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            <principalName>MERRILL LYNCH, PIERCE, FENNER &amp; SMITH INCORPORATED</principalName>
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          </principalTransaction>
          <principalTransaction>
            <principalName>CITIGROUP GLOBAL MARKETS INC.</principalName>
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          <principalTransaction>
            <principalName>STATE STREET BANK AND TRUST COMPANY</principalName>
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        <principalAggregatePurchase>359117939.44</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>21337555550.4</mnthlyAvgNetAssets>
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                <lineOfCreditInstitution creditInstitutionName="Citibank"/>
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        <isInterfundLending>N</isInterfundLending>
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        <isSwingPricing>N</isSwingPricing>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>VictoryShares USAA MSCI USA Value Momentum ETF</mgmtInvFundName>
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        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
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            <indexFundReturnDiffAfterExpense>.0038</indexFundReturnDiffAfterExpense>
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        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Citibank, N.A.</securitiesAgentName>
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              <idemnityProviders>
                <idemnityProvider idemnityProviderName="Citibank, N.A." idemnityProviderLei="E57ODZWZ7FF32TWEFA76"/>
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              <didIndemnificationRights>N</didIndemnificationRights>
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        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
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        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
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        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
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        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Victory Capital Management Inc</investmentAdviserName>
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          <investmentAdviserTerminated>
            <investmentAdviserTerminatedName>USAA Asset Management Company</investmentAdviserTerminatedName>
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        </investmentAdvisersTerminated>
        <subAdvisersTerminated>
          <subAdviserTerminated>
            <subAdviserTerminatedName>SSgA Funds Management, Inc.</subAdviserTerminatedName>
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        <transferAgents>
          <transferAgent>
            <transferAgentName>Citibank, N.A.</transferAgentName>
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            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
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            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
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        <isTransferAgentHiredOrTerminated>Y</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
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            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
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            <pricingServiceStateCountry pricingServiceState="US-FL" pricingServiceCountry="US"/>
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          <pricingService>
            <pricingServiceName>Refinitiv</pricingServiceName>
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            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
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        <isPricingServiceHiredOrTerminated>Y</isPricingServiceHiredOrTerminated>
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            <custodianName>Citibank N.A.</custodianName>
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        <isCustodianHiredOrTerminated>Y</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Citi Fund Services Ohio, Inc.</adminName>
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          <admin>
            <adminName>Victory Capital Management Inc</adminName>
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        <isAdminHiredOrTerminated>Y</isAdminHiredOrTerminated>
        <brokers>
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          <broker>
            <brokerName>WEEDEN &amp; CO.</brokerName>
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            <brokerName>CREDIT SUISSE SECURITIES (USA) LLC</brokerName>
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        <mgmtInvFundName>VictoryShares USAA Core Short-Term Bond ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000065159</mgmtInvSeriesId>
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        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
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            <securitiesAgentName>Citibank, N.A.</securitiesAgentName>
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            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
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        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
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        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
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        <relyOnRuleType>N/A</relyOnRuleType>
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        <investmentAdvisers>
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          <subAdviserTerminated>
            <subAdviserTerminatedName>SSgA Funds Management, Inc.</subAdviserTerminatedName>
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            <subAdviserTerminationDate>2019-06-30</subAdviserTerminationDate>
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          </transferAgent>
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        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
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            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
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          <pricingService>
            <pricingServiceName>Refinitiv</pricingServiceName>
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            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-FL" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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        <isPricingServiceHiredOrTerminated>Y</isPricingServiceHiredOrTerminated>
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            <custodianName>Citibank N.A.</custodianName>
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            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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        <isCustodianHiredOrTerminated>Y</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Victory Capital Management Inc</adminName>
            <adminLei>549300YNO08S1SH3I683</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
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          <admin>
            <adminName>Citi Fund Services Ohio, Inc.</adminName>
            <adminLei>549300OX9HIV34JOX333</adminLei>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
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            <isAdminSubAdmin>Y</isAdminSubAdmin>
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          <principalTransaction>
            <principalName>STATE STREET BANK AND TRUST COMPANY</principalName>
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            <principalName>SUNTRUST ROBINSON HUMPHREY, INC.</principalName>
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            <principalName>CITIGROUP GLOBAL MARKETS INC.</principalName>
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            <principalName>GOLDMAN SACHS &amp; CO LLC</principalName>
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            <principalName>CREDIT SUISSE SECURITIES (USA) LLC</principalName>
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            <principalName>WELLS FARGO SECURITIES LLC</principalName>
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          <principalTransaction>
            <principalName>MERRILL LYNCH, PIERCE, FENNER &amp; SMITH INCORPORATED</principalName>
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        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>VictoryShares USAA MSCI Emerging Markets Value Momentum ETF</mgmtInvFundName>
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          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
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        <fundLendSecurities didFundLendSecurities="Y">
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          <securityLending>
            <securitiesAgentName>Citibank, N.A.</securitiesAgentName>
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                <idemnityProvider idemnityProviderName="Citibank, N.A." idemnityProviderLei="E57ODZWZ7FF32TWEFA76"/>
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        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
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        <avgPortfolioSecuritiesValue>47711.92</avgPortfolioSecuritiesValue>
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        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
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        <investmentAdvisers>
          <investmentAdviser>
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          <investmentAdviserTerminated>
            <investmentAdviserTerminatedName>USAA Asset Management Company</investmentAdviserTerminatedName>
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          <subAdviserTerminated>
            <subAdviserTerminatedName>SSgA Funds Management, Inc.</subAdviserTerminatedName>
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        <transferAgents>
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            <transferAgentName>Citibank, N.A.</transferAgentName>
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            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
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          </transferAgent>
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        <isTransferAgentHiredOrTerminated>Y</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
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            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
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          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Refinitiv</pricingServiceName>
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            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
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        <isPricingServiceHiredOrTerminated>Y</isPricingServiceHiredOrTerminated>
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            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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        <isCustodianHiredOrTerminated>Y</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Citi Fund Services Ohio, Inc.</adminName>
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            <adminStateCountry adminState="US-OH" adminCountry="US"/>
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          <admin>
            <adminName>Victory Capital Management Inc</adminName>
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            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
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        <isAdminHiredOrTerminated>Y</isAdminHiredOrTerminated>
        <brokers>
          <broker>
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            <grossCommission>4269.02</grossCommission>
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          <broker>
            <brokerName>HSBC SECURITIES (USA) INC</brokerName>
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            <grossCommission>8266.23</grossCommission>
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          <broker>
            <brokerName>CITIGROUP GLOBAL MARKETS LIMITED</brokerName>
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            <grossCommission>9142.87</grossCommission>
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            <brokerName>UBS SECURITIES ASIA LTD</brokerName>
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            <grossCommission>4921.23</grossCommission>
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            <brokerName>MORGAN STANLEY &amp; CO. LLC</brokerName>
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            <grossCommission>58923.42</grossCommission>
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            <brokerName>BANK OF NOVA SCOTIA</brokerName>
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          <broker>
            <brokerName>MERRILL LYNCH INTERNATIONAL</brokerName>
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            <brokerName>DEUTSCHE BANK AG LONDON</brokerName>
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            <brokerName>CREDIT SUISSE SECURITIES (USA) LLC</brokerName>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>VictoryShares USAA MSCI International Value Momentum ETF</mgmtInvFundName>
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          <indexFundInfo fundType="Index Fund">
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            <indexFundReturnDiffBeforeExpense>.006</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>.006</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>.011062122</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>.011062122</indexFundReturnDailyStdevAfterExpense>
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            <securitiesAgentName>Citibank, N.A.</securitiesAgentName>
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        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
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        <avgPortfolioSecuritiesValue>211992.85</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>16059.00</netIncomeSecuritiesLending>
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        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
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            <investmentAdviserTerminatedName>USAA Asset Management Company</investmentAdviserTerminatedName>
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        <subAdvisersTerminated>
          <subAdviserTerminated>
            <subAdviserTerminatedName>SSgA Funds Management, Inc.</subAdviserTerminatedName>
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          <transferAgent>
            <transferAgentName>Citibank, N.A.</transferAgentName>
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          </transferAgent>
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        <isTransferAgentHiredOrTerminated>Y</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Refinitiv</pricingServiceName>
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          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
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            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
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        <isPricingServiceHiredOrTerminated>Y</isPricingServiceHiredOrTerminated>
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          <custodian>
            <custodianName>Citibank N.A.</custodianName>
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          <admin>
            <adminName>Citi Fund Services Ohio, Inc.</adminName>
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            <adminName>Victory Capital Management Inc</adminName>
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            <indexFundReturnDiffAfterExpense>.02180</indexFundReturnDiffAfterExpense>
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        <standardDeviationPurchased>0.000000</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0.000000</creationUnitPurchasedInKind>
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        <creationUnitTransactionFeePercentagePerUnit>0</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>3422.22</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>0</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>0</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>0</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>0</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
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    </exchangeSeriesInfo>
    <attachmentsTab>
      <isLegalProceedings>false</isLegalProceedings>
      <isProvisionFinancialSupport>false</isProvisionFinancialSupport>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isChangeAccPrinciples>false</isChangeAccPrinciples>
      <isInfoRequiredEO>true</isInfoRequiredEO>
      <isOtherInfoRequired>false</isOtherInfoRequired>
    </attachmentsTab>
    <signature registrantSignedName="Victory Portfolios II" signedDate="2019-11-13" signature="Allan Shaer" title="Principal Financial Officer"/>
  </formData>
</edgarSubmission>
