# EDGAR Filing Document

**Accession Number:** 0001547580
**File Stem:** 0001752724-25-210042
**Filing Date:** 2025-8
**Character Count:** 20462
**Document Hash:** 553afc97b918e8c65aff2d174e74f548
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-210042.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-210042

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20250630

**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:** 251268211

**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:** 4900 Tiedeman Road 4th Floor

  - **City:** Brooklyn

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 44144

  - **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:** 2025-06-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $4305753369.74

**Total Liabilities:** $1974588.38

**Net Assets:** $4303778781.36

**Cash Not Reported:** $20493899.37

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000243210 | -3.73%               | 2.96%                | 4.48%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2439932.37              | $-122839914.32                             |
| Month 2  | $2501305.92              | $95805340.90                               |
| Month 3  | $9570601.61              | $165332674.77                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| EXPEDIA GROUP, INC.                        | EXPEDIA GROUP INC                   | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    792234 | NS      | $133634031.12 | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PINTEREST, INC.                            | PINTEREST INC                       | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1699993 | NS      | $60961748.98  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| AIRBNB, INC.                               | AIRBNB INC CLASS A                  | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |    673643 | NS      | $89149914.62  | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILLIPS 66                                | PHILLIPS 66                         | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |    482172 | NS      | $57523119.60  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH, INC.                      | ELEVANCE HEALTH INC                 | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |    229093 | NS      | $89108013.28  | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AMGEN INC.                                 | AMGEN INC                           | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |    384486 | NS      | $107352336.06 | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDBACK ENERGY, INC.                   | DIAMONDBACK ENERGY INC              | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |    574945 | NS      | $78997443.00  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| NETAPP, INC.                               | NETAPP INC                          | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |    743054 | NS      | $79172403.70  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED THERAPEUTICS CORPORATION            | UNITED THERAPEUTICS CORP            | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |    262571 | NS      | $75449776.85  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| JUNIPER NETWORKS, INC.                     | JUNIPER NETWORKS INC                | CUSIP: 48203R104<br>LEI: AUHIXNGG7U2U7JEHM527 | Long             | EC               | CORP              | US        |   1647003 | NS      | $65764829.79  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| DEVON ENERGY CORPORATION                   | DEVON ENERGY CORP                   | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |   2607355 | NS      | $82939962.55  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| S P 500 EMINI FUTURE SEP25                 | S P 500 EMINI FUTURE SEP25          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        66 | NC      | $637854.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG ENERGY, INC.                           | NRG ENERGY INC                      | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |    478049 | NS      | $76765108.42  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| HUMANA INC.                                | HUMANA INC                          | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |    328388 | NS      | $80284298.24  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| AKAMAI TECHNOLOGIES, INC.                  | AKAMAI TECHNOLOGIES INC             | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |    636448 | NS      | $50763092.48  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION | COGNIZANT TECHNOLOGY SOLUTIONS CORP | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |    933291 | NS      | $72824696.73  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| DECKERS OUTDOOR CORPORATION                | DECKERS OUTDOOR CORP                | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |    511956 | NS      | $52767304.92  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MOLINA HEALTHCARE, INC.                    | MOLINA HEALTHCARE INC               | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |    185265 | NS      | $55190443.50  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| LAS VEGAS SANDS CORP.                      | LAS VEGAS SANDS CORP                | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |   2462285 | NS      | $107134020.35 | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES, INC.                        | EOG RESOURCES INC                   | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    621798 | NS      | $74373258.78  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS                             | CONOCOPHILLIPS                      | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    841293 | NS      | $75497633.82  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| DELTA AIR LINES, INC.                      | DELTA AIR LINES INC                 | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |   1643714 | NS      | $80837854.52  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| D.R. HORTON, INC.                          | DR HORTON INC                       | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |    756506 | NS      | $97528753.52  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger N.V.                          | SCHLUMBERGER LTD                    | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |   2120189 | NS      | $71662388.20  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| PULTEGROUP, INC.                           | PULTEGROUP INC                      | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    981739 | NS      | $103534194.94 | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| MARATHON PETROLEUM CORPORATION             | MARATHON PETROLEUM CORP             | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |    408328 | NS      | $67827364.08  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| TENET HEALTHCARE CORPORATION               | TENET HEALTHCARE CORP               | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |    368254 | NS      | $64812704.00  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| OMNICOM GROUP INC.                         | OMNICOM GROUP INC                   | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |   1500912 | NS      | $107975609.28 | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| JABIL INC.                                 | JABIL INC                           | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |    331109 | NS      | $72214872.90  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| VALERO ENERGY CORPORATION                  | VALERO ENERGY CORP                  | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |    598305 | NS      | $80424158.10  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORPORATION                    | EXXON MOBIL CORP                    | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |   1041568 | NS      | $112281030.40 | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTERO RESOURCES CORPORATION               | ANTERO RESOURCES CORP               | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |    952636 | NS      | $38372178.08  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTENE CORPORATION                        | CENTENE CORP                        | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |   1527077 | NS      | $82889739.56  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED AIRLINES HOLDINGS, INC.             | UNITED AIRLINES HOLDINGS INC        | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |    966714 | NS      | $76979435.82  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ZOOM COMMUNICATIONS, INC.                  | ZOOM COMMUNICATIONS INC             | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |   1538660 | NS      | $119984706.80 | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INCORPORATED                      | QUALCOMM INC                        | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |   1075791 | NS      | $171330474.66 | 3.98%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO., INC.                          | MERCK CO INC                        | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |   1965507 | NS      | $155589534.12 | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| BAKER HUGHES COMPANY                       | BAKER HUGHES CO                     | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1202272 | NS      | $46095108.48  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ON SEMICONDUCTOR CORPORATION               | ON SEMICONDUCTOR CORP               | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |   1412257 | NS      | $74016389.37  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| APTIV PLC                                  | APTIV HOLDINGS LTD                  | CUSIP: G3265R107<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |    948323 | NS      | $64694595.06  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYALTY PHARMA PLC                         | ROYALTY PHARMA PLC                  | CUSIP: G7709Q104<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | GB        |   3482777 | NS      | $125484455.31 | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORPORATION                        | CHEVRON CORP                        | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    749583 | NS      | $107332789.77 | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIGN TECHNOLOGY, INC.                     | ALIGN TECHNOLOGY INC                | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |    243907 | NS      | $46178912.31  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| DOCUSIGN, INC.                             | DOCUSIGN INC                        | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |    772545 | NS      | $60173530.05  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| TAPESTRY, INC.                             | TAPESTRY INC                        | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |    722541 | NS      | $63446325.21  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| INCYTE CORPORATION                         | INCYTE PHARMACEUTICALS INC          | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |    942113 | NS      | $64157895.30  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CIGNA GROUP                            | CIGNA GROUP THE                     | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |    509959 | NS      | $168582246.22 | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| FOX CORPORATION                            | FOX CORP CLASS A                    | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |   1865671 | NS      | $104552202.84 | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc.                        | COTERRA ENERCOTERRA ENERGY INC      | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |   2559394 | NS      | $64957419.72  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| AMCOR PLC                                  | AMCOR PLC                           | CUSIP: G0250X107<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | JE        |   7100777 | NS      | $65256140.63  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED            | UNITEDHEALTH GROUP INC              | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    504823 | NS      | $157489631.31 | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** Victory Portfolios II

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer