VICTORY PORTFOLIOS II

Ticker: USVM CUSIP: 92647N568 Class: ETF

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (10)

MONEY CONCEPTS CAPITAL CORP
Value ($000) $315 Shares 3,448
TWO SIGMA INVESTMENTS, LP
Value ($000) $3,278 Shares 35,900
CITADEL ADVISORS LLC
Value ($000) $3,180 Shares 34,831
JANE STREET GROUP, LLC
Value ($000) $728 Shares 7,974
AQR CAPITAL MANAGEMENT LLC
Value ($000) $490 Shares 5,371
CENTRAL TRUST Co
Value ($000) $22 Shares 241
Allworth Financial LP
Value ($000) $13 Shares 140
AE Wealth Management LLC
Value ($000) $3 Shares 36
CREATIVE FINANCIAL DESIGNS INC /ADV
Value ($000) $3 Shares 30
ASSETMARK, INC
Value ($000) $2 Shares 20

Increased Positions (19)

Anderson Financial Strategies, LLC
Value ($000) $7,859 (+2.3%) Shares 86,077 (+1.5%)
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC
Value ($000) $829,512 (+12.6%) Shares 8,775,986 (+7.6%)
Systelligence, LLC
Value ($000) $10,767 (+2.6%) Shares 117,923 (+1.7%)
Vise Technologies, Inc.
Value ($000) $7,484 (+118.7%) Shares 81,966 (+116.9%)
Nova Wealth Management, Inc.
Value ($000) $403 (+6.2%) Shares 4,410 (+5.3%)
VICTORY CAPITAL MANAGEMENT INC
Value ($000) $129,721 (+6.2%) Shares 1,420,719 (+5.4%)
NorthCrest Asset Manangement, LLC
Value ($000) $4,015 (+13.4%) Shares 42,968 (+9.6%)
Cerity Partners LLC
Value ($000) $128,556 (+1.8%) Shares 1,407,963 (+1.0%)
RAYMOND JAMES FINANCIAL INC
Value ($000) $4,271 (+153.6%) Shares 46,777 (+151.5%)
LPL Financial LLC
Value ($000) $1,120 (+52.6%) Shares 12,262 (+51.3%)
JPMORGAN CHASE & CO
Value ($000) $583 (+63.4%) Shares 6,382 (+62.1%)
Family Capital Trust Co
Value ($000) $18 (+182.1%) Shares 193 (+179.7%)
OSAIC HOLDINGS, INC.
Value ($000) $605 (+22.4%) Shares 6,625 (+19.7%)
ROYAL BANK OF CANADA
Value ($000) $184 (+97.8%) Shares 2,019 (+98.3%)
WELLS FARGO & COMPANY/MN
Value ($000) $178 (+75.3%) Shares 1,946 (+73.9%)
BlackRock, Inc.
Value ($000) $217 (+38.2%) Shares 2,372 (+37.0%)
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO
Value ($000) $98 (+51.9%) Shares 1,071 (+50.6%)
Cetera Investment Advisers
Value ($000) $517 (+6.4%) Shares 5,663 (+5.5%)
ENVESTNET ASSET MANAGEMENT INC
Value ($000) $411 (+2.5%) Shares 4,507 (+1.6%)

Decreased Positions (9)

Retirement Planning Group, LLC
Value ($000) $5,436 (-5.2%) Shares 59,539 (-6.0%)
Trilogy Capital Inc.
Value ($000) $2,718 (-4.5%) Shares 29,766 (-5.3%)
SUSQUEHANNA INTERNATIONAL GROUP, LLP
Value ($000) $3,569 (-14.6%) Shares 39,093 (-15.3%)
BANK OF AMERICA CORP /DE/
Value ($000) $1,641 (-24.9%) Shares 17,968 (-25.5%)
TRUIST FINANCIAL CORP
Value ($000) $4,511 (-1.3%) Shares 49,404 (-2.2%)
Equitable Holdings, Inc.
Value ($000) $228 (-21.8%) Shares 2,492 (-22.5%)
Steward Partners Investment Advisory, LLC
Value ($000) $1,429 (-2.9%) Shares 15,652 (-3.7%)
FMR LLC
Value ($000) $10 (-57.0%) Shares 108 (-57.3%)
MORGAN STANLEY
Value ($000) $249 (-0.2%) Shares 2,729 (-1.1%)

Exited Positions (2)

Comprehensive Financial Planning, Inc./PA
Value ($000) $150 Shares 1,659
FARMERS & MERCHANTS INVESTMENTS INC
Value ($000) $12 Shares 138