# EDGAR Filing Document

**Accession Number:** 0001547580
**File Stem:** 0001004726-26-004329
**Filing Date:** 2026-5
**Character Count:** 20480
**Document Hash:** e0de278bcbd6230904a9c4bbaa281452
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-26-004329.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001004726-26-004329

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Victory Portfolios II
- **CENTRAL INDEX KEY:** 0001547580

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22696
- **FILM NUMBER:** 261033230

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

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

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

## Series and Classes Contracts Data

### VictoryShares Free Cash Flow ETF (Series ID: S000080688)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000243210 | VictoryShares Free Cash Flow ETF | VFLO            |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 15935 La Cantera Parkway Building Two

  - **City:** San Antonio

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

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

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

- **a. Name of Series:** VictoryShares Free Cash Flow ETF

- **b. EDGAR series identifier (if any):** S000080688

- **c. LEI of Series:** 5493000FVGQ9SU6HI752

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

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $6165751530.73

**Total Liabilities:** $2453669.89

**Net Assets:** $6163297860.84

**Cash Not Reported:** $26629825.53

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000243210 | 0.26%                | 2.55%                | -2.21%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2983474.99              | $7417315.94                                |
| Month 2  | $1204814.33              | $143668319.88                              |
| Month 3  | $131709578.68            | $-289579484.22                             |

### Schedule of Portfolio Investments

| Name                                       | Title                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GENERAL MOTORS COMPANY                     | GENERAL MOTORS CO                   | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |   2043055 | NS      | $152207597.50 | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE, INC.                           | SALESFORCE INC                      | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |   1072605 | NS      | $200223175.35 | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SNAP-ON INCORPORATED                       | SNAP ON INC                         | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |    178809 | NS      | $64947004.98  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| F5, INC.                                   | F5 Inc                              | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |    224645 | NS      | $64996537.85  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDIA GROUP, INC.                        | EXPEDIA GROUP INC                   | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    719424 | NS      | $166107807.36 | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CIGNA GROUP                            | CIGNA GROUP THE                     | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |    759504 | NS      | $202597692.00 | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| PERMIAN RESOURCES CORPORATION              | PERMIAN RESOURCES CORP COM          | CUSIP: 71424F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6470547 | NS      | $137952062.04 | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| LAS VEGAS SANDS CORP.                      | LAS VEGAS SANDS CORP                | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |   1714496 | NS      | $92377044.48  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| HUMANA INC.                                | HUMANA INC                          | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |    495101 | NS      | $85845562.39  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYALTY PHARMA PLC                         | ROYALTY PHARMA PLC                  | CUSIP: G7709Q104<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | GB        |   3018039 | NS      | $144775330.83 | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| VEEVA SYSTEMS INC.                         | VEEVA SYSTEMS INC                   | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |    395529 | NS      | $69478624.14  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| COTERRA ENERGY INC.                        | COTERRA ENERCOTERRA ENERGY INC      | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |   3752198 | NS      | $131852237.72 | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCENTURE PUBLIC LIMITED COMPANY           | ACCENTURE PLC                       | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |   1015445 | NS      | $201352589.05 | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| TWILIO INC.                                | TWILIO INC                          | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |    492196 | NS      | $61928100.72  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYCHEX, INC.                              | PAYCHEX INC                         | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |    860998 | NS      | $79315135.76  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corporation                       | CARNIVAL CORP                       | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | PA        |   4103156 | NS      | $106189677.28 | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| UBER TECHNOLOGIES, INC.                    | UBER TECHNOLOGIES INC               | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |   2168124 | NS      | $155953159.32 | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| WORKDAY, INC.                              | WORKDAY INC                         | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |    956411 | NS      | $124256917.12 | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ADOBE INC.                                 | ADOBE INC                           | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |    780397 | NS      | $189698902.76 | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ON SEMICONDUCTOR CORPORATION               | ON SEMICONDUCTOR CORP               | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |   1477013 | NS      | $91456644.96  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| NETAPP, INC.                               | NETAPP INC                          | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |   1071892 | NS      | $109751021.88 | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWMONT CORPORATION                        | NEWMONT CORP                        | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |   1453457 | NS      | $157336720.25 | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| SANDISK CORPORATION                        | SANDISK CORP DE                     | CUSIP: 80004C200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    266131 | NS      | $169083669.54 | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| ZOOM COMMUNICATIONS, INC.                  | ZOOM COMMUNICATIONS INC             | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |   2117662 | NS      | $170238848.18 | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTENE CORPORATION                        | CENTENE CORP                        | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |   2761227 | NS      | $90402571.98  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW CORPORATION                            | CDW CORP OF DELAWARE                | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |    570089 | NS      | $68992170.78  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG ENERGY, INC.                           | NRG ENERGY INC                      | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |    704417 | NS      | $102943500.38 | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| DELL TECHNOLOGIES INC.                     | DELL TECHNOLOGIES INC               | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |   1113621 | NS      | $182778614.73 | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT CORPORATION                            | EQT CORP                            | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |   1631384 | NS      | $103821277.76 | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION | COGNIZANT TECHNOLOGY SOLUTIONS CORP | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |   2221111 | NS      | $136265159.85 | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB N.V.                                   | SLB LTD                             | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |   2401351 | NS      | $123405427.89 | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| APTIV PLC                                  | APTIV HOLDINGS LTD                  | CUSIP: G3265R107<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |   1025935 | NS      | $71240926.40  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| COEUR MINING, INC.                         | COEUR MINING INC                    | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |   6791427 | NS      | $127475084.79 | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| S P 500 EMINI FUTURE JUN26                 | S P 500 EMINI FUTURE JUN26          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        79 | NC      | $-290549.77   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| LULULEMON ATHLETICA INC.                   | LULULEMON ATHLETICA INC             | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |    454307 | NS      | $69554401.70  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| OMNICOM GROUP INC.                         | OMNICOM GROUP INC                   | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |   2740150 | NS      | $206360696.50 | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDBACK ENERGY, INC.                   | DIAMONDBACK ENERGY INC              | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |    743871 | NS      | $147130245.09 | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| DELTA AIR LINES, INC.                      | DELTA AIR LINES INC                 | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |   2272138 | NS      | $151051734.24 | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| OKTA, INC.                                 | OKTA INC                            | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |    996654 | NS      | $78446636.34  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOMATIC DATA PROCESSING, INC.            | AUTOMATIC DATA PROCESSING INC       | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |    523274 | NS      | $106318811.32 | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC.                      | BOOKING HOLDINGS INC                | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |     37872 | NS      | $159453239.04 | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| DECKERS OUTDOOR CORPORATION                | DECKERS OUTDOOR CORP                | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |    874040 | NS      | $87482663.60  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| INCYTE CORPORATION                         | INCYTE PHARMACEUTICALS INC          | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |   1452286 | NS      | $136689158.32 | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| TOLL BROTHERS, INC.                        | TOLL BROTHERS INC                   | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |    551198 | NS      | $75221991.06  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| FOX CORPORATION                            | FOX CORP CLASS A                    | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |   1533845 | NS      | $89576548.00  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| AIRBNB, INC.                               | AIRBNB INC CLASS A                  | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |    970217 | NS      | $122519002.76 | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPAND ENERGY CORPORATION                  | EXPAND ENERGY CORP                  | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |   1310797 | NS      | $143899294.66 | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| LEIDOS HOLDINGS, INC.                      | LEIDOS HOLDINGS INC                 | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |    419706 | NS      | $65272677.12  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO., INC.                          | MERCK CO INC                        | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |   1493149 | NS      | $179610893.21 | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| TENET HEALTHCARE CORPORATION               | TENET HEALTHCARE CORP               | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |    514331 | NS      | $97059403.01  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| NEUROCRINE BIOSCIENCES, INC.               | NEUROCRINE BIOSCIENCES INC          | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |    607961 | NS      | $80092782.14  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** Victory Portfolios II

**Signature:** Carol D. Trevino

**Name of Signer:** Carol D. Trevino

**Title:** Treasurer