# EDGAR Filing Document

**Accession Number:** 0001547580
**File Stem:** 0001752724-23-041007
**Filing Date:** 2023-2
**Character Count:** 38328
**Document Hash:** c3a7956338a62b18c72e4ff6e2b3f828
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-041007.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-041007

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Victory Portfolios II
- **CENTRAL INDEX KEY:** 0001547580
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22696
- **FILM NUMBER:** 23670792

**BUSINESS ADDRESS:**
- **STREET 1:** 4900 TIEDEMAN ROAD, 4TH FLOOR
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144
- **BUSINESS PHONE:** 216-898-2411

**MAIL ADDRESS:**
- **STREET 1:** 4900 TIEDEMAN ROAD, 4TH FLOOR
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Compass EMP Funds Trust
- **DATE OF NAME CHANGE:** 20120417

## Series and Classes Contracts Data

### VictoryShares US Small Cap High Div Volatility Wtd ETF (Series ID: S000049908)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000157589 | VictoryShares US Small Cap High Div Volatility Wtd ETF | CSB             |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Victory Portfolios II

- **b. Investment Company Act file number:** 811-22696

- **c. CIK number of Registrant:** 0001547580

- **d. LEI of Registrant:** 5493002SUQLUY3T5P040

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 4900 Tiedeman Road 4th Floor

  - **City:** Brooklyn

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 44144

  - **Telephone number:** 800-539-3863

**Item A.2. Information about the Series.**

- **a. Name of Series:** VictoryShares US Small Cap High Div Volatility Wtd ETF

- **b. EDGAR series identifier (if any):** S000049908

- **c. LEI of Series:** 549300GMUN0Q3JBDN646

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-06-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $376441443.27

**Total Liabilities:** $7698190.92

**Net Assets:** $368743252.35

**Cash Not Reported:** $1730217.50

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000157589 | 14.35%               | 4.25%                | -5.26%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.01                    | $42225361.05                               |
| Month 2  | $-0.01                   | $13103980.68                               |
| Month 3  | $-324288.58              | $-21070473.49                              |

### Schedule of Portfolio Investments

| Name                                           | Title                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| DANA INCORPORATED                              | DANA INC                             | CUSIP: 235825205<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | EC               | CORP              | US        |    146173 | NS      | $2211597.49   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| WESBANCO, INC.                                 | WESBANCO INC                         | CUSIP: 950810101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    149084 | NS      | $5513126.32   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN EAGLE OUTFITTERS, INC.                | AMERICAN EAGLE OUTFITTERS            | CUSIP: 02553E106<br>LEI: 5299001Z9HXK01DHW793 | Long             | EC               | CORP              | US        |    195626 | NS      | $2730938.96   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHNITZER STEEL INDUSTRIES, INC.               | SCHNITZER STEEL INDUSTRIES INC       | CUSIP: 806882106<br>LEI: 549300F62TK8VRDSM285 | Long             | EC               | CORP              | US        |     72775 | NS      | $2230553.75   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHWEST NATURAL HOLDING COMPANY              | NORTHWEST NATURAL HOLDING CO         | CUSIP: 66765N105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    106190 | NS      | $5053582.10   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| BARNES GROUP INC.                              | BARNES GROUP INC                     | CUSIP: 067806109<br>LEI: G1MSYD2DQZX30V5DMX12 | Long             | EC               | CORP              | US        |    131132 | NS      | $5356742.20   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC US GOVERNMENT MONEY MARKET FUND           | HSBC US GOVT MMKT-I                  | CUSIP: 40428X107<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1890144 | NS      | $1890143.88   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| PACTIV EVERGREEN INC.                          | PACTIV EVERGREEN INC                 | CUSIP: 69526K105<br>LEI: 894500GNKGJRUSH1F791 | Long             | EC               | CORP              | US        |    269479 | NS      | $3061281.44   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| B&G FOODS, INC.                                | B G FOODS INC                        | CUSIP: 05508R106<br>LEI: 549300TRW1LZMDJZAQ78 | Long             | EC               | CORP              | US        |    164469 | NS      | $1833829.35   | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| SPECTRUM BRANDS HOLDINGS, INC.                 | SPECTRUM BRANDS HOLDINGS INC         | CUSIP: 84790A105<br>LEI: 549300JM0MJETDD30O20 | Long             | EC               | CORP              | US        |     59355 | NS      | $3615906.60   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| APOGEE ENTERPRISES, INC.                       | APOGEE ENTERPRISES INC               | CUSIP: 037598109<br>LEI: 549300579S7QW8V4IJ60 | Long             | EC               | CORP              | US        |     84560 | NS      | $3759537.60   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDIFAST, INC.                                 | MEDIFAST INC                         | CUSIP: 58470H101<br>LEI: 5299000YHQJ21T5KKI80 | Long             | EC               | CORP              | US        |     20916 | NS      | $2412660.60   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| BLOOMIN' BRANDS, INC.                          | BLOOMIN BRANDS INC                   | CUSIP: 094235108<br>LEI: E1UJ2GO305B5FXGV7N04 | Long             | EC               | CORP              | US        |    116008 | NS      | $2334080.96   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMPING WORLD HOLDINGS, INC.                   | CAMPING WORLD HOLDINGS INC           | CUSIP: 13462K109<br>LEI: 549300E828QQI7MWI432 | Long             | EC               | CORP              | US        |     81865 | NS      | $1827226.80   | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| COGENT COMMUNICATIONS HOLDINGS, INC.           | COGENT COMMUNICATIONS HOLDINGS INC   | CUSIP: 19239V302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     78107 | NS      | $4458347.56   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST FINANCIAL BANCORP.                       | FIRST FINANCIAL BANCORP              | CUSIP: 320209109<br>LEI: 549300D3F5B3EZMY7P77 | Long             | EC               | CORP              | US        |    214089 | NS      | $5187376.47   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| S & T BANCORP, INC.                            | S T BANCORP INC                      | CUSIP: 783859101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    179983 | NS      | $6151818.94   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| WORTHINGTON INDUSTRIES, INC.                   | WORTHINGTON INDUSTRIES INC           | CUSIP: 981811102<br>LEI: 1WRCIANKYOIK6KYE5E82 | Long             | EC               | CORP              | US        |     59457 | NS      | $2955607.47   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| TRINITY INDUSTRIES, INC.                       | TRINITY INDUSTRIES INC               | CUSIP: 896522109<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | EC               | CORP              | US        |    151447 | NS      | $4478287.79   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| PATRICK INDUSTRIES, INC.                       | PATRICK INDUSTRIES INC               | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |     49834 | NS      | $3019940.40   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPASS DIVERSIFIED HOLDINGS                   | COMPASS DIVERSIFIED HOLDINGS         | CUSIP: 20451Q104<br>LEI: 5299001SM1LBYANJRR58 | Long             | EC               | CORP              | US        |    151230 | NS      | $2756922.90   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| STEELCASE INC.                                 | STEELCASE INC CL A                   | CUSIP: 858155203<br>LEI: GIE4CCPBJDI8SMV1OX95 | Long             | EC               | CORP              | US        |    354794 | NS      | $2508393.58   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| NAVIENT CORPORATION                            | NAVIENT CORP                         | CUSIP: 63938C108<br>LEI: 54930067J0ZNOEBRW338 | Long             | EC               | CORP              | US        |    188100 | NS      | $3094245.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF GOVERNMENT-INST                | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1890144 | NS      | $1890143.86   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| THE RMR GROUP INC.                             | RMR GROUP INC THE                    | CUSIP: 74967R106<br>LEI: 549300JP4L34E48UJM16 | Long             | EC               | CORP              | US        |    185972 | NS      | $5253709.00   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| KENNAMETAL INC.                                | KENNAMETAL INC                       | CUSIP: 489170100<br>LEI: 549300GZDSG25XUV0Y08 | Long             | EC               | CORP              | US        |    146302 | NS      | $3520026.12   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| KFORCE INC.                                    | KFORCE INC                           | CUSIP: 493732101<br>LEI: 5493003RDQQDVXY2SK46 | Long             | EC               | CORP              | US        |     63507 | NS      | $3482088.81   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHWESTERN CORPORATION                       | NORTHWESTERN CORP                    | CUSIP: 668074305<br>LEI: 3BPWMBHR1R9SHUN7J795 | Long             | EC               | CORP              | US        |    108347 | NS      | $6429310.98   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Kontoor Brands, Inc.                           | KONTOOR BRANDS INC                   | CUSIP: 50050N103<br>LEI: 549300M0CPXV65RFF271 | Long             | EC               | CORP              | US        |     70092 | NS      | $2802979.08   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| SINCLAIR BROADCAST GROUP, INC.                 | SINCLAIR BROADCAST GROUP A           | CUSIP: 829226109<br>LEI: 529900879GWQV880PQ28 | Long             | EC               | CORP              | US        |    119673 | NS      | $1856128.23   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| LA-Z-BOY INCORPORATED                          | LA Z BOY INC                         | CUSIP: 505336107<br>LEI: 549300WNO1WMN9ZG2519 | Long             | EC               | CORP              | US        |    111388 | NS      | $2541874.16   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BUCKLE, INC.                               | BUCKLE INC THE                       | CUSIP: 118440106<br>LEI: 5299007IU0461T3GDL34 | Long             | EC               | CORP              | US        |     78326 | NS      | $3552084.10   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| MCGRATH RENTCORP                               | MCGRATH RENTCORP                     | CUSIP: 580589109<br>LEI: 254900EUH6IPWFQ83445 | Long             | EC               | CORP              | US        |     58112 | NS      | $5737978.88   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| GUESS ?, INC.                                  | GUESS INC                            | CUSIP: 401617105<br>LEI: 549300QVH3ZK2DW0KP86 | Long             | EC               | CORP              | US        |    123341 | NS      | $2551925.29   | 0.69%             |  |  |  | No            |                  1 | On Loan: —       |
| M.D.C. HOLDINGS, INC.                          | MDC HOLDINGS INC                     | CUSIP: 552676108<br>LEI: 5299005FV4VNV75R8R35 | Long             | EC               | CORP              | US        |     91015 | NS      | $2876074.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| MONRO, INC.                                    | MONRO INC                            | CUSIP: 610236101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     66605 | NS      | $3010546.00   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| MUELLER WATER PRODUCTS, INC.                   | MUELLER WATER PRODUCTS INC           | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |    376332 | NS      | $4049332.32   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridge Investment Group Holdings Inc           | BRIDGE INVESTMENT GROUP HOLDINGS INC | CUSIP: 10806B100<br>LEI: 254900DM5RNXPXHN9V91 | Long             | EC               | CORP              | US        |    190313 | NS      | $2293271.65   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| H&E EQUIPMENT SERVICES, INC.                   | H E EQUIPMENT SERVICES INC           | CUSIP: 404030108<br>LEI: 254900KVLRCDMQRYY541 | Long             | EC               | CORP              | US        |     81755 | NS      | $3711677.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| OCEANFIRST FINANCIAL CORP.                     | OCEANFIRST FINANCIAL CORP            | CUSIP: 675234108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    280276 | NS      | $5955865.00   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND | GLDMN SCHS FIN SQ GV-FST             | CUSIP: 38141W273<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1890144 | NS      | $1890143.88   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| STEVEN MADDEN, LTD.                            | STEVEN MADDEN LTD                    | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |    103312 | NS      | $3301851.52   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| RUSSELL 2000 MINI INDEX FUTURE MAR23           | RUSSELL 2000 MINI INDEX FUTURE MAR23 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        20 | NC      | $10978.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITOL FEDERAL FINANCIAL, INC.                | CAPITOL FEDERAL FINANCIAL INC        | CUSIP: 14057J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    743969 | NS      | $6435331.85   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| MGE ENERGY, INC.                               | MGE ENERGY INC                       | CUSIP: 55277P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     80583 | NS      | $5673043.20   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| HOPE BANCORP, INC.                             | HOPE BANCORP INC                     | CUSIP: 43940T109<br>LEI: 549300UTF4QGMBHIZ219 | Long             | EC               | CORP              | US        |    300361 | NS      | $3847624.41   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL INDUSTRIAL COMPANY                      | GLOBAL INDUSTRIAL CO                 | CUSIP: 37892E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     96392 | NS      | $2268103.76   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| FRANCHISE GROUP, INC.                          | FRANCHISE GROUP INC                  | CUSIP: 35180X105<br>LEI: 549300MWCHSL8BSOMV77 | Long             | EC               | CORP              | US        |     76298 | NS      | $1817418.36   | 0.49%             |  |  |  | No            |                  1 | On Loan: —       |
| SAFETY INSURANCE GROUP, INC.                   | SAFETY INSURANCE GROUP INC           | CUSIP: 78648T100<br>LEI: 254900LDCFLA3J746840 | Long             | EC               | CORP              | US        |     67801 | NS      | $5712912.26   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| STANDARD MOTOR PRODUCTS, INC.                  | STANDARD MOTOR PRODS                 | CUSIP: 853666105<br>LEI: THGK1EO5B5HK0JHQVZ90 | Long             | EC               | CORP              | US        |     98498 | NS      | $3427730.40   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| SJW GROUP                                      | SJW GROUP                            | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     87578 | NS      | $7110457.82   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| BENCHMARK ELECTRONICS, INC.                    | BENCHMARK ELECTRONICS INC            | CUSIP: 08160H101<br>LEI: 549300W18RHYZOZKOP53 | Long             | EC               | CORP              | US        |    153675 | NS      | $4101585.75   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| HILLENBRAND, INC.                              | HILLENBRAND INC                      | CUSIP: 431571108<br>LEI: U246OE781574J2BUD366 | Long             | EC               | CORP              | US        |     95816 | NS      | $4088468.72   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| VISHAY INTERTECHNOLOGY, INC.                   | VISHAY INTERTECHNOLOGY INC           | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |    193767 | NS      | $4179554.19   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital, Inc.                             | INTERDIGITAL INC                     | CUSIP: 45867G101<br>LEI: 529900HQAUTC3VI47G64 | Long             | EC               | CORP              | US        |     81095 | NS      | $4012580.60   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| KB HOME                                        | KB HOME                              | CUSIP: 48666K109<br>LEI: 549300LGUCWQURMWLG09 | Long             | EC               | CORP              | US        |     86855 | NS      | $2766331.75   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHN WILEY & SONS, INC.                        | WILEY JOHN SONS CLASS A              | CUSIP: 968223206<br>LEI: 5493003XM719UN7E8P64 | Long             | EC               | CORP              | US        |     97169 | NS      | $3892590.14   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| COLUMBIA BANKING SYSTEM, INC.                  | COLUMBIA BANKING SYSTEM INC          | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    127716 | NS      | $3848083.08   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| JACKSON FINANCIAL INC.                         | JACKSON FINANCIAL INC                | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |     74273 | NS      | $2583957.67   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| TELEPHONE AND DATA SYSTEMS, INC.               | TELEPHONE DATA SYSTEMS INC           | CUSIP: 879433829<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    219630 | NS      | $2303918.70   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| STURM, RUGER & COMPANY, INC.                   | STURM RUGER COMPANY                  | CUSIP: 864159108<br>LEI: 529900DV1BWFJSHFO847 | Long             | EC               | CORP              | US        |     90689 | NS      | $4590677.18   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| BOISE CASCADE COMPANY                          | BOISE CASCADE CO                     | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |     34759 | NS      | $2386900.53   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTHCARE SERVICES GROUP, INC.                | HEALTHCARE SERVICES GROUP            | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               | CORP              | US        |    199765 | NS      | $2397180.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL HEALTHCARE CORPORATION                | NATIONAL HEALTHCARE CORP             | CUSIP: 635906100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     79231 | NS      | $4714244.50   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITIL CORPORATION                             | UNITIL CORP                          | CUSIP: 913259107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     76553 | NS      | $3931762.08   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCHROCK INC.                                  | ARCHROCK INC                         | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |    428469 | NS      | $3847651.62   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cracker Barrel Old Country Store, Inc.         | CRACKER BARREL OLD COUNTRY STORE INC | CUSIP: 22410J106<br>LEI: 8P4PHQIUWPIECBFBW745 | Long             | EC               | CORP              | US        |     29018 | NS      | $2749165.32   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| RENT-A-CENTER, INC.                            | RENT A CENTER INC TX                 | CUSIP: 76009N100<br>LEI: 529900QUHE15UQNCCJ63 | Long             | EC               | CORP              | US        |     76173 | NS      | $1717701.15   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| HNI CORPORATION                                | HNI CORP                             | CUSIP: 404251100<br>LEI: 549300SKRADLC4O5HV93 | Long             | EC               | CORP              | US        |    117978 | NS      | $3354114.54   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| JACK IN THE BOX INC.                           | JACK IN THE BOX INC                  | CUSIP: 466367109<br>LEI: 5493002OJW26P0SUUP68 | Long             | EC               | CORP              | US        |     39105 | NS      | $2668134.15   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| ARTISAN PARTNERS ASSET MANAGEMENT INC.         | ARTISAN PARTNERS ASSET MA A          | CUSIP: 04316A108<br>LEI: 549300T1FUI6JF63XU51 | Long             | EC               | CORP              | US        |    101389 | NS      | $3011253.30   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| NewMarket Corporation                          | NEWMARKET CORP                       | CUSIP: 651587107<br>LEI: 54930082CG88ERDREQ47 | Long             | EC               | CORP              | US        |     15862 | NS      | $4934826.82   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHWEST BANCSHARES, INC.                     | NORTHWEST BANCSHARES INC             | CUSIP: 667340103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    445886 | NS      | $6233486.28   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST BUSEY CORPORATION                        | FIRST BUSEY CORP                     | CUSIP: 319383204<br>LEI: 549300X4ZNLYSX7GUY60 | Long             | EC               | CORP              | US        |    218342 | NS      | $5397414.24   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| PROVIDENT FINANCIAL SERVICES, INC.             | PROVIDENT FINANCIAL SVCS             | CUSIP: 74386T105<br>LEI: 529900JOSO3SXEDVE477 | Long             | EC               | CORP              | US        |    269800 | NS      | $5762928.00   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| VECTOR GROUP LTD.                              | VECTOR GROUP LTD                     | CUSIP: 92240M108<br>LEI: 549300TUIF4WWN6NDN50 | Long             | EC               | CORP              | US        |    317506 | NS      | $3765621.16   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DINE BRANDS GLOBAL, INC.                       | DINE BRANDS GLOBAL INC               | CUSIP: 254423106<br>LEI: 529900HKM8OWSHLKJY75 | Long             | EC               | CORP              | US        |     37305 | NS      | $2409903.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| SPARTANNASH COMPANY                            | SPARTANNASH CO                       | CUSIP: 847215100<br>LEI: 549300TV3QCCSQLF5X16 | Long             | EC               | CORP              | US        |    118257 | NS      | $3576091.68   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| NU SKIN ENTERPRISES, INC.                      | NU SKIN ENTERPRISES INC CLASS A      | CUSIP: 67018T105<br>LEI: 54930050DETB6CP71D38 | Long             | EC               | CORP              | US        |     76226 | NS      | $3213688.16   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| KENNEDY-WILSON HOLDINGS, INC.                  | KENNEDY WILSON HOLDINGS INC          | CUSIP: 489398107<br>LEI: 549300MOI1T78144X610 | Long             | EC               | CORP              | US        |    267261 | NS      | $4204015.53   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| THE GREENBRIER COMPANIES, INC.                 | GREENBRIER COS INC THE               | CUSIP: 393657101<br>LEI: 5493001GAGGFR30BP390 | Long             | EC               | CORP              | US        |    111256 | NS      | $3730413.68   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL RESEARCH CORPORATION                  | NATIONAL RESEARCH CORP               | CUSIP: 637372202<br>LEI: 549300FQIORB6GZCYT15 | Long             | EC               | CORP              | US        |    106127 | NS      | $3958537.10   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| STR SUB INC.                                   | SITIO ROYALTIES CORP A               | CUSIP: 82983N108<br>LEI: 549300OILIONON7XK623 | Long             | EC               | CORP              | US        |    212443 | NS      | $6128988.77   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| AVISTA CORPORATION                             | AVISTA CORP                          | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |    145738 | NS      | $6462022.92   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| KAMAN CORPORATION                              | KAMAN CORP                           | CUSIP: 483548103<br>LEI: 5493003YK076OLTEQF95 | Long             | EC               | CORP              | US        |    108258 | NS      | $2414153.40   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| DELUXE CORPORATION                             | DELUXE CORP                          | CUSIP: 248019101<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | EC               | CORP              | US        |    182356 | NS      | $3096404.88   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Energizer Holdings, Inc.                       | ENERGIZER HOLDINGS INC               | CUSIP: 29272W109<br>LEI: 5493000D6NN0V57UME20 | Long             | EC               | CORP              | US        |    129635 | NS      | $4349254.25   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NORDSTROM, INC.                                | NORDSTROM INC                        | CUSIP: 655664100<br>LEI: 549300S3IZB5P35KNV16 | Long             | EC               | CORP              | US        |     95236 | NS      | $1537109.04   | 0.42%             |  |  |  | No            |                  1 | On Loan: —       |
| FRESH DEL MONTE PRODUCE INC.                   | FRESH DEL MONTE PRODUCE INC          | CUSIP: G36738105<br>LEI: 529900I72V9F0FEZR228 | Long             | EC               | CORP              | KY        |    151538 | NS      | $3968780.22   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| TRINSEO PUBLIC LIMITED COMPANY                 | TRINSEO PLC                          | CUSIP: G9059U107<br>LEI: 549300TJ3HIGDA2Z8315 | Long             | EC               | CORP              | IE        |     86384 | NS      | $1961780.64   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| WOLVERINE WORLD WIDE, INC.                     | WOLVERINE WORLD WIDE INC             | CUSIP: 978097103<br>LEI: 549300OVC7PK14LQ8D87 | Long             | EC               | CORP              | US        |    141199 | NS      | $1543305.07   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| FULTON FINANCIAL CORPORATION                   | FULTON FINANCIAL CORP                | CUSIP: 360271100<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EC               | CORP              | US        |    299127 | NS      | $5034307.41   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Mativ Holdings, Inc.                           | MATIV INC                            | CUSIP: 808541106<br>LEI: 549300Z1FU4IDULG1R21 | Long             | EC               | CORP              | US        |    137257 | NS      | $2868671.30   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| GCM Grosvenor Inc.                             | GCM GROSVENOR INC                    | CUSIP: 36831E108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    535953 | NS      | $4078602.33   | 1.11%             |  |  |  | No            |                  1 | On Loan: —       |
| SOUTHSIDE BANCSHARES, INC.                     | SOUTHSIDE BANCSHARES INC             | CUSIP: 84470P109<br>LEI: 549300TC83207VQA2K65 | Long             | EC               | CORP              | US        |    153408 | NS      | $5521153.92   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| PATTERSON COMPANIES, INC.                      | PATTERSON COS INC                    | CUSIP: 703395103<br>LEI: YM48Q2087CUE26GWEK09 | Long             | EC               | CORP              | US        |    149033 | NS      | $4177394.99   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| WABASH NATIONAL CORPORATION                    | WABASH NATIONAL CORP                 | CUSIP: 929566107<br>LEI: 5299004ZAWHQZI5XO485 | Long             | EC               | CORP              | US        |    168123 | NS      | $3799579.80   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| U. S. PHYSICAL THERAPY, INC.                   | US PHYSICAL THERAPY INC              | CUSIP: 90337L108<br>LEI: 529900KL1UXQYFIOMY96 | Long             | EC               | CORP              | US        |     34189 | NS      | $2770334.67   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| MOELIS & COMPANY                               | MOELIS CO CLASS A                    | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |     83964 | NS      | $3221698.68   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| STRATEGIC EDUCATION, INC.                      | STRATEGIC EDUCATION INC              | CUSIP: 86272C103<br>LEI: 0PYXF82EO1UCNGL5I740 | Long             | EC               | CORP              | US        |     46504 | NS      | $3642193.28   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| BREAD FINANCIAL HOLDINGS, INC.                 | BREAD FINANCIAL HOLDINGS             | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |     64040 | NS      | $2411746.40   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO          | INVESCO GVT & AGNCY-INST             | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1890144 | NS      | $1890143.88   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| LCI INDUSTRIES                                 | LCI INDUSTRIES                       | CUSIP: 50189K103<br>LEI: 549300E1B98YNJ1WIQ04 | Long             | EC               | CORP              | US        |     22078 | NS      | $2041111.10   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVERSAL CORPORATION                          | UNIVERSAL CORP                       | CUSIP: 913456109<br>LEI: 549300BZXZ66F6DTIF20 | Long             | EC               | CORP              | US        |     95278 | NS      | $5031631.18   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** Victory Portfolios II

**Signature:** Allan Shaer

**Name of Signer:** Allan Shaer

**Title:** Treasurer