# EDGAR Filing Document

**Accession Number:** 0001547580
**File Stem:** 0001004726-26-001306
**Filing Date:** 2026-2
**Character Count:** 20473
**Document Hash:** 734626dae080a9b26671bc40c52b061e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-26-001306.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001004726-26-001306

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**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:** 26694479

**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:** 2025-12-31

**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:** $5593098755.34

**Total Liabilities:** $2140536.71

**Net Assets:** $5590958218.63

**Cash Not Reported:** $17626387.76

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000243210 | 0.90%                | 2.68%                | 1.80%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7175364.42              | $33463600.68                               |
| Month 2  | $0.00                    | $130045539.38                              |
| Month 3  | $118560057.53            | $-29551235.03                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ZEBRA TECHNOLOGIES CORPORATION             | ZEBRA TECHNOLOGIES CORP             | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |    231116 | NS      | $56119587.12  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE, INC.                           | SALESFORCE INC                      | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |    626763 | NS      | $166035786.33 | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| SNAP-ON INCORPORATED                       | SNAP ON INC                         | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |    194842 | NS      | $67142553.20  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| F5, INC.                                   | F5 Inc                              | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |    273228 | NS      | $69744179.28  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDIA GROUP, INC.                        | EXPEDIA GROUP INC                   | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    466175 | NS      | $132072039.25 | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| DOCUSIGN, INC.                             | DOCUSIGN INC                        | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |   1296227 | NS      | $88661926.80  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CIGNA GROUP                            | CIGNA GROUP THE                     | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |    829280 | NS      | $228242734.40 | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| GARTNER, INC.                              | GARTNER INC                         | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |    319989 | NS      | $80726824.92  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| HUMANA INC.                                | HUMANA INC                          | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |    350743 | NS      | $89835804.59  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYALTY PHARMA PLC                         | ROYALTY PHARMA PLC                  | CUSIP: G7709Q104<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | GB        |   3854552 | NS      | $148939889.28 | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| CARLISLE COMPANIES INCORPORATED            | CARLISLE COMPANIES INC              | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |    189150 | NS      | $60501519.00  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MARATHON PETROLEUM CORPORATION             | MARATHON PETROLEUM CORP             | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |    592965 | NS      | $96433897.95  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| COTERRA ENERGY INC.                        | COTERRA ENERCOTERRA ENERGY INC      | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |   5057231 | NS      | $133106319.92 | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| PULTEGROUP, INC.                           | PULTEGROUP INC                      | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    757940 | NS      | $88876044.40  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCENTURE PUBLIC LIMITED COMPANY           | ACCENTURE PLC                       | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |    588157 | NS      | $157802523.10 | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| DEVON ENERGY CORPORATION                   | DEVON ENERGY CORP                   | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |   4157703 | NS      | $152296660.89 | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXTRON INC.                               | TEXTRON INC                         | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |    734444 | NS      | $64021483.48  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| MUELLER INDUSTRIES, INC.                   | MUELLER INDUSTRIES INC              | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |    526313 | NS      | $60420732.40  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corporation                       | CARNIVAL CORP                       | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | PA        |   3457918 | NS      | $105604815.72 | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| ADOBE INC.                                 | ADOBE INC                           | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |    469664 | NS      | $164377703.36 | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| NETAPP, INC.                               | NETAPP INC                          | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |    736895 | NS      | $78914085.55  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWMONT CORPORATION                        | NEWMONT CORP                        | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |   1556067 | NS      | $155373289.95 | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| ZOOM COMMUNICATIONS, INC.                  | ZOOM COMMUNICATIONS INC             | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |   1571095 | NS      | $135569787.55 | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| VALERO ENERGY CORPORATION                  | VALERO ENERGY CORP                  | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |    694746 | NS      | $113097701.34 | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG ENERGY, INC.                           | NRG ENERGY INC                      | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |    595096 | NS      | $94763087.04  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| GODADDY INC.                               | GODADDY INC CLASS A                 | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |    862965 | NS      | $107076697.20 | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| DELL TECHNOLOGIES INC.                     | DELL TECHNOLOGIES INC               | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |    920889 | NS      | $115921507.32 | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT CORPORATION                            | EQT CORP                            | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |   1822303 | NS      | $97675440.80  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION | COGNIZANT TECHNOLOGY SOLUTIONS CORP | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |   1249979 | NS      | $103748257.00 | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB N.V.                                   | SLB LTD                             | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |   2777933 | NS      | $106617068.54 | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| APTIV PLC                                  | APTIV HOLDINGS LTD                  | CUSIP: G3265R107<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |   1000534 | NS      | $76130632.06  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| OMNICOM GROUP INC.                         | OMNICOM GROUP INC                   | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |   1647012 | NS      | $132996219.00 | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDBACK ENERGY, INC.                   | DIAMONDBACK ENERGY INC              | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |   1000756 | NS      | $150443649.48 | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| DELTA AIR LINES, INC.                      | DELTA AIR LINES INC                 | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |   1435703 | NS      | $99637788.20  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| OKTA, INC.                                 | OKTA INC                            | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |    789110 | NS      | $68234341.70  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AMGEN INC.                                 | AMGEN INC                           | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |    468364 | NS      | $153300220.84 | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| DECKERS OUTDOOR CORPORATION                | DECKERS OUTDOOR CORP                | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |    739643 | NS      | $76678789.81  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| INCYTE CORPORATION                         | INCYTE PHARMACEUTICALS INC          | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |   1154044 | NS      | $113984925.88 | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NUTANIX, INC.                              | NUTANIX INC A                       | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |   1366807 | NS      | $70650253.83  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| TOLL BROTHERS, INC.                        | TOLL BROTHERS INC                   | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |    842237 | NS      | $113887287.14 | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED THERAPEUTICS CORPORATION            | UNITED THERAPEUTICS CORP            | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |    139624 | NS      | $68031794.00  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| S P 500 EMINI FUTURE MAR26                 | S P 500 EMINI FUTURE MAR26          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        51 | NC      | $-37121.75    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| PINTEREST, INC.                            | PINTEREST INC                       | CUSIP: 72352L106<br>LEI: 529900Y043CEBGO4HB65 | Long             | EC               | CORP              | US        |   3744710 | NS      | $96950541.90  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| AIRBNB, INC.                               | AIRBNB INC CLASS A                  | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |   1044227 | NS      | $141722488.44 | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPAND ENERGY CORPORATION                  | EXPAND ENERGY CORP                  | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |    950345 | NS      | $104880074.20 | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO., INC.                          | MERCK CO INC                        | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |   2280591 | NS      | $240055008.66 | 4.29%             |  |  |  | No            |                  1 | On Loan: No      |
| TENET HEALTHCARE CORPORATION               | TENET HEALTHCARE CORP               | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |    489744 | NS      | $97321927.68  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORPORATION                        | CHEVRON CORP                        | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1181954 | NS      | $180141609.14 | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| GEN DIGITAL INC.                           | GEN DIGITAL INC                     | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |   2584697 | NS      | $70277911.43  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILLIPS 66                                | PHILLIPS 66                         | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |    771758 | NS      | $99587652.32  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH, INC.                      | CARDINAL HEALTH INC                 | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |    466715 | NS      | $95909932.50  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** Victory Portfolios II

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer