2 Call Victory at: 800-539-FUND (800-539-3863) Visit our website at: vcm.com IRA DISTRIBUTION WITHHOLDING DISCLOSURE We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution and, if you live in a state that requires state income tax withholding, at your state’s tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call 800-539-3863 and form W-4P (OMB No. 1545-0074 withholding certificate for pension or annuity payments) will be electronically sent. If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution. For more specific information, please consult your tax adviser. The Funds are distributed by Foreside Fund Services, 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 Funds. For additional information about any Victory Fund, including fees, expenses, and risks, view our prospectus online at vcm.com or call 800-539-3863. Read it carefully before you invest or send money. The information in this 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 Funds, markets or securities mentioned herein should not be considered to be indicative of future results. • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

4 Victory Portfolios II VictoryShares US Small Mid Cap Value Momentum ETF December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Nasdaq Victory US Small Mid Cap Value Momentum Index. Top 10 Holdings*: December 31, 2022 (% of Net Assets) Equity Commonwealth 0.7% Premier, Inc., Class A 0.6% Agree Realty Corp. 0.6% Northwest Bancshares, Inc. 0.6% CVB Financial Corp. 0.6% OGE Energy Corp. 0.6% National Retail Properties, Inc. 0.6% Prestige Consumer Healthcare, Inc. 0.6% Prosperity Bancshares, Inc. 0.6% Henry Schein, Inc. 0.5% Sector Allocation*: December 31, 2022 (% of Net Assets) Industrials 20.0% Financials 15.8% Communication Services 2.6% Utilities 4.1% Consumer Staples 4.5% Energy 4.6% Materials 5.1% Real Estate 7.9% Information Technology 9.4% Consumer Discretionary 11.4% Health Care 14.1% * Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities.

5 Victory Portfolios II VictoryShares International Value Momentum ETF December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Nasdaq Victory International Value Momentum Index. Top 10 Holdings*: December 31, 2022 (% of Net Assets) Orange SA 1.2% Canadian Utilities Ltd., Class A 1.0% Henkel AG And Co. KGaA, Preference Shares 0.9% George Weston Ltd. 0.9% Capital Power Corp. 0.9% Banque Cantonale Vaudoise, Registered Shares 0.8% KT&G Corp. 0.8% Bouygues SA 0.8% British American Tobacco PLC 0.8% Vivendi SE 0.8% Sector Allocation*: December 31, 2022 (% of Net Assets) Financials 17.4% Industrials 15.3% Consumer Staples 11.3% Energy 3.5% Information Technology 4.9% Utilities 6.0% Materials 7.0% Real Estate 7.4% Communication Services 7.5% Health Care 9.0% Consumer Discretionary 9.5% * Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities.

6 Victory Portfolios II VictoryShares Emerging Markets Value Momentum ETF December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Nasdaq Victory Emerging Market Value Momentum Index. Top 10 Holdings*: December 31, 2022 (% of Net Assets) Malayan Banking Bhd 1.7% Hong Leong Bank Bhd 1.7% RHB Bank Bhd 1.4% Bangkok Bank PCL 1.3% Charoen Pokphand Foods PCL 1.2% Kasikornbank PCL 1.2% Public Bank Bhd 1.1% Bank of China Ltd., Class H 1.1% PT Indofood Sukses Makmur Tbk 1.1% Agricultural Bank of China Ltd., Class H 1.1% Sector Allocation*: December 31, 2022 (% of Net Assets) Financials 28.0% Information Technology 13.4% Real Estate 2.1% Utilities 3.7% Communication Services 5.0% Materials 5.8% Energy 6.2% Health Care 6.6% Consumer Discretionary 8.9% Industrials 9.2% Consumer Staples 10.6% * Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities.

Schedule of Portfolio Investments December 31, 2022 Victory Portfolios II VictoryShares US Value Momentum ETF 7 (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (99.5%) Communication Services (5.2%): Alphabet, Inc., Class A (a) ................................................ 16,044 $ 1,415,562 AT&T, Inc. ........................................................... 123,368 2,271,205 Fox Corp., Class A ..................................................... 62,269 1,891,109 Liberty Media Corp.-Liberty Formula One, Class C (a) ............................ 31,469 1,881,217 Omnicom Group, Inc. ................................................... 27,119 2,212,097 Paramount Global, Class B (b) ............................................. 60,440 1,020,227 T-Mobile U.S., Inc. (a) ................................................... 15,512 2,171,680 12,863,097 Consumer Discretionary (8.3%): AutoZone, Inc. (a) ...................................................... 824 2,032,132 Best Buy Co., Inc. ...................................................... 16,143 1,294,830 D.R. Horton, Inc. ...................................................... 16,707 1,489,262 Dollar General Corp. .................................................... 7,648 1,883,320 Dollar Tree, Inc. (a) ..................................................... 9,561 1,352,308 Ford Motor Co. ........................................................ 100,224 1,165,605 General Motors Co. ..................................................... 36,201 1,217,802 Genuine Parts Co. ...................................................... 14,760 2,561,008 Lennar Corp., Class A ................................................... 16,877 1,527,368 LKQ Corp. ........................................................... 39,468 2,107,986 O'Reilly Automotive, Inc. (a) .............................................. 2,453 2,070,406 Ulta Beauty, Inc. (a) ..................................................... 3,746 1,757,136 20,459,163 Consumer Staples (6.3%): General Mills, Inc. ..................................................... 33,738 2,828,931 Kellogg Co. .......................................................... 40,767 2,904,241 The Hershey Co. ....................................................... 12,769 2,956,918 The Kraft Heinz Co. .................................................... 62,646 2,550,319 The Kroger Co. ........................................................ 44,562 1,986,574 Tyson Foods, Inc., Class A ................................................ 37,993 2,365,064 15,592,047 Energy (4.1%): Chevron Corp. ........................................................ 10,490 1,882,850 Coterra Energy, Inc. ..................................................... 49,465 1,215,355 Exxon Mobil Corp. ..................................................... 16,413 1,810,354 Marathon Oil Corp. ..................................................... 38,367 1,038,595 Marathon Petroleum Corp. ................................................ 14,256 1,659,256 Occidental Petroleum Corp. ............................................... 17,738 1,117,316 Valero Energy Corp. .................................................... 10,327 1,310,083 10,033,809 Financials (14.3%): Aflac, Inc. ............................................................ 37,885 2,725,447 American International Group, Inc. .......................................... 31,664 2,002,431 Arch Capital Group Ltd. (a) ............................................... 36,668 2,302,017 Berkshire Hathaway, Inc., Class B (a) ........................................ 8,574 2,648,509 Capital One Financial Corp. ............................................... 14,409 1,339,461 Chubb Ltd. ........................................................... 12,570 2,772,942 Citigroup, Inc. ......................................................... 37,723 1,706,211 Loews Corp. .......................................................... 46,641 2,720,569 LPL Financial Holdings, Inc. .............................................. 6,868 1,484,656 M&T Bank Corp. ...................................................... 11,283 1,636,712 MetLife, Inc. .......................................................... 33,399 2,417,086 Principal Financial Group, Inc. ............................................. 22,927 1,924,034 Prudential Financial, Inc. ................................................. 20,419 2,030,874 Regions Financial Corp. .................................................. 84,258 1,816,602 Synchrony Financial .................................................... 37,676 1,238,033 The Allstate Corp. ...................................................... 15,134 2,052,170 W.R. Berkley Corp. ..................................................... 33,365 2,421,298 35,239,052 Health Care (20.0%): AbbVie, Inc. .......................................................... 16,436 2,656,222 Amgen, Inc. .......................................................... 10,738 2,820,228 Biogen, Inc. (a) ........................................................ 3,740 1,035,681

Victory Portfolios II VictoryShares US Value Momentum ETF 8 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Bio-Rad Laboratories, Inc., Class A (a) ....................................... 3,804 $ 1,599,544 Bristol-Myers Squibb Co. ................................................ 39,281 2,826,268 Cardinal Health, Inc. .................................................... 29,424 2,261,823 Centene Corp. (a)....................................................... 21,897 1,795,773 Cigna Corp. .......................................................... 7,499 2,484,719 Elevance Health, Inc. .................................................... 4,337 2,224,751 Eli Lilly & Co. ........................................................ 6,134 2,244,063 Gilead Sciences, Inc. .................................................... 27,078 2,324,646 Hologic, Inc. (a)........................................................ 30,201 2,259,337 Humana, Inc. ......................................................... 4,514 2,312,026 Laboratory Corp. of America Holdings ....................................... 8,747 2,059,743 McKesson Corp. ....................................................... 6,801 2,551,191 Merck & Co., Inc. ...................................................... 28,857 3,201,684 Moderna, Inc. (a) ....................................................... 5,612 1,008,027 Molina Healthcare, Inc. (a) ................................................ 6,689 2,208,842 Pfizer, Inc. ........................................................... 50,028 2,563,435 Quest Diagnostics, Inc. .................................................. 16,972 2,655,100 UnitedHealth Group, Inc. ................................................. 4,786 2,537,441 Vertex Pharmaceuticals, Inc. (a)............................................. 6,117 1,766,467 49,397,011 Industrials (12.6%): Booz Allen Hamilton Holding Corp. ......................................... 22,565 2,358,494 Carlisle Cos., Inc. ...................................................... 6,759 1,592,758 Cummins, Inc. ........................................................ 9,132 2,212,592 FedEx Corp. .......................................................... 7,676 1,329,483 General Dynamics Corp. ................................................. 10,454 2,593,742 HEICO Corp. ......................................................... 14,098 2,166,017 L3Harris Technologies, Inc. ............................................... 9,883 2,057,739 Leidos Holdings, Inc. ................................................... 26,446 2,781,855 Lockheed Martin Corp. .................................................. 5,039 2,451,423 Northrop Grumman Corp. ................................................ 4,011 2,188,442 PACCAR, Inc. ........................................................ 23,544 2,330,150 Quanta Services, Inc. .................................................... 11,435 1,629,487 Rollins, Inc. .......................................................... 52,754 1,927,631 United Rentals, Inc. (a)................................................... 4,404 1,565,270 Westinghouse Air Brake Technologies Corp. ................................... 19,939 1,990,112 31,175,195 Information Technology (9.5%): Analog Devices, Inc. .................................................... 10,366 1,700,335 Aspen Technology, Inc. (a) ................................................ 6,953 1,428,146 Broadcom, Inc. ........................................................ 3,145 1,758,464 Cadence Design Systems, Inc. (a) ........................................... 9,433 1,515,317 Gen Digital, Inc. ....................................................... 83,410 1,787,476 Hewlett Packard Enterprise Co. ............................................ 108,961 1,739,018 HP, Inc. ............................................................. 47,296 1,270,843 Intel Corp. ........................................................... 53,428 1,412,102 International Business Machines Corp. ....................................... 17,691 2,492,485 Jack Henry & Associates, Inc. ............................................. 13,936 2,446,604 KLA Corp. ........................................................... 3,441 1,297,360 Micron Technology, Inc. ................................................. 24,301 1,214,564 ON Semiconductor Corp. (a)............................................... 14,188 884,906 Synopsys, Inc. (a)....................................................... 4,606 1,470,650 Western Digital Corp. (a) ................................................. 36,620 1,155,361 23,573,631 Materials (4.7%): CF Industries Holdings, Inc. ............................................... 11,824 1,007,405 Corteva, Inc. .......................................................... 33,000 1,939,740 DuPont de Nemours, Inc. ................................................. 27,545 1,890,413 LyondellBasell Industries NV, Class A ....................................... 20,746 1,722,540 Nucor Corp. .......................................................... 9,312 1,227,415 Steel Dynamics, Inc. .................................................... 13,733 1,341,714 The Mosaic Co. ........................................................ 22,515 987,733 Westlake Corp. ........................................................ 14,640 1,501,186 11,618,146

Victory Portfolios II VictoryShares US Value Momentum ETF 9 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Real Estate (6.4%): Gaming and Leisure Properties, Inc. ......................................... 46,421 $ 2,418,070 Kimco Realty Corp. ..................................................... 87,672 1,856,893 Realty Income Corp. .................................................... 43,153 2,737,195 Ventas, Inc. ........................................................... 43,253 1,948,548 VICI Properties, Inc. .................................................... 67,118 2,174,623 Weyerhaeuser Co. ...................................................... 62,042 1,923,302 WP Carey, Inc. ........................................................ 33,517 2,619,353 15,677,984 Utilities (8.1%): Atmos Energy Corp. .................................................... 21,744 2,436,850 CenterPoint Energy, Inc. ................................................. 85,548 2,565,585 Consolidated Edison, Inc. ................................................ 28,891 2,753,601 DTE Energy Co. ....................................................... 24,034 2,824,716 Exelon Corp. ......................................................... 55,560 2,401,859 Sempra Energy ........................................................ 15,562 2,404,952 The AES Corp. ........................................................ 58,916 1,694,424 The Southern Co. ...................................................... 40,720 2,907,815 19,989,802 Total Common Stocks (Cost $234,051,430) 245,618,937 Collateral for Securities Loaned (0.1%)^ Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (c) ....... 67,500 67,500 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (c)............ 67,500 67,500 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (c) ............... 67,500 67,500 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (c). 67,500 67,500 Total Collateral for Securities Loaned (Cost $270,000) 270,000 Total Investments (Cost $234,321,430) — 99.6% 245,888,937 Other assets in excess of liabilities — 0.4% 1,039,133 NET ASSETS - 100.00% $ 246,928,070 ^ Purchased with cash collateral from securities on loan. (a) Non-income producing security. (b) All or a portion of this security is on loan. (c) Rate disclosed is the daily yield on December 31, 2022. Futures Contracts Purchased Number of Contracts Expiration Date Notional Amount Value Unrealized Appreciation (Depreciation) E-Mini S&P 500 Futures.............. 5 3/17/23 $ 984,561 $ 965,250 $ (19,311) Total unrealized appreciation $ – Total unrealized depreciation (19,311) Total net unrealized appreciation (depreciation) $ (19,311)

Schedule of Portfolio Investments December 31, 2022 Victory Portfolios II VictoryShares US Small Mid Cap Value Momentum ETF 10 (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (99.5%) Communication Services (2.6%): Bumble, Inc., Class A (a) ................................................. 16,080 $ 338,484 DISH Network Corp., Class A (a) ........................................... 28,759 403,776 Gray Television, Inc. .................................................... 45,001 503,561 John Wiley & Sons, Inc., Class A ........................................... 18,961 759,578 Lumen Technologies, Inc. ................................................ 124,104 647,823 Nexstar Media Group, Inc. ................................................ 4,573 800,412 Telephone and Data Systems, Inc. ........................................... 62,565 656,307 World Wrestling Entertainment, Inc., Class A ................................... 14,304 980,110 Yelp, Inc. (a) .......................................................... 20,324 555,658 5,645,709 Consumer Discretionary (11.4%): Academy Sports & Outdoors, Inc. .......................................... 11,011 578,518 Adtalem Global Education, Inc. (a) .......................................... 21,577 765,984 Asbury Automotive Group, Inc. (a) .......................................... 3,185 570,911 AutoNation, Inc. (a) ..................................................... 5,576 598,305 Dick's Sporting Goods, Inc. ............................................... 4,815 579,196 Dillard's, Inc., Class A ................................................... 1,293 417,898 Funko, Inc., Class A (a) .................................................. 41,225 449,765 Graham Holdings Co., Class B ............................................. 1,961 1,184,856 Grand Canyon Education, Inc. (a) ........................................... 8,457 893,567 Green Brick Partners, Inc. (a) .............................................. 22,263 539,432 Group 1 Automotive, Inc. ................................................. 3,432 619,030 H&R Block, Inc. ....................................................... 16,859 615,522 Harley-Davidson, Inc. ................................................... 13,786 573,498 KB Home ............................................................ 21,087 671,621 Kohl's Corp. .......................................................... 14,357 362,514 Laureate Education, Inc., Class A ........................................... 74,392 715,651 LCI Industries ......................................................... 6,270 579,662 Levi Strauss & Co., Class A ............................................... 41,114 638,089 M/I Homes, Inc. (a) ..................................................... 13,787 636,684 Macy's, Inc. .......................................................... 20,776 429,024 Meritage Homes Corp. (a)................................................. 7,789 718,146 Mohawk Industries, Inc. (a) ............................................... 6,558 670,359 Murphy USA, Inc. ...................................................... 3,258 910,741 Oxford Industries, Inc. ................................................... 6,018 560,757 Patrick Industries, Inc. ................................................... 11,333 686,780 Penske Automotive Group, Inc. ............................................ 5,779 664,180 PulteGroup, Inc. ....................................................... 15,742 716,733 Ralph Lauren Corp. ..................................................... 6,172 652,195 Service Corp. International ................................................ 13,470 931,316 Signet Jewelers Ltd. .................................................... 7,386 502,248 Strategic Education, Inc. ................................................. 12,119 949,160 Stride, Inc. (a) ......................................................... 16,370 512,054 Taylor Morrison Home Corp. (a) ............................................ 20,681 627,668 The Buckle, Inc. ....................................................... 16,107 730,452 Toll Brothers, Inc. ...................................................... 15,059 751,745 Tri Pointe Homes, Inc. (a)................................................. 36,220 673,330 Visteon Corp. (a) ....................................................... 4,256 556,812 Winnebago Industries, Inc. ................................................ 10,125 533,588 24,767,991 Consumer Staples (4.5%): BJ's Wholesale Club Holdings, Inc. (a)........................................ 10,398 687,932 Cal-Maine Foods, Inc. ................................................... 14,698 800,306 e.l.f. Beauty, Inc. (a)..................................................... 12,155 672,172 Grocery Outlet Holding Corp. (a) ........................................... 25,111 732,990 Hostess Brands, Inc. (a) .................................................. 41,471 930,609 Ingles Markets, Inc., Class A .............................................. 10,424 1,005,499 MGP Ingredients, Inc. ................................................... 6,678 710,406 Molson Coors Beverage Co., Class B ........................................ 20,210 1,041,219 Post Holdings, Inc. (a) ................................................... 12,448 1,123,556 Sprouts Farmers Market, Inc. (a) ............................................ 18,375 594,799 TreeHouse Foods, Inc. (a)................................................. 16,419 810,770

Victory Portfolios II VictoryShares US Small Mid Cap Value Momentum ETF 11 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value United Natural Foods, Inc. (a) .............................................. 16,969 $ 656,870 9,767,128 Energy (4.6%): Antero Resources Corp. (a)................................................ 13,682 424,005 Arch Resources, Inc. .................................................... 2,961 422,801 California Resources Corp. ............................................... 14,441 628,328 Comstock Resources, Inc. ................................................ 23,171 317,674 CONSOL Energy, Inc. ................................................... 5,796 376,740 CVR Energy, Inc. ...................................................... 13,032 408,423 Delek U.S. Holdings, Inc. ................................................ 16,474 444,798 DT Midstream, Inc. ..................................................... 16,574 915,879 Helmerich & Payne, Inc. ................................................. 9,880 489,752 HF Sinclair Corp. ...................................................... 11,866 615,727 International Seaways, Inc. ............................................... 14,881 550,895 Kosmos Energy Ltd. (a) .................................................. 67,133 426,966 Matador Resources Co. .................................................. 8,169 467,593 Murphy Oil Corp. ...................................................... 11,657 501,367 PBF Energy, Inc., Class A ................................................ 11,697 477,004 PDC Energy, Inc. ...................................................... 7,114 451,597 SM Energy Co. ........................................................ 11,266 392,395 Talos Energy, Inc. (a) .................................................... 22,313 421,269 Weatherford International PLC (a)........................................... 11,651 593,269 World Fuel Services Corp. ................................................ 21,981 600,741 9,927,223 Financials (15.8%): American Equity Investment Life Holding Co. .................................. 16,150 736,763 American Financial Group, Inc. ............................................ 7,827 1,074,491 Apollo Commercial Real Estate Finance, Inc. .................................. 53,157 571,969 Associated Banc-Corp. .................................................. 42,391 978,808 Assured Guaranty Ltd. ................................................... 13,047 812,306 BancFirst Corp. ........................................................ 9,502 837,886 Banner Corp. ......................................................... 16,962 1,071,998 Bread Financial Holdings, Inc. ............................................. 13,597 512,063 Brighthouse Financial, Inc. (a) ............................................. 12,456 638,619 Cannae Holdings, Inc. (a) ................................................. 27,761 573,265 CNO Financial Group, Inc. ............................................... 38,790 886,352 CVB Financial Corp. .................................................... 50,678 1,304,959 Encore Capital Group, Inc. (a).............................................. 17,220 825,527 First Bancorp/Puerto Rico ................................................ 56,250 715,500 FNB Corp. ........................................................... 81,928 1,069,160 Fulton Financial Corp. ................................................... 63,380 1,066,686 Genworth Financial, Inc. (a) ............................................... 177,177 937,266 Hilltop Holdings, Inc. ................................................... 26,120 783,861 Hope Bancorp, Inc. ..................................................... 83,060 1,063,999 International Bancshares Corp. ............................................. 22,088 1,010,747 Jackson Financial, Inc., Class A ............................................ 14,689 511,030 Jefferies Financial Group, Inc. ............................................. 23,661 811,099 Lincoln National Corp. .................................................. 13,485 414,259 MGIC Investment Corp. ................................................. 72,889 947,557 Mr. Cooper Group, Inc. (a) ................................................ 16,867 676,873 Navient Corp. ......................................................... 42,972 706,889 New York Community Bancorp, Inc. ......................................... 96,629 831,009 Northwest Bancshares, Inc. ............................................... 94,049 1,314,805 PennyMac Financial Services, Inc. .......................................... 11,381 644,848 Prosperity Bancshares, Inc. ............................................... 16,703 1,213,974 Radian Group, Inc. ..................................................... 55,015 1,049,136 Reinsurance Group of America, Inc. ......................................... 6,998 994,346 Rithm Capital Corp. .................................................... 78,854 644,237 SouthState Corp. ....................................................... 11,956 912,960 United Bankshares, Inc. .................................................. 29,083 1,177,571 Unum Group .......................................................... 19,460 798,444 Voya Financial, Inc. ..................................................... 14,913 917,000 Washington Federal, Inc. ................................................. 33,054 1,108,962

Victory Portfolios II VictoryShares US Small Mid Cap Value Momentum ETF 12 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value White Mountains Insurance Group Ltd. ....................................... 848 $ 1,199,352 34,346,576 Health Care (14.1%): Acadia Healthcare Co., Inc. (a) ............................................. 9,961 819,990 AdaptHealth Corp. (a) ................................................... 22,529 433,007 Alignment Healthcare, Inc. (a).............................................. 36,216 425,900 Amphastar Pharmaceuticals, Inc. (a) ......................................... 20,497 574,326 Corcept Therapeutics, Inc. (a) .............................................. 28,672 582,328 Dynavax Technologies Corp. (a) ............................................ 37,080 394,531 Embecta Corp. ........................................................ 15,589 394,246 Emergent BioSolutions, Inc. (a)............................................. 32,812 387,510 Encompass Health Corp. ................................................. 16,209 969,460 Enovis Corp. (a)........................................................ 14,904 797,662 Envista Holdings Corp. (a) ................................................ 27,285 918,686 Evolent Health, Inc., Class A (a) ............................................ 21,310 598,385 Fulgent Genetics, Inc. (a) ................................................. 17,046 507,630 Haemonetics Corp. (a) ................................................... 10,372 815,758 Halozyme Therapeutics, Inc. (a) ............................................ 14,698 836,316 Harmony Biosciences Holdings, Inc. (a)....................................... 9,648 531,605 Henry Schein, Inc. (a).................................................... 15,019 1,199,568 iRhythm Technologies, Inc. (a) ............................................. 4,079 382,080 Ironwood Pharmaceuticals, Inc. (a) .......................................... 85,435 1,058,540 Jazz Pharmaceuticals PLC (a) .............................................. 6,614 1,053,676 Karuna Therapeutics, Inc. (a) .............................................. 1,664 326,976 Lantheus Holdings, Inc. (a)................................................ 8,402 428,166 Multiplan Corp. (a) ..................................................... 313,008 359,959 Neurocrine Biosciences, Inc. (a) ............................................ 7,459 890,903 Option Care Health, Inc. (a) ............................................... 23,021 692,702 Organon & Co. ........................................................ 38,734 1,081,841 Perrigo Co. PLC ....................................................... 29,249 997,098 Premier, Inc., Class A ................................................... 38,963 1,362,926 Prestige Consumer Healthcare, Inc. (a)........................................ 20,095 1,257,947 Privia Health Group, Inc. (a) ............................................... 20,369 462,580 Prometheus Biosciences, Inc. (a) ............................................ 10,854 1,193,940 QuidelOrtho Corp. (a) ................................................... 7,850 672,509 Sarepta Therapeutics, Inc. (a) .............................................. 5,916 766,595 Select Medical Holdings Corp. ............................................. 26,916 668,324 Shockwave Medical, Inc. (a)............................................... 1,783 366,603 SIGA Technologies, Inc. ................................................. 42,664 314,007 Supernus Pharmaceuticals, Inc. (a)........................................... 25,812 920,714 Tenet Healthcare Corp. (a) ................................................ 10,198 497,560 uniQure NV (a) ........................................................ 14,881 337,352 United Therapeutics Corp. (a) .............................................. 3,348 931,045 Universal Health Services, Inc., Class B ...................................... 5,522 777,995 Vaxcyte, Inc. (a)........................................................ 8,501 407,623 Viatris, Inc. ........................................................... 76,883 855,708 Vir Biotechnology, Inc. (a) ................................................ 15,971 404,226 30,656,503 Industrials (20.0%): AAR Corp. (a)......................................................... 18,397 826,025 ABM Industries, Inc. .................................................... 17,805 790,898 Air Lease Corp. ........................................................ 19,653 755,068 Air Transport Services Group, Inc. (a) ........................................ 30,156 783,453 Allison Transmission Holdings, Inc. ......................................... 23,166 963,706 ArcBest Corp. ......................................................... 7,203 504,498 Atkore, Inc. (a) ........................................................ 4,730 536,477 Avis Budget Group, Inc. (a) ............................................... 1,860 304,910 Beacon Roofing Supply, Inc. (a) ............................................ 15,779 832,973 Boise Cascade Co. ...................................................... 8,331 572,090 Builders FirstSource, Inc. (a)............................................... 9,132 592,484 BWX Technologies, Inc. ................................................. 18,638 1,082,495 CACI International, Inc., Class A (a) ......................................... 3,853 1,158,173 CBIZ, Inc. (a) ......................................................... 23,698 1,110,251 Chart Industries, Inc. (a) .................................................. 3,168 365,049

Victory Portfolios II VictoryShares US Small Mid Cap Value Momentum ETF 13 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Comfort Systems USA, Inc. ............................................... 6,725 $ 773,913 CoreCivic, Inc. (a) ...................................................... 47,646 550,788 Curtiss-Wright Corp. .................................................... 5,969 996,763 Dycom Industries, Inc. (a)................................................. 7,072 661,939 EMCOR Group, Inc. .................................................... 7,301 1,081,351 Encore Wire Corp. ...................................................... 3,998 549,965 FTI Consulting, Inc. (a) .................................................. 5,082 807,022 GATX Corp. .......................................................... 9,191 977,371 GMS, Inc. (a).......................................................... 14,612 727,678 GrafTech International Ltd. ............................................... 93,154 443,413 Griffon Corp. ......................................................... 15,318 548,231 Hertz Global Holdings, Inc. (a) ............................................. 31,205 480,245 Hub Group, Inc., Class A (a) ............................................... 9,831 781,466 Hubbell, Inc. .......................................................... 3,880 910,558 Huntington Ingalls Industries, Inc. .......................................... 4,973 1,147,172 JELD-WEN Holding, Inc. (a) .............................................. 49,176 474,548 KAR Auction Services, Inc. (a) ............................................. 50,929 664,623 KBR, Inc. ............................................................ 19,523 1,030,814 Knight-Swift Transportation Holdings, Inc. .................................... 15,375 805,804 Matson, Inc. .......................................................... 9,770 610,723 Moog, Inc., Class A ..................................................... 12,061 1,058,473 Mueller Industries, Inc. .................................................. 12,044 710,596 NV5 Global, Inc. (a)..................................................... 6,349 840,100 Owens Corning ........................................................ 8,639 736,907 Parsons Corp. (a) ....................................................... 22,045 1,019,581 Primoris Services Corp. .................................................. 36,968 811,078 Rush Enterprises, Inc., Class A ............................................. 19,220 1,004,822 Ryder System, Inc. ..................................................... 7,455 623,014 Schneider National, Inc., Class B ........................................... 37,542 878,483 Science Applications International Corp. ...................................... 10,447 1,158,886 SkyWest, Inc. (a) ....................................................... 37,830 624,573 Snap-on, Inc. ......................................................... 4,858 1,110,004 SPX Technologies, Inc. (a) ................................................ 13,669 897,370 Trinity Industries, Inc. ................................................... 25,994 768,643 Triton International Ltd. .................................................. 13,247 911,129 UFP Industries, Inc. ..................................................... 9,393 744,395 U-Haul Holding Co. .................................................... 15,701 945,043 Valmont Industries, Inc. .................................................. 3,080 1,018,464 Veritiv Corp. .......................................................... 4,598 559,623 Werner Enterprises, Inc. .................................................. 22,028 886,847 43,510,968 Information Technology (9.4%): Amkor Technology, Inc. .................................................. 22,271 534,059 Arrow Electronics, Inc. (a) ................................................ 8,687 908,400 Avnet, Inc. ........................................................... 20,102 835,841 Axcelis Technologies, Inc. (a) .............................................. 5,788 459,336 Belden, Inc. .......................................................... 10,169 731,151 Box, Inc., Class A (a) .................................................... 29,625 922,226 Cirrus Logic, Inc. (a) .................................................... 10,885 810,715 Clearfield, Inc. (a) ...................................................... 3,259 306,802 Cohu, Inc. (a).......................................................... 16,136 517,159 CSG Systems International, Inc. ............................................ 16,543 946,260 Dell Technologies, Inc., Class C ............................................ 15,644 629,202 Diodes, Inc. (a) ........................................................ 6,969 530,620 DXC Technology Co. (a) ................................................. 20,246 536,519 ExlService Holdings, Inc. (a) .............................................. 4,305 729,396 Impinj, Inc. (a)......................................................... 3,377 368,701 Jabil, Inc. ............................................................ 11,555 788,051 NCR Corp. (a) ......................................................... 20,705 484,704 NetScout Systems, Inc. (a) ................................................ 27,937 908,232 Onto Innovation, Inc. (a).................................................. 6,856 466,825 Photronics, Inc. (a)...................................................... 25,995 437,496 Plexus Corp. (a)........................................................ 9,658 994,098 Progress Software Corp. ................................................. 18,970 957,036

Victory Portfolios II VictoryShares US Small Mid Cap Value Momentum ETF 14 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Pure Storage, Inc., Class A (a) .............................................. 23,890 $ 639,296 Rackspace Technology, Inc. (a)(b) ........................................... 80,271 236,799 Rambus, Inc. (a)........................................................ 19,855 711,206 Sanmina Corp. (a) ...................................................... 12,867 737,150 Super Micro Computer, Inc. (a)............................................. 4,828 396,379 TD SYNNEX Corp. .................................................... 8,972 849,738 TTM Technologies, Inc. (a)................................................ 37,656 567,852 Vishay Intertechnology, Inc. ............................................... 39,821 858,939 Xerox Holdings Corp. ................................................... 38,192 557,603 20,357,791 Materials (5.1%): Alpha Metallurgical Resources, Inc. ......................................... 2,497 365,536 Cabot Corp. .......................................................... 10,078 673,614 Commercial Metals Co. .................................................. 15,345 741,164 Graphic Packaging Holding Co. ............................................ 44,164 982,649 Greif, Inc., Class A ..................................................... 13,138 881,034 Louisiana-Pacific Corp. .................................................. 10,007 592,414 LSB Industries, Inc. (a)................................................... 26,179 348,181 O-I Glass, Inc. (a) ...................................................... 38,266 634,068 Reliance Steel & Aluminum Co. ............................................ 4,230 856,321 Silgan Holdings, Inc. .................................................... 22,497 1,166,244 Sonoco Products Co. .................................................... 17,443 1,058,965 Sylvamo Corp. ........................................................ 11,460 556,841 Trinseo PLC .......................................................... 20,071 455,812 United States Steel Corp. ................................................. 21,151 529,833 Warrior Met Coal, Inc. ................................................... 16,594 574,816 Westrock Co. ......................................................... 21,974 772,606 11,190,098 Real Estate (7.9%): Agree Realty Corp. ..................................................... 19,163 1,359,232 Anywhere Real Estate, Inc. (a) ............................................. 67,787 433,159 Apartment Investment and Management Co. ................................... 100,645 716,592 Apple Hospitality REIT, Inc. .............................................. 54,825 865,138 Corporate Office Properties Trust ........................................... 41,107 1,066,316 EPR Properties ........................................................ 22,397 844,815 Equity Commonwealth .................................................. 65,485 1,635,160 Four Corners Property Trust, Inc. ........................................... 45,641 1,183,471 Global Net Lease, Inc. ................................................... 71,392 897,397 Inventrust Properties Corp. ................................................ 31,330 741,581 LTC Properties, Inc. .................................................... 32,402 1,151,243 National Health Investors, Inc. ............................................. 19,527 1,019,700 National Retail Properties, Inc. ............................................. 27,751 1,269,886 Omega Healthcare Investors, Inc. ........................................... 29,286 818,544 Paramount Group, Inc. ................................................... 132,711 788,303 Phillips Edison & Co., Inc. ................................................ 31,720 1,009,965 Sabra Health Care REIT, Inc. .............................................. 61,856 768,870 SL Green Realty Corp. ................................................... 19,033 641,793 17,211,165 Utilities (4.1%): Clearway Energy, Inc., Class C ............................................. 26,318 838,755 National Fuel Gas Co. ................................................... 17,318 1,096,229 New Jersey Resources Corp. .............................................. 23,261 1,154,211 Northwest Natural Holding Co. ............................................ 23,615 1,123,838 NRG Energy, Inc. ...................................................... 21,244 675,984 OGE Energy Corp. ..................................................... 32,161 1,271,968 Otter Tail Corp. ........................................................ 15,409 904,662 Spire, Inc. ............................................................ 16,772 1,154,920 Vistra Corp. .......................................................... 34,816 807,731 9,028,298 Total Common Stocks (Cost $210,350,588) 216,409,450

Victory Portfolios II VictoryShares US Small Mid Cap Value Momentum ETF 15 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Rights (0.0%)(c) Health Care (0.0%):(c) Achillion Pharmaceuticals, CVR (a)(d)(e) ..................................... 17,954 $ 4,129 Zogenix, Inc., CVR (a)(d)(e) .............................................. 9,491 6,454 10,583 Total Rights (Cost $–) 10,583 Collateral for Securities Loaned (0.0%)^(c) Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (f) ....... 14,553 14,553 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (f)............ 14,553 14,553 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (f) ............... 14,553 14,553 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (f). 14,553 14,553 Total Collateral for Securities Loaned (Cost $58,212) 58,212 Total Investments (Cost $210,408,800) — 99.5% 216,478,245 Other assets in excess of liabilities — 0.5% 1,037,497 NET ASSETS - 100.00% $ 217,515,742 ^ Purchased with cash collateral from securities on loan. (a) Non-income producing security. (b) All or a portion of this security is on loan. (c) Amount represents less than 0.05% of net assets. (d) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of December 31, 2022, illiquid securities were less than 0.05% of net assets. (e) Security was fair valued based upon procedures approved by the Board of Trustees and represents less than 0.05% of net assets as of December 31, 2022. This security is classified as Level 3 within the fair value hierarchy. (See Note 2 in the Notes to Financial Statements) (f) Rate disclosed is the daily yield on December 31, 2022. CVR—Contingent Value Right PLC—Public Limited Company REIT—Real Estate Investment Trust Futures Contracts Purchased Number of Contracts Expiration Date Notional Amount Value Unrealized Appreciation (Depreciation) E-Mini Russell 2000 Index Futures ...... 10 3/17/23 $ 900,977 $ 885,450 $ (15,527) Total unrealized appreciation $ – Total unrealized depreciation (15,527) Total net unrealized appreciation (depreciation) $ (15,527)

Schedule of Portfolio Investments December 31, 2022 Victory Portfolios II VictoryShares International Value Momentum ETF 16 (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (98.8%) Australia (3.4%): Energy (0.4%): Worley, Ltd. .......................................................... 107,828 $ 1,100,975 Financials (0.5%): National Australia Bank Ltd. .............................................. 71,419 1,461,360 Industrials (0.6%): Aurizon Holdings Ltd. .................................................. 621,738 1,578,595 Information Technology (0.4%): Computershare Ltd. .................................................... 66,128 1,179,346 Materials (1.1%): Incitec Pivot, Ltd. ...................................................... 383,231 980,851 Rio Tinto Ltd. ........................................................ 14,060 1,114,116 South32 Ltd. ......................................................... 287,509 782,827 2,877,794 Real Estate (0.4%): Vicinity Centres ....................................................... 832,162 1,132,902 9,330,972 Austria (0.4%): Energy (0.4%): OMV AG ............................................................ 21,442 1,103,862 Belgium (1.2%): Financials (0.6%): Ageas SA ........................................................... 37,141 1,646,524 Utilities (0.6%): Elia Group SA ........................................................ 12,008 1,706,762 3,353,286 Canada (7.9%): Consumer Discretionary (0.7%): Dollarama, Inc. ....................................................... 31,776 1,858,725 Consumer Staples (2.4%): Empire Co. Ltd., Class A ................................................. 78,252 2,061,210 George Weston Ltd. .................................................... 18,930 2,348,981 Loblaw Cos. Ltd. ...................................................... 24,469 2,163,857 6,574,048 Energy (0.6%): Crescent Point Energy Corp. .............................................. 105,581 753,370 Tourmaline Oil Corp. ................................................... 19,064 962,072 1,715,442 Financials (1.2%): Element Fleet Management Corp. .......................................... 117,204 1,597,292 Fairfax Financial Holdings Ltd. ............................................ 3,030 1,795,148 3,392,440 Materials (1.1%): Nutrien Ltd. .......................................................... 13,315 972,217 Teck Resources Ltd., Class B ............................................. 25,013 945,424 West Fraser Timber Co. Ltd. .............................................. 14,411 1,040,747 2,958,388 Utilities (1.9%): Canadian Utilities Ltd., Class A ............................................ 102,740 2,781,371

Victory Portfolios II VictoryShares International Value Momentum ETF 17 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Capital Power Corp. .................................................... 68,607 $ 2,347,882 5,129,253 21,628,296 Denmark (1.6%): Health Care (1.2%): H Lundbeck A S (a)..................................................... 343,563 1,288,559 Novo Nordisk A/S, Class B ............................................... 13,225 1,786,030 3,074,589 Industrials (0.4%): AP Moller - Maersk A/S, Class B ........................................... 502 1,128,951 4,203,540 Finland (0.7%): Health Care (0.7%): Orion Oyj, Class B ..................................................... 32,708 1,793,773 France (9.5%): Communication Services (2.8%): Bollore SE ........................................................... 383,088 2,140,294 Orange SA ........................................................... 337,323 3,350,773 Vivendi SE .......................................................... 233,038 2,223,329 7,714,396 Consumer Discretionary (0.4%): Renault SA (a) ........................................................ 28,293 947,067 Consumer Staples (0.7%): Carrefour SA ......................................................... 115,999 1,941,759 Energy (0.5%): Gaztransport Et Technigaz SA ............................................. 12,634 1,349,509 Health Care (1.3%): Ipsen SA ............................................................ 12,059 1,297,125 Sanofi .............................................................. 22,196 2,134,267 3,431,392 Industrials (2.2%): Bouygues SA ......................................................... 75,183 2,256,327 Eiffage SA ........................................................... 21,036 2,069,558 Thales SA ........................................................... 13,412 1,712,530 6,038,415 Real Estate (1.0%): Covivio ............................................................. 24,113 1,431,058 Klepierre SA ......................................................... 54,498 1,255,824 2,686,882 Utilities (0.6%): Engie SA ............................................................ 121,522 1,741,306 25,850,726 Germany (6.6%): Consumer Discretionary (2.0%): Bayerische Motoren Werke AG ............................................ 17,761 1,585,016 Mercedes-Benz Group AG ............................................... 19,814 1,302,102 Porsche Automobil Holding SE, Preference Shares .............................. 20,677 1,133,968 Volkswagen AG, Preference Shares ......................................... 11,532 1,436,933 5,458,019 Consumer Staples (0.9%): Henkel AG And Co. KGaA, Preference Shares ................................. 34,406 2,394,338

Victory Portfolios II VictoryShares International Value Momentum ETF 18 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Financials (0.4%): Commerzbank AG (a) ................................................... 123,496 $ 1,167,920 Health Care (1.8%): Fresenius Medical Care AG & Co. KGaA ..................................... 45,264 1,480,992 Fresenius SE & Co. KGaA ............................................... 58,651 1,647,817 Merck KGaA ......................................................... 9,041 1,750,489 4,879,298 Industrials (0.3%): Rheinmetall AG ....................................................... 4,769 949,645 Materials (0.6%): HeidelbergCement AG .................................................. 27,400 1,562,497 Utilities (0.6%): RWE AG ............................................................ 35,940 1,599,821 18,011,538 Greece (0.8%): Consumer Discretionary (0.8%): OPAP SA ............................................................ 146,975 2,081,170 Hong Kong (3.6%): Consumer Staples (0.4%): WH Group Ltd. (b) ..................................................... 1,699,297 988,445 Industrials (0.5%): CK Hutchison Holdings Ltd. .............................................. 238,146 1,429,486 Real Estate (2.7%): CK Asset Holdings Ltd. ................................................. 215,916 1,329,246 Hongkong Land Holdings Ltd. ............................................ 279,300 1,284,780 Sino Land Co. Ltd. ..................................................... 954,402 1,193,461 Sun Hung Kai Properties Ltd. ............................................. 126,927 1,736,810 Swire Pacific Ltd., Class A ............................................... 137,263 1,208,196 The Wharf Holdings Ltd. ................................................ 257,346 756,706 7,509,199 9,927,130 Ireland (0.5%): Financials (0.5%): AIB Group PLC ....................................................... 368,346 1,425,571 Israel (1.2%): Communication Services (0.7%): Bezeq The Israeli Telecommunication Corp. Ltd. ............................... 1,131,479 1,955,050 Industrials (0.5%): Elbit Systems Ltd. ..................................................... 8,383 1,367,035 3,322,085 Italy (1.0%): Financials (0.5%): UniCredit SpA ........................................................ 86,832 1,233,447 Industrials (0.5%): Leonardo SpA ........................................................ 173,159 1,493,773 2,727,220 Japan (26.0%): Communication Services (1.5%): Capcom Co. Ltd. ...................................................... 16,900 542,212 Dentsu Group, Inc. ..................................................... 17,800 562,269

Victory Portfolios II VictoryShares International Value Momentum ETF 19 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value KDDI Corp. .......................................................... 29,600 $ 898,241 Nexon Co. Ltd. ....................................................... 23,900 539,489 Nippon Telegraph & Telephone Corp. ....................................... 32,700 937,490 Toho Co. Ltd. ......................................................... 17,600 681,360 4,161,061 Consumer Discretionary (2.9%): Aisin Corp. .......................................................... 24,400 656,394 Bandai Namco Holdings, Inc. ............................................. 10,000 633,592 Bridgestone Corp. ..................................................... 20,400 729,282 Honda Motor Co. Ltd. .................................................. 27,400 633,111 Iida Group Holdings Co. Ltd. ............................................. 45,200 689,264 Isuzu Motors Ltd. ...................................................... 49,200 580,037 Mazda Motor Corp. .................................................... 62,600 479,447 Mitsubishi Motors Corp. (a)............................................... 75,600 293,827 Sekisui House Ltd. ..................................................... 47,800 850,033 Subaru Corp. ......................................................... 29,800 460,444 Sumitomo Electric Industries Ltd. .......................................... 61,400 703,980 Suzuki Motor Corp. .................................................... 16,700 543,558 USS Co. Ltd. ......................................................... 39,000 622,657 7,875,626 Consumer Staples (2.1%): Japan Tobacco, Inc. (c) .................................................. 44,000 892,272 Kirin Holdings Co. Ltd. ................................................. 58,100 890,406 MEIJI Holdings Co. Ltd. ................................................. 20,227 1,038,942 Nissin Foods Holdings Co. Ltd. ............................................ 11,239 892,474 Suntory Beverage & Food Ltd. ............................................ 19,500 668,724 Toyo Suisan Kaisha Ltd. ................................................. 14,800 575,217 Yakult Honsha Co. Ltd. .................................................. 11,582 755,540 5,713,575 Energy (0.6%): ENEOS Holdings, Inc. .................................................. 209,900 716,622 Idemitsu Kosan Co. Ltd. ................................................. 23,100 540,444 Inpex Corp. .......................................................... 36,500 388,310 1,645,376 Financials (4.9%): Dai-ichi Life Holdings, Inc. ............................................... 31,800 725,569 Japan Post Holdings Co. Ltd. .............................................. 127,100 1,074,664 Japan Post Insurance Co. Ltd. ............................................. 43,600 771,191 Mitsubishi HC Capital, Inc. ............................................... 207,900 1,028,251 Mitsubishi UFJ Financial Group, Inc. ........................................ 137,100 928,836 Mizuho Financial Group, Inc. ............................................. 79,600 1,125,877 MS&AD Insurance Group Holdings, Inc. ..................................... 23,700 762,908 Nomura Holdings, Inc. .................................................. 250,800 933,858 ORIX Corp. .......................................................... 39,700 640,942 Resona Holdings, Inc. ................................................... 137,700 758,914 SBI Holdings, Inc. ..................................................... 37,400 717,389 Sompo Holdings, Inc. ................................................... 14,700 656,470 Sumitomo Mitsui Financial Group, Inc. ...................................... 26,400 1,065,496 Sumitomo Mitsui Trust Holdings, Inc. ....................................... 23,800 832,148 The Chiba Bank Ltd. ................................................... 108,100 792,503 Tokio Marine Holdings, Inc. .............................................. 30,800 663,672 13,478,688 Health Care (1.5%): Astellas Pharma, Inc. ................................................... 43,600 666,693 Daiichi Sankyo Co. Ltd. ................................................. 13,400 434,004 Ono Pharmaceutical Co. Ltd. .............................................. 27,600 648,459 Otsuka Holdings Co. Ltd. ................................................ 23,400 767,695 Shionogi & Co. Ltd. .................................................... 10,600 532,019

Victory Portfolios II VictoryShares International Value Momentum ETF 20 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Takeda Pharmaceutical Co. Ltd. ............................................ 32,600 $ 1,021,328 4,070,198 Industrials (5.5%): AGC, Inc. (c) ......................................................... 21,300 713,409 Dai Nippon Printing Co. Ltd. .............................................. 34,400 694,711 Hankyu Hanshin Holdings, Inc. ............................................ 28,000 836,458 ITOCHU Corp. ....................................................... 21,100 666,671 Kajima Corp. ......................................................... 71,200 833,434 Kawasaki Kisen Kaisha Ltd. .............................................. 16,400 348,322 Kintetsu Group Holdings Co. Ltd. .......................................... 20,600 683,684 Komatsu Ltd. ......................................................... 25,900 567,660 Marubeni Corp. ....................................................... 48,900 564,575 Mitsubishi Corp. ...................................................... 17,200 561,405 Mitsubishi Heavy Industries Ltd. ........................................... 12,400 494,601 Mitsui & Co. Ltd. ...................................................... 18,800 552,023 Mitsui Osk Lines Ltd. ................................................... 16,500 413,695 NGK Insulators Ltd. .................................................... 57,000 728,898 NIPPON EXPRESS HOLDINGS, Inc. ....................................... 10,300 591,846 Nippon Yusen KK ..................................................... 17,000 402,911 Obayashi Corp. ....................................................... 113,800 865,511 Shimizu Corp. ........................................................ 140,900 755,934 Sumitomo Corp. ....................................................... 37,900 634,266 Taisei Corp. .......................................................... 23,300 754,649 Tobu Railway Co. Ltd. .................................................. 36,100 847,340 TOPPAN, Inc. ........................................................ 45,500 677,541 Toshiba Corp. ........................................................ 21,200 743,664 14,933,208 Information Technology (3.3%): Brother Industries Ltd. .................................................. 42,200 645,446 Canon, Inc. .......................................................... 35,500 772,521 Fujitsu Ltd. .......................................................... 4,100 550,385 Hirose Electric Co. Ltd. ................................................. 4,900 619,875 Itochu Techno-Solutions Corp. ............................................ 27,100 634,027 Kyocera Corp. ........................................................ 15,500 773,937 NEC Corp. ........................................................... 18,800 664,060 Ricoh Co. Ltd. ........................................................ 72,500 556,375 Rohm Co. Ltd. ........................................................ 6,600 479,332 SCSK Corp. .......................................................... 44,800 683,164 Seiko Epson Corp. ..................................................... 39,100 573,896 TDK Corp. .......................................................... 12,500 412,952 TIS, Inc. ............................................................ 20,100 533,059 Trend Micro, Inc. Japan ................................................. 11,200 524,067 Yokogawa Electric Corp. ................................................ 30,300 486,065 8,909,161 Materials (1.0%): JFE Holdings, Inc. ..................................................... 54,500 637,951 Nippon Steel Corp. ..................................................... 37,200 649,767 Sumitomo Chemical Co. Ltd. ............................................. 187,700 678,020 Toray Industries, Inc. ................................................... 139,132 781,014 2,746,752 Real Estate (1.5%): Daito Trust Construction Co. Ltd. .......................................... 6,500 670,706 Daiwa House Industry Co. Ltd. ............................................ 36,100 836,061 Hulic Co. Ltd. ........................................................ 99,500 788,599 Mitsubishi Estate Co. Ltd. ................................................ 53,600 698,900 Mitsui Fudosan Co. Ltd. ................................................. 35,700 657,574 Sumitomo Realty & Development Co. Ltd. .................................... 23,200 551,800 4,203,640 Utilities (1.2%): Chubu Electric Power Co., Inc. ............................................ 77,800 807,526

Victory Portfolios II VictoryShares International Value Momentum ETF 21 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Osaka Gas Co. Ltd. .................................................... 43,400 $ 704,481 The Kansai Electric Power Co., Inc. ......................................... 82,800 807,051 Tokyo Electric Power Co. Holdings, Inc. (a) ................................... 88,100 319,582 Tokyo Gas Co. Ltd. .................................................... 32,100 632,362 3,271,002 71,008,287 Korea, Republic Of (9.1%): Communication Services (1.0%): KT Corp. ............................................................ 54,102 1,446,257 SK Telecom Co. Ltd. ................................................... 37,542 1,407,380 2,853,637 Consumer Discretionary (1.2%): Hyundai Mobis Co. Ltd. ................................................. 6,704 1,063,075 Hyundai Motor Co. .................................................... 9,732 1,162,237 Kia Corp. ............................................................ 22,976 1,077,568 3,302,880 Consumer Staples (1.3%): CJ CheilJedang Corp. ................................................... 4,047 1,217,877 KT&G Corp. ......................................................... 31,453 2,276,138 3,494,015 Financials (2.6%): Hana Financial Group, Inc. ............................................... 31,584 1,050,385 Industrial Bank of Korea ................................................. 199,054 1,545,959 KB Financial Group, Inc. ................................................ 27,124 1,040,425 Samsung Life Insurance Co. Ltd. ........................................... 24,397 1,369,968 Shinhan Financial Group Co. Ltd. .......................................... 43,952 1,223,593 Woori Financial Group, Inc. .............................................. 105,532 964,010 7,194,340 Industrials (1.2%): Hyundai Glovis Co. Ltd. ................................................. 7,656 990,000 LG Corp. ............................................................ 19,213 1,186,757 SK, Inc. ............................................................. 6,676 997,915 3,174,672 Information Technology (0.9%): LG Innotek Co. Ltd. .................................................... 3,169 632,848 SK Hynix, Inc. ........................................................ 14,931 885,657 SK Square Co. Ltd. (a) .................................................. 33,325 884,256 2,402,761 Materials (0.9%): Hanwha Solutions Corp. (a) ............................................... 15,698 533,861 Lotte Chemical Corp. ................................................... 6,279 886,430 POSCO Holdings, Inc. .................................................. 4,445 972,036 2,392,327 24,814,632 Luxembourg (0.4%): Materials (0.4%): ArcelorMittal SA ...................................................... 44,064 1,158,996 Netherlands (2.3%): Financials (1.9%): Aegon NV ........................................................... 289,068 1,465,883 ASR Nederland NV .................................................... 43,183 2,049,797 NN Group NV ........................................................ 42,863 1,750,634 5,266,314

Victory Portfolios II VictoryShares International Value Momentum ETF 22 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Materials (0.4%): OCI NV ............................................................. 26,859 $ 960,728 6,227,042 Norway (1.0%): Energy (0.5%): Equinor ASA ......................................................... 34,558 1,242,514 Industrials (0.5%): Kongsberg Gruppen ASA ................................................ 31,246 1,327,171 2,569,685 Singapore (2.9%): Consumer Discretionary (0.6%): Genting Singapore Ltd. .................................................. 2,479,600 1,768,365 Industrials (1.1%): Jardine Cycle & Carriage Ltd. ............................................. 52,700 1,125,547 Keppel Corp. Ltd. ...................................................... 327,400 1,775,016 2,900,563 Real Estate (1.2%): City Developments Ltd. ................................................. 240,400 1,477,479 UOL Group Ltd. ....................................................... 366,100 1,837,198 3,314,677 7,983,605 Spain (3.7%): Communication Services (0.8%): Telefonica SA ........................................................ 568,556 2,059,853 Financials (0.5%): CaixaBank SA (c) ...................................................... 340,429 1,337,931 Health Care (0.4%): Grifols SA (a) ......................................................... 96,895 1,116,918 Industrials (0.8%): ACS Actividades de Construccion y Servicios SA ............................... 74,353 2,130,351 Real Estate (0.6%): Merlin Properties Socimi SA .............................................. 171,616 1,611,793 Utilities (0.6%): Acciona SA .......................................................... 9,262 1,704,061 9,960,907 Sweden (3.4%): Consumer Staples (0.6%): Axfood AB .......................................................... 61,768 1,693,288 Financials (1.3%): Industrivarden AB, Class C ............................................... 67,712 1,642,628 Investor AB, Class B ................................................... 99,990 1,807,837 3,450,465 Health Care (0.6%): Swedish Orphan Biovitrum AB (a) .......................................... 79,245 1,638,986 Industrials (0.5%): Saab AB, Class B ...................................................... 35,691 1,405,519 Materials (0.4%): SSAB AB, Class B ..................................................... 214,354 1,113,997 9,302,255

Victory Portfolios II VictoryShares International Value Momentum ETF 23 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Switzerland (1.3%): Financials (0.8%): Banque Cantonale Vaudoise, Registered Shares ................................. 23,799 $ 2,284,900 Materials (0.5%): Glencore PLC ........................................................ 183,535 1,225,430 3,510,330 United Kingdom (10.3%): Communication Services (0.7%): Vodafone Group PLC ................................................... 1,882,951 1,917,226 Consumer Discretionary (0.9%): Frasers Group PLC (a)................................................... 96,155 825,175 Pearson PLC ......................................................... 147,941 1,679,433 2,504,608 Consumer Staples (2.9%): British American Tobacco PLC ............................................ 56,462 2,239,467 Haleon PLC (a)........................................................ 451,364 1,785,892 Imperial Brands PLC ................................................... 88,165 2,206,949 J Sainsbury PLC ....................................................... 611,186 1,608,229 7,840,537 Energy (0.5%): Shell PLC ........................................................... 53,957 1,516,958 Financials (1.7%): HSBC Holdings PLC ................................................... 272,505 1,698,586 NatWest Group PLC .................................................... 478,888 1,535,053 Standard Chartered PLC ................................................. 185,129 1,392,708 4,626,347 Health Care (1.5%): AstraZeneca PLC ...................................................... 16,086 2,181,120 GSK PLC ........................................................... 114,524 1,989,988 4,171,108 Industrials (0.7%): BAE Systems PLC ..................................................... 190,800 1,974,095 Information Technology (0.3%): Wise PLC, Class A (a) ................................................... 111,521 758,624 Materials (0.6%): Rio Tinto PLC ........................................................ 22,134 1,551,151 Utilities (0.5%): Centrica PLC ......................................................... 1,087,087 1,268,229 28,128,883 Total Common Stocks (Cost $257,079,288) 269,423,791 Rights (0.0%)(d) Korea, Republic Of (0.0%):(d) Materials (0.0%):(d) Lotte Chemical Corp. , Expires 1/23/23 (a)(e) .................................. 1,470 41,273 Total Rights (Cost $–) 41,273 Collateral for Securities Loaned (0.7%)^ United States (0.7%): Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (f) ....... 458,813 458,813 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (f)............ 458,813 458,813 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (f) ............... 458,813 458,813

Victory Portfolios II VictoryShares International Value Momentum ETF 24 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (f). 458,813 $ 458,813 Total Collateral for Securities Loaned (Cost $1,835,252) 1,835,252 Total Investments (Cost $258,914,540) — 99.5% 271,300,316 Other assets in excess of liabilities — 0.5% 1,424,068 NET ASSETS - 100.00% $ 272,724,384 ^ Purchased with cash collateral from securities on loan. (a) Non-income producing security. (b) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December 31, 2022, the fair value of these securities was $988,445 and amounted to 0.4% of net assets. (c) All or a portion of this security is on loan. (d) Amount represents less than 0.05% of net assets. (e) Security was fair valued based upon procedures approved by the Board of Trustees and represents less than 0.05% of net assets as of December 31, 2022. (See Note 2) (f) Rate disclosed is the daily yield on December 31, 2022. PLC—Public Limited Company Futures Contracts Purchased Number of Contracts Expiration Date Notional Amount Value Unrealized Appreciation (Depreciation) E-Mini MSCI EAFE Index Futures ...... 14 3/17/23 $ 1,378,877 $ 1,364,580 $ (14,297) Total unrealized appreciation $ – Total unrealized depreciation (14,297) Total net unrealized appreciation (depreciation) $ (14,297)

Schedule of Portfolio Investments December 31, 2022 Victory Portfolios II VictoryShares Emerging Markets Value Momentum ETF 25 (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (99.5%) Brazil (6.2%): Consumer Staples (1.4%): JBS SA ............................................................. 251,900 $ 1,049,265 M Dias Branco SA ..................................................... 102,400 694,990 Sao Martinho SA ...................................................... 149,300 750,007 2,494,262 Energy (0.4%): Petroleo Brasileiro SA, Preference Shares ..................................... 140,500 652,040 Financials (1.4%): Banco do Brasil SA .................................................... 154,700 1,017,717 BB Seguridade Participacoes SA ........................................... 228,900 1,461,626 2,479,343 Health Care (0.7%): Hypera SA ........................................................... 132,400 1,133,596 Information Technology (0.5%): Cielo SA ............................................................ 857,600 851,232 Materials (0.8%): Braskem SA, Preference Shares ............................................ 131,200 590,490 Gerdau SA, Preference Shares ............................................. 143,400 797,783 1,388,273 Utilities (1.0%): Cia Energetica de Minas Gerais, Preference Shares .............................. 454,600 959,283 Cia Paranaense de Energia, Preference Shares .................................. 572,700 858,095 1,817,378 10,816,124 Chile (2.1%): Consumer Staples (0.8%): Cencosud SA ......................................................... 854,351 1,405,779 Industrials (0.4%): Cia Sud Americana de Vapores SA .......................................... 9,036,359 714,126 Materials (0.9%): Empresas CMPC SA .................................................... 574,132 958,851 Sociedad Quimica y Minera de Chile SA, Class B ............................... 7,257 587,202 1,546,053 3,665,958 China (23.1%): Communication Services (0.6%): China Tower Corp. Ltd., Class H (a) ......................................... 10,317,929 1,110,450 Consumer Discretionary (2.1%): Dongfeng Motor Group Co. Ltd., Class H .................................... 1,658,367 951,888 Great Wall Motor Co. Ltd., Class H ......................................... 322,968 420,417 Guangzhou Automobile Group Co. Ltd., Class H ............................... 1,141,072 768,999 Haichang Ocean Park Holdings, Ltd. (a)(b) .................................... 1,381,642 283,232 Koolearn Technology Holding Ltd. (a)(b) ..................................... 82,900 557,623 Yadea Group Holdings Ltd. (a)............................................. 365,713 611,943 3,594,102 Consumer Staples (0.4%): Tsingtao Brewery Co. Ltd., Class H ......................................... 78,000 770,506 Energy (3.0%): China Coal Energy Co. Ltd., Class H ........................................ 702,168 571,271 China Petroleum & Chemical Corp., Class H .................................. 2,756,999 1,331,696 China Shenhua Energy Co. Ltd., Class H ..................................... 283,627 819,448

Victory Portfolios II VictoryShares Emerging Markets Value Momentum ETF 26 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Inner Mongolia Yitai Coal Co. Ltd., Class B ................................... 592,400 $ 782,560 PetroChina Co. Ltd., Class H .............................................. 2,625,785 1,201,032 Yankuang Energy Group Co. Ltd., Class H .................................... 175,528 535,242 5,241,249 Financials (11.0%): Agricultural Bank of China Ltd., Class H ..................................... 5,374,938 1,845,591 Bank of China Ltd., Class H .............................................. 5,310,254 1,932,238 Bank of Communications Co. Ltd., Class H ................................... 2,495,129 1,435,379 China CITIC Bank Corp. Ltd., Class H ...................................... 3,458,780 1,533,296 China Life Insurance Co. Ltd., Class H ....................................... 674,435 1,157,903 China Minsheng Banking Corp. Ltd., Class H .................................. 3,792,150 1,311,826 CITIC Securities Co. Ltd., Class H ......................................... 467,491 945,164 GF Securities Co. Ltd., Class H ............................................ 565,735 813,267 Haitong Securities Co. Ltd., Class H ........................................ 1,774,987 1,091,600 Huatai Securities Co. Ltd., Class H (a) ....................................... 918,903 1,051,352 Industrial & Commercial Bank of China Ltd., Class H ............................ 3,158,293 1,626,693 New China Life Insurance Co. Ltd., Class H ................................... 381,378 933,289 PICC Property & Casualty Co. Ltd., Class H .................................. 1,115,062 1,058,630 Postal Savings Bank of China Co. Ltd., Class H (a) .............................. 1,650,061 1,025,342 The People's Insurance Co. Group of China Ltd., Class H ......................... 4,555,145 1,511,573 19,273,143 Health Care (1.8%): China Resources Pharmaceutical Group Ltd. (a)................................. 966,254 782,412 Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H .......................... 160,266 513,344 Sinopharm Group Co. Ltd., Class H ......................................... 515,546 1,310,497 WuXi AppTec Co Ltd., Class H (a).......................................... 50,803 536,670 3,142,923 Industrials (1.3%): China Railway Group Ltd., Class H ......................................... 1,693,575 893,982 COSCO SHIPPING Holdings Co. Ltd., Class H ................................ 602,746 614,716 Weichai Power Co. Ltd. ................................................. 576,728 774,389 2,283,087 Materials (2.0%): Anhui Conch Cement Co. Ltd., Class H ...................................... 221,256 773,900 China Hongqiao Group Ltd. .............................................. 749,995 708,195 China National Building Material Co. Ltd., Class H ............................. 753,966 619,208 CMOC Group Ltd., Class H .............................................. 1,425,180 657,354 Zijin Mining Group Co. Ltd., Class H ....................................... 526,776 714,067 3,472,724 Real Estate (0.5%): China Vanke Co. Ltd., Class H ............................................ 275,100 556,897 Seazen Group Ltd. (b) ................................................... 973,163 360,338 917,235 Utilities (0.4%): Huaneng Power International, Inc., Class H (b) ................................. 1,401,018 662,365 40,467,784 Cyprus (0.0%):(c) Financials (0.0%):(c) TCS Group Holding PLC, GDR (b)(d)(e) ..................................... 15,868 7,442 Greece (0.0%):(c) Consumer Discretionary (0.0%):(c) FF Group (b)(d)(e) ..................................................... 14,913 3,831

Victory Portfolios II VictoryShares Emerging Markets Value Momentum ETF 27 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Hong Kong (2.2%): Industrials (0.3%): Orient Overseas International Ltd. .......................................... 27,904 $ 504,095 Information Technology (0.5%): Lenovo Group Ltd. ..................................................... 1,095,813 899,957 Real Estate (0.8%): China Overseas Land & Investment Ltd., Class H ............................... 254,038 670,491 Yuexiu Property Co. Ltd. ................................................ 573,861 694,809 1,365,300 Utilities (0.6%): Beijing Enterprises Holdings Ltd. .......................................... 344,727 1,104,187 3,873,539 Hungary (0.7%): Health Care (0.7%): Richter Gedeon Nyrt .................................................... 53,253 1,187,704 India (7.0%): Consumer Discretionary (2.6%): Indian Hotels Co. Ltd. .................................................. 270,331 1,041,293 Mahindra & Mahindra Ltd. ............................................... 77,805 1,174,905 Page Industries Ltd. .................................................... 2,185 1,131,438 TVS Motor Co. Ltd. .................................................... 93,116 1,221,736 4,569,372 Consumer Staples (1.0%): ITC Ltd. ............................................................ 410,485 1,645,165 Health Care (0.8%): Sun Pharmaceutical Industries Ltd. ......................................... 120,041 1,453,116 Industrials (1.9%): Adani Enterprises Ltd. .................................................. 20,697 965,322 Bharat Electronics Ltd. .................................................. 904,907 1,092,780 Cummins India Ltd. .................................................... 76,114 1,270,085 3,328,187 Information Technology (0.4%): Tata Elxsi Ltd. ........................................................ 9,530 724,142 Utilities (0.3%): Adani Power Ltd. (b).................................................... 155,654 563,628 12,283,610 Indonesia (8.3%): Communication Services (0.8%): PT Telkom Indonesia Persero Tbk .......................................... 5,940,691 1,431,262 Consumer Discretionary (0.7%): PT Astra International Tbk ............................................... 3,127,081 1,145,156 Consumer Staples (1.1%): PT Indofood Sukses Makmur Tbk .......................................... 4,446,785 1,921,274 Energy (2.0%): PT Adaro Energy Indonesia Tbk ........................................... 3,342,845 826,852 PT Bukit Asam Tbk .................................................... 3,850,600 912,863 PT Indo Tambangraya Megah Tbk .......................................... 307,800 771,725 United Tractors Tbk PT .................................................. 534,968 896,196 3,407,636

Victory Portfolios II VictoryShares Emerging Markets Value Momentum ETF 28 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Financials (1.3%): PT Bank Mandiri Persero Tbk ............................................. 1,796,002 $ 1,145,218 PT Bank Negara Indonesia Persero Tbk ...................................... 1,993,580 1,181,547 2,326,765 Health Care (0.7%): PT Kalbe Farma Tbk ................................................... 9,339,137 1,254,018 Materials (1.2%): PT Berkah Beton Sadaya Tbk ............................................. 11,127,195 529,015 PT Bumi Resources Minerals Tbk (b) ........................................ 46,389,258 473,877 PT Indah Kiat Pulp & Paper Corp. Tbk ....................................... 1,838,304 1,030,466 2,033,358 Utilities (0.5%): PT Perusahaan Gas Negara Tbk ............................................ 8,015,016 906,292 14,425,761 Malaysia (7.7%): Consumer Discretionary (0.8%): Genting Bhd ......................................................... 1,408,400 1,434,007 Consumer Staples (0.6%): Sime Darby Plantation Bhd ............................................... 1,051,700 1,111,456 Financials (5.9%): Hong Leong Bank Bhd .................................................. 618,700 2,891,016 Malayan Banking Bhd .................................................. 1,499,700 2,965,316 Public Bank Bhd ...................................................... 2,014,200 1,977,578 RHB Bank Bhd ....................................................... 1,883,700 2,478,778 10,312,688 Health Care (0.4%): Hartalega Holdings Bhd ................................................. 1,546,400 597,473 13,455,624 Mexico (3.3%): Consumer Staples (2.2%): Arca Continental SAB de CV ............................................. 168,755 1,370,683 Coca-Cola Femsa SAB de CV ............................................. 220,212 1,490,227 Grupo Bimbo SAB de CV, Class A .......................................... 227,250 960,693 3,821,603 Financials (1.1%): Banco del Bajio SA (a) .................................................. 334,030 1,055,305 Grupo Financiero Inbursa SAB de CV (b) ..................................... 507,605 855,644 1,910,949 5,732,552 Philippines (0.4%): Communication Services (0.4%): PLDT, Inc. ........................................................... 32,760 774,734 Poland (0.9%): Materials (0.4%): KGHM Polska Miedz SA ................................................ 25,835 749,145 Utilities (0.5%): PGE Polska Grupa Energetyczna SA (b) ...................................... 502,017 790,621 1,539,766 Russian Federation (0.0%):(c) Consumer Staples (0.0%):(c) Magnit PJSC, GDR (b)(d)(e)(f)(g) .......................................... 32,414 74

Victory Portfolios II VictoryShares Emerging Markets Value Momentum ETF 29 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Energy (0.0%):(c) Gazprom PJSC (b)(d)(e)(f)(g) ............................................. 324,752 $ 10,661 Financials (0.0%):(c) Sberbank of Russia PJSC (b)(d)(e)(f)(g) ...................................... 177,888 522 Materials (0.0%):(c) PhosAgro PJSC, GDR (b)(d)(e) ............................................ 35,202 272 Severstal PAO (d)(e)(f)(g) ................................................ 37,552 7,303 United Co. RUSAL International PJSC (d)(e) .................................. 555,630 4,775 12,350 Utilities (0.0%):(c) Inter RAO UES PJSC (d)(e)............................................... 23,475,472 9,228 32,835 South Africa (2.4%): Consumer Staples (0.7%): Shoprite Holdings Ltd. .................................................. 88,279 1,174,925 Energy (0.3%): Thungela Resources, Ltd. ................................................ 29,015 489,817 Financials (1.4%): Nedbank Group Ltd. .................................................... 93,558 1,171,245 OUTsurance Group Ltd. ................................................. 745,361 1,384,436 2,555,681 4,220,423 Taiwan (16.4%): Communication Services (1.0%): Far EasTone Telecommunications Co. Ltd. .................................... 779,000 1,670,445 Financials (0.8%): Taiwan Business Bank .................................................. 3,391,000 1,428,916 Industrials (3.0%): Eva Airways Corp. ..................................................... 826,000 756,602 Evergreen Marine Corp. Ltd. .............................................. 117,400 622,680 Far Eastern New Century Corp. ............................................ 1,682,000 1,745,926 Tatung Co., Ltd. (b)..................................................... 1,229,000 1,379,686 Yang Ming Marine Transport Corp. ......................................... 346,000 737,440 5,242,334 Information Technology (11.6%): ASE Technology Holding Co. Ltd. .......................................... 319,000 974,688 Asustek Computer, Inc. .................................................. 143,000 1,249,365 AU Optronics Corp. .................................................... 1,659,800 810,133 Catcher Technology Co. Ltd. .............................................. 246,000 1,352,792 Chicony Electronics Co. Ltd. .............................................. 552,000 1,550,098 Compal Electronics, Inc. ................................................. 2,323,000 1,742,325 Compeq Manufacturing Co. Ltd. ........................................... 542,000 784,817 Hon Hai Precision Industry Co. Ltd. ........................................ 543,000 1,765,121 Innolux Corp. ......................................................... 2,006,995 721,635 Inventec Corp. ........................................................ 1,999,000 1,707,463 Lite-On Technology Corp. ................................................ 618,000 1,282,975 Macronix International Co. Ltd. ............................................ 889,000 976,303 Pegatron Corp. ........................................................ 658,000 1,359,593 Powertech Technology, Inc. ............................................... 567,000 1,461,226 Wistron Corp. ........................................................ 1,741,000 1,665,541 Zhen Ding Technology Holding Ltd. ........................................ 268,000 915,658 20,319,733 28,661,428

Victory Portfolios II VictoryShares Emerging Markets Value Momentum ETF 30 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Thailand (9.9%): Communication Services (1.7%): Total Access Communication PCL .......................................... 1,092,000 $ 1,474,286 True Corp. PCL ....................................................... 10,379,200 1,450,731 2,925,017 Consumer Discretionary (0.9%): Asset World Corp. PCL .................................................. 8,753,500 1,592,575 Consumer Staples (1.2%): Charoen Pokphand Foods PCL ............................................ 2,982,500 2,136,042 Financials (3.4%): Bangkok Bank PCL .................................................... 535,000 2,286,615 Kasikornbank PCL ..................................................... 480,000 2,044,612 Krung Thai Bank PCL .................................................. 3,173,300 1,622,042 5,953,269 Health Care (1.5%): Bangkok Dusit Medical Services PCL ....................................... 1,671,600 1,399,935 Bumrungrad Hospital PCL ............................................... 200,100 1,225,069 2,625,004 Information Technology (0.4%): Delta Electronics Thailand PCL ............................................ 28,200 675,935 Real Estate (0.8%): Central Pattana PCL .................................................... 687,100 1,408,821 17,316,663 Turkey (8.9%): Communication Services (0.5%): Turkcell Iletisim Hizmetleri A/S ........................................... 419,306 850,052 Consumer Discretionary (1.8%): Arcelik A/S (h) ........................................................ 188,844 1,133,968 Ford Otomotiv Sanayi A/S ............................................... 38,650 1,084,925 Tofas Turk Otomobil Fabrikasi A/S ......................................... 109,626 972,166 3,191,059 Consumer Staples (1.2%): BIM Birlesik Magazalar A/S .............................................. 135,134 990,085 Coca-Cola Icecek A/S ................................................... 105,278 1,151,657 2,141,742 Energy (0.5%): Turkiye Petrol Rafinerileri A/S (b)(h) ........................................ 31,220 885,384 Financials (1.7%): Akbank TAS ......................................................... 637,908 667,436 Haci Omer Sabanci Holding A/S ........................................... 356,507 860,115 Turkiye Garanti Bankasi A/S .............................................. 433,983 697,714 Turkiye Is Bankasi A/S .................................................. 1,006,041 687,560 2,912,825 Industrials (2.3%): Enka Insaat ve Sanayi A/S ................................................ 615,376 1,091,434 KOC Holding AS ...................................................... 232,759 1,042,645 Turk Hava Yollari AO (b)................................................. 128,404 968,265 Turkiye Sise ve Cam Fabrikalari A/S ........................................ 410,195 942,225 4,044,569 Materials (0.5%): Eregli Demir ve Celik Fabrikalari TAS ....................................... 343,838 759,255

Victory Portfolios II VictoryShares Emerging Markets Value Momentum ETF 31 (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Utilities (0.4%): Aksa Enerji Uretim As (h) ................................................ 280,308 $ 705,079 15,489,965 United States (0.0%):(c) Materials (0.0%):(c) Phosagro Public Joint, GDR (b)(d)(e) ........................................ 227 2 Total Common Stocks (Cost $171,059,415) 173,955,745 Rights (0.0%)(c) Thailand (0.0%):(c) Consumer Staples (0.0%):(c) Thai Union Group PCL , Expires 1/31/23 (b)(d)(e)............................... 35,818 18,211 Total Rights (Cost $–) 18,211 Collateral for Securities Loaned (1.1%)^ United States (1.1%): Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (i) ....... 482,145 482,145 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (i) ............ 482,145 482,145 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (i) ............... 482,145 482,145 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (i) . 482,145 482,145 Total Collateral for Securities Loaned (Cost $1,928,580) 1,928,580 Total Investments (Cost $172,987,995) — 100.6% 175,902,536 Liabilities in excess of other assets — (0.6)% (1,111,689) NET ASSETS - 100.00% $ 174,790,847 ^ Purchased with cash collateral from securities on loan. (a) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December 31, 2022, the fair value of these securities was $7,014,329 and amounted to 4.0% of net assets. (b) Non-income producing security. (c) Amount represents less than 0.05% of net assets. (d) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of December 31, 2022, illiquid securities were less than 0.05% of net assets. (e) Security was fair valued based upon procedures approved by the Board of Trustees and represents less than 0.05% of net assets as of December 31, 2022. This security is classified as Level 3 within the fair value hierarchy. (See Note 2 in the Notes to Financial Statements) (f) Restricted security due to trading restrictions. Russian sanctioned entity by the United States Government. (g) The following table details the earliest acquisition date and cost of the Fund's Russian sanctioned restricted securities at December 31, 2022. Security Name Acquisition Date Cost Gazprom PJSC ............................................. 12/8/2017 $722,938 Magnit PJSC, GDR .......................................... 12/21/2021 479,540 Sberbank of Russia PJSC ...................................... 10/24/2017 634,243 Severstal PAO .............................................. 5/7/2021 881,363 (h) All or a portion of this security is on loan. (i) Rate disclosed is the daily yield on December 31, 2022. GDR—Global Depositary Receipt PCL—Public Company Limited PLC—Public Limited Company

Statements of Assets and Liabilities December 31, 2022 33 See notes to financial statements. Victory Portfolios II (Unaudited) VictoryShares US Value Momentum ETF VictoryShares US Small Mid Cap Value Momentum ETF Assets: Investments, at value (Cost $234,321,430 and $210,408,800) $ 245,888,937(a) $ 216,478,245(b) Cash 811,858 643,683 Deposit with broker for futures contracts 162,606 204,468 Receivables: Interest and dividends 403,251 318,855 From Adviser 8,746 — Prepaid expenses 490 458 Total Assets 247,275,888 217,645,709 Liabilities: Payables: Collateral received on loaned securities 270,000 58,212 Variation margin on open futures contracts 2,687 2,484 Accrued expenses and other payables: Investment advisory fees 31,939 28,266 Administration fees 856 1,882 Custodian fees 3,296 3,118 Compliance fees 210 162 Trustees' fees 507 182 Other accrued expenses 38,323 35,661 Total Liabilities 347,818 129,967 Net Assets: Capital 309,565,482 262,430,336 Total accumulated earnings/(loss) (62,637,412) (44,914,594) Net Assets $ 246,928,070 $ 217,515,742 Shares outstanding (unlimited shares authorized, no par value): 3,900,000 3,450,000 Net asset value: $ 63.31 $ 63.05 (a) Includes $253,200 of securities on loan. (b) Includes $57,242 of securities on loan.

Statements of Assets and Liabilities December 31, 2022 34 See notes to financial statements. Victory Portfolios II (Unaudited) VictoryShares International Value Momentum ETF VictoryShares Emerging Markets Value Momentum ETF Assets: Investments, at value (Cost $258,914,540 and $172,987,995) $ 271,300,316(a) $ 175,902,536(b) Foreign currency, at value (Cost $77,000 and $19,809) 76,800 19,809 Cash 1,028,561 674,788 Deposit with broker for futures contracts 262,893 246,695 Receivables: Interest and dividends 1,307,597 185,385 Investments sold 546 — Reclaims 741,892 12,390 From Adviser 8,668 31,861 Prepaid expenses 571 399 Total Assets 274,727,844 177,073,863 Liabilities: Payables: Collateral received on loaned securities 1,835,252 1,928,580 Variation margin on open futures contracts 13,109 14,535 Accrued foreign capital gains taxes — 157,835 Accrued expenses and other payables: Investment advisory fees 58,422 45,291 Administration fees 2,185 1,642 Custodian fees 25,820 69,297 Compliance fees 196 125 Trustees' fees 274 46 Other accrued expenses 68,202 65,665 Total Liabilities 2,003,460 2,283,016 Net Assets: Capital 346,106,972 214,085,840 Total accumulated earnings/(loss) (73,382,588) (39,294,993) Net Assets $ 272,724,384 $ 174,790,847 Shares outstanding (unlimited shares authorized, no par value): 6,550,000 4,350,000 Net asset value: $ 41.64 $ 40.18 (a) Includes $1,767,922 of securities on loan. (b) Includes $1,838,888 of securities on loan.

Statements of Operations For the Six Months Ended December 31, 2022 35 See notes to financial statements. Victory Portfolios II (Unaudited) VictoryShares US Value Momentum ETF VictoryShares US Small Mid Cap Value Momentum ETF Investment Income: Dividends $ 3,074,881 $ 2,393,400 Interest 8,018 9,441 Securities lending (net of fees) 316 25,235 Foreign tax withholding (601) (1,336) Total Income 3,082,614 2,426,740 Expenses: Investment advisory fees 201,179 191,225 Administration fees 73,765 70,103 Sub-Administration fees 9,760 11,327 Custodian fees 7,426 7,256 Servicing fees 1,394 1,394 Trustees' fees 9,241 8,645 Compliance fees 1,234 1,157 Legal and audit fees 14,357 12,400 Licensing fees 33,528 31,869 Other expenses 16,546 19,393 Total Expenses 368,430 354,769 Expenses waived/reimbursed by Adviser (100,304) (41,736) Net Expenses 268,126 313,033 Net Investment Income (Loss) 2,814,488 2,113,707 Realized/Unrealized Gains (Losses) from Investments: Net realized gains (losses) from investment securities (3,363,876) (8,893,748) Net realized gains (losses) from futures contracts 50,584 (62,358) Net realized gains (losses) from in-kind redemptions 4,618,811 7,320,585 Net change in unrealized appreciation/depreciation on investment securities 13,471,385 12,936,663 Net change in unrealized appreciation/depreciation on futures contracts 37,822 52,253 Net realized/unrealized gains (losses) on investments 14,814,726 11,353,395 Change in net assets resulting from operations $ 17,629,214 $ 13,467,102

Statements of Operations For the Six Months Ended December 31, 2022 36 See notes to financial statements. Victory Portfolios II (Unaudited) VictoryShares International Value Momentum ETF VictoryShares Emerging Markets Value Momentum ETF Investment Income: Dividends $ 5,306,712 $ 5,414,955 Interest 4,981 — Securities lending (net of fees) 44,696 17,755 Foreign tax withholding (573,355) (636,230) Total Income 4,783,034 4,796,480 Expenses: Investment advisory fees 344,657 282,077 Administration fees 75,828 51,711 Sub-Administration fees 9,407 10,415 Custodian fees 54,680 164,913 Servicing fees 1,860 1,860 Trustees' fees 9,304 6,819 Compliance fees 1,240 863 Legal and audit fees 18,744 23,903 Line of credit fees — 842 Interest fees — 2,651 Licensing fees 48,252 32,909 Other expenses 21,465 18,519 Total Expenses 585,437 597,482 Expenses waived/reimbursed by Adviser (103,014) (171,309) Net Expenses 482,423 426,173 Net Investment Income (Loss) 4,300,611 4,370,307 Realized/Unrealized Gains (Losses) from Investments: Net realized gains (losses) from investment securities and foreign currency transactions (24,519,571) (21,485,990) Foreign taxes on realized gains — (216,344) Net realized gains (losses) from futures contracts (25,944) (88,456) Net realized gains (losses) from in-kind redemptions 1,023,310 1,639,237 Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations 31,614,302 17,865,726 Net change in unrealized appreciation/depreciation on futures contracts (2,104) 9,690 Net change in accrued foreign taxes on unrealized gains — (96,057) Net realized/unrealized gains (losses) on investments 8,089,993 (2,372,194) Change in net assets resulting from operations $ 12,390,604 $ 1,998,113

37 Victory Portfolios II Statements of Changes in Net Assets See notes to financial statements. VictoryShares US Value Momentum ETF VictoryShares US Small Mid Cap Value Momentum ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 From Investment Activities: Operations: Net Investment Income (Loss) $ 2,814,488 $ 5,579,531 $ 2,113,707 $ 3,329,478 Net realized gains (losses) 1,305,519 64,245,529 (1,635,521) 21,387,250 Net change in unrealized appreciation/depreciation 13,509,207 (84,518,410) 12,988,916 (69,348,412) Change in net assets resulting from operations 17,629,214 (14,693,350) 13,467,102 (44,631,684) Change in net assets resulting from distributions to shareholders (3,305,008) (5,861,933) (1,960,674) (3,010,992) Change in net assets resulting from capital transactions (34,857,284) (155,196,933) (51,347,136) 5,367,845 Change in net assets (20,533,078) (175,752,216) (39,840,708) (42,274,831) Net Assets: Beginning of period 267,461,148 443,213,364 257,356,450 299,631,281 End of period $ 246,928,070 $ 267,461,148 $ 217,515,742 $ 257,356,450 Capital Transactions: Proceeds from shares issued $ — $ 88,866,918 $ — $ 95,338,557 Cost of shares redeemed (34,857,284) (244,063,851) (51,347,136) (89,970,712) Change in net assets resulting from capital transactions $ (34,857,284) $ (155,196,933) $ (51,347,136) $ 5,367,845 Share Transactions: Issued — 1,300,000 — 1,350,000 Redeemed (550,000) (3,600,000) (800,000) (1,250,000) Change in Shares (550,000) (2,300,000) (800,000) 100,000

38 Victory Portfolios II Statements of Changes in Net Assets (continued) See notes to financial statements. VictoryShares International Value Momentum ETF VictoryShares Emerging Markets Value Momentum ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 From Investment Activities: Operations: Net Investment Income (Loss) $ 4,300,611 $ 10,073,851 $ 4,370,307 $ 9,609,284 Net realized gains (losses) (23,522,205) (689,429) (20,151,553) 1,927,212 Net change in unrealized appreciation/depreciation 31,612,198 (64,701,944) 17,779,359 (59,090,887) Change in net assets resulting from operations 12,390,604 (55,317,522) 1,998,113 (47,554,391) Change in net assets resulting from distributions to shareholders (3,096,237) (12,229,755) (5,753,172) (10,246,565) Change in net assets resulting from capital transactions (19,527,145) (6,876,009) (31,389,901) 2,145,943 Change in net assets (10,232,778) (74,423,286) (35,144,960) (55,655,013) Net Assets: Beginning of period 282,957,162 357,380,448 209,935,807 265,590,820 End of period $ 272,724,384 $ 282,957,162 $ 174,790,847 $ 209,935,807 Capital Transactions: Proceeds from shares issued $ — $ — $ — $ 9,384,929 Cost of shares redeemed (19,527,145) (6,876,009) (31,389,901) (7,238,986) Change in net assets resulting from capital transactions $ (19,527,145) $ (6,876,009) $ (31,389,901) $ 2,145,943 Share Transactions: Issued — — — 200,000 Redeemed (500,000) (150,000) (800,000) (150,000) Change in Shares (500,000) (150,000) (800,000) 50,000

Victory Portfolios II Financial Highlights For a Share Outstanding Throughout Each Period 39 See notes to financial statements. VictoryShares US Value Momentum ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Ten Months Ended June 30, 2020(a) Year Ended August 31, 2019 October 24, 2017(b) through August 31, 2018 Net Asset Value, Beginning of Period $60.10 $65.66 $45.30 $50.37 $53.85 $50.19 Investment Activities: Net investment income (loss)(c) 0.66 1.07 0.81 0.72 1.00 0.78 Net realized and unrealized gains (losses) 3.34 (5.52) 20.32 (4.85) (3.59) 3.34 Total from Investment Activities 4.00 (4.45) 21.13 (4.13) (2.59) 4.12 Distributions to Shareholders From: Net investment income (0.79) (1.11) (0.77) (0.94) (0.89) (0.46) Total Distributions (0.79) (1.11) (0.77) (0.94) (0.89) (0.46) Net Asset Value, End of Period $63.31 $60.10 $65.66 $45.30 $50.37 $53.85 Total Return(d) 6.68% (6.94)% 47.02% (8.31)% (4.79)% 8.23% Ratios to Average Net Assets: Net Expenses (e)(f) 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% Net Investment Income (Loss) (e) 2.10% 1.59% 1.47% 1.80% 2.00% 1.76% Gross Expenses (e)(f) 0.27% 0.27% 0.27% 0.28% 0.25% 0.25% Supplemental Data: Net Assets at end of period (000's) $246,928 $267,461 $443,213 $464,347 $468,445 $398,504 Portfolio Turnover (d)(g) 73% 53% 76% 66% 87% 84% (a) The Fund's fiscal year-end changed from August 31 to June 30, effective September 1, 2019. (b) Commencement of operations. (c) Per share net investment income (loss) has been calculated using the average daily shares method. (d) Not annualized for periods less than one year. (e) Annualized for periods less than one year. (f) Does not include acquired fund fees and expenses, if any. (g) Excludes impact of in-kind transactions.

Victory Portfolios II Financial Highlights — continued For a Share Outstanding Throughout Each Period 40 See notes to financial statements. VictoryShares US Small Mid Cap Value Momentum ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Ten Months Ended June 30, 2020(a) Year Ended August 31, 2019 October 24, 2017(b) through August 31, 2018 Net Asset Value, Beginning of Period $60.55 $72.20 $45.57 $49.54 $57.21 $50.13 Investment Activities: Net investment income (loss)(c) 0.53 0.88 0.52 0.60 1.00 0.57 Net realized and unrealized gains (losses) 2.49 (11.79) 26.84 (3.74) (7.86) 6.81 Total from Investment Activities 3.02 (10.91) 27.36 (3.14) (6.86) 7.38 Distributions to Shareholders From: Net investment income (0.52) (0.74) (0.73) (0.83) (0.81) (0.30) Total Distributions (0.52) (0.74) (0.73) (0.83) (0.81) (0.30) Net Asset Value, End of Period $63.05 $60.55 $72.20 $45.57 $49.54 $57.21 Total Return(d) 4.99% (15.24)% 60.47% (6.44)% (11.99)% 14.80% Ratios to Average Net Assets: Net Expenses (e)(f) 0.25% 0.24%(g) 0.24%(g) 0.25% 0.25% 0.25% Net Investment Income (Loss) (e) 1.66% 1.26% 0.87% 1.53% 1.98% 1.25% Gross Expenses (e)(f) 0.28% 0.27% 0.28% 0.31% 0.30% 0.30% Supplemental Data: Net Assets at end of period (000's) $217,516 $257,356 $299,631 $239,247 $101,564 $71,517 Portfolio Turnover (d)(h) 91% 70% 78% 70% 88% 81% (a) The Fund's fiscal year-end changed from August 31 to June 30, effective September 1, 2019. (b) Commencement of operations. (c) Per share net investment income (loss) has been calculated using the average daily shares method. (d) Not annualized for periods less than one year. (e) Annualized for periods less than one year. (f) Does not include acquired fund fees and expenses, if any. (g) Includes impact of voluntary waivers. Without these voluntary waivers, the net expense ratio would have been at the contractual cap. (See Note 5 in the Notes to Financial Statements). (h) Excludes impact of in-kind transactions.

41 Victory Portfolios II For a Share Outstanding Throughout Each Period Financial Highlights — continued See notes to financial statements. VictoryShares International Value Momentum ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Ten Months Ended June 30, 2020(a) Year Ended August 31, 2019 October 24, 2017(b) through August 31, 2018 Net Asset Value, Beginning of Period $40.14 $49.64 $38.42 $43.16 $48.10 $50.08 Investment Activities: Net investment income (loss)(c) 0.62 1.41 1.28 0.83 1.30 1.34 Net realized and unrealized gains (losses) 1.33 (9.20) 11.17 (4.35) (4.99) (2.64) Total from Investment Activities 1.95 (7.79) 12.45 (3.52) (3.69) (1.30) Distributions to Shareholders From: Net investment income (0.45) (1.71) (1.23) (1.22) (1.25) (0.68) Total Distributions (0.45) (1.71) (1.23) (1.22) (1.25) (0.68) Net Asset Value, End of Period $41.64 $40.14 $49.64 $38.42 $43.16 $48.10 Total Return(d) 4.96% (16.12)% 32.66% (8.39)% (7.70)% (2.64)% Ratios to Average Net Assets: Net Expenses (e)(f) 0.35% 0.35% 0.35% 0.35% 0.35% 0.35% Net Investment Income (Loss) (e) 3.12% 2.96% 2.86% 2.41% 2.90% 3.12% Gross Expenses (e)(f) 0.42% 0.41% 0.42% 0.41% 0.40% 0.40% Supplemental Data: Net Assets at end of period (000's) $272,724 $282,957 $357,380 $315,004 $323,693 $307,836 Portfolio Turnover (d)(g) 75% 68% 90% 62% 87% 65% (a) The Fund's fiscal year-end changed from August 31 to June 30, effective September 1, 2019. (b) Commencement of operations. (c) Per share net investment income (loss) has been calculated using the average daily shares method. (d) Not annualized for periods less than one year. (e) Annualized for periods less than one year. (f) Does not include acquired fund fees and expenses, if any. (g) Excludes impact of in-kind transactions.

Victory Portfolios II Financial Highlights — continued For a Share Outstanding Throughout Each Period 42 See notes to financial statements. VictoryShares Emerging Markets Value Momentum ETF Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Ten Months Ended June 30, 2020(a) Year Ended August 31, 2019 October 24, 2017(b) through August 31, 2018 Net Asset Value, Beginning of Period $40.76 $52.08 $37.91 $41.23 $45.58 $49.95 Investment Activities: Net investment income (loss)(c) 0.92 1.91 1.36 0.73 1.31 1.17 Net realized and unrealized gains (losses) (0.35) (11.18) 14.10 (2.85) (4.73) (5.10) Total from Investment Activities 0.57 (9.27) 15.46 (2.12) (3.42) (3.93) Distributions to Shareholders From: Net investment income (1.15) (2.05) (1.29) (1.20) (0.93) (0.44) Total Distributions (1.15) (2.05) (1.29) (1.20) (0.93) (0.44) Net Asset Value, End of Period $40.18 $40.76 $52.08 $37.91 $41.23 $45.58 Total Return(d) 1.47% (18.34)% 41.48% (5.47)% (7.62)% (7.95)% Ratios to Average Net Assets: Net Expenses (e)(f) 0.45% 0.45% 0.45% 0.45% 0.45% 0.45% Net Investment Income (Loss) (e) 4.65% 4.05% 2.98% 2.18% 3.00% 2.77% Gross Expenses (e)(f) 0.64% 0.55% 0.56% 0.57% 0.50% 0.50% Supplemental Data: Net Assets at end of period (000's) $174,791 $209,936 $265,591 $164,892 $169,051 $154,974 Portfolio Turnover (d)(g) 81% 70% 95% 51% 67% 58% (a) The Fund's fiscal year-end changed from August 31 to June 30, effective September 1, 2019. (b) Commencement of operations. (c) Per share net investment income (loss) has been calculated using the average daily shares method. (d) Not annualized for periods less than one year. (e) Annualized for periods less than one year. (f) Does not include acquired fund fees and expenses, if any. (g) Excludes impact of in-kind transactions.

Notes to Financial Statements Victory Portfolios II December 31, 2022 43 (Unaudited) 1. Organization: Victory Portfolios II (the “Trust”) is organized as a Delaware statutory trust and the Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Trust is comprised of 25 funds, 23 of which are Exchange-Traded Funds (“ETFs”), and is authorized to issue an unlimited number of shares, which are units of beneficial interest with no par value. The accompanying financial statements are those of the following four Funds (collectively, the “Funds” and individually, a “Fund”). Each Fund is classified as diversified under the 1940 Act. Funds (Legal Name) Funds (Short Name) VictoryShares US Value Momentum ETF (Formerly VictoryShares USAA MSCI USA Value Momentum ETF) US Value Momentum ETF VictoryShares US Small Mid Cap Value Momentum ETF (Formerly VictoryShares USAA MSCI USA Small Cap Value Momentum ETF) US Small Mid Cap Value Momentum ETF VictoryShares International Value Momentum ETF (Formerly Victory-Shares USAA MSCI International Value Momentum ETF) International Value Momentum ETF VictoryShares Emerging Markets Value Momentum ETF (Formerly VictoryShares USAA MSCI Emerging Markets Value Momentum ETF) Emerging Markets Value Momentum ETF Victory Capital Management Inc. (“VCM” or the “Adviser”) is an indirect wholly owned subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly owned direct subsidiary of Victory Capital Operating, LLC. 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 Funds. In addition, in the normal course of business, the Funds enter into contracts with their vendors and others that provide for general indemnifications. The 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: The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”). The preparation of financial statements in accordance with GAAP 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 under Accounting Standards Codification Topic 946. Shares of the Funds are listed and traded on the Nasdaq Stock Market, LLC. (the “Exchange”). The Funds issue and redeem shares (“Shares”) at net asset value (“NAV”) only in aggregations of 50,000 shares, (each a “Creation Unit”). Creation Units are issued and redeemed in exchange for a basket of securities included in the respective Fund’s Index (the “Deposit Securities”), and/or with the deposit of a specified cash payment (the “Cash Component”), plus a transaction fee. Shares 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. Only Authorized Participants may 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. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transactional costs associated with the purchase of Creation Units. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units. Variable fees received by each Fund are displayed in the Capital Transactions section of the Statements of Changes in Net Assets as an increase to Capital. The transaction fees for each Fund are listed below: Fee for In-Kind and Cash Purchases and Redemptions Maximum Additional Variable Charge for Cash Purchases and Redemptions* US Value Momentum ETF ............................................... $ 500 2.00% US Small Mid Cap Value Momentum ETF .................................... 750 2.00% International Value Momentum ETF ........................................ 3,000 2.00% Emerging Markets Value Momentum ETF .................................... 5,500 2.00% * As a percentage of the amount invested Investment Valuation: The Funds record investments at fair value. Fair value is defined as 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.

Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 44 (Unaudited) The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Funds' investments are summarized in the three broad levels listed below: • Level 1 — quoted prices (unadjusted) in active markets for identical securities • Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, or credit spreads, applicable to those securities, etc.) • Level 3 — significant unobservable inputs (including the Adviser's assumptions in determining the fair value of investments) Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodologies used for valuation techniques are not necessarily an indication of the risk associated with entering into those investments. The Adviser, appointed as the valuation designee by the Trust's Board of Trustees' (the “Board”), has established the Pricing and Liquidity Committee (the “Committee”), and subject to Board oversight, the Committee administers and oversees the Funds' valuation policies and procedures, which are approved by the Board. Portfolio securities listed or traded on securities exchanges, including ETFs, American Depositary Receipts (“ADRs”), and Rights, are valued at the closing price on the exchange or system where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy. Investments in open-end investment companies, other than ETFs, are valued at their net asset value (“NAV”). These valuations are typically categorized as Level 1 in the fair value hierarchy. Futures contracts are valued at the settlement price established each day by the board of trade or an exchange on which they are traded. These valuations are typically categorized as Level 1 in the fair value hierarchy. In the event that price quotations or valuations are not readily available, investments are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board. These valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy, based on the observability of inputs used to determine the fair value. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded and the actual price realized from the sale of a security may differ materially from the fair value price. Valuing these securities at fair value is intended to cause the Fund’s NAV to be more reliable than it otherwise would be. In accordance with procedures adopted by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time the exchange on which they are traded closes and the time the Funds’ NAV is calculated. The Funds use a systematic valuation model, provided daily by an independent third party to fair value their international equity securities. These valuations are categorized as Level 2 in the fair value hierarchy. A summary of the valuations as of December 31, 2022, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedules of Portfolio Investments: Level 1 Level 2 Level 3 Total US Value Momentum ETF Common Stocks............................ $245,618,937 $— $— $245,618,937 Collateral for Securities Loaned ................ 270,000 — — 270,000 Total .................................... $245,888,937 $— $— $245,888,937 Other Financial Investments* Liabilities: Futures Contracts........................... (19,311) — — (19,311) Total .................................... $(19,311) $— $— $(19,311) US Small Mid Cap Value Momentum ETF Common Stocks............................ 216,409,450 — — 216,409,450 Rights................................... — — 10,583 10,583 Collateral for Securities Loaned ................ 58,212 — — 58,212 Total .................................... $216,467,662 $— $10,583 $216,478,245 Other Financial Investments* Liabilities: Futures Contracts........................... (15,527) — — (15,527) Total .................................... $(15,527) $— $— $(15,527) International Value Momentum ETF Common Stocks............................ 269,423,791 — — 269,423,791 Rights................................... — 41,273 — 41,273

Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 45 (Unaudited) Level 1 Level 2 Level 3 Total International Value Momentum ETF, continued Collateral for Securities Loaned ................ $1,835,252 $— $— $1,835,252 Total .................................... $271,259,043 $41,273 $— $271,300,316 Other Financial Investments* Liabilities: Futures Contracts........................... (14,297) — — (14,297) Total .................................... $(14,297) $— $— $(14,297) Emerging Markets Value Momentum ETF Common Stocks............................ 173,911,635 — 44,110 173,955,745 Rights................................... — — 18,211 18,211 Collateral for Securities Loaned ................ 1,928,580 — — 1,928,580 Total .................................... $175,840,215 $— $62,321 $175,902,536 Other Financial Investments* Liabilities: Futures Contracts........................... (6,313) — — (6,313) Total .................................... $(6,313) $— $— $(6,313) * Futures Contracts are valued at the unrealized appreciation (depreciation) on the investment. As of December 31, 2022, there were no transfers into/out of Level 3. Real Estate Investment Trusts (“REITs”): The Funds may invest in REITs, which report information on the source of their distributions annually. REITs are pooled investment vehicles that invest primarily in income-producing real estate or real-estate related loans or interests (such as mortgages). Certain distributions received from REITs during the year are recorded as realized gains or return of capital as estimated by the Funds or when such information becomes known. Investment Companies: Open-End Funds: The Funds may invest in portfolios of open-end investment companies. These investment companies value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the board of directors of the underlying funds. Derivative Instruments: Foreign Exchange Currency Contracts: The Funds may enter into foreign exchange currency contracts to convert U.S. dollars to and from various foreign currencies. A foreign exchange currency contract is an obligation by a Fund to purchase or sell a specific currency at a future date at a price (in U.S. dollars) set at the time of the contract. The Funds do not engage in “cross-currency” foreign exchange contracts (i.e., contracts to purchase or sell one foreign currency in exchange for another foreign currency). The Funds’ foreign exchange currency contracts might be considered spot contracts (typically a contract of one week or less) or forward contracts (typically a contract term over one week). A spot contract is entered into for purposes of hedging against foreign currency fluctuations relating to a specific portfolio transaction, such as the delay between a security transaction trade date and settlement date. Forward contracts are entered into for purposes of hedging portfolio holdings or concentrations of such holdings. The Funds enter into foreign exchange currency contracts solely for spot or forward hedging purposes, and not for speculative purposes (i.e., the Funds do not enter into such contracts solely for the purpose of earning foreign currency gains). Each foreign exchange currency contract is adjusted daily by the prevailing spot or forward rate of the underlying currency, and any appreciation or depreciation is recorded for financial statement purposes as unrealized until the contract settlement date, at which time the Funds record realized gains or losses equal to the difference between the value of a contract at the time it was opened and the value at the time it was closed. The Funds could be exposed to risk if a counterparty is unable to meet the terms of a foreign exchange currency contract or if the value of the foreign currency changes unfavorably. In addition, the use of foreign exchange currency contracts does not eliminate fluctuations in the underlying prices of the securities. As of December 31, 2022, the Funds had no open forward foreign exchange currency contracts. Futures Contracts: The Funds may enter into contracts for the future delivery of securities or foreign currencies and futures contracts based on a specific security, class of securities, foreign currency or an index, and purchase or sell options on any such futures contracts. A futures contract on a securities

Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 46 (Unaudited) index is an agreement obligating either party to pay, and entitling the other party to receive, while the contract is outstanding, cash payments based on the level of a specified securities index. No physical delivery of the underlying asset is made. The Funds may enter into futures contracts in an effort to hedge against market risks. The acquisition of put and call options on futures contracts will give the Funds the right (but not the obligation), for a specified price, to sell or to purchase the underlying futures contract, upon exercise of the option, at any time during the option period. Futures transactions involve brokerage costs and require the Funds to segregate assets to cover contracts that would require it to purchase securities or currencies. A good faith margin deposit, known as initial margin, of cash or government securities with a broker or custodian is required to initiate and maintain open positions in futures contracts. Subsequent payments, known as variation margin, are made or received by the Funds based on the change in the market value of the position and are recorded as unrealized appreciation or depreciation until the contract is closed out, at which time the gain or loss is realized. The Funds may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices change in an unanticipated manner. Such unanticipated changes may also result in lower overall performance than if the Funds had not entered into any futures transactions. In addition, the value of the Funds' futures positions may not prove to be perfectly or even highly correlated with the value of its portfolio securities or foreign currencies, limiting the Funds' ability to hedge effectively against interest rate, exchange rate and/or market risk and giving rise to additional risks. There is no assurance of liquidity in the secondary market for purposes of closing out futures positions. The collateral held by the Funds is reflected on the Statements of Assets and Liabilities under Deposit with broker for futures contracts. Management has determined that no offsetting requirements exist as a result of their conclusion that the Funds are not subject to master netting agreements for futures contracts. During the six months December 31, 2022, the Funds entered into futures contracts primarily for the strategy of hedging or other purposes, including but not limited to, providing liquidity and equitizing cash. Summary of Derivative Instruments: The following table summarizes the fair values of derivative instruments on the Statements of Assets and Liabilities, categorized by risk exposure, as of December 31, 2022: Liabilities Variation Margin Payable on Open Futures Contracts* Equity Risk Exposure: (55,448) US Value Momentum ETF ............................................................................. $ 19,311 US Small Mid Cap Value Momentum ETF .................................................................. 15,527 International Value Momentum ETF ...................................................................... 14,297 Emerging Markets Value Momentum ETF .................................................................. 6,313 * Includes cumulative appreciation (depreciation) of futures contracts as reported on the Schedules of Portfolio Investments. Only current day’s variation margin for futures contracts is reported within the Statements of Assets and Liabilities. The following table presents the effect of derivative instruments on the Statements of Operations, categorized by risk exposure, for the period ended December 31, 2022: Net Realized Gains (Losses) on Derivatives Recognized as a Result from Operations Net Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized as a Result of Operations Net Realized Gains (Losses) from Futures Contracts Net Change in Unrealized Appreciation/ Depreciation on Futures Contracts Equity Risk Exposure: (126,174) 97,661 US Value Momentum ETF ........................................................... $ 50,584 $ 37,822 US Small Mid Cap Value Momentum ETF ................................................ (62,358) 52,253 International Value Momentum ETF .................................................... (25,944) (2,104) Emerging Markets Value Momentum ETF ................................................ (88,456) 9,690 All open derivative positions at period end are reflected on each respective Fund’s Schedule of Portfolio Investments. The underlying face value of open derivative positions relative to each Fund’s net assets at period end is generally representative of the notional amount of open positions to net assets throughout the period.

Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 47 (Unaudited) Investment Transactions and Related Income: Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date or the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are recorded on the identified cost basis. Withholding taxes on interest, dividends, and gains as a result of certain investments by the Funds have been provided for in accordance with each investment’s applicable country’s tax rules and rates. Securities Lending: The Funds, through a Securities Lending Agreement with Citibank, N.A. (“Citibank”), may lend their securities to qualified financial institutions, such as certain broker-dealers and banks, to earn additional income, net of income retained by Citibank. Borrowers are required to initially secure their loans for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked-to-market daily. Any collateral shortfalls associated with increases in the valuation of the securities loaned are generally cured the next business day. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and other securities as permitted by Securities and Exchange Commission (“SEC”) guidelines. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted on the Funds’ Schedules of Portfolio Investments. The Funds effectively do not have control of the non-cash collateral and therefore it is not disclosed on the Funds’ Schedules of Portfolio Investments. Collateral requirements are determined daily based on the value of the Funds' securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Funds any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Funds also earn a return from the collateral. The Funds pay Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statements of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, a Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower. The Funds' agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Funds may not be sold or repledged, except to satisfy borrower default. The following table is a summary of the Funds' securities lending transactions as of December 31, 2022. Value of Securities on Loan Non-Cash Collateral Cash Collateral US Value Momentum ETF .......................................... $ 253,200 $— $ 270,000 US Small Mid Cap Value Momentum ETF ............................... 57,242 — 58,212 International Value Momentum ETF ................................... 1,767,922 — 1,835,252 Emerging Markets Value Momentum ETF ............................... 1,838,888 — 1,928,580 Foreign Currency Translations: The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities of a Fund denominated in a foreign currency are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rates on the date of the transactions. The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are disclosed as Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations on the Statements of Operations. Any realized gains or losses from these fluctuations are disclosed as Net realized gains (losses) from investment securities and foreign currency transactions on the Statements of Operations. Foreign Taxes: The Funds may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities, and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Funds invest. Federal Income Taxes: Each Fund intends to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes is required in the financial statements. The Funds have a tax year end of June 30.

Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 48 (Unaudited) For the six months ended December 31, 2022, the Funds did not incur any income tax, interest, or penalties, and have recorded no liability for net unrecognized tax benefits relating to uncertain tax positions. Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax years, which includes the current fiscal tax year end). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken. Allocations: Expenses directly attributable to the Fund are charged to the Fund, while expenses that are attributable to more than one fund in the Trust, or jointly with an affiliated trust, are allocated among the respective funds in the Trust and/or an affiliated trust based upon net assets or another appropriate basis. 3.Purchases and Sales: Purchases and sales of securities (excluding securities maturing less than one year from acquisition) and purchases and sales associated with in-kind transactions for the six months ended December 31, 2022, are included in the table below. Any realized gains or losses from in-kind redemptions are reflected on the Statements of Operations as net realized gains (losses) from in kind redemptions. Excluding U.S. Government Securities and In-Kind Transactions Associated with In-Kind Transactions Purchases Sales Purchases Sales US Value Momentum ETF .................................. $ 192,789,799 $ 192,688,873 $ — $ 34,675,445 US Small Mid Cap Value Momentum ETF ....................... 230,505,696 229,751,068 — 50,970,641 International Value Momentum ETF ........................... 202,693,937 203,175,734 — 19,041,513 Emerging Markets Value Momentum ETF ....................... 149,474,727 163,829,312 — 16,607,444 4.Affiliated Fund Ownership: The Funds offer shares for investment by other funds. The fund-of-funds do not invest in the underlying funds for the purpose of exercising management or control, and the affiliated fund-of-funds' annual and semi-annual reports may be viewed at vcm.com. As of December 31, 2022, certain fund-of-funds owned total outstanding shares of the Funds as follows: US Value Momentum ETF Ownership % USAA Cornerstone Conservative Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 USAA Cornerstone Equity Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.4 USAA Target Retirement Income Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9 USAA Target Retirement 2030 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.3 USAA Target Retirement 2040 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.7 USAA Target Retirement 2050 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.6 USAA Target Retirement 2060 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 Small Mid Cap Value Momentum ETF Ownership % USAA Cornerstone Conservative Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 USAA Cornerstone Equity Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9 USAA Target Retirement Income Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 USAA Target Retirement 2030 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.0 USAA Target Retirement 2040 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.1 USAA Target Retirement 2050 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1 USAA Target Retirement 2060 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 International Value Momentum ETF Ownership % USAA Cornerstone Conservative Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 USAA Cornerstone Equity Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.5 USAA Target Retirement Income Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.7 USAA Target Retirement 2030 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.4 USAA Target Retirement 2040 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.6 USAA Target Retirement 2050 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.8 USAA Target Retirement 2060 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 Emerging Markets Value Momentum ETF Ownership % USAA Cornerstone Aggressive Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 USAA Cornerstone Conservative Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 USAA Cornerstone Equity Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1 USAA Cornerstone Moderate Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2

Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 49 (Unaudited) USAA Cornerstone Moderately Aggressive Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 USAA Cornerstone Moderately Conservative Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 USAA Target Retirement Income Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.6 USAA Target Retirement 2030 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.1 USAA Target Retirement 2040 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.2 USAA Target Retirement 2050 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.2 USAA Target Retirement 2060 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 5. Fees and Transactions with Affiliates and Related Parties: Investment Advisory Fees: Investment advisory services are provided to the Funds by the Adviser, which is a New York corporation registered as an investment adviser with the SEC. Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive fees based on a percentage of the average daily net assets of each Fund. The rates at which the Adviser is paid by each Fund are included in the table below. Flat Rate US Value Momentum ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15% US Small Mid Cap Value Momentum ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15% International Value Momentum ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25% Emerging Markets Value Momentum ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.30% Amounts incurred and paid to VCM for the six months ended December 31, 2022, are reflected on the Statements of Operations as Investment advisory fees. Administration and Servicing Fees: VCM also serves as the Funds’ administrator and fund accountant. Under the Administration and Fund Accounting Agreement, VCM is entitled to receive fees based on a percentage of the average daily net assets of the Trust, Victory Variable Insurance Funds and Victory Portfolios. The tiered rates at which VCM is paid by the Funds are shown in the table below: Net Assets Up to $15 billion $15 billion — $30 billion Over $30 billion 0.08%, plus 0.05%, plus 0.04% Amounts incurred for the six months ended December 31, 2022, are reflected on the Statements of Operations as Administration fees. Citi Fund Services Ohio, Inc. (“Citi”), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Funds pursuant to the Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Funds reimburse VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Funds. Amounts incurred for the six months ended December 31, 2022, are reflected on the Statements of Operations as Sub-Administration fees. The Funds (as part of the Trust) have entered into an agreement with the Adviser to provide compliance services, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer (“CCO”), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. The funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios and USAA Mutual Funds (collectively, the “Victory Funds Complex”), in aggregate, compensate the Adviser for these services. Amounts incurred for the six months ended December 31, 2022, are reflected on the Statements of Operations as Compliance fees. Distributor/Underwriting Services: Foreside Fund Services, LLC serves as the Funds’ distributor. Other Fees: Citibank serves as the Funds' custodian. The Funds pay Citibank a fee for providing these services. Amounts incurred for the six months ended December 31, 2022, are reflected on the Statements of Operations as Custodian fees. Sidley Austin LLP provides legal services to the Trust. The Adviser has entered into expense limitation agreements with the Funds. Under the terms of the agreements, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred by certain classes of a Fund in any fiscal year exceed the expense limit for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund’s business are excluded from the expense limits. As of December 31, 2022, the expense limits (excluding voluntary waivers) are as follows:

Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 50 (Unaudited) In Effect Until October 31, 2023 US Value Momentum ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.20% US Small Mid Cap Value Momentum ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25% International Value Momentum ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35% Emerging Markets Value Momentum ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.45% Under the terms of the expense limitation agreements, the Funds have agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period of up to three years (thirty-six (36) months) after the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. As of December 31, 2022, the following amounts are available to be repaid to the Adviser. The Funds have not recorded any amounts available to be repaid as a liability due to an assessment that such repayments are not probable at December 31, 2022. Expires 2023 Expires 2024 Expires 2025 Expires 2026 Total US Value Momentum ETF .................................... $ 171,944 $ 169,706 $ 130,524 $ 56,383 $ 528,557 US Small Mid Cap Value Momentum ETF ......................... 37,764 — — — 37,764 International Value Momentum ETF ............................. 71,346 144,936 104,166 57,862 378,310 Emerging Markets Value Momentum ETF ......................... 104,495 195,585 147,952 140,521 588,553 The Adviser may voluntarily waive or reimburse additional fees to assist the Funds in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Funds are not available to be recouped at a future time and are reflected on the Statements of Operations as Expenses waived/reimbursed by Adviser. For the six months ended December 31, 2022, the Adviser voluntarily waived the following amounts: US Value Momentum ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $43,921 US Small Mid Cap Value Momentum ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,736 International Value Momentum ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,152 Emerging Markets Value Momentum ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,788 Certain officers and/or interested trustees of the Funds are also officers and/or employees of the Adviser, administrator, fund accountant, sub-administrator, sub-fund accountant, custodian, legal counsel, and distributor. 6. Risks: The Funds may be subject to other risks in addition to these identified risks. Equity Risk — The value of the equity securities in which the Funds invest may decline in response to developments affecting individual companies and/or general, economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Foreign Securities Risk — The Emerging Markets Value Momentum ETF invests in securities of foreign issuers in various countries. Foreign securities may be subject to risk of loss because of more of less foreign government regulations, less public information, and less economic, political, and social stability in the countries in which the Funds invest. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs), and other government restrictions by the United States or other governments; or problems in shares registration, settlement, or custody also may result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Funds have exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Passive Investment Risk — Each Fund is designed to track its index and is not actively managed. A Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from its index. A Fund does not, therefore, seek returns in excess of its index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by its index. Different types of investment styles, for example passively managed or actively managed, or growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, a Fund’s performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles. Market Risk — Overall market risks may affect the value of the Funds. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health crises, sanctions against a particular foreign country, its nationals, businesses or industries and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which

Notes to Financial Statements — continued Victory Portfolios II December 31, 2022 51 (Unaudited) increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods. 7. Borrowing: Line of Credit: The Victory Funds Complex participates in a short-term demand note “Line of Credit” agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 27, 2022, with a termination date of June 26, 2023. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the six months ended December 31, 2022, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each Fund in the Victory Funds Complex paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. Prior to June 28, 2022, interest was based on the one-month London Interbank Offered Rate (“LIBOR”) plus one percent. Effective with the renewal, June 27, 2022, interest was based on the one-month Secured Overnight Financing Rate (SOFR) plus 1.10 percent. The Funds did not experience a material financial impact transitioning from LIBOR to SOFR. Interest charged to each Fund during the period, if applicable, is reflected on the Statements of Operations under Line of credit fees. The average borrowing for the days outstanding and average interest rate for each Fund during the six months ended December 31, 2022, were as follows: Amount Outstanding December 31, 2022 Average Borrowing* Days Borrowing Outstanding Average Interest Rate* Maximum Borrowing During the Period Emerging Markets Value Momentum ETF. . . . . . . . . .$— $4,811,871 31 4.79% $20,700,000 * Based on the number of days borrowings were outstanding for the period ended December 31, 2022. 8. Federal Income Tax Information: Dividends from net investment income, if any, are declared and paid as noted in the table below. Distributable net realized gains, if any, are declared and distributed at least annually from each Fund. Declared Paid US Value Momentum ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Monthly Monthly US Small Mid Cap Value Momentum ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Monthly Monthly International Value Momentum ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Monthly Monthly Emerging Markets Value Momentum ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Monthly Monthly The amounts of dividends from net investment income and distributions from net realized gains (collectively distributions to shareholders) are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (e.g., net operating loss and distribution reclassification), such amounts are reclassified within the components of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require reclassification. To the extent dividends and distributions exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital. Net investment losses incurred by the Funds may be reclassified as an offset to capital on the accompanying Statement of Assets and Liabilities. The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (loss) will be determined at the end of the current tax year. As of tax year ended June 30, 2022, the Funds had net capital loss carryforwards as shown in the table below. It is unlikely that the Board will authorize a distribution of capital gains realized in the future until the capital loss carryforwards have been used. Short-Term Amount Long-Term Amount Total US Value Momentum ETF ............................................... $ 55,201,537 $ 20,164,210 $ 75,365,747 US Small Mid Cap Value Momentum ETF .................................... 44,173,153 5,142,550 49,315,703 International Value Momentum ETF ........................................ 50,644,305 10,558,298 61,202,603 Emerging Markets Value Momentum ETF .................................... 17,581,884 1,021,501 18,603,385

Supplemental Information Victory Portfolios II December 31, 2022 52 (Unaudited) Proxy Voting and Portfolio Holdings Information Proxy Voting: Information regarding the policies and procedures each 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 Funds' Statement of Additional Information, which is available on the SEC’s website at sec.gov. Information relating to how the Funds voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC’s website at sec.gov. Availability of Schedules of Portfolio Investments: The Trust files a complete list of Schedules of Portfolio Investments with the SEC for the first and third quarter of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s website at sec.gov. Expense Examples As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022, through December 31, 2022. The Actual Expense figures in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the 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 table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The Hypothetical Expense figures in the table below provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual 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 this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds. Please note the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical expenses in the table are 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. Beginning Account Value 7/1/22 Actual Ending Account Value 12/31/22 Hypothetical Ending Account Value 12/31/22 Actual Expenses Paid During Period 7/1/22 - 12/31/22* Hypothetical Expenses Paid During Period 7/1/22 - 12/31/22* Annualized Expense Ratio During Period 7/1/22 - 12/31/22 US Value Momentum ETF ................. $1,000.00 $1,066.80 $1,024.20 $1.04 $1.02 0.20% US Small Mid Cap Value Momentum ETF ...... 1,000.00 1,049.90 1,023.95 1.29 1.28 0.25% International Value Momentum ETF .......... 1,000.00 1,049.60 1,023.44 1.81 1.79 0.35% Emerging Markets Value Momentum ETF ...... 1,000.00 1,014.70 1,022.94 2.29 2.29 0.45% * Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Victory Portfolios II 53 (Unaudited) Supplemental Information — continued December 31, 2022 Considerations of the Board in Continuing the Investment Advisory Agreements (the “Agreement”) The Board approved the Agreement on behalf of each of the Funds at a meeting, which was called for that purpose, on December 6, 2022. The Board also considered information relating to the Funds and the Agreement provided throughout the year and, more specifically, at the meetings on October 18, 2022 and December 6, 2022. In considering whether to approve the Agreement, the Board requested, and the Adviser provided, information that the Board believed to be reasonably necessary to reach its conclusions. The Board, including the Independent Trustees, evaluated this information along with other information obtained throughout the year and was advised by legal counsel to the Funds and independent legal counsel to the Independent Trustees. The Board noted that each Fund assumed the performance of its predecessor fund, that the Adviser became the investment adviser to each Fund on February 26, 2019, and that prior to that date each predecessor fund was managed by a different investment adviser. The Board considered each Fund’s advisory fee, expense ratio and investment performance as significant factors in determining whether the Agreement should be continued. In considering whether the compensation paid to the Adviser was fair and reasonable, the Board also evaluated, among other things, the following factors: • The requirements of the Funds for the services provided by the Adviser; • The nature, quality and extent of the services provided and expected to be provided; • The performance of the Funds as compared to comparable funds; • The fees payable for the services and whether the fee arrangements provided for economies of scale that would benefit Fund shareholders as the Funds grow (acknowledging that economies of scale can be complex to assess and typically are not directly measurable); • Whether the fee would be sufficient to enable the Adviser to attract and retain experienced personnel and continue to provide quality services to the Funds; • Fees paid by other clients of the Adviser whose accounts are managed in a similar investment style and any differences in the services provided to the other clients compared to those provided to the Funds; • The total expenses of each Fund; • Management’s commitment to operating the Funds at competitive expense levels; • The profitability of the Adviser (as reflected by comparing fees earned against an estimate of the Adviser’s costs) with respect to the Adviser’s relationship with the Funds; • Research and other service benefits received by the Adviser obtained through payment of client commissions for securities transactions; • Other benefits received by the Adviser, and its affiliates, including revenues paid to the Adviser, or its affiliates, by the Funds for administration and fund accounting services, shareholder services and distribution; • The capabilities and financial condition of the Adviser; • Current economic and industry trends; and • The historical relationship between the Trust and the Adviser. The Board reviewed each Fund’s current management fee in the context of the Adviser’s profitability with respect to each Fund. The Board retained an independent, third-party consultant to provide comparative information about fees, expenses and performance, and to design and maintain a database of relevant information designed to assist the Board in retrieving and analyzing comparative information. The Board met with the consultant to review its inputs and methodologies, among other things. The Board compared each Fund’s gross management fee and total expense ratio on a net and gross basis with the median gross management fee and median expense ratio of a universe of comparable exchange-traded funds (“ETFs”) compiled by the consultant and a peer group of funds with similar investment strategies selected by that consultant from the universe. The Board reviewed the factors and methodology used by the consultant in the selection of each Fund’s peer group, including the consultant’s selection of a broad universe of funds, the more specific universe of comparable funds, and peer groups of funds with comparable investment strategies and asset levels, among other factors. The Board noted that none of the advisory fee arrangements for the Funds included breakpoints, which would be a structure that results in reduced fees as a fund grows. The Board also considered the Adviser’s commitment to limit expenses as discussed in more detail below. The Board also reviewed the compliance and administrative services provided to the Funds by the Adviser and its affiliates, including the Adviser’s oversight of the Funds’ day-to-day operations and oversight of Fund accounting, assistance in meeting legal and regulatory requirements, and other services necessary for the operation of the Funds and the Trust. The Board found that the gross annual management fee paid by each Fund was within the range of management fees paid by each Fund’s respective peer group. The Board also found that each Fund’s net annual expense ratio was reasonable as compared with each Fund’s respective peer group. The Board considered the Adviser’s contractual agreement with each Fund to waive its fees and reimburse expenses for a specified period of time, as described in the Fund’s prospectus. The Board reviewed each Fund’s performance over the one- and three-year periods against the performance of the Fund’s selected peer group and benchmark index, noting that each Fund’s investment objective is to track its benchmark index before fees and expenses. The Board recognized that the performance of each Fund is net of expenses, while the performance of each benchmark index reflects gross returns, and as

Supplemental Information — continued Victory Portfolios II December 31, 2022 54 (Unaudited) a result, each Fund will generally underperform its benchmark index due to fees and expenses. The Board also considered each Fund’s tracking error as a factor in evaluating performance. The Board reviewed various other specific factors with respect to each Fund, as described below. In their deliberations, the Trustees did not rank the importance of any particular information or factor considered and each Trustee may have attributed different weights to various factors. > VictoryShares US Value Momentum ETF Noting that the Fund commenced operations in 2017, the Board compared the Fund’s one-year and three-year performance for the periods ended June 30, 2022, to that of the median performance of the Fund’s peer group and benchmark index for the same periods and considered the fact that the Fund outperformed the benchmark index for the one-year period, underperformed the benchmark index for the three-year period, and underperformed the peer group median for both of the periods reviewed. The Board noted the Fund’s tracking error for the periods relative to its peers. Having considered, among other things: (1) the Fund’s management fee compared to comparable ETFs; (2) the Fund’s total expense ratio compared to comparable ETFs; (3) that the Adviser’s willingness to limit the expenses for a period of time would provide stability to the Fund’s expenses during that period; and (4) that the Fund’s performance in relation to its benchmark index and peer group was within an acceptable range, the Board concluded that the Agreement continued to be in the best interests of the Fund’s shareholders. VictoryShares US Small Mid Cap Value Momentum ETF Noting that the Fund commenced operations in 2017, the Board compared the Fund’s one-year and three-year performance for the periods ended June 30, 2022, to that of the median performance of the Fund’s peer group and benchmark index for the same periods and considered the fact that the Fund outperformed both the benchmark index and the peer group median for both of the periods reviewed, underperformed the peer group median for the one-year period, and outperformed the peer group median for the three-year period. The Board noted the Fund’s tracking error for the periods relative to its peers. Having considered, among other things: (1) the Fund’s management fee compared to comparable ETFs; (2) the Fund’s total expense ratio compared to comparable ETFs; (3) that the Adviser’s willingness to limit the expenses for a period of time would provide stability to the Fund’s expenses during that period; and (4) that the Fund’s performance in relation to its benchmark index and peer group was within an acceptable range, the Board concluded that the Agreement continued to be in the best interests of the Fund’s shareholders. VictoryShares International Value Momentum ETF Noting that the Fund commenced operations in 2017, the Board compared the Fund’s one-year and three-year performance for the periods ended June 30, 2022, to that of the median performance of the Fund’s peer group and benchmark index for the same periods and considered the fact that the Fund underperformed both the benchmark index and the peer group median for both of the periods reviewed. Having considered, among other things: (1) the Fund’s management fee compared to comparable ETFs; (2) the Fund’s total expense ratio compared to comparable ETFs; (3) that the Adviser’s willingness to limit the expenses for a period of time would provide stability to the Fund’s expenses during that period; and (4) that the Fund’s performance in relation to its benchmark index and peer group was within an acceptable range, the Board concluded that the Agreement continued to be in the best interests of the Fund’s shareholders. The Board noted the Fund’s tracking error for the periods relative to its peers. VictoryShares Emerging Markets Value Momentum ETF Noting that the Fund commenced operations in 2017, the Board compared the Fund’s one-year and three-year performance for the periods ended June 30, 2022, to that of the median performance of the Fund’s peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for both of the periods reviewed, outperformed the peer group median for the one-year period and underperformed the peer group median for the three-year period. The Board noted the Fund’s tracking error for the periods relative to its peers. Having considered, among other things: (1) the Fund’s management fee compared to comparable ETFs; (2) the Fund’s total expense ratio compared to comparable ETFs; (3) that the Adviser’s willingness to limit the expenses for a period of time would provide stability to the Fund’s expenses during that period; and (4) that the Fund’s performance in relation to its benchmark index and peer group was within an acceptable range, the Board concluded that the Agreement continued to be in the best interests of the Fund’s shareholders. Conclusion: Based on its review of the information requested and provided, and following extended discussions, the Board determined that the Agreement, on behalf of the Funds discussed above, was consistent with the best interests of each Fund and its shareholders, and the Board unanimously approved the Agreement, on behalf of each Fund, for an additional annual period on the basis of the foregoing review and discussions and the following considerations, among others: • The fairness and reasonableness of the investment advisory fee payable to the Adviser under the Agreement in light of the investment advisory services provided, the costs of these services, the profitability of the Adviser’s relationship with the Fund and the comparability of the fee paid to the fees paid by other investment companies, to the extent applicable; • The nature, quality and extent of the investment advisory services provided by the Adviser;

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