VICTORY PORTFOLIOS II

Ticker: GFLW CUSIP: 92647X764 Class: ICTORYSHARES FR

Holders for Q4 2025 Position Changes for Q4 2025

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

New Positions (14)

Brookwood Investment Group LLC

Value ($000) $4,539 Shares 161,181

CAP Partners, LLC

Value ($000) $992 Shares 35,223

Wealth Management Partners, LLC

Value ($000) $1,440 Shares 51,129

Purus Wealth Management, LLC

Value ($000) $248 Shares 8,819

MONEY CONCEPTS CAPITAL CORP

Value ($000) $297 Shares 10,539

Parallel Advisors, LLC

Value ($000) $593 Shares 21,062

STIFEL FINANCIAL CORP

Value ($000) $941 Shares 33,429

SUSQUEHANNA INTERNATIONAL GROUP, LLP

Value ($000) $493 Shares 17,492

Private Advisor Group, LLC

Value ($000) $224 Shares 7,940

IFP Advisors, Inc

Value ($000) $59 Shares 2,103

ROYAL BANK OF CANADA

Value ($000) $96 Shares 3,396

Value ($000) $32 Shares 1,147

Global Wealth Strategies & Associates

Value ($000) $5 Shares 176

Value ($000) $0 Shares 1

Institution	Shares	Value ($000)
Brookwood Investment Group LLC	161,181	$4,539
CAP Partners, LLC	35,223	$992
Wealth Management Partners, LLC	51,129	$1,440
Purus Wealth Management, LLC	8,819	$248
MONEY CONCEPTS CAPITAL CORP	10,539	$297
Parallel Advisors, LLC	21,062	$593
STIFEL FINANCIAL CORP	33,429	$941
SUSQUEHANNA INTERNATIONAL GROUP, LLP	17,492	$493
Private Advisor Group, LLC	7,940	$224
IFP Advisors, Inc	2,103	$59
ROYAL BANK OF CANADA	3,396	$96
UBS Group AG	1,147	$32
Global Wealth Strategies & Associates	176	$5
FMR LLC	1	$0

Increased Positions (12)

TRAPHAGEN INVESTMENT ADVISORS LLC

Value ($000) $2,913 (+528.3%) Shares 103,459 (+539.9%)

Miracle Mile Advisors, LLC

Value ($000) $47,724 (+14.0%) Shares 1,694,732 (+16.1%)

Tradition Wealth Management, LLC

Value ($000) $4,166 (+47.9%) Shares 147,942 (+50.7%)

VICTORY CAPITAL MANAGEMENT INC

Value ($000) $322,164 (+5.3%) Shares 11,440,479 (+7.3%)

Comprehensive Financial Planning, Inc./PA

Value ($000) $515 (+5.1%) Shares 18,299 (+7.0%)

Triumph Capital Management

Value ($000) $363 (+27.5%) Shares 12,893 (+29.9%)

BANK OF AMERICA CORP /DE/

Value ($000) $42,736 (+631.3%) Shares 1,517,625 (+644.8%)

HighTower Advisors, LLC

Value ($000) $92,643 (+1.6%) Shares 3,289,863 (+3.5%)

Visionary Wealth Advisors

Value ($000) $453 (+22.8%) Shares 16,087 (+25.0%)

NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO

Value ($000) $419 (+505.0%) Shares 14,863 (+516.2%)

LPL Financial LLC

Value ($000) $2,459 (+11.6%) Shares 87,331 (+13.7%)

Cetera Investment Advisers

Value ($000) $605 (+9.7%) Shares 21,500 (+11.8%)

Institution	Prev Shares	Curr Shares	Change
TRAPHAGEN INVESTMENT ADVISORS LLC	16,168	103,459	+87,291 (+539.9%)
Miracle Mile Advisors, LLC	1,459,719	1,694,732	+235,013 (+16.1%)
Tradition Wealth Management, LLC	98,199	147,942	+49,743 (+50.7%)
VICTORY CAPITAL MANAGEMENT INC	10,665,479	11,440,479	+775,000 (+7.3%)
Comprehensive Financial Planning, Inc./PA	17,097	18,299	+1,202 (+7.0%)
Triumph Capital Management	9,928	12,893	+2,965 (+29.9%)
BANK OF AMERICA CORP /DE/	203,774	1,517,625	+1,313,851 (+644.8%)
HighTower Advisors, LLC	3,180,029	3,289,863	+109,834 (+3.5%)
Visionary Wealth Advisors	12,867	16,087	+3,220 (+25.0%)
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	2,412	14,863	+12,451 (+516.2%)
LPL Financial LLC	76,807	87,331	+10,524 (+13.7%)
Cetera Investment Advisers	19,235	21,500	+2,265 (+11.8%)

Decreased Positions (2)

Annex Advisory Services, LLC

Value ($000) $75,374 (-45.8%) Shares 2,676,635 (-44.8%)

Sunbelt Securities, Inc.

Value ($000) $3,714 (-3.1%) Shares 131,901 (-1.3%)

Institution	Prev Shares	Curr Shares	Change
Annex Advisory Services, LLC	4,852,683	2,676,635	-2,176,048 (-44.8%)
Sunbelt Securities, Inc.	133,628	131,901	-1,727 (-1.3%)

Exited Positions (2)

CITADEL ADVISORS LLC

Value ($000) $561 Shares 19,566

JPMORGAN CHASE & CO

Value ($000) $34 Shares 1,183

Institution	Prev Shares	Prev Value ($000)
CITADEL ADVISORS LLC	19,566	$561
JPMORGAN CHASE & CO	1,183	$34