ULVM / Victory Portfolios II - VictoryShares US Value Momentum ETF - Pengajuan SECLaporan Tahunan, Pernyataan Proksi

As filed with the Securities and Exchange Commission on June 24, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURTIES PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES

As filed with the Securities and Exchange Commission on June 24, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

Title of each class of securities

As filed with the Securities and Exchange Commission on December 3, 2024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

Title of each class of securities

As filed with the Securities and Exchange Commission on July 8, 2024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

Title of each class of securities

As filed with the Securities and Exchange Commission on June 18, 2024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

CDL / Victory Portfolios II - VictoryShares US Large Cap High Div Volatility Wtd ETF / ATLANTIC FAMILY WEALTH, LLC - ATLANTIC FAMILY WEALTH, LLC Passive Investment

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 VICTORY PORTFOLIOS II (Name of Issuer) EXCHANGE TRADED PRODUCT (Title of Class of Securities) 92647N865 (CUSIP Number) December 31, 2023 (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule

Title of each class of securities

As filed with the Securities and Exchange Commission on December 18, 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

Title of each class of securities

As filed with the Securities and Exchange Commission on June 16, 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

Number of Contracts

NPORT-EX 2 90040001547580.htm Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2022 (Unaudited) Security Description Shares Value Common Stocks (23.1%) Communication Services (1.0%): Alphabet, Inc., Class A (a) 210 $ 20,086 AT&T, Inc. 1,706 26,170 Charter Communications, Inc., Class A (a) 59 17,898 Comcast Corp., Class A 843 24

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2022 (Unaudited) Security Description Shares Value Common Stocks (23.

Number of Contracts

NPORT-EX 2 90000001547580.htm Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2022 (Unaudited) Security Description Shares Value Common Stocks (23.1%) Communication Services (1.0%): Alphabet, Inc., Class A (a) 210 $ 20,086 AT&T, Inc. 1,706 26,170 Charter Communications, Inc., Class A (a) 59 17,898 Comcast Corp., Class A 843 24

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2022 (Unaudited) Security Description Shares Value Common Stocks (23.

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2022 (Unaudited) Security Description Shares Value Common Stocks (23.

Number of Contracts

NPORT-EX 2 90070001547580.htm Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2022 (Unaudited) Security Description Shares Value Common Stocks (23.1%) Communication Services (1.0%): Alphabet, Inc., Class A (a) 210 $ 20,086 AT&T, Inc. 1,706 26,170 Charter Communications, Inc., Class A (a) 59 17,898 Comcast Corp., Class A 843 24

Number of Contracts

NPORT-EX 2 90020001547580.htm Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2022 (Unaudited) Security Description Shares Value Common Stocks (23.1%) Communication Services (1.0%): Alphabet, Inc., Class A (a) 210 $ 20,086 AT&T, Inc. 1,706 26,170 Charter Communications, Inc., Class A (a) 59 17,898 Comcast Corp., Class A 843 24

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2022 (Unaudited) Security Description Shares Value Common Stocks (23.

Number of Contracts

NPORT-EX 2 90240001547580.htm Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2022 (Unaudited) Security Description Shares Value Common Stocks (23.1%) Communication Services (1.0%): Alphabet, Inc., Class A (a) 210 $ 20,086 AT&T, Inc. 1,706 26,170 Charter Communications, Inc., Class A (a) 59 17,898 Comcast Corp., Class A 843 24

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2022 (Unaudited) Security Description Shares Value Common Stocks (23.

Number of Contracts

NPORT-EX 2 90090001547580.htm Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2022 (Unaudited) Security Description Shares Value Common Stocks (23.1%) Communication Services (1.0%): Alphabet, Inc., Class A (a) 210 $ 20,086 AT&T, Inc. 1,706 26,170 Charter Communications, Inc., Class A (a) 59 17,898 Comcast Corp., Class A 843 24

Number of Contracts

NPORT-EX 2 2020001547580.htm Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2022 (Unaudited) Security Description Shares Value Common Stocks (23.1%) Communication Services (1.0%): Alphabet, Inc., Class A (a) 210 $ 20,086 AT&T, Inc. 1,706 26,170 Charter Communications, Inc., Class A (a) 59 17,898 Comcast Corp., Class A 843 24,

Number of Contracts

NPORT-EX 2 9180001547580.htm Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2022 (Unaudited) Security Description Shares Value Common Stocks (23.1%) Communication Services (1.0%): Alphabet, Inc., Class A (a) 210 $ 20,086 AT&T, Inc. 1,706 26,170 Charter Communications, Inc., Class A (a) 59 17,898 Comcast Corp., Class A 843 24,

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2022 (Unaudited) Security Description Shares Value Common Stocks (23.

Number of Contracts

NPORT-EX 2 90110001547580.htm Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2022 (Unaudited) Security Description Shares Value Common Stocks (23.1%) Communication Services (1.0%): Alphabet, Inc., Class A (a) 210 $ 20,086 AT&T, Inc. 1,706 26,170 Charter Communications, Inc., Class A (a) 59 17,898 Comcast Corp., Class A 843 24

Number of Contracts

NPORT-EX 2 2040001547580.htm Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2022 (Unaudited) Security Description Shares Value Common Stocks (23.1%) Communication Services (1.0%): Alphabet, Inc., Class A (a) 210 $ 20,086 AT&T, Inc. 1,706 26,170 Charter Communications, Inc., Class A (a) 59 17,898 Comcast Corp., Class A 843 24,

Number of Contracts

NPORT-EX 2 2000001547580.htm Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2022 (Unaudited) Security Description Shares Value Common Stocks (23.1%) Communication Services (1.0%): Alphabet, Inc., Class A (a) 210 $ 20,086 AT&T, Inc. 1,706 26,170 Charter Communications, Inc., Class A (a) 59 17,898 Comcast Corp., Class A 843 24,

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2022 (Unaudited) Security Description Shares Value Common Stocks (23.

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2022 (Unaudited) Security Description Shares Value Common Stocks (23.

Number of Contracts

NPORT-EX 2 90150001547580.htm Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2022 (Unaudited) Security Description Shares Value Common Stocks (23.1%) Communication Services (1.0%): Alphabet, Inc., Class A (a) 210 $ 20,086 AT&T, Inc. 1,706 26,170 Charter Communications, Inc., Class A (a) 59 17,898 Comcast Corp., Class A 843 24

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2022 (Unaudited) Security Description Shares Value Common Stocks (23.

Number of Contracts

NPORT-EX 2 2030001547580.htm Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2022 (Unaudited) Security Description Shares Value Common Stocks (23.1%) Communication Services (1.0%): Alphabet, Inc., Class A (a) 210 $ 20,086 AT&T, Inc. 1,706 26,170 Charter Communications, Inc., Class A (a) 59 17,898 Comcast Corp., Class A 843 24,

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2022 (Unaudited) Security Description Shares Value Common Stocks (23.

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2022 (Unaudited) Security Description Shares Value Common Stocks (23.

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2022 (Unaudited) Security Description Shares Value Common Stocks (23.

Title of each class of securities

As filed with the Securities and Exchange Commission on October 31, 2022 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 25 NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 25 NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934. Commission File Number 333-181176 Victory Portfolios II / NYSE Arca, Inc. (Exact name of Issuer as specified in its charter, and name of Exchange where security is listed and/or registered) 4900 Tiedeman

SIDLEY AUSTIN LLP 787 SEVENTH AVENUE NEW YORK, NY 10019 +1 212 839 5300

CORRESP 1 filename1.htm SIDLEY AUSTIN LLP 787 SEVENTH AVENUE NEW YORK, NY 10019 +1 212 839 5300 +1 212 839 5599 FAX AMERICA • ASIA PACIFIC • EUROPE FILED VIA EDGAR October 18, 2022 Mark Cowan U.S. Securities and Exchange Commission Division of Investment Management Disclosure Review Office 100 F Street, N.E. Washington, DC 20549 Re: VictoryShares US Value Momentum ETF VictoryShares US Small Mid Ca

Title of each class of securities

As filed with the Securities and Exchange Commission on October 7, 2022 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

SIDLEY AUSTIN LLP 787 SEVENTH AVENUE NEW YORK, NY 10019 +1 212 839 5300

SIDLEY AUSTIN LLP 787 SEVENTH AVENUE NEW YORK, NY 10019 +1 212 839 5300 +1 212 839 5599 FAX AMERICA • ASIA PACIFIC • EUROPE FILED VIA EDGAR October 5, 2022 Mark Cowan U.

Sidley Austin (NY) LLP is a Delaware limited liability partnership doing business as Sidley Austin LLP and practicing in affiliation with other Sidley Austin partnerships.

Sidley Austin LLP 787 Seventh Avenue New York, NY 10019 +1 212 839 5300 +1 212 839 5599 Fax AMERICA · ASIA PACIFIC · EUROPE VIA EDGAR August 30, 2022 Securities and Exchange Commission 100 F Street, N.

Sidley Austin (NY) LLP is a Delaware limited liability partnership doing business as Sidley Austin LLP and practicing in affiliation with other Sidley Austin partnerships.

Sidley Austin LLP 787 Seventh Avenue New York, NY 10019 +1 212 839 5300 +1 212 839 5599 Fax AMERICA · ASIA PACIFIC · EUROPE VIA EDGAR July 26, 2022 Securities and Exchange Commission 100 F Street, N.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2022 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2022 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2022 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2022 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2022 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2022 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2022 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2022 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2022 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2022 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2022 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2022 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2022 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2022 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2022 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2022 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2022 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2022 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2022 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2022 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2022 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2022 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2022 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2022 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2022 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Title of each class of securities

As filed with the Securities and Exchange Commission on October 1, 2021 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

SIDLEY AUSTIN LLP 787 SEVENTH AVENUE NEW YORK, NY 10019 +1 212 839 5300

SIDLEY AUSTIN LLP 787 SEVENTH AVENUE NEW YORK, NY 10019 +1 212 839 5300 +1 212 839 5599 FAX AMERICA ? ASIA PACIFIC ? EUROPE FILED VIA EDGAR September 24, 2021 Mark Cowan U.

SIDLEY AUSTIN LLP 787 SEVENTH AVENUE NEW YORK, NY 10019 +1 212 839 5300

CORRESP 1 filename1.htm SIDLEY AUSTIN LLP 787 SEVENTH AVENUE NEW YORK, NY 10019 +1 212 839 5300 +1 212 839 5599 FAX AMERICA • ASIA PACIFIC • EUROPE FILED VIA EDGAR September 16, 2021 John Kernan U.S. Securities and Exchange Commission Division of Investment Management Disclosure Review and Accounting Office 100 F Street NE Washington, DC 20549 Re: Victory Portfolios, File No. 811-04852 Victory Por

Sidley Austin (NY) LLP is a Delaware limited liability partnership doing business as Sidley Austin LLP and practicing in affiliation with other Sidley Austin partnerships.

Sidley Austin LLP 787 Seventh Avenue New York, NY 10019 +1 212 839 5300 +1 212 839 5599 Fax AMERICA ? ASIA PACIFIC ? EUROPE VIA EDGAR July 16, 2021 Securities and Exchange Commission 100 F Street, N.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund March 31, 2021 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Unrealized Appreciation (Depreciation)

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

- 8-A12B

As filed with the Securities and Exchange Commission on November 3, 2020 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

2

Sidley Austin LLP 787 Seventh Avenue New York, NY 10019 +1 212 839 5300 +1 212 839 5599 Fax AMERICA ? ASIA PACIFIC ? EUROPE FILED VIA EDGAR November 2, 2020 John Ganley U.

- 8-A12B

As filed with the Securities and Exchange Commission on September 4, 2020 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

Sidley Austin (NY) LLP is a Delaware limited liability partnership doing business as Sidley Austin LLP and practicing in affiliation with other Sidley Austin partnerships.

Sidley Austin LLP 787 Seventh Avenue New York, NY 10019 +1 212 839 5300 +1 212 839 5599 Fax AMERICA ? ASIA PACIFIC ? EUROPE FILED VIA EDGAR September 1, 2020 John Ganley U.

Sidley Austin (NY) LLP is a Delaware limited liability partnership doing business as Sidley Austin LLP and practicing in affiliation with other Sidley Austin partnerships.

SIDLEY AUSTIN LLP 787 SEVENTH AVENUE NEW YORK, NY 10019 +1 212 839 5300 +1 212 839 5599 FAX AMERICA · ASIA PACIFIC · EUROPE VIA EDGAR June 19, 2020 Securities and Exchange Commission 100 F Street, N.

-

SIDLEY AUSTIN LLP 787 SEVENTH AVENUE NEW YORK, NY 10019 +1 212 839 5300 +1 212 839 5599 FAX AMERICA · ASIA PACIFIC · EUROPE FILED VIA EDGAR June 2, 2020 Mark Cowan Senior Counsel U.

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments VictoryShares US 500 Volatility Wtd ETF March 31, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments VictoryShares US 500 Volatility Wtd ETF March 31, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments VictoryShares US 500 Volatility Wtd ETF March 31, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments VictoryShares US 500 Volatility Wtd ETF March 31, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments VictoryShares US 500 Volatility Wtd ETF March 31, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments VictoryShares US 500 Volatility Wtd ETF March 31, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments VictoryShares US 500 Volatility Wtd ETF March 31, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments VictoryShares US 500 Volatility Wtd ETF March 31, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments VictoryShares US 500 Volatility Wtd ETF March 31, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments VictoryShares US 500 Volatility Wtd ETF March 31, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments VictoryShares US 500 Volatility Wtd ETF March 31, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments VictoryShares US 500 Volatility Wtd ETF March 31, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments VictoryShares US 500 Volatility Wtd ETF March 31, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments VictoryShares US 500 Volatility Wtd ETF March 31, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments VictoryShares US 500 Volatility Wtd ETF March 31, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments VictoryShares US 500 Volatility Wtd ETF March 31, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments VictoryShares US 500 Volatility Wtd ETF March 31, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments VictoryShares US 500 Volatility Wtd ETF March 31, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments VictoryShares US 500 Volatility Wtd ETF March 31, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments VictoryShares US 500 Volatility Wtd ETF March 31, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments VictoryShares US 500 Volatility Wtd ETF March 31, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

Number of Contracts

Victory Portfolios II Schedule of Portfolio Investments VictoryShares US 500 Volatility Wtd ETF March 31, 2020 (Unaudited) Security Description Shares Value Common Stocks (99.

599 Lexington Avenue New York, NY 10022-6069

599 Lexington Avenue New York, NY 10022-6069 +1.212.848.4000 VIA EDGAR April 2, 2020 Securities and Exchange Commission 100 F Street, N.E. Washington, D.C. 20549 Attn: Mark Cowan Victory Portfolios II — File Nos.: 333-181176 and 811-22696 Dear Mr. Cowan: On behalf of the Victory Market Neutral Income Fund (the “Fund”), a series of Victory Portfolios II (the “Trust” or the “Registrant”), we transmi

UIVM / VictoryShares USAA MSCI International Value Momentum ETF NPORT-EX - - SCHEDULE OF INVESTMENTS

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2019 (Unaudited) Security Description Shares Value Common Stocks (99.

UEVM / VictoryShares USAA MSCI Emerging Markets Value Momentum ETF NPORT-EX - - SCHEDULE OF INVESTMENTS

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2019 (Unaudited) Security Description Shares Value Common Stocks (99.

CSB / VictoryShares US Small Cap High Div Volatility Wtd ETF NPORT-EX - - SCHEDULE OF INVESTMENTS

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2019 (Unaudited) Security Description Shares Value Common Stocks (99.

CEY / VictoryShares Emerging Market High Div Volatility Wtd ETF NPORT-EX - - SCHEDULE OF INVESTMENTS

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2019 (Unaudited) Security Description Shares Value Common Stocks (99.

CBHAX / Victory Market Neutral Income Fund NPORT-EX - - SCHEDULE OF INVESTMENTS

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2019 (Unaudited) Security Description Shares Value Common Stocks (99.

UEVM / VictoryShares USAA MSCI Emerging Markets Value Momentum ETF NPORT-EX - - SCHEDULE OF INVESTMENTS

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2019 (Unaudited) Security Description Shares Value Common Stocks (99.

CSB / VictoryShares US Small Cap High Div Volatility Wtd ETF NPORT-EX - - SCHEDULE OF INVESTMENTS

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2019 (Unaudited) Security Description Shares Value Common Stocks (99.

CID / VictoryShares International High Div Volatility Wtd ETF NPORT-EX - - SCHEDULE OF INVESTMENTS

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2019 (Unaudited) Security Description Shares Value Common Stocks (99.

CDL / VictoryShares US Large Cap High Div Volatility Wtd ETF NPORT-EX - - SCHEDULE OF INVESTMENTS

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2019 (Unaudited) Security Description Shares Value Common Stocks (99.

CBHAX / Victory Market Neutral Income Fund NPORT-EX - - SCHEDULE OF INVESTMENTS

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2019 (Unaudited) Security Description Shares Value Common Stocks (99.

CSA / VictoryShares US Small Cap Volatility Wtd ETF NPORT-EX - - SCHEDULE OF INVESTMENTS

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2019 (Unaudited) Security Description Shares Value Common Stocks (99.

CUHAX / Victory US 500 Enhanced Volatility Wtd Index Fund NPORT-EX - - SCHEDULE OF INVESTMENTS

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2019 (Unaudited) Security Description Shares Value Common Stocks (99.

VSMV / VictoryShares US Multi-Factor Minimum Volatility ETF NPORT-EX - - SCHEDULE OF INVESTMENTS

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2019 (Unaudited) Security Description Shares Value Common Stocks (99.

USTB / VictoryShares USAA Core Short-Term Bond ETF NPORT-EX - - SCHEDULE OF INVESTMENTS

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2019 (Unaudited) Security Description Shares Value Common Stocks (99.

USVM / VictoryShares USAA MSCI USA Small Cap Value Momentum ETF NPORT-EX - - SCHEDULE OF INVESTMENTS

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2019 (Unaudited) Security Description Shares Value Common Stocks (99.

ULVM / VictoryShares USAA MSCI USA Value Momentum ETF NPORT-EX - - SCHEDULE OF INVESTMENTS

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2019 (Unaudited) Security Description Shares Value Common Stocks (99.

CSF / VictoryShares US Discovery Enhanced Volatility Wtd ETF NPORT-EX - - SCHEDULE OF INVESTMENTS

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2019 (Unaudited) Security Description Shares Value Common Stocks (99.

UITB / VictoryShares USAA Core Intermediate-Term Bond ETF NPORT-EX - - SCHEDULE OF INVESTMENTS

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2019 (Unaudited) Security Description Shares Value Common Stocks (99.

CFA / VictoryShares US 500 Volatility Wtd ETF NPORT-EX - - SCHEDULE OF INVESTMENTS

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2019 (Unaudited) Security Description Shares Value Common Stocks (99.

CIZ / VictoryShares Developed Enhanced Volatility Wtd ETF NPORT-EX - - SCHEDULE OF INVESTMENTS

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2019 (Unaudited) Security Description Shares Value Common Stocks (99.

CEY / VictoryShares Emerging Market High Div Volatility Wtd ETF NPORT-EX - - SCHEDULE OF INVESTMENTS

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2019 (Unaudited) Security Description Shares Value Common Stocks (99.

CEZ / VictoryShares Emerging Market Volatility Wtd ETF NPORT-EX - - SCHEDULE OF INVESTMENTS

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2019 (Unaudited) Security Description Shares Value Common Stocks (99.

CFO / VictoryShares US 500 Enhanced Volatility Wtd ETF NPORT-EX - - SCHEDULE OF INVESTMENTS

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2019 (Unaudited) Security Description Shares Value Common Stocks (99.

VSDA / VictoryShares Dividend Accelerator ETF NPORT-EX - - SCHEDULE OF INVESTMENTS

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2019 (Unaudited) Security Description Shares Value Common Stocks (99.

CDC / VictoryShares US EQ Income Enhanced Volatility Wtd ETF NPORT-EX - - SCHEDULE OF INVESTMENTS

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2019 (Unaudited) Security Description Shares Value Common Stocks (99.

CIL / VictoryShares International Volatility Wtd ETF NPORT-EX - - SCHEDULE OF INVESTMENTS

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2019 (Unaudited) Security Description Shares Value Common Stocks (99.

UIVM / VictoryShares USAA MSCI International Value Momentum ETF NPORT-EX - - SCHEDULE OF INVESTMENTS

Victory Portfolios II Schedule of Portfolio Investments Victory US 500 Enhanced Volatility Wtd Index Fund September 30, 2019 (Unaudited) Security Description Shares Value Common Stocks (99.

599 Lexington Avenue New York, NY 10022-6069

599 Lexington Avenue New York, NY 10022-6069 +1.212.848.4000 July 1, 2019 Victory Portfolios II 4900 Tiedeman Road, 4th Floor Brooklyn, Ohio 44144 USAA ETF Trust 9800 Fredericksburg Road San Antonio, TX 78288 Re: U.S. Federal Income Tax Issues Regarding the Plan of Reorganization between Series of USAA ETF Trust and Series of Victory Portfolios II Ladies and Gentlemen: You have requested our opini

CFA / Victory Portfolios II POS EX - - POS EX

As filed with the Securities and Exchange Commission on July 9, 2019 File No.: 333-229325 U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 o Pre-Effective Amendment No. x Post-Effective Amendment No. 1 (Check appropriate box or boxes) VICTORY PORTFOLIOS II (Exact Name of Registrant as Specified in Charter) 4900 Tiedema

CFA / Victory Portfolios II 8-A12B - - 8-A12B

As filed with the Securities and Exchange Commission on June 28, 2019 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

CFA / Victory Portfolios II NPORT-EX SCHEDULE OF INVESTMENTS

Victory Portfolios Schedule of Portfolio Investments Victory RS Partners Fund March 31, 2019 (Unaudited) Security Description Shares Value Common Stocks (107.

CFA / Victory Portfolios II NPORT-EX SCHEDULE OF INVESTMENTS

Victory Portfolios Schedule of Portfolio Investments Victory RS Partners Fund March 31, 2019 (Unaudited) Security Description Shares Value Common Stocks (107.

CFA / Victory Portfolios II NPORT-EX SCHEDULE OF INVESTMENTS

Victory Portfolios Schedule of Portfolio Investments Victory RS Partners Fund March 31, 2019 (Unaudited) Security Description Shares Value Common Stocks (107.

CFA / Victory Portfolios II NPORT-EX SCHEDULE OF INVESTMENTS

Victory Portfolios Schedule of Portfolio Investments Victory RS Partners Fund March 31, 2019 (Unaudited) Security Description Shares Value Common Stocks (107.

CFA / Victory Portfolios II NPORT-EX SCHEDULE OF INVESTMENTS

Victory Portfolios Schedule of Portfolio Investments Victory RS Partners Fund March 31, 2019 (Unaudited) Security Description Shares Value Common Stocks (107.

CFA / Victory Portfolios II NPORT-EX SCHEDULE OF INVESTMENTS

Victory Portfolios Schedule of Portfolio Investments Victory RS Partners Fund March 31, 2019 (Unaudited) Security Description Shares Value Common Stocks (107.

CFA / Victory Portfolios II NPORT-EX SCHEDULE OF INVESTMENTS

Victory Portfolios Schedule of Portfolio Investments Victory RS Partners Fund March 31, 2019 (Unaudited) Security Description Shares Value Common Stocks (107.

CFA / Victory Portfolios II NPORT-EX SCHEDULE OF INVESTMENTS

Victory Portfolios Schedule of Portfolio Investments Victory RS Partners Fund March 31, 2019 (Unaudited) Security Description Shares Value Common Stocks (107.

CFA / Victory Portfolios II NPORT-EX SCHEDULE OF INVESTMENTS

Victory Portfolios Schedule of Portfolio Investments Victory RS Partners Fund March 31, 2019 (Unaudited) Security Description Shares Value Common Stocks (107.

CFA / Victory Portfolios II NPORT-EX SCHEDULE OF INVESTMENTS

Victory Portfolios Schedule of Portfolio Investments Victory RS Partners Fund March 31, 2019 (Unaudited) Security Description Shares Value Common Stocks (107.

CFA / Victory Portfolios II NPORT-EX SCHEDULE OF INVESTMENTS

Victory Portfolios Schedule of Portfolio Investments Victory RS Partners Fund March 31, 2019 (Unaudited) Security Description Shares Value Common Stocks (107.

CFA / Victory Portfolios II NPORT-EX SCHEDULE OF INVESTMENTS

Victory Portfolios Schedule of Portfolio Investments Victory RS Partners Fund March 31, 2019 (Unaudited) Security Description Shares Value Common Stocks (107.

CFA / Victory Portfolios II NPORT-EX SCHEDULE OF INVESTMENTS

Victory Portfolios Schedule of Portfolio Investments Victory RS Partners Fund March 31, 2019 (Unaudited) Security Description Shares Value Common Stocks (107.

CFA / Victory Portfolios II NPORT-EX SCHEDULE OF INVESTMENTS

Victory Portfolios Schedule of Portfolio Investments Victory RS Partners Fund March 31, 2019 (Unaudited) Security Description Shares Value Common Stocks (107.

CFA / Victory Portfolios II NPORT-EX SCHEDULE OF INVESTMENTS

Victory Portfolios Schedule of Portfolio Investments Victory RS Partners Fund March 31, 2019 (Unaudited) Security Description Shares Value Common Stocks (107.

CFA / Victory Portfolios II NPORT-EX SCHEDULE OF INVESTMENTS

Victory Portfolios Schedule of Portfolio Investments Victory RS Partners Fund March 31, 2019 (Unaudited) Security Description Shares Value Common Stocks (107.

CFA / Victory Portfolios II CORRESP

599 Lexington Avenue New York, NY 10022-6069 +1.212.848.4000 FILED VIA EDGAR April 5, 2019 Mark Cowan Senior Counsel U.S. Securities and Exchange Commission Division of Investment Management Disclosure Review Office 100 F Street, N.E. Washington, DC 20549 Re: Victory Portfolios II File Nos.: 333-181176 and 811-22696 Dear Mr. Cowan: On behalf of Victory Portfolios II (the “Registrant”), we submit t

CFA / Victory Portfolios II CORRESP - -

599 Lexington Avenue New York, NY 10022-6069 +1.212.848.4000 FILED VIA EDGAR March 1, 2019 Mark Cowan Senior Counsel U.S. Securities and Exchange Commission Division of Investment Management Disclosure Review Office 100 F Street, N.E. Washington, DC 20549 Re: Victory Portfolios II File Nos.: 333-229325; and 811-22696 Dear Mr. Cowan: On behalf of Victory Portfolios II (the “Registrant”), we submit

As filed with the Securities and Exchange Commission on January 22, 2019

As filed with the Securities and Exchange Commission on January 22, 2019 File No.: 333- U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 o Pre-Effective Amendment No. o Post-Effective Amendment No. (Check appropriate box or boxes) VICTORY PORTFOLIOS II (Exact Name of Registrant as Specified in Charter) 4900 Tiedeman Ro

Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting: The Notice and Proxy Statement, Shareholder Letter, and Q&A are available at www.proxyvote.com.

Exhibit 99.B(17) THREE EASY WAYS TO VOTE YOUR PROXY To vote by Internet 1) Read the Proxy Statement and have the proxy card below at hand. 2) Go to website [www.proxyvote.com] 3) Follow the instructions provided on the website. [PROXY TABULATOR P.O. BOX 9112 FARMINGDALE, NY 11735] To vote by Telephone 1) Read the Proxy Statement and have the proxy card below at hand. 2) Call [1-800-690-6903] 3) Fo

POWER OF ATTORNEY

Exhibit 99.B(16) POWER OF ATTORNEY The undersigned Trustee of VICTORY PORTFOLIOS II, a Delaware statutory trust (the “Trust”) constitutes and appoints David C. Brown, Christopher K. Dyer, Erin G. Wagner and Jay G. Baris my true and lawful attorneys-in-fact, with full power of substitution and resubstitution, for me and in my name, place and stead, in any and all capacities as a trustee of the Trus

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Exhibit 99.B(14) CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We consent to the references to our firm under the captions “Service Providers,” “Representations and Warranties” and “Financial Highlights of the Acquired Funds” in the Combined Proxy Statement and Prospectus included in this Registration Statement (Form N-14). We also consent to the incorporation by reference therein and u

[Morris, Nichols, Arsht & Tunnell LLP Letterhead] January 22, 2019

Exhibit 99.B(11) [Morris, Nichols, Arsht & Tunnell LLP Letterhead] January 22, 2019 Victory Portfolios II 4900 Tiedeman Road Brooklyn, Ohio 44144 Re: Victory Portfolios II Ladies and Gentlemen: We have acted as special Delaware counsel to Victory Portfolios II, a Delaware statutory trust (the “Trust”), in connection with certain matters relating to the issuance of Shares of VictoryShares USAA MSCI

599 Lexington Avenue New York, NY 10022-6069

COVER 20 filename20.htm 599 Lexington Avenue New York, NY 10022-6069 +1.212.848.4000 VIA EDGAR January 22, 2019 Securities and Exchange Commission 100 F Street, N.E. Washington, D.C. 20549 Victory Portfolios II — Registration Statement on Form N-14 Ladies and Gentlemen: Our client, Victory Portfolios II (the “Registrant”), is today filing via EDGAR a Registration Statement on Form N-14 (the “Regis

CSF / Victory Portfolios II / STIFEL NICOLAUS & CO INC \MO\ - STIFEL, NICOLAUS & COMPANY, INC. Passive Investment

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 1)* VictoryShares (Name of Issuer) VictoryShares US Discv Enh Vol Wtd ETF (Title of Class of Securities) 92647N774 (CUSIP Number) January 07, 2019 (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuan

CFA / Victory Portfolios II N-Q (Quarterly Schedule of Portfolio Holdings)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-22696 Victory Portfolios II (Exact name of registrant as specified in charter) 4900 Tiedeman Road, 4th Floor, Brooklyn, Ohio 44144 (Address of principal executive offices) (Zip code) Citi Fund Se

I, Christopher K. Dyer, certify that:

Exhibit 99.CERT CERTIFICATIONS I, Christopher K. Dyer, certify that: 1. I have reviewed this report on Form N-Q of Victory Portfolios II (the “registrant”); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not mis

CFA / Victory Portfolios II N-18F1

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-18F-1 NOTIFICATION OF ELECTION PURSUANT TO RULE 18f-1 UNDER THE INVESTMENT COMPANY ACT OF 1940. VICTORY PORTFOLIOS II Exact Name of Registrant The undersigned registered open-end investment company, on behalf of its series listed on Schedule A attached hereto, hereby notifies the Securities and Exchange Commission that

CSF / Victory Portfolios II / STIFEL NICOLAUS & CO INC \MO\ - STIFEL, NICOLAUS & COMPANY, INC. Passive Investment

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 VictoryShares (Name of Issuer) VictoryShares US Discv Enh Vol Wtd ETF (Title of Class of Securities) 92647N774 (CUSIP Number) October 03, 2018 (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Sch

I, Christopher K. Dyer, certify that:

Exhibit 99.CERT CERTIFICATIONS I, Christopher K. Dyer, certify that: 1. I have reviewed this report on Form N-Q of Victory Portfolios II (the “registrant”); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not mis

CFA / Victory Portfolios II N-Q (Quarterly Schedule of Portfolio Holdings)

N-Q 1 a18-94503nq.htm N-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-22696 Victory Portfolios II (Exact name of registrant as specified in charter) 4900 Tiedeman Road, 4th Floor, Brooklyn, Ohio 44144 (Address of principal executive office

CFA / Victory Portfolios II CORRESP

599 Lexington Avenue New York, NY 10022-6069 +1.212.848.4000 FILED VIA EDGAR March 2, 2018 Kenneth Ellington Staff Accountant U.S. Securities and Exchange Commission Division of Investment Management, Disclosure Review Office 100 F. Street, N.E. Washington, DC 20549 Victory Portfolios (Registration No. 811-04852), Victory Portfolios II (Registration No. 811-22696) and Victory Institutional Funds (

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-22696 Victory Portfolios II (Exact name of registrant as specified in charter) 4900 Tiedeman Road, 4th Floor, Brooklyn, Ohio 44144 (Address of principal executive offices) (Zip code) Citi Fund Se

I, Christopher K. Dyer, certify that:

EX-99.CERT 2 a17-224271ex99dcert.htm EX-99.CERT Exhibit 99.CERT CERTIFICATIONS I, Christopher K. Dyer, certify that: 1. I have reviewed this report on Form N-Q of Victory Portfolios II (the “registrant”); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstance

Victory Portfolios II 8-A12B

As filed with the Securities and Exchange Commission on October 20, 2017 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

EX-99.77B ACCT LTTR

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholders and Board of Trustees of Victory Portfolios II In planning and performing our audit of the financial statements of Victory CEMP US 500 Volatility Wtd Index ETF, Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF, Victory CEMP US 500 Enhanced Volatility Wtd Index ETF, Victory CEMP Developed Enhanced Volatility Wtd

CFA / Victory Portfolios II / National Planning Corp - NATIONAL PLANNING CORPORATION Passive Investment

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 1)* VICTORY PORTFOLIOS II (Name of Issuer) Exchange Traded Fund (Title of Class of Securities) 92647N766 (CUSIP Number) June 30, 2017 (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which th

Victory Portfolios II NATIONAL PLANNING CORPORATION (Passive Acquisition of More Than 5% of Shares)

csaa180717.htm UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 1)* VICTORY PORTFOLIOS II (Name of Issuer) Exchange Traded Fund (Title of Class of Securities) 92647N832 (CUSIP Number) June 30, 2017 (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursu

CDL / Victory Portfolios II / National Planning Corp - NATIONAL PLANNING CORPORATION Passive Investment

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 1)* VICTORY PORTFOLIOS II (Name of Issuer) Exchange Traded Fund (Title of Class of Securities) 92647N865 (CUSIP Number) June 30, 2017 (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which th

CSB / Victory Portfolios II / National Planning Corp - NATIONAL PLANNING CORPORATION Passive Investment

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 1)* Victory Portfolios II (Name of Issuer) Exchange Traded Fund (Title of Class of Securities) 92647N873 (CUSIP Number) June 30, 2017 (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which th

Victory Portfolios II 8-A12B

As filed with the Securities and Exchange Commission on June 16, 2017 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

I, Christopher K. Dyer, certify that:

Exhibit 99.CERT CERTIFICATIONS I, Christopher K. Dyer, certify that: 1. I have reviewed this report on Form N-Q of Victory Portfolios II (the “registrant”); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not mis

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-22696 Victory Portfolios II (Exact name of registrant as specified in charter) 4900 Tiedeman Road, 4th Floor, Brooklyn, Ohio 44144 (Address of principal executive offices) (Zip code) Citi Fund Se

Victory Portfolios II NATIONAL PLANNING CORPORATION (Passive Acquisition of More Than 5% of Shares)

cdl51217.htm UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 VICTORY PORTFOLIOS II (Name of Issuer) Exchange Traded Fund (Title of Class of Securities) 92647N865 (CUSIP Number) March 31, 2017 (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Sc

CSB / Victory Portfolios II / National Planning Corp - NATIONAL PLANNING CORPORATION Passive Investment

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 Victory Portfolios II (Name of Issuer) Exchange Traded Fund (Title of Class of Securities) 92647N873 (CUSIP Number) March 31, 2017 (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is fil

CFA / Victory Portfolios II / National Planning Corp - NATIONAL PLANNING CORPORATION Passive Investment

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 VICTORY PORTFOLIOS II (Name of Issuer) Exchange Traded Fund (Title of Class of Securities) 92647N766 (CUSIP Number) March 31, 2017 (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is fil

CSA / Victory Portfolios II / National Planning Corp - NATIONAL PLANNING CORPORATION Passive Investment

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 VICTORY PORTFOLIOS II (Name of Issuer) Exchange Traded Fund (Title of Class of Securities) 92647N832 (CUSIP Number) March 31, 2017 (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is fil

Victory Portfolios II 8-A12B

As filed with the Securities and Exchange Commission on April 13, 2017 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

Victory Portfolios II ESP

CORRESP 1 filename1.htm 250 WEST 55TH STREET NEW YORK, NY 10019-9601 TELEPHONE: 212.468.8000 FACSIMILE: 212.468.7900 WWW.MOFO.COM MORRISON FOERSTER LLP NEW YORK, SAN FRANCISCO, LOS ANGELES, PALO ALTO, SACRAMENTO, SAN DIEGO, DENVER, NORTHERN VIRGINIA, WASHINGTON, D.C. TOKYO, LONDON, BERLIN, BRUSSELS, BEIJING, SHANGHAI, HONG KONG, SINGAPORE Writer’s Direct Contact 212.336.4064 [email protected] April

250 WEST 55TH STREET NEW YORK, NY 10019-9601 TELEPHONE: 212.468.8000 FACSIMILE: 212.468.7900 WWW.MOFO.COM MORRISON FOERSTER LLP BEIJING, BERLIN, BRUSSELS, DENVER, HONG KONG, LONDON, LOS ANGELES, NEW YORK, NORTHERN VIRGINIA, PALO ALTO, SACRAMENTO, SAN

Exhibit 11(a) 250 WEST 55TH STREET NEW YORK, NY 10019-9601 TELEPHONE: 212.468.8000 FACSIMILE: 212.468.7900 WWW.MOFO.COM MORRISON FOERSTER LLP BEIJING, BERLIN, BRUSSELS, DENVER, HONG KONG, LONDON, LOS ANGELES, NEW YORK, NORTHERN VIRGINIA, PALO ALTO, SACRAMENTO, SAN DIEGO, SAN FRANCISCO, SHANGHAI, SINGAPORE, TOKYO, WASHINGTON, D.C. February 3, 2017 Victory Portfolios II 4900 Tiedeman Road, 4th Floor

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Exhibit 14 CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 of our report dated August 29, 2016, relating to the financial statements and financial highlights of Victory CEMP Commodity Enhanced Volatility Wtd Index Strategy Fund and Victory CEMP Commodity Volatility Wtd Index Strategy Fund, each a series of Victory Portfolios II, for the year ended June 30, 2016, and to the references to our firm under the headings ?Financial Highlights? in the Combined Information Statement/Prospectus and ?Exhibits? in the Statement of Additional Information, which is part of this Registration Statement.