VICTORY PORTFOLIOS II

Ticker: VSMV CUSIP: 92647N691 Class: VICTORYSHS US

Holders for Q4 2025 Position Changes for Q4 2025

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

New Positions (4)

Dakota Wealth Management
Value ($000) $572 Shares 10,345
Rockefeller Capital Management L.P.
Value ($000) $64 Shares 1,154
WELLS FARGO & COMPANY/MN
Value ($000) $5 Shares 82
UBS Group AG
Value ($000) $0 Shares 4

Increased Positions (8)

GREAT VALLEY ADVISOR GROUP, INC.
Value ($000) $47,792 (+51.0%) Shares 864,751 (+46.6%)
GOLDMAN SACHS GROUP INC
Value ($000) $12,350 (+3778.5%) Shares 223,455 (+3665.7%)
TWO SIGMA INVESTMENTS, LP
Value ($000) $2,257 (+247.6%) Shares 40,831 (+237.4%)
CITADEL ADVISORS LLC
Value ($000) $2,335 (+48.0%) Shares 42,242 (+43.7%)
SUSQUEHANNA INTERNATIONAL GROUP, LLP
Value ($000) $2,348 (+35.9%) Shares 42,479 (+32.0%)
Valley Financial Group, Inc.
Value ($000) $219 (+6.5%) Shares 3,968 (+3.4%)
TRUIST FINANCIAL CORP
Value ($000) $460 (+41.4%) Shares 8,329 (+37.3%)
Global Retirement Partners, LLC
Value ($000) $161 (+11.6%) Shares 2,917 (+8.4%)

Decreased Positions (7)

Sovereign Financial Group, Inc.
Value ($000) $980 (-8.3%) Shares 17,727 (-10.9%)
Trilogy Capital Inc.
Value ($000) $1,296 (-11.2%) Shares 23,454 (-13.8%)
BANK OF AMERICA CORP /DE/
Value ($000) $1,718 (-32.8%) Shares 31,084 (-34.7%)
LPL Financial LLC
Value ($000) $3,836 (-11.6%) Shares 69,400 (-14.2%)
MORGAN STANLEY
Value ($000) $8,168 (-4.2%) Shares 147,789 (-7.0%)
ROYAL BANK OF CANADA
Value ($000) $5,346 (+1.7%) Shares 96,722 (-1.3%)
OSAIC HOLDINGS, INC.
Value ($000) $44 (-11.9%) Shares 800 (-15.9%)