realized Gains (Losses) from Futures Contracts			Net Realized Gains (Losses) from Written Options		Net Change in Unrealized Appreciation/ Depreciation on Futures Contracts			Net Change in Unrealized Appreciation/ Depreciation on Written Options
Equity Risk Exposure:
US 500 Enhanced Volatility Wtd Index Fund	$	22,950		$	—	$	3,096		$	—
Market Neutral Income Fund		(9,357,590	)		1,328,817		(1,027,395	)		40,524

All open derivative positions at period end are reflected in each respective Fund's Schedule of Portfolio Investments. The underlying face value of open derivative positions relative to each Fund's net assets at period end is generally representative of the notional amount of open positions to net assets throughout the period.

Investment Transactions and Related Income:

Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date on the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

Withholding taxes on interest, dividends and gains as a result of certain investments in ADRs by the Funds have been provided for in accordance with each investment's applicable country's tax rules and rates.

Securities Lending:

The Trust has entered into a Master Securities Lending Agreement ("MSLA") with Citibank, N.A. ("Citibank" or the "Agent"). Under the terms of the MSLA, the Funds may lend securities to certain broker-dealers and banks in exchange 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 adjusted 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, letters of credit and certificates of deposit. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted in the Funds' Schedules of Portfolio Investments. The Trust does not have effective control of the non-cash collateral and therefore it is not disclosed in the Funds' Schedules of Portfolio Investments. 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 the Agent 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. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return them.

Securities lending transactions are entered into by a Fund under the MSLA, which permits the Fund, under certain circumstances such as an event of default, to offset amounts payable by the Fund to the same counterparty against amounts receivable from the counterparty to create a net payment due to or from the Fund.

The following table is a summary of the Funds' securities lending transactions which are subject to offset under the MSLA as of December 31, 2019. These transactions are accounted for as secured borrowings with an overnight and continuous contractual maturity for cash collateral and greater than overnight and continuous contractual maturity for non-cash collateral.

	Gross Amount of Recognized Assets (Value of		Value of Cash		Value of Non-cash Collateral Received by Maturity
	Securities on Loan)		Collateral Received*		<30 Days		Between 30 & 90 Days		>90 Days		Net Amount
US 500 Enhanced Volatility Wtd Index Fund	$	2,333,729	$	2,333,729	$	—	$	—	$	—	$	—
Market Neutral Income Fund		10,115,799		10,115,799		—		—		—		—

* Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Statements of Assets and Liabilities.

Foreign Currency Translations:

The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities of a Fund denominated in a foreign currency are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rates on the date of the transactions. The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are disclosed as Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations on the Statements of Operations. Any realized gains or losses from these

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

fluctuations are disclosed as Net realized gains (losses) from investment securities and foreign currency translations on the Statements of Operations.

Foreign Taxes:

The Funds may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities, and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Funds invest.

Distributions to Shareholders:

Dividends from net investment income, if any, are declared and paid quarterly for each Fund. Distributable net realized gains, if any, are declared and distributed at least annually from each Fund. The amounts of dividends from net investment income and distributions from net realized gains (collectively distributions to shareholders) are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (e.g., net operating loss and distribution reclassification), such amounts are reclassified within the components of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require reclassification. To the extent dividends and distributions exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital. Net investment losses incurred by a Fund may be reclassified as an offset to capital on the accompanying Statements of Assets and Liabilities.

Federal Income Taxes:

It is the policy of each Fund 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.

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., all open tax years and the interim tax period since then). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Allocations:

Expenses directly attributable to a Fund are charged to the Fund, while expenses which 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 affiliated trust based upon net assets or another appropriate basis.

Income, expenses (other than class-specific expenses such as transfer agent fees, state registration fees, printing and 12b-1 fees), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred.

Affiliated Securities Transactions:

Pursuant to Rule 17a-7 under the 1940 Act, the Funds may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Adviser and any applicable sub-adviser. Any such purchase or sale transaction must be effected without brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. For the six months ended December 31, 2019, the Funds did not engage in any Rule 17a-7 transactions under the 1940 Act.

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

3. Purchases and Sales of Securities:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended December 31, 2019 were as follows:

	Purchases		Sales
US 500 Enhanced Volatility Wtd Index Fund	$	12,783,628	$	30,041,647
Market Neutral Income Fund		125,860,153		66,146,329

For the six months ended December 31, 2019, there were no purchases or sales of U.S. Government Securities.

4. Fees and Transactions with Affiliates and Related Parties:

Investment advisory services are provided to the Funds by Victory Capital Management Inc. ("VCM" or the "Adviser"), a New York corporation registered as an investment adviser with the Securities and Exchange Commission ("SEC"). The Adviser is a wholly owned indirect subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation and a wholly owned direct subsidiary of Victory Capital Operating, LLC.

Under the terms of the Investment Advisory Agreements, 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. The Adviser may use its resources to assist with the Funds' distribution and marketing expenses.

	Advisor Fee Rate
US 500 Enhanced Volatility Wtd Index Fund		0.70	%
Market Neutral Income Fund		0.60	%

VCM also serves as the Funds' administrator and fund accountant. Under an Administration and Fund Accounting Agreement, VCM is paid for its services an annual fee at a rate of 0.08% of the first $15 billion in average daily net assets of the Trust, Victory Variable Insurance Funds and Victory Portfolios (collectively, the "Victory Funds Complex"), 0.05% of the average daily net assets above $15 billion to $30 billion of the Victory Funds Complex and 0.04% of the average daily net assets over $30 billion of the Victory Funds Complex.

Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Funds pursuant to a Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Trust reimburses VCM and Citi for all of their reasonable out-of-pocket expenses incurred in providing these services.

FIS Investor Services, LLC ("FIS") serves as the Funds' transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

The Chief Compliance Officer ("CCO") is an employee of the Adviser, which pays the compensation of the CCO and his support staff. The Trust has entered into an agreement to provide compliance services with the Adviser, pursuant to which the Adviser furnishes its compliance personnel, including the services of the 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 Funds in the Victory Funds Complex, in aggregate, compensate the Adviser for these services.

The Victory Funds Complex pays an annual retainer to each Independent Trustee, plus an additional annual retainer to the Chairman of the Board. The aggregate amount of the fees and expenses of the Independent Trustees are allocated amongst all the funds in the Victory Funds Complex and are presented in the Statements of Operations.

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

Shearman & Sterling LLP provides legal services to the Trust.

Victory Capital Advisers, Inc. (the "Distributor"), an affiliate of the Adviser, serves as distributor for the continuous offering of the shares of the Funds pursuant to a Distribution Agreement between the Distributor and the Trust.

Pursuant to the Distribution and Service Plans adopted in accordance with Rule 12b-1 under the 1940 Act, the Distributor may receive monthly distribution and service fees, at an annual rate of up to 0.25% of the average daily net assets for Class A Shares, and at an annual rate of up to 1.00% of the average daily net assets of Class C Shares of the Funds. The distribution and service fees paid to the Distributor may be used by the Distributor to pay for activities primarily intended to result in the sale of Class A or Class C Shares of the Funds.

In addition, the Distributor is entitled to receive commission on sales of Class A Shares of the Funds. For the six months ended December 31, 2019, the Distributor received $2,004 from commissions earned on sales of Class A Shares. A $15 fee may be charged for redemptions made by wire. The redemption fee is paid directly to and retained by the Funds, and is designed to deter excessive short-term trading and to offset brokerage commissions, market impact and other costs that may be associated with short-term money movement in and out of the Funds.

The Adviser has entered into expense limitation agreements with certain 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. Interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of a Fund's business are excluded from the expense limits. As of December 31, 2019, the expense limits (excluding voluntary waivers) are as follows:

	In effect July 1, 2019 until October 31, 2020
	Class A Shares			Class C Shares			Class I Shares
US 500 Enhanced Volatility Wtd Index Fund		0.99	%		1.74	%		0.74	%
Market Neutral Income Fund		0.75	%		1.50	%		0.40	%

The Funds have agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period up to three fiscal years after such waiver or reimbursement was made to the extent such payments or repayments would not cause the expenses of a class to exceed the original expense limitation in place at the time of the waiver or reimbursement or any expense limitation agreement in place at the time of repayment. Amounts repaid to the Adviser during the six months ended, if any, are reflected on the Statements of Operations as Recoupment of prior expenses waived/reimbursed by Adviser.

As of December 31, 2019, the following amounts are available to be repaid to the Adviser.

	Expires June 30, 2020		Expires June 30, 2021		Expires June 30, 2022		Expires June 30, 2023		Total
US 500 Enhanced Volatility Wtd Index Fund	$	534,407	$	283,259	$	292,081	$	130,443	$	1,240,190
Market Neutral Income Fund		256,668		197,955		258,188		292,665		1,005,476

The Adviser may voluntarily waive or reimburse additional fees to assist the Funds in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Funds are not available to be recouped at a future time. There were no voluntary waivers or reimbursements for the six months ended December 31, 2019.

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, and Legal Counsel.

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

5. Risks:

Each Fund may be subject to other risks in addition to these identified risks.

An investment in the Funds' shares represents an indirect investment in the securities owned by the Funds, some of which will be traded on a national securities exchange or in the over-the-counter markets. The value of the securities in which the Funds invest, like other market investments, may move up or down, sometimes rapidly and unpredictably. The value of the securities in which the Funds invest may affect the value of the Funds' shares. An investment in the Funds' shares at any point in time may be worth less than the original investment, even after taking into account the reinvestment of the Funds' distributions.

The Market Neutral Income Fund invests in securities of foreign issuers in various countries. Investing on an international basis involves certain risks not involved in domestic investments including the risk of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of foreign currency, confiscatory taxation, political or financial instability and diplomatic developments, which could affect the value of the Fund's investments in certain foreign countries. Governments of many countries have exercised and continue to exercise substantial influence over many aspects of the private sector through the ownership or control of many companies, including some of the largest in these countries. As a result, government actions in the future could have a significant effect on economic conditions which may adversely affect prices of certain portfolio securities. There is also generally less government supervision and regulation of stock exchanges, brokers and listed companies than in the U.S. Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding taxes, and special U.S. tax considerations may apply. Moreover, foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. The Schedule of Portfolio Investments includes information on each Fund's holdings, including industry and/or geographic composition, as relevant.

The Funds will be subject to credit risk with respect to the amount each expects to receive from counterparties for financial instruments entered into by the Funds. The Funds may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. The Funds may experience significant delays in obtaining any recovery in bankruptcy or other reorganization proceeding and the Funds may obtain only limited recovery or may obtain no recovery in such circumstances. The Funds typically enter into transactions with counterparties whose credit ratings are investment grade, as determined by a nationally recognized statistical rating organization or, if unrated, judged by the Adviser to be of comparable quality.

6. Borrowing and Interfund Lending:

Line of Credit:

For the six months ended December 31, 2019, the Victory Funds Complex and the USAA Mutual Funds Complex (another series of mutual funds managed by the Adviser) participated in a short-term, demand note "Line of Credit" with Citibank. Under this agreement (which has a termination date of June 29, 2020), the Victory Funds Complex and USAA Mutual Funds Complex, combined, 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 (herein, the "Fund"), another series of the Victory Funds Complex, with that Fund paying the related commitment fees for that amount. The purpose of the agreement is to meet temporary or emergency cash needs, including redemption requests that might otherwise require the untimely disposition of securities. With this agreement, Citibank receives an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. For the six months ended December 31, 2019, Citibank earned approximately $150 thousand in commitment fees from the combined Victory Funds Complex and USAA Mutual Funds Complex. Each fund in the Victory Funds Complex and the USAA Mutual Funds Complex pays a pro-rata portion of the commitment fees plus any interest (one month LIBOR plus one percent) on amounts borrowed. Interest charged to

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

the Fund during the period, if applicable, is presented on the Statement of Operations under Line of credit fees.

The Funds did not utilize the Line of Credit during the six months ended December 31, 2019.

Interfund Lending:

The Trust and Adviser rely on an exemptive order granted by the SEC in March 2017 (the "Order"), permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows each Fund to directly borrow money from or lend money to any other Victory Fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are allowed for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. As a Borrower, interest charged to each Fund during the period, if applicable, is presented on the Statements of Operations under interfund lending fees. As a Lender, interest earned by the Fund during the period, as applicable, is presented on the Statements of Operations under Income on interfund lending.

The Funds did not utilize the Facility during the six months ended December 31, 2019.

7. Federal Income Tax Information:

The tax character of distributions paid and the tax basis of current components of accumulated earnings (deficit) will be determined at the end of the current tax year ending June 30, 2020.

The tax character of distributions paid during the most recent tax year ended June 30, 2019, were as follows (total distributions paid may differ from the Statements of Changes in Net Assets because, for tax purposes, dividends are recognized when actually paid):

	Year Ended June 30, 2019
	Distributions paid from
	Ordinary Income		Net Long-Term Capital Gains		Total Taxable Distributions		Total Distributions Paid
US 500 Enhanced Volatility Wtd Index Fund	$	1,600,430	$	13,044,855	$	14,645,285	$	14,645,285
Market Neutral Income Fund		1,950,582		—		1,950,582		1,950,582

As of the most recent tax year ended June 30, 2019, the components of accumulated earnings (deficit) on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Accumulated Earnings		Accumulated Capital and Other Losses			Qualified Late-Year Losses*		Unrealized Appreciation (Depreciation)**		Total Accumulated Earnings (Deficit)
US 500 Enhanced Volatility Wtd Index Fund	$	—	$	8,799,090	$	8,799,090	$	—		$	—	$	10,407,812	$	19,206,902
Market Neutral Income Fund		35,674		—		35,674		(4,538,859	)		—		1,761,020		(2,742,165	)

* Under the current tax law, net investment losses realized after October 31 or December 31 of a Fund's fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes.

** The difference between the book-basis and tax-basis of unrealized appreciation (depreciation) is attributable primarily to tax deferral of losses on wash sales.

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

As of the most recent tax year ended June 30, 2019, the following Funds had net capital loss carryforwards ("CLCFs") as summarized in the tables below. CLCFs are applied as either short-term or long-term depending on the originating capital loss.

				Short-Term Amount				Long-Term Amount				Total
Market Neutral Income Fund				$	1,011,865			$	3,526,994			$	4,538,859

8. Fund Ownership:

Ownership of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2(a)(9) of the 1940 Act. As of December 31, 2019, the shareholders listed below held more than 25% of the shares outstanding of the Funds and may be deemed to control those Funds.

	Shareholder	Percent
US 500 Enhanced Volatility Wtd Index Fund	LPL Financial Corp.		32.2	%
Market Neutral Income Fund	Charles Schwab & Co., Inc.		39.3	%
Market Neutral Income Fund	Gerlach Co. LLC		52.0	%

9. Subsequent Events:

The Funds have evaluated the need for additional disclosures or adjustments resulting from subsequent events through the date these financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have a material impact on the Funds' financial statements.

Victory Portfolios II

Supplemental Information
December 31, 2019

(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 www.sec.gov.

Information relating to how the Funds voted proxies relating to portfolio securities held during the most recent twelve months ended June 30 is available on the SEC's website at www.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. Prior to the implementation of Form N-PORT, the Trust filed a complete list of Schedules of Portfolio Investments with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-PORT and Forms N-Q are available on the SEC's website at www.sec.gov.

Expense Examples

As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds 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, 2019 through December 31, 2019.

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 each 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 are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the table is 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 7/1/19		Actual Ending Account Value 12/31/19		Hypothetical Ending Account Value 12/31/19		Actual Expenses Paid During Period 7/1/19- 12/31/19*		Hypothetical Expenses Paid During Period 7/1/19- 12/31/19*		Annualized Expense Ratio During Period 7/1/19- 12/31/19
US 500 Enhanced Volatility Wtd Index Fund
Class A Shares	$	1,000.00	$	1,081.40	$	1,020.16	$	5.18	$	5.03		0.99	%
Class C Shares		1,000.00		1,077.80		1,016.39		9.09		8.82		1.74
Class I Shares		1,000.00		1,083.20		1,021.42		3.87		3.76		0.74
Market Neutral Income Fund
Class A Shares		1,000.00		1,019.90		1,021.37		3.81		3.81		0.75	%
Class C Shares		1,000.00		1,015.90		1,017.60		7.60		7.61		1.50
Class I Shares		1,000.00		1,022.10		1,023.13		2.03		2.03		0.40

* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/366 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Victory Portfolios II

Supplemental Information — continued
December 31, 2019

(Unaudited)

Considerations of the Board in Continuing the Investment Advisory Agreement (the "Agreement")

The Board approved the Agreement on behalf of each of the Funds at an in-person meeting, which was called for that purpose, on December 4, 2019. The Board also considered information relating to the Funds and the Agreement provided throughout the year and, more specifically, at a meeting on October 22, 2019. 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, which also serves as independent legal counsel to the Independent Trustees. In addition, in 2017 the Independent Trustees, through their counsel, retained an independent consultant to assist with a review of the overall process for conducting the annual review of these advisory arrangements.

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;

• Whether the fee would be sufficient to enable the Adviser to attract and retain experienced personnel and continue to provide quality services to the Funds;

• The fees paid by other clients of the Adviser whose accounts are managed in a similar investment style and any differences in the services provided to the other clients compared to those provided to the Funds;

• The total expenses of each Fund, taking into consideration any distribution or shareholder servicing fees;

• Management's commitment to operating the Funds at competitive expense levels;

• The profitability of the Adviser (as reflected by comparing fees earned against an estimate of the Adviser's costs) with respect to the Adviser's relationship with the Funds;

• Research and other service benefits received by the Adviser obtained through payment of client commissions for securities transactions;

• Other benefits received by the Adviser, and its affiliates, including revenues paid to the Adviser, or its affiliates, by the Funds for administration and fund accounting services, and distribution;

• The capabilities and financial condition of the Adviser;

• Current economic and industry trends; and

• The historical relationship between each Fund and the Adviser.

The Board reviewed each Fund's current management fee, comprised of the advisory fee plus the administrative services fee paid to the Adviser, in the context of the Adviser's profitability with respect to each Fund individually. In addition, the Board compared each Fund's gross management fee and total operating expense ratio on a net and gross basis, taking into consideration any distribution or shareholder servicing fees, with the median gross management fee and median expense ratio of a universe of comparable mutual funds compiled by an independent consultant and a peer group of funds with similar investment strategies selected by that independent consultant from the universe. The Board reviewed the factors and methodology used by the independent consultant in the selection of each Fund's peer group, including the independent consultant's selection of a broad universe of funds, the more specific universe of comparable funds, and peer groups of funds with comparable investment strategies and asset levels, among other factors. The Board also reviewed any changes to the independent consultant's methodology as compared to the prior year, including those resulting from the Adviser's input, if any. The Board noted that none of the advisory fee arrangements for the Funds included

Victory Portfolios II

Supplemental Information — continued
December 31, 2019

(Unaudited)

breakpoints, which are generally viewed as a method by which the investment adviser shares any economies of scale with a fund as a fund grows. The Board also considered the Adviser's commitment to limit expenses as discussed in more detail below, and would consider breakpoints at a future time if a Fund's assets were to grow significantly.

The Board found that the gross annual management fee paid by each Fund was within the range of management fees paid by each Fund's respective peer group. The Board also found that each Fund's Class A net annual expense ratio, taking into account any shareholder servicing or distribution fees, was reasonable as compared with each Fund's respective peer group. The Board considered the Adviser's contractual agreement with each Fund to waive its fees and reimburse expenses of certain classes for a specified period of time, as described in the Fund's prospectus.

The Board reviewed each Fund's performance over one- 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 considered the additional resources that the Adviser has committed to enhance portfolio analysis, compliance and trading systems.

The Board reviewed various other specific factors with respect to each Fund, as described below. In their deliberations, the Trustees did not rank the importance of any particular information or factor considered and each Trustee may have attributed different weights to various factors.

US 500 Enhanced Volatility Wtd Index Fund

Noting that the Fund commenced operations in 2012, the Board compared the Fund's Class A performance for the one-, three- and five-year periods ended June 30, 2019, to that of the median performance of the peer group for the same periods and considered the fact that the Fund underperformed both the benchmark index and the peer group median for all of the periods reviewed. The Board noted that the Fund's investment objective is to track its benchmark index before fees and expenses. The Board recognized that the performance of the Fund is net of expenses, while the performance of the benchmark index is gross returns and as a result, the Fund generally will underperform its benchmarks due to fees and expenses. The Board discussed with the Adviser the Fund's rules-based rebalancing in light of market conditions and that the Fund performed in accordance with the Adviser's expectations.

Having considered, among other things: (1) the Fund's management fee compared to comparable mutual funds; (2) the Fund's total expense ratio compared to comparable mutual funds; (3) that the Adviser's willingness to limit the expenses of certain classes for a period of time would provide stability to the Fund's expenses for those share classes during that period; and (4) the Fund's performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders.

Market Neutral Income Fund

Conclusion

Victory Portfolios II

Supplemental Information — continued
December 31, 2019

(Unaudited)

Fund, for an additional annual period on the basis of the foregoing review and discussions and the following considerations, among others:

• The fairness and reasonableness of the investment advisory fee payable to the Adviser under the Agreement in light of the investment advisory services provided, the costs of these services, the profitability of the Adviser's relationship with the Fund and the comparability of the fee paid to the fees paid by other investment companies;

• The nature, quality and extent of the investment advisory services provided by the Adviser;

• The Adviser's entrepreneurial commitment to the management of the Funds and the creation of a broad-based family of funds, which could entail 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 quality portfolio management teams; and

• The overall high quality of the personnel, operations, financial condition, investment management capabilities, methodologies and performance 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.

Victory Funds
P.O. Box 182593
Columbus, Ohio 43218-2593

Visit our website at:				Call Victory at:
www.vcm.com				800-539-FUND (800-539-3863)

VP-COMPASS-SAR (12/19)

December 31, 2019

Semi Annual Report

VictoryShares US 500 Volatility Wtd ETF

VictoryShares US Small Cap Volatility Wtd ETF

VictoryShares International Volatility Wtd ETF

VictoryShares Emerging Market Volatility Wtd ETF

VictoryShares US Large Cap High Div Volatility Wtd ETF

VictoryShares US Small Cap High Div Volatility Wtd ETF

VictoryShares International High Div Volatility Wtd ETF

VictoryShares Emerging Market High Div Volatility Wtd ETF

VictoryShares Dividend Accelerator ETF

VictoryShares US Multi-Factor Minimum Volatility ETF

VictoryShares US 500 Enhanced Volatility Wtd ETF

VictoryShares US EQ Income Enhanced Volatility Wtd ETF

VictoryShares US Discovery Enhanced Volatility Wtd ETF

VictoryShares Developed Enhanced Volatility Wtd ETF

Beginning January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the VictoryShares' shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on www.VictorySharesLiterature.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change, and you need not take any action.

You may elect to receive shareholder reports and other communications electronically sooner than January 1, 2021 by notifying your financial intermediary directly.

You may elect to receive all future reports in paper free of charge. You can inform your financial intermediary that you wish to continue receiving paper copies of your reports. Your election to receive reports in paper will apply to all VictoryShares you hold directly or through your financial intermediary.

www.vcm.com

News, Information And Education 24 Hours A Day, 7 Days A Week

• Detailed performance records

• Daily share prices

• The latest fund news

• Investment resources to help you become a better investor

• A section dedicated to investment professionals

Victory Portfolios II

Table of Contents

Financial Statements
Victory Portfolios II Exchange Traded Funds
VictoryShares US 500 Volatility Wtd ETF
Investment Objectives & Portfolio Holdings					5
Schedule of Investments					9-20
Statements of Assets and Liabilities					145
Statements of Operations					150
Statements of Changes in Net Assets					155
Financial Highlights					160
VictoryShares US Small Cap Volatility Wtd ETF
Investment Objectives & Portfolio Holdings					5
Schedule of Investments					21-31
Statements of Assets and Liabilities					145
Statements of Operations					150
Statements of Changes in Net Assets					155
Financial Highlights					160
VictoryShares International Volatility Wtd ETF
Investment Objectives & Portfolio Holdings					5
Schedule of Investments					32-51
Statements of Assets and Liabilities					145
Statements of Operations					150
Statements of Changes in Net Assets					155
Financial Highlights					160
VictoryShares Emerging Market Volatility Wtd ETF
Investment Objectives & Portfolio Holdings					5
Schedule of Investments					52-70
Statements of Assets and Liabilities					146
Statements of Operations					151
Statements of Changes in Net Assets					156
Financial Highlights					162
VictoryShares US Large Cap High Div Volatility Wtd ETF
Investment Objectives & Portfolio Holdings					6
Schedule of Investments					71-74
Statements of Assets and Liabilities					146
Statements of Operations					151
Statements of Changes in Net Assets					156
Financial Highlights					162
VictoryShares US Small Cap High Div Volatility Wtd ETF
Investment Objectives & Portfolio Holdings					6
Schedule of Investments					75-78
Statements of Assets and Liabilities					146
Statements of Operations					151
Statements of Changes in Net Assets					156
Financial Highlights					162

Table of Contents (continued)

VictoryShares International High Div Volatility Wtd ETF
Investment Objectives & Portfolio Holdings					6
Schedule of Investments					79-85
Statements of Assets and Liabilities					147
Statements of Operations					152
Statements of Changes in Net Assets					157
Financial Highlights					164
VictoryShares Emerging Market High Div Volatility Wtd ETF
Investment Objectives & Portfolio Holdings					6
Schedule of Investments					86-91
Statements of Assets and Liabilities					147
Statements of Operations					152
Statements of Changes in Net Assets					157
Financial Highlights					164
VictoryShares Dividend Accelerator ETF
Investment Objectives & Portfolio Holdings					7
Schedule of Investments					92-94
Statements of Assets and Liabilities					147
Statements of Operations					152
Statements of Changes in Net Assets					157
Financial Highlights					164
VictoryShares US Multi-Factor Minimum Volatility ETF
Investment Objectives & Portfolio Holdings					7
Schedule of Investments					95-97
Statements of Assets and Liabilities					148
Statements of Operations					153
Statements of Changes in Net Assets					158
Financial Highlights					166
VictoryShares US 500 Enhanced Volatility Wtd ETF
Investment Objectives & Portfolio Holdings					7
Schedule of Investments					98-109
Statements of Assets and Liabilities					148
Statements of Operations					153
Statements of Changes in Net Assets					158
Financial Highlights					166
VictoryShares US EQ Income Enhanced Volatility Wtd ETF
Investment Objectives & Portfolio Holdings					7
Schedule of Investments					110-113
Statements of Assets and Liabilities					148
Statements of Operations					153
Statements of Changes in Net Assets					158
Financial Highlights					166
VictoryShares US Discovery Enhanced Volatility Wtd ETF
Investment Objectives & Portfolio Holdings					8
Schedule of Investments					114-124
Statements of Assets and Liabilities					149
Statements of Operations					154
Statements of Changes in Net Assets					159
Financial Highlights					168

Table of Contents (continued)

VictoryShares Developed Enhanced Volatility Wtd ETF
Investment Objectives & Portfolio Holdings					8
Schedule of Investments					125-144
Statements of Assets and Liabilities					149
Statements of Operations					154
Statements of Changes in Net Assets					159
Financial Highlights					168
Notes to Financial Statements					170
Supplemental Information
Proxy Voting and Portfolio Holdings Information					189
Expense Examples					189
Advisory Contract Approval					191
Privacy Policy (inside back cover)

The VictoryShares 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 VictoryShares.

For additional information about any VictoryShares, including fees, expenses, and risks, view our prospectus online at www.vcm.com or call 866-376-7890. Read it carefully before you invest or send money.

The information in this semi annual 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 ETFs, markets or securities mentioned herein should not be considered to be indicative of future results.

• NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Call Victory at:

866-376-7890

Visit our website at:

www.vcm.com

This page is intentionally left blank.

Victory Portfolios II

December 31, 2019

(Unaudited)

Investment Objectives & Portfolio Holdings:

VictoryShares US 500 Volatility Wtd ETF
Seeks to provide investment results that track the
performance of the Nasdaq Victory US Large Cap 500
Volatility Weighted Index before fees and expenses.

Portfolio Holdings

As a Percentage of Total Investments

VictoryShares US Small Cap Volatility
Wtd ETF
Seeks to provide investment results that track the
performance of the Nasdaq Victory US Small Cap 500
Volatility Weighted Index before fees and expenses.

Portfolio Holdings

As a Percentage of Total Investments

VictoryShares International Volatility
Wtd ETF
Seeks to provide investment results that track the
performance of the Nasdaq Victory
International 500 Volatility Weighted Index before
fees and expenses.

Portfolio Holdings

As a Percentage of Total Investments

VictoryShares Emerging Market Volatility
Wtd ETF
Seeks to provide investment results that track the
performance of the Nasdaq Victory Emerging
Market 500 Volatility Weighted Index before fees
and expenses.

Portfolio Holdings

As a Percentage of Total Investments

Victory Portfolios II

December 31, 2019

(Unaudited)

Investment Objectives & Portfolio Holdings: (continued)

VictoryShares US Large Cap High Div
Volatility Wtd ETF
Seeks to provide investment results that track the
performance of the Nasdaq Victory US Large Cap
High Dividend 100 Volatility Weighted Index before
fees and expenses.

Portfolio Holdings

As a Percentage of Total Investments

VictoryShares US Small Cap High Div
Volatility Wtd ETF
Seeks to provide investment results that track the
performance of the Nasdaq Victory US Small Cap
High Dividend 100 Volatility Weighted Index before
fees and expenses.

Portfolio Holdings

As a Percentage of Total Investments

VictoryShares International High Div
Volatility Wtd ETF
Seeks to provide investment results that track the
performance of the Nasdaq Victory International
High Dividend 100 Volatility Weighted Index before
fees and expenses.

Portfolio Holdings

As a Percentage of Total Investments

VictoryShares Emerging Market High Div
Volatility Wtd ETF
Seeks to provide investment results that track the
performance of the Nasdaq Victory Emerging Market
High Dividend 100 Volatility Weighted Index before
fees and expenses.

Portfolio Holdings

As a Percentage of Total Investments

Victory Portfolios II

December 31, 2019

(Unaudited)

Investment Objectives & Portfolio Holdings: (continued)

VictoryShares Dividend Accelerator ETF
Seeks to provide investment results that track the
performance of the Nasdaq Victory Dividend
Accelerator Index before fees and expenses.

Portfolio Holdings

As a Percentage of Total Investments

VictoryShares US Multi-Factor Minimum
Volatility ETF
Seeks to provide investment results that track the
performance of the Nasdaq Victory US Multi-Factor
Minimum Volatility Index before fees and expenses.

Portfolio Holdings

As a Percentage of Total Investments

VictoryShares US 500 Enhanced
Volatility Wtd ETF
Seeks to provide investment results that track the
performance of the Nasdaq Victory US Large Cap 500
Long/Cash Volatility Weighted Index before fees
and expenses.

Portfolio Holdings

As a Percentage of Total Investments

VictoryShares US EQ Income Enhanced
Volatility Wtd ETF
Seeks to provide investment results that track the
performance of the Nasdaq Victory US Large Cap
High Dividend 100 Long/Cash Volatility Weighted
Index before fees and expenses.

Portfolio Holdings

As a Percentage of Total Investments

Victory Portfolios II

December 31, 2019

(Unaudited)

Investment Objectives & Portfolio Holdings: (continued)

VictoryShares US Discovery Enhanced
Volatility Wtd ETF
Seeks to provide investment results that track the
performance of the Nasdaq Victory US Small Cap 500
Long/Cash Volatility Weighted Index before fees
and expenses.

Portfolio Holdings

As a Percentage of Total Investments

VictoryShares Developed Enhanced
Volatility Wtd ETF
Seeks to provide investment results that track the
performance of the Nasdaq Victory International 500
Long/Cash Volatility Weighted Index before fees
and expenses.

Portfolio Holdings

As a Percentage of Total Investments

Victory Portfolios II
VictoryShares US 500 Volatility Wtd ETF

Schedule of Portfolio Investments
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Common Stocks (99.7%)
Communication Services (3.9%):
Activision Blizzard, Inc.		20,493	$	1,217,694
Alphabet, Inc., Class A (a)		1,253		1,678,256
AT&T, Inc.		58,975		2,304,743
Cable One, Inc.		1,608		2,393,459
Charter Communications, Inc., Class A (a)		4,074		1,976,216
Comcast Corp., Class A		46,476		2,090,026
Discovery, Inc., Class A (a) (b)		47,755		1,563,499
DISH Network Corp., Class A (a)		32,157		1,140,609
Electronic Arts, Inc. (a)		10,291		1,106,385
Facebook, Inc., Class A (a)		6,626		1,359,987
InterActive Corp. (a)		5,144		1,281,422
Match Group, Inc. (a) (b)		10,254		841,956
Netflix, Inc. (a)		3,677		1,189,767
Omnicom Group, Inc. (b)		27,246		2,207,471
Sirius XM Holdings, Inc. (b)		277,899		1,986,978
Take-Two Interactive Software, Inc. (a)		8,545		1,046,164
The Walt Disney Co.		12,261		1,773,309
T-Mobile US, Inc. (a)		23,246		1,822,951
TripAdvisor, Inc. (b)		33,201		1,008,646
Twitter, Inc. (a)		21,806		698,882
Verizon Communications, Inc.		37,983		2,332,156
ViacomCBS, Inc., Class B		38,931		1,633,934
				34,654,510
Consumer Discretionary (11.7%):
Advance Auto Parts, Inc.		11,436		1,831,590
Amazon.com, Inc. (a)		773		1,428,380
Aptiv PLC		15,197		1,443,259
Aramark		36,462		1,582,451
AutoZone, Inc. (a)		1,845		2,197,967
Best Buy Co., Inc.		17,301		1,519,028
Booking Holdings, Inc. (a)		737		1,513,599
BorgWarner, Inc.		40,988		1,778,059
Bright Horizons Family Solutions, Inc. (a)		14,848		2,231,506
Burlington Stores, Inc. (a)		5,178		1,180,739
CarMax, Inc. (a)		17,387		1,524,318
Chipotle Mexican Grill, Inc. (a)		1,636		1,369,512
Columbia Sportswear Co. (b)		14,912		1,494,033
D.R. Horton, Inc.		29,292		1,545,153
Darden Restaurants, Inc.		15,329		1,671,014
Dollar General Corp.		10,617		1,656,040
Domino's Pizza, Inc. (b)		5,964		1,752,104
Dunkin' Brands Group, Inc.		24,919		1,882,381
eBay, Inc.		41,842		1,510,915
Etsy, Inc. (a)		15,166		671,854
Five Below, Inc. (a)		8,695		1,111,743
Garmin Ltd.		18,470		1,801,933
General Motors Co., Class C		45,245		1,655,967

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Gentex Corp.		59,122	$	1,713,356
Genuine Parts Co.		23,795		2,527,742
Grand Canyon Education, Inc. (a)		8,517		815,843
Hasbro, Inc.		11,538		1,218,528
Hilton Worldwide Holdings, Inc.		18,858		2,091,541
Hyatt Hotels Corp., Class A		27,440		2,461,642
Kohl's Corp.		20,933		1,066,536
Lear Corp.		11,837		1,624,036
Lennar Corp., Class A		28,562		1,593,474
LKQ Corp. (a)		62,030		2,214,471
Marriott International, Inc., Class A		13,254		2,007,053
McDonald's Corp.		12,977		2,564,384
Mohawk Industries, Inc. (a)		10,155		1,384,939
Nike, Inc., Class B		18,449		1,869,068
Norwegian Cruise Line Holdings Ltd. (a)		29,263		1,709,252
NVR, Inc. (a)		494		1,881,354
O'Reilly Automotive, Inc. (a)		5,023		2,201,380
Planet Fitness, Inc., Class A (a)		20,623		1,540,126
Pool Corp.		9,291		1,973,223
PulteGroup, Inc.		44,840		1,739,792
PVH Corp.		12,780		1,343,817
Ralph Lauren Corp.		15,078		1,767,443
Ross Stores, Inc.		16,569		1,928,963
Royal Caribbean Cruises Ltd.		13,166		1,757,793
Service Corp. International		42,161		1,940,671
Starbucks Corp.		20,319		1,786,446
Tapestry, Inc.		42,222		1,138,727
Target Corp.		10,783		1,382,488
The Gap, Inc. (b)		64,104		1,133,359
The Home Depot, Inc.		8,899		1,943,364
The TJX Cos., Inc.		34,236		2,090,450
Tiffany & Co.		17,753		2,372,689
Tractor Supply Co.		16,326		1,525,501
Ulta Beauty, Inc. (a)		3,838		971,551
VF Corp.		19,114		1,904,902
Whirlpool Corp.		9,100		1,342,523
Wynn Resorts Ltd.		8,980		1,247,053
Yum China Holdings, Inc. (b)		29,189		1,401,364
Yum! Brands, Inc.		22,523		2,268,742
				103,799,131
Consumer Staples (6.4%):
Altria Group, Inc.		35,102		1,751,941
Archer-Daniels-Midland Co.		51,060		2,366,631
Brown-Forman Corp., Class B		33,746		2,281,230
Casey's General Stores, Inc. (b)		11,541		1,834,904
Church & Dwight Co., Inc.		24,909		1,752,099
Colgate-Palmolive Co.		32,237		2,219,195
Conagra Brands, Inc.		34,898		1,194,908
Costco Wholesale Corp.		6,640		1,951,629
General Mills, Inc.		36,582		1,959,332

See notes to financial statements.

Victory Portfolios II
VictoryShares US 500 Volatility Wtd ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Hormel Foods Corp. (b)		46,746	$	2,108,712
Kimberly-Clark Corp.		13,469		1,852,661
Lamb Weston Holdings, Inc.		22,963		1,975,507
McCormick & Co., Inc.		11,185		1,898,430
Molson Coors Beverage Co., Class B		30,400		1,638,560
Mondelez International, Inc., Class A		45,662		2,515,062
Monster Beverage Corp. (a)		22,398		1,423,393
PepsiCo, Inc.		19,086		2,608,483
Philip Morris International, Inc.		19,649		1,671,933
Sysco Corp.		30,529		2,611,451
The Boston Beer Co., Inc., Class A (a) (b)		2,668		1,008,104
The Clorox Co.		11,709		1,797,800
The Coca-Cola Co.		39,163		2,167,672
The Estee Lauder Cos., Inc., Class A		6,906		1,426,365
The Hershey Co.		15,809		2,323,607
The J.M. Smucker Co.		17,084		1,778,957
The Kroger Co.		61,374		1,779,232
Tyson Foods, Inc., Class A		19,824		1,804,777
US Foods Holding Corp. (a)		47,254		1,979,470
Walgreens Boots Alliance, Inc.		27,988		1,650,172
Walmart, Inc.		20,643		2,453,214
				57,785,431
Energy (2.9%):
Cabot Oil & Gas Corp.		80,455		1,400,722
Chevron Corp.		16,907		2,037,462
ConocoPhillips		28,017		1,821,946
Continental Resources, Inc.		29,456		1,010,341
Diamondback Energy, Inc.		11,440		1,062,318
EOG Resources, Inc.		15,768		1,320,728
Exxon Mobil Corp.		29,811		2,080,211
Halliburton Co.		59,095		1,446,055
HollyFrontier Corp.		27,245		1,381,594
Kinder Morgan, Inc.		96,447		2,041,782
Marathon Oil Corp.		86,732		1,177,821
Occidental Petroleum Corp.		32,737		1,349,092
ONEOK, Inc.		24,037		1,818,880
Phillips 66		16,811		1,872,914
Schlumberger Ltd.		39,530		1,589,106
Valero Energy Corp.		17,463		1,635,410
				25,046,382
Financials (17.0%):
Aflac, Inc.		44,449		2,351,352
Ally Financial, Inc.		52,609		1,607,731
American Express Co.		17,160		2,136,247
Ameriprise Financial, Inc.		11,199		1,865,529
Arch Capital Group Ltd. (a)		54,353		2,331,200
Arthur J. Gallagher & Co.		25,088		2,389,130
Assurant, Inc.		15,931		2,088,235
Bank of America Corp.		58,286		2,052,833

See notes to financial statements.

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VictoryShares US 500 Volatility Wtd ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
BlackRock, Inc., Class A		4,328	$	2,175,686
BOK Financial Corp. (b)		20,627		1,802,800
Brown & Brown, Inc.		64,361		2,540,972
Capital One Financial Corp.		17,456		1,796,397
Cboe Global Markets, Inc.		16,967		2,036,040
Chubb Ltd.		15,217		2,368,679
Citigroup, Inc.		24,180		1,931,740
Citizens Financial Group, Inc.		43,805		1,778,921
CME Group, Inc.		10,312		2,069,825
Comerica, Inc.		23,356		1,675,793
Commerce Bancshares, Inc., Class C (b)		36,626		2,488,347
Credit Acceptance Corp. (a) (b)		3,578		1,582,657
Discover Financial Services		20,397		1,730,074
E*TRADE Financial Corp.		35,953		1,631,188
East West Bancorp, Inc.		30,566		1,488,564
Erie Indemnity Co., Class A		6,406		1,063,396
FactSet Research Systems, Inc.		6,570		1,762,731
Fidelity National Financial, Inc., Class A		46,925		2,128,049
Fifth Third Bancorp.		59,969		1,843,447
First American Financial Corp.		34,523		2,013,381
First Republic Bank		17,687		2,077,338
Franklin Resources, Inc.		62,030		1,611,539
Globe Life, Inc.		24,932		2,624,094
Huntington Bancshares, Inc.		122,033		1,840,258
Intercontinental Exchange, Inc.		26,161		2,421,200
Invesco Ltd. (b)		90,714		1,631,038
JPMorgan Chase & Co.		18,450		2,571,930
KeyCorp		87,625		1,773,530
Lincoln National Corp.		26,714		1,576,393
LPL Financial Holdings, Inc.		17,482		1,612,715
M&T Bank Corp.		11,793		2,001,862
MarketAxess Holdings, Inc.		3,861		1,463,744
Marsh & McLennan Cos., Inc.		23,445		2,612,008
MetLife, Inc.		42,402		2,161,230
Moody's Corp.		8,008		1,901,179
Morgan Stanley		38,460		1,966,075
Morningstar, Inc.		13,261		2,006,522
MSCI, Inc.		6,652		1,717,413
New York Community Bancorp, Inc.		148,098		1,780,138
Northern Trust Corp.		18,789		1,996,143
People's United Financial, Inc.		123,947		2,094,704
Principal Financial Group, Inc.		29,220		1,607,100
Prudential Financial, Inc.		19,588		1,836,179
Raymond James Financial, Inc.		20,934		1,872,756
Regions Financial Corp.		98,608		1,692,113
Reinsurance Group of America, Inc.		13,585		2,215,170
S&P Global, Inc.		7,867		2,148,084
Santander Consumer USA Holdings, Inc.		59,653		1,394,091
SEI Investments Co.		29,322		1,920,005
Signature Bank		12,902		1,762,542

See notes to financial statements.

Victory Portfolios II
VictoryShares US 500 Volatility Wtd ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
State Street Corp.		30,417	$	2,405,985
SVB Financial Group (a)		6,026		1,512,767
Synchrony Financial		50,811		1,829,704
Synovus Financial Corp.		39,072		1,531,622
T. Rowe Price Group, Inc.		14,993		1,826,747
TCF Financial Corp.		34,701		1,624,007
TD Ameritrade Holding Corp.		35,577		1,768,177
The Bank of New York Mellon Corp.		41,550		2,091,212
The Charles Schwab Corp.		38,463		1,829,300
The Goldman Sachs Group, Inc.		7,579		1,742,639
The Hartford Financial Services Group, Inc.		42,230		2,566,317
The PNC Financial Services Group, Inc.		14,687		2,344,486
The Progressive Corp.		24,113		1,745,540
The Travelers Cos., Inc.		17,691		2,422,782
Truist Financial Corp.		39,381		2,217,938
U.S. Bancorp		43,279		2,566,012
Voya Financial, Inc.		33,841		2,063,624
W.R. Berkley Corp.		35,886		2,479,723
Wells Fargo & Co.		40,964		2,203,863
Zions Bancorp NA (b)		37,415		1,942,587
				153,335,069
Health Care (11.5%):
Abbott Laboratories		21,479		1,865,666
ABIOMED, Inc. (a)		4,395		749,743
Agilent Technologies, Inc.		21,053		1,796,031
Align Technology, Inc. (a)		4,420		1,233,357
AmerisourceBergen Corp.		17,198		1,462,174
Amgen, Inc.		8,180		1,971,952
Anthem, Inc.		5,047		1,524,345
Baxter International, Inc.		25,126		2,101,036
Biogen, Inc. (a)		4,240		1,258,135
Bio-Techne Corp.		7,828		1,718,324
Boston Scientific Corp. (a)		38,207		1,727,721
Bristol-Myers Squibb Co.		29,158		1,871,652
Bruker Corp.		27,641		1,408,862
Cardinal Health, Inc.		31,542		1,595,394
Centene Corp. (a)		24,724		1,554,398
Cerner Corp.		24,875		1,825,577
Charles River Laboratories International, Inc. (a)		10,425		1,592,523
Chemed Corp.		4,878		2,142,711
Cigna Corp.		8,031		1,642,259
Danaher Corp.		13,401		2,056,785
DENTSPLY SIRONA, Inc.		27,212		1,539,927
Edwards Lifesciences Corp. (a)		6,159		1,436,833
Elanco Animal Health, Inc. (a)		52,667		1,551,043
Eli Lilly & Co.		16,076		2,112,869
Encompass Health Corp.		25,323		1,754,124
Exelixis, Inc. (a)		51,629		909,703
Gilead Sciences, Inc.		28,434		1,847,641
HCA Healthcare, Inc.		11,266		1,665,227

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Henry Schein, Inc. (a)		27,350	$	1,824,792
Hill-Rom Holdings, Inc.		15,518		1,761,759
Humana, Inc.		4,698		1,721,911
IDEXX Laboratories, Inc. (a)		5,409		1,412,452
Illumina, Inc. (a)		3,998		1,326,297
Incyte Pharmaceuticals, Inc. (a)		14,711		1,284,565
Insulet Corp. (a) (b)		6,215		1,064,008
Intuitive Surgical, Inc. (a)		2,644		1,563,001
IQVIA Holdings, Inc. (a)		10,633		1,642,905
Jazz Pharmaceuticals PLC (a)		10,089		1,506,086
Johnson & Johnson		15,613		2,277,468
Laboratory Corp. of America Holdings (a)		10,956		1,853,427
Masimo Corp. (a)		9,401		1,485,922
Medtronic PLC		20,492		2,324,816
Merck & Co., Inc.		24,542		2,232,095
Mettler-Toledo International, Inc. (a) (b)		2,404		1,907,045
Molina Healthcare, Inc. (a)		7,179		974,119
PerkinElmer, Inc.		18,373		1,784,018
PRA Health Sciences, Inc. (a)		13,440		1,493,856
Quest Diagnostics, Inc.		17,913		1,912,929
Regeneron Pharmaceuticals, Inc. (a)		4,572		1,716,695
ResMed, Inc.		9,180		1,422,625
Stryker Corp.		7,689		1,614,229
Teleflex, Inc.		4,361		1,641,655
The Cooper Cos., Inc.		6,097		1,958,905
Thermo Fisher Scientific, Inc.		6,031		1,959,291
UnitedHealth Group, Inc.		6,643		1,952,909
Universal Health Services, Inc., Class B		10,819		1,552,094
Varian Medical Systems, Inc. (a) (b)		15,897		2,257,533
Veeva Systems, Inc., Class A (a)		6,643		934,404
Vertex Pharmaceuticals, Inc. (a)		7,599		1,663,801
Waters Corp. (a)		6,443		1,505,407
West Pharmaceutical Services, Inc.		11,666		1,753,750
Zoetis, Inc.		14,281		1,890,090
				103,092,871
Industrials (16.4%):
3M Co.		9,556		1,685,870
AECOM (a)		48,327		2,084,344
AGCO Corp.		20,071		1,550,485
Alaska Air Group, Inc.		26,765		1,813,329
Allegion PLC		20,863		2,598,278
Allison Transmission Holdings, Inc.		36,694		1,773,054
AMERCO, Inc. (b)		5,509		2,070,392
American Airlines Group, Inc. (b)		40,165		1,151,932
AMETEK, Inc.		23,584		2,352,267
AO Smith Corp.		34,649		1,650,678
BWX Technologies, Inc. (b)		24,591		1,526,609
C.H. Robinson Worldwide, Inc. (b)		21,646		1,692,717
Carlisle Cos., Inc.		12,797		2,071,066
Caterpillar, Inc.		12,139		1,792,688

See notes to financial statements.

Victory Portfolios II
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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Cintas Corp.		6,922	$	1,862,572
Copart, Inc. (a)		25,064		2,279,320
CoStar Group, Inc. (a) (c)		2,344		1,402,415
CSX Corp.		24,941		1,804,731
Cummins, Inc.		11,256		2,014,374
Deere & Co.		9,111		1,578,572
Delta Air Lines, Inc.		26,914		1,573,931
Donaldson Co., Inc. (b)		34,447		1,984,836
Dover Corp.		18,031		2,078,253
Eaton Corp. PLC		22,194		2,102,216
Emerson Electric Co.		29,030		2,213,828
Expeditors International of Washington, Inc.		25,811		2,013,774
Fastenal Co.		53,229		1,966,812
Flowserve Corp. (b)		29,377		1,462,093
Fortive Corp.		25,857		1,975,216
Fortune Brands Home & Security, Inc.		28,670		1,873,298
Gardner Denver Holdings, Inc. (a) (b)		40,484		1,484,953
General Dynamics Corp.		10,135		1,787,307
Graco, Inc.		40,762		2,119,624
HD Supply Holdings, Inc. (a)		50,740		2,040,762
HEICO Corp.		10,835		1,236,815
Hexcel Corp.		21,269		1,559,230
Honeywell International, Inc.		13,263		2,347,551
Hubbell, Inc.		13,057		1,930,086
Huntington Ingalls Industries, Inc.		8,333		2,090,583
IDEX Corp.		11,335		1,949,620
Illinois Tool Works, Inc.		11,503		2,066,284
Ingersoll-Rand PLC		15,953		2,120,473
J.B. Hunt Transport Services, Inc.		13,354		1,559,480
Kansas City Southern (b)		12,860		1,969,638
Knight-Swift Transportation Holdings, Inc. (b)		27,789		995,958
L3Harris Technologies, Inc.		7,627		1,509,154
Lennox International, Inc.		7,574		1,847,829
Lockheed Martin Corp.		5,377		2,093,696
Masco Corp.		33,908		1,627,245
Nordson Corp.		12,037		1,960,105
Norfolk Southern Corp.		9,208		1,787,549
Northrop Grumman Corp.		4,649		1,599,117
Old Dominion Freight Line, Inc.		9,154		1,737,246
Owens Corning, Inc.		22,315		1,453,153
PACCAR, Inc.		26,953		2,131,982
Parker-Hannifin Corp.		9,153		1,883,870
Republic Services, Inc., Class A		32,773		2,937,443
Robert Half International, Inc.		26,186		1,653,646
Rockwell Automation, Inc.		9,868		1,999,948
Rollins, Inc.		48,217		1,598,876
Roper Technologies, Inc.		5,492		1,945,431
Snap-on, Inc.		10,671		1,807,667
Southwest Airlines Co.		30,112		1,625,446
Spirit Aerosystems Holdings, Inc., Class A		16,961		1,236,118

See notes to financial statements.

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(Unaudited)

Security Description	Shares		Value
Teledyne Technologies, Inc. (a)		6,215	$	2,153,747
Textron, Inc.		31,674		1,412,660
The Middleby Corp. (a)		13,859		1,517,838
Toro Co.		28,534		2,273,305
TransDigm Group, Inc.		2,722		1,524,320
TransUnion		19,279		1,650,475
Union Pacific Corp.		9,733		1,759,629
United Airlines Holdings, Inc. (a)		18,623		1,640,500
United Parcel Service, Inc., Class B		12,494		1,462,548
United Rentals, Inc. (a)		9,096		1,516,940
United Technologies Corp.		13,006		1,947,779
Verisk Analytics, Inc., Class A		15,646		2,336,574
W.W. Grainger, Inc.		5,321		1,801,265
Waste Management, Inc.		22,260		2,536,750
Watsco, Inc. (b)		11,005		1,982,551
Woodward, Inc.		13,057		1,546,471
XPO Logistics, Inc. (a) (b)		9,885		787,835
Xylem, Inc.		24,223		1,908,530
				149,453,552
Information Technology (16.1%):
Accenture PLC, Class A		10,462		2,202,983
Adobe, Inc. (a)		4,985		1,644,103
Advanced Micro Devices, Inc. (a)		21,052		965,445
Akamai Technologies, Inc. (a)		19,036		1,644,330
Alliance Data Systems Corp.		9,284		1,041,665
Amphenol Corp., Class A		19,957		2,159,947
Analog Devices, Inc.		12,201		1,449,967
ANSYS, Inc. (a)		7,883		2,029,163
Apple, Inc.		6,447		1,893,162
Applied Materials, Inc.		22,950		1,400,868
Arista Networks, Inc. (a)		4,506		916,520
Aspen Technology, Inc. (a)		9,261		1,119,933
Automatic Data Processing, Inc.		11,846		2,019,743
Black Knight, Inc. (a)		40,417		2,606,087
Booz Allen Hamilton Holdings Corp.		27,127		1,929,544
Broadcom, Inc.		4,464		1,410,713
Broadridge Financial Solutions, Inc.		15,625		1,930,313
CACI International, Inc., Class A (a)		7,840		1,959,922
Cadence Design Systems, Inc. (a)		22,195		1,539,445
CDW Corp.		12,972		1,852,920
Ciena Corp. (a)		22,657		967,227
Cisco Systems, Inc.		32,717		1,569,107
Citrix Systems, Inc.		26,460		2,934,413
Cognex Corp.		24,820		1,390,913
Cognizant Technology Solutions Corp., Class A		24,523		1,520,916
Corning, Inc.		49,862		1,451,483
Dolby Laboratories, Inc., Class A		25,564		1,758,803
DXC Technology Co.		25,857		971,965
Entegris, Inc.		28,106		1,407,830
EPAM Systems, Inc. (a)		7,231		1,534,129

See notes to financial statements.

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(Unaudited)

Security Description	Shares		Value
Euronet Worldwide, Inc. (a)		10,159	$	1,600,652
F5 Networks, Inc. (a)		11,522		1,609,047
Fair Isaac Corp. (a)		4,095		1,534,315
Fidelity National Information Services, Inc.		14,597		2,030,297
Fiserv, Inc. (a)		15,507		1,793,074
FleetCor Technologies, Inc. (a)		5,753		1,655,253
FLIR Systems, Inc.		34,975		1,821,148
Fortinet, Inc. (a)		15,206		1,623,393
Gartner, Inc. (a)		10,049		1,548,551
Genpact Ltd.		50,135		2,114,193
Global Payments, Inc.		10,395		1,897,711
HP, Inc.		68,079		1,399,023
Intel Corp.		29,492		1,765,096
International Business Machines Corp.		13,343		1,788,496
IPG Photonics Corp. (a)		8,073		1,169,939
Jack Henry & Associates, Inc.		15,224		2,217,680
Juniper Networks, Inc.		72,691		1,790,379
KLA Corp.		8,331		1,484,334
Lam Research Corp.		5,063		1,480,421
Leidos Holdings, Inc.		20,630		2,019,471
Manhattan Associates, Inc. (a)		13,702		1,092,735
Mastercard, Inc., Class A		6,215		1,855,737
Maxim Integrated Products, Inc.		24,978		1,536,397
Microchip Technology, Inc. (b)		13,068		1,368,481
Micron Technology, Inc. (a)		19,310		1,038,492
Microsoft Corp. (c)		12,286		1,937,502
Monolithic Power Systems, Inc.		7,723		1,374,848
Motorola Solutions, Inc.		8,568		1,380,648
National Instruments Corp.		36,807		1,558,408
NetApp, Inc.		21,937		1,365,578
NVIDIA Corp.		5,505		1,295,327
ON Semiconductor Corp. (a)		52,192		1,272,441
Oracle Corp.		36,753		1,947,174
Paychex, Inc.		27,113		2,306,232
Paycom Software, Inc. (a)		4,626		1,224,780
Paylocity Holding Corp. (a)		9,131		1,103,207
PayPal Holdings, Inc. (a)		14,263		1,542,829
Qorvo, Inc. (a) (b)		16,339		1,899,082
RealPage, Inc. (a)		23,920		1,285,700
Sabre Corp.		64,938		1,457,209
Salesforce.com, Inc. (a)		8,773		1,426,841
Seagate Technology PLC		24,168		1,437,996
Skyworks Solutions, Inc.		14,371		1,737,166
SS&C Technologies Holdings, Inc.		24,856		1,526,158
Synopsys, Inc. (a)		11,588		1,613,050
TE Connectivity Ltd.		18,822		1,803,900
Teradyne, Inc.		18,238		1,243,649
Texas Instruments, Inc.		11,261		1,444,674
The Trade Desk, Inc., Class A (a)		2,600		675,428
The Western Union Co. (b)		102,264		2,738,629

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Trimble, Inc. (a)		38,207	$	1,592,850
Tyler Technologies, Inc. (a) (b)		6,879		2,063,837
Ubiquiti, Inc.		9,856		1,862,588
Universal Display Corp.		4,087		842,208
VeriSign, Inc. (a)		9,172		1,767,261
Visa, Inc., Class A		10,907		2,049,425
VMware, Inc., Class A (a)		7,433		1,128,255
WEX, Inc. (a)		7,263		1,521,308
Xerox Holdings Corp.		40,316		1,486,451
Xilinx, Inc.		8,616		842,386
Zebra Technologies Corp. (a)		4,734		1,209,253
				145,422,152
Materials (5.6%):
Air Products & Chemicals, Inc.		9,841		2,312,536
Albemarle Corp. (b)		18,321		1,338,166
AptarGroup, Inc.		20,420		2,360,960
Ball Corp.		24,229		1,566,889
Celanese Corp., Series A		13,125		1,615,950
CF Industries Holdings, Inc.		25,847		1,233,936
Crown Holdings, Inc. (a)		24,935		1,808,785
Eastman Chemical Co.		21,857		1,732,386
Ecolab, Inc.		10,683		2,061,712
FMC Corp.		18,064		1,803,148
International Flavors & Fragrances, Inc. (b)		12,492		1,611,718
International Paper Co.		36,956		1,701,824
LyondellBasell Industries NV, Class A		17,872		1,688,547
Martin Marietta Materials, Inc.		6,583		1,840,870
NewMarket Corp.		4,107		1,998,138
Nucor Corp.		31,750		1,786,890
Packaging Corp. of AmericA		15,048		1,685,226
PPG Industries, Inc.		17,453		2,329,800
Reliance Steel & Aluminum Co.		17,307		2,072,686
Royal Gold, Inc. (b)		12,471		1,524,580
RPM International, Inc.		26,514		2,035,215
Sealed Air Corp. (b)		39,364		1,567,868
Sonoco Products Co.		40,443		2,496,142
Steel Dynamics, Inc.		44,982		1,531,187
The Sherwin-Williams Co.		3,275		1,911,094
Vulcan Materials Co.		12,139		1,747,895
Westlake Chemical Corp.		18,480		1,296,372
Westrock Co.		34,026		1,460,056
				50,120,576
Real Estate (0.5%):
CBRE Group, Inc., Class A (a)		31,288		1,917,641
Jones Lang LaSalle, Inc.		9,720		1,692,155
The Howard Hughes Corp. (a)		5,862		743,302
				4,353,098

See notes to financial statements.

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(Unaudited)

Security Description	Shares		Value
Utilities (7.7%):
AES Corp.		117,742	$	2,343,066
Alliant Energy Corp.		50,175		2,745,576
Ameren Corp.		32,545		2,499,456
American Electric Power Co., Inc.		29,459		2,784,170
American Water Works Co., Inc.		19,704		2,420,636
Atmos Energy Corp.		22,832		2,553,988
CenterPoint Energy, Inc.		88,981		2,426,512
CMS Energy Corp.		41,364		2,599,314
Consolidated Edison, Inc.		29,213		2,642,900
DTE Energy Co.		21,695		2,817,530
Duke Energy Corp.		31,267		2,851,863
Evergy, Inc.		39,936		2,599,434
Eversource Energy		34,471		2,932,448
Exelon Corp.		53,375		2,433,366
FirstEnergy Corp.		53,144		2,582,798
IDACORP, Inc.		22,300		2,381,640
MDU Resources Group, Inc.		85,430		2,538,125
NextEra Energy, Inc.		12,495		3,025,790
OGE Energy Corp.		58,385		2,596,381
Pinnacle West Capital Corp.		26,011		2,339,169
PPL Corp.		77,719		2,788,558
Public Service Enterprise Group, Inc.		42,280		2,496,634
Sempra Energy		18,986		2,875,999
The Southern Co.		46,644		2,971,223
WEC Energy Group, Inc.		27,766		2,560,858
Xcel Energy, Inc.		41,637		2,643,534
				68,450,968
Total Common Stocks (Cost $775,837,670)				895,513,740
Collateral for Securities Loaned^ (4.3%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (d)		1,833,234		1,833,234
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (d)		10,099,809		10,099,809
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (d)		306,195		306,195
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (d)		6,101,328		6,101,328
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (d)		6,711,935		6,711,935
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (d)		13,423,412		13,423,412
Total Collateral for Securities Loaned (Cost $38,475,913)				38,475,913
Total Investments (Cost $814,313,583) — 104.0%				933,989,653
Liabilities in excess of other assets — (4.0)%				(36,122,291	)
NET ASSETS — 100.00%			$	897,867,362

^ Purchased with cash collateral from securities on loan.

(a) Non-income producing security.

(b) All or a portion of this security is on loan.

See notes to financial statements.

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December 31, 2019

(Unaudited)

(d) Rate disclosed is the daily yield on December 31, 2019.

PLC — Public Limited Company

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini S&P 500 Futures		10	3/20/20	$	1,583,785	$	1,615,550	$	31,765
	Total unrealized appreciation							$	31,765
	Total unrealized depreciation								—
	Total net unrealized appreciation (depreciation)							$	31,765

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Common Stocks (99.7%)
Communication Services (2.4%):
AMC Networks, Inc., Class A (a)		1,395	$	55,103
Cogent Communications Holdings, Inc.		1,071		70,483
Fluent, Inc. (a)		8,026		20,065
John Wiley & Sons, Inc., Class A		1,198		58,126
MSG Networks, Inc., Class A (a)		2,734		47,572
QuinStreet, Inc. (a)		2,596		39,745
Shenandoah Telecommunications Co.		1,691		70,363
TechTarget, Inc. (a)		1,597		41,682
Telephone & Data Systems, Inc.		1,831		46,562
The Marcus Corp.		1,811		57,535
The Meet Group, Inc. (a)		8,325		41,708
WideOpenWest, Inc. (a)		7,623		56,562
Yelp, Inc. (a)		1,479		51,514
				657,020
Consumer Discretionary (14.6%):
Acushnet Holdings Corp.		2,467		80,178
American Eagle Outfitters, Inc.		2,497		36,706
American Public Education, Inc. (a)		1,701		46,590
America's Car-Mart, Inc. (a) (b)		609		66,783
Asbury Automotive Group, Inc. (a)		679		75,905
At Home Group, Inc. (a)		2,682		14,751
BJ's Restaurants, Inc.		1,247		47,336
Bloomin' Brands, Inc.		2,782		61,399
Boot Barn Holdings, Inc. (a)		1,007		44,842
Boyd Gaming Corp.		1,833		54,880
Brinker International, Inc. (b)		1,307		54,894
Cavco Industries, Inc. (a)		203		39,662
Century Communities, Inc. (a)		1,640		44,854
Conn's, Inc. (a)		1,763		21,844
Core-Mark Holding Co., Inc.		1,410		38,337
Dave & Buster's Entertainment, Inc.		945		37,961
Del Taco Restaurants, Inc. (a)		4,881		38,584
Denny's Corp. (a)		3,478		69,143
Dine Brands Global, Inc.		633		52,868
Dorman Products, Inc. (a)		738		55,881
Fox Factory Holding Corp. (a)		723		50,299
Funko, Inc. (a) (b)		1,397		23,973
Garrett Motion, Inc. (a)		3,910		39,061
G-III Apparel Group Ltd. (a)		1,776		59,496
Group 1 Automotive, Inc.		739		73,900
Haverty Furniture Cos., Inc.		2,540		51,206
Hilton Grand Vacations, Inc. (a)		1,417		48,731
Hooker Furniture Corp.		2,153		55,311
Installed Building Products, Inc. (a)		801		55,165
iRobot Corp. (a) (b)		544		27,543
Jack in the Box, Inc.		676		52,748
KB Home		1,844		63,193

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
La-Z-Boy, Inc.		1,522	$	47,913
LCI Industries		544		58,279
LGI Homes, Inc. (a)		524		37,021
M/I Homes, Inc. (a)		1,334		52,493
Malibu Boats, Inc., Class A (a)		1,400		57,330
MarineMax, Inc. (a)		2,565		42,810
Mastercraft Boat Holdings, Inc. (a)		2,368		37,296
MDC Holdings, Inc.		1,539		58,728
Meritage Homes Corp. (a)		710		43,388
Modine Manufacturing Co. (a)		3,393		26,126
Monarch Casino & Resort, Inc. (a)		1,475		71,611
Monro, Inc		674		52,707
Movado Group, Inc.		1,597		34,719
Murphy USA, Inc. (a)		785		91,844
Oxford Industries, Inc.		747		56,339
PetMed Express, Inc. (b)		2,522		59,317
Rent-A-Center, Inc.		1,658		47,817
RH Corp. (a)		228		48,678
Ruth's Hospitality Group, Inc.		3,931		85,558
Sally Beauty Holdings, Inc. (a)		3,220		58,765
Shoe Carnival, Inc. (b)		1,002		37,355
Shutterstock, Inc. (a)		1,424		61,062
Sleep Number Corp. (a)		828		40,771
Sonic Automotive, Inc., Class A		1,344		41,664
Stamps.com, Inc. (a)		240		20,045
Standard Motor Products, Inc. (b)		1,458		77,595
Steven Madden Ltd.		1,612		69,332
Stitch Fix, Inc. (a) (b)		1,458		37,412
Stoneridge, Inc. (a)		1,896		55,591
Sturm Ruger & Co., Inc. (b)		1,244		58,505
Tailored Brands, Inc. (b)		3,913		16,200
Taylor Morrison Home Corp., Class A (a)		2,392		52,289
The Buckle, Inc. (b)		1,983		53,620
The Cheesecake Factory, Inc.		1,718		66,761
The Children's Place, Inc. (b)		437		27,321
The Michaels Cos., Inc. (a)		5,347		43,257
Tilly's, Inc.		3,129		38,330
TRI Pointe Group, Inc. (a)		3,841		59,842
Tupperware Brands Corp.		2,422		20,781
Urban Outfitters, Inc. (a)		1,982		55,040
Visteon Corp. (a)		443		38,359
William Lyon Homes, Class A (a)		2,417		48,292
Wingstop, Inc.		546		47,082
Winnebago Industries, Inc.		1,340		70,993
Wolverine World Wide, Inc.		2,015		67,986
YETI Holdings, Inc. (a)		965		33,563
Zumiez, Inc. (a)		1,444		49,876
				3,941,687

See notes to financial statements.

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(Unaudited)

Security Description	Shares		Value
Consumer Staples (4.5%):
B&G Foods, Inc. (b)		2,769	$	49,648
Central Garden & Pet Co., Class A (a)		1,470		43,159
elf Beauty, Inc. (a)		1,744		28,131
Hostess Brands, Inc. (a)		5,446		79,185
Ingles Markets, Inc., Class A		1,470		69,840
Inter Parfums, Inc.		996		72,419
John B Sanfilippo & Son, Inc.		631		57,598
Lifevantage Corp. (a)		2,700		42,147
Medifast, Inc.		395		43,284
MGP Ingredients, Inc.		651		31,541
National Beverage Corp. (a)		1,024		52,244
PriceSmart, Inc.		925		65,694
Sprouts Farmers Markets, Inc. (a)		3,822		73,956
The Chefs' Warehouse, Inc. (a) (b)		1,455		55,450
The Simply Good Foods Co. (a)		1,808		51,600
Tootsie Roll Industries, Inc. (b)		2,590		88,423
Turning Point Brands, Inc.		919		26,283
Universal Corp.		1,116		63,680
USANA Health Sciences, Inc. (a)		569		44,695
Vector Group Ltd.		3,701		49,556
WD-40 Co. (b)		385		74,744
Weis Markets, Inc. (b)		1,964		79,521
				1,242,798
Energy (3.0%):
Apergy Corp. (a)		1,592		53,778
Arch Coal, Inc., Class A (b)		639		45,842
Archrock, Inc.		4,095		41,114
Cactus, Inc.		1,758		60,335
CONSOL Energy, Inc. (a)		2,881		41,803
Core Laboratories NV		997		37,557
Delek US Holdings, Inc.		1,135		38,057
Falcon Minerals Corp.		6,684		47,189
Gulfport Energy Corp. (a)		11,467		34,860
Liberty Oilfield Services, Inc.		3,079		34,238
Magnolia Oil & Gas Corp. (a)		4,630		58,245
Matrix Service Co. (a)		1,912		43,747
Murphy Oil Corp.		2,367		63,435
Newpark Resources, Inc. (a) (b)		5,468		34,284
Peabody Energy Corp.		2,180		19,882
Propetro Holding Corp. (a)		2,804		31,545
REX American Resources Corp. (a)		758		62,126
Solaris Oilfield Infrastructure, Inc., Class A		2,791		39,074
World Fuel Services Corp. (c)		1,326		57,575
				844,686
Financials (24.1%):
1st Source Corp.		1,612		83,631
Ameris Bancorp		1,606		68,319
AMERISAFE, Inc.		1,270		83,858

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Artisan Partners Asset Management, Inc., Class A		2,213	$	71,524
Atlantic Union Bankshares Corp.		1,639		61,544
Axos Financial, Inc. (a)		1,925		58,289
BancFirst Corp.		1,379		86,105
BancorpSouth Bank		2,476		77,771
Banner Corp.		1,161		65,701
Berkshire Hills Bancorp, Inc.		2,106		69,245
Brookline Bancorp, Inc., Class A		5,218		85,888
Cadence Bancorp		2,775		50,311
Cannae Holdings, Inc. (a)		2,692		100,115
Capitol Federal Financial, Inc.		6,857		94,147
Cathay General Bancorp		2,067		78,649
Centerstate Banks, Inc.		2,965		74,066
City Holding Co.		1,012		82,933
Cohen & Steers, Inc.		1,439		90,311
Columbia Banking System, Inc.		1,838		74,779
Columbia Financial, Inc. (a)		6,158		104,316
CVB Financial Corp.		3,690		79,630
Eagle Bancorp, Inc.		1,028		49,992
Employers Holdings, Inc.		1,781		74,357
Encore Capital Group, Inc. (a) (b)		1,079		38,153
Enterprise Financial Services Corp.		1,589		76,606
FB Financial Corp.		1,717		67,976
FBL Financial Group, Inc., Class A		1,393		82,089
First Bancorp, Inc.		6,348		67,225
First Busey Corp.		3,024		83,160
First Commonwealth Financial Corp.		5,930		86,044
First Financial Bancorp		2,687		68,357
First Interstate BancSystem, Inc., Class A		2,027		84,972
First Merchants Corp.		1,700		70,703
First Midwest Bancorp, Inc.		3,257		75,106
Flagstar Bancorp, Inc., Class A		2,037		77,915
Fulton Financial Corp.		4,616		80,457
Goosehead Insurance, Inc. (b)		694		29,426
Great Western Bancorp, Inc.		2,070		71,912
Green Dot Corp. (a)		805		18,757
Heartland Financial USA, Inc.		1,428		71,029
Hilltop Holdings, Inc.		2,846		70,951
Home BancShares, Inc.		3,300		64,878
Hope Bancorp, Inc.		4,429		65,815
Houlihan Lokey, Inc.		1,611		78,730
Independent Bank Corp.		957		79,670
Independent Bank Group, Inc.		1,226		67,969
International Bancshares Corp.		1,846		79,507
James River Group Holdings Ltd.		1,804		74,343
Kearny Financial Corp.		6,600		91,278
Kinsale Capital Group, Inc.		632		64,249
Lakeland Financial Corp.		1,801		88,123
Meta Financial Group, Inc.		1,513		55,240
Moelis & Co., Class A		1,545		49,316

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
National General Holdings Corp.		2,967	$	65,571
Navient Corp.		3,996		54,665
NBT Bancorp, Inc.		2,197		89,110
Nelnet, Inc., Class A		1,151		67,035
NMI Holdings, Inc., Class A (a)		1,799		59,691
Northwest Bancshares, Inc.		6,104		101,510
Oceanfirst Financial Corp.		3,819		97,537
Old National Bancorp (b)		4,255		77,824
Pacific Premier Bancorp, Inc.		1,872		61,037
Park National Corp.		764		78,218
Pennymac Financial Services		2,380		81,015
PRA Group, Inc. (a)		1,647		59,786
Provident Financial Services, Inc.		3,397		83,736
Renasant Corp.		1,933		68,467
S&T Bancorp, Inc.		2,098		84,528
Safety Insurance Group, Inc.		866		80,131
Sandy Spring Bancorp, Inc.		2,174		82,351
Seacoast Banking Corp. of Florida (a)		2,696		82,417
ServisFirst Bancshares, Inc.		2,063		77,734
Simmons First National Corp., Class A		2,477		66,359
South State Corp.		900		78,075
Southside Bancshares, Inc.		2,249		83,528
Texas Capital Bancshares, Inc. (a)		958		54,386
Tompkins Financial Corp. (b)		894		81,801
Towne Bank		2,618		72,833
Trico Bancshares		2,214		90,354
Trustmark Corp.		2,234		77,095
United Community Banks, Inc.		2,368		73,124
Veritex Holdings, Inc.		2,613		76,117
Victory Capital Holdings, Inc. (d)		2,675		56,095
Waddell & Reed Financial, Inc., Class A		3,665		61,279
Walker & Dunlop, Inc.		1,138		73,606
Washington Federal, Inc.		2,159		79,127
WesBanco, Inc.		2,051		77,507
Westamerica Bancorporation		1,331		90,202
World Acceptance Corp. (a)		291		25,142
WSFS Financial Corp.		1,689		74,299
				6,588,729
Health Care (7.3%):
Addus HomeCare Corp. (a)		592		57,554
AMN Healthcare Services, Inc. (a)		907		56,515
Amphastar Pharmaceuticals, Inc. (a)		2,222		42,862
ANI Pharmaceuticals, Inc. (a)		807		49,768
Anika Therapeutics, Inc. (a)		584		30,280
Atrion Corp.		98		73,648
Biolife Solutions, Inc. (a)		1,282		20,743
Biospecifics Technologies Corp. (a)		888		50,563
BioTelemetry, Inc. (a)		984		45,559
Computer Programs & Systems		2,297		60,641
CONMED Corp.		631		70,565

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Corcept Therapeutics, Inc. (a)		2,751	$	33,287
CorVel Corp. (a)		828		72,334
Eagle Pharmaceuticals, Inc. (a)		704		42,296
Enanta Pharmaceuticals, Inc. (a)		558		34,473
HealthStream, Inc. (a)		2,827		76,894
Innoviva, Inc. (a)		4,046		57,291
Inogen, Inc. (a)		561		38,333
Integer Holdings Corp. (a)		731		58,794
Iradimed Corp. (a)		1,393		32,568
Lantheus Holdings, Inc. (a)		1,664		34,129
LeMaitre Vascular, Inc.		1,321		47,490
Medpace Holdings, Inc. (a)		435		36,566
Meridian Bioscience, Inc.		4,565		44,600
Merit Medical Systems, Inc. (a)		1,160		36,215
National Healthcare Corp.		1,096		94,726
Nextgen Healthcare, Inc. (a)		2,904		46,667
Omnicell, Inc. (a)		541		44,211
Patterson Cos., Inc.		3,629		74,322
Phibro Animal Health Corp., Class A		1,554		38,586
Quidel Corp. (a)		672		50,420
Select Medical Holdings Corp. (a)		3,125		72,938
Simulations Plus, Inc.		1,094		31,803
STAAR Surgical Co. (a)		1,000		35,170
Supernus Pharmaceuticals, Inc. (a)		1,466		34,774
Tactile Systems Technology, Inc. (a) (b)		643		43,409
The Ensign Group, Inc.		1,140		51,722
Tivity Health, Inc. (a)		2,416		49,154
US Physical Therapy, Inc.		456		52,144
Utah Medical Products, Inc.		486		52,439
				1,976,453
Industrials (23.3%):
AAON, Inc. (b)		1,107		54,697
ABM Industries, Inc.		1,377		51,927
Aerovironment, Inc. (a)		813		50,195
Aircastle Ltd.		3,117		99,776
Alamo Group, Inc.		556		69,806
Albany International Corp.		726		55,118
Allegiant Travel Co.		430		74,838
Ameresco, Inc. (a)		3,536		61,880
American Woodmark Corp. (a)		577		60,302
Applied Industrial Technologies, Inc.		1,111		74,093
ArcBest Corp.		1,520		41,952
Astronics Corp. (a)		1,341		37,481
Atkore International Group, Inc. (a)		1,901		76,914
AZZ, Inc.		1,457		66,949
Barnes Group, Inc.		1,396		86,495
BMC Stock Holdings, Inc. (a)		2,232		64,036
Brady Corp., Class A		1,732		99,175
Builders FirstSource, Inc. (a)		2,182		55,445
Chart Industries, Inc. (a)		681		45,961

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Comfort Systems USA, Inc.		1,251	$	62,362
Continental Building Products, Inc. (a)		2,098		76,430
DMC Global, Inc.		605		27,189
DXP Enterprise, Inc. (a)		940		37,421
Echo Global Logistics, Inc. (a)		2,456		50,839
Encore Wire Corp.		1,225		70,315
Energy Recovery, Inc. (a)		3,844		37,633
EnerSys		853		63,830
Ennis, Inc.		3,613		78,221
ESCO Technologies, Inc.		1,006		93,054
Federal Signal Corp.		2,010		64,823
Forward Air Corp.		1,040		72,748
Franklin Electric Co., Inc.		1,367		78,356
GATX Corp.		842		69,760
Gibraltar Industries, Inc. (a)		1,816		91,598
GMS, Inc. (a)		1,190		32,225
H&E Equipment Services, Inc.		1,755		58,670
Hawaiian Holdings, Inc.		1,598		46,805
Healthcare Services Group		1,821		44,287
Heartland Express, Inc.		3,465		72,938
Heidrick & Struggles International, Inc.		1,377		44,753
Helios Technologies, Inc.		795		36,753
Herman Miller, Inc.		1,328		55,311
Hillenbrand, Inc.		1,980		65,954
HNI Corp.		1,765		66,117
Hub Group, Inc., Class A (a)		1,141		58,522
Huron Consulting Group, Inc. (a)		933		64,116
ICF International, Inc.		901		82,549
Interface, Inc.		4,419		73,311
JELD-WEN Holding, Inc., Class 2 (a)		2,383		55,786
Kadant, Inc.		753		79,321
Kaman Corp.		1,270		83,718
Kennametal, Inc.		1,622		59,836
Kimball International, Inc., Class B		3,241		66,991
Knoll, Inc.		2,911		73,532
Kratos Defense & Security Solutions, Inc. (a)		1,994		35,912
Marten Transport Ltd.		2,487		53,446
Matson, Inc.		1,566		63,893
Matthews International Corp., Class A		1,658		63,286
McGrath RentCorp		1,002		76,693
Meritor, Inc. (a)		2,671		69,953
Mesa Air Group, Inc. (a)		4,050		36,207
Moog, Inc., Class A		684		58,366
MRC Global, Inc. (a)		3,332		45,448
Mueller Industries, Inc.		1,941		61,627
MYR Group, Inc. (a)		1,628		53,057
National Presto Industries, Inc. (b)		654		57,807
NOW, Inc. (a)		3,509		39,441
NV5 Global, Inc. (a)		478		24,115
Patrick Industries, Inc.		1,116		58,512

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
PGT Innovations, Inc. (a)		2,772	$	41,331
Primoris Services Corp.		2,957		65,764
Proto Labs, Inc. (a)		371		37,675
Raven Industries, Inc.		1,849		63,717
Regal Beloit Corp.		988		84,584
Resources Connection, Inc.		3,105		50,705
Rush Enterprises, Inc., Class A		1,730		80,445
Ryder System, Inc.		975		52,952
Saia, Inc. (a)		568		52,892
Simpson Manufacturing Co., Inc.		1,060		85,044
SkyWest, Inc.		983		63,531
SP Plus Corp. (a)		2,114		89,698
Spirit Airlines, Inc. (a)		1,012		40,794
SPX Corp. (a)		1,417		72,097
Standex International Corp.		573		45,468
Steelcase, Inc., Class A		3,555		72,735
Systemax, Inc.		1,652		41,564
Tennant Co. (b)		730		56,882
The Gorman-Rupp Co.		2,109		79,088
The Greenbrier Cos., Inc.		1,828		59,282
Thermon Group Holdings, Inc. (a)		2,714		72,735
TriMas Corp. (a)		2,686		84,367
Trinity Industries, Inc.		2,689		59,561
Triton International Ltd.		1,816		73,003
TrueBlue, Inc. (a)		2,737		65,852
Universal Forest Products, Inc.		1,310		62,487
Universal Logistics Holdings, Inc.		2,221		42,110
US Ecology, Inc.		995		57,620
Valmont Industries, Inc.		542		81,180
Vectrus, Inc. (a)		832		42,648
Vicor Corp. (a)		1,042		48,682
Wabash National Corp.		3,844		56,468
Werner Enterprises, Inc.		1,661		60,444
WESCO International, Inc. (a)		1,352		80,295
				6,344,577
Information Technology (10.9%):
Advanced Energy Industries, Inc. (a)		796		56,675
Anixter International, Inc. (a)		841		77,456
AVX Corp.		4,135		84,644
Axcelis Technologies, Inc. (a)		2,769		66,719
Badger Meter, Inc.		1,302		84,540
Belden, Inc.		821		45,155
Benchmark Electronics, Inc.		2,318		79,646
Brooks Automation, Inc.		1,084		45,485
Cass Information Systems, Inc.		1,458		84,185
Comtech Telecommunications Corp.		1,738		61,682
CSG Systems International, Inc.		1,123		58,149
CTS Corp.		2,027		60,830
Digi International, Inc. (a)		3,690		65,386
Diodes, Inc. (a)		1,124		63,360

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Ebix, Inc.		1,095	$	36,584
ePlus, Inc. (a)		526		44,337
Everi Holdings, Inc. (a)		4,604		61,832
EVERTEC, Inc.		1,533		52,183
ExlService Holdings, Inc., Class A (a)		1,054		73,211
Fabrinet (a)		745		48,306
FormFactor, Inc. (a)		2,621		68,066
GreenSky, Inc., Class A (a) (b)		4,055		36,090
Ichor Holdings Ltd. (a)		1,750		58,223
II-VI, Inc. (a)		1,039		34,983
Insight Enterprises, Inc. (a) (b)		1,163		81,748
Intelligent Systems Corp. (a)		337		13,460
KEMET Corp.		1,865		50,448
ManTech International Corp., Class A		973		77,723
Mesa Laboratories, Inc.		168		41,899
Methode Electronics, Inc.		1,452		57,136
MTS Systems Corp.		1,209		58,068
Napco Security Technologies, Inc (a)		894		26,275
NIC, Inc.		2,029		45,348
Onto Innovation, Inc. (a)		1,390		50,791
OSI Systems, Inc. (a)		522		52,586
Paysign, Inc. (a) (b)		1,420		14,413
PC Connection, Inc.		1,094		54,328
Perficient, Inc. (a)		1,569		72,284
Photronics, Inc. (a)		4,295		67,689
Plexus Corp. (a)		1,059		81,479
Power Integrations, Inc.		545		53,906
Progress Software Corp.		1,313		54,555
Rogers Corp. (a)		248		30,933
Sanmina Corp. (a)		1,489		50,983
ScanSource, Inc. (a)		1,944		71,831
Semtech Corp. (a)		965		51,049
SMART Global Holdings, Inc. (a)		884		33,539
SPS Commerce, Inc. (a)		974		53,979
Sykes Enterprises, Inc. (a)		2,446		90,477
TTEC Holdings, Inc.		1,031		40,848
Virtusa Corp. (a)		1,003		45,466
Vishay Intertechnology, Inc.		2,865		60,996
				2,931,964
Materials (7.6%):
Advansix, Inc. (a)		1,962		39,162
Allegheny Technologies, Inc. (a)		2,286		47,229
American Vanguard Corp.		3,630		70,676
Balchem Corp.		608		61,791
Cabot Corp.		1,247		59,257
Carpenter Technology Corp.		949		47,241
Chase Corp.		533		63,150
Commercial Metals Co.		2,914		64,895
Domtar Corp.		1,523		58,240
Ferro Corp. (a)		4,107		60,907

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Futurefuel Corp.		3,445	$	42,684
GCP Applied Technologies, Inc. (a)		2,898		65,814
Greif, Inc., Class A		1,080		47,736
H.B. Fuller Co.		1,393		71,837
Hawkins, Inc.		1,067		48,879
Innophos Holdings, Inc.		1,955		62,521
Innospec, Inc.		793		82,027
Intrepid Potash, Inc. (a)		12,825		34,756
Kaiser Aluminum Corp.		709		78,622
Kraton Corp. (a)		1,170		29,624
Kronos Worldwide, Inc.		4,113		55,114
Louisiana-Pacific Corp.		2,454		72,810
Minerals Technologies, Inc.		1,046		60,281
Neenah, Inc.		886		62,401
PolyOne Corp.		1,656		60,924
PQ Group Holdings, Inc. (a)		3,999		68,703
Quaker Chemical Corp.		344		56,595
Ryerson Holding Corp. (a)		5,134		60,735
Schnitzer Steel Industries, Inc.		2,010		43,577
Schweitzer-Mauduit International, Inc.		1,360		57,106
Sensient Technologies Corp.		1,222		80,762
Stepan Co.		736		75,396
SunCoke Energy, Inc.		6,363		39,641
The Chemours Co.		2,277		41,191
United States Steel Corp.		2,893		33,009
Warrior Met Coal, Inc.		2,055		43,422
Worthington Industries, Inc.		1,550		65,379
				2,114,094
Real Estate (0.2%):
Marcus & Millichap, Inc. (a)		1,545		57,551
Utilities (1.8%):
Chesapeake Utilities Corp.		852		81,647
MGE Energy, Inc.		955		75,273
Middlesex Water Co.		953		60,582
Otter Tail Corp.		1,735		88,988
SJW Corp.		1,511		107,372
Unitil Corp.		1,381		85,373
				499,235
Total Common Stocks (Cost $26,290,608)				27,198,794
Rights (0.0%) (e)
Materials (0.0%): (e)
Schulman, Inc.Expires 12/31/49 (a) (f) (g)		1,471		—
Total Right (Cost $2,942)				—

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Collateral for Securities Loaned^ (4.2%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (h)		54,461	$	54,461
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (h)		300,040		300,040
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (h)		9,096		9,096
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (h)		181,255		181,255
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (h)		199,395		199,395
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (h)		398,776		398,776
Total Collateral for Securities Loaned (Cost $1,143,023)				1,143,023
Total Investments (Cost $27,436,573) — 103.9%				28,341,817
Liabilities in excess of other assets — (3.9)%				(1,071,506	)
NET ASSETS — 100.00%			$	27,270,311

^ Purchased with cash collateral from securities on loan.

(a) Non-income producing security.

(b) All or a portion of this security is on loan.

(d) Affiliated security (See Notes 8).

(e) Amount represents less than 0.05% of net assets.

(g) Security was fair valued based using significant unobservable inputs as of December 31, 2019.

(h) Rate disclosed is the daily yield on December 31, 2019.

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
Russell 2000 Mini Index Futures		1	3/20/20	$	81,842	$	83,530	$	1,688
	Total unrealized appreciation							$	1,688
	Total unrealized depreciation								—
	Total net unrealized appreciation (depreciation)							$	1,688

See notes to financial statements.

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Schedule of Portfolio Investments
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Common Stocks (99.8%)
Australia (5.8%):
Communication Services (0.3%):
REA Group Ltd.		1,943	$	141,229
Telstra Corp. Ltd.		70,750		175,720
				316,949
Consumer Discretionary (0.2%):
Aristocrat Leisure Ltd.		6,718		158,699
Consumer Staples (0.6%):
Treasury Wine Estates Ltd.		9,725		110,807
Wesfarmers Ltd.		6,668		193,681
Woolworths Group Ltd.		8,936		226,705
				531,193
Energy (0.6%):
Origin Energy Ltd.		27,016		160,166
Santos Ltd.		30,008		172,219
Woodside Petroleum Ltd.		7,832		188,916
				521,301
Financials (1.8%):
ASX Ltd.		3,725		204,922
Australia & New Zealand Banking Group Ltd.		9,688		167,413
Commonwealth Bank of Australia		3,864		216,608
Insurance Australia Group Ltd.		36,381		195,521
Macquarie Group Ltd.		2,252		217,804
National Australia Bank Ltd.		11,159		192,833
QBE Insurance Group Ltd.		21,852		197,468
Suncorp Group Ltd.		19,824		180,255
Westpac Banking Corp.		8,931		151,825
				1,724,649
Health Care (0.8%):
Cochlear Ltd.		965		152,152
CSL Ltd.		1,058		204,695
Ramsay Health Care Ltd.		4,022		204,668
Sonic Healthcare Ltd.		10,117		204,071
				765,586
Industrials (0.4%):
Aurizon Holdings Ltd.		52,740		193,523
Brambles Ltd.		24,509		201,532
				395,055
Information Technology (0.1%):
Wisetech Global, Ltd.		3,187		52,255
Materials (0.8%):
BHP Group Ltd.		7,255		198,108
BHP Group PLC		6,901		162,394
Fortescue Metals Group Ltd.		15,449		115,869

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Newcrest Mining Ltd.		5,572	$	118,257
Rio Tinto Ltd.		2,439		171,805
				766,433
Utilities (0.2%):
AGL Energy Ltd.		13,217		190,376
				5,422,496
Austria (0.3%):
Energy (0.2%):
OMV AG		3,090		173,565
Financials (0.1%):
Erste Group Bank AG		3,923		147,666
				321,231
Belgium (1.4%):
Communication Services (0.2%):
Proximus SADP		5,719		163,697
Consumer Staples (0.2%):
Anheuser-Busch InBev SA/NV		1,558		127,058
Financials (0.5%):
Ageas		4,836		285,740
KBC Group NV		2,681		201,651
				487,391
Health Care (0.2%):
UCB SA		2,478		197,055
Materials (0.3%):
Solvay SA, Class A		1,346		155,950
Umicore SA		2,848		138,506
				294,456
				1,269,657
Bermuda (0.4%):
Industrials (0.2%):
Jardine Matheson Holdings Ltd.		3,200		177,920
Real Estate (0.2%):
Hongkong Land Holdings Ltd.		31,100		178,825
				356,745
Canada (10.9%):
Communication Services (1.4%):
BCE, Inc.		7,290		337,775
Rogers Communications, Inc.		5,166		256,549
Shaw Communications, Inc., Class B		14,223		288,645
TELUS Corp.		10,292		398,553
				1,281,522

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Consumer Discretionary (0.6%):
Dollarama, Inc.		3,544	$	121,818
Gildan Activewear, Inc.		5,595		165,428
Magna International, Inc.		2,798		153,433
Restaurant Brands International, Inc.		2,062		131,464
				572,143
Consumer Staples (1.2%):
Alimentation Couche-Tard, Inc., Class B		6,203		196,877
Empire Co. Ltd., Class A		5,990		140,523
Loblaw Cos. Ltd.		5,229		269,827
METRO, Inc.		7,379		304,560
Saputo, Inc.		6,393		197,935
				1,109,722
Energy (0.9%):
Imperial Oil Ltd.		7,497		198,338
Inter Pipeline Ltd. (a)		10,188		176,862
Pembina Pipeline Corp. (a)		6,744		249,991
TC Energy Corp. (a)		4,759		253,491
				878,682
Financials (4.2%):
Bank of Montreal		4,108		318,414
Brookfield Asset Management, Inc.		4,679		270,383
Canadian Imperial Bank of Commerce		3,473		289,042
Great-West Lifeco, Inc.		10,283		263,411
Intact Financial Corp.		2,816		304,546
Manulife Financial Corp.		11,221		227,808
National Bank of Canada		7,837		435,067
Power Corp. of Canada		10,046		258,810
Power Financial Corp.		11,262		303,061
Royal Bank of Canada		4,374		346,140
Sun Life Financial, Inc.		5,810		264,949
The Bank of Nova Scotia		6,032		340,764
The Toronto-Dominion Bank		5,686		318,940
				3,941,335
Industrials (0.5%):
Canadian National Railway Co.		2,482		224,554
Canadian Pacific Railway Ltd. (a)		816		208,041
				432,595
Information Technology (0.6%):
CGI, Inc. (b)		3,248		271,842
Constellation Software, Inc.		130		126,272
Open Text Corp.		4,482		197,520
				595,634
Materials (0.4%):
CCL Industries, Inc.		3,415		145,501
Kirkland Lake Gold Ltd.		1,778		78,383

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Teck Resources Ltd., Class B		6,342	$	109,998
				333,882
Utilities (1.1%):
Canadian Utilities Ltd., Class A		10,315		311,182
Emera, Inc.		8,130		349,332
Fortis, Inc.		9,095		377,417
				1,037,931
				10,183,446
Denmark (2.0%):
Consumer Staples (0.2%):
Carlsberg A/S, Class B		1,116		166,506
Financials (0.4%):
Danske Bank A/S		9,529		154,218
Tryg A/S		7,765		230,237
				384,455
Health Care (0.7%):
Coloplast A/S		1,645		204,091
Demant A/S (b)		3,996		125,863
Genmab A/S (b)		675		150,132
Novo Nordisk A/S, Class B		3,470		201,425
				681,511
Industrials (0.4%):
DSV PANALPINA A/S		1,438		165,758
Vestas Wind Systems A/S		1,745		176,362
				342,120
Materials (0.3%):
Christian Hansen Holding A/S		1,503		119,457
Novozymes A/S, B Shares		3,530		172,766
				292,223
				1,866,815
Finland (1.6%):
Communication Services (0.2%):
Elisa Oyj		3,786		209,135
Energy (0.2%):
Neste Oyj		4,092		142,370
Financials (0.5%):
Nordea Bank ABP		23,365		188,748
Sampo Oyj, Class A		5,202		227,024
				415,772
Industrials (0.2%):
Kone Oyj, Class B		3,373		220,483

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Materials (0.3%):
Stora ENSO Oyj, R Shares		9,146	$	132,997
UPM-Kymmene Oyj		4,577		158,679
				291,676
Utilities (0.2%):
Fortum Oyj		7,549		186,274
				1,465,710
France (9.2%):
Communication Services (0.4%):
Orange SA		17,340		255,166
Publicis Groupe SA		2,678		121,227
				376,393
Consumer Discretionary (1.6%):
Accor SA		3,733		174,805
Cie Generale des Etablissements Michelin SCA		1,231		150,634
Hermes International		296		221,175
Kering SA		274		179,844
LVMH Moet Hennessy Louis Vuitton SE		372		172,820
Peugeot SA		6,192		147,928
Renault SA		2,086		98,687
Seb SA		784		116,424
Sodexo SA		1,840		218,035
				1,480,352
Consumer Staples (0.9%):
Danone SA		3,002		248,825
L'Oreal SA		807		238,956
Pernod Ricard SA		1,117		199,701
Remy Cointreau SA		1,037		127,360
				814,842
Energy (0.2%):
Total SA		4,067		224,429
Financials (1.1%):
Amundi SA (c)		2,340		183,456
BNP Paribas SA		3,105		183,985
CNP Assurances		10,303		204,886
Credit Agricole SA		11,902		172,540
Natixis SA		29,490		130,915
Societe Generale SA		4,560		158,627
				1,034,409
Health Care (0.9%):
BioMerieux		1,654		147,205
EssilorLuxottica SA		1,108		168,764
Ipsen SA		1,007		89,227
Orpea		1,071		137,302

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Sanofi		2,332	$	234,408
Sartorius Stedim Biotech		692		114,637
				891,543
Industrials (2.7%):
Aeroports de Paris		929		183,491
Airbus SE		1,114		163,030
Alstom SA		3,411		161,563
Bollore SA		39,949		174,299
Bureau Veritas SA		6,568		171,349
Edenred		3,299		170,578
Eiffage SA		1,786		204,325
Getlink SE		13,085		227,628
Legrand SA		2,535		206,535
Safran SA		1,173		181,098
Schneider Electric SE		1,991		204,330
Teleperformance		600		146,302
Thales SA		1,503		155,968
Vinci SA		1,973		219,080
				2,569,576
Information Technology (0.4%):
Atos SE		1,535		127,954
Capgemini SE		1,027		125,441
Dassault Systemes SA		893		146,783
				400,178
Materials (0.3%):
Air Liquide SA		1,733		245,300
Utilities (0.7%):
Engie SA		13,116		211,838
Suez		12,008		181,619
Veolia Environnement SA		9,028		240,084
				633,541
				8,670,563
Germany (5.1%):
Consumer Discretionary (0.5%):
adidas AG		469		152,444
Bayerische Motoren Werke AG		2,496		204,757
Continental AG		1,024		132,379
				489,580
Consumer Staples (0.2%):
Beiersdorf AG		1,547		185,051
Financials (1.4%):
Allianz SE		1,100		269,454
Deutsche Boerse AG		1,310		205,923
Hannover Rueck SE		1,358		262,437

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Muenchener Rueckversicherungs-Gesellschaft AG, Class R		1,026	$	302,651
Talanx AG		6,487		321,447
				1,361,912
Health Care (0.5%):
Carl Zeiss Meditec AG		1,067		136,071
Fresenius Medical Care AG & Co. KGaA		2,204		163,054
Fresenius SE & Co. KGaA		2,592		145,883
				445,008
Industrials (1.4%):
Brenntag AG		3,036		165,084
Deutsche Post AG		5,600		213,616
Fraport AG Frankfurt Airport Services Worldwide		2,125		180,615
Hochtief AG		1,144		145,890
MTU Aero Engines AG		661		188,755
Rational AG		235		188,985
Siemens AG		1,756		229,530
				1,312,475
Information Technology (0.2%):
Infineon Technologies AG		6,165		140,438
Wirecard AG		308		37,136
				177,574
Materials (0.7%):
BASF SE		2,256		170,418
Covestro AG (c)		2,406		111,856
Evonik Industries AG		5,269		160,804
Symrise AG		1,974		207,678
				650,756
Real Estate (0.2%):
Deutsche Wohnen SE		4,066		166,091
				4,788,447
Greece (0.1%):
Consumer Discretionary (0.1%):
Puma SE		1,574		120,665
Hong Kong (4.4%):
Consumer Discretionary (0.3%):
Galaxy Entertainment Group Ltd.		16,000		117,868
Techtronic Industries Co. Ltd.		16,500		134,574
				252,442
Consumer Staples (0.2%):
Sun Art Retail Group Ltd.		106,000		128,558
WH Group Ltd. (c)		109,000		112,612
				241,170

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Financials (0.6%):
AIA Group Ltd.		15,200	$	159,573
Hang Seng Bank Ltd.		10,100		208,694
Hong Kong Exchanges and Clearing Ltd.		5,300		172,091
				540,358
Health Care (0.1%):
Sino Biopharmaceutical Ltd.		50,000		69,945
Industrials (0.5%):
CK Hutchison Holdings Ltd.		24,000		228,856
MTR Corp. Ltd.		35,500		209,807
				438,663
Real Estate (1.8%):
CK Asset Holdings Ltd.		23,203		167,505
Hang Lung Properties Ltd.		74,000		162,402
Henderson Land Development Co. Ltd.		37,840		185,757
New World Development Co. Ltd.		110,000		150,774
Shimao Property Holdings Ltd.		35,000		135,655
Sino Land Co. Ltd.		116,000		168,526
Sun Hung Kai Properties Ltd.		12,000		183,732
Swire Pacific Ltd., Class A		17,500		162,607
Wharf Real Estate Investment		27,000		164,769
Wheelock & Co. Ltd.		33,000		220,020
				1,701,747
Utilities (0.9%):
China Gas Holdings Ltd.		26,800		100,434
CK Infrastructure Holdings Ltd.		33,500		238,401
Hong Kong & China Gas Co. Ltd.		117,233		228,995
Power Assets Holdings Ltd.		46,000		336,508
				904,338
				4,148,663
Ireland (1.2%):
Communication Services (0.2%):
WPP PLC		12,193		172,223
Consumer Staples (0.2%):
Kerry Group PLC		1,569		195,513
Industrials (0.6%):
DCC PLC		2,022		175,244
Experian PLC		6,438		217,596
Kingspan Group PLC		2,977		181,809
				574,649
Materials (0.2%):
CRH PLC		4,827		193,117
				1,135,502

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Israel (0.8%):
Financials (0.4%):
Bank Hapoalim BM		27,037	$	224,395
Bank Leumi Le-Israel BM		30,633		223,092
				447,487
Information Technology (0.2%):
Nice Ltd. (b)		1,104		171,293
Real Estate (0.2%):
Azrieli Group Ltd.		2,332		170,576
				789,356
Italy (2.1%):
Consumer Discretionary (0.2%):
Moncler SpA		3,375		151,682
Consumer Staples (0.2%):
Davide Campari — Milano SpA		17,759		162,137
Energy (0.4%):
Eni SpA		14,098		218,938
Snam SpA (a)		37,782		198,576
				417,514
Financials (0.7%):
Assicurazioni Generali SpA		15,279		315,235
Intesa Sanpaolo SpA		67,089		176,718
Poste Italiane SpA (c)		14,893		169,045
				660,998
Industrials (0.1%):
Atlantia SpA		6,288		146,625
Utilities (0.5%):
Enel SpA		30,458		241,592
Terna Rete Elettrica Nazionale SpA		32,460		216,769
				458,361
				1,997,317
Japan (20.0%):
Communication Services (1.2%):
KDDI Corp.		7,300		218,584
Nexon Co. Ltd. (b)		5,700		76,077
Nintendo Co. Ltd.		300		121,419
Nippon Telegraph & Telephone Corp.		8,800		223,321
NTT DOCOMO, Inc.		9,100		254,472
Z Holdings Corp.		43,700		185,435
				1,079,308
Consumer Discretionary (3.4%):
Aisin Seiki Co. Ltd.		4,100		153,599
Bandai Namco Holdings, Inc.		1,800		109,866
Bridgestone Corp.		5,300		198,555

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Denso Corp.		3,600	$	164,558
Fast Retailing Co. Ltd.		200		119,661
Hikari Tsushin, Inc.		600		151,491
Isuzu Motors Ltd.		9,600		114,786
Nissan Motor Co. Ltd.		26,400		154,575
Nitori Holdings Co. Ltd.		1,000		158,551
Oriental Land Co. Ltd.		1,200		164,359
Pan Pacific International Holdings Corp.		9,100		151,695
Panasonic Corp.		18,600		176,258
Sekisui House Ltd.		14,500		311,448
Shimano, Inc.		1,000		163,568
Sony Corp.		2,000		136,248
Sumitomo Electric Industries Ltd.		14,600		222,010
Toyota Industries Corp.		3,000		174,798
Toyota Motor Corp.		3,200		227,217
Yamaha Corp.		2,900		162,298
				3,215,541
Consumer Staples (1.5%):
Asahi Group Holdings Ltd.		3,300		151,361
Japan Tobacco, Inc. (a)		9,900		221,666
Kao Corp.		2,100		174,452
Kikkoman Corp.		2,800		138,402
Kose Corp. (a)		600		88,365
Seven & i Holdings Co. Ltd.		4,800		176,863
Suntory Beverage & Food Ltd.		3,600		150,608
Unicharm Corp.		4,500		153,258
Yakult Honsha Co. Ltd.		2,600		144,312
				1,399,287
Energy (0.1%):
Inpex Corp.		12,500		130,764
Financials (2.5%):
Dai-ichi Life Holdings, Inc.		10,600		177,236
Japan Exchange Group, Inc.		9,700		172,321
Japan Post Bank Co. Ltd.		29,900		288,982
Japan Post Holdings Co. Ltd.		29,800		281,432
Mitsubishi UFJ Financial Group, Inc.		43,600		238,066
ORIX Corp.		13,000		216,707
Resona Holdings, Inc.		50,300		221,776
Sony Financial Holdings, Inc.		7,500		181,425
Sumitomo Mitsui Financial Group, Inc.		6,800		252,747
Sumitomo Mitsui Trust Holdings, Inc.		6,600		263,477
				2,294,169
Health Care (2.1%):
Astellas Pharma, Inc.		9,600		165,243
Chugai Pharmaceutical Co. Ltd.		2,500		231,959
Daiichi Sankyo Co. Ltd.		1,300		86,491
Eisai Co. Ltd.		1,700		128,376
Hoya Corp.		1,700		163,522

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Kyowa Kirin Co. Ltd.		8,400	$	198,943
M3, Inc.		4,400		133,855
Olympus Corp.		8,400		130,593
ONO Pharmaceutical Co. Ltd.		7,200		165,817
Otsuka Holdings Co. Ltd.		3,300		148,324
Shionogi & Co. Ltd.		3,100		193,094
Sysmex Corp.		1,400		95,992
Terumo Corp.		4,700		168,074
				2,010,283
Industrials (5.1%):
ANA Holdings, Inc. (a)		7,600		254,779
Central Japan Railway Co.		900		182,253
Daikin Industries Ltd.		1,000		142,213
East Japan Railway Co.		2,200		199,628
FANUC Corp.		700		130,992
Hankyu Hanshin Holdings, Inc.		4,500		193,851
Japan Airlines Co. Ltd., Class C		7,600		237,640
Keio Corp.		2,700		164,277
Kintetsu Group Holdings Co. Ltd.		4,200		228,866
Komatsu Ltd.		5,800		141,049
Kubota Corp.		9,500		150,930
Makita Corp.		4,000		140,280
Marubeni Corp.		22,300		166,388
Mitsubishi Corp.		7,400		197,533
Mitsubishi Electric Corp.		11,400		157,243
Mitsubishi Heavy Industries Ltd.		5,400		211,149
Mitsui & Co. Ltd.		11,100		198,827
Nidec Corp.		900		124,305
Odakyu Railway Jpy50 ORD		8,400		197,242
Recruit Holdings Co. Ltd.		4,000		150,920
Secom Co. Ltd.		2,500		224,986
SG Holdings Co. Ltd.		5,200		117,747
SMC Corp.		300		138,872
Sumitomo Corp.		12,300		183,866
Tokyu Corp.		10,300		191,418
Toyota Tsusho Corp.		4,500		159,886
West Japan Railway Co.		2,700		234,635
				4,821,775
Information Technology (2.2%):
Advantest Corp.		1,700		96,392
Canon, Inc. (a)		7,500		206,174
FUJIFILM Holdings Corp.		4,100		197,377
Keyence Corp.		400		141,716
Kyocera Corp.		2,900		199,668
Murata Manufacturing Co. Ltd.		2,400		149,028
Nomura Research Institute Ltd.		6,678		143,715
NTT Data Corp.		10,400		140,434
Obic Co. Ltd.		1,200		163,034
Omron Corp.		2,100		124,098

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Oracle Corp. Japan		1,700	$	155,698
TDK Corp.		1,400		159,665
Tokyo Electron Ltd.		600		132,133
Yaskawa Electric Corp.		2,400		92,121
				2,101,253
Materials (0.9%):
Asahi Kasei Corp.		13,000		147,662
Mitsubishi Chemical Holdings Corp.		20,900		157,269
Nippon Paint Holdings Co. Ltd.		3,200		166,127
Shin-Etsu Chemical Co. Ltd.		1,600		177,614
Taiyo Nippon Sanso Corp.		6,500		145,269
				793,941
Real Estate (0.9%):
Daito Trust Construction Co. Ltd.		1,100		136,488
Daiwa House Industry Co. Ltd.		4,600		143,538
Mitsubishi Estate Co. Ltd.		8,100		155,789
Mitsui Fudosan Co. Ltd.		7,100		174,625
Sumitomo Realty & Development Co. Ltd.		5,500		192,986
				803,426
Utilities (0.1%):
The Kansai Electric Power Co., Inc.		10,500		122,213
				18,771,960
Korea, Republic Of (3.8%):
Communication Services (0.6%):
NAVER Corp.		983		158,548
NCSoft Corp.		314		146,912
SK Telecom Co. Ltd.		1,051		216,326
				521,786
Consumer Discretionary (0.3%):
Hyundai Mobis Co. Ltd.		615		136,159
Kia Motors Corp.		3,714		142,290
				278,449
Consumer Staples (0.4%):
KT&G Corp.		2,479		201,099
LG Household & Health Care Ltd.		147		160,310
				361,409
Energy (0.1%):
SK Innovation Co. Ltd.		998		129,465
Financials (0.8%):
Hana Financial Group, Inc.		6,476		206,663
KB Financial Group, Inc.		5,103		210,290
Samsung Fire & Marine Insurance Co. Ltd.		787		165,731
Shinhan Financial Group Co. Ltd.		5,461		204,734
				787,418

See notes to financial statements.

Victory Portfolios II
VictoryShares International Volatility Wtd ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Health Care (0.1%):
Celltrion, Inc. (b)		788	$	123,270
Industrials (0.7%):
LG Corp.		2,832		180,750
Samsung C&T Corp.		2,399		225,107
SK Holdings Co. Ltd.		1,007		228,171
				634,028
Information Technology (0.6%):
Samsung Electronics Co. Ltd.		4,438		214,166
Samsung SDI Co. Ltd.		543		110,826
Samsung SDS Co. Ltd.		919		154,584
SK Hynix, Inc.		1,574		128,093
				607,669
Materials (0.2%):
LG Chem Ltd.		526		144,430
				3,587,924
Luxembourg (0.5%):
Energy (0.2%):
Tenaris SA		11,043		124,478
Health Care (0.1%):
Eurofins Scientific		205		113,631
Real Estate (0.2%):
Aroundtown SA		23,571		211,076
				449,185
Macau (0.3%):
Consumer Discretionary (0.3%):
Sands China Ltd.		24,800		132,565
Wynn Macau Ltd. (a)		46,000		113,350
				245,915
Netherlands (2.8%):
Communication Services (0.2%):
Koninklijke KPN NV		59,904		176,773
Consumer Staples (0.7%):
Heineken Holding NV		2,144		207,768
Heineken NV		1,873		199,404
Koninklijke Ahold Delhaize NV		8,575		214,428
				621,600
Financials (0.4%):
EXOR NV		2,144		166,118
ING Groep NV		14,054		168,475
				334,593

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Health Care (0.4%):
Koninklijke Philips NV		3,695	$	180,361
Qiagen NV (b)		5,646		192,891
				373,252
Industrials (0.4%):
Randstad NV		3,008		183,669
Wolters Kluwer NV		2,986		217,759
				401,428
Information Technology (0.3%):
Adyen NV (b) (c)		138		113,145
ASML Holding NV		611		180,714
				293,859
Materials (0.4%):
Akzo Nobel NV		2,291		232,908
Koninklijke DSM NV		1,297		168,893
				401,801
				2,603,306
Norway (1.4%):
Consumer Staples (0.4%):
Mowi ASA		6,153		159,989
Orkla ASA, Class A		22,191		224,937
				384,926
Energy (0.4%):
Aker BP ASA		3,903		128,080
Equinor ASA		10,372		207,409
				335,489
Financials (0.5%):
DNB ASA		11,657		217,831
Gjensidige Forsikring ASA		11,206		235,259
				453,090
Materials (0.1%):
Yara International ASA		3,397		141,356
				1,314,861
Portugal (0.2%):
Consumer Staples (0.2%):
Jeronimo Martins SGPS SA		8,828		145,206
Russian Federation (0.1%):
Materials (0.1%):
Evraz PLC		17,500		93,635
Singapore (2.8%):
Communication Services (0.3%):
Singapore Telecommunications Ltd.		101,000		253,138

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Consumer Discretionary (0.4%):
Genting Singapore Ltd.		273,300	$	186,997
Jardine Cycle & Carriage Ltd.		7,500		167,894
				354,891
Consumer Staples (0.2%):
Wilmar International Ltd.		71,400		218,777
Financials (0.8%):
DBS Group Holdings Ltd.		12,800		246,366
Oversea-Chinese Banking Corp. Ltd.		32,700		267,028
United Overseas Bank Ltd.		12,000		235,699
				749,093
Industrials (0.8%):
Keppel Corp. Ltd.		51,600		259,804
Singapore Airlines Ltd.		45,600		306,577
Singapore Technologies Engineering Ltd.		79,500		232,954
				799,335
Real Estate (0.3%):
CapitaLand Ltd.		87,400		243,753
				2,618,987
Spain (2.9%):
Communication Services (0.2%):
Telefonica SA		30,349		211,964
Consumer Discretionary (0.2%):
Industria de Diseno Textil SA		5,290		186,602
Energy (0.2%):
Repsol SA		12,025		187,878
Financials (0.6%):
Banco Bilbao Vizcaya Argentaria SA		33,017		184,531
Banco Santander SA		42,622		178,313
CaixaBank SA		54,497		171,025
				533,869
Health Care (0.2%):
Grifols SA		5,106		179,997
Industrials (0.4%):
ACS, Actividades de Construccion y Servicios SA		4,169		166,698
Aena SME SA (c)		1,199		229,289
				395,987
Information Technology (0.2%):
Amadeus IT Group SA		2,047		167,143
Utilities (0.9%):
Endesa SA		8,968		239,293
Iberdrola SA		22,426		230,906

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Naturgy Energy Group SA		7,926	$	199,132
Red Electrica Corp. SA		10,120		203,460
				872,791
				2,736,231
Sweden (2.9%):
Communication Services (0.3%):
Telia Co. AB		58,209		250,220
Consumer Discretionary (0.1%):
Hennes & Mauritz AB, B Shares (a)		5,752		117,013
Consumer Staples (0.4%):
Essity AB, Class B		5,539		178,532
ICA Gruppen AB		3,577		167,019
				345,551
Financials (0.5%):
Skandinaviska Enskilda Banken AB, Class A		18,393		173,020
Svenska Handelsbanken AB, Class A		20,922		225,456
Swedbank AB, A Shares		8,214		122,332
				520,808
Industrials (1.4%):
Alfa Laval AB		7,500		188,954
Assa Abloy AB, Class B		8,827		206,454
Atlas Copco AB, Class A		4,695		187,331
Epiroc AB, Class A		13,154		160,642
Sandvik AB		10,310		201,115
Skanska AB, Class B		9,035		204,275
Volvo AB, Class B		10,546		176,717
				1,325,488
Information Technology (0.2%):
Hexagon AB, B Shares		2,853		159,966
				2,719,046
Switzerland (7.1%):
Communication Services (0.3%):
Swisscom AG		492		260,644
Consumer Discretionary (0.3%):
Cie Financiere Richemont SA, Registered Shares		2,025		159,179
The Swatch Group AG, B shares		520		145,101
				304,280
Consumer Staples (0.9%):
Barry Callebaut AG, Registered Shares		103		227,588
Chocoladefabriken Lindt & Spruengli AG		31		240,766
Coca-Cola HBC AG		4,889		166,083
Nestle SA, Registered Shares		2,434		263,574
				898,011

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Financials (1.8%):
Baloise Holding AG, Registered Shares		1,456	$	263,332
Credit Suisse Group AG, Registered Shares		12,888		174,553
Julius Baer Group Ltd.		3,214		165,849
Partners Group Holding AG		283		259,543
Swiss Life Holding AG		553		277,643
UBS Group AG, Registered Shares		17,161		216,818
Zurich Insurance Group AG		738		302,873
				1,660,611
Health Care (1.2%):
Lonza Group AG, Registered Shares		378		137,980
Novartis AG		2,277		216,263
Roche Holding AG		869		282,003
Sonova Holding AG, Registered Shares		769		176,037
Straumann Holding AG		204		200,374
Vifor Pharma AG		769		140,393
				1,153,050
Industrials (1.2%):
ABB Ltd.		9,572		231,188
Geberit AG		455		255,432
Kuehne + Nagel International AG		1,170		197,338
Schindler Holding AG		749		190,579
SGS SA, Registered Shares		97		265,757
				1,140,294
Information Technology (0.3%):
Stmicroelectronics NV (a)		4,749		127,676
Temenos AG		740		117,164
				244,840
Materials (1.1%):
EMS-Chemie Holding AG		255		167,742
Givaudan SA, Registered Shares		91		285,057
Glencore PLC		43,979		137,081
LafargeHolcim Ltd.		3,454		191,691
Sika AG, Registered Shares		1,193		224,212
				1,005,783
				6,667,513
United Kingdom (9.3%):
Communication Services (0.6%):
BT Group PLC		89,437		227,945
Informa PLC		16,398		186,119
Pearson PLC		15,788		133,194
				547,258
Consumer Discretionary (1.0%):
Barratt Developments PLC		21,427		211,869
Burberry Group PLC		4,287		125,193
Compass Group PLC		9,048		226,482

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Intercontinental Hotels Group PLC		3,014	$	207,890
Next PLC		2,047		190,261
				961,695
Consumer Staples (1.5%):
Associated British Foods PLC		6,466		222,481
British American Tobacco PLC		3,523		150,777
Diageo PLC		5,516		233,809
Imperial Brands PLC		5,494		135,993
Reckitt Benckiser Group PLC		2,143		173,953
Tesco PLC		65,111		220,066
Unilever PLC		3,709		213,705
				1,350,784
Energy (0.4%):
BP PLC		29,982		187,263
Royal Dutch Shell PLC, Class A		7,283		215,579
				402,842
Financials (2.2%):
3i Group PLC		13,010		189,190
Aviva PLC		43,117		239,095
Hargreaves Lansdown PLC		5,006		128,289
HSBC Holdings PLC		30,889		242,142
Legal & General Group PLC		66,297		266,045
Lloyds Banking Group PLC		305,006		252,468
London Stock Exchange Group PLC		1,631		167,407
Prudential PLC		10,133		194,458
Royal Bank of Scotland Group PLC		64,942		206,680
Schroders PLC		4,600		203,115
				2,088,889
Health Care (0.7%):
AstraZeneca PLC		1,725		173,788
GlaxoSmithKline PLC		11,296		266,146
Smith & Nephew PLC		8,375		203,258
				643,192
Industrials (1.6%):
Ashtead Group PLC		4,578		146,363
BAE Systems PLC		26,321		196,886
Bunzl PLC		7,330		200,467
Ferguson PLC		2,057		186,614
International Consolidated Airlines Group SA		23,838		197,319
Intertek Group PLC		2,412		186,939
RELX PLC		7,649		193,033
Smiths Group PLC		9,285		207,451
				1,515,072

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Information Technology (0.4%):
Halma PLC		7,543	$	211,387
The Sage Group PLC		17,436		172,961
				384,348
Materials (0.7%):
Anglo American PLC		6,086		175,150
Antofagasta PLC		9,940		120,692
Mondi PLC		6,946		163,057
Rio Tinto PLC		2,909		173,486
				632,385
Utilities (0.2%):
National Grid PLC		17,282		216,134
				8,742,599
United States (0.4%):
Consumer Discretionary (0.2%):
Carnival PLC		2,939		141,839
Industrials (0.2%):
Waste Connections, Inc.		2,474		224,745
				366,584
Total Common Stocks (Cost $86,066,795)				93,599,565
Rights (0.0%) (d)
Spain (0.0%): (d)
Energy (0.0%): (d)
Repsol SA Expires 1/8/20 (b)		11,513		5,462
Total Rights (Cost $5,441)				5,462
Collateral for Securities Loaned^ (2.4%)
United States (2.4%):
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (e)		106,428		106,428
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (e)		586,341		586,341
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (e)		17,776		17,776
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (e)		354,211		354,211
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (e)		389,659		389,659
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (e)		779,292		779,293
Total Collateral for Securities Loaned (Cost $2,233,708)				2,233,708
Total Investments (Cost $88,305,944) — 102.2%				95,838,735
Liabilities in excess of other assets — (2.2)%				(2,023,696	)
NET ASSETS — 100.00%			$	93,815,039

^ Purchased with cash collateral from securities on loan.

(a) All or a portion of this security is on loan.

See notes to financial statements.

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December 31, 2019

(Unaudited)

(b) Non-income producing security.

(d) Amount represents less than 0.05% of net assets.

(e) Rate disclosed is the daily yield on December 31, 2019.

PLC — Public Limited Company

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
Mini MSCI EAFE Index Futures		1	3/20/20	$	100,039	$	101,825	$	1,786
	Total unrealized appreciation							$	1,786
	Total unrealized depreciation								—
	Total net unrealized appreciation (depreciation)							$	1,786

See notes to financial statements.

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Schedule of Portfolio Investments
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Common Stocks (99.8%)
Brazil (6.4%):
Communication Services (0.2%):
TIM Participacoes SA		29,300	$	114,155
Consumer Discretionary (1.2%):
Cogna Educacao		22,000		62,521
Grendene SA		49,900		152,355
Guararapes Confeccoes SA		15,400		92,660
Lojas Renner SA		6,662		93,073
Magazine Luiza SA		6,700		79,461
Mrv Engenharia E Participacoes SA		13,000		69,654
YDUQS Part		7,600		89,756
				639,480
Consumer Staples (0.9%):
Ambev SA		18,700		86,805
M Dias Branco SA		9,300		88,214
Natura & Co. Holding SA (a)		7,500		72,110
Raia Drogasil SA		3,300		91,599
Sao Martinho SA		23,600		139,182
				477,910
Energy (0.4%):
Cosan SA		6,100		105,514
Ultrapar Participacoes SA		16,300		103,263
				208,777
Financials (0.5%):
B3 SA- Brasil Bolsa Balcao		6,358		67,927
BB Seguridade Participacoes SA		12,300		115,294
IRB Brasil Resseguros S/A		9,000		87,158
				270,379
Health Care (1.0%):
Fleury SA		14,400		109,307
Hapvida Participacoes E Investimentos SA (b)		6,100		96,915
Hypera SA		10,600		94,061
Notre Dame Intermedica Participacoes SA		5,800		98,421
Odontoprev SA		22,900		96,052
				494,756
Industrials (0.9%):
EcoRodovias Infraestrutura e Logistica SA (a)		23,500		95,238
Localiza Rent a Car SA		7,518		88,620
Rumo SA (a)		16,300		105,776
WEG SA		17,520		150,980
				440,614

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Information Technology (0.2%):
Cielo SA		24,592	$	51,177
Linx SA		7,100		62,527
				113,704
Utilities (1.1%):
Cia de Saneamento Basico do Estado de Sao Paulo		4,500		67,757
Companhia de Saneamento de Minas Gerais		4,500		76,070
EDP — Energias do Brasil SA		17,100		93,961
Engie Brasil Energia SA		8,375		105,781
Equatorial Energia SA — ORD		24,000		135,992
Light SA		13,600		80,342
				559,903
				3,319,678
Chile (2.3%):
Consumer Discretionary (0.2%):
SACI Falabella		26,587		114,662
Energy (0.2%):
Empresas COPEC SA		11,907		106,949
Financials (0.7%):
Banco de Chile		1,327,184		140,754
Banco de Credito e Inversiones SA		2,137		96,968
Banco Santander Chile		2,336,142		133,672
				371,394
Materials (0.2%):
Empresas CMPC SA		40,230		98,500
Utilities (1.0%):
Aguas Andinas SA		283,925		120,522
Colbun SA		716,915		114,477
Enel Americas SA		641,020		142,449
Engie Energia Chile SA		79,441		121,038
				498,486
				1,189,991
China (16.4%):
Communication Services (0.5%):
China Telecom Corp. Ltd., Class H		246,000		101,345
China Tower Corp., Ltd. (b)		248,000		54,745
Tencent Holdings Ltd.		2,400		115,691
				271,781
Consumer Discretionary (1.2%):
ANTA Sports Products Ltd.		8,000		71,614
Brilliance China Automotive Holdings Ltd. (c)		52,000		53,923
BYD Co. Ltd. (c)		12,500		62,325
Dongfeng Motor Group Co. Ltd., Class H		82,000		77,140
Fuyao Glass Industry Group Co. Ltd. (b)		24,800		75,911
Great Wall Motor Co. Ltd., Class H		94,000		69,488

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Guangzhou Automobile Group Co. Ltd.		58,800	$	73,200
Li Ning Co. Ltd.		18,000		53,941
Shenzhou International Group Holdings Ltd.		5,400		78,937
				616,479
Consumer Staples (0.7%):
Anhui Gujing Distillery Co. Ltd., Class B		8,700		79,063
China Mengniu Dairy Co. Ltd.		21,000		84,897
Want Want China Holdings Ltd.		119,000		111,184
Yihai International Holding Ltd.		11,000		64,516
				339,660
Energy (1.0%):
China Oilfield Services Ltd., Class H		60,000		94,099
China Petroleum & Chemical Corp., Class H		180,000		108,345
China Shenhua Energy Co. Ltd., Class H		54,000		112,826
PetroChina Co. Ltd., Class H		236,000		118,427
Yanzhou Coal Mining Co. Ltd.		92,000		82,651
				516,348
Financials (5.3%):
Agricultural Bank of China Ltd.		400,000		176,083
Bank of China Ltd.		367,000		156,846
Bank of Communications Co. Ltd., Class H		181,000		128,692
China Cinda Asset Management Co. Ltd.		420,000		95,408
China CITIC Bank Corp. Ltd.		257,000		154,032
China Construction Bank Corp., Class H		182,000		157,199
China Everbright Bank Co. Ltd.		282,000		131,015
China Galaxy Securities Co. Ltd.		120,000		70,690
China Huarong Asset Management Co. Ltd., Class H (b)		461,000		72,773
China International Capital Corp. Ltd., Class H (b) (c)		36,800		70,938
China Merchants Bank Co. Ltd., Class H		18,500		95,090
China Minsheng Banking Corp. Ltd.		167,000		126,239
China Pacific Insurance Group Co. Ltd.		21,000		82,741
China Reinsurance Group Corp.		585,000		96,101
Citic Securities Co. Ltd.		36,000		82,148
CSC Financial Co. Ltd., Class H (b)		75,000		64,683
GF Securities Co. Ltd.		61,400		74,782
Guotai Junan Securities Co. Ltd. (b)		56,200		99,535
Haitong Securities Co. Ltd.		69,600		82,268
Huatai Securities Co. Ltd. (b)		42,400		74,985
Industrial & Commercial Bank of China Ltd., Class H		211,000		162,479
New China Life Insurance Co. Ltd., Class H		15,500		66,641
People's Insurance Co. Group of China Ltd.		256,000		106,450
PICC Property & Casualty Co. Ltd., Class H		75,000		90,383
Ping An Insurance Group Co. of China Ltd.		10,500		124,111
Postal Savings Bank of China Co. Ltd., Class H (b)		187,000		127,198
				2,769,510
Health Care (0.8%):
China Resources Pharmaceutical Group Ltd. (b)		69,000		64,025
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd.		14,000		47,794

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Shanghai Fosun Pharmaceutical Group Co. Ltd.		20,500	$	61,828
Shanghai Pharmaceuticals Holding Co. Ltd.		50,200		97,671
Sinopharm Group Co. Ltd., Class H		22,400		81,788
Wuxi Biologics Cayman, Inc. (a) (b)		6,500		82,295
				435,401
Industrials (2.5%):
Air China, Ltd.		64,000		64,971
China Communications Construction Co. Ltd.		148,000		120,614
China Conch Venture Holdings Ltd.		28,500		124,362
China Railway Construction Corp. Ltd.		81,500		89,221
China Railway Group Ltd.		141,000		87,042
Cosco Shipping Holdings Co., Ltd. (a)		181,500		73,608
Country Garden Services Holdings Co. Ltd.		22,000		74,116
CRRC Corp. Ltd., Class H		150,000		109,346
Fosun International Ltd.		55,500		80,916
Jiangsu Expressway Co. Ltd.		92,000		126,102
Shanghai Electric Group Co. Ltd.		344,000		113,021
Weichai Power Co. Ltd.		40,000		84,396
Xinjiang Goldwind Science & Technology Co. Ltd.		40,200		46,691
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		100,600		84,309
				1,278,715
Information Technology (1.4%):
AAC Technologies Holdings, Inc.		12,000		104,725
Legend Holdings Corp. (b)		34,400		78,055
Lenovo Group Ltd.		96,000		64,437
Semiconductor Manufacturing International Corp. (a)		54,000		82,749
Silergy Corp.		2,000		63,386
Sunny Optical Technology Group Co. Ltd.		3,500		60,596
TravelSky Technology Ltd.		38,000		92,759
Xiaomi Corp. (a) (b)		57,800		79,967
Xinyi Solar Holdings Ltd.		80,000		56,778
Zte Corp.-H (a)		18,000		55,096
				738,548
Materials (1.5%):
Anhui Conch Cement Co. Ltd., Class H		16,000		116,635
China Hongqiao Group Ltd.		110,000		66,352
China Molybdenum Co. Ltd. (c)		192,000		82,302
China National Building Material Co. Ltd.		80,000		89,325
Jiangxi Copper Co. Ltd.		111,000		152,714
Shandong Gold Mining Co. Ltd., Class H (b)		22,500		53,479
Sinopec Shanghai Petrochemical Co. Ltd.		304,000		91,686
Zijin Mining Group Co. Ltd., Class H		210,000		104,572
				757,065
Real Estate (1.2%):
China Vanke Co. Ltd.		21,900		93,454
Country Garden Holdings Co. Ltd.		55,000		88,093
Guangzhou R&F Properties Co. Ltd., Class H		44,000		81,203
Logan Property Holdings Co. Ltd.		48,000		80,577

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Longfor Group Holdings Ltd. (b)		20,500	$	96,030
Shanghai Lujiazui Finance & Trade Zone Development		113,400		109,658
Sunac China Holdings Ltd.		15,000		89,614
				638,629
Utilities (0.3%):
China Resources Gas Group Ltd.		14,000		76,902
ENN Energy Holdings Ltd.		6,400		69,940
				146,842
				8,508,978
Colombia (0.9%):
Financials (0.3%):
Grupo de Inversiones Suramericana SA		13,575		140,492
Materials (0.4%):
Cementos Argos SA		51,618		114,699
Grupo Argos SA		18,054		97,820
				212,519
Utilities (0.2%):
Interconexion Electrica SA ESP		16,450		98,142
				451,153
Czech Republic (0.7%):
Financials (0.3%):
Komercni Banka AS		4,155		152,106
Utilities (0.4%):
CEZ AS		8,710		195,848
				347,954
Egypt (0.6%):
Consumer Staples (0.2%):
Eastern Tobacco		105,531		102,761
Financials (0.3%):
Commercial International Bank		25,525		132,443
Industrials (0.1%):
Elsewedy Electric Co.		92,076		66,179
				301,383
Hong Kong (3.9%):
Communication Services (0.5%):
China Mobile Ltd.		15,000		126,094
China Unicom Hong Kong Ltd.		88,000		82,897
CITIC Telecom International Holdings Ltd.		191,000		69,617
				278,608
Consumer Discretionary (0.3%):
Geely Automobile Holdings Ltd.		32,000		62,589
Haier Electronics Group Co. Ltd.		26,000		81,252
				143,841

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Consumer Staples (0.2%):
Hengan International Group Co. Ltd.		13,500	$	96,159
Energy (0.3%):
CNOOC Ltd.		53,000		88,154
Kunlun Energy Co. Ltd.		98,000		86,532
				174,686
Financials (0.4%):
BOC Hong Kong Holdings Ltd.		34,000		118,034
China Taiping Insurance Holdings Co. Ltd.		27,400		67,939
				185,973
Health Care (0.2%):
China Traditional Chinese Medicine Holdings Co. Ltd.		126,000		60,802
CSPC Pharmaceutical Group Ltd.		24,000		57,230
				118,032
Industrials (0.3%):
China Merchants Port Holdings Co. Ltd.		76,000		128,556
Materials (0.2%):
China Resources Cement Holdings Ltd.		94,000		119,674
Real Estate (0.7%):
Agile Group Holdings Ltd.		50,000		75,207
China Jinmao Holdings Group Ltd.		116,000		90,367
China Overseas Land & Investment Ltd., Class H		32,000		124,644
China Resources Land Ltd.		18,000		89,633
				379,851
Utilities (0.8%):
Beijing Enterprises Holdings Ltd.		23,000		105,528
Beijing Enterprises Water Group Ltd.		176,000		88,996
China Resources Power Holdings Co. Ltd.		66,000		92,667
Guangdong Investment Ltd.		62,000		129,700
				416,891
				2,042,271
Hungary (0.6%):
Energy (0.3%):
MOL Hungarian Oil & Gas PLC		13,812		137,773
Financials (0.3%):
OTP Bank Nyrt		3,308		173,177
				310,950
India (10.9%):
Communication Services (0.2%):
Bharti Infratel Ltd.		20,671		73,131
Zee Entertainment Enterprises Ltd.		7,530		30,829
				103,960

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Consumer Discretionary (1.5%):
Aditya Birla Fashion and Retail Ltd. (a)		30,356	$	98,549
Bajaj Auto Ltd.		2,832		126,381
Eicher Motors Ltd.		312		98,427
Mahindra & Mahindra Ltd.		11,695		87,101
Motherson Sumi Systems Ltd.		42,147		86,543
Page Industries Ltd.		273		89,481
Rajesh Exports Ltd.		10,691		100,266
Titan Co. Ltd.		5,951		99,053
				785,801
Consumer Staples (1.6%):
Britannia Industries Ltd.		2,932		124,386
Colgate-Palmolive (India) Ltd.		7,674		157,296
Dabur India Ltd.		18,249		117,210
Godrej Consumer Products Ltd.		11,902		114,158
Marico Ltd.		22,073		105,648
Nestle India Ltd.		627		129,891
Tata Global Beverages Ltd.		20,299		91,397
				839,986
Energy (0.2%):
Reliance Industries Ltd.		5,151		109,273
Financials (1.3%):
Bajaj Finance, Ltd.		1,644		97,546
Bajaj Finserv Ltd.		811		106,739
Bajaj Holdings & Investment, Ltd.		1,998		95,367
ICICI Bank Ltd.		16,774		126,656
Kotak Mahindra Bank Ltd.		5,899		139,217
State Bank of India (a)		22,896		107,068
				672,593
Health Care (1.2%):
Aurobindo Pharma Ltd.		9,617		61,559
Biocon Ltd.		25,253		103,920
Cadila Healthcare Ltd.		26,781		95,423
Cipla Ltd.		18,021		120,745
Dr. Reddy's Laboratories Ltd.		3,035		122,239
Glenmark Pharmaceuticals Ltd.		15,387		74,908
Piramal Enterprises Ltd.		2,105		44,935
				623,729
Industrials (0.9%):
Adani Enterprises Ltd.		24,567		71,718
Adani Ports & Special Economic Zone Ltd.		13,727		70,394
Godrej Industries Ltd.		15,868		94,391
Larsen & Toubro Ltd.		5,677		103,262
Voltas Ltd.		10,926		100,931
				440,696

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Information Technology (1.5%):
HCL Technologies Ltd.		13,892	$	110,579
Hexaware Technologies Ltd.		15,458		72,492
Infosys Ltd.		9,910		101,522
Mindtree Ltd.		8,747		98,064
Mphasis Ltd.		7,076		91,436
Tata Consultancy Services Ltd.		3,398		102,920
Tech Mahindra Ltd.		10,752		114,841
Wipro Ltd.		28,890		99,497
				791,351
Materials (2.1%):
ACC Ltd.		4,416		89,448
Ambuja Cements Ltd.		31,934		87,810
Asian Paints Ltd.		5,422		135,602
Berger Paints India Ltd.		19,873		143,554
Castrol India Ltd.		51,161		92,687
JSW Steel Ltd.		23,086		87,352
Pidilite Industries Ltd.		5,669		110,162
Tata Steel Ltd.		14,285		94,482
UltraTech Cement Ltd.		1,610		91,272
UPL Ltd.		10,101		82,724
Vedanta Ltd.		29,489		62,990
				1,078,083
Real Estate (0.1%):
DLF Ltd.		23,369		75,604
Utilities (0.3%):
Tata Power Co. Ltd.		93,368		73,914
Torrent Power Ltd.		20,372		81,065
				154,979
				5,676,055
Indonesia (3.2%):
Communication Services (0.2%):
PT Telekomunikasi Indonesia Persero Tbk		334,800		95,761
Consumer Discretionary (0.3%):
PT ACE Hardware Indonesia Tbk		608,900		65,584
PT Astra International Tbk		197,300		98,437
				164,021
Consumer Staples (0.4%):
PT Charoen Pokphand Indonesia Tbk		131,200		61,441
PT Gudang Garam Tbk		18,100		69,114
PT Indofood Sukses Makmur Tbk		145,400		83,018
				213,573
Energy (0.5%):
PT Adaro Energy Tbk		768,300		86,074
PT United Tractors Tbk		52,600		81,572

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
PT Tambang Batubara Bukit Asam Tbk		444,500	$	85,185
				252,831
Financials (1.0%):
PT Bank Central Asia Tbk		68,300		164,476
PT Bank Mandiri Persero Tbk		187,400		103,623
PT Bank Negara Indonesia Persero Tbk		184,600		104,403
PT Bank Rakyat Indonesia Persero Tbk		392,700		124,487
				496,989
Health Care (0.2%):
PT Kalbe Farma Tbk		742,700		86,684
Industrials (0.2%):
PT Jasa Marga Persero Tbk		182,100		67,894
PT Waskita Karya Persero Tbk		552,900		59,154
				127,048
Materials (0.4%):
PT Aneka Tambang Tbk		729,700		44,160
PT Indah Kiat Pulp & Paper Corp. Tbk		75,000		41,607
PT Indocement Tunggal Prakarsa Tbk		42,600		58,391
PT Semen Indonesia Persero Tbk		68,800		59,481
				203,639
				1,640,546
Luxembourg (0.1%):
Communication Services (0.1%):
Play Communications SA (b)		7,219		66,624
Malaysia (6.1%):
Consumer Staples (1.7%):
Fraser & Neave Holdings Berhad		13,300		113,322
IOI Corp. Berhad		134,400		151,524
Kuala Lumpur Kepong Berhad		42,600		258,371
PPB Group Berhad		54,860		252,766
Sime Darby Plantation Berhad		71,600		95,432
				871,415
Energy (0.6%):
Dialog Group Berhad		112,400		94,835
Serba Dinamik Holdings BHD		246,720		132,742
Yinson Holdings Berhad		51,000		80,822
				308,399
Financials (1.9%):
CIMB Group Holdings Berhad		137,300		172,926
Hong Leong Bank Berhad		46,800		198,004
Malayan Banking Berhad		131,100		277,013
Public Bank Berhad		44,100		209,661
RHB Capital Berhad		105,700		149,412
				1,007,016

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Health Care (0.4%):
Hartalega Holdings Berhad		70,300	$	94,215
Top Glove Corp.		85,900		98,735
				192,950
Industrials (0.8%):
IJM Corp. BHD		121,200		64,320
MISC Berhad		73,800		150,704
Sime Darby Berhad		187,500		101,798
Westports Holdings BHD		97,800		100,694
				417,516
Materials (0.4%):
Petronas Chemicals Group Berhad		69,100		124,208
Press Metal Aluminium Holdings Berhad		79,200		90,066
				214,274
Utilities (0.3%):
Petronas Gas Berhad		39,400		160,144
				3,171,714
Mexico (4.4%):
Communication Services (0.4%):
America Movil SAB de CV		130,292		104,078
Grupo Televisa SAB		40,599		95,295
				199,373
Consumer Discretionary (0.4%):
Alsea SAB de CV (a)		39,973		105,371
El Puerto de Liverpool Sab de CV		18,024		89,552
				194,923
Consumer Staples (1.2%):
Arca Continental SAB de CV		24,064		127,276
Gruma SAB de CV, Class B		14,945		153,480
Grupo Bimbo SAB		58,882		107,247
Grupo Lala SAB de CV		82,869		71,632
Kimberly-Clark de Mexico SAB de CV, Series A		44,224		87,731
Wal-Mart de Mexico SAB de CV		36,047		103,260
				650,626
Financials (0.5%):
Grupo Elektra SAB de CV		1,649		121,111
Grupo Financiero Banorte SAB de CV		14,666		81,969
Grupo Financiero Inbursa SAB de CV		71,410		87,604
				290,684
Industrials (1.3%):
ALFA SAB de CV		97,510		80,883
Grupo Aeroportuario del Centro Norte SAB de CV		14,875		111,607
Grupo Aeroportuario del Pacifico SAB de CV		9,468		112,530
Grupo Aeroportuario del Sureste SAB de CV		7,179		134,456

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Grupo Carso SAB de CV		26,016	$	96,091
Promotora y Operadora de Infraestructura SAB de CV		12,604		129,046
				664,613
Materials (0.4%):
Grupo Mexico SAB de CV, Series B		34,794		95,456
Orbia Advance Corp SAB de CV		43,243		92,236
				187,692
Utilities (0.2%):
Infraestructura Energetica Nova SAB de CV, Class N		19,049		89,616
				2,277,527
Morocco (0.3%):
Financials (0.3%):
Attijariwafa Bank		3,034		158,332
Philippines (2.9%):
Communication Services (0.3%):
Globe Telecom, Inc.		2,230		88,962
PLDT, Inc.		3,210		62,634
				151,596
Consumer Discretionary (0.3%):
Bloomberry Resorts Corp.		317,700		70,900
Jollibee Foods Corp.		17,720		75,590
				146,490
Consumer Staples (0.1%):
Universal Robina Corp.		23,760		68,040
Financials (0.9%):
Ayala Corp.		6,375		98,895
Bank of the Philippine Islands		54,606		94,793
BDO Unibank, Inc.		32,180		100,414
Metro Pacific Investments Co.		980,700		67,401
Metropolitan Bank & Trust Co.		81,362		106,533
				468,036
Industrials (0.7%):
Aboitiz Equity Ventures, Inc.		63,100		64,178
Alliance Global Group, Inc. (a)		321,800		74,102
International Container Terminal Services, Inc.		27,570		70,021
JG Summit Holdings, Inc.		47,600		75,957
SM Investments Corp.		5,012		103,239
				387,497
Real Estate (0.4%):
Ayala Land, Inc.		107,900		96,958
SM Prime Holdings, Inc.		132,000		109,750
				206,708

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Utilities (0.2%):
Manila Electric Co.		15,020	$	94,033
				1,522,400
Poland (2.0%):
Communication Services (0.3%):
CD Projekt SA		1,027		75,690
Cyfrowy Polsat SA		12,021		88,563
				164,253
Consumer Staples (0.1%):
Dino Polska SA (a) (b)		1,619		61,475
Energy (0.5%):
Grupa Lotos SA		3,496		77,048
Polski Koncern Naftowy Orlen SA		3,882		87,847
Polskie Gornictwo Naftowe i Gazownictwo SA		64,518		73,630
				238,525
Financials (0.9%):
Bank Pekao SA		4,686		124,119
Powszechna Kasa Oszczednosci Bank Polski SA		10,692		97,154
Powszechny Zaklad Ubezpieczen SA		13,032		137,557
Santander Bank Polska SA		1,198		97,106
				455,936
Materials (0.2%):
KGHM Polska Miedz SA (a)		4,064		102,425
				1,022,614
Russian Federation (2.5%):
Communication Services (0.3%):
Rostelecom PJSC		134,350		170,007
Consumer Staples (0.4%):
Magnit PJSC		2,012		111,282
X5 Retail Group NV, GDR		2,253		77,728
				189,010
Energy (0.2%):
Tatneft PJSC		9,230		113,235
Materials (1.1%):
Alrosa PJSC		114,170		155,459
MMC Norilsk Nickel PJSC		476		146,832
PhosAgro PJSC, GDR		11,338		143,993
Severstal PJSC		8,060		122,036
				568,320
Utilities (0.5%):
Federal Grid Co. Unified Energy System PJSC		37,820,000		122,539
Inter RAO UES PJSC		1,454,000		118,386
				240,925
				1,281,497

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Singapore (0.2%):
Industrials (0.2%):
BOC Aviation Ltd. (b)		12,500	$	127,137
South Africa (6.6%):
Communication Services (0.6%):
MTN Group Ltd.		10,682		62,947
Naspers Ltd.		561		91,805
Telkom SA SOC Ltd.		15,916		39,590
Vodacom Group Ltd.		12,741		104,942
				299,284
Consumer Discretionary (0.5%):
Mr. Price Group Ltd.		4,955		64,599
Pepkor Holdings Ltd. (b)		88,970		114,847
The Foschini Group Ltd.		8,137		86,895
				266,341
Consumer Staples (1.5%):
AVI Ltd.		17,008		108,097
Bid Corp. Ltd.		5,638		132,995
Clicks Group Ltd.		6,436		117,971
Pick n Pay Stores Ltd.		25,687		117,237
Shoprite Holdings Ltd.		8,220		73,941
The SPAR Group Ltd.		8,282		116,854
Tiger Brands Ltd.		7,270		109,430
				776,525
Energy (0.1%):
Exxaro Resources Ltd.		7,875		73,774
Financials (2.2%):
Absa Group Ltd.		8,210		87,563
Capitec Bank Holdings Ltd.		1,636		169,015
Discovery Ltd.		9,859		84,958
FirstRand Ltd.		24,394		109,436
Nedbank Group Ltd.		6,361		97,379
Old Mutual Ltd.		77,499		108,842
Remgro Ltd.		10,277		143,159
RMB Holdings Ltd.		22,448		128,994
Sanlam Ltd.		21,461		121,268
Standard Bank Group Ltd.		8,186		98,430
				1,149,044
Health Care (0.6%):
Aspen Pharmacare Holdings Ltd. (a)		8,566		72,953
Life Healthcare Group Holdings Ltd.		64,298		113,223
Netcare Ltd.		88,694		123,298
				309,474

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Industrials (0.4%):
Barloword Ltd.		12,463	$	100,365
The Bidvest Group Ltd.		7,882		115,298
				215,663
Materials (0.7%):
Anglo American Platinum Ltd.		1,088		101,609
AngloGold Ashanti Ltd.		2,300		52,002
Gold Fields Ltd.		8,773		60,083
Sappi Ltd.		18,376		57,326
Sasol Ltd.		3,556		77,092
				348,112
				3,438,217
Taiwan (18.7%):
Communication Services (1.0%):
Chunghwa Telecom Co. Ltd.		51,000		187,156
Far EasTone Telecommunications Co. Ltd.		70,000		168,373
Taiwan Mobile Co. Ltd.		51,000		190,559
				546,088
Consumer Discretionary (1.8%):
Cheng Shin Rubber Industry Co. Ltd.		91,000		126,899
Eclat Textile Co. Ltd.		7,000		94,112
Feng TAY Enterprise Co. Ltd.		13,600		88,474
Formosa Taffeta Co. Ltd.		120,000		136,914
Giant Manufacturing Co. Ltd.		11,000		78,165
Hotai Motor Co. Ltd.		5,000		113,928
Merida Industry Co. Ltd.		15,000		88,324
Nien Made Enterprise Co. Ltd.		7,000		64,687
Pou Chen Corp.		112,000		146,469
				937,972
Consumer Staples (0.8%):
President Chain Store Corp.		13,000		131,843
Standard Foods Corp.		56,000		130,028
Uni-President Enterprises Corp.		55,000		136,147
				398,018
Financials (4.0%):
Chailease Holding Co. Ltd.		25,000		115,096
Chang Hwa Commercial Bank Ltd.		252,795		191,441
CTBC Financial Holding Co. Ltd.		268,800		200,871
E.Sun Financial Holding Co. Ltd.		216,931		201,914
First Financial Holding Co. Ltd.		324,730		256,751
Hua Nan Financial Holdings Co. Ltd.		329,330		241,710
Mega Financial Holding Co. Ltd.		175,000		178,649
Taishin Financial Holding Co. Ltd.		541,793		262,085
Taiwan Cooperative Financial Holding Co. Ltd.		376,556		260,668
Yuanta Financial Holding Co. Ltd.		252,000		169,822
				2,079,007

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Industrials (1.7%):
AirTac International Group		4,000	$	62,252
Eva Airways Corp.		363,085		166,553
Far Eastern New Century Corp.		136,000		135,433
Hiwin Technologies Corp.		7,121		66,756
Taiwan High Speed Rail Corp.		87,000		111,453
Teco Electric & Machinery Co. Ltd.		138,000		120,620
Voltronic Power Technology Corp.		4,000		95,413
Walsin Lihwa Corp.		230,000		118,165
				876,645
Information Technology (7.0%):
Accton Technology Corp.		15,000		84,070
Acer, Inc.		178,000		105,998
Advantech Co. Ltd.		16,000		161,201
ASE Technology Holding Co. Ltd.		36,000		99,923
Catcher Technology Co. Ltd.		12,000		90,876
Chicony Electronics Co. Ltd.		35,000		103,920
Chroma ATE, Inc.		11,000		53,211
Compal Electronics, Inc.		305,000		191,802
Delta Electronics, Inc.		21,000		106,138
Foxconn Technology Co. Ltd.		62,100		137,148
Hon Hai Precision Industry Co. Ltd.		41,400		125,409
Inventec Corp.		164,000		125,018
Lite-On Technology Corp.		66,000		108,661
Macronix International Co. Ltd.		64,000		79,426
MediaTek, Inc.		6,000		88,774
Micro-Star International Co. Ltd.		31,000		89,665
Nanya Technology Corp.		35,000		97,381
Novatek Microelectronics Corp.		9,000		65,755
Pegatron Corp.		51,000		116,377
Powertech Technology, Inc.		41,000		136,507
Quanta Computer, Inc.		73,000		156,594
Radiant Opto-Electronics Corp.		19,000		76,063
Realtek Semiconductor Corp.		12,000		94,078
Synnex Technology International Corp.		122,000		152,627
Taiwan Semiconductor Manufacturing Co. Ltd.		15,000		165,638
Tripod Technology Corp.		26,000		108,857
Unimicron Technology Corp.		30,000		42,035
Walsin Technology Corp.		10,000		79,733
Winbond Electronics Corp.		145,000		94,571
Wistron Corp.		126,000		119,169
WPG Holdings Ltd.		143,000		186,532
Yageo Corp.		7,198		104,938
Zhen Ding Technology Holding Ltd.		15,000		71,560
				3,619,655
Materials (2.4%):
Asia Cement Corp.		81,000		129,573
China Steel Corp.		314,000		250,362
Formosa Chemicals & Fibre		44,000		128,440

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Formosa Plastics Corp.		40,000	$	133,178
Nan Ya Plastics Corp.		72,000		174,866
TA Chen Stainless Pipe		103,000		110,130
Taiwan Cement Corp.		102,974		150,124
Taiwan Fertilizer Co., Ltd.		101,000		166,957
				1,243,630
				9,701,015
Thailand (7.9%):
Communication Services (0.7%):
Advanced Info Service Public Co. Ltd.		16,700		118,767
Intouch Holdings Public Co. Ltd.		50,500		96,531
Jasmine International PCL		283,300		47,295
VGI PCL		281,400		89,727
				352,320
Consumer Discretionary (0.7%):
Central Plaza Hotel PCL		84,500		70,533
Home Product Center Public Co. Ltd.		215,700		115,231
Minor International Public Co. Ltd.		91,200		109,622
Siam Global House PCL		173,540		93,867
				389,253
Consumer Staples (1.1%):
Berli Jucker PCL		56,800		79,652
Carabao Group PCL		19,100		53,569
Charoen Pokphand Foods PCL		111,500		102,378
CP ALL Public Co. Ltd.		55,200		133,161
Osotspa PCL		72,900		98,578
Thai Union Group PCL		182,400		82,216
				549,554
Energy (0.6%):
Banpu PCL		189,700		75,372
PTT Exploration & Production PCL		24,200		100,597
PTT PCL		87,800		128,987
				304,956
Financials (1.1%):
Bangkok Bank Public Co. Ltd.		26,300		140,499
Kasikornbank Public Co. Ltd.		26,000		131,084
Krung Thai Bank Public Co. Ltd.		280,800		153,759
The Siam Commercial Bank Public Co. Ltd.		31,200		127,091
				552,433
Health Care (0.4%):
Bangkok Dusit Medical Services Public Co. Ltd.		137,700		119,538
Bumrungrad Hospital Public Co. Ltd.		24,000		117,795
				237,333

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Industrials (0.6%):
Airports of Thailand PCL		51,900	$	128,666
Bangkok Expressway & Metro PCL		244,900		89,128
BTS Group Holdings PCL		247,600		109,125
				326,919
Materials (0.8%):
Indorama Ventures Public Co. Ltd.		59,400		69,415
PTT Global Chemical PCL		59,000		112,286
The Siam Cement Public Co. Ltd.		11,050		144,626
TOA Paint Thailand PCL		61,300		80,334
				406,661
Real Estate (0.2%):
Central Pattana Public Co. Ltd.		53,200		110,573
Utilities (1.7%):
B Grimm Power PCL		76,500		134,097
Banpu Power PCL		185,200		109,449
CK Power PCL		452,300		74,904
Energy Absolute Public Co. Ltd.		53,500		78,150
Gulf Energy Development PCL		20,200		111,959
Ratch Group PCL		55,687		127,828
TPI Polene Power PCL		799,800		117,499
TTW PCL		291,600		134,359
				888,245
				4,118,247
Turkey (2.2%):
Communication Services (0.1%):
Turkcell Iletisim Hizmetleri AS		32,719		76,027
Consumer Discretionary (0.5%):
Arcelik AS (a)		21,528		75,542
Ford Otomotiv Sanayi AS		6,940		82,791
Tofas Turk Otomobil Fabrikasi AS		19,770		89,413
				247,746
Consumer Staples (0.2%):
BIM Birlesik Magazalar AS (c)		10,146		79,712
Financials (0.3%):
Akbank T.A.S (a)		49,689		67,853
Turkiye Garanti Bankasi AS (a)		39,078		73,300
				141,153
Industrials (0.8%):
Aselsan Elektronik Sanayi ve Ticaret AS		21,057		74,244
Enka Insaat ve Sanayi AS		83,439		90,196
KOC Holding AS		28,969		99,116
TAV Havalimanlari Holding AS		15,826		77,758
Turkiye Sise ve Cam Fabrikalari AS		90,373		80,193
				421,507

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Materials (0.3%):
Eregli Demir ve Celik Fabrikalari TAS		56,678	$	86,272
Koza Altin Isletmeleri AS (a)		5,860		73,064
				159,336
				1,125,481
Total Common Stocks (Cost $49,166,657)				51,799,764
Preferred Stocks (0.2%)
Brazil (0.2%):
Energy (0.2%):
Petroleo Brasileiro SA, 3.11%		12,300		92,296
Total Preferred Stocks (Cost $87,033)				92,296
Rights (0.0%) (d)
India (0.0%): (d)
Health Care (0.0%): (d)
Piramal Enterprises Expires 1/22/20 (a) (e)		278		871
Total Rights (Cost $—)				871
Warrants (0.0%)(d)
Thailand (0.0%): (d)
Industrials (0.0%): (d)
BTS Group Holding PCL (e)		22,870		—	(f)
Total Warrants (Cost $—)				—	(f)
Collateral for Securities Loaned^ (0.5%)
United States (0.5%):
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (g)		13,093		13,093
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (g)		72,132		72,132
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (g)		2,187		2,187
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (g)		43,575		43,575
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (g)		47,936		47,936
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (g)		95,870		95,870
Total Collateral for Securities Loaned (Cost $274,793)				274,793
Total Investments (Cost $49,528,483) — 100.5%				52,167,724
Liabilities in excess of other assets — (0.5)%				(279,637	)
NET ASSETS — 100.00%			$	51,888,087

^ Purchased with cash collateral from securities on loan.

(a) Non-income producing security.

See notes to financial statements.

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December 31, 2019

(Unaudited)

(b) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of December 31, 2019, the fair value of these securities was $1,561,617 and amounted to 3.0% of net assets.

(d) Amount represents less than 0.05% of net assets.

(e) Security was fair valued based on using significant unobservable inputs as of December 31, 2019.

(f) Rounds to less than $1.

(g) Rate disclosed is the daily yield on December 31, 2019.

GDR — Global Depository Receipt

PCL — Public Company Limited

PLC — Public Limited Company

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
Mini MSCI Emerging Markets Index Futures		2	3/20/20	$	108,368	$	112,020	$	3,652
	Total unrealized appreciation							$	3,652
	Total unrealized depreciation								—
	Total net unrealized appreciation (depreciation)							$	3,652

See notes to financial statements.

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Schedule of Portfolio Investments
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Common Stocks (99.6%)
Communication Services (3.6%):
AT&T, Inc.		110,796	$	4,329,908
Omnicom Group, Inc.		51,158		4,144,821
Verizon Communications, Inc.		71,366		4,381,872
				12,856,601
Consumer Discretionary (7.1%):
Best Buy Co., Inc.		32,519		2,855,168
General Motors Co., Class C		84,997		3,110,890
Genuine Parts Co.		44,681		4,746,463
Kohl's Corp.		39,306		2,002,641
Ralph Lauren Corp.		28,341		3,322,132
Tapestry, Inc.		79,293		2,138,532
The Gap, Inc.		120,379		2,128,301
Whirlpool Corp.		17,073		2,518,780
Wynn Resorts Ltd.		16,880		2,344,126
				25,167,033
Consumer Staples (9.5%):
Altria Group, Inc.		65,952		3,291,665
Archer-Daniels-Midland Co.		95,879		4,443,992
Conagra Brands, Inc.		65,533		2,243,850
General Mills, Inc.		68,712		3,680,215
Kimberly-Clark Corp.		25,320		3,482,766
Molson Coors Beverage Co., Class B		57,077		3,076,450
Philip Morris International, Inc.		36,893		3,139,225
The Coca-Cola Co.		73,566		4,071,878
The J.M. Smucker Co.		32,072		3,339,657
Walgreens Boots Alliance, Inc.		52,569		3,099,468
				33,869,166
Energy (9.0%):
Chevron Corp.		31,764		3,827,880
Exxon Mobil Corp.		55,980		3,906,283
Halliburton Co.		110,985		2,715,803
HollyFrontier Corp.		51,155		2,594,070
Kinder Morgan, Inc.		181,168		3,835,327
Occidental Petroleum Corp.		61,486		2,533,838
ONEOK, Inc.		45,124		3,414,533
Phillips 66		31,568		3,516,991
Schlumberger Ltd.		74,264		2,985,413
Valero Energy Corp.		32,795		3,071,252
				32,401,390
Financials (23.4%):
BlackRock, Inc., Class A		8,109		4,076,394
Citizens Financial Group, Inc.		82,263		3,340,700
Comerica, Inc.		43,893		3,149,323
Fifth Third Bancorp.		112,614		3,461,754
Franklin Resources, Inc.		116,511		3,026,956

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Huntington Bancshares, Inc.		229,194	$	3,456,246
Invesco Ltd. (a)		170,397		3,063,738
JPMorgan Chase & Co.		34,655		4,830,906
KeyCorp		164,556		3,330,613
MetLife, Inc.		79,660		4,060,270
Morgan Stanley		72,234		3,692,602
New York Community Bancorp, Inc.		278,149		3,343,351
People's United Financial, Inc.		232,792		3,934,185
Principal Financial Group, Inc.		54,876		3,018,180
Prudential Financial, Inc.		36,768		3,446,632
Regions Financial Corp.		185,217		3,178,324
Santander Consumer USA Holdings, Inc.		112,020		2,617,907
State Street Corp.		57,111		4,517,480
Synovus Financial Corp.		73,379		2,876,457
TCF Financial Corp.		65,184		3,050,611
The Progressive Corp.		45,281		3,277,892
Truist Financial Corp.		73,958		4,165,315
Wells Fargo & Co.		76,929		4,138,780
Zions Bancorp NA		70,256		3,647,692
				84,702,308
Health Care (4.0%):
Bristol-Myers Squibb Co.		54,747		3,514,210
Cardinal Health, Inc.		59,255		2,997,118
Gilead Sciences, Inc.		53,430		3,471,881
Johnson & Johnson		29,328		4,278,075
				14,261,284
Industrials (6.9%):
3M Co.		17,952		3,167,092
Caterpillar, Inc.		22,810		3,368,581
Cummins, Inc.		21,163		3,787,330
Eaton Corp. PLC		41,677		3,947,645
Emerson Electric Co.		54,541		4,159,297
United Parcel Service, Inc., Class B		23,484		2,749,037
Watsco, Inc. (a)		20,650		3,720,098
				24,899,080
Information Technology (9.9%):
Broadcom, Inc.		8,386		2,650,144
Cisco Systems, Inc.		61,442		2,946,758
HP, Inc.		127,873		2,627,790
International Business Machines Corp.		25,061		3,359,176
Juniper Networks, Inc.		136,510		3,362,242
Maxim Integrated Products, Inc.		46,889		2,884,142
NetApp, Inc.		41,203		2,564,887
Paychex, Inc.		50,939		4,332,871
Seagate Technology PLC		45,392		2,700,824
The Western Union Co. (a)		192,055		5,143,234
Xerox Holdings Corp.		75,712		2,791,501
				35,363,569

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Materials (7.3%):
Eastman Chemical Co.		41,038	$	3,252,672
International Paper Co.		69,423		3,196,929
LyondellBasell Industries NV, Class A		33,580		3,172,638
Nucor Corp.		59,625		3,355,695
Packaging Corp. of America		28,282		3,167,301
Sonoco Products Co.		75,972		4,688,992
Steel Dynamics, Inc.		84,513		2,876,823
Westrock Co.		63,909		2,742,335
				26,453,385
Utilities (18.9%):
AES Corp.		221,164		4,401,164
American Electric Power Co., Inc.		55,310		5,227,348
CenterPoint Energy, Inc.		167,119		4,557,335
Consolidated Edison, Inc.		54,863		4,963,456
Duke Energy Corp.		58,744		5,358,040
Evergy, Inc.		74,987		4,880,904
Exelon Corp.		100,243		4,570,078
FirstEnergy Corp.		99,826		4,851,544
MDU Resources Group, Inc.		160,440		4,766,672
OGE Energy Corp.		109,640		4,875,691
Pinnacle West Capital Corp.		48,843		4,392,451
PPL Corp.		145,998		5,238,408
Public Service Enterprise Group, Inc.		79,410		4,689,161
The Southern Co.		87,617		5,581,203
				68,353,455
Total Common Stocks (Cost $329,335,170)				358,327,271
Collateral for Securities Loaned^ (1.5%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (b)		251,064		251,064
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (b)		1,383,182		1,383,182
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (b)		41,934		41,934
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (b)		835,585		835,585
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (b)		919,208		919,208
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (b)		1,838,354		1,838,354
Total Collateral for Securities Loaned (Cost $5,269,327)				5,269,327
Total Investments (Cost $334,604,497) — 101.1%				363,596,598
Liabilities in excess of other assets — (1.1)%				(4,050,848	)
NET ASSETS — 100.00%			$	359,545,750

^ Purchased with cash collateral from securities on loan.

(a) All or a portion of this security is on loan.

(b) Rate disclosed is the daily yield on December 31, 2019.

PLC — Public Limited Company

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini S&P 500 Futures		3	3/20/20	$	480,172	$	484,665	$	4,493
	Total unrealized appreciation							$	4,493
	Total unrealized depreciation								—
	Total net unrealized appreciation (depreciation)							$	4,493

See notes to financial statements.

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Schedule of Portfolio Investments
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Common Stocks (99.7%)
Communication Services (2.8%):
Cogent Communications Holdings, Inc.		18,788	$	1,236,438
John Wiley & Sons, Inc., Class A		21,033		1,020,521
Telephone & Data Systems, Inc.		32,145		817,447
				3,074,406
Consumer Discretionary (13.7%):
American Eagle Outfitters, Inc.		43,812		644,036
Brinker International, Inc. (a)		22,939		963,438
Dine Brands Global, Inc.		11,121		928,826
Haverty Furniture Cos., Inc.		44,574		898,612
Hooker Furniture Corp. (a)		37,780		970,568
LCI Industries		9,561		1,024,270
MDC Holdings, Inc.		27,005		1,030,511
Movado Group, Inc.		28,029		609,350
PetMed Express, Inc. (a)		44,252		1,040,807
Ruth's Hospitality Group, Inc. (a)		68,986		1,501,480
Shutterstock, Inc. (a) (b)		25,008		1,072,343
Sturm Ruger & Co., Inc. (a)		21,836		1,026,947
Tailored Brands, Inc. (a)		68,681		284,339
The Buckle, Inc. (a)		34,803		941,074
The Cheesecake Factory, Inc. (a)		30,139		1,171,202
The Children's Place, Inc. (a)		7,672		479,653
Tupperware Brands Corp.		42,498		364,633
				14,952,089
Consumer Staples (5.5%):
B&G Foods, Inc. (a)		48,605		871,488
John B Sanfilippo & Son, Inc.		11,072		1,010,652
Medifast, Inc. (a)		6,936		760,047
Universal Corp.		19,598		1,118,261
Vector Group Ltd.		64,981		870,096
Weis Markets, Inc. (a)		34,466		1,395,528
				6,026,072
Energy (4.8%):
Arch Coal, Inc., Class A (a)		11,208		804,062
Archrock, Inc.		71,856		721,434
Core Laboratories NV (a)		17,508		659,526
Delek US Holdings, Inc.		19,913		667,683
Falcon Minerals Corp. (a)		117,301		828,145
Murphy Oil Corp.		41,533		1,113,084
Peabody Energy Corp.		38,258		348,913
				5,142,847
Financials (22.7%):
Artisan Partners Asset Management, Inc., Class A		38,836		1,255,180
Cadence Bancorp		48,699		882,913
Cathay General Bancorp		36,279		1,380,416
Columbia Banking System, Inc.		32,249		1,312,051

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

Security Description	Shares		Value
FBL Financial Group, Inc., Class A		24,445	$	1,440,544
First Busey Corp.		53,067		1,459,343
First Financial Bancorp		47,154		1,199,598
Great Western Bancorp, Inc.		36,331		1,262,139
Hope Bancorp, Inc.		77,740		1,155,216
Moelis & Co., Class A		27,113		865,447
Navient Corp.		70,116		959,187
Northwest Bancshares, Inc. (a)		107,132		1,781,605
Park National Corp. (a)		13,392		1,371,073
Provident Financial Services, Inc.		59,615		1,469,510
Safety Insurance Group, Inc.		15,207		1,407,104
Sandy Spring Bancorp, Inc.		38,154		1,445,274
Southside Bancshares, Inc.		39,464		1,465,692
Waddell & Reed Financial, Inc., Class A (a)		64,314		1,075,330
WesBanco, Inc.		36,006		1,360,667
				24,548,289
Health Care (4.0%):
Meridian Bioscience, Inc.		80,119		782,763
National Healthcare Corp.		19,233		1,662,308
Patterson Cos., Inc.		63,695		1,304,474
Phibro Animal Health Corp., Class A		27,266		677,015
				4,426,560
Industrials (24.3%):
Aircastle Ltd.		54,690		1,750,627
Applied Industrial Technologies, Inc.		19,494		1,300,055
Ennis, Inc.		63,419		1,373,022
GATX Corp. (a)		14,780		1,224,523
H&E Equipment Services, Inc.		30,808		1,029,911
Healthcare Services Group (a)		31,970		777,510
Hillenbrand, Inc.		34,746		1,157,389
HNI Corp.		30,993		1,160,998
Interface, Inc.		77,555		1,286,637
Kennametal, Inc.		28,477		1,050,517
Knoll, Inc.		51,092		1,290,584
Matson, Inc.		27,477		1,121,062
Matthews International Corp., Class A (a)		29,100		1,110,747
McGrath RentCorp		17,581		1,345,650
National Presto Industries, Inc. (a)		11,486		1,015,248
Resources Connection, Inc.		54,494		889,887
Ryder System, Inc.		17,119		929,733
Steelcase, Inc., Class A		62,381		1,276,315
Systemax, Inc.		28,983		729,212
The Greenbrier Cos., Inc.		32,080		1,040,354
Trinity Industries, Inc. (a)		47,191		1,045,281
Triton International Ltd.		31,865		1,280,973
Wabash National Corp.		67,471		991,149
				26,177,384

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

Security Description	Shares		Value
Information Technology (3.6%):
AVX Corp.		72,572	$	1,485,549
Benchmark Electronics, Inc.		40,676		1,397,627
Vishay Intertechnology, Inc.		50,290		1,070,674
				3,953,850
Materials (15.5%):
Cabot Corp.		21,870		1,039,262
Commercial Metals Co.		51,144		1,138,977
Domtar Corp.		26,716		1,021,620
Futurefuel Corp.		60,455		749,037
Greif, Inc., Class A		18,947		837,457
Innophos Holdings, Inc.		34,313		1,097,330
Kaiser Aluminum Corp.		12,428		1,378,141
Kronos Worldwide, Inc.		72,188		967,319
Louisiana-Pacific Corp.		43,066		1,277,768
Neenah, Inc.		15,558		1,095,750
PolyOne Corp.		29,070		1,069,485
Schnitzer Steel Industries, Inc.		35,287		765,022
Schweitzer-Mauduit International, Inc.		23,880		1,002,721
Sensient Technologies Corp.		21,446		1,417,367
The Chemours Co.		39,965		722,967
Worthington Industries, Inc.		27,213		1,147,844
				16,728,067
Utilities (2.8%):
Otter Tail Corp.		30,450		1,561,781
Unitil Corp.		24,243		1,498,702
				3,060,483
Total Common Stocks (Cost $102,961,827)				108,090,047
Rights (0.0%) (c)
Materials (0.0%): (c)
Schulman, Inc.Expires 12/31/49 (b) (d) (e)		7,093		—
Total Right (Cost $14,186)				—
Collateral for Securities Loaned^ (10.7%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (f)		551,240		551,240
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (f)		3,036,939		3,036,939
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (f)		92,070		92,070
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (f)		1,834,625		1,834,625
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (f)		2,018,229		2,018,229
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (f)		4,036,322		4,036,322
Total Collateral for Securities Loaned (Cost $11,569,425)				11,569,425
Total Investments (Cost $114,545,438) — 110.4%				119,659,472
Liabilities in excess of other assets — (10.4)%				(11,291,826	)
NET ASSETS — 100.00%			$	108,367,646

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 30, 2019

(Unaudited)

^ Purchased with cash collateral from securities on loan.

(a) All or a portion of this security is on loan.

(b) Non-income producing security.

(d) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of December 31, 2019, illiquid securities were less than 0.05% of the Fund's net assets.

(e) Security was fair valued based using significant unobservable inputs as of December 31, 2019.

(f) Rate disclosed is the daily yield on December 31, 2019.

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
Russell 2000 Mini Index Futures		2	3/20/20	$	167,503	$	167,060	$	(443	)
	Total unrealized appreciation							$	—
	Total unrealized depreciation								(443	)
	Total net unrealized appreciation (depreciation)							$	(443	)

See notes to financial statements.

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Schedule of Portfolio Investments
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Common Stocks (99.3%)
Australia (9.0%):
Consumer Staples (1.0%):
Wesfarmers Ltd.		30,613	$	889,195
Energy (1.0%):
Woodside Petroleum Ltd.		35,960		867,393
Financials (2.6%):
Australia & New Zealand Banking Group Ltd.		44,491		768,825
National Australia Bank Ltd.		51,235		885,364
Westpac Banking Corp.		41,018		697,298
				2,351,487
Materials (3.4%):
BHP Group Ltd.		33,315		909,711
BHP Group PLC		31,681		745,514
Fortescue Metals Group Ltd.		70,921		531,916
Rio Tinto Ltd.		11,193		788,444
				2,975,585
Utilities (1.0%):
AGL Energy Ltd.		60,686		874,114
				7,957,774
Canada (10.5%):
Communication Services (5.3%):
BCE, Inc.		33,452		1,549,963
Shaw Communications, Inc., Class B		65,586		1,331,016
TELUS Corp. (a)		47,234		1,829,117
				4,710,096
Energy (2.2%):
Inter Pipeline Ltd. (a)		46,974		815,461
Pembina Pipeline Corp. (a)		30,935		1,146,720
				1,962,181
Financials (3.0%):
Great-West Lifeco, Inc.		47,182		1,208,621
Power Financial Corp.		51,670		1,390,442
				2,599,063
				9,271,340
Denmark (0.8%):
Financials (0.8%):
Danske Bank A/S		43,758		708,179

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Shares		Value
Finland (4.7%):
Financials (2.2%):
Nordea Bank ABP		107,284	$	866,668
Sampo Oyj, Class A		23,893		1,042,730
				1,909,398
Materials (1.5%):
Stora ENSO Oyj, R Shares		41,962		610,194
UPM-Kymmene Oyj		21,005		728,218
				1,338,412
Utilities (1.0%):
Fortum Oyj		34,656		855,147
				4,102,957
France (9.9%):
Communication Services (2.0%):
Orange SA		79,619		1,171,629
Publicis Groupe SA		12,293		556,479
				1,728,108
Consumer Discretionary (0.5%):
Renault SA		9,571		452,797
Energy (1.2%):
Total SA		18,679		1,030,762
Financials (3.4%):
BNP Paribas SA		14,258		844,848
Credit Agricole SA		54,642		792,131
Natixis SA		135,399		601,078
Societe Generale SA		20,934		728,222
				2,966,279
Industrials (0.8%):
Alstom SA		15,653		741,410
Utilities (2.0%):
Engie SA		60,226		972,716
Suez		55,167		834,392
				1,807,108
				8,726,464
Germany (4.1%):
Consumer Discretionary (1.1%):
Bayerische Motoren Werke AG		11,461		940,193
Industrials (0.7%):
Hochtief AG		5,247		669,131

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Materials (2.3%):
BASF SE		10,359	$	782,519
Covestro AG (b)		11,035		513,023
Evonik Industries AG		24,189		738,221
				2,033,763
				3,643,087
Hong Kong (4.2%):
Industrials (1.2%):
CK Hutchison Holdings Ltd.		112,000		1,067,995
Utilities (3.0%):
CK Infrastructure Holdings Ltd.		157,500		1,120,842
Power Assets Holdings Ltd.		212,000		1,550,861
				2,671,703
				3,739,698
Ireland (0.9%):
Communication Services (0.9%):
WPP PLC		55,985		790,772
Italy (3.1%):
Energy (2.2%):
Eni SpA		64,743		1,005,441
Snam SpA		173,464		911,699
				1,917,140
Financials (0.9%):
Intesa Sanpaolo SpA		308,054		811,442
				2,728,582
Japan (10.1%):
Consumer Discretionary (1.6%):
Aisin Seiki Co. Ltd.		18,500		693,069
Nissan Motor Co. Ltd.		122,000		714,324
				1,407,393
Consumer Staples (1.2%):
Japan Tobacco, Inc. (a)		45,500		1,018,766
Industrials (5.4%):
FANUC Corp.		3,400		636,248
Komatsu Ltd.		27,200		661,473
Marubeni Corp.		103,200		770,010
Mitsubishi Corp.		34,800		928,940
Mitsui & Co. Ltd.		51,900		929,652
Sumitomo Corp.		57,100		853,557
				4,779,880
Information Technology (1.1%):
Canon, Inc. (a)		35,300		970,393

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Materials (0.8%):
Mitsubishi Chemical Holdings Corp.		96,700	$	727,653
				8,904,085
Korea, Republic Of (1.8%):
Energy (0.7%):
SK Innovation Co. Ltd.		4,583		594,526
Financials (1.1%):
Hana Financial Group, Inc.		29,747		949,290
				1,543,816
Macau (1.3%):
Consumer Discretionary (1.3%):
Sands China Ltd.		114,800		613,647
Wynn Macau Ltd.		211,600		521,410
				1,135,057
Netherlands (2.9%):
Consumer Staples (1.1%):
Koninklijke Ahold Delhaize NV		39,370		984,493
Financials (0.9%):
ING Groep NV		64,519		773,435
Industrials (0.9%):
Randstad NV		13,561		828,036
				2,585,964
Norway (2.6%):
Consumer Staples (0.8%):
Mowi ASA		28,245		734,422
Energy (1.8%):
Aker BP ASA		17,925		588,221
Equinor ASA		47,633		952,519
				1,540,740
				2,275,162
Russian Federation (0.5%):
Materials (0.5%):
Evraz PLC		80,359		429,966
Singapore (1.3%):
Communication Services (1.3%):
Singapore Telecommunications Ltd.		464,100		1,163,184
Spain (6.1%):
Communication Services (1.1%):
Telefonica SA		139,354		973,280
Energy (1.0%):
Repsol SA		55,212		862,630

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Financials (0.9%):
CaixaBank SA		250,244	$	785,328
Industrials (0.8%):
ACS, Actividades de Construccion y Servicios SA		19,135		765,117
Utilities (2.3%):
Endesa SA		41,181		1,098,831
Naturgy Energy Group SA		36,421		915,039
				2,013,870
				5,400,225
Sweden (5.5%):
Communication Services (1.3%):
Telia Co. AB		267,266		1,148,884
Consumer Discretionary (0.6%):
Hennes & Mauritz AB, B Shares (a)		26,412		537,300
Financials (2.7%):
Skandinaviska Enskilda Banken AB, Class A		84,456		794,464
Svenska Handelsbanken AB, Class A		96,070		1,035,250
Swedbank AB, A Shares		37,718		561,738
				2,391,452
Industrials (0.9%):
Volvo AB, Class B		48,417		811,311
				4,888,947
Switzerland (1.8%):
Financials (1.1%):
UBS Group AG, Registered Shares		75,606		955,233
Materials (0.7%):
Glencore PLC		201,955		629,488
				1,584,721
United Kingdom (17.5%):
Communication Services (1.2%):
BT Group PLC		410,886		1,047,214
Consumer Discretionary (1.1%):
Barratt Developments PLC		96,263		951,844
Consumer Staples (1.5%):
British American Tobacco PLC		16,171		692,085
Imperial Brands PLC		25,221		624,296
				1,316,381
Energy (2.1%):
BP PLC		137,678		859,918
Royal Dutch Shell PLC, Class A		33,451		990,159
				1,850,077

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Financials (6.3%):
Aviva PLC		197,997	$	1,097,944
HSBC Holdings PLC		141,846		1,111,946
Legal & General Group PLC		304,432		1,221,663
Lloyds Banking Group PLC		1,400,642		1,159,380
Royal Bank of Scotland Group PLC		298,215		949,078
				5,540,011
Health Care (1.4%):
GlaxoSmithKline PLC		51,882		1,222,394
Industrials (1.0%):
International Consolidated Airlines Group SA		109,497		906,360
Materials (1.8%):
Anglo American PLC		27,938		804,032
Rio Tinto PLC		13,357		796,580
				1,600,612
Utilities (1.1%):
National Grid PLC		79,356		992,449
				15,427,342
United States (0.7%):
Consumer Discretionary (0.7%):
Carnival PLC		13,487		650,897
Total Common Stocks (Cost $85,948,135)				87,658,219
Rights (0.1%)
Spain (0.1%):
Energy (0.1%):
Repsol SA Expires 1/8/20 (c)		55,212		26,195
Total Rights (Cost $26,091)				26,195
Collateral for Securities Loaned^ (6.5%)
United States (6.5%):
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (d)		273,455		273,455
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (d)		1,506,540		1,506,540
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (d)		45,674		45,674
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (d)		910,106		910,106
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (d)		1,001,187		1,001,187
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (d)		2,002,307		2,002,307
Total Collateral for Securities Loaned (Cost $5,739,269)				5,739,269
Total Investments (Cost $91,713,495) — 105.9%				93,423,683
Liabilities in excess of other assets — (5.9)%				(5,170,045	)
NET ASSETS — 100.00%			$	88,253,638

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

^ Purchased with cash collateral from securities on loan.

(a) All or a portion of this security is on loan.

(d) Rate disclosed is the daily yield on December 31, 2019.

PLC — Public Limited Company

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
Mini MSCI EAFE Index Futures		5	3/20/20	$	506,785	$	509,125	$	2,340
	Total unrealized appreciation							$	2,340
	Total unrealized depreciation								—
	Total net unrealized appreciation (depreciation)							$	2,340

See notes to financial statements.

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Schedule of Portfolio Investments
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Common Stocks (98.6%)
Brazil (2.3%):
Industrials (0.9%):
EcoRodovias Infraestrutura e Logistica SA (a)		97,900	$	396,760
Information Technology (0.4%):
Cielo SA		101,500		211,227
Utilities (1.0%):
Engie Brasil Energia SA		34,950		441,437
				1,049,424
Chile (2.1%):
Utilities (2.1%):
Aguas Andinas SA		1,179,424		500,647
Colbun SA		2,978,126		475,549
				976,196
China (17.0%):
Consumer Discretionary (0.6%):
Great Wall Motor Co. Ltd., Class H		397,500		293,847
Energy (2.8%):
China Petroleum & Chemical Corp., Class H		758,000		456,252
China Shenhua Energy Co. Ltd., Class H		230,500		481,601
Yanzhou Coal Mining Co. Ltd.		395,000		354,860
				1,292,713
Financials (10.4%):
Agricultural Bank of China Ltd.		1,668,000		734,264
Bank of China Ltd.		1,532,000		654,735
Bank of Communications Co. Ltd., Class H		763,000		542,496
China Cinda Asset Management Co. Ltd.		1,755,000		398,669
China CITIC Bank Corp. Ltd.		1,077,000		645,498
China Construction Bank Corp., Class H		765,000		660,752
China Minsheng Banking Corp. Ltd.		699,500		528,768
GF Securities Co. Ltd.		257,400		313,500
Huatai Securities Co. Ltd. (b)		177,800		314,444
				4,793,126
Industrials (0.8%):
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		420,000		351,985
Materials (0.9%):
Sinopec Shanghai Petrochemical Co. Ltd.		1,292,000		389,666
Real Estate (1.5%):
Guangzhou R&f Properties Co. Ltd., Class H		186,749		344,651
Logan Property Holdings Co. Ltd.		190,000		318,951
				663,602
				7,784,939

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Czech Republic (3.2%):
Financials (1.4%):
Komercni Banka AS		17,269	$	632,180
Utilities (1.8%):
CEZ AS		36,199		813,951
				1,446,131
Egypt (1.5%):
Consumer Staples (0.9%):
Eastern Tobacco		439,806		428,261
Industrials (0.6%):
Elsewedy Electric Co.		382,670		275,044
				703,305
Hong Kong (3.7%):
Energy (0.8%):
CNOOC Ltd.		227,000		377,566
Industrials (1.1%):
China Merchants Port Holdings Co. Ltd.		312,000		527,755
Materials (1.1%):
China Resources Cement Holdings Ltd.		396,000		504,161
Real Estate (0.7%):
Agile Group Holdings Ltd.		202,000		303,837
				1,713,319
India (1.2%):
Communication Services (0.6%):
Bharti Infratel Ltd.		85,859		303,758
Materials (0.6%):
Vedanta Ltd.		122,542		261,754
				565,512
Indonesia (2.3%):
Energy (2.3%):
PT Adaro Energy Tbk		3,191,200		357,515
PT United Tractors Tbk		219,500		340,399
PT Tambang Batubara Bukit Asam Tbk		1,848,100		354,175
				1,052,089
Malaysia (4.0%):
Financials (2.5%):
Malayan Banking Berhad		545,700		1,153,057
Utilities (1.5%):
Petronas Gas Berhad		164,000		666,588
				1,819,645

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Mexico (2.3%):
Financials (0.7%):
Grupo Financiero Banorte SAB de CV		60,637	$	338,900
Industrials (0.7%):
ALFA SAB de CV		405,224		336,129
Materials (0.9%):
Grupo Mexico SAB de CV, Series B		144,520		396,484
				1,071,513
Philippines (2.2%):
Communication Services (1.4%):
Globe Telecom, Inc.		9,220		367,817
PLDT, Inc.		13,340		260,292
				628,109
Utilities (0.8%):
Manila Electric Co.		62,450		390,968
				1,019,077
Poland (3.3%):
Financials (3.3%):
Bank Pekao SA		19,486		516,129
Powszechny Zaklad Ubezpieczen SA		54,157		571,644
Santander Bank Polska SA		4,989		404,393
				1,492,166
Russian Federation (9.8%):
Communication Services (1.5%):
Rostelecom PJSC		558,070		706,184
Consumer Staples (1.0%):
Magnit PJSC		8,367		462,770
Energy (1.0%):
Tatneft PJSC		38,290		469,745
Materials (5.2%):
Alrosa PJSC		474,550		646,171
MMC Norilsk Nickel PJSC		1,978		610,155
PhosAgro PJSC, GDR		47,133		598,589
Severstal PJSC		33,440		506,312
				2,361,227
Utilities (1.1%):
Federal Grid Co. Unified Energy System PJSC		157,120,000		509,077
				4,509,003
South Africa (12.7%):
Communication Services (1.9%):
MTN Group Ltd.		44,533		262,423
Telkom SA SOC Ltd.		66,120		164,467

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Vodacom Group Ltd.		52,959	$	436,202
				863,092
Consumer Discretionary (1.4%):
Mr. Price Group Ltd.		20,592		268,460
The Foschini Group Ltd.		33,833		361,303
				629,763
Consumer Staples (2.0%):
AVI Ltd.		70,713		449,429
Tiger Brands Ltd.		30,226		454,972
				904,401
Energy (0.7%):
Exxaro Resources Ltd.		32,953		308,709
Financials (3.5%):
Absa Group Ltd.		34,131		364,022
Nedbank Group Ltd.		26,450		404,917
Old Mutual Ltd.		323,007		453,643
Standard Bank Group Ltd.		34,019		409,049
				1,631,631
Health Care (1.1%):
Netcare Ltd.		369,655		513,876
Industrials (0.9%):
Barloword Ltd.		51,810		417,226
Materials (1.2%):
Sappi Ltd.		76,345		238,167
Sasol Ltd.		14,785		320,531
				558,698
				5,827,396
Taiwan (20.8%):
Consumer Discretionary (1.3%):
Formosa Taffeta Co. Ltd.		502,000		572,757
Industrials (2.3%):
Far Eastern New Century Corp.		572,000		569,615
Walsin Lihwa Corp.		971,000		498,862
				1,068,477
Information Technology (10.9%):
Compal Electronics, Inc.		1,279,000		804,309
Inventec Corp.		683,000		520,652
Nanya Technology Corp.		143,000		397,872
Pegatron Corp.		216,000		492,891
Powertech Technology, Inc.		171,000		569,334
Quanta Computer, Inc.		303,000		649,972
Walsin Technology Corp.		43,000		342,852

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
WPG Holdings Ltd.		604,000	$	787,870
Yageo Corp.		31,000		451,943
				5,017,695
Materials (6.3%):
Asia Cement Corp.		336,000		537,488
Formosa Chemicals & Fibre		186,000		542,952
Nan Ya Plastics Corp.		297,000		721,321
TA Chen Stainless Pipe		439,000		469,390
Taiwan Cement Corp.		438,000		638,552
				2,909,703
				9,568,632
Thailand (6.5%):
Communication Services (0.4%):
Jasmine International PCL		1,180,500		197,077
Energy (2.8%):
Banpu PCL		791,800		314,602
PTT Exploration & Production PCL		100,900		419,430
PTT PCL		365,500		536,956
				1,270,988
Materials (1.0%):
PTT Global Chemical PCL		245,300		466,843
Utilities (2.3%):
TPI Polene Power PCL		3,324,000		488,329
TTW PCL		1,215,300		559,966
				1,048,295
				2,983,203
Turkey (3.7%):
Communication Services (0.7%):
Turkcell Iletisim Hizmetleri AS		135,951		315,899
Consumer Discretionary (1.5%):
Ford Otomotiv Sanayi AS		28,837		344,014
Tofas Turk Otomobil Fabrikasi AS		82,175		371,649
				715,663
Industrials (0.7%):
TAV Havalimanlari Holding AS		65,775		323,171
Materials (0.8%):
Eregli Demir ve Celik Fabrikalari TAS		235,671		358,725
				1,713,458
Total Common Stocks (Cost $45,015,185)				45,295,008

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Preferred Stocks (0.8%)
Brazil (0.8%):
Energy (0.8%):
Petroleo Brasileiro SA, 3.11%		51,400	$	385,692
Total Preferred Stocks (Cost $334,524)				385,692
Total Investments (Cost $45,349,709) — 99.4%				45,680,700
Other assets in excess of liabilities — 0.6%				275,928
NET ASSETS — 100.00%			$	45,956,628

(a) Non-income producing security.

GDR — Global Depositary Receipt

PCL — Public Company Limited

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
Mini MSCI Emerging Markets Index Futures		5	3/20/20	$	272,530	$	280,050	$	7,520
	Total unrealized appreciation							$	7,520
	Total unrealized depreciation								—
	Total net unrealized appreciation (depreciation)							$	7,520

See notes to financial statements.

Victory Portfolios II
VictoryShares Dividend Accelerator ETF

Schedule of Portfolio Investments
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Common Stocks (99.7%)
Communication Services (2.4%):
The Walt Disney Co.		29,892	$	4,323,280
Consumer Discretionary (18.2%):
Columbia Sportswear Co.		23,635		2,367,991
Gentex Corp.		106,518		3,086,892
Genuine Parts Co.		27,118		2,880,745
Lowe's Cos., Inc.		22,152		2,652,924
McDonald's Corp.		24,169		4,776,036
Nike, Inc., Class B		33,372		3,380,917
Ross Stores, Inc.		11,113		1,293,775
Target Corp.		45,285		5,805,990
The Home Depot, Inc.		14,405		3,145,763
The TJX Cos., Inc.		29,375		1,793,638
VF Corp.		19,980		1,991,207
				33,175,878
Consumer Staples (15.5%):
Brown-Forman Corp., Class B		30,945		2,091,882
Church & Dwight Co., Inc.		18,292		1,286,659
Colgate-Palmolive Co.		51,076		3,516,072
Costco Wholesale Corp.		11,222		3,298,370
Hormel Foods Corp. (a)		31,526		1,422,138
Kimberly-Clark Corp.		17,977		2,472,736
Lancaster Colony Corp.		24,650		3,946,465
PepsiCo, Inc.		12,829		1,753,339
Sysco Corp.		29,293		2,505,723
The Clorox Co.		14,477		2,222,799
The Procter & Gamble Co.		19,555		2,442,420
Walgreens Boots Alliance, Inc.		26,429		1,558,254
				28,516,857
Energy (1.3%):
Chevron Corp.		8,493		1,023,491
Exxon Mobil Corp.		18,329		1,278,998
				2,302,489
Financials (13.9%):
Aflac, Inc.		30,283		1,601,971
Brown & Brown, Inc.		42,333		1,671,306
Commerce Bancshares, Inc., Class C (a)		36,062		2,450,066
Erie Indemnity Co., Class A		9,046		1,501,636
FactSet Research Systems, Inc.		14,549		3,903,497
Franklin Resources, Inc.		64,566		1,677,425
MarketAxess Holdings, Inc.		7,014		2,659,078
Morningstar, Inc.		37,209		5,630,094
Old Republic International Corp.		13,032		291,526
S&P Global, Inc.		3,261		890,416
SEI Investments Co.		24,073		1,576,300

See notes to financial statements.

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VictoryShares Dividend Accelerator ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
T. Rowe Price Group, Inc.		11,794	$	1,436,981
				25,290,296
Health Care (4.3%):
Chemed Corp.		10,321		4,533,602
Johnson & Johnson		12,359		1,802,807
West Pharmaceutical Services, Inc.		9,695		1,457,449
				7,793,858
Industrials (23.7%):
3M Co.		22,033		3,887,062
AO Smith Corp.		19,088		909,352
C.H. Robinson Worldwide, Inc.		31,217		2,441,169
Cintas Corp.		3,897		1,048,605
Donaldson Co., Inc.		50,298		2,898,171
Emerson Electric Co.		51,086		3,895,818
Expeditors International of Washington, Inc.		27,843		2,172,311
Fastenal Co.		45,804		1,692,458
General Dynamics Corp.		7,637		1,346,785
Graco, Inc.		40,198		2,090,296
HEICO Corp.		14,905		1,701,406
Illinois Tool Works, Inc.		14,086		2,530,268
ITT, Inc.		10,675		788,989
J.B. Hunt Transport Services, Inc.		21,690		2,532,958
Lincoln Electric Holdings, Inc.		17,155		1,659,403
Nordson Corp.		5,440		885,850
Robert Half International, Inc.		38,576		2,436,074
Rollins, Inc.		85,811		2,845,493
Toro Co.		34,770		2,770,126
W.W. Grainger, Inc.		8,681		2,938,692
				43,471,286
Information Technology (15.5%):
Accenture PLC, Class A		17,372		3,658,022
Automatic Data Processing, Inc.		15,898		2,710,609
Intuit, Inc.		16,147		4,229,384
Jack Henry & Associates, Inc.		19,207		2,797,884
Mastercard, Inc., Class A		10,575		3,157,589
Paychex, Inc.		69,284		5,893,298
Texas Instruments, Inc.		20,334		2,608,649
Visa, Inc., Class A		16,746		3,146,573
				28,202,008
Materials (4.9%):
Air Products & Chemicals, Inc.		12,938		3,040,300
Ecolab, Inc.		6,031		1,163,923
Nucor Corp.		11,621		654,030
PPG Industries, Inc.		11,347		1,514,711
Sonoco Products Co.		40,876		2,522,866
				8,895,830
Total Common Stocks (Cost $173,179,227)				181,971,782

See notes to financial statements.

Victory Portfolios II
VictoryShares Dividend Accelerator ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Collateral for Securities Loaned^ (1.8%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (b)		154,054	$	154,054
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (b)		848,728		848,728
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (b)		25,731		25,731
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (b)		512,720		512,720
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (b)		564,031		564,031
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (b)		1,128,024		1,128,024
Total Collateral for Securities Loaned (Cost $3,233,288)				3,233,288
Total Investments (Cost $176,412,515) — 101.5%				185,205,070
Liabilities in excess of other assets — (1.5)%				(2,712,879	)
NET ASSETS — 100.00%			$	182,492,191

^ Purchased with cash collateral from securities on loan.

(a) All or a portion of this security is on loan.

(b) Rate disclosed is the daily yield on December 31, 2019.

PLC — Public Limited Company

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini S&P 500 Futures		2	3/20/20	$	314,603	$	323,110	$	8,507
	Total unrealized appreciation							$	8,507
	Total unrealized depreciation								—
	Total net unrealized appreciation (depreciation)							$	8,507

See notes to financial statements.

Victory Portfolios II
VictoryShares US Multi-Factor Minimum Volatility ETF

Schedule of Portfolio Investments
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Common Stocks (99.6%)
Communication Services (5.2%):
AT&T, Inc.		106,103	$	4,146,505
Cinemark Holdings, Inc.		29,436		996,409
Omnicom Group, Inc.		42,396		3,434,924
				8,577,838
Consumer Discretionary (7.9%):
AutoZone, Inc. (a)		2,956		3,521,512
Cracker Barrel Old Country Store, Inc. (b)		6,631		1,019,450
Darden Restaurants, Inc.		13,083		1,426,178
Dollar General Corp.		8,484		1,323,334
H&R Block, Inc.		57,026		1,338,970
O'Reilly Automotive, Inc. (a)		2,796		1,225,375
Target Corp.		21,942		2,813,184
The Home Depot, Inc.		1,354		295,687
				12,963,690
Consumer Staples (21.2%):
Casey's General Stores, Inc.		9,013		1,432,977
Flowers Foods, Inc.		9,438		205,182
Ingredion, Inc.		18,331		1,703,866
Kimberly-Clark Corp.		29,959		4,120,860
PepsiCo, Inc.		37,533		5,129,635
Sysco Corp.		53,157		4,547,050
The Hershey Co.		26,469		3,890,414
The Kroger Co.		98,180		2,846,238
The Procter & Gamble Co.		46,676		5,829,833
Walmart, Inc.		42,207		5,015,880
				34,721,935
Energy (1.7%):
Chevron Corp.		21,885		2,637,361
Valero Energy Corp.		1,864		174,564
				2,811,925
Financials (14.9%):
Aflac, Inc.		58,579		3,098,829
Erie Indemnity Co., Class A		4,540		753,640
Everest Re Group Ltd.		8,614		2,384,700
Fidelity National Financial, Inc., Class A		59,068		2,678,734
First American Financial Corp.		17,559		1,024,041
Marsh & McLennan Cos., Inc.		4,383		488,310
The Allstate Corp.		27,007		3,036,937
The Hanover Insurance Group, Inc.		9,511		1,299,868
The Hartford Financial Services Group, Inc.		67,489		4,101,307
The Progressive Corp.		18,838		1,363,683
The Travelers Cos., Inc.		28,302		3,875,959
				24,106,008

See notes to financial statements.

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VictoryShares US Multi-Factor Minimum Volatility ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Health Care (13.3%):
AmerisourceBergen Corp.		6,992	$	594,460
Bristol-Myers Squibb Co.		31,080		1,995,025
Encompass Health Corp.		5,745		397,956
Jazz Pharmaceuticals PLC (a)		1,966		293,484
Johnson & Johnson		46,057		6,718,335
Merck & Co., Inc.		62,079		5,646,085
Pfizer, Inc.		103,239		4,044,904
Quest Diagnostics, Inc.		12,321		1,315,760
Universal Health Services, Inc., Class B		6,014		862,768
				21,868,777
Industrials (10.5%):
L3Harris Technologies, Inc.		20,319		4,020,521
Lockheed Martin Corp.		11,807		4,597,409
Republic Services, Inc., Class A		47,080		4,219,780
Waste Management, Inc.		37,000		4,216,520
				17,054,230
Information Technology (15.3%):
Cisco Systems, Inc.		45,827		2,197,863
Citrix Systems, Inc.		37,705		4,181,485
Cognizant Technology Solutions Corp., Class A		33,675		2,088,524
F5 Networks, Inc. (a)		3,392		473,693
Intel Corp.		53,057		3,175,461
International Business Machines Corp.		32,736		4,387,933
MAXIMUS, Inc.		6,499		483,461
Microsoft Corp. (c)		42,739		6,739,940
Oracle Corp.		26,239		1,390,142
				25,118,502
Real Estate (8.7%):
Brixmor Property Group, Inc.		75,752		1,637,001
Equity Commonwealth		31,008		1,017,993
Kimco Realty Corp.		120,287		2,491,144
Life Storage, Inc.		12,655		1,370,283
Medical Properties Trust, Inc.		19,865		419,350
PS Business Parks, Inc.		4,791		789,892
Public Storage		17,067		3,634,588
VICI Properties, Inc.		111,838		2,857,461
				14,217,712
Utilities (0.9%):
IDACORP, Inc.		13,590		1,451,412
Total Common Stocks (Cost $154,033,408)				162,892,029

See notes to financial statements.

Victory Portfolios II
VictoryShares US Multi-Factor Minimum Volatility ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Collateral for Securities Loaned^ (0.6%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (d)		46,912	$	46,912
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (d)		258,449		258,449
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (d)		7,835		7,835
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (d)		156,130		156,130
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (d)		171,755		171,755
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (d)		343,499		343,499
Total Collateral for Securities Loaned (Cost $984,580)				984,580
Total Investments (Cost $155,017,988) — 100.2%				163,876,609
Liabilities in excess of other assets — (0.2)%				(398,893	)
NET ASSETS — 100.00%			$	163,477,716

^ Purchased with cash collateral from securities on loan.

(a) Non-income producing security.

(b) All or a portion of this security is on loan.

(d) Rate disclosed is the daily yield on December 31, 2019.

PLC — Public Limited Company

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini S&P 500 Futures		2	3/20/20	$	319,443	$	323,110	$	3,667
	Total unrealized appreciation							$	3,667
	Total unrealized depreciation								—
	Total net unrealized appreciation (depreciation)							$	3,667

See notes to financial statements.

Victory Portfolios II
VictoryShares US 500 Enhanced Volatility Wtd ETF

Schedule of Portfolio Investments
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Common Stocks (99.8%)
Communication Services (3.9%):
Activision Blizzard, Inc.		16,644	$	988,986
Alphabet, Inc., Class A (a)		1,005		1,346,088
AT&T, Inc.		47,866		1,870,603
Cable One, Inc.		1,298		1,932,035
Charter Communications, Inc., Class A (a)		3,299		1,600,279
Comcast Corp., Class A		37,724		1,696,448
Discovery, Inc., Class A (a) (b)		38,757		1,268,904
DISH Network Corp., Class A (a)		26,104		925,909
Electronic Arts, Inc. (a)		8,366		899,429
Facebook, Inc., Class A (a)		5,385		1,105,271
InterActive Corp. (a)		4,181		1,041,529
Match Group, Inc. (a) (b)		8,329		683,894
Netflix, Inc. (a)		2,965		959,385
Omnicom Group, Inc.		22,097		1,790,299
Sirius XM Holdings, Inc. (b)		225,523		1,612,489
Take-Two Interactive Software, Inc. (a)		6,932		848,685
The Walt Disney Co.		9,936		1,437,044
T-Mobile US, Inc. (a)		18,871		1,479,864
TripAdvisor, Inc.		26,953		818,832
Twitter, Inc. (a)		17,682		566,708
Verizon Communications, Inc.		30,844		1,893,822
ViacomCBS, Inc., Class B		31,607		1,326,546
				28,093,049
Consumer Discretionary (11.7%):
Advance Auto Parts, Inc.		9,279		1,486,125
Amazon.com, Inc. (a)		647		1,195,552
Aptiv PLC		12,326		1,170,600
Aramark		29,576		1,283,598
AutoZone, Inc. (a)		1,504		1,791,730
Best Buy Co., Inc.		14,042		1,232,888
Booking Holdings, Inc. (a)		612		1,256,883
BorgWarner, Inc.		33,264		1,442,992
Bright Horizons Family Solutions, Inc. (a)		12,049		1,810,844
Burlington Stores, Inc. (a)		4,215		961,146
CarMax, Inc. (a)		14,100		1,236,147
Chipotle Mexican Grill, Inc. (a)		1,325		1,109,171
Columbia Sportswear Co. (b)		12,090		1,211,297
D.R. Horton, Inc.		23,769		1,253,815
Darden Restaurants, Inc.		12,443		1,356,411
Dollar General Corp.		8,629		1,345,951
Domino's Pizza, Inc. (b)		4,847		1,423,952
Dunkin' Brands Group, Inc.		20,232		1,528,325
eBay, Inc.		33,932		1,225,285
Etsy, Inc. (a)		12,311		545,377
Five Below, Inc. (a)		7,063		903,075
Garmin Ltd.		14,995		1,462,912
General Motors Co., Class C		36,712		1,343,659

See notes to financial statements.

Victory Portfolios II
VictoryShares US 500 Enhanced Volatility Wtd ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Gentex Corp.		47,983	$	1,390,547
Genuine Parts Co.		19,297		2,049,921
Grand Canyon Education, Inc. (a)		6,905		661,430
Hasbro, Inc.		9,365		989,038
Hilton Worldwide Holdings, Inc.		15,320		1,699,141
Hyatt Hotels Corp., Class A		22,287		1,999,367
Kohl's Corp.		16,991		865,691
Lear Corp.		9,603		1,317,532
Lennar Corp., Class A		23,165		1,292,375
LKQ Corp. (a)		50,333		1,796,888
Marriott International, Inc., Class A		10,743		1,626,812
McDonald's Corp.		10,526		2,080,044
Mohawk Industries, Inc. (a)		8,232		1,122,680
Nike, Inc., Class B		14,974		1,517,016
Norwegian Cruise Line Holdings Ltd. (a)		23,741		1,386,712
NVR, Inc. (a)		402		1,530,982
O'Reilly Automotive, Inc. (a)		4,062		1,780,212
Planet Fitness, Inc., Class A (a)		16,744		1,250,442
Pool Corp.		7,553		1,604,106
PulteGroup, Inc.		36,399		1,412,281
PVH Corp.		10,387		1,092,193
Ralph Lauren Corp.		12,253		1,436,297
Ross Stores, Inc.		13,435		1,564,103
Royal Caribbean Cruises Ltd.		10,682		1,426,154
Service Corp. International		34,209		1,574,640
Starbucks Corp.		16,481		1,449,010
Tapestry, Inc.		34,250		923,723
Target Corp.		8,736		1,120,043
The Gap, Inc.		52,006		919,466
The Home Depot, Inc.		7,223		1,577,359
The TJX Cos., Inc.		27,782		1,696,369
Tiffany & Co.		14,403		1,924,961
Tractor Supply Co.		13,253		1,238,360
Ulta Beauty, Inc. (a)		3,124		790,809
VF Corp.		15,515		1,546,224
Whirlpool Corp.		7,365		1,086,558
Wynn Resorts Ltd.		7,304		1,014,306
Yum China Holdings, Inc.		23,683		1,137,021
Yum! Brands, Inc.		18,273		1,840,639
				84,309,187
Consumer Staples (6.4%):
Altria Group, Inc.		28,492		1,422,036
Archer-Daniels-Midland Co.		41,413		1,919,493
Brown-Forman Corp., Class B		27,386		1,851,294
Casey's General Stores, Inc.		9,368		1,489,418
Church & Dwight Co., Inc.		20,223		1,422,486
Colgate-Palmolive Co.		26,176		1,801,955
Conagra Brands, Inc.		28,320		969,677
Costco Wholesale Corp.		5,397		1,586,286
General Mills, Inc.		29,692		1,590,304

See notes to financial statements.

Victory Portfolios II
VictoryShares US 500 Enhanced Volatility Wtd ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Hormel Foods Corp. (b)		37,935	$	1,711,248
Kimberly-Clark Corp.		10,941		1,504,935
Lamb Weston Holdings, Inc.		18,648		1,604,287
McCormick & Co., Inc.		9,075		1,540,300
Molson Coors Beverage Co., Class B		24,662		1,329,282
Mondelez International, Inc., Class A		37,038		2,040,052
Monster Beverage Corp. (a)		18,177		1,155,148
PepsiCo, Inc.		15,487		2,116,608
Philip Morris International, Inc.		15,927		1,355,228
Sysco Corp.		24,787		2,120,280
The Boston Beer Co., Inc., Class A (a) (b)		2,170		819,935
The Clorox Co.		9,507		1,459,705
The Coca-Cola Co.		31,778		1,758,912
The Estee Lauder Cos., Inc., Class A		5,604		1,157,450
The Hershey Co.		12,831		1,885,900
The J.M. Smucker Co.		13,859		1,443,138
The Kroger Co.		49,801		1,443,731
Tyson Foods, Inc., Class A		16,099		1,465,653
US Foods Holding Corp. (a)		38,349		1,606,440
Walgreens Boots Alliance, Inc.		22,713		1,339,158
Walmart, Inc.		16,758		1,991,521
				46,901,860
Energy (2.9%):
Cabot Oil & Gas Corp.		65,284		1,136,594
Chevron Corp.		13,711		1,652,313
ConocoPhillips		22,742		1,478,912
Continental Resources, Inc.		23,902		819,839
Diamondback Energy, Inc.		9,279		861,648
EOG Resources, Inc.		12,791		1,071,374
Exxon Mobil Corp.		24,195		1,688,327
Halliburton Co.		47,956		1,173,483
HollyFrontier Corp.		22,096		1,120,488
Kinder Morgan, Inc.		78,263		1,656,828
Marathon Oil Corp.		70,381		955,774
Occidental Petroleum Corp.		26,563		1,094,661
ONEOK, Inc.		19,507		1,476,095
Phillips 66		13,647		1,520,412
Schlumberger Ltd.		32,082		1,289,696
Valero Energy Corp.		14,175		1,327,489
				20,323,933
Financials (17.0%):
Aflac, Inc.		36,071		1,908,156
Ally Financial, Inc.		42,708		1,305,156
American Express Co.		13,934		1,734,645
Ameriprise Financial, Inc.		9,088		1,513,879
Arch Capital Group Ltd. (a)		44,113		1,892,007
Arthur J. Gallagher & Co.		20,359		1,938,788
Assurant, Inc.		12,921		1,693,685
Bank of America Corp.		47,302		1,665,976

See notes to financial statements.

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Security Description	Shares		Value
BlackRock, Inc., Class A		3,492	$	1,755,428
BOK Financial Corp. (b)		16,747		1,463,688
Brown & Brown, Inc.		52,228		2,061,961
Capital One Financial Corp. (b)		14,167		1,457,926
Cboe Global Markets, Inc.		13,770		1,652,400
Chubb Ltd.		12,332		1,919,599
Citigroup, Inc.		19,619		1,567,362
Citizens Financial Group, Inc.		35,551		1,443,726
CME Group, Inc.		8,386		1,683,238
Comerica, Inc.		18,974		1,361,385
Commerce Bancshares, Inc., Class C (b)		29,731		2,019,910
Credit Acceptance Corp. (a)		2,908		1,286,296
Discover Financial Services		16,549		1,403,686
E*TRADE Financial Corp.		29,187		1,324,214
East West Bancorp, Inc.		24,795		1,207,517
Erie Indemnity Co., Class A		5,196		862,536
FactSet Research Systems, Inc.		5,330		1,430,039
Fidelity National Financial, Inc., Class A		38,082		1,727,019
Fifth Third Bancorp.		48,647		1,495,409
First American Financial Corp.		28,009		1,633,485
First Republic Bank		14,338		1,683,998
Franklin Resources, Inc.		50,333		1,307,651
Globe Life, Inc.		20,246		2,130,891
Huntington Bancshares, Inc.		99,027		1,493,327
Intercontinental Exchange, Inc.		21,227		1,964,558
Invesco Ltd. (b)		73,616		1,323,616
JPMorgan Chase & Co.		14,975		2,087,514
KeyCorp		71,088		1,438,821
Lincoln National Corp.		21,686		1,279,691
LPL Financial Holdings, Inc.		14,194		1,309,397
M&T Bank Corp.		9,559		1,622,640
MarketAxess Holdings, Inc.		3,147		1,193,059
Marsh & McLennan Cos., Inc.		19,010		2,117,903
MetLife, Inc.		34,425		1,754,642
Moody's Corp.		6,509		1,545,302
Morgan Stanley		31,200		1,594,944
Morningstar, Inc. (b)		10,749		1,626,431
MSCI, Inc.		5,401		1,394,430
New York Community Bancorp, Inc. (b)		120,175		1,444,504
Northern Trust Corp.		15,252		1,620,372
People's United Financial, Inc.		100,584		1,699,870
Principal Financial Group, Inc.		23,697		1,303,335
Prudential Financial, Inc.		15,896		1,490,091
Raymond James Financial, Inc.		16,993		1,520,194
Regions Financial Corp.		80,022		1,373,178
Reinsurance Group of America, Inc.		11,011		1,795,454
S&P Global, Inc.		6,379		1,741,786
Santander Consumer USA Holdings, Inc.		48,393		1,130,944
SEI Investments Co.		23,799		1,558,359
Signature Bank		10,452		1,427,848

See notes to financial statements.

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Security Description	Shares		Value
State Street Corp.		24,679	$	1,952,109
SVB Financial Group (a)		4,879		1,224,824
Synchrony Financial		41,225		1,484,512
Synovus Financial Corp.		31,716		1,243,267
T. Rowe Price Group, Inc.		12,169		1,482,671
TCF Financial Corp.		28,154		1,317,607
TD Ameritrade Holding Corp.		28,874		1,435,038
The Bank of New York Mellon Corp.		33,702		1,696,222
The Charles Schwab Corp.		31,204		1,484,062
The Goldman Sachs Group, Inc.		6,153		1,414,759
The Hartford Financial Services Group, Inc.		34,257		2,081,798
The PNC Financial Services Group, Inc.		11,925		1,903,588
The Progressive Corp.		19,553		1,415,442
The Travelers Cos., Inc.		14,342		1,964,137
Truist Financial Corp.		31,965		1,800,269
U.S. Bancorp		35,118		2,082,145
Voya Financial, Inc.		27,477		1,675,547
W.R. Berkley Corp.		29,123		2,012,399
Wells Fargo & Co.		33,239		1,788,258
Zions Bancorp NA		30,343		1,575,409
				124,417,929
Health Care (11.5%):
Abbott Laboratories		17,417		1,512,841
ABIOMED, Inc. (a)		3,558		606,959
Agilent Technologies, Inc.		17,081		1,457,180
Align Technology, Inc. (a) (b)		3,582		999,521
AmerisourceBergen Corp.		13,969		1,187,644
Amgen, Inc.		6,630		1,598,295
Anthem, Inc.		4,086		1,234,095
Baxter International, Inc.		20,379		1,704,092
Biogen, Inc. (a)		3,462		1,027,279
Bio-Techne Corp.		6,341		1,391,913
Boston Scientific Corp. (a)		31,009		1,402,227
Bristol-Myers Squibb Co.		23,666		1,519,121
Bruker Corp.		22,429		1,143,206
Cardinal Health, Inc.		25,613		1,295,506
Centene Corp. (a)		20,070		1,261,801
Cerner Corp.		20,190		1,481,744
Charles River Laboratories International, Inc. (a)		8,448		1,290,516
Chemed Corp.		3,976		1,746,497
Cigna Corp.		6,510		1,331,230
Danaher Corp.		10,888		1,671,090
DENTSPLY SIRONA, Inc.		22,064		1,248,602
Edwards Lifesciences Corp. (a)		5,010		1,168,783
Elanco Animal Health, Inc. (a)		42,739		1,258,664
Eli Lilly & Co.		13,037		1,713,453
Encompass Health Corp.		20,546		1,423,221
Exelixis, Inc. (a)		41,914		738,525
Gilead Sciences, Inc.		23,094		1,500,648
HCA Healthcare, Inc.		9,155		1,353,201

See notes to financial statements.

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Security Description	Shares		Value
Henry Schein, Inc. (a)		22,199	$	1,481,117
Hill-Rom Holdings, Inc.		12,600		1,430,478
Humana, Inc.		3,800		1,392,776
IDEXX Laboratories, Inc. (a)		4,385		1,145,055
Illumina, Inc. (a)		3,225		1,069,862
Incyte Pharmaceuticals, Inc. (a)		11,948		1,043,299
Insulet Corp. (a)		5,038		862,506
Intuitive Surgical, Inc. (a)		2,146		1,268,608
IQVIA Holdings, Inc. (a)		8,645		1,335,739
Jazz Pharmaceuticals PLC (a)		8,171		1,219,767
Johnson & Johnson		12,665		1,847,443
Laboratory Corp. of America Holdings (a)		8,906		1,506,628
Masimo Corp. (a)		7,617		1,203,943
Medtronic PLC		16,643		1,888,148
Merck & Co., Inc.		19,919		1,811,632
Mettler-Toledo International, Inc. (a)		1,940		1,538,963
Molina Healthcare, Inc. (a)		5,816		789,173
PerkinElmer, Inc.		14,899		1,446,693
PRA Health Sciences, Inc. (a)		10,924		1,214,203
Quest Diagnostics, Inc.		14,542		1,552,940
Regeneron Pharmaceuticals, Inc. (a)		3,732		1,401,291
ResMed, Inc.		7,444		1,153,597
Stryker Corp.		6,232		1,308,346
Teleflex, Inc.		3,525		1,326,951
The Cooper Cos., Inc.		4,948		1,589,743
Thermo Fisher Scientific, Inc.		4,884		1,586,665
UnitedHealth Group, Inc.		5,401		1,587,786
Universal Health Services, Inc., Class B		8,771		1,258,288
Varian Medical Systems, Inc. (a)		12,887		1,830,083
Veeva Systems, Inc., Class A (a)		5,400		759,564
Vertex Pharmaceuticals, Inc. (a)		6,172		1,351,359
Waters Corp. (a)		5,232		1,222,457
West Pharmaceutical Services, Inc.		9,465		1,422,873
Zoetis, Inc.		11,582		1,532,878
				83,648,708
Industrials (16.5%):
3M Co.		7,756		1,368,314
AECOM (a)		39,206		1,690,955
AGCO Corp.		16,286		1,258,094
Alaska Air Group, Inc.		21,736		1,472,615
Allegion PLC		16,924		2,107,714
Allison Transmission Holdings, Inc.		29,777		1,438,825
AMERCO, Inc.		4,484		1,685,178
American Airlines Group, Inc. (b)		32,593		934,767
AMETEK, Inc.		19,147		1,909,722
AO Smith Corp.		28,115		1,339,399
BWX Technologies, Inc.		19,967		1,239,551
C.H. Robinson Worldwide, Inc.		17,579		1,374,678
Carlisle Cos., Inc.		10,387		1,681,032
Caterpillar, Inc.		9,843		1,453,614

See notes to financial statements.

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Security Description	Shares		Value
Cintas Corp.		5,620	$	1,512,230
Copart, Inc. (a)		20,347		1,850,356
CoStar Group, Inc. (a) (c)		1,908		1,141,556
CSX Corp.		20,254		1,465,579
Cummins, Inc.		9,144		1,636,410
Deere & Co.		7,375		1,277,793
Delta Air Lines, Inc.		21,828		1,276,501
Donaldson Co., Inc. (b)		27,961		1,611,113
Dover Corp.		14,620		1,685,101
Eaton Corp. PLC		18,007		1,705,623
Emerson Electric Co.		23,568		1,797,296
Expeditors International of Washington, Inc.		20,939		1,633,661
Fastenal Co. (b)		43,206		1,596,462
Flowserve Corp. (b)		23,852		1,187,114
Fortive Corp.		20,984		1,602,968
Fortune Brands Home & Security, Inc.		23,271		1,520,526
Gardner Denver Holdings, Inc. (a) (b)		32,851		1,204,975
General Dynamics Corp.		8,212		1,448,186
Graco, Inc.		33,096		1,720,992
HD Supply Holdings, Inc. (a)		41,156		1,655,294
HEICO Corp.		8,787		1,003,036
Hexcel Corp.		17,265		1,265,697
Honeywell International, Inc.		10,751		1,902,927
Hubbell, Inc.		10,605		1,567,631
Huntington Ingalls Industries, Inc.		6,778		1,700,465
IDEX Corp.		9,196		1,581,712
Illinois Tool Works, Inc.		9,331		1,676,128
Ingersoll-Rand PLC		12,943		1,720,384
J.B. Hunt Transport Services, Inc.		10,841		1,266,012
Kansas City Southern		10,438		1,598,684
Knight-Swift Transportation Holdings, Inc. (b)		22,573		809,016
L3Harris Technologies, Inc.		6,200		1,226,794
Lennox International, Inc.		6,147		1,499,684
Lockheed Martin Corp.		4,354		1,695,361
Masco Corp.		27,516		1,320,493
Nordson Corp.		9,773		1,591,435
Norfolk Southern Corp.		7,471		1,450,345
Northrop Grumman Corp.		3,751		1,290,231
Old Dominion Freight Line, Inc.		7,418		1,407,788
Owens Corning, Inc.		18,124		1,180,235
PACCAR, Inc.		21,866		1,729,601
Parker-Hannifin Corp.		7,416		1,526,361
Republic Services, Inc., Class A		26,599		2,384,068
Robert Half International, Inc.		21,251		1,342,001
Rockwell Automation, Inc.		8,006		1,622,576
Rollins, Inc.		39,126		1,297,418
Roper Technologies, Inc.		4,467		1,582,345
Snap-on, Inc.		8,656		1,466,326
Southwest Airlines Co.		24,436		1,319,055
Spirit Aerosystems Holdings, Inc., Class A		13,764		1,003,120

See notes to financial statements.

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Security Description	Shares		Value
Teledyne Technologies, Inc. (a)		5,038	$	1,745,869
Textron, Inc.		25,688		1,145,685
The Middleby Corp. (a)		11,223		1,229,143
Toro Co.		23,137		1,843,324
TransDigm Group, Inc.		2,208		1,236,480
TransUnion		15,649		1,339,711
Union Pacific Corp.		7,894		1,427,156
United Airlines Holdings, Inc. (a)		15,096		1,329,807
United Parcel Service, Inc., Class B		10,135		1,186,403
United Rentals, Inc. (a)		7,360		1,227,427
United Technologies Corp.		10,556		1,580,867
Verisk Analytics, Inc., Class A		12,698		1,896,319
W.W. Grainger, Inc.		4,298		1,454,959
Waste Management, Inc.		18,071		2,059,371
Watsco, Inc. (b)		8,928		1,608,379
Woodward, Inc.		10,605		1,256,056
XPO Logistics, Inc. (a)		8,023		639,433
Xylem, Inc. (b)		19,661		1,549,090
				121,266,602
Information Technology (16.1%):
Accenture PLC, Class A		8,477		1,785,002
Adobe, Inc. (a)		4,025		1,327,485
Advanced Micro Devices, Inc. (a)		17,079		783,243
Akamai Technologies, Inc. (a)		15,438		1,333,534
Alliance Data Systems Corp.		7,545		846,549
Amphenol Corp., Class A		16,202		1,753,543
Analog Devices, Inc.		9,904		1,176,991
ANSYS, Inc. (a)		6,395		1,646,137
Apple, Inc.		5,236		1,537,551
Applied Materials, Inc.		18,637		1,137,602
Arista Networks, Inc. (a)		3,667		745,868
Aspen Technology, Inc. (a)		7,523		909,756
Automatic Data Processing, Inc.		9,611		1,638,676
Black Knight, Inc. (a)		32,814		2,115,847
Booz Allen Hamilton Holdings Corp.		22,021		1,566,354
Broadcom, Inc.		3,626		1,145,889
Broadridge Financial Solutions, Inc.		12,677		1,566,117
CACI International, Inc., Class A (a)		6,353		1,588,186
Cadence Design Systems, Inc. (a)		18,007		1,248,966
CDW Corp.		10,521		1,502,821
Ciena Corp. (a)		18,403		785,624
Cisco Systems, Inc.		26,543		1,273,002
Citrix Systems, Inc.		21,467		2,380,690
Cognex Corp.		20,135		1,128,365
Cognizant Technology Solutions Corp., Class A		19,900		1,234,198
Corning, Inc.		40,460		1,177,791
Dolby Laboratories, Inc., Class A		20,753		1,427,806
DXC Technology Co.		20,984		788,789
Entegris, Inc.		22,828		1,143,455
EPAM Systems, Inc. (a)		5,867		1,244,743

See notes to financial statements.

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Security Description	Shares		Value
Euronet Worldwide, Inc. (a)		8,235	$	1,297,507
F5 Networks, Inc. (a)		9,349		1,305,588
Fair Isaac Corp. (a)		3,320		1,243,938
Fidelity National Information Services, Inc.		11,836		1,646,269
Fiserv, Inc. (a)		12,590		1,455,782
FleetCor Technologies, Inc. (a)		4,667		1,342,789
FLIR Systems, Inc.		28,392		1,478,371
Fortinet, Inc. (a)		12,326		1,315,924
Gartner, Inc. (a) (b)		8,156		1,256,840
Genpact Ltd.		40,674		1,715,223
Global Payments, Inc.		8,440		1,540,806
HP, Inc.		55,261		1,135,614
Intel Corp.		23,938		1,432,689
International Business Machines Corp.		10,830		1,451,653
IPG Photonics Corp. (a)		6,551		949,371
Jack Henry & Associates, Inc.		12,339		1,797,422
Juniper Networks, Inc.		58,978		1,452,628
KLA Corp.		6,777		1,207,458
Lam Research Corp.		4,102		1,199,425
Leidos Holdings, Inc.		16,751		1,639,755
Manhattan Associates, Inc. (a)		11,127		887,378
Mastercard, Inc., Class A		5,038		1,504,296
Maxim Integrated Products, Inc.		20,264		1,246,439
Microchip Technology, Inc. (b)		10,617		1,111,812
Micron Technology, Inc. (a)		15,650		841,657
Microsoft Corp. (c)		9,960		1,570,692
Monolithic Power Systems, Inc.		6,263		1,114,939
Motorola Solutions, Inc.		6,954		1,120,568
National Instruments Corp.		29,859		1,264,230
NetApp, Inc.		17,811		1,108,735
NVIDIA Corp.		4,480		1,054,144
ON Semiconductor Corp. (a)		42,357		1,032,664
Oracle Corp.		29,805		1,579,069
Paychex, Inc.		22,021		1,873,106
Paycom Software, Inc. (a)		3,739		989,938
Paylocity Holding Corp. (a)		7,395		893,464
PayPal Holdings, Inc. (a)		11,564		1,250,878
Qorvo, Inc. (a)		13,266		1,541,907
RealPage, Inc. (a) (b)		19,420		1,043,825
Sabre Corp.		52,711		1,182,835
Salesforce.com, Inc. (a)		7,100		1,154,744
Seagate Technology PLC		19,607		1,166,617
Skyworks Solutions, Inc.		11,671		1,410,790
SS&C Technologies Holdings, Inc.		20,170		1,238,438
Synopsys, Inc. (a)		9,414		1,310,429
TE Connectivity Ltd.		15,284		1,464,819
Teradyne, Inc.		14,819		1,010,508
Texas Instruments, Inc.		9,149		1,173,725
The Trade Desk, Inc., Class A (a)		2,103		546,317
The Western Union Co. (b)		82,966		2,221,828

See notes to financial statements.

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Security Description	Shares		Value
Trimble, Inc. (a)		31,009	$	1,292,765
Tyler Technologies, Inc. (a) (b)		5,578		1,673,512
Ubiquiti, Inc.		7,995		1,510,895
Universal Display Corp.		3,312		682,504
VeriSign, Inc. (a)		7,435		1,432,576
Visa, Inc., Class A		8,858		1,664,418
VMware, Inc., Class A (a) (b)		6,036		916,204
WEX, Inc. (a)		5,898		1,235,395
Xerox Holdings Corp.		32,716		1,206,239
Xilinx, Inc.		7,002		684,586
Zebra Technologies Corp. (a)		3,835		979,612
				117,995,129
Materials (5.6%):
Air Products & Chemicals, Inc.		7,980		1,875,219
Albemarle Corp. (b)		14,848		1,084,498
AptarGroup, Inc.		16,571		1,915,939
Ball Corp.		19,668		1,271,930
Celanese Corp., Series A		10,664		1,312,952
CF Industries Holdings, Inc.		20,975		1,001,347
Crown Holdings, Inc. (a)		20,248		1,468,790
Eastman Chemical Co.		17,732		1,405,438
Ecolab, Inc.		8,669		1,673,030
FMC Corp.		14,652		1,462,563
International Flavors & Fragrances, Inc. (b)		10,133		1,307,360
International Paper Co.		30,003		1,381,638
LyondellBasell Industries NV, Class A		14,518		1,371,661
Martin Marietta Materials, Inc.		5,343		1,494,116
NewMarket Corp.		3,332		1,621,085
Nucor Corp.		25,763		1,449,942
Packaging Corp. of America		12,223		1,368,854
PPG Industries, Inc.		14,165		1,890,885
Reliance Steel & Aluminum Co.		14,047		1,682,269
Royal Gold, Inc. (b)		10,113		1,236,314
RPM International, Inc.		21,517		1,651,645
Sealed Air Corp.		31,948		1,272,489
Sonoco Products Co.		32,824		2,025,896
Steel Dynamics, Inc.		36,510		1,242,800
The Sherwin-Williams Co.		2,653		1,548,132
Vulcan Materials Co.		9,842		1,417,150
Westlake Chemical Corp.		15,005		1,052,601
Westrock Co.		27,603		1,184,445
				40,670,988
Real Estate (0.5%):
CBRE Group, Inc., Class A (a)		25,391		1,556,215
Jones Lang LaSalle, Inc.		7,889		1,373,396
The Howard Hughes Corp. (a)		4,774		605,343
				3,534,954

See notes to financial statements.

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Security Description	Shares		Value
Utilities (7.7%):
AES Corp.		95,556	$	1,901,564
Alliant Energy Corp.		40,713		2,227,815
Ameren Corp.		26,429		2,029,747
American Electric Power Co., Inc.		23,905		2,259,262
American Water Works Co., Inc. (b)		15,981		1,963,266
Atmos Energy Corp.		18,521		2,071,759
CenterPoint Energy, Inc.		72,196		1,968,785
CMS Energy Corp.		33,574		2,109,790
Consolidated Edison, Inc.		23,691		2,143,325
DTE Energy Co.		17,598		2,285,452
Duke Energy Corp.		25,370		2,313,998
Evergy, Inc.		32,399		2,108,851
Eversource Energy		27,985		2,380,684
Exelon Corp.		43,322		1,975,050
FirstEnergy Corp.		43,123		2,095,778
IDACORP, Inc.		18,109		1,934,041
MDU Resources Group, Inc.		69,328		2,059,735
NextEra Energy, Inc.		10,136		2,454,534
OGE Energy Corp.		47,371		2,106,588
Pinnacle West Capital Corp.		21,110		1,898,422
PPL Corp.		63,073		2,263,059
Public Service Enterprise Group, Inc.		34,306		2,025,769
Sempra Energy		15,388		2,330,974
The Southern Co.		37,847		2,410,854
WEC Energy Group, Inc.		22,551		2,079,879
Xcel Energy, Inc.		33,788		2,107,718
				55,506,699
Total Common Stocks (Cost $636,179,707)				726,669,038
Investment Companies (0.0%)*
BlackRock Liquidity Funds T-Fund, Institutional Class, 1.52% (d)		1,176,079		1,176,079
Total Investment Companies (Cost $1,176,079)				1,176,079
Collateral for Securities Loaned^ (3.4%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (d)		1,197,538		1,197,538
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (d)		6,597,576		6,597,576
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (d)		200,018		200,018
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (d)		3,985,618		3,985,618
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (d)		4,384,488		4,384,488
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (d)		8,768,678		8,768,678
Total Collateral for Securities Loaned (Cost $25,133,916)				25,133,916
Total Investments (Cost $662,489,702) — 103.2%				752,979,033
Liabilities in excess of other assets — (3.2)%				(24,242,339	)
NET ASSETS — 100.00%			$	728,736,694

See notes to financial statements.

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^ Purchased with cash collateral from securities on loan.

* Amount is less than 0.05% of net assets.

(a) Non-income producing security.

(b) All or a portion of this security is on loan.

(d) Rate disclosed is the daily yield on December 31, 2019.

PLC — Public Limited Company

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini S&P 500 Futures		9	3/20/20	$	1,426,484	$	1,453,995	$	27,511
	Total unrealized appreciation							$	27,511
	Total unrealized depreciation								—
	Total net unrealized appreciation (depreciation)							$	27,511

See notes to financial statements.

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Security Description	Shares		Value
Common Stocks (99.5%)
Communication Services (3.6%):
AT&T, Inc.		211,444	$	8,263,232
Omnicom Group, Inc.		97,628		7,909,821
Verizon Communications, Inc.		136,198		8,362,557
				24,535,610
Consumer Discretionary (7.1%):
Best Buy Co., Inc. (a)		62,058		5,448,692
General Motors Co., Class C		162,212		5,936,959
Genuine Parts Co.		85,271		9,058,338
Kohl's Corp.		75,013		3,821,912
Ralph Lauren Corp.		54,090		6,340,430
Tapestry, Inc.		151,322		4,081,154
The Gap, Inc.		229,735		4,061,715
Whirlpool Corp.		32,581		4,806,675
Wynn Resorts Ltd.		32,216		4,473,836
				48,029,711
Consumer Staples (9.5%):
Altria Group, Inc.		125,860		6,281,673
Archer-Daniels-Midland Co.		182,977		8,480,985
Conagra Brands, Inc.		125,064		4,282,191
General Mills, Inc.		131,133		7,023,483
Kimberly-Clark Corp.		48,317		6,646,003
Molson Coors Beverage Co., Class B		108,926		5,871,111
Philip Morris International, Inc.		70,410		5,991,187
The Coca-Cola Co.		140,396		7,770,919
The J.M. Smucker Co.		61,207		6,373,485
Walgreens Boots Alliance, Inc.		100,323		5,915,044
				64,636,081
Energy (8.9%):
Chevron Corp.		60,620		7,305,316
Exxon Mobil Corp.		106,830		7,454,598
Halliburton Co.		211,808		5,182,942
HollyFrontier Corp.		97,622		4,950,412
Kinder Morgan, Inc.		345,744		7,319,400
Occidental Petroleum Corp.		117,340		4,835,581
ONEOK, Inc.		86,115		6,516,322
Phillips 66		60,243		6,711,673
Schlumberger Ltd.		141,727		5,697,425
Valero Energy Corp.		62,585		5,861,085
				61,834,754
Financials (23.4%):
BlackRock, Inc., Class A		15,475		7,779,283
Citizens Financial Group, Inc.		156,989		6,375,323
Comerica, Inc.		83,765		6,010,139
Fifth Third Bancorp.		214,912		6,606,395
Franklin Resources, Inc.		222,353		5,776,731

See notes to financial statements.

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Security Description	Shares		Value
Huntington Bancshares, Inc.		437,396	$	6,595,932
Invesco Ltd. (a)		325,189		5,846,898
JPMorgan Chase & Co.		66,136		9,219,358
KeyCorp		314,040		6,356,170
MetLife, Inc.		152,024		7,748,663
Morgan Stanley		137,854		7,047,096
New York Community Bancorp, Inc.		530,823		6,380,492
People's United Financial, Inc.		444,259		7,507,977
Principal Financial Group, Inc.		104,724		5,759,820
Prudential Financial, Inc.		70,168		6,577,548
Regions Financial Corp.		353,469		6,065,528
Santander Consumer USA Holdings, Inc.		213,780		4,996,039
State Street Corp.		108,992		8,621,267
Synovus Financial Corp.		140,040		5,489,568
TCF Financial Corp.		124,399		5,821,873
The Progressive Corp.		86,415		6,255,582
Truist Financial Corp.		141,144		7,949,230
Wells Fargo & Co.		146,814		7,898,593
Zions Bancorp NA		134,078		6,961,330
				161,646,835
Health Care (4.0%):
Bristol-Myers Squibb Co.		104,483		6,706,764
Cardinal Health, Inc.		113,081		5,719,637
Gilead Sciences, Inc.		101,965		6,625,686
Johnson & Johnson		55,973		8,164,781
				27,216,868
Industrials (6.9%):
3M Co.		34,259		6,043,973
Caterpillar, Inc.		43,534		6,429,101
Cummins, Inc.		40,388		7,227,837
Eaton Corp. PLC		79,533		7,533,366
Emerson Electric Co.		104,086		7,937,598
United Parcel Service, Inc., Class B		44,815		5,246,044
Watsco, Inc. (a)		39,406		7,098,991
				47,516,910
Information Technology (9.9%):
Broadcom, Inc.		16,004		5,057,584
Cisco Systems, Inc.		117,258		5,623,694
HP, Inc.		244,036		5,014,940
International Business Machines Corp.		47,824		6,410,329
Juniper Networks, Inc.		260,516		6,416,509
Maxim Integrated Products, Inc.		89,482		5,504,038
NetApp, Inc.		78,631		4,894,780
Paychex, Inc.		97,215		8,269,108
Seagate Technology PLC		86,629		5,154,426
The Western Union Co. (a)		366,517		9,815,325
Xerox Holdings Corp.		144,489		5,327,309
				67,488,042

See notes to financial statements.

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Security Description	Shares		Value
Materials (7.3%):
Eastman Chemical Co.		78,316	$	6,207,326
International Paper Co.		132,490		6,101,165
LyondellBasell Industries NV, Class A		64,082		6,054,467
Nucor Corp.		113,791		6,404,158
Packaging Corp. of America		53,973		6,044,436
Sonoco Products Co.		144,985		8,948,474
Steel Dynamics, Inc.		161,285		5,490,141
Westrock Co.		121,962		5,233,389
				50,483,556
Utilities (18.9%):
AES Corp.		422,071		8,399,213
American Electric Power Co., Inc.		105,557		9,976,192
CenterPoint Energy, Inc.		318,932		8,697,276
Consolidated Edison, Inc.		104,698		9,472,028
Duke Energy Corp.		112,109		10,225,462
Evergy, Inc.		143,106		9,314,770
Exelon Corp.		191,306		8,721,641
FirstEnergy Corp.		190,510		9,258,786
MDU Resources Group, Inc.		306,184		9,096,727
OGE Energy Corp.		209,239		9,304,858
Pinnacle West Capital Corp.		93,212		8,382,555
PPL Corp.		278,624		9,997,029
Public Service Enterprise Group, Inc.		151,546		8,948,791
The Southern Co.		167,210		10,651,399
				130,446,727
Total Common Stocks (Cost $632,548,249)				683,835,094
Investment Companies (0.0%)*
BlackRock Liquidity Funds T-Funds, Institutional Class, 1.52% (b)		1,497,613		1,497,613
Total Investment Companies (Cost $1,497,613)				1,497,613
Collateral for Securities Loaned^ (2.5%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (b)		805,556		805,556
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (b)		4,438,034		4,438,034
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (b)		134,547		134,547
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (b)		2,681,031		2,681,031
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (b)		2,949,342		2,949,342
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (b)		5,898,483		5,898,483
Total Collateral for Securities Loaned (Cost $16,906,993)				16,906,993
Total Investments (Cost $650,952,855) — 102.0%				702,239,700
Liabilities in excess of other assets — (2.0)%				(15,316,780	)
NET ASSETS — 100.00%			$	686,922,920

See notes to financial statements.

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^ Purchased with cash collateral from securities on loan.

* Amount is less than 0.05% of net assets.

(a) All or a portion of this security is on loan.

(b) Rate disclosed is the daily yield on December 31, 2019.

PLC — Public Limited Company

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini S&P 500 Futures		11	3/20/20	$	1,746,052	$	1,777,105	$	31,053
	Total unrealized appreciation							$	31,053
	Total unrealized depreciation								—
	Total net unrealized appreciation (depreciation)							$	31,053

See notes to financial statements.

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Security Description	Shares		Value
Common Stocks (99.8%)
Communication Services (2.4%):
AMC Networks, Inc., Class A (a)		2,839	$	112,141
Cogent Communications Holdings, Inc.		2,175		143,137
Fluent, Inc. (a)		16,318		40,795
John Wiley & Sons, Inc., Class A		2,437		118,243
MSG Networks, Inc., Class A (a)		5,558		96,709
QuinStreet, Inc. (a)		5,278		80,806
Shenandoah Telecommunications Co.		3,437		143,013
TechTarget, Inc. (a)		3,246		84,721
Telephone & Data Systems, Inc.		3,723		94,676
The Marcus Corp.		3,682		116,977
The Meet Group, Inc. (a)		16,926		84,799
WideOpenWest, Inc. (a)		15,498		114,995
Yelp, Inc. (a)		3,007		104,734
				1,335,746
Consumer Discretionary (14.6%):
Acushnet Holdings Corp.		5,014		162,954
American Eagle Outfitters, Inc.		5,077		74,632
American Public Education, Inc. (a)		3,458		94,715
America's Car-Mart, Inc. (a) (b)		1,240		135,978
Asbury Automotive Group, Inc. (a)		1,384		154,717
At Home Group, Inc. (a)		5,451		29,981
BJ's Restaurants, Inc.		2,534		96,191
Bloomin' Brands, Inc.		5,656		124,828
Boot Barn Holdings, Inc. (a)		2,050		91,287
Boyd Gaming Corp.		3,715		111,227
Brinker International, Inc. (b)		2,656		111,552
Cavco Industries, Inc. (a)		411		80,301
Century Communities, Inc. (a)		3,333		91,158
Conn's, Inc. (a) (b)		3,582		44,381
Core-Mark Holding Co., Inc.		2,869		78,008
Dave & Buster's Entertainment, Inc. (b)		1,920		77,126
Del Taco Restaurants, Inc. (a)		9,926		78,465
Denny's Corp. (a)		7,070		140,552
Dine Brands Global, Inc.		1,288		107,574
Dorman Products, Inc. (a)		1,498		113,429
Fox Factory Holding Corp. (a)		1,470		102,268
Funko, Inc. (a) (b)		2,842		48,769
Garrett Motion, Inc. (a)		7,949		79,411
G-III Apparel Group Ltd. (a)		3,611		120,969
Group 1 Automotive, Inc.		1,500		150,000
Haverty Furniture Cos., Inc.		5,166		104,147
Hilton Grand Vacations, Inc. (a)		2,881		99,078
Hooker Furniture Corp.		4,378		112,471
Installed Building Products, Inc. (a)		1,630		112,258
iRobot Corp. (a) (b)		1,106		55,997
Jack in the Box, Inc.		1,376		107,369
KB Home		3,749		128,478

See notes to financial statements.

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Security Description	Shares		Value
La-Z-Boy, Inc.		3,094	$	97,399
LCI Industries		1,106		118,485
LGI Homes, Inc. (a)		1,065		75,242
M/I Homes, Inc. (a)		2,711		106,678
Malibu Boats, Inc., Class A (a)		2,844		116,462
MarineMax, Inc. (a)		5,215		87,038
Mastercraft Boat Holdings, Inc. (a)		4,814		75,821
MDC Holdings, Inc.		3,127		119,326
Meritage Homes Corp. (a)		1,443		88,182
Modine Manufacturing Co. (a)		6,900		53,130
Monarch Casino & Resort, Inc. (a)		2,998		145,553
Monro, Inc		1,368		106,978
Movado Group, Inc.		3,247		70,590
Murphy USA, Inc. (a)		1,596		186,732
Oxford Industries, Inc.		1,520		114,638
PetMed Express, Inc. (b)		5,126		120,564
Rent-A-Center, Inc.		3,374		97,306
RH Corp. (a) (b)		462		98,637
Ruth's Hospitality Group, Inc.		7,993		173,967
Sally Beauty Holdings, Inc. (a)		6,546		119,465
Shoe Carnival, Inc. (b)		2,036		75,902
Shutterstock, Inc. (a)		2,898		124,265
Sleep Number Corp. (a)		1,684		82,920
Sonic Automotive, Inc., Class A		2,730		84,630
Stamps.com, Inc. (a)		490		40,925
Standard Motor Products, Inc.		2,963		157,690
Steven Madden Ltd.		3,277		140,944
Stitch Fix, Inc. (a)		2,965		76,082
Stoneridge, Inc. (a)		3,852		112,941
Sturm Ruger & Co., Inc.		2,531		119,033
Tailored Brands, Inc. (b)		7,958		32,946
Taylor Morrison Home Corp., Class A (a)		4,861		106,261
The Buckle, Inc. (b)		4,031		108,998
The Cheesecake Factory, Inc. (b)		3,490		135,621
The Children's Place, Inc. (b)		887		55,455
The Michaels Cos., Inc. (a)		10,873		87,963
Tilly's, Inc.		6,361		77,922
TRI Pointe Group, Inc. (a)		7,807		121,633
Tupperware Brands Corp.		4,922		42,231
Urban Outfitters, Inc. (a)		4,029		111,885
Visteon Corp. (a)		901		78,018
William Lyon Homes, Class A (a)		4,914		98,182
Wingstop, Inc.		1,109		95,629
Winnebago Industries, Inc.		2,727		144,476
Wolverine World Wide, Inc.		4,099		138,300
YETI Holdings, Inc. (a)		1,963		68,273
Zumiez, Inc. (a)		2,935		101,375
				8,012,964

See notes to financial statements.

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Security Description	Shares		Value
Consumer Staples (4.5%):
B&G Foods, Inc. (b)		5,630	$	100,946
Central Garden & Pet Co., Class A (a)		2,988		87,728
elf Beauty, Inc. (a)		3,544		57,165
Hostess Brands, Inc. (a)		11,074		161,016
Ingles Markets, Inc., Class A		2,987		141,912
Inter Parfums, Inc.		2,029		147,528
John B Sanfilippo & Son, Inc.		1,281		116,930
Lifevantage Corp. (a)		5,488		85,668
Medifast, Inc.		801		87,774
MGP Ingredients, Inc. (b)		1,324		64,148
National Beverage Corp. (a)		2,083		106,274
PriceSmart, Inc.		1,881		133,589
Sprouts Farmers Markets, Inc. (a)		7,770		150,350
The Chefs' Warehouse, Inc. (a) (b)		2,957		112,691
The Simply Good Foods Co. (a)		3,676		104,913
Tootsie Roll Industries, Inc. (b)		5,266		179,781
Turning Point Brands, Inc. (b)		1,867		53,396
Universal Corp.		2,271		129,583
USANA Health Sciences, Inc. (a)		1,159		91,039
Vector Group Ltd.		7,527		100,787
WD-40 Co.		783		152,011
Weis Markets, Inc.		3,991		161,595
				2,526,824
Energy (3.0%):
Apergy Corp. (a)		3,236		109,312
Arch Coal, Inc., Class A		1,301		93,334
Archrock, Inc.		8,326		83,593
Cactus, Inc.		3,573		122,624
CONSOL Energy, Inc. (a)		5,857		84,985
Core Laboratories NV		2,030		76,470
Delek US Holdings, Inc.		2,309		77,421
Falcon Minerals Corp. (b)		13,590		95,945
Gulfport Energy Corp. (a)		23,312		70,868
Liberty Oilfield Services, Inc.		6,258		69,589
Magnolia Oil & Gas Corp. (a)		9,414		118,428
Matrix Service Co. (a)		3,887		88,935
Murphy Oil Corp.		4,811		128,936
Newpark Resources, Inc. (a)		11,117		69,704
Peabody Energy Corp.		4,433		40,429
Propetro Holding Corp. (a)		5,698		64,103
REX American Resources Corp. (a)		1,541		126,300
Solaris Oilfield Infrastructure, Inc., Class A (b)		5,673		79,422
World Fuel Services Corp. (c)		2,698		117,147
				1,717,545
Financials (24.2%):
1st Source Corp.		3,279		170,115
Ameris Bancorp		3,264		138,851
AMERISAFE, Inc.		2,583		170,556

See notes to financial statements.

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Security Description	Shares		Value
Artisan Partners Asset Management, Inc., Class A		4,497	$	145,343
Atlantic Union Bankshares Corp.		3,333		125,154
Axos Financial, Inc. (a)		3,913		118,486
BancFirst Corp.		2,802		174,957
BancorpSouth Bank		5,032		158,055
Banner Corp.		2,363		133,722
Berkshire Hills Bancorp, Inc.		4,282		140,792
Brookline Bancorp, Inc., Class A		10,607		174,591
Cadence Bancorp		5,642		102,289
Cannae Holdings, Inc. (a)		5,474		203,578
Capitol Federal Financial, Inc.		13,940		191,396
Cathay General Bancorp		4,203		159,924
Centerstate Banks, Inc.		6,031		150,654
City Holding Co.		2,058		168,653
Cohen & Steers, Inc.		2,926		183,636
Columbia Banking System, Inc.		3,738		152,081
Columbia Financial, Inc. (a)		12,522		212,122
CVB Financial Corp.		7,503		161,915
Eagle Bancorp, Inc.		2,089		101,588
Employers Holdings, Inc.		3,624		151,302
Encore Capital Group, Inc. (a)		2,196		77,651
Enterprise Financial Services Corp.		3,231		155,767
FB Financial Corp.		3,490		138,169
FBL Financial Group, Inc., Class A		2,833		166,949
First Bancorp, Inc.		12,904		136,653
First Busey Corp.		6,146		169,015
First Commonwealth Financial Corp.		12,054		174,904
First Financial Bancorp		5,463		138,979
First Interstate BancSystem, Inc., Class A		4,122		172,794
First Merchants Corp.		3,458		143,818
First Midwest Bancorp, Inc.		6,622		152,703
Flagstar Bancorp, Inc., Class A		4,141		158,393
Fulton Financial Corp.		9,387		163,615
Goosehead Insurance, Inc.		1,414		59,954
Great Western Bancorp, Inc.		4,210		146,255
Green Dot Corp. (a)		1,638		38,165
Heartland Financial USA, Inc.		2,902		144,345
Hilltop Holdings, Inc.		5,786		144,245
Home BancShares, Inc.		6,706		131,840
Hope Bancorp, Inc.		9,003		133,785
Houlihan Lokey, Inc.		3,276		160,098
Independent Bank Corp.		1,946		162,005
Independent Bank Group, Inc.		2,491		138,101
International Bancshares Corp.		3,752		161,599
James River Group Holdings Ltd.		3,668		151,158
Kearny Financial Corp.		13,420		185,599
Kinsale Capital Group, Inc.		1,285		130,633
Lakeland Financial Corp.		3,661		179,133
Meta Financial Group, Inc.		3,076		112,305
Moelis & Co., Class A		3,142		100,293

See notes to financial statements.

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Security Description	Shares		Value
National General Holdings Corp.		6,034	$	133,351
Navient Corp.		8,124		111,136
NBT Bancorp, Inc.		4,466		181,141
Nelnet, Inc., Class A		2,339		136,224
NMI Holdings, Inc., Class A (a)		3,656		121,306
Northwest Bancshares, Inc.		12,412		206,412
Oceanfirst Financial Corp.		7,765		198,318
Old National Bancorp (b)		8,651		158,227
Pacific Premier Bancorp, Inc.		3,803		123,997
Park National Corp.		1,554		159,099
Pennymac Financial Services		4,836		164,617
PRA Group, Inc. (a)		3,348		121,532
Provident Financial Services, Inc.		6,904		170,184
Renasant Corp.		3,933		139,307
S&T Bancorp, Inc.		4,267		171,917
Safety Insurance Group, Inc.		1,761		162,945
Sandy Spring Bancorp, Inc.		4,420		167,430
Seacoast Banking Corp. of Florida (a)		5,480		167,524
ServisFirst Bancshares, Inc.		4,194		158,030
Simmons First National Corp., Class A		5,035		134,888
South State Corp.		1,832		158,926
Southside Bancshares, Inc.		4,573		169,841
Texas Capital Bancshares, Inc. (a)		1,946		110,474
Tompkins Financial Corp. (b)		1,817		166,256
Towne Bank		5,322		148,058
Trico Bancshares		4,498		183,562
Trustmark Corp.		4,543		156,779
United Community Banks, Inc.		4,814		148,656
Veritex Holdings, Inc.		5,313		154,768
Victory Capital Holdings, Inc. (e)		5,421		113,678
Waddell & Reed Financial, Inc., Class A		7,451		124,581
Walker & Dunlop, Inc.		2,312		149,540
Washington Federal, Inc.		4,388		160,820
WesBanco, Inc.		4,170		157,584
Westamerica Bancorporation		2,704		183,249
World Acceptance Corp. (a)		593		51,235
WSFS Financial Corp.		3,433		151,018
				13,395,293
Health Care (7.3%):
Addus HomeCare Corp. (a)		1,204		117,053
AMN Healthcare Services, Inc. (a)		1,842		114,775
Amphastar Pharmaceuticals, Inc. (a)		4,520		87,191
ANI Pharmaceuticals, Inc. (a)		1,639		101,077
Anika Therapeutics, Inc. (a)		1,189		61,650
Atrion Corp.		201		151,051
Biolife Solutions, Inc. (a)		2,608		42,197
Biospecifics Technologies Corp. (a)		1,806		102,834
BioTelemetry, Inc. (a)		2,001		92,646
Computer Programs & Systems		4,669		123,262
CONMED Corp.		1,279		143,030

See notes to financial statements.

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Security Description	Shares		Value
Corcept Therapeutics, Inc. (a)		5,592	$	67,663
CorVel Corp. (a)		1,684		147,114
Eagle Pharmaceuticals, Inc. (a)		1,431		85,974
Enanta Pharmaceuticals, Inc. (a)		1,134		70,059
HealthStream, Inc. (a)		5,748		156,345
Innoviva, Inc. (a)		8,225		116,466
Inogen, Inc. (a)		1,138		77,760
Integer Holdings Corp. (a)		1,485		119,439
Iradimed Corp. (a)		2,834		66,259
Lantheus Holdings, Inc. (a)		3,382		69,365
LeMaitre Vascular, Inc.		2,685		96,526
Medpace Holdings, Inc. (a)		883		74,225
Meridian Bioscience, Inc.		9,282		90,685
Merit Medical Systems, Inc. (a)		2,358		73,617
National Healthcare Corp.		2,226		192,394
Nextgen Healthcare, Inc. (a)		5,903		94,861
Omnicell, Inc. (a)		1,101		89,974
Patterson Cos., Inc.		7,378		151,101
Phibro Animal Health Corp., Class A		3,158		78,413
Quidel Corp. (a)		1,365		102,416
Select Medical Holdings Corp. (a)		6,353		148,279
Simulations Plus, Inc.		2,226		64,710
STAAR Surgical Co. (a) (b)		2,031		71,430
Supernus Pharmaceuticals, Inc. (a)		2,982		70,733
Tactile Systems Technology, Inc. (a)		1,306		88,168
The Ensign Group, Inc.		2,036		92,373
Tivity Health, Inc. (a)		4,914		99,975
US Physical Therapy, Inc.		930		106,346
Utah Medical Products, Inc.		990		106,821
				4,006,257
Industrials (23.3%):
AAON, Inc. (b)		2,254		111,370
ABM Industries, Inc.		2,799		105,550
Aerovironment, Inc. (a)		1,652		101,994
Aircastle Ltd.		6,337		202,847
Alamo Group, Inc.		1,133		142,248
Albany International Corp.		1,474		111,906
Allegiant Travel Co.		876		152,460
Ameresco, Inc. (a)		7,189		125,808
American Woodmark Corp. (a)		1,172		122,486
Applied Industrial Technologies, Inc.		2,256		150,453
ArcBest Corp.		3,092		85,339
Astronics Corp. (a)		2,730		76,304
Atkore International Group, Inc. (a)		3,865		156,378
AZZ, Inc.		2,960		136,012
Barnes Group, Inc.		2,840		175,966
BMC Stock Holdings, Inc. (a)		4,537		130,167
Brady Corp., Class A		3,520		201,556
Builders FirstSource, Inc. (a)		4,438		112,770
Chart Industries, Inc. (a)		1,386		93,541

See notes to financial statements.

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Security Description	Shares		Value
Comfort Systems USA, Inc.		2,542	$	126,719
Continental Building Products, Inc. (a)		4,269		155,520
DMC Global, Inc.		1,230		55,276
DXP Enterprise, Inc. (a)		1,911		76,077
Echo Global Logistics, Inc. (a)		4,994		103,376
Encore Wire Corp.		2,489		142,869
Energy Recovery, Inc. (a)		7,817		76,528
EnerSys		1,734		129,755
Ennis, Inc.		7,348		159,084
ESCO Technologies, Inc.		2,045		189,163
Federal Signal Corp.		4,087		131,806
Forward Air Corp.		2,114		147,874
Franklin Electric Co., Inc.		2,781		159,407
GATX Corp.		1,713		141,922
Gibraltar Industries, Inc. (a)		3,692		186,224
GMS, Inc. (a)		2,422		65,588
H&E Equipment Services, Inc.		3,570		119,345
Hawaiian Holdings, Inc.		3,249		95,163
Healthcare Services Group		3,705		90,106
Heartland Express, Inc.		7,043		148,256
Heidrick & Struggles International, Inc.		2,800		91,000
Helios Technologies, Inc.		1,613		74,569
Herman Miller, Inc.		2,702		112,538
Hillenbrand, Inc.		4,024		134,039
HNI Corp.		3,591		134,519
Hub Group, Inc., Class A (a)		2,319		118,942
Huron Consulting Group, Inc. (a)		1,896		130,293
ICF International, Inc.		1,834		168,031
Interface, Inc.		8,983		149,028
JELD-WEN Holding, Inc., Class 2 (a)		4,845		113,421
Kadant, Inc.		1,529		161,065
Kaman Corp.		2,585		170,403
Kennametal, Inc.		3,298		121,663
Kimball International, Inc., Class B		6,591		136,236
Knoll, Inc.		5,921		149,564
Kratos Defense & Security Solutions, Inc. (a)		4,053		72,995
Marten Transport Ltd.		5,054		108,610
Matson, Inc.		3,182		129,826
Matthews International Corp., Class A		3,373		128,747
McGrath RentCorp		2,035		155,759
Meritor, Inc. (a)		5,430		142,212
Mesa Air Group, Inc. (a)		8,235		73,621
Moog, Inc., Class A		1,388		118,438
MRC Global, Inc. (a)		6,775		92,411
Mueller Industries, Inc.		3,944		125,222
MYR Group, Inc. (a)		3,310		107,873
National Presto Industries, Inc.		1,330		117,559
NOW, Inc. (a)		7,134		80,186
NV5 Global, Inc. (a)		970		48,937
Patrick Industries, Inc.		2,270		119,016

See notes to financial statements.

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Security Description	Shares		Value
PGT Innovations, Inc. (a)		5,637	$	84,048
Primoris Services Corp.		6,010		133,662
Proto Labs, Inc. (a)		755		76,670
Raven Industries, Inc.		3,761		129,604
Regal Beloit Corp.		2,008		171,905
Resources Connection, Inc.		6,314		103,108
Rush Enterprises, Inc., Class A		3,514		163,401
Ryder System, Inc.		1,982		107,642
Saia, Inc. (a)		1,158		107,833
Simpson Manufacturing Co., Inc.		2,153		172,735
SkyWest, Inc.		1,999		129,195
SP Plus Corp. (a)		4,298		182,364
Spirit Airlines, Inc. (a)		2,058		82,958
SPX Corp. (a)		2,879		146,484
Standex International Corp.		1,163		92,284
Steelcase, Inc., Class A		7,227		147,864
Systemax, Inc.		3,357		84,462
Tennant Co.		1,484		115,633
The Gorman-Rupp Co.		4,288		160,800
The Greenbrier Cos., Inc.		3,715		120,477
Thermon Group Holdings, Inc. (a)		5,518		147,882
TriMas Corp. (a)		5,461		171,530
Trinity Industries, Inc.		5,468		121,116
Triton International Ltd.		3,691		148,378
TrueBlue, Inc. (a)		5,562		133,822
Universal Forest Products, Inc.		2,665		127,121
Universal Logistics Holdings, Inc.		4,517		85,642
US Ecology, Inc.		2,027		117,384
Valmont Industries, Inc.		1,103		165,206
Vectrus, Inc. (a)		1,694		86,834
Vicor Corp. (a)		2,118		98,953
Wabash National Corp.		7,817		114,832
Werner Enterprises, Inc.		3,376		122,853
WESCO International, Inc. (a)		2,749		163,263
				12,899,881
Information Technology (10.9%):
Advanced Energy Industries, Inc. (a)		1,615		114,988
Anixter International, Inc. (a)		1,711		157,583
AVX Corp.		8,409		172,133
Axcelis Technologies, Inc. (a)		5,631		135,679
Badger Meter, Inc.		2,646		171,806
Belden, Inc.		1,668		91,740
Benchmark Electronics, Inc.		4,714		161,973
Brooks Automation, Inc.		2,203		92,438
Cass Information Systems, Inc.		2,964		171,141
Comtech Telecommunications Corp.		3,533		125,386
CSG Systems International, Inc.		2,282		118,162
CTS Corp.		4,121		123,671
Digi International, Inc. (a)		7,501		132,918
Diodes, Inc. (a)		2,282		128,636

See notes to financial statements.

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Security Description	Shares		Value
Ebix, Inc.		2,226	$	74,371
ePlus, Inc. (a)		1,070		90,190
Everi Holdings, Inc. (a)		9,364		125,759
EVERTEC, Inc.		3,117		106,103
ExlService Holdings, Inc., Class A (a)		2,142		148,783
Fabrinet (a)		1,515		98,233
FormFactor, Inc. (a)		5,329		138,395
GreenSky, Inc., Class A (a) (b)		8,246		73,389
Ichor Holdings Ltd. (a)		3,557		118,341
II-VI, Inc. (a)		2,114		71,178
Insight Enterprises, Inc. (a) (b)		2,366		166,306
Intelligent Systems Corp. (a) (b)		686		27,399
KEMET Corp.		3,794		102,628
ManTech International Corp., Class A		1,978		158,003
Mesa Laboratories, Inc. (b)		342		85,295
Methode Electronics, Inc.		2,954		116,240
MTS Systems Corp.		2,457		118,010
Napco Security Technologies, Inc (a)		1,816		53,372
NIC, Inc.		4,128		92,261
Onto Innovation, Inc. (a)		2,825		103,226
OSI Systems, Inc. (a)		1,061		106,885
Paysign, Inc. (a) (b)		2,888		29,313
PC Connection, Inc. (b)		2,226		110,543
Perficient, Inc. (a)		3,190		146,963
Photronics, Inc. (a)		8,729		137,569
Plexus Corp. (a)		2,152		165,575
Power Integrations, Inc.		1,106		109,394
Progress Software Corp.		2,671		110,980
Rogers Corp. (a)		506		63,113
Sanmina Corp. (a)		3,027		103,644
ScanSource, Inc. (a)		3,954		146,100
Semtech Corp. (a)		1,963		103,843
SMART Global Holdings, Inc. (a)		1,798		68,216
SPS Commerce, Inc. (a)		1,979		109,676
Sykes Enterprises, Inc. (a)		4,970		183,841
TTEC Holdings, Inc.		2,095		83,004
Virtusa Corp. (a)		2,036		92,292
Vishay Intertechnology, Inc.		5,827		124,057
				5,960,744
Materials (7.6%):
Advansix, Inc. (a)		3,990		79,640
Allegheny Technologies, Inc. (a)		4,648		96,028
American Vanguard Corp.		7,378		143,650
Balchem Corp.		1,237		125,716
Cabot Corp.		2,534		120,416
Carpenter Technology Corp.		1,928		95,976
Chase Corp.		1,080		127,958
Commercial Metals Co.		5,922		131,883
Domtar Corp.		3,094		118,315
Ferro Corp. (a)		8,351		123,845

See notes to financial statements.

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Security Description	Shares		Value
Futurefuel Corp.		7,005	$	86,792
GCP Applied Technologies, Inc. (a)		5,894		133,853
Greif, Inc., Class A		2,197		97,107
H.B. Fuller Co. (b)		2,834		146,149
Hawkins, Inc.		2,170		99,408
Innophos Holdings, Inc.		3,974		127,089
Innospec, Inc.		1,610		166,539
Intrepid Potash, Inc. (a)		26,075		70,663
Kaiser Aluminum Corp.		1,442		159,903
Kraton Corp. (a)		2,376		60,160
Kronos Worldwide, Inc.		8,361		112,037
Louisiana-Pacific Corp.		4,990		148,053
Minerals Technologies, Inc.		2,125		122,464
Neenah, Inc.		1,805		127,126
PolyOne Corp.		3,369		123,946
PQ Group Holdings, Inc. (a)		8,132		139,708
Quaker Chemical Corp.		698		114,835
Ryerson Holding Corp. (a)		10,438		123,482
Schnitzer Steel Industries, Inc.		4,087		88,606
Schweitzer-Mauduit International, Inc.		2,765		116,102
Sensient Technologies Corp.		2,483		164,101
Stepan Co.		1,498		153,455
SunCoke Energy, Inc.		12,935		80,585
The Chemours Co.		4,631		83,775
United States Steel Corp.		5,881		67,102
Warrior Met Coal, Inc.		4,180		88,323
Worthington Industries, Inc.		3,150		132,867
				4,297,657
Real Estate (0.2%):
Marcus & Millichap, Inc. (a)		3,143		117,077
Utilities (1.8%):
Chesapeake Utilities Corp.		1,730		165,786
MGE Energy, Inc.		1,944		153,226
Middlesex Water Co.		1,940		123,326
Otter Tail Corp.		3,527		180,900
SJW Corp.		3,070		218,154
Unitil Corp.		2,810		176,210
				1,017,602
Total Common Stocks (Cost $51,019,945)				55,287,590
Rights (0.0%) (d)
Materials (0.0%): (d)
Schulman, Inc.Expires 12/31/49 (a) (f) (g)		4,224		—
Total Right (Cost $8,448)				—

See notes to financial statements.

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(Unaudited)

Security Description	Shares		Value
Investment Companies (0.0%) (d)
BlackRock Liquidity Funds T-Funds, Institutional Class, 1.52% (h)		48,918	$	48,918
Total Investment Companies (Cost $48,918)				48,918
Collateral for Securities Loaned^ (1.0%)
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (h)		26,358		26,358
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (h)		145,215		145,215
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (h)		4,402		4,402
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (h)		87,725		87,725
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (h)		96,504		96,504
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (h)		193,002		193,002
Total Collateral for Securities Loaned (Cost $553,206)				553,206
Total Investments (Cost $51,630,517) — 100.8%				55,889,714
Liabilities in excess of other assets — (0.8)%				(482,032	)
NET ASSETS — 100.00%			$	55,407,682

^ Purchased with cash collateral from securities on loan.

(a) Non-income producing security.

(b) All or a portion of this security is on loan.

(d) Amount represents less than 0.05% of net assets.

(e) Affiliated security (See Note 8).

(g) Security was fair valued based using significant unobservable inputs as of December 31, 2019.

(h) Rate disclosed is the daily yield on December 31, 2019.

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
Russell 2000 Mini Index Futures		1	3/20/20	$	81,842	$	83,530	$	1,688
	Total unrealized appreciation							$	1,688
	Total unrealized depreciation								—
	Total net unrealized appreciation (depreciation)							$	1,688

See notes to financial statements.

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Security Description	Shares		Value
Common Stocks (99.5%)
Australia (5.8%):
Communication Services (0.3%):
REA Group Ltd.		1,868	$	135,778
Telstra Corp. Ltd.		68,109		169,160
				304,938
Consumer Discretionary (0.2%):
Aristocrat Leisure Ltd.		6,459		152,581
Consumer Staples (0.6%):
Treasury Wine Estates Ltd.		9,365		106,705
Wesfarmers Ltd.		6,419		186,448
Woolworths Group Ltd.		8,608		218,384
				511,537
Energy (0.6%):
Origin Energy Ltd.		26,005		154,172
Santos Ltd.		28,888		165,791
Woodside Petroleum Ltd.		7,545		181,993
				501,956
Financials (1.8%):
ASX Ltd.		3,590		197,495
Australia & New Zealand Banking Group Ltd.		9,329		161,209
Commonwealth Bank of Australia		3,720		208,536
Insurance Australia Group Ltd.		35,025		188,234
Macquarie Group Ltd.		2,171		209,970
National Australia Bank Ltd.		10,745		185,679
QBE Insurance Group Ltd.		21,040		190,131
Suncorp Group Ltd.		18,488		168,107
Westpac Banking Corp.		8,603		146,249
				1,655,610
Health Care (0.8%):
Cochlear Ltd.		923		145,530
CSL Ltd.		1,019		197,150
Ramsay Health Care Ltd.		3,877		197,290
Sonic Healthcare Ltd.		9,747		196,607
				736,577
Industrials (0.4%):
Aurizon Holdings Ltd.		50,801		186,408
Brambles Ltd.		23,146		190,324
				376,732
Information Technology (0.1%):
Wisetech Global, Ltd.		3,068		50,304
Materials (0.8%):
BHP Group Ltd.		6,989		190,844
BHP Group PLC		6,645		156,369
Fortescue Metals Group Ltd.		14,863		111,474

See notes to financial statements.

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(Unaudited)

Security Description	Shares		Value
Newcrest Mining Ltd.		5,360	$	113,758
Rio Tinto Ltd.		2,345		165,184
				737,629
Utilities (0.2%):
AGL Energy Ltd.		12,724		183,275
				5,211,139
Austria (0.3%):
Energy (0.2%):
OMV AG		2,978		167,274
Financials (0.1%):
Erste Group Bank AG		3,776		142,133
				309,407
Belgium (1.3%):
Communication Services (0.2%):
Proximus SADP		5,500		157,428
Consumer Staples (0.1%):
Anheuser-Busch InBev SA/NV		1,497		122,083
Financials (0.5%):
Ageas		4,660		275,341
KBC Group NV		2,583		194,280
				469,621
Health Care (0.2%):
UCB SA		2,389		189,978
Materials (0.3%):
Solvay SA, Class A		1,295		150,041
Umicore SA		2,740		133,254
				283,295
				1,222,405
Bermuda (0.4%):
Industrials (0.2%):
Jardine Matheson Holdings Ltd.		2,994		166,466
Real Estate (0.2%):
Hongkong Land Holdings Ltd.		30,376		174,662
				341,128
Canada (10.8%):
Communication Services (1.4%):
BCE, Inc.		7,021		325,311
Rogers Communications, Inc.		4,975		247,064
Shaw Communications, Inc., Class B		14,085		285,844
TELUS Corp.		9,916		383,993
				1,242,212

See notes to financial statements.

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(Unaudited)

Security Description	Shares		Value
Consumer Discretionary (0.6%):
Dollarama, Inc.		3,405	$	117,040
Gildan Activewear, Inc.		5,432		160,609
Magna International, Inc.		2,692		147,620
Restaurant Brands International, Inc.		1,983		126,427
				551,696
Consumer Staples (1.2%):
Alimentation Couche-Tard, Inc., Class B		5,964		189,292
Empire Co. Ltd., Class A		5,881		137,966
Loblaw Cos. Ltd.		5,038		259,971
METRO, Inc.		7,111		293,498
Saputo, Inc.		6,149		190,380
				1,071,107
Energy (0.9%):
Imperial Oil Ltd.		7,216		190,904
Inter Pipeline Ltd. (a)		9,726		168,842
Pembina Pipeline Corp. (a)		6,495		240,761
TC Energy Corp. (a)		4,573		243,583
				844,090
Financials (4.2%):
Bank of Montreal		3,959		306,865
Brookfield Asset Management, Inc.		4,500		260,039
Canadian Imperial Bank of Commerce		3,345		278,389
Great-West Lifeco, Inc.		9,896		253,497
Intact Financial Corp.		2,715		293,623
Manulife Financial Corp.		10,798		219,220
National Bank of Canada		7,546		418,912
Power Corp. of Canada		9,666		249,020
Power Financial Corp.		10,841		291,732
Royal Bank of Canada		4,214		333,479
Sun Life Financial, Inc.		5,598		255,282
The Bank of Nova Scotia		5,812		328,335
The Toronto-Dominion Bank		5,480		307,385
				3,795,778
Industrials (0.5%):
Canadian National Railway Co.		2,384		215,687
Canadian Pacific Railway Ltd. (a)		782		199,373
				415,060
Information Technology (0.6%):
CGI, Inc. (b)		3,067		256,694
Constellation Software, Inc.		126		122,386
Open Text Corp.		4,307		189,808
				568,888
Materials (0.3%):
CCL Industries, Inc.		3,235		137,831
Kirkland Lake Gold Ltd.		1,787		78,780

See notes to financial statements.

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(Unaudited)

Security Description	Shares		Value
Teck Resources Ltd., Class B		6,093	$	105,680
				322,291
Utilities (1.1%):
Canadian Utilities Ltd., Class A		9,984		301,196
Emera, Inc.		7,830		336,442
Fortis, Inc.		8,760		363,516
				1,001,154
				9,812,276
Denmark (2.0%):
Consumer Staples (0.2%):
Carlsberg A/S, Class B		1,076		160,538
Financials (0.4%):
Danske Bank A/S		9,176		148,505
Tryg A/S		7,485		221,935
				370,440
Health Care (0.7%):
Coloplast A/S		1,588		197,019
Demant A/S (b)		3,845		121,107
Genmab A/S (b)		649		144,349
Novo Nordisk A/S, Class B		3,347		194,286
				656,761
Industrials (0.4%):
DSV PANALPINA A/S		1,381		159,187
Vestas Wind Systems A/S		1,674		169,187
				328,374
Materials (0.3%):
Christian Hansen Holding A/S		1,446		114,926
Novozymes A/S, B Shares		3,398		166,306
				281,232
				1,797,345
Finland (1.6%):
Communication Services (0.2%):
Elisa Oyj		3,653		201,788
Energy (0.2%):
Neste Oyj		3,933		136,838
Financials (0.5%):
Nordea Bank ABP		22,497		181,737
Sampo Oyj, Class A		5,009		218,601
				400,338
Industrials (0.2%):
Kone Oyj, Class B		3,251		212,508

See notes to financial statements.

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(Unaudited)

Security Description	Shares		Value
Materials (0.3%):
Stora ENSO Oyj, R Shares		8,794	$	127,879
UPM-Kymmene Oyj		4,403		152,646
				280,525
Utilities (0.2%):
Fortum Oyj		7,265		179,266
				1,411,263
France (9.2%):
Communication Services (0.4%):
Orange SA		16,699		245,733
Publicis Groupe SA		2,577		116,656
				362,389
Consumer Discretionary (1.6%):
Accor SA		3,599		168,530
Cie Generale des Etablissements Michelin SCA		1,183		144,760
Hermes International		288		215,197
Kering SA		263		172,624
LVMH Moet Hennessy Louis Vuitton SE		356		165,386
Peugeot SA		5,967		142,553
Renault SA		2,002		94,713
Seb SA		747		110,930
Sodexo SA		1,778		210,689
				1,425,382
Consumer Staples (0.9%):
Danone SA		2,896		240,039
L'Oreal SA		780		230,961
Pernod Ricard SA		1,083		193,623
Remy Cointreau SA		996		122,324
				786,947
Energy (0.2%):
Total SA		3,921		216,372
Financials (1.1%):
Amundi SA (c)		2,254		176,714
BNP Paribas SA		2,985		176,874
CNP Assurances		9,921		197,289
Credit Agricole SA		11,461		166,147
Natixis SA		28,382		125,997
Societe Generale SA		4,386		152,574
				995,595
Health Care (0.9%):
BioMerieux		1,588		141,331
EssilorLuxottica SA		1,064		162,062
Ipsen SA		968		85,771
Orpea		1,026		131,532

See notes to financial statements.

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(Unaudited)

Security Description	Shares		Value
Sanofi		2,250	$	226,166
Sartorius Stedim Biotech		661		109,502
				856,364
Industrials (2.7%):
Aeroports de Paris		891		175,985
Airbus SE		1,078		157,762
Alstom SA		3,282		155,453
Bollore SA		38,460		167,803
Bureau Veritas SA		6,327		165,062
Edenred		3,173		164,063
Eiffage SA		1,728		197,689
Getlink SE		12,605		219,278
Legrand SA		2,444		199,121
Safran SA		1,129		174,305
Schneider Electric SE		1,921		197,146
Teleperformance		575		140,206
Thales SA		1,455		150,987
Vinci SA		1,903		211,307
				2,476,167
Information Technology (0.4%):
Atos SE		1,473		122,786
Capgemini SE		984		120,188
Dassault Systemes SA		860		141,359
				384,333
Materials (0.3%):
Air Liquide SA		1,670		236,383
Utilities (0.7%):
Engie SA		12,630		203,988
Suez		11,572		175,025
Veolia Environnement SA		8,694		231,202
				610,215
				8,350,147
Germany (5.1%):
Consumer Discretionary (0.5%):
adidas AG		447		145,293
Bayerische Motoren Werke AG		2,407		197,456
Continental AG		981		126,820
				469,569
Consumer Staples (0.2%):
Beiersdorf AG		1,494		178,711
Financials (1.4%):
Allianz SE		1,065		260,881
Deutsche Boerse AG		1,263		198,535
Hannover Rueck SE		1,311		253,354

See notes to financial statements.

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(Unaudited)

Security Description	Shares		Value
Muenchener Rueckversicherungs-Gesellschaft AG, Class R		992	$	292,622
Talanx AG		6,254		309,901
				1,315,293
Health Care (0.5%):
Carl Zeiss Meditec AG		1,021		130,204
Fresenius Medical Care AG & Co. KGaA		2,118		156,692
Fresenius SE & Co. KGaA		2,489		140,086
				426,982
Industrials (1.4%):
Brenntag AG		2,918		158,667
Deutsche Post AG		5,391		205,644
Fraport AG Frankfurt Airport Services Worldwide		2,054		174,580
Hochtief AG		1,096		139,769
MTU Aero Engines AG		635		181,331
Rational AG		227		182,551
Siemens AG		1,693		221,295
				1,263,837
Information Technology (0.2%):
Infineon Technologies AG		5,929		135,062
Wirecard AG		292		35,207
				170,269
Materials (0.7%):
BASF SE		2,173		164,149
Covestro AG (c)		2,314		107,579
Evonik Industries AG		5,066		154,608
Symrise AG		1,902		200,103
				626,439
Real Estate (0.2%):
Deutsche Wohnen SE		3,910		159,719
				4,610,819
Greece (0.1%):
Consumer Discretionary (0.1%):
Puma SE		1,509		115,682
Hong Kong (4.4%):
Consumer Discretionary (0.2%):
Galaxy Entertainment Group Ltd.		15,636		115,186
Techtronic Industries Co. Ltd.		15,352		125,211
				240,397
Consumer Staples (0.2%):
Sun Art Retail Group Ltd.		105,412		127,845
WH Group Ltd. (c)		108,366		111,957
				239,802
Financials (0.6%):
AIA Group Ltd.		15,470		162,407

See notes to financial statements.

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(Unaudited)

Security Description	Shares		Value
Hang Seng Bank Ltd.		9,694	$	200,305
Hong Kong Exchanges and Clearing Ltd.		5,048		163,909
				526,621
Health Care (0.1%):
Sino Biopharmaceutical Ltd.		48,500		67,847
Industrials (0.5%):
CK Hutchison Holdings Ltd.		23,186		221,094
MTR Corp. Ltd.		35,638		210,623
				431,717
Real Estate (1.8%):
CK Asset Holdings Ltd.		21,760		157,088
Hang Lung Properties Ltd.		75,000		164,596
Henderson Land Development Co. Ltd.		35,748		175,487
New World Development Co. Ltd.		106,650		146,182
Shimao Property Holdings Ltd.		35,000		135,656
Sino Land Co. Ltd.		114,080		165,737
Sun Hung Kai Properties Ltd.		10,968		167,931
Swire Pacific Ltd., Class A		16,436		152,720
Wharf Real Estate Investment		25,000		152,564
Wheelock & Co. Ltd.		30,568		203,805
				1,621,766
Utilities (1.0%):
China Common Rich Renewable Energy INV Ltd. (b) (d) (e)		26,000		1,969
China Gas Holdings Ltd.		26,272		98,455
CK Infrastructure Holdings Ltd.		33,370		237,476
Hong Kong & China Gas Co. Ltd.		114,225		223,120
Power Assets Holdings Ltd.		46,536		340,428
				901,448
				4,029,598
Ireland (1.2%):
Communication Services (0.2%):
WPP PLC		11,737		165,782
Consumer Staples (0.2%):
Kerry Group PLC		1,512		188,411
Industrials (0.6%):
DCC PLC		1,947		168,744
Experian PLC		6,199		209,518
Kingspan Group PLC		2,866		175,030
				553,292
Materials (0.2%):
CRH PLC		4,649		185,995
				1,093,480

See notes to financial statements.

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(Unaudited)

Security Description	Shares		Value
Israel (0.8%):
Financials (0.4%):
Bank Hapoalim BM		24,965	$	207,198
Bank Leumi Le-Israel BM		28,279		205,948
				413,146
Information Technology (0.2%):
Nice Ltd. (b)		1,062		164,776
Real Estate (0.2%):
Azrieli Group Ltd.		2,250		164,579
				742,501
Italy (2.1%):
Consumer Discretionary (0.2%):
Moncler SpA		3,243		145,749
Consumer Staples (0.2%):
Davide Campari — Milano SpA (a)		17,089		156,020
Energy (0.4%):
Eni SpA		13,580		210,894
Snam SpA		36,363		191,118
				402,012
Financials (0.7%):
Assicurazioni Generali SpA		14,709		303,475
Intesa Sanpaolo SpA		64,583		170,117
Poste Italiane SpA (c)		14,346		162,836
				636,428
Industrials (0.1%):
Atlantia SpA		6,055		141,192
Utilities (0.5%):
Enel SpA		29,323		232,590
Terna Rete Elettrica Nazionale SpA		31,247		208,668
				441,258
				1,922,659
Japan (19.9%):
Communication Services (1.2%):
KDDI Corp.		7,408		221,817
Nexon Co. Ltd. (b)		5,600		74,742
Nintendo Co. Ltd.		300		121,419
Nippon Telegraph & Telephone Corp.		8,328		211,343
NTT DOCOMO, Inc.		8,992		251,452
Z Holdings Corp.		41,930		177,925
				1,058,698
Consumer Discretionary (3.4%):
Aisin Seiki Co. Ltd.		3,810		142,735
Bandai Namco Holdings, Inc.		1,600		97,658
Bridgestone Corp.		5,060		189,564

See notes to financial statements.

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(Unaudited)

Security Description	Shares		Value
Denso Corp.		3,430	$	156,787
Fast Retailing Co. Ltd.		200		119,661
Hikari Tsushin, Inc.		600		151,491
Isuzu Motors Ltd.		9,194		109,932
Nissan Motor Co. Ltd.		26,076		152,678
Nitori Holdings Co. Ltd.		1,030		163,308
Oriental Land Co. Ltd.		1,208		165,455
Pan Pacific International Holdings Corp.		9,400		156,696
Panasonic Corp.		18,300		173,415
Sekisui House Ltd.		14,372		308,699
Shimano, Inc.		940		153,754
Sony Corp.		1,800		122,623
Sumitomo Electric Industries Ltd.		14,494		220,398
Toyota Industries Corp.		2,708		157,784
Toyota Motor Corp.		3,024		214,720
Yamaha Corp.		2,600		145,508
				3,102,866
Consumer Staples (1.4%):
Asahi Group Holdings Ltd.		3,060		140,353
Japan Tobacco, Inc. (a)		9,544		213,695
Kao Corp.		1,818		151,026
Kikkoman Corp.		2,600		128,516
Kose Corp.		500		73,638
Seven & i Holdings Co. Ltd.		4,500		165,809
Suntory Beverage & Food Ltd.		3,400		142,240
Unicharm Corp.		4,194		142,837
Yakult Honsha Co. Ltd.		2,370		131,546
				1,289,660
Energy (0.1%):
Inpex Corp.		12,300		128,672
Financials (2.5%):
Dai-ichi Life Holdings, Inc.		10,288		172,019
Japan Exchange Group, Inc.		9,400		166,992
Japan Post Bank Co. Ltd.		29,112		281,366
Japan Post Holdings Co. Ltd.		29,000		273,877
Mitsubishi UFJ Financial Group, Inc.		42,634		232,792
ORIX Corp.		12,868		214,506
Resona Holdings, Inc.		48,646		214,483
Sony Financial Holdings, Inc.		7,600		183,844
Sumitomo Mitsui Financial Group, Inc.		6,884		255,869
Sumitomo Mitsui Trust Holdings, Inc.		6,600		263,477
				2,259,225
Health Care (2.1%):
Astellas Pharma, Inc.		9,252		159,253
Chugai Pharmaceutical Co. Ltd.		2,230		206,907
Daiichi Sankyo Co. Ltd.		1,300		86,491
Eisai Co. Ltd.		1,654		124,903
Hoya Corp.		1,418		136,396

See notes to financial statements.

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(Unaudited)

Security Description	Shares		Value
Kyowa Kirin Co. Ltd.		8,600	$	203,680
M3, Inc.		4,100		124,728
Olympus Corp.		8,600		133,702
ONO Pharmaceutical Co. Ltd.		7,284		167,752
Otsuka Holdings Co. Ltd.		3,100		139,335
Shionogi & Co. Ltd.		2,928		182,380
Sysmex Corp.		1,374		94,210
Terumo Corp.		4,500		160,921
				1,920,658
Industrials (5.2%):
ANA Holdings, Inc. (a)		7,800		261,484
Central Japan Railway Co.		854		172,938
Daikin Industries Ltd.		966		137,378
East Japan Railway Co.		1,986		180,210
FANUC Corp.		830		155,319
Hankyu Hanshin Holdings, Inc.		4,200		180,928
Japan Airlines Co. Ltd., Class C		7,700		240,767
Keio Corp.		2,500		152,108
Kintetsu Group Holdings Co. Ltd.		3,900		212,518
Komatsu Ltd.		5,688		138,326
Kubota Corp.		9,104		144,638
Makita Corp.		3,678		128,987
Marubeni Corp.		21,574		160,971
Mitsubishi Corp.		7,492		199,989
Mitsubishi Electric Corp.		11,152		153,822
Mitsubishi Heavy Industries Ltd.		5,200		203,328
Mitsui & Co. Ltd.		10,786		193,203
Nidec Corp.		854		117,952
Odakyu Railway Jpy50 ORD		8,600		201,939
Recruit Holdings Co. Ltd.		3,720		140,356
Secom Co. Ltd.		2,310		207,887
SG Holdings Co. Ltd.		5,000		113,218
SMC Corp.		314		145,352
Sumitomo Corp.		11,998		179,352
Tokyu Corp.		9,900		183,985
Toyota Tsusho Corp.		4,180		148,516
West Japan Railway Co.		2,500		217,254
				4,672,725
Information Technology (2.2%):
Advantest Corp.		1,700		96,392
Canon, Inc. (a)		7,614		209,308
FUJIFILM Holdings Corp.		3,860		185,823
Keyence Corp.		428		151,636
Kyocera Corp.		2,700		185,898
Murata Manufacturing Co. Ltd.		2,202		136,733
Nomura Research Institute Ltd.		6,674		143,629
NTT Data Corp.		10,008		135,141

See notes to financial statements.

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(Unaudited)

Security Description	Shares		Value
Obic Co. Ltd.		1,000	$	135,862
Omron Corp.		1,800		106,370
Oracle Corp. Japan		1,500		137,380
TDK Corp.		1,100		125,451
Tokyo Electron Ltd.		626		137,859
Yaskawa Electric Corp.		2,300		88,282
				1,975,764
Materials (0.8%):
Asahi Kasei Corp.		12,868		146,163
Mitsubishi Chemical Holdings Corp.		20,748		156,126
Nippon Paint Holdings Co. Ltd.		3,038		157,716
Shin-Etsu Chemical Co. Ltd.		1,370		152,082
Taiyo Nippon Sanso Corp.		6,500		145,269
				757,356
Real Estate (0.9%):
Daito Trust Construction Co. Ltd.		1,040		129,043
Daiwa House Industry Co. Ltd.		4,400		137,297
Mitsubishi Estate Co. Ltd.		8,252		158,713
Mitsui Fudosan Co. Ltd.		7,178		176,543
Sumitomo Realty & Development Co. Ltd.		5,300		185,968
				787,564
Utilities (0.1%):
The Kansai Electric Power Co., Inc.		10,100		117,558
				18,070,746
Korea, Republic Of (3.8%):
Communication Services (0.6%):
NAVER Corp.		950		153,226
NCSoft Corp.		299		139,893
SK Telecom Co. Ltd.		1,011		208,093
				501,212
Consumer Discretionary (0.3%):
Hyundai Mobis Co. Ltd.		592		131,066
Kia Motors Corp.		3,580		137,157
				268,223
Consumer Staples (0.4%):
KT&G Corp.		2,388		193,717
LG Household & Health Care Ltd.		139		151,586
				345,303
Energy (0.1%):
SK Innovation Co. Ltd.		960		124,535
Financials (0.8%):
Hana Financial Group, Inc.		6,242		199,196
KB Financial Group, Inc.		4,915		202,542

See notes to financial statements.

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Security Description	Shares		Value
Samsung Fire & Marine Insurance Co. Ltd.		758	$	159,624
Shinhan Financial Group Co. Ltd.		5,262		197,274
				758,636
Health Care (0.1%):
Celltrion, Inc. (b)		761		119,161
Industrials (0.7%):
LG Corp.		2,731		174,304
Samsung C&T Corp.		2,316		217,319
SK Holdings Co. Ltd.		970		219,787
				611,410
Information Technology (0.6%):
Samsung Electronics Co. Ltd.		4,276		206,349
Samsung SDI Co. Ltd.		526		107,356
Samsung SDS Co. Ltd.		887		149,201
SK Hynix, Inc.		1,517		123,454
				586,360
Materials (0.2%):
LG Chem Ltd.		510		140,037
				3,454,877
Luxembourg (0.5%):
Energy (0.2%):
Tenaris SA		10,626		119,778
Health Care (0.1%):
Eurofins Scientific		194		107,534
Real Estate (0.2%):
Aroundtown SA		22,709		203,356
				430,668
Macau (0.3%):
Consumer Discretionary (0.3%):
Sands China Ltd.		24,400		130,427
Wynn Macau Ltd.		44,800		110,393
				240,820
Netherlands (2.8%):
Communication Services (0.2%):
Koninklijke KPN NV		57,663		170,160
Consumer Staples (0.7%):
Heineken Holding NV		2,068		200,403
Heineken NV		1,805		192,165
Koninklijke Ahold Delhaize NV		8,257		206,476
				599,044

See notes to financial statements.

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Security Description	Shares		Value
Financials (0.4%):
EXOR NV		2,068	$	160,229
ING Groep NV		13,528		162,170
				322,399
Health Care (0.4%):
Koninklijke Philips NV		3,559		173,723
Qiagen NV (b)		5,444		185,989
				359,712
Industrials (0.4%):
Randstad NV		2,848		173,900
Wolters Kluwer NV		2,878		209,883
				383,783
Information Technology (0.3%):
Adyen NV (b) (c)		129		105,766
ASML Holding NV		588		173,911
				279,677
Materials (0.4%):
Akzo Nobel NV		2,214		225,080
Koninklijke DSM NV		1,249		162,643
				387,723
				2,502,498
Norway (1.4%):
Consumer Staples (0.4%):
Mowi ASA		5,922		153,983
Orkla ASA, Class A		21,381		216,726
				370,709
Energy (0.4%):
Aker BP ASA		3,756		123,256
Equinor ASA		9,989		199,750
				323,006
Financials (0.5%):
DNB ASA		11,223		209,721
Gjensidige Forsikring ASA		10,796		226,652
				436,373
Materials (0.1%):
Yara International ASA		3,271		136,113
				1,266,201
Portugal (0.2%):
Consumer Staples (0.2%):
Jeronimo Martins SGPS SA		8,505		139,893
Russian Federation (0.1%):
Materials (0.1%):
Evraz PLC		16,847		90,141

See notes to financial statements.

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(Unaudited)

Security Description	Shares		Value
Singapore (2.8%):
Communication Services (0.3%):
Singapore Telecommunications Ltd.		97,294	$	243,850
Consumer Discretionary (0.4%):
Genting Singapore Ltd.		263,070		179,997
Jardine Cycle & Carriage Ltd.		7,384		165,297
				345,294
Consumer Staples (0.2%):
Wilmar International Ltd.		69,262		212,226
Financials (0.8%):
DBS Group Holdings Ltd.		12,478		240,169
Oversea-Chinese Banking Corp. Ltd.		31,538		257,539
United Overseas Bank Ltd.		11,792		231,613
				729,321
Industrials (0.8%):
Keppel Corp. Ltd.		50,000		251,748
Singapore Airlines Ltd.		44,200		297,165
Singapore Technologies Engineering Ltd.		76,700		224,749
				773,662
Real Estate (0.3%):
CapitaLand Ltd.		84,736		236,323
				2,540,676
Spain (2.9%):
Communication Services (0.2%):
Telefonica SA		29,221		204,086
Consumer Discretionary (0.2%):
Industria de Diseno Textil SA		5,061		178,524
Energy (0.2%):
Repsol SA		11,575		180,847
Financials (0.6%):
Banco Bilbao Vizcaya Argentaria SA		31,780		177,617
Banco Santander SA		41,029		171,648
CaixaBank SA		52,468		164,658
				513,923
Health Care (0.2%):
Grifols SA		4,908		173,017
Industrials (0.4%):
ACS, Actividades de Construccion y Servicios SA		4,009		160,300
Aena SME SA (c)		1,159		221,640
				381,940
Information Technology (0.2%):
Amadeus IT Group SA		1,967		160,611

See notes to financial statements.

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(Unaudited)

Security Description	Shares		Value
Utilities (0.9%):
Endesa SA		8,636	$	230,434
Iberdrola SA		21,588		222,277
Naturgy Energy Group SA		7,634		191,796
Red Electrica Corp. SA		9,748		195,982
				840,489
				2,633,437
Sweden (2.9%):
Communication Services (0.3%):
Telia Co. AB		56,037		240,884
Consumer Discretionary (0.1%):
Hennes & Mauritz AB, B Shares (a)		5,536		112,619
Consumer Staples (0.4%):
Essity AB, Class B		5,331		171,828
ICA Gruppen AB		3,445		160,856
				332,684
Financials (0.5%):
Skandinaviska Enskilda Banken AB, Class A		17,712		166,614
Svenska Handelsbanken AB, Class A		20,148		217,115
Swedbank AB, A Shares		7,907		117,759
				501,488
Industrials (1.4%):
Alfa Laval AB		7,221		181,925
Assa Abloy AB, Class B		8,503		198,876
Atlas Copco AB, Class A		4,518		180,268
Epiroc AB, Class A		12,664		154,658
Sandvik AB		9,927		193,644
Skanska AB, Class B		8,700		196,701
Volvo AB, Class B		10,155		170,165
				1,276,237
Information Technology (0.2%):
Hexagon AB, B Shares		2,745		153,910
				2,617,822
Switzerland (7.1%):
Communication Services (0.3%):
Swisscom AG		480		254,287
Consumer Discretionary (0.3%):
Cie Financiere Richemont SA, Registered Shares		1,950		153,283
The Swatch Group AG, B shares		503		140,358
				293,641
Consumer Staples (0.9%):
Barry Callebaut AG, Registered Shares		98		216,540
Chocoladefabriken Lindt & Spruengli AG		29		225,233
Coca-Cola HBC AG		4,702		159,731

See notes to financial statements.

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(Unaudited)

Security Description	Shares		Value
Nestle SA, Registered Shares		2,348	$	254,261
				855,765
Financials (1.8%):
Baloise Holding AG, Registered Shares		1,404		253,927
Credit Suisse Group AG, Registered Shares		12,408		168,052
Julius Baer Group Ltd.		3,096		159,760
Partners Group Holding AG		272		249,455
Swiss Life Holding AG		540		271,116
UBS Group AG, Registered Shares		15,853		200,292
Zurich Insurance Group AG		714		293,023
				1,595,625
Health Care (1.2%):
Lonza Group AG, Registered Shares		369		134,695
Novartis AG		2,198		208,760
Roche Holding AG		841		272,917
Sonova Holding AG, Registered Shares		747		171,001
Straumann Holding AG		201		197,427
Vifor Pharma AG		744		135,828
				1,120,628
Industrials (1.2%):
ABB Ltd.		9,216		222,590
Geberit AG		440		247,011
Kuehne + Nagel International AG		1,134		191,266
Schindler Holding AG		723		183,963
SGS SA, Registered Shares		91		249,319
				1,094,149
Information Technology (0.3%):
Stmicroelectronics NV (a)		4,570		122,864
Temenos AG		714		113,047
				235,911
Materials (1.1%):
EMS-Chemie Holding AG		243		159,849
Givaudan SA, Registered Shares		92		288,189
Glencore PLC		42,336		131,960
LafargeHolcim Ltd.		3,333		184,975
Sika AG, Registered Shares		1,152		216,506
				981,479
				6,431,485
United Kingdom (9.3%):
Communication Services (0.6%):
BT Group PLC		86,148		219,563
Informa PLC		15,786		179,173
Pearson PLC		15,200		128,233
				526,969

See notes to financial statements.

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(Unaudited)

Security Description	Shares		Value
Consumer Discretionary (1.0%):
Barratt Developments PLC		20,180	$	199,539
Burberry Group PLC		4,121		120,346
Compass Group PLC		8,715		218,146
Intercontinental Hotels Group PLC		2,908		200,578
Next PLC		1,967		182,825
				921,434
Consumer Staples (1.5%):
Associated British Foods PLC		6,230		214,361
British American Tobacco PLC		3,390		145,085
Diageo PLC		5,315		225,289
Imperial Brands PLC		5,282		130,745
Reckitt Benckiser Group PLC		2,066		167,702
Tesco PLC		62,687		211,874
Unilever PLC		3,574		205,926
				1,300,982
Energy (0.4%):
BP PLC		28,871		180,324
Royal Dutch Shell PLC, Class A		7,014		207,617
				387,941
Financials (2.2%):
3i Group PLC		12,529		182,195
Aviva PLC		41,516		230,217
Hargreaves Lansdown PLC		4,798		122,959
HSBC Holdings PLC		29,740		233,135
Legal & General Group PLC		63,834		256,161
Lloyds Banking Group PLC		293,659		243,076
London Stock Exchange Group PLC		1,563		160,428
Prudential PLC		9,922		190,409
Royal Bank of Scotland Group PLC		62,523		198,981
Schroders PLC		4,432		195,697
				2,013,258
Health Care (0.7%):
AstraZeneca PLC		1,659		167,139
GlaxoSmithKline PLC		10,884		256,439
Smith & Nephew PLC		8,069		195,831
				619,409
Industrials (1.6%):
Ashtead Group PLC		4,404		140,800
BAE Systems PLC		25,341		189,556
Bunzl PLC		7,058		193,028
Ferguson PLC		1,978		179,447
International Consolidated Airlines Group SA		22,945		189,927
Intertek Group PLC		2,323		180,041
RELX PLC		7,369		185,967
Smiths Group PLC		8,944		199,832
				1,458,598

See notes to financial statements.

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(Unaudited)

Security Description	Shares		Value
Information Technology (0.4%):
Halma PLC		7,272	$	203,793
The Sage Group PLC		16,780		166,453
				370,246
Materials (0.7%):
Anglo American PLC		5,856		168,531
Antofagasta PLC		9,566		116,151
Mondi PLC		6,680		156,813
Rio Tinto PLC		2,800		166,985
				608,480
Utilities (0.2%):
National Grid PLC		16,643		208,142
				8,415,459
United States (0.4%):
Consumer Discretionary (0.2%):
Carnival PLC		2,825		136,338
Industrials (0.2%):
Waste Connections, Inc.		2,374		218,764
				355,102
Total Common Stocks (Cost $85,091,724)				90,159,674
Rights (0.0%) (f)
Spain (0.0%): (f)
Energy (0.0%): (f)
Repsol SA Expires 1/8/20 (b)		12,005		5,696
Total Rights (Cost $5,673)				5,696
Investment Companies (0.0%) (f)
BlackRock Liquidity Funds T-Funds, Institutional Class, 1.52% (g)		8,964		8,964
Total Investment Companies (Cost $8,964)				8,964
Collateral for Securities Loaned^ (2.0%)
United States (2.0%):
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (g)		87,264		87,264
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (g)		480,764		480,764
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (g)		14,575		14,575
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (g)		290,431		290,431
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (g)		319,497		319,497
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (g)		638,971		638,971
Total Collateral for Securities Loaned (Cost $1,831,502)				1,831,502
Total Investments (Cost $86,937,863) — 101.5%				92,005,836
Liabilities in excess of other assets — (1.5)%				(1,362,490	)
NET ASSETS — 100.00%			$	90,643,346

See notes to financial statements.

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(Unaudited)

^ Purchased with cash collateral from securities on loan.

(a) All or a portion of this security is on loan.

(b) Non-income producing security.

(d) Security was fair valued based upon procedures approved by the Board of Trustees and represents less than 0.05% of the Fund's net assets as of December 31, 2019. This security is classified as Level 3 within the fair value hierarchy and is deemed to be illiquid by the Fund's Adviser. (See Note 2)

(e) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of December 31, 2019, illiquid securities were less than 0.05% of the Fund's net assets.

(f) Amount represents less than 0.05% of net assets.

(g) Rate disclosed is the daily yield on December 31, 2019.

PLC — Public Limited Company

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Unrealized Value		Appreciation (Depreciation)
Mini MSCI EAFE Index Futures		2	3/20/20	$	200,078	$	203,650	$	3,572
	Total unrealized appreciation							$	3,572
	Total unrealized depreciation								—
	Total net unrealized appreciation (depreciation)							$	3,572

See notes to financial statements.

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Statements of Assets and Liabilities
December 31, 2019 (Unaudited)

	VictoryShares US 500 Volatility Wtd ETF			VictoryShares US Small Cap Volatility Wtd ETF			VictoryShares International Volatility Wtd ETF
ASSETS:
Affiliated investments, at value (Cost $—, $45,502 and $—)	$	—		$	56,095		$	—
Unaffiliated investments, at value (Cost $814,313,583, $27,391,071 and $88,305,944)		933,989,653	(a)		28,285,722	(b)		95,838,735	(c)
Foreign currency, at value (Cost $—, $— and $389,149)		—			—			389,321
Cash and cash equivalents		1,345,762			14,507			—
Deposits with brokers for futures contracts		237,754			56,512			19,685
Interest and dividends receivable		1,041,694			18,116			155,989
Receivable for investments sold		2,816,739			—			—
Variation margin receivable on open futures contracts		4,203			110			510
Reclaims receivable		—			—			46,588
Receivable from Adviser		6,209			3,629			10,813
Prepaid expenses		5,729			193			626
Total Assets		939,447,743			28,434,884			96,462,267
LIABILITIES:
Payables:
Collateral received on loaned securities		38,475,913			1,143,023			2,233,708
Capital shares redeemed		2,811,306			5,510			349,405
Accrued expenses and other payables:
Investment advisory fees		218,986			6,895			30,612
Administration fees		39,401			1,125			4,382
Custodian fees		5,796			677			18,299
Compliance fees		670			20			47
Trustees' fees		2,554			—			92
Other accrued expenses		25,755			7,324			10,683
Total Liabilities		41,580,381			1,164,574			2,647,228
NET ASSETS:
Capital		804,587,495			31,635,845			88,075,414
Total distributable earnings/(loss)		93,279,867			(4,365,535	)		5,739,625
Net Assets	$	897,867,362		$	27,270,310		$	93,815,039
Shares Outstanding (unlimited shares authorized, no par value):		15,900,000			550,000			2,350,000
Net asset value:	$	56.47		$	49.58		$	39.92

(a) Includes $37,638,461 of securities on loan.

(b) Includes $1,116,720 of securities on loan.

See notes to financial statements.

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Statements of Assets and Liabilities
December 31, 2019 (Unaudited)

	VictoryShares Emerging Market Volatility Wtd ETF			VictoryShares US Large Cap High Div Volatility Wtd ETF			VictoryShares US Small Cap High Div Volatility Wtd ETF
ASSETS:
Investments, at value (Cost $49,528,483, $334,604,497 and $114,545,438)	$	52,167,724	(a)	$	363,596,598	(b)	$	119,659,472	(c)
Foreign currency, at value (Cost $2,657,224, $— and $—)		2,657,381			—			—
Cash and cash equivalents		19,517			353,731			98,155
Deposits with brokers for futures contracts		53,216			173,748			86,041
Interest and dividends receivable		26,653			806,776			123,222
Receivable for investments sold		—			—			2,355,438
Variation margin receivable on open futures contracts		310			1,155			220
Receivable from Adviser		18,429			5,252			3,846
Prepaid expenses		331			2,562			698
Total Assets		54,943,561			364,939,822			122,327,092
LIABILITIES:
Payables:
Collateral received on loaned securities		274,793			5,269,327			11,569,425
Capital shares redeemed		2,658,558			—			2,350,032
Accrued foreign capital gains taxes		59,654			—			—
Accrued expenses and other payables:
Investment advisory fees		18,429			90,873			26,352
Administration fees		2,299			16,993			1,953
Custodian fees		14,868			2,465			483
Compliance fees		25			296			76
Trustees' fees		85			920			—
Other accrued expenses		26,763			13,198			11,125
Total Liabilities		3,055,474			5,394,072			13,959,446
NET ASSETS:
Capital		50,277,961			332,811,641			110,445,587
Total distributable earnings/(loss)		1,610,126			26,734,109			(2,077,941	)
Net Assets	$	51,888,087		$	359,545,750		$	108,367,646
Shares Outstanding (unlimited shares authorized, no par value):		1,950,000			7,100,000			2,300,000
Net asset value:	$	26.61		$	50.64		$	47.12

(a) Includes $259,599 of securities on loan.

(b) Includes $5,042,230 of securities on loan.

See notes to financial statements.

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Statements of Assets and Liabilities
December 31, 2019 (Unaudited)

	VictoryShares International High Div Volatility Wtd ETF			VictoryShares Emerging Market High Div Volatility Wtd ETF			VictoryShares Dividend Accelerator ETF
ASSETS:
Investments, at value (Cost $91,713,495, $45,349,709 and $176,412,515)	$	93,423,683	(a)	$	45,680,700		$	185,205,070	(b)
Foreign currency, at value (Cost $64,246 and $30)		64,748			30			—
Cash and cash equivalents		75,114			175,966			302,338
Deposits with brokers for futures contracts		96,344			44,688			92,166
Interest and dividends receivable		287,487			68,900			177,446
Receivable for investments sold		1,392			—			—
Variation margin receivable on open futures contracts		2,550			836			770
Reclaims receivable		82,533			2,470			—
Receivable from Adviser		5,698			10,470			5,642
Prepaid expenses		643			314			1,073
Total Assets		94,040,192			45,984,374			185,784,505
LIABILITIES:
Payables:
Collateral received on loaned securities		5,739,269			—			3,233,288
Custodian		—			—			17
Accrued expenses and other payables:
Investment advisory fees		29,348			17,043			43,095
Administration fees		1,630			701			3,212
Custodian fees		5,129			2,832			509
Compliance fees		52			40			67
Trustees' fees		—			—			1,744
Other accrued expenses		11,126			7,130			10,382
Total Liabilities		5,786,554			27,746			3,292,314
NET ASSETS:
Capital		87,859,601			47,561,729			172,240,728
Total distributable earnings/(loss)		394,037			(1,605,101	)		10,251,463
Net Assets	$	88,253,638		$	45,956,628		$	182,492,191
Shares Outstanding (unlimited shares authorized, no par value):		2,600,000			1,900,000			5,100,000
Net asset value:	$	33.94		$	24.19		$	35.78

(a) Includes $5,479,600 of securities on loan.

(b) Includes $3,164,117 of securities on loan.

See notes to financial statements.

147

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Statements of Assets and Liabilities
December 31, 2019 (Unaudited)

	VictoryShares US Multi-Factor Minimum Volatility ETF			VictoryShares US 500 Enhanced Volatility Wtd ETF			VictoryShares US EQ Income Enhanced Volatility Wtd ETF
ASSETS:
Investments, at value (Cost $155,017,988, $662,489,702 and $650,952,855)	$	163,876,609	(a)	$	752,979,033	(b)	$	702,239,700	(c)
Cash and cash equivalents		211,304			—			—
Receivable from custodian		—			37,482			—
Deposits with brokers for futures contracts		116,647			235,470			274,985
Interest and dividends receivable		308,291			870,431			1,535,797
Receivable for investments sold		—			2,619,496			—
Variation margin receivable on open futures contracts		770			3,818			4,588
Receivable from Adviser		4,858			9,047			8,145
Prepaid expenses		1,138			5,145			4,790
Total Assets		164,519,617			756,759,922			704,068,005
LIABILITIES:
Payables:
Collateral received on loaned securities		984,580			25,133,916			16,906,993
Capital shares redeemed		—			2,624,534			—
Accrued expenses and other payables:
Investment advisory fees		41,437			185,612			173,105
Administration fees		3,261			30,551			29,337
Custodian fees		637			7,099			5,714
Compliance fees		78			644			582
Trustees' fees		214			2,130			1,781
Other accrued expenses		11,694			38,742			27,573
Total Liabilities		1,041,901			28,023,228			17,145,085
NET ASSETS:
Capital		153,084,484			729,122,299			711,701,225
Total distributable earnings/(loss)		10,393,232			(385,605	)		(24,778,305	)
Net Assets	$	163,477,716		$	728,736,694		$	686,922,920
Shares Outstanding (unlimited shares authorized, no par value):		4,950,000			13,850,000			14,000,000
Net asset value:	$	33.03		$	52.62		$	49.07

(a) Includes $949,498 of securities on loan.

(b) Includes $24,574,380 of securities on loan.

See notes to financial statements.

148

Victory Portfolios II

Statements of Assets and Liabilities
December 31, 2019 (Unaudited)

	VictoryShares US Discovery Enhanced Volatility Wtd ETF			VictoryShares Developed Enhanced Volatility Wtd ETF
ASSETS:
Affiliated investments, at value (Cost $84,456 and $—)	$	113,678		$	—
Unaffiliated investments, at value (Cost $51,546,061 and $86,937,863)		55,776,036	(a)		92,005,836	(b)
Foreign currency, at value (Cost $— and $42,052)		—			43,162
Deposits with brokers for futures contracts		63,037			115,034
Interest and dividends receivable		36,673			157,256
Variation margin receivable on open futures contracts		110			1,020
Reclaims receivable		—			208,778
Receivable from Adviser		4,429			7,769
Prepaid expenses		432			664
Total Assets		55,994,395			92,539,519
LIABILITIES:
Payables:
Collateral received on loaned securities		553,206			1,831,502
Investments purchased		3,677			—
Accrued expenses and other payables:
Investment advisory fees		14,539			31,237
Administration fees		2,166			3,643
Custodian fees		889			15,610
Compliance fees		51			80
Other accrued expenses		12,185			14,101
Total Liabilities		586,713			1,896,173
NET ASSETS:
Capital		89,622,934			101,863,301
Total distributable earnings/(loss)		(34,215,252	)		(11,219,955	)
Net Assets	$	55,407,682		$	90,643,346
Shares Outstanding (unlimited shares authorized, no par value):		1,400,000			2,700,000
Net asset value:	$	39.58		$	33.57

(a) Includes $539,928 of securities on loan.

(b) Includes $1,749,319 of securities on loan.

See notes to financial statements.

149

Victory Portfolios II

Statements of Operations
For the Six Months Ended December 31, 2019 (Unaudited)

	VictoryShares US 500 Volatility Wtd ETF			VictoryShares US Small Cap Volatility Wtd ETF			VictoryShares International Volatility Wtd ETF
Investment Income:
Income distributed from affiliated funds	$	—		$	134		$	—
Dividends		7,256,147			223,379			1,039,140
Interest		28,403			1,213			2,138
Securities lending (net of fees)		17,605			3,142			4,157
Foreign tax withholding		(911	)		(217	)		(136,234	)
Total Income		7,301,244			227,651			909,201
Expenses:
Investment advisory fees		1,189,400			42,558			160,459
Administration fees		234,318			8,386			23,708
Sub-Administration fees		8,688			8,688			8,688
Custodian fees		17,315			1,950			47,001
Servicing fees		2,149			2,107			2,107
Trustees' fees		31,842			1,417			2,903
Compliance fees		3,109			119			272
Legal and audit fees		37,128			5,302			7,492
Printing fees		—			3,583			—
Line of Credit fees		—			—			118
Other expenses		50,572			1,864			11,841
Total Expenses		1,574,521			75,974			264,589
Expenses waived/reimbursed by Adviser		(189,114	)		(26,484	)		(83,753	)
Net Expenses		1,385,407			49,490			180,836
Net Investment Income (Loss)		5,915,837			178,161			728,365
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from unaffiliated investment securities and foreign currency translations		2,095,966			(370,269	)		(326,773	)
Net realized gains (losses) from affiliated securities		—			231			—
Net realized gains (losses) from futures contracts		87,682			10,821			36,622
Net change in unrealized appreciation/depreciation on unaffiliated investment securities and foreign currency translations		57,969,165			2,613,401			4,686,664
Net change in unrealized appreciation/depreciation on affiliated securities		—			10,593			—
Net change in unrealized appreciation/depreciation on futures contracts		(683	)		(213	)		(3,196	)
Net realized/unrealized gains (losses) on investments		60,152,130			2,264,564			4,393,317
Change in net assets resulting from operations	$	66,067,967		$	2,442,725		$	5,121,682

See notes to financial statements.

150

Victory Portfolios II

Statements of Operations
For the Six Months Ended December 31, 2019 (Unaudited)

	VictoryShares Emerging Market Volatility Wtd ETF			VictoryShares US Large Cap High Div Volatility Wtd ETF			VictoryShares US Small Cap High Div Volatility Wtd ETF
Investment Income:
Dividends	$	664,570		$	6,433,447		$	1,650,937
Interest		1,835			13,498			3,491
Securities lending (net of fees)		985			5,450			26,089
Foreign tax withholding		(93,107	)		—			(2,269	)
Total Income		574,283			6,452,395			1,678,248
Expenses:
Investment advisory fees		96,411			524,184			139,731
Administration fees		12,662			103,278			27,527
Sub-Administration fees		10,162			8,688			8,688
Custodian fees		66,401			8,634			2,652
Servicing fees		2,106			2,106			2,107
Trustees' fees		1,594			14,148			3,640
Compliance fees		141			1,379			346
Legal and audit fees		20,274			17,853			7,684
Line of Credit fees		63			—			148
Other expenses		11,088			21,096			8,407
Total Expenses		220,902			701,366			200,930
Expenses waived/reimbursed by Adviser		(113,556	)		(91,236	)		(38,037	)
Net Expenses		107,346			610,130			162,893
Net Investment Income (Loss)		466,937			5,842,265			1,515,355
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		(625,556	)		13,812,220			(586,808	)
Foreign taxes on realized gains		(4,588	)		—			—
Net realized gains (losses) from futures contracts		(3,938	)		159,429			37,705
Net change in unrealized appreciation/ depreciation on investment securities		1,450,959			12,573,802			6,562,541
Net change in unrealized appreciation/ depreciation on futures contracts		(336	)		(9,136	)		(5,009	)
Net realized/unrealized gains (losses) on investments		816,541			26,536,315			6,008,429
Change in net assets resulting from operations	$	1,283,478		$	32,378,580		$	7,523,784

See notes to financial statements.

151

Victory Portfolios II

Statements of Operations
For the Six Months Ended December 31, 2019 (Unaudited)

	VictoryShares International High Div Volatility Wtd ETF			VictoryShares Emerging Market High Div Volatility Wtd ETF			VictoryShares Dividend Accelerator ETF
Investment Income:
Dividends	$	1,809,517		$	1,331,246		$	1,229,070
Interest		3,181			858			3,831
Securities lending (net of fees)		8,366			904			1,165
Foreign tax withholding		(254,435	)		(191,509	)		—
Total Income		1,566,629			1,141,499			1,234,066
Expenses:
Investment advisory fees		166,290			98,182			192,867
Administration fees		24,573			12,896			37,986
Sub-Administration fees		8,688			9,671			9,305
Custodian fees		13,589			30,998			3,064
Servicing fees		2,107			2,048			2,049
Trustees' fees		3,050			1,900			3,726
Compliance fees		288			171			368
Legal and audit fees		7,838			10,086			8,450
Line of Credit fees		—			72			—
Other expenses		9,149			6,359			8,483
Total Expenses		235,572			172,383			266,298
Expenses waived/reimbursed by Adviser		(48,421	)		(63,476	)		(40,316	)
Net Expenses		187,151			108,907			225,982
Net Investment Income (Loss)		1,379,478			1,032,592			1,008,084
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		1,319,747			(501,554	)		1,864,412
Foreign taxes on realized gains		—			(59,733	)		—
Net realized gains (losses) from futures contracts		33,377			18,259			30,977
Net change in unrealized appreciation/ depreciation on investment securities		3,019,542			559,255			7,600,238
Net change in unrealized appreciation/ depreciation on futures contracts		2,099			7,158			8,507
Net realized/unrealized gains (losses) on investments		4,374,765			23,385			9,504,134
Change in net assets resulting from operations	$	5,754,243		$	1,055,977		$	10,512,218

See notes to financial statements.

152

Victory Portfolios II

Statements of Operations
For the Six Months Ended December 31, 2019 (Unaudited)

	VictoryShares US Multi-Factor Minimum Volatility ETF			VictoryShares US 500 Enhanced Volatility Wtd ETF			VictoryShares US EQ Income Enhanced Volatility Wtd ETF
Investment Income:
Dividends	$	1,933,591		$	6,916,243		$	12,421,057
Interest		4,520			2,357			3,006
Securities lending (net of fees)		960			18,584			12,748
Foreign tax withholding		—			(907	)		—
Total Income		1,939,071			6,936,277			12,436,811
Expenses:
Investment advisory fees		216,006			1,142,861			1,014,112
Administration fees		42,554			225,185			199,807
Sub-Administration fees		9,305			8,688			8,688
Custodian fees		3,577			17,093			14,833
Servicing fees		2,056			2,151			2,149
Trustees' fees		4,614			33,019			28,486
Compliance fees		453			3,177			2,756
Legal and audit fees		9,265			39,572			34,405
Other expenses		10,239			61,120			49,551
Total Expenses		298,069			1,532,866			1,354,787
Expenses waived/reimbursed by Adviser		(45,605	)		(204,147	)		(175,013	)
Net Expenses		252,464			1,328,719			1,179,774
Net Investment Income (Loss)		1,686,607			5,607,558			11,257,037
Realized/Unrealized Gains (Losses) from Investment Transactions:
Net realized gains (losses) from investment securities		2,030,153			25,556,363			34,008,731
Net realized gains (losses) from futures contracts		47,552			88,053			387,345
Net change in unrealized appreciation/ depreciation on investment securities		6,127,685			28,265,869			16,589,509
Net change in unrealized appreciation/ depreciation on futures contracts		711			(10,285	)		(954	)
Net realized/unrealized gains on investments		8,206,101			53,900,000			50,984,631
Change in net assets resulting from operations	$	9,892,708		$	59,507,558		$	62,241,668

See notes to financial statements.

153

Victory Portfolios II

Statements of Operations
For the Six Months Ended December 31, 2019 (Unaudited)

	VictoryShares US Discovery Enhanced Volatility Wtd ETF			VictoryShares Developed Enhanced Volatility Wtd ETF
Investment Income:
Income distributed from affiliated funds	$	281		$	—
Dividends		572,310			1,244,706
Interest		462			1,257
Securities lending (net of fees)		3,500			10,343
Foreign tax withholding		(546	)		(174,501	)
Total Income		576,007			1,081,805
Expenses:
Investment advisory fees		105,094			198,893
Administration fees		20,711			29,393
Sub-Administration fees		8,688			8,688
Custodian fees		2,359			34,685
Servicing fees		2,107			2,107
Trustees' fees		3,511			4,559
Compliance fees		313			424
Legal and audit fees		7,349			9,362
Printing fees		9,258			10,309
Other expenses		2,495			8,314
Total Expenses		161,885			306,734
Expenses waived/reimbursed by Adviser		(39,967	)		(83,761	)
Net Expenses		121,918			222,973
Net Investment Income (Loss)		454,089			858,832
Realized/Unrealized Gains (Losses) from Investment Transactions:
Net realized gains (losses) from unaffiliated investment securities and foreign currency translations		(97,871	)		401,192
Net realized gains (losses) from affiliated securities		5,004			—
Net realized gains (losses) from futures contracts		17,939			34,237
Net change in unrealized appreciation/depreciation on unaffiliated investment securities and foreign currency translations		1,935,562			3,403,839
Net change in unrealized appreciation/depreciation on affiliated securities		29,222			—
Net change in unrealized appreciation/depreciation on futures contracts		(8,202	)		(9,436	)
Net realized/unrealized gains (losses) on investments		1,881,654			3,829,832
Change in net assets resulting from operations	$	2,335,743		$	4,688,664

See notes to financial statements.

154

Victory Portfolios II

Statements of Changes in Net Assets

	VictoryShares US 500 Volatility Wtd ETF						VictoryShares US Small Cap Volatility Wtd ETF						VictoryShares International Volatility Wtd ETF
	Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019
From Investment Activities:
Operations:
Net investment income (loss)	$	5,915,837		$	9,786,765		$	178,161		$	512,416		$	728,365		$	951,107
Net realized gains (losses) from investments		2,183,648			14,597,943			(359,217	)		1,410,095			(290,151	)		(851,910	)
Net change in unrealized appreciation/ depreciation on investments		57,968,482			26,244,251			2,623,781			(4,291,184	)		4,683,468			1,911,634
Change in net assets resulting from operations		66,067,967			50,628,959			2,442,725			(2,368,673	)		5,121,682			2,010,831
Change in net assets resulting from distributions to shareholders		(6,674,714	)		(9,387,343	)		(202,562	)		(530,031	)		(910,166	)		(942,198	)
Change in net assets resulting from capital transactions		106,699,137			123,163,001			(4,783,798	)		(8,548,089	)		53,388,326			13,649,150
Change in net assets		166,092,390			164,404,617			(2,543,635	)		(11,446,793	)		57,599,842			14,717,783
Net Assets:
Beginning of period		731,774,972			567,370,355			29,813,945			41,260,738			36,215,197			21,497,414
End of period	$	897,867,362		$	731,774,972		$	27,270,310		$	29,813,945		$	93,815,039		$	36,215,197
Capital Transactions:
Proceeds from shares issued		119,703,305			298,196,716			—			28,692,604			53,388,326			22,981,655
Cost of shares redeemed		(13,004,168	)		(175,033,715	)		(4,783,797	)		(37,240,693	)		—			(9,332,505	)
Change in net assets resulting from capital transactions		106,699,137			123,163,001			(4,783,797	)		(8,548,089	)		53,388,326			13,649,150
Share Transactions:
Issued		2,200,000			5,950,000			—			600,000			1,400,000			650,000
Redeemed		(250,000	)		(3,500,000	)		(100,000	)		(800,000	)		—			(250,000	)
Change in Shares		1,950,000			2,450,000			(100,000	)		(200,000	)		1,400,000			400,000

See notes to financial statements.

155

Victory Portfolios II

Statements of Changes in Net Assets

	VictoryShares Emerging Market Volatility Wtd ETF						VictoryShares US Large Cap High Div Volatility Wtd ETF						VictoryShares US Small Cap High Div Volatility Wtd ETF
	Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019
From Investment Activities:
Operations:
Net investment income (loss)	$	466,937		$	443,633		$	5,842,265		$	7,392,266		$	1,515,355		$	1,783,745
Net realized gains (losses) from investments		(634,082	)		(284,780	)		13,971,649			6,361,260			(549,103	)		2,592,926
Net change in unrealized appreciation/ depreciation on investments		1,450,623			583,493			12,564,666			11,581,665			6,557,532			(3,986,579	)
Change in net assets resulting from operations		1,283,478			742,346			32,378,580			25,335,191			7,523,784			390,092
Change in net assets resulting from distributions to shareholders		(526,271	)		(1,357,525	)		(6,687,017	)		(6,679,386	)		(1,897,734	)		(1,707,481	)
Change in net assets resulting from capital transactions		32,796,567			—			2,327,310			168,683,788			27,464,306			32,929,668
Change in net assets		33,553,774			(615,179	)		28,018,873			187,339,593			33,090,356			31,612,279
Net Assets:
Beginning of period		18,334,313			18,949,492			331,526,877			144,187,284			75,277,290			43,665,011
End of period	$	51,888,087		$	18,334,313		$	359,545,750		$	331,526,877		$	108,367,646		$	75,277,290
Capital Transactions:
Proceeds from shares issued		32,796,567			—			117,483,418			290,937,852			56,288,038			72,072,068
Cost of shares redeemed		—			—			(115,156,108	)		(122,254,064	)		(28,823,732	)		(39,142,400	)
Change in net assets resulting from capital transactions		32,796,567			—			2,327,310			168,683,788			27,464,306			32,929,668
Share Transactions:
Issued		1,250,000			—			2,450,000			6,500,000			1,250,000			1,600,000
Redeemed		—			—			(2,400,000	)		(2,650,000	)		(650,000	)		(850,000	)
Change in Shares		1,250,000			—			50,000			3,850,000			600,000			750,000

See notes to financial statements.

156

Victory Portfolios II

Statements of Changes in Net Assets

	VictoryShares International High Div Volatility Wtd ETF						VictoryShares Emerging Market High Div Volatility Wtd ETF						VictoryShares Dividend Accelerator ETF
	Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019
From Investment Activities:
Operations:
Net investment income (loss)	$	1,379,478		$	2,198,521		$	1,032,592		$	1,478,279		$	1,008,084		$	161,589
Net realized gains (losses) from investments		1,353,124			(1,809,806	)		(543,028	)		(1,626,872	)		1,895,388			802,071
Net change in unrealized appreciation/ depreciation on investments		3,021,641			(231,935	)		566,413			1,898,159			7,608,746			838,524
Change in net assets resulting from operations		5,754,243			156,780			1,055,977			1,749,566			10,512,218			1,802,184
Change in net assets resulting from distributions to shareholders		(1,562,854	)		(2,195,385	)		(1,290,208	)		(1,289,328	)		(1,084,303	)		(154,436	)
Change in net assets resulting from capital transactions		43,522,220			(3,245,348	)		5,939,593			18,258,598			156,614,687			7,699,980
Change in net assets		47,713,609			(5,283,953	)		5,705,362			18,718,836			166,042,602			9,347,728
Net Assets:
Beginning of period		40,540,029			45,823,982			40,251,266			21,532,430			16,449,589			7,101,861
End of period	$	88,253,638		$	40,540,029		$	45,956,628		$	40,251,266		$	182,492,191		$	16,449,589
Capital Transactions:
Proceeds from shares issued		51,700,754			4,686,683			5,939,593			21,602,286			165,273,915			14,036,615
Cost of shares redeemed		(8,178,534	)		(7,932,031	)		—			(3,343,688	)		(8,659,228	)		(6,336,635	)
Change in net assets resulting from capital transactions		43,522,220			(3,245,348	)		5,939,593			18,258,598			156,614,687			7,699,980
Share Transactions:
Issued		1,600,000			150,000			250,000			900,000			4,850,000			450,000
Redeemed		(250,000	)		(250,000	)		—			(150,000	)		(250,000	)		(200,000	)
Change in Shares		1,350,000			(100,000	)		250,000			750,000			4,600,000			250,000

See notes to financial statements.

157

Victory Portfolios II

Statements of Changes in Net Assets

	VictoryShares US Multi-Factor Minimum Volatility ETF						VictoryShares US 500 Enhanced Volatility Wtd ETF						VictoryShares US EQ Income Enhanced Volatility Wtd ETF
	Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019
From Investment Activities:
Operations:
Net investment income (loss)	$	1,686,607		$	709,028		$	5,607,558		$	14,678,710		$	11,257,037		$	24,684,836
Net realized gains (losses) from investments		2,077,705			(913,635	)		25,644,416			(38,902,043	)		34,396,076			(40,002,717	)
Net change in unrealized appreciation/ depreciation on investments		6,128,396			2,562,254			28,255,584			5,869,999			16,588,555			15,472,173
Change in net assets resulting from operations		9,892,708			2,357,647			59,507,558			(18,353,334	)		62,241,668			154,292
Change in net assets resulting from distributions to shareholders		(1,781,511	)		(627,227	)		(6,474,390	)		(14,515,692	)		(12,729,246	)		(24,059,137	)
Change in net assets resulting from capital transactions		112,153,944			33,208,682			(153,025,843	)		(89,812,663	)		(59,403,723	)		(17,541,016	)
Change in net assets		120,265,141			34,939,102			(99,992,675	)		(122,681,689	)		(9,891,301	)		(41,445,861	)
Net Assets:
Beginning of period		43,212,575			8,273,473			828,729,369			951,411,058			696,814,221			738,260,082
End of period	$	163,477,716		$	43,212,575		$	728,736,694		$	828,729,369		$	686,922,920		$	696,814,221
Capital Transactions:
Proceeds from shares issued		139,273,814			66,623,191			—			506,703,403			2,437,861			361,365,589
Cost of shares redeemed		(27,119,870	)		(33,414,509	)		(153,025,843	)		(596,516,066	)		(61,841,584	)		(378,906,605	)
Change in net assets resulting from capital transactions		112,153,944			33,208,682			(153,025,843	)		(89,812,663	)		(59,403,723	)		(17,541,016	)
Share Transactions:
Issued		4,400,000			2,300,000			—			10,250,000			50,000			7,650,000
Redeemed		(850,000	)		(1,200,000	)		(3,100,000	)		(12,600,000	)		(1,350,000	)		(8,300,000	)
Change in Shares		3,550,000			1,100,000			(3,100,000	)		(2,350,000	)		(1,300,000	)		(650,000	)

See notes to financial statements.

158

Victory Portfolios II

Statements of Changes in Net Assets

	VictoryShares US Discovery Enhanced Volatility Wtd ETF						VictoryShares Developed Enhanced Volatility Wtd ETF
	Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (unaudited)			Year Ended June 30, 2019
From Investment Activities:
Operations:
Net investment income (loss)	$	454,089		$	1,700,133		$	858,832		$	3,919,389
Net realized gains (losses) from investments		(74,928	)		(19,092,889	)		435,429			(6,788,532	)
Net change in unrealized appreciation/depreciation on investments		1,956,582			(7,773,182	)		3,394,403			(2,618,922	)
Change in net assets resulting from operations		2,335,743			(25,165,938	)		4,688,664			(5,488,065	)
Change in net assets resulting from distributions to shareholders		(569,117	)		(1,699,060	)		(1,115,135	)		(4,201,929	)
Change in net assets resulting from capital transactions		(38,972,691	)		3,321,549			(23,676,158	)		(58,667,327	)
Change in net assets		(37,206,065	)		(23,543,449	)		(20,102,629	)		(68,357,321	)
Net Assets:
Beginning of period		92,613,747			116,157,196			110,745,975			179,103,296
End of period	$	55,407,682		$	92,613,747		$	90,643,346		$	110,745,975
Capital Transactions:
Proceeds from shares issued		—			73,395,864			—			1,668,844
Cost of shares redeemed		(38,972,691	)		(70,074,315	)		(23,676,158	)		(60,336,171	)
Change in net assets resulting from capital transactions		(38,972,691	)		3,321,549			(23,676,158	)		(58,667,327	)
Share Transactions:
Issued		—			1,600,000			—			50,000
Redeemed		(1,050,000	)		(1,600,000	)		(750,000	)		(1,900,000	)
Change in Shares		(1,050,000	)		—			(750,000	)		(1,850,000	)

See notes to financial statements.

159

Victory Portfolios II

Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
VictoryShares US 500 Volatility Wtd ETF
Six Months Ended 12/31/19 (unaudited)	$	52.46		0.40		4.06			4.46			(0.45	)		—
Year Ended 6/30/19	$	49.34		0.73		3.09			3.82			(0.70	)		—
Year Ended 6/30/18	$	44.05		0.63		5.26			5.89			(0.60	)		—
Year Ended 6/30/17	$	37.24		0.60		6.71			7.31			(0.50	)		—
Year Ended 6/30/16	$	36.78		0.57		0.42			0.99			(0.51	)		(0.02	)
7/1/14(e) through 6/30/15	$	35.00		0.49		1.73			2.22			(0.44	)		—
VictoryShares US Small Cap Volatility Wtd ETF
Six Months Ended 12/31/19 (unaudited)	$	45.87		0.29		3.77			4.06			(0.35	)		—
Year Ended 6/30/19	$	48.54		0.63		(2.62	)		(1.99	)		(0.68	)		—
Year Ended 6/30/18	$	42.40		0.50		6.14			6.64			(0.50	)		—
Year Ended 6/30/17	$	34.35		0.50		8.01			8.51			(0.46	)		—
7/7/15(e) through 6/30/16	$	35.00		0.41		(0.72	)		(0.31	)		(0.34	)		—
VictoryShares International Volatility Wtd ETF
Six Months Ended 12/31/19 (unaudited)	$	38.12		0.35		1.90			2.25			(0.45	)		—
Year Ended 6/30/19	$	39.09		1.17		(1.07	)(f)		0.10			(1.07	)		—
Year Ended 6/30/18	$	37.20		1.04		1.81			2.85			(0.96	)		—
Year Ended 6/30/17	$	32.11		0.76		5.10			5.86			(0.77	)		—
8/19/15(e) through 6/30/16	$	35.00		0.85		(3.15	)		(2.30	)		(0.59	)		—

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Not annualized for periods less than one year.

(d) Excludes impact of in-kind transactions.

(e) Commencement of operations.

(f) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

See notes to financial statements.

160

Victory Portfolios II

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
VictoryShares US 500 Volatility Wtd ETF
Six Months Ended 12/31/19 (unaudited)		(0.45	)	$	56.47		8.54	%		0.35	%		1.49	%		0.40	%	$	897,867		15	%
Year Ended 6/30/19		(0.70	)	$	52.46		7.86	%		0.35	%		1.48	%		0.40	%	$	731,775		46	%
Year Ended 6/30/18		(0.60	)	$	49.34		13.42	%		0.35	%		1.32	%		0.41	%	$	567,370		36	%
Year Ended 6/30/17		(0.50	)	$	44.05		19.72	%		0.35	%		1.43	%		0.47	%	$	292,921		26	%
Year Ended 6/30/16		(0.53	)	$	37.24		2.78	%		0.35	%		1.59	%		0.74	%	$	44,689		31	%
7/1/14(e) through 6/30/15		(0.44	)	$	36.78		6.38	%		0.54	%		1.37	%		1.39	%	$	9,194		23	%
VictoryShares US Small Cap Volatility Wtd ETF
Six Months Ended 12/31/19 (unaudited)		(0.35	)	$	49.58		8.88	%		0.35	%		1.26	%		0.54	%	$	27,270		26	%
Year Ended 6/30/19		(0.68	)	$	45.87		(4.07	)%		0.35	%		1.36	%		0.46	%	$	29,814		62	%
Year Ended 6/30/18		(0.50	)	$	48.54		15.75	%		0.35	%		1.10	%		0.47	%	$	41,261		47	%
Year Ended 6/30/17		(0.46	)	$	42.40		24.86	%		0.35	%		1.25	%		0.68	%	$	25,438		47	%
7/7/15(e) through 6/30/16		(0.34	)	$	34.35		(0.86	)%		0.35	%		1.28	%		1.44	%	$	10,304		50	%
VictoryShares International Volatility Wtd ETF
Six Months Ended 12/31/19 (unaudited)		(0.45	)	$	39.92		5.95	%		0.45	%		1.81	%		0.66	%	$	93,815		22	%
Year Ended 6/30/19		(1.07	)	$	38.12		0.33	%		0.45	%		3.14	%		0.73	%	$	36,215		53	%
Year Ended 6/30/18		(0.96	)	$	39.09		7.62	%		0.45	%		2.61	%		0.98	%	$	21,497		37	%
Year Ended 6/30/17		(0.77	)	$	37.20		18.44	%		0.45	%		2.25	%		1.54	%	$	13,021		46	%
8/19/15(e) through 6/30/16		(0.59	)	$	32.11		(6.58	)%		0.45	%		2.99	%		2.31	%	$	12,844		31	%

See notes to financial statements.

161

Victory Portfolios II

Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
VictoryShares Emerging Market Volatility Wtd ETF
Six Months Ended 12/31/19 (unaudited)	$	26.19		0.28		0.53			0.81			(0.39	)		—
Year Ended 6/30/19	$	27.07		0.63		0.43			1.06			(0.53	)		(1.41	)
Year Ended 6/30/18	$	27.83		0.64		0.29			0.93			(0.60	)		(1.09	)
Year Ended 6/30/17	$	25.28		0.55		2.64			3.19			(0.52	)		(0.12	)
3/22/16(e) through 6/30/16	$	25.00		0.25		0.13			0.38			(0.10	)		—
VictoryShares US Large Cap High Div Volatility Wtd ETF
Six Months Ended 12/31/19 (unaudited)	$	47.03		0.81		3.73			4.54			(0.93	)		—
Year Ended 6/30/19	$	45.06		1.51		1.83			3.34			(1.37	)		—
Year Ended 6/30/18	$	42.17		1.34		2.92			4.26			(1.37	)		—
Year Ended 6/30/17	$	37.58		1.24		4.46			5.70			(1.11	)		—
7/7/15(e) through 6/30/16	$	35.00		1.28		2.35			3.63			(1.05	)		—
VictoryShares US Small Cap High Div Volatility Wtd ETF
Six Months Ended 12/31/19 (unaudited)	$	44.28		0.73		3.01			3.74			(0.90	)		—
Year Ended 6/30/19	$	45.96		1.38		(1.74	)		(0.36	)		(1.32	)		—
Year Ended 6/30/18	$	40.41		1.39		5.61			7.00			(1.45	)		—
Year Ended 6/30/17	$	35.40		1.43		4.93			6.36			(1.35	)		—
7/7/15(e) through 6/30/16	$	35.00		1.18		0.21			1.39			(0.99	)		—

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Not annualized for periods less than one year.

(d) Excludes impact of in-kind transactions.

(e) Commencement of operations.

See notes to financial statements.

162

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Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions to Shareholders			Net Asset Value, End of Period		Total Return(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
VictoryShares Emerging Market Volatility Wtd ETF
Six Months Ended 12/31/19 (unaudited)		(0.39	)	$	26.61		3.17	%		0.50	%		2.18	%		1.03	%	$	51,888		27	%
Year Ended 6/30/19		(1.94	)	$	26.19		4.46	%		0.50	%		2.44	%		1.41	%	$	18,334		60	%
Year Ended 6/30/18		(1.69	)	$	27.07		3.09	%		0.50	%		2.19	%		1.23	%	$	18,949		53	%
Year Ended 6/30/17		(0.64	)	$	27.83		12.76	%		0.50	%		2.11	%		1.91	%	$	33,393		38	%
3/22/16(e) through 6/30/16		(0.10	)	$	25.28		1.56	%		0.50	%		3.70	%		6.26	%	$	12,642		1	%
VictoryShares US Large Cap High Div Volatility Wtd ETF
Six Months Ended 12/31/19 (unaudited)		(0.93	)	$	50.64		9.78	%		0.35	%		3.35	%		0.40	%	$	359,546		31	%
Year Ended 6/30/19		(1.37	)	$	47.03		7.59	%		0.35	%		3.33	%		0.42	%	$	331,527		66	%
Year Ended 6/30/18		(1.37	)	$	45.06		10.23	%		0.35	%		3.04	%		0.42	%	$	144,187		52	%
Year Ended 6/30/17		(1.11	)	$	42.17		15.37	%		0.35	%		3.05	%		0.45	%	$	120,181		48	%
7/7/15(e) through 6/30/16		(1.05	)	$	37.58		10.62	%		0.35	%		3.69	%		0.72	%	$	41,333		46	%
VictoryShares US Small Cap High Div Volatility Wtd ETF
Six Months Ended 12/31/19 (unaudited)		(0.90	)	$	47.12		8.55	%		0.35	%		3.26	%		0.43	%	$	108,368		32	%
Year Ended 6/30/19		(1.32	)	$	44.28		(0.70	)%		0.35	%		3.10	%		0.44	%	$	75,277		83	%
Year Ended 6/30/18		(1.45	)	$	45.96		17.64	%		0.35	%		3.23	%		0.45	%	$	43,665		68	%
Year Ended 6/30/17		(1.35	)	$	40.41		18.07	%		0.35	%		3.65	%		0.55	%	$	32,325		65	%
7/7/15(e) through 6/30/16		(0.99	)	$	35.40		4.15	%		0.35	%		3.59	%		0.92	%	$	14,160		78	%

See notes to financial statements.

163

Victory Portfolios II

Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
VictoryShares International High Div Volatility Wtd ETF
Six Months Ended 12/31/19 (unaudited)	$	32.43		0.54		1.61			2.15			(0.64	)		—
Year Ended 6/30/19	$	33.94		1.63		(1.48	)		0.15			(1.66	)		—
Year Ended 6/30/18	$	34.25		1.47		(0.41	)		1.06			(1.37	)		—
Year Ended 6/30/17	$	30.65		1.40		3.47			4.87			(1.27	)		—
8/19/15(e) through 6/30/16	$	35.00		1.37		(4.71	)		(3.34	)		(1.01	)		—
VictoryShares Emerging Market High Div Volatility Wtd ETF
Six Months Ended 12/31/19 (unaudited)	$	24.39		0.55		(0.05	)(f)		0.50			(0.70	)		—
Year Ended 6/30/19	$	23.92		1.31		0.35			1.66			(1.05	)		(0.14	)
10/26/17(e) through 6/30/18	$	24.95		0.78		(1.29	)		(0.51	)		(0.52	)		—
VictoryShares Dividend Accelerator ETF
Six Months Ended 12/31/19 (unaudited)	$	32.90		0.27		2.90			3.17			(0.29	)		—
Year Ended 6/30/19	$	28.41		0.48		4.47			4.95			(0.46	)		—
Year Ended 6/30/18	$	25.95		0.48		2.45			2.93			(0.47	)		—
4/18/17(e) through 6/30/17	$	25.26		0.12		0.65			0.77			(0.08	)		—

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Not annualized for periods less than one year.

(d) Excludes impact of in-kind transactions.

(e) Commencement of operations.

(g) During the period, the Fund paid interest fees. Excluding these fees, the ratio of net expense to average net assets for the year was 0.50%.

See notes to financial statements.

164

Victory Portfolios II

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
VictoryShares International High Div Volatility Wtd ETF
Six Months Ended 12/31/19 (unaudited)		(0.64	)	$	33.94		6.73	%		0.45	%		3.32	%		0.57	%	$	88,254		40	%
Year Ended 6/30/19		(1.66	)	$	32.43		0.58	%		0.45	%		5.06	%		0.59	%	$	40,540		76	%
Year Ended 6/30/18		(1.37	)	$	33.94		3.00	%		0.45	%		4.14	%		0.60	%	$	45,824		58	%
Year Ended 6/30/17		(1.27	)	$	34.25		16.16	%		0.45	%		4.32	%		0.77	%	$	32,541		69	%
8/19/15(e) through 6/30/16		(1.01	)	$	30.65		(9.63	)%		0.45	%		4.98	%		1.17	%	$	16,855		53	%
VictoryShares Emerging Market High Div Volatility Wtd ETF
Six Months Ended 12/31/19 (unaudited)		(0.70	)	$	24.19		2.15	%		0.50	%		4.74	%		0.79	%	$	45,957		47	%
Year Ended 6/30/19		(1.19	)	$	24.39		7.30	%		0.51	%(g)		5.52	%		0.88	%	$	40,251		103	%
10/26/17(e) through 6/30/18		(0.52	)	$	23.92		(2.17	)%		0.50	%		4.44	%		1.05	%	$	21,532		52	%
VictoryShares Dividend Accelerator ETF
Six Months Ended 12/31/19 (unaudited)		(0.29	)	$	35.78		9.69	%		0.35	%		1.56	%		0.41	%	$	182,492		13	%
Year Ended 6/30/19		(0.46	)	$	32.90		17.60	%		0.35	%		1.57	%		0.59	%	$	16,450		62	%
Year Ended 6/30/18		(0.47	)	$	28.41		11.33	%		0.35	%		1.75	%		0.67	%	$	7,102		43	%
4/18/17(e) through 6/30/17		(0.08	)	$	25.95		3.05	%		0.35	%		2.31	%		1.92	%	$	3,893		—	%

See notes to financial statements.

165

Victory Portfolios II

Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
VictoryShares US Multi-Factor Minimum Volatility ETF
Six Months Ended 12/31/19 (unaudited)	$	30.87		0.38		2.19			2.57			(0.41	)		—
Year Ended 6/30/19	$	27.58		0.73		3.20			3.93			(0.64	)		—
Year Ended 6/30/18	$	24.83		0.63		2.69			3.32			(0.57	)		—
6/22/17(e) through 6/30/17	$	24.97		0.02		(0.16	)		(0.14	)		—			—
VictoryShares US 500 Enhanced Volatility Wtd ETF
Six Months Ended 12/31/19 (unaudited)	$	48.89		0.37		3.79			4.16			(0.43	)		—
Year Ended 6/30/19	$	49.30		0.73		(0.42	)		0.31			(0.72	)		—
Year Ended 6/30/18	$	44.00		0.64		5.25			5.89			(0.59	)		—
Year Ended 6/30/17	$	37.23		0.58		6.71			7.29			(0.52	)		—
Year Ended 6/30/16	$	36.76		0.56		0.45			1.01			(0.54	)		—
7/1/14(e) through 6/30/15	$	35.00		0.49		1.65			2.14			(0.38	)		—
VictoryShares US EQ Income Enhanced Volatility Wtd ETF
Six Months Ended 12/31/19 (unaudited)	$	45.54		0.78		3.64			4.42			(0.89	)		—
Year Ended 6/30/19	$	46.29		1.46		(0.80	)		0.66			(1.41	)		—
Year Ended 6/30/18	$	43.30		1.39		2.99			4.38			(1.39	)		—
Year Ended 6/30/17	$	38.59		1.28		4.58			5.86			(1.15	)		—
Year Ended 6/30/16	$	35.38		1.27		3.18			4.45			(1.24	)		—
7/1/14(e) through 6/30/15	$	35.00		1.12		0.20			1.32			(0.94	)		—

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Not annualized for periods less than one year.

(d) Excludes impact of in-kind transactions.

(e) Commencement of operations.

(f) Portfolio turnover increased significantly due to changes in the volume and timing of purchases and sales of portfolio holdings during the year.

See notes to financial statements.

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For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
VictoryShares US Multi-Factor Minimum Volatility ETF
Six Months Ended 12/31/19 (unaudited)		(0.41	)	$	33.03		8.38	%		0.35	%		2.33	%		0.41	%	$	163,478		30	%
Year Ended 6/30/19		(0.64	)	$	30.87		14.47	%		0.35	%		2.50	%		0.48	%	$	43,213		34	%
Year Ended 6/30/18		(0.57	)	$	27.58		13.41	%		0.35	%		2.33	%		0.74	%	$	8,273		26	%
6/22/17(e) through 6/30/17		—		$	24.83		(0.54	)%		0.35	%		3.20	%		7.21	%	$	2,483		—	%
VictoryShares US 500 Enhanced Volatility Wtd ETF
Six Months Ended 12/31/19 (unaudited)		(0.43	)	$	52.62		8.54	%		0.35	%		1.48	%		0.40	%	$	728,737		15	%
Year Ended 6/30/19		(0.72	)	$	48.89		0.69	%		0.35	%		1.51	%		0.40	%	$	828,729		116	%(f)
Year Ended 6/30/18		(0.59	)	$	49.30		13.42	%		0.35	%		1.32	%		0.41	%	$	951,411		37	%
Year Ended 6/30/17		(0.52	)	$	44.00		19.72	%		0.35	%		1.42	%		0.45	%	$	415,847		26	%
Year Ended 6/30/16		(0.54	)	$	37.23		2.79	%		0.35	%		1.56	%		0.58	%	$	141,470		36	%
7/1/14(e) through 6/30/15		(0.38	)	$	36.76		6.15	%		0.59	%		1.34	%		0.81	%	$	86,397		13	%
VictoryShares US EQ Income Enhanced Volatility Wtd ETF
Six Months Ended 12/31/19 (unaudited)		(0.89	)	$	49.07		9.79	%		0.35	%		3.33	%		0.40	%	$	686,923		35	%
Year Ended 6/30/19		(1.41	)	$	45.54		1.52	%		0.35	%		3.22	%		0.40	%	$	696,814		143	%(f)
Year Ended 6/30/18		(1.39	)	$	46.29		10.23	%		0.35	%		3.06	%		0.41	%	$	738,260		52	%
Year Ended 6/30/17		(1.15	)	$	43.30		15.35	%		0.35	%		3.06	%		0.43	%	$	471,927		49	%
Year Ended 6/30/16		(1.24	)	$	38.59		12.89	%		0.35	%		3.51	%		0.56	%	$	156,278		52	%
7/1/14(e) through 6/30/15		(0.94	)	$	35.38		3.77	%		0.59	%		3.09	%		0.77	%	$	86,678		17	%

See notes to financial statements.

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Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
VictoryShares US Discovery Enhanced Volatility Wtd ETF
Six Months Ended 12/31/19 (unaudited)	$	37.80		0.24		1.86			2.10			(0.32	)		—
Year Ended 6/30/19	$	47.41		0.64		(9.61	)		(8.97	)		(0.64	)		—
Year Ended 6/30/18	$	41.41		0.50		5.98			6.48			(0.48	)		—
Year Ended 6/30/17	$	33.55		0.49		7.84			8.33			(0.47	)		—
Year Ended 6/30/16	$	39.23		0.34		(5.71	)(f)		(5.37	)		(0.31	)		—
7/31/14(e) through 6/30/15	$	35.00		0.40		4.16			4.56			(0.33	)		—
VictoryShares Developed Enhanced Volatility Wtd ETF
Six Months Ended 12/31/19 (unaudited)	$	32.10		0.28		1.55			1.83			(0.36	)		—
Year Ended 6/30/19	$	33.79		0.85		(1.59	)		(0.74	)		(0.95	)		—
Year Ended 6/30/18	$	32.22		0.94		1.45			2.39			(0.82	)		—
Year Ended 6/30/17	$	29.00		0.78		2.90	(f)		3.68			(0.46	)		—
Year Ended 6/30/16	$	35.19		0.67		(6.27	)		(5.60	)		(0.59	)		—
9/30/14(e) through 6/30/15	$	35.00		0.80		(0.18	)		0.62			(0.42	)		(0.01	)

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Not annualized for periods less than one year.

(d) Excludes impact of in-kind transactions.

(e) Commencement of operations.

(f) Includes $0.07 gain derived from a payment from affiliate.

(g) Before the payment from affiliate for the loss resulting from a trade error, the total return for the year would have been 12.55%.

(h) Portfolio turnover increased significantly due to changes in the volume and timing of purchases and sales of portfolio holdings during the year.

See notes to financial statements.

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For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
VictoryShares US Discovery Enhanced Volatility Wtd ETF
Six Months Ended 12/31/19 (unaudited)		(0.32	)	$	39.58		5.60	%		0.35	%		1.30	%		0.46	%	$	55,408		112	%
Year Ended 6/30/19		(0.64	)	$	37.80		(19.04	)%		0.35	%		1.48	%		0.42	%	$	92,614		398	%(h)
Year Ended 6/30/18		(0.48	)	$	47.41		15.75	%		0.35	%		1.13	%		0.43	%	$	116,157		47	%
Year Ended 6/30/17		(0.47	)	$	41.41		24.91	%		0.35	%		1.25	%		0.55	%	$	57,971		50	%
Year Ended 6/30/16		(0.31	)	$	33.55		(13.70	)%		0.35	%		1.00	%		0.80	%	$	26,838		221	%
7/31/14(e) through 6/30/15		(0.33	)	$	39.23		13.06	%		1.07	%		1.15	%		0.59	%	$	23,538		10	%
VictoryShares Developed Enhanced Volatility Wtd ETF
Six Months Ended 12/31/19 (unaudited)		(0.36	)	$	33.57		5.76	%		0.45	%		1.73	%		0.62	%	$	90,643		19	%
Year Ended 6/30/19		(0.95	)	$	32.10		(2.16	)%		0.45	%		2.63	%		0.56	%	$	110,746		154	%(h)
Year Ended 6/30/18		(0.82	)	$	33.79		7.41	%		0.45	%		2.73	%		0.58	%	$	179,103		38	%
Year Ended 6/30/17		(0.46	)	$	32.22		12.79	%(g)		0.45	%		2.59	%		0.86	%	$	82,150		164	%
Year Ended 6/30/16		(0.59	)	$	29.00		(15.96	)%		0.45	%		2.16	%		1.36	%	$	34,797		211	%
9/30/14(e) through 6/30/15		(0.43	)	$	35.19		1.77	%		0.63	%		2.99	%		1.58	%	$	24,633		31	%

See notes to financial statements.

169

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December 31, 2019

(Unaudited)

1. Organization:

Victory Portfolios II (the "Trust") was organized on April 11, 2012 as a Delaware statutory trust, as a successor to a company named "Compass EMP Funds Trust." 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 24 funds, 22 of which are exchange-traded funds ("ETF"), and is authorized to issue an unlimited number of shares, which are units of beneficial interest with no par value. Each Fund is classified as diversified under the 1940 Act.

The accompanying financial statements are those of the following 14 Funds (collectively, the "Funds" and individually, a "Fund").

Funds (Legal Name)				Funds (Short Name)
VictoryShares US 500 Volatility Wtd ETF				US 500 Volatility Wtd ETF
VictoryShares US Small Cap Volatility Wtd ETF				US Small Cap Volatility Wtd ETF
VictoryShares International Volatility Wtd ETF				International Volatility Wtd ETF
VictoryShares Emerging Market Volatility Wtd ETF				Emerging Market Volatility Wtd ETF
VictoryShares US Large Cap High Div Volatility Wtd ETF				US Large Cap High Div Volatility Wtd ETF
VictoryShares US Small Cap High Div Volatility Wtd ETF				US Small Cap High Div Volatility Wtd ETF
VictoryShares International High Div Volatility Wtd ETF				International High Div Volatility Wtd ETF
VictoryShares Emerging Market High Div Volatility Wtd ETF				Emerging Market High Div Volatility Wtd ETF
VictoryShares Dividend Accelerator ETF				Dividend Accelerator ETF
VictoryShares US Multi-Factor Minimum Volatility ETF				US Multi-Factor Minimum Volatility ETF
VictoryShares US 500 Enhanced Volatility Wtd ETF				US 500 Enhanced Volatility Wtd ETF
VictoryShares US EQ Income Enhanced Volatility Wtd ETF				US EQ Income Enhanced Volatility Wtd ETF
VictoryShares US Discovery Enhanced Volatility Wtd ETF				US Discovery Enhanced Volatility Wtd ETF
VictoryShares Developed Enhanced Volatility Wtd ETF				Developed Enhanced Volatility Wtd ETF

2. Significant Accounting Policies:

Shares of the Funds are listed and traded on Nasdaq Stock Market, LLC. (the "Exchange"). The Funds issue and redeem shares of a Fund ("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. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to 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

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(Unaudited)

requirement to maintain on deposit with the Trust cash equal to up to 105% of the fair 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 Share Transaction section of the Statements of Changes in Net Assets as an increase to Paid-In-Capital.

The Transaction Fees for each Fund are listed below:

	Fee for In-Kind and Cash Purchases and Redemptions		Maximum Additional Variable Charge for Cash Purchases and Redemptions*
US 500 Volatility Wtd ETF	$	750		2.00	%
US Small Cap Volatility Wtd ETF		750		2.00	%
International Volatility Wtd ETF		6,000		2.00	%
Emerging Market Volatility Wtd ETF		9,000		2.00	%
US Large Cap High Div Volatility Wtd ETF		250		2.00	%
US Small Cap High Div Volatility Wtd ETF		250		2.00	%
International High Div Volatility Wtd ETF		1,500		2.00	%
Emerging Market High Div Volatility Wtd ETF		3,400		2.00	%
Dividend Accelerator ETF		250		2.00	%
US Multi-Factor Minimum Volatility ETF		250		2.00	%
US 500 Enhanced Volatility Wtd ETF		750		2.00	%
US EQ Income Enhanced Volatility Wtd ETF		250		2.00	%
US Discovery Enhanced Volatility Wtd ETF		750		2.00	%
Developed Enhanced Volatility Wtd ETF		4,500		2.00	%

* As a percentage of the amount invested.

Investment Valuation:

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities or interest rates applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments)

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(Unaudited)

Portfolio securities listed or traded on securities exchanges, including American Depositary Receipts ("ADRs") and Rights, are valued at the closing price on the exchange or system where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Investments in open-end investment companies are valued at net asset value. These valuations are typically categorized as Level 1 in the fair value hierarchy.

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
US 500 Volatility Wtd ETF
Common Stocks	$	895,513,740	$	—	$	—	$	895,513,740
Collateral for Securities Loaned		38,475,913		—		—		38,475,913
Total	$	933,989,653	$	—	$	—	$	933,989,653
Other Financial Investments^:
Assets:
Futures Contracts	$	31,765	$	—	$	—	$	31,765
Total	$	31,765	$	—	$	—	$	31,765
US Small Cap Volatility Wtd ETF
Common Stocks	$	27,198,794	$	—	$	—	$	27,198,794
Rights		—		—		—		—
Collateral for Securities Loaned		1,143,023		—		—		1,143,023
Total	$	28,341,817	$	—	$	—	$	28,341,817
Other Financial Investments^:
Assets:
Futures Contracts	$	1,688	$	—	$	—	$	1,688
Total	$	1,688	$	—	$	—	$	1,688
International Volatility Wtd ETF
Common Stocks	$	93,599,565	$	—	$	—	$	93,599,565
Rights		5,462		—		—		5,462
Collateral for Securities Loaned		2,233,708		—		—		2,233,708
Total	$	95,838,735	$	—	$	—	$	95,838,735

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(Unaudited)

	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Other Financial Investments^:
Assets:
Futures Contracts	$	1,786		$	—		$	—	$	1,786
Total	$	1,786		$	—		$	—	$	1,786
Emerging Market Volatility Wtd ETF
Common Stocks	$	51,799,764		$	—		$	—	$	51,799,764
Preferred Stocks		92,296			—			—		92,296
Rights		—			871			—		871
Warrants		—			—	(a)		—		—	(a)
Collateral for Securities Loaned		274,793			—			—		274,793
Total	$	52,166,853		$	871		$	—	$	52,167,724
Other Financial Investments^:
Assets:
Futures Contracts	$	3,652		$	—		$	—	$	3,652
Total	$	3,652		$	—		$	—	$	3,652
US Large Cap High Div Volatility Wtd ETF
Common Stocks	$	358,327,271		$	—		$	—	$	358,327,271
Collateral for Securities Loaned		5,269,327			—			—		5,269,327
Total	$	363,596,598		$	—		$	—	$	363,596,598
Other Financial Investments^:
Assets:
Futures Contracts	$	4,493		$	—		$	—	$	4,493
Total	$	4,493		$	—		$	—	$	4,493
US Small Cap High Div Volatility Wtd ETF
Common Stocks	$	108,090,047		$	—		$	—	$	108,090,047
Rights		—			—			—		—
Collateral for Securities Loaned		11,569,425			—			—		11,569,425
Total	$	119,659,472		$	—		$	—	$	119,659,472
Other Financial Investments^:
Liabilities:
Futures Contracts	$	(443	)	$	—		$	—	$	(443	)
Total	$	(443	)	$	—		$	—	$	(443	)
International High Div Volatility Wtd ETF
Common Stocks	$	87,658,219		$	—		$	—	$	87,658,219
Rights		26,195			—			—		26,195
Collateral for Securities Loaned		5,739,269			—			—		5,739,269
Total	$	93,423,683		$	—		$	—	$	93,423,683
Other Financial Investments^:
Assets:
Futures Contracts	$	2,340		$	—		$	—	$	2,340
Total	$	2,340		$	—		$	—	$	2,340
Emerging Market High Div Volatility Wtd ETF
Common Stocks	$	45,295,008		$	—		$	—	$	45,295,008
Preferred Stocks		385,692			—			—		385,692
Total	$	45,680,700		$	—		$	—	$	45,680,700

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(Unaudited)

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Other Financial Investments^:
Assets:
Futures Contracts	$	7,520	$	—	$	—	$	7,520
Total	$	7,520	$	—	$	—	$	7,520
Dividend Accelerator ETF
Common Stocks	$	181,971,782	$	—	$	—	$	181,971,782
Collateral for Securities Loaned		3,233,288		—		—		3,233,288
Total	$	185,205,070	$	—	$	—	$	185,205,070
Other Financial Investments^:
Assets:
Futures Contracts	$	8,507	$	—	$	—	$	8,507
Total	$	8,507	$	—	$	—	$	8,507
US Multi-Factor Minimum Volatility ETF
Common Stocks	$	162,892,029	$	—	$	—	$	162,892,029
Collateral for Securities Loaned		984,580		—		—		984,580
Total	$	163,876,609	$	—	$	—	$	163,876,609
Other Financial Investments^:
Assets:
Futures Contracts	$	3,667	$	—	$	—	$	3,667
Total	$	3,667	$	—	$	—	$	3,667
US 500 Enhanced Volatility Wtd ETF
Common Stocks	$	726,669,038	$	—	$	—	$	726,669,038
Investment Companies		1,176,079		—		—		1,176,079
Collateral for Securities Loaned		25,133,916		—		—		25,133,916
Total	$	752,979,033	$	—	$	—	$	752,979,033
Other Financial Investments^:
Assets:
Futures Contracts	$	27,511	$	—	$	—	$	27,511
Total	$	27,511	$	—	$	—	$	27,511
US EQ Income Enhanced Volatility Wtd ETF
Common Stocks	$	683,835,094	$	—	$	—	$	683,835,094
Investment Companies		1,497,613		—		—		1,497,613
Collateral for Securities Loaned		16,906,993		—		—		16,906,993
Total	$	702,239,700	$	—	$	—	$	702,239,700
Other Financial Investments^:
Assets:
Futures Contracts	$	31,053	$	—	$	—	$	31,053
Total	$	31,053	$	—	$	—	$	31,053
US Discovery Enhanced Volatility Wtd ETF
Common Stocks	$	55,287,590	$	—	$	—	$	55,287,590
Rights		—		—		—		—
Investment Companies		48,918		—		—		48,918
Collateral for Securities Loaned		553,206		—		—		553,206
Total	$	55,889,714	$	—	$	—	$	55,889,714

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(Unaudited)

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Other Financial Investments^:
Assets:
Futures Contracts	$	1,688	$	—	$	—	$	1,688
Total	$	1,688	$	—	$	—	$	1,688
Developed Enhanced Volatility Wtd ETF
Common Stocks	$	90,157,705	$	—	$	1,969	$	90,159,674
Rights		5,696		—		—		5,696
Investment Companies		8,964		—		—		8,964
Collateral for Securities Loaned		1,831,502		—		—		1,831,502
Total	$	92,003,867	$	—	$	1,969	$	92,005,836
Other Financial Investments^:
Assets:
Futures Contracts	$	3,572	$	—	$	—	$	3,572
Total	$	3,572	$	—	$	—	$	3,572

^ Futures Contracts are valued at the unrealized appreciation (depreciation) on the investment.

(a) Rounds to less than $1

For the six months ended December 31, 2019, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

Real Estate Investment Trusts ("REITs"):

The Funds may invest in REITs, which report information on the source of their distributions annually. REITs are pooled investment vehicles that invest primarily in income-producing real estate or real estate related loans or interests (such as mortgages). Certain distributions received from REITs during the year are recorded as realized gains or return of capital as estimated by the Funds or when such information becomes known.

Investment Companies:

Derivative Instruments:

Foreign Exchange Currency Contracts:

The Developed Enhanced Volatility Wtd ETF, International Volatility Wtd ETF, International High Div Volatility Wtd ETF and Emerging Market Volatility Wtd ETF may enter into foreign exchange currency contracts to convert U.S. dollars to and from various foreign currencies. A foreign exchange currency contract is an obligation by a Fund to purchase or sell a specific currency at a future date at a price (in U.S. dollars) set at the time of the contract. The Funds do not engage in "cross-currency" foreign exchange contracts (i.e., contracts to purchase or sell one foreign currency in exchange for another foreign currency). The Funds' foreign exchange currency contracts might be considered spot contracts (typically a contract of one week or less) or forward contracts (typically a contract term over one week). A spot contract is entered into for purposes of hedging against foreign currency fluctuations relating to a specific portfolio transaction, such as the delay between a security transaction trade date and settlement date. Forward contracts are entered into for purposes of hedging portfolio holdings or concentrations of such holdings. The Developed Enhanced Volatility Wtd ETF, International Volatility

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Wtd ETF, Emerging Market Volatility Wtd ETF and International High Div Volatility Wtd ETF enter into foreign exchange currency contracts solely for spot or forward hedging purposes, and not for speculative purposes (i.e., the Funds do not enter into such contracts solely for the purpose of earning foreign currency gains). Each foreign exchange currency contract is adjusted daily by the prevailing spot or forward rate of the underlying currency, and any appreciation or depreciation is recorded for financial statement purposes as unrealized until the contract settlement date, at which time the Fund records realized gains or losses equal to the difference between the value of a contract at the time it was opened and the value at the time it was closed. A Fund could be exposed to risk if a counterparty is unable to meet the terms of a foreign exchange currency contract or if the value of the foreign currency changes unfavorably. In addition, the use of foreign exchange currency contracts does not eliminate fluctuations in the underlying prices of the securities. As of December 31, 2019, the Funds had no open forward foreign exchange currency contracts.

Futures Contracts:

As of December 31, 2019, the Funds entered into futures contracts primarily for the strategy of hedging or other purposes, including but not limited to, providing liquidity and equitizing cash.

Offsetting of Financial Assets and Derivatives Assets:

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Assets	Gross Amounts of Recognized Assets		Gross Amounts Available for Offset		Net Amounts Presented in the Statements of Assets and Liabilities		Cash Collateral Received		Net Amount
US 500 Volatility Wtd ETF
Futures Goldman Sachs & Co	$	4,203	$	—	$	4,203	$	—	$	4,203
US Small Cap Volatility Wtd ETF
Futures Goldman Sachs & Co		110		—		110		—		110
International Volatility Wtd ETF
Futures Goldman Sachs & Co		510		—		510		—		510
Emerging Market Volatility Wtd ETF
Futures Goldman Sachs & Co		310		—		310		—		310
US Large Cap High Div Volatility Wtd ETF
Futures Goldman Sachs & Co		1,155		—		1,155		—		1,155
US Small Cap High Div Volatility Wtd ETF
Futures Goldman Sachs & Co		220		—		220		—		220
International High Div Volatility Wtd ETF
Futures Goldman Sachs & Co		2,550		—		2,550		—		2,550
Emerging Market High Div Volatility Wtd ETF
Futures Goldman Sachs & Co		836		—		836		—		836
Dividend Accelerator ETF
Futures Goldman Sachs & Co		770		—		770		—		770
US Multi-Factor Minimum Volatility ETF
Futures Goldman Sachs & Co		770		—		770		—		770
US 500 Enhanced Volatility Wtd ETF
Futures Goldman Sachs & Co		3,818		—		3,818		—		3,818
US EQ Income Enhanced Volatility Wtd ETF
Futures Goldman Sachs & Co		4,588		—		4,588		—		4,588
US Discovery Enhanced Volatility Wtd ETF
Futures Goldman Sachs & Co		110		—		110		—		110
Developed Enhanced Volatility Wtd ETF
Futures Goldman Sachs & Co		1,020		—		1,020		—		1,020

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Summary of Derivative Instruments:

The following table summarizes the fair values of derivative instruments on the Statements of Assets and Liabilities, categorized by risk exposure, as of December 31, 2019:

	Assets		Liabilities
	Variation Margin Receivable on Open Futures Contracts*		Variation Margin Payable on Open Futures Contracts*
Equity Risk Exposure:
US 500 Volatility Wtd ETF	$	31,765	$	—
US Small Cap Volatility Wtd ETF		1,688		—
International Volatility Wtd ETF		1,786		—
Emerging Market Volatility Wtd ETF		3,652		—
US Large Cap High Div Volatility Wtd ETF		4,493		—
US Small Cap High Div Volatility Wtd ETF		—		443
International High Div Volatility Wtd ETF		2,340		—
Emerging Market High Div Volatility Wtd ETF		7,520		—
Dividend Accelerator ETF		8,507		—
US Multi-Factor Minimum Volatility ETF		3,667		—
US 500 Enhanced Volatility Wtd ETF		27,511		—
US EQ Income Enhanced Volatility Wtd ETF		31,053		—
US Discovery Enhanced Volatility Wtd ETF		1,688		—
Developed Enhanced Volatility Wtd ETF		3,572		—

* Includes cumulative appreciation/depreciation of futures contracts as reported on the Schedules of Portfolio Investments. Only current day's variation margin for futures contracts is reported within the Statements of Assets and Liabilities.

The following table presents the effect of derivative instruments on the Statements of Operations, categorized by risk exposure, for the six months ended December 31, 2019:

	Net Realized Gains (Losses) on Derivatives Recognized as a Result from Operations			Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized as a Result of Operations
	Net Realized Gains (Losses) from Futures Contracts			Net Change in Unrealized Appreciation/Depreciation on Futures Contracts
Equity Risk Exposure:
US 500 Volatility Wtd ETF	$	87,682		$	(683	)
US Small Cap Volatility Wtd ETF		10,821			(213	)
International Volatility Wtd ETF		36,622			(3,196	)
Emerging Market Volatility Wtd ETF		(3,938	)		(336	)
US Large Cap High Div Volatility Wtd ETF		159,429			(9,136	)
US Small Cap High Div Volatility Wtd ETF		37,705			(5,009	)
International High Div Volatility Wtd ETF		33,377			2,099
Emerging Market High Div Volatility Wtd ETF		18,259			7,158
Dividend Accelerator ETF		30,977			8,507
US Multi-Factor Minimum Volatility ETF		47,552			711
US 500 Enhanced Volatility Wtd ETF		88,053			(10,285	)
US EQ Income Enhanced Volatility Wtd ETF		387,345			(954	)
US Discovery Enhanced Volatility Wtd ETF		17,939			(8,202	)
Developed Enhanced Volatility Wtd ETF		34,237			(9,436	)

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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 on the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Securities Lending:

The Trust has entered into a Master Securities Lending Agreement ("MSLA") with Citibank, N.A.("Citibank" or the "Agent"). Under the terms of the MSLA, the Funds may lend securities to certain broker-dealers and banks in exchange 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 adjusted 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, letters of credit and certificates of deposit. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted in the Funds' Schedules of Portfolio Investments. The Trust does not have effective control of the non-cash collateral and therefore it is not disclosed in the Funds' Schedules of Portfolio Investments. 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 the Agent 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. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return them.

	Gross Amount of Recognized Assets (Value of		Value of Cash		Value of Non-cash Collateral Received by Maturity
	Securities on Loan)		Collateral Received*		<30 Days		Between 30 & 90 days		>90 Days		Net Amount
US 500 Volatility Wtd ETF	$	37,638,461	$	37,638,461	$	—	$	—	$	—	$	—
US Small Cap Volatility Wtd ETF		1,116,720		1,116,720		—		—		—		—

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	Gross Amount of Recognized Assets (Value of		Value of Cash		Value of Non-cash Collateral Received by Maturity
	Securities on Loan)		Collateral Received*		<30 Days		Between 30 & 90 days		>90 Days		Net Amount
International Volatility Wtd ETF	$	2,132,987	$	2,132,987	$	—	$	—	$	—	$	—
Emerging Market Volatility Wtd ETF		259,599		259,599		—		—		—		—
US Large Cap High Div Volatility Wtd ETF		5,042,230		5,042,230		—		—		—		—
US Small Cap High Div Volatility Wtd ETF		11,282,775		11,282,775		—		—		—		—
International High Div Volatility Wtd ETF		5,479,600		5,479,600		—		—		—		—
Dividend Accelerator ETF		3,164,117		3,164,117		—		—		—		—
US Multi-Factor Minimum Volatility ETF		949,498		949,498		—		—		—		—
US 500 Enhanced Volatility Wtd ETF		24,574,380		24,574,380		—		—		—		—
US EQ Income Enhanced Volatility Wtd ETF		16,481,001		16,481,001		—		—		—		—
US Discovery Enhanced Volatility Wtd ETF		539,928		539,928		—		—		—		—
Developed Enhanced Volatility Wtd ETF		1,749,319		1,749,319		—		—		—		—

* Collateral received in excess of the market value of securities on loan is not presented in this table.

The total cash collateral received by each Fund is disclosed in the Statements of Assets and Liabilities.

Foreign Currency Translations:

Foreign Taxes:

Distributions to Shareholders:

Dividends from net investment income, if any, are declared and paid monthly for the Funds. Distributable net realized gains, if any, are declared and distributed at least annually from each Fund. The amounts of dividends from net investment income and distributions from net realized gains (collectively distributions to shareholders) are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (e.g., net

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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 a Fund may be reclassified as an offset to capital on the accompanying Statements of Assets and Liabilities.

Federal Income Taxes:

Allocations:

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. Any such purchase or sale transaction must be effected without brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. For the six months ended December 31, 2019, the Funds did not engage in any Rule 17a-7 transactions under the 1940 Act.

3. Purchases and Sales of Securities:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) and in-kind transactions associated with purchases and sales for the six months ended December 31, 2019 were as follows:

	Excluding in-kind transactions				Associated with in-kind transactions
	Purchases		Sales		Purchases		Sales
US 500 Volatility Wtd ETF	$	121,271,792	$	117,293,686	$	119,062,240	$	12,945,381
US Small Cap Volatility Wtd ETF		7,216,997		7,263,492		—		4,753,421
International Volatility Wtd ETF		21,967,174		17,104,140		48,514,007		—
Emerging Market Volatility Wtd ETF		32,708,140		11,222,178		11,391,477		—
US Large Cap High Div Volatility Wtd ETF		106,488,151		105,829,346		116,604,820		114,979,574
US Small Cap High Div Volatility Wtd ETF		29,831,138		29,967,678		56,028,163		28,700,096
International High Div Volatility Wtd ETF		33,328,817		31,996,840		49,680,957		7,858,369

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	Excluding in-kind transactions				Associated with in-kind transactions
	Purchases		Sales		Purchases		Sales
Emerging Market High Div Volatility Wtd ETF	$	23,314,266	$	20,188,043	$	2,642,811	$	—
Dividend Accelerator ETF		16,767,738		16,650,889		164,616,145		8,620,767
US Multi-Factor Minimum Volatility ETF		41,939,201		41,647,876		138,681,619		27,244,991
US 500 Enhanced Volatility Wtd ETF		119,775,304		116,190,961		—		152,283,542
US EQ Income Enhanced Volatility Wtd ETF		236,406,694		237,164,107		2,414,824		61,397,330
US Discovery Enhanced Volatility Wtd ETF		120,665,746		60,479,696		—		30,716,711
Developed Enhanced Volatility Wtd ETF		18,828,781		19,978,357		—		22,062,960

For the six months ended December 31, 2019, there were no purchases or sales of U.S. Government Securities.

4. Fees and Transactions with Affiliates and Related Parties:

Investment advisory services are provided to the Funds by Victory Capital Management Inc. ("VCM" or the "Adviser"), a New York corporation registered as an investment adviser with the Securities and Exchange Commission ("SEC"). The Adviser is a wholly owned indirect subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly owned direct subsidiary of Victory Capital Operating, LLC.

	Advisor Fee Rate
US 500 Volatility Wtd ETF		0.30	%
US Small Cap Volatility Wtd ETF		0.30	%
International Volatility Wtd ETF		0.40	%
Emerging Market Volatility Wtd ETF		0.45	%
US Large Cap High Div Volatility Wtd ETF		0.30	%
US Small Cap High Div Volatility Wtd ETF		0.30	%
International High Div Volatility Wtd ETF		0.40	%
Emerging Market High Div Volatility Wtd ETF		0.45	%
Dividend Accelerator ETF		0.30	%
US Multi-Factor Minimum Volatility ETF		0.30	%
US 500 Enhanced Volatility Wtd ETF		0.30	%
US EQ Income Enhanced Volatility Wtd ETF		0.30	%
US Discovery Enhanced Volatility Wtd ETF		0.30	%
Developed Enhanced Volatility Wtd ETF		0.40	%

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Citibank, also serves as the Funds' transfer agent.

Foreside Fund Services, LLC ("Foreside") serves as the Funds' distributor.

The Chief Compliance Officer ("CCO") is an employee of the Adviser, which pays the compensation of the CCO and his support staff. The Trust has entered into an Agreement to provide compliance services with the Adviser, pursuant to which the Adviser furnishes its compliance personnel, including the services of the 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 Funds in the Victory Funds Complex, in aggregate, compensate the Adviser for these services.

Shearman & Sterling LLP provides legal services to the Trust.

The Adviser has entered into expense limitation agreements with certain 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 Funds in any fiscal year exceed the expense limit for such Fund. Such excess amounts will be the liability of the Adviser. Interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of a Fund's business are excluded from the expense limits (excluding voluntary waivers). For the six months ended December 31, 2019, the expense limits are as follows:

	In effect November 1, 2019 until October 31, 2020
US 500 Volatility Wtd ETF		0.35	%
US Small Cap Volatility Wtd ETF		0.35	%
International Volatility Wtd ETF		0.45	%
Emerging Market Volatility Wtd ETF		0.50	%
US Large Cap High Div Volatility Wtd ETF		0.35	%
US Small Cap High Div Volatility Wtd ETF		0.35	%
International High Div Volatility Wtd ETF		0.45	%
Emerging Market High Div Volatility Wtd ETF		0.50	%
Dividend Accelerator ETF		0.35	%
US Multi-Factor Minimum Volatility ETF		0.35	%
US 500 Enhanced Volatility Wtd ETF		0.35	%
US EQ Income Enhanced Volatility Wtd ETF		0.35	%
US Discovery Enhanced Volatility Wtd ETF		0.35	%
Developed Enhanced Volatility Wtd ETF		0.45	%

The Funds have agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period up to three fiscal years after such waiver or reimbursement was made to the extent such payments or repayments would not cause the expenses of a class to exceed the original expense limitation in place at the time of the waiver or reimbursement or any expense limitation agreement in place at the time of repayment. Amounts repaid to the Adviser during the six months ended December 31, 2019, if any, are reflected on the Statements of Operations as Recoupment of prior expenses waived/reimbursed by Adviser.

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As of December 31, 2019, the following amounts are available to be repaid to the Adviser.

	Expires June 30, 2020		Expires June 30, 2021		Expires June 30, 2022		Expires June 30, 2023		Total
US 500 Volatility Wtd ETF	$	144,075	$	149,989	$	180,818	$	48,084	$	522,966
US Small Cap Volatility Wtd ETF		57,777		29,566		29,837		21,437		138,617
International Volatility Wtd ETF		137,905		91,734		76,477		69,483		375,599
Emerging Market Volatility Wtd ETF		328,831		194,086		159,736		105,935		788,588
US Large Cap High Div Volatility Wtd ETF		75,818		59,758		85,683		29,073		250,332
US Small Cap High Div Volatility Wtd ETF		45,472		29,681		35,161		21,469		131,783
International High Div Volatility Wtd ETF		73,555		47,955		48,516		33,630		203,656
Emerging Market High Div Volatility Wtd ETF		—		47,982		93,761		55,714		197,457
Dividend Accelerator ETF		11,553		20,087		21,708		17,453		70,801
US Multi-Factor Minimum Volatility ETF		4,204		16,990		28,089		19,991		69,274
US 500 Enhanced Volatility Wtd ETF		212,940		219,577		226,258		68,611		727,386
US EQ Income Enhanced Volatility Wtd ETF		217,731		178,795		183,343		54,750		634,619
US Discovery Enhanced Volatility Wtd ETF		73,330		48,147		50,577		27,501		199,555
Developed Enhanced Volatility Wtd ETF		185,004		140,353		126,154		66,069		517,580

The Adviser voluntarily waived the following administration fees for the six months ended December 31, 2019 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.

US 500 Volatility Wtd ETF	$	141,030
US Small Cap Volatility Wtd ETF		5,047
International Volatility Wtd ETF		14,270
Emerging Market Volatility Wtd ETF		7,621
US Large Cap High Div Volatility Wtd ETF		62,163
US Small Cap High Div Volatility Wtd ETF		16,568
International High Div Volatility Wtd ETF		14,791
Emerging Market High Div Volatility Wtd ETF		7,762
Dividend Accelerator ETF		22,863
US Multi-Factor Minimum Volatility ETF		25,614
US 500 Enhanced Volatility Wtd ETF		135,536
US EQ Income Enhanced Volatility Wtd ETF		120,263
US Discovery Enhanced Volatility Wtd ETF		12,466
Developed Enhanced Volatility ETF		17,692

Certain officers and/or interested trustees of the Funds are also officers of the Adviser and /or employees of the Adviser, Administrator, Fund Accountant, Sub-Administrator, Sub-Fund Accountant, and Legal Counsel.

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5. Risks:

Each Fund may be subject to other risks in addition to these identified risks.

The Developed Enhanced Volatility Wtd ETF, International Volatility Wtd ETF, Emerging Market Volatility Wtd ETF, International High Div Volatility Wtd ETF and Emerging Market High Div Volatility Wtd ETF invest in securities of foreign issuers in various countries. Investing on an international basis involves certain risks not involved in domestic investments including the risk of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of foreign currency, confiscatory taxation, political or financial instability and diplomatic developments, which could affect the value of a Fund's investments in certain foreign countries. Governments of many countries have exercised and continue to exercise substantial influence over many aspects of the private sector through the ownership or control of many companies, including some of the largest in these countries. As a result, government actions in the future could have a significant effect on economic conditions which may adversely affect prices of certain portfolio securities. There is also generally less government supervision and regulation of stock exchanges, brokers and listed companies than in the U.S. Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding taxes, and special U.S. tax considerations may apply. Moreover, foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital re-investment, resource self-sufficiency and balance of payments position. The Schedule of Portfolio Investments includes information on each Fund's holdings, including industry and/or geographic composition, as relevant.

6. Borrowing:

Line of Credit:

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the Fund during the period, if applicable, is presented on the Statement of Operations under Line of credit fees.

The average loans under the line of credit agreement with Citibank for the days outstanding and average interest rate for each Fund during the six months ended December 31, 2019 were as follows:

	Amount Outstanding at December 31, 2019		Average Borrowing		Days Borrowing Outstanding		Average Interest Rate*			Maximum Borrowing During the Period
International Volatility Wtd ETF	$	—	$	1,400,000		1		3.32	%	$	1,400,000
Emerging Market Volatility Wtd ETF		—		4,683,666		3		2.86	%		10,000,000
US Small Cap High Div Volatility Wtd ETF		—		925,000		1		3.13	%		925,000
Emerging Market High Div Volatility Wtd ETF		—		4,778,000		2		3.16	%		4,778,000

* For the six months ended December 31, 2019, based on the number of days borrowings were outstanding.

7. Federal Income Tax Information:

The tax character of current year distributions paid and the tax basis of current components of accumulated earnings/(deficit) will be determined at the end of the current tax year ending June 30, 2020.

The tax character of distributions paid during the most recent fiscal year ended June 30, 2019 were as follows (total distributions paid may differ from the Statements of Changes in Net Assets because, for tax purposes, dividends are recognized when actually paid):

	Year Ended June 30, 2019
	Distributions paid from
	Ordinary Income		Net Long-Term Capital Gains		Total Taxable Distributions		Return of Capital		Total Distributions Paid
US 500 Volatility Wtd ETF	$	9,387,343	$	—	$	9,387,343	$	—	$	9,387,343
US Small Cap Volatility Wtd ETF		530,031		—		530,031		—		530,031
International Volatility Wtd ETF		942,198		—		942,198		—		942,198
Emerging Market Volatility Wtd ETF		773,465		584,060		1,357,525		—		1,357,525
US Large Cap High Div Volatility Wtd ETF		6,679,386		—		6,679,386		—		6,679,386
US Small Cap High Div Volatility Wtd ETF		1,707,481		—		1,707,481		—		1,707,481
International High Div Volatility Wtd ETF		2,195,385		—		2,195,385		—		2,195,385
Emerging Market High Div Volatility Wtd ETF		1,289,328		—		1,289,328		—		1,289,328
Dividend Accelerator ETF		154,436		—		154,436		—		154,436
US Multi-Factor Minimum Volatility ETF		627,227		—		627,227		—		627,227
US 500 Enhanced Volatility Wtd ETF		14,515,692		—		14,515,692		—		14,515,692
US EQ Income Enhanced Volatility Wtd ETF		24,059,137		—		24,059,137		—		24,059,137
US Discovery Enhanced Volatility Wtd ETF		1,699,060		—		1,699,060		—		1,699,060
Developed Enhanced Volatility Wtd ETF		4,201,929		—		4,201,929		—		4,201,929

186

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Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

As of the most recent tax year ended June 30, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Accumulated Earnings		Accumulated Capital and Other Losses			Qualified Late-Year Losses*		Unrealized Appreciation (Depreciation)**			Total Accumulated Earnings (Deficit)
US 500 Volatility Wtd ETF	$	869,951	$	—	$	869,951	$	(28,508,004	)	$	—	$	61,524,667		$	33,886,614
US Small Cap Volatility Wtd ETF		4,747		—		4,747		(4,878,763	)		—		(1,731,682	)		(6,605,698	)
International Volatility Wtd ETF		116,191		—		116,191		(1,350,490	)		—		2,762,408			1,528,109
Emerging Market Volatility Wtd ETF		96,315		—		96,315		(305,796	)		—		1,062,400			852,919
US Large Cap High Div Volatility Wtd ETF		843,442		—		843,442		(16,112,999	)		—		16,312,103			1,042,546
US Small Cap High Div Volatility Wtd ETF		128,507		—		128,507		(6,314,872	)		—		(1,517,626	)		(7,703,991	)
International High Div Volatility Wtd ETF		163,835		—		163,835		(2,578,533	)		—		(1,382,654	)		(3,797,352	)
Emerging Market High Div Volatility Wtd ETF		340,472		—		340,472		(1,292,633	)		—		(418,709	)		(1,370,870	)
Dividend Accelerator ETF		15,475		—		15,475		(383,294	)		—		1,191,367			823,548
US Multi-Factor Minimum Volatility ETF		94,508		—		94,508		(535,062	)		—		2,722,589			2,282,035
US 500 Enhanced Volatility Wtd ETF		968,119		—		968,119		(59,022,194	)		—		4,635,302			(53,418,773	)
US EQ Income Enhanced Volatility Wtd ETF		1,466,173		—		1,466,173		(70,858,890	)		—		(4,898,010	)		(74,290,727	)
US Discovery Enhanced Volatility Wtd ETF		82,968		—		82,968		(27,857,618	)		—		(8,207,228	)		(35,981,878	)
Developed Enhanced Volatility Wtd ETF		217,293		—		217,293		(16,533,120	)		—		1,522,343			(14,793,484	)

** The difference between the book-basis and tax-basis of unrealized appreciation/(depreciation) is attributable primarily to tax deferral of losses on wash sales.

As of the most recent tax year ended June 30, 2019, the following Funds had net capital loss carry-forwards (no expiration) as summarized in the tables below.

	Short-Term Amount		Long-Term Amount		Total
US 500 Volatility Wtd ETF	$	23,153,047	$	5,354,957	$	28,508,004
US Small Cap Volatility Wtd ETF		3,430,600		1,448,163		4,878,763
International Volatility Wtd ETF		509,082		841,408		1,350,490
Emerging Market Volatility Wtd ETF		305,796		—		305,796

187

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

	Short-Term Amount		Long-Term Amount		Total
US Large Cap High Div Volatility Wtd ETF	$	10,725,446	$	5,387,553	$	16,112,999
US Small Cap High Div Volatility Wtd ETF		4,758,647		1,556,225		6,314,872
International High Div Volatility Wtd ETF		1,866,369		712,164		2,578,533
Emerging Market High Div Volatility Wtd ETF		1,084,235		208,398		1,292,633
Dividend Accelerator ETF		303,659		79,635		383,294
US Multi-Factor Minimum Volatility ETF		535,062		—		535,062
US 500 Enhanced Volatility Wtd ETF		50,413,417		8,608,777		59,022,194
US EQ Income Enhanced Volatility Wtd ETF		51,650,144		19,208,746		70,858,890
US Discovery Enhanced Volatility Wtd ETF		25,924,233		1,933,385		27,857,618
Developed Enhanced Volatility Wtd ETF		15,184,207		1,348,913		16,533,120

8. Affiliated Securities

An affiliated security is a security in which the Fund has ownership of at least 5% of the security's outstanding voting shares or an investment company managed by VCM. The Fund does not invest in affiliated securities for the purpose of exercising management or control. These securities are noted as affiliated in the Fund's Schedule of Portfolio Investments. Transactions in affiliated securities during the six-months period ended December 31, 2019 were as follows:

	Fair Value 06/30/19		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Capital Gain Distribution		Net Change in Unrealized Appreciation/ (Depreciation)		Fair Value 12/31/19		Dividend Income
Funds With Affiliated Holdings
US Small Cap Volatility Wtd ETF	$	—	$	49,635	$	(4,364	)	$	231	$	—	$	10,593	$	56,095	$	134
US Discovery Enhanced Volatility Wtd ETF		—		107,427		(27,975	)		5,004		—		29,222		113,678		281
	$	—	$	157,062	$	(32,339	)	$	5,235	$	—	$	39,815	$	169,773	$	415

9. Subsequent Events:

188

Victory Portfolios II

Supplemental Information
December 31, 2019

(Unaudited)

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

Information relating to how the Funds voted proxies relating to portfolio securities held during the most recent twelve months ended June 30 is available on the SEC's website at www.sec.gov.

Availability of Schedules of Portfolio Investments:

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 Funds 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, 2019 through December 31, 2019.

	Beginning Account Value 7/1/19		Actual Ending Account Value 12/31/19		Hypothetical Ending Account Value 12/31/19		Actual Expenses Paid During Period 7/1/19- 12/31/19*		Hypothetical Expenses Paid During Period 7/1/19- 12/31/19*		Annualized Expense Ratio During Period 7/1/19- 12/31/19
US 500 Volatility Wtd ETF	$	1,000.00	$	1,085.40	$	1,023.38	$	1.83	$	1.78		0.35	%
US Small Cap Volatility Wtd ETF		1,000.00		1,088.80		1,023.38		1.84		1.78		0.35	%
International Volatility Wtd ETF		1,000.00		1,059.50		1,022.87		2.33		2.29		0.45	%
Emerging Market Volatility Wtd ETF		1,000.00		1,031.70		1,022.62		2.55		2.54		0.50	%

189

Victory Portfolios II

Supplemental Information — continued
December 31, 2019

(Unaudited)

	Beginning Account Value 7/1/19		Actual Ending Account Value 12/31/19		Hypothetical Ending Account Value 12/31/19		Actual Expenses Paid During Period 7/1/19- 12/31/19*		Hypothetical Expenses Paid During Period 7/1/19- 12/31/19*		Annualized Expense Ratio During Period 7/1/19- 12/31/19
US Large Cap High Div Volatility Wtd ETF	$	1,000.00	$	1,097.80	$	1,023.38	$	1.85	$	1.78		0.35	%
US Small Cap High Div Volatility Wtd ETF		1,000.00		1,085.50		1,023.38		1.83		1.78		0.35	%
International High Div Volatility Wtd ETF		1,000.00		1,067.30		1,022.87		2.34		2.29		0.45	%
Emerging Market High Div Volatility Wtd ETF		1,000.00		1,021.50		1,022.62		2.54		2.54		0.50	%
Dividend Accelerator ETF		1,000.00		1,096.90		1,023.38		1.84		1.78		0.35	%
US Multi-Factor Minimum Volatility ETF		1,000.00		1,083.80		1,023.38		1.83		1.78		0.35	%
US 500 Enhanced Volatility Wtd ETF		1,000.00		1,085.40		1,023.38		1.83		1.78		0.35	%
US EQ Income Enhanced Volatility Wtd ETF		1,000.00		1,097.90		1,023.38		1.85		1.78		0.35	%
US Discovery Enhanced Volatility Wtd ETF		1,000.00		1,056.00		1,023.38		1.81		1.78		0.35	%
Developed Enhanced Volatility Wtd ETF		1,000.00		1,057.60		1,022.87		2.33		2.29		0.45	%

190

Victory Portfolios II

Supplemental Information — continued
December 31, 2019

(Unaudited)

Considerations of the Board in Continuing the Investment Advisory Agreement (the "Agreement")

• 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;

• 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, taking into consideration any distribution or shareholder servicing fees;

• Management's commitment to operating the Funds at competitive expense levels;

• The profitability of the Adviser (as reflected by comparing fees earned against an estimate of the Adviser's costs) with respect to the Adviser's relationship with the Funds;

• Research and other service benefits received by the Adviser obtained through payment of client commissions for securities transactions;

• The capabilities and financial condition of the Adviser;

• Current economic and industry trends; and

• The historical relationship between each Fund and the Adviser.

The Board reviewed each Fund's current management fee in the context of the Adviser's profitability with respect to each Fund. In addition, the Board compared each Fund's gross management fee and total expense ratio on a net and gross basis, taking into consideration any distribution or shareholder servicing fees, with the median gross management fee and median expense ratio of a universe of comparable exchange-traded funds ("ETFs") compiled by an independent consultant and a peer group of funds with similar investment strategies selected by that independent consultant from the universe. The Board reviewed the factors and methodology used by the independent consultant in the selection of each Fund's peer group, including the independent consultant's selection of a broad universe of funds, the more specific universe of comparable funds, and peer groups of funds with comparable investment strategies and asset levels, among other factors. The Board also reviewed any changes to the independent consultant's methodology as compared to the prior year, including those resulting from the Adviser's input, if any.

191

Victory Portfolios II

Supplemental Information — continued
December 31, 2019

(Unaudited)

The Board also reviewed the fee of a comparable mutual fund managed by the Adviser that is comparable to the VictoryShares US 500 Enhanced Volatility Wtd ETF and the differences in the services provided to the mutual fund. The Board noted that none of the advisory fee arrangements for the Funds included breakpoints, which are generally viewed as a method by which the investment adviser shares any economies of scale with a fund as a fund grows. The Board also considered the Adviser's commitment to limit expenses as discussed in more detail below, and would consider breakpoints at a future time if a Fund's assets were to grow significantly.

The Board found that the gross annual management fee paid by each Fund was within the range of management fees paid by each Fund's respective peer group. The Board also found that each Fund's net annual expense ratio was reasonable as compared with each Fund's respective peer group. The Board considered the Adviser's contractual agreement with each Fund to waive its fees and reimburse expenses for a specified period of time, as described in the Fund's prospectus.

The Board reviewed each Fund's performance over one- and three-year periods against the performance of the Fund's selected peer group and benchmark index, noting that each Fund's investment objective is to track its proprietary benchmark index before fees and expenses. The Board recognized that the performance of each Fund is net of expenses, while the performance of each benchmark index reflects gross returns, and as a result, each Fund will generally underperform its benchmark index due to fees and expenses. The Board also considered each Fund's tracking error as a factor in evaluating performance. The Board considered the additional resources that the Adviser has committed to enhance portfolio analysis, compliance and trading systems.

VictoryShares US 500 Volatility Wtd ETF

Noting that the Fund commenced operations in 2014, the Board compared the Fund's one- and three-year performance for the periods ended June 30, 2019, to that of the median performance of the peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the peer group median for the one-year period, matched the peer group median for the three-year period, and underperformed the benchmark index for both the one- and three-year periods. The Board noted the Fund's tracking error for the periods relative to its peers.

Having considered, among other things: (1) the Fund's management fee compared to comparable ETFs; (2) the Fund's total expense ratio compared to comparable ETFs; (3) that the Adviser's willingness to limit the expenses for a period of time would provide stability to the Fund's expenses during that period; and (4) that the Fund's performance in relation to its benchmark index and peer group was within an acceptable range, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders.

VictoryShares US Small Cap Volatility Wtd ETF

Noting that the Fund commenced operations in 2015, the Board compared the Fund's one- and three-year performance for the periods ended June 30, 2019, to that of the median performance of the peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the peer group median for the one-year period, outperformed the peer group median for the three-year period, and underperformed the benchmark index for both the one- and three-year periods. The Board noted the Fund's tracking error for the periods relative to its peers.

VictoryShares International Volatility Wtd ETF

192

Victory Portfolios II

Supplemental Information — continued
December 31, 2019

(Unaudited)

index for both of the periods reviewed, and outperformed the peer group median for both of the periods reviewed. The Board noted the Fund's tracking error for the periods relative to its peers.

VictoryShares Emerging Market Volatility Wtd ETF

Noting that the Fund commenced operations in 2016, the Board compared the Fund's one- and three-year performance for the periods ended June 30, 2019, to that of the median performance of the peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for both of the periods reviewed, outperformed the peer group median for the one-year period, and underperformed the peer group median for the three-year period. The Board noted the Fund's tracking error for the periods relative to its peers.

VictoryShares US Large Cap High Div Volatility Wtd ETF

Noting that the Fund commenced operations in 2015, the Board compared the Fund's one- and three-year performance for the periods ended June 30, 2019, to that of the median performance of the peer group and benchmark index for the same periods and considered the fact that the Fund outperformed the peer group median for the one-year period, underperformed the peer group median for the three-year period, and underperformed the benchmark index for both the one- and three-year periods. The Board noted the Fund's tracking error for the periods relative to its peers.

VictoryShares US Small Cap High Div Volatility Wtd ETF

Noting that the Fund commenced operations in 2015, the Board compared the Fund's one- and three-year performance for the periods ended June 30, 2019, to that of the median performance of the peer group and benchmark index for the same periods and considered the fact that the Fund outperformed the peer group median for both the one and three-year periods, and underperformed the benchmark index for both the one- and three-year periods. The Board noted the Fund's tracking error for the periods relative to its peers.

VictoryShares International High Div Volatility Wtd ETF

Noting that the Fund commenced operations in 2015, the Board compared the Fund's one- and three-year performance for the periods ended June 30, 2019, to that of the median performance of the peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for both the one- and three-year periods, outperformed the peer group median for the one-year period,

193

Victory Portfolios II

Supplemental Information — continued
December 31, 2019

(Unaudited)

and underperformed the peer group median for the three-year period. The Board noted the Fund's tracking error for the periods relative to its peers.

VictoryShares Emerging Market High Div Volatility Wtd ETF

Noting that the Fund commenced operations in 2017, the Board compared the Fund's one-year performance for the period ended June 30, 2019, to that of the median performance of the peer group for the same period and considered the fact that the Fund underperformed the benchmark index and outperformed the peer group median. The Board noted the Fund's tracking error for the period relative to its peers.

VictoryShares Dividend Accelerator ETF

VictoryShares US Multi-Factor Minimum Volatility ETF

VictoryShares US 500 Enhanced Volatility Wtd ETF

Noting that the Fund commenced operations in 2014, the Board compared the Fund's one- and three-year performance for the periods ended June 30, 2019, to that of the median performance of the peer group and benchmark index for the same periods and considered the fact that the Fund underperformed both the benchmark index and the peer group median for both of the periods reviewed. The Board noted the Fund's tracking error for the periods relative to its peers, and discussed with the Adviser the Fund's rules-based rebalancing in light of market conditions and that the Fund performed in accordance with the Adviser's expectations.

194

Victory Portfolios II

Supplemental Information — continued
December 31, 2019

(Unaudited)

VictoryShares US EQ Income Enhanced Volatility Wtd ETF

Noting that the Fund commenced operations in 2014, the Board compared the Fund's one- and three-year performance for the periods ended June 30, 2019, to that of the median performance of the peer group and benchmark index for the same periods and considered the fact that the Fund underperformed both the benchmark index and the peer group median for both of the periods reviewed. The Board noted the Fund's tracking error for the periods relative to its peers, and discussed with the Adviser the Fund's rules-based rebalancing in light of market conditions and that the Fund performed in accordance with the Adviser's expectations.

VictoryShares US Discovery Enhanced Volatility Wtd ETF

Noting that the Fund commenced operations in 2014, the Board compared the Fund's one- and three-year performance for the periods ended June 30, 2019, to that of the median performance of the peer group and benchmark index for the same periods and considered the fact that the Fund underperformed both the benchmark index and the peer group median for both of the periods reviewed. The Board noted the Fund's tracking error for the periods relative to its peers, and discussed with the Adviser the Fund's rules-based rebalancing in light of market conditions and that the Fund performed in accordance with the Adviser's expectations.

VictoryShares Developed Enhanced Volatility Wtd ETF

Noting that the Fund commenced operations in 2014, the Board compared the Fund's one- and three-year performance for the periods ended June 30, 2019, to that of the median performance of the peer group and benchmark index for the same periods and considered the fact that the Fund underperformed both the benchmark index and the peer group median for both of the periods reviewed. The Board noted the Fund's tracking error for the periods relative to its peers, and discussed with the Adviser the Fund's rules-based rebalancing in light of market conditions and that the Fund performed in accordance with the Adviser's expectations.

195

Victory Portfolios II

Supplemental Information — continued
December 31, 2019

(Unaudited)

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 nature, quality and extent of the investment advisory services provided by the Adviser;

• 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 quality portfolio management teams; and

• The overall high quality of the personnel, operations, financial condition, investment management capabilities, methodologies and performance of the Adviser.

196

Privacy Policy

Protecting the Privacy of Information

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.*

The Victory Funds
P.O. Box 182593
Columbus, Ohio
43218-2593

Visit our website at:				Call Victory at:
www.vcm.com				866-376-7890

VPII-VICTORYSHARESETF-SAR (12/19)

December 31, 2019

Semi Annual Report

VictoryShares USAA Core Short-Term Bond ETF

VictoryShares USAA Core Intermediate-Term Bond ETF

You may elect to receive shareholder reports and other communications electronically sooner than January 1, 2021 by notifying your financial intermediary directly.

vcm.com

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• Detailed performance records

• Daily share prices

• The latest fund news

• Investment resources to help you become a better investor

• A section dedicated to investment professionals

Victory Portfolios II

Table of Contents

Financial Statements
Victory Portfolios II Exchange Traded Funds
VictoryShares USAA Core Short-Term Bond ETF
Investment Objectives & Portfolio Holdings					3
Schedule of Portfolio Investments					4
Statements of Assets and Liabilities					23
Statements of Operations					24
Statements of Changes in Net Assets					25
Financial Highlights					26-27
VictoryShares USAA Core Intermediate-Term Bond ETF
Investment Objectives & Portfolio Holdings					3
Schedule of Portfolio Investments					11
Statements of Assets and Liabilities					23
Statements of Operations					24
Statements of Changes in Net Assets					25
Financial Highlights					26-27
Notes to Financial Statements					28
Supplemental Information (unaudited)
Proxy Voting and Portfolio Holdings Information					39
Expense Examples					39
Privacy Policy (inside back cover)

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus of the VictoryShares.

The information in this semi annual 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 ETFs, markets or securities mentioned herein should not be considered to be indicative of future results.

This report is for the information of the shareholders and others who have received a copy of the currently effective prospectus of the Funds, managed by Victory Capital Management Inc. It may be used as sales literature only when preceded or accompanied by a current prospectus, which provides further details about the Funds.

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) 235-8396.

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.

• NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Call Victory at:

866-376-7890

Visit our website at:

www.vcm.com

Victory Portfolios II

December 31, 2019

(Unaudited)

Investment Objectives & Portfolio Holdings:

  VictoryShares USAA Core Short-Term
  Bond ETF
  Seeks high current income consistent with
  preservation of principal.

Portfolio Holdings

As a Percentage of Total Investments

  VictoryShares USAA Core Intermediate-Term
  Bond ETF
  Seeks high current income without undue
  risk to principal.

Portfolio Holdings

As a Percentage of Total Investments

Victory Portfolios II
VictoryShares USAA Core Short-Term Bond ETF

Schedule of Portfolio Investments
December 31, 2019

(Unaudited)

Security Description	Principal Amount		Value
Asset Backed Securities (10.8%)
AmeriCredit Automobile Receivables Trust, Series 2017-4, Class C, 2.60%, 9/18/23, Callable 4/18/22 @ 100	$	500,000	$	504,266
Bank of The West Auto Trust, Series 2017-1, Class C, 2.96%, 2/15/24, Callable 12/15/21 @ 100 (a)		500,000		507,197
Bank of The West Auto Trust, Series 2018-1, Class C, 3.98%, 5/15/24, Callable 1/15/22 @ 100 (a)		400,000		413,864
Canadian Pacer Auto Receivables Trust, Series 2018-2A, Class B, 3.63%, 1/19/24, Callable 2/19/22 @ 100 (a)		500,000		512,989
CarMax Auto Owner Trust, Series 2016-1, Class B, 2.22%, 8/16/21, Callable 4/15/20 @ 100		1,000,000		1,000,109
Centre Point Funding LLC, Series 2012-2A, Class 1, 2.61%, 8/20/21 (a)		25,416		25,355
CNH Equipment Trust, Series 2017-B, Class B, 2.47%, 12/16/24, Callable 10/15/21 @ 100		500,000		502,417
Credit Acceptance Auto Loan Trust, Series 2018-1A, Class B, 3.60%, 4/15/27, Callable 6/15/21 @ 100 (a)		500,000		508,378
Drive Auto Receivables Trust, Series 2018-4, Class C, 3.66%, 11/15/24, Callable 9/15/21 @ 100		500,000		504,774
Evergreen Credit Card Trust, Series 2019-2, Class B, 2.27%, 9/15/24 (a)		750,000		745,415
Exeter Automobile Receivables Trust, Series 2018-3A, Class B, 3.46%, 10/17/22, Callable 3/15/22 @ 100 (a)		430,000		431,666
GM Financial Consumer Automobile Receivables Trust, Series 2018-3, Class A3, 3.02%, 5/16/23, Callable 7/16/22 @ 100		500,000		506,142
GreatAmerica Leasing Receivables Funding LLC, Series 2018-1, Class A4, 2.83%, 6/17/24, Callable 11/15/21 @ 100 (a)		500,000		505,538
MMAF Equipment Finance LLC, Series 2016-A, Class A4, 1.76%, 1/17/23, Callable 7/15/25 @ 100 (a)		95,101		94,866
OSCAR US Funding Trust LLC, Series 2017-1A, Class A4, 3.30%, 5/10/24 (a)		500,000		505,583
PSNH Funding LLC 3, Series 2018-1, Class A1, 3.09%, 2/1/26		389,081		396,682
Santander Drive Auto Receivables Trust, Series 2016-1, Class C, 3.09%, 4/15/22, Callable 8/15/20 @ 100 (b)		8,314		8,317
Santander Drive Auto Receivables Trust, Series 2018-5, Class B, 3.52%, 12/15/22, Callable 12/15/21 @ 100		250,000		251,357
SCF Equipment Leasing LLC, Series 2017-2A, Class A, 3.41%, 12/20/23, Callable 1/20/20 @ 100 (a)		93,181		93,379
SCF Equipment Leasing LLC, Series 2017-1, Class A, 3.77%, 1/20/23, Callable 12/20/21 @ 100 (a)		343,130		345,156
SCF Equipment Leasing LLC, Series 2019-2A, Class A2, 2.47%, 4/20/26, Callable 2/20/25 @ 100 (a)		750,000		749,051
Synchrony Credit Card Master Note Trust, Series 2017-1, Class B, 2.19%, 6/15/23		500,000		499,727
Westlake Automobile Receivables Trust, Series 2019-2A, Class C, 2.84%, 7/15/24, Callable 1/15/23 @ 100 (a)		500,000		502,376
Total Asset Backed Securities (Cost $10,010,393)				10,114,604
Collateralized Mortgage Obligations (3.2%)
Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class B, 4.38%, 1/10/36 (a)		500,000		529,952
Madison Park Funding Ltd., Series 2013-11A, Class AR, 3.09% (LIBOR03M+116bps), 7/23/29, Callable 1/23/20 @ 100 (a) (c)		500,000		499,950

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Principal Amount		Value
Oaktree EIF Ltd., Series 2016-IIIA, Class B, 3.97% (LIBOR03M+200bps), 10/20/27, Callable 4/20/20 @ 100 (a) (c)	$	500,000	$	500,851
Palmer Square Loan Funding Ltd., Series 2018-2A, Class A1, 2.65% (LIBOR03M+65bps), 7/15/26, Callable 1/15/20 @ 100 (a) (c)		335,039		334,335
Palmer Square Loan Funding Ltd., Series 2018-2A, Class A2, 3.05% (LIBOR03M+105bps), 7/15/26, Callable 1/15/20 @ 100 (a) (c)		500,000		496,350
WFRBS Commercial Mortgage Trust, Series 2012-C9, Class ASB, 2.45%, 11/15/45		354,960		356,161
WFRBS Commercial Mortgage Trust, Series 2012-C7, Class AS, 4.09%, 6/15/45 (b)		225,017		232,168
Total Collateralized Mortgage Obligations (Cost $2,923,294)				2,949,767
Corporate Bonds (54.1%)
Communication Services (2.4%):
Pearson Funding Four PLC, 3.75%, 5/8/22 (a)		750,000		755,197
Sprint Spectrum, 3.36%, 3/20/23 (a)		175,000		176,745
Time Warner Cable, Inc., 5.00%, 2/1/20		1,250,000		1,252,375
				2,184,317
Consumer Discretionary (1.1%):
Lennar Corp., 2.95%, 11/29/20, Callable 9/29/20 @ 100		300,000		301,284
Newell Brands, Inc., 3.15%, 4/1/21, Callable 3/1/21 @ 100		750,000		756,413
				1,057,697
Consumer Staples (5.0%):
Alimentation Couche-Tard, Inc., 2.70%, 7/26/22, Callable 6/26/22 @ 100 (a)		500,000		505,795
Altria Group, Inc., 4.75%, 5/5/21		500,000		517,870
Anheuser-Busch InBev Worldwide, Inc., 4.15%, 1/23/25, Callable 12/23/24 @ 100		500,000		544,380
Constellation Brands, Inc., 2.70%, 5/9/22, Callable 4/9/22 @ 100		400,000		404,988
Philip Morris International, Inc., 2.90%, 11/15/21		750,000		763,538
Reckitt Benckiser Treasury Services PLC, 2.38%, 6/24/22, Callable 5/24/22 @ 100 (a)		400,000		402,656
Unilever Capital Corp., 2.60%, 5/5/24, Callable 3/5/24 @ 100		750,000		767,933
Walmart, Inc., 3.55%, 6/26/25, Callable 4/26/25 @ 100		750,000		804,848
				4,712,008
Energy (7.9%):
Buckeye Partners LP, 4.88%, 2/1/21, Callable 11/1/20 @ 100		500,000		508,870
DCP Midstream Operating LP, 5.35%, 3/15/20 (a)		750,000		753,990
Enable Oklahoma Intrastate Transmission LLC, 6.25%, 3/15/20 (a)		750,000		755,677
Energy Transfer Operating LP, 7.50%, 10/15/20		500,000		520,010
EQM Midstream Partners LP 4.75%, 7/15/23, Callable 6/15/23 @ 100		400,000		401,220
4.00%, 8/1/24, Callable 5/1/24 @ 100		250,000		242,588
EQT Corp., 2.87%(LIBOR03M+77bps), 10/1/20, Callable 1/24/20 @ 100 (c)		500,000		499,665
Exxon Mobil Corp., 2.40%, 3/6/22, Callable 1/6/22 @ 100		500,000		506,275
Midwest Connector Capital Co. LLC, 3.63%, 4/1/22, Callable 3/1/22 @ 100 (a)		500,000		513,385
Motiva Enterprises LLC, 5.75%, 1/15/20 (a)		623,000		623,704
MPLX LP, 3.50%, 12/1/22, Callable 11/1/22 @ 100 (a)		271,000		279,257
Nustar Logistics LP, 4.80%, 9/1/20		400,000		405,296
Occidental Petroleum Corp., 2.70%, 8/15/22		750,000		758,189
Rockies Express Pipeline LLC, 5.63%, 4/15/20 (a)		500,000		503,830
				7,271,956

See notes to financial statements.

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December 31, 2019

(Unaudited)

Security Description	Principal Amount		Value
Financials (17.1%):
Associated Bank NA, 3.50%, 8/13/21, Callable 7/13/21 @ 100	$	500,000	$	508,610
Assurant, Inc., 3.20%(LIBOR03M+125bps), 3/26/21, Callable 1/29/20 @ 100 (c)		66,000		65,980
BBVA Bancomer SA, 6.50%, 3/10/21 (a)		250,000		260,908
Capital One Financial Corp., 2.40%, 10/30/20, Callable 9/30/20 @ 100		350,000		351,019
Citigroup, Inc., 3.14%(LIBOR03M+72bps), 1/24/23, Callable 1/24/22 @ 100 (c)		400,000		408,020
Citizens Bank NA, 2.25%, 10/30/20, Callable 9/30/20 @ 100		294,000		294,526
DAE Funding LLC, 4.00%, 8/1/20, Callable 2/10/20 @ 102 (a)		750,000		754,763
Flagstar Bancorp, Inc., 6.13%, 7/15/21, Callable 6/15/21 @ 100		500,000		519,460
Ford Motor Credit Co. LLC 8.13%, 1/15/20		775,000		776,386
3.20%, 1/15/21		500,000		502,570
HSBC Finance Corp., 6.68%, 1/15/21		500,000		519,660
Hyundai Capital America, 3.00%, 6/20/22 (a)		750,000		759,248
Infinity Property & Casualty Corp., 5.00%, 9/19/22		500,000		530,415
Main Street Capital Corp., 5.20%, 5/1/24		500,000		538,925
Metropolitan Life Global Funding, 3.45%, 10/9/21 (a)		500,000		513,590
New York Life Global Funding, 2.00%, 4/13/21 (a)		500,000		501,495
ORIX Corp., 2.95%, 7/23/20, MTN		400,000		401,728
Park Aerospace Holdings Ltd., 3.63%, 3/15/21, Callable 2/15/21 @ 100 (a)		500,000		507,195
Primerica, Inc., 4.75%, 7/15/22		400,000		426,128
Protective Life Global Funding, 3.10%, 4/15/24 (a)		500,000		517,320
Regions Bank, 2.75%, 4/1/21, Callable 3/1/21 @ 100		400,000		403,200
Reliance Standard Life Global Funding II, 2.50%, 1/15/20 (a)		500,000		500,065
Santander Holdings USA, Inc. 4.45%, 12/3/21, Callable 11/3/21 @ 100		250,000		259,775
3.40%, 1/18/23, Callable 12/18/22 @ 100		250,000		256,385
Santander UK Group Holdings PLC, 3.37%(LIBOR03M+108bps), 1/5/24, Callable 1/5/23 @ 100 (c)		250,000		255,773
Silversea Cruise Finance, 7.25%, 2/1/25, Callable 2/1/20 @ 105.44 (a)		750,000		793,238
Sterling Bancorp, 3.50%, 6/8/20, Callable 5/8/20 @ 100		580,000		574,988
SunTrust Banks, Inc., 2.90%, 3/3/21, Callable 2/3/21 @ 100		400,000		404,112
The Huntington National Bank, 2.40%, 4/1/20, Callable 3/1/20 @ 100		500,000		500,230
TIAA FSB Holdings, Inc., 6.00%(LIBOR03M+470bps), 3/15/26, Callable 3/15/21 @ 100 (c)		750,000		783,675
US Bank NA, 2.85%, 1/23/23, Callable 12/23/22 @ 100		500,000		512,245
Wells Fargo & Co., 3.00%, 1/22/21, MTN		500,000		505,685
Zions Bancorp NA, 3.35%, 3/4/22, Callable 2/4/22 @ 100		500,000		512,485
				15,919,802
Health Care (1.9%):
Centene Corp., 4.75%, 1/15/25, Callable 2/10/20 @ 103.56 (a)		70,000		72,693
CVS Health Corp., 2.63%, 8/15/24, Callable 7/15/24 @ 100		750,000		757,957
Elanco Animal Health, Inc., 3.91%, 8/27/21		500,000		511,640
SSM Health Care Corp., 3.69%, 6/1/23, Callable 3/1/23 @ 100		500,000		519,880
				1,862,170
Industrials (5.8%):
Air Lease Corp. 3.50%, 1/15/22		500,000		514,005
2.25%, 1/15/23		250,000		250,558

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Principal Amount		Value
Aircastle Ltd., 4.25%, 6/15/26, Callable 4/15/26 @ 100	$	500,000	$	527,835
Aramark Services, Inc., 5.13%, 1/15/24, Callable 1/15/20 @ 102.56		750,000		769,695
CK Hutchison International Ltd., 2.75%, 3/29/23 (a)		750,000		754,597
Heathrow Funding Ltd., 4.88%, 7/15/21 (a)		475,000		492,599
Ryder System, Inc., 2.25%, 9/1/21, MTN, Callable 8/1/21 @ 100		500,000		501,380
Smiths Group PLC, 3.63%, 10/12/22 (a)		500,000		508,974
TTX Co., 2.60%, 6/15/20, Callable 5/15/20 @ 100 (a)		500,000		501,055
Wabtec Corp., 3.19%(LIBOR03M+105bps), 9/15/21, Callable 1/29/20 @ 100 (c)		500,000		499,955
				5,320,653
Information Technology (1.8%):
Broadcom, Inc., 3.13%, 4/15/21 (a)		500,000		506,055
Leidos Holdings, Inc., 4.45%, 12/1/20, Callable 9/1/20 @ 100		750,000		760,448
Tyco Electronics Group SA, 2.34%(LIBOR03M+45bps), 6/5/20 (c)		500,000		500,425
				1,766,928
Materials (2.3%):
AngloGold Holdings PLC, 5.38%, 4/15/20		750,000		755,490
Ecolab, Inc., 4.35%, 12/8/21		400,000		418,712
Methanex Corp., 5.25%, 3/1/22		500,000		524,495
Reliance Steel & Aluminum Co., 4.50%, 4/15/23, Callable 1/15/23 @ 100		400,000		424,196
				2,122,893
Real Estate (4.8%):
AvalonBay Communities, Inc., 3.63%, 10/1/20, Callable 7/1/20 @ 100		400,000		403,224
Boston Properties LP, 4.13%, 5/15/21, Callable 2/15/21 @ 100		750,000		767,783
Corecivic, Inc., 4.13%, 4/1/20		500,000		500,000
Office Properties Income Trust, 3.60%, 2/1/20		600,000		600,000
SBA Tower Trust, 2.84%, 1/15/25 (a)		750,000		750,870
Scentre Group Trust 1/Scentre Group Trust 2, 2.38%, 4/28/21, Callable 3/29/21 @ 100 (a)		500,000		500,730
Senior Housing Properties Trust 6.75%, 4/15/20, Callable 2/13/20 @ 100		500,000		501,325
6.75%, 12/15/21, Callable 6/15/21 @ 100		500,000		530,255
				4,554,187
Utilities (4.0%):
AEP Texas, Inc., 2.40%, 10/1/22, Callable 9/1/22 @ 100		400,000		403,096
Dominion Energy, Inc., 2.72%, 8/15/21 (d)		500,000		504,060
EDP Finance BV, 4.13%, 1/15/20		400,000		400,240
National Fuel Gas Co., 4.90%, 12/1/21, Callable 9/1/21 @ 100		500,000		521,330
Public Service Electric & Gas Co., 3.25%, 9/1/23, MTN, Callable 8/1/23 @ 100		500,000		520,865
Sempra Energy, 2.90%, 2/1/23, Callable 1/1/23 @ 100		400,000		407,700
Sierra Pacific Power Co., 3.38%, 8/15/23, Callable 5/15/23 @ 100		500,000		518,440
The AES Corp., 4.00%, 3/15/21		500,000		507,950
				3,783,681
Total Corporate Bonds (Cost $49,929,674)				50,556,292
Municipal Bonds (19.9%)
California (0.3%):
San Jose Redevelopment Agency Successor Agency, Series A-T, 2.63%, 8/1/22		250,000		254,508

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Principal Amount		Value
Colorado (3.1%):
City of Loveland Electric & Communications Enterprise Revenue, 2.85%, 12/1/23	$	600,000	$	612,276
Colorado Health Facilities Authority Revenue, Series B, 2.24%, 11/1/22		750,000		750,682
Denver City & County Housing Authority Revenue, 2.15%, 12/1/24		750,000		739,853
Park Creek Metropolitan District Revenue, Series B, 2.43%, 12/1/23		700,000		702,205
				2,805,016
Connecticut (0.5%):
State of Connecticut, GO, Series A, 3.75%, 9/15/20		500,000		505,765
Illinois (0.5%):
City of Chicago Wastewater Transmission Revenue, 3.73%, 1/1/20		500,000		500,000
Indiana (1.2%):
Indiana Finance Authority Revenue, 2.48%, 3/1/24		1,000,000		998,029
Massachusetts (0.5%):
Development Finance Agency Revenue, Series B, 3.52%, 7/1/20		500,000		502,045
Michigan (1.6%):
Ecorse Public School District, GO, 2.00%, 5/1/24		750,000		743,948
Michigan Finance Authority Revenue 2.21%, 12/1/23		185,000		184,806
2.31%, 12/1/24		105,000		104,713
2.37%, 9/1/49, Callable 3/1/23 @ 100 (e)		446,000		446,326
				1,479,793
Nebraska (1.5%):
Douglas Country School District 0010, GO, Series B, 2.05%, 6/15/24		750,000		747,449
Papio-Missouri River Natural Resource District, 2.09%, 12/15/24, Continuously Callable @100		700,000		698,684
				1,446,133
New Jersey (1.3%):
Economic Development Authority Revenue 3.80%, 6/15/20		250,000		251,455
Series B, 3.50%, 6/15/20		150,000		150,644
Educational Facilities Authority Revenue, 2.47%, 9/1/21		300,000		301,020
South Jersey Transportation Authority System Revenue, Series B, 3.02%, 11/1/25		425,000		421,128
				1,124,247
New York (1.0%):
Dormitory Authority Revenue, Series B, 3.18%, 3/15/22		500,000		513,365
Madison County Capital Resource Corp. Revenue, 2.18%, 7/1/23		500,000		501,770
				1,015,135
Ohio (0.3%):
Hamilton County Health Care Facilities Revenue, 2.37%, 6/1/22		325,000		325,653
Oregon (0.8%):
Port of Morrow Revenue, 2.18%, 9/1/24		750,000		752,744
Pennsylvania (1.0%):
School District of Scranton, GO(INS — Build America Mutual Assurance Co.), 2.46%, 4/1/22		500,000		499,985
State Public School Building Authority Revenue, 2.75%, 4/1/25		500,000		497,130
				997,115

See notes to financial statements.

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Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Principal Amount		Value
Rhode Island (0.5%):
Commerce Corp. Revenue, 2.86%, 5/1/24	$	500,000	$	513,305
Texas (4.3%):
City of Houston, GO 2.62%, 3/1/21		150,000		151,014
2.77%, 3/1/22		150,000		152,396
Dallas-Fort Worth International Airport Revenue, 2.04%, 11/1/24		750,000		743,055
Harris County Cultural Education Facilities Finance Corp. Revenue, Series B, 2.30%, 5/15/24		600,000		598,176
Lubbock Texas Water & Wastewater System Revenue, Series B, 1.93%, 2/15/24		750,000		744,083
State of Texas, GO, 3.11%, 10/1/23		500,000		521,990
Texas A&M University Revenue
Series A, 2.95%, 5/15/23		500,000		516,495
Series B, 2.12%, 5/15/24		500,000		501,575
				3,928,784
Virginia (1.0%):
Economic Development Authority, GO, Series B, 2.03%, 10/1/24		750,000		747,300
Virginia Resources Authority Infrastructure Revenue, 2.26%, 11/1/25		182,000		181,902
				929,202
Wisconsin (0.5%):
Public Finance Authority Revenue(LOC-Citizens Financial Group), 3.75%, 2/1/22, Continuously Callable @100		500,000		500,350
Total Municipal Bonds (Cost $18,520,061)				18,577,824
U.S. Treasury Obligations (4.7%)
U.S. Treasury Notes 1.63%, 10/15/20		311,000		310,976
1.13%, 7/31/21		1,170,000		1,161,316
1.88%, 9/30/22		1,450,000		1,461,215
1.25%, 7/31/23		1,500,000		1,479,961
Total U.S. Treasury Obligations (Cost $4,323,256)				4,413,468
Commercial Papers (5.5%)
Energy Transfer Partners LP, 2.68%, 1/2/20 (f)		400,000		399,941
Home Depot, Inc., 1.56%, 1/9/20 (f)		920,000		919,641
Landesbank Baden-Wuerttemberg, 1.93%, 1/9/20 (f)		1,500,000		1,499,275
Marriott International, Inc., 1.77%, 1/3/20 (f)		500,000		499,926
National Rural Utilities Cooperative Finance Corp., 1.63%, 1/16/20 (f)		900,000		899,375
Stanley Black & Decker, Inc., 1.82%, 1/13/20 (f)		920,000		919,397
Total Commercial Papers (Cost $5,137,806)				5,137,555
Total Investments (Cost $90,844,484) — 98.2%				91,749,510
Other assets in excess of liabilities — 1.8%				1,700,084
NET ASSETS — 100.00%			$	93,449,594

See notes to financial statements.

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December 31, 2019

(Unaudited)

(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 based upon procedures approved by the Board of Trustees. As of December 31, 2019, the fair value of these securities was $22,767,884 and amounted to 24.4% of net assets.

(b) The rate for certain asset-backed and mortgage backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at December 31, 2019.

(d) Stepped-coupon security converts to coupon form on 8/15/21 with a rate of 2.715%.

(e) Put Bond.

(f) Rate represents the effective yield at December 31, 2019.

bps — Basis points

GO — General Obligation

LIBOR — London InterBank Offered Rate

LIBOR03M — 3 Month US Dollar LIBOR, rate disclosed as of December 31, 2019, based on the last reset date of the security

LLC — Limited Liability Company

LP — Limited Partnership

MTN — Medium Term Note

PLC — Public Limited Company

Credit Enhancements — Adds the financial strength of the provider of the enhancement to support the issuer's ability to repay the principal and interest payments when due. The enhancement may be provided by a high-quality bank, insurance company or other corporation, or a collateral trust. The enhancements do not guarantee the fair values of the securities.

INS Principal and interest payments are insured by the name listed. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations.

LOC Principal and interest payments are guaranteed by a bank letter of credit or other bank credit agreement.

See notes to financial statements.

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Schedule of Portfolio Investments
December 31, 2019

(Unaudited)

Security Description	Principal Amount		Value
Asset Backed Securities (5.1%)
American Express Credit Account Master Trust, Series 2019-2, Class B, 2.86%, 11/15/24	$	2,076,000	$	2,110,481
AmeriCredit Automobile Receivables Trust, Series 2017-2, Class D, 3.42%, 4/18/23, Callable 11/18/21 @ 100		1,000,000		1,016,480
Avis Budget Rental Car Funding AESOP LLC, Series 2016-2A, Class B, 3.36%, 11/20/22 (a)		1,250,000		1,263,806
Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class B, 3.55%, 9/22/25 (a)		500,000		518,105
Bank of The West Auto Trust, Series 2017-1, Class C, 2.96%, 2/15/24, Callable 12/15/21 @ 100 (a)		500,000		507,198
BCC Funding LLC, Series 2019-1A, Class A2, 2.46%, 8/20/24, Callable 11/20/23 @ 100 (a)		1,000,000		1,000,139
Canadian Pacer Auto Receivables Trust, Series 2018-2A, Class B, 3.63%, 1/19/24, Callable 2/19/22 @ 100 (a)		500,000		512,989
Exeter Automobile Receivables Trust, Series 2019-1A, Class C, 3.82%, 12/16/24, Callable 9/15/22 @ 100 (a)		1,000,000		1,021,902
ExteNet LLC, Series 2019-1A, Class A2, 3.20%, 7/26/49, Callable 1/25/23 @ 100 (a)		500,000		502,441
Hertz Vehicle Financing LP, Series 2019-3A, Class A, 2.67%, 12/26/25 (a)		893,000		890,142
HPEFS Equipment Trust, Series 2019-1A, Class C, 2.49%, 9/20/29, Callable 7/20/22 @ 100 (a)		500,000		499,718
MMAF Equipment Finance LLC, Series 2017-B, Class A4, 2.41%, 11/15/24, Callable 6/15/28 @ 100 (a)		1,000,000		1,007,133
Navient Student Loan Trust, Series 2018-2A, Class B, 2.94% (LIBOR01M+115bps), 3/25/67, Callable 3/25/33 @ 100 (a) (b)		1,000,000		972,074
NP SPE LLC, Series 2019-1A, Class A2, 3.24%, 9/20/49 (a)		500,000		495,588
OSCAR US Funding Trust LLC, Series 2018-1A, Class A3, 3.23%, 5/10/22 (a)		400,000		402,964
PSNH Funding LLC, Series 2018-1, Class A3, 3.81%, 2/1/35		1,000,000		1,099,900
SCF Equipment Leasing LLC, Series 2019-1A, Class B, 3.49%, 1/20/26, Callable 4/20/20 @ 100 (a)		500,000		511,378
SLM Student Loan Trust, Series 2006-10, Class B, 2.16% (LIBOR03M+22bps), 3/25/44, Callable 1/25/32 @ 100 (b)		255,529		230,866
SLM Student Loan Trust, Series 2007-1, Class B, 2.16% (LIBOR03M+22bps), 1/27/42, Callable 10/25/28 @ 100 (b)		402,741		373,503
Synchrony Credit Card Master Note Trust, Series 2018-2, Class A, 3.47%, 5/15/26		2,000,000		2,088,280
Tesla Auto Lease Trust, Series 2018-A, Class B, 2.75%, 2/20/20, Callable 2/20/20 @ 100 (a)		4,068		4,068
Transportation Finance Equipment Trust, Series 2019-1, Class A4, 1.88%, 3/25/24, Callable 3/23/23 @ 100 (a)		1,280,000		1,269,128
VB-S1 Issuer LLC, Series 2018-1A, Class C, 3.41%, 2/15/48, Callable 2/15/22 @ 100 (a)		500,000		504,553
Westlake Automobile Receivables Trust, Series 2018-2A, Class D, 4.00%, 1/16/24, Callable 11/15/21 @ 100 (a)		507,000		517,423
Total Asset Backed Securities (Cost $19,206,918)				19,320,259

See notes to financial statements.

Victory Portfolios II
VictoryShares USAA Core Intermediate-Term Bond ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Principal Amount		Value
Collateralized Mortgage Obligations (1.7%)
BX Commercial Mortgage Trust, Series 2019-XL, Class B, 2.82% (LIBOR01M+108bps), 10/15/36 (a) (b)	$	257,000	$	257,254
BX Commercial Mortgage Trust, Series 2019-OC11, Class A, 3.20%, 12/9/41 (a)		923,077		946,334
Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class C, 4.68%, 1/10/24 (a)		500,000		529,280
Citigroup Commercial Mortgage Trust, Series 2017-P8, Class AS, 3.79%, 9/15/50 (c)		500,000		532,884
COMM Mortgage Trust, Series 2015-LC23, Class AM, 4.16%, 10/10/48 (c)		250,000		267,647
DBJPM Mortgage Trust, Series 2016-SFC, Class A, 2.83%, 8/10/36 (a)		250,000		251,866
FREMF Mortgage Trust, Series 2019-K99, Class B, 3.77%, 9/25/29 (a) (c)		1,000,000		1,005,267
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2010-C2, Class C, 5.60%, 11/15/43 (a) (c)		813,000		829,314
Octagon Investment Partners Ltd., Series 2015-1A, Class A1R, 2.85% (LIBOR03M+85bps), 7/15/27, Callable 1/15/20 @ 100 (a) (b)		1,000,000		997,492
Venture CLO Ltd., Series 2014-16A, Class ARR, 2.85% (LIBOR03M+85bps), 1/15/28, Callable 1/15/20 @ 100 (a) (b)		500,000		499,098
Wells Fargo Commercial Mortgage Trust, Series 2018-AUS, Class A, 4.06%, 7/17/36 (a) (c)		250,000		271,651
Total Collateralized Mortgage Obligations (Cost $6,381,985)				6,388,087
Senior Secured Loans (0.1%)
Sprint Communications, Inc., 1st Lien Term Loan B, 4.75% (LIBOR01M+300bps), 2/3/24, Callable 2/7/20 @ 100 (b)		248,125		246,884
Total Senior Secured Loans (Cost $246,162)				246,884
Corporate Bonds (46.5%)
Communication Services (2.7%):
AT&T, Inc., 4.35%, 3/1/29, Callable 12/1/28 @ 100		1,500,000		1,666,080
British Telecommunications PLC, 5.13%, 12/4/28, Callable 9/4/28 @ 100		1,000,000		1,149,300
CBS Corp., 4.20%, 6/1/29, Callable 3/1/29 @ 100 (d)		1,000,000		1,089,340
Charter Communications Operating LLC/Charter Communications Operating Capital 4.50%, 2/1/24, Callable 1/1/24 @ 100		500,000		537,910
3.75%, 2/15/28, Callable 11/15/27 @ 100		500,000		518,705
Comcast Corp., 3.55%, 5/1/28, Callable 2/1/28 @ 100		750,000		808,013
CSC Holdings LLC 6.63%, 10/15/25, Callable 10/15/20 @ 103.31 (a)		500,000		532,710
6.50%, 2/1/29, Callable 2/1/24 @ 103.25 (a)		500,000		558,340
Fox Corp., 4.71%, 1/25/29, Callable 10/25/28 @ 100 (a)		1,000,000		1,141,170
Meredith Corp., 6.88%, 2/1/26, Callable 2/1/21 @ 103.44		500,000		519,940
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC, 4.74%, 9/20/29 (a)		500,000		530,240
T-Mobile USA, Inc., 4.75%, 2/1/28, Callable 2/1/23 @ 102.38		643,000		674,385
Vodafone Group PLC, 5.00%, 5/30/38		500,000		578,250
				10,304,383
Consumer Discretionary (1.8%):
AutoZone, Inc., 3.75%, 6/1/27, Callable 3/1/27 @ 100		500,000		533,540
Brookfield Resid Properties, Inc., 6.13%, 7/1/22, Callable 2/10/20 @ 101.53 (a)		480,000		487,613

See notes to financial statements.

Victory Portfolios II
VictoryShares USAA Core Intermediate-Term Bond ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Principal Amount		Value
D. R. Horton, Inc., 4.75%, 2/15/23, Callable 11/15/22 @ 100	$	500,000	$	533,305
Daimler Finance North America LLC 3.70%, 5/4/23 (a)		1,000,000		1,040,780
3.45%, 1/6/27 (a)		1,000,000		1,038,870
Hasbro, Inc., 3.55%, 11/19/26, Callable 9/19/26 @ 100		600,000		604,350
Murphy Oil USA, Inc., 4.75%, 9/15/29, Callable 9/15/24 @ 102.38		1,000,000		1,055,550
Newell Brands, Inc., 4.20%, 4/1/26, Callable 1/1/26 @ 100		500,000		521,080
Volkswagen Group of America Finance LLC, 3.20%, 9/26/26, Callable 7/26/26 @ 100 (a)		1,000,000		1,024,980
				6,840,068
Consumer Staples (3.7%):
Anheuser-Busch InBev Worldwide, Inc. 3.65%, 2/1/26, Callable 11/1/25 @ 100		1,000,000		1,067,260
4.38%, 4/15/38, Callable 10/15/37 @ 100		500,000		562,540
5.45%, 1/23/39, Callable 7/23/38 @ 100		1,000,000		1,257,320
Bacardi Ltd. 4.45%, 5/15/25, Callable 3/15/25 @ 100 (a)		1,500,000		1,612,920
2.75%, 7/15/26, Callable 4/15/26 @ 100 (a)		500,000		490,810
BAT Capital Corp., 4.39%, 8/15/37, Callable 2/15/37 @ 100		250,000		253,835
Becle SAB de CV, 3.75%, 5/13/25 (a)		1,000,000		1,023,090
Bunge Ltd. Finance Corp. 4.35%, 3/15/24, Callable 2/15/24 @ 100		500,000		526,380
3.25%, 8/15/26, Callable 5/15/26 @ 100		502,000		501,568
Constellation Brands, Inc., 3.50%, 5/9/27, Callable 2/9/27 @ 100		750,000		783,255
General Mills, Inc., 4.55%, 4/17/38, Callable 10/17/37 @ 100		1,000,000		1,159,300
Imperial Brands Finance PLC, 3.88%, 7/26/29, Callable 4/26/29 @ 100 (a)		1,000,000		1,008,870
Kraft Heinz Foods Co., 3.75%, 4/1/30, Callable 1/1/30 @ 100 (a)		1,000,000		1,030,780
Mars, Inc., 3.88%, 4/1/39, Callable 10/1/38 @ 100 (a)		1,000,000		1,111,720
Molson Coors Brewing Co., 3.00%, 7/15/26, Callable 4/15/26 @ 100		250,000		252,823
Smithfield Foods, Inc., 5.20%, 4/1/29, Callable 1/1/29 @ 100 (a)		500,000		555,845
The Kroger Co., 3.50%, 2/1/26, Callable 11/1/25 @ 100		500,000		526,005
				13,724,321
Energy (6.8%):
Aker BP ASA 6.00%, 7/1/22, Callable 2/10/20 @ 103 (a)		250,000		257,728
5.88%, 3/31/25, Callable 3/31/21 @ 102.94 (a)		500,000		530,455
Boardwalk Pipelines LP 4.45%, 7/15/27, Callable 4/15/27 @ 100		1,500,000		1,550,055
4.80%, 5/3/29, Callable 2/3/29 @ 100		500,000		532,600
Buckeye Partners LP, 4.13%, 12/1/27, Callable 9/1/27 @ 100		2,500,000		2,411,699
Cameron LNG LLC, 3.30%, 1/15/35, Callable 9/15/34 @ 100 (a)		1,091,000		1,105,194
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP 3.30%, 5/1/23, Callable 4/1/23 @ 100 (a)		250,000		258,228
3.70%, 6/1/28, Callable 3/1/28 @ 100 (a)		250,000		265,280
Continental Resources, Inc., 5.00%, 9/15/22, Callable 2/10/20 @ 100.83		109,000		109,837
Enable Midstream Partners LP, 4.15%, 9/15/29, Callable 6/15/29 @ 100		1,000,000		957,170
Energy Transfer Operating LP, 4.93%(LIBOR03M+302bps), 11/1/66, Callable 2/10/20 @ 100 (b)		500,000		388,140
Eni SpA, 4.25%, 5/9/29, Callable 2/9/29 @ 100 (a)		1,000,000		1,096,890
EnLink Midstream Partners LP, 4.85%, 7/15/26, Callable 4/15/26 @ 100		500,000		469,275

See notes to financial statements.

Victory Portfolios II
VictoryShares USAA Core Intermediate-Term Bond ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Principal Amount		Value
EQM Midstream Partners LP, 4.75%, 7/15/23, Callable 6/15/23 @ 100	$	500,000	$	501,525
Midwest Connector Capital Co. LLC, 4.63%, 4/1/29, Callable 1/1/29 @ 100 (a)		500,000		544,905
MPLX LP 4.25%, 12/1/27, Callable 9/1/27 @ 100 (a)		500,000		526,505
4.00%, 3/15/28, Callable 12/15/27 @ 100		750,000		778,080
4.80%, 2/15/29, Callable 11/15/28 @ 100		250,000		274,308
Murphy Oil Corp., 5.75%, 8/15/25, Callable 8/15/20 @ 104.31		500,000		524,110
Newfield Exploration Co., 5.38%, 1/1/26, Callable 10/1/25 @ 100		500,000		542,335
NuStar Logistics LP, 6.00%, 6/1/26, Callable 3/1/26 @ 100		500,000		529,565
Occidental Petroleum Corp., 3.50%, 8/15/29, Callable 5/15/29 @ 100		1,000,000		1,019,850
ONEOK, Inc. 4.55%, 7/15/28, Callable 4/15/28 @ 100		500,000		549,635
4.35%, 3/15/29, Callable 12/15/28 @ 100		500,000		542,965
Petroleos Mexicanos, 6.50%, 3/13/27		2,000,000		2,118,620
Plains All American Pipeline LP/PAA Finance Corp., 3.55%, 12/15/29, Callable 9/15/29 @ 100		1,000,000		985,500
Rockies Express Pipeline LLC, 4.95%, 7/15/29, Callable 4/15/29 @ 100 (a)		2,000,000		1,992,579
Sabal Trail Transmission LLC, 4.25%, 5/1/28, Callable 2/1/28 @ 100 (a)		1,000,000		1,077,940
Saudi Arabian Oil Co., 4.25%, 4/16/39 (a)		1,000,000		1,073,800
Southwestern Energy Co., 7.75%, 10/1/27, Callable 10/1/22 @ 103.88 (d)		500,000		463,170
Transocean Guardian Ltd., 5.88%, 1/15/24, Callable 7/15/21 @ 102.94 (a)		445,000		454,621
Western Gas Partners LP, 4.50%, 3/1/28, Callable 12/1/27 @ 100		500,000		487,530
Whiting Petroleum Corp., 6.63%, 1/15/26, Callable 10/15/25 @ 100		500,000		339,770
				25,259,864
Financials (14.9%):
ABN AMRO Bank NV, 4.80%, 4/18/26 (a)		500,000		542,085
Amcor Finance USA, Inc., 3.63%, 4/28/26, Callable 1/28/26 @ 100 (a)		1,250,000		1,286,475
American Equity Investment Life Holding Co., 5.00%, 6/15/27, Callable 3/15/27 @ 100		500,000		536,445
Ares Capital Corp., 4.25%, 3/1/25, Callable 1/1/25 @ 100		500,000		525,800
AXA Equitable Holdings, Inc., 4.35%, 4/20/28, Callable 1/20/28 @ 100		1,000,000		1,082,030
Banco Santander SA, 4.38%, 4/12/28		600,000		656,874
Bank of America Corp., 3.71%(LIBOR03M+151bps), 4/24/28, Callable 4/24/27 @ 100 (b)		1,000,000		1,068,550
Bank of Montreal, 3.80%(USSW5+143bps), 12/15/32, Callable 12/15/27 @ 100 (b)		500,000		524,170
Barclays PLC 4.61%(LIBOR03M+140bps), 2/15/23, Callable 2/15/22 @ 100 (b)		1,000,000		1,045,030
3.93%(LIBOR03M+161bps), 5/7/25, Callable 5/7/24 @ 100 (b)		500,000		525,320
BB&T Corp., 4.25%, 9/30/24		750,000		806,078
Blackstone Holdings Finance Co. LLC, 2.50%, 1/10/30, Callable 10/10/29 @ 100 (a)		2,000,000		1,973,380
BMW US Capital LLC, 3.75%, 4/12/28, Callable 1/12/28 @ 100 (a)		1,000,000		1,078,770
BNP Paribas SA, 4.71%(LIBOR03M+224bps), 1/10/25, Callable 1/10/24 @ 100 (a) (b)		1,000,000		1,082,580
BPCE SA 4.00%, 9/12/23 (a)		500,000		527,905
3.25%, 1/11/28 (a)		1,000,000		1,041,260
Capital One Financial Corp., 3.75%, 7/28/26, Callable 6/28/26 @ 100		1,000,000		1,052,970
CEMEX Finance LLC, 6.00%, 4/1/24, Callable 2/10/20 @ 103 (a)		250,000		257,045

See notes to financial statements.

Victory Portfolios II
VictoryShares USAA Core Intermediate-Term Bond ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Principal Amount		Value
CIT Group, Inc., 5.25%, 3/7/25, Callable 12/7/24 @ 100	$	500,000	$	553,195
Citigroup, Inc., 4.13%, 7/25/28		1,000,000		1,088,369
CNO Financial Group, Inc., 5.25%, 5/30/29, Callable 2/28/29 @ 100		500,000		562,785
Co-operatieve Rabobank UA, 4.00%(USSW5+189bps), 4/10/29, MTN, Callable 4/10/24 @ 100 (b)		600,000		624,180
Credit Acceptance Corp., 6.63%, 3/15/26, Callable 3/15/22 @ 103.31 (a)		500,000		540,740
Credit Agricole SA, 3.25%, 10/4/24 (a)		1,250,000		1,293,713
Credit Suisse Group Funding Guernsey Ltd., 3.75%, 3/26/25		500,000		529,965
Deutsche Bank AG, 5.00%, 2/14/22		250,000		261,095
Fairfax Financial Holdings Ltd., 4.85%, 4/17/28, Callable 1/17/28 @ 100		500,000		544,595
Fifth Third Bancorp, 3.95%, 3/14/28, Callable 2/14/28 @ 100		500,000		550,610
Ford Motor Credit Co. LLC 4.54%, 8/1/26, Callable 6/1/26 @ 100		1,400,000		1,430,548
5.11%, 5/3/29, Callable 2/3/29 @ 100		500,000		515,370
FS KKR Capital Corp., 4.63%, 7/15/24, Callable 6/15/24 @ 100		1,000,000		1,042,290
Glencore Funding LLC 4.00%, 3/27/27, Callable 12/27/26 @ 100 (a)		500,000		520,825
4.88%, 3/12/29, Callable 12/12/28 @ 100 (a)		750,000		818,003
Global Atlantic Financial Co., 4.40%, 10/15/29, Callable 7/15/29 @ 100 (a)		1,714,000		1,707,692
HSBC Holdings PLC 3.80%(LIBOR03M+121bps), 3/11/25, Callable 3/11/24 @ 100 (b)		500,000		525,005
2.91%(LIBOR03M+135bps), 9/12/26, Callable 9/12/25 @ 100 (b)		500,000		541,245
Hyundai Capital America 3.40%, 6/20/24 (a)		500,000		510,605
3.50%, 11/2/26, Callable 9/2/26 @ 100 (a)		1,000,000		1,013,740
ILFC E-Capital Trust I, 3.90%, 12/21/65, Callable 2/10/20 @ 100 (a)		500,000		390,050
KeyBank NA 3.40%, 5/20/26, MTN		500,000		521,430
3.90%, 4/13/29		1,000,000		1,077,930
KKR Group Finance Co. LLC, 3.75%, 7/1/29, Callable 4/1/29 @ 100 (a) (d)		500,000		533,275
Lincoln National Corp., 3.80%, 3/1/28, Callable 12/1/27 @ 100		500,000		533,155
Lloyds Banking Group PLC 2.91%(LIBOR03M+81bps), 11/7/23, Callable 11/7/22 @ 100 (b)		250,000		253,690
3.57%(LIBOR03M+121bps), 11/7/28, Callable 11/7/27 @ 100 (b)		250,000		260,598
Main Street Capital Corp. 4.50%, 12/1/22		500,000		524,175
5.20%, 5/1/24		500,000		538,925
Mercury General Corp., 4.40%, 3/15/27, Callable 12/15/26 @ 100		1,000,000		1,052,660
National Australia Bank Ltd., 3.93%(H15T5Y+188bps), 8/2/34, Callable 8/2/29 @ 100 (a) (b)		1,500,000		1,558,380
Nationwide Building Society 3.62%(LIBOR03M+118bps), 4/26/23, Callable 4/26/22 @ 100 (a) (b)		1,000,000		1,027,529
4.27%(LIBOR03M+139bps), 8/1/24, Callable 8/1/23 @ 100 (a) (b)		750,000		794,280
4.30%(LIBOR03M+145bps), 3/8/29, Callable 3/8/28 @ 100 (a) (b)		250,000		273,028
3.96%(LIBOR03M+186bps), 7/18/30, Callable 7/18/29 @ 100 (a) (b)		500,000		536,775
New York Community Bancorp, Inc., 5.90%(LIBOR03M+278bps), 11/6/28, Callable 11/6/23 @ 100 (b)		250,000		263,075
Old Republic International Corp., 3.88%, 8/26/26, Callable 7/26/26 @ 100		500,000		527,945
Pine Street Trust I, 4.57%, 2/15/29, Callable 11/15/28 @ 100 (a)		1,000,000		1,073,790
Prudential Financial, Inc., 4.35%, 2/25/50, MTN, Callable 8/25/49 @ 100		500,000		576,330

See notes to financial statements.

Victory Portfolios II
VictoryShares USAA Core Intermediate-Term Bond ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Principal Amount		Value
Royal Bank of Scotland Group PLC 6.13%, 12/15/22	$	500,000	$	547,045
4.27%(LIBOR03M+176bps), 3/22/25, Callable 3/22/24 @ 100 (b)		1,000,000		1,061,940
5.08%(LIBOR03M+191bps), 1/27/30, Callable 1/27/29 @ 100 (b)		500,000		575,230
4.45%(LIBOR03M+187bps), 5/8/30, Callable 5/8/29 @ 100 (b)		1,000,000		1,105,619
Santander Holdings USA, Inc. 4.45%, 12/3/21, Callable 11/3/21 @ 100		250,000		259,775
3.40%, 1/18/23, Callable 12/18/22 @ 100		250,000		256,385
4.40%, 7/13/27, Callable 4/14/27 @ 100 (d)		750,000		810,788
Societe Generale SA, 3.88%, 3/28/24 (a)		1,000,000		1,050,770
Standard Chartered PLC, 4.87%(LIBOR03M+197bps), 3/15/33, Callable 3/15/28 @ 100 (a) (b)		500,000		543,795
Starwood Property Trust, Inc., 3.63%, 2/1/21, Callable 11/1/20 @ 100		1,000,000		1,008,660
Sterling Bancorp, 3.50%, 6/8/20, Callable 5/8/20 @ 100		1,160,000		1,149,977
Synchrony Financial 4.50%, 7/23/25, Callable 4/23/25 @ 100		500,000		540,410
3.95%, 12/1/27, Callable 9/1/27 @ 100		500,000		526,695
5.15%, 3/19/29, Callable 12/19/28 @ 100		500,000		568,435
Synovus Financial Corp., 5.90%(USSW5+338bps), 2/7/29, Callable 2/7/24 @ 100 (b)		500,000		534,370
Texas Capital Bank NA, 5.25%, 1/31/26		250,000		260,640
The Goldman Sachs Group, Inc., 2.66%(LIBOR03M+75bps), 2/23/23 (b)		500,000		502,700
Torchmark Corp., 4.55%, 9/15/28, Callable 6/15/28 @ 100		500,000		557,500
Wells Fargo & Co., 3.00%, 10/23/26		1,000,000		1,026,000
Zions Bancorp NA, 3.25%, 10/29/29, Callable 7/29/29 @ 100		1,000,000		983,050
				56,974,141
Health Care (2.4%):
AbbVie, Inc., 3.20%, 11/21/29, Callable 8/21/29 @ 100 (a)		1,000,000		1,020,500
Anthem, Inc., 2.88%, 9/15/29, Callable 6/15/29 @ 100		323,000		322,745
Becton Dickinson and Co., 3.70%, 6/6/27, Callable 3/6/27 @ 100		500,000		532,220
Boston Medical Center Corp., 3.91%, 7/1/28		500,000		534,140
Bristol-Myers Squibb Co., 3.90%, 2/20/28, Callable 11/20/27 @ 100 (a)		500,000		548,220
CVS Health Corp. 4.30%, 3/25/28, Callable 12/25/27 @ 100		500,000		547,035
3.25%, 8/15/29, Callable 5/15/29 @ 100		500,000		510,070
Eastern Maine Healthcare Systems, 3.71%, 7/1/26		465,000		458,703
HCA, Inc., 4.50%, 2/15/27, Callable 8/15/26 @ 100		500,000		540,190
Mercy Health, 4.30%, 7/1/28		250,000		277,313
Mylan NV, 3.95%, 6/15/26, Callable 3/15/26 @ 100		500,000		519,785
Orlando Health Obligated Group, 3.78%, 10/1/28, Callable 7/1/28 @ 100		500,000		543,280
Premier Health Partners, 2.91%, 11/15/26, Callable 5/15/26 @ 100		750,000		723,299
Quest Diagnostics, Inc., 3.45%, 6/1/26, Callable 3/1/26 @ 100		1,250,000		1,315,612
Takeda Pharmaceutical Co., Ltd., 5.00%, 11/26/28, Callable 8/26/28 @ 100		500,000		582,575
Teva Pharmaceutical Finance IV BV, 3.65%, 11/10/21		500,000		492,040
				9,467,727
Industrials (5.8%):
Air Canada Pass Through Trust, 5.38%, 11/15/22 (a)		171,148		175,512
Aircastle Ltd., 4.40%, 9/25/23, Callable 8/25/23 @ 100		500,000		529,705
American Airlines Pass Through Trust 3.70%, 4/1/28		363,265		380,967
3.85%, 8/15/29		500,000		507,860
3.60%, 4/15/31		459,408		468,137

See notes to financial statements.

Victory Portfolios II
VictoryShares USAA Core Intermediate-Term Bond ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Principal Amount		Value
Aramark Services, Inc., 5.00%, 2/1/28, Callable 2/1/23 @ 102.5 (a)	$	500,000	$	526,660
Arconic, Inc. 5.13%, 10/1/24, Callable 7/1/24 @ 100		250,000		271,945
5.90%, 2/1/27		250,000		285,053
Ashtead Capital, Inc., 4.25%, 11/1/29, Callable 11/1/24 @ 102.13 (a)		1,179,000		1,205,174
Avolon Holdings Funding Ltd. 5.25%, 5/15/24, Callable 4/15/24 @ 100 (a)		1,000,000		1,093,359
4.38%, 5/1/26, Callable 3/1/26 @ 100 (a)		500,000		530,590
British Airways Pass Through Trust 3.35%, 12/15/30 (a)		500,000		508,445
3.80%, 3/20/33 (a)		703,820		740,045
CK Hutchison International Ltd. 3.50%, 4/5/27 (a)		750,000		779,738
2.75%, 9/6/29, Callable 6/6/29 @ 100 (a)		1,500,000		1,470,795
Delta Air Lines, Inc., 4.38%, 4/19/28, Callable 1/19/28 @ 100		1,000,000		1,054,839
FedEx Corp., 3.90%, 2/1/35		1,250,000		1,267,650
Flowserve Corp., 4.00%, 11/15/23, Callable 8/15/23 @ 100		250,000		259,193
Hawaiian Airlines Pass Through Certificates 4.95%, 7/15/23		639,190		645,480
3.90%, 7/15/27		115,542		117,175
Hillenbrand, Inc., 4.50%, 9/15/26, Callable 7/15/26 @ 100		1,000,000		1,047,160
Hubbell, Inc., 3.50%, 2/15/28, Callable 11/15/27 @ 100		1,000,000		1,031,770
Ingersoll-Rand Global Holding Co. Ltd., 3.75%, 8/21/28, Callable 5/21/28 @ 100		500,000		532,620
JetBlue Pass Through Trust, 2.95%, 11/15/29		244,000		242,946
Latam Airlines Pass Through Trust, 4.20%, 8/15/29		780,684		805,158
Northrop Grumman Corp., 3.25%, 1/15/28, Callable 10/15/27 @ 100		500,000		521,580
Penske Truck Leasing Co. LP/PTL Finance Corp. 3.95%, 3/10/25, Callable 1/10/25 @ 100 (a)		500,000		530,965
4.45%, 1/29/26, Callable 11/29/25 @ 100 (a)		1,000,000		1,078,510
Rolls-Royce PLC, 3.63%, 10/14/25, Callable 7/14/25 @ 100 (a)		275,000		283,129
Ryder System, Inc., 3.40%, 3/1/23, MTN, Callable 2/1/23 @ 100		1,000,000		1,030,710
Union Pacific Corp., 4.30%, 3/1/49, Callable 9/1/48 @ 100		500,000		578,120
United Airlines Pass Through Trust, 3.70%, 9/1/31		478,905		492,338
Wabtec Corp. 3.45%, 11/15/26, Callable 8/15/26 @ 100		750,000		757,320
4.95%, 9/15/28, Callable 6/15/28 @ 100		560,000		616,263
				22,366,911
Information Technology (1.1%):
Amphenol Corp., 4.35%, 6/1/29, Callable 3/1/29 @ 100		500,000		559,855
CommScope, Inc., 6.00%, 3/1/26, Callable 3/1/22 @ 103 (a)		500,000		532,030
Micron Technology, Inc., 4.66%, 2/15/30, Callable 11/15/29 @ 100		1,000,000		1,101,540
Motorola Solutions, Inc., 4.60%, 2/23/28, Callable 11/23/27 @ 100		750,000		814,013
Salesforce.com, Inc., 3.70%, 4/11/28, Callable 1/11/28 @ 100		1,000,000		1,098,470
				4,105,908
Materials (3.5%):
Anglo American Capital PLC, 4.00%, 9/11/27 (a)		1,000,000		1,047,930
Ball Corp., 4.88%, 3/15/26, Callable 12/15/25 @ 100		500,000		544,010
Braskem Netherlands Finance BV, 4.50%, 1/31/30 (a)		1,000,000		993,330
Crown Americas LLC/Crown Americas Capital Corp., 4.25%, 9/30/26, Callable 3/31/26 @ 100		500,000		523,720

See notes to financial statements.

Victory Portfolios II
VictoryShares USAA Core Intermediate-Term Bond ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Principal Amount		Value
DuPont de Nemours, Inc., 4.73%, 11/15/28, Callable 8/15/28 @ 100	$	500,000	$	567,610
Industrias Penoles SAB de CV, 4.15%, 9/12/29, Callable 6/12/29 @ 100 (a)		500,000		518,735
International Paper Co., 3.00%, 2/15/27, Callable 11/15/26 @ 100 (d)		750,000		773,730
Kinross Gold Corp., 5.95%, 3/15/24, Callable 12/15/23 @ 100		500,000		557,140
LafargeHolcim Finance US LLC, 3.50%, 9/22/26, Callable 6/22/26 @ 100 (a)		1,500,000		1,539,855
Martin Marietta Materials, Inc., 3.50%, 12/15/27, Callable 9/15/27 @ 100		625,000		654,331
Nutrien Ltd., 4.20%, 4/1/29, Callable 1/1/29 @ 100		1,000,000		1,102,470
Packaging Corp of America, 3.40%, 12/15/27, Callable 9/15/27 @ 100		500,000		521,950
Reliance Steel & Aluminum Co., 4.50%, 4/15/23, Callable 1/15/23 @ 100		500,000		530,245
Syngenta Finance NV, 3.93%, 4/23/21 (a)		500,000		508,355
The Mosaic Co., 4.05%, 11/15/27, Callable 8/15/27 @ 100		1,000,000		1,041,510
Vale Overseas Ltd., 6.25%, 8/10/26		1,000,000		1,171,360
Vulcan Materials Co., 3.90%, 4/1/27, Callable 1/1/27 @ 100		500,000		528,555
				13,124,836
Real Estate (1.1%):
AvalonBay Communities, Inc., 3.20%, 1/15/28, MTN, Callable 10/15/27 @ 100		750,000		782,558
EPR Properties, 4.95%, 4/15/28, Callable 1/15/28 @ 100		500,000		547,255
Hospitality Properties Trust, 4.95%, 2/15/27, Callable 8/15/26 @ 100		500,000		516,120
Hudson Pacific Properties LP 3.95%, 11/1/27		500,000		524,095
4.65%, 4/1/29, Callable 1/1/29 @ 100		500,000		549,740
STORE Capital Corp., 4.63%, 3/15/29, Callable 12/15/28 @ 100		500,000		553,770
Vornado Realty LP, 3.50%, 1/15/25, Callable 11/15/24 @ 100		500,000		521,755
				3,995,293
Utilities (2.7%):
AEP Texas, Inc., 3.45%, 1/15/50, Callable 7/15/49 @ 100		1,500,000		1,501,695
American Water Capital Corp., 2.95%, 9/1/27, Callable 6/1/27 @ 100		1,000,000		1,020,090
Aqua America, Inc., 4.28%, 5/1/49, Callable 11/1/48 @ 100		500,000		555,750
Cleco Corporate Holdings LLC, 3.38%, 9/15/29, Callable 6/11/29 @ 100 (a)		1,000,000		988,900
Comision Federal de Electricidad, 4.88%, 5/26/21 (a)		750,000		773,498
Dominion Energy, Inc., 3.07%, 8/15/24 (e)		1,000,000		1,023,340
Edison International, 5.75%, 6/15/27, Callable 4/15/27 @ 100		500,000		562,250
Entergy Louisiana LLC, 4.00%, 3/15/33, Callable 12/15/32 @ 100		1,000,000		1,126,610
National Fuel Gas Co., 4.75%, 9/1/28, Callable 6/1/28 @ 100		1,000,000		1,067,660
Southern California Edison Co., 4.00%, 4/1/47, Callable 10/1/46 @ 100		500,000		525,915
The Cleveland Electric Illuminating Co., 4.55%, 11/15/30, Callable 8/15/30 @ 100 (a)		500,000		561,285
Vistra Operations Co. LLC, 4.30%, 7/15/29, Callable 4/15/29 @ 100 (a)		500,000		508,380
				10,215,373
Total Corporate Bonds (Cost $167,279,032)				176,378,825
Municipal Bonds (2.2%)
California (0.1%):
San Jose Redevelopment Agency Successor Agency, Series A-T, 3.13%, 8/1/28, Continuously Callable @100		500,000		517,545
Connecticut (0.1%):
State of Connecticut, GO, Series A, 3.43%, 4/15/28		500,000		526,900
Illinois (0.1%):
Illinois Finance Authority Revenue, 3.55%, 8/15/29		500,000		520,575

See notes to financial statements.

Victory Portfolios II
VictoryShares USAA Core Intermediate-Term Bond ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Principal Amount		Value
Kentucky (0.1%):
Kentucky Economic Development Finance Authority Revenue, 3.82%, 12/1/27	$	500,000	$	529,550
Michigan (0.7%):
Michigan Finance Authority Revenue 2.47%, 12/1/25		1,000,000		1,003,590
3.08%, 12/1/34		1,000,000		994,230
				1,997,820
New Jersey (0.4%):
New Jersey Economic Development Authority School Facilities Construction Revenue, 3.47%, 6/15/27		1,000,000		1,003,450
New Jersey Transportation Trust Fund Authority Revenue, 4.08%, 6/15/39		385,000		382,486
				1,385,936
Oklahoma (0.1%):
Oklahoma Development Finance Authority Revenue, Series C, 5.45%, 8/15/28		500,000		562,265
Pennsylvania (0.5%):
Commonwealth Financing Authority, Revenue, Series A, 3.63%, 6/1/29		500,000		530,700
State Public School Building Authority Revenue, 3.15%, 4/1/30		1,290,000		1,280,725
				1,811,425
Texas (0.1%):
Ector County Hospital District Revenue, Build America Bond, 6.80%, 9/15/25, Continuously Callable @100		500,000		506,715
Total Municipal Bonds (Cost $8,173,558)				8,358,731
U.S. Government Agency Mortgages (14.3%)
Federal Home Loan Mortgage Corp. Series K028, Class A2, 3.11%, 2/25/23		1,000,000		1,030,490
Series K059, Class A2, 3.12%, 9/25/26		1,000,000		1,050,306
Series KIR3, Class A2, 3.28%, 8/25/27		1,500,000		1,592,048
Series K069, Class A2, 3.19%, 9/25/27		86,000		90,799
Series K071, Class A2, 3.29%, 11/25/27		500,000		530,475
Series K075, Class A2, 3.65%, 2/25/28		500,000		543,110
Series K083, Class A2, 4.05%, 9/25/28		250,000		279,121
Series K085, Class A2, 4.06%, 10/25/28		500,000		558,175
Series K087, Class A2, 3.77%, 12/25/28		500,000		548,516
Series K091, Class A2, 3.51%, 3/25/29		1,250,000		1,350,676
Series 4818, Class VD, 4.00%, 6/15/29 – 5/1/46		4,936,912		5,184,728
Series K095, Class A2, 2.79%, 6/25/29		1,000,000		1,029,858
Series K094, Class A2, 2.90%, 6/25/29		1,000,000		1,039,281
Series K097, Class A2, 2.51%, 7/25/29		2,000,000		2,013,950
Series K096, Class A2, 2.52%, 7/25/29		1,000,000		1,008,012
Series KG02, Class A2, 2.41%, 8/25/29		909,000		902,147
Series K100, Class A2, 2.67%, 9/25/29		545,000		556,108
Series K159, Class A2, 3.95%, 11/25/30		500,000		559,967
3.00%, 3/1/31 – 2/1/33		696,411		717,298
Series K154, Class A3, 3.46%, 11/25/32		100,000		106,981
3.50%, 5/1/33 – 11/1/47		4,677,768		4,872,790
Series K-1510, Class A3, 3.79%, 1/25/34		1,000,000		1,109,056

See notes to financial statements.

Victory Portfolios II
VictoryShares USAA Core Intermediate-Term Bond ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Principal Amount		Value
Series K1511, Class A3, 3.54%, 3/25/34	$	250,000	$	270,745
Series K-1512, Class A3, 3.06%, 4/25/34		1,000,000		1,032,056
Series K-1513, Class A3, 2.80%, 8/25/34		2,000,000		2,007,425
4.50%, 12/1/45		187,645		203,947
Series K098, Class A2, 2.43%, 10/25/52		2,000,000		1,999,859
				32,187,924
Federal National Mortgage Association Series M4, Class A2, 3.04%, 3/25/28		500,000		524,517
Series 2019-M1, Class A2, 3.55%, 9/25/28		750,000		810,346
Series 2019-M12, Class A2, 2.89%, 5/25/29		1,000,000		1,031,853
Series MA3827, 2.50%, 11/1/34		985,442		994,556
4.00%, 12/1/41 – 1/1/50		10,458,894		10,891,757
3.50%, 9/1/45 – 9/1/49		7,251,271		7,539,298
4.50%, 8/1/47		48,308		51,432
				21,843,759
Total U.S. Government Agency Mortgages (Cost $53,469,354)				54,031,683
U.S. Treasury Obligations (26.4%)
U.S. Treasury Bills 1.23%, 1/2/20 (f)		1,100,000		1,099,925
0.95%, 1/7/20 (f)		3,500,000		3,499,353
U.S. Treasury Bonds 4.38%, 2/15/38		750,000		999,023
3.50%, 2/15/39		2,770,000		3,324,866
4.38%, 11/15/39		1,000,000		1,340,156
3.13%, 11/15/41		1,000,000		1,136,406
2.75%, 8/15/47		500,000		537,578
2.75%, 11/15/47		500,000		537,500
3.00%, 2/15/48		3,500,000		3,945,703
3.38%, 11/15/48		2,012,000		2,433,577
2.88%, 5/15/49		3,000,000		3,315,938
U.S. Treasury Inflation Indexed Bonds, 0.88%, 1/15/29		500,000		541,266
U.S. Treasury Notes 2.75%, 11/30/20		250,000		252,480
2.25%, 2/15/21		195,000		196,325
2.38%, 3/15/21		2,000,000		2,017,500
2.38%, 4/15/21		3,850,000		3,887,447
1.63%, 6/30/21		1,000,000		1,000,391
1.75%, 7/31/21		10,000,000		10,024,219
2.75%, 8/15/21		1,700,000		1,731,012
2.88%, 11/15/21		3,630,000		3,715,645
2.50%, 1/15/22		712,000		724,905
1.50%, 1/31/22		7,000,000		6,989,609
1.88%, 1/31/22		1,000,000		1,005,859
2.50%, 2/15/22		2,000,000		2,037,969
1.88%, 2/28/22		1,700,000		1,710,492
2.25%, 4/15/22		2,000,000		2,029,531
1.50%, 8/15/22		1,000,000		997,891
2.00%, 10/31/22		400,000		404,406

See notes to financial statements.

Victory Portfolios II
VictoryShares USAA Core Intermediate-Term Bond ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Principal Amount		Value
2.00%, 4/30/24	$	24,550,000	$	24,887,563
2.75%, 2/28/25		850,000		893,961
3.00%, 9/30/25		300,000		320,461
1.50%, 8/15/26		2,000,000		1,961,250
2.00%, 11/15/26		2,700,000		2,731,219
2.25%, 8/15/27		1,000,000		1,028,594
2.25%, 11/15/27		1,700,000		1,748,609
2.75%, 2/15/28		2,000,000		2,132,500
2.88%, 8/15/28		630,000		679,514
3.13%, 11/15/28		1,000,000		1,100,469
2.63%, 2/15/29		1,000,000		1,060,469
Total U.S. Treasury Obligations (Cost $96,507,495)				99,981,581
Commercial Papers (1.0%)
Energy Transfer Partners LP, 2.68%, 1/2/20 (f)		1,000,000		999,851
National Rural Utilities Cooperative Finance Corp., 1.57%, 1/7/20 (f)		1,300,000		1,299,603
The J.M. Smucker Co., 1.81%, 1/6/20 (f)		500,000		499,850
Union Electric Co., 1.81%, 1/6/20 (f)		986,000		985,703
Total Commercial Papers (Cost $3,785,152)				3,785,007
Collateral for Securities Loaned (0.7%)^
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (g)		131,041		131,041
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (g)		721,942		721,942
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (g)		21,887		21,887
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (g)		436,128		436,128
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (g)		479,774		479,774
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (g)		959,515		959,515
Total Collateral for Securities Loaned (Cost $2,750,287)				2,750,287
Total Investments (Cost $357,799,943) — 98.0%				371,241,344
Other assets in excess of liabilities — 2.0%				7,489,240
NET ASSETS — 100.00%			$	378,730,584

^ Purchased with cash collateral from securities on loan.

(b) Variable or Floating-Rate Security. Rate disclosed is as of December 31, 2019.

(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, 2019.

(d) All or a portion of this security is on loan.

(e) Stepped-coupon security converts to coupon form on 8/15/21 with a rate of 2.715%.

(f) Rate represents the effective yield at December 31, 2019.

(g) Rate disclosed is the daily yield on December 31, 2019.

See notes to financial statements.

Victory Portfolios II
VictoryShares USAA Core Intermediate-Term Bond ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

bps — Basis points

GO — General Obligation

H15T5Y — 5 Year Treasury Constant Maturity Rate

LIBOR — London InterBank Offered Rate

LIBOR01M — 1 Month US Dollar LIBOR, rate disclosed as of December 31, 2019, based on the last reset date of the security

LIBOR03M — 3 Month US Dollar LIBOR, rate disclosed as of December 31, 2019, based on the last reset date of the security

LLC — Limited Liability Company

LP — Limited Partnership

MTN — Medium Term Note

PLC — Public Limited Company

USSW5 — USD 5 Year Swap Rate

See notes to financial statements.

Victory Portfolios II

Statements of Assets and Liabilities
December 31, 2019 (Unaudited)

	VictoryShares USAA Core Short-Term Bond ETF		VictoryShares USAA Core Intermediate-Term Bond ETF
ASSETS:
Investments, at value (Cost $90,844,484 and $357,799,943)	$	91,749,510	$	371,241,344	(a)
Cash and cash equivalents		2,092,565		258,658
Deposits with brokers for futures contracts		—		20,003
Interest and dividends receivable		706,486		2,779,103
Receivable for capital shares issued		—		2,594,027
Receivable for investments sold		—		5,997,912
Receivable from Adviser		1,116		—
Prepaid expenses		616		2,483
Total Assets		94,550,293		382,893,530
LIABILITIES:
Payables:
Collateral received on loaned securities		—		2,750,287
Distributions		282,249		1,294,096
Investments purchased		787,577		—
Accrued expenses and other payables:
Investment advisory fees		19,238		93,298
Administration fees		1,814		7,332
Custodian fees		4,991		5,234
Compliance fees		70		217
Trustees' fees		305		1,414
Other accrued expenses		4,455		11,068
Total Liabilities		1,100,699		4,162,946
NET ASSETS:
Capital		92,505,895		364,779,669
Total distributable earnings/(loss)		943,699		13,950,915
Net Assets	$	93,449,594	$	378,730,584
Shares Outstanding (unlimited shares authorized, no par value):		1,850,000		7,300,000
Net asset value:	$	50.51	$	51.88

(a) Includes $2,651,760 of securities on loan.

See notes to financial statements.

Victory Portfolios II

Statements of Operations
For the Four Months Ended December 31, 2019 (Unaudited)*

	VictoryShares USAA Core Short-Term Bond ETF			VictoryShares USAA Core Intermediate-Term Bond ETF
Investment Income:
Interest	$	856,665		$	3,845,159
Securities lending (net of fees)		—			148
Total Income		856,665			3,845,307
Expenses:
Investment advisory fees		72,064			341,273
Administration fees		17,029			67,202
Sub-Administration fees		6,510			6,510
Custodian fees		10,539			9,880
Servicing fees		3,096			3,096
Trustees' fees		2,287			8,151
Compliance fees		220			900
Legal and audit fees		7,158			13,608
Line of Credit Fees		—			275
Other expenses		4,629			13,274
Total Expenses		123,532			464,169
Expenses waived/reimbursed by Adviser		(22,824	)		(40,454	)
Net Expenses		100,708			423,715
Net Investment Income (Loss)		755,957			3,421,592
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		89,819			654,032
Net change in unrealized appreciation/depreciation on investment securities		(272,167	)		(4,067,545	)
Net realized/unrealized gains (losses) on investments		(182,348	)		(3,413,513	)
Change in net assets resulting from operations	$	573,609		$	8,079

* The Funds' fiscal year-end changed from August 31 to June 30, effective September 1, 2019. See Note 1 in the Notes to Financial Statements.

See notes to financial statements.

Victory Portfolios II

Statements of Changes in Net Assets

	VictoryShares USAA Core Short-Term Bond ETF						VictoryShares USAA Core Intermediate-Term Bond ETF
	Four Months Ended December 31, 2019* (Unaudited)			Year Ended August 31, 2019			Four Months Ended December 31, 2019* (Unaudited)			Year Ended August 31, 2019
From Investment Activities:
Operations:
Net investment income (loss)	$	755,957		$	1,951,595		$	3,421,592		$	6,981,287
Net realized gains (losses) from investments		89,819			10,689			654,032			(87,470	)
Net change in unrealized appreciation/depreciation on investments		(272,167	)		1,644,842			(4,067,545	)		19,861,921
Change in net assets resulting from operations		573,609			3,607,126			8,079			26,755,738
Change in net assets resulting from distributions to shareholders		(825,579	)		(1,927,032	)		(3,721,039	)		(6,792,738	)
Change in net assets resulting from capital transactions		10,128,269			20,020,825			67,587,380			144,189,678
Change in net assets		9,876,299			21,700,919			63,874,420			164,152,678
Net Assets:
Beginning of period		83,573,295			61,872,376			314,856,164			150,703,486
End of period	$	93,449,594		$	83,573,295		$	378,730,584		$	314,856,164
Capital Transactions:
Proceeds from shares issued	$	10,128,269		$	20,020,825		$	67,587,380		$	144,189,678
Change in net assets resulting from capital transactions	$	10,128,269		$	20,020,825		$	67,587,380		$	144,189,678
Share Transactions:
Issued		200,000			400,000			1,300,000			2,900,000
Change in Shares		200,000			400,000			1,300,000			2,900,000

* The Funds' fiscal year-end changed from August 31 to June 30, effective September 1, 2019. See Note 1 in the Notes to Financial Statements.

See notes to financial statements.

Victory Portfolios II

Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Total Distributions			Net Asset Value, End of Period		Total Return(b)
VictoryShares USAA Core Short-Term Bond ETF
Four Months Ended 12/31/19 (unaudited)(e)	$	50.65		0.44		(0.10	)		0.34			(0.48	)		(0.48	)	$	50.51		0.67	%
Year Ended 8/31/19	$	49.50		1.37		1.13			2.50			(1.35	)		(1.35	)	$	50.65		5.11	%
10/24/17(f) through 8/31/18	$	50.00		0.93		(0.59	)		0.34			(0.84	)		(0.84	)	$	49.50		0.70	%
VictoryShares USAA Core Intermediate-Term Bond ETF
Four Months Ended 12/31/19 (unaudited)(e)	$	52.48		0.52		(0.57	)		(0.05	)		(0.55	)		(0.55	)	$	51.88		(0.07	)%
Year Ended 8/31/19	$	48.61		1.62		3.81			5.43			(1.56	)		(1.56	)	$	52.48		11.37	%
10/24/17(f) through 8/31/18	$	49.93		1.29		(1.46	)		(0.17	)		(1.15	)		(1.15	)	$	48.61		(0.33	)%

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Not annualized for periods less than one year.

(d) Excludes impact of in-kind transactions.

(e) The Funds' fiscal year-end changed from August 31 to June 30, effective September 1, 2019. See Note 1 in the Notes to Financial Statements.

(f) Commencement of operations.

(g) Portfolio turnover decreased significantly due to changes in the volume and timing of purchases and sales of portfolio holdings during the year.

See notes to financial statements.

Victory Portfolios II

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

	Ratios to Average Net Assets									Supplemental Data
	Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
VictoryShares USAA Core Short-Term Bond ETF
Four Months Ended 12/31/19 (unaudited)(e)		0.35	%		2.62	%		0.43	%	$	93,450		21	%
Year Ended 8/31/19		0.35	%		2.75	%		0.40	%	$	83,573		30	%
10/24/17(f) through 8/31/18		0.35	%		2.21	%		0.40	%	$	61,872		22	%
VictoryShares USAA Core Intermediate-Term Bond ETF
Four Months Ended 12/31/19 (unaudited)(e)		0.37	%		3.00	%		0.41	%	$	378,731		6	%
Year Ended 8/31/19		0.39	%		3.27	%		0.44	%	$	314,856		3	%(g)
10/24/17(f) through 8/31/18		0.40	%		3.10	%		0.45	%	$	150,703		10	%

See notes to financial statements.

Victory Portfolios II

Notes to Financial Statements
December 31, 2019

(Unaudited)

1. Organization:

Victory Portfolios II (the "Trust") was organized on April 11, 2012 as a Delaware statutory trust, as a successor to the "Compass EMP Funds Trust." 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 currently comprised of 24 funds, 22 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. Each Fund is classified as diversified under the 1940 Act.

The accompanying financial statements are those of the following two Funds (collectively, the "Funds" and individually, a "Fund"). These Funds have been newly formed for the purposes of completing the reorganizations ("Reorganizations") with the two corresponding series of USAA ETF Trust ("USAA Trust"), a registered investment company (each such series, a "USAA Fund" or a "Predecessor Fund"), as follows:

Predecessor Fund Name	Fund Legal Name	Fund Short Name
USAA Core Short-Term Bond ETF	VictoryShares USAA Core Short-Term Bond ETF	USAA Core Short-Term Bond ETF
USAA Core Intermediate- Term Bond ETF	VictoryShares USAA Core Intermediate-Term Bond ETF	USAA Core Intermediate-Term Bond ETF

On April 18, 2019, shareholders of the USAA ETF Trust voted to approve the Agreement and Plan of Reorganization (the "Agreement"), which provided for the Reorganization of the Predecessor Funds into the Funds.

The Funds commenced operation on July 1, 2019, upon the completion of the Reorganizations and each Fund is the accounting successor of its respective Predecessor Fund. The Funds assumed the performance, financial and other historical information of the Predecessor Funds. Information presented for periods prior to the date of these financial statements reflects, where applicable, the historical information of the Predecessor Funds.

On November 6, 2018, United Services Automobile Association (USAA), the parent company of USAA Asset Management Company ("AMCO"), the investment adviser of the Predecessor Funds, announced that AMCO would be acquired by Victory Capital Holdings Inc., a global investment management firm headquartered in Cleveland, Ohio (the "Transaction"), on July 1, 2019. Effective July 1, 2019, Victory Capital Management Inc.'s internal investment team, Victory Solutions, began managing the Fund's net assets.

Effective September 1, 2019, the Board of Trustees (the "Board") approved the fiscal year-end change for the Funds from August 31 to June 30. The accompanying financial statements reflect this change in fiscal year-end.

2. Significant Accounting Policies:

Shares of the Funds are listed and traded on NYSE Arca, Inc (the "Exchange"). The Funds issue and redeem shares of a Fund ("Shares") at net asset value ("NAV") only in aggregations of 50,000 Shares (each a "Creation Unit"). The Funds issue and redeem Creation Units principally in exchange for a basket of securities included in the respective Fund's Index (the "Deposit Securities"), together 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

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

participant and, in each case, must have executed a Participant Agreement with the distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to 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 fair 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.

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:

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities or interest rates applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments)

Investments in open-end investment companies are valued at net asset value. These valuations are typically categorized as Level 1 in the fair value hierarchy.

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

Debt securities of United States ("U.S.") issuers (other than short-term investments maturing in 60 days or less), including corporate and municipal securities, are valued on the basis of bid valuations provided by dealers or an independent pricing service approved by the Trust's Board. Short-term investments maturing in 60 days or less may be valued at amortized cost, which approximates fair value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, on a constant basis to the maturity of the security. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Trust's 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.

	LEVEL 1		LEVEL 2		Total
USAA Core Short-Term Bond ETF
Asset Backed Securities	$	—	$	10,114,604	$	10,114,604
Collateralized Mortgage Obligations		—		2,949,767		2,949,767
Corporate Bonds		—		50,556,292		50,556,292
Municipal Bonds		—		18,577,824		18,577,824
U.S. Treasury Obligations		—		4,413,468		4,413,468
Commercial Papers		—		5,137,555		5,137,555
Total	$	—	$	91,749,510	$	91,749,510
USAA Core Intermediate-Term Bond ETF
Asset Backed Securities	$	—	$	19,320,259	$	19,320,259
Collateralized Mortgage Obligations		—		6,388,087		6,388,087
Senior Secured Loans		—		246,884		246,884
Corporate Bonds		—		176,378,825		176,378,825
Municipal Bonds		—		8,358,731		8,358,731
U.S. Government Agency Mortgages		—		54,031,683		54,031,683
U.S. Treasury Obligations		—		99,981,581		99,981,581
Commercial Papers		—		3,785,007		3,785,007
Collateral for Securities Loaned		2,750,287		—		2,750,287
Total	$	2,750,287	$	368,491,057	$	371,241,344

For the four months ended December 31, 2019, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

Securities Purchased on a When-Issued Basis:

The Funds may purchase securities on a when-issued basis. When-issued securities are securities purchased for delivery beyond normal settlement periods at a stated price and/or yield, thereby involving the risk that the price and/or yield obtained may be more or less than those available in the market when delivery takes place. At the time a Fund makes the commitment to purchase a security on a when-issued basis, the Fund records the transaction and reflects the value of the security in determining net asset value. No interest accrues to the Fund until the transaction settles and payment takes place. Normally, the settlement date occurs within one month of the purchase. A segregated account is established and the Fund maintains cash and/or marketable securities at least equal in value to commitments for when-issued securities. If a Fund owns when-issued securities, these values are

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

included in Payable for investments purchased on the accompanying Statements of Assets and Liabilities and the segregated assets are identified in the Schedules of Portfolio Investments.

Municipal Obligations:

The values of municipal obligations can fluctuate and may be affected by adverse tax, legislative, or political changes, and by financial developments affecting municipal issuers. Payment of municipal obligations may depend on a relatively limited source of revenue, resulting in greater credit risk. Future changes in federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations.

Mortgage-Related 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 a Fund to a lower rate of return upon reinvestment of principal. The values of mortgage-related and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market's perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as "Ginnie Mae"), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as "Fannie Mae" and "Freddie Mac", respectively), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government.

Loans:

Floating rate loans in which a Fund invest are primarily "senior" loans. Senior floating rate loans typically hold a senior position in the capital structure 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.

A Fund 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.

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.

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

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.

Investment Companies:

Derivative Instruments:

Futures Contracts:

Investment Transactions and Related Income:

Certain Funds may receive other income from investment in loan assignments and/or unfunded commitments, including amendment fees, consent fees, and commitment fees. These fees are recorded as income when received by the Fund. These amounts, if received, are included in interest income in the Statements of Operations.

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

Securities Lending:

The Trust has entered into an amended Master Securities Lending Agreement ("MSLA") with Citibank, N.A. ("Citibank" or the "Agent"). Under the terms of the current MSLA, the Funds may lend securities to certain broker-dealers and banks in exchange 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 adjusted 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, letters of credit and certificates of deposit. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted in the Funds' Schedules of Portfolio Investments. The Trust does not have effective control of the non-cash collateral and therefore it is not disclosed in the Funds' Schedules of Portfolio Investments. 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 the Agent 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. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return them.

	Gross Amount of Recognized Assets (Value of		Value of Cash		Value of Non-cash Collateral Received by Maturity
	Securities on Loan)		Collateral Received*		<30 Days		Between 30 & 90 days		>90 Days		Net Amount
USAA Core Intermediate-Term Bond ETF	$	2,651,760	$	2,651,760	$	—	$	—	$	—	$	—

* Collateral received in excess of the market value of securities on loan is not presented in this table. the total cash collateral received by each Fund is disclosed in the Statements of Assets and Liabilities.

Distributions to Shareholders:

Each of the Funds intends to declare and distribute any net investment income monthly. Each of the Funds distribute any net realized long or short-term capital gains at least annually.

The amounts of dividends from net investment income and distributions from net realized gains (collectively, distributions to shareholders) are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (e.g., net operating loss and distribution reclassification), such amounts are reclassified within the components of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require reclassification. To the extent dividends and distributions exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital. Net investment losses incurred by a Fund may be reclassified as an offset to capital on the accompanying Statements of Assets and Liabilities.

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

As of December 31, 2019, there are no reclassification adjustments (inclusive of in-kind redemptions as applicable) incurred by the Funds on the Statements of Assets and Liabilities as a result of permanent book-to-tax differences.

Federal Income Taxes:

Allocations:

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. Any such purchase or sale transaction must be effected without brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. For the four months ended December 31, 2019, the Funds did not engage in any Rule 17a-7 transactions under the 1940 Act.

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition), purchases and sales of U.S. Government Securities, and purchases and sales of in-kind transactions for the four months ended December 31, 2019 were as follows. 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.

	Purchases (excluding U.S. Government Securities)		Sales (excluding U.S. Government Securities)		Purchases of U.S. Government Securities		Sales of U.S. Government Securities
USAA Core Short-Term Bond ETF	$	22,094,150	$	14,565,984	$	1,133,696	$	1,944,145
USAA Core Intermediate-Term Bond ETF		47,800,959		17,323,388		35,614,396		1,394,835

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory and Management Fees:

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

Holdings, Inc., a publicly traded Delaware corporation, and a wholly owned direct subsidiary of Victory Capital Operating, LLC.

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 and amounts incurred during the four months ended December 31, 2019 are reflected as Investment advisory fees on the Statements of Operations.

	Advisor Fee Rate
USAA Core Short-Term Bond ETF		0.25	%
USAA Core Intermediate-Term Bond ETF		0.30	%

Administration and Operating Service Fees:

VCM serves as the Funds' administrator and fund accountant. Under an Administration and Fund Accounting Agreement, VCM is paid for its services an annual fee at a rate of 0.08% of the first $15 billion in average daily net assets of the Trust, Victory Variable Insurance Funds and Victory Portfolios (collectively, the "Victory Funds Complex"), 0.05% of the average daily net assets above $15 billion to $30 billion of the Victory Funds Complex and 0.04% of the average daily net assets over $30 billion of the Victory Funds Complex. Amounts incurred during the four months ended December 31, 2019 are reflected as Administration fees on the Statements of Operations.

Distribution and Service 12b-1 Fees:

Foreside Fund Services, LLC ("Foreside") serves as the Funds' distributor. The Funds have adopted a plan pursuant to Rule 12b-1. No fees are currently paid by the Funds under the plan, and there are no current plans to impose such fees.

Other Related Parties Fees:

Citibank, also serves as the Funds' Transfer Agent.

Shearman & Sterling 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 Funds in any fiscal year exceed the expense limit for such Fund. Such excess amounts will be the liability of the Adviser. Interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of a Fund's business are excluded from

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

the expense limits (excluding voluntary waivers). For the four months ended December 31, 2019, the expense limits are as follows:

	In effect September 1, 2019 until October 31, 2020
USAA Core Short-Term Bond ETF		0.35	%
USAA Core Intermediate-Term Bond ETF		0.40	%

Under the expense limitation agreements, the Funds have agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period up to three fiscal years after such waiver or reimbursement was made to the extent such payments or repayments would not cause the expenses to exceed the original expense limitation in place at the time of the waiver or reimbursement or any expense limitation agreement in place at the time of repayment. Amounts repaid to the Adviser, if any, during the four months ended December 31, 2019 are reflected on the Statements of Operations as Recoupment of prior expenses reimbursed by Adviser. As of December 31, 2019, the following amounts are available to be repaid to the Adviser:

				Expires August 31, 2022				Expires June 30, 2023				Total
USAA Core Short-Term Bond ETF				$	2,875			$	12,573			$	15,448

The Adviser voluntarily waived the following administration fees for the four months ended December 31, 2019 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.

USAA Core Short-Term Bond ETF				$	10,251
USAA Core Intermediate-Term Bond ETF					40,454

Certain officers and/or interested trustees of the Funds are also officers and/or employees of the Adviser, Administrator and Fund Accountant, Sub-Administrator and Sub-Fund Accountant, and Legal Counsel.

5. Risks:

Each Fund may be subject to other risks in addition to these identified risks.

An investment in the Funds' Shares represents an indirect investment in the securities owned by the Funds, some of which will be traded on a national securities exchange or in the over-the-counter markets. The value of the securities in which the Funds invest, like other market investments, may move up or down, sometimes rapidly and unpredictably. The value of the securities in which the Funds invest may affect the value of the Funds' Shares. An investment in the Funds' Shares at any point in time may be worth less than the original investment, even after taking into account the reinvestment of the Funds' distributions.

The Funds are subject to credit risk with respect to the amount each expects to receive from counterparties for financial instruments entered into by the Funds. The Funds may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. The Funds may experience significant delays in obtaining any recovery in bankruptcy or other reorganization proceeding and the Funds may obtain only limited recovery or may obtain no recovery in such circumstances. The Funds typically enter into transactions with counterparties whose credit ratings are investment grade, as determined by a nationally recognized statistical rating organization or, if unrated, judged by the Adviser to be of comparable quality.

The Funds are subject to credit and interest rate risk with respect to fixed income securities. Credit risk refers to the ability of an issuer to make timely payments of interest and principal. Interest rates may rise or the rate of inflation may increase, impacting the value of investments in fixed income securities. A debt issuer's credit quality may be downgraded or an issuer may default. Interest rates may fluctuate due to changes in governmental fiscal policy initiatives and resulting market reaction to those initiatives.

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

6. Line of Credit:

For the four months ended December 31, 2019, the Victory Funds Complex and the USAA Mutual Funds Complex (another series of mutual funds managed by the Adviser) participated in a short-term, demand note "Line of Credit" with Citibank. Under this agreement (which has a termination date of June 29, 2020), the Victory Funds Complex and USAA Mutual Funds Complex, combined, 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 (herein, the "Fund"), another series of the Victory Funds Complex, with that Fund paying the related commitment fees for that amount. The purpose of the agreement is to meet temporary or emergency cash needs, including redemption requests that might otherwise require the untimely disposition of securities. With this agreement, Citibank receives an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. For the four months ended December 31, 2019, Citibank earned approximately $150 thousand in commitment fees from the combined Victory Funds Complex and USAA Mutual Funds Complex. Each fund in the Victory Funds Complex and the USAA Mutual Funds Complex pays a pro-rata portion of the commitment fees plus any interest (one month LIBOR plus one percent) on amounts borrowed. Interest charged to the Fund during the period, if applicable, is presented on the Statement of Operations under Line of credit fees.

				Amount Outstanding at December 31, 2019				Average Borrowing				Days Borrowing Outstanding				Average Interest Rate*				Maximum Borrowing During the Period
USAA Core Intermediate-Term Bond ETF				$	—			$	10,100,000				1				2.99	%		$	10,100,000

* For the four months ended December 31, 2019, based on the number of days borrowings were outstanding.

7. Federal Income Tax Information:

The tax character of current year distributions paid and the tax basis of current components of accumulated earnings/(deficit) will be determined at the end of the current tax period ending June 30, 2020.

The tax character of distributions paid during the most recent fiscal year ended August 31, 2019 were as follows (total distributions paid may differ from the Statements of Changes in Net Assets because, for tax purposes, dividends are recognized when actually paid):

	Year Ended August 31, 2019
	Distributions paid from
	Ordinary Income		Net Long-Term Capital Gains		Total Taxable Distributions		Return of Capital		Total Distributions Paid
USAA Core Short-Term Bond ETF	$	1,927,032	$	—	$	1,927,032	$	—	$	1,927,032
USAA Core Intermediate-Term Bond ETF		6,792,738		—		6,792,738		—		6,792,738

As of the most recent tax year ended August 31, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Accumulated Earnings		Accumulated Capital and Other Losses			Unrealized Appreciation (Depreciation)**		Total Accumulated Earnings (Deficit)
USAA Core Short-Term Bond ETF	$	62,664	$	—	$	62,664	$	(44,188	)	$	1,177,193	$	1,195,669
USAA Core Intermediate-Term Bond ETF		280,798		—		280,798		(102,077	)		17,485,154		17,663,875

** The difference between the book-basis and tax-basis of unrealized appreciation/(depreciation) is attributable primarily to tax deferral of losses on wash sales.

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

As of the most recent tax year ended August 31, 2019, the following Funds had net capital loss carry-forwards (no expiration) as summarized in the tables below.

	Short-Term Amount		Long-Term Amount		Total
USAA Core Short-Term Bond ETF	$	31,749	$	12,439	$	44,188
USAA Core Intermediate-Term Bond ETF		—		102,077		102,077

8. Subsequent Events:

Victory Portfolios II

Supplemental Information
December 31, 2019

(Unaudited)

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

Information relating to how the Funds voted proxies relating to portfolio securities held during the most recent twelve months ended June 30 is available on the SEC's website at www.sec.gov.

Availability of Schedules of Portfolio Investments:

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 Funds 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 September 1, 2019 through December 31, 2019 (unless otherwise noted).

	Beginning Account Value 9/1/19		Actual Ending Account Value 12/31/19		Hypothetical Ending Account Value 12/31/19		Actual Expenses Paid During Period* 9/1/19- 12/31/19		Hypothetical Expenses Paid During Period 7/1/19- 12/31/19**		Annualized Expense Ratio During Period 9/1/19- 12/31/19
USAA Core Short-Term Bond ETF	$	1,000.00	$	1,006.70	$	1,023.38	$	1.77	$	1.78		0.35	%
USAA Core Intermediate- Term Bond ETF		1,000.00		999.30		1,023.28		1.23		1.88		0.37

* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 122/366 (the number of days in the most recent fiscal half-year period divided by the number of days in the fiscal year).

** Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/366 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Privacy Policy

Protecting the Privacy of Information

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.*

The Victory Funds
P.O. Box 182593
Columbus, Ohio 43218-2593

Visit our website at:				Call Victory at:
www.vcm.com				866-376-7890

VS-BOND-ETF-SAR (12/19)

December 31, 2019

Semi Annual Report

VictoryShares USAA MSCI USA Value Momentum ETF

VictoryShares USAA MSCI USA Small Cap Value Momentum ETF

VictoryShares USAA MSCI International Value Momentum ETF

VictoryShares USAA MSCI Emerging Markets Value Momentum ETF

You may elect to receive shareholder reports and other communications electronically sooner than January 1, 2021 by notifying your financial intermediary directly.

vcm.com

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Victory Portfolios II

Table of Contents

Financial Statements
Victory Portfolios II Exchange Traded Funds
VictoryShares USAA MSCI USA Value Momentum ETF
Investment Objectives & Portfolio Holdings					3
Schedule of Portfolio Investments					4
Statements of Assets and Liabilities					49
Statements of Operations					51
Statements of Changes in Net Assets					53
Financial Highlights					56-57
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF
Investment Objectives & Portfolio Holdings					3
Schedule of Portfolio Investments					10
Statements of Assets and Liabilities					49
Statements of Operations					51
Statements of Changes in Net Assets					53
Financial Highlights					56-57
VictoryShares USAA MSCI International Value Momentum ETF
Investment Objectives & Portfolio Holdings					3
Schedule of Portfolio Investments					22
Statements of Assets and Liabilities					50
Statements of Operations					52
Statements of Changes in Net Assets					54
Financial Highlights					58-59
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF
Investment Objectives & Portfolio Holdings					3
Schedule of Portfolio Investments					37
Statements of Assets and Liabilities					50
Statements of Operations					52
Statements of Changes in Net Assets					54
Financial Highlights					58-59
Notes to Financial Statements					60
Supplemental Information (unaudited)
Proxy Voting and Portfolio Holdings Information					72
Expense Examples					72
Privacy Policy (inside back cover)

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus of the VictoryShares.

The information in this semi annual 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 ETFs, markets or securities mentioned herein should not be considered to be indicative of future results.

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

For more specific information, please consult your tax adviser.

• NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Call Victory at:

866-376-7890

Visit our website at:

www.vcm.com

Victory Portfolios II

December 31, 2019

(Unaudited)

Investment Objectives & Portfolio Holdings:

  VictoryShares USAA MSCI USA Value
  Momentum ETF
  Seeks to provide investment results that closely
  correspond, before fees and expenses, to the
  performance of the MSCI USA Select Value
  Momentum Blend Index.

Portfolio Holdings

As a Percentage of Total Investments

  VictoryShares USAA MSCI USA Small Cap
  Value Momentum ETF
  Seeks to provide investment results that closely
  correspond, before fees and expenses, to the
  performance of the MSCI USA Small Cap Select
  Value Momentum Blend Index.

Portfolio Holdings

As a Percentage of Total Investments

  VictoryShares USAA MSCI International
  Value Momentum ETF
  Seeks to provide investment results that closely
  correspond, before fees and expenses, to the
  performance of the MSCI World ex USA
  Select Value Momentum Blend Index.

Portfolio Holdings

As a Percentage of Total Investments

  VictoryShares USAA MSCI Emerging
  Markets Value Momentum ETF
  Seeks to provide investment results that closely
  correspond, before fees and expenses, to the
  performance of the MSCI Emerging Markets Select
  Value Momentum Blend Index.

Portfolio Holdings

As a Percentage of Total Investments

Victory Portfolios II
VictoryShares USAA MSCI USA Value Momentum ETF

Schedule of Portfolio Investments
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Common Stocks (99.8%)
Communication Services (4.8%):
Altice USA, Inc., Class A (a)		95,185	$	2,602,358
AT&T, Inc.		99,729		3,897,409
CenturyLink, Inc.		157,215		2,076,810
Comcast Corp., Class A		81,743		3,675,983
Discovery, Inc., Class A (a) (b)		76,469		2,503,595
Live Nation Entertainment, Inc. (a)		21,192		1,514,592
News Corp., Class A		122,137		1,727,017
Sprint Corp. (a)		321,035		1,672,593
The Walt Disney Co.		14,232		2,058,374
T-Mobile US, Inc. (a)		20,922		1,640,703
Verizon Communications, Inc.		33,104		2,032,586
				25,402,020
Consumer Discretionary (10.6%):
Aramark		37,983		1,648,462
AutoZone, Inc. (a)		2,890		3,442,886
Best Buy Co., Inc.		32,955		2,893,449
BorgWarner, Inc.		40,628		1,762,443
Chipotle Mexican Grill, Inc. (a)		1,171		980,256
D.R. Horton, Inc.		31,092		1,640,103
Dollar General Corp.		9,575		1,493,509
Ford Motor Co.		353,529		3,287,820
Garmin Ltd.		19,117		1,865,055
General Motors Co., Class C		76,384		2,795,654
Kohl's Corp.		21,859		1,113,716
Lear Corp.		23,479		3,221,318
Leggett & Platt, Inc.		31,266		1,589,251
Lennar Corp., Class A		54,628		3,047,696
Mohawk Industries, Inc. (a)		8,332		1,136,318
Newell Brands, Inc.		45,798		880,238
Norwegian Cruise Line Holdings Ltd. (a)		51,661		3,017,519
NVR, Inc. (a)		395		1,504,322
PulteGroup, Inc.		86,051		3,338,778
Roku, Inc. (a)		18,258		2,444,746
Royal Caribbean Cruises Ltd.		24,606		3,285,147
Starbucks Corp.		40,647		3,573,684
Target Corp.		25,723		3,297,945
Whirlpool Corp.		8,569		1,264,185
				54,524,500
Consumer Staples (4.7%):
Coty, Inc., Class A (c)		94,455		1,062,619
Molson Coors Beverage Co., Class B		54,455		2,935,125
Mondelez International, Inc., Class A		39,282		2,163,653
The Hershey Co.		28,748		4,225,381
The J.M. Smucker Co.		15,726		1,637,548
The Kroger Co.		90,861		2,634,060
The Procter & Gamble Co.		39,086		4,881,841

See notes to financial statements.

Victory Portfolios II
VictoryShares USAA MSCI USA Value Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Tyson Foods, Inc., Class A		35,163	$	3,201,240
Walgreens Boots Alliance, Inc.		24,577		1,449,060
				24,190,527
Energy (5.1%):
Baker Hughes Co.		105,247		2,697,481
Chevron Corp.		33,253		4,007,318
Devon Energy Corp.		93,974		2,440,505
Diamondback Energy, Inc.		11,367		1,055,540
HollyFrontier Corp.		44,950		2,279,415
Kinder Morgan, Inc.		181,693		3,846,440
Marathon Oil Corp.		172,613		2,344,085
Marathon Petroleum Corp.		19,325		1,164,331
Phillips 66		32,938		3,669,623
Valero Energy Corp.		31,358		2,936,677
				26,441,415
Financials (14.0%):
Alleghany Corp. (a)		2,640		2,110,865
Ally Financial, Inc.		102,276		3,125,555
American International Group, Inc.		62,049		3,184,975
Arch Capital Group Ltd. (a)		109,940		4,715,326
Assurant, Inc.		13,088		1,715,575
Athene Holding Ltd., Class A (a)		81,089		3,813,616
AXA Equitable Holdings, Inc.		153,134		3,794,661
Bank of America Corp.		42,613		1,500,830
Capital One Financial Corp.		33,125		3,408,893
Chubb Ltd.		16,798		2,614,776
Cincinnati Financial Corp.		37,906		3,985,816
Citigroup, Inc.		45,773		3,656,804
Citizens Financial Group, Inc.		79,860		3,243,115
Erie Indemnity Co., Class A		8,712		1,446,192
Jefferies Financial Group, Inc.		136,131		2,909,119
Lincoln National Corp.		47,074		2,777,837
MetLife, Inc.		62,538		3,187,562
Prudential Financial, Inc.		19,873		1,862,895
RenaissanceRe Holdings Ltd.		21,546		4,223,447
Synchrony Financial		73,565		2,649,076
The Hartford Financial Services Group, Inc.		36,035		2,189,847
Unum Group		95,213		2,776,411
Voya Financial, Inc.		49,134		2,996,191
W.R. Berkley Corp.		71,922		4,969,809
				72,859,193
Health Care (13.5%):
Abbott Laboratories		22,078		1,917,695
Allergan PLC		12,807		2,448,314
Anthem, Inc.		5,420		1,637,003
Biogen, Inc. (a)		3,337		990,188
Bristol-Myers Squibb Co.		36,691		2,355,195
Cardinal Health, Inc.		49,650		2,511,297

See notes to financial statements.

Victory Portfolios II
VictoryShares USAA MSCI USA Value Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Cerner Corp.		20,255	$	1,486,514
CVS Health Corp.		39,866		2,961,645
Danaher Corp.		28,170		4,323,532
DENTSPLY SIRONA, Inc.		52,952		2,996,554
Edwards Lifesciences Corp. (a)		5,529		1,289,860
Gilead Sciences, Inc.		23,350		1,517,283
Insulet Corp. (a)		5,530		946,736
IQVIA Holdings, Inc. (a)		10,349		1,599,024
Jazz Pharmaceuticals PLC (a)		9,150		1,365,912
Laboratory Corp. of America Holdings (a)		10,380		1,755,985
McKesson Corp.		16,919		2,340,236
Medtronic PLC		38,923		4,415,814
Merck & Co., Inc.		44,978		4,090,749
Mylan NV (a)		111,826		2,247,703
ResMed, Inc.		10,266		1,590,922
STERIS PLC		25,800		3,932,436
Stryker Corp.		8,807		1,848,942
Teleflex, Inc.		4,330		1,629,985
The Cooper Cos., Inc.		5,075		1,630,547
Thermo Fisher Scientific, Inc.		12,739		4,138,519
Universal Health Services, Inc., Class B		20,803		2,984,398
Veeva Systems, Inc., Class A (a)		6,674		938,765
Zimmer Biomet Holdings, Inc.		10,712		1,603,372
Zoetis, Inc.		30,469		4,032,572
				69,527,697
Industrials (15.5%):
AMERCO, Inc.		9,673		3,635,306
American Airlines Group, Inc. (b)		78,170		2,241,916
AMETEK, Inc.		20,573		2,051,951
Cintas Corp.		6,955		1,871,451
CoStar Group, Inc. (a) (c)		2,484		1,486,177
Cummins, Inc.		19,006		3,401,314
Delta Air Lines, Inc.		51,855		3,032,480
Eaton Corp. PLC		20,177		1,911,165
Fortune Brands Home & Security, Inc.		23,836		1,557,444
HEICO Corp.		10,651		1,215,812
IHS Markit Ltd. (a)		63,806		4,807,782
Ingersoll-Rand PLC		30,385		4,038,775
Jacobs Engineering Group, Inc.		34,286		3,079,911
Johnson Controls International PLC		76,532		3,115,618
Kansas City Southern		11,701		1,792,125
Knight-Swift Transportation Holdings, Inc.		65,801		2,358,308
L3Harris Technologies, Inc.		16,696		3,303,637
ManpowerGroup, Inc.		30,909		3,001,265
Masco Corp.		33,060		1,586,549
Norfolk Southern Corp.		9,951		1,931,788
Northrop Grumman Corp.		4,955		1,704,371
Old Dominion Freight Line, Inc.		7,202		1,366,796
Owens Corning, Inc.		43,446		2,829,204
PACCAR, Inc.		44,646		3,531,498

See notes to financial statements.

Victory Portfolios II
VictoryShares USAA MSCI USA Value Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Republic Services, Inc., Class A		59,632	$	5,344,816
Southwest Airlines Co.		55,802		3,012,192
Teledyne Technologies, Inc. (a)		4,814		1,668,244
United Airlines Holdings, Inc. (a)		28,496		2,510,213
United Rentals, Inc. (a)		15,305		2,552,415
Verisk Analytics, Inc., Class A		14,960		2,234,126
Waste Management, Inc.		21,252		2,421,878
				80,596,527
Information Technology (14.8%):
Applied Materials, Inc.		20,476		1,249,855
Arrow Electronics, Inc. (a)		18,992		1,609,382
Broadcom, Inc.		8,569		2,707,975
Cadence Design Systems, Inc. (a)		22,648		1,570,865
CDW Corp.		26,167		3,737,694
Cisco Systems, Inc.		38,632		1,852,790
Dell Technologies, Inc., Class C (a)		52,312		2,688,314
DXC Technology Co.		42,057		1,580,923
Fidelity National Information Services, Inc.		35,065		4,877,191
Fiserv, Inc. (a)		19,123		2,211,192
Global Payments, Inc.		32,316		5,899,609
Hewlett Packard Enterprises Co.		188,426		2,988,436
Intel Corp.		57,127		3,419,052
Juniper Networks, Inc.		65,101		1,603,438
Keysight Technologies, Inc. (a)		30,990		3,180,504
KLA Corp.		7,886		1,405,049
Lam Research Corp.		3,866		1,130,418
Leidos Holdings, Inc.		39,437		3,860,488
Mastercard, Inc., Class A		7,009		2,092,817
Microchip Technology, Inc. (b)		13,924		1,458,121
Micron Technology, Inc. (a)		38,250		2,057,085
Motorola Solutions, Inc.		10,269		1,654,747
Okta, Inc. (a)		10,518		1,213,462
ON Semiconductor Corp. (a)		104,115		2,538,324
Paycom Software, Inc. (a)		4,535		1,200,687
Qorvo, Inc. (a)		26,349		3,062,544
Seagate Technology PLC		40,738		2,423,911
Synopsys, Inc. (a)		14,185		1,974,552
Teradyne, Inc.		16,473		1,123,294
The Western Union Co.		76,981		2,061,551
Twilio, Inc., Class A (a)		10,877		1,068,992
Western Digital Corp.		35,463		2,250,837
Xerox Holdings Corp.		73,437		2,707,622
				76,461,721
Materials (3.9%):
Air Products & Chemicals, Inc.		9,760		2,293,502
Ball Corp.		52,235		3,378,037
Crown Holdings, Inc. (a)		20,556		1,491,132
Dow, Inc.		33,704		1,844,620
Newmont Goldcorp Corp.		37,952		1,649,014

See notes to financial statements.

Victory Portfolios II
VictoryShares USAA MSCI USA Value Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Nucor Corp.		23,943	$	1,347,512
Steel Dynamics, Inc.		77,452		2,636,467
The Mosaic Co.		110,077		2,382,067
Westrock Co.		72,394		3,106,427
				20,128,778
Real Estate (7.2%):
American Tower Corp.		9,442		2,169,960
CBRE Group, Inc., Class A (a)		60,537		3,710,313
Equinix, Inc.		6,838		3,991,341
Equity LifeStyle Properties, Inc.		74,743		5,261,159
Host Hotels & Resorts, Inc.		229,571		4,258,542
Jones Lang LaSalle, Inc.		19,311		3,361,852
Kimco Realty Corp.		148,686		3,079,287
Mid-America Apartment Communities, Inc.		16,879		2,225,665
Public Storage		8,278		1,762,883
SBA Communications Corp.		6,616		1,594,390
Sun Communities, Inc.		17,036		2,557,104
Welltower, Inc.		45,833		3,748,223
				37,720,719
Utilities (5.7%):
AES Corp.		117,452		2,337,295
Ameren Corp.		31,758		2,439,014
American Electric Power Co., Inc.		29,612		2,798,630
Edison International		22,844		1,722,666
Entergy Corp.		45,569		5,459,167
Exelon Corp.		105,847		4,825,565
OGE Energy Corp.		55,641		2,474,355
The Southern Co.		41,786		2,661,768
Vistra Energy Corp.		188,351		4,330,189
				29,048,649
Total Common Stocks (Cost $475,515,955)				516,901,746
Collateral for Securities Loaned (0.4%)^
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (d)		107,217		107,217
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (d)		590,690		590,690
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (d)		17,908		17,908
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (d)		356,838		356,838
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (d)		392,550		392,550
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (d)		785,072		785,072
Total Collateral for Securities Loaned (Cost $2,250,275)				2,250,275
Total Investments (Cost $477,766,230) — 100.2%				519,152,021
Liabilities in excess of other assets — (0.2)%				(1,218,447	)
NET ASSETS — 100.00%			$	517,933,574

See notes to financial statements.

Victory Portfolios II
VictoryShares USAA MSCI USA Value Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

^ Purchased with cash collateral from securities on loan.

(a) Non-income producing security.

(b) All or a portion of this security is on loan.

(d) Rate disclosed is the daily yield on December 31, 2019.

PLC — Public Limited Company

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini S&P 500 Futures		10	3/20/20	$	1,580,920	$	1,615,550	$	34,630
	Total unrealized appreciation							$	34,630
	Total unrealized depreciation								—
	Total net unrealized appreciation(depreciation)							$	34,630

See notes to financial statements.

Victory Portfolios II
VictoryShares USAA MSCI USA Small Cap Value
Momentum ETF

Schedule of Portfolio Investments
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Common Stocks (99.4%)
Communication Services (3.4%):
Bandwidth, Inc., Class A (a)		2,815	$	180,301
Cable One, Inc.		632		940,713
Cardlytics, Inc. (a)		3,942		247,794
Entercom Communications Corp., Class A		91,676		425,377
EverQuote, Inc., Class A (a)		8,318		285,723
GCI Liberty, Inc., Class A (a)		9,431		668,186
Gray Television, Inc. (a)		24,719		529,975
Iridium Communications, Inc. (a)		9,240		227,673
Nexstar Media Group, Inc., Class A		5,503		645,227
Sinclair Broadcast Group, Inc., Class A		10,246		341,602
TechTarget, Inc. (a)		8,667		226,209
TEGNA, Inc.		35,280		588,823
Telephone & Data Systems, Inc.		24,345		619,093
The E.W. Scripps Co., Class A		19,793		310,948
The Marcus Corp.		10,121		321,544
The New York Times Co.		10,100		324,917
United States Cellular Corp. (a)		15,212		551,131
Zynga, Inc., Class A (a)		112,041		685,691
				8,120,927
Consumer Discretionary (10.0%):
Aaron's, Inc.		8,488		484,750
Abercrombie & Fitch Co.		17,163		296,748
American Axle & Manufacturing Holdings, Inc. (a)		45,121		485,502
America's Car-Mart, Inc. (a) (b)		2,578		282,703
Asbury Automotive Group, Inc. (a)		2,843		317,819
AutoNation, Inc. (a)		5,876		285,750
Beazer Homes USA, Inc. (a) (b)		29,610		418,389
Bed Bath & Beyond, Inc.		40,145		694,510
Boot Barn Holdings, Inc. (a)		5,182		230,754
Bright Horizons Family Solutions, Inc. (a)		3,063		460,338
Carriage Services, Inc.		12,857		329,139
Century Communities, Inc. (a)		19,270		527,035
Churchill Downs, Inc.		2,689		368,930
Core-Mark Holding Co., Inc.		5,968		162,270
Crocs, Inc. (a)		5,778		242,040
Dana, Inc.		13,691		249,176
Deckers Outdoor Corp. (a)		1,775		299,727
Dick's Sporting Goods, Inc.		13,506		668,412
Dillard's, Inc., Class A (b)		5,394		396,351
Fossil Group, Inc. (a)		26,844		211,531
GameStop Corp., Class A (b)		82,066		498,961
Genesco, Inc. (a)		10,577		506,850
Gentex Corp.		26,677		773,099
Graham Holdings Co., Class B		720		460,073
Group 1 Automotive, Inc.		5,592		559,200

See notes to financial statements.

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VictoryShares USAA MSCI USA Small Cap Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Hibbett Sports, Inc. (a)		18,057	$	506,318
Installed Building Products, Inc. (a)		3,192		219,833
K12, Inc. (a)		7,859		159,931
KB Home		19,251		659,732
Lindblad Expeditions Holdings, Inc. (a)		20,236		330,859
Lithia Motors, Inc.		3,681		541,107
M/I Homes, Inc. (a)		16,434		646,678
MDC Holdings, Inc.		17,223		657,230
Meritage Homes Corp. (a)		8,795		537,462
Murphy USA, Inc. (a)		2,778		325,026
Office Depot, Inc.		193,228		529,445
Party City Holdco, Inc. (a) (b)		102,411		239,642
Rent-A-Center, Inc.		15,535		448,029
Seaworld Entertainment, Inc. (a)		6,645		210,713
Servicemaster Global Holdings, Inc. (a)		6,262		242,089
Signet Jewelers Ltd.		22,792		495,498
Skechers USA, Inc., Class A (a)		5,758		248,688
Sonic Automotive, Inc., Class A		13,565		420,515
Strategic Education, Inc.		1,462		232,312
Taylor Morrison Home Corp., Class A (a)		29,845		652,412
Tempur Sealy International, Inc. (a)		5,424		472,213
Tenneco, Inc., Class A		12,765		167,222
The Buckle, Inc. (b)		11,996		324,372
The Cato Corp., Class A		27,150		472,410
Toll Brothers, Inc.		9,569		378,071
TopBuild Corp. (a)		5,356		552,096
TRI Pointe Group, Inc. (a)		18,784		292,655
Twin River Worldwide Holdings, Inc.		14,042		360,177
Vera Bradley, Inc. (a)		31,366		370,118
William Lyon Homes, Class A (a)		26,370		526,873
Wingstop, Inc.		2,708		233,511
Winnebago Industries, Inc.		3,988		211,284
Zumiez, Inc. (a)		14,239		491,815
				23,366,393
Consumer Staples (2.4%):
Casey's General Stores, Inc.		4,297		683,181
Coca-Cola Consolidated, Inc.		634		180,088
elf Beauty, Inc. (a)		16,034		258,628
Fresh Del Monte Produce, Inc.		7,561		264,484
Ingles Markets, Inc., Class A		12,865		611,216
John B Sanfilippo & Son, Inc.		3,114		284,246
Pilgrim's Pride Corp. (a)		17,978		588,150
Sanderson Farms, Inc.		1,895		333,937
SpartanNash Co.		29,077		414,056
The Simply Good Foods Co. (a)		20,460		583,928
TreeHouse Foods, Inc. (a)		4,307		208,890
United Natural Foods, Inc. (a)		48,409		424,063

See notes to financial statements.

Victory Portfolios II
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Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Universal Corp.		9,883	$	563,924
Weis Markets, Inc.		7,552		305,780
				5,704,571
Energy (2.9%):
Arch Coal, Inc., Class A		4,596		329,717
Bonanza Creek Energy, Inc. (a)		10,983		256,343
CVR Energy, Inc.		8,429		340,784
Delek US Holdings, Inc.		5,773		193,569
Denbury Resources, Inc. (a)		232,909		328,402
Dril-Quip, Inc. (a)		4,921		230,844
EQT Corp.		21,989		239,680
Gulfport Energy Corp. (a)		108,710		330,478
Helix Energy Solutions Group, Inc. (a)		44,524		428,767
International Seaways, Inc. (a)		17,639		524,937
Laredo Petroleum, Inc. (a)		78,735		225,969
Matrix Service Co. (a)		10,127		231,706
McDermott International, Inc. (a) (b)		175,979		119,067
Northern Oil and Gas, Inc. (a)		122,452		286,538
Par Pacific Holdings, Inc. (a)		27,601		641,447
Propetro Holding Corp. (a)		15,093		169,796
REX American Resources Corp. (a)		3,484		285,549
Southwestern Energy Co. (a)		181,118		438,306
Texas Pacific Land Trust		327		255,459
Valaris PLC (b)		37,335		244,918
Whiting Petroleum Corp. (a) (b)		20,898		153,391
World Fuel Services Corp. (c)		11,580		502,804
				6,758,471
Financials (18.0%):
AMBAC Financial Group, Inc. (a)		26,714		576,221
American Equity Investment Life Holding Co.		19,724		590,339
American National Insurance Co.		8,325		979,686
Apollo Commercial Real Estate Finance, Inc. (b)		32,659		597,333
Arbor Realty Trust, Inc.		68,701		985,859
Ares Commercial Real Estate Corp.		67,430		1,068,091
Ares Management Corp., Class A		11,600		414,004
Assured Guaranty Ltd.		17,972		880,987
Axis Capital Holdings Ltd.		6,958		413,584
Blackstone Mortgage Trust, Inc., Class A (b)		19,081		710,195
Brighthouse Financial, Inc. (a)		8,070		316,586
Cannae Holdings, Inc. (a)		21,681		806,316
Capstead Mortgage Corp.		60,225		476,982
Chimera Investment Corp.		52,963		1,088,919
Cohen & Steers, Inc.		14,530		911,903
Cowen, Inc., Class A (a)		30,013		472,705
Customers Bancorp, Inc., Class A (a)		10,885		259,172
Dime Community Bancshares, Inc.		16,574		346,231
eHealth, Inc. (a)		1,364		131,053
Ellington Financial, Inc.		40,898		749,660

See notes to financial statements.

Victory Portfolios II
VictoryShares USAA MSCI USA Small Cap Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Encore Capital Group, Inc. (a)		11,807	$	417,496
Enstar Group Ltd. (a)		2,043		422,615
Essent Group Ltd.		12,181		633,290
Exantas Capital Corp.		59,916		707,608
EZCORP, Inc., Class A (a) (b)		32,034		218,472
Federated Investors, Inc., Class B		10,298		335,612
FGL Holdings		77,042		820,497
First American Financial Corp.		7,000		408,240
First Bancorp, Inc.		27,474		290,950
Genworth Financial, Inc., A (a)		104,205		458,502
Granite Point Mortgage Trust, Inc.		17,300		317,974
Greenlight Capital Re Ltd. (a)		28,814		291,310
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		13,261		426,739
Heritage Insurance Holdings, Inc.		28,074		371,981
Hilltop Holdings, Inc.		28,912		720,776
Invesco Mortgage Capital, Inc.		66,496		1,107,158
Kinsale Capital Group, Inc.		6,770		688,238
Legg Mason, Inc.		18,230		654,639
Meridian Bancorp, Inc.		22,516		452,346
Meta Financial Group, Inc.		15,065		550,023
MFA Financial, Inc.		80,317		614,425
MGIC Investment Corp.		45,219		640,753
Mr. Cooper Group, Inc. (a)		23,119		289,219
National Western Life Group, Inc., Class A		3,092		899,401
Navient Corp.		35,984		492,261
Nelnet, Inc., Class A		9,124		531,381
New York Community Bancorp, Inc.		60,663		729,169
New York Mortgage Trust, Inc.		170,850		1,064,396
NMI Holdings, Inc., Class A (a)		14,583		483,864
OFG Bancorp		22,089		521,521
Old Republic International Corp.		20,435		457,131
Onemain Holdings, Inc.		10,620		447,633
Opus Bank		20,960		542,235
Pennymac Financial Services		20,749		706,296
Pennymac Mortgage Investment Trust		43,951		979,668
Popular, Inc.		12,156		714,165
Radian Group, Inc.		24,259		610,356
Redwood Trust, Inc.		66,250		1,095,775
Selective Insurance Group, Inc.		5,072		330,644
Starwood Property Trust, Inc.		59,903		1,489,189
Sterling Bancorp		14,350		302,498
Stifel Financial Corp.		9,622		583,574
Third Point Reinsurance Ltd. (a)		74,212		780,710
TPG RE Finance Trust, Inc.		32,302		654,762
Walker & Dunlop, Inc.		4,508		291,577
Washington Federal, Inc.		22,832		836,794
Western Asset Mortgage Capital Corp.		92,525		955,783
White Mountains Insurance Group Ltd.		1,290		1,439,008
				42,554,480

See notes to financial statements.

Victory Portfolios II
VictoryShares USAA MSCI USA Small Cap Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Health Care (17.1%):
Acadia Healthcare Co., Inc. (a)		15,017	$	498,865
ACADIA Pharmaceuticals, Inc. (a)		2,666		114,051
Achillion Pharmaceuticals, Inc. (a)		17,633		106,327
Addus HomeCare Corp. (a)		5,966		580,015
Akorn, Inc. (a) (b)		27,267		40,901
Allakos, Inc. (a)		2,192		209,029
Allscripts Healthcare Solutions, Inc. (a)		23,323		228,915
Amedisys, Inc. (a)		3,544		591,564
AMN Healthcare Services, Inc. (a)		4,126		257,091
Amphastar Pharmaceuticals, Inc. (a)		24,923		480,765
AngioDynamics, Inc. (a)		17,655		282,657
ANI Pharmaceuticals, Inc. (a)		7,239		446,429
Anika Therapeutics, Inc. (a)		6,738		349,365
Apellis Pharmaceuticals, Inc. (a)		5,920		181,270
Arena Pharmaceuticals, Inc. (a)		6,698		304,223
ArQule, Inc. (a)		26,877		536,466
Arrowhead Pharmaceuticals, Inc. (a)		5,968		378,550
AtriCure, Inc. (a)		8,781		285,470
Atrion Corp.		1,014		762,021
Axsome Therapeutics, Inc. (a)		8,927		922,694
Bio-Techne Corp.		3,962		869,698
Bruker Corp.		13,250		675,353
Cardiovascular Systems, Inc. (a)		11,295		548,824
CareDx, Inc. (a)		4,612		99,481
Catalent, Inc. (a)		10,474		589,686
Catalyst Pharmaceuticals, Inc. (a)		47,464		177,990
Charles River Laboratories International, Inc. (a)		4,813		735,234
Chemed Corp.		2,038		895,212
Codexis, Inc. (a)		14,710		235,213
Computer Programs & Systems		9,519		251,302
CONMED Corp.		7,668		857,512
Corcept Therapeutics, Inc. (a) (b)		9,058		109,602
CorVel Corp. (a)		8,745		763,963
CryoLife, Inc. (a)		9,388		254,321
Cutera, Inc. (a)		4,567		163,544
Deciphera Pharmaceuticals, Inc. (a)		3,480		216,595
Eagle Pharmaceuticals, Inc. (a)		3,320		199,466
Eidos Therapeutics, Inc. (a)		7,787		446,896
Encompass Health Corp.		6,134		424,902
Endo International PLC (a)		83,301		390,682
Exelixis, Inc. (a)		10,554		185,961
Fate Therapeutics, Inc. (a)		6,073		118,849
Glaukos Corp. (a)		2,512		136,829
Haemonetics Corp. (a)		4,783		549,567
HealthEquity, Inc. (a)		3,131		231,913
Hill-Rom Holdings, Inc.		7,221		819,800
HMS Holdings Corp. (a)		14,638		433,285
Horizon Therapeutics PLC (a)		11,744		425,133

See notes to financial statements.

Victory Portfolios II
VictoryShares USAA MSCI USA Small Cap Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Inovalon Holdings, Inc., Class A (a)		24,181	$	455,087
Integer Holdings Corp. (a)		6,547		526,575
Integra LifeSciences Holdings Corp. (a)		10,582		616,719
Invitae Corp. (a)		5,197		83,828
Iovance Biotherapeutics, Inc. (a)		11,784		326,181
Lannett Co., Inc. (a)		12,008		105,911
Lantheus Holdings, Inc. (a)		14,200		291,242
LeMaitre Vascular, Inc.		12,323		443,012
LHC Group, Inc. (a)		4,358		600,358
Magellan Health, Inc. (a)		6,560		513,320
Masimo Corp. (a)		4,405		696,254
Medpace Holdings, Inc. (a)		4,671		392,644
Mirati Therapeutics, Inc. (a)		2,270		292,512
Molina Healthcare, Inc. (a)		1,449		196,615
Myriad Genetics, Inc. (a)		5,526		150,473
NanoString Technologies, Inc. (a)		5,833		162,274
Natera, Inc. (a)		9,104		306,714
National Healthcare Corp.		12,046		1,041,135
Natus Medical, Inc. (a)		7,422		244,852
NeoGenomics, Inc. (a)		17,936		524,628
Nevro Corp. (a)		1,801		211,690
Nextgen Healthcare, Inc. (a)		14,929		239,909
Novocure Ltd. (a)		3,202		269,833
NuVasive, Inc. (a)		7,719		596,987
Odonate Therapeutics, Inc. (a)		5,195		168,578
Omnicell, Inc. (a)		3,428		280,136
Orthofix Medical, Inc. (a)		5,698		263,134
Owens & Minor, Inc.		20,358		105,251
Pacira BioSciences, Inc. (a)		4,577		207,338
PDL BioPharma, Inc. (a)		150,189		487,363
Penumbra, Inc. (a)		1,498		246,076
PRA Health Sciences, Inc. (a)		3,044		338,341
Premier, Inc., Class A (a)		9,093		344,443
Prestige Consumer Healthcare, Inc. (a)		15,918		644,678
Quanterix Corp. (a)		6,119		144,592
Quidel Corp. (a)		6,463		484,919
R1 Rcm, Inc. (a)		27,021		350,733
Ra Pharmaceuticals, Inc. (a)		9,133		428,612
RadNet, Inc. (a)		31,209		633,543
Reata Pharmaceuticals, Inc., Class A (a)		549		112,232
Repligen Corp. (a)		5,316		491,730
Select Medical Holdings Corp. (a)		13,641		318,381
Simulations Plus, Inc.		8,005		232,705
Syneos Health, Inc. (a)		7,482		444,992
Tabula Rasa Healthcare, Inc. (a)		2,578		125,497
Tandem Diabetes Care, Inc. (a)		3,659		218,113
Teladoc Health, Inc. (a) (b)		2,909		243,541
Tenet Healthcare Corp. (a)		5,194		197,528
The Ensign Group, Inc.		11,155		506,102

See notes to financial statements.

Victory Portfolios II
VictoryShares USAA MSCI USA Small Cap Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
The Medicines Co. (a)		3,533	$	300,093
The Pennant Group, Inc. (a)		11,419		377,626
Triple-S Management Corp. (a)		16,381		302,885
uniQure NV (a)		6,023		431,608
United Therapeutics Corp. (a)		3,296		290,312
US Physical Therapy, Inc. (b)		6,150		703,253
Veracyte, Inc. (a)		13,478		376,306
Vericel Corp. (a)		8,221		143,045
Wright Medical Group NV (a)		13,452		410,017
ZIOPHARM Oncology, Inc. (a) (b)		24,195		114,200
				40,120,137
Industrials (13.7%):
ABM Industries, Inc.		7,745		292,064
ACCO Brands Corp.		52,628		492,598
ADT, Inc. (b)		30,993		245,774
AECOM (a)		16,492		711,300
AGCO Corp.		9,970		770,182
Air Lease Corp.		15,987		759,702
Aircastle Ltd.		28,452		910,749
Allegiant Travel Co.		1,485		258,449
ArcBest Corp.		12,406		342,406
Arcosa, Inc.		14,664		653,281
Armstrong World Industries, Inc.		3,257		306,060
Atkore International Group, Inc. (a)		6,847		277,030
Atlas Air Worldwide Holdings, Inc. (a)		16,114		444,263
Avis Budget Group, Inc. (a)		6,932		223,488
Barrett Business Services, Inc.		5,738		519,059
Beacon Roofing Supply, Inc. (a)		7,159		228,945
BMC Stock Holdings, Inc. (a)		19,970		572,939
Brady Corp., Class A		15,533		889,419
Builders FirstSource, Inc. (a)		8,644		219,644
CAI International, Inc. (a)		15,522		449,828
Carlisle Cos., Inc.		5,486		887,854
Casella Waste Systems, Inc. (a)		6,269		288,562
CBIZ, Inc. (a)		32,149		866,737
Clean Harbors, Inc. (a)		4,228		362,551
Covenant Transport Group, Inc., Class A (a)		31,289		404,410
CSW Industrials, Inc.		10,663		821,052
Deluxe Corp.		6,005		299,770
DMC Global, Inc. (b)		3,464		155,672
EMCOR Group, Inc.		4,493		387,746
Encore Wire Corp.		9,800		562,520
Enphase Energy, Inc. (a) (b)		9,474		247,556
ESCO Technologies, Inc.		8,819		815,757
Exponent, Inc.		5,099		351,882
Federal Signal Corp.		19,026		613,589
Foundation Building Materials, Inc. (a)		11,942		231,078
FTI Consulting, Inc. (a)		5,830		645,148

See notes to financial statements.

Victory Portfolios II
VictoryShares USAA MSCI USA Small Cap Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Genco Shipping & Trading Ltd.		30,227	$	321,011
Generac Holdings, Inc. (a)		8,206		825,441
Gibraltar Industries, Inc. (a)		5,332		268,946
GMS, Inc. (a)		17,217		466,236
Great Lakes Dredge & Dock Corp. (a)		36,670		415,471
Griffon Corp.		9,180		186,629
Hawaiian Holdings, Inc.		16,013		469,021
Heidrick & Struggles International, Inc.		14,077		457,503
Herc Holdings, Inc. (a)		3,726		182,350
Herman Miller, Inc.		6,547		272,683
Hertz Global Holdings, Inc. (a)		10,146		159,800
Huron Consulting Group, Inc. (a)		4,809		330,474
ICF International, Inc.		3,767		345,133
KAR Auction Services, Inc.		16,054		349,817
Kelly Services, Inc., Class A		26,085		588,999
Knoll, Inc.		11,527		291,172
Kratos Defense & Security Solutions, Inc. (a)		9,775		176,048
Marten Transport Ltd.		13,148		282,551
MasTec, Inc. (a)		3,737		239,766
McGrath RentCorp		4,816		368,617
Mercury Systems, Inc. (a)		2,685		185,560
Meritor, Inc. (a)		23,377		612,244
Oshkosh Corp.		2,972		281,300
Quanta Services, Inc.		18,617		757,898
REV Group, Inc.		22,082		270,063
Ryder System, Inc.		12,042		654,001
Saia, Inc. (a)		2,736		254,776
SkyWest, Inc.		9,715		627,881
SP Plus Corp. (a)		8,077		342,707
Sterling Construction Co., Inc. (a)		13,752		193,628
Tetra Tech, Inc.		4,468		384,963
Titan Machinery, Inc. (a)		18,213		269,188
Triton International Ltd.		10,547		423,989
Tutor Perini Corp. (a)		31,435		404,254
UniFirst Corp.		3,529		712,787
Universal Forest Products, Inc.		5,439		259,440
Vectrus, Inc. (a)		3,780		193,763
Viad Corp.		5,791		390,893
Werner Enterprises, Inc.		20,863		759,204
				32,485,271
Information Technology (13.6%):
Acacia Communications, Inc. (a)		2,503		169,728
Alpha & Omega Semiconductor Ltd. (a)		17,175		233,924
Alteryx, Inc., Class A (a)		1,763		176,423
Amkor Technology, Inc. (a)		40,582		527,566
Anixter International, Inc. (a)		2,921		269,024
Avaya Holdings Corp. (a)		38,097		514,310
Avnet, Inc.		16,683		708,027

See notes to financial statements.

Victory Portfolios II
VictoryShares USAA MSCI USA Small Cap Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
AVX Corp.		43,829	$	897,179
Belden, Inc.		4,517		248,435
Benchmark Electronics, Inc.		21,793		748,807
Cabot Microelectronics Corp.		1,949		281,280
CACI International, Inc., Class A (a)		3,399		849,715
Cass Information Systems, Inc.		6,042		348,865
Ciena Corp. (a)		5,571		237,826
Cirrus Logic, Inc. (a)		3,677		303,022
Comtech Telecommunications Corp.		5,728		203,287
Conduent, Inc. (a)		34,653		214,849
Coupa Software, Inc. (a)		3,429		501,491
CSG Systems International, Inc.		12,871		666,460
Cypress Semiconductor Corp.		21,739		507,171
Digital Turbine, Inc. (a)		18,836		134,301
Diodes, Inc. (a)		12,530		706,315
EchoStar Corp., Class A (a)		17,158		743,114
Entegris, Inc.		5,471		274,042
Euronet Worldwide, Inc. (a)		2,155		339,542
Everbridge, Inc. (a)		2,894		225,964
Everi Holdings, Inc. (a)		19,320		259,468
EVERTEC, Inc.		8,958		304,930
Fabrinet (a)		7,657		496,480
Fair Isaac Corp. (a)		2,140		801,815
FormFactor, Inc. (a)		8,194		212,798
Ichor Holdings Ltd. (a)		18,734		623,280
Inphi Corp. (a)		2,786		206,220
Insight Enterprises, Inc. (a)		8,708		612,085
Itron, Inc. (a)		3,936		330,427
j2 Global, Inc.		4,016		376,339
Jabil, Inc.		18,479		763,737
KBR, Inc.		18,453		562,817
KEMET Corp.		13,610		368,151
Knowles Corp. (a)		25,551		540,404
Kulicke & Soffa Industries, Inc.		23,627		642,654
Lattice Semiconductor Corp. (a)		20,401		390,475
Manhattan Associates, Inc. (a)		3,051		243,317
ManTech International Corp., Class A		8,529		681,297
Mellanox Technologies Ltd. (a)		2,675		313,456
Mesa Laboratories, Inc.		904		225,458
Methode Electronics, Inc.		7,485		294,535
MKS Instruments, Inc.		2,126		233,881
Model N, Inc. (a)		8,880		311,422
NetScout Systems, Inc. (a)		11,364		273,531
NIC, Inc.		11,844		264,713
Onto Innovation, Inc. (a)		6,059		221,396
Paysign, Inc. (a) (b)		20,682		209,922
PC Connection, Inc. (b)		5,102		253,365
Perficient, Inc. (a)		15,657		721,317
Photronics, Inc. (a)		43,474		685,150

See notes to financial statements.

Victory Portfolios II
VictoryShares USAA MSCI USA Small Cap Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Plexus Corp. (a)		4,512	$	347,153
PROS Holdings, Inc. (a)		3,494		209,360
Rambus, Inc. (a)		48,285		665,126
Sanmina Corp. (a)		16,322		558,865
ScanSource, Inc. (a)		9,999		369,463
SMART Global Holdings, Inc. (a)		15,760		597,934
Smartsheet, Inc., Class A (a)		4,996		224,420
SolarEdge Technologies, Inc. (a)		2,233		212,336
Switch, Inc., Class A		14,825		219,707
Sykes Enterprises, Inc. (a)		10,341		382,514
Synaptics, Inc. (a)		3,379		222,237
SYNNEX Corp.		2,150		276,920
Tech Data Corp. (a)		4,543		652,375
The Trade Desk, Inc., Class A (a)		951		247,051
TiVo Corp.		64,679		548,478
TTEC Holdings, Inc.		12,203		483,483
TTM Technologies, Inc. (a)		40,313		606,711
Ultra Clean Holdings, Inc. (a)		19,336		453,816
Universal Display Corp.		866		178,457
Vishay Intertechnology, Inc.		13,490		287,202
Workiva, Inc. (a) (b)		4,966		208,820
Xperi Corp.		20,039		370,722
Zscaler, Inc. (a) (b)		2,923		135,920
				31,914,577
Materials (4.2%):
AptarGroup, Inc.		4,196		485,142
Boise Cascade Co.		6,839		249,829
Clearwater Paper Corp. (a)		8,072		172,418
Cleveland-Cliffs, Inc. (b)		18,457		155,039
Domtar Corp.		9,586		366,569
Innospec, Inc.		7,018		725,942
Louisiana-Pacific Corp.		22,873		678,641
Materion Corp.		4,244		252,306
Mercer International, Inc.		20,252		249,100
P.H. Glatfelter Co.		28,442		520,489
Reliance Steel & Aluminum Co.		6,692		801,433
Royal Gold, Inc.		5,535		676,654
Schnitzer Steel Industries, Inc.		20,950		454,196
Schweitzer-Mauduit International, Inc.		6,959		292,208
Silgan Holdings, Inc.		15,814		491,499
Stepan Co.		7,213		738,900
Summit Materials, Inc., Class A (a)		9,957		237,972
The Scotts Miracle-Gro Co.		6,586		699,301
United States Steel Corp.		12,496		142,579
Venator Materials PLC (a)		177,889		681,315
Verso Corp., Class A (a)		21,454		386,816
Warrior Met Coal, Inc.		24,651		520,876
				9,979,224

See notes to financial statements.

Victory Portfolios II
VictoryShares USAA MSCI USA Small Cap Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Real Estate (10.8%):
Agree Realty Corp.		13,263	$	930,665
Alexander & Baldwin, Inc.		33,156		694,950
Altisource Portfolio Solutions SA (a) (b)		18,236		352,502
American Assets Trust, Inc.		22,367		1,026,645
American Campus Communities, Inc.		9,343		439,401
American Finance Trust, Inc. (b)		25,856		342,851
Americold Realty Trust		20,879		732,018
Brixmor Property Group, Inc.		16,419		354,815
CareTrust REIT, Inc.		37,116		765,703
Community Healthcare Trust, Inc.		19,086		818,026
CorEnergy Infrastructure Trust, Inc.		18,905		845,243
CubeSmart		12,647		398,128
Easterly Government Properties, Inc.		24,780		588,029
EastGroup Properties, Inc.		7,917		1,050,348
EPR Properties		6,319		446,374
Equity Commonwealth		44,048		1,446,095
Essential Properties Realty Trust, Inc.		31,002		769,159
First Industrial Realty Trust, Inc.		25,817		1,071,664
Independence Realty Trust, Inc.		66,491		936,193
Innovative Industrial Properties, Inc. (b)		8,187		621,148
Lexington Realty Trust		42,044		446,507
LTC Properties, Inc.		10,431		466,996
Marcus & Millichap, Inc. (a)		17,475		650,944
New Senior Investment Group, Inc.		45,714		349,712
NexPoint Residential Trust, Inc.		17,271		777,195
Outfront Media, Inc.		24,440		655,481
PS Business Parks, Inc.		6,205		1,023,018
RE/MAX Holdings, Inc.		16,435		632,583
Retail Value, Inc.		10,281		378,341
Rexford Industrial Realty, Inc.		21,098		963,546
Safehold, Inc.		10,577		426,253
Spirit Realty Capital, Inc.		15,332		754,028
STORE Capital Corp.		23,258		866,128
Terreno Realty Corp.		20,206		1,093,953
The St. Joe Co. (a) (b)		22,354		443,280
Universal Health Realty Income Trust		7,089		831,965
				25,389,887
Utilities (3.3%):
ALLETE, Inc.		6,294		510,884
Black Hills Corp.		12,955		1,017,486
El Paso Electric Co.		7,420		503,744
Hawaiian Electric Industries, Inc.		30,443		1,426,559
NorthWestern Corp.		16,634		1,192,158
Ormat Technologies, Inc.		6,249		465,675
PNM Resources, Inc.		8,532		432,658

See notes to financial statements.

Victory Portfolios II
VictoryShares USAA MSCI USA Small Cap Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Portland General Electric Co. (c)		19,804	$	1,104,865
Spire, Inc.		13,119		1,092,944
				7,746,973
Total Common Stocks (Cost $216,138,577)				234,140,911
Collateral for Securities Loaned (2.1%)^
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (d)		239,416		239,416
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (d)		1,319,009		1,319,009
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (d)		39,988		39,988
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (d)		796,818		796,818
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (d)		876,562		876,562
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (d)		1,753,063		1,753,063
Total Collateral for Securities Loaned (Cost $5,024,856)				5,024,856
Total Investments (Cost $221,163,433) — 101.5%				239,165,767
Liabilities in excess of other assets — (1.5)%				(3,506,719	)
NET ASSETS — 100.00%			$	235,659,048

^ Purchased with cash collateral from securities on loan.

(a) Non-income producing security.

(b) All or a portion of this security is on loan.

(d) Rate disclosed is the daily yield on December 31, 2019.

AMBAC — American Municipal Bond Assurance Corporation

PLC — Public Limited Company

REIT — Real Estate Investment Trust

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
Russell 2000 Mini Index Futures		23	3/20/20	$	1,912,810	$	1,921,190	$	8,380
	Total unrealized appreciation							$	8,380
	Total unrealized depreciation								—
	Total net unrealized appreciation(depreciation)							$	8,380

See notes to financial statements.

Victory Portfolios
VictoryShares USAA MSCI International Value
Momentum ETF

Schedule of Portfolio Investments
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Common Stocks (98.7%)
Australia (6.3%):
Communication Services (0.4%):
REA Group Ltd.		10,733	$	781,635
Telstra Corp. Ltd.		278,727		693,595
				1,475,230
Consumer Discretionary (0.3%):
Harvey Norman Holdings Ltd.		404,074		1,156,055
Consumer Staples (0.5%):
Coles Group Ltd.		78,248		816,264
Woolworths Group Ltd.		42,843		1,089,009
				1,905,273
Energy (0.4%):
Santos Ltd.		220,091		1,265,549
Financials (0.9%):
ASX Ltd.		43,654		2,406,128
Magellan Financial Group Ltd.		16,289		652,096
				3,058,224
Health Care (0.8%):
CSL Ltd.		4,375		848,072
Ramsay Health Care Ltd.		18,032		919,359
Sonic Healthcare Ltd.		52,651		1,064,064
				2,831,495
Industrials (0.9%):
Aurizon Holdings Ltd.		451,146		1,658,601
Brambles Ltd.		99,118		816,589
Qantas Airways Ltd.		137,456		687,000
				3,162,190
Materials (0.6%):
BlueScope Steel Ltd.		49,347		522,407
Fortescue Metals Group Ltd.		159,649		1,199,685
Newcrest Mining Ltd.		22,984		488,736
				2,210,828
Real Estate (1.5%):
Dexus		103,375		850,207
Goodman Group		85,680		805,257
Mirvac Group		810,638		1,812,080
Stockland		268,004		870,375
The GPT Group		219,305		863,296
				5,201,215
				22,266,059

See notes to financial statements.

Victory Portfolios
VictoryShares USAA MSCI International Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Austria (0.7%):
Energy (0.4%):
OMV AG		23,970	$	1,347,466
Financials (0.3%):
Raiffeisen Bank International AG		45,548		1,144,746
				2,492,212
Belgium (1.0%):
Communication Services (0.5%):
Proximus SADP		58,193		1,667,006
Financials (0.5%):
Ageas		33,963		2,008,341
				3,675,347
Canada (9.6%):
Communication Services (0.4%):
BCE, Inc.		29,325		1,360,472
Consumer Discretionary (0.6%):
Gildan Activewear, Inc.		20,765		614,743
Magna International, Inc.		24,881		1,366,129
				1,980,872
Consumer Staples (1.6%):
Alimentation Couche-Tard, Inc., Class B		23,881		758,925
Empire Co. Ltd., Class A		40,505		951,442
Loblaw Cos. Ltd.		39,261		2,028,523
METRO, Inc.		51,502		2,128,392
				5,867,282
Energy (1.0%):
Cenovus Energy, Inc.		45,438		462,527
Encana Corp.		187,476		879,008
TC Energy Corp.		41,254		2,200,213
				3,541,748
Financials (1.2%):
iA Financial Corp., Inc.		17,516		963,498
Intact Financial Corp.		12,607		1,365,163
Manulife Financial Corp.		40,562		824,534
Power Corp. of Canada		47,204		1,217,639
				4,370,834
Industrials (1.4%):
Air Canada (a)		28,684		1,073,037
CAE, Inc.		64,059		1,698,360
Thomson Reuters Corp.		30,115		2,157,226
				4,928,623

See notes to financial statements.

Victory Portfolios
VictoryShares USAA MSCI International Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Information Technology (0.7%):
CGI, Inc. (a)		29,436	$	2,466,790
Materials (0.8%):
Aginco Eagle Mines Ltd.		9,520		587,168
Kinross Gold Corp. (a)		109,303		519,226
Kirkland Lake Gold Ltd.		17,701		781,342
Teck Resources Ltd., Class B		49,243		855,178
				2,742,914
Utilities (1.9%):
Algonquin Power & Utilities Corp. (b)		86,737		1,228,732
Emera, Inc.		60,195		2,589,766
Hydro One Ltd. (c)		152,583		2,951,056
				6,769,554
				34,029,089
China (0.3%):
Industrials (0.3%):
Yangzijiang Shipbuilding Holdings Ltd.		1,396,800		1,163,437
Denmark (1.3%):
Consumer Staples (0.7%):
Carlsberg A/S, Class B		15,391		2,297,668
Industrials (0.4%):
AP Moller — Maersk A/S, Class A		980		1,329,338
Utilities (0.2%):
Orsted A/S (c)		8,279		856,877
				4,483,883
Finland (0.4%):
Communication Services (0.3%):
Elisa Oyj		17,033		941,636
Energy (0.1%):
Neste Oyj		16,622		578,776
				1,520,412
France (9.1%):
Communication Services (0.7%):
Eutelsat Communications SA		32,048		521,261
Orange SA		142,028		2,091,671
				2,612,932
Consumer Discretionary (1.6%):
Cie Generale des Etablissements Michelin SCA		6,069		743,237
Faurecia SE		11,220		604,911
LVMH Moet Hennessy Louis Vuitton SE		3,746		1,741,661

See notes to financial statements.

Victory Portfolios
VictoryShares USAA MSCI International Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Peugeot SA		51,670	$	1,235,389
Renault SA		25,533		1,208,910
				5,534,108
Consumer Staples (0.9%):
Carrefour SA		75,883		1,273,419
Casino Guichard Perrachon SA (b)		22,327		1,045,086
Danone SA		11,883		985,726
				3,304,231
Energy (0.6%):
Total SA		37,078		2,047,704
Financials (1.3%):
BNP Paribas SA		26,279		1,558,386
Credit Agricole SA		103,695		1,504,437
Societe Generale SA		42,621		1,483,820
				4,546,643
Health Care (1.0%):
EssilorLuxottica SA		5,846		891,137
Sanofi		19,593		1,971,022
Sartorius Stedim Biotech		4,040		669,804
				3,531,963
Industrials (2.1%):
Alstom SA		19,616		929,859
Bouygues SA		19,157		814,560
Compagnie de Saint-Gobain		21,427		877,890
Safran SA		6,009		928,462
Schneider Electric SE		9,866		1,013,323
Teleperformance		3,400		829,706
Vinci SA		18,113		2,012,849
				7,406,649
Information Technology (0.7%):
Atos SE		15,535		1,295,993
Ingenico Group SA		10,429		1,133,192
				2,429,185
Utilities (0.2%):
Engie SA		48,565		785,003
				32,198,418
Germany (5.2%):
Consumer Discretionary (1.1%):
adidas AG		2,367		769,985
Bayerische Motoren Werke AG		21,224		1,742,480
Daimler AG, Registered Shares		27,536		1,525,983
				4,038,448

See notes to financial statements.

Victory Portfolios
VictoryShares USAA MSCI International Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Consumer Staples (0.4%):
METRO AG		75,196	$	1,211,246
Financials (1.9%):
Commerzbank AG		159,337		986,746
Deutsche Bank AG, Registered Shares		134,674		1,045,652
Hannover Rueck SE		11,603		2,244,095
Muenchener Rueckversicherungs-Gesellschaft AG, Class R		8,256		2,437,312
				6,713,805
Health Care (0.5%):
Bayer AG, Registered Shares		7,698		629,151
Merck KGaA		8,333		985,420
				1,614,571
Industrials (0.8%):
Deutsche Lufthansa AG, Registered Shares		65,208		1,201,144
MTU Aero Engines AG		5,860		1,674,718
				2,875,862
Materials (0.2%):
HeidelbergCement AG		10,496		765,342
Utilities (0.3%):
RWE AG		36,558		1,122,342
				18,341,616
Greece (0.2%):
Consumer Discretionary (0.2%):
Puma SE		8,041		616,928
Hong Kong (2.6%):
Communication Services (0.2%):
HKT Trust & HKT Ltd.		601,000		846,914
Consumer Discretionary (0.2%):
Techtronic Industries Co. Ltd.		75,000		611,701
Consumer Staples (0.3%):
WH Group Ltd. (c)		1,198,500		1,238,215
Industrials (0.6%):
CK Hutchison Holdings Ltd.		229,500		2,188,435
Real Estate (1.3%):
Henderson Land Development Co. Ltd.		174,000		854,167
Kerry Properties Ltd.		337,000		1,070,452
Link REIT		81,500		862,927
Sino Land Co. Ltd.		534,000		775,800
Swire Pacific Ltd., Class A		94,500		878,077
				4,441,423
				9,326,688

See notes to financial statements.

Victory Portfolios
VictoryShares USAA MSCI International Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Ireland (0.7%):
Communication Services (0.4%):
WPP PLC		102,861	$	1,453,266
Industrials (0.3%):
Experian PLC		32,884		1,111,729
				2,564,995
Israel (3.6%):
Financials (2.3%):
Bank Hapoalim BM		245,061		2,032,715
Bank Leumi Le-Israel BM		269,195		1,959,340
Israel Discount Bank Ltd., Class A		464,484		2,152,979
Mizrahi Tefahot Bank Ltd.		75,017		1,998,137
				8,143,171
Health Care (0.2%):
Teva Pharmaceutical Industries Ltd., ADR (a)		87,193		854,491
Information Technology (0.6%):
CyberArk Software Ltd. (a)		4,375		510,037
Nice Ltd. (a)		11,439		1,773,807
				2,283,844
Real Estate (0.5%):
Azrieli Group Ltd.		22,351		1,633,940
				12,915,446
Italy (3.2%):
Communication Services (0.3%):
Telecom Italia SpA (a)		1,994,974		1,245,977
Energy (0.5%):
Eni SpA		115,434		1,794,088
Financials (1.2%):
Assicurazioni Generali SpA		39,246		810,365
Mediobanca Banca di Credito Finanziario SpA		53,453		588,849
Poste Italiane SpA (c)		145,816		1,656,423
UniCredit SpA		73,312		1,071,450
				4,127,087
Health Care (0.2%):
Recordati SpA		17,624		743,244
Industrials (0.5%):
Leonardo SpA		82,970		973,247
Prysmian SpA		28,363		684,186
				1,657,433
Utilities (0.5%):
Enel SpA		244,923		1,944,274
				11,512,103

See notes to financial statements.

Victory Portfolios
VictoryShares USAA MSCI International Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Japan (27.1%):
Communication Services (1.1%):
KDDI Corp.		42,300	$	1,266,178
Nippon Telegraph & Telephone Corp.		48,800		1,238,018
NTT DOCOMO, Inc.		26,000		726,828
SoftBank Group Corp., Class C		7,300		319,474
Toho Co. Ltd.		11,500		480,952
				4,031,450
Consumer Discretionary (3.4%):
Bandai Namco Holdings, Inc.		16,000		976,269
Hikari Tsushin, Inc.		1,900		479,568
Honda Motor Co. Ltd.		36,700		1,046,545
Iida Group Holdings Co. Ltd.		60,500		1,068,318
Mazda Motor Corp.		100,900		870,892
Oriental Land Co. Ltd.		4,800		657,226
Pan Pacific International Holdings Corp.		26,600		443,272
Rakuten, Inc.		37,604		323,531
Sekisui House Ltd.		64,700		1,389,257
Sony Corp.		6,500		442,664
Subaru Corp.		14,900		372,037
Sumitomo Electric Industries Ltd.		34,500		524,444
The Yokohama Rubber Co. Ltd.		42,800		839,262
Toyoda Gosei Co. Ltd.		18,800		474,865
Toyota Industries Corp.		15,600		908,654
Toyota Motor Corp.		17,300		1,227,994
				12,044,798
Consumer Staples (0.6%):
Ajinomoto Co., Inc.		33,700		562,829
Asahi Group Holdings Ltd.		12,000		550,228
NH Foods Ltd.		11,400		473,099
Toyo Suisan Kaisha Ltd.		14,100		600,718
				2,186,874
Energy (0.7%):
Idemitsu Kosan Co. Ltd.		22,544		628,556
Inpex Corp.		85,700		896,232
JXTG Holdings, Inc.		182,800		837,508
				2,362,296
Financials (3.6%):
Concordia Financial Group Ltd.		198,100		823,936
Credit Saison Co. Ltd.		57,800		1,011,068
Fukuoka Financial Group, Inc.		39,000		755,417
Mebuki Financial Group, Inc.		348,300		897,391
Mitsubishi UFJ Financial Group, Inc.		172,900		943,771
Mitsubishi UFJ Lease & Finance Co. Ltd.		139,800		908,201
Mizuho Financial Group, Inc.		433,800		671,806
ORIX Corp.		63,600		1,059,854

See notes to financial statements.

Victory Portfolios
VictoryShares USAA MSCI International Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Resona Holdings, Inc.		195,500	$	861,693
Shinsei Bank Ltd.		55,500		855,418
Sumitomo Mitsui Financial Group, Inc.		30,500		1,133,278
Sumitomo Mitsui Trust Holdings, Inc.		26,800		1,069,534
The Bank of Kyoto Ltd.		10,200		441,132
The Chiba Bank Ltd.		145,700		848,660
The Shizuoka Bank Ltd.		61,600		463,665
				12,744,824
Health Care (1.3%):
Alfresa Holdings Corp.		17,700		362,876
Astellas Pharma, Inc. (b)		30,800		529,984
Chugai Pharmaceutical Co. Ltd.		5,600		519,420
Daiichi Sankyo Co. Ltd.		11,100		738,264
Hoya Corp.		12,069		1,160,534
Medipal Holdings Corp.		43,700		970,307
Suzuken Co. Ltd.		9,100		373,881
				4,655,266
Industrials (6.5%):
Amada Holdings Co. Ltd.		41,200		473,890
ANA Holdings, Inc.		20,000		670,255
Asahi Glass Co. Ltd.		30,300		1,095,735
Dai Nippon Printing Co. Ltd.		19,600		533,849
ITOCHU Corp.		54,900		1,280,369
Japan Airlines Co. Ltd., Class C		18,700		584,531
JTEKT Corp.		61,400		735,049
Kajima Corp.		72,700		975,354
Kamigumi Co. Ltd.		23,300		514,347
Keisei Electric Railway Co. Ltd.		14,200		554,019
Kintetsu Group Holdings Co. Ltd.		12,900		702,719
LIXIL Group Corp.		19,700		342,427
Marubeni Corp.		150,200		1,120,332
Mitsubishi Corp.		41,300		1,102,093
Mitsubishi Heavy Industries Ltd.		25,700		1,004,588
Mitsui & Co. Ltd.		66,200		1,185,417
Mitsui Osk Lines Ltd.		27,000		751,553
Nagoya Railroad Co. Ltd.		21,000		655,073
Nippon Yusen KK		44,800		816,644
NSK Ltd.		48,100		460,751
Obayashi Corp.		97,600		1,092,976
Shimizu Corp.		104,700		1,075,180
Sumitomo Corp.		73,800		1,102,841
Sumitomo Heavy Industries Ltd.		26,700		768,999
Toppan Printing Co. Ltd.		60,200		1,252,470
Toyota Tsusho Corp.		26,500		941,247
West Japan Railway Co.		16,400		1,424,729
				23,217,437

See notes to financial statements.

Victory Portfolios
VictoryShares USAA MSCI International Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Information Technology (2.6%):
Advantest Corp.		11,900	$	674,525
Brother Industries Ltd.		38,600		806,631
FUJIFILM Holdings Corp.		26,300		1,265,691
Fujitsu Ltd.		10,900		1,030,071
Hitachi High-Technologies Co.		12,800		911,636
Hitachi Ltd.		24,000		1,021,615
Konica Minolta, Inc.		59,100		387,746
Kyocera Corp.		14,500		998,022
NEC Corp.		25,700		1,068,912
Ricoh Co. Ltd.		94,100		1,032,134
SUMCO Corp. (b)		14,600		245,315
				9,442,298
Materials (2.6%):
Hitachi Chemical Co. Ltd.		24,441		1,028,917
JFE Holdings, Inc.		66,200		859,519
Mitsubishi Chemical Holdings Corp.		112,200		844,017
Mitsubishi Gas Chemical Co., Inc.		30,300		466,733
Mitsubishi Materials Corp.		29,200		799,893
Mitsui Chemicals, Inc.		35,900		885,319
Nippon Steel Corp.		65,700		999,934
Oji Holdings Corp.		94,800		519,034
Showa Denko KK		17,800		474,830
Sumitomo Chemical Co. Ltd.		170,600		781,769
Taiheiyo Cement Corp.		16,400		485,171
Teijin Ltd.		29,300		551,355
Tosoh Corp.		26,100		407,081
				9,103,572
Real Estate (3.9%):
Aeon Mall Co. Ltd.		29,100		518,940
Daiwa House Industry Co. Ltd.		30,300		945,176
Daiwa House REIT Investment Corp.		310		808,981
Hulic Co. Ltd.		48,900		592,155
Japan Prime Realty Investment Corp.		380		1,666,160
Japan Real Estate Investment Corp.		268		1,775,569
Japan Retail Fund Investment Corp.		410		880,175
Nippon Building Fund, Inc.		220		1,609,386
Nippon Prologis REIT, Inc.		618		1,571,798
Nomura Real Estate Master Fund, Inc.		877		1,497,780
Orix JREIT, Inc.		453		980,823
United Urban Investment Corp.		476		891,774
				13,738,717

See notes to financial statements.

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VictoryShares USAA MSCI International Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Utilities (0.8%):
Chubu Electric Power Co., Inc.		79,300	$	1,124,830
Electric Power Development Co. Ltd.		37,900		923,131
Tokyo Electric Power Co. Holdings (a)		156,000		670,366
				2,718,327
				96,245,859
Luxembourg (0.3%):
Materials (0.3%):
ArcelorMittal		65,469		1,149,512
Netherlands (3.9%):
Consumer Staples (0.8%):
Heineken Holding NV		10,970		1,063,912
Koninklijke Ahold Delhaize NV		68,009		1,702,000
				2,765,912
Energy (0.2%):
Koninklijke Vopak NV		14,064		762,977
Financials (1.3%):
Aegon NV		280,189		1,279,119
EXOR NV		17,941		1,391,184
NN Group NV		47,318		1,796,328
				4,466,631
Health Care (0.2%):
Koninklijke Philips NV		17,372		848,642
Industrials (0.7%):
AerCap Holdings NV (a)		26,494		1,628,586
Wolters Kluwer NV		13,206		963,838
				2,592,424
Information Technology (0.2%):
NXP Semiconductor NV		5,507		700,821
Materials (0.5%):
Koninklijke DSM NV		13,225		1,723,509
				13,860,916
New Zealand (1.1%):
Industrials (0.2%):
Auckland International Airport Ltd.		137,433		811,293
Utilities (0.9%):
Mercury Ltd.		283,924		967,324
Meridian Energy Ltd.		624,379		2,106,187
				3,073,511
				3,884,804

See notes to financial statements.

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VictoryShares USAA MSCI International Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Norway (0.5%):
Consumer Staples (0.5%):
Mowi ASA		29,713	$	771,626
Orkla ASA, Class A		110,752		1,121,220
				1,892,846
Russian Federation (0.2%):
Materials (0.2%):
Evraz PLC		134,262		718,568
Singapore (1.8%):
Consumer Staples (0.6%):
Wilmar International Ltd.		651,200		1,995,273
Industrials (0.2%):
SembCorp Industries Ltd.		490,200		834,833
Real Estate (1.0%):
Ascendas Real Estate Investment Trust		637,454		1,407,979
CapitaLand Mall Trust		612,000		1,119,637
Mapletree Commercial Trust		678,200		1,205,442
				3,733,058
				6,563,164
Spain (2.4%):
Communication Services (0.4%):
Cellnex Telecom SA (c)		33,790		1,455,344
Energy (0.5%):
Repsol SA		118,680		1,855,728
Financials (0.4%):
Banco de Sabadell SA		1,106,951		1,292,253
Industrials (0.5%):
ACS, Actividades de Construccion y Servicios SA		19,309		772,689
Ferrovial SA		33,553		1,015,776
				1,788,465
Utilities (0.6%):
Iberdrola SA		194,235		2,001,501
				8,393,291
Sweden (2.3%):
Communication Services (0.3%):
Telia Co. AB		216,143		929,357
Consumer Staples (0.8%):
Essity AB, Class B		27,460		885,310
ICA Gruppen AB		40,157		1,875,499
				2,760,809

See notes to financial statements.

Victory Portfolios
VictoryShares USAA MSCI International Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Financials (0.6%):
Industrivarden AB, Class C		45,366	$	1,094,768
L E Lundbergforetagen AB, B Shares		24,234		1,064,002
				2,158,770
Industrials (0.5%):
Assa Abloy AB, Class B		37,507		877,469
Skanska AB, Class B		37,075		838,451
				1,715,920
Materials (0.1%):
Boliden AB		20,418		542,019
				8,106,875
Switzerland (4.5%):
Consumer Staples (0.8%):
Nestle SA, Registered Shares		25,211		2,727,948
Financials (1.6%):
Baloise Holding AG, Registered Shares		11,962		2,161,770
Swiss Life Holding AG		4,426		2,220,428
Zurich Insurance Group AG		2,814		1,153,962
				5,536,160
Health Care (1.6%):
Alcon, Inc. (a)		12,272		694,486
Novartis AG		20,676		1,962,229
Roche Holding AG		6,659		2,159,267
Sonova Holding AG, Registered Shares		3,366		769,937
				5,585,919
Information Technology (0.1%):
STMicroelectronics NV		17,894		481,461
Real Estate (0.4%):
Swiss Prime Site AG, Registered Shares		13,469		1,556,443
				15,887,931
United Kingdom (10.2%):
Communication Services (0.9%):
BT Group PLC		310,925		792,656
Informa PLC		91,381		1,037,457
Vodafone Group PLC		761,533		1,480,574
				3,310,687
Consumer Discretionary (1.9%):
Barratt Developments PLC		174,040		1,721,356
Berkeley Group Holdings PLC		12,447		801,208
Compass Group PLC		37,238		932,356
Fiat Chrysler Automobiles NV		63,162		935,444

See notes to financial statements.

Victory Portfolios
VictoryShares USAA MSCI International Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
JD Sports Fashion PLC		53,362	$	591,968
Taylor Wimpey PLC		702,312		1,799,369
				6,781,701
Consumer Staples (1.9%):
British American Tobacco PLC		32,751		1,402,046
Coca-Cola European Partners PLC		36,391		1,851,574
J Sainsbury PLC		588,301		1,791,729
Tesco PLC		519,601		1,756,646
				6,801,995
Energy (0.3%):
Royal Dutch Shell PLC, Class A		34,134		1,010,644
Financials (2.4%):
3i Group PLC		123,297		1,793,446
Barclays PLC		743,969		1,770,482
London Stock Exchange Group PLC		19,700		2,022,560
M&G PLC (a)		263,616		828,362
Royal Bank of Scotland Group PLC		474,111		1,509,272
Standard Chartered PLC		77,066		727,311
				8,651,433
Health Care (0.6%):
Smith & Nephew PLC		87,968		2,135,513
Industrials (0.6%):
Meggitt PLC		99,490		865,658
Spirax-Sarco Engineering PLC		8,909		1,049,214
				1,914,872
Information Technology (0.5%):
Halma PLC		37,388		1,048,049
Micro Focus International PLC		47,249		665,865
				1,713,914
Materials (0.3%):
Anglo American PLC		40,146		1,155,675
Real Estate (0.8%):
Segro PLC		221,253		2,629,735
				36,106,169
United States (0.2%):
Health Care (0.2%):
Bausch Health Cos., Inc. (a)		24,469		733,457
Total Common Stocks (Cost $330,878,157)				350,650,025

See notes to financial statements.

Victory Portfolios
VictoryShares USAA MSCI International Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Preferred Stocks (0.8%)
Germany (0.8%):
Consumer Discretionary (0.8%):
Porsche Automobil Holding SE, 3.32%		18,038	$	1,349,302
Volkswagen AG, 2.77%		7,097		1,403,993
				2,753,295
Total Preferred Stocks (Cost $2,502,996)				2,753,295
Rights (0.0%) (d)
Spain (0.0%): (d)
Energy (0.0%): (d)
Repsol SA Expires 1/8/20 (a)		118,680		56,351
Total Rights (Cost $56,124)				56,351
Collateral for Securities Loaned (0.7%)^
United States (0.7%):
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (e)		123,310		123,310
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (e)		679,350		679,350
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (e)		20,596		20,596
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (e)		410,398		410,398
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (e)		451,469		451,469
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (e)		902,907		902,907
Total Collateral for Securities Loaned (Cost $2,588,030)				2,588,030
Total Investments (Cost $336,025,307) — 100.2%				356,047,701
Liabilities in excess of other assets — (0.2)%				(782,758	)
NET ASSETS — 100.00%			$	355,264,943

^ Purchased with cash collateral from securities on loan.

(a) Non-income producing security.

(b) All or a portion of this security is on loan.

(d) Amount represents less than 0.05% of net assets.

(e) Rate disclosed is the daily yield on December 31, 2019.

ADR — American Depositary Receipt

PLC — Public Limited Company

REIT — Real Estate Investment Trust

See notes to financial statements.

Victory Portfolios
VictoryShares USAA MSCI International Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
Mini MSCI EAFE Index Futures		24	3/20/20	$	2,404,212	$	2,443,800	$	39,588
	Total unrealized appreciation							$	39,588
	Total unrealized depreciation								—
	Total net unrealized appreciation(depreciation)							$	39,588

See notes to financial statements.

Victory Portfolios
VictoryShares USAA MSCI Emerging Markets Value
Momentum ETF

Schedule of Portfolio Investments
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Common Stocks (97.6%)
Brazil (7.1%):
Communication Services (0.3%):
TIM Participacoes SA		156,092	$	608,040
Consumer Discretionary (0.4%):
Lojas Renner SA		38,186		533,391
Magazine Luiza SA		23,984		284,395
				817,786
Consumer Staples (1.4%):
Atacadao SA		62,847		364,799
Cia Brasiliera de Distribuicao (a) (b)		17,580		388,423
JBS SA		89,652		574,992
Natura & Co. Holding SA (a)		84,912		816,255
Raia Drogasil SA		17,100		474,568
				2,619,037
Energy (0.3%):
Cosan SA		29,000		501,536
Financials (1.5%):
Banco BTG Pactual SA		52,700		997,353
Banco do Brasil SA		26,014		341,576
IRB Brasil Resseguros S/A		48,200		466,699
Sul America SA		67,800		1,009,913
				2,815,541
Health Care (1.0%):
Hapvida Participacoes E Investimentos SA (c)		38,000		603,624
Notre Dame Intermedica Participacoes SA		72,100		1,223,264
				1,826,888
Industrials (0.2%):
Localiza Rent a Car SA		38,115		449,209
Materials (0.5%):
Cia Siderurgica Nacional SA		174,200		611,023
Vale SA		28,285		374,771
				985,794
Real Estate (0.8%):
BR Malls Participacoes SA		109,998		493,839
Multiplan Empreendimentos Imobiliarios SA		132,496		1,090,217
				1,584,056
Utilities (0.7%):
Centrais Eletricas Brasileiras SA		42,848		402,629
Cia de Saneamento Basico do Estado de Sao Paulo		55,076		829,145
				1,231,774
				13,439,661

See notes to financial statements.

Victory Portfolios
VictoryShares USAA MSCI Emerging Markets Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Chile (0.3%):
Consumer Staples (0.3%):
Cia Cervecerias Unidas SA		60,829	$	596,196
China (22.8%):
Communication Services (0.8%):
China Telecom Corp. Ltd., Class H		2,857,952		1,177,395
JOYY, Inc., ADR (a)		8,573		452,569
				1,629,964
Consumer Discretionary (2.9%):
ANTA Sports Products Ltd.		40,000		358,069
BAIC Motor Corp. Ltd., Class H (c)		977,944		554,752
Brilliance China Automotive Holdings Ltd.		504,000		522,642
Dongfeng Motor Group Co. Ltd., Class H		862,482		811,365
Great Wall Motor Co. Ltd., Class H		846,000		625,396
Guangzhou Automobile Group Co. Ltd.		587,061		730,831
Li Ning Co. Ltd.		219,000		656,286
Pinduoduo, Inc., ADR (a)		7,282		275,405
Vipshop Holdings Ltd., ADR (a)		16,711		236,795
Zhongsheng Group Holdings Ltd.		168,354		689,249
				5,460,790
Consumer Staples (0.5%):
Tsingtao Brewery Co. Ltd., Class H		54,000		362,804
Yihai International Holding Ltd.		106,000		621,705
				984,509
Energy (0.3%):
Yanzhou Coal Mining Co. Ltd.		590,536		530,526
Financials (6.3%):
Agricultural Bank of China Ltd.		2,514,640		1,106,961
Bank of China Ltd.		2,843,084		1,215,056
Bank of Communications Co. Ltd., Class H		1,735,181		1,233,720
China Cinda Asset Management Co. Ltd.		4,160,166		945,031
China CITIC Bank Corp. Ltd.		1,928,619		1,155,914
China Construction Bank Corp., Class H		1,324,235		1,143,780
China Everbright Bank Co. Ltd.		2,288,633		1,063,278
China Huarong Asset Management Co. Ltd., Class H (c)		4,733,714		747,256
China Minsheng Banking Corp. Ltd.		1,663,788		1,257,695
Chongqing Rural Commercial Bank Co. Ltd.		1,598,488		816,497
Industrial & Commercial Bank of China Ltd., Class H		785,038		604,511
Postal Savings Bank of China Co. Ltd., Class H (c)		677,848		461,074
Qudian, Inc., ADR (a) (d)		55,175		259,874
				12,010,647
Health Care (2.1%):
China Medical System Holdings Ltd.		204,487		294,456
China Resources Pharmaceutical Group Ltd. (c)		809,637		751,261
Luye Pharma Group Ltd. (c)		851,029		637,851

See notes to financial statements.

Victory Portfolios
VictoryShares USAA MSCI Emerging Markets Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		674,708	$	808,770
Shanghai Pharmaceuticals Holding Co. Ltd.		509,753		991,793
Sinopharm Group Co. Ltd., Class H		120,652		440,534
				3,924,665
Industrials (4.9%):
A-Living Services Co. Ltd., Class H (c)		117,574		405,906
China Communications Construction Co. Ltd.		1,198,005		976,325
China Conch Venture Holdings Ltd.		128,789		561,979
China Lesso Group Holdings Ltd.		369,494		473,735
China Railway Construction Corp. Ltd.		769,840		842,775
China Railway Group Ltd.		1,427,872		881,448
COSCO Shipping Energy Transportation Co. Ltd., Class H		785,850		371,150
Country Garden Services Holdings Co. Ltd.		262,159		883,194
Metallurgical Corp. of China Ltd.		4,088,132		918,174
Shenzhen Expressway Co. Ltd., Class H		433,272		621,677
Sinopec Engineering Group Co. Ltd., Class H		1,260,038		753,584
Sinotrans Ltd.		1,318,224		448,330
Weichai Power Co. Ltd.		405,891		856,394
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		429,413		359,874
				9,354,545
Information Technology (0.6%):
Lenovo Group Ltd.		542,000		363,801
Xinyi Solar Holdings Ltd.		1,122,000		796,306
				1,160,107
Materials (1.9%):
Anhui Conch Cement Co. Ltd., Class H		62,811		457,874
BBMG Corp.		2,130,000		653,341
China Hongqiao Group Ltd.		511,500		308,536
China National Building Material Co. Ltd.		600,697		670,713
China Zhongwang Holdings Ltd.		2,211,767		882,799
Maanshan Iron & Steel Co. Ltd., Class H (d)		1,650,000		669,165
				3,642,428
Real Estate (2.0%):
China Aoyuan Group Ltd.		328,965		536,186
China Vanke Co. Ltd.		188,205		803,128
Kaisa Group Holdings Ltd.		364,449		173,997
KWG Property Holding Ltd.		291,000		407,829
Logan Property Holdings Co. Ltd.		192,058		322,405
Longfor Group Holdings Ltd. (c)		158,290		741,496
Seazen Group Ltd.		232,000		282,266
Sunac China Holdings Ltd.		95,584		571,041
				3,838,348

See notes to financial statements.

Victory Portfolios
VictoryShares USAA MSCI Emerging Markets Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Utilities (0.5%):
China Power International Development Ltd.		2,537,145	$	543,781
Huaneng Renewables Corp. Ltd.		928,820		361,190
				904,971
				43,441,500
Greece (1.5%):
Communication Services (0.6%):
Hellenic Telecommunications Organization SA		75,415		1,207,155
Consumer Discretionary (0.0%): (e)
FF Group (a) (b) (f)		14,913		4,017
Financials (0.9%):
Alpha Bank AE (a)		256,468		553,603
Eurobank Ergasias SA (a)		462,808		477,941
National Bank of Greece SA (a)		164,476		557,564
				1,589,108
				2,800,280
Hong Kong (7.8%):
Communication Services (0.7%):
Alibaba Pictures Group Ltd. (a)		2,010,000		353,410
China Unicom Hong Kong Ltd.		1,002,055		943,952
				1,297,362
Consumer Discretionary (0.3%):
Bosideng International Holdings Ltd.		1,496,000		539,511
Consumer Staples (0.8%):
China Agri-Industries Holdings Ltd.		2,973,606		1,576,143
Financials (0.5%):
China Ding Yi Feng Holdings Ltd. (b) (f)		128,000		189,738
China Everbright Ltd.		379,067		708,336
				898,074
Health Care (0.8%):
China Traditional Chinese Medicine Holdings Co. Ltd.		1,547,122		746,577
Sino Biopharmaceutical Ltd.		405,000		566,557
SSY Group Ltd.		364,547		295,220
				1,608,354
Industrials (1.9%):
CITIC Ltd.		1,024,703		1,370,339
COSCO Shipping Ports Ltd.		571,464		467,920
Shanghai Industrial Holdings Ltd.		594,209		1,143,912
Sinotruk Hong Kong Ltd.		252,029		537,581
				3,519,752
Information Technology (0.4%):
Kingboard Holdings Ltd.		257,822		817,296

See notes to financial statements.

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VictoryShares USAA MSCI Emerging Markets Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Materials (0.8%):
China Resources Cement Holdings Ltd.		619,390	$	788,566
Nine Dragons Paper Holdings Ltd.		728,151		756,953
				1,545,519
Real Estate (1.1%):
China Resources Land Ltd.		184,514		918,805
Shimao Property Holdings Ltd.		82,016		317,883
Yuexiu Property Co. Ltd.		3,508,000		810,390
				2,047,078
Utilities (0.5%):
Beijing Enterprises Holdings Ltd.		209,848		962,815
				14,811,904
Hungary (1.1%):
Energy (0.3%):
MOL Hungarian Oil & Gas PLC		58,907		587,832
Health Care (0.8%):
Richter Gedeon Nyrt		66,835		1,455,257
				2,043,089
India (1.2%):
Financials (0.6%):
HDFC Asset Management Co. Ltd. (c)		8,086		362,475
REC Ltd.		338,436		678,501
				1,040,976
Health Care (0.4%):
Divi's Laboratories Ltd.		13,367		345,663
Dr. Reddy's Laboratories Ltd.		11,421		459,948
				805,611
Materials (0.2%):
Hindalco Industries Ltd.		139,940		423,772
				2,270,359
Indonesia (0.6%):
Consumer Staples (0.5%):
PT Indofood Sukses Makmur Tbk		1,684,033		961,352
Materials (0.1%):
PT Indah Kiat Pulp & Paper Corp. Tbk		337,170		187,013
				1,148,365
Korea, Republic Of (19.8%):
Communication Services (1.4%):
LG Uplus Corp.		73,583		903,523
NAVER Corp.		2,871		463,004
SK Telecom Co. Ltd.		6,020		1,238,929
				2,605,456

See notes to financial statements.

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Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Consumer Discretionary (3.6%):
Fila Korea Ltd.		6,171	$	282,816
Hankook Tire & Technology Co. Ltd.		15,408		447,004
Hyundai Department Store Co. Ltd.		14,383		1,033,531
Hyundai Mobis Co. Ltd.		3,946		873,515
Hyundai Motor Co.		8,072		841,088
Kia Motors Corp.		27,001		1,034,324
LG Electronics, Inc.		13,723		855,574
Lotte Shopping Co. Ltd.		6,362		745,429
Shinsegae, Inc.		3,217		803,937
				6,917,218
Consumer Staples (2.1%):
CJ CheilJedang Corp.		5,325		1,162,664
E-MART, Inc.		7,768		856,431
GS Retail Co. Ltd.		22,963		779,366
KT&G Corp.		14,852		1,204,650
				4,003,111
Financials (4.5%):
BNK Financial Group, Inc.		196,967		1,304,654
Hana Financial Group, Inc.		33,318		1,063,111
Industrial Bank of Korea		113,231		1,155,368
KB Financial Group, Inc.		31,896		1,314,233
Meritz Securities Co. Ltd. (a)		250,758		821,802
Samsung Securities Co. Ltd.		17,892		597,199
Shinhan Financial Group Co. Ltd.		32,550		1,220,150
Woori Financial Group, Inc. (a)		98,403		987,051
				8,463,568
Health Care (0.4%):
Yuhan Corp. (a)		4,101		838,737
Industrials (3.3%):
Daelim Industrial Co. Ltd.		12,360		967,253
Daewoo Engineering & Construction Co. Ltd. (a)		176,186		722,142
GS Engineering & Construction Corp.		28,849		774,579
Hanwha Corp.		45,540		984,478
HDC Hyundai Development Co.-Engineering & Construct		25,280		560,709
Hyundai Heavy Industries Holdings Co. Ltd.		2,659		777,156
LG Corp.		18,001		1,148,752
Posco International Corp.		25,501		411,253
				6,346,322
Information Technology (1.4%):
KMW Co. Ltd. (a)		5,430		239,935
LG Display Co. Ltd. (a)		31,983		449,413
Samsung Electronics Co. Ltd.		22,737		1,097,086
SK Hynix, Inc.		10,554		858,776
				2,645,210

See notes to financial statements.

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VictoryShares USAA MSCI Emerging Markets Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Materials (2.1%):
Hanwha Chemical Corp.		53,214	$	867,382
Hyundai Steel Co.		31,138		846,807
Kumho Petrochemical Co. Ltd.		5,267		352,970
Lotte Chemical Corp.		4,301		833,088
POSCO		5,071		1,037,046
				3,937,293
Utilities (1.0%):
Korea Electric Power Corp. (a)		43,393		1,043,128
Korea Gas Corp.		27,772		908,963
				1,952,091
				37,709,006
Luxembourg (0.3%):
Financials (0.3%):
Reinet Investments SCA		28,018		556,012
Malaysia (2.1%):
Communication Services (0.3%):
Telekom Malaysia Berhad		682,600		637,461
Consumer Staples (1.1%):
PPB Group Berhad		456,251		2,101,398
Industrials (0.7%):
AirAsia Group Berhad		1,493,642		620,753
MISC Berhad		330,000		673,634
				1,294,387
				4,033,246
Poland (2.8%):
Communication Services (1.1%):
Cyfrowy Polsat SA		166,798		1,230,517
Orange Polska SA (a)		472,622		888,514
				2,119,031
Consumer Staples (0.5%):
Dino Polska SA (a) (c)		24,195		919,938
Energy (0.4%):
Grupa Lotos SA		32,769		723,162
Materials (0.4%):
KGHM Polska Miedz SA (a)		32,498		820,151
Utilities (0.4%):
PGE Polska Grupa Energetyczna SA (a)		361,356		759,484
				5,341,766

See notes to financial statements.

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VictoryShares USAA MSCI Emerging Markets Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Qatar (0.5%):
Energy (0.3%):
Qatar Fuel QSC		84,757	$	533,078
Materials (0.2%):
Mesaieed Petrochemical Holding Co.		528,019		364,001
				897,079
Russian Federation (3.6%):
Communication Services (0.2%):
Mobile TeleSystems PJSC, ADR (g)		45,351		460,313
Energy (1.3%):
Gazprom PJSC		249,504		1,029,972
LUKOIL PJSC		13,674		1,358,126
				2,388,098
Financials (0.4%):
Sberbank of Russia PJSC		162,240		665,429
Materials (1.1%):
Magnitogorsk Iron & Steel Works PJSC		736,551		497,467
MMC Norilsk Nickel PJSC		2,040		627,392
Polymetal International PLC		31,769		496,652
Polyus PJSC		4,543		521,015
				2,142,526
Utilities (0.6%):
Inter RAO UES PJSC		13,822,029		1,122,030
				1,122,030
				6,778,396
Singapore (0.7%):
Industrials (0.7%):
BOC Aviation Ltd. (c)		126,395		1,285,557
South Africa (2.3%):
Communication Services (0.2%):
Telkom SA SOC Ltd.		198,048		493,155
Health Care (0.2%):
Aspen Pharmacare Holdings Ltd. (a)		38,113		324,942
Materials (1.5%):
Anglo American Platinum Ltd.		10,029		937,620
AngloGold Ashanti Ltd.		27,249		616,749
Gold Fields Ltd.		52,104		357,222
Impala Platinum Holdings Ltd. (a)		29,219		299,890
Northam Platinum Ltd. (a)		40,064		354,183
Sibanye Gold Ltd. (a)		113,024		290,087
				2,855,751

See notes to financial statements.

Victory Portfolios
VictoryShares USAA MSCI Emerging Markets Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Real Estate (0.4%):
Fortress REIT Ltd.		578,109	$	796,251
				4,470,099
Taiwan (17.2%):
Consumer Discretionary (2.6%):
Feng TAY Enterprise Co. Ltd.		62,510		406,627
Giant Manufacturing Co. Ltd.		109,327		776,817
Hotai Motor Co. Ltd.		60,000		1,367,048
Pou Chen Corp.		1,077,000		1,408,360
Ruentex Industries Ltd.		365,000		894,936
				4,853,788
Financials (8.3%):
Chailease Holding Co. Ltd.		215,139		990,399
Chang Hwa Commercial Bank Ltd.		2,796,000		2,117,263
E.Sun Financial Holding Co. Ltd.		2,209,457		2,056,371
Hua Nan Financial Holdings Co. Ltd.		3,017,163		2,214,284
Mega Financial Holding Co. Ltd.		862,000		879,915
Sinopac Financial Holdings Co. Ltd.		4,165,965		1,806,636
Taiwan Business Bank		4,844,240		2,036,142
Taiwan Cooperative Financial Holding Co. Ltd.		3,089,970		2,138,869
Yuanta Financial Holding Co. Ltd.		2,336,554		1,574,487
				15,814,366
Industrials (0.2%):
Taiwan High Speed Rail Corp.		298,000		381,733
Information Technology (4.8%):
Chicony Electronics Co. Ltd.		458,000		1,359,776
Foxconn Technology Co. Ltd.		563,000		1,243,307
Innolux Corp.		4,322,461		1,201,124
Lite-On Technology Corp.		303,000		498,817
MediaTek, Inc.		32,000		473,430
Nanya Technology Corp.		146,099		406,467
Powertech Technology, Inc.		157,921		525,754
Realtek Semiconductor Corp.		105,000		823,131
United Microelectronics Corp.		991,015		543,823
Walsin Technology Corp.		72,855		580,857
Wistron Corp.		595,000		562,706
Zhen Ding Technology Holding Ltd.		189,000		901,591
				9,120,783
Materials (1.3%):
Asia Cement Corp.		752,500		1,203,669
Taiwan Cement Corp.		919,575		1,340,542
				2,544,211
				32,714,881

See notes to financial statements.

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VictoryShares USAA MSCI Emerging Markets Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Thailand (3.6%):
Consumer Staples (0.8%):
Charoen Pokphand Foods PCL		555,200	$	509,719
Osotspa PCL		434,300		587,210
Thai Union Group PCL		974,300		439,112
				1,536,041
Industrials (0.9%):
BTS Group Holdings PCL		3,813,500		1,680,531
Utilities (1.9%):
Electricity Generating PCL		133,000		1,456,378
Gulf Energy Development PCL		86,700		480,481
Ratch Group PCL		741,416		1,701,702
				3,638,561
				6,855,133
Turkey (1.8%):
Financials (1.4%):
Akbank T.A.S (a)		274,111		373,558
Haci Omer Sabanci Holding AS		567,514		909,777
Turkiye Garanti Bankasi AS (a)		391,499		732,868
Turkiye Is Bankasi AS (a)		699,399		753,344
				2,769,547
Industrials (0.4%):
Turk Hava Yollari AO (a)		307,417		746,975
				3,516,522
United Arab Emirates (0.5%):
Financials (0.2%):
Abu Dhabi Commercial Bank PJSC		215,512		464,684
Real Estate (0.3%):
Aldar Properties PJSC		864,676		508,474
				973,158
Total Common Stocks (Cost $182,693,880)				185,682,209
Preferred Stocks (1.8%)
Brazil (0.8%):
Communication Services (0.7%):
Telefonica Brasil SA, 2.60%		88,936		1,281,853
Utilities (0.1%):
Cia Energetica de Minas Gerais, 3.27%		77,471		265,574
				1,547,427

See notes to financial statements.

Victory Portfolios
VictoryShares USAA MSCI Emerging Markets Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

Security Description	Shares		Value
Colombia (0.4%):
Financials (0.4%):
Bancolombia SA , 2.34%		47,120	$	657,655
Russian Federation (0.6%):
Energy (0.6%):
Surgutneftegas PJSC , 20.20%		1,860,400		1,129,966
Total Preferred Stocks (Cost $2,708,919)				3,335,048
Warrants (0.0%) (e)
Thailand (0.0%): (e)
Industrials (0.0%): (e)
BTS Group Holding PCL (f)		381,350		—	(h)
Total Warrants (Cost $—)				—	(h)
Collateral for Securities Loaned (0.4%)^
United States (0.4%):
BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 1.75% (i)		39,160		39,160
Fidelity Investments Money Market Government Portfolio, Class I, 1.54% (i)		215,745		215,745
Fidelity Investments Prime Money Market Portfolio, Class I, 1.75% (i)		6,541		6,541
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 1.80% (i)		130,332		130,332
JPMorgan Prime Money Market Fund, Capital Class, 1.73% (i)		143,376		143,376
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 1.76% (i)		286,741		286,741
Total Collateral for Securities Loaned (Cost $821,895)				821,895
Total Investments (Cost $186,224,694) — 99.8%				189,839,152
Other assets in excess of liabilities — 0.2%				307,457
NET ASSETS — 100.00%			$	190,146,609

^ Purchased with cash collateral from securities on loan.

(a) Non-income producing security.

(b) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of December 31, 2019, illiquid securities were 0.3% of the Fund's net assets.

(d) All or a portion of this security is on loan.

(e) Amount represents less than 0.05% of net assets.

(f) Security was fair valued based upon procedures approved by the Board of Trustees. This security is classified as Level 3 within the fair value hierarchy and is deemed to be illiquid by the Fund's Adviser. Total fair valued securities represent 0.10% of the Fund's net assets as of December 31, 2019. (See Note 2)

(g) All or a portion of this security has been segregated as collateral for derivative instruments and/or securities purchased on a when-issued basis.

See notes to financial statements.

Victory Portfolios
VictoryShares USAA MSCI Emerging Markets Value
Momentum ETF

Schedule of Portfolio Investments — continued
December 31, 2019

(Unaudited)

(h) Rounds to less than $1.

(i) Rate disclosed is the daily yield on December 31, 2019.

ADR — American Depositary Receipt

PCL — Public Company Limited

PLC — Public Limited Company

REIT — Real Estate Investment Trust

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
Mini MSCI Emerging Markets Index Futures		24	3/20/20	$	1,302,572	$	1,344,240	$	41,668
	Total unrealized appreciation							$	41,668
	Total unrealized depreciation								—
	Total net unrealized appreciation(depreciation)							$	41,668

See notes to financial statements.

Victory Portfolios II

Statements of Assets and Liabilities
December 31, 2019 (Unaudited)

	VictoryShares USAA MSCI USA Value Momentum ETF			VictoryShares USAA MSCI USA Small Cap Value Momentum ETF
ASSETS:
Investments, at value (Cost $477,766,230 and $221,163,433)	$	519,152,021	(a)	$	239,165,767	(b)
Cash and cash equivalents		1,178,304			1,858,207
Deposits with brokers for futures contracts		433,870			191,610
Interest and dividends receivable		693,255			526,426
Receivable for investments sold		—			634,572
Variation margin receivable on open futures contracts		4,203			39
Receivable from Adviser		3,520			—
Prepaid expenses		3,579			1,508
Total Assets		521,468,752			242,378,129
LIABILITIES:
Payables:
Collateral received on loaned securities		2,250,275			5,024,856
Distributions		1,185,956			909,194
Investments purchased		—			741,103
Accrued expenses and other payables:
Investment advisory fees		65,156			28,592
Administration fees		10,243			4,489
Custodian fees		4,394			2,396
Compliance fees		263			170
Trustees' fees		2,783			1,148
Other accrued expenses		16,108			7,133
Total Liabilities		3,535,178			6,719,081
NET ASSETS:
Capital		507,984,853			227,965,112
Total distributable earnings/(loss)		9,948,721			7,693,936
Net Assets	$	517,933,574		$	235,659,048
Shares Outstanding (unlimited shares authorized, no par value):		9,650,000			4,350,000
Net asset value:	$	53.67		$	54.17

(a) Includes $2,189,605 of securities on loan.

(b) Includes $4,927,590 of securities on loan.

See notes to financial statements.

Victory Portfolios II

Statements of Assets and Liabilities
December 31, 2019 (Unaudited)

	VictoryShares USAA MSCI International Value Momentum ETF			VictoryShares USAA MSCI Emerging Markets Value Momentum ETF
ASSETS:
Investments, at value (Cost $336,025,307 and $186,224,694)	$	356,047,701	(a)	$	189,839,152	(b)
Foreign currency, at value (Cost $59,601 and $2,089,310)		59,708			2,089,784
Cash and cash equivalents		1,996,870			974,410
Deposits with brokers for futures contracts		359,804			264,243
Interest and dividends receivable		421,780			970,968
Receivable for investments sold		—			607,275
Variation margin receivable on open futures contracts		12,240			3,781
Reclaims receivable		285,232			3,891
Receivable from Adviser		—			5,590
Prepaid expenses		2,538			1,318
Total Assets		359,185,873			194,760,412
LIABILITIES:
Payables:
Collateral received on loaned securities		2,588,030			821,895
Distributions		1,227,334			1,016,715
Investments purchased		—			2,685,080
Accrued foreign capital gains taxes		—			16,224
Accrued expenses and other payables:
Investment advisory fees		74,922			47,061
Administration fees		7,068			3,700
Custodian fees		11,290			19,164
Compliance fees		281			97
Trustees' fees		1,310			—
Other accrued expenses		10,695			3,867
Total Liabilities		3,920,930			4,613,803
NET ASSETS:
Capital		387,045,765			213,446,605
Total distributable earnings/(loss)		(31,780,822	)		(23,299,996	)
Net Assets	$	355,264,943		$	190,146,609
Shares Outstanding (unlimited shares authorized, no par value):		7,700,000			4,250,000
Net asset value:	$	46.14		$	44.74

(a) Includes $2,443,678 of securities on loan.

(b) Includes $787,631 of securities on loan.

See notes to financial statements.

Victory Portfolios II

Statements of Operations
For the Four Months Ended December 31, 2019 (Unaudited)*

	VictoryShares USAA MSCI USA Value Momentum ETF			VictoryShares USAA MSCI USA Small Cap Value Momentum ETF
Investment Income:
Dividends	$	3,515,462		$	1,414,947
Interest		11,182			5,716
Securities lending (net of fees)		64			45,607
Foreign tax withholding		(490	)		—
Total Income		3,526,218			1,466,270
Expenses:
Investment advisory fees		246,303			86,325
Administration fees		97,010			33,985
Custodian fees		7,767			1,527
Servicing fees		1,132			1,132
Trustees' fees		12,920			3,641
Compliance fees		1,367			394
Legal and audit fees		18,081			8,393
Other expenses		18,277			13,632
Total Expenses		402,857			149,029
Expenses waived/reimbursed by Adviser		(75,091	)		(20,457	)
Net Expenses		327,766			128,572
Net Investment Income (Loss)		3,198,452			1,337,698
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		2,072,681			636,667
Net realized gains (losses) from futures contracts		168,893			48,795
Net change in unrealized appreciation/depreciation on investment securities		31,673,204			16,917,171
Net change in unrealized appreciation/depreciation on futures contracts		11,398			22,539
Net realized/unrealized gains (losses) on investments		33,926,176			17,625,172
Change in net assets resulting from operations	$	37,124,628		$	18,962,870

* The Funds' fiscal year-end changed from August 31 to June 30, effective September 1, 2019. See Note 1 in the Notes to Financial Statements.

See notes to financial statements.

Victory Portfolios II

Statements of Operations
For the Four Months Ended December 31, 2019 (Unaudited)*

	VictoryShares USAA MSCI International Value Momentum ETF			VictoryShares USAA MSCI Emerging Markets Value Momentum ETF
Investment Income:
Dividends	$	3,230,919		$	1,809,665
Interest		9,174			6,143
Securities lending (net of fees)		79,248			10,453
Foreign tax withholding		(355,760	)		(324,146	)
Total Income		2,963,581			1,502,115
Expenses:
Investment advisory fees		288,334			180,372
Administration fees		68,142			35,522
Custodian fees		28,003			59,775
Servicing fees		1,369			1,369
Trustees' fees		8,432			3,241
Compliance fees		886			508
Legal and audit fees		14,559			9,939
Line of credit fees		—			175
Other expenses		14,477			10,373
Total Expenses		424,202			301,274
Expenses waived/reimbursed by Adviser		(41,022	)		(31,146	)
Net Expenses		383,180			270,128
Net Investment Income (Loss)		2,580,401			1,231,987
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities and foreign currency translations		(2,455,697	)		(2,980,866	)
Net realized gains (losses) from futures contracts		140,581			144,004
Foreign taxes on realized gains		—			1,863
Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations		29,142,256			21,065,562
Net change in unrealized appreciation/depreciation on futures contracts		77,246			49,593
Net change in accrued foreign taxes on unrealized gains		—			80,134
Net realized/unrealized gains (losses) on investments		26,904,386			18,360,290
Change in net assets resulting from operations	$	29,484,787		$	19,592,277

* The Funds' fiscal year-end changed from August 31 to June 30, effective September 1, 2019. See Note 1 in the Notes to Financial Statements.

See notes to financial statements.

Victory Portfolios II

Statements of Changes in Net Assets

	VictoryShares USAA MSCI USA Value Momentum ETF						VictoryShares USAA MSCI USA Small Cap Value Momentum ETF
	Four Months Ended December 31, 2019* (Unaudited)			Year Ended August 31, 2019			Four Months Ended December 31, 2019* (Unaudited)			Year Ended August 31, 2019
From Investment Activities:
Operations:
Net investment income (loss)	$	3,198,452		$	8,289,043		$	1,337,698		$	1,778,801
Net realized gains (losses) from investments		2,241,574			(19,470,642	)		685,462			(6,722,301	)
Net change in unrealized appreciation/depreciation on investments		31,684,602			(6,880,961	)		16,939,710			(4,539,409	)
Change in net assets resulting from operations		37,124,628			(18,062,560	)		18,962,870			(9,482,909	)
Change in net assets resulting from distributions to shareholders		(5,845,411	)		(7,198,442	)		(2,123,851	)		(1,357,525	)
Change in net assets resulting from capital transactions		18,209,788			95,201,128			117,256,205			40,887,570
Change in net assets		49,489,005			69,940,126			134,095,224			30,047,136
Net Assets:
Beginning of period		468,444,569			398,504,443			101,563,824			71,516,688
End of period	$	517,933,574		$	468,444,569		$	235,659,048		$	101,563,824
Capital Transactions:
Proceeds from shares issued		26,191,344			156,763,683			122,358,778			53,138,254
Cost of shares redeemed		(7,981,556	)		(61,562,555	)		(5,102,573	)		(12,250,684	)
Change in net assets resulting from capital transactions		18,209,788			95,201,128			117,256,205			40,887,570
Share Transactions:
Issued		500,000			3,150,000			2,400,000			1,050,000
Redeemed		(150,000	)		(1,250,000	)		(100,000	)		(250,000	)
Change in Shares		350,000			1,900,000			2,300,000			800,000

* The Funds' fiscal year-end changed from August 31 to June 30, effective September 1, 2019. See Note 1 in the Notes to Financial Statements.

See notes to financial statements.

Victory Portfolios II

Statements of Changes in Net Assets

	VictoryShares USAA MSCI International Value Momentum ETF						VictoryShares USAA MSCI Emerging Markets Value Momentum ETF
	Four Months Ended December 31, 2019* (Unaudited)			Year Ended August 31, 2019			Four Months Ended December 31, 2019* (Unaudited)			Year Ended August 31, 2019
From Investment Activities:
Operations:
Net investment income (loss)	$	2,580,401		$	8,861,028		$	1,231,987		$	5,060,584
Net realized gains (losses) from investments		(2,315,116	)		(34,740,090	)		(2,834,999	)		(14,905,243	)
Net change in unrealized appreciation/depreciation on investments		29,219,502			912,398			21,195,289			(3,473,863	)
Change in net assets resulting from operations		29,484,787			(24,966,664	)		19,592,277			(13,318,522	)
Change in net assets resulting from distributions to shareholders		(6,942,436	)		(8,527,397	)		(4,786,912	)		(3,550,809	)
Change in net assets resulting from capital transactions		9,029,628			49,350,829			6,289,792			30,946,414
Change in net assets		31,571,979			15,856,768			21,095,157			14,077,083
Net Assets:
Beginning of period		323,692,964			307,836,196			169,051,452			154,974,369
End of period	$	355,264,943		$	323,692,964		$	190,146,609		$	169,051,452
Capital Transactions:
Proceeds from shares issued		9,029,628			55,562,743			6,289,792			30,946,414
Cost of shares redeemed		—			(6,211,914	)		—			—
Change in net assets resulting from capital transactions		9,029,628			49,350,829			6,289,792			30,946,414
Share Transactions:
Issued		200,000			1,250,000			150,000			700,000
Redeemed		—			(150,000	)		—			—
Change in Shares		200,000			1,100,000			150,000			700,000

* The Funds' fiscal year-end changed from August 31 to June 30, effective September 1, 2019. See Note 1 in the Notes to Financial Statements.

See notes to financial statements.

This page is intentionally left blank.

Victory Portfolios II

Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Total Distributions			Net Asset Value, End of Period		Total Return(b)
VictoryShares USAA MSCI USA Value Momentum ETF
Four Months Ended 12/31/19 (unaudited)(e)	$	50.37		0.34		3.58			3.92			(0.62	)		(0.62	)	$	53.67		7.84	%
Year Ended 8/31/19	$	53.85		1.00		(3.59	)		(2.59	)		(0.89	)		(0.89	)	$	50.37		(4.79	)%
10/24/17(f) through 8/31/18	$	50.19		0.78		3.34			4.12			(0.46	)		(0.46	)	$	53.85		8.23	%
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF
Four Months Ended 12/31/19 (unaudited)(e)	$	49.54		0.40		4.91			5.31			(0.68	)		(0.68	)	$	54.17		10.81	%
Year Ended 8/31/19	$	57.21		1.00		(7.86	)		(6.86	)		(0.81	)		(0.81	)	$	49.54		(11.99	)%
10/24/17(f) through 8/31/18	$	50.13		0.57		6.81			7.38			(0.30	)		(0.30	)	$	57.21		14.80	%

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Not annualized for periods less than one year.

(d) Excludes impact of in-kind transactions.

(e) The Funds' fiscal year-end changed from August 31 to June 30, effective September 1, 2019. See Note 1 in the Notes to Financial Statements.

(f) Commencement of operations.

See notes to financial statements.

Victory Portfolios II

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

	Ratios to Average Net Assets									Supplemental Data
	Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
VictoryShares USAA MSCI USA Value Momentum ETF
Four Months Ended 12/31/19 (unaudited)(e)		0.20	%		1.95	%		0.25	%	$	517,934		19	%
Year Ended 8/31/19		0.20	%		2.00	%		0.25	%	$	468,445		87	%
10/24/17(f) through 8/31/18		0.20	%		1.76	%		0.25	%	$	398,504		84	%
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF
Four Months Ended 12/31/19 (unaudited)(e)		0.22	%		2.32	%		0.26	%	$	235,659		27	%
Year Ended 8/31/19		0.25	%		1.98	%		0.30	%	$	101,564		88	%
10/24/17(f) through 8/31/18		0.25	%		1.25	%		0.30	%	$	71,517		81	%

(continues on next page)

See notes to financial statements.

Victory Portfolios II

Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Total Distributions			Net Asset Value, End of Period		Total Return(b)
VictoryShares MSCI International Value Momentum ETF
Four Months Ended 12/31/19 (unaudited)(e)	$	43.16		0.34		3.54			3.88			(0.90	)		(0.90	)	$	46.14		9.04	%
Year Ended 8/31/19	$	48.10		1.30		(4.99	)		(3.69	)		(1.25	)		(1.25	)	$	43.16		(7.70	)%
10/24/17(f) through 8/31/18	$	50.08		1.34		(2.64	)		(1.30	)		(0.68	)		(0.68	)	$	48.10		(2.64	)%
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF
Four Months Ended 12/31/19 (unaudited)(e)	$	41.23		0.29		4.36			4.65			(1.14	)		(1.14	)	$	44.74		11.40	%
Year Ended 8/31/19	$	45.58		1.31		(4.73	)		(3.42	)		(0.93	)		(0.93	)	$	41.23		(7.62	)%
10/24/17(f) through 8/31/18	$	49.95		1.17		(5.10	)		(3.93	)		(0.44	)		(0.44	)	$	45.58		(7.95	)%

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Not annualized for periods less than one year.

(d) Excludes impact of in-kind transactions.

(e) The Funds' fiscal year-end changed from August 31 to June 30, effective September 1, 2019. See Note 1 in the Notes to Financial Statements.

(f) Commencement of operations.

See notes to financial statements.

Victory Portfolios II

Financial Highlights — continued

For a Share Outstanding Throughout Each Period (continued)

	Ratios to Average Net Assets									Supplemental Data
	Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
VictoryShares MSCI International Value Momentum ETF
Four Months Ended 12/31/19 (unaudited)(e)		0.33	%		2.24	%		0.37	%	$	355,265		19	%
Year Ended 8/31/19		0.35	%		2.90	%		0.40	%	$	323,693		87	%
10/24/17(f) through 8/31/18		0.35	%		3.12	%		0.40	%	$	307,836		65	%
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF
Four Months Ended 12/31/19 (unaudited)(e)		0.45	%		2.05	%		0.50	%	$	190,147		20	%
Year Ended 8/31/19		0.45	%		3.00	%		0.50	%	$	169,051		67	%
10/24/17(f) through 8/31/18		0.45	%		2.77	%		0.50	%	$	154,974		58	%

See notes to financial statements.

Victory Portfolios II

Notes to Financial Statements
December 31, 2019

(Unaudited)

1. Organization:

The accompanying financial statements are those of the following four Funds (collectively, the "Funds" and individually, a "Fund"). These Funds have been newly formed for the purposes of completing the reorganizations ("Reorganizations") with the four corresponding series of USAA ETF Trust ("USAA Trust"), a registered investment company (each such series, a "USAA Fund" or a "Predecessor Fund"), as follows:

Funds (Legal Name)				Funds (Short Name)
VictoryShares USAA MSCI USA Value Momentum ETF				USAA MSCI USA Value Momentum ETF
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF				USAA MSCI USA Small Cap Value Momentum ETF
VictoryShares USAA MSCI International Value Momentum ETF				USAA MSCI International Value Momentum ETF
VictoryShares USAA MSCI Emerging Markets				USAA MSCI Emerging Markets Value
Value Momentum ETF				Momentum ETF

2. Significant Accounting Policies:

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

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. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to 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 fair 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 Share Transaction section of the Statements of Changes in Net Assets as an increase to Paid-In-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 MSCI USA Value Momentum ETF	$	500		2.00	%
USAA MSCI USA Small Cap Value Momentum ETF		750		2.00	%
USAA MSCI International Value Momentum ETF		3,000		2.00	%
USAA MSCI Emerging Markets Value Momentum ETF		5,500		2.00	%

* As a percentage of the amount invested.

Investment Valuation:

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities or interest rates applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments)

Portfolio securities listed or traded on securities exchanges, including ETFs, American Depositary Receipts ("ADRs") and Rights, are valued at the closing price on the exchange or system where the

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Investments in open-end investment companies are valued at net asset value. These valuations are typically categorized as Level 1 in the fair value hierarchy.

Investments for which there are no such quotations, or for which quotations do not appear reliable, 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.

In accordance with procedures adopted by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time the exchange on which they are traded closes and the time the Funds' net asset values are calculated. The Funds use a systematic valuation model, provided daily by an independent third party to fair value their international equity securities. To the extent this model is utilized, these valuations are considered Level 2 in the fair value hierarchy.

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
USAA MSCI USA Value Momentum ETF
Common Stocks	$	516,901,746	$	—	$	—	$	516,901,746
Collateral for Securities Loaned		2,250,275		—		—		2,250,275
Total	$	519,152,021	$	—	$	—	$	519,152,021
Other Financial Investments^:
Assets:
Futures Contracts		34,630		—		—		34,630
Total	$	34,630	$	—	$	—	$	34,630
USAA MSCI USA Small Cap Value Momentum ETF
Common Stocks	$	234,140,911	$	—	$	—	$	234,140,911
Collateral for Securities Loaned		5,024,856		—		—		5,024,856
Total	$	239,165,767	$	—	$	—	$	239,165,767
Other Financial Investments^:
Assets:
Futures Contracts		8,380		—		—		8,380
Total	$	8,380	$	—	$	—	$	8,380
USAA MSCI International Value Momentum ETF
Common Stocks	$	350,650,025	$	—	$	—	$	350,650,025
Preferred Stocks		2,753,295		—		—		2,753,295
Rights		56,351		—		—		56,351
Collateral for Securities Loaned		2,588,030		—		—		2,588,030
Total	$	356,047,701	$	—	$	—	$	356,047,701
Other Financial Investments^:
Assets:
Futures Contracts		39,588		—		—		39,588
Total	$	39,588	$	—	$	—	$	39,588

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL
USAA MSCI Emerging Markets Value Momentum ETF
Common Stocks	$	184,320,445	$	1,168,008		$	193,756	$	185,682,209
Preferred Stocks		3,335,048		—			—		3,335,048
Warrants		—		—	(a)		—		—
Commercial Papers		821,895		—			—		821,895
Total	$	188,477,388	$	1,168,008		$	193,756	$	189,839,152
Other Financial Investments^:
Assets:
Futures Contracts		41,668		—			—		41,668
Total	$	41,668	$	—		$	—	$	41,668

^ Futures Contracts are valued at the unrealized appreciation (depreciation) on the investment.

(a) Amount is less than $1.

For the four months ended December 31, 2019, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

Real Estate Investment Trusts ("REITs"):

Investment Companies:

Derivative Instruments:

Futures Contracts:

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

or foreign currencies, limiting a Fund's ability to hedge effectively against interest rate, exchange rate and/or market risk and giving rise to additional risks. There is no assurance of liquidity in the secondary market for purposes of closing out futures positions. The collateral held by the Funds is presented on the Statements of Assets and Liabilities under Deposits with broker for futures contracts.

As of December 31, 2019, the Funds entered into futures contracts primarily for the strategy of hedging or other purposes, including but not limited to, providing liquidity and equitizing cash.

Offsetting of Financial Assets and Derivatives Assets:

	Gross Amounts of Recognized Assets		Gross Amounts Available for Offset		Net Amounts Presented in the Statements of Assets and Liabilities		Cash Collateral Received		Net Amount
USAA MSCI USA Value Momentum ETF
Futures-Goldman Sachs & Co.	$	4,203	$	—	$	4,203	$	—	$	4,203
USAA MSCI USA Small Cap Value Momentum ETF
Futures-Goldman Sachs & Co.		39		—		39		—		39
USAA MSCI International Value Momentum ETF
Futures-Goldman Sachs & Co.		12,240		—		12,240		—		12,240
USAA MSCI Emerging Markets Value Momentum ETF
Futures-Goldman Sachs & Co.		3,781		—		3,781		—		3,781

Summary of Derivative Instruments:

The following table summarizes the fair values of derivative instruments on the Statements of Assets and Liabilities, categorized by risk exposure, as of December 31, 2019:

	Assets
	Variation Margin Receivable on Open Futures Contracts*
Equity Risk Exposure:
USAA MSCI USA Value Momentum ETF	$	34,630
USAA MSCI USA Small Cap Value Momentum ETF		8,380
USAA MSCI International Value Momentum ETF		39,588
USAA MSCI Emerging Markets Value Momentum ETF		41,668

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

The following table presents the effect of derivative instruments on the Statements of Operations, categorized by risk exposure, for the four months ended December 31, 2019:

	Net Realized Gains (Losses) on Derivatives Recognized as a Result from Operations		Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized as a Result of Operations
	Net Realized Gains (Losses) from Futures Contracts		Net Change in Unrealized Appreciation/Depreciation on Futures Contracts
Equity Risk Exposure:
USAA MSCI USA Value Momentum ETF	$	168,893	$	11,398
USAA MSCI USA Small Cap Value Momentum ETF		48,795		22,539
USAA MSCI International Value Momentum ETF		140,581		77,246
USAA MSCI Emerging Markets Value Momentum ETF		144,004		49,593

All open derivative positions as of December 31, 2019, are reflected in each respective Fund's Schedule of Portfolio Investments. The underlying face value of open derivative positions relative to each Fund's net assets at year end is generally representative of the notional amount of open positions to net assets throughout the period.

Investment Transactions and Related Income:

Securities Lending:

The Trust has entered into an amended Master Securities Lending Agreement ("MSLA") with Citibank, N.A. ("Citibank" or the "Agent"). Under the terms of the current MSLA, the Funds may lend securities to certain broker-dealers and banks in exchange 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 associate with increases in the valuation of the securities loaned are adjusted 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, letters of credit and certificates of deposit. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted in the Funds' Schedules of Portfolio Investments. The Trust does not have effective control of the non-cash collateral and therefore it is not disclosed in the Funds' Schedules of Portfolio Investments. 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 the Agent 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. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return them.

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

	Gross Amount of Recognized Assets (Value of		Value of Cash		Value of Non-cash Collateral Received by Maturity
	Securities on Loan)		Collateral Received*		<30 Days		Between 30 & 90 days		>90 Days		Net Amount
USAA MSCI USA Value Momentum ETF	$	2,189,605	$	2,189,605	$	—	$	—	$	—	$	—
USAA MSCI USA Small Cap Value Momentum ETF		4,927,590		4,927,590		—		—		—		—
USAA MSCI International Value Momentum ETF		2,443,678		2,443,678		—		—		—		—
USAA MSCI Emerging Markets Value Momentum ETF		787,631		787,631		—		—		—		—

Foreign Currency Translations:

Foreign Taxes:

Distributions to Shareholders:

Distributions of net investment income are quarterly for MSCI USA Value Momentum ETF and MSCI USA Small Cap Value Momentum ETF and semi-annually for MSCI International Value Momentum ETF and MSCI Emerging Markets Value Momentum ETF. Each of the Funds distributes any net realized long or short-term capital gains at least annually.

The amounts of dividends from net investment income and distributions from net realized gains (collectively distributions to shareholders) are determined in accordance with federal income tax

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

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 a Fund may be reclassified as an offset to capital on the accompanying Statements of Assets and Liabilities.

Federal Income Taxes:

Allocations:

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. Any such purchase or sale transaction must be effected without brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest ask price. For the four months ended December 31, 2019, the Funds did not engage in any Rule 17a-7 transactions under the 1940 Act.

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) and purchases and sales of in-kind transactions for the four months ended December 31, 2019 were as follows. 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 in-kind transactions				Associated with in-kind transactions
	Purchases		Sales		Purchases		Sales
USAA MSCI USA Value Momentum ETF	$	94,096,109	$	94,895,659	$	25,983,412	$	7,929,659
USAA MSCI USA Small Cap Value Momentum ETF		47,092,506		46,270,276		120,665,832		5,082,156
USAA MSCI International Value Momentum ETF		64,970,677		67,830,538		8,551,867		—
USAA MSCI Emerging Markets Value Momentum ETF		37,935,475		34,983,043		1,126,464		—

There were no purchases and sales of U.S. Government Securities during the four months ended December 31, 2019.

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory and Management Fees:

Investment advisory services are provided to the Funds by Victory Capital Management Inc. ("VCM" or the "Adviser"), a New York corporation registered as an investment adviser with the Securities and Exchange Commission ("SEC"). The Adviser is a wholly owned indirect subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly owned direct subsidiary of Victory Capital Operating, LLC.

	Advisor Fee Rate
USAA MSCI USA Value Momentum ETF		0.15	%
USAA MSCI USA Small Cap Value Momentum ETF		0.15	%
USAA MSCI International Value Momentum ETF		0.25	%
USAA MSCI Emerging Markets Value Momentum ETF		0.30	%

Administration and Operating Service Fees:

Distribution and Service 12b-1 Fees:

Other Related Parties Fees:

Citibank, also serves as the Funds' Transfer Agent.

The Chief Compliance Officer ("CCO") is an employee of the Adviser, which pays the compensation of the CCO and his support staff. The Funds (as part of the Trust) have entered into an Agreement to provide compliance services with the Adviser, pursuant to which the Adviser furnishes its compliance personnel, including the services of the 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 Funds in the Victory Funds Complex, in the aggregate, compensate the Adviser for these services.

Shearman & Sterling 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

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

ordinary operating expenses incurred by certain Funds in any fiscal year exceed the expense limit for such Funds. Such excess amounts will be the liability of the Adviser. Interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of a Fund's business are excluded from the expense limits (excluding voluntary waivers). For the four months ended December 31, 2019, the expense limits are as follows:

	In effect September 1, 2019 until October 31, 2020
USAA MSCI USA Value Momentum ETF		0.20	%
USAA MSCI USA Small Cap Value Momentum ETF		0.25	%
USAA MSCI International Value Momentum ETF		0.35	%
USAA MSCI Emerging Markets Value Momentum ETF		0.45	%

Under the expense limitation agreement, the Funds have agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period up to three fiscal years after such waiver or reimbursement was made to the extent such payments or repayments would not cause the expenses to exceed the original expense limitation in place at the time of the waiver or reimbursement or any expense limitation agreement in place at the time of repayment. Amounts repaid to the Adviser, if any, during the four months ended December 31, 2019 are reflected on the Statements of Operations as Recoupment of prior expenses waived/reimbursed by Adviser. As of December 31, 2019, the following amounts are available to be repaid to the Adviser:

	Expires August 31, 2022		Expires June 30, 2023		Total
USAA MSCI USA Value Momentum ETF	$	9,240	$	16,692	$	25,932
USAA MSCI Small Cap Value Momentum ETF		2,724		—		2,724
USAA MSCI Emerging Markets Value Momentum ETF		632		9,761		10,393

USAA MSCI USA Value Momentum ETF	$	58,399
USAA MSCI USA Small Cap Value Momentum ETF		20,457
USAA MSCI International Value Momentum ETF		41,022
USAA MSCI Emerging Markets Value Momentum ETF		21,385

5. Risks:

Each Fund may be subject to other risks in addition to these identified risks.

The USAA MSCI International Value Momentum ETF and USAA MSCI Emerging Markets Value Momentum ETF invest in securities of foreign issuers in various countries. Investing on an international basis involves certain risks not involved in domestic investments including the risk of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of foreign currency, confiscatory taxation, political or financial instability and diplomatic developments, which could affect the value of a Fund's investments in certain foreign countries. Governments of many countries have exercised, and continue to exercise, substantial influence over many aspects of the

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

private sector through the ownership or control of many companies, including some of the largest in these countries. As a result, government actions in the future could have a significant effect on economic conditions which may adversely affect prices of certain portfolio securities. There is also generally less government supervision and regulation of stock exchanges, brokers and listed companies than in the U.S. Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding taxes, and special U.S. tax considerations may apply. Moreover, foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. The Schedule of Portfolio Investments includes information on each Fund's holdings, including industry and/or geographic composition, as relevant.

6. Line of Credit:

The average loans under the line of credit agreement with Citibank for the days outstanding and average interest rate for each Fund during the four months ended December 31, 2019 were as follows:

				Amount Outstanding at December 31, 2019				Average Borrowing				Days Borrowing Outstanding				Average Interest Rate*				Maximum Borrowing During the Period
USAA MSCI Emerging Markets Value Momentum ETF				$	—			$	1,970,000				10				2.97	%		$	5,000,000

* For the four months ended December 31, 2019, based on the number of days borrowings were outstanding.

7. Federal Income Tax Information:

Victory Portfolios II

Notes to Financial Statements — continued
December 31, 2019

(Unaudited)

	Year Ended August 31, 2019
	Distributions paid from
	Ordinary Income		Net Long-Term Capital Gains		Total Taxable Distributions		Return of Capital		Total Distributions Paid
USAA MSCI USA Value Momentum ETF	$	7,198,442	$	—	$	7,198,442	$	—	$	7,198,442
USAA MSCI USA Small Cap Value Momentum ETF		1,357,525		—		1,357,525		—		1,357,525
USAA MSCI International Value Momentum ETF		8,527,397		—		8,527,397		—		8,527,397
USAA MSCI Emerging Markets Value Momentum ETF		3,550,809		—		3,550,809		—		3,550,809

As of the most recent tax year ended August 31, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Accumulated Earnings		Accumulated Capital and Other Losses			Unrealized Appreciation (Depreciation)**			Total Accumulated Earnings (Deficit)
USAA MSCI USA Value Momentum ETF	$	2,646,534	$	—	$	2,646,534	$	(33,347,678	)	$	9,370,648		$	(21,330,496	)
USAA MSCI USA Small Cap Value Momentum ETF		647,621		—		647,621		(10,735,048	)		942,344			(9,145,083	)
USAA MSCI International Value Momentum ETF		3,645,131		—		3,645,131		(46,425,214	)		(11,543,090	)		(54,323,173	)
USAA MSCI Emerging Markets Value Momentum ETF		3,304,055		—		3,304,055		(23,343,454	)		(18,065,962	)		(38,105,361	)

** The difference between the book-basis and tax-basis of unrealized appreciation/(depreciation) is attributable primarily to tax deferral of losses on wash sales.

As of the most recent tax year ended August 31, 2019, the following Funds had net capital loss carry-forwards (no expiration) as summarized in the tables below.

	Short-Term Amount		Long-Term Amount		Total
USAA MSCI USA Value Momentum ETF	$	23,500,499	$	9,847,179	$	33,347,678
USAA MSCI USA Small Cap Value Momentum ETF		9,031,140		1,703,908		10,735,048
USAA MSCI International Value Momentum ETF		36,008,309		10,416,905		46,425,214
USAA MSCI Emerging Markets Value Momentum ETF		18,696,913		4,646,541		23,343,454

8. Subsequent Events:

Victory Portfolios II

Supplemental Information
December 31, 2019

(Unaudited)

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

Information relating to how the Funds voted proxies relating to portfolio securities held during the most recent twelve months ended June 30 is available on the SEC's website at www.sec.gov.

Availability of Schedules of Portfolio Investments:

Expense Examples

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2019 through December 31, 2019 (unless otherwise noted below).

	Beginning Account Value 9/1/19		Actual Ending Account Value 12/31/19		Hypothetical Ending Account Value 12/31/19		Actual Expenses Paid During Period* 9/1/19- 12/31/19		Hypothetical Expenses Paid During Period 7/1/19- 12/31/19**		Annualized Expense Ratio During Period 9/1/19- 12/31/19
USAA MSCI USA Value Momentum Index ETF	$	1,000.00	$	1,078.40	$	1,024.13	$	0.69	$	1.02		0.20	%
USAA MSCI USA Small Cap Value Momentum Index ETF		1,000.00		1,108.10		1,024.03		0.77		1.12		0.22	%

Victory Portfolios II

Supplemental Information — continued
December 31, 2019

(Unaudited)

	Beginning Account Value 9/1/19		Actual Ending Account Value 12/31/19		Hypothetical Ending Account Value 12/31/19		Actual Expenses Paid During Period* 9/1/19- 12/31/19		Hypothetical Expenses Paid During Period 7/1/19- 12/31/19**		Annualized Expense Ratio During Period 9/1/19- 12/31/19
USAA MSCI International Value Momentum Index ETF	$	1,000.00	$	1,090.40	$	1,023.48	$	1.15	$	1.68		0.33	%
USAA MSCI Emerging Markets Value Momentum Index ETF		1,000.00		1,114.00		1,022.87		1.59		2.29		0.45	%

Privacy Policy

Protecting the Privacy of Information

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.*

The Victory Funds
P.O. Box 182593
Columbus, Ohio 43218-2593

Visit our website at:				Call Victory at:
www.vcm.com				866-376-7890

VS-MSCI-ETF-SAR (12/19)

Item 2. Code of Ethics.

Not applicable — only for annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable — only for annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable — only for annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable.

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures.

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

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

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

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Not applicable.

Item 13. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.

SIGNATURES

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

(Registrant)		Victory Portfolios II

By (Signature and Title)*		/s/ Allan Shaer
		Allan Shaer, Principal Financial Officer

Date	February 27, 2020

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

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

Date	February 27, 2020

By (Signature and Title)*		/s/ Allan Shaer
		Allan Shaer, Principal Financial Officer

Date	February 27, 2020

Exhibit 99.CERT

CERTIFICATIONS

I, Christopher K. Dyer, certify that:

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

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

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

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

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

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

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

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

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

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

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

February 27, 2020	/s/ Christopher K. Dyer
Date		Christopher K. Dyer
		Principal Executive Officer

CERTIFICATIONS

I, Allan Shaer, certify that:

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

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

February 27, 2020	/s/ Allan Shaer
Date		Allan Shaer
		Principal Financial Officer

Exhibit 99.906CERT

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2019 of Victory Portfolios II (the “Registrant”).

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

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

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

February 27, 2020

Date

/s/ Christopher K. Dyer
Christopher K. Dyer
Principal Executive Officer

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

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

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

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

February 27, 2020
Date

/s/ Allan Shaer

Allan Shaer

Principal Financial Officer