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)