# EDGAR Filing Document

**Accession Number:** 0001547580
**File Stem:** 0001004726-25-002176
**Filing Date:** 2025-11
**Character Count:** 20058
**Document Hash:** 60c81689af8d7ceca42ce90e4532b099
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-25-002176.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001004726-25-002176

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**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:** 251520114

**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:** 2025-09-30

**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:** $4814287296.43

**Total Liabilities:** $1887843.15

**Net Assets:** $4812399453.28

**Cash Not Reported:** $19359812.68

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000243210 | -1.64%               | 7.42%                | 0.93%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $18817978.96             | $-91277373.10                              |
| Month 2  | $4528281.85              | $304429293.68                              |
| Month 3  | $176258074.12            | $-144424712.26                             |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GODADDY INC.                            | GODADDY INC CLASS A            | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |    547735 | NS      | $74946580.05  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDIA GROUP, INC.                     | EXPEDIA GROUP INC              | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    538309 | NS      | $115063548.75 | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOZ ALLEN HAMILTON HOLDING CORPORATION | BOOZ ALLEN HAMILTON HOLDINGS   | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |    566951 | NS      | $56666752.45  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| PINTEREST, INC.                         | PINTEREST INC                  | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1660785 | NS      | $53427453.45  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| AIRBNB, INC.                            | AIRBNB INC CLASS A             | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |    955272 | NS      | $115989126.24 | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCENTURE PUBLIC LIMITED COMPANY        | ACCENTURE PLC                  | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |    548747 | NS      | $135321010.20 | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX CORPORATION                   | TD SYNNEX CORP                 | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |    487272 | NS      | $79790790.00  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILLIPS 66                             | PHILLIPS 66                    | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |    504254 | NS      | $68588629.08  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH, INC.                   | ELEVANCE HEALTH INC            | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |    338761 | NS      | $109460454.32 | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| LULULEMON ATHLETICA INC.                | LULULEMON ATHLETICA INC        | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |    397523 | NS      | $70731267.39  | 1.47%             |  |  |  | No            |                  1 | On Loan: —       |
| NEWMONT CORPORATION                     | NEWMONT CORP                   | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |   1284807 | NS      | $108322078.17 | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDBACK ENERGY, INC.                | DIAMONDBACK ENERGY INC         | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |    832036 | NS      | $119064351.60 | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| NETAPP, INC.                            | NETAPP INC                     | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |    623269 | NS      | $73832445.74  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| TWILIO INC.                             | TWILIO INC                     | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |    538819 | NS      | $53930393.71  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| GARTNER, INC.                           | GARTNER INC                    | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |    267624 | NS      | $70350320.88  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| DEVON ENERGY CORPORATION                | DEVON ENERGY CORP              | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |   3243965 | NS      | $113733412.90 | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MOTORS COMPANY                  | GENERAL MOTORS CO              | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |   1898145 | NS      | $115729900.65 | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG ENERGY, INC.                        | NRG ENERGY INC                 | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |    549963 | NS      | $89066507.85  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT CORPORATION                         | EQT CORP                       | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |   1374131 | NS      | $74793950.33  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| DECKERS OUTDOOR CORPORATION             | DECKERS OUTDOOR CORP           | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |    445876 | NS      | $45198450.12  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| S P 500 EMINI FUTURE DEC25              | S P 500 EMINI FUTURE DEC25     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        56 | NC      | $203257.36    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS, INC.                     | CISCO SYSTEMS INC              | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |   2068412 | NS      | $141520749.04 | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES, INC.                     | EOG RESOURCES INC              | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    813572 | NS      | $91217692.64  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS                          | CONOCOPHILLIPS                 | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    958754 | NS      | $90688540.86  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| DELTA AIR LINES, INC.                   | DELTA AIR LINES INC            | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |   1435845 | NS      | $81484203.75  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXTRON INC.                            | TEXTRON INC                    | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |    644483 | NS      | $54452368.67  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger N.V.                       | SCHLUMBERGER LTD               | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |   2512145 | NS      | $86342423.65  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| PULTEGROUP, INC.                        | PULTEGROUP INC                 | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    468643 | NS      | $61921799.59  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ADOBE INC.                              | ADOBE INC                      | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |    388467 | NS      | $137031734.25 | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| TENET HEALTHCARE CORPORATION            | TENET HEALTHCARE CORP          | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |    385686 | NS      | $78309685.44  | 1.63%             |  |  |  | No            |                  1 | On Loan: —       |
| OMNICOM GROUP INC.                      | OMNICOM GROUP INC              | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |   1306121 | NS      | $106488045.13 | 2.21%             |  |  |  | No            |                  1 | On Loan: —       |
| EXPAND ENERGY CORPORATION               | EXPAND ENERGY CORP             | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |    767146 | NS      | $81501591.04  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORPORATION                 | EXXON MOBIL CORP               | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |   1310824 | NS      | $147795406.00 | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| SNAP-ON INCORPORATED                    | SNAP ON INC                    | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |    183136 | NS      | $63462118.08  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE, INC.                        | SALESFORCE INC                 | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |    586721 | NS      | $139052877.00 | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH, INC.                   | CARDINAL HEALTH INC            | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |    624166 | NS      | $97969095.36  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ZOOM COMMUNICATIONS, INC.               | ZOOM COMMUNICATIONS INC        | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |   1429168 | NS      | $117906360.00 | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INCORPORATED                   | QUALCOMM INC                   | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |   1055093 | NS      | $175525271.48 | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO., INC.                       | MERCK CO INC                   | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |   2255277 | NS      | $189285398.61 | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| APTIV PLC                               | APTIV HOLDINGS LTD             | CUSIP: G3265R107<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |    702435 | NS      | $60563945.70  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| TOLL BROTHERS, INC.                     | TOLL BROTHERS INC              | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |    596047 | NS      | $82337932.58  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYALTY PHARMA PLC                      | ROYALTY PHARMA PLC             | CUSIP: G7709Q104<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | GB        |   3702736 | NS      | $130632526.08 | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| F5, INC.                                | F5 Inc                         | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |    164802 | NS      | $53262358.38  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORPORATION                     | CHEVRON CORP                   | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    883278 | NS      | $137164240.62 | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| DOCUSIGN, INC.                          | DOCUSIGN INC                   | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |    734089 | NS      | $52920476.01  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| INCYTE CORPORATION                      | INCYTE PHARMACEUTICALS INC     | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |   1027158 | NS      | $87113269.98  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CIGNA GROUP                         | CIGNA GROUP THE                | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |    627836 | NS      | $180973727.00 | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc.                     | COTERRA ENERCOTERRA ENERGY INC | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |   3886101 | NS      | $91906288.65  | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| DELL TECHNOLOGIES INC.                  | DELL TECHNOLOGIES INC          | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |    818535 | NS      | $116043706.95 | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| AMCOR PLC                               | AMCOR PLC                      | CUSIP: G0250X107<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | JE        |   7288450 | NS      | $59619521.00  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| OKTA, INC.                              | OKTA INC                       | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |    573322 | NS      | $52573627.40  | 1.09%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Victory Portfolios II

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer