Victory Portfolios II N-CSRS Certified semi-annual shareholder report (management investment company)

As filed with the Securities and Exchange Commission on March 1, 2016

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-22696
Victory Portfolios II
(Exact name of registrant as specified in charter)
4900 Tiedeman Road, 4th Floor Brooklyn, OH					44144
(Address of principal executive offices)					(Zip code)
Christopher K. Dyer 4900 Tiedeman Road, 4th Floor Brooklyn, OH 44144
(Name and address of agent for service)
Registrant’s telephone number, including area code:				216-898-2411
Date of fiscal year end:	June 30
Date of reporting period:		December 31, 2015

Updated August 1, 2011

Item 1. Reports to Stockholders.

December 31, 2015

Semi Annual Report

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 Index ETF

Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF

Victory CEMP US Small Cap Volatility Wtd Index ETF

Victory CEMP International Volatility Wtd Index ETF

Victory CEMP US Large Cap High Div Volatility Wtd Index ETF

Victory CEMP US Small Cap High Div Volatility Wtd Index ETF

Victory CEMP International High Div Volatility Wtd Index ETF

Victory Portfolios II

Table of Contents

Shareholder Letter	5
Financial Statements
Victory Portfolios II Exchange Traded Funds
Victory CEMP US 500 Volatility Wtd Index ETF
Schedule of Investments	8-21
Statement of Assets and Liabilities	101
Statement of Operations	105
Statements of Changes in Net Assets	109
Financial Highlights	119
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF
Schedule of Investments	22-35
Statement of Assets and Liabilities	101
Statement of Operations	105
Statements of Changes in Net Assets	110
Financial Highlights	120
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF
Schedule of Investments	36-49
Statement of Assets and Liabilities	101
Statement of Operations	105
Statements of Changes in Net Assets	111
Financial Highlights	121
Victory CEMP Developed Enhanced Volatility Wtd Index ETF
Schedule of Investments	50-60
Statement of Assets and Liabilities	102
Statement of Operations	106
Statements of Changes in Net Assets	112
Financial Highlights	122
Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF
Schedule of Investments	61-64
Statement of Assets and Liabilities	102
Statement of Operations	106
Statements of Changes in Net Assets	113
Financial Highlights	123
Victory CEMP US Small Cap Volatility Wtd Index ETF
Schedule of Investments	65-77
Statement of Assets and Liabilities	102
Statement of Operations	106
Statements of Changes in Net Assets	114
Financial Highlights	124

1

Table of Contents (continued)

Victory CEMP International Volatility Wtd Index ETF
Schedule of Investments	78-88
Statement of Assets and Liabilities	103
Statement of Operations	107
Statements of Changes in Net Assets	115
Financial Highlights	125
Victory CEMP US Large Cap High Div Volatility Wtd Index ETF
Schedule of Investments	89-92
Statement of Assets and Liabilities	103
Statement of Operations	107
Statements of Changes in Net Assets	116
Financial Highlights	126
Victory CEMP US Small Cap High Div Volatility Wtd Index ETF
Schedule of Investments	93-96
Statement of Assets and Liabilities	103
Statement of Operations	107
Statements of Changes in Net Assets	117
Financial Highlights	127
Victory CEMP International High Div Volatility Wtd Index ETF
Schedule of Investments	97-100
Statement of Assets and Liabilities	104
Statement of Operations	108
Statements of Changes in Net Assets	118
Financial Highlights	128
Notes to Financial Statements	129
Supplemental Information	146
Trustee and Officer Information	146
Additional Federal Income Tax Information	149
Proxy Voting and Form N-Q Information	150
Expense Examples	150-152
Portfolio Allocation	153-155
Frequency Distribution of Premiums & Discounts	156-163

2

Table of Contents (continued)

The Victory Portfolios II ETFs are distributed by Quasar Distributors, LLC. Victory Capital Management Inc. is the investment adviser to the Funds and receives fees from the Funds for performing services for the Funds.

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

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

The information in this semi annual report is based on data obtained from recognized services and sources and is believed to be reliable. Any opinions, projections, or recommendations in this report are subject to change without notice and are not intended as individual investment advice. Past investment performance of the ETFs, markets or securities mentioned herein should not be considered to be indicative of future results.

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

Call Compass EMP at:

866-376-7890

Visit our website at:

www.compassempetf.com

3

This page is intentionally left blank.

4

The Victory Funds Letter to Shareholders

Dear Shareholder:

It has been somewhat of a rollercoaster ride for U.S. stocks this year, culminating in August's correction, as investor worry over geopolitical turmoil in Europe, recessions in Brazil and Russia, slowing economic growth in Asia, and anticipated changes in domestic monetary policy, provided turbulence. Still, the market recovered most of its losses, delivering a relatively flat, to slightly negative, equity return to investors for the second half of 2015. Large capitalization stocks led the way, benefiting from investor rotation during the most recent sell-off, while growth has continued to materially outpace value across all capitalizations.

With both 2015 and 2016 estimate revisions trending consistently negative over the past year, leaving calendar 2015 growth estimates close to flat, a muted return over the past six months could be considered as a marginal victory for the equity market. Easy monetary policy has driven bond yields to record lows, helping equities; but it also stands to reason that investors are optimistic the U.S. can once again regain the lead position in the global growth story. Specifically, slowing growth in China and the end of the commodity super-cycle, might just portend a revitalization for the U.S. and other developed nations on two fronts: 1) the consumer strengthens from improved real wages, but improved frugality sets the stage for lower, but longer expansion, and 2) a larger portion of investment gets channeled back to developed markets as investors reassess the long-term growth and risk profile of emerging markets, driving the improved productivity that has been missing in this recovery.

The second half of 2015 was dominated by weak growth centered in China, plunging energy and commodity prices, a strong U.S. dollar, and the long anticipated change in monetary policy by the Federal Reserve. GDP slowed heading into the second half of the year, falling from just under 4% in the second quarter, to approximately 2% in the third. Estimates for the final quarter have also been revised downward to nearly 2%. The U.S. consumer continued to provide leadership in the economy, albeit at a slower pace, as personal consumption dipped slightly from the second, to the third quarter. Retail sales slowed in the late summer, but climbed again in November, as consumers put to work some of the money conserved from less expensive gasoline. In contrast, the U.S. manufacturing sector fell into contraction in December, held in check by a strong dollar and weak overseas demand. Weakness overseas also temporarily derailed the Fed's plans to increase interest rates until the fourth quarter, which subsequently brought an end to an extraordinary period, in which the Federal Funds rate was held near zero for seven years. While the Fed action was indeed important, many of the themes we experienced at the start of the year persisted until year-end — steady job gains, subdued inflation, falling commodity prices, and a strong dollar that pushed the U.S. manufacturing sector into contraction. As a result, the tug of war for investors between risky assets and treasuries, continued to dominate throughout the year.

International equity markets declined during the period as slow growth in China, the world's second largest economy, weighed heavily on global markets. In particular, emerging economies struggled, largely impacted by depressed commodity prices and a strong U.S. dollar, which has led to further local currency

5

devaluations. Brazil and Russia have been staggered by contracting economies and elevated inflation. Central bank policy has continued to have a significant impact on global markets as investors focus on the implications of monetary policy divergence. The European Central Bank has signaled continued monetary easing to increase its stimulus program, while the Federal Reserve began its rate hike cycle after raising interest rates in December. International developed stocks outperformed their emerging peers, with international developed small capitalization stocks, in particular, posting the highest relative returns among foreign equity asset classes. Although global GDP forecasts have declined, it is unclear how much spillover from decelerating growth in emerging markets will impact the world's developed economies.

We continue to believe that the markets provide tactical challenges for investors to navigate. As we have stated in the past, we also believe that maintaining a long-term view and building a portfolio that is diversified across asset classes is an appropriate strategy for investors seeking to weather possible market turbulence.

On the following pages, you will find information relating to your Victory Funds investment. If you have any questions, we encourage you to contact your financial advisor. Or, if you invest with us directly, you may call (800) 539-3863, or visit our website at www.vcm.com. My colleagues and I sincerely appreciate the confidence you have placed in the Victory Funds and we value the opportunity to help meet your investment goals.

Christopher K. Dyer, CFA

President,
Victory Funds

Opinions expressed are subject to change, are not guaranteed and should not be considered investment advice.

Investments involve risk including possible loss of principal. ETFs have the same risks as the underlying securities traded on the exchange throughout the day. Redemptions are limited and often commissions are charged on each trade, and ETFs may trade at a premium or discount to their net asset value. The Funds are new exchange traded funds ("ETFs") and have a limited history of operations for investors to evaluate. The Funds are not actively managed and do not, therefore, seek returns in excess of their respective Index. The Funds' returns may not match the returns of their respective Index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities and differences between the Fund's portfolio and the Index resulting from legal restrictions, cost, or liquidity constraints. The Victory CEMP US 500 Volatility Wtd Index ETF, Victory CEMP US Small Cap High Div Volatility Wtd Index ETF, and Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF may invest in Small Cap companies. The earnings and prospects of smaller-sized companies are more volatile than larger companies. Small-sized

6

companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies. The Victory CEMP US 500 Volatility Wtd Index ETF and the Victory CEMP US 500 Enhanced Volatility Wtd Index ETF may invest in medium cap companies which involves additional risks such as limited liquidity and greater volatility than large cap companies. Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF, Victory CEMP US 500 Enhanced Volatility Wtd Index ETF, Victory CEMP Developed Enhanced Volatility Wtd Index ETF, and the Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF may invest, directly or indirectly, in "junk bonds". Such securities are speculative investments that carry greater risks than higher quality debt securities. In general the price of a fixed income security falls when interest rates rise. The Victory CEMP US Large Cap High Div Volatility Wtd Index ETF, Victory CEMP US Small Cap High Div Volatility Wtd Index ETF, Victory CEMP US Small Cap High Div Volatility Wtd Index ETF, and Victory CEMP International High Div Volatility Wtd Index ETF high dividend strategies may not be successful. Dividend paying stocks may fall out of favor relative to the overall market. Victory CEMP Developed Enhanced Volatility Wtd Index ETF may invest in securities included in, or representative of securities included in, the index, regardless of their investment merits. Victory CEMP International High Div Volatility Wtd Index ETF and Victory CEMP International Volatility Wtd Index ETF special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.

Diversification does not assure a profit or protect against loss in a declining market.

One cannot invest directly in an index.

7

Victory Portfolios II
Victory CEMP US 500 Volatility Wtd Index ETF Schedule of Investments
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Common Stocks (99.7%)
Aerospace & Defense (3.0%):
General Dynamics Corporation		394	$	54,120
Hexcel Corporation		1,013		47,054
Honeywell International, Inc.		571		59,139
Huntington Ingalls Industries, Inc.		324		41,099
L-3 Communications Holdings, Inc.		497		59,396
Lockheed Martin Corporation		312		67,751
Northrop Grumman Corporation		320		60,419
Precision Castparts Corporation		141		32,713
Raytheon Company		493		61,393
Rockwell Collins, Inc.		738		68,117
Textron, Inc.		1,079		45,329
The Boeing Company		362		52,342
United Technologies Corporation		583		56,009
				704,881
Air Freight & Logistics (0.6%):
CH Robinson Worldwide, Inc.		600		37,212
Expeditors International of Washington, Inc.		1,082		48,798
United Parcel Service, Inc.		521		50,136
				136,146
Airlines (0.6%):
Alaska Air Group, Inc.		424		34,136
American Airlines Group, Inc.		639		27,062
JetBlue Airways Corporation*		1,154		26,138
Southwest Airlines Company		824		35,482
United Continental Holdings, Inc.*		471		26,988
				149,806
Auto Components (0.9%):
BorgWarner, Inc.		931		40,247
Gentex Corporation		2,953		47,278
Goodyear Tire & Rubber Company		1,239		40,478
Johnson Controls, Inc.		1,080		42,649
Lear Corporation		406		49,869
				220,521
Automobiles (0.6%):
Ford Motor Company		3,665		51,640
General Motors Company		1,451		49,348
Harley-Davidson, Inc.		686		31,138
				132,126
Banks (4.4%):
BB&T Corporation		1,380		52,178
CIT Group, Inc.		1,308		51,928
Citigroup, Inc.		877		45,385
Citizens Financial Group, Inc.		1,912		50,075
Comerica, Inc.		884		36,978

See notes to financial statements.

8

Victory Portfolios II
Victory CEMP US 500 Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
East West Bancorp, Inc.		1,082	$	44,968
Fifth Third Bancorp		2,268		45,587
First Republic Bank		775		51,196
Huntington Bancshares, Inc.		4,439		49,095
JPMorgan Chase & Company		780		51,503
KeyCorporation		3,001		39,583
M&T Bank Corporation		780		94,520
People's United Financial, Inc.		3,891		62,840
Regions Financial Corporation		4,176		40,090
Signature Bank*		334		51,226
SunTrust Banks, Inc.		1,126		48,238
SVB Financial Group*		259		30,795
The PNC Financial Services Group, Inc.		586		55,852
US Bancorp		1,323		56,452
Wells Fargo & Company		1,043		56,697
				1,015,186
Beverages (1.9%):
Brown-Forman Corporation		659		65,426
Coca-Cola Enterprises, Inc.		819		40,328
Constellation Brands, Inc.		421		59,967
Dr Pepper Snapple Group, Inc.		796		74,187
Monster Beverage Corporation*		239		35,601
PepsiCo, Inc.		726		72,542
The Coca-Cola Company		1,964		84,373
				432,424
Biotechnology (0.9%):
Alexion Pharmaceuticals, Inc.*		172		32,809
Amgen, Inc.		249		40,420
Biogen, Inc.*		74		22,670
Celgene Corporation*		273		32,694
Gilead Sciences, Inc.		343		34,708
Regeneron Pharmaceuticals, Inc.*		65		35,287
				198,588
Building Products (0.8%):
AO Smith Corporation		606		46,426
Lennox International, Inc.		476		59,452
Masco Corporation		1,435		40,611
Owens Corning		783		36,824
				183,313
Capital Markets (3.3%):
Affiliated Managers Group, Inc.*		286		45,691
Ameriprise Financial, Inc.		427		45,441
BlackRock, Inc.		177		60,272
E*TRADE Financial Corporation*		1,238		36,694
Franklin Resources, Inc.		1,323		48,713
Invesco Ltd.		1,444		48,345
Legg Mason, Inc.		1,159		45,468
Northern Trust Corporation		651		46,931

See notes to financial statements.

9

Victory Portfolios II
Victory CEMP US 500 Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Raymond James Financial, Inc.		902	$	52,289
SEI Investments Company		971		50,881
State Street Corporation		613		40,679
T. Rowe Price Group, Inc.		848		60,624
TD Ameritrade Holding Corporation		1,344		46,650
The Bank of New York Mellon Corporation		1,177		48,516
The Charles Schwab Corporation		1,281		42,183
The Goldman Sachs Group, Inc.		275		49,563
				768,940
Chemicals (3.8%):
Air Products & Chemicals, Inc.		344		44,758
Airgas, Inc.		577		79,811
Ashland, Inc.		485		49,810
CF Industries Holdings, Inc.		583		23,792
Eastman Chemical Company		571		38,548
Ecolab, Inc.		494		56,504
EI du Pont de Nemours & Company		910		60,606
International Flavors & Fragrances, Inc.		452		54,077
LyondellBasell Industries NV		389		33,804
NewMarket Corporation		122		46,449
PPG Industries, Inc.		541		53,462
Praxair, Inc.		631		64,615
The Dow Chemical Company		942		48,494
The Mosaic Company		1,232		33,991
The Sherwin-Williams Company		194		50,362
The Valspar Corporation		754		62,544
W.R. Grace & Company*		456		45,413
Westlake Chemical Corporation		595		32,320
				879,360
Commercial Services & Supplies (2.1%):
Cintas Corporation		722		65,738
Copart, Inc.*		1,875		71,269
KAR Auction Services, Inc.		1,704		63,099
Republic Services, Inc.		1,588		69,856
Rollins, Inc.		1,749		45,299
Stericycle, Inc.*		457		55,114
The ADT Corporation		1,270		41,885
Waste Connections, Inc.		1,272		71,639
				483,899
Communications Equipment (1.1%):
Arista Networks, Inc.*		396		30,825
Brocade Communications Systems, Inc.		3,213		29,495
Cisco Systems, Inc.		1,716		46,598
CommScope Holding Company, Inc.*		877		22,705
F5 Networks, Inc.*		332		32,191
Motorola Solutions, Inc.		720		49,284
QUALCOMM, Inc.		746		37,289
				248,387

See notes to financial statements.

10

Victory Portfolios II
Victory CEMP US 500 Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Construction & Engineering (0.5%):
Fluor Corporation		854	$	40,326
Jacobs Engineering Group, Inc.*		978		41,027
Quanta Services, Inc.*		1,266		25,636
				106,989
Construction Materials (0.1%):
Martin Marietta Materials, Inc.		193		26,360
Consumer Finance (1.0%):
American Express Company		624		43,399
Capital One Financial Corporation		535		38,616
Discover Financial Services		935		50,135
Navient Corporation		2,720		31,144
Santander Consumer USA Holdings, Inc.*		1,686		26,723
Synchrony Financial*		1,588		48,291
				238,308
Containers & Packaging (0.9%):
Avery Dennison Corporation		844		52,885
Ball Corporation		667		48,511
Crown Holdings, Inc.*		895		45,376
Packaging Corporation of America		564		35,560
Sealed Air Corporation		786		35,056
				217,388
Distributors (0.4%):
Genuine Parts Company		665		57,117
LKQ Corporation*		1,368		40,534
				97,651
Diversified Consumer Services (0.2%):
Service Corporation International		1,872		48,709
Diversified Financial Services (2.2%):
Berkshire Hathaway, Inc.*		547		72,226
CBOE Holdings, Inc.		877		56,917
CME Group, Inc.		576		52,185
FactSet Research Systems, Inc.		370		60,151
Intercontinental Exchange, Inc.		215		55,096
Moody's Corporation		520		52,177
MSCI, Inc.		844		60,878
Nasdaq, Inc.		1,060		61,660
Voya Financial, Inc.		1,209		44,624
				515,914
Diversified Telecommunication Services (0.2%):
CenturyLink, Inc.		1,560		39,250
Electric Utilities (3.3%):
American Electric Power Company, Inc.		973		56,697
Duke Energy Corporation		773		55,184
Edison International		842		49,855
Entergy Corporation		802		54,825

See notes to financial statements.

11

Victory Portfolios II
Victory CEMP US 500 Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Eversource Energy		1,109	$	56,637
Exelon Corporation		1,400		38,878
ITC Holdings Corporation		1,479		58,051
NextEra Energy, Inc.		562		58,386
OGE Energy Corporation		1,855		48,768
Pepco Holdings, Inc.		1,731		45,023
Pinnacle West Capital Corporation		915		58,999
Southern Company		1,338		62,605
Westar Energy, Inc.		1,450		61,495
Xcel Energy, Inc.		1,606		57,671
				763,074
Electrical Equipment (1.4%):
Acuity Brands, Inc.		238		55,644
AMETEK, Inc.		985		52,786
Eaton Corporation PLC		815		42,412
Emerson Electric Company		1,114		53,283
Hubbell, Inc.*		669		67,596
Rockwell Automation, Inc.		436		44,738
				316,459
Electronic Equipment, Instruments & Components (1.5%):
Amphenol Corporation		966		50,454
Arrow Electronics, Inc.*		690		37,384
Avnet, Inc.		1,022		43,783
CDW Corporation		1,175		49,397
Corning, Inc.		2,653		48,497
Flextronics International Ltd.*		3,753		42,071
IPG Photonics Corporation*		382		34,059
Trimble Navigation Ltd.*		1,760		37,752
				343,397
Energy Equipment & Services (0.6%):
Cameron International Corporation*		287		18,139
FMC Technologies, Inc.*		837		24,281
Helmerich & Payne, Inc.		495		26,507
National Oilwell Varco, Inc.		790		26,457
Schlumberger Ltd.		558		38,921
				134,305
Food & Staples Retailing (1.6%):
Costco Wholesale Corporation		405		65,408
CVS Health Corporation		637		62,279
Rite Aid Corporation*		3,822		29,964
Sysco Corporation		1,401		57,441
The Kroger Company		1,504		62,912
Wal-Mart Stores, Inc.		874		53,576
Whole Foods Market, Inc.		1,175		39,363
				370,943

See notes to financial statements.

12

Victory Portfolios II
Victory CEMP US 500 Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Food Products (3.2%):
Archer-Daniels-Midland Company		1,141	$	41,852
Campbell Soup Company		1,341		70,470
Flowers Foods, Inc.		1,835		39,434
General Mills, Inc.		1,259		72,594
Hain Celestial Group, Inc.*		734		29,646
Hormel Foods Corporation		884		69,907
Ingredion, Inc.		610		58,462
Keurig Green Mountain, Inc.		326		29,333
McCormick & Company, Inc.		826		70,673
Mead Johnson Nutrition Company		741		58,502
Mondelez International, Inc.		1,257		56,364
Pilgrim's Pride Corporation		976		21,560
Pinnacle Foods, Inc.		1,229		52,183
The WhiteWave Foods Company*		854		33,229
Tyson Foods, Inc.		938		50,024
				754,233
Gas Utilities (0.3%):
Atmos Energy Corporation		970		61,149
Health Care Equipment & Supplies (3.4%):
Abbott Laboratories		1,169		52,500
Align Technology, Inc.*		651		42,868
Baxter International, Inc.		1,535		58,560
Becton, Dickinson and Company		459		70,727
DENTSPLY International, Inc.		1,033		62,858
Edwards Lifesciences Corporation*		559		44,150
Hologic, Inc.*		1,111		42,985
IDEXX Laboratories, Inc.*		387		28,220
Intuitive Surgical, Inc.*		89		48,608
ResMed, Inc.		623		33,449
Sirona Dental Systems, Inc.*		622		68,153
St. Jude Medical, Inc.		668		41,263
Stryker Corporation		573		53,255
Teleflex, Inc.		474		62,307
The Cooper Companies, Inc.		336		45,091
Varian Medical Systems, Inc.*		584		47,187
				802,181
Health Care Providers & Services (3.6%):
Acadia Healthcare Company, Inc.*		462		28,856
Aetna, Inc.		348		37,626
Anthem, Inc.		314		43,784
Cardinal Health, Inc.		644		57,490
Centene Corporation*		536		35,274
Cigna Corporation		267		39,070
Community Health Systems, Inc.*		601		15,945
Express Scripts Holdings Company*		568		49,649
HCA Holdings, Inc.*		468		31,651
Henry Schein, Inc.*		439		69,445
Humana, Inc.		160		28,562

See notes to financial statements.

13

Victory Portfolios II
Victory CEMP US 500 Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Laboratory Corporation of America Holdings*		492	$	60,831
McKesson Corporation		267		52,660
MEDNAX, Inc.*		732		52,455
Patterson Companies, Inc.		1,222		55,247
Quest Diagnostics, Inc.		680		48,375
Team Health Holdings, Inc.*		468		20,540
UnitedHealth Group Inc.		370		43,527
Universal Health Services, Inc.		293		35,011
VCA, Inc.*		740		40,700
				846,698
Health Care Technology (0.2%):
Cerner Corporation*		737		44,345
Hotels, Restaurants & Leisure (2.6%):
Aramark		1,770		57,082
Chipotle Mexican Grill, Inc.*		58		27,831
Domino's Pizza, Inc.		380		42,275
Dunkin' Brands Group, Inc.		977		41,610
Hilton Worldwide Holdings, Inc.		1,766		37,792
Hyatt Hotels Corporation*		926		43,540
Las Vegas Sands Corporation		659		28,891
Marriott International, Inc.		595		39,889
McDonald's Corporation		577		68,167
Panera Bread Company*		210		40,904
Royal Caribbean Cruises Ltd.		370		37,448
Starbucks Corporation		822		49,345
Starwood Hotels & Resorts Worldwide, Inc.		543		37,619
Wyndham Worldwide Corporation		615		44,680
				597,073
Household Durables (1.5%):
DR Horton, Inc.		1,108		35,489
Harman International Industries, Inc.		237		22,328
Lennar Corporation		702		34,335
Mohawk Industries, Inc.*		228		43,181
Newell Rubbermaid, Inc.		1,289		56,819
NVR, Inc.*		38		62,434
PulteGroup, Inc.		1,645		29,314
Toll Brothers, Inc.*		1,092		36,363
Whirlpool Corporation		233		34,221
				354,484
Household Products (1.5%):
Church & Dwight Company, Inc.		829		70,366
Colgate-Palmolive Company		954		63,555
Procter & Gamble Company		952		75,598
Spectrum Brands Holdings, Inc.		573		58,331
The Clorox Company		638		80,918
				348,768
Independent Power Producers & Energy Traders (0.1%):
AES Corporation		3,439		32,911

See notes to financial statements.

14

Victory Portfolios II
Victory CEMP US 500 Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Industrial Conglomerates (1.0%):
3M Company		430	$	64,775
Carlisle Companies, Inc.		499		44,256
Danaher Corporation		719		66,781
Roper Technologies, Inc.		349		66,237
				242,049
Insurance (5.8%):
Aflac, Inc.		1,007		60,319
Alleghany Corporation*		131		62,609
American Financial Group, Inc.		1,042		75,107
American International Group, Inc.		898		55,649
AmTrust Financial Services, Inc.		691		42,552
Arthur J Gallagher & Company		1,665		68,165
Assurant, Inc.		692		55,734
Brown & Brown, Inc.		2,091		67,121
Chubb Corporation		271		35,945
Cincinnati Financial Corporation		1,102		65,205
CNA Financial Corporation		1,599		56,205
Lincoln National Corporation		794		39,906
Loews Corporation		1,717		65,933
Markel Corporation*		71		62,718
Marsh & McLennan Companies, Inc.		1,208		66,984
MetLife, Inc.		924		44,546
Principal Financial Group, Inc.		922		41,472
Progressive Corporation		2,026		64,427
Reinsurance Group of America, Inc.		632		54,068
StanCorp Financial Group, Inc.		176		20,043
The Allstate Corporation		844		52,404
The Travelers Companies, Inc.		597		67,377
Torchmark Corporation		1,063		60,761
W.R. Berkley Corporation		1,019		55,790
				1,341,040
Internet & Catalog Retail (0.5%):
Expedia, Inc.		235		29,211
Netflix, Inc.*		208		23,791
The Priceline Group, Inc.*		31		39,523
TripAdvisor, Inc.*		355		30,264
				122,789
Internet Software & Services (1.0%):
Akamai Technologies, Inc.*		606		31,894
Alphabet, Inc.*		53		41,234
eBay, Inc.*		1,744		47,925
Facebook, Inc.*		448		46,888
VeriSign, Inc.*		767		67,005
				234,946
IT Services (4.3%):
Alliance Data Systems Corporation*		186		51,442
Amdocs Ltd.		1,166		63,629

See notes to financial statements.

15

Victory Portfolios II
Victory CEMP US 500 Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Automatic Data Processing, Inc.		688	$	58,287
Broadridge Financial Solutions, Inc.		975		52,387
Cognizant Technology Solutions Corporation*		645		38,713
Fidelity National Information Services, Inc.		682		41,329
Fiserv, Inc.*		640		58,534
FleetCor Technologies, Inc.*		319		45,595
Gartner, Inc.*		615		55,780
Genpact Ltd.*		2,168		54,157
Global Payments, Inc.		806		51,995
International Business Machines Corporation		346		47,616
Jack Henry & Associates, Inc.		914		71,347
MasterCard, Inc.		561		54,619
Paychex, Inc.		1,334		70,555
The Western Union Company		2,271		40,674
Total System Services, Inc.		1,028		51,194
Visa, Inc.		689		53,432
Xerox Corporation		3,744		39,799
				1,001,084
Leisure Products (0.3%):
Hasbro, Inc.		514		34,623
Polaris Industries, Inc.		308		26,473
				61,096
Life Sciences Tools & Services (1.6%):
Agilent Technologies, Inc.		1,352		56,527
Illumina, Inc.*		181		34,742
Mettler-Toledo International, Inc.*		174		59,009
PerkinElmer, Inc.		1,214		65,034
Quintiles Transnational Holdings, Inc.*		714		49,023
Thermo Fisher Scientific, Inc.		418		59,293
Waters Corporation*		433		58,273
				381,901
Machinery (3.8%):
Allison Transmission Holdings, Inc.		1,979		51,236
Caterpillar, Inc.		603		40,980
Colfax Corporation*		1,084		25,311
Cummins, Inc.		424		37,316
Deere & Company		625		47,669
Dover Corporation		710		43,530
Flowserve Corporation		964		40,565
IDEX Corporation		887		67,953
Illinois Tool Works, Inc.		697		64,598
Ingersoll-Rand PLC		954		52,747
Lincoln Electric Holdings, Inc.		794		41,201
Middleby Corporation*		382		41,206
PACCAR, Inc.		810		38,394
Parker-Hannifin Corporation		462		44,805
Snap-On, Inc.		355		60,858
Stanley Black & Decker, Inc.		561		59,876

See notes to financial statements.

16

Victory Portfolios II
Victory CEMP US 500 Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
WABCO Holdings, Inc.*		355	$	36,302
Wabtec Corporation		482		34,280
Xylem, Inc.		1,644		60,006
				888,833
Media (3.1%):
AMC Networks, Inc.*		527		39,356
Cablevision Systems Corporation		982		31,326
CBS Corporation		1,017		47,931
Comcast Corporation		867		48,925
Discovery Communications, Inc.*		1,203		32,096
DISH Network Corporation*		737		42,142
Lions Gate Entertainment Corporation		940		30,447
MSG Network, Inc.*		2,600		54,080
Omnicom Group, Inc.		930		70,364
Scripps Networks Interact, Inc.		867		47,867
Sirius XM Holdings, Inc.*		14,087		57,334
TEGNA, Inc.		1,508		38,484
The Walt Disney Company		435		45,710
Time Warner Cable, Inc.		227		42,129
Time Warner, Inc.		644		41,647
Twenty-First Century Fox, Inc.		1,597		43,374
				713,212
Metals & Mining (0.4%):
Alcoa, Inc.		3,171		31,298
Newmont Mining Corporation		1,535		27,615
Nucor Corporation		925		37,277
				96,190
Multiline Retail (0.6%):
Dollar General Corporation		747		53,687
Kohl's Corporation		670		31,912
Macy's, Inc.		703		24,591
Nordstrom, Inc.		700		34,867
				145,057
Multi-Utilities (3.0%):
Alliant Energy Corporation		952		59,452
Ameren Corporation		1,320		57,064
CenterPoint Energy, Inc.		2,596		47,663
CMS Energy Corporation		1,470		53,038
Consolidated Edison, Inc.		889		57,136
Dominion Resources, Inc.		835		56,479
DTE Energy Company		675		54,128
PG&E Corporation		1,052		55,956
Public Service Enterprise Group, Inc.		1,169		45,229
SCANA Corporation		960		58,070
Sempra Energy		573		53,868
TECO Energy, Inc.		1,480		39,442
WEC Energy Group, Inc.		1,020		52,336
				689,861

See notes to financial statements.

17

Victory Portfolios II
Victory CEMP US 500 Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Oil, Gas & Consumable Fuels (1.6%):
Cheniere Energy Partners LP Holdings LLC		2,116	$	36,819
Chevron Corporation		541		48,668
Exxon Mobil Corporation		680		53,006
Kinder Morgan, Inc.		1,676		25,006
Marathon Petroleum Corporation		632		32,763
ONEOK, Inc.		782		19,284
Phillips 66		433		35,419
Plains GP Holdings LP		1,212		11,453
Spectra Energy Corporation		1,565		37,466
Tesoro Corporation		296		31,190
Valero Energy Corporation		529		37,406
Williams Companies, Inc.		559		14,366
				382,846
Paper & Forest Products (0.2%):
International Paper Company		1,091		41,131
Personal Products (0.3%):
Estee Lauder Companies, Inc.		606		53,365
Herbalife Ltd.*		318		17,051
				70,416
Pharmaceuticals (1.1%):
Eli Lilly and Company		551		46,427
Johnson & Johnson		664		68,206
Merck & Company, Inc.		924		48,806
Mylan NV*		519		28,062
Pfizer, Inc.		1,862		60,106
				251,607
Professional Services (1.4%):
Equifax, Inc.		522		58,135
IHS, Inc.*		379		44,885
ManpowerGroup, Inc.		412		34,727
Nielsen Holdings PLC		1,052		49,023
Robert Half International, Inc.		897		42,285
Towers Watson & Company		402		51,641
Verisk Analytics, Inc.*		669		51,433
				332,129
Real Estate Management & Development (0.4%):
CBRE Group, Inc.*		1,372		47,444
Jones Lang LaSalle, Inc.		264		42,203
				89,647
Road & Rail (1.4%):
AMERCO		134		52,193
CSX Corporation		1,477		38,328
JB Hunt Transport Services, Inc.		711		52,159
Kansas City Southern		407		30,391
Norfolk Southern Corporation		604		51,092
Old Dominion Freight Line, Inc.*		726		42,885

See notes to financial statements.

18

Victory Portfolios II
Victory CEMP US 500 Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Ryder System, Inc.		549	$	31,200
Union Pacific Corporation		495		38,709
				336,957
Semiconductors & Semiconductor Equipment (2.3%):
Analog Devices, Inc.		610		33,745
Applied Materials, Inc.		2,381		44,453
Intel Corporation		2,182		75,170
KLA-Tencor Corporation		787		54,578
Lam Research Corporation		528		41,934
Linear Technology Corporation		1,106		46,972
Microchip Technology, Inc.		988		45,982
Micron Technology, Inc.*		1,243		17,601
NVIDIA Corporation		1,394		45,946
NXP Semiconductors NV*		1		61
Skyworks Solutions, Inc.		320		24,586
Texas Instruments, Inc.		873		47,849
Xilinx, Inc.		1,017		47,768
				526,645
Software (2.8%):
Adobe Systems, Inc.*		603		56,646
ANSYS, Inc.*		585		54,112
CA, Inc.		1,804		51,522
Cadence Design System, Inc.*		2,021		42,057
Citrix Systems, Inc.*		554		41,910
Electronic Arts, Inc.*		526		36,147
Oracle Corporation		1,390		50,777
Red Hat, Inc.*		596		49,355
SS&C Technologies Holdings, Inc.		547		37,344
Symantec Corporation		1,968		41,328
Synopsys, Inc.*		1,200		54,732
Tyler Technologies, Inc.*		299		52,122
Ultimate Software Group, Inc.*		234		45,749
VMware, Inc.*		497		28,115
				641,916
Specialty Retail (3.8%):
Advance Auto Parts, Inc.		236		35,520
AutoNation, Inc.*		805		48,026
AutoZone, Inc.*		83		61,579
Bed Bath & Beyond, Inc.*		747		36,043
Best Buy Company, Inc.		769		23,416
CarMax, Inc.*		710		38,319
Dick's Sporting Goods, Inc.		761		26,901
Foot Locker, Inc.		688		44,782
GameStop Corporation		743		20,834
L Brands, Inc.		511		48,964
Lowe's Companies, Inc.		736		55,965
O'Reilly Automotive, Inc.*		196		49,670
Penske Automotive Group, Inc.		726		30,739
Ross Stores, Inc.		861		46,330

See notes to financial statements.

19

Victory Portfolios II
Victory CEMP US 500 Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
The Gap, Inc.		1,558	$	38,483
The Home Depot, Inc.		444		58,719
The TJX Companies, Inc.		705		49,992
Tiffany & Company		383		29,219
Tractor Supply Company		507		43,348
Ulta Salon, Cosmetics & Fragrances, Inc.*		321		59,385
Williams-Sonoma, Inc.		611		35,689
				881,923
Technology Hardware, Storage & Peripherals (0.8%):
Apple, Inc.		349		36,736
EMC Corporation		1,680		43,142
HP, Inc.		2,872		34,005
SanDisk Corporation		393		29,864
Seagate Technology PLC		699		25,625
Western Digital Corporation		428		25,701
				195,073
Textiles, Apparel & Luxury Goods (1.4%):
Carter's, Inc.		499		44,426
Coach, Inc.		1,268		41,502
Hanesbrands, Inc.		1,255		36,935
NIKE, Inc.		962		60,125
PVH Corporation		327		24,084
Ralph Lauren Corporation		296		32,998
Skechers U.S.A., Inc.*		578		17,461
Under Armour, Inc.*		386		31,115
VF Corporation		729		45,380
				334,026
Thrifts & Mortgage Finance (0.6%):
New York Community Bancorp, Inc.		3,343		54,558
TFS Financial Corporation		4,194		78,973
				133,531
Tobacco (0.8%):
Altria Group, Inc.		1,062		61,819
Philip Morris International, Inc.		681		59,867
Reynolds American, Inc.		1,152		53,165
				174,851
Trading Companies & Distributors (0.5%):
Fastenal Company		1,179		48,127
United Rentals, Inc.*		371		26,912
W.W. Grainger, Inc.		258		52,268
				127,307
Water Utilities (0.6%):
American Water Works Company, Inc.		1,143		68,294
Aqua America, Inc.		2,116		63,056
				131,350
Total Common Stocks (Cost $23,464,975)				23,183,579

See notes to financial statements.

20

Victory Portfolios II
Victory CEMP US 500 Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Short-Term Investments (0.3%)
Money Market Funds (0.3%):
Short Term Investment Trust Liquid Assets Portfolio, 0.29%^		77,649	$	77,649
Total Short-Term Investments — (Cost $77,649)				77,649
Total Investments — 100.0% (Cost $23,542,624)				23,261,228
Liabilities in excess of other assets — 0.0%#				(3,158	)
NET ASSETS — 100.0%			$	23,258,070

*  Non-income producing security.

^  Annualized seven-day yield as of December 31, 2015.

#  Less than 0.05%.

The Global Industry Classification Standard (GICS^®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS^® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Fund's Administrator, U.S. Bancorp Fund Services, LLC.

Schedule of Open Futures Contracts

Number of Contracts Purchased		Description	Notional Amount		Unrealized Depreciation
	1	S&P 500 E-Mini Future, March 2016	$	101,770	$	(445	)
					$	(445	)

See notes to financial statements.

21

Victory Portfolios II
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF Schedule of Investments
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Common Stocks (99.3%)
Aerospace & Defense (0.7%):
Astronics Corporation*		752	$	30,614
Moog, Inc.*		1,103		66,842
National Presto Industries, Inc.		773		64,051
TASER International, Inc.*		1,174		20,298
				181,805
Air Freight & Logistics (0.8%):
Air Transport Services Group, Inc.*		5,808		58,545
Atlas Air Worldwide Holdings, Inc.*		1,047		43,283
Forward Air Corporation		1,352		58,149
Hub Group, Inc.*		1,321		43,527
				203,504
Airlines (0.1%):
Hawaiian Holdings, Inc.*		1,066		37,662
Auto Components (1.8%):
American Axle & Manufacturing Holdings, Inc.*		2,714		51,403
Cooper Tire & Rubber Company		1,211		45,836
Dana Holding Corporation		3,187		43,981
Dorman Products, Inc.*		1,199		56,917
Drew Industries, Inc.		1,063		64,726
Gentherm, Inc.*		919		43,561
Motorcar Parts of America, Inc.*		1,098		37,123
Standard Motor Products, Inc.		1,372		52,205
Tenneco, Inc.*		1,229		56,423
				452,175
Automobiles (0.3%):
Thor Industries, Inc.		1,279		71,816
Banks (15.3%):
1st Source Corporation		2,003		61,833
Ameris Bancorp		2,266		77,021
Associated Banc-Corp		3,455		64,781
BancFirst Corporation		1,087		63,720
BancorpSouth, Inc.		2,248		53,930	��
Bank of Hawaii Corporation		1,246		78,373
Banner Corporation		1,365		62,599
BBCN Bancorp, Inc.		3,903		67,210
Berkshire Hills Bancorp, Inc.		2,931		85,321
BNC Bancorp		3,046		77,308
Boston Private Financial Holdings, Inc.		4,186		47,469
Capital Bank Financial Corporation		2,079		66,486
Cathay General Bancorp		1,914		59,966
Chemical Financial Corporation		2,161		74,058
Columbia Banking Systems, Inc.		2,044		66,450
Community Bank Systems, Inc.		1,988		79,401
CVB Financial Corporation		3,798		64,262
Eagle Bancorp, Inc.*		1,709		86,253

See notes to financial statements.

22

Victory Portfolios II
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
First Citizens Bancshares, Inc.		282	$	72,804
First Financial Bancorp		3,246		58,655
First Financial Bankshares, Inc.		1,813		54,698
First Interstate BancSystem, Inc.		2,455		71,367
First Merchants Corporation		2,812		71,481
First Midwest Bancorp, Inc.		3,698		68,154
FirstMerit Corporation		3,333		62,160
FNB Corporation		5,131		68,448
Fulton Financial Corporation		6,013		78,229
Glacier Bancorp, Inc.		2,056		54,546
Hancock Holdings Company		1,697		42,714
Hilltop Holdings, Inc.*		2,857		54,912
Home BancShares, Inc.		1,547		62,684
IBERIABANK Corporation		933		51,380
Independent Bank Corporation		1,425		66,291
International Bancshares Corporation		2,055		52,814
LegacyTexas Financial Group, Inc.		1,535		38,406
MB Financial, Inc.		1,760		56,971
National Penn Bancshares, Inc.		4,385		54,067
NBT Bancorp, Inc.		2,558		71,317
Old National Bancorp		4,505		61,088
Opus Bank		1,511		55,862
Park National Corporation		828		74,917
Pinnacle Financial Partners, Inc.		1,151		59,115
PrivateBancorp, Inc.		1,444		59,233
Renasant Corporation		2,277		78,352
S&T Bancorp, Inc.		2,095		64,568
ServisFirst Bancshares, Inc.		1,719		81,704
Simmons First National Corporation		1,409		72,366
South State Corporation		893		64,251
Talmer Bancorp, Inc.		4,353		78,833
TCF Financial Corporation		4,003		56,522
Texas Capital BancShares, Inc.*		905		44,725
Towne Bank		3,515		73,358
Trustmark Corporation		2,819		64,950
UMB Financial Corporation		1,129		52,555
Union Bankshares Corporation		2,587		65,296
United Bankshares, Inc.		1,694		62,661
United Community Banks, Inc.		3,157		61,530
Valley National Bancorp		8,648		85,183
WesBanco, Inc.		2,164		64,963
Westamerica Bancorp		1,456		68,068
Wintrust Financial Corporation		1,366		66,278
				3,964,917
Beverages (0.4%):
Boston Beer Company, Inc.*		231		46,641
Coca-Cola Bottling Company Consolidated		292		53,293
				99,934

See notes to financial statements.

23

Victory Portfolios II
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Biotechnology (0.5%):
Insys Therapeutics, Inc.*		866	$	24,793
Ligand Pharmaceuticals, Inc.*		342		37,080
Myriad Genetics, Inc.*		1,007		43,462
PDL BioPharma, Inc.		9,430		33,382
				138,717
Building Products (1.7%):
AAON, Inc.		2,691		62,485
American Woodmark Corporation*		614		49,108
Apogee Enterprises, Inc.		738		32,110
Griffon Corporation		3,449		61,392
Patrick Industries, Inc.*		954		41,499
PGT, Inc.*		2,339		26,641
Simpson Manufacturing Company, Inc.		2,097		71,613
Trex Company, Inc.*		948		36,062
Universal Forest Products, Inc.		799		54,628
				435,538
Capital Markets (1.7%):
Cohen & Steers, Inc.		2,142		65,288
Evercore Partners, Inc.		1,140		61,640
Financial Engines, Inc.		1,273		42,862
Gamco Investors, Inc.		1,637		50,812
Greenhill & Company, Inc.		1,602		45,833
HFF, Inc.		1,305		40,546
Janus Capital Group, Inc.		3,290		46,356
Manning & Napier, Inc.		3,650		30,989
Virtus Investment Partners, Inc.		347		40,759
WisdomTree Investments, Inc.		1,622		25,433
				450,518
Chemicals (2.4%):
Balchem Corporation		774		47,059
Calgon Carbon Corporation		3,298		56,890
Chemtura Corporation*		1,813		49,441
Ferro Corporation*		3,816		42,434
HB Fuller Company		1,929		70,351
Innophos Holdings, Inc.		1,264		36,631
Innospec, Inc.		1,291		70,114
Minerals Technologies, Inc.		808		37,055
Olin Corporation		2,215		38,231
Quaker Chemical Corporation		600		46,356
Sensient Technologies Corporation		1,070		67,217
Stepan Company		1,081		53,715
				615,494
Commercial Services & Supplies (3.4%):
ABM Industries, Inc.		2,672		76,072
Deluxe Corporation		1,007		54,922
G&K Services, Inc.		1,048		65,919
Herman Miller, Inc.		2,403		68,966

See notes to financial statements.

24

Victory Portfolios II
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
HNI Corporation		1,069	$	38,548
Knoll, Inc.		2,480		46,624
Matthews International Corporation		1,444		77,182
McGrath RentCorp		2,298		57,887
MSA Safety, Inc.		963		41,862
Multi-Color Corporation		724		43,302
Steelcase, Inc.		3,507		52,254
Team, Inc.*		1,378		44,041
Tetra Tech, Inc.		2,448		63,697
UniFirst Corporation		665		69,293
US Ecology, Inc.		1,069		38,954
West Corporation		1,801		38,847
				878,370
Communications Equipment (1.2%):
ADTRAN, Inc.		3,266		56,240
CalAmp Corporation*		2,098		41,813
Infinera Corporation*		1,541		27,923
InterDigital, Inc.		1,170		57,377
Plantronics, Inc.		1,149		54,486
Polycom, Inc.*		5,030		63,328
				301,167
Construction & Engineering (1.1%):
Argan, Inc.		1,015		32,886
Comfort Systems USA, Inc.		1,510		42,914
Dycom Industries, Inc.*		410		28,684
EMCOR Group, Inc.		1,514		72,732
MYR Group, Inc.*		1,893		39,015
Primoris Services Corporation		1,829		40,293
Tutor Perini Corporation*		1,934		32,375
				288,899
Consumer Finance (0.7%):
Encore Capital Group, Inc.*		1,500		43,620
First Cash Financial Services, Inc.*		1,358		50,830
Nelnet, Inc.		1,679		56,364
PRA Group, Inc.*		1,044		36,216
				187,030
Containers & Packaging (0.2%):
Greif, Inc.		1,238		38,143
Distributors (0.2%):
Core-Mark Holding Company, Inc.		757		62,028
Diversified Consumer Services (0.7%):
Capella Education Company		948		43,817
DeVry Education Group, Inc.		1,250		31,637
Grand Canyon Education, Inc.*		1,653		66,318
Strayer Education, Inc.*		622		37,395
				179,167

See notes to financial statements.

25

Victory Portfolios II
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Diversified Telecommunication Services (0.5%):
Inteliquent, Inc.		1,506	$	26,761
Iridium Communications, Inc.*		6,364		53,521
Vonage Holdings Corporation*		6,459		37,075
				117,357
Electric Utilities (2.0%):
ALLETE, Inc.		1,464		74,415
El Paso Electric Company		1,952		75,152
IdaCorp, Inc.		1,177		80,036
MGE Energy, Inc.		1,646		76,374
Otter Tail Corporation		2,374		63,220
PNM Resources, Inc.		2,447		74,805
The Empire District Electric Company		2,937		82,441
				526,443
Electrical Equipment (1.2%):
AZZ, Inc.		1,052		58,460
Encore Wire Corporation		1,222		45,324
EnerSys		1,128		63,089
Franklin Electric Company, Inc.		2,154		58,223
Generac Holdings, Inc.*		1,373		40,874
Thermon Group Holdings, Inc.*		2,560		43,315
				309,285
Electronic Equipment, Instruments & Components (4.6%):
Anixter International, Inc.*		948		57,250
AVX Corporation		4,277		51,923
Badger Meter, Inc.		1,011		59,235
Benchmark Electronics, Inc.*		3,164		65,400
Coherent, Inc.*		903		58,794
CTS Corporation		3,646		64,315
ePlus, Inc.*		532		49,614
FARO Technologies, Inc.*		837		24,708
II-VI, Inc.*		2,700		50,112
Insight Enterprises, Inc.*		2,040		51,245
Littelfuse, Inc.		645		69,021
Methode Electronics, Inc.		923		29,379
MTS Systems Corporation		1,080		68,483
Newport Corporation*		3,590		56,973
OSI Systems, Inc.*		926		82,099
Plexus Corporation*		1,582		55,243
Rofin-Sinar Technologies, Inc.*		1,941		51,980
Rogers Corporation*		935		48,218
Sanmina Corporation*		2,075		42,704
ScanSource, Inc.*		1,300		41,886
Tech Data Corporation*		659		43,744
Vishay Intertechnology, Inc.		6,470		77,964
				1,200,290

See notes to financial statements.

26

Victory Portfolios II
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Energy Equipment & Services (0.5%):
Atwood Oceanics, Inc.		1,675	$	17,135
Dril-Quip, Inc.*		635		37,611
Forum Energy Technologies, Inc.*		1,918		23,898
Hornbeck Offshore Services, Inc.*		1,395		13,867
U.S. Silica Holdings, Inc.		1,234		23,113
				115,624
Food & Staples Retailing (1.4%):
Ingles Markets, Inc.		613		27,021
PriceSmart, Inc.		632		52,450
Smart & Final Stores, Inc.*		2,547		46,381
SpartanNash Company		2,096		45,357
SUPERVALU, Inc.*		5,275		35,764
The Andersons, Inc.		1,151		36,406
The Fresh Market, Inc.*		1,414		33,116
United Natural Foods, Inc.*		828		32,590
Weis Markets, Inc.		1,382		61,223
				370,308
Food Products (1.6%):
Cal-Maine Foods, Inc.		613		28,407
J&J Snack Foods Corporation		478		55,768
John B. Sanfilippo & Son, Inc.		769		41,549
Lancaster Colony Corporation		846		97,679
Sanderson Farms, Inc.		700		54,264
Snyder's-Lance, Inc.		2,204		75,597
Tootsie Roll Industries, Inc.		2,073		65,486
				418,750
Gas Utilities (0.8%):
Chesapeake Utilities Corporation		1,010		57,317
ONE Gas, Inc.		1,621		81,326
Southwest Gas Corporation		1,316		72,591
				211,234
Health Care Equipment & Supplies (3.8%):
Abaxis, Inc.		899		50,056
Analogic Corporation		782		64,593
Atrion Corporation		164		62,517
Cantel Medical Corporation		1,045		64,936
CONMED Corporation		1,183		52,111
Globus Medical, Inc.*		2,483		69,077
Greatbatch, Inc.*		913		47,933
Hill-Rom Holdings, Inc.		1,576		75,743
ICU Medical, Inc.*		413		46,578
Inogen, Inc.*		622		24,936
Integra LifeSciences Holdings Corporation*		973		65,950
LivaNova PLC*		738		43,815
Masimo Corporation*		1,204		49,978
Meridian Bioscience, Inc.		3,664		75,185
Merit Medical Systems, Inc.*		1,992		37,031

See notes to financial statements.

27

Victory Portfolios II
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Natus Medical, Inc.*		1,255	$	60,303
Neogen Corporation*		807		45,612
Vascular Solutions, Inc.*		1,126		38,723
				975,077
Health Care Providers & Services (2.8%):
Aceto Corporation		1,790		48,294
Air Methods Corporation*		1,063		44,572
AMN Healthcare Services, Inc.*		1,171		36,360
Chemed Corporation		526		78,795
CorVel Corporation*		1,534		67,373
Hanger, Inc.*		2,861		47,063
HealthEquity, Inc.*		1,198		30,034
LHC Group, Inc.*		756		34,239
Magellan Health, Inc.*		843		51,979
Owens & Minor, Inc.		2,369		85,237
Providence Service Corporation*		749		35,143
Select Medical Holdings Corporation		3,576		42,590
The Ensign Group, Inc.		2,280		51,596
U.S. Physical Therapy, Inc.		1,138		61,088
				714,363
Health Care Technology (0.5%):
HealthStream, Inc.*		1,823		40,106
Omnicell, Inc.*		1,618		50,287
Quality Systems, Inc.		3,047		49,118
				139,511
Hotels, Restaurants & Leisure (3.0%):
Biglari Holdings, Inc.*		141		45,941
BJ's Restaurants, Inc.*		1,032		44,861
Choice Hotels International, Inc.		1,370		69,062
Denny's Corporation*		3,936		38,691
Fiesta Restaurant Group, Inc.*		838		28,157
Interval Leisure Group, Inc.		3,179		49,624
Jack In The Box, Inc,		706		54,157
Krispy Kreme Doughnuts, Inc.*		2,560		38,579
Marriott Vacations Worldwide Corporation		784		44,649
Papa John's International, Inc.		858		47,936
Popeyes Louisiana Kitchen, Inc.*		917		53,644
Red Robin Gourmet Burgers, Inc.*		511		31,549
Sonic Corporation		1,441		46,559
Texas Roadhouse, Inc.		1,708		61,095
The Cheesecake Factory, Inc.		1,241		57,223
Wendy's Company		6,166		66,408
				778,135
Household Durables (2.9%):
CalAtlantic Group, Inc.		2,142		81,225
Cavco Industries, Inc.*		639		53,235
Ethan Allen Interiors, Inc.		1,466		40,784
Installed Building Products, Inc.*		1,389		34,489

See notes to financial statements.

28

Victory Portfolios II
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
iRobot Corporation*		1,700	$	60,180
KB Home		2,405		29,654
La-Z-Boy, Inc.		2,259		55,165
M/I Homes, Inc.*		2,109		46,229
MDC Holdings, Inc.		1,992		50,856
Meritage Homes Corporation*		1,047		35,587
Taylor Morrison Home Corporation*		2,161		34,576
TRI Pointe Homes, Inc.*		3,512		44,497
Tupperware Brands Corporation		968		53,869
Universal Electronics, Inc.*		1,134		58,231
WCI Communities, Inc.*		1,956		43,580
William Lyon Homes*		1,679		27,703
				749,860
Household Products (0.3%):
WD-40 Company		765		75,467
Independent Power Producers & Energy Traders (0.2%):
Ormat Technologies, Inc.		1,392		50,766
Industrial Conglomerates (0.2%):
Raven Industries, Inc.		2,466		38,470
Insurance (3.9%):
American Equity Investment Life Holding Company		2,080		49,982
American National Insurance Company		639		65,351
AMERISAFE, Inc.		1,321		67,239
FBL Financial Group, Inc.		1,075		68,413
Horace Mann Educators Corporation		2,065		68,517
Infinity Property & Casualty Corporation		938		77,132
Kemper Corporation		2,023		75,357
MBIA, Inc.*		3,927		25,447
National General Holdings Corporation		3,091		67,569
Navigators Group, Inc.*		1,072		91,967
Primerica, Inc.		1,279		60,407
ProAssurance Corporation		2,246		108,998
RLI Corporation		1,214		74,964
Selective Insurance Group, Inc.		2,303		77,335
Universal Insurance Holdings, Inc.		1,365		31,641
				1,010,319
Internet & Catalog Retail (0.4%):
FTD Companies, Inc.*		1,635		42,788
Lands' End, Inc.*		1,156		27,096
Nutrisystem, Inc.		1,167		25,254
				95,138
Internet Software & Services (1.3%):
Constant Contact, Inc.*		1,260		36,842
Envestnet, Inc.*		715		21,343
GrubHub, Inc.*		1,446		34,993
LogMeIn, Inc.*		697		46,769
NIC, Inc.		2,392		47,075

See notes to financial statements.

29

Victory Portfolios II
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Shutterstock, Inc.*		739	$	23,899
SPS Commerce, Inc.*		814		57,151
WebMD Health Corporation*		1,361		65,736
				333,808
IT Services (3.1%):
Blackhawk Network Holdings, Inc.*		1,058		46,774
CACI International, Inc.*		1,002		92,965
Cardtronics, Inc.*		1,572		52,898
Convergys Corporation		2,830		70,439
CSG Systems International, Inc.		2,101		75,594
ExlService Holdings, Inc.*		1,615		72,562
ManTech International Corporation		2,403		72,667
NeuStar, Inc.*		1,448		34,708
Perficient, Inc.*		2,588		44,306
Science Applications International Corporation		1,211		55,440
Sykes Enterprises, Inc.*		2,455		75,565
TeleTech Holdings, Inc.		2,149		59,979
Virtusa Corporation*		1,132		46,797
				800,694
Leisure Products (0.2%):
Smith & Wesson Holdings Corporation*		1,970		43,301
Life Sciences Tools & Services (0.3%):
Cambrex Corporation*		627		29,525
Luminex Corporation*		2,196		46,973
				76,498
Machinery (5.8%):
Alamo Group, Inc.		931		48,505
Altra Industrial Motion Corporation		2,509		62,926
American Railcar Industries, Inc.		953		44,105
Astec Industries, Inc.		1,454		59,178
Barnes Group, Inc.		1,782		63,065
Chart Industries, Inc.*		1,197		21,498
CIRCOR International, Inc.		1,120		47,208
CLARCOR, Inc.		1,411		70,098
ESCO Technologies, Inc.		1,948		70,401
Federal Signal Corporation		3,739		59,263
Greenbrier Companies, Inc.		808		26,357
Hillenbrand, Inc.		2,160		64,001
Hyster-Yale Materials Handling, Inc.		934		48,988
John Bean Technologies Corporation		1,411		70,310
Joy Global, Inc.		2,330		29,381
Lindsay Corporation		741		53,648
Meritor, Inc.*		3,341		27,897
Mueller Industries, Inc.		2,236		60,595
Proto Labs, Inc.*		617		39,297
RBC Bearings, Inc.*		764		49,347

See notes to financial statements.

30

Victory Portfolios II
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Rexnord Corporation*		2,981	$	54,016
Standex International Corporation		773		64,275
Sun Hydraulics Corporation		1,992		63,206
Tennant Company		1,177		66,218
Terex Corporation		1,471		27,184
TriMas Corporation*		1,966		36,666
Valmont Industries, Inc.		689		73,048
Wabash National Corporation*		3,864		45,711
Woodward, Inc.		1,257		62,423
				1,508,815
Marine (0.2%):
Matson, Inc.		1,417		60,407
Media (1.4%):
AMC Entertainment Holdings, Inc.		1,736		41,664
Entravision Communications Corporation		4,879		37,617
Gray Television, Inc.*		2,880		46,944
Meredith Corporation		1,188		51,381
Nexstar Broadcasting Group, Inc.		1,201		70,499
Regal Entertainment Group		3,337		62,969
Sinclair Broadcast Group, Inc.		1,931		62,835
				373,909
Metals & Mining (0.4%):
Commercial Metals Company		2,947		40,344
Ferroglobe PLC		2,697		28,993
Materion Corporation		1,428		39,984
				109,321
Multi-Utilities (0.6%):
Avista Corporation		2,292		81,068
NorthWestern Corporation		1,459		79,151
				160,219
Oil, Gas & Consumable Fuels (0.2%):
World Fuel Services Corporation		1,441		55,421
Paper & Forest Products (1.4%):
Boise Cascade Company*		1,395		35,614
Deltic Timber Corporation		1,227		72,233
KapStone Paper & Packaging Corporation		2,428		54,849
Neenah Paper, Inc.		1,142		71,295
PH Glatfelter Company		3,657		67,435
Schweitzer-Mauduit International, Inc.		1,725		72,433
				373,859
Personal Products (0.4%):
Inter Parfums, Inc.		1,748		41,637
Nu Skin Enterprises, Inc.		721		27,319
USANA Health Sciences, Inc.*		184		23,506
				92,462

See notes to financial statements.

31

Victory Portfolios II
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Pharmaceuticals (0.5%):
Lannet Company, Inc.*		575	$	23,069
Prestige Brands Holdings, Inc.*		1,132		58,275
Sucampo Pharmaceuticals, Inc.*		822		14,212
Supernus Pharmaceuticals, Inc.*		1,506		20,241
				115,797
Professional Services (2.3%):
Exponent, Inc.		1,466		73,227
FTI Consulting, Inc.*		1,261		43,706
Huron Consulting Group, Inc.*		626		37,184
ICF International, Inc.*		1,585		56,363
Insperity, Inc.		1,007		48,487
Kforce, Inc.		1,539		38,906
Korn/Ferry International		1,825		60,554
On Assignment, Inc.*		1,275		57,311
Resources Connection, Inc.		3,423		55,932
RPX Corporation*		3,590		39,490
TrueBlue, Inc.*		1,544		39,773
WageWorks, Inc.*		770		34,935
				585,868
Real Estate Management & Development (0.3%):
Alexander & Baldwin, Inc.		1,746		61,651
Marcus & Millichap, Inc.*		781		22,759
				84,410
Road & Rail (1.3%):
ArcBest Corporation		1,405		30,053
Heartland Express, Inc.		2,908		49,494
Knight Transportation, Inc.		1,693		41,021
Landstar System, Inc.		1,052		61,700
Marten Transport Ltd.		2,398		42,445
Roadrunner Transportation Systems, Inc.*		1,948		18,370
Saia, Inc.*		1,177		26,188
Swift Transportation Company*		2,217		30,639
Werner Enterprises, Inc.		2,054		48,043
				347,953
Semiconductors & Semiconductor Equipment (3.0%):
Ambarella, Inc.*		358		19,955
Amkor Technology, Inc.*		5,023		30,540
Cabot Microelectronics Corporation*		1,491		65,276
Cirrus Logic, Inc.*		1,173		34,639
Diodes, Inc.*		2,422		55,657
Integrated Device Technology, Inc.*		1,799		47,404
MKS Instrument, Inc.		2,036		73,296
Monolithic Power Systems, Inc.		1,109		70,654
OmniVision Technologies, Inc.*		2,522		73,188
Photronics, Inc.*		5,995		74,638

See notes to financial statements.

32

Victory Portfolios II
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Power Integrations, Inc.		1,298	$	63,122
Rambus, Inc.*		3,399		39,394
Silicon Laboratories, Inc.*		1,077		52,278
Synaptics, Inc.*		577		46,356
Tessera Technologies, Inc.		1,278		38,353
				784,750
Software (1.7%):
Blackbaud, Inc.		1,017		66,980
Ebix, Inc.		1,139		37,348
Ellie Mae, Inc.*		477		28,730
Fair Isaac Corporation		663		62,441
Monotype Imaging Holdings, Inc.		2,147		50,755
Pegasystems, Inc.		1,750		48,125
Qualys, Inc.*		691		22,865
Synchronoss Technologies, Inc.*		947		33,363
TiVo, Inc.*		7,022		60,600
VASCO Data Security International, Inc.*		1,432		23,957
				435,164
Specialty Retail (4.3%):
Aaron's, Inc.		1,247		27,920
Asbury Automotive Group, Inc.*		684		46,129
Ascena Retail Group, Inc.*		3,345		32,948
Caleres, Inc.		1,467		39,345
CST Brands, Inc.		1,960		76,715
DSW, Inc.		1,770		42,232
Express, Inc.*		1,848		31,934
Finish Line, Inc.		1,533		27,717
Five Below, Inc.*		1,082		34,732
Genesco, Inc.*		988		56,148
Group 1 Automotive, Inc.		653		49,432
Guess?, Inc.		1,814		34,248
Hibbett Sports, Inc.*		1,396		42,215
Lithia Motors, Inc.		485		51,735
Mattress Firm Holding Corporation*		801		35,749
Monro Muffler Brake, Inc.		1,074		71,120
Murphy USA, Inc.*		1,097		66,632
Pier 1 Imports, Inc.		3,082		15,688
Rent-A-Center, Inc.		1,405		21,033
Select Comfort Corporation*		1,932		41,364
Sonic Automotive, Inc.		2,886		65,685
The Buckle, Inc.		1,268		39,029
The Cato Corporation		1,604		59,059
Tile Shop Holdings, Inc.*		2,173		35,637
Vitamin Shoppe, Inc.*		1,379		45,093
Zumiez, Inc.*		1,486		22,468
				1,112,007

See notes to financial statements.

33

Victory Portfolios II
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Technology Hardware, Storage & Peripherals (0.5%):
Electronics For Imaging, Inc.*		1,435	$	67,072
QLogic Corporation*		2,912		35,526
Super Micro Computer, Inc.*		1,293		31,692
				134,290
Textiles, Apparel & Luxury Goods (0.7%):
Fossil Group, Inc.*		740		27,054
Iconix Brand Group, Inc.*		2,071		14,145
Movado Group, Inc.		1,186		30,492
Steven Madden Ltd.*		1,337		40,404
Tumi Holdings, Inc.*		2,201		36,603
Wolverine World Wide, Inc.		2,084		34,824
				183,522
Thrifts & Mortgage Finance (2.5%):
Astoria Financial Corporation		4,378		69,391
Beneficial Bancorp, Inc.*		7,741		103,110
BofI Holding, Inc.*		2,019		42,500
Capitol Federal Financial, Inc.		8,449		106,120
EverBank Financial Corporation		4,128		65,966
Northwest Bancshares, Inc.		7,190		96,274
Provident Financial Services, Inc.		3,869		77,960
Washington Federal, Inc.		3,081		73,420
				634,741
Tobacco (0.3%):
Vector Group Ltd.		3,703		87,354
Trading Companies & Distributors (1.7%):
Aircastle Ltd.		2,401		50,157
Applied Industrial Technologies, Inc.		1,511		61,180
GATX Corporation		1,190		50,634
H&E Equipment Services, Inc.		1,133		19,805
Kaman Corporation		2,422		98,842
MRC Global, Inc.*		2,321		29,941
Rush Enterprises, Inc.*		2,131		46,648
TAL International Group, Inc.		2,192		34,853
Wesco International, Inc.*		1,077		47,043
				439,103
Transportation Infrastructure (0.2%):
Wesco Aircraft Holdings, Inc.*		4,079		48,826
Water Utilities (0.7%):
American States Water Company		1,590		66,701
California Water Service Group		2,647		61,596
SJW Corporation		1,893		56,127
				184,424
Wireless Telecommunication Services (0.2%):
Shenandoah Telecommunications Company		932		40,123
Total Common Stocks (Cost $26,524,292)				25,690,327

See notes to financial statements.

34

Victory Portfolios II
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Short-Term Investments (0.5%)
Money Market Funds (0.5%):
Short Term Investment Trust Liquid Assets Portfolio, 0.29%^		124,854	$	124,854
Total Short-Term Investments — (Cost $124,854)				124,854
Total Investments — 99.8% (Cost $26,649,146)				25,815,181
Other assets in excess of liabilities — 0.2%				50,419
NET ASSETS — 100.0%			$	25,865,600

*  Non-income producing security.

^  Annualized seven-day yield as of December 31, 2015.

The Global Industry Classification Standard (GICS^®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS^® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Fund's Administrator, U.S. Bancorp Fund Services, LLC.

Schedule of Open Futures Contracts

Number of Contracts Purchased		Description	Notional Amount		Unrealized Depreciation
	1	Russell 2000 Mini Future, March 2016	$	113,150	$	(574	)
					$	(574	)

See notes to financial statements.

35

Victory Portfolios II
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF Schedule of Investments
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Common Stocks (99.6%)
Aerospace & Defense (3.0%):
General Dynamics Corporation		1,938	$	266,204
Hexcel Corporation		4,977		231,182
Honeywell International, Inc.		2,806		290,617
Huntington Ingalls Industries, Inc.		1,594		202,199
L-3 Communications Holdings, Inc.		2,440		291,604
Lockheed Martin Corporation		1,537		333,759
Northrop Grumman Corporation		1,574		297,187
Precision Castparts Corporation		691		160,319
Raytheon Company		2,421		301,487
Rockwell Collins, Inc.		3,627		334,772
Textron, Inc.		5,300		222,653
The Boeing Company		1,779		257,226
United Technologies Corporation		2,866		275,337
				3,464,546
Air Freight & Logistics (0.6%):
CH Robinson Worldwide, Inc.		2,944		182,587
Expeditors International of Washington, Inc.		5,316		239,751
United Parcel Service, Inc.		2,560		246,349
				668,687
Airlines (0.6%):
Alaska Air Group, Inc.		2,085		167,863
American Airlines Group, Inc.		3,137		132,852
JetBlue Airways Corporation*		5,673		128,494
Southwest Airlines Company		4,050		174,393
United Continental Holdings, Inc.*		2,313		132,535
				736,137
Auto Components (0.9%):
BorgWarner, Inc.		4,577		197,864
Gentex Corporation		14,512		232,337
Goodyear Tire & Rubber Company		6,088		198,895
Johnson Controls, Inc.		5,307		209,573
Lear Corporation		1,997		245,292
				1,083,961
Automobiles (0.6%):
Ford Motor Company		18,012		253,789
General Motors Company		7,132		242,559
Harley-Davidson, Inc.		3,376		153,237
				649,585
Banks (4.4%):
BB&T Corporation		6,780		256,352
CIT Group, Inc.		6,430		255,271
Citigroup, Inc.		4,313		223,198
Citizens Financial Group, Inc.		9,394		246,029
Comerica, Inc.		4,345		181,751

See notes to financial statements.

36

Victory Portfolios II
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
East West Bancorp, Inc.		5,313	$	220,808
Fifth Third Bancorp		11,150		224,115
First Republic Bank		3,813		251,887
Huntington Bancshares, Inc.		21,818		241,307
JPMorgan Chase & Company		3,835		253,225
KeyCorp		14,749		194,539
M&T Bank Corporation		3,834		464,604
People's United Financial, Inc.		19,129		308,933
Regions Financial Corporation		20,531		197,098
Signature Bank*		1,642		251,834
SunTrust Banks, Inc.		5,540		237,334
SVB Financial Group*		1,275		151,598
The PNC Financial Services Group, Inc.		2,879		274,397
US Bancorp		6,505		277,568
Wells Fargo & Company		5,125		278,595
				4,990,443
Beverages (1.9%):
Brown-Forman Corporation		3,244		322,064
Coca-Cola Enterprises, Inc.		4,026		198,240
Constellation Brands, Inc.		2,066		294,281
Dr Pepper Snapple Group, Inc.		3,912		364,599
Monster Beverage Corporation*		1,176		175,177
PepsiCo, Inc.		3,572		356,914
The Coca-Cola Company		9,653		414,693
				2,125,968
Biotechnology (0.9%):
Alexion Pharmaceuticals, Inc.*		842		160,611
Amgen, Inc.		1,227		199,179
Biogen, Inc.*		363		111,205
Celgene Corporation*		1,343		160,838
Gilead Sciences, Inc.		1,686		170,606
Regeneron Pharmaceuticals, Inc.*		317		172,090
				974,529
Building Products (0.8%):
AO Smith Corporation		2,979		228,221
Lennox International, Inc.		2,340		292,266
Masco Corporation		7,050		199,515
Owens Corning		3,849		181,019
				901,021
Capital Markets (3.3%):
Affiliated Managers Group, Inc.*		1,405		224,463
Ameriprise Financial, Inc.		2,102		223,695
BlackRock, Inc.		869		295,912
E*TRADE Financial Corporation*		6,086		180,389
Franklin Resources, Inc.		6,501		239,367
Invesco Ltd.		7,094		237,507
Legg Mason, Inc.		5,697		223,493
Northern Trust Corporation		3,197		230,472

See notes to financial statements.

37

Victory Portfolios II
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Raymond James Financial, Inc.		4,431	$	256,865
SEI Investments Company		4,771		250,000
State Street Corporation		3,007		199,545
T. Rowe Price Group, Inc.		4,166		297,827
TD Ameritrade Holding Corporation		6,608		229,364
The Bank of New York Mellon Corporation		5,789		238,623
The Charles Schwab Corporation		6,297		207,360
The Goldman Sachs Group, Inc.		1,354		244,031
				3,778,913
Chemicals (3.8%):
Air Products & Chemicals, Inc.		1,689		219,756
Airgas, Inc.		2,831		391,584
Ashland, Inc.		2,382		244,631
CF Industries Holdings, Inc.		2,863		116,839
Eastman Chemical Company		2,803		189,231
Ecolab, Inc.		2,428		277,715
EI du Pont de Nemours & Company		4,469		297,635
International Flavors & Fragrances, Inc.		2,222		265,840
LyondellBasell Industries NV		1,913		166,240
NewMarket Corporation		596		226,915
PPG Industries, Inc.		2,660		262,861
Praxair, Inc.		3,101		317,542
The Dow Chemical Company		4,633		238,507
The Mosaic Company		6,057		167,113
The Sherwin-Williams Company		959		248,956
The Valspar Corporation		3,706		307,413
W.R. Grace & Company*		2,238		222,882
Westlake Chemical Corporation		2,922		158,723
				4,320,383
Commercial Services & Supplies (2.1%):
Cintas Corporation		3,554		323,592
Copart, Inc.*		9,211		350,110
KAR Auction Services, Inc.		8,374		310,089
Republic Services, Inc.		7,807		343,430
Rollins, Inc.		8,597		222,663
Stericycle, Inc.*		2,245		270,747
The ADT Corporation		6,243		205,894
Waste Connections, Inc.		6,254		352,225
				2,378,750
Communications Equipment (1.1%):
Arista Networks, Inc.*		1,943		151,243
Brocade Communications Systems, Inc.		15,788		144,934
Cisco Systems, Inc.		8,434		229,025
CommScope Holding Company, Inc.*		4,314		111,689
F5 Networks, Inc.*		1,635		158,530
Motorola Solutions, Inc.		3,538		242,176
QUALCOMM, Inc.		3,666		183,245
				1,220,842

See notes to financial statements.

38

Victory Portfolios II
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Construction & Engineering (0.5%):
Fluor Corporation		4,198	$	198,229
Jacobs Engineering Group, Inc.*		4,807		201,654
Quanta Services, Inc.*		6,220		125,955
				525,838
Construction Materials (0.1%):
Martin Marietta Materials, Inc.		954		130,297
Consumer Finance (1.0%):
American Express Company		3,066		213,240
Capital One Financial Corporation		2,630		189,834
Discover Financial Services		4,594		246,330
Navient Corporation		13,367		153,052
Santander Consumer USA Holdings, Inc.*		8,289		131,381
Synchrony Financial*		7,805		237,350
				1,171,187
Containers & Packaging (0.9%):
Avery Dennison Corporation		4,146		259,788
Ball Corporation		3,278		238,409
Crown Holdings, Inc.*		4,397		222,928
Packaging Corporation of America		2,771		174,711
Sealed Air Corporation		3,866		172,424
				1,068,260
Distributors (0.4%):
Genuine Parts Company		3,269		280,774
LKQ Corporation*		6,723		199,203
				479,977
Diversified Consumer Services (0.2%):
Service Corporation International		9,198		239,332
Diversified Financial Services (2.2%):
Berkshire Hathaway, Inc.*		2,685		354,528
CBOE Holdings, Inc.		4,315		280,044
CME Group, Inc.		2,827		256,126
FactSet Research Systems, Inc.		1,823		296,365
Intercontinental Exchange, Inc.		1,059		271,379
Moody's Corporation		2,556		256,469
MSCI, Inc.		4,148		299,195
Nasdaq, Inc.		5,211		303,124
Voya Financial, Inc.		5,942		219,319
				2,536,549
Diversified Telecommunication Services (0.2%):
CenturyLink, Inc.		7,671		193,002
Electric Utilities (3.3%):
American Electric Power Company, Inc.		4,781		278,589
Duke Energy Corporation		3,804		271,568
Edison International		4,140		245,129
Entergy Corporation		3,943		269,543

See notes to financial statements.

39

Victory Portfolios II
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Eversource Energy		5,451	$	278,383
Exelon Corporation		6,879		191,030
ITC Holdings Corporation		7,266		285,191
NextEra Energy, Inc.		2,760		286,736
OGE Energy Corporation		9,120		239,765
Pepco Holdings, Inc.		8,508		221,293
Pinnacle West Capital Corporation		4,495		289,838
Southern Company		6,578		307,785
Westar Energy, Inc.		7,128		302,298
Xcel Energy, Inc.		7,895		283,509
				3,750,657
Electrical Equipment (1.4%):
Acuity Brands, Inc.		1,169		273,312
AMETEK, Inc.		4,841		259,429
Eaton Corporation PLC		4,007		208,524
Emerson Electric Company		5,478		262,013
Hubbell, Inc.*		3,290		332,422
Rockwell Automation, Inc.		2,144		219,996
				1,555,696
Electronic Equipment, Instruments & Components (1.5%):
Amphenol Corporation		4,747		247,936
Arrow Electronics, Inc.*		3,394		183,887
Avnet, Inc.		5,023		215,185
CDW Corporation		5,781		243,033
Corning, Inc.		13,039		238,353
Flextronics International Ltd.*		18,447		206,791
IPG Photonics Corporation*		1,876		167,264
Trimble Navigation Ltd.*		8,653		185,607
				1,688,056
Energy Equipment & Services (0.6%):
Cameron International Corporation*		1,412		89,239
FMC Technologies, Inc.*		4,112		119,289
Helmerich & Payne, Inc.		2,433		130,287
National Oilwell Varco, Inc.		3,886		130,142
Schlumberger Ltd.		2,743		191,324
				660,281
Food & Staples Retailing (1.6%):
Costco Wholesale Corporation		1,990		321,385
CVS Health Corporation		3,127		305,727
Rite Aid Corporation*		18,787		147,290
Sysco Corporation		6,884		282,244
The Kroger Company		7,391		309,166
Wal-Mart Stores, Inc.		4,297		263,406
Whole Foods Market, Inc.		5,780		193,630
				1,822,848
Food Products (3.2%):
Archer-Daniels-Midland Company		5,611		205,811

See notes to financial statements.

40

Victory Portfolios II
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Campbell Soup Company		6,592	$	346,410
Flowers Foods, Inc.		9,018		193,797
General Mills, Inc.		6,189		356,858
Hain Celestial Group, Inc.*		3,613		145,929
Hormel Foods Corporation		4,345		343,603
Ingredion, Inc.		2,997		287,232
Keurig Green Mountain, Inc.		1,602		144,148
McCormick & Company, Inc.		4,063		347,630
Mead Johnson Nutrition Company		3,644		287,694
Mondelez International, Inc.		6,178		277,022
Pilgrim's Pride Corporation		4,798		105,988
Pinnacle Foods, Inc.		6,044		256,628
The WhiteWave Foods Company*		4,197		163,305
Tyson Foods, Inc.		4,610		245,851
				3,707,906
Gas Utilities (0.3%):
Atmos Energy Corporation		4,766		300,449
Health Care Equipment & Supplies (3.4%):
Abbott Laboratories		5,745		258,008
Align Technology, Inc.*		3,196		210,456
Baxter International, Inc.		7,544		287,803
Becton, Dickinson and Company		2,252		347,011
DENTSPLY International, Inc.		5,072		308,631
Edwards Lifesciences Corporation*		2,747		216,958
Hologic, Inc.*		5,467		211,518
IDEXX Laboratories, Inc.*		1,901		138,621
Intuitive Surgical, Inc.*		436		238,126
ResMed, Inc.		3,062		164,399
Sirona Dental Systems, Inc.*		3,054		334,627
St. Jude Medical, Inc.		3,283		202,791
Stryker Corporation		2,815		261,626
Teleflex, Inc.		2,326		305,753
The Cooper Companies, Inc.		1,653		221,833
Varian Medical Systems, Inc.*		2,870		231,896
				3,940,057
Health Care Providers & Services (3.6%):
Acadia Healthcare Company, Inc.*		2,273		141,972
Aetna, Inc.		1,710		184,885
Anthem, Inc.		1,544		215,295
Cardinal Health, Inc.		3,163		282,361
Centene Corporation*		2,634		173,344
Cigna Corporation		1,317		192,717
Community Health Systems, Inc.*		2,949		78,237
Express Scripts Holdings Company*		2,790		243,874
HCA Holdings, Inc.*		2,300		155,549
Henry Schein, Inc.*		2,156		341,058
Humana, Inc.		785		140,130
Laboratory Corporation of America Holdings*		2,418		298,962
McKesson Corporation		1,315		259,357

See notes to financial statements.

41

Victory Portfolios II
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
MEDNAX, Inc.*		3,596	$	257,689
Patterson Companies, Inc.		6,007		271,576
Quest Diagnostics, Inc.		3,342		237,750
Team Health Holdings, Inc.*		2,301		100,991
UnitedHealth Group Inc.		1,822		214,340
Universal Health Services, Inc.		1,443		172,424
VCA, Inc.*		3,638		200,090
				4,162,601
Health Care Technology (0.2%):
Cerner Corporation*		3,623		217,996
Hotels, Restaurants & Leisure (2.6%):
Aramark		8,699		280,543
Chipotle Mexican Grill, Inc.*		285		136,757
Domino's Pizza, Inc.		1,865		207,481
Dunkin' Brands Group, Inc.		4,799		204,389
Hilton Worldwide Holdings, Inc.		8,679		185,731
Hyatt Hotels Corporation*		4,549		213,894
Las Vegas Sands Corporation		3,241		142,086
Marriott International, Inc.		2,922		195,891
McDonald's Corporation		2,835		334,927
Panera Bread Company*		1,035		201,597
Royal Caribbean Cruises Ltd.		1,823		184,506
Starbucks Corporation		4,042		242,641
Starwood Hotels & Resorts Worldwide, Inc.		2,669		184,908
Wyndham Worldwide Corporation		3,018		219,258
				2,934,609
Household Durables (1.5%):
DR Horton, Inc.		5,446		174,435
Harman International Industries, Inc.		1,165		109,755
Lennar Corporation		3,452		168,837
Mohawk Industries, Inc.*		1,124		212,874
Newell Rubbermaid, Inc.		6,337		279,335
NVR, Inc.*		186		305,598
PulteGroup, Inc.		8,086		144,093
Toll Brothers, Inc.*		5,370		178,821
Whirlpool Corporation		1,150		168,901
				1,742,649
Household Products (1.5%):
Church & Dwight Company, Inc.		4,076		345,971
Colgate-Palmolive Company		4,688		312,314
Procter & Gamble Company		4,678		371,480
Spectrum Brands Holdings, Inc.		2,812		286,262
The Clorox Company		3,134		397,485
				1,713,512
Independent Power Producers & Energy Traders (0.1%):
AES Corporation		16,904		161,771

See notes to financial statements.

42

Victory Portfolios II
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Industrial Conglomerates (1.0%):
3M Company		2,113	$	318,302
Carlisle Companies, Inc.		2,448		217,113
Danaher Corporation		3,534		328,238
Roper Technologies, Inc.		1,719		326,249
				1,189,902
Insurance (5.8%):
Aflac, Inc.		4,951		296,565
Alleghany Corporation*		643		307,309
American Financial Group, Inc.		5,121		369,122
American International Group, Inc.		4,412		273,412
AmTrust Financial Services, Inc.		3,398		209,249
Arthur J. Gallagher & Company		8,184		335,053
Assurant, Inc.		3,401		273,917
Brown & Brown, Inc.		10,281		330,020
Chubb Corporation		1,334		176,942
Cincinnati Financial Corporation		5,419		320,642
CNA Financial Corporation		7,860		276,279
Lincoln National Corporation		3,904		196,215
Loews Corporation		8,440		324,096
Markel Corporation*		347		306,522
Marsh & McLennan Companies, Inc.		5,938		329,262
MetLife, Inc.		4,540		218,873
Principal Financial Group, Inc.		4,530		203,759
Progressive Corporation		9,961		316,760
Reinsurance Group of America, Inc.		3,107		265,804
StanCorp Financial Group, Inc.		868		98,848
The Allstate Corporation		4,148		257,549
The Travelers Companies, Inc.		2,932		330,905
Torchmark Corporation		5,226		298,718
W.R. Berkley Corporation		5,005		274,024
				6,589,845
Internet & Catalog Retail (0.5%):
Expedia, Inc.		1,158		143,939
Netflix, Inc.*		1,026		117,354
The Priceline Group, Inc.*		151		192,517
TripAdvisor, Inc.*		1,742		148,506
				602,316
Internet Software & Services (1.0%):
Akamai Technologies, Inc.*		2,978		156,732
Alphabet, Inc.*		259		201,504
eBay, Inc.*		8,570		235,504
Facebook, Inc.*		2,198		230,043
VeriSign, Inc.*		3,770		329,347
				1,153,130
IT Services (4.3%):
Alliance Data Systems Corporation*		910		251,679
Amdocs Ltd.		5,734		312,904
Automatic Data Processing, Inc.		3,382		286,523

See notes to financial statements.

43

Victory Portfolios II
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Broadridge Financial Solutions, Inc.		4,788	$	257,259
Cognizant Technology Solutions Corporation*		3,168		190,143
Fidelity National Information Services, Inc.		3,356		203,374
Fiserv, Inc.*		3,141		287,276
FleetCor Technologies, Inc.*		1,569		224,257
Gartner, Inc.*		3,020		273,914
Genpact Ltd.*		10,657		266,212
Global Payments, Inc.		3,963		255,653
International Business Machines Corporation		1,705		234,642
Jack Henry & Associates, Inc.		4,492		350,646
MasterCard, Inc.		2,754		268,129
Paychex, Inc.		6,556		346,747
The Western Union Company		11,162		199,911
Total System Services, Inc.		5,048		251,390
Visa, Inc.		3,387		262,662
Xerox Corporation		18,404		195,635
				4,918,956
Leisure Products (0.3%):
Hasbro, Inc.		2,528		170,286
Polaris Industries, Inc.		1,519		130,558
				300,844
Life Sciences Tools & Services (1.6%):
Agilent Technologies, Inc.		6,647		277,911
Illumina, Inc.*		886		170,063
Mettler-Toledo International, Inc.*		850		288,261
PerkinElmer, Inc.		5,965		319,545
Quintiles Transnational Holdings, Inc.*		3,511		241,065
Thermo Fisher Scientific, Inc.		2,054		291,360
Waters Corporation*		2,129		286,521
				1,874,726
Machinery (3.8%):
Allison Transmission Holdings, Inc.		9,728		251,858
Caterpillar, Inc.		2,961		201,230
Colfax Corporation*		5,322		124,269
Cummins, Inc.		2,084		183,413
Deere & Company		3,068		233,996
Dover Corporation		3,493		214,156
Flowserve Corporation		4,738		199,375
IDEX Corporation		4,358		333,866
Illinois Tool Works, Inc.		3,431		317,985
Ingersoll-Rand PLC		4,687		259,144
Lincoln Electric Holdings, Inc.		3,902		202,475
Middleby Corporation*		1,878		202,580
PACCAR, Inc.		3,981		188,699
Parker-Hannifin Corporation		2,272		220,339
Snap-On, Inc.		1,745		299,145
Stanley Black & Decker, Inc.		2,756		294,148
WABCO Holdings, Inc.*		1,743		178,239

See notes to financial statements.

44

Victory Portfolios II
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Wabtec Corporation		2,367	$	168,341
Xylem, Inc.		8,084		295,066
				4,368,324
Media (3.1%):
AMC Networks, Inc.*		2,590		193,421
Cablevision Systems Corporation		4,828		154,013
CBS Corporation		4,996		235,461
Comcast Corporation		4,261		240,448
Discovery Communications, Inc.*		5,913		157,759
DISH Network Corporation*		3,623		207,163
Lions Gate Entertainment Corporation		4,617		149,545
MSG Network, Inc.*		12,776		265,741
Omnicom Group, Inc.		4,572		345,918
Scripps Networks Interact, Inc.		4,261		235,250
Sirius XM Holdings, Inc.*		69,248		281,839
TEGNA, Inc.		7,408		189,052
The Walt Disney Company		2,136		224,451
Time Warner Cable, Inc.		1,120		207,861
Time Warner, Inc.		3,167		204,810
Twenty-First Century Fox, Inc.		7,850		213,206
				3,505,938
Metals & Mining (0.4%):
Alcoa, Inc.		15,584		153,814
Newmont Mining Corporation		7,548		135,789
Nucor Corporation		4,545		183,163
				472,766
Multiline Retail (0.6%):
Dollar General Corporation		3,677		264,266
Kohl's Corporation		3,295		156,941
Macy's, Inc.		3,458		120,961
Nordstrom, Inc.		3,444		171,545
				713,713
Multi-Utilities (3.0%):
Alliant Energy Corporation		4,676		292,016
Ameren Corporation		6,489		280,520
CenterPoint Energy, Inc.		12,760		234,274
CMS Energy Corporation		7,224		260,642
Consolidated Edison, Inc.		4,370		280,860
Dominion Resources, Inc.		4,103		277,527
DTE Energy Company		3,320		266,231
PG&E Corporation		5,169		274,939
Public Service Enterprise Group, Inc.		5,747		222,351
SCANA Corporation		4,717		285,331
Sempra Energy		2,815		264,638
TECO Energy, Inc.		7,273		193,826
WEC Energy Group, Inc.		5,007		256,909
				3,390,064

See notes to financial statements.

45

Victory Portfolios II
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Oil, Gas & Consumable Fuels (1.6%):
Cheniere Energy Partners LP Holdings LLC		10,399	$	180,943
Chevron Corporation		2,661		239,383
Exxon Mobil Corporation		3,344		260,665
Kinder Morgan, Inc.		8,239		122,926
Marathon Petroleum Corporation		3,103		160,859
ONEOK, Inc.		3,845		94,818
Phillips 66		2,129		174,152
Plains GP Holdings LP		5,956		56,284
Spectra Energy Corporation		7,694		184,194
Tesoro Corporation		1,456		153,419
Valero Energy Corporation		2,600		183,846
Williams Companies, Inc.		2,744		70,521
				1,882,010
Paper & Forest Products (0.2%):
International Paper Company		5,364		202,223
Personal Products (0.3%):
Estee Lauder Companies, Inc.		2,977		262,155
Herbalife Ltd.*		1,568		84,076
				346,231
Pharmaceuticals (1.1%):
Eli Lilly and Company		2,705		227,924
Johnson & Johnson		3,267		335,586
Merck & Company, Inc.		4,543		239,961
Mylan NV*		2,548		137,771
Pfizer, Inc.		9,151		295,394
				1,236,636
Professional Services (1.4%):
Equifax, Inc.		2,566		285,775
IHS, Inc.*		1,864		220,754
ManpowerGroup, Inc.		2,026		170,772
Nielsen Holdings PLC		5,170		240,922
Robert Half International, Inc.		4,409		207,840
Towers Watson & Company		1,977		253,965
Verisk Analytics, Inc.*		3,292		253,089
				1,633,117
Real Estate Management & Development (0.4%):
CBRE Group, Inc.*		6,743		233,173
Jones Lang LaSalle Inc.		1,299		207,658
				440,831
Road & Rail (1.4%):
AMERCO		656		255,512
CSX Corporation		7,260		188,397
JB Hunt Transport Services, Inc.		3,497		256,540
Kansas City Southern		2,001		149,415
Norfolk Southern Corporation		2,971		251,317
Old Dominion Freight Line, Inc.*		3,570		210,880

See notes to financial statements.

46

Victory Portfolios II
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares			Value
Ryder System, Inc.		2,697		$	153,270
Union Pacific Corporation		2,430			190,026
					1,655,357
Semiconductors & Semiconductor Equipment (2.3%):
Analog Devices, Inc.		2,996			165,739
Applied Materials, Inc.		11,698			218,401
Intel Corporation		10,723			369,407
KLA-Tencor Corporation		3,871			268,454
Lam Research Corporation		2,597			206,254
Linear Technology Corporation		5,440			231,037
Microchip Technology, Inc.		4,855			225,952
Micron Technology, Inc.*		6,113			86,560
NVIDIA Corporation		6,850			225,776
NXP Semiconductors NV*		—	+		1
Skyworks Solutions, Inc.		1,575			121,007
Texas Instruments, Inc.		4,291			235,190
Xilinx, Inc.		4,997			234,709
					2,588,487
Software (2.8%):
Adobe Systems, Inc.*		2,962			278,250
ANSYS, Inc.*		2,873			265,753
CA, Inc.		8,868			253,270
Cadence Design System, Inc.*		9,935			206,747
Citrix Systems, Inc.*		2,721			205,844
Electronic Arts, Inc.*		2,582			177,435
Oracle Corporation		6,831			249,536
Red Hat, Inc.*		2,927			242,385
SS&C Technologies Holdings, Inc.		2,685			183,305
Symantec Corporation		9,676			203,196
Synopsys, Inc.*		5,899			269,053
Tyler Technologies, Inc.*		1,471			256,425
Ultimate Software Group, Inc.*		1,152			225,228
VMware, Inc.*		2,441			138,087
					3,154,514
Specialty Retail (3.8%):
Advance Auto Parts, Inc.		1,162			174,893
AutoNation, Inc.*		3,958			236,134
AutoZone, Inc.*		407			301,957
Bed Bath & Beyond, Inc.*		3,675			177,319
Best Buy Company, Inc.		3,781			115,131
CarMax, Inc.*		3,494			188,571
Dick's Sporting Goods, Inc.		3,741			132,244
Foot Locker, Inc.		3,381			220,069
GameStop Corporation		3,651			102,374
L Brands, Inc.		2,507			240,221
Lowe's Companies, Inc.		3,620			275,265
O'Reilly Automotive, Inc.*		966			244,804
Penske Automotive Group, Inc.		3,570			151,154
Ross Stores, Inc.		4,233			227,778

See notes to financial statements.

47

Victory Portfolios II
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
The Gap, Inc.		7,661	$	189,227
The Home Depot, Inc.		2,181		288,437
The TJX Companies, Inc.		3,469		245,987
Tiffany & Company		1,886		143,883
Tractor Supply Company		2,492		213,066
Ulta Salon, Cosmetics & Fragrances, Inc.*		1,579		292,115
Williams-Sonoma, Inc.		3,002		175,347
				4,335,976
Technology Hardware, Storage & Peripherals (0.8%):
Apple, Inc.		1,718		180,837
EMC Corporation		8,259		212,091
HP, Inc.		14,116		167,133
SanDisk Corporation		1,931		146,737
Seagate Technology PLC		3,438		126,037
Western Digital Corporation		2,105		126,405
				959,240
Textiles, Apparel & Luxury Goods (1.4%):
Carter's, Inc.		2,451		218,212
Coach, Inc.		6,233		204,006
Hanesbrands, Inc.		6,170		181,583
NIKE, Inc.		4,730		295,625
PVH Corporation		1,606		118,282
Ralph Lauren Corporation		1,456		162,315
Skechers U.S.A., Inc.*		2,836		85,676
Under Armour, Inc.*		1,898		152,998
VF Corporation		3,582		222,979
				1,641,676
Thrifts & Mortgage Finance (0.6%):
New York Community Bancorp, Inc.		16,430		268,138
TFS Financial Corporation		20,618		388,237
				656,375
Tobacco (0.7%):
Altria Group, Inc.		5,219		303,798
Philip Morris International, Inc.		3,353		294,762
Reynolds American, Inc.		5,667		261,532
				860,092
Trading Companies & Distributors (0.5%):
Fastenal Company		5,799		236,715
United Rentals, Inc.*		1,825		132,385
W.W. Grainger, Inc.		1,269		257,087
				626,187
Water Utilities (0.6%):
American Water Works Company, Inc.		5,620		335,795
Aqua America, Inc.		10,400		309,920
				645,715
Total Common Stocks (Cost $116,883,957)				113,942,486

See notes to financial statements.

48

Victory Portfolios II
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Short-Term Investments (0.3%)
Money Market Funds (0.3%):
Short Term Investment Trust Liquid Assets Portfolio, 0.29%^		372,147	$	372,147
Total Short-Term Investments — (Cost $372,147)				372,147
Total Investments — 99.9% (Cost $117,256,104)				114,314,633
Other assets in excess of liabilities — 0.1%				85,298
NET ASSETS — 100.0%			$	114,399,931

*  Non-income producing security.

^  Annualized seven-day yield as of December 31, 2015.

+  Less than 0.5 shares.

The Global Industry Classification Standard (GICS^®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS^® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Fund's Administrator, U.S. Bancorp Fund Services, LLC.

Schedule of Open Futures Contracts

Number of Contracts Purchased		Description	Notional Amount		Unrealized Appreciation
	3	S&P 500 E-Mini Future, March 2016	$	305,310	$	1,823
					$	1,823

See notes to financial statements.

49

Victory Portfolios II
Victory CEMP Developed Enhanced Volatility Wtd Index ETF Schedule of Investments
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Common Stocks (98.6%)
Australia (4.7%):
Amcor Ltd.		7,184	$	70,358
AMP Ltd.		15,365		65,275
Aurizon Holdings Ltd.		18,582		59,308
Australia & New Zealand Banking Group Ltd.		3,216		65,454
Brambles Ltd.		10,570		89,116
Commonwealth Bank of Australia		1,448		90,247
CSL Ltd.		1,091		83,723
Insurance Australia Group Ltd.		17,604		71,324
Macquarie Group Ltd.		1,222		73,704
National Australia Bank Ltd.		3,573		78,630
Newcrest Mining Ltd.*		4,890		46,216
Oil Search Ltd.		7,241		35,353
QBE Insurance Group Ltd.		6,206		56,936
Ramsay Health Care Ltd.		1,505		74,509
Suncorp Group Ltd.		9,121		80,688
Telstra Corporation Ltd.		22,531		92,107
Wesfarmers Ltd.		3,067		92,992
Westpac Banking Corporation		2,896		70,822
Woodside Petroleum Ltd.		2,332		48,805
Woolworths Ltd.		3,197		57,076
				1,402,643
Austria (0.1%):
Voestalpine AG		1,128		34,747
Belgium (2.1%):
Ageas		2,125		98,840
Anheuser-Busch InBev SA/NV		527		65,519
Colruyt SA		1,617		83,374
Groupe Bruxelles Lambert SA		1,110		95,093
KBC Groep NV		846		53,022
Proximus SADP		1,787		58,261
Solvay SA		470		50,276
Telenet Group Holding NV*		1,241		67,123
UCB SA		677		61,235
				632,743
Canada (8.9%):
Alimentation Couche-Tard, Inc.		1,900		83,637
Bank of Montreal		1,900		107,214
Bank of Nova Scotia		1,900		76,854
BCE, Inc.		1,900		73,407
Brookfield Asset Management, Inc.		2,850		89,906
Canadian National Railway Company		1,900		106,212
Canadian Utilities Ltd.		3,800		87,716
CGI Group, Inc.*		1,900		76,071
Empire Company Ltd.		3,800		70,689
Fortis, Inc.		3,800		102,738
Franco-Nevada Corporation		1,900		86,919

See notes to financial statements.

50

Victory Portfolios II
Victory CEMP Developed Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Gildan Activewear, Inc.		3,800	$	108,038
Great-West Lifeco, Inc.		3,800		94,828
Imperial Oil Ltd.		1,900		61,901
Inter Pipeline Ltd.		3,800		60,994
Loblaw Companies Ltd.		1,900		89,720
lululemon athletica, Inc.*		809		42,448
Magna International, Inc.		1,900		77,060
Manulife Financial Corporation		5,600		83,937
Metro, Inc.		3,800		106,390
National Bank Of Canada		1,900		55,351
Pembina Pipeline Corporation		3,800		82,800
Potash Corporation of Saskatchewan, Inc.		3,800		65,086
Power Corporation of Canada		3,800		79,477
Power Financial Corporation		3,800		87,358
Rogers Communications, Inc.		1,900		65,526
Royal Bank Of Canada		1,900		101,818
Saputo, Inc.		3,800		90,901
Shaw Communications, Inc.		5,600		96,321
Sun Life Financial, Inc.		1,900		59,251
TELUS Corporation		1,900		52,536
Toronto-Dominion Bank		1,900		74,479
TransCanada Corporation		1,900		62,052
				2,659,635
Denmark (1.7%):
A.P. Moeller - Maersk A/S		19		24,832
Chr Hansen Holding A/S		1,204		75,688
Coloplast A/S		734		59,535
DSV A/S		1,937		76,637
ISS A/S		1,806		65,405
Novo Nordisk A/S		865		50,372
Novozymes A/S		1,110		53,437
Pandora A/S		376		47,745
Vestas Wind System A/S		809		56,995
				510,646
Finland (1.2%):
Fortum OYJ		3,179		48,091
Kone OYJ		1,373		58,446
Nokia OYJ		6,376		45,698
Sampo OYJ		1,467		74,931
UPM-Kymmene OYJ		3,047		57,054
Wartsila OYJ Abp		1,505		68,939
				353,159
France (9.3%):
Accor SA		1,166		50,693
Aeroports de Paris		658		76,657
Air Liquide SA		545		61,390
Airbus Group SE		715		48,176
Atos SE		809		68,093

See notes to financial statements.

51

Victory Portfolios II
Victory CEMP Developed Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
AXA SA		2,069	$	56,730
BNP Paribas SA		790		44,841
Bollore SA		9,761		45,582
Bureau Veritas SA		3,047		60,896
Cap Gemini SA		639		59,444
Carrefour SA		1,900		55,028
Casino Guichard Perrachon SA		922		42,499
Christian Dior SE		282		48,038
Cie de Saint-Gobain		1,241		53,744
Cie Generale des Etablissements Michelin		583		55,692
CNP Assurances		4,157		56,199
Credit Agricole SA		3,404		40,249
Danone SA		1,185		80,205
Dassault Systemes		903		72,393
Eiffage SA		809		52,338
Electricite de France SA		2,896		42,724
Essilor International SA		451		56,389
Eutelsat Communications SA		2,445		73,336
Groupe Eurotunnel SE		5,191		64,650
Hermes International		169		57,257
Iliad SA		226		54,034
Ingenico Group SA		376		47,604
JCDecaux SA		1,824		69,973
Kering		357		61,280
Legrand SA		1,091		61,891
L'Oreal SA		320		54,007
LVMH Moet Hennessy Louis Vuitton SE		263		41,415
Natixis SA		7,580		42,976
Orange SA		2,990		50,317
Pernod Ricard SA		583		66,652
Publicis Groupe SA		940		62,703
Renault SA		451		45,400
Sanofi		545		46,553
Schneider Electric SE		884		50,494
Societe BIC SA		395		65,099
Societe Generale SA		978		45,245
Sodexo SA		959		93,944
Suez Environnement Company		2,483		46,575
Thales SA		959		72,016
Valeo SA		320		49,573
Veolia Environnement SA		2,633		62,565
Vinci SA		978		62,857
Vivendi SA		2,915		62,914
Zodiac Aerospace		1,561		37,279
				2,776,609
Germany (6.0%):
Allianz SE		395		70,207
BASF SE		677		52,031
Bayer AG		357		44,927
Bayerische Motoren Werk AG		489		51,883

See notes to financial statements.

52

Victory Portfolios II
Victory CEMP Developed Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Beiersdorf AG		809	$	73,992
Brenntag AG		1,147		60,181
Continental AG		188		45,878
Daimler AG		621		52,357
Deutsche Boerse AG		752		66,515
Deutsche Post AG		2,332		65,778
Evonik Industries AG		1,655		55,064
Fresenius Medical Care AG & Company KGaA		771		65,129
Fresenius SE & KGaA		790		56,638
Hannover Rueck SE		677		77,730
HUGO BOSS AG		527		43,870
Infineon Technologies AG		4,947		72,605
K+S AG		809		20,766
Kabel Deutschland Holding AG		621		77,037
Linde AG		414		60,244
Merck KGaA		583		56,750
Muenchener Rueckversicherungs-Gesellschaft AG		470		94,264
ProSiebenSat.1 Media AG		1,091		55,447
SAP SE		1,034		82,458
Siemens AG		734		71,695
Symrise AG		1,034		68,917
Talanx AG		2,088		64,773
United Internet AG		1,053		58,259
Volkswagen AG		245		37,888
Vonovia SE		1,580		49,022
Zalando SE*		1,185		46,876
				1,799,181
Hong Kong (5.6%):
Bank Of East Asia Ltd.		22,600		84,130
Beijing Enterprise Holdings Ltd.		9,500		57,551
BOC Hong Kong Holdings Ltd.		19,000		58,103
Cathay Pacific Airways Ltd.		38,000		65,801
China Gas Holdings Ltd.		38,000		54,818
China Mobile Ltd.		9,500		107,257
China Taiping Insurance Holdings Company Ltd.*		7,600		23,535
China Unicom Hong Kong Ltd.		38,000		46,335
Chow Tai Fook Jewellery Group Ltd.		52,600		33,935
CITIC Ltd.		38,000		67,272
CLP Holdings Ltd.		9,500		80,719
Hanergy Thin Film Power Group Ltd.*+		26,000		570
Hong Kong & China Gas Company Ltd.		41,800		81,981
Hongkong Land Holdings Ltd.		9,400		65,800
Jardine Matheson Holdings Ltd.		1,900		92,587
Jardine Strategic Holdings Ltd.		3,800		103,854
MTR Corporation Ltd.		19,000		94,141
New World Development Company Ltd.		75,000		74,129
Power Assets Holdings Ltd.		9,500		87,400
Sino Land Company Ltd.		38,000		55,700
Swire Pacific Ltd.		9,500		106,890
Swire Properties Ltd.		22,600		65,321

See notes to financial statements.

53

Victory Portfolios II
Victory CEMP Developed Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Techtronic Industries Company Ltd.		9,500	$	38,735
WH Group Ltd.*		66,000		36,875
Wheelock & Company, Ltd.		19,000		80,045
				1,663,484
Ireland (2.0%):
Accenture PLC		715		74,717
Bank Of Ireland*		99,231		36,666
CRH PLC		1,603		46,578
DCC PLC		865		72,176
Experian PLC		3,912		69,263
Jazz Pharmaceuticals PLC*		282		39,638
Kerry Group PLC		1,034		86,345
Shire PLC		677		46,888
Smurfit Kappa Group PLC		1,542		39,532
XL Group PLC		2,502		98,028
				609,831
Israel (0.6%):
Check Point Software Technologies Ltd.*		752		61,198
Israel Chemicals Ltd.		11,492		46,694
Teva Pharmaceutical Industries Ltd.		922		60,306
				168,198
Italy (1.9%):
Assicurazioni Generali SpA		3,028		55,679
Atlantia SpA		2,201		58,603
EXOR SpA		1,166		53,335
Finmeccanica SpA*		3,197		44,819
Intesa Sanpaolo SpA		11,943		40,080
Luxottica Group SpA		771		50,609
Mediobanca SpA		4,514		43,586
Prada SpA		11,300		35,139
Snam SpA		12,056		63,282
Terna Rete Elettrica Nazionale SpA		14,764		76,309
UniCredit SpA		6,526		36,418
				557,859
Japan (20.0%):
Aeon Company Ltd.		3,800		59,057
Aisin Seiki Company Ltd.		1,900		82,832
Asahi Glass Company Ltd.		19,000		110,021
Asahi Group Holdings Ltd.		1,900		60,053
Astellas Pharma, Inc.		5,600		80,672
Bridgestone Corporation		1,900		65,981
Canon, Inc.		3,800		116,186
Chugai Pharmaceutical Company, Ltd.		1,900		67,024
Dai-ichi Life Insurance Company Ltd.		3,800		64,337
Daiichi Sankyo Company, Ltd.		3,800		79,370
Daiwa House Industry Company, Ltd.		3,800		110,748
Dentsu, Inc.		1,900		105,595
Eisai Company Ltd.		1,900		127,457

See notes to financial statements.

54

Victory Portfolios II
Victory CEMP Developed Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Fuji Heavy Industries Ltd.		1,900	$	79,465
FUJIFILM Holdings Corporation		1,900		80,303
Hitachi Ltd.		19,000		109,310
Honda Motor Company Ltd.		1,900		61,808
Hoya Corporation		1,900		78,738
Isuzu Motors Ltd.		5,600		61,220
ITOCHU Corporation		5,600		67,184
Japan Airlines Company Ltd.		1,900		68,858
Japan Exchange Group, Inc.		3,800		60,385
Japan Tobacco, Inc.		1,900		70,676
JFE Holdings, Inc.		3,800		60,701
Kao Corporation		1,900		98,877
KDDI Corporation		3,800		99,715
Kirin Holdings Company Ltd.		5,600		76,759
Komatsu Ltd.		3,800		62,978
Kyocera Corporation		1,900		89,376
M3, Inc.		3,800		79,734
Mazda Motor Corporation		3,800		79,797
Mitsubishi Corporation		3,800		64,116
Mitsubishi Heavy Industries Ltd.		19,000		84,302
Mitsubishi Motors Corporation		7,500		64,271
Mitsubishi UFJ Financial Group, Inc.		9,400		59,210
Mitsui & Company Ltd.		5,600		67,347
Mizuho Financial Group, Inc.		30,100		60,979
Nippon Steel & Sumitomo Metal Corporation		3,800		76,383
Nippon Telegraph & Telephone Corporation		1,900		76,446
Nissan Motor Company, Ltd.		7,500		79,839
Nomura Holdings, Inc.		11,300		63,845
Nomura Research Institute Ltd.		2,090		81,204
NTT Data Corporation		1,900		92,949
NTT DOCOMO, Inc.		3,800		78,532
Omron Corporation		1,900		64,258
ORIX Corporation		3,800		54,236
Osaka Gas Company Ltd.		19,000		69,301
Otsuka Holdings Company, Ltd.		1,900		68,242
Panasonic Corporation		5,600		57,796
Rakuten, Inc.		3,800		44,356
Recruit Holdings Company Ltd.		1,900		56,275
Renesas Electronics Corporation		7,500		48,047
Resona Holdings, Inc.		11,300		55,581
Ricoh Company Ltd.		5,600		58,285
Seibu Holdings, Inc.		3,800		78,438
Sekisui House Ltd.		5,600		95,348
Seven & i Holdings Company, Ltd.		1,900		87,732
Shin-Etsu Chemical Company Ltd.		1,900		104,599
Shiseido Company Ltd.		3,800		79,955
Sompo Japan Nipponkoa Holdings, Inc.		1,900		63,404
Sony Financial Holdings, Inc.		3,800		68,890
Sumitomo Chemical Company Ltd.		19,000		110,812
Sumitomo Electric Industries Ltd.		5,600		80,323

See notes to financial statements.

55

Victory Portfolios II
Victory CEMP Developed Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Sumitomo Mitsui Financial Group, Inc.		1,900	$	72,810
Sumitomo Mitsui Trust Holdings, Inc.		19,000		72,873
Suntory Beverage & Food Ltd.		1,900		84,097
Suzuki Motor Corporation		1,900		58,536
T&D Holdings, Inc.		3,800		50,869
Terumo Corporation		1,900		59,753
Tokio Marine Holdings, Inc.		1,900		74,486
Tokyo Electron Ltd.		1,900		115,744
Toshiba Corporation		19,000		39,503
Toyota Industries Corporation		1,900		103,224
Toyota Motor Corporation		1,900		118,368
Toyota Tsusho Corporation		3,800		90,072
Unicharm Corporation		3,800		78,311
Yahoo Japan Corporation		13,200		54,252
Yakult Honsha Company Ltd.		1,900		94,214
				5,977,630
Netherlands (2.5%):
Aegon NV		8,313		47,249
AerCap Holdings NV*		1,448		62,496
Akzo Nobel NV		922		61,803
ASML Holding NV		470		42,164
Boskalis Westminster		1,016		41,549
Gemalto NV		809		48,592
Heineken NV		846		72,421
Koninklijke Ahold NV		2,915		61,695
NN Group NV		2,614		92,467
OCI NV*		1,241		30,749
QIAGEN NV*		2,445		67,604
Randstad Holding NV		865		54,081
Wolters Kluwer NV		2,012		67,707
				750,577
Norway (0.9%):
DNB ASA		4,533		56,229
Gjensidige Forsikring ASA		5,379		86,352
Telenor ASA		3,291		55,137
Yara International ASA		1,354		58,571
				256,289
Portugal (0.3%):
EDP-Energias de Portugal SA		15,329		55,324
Jeronimo Martins SGPS SA		2,765		36,044
				91,368
Singapore (3.2%):
Avago Technologies Ltd.		282		40,932
CapitaLand Ltd.		33,900		80,094
DBS Group Holdings Ltd.		5,600		65,917
Global Logistic Properties Ltd.		41,400		62,776
Jardine Cycle & Carriage Ltd.		3,800		93,399
Keppel Corporation Ltd.		15,000		68,870

See notes to financial statements.

56

Victory Portfolios II
Victory CEMP Developed Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Oversea-Chinese Banking Corporation, Ltd.		15,000	$	93,095
Singapore Airlines Ltd.		11,300		89,259
Singapore Technologies Engineering Ltd.		33,900		71,965
Singapore Telecommunications Ltd.		30,100		77,909
United Overseas Bank Ltd.		7,500		103,727
Wilmar International Ltd.		45,100		93,514
				941,457
Spain (3.4%):
ACS Actividades de Construccion y Servicios SA		1,693		49,704
Amadeus IT Holding SA		1,599		70,699
Banco Bilbao Vizcaya Argentaria SA		6,367		46,630
Banco de Sabadell SA		22,908		40,704
Banco Popular Espanol SA		10,927		36,136
Banco Santander SA		7,372		36,517
Bankia SA		27,403		31,984
CaixaBank SA		12,263		42,833
Enagas SA		2,520		71,204
Endesa SA		3,367		67,785
Ferrovial SA		3,141		71,189
Gas Natural SDG SA		3,536		72,302
Grifols SA		1,392		64,489
Iberdrola SA		11,285		80,329
Industria de Diseno Textil SA		1,749		60,234
Mapfre SA		19,673		49,430
Red Electrica Corporation SA		884		74,079
Telefonica SA		4,721		52,511
				1,018,759
Sweden (3.5%):
Alfa Laval AB		3,273		60,098
Assa Abloy AB		3,198		67,434
Atlas Copco AB		2,013		49,696
Autoliv, Inc.		527		65,754
Electrolux AB		1,561		37,946
Hennes & Mauritz AB		1,806		64,633
Hexagon AB		1,674		62,427
ICA Gruppen AB		1,975		71,921
Nordea Bank AB		4,683		51,759
Sandvik AB		5,191		45,536
Skandinaviska Enskilda Banken AB		5,944		62,950
Skanska AB		3,160		61,692
SKF AB		2,615		42,502
Svenska Cellulosa AB SCA		1,843		53,818
Svenska Handelsbanken AB		4,495		60,118
Swedbank AB		3,122		69,197
Telefonaktiebolaget LM Ericsson		5,267		51,351
TeliaSonera AB		12,903		64,489
				1,043,321

See notes to financial statements.

57

Victory Portfolios II
Victory CEMP Developed Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Switzerland (6.4%):
ABB Ltd.		3,442	$	61,720
ACE Ltd.		865		101,075
Actelion Ltd.		301		41,953
Adecco SA		715		49,185
Cie Financiere Richemont SA		639		45,998
Clariant AG		2,859		54,263
Coca-Cola HBC AG		2,407		51,381
Credit Suisse Group AG		1,693		36,663
EMS-Chemie Holding AG		132		58,119
Galenica AG		38		59,717
Geberit AG		188		63,856
Givaudan SA		38		69,163
Julius Baer Group Ltd.		940		45,667
Kuehne + Nagel International AG		564		77,595
LafargeHolcim Ltd.		959		48,161
Lonza Group AG		282		45,921
Nestle SA		959		71,379
Novartis AG		564		48,877
Partners Group Holding AG		150		54,101
Roche Holdings AG		188		51,880
Schindler Holding AG		451		75,647
SGS SA		38		72,502
Sika AG		19		68,670
Sonova Holding AG		395		50,203
Swatch Group AG		94		32,866
Swiss Life Holding AG		282		76,384
Swiss Re AG		978		95,837
Swisscom AG		150		75,330
Syngenta AG		94		36,817
TE Connectivity Ltd.		1,166		75,335
UBS Group AG		2,746		53,516
Zurich Insurance Group AG		226		58,305
				1,908,086
United Kingdom (14.1%):
Aon PLC		846		78,010
ARM Holdings PLC		3,254		49,842
Ashtead Group PLC		3,367		55,543
Associated British Foods PLC		1,298		63,950
Aviva PLC		8,388		63,807
Babcock International Group PLC		4,232		63,387
BAE Systems PLC		11,981		88,242
Barratt Developments PLC		5,736		52,935
Berkeley Group Holdings PLC		884		48,062
British American Tobacco PLC		1,317		73,215
BT Group PLC		10,627		73,898
Bunzl PLC		3,385		94,065
Burberry Group PLC		2,708		47,706
Capita PLC		3,912		69,667
CNH Industrial NV		5,959		40,760
Compass Group PLC		4,984		86,333

See notes to financial statements.

58

Victory Portfolios II
Victory CEMP Developed Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Delphi Automotive PLC		640	$	54,867
Diageo PLC		2,596		71,049
Direct Line Insurance Group PLC		17,266		103,724
easyJet PLC		1,900		48,737
Fiat Chrysler Automobiles NV*		2,840		39,732
G4S PLC		21,667		72,028
GlaxoSmithKline PLC		3,348		67,766
Hargreaves Lansdown PLC		2,708		60,122
HSBC Holdings PLC		8,351		66,012
Imperial Tobacco Group PLC		1,298		68,628
Inmarsat PLC		4,476		75,026
InterContinental Hotels Group PLC		1,749		68,534
Intertek Group PLC		1,373		56,209
ITV PLC		16,984		69,255
Johnson Matthey PLC		1,429		55,974
Kingfisher PLC		11,492		55,823
Legal & General Group PLC		19,466		76,850
London Stock Exchange Group PLC		1,655		66,949
Marks & Spencer Group PLC		8,576		57,196
Michael Kors Holdings Ltd.*		752		30,125
National Grid PLC		6,150		84,997
Next PLC		696		74,799
Old Mutual PLC		18,263		48,166
Persimmon PLC*		1,768		52,832
Prudential PLC		2,915		65,792
Reckitt Benckiser Group PLC		790		73,150
RELX NV		4,401		74,325
RELX PLC		4,890		86,290
Rio Tinto PLC		1,335		38,958
Royal Mail PLC		8,200		53,673
RSA Insurance Group PLC		6,301		39,618
SABMiller PLC		1,241		74,451
Sage Group PLC		8,576		76,299
Schroders PLC		1,298		56,946
Severn Trent PLC		2,445		78,469
Sky PLC		4,834		79,245
Smith & Nephew PLC		3,461		61,635
Smiths Group PLC		3,310		45,844
Sports Direct International PLC*		5,210		44,317
SSE PLC		2,878		64,830
St James's Place PLC		3,762		55,903
Standard Chartered PLC		3,987		33,132
Standard Life PLC		9,612		55,220
Taylor Wimpey PLC		18,921		56,652
Travis Perkins PLC		2,351		68,381
Unilever PLC		1,655		71,401
United Utilities Group PLC		5,304		73,149
Vodafone Group PLC		17,661		57,540
Whitbread PLC		1,166		75,650
WPP PLC		3,517		81,038
				4,216,730

See notes to financial statements.

59

Victory Portfolios II
Victory CEMP Developed Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
United States (0.2%):
Sensata Technologies Holding NV*		1,429	$	65,821
Total Common Stocks (Cost $29,918,320)				29,438,773
Short-Term Investments (1.1%)
Money Market Funds (1.1%):
Short Term Investment Trust Liquid Assets Portfolio, 0.29%^		336,794		336,794
Total Short-Term Investments — (Cost $336,794)				336,794
Total Investments — 99.7% (Cost $30,255,114)				29,775,567
Other assets in excess of liabilities — 0.3%				75,280
NET ASSETS — 100.0%			$	29,850,847

*  Non-income producing security.

+  As of December 31, 2015, the Fund has fair valued this security. This security is deemed illiquid according to the Fund's liquidity guidelines. The value of this security was $570 or 0.00% of net assets.

^  Annualized seven-day yield as of December 31, 2015.

Schedule of Open Futures Contracts

Number of Contracts Purchased		Description	Notional Amount		Unrealized Appreciation
	5	Mini MSCI EAFE Future, March 2016	$	424,550	$	105
					$	105

See notes to financial statements.

60

Victory Portfolios II
Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF Schedule of Investments
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Common Stocks (99.5%)
Aerospace & Defense (1.4%):
Lockheed Martin Corporation		6,134	$	1,331,998
Air Freight & Logistics (1.0%):
United Parcel Service, Inc.		10,222		983,663
Automobiles (2.1%):
Ford Motor Company		71,884		1,012,845
General Motors Company		28,457		967,823
				1,980,668
Banks (1.3%):
People's United Financial, Inc.		76,332		1,232,762
Beverages (1.7%):
The Coca-Cola Company		38,530		1,655,249
Capital Markets (2.2%):
Invesco Ltd.		28,311		947,853
T. Rowe Price Group, Inc.		16,629		1,188,807
				2,136,660
Chemicals (2.9%):
EI du Pont de Nemours & Company		17,839		1,188,078
LyondellBasell Industries NV		7,637		663,655
The Dow Chemical Company		18,482		951,453
				2,803,186
Communications Equipment (1.7%):
Cisco Systems, Inc.		33,662		914,092
QUALCOMM, Inc.		14,636		731,580
				1,645,672
Consumer Finance (0.6%):
Navient Corporation		53,352		610,880
Diversified Financial Services (1.1%):
CME Group, Inc.		11,287		1,022,602
Diversified Telecommunication Services (0.8%):
CenturyLink, Inc.		30,618		770,349
Electric Utilities (12.3%):
American Electric Power Company, Inc.		19,081		1,111,850
Duke Energy Corporation		15,173		1,083,200
Entergy Corporation		15,733		1,075,508
Eversource Energy		21,761		1,111,334
Exelon Corporation		27,451		762,314
OGE Energy Corporation		36,391		956,719
Pepco Holdings, Inc.		33,960		883,300
Pinnacle West Capital Corporation		17,945		1,157,094
Southern Company		26,249		1,228,191
Westar Energy, Inc.		28,441		1,206,183
Xcel Energy, Inc.		31,505		1,131,344
				11,707,037

See notes to financial statements.

61

Victory Portfolios II
Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Electrical Equipment (2.0%):
Eaton Corporation PLC		15,989	$	832,068
Emerson Electric Company		21,859		1,045,516
				1,877,584
Energy Equipment & Services (1.1%):
Helmerich & Payne, Inc.		9,715		520,238
National Oilwell Varco, Inc.		15,509		519,397
				1,039,635
Food & Staples Retailing (3.6%):
Costco Wholesale Corporation		7,946		1,283,279
Sysco Corporation		27,471		1,126,311
Wal-Mart Stores, Inc.		17,151		1,051,356
				3,460,946
Food Products (1.9%):
General Mills, Inc.		24,702		1,424,318
Pilgrim's Pride Corporation		19,148		422,979
				1,847,297
Health Care Equipment & Supplies (1.2%):
Baxter International, Inc.		30,111		1,148,735
Hotels, Restaurants & Leisure (2.8%):
Las Vegas Sands Corporation		12,931		566,895
McDonald's Corporation		11,320		1,337,345
Starwood Hotels & Resorts Worldwide, Inc.		10,646		737,555
				2,641,795
Household Products (1.6%):
Procter & Gamble Company		18,670		1,482,585
Insurance (7.2%):
American Financial Group, Inc.		20,440		1,473,315
Arthur J. Gallagher & Company		32,665		1,337,305
Cincinnati Financial Corporation		21,628		1,279,729
CNA Financial Corporation		31,368		1,102,585
MetLife, Inc.		18,122		873,662
Principal Financial Group, Inc.		18,079		813,193
				6,879,789
IT Services (3.3%):
International Business Machines Corporation		6,800		935,816
Paychex, Inc.		26,159		1,383,550
The Western Union Company		44,539		797,694
				3,117,060
Machinery (2.6%):
Caterpillar, Inc.		11,820		803,287
Deere & Company		12,245		933,926
PACCAR, Inc.		15,894		753,376
				2,490,589

See notes to financial statements.

62

Victory Portfolios II
Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Media (2.2%):
Omnicom Group, Inc.		18,241	$	1,380,114
TEGNA, Inc.		29,564		754,473
				2,134,587
Metals & Mining (0.8%):
Nucor Corporation		18,139		731,002
Multiline Retail (0.7%):
Kohl's Corporation		13,143		626,001
Multi-Utilities (13.1%):
Alliant Energy Corporation		18,664		1,165,567
Ameren Corporation		25,891		1,119,268
CenterPoint Energy, Inc.		50,922		934,928
CMS Energy Corporation		28,830		1,040,186
Consolidated Edison, Inc.		17,446		1,121,254
Dominion Resources, Inc.		16,377		1,107,740
DTE Energy Company		13,251		1,062,598
PG&E Corporation		20,628		1,097,203
Public Service Enterprise Group, Inc.		22,939		887,510
SCANA Corporation		18,824		1,138,664
TECO Energy, Inc.		29,027		773,570
WEC Energy Group, Inc.		19,993		1,025,841
				12,474,329
Oil, Gas & Consumable Fuels (4.3%):
Chevron Corporation		10,613		954,745
Exxon Mobil Corporation		13,352		1,040,788
Kinder Morgan, Inc.		32,879		490,555
ONEOK, Inc.		15,350		378,531
Plains GP Holdings LP		23,771		224,636
Spectra Energy Corporation		30,699		734,934
Williams Companies, Inc.		10,954		281,518
				4,105,707
Paper & Forest Products (0.8%):
International Paper Company		21,408		807,082
Pharmaceuticals (3.6%):
Johnson & Johnson		13,040		1,339,469
Merck & Company, Inc.		18,130		957,626
Pfizer, Inc.		36,525		1,179,027
				3,476,122
Road & Rail (1.0%):
Norfolk Southern Corporation		11,846		1,002,053
Semiconductors & Semiconductor Equipment (6.7%):
Analog Devices, Inc.		11,957		661,461
Intel Corporation		27,368		942,828
KLA-Tencor Corporation		15,442		1,070,903
Linear Technology Corporation		21,712		922,109
Microchip Technology, Inc.		19,377		901,805

See notes to financial statements.

63

Victory Portfolios II
Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Texas Instruments, Inc.		17,127	$	938,731
Xilinx, Inc.		19,949		937,004
				6,374,841
Software (1.9%):
CA, Inc.		35,389		1,010,710
Symantec Corporation		38,608		810,768
				1,821,478
Specialty Retail (1.9%):
Best Buy Company, Inc.		15,089		459,460
GameStop Corporation		14,577		408,739
L Brands, Inc.		10,013		959,446
				1,827,645
Technology Hardware, Storage & Peripherals (0.5%):
Seagate Technology PLC		13,720		502,975
Textiles, Apparel & Luxury Goods (0.9%):
Coach, Inc.		24,869		813,962
Thrifts & Mortgage Finance (1.1%):
New York Community Bancorp, Inc.		65,576		1,070,199
Tobacco (3.6%):
Altria Group, Inc.		20,824		1,212,165
Philip Morris International, Inc.		13,373		1,175,621
Reynolds American, Inc.		22,613		1,043,590
				3,431,376
Total Common Stocks (Cost $98,031,276)				95,066,100
Short-Term Investments (0.2%)
Money Market Funds (0.2%):
Short Term Investment Trust Liquid Assets Portfolio, 0.29%^		160,334		160,334
Total Short-Term Investments — (Cost $160,334)				160,334
Total Investments — 99.7% (Cost $98,191,610)				95,226,434
Other assets in excess of liabilities — 0.3%				275,639
NET ASSETS — 100.0%			$	95,502,073

^  Annualized seven-day yield as of December 31, 2015.

The Global Industry Classification Standard (GICS^®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS^® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Fund's Administrator, U.S. Bancorp Fund Services, LLC.

Schedule of Open Futures Contracts

Number of Contracts Purchased		Description	Notional Amount		Unrealized Appreciation
	3	S&P 500 E-Mini Future, March 2016	$	305,310	$	1,337
					$	1,337

See notes to financial statements.

64

Victory Portfolios II
Victory CEMP US Small Cap Volatility Wtd Index ETF Schedule of Investments
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Common Stocks (99.5%)
Aerospace & Defense (0.7%):
Astronics Corporation*		287	$	11,684
Moog, Inc.*		421		25,512
National Presto Industries, Inc.		295		24,444
TASER International, Inc.*		449		7,763
				69,403
Air Freight & Logistics (0.8%):
Air Transport Services Group, Inc.*		2,220		22,378
Atlas Air Worldwide Holdings, Inc.*		400		16,536
Forward Air Corporation		518		22,279
Hub Group, Inc.*		505		16,640
				77,833
Airlines (0.1%):
Hawaiian Holdings, Inc.*		407		14,379
Auto Components (1.8%):
American Axle & Manufacturing Holdings, Inc.*		1,036		19,622
Cooper Tire & Rubber Company		463		17,525
Dana Holding Corporation		1,217		16,795
Dorman Products, Inc.*		458		21,741
Drew Industries, Inc.		406		24,721
Gentherm, Inc.*		351		16,637
Motorcar Parts of America, Inc.*		419		14,166
Standard Motor Products, Inc.		525		19,976
Tenneco, Inc.*		469		21,532
				172,715
Automobiles (0.3%):
Thor Industries, Inc.		489		27,457
Banks (15.4%):
1st Source Corporation		764		23,585
Ameris Bancorp		865		29,401
Associated Banc-Corp		1,320		24,750
BancFirst Corporation		415		24,327
BancorpSouth, Inc.		858		20,583
Bank of Hawaii Corporation		477		30,003
Banner Corporation		522		23,939
BBCN Bancorp, Inc.		1,491		25,675
Berkshire Hills Bancorp, Inc.		1,120		32,603
BNC Bancorp		1,163		29,517
Boston Private Financial Holdings, Inc.		1,599		18,133
Capital Bank Financial Corporation		793		25,360
Cathay General Bancorp		730		22,871
Chemical Financial Corporation		825		28,273
Columbia Banking Systems, Inc.		780		25,358
Community Bank Systems, Inc.		759		30,314
CVB Financial Corporation		1,450		24,534
Eagle Bancorp, Inc.*		652		32,906

See notes to financial statements.

65

Victory Portfolios II
Victory CEMP US Small Cap Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
First Citizens Bancshares, Inc.		107	$	27,624
First Financial Bancorp		1,239		22,389
First Financial Bankshares, Inc.		691		20,847
First Interstate BancSystem, Inc.		937		27,239
First Merchants Corporation		1,073		27,276
First Midwest Bancorp, Inc.		1,413		26,042
FirstMerit Corporation		1,273		23,741
FNB Corporation		1,960		26,146
Fulton Financial Corporation		2,297		29,884
Glacier Bancorp, Inc.		785		20,826
Hancock Holdings Company		648		16,310
Hilltop Holdings, Inc.*		1,091		20,969
Home BancShares, Inc.		592		23,988
IBERIABANK Corporation		356		19,605
Independent Bank Corporation		545		25,353
International Bancshares Corporation		784		20,149
LegacyTexas Financial Group, Inc.		587		14,687
MB Financial, Inc.		672		21,753
National Penn Bancshares, Inc.		1,676		20,665
NBT Bancorp, Inc.		976		27,211
Old National Bancorp		1,721		23,337
Opus Bank		577		21,332
Park National Corporation		317		28,682
Pinnacle Financial Partners, Inc.		440		22,598
PrivateBancorp, Inc.		552		22,643
Renasant Corporation		869		29,902
S&T Bancorp, Inc.		800		24,656
ServisFirst Bancshares, Inc.		656		31,180
Simmons First National Corporation		539		27,683
South State Corporation		342		24,607
Talmer Bancorp, Inc.		1,663		30,117
TCF Financial Corporation		1,529		21,589
Texas Capital BancShares, Inc.*		346		17,099
Towne Bank		1,342		28,008
Trustmark Corporation		1,076		24,791
UMB Financial Corporation		432		20,110
Union Bankshares Corporation		988		24,937
United Bankshares, Inc.		646		23,896
United Community Banks, Inc.		1,206		23,505
Valley National Bancorp		3,303		32,535
WesBanco, Inc.		826		24,796
Westamerica Bancorp		557		26,040
Wintrust Financial Corporation		523		25,376
				1,514,255
Beverages (0.4%):
Boston Beer Company, Inc.*		89		17,970
Coca-Cola Bottling Company Consolidated		111		20,259
				38,229

See notes to financial statements.

66

Victory Portfolios II
Victory CEMP US Small Cap Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Biotechnology (0.5%):
Insys Therapeutics, Inc.*		330	$	9,448
Ligand Pharmaceuticals, Inc.*		130		14,095
Myriad Genetics, Inc.*		384		16,573
PDL BioPharma, Inc.		3,600		12,744
				52,860
Building Products (1.7%):
AAON, Inc.		1,028		23,870
American Woodmark Corporation*		234		18,715
Apogee Enterprises, Inc.		283		12,313
Griffon Corporation		1,317		23,443
Patrick Industries, Inc.*		365		15,878
PGT, Inc.*		894		10,183
Simpson Manufacturing Company, Inc.		801		27,354
Trex Company, Inc.*		362		13,770
Universal Forest Products, Inc.		306		20,921
				166,447
Capital Markets (1.7%):
Cohen & Steers, Inc.		818		24,933
Evercore Partners, Inc.		436		23,574
Financial Engines, Inc.		486		16,364
Gamco Investors, Inc.		625		19,400
Greenhill & Company, Inc.		612		17,509
HFF, Inc.		498		15,473
Janus Capital Group, Inc.		1,256		17,697
Manning & Napier, Inc.		1,395		11,843
Virtus Investment Partners, Inc.		132		15,505
WisdomTree Investments, Inc.		620		9,722
				172,020
Chemicals (2.4%):
Balchem Corporation		296		17,997
Calgon Carbon Corporation		1,259		21,718
Chemtura Corporation*		692		18,871
Ferro Corporation*		1,459		16,224
HB Fuller Company		736		26,842
Innophos Holdings, Inc.		483		13,997
Innospec, Inc.		494		26,829
Minerals Technologies, Inc.		309		14,171
Olin Corporation		845		14,585
Quaker Chemical Corporation		229		17,692
Sensient Technologies Corporation		409		25,693
Stepan Company		413		20,522
				235,141
Commercial Services & Supplies (3.4%):
ABM Industries, Inc.		1,021		29,068
Deluxe Corporation		385		20,998
G&K Services, Inc.		400		25,160
Herman Miller, Inc.		918		26,347

See notes to financial statements.

67

Victory Portfolios II
Victory CEMP US Small Cap Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
HNI Corporation		409	$	14,748
Knoll, Inc.		947		17,804
Matthews International Corporation		552		29,504
McGrath RentCorp		877		22,092
MSA Safety, Inc.		369		16,040
Multi-Color Corporation		277		16,567
Steelcase, Inc.		1,340		19,966
Team, Inc.*		527		16,843
Tetra Tech, Inc.		935		24,329
UniFirst Corporation		255		26,571
US Ecology, Inc.		409		14,904
West Corporation		687		14,819
				335,760
Communications Equipment (1.2%):
ADTRAN, Inc.		1,247		21,473
CalAmp Corporation*		802		15,984
Infinera Corporation*		589		10,673
InterDigital, Inc.		447		21,921
Plantronics, Inc.		439		20,817
Polycom, Inc.*		1,921		24,186
				115,054
Construction & Engineering (1.1%):
Argan, Inc.		388		12,571
Comfort Systems USA, Inc.		577		16,398
Dycom Industries, Inc.*		156		10,914
EMCOR Group, Inc.		578		27,767
MYR Group, Inc.*		723		14,901
Primoris Services Corporation		697		15,355
Tutor Perini Corporation*		739		12,371
				110,277
Consumer Finance (0.7%):
Encore Capital Group, Inc.*		573		16,663
First Cash Financial Services, Inc.*		520		19,464
Nelnet, Inc.		641		21,518
PRA Group, Inc.*		399		13,841
				71,486
Containers & Packaging (0.1%):
Greif, Inc.		473		14,573
Distributors (0.2%):
Core-Mark Holding Company, Inc.		289		23,681
Diversified Consumer Services (0.7%):
Capella Education Company		363		16,778
DeVry Education Group, Inc.		478		12,098
Grand Canyon Education, Inc.*		631		25,316
Strayer Education, Inc.*		237		14,248
				68,440

See notes to financial statements.

68

Victory Portfolios II
Victory CEMP US Small Cap Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Diversified Telecommunication Services (0.5%):
Inteliquent, Inc.		576	$	10,236
Iridium Communications, Inc.*		2,431		20,445
Vonage Holdings Corporation*		2,468		14,166
				44,847
Electric Utilities (2.0%):
ALLETE, Inc.		560		28,465
El Paso Electric Company		745		28,682
IdaCorp, Inc.		450		30,600
MGE Energy, Inc.		628		29,139
Otter Tail Corporation		907		24,153
PNM Resources, Inc.		935		28,583
The Empire District Electric Company		1,122		31,495
				201,117
Electrical Equipment (1.2%):
AZZ, Inc.		402		22,339
Encore Wire Corporation		467		17,321
EnerSys		432		24,162
Franklin Electric Company, Inc.		822		22,219
Generac Holdings, Inc.*		525		15,629
Thermon Group Holdings, Inc.*		978		16,548
				118,218
Electronic Equipment, Instruments & Components (4.7%):
Anixter International, Inc.*		363		21,921
AVX Corporation		1,634		19,837
Badger Meter, Inc.		386		22,616
Benchmark Electronics, Inc.*		1,209		24,990
Coherent, Inc.*		346		22,528
CTS Corporation		1,392		24,555
ePlus, Inc.*		203		18,932
FARO Technologies, Inc.*		320		9,446
II-VI, Inc.*		1,031		19,135
Insight Enterprises, Inc.*		778		19,543
Littelfuse, Inc.		247		26,431
Methode Electronics, Inc.		353		11,236
MTS Systems Corporation		412		26,125
Newport Corporation*		1,372		21,774
OSI Systems, Inc.*		354		31,386
Plexus Corporation*		604		21,092
Rofin-Sinar Technologies, Inc.*		741		19,844
Rogers Corporation*		358		18,462
Sanmina Corporation*		792		16,299
ScanSource, Inc.*		497		16,013
Tech Data Corporation*		252		16,728
Vishay Intertechnology, Inc.		2,472		29,788
				458,681
Energy Equipment & Services (0.4%):
Atwood Oceanics, Inc.		639		6,537
Dril-Quip, Inc.*		243		14,393

See notes to financial statements.

69

Victory Portfolios II
Victory CEMP US Small Cap Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Forum Energy Technologies, Inc.*		732	$	9,121
Hornbeck Offshore Services, Inc.*		534		5,308
U.S. Silica Holdings, Inc.		472		8,840
				44,199
Food & Staples Retailing (1.4%):
Ingles Markets, Inc.		234		10,315
PriceSmart, Inc.		242		20,083
Smart & Final Stores, Inc.*		973		17,718
SpartanNash Company		801		17,334
SUPERVALU, Inc.*		2,014		13,655
The Andersons, Inc.		440		13,917
The Fresh Market, Inc.*		541		12,670
United Natural Foods, Inc.*		316		12,438
Weis Markets, Inc.		529		23,435
				141,565
Food Products (1.6%):
Cal-Maine Foods, Inc.		234		10,843
J&J Snack Foods Corporation		183		21,351
John B. Sanfilippo & Son, Inc.		294		15,885
Lancaster Colony Corporation		323		37,293
Sanderson Farms, Inc.		268		20,775
Snyder's-Lance, Inc.		842		28,881
Tootsie Roll Industries, Inc.		791		24,988
				160,016
Gas Utilities (0.8%):
Chesapeake Utilities Corporation		386		21,906
ONE Gas, Inc.		619		31,055
Southwest Gas Corporation		503		27,745
				80,706
Health Care Equipment & Supplies (3.8%):
Abaxis, Inc.		344		19,154
Analogic Corporation		298		24,615
Atrion Corporation		63		24,016
Cantel Medical Corporation		399		24,794
CONMED Corporation		452		19,911
Globus Medical, Inc.*		948		26,373
Greatbatch, Inc.*		349		18,323
Hill-Rom Holdings, Inc.		602		28,932
ICU Medical, Inc.*		157		17,706
Inogen, Inc.*		238		9,541
Integra LifeSciences Holdings Corporation*		372		25,214
LivaNova PLC*		283		16,802
Masimo Corporation*		461		19,136
Meridian Bioscience, Inc.		1,399		28,707
Merit Medical Systems, Inc.*		760		14,128
Natus Medical, Inc.*		479		23,016
Neogen Corporation*		308		17,408
Vascular Solutions, Inc.*		430		14,788
				372,564

See notes to financial statements.

70

Victory Portfolios II
Victory CEMP US Small Cap Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Health Care Providers & Services (2.8%):
Aceto Corporation		683	$	18,427
Air Methods Corporation*		406		17,024
AMN Healthcare Services, Inc.*		448		13,910
Chemed Corporation		201		30,110
CorVel Corporation*		586		25,737
Hanger, Inc.*		1,093		17,980
HealthEquity, Inc.*		458		11,482
LHC Group, Inc.*		289		13,089
Magellan Health, Inc.*		321		19,793
Owens & Minor, Inc.		905		32,562
Providence Service Corporation*		286		13,419
Select Medical Holdings Corporation		1,367		16,281
The Ensign Group, Inc.		872		19,733
U.S. Physical Therapy, Inc.		435		23,351
				272,898
Health Care Technology (0.5%):
HealthStream, Inc.*		695		15,290
Omnicell, Inc.*		618		19,207
Quality Systems, Inc.		1,163		18,748
				53,245
Hotels, Restaurants & Leisure (3.0%):
Biglari Holdings, Inc.*		55		17,920
BJ's Restaurants, Inc.*		394		17,127
Choice Hotels International, Inc.		524		26,415
Denny's Corporation*		1,504		14,784
Fiesta Restaurant Group, Inc.*		320		10,752
Interval Leisure Group, Inc.		1,214		18,951
Jack In The Box, Inc,		270		20,712
Krispy Kreme Doughnuts, Inc.*		978		14,738
Marriott Vacations Worldwide Corporation		299		17,028
Papa John's International, Inc.		327		18,270
Popeyes Louisiana Kitchen, Inc.*		351		20,534
Red Robin Gourmet Burgers, Inc.*		195		12,039
Sonic Corporation		551		17,803
Texas Roadhouse, Inc.		652		23,322
The Cheesecake Factory, Inc.		474		21,856
Wendy's Company		2,356		25,374
				297,625
Household Durables (2.9%):
CalAtlantic Group, Inc.		818		31,019
Cavco Industries, Inc.*		245		20,411
Ethan Allen Interiors, Inc.		560		15,579
Installed Building Products, Inc.*		531		13,185
iRobot Corporation*		649		22,975
KB Home		918		11,319
La-Z-Boy, Inc.		862		21,050
M/I Homes, Inc.*		805		17,646

See notes to financial statements.

71

Victory Portfolios II
Victory CEMP US Small Cap Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
MDC Holdings, Inc.		761	$	19,428
Meritage Homes Corporation*		400		13,596
Taylor Morrison Home Corporation*		825		13,200
TRI Pointe Homes, Inc.*		1,341		16,990
Tupperware Brands Corporation		370		20,590
Universal Electronics, Inc.*		434		22,286
WCI Communities, Inc.*		747		16,643
William Lyon Homes*		640		10,560
				286,477
Household Products (0.3%):
WD-40 Company		292		28,806
Independent Power Producers & Energy Traders (0.2%):
Ormat Technologies, Inc.		532		19,402
Industrial Conglomerates (0.2%):
Raven Industries, Inc.		942		14,695
Insurance (3.9%):
American Equity Investment Life Holding Company		793		19,056
American National Insurance Company		245		25,056
AMERISAFE, Inc.		504		25,654
FBL Financial Group, Inc.		411		26,156
Horace Mann Educators Corporation		788		26,146
Infinity Property & Casualty Corporation		359		29,520
Kemper Corporation		772		28,757
MBIA, Inc.*		1,500		9,720
National General Holdings Corporation		1,181		25,817
Navigators Group, Inc.*		410		35,174
Primerica, Inc.		489		23,095
ProAssurance Corporation		858		41,639
RLI Corporation		464		28,652
Selective Insurance Group, Inc.		879		29,517
Universal Insurance Holdings, Inc.		523		12,123
				386,082
Internet & Catalog Retail (0.4%):
FTD Companies, Inc.*		625		16,356
Lands' End, Inc.*		442		10,361
Nutrisystem, Inc.		446		9,651
				36,368
Internet Software & Services (1.3%):
Constant Contact, Inc.*		481		14,064
Envestnet, Inc.*		274		8,179
GrubHub, Inc.*		553		13,383
LogMeIn, Inc.*		267		17,916
NIC, Inc.		913		17,968
Shutterstock, Inc.*		283		9,152
SPS Commerce, Inc.*		311		21,835
WebMD Health Corporation*		520		25,116
				127,613

See notes to financial statements.

72

Victory Portfolios II
Victory CEMP US Small Cap Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
IT Services (3.1%):
Blackhawk Network Holdings, Inc.*		404	$	17,861
CACI International, Inc.*		383		35,535
Cardtronics, Inc.*		600		20,190
Convergys Corporation		1,080		26,881
CSG Systems International, Inc.		803		28,892
ExlService Holdings, Inc.*		618		27,767
ManTech International Corporation		918		27,760
NeuStar, Inc.*		553		13,255
Perficient, Inc.*		989		16,932
Science Applications International Corporation		463		21,196
Sykes Enterprises, Inc.*		937		28,841
TeleTech Holdings, Inc.		820		22,886
Virtusa Corporation*		433		17,900
				305,896
Leisure Products (0.2%):
Smith & Wesson Holdings Corporation*		752		16,529
Life Sciences Tools & Services (0.3%):
Cambrex Corporation*		239		11,255
Luminex Corporation*		839		17,946
				29,201
Machinery (5.8%):
Alamo Group, Inc.		356		18,548
Altra Industrial Motion Corporation		958		24,027
American Railcar Industries, Inc.		365		16,892
Astec Industries, Inc.		555		22,588
Barnes Group, Inc.		680		24,065
Chart Industries, Inc.*		458		8,226
CIRCOR International, Inc.		429		18,082
CLARCOR, Inc.		539		26,778
ESCO Technologies, Inc.		743		26,852
Federal Signal Corporation		1,428		22,634
Greenbrier Companies, Inc.		309		10,080
Hillenbrand, Inc.		825		24,445
Hyster-Yale Materials Handling, Inc.		358		18,777
John Bean Technologies Corporation		539		26,858
Joy Global, Inc.		889		11,210
Lindsay Corporation		284		20,562
Meritor, Inc.*		1,277		10,663
Mueller Industries, Inc.		854		23,143
Proto Labs, Inc.*		235		14,967
RBC Bearings, Inc.*		292		18,860
Rexnord Corporation*		1,139		20,639
Standex International Corporation		295		24,529
Sun Hydraulics Corporation		760		24,115
Tennant Company		450		25,317
Terex Corporation		562		10,386
TriMas Corporation*		751		14,006
Valmont Industries, Inc.		263		27,883

See notes to financial statements.

73

Victory Portfolios II
Victory CEMP US Small Cap Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Wabash National Corporation*		1,476	$	17,461
Woodward, Inc.		480		23,837
				576,430
Marine (0.2%):
Matson, Inc.		542		23,106
Media (1.5%):
AMC Entertainment Holdings, Inc.		662		15,888
Entravision Communications Corporation		1,864		14,372
Gray Television, Inc.*		1,100		17,930
Meredith Corporation		455		19,679
Nexstar Broadcasting Group, Inc.		459		26,943
Regal Entertainment Group		1,275		24,059
Sinclair Broadcast Group, Inc.		737		23,982
				142,853
Metals & Mining (0.4%):
Commercial Metals Company		1,125		15,401
Ferroglobe PLC		1,030		11,073
Materion Corporation		546		15,288
				41,762
Multi-Utilities (0.6%):
Avista Corporation		875		30,949
NorthWestern Corporation		558		30,271
				61,220
Oil, Gas & Consumable Fuels (0.2%):
World Fuel Services Corporation		551		21,191
Paper & Forest Products (1.5%):
Boise Cascade Company*		533		13,608
Deltic Timber Corporation		469		27,610
KapStone Paper & Packaging Corporation		927		20,941
Neenah Paper, Inc.		436		27,219
PH Glatfelter Company		1,397		25,761
Schweitzer-Mauduit International, Inc.		659		27,671
				142,810
Personal Products (0.4%):
Inter Parfums, Inc.		667		15,888
Nu Skin Enterprises, Inc.		276		10,458
USANA Health Sciences, Inc.*		70		8,942
				35,288
Pharmaceuticals (0.5%):
Lannet Company, Inc.*		219		8,786
Prestige Brands Holdings, Inc.*		433		22,291
Sucampo Pharmaceuticals, Inc.*		314		5,429
Supernus Pharmaceuticals, Inc.*		576		7,742
				44,248

See notes to financial statements.

74

Victory Portfolios II
Victory CEMP US Small Cap Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Professional Services (2.3%):
Exponent, Inc.		560	$	27,972
FTI Consulting, Inc.*		482		16,706
Huron Consulting Group, Inc.*		240		14,256
ICF International, Inc.*		605		21,514
Insperity, Inc.		384		18,489
Kforce, Inc.		588		14,865
Korn/Ferry International		696		23,093
On Assignment, Inc.*		487		21,891
Resources Connection, Inc.		1,307		21,356
RPX Corporation*		1,372		15,092
TrueBlue, Inc.*		589		15,173
WageWorks, Inc.*		294		13,339
				223,746
Real Estate Management & Development (0.3%):
Alexander & Baldwin, Inc.		666		23,516
Marcus & Millichap, Inc.*		298		8,684
				32,200
Road & Rail (1.3%):
ArcBest Corporation		537		11,486
Heartland Express, Inc.		1,111		18,909
Knight Transportation, Inc.		646		15,653
Landstar System, Inc.		402		23,577
Marten Transport Ltd.		916		16,213
Roadrunner Transportation Systems, Inc.*		744		7,016
Saia, Inc.*		450		10,013
Swift Transportation Company*		846		11,692
Werner Enterprises, Inc.		784		18,338
				132,897
Semiconductors & Semiconductor Equipment (3.0%):
Ambarella, Inc.*		136		7,581
Amkor Technology, Inc.*		1,919		11,668
Cabot Microelectronics Corporation*		570		24,955
Cirrus Logic, Inc.*		449		13,259
Diodes, Inc.*		925		21,256
Integrated Device Technology, Inc.*		686		18,076
MKS Instrument, Inc.		777		27,972
Monolithic Power Systems, Inc.		424		27,013
OmniVision Technologies, Inc.*		963		27,946
Photronics, Inc.*		2,291		28,523
Power Integrations, Inc.		496		24,120
Rambus, Inc.*		1,298		15,044
Silicon Laboratories, Inc.*		411		19,950
Synaptics, Inc.*		221		17,755
Tessera Technologies, Inc.		489		14,675
				299,793
Software (1.7%):
Blackbaud, Inc.		388		25,554
Ebix, Inc.		436		14,296

See notes to financial statements.

75

Victory Portfolios II
Victory CEMP US Small Cap Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Ellie Mae, Inc.*		183	$	11,022
Fair Isaac Corporation		254		23,922
Monotype Imaging Holdings, Inc.		820		19,385
Pegasystems, Inc.		668		18,370
Qualys, Inc.*		264		8,736
Synchronoss Technologies, Inc.*		363		12,788
TiVo, Inc.*		2,683		23,154
VASCO Data Security International, Inc.*		548		9,168
				166,395
Specialty Retail (4.3%):
Aaron's, Inc.		477		10,680
Asbury Automotive Group, Inc.*		262		17,669
Ascena Retail Group, Inc.*		1,278		12,588
Caleres, Inc.		561		15,046
CST Brands, Inc.		748		29,277
DSW, Inc.		676		16,129
Express, Inc.*		706		12,200
Finish Line, Inc.		586		10,595
Five Below, Inc.*		413		13,257
Genesco, Inc.*		377		21,425
Group 1 Automotive, Inc.		250		18,925
Guess?, Inc.		692		13,065
Hibbett Sports, Inc.*		534		16,148
Lithia Motors, Inc.		185		19,734
Mattress Firm Holding Corporation*		306		13,657
Monro Muffler Brake, Inc.		410		27,150
Murphy USA, Inc.*		419		25,450
Pier 1 Imports, Inc.		1,177		5,991
Rent-A-Center, Inc.		537		8,039
Select Comfort Corporation*		737		15,779
Sonic Automotive, Inc.		1,102		25,082
The Buckle, Inc.		485		14,928
The Cato Corporation		613		22,571
Tile Shop Holdings, Inc.*		830		13,612
Vitamin Shoppe, Inc.*		527		17,233
Zumiez, Inc.*		568		8,588
				424,818
Technology Hardware, Storage & Peripherals (0.5%):
Electronics For Imaging, Inc.*		549		25,660
QLogic Corporation*		1,112		13,567
Super Micro Computer, Inc.*		494		12,108
				51,335
Textiles, Apparel & Luxury Goods (0.7%):
Fossil Group, Inc.*		283		10,347
Iconix Brand Group, Inc.*		790		5,396
Movado Group, Inc.		454		11,672
Steven Madden Ltd.*		511		15,442
Tumi Holdings, Inc.*		841		13,986
Wolverine World Wide, Inc.		795		13,284
				70,127

See notes to financial statements.

76

Victory Portfolios II
Victory CEMP US Small Cap Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Thrifts & Mortgage Finance (2.5%):
Astoria Financial Corporation		1,672	$	26,501
Beneficial Bancorp, Inc.*		2,958		39,401
BofI Holding, Inc.*		770		16,209
Capitol Federal Financial, Inc.		3,227		40,531
EverBank Financial Corporation		1,577		25,200
Northwest Bancshares, Inc.		2,747		36,782
Provident Financial Services, Inc.		1,478		29,782
Washington Federal, Inc.		1,177		28,048
				242,454
Tobacco (0.3%):
Vector Group Ltd.		1,414		33,356
Trading Companies & Distributors (1.7%):
Aircastle Ltd.		917		19,156
Applied Industrial Technologies, Inc.		577		23,363
GATX Corporation		455		19,360
H&E Equipment Services, Inc.		434		7,586
Kaman Corporation		925		37,749
MRC Global, Inc.*		885		11,417
Rush Enterprises, Inc.*		814		17,818
TAL International Group, Inc.		837		13,308
Wesco International, Inc.*		411		17,953
				167,710
Transportation Infrastructure (0.2%):
Wesco Aircraft Holdings, Inc.*		1,558		18,648
Water Utilities (0.7%):
American States Water Company		607		25,464
California Water Service Group		1,011		23,526
SJW Corporation		723		21,437
				70,427
Wireless Telecommunication Services (0.2%):
Shenandoah Telecommunications Company		357		15,369
Total Common Stocks (Cost $10,219,275)				9,814,943
Short-Term Investments (0.6%)
Money Market Funds (0.6%):
Short Term Investment Trust Liquid Assets Portfolio, 0.29%^		54,419		54,419
Total Short-Term Investments — (Cost $54,419)				54,419
Total Investments — 100.1% (Cost $10,273,694)				9,869,362
Liabilities in excess of other assets — (0.1)%				(9,788	)
NET ASSETS — 100.0%			$	9,859,574

*  Non-income producing security.

^  Annualized seven-day yield as of December 31, 2015.

The Global Industry Classification Standard (GICS^®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS^® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Fund's Administrator, U.S. Bancorp Fund Services, LLC.

See notes to financial statements.

77

Victory Portfolios II
Victory CEMP International Volatility Wtd Index ETF Schedule of Investments
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Common Stocks (99.2%)
Australia (4.6%):
Amcor Ltd.		2,388	$	23,387
AMP Ltd.		5,082		21,590
Aurizon Holdings Ltd.		6,183		19,734
Australia & New Zealand Banking Group Ltd.		1,149		23,385
Brambles Ltd.		3,496		29,475
Commonwealth Bank of Australia		473		29,480
CSL Ltd.		359		27,549
Insurance Australia Group Ltd.		5,806		23,523
Macquarie Group Ltd.		401		24,186
National Australia Bank Ltd.		1,161		25,550
Newcrest Mining Ltd.*		1,514		14,309
Oil Search Ltd.		2,544		12,421
QBE Insurance Group Ltd.		2,071		19,000
Ramsay Health Care Ltd.		503		24,903
Suncorp Group Ltd.		2,993		26,477
Telstra Corporation Ltd.		7,458		30,488
Wesfarmers Ltd.		1,006		30,503
Westpac Banking Corporation		1,024		25,042
Woodside Petroleum Ltd.		820		17,161
Woolworths Ltd.		1,059		18,907
				467,070
Austria (0.1%):
Voestalpine AG		390		12,014
Belgium (2.1%):
Ageas		660		30,699
Anheuser-Busch InBev NV		174		21,632
Colruyt SA		516		26,605
Groupe Bruxelles Lambert SA		366		31,355
KBC Groep NV		300		18,802
Proximus SADP		600		19,562
Solvay SA		162		17,329
Telenet Group Holding NV*		408		22,068
UCB SA		240		21,708
				209,760
Canada (9.2%):
Alimentation Couche-Tard, Inc.		600		26,412
Bank Of Montreal		600		33,857
Bank Of Nova Scotia		600		24,270
BCE, Inc.		600		23,181
Brookfield Asset Management, Inc.		600		18,927
Canadian National Railway Company		600		33,540
Canadian Utilities Ltd.		600		13,850
CGI Group, Inc.*		600		24,023
Dollarama, Inc.		600		34,664
Empire Company Ltd.		1,800		33,484
Fortis, Inc.		1,200		32,443

See notes to financial statements.

78

Victory Portfolios II
Victory CEMP International Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Franco-Nevada Corporation		600	$	27,448
Gildan Activewear, Inc.		1,200		34,117
Great-West Lifeco, Inc.		1,200		29,946
Imperial Oil Ltd.		1,200		39,095
Inter Pipeline Ltd. '		1,200		19,261
Loblaw Companies Ltd.		600		28,333
lululemon athletica, Inc.*		283		14,849
Manulife Financial Corporation		1,800		26,980
Metro, Inc.		1,200		33,597
National Bank Of Canada		1,200		34,958
Pembina Pipeline Corporation		600		13,074
Potash Corporation of Saskatchewan, Inc.		1,200		20,554
Power Corporation of Canada		1,800		37,647
Power Financial Corporation		1,200		27,587
Rogers Communications, Inc.		600		20,692
Royal Bank Of Canada		600		32,153
Saputo, Inc.		1,200		28,706
Shaw Communications, Inc.		1,800		30,960
Sun Life Financial, Inc.		1,200		37,421
TELUS Corporation		1,200		33,181
Toronto-Dominion Bank		600		23,520
TransCanada Corporation		1,200		39,191
				931,921
Denmark (1.7%):
A.P. Moeller - Maersk A/S		6		7,842
Chr Hansen Holding A/S		420		26,403
Coloplast A/S		282		22,873
DSV A/S		672		26,588
ISS A/S		612		22,164
Novo Nordisk A/S		300		17,470
Novozymes A/S		390		18,775
Pandora A/S		126		15,999
Vestas Wind System A/S		258		18,176
				176,290
Finland (1.2%):
Fortum OYJ		1,151		17,412
Kone OYJ		462		19,666
Nokia OYJ		2,147		15,388
Sampo OYJ		486		24,824
UPM-Kymmene OYJ		995		18,631
Wartsila OYJ Abp		498		22,812
				118,733
France (9.2%):
Accor SA		384		16,695
Aeroports de Paris		216		25,164
Air Liquide SA		180		20,276
Airbus Group SE		252		16,979
Atos SE		270		22,726

See notes to financial statements.

79

Victory Portfolios II
Victory CEMP International Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
AXA SA		738	$	20,235
BNP Paribas SA		264		14,985
Bollore SA		3,268		15,261
Bureau Veritas SA		1,007		20,125
Cap Gemini SA		204		18,977
Carrefour SA		648		18,767
Casino Guichard Perrachon SA		312		14,382
Christian Dior SE		96		16,353
Cie de Saint-Gobain		396		17,150
Cie Generale des Etablissements Michelin		210		20,060
CNP Assurances		1,463		19,779
Credit Agricole SA		1,199		14,177
Danone SA		384		25,990
Dassault Systemes		300		24,051
Eiffage SA		246		15,915
Electricite de France SA		1,025		15,122
Essilor International SA		156		19,505
Eutelsat Communications SA		810		24,295
Groupe Eurotunnel SE		1,793		22,330
Hermes International		48		16,262
Iliad SA		78		18,649
Ingenico Group SA		144		18,231
JCDecaux SA		606		23,248
Kering		108		18,538
Legrand SA		354		20,082
L'Oreal SA		114		19,240
LVMH Moet Hennessy Louis Vuitton SE		90		14,172
Natixis SA		2,662		15,092
Orange SA		977		16,441
Pernod Ricard SA		192		21,951
Publicis Groupe SA		312		20,812
Renault SA		168		16,912
Sanofi		192		16,400
Schneider Electric SE		312		17,821
Societe BIC SA		120		19,777
Societe Generale SA		348		16,100
Sodexo SA		306		29,976
Suez Environnement Company		822		15,419
Thales SA		318		23,880
Valeo SA		114		17,661
Veolia Environnement SA		858		20,388
Vinci SA		318		20,438
Vivendi SA		941		20,310
Zodiac Aerospace		552		13,183
				930,282
Germany (6.0%):
Allianz SE		138		24,528
BASF SE		234		17,984
Bayer AG		126		15,857
Bayerische Motoren Werk AG		174		18,461

See notes to financial statements.

80

Victory Portfolios II
Victory CEMP International Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Beiersdorf AG		252	$	23,048
Brenntag AG		378		19,833
Continental AG		72		17,570
Daimler AG		222		18,717
Deutsche Boerse AG		252		22,290
Deutsche Post AG		774		21,832
Evonik Industries AG		552		18,366
Fresenius Medical Care AG & Company KGaA		252		21,287
Fresenius SE & KGaA		276		19,787
Hannover Rueck SE		222		25,489
HUGO BOSS AG		174		14,485
Infineon Technologies AG		1,589		23,321
K+S AG		270		6,931
Kabel Deutschland Holding AG		222		27,540
Linde AG		126		18,335
Merck KGaA		204		19,858
Muenchener Rueckversicherungs-Gesellschaft AG		144		28,881
ProSiebenSat.1 Media AG		366		18,601
SAP SE		342		27,273
Siemens AG		228		22,271
Symrise AG		342		22,795
Talanx AG		702		21,777
United Internet AG		348		19,254
Volkswagen AG		84		12,990
Vonovia SE		522		16,196
Zalando SE (Acquired 09/18/2015 through 11/24/2015, Cost $13,486)*+#		414		16,377
				601,934
Hong Kong (5.6%):
Bank Of East Asia Ltd.		7,200		26,802
Beijing Enterprise Holdings Ltd.		3,000		18,174
BOC Hong Kong Holdings Ltd.		6,000		18,348
Cathay Pacific Airways Ltd.		12,000		20,779
China Mobile Ltd.		3,000		33,871
China Overseas Land & Investment Ltd.		12,000		42,116
China Overseas Property Holdings Ltd.*		1,333		219
China Taiping Insurance Holdings Company Ltd.*		2,400		7,432
China Unicom Hong Kong Ltd.		12,000		14,632
Chow Tai Fook Jewellery Group Ltd.		18,000		11,613
CITIC Ltd.		12,000		21,244
CLP Holdings Ltd.		3,000		25,490
Galaxy Entertainment Group Ltd.		6,000		18,929
Guangdong Investment Ltd.		12,000		17,001
Hong Kong & China Gas Company Ltd.		18,000		35,303
Hong Kong Exchanges and Clearing Ltd.		600		15,368
Hongkong Land Holdings Ltd.		3,000		21,000
Jardine Strategic Holdings Ltd.		1,200		32,796
MTR Corporation Ltd.		3,000		14,864
New World Development Company Ltd.		24,000		23,721
Power Assets Holdings Ltd.		3,000		27,600
Swire Pacific Ltd.		3,000		33,755

See notes to financial statements.

81

Victory Portfolios II
Victory CEMP International Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Swire Properties Ltd.		8,400	$	24,279
Techtronic Industries Company Ltd.		3,000		12,232
WH Group Ltd. (Acquired 09/18/2015 through 11/24/2015, Cost $13,934)*+#		27,000		15,085
Wharf Holdings Ltd.		6,000		33,290
				565,943
Ireland (2.0%):
Accenture PLC		216		22,572
Bank Of Ireland*		40,982		15,143
CRH PLC		522		15,168
DCC PLC		264		22,028
Experian PLC		1,386		24,539
Jazz Pharmaceuticals PLC*		108		15,181
Kerry Group PLC		342		28,559
Shire PLC		234		16,206
Smurfit Kappa Group PLC		528		13,536
XL Group PLC		776		30,404
				203,336
Israel (0.6%):
Check Point Software Technologies Ltd.*		277		22,542
Israel Chemicals Ltd.		3,650		14,831
Teva Pharmaceutical Industries Ltd.		300		19,622
				56,995
Italy (1.9%):
Assicurazioni Generali SpA		1,073		19,730
Atlantia SpA		738		19,650
EXOR SpA		390		17,839
Finmeccanica SpA*		1,073		15,043
Intesa Sanpaolo SpA		4,216		14,148
Luxottica Group SpA		252		16,541
Mediobanca SpA		1,499		14,474
Prada SpA		4,200		13,061
Snam SpA		3,910		20,524
Terna Rete Elettrica Nazionale SpA		4,803		24,825
UniCredit SpA		2,279		12,718
				188,553
Japan (20.7%):
Aeon Company Ltd.		1,200		18,650
Aisin Seiki Company Ltd.		600		26,157
Asahi Glass Company Ltd.		6,000		34,744
Asahi Group Holdings Ltd.		600		18,964
Astellas Pharma, Inc.		1,200		17,287
Bank of Yokohama Ltd.		6,000		37,244
Bridgestone Corporation		600		20,836
Canon, Inc.		1,200		36,690
Chugai Pharmaceutical Company, Ltd.		600		21,166
Dai-ichi Life Insurance Company Ltd.		1,200		20,317
Daiichi Sankyo Company, Ltd.		1,200		25,064
Daiwa House Industry Company, Ltd.		600		17,487

See notes to financial statements.

82

Victory Portfolios II
Victory CEMP International Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Denso Corporation		600	$	29,043
Dentsu, Inc.		600		33,346
Fuji Heavy Industries Ltd.		600		25,094
FUJIFILM Holdings Corporation		600		25,359
Hankyu Hanshin Holdings, Inc.		6,000		39,386
Hitachi Ltd.		6,000		34,519
Honda Motor Company Ltd.		1,200		39,037
Hoya Corporation		600		24,865
Isuzu Motors Ltd.		1,800		19,678
ITOCHU Corporation		1,800		21,595
Japan Airlines Company Ltd.		600		21,745
Japan Exchange Group, Inc.		1,200		19,069
Japan Tobacco, Inc.		600		22,319
JFE Holdings, Inc.		600		9,584
Kao Corporation		600		31,224
KDDI Corporation		1,200		31,489
Kirin Holdings Company Ltd.		1,800		24,672
Komatsu Ltd.		1,200		19,888
Kyocera Corporation		600		28,224
M3, Inc.		1,200		25,179
Makita Corporation		600		35,093
Mazda Motor Corporation		1,200		25,199
Mitsubishi Corporation		1,200		20,247
Mitsubishi Heavy Industries Ltd.		6,000		26,622
Mitsubishi Motors Corporation		2,400		20,567
Mitsubishi UFJ Financial Group, Inc.		3,000		18,897
Mitsui & Company Ltd.		1,800		21,647
Mizuho Financial Group, Inc.		9,600		19,448
Nippon Steel & Sumitomo Metal Corporation		1,200		24,121
Nippon Telegraph & Telephone Corporation		600		24,141
Nissan Motor Company, Ltd.		2,400		25,548
Nitto Denko Corporation		600		44,488
Nomura Holdings, Inc.		3,600		20,340
Nomura Research Institute Ltd.		660		25,643
NTT Data Corporation		600		29,352
NTT DOCOMO, Inc.		1,200		24,800
Omron Corporation		600		20,292
ORIX Corporation		1,200		17,127
Otsuka Holdings Company, Ltd.		600		21,550
Panasonic Corporation		1,800		18,577
Rakuten, Inc.		1,200		14,007
Recruit Holdings Company Ltd.		1,200		35,542
Renesas Electronics Corporation		3,000		19,219
Resona Holdings, Inc.		4,200		20,658
Ricoh Company Ltd.		2,400		24,979
Secom Company, Ltd.		600		41,133
Seibu Holdings, Inc.		1,200		24,770
Sekisui House Ltd.		1,200		20,432
Seven & i Holdings Company, Ltd.		600		27,705
Shin-Etsu Chemical Company Ltd.		600		33,031

See notes to financial statements.

83

Victory Portfolios II
Victory CEMP International Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Shiseido Company Ltd.		600	$	12,624
SoftBank Group Corporation		600		30,645
Sompo Japan Nipponkoa Holdings, Inc.		600		20,022
Sony Financial Holdings, Inc.		1,200		21,755
Sumitomo Chemical Company Ltd.		6,000		34,993
Sumitomo Electric Industries Ltd.		1,800		25,818
Sumitomo Mitsui Financial Group, Inc.		600		22,993
Sumitomo Mitsui Trust Holdings, Inc.		6,000		23,013
Suntory Beverage & Food Ltd.		600		26,557
Suzuki Motor Corporation		600		18,485
Sysmex Corporation		600		39,086
T&D Holdings, Inc.		1,200		16,064
TDK Corporation		600		39,037
Terumo Corporation		600		18,869
Tokio Marine Holdings, Inc.		600		23,522
Toshiba Corporation		6,000		12,475
Toyota Industries Corporation		600		32,597
Toyota Motor Corporation		600		37,379
Toyota Tsusho Corporation		1,200		28,444
Unicharm Corporation		1,200		24,730
Yahoo Japan Corporation		4,200		17,262
				2,091,466
Netherlands (2.5%):
Aegon NV		2,962		16,835
AerCap Holdings NV*		463		19,983
Akzo Nobel NV		306		20,512
ASML Holding NV		162		14,533
Boskalis Westminster		318		13,005
Gemalto NV		264		15,857
Heineken NV		276		23,627
Koninklijke Ahold NV		971		20,551
NN Group NV		905		32,013
OCI NV*		408		10,109
QIAGEN NV*		848		23,447
Randstad Holding NV		288		18,006
Wolters Kluwer NV		672		22,614
				251,092
Norway (0.8%):
DNB ASA		1,456		18,061
Gjensidige Forsikring ASA		1,858		29,827
Telenor ASA		1,085		18,178
Yara International ASA		443		19,163
				85,229
Portugal (0.3%):
EDP-Energias de Portugal SA		5,361		19,348
Jeronimo Martins SGPS SA		971		12,658
				32,006

See notes to financial statements.

84

Victory Portfolios II
Victory CEMP International Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Singapore (2.8%):
Avago Technologies Ltd.		90	$	13,064
CapitaLand Ltd.		11,400		26,934
DBS Group Holdings Ltd.		2,400		28,250
Global Logistic Properties Ltd.		13,800		20,925
Jardine Cycle & Carriage Ltd.		600		14,747
Keppel Corporation Ltd.		4,200		19,283
Oversea-Chinese Banking Corporation, Ltd		4,800		29,791
Singapore Airlines Ltd.		3,600		28,436
Singapore Technologies Engineering Ltd.		10,800		22,927
Singapore Telecommunications Ltd.		10,200		26,401
United Overseas Bank Ltd.		1,800		24,895
Wilmar International Ltd.		13,800		28,614
				284,267
Spain (3.5%):
ACS Actividades de Construccion y Servicios SA		606		17,791
Amadeus IT Holding SA		534		23,611
Banco Bilbao Vizcaya Argentaria SA		2,202		16,127
Banco de Sabadell SA		7,945		14,117
Banco Popular Espanol SA		3,933		13,006
Banco Santander SA		2,575		12,755
Bankia SA		16,923		19,752
CaixaBank SA		4,389		15,330
Enagas SA		834		23,565
Endesa SA		1,103		22,206
Ferrovial SA		1,001		22,687
Gas Natural SDG SA		1,145		23,412
Grifols SA		462		21,404
Iberdrola SA		3,760		26,765
Industria de Diseno Textil SA		582		20,044
Mapfre SA		6,926		17,402
Red Electrica Corporation SA		282		23,631
Telefonica SA		1,673		18,609
				352,214
Sweden (3.5%):
Alfa Laval AB		1,073		19,702
Assa Abloy AB		1,079		22,752
Atlas Copco AB		671		16,565
Autoliv, Inc.		180		22,459
Electrolux AB		539		13,102
Hennes & Mauritz AB		593		21,222
Hexagon AB		551		20,548
ICA Gruppen AB		659		23,998
Nordea Bank AB		1,642		18,148
Sandvik AB		1,720		15,088
Skandinaviska Enskilda Banken AB		1,930		20,440
Skanska AB		1,043		20,362
SKF AB		863		14,027
Svenska Cellulosa AB SCA		665		19,419

See notes to financial statements.

85

Victory Portfolios II
Victory CEMP International Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Svenska Handelsbanken AB		1,462	$	19,554
Swedbank AB		1,007		22,320
Telefonaktiebolaget LM Ericsson		1,876		18,290
TeliaSonera AB		4,213		21,056
				349,052
Switzerland (6.6%):
ABB Ltd.		1,139		20,424
ACE Ltd.		295		34,471
Actelion Ltd.		114		15,889
Adecco SA		240		16,510
Cie Financiere Richemont SA		210		15,117
Clariant AG		989		18,771
Coca-Cola HBC AG		840		17,931
Credit Suisse Group AG		635		13,751
EMS-Chemie Holding AG		42		18,492
Galenica AG		18		28,287
Geberit AG		60		20,379
Givaudan SA		18		32,762
Julius Baer Group Ltd.		306		14,866
Kuehne + Nagel International AG		192		26,415
LafargeHolcim Ltd.		318		15,970
Lonza Group AG		114		18,564
Nestle SA		318		23,669
Novartis AG		192		16,639
Partners Group Holding AG		48		17,312
Roche Holdings AG		72		19,869
Schindler Holding AG		150		25,160
SGS SA		12		22,895
Sika AG		6		21,685
Sonova Holding AG		132		16,777
Swatch Group AG		36		12,587
Swiss Life Holding AG		84		22,753
Swiss Re AG		318		31,162
Swisscom AG		48		24,105
Syngenta AG		42		16,450
TE Connectivity Ltd.		409		26,426
UBS Group AG		929		18,105
Zurich Insurance Group AG		84		21,671
				665,864
United Kingdom (14.1%):
Aon PLC		295		27,202
ARM Holdings PLC		1,134		17,369
Ashtead Group PLC		1,170		19,301
Associated British Foods PLC		420		20,693
Aviva PLC		2,976		22,638
Babcock International Group PLC		1,380		20,670
BAE Systems PLC		3,895		28,687
Barratt Developments PLC		1,926		17,774
Berkeley Group Holdings PLC		300		16,311

See notes to financial statements.

86

Victory Portfolios II
Victory CEMP International Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
British American Tobacco PLC		426	$	23,682
BT Group PLC		3,468		24,116
Bunzl PLC		1,116		31,012
Burberry Group PLC		954		16,806
Capita PLC		1,290		22,973
CNH Industrial NV		2,032		13,899
Compass Group PLC		1,644		28,477
Delphi Automotive PLC		222		19,032
Diageo PLC		858		23,482
Direct Line Insurance Group PLC		5,413		32,518
easyJet PLC		666		17,084
Fiat Chrysler Automobiles NV*		968		13,542
G4S PLC		7,429		24,697
GlaxoSmithKline PLC		1,158		23,439
Hargreaves Lansdown PLC		936		20,781
HSBC Holdings PLC		2,934		23,192
Imperial Tobacco Group PLC		432		22,841
Inmarsat PLC		1,548		25,947
InterContinental Hotels Group PLC		582		22,805
Intertek Group PLC		426		17,440
ITV PLC		5,647		23,027
Johnson Matthey PLC		504		19,742
Kingfisher PLC		3,804		18,478
Legal & General Group PLC		6,859		27,079
London Stock Exchange Group PLC		552		22,330
Marks & Spencer Group PLC		2,850		19,008
Michael Kors Holdings Ltd.*		228		9,134
National Grid PLC		2,052		28,360
Next PLC		234		25,148
Old Mutual PLC		6,469		17,061
Persimmon PLC*		594		17,750
Prudential PLC		1,032		23,292
Reckitt Benckiser Group PLC		276		25,556
RELX NV		1,529		25,822
RELX PLC		1,608		28,375
Rio Tinto PLC		468		13,657
Royal Mail PLC		2,862		18,733
RSA Insurance Group PLC		2,136		13,430
SABMiller PLC		432		25,917
Sage Group PLC		2,886		25,676
Schroders PLC		462		20,269
Severn Trent PLC		810		25,996
Sky PLC		1,596		26,164
Smith & Nephew PLC		1,164		20,729
Smiths Group PLC		1,170		16,205
Sports Direct International PLC*		1,626		13,831
SSE PLC		1,074		24,193
St. James's Place PLC		1,272		18,902
Standard Chartered PLC		1,392		11,568
Standard Life PLC		3,384		19,441

See notes to financial statements.

87

Victory Portfolios II
Victory CEMP International Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Taylor Wimpey PLC		6,301	$	18,866
Travis Perkins PLC		780		22,687
Unilever PLC		600		25,886
United Utilities Group PLC		1,752		24,162
Vodafone Group PLC		6,265		20,411
Whitbread PLC		384		24,914
WPP PLC		1,152		26,544
				1,426,753
United States (0.2%):
Sensata Technologies Holding NV*		451		20,775
Total Common Stocks (Cost $10,196,569)				10,021,549
Short-Term Investments (0.6%)
Money Market Funds (0.6%):
Short Term Investment Trust Liquid Assets Portfolio, 0.29%^		60,697		60,697
Total Short-Term Investments — (Cost $60,697)				60,697
Total Investments — 99.8% (Cost $10,257,266)				10,082,246
Other assets in excess of liabilities — 0.2%				21,851
NET ASSETS — 100.0%			$	10,104,097

*  Non-income producing security.

+  Restricted securities as defined in Regulation S under the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund's liquidity guidelines. The value of those securities total $31,462.

#  Restricted securities as defined in Rule 144(a) under the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund's liquidity guidelines. The value of those securities total $31,462.

^  Annualized seven-day yield as of December 31, 2015.

Schedule of Open Futures Contracts

Number of Contracts Purchased		Description	Notional Amount		Unrealized Appreciation
	1	Mini MSCI EAFE Future, March 2016	$	84,910	$	21
					$	21

See notes to financial statements.

88

Victory Portfolios II
Victory CEMP US Large Cap High Div Volatility Wtd Index ETF Schedule of Investments
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Common Stocks (99.8%)
Aerospace & Defense (1.4%):
Lockheed Martin Corporation		1,884	$	409,111
Air Freight & Logistics (1.0%):
United Parcel Service, Inc.		3,138		301,970
Automobiles (2.1%):
Ford Motor Company		22,068		310,938
General Motors Company		8,736		297,112
				608,050
Banks (1.3%):
People's United Financial, Inc.		23,436		378,491
Beverages (1.7%):
The Coca-Cola Company		11,828		508,131
Capital Markets (2.2%):
Invesco Ltd.		8,692		291,008
T. Rowe Price Group, Inc.		5,107		365,100
				656,108
Chemicals (2.9%):
EI du Pont de Nemours & Company		5,476		364,702
LyondellBasell Industries NV		2,345		203,780
The Dow Chemical Company		5,674		292,098
				860,580
Communications Equipment (1.7%):
Cisco Systems, Inc.		10,333		280,593
QUALCOMM, Inc.		4,494		224,632
				505,225
Consumer Finance (0.6%):
Navient Corporation		16,378		187,528
Diversified Financial Services (1.1%):
CME Group, Inc.		3,465		313,929
Diversified Telecommunication Services (0.8%):
CenturyLink, Inc.		9,399		236,479
Electric Utilities (12.3%):
American Electric Power Company, Inc.		5,857		341,287
Duke Energy Corporation		4,658		332,535
Entergy Corporation		4,829		330,110
Eversource Energy		6,679		341,097
Exelon Corporation		8,426		233,990
OGE Energy Corporation		11,174		293,764
Pepco Holdings, Inc.		10,426		271,180
Pinnacle West Capital Corporation		5,508		355,156
Southern Company		8,057		376,987
Westar Energy, Inc.		8,732		370,324
Xcel Energy, Inc.		9,671		347,286
				3,593,716

See notes to financial statements.

89

Victory Portfolios II
Victory CEMP US Large Cap High Div Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Electrical Equipment (2.0%):
Eaton Corporation PLC		4,908	$	255,412
Emerson Electric Company		6,711		320,987
				576,399
Energy Equipment & Services (1.1%):
Helmerich & Payne, Inc.		2,983		159,740
National Oilwell Varco, Inc.		4,760		159,412
				319,152
Food & Staples Retailing (3.6%):
Costco Wholesale Corporation		2,440		394,060
Sysco Corporation		8,434		345,794
Wal-Mart Stores, Inc.		5,265		322,745
				1,062,599
Food Products (1.9%):
General Mills, Inc.		7,585		437,351
Pilgrim's Pride Corporation		5,878		129,845
				567,196
Health Care Equipment & Supplies (1.2%):
Baxter International, Inc.		9,243		352,620
Hotels, Restaurants & Leisure (2.8%):
Las Vegas Sands Corporation		3,971		174,089
McDonald's Corporation		3,476		410,655
Starwood Hotels & Resorts Worldwide, Inc.		3,266		226,268
				811,012
Household Products (1.6%):
Procter & Gamble Company		5,730		455,019
Insurance (7.2%):
American Financial Group, Inc.		6,274		452,230
Arthur J Gallagher & Company		10,027		410,505
Cincinnati Financial Corporation		6,640		392,889
CNA Financial Corporation		9,630		338,495
MetLife, Inc.		5,564		268,240
Principal Financial Group, Inc.		5,551		249,684
				2,112,043
IT Services (3.3%):
International Business Machines Corporation		2,089		287,488
Paychex, Inc.		8,032		424,813
The Western Union Company		13,674		244,901
				957,202
Machinery (2.6%):
Caterpillar, Inc.		3,631		246,763
Deere & Company		3,759		286,699
PACCAR, Inc.		4,879		231,264
				764,726

See notes to financial statements.

90

Victory Portfolios II
Victory CEMP US Large Cap High Div Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Media (2.2%):
Omnicom Group, Inc.		5,600	$	423,696
TEGNA, Inc.		9,075		231,594
				655,290
Metals & Mining (0.8%):
Nucor Corporation		5,569		224,431
Multiline Retail (0.7%):
Kohl's Corporation		4,037		192,282
Multi-Utilities (13.1%):
Alliant Energy Corporation		5,728		357,714
Ameren Corporation		7,948		343,592
CenterPoint Energy, Inc.		15,632		287,004
CMS Energy Corporation		8,851		319,344
Consolidated Edison, Inc.		5,355		344,166
Dominion Resources, Inc.		5,027		340,026
DTE Energy Company		4,070		326,373
PG&E Corporation		6,334		336,905
Public Service Enterprise Group, Inc.		7,043		272,494
SCANA Corporation		5,778		349,511
TECO Energy, Inc.		8,913		237,531
WEC Energy Group, Inc.		6,137		314,890
				3,829,550
Oil, Gas & Consumable Fuels (4.3%):
Chevron Corporation		3,258		293,090
Exxon Mobil Corporation		4,098		319,439
Kinder Morgan, Inc.		10,093		150,588
ONEOK, Inc.		4,711		116,173
Plains GP Holdings LP		7,299		68,976
Spectra Energy Corporation		9,425		225,634
Williams Companies, Inc.		3,363		86,429
				1,260,329
Paper & Forest Products (0.9%):
International Paper Company		6,573		247,802
Pharmaceuticals (3.7%):
Johnson & Johnson		4,005		411,393
Merck & Company, Inc.		5,566		293,996
Pfizer, Inc.		11,213		361,956
				1,067,345
Road & Rail (1.1%):
Norfolk Southern Corporation		3,637		307,654
Semiconductors & Semiconductor Equipment (6.7%):
Analog Devices, Inc.		3,671		203,080
Intel Corporation		8,402		289,449
KLA-Tencor Corporation		4,740		328,719
Linear Technology Corporation		6,664		283,020
Microchip Technology, Inc.		5,948		276,820

See notes to financial statements.

91

Victory Portfolios II
Victory CEMP US Large Cap High Div Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Texas Instruments, Inc.		5,259	$	288,246
Xilinx, Inc.		6,126		287,738
				1,957,072
Software (1.9%):
CA, Inc.		10,865		310,304
Symantec Corporation		11,854		248,934
				559,238
Specialty Retail (1.9%):
Best Buy Company, Inc.		4,634		141,105
GameStop Corporation		4,477		125,535
L Brands, Inc.		3,074		294,551
				561,191
Technology Hardware, Storage & Peripherals (0.5%):
Seagate Technology PLC		4,212		154,412
Textiles, Apparel & Luxury Goods (0.9%):
Coach, Inc.		7,637		249,959
Thrifts & Mortgage Finance (1.1%):
New York Community Bancorp, Inc.		20,131		328,538
Tobacco (3.6%):
Altria Group, Inc.		6,392		372,078
Philip Morris International, Inc.		4,107		361,046
Reynolds American, Inc.		6,943		320,420
				1,053,544
Total Common Stocks (Cost $29,349,048)				29,185,923
SHORT-TERM INVESTMENTS (0.3%)
Money Market Funds (0.3%):
Short Term Investment Trust Liquid Assets Portfolio, 0.29%^		98,072		98,072
Total Short-Term Investments — (Cost $98,072)				98,072
Total Investments — 100.1% (Cost $29,447,120)				29,283,995
Liabilities in excess of other assets — (0.1)%				(14,989	)
NET ASSETS — 100.0%			$	29,269,006

^  Annualized seven-day yield as of December 31, 2015.

The Global Industry Classification Standard (GICS^®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS^® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Fund's Administrator, U.S. Bancorp Fund Services, LLC.

Schedule of Open Futures Contracts

Number of Contracts Sold		Description	Notional Amount			Unrealized Appreciation
	2	S&P 500 E-Mini Future, March 2016	$	(203,540	)	$	1,977
						$	1,977

See notes to financial statements.

92

Victory Portfolios II
Victory CEMP US Small Cap High Div Volatility Wtd Index ETF Schedule of Investments
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Common Stocks (99.5%)
Aerospace & Defense (1.2%):
National Presto Industries, Inc.		1,655	$	137,133
Auto Components (1.2%):
Drew Industries, Inc.		2,297		139,864
Banks (7.8%):
Columbia Banking Systems, Inc.		4,395		142,881
FNB Corporation		11,086		147,887
Glacier Bancorp, Inc.		4,445		117,926
Park National Corporation		1,754		158,702
Trustmark Corporation		6,072		139,899
Valley National Bancorp.		18,620		183,407
				890,702
Biotechnology (0.6%):
PDL BioPharma, Inc.		20,271		71,759
Capital Markets (3.4%):
Cohen & Steers, Inc.		4,577		139,507
Greenhill & Company, Inc.		3,442		98,476
HFF, Inc.		2,810		87,307
Manning & Napier, Inc.		7,840		66,561
				391,851
Chemicals (1.4%):
Innophos Holdings, Inc.		2,727		79,028
Olin Corporation		4,756		82,089
				161,117
Commercial Services & Supplies (5.6%):
Herman Miller, Inc.		5,163		148,178
HNI Corporation		2,283		82,325
McGrath RentCorporation		4,970		125,194
MSA Safety, Inc.		2,085		90,635
Steelcase, Inc.		7,600		113,240
West Corporation		3,920		84,555
				644,127
Communications Equipment (1.1%):
ADTRAN, Inc.		7,060		121,573
Containers & Packaging (0.7%):
Greif, Inc.		2,657		81,862
Diversified Consumer Services (0.8%):
Capella Education Company		2,047		94,612
Diversified Telecommunication Services (0.5%):
Inteliquent, Inc.		3,260		57,930
Electric Utilities (9.9%):
ALLETE, Inc.		3,155		160,369
El Paso Electric Company		4,217		162,354
IdaCorp, Inc.		2,546		173,128

See notes to financial statements.

93

Victory Portfolios II
Victory CEMP US Small Cap High Div Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
MGE Energy, Inc.		3,562	$	165,277
Otter Tail Corporation		5,139		136,852
PNM Resources, Inc.		5,293		161,807
The Empire District Electric Company		6,362		178,581
				1,138,368
Electronic Equipment, Instruments & Components (2.4%):
AVX Corporation		9,251		112,307
Vishay Intertechnology, Inc.		13,896		167,447
				279,754
Energy Equipment & Services (0.8%):
Atwood Oceanics, Inc.		3,609		36,920
US Silica Holdings, Inc.		2,670		50,009
				86,929
Food & Staples Retailing (1.2%):
Weis Markets, Inc.		3,005		133,122
Food Products (1.3%):
Cal-Maine Foods, Inc.		1,325		61,400
John B Sanfilippo & Son, Inc.		1,659		89,636
				151,036
Gas Utilities (4.0%):
Chesapeake Utilities Corporation		2,182		123,829
ONE Gas, Inc.		3,484		174,792
Southwest Gas Corporation		2,844		156,875
				455,496
Health Care Equipment & Supplies (1.4%):
Meridian Bioscience, Inc.		7,859		161,267
Health Care Providers & Services (2.4%):
Owens & Minor, Inc.		5,095		183,318
Select Medical Holdings Corporation		7,723		91,981
				275,299
Health Care Technology (0.9%):
Quality Systems, Inc.		6,603		106,440
Hotels, Restaurants & Leisure (2.2%):
Interval Leisure Group, Inc.		6,829		106,601
Wendy's Company		13,305		143,295
				249,896
Household Durables (2.0%):
MDC Holdings, Inc.		4,302		109,830
Tupperware Brands Corporation		2,068		115,084
				224,914
Industrial Conglomerates (0.7%):
Raven Industries, Inc.		5,322		83,023

See notes to financial statements.

94

Victory Portfolios II
Victory CEMP US Small Cap High Div Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Insurance (4.7%):
FBL Financial Group, Inc.		2,322	$	147,772
ProAssurance Corporation		4,842		234,983
RLI Corporation		2,619		161,723
				544,478
Internet & Catalog Retail (0.5%):
Nutrisystem, Inc.		2,531		54,771
Internet Software & Services (0.9%):
NIC, Inc.		5,151		101,372
IT Services (3.7%):
CSG Systems International, Inc.		4,552		163,781
ManTech International Corporation		5,144		155,554
Science Applications International Corporation		2,433		111,383
				430,718
Machinery (4.9%):
Altra Industrial Motion Corporation		5,317		133,350
American Railcar Industries, Inc.		2,071		95,846
Hillenbrand, Inc.		4,665		138,224
Joy Global, Inc.		4,969		62,659
Sun Hydraulics Corporation		4,317		136,979
				567,058
Media (4.1%):
AMC Entertainment Holdings, Inc.		3,769		90,456
Meredith Corporation		2,553		110,417
Regal Entertainment Group		7,258		136,959
Sinclair Broadcast Group, Inc.		4,189		136,310
				474,142
Metals & Mining (1.3%):
Commercial Metals Company		6,325		86,589
Ferroglobe PLC		5,842		62,802
				149,391
Multi-Utilities (3.0%):
Avista Corporation		4,940		174,728
NorthWestern Corporation		3,147		170,725
				345,453
Paper & Forest Products (2.6%):
PH Glatfelter Company		7,873		145,178
Schweitzer-Mauduit International, Inc.		3,709		155,741
				300,919
Personal Products (0.5%):
Nu Skin Enterprises, Inc.		1,558		59,033
Professional Services (2.0%):
Insperity, Inc.		2,174		104,678
Resources Connection, Inc.		7,453		121,782
				226,460

See notes to financial statements.

95

Victory Portfolios II
Victory CEMP US Small Cap High Div Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Semiconductors & Semiconductor Equipment (0.7%):
Tessera Technologies, Inc.		2,767	$	83,038
Specialty Retail (4.0%):
DSW, Inc.		3,833		91,456
Guess?, Inc.		3,923		74,066
Pier 1 Imports, Inc.		6,661		33,905
Rent-A-Center, Inc.		3,030		45,359
The Buckle, Inc.		2,744		84,460
The Cato Corporation		3,477		128,023
				457,269
Thrifts & Mortgage Finance (3.9%):
Capitol Federal Financial, Inc.		18,286		229,672
Northwest Bancshares, Inc.		16,008		214,347
				444,019
Tobacco (1.7%):
Vector Group Ltd.		8,054		189,993
Trading Companies & Distributors (4.0%):
Aircastle Ltd.		5,162		107,834
Applied Industrial Technologies, Inc.		3,225		130,580
GATX Corporation		2,589		110,162
H&E Equipment Services, Inc.		2,432		42,511
TAL International Group, Inc.		4,653		73,983
				465,070
Water Utilities (3.5%):
American States Water Company		3,433		144,014
California Water Service Group		5,703		132,709
SJW Corporation		4,188		124,174
				400,897
Total Common Stocks (Cost $11,646,699)				11,432,155
Short-Term Investments (0.3%)
Money Market Funds (0.3%):
Short Term Investment Trust Liquid Assets Portfolio, 0.29%^		36,137		36,137
Total Short-Term Investments — (Cost $36,137)				36,137
Total Investments — 99.8% (Cost $11,682,836)				11,468,292
Other assets in excess of liabilities — 0.2%				24,590
NET ASSETS — 100.0%			$	11,492,882

^  Annualized seven-day yield as of December 31, 2015.

The Global Industry Classification Standard (GICS^®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS^® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Fund's Administrator, U.S. Bancorp Fund Services, LLC.

See notes to financial statements.

96

Victory Portfolios II
Victory CEMP International High Div Volatility Wtd Index ETF Schedule of Investments
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Common Stocks (99.9%)
Australia (14.4%):
AMP Ltd.		33,006	$	140,220
Aurizon Holdings Ltd.		40,556		129,442
Australia & New Zealand Banking Group Ltd.		7,463		151,891
Commonwealth Bank of Australia		3,066		191,090
Insurance Australia Group Ltd.		38,355		155,398
Macquarie Group Ltd.		2,527		152,414
National Australia Bank Ltd.		7,575		166,701
Suncorp Group Ltd.		19,890		175,955
Telstra Corporation Ltd.		50,422		206,125
Wesfarmers Ltd.		6,973		211,429
Westpac Banking Corporation		6,648		162,578
Woodside Petroleum Ltd.		5,872		122,890
Woolworths Ltd.		7,178		128,150
				2,094,283
Belgium (0.9%):
Proximus SADP		4,059		132,334
Canada (9.7%):
BCE, Inc.		5,300		204,768
Fortis, Inc.		6,200		167,625
Inter Pipeline Ltd.		5,500		88,282
Pembina Pipeline Corporation		4,500		98,052
Potash Corporation of Saskatchewan, Inc.		6,300		107,906
Rogers Communications, Inc.		5,500		189,680
Shaw Communications, Inc.		11,700		201,243
TELUS Corporation		6,300		174,198
TransCanada Corporation		5,300		173,092
				1,404,846
Denmark (0.6%):
A.P. Moeller - Maersk A/S		65		84,951
Finland (1.7%):
Fortum OYJ		7,960		120,416
UPM-Kymmene OYJ		6,625		124,052
				244,468
France (8.6%):
Casino Guichard Perrachon SA		2,259		104,128
CNP Assurances		10,376		140,276
Electricite de France SA		7,233		106,706
Eutelsat Communications SA		5,504		165,089
Natixis SA		18,412		104,389
Orange SA		6,709		112,902
Suez Environnement Company		5,643		105,848
Veolia Environnement SA		5,894		140,053
Vinci SA		2,103		135,161
Vivendi SA		6,359		137,246
				1,251,798

See notes to financial statements.

97

Victory Portfolios II
Victory CEMP International High Div Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Germany (4.4%):
BASF SE		1,631	$	125,351
Bayerische Motoren Werk AG		1,196		126,895
HUGO BOSS AG		1,208		100,561
ProSiebenSat.1 Media AG		2,453		124,667
Siemens AG		1,610		157,261
				634,735
Hong Kong (5.0%):
China Resources Power Holdings Company Ltd.		36,000		70,049
Chow Tai Fook Jewellery Group Ltd.		117,000		75,483
CLP Holdings Ltd.		31,500		267,647
New World Development Company Ltd.		143,000		141,338
Power Assets Holdings Ltd.		18,000		165,599
				720,116
Israel (0.7%):
Israel Chemicals Ltd.		25,428		103,319
Italy (2.3%):
Snam Spa		28,402		149,083
Terna Rete Elettrica Nazionale SpA		34,178		176,653
				325,736
Japan (2.1%):
Canon, Inc.		5,400		165,107
Mitsui & Company Ltd.		11,800		141,910
				307,017
Netherlands (0.6%):
Boskalis Westminster		2,280		93,240
Norway (3.0%):
Gjensidige Forsikring ASA		11,965		192,080
Telenor ASA		7,186		120,394
Yara International ASA		2,928		126,658
				439,132
Portugal (0.9%):
EDP-Energias de Portugal SA		37,282		134,555
Singapore (4.5%):
Jardine Cycle & Carriage Ltd.		7,100		174,508
Keppel Corporation Ltd.		30,800		141,412
Singapore Technologies Engineering Ltd.		76,300		161,974
Singapore Telecommunications Ltd.		67,900		175,748
				653,642
Spain (8.8%):
ACS Actividades de Construccion y Servicios SA		4,090		120,077
Banco Santander SA		17,570		87,032
Enagas SA		5,729		161,877
Endesa SA		7,568		152,360

See notes to financial statements.

98

Victory Portfolios II
Victory CEMP International High Div Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
Gas Natural SDG SA		7,982	$	163,210
Iberdrola SA		25,556		181,914
Mapfre SA		48,331		121,436
Red Electrica Corporation SA		1,992		166,929
Telefonica SA		11,504		127,958
				1,282,793
Sweden (6.2%):
Atlas Copco AB		4,448		109,811
Nordea Bank AB		11,095		122,629
Sandvik AB		11,431		100,275
Skanska AB		6,911		134,921
Swedbank AB		6,913		153,223
Telefonaktiebolaget LM Ericsson		12,703		123,848
TeliaSonera AB		30,346		151,668
				896,375
Switzerland (5.8%):
Kuehne + Nagel International AG		1,293		177,894
SGS SA		74		141,188
Swiss Re AG		2,190		214,605
Swisscom AG		317		159,196
Zurich Insurance Group AG		566		146,021
				838,904
United Kingdom (19.7%):
BAE Systems PLC		26,359		194,138
Berkeley Group Holdings PLC		2,168		117,872
British American Tobacco PLC		3,059		170,057
Direct Line Insurance Group PLC		38,724		232,630
GlaxoSmithKline PLC		8,073		163,405
HSBC Holdings PLC		19,958		157,762
ITV PLC		37,248		151,885
Legal & General Group PLC		46,504		183,594
National Grid PLC		13,940		192,661
Next PLC		1,591		170,984
Old Mutual PLC		43,790		115,490
Rio Tinto PLC		3,173		92,594
Royal Mail PLC		18,229		119,318
SSE PLC		6,991		157,479
Standard Chartered PLC		9,540		79,278
Standard Life PLC		23,246		133,548
Taylor Wimpey PLC		41,362		123,843
United Utilities Group PLC		11,760		162,185
Vodafone Group PLC		41,896		136,497
				2,855,220
Total Common Stocks (Cost $14,996,428)				14,497,464

See notes to financial statements.

99

Victory Portfolios II
Victory CEMP International High Div Volatility Wtd Index ETF Schedule of Investments — continued
December 31, 2015

  (Unaudited)

Security Description	Shares		Value
SHORT-TERM INVESTMENTS (0.3%)
Money Market Funds (0.3%):
Short Term Investment Trust Liquid Assets Portfolio, 0.29%^		48,385	$	48,385
Total Short-Term Investments — (Cost $48,385)				48,385
Total Investments — 100.2% (Cost $15,044,813)				14,545,849
Liabilities in excess of other assets — (0.2)%				(23,507	)
NET ASSETS — 100.0%			$	14,522,342

*  Non-income producing security.

^  Annualized seven-day yield as of December 31, 2015.

See notes to financial statements.

100

Victory Portfolios II Statements of Assets and Liabilities
December 31, 2015

  (Unaudited)

	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
ASSETS:
Investments in securities, at value*	$	23,261,228		$	25,815,181		$	114,314,633
Cash		—			5,203			—
Deposit at broker for futures		22,141			26,662			63,041
Receivable for fund shares sold		—			—			7,214,880
Receivable for investment sold		—			3,524,806			—
Interest and dividends receivable		27,529			24,531			126,821
Due from adviser, net		640			1,322			—
Prepaid expenses and other assets		5,110			12,350			32,982
Total Assets		23,316,648			29,410,055			121,752,357
LIABILITIES:
Payable for investments purchased		27,118			—			7,323,413
Payable for fund shares redeemed		—			3,530,110			—
Due to adviser, net		—			—			1,237
Variation margin on futures contracts		960			1,150			3,755
Payable to custodian		15,412			—			451
Other liabilities and accrued expenses		15,088			13,195			23,570
Total Liabilities		58,578			3,544,455			7,352,426
Net Assets	$	23,258,070		$	25,865,600		$	114,399,931
NET ASSETS CONSIST OF:
Paid-in capital	$	23,344,759		$	28,822,622		$	117,268,998
Undistributed net investment income		20,608			201			20,324
Accumulated net realized gain (loss) on investments in securities and futures		174,544			(2,122,684	)		50,257
Net unrealized appreciation (depreciation) on:
Investments in securities		(281,396	)		(833,965	)		(2,941,471	)
Investments in futures		(445	)		(574	)		1,823
Net Assets		23,258,070			25,865,600			114,399,931
*Identified Cost:	$	23,542,624		$	26,649,146		$	117,256,104
Net Asset Value (unlimited shares authorized):
Net Assets	$	23,258,070		$	25,865,600		$	114,399,931
Shares Outstanding^		650,000			750,000			3,200,000
Net Asset Value	$	35.78		$	34.49		$	35.75

^  No Par Value

See notes to financial statements.

101

Victory Portfolios II Statements of Assets and Liabilities
December 31, 2015

  (Unaudited)

	Victory CEMP Developed Enhanced Volatility Wtd Index ETF			Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF			Victory CEMP US Small Cap Volatility Wtd Index ETF
ASSETS:
Investments in securities, at value*	$	29,775,567		$	95,226,434		$	9,869,362
Cash		78			—			—
Foreign currency, at value (cost $3,244, $0, and $0, respectively)		3,247			—			—
Deposit at broker for futures		36,989			72,908			7,229
Interest and dividends receivable		37,879			203,014			8,154
Due from adviser, net		8,294			—			2,834
Prepaid expenses and other assets		10,567			32,308			9,329
Total Assets		29,872,621			95,534,664			9,896,908
LIABILITIES:
Due to adviser, net		—			2,242			—
Variation margin on futures contracts		5,625			2,795			—
Payable to custodian		—			—			26,781
Other liabilities and accrued expenses		16,149			27,554			10,553
Total Liabilities		21,774			32,591			37,334
Net Assets	$	29,850,847		$	95,502,073		$	9,859,574
NET ASSETS CONSIST OF:
Paid-in capital	$	33,344,679		$	99,485,124		$	10,247,260
Undistributed net investment income (loss)		(5,104	)		15,574			(109	)
Accumulated net realized gain (loss) on investments in securities and futures		(3,008,713	)		(1,034,786	)		16,755
Net unrealized appreciation (depreciation) on:
Investments in securities		(479,547	)		(2,965,176	)		(404,332	)
Investments in futures		105			1,337			—
Foreign currencies		(573	)		—			—
Net Assets		29,850,847			95,502,073			9,859,574
*Identified Cost:	$	30,255,114		$	98,191,610		$	10,273,694
Net Asset Value (unlimited shares authorized):
Net Assets	$	29,850,847		$	95,502,073		$	9,859,574
Shares Outstanding^		950,000			2,700,000			300,000
Net Asset Value	$	31.42		$	35.37		$	32.87

^  No Par Value

See notes to financial statements.

102

Victory Portfolios II Statements of Assets and Liabilities
December 31, 2015

  (Unaudited)

	Victory CEMP International Volatility Wtd Index ETF			Victory CEMP US Large Cap High Div Volatility Wtd Index ETF			Victory CEMP US Small Cap High Div Volatility Wtd Index ETF
ASSETS:
Investments in securities, at value*	$	10,082,246		$	29,283,995		$	11,468,292
Cash		75			—			—
Foreign currency, at value (cost $897, $0, and $0, respectively)		899			—			—
Variation margin on futures contracts		—			2,005			—
Deposit at broker for futures		7,848			12,207			9,996
Receivable for fund shares sold		—			5,216,760			—
Interest and dividends receivable		9,560			47,557			19,362
Due from adviser, net		7,276			—			—
Prepaid expenses and other assets		7,619			9,896			9,635
Total Assets		10,115,523			34,572,420			11,507,285
LIABILITIES:
Payable for investments purchased		—			5,207,265			—
Due to adviser, net		—			2,789			322
Variation margin on futures contracts		1,125			—			—
Payable to custodian		—			80,034			862
Other liabilities and accrued expenses		10,301			13,326			13,219
Total Liabilities		11,426			5,303,414			14,403
Net Assets	$	10,104,097		$	29,269,006		$	11,492,882
NET ASSETS CONSIST OF:
Paid-in capital	$	10,324,200		$	29,483,140		$	11,843,420
Undistributed net investment income (loss)		(9,481	)		54			(161	)
Accumulated net realized loss on investments in securities and futures		(35,546	)		(53,040	)		(135,833	)
Net unrealized appreciation (depreciation) on:
Investments in securities		(175,020	)		(163,125	)		(214,544	)
Investments in futures		20			1,977			—
Foreign currencies		(76	)		—			—
Net Assets		10,104,097			29,269,006			11,492,882
*Identified Cost:	$	10,257,266		$	29,447,120		$	11,682,836
Net Asset Value (unlimited shares authorized):
Net Assets	$	10,104,097		$	29,269,006		$	11,492,882
Shares Outstanding^		300,000			850,000			350,000
Net Asset Value	$	33.68		$	34.43		$	32.84

^  No Par Value

See notes to financial statements.

103

Victory Portfolios II Statements of Assets and Liabilities
December 31, 2015

  (Unaudited)

	Victory CEMP International High Div Volatility Wtd Index ETF
ASSETS:
Investments in securities, at value*	$	14,545,849
Foreign currency, at value (cost $1,275)		1,281
Deposit at broker for futures		11,339
Receivable for fund shares sold		1,613,595
Interest and dividends receivable		26,548
Due from adviser, net		1,020
Prepaid expenses and other assets		3,518
Total Assets		16,203,150
LIABILITIES:
Payable for investments purchased		1,611,200
Payable to custodian		56,835
Other liabilities and accrued expenses		12,773
Total Liabilities		1,680,808
Net Assets	$	14,522,342
NET ASSETS CONSIST OF:
Paid-in capital	$	15,066,725
Undistributed net investment loss		(8,363	)
Accumulated net realized loss on investments in securities and futures		(36,709	)
Net unrealized depreciation on:
Investments in securities		(498,964	)
Foreign currencies		(347	)
Net Assets		14,522,342
*Identified Cost:	$	15,044,813
Net Asset Value (unlimited shares authorized):
Net Assets	$	14,522,343
Shares Outstanding^		450,000
Net Asset Value	$	32.27

^  No Par Value

See notes to financial statements.

104

Victory Portfolios II Statements of Operations
Period Ended December 31, 2015

  (Unaudited)

	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
Investment Income:
Dividend income (net of $19, $0 and $122, respectively, in foreign withholding taxes)	$	153,915		$	211,514		$	1,017,767
Interest income		100			2,999			552
Total Investment Income		154,015			214,513			1,018,319
Expenses:
Advisory fees		23,889			41,386			163,957
Administration, fund accounting and transfer agent fees		19,543			27,431			69,689
Professional fees		7,382			7,779			27,238
Custody expense		2,483			3,697			6,230
Service fees		2,024			2,015			2,224
Compliance expense		924			1,024			1,301
Shareholder reporting expenses		693			409			4,385
Trustees' fees and expenses		504			1,131			4,543
Insurance expenses		436			872			2,632
Registration fees		155			18			27
Miscellaneous expenses		1,656			469			184
Total Expenses		59,689			86,231			282,410
Less: Fees waived and reimbursed by Adviser		(31,818	)		(37,946	)		(91,117	)
Net Expenses		27,871			48,285			191,293
Net Investment Income		126,144			166,228			827,026
Realized & Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on:
Investments in securities		(270,602	)		(3,084,283	)		(2,636,814	)
In-kind redemptions		456,365			1,116,030			3,309,387
Investments in futures		(11,275	)		(39,987	)		(83,553	)
Net realized gain (loss) on investments in securities and futures		174,488			(2,008,240	)		589,020
Net change in unrealized appreciation (depreciation) of:
Investments in securities		(556,513	)		(1,156,951	)		(3,533,059	)
Investments in futures		(388	)		3,318			17,603
Net change in unrealized depreciation of investments in securities and futures		(556,901	)		(1,153,633	)		(3,515,456	)
Net realized and unrealized loss on investments		(382,413	)		(3,161,873	)		(2,926,436	)
Net decrease in net assets resulting from operations	$	(256,269	)	$	(2,995,645	)	$	(2,099,410	)

See notes to financial statements.

105

Victory Portfolios II Statements of Operations
Period Ended December 31, 2015

  (Unaudited)

	Victory CEMP Developed Enhanced Volatility Wtd Index ETF			Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF			Victory CEMP US Small Cap Volatility Wtd Index ETF
Investment Income:
Dividend income (net of $22,639, $0 and $0, respectively, in foreign withholding taxes)	$	239,005		$	1,726,044		$	43,888
Interest income		3,190			320			34
Total Investment Income		242,195			1,726,364			43,922
Expenses:
Advisory fees		57,535			141,136			7,008
Administration, fund accounting and transfer agent fees		41,068			57,682			15,362
Custody expense		24,535			4,104			2,768
Professional fees		10,657			30,161			5,431
Shareholder reporting expenses		3,898			5,053			1,561
Service fees		2,024			2,024			1,958
Trustees' fees and expenses		1,322			4,575			357
Compliance expense		1,024			1,392			531
Insurance expenses		604			3,472			262
Registration fees		19			18			261
Miscellaneous expenses		193			1,656			921
Total Expenses		142,879			251,273			36,420
Less: Fees waived and reimbursed by Adviser		(78,152	)		(86,614	)		(28,244	)
Net Expenses		64,727			164,659			8,176
Net Investment Income		177,468			1,561,705			35,746
Realized & Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on:
Investments in securities		(2,955,156	)		(2,474,393	)		(67,327	)
In-kind redemptions		—			2,203,773			85,817
Investments in futures		(52,790	)		(45,721	)		(1,735	)
Foreign currencies		(4,403	)		—			—
Net realized gain (loss) on investments in securities, futures, and foreign currencies		(3,012,349	)		(316,341	)		16,755
Net change in unrealized appreciation (depreciation) of:
Investments in securities		(220,132	)		(21,948	)		(404,332	)
Investments in futures		7,647			11,269			—
Foreign currencies		(536	)		—			—
Net change in unrealized depreciation of investments in securities, futures, and foreign currencies		(213,021	)		(10,679	)		(404,332	)
Net realized and unrealized loss on investments		(3,225,370	)		(327,020	)		(387,577	)
Net increase (decrease) in net assets resulting from operations	$	(3,047,902	)	$	1,234,685		$	(351,831	)

See notes to financial statements.

106

Victory Portfolios II Statements of Operations
Period Ended December 31, 2015

  (Unaudited)

	Victory CEMP International Volatility Wtd Index ETF			Victory CEMP US Large Cap High Div Volatility Wtd Index ETF			Victory CEMP US Small Cap High Div Volatility Wtd Index ETF
Investment Income:
Dividend income (net of $3,607, $0 and $0, respectively, in foreign withholding taxes)	$	32,681		$	151,214		$	122,361
Interest income		57			32			21
Total Investment Income		32,738			151,246			122,382
Expenses:
Administration, fund accounting and transfer agent fees		19,613			10,099			10,099
Custody expense		9,186			2,883			2,049
Advisory fees		7,492			10,702			7,841
Professional fees		4,974			5,221			5,194
Service fees		1,474			1,958			1,958
Shareholder reporting expenses		1,400			1,477			1,552
Trustees' fees and expenses		234			366			366
Insurance expenses		218			262			262
Registration fees		129			279			261
Compliance expense		90			456			465
Miscellaneous expenses		534			921			921
Total Expenses		45,344			34,624			30,968
Less: fees waived and reimbursed by Adviser		(36,916	)		(22,138	)		(21,820	)
Net Expenses		8,428			12,486			9,148
Net Investment Income		24,310			138,760			113,234
Realized & Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on:
Investments in securities		(42,927	)		(50,787	)		(137,735	)
Investments in futures		(1,549	)		(2,253	)		1,902
Foreign currencies		8,930			—			—
Net realized loss on investments in securities, futures, and foreign currencies		(35,546	)		(53,040	)		(135,833	)
Net change in unrealized appreciation (depreciation) of:
Investments in securities		(175,020	)		(163,125	)		(214,544	)
Investments in futures		20			1,977			—
Foreign currencies		(76	)		—			—
Net change in unrealized depreciation of investments in securities, futures, and foreign currencies		(175,076	)		(161,148	)		(214,544	)
Net realized and unrealized loss on investments		(210,622	)		(214,188	)		(350,377	)
Net decrease in net assets resulting from operations	$	(186,312	)	$	(75,428	)	$	(237,143	)

See notes to financial statements.

107

Victory Portfolios II Statements of Operations
Period Ended December 31, 2015

  (Unaudited)

	Victory CEMP International High Div Volatility Wtd Index ETF
Investment Income:
Dividend income (net of $7,811 in foreign withholding taxes)	$	78,709
Interest income		43
Total Investment Income		78,752
Expenses:
Advisory fees		9,207
Custody expense		8,295
Administration, fund accounting and transfer agent fees		8,120
Professional fees		4,956
Service fees		1,474
Shareholder reporting expenses		1,400
Compliance expense		447
Trustees' fees and expenses		234
Insurance expenses		218
Registration fees		129
Miscellaneous expenses		534
Total Expenses		35,014
Less: fees waived and reimbursed by Adviser		(24,656	)
Net Expenses		10,358
Net Investment Income		68,394
Realized & Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on:
Investments in securities		(47,752	)
Investments in futures		3,786
Foreign currencies		7,257
Net realized loss on investments in securities, futures, and foreign currencies		(36,709	)
Net change in unrealized depreciation of:
Investments in securities		(498,964	)
Foreign currencies		(347	)
Net change in unrealized depreciation of investments in securities, futures, and foreign currencies		(499,311	)
Net realized and unrealized loss on investments		(536,020	)
Net decrease in net assets resulting from operations	$	(467,626	)

See notes to financial statements.

108

Victory Portfolios II Statement of Changes in Net Assets

	Victory CEMP US 500 Volatility Wtd Index ETF
	Six-Months Ended December 31, 2015			Period Ended June 30, 20151
	(Unaudited)
Operations:
Net investment income	$	126,144		$	98,571
Net realized gain on investments in securities and futures		174,488			67,272
Change in unrealized appreciation (depreciation) of investments in securities and futures		(556,901	)		275,059
Net increase (decrease) in net assets resulting from operations	$	(256,269	)	$	440,902
Distributions to Shareholders:
From net investment income		(110,271	)		(93,836	)
From net realized gains		(15,411	)		—
Total Distributions to Shareholders		(125,682	)		(93,836	)
Capital Share Transactions:
Proceeds from shares sold		18,013,815			10,609,205
Cost of shares redeemed		(3,568,065	)		(1,762,000	)
Net increase in net assets resulting from capital share transactions (a)		14,445,750			8,847,205
Net increase in net assets	$	14,063,799		$	9,194,271
Net Assets:
Beginning of period	$	9,194,271		$	—
End of period	$	23,258,070		$	9,194,271
Undistributed net investment income	$	20,608		$	4,735

(a) Summary of capital shares transactions is as follows:

	Six-Months Ended December 31, 2015			Period Ended June 30, 20151
	Shares			Shares
Shares sold		500,000			300,000
Shares redeemed		(100,000	)		(50,000	)
Net increase		400,000			250,000

¹  Fund commenced operations on July 1, 2014.

See notes to financial statements.

109

Victory Portfolios II Statement of Changes in Net Assets

	Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF
	Six-Months Ended December 31, 2015			Period Ended June 30, 20151
	(Unaudited)
Operations:
Net investment income	$	166,228		$	142,722
Net realized gain (loss) on investments in securities and futures		(2,008,240	)		1,057,363
Change in unrealized appreciation (depreciation) of investments in securities and futures		(1,153,633	)		319,094
Net increase (decrease) in net assets resulting from operations	$	(2,995,645	)	$	1,519,179
Distributions to Shareholders:
From net investment income		(176,040	)		(132,709	)
Total Distributions to Shareholders		(176,040	)		(132,709	)
Capital Share Transactions:
Proceeds from shares sold		12,686,970			31,800,665
Cost of shares redeemed		(7,187,200	)		(9,649,620	)
Net increase in net assets resulting from capital share transactions (a)		5,499,770			22,151,045
Net increase in net assets	$	2,328,085		$	23,537,515
Net Assets:
Beginning of period	$	23,537,515		$	—
End of period	$	25,865,600		$	23,537,515
Undistributed net investment income	$	201		$	10,013

(a) Summary of capital shares transactions is as follows:

	Six-Months Ended December 31, 2015			Period Ended June 30, 20151
	Shares			Shares
Shares sold		350,000			850,000
Shares redeemed		(200,000	)		(250,000	)
Net increase		150,000			600,000

¹  Fund commenced operations on August 1, 2014.

See notes to financial statements.

110

Victory Portfolios II Statement of Changes in Net Assets

	Victory CEMP US 500 Enhanced Volatility Wtd Index ETF
	Six-Months Ended December 31, 2015			Period Ended June 30, 20151
	(Unaudited)
Operations:
Net investment income	$	827,026		$	651,484
Net realized gain on investments in securities and futures		589,020			1,319,990
Change in unrealized appreciation (depreciation) of investments in securities and futures		(3,515,456	)		575,808
Net increase (decrease) in net assets resulting from operations	$	(2,099,410	)	$	2,547,282
Distributions to Shareholders:
From net investment income		(851,036	)		(607,150	)
Total Distributions to Shareholders		(851,036	)		(607,150	)
Capital Share Transactions:
Proceeds from shares sold		59,663,855			104,473,400
Cost of shares redeemed		(28,710,310	)		(20,016,700	)
Net increase in net assets resulting from capital share transactions (a)		30,953,545			84,456,700
Net increase in net assets	$	28,003,099		$	86,396,832
Net Assets:
Beginning of period	$	86,396,832		$	—
End of period	$	114,399,931		$	86,396,832
Undistributed net investment income	$	20,324		$	44,334

(a) Summary of capital shares transactions is as follows:

	Six-Months Ended December 31, 2015			Period Ended June 30, 20151
	Shares			Shares
Shares sold		1,650,000			2,900,000
Shares redeemed		(800,000	)		(550,000	)
Net increase		850,000			2,350,000

¹  Fund commenced operations on July 1, 2014.

See notes to financial statements.

111

Victory Portfolios II Statement of Changes in Net Assets

	Victory CEMP Developed Enhanced Volatility Wtd Index ETF
	Six-Months Ended December 31, 2015			Period Ended June 30, 20151
	(Unaudited)
Operations:
Net investment income	$	177,468		$	262,230
Net realized gain (loss) on investments in securities, futures, and foreign currencies		(3,012,349	)		2,121
Change in unrealized depreciation of investments in securities, futures, and foreign currencies		(213,021	)		(266,994	)
Net decrease in net assets resulting from operations	$	(3,047,902	)	$	(2,643	)
Distributions to Shareholders:
From net investment income		(199,437	)		(243,379	)
From net realized gains		—			(471	)
Total Distributions to Shareholders		(199,437	)		(243,850	)
Capital Share Transactions:
Proceeds from shares sold		8,465,135			24,879,145
Transaction Fees		54			345
Net increase in net assets resulting from capital share transactions (a)		8,465,189			24,879,490
Net increase in net assets	$	5,217,850		$	24,632,997
Net Assets:
Beginning of period	$	24,632,997		$	—
End of period	$	29,850,847		$	24,632,997
Undistributed net investment income (Loss)	$	(5,104	)	$	16,865

(a) Summary of capital shares transactions is as follows:

	Six-Months Ended December 31, 2015		Period Ended June 30, 20151
	Shares		Shares
Shares sold		250,000		700,000

¹  Fund commenced operations on September 30, 2014.

See notes to financial statements.

112

Victory Portfolios II Statement of Changes in Net Assets

	Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF
	Six-Months Ended December 31, 2015			Period Ended June 30, 20151
	(Unaudited)
Operations:
Net investment income	$	1,561,705		$	1,610,779
Net realized gain (loss) on investments in securities and futures		(316,341	)		1,853,334
Change in unrealized depreciation of investments in securities and futures		(10,679	)		(2,953,160	)
Net increase in net assets resulting from operations	$	1,234,685		$	510,953
Distributions to Shareholders:
From net investment income		(1,642,992	)		(1,513,918	)
Total Distributions to Shareholders		(1,642,992	)		(1,513,918	)
Capital Share Transactions:
Proceeds from shares sold		28,358,155			122,352,335
Cost of shares redeemed		(19,125,550	)		(34,671,595	)
Net increase in net assets resulting from capital share transactions (a)		9,232,605			87,680,740
Net increase in net assets	$	8,824,298		$	86,677,775
Net Assets:
Beginning of period	$	86,677,775		$	—
End of period	$	95,502,073		$	86,677,775
Undistributed net investment income	$	15,574		$	96,861

(a) Summary of capital shares transactions is as follows:

	Six-Months Ended December 31, 2015			Period Ended June 30, 20151
	Shares			Shares
Shares sold		800,000			3,400,000
Shares redeemed		(550,000	)		(950,000	)
Net increase		250,000			2,450,000

¹  Fund commenced operations on July 1, 2014.

See notes to financial statements.

113

Victory Portfolios II Statement of Changes in Net Assets

	Victory CEMP US Small Cap Volatility Wtd Index ETF
	Period Ended December 31, 20151
	(Unaudited)
Operations:
Net investment income	$	35,746
Net realized gain on investments in securities and futures		16,755
Change in unrealized depreciation of investments in securities and futures		(404,332	)
Net decrease in net assets resulting from operations	$	(351,831	)
Distributions to Shareholders:
From net investment income		(35,855	)
Total Distributions to Shareholders		(35,855	)
Capital Share Transactions:
Proceeds from shares sold		11,929,705
Cost of shares redeemed		(1,682,445	)
Net increase in net assets resulting from capital share transactions (a)		10,247,260
Net increase in net assets	$	9,859,574
Net Assets:
Beginning of period	$	—
End of period	$	9,859,574
Undistributed net investment loss	$	(109	)

(a) Summary of capital shares transactions is as follows:

	Period Ended December 31, 20151
	Shares
Shares sold		350,000
Shares redeemed		(50,000	)
Net increase		300,000

¹  Fund commenced operations on July 8, 2015.

See notes to financial statements.

114

Victory Portfolios II Statement of Changes in Net Assets

	Victory CEMP International Volatility Wtd Index ETF
	Period Ended December 31, 20151
	(Unaudited)
Operations:
Net investment income	$	24,310
Net realized loss on investments in securities, futures, and foreign currencies		(35,546	)
Change in unrealized depreciation of investments in securities, futures, and foreign currencies		(175,076	)
Net decrease in net assets resulting from operations	$	(186,312	)
Distributions to Shareholders:
From net investment income		(33,791	)
Total Distributions to Shareholders		(33,791	)
Capital Share Transactions:
Proceeds from shares sold		10,324,200
Net increase in net assets resulting from capital share transactions (a)		10,324,200
Net increase in net assets	$	10,104,097
Net Assets:
Beginning of period	$	—
End of period	$	10,104,097
Undistributed net investment loss	$	(9,481	)

(a) Summary of capital shares transactions is as follows:

	Period Ended December 31, 20151
	Shares
Shares sold		300,000

¹  Fund commenced operations on August 21, 2015.

See notes to financial statements.

115

Victory Portfolios II Statement of Changes in Net Assets

	Victory CEMP US Large Cap High Div Volatility Wtd Index ETF
	Period Ended December 31, 20151
	(Unaudited)
Operations:
Net investment income	$	138,760
Net realized loss on investments in securities and futures		(53,040	)
Change in unrealized depreciation of investments in securities and futures		(161,148	)
Net decrease in net assets resulting from operations	$	(75,428	)
Distributions to Shareholders:
From net investment income		(138,706	)
Total Distributions to Shareholders		(138,706	)
Capital Share Transactions:
Proceeds from shares sold		29,483,140
Net increase in net assets resulting from capital share transactions (a)		29,483,140
Net increase in net assets	$	29,269,006
Net Assets:
Beginning of period	$	—
End of period	$	29,269,006
Undistributed net investment income	$	54

(a) Summary of capital shares transactions is as follows:

	Period Ended December 31, 20151
	Shares
Shares sold		850,000

¹  Fund commenced operations on July 8, 2015.

See notes to financial statements.

116

Victory Portfolios II Statement of Changes in Net Assets

	Victory CEMP US Small Cap High Div Volatility Wtd Index ETF
	Period Ended December 31, 20151
	(Unaudited)
Operations:
Net investment income	$	113,234
Net realized loss on investments in securities and futures		(135,833	)
Change in unrealized depreciation of investments in securities and futures		(214,544	)
Net decrease in net assets resulting from operations	$	(237,143	)
Distributions to Shareholders:
From net investment income		(113,395	)
Total Distributions to Shareholders		(113,395	)
Capital Share Transactions:
Proceeds from shares sold		11,843,420
Net increase in net assets resulting from capital share transactions (a)		11,843,420
Net increase in net assets	$	11,492,882
Net Assets:
Beginning of period	$	—
End of period	$	11,492,882
Undistributed net investment loss	$	(161	)

(a) Summary of capital shares transactions is as follows:

	Period Ended December 31, 20151
	Shares
Shares sold		350,000

¹  Fund commenced operations on July 8, 2015.

See notes to financial statements.

117

Victory Portfolios II Statement of Changes in Net Assets

	Victory CEMP International High Div Volatility Wtd Index ETF
	Period Ended December 31, 20151
	(Unaudited)
Operations:
Net investment income	$	68,394
Net realized loss on investments in securities, futures, and foreign currencies		(36,709	)
Change in unrealized depreciation of investments in securities, futures, and foreign currencies		(499,311	)
Net decrease in net assets resulting from operations	$	(467,626	)
Distributions to Shareholders:
From net investment income		(76,757	)
Total Distributions to Shareholders		(76,757	)
Capital Share Transactions:
Proceeds from shares sold		15,066,725
Net increase in net assets resulting from capital share transactions (a)		15,066,725
Net increase in net assets	$	14,522,342
Net Assets:
Beginning of period	$	—
End of period	$	14,522,342
Undistributed net investment loss	$	(8,363	)

(a) Summary of capital shares transactions is as follows:

	Period Ended December 31, 20151
	Shares
Shares sold		450,000

¹  Fund commenced operations on August 21, 2015.

See notes to financial statements.

118

Victory Portfolios II Financial Highlights

For a capital share outstanding throughout the period

	Victory CEMP US 500 Volatility Wtd Index ETF
	Six-Months Ended December 31, 2015			Period Ended June 30, 20151
	(Unaudited)
Net Asset Value, Beginning of Period	$	36.78		$	35.00
Income from Investment Operations:
Net investment income2		0.29			0.49
Net realized and unrealized gain (loss) on investments in securities and futures3		(1.04	)		1.73
Total from Investment Operations		(0.75	)		2.22
Less Distributions:
Distributions from net investment income		(0.23	)		(0.44	)
Distributions from net realized gain		(0.02	)		—
Total Distributions		(0.25	)		(0.44	)
Net Asset Value, End of Period	$	35.78		$	36.78
Total Return5		(2.01	)%4		6.38	%4
Supplemental Data:
Net assets at end of period (000's)	$	23,258		$	9,194
Ratios of expenses to average net assets:
Before fees waived		0.75	%6		1.39	%6
After fees waived		0.35	%6		0.54	%6
Ratios of net investment income to average net assets:
Before fees waived		1.18	%6		0.52	%6
After fees waived		1.58	%6		1.37	%6
Portfolio Turnover Rate7		11	%4		23	%4

¹  Commenced operations on July 1, 2014.

²  Calculated based on average shares outstanding during the period.

³  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities.

⁴  Not annualized.

⁵  Total return is calculated assuming an initial investment made at net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.

⁶  Annualized.

⁷  Excludes impact of in-kind transactions.

See notes to financial statements.

119

Victory Portfolios II Financial Highlights

For a capital share outstanding throughout the period

	Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF
	Six-Months Ended December 31, 2015			Period Ended June 30, 20151
	(Unaudited)
Net Asset Value, Beginning of Period	$	39.23		$	35.00
Income from Investment Operations:
Net investment income2		0.22			0.40
Net realized and unrealized gain (loss) on investments in securities and futures3		(4.75	)		4.16
Total from Investment Operations		(4.53	)		4.56
Less Distributions:
Distributions from net investment income		(0.21	)		(0.33	)
Total Distributions		(0.21	)		(0.33	)
Net Asset Value, End of Period	$	34.49		$	39.23
Total Return5		(11.56	)%4		13.06	%4
Supplemental Data:
Net assets at end of period (000's)	$	25,866		$	23,538
Ratios of expenses to average net assets:
Before fees waived		0.62	%6		0.59	%6
After fees waived		0.35	%6		1.07	%6
Ratios of net investment income to average net assets:
Before fees waived		0.93	%6		0.67	%6
After fees waived		1.20	%6		1.15	%6
Portfolio Turnover Rate7		121	%4		10	%4

¹  Commenced operations on August 1, 2014.

²  Calculated based on average shares outstanding during the period.

³  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities.

⁴  Not annualized.

⁵  Total return is calculated assuming an initial investment made at net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.

⁶  Annualized.

⁷  Excludes impact of in-kind transactions.

See notes to financial statements.

120

Victory Portfolios II Financial Highlights

For a capital share outstanding throughout the period

	Victory CEMP US 500 Enhanced Volatility Wtd Index ETF
	Six-Months Ended December 31, 2015			Period Ended June 30, 20151
	(Unaudited)
Net Asset Value, Beginning of Period	$	36.76		$	35.00
Income from Investment Operations:
Net investment income2		0.27			0.49
Net realized and unrealized gain on investments in securities and futures3		(1.01	)		1.65
Total from Investment Operations		(0.74	)		2.14
Less Distributions:
Distributions from net investment income		(0.27	)		(0.38	)
Total Distributions		(0.27	)		(0.38	)
Net Asset Value, End of Period	$	35.75		$	36.76
Total Return5		(2.01	)%4		6.15	%4
Supplemental Data:
Net assets at end of period (000's)	$	114,400		$	86,397
Ratios of expenses to average net assets:
Before fees waived		0.52	%6		0.81	%6
After fees waived		0.35	%6		0.59	%6
Ratios of net investment income to average net assets:
Before fees waived		1.34	%6		1.12	%6
After fees waived		1.51	%6		1.34	%6
Portfolio Turnover Rate7		17	%4		13	%4

¹  Commenced operations on July 1, 2014.

²  Calculated based on average shares outstanding during the period.

³  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities.

⁴  Not annualized.

⁵  Total return is calculated assuming an initial investment made at net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.

⁶  Annualized.

⁷  Excludes impact of in-kind transactions.

See notes to financial statements.

121

Victory Portfolios II Financial Highlights

For a capital share outstanding throughout the period

	Victory CEMP Developed Enhanced Volatility Wtd Index ETF
	Six-Months Ended December 31, 2015			Period Ended June 30, 20151
	(Unaudited)
Net Asset Value, Beginning of Period	$	35.19		$	35.00
Income from Investment Operations:
Net investment income2		0.20			0.80
Net realized and unrealized loss on investments in securities and futures3		(3.75	)		(0.18	)
Total from Investment Operations		(3.55	)		0.62
Less Distributions:
Distributions from net investment income		(0.22	)		(0.42	)
Distributions from net realized gain		—			(0.01	)
Total Distributions		(0.22	)		(0.43	)
Net Asset Value, End of Period	$	31.42		$	35.19
Total Return5		(10.08	)%4		1.77	%4
Supplemental Data:
Net assets at end of period (000's)	$	29,851		$	24,633
Ratios of expenses to average net assets:
Before fees waived		0.99	%6		1.58	%6
After fees waived		0.45	%6		0.63	%6
Ratios of net investment income to average net assets:
Before fees waived		0.69	%6		2.04	%6
After fees waived		1.23	%6		2.99	%6
Portfolio Turnover Rate7		108	%4		31	%4

¹  Commenced operations on September 30, 2014.

²  Calculated based on average shares outstanding during the period.

³  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities.

⁴  Not annualized.

⁵  Total return is calculated assuming an initial investment made at net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.

⁶  Annualized.

⁷  Excludes impact of in-kind transactions.

See notes to financial statements.

122

Victory Portfolios II Financial Highlights

For a capital share outstanding throughout the period

	Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF
	Six-Months Ended December 31, 2015			Period Ended June 30, 20151
	(Unaudited)
Net Asset Value, Beginning of Period	$	35.38		$	35.00
Income from Investment Operations:
Net investment income2		0.59			1.12
Net realized and unrealized gain on investments in securities and futures3		0.02			0.20
Total from Investment Operations		0.61			1.32
Less Distributions:
Distributions from net investment income		(0.62	)		(0.94	)
Total Distributions		(0.62	)		(0.94	)
Net Asset Value, End of Period	$	35.37		$	35.38
Total Return5		1.75	%4		3.77	%4
Supplemental Data:
Net assets at end of period (000's)	$	95,502		$	86,678
Ratios of expenses to average net assets:
Before fees waived		0.53	%6		0.77	%6
After fees waived		0.35	%6		0.59	%6
Ratios of net investment income to average net assets:
Before fees waived		3.31	%6		2.91	%6
After fees waived		3.13	%6		3.09	%6
Portfolio Turnover Rate7		25	%4		17	%4

¹  Commenced operations on July 1, 2014.

²  Calculated based on average shares outstanding during the period.

³  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities.

⁴  Not annualized.

⁵  Total return is calculated assuming an initial investment made at net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.

⁶  Annualized.

⁷  Excludes impact of in-kind transactions.

See notes to financial statements.

123

Victory Portfolios II Financial Highlights

For a capital share outstanding throughout the period

	Victory CEMP US Small Cap Volatility Wtd Index ETF
	Period Ended December 31, 20151
	(Unaudited)
Net Asset Value, Beginning of Period	$	35.00
Income from Investment Operations:
Net investment income2		0.25
Net realized and unrealized loss on investments in securities and futures3		(2.21	)
Total from Investment Operations		(1.96	)
Less Distributions:
Distributions from net investment income		(0.17	)
Total Distributions		(0.17	)
Net Asset Value, End of Period	$	32.87
Total Return5		(5.62	)%4
Supplemental Data:
Net assets at end of period (000's)	$	9,860
Ratios of expenses to average net assets:
Before fees waived		1.56	%6
After fees waived		0.35	%6
Ratios of net investment income to average net assets:
Before fees waived		0.32	%6
After fees waived		1.53	%6
Portfolio Turnover Rate7		19	%4

¹  Commenced operations on July 8, 2015.

²  Calculated based on average shares outstanding during the period.

³  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities.

⁴  Not annualized.

⁵  Total return is calculated assuming an initial investment made at net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.

⁶  Annualized.

⁷  Excludes impact of in-kind transactions.

See notes to financial statements.

124

Victory Portfolios II Financial Highlights

For a capital share outstanding throughout the period

	Victory CEMP International Volatility Wtd Index ETF
	Period Ended December 31, 20151
	(Unaudited)
Net Asset Value, Beginning of Period	$	35.00
Income from Investment Operations:
Net investment income2		0.16
Net realized and unrealized loss on investments in securities and futures3		(1.33	)
Total from Investment Operations		(1.17	)
Less Distributions:
Distributions from net investment income		(0.15	)
Total Distributions		(0.15	)
Net Asset Value, End of Period	$	33.68
Total Return5		(3.35	)%4
Supplemental Data:
Net assets at end of period (000's)	$	10,104
Ratios of expenses to average net assets:
Before fees waived		2.41	%6
After fees waived		0.45	%6
Ratios of net investment income to average net assets:
Before fees waived		(0.67	)%6
After fees waived		1.29	%6
Portfolio Turnover Rate7		14	%4

¹  Commenced operations on August 21, 2015.

²  Calculated based on average shares outstanding during the period.

³  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities.

⁴  Not annualized.

⁵  Total return is calculated assuming an initial investment made at net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.

⁶  Annualized.

⁷  Excludes impact of in-kind transactions.

See notes to financial statements.

125

Victory Portfolios II Financial Highlights

For a capital share outstanding throughout the period

	Victory CEMP US Large Cap High Div Volatility Wtd Index ETF
	Period Ended December 31, 20151
	(Unaudited)
Net Asset Value, Beginning of Period	$	35.00
Income from Investment Operations:
Net investment income2		0.65
Net realized and unrealized loss on investments in securities and futures3		(0.78	)
Total from Investment Operations		(0.13	)
Less Distributions:
Distributions from net investment income		(0.44	)
Total Distributions		(0.44	)
Net Asset Value, End of Period	$	34.43
Total Return5		(0.37	)%4
Supplemental Data:
Net assets at end of period (000's)	$	29,269
Ratios of expenses to average net assets:
Before fees waived		0.97	%6
After fees waived		0.35	%6
Ratios of net investment income to average net assets:
Before fees waived		3.88	%6
After fees waived		3.26	%6
Portfolio Turnover Rate7		13	%4

¹  Commenced operations on July 8, 2015.

²  Calculated based on average shares outstanding during the period.

³  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities.

⁴  Not annualized.

⁵  Total return is calculated assuming an initial investment made at net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.

⁶  Annualized.

⁷  Excludes impact of in-kind transactions.

See notes to financial statements.

126

Victory Portfolios II Financial Highlights

For a capital share outstanding throughout the period

	Victory CEMP US Small Cap High Div Volatility Wtd Index ETF
	Period Ended December 31, 20151
	(Unaudited)
Net Asset Value, Beginning of Period	$	35.00
Income from Investment Operations:
Net investment income2		0.70
Net realized and unrealized loss on investments in securities and futures3		(2.34	)
Total from Investment Operations		(1.64	)
Less Distributions:
Distributions from net investment income		(0.52	)
Total Distributions		(0.52	)
Net Asset Value, End of Period	$	32.84
Total Return5		(4.72	)%4
Supplemental Data:
Net assets at end of period (000's)	$	11,493
Ratios of expenses to average net assets:
Before fees waived		1.18	%6
After fees waived		0.35	%6
Ratios of net investment income to average net assets:
Before fees waived		4.32	%6
After fees waived		3.49	%6
Portfolio Turnover Rate7		32	%4

¹  Commenced operations on July 8, 2015.

²  Calculated based on average shares outstanding during the period.

³  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities.

⁴  Not annualized.

⁵  Total return is calculated assuming an initial investment made at net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.

⁶  Annualized.

⁷  Excludes impact of in-kind transactions.

See notes to financial statements.

127

Victory Portfolios II Financial Highlights

For a capital share outstanding throughout the period

	Victory CEMP International Volatility Wtd Index ETF
	Period Ended December 31, 20151
	(Unaudited)
Net Asset Value, Beginning of Period	$	35.00
Income from Investment Operations:
Net investment income2		0.36
Net realized and unrealized loss on investments in securities and futures3		(2.75	)
Total from Investment Operations		(2.39	)
Less Distributions:
Distributions from net investment income		(0.34	)
Total Distributions		(0.34	)
Net Asset Value, End of Period	$	32.27
Total Return5		(6.82	)%4
Supplemental Data:
Net assets at end of period (000's)	$	14,522
Ratios of expenses to average net assets:
Before fees waived		1.52	%6
After fees waived		0.45	%6
Ratios of net investment income to average net assets:
Before fees waived		1.89	%6
After fees waived		2.96	%6
Portfolio Turnover Rate7		13	%4

¹  Commenced operations on August 21, 2015.

²  Calculated based on average shares outstanding during the period.

³  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities.

⁴  Not annualized.

⁵  Total return is calculated assuming an initial investment made at net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.

⁶  Annualized.

⁷  Excludes impact of in-kind transactions.

See notes to financial statements.

128

Victory Portfolios II Notes to Financial Statements
December 31, 2015

  (Unaudited)

1.  Organization:

Victory Portfolios II Trust (formerly Compass EMP Funds Trust) (the "Trust"), was organized on April 11, 2012 as a Delaware statutory trust (formerly a Delaware business trust). The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment company and thus follows accounting and reporting guidance for investment companies.

The Trust is authorized to issue an unlimited number of shares, which are units of beneficial interest with no par value. As of December 31, 2015, the Trust offered shares of 26 funds (each a "Fund" and collectively, the "Funds"). Each Fund is classified as diversified under the 1940 Act.

Funds	Diversification Classification
Victory CEMP US 500 Volatility Wtd Index ETF	Diversified
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF	Diversified
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF	Diversified
Victory CEMP Developed Enhanced Volatility Wtd Index ETF	Diversified
Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF	Diversified
Victory CEMP US Small Cap Volatility Wtd Index ETF	Diversified
Victory CEMP International Volatility Wtd Index ETF	Diversified
Victory CEMP US Large Cap High Div Volatility Wtd Index ETF	Diversified
Victory CEMP US Small Cap High Div Volatility Wtd Index ETF	Diversified
Victory CEMP International High Div Volatility Wtd Index ETF	Diversified

The following Funds commenced operations on July 1, 2014 and their objectives are as follows:

Victory CEMP US 500 Volatility Wtd Index ETF — seeks to match the performance of the CEMP US Large Cap 500 Volatility Weighted Index before fees and expenses.

Victory CEMP US 500 Enhanced Volatility Wtd Index ETF — seeks to match the performance of the CEMP US Large Cap 500 Long/Cash Volatility Weighted Index before fees and expenses.

Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF — seeks to match the performance of the CEMP US Large Cap High Dividend 100 Long/Cash Volatility Weighted Index before fees and expenses.

The following Fund commenced operations on August 1, 2014 and its objective is as follows:

Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF — seeks to match the performance of the CEMP US Small Cap 500 Long/Cash Volatility Weighted Index before fees and expenses.

The following Fund commenced operations on September 30, 2014 and its objective is as follows:

Victory CEMP Developed Enhanced Volatility Wtd Index ETF — seeks to match the performance of the CEMP International 500 Long/Cash Volatility Weighted Index before fees and expenses.

The following Funds commenced operations on July 8, 2015 and their objectives are as follows:

Victory CEMP US Small Cap Volatility Wtd Index ETF — seeks to match the performance of the CEMP US Small Cap 500 Volatility Weighted Index before fees and expenses.

Victory CEMP US Large Cap High Div Volatility Wtd Index ETF — seeks to match the performance of the CEMP US Large Cap High Dividend 100 Volatility Weighted Index before fees and expenses.

Victory CEMP US Small Cap High Div Volatility Wtd Index ETF — seeks to match the performance of the CEMP US Small Cap High Dividend 100 Volatility Weighted Index before fees and expenses.

The following Funds commenced operations on August 21, 2015 and their objectives are as follows:

Victory CEMP International Volatility Wtd Index ETF — seeks to match the performance of the CEMP International 500 Volatility Weighted Index before fees and expenses.

Victory CEMP International High Div Volatility Wtd Index ETF — seeks to match the performance of the CEMP International High Dividend 100 Volatility Weighted Index before fees and expenses.

129

Victory Portfolios II Notes to Financial Statements — continued
December 31, 2015

  (Unaudited)

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust and Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote.

2.  Significant Accounting Policies:

Shares of the Funds are listed and traded on NASDAQ Stock Market, LLC ("Exchange"). The Funds will issue and redeem shares of a Fund ("Shares") at net asset value ("NAV") only in aggregations of 50,000 Shares (each a "Creation Unit"). The Funds will issue and redeem Creation Units principally in exchange for a basket of securities included in the respective Fund's Index (the "Deposit Securities"), together with the deposit of a specified cash payment (the "Cash Component"), plus a transaction fee. Shares will trade on the Exchange at market prices that may be below, at, or above NAV. Shares of a fund may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from a fund. In addition, shares may be issued in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash equal to up to 105% of the market value of the missing Deposit Securities. In each instance of such cash creations or redemptions, transaction fees may be imposed and may be higher than the transaction fees associated with in-kind creations or redemptions.

Each Fund may issue an unlimited number of shares of beneficial interest, with no par value. Shares of each Fund have equal rights and privileges.

The following is a summary of significant accounting policies followed by each Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds follow the specialized accounting and reporting requirements under GAAP that are applicable to investment companies.

Securities Valuation:

The net asset values per share of the Funds are determined as of the close of regular trading on the New York Stock Exchange ("NYSE") (normally 4:00 p.m., Eastern Time) on each day when the NYSE is open for trading. Securities for which market quotations are available are valued as follows: (a) each listed security is valued at its closing price obtained from the respective primary exchange on which the security is listed, or, if there were no sales on that day, at its last reported current mean price; (b) each unlisted security is valued at the last current bid price obtained from the NASDAQ System; (c) United States Government and Agency obligations are valued based upon bid quotations from the Federal Reserve Bank for identical or similar obligations; (d) short-term money market instruments (such as certificates of deposit, bankers' acceptances and commercial paper) are most often valued by bid quotations or by reference to bid quotations of available yields for similar instruments of issuers with similar credit ratings. All these prices are obtained from services, which collect and disseminate such market prices. Bid quotations for short-term money market instruments reported by such a service are the bid quotations reported to it by the major dealers. Short-term securities with remaining maturities of sixty days or less for which market quotations and information pricing services are not readily available are valued either at amortized cost or at original cost plus accrued interest, both of which approximate current value. When approved by

130

Victory Portfolios II Notes to Financial Statements — continued
December 31, 2015

  (Unaudited)

the Trustees, certain securities may be valued on the basis of valuations provided by an independent pricing service when such prices the Trustees believe reflect the fair value of such securities. In the absence of an ascertainable market value, or if an event occurs after the close of trading on the domestic or foreign exchange or market on which the security is principally traded (prior to the time the NAV is calculated) that materially affects fair value, assets are valued at their fair value as determined by the Adviser using methods and procedures reviewed and approved by the Trustees. Options contracts listed on a securities exchange or board of trade for which market quotations are readily available shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the day of valuation.

In accordance with the Trust's good faith pricing guidelines, the Adviser is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable. No single standard for determining fair value exists, since fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of securities being valued by the Adviser would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale. Methods which are in accord with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods.

Trading in securities on Far Eastern securities exchanges and over-the-counter markets is normally completed well before the close of business on each business day in New York (i.e., a day on which the NYSE is open). In addition, Far Eastern securities trading generally or in a particular country or countries may not take place on all business days in New York. Furthermore, trading takes place in Japanese markets on certain Saturdays in various foreign markets on days, which are not business days in New York, and on which a Fund's net asset value is not calculated. Each Fund calculates net asset value per share, and therefore effects sales, redemptions and repurchases of its shares, as of the close of regular trading on the NYSE once on each day on which the NYSE is open. Such calculation may not take place contemporaneously with the determination of the prices of the majority of the portfolio securities used in such calculation. Futures are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for financial futures are provided by an independent source. On days when there is excessive volume or market volatility, the settlement price may not be available at the time at which a Fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value the Fund's futures position, in which case the Fund will not consider any difference between the eventual settlement price and the best available price used to be a basis for determining that an incorrect NAV calculation has occurred.

Other securities and assets for which market quotations are not readily available or for which valuation cannot be provided are valued as determined in good faith in accordance with procedures approved by the Board of Trustees of the Trust.

In accordance with the authoritative guidance on fair value measurements and disclosure under GAAP, the Funds disclose fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under GAAP are described below:

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

• Level 2 — other significant observable inputs (including quoted prices for similar securities and identical securities in inactive markets, interest rates, amortized cost, credit risk, etc.)

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

131

Victory Portfolios II Notes to Financial Statements — continued
December 31, 2015

  (Unaudited)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuation inputs, representing 100% of the Funds' investments, used to value the Funds' assets and liabilities as of December 31, 2015:

Description^	Level 1			Level 2		Level 3		Total
Victory CEMP US 500 Volatility Wtd Index ETF
Common Stocks*	$	23,183,579		$	—	$	—	$	23,183,579
Short-Term Investments		77,649			—		—		77,649
Total	$	23,261,228		$	—	$	—	$	23,261,228
Other Financial Instruments^
Futures	$	(445	)	$	—	$	—	$	(445	)
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF
Common Stocks*	$	25,690,327		$	—	$	—	$	25,690,327
Short-Term Investments		124,854			—		—		124,854
Total	$	25,815,181		$	—	$	—	$	25,815,181
Other Financial Instruments^
Futures	$	(574	)	$	—	$	—	$	(574	)
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF
Common Stocks*	$	113,942,486		$	—	$	—	$	113,942,486
Short-Term Investments		372,147			—		—		372,147
Total	$	114,314,633		$	—	$	—	$	114,314,633
Other Financial Instruments^
Futures	$	1,823		$	—	$	—	$	1,823
Victory CEMP Developed Enhanced Volatility Wtd Index ETF
Common Stocks*	$	29,438,203		$	—	$	570	$	29,438,773
Short-Term Investments		336,794			—		—		336,794
Total	$	29,774,997		$	—	$	570	$	29,775,567
Other Financial Instruments^
Futures	$	105		$	—	$	—	$	105
Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF
Common Stocks*	$	95,066,100		$	—	$	—	$	95,066,100
Short-Term Investments		160,334			—		—		160,334
Total	$	95,226,434		$	—	$	—	$	95,226,434
Other Financial Instruments^
Futures	$	1,337		$	—	$	—	$	1,337
Victory CEMP US Small Cap Volatility Wtd Index ETF
Common Stocks*	$	9,814,943		$	—	$	—	$	9,814,943
Short-Term Investments		54,419			—		—		54,419
Total	$	9,869,362		$	—	$	—	$	9,869,362
Victory CEMP International Volatility Wtd Index ETF
Common Stocks*	$	10,021,549		$	—	$	—	$	10,021,549
Short-Term Investments		60,697			—		—		60,697
Total	$	10,082,246		$	—	$	—	$	10,082,246
Other Financial Instruments^
Futures	$	21		$	—	$	—	$	21

132

Victory Portfolios II Notes to Financial Statements — continued
December 31, 2015

  (Unaudited)

Description^	Level 1		Level 2		Level 3		Total
Victory CEMP US Large Cap High Div Volatility Wtd Index ETF
Common Stocks*	$	29,185,923	$	—	$	—	$	29,185,923
Short-Term Investments		98,072		—		—		98,072
Total	$	29,283,995	$	—	$	—	$	29,283,995
Other Financial Instruments^
Futures	$	1,977	$	—	$	—	$	1,977
Victory CEMP US Small Cap High Div Volatility Wtd Index ETF
Common Stocks*	$	11,432,155	$	—	$	—	$	11,432,155
Short-Term Investments		36,137		—		—		36,137
Total	$	11,468,292	$	—	$	—	$	11,468,292
Victory CEMP International High Div Volatility Wtd Index ETF
Common Stocks*	$	14,497,464	$	—	$	—	$	14,497,464
Short-Term Investments		48,385		—		—		48,385
Total	$	14,545,849	$	—	$	—	$	14,545,849

*  Please refer to the Schedules of Investments for industry classifications.

^  Other Financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures. These instruments are reflected at the unrealized appreciation (depreciation) on the instrument.

For the period ended December 31, 2015, there were no transfers into or out of Level 1, 2, or 3 during the current period presented. It is the Funds' policy to record transfers into or out of Fair Value Levels at the end of the period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

Victory CEMP Developed Enhanced Volatility Wtd Index ETF	Balance as of 06/30/2015		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)			Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of 12/31/2015		Net Change in Unrealized Depreciation on securities held at 12/31/2015
Common Stocks	$	6,138	$	—	$	(20,976	)	$	—	$	—	$	—	$	—	$	570	$	(20,976	)

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

Victory CEMP Developed Enhanced Volatility Wtd Index ETF	Fair Value as of 12/31/2015*		Valuation Techniques	Unobservable Input	Input Values		Impact to valuation from an increase to input
Common Stocks	$	570	Market Comparables	U.S. OTC Equivalent	$	0.17 - $1.83	Significant changes in the U.S. OTC equivalent quotes would result in direct and proportional changes in the fair value of the security

*  Level 3 securities are typically valued by the Adviser. The appropriateness of fair values for these securities is monitored on an ongoing basis, by the Adviser, which may include back testing, results of vendor due diligence, unchanged price review and consideration of market and/or sector events.

133

Victory Portfolios II Notes to Financial Statements — continued
December 31, 2015

  (Unaudited)

Foreign Currency:

Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

Futures Contracts:

Each Fund may invest in futures contracts to hedge or manage risks associated with the Funds' securities investments or to gain exposure to certain asset classes or markets. As required by the 1940 Act, the Funds may purchase or sell futures contracts only if the Funds' liabilities for the futures position are "covered" by an offsetting position in a futures contract or by the Funds segregating liquid assets equal to the Funds' liabilities on the futures contract. Upon entering into a financial futures contract, a Fund is required to pledge to the broker an amount of cash, U.S. government securities or other assets, equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as "variation margin," are made or received by the Funds on a daily basis. The Funds record an unrealized gain or loss by marking each futures contract to market. A realized gain or loss is recorded when the contract is closed. Should market conditions move unexpectedly, the Funds may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying assets. Futures contracts may have off-balance sheet risk. Off-balance sheet risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument, as reflected in the Statements of Assets and Liabilities.

Positions in futures contracts may be closed out only on an exchange that provides a secondary market for such futures. However, there can be no assurance that a liquid secondary market will exist for any particular futures contract at any specific time. Thus, it may not be possible to close a futures position. In the event of adverse price movements, the Funds may be required to make cash payments to maintain their required margin. In such situations, if the Funds had insufficient cash, they might have to sell portfolio securities to meet margin requirements at a time when it would be disadvantageous to do so. In addition, the Funds might be required to make delivery of the underlying instruments of futures contracts they hold. The inability to close positions in futures could also have an adverse impact on the Funds' ability to hedge or manage risks effectively.

Successful use of futures by the Funds is also subject to the Adviser's ability to predict movements correctly in the direction of the market. There is typically an imperfect correlation between movements in the price of the future and movements in the price of the assets that are the subject of the hedge. In addition, the price of futures may not correlate perfectly with movement in the cash market due to certain market distortions. Due to the possibility of price distortion in the futures market and because of the imperfect correlation between the movements in the cash market and movements in the price of futures, a correct forecast of general market trends or interest rate

134

Victory Portfolios II Notes to Financial Statements — continued
December 31, 2015

  (Unaudited)

movements by the Adviser may still not result in a successful hedging transaction over a short time frame.

The trading of futures contracts is also subject to the risk of trading halts, suspension, exchange or clearing house equipment failures, government intervention, insolvency of a commodities or brokerage firm or clearing house or other disruption of normal trading activity, which could at times make it difficult or impossible to liquidate existing positions or to recover excess variation margin payments.

The Funds will purchase or sell futures contracts in accordance with the Commodity Futures Trading Commission ("CFTC") regulations.

GAAP requires disclosures about the Funds' derivative and hedging activities, including how such activities are accounted for and their effect on the Funds' financial position, performance and cash flows.

Derivatives Disclosure —

Fair Values of Derivative Instruments in the Funds* as of December 31, 2015:

Victory CEMP US 500 Volatility Wtd Index ETF

	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Value		Balance Sheet Location	Value
Equity Contracts — Futures*	Unrealized appreciation on futures contracts	$	—	Unrealized depreciation on futures contracts	$	445

*  Includes cumulative appreciation/depreciation as reported on Schedule of Investments.

Amount of Realized Loss on Derivatives Recognized in Income	Value			Change in Unrealized Depreciation on Derivatives Recognized in Income	Value
Equity Contracts — Futures	$	(11,275	)	Equity Contracts — Futures	$	(388	)

Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF

	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Value		Balance Sheet Location	Value
Equity Contracts — Futures*	Unrealized appreciation on futures contracts	$	—	Unrealized depreciation on futures contracts	$	574

*  Includes cumulative appreciation/depreciation as reported on Schedule of Investments.

Amount of Realized Loss on Derivatives Recognized in Income	Value			Change in Unrealized Appreciation on Derivatives Recognized in Income	Value
Equity Contracts — Futures	$	(39,987	)	Equity Contracts — Futures	$	3,318

Victory CEMP US 500 Enhanced Volatility Wtd Index ETF

	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Value		Balance Sheet Location	Value
Equity Contracts — Futures*	Unrealized appreciation on futures contracts	$	1,823	Unrealized depreciation on futures contracts	$	—

*  Includes cumulative appreciation/depreciation as reported on Schedule of Investments.

Amount of Realized Loss on Derivatives Recognized in Income	Value			Change in Unrealized Appreciation on Derivatives Recognized in Income	Value
Equity Contracts — Futures	$	(83,553	)	Equity Contracts — Futures	$	17,603

135

Victory Portfolios II Notes to Financial Statements — continued
December 31, 2015

  (Unaudited)

Victory CEMP Developed Enhanced Volatility Wtd Index ETF

	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Value		Balance Sheet Location	Value
Equity Contracts — Futures*	Unrealized appreciation on futures contracts	$	105	Unrealized depreciation on futures contracts	$	—

*  Includes cumulative appreciation/depreciation as reported on Schedule of Investments.

Amount of Realized Loss on Derivatives Recognized in Income	Value			Change in Unrealized Appreciation on Derivatives Recognized in Income	Value
Equity Contracts — Futures	$	(52,790	)	Equity Contracts — Futures	$	7,647

Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF

	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Value		Balance Sheet Location	Value
Equity Contracts — Futures*	Unrealized appreciation on futures contracts	$	1,337	Unrealized depreciation on futures contracts	$	—

*  Includes cumulative appreciation/depreciation as reported on Schedule of Investments.

Amount of Realized Loss on Derivatives Recognized in Income	Value			Change in Unrealized Appreciation on Derivatives Recognized in Income	Value
Equity Contracts — Futures	$	(45,721	)	Equity Contracts — Futures	$	11,269

Victory CEMP International Volatility Wtd Index ETF

	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Value		Balance Sheet Location	Value
Equity Contracts — Futures*	Unrealized appreciation on futures contracts	$	20	Unrealized depreciation on futures contracts	$	—

*  Includes cumulative appreciation/depreciation as reported on Schedule of Investments.

Amount of Realized Loss on Derivatives Recognized in Income	Value			Change in Unrealized Appreciation on Derivatives Recognized in Income	Value
Equity Contracts — Futures	$	(1,549	)	Equity Contracts — Futures	$	20

Victory CEMP US Large Cap High Div Volatility Wtd Index ETF

	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Value		Balance Sheet Location	Value
Equity Contracts — Futures*	Unrealized appreciation on futures contracts	$	1,977	Unrealized depreciation on futures contracts	$	—

*  Includes cumulative appreciation/depreciation as reported on Schedule of Investments.

Amount of Realized Loss on Derivatives Recognized in Income	Value			Change in Unrealized Appreciation on Derivatives Recognized in Income	Value
Equity Contracts — Futures	$	(2,253	)	Equity Contracts — Futures	$	1,977

136

Victory Portfolios II Notes to Financial Statements — continued
December 31, 2015

  (Unaudited)

Offsetting of Financial Assets and Derivatives Assets

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

The table below, as of December 31, 2015, discloses both gross information and net information about instruments and transactions eligible for offset in the Statements of Assets and Liabilities' and instruments and transactions that are subject to an agreement similar to a master netting agreement as well as amounts related to collateral held at clearing brokers and counterparties.

Assets	Gross Amounts not offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts Presented in the Statement of Assets and Liabilities		Financial Instruments		Collateral Received		Net Amount
Victory CEMP US 500 Volatility Wtd Index ETF
Description / Counterparty
Futures Collins & Company LLC	$	445	$	—	$	445	$	—	$	445	$	—
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF
Description / Counterparty
Futures Collins & Company LLC	$	574	$	—	$	574	$	—	$	574	$	—
Victory CEMP International Volatility Wtd Index ETF
Description / Counterparty
Futures Collins & Company LLC	$	20	$	—	$	20	$	—	$	20	$	—
Victory CEMP US Large Cap High Div Volatility Wtd Index ETF
Description / Counterparty
Futures Collins & Company LLC	$	1,977	$	—	$	1,977	$	—	$	1,977	$	—

137

Victory Portfolios II Notes to Financial Statements — continued
December 31, 2015

  (Unaudited)

Liabilities	Gross Amounts not offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts Presented in the Statement of Assets and Liabilities		Financial Instruments		Collateral Received		Net Amount
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF
Description / Counterparty
Futures Collins & Company LLC	$	1,823	$	—	$	1,823	$	—	$	1,823	$	—
Victory CEMP Developed Enhanced Volatility Wtd Index ETF
Description / Counterparty
Futures Collins & Company LLC	$	105	$	—	$	105	$	—	$	105	$	—
Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF
Description / Counterparty
Futures Collins & Company LLC	$	1,337	$	—	$	1,337	$	—	$	1,337	$	—

In some instances, the collateral amounts disclosed in the tables were adjusted due to the requirement to limit the collateral amounts to avoid the effect of overcollateralization. Actual collateral received/pledged may be more than the amounts disclosed herein.

Federal Income Tax:

The Funds comply with the requirements of subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as regulated investment companies and distribute substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income tax provision is required. As of and during the period ended December 31, 2015, the Funds have not yet determined if any tax positions did not meet the "more-likely-than-not" threshold of being sustained by the applicable tax authority. As of and during the period ended December 31, 2015, the Funds did not have liabilities for any unrecognized tax benefits. The Funds recognized interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statements of Operations. During the period ended December 31, 2015, the Funds did not incur any interest or penalties. The Funds are subject to examination by U.S. taxing authorities for the tax periods since each Fund's commencement of operations.

Distribution to Shareholders:

The Funds, with the exception of the US EQ Income Enhanced Volatility Wtd Index ETF, US Large Cap High Div Volatility Wtd Index ETF, US Small Cap High Div Volatility Wtd Index ETF, and International High Div Volatility Wtd Index ETF distribute any net investment income quarterly. The US EQ Income Enhanced Volatility Wtd Index ETF, US Large Cap High Div Volatility Wtd Index ETF, US Small Cap High Div Volatility Wtd Index ETF, and International High Div Volatility Wtd Index ETF distribute any net investment income monthly. All of the Funds distribute any net realized long or short-term capital gains at least annually. Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined, on a tax basis and may differ from net investment income and net realized capital gains for reporting purposes.

138

Victory Portfolios II Notes to Financial Statements — continued
December 31, 2015

  (Unaudited)

Other:

Investment and shareholder transactions are recorded on trade date. The Funds determine the gain or loss realized from the investment transactions by comparing the original cost of the security lot sold with the net sales proceeds. Dividend income is recognized on the ex-dividend date or as soon as information is available to the Funds and interest income is recognized on an accrual basis. Discounts and premiums on debt securities are accreted or amortized over their respective lives using the effective interest method.

Share Valuation:

The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds' shares will not be priced on days on which the NYSE is closed for trading. The offering and redemption price per share for each Fund is equal to the Fund's net asset value per share.

Recent Accounting Pronouncement:

In June 2014, the Financial Accounting Standard Board issued ASU No. 2014-11 "Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures." ASU No. 2014-11 makes limited changes to the accounting for repurchase agreements, clarifies when repurchase agreements and securities lending transactions should be accounted for as secured borrowings, and requires additional disclosures regarding these types of transactions. The guidance is effective for fiscal years beginning on or after December 15, 2014, and for interim periods within those fiscal years. Management is currently evaluating the impact these changes will have on the Funds' financial statement disclosures.

Subsequent Events:

The trust has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no adjustments were requires to the financial statements.

3.  Purchase and Sales of Securities:

Purchases and sales of securities (excluding short-term services and in-kind transactions) for the period ended December 31, 2015 were as follows:

Fund	Purchases		Sales
Victory CEMP US 500 Volatility Wtd Index ETF	$	1,849,225	$	1,722,576
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF		29,021,330		28,935,099
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF		19,164,086		18,410,286
Victory CEMP Developed Enhanced Volatility Wtd Index ETF		29,181,762		26,884,874
Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF		23,060,174		22,750,270
Victory CEMP US Small Cap Volatility Wtd Index ETF		1,089,017		1,009,240
Victory CEMP International Volatility Wtd Index ETF		4,307,899		823,770
Victory CEMP US Large Cap High Div Volatility Wtd Index ETF		1,338,237		1,313,359
Victory CEMP US Small Cap High Div Volatility Wtd Index ETF		1,977,367		1,972,476
Victory CEMP International High Div Volatility Wtd Index ETF		4,473,979		991,898

In-kind transactions associated with purchases and sales for the period ended December 31, 2015 were as follows:

Fund	Purchases		Sales
Victory CEMP US 500 Volatility Wtd Index ETF	$	17,815,171	$	3,527,712
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF		12,559,926		7,124,304
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF		58,861,557		28,344,452
Victory CEMP Developed Enhanced Volatility Wtd Index ETF		5,986,832		—
Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF		28,171,500		18,947,859

139

Victory Portfolios II Notes to Financial Statements — continued
December 31, 2015

  (Unaudited)

Fund	Purchases		Sales
Victory CEMP US Small Cap Volatility Wtd Index ETF	$	11,793,684	$	1,662,246
Victory CEMP International Volatility Wtd Index ETF		6,755,960		—
Victory CEMP US Large Cap High Div Volatility Wtd Index ETF		29,374,957		—
Victory CEMP US Small Cap High Div Volatility Wtd Index ETF		11,803,078		—
Victory CEMP International High Div Volatility Wtd Index ETF		11,566,131		—

4.  Investment Advisory, Administration and Distribution Agreements:

Investment advisory services are provided to the Funds by Victory Capital Management Inc. ("Victory Capital" or the "Adviser"), a New York corporation registered as an investment adviser with the Securities and Exchange Commission. The Adviser is a wholly owned subsidiary of Victory Capital Holdings, Inc. ("VCH"). A majority of the interest in VCH is owned by Crestview Partners II, L.P. and its affiliated funds with the remaining portion owned by Victory employees and a limited number of outside investors.

Under the terms of the Investment Advisory Agreement (the "Advisory Agreement"), the Adviser is entitled to receive fees for its services, computed daily and payable monthly based on a percentage of the average daily net assets of each Fund. For its services, the Funds pay to the Adviser, as of the last day of each month, an annualized fee equal to 0.30% of average net assets of the US 500 Volatility Wtd Index ETF, US Discovery Enhanced Volatility Wtd Index ETF, US 500 Enhanced Volatility Wtd Index ETF, US EQ Income Enhanced Volatility Wtd Index ETF, US Small Cap Volatility Wtd Index ETF, US Large Cap High Div Volatility Wtd Index ETF, US Small Cap High Div Volatility Wtd Index ETF and, 0.40% of the of average net assets of the Developed Enhanced Volatility Wtd Index ETF, International Volatility Wtd Index ETF, and International High Div Volatility Wtd Index ETF, with such fees to be computed daily based upon daily average net assets of the Funds. The Adviser pays expenses incurred by it in connection with acting as investment Adviser to the Funds other than costs (including taxes and brokerage commissions, borrowing costs, costs of investing in underlying funds and extraordinary expenses, if any) of securities purchased for the Funds and certain other expenses paid by the Funds (as detailed in the Advisory Agreement). The Adviser pays for all employees, office space and facilities required by it to provide services under the Advisory Agreement, with the exception of specific items of expense (as detailed in the Advisory Agreement).

Prior to May 1, 2015, Compass Efficient Model Portfolios, LLC ("CEMP") provided investment advisory services to the Funds. For its services, the Funds paid to CEMP, as of the last day of each month, an annualized fee equal to 0.50% of average net assets of the US 500 Volatility Wtd Index ETF, 0.60% of average net assets of the of the US 500 Enhanced Volatility Wtd Index ETF, US EQ Income 100 Enhanced Volatility Wtd Index ETF, and US Discovery 500 Enhanced Volatility Wtd Index ETF, and 0.70% of the of average net assets of the Developed 500 Enhanced Volatility Wtd Index ETF, with such fees to be computed daily based upon daily average assets of the Funds.

For the period ended December 31, 2015, Advisory fees incurred by the Funds as well as amounts due to or from the Adviser at December 31, 2015 were as follows:

Fund	Advisory Fees		Due To/(From) Adviser at December 31, 2015
Victory CEMP US 500 Volatility Wtd Index ETF	$	23,889	$	640
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF		41,386		1,332
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF		163,957		(1,237	)
Victory CEMP Developed Enhanced Volatility Wtd Index ETF		57,535		8,294
Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF		141,136		(2,242	)
Victory CEMP US Small Cap Volatility Wtd Index ETF		7,008		2,834
Victory CEMP International Volatility Wtd Index ETF		7,492		7,277
Victory CEMP US Large Cap High Div Volatility Wtd Index ETF		10,702		(2,789	)

140

Victory Portfolios II Notes to Financial Statements — continued
December 31, 2015

  (Unaudited)

Fund	Advisory Fees		Due To/(From) Adviser at December 31, 2015
Victory CEMP US Small Cap High Div Volatility Wtd Index ETF	$	7,841	$	(322	)
Victory CEMP International High Div Volatility Wtd Index ETF		9,207		1,020

The Adviser has contractually agreed to waive its Advisory fee and/or reimburse expenses an additional amount through at least October 31, 2017 so that the total annual fund operating expenses after fee waiver and expense reimbursement (excluding Acquired Fund Fees and Expenses, and certain other items such as interest, taxes and brokerage commissions) do not exceed 0.35% for the US 500 Volatility Wtd Index ETF, US 500 Enhanced Volatility Wtd Index ETF, US EQ Income Enhanced Volatility Wtd Index ETF, US Discovery Enhanced Volatility Wtd Index ETF, US Small Cap Volatility Wtd Index ETF, US Large Cap High Div Volatility Wtd Index ETF, and US Small Cap High Div Volatility Wtd Index ETF, and 0.45% for the Developed Enhanced Volatility Wtd Index ETF, International Volatility Wtd Index ETF, and International High Div Volatility Wtd Index ETF. The Adviser is permitted to recoup Advisory fees waived and expenses reimbursed by it or by the Fund's predecessor Adviser for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to any operating expense limits in effect at the time of the original waiver or expense reimbursement and at the time of recoupment or reimbursement.

For the period ended December 31, 2015, the Adviser waived Advisory fees and reimbursed expenses were as follows:

Fund	Advisory Fees Waived/Expense Reimbursed
Victory CEMP US 500 Volatility Wtd Index ETF	$	(31,818	)
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF		(37,946	)
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF		(91,117	)
Victory CEMP Developed Enhanced Volatility Wtd Index ETF		(78,152	)
Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF		(86,614	)
Victory CEMP US Small Cap Volatility Wtd Index ETF		(28,244	)
Victory CEMP International Volatility Wtd Index ETF		(36,916	)
Victory CEMP US Large Cap High Div Volatility Wtd Index ETF		(22,138	)
Victory CEMP US Small Cap High Div Volatility Wtd Index ETF		(21,820	)
Victory CEMP International High Div Volatility Wtd Index ETF		(24,656	)

As of December 31, 2015, the Adviser may recapture a portion of the waived and/or reimbursed amounts no later than the dates as stated below:

Fund	June 30, 2018		June 30, 2019
Victory CEMP US 500 Volatility Wtd Index ETF	$	61,304	$	31,818
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF		59,513		37,746
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF		110,009		91,117
Victory CEMP Developed Enhanced Volatility Wtd Index ETF		82,842		78,152
Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF		92,663		86,614
Victory CEMP US Small Cap Volatility Wtd Index ETF		—		28,244
Victory CEMP International Volatility Wtd Index ETF		—		36,916
Victory CEMP US Large Cap High Div Volatility Wtd Index ETF		—		22,138
Victory CEMP US Small Cap High Div Volatility Wtd Index ETF		—		21,820
Victory CEMP International High Div Volatility Wtd Index ETF		—		24,656

U.S. Bank National Association ("U.S. Bank") serves as custodian for the Funds' assets. For its custody services to the Funds, U.S. Bank receives fees at an annualized rate of .004% of the Funds' aggregate average daily net assets, plus applicable per transaction fees. The Funds reimburses U.S. Bank for all of its reasonable out-of-pocket expenses incurred in providing custody services.

141

Victory Portfolios II Notes to Financial Statements — continued
December 31, 2015

  (Unaudited)

U.S. Bancorp Fund Services, LLC ("USB") serves as the Funds' administrator, fund accountant and transfer agent. Under an Administration, Accounting and Transfer Agent Agreement, USB receives for its services the greater of $25 thousand per fund, or at the following annual rates based on the average daily net assets of the Trust:

Trust AUM	Annual Fee
First $100 million		0.0575	%
Next $150 million		0.0525	%
Next $250 million		0.0450	%
Next $250 million		0.0350	%
Thereafter		0.0225	%

The Funds reimburses USB for all of its reasonable out-of-pocket expenses incurred in providing these services.

Quasar Distributors, LLC (the "Distributor") serves as distributor for the shares of the Funds pursuant to a Distribution Agreement between the Distributor and the Trust.

Pursuant to the Distribution and Service Plans adopted in accordance with Rule 12b-1 under the 1940 Act, the Distributor may receive a monthly distribution and service fee, at an annual rate of up to 0.25% of average daily net assets. No distribution or service fees are currently paid by the Funds and there are no current plans to impose these fees.

5.  Risks:

In the normal course of business, each Fund's investment activities expose it to various types of risk associated with the financial instruments and markets in which it invests. The significant types of financial risks each Fund is exposed to include market risk and credit risk. Each Fund's prospectus provides details of these and other types of risk.

Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss each Fund may suffer through holding market positions in the face of market movements. Each Fund is exposed to market risk by virtue of its investment in equity instruments. The fair value of securities held by the Funds may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of each Fund's exposure to market risk is the market value of the investments held as shown in the Fund's schedule of investments.

A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments. The Victory CEMP Developed 500 Enhanced Volatility Wtd Index ETF, Victory CEMP International Volatility Wtd Index ETF, and Victory CEMP International High Div Volatility Wtd Index ETF invests in securities of foreign issuers in various countries. Investing on an international basis involves certain risks not involved in domestic investments including the risk of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of foreign currency, confiscatory taxation, political or financial instability and diplomatic developments, which could affect the value of a Fund's investments in certain foreign countries. Governments of many countries have exercised and continue to exercise substantial influence over many aspects of the private sector through the ownership or control of many companies, including some of the largest in these countries. As a result, government actions in the future could have a significant effect on economic conditions which may adversely affect prices of certain portfolio securities. There is also generally less government supervision and regulation of stock exchanges, brokers, and listed companies than in the U.S. Dividends or interest on, or proceeds from the sale

142

Victory Portfolios II Notes to Financial Statements — continued
December 31, 2015

  (Unaudited)

of, foreign securities may be subject to foreign withholding taxes, and special U.S. tax considerations may apply. Moreover, foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital re-investment, resource self-sufficiency and balance of payments position. The Schedule of Investments includes information on each Fund's holdings, including industry and/or geographical composition, as relevant.

Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments to otherwise honor its obligations. The Funds may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. The Funds may experience significant delays in obtaining any recovery in bankruptcy or other reorganization proceeding and the Funds may obtain only limited recovery or may obtain no recovery in such circumstances. The Funds typically enter into transactions with counterparties whose credit ratings are investment grade, as determined by a nationally recognized statistical rating organization or, if unrated, judged by the Adviser to be of comparable quality.

6.  Line of Credit:

The Trust, Victory Institutional Funds, Victory Portfolios and Victory Variable Insurance Funds, (collectively, the "Victory Trusts") participate in a short-term, demand note "Line of Credit" agreement with Citibank N.A. ("Citibank"). Under the agreement with Citibank, the Trusts may borrow up to $100 million, of which $50 million is committed and $50 million is uncommitted. The purpose of the agreement is to meet temporary or emergency cash needs, including redemption requests that might otherwise require the untimely disposition of securities. Citibank receives an annual commitment fee of 0.10% on $50 million for providing the Line of Credit. During the six-months ended December 31, 2015, Citibank earned approximately $25,000 for Line of Credit fees. Each Fund covered by the facility pays a pro-rata portion of this commitment fee plus any interest on amounts borrowed. During the six-months ended December 31, 2015, none of the ETFs borrowed on the line of credit. As of December 31, 2015, there were no outstanding balances in the ETFs.

7.  Federal Income Tax Information:

The tax character of distributions for the following periods was as follows:

For the period ended June 30, 2015:

	Ordinary Income		Realized Gain
Victory CEMP US 500 Volatility Wtd Index ETF	$	93,836		—
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF		607,150		—
Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF		1,513,918		—
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF		132,709		—
Victory CEMP Developed Enhanced Volatility Wtd Index ETF		243,567	$	283

The Fund designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Fund related to net capital gain to zero for the tax year ended June 30, 2015.

*The following funds were not active as of June 30, 2015: Victory CEMP US Small Cap Volatility Wtd Index ETF, Victory CEMP International Volatility Wtd Index ETF, Victory CEMP Large Cap High Div Volatility Wtd Index ETF, Victory CEMP Small Cap High Div Volatility Wtd Index ETF, and Victory CEMP International High Div Volatility Wtd Index ETF.

143

Victory Portfolios II Notes to Financial Statements — continued
December 31, 2015

  (Unaudited)

As of June 30, 2015, the components of accumulated earnings (losses) for income tax purposes were as follows:

	Victory CEMP US 500 Volatility Wtd Index ETF			Victory CEMP US 500 Enhanced Volatility Wtd Index ETF			Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF			Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF			Victory CEMP Developed Enhanced Volatility Wtd Index ETF
Tax cost of investments	$	8,889,101		$	85,536,942		$	89,258,208		$	23,181,430		$	24,835,526
Unrealized appreciation		652,595			3,937,810			2,046,139			1,477,562			847,473
Unrealized depreciation		(376,640	)		(3,346,222	)		(4,989,670	)		(1,154,642	)		(1,114,637	)
Net unrealized appreciation (depreciation)		275,955			591,588			(2,943,531	)		322,920			(267,164	)
Undistributed OI		10,540			44,334			96,861			10,079			24,614
Undistributed LTG		8,766			—			—			—			5,861
Distributable earnings		19,306			44,334			96,861			10,079			30,475
Other accumulated loss		—			(554,543	)		(728,074	)		(118,336	)		(9,804	)
Total accumulated gain/(loss)	$	295,261		$	81,379		$	(3,574,744	)	$	214,663		$	(246,493	)

The difference between book basis and tax basis unrealized appreciation/(depreciation) is primarily attributable to the tax deferral of losses on wash sales, the mark to market on open futures contracts and adjustments for C-Corporation return of capital distributions, and passive foreign investment companies.

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such late year losses as follows:

	Post October Losses
Victory CEMP US 500 Volatility Wtd Index ETF		—
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF	$	498,681
Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF		697,895
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF		110,845
Victory CEMP Developed Enhanced Volatility Wtd Index ETF		9,767

At June 30, 2015, the Funds had capital loss carry-forwards (no expiration) for federal income tax purposes available to offset future capital gains as follows:

	Short Term
Victory CEMP US 500 Volatility Wtd Index ETF		—
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF	$	55,862
Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF		30,179
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF		7,491
Victory CEMP Developed Enhanced Volatility Wtd Index ETF		—

144

Victory Portfolios II Notes to Financial Statements — continued
December 31, 2015

  (Unaudited)

Permanent book and tax differences, primarily due to gains in-kind distributions not taxable and foreign currency gains (losses) resulted in reclassifications for the period ended June 30, 2015 as follows:

	Paid In Capital		Accumulated Net Realized Gain (Loss)			Undistributed Net Investment Income
Victory CEMP US 500 Volatility Wtd Index ETF	$	51,805	$	(51,805	)		—
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF		1,858,753		(1,858,753	)		—
Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF		2,571,779		(2,571,779	)		—
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF		1,171,807		(1,171,807	)		—
Victory CEMP Developed Enhanced Volatility Wtd Index ETF		—		1,986		$	(1,986	)

145

Victory Portfolios II Supplemental Information
December 31, 2015

  (Unaudited)

Trustee and Officer Information

Board of Trustees:

Overall responsibility for management of the Trust rests with the Board. The Trust in managed by the Board in accordance with the laws of the State of Delaware. There are currently eight Trustees, seven of whom are not "interested persons" of the Trust within the meaning of that term under the 1940 Act ("Independent Trustees") and one of whom is an "interested person" of the Trust within the meaning of that term under that 1940 Act ("Interested Trustee"). The Trustees, in turn, elect the officers of the Trust to actively supervise its day-to-day operations.

The following tables list the Trustees, their ages, positions with the Trust, commencement of service, principal occupations during the past five years and any directorships of other investment companies or companies whose securities are registered under the Securities Exchange Act of 1934, as amended, or who file reports under that Act.

Each Trustee oversees 26 portfolios in the Trust, 25 portfolios in The Victory Portfolios, one portfolio in The Victory Variable Insurance Funds and one portfolio in The Victory Institutional Funds, each a registered investment company that, together with the Trust, comprise the Victory Fund Complex. Each Trustee's address is c/o The Victory Portfolios II, 615 East Michigan Street, Milwaukee, Wisconsin 53202. Each Trustee has an indefinite term.

Name, Address, and Age	Positions Held with the Trust	Date Commenced Service and Term of Office	Principal Occupation During Past 5 Years	Other Directorships Held by Trustee During Past 5 Years
Independent Trustees
David Brooks Adcock, 64	Trustee	May 2015	Consultant (since 2006).	FBR Funds (2011-2012).
Nigel D. T. Andrews, 68	Vice Chair and Trustee	May 2015	Retired.	Carlyle GMS Finance, Inc. (since 2012); Old Mutual plc. (2002-2011); Old Mutual US Asset Management (2002-2014).
E. Lee Beard, 64	Trustee	May 2015	Retired (since 2015); Consultant, The Henlee Group, LLC (consulting) (2005-2015).	Penn Millers Holding Corporation (January 2011 to November 2011).
Sally M. Dungan, 61	Trustee	May 2015	Chief Investment Officer, Tufts University (since 2002).	ProCredit Holding Supervisory Board (2006-2011).
John L. Kelly, 62	Trustee	May 2015	Bulk physical commodities broker, Endgate Commodities LLC (since 2014); Chief Operating Officer, Liquidnet Holdings, Inc. (2011-2014); Managing Member, Crossroad LLC (Consultants) (2009-2011).	Director, Caledonia Mining Corporation (since May 2012); Managing Member, Crossroad LLC (since May 2009 to present).

146

Victory Portfolios II Supplemental Information — continued
December 31, 2015

  (Unaudited)

Name, Address, and Age	Positions Held with the Trust	Date Commenced Service and Term of Office	Principal Occupation During Past 5 Years	Other Directorships Held by Trustee During Past 5 Years
David L. Meyer, 58	Chair and Trustee	May 2015	Retired.	None.
Leigh A. Wilson, 71	Trustee	May 2015	Private Investor.	Chair (since 2013) and Director (since 2012 and March-October 2008), Caledonia Mining Corporation; Director, The Mutual Fund Directors Forum (2004-2013).
Interested Trustees
David C. Brown, 43	Trustee	May 2015	Chief Executive Officer (since August 2013), Co-Chief Executive Officer (2011-2013), President — Investments and Operations (2010-2011) and Chief Operating Officer (2004-2011), the Adviser; Chief Executive Officer (since 2013), Victory Capital Holdings, Inc.	None.

Mr. Brown is an "Interested Person" by reason of his relationship with the Adviser.

The Board has designated Mr. Meyer and Ms. Beard as its Audit Committee Financial Experts.

The Statement of Additional Information includes additional information about the Trustees of the Trust and is available, without charge, by calling 866-376-7890.

147

Victory Portfolios II Supplemental Information — continued
December 31, 2015

  (Unaudited)

Officers:

The officers of the Trust, their ages, commencement of service and their principal occupations during the past five years, are detailed in the following table. Each officer serves until the earlier of his or her resignation, removal, retirement, death, or the election of a successor. The mailing address of each officer of the Trust is c/o The Victory Portfolios II Trust, 615 East Michigan Street, Milwaukee, Wisconsin 53202. Except for the Chief Compliance Officer, the officers of the Trust receive no compensation directly from the Trust for performing the duties of their offices.

Name, Address, and Age	Positions Held with the Trust	Date Commenced Service and Term of Office	Principal Occupation During Past 5 Years
Christopher K. Dyer, 54	President	May 2015	Director of Mutual Fund Administration, the Adviser.
Scott A. Stahorsky, 46	Vice President	May 2015	Manager, Fund Administration, the Adviser (since 2015). Senior Analyst, Fund Administration, the Adviser (prior to 2015).
Erin G. Wagner, 42	Secretary	May 2015	Associate General Counsel, the Adviser (since 2013).
Christopher A. Ponte, 31	Treasurer	May 2015	Senior Analyst, Fund Administration, the Adviser; Registered Principal, Victory Capital Advisers, Inc. (since 2011).
Jay G. Baris, 62	Assistant Secretary	May 2015	Partner, Morrison & Foerster LLP (since 2011).
Edward J. Veilleux, 72	Chief Compliance Officer	May 2015	President of EJV Financial Services (mutual fund consulting)
Chuck Booth, 55	Anti-Money Laundering Compliance Officer and Identity Theft Officer	May 2015	Director, Regulatory Administration and CCO Support Services, Citi Fund Services Ohio, Inc.

148

Victory Portfolios II Supplemental Information — continued
December 31, 2015

  (Unaudited)

Additional Federal Income Tax Information

For the fiscal year ended June 30, 2015, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Reconciliation Act of 2003.

The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

Victory CEMP US 500 Volatility Wtd Index ETF	100.00	%
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF	100.00	%
Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF	100.00	%
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF	100.00	%
Victory CEMP Developed Enhanced Volatility Wtd Index ETF	100.00	%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended June 30, 2015 was as follows:

Victory CEMP US 500 Volatility Wtd Index ETF	100.00	%
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF	100.00	%
Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF	100.00	%
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF	100.00	%
Victory CEMP Developed Enhanced Volatility Wtd Index ETF	0.00	%

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund were as follows:

Victory CEMP US 500 Volatility Wtd Index ETF	0.00	%
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF	0.00	%
Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF	0.00	%
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF	0.00	%
Victory CEMP Developed Enhanced Volatility Wtd Index ETF	0.08	%

For the year ended June 30, 2015 the Victory CEMP Developed Enhanced Volatility Wtd Index ETF earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders pursuant to section 853 of the Internal Revenue Code as follows:

Country	Gross Dividend		Taxes Withheld
Australia		19,764		237
Belgium		5,843		877
Bermuda		1,703		—
Canada		29,482		4,422
Switzerland		26,558		2,005
Germany		30,978		4,233
Denmark		7,516		1,127
Spain		11,562		1,734
Finland		6,360		954
France		44,324		6,648
Ireland		1,383		—
Israel		1,397		223
Italy		11,321		1,734
Jersey		4,446		139
Japan		36,951		3,695
Netherlands		7,246		990
Norway		3,971		596
Portugal		2,430		607
Sweden		21,412		3,367
Total		274,647		33,588

149

Victory Portfolios II Supplemental Information — continued
December 31, 2015

  (Unaudited)

Proxy Voting and Form N-Q Information

Proxy Voting:

Information regarding the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 800-539-3863. The information is also included in the Fund's Statement of Additional Information, which is available on the Security and Exchange Commission's ("SEC") website at www.sec.gov.

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

Availability of Schedules of Investments:

The Trust files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Form N-Q is available on the SEC's website at http://www.sec.gov. You may also review or, for a fee, copy those documents by visiting the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room can be obtained by calling the SEC at 202-551-8090.

Expense Examples

As a shareholder of a Fund, you pay ongoing expenses, such as advisory fees, distribution and service fees (12b-1), and other fund expenses. The following examples are intended to help you understand the ongoing cost (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note, the expenses shown in the tables are meant to highlight ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions which may be assessed by mutual funds. This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses:

The columns under the heading entitled "Actual" help you estimate the actual expenses you paid over the period. The "Actual Ending Account Value" shown is derived from a Fund's actual return and the "Actual Expenses Paid During Period" show the dollar amount that would have been paid by an investor who started with $1,000 in a Fund. To estimate the expenses you paid on your account during this period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the column under the heading untitled "Actual Expenses Paid During Period".

Hypothetical Example for Comparison Purposes:

The columns under the heading entitled "Hypothetical" provide information about hypothetical account value and hypothetical expenses based on a Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs which may be applicable to your account. Therefore, the last column of the table (Hypothetical Expenses Paid During Period) is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

150

Victory Portfolios II Supplemental Information — continued
December 31, 2015

  (Unaudited)

						Actual				Hypothetical (5% return before expenses)
	Fund's Annual Expense Ratio			Beginning Account Value 07/01/15		Ending Account Value 12/31/15		Expenses Paid During Period(a)		Ending Account Value 12/31/15		Expenses Paid During Period
Victory CEMP US 500 Volatility Wtd Index ETF		0.35	%	$	1,000.00	$	979.90	$	1.74	$	1,023.38	$	1.78
Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF		0.35	%		1,000.00		884.40		1.66		1,023.38		1.78
Victory CEMP US 500 Enhanced Volatility Wtd Index ETF		0.35	%		1,000.00		979.90		1.74		1,023.38		1.78
Victory CEMP Developed Enhanced Volatility Wtd Index ETF		0.45	%		1,000.00		899.20		2.15		1,022.87		2.29
Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF		0.35	%		1,000.00		1,017.50		1.77		1,023.38		1.78

(a)  Actual Expenses Paid During Period are equal to each Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by days in period (184), and divided by 366.

						Actual				Hypothetical (5% return before expenses)
	Fund's Annual Expense Ratio			Beginning Account Value 07/08/15(a)		Ending Account Value 12/31/15		Expenses Paid During Period(b)		Ending Account Value 12/31/15		Expenses Paid During Period
Victory CEMP US Small Cap Volatility Wtd Index ETF		0.35	%	$	1,000.00	$	943.8	$	1.65	$	1,022.49	$	1.71
Victory CEMP US Large Cap High Div Volatility Wtd Index ETF		0.35	%		1,000.00		996.30		1.69		1,022.49		1.71
Victory CEMP US Small Cap High Div Volatility Wtd Index ETF		0.35	%		1,000.00		952.80		1.65		1,022.49		1.71

(a)  Inception date of the Fund.

(b)  Actual Expenses Paid During Period are equal to each Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by days in period (177), and divided by 366.

151

Victory Portfolios II Supplemental Information — continued
December 31, 2015

  (Unaudited)

						Actual				Hypothetical (5% return before expenses)
	Fund's Annual Expense Ratio			Beginning Account Value 08/21/15(a)		Ending Account Value 12/31/15		Expenses Paid During Period(b)		Ending Account Value 12/31/15		Expenses Paid During Period
Victory CEMP International Volatility Wtd Index ETF		0.45	%	$	1,000.00	$	966.50	$	1.61	$	1,016.53	$	1.65
Victory CEMP International High Div Volatility Wtd Index ETF		0.45	%		1,000.00		931.80		1.58		1,016.53		1.65

(a)  Inception date of the Fund.

(b)  Actual Expenses Paid During Period are equal to each Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by days in period (133), and divided by 366.

152

Victory Portfolios II Supplemental Information — continued
December 31, 2015

  (Unaudited)

Portfolio Allocation

Victory CEMP US 500 Volatility Wtd Index ETF

Portfolio Holdings

As a Percentage of Total Investments

Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF

Portfolio Holdings

As a Percentage of Total Investments

Victory CEMP US 500 Enhanced Volatility Wtd Index ETF

Portfolio Holdings

As a Percentage of Total Investments

Victory CEMP Developed Enhanced Volatility Wtd Index ETF

Portfolio Holdings

As a Percentage of Total Investments

153

Victory Portfolios II Supplemental Information — continued
December 31, 2015

  (Unaudited)

Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF

Portfolio Holdings

As a Percentage of Total Investments

Victory CEMP US Small Cap Volatility Wtd Index ETF

Portfolio Holdings

As a Percentage of Total Investments

Victory CEMP International Volatility Wtd Index ETF

Portfolio Holdings

As a Percentage of Total Investments

Victory CEMP US Large Cap High Div Volatility Wtd Index ETF

Portfolio Holdings

As a Percentage of Total Investments

154

Victory Portfolios II Supplemental Information — continued
December 31, 2015

  (Unaudited)

Victory CEMP US Small Cap High Div Volatility Wtd Index ETF

Portfolio Holdings

As a Percentage of Total Investments

Victory CEMP International High Div Volatility Wtd Index ETF

Portfolio Holdings

As a Percentage of Total Investments

Change in Independent Registered Public Accounting Firm:

BBD LLP was previously the principal accountant for Compass EMP Funds. On August 19, 2015 that firm resigned and Cohen Fund Audit Services, LTD was engaged as principal accountants. The decision to change accountants was approved by the audit committee of the Board of Trustees.

During the fiscal year ended June 30, 2015, there were no: (1) disagreements with BBD LLP on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements if not resolved to their satisfaction would have caused them to make reference in connection with their opinion to the subject matter of the disagreements, or (2) reportable events.

The audit reports of BBD LLP on the financial statements of Compass EMP Funds as of and for the year ended June 30, 2015 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.

155

Victory Portfolios II Supplemental Information — continued
December 31, 2015

  (Unaudited)

Frequency Distribution of Premiums and Discounts

Closing Price vs. NAV

The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for the Funds were at a premium or discount to their daily net asset value (NAV). The chart presented represents past performance and cannot be used to predict future results.

Victory CEMP US 500 Volatility Wtd Index ETF

Period Covered July 01, 2014 through June 30, 2015

Premium/Discount Range			Number of Trading Days		% of Total Trade Days
	1.00	% or more		16		6.35	%
	0.75	% to 0.999%		7		2.78	%
	0.50	% to 0.749%		11		4.37	%
	0.25	% to 0.499%		20		7.94	%
	0.00	% to 0.249%		72		28.57	%
	-0.001	% to -0.249%		88		34.92	%
	-0.25	% to -0.499%		18		7.14	%
	-0.50	% to -0.749%		6		2.38	%
	-0.75	% to -0.999%		6		2.38	%
	-1.00	% or more		8		3.17	%
				252		100.00	%

Period Covered July 01, 2015 through December 31, 2015

Premium/Discount Range			Number of Trading Days		% of Total Trade Days
	1.00	% or more		5		3.91	%
	0.75	% to 0.999%		3		2.34	%
	0.50	% to 0.749%		6		4.69	%
	0.25	% to 0.499%		6		4.69	%
	0.00	% to 0.249%		46		35.94	%
	-0.001	% to -0.249%		44		34.38	%
	-0.25	% to -0.499%		7		5.47	%
	-0.50	% to -0.749%		5		3.91	%
	-0.75	% to -0.999%		3		2.34	%
	-1.00	% or more		3		2.34	%
				128		100.00	%

156

Victory Portfolios II Supplemental Information — continued
December 31, 2015

  (Unaudited)

Victory CEMP US Discovery Enhanced Volatility Wtd Index ETF

Period Covered August 01, 2014 through June 30, 2015

Premium/Discount Range			Number of Trading Days		% of Total Trade Days
	1.00	% or more		8		3.46	%
	0.75	% to 0.999%		3		1.30	%
	0.50	% to 0.749%		6		2.60	%
	0.25	% to 0.499%		18		7.79	%
	0.00	% to 0.249%		112		48.49	%
	-0.001	% to -0.249%		56		24.24	%
	-0.25	% to -0.499%		22		9.52	%
	-0.50	% to -0.749%		3		1.30	%
	-0.75	% to -0.999%		1		0.43	%
	-1.00	% or more		2		0.87	%
				231		100.00	%

Period Covered July 01, 2015 through December 31, 2015

Premium/Discount Range			Number of Trading Days		% of Total Trade Days
	1.00	% or more		1		0.78	%
	0.75	% to 0.999%		1		0.78	%
	0.50	% to 0.749%		2		1.56	%
	0.25	% to 0.499%		10		7.81	%
	0.00	% to 0.249%		70		54.69	%
	-0.001	% to -0.249%		36		28.13	%
	-0.25	% to -0.499%		4		3.13	%
	-0.50	% to -0.749%		2		1.56	%
	-0.75	% to -0.999%		0		0.00	%
	-1.00	% or more		2		1.56	%
				128		100.00	%

157

Victory Portfolios II Supplemental Information — continued
December 31, 2015

  (Unaudited)

Victory CEMP US 500 Enhanced Volatility Wtd Index ETF

Period Covered August 01, 2014 through June 30, 2015

Premium/Discount Range			Number of Trading Days		% of Total Trade Days
	1.00	% or more		0		0.00	%
	0.75	% to 0.999%		0		0.00	%
	0.50	% to 0.749%		2		0.79	%
	0.25	% to 0.499%		11		4.37	%
	0.00	% to 0.249%		184		73.01	%
	-0.001	% to -0.249%		51		20.24	%
	-0.25	% to -0.499%		3		1.19	%
	-0.50	% to -0.749%		0		0.00	%
	-0.75	% to -0.999%		0		0.00	%
	-1.00	% or more		1		0.40	%
				252		100.00	%

Period Covered July 01, 2015 through December 31, 2015

Premium/Discount Range			Number of Trading Days		% of Total Trade Days
	1.00	% or more		0		0.00	%
	0.75	% to 0.999%		0		0.00	%
	0.50	% to 0.749%		0		0.00	%
	0.25	% to 0.499%		6		4.69	%
	0.00	% to 0.249%		89		69.53	%
	-0.001	% to -0.249%		28		21.88	%
	-0.25	% to -0.499%		5		3.91	%
	-0.50	% to -0.749%		0		0.00	%
	-0.75	% to -0.999%		0		0.00	%
	-1.00	% or more		0		0.00	%
				128		100.00	%

158

Victory Portfolios II Supplemental Information — continued
December 31, 2015

  (Unaudited)

Victory CEMP Developed Enhanced Volatility Wtd Index ETF

Period Covered September 30, 2014 through June 30, 2015

Premium/Discount Range			Number of Trading Days		% of Total Trade Days
	1.00	% or more		39		20.63	%
	0.75	% to 0.999%		26		13.76	%
	0.50	% to 0.749%		27		14.29	%
	0.25	% to 0.499%		41		21.69	%
	0.00	% to 0.249%		35		18.52	%
	-0.001	% to -0.249%		10		5.29	%
	-0.25	% to -0.499%		6		3.17	%
	-0.50	% to -0.749%		2		1.06	%
	-0.75	% to -0.999%		2		1.06	%
	-1.00	% or more		1		0.53	%
				189		100.00	%

Period Covered July 01, 2015 through December 31, 2015

Premium/Discount Range			Number of Trading Days		% of Total Trade Days
	1.00	% or more		30		23.44	%
	0.75	% to 0.999%		20		15.63	%
	0.50	% to 0.749%		29		22.66	%
	0.25	% to 0.499%		23		17.97	%
	0.00	% to 0.249%		12		9.38	%
	-0.001	% to -0.249%		6		4.69	%
	-0.25	% to -0.499%		3		2.34	%
	-0.50	% to -0.749%		3		2.34	%
	-0.75	% to -0.999%		1		0.78	%
	-1.00	% or more		1		0.78	%
				128		100.00	%

159

Victory Portfolios II Supplemental Information — continued
December 31, 2015

  (Unaudited)

Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF

Period Covered July 01, 2014 through June 30, 2015

Premium/Discount Range			Number of Trading Days		% of Total Trade Days
	1.00	% or more		0		0.00	%
	0.75	% to 0.999%		0		0.00	%
	0.50	% to 0.749%		1		0.40	%
	0.25	% to 0.499%		5		1.98	%
	0.00	% to 0.249%		188		74.60	%
	-0.001	% to -0.249%		56		22.22	%
	-0.25	% to -0.499%		1		0.40	%
	-0.50	% to -0.749%		0		0.00	%
	-0.75	% to -0.999%		1		0.40	%
	-1.00	% or more		0		0.00	%
				252		100.00	%

Period Covered July 01, 2015 through December 31, 2015

Premium/Discount Range			Number of Trading Days		% of Total Trade Days
	1.00	% or more		0		0.00	%
	0.75	% to 0.999%		1		0.78	%
	0.50	% to 0.749%		1		0.78	%
	0.25	% to 0.499%		6		4.69	%
	0.00	% to 0.249%		73		57.03	%
	-0.001	% to -0.249%		37		28.91	%
	-0.25	% to -0.499%		8		6.25	%
	-0.50	% to -0.749%		2		1.56	%
	-0.75	% to -0.999%		0		0.00	%
	-1.00	% or more		0		0.00	%
				128		100.00	%

160

Victory Portfolios II Supplemental Information — continued
December 31, 2015

  (Unaudited)

Victory CEMP US Small Cap High Div Volatility Wtd Index ETF

Period Covered July 08, 2015 through December 31, 2015

Premium/Discount Range			Number of Trading Days		% of Total Trade Days
	1.00	% or more		19		15.20	%
	0.75	% to 0.999%		1		0.80	%
	0.50	% to 0.749%		9		7.20	%
	0.25	% to 0.499%		18		14.40	%
	0.00	% to 0.249%		28		22.40	%
	-0.001	% to -0.249%		17		13.60	%
	-0.25	% to -0.499%		9		7.20	%
	-0.50	% to -0.749%		9		7.20	%
	-0.75	% to -0.999%		3		2.40	%
	-1.00	% or more		12		9.60	%
				125		100.00	%

Victory CEMP International Volatility Wtd Index ETF

Period Covered August 21, 2015 through December 31, 2015

Premium/Discount Range			Number of Trading Days		% of Total Trade Days
	1.00	% or more		23		24.47	%
	0.75	% to 0.999%		6		6.38	%
	0.50	% to 0.749%		9		9.57	%
	0.25	% to 0.499%		16		17.02	%
	0.00	% to 0.249%		18		19.15	%
	-0.001	% to -0.249%		7		7.45	%
	-0.25	% to -0.499%		4		4.26	%
	-0.50	% to -0.749%		2		2.13	%
	-0.75	% to -0.999%		4		4.26	%
	-1.00	% or more		5		5.32	%
				94		100.00	%

161

Victory Portfolios II Supplemental Information — continued
December 31, 2015

  (Unaudited)

Victory CEMP US Large Cap High Div Volatility Wtd Index ETF

Period Covered July 08, 2015 through December 31, 2015

Premium/Discount Range			Number of Trading Days		% of Total Trade Days
	1.00	% or more		11		8.80	%
	0.75	% to 0.999%		1		0.80	%
	0.50	% to 0.749%		9		7.20	%
	0.25	% to 0.499%		15		12.00	%
	0.00	% to 0.249%		37		29.60	%
	-0.001	% to -0.249%		25		20.00	%
	-0.25	% to -0.499%		11		8.80	%
	-0.50	% to -0.749%		2		1.60	%
	-0.75	% to -0.999%		5		4.00	%
	-1.00	% or more		9		7.20	%
				125		100.00	%

Victory CEMP US Small Cap Volatility Wtd Index ETF

Period Covered July 08, 2015 through December 31, 2015

Premium/Discount Range			Number of Trading Days		% of Total Trade Days
	1.00	% or more		14		11.20	%
	0.75	% to 0.999%		4		3.20	%
	0.50	% to 0.749%		4		3.20	%
	0.25	% to 0.499%		14		11.20	%
	0.00	% to 0.249%		37		29.60	%
	-0.001	% to -0.249%		15		12.00	%
	-0.25	% to -0.499%		9		7.20	%
	-0.50	% to -0.749%		6		4.80	%
	-0.75	% to -0.999%		4		3.20	%
	-1.00	% or more		18		14.40	%
				125		100.00	%

162

Victory Portfolios II Supplemental Information — continued
December 31, 2015

  (Unaudited)

Victory CEMP International High Div Volatility Wtd Index ETF

Period Covered August 21, 2015 through December 31, 2015

Premium/Discount Range			Number of Trading Days		% of Total Trade Days
	1.00	% or more		16		17.02	%
	0.75	% to 0.999%		8		8.51	%
	0.50	% to 0.749%		12		12.77	%
	0.25	% to 0.499%		19		20.21	%
	0.00	% to 0.249%		15		15.96	%
	-0.001	% to -0.249%		10		10.64	%
	-0.25	% to -0.499%		3		3.19	%
	-0.50	% to -0.749%		5		5.32	%
	-0.75	% to -0.999%		3		3.19	%
	-1.00	% or more		3		3.19	%
				94		100.00	%

163

Victory CEMP Funds
c/o U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202

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

VP-COMPASSETF-SAR (12/15)

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the “Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act.  The independent members of the committee are as follows:  David Adcock, E. Lee Beard, David Meyers, and Leigh Wilson.

Item 6. Investments.

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

Not Applicable.

Item 11. Controls and Procedures.

(a)The Registrant’s President and Treasurer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940

1

(the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.  Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.  Not applicable to semi-annual reports.

(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.  Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.  Not applicable to open-end investment companies.

(b)Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.  Furnished herewith.

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)		Victory Portfolios II
By (Signature and Title)*			/s/ Christopher K. Dyer
			Christopher K. Dyer, President
Date	March 1, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*		/s/ Christopher K. Dyer
		Christopher K. Dyer, President
Date	March 1, 2016
By (Signature and Title)*		/s/ Christopher A. Ponte
		Christopher A. Ponte, Treasurer
Date	March 1, 2016

* Print the name and title of each signing officer under his or her signature.

3