December 31, 2021
Semi Annual Report
VictoryShares USAA Core Short-Term Bond ETF
VictoryShares USAA Core Intermediate-Term Bond ETF
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Victory Portfolios II
TABLE OF CONTENTS
| Investment
Objective & Portfolio Holdings (Unaudited) |
2 |
||||||
|
Schedules of Portfolio Investments |
|||||||
|
VictoryShares USAA Core Short-Term Bond ETF |
4 | ||||||
| VictoryShares
USAA Core Intermediate-Term Bond ETF |
19 | ||||||
|
Financial Statements |
|||||||
|
Statements of Assets and Liabilities |
42 | ||||||
|
Statements of Operations |
43 | ||||||
|
Statements of Changes in Net Assets |
44 | ||||||
|
Financial Highlights |
46 | ||||||
|
Notes to Financial Statements |
48 |
||||||
|
Supplemental Information (Unaudited) |
58 |
||||||
|
Proxy Voting and Portfolio Holdings Information |
58 | ||||||
|
Expense Examples |
58 | ||||||
|
Advisory Contract Approval |
59 | ||||||
|
Privacy Policy (inside back cover) |
|||||||
1
| Victory Portfolios
II VictoryShares USAA Core Short-Term Bond ETF |
December 31, 2021 |
||||||
(Unaudited)
Investment Objective and Portfolio Holdings:
The Fund seeks to provide high current income consistent with preservation of principal.
Asset Allocation*:
December 31, 2021
(% of Net Assets)
* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.
Percentages are of the net assets of the Fund and may not equal 100%.
Refer to the Schedule of Portfolio Investments for a complete list of securities.
2
| Victory Portfolios
II VictoryShares USAA Core Intermediate-Term Bond ETF |
December 31, 2021 |
||||||
(Unaudited)
Investment Objective and Portfolio Holdings:
The Fund seeks to provide high current income without undue risk to principal.
Asset Allocation*:
December 31, 2021
(% of Net Assets)
* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.
Percentages are of the net assets of the Fund and may not equal 100%.
Refer to the Schedule of Portfolio Investments for a complete list of securities.
3
| Victory Portfolios
II VictoryShares USAA Core Short-Term Bond ETF |
Schedule
of Portfolio Investments December 31, 2021 |
||||||
(Unaudited)
|
Security Description |
Principal Amount |
Value |
|||||||||
|
Asset-Backed Securities (16.4%) |
|||||||||||
| AmeriCredit
Automobile Receivables Trust, Series 2017-3, Class D, 3.18%, 7/18/23, Callable 3/18/22 @ 100 |
$ |
500,000 |
$ |
502,429 |
|||||||
| AmeriCredit
Automobile Receivables Trust, Series 2021-2, Class C, 1.01%, 1/19/27, Callable 9/18/24 @ 100 |
1,000,000 |
988,091 |
|||||||||
| AmeriCredit
Automobile Receivables Trust, Series 2017-4, Class C, 2.60%, 9/18/23, Callable 6/18/22 @ 100 |
143,428 |
143,770 |
|||||||||
| Atalaya
Equipment Leasing Trust, Series 2021-1A, Class A2, 1.23%, 5/15/26,
Callable 9/15/24 @ 100 (a) |
1,250,000 |
1,248,162 |
|||||||||
| Bank
of The West Auto Trust, Series 2017-1, Class C, 2.96%, 2/15/24, Callable
2/15/22 @ 100 (a) |
500,000 |
501,432 |
|||||||||
| Bank
of The West Auto Trust, Series 2018-1, Class C, 3.98%, 5/15/24, Callable
5/15/22 @ 100 (a) |
400,000 |
404,867 |
|||||||||
| BCC
Funding XVII LLC, Series 2020-1, Class B, 1.46%, 9/22/25, Callable
7/20/24 @ 100 (a) |
3,000,000 |
2,995,799 |
|||||||||
| Canadian
Pacer Auto Receivables Trust, Series 2018-2A, Class B, 3.63%, 1/19/24, Callable 4/19/22 @ 100 (a) |
500,000 |
504,433 |
|||||||||
| CarMax
Auto Owner Trust, Series 2021-2, Class A3, 0.52%, 2/17/26, Callable
4/15/24 @ 100 |
2,000,000 |
1,990,620 |
|||||||||
| CarMax
Auto Owner Trust, Series 2020-4, Class A3, 0.50%, 8/15/25, Callable
4/15/24 @ 100 |
1,000,000 |
995,939 |
|||||||||
|
CARS LP, Series 2020-1A, Class A1, 2.69%, 2/15/50, Callable 2/15/23 @ 100 (a) |
586,109 |
593,329 |
|||||||||
| Carvana
Auto Receivables Trust, Series 2021-N1, Class C, 1.30%, 1/10/28,
Callable 7/10/24 @ 100 |
1,500,000 |
1,497,682 |
|||||||||
| Carvana
Auto Receivables Trust, Series 2021-N1, Class A, 0.70%, 1/10/28,
Callable 7/10/24 @ 100 |
870,157 |
863,101 |
|||||||||
| Carvana
Auto Receivables Trust, Series 2021-N4, Class C, 1.72%, 9/11/28,
Callable 12/10/26 @ 100 |
1,000,000 |
999,746 |
|||||||||
| CNH
Equipment Trust, Series 2018-B, Class B, 3.56%, 2/17/26, Callable
12/15/22 @ 100 |
350,000 |
357,320 |
|||||||||
| Conn's
Receivables Funding LLC, Series 2021-A, Class B, 2.87%, 5/15/26,
Callable 9/15/23 @ 100.25 (a) |
1,000,000 |
996,639 |
|||||||||
| Conn's
Receivables Funding LLC, Series 2021-A, Class A, 1.05%, 5/15/26,
Callable 9/15/23 @ 100 (a) |
1,787,730 |
1,787,227 |
|||||||||
| CPS
Auto Receivables Trust, Series 2019-C, Class D, 3.17%, 6/16/25, Callable
7/15/23 @ 100 (a) |
1,000,000 |
1,015,219 |
|||||||||
| Credit
Acceptance Auto Loan Trust, Series 2021-4, Class A, 1.26%, 10/15/30,
Callable 4/15/25 @ 100 (a) |
333,000 |
331,129 |
|||||||||
| Credit
Acceptance Auto Loan Trust, Series 2021-4, Class B, 1.74%, 12/16/30,
Callable 4/15/25 @ 100 (a) |
320,000 |
317,377 |
|||||||||
| Dell
Equipment Finance Trust, Series 2020-2, Class D, 1.92%, 3/23/26, Callable
5/22/23 @ 100 (a) |
1,000,000 |
1,007,518 |
|||||||||
| Diamond
Issuer, Series 2021-1A, Class B, 2.70%, 11/20/51, Callable 11/20/25 @ 100 (a) |
655,000 |
650,421 |
|||||||||
| Drive
Auto Receivables Trust, Series 2021-1, Class C, 1.02%, 6/15/27, Callable
10/15/23 @ 100 |
708,000 |
707,181 |
|||||||||
| Drive
Auto Receivables Trust, Series 2020-2, Class C, 2.28%, 8/17/26, Callable
6/15/23 @ 100 |
750,000 |
759,896 |
|||||||||
| Drive
Auto Receivables Trust, Series 2021-1, Class B, 0.65%, 7/15/25, Callable
10/15/23 @ 100 |
750,000 |
748,370 |
|||||||||
See notes to financial statements.
4
| Victory Portfolios
II VictoryShares USAA Core Short-Term Bond ETF |
Schedule
of Portfolio Investments ? continued December 31, 2021 |
||||||
(Unaudited)
|
Security Description |
Principal Amount |
Value |
|||||||||
|
Evergreen Credit Card Trust, Series 2019-2, Class B, 2.27%, 9/15/24 (a) |
$ |
750,000 |
$ |
757,755 |
|||||||
| Evergreen
Credit Card Trust, Series 2021-1A, Class A, 0.90%, 10/15/26, Callable 11/15/24 @ 100 (a) |
1,500,000 |
1,486,820 |
|||||||||
| Exeter
Automobile Receivables Trust, Series 2021-4, Class C, 1.68%, 10/15/27,
Callable 1/15/25 @ 100 |
1,000,000 |
995,405 |
|||||||||
| Exeter
Automobile Receivables Trust, Series 2020-3A, Class C, 1.32%, 7/15/25,
Callable 4/15/24 @ 100 |
472,000 |
473,639 |
|||||||||
| Exeter
Automobile Receivables Trust, Series 2021-2A, Class C, 0.98%, 6/15/26,
Callable 5/15/24 @ 100 |
1,500,000 |
1,494,572 |
|||||||||
|
FirstKey Homes Trust, Series 2021-SFR3, Class B, 2.44%, 12/17/38 (a) |
1,000,000 |
990,691 |
|||||||||
|
FirstKey Homes Trust, Series 2021-SFR3, Class C, 2.54%, 12/17/38 (a) |
1,000,000 |
988,408 |
|||||||||
|
FirstKey Homes Trust, Series 2021-SFR3, Class A, 2.14%, 12/17/38 (a) |
1,000,000 |
997,532 |
|||||||||
| Flagship
Credit Auto Trust, Series 4, Class B, 1.49%, 2/15/27, Callable 3/15/26 @ 100 (a) |
1,000,000 |
996,353 |
|||||||||
| Flagship
Credit Auto Trust, Series 4, Class C, 1.96%, 12/15/27, Callable
3/15/26 @ 100 (a) |
1,000,000 |
996,544 |
|||||||||
| Flexential
Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/51, Callable 11/25/25 @ 100 (a) |
1,000,000 |
1,001,780 |
|||||||||
| Ford
Credit Auto Owner Trust, Series 2018-B, Class A3, 3.24%, 4/15/23,
Callable 8/15/22 @ 100 |
22,622 |
22,658 |
|||||||||
| GLS
Auto Receivables Issuer Trust, Series 4A, Class B, 1.53%, 4/15/26,
Callable 6/15/26 @ 100 (a) |
500,000 |
500,150 |
|||||||||
| GLS
Auto Receivables Issuer Trust, Series 4A, Class A, 0.84%, 7/15/25,
Callable 6/15/26 @ 100 (a) |
1,000,000 |
999,639 |
|||||||||
| GLS
Auto Receivables Issuer Trust, Series 2020-2A, Class B, 3.16%, 6/16/25,
Callable 1/15/24 @ 100 (a) |
1,250,000 |
1,276,239 |
|||||||||
| GM
Financial Automobile Leasing Trust, Series 2020-3, Class A4, 0.51%,
10/21/24, Callable 4/20/23 @ 100 |
1,000,000 |
998,217 |
|||||||||
| GM
Financial Automobile Leasing Trust, Series 2020-1, Class B, 1.84%,
12/20/23, Callable 8/20/22 @ 100 |
489,000 |
492,033 |
|||||||||
| GM
Financial Consumer Automobile Receivables Trust, Series 2018-3, Class A3,
3.02%, 5/16/23, Callable 6/16/22 @ 100 |
33,908 |
33,976 |
|||||||||
| Honda
Auto Receivables Owner Trust, Series 2020-3, Class A3, 0.37%, 10/18/24,
Callable 11/18/23 @ 100 |
1,000,000 |
996,957 |
|||||||||
| Hyundai
Auto Receivables Trust, Series 2020-C, Class A3, 0.38%, 5/15/25,
Callable 11/15/24 @ 100 |
1,000,000 |
995,436 |
|||||||||
| John
Deere Owner Trust, Series 2021-B, Class A3, 0.52%, 3/16/26, Callable
4/15/25 @ 100 |
1,500,000 |
1,479,360 |
|||||||||
| JPMorgan
Chase Bank NA ? CACLN, Series 2021-3, Class B, 0.76%, 2/26/29,
Callable 1/25/25 @ 100 (a) |
621,680 |
618,480 |
|||||||||
| Lad
Auto Receivables Trust, Series 2021-1A, Class B, 1.94%, 11/16/26, Callable
9/15/25 @ 100 (a) |
1,000,000 |
997,206 |
|||||||||
| LAD
Auto Receivables Trust, Series 2021-1A, Class A, 1.30%, 8/17/26, Callable
9/15/25 @ 100 (a) |
908,653 |
906,524 |
|||||||||
|
Master Credit Card Trust, Series 2021-1A, Class C, 1.06%, 11/21/25 (a) |
1,500,000 |
1,477,030 |
|||||||||
| Mercedes-Benz
Auto Lease Trust, Series 2020-B, Class A3, 0.40%, 11/15/23, Callable 3/15/23 @ 100 |
1,000,000 |
998,737 |
|||||||||
| New
Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%,
10/20/61, Callable 10/20/24 @ 100 (a) |
293,000 |
293,675 |
|||||||||
See notes to financial statements.
5
| Victory Portfolios
II VictoryShares USAA Core Short-Term Bond ETF |
Schedule
of Portfolio Investments ? continued December 31, 2021 |
||||||
(Unaudited)
|
Security Description |
Principal Amount |
Value |
|||||||||
| New
Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.91%,
10/20/61, Callable 10/20/24 @ 100 (a) |
$ |
903,000 |
$ |
885,402 |
|||||||
| Nissan
Auto Lease Trust 2020-B, Series 2020-B, Class A3, 0.43%, 10/16/23,
Callable 6/15/23 @ 100 |
1,000,000 |
999,875 |
|||||||||
| Oscar
U.S. Funding XII LLC, Series 1A, Class A4, 1.00%, 4/10/28, Callable
2/10/25 @ 100 (a) |
2,500,000 |
2,449,694 |
|||||||||
| Pawnee
Equipment Receivables LLC, Series 2021-1, Class A2, 1.10%, 7/15/27, Callable 11/15/25 @ 100 (a) |
545,000 |
541,810 |
|||||||||
|
PSNH Funding LLC, Series 2018-1, Class A1, 3.09%, 2/1/26 |
205,911 |
210,391 |
|||||||||
| Santander
Drive Auto Receivables Trust, Series 2020-4, Class C, 1.01%, 1/15/26, Callable 8/15/23 @ 100 |
1,000,000 |
1,001,552 |
|||||||||
| Santander
Drive Auto Receivables Trust, Series 2021-2, Class B, 0.59%, 9/15/25, Callable 1/15/24 @ 100 |
1,000,000 |
998,312 |
|||||||||
| Santander
Drive Auto Receivables Trust, Series 2019-3, Class C, 2.49%, 10/15/25, Callable 4/15/23 @ 100 |
401,841 |
403,622 |
|||||||||
| SCF
Equipment Leasing LLC, Series 2019-2A, Class A2, 2.47%, 4/20/26,
Callable 10/20/24 @ 100 (a) |
750,000 |
760,475 |
|||||||||
| SCF
Equipment Leasing LLC, Series 2020-1A, Class A3, 1.19%, 10/20/27,
Callable 3/20/25 @ 100 (a) |
1,500,000 |
1,502,598 |
|||||||||
| Vantage
Data Centers LLC, Series 2020-1A, Class A2, 1.65%, 9/15/45, Callable 9/15/23 @ 100 (a) |
1,000,000 |
973,075 |
|||||||||
| Westlake
Automobile Receivables Trust, Series 2019-2A, Class C, 2.84%, 7/15/24, Callable 3/15/23 @ 100 (a) |
372,148 |
373,818 |
|||||||||
| Westlake
Automobile Receivables Trust, Series 2021-3A, Class D, 2.12%, 1/15/27, Callable 12/15/24 @ 100 (a) |
1,000,000 |
1,002,388 |
|||||||||
| Westlake
Automobile Receivables Trust, Series 2019-2A, Class E, 4.02%, 4/15/25, Callable 3/15/23 @ 100 (a) |
1,000,000 |
1,025,468 |
|||||||||
| World
Omni Select Auto Trust, Series 2021-A, Class A3, 0.53%, 3/15/27,
Callable 7/15/24 @ 100 |
2,000,000 |
1,977,263 |
|||||||||
| World
Omni Select Auto Trust, Series 2020-A, Class A3, 0.55%, 7/15/25,
Callable 8/15/23 @ 100 |
1,000,000 |
999,907 |
|||||||||
|
Total Asset-Backed Securities (Cost $63,484,719) |
63,279,163 |
||||||||||
|
Collateralized Mortgage Obligations (4.7%) |
|||||||||||
| BBCMS
Mortgage Trust, Series 2020-BID, Class A, 2.25% (LIBOR01M+214bps),
10/15/37 (a) (b) |
1,000,000 |
1,002,122 |
|||||||||
| BBCMS
Mortgage Trust, Series 2020-BID, Class B, 2.65% (LIBOR01M+254bps),
10/15/37 (a) (b) |
1,750,000 |
1,754,177 |
|||||||||
|
BPR Trust, Series 2021-TY, Class C, 1.81% (LIBOR01M+170bps), 9/23/23 (a) (b) |
1,000,000 |
997,203 |
|||||||||
|
BPR Trust, Series 2021-TY, Class A, 1.16% (LIBOR01M+105bps), 9/23/23 (a) (b) |
1,000,000 |
998,145 |
|||||||||
| BX
Commercial Mortgage Trust, Series 2019-XL, Class D, 1.56%
(LIBOR01M+145bps), 10/15/36 (a) (b) |
2,465,000 |
2,458,026 |
|||||||||
| CHT
Mortgage Trust, Series 2017-CSMO, Class E, 3.11% (LIBOR01M+300bps),
11/15/36 (a) (b) |
2,000,000 |
1,999,768 |
|||||||||
| Citigroup
Commercial Mortgage Trust, Series 2019-SMRT, Class B, 4.38%, 1/10/36 (a) |
500,000 |
521,010 |
|||||||||
| JP
Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C13,
Class C, 4.08%, 1/15/46, Callable 7/15/23 @ 100 (c) |
1,000,000 |
1,028,867 |
|||||||||
| JPMorgan
Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class A5, 3.14%, 12/15/47, Callable 2/15/23 @ 100 |
979,433 |
996,923 |
|||||||||
See notes to financial statements.
6
| Victory Portfolios
II VictoryShares USAA Core Short-Term Bond ETF |
Schedule
of Portfolio Investments ? continued December 31, 2021 |
||||||
(Unaudited)
|
Security Description |
Principal Amount |
Value |
|||||||||
| KNDL
Mortgage Trust, Series 2019-KNSQ, Class C, 1.16% (US0001M+105bps),
5/15/36 (a) (b) |
$ |
1,175,000 |
$ |
1,173,445 |
|||||||
| Morgan
Stanley Capital I Trust, Series 2017-CLS, Class F, 2.71%
(LIBOR01M+260bps), 11/15/34 (a) (b) |
1,000,000 |
995,222 |
|||||||||
| Palmer
Square Loan Funding Ltd., Series 2020-1A, Class A1, 0.96%
(LIBOR03M+80bps), 2/20/28, Callable 2/20/22 @ 100 (a) (b) |
241,739 |
241,927 |
|||||||||
| SREIT
Trust, Series 2021-MFP2, Class B, 1.27% (LIBOR01M+117bps), 11/15/36 (a) (b) |
1,000,000 |
994,999 |
|||||||||
| Stratus
CLO Ltd., Series 2021-3A, Class A, 1.08% (US0003M+95bps), 12/29/29 (a) (b) |
1,000,000 |
1,000,000 |
|||||||||
| Stratus
CLO Ltd., Series 2021-3A, Class B, 1.68% (US0003M +155bps), 12/29/29 (a) (b) |
821,000 |
821,000 |
|||||||||
| STREIT
Trust, Series 2021-MFP2, Class A, 0.92% (US0001M+82bps), 11/15/36 (a) (b) |
1,000,000 |
994,999 |
|||||||||
| WFRBS
Commercial Mortgage Trust, Series 2012-C9, Class ASB, 2.45%, 11/15/45, Callable 7/15/22 @ 100 |
77,385 |
77,744 |
|||||||||
| WFRBS
Commercial Mortgage Trust, Series 2012-C7, Class AS, 4.09%, 6/15/45,
Callable 6/15/22 @ 100 (c) |
225,017 |
225,584 |
|||||||||
|
Total Collateralized Mortgage Obligations (Cost $18,313,425) |
18,281,161 |
||||||||||
|
Senior Secured Loans (1.3%) |
|||||||||||
| Clean
Harbors, Inc., Initial Term Loan, First Lien, 1.84% (LIBOR01M+175bps),
6/30/24 (b) |
496,104 |
495,836 |
|||||||||
|
Genpact International LLC, Term Loan A,First Lien, 8/9/23 (d) (e) |
3,000,000 |
2,977,500 |
|||||||||
|
Magallanes, Inc., Term Loan A, First Lien, 12/4/22 (d) (e) |
1,500,000 |
1,475,625 |
|||||||||
|
Total Senior Secured Loans (Cost $4,998,066) |
4,948,961 |
||||||||||
|
Corporate Bonds (42.7%) |
|||||||||||
|
Communication Services (1.4%): |
|||||||||||
|
DISH DBS Corp., 5.88%, 7/15/22 |
1,374,000 |
1,397,248 |
|||||||||
|
TEGNA, Inc., 4.75%, 3/15/26, Callable 3/15/23 @ 102.38 (a) (f) |
2,000,000 |
2,082,600 |
|||||||||
|
T-Mobile USA, Inc., 2.63%, 4/15/26, Callable 4/15/23 @ 101.31 (f) |
2,000,000 |
2,014,340 |
|||||||||
|
5,494,188 |
|||||||||||
|
Consumer Discretionary (3.4%): |
|||||||||||
|
Association of American Medical Colleges, 2.12%, 10/1/24 |
750,000 |
750,175 |
|||||||||
|
Daimler Trucks Finance North America LLC, 1.63%, 12/13/24 (a) |
2,000,000 |
2,014,380 |
|||||||||
|
Expedia Group, Inc., 6.25%, 5/1/25, Callable 2/1/25 @ 100 (a) |
1,000,000 |
1,128,690 |
|||||||||
| Genting
New York LLC/GENNY Capital, Inc., 3.30%, 2/15/26, Callable 1/15/26 @ 100 (a) |
500,000 |
495,015 |
|||||||||
|
Howard University, 2.74%, 10/1/22 |
500,000 |
506,555 |
|||||||||
|
Macy's Retail Holdings LLC, 2.88%, 2/15/23, Callable 11/15/22 @ 100 |
750,000 |
759,225 |
|||||||||
|
Marriott International, Inc., 2.30%, 1/15/22 |
1,000,000 |
1,000,430 |
|||||||||
|
Murphy Oil USA, Inc., 5.63%, 5/1/27, Callable 5/1/22 @ 102.81 |
1,500,000 |
1,557,930 |
|||||||||
|
Nordstrom, Inc., 2.30%, 4/8/24, Callable 4/8/22 @ 100 |
1,500,000 |
1,499,460 |
|||||||||
|
QVC, Inc., 4.38%, 3/15/23 |
667,000 |
687,771 |
|||||||||
|
Sodexo, Inc., 1.63%, 4/16/26, Callable 3/16/26 @ 100 (a) (f) |
2,000,000 |
1,982,620 |
|||||||||
|
Toll Brothers Finance Corp., 4.38%, 4/15/23, Callable 1/15/23 @ 100 |
750,000 |
775,515 |
|||||||||
|
13,157,766 |
|||||||||||
See notes to financial statements.
7
| Victory Portfolios
II VictoryShares USAA Core Short-Term Bond ETF |
Schedule
of Portfolio Investments ? continued December 31, 2021 |
||||||
(Unaudited)
|
Security Description |
Principal Amount |
Value |
|||||||||
|
Consumer Staples (2.0%): |
|||||||||||
|
Central Garden & Pet Co., 5.13%, 2/1/28, Callable 1/1/23 @ 102.56 |
$ |
1,000,000 |
$ |
1,045,570 |
|||||||
|
Darling Ingredients, Inc., 5.25%, 4/15/27, Callable 4/15/22 @ 102.63 (a) |
2,000,000 |
2,065,000 |
|||||||||
|
Hormel Foods Corp., 0.65%, 6/3/24, Callable 6/3/22 @ 100 |
1,500,000 |
1,488,705 |
|||||||||
|
JBS USA Food Co., 5.75%, 1/15/28, Callable 7/15/22 @ 102.88 (a) |
1,000,000 |
1,045,160 |
|||||||||
| Jbs
USA Lux SA / Jbs USA Food Co., 6.50%, 4/15/29, Callable 4/15/24 @ 103.25 (a) |
2,000,000 |
2,200,020 |
|||||||||
|
7,844,455 |
|||||||||||
|
Energy (9.5%): |
|||||||||||
|
Apache Corp., 3.25%, 4/15/22, Callable 1/18/22 @ 100 |
1,250,000 |
1,251,112 |
|||||||||
| Continental
Resources, Inc. 4.50%, 4/15/23, Callable 1/15/23 @ 100 (f) |
1,230,000 |
1,269,852 |
|||||||||
|
3.80%, 6/1/24, Callable 3/1/24 @ 100 |
381,000 |
397,703 |
|||||||||
|
2.27%, 11/15/26, Callable 11/15/23 @ 100 (a) |
1,000,000 |
993,040 |
|||||||||
|
DCP Midstream Operating LP, 3.88%, 3/15/23, Callable 12/15/22 @ 100 |
1,000,000 |
1,024,790 |
|||||||||
|
Energy Transfer LP, 4.90%, 2/1/24, Callable 11/1/23 @ 100 |
1,715,000 |
1,817,506 |
|||||||||
|
EnLink Midstream Partners, LP, 4.40%, 4/1/24, Callable 1/1/24 @ 100 |
900,000 |
946,485 |
|||||||||
| EQM
Midstream Partners LP 4.75%, 7/15/23, Callable 6/15/23 @ 100 (f) |
135,000 |
140,277 |
|||||||||
|
4.00%, 8/1/24, Callable 5/1/24 @ 100 |
865,000 |
899,730 |
|||||||||
|
Gray Oak Pipeline LLC, 2.00%, 9/15/23 (a) |
833,000 |
842,296 |
|||||||||
|
Hess Corp., 3.50%, 7/15/24, Callable 4/15/24 @ 100 |
1,000,000 |
1,044,060 |
|||||||||
|
Hess Midstream Operations, LP, 5.63%, 2/15/26, Callable 2/7/22 @ 104.22 (a) |
3,000,000 |
3,090,000 |
|||||||||
| HollyFrontier
Corp. 2.63%, 10/1/23 |
1,000,000 |
1,019,710 |
|||||||||
|
5.88%, 4/1/26, Callable 1/1/26 @ 100 (f) |
1,881,000 |
2,109,241 |
|||||||||
| Midwest
Connector Capital Co. LLC 3.63%, 4/1/22, Callable 3/1/22 @ 100 (a) (f) |
1,500,000 |
1,507,335 |
|||||||||
|
3.90%, 4/1/24, Callable 3/1/24 @ 100 (a) |
2,500,000 |
2,594,600 |
|||||||||
|
MPLX LP, 3.50%, 12/1/22, Callable 11/1/22 @ 100 |
271,000 |
276,756 |
|||||||||
| Murphy
Oil Corp. 6.88%, 8/15/24, Callable 2/7/22 @ 101.72 |
565,000 |
575,786 |
|||||||||
|
5.88%, 12/1/27, Callable 12/1/22 @ 102.94 |
1,690,000 |
1,744,232 |
|||||||||
|
Occidental Petroleum Corp., 2.90%, 8/15/24, Callable 7/15/24 @ 100 |
687,000 |
701,674 |
|||||||||
| Ovintiv
Exploration, Inc. 5.63%, 7/1/24 |
1,000,000 |
1,101,880 |
|||||||||
|
5.38%, 1/1/26, Callable 10/1/25 @ 100 (f) |
1,000,000 |
1,109,700 |
|||||||||
| Parsley
Energy LLC/Parsley Finance Corp., 4.13%, 2/15/28, Callable 2/15/23 @ 102.06 (a) |
1,000,000 |
1,017,400 |
|||||||||
| Range
Resources Corp. 5.88%, 7/1/22, Callable 4/1/22 @ 100 |
540,000 |
544,747 |
|||||||||
|
5.00%, 8/15/22, Callable 5/15/22 @ 100 |
500,000 |
505,600 |
|||||||||
|
SM Energy Co., 5.63%, 6/1/25, Callable 2/7/22 @ 101.88 |
1,000,000 |
1,009,290 |
|||||||||
|
Southwestern Energy Co., 4.10%, 3/15/22, Callable 1/24/22 @ 100 |
1,500,000 |
1,502,130 |
|||||||||
| Targa
Resources Partners LP/Targa Resources Partners Finance Corp, 6.50%,
7/15/27, Callable 7/15/22 @ 104.88 |
700,000 |
750,400 |
|||||||||
|
USX Corp., 8.13%, 7/15/23 |
400,000 |
436,528 |
|||||||||
See notes to financial statements.
8
| Victory Portfolios
II VictoryShares USAA Core Short-Term Bond ETF |
Schedule
of Portfolio Investments ? continued December 31, 2021 |
||||||
(Unaudited)
|
Security Description |
Principal Amount |
Value |
|||||||||
| Western
Midstream Operating LP 4.00%, 7/1/22, Callable 4/1/22 @ 100 |
$ |
1,500,000 |
$ |
1,506,705 |
|||||||
|
1.97% (LIBOR03M+185bps), 1/13/23 (b) |
500,000 |
499,170 |
|||||||||
|
4.35%, 2/1/25, Callable 1/1/25 @ 100 |
2,000,000 |
2,082,460 |
|||||||||
|
WPX Energy, Inc., 8.25%, 8/1/23, Callable 6/1/23 @ 100 |
500,000 |
547,615 |
|||||||||
|
36,859,810 |
|||||||||||
|
Financials (11.5%): |
|||||||||||
|
Ares Capital Corp., 3.25%, 7/15/25, Callable 6/15/25 @ 100 |
750,000 |
778,050 |
|||||||||
| Athene
Global Funding 2.80%, 5/26/23 (a) |
750,000 |
769,028 |
|||||||||
|
1.20%, 10/13/23 (a) |
500,000 |
501,005 |
|||||||||
| Blackstone
Private Credit Fund 1.75%, 9/15/24 (a) |
1,000,000 |
984,400 |
|||||||||
|
2.35%, 11/22/24 (a) |
1,000,000 |
1,000,160 |
|||||||||
| Cadence
Bancorp, 4.75% (LIBOR03M+303bps), 6/30/29, Callable 6/30/24 @ 100 (b) |
1,165,000 |
1,235,785 |
|||||||||
| CIT
Group, Inc. 5.00%, 8/15/22 |
1,740,000 |
1,782,265 |
|||||||||
|
4.75%, 2/16/24, Callable 11/16/23 @ 100 |
735,000 |
777,593 |
|||||||||
| Citigroup,
Inc., 3.14% (LIBOR03M+72bps), 1/24/23, Callable 1/24/22 @ 100 (b) |
400,000 |
400,528 |
|||||||||
|
Colfax Corp., 6.38%, 2/15/26, Callable 2/15/22 @ 103.19 (a) |
1,500,000 |
1,553,385 |
|||||||||
|
DAE Funding LLC, 1.55%, 8/1/24, Callable 7/1/24 @ 100 (a) |
250,000 |
245,970 |
|||||||||
|
First American Financial Corp., 4.30%, 2/1/23 |
2,800,000 |
2,885,484 |
|||||||||
| First
Citizens BancShares, Inc., 3.37% (SOFR+247bps), 3/15/30, Callable
3/15/25 @ 100 (b) |
1,000,000 |
1,015,470 |
|||||||||
|
First Financial Bancorp, 5.13%, 8/25/25 |
1,000,000 |
1,033,720 |
|||||||||
|
FNB Corp., 2.20%, 2/24/23, Callable 1/24/23 @ 100 |
1,876,000 |
1,893,916 |
|||||||||
|
Ford Motor Credit Co. LLC, 3.38%, 11/13/25, Callable 10/13/25 @ 100 |
1,000,000 |
1,037,590 |
|||||||||
| FS
KKR Capital Corp. 4.75%, 5/15/22, Callable 4/15/22 @ 100 |
1,000,000 |
1,009,430 |
|||||||||
|
1.65%, 10/12/24 |
1,024,000 |
1,005,650 |
|||||||||
| Fulton
Financial Corp., 3.25% (SOFR+230bps), 3/15/30, Callable 3/15/25 @ 100 (b) |
1,000,000 |
1,009,010 |
|||||||||
|
GA Global Funding Trust, 1.63%, 1/15/26 (a) |
500,000 |
496,115 |
|||||||||
|
Infinity Property & Casualty Corp., 5.00%, 9/19/22 (f) |
500,000 |
512,475 |
|||||||||
| Main
Street Capital Corp. 5.20%, 5/1/24 |
2,000,000 |
2,135,900 |
|||||||||
|
3.00%, 7/14/26, Callable 6/14/26 @ 100 |
500,000 |
501,555 |
|||||||||
| Morgan
Stanley 3.73% (US0003M+361bps), Callable 1/18/22 @ 100 (b) (g) |
3,000,000 |
3,001,110 |
|||||||||
|
0.79% (SOFR+53bps), 5/30/25, Callable 5/30/24 @ 100 (b) |
2,000,000 |
1,973,600 |
|||||||||
|
People's United Bank NA, 4.00%, 7/15/24, Callable 4/16/24 @ 100 |
1,000,000 |
1,050,800 |
|||||||||
|
ProAssurance Corp., 5.30%, 11/15/23 |
1,000,000 |
1,054,940 |
|||||||||
|
Protective Life Global Funding, 3.10%, 4/15/24 (a) |
500,000 |
520,500 |
|||||||||
|
Radian Group, Inc., 4.50%, 10/1/24, Callable 7/1/24 @ 100 |
1,000,000 |
1,048,300 |
|||||||||
|
Reliance Standard Life Global Funding II, 2.75%, 5/7/25 (a) |
750,000 |
776,100 |
|||||||||
|
Santander Holdings USA, Inc., 3.40%, 1/18/23, Callable 12/18/22 @ 100 |
250,000 |
255,512 |
|||||||||
|
SCE Recovery Funding LLC, 0.86%, 11/15/31 |
1,924,384 |
1,832,572 |
|||||||||
|
Synovus Bank, 2.29% (SOFR+95bps), 2/10/23, Callable 2/10/22 @ 100 (b) |
1,008,000 |
1,008,937 |
|||||||||
See notes to financial statements.
9
| Victory Portfolios
II VictoryShares USAA Core Short-Term Bond ETF |
Schedule
of Portfolio Investments ? continued December 31, 2021 |
||||||
(Unaudited)
|
Security Description |
Principal Amount |
Value |
|||||||||
| TCF
National Bank, 5.50% (LIBOR03M+509bps), 5/6/30, Callable 5/6/25 @ 100 (b) |
$ |
750,000 |
$ |
800,347 |
|||||||
| Texas
Capital Bancshares, Inc., 4.00% (H15T5Y+315bps), 5/6/31, Callable
5/6/26 @ 100 (b) |
1,000,000 |
1,029,420 |
|||||||||
|
The Prudential Insurance Co. of America, 8.30%, 7/1/25 (a) |
1,000,000 |
1,213,770 |
|||||||||
| TIAA
FSB Holdings, Inc. 5.75%, 7/2/25, Callable 6/2/25 @ 100 |
1,000,000 |
1,091,330 |
|||||||||
|
4.91% (LIBOR03M+470bps), 3/15/26, Callable 2/7/22 @ 100 (b) |
750,000 |
761,783 |
|||||||||
| UMB
Financial Corp., 3.70% (H15T5Y+344bps), 9/17/30, Callable 9/17/25 @ 100 (b) |
750,000 |
757,793 |
|||||||||
|
Webster Financial Corp., 4.38%, 2/15/24, Callable 1/16/24 @ 100 |
1,700,000 |
1,785,493 |
|||||||||
|
44,526,791 |
|||||||||||
|
Health Care (1.4%): |
|||||||||||
|
Astrazeneca Finance LLC, 0.70%, 5/28/24, Callable 5/28/22 @ 100 |
1,000,000 |
992,260 |
|||||||||
| Fresenius
Medical Care U.S. Finance III, Inc., 1.88%, 12/1/26, Callable 11/1/26 @ 100 (a) |
1,000,000 |
990,440 |
|||||||||
|
Hikma Finance USA LLC, 3.25%, 7/9/25 |
2,000,000 |
2,052,320 |
|||||||||
|
Laboratory Corp. of America Holdings, 1.55%, 6/1/26, Callable 5/1/26 @ 100 |
1,000,000 |
989,620 |
|||||||||
|
SSM Health Care Corp., 3.69%, 6/1/23, Callable 3/1/23 @ 100 |
500,000 |
515,750 |
|||||||||
|
5,540,390 |
|||||||||||
|
Industrials (5.0%): |
|||||||||||
|
Air Lease Corp., 2.25%, 1/15/23 |
250,000 |
253,177 |
|||||||||
|
Aircastle Ltd., 4.25%, 6/15/26, Callable 4/15/26 @ 100 (f) |
500,000 |
537,388 |
|||||||||
|
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26 (a) |
1,000,000 |
1,040,710 |
|||||||||
|
Ashtead Capital, Inc., 4.38%, 8/15/27, Callable 8/15/22 @ 102.19 (a) (f) |
3,435,000 |
3,563,469 |
|||||||||
|
Aviation Capital Group LLC, 5.50%, 12/15/24, Callable 11/15/24 @ 100 (a) |
1,000,000 |
1,094,510 |
|||||||||
|
Builders FirstSource, Inc., 6.75%, 6/1/27, Callable 6/1/22 @ 103.38 (a) |
1,764,000 |
1,860,085 |
|||||||||
|
Continental Airlines Pass Through Trust, 5.98%, 10/19/23 |
85,617 |
86,311 |
|||||||||
|
Delta Air Lines Pass Through Trust, 2.00%, 12/10/29 |
910,309 |
892,777 |
|||||||||
|
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/25 (a) |
1,370,000 |
1,441,007 |
|||||||||
|
Hillenbrand, Inc., 5.75%, 6/15/25, Callable 6/15/22 @ 102.88 |
1,000,000 |
1,050,630 |
|||||||||
|
Huntington Ingalls Industries, Inc., 0.67%, 8/16/23, Callable 8/16/22 @ 100 (a) |
500,000 |
495,730 |
|||||||||
| Mileage
Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.,
6.50%, 6/20/27, Callable 6/30/23 @ 103.25 (a) |
1,000,000 |
1,068,890 |
|||||||||
| Penske
Truck Leasing Co. LP/PTL Finance Corp., 1.70%, 6/15/26, Callable
5/15/26 @ 100 (a) |
1,000,000 |
991,020 |
|||||||||
|
Spirit Airlines Pass Through Trust, 4.45%, 10/1/25 |
925,297 |
946,782 |
|||||||||
|
The Nature Conservancy, 0.63%, 7/1/24 |
650,000 |
642,285 |
|||||||||
|
TransDigm, Inc., 8.00%, 12/15/25, Callable 4/8/22 @ 104 (a) (f) |
2,000,000 |
2,109,640 |
|||||||||
|
U.S. Airways Pass Through Trust, 3.95%, 5/15/27 |
329,209 |
330,453 |
|||||||||
| United
Airlines Pass Through Trust 4.15%, 10/11/25 |
581,641 |
601,731 |
|||||||||
|
4.88%, 7/15/27 |
308,014 |
320,676 |
|||||||||
|
19,327,271 |
|||||||||||
|
Information Technology (1.2%): |
|||||||||||
|
Global Payments, Inc., 1.50%, 11/15/24, Callable 10/15/24 @ 100 |
2,000,000 |
2,000,600 |
|||||||||
|
Qorvo, Inc., 1.75%, 12/15/24, Callable 12/15/22 @ 100 (a) |
1,675,000 |
1,676,273 |
|||||||||
|
Skyworks Solutions, Inc., 0.90%, 6/1/23, Callable 6/1/22 @ 100 |
1,000,000 |
994,980 |
|||||||||
|
4,671,853 |
|||||||||||
See notes to financial statements.
10
| Victory Portfolios
II VictoryShares USAA Core Short-Term Bond ETF |
Schedule
of Portfolio Investments ? continued December 31, 2021 |
||||||
(Unaudited)
|
Security Description |
Principal Amount |
Value |
|||||||||
|
Materials (3.5%): |
|||||||||||
|
Cleveland Cliffs, Inc., 9.88%, 10/17/25, Callable 10/17/22 @ 107.41 (a) (f) |
$ |
2,575,000 |
$ |
2,916,754 |
|||||||
|
Commercial Metals Co., 4.88%, 5/15/23, Callable 2/15/23 @ 100 |
2,625,000 |
2,711,966 |
|||||||||
|
Freeport-McMoRan, Inc., 5.00%, 9/1/27, Callable 9/1/22 @ 102.5 (f) |
3,000,000 |
3,139,830 |
|||||||||
|
Ingevity Corp., 4.50%, 2/1/26, Callable 2/7/22 @ 101.13 (a) |
1,500,000 |
1,503,750 |
|||||||||
| Sealed
Air Corp. 5.25%, 4/1/23, Callable 1/1/23 @ 100 (a) |
1,000,000 |
1,037,260 |
|||||||||
|
1.57%, 10/15/26, Callable 9/15/26 @ 100 (a) |
1,000,000 |
970,140 |
|||||||||
|
West Fraser Timber Co Ltd, 4.35%, 10/15/24, Callable 7/15/24 @ 100 (a) |
1,000,000 |
1,068,740 |
|||||||||
|
13,348,440 |
|||||||||||
|
Real Estate (1.9%): |
|||||||||||
|
Host Hotels & Resorts LP, 4.50%, 2/1/26, Callable 11/1/25 @ 100 |
1,044,000 |
1,122,916 |
|||||||||
| MPT
Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27, Callable
10/15/22 @ 102.5 |
1,500,000 |
1,570,530 |
|||||||||
|
Office Properties Income Trust, 4.00%, 7/15/22, Callable 6/15/22 @ 100 |
1,000,000 |
1,011,990 |
|||||||||
|
Omega Healthcare Investors, Inc., 4.38%, 8/1/23, Callable 6/1/23 @ 100 |
919,000 |
958,002 |
|||||||||
|
SBA Tower Trust, 2.84%, 1/15/25, Callable 1/15/24 @ 100 (a) |
750,000 |
769,439 |
|||||||||
| VICI
Properties LP/VICI Note Co., Inc., 3.50%, 2/15/25, Callable 2/15/22 @ 101.75 (a) |
364,000 |
371,142 |
|||||||||
|
Vornado Realty LP, 2.15%, 6/1/26, Callable 5/1/26 @ 100 |
1,500,000 |
1,503,210 |
|||||||||
|
7,307,229 |
|||||||||||
|
Utilities (1.9%): |
|||||||||||
|
Calpine Corp., 5.25%, 6/1/26, Callable 2/7/22 @ 102.63 (a) |
802,000 |
822,812 |
|||||||||
|
CenterPoint Energy Resources Corp., 0.70%, 3/2/23, Callable 2/7/22 @ 100 |
1,000,000 |
995,590 |
|||||||||
| Cleco
Power LLC, 0.70% (US0003M+50bps), 6/15/23, Callable 3/15/22 @ 100 (a) (b) |
2,000,000 |
1,998,460 |
|||||||||
|
Entergy Texas, Inc., 1.50%, 9/1/26, Callable 8/1/26 @ 100 |
1,000,000 |
980,870 |
|||||||||
|
NextEra Energy Capital Holdings, Inc., 0.65%, 3/1/23 |
1,000,000 |
997,930 |
|||||||||
|
Oklahoma Gas & Electric Co., 0.55%, 5/26/23, Callable 2/7/22 @ 100 |
1,000,000 |
994,860 |
|||||||||
|
Sierra Pacific Power Co., 3.38%, 8/15/23, Callable 5/15/23 @ 100 |
500,000 |
516,670 |
|||||||||
|
7,307,192 |
|||||||||||
|
Total Corporate Bonds (Cost $165,028,929) |
165,385,385 |
||||||||||
|
Yankee Dollars (12.7%) |
|||||||||||
|
Communication Services (0.7%): |
|||||||||||
|
Bharti Airtel International Netherlands BV, 5.35%, 5/20/24 (a) |
1,000,000 |
1,077,230 |
|||||||||
|
Pearson Funding Four PLC, 3.75%, 5/8/22 (a) |
750,000 |
753,667 |
|||||||||
|
Telefonica Chile SA, 3.88%, 10/12/22 (a) |
1,000,000 |
1,020,040 |
|||||||||
|
2,850,937 |
|||||||||||
|
Consumer Discretionary (0.6%): |
|||||||||||
|
Nissan Motor Co. Ltd., 3.04%, 9/15/23 (a) |
1,000,000 |
1,026,360 |
|||||||||
|
Stellantis Finance US, Inc., 1.71%, 1/29/27, Callable 12/29/26 @ 100 (a) |
333,000 |
327,682 |
|||||||||
|
Stellantis NV, 5.25%, 4/15/23 |
1,000,000 |
1,050,720 |
|||||||||
|
2,404,762 |
|||||||||||
|
Consumer Staples (0.3%): |
|||||||||||
|
Imperial Brands Finance PLC, 3.13%, 7/26/24, Callable 6/26/24 @ 100 (a) |
948,000 |
980,602 |
|||||||||
See notes to financial statements.
11
| Victory Portfolios
II VictoryShares USAA Core Short-Term Bond ETF |
Schedule
of Portfolio Investments ? continued December 31, 2021 |
||||||
(Unaudited)
|
Security Description |
Principal Amount |
Value |
|||||||||
|
Energy (2.2%): |
|||||||||||
|
Bharat Petroleum Corp. Ltd., 4.38%, 1/24/22 |
$ |
2,095,000 |
$ |
2,098,557 |
|||||||
|
Galaxy Pipeline Assets Bidco Ltd., 1.75%, 9/30/27 (a) |
489,325 |
490,255 |
|||||||||
|
Harbour Energy PLC, 5.50%, 10/15/26, Callable 10/15/23 @ 102.75 (a) |
1,500,000 |
1,489,935 |
|||||||||
|
Harvest Operations Corp., 1.00%, 4/26/24, Callable 4/26/22 @ 100 (a) |
1,214,000 |
1,208,027 |
|||||||||
| Petroleos
Mexicanos 4.88%, 1/24/22 |
703,000 |
704,047 |
|||||||||
|
3.85% (LIBOR03M+365bps), 3/11/22 (b) |
1,000,000 |
1,001,090 |
|||||||||
|
Suncor Energy Ventures Corp., 4.50%, 4/1/22 (a) |
1,597,000 |
1,612,699 |
|||||||||
|
8,604,610 |
|||||||||||
|
Financials (4.2%): |
|||||||||||
| Banco
Santander Mexico SA Institucion de Banca Multiple Grupo Financiero
Santand, 5.38%, 4/17/25 (a) (f) |
3,000,000 |
3,275,700 |
|||||||||
|
BAT International Finance PLC, 1.67%, 3/25/26, Callable 2/25/26 @ 100 |
1,000,000 |
982,780 |
|||||||||
|
BBVA Bancomer SA, 6.75%, 9/30/22 (a) |
3,305,000 |
3,428,904 |
|||||||||
|
Element Fleet Management Corp., 1.60%, 4/6/24, Callable 3/6/24 @ 100 (a) |
400,000 |
400,932 |
|||||||||
|
Ontario Teachers' Finance Trust, 0.38%, 9/29/23 (a) |
1,000,000 |
992,440 |
|||||||||
| Prudential
PLC 4.38%, Callable 1/20/22 @ 100, MTN (g) |
590,000 |
590,024 |
|||||||||
|
5.25%, Callable 1/20/22 @ 100, MTN (g) |
3,000,000 |
3,004,980 |
|||||||||
|
SA Global Sukuk Ltd., 0.95%, 6/17/24, Callable 5/17/24 @ 100 (a) |
416,000 |
409,760 |
|||||||||
| Santander
UK Group Holdings PLC, 3.37% (LIBOR03M+108bps), 1/5/24, Callable 1/5/23 @ 100 (b) |
250,000 |
255,430 |
|||||||||
|
Standard Chartered PLC, 7.50% (USSW5+630bps), Callable 4/2/22 @ 100 (b) (g) |
1,000,000 |
1,013,750 |
|||||||||
| VEON
Holdings BV 7.50%, 3/1/22 (a) |
1,000,000 |
1,010,050 |
|||||||||
|
5.95%, 2/13/23 |
1,000,000 |
1,041,660 |
|||||||||
|
16,406,410 |
|||||||||||
|
Health Care (0.3%): |
|||||||||||
|
Olympus Corp., 2.14%, 12/8/26 (a) |
1,212,000 |
1,218,957 |
|||||||||
|
Industrials (1.7%): |
|||||||||||
| AerCap
Ireland Capital DAC/AerCap Global Aviation Trust, 3.15%, 2/15/24,
Callable 1/15/24 @ 100 |
1,000,000 |
1,030,790 |
|||||||||
| Air
Canada Pass Through Trust 5.00%, 6/15/25 (a) |
243,814 |
247,520 |
|||||||||
|
4.13%, 11/15/26 (a) |
928,905 |
937,181 |
|||||||||
|
Avolon Holdings Funding Ltd., 2.13%, 2/21/26, Callable 1/21/26 @ 100 (a) |
750,000 |
737,025 |
|||||||||
|
CK Hutchison International Ltd., 2.75%, 3/29/23 (a) |
750,000 |
766,148 |
|||||||||
|
IHS Markit Ltd., 5.00%, 11/1/22, Callable 8/1/22 @ 100 (a) |
900,000 |
921,681 |
|||||||||
|
Smiths Group PLC, 3.63%, 10/12/22 (a) |
1,000,000 |
1,020,630 |
|||||||||
|
The Weir Group PLC, 2.20%, 5/13/26, Callable 4/13/26 @ 100 (a) |
1,000,000 |
992,010 |
|||||||||
|
6,652,985 |
|||||||||||
|
Information Technology (0.8%): |
|||||||||||
|
Telefonaktiebolaget LM Ericsson, 4.13%, 5/15/22 |
2,000,000 |
2,022,860 |
|||||||||
|
TSMC Global Ltd., 0.75%, 9/28/25, Callable 8/28/25 @ 100 (a) |
1,000,000 |
969,370 |
|||||||||
|
2,992,230 |
|||||||||||
See notes to financial statements.
12
| Victory Portfolios
II VictoryShares USAA Core Short-Term Bond ETF |
Schedule
of Portfolio Investments ? continued December 31, 2021 |
||||||
(Unaudited)
|
Security Description |
Principal Amount |
Value |
|||||||||
|
Materials (1.5%): |
|||||||||||
|
OCI NV, 4.63%, 10/15/25, Callable 10/15/22 @ 102.31 (a) |
$ |
1,800,000 |
$ |
1,864,404 |
|||||||
|
POSCO, 2.38%, 1/17/23 |
2,100,000 |
2,123,352 |
|||||||||
|
Syngenta Finance NV, 3.13%, 3/28/22 |
1,718,000 |
1,722,793 |
|||||||||
|
5,710,549 |
|||||||||||
|
Utilities (0.4%): |
|||||||||||
|
TransAlta Corp., 4.50%, 11/15/22, Callable 8/15/22 @ 100 |
1,300,000 |
1,324,895 |
|||||||||
|
Total Yankee Dollars (Cost $49,214,964) |
49,146,937 |
||||||||||
|
Municipal Bonds (17.6%) |
|||||||||||
|
Alabama (0.3%): |
|||||||||||
|
City of Birmingham, GO, 0.86%, 3/1/24 |
1,015,000 |
1,010,175 |
|||||||||
|
California (3.1%): |
|||||||||||
| California
Municipal Finance Authority Revenue 0.73%, 2/1/22 |
1,835,000 |
1,835,033 |
|||||||||
|
0.93%, 2/1/23 |
1,000,000 |
998,709 |
|||||||||
|
1.36%, 2/1/24 |
495,000 |
494,882 |
|||||||||
| California
Statewide Communities Development Authority Revenue, 2.15%, 11/15/30, Continuously Callable @100 |
1,155,000 |
1,118,468 |
|||||||||
| California
Statewide Communities Development Authority Revenue (NBGA ? California Health Insurance Construction Loan Insurance Program), 2.05%, 8/1/30 |
1,545,000 |
1,512,082 |
|||||||||
|
City of El Cajon Revenue, Series A, 0.65%, 4/1/23 |
650,000 |
648,088 |
|||||||||
|
City of Gardena Revenue, 1.30%, 4/1/23 |
565,000 |
567,931 |
|||||||||
| Golden
State Tobacco Securitization Corp. Revenue 1.24%, 6/1/22 |
1,500,000 |
1,501,216 |
|||||||||
|
1.71%, 6/1/24 |
1,000,000 |
1,003,947 |
|||||||||
|
Series B, 0.67%, 6/1/23 |
1,000,000 |
997,768 |
|||||||||
|
Series B, 0.99%, 6/1/24 |
500,000 |
497,780 |
|||||||||
| Placentia
Public Financing Authority Revenue Series A, 1.72%, 6/1/22 |
200,000 |
199,822 |
|||||||||
|
Series A, 1.93%, 6/1/23 |
300,000 |
298,852 |
|||||||||
| San
Jose Redevelopment Agency Successor Agency Tax Allocation, Series A-T,
2.63%, 8/1/22 |
250,000 |
253,175 |
|||||||||
|
11,927,753 |
|||||||||||
|
Colorado (1.6%): |
|||||||||||
| City
& County of Denver Co. Airport System Revenue Series C, 0.88%, 11/15/23 |
500,000 |
499,750 |
|||||||||
|
Series C, 1.12%, 11/15/24 |
500,000 |
499,727 |
|||||||||
| City
of Loveland Electric & Communications Enterprise Revenue, 2.85%,
12/1/23 |
600,000 |
617,539 |
|||||||||
| Colorado
Health Facilities Authority Revenue Series B, 2.24%, 11/1/22 |
750,000 |
756,984 |
|||||||||
|
Series B, 2.80%, 12/1/26 |
500,000 |
505,397 |
|||||||||
|
County of El Paso Co. Revenue, Series B, 1.05%, 6/1/24 |
1,230,000 |
1,224,129 |
|||||||||
| Denver
City & County Housing Authority Revenue, 1.33%, 6/1/24,
Continuously Callable @100 |
750,000 |
747,875 |
|||||||||
See notes to financial statements.
13
| Victory Portfolios
II VictoryShares USAA Core Short-Term Bond ETF |
Schedule
of Portfolio Investments ? continued December 31, 2021 |
||||||
(Unaudited)
|
Security Description |
Principal Amount |
Value |
|||||||||
|
Denver City & County Housing Authority Revenue, 2.15%, 12/1/24 |
$ |
750,000 |
$ |
767,065 |
|||||||
|
Park Creek Metropolitan District Revenue, Series B, 2.43%, 12/1/23 |
700,000 |
722,979 |
|||||||||
|
6,341,445 |
|||||||||||
|
Florida (0.3%): |
|||||||||||
|
Hillsborough County IDA Revenue, 2.16%, 8/1/25 |
1,250,000 |
1,257,102 |
|||||||||
|
Georgia (0.3%): |
|||||||||||
|
Municipal Electric Authority of Georgia, 1.42%, 1/1/25 |
500,000 |
498,010 |
|||||||||
|
Municipal Electric Authority of Georgia Revenue, Series B, 1.58%, 1/1/26 |
555,000 |
549,787 |
|||||||||
|
1,047,797 |
|||||||||||
|
Guam (0.3%): |
|||||||||||
|
Territory of Guam Revenue, Series E, 3.25%, 11/15/26 |
1,000,000 |
1,019,572 |
|||||||||
|
Hawaii (0.5%): |
|||||||||||
| State
of Hawaii Airports System Revenue Series B, 0.90%, 7/1/23 |
300,000 |
298,402 |
|||||||||
|
Series E, 1.39%, 7/1/25 |
1,500,000 |
1,498,686 |
|||||||||
|
1,797,088 |
|||||||||||
|
Illinois (0.7%): |
|||||||||||
|
Chicago O'Hare International Airport Revenue, Series D, 0.96%, 1/1/23 |
165,000 |
165,484 |
|||||||||
|
Sales Tax Securitization Corp. Revenue, 0.79%, 1/1/23 |
1,750,000 |
1,747,974 |
|||||||||
|
State of Illinois Sales Tax Revenue, Series B, 0.91%, 6/15/24 |
1,000,000 |
985,592 |
|||||||||
|
2,899,050 |
|||||||||||
|
Indiana (0.5%): |
|||||||||||
| Indiana
Finance Authority Revenue 0.96%, 3/1/24 |
450,000 |
446,006 |
|||||||||
|
2.48%, 3/1/24 (f) |
1,000,000 |
1,027,942 |
|||||||||
|
1.41%, 3/1/25 |
570,000 |
566,806 |
|||||||||
|
2,040,754 |
|||||||||||
|
Kentucky (0.3%): |
|||||||||||
|
County of Warren Revenue, Series B, 0.92%, 4/1/25 |
1,200,000 |
1,179,401 |
|||||||||
|
Maine (0.1%): |
|||||||||||
|
Maine State Housing Authority Revenue, Series H, 1.70%, 11/15/26 |
600,000 |
595,639 |
|||||||||
|
Maryland (0.6%): |
|||||||||||
|
County of Howard, GO, Series C, 1.34%, 8/15/23 |
500,000 |
504,590 |
|||||||||
| Maryland
Health & Higher Educational Facilities Authority Revenue 1.81%, 1/1/25 |
1,000,000 |
991,416 |
|||||||||
|
1.89%, 1/1/26 |
1,000,000 |
983,524 |
|||||||||
|
2,479,530 |
|||||||||||
|
Michigan (1.0%): |
|||||||||||
|
City of Grand Rapids MI Sanitary Sewer System Revenue, 0.94%, 1/1/25 |
1,000,000 |
994,312 |
|||||||||
|
Ecorse Public School District, GO, 2.00%, 5/1/24 |
750,000 |
768,301 |
|||||||||
| Michigan
Finance Authority Revenue 2.21%, 12/1/23 |
185,000 |
188,808 |
|||||||||
|
2.31%, 12/1/24 |
105,000 |
107,786 |
|||||||||
|
2.37%, 9/1/49, (Put Date 9/1/23) (h) |
446,000 |
453,758 |
|||||||||
|
Series A-1, 2.33%, 6/1/30 |
764,071 |
777,580 |
|||||||||
See notes to financial statements.
14
| Victory Portfolios
II VictoryShares USAA Core Short-Term Bond ETF |
Schedule
of Portfolio Investments ? continued December 31, 2021 |
||||||
(Unaudited)
|
Security Description |
Principal Amount |
Value |
|||||||||
|
Ypsilanti School District, GO, 1.89%, 5/1/24 |
$ |
510,000 |
$ |
513,084 |
|||||||
|
3,803,629 |
|||||||||||
|
Mississippi (0.1%): |
|||||||||||
|
Medical Center Educational Building Corp. Revenue, 0.67%, 6/1/23 |
280,000 |
280,177 |
|||||||||
|
Missouri (0.4%): |
|||||||||||
| Missouri
State Environmental Improvement & Energy Resources Authority
Revenue, Series B, 0.70%, 1/1/24 |
1,495,000 |
1,486,839 |
|||||||||
|
Nebraska (0.2%): |
|||||||||||
| Papio-Missouri
River Natural Resource District Special Tax, 2.09%, 12/15/24,
Continuously Callable @100 |
630,000 |
639,648 |
|||||||||
|
New Jersey (0.6%): |
|||||||||||
|
Essex County Improvement Authority Revenue, Series B, 1.96%, 8/1/22 (a) |
350,000 |
348,289 |
|||||||||
| South
Jersey Transportation Authority Revenue Series B, 2.10%, 11/1/24 |
750,000 |
756,825 |
|||||||||
|
Series B, 2.20%, 11/1/25 |
750,000 |
756,801 |
|||||||||
| South
Jersey Transportation Authority System Revenue, Series B, 3.02%,
11/1/25 |
425,000 |
441,716 |
|||||||||
|
2,303,631 |
|||||||||||
|
New York (1.0%): |
|||||||||||
|
County of Suffolk, GO, Series C, 1.05%, 6/15/23 |
1,250,000 |
1,252,907 |
|||||||||
|
Madison County Capital Resource Corp. Revenue, 2.18%, 7/1/23 |
500,000 |
511,551 |
|||||||||
| Metropolitan
Transportation Authority Revenue, Series A, 0.78%, 11/15/22,
Continuously Callable @100 |
2,000,000 |
2,002,362 |
|||||||||
|
3,766,820 |
|||||||||||
|
Ohio (0.1%): |
|||||||||||
|
Hamilton County Health Care Facilities Revenue, 2.37%, 6/1/22 |
325,000 |
326,992 |
|||||||||
|
Oklahoma (0.4%): |
|||||||||||
| Oklahoma
Turnpike Authority Revenue Series B, 0.49%, 1/1/22 |
750,000 |
750,000 |
|||||||||
|
Series B, 0.63%, 1/1/23 |
560,000 |
560,551 |
|||||||||
|
The University of Oklahoma Revenue, Series B, 0.93%, 7/1/24 |
350,000 |
346,168 |
|||||||||
|
1,656,719 |
|||||||||||
|
Pennsylvania (0.3%): |
|||||||||||
| School
District of Scranton, GO (INS ? Build America Mutual Assurance Co.),
2.46%, 4/1/22 |
500,000 |
502,548 |
|||||||||
|
State Public School Building Authority Revenue, 2.75%, 4/1/25 |
500,000 |
519,592 |
|||||||||
|
1,022,140 |
|||||||||||
|
Rhode Island (0.4%): |
|||||||||||
|
Providence Redevelopment Agency Revenue, Series A, 2.50%, 3/15/26 |
1,000,000 |
991,274 |
|||||||||
|
Rhode Island Commerce Corp. Revenue, 2.86%, 5/1/24 |
500,000 |
518,766 |
|||||||||
|
1,510,040 |
|||||||||||
|
South Carolina (0.1%): |
|||||||||||
|
Charleston Educational Excellence Finance Corp. Revenue, 0.65%, 12/1/23 |
600,000 |
596,782 |
|||||||||
See notes to financial statements.
15
| Victory Portfolios
II VictoryShares USAA Core Short-Term Bond ETF |
Schedule
of Portfolio Investments ? continued December 31, 2021 |
||||||
(Unaudited)
|
Security Description |
Principal Amount |
Value |
|||||||||
|
Tennessee (0.1%): |
|||||||||||
| Metropolitan
Government Nashville & Davidson County Sports Authority Revenue, 1.03%, 8/1/24 |
$ |
600,000 |
$ |
597,737 |
|||||||
|
Texas (2.7%): |
|||||||||||
| Aledo
Independent School District, GO (NBGA ? Texas Permanent School Fund),
0.95%, 2/15/24 |
250,000 |
244,997 |
|||||||||
| Boerne
School District, GO 0.64%, 2/1/24 |
400,000 |
398,137 |
|||||||||
|
0.79%, 2/1/25 |
250,000 |
247,859 |
|||||||||
| Central
Texas Turnpike System Revenue, Series B, 1.98%, 8/15/42, (Put Date 08/15/22) (h) |
1,000,000 |
1,006,082 |
|||||||||
|
City of Houston, GO, 2.77%, 3/1/22 |
150,000 |
150,598 |
|||||||||
|
Clear Creek Independent School District, GO, Series B, 5.00%, 2/15/24 |
1,000,000 |
1,083,971 |
|||||||||
|
Denton Independent School District, GO, Series A, 0.99%, 8/15/24 |
500,000 |
487,190 |
|||||||||
| Harris
County Cultural Education Facilities Finance Corp. Revenue 1.59%, 11/15/23 |
675,000 |
680,743 |
|||||||||
|
1.84%, 11/15/24 |
500,000 |
505,321 |
|||||||||
|
Series B, 2.30%, 5/15/24 |
600,000 |
616,010 |
|||||||||
|
Lubbock Texas Water & Wastewater System Revenue, Series B, 1.93%, 2/15/24 |
750,000 |
768,361 |
|||||||||
| Marshall
Independent School District, GO (NBGA ? Texas Permanent School Fund), 1.19%, 2/15/24 |
1,000,000 |
975,023 |
|||||||||
|
State of Texas, GO, 3.11%, 10/1/23 |
500,000 |
520,972 |
|||||||||
| Tarrant
County Cultural Education Facilities Finance Corp. Revenue 1.07%, 9/1/23 |
525,000 |
527,318 |
|||||||||
|
1.36%, 9/1/24 |
700,000 |
705,377 |
|||||||||
|
Texas A&M University Revenue, Series A, 2.95%, 5/15/23 |
500,000 |
515,515 |
|||||||||
| White
Settlement Independent School District, GO (NBGA ? Texas Permanent
School Fund), Series A, 1.33%, 8/15/25 |
920,000 |
876,688 |
|||||||||
|
10,310,162 |
|||||||||||
|
Virginia (0.8%): |
|||||||||||
|
County of Arlington, GO, Series B, 0.64%, 8/1/24 (f) |
2,000,000 |
1,983,958 |
|||||||||
| Virginia
Small Business Financing Authority Revenue, 2.25%, 7/1/50, (Put Date 12/29/22) (a) (h) |
1,250,000 |
1,250,289 |
|||||||||
|
3,234,247 |
|||||||||||
|
Washington (0.1%): |
|||||||||||
|
Washington State University Revenue, Series A, 0.86%, 10/1/23 |
480,000 |
478,803 |
|||||||||
|
West Virginia (0.4%): |
|||||||||||
|
Tobacco Settlement Finance Authority Revenue, Series A, 1.19%, 6/1/23 |
1,500,000 |
1,503,571 |
|||||||||
|
Wisconsin (0.3%): |
|||||||||||
|
Public Finance Authority Revenue, Series S, 0.51%, 2/1/22 |
1,100,000 |
1,099,386 |
|||||||||
|
Total Municipal Bonds (Cost $68,074,097) |
68,212,629 |
||||||||||
|
U.S. Treasury Obligations (2.3%) |
|||||||||||
| U.S.
Treasury Notes 0.38%, 10/31/23 (f) |
2,000,000 |
1,988,594 |
|||||||||
|
1.00%, 12/15/24 |
7,000,000 |
7,007,656 |
|||||||||
|
Total U.S. Treasury Obligations (Cost $8,992,536) |
8,996,250 |
||||||||||
See notes to financial statements.
16
| Victory Portfolios
II VictoryShares USAA Core Short-Term Bond ETF |
Schedule
of Portfolio Investments ? continued December 31, 2021 |
||||||
(Unaudited)
|
Security Description |
Principal Amount |
Value |
|||||||||
|
Commercial Papers (2.6%) (i) |
|||||||||||
|
AutoNation, Inc., 0.33%, 1/5/22 (a) |
$ |
2,300,000 |
$ |
2,299,895 |
|||||||
|
Energy Transfer LP, 0.33%, 1/5/22 (a) |
2,000,000 |
1,999,909 |
|||||||||
|
Jabil, Inc., 0.48%, 1/3/22 (a) |
3,800,000 |
3,799,848 |
|||||||||
|
One Gas, Inc., 0.18%, 1/4/22 (a) |
2,000,000 |
1,999,959 |
|||||||||
|
Total Commercial Papers (Cost $10,099,709) |
10,099,611 |
||||||||||
|
Total Investments (Cost $388,206,445) ? 100.3% |
388,350,097 |
||||||||||
|
Liabilities in excess of other assets ? (0.3)% |
(1,314,444 |
) |
|||||||||
|
NET ASSETS ? 100.00% |
$ |
387,035,653 |
|||||||||
(a) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December 31, 2021, the fair value of these securities was $152,891,407 and amounted to 39.5% of net assets.
(b) Variable or Floating-Rate Security. Rate disclosed is as of December 31, 2021.
(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, 2021.
(d) The rates for this senior secured loan will be known on settlement date of the loan, subsequent to this report date. Senior secured loans have rates that will fluctuate over time in line with prevailing interest rates.
(e) Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis.
(f) All or a portion of the security has been segregated as collateral for securities purchased on a delayed-delivery and/or when-issued basis.
(g) Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future.
(h) Put Bond.
(i) Rate represents the effective yield at December 31, 2021.
bps ? Basis points
GO ? General Obligation
H15T5Y ? 5 Year Treasury Constant Maturity Rate
IDA ? Industrial Development Authority
LIBOR ? London InterBank Offered Rate
LIBOR01M ? 1 Month US Dollar LIBOR, rate disclosed as of December 31, 2021, based on the last reset date of the security
LIBOR03M ? 3 Month US Dollar LIBOR, rate disclosed as of December 31, 2021, based on the last reset date of the security
LLC ? Limited Liability Company
LP ? Limited Partnership
See notes to financial statements.
17
| Victory Portfolios
II VictoryShares USAA Core Short-Term Bond ETF |
Schedule
of Portfolio Investments ? continued December 31, 2021 |
||||||
(Unaudited)
MTN ? Medium Term Note
PLC ? Public Limited Company
SOFR ? Secured Overnight Financing Rate
US0001M ? 1 Month US Dollar LIBOR, rate disclosed as of December 31, 2021, based on the last reset date of the security
US0003M ? 3 Month US Dollar LIBOR, rate disclosed as of December 31, 2021, based on the last reset date of the security
USSW5 ? USD 5 Year Swap Rate, rate disclosed as of December 31, 2021.
Credit Enhancements ? Adds the financial strength of the provider of the enhancement to support the issuer's ability to repay the principal and interest payments when due. The enhancement may be provided by a high-quality bank, insurance company or other corporation, or a collateral trust. The enhancements do not guarantee the market values of the securities.
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.
NBGA Principal and interest payments or, under certain circumstances, underlying mortgages, are guaranteed by a nonbank guarantee agreement from the name listed.
See notes to financial statements.
18
| Victory Portfolios
II VictoryShares USAA Core Intermediate-Term Bond ETF |
Schedule
of Portfolio Investments December 31, 2021 |
||||||
(Unaudited)
|
Security Description |
Principal Amount |
Value |
|||||||||
|
Asset-Backed Securities (7.8%) |
|||||||||||
| Aligned
Data Centers Issuer LLC, Series 2021-1A, Class A2, 1.94%, 8/15/46,
Callable 8/15/24 @ 100 (a) |
$ |
1,500,000 |
$ |
1,477,815 |
|||||||
| American
Express Credit Account Master Trust, Series 2019-2, Class B, 2.86%, 11/15/24 |
2,076,000 |
2,090,213 |
|||||||||
| AmeriCredit
Automobile Receivables Trust, Series 2021-3, Class B, 1.17%, 8/18/27, Callable 9/18/25 @ 100 |
1,000,000 |
991,173 |
|||||||||
| ARI
Fleet Lease Trust, Series 2020-A, Class A3, 1.80%, 8/15/28, Callable
2/15/23 @ 100 (a) |
900,000 |
908,210 |
|||||||||
| Avis
Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class B, 3.55%,
9/22/25, Callable 10/20/24 @ 100 (a) |
500,000 |
521,102 |
|||||||||
| Bank
of The West Auto Trust, Series 2019-1, Class C, 2.90%, 4/15/25, Callable
5/15/23 @ 100 (a) |
1,062,000 |
1,084,696 |
|||||||||
| Bank
of The West Auto Trust, Series 2017-1, Class C, 2.96%, 2/15/24, Callable
2/15/22 @ 100 (a) |
500,000 |
501,432 |
|||||||||
| BCC
Funding Corp. XVI LLC, Series 2019-1A, Class A2, 2.46%, 8/20/24,
Callable 6/20/23 @ 100 (a) |
282,431 |
283,949 |
|||||||||
| BCC
Funding XVII LLC, Series 2020-1, Class B, 1.46%, 9/22/25, Callable
7/20/24 @ 100 (a) |
1,500,000 |
1,497,900 |
|||||||||
| BCC
Funding XVII LLC, Series 2020-1, Class A2, 0.91%, 8/20/25, Callable
7/20/24 @ 100 (a) |
875,632 |
876,750 |
|||||||||
| Canadian
Pacer Auto Receivables Trust, Series 2020-1A, Class A4, 1.89%,
3/19/25, Callable 7/19/23 @ 100 (a) |
433,000 |
438,382 |
|||||||||
| Canadian
Pacer Auto Receivables Trust, Series 2018-2A, Class B, 3.63%, 1/19/24, Callable 4/19/22 @ 100 (a) |
500,000 |
504,433 |
|||||||||
|
CARDS II Trust, Series 2021-1A, Class A, 0.60%, 4/15/27 (a) |
2,300,000 |
2,273,362 |
|||||||||
| CarMax
Auto Owner Trust, Series 2021-2, Class B, 1.03%, 12/15/26, Callable
4/15/24 @ 100 |
2,000,000 |
1,983,431 |
|||||||||
| CarMax
Auto Owner Trust, Series 2020-1, Class B, 2.21%, 9/15/25, Callable
11/15/23 @ 100 |
1,275,000 |
1,298,329 |
|||||||||
| CarNow
Auto Receivables Trust, Series 2021-1A, Class A, 0.97%, 10/15/24,
Callable 9/15/23 @ 100 (a) |
470,631 |
470,749 |
|||||||||
| Carvana
Auto Receivables Trust, Series 2021-P2, Class B, 1.27%, 3/10/27,
Callable 4/10/25 @ 100 |
1,500,000 |
1,485,823 |
|||||||||
| CF
Hippolyta LLC, Series 2021-1A, Class A1, 1.53%, 3/15/61, Callable
3/15/24 @ 100 (a) |
1,446,758 |
1,419,617 |
|||||||||
| Chesapeake
Funding II LLC, Series 2019-1A, Class A1, 2.94%, 4/15/31, Callable 6/15/22 @ 100 (a) |
1,073,816 |
1,082,502 |
|||||||||
| CPS
Auto Receivables Trust, Series 2019-C, Class D, 3.17%, 6/16/25, Callable
7/15/23 @ 100 (a) |
2,000,000 |
2,030,437 |
|||||||||
| Credit
Acceptance Auto Loan Trust, Series 2021-2A, Class B, 1.26%, 4/15/30,
Callable 12/15/24 @ 100 (a) |
1,038,000 |
1,022,253 |
|||||||||
| Credit
Acceptance Auto Loan Trust, Series 2020-1A, Class B, 2.39%, 4/16/29,
Callable 1/15/24 @ 100 (a) |
823,000 |
836,334 |
|||||||||
| Crossroads
Asset Trust, Series 2021-A, Class A2, 0.82%, 3/20/24, Callable 4/20/24 @ 100 (a) |
559,961 |
559,918 |
|||||||||
| Dell
Equipment Finance Trust, Series 2020-1, Class A3, 2.24%, 2/22/23,
Callable 10/22/22 @ 100 (a) |
687,500 |
692,859 |
|||||||||
| Diamond
Infrastructure Funding LLC, Series 2021-1A, Class A, 1.76%, 4/15/49, Callable 9/20/25 @ 100 (a) |
1,000,000 |
973,009 |
|||||||||
See notes to financial statements.
19
| Victory Portfolios
II VictoryShares USAA Core Intermediate-Term Bond ETF |
Schedule
of Portfolio Investments ? continued December 31, 2021 |
||||||
(Unaudited)
|
Security Description |
Principal Amount |
Value |
|||||||||
| Diamond
Issuer, Series 2021-1A, Class A, 2.31%, 11/20/51, Callable 11/20/25 @ 100 (a) |
$ |
1,125,000 |
$ |
1,117,044 |
|||||||
| Donlen
Fleet Lease Funding 2 LLC, Series 2021-2, Class B, 0.98%, 12/11/34 (a) |
1,327,000 |
1,308,611 |
|||||||||
| Drive
Auto Receivables Trust, Series 2021-1, Class B, 0.65%, 7/15/25, Callable
10/15/23 @ 100 |
1,500,000 |
1,496,740 |
|||||||||
| DT
Auto Owner Trust, Series 2018-2A, Class D, 4.15%, 3/15/24, Callable
8/15/22 @ 100 (a) |
831,267 |
838,634 |
|||||||||
| DT
Auto Owner Trust, Series 2021-3A, Class B, 0.58%, 11/17/25, Callable
9/15/25 @ 100 (a) |
2,000,000 |
1,974,714 |
|||||||||
| Encina
Equipment Finance LLC, Series 2021-1A, Class B, 1.21%, 2/15/27,
Callable 3/15/24 @ 100 (a) |
1,187,000 |
1,181,365 |
|||||||||
| Encina
Equipment Finance LLC, Series 2021-1A, Class A2, 0.74%, 12/15/26,
Callable 3/15/24 @ 100 (a) |
877,000 |
875,121 |
|||||||||
| Enterprise
Fleet Financing LLC, Series 2020-1, Class A3, 1.86%, 12/22/25,
Callable 8/20/23 @ 100 (a) |
820,000 |
831,367 |
|||||||||
| Exeter
Automobile Receivables Trust, Series 2017-3A, Class D, 5.28%,
10/15/24, Callable 6/15/22 @ 100 (a) |
500,000 |
510,041 |
|||||||||
| Exeter
Automobile Receivables Trust, Series 2021-4A, Class B, 1.26%, 5/15/26, Callable 1/15/25 @ 100 |
1,000,000 |
996,325 |
|||||||||
| Exeter
Automobile Receivables Trust, Series 2020-1A, Class B, 2.26%, 4/15/24, Callable 10/15/23 @ 100 (a) |
63,777 |
63,804 |
|||||||||
| ExteNet
LLC, Series 2019-1A, Class A2, 3.20%, 7/26/49, Callable 1/25/23 @ 100 (a) |
500,000 |
507,165 |
|||||||||
| First
Investors Auto Owner Trust, Series 2018-2A, Class F, 7.31%, 9/15/25,
Callable 12/15/22 @ 100 (a) |
750,000 |
772,152 |
|||||||||
| First
Investors Auto Owner Trust, Series 2019-2A, Class C, 2.71%, 12/15/25,
Callable 6/15/23 @ 100 (a) |
1,500,000 |
1,518,350 |
|||||||||
|
FirstKey Homes Trust, Series 2021-SFR2, Class B, 1.61%, 9/17/26 (a) |
1,153,846 |
1,104,326 |
|||||||||
| Flagship
Credit Auto Trust, Series 2020-2, Class D, 5.75%, 4/15/26, Callable
2/15/24 @ 100 (a) |
1,000,000 |
1,071,923 |
|||||||||
| Ford
Credit Auto Owner Trust, Series 2020-1, Class B, 2.29%, 8/15/31,
Callable 2/15/25 @ 100 (a) |
1,500,000 |
1,524,743 |
|||||||||
| Foursight
Capital Automobile Receivables Trust, Series 2021-1, Class B, 0.87%, 1/15/26, Callable 11/15/24 @ 100 (a) |
1,406,000 |
1,392,236 |
|||||||||
| GLS
Auto Receivables Issuer Trust, Series 2020-1A, Class B, 2.43%,
11/15/24, Callable 9/15/23 @ 100 (a) |
1,000,000 |
1,009,301 |
|||||||||
| GM
Financial Consumer Automobile Receivables Trust, Series 2020-1, Class A4, 1.90%, 3/17/25, Callable 7/16/23 @ 100 |
1,000,000 |
1,014,771 |
|||||||||
| GM
Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A4, 1.74%, 8/18/25, Callable 10/16/23 @ 100 |
750,000 |
759,427 |
|||||||||
|
Hertz Vehicle Financing III LP, Series 2021-2A, Class A, 1.68%, 12/27/27 (a) |
1,000,000 |
987,844 |
|||||||||
|
Hertz Vehicle Financing LLC, Series 2021-1A, Class C, 2.05%, 12/26/25 (a) |
1,333,000 |
1,319,501 |
|||||||||
| HPEFS
Equipment Trust, Series 2020-1A, Class B, 1.89%, 2/20/30, Callable
2/20/23 @ 100 (a) |
385,000 |
387,668 |
|||||||||
| HPEFS
Equipment Trust, Series 2019-1A, Class C, 2.49%, 9/20/29, Callable
8/20/22 @ 100 (a) |
500,000 |
503,033 |
|||||||||
| Hyundai
Auto Receivables Trust, Series 2021-C, Class B, 1.49%, 12/15/27,
Callable 12/15/25 @ 100 |
2,000,000 |
1,977,753 |
|||||||||
See notes to financial statements.
20
| Victory Portfolios
II VictoryShares USAA Core Intermediate-Term Bond ETF |
Schedule
of Portfolio Investments ? continued December 31, 2021 |
||||||
(Unaudited)
|
Security Description |
Principal Amount |
Value |
|||||||||
| Hyundai
Auto Receivables Trust, Series 2020-C, Class B, 0.81%, 11/16/26,
Callable 11/15/24 @ 100 |
$ |
1,271,000 |
$ |
1,248,654 |
|||||||
| John
Deere Owner Trust, Series 2020-A, Class A4, 1.21%, 11/16/26, Callable
7/15/23 @ 100 |
2,000,000 |
2,007,832 |
|||||||||
| JPMorgan
Chase Bank NA, Series 2021-2, Class B, 0.89%, 12/26/28, Callable
8/25/24 @ 100 (a) |
687,129 |
683,389 |
|||||||||
| JPMorgan
Chase Bank NA, Series 2021-1, Class B, 0.88%, 9/25/28, Callable
9/25/24 @ 100 (a) |
737,183 |
734,643 |
|||||||||
| Kubota
Credit Owner Trust, Series 2020-1A, Class A4, 2.26%, 7/15/26, Callable 9/15/23 @ 100 (a) |
433,000 |
441,750 |
|||||||||
| LAD
Auto Receivables Trust, Series 2021-1A, Class A, 1.30%, 8/17/26,
Callable 9/15/25 @ 100 (a) |
1,817,305 |
1,813,047 |
|||||||||
|
Master Credit Card Trust, Series 2021-1A, Class B, 0.79%, 11/21/25 (a) |
539,000 |
530,576 |
|||||||||
| MMAF
Equipment Finance LLC, Series 2017-B, Class A4, 2.41%, 11/15/24,
Callable 9/15/27 @ 100 (a) |
|||||||||||