# EDGAR Filing Document

**Accession Number:** 0001547580
**File Stem:** 0001752724-25-210069
**Filing Date:** 2025-8
**Character Count:** 39211
**Document Hash:** 11042f3f8a5126c69a73260a69819a47
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-210069.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-210069

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20250630

**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:** 251268239

**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 US Small Cap High Div Volatility Wtd ETF (Series ID: S000049908)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000157589 | VictoryShares US Small Cap High Div Volatility Wtd ETF | CSB             |

## 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:** 4900 Tiedeman Road 4th Floor

  - **City:** Brooklyn

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 44144

  - **Telephone number:** 800-539-3863

**Item A.2. Information about the Series.**

- **a. Name of Series:** VictoryShares US Small Cap High Div Volatility Wtd ETF

- **b. EDGAR series identifier (if any):** S000049908

- **c. LEI of Series:** 549300GMUN0Q3JBDN646

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-06-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $274341659.70

**Total Liabilities:** $2807293.14

**Net Assets:** $271534366.56

**Cash Not Reported:** $1482906.71

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000157589 | -5.97%               | 2.03%                | 1.43%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-0.10                   | $-17131100.46                              |
| Month 2  | $11.94                   | $4015581.78                                |
| Month 3  | $465506.44               | $2315508.51                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FIRST INTERSTATE BANCSYSTEM, INC.              | FIRST INTERSTATE BANCSYS A                | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |     81593 | NS      | $2351510.26   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| WESBANCO, INC.                                 | WESBANCO INC                              | CUSIP: 950810101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     77671 | NS      | $2456733.73   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN EAGLE OUTFITTERS, INC.                | AMERICAN EAGLE OUTFITTERS                 | CUSIP: 02553E106<br>LEI: 5299001Z9HXK01DHW793 | Long             | EC               | CORP              | US        |    159749 | NS      | $1536785.38   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| UWM HOLDINGS CORPORATION                       | UWM HOLDINGS CORP                         | CUSIP: 91823B109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    345403 | NS      | $1429968.42   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| HARLEY-DAVIDSON, INC.                          | HARLEY DAVIDSON INC                       | CUSIP: 412822108<br>LEI: ZDNAWZWXIKMWI51R2A08 | Long             | EC               | CORP              | US        |    103830 | NS      | $2450388.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW JERSEY RESOURCES CORPORATION               | NEW JERSEY RESOURCES CORP                 | CUSIP: 646025106<br>LEI: 549300QKBSQBIX4DQ583 | Long             | EC               | CORP              | US        |     96926 | NS      | $4344223.32   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHWEST NATURAL HOLDING COMPANY              | NORTHWEST NATURAL HOLDING CO              | CUSIP: 66765N105<br>LEI: 254900PSJL6ZEC8FR782 | Long             | EC               | CORP              | US        |    105050 | NS      | $4172586.00   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| BRUNSWICK CORPORATION                          | BRUNSWICK CORP                            | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EC               | CORP              | US        |     42571 | NS      | $2351622.04   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| INSPERITY, INC.                                | INSPERITY INC                             | CUSIP: 45778Q107<br>LEI: 5299000Q0KW7HY5DB751 | Long             | EC               | CORP              | US        |     24993 | NS      | $1502579.16   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC US GOVERNMENT MONEY MARKET FUND           | HSBC US GOVT MMKT-I                       | CUSIP: 40428X107<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    674883 | NS      | $674883.15    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OZK                                       | BANK OZK                                  | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |     51640 | NS      | $2430178.40   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| ASSOCIATED BANC-CORP                           | ASSOCIATED BANC CORP                      | CUSIP: 045487105<br>LEI: 549300N3CIN473IW5094 | Long             | EC               | CORP              | US        |    100168 | NS      | $2443097.52   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP, INC.                                  | IDACORP INC                               | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |     43641 | NS      | $5038353.45   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST FINANCIAL BANCORP.                       | FIRST FINANCIAL BANCORP                   | CUSIP: 320209109<br>LEI: 549300D3F5B3EZMY7P77 | Long             | EC               | CORP              | US        |     95701 | NS      | $2321706.26   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| INDEPENDENT BANK CORP.                         | INDEPENDENT BANK CORP                     | CUSIP: 453836108<br>LEI: 549300C5K3W8THR3GE10 | Long             | EC               | CORP              | US        |     34730 | NS      | $2183996.05   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| KINETIK HOLDINGS INC.                          | KINETIK HOLDINGS INC                      | CUSIP: 02215L209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45832 | NS      | $2018899.60   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| TRINITY INDUSTRIES, INC.                       | TRINITY INDUSTRIES INC                    | CUSIP: 896522109<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | EC               | CORP              | US        |     79048 | NS      | $2135086.48   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| THE WENDY'S COMPANY                            | WENDY S CO THE                            | CUSIP: 95058W100<br>LEI: 529900M0JIUCMWVKHG76 | Long             | EC               | CORP              | US        |    198209 | NS      | $2263546.78   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA RESOURCES CORPORATION               | CALIFORNIA RESOURCES CORP                 | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |     54831 | NS      | $2504131.77   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| SENSIENT TECHNOLOGIES CORPORATION              | SENSIENT TECHNOLOGIES CORP                | CUSIP: 81725T100<br>LEI: CMMZHMFZQG86EI7WZU92 | Long             | EC               | CORP              | US        |     50595 | NS      | $4984619.40   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACK HILLS CORPORATION                        | BLACK HILLS CORP                          | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |     76730 | NS      | $4304553.00   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF GOVERNMENT-INST                     | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    674883 | NS      | $674883.15    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| MANPOWERGROUP INC.                             | MANPOWER INC                              | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |     51478 | NS      | $2079711.20   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| SYLVAMO CORPORATION                            | SYLVAMO CORP                              | CUSIP: 871332102<br>LEI: 5493001AOYU1ZOWOC971 | Long             | EC               | CORP              | US        |     32021 | NS      | $1604252.10   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| KENNAMETAL INC.                                | KENNAMETAL INC                            | CUSIP: 489170100<br>LEI: 549300GZDSG25XUV0Y08 | Long             | EC               | CORP              | US        |    121494 | NS      | $2789502.24   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHWESTERN ENERGY GROUP, INC.                | NORTHWESTERN CORP                         | CUSIP: 668074305<br>LEI: 254900N1WG46G1VMDM34 | Long             | EC               | CORP              | US        |     76594 | NS      | $3929272.20   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMMONS FIRST NATIONAL CORPORATION             | SIMMONS FIRST NATL CORP CL A              | CUSIP: 828730200<br>LEI: 549300IVR5AJKUVOGN05 | Long             | EC               | CORP              | US        |    135541 | NS      | $2569857.36   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| AVNET, INC.                                    | AVNET INC                                 | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |     68701 | NS      | $3646649.08   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CAL-MAINE FOODS, INC.                          | CAL MAINE FOODS INC                       | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |     28405 | NS      | $2829990.15   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CHEMOURS COMPANY                           | CHEMOURS CO COM                           | CUSIP: 163851108<br>LEI: 549300M1BOLNXL8DOV14 | Long             | EC               | CORP              | US        |    117766 | NS      | $1348420.70   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Kontoor Brands, Inc.                           | KONTOOR BRANDS INC                        | CUSIP: 50050N103<br>LEI: 549300M0CPXV65RFF271 | Long             | EC               | CORP              | US        |     35571 | NS      | $2346618.87   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLANTIC UNION BANKSHARES CORPORATION          | ATLANTIC UNION BANKSHARES                 | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     70875 | NS      | $2216970.00   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BUCKLE, INC.                               | BUCKLE INC THE                            | CUSIP: 118440106<br>LEI: 5299007IU0461T3GDL34 | Long             | EC               | CORP              | US        |     69868 | NS      | $3168513.80   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| THE WESTERN UNION COMPANY                      | WESTERN UNION CO                          | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |    336268 | NS      | $2831376.56   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CONCENTRIX CORPORATION                         | CONCENTRIX CORP                           | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |     41543 | NS      | $2195755.27   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| LEVI STRAUSS & CO.                             | LEVI STRAUSS CO                           | CUSIP: 52736R102<br>LEI: MB0UERO0RDFKU8258G77 | Long             | EC               | CORP              | US        |    137615 | NS      | $2544501.35   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| MACY'S, INC.                                   | MACY S INC                                | CUSIP: 55616P104<br>LEI: 529900NZQ81TIOW3CW52 | Long             | EC               | CORP              | US        |    137048 | NS      | $1597979.68   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy, Inc.                             | VIPER ENERGY INC                          | CUSIP: 927959106<br>LEI: 5299009LINL232255G03 | Long             | EC               | CORP              | US        |     57521 | NS      | $2193275.73   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| RUSSELL 2000 MINI INDEX FUTURE SEP25           | RUSSELL 2000 MINI INDEX FUTURE SEP25      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        14 | NC      | $41365.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHERN OIL AND GAS, INC.                     | NORTHERN OIL AND GAS INC                  | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |     76489 | NS      | $2168463.15   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL SEAWAYS, INC.                    | INTERNATIONAL SEAWAYS INC                 | CUSIP: Y41053102<br>LEI: 549300YUFDGFRNGBWF46 | Long             | EC               | CORP              | MH        |     70403 | NS      | $2568301.44   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| SONOCO PRODUCTS COMPANY.                       | SONOCO PRODUCTS CO                        | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |     89103 | NS      | $3881326.68   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| PORTLAND GENERAL ELECTRIC COMPANY              | PORTLAND GENERAL ELECTRIC CO              | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |    110607 | NS      | $4493962.41   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND | GLDMN SCHS FIN SQ GV-FST                  | CUSIP: 38141W273<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    674883 | NS      | $674883.15    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| STEVEN MADDEN, LTD.                            | STEVEN MADDEN LTD                         | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |     90877 | NS      | $2179230.46   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXSTAR MEDIA GROUP, INC.                      | NEXSTAR MEDIA GROUP INC                   | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |     15954 | NS      | $2759244.30   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TXNM Energy, Inc.                              | TXNM ENERGY INC                           | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |     87033 | NS      | $4901698.56   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| SM ENERGY COMPANY                              | SM ENERGY CO                              | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |     63472 | NS      | $1568393.12   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O AMERICA                                    | H20 AMERICA                               | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     65042 | NS      | $3380232.74   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| REYNOLDS CONSUMER PRODUCTS INC.                | REYNOLDS CONSUMER PRODUCTS INC            | CUSIP: 76171L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    157096 | NS      | $3364996.32   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHN WILEY & SONS, INC.                        | WILEY JOHN SONS CLASS A                   | CUSIP: 968223206<br>LEI: 5493003XM719UN7E8P64 | Long             | EC               | CORP              | US        |     72014 | NS      | $3213984.82   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| MSC INDUSTRIAL DIRECT CO., INC.                | MSC INDUSTRIAL DIRECT CO INC              | CUSIP: 553530106<br>LEI: 0XVKH0LN6YGOWO2EGO17 | Long             | EC               | CORP              | US        |     34720 | NS      | $2951894.40   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| COLUMBIA BANKING SYSTEM, INC.                  | COLUMBIA BANKING SYSTEM INC               | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     88309 | NS      | $2064664.42   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| GREIF, INC.                                    | GREIF INC CL A                            | CUSIP: 397624107<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |     53465 | NS      | $3474690.35   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED BANKSHARES, INC.                        | UNITED BANKSHARES INC                     | CUSIP: 909907107<br>LEI: 5299005O3BAMJ9Z92V62 | Long             | EC               | CORP              | US        |     78998 | NS      | $2877897.14   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI CORPORATION                                | UGI CORP                                  | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |     90095 | NS      | $3281259.90   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCHROCK INC.                                  | ARCHROCK INC                              | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |     81010 | NS      | $2011478.30   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| AVIENT CORPORATION                             | AVIENT CORP                               | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |     64514 | NS      | $2084447.34   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| FLOWERS FOODS, INC.                            | FLOWERS FOODS INC                         | CUSIP: 343498101<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | EC               | CORP              | US        |    248359 | NS      | $3968776.82   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| HNI CORPORATION                                | HNI CORP                                  | CUSIP: 404251100<br>LEI: 549300SKRADLC4O5HV93 | Long             | EC               | CORP              | US        |     65138 | NS      | $3203486.84   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Otter Tail Corporation                         | OTTER TAIL CORP                           | CUSIP: 689648103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38533 | NS      | $2970508.97   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ARTISAN PARTNERS ASSET MANAGEMENT INC.         | ARTISAN PARTNERS ASSET MA A               | CUSIP: 04316A108<br>LEI: 549300T1FUI6JF63XU51 | Long             | EC               | CORP              | US        |     71981 | NS      | $3190917.73   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| PACIFIC PREMIER BANCORP, INC.                  | PACIFIC PREMIER BANCORP INC               | CUSIP: 69478X105<br>LEI: 549300Q1KIC3KLI0XG98 | Long             | EC               | CORP              | US        |     92288 | NS      | $1946353.92   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHWEST BANCSHARES, INC.                     | NORTHWEST BANCSHARES INC                  | CUSIP: 667340103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    230608 | NS      | $2947170.24   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| WK KELLOGG CO                                  | WK KELLOGG CO                             | CUSIP: 92942W107<br>LEI: 529900SWC935GFWUJ804 | Long             | EC               | CORP              | US        |     94475 | NS      | $1505931.50   | 0.55%             |  |  |  | No            |                  1 | On Loan: —       |
| Olin Corporation                               | OLIN CORP                                 | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |     95370 | NS      | $1915983.30   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLAS ENERGY SOLUTIONS INC.                    | NEW ATLAS HOLDCO INC                      | CUSIP: 642045108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    106195 | NS      | $1419827.15   | 0.52%             |  |  |  | No            |                  1 | On Loan: —       |
| CALIFORNIA WATER SERVICE GROUP                 | CALIFORNIA WATER SERVICE GRP              | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |     86133 | NS      | $3917328.84   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| POLARIS INC.                                   | POLARIS INC                               | CUSIP: 731068102<br>LEI: 549300QJSN8UVWN1EI78 | Long             | EC               | CORP              | US        |     47648 | NS      | $1936891.20   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| VALLEY NATIONAL BANCORP                        | VALLEY NATIONAL BANCORP                   | CUSIP: 919794107<br>LEI: 549300ET52S1UBIB9762 | Long             | EC               | CORP              | US        |    234061 | NS      | $2090164.73   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| PROVIDENT FINANCIAL SERVICES, INC.             | PROVIDENT FINANCIAL SVCS                  | CUSIP: 74386T105<br>LEI: 529900JOSO3SXEDVE477 | Long             | EC               | CORP              | US        |    134361 | NS      | $2355348.33   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| CVB FINANCIAL CORP.                            | CVB FINANCIAL CORP                        | CUSIP: 126600105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    118668 | NS      | $2348439.72   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHWEST GAS HOLDINGS, INC.                   | SOUTHWEST GAS HOLDINGS INC                | CUSIP: 844895102<br>LEI: 254900LKF9EV0CUKNE09 | Long             | EC               | CORP              | US        |     51151 | NS      | $3805122.89   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.    | HA SUSTAINABLE INFRASTRUCTURE CAPITAL INC | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |     79702 | NS      | $2140795.72   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| SEALED AIR CORPORATION                         | SEALED AIR CORP                           | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |     95609 | NS      | $2966747.27   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ORGANON & CO.                                  | ORGANON CO                                | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               | CORP              | US        |    153659 | NS      | $1487419.12   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| MARRIOTT VACATIONS WORLDWIDE CORPORATION       | MARRIOTT VACATIONS WORLDWIDE CORP         | CUSIP: 57164Y107<br>LEI: 549300WA6BT5H4F7IO94 | Long             | EC               | CORP              | US        |     28554 | NS      | $2064739.74   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| SELECT MEDICAL HOLDINGS CORPORATION            | SELECT MEDICAL HOLDINGS CORP              | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    128724 | NS      | $1954030.32   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazard, Inc.                                   | LAZARD INC                                | CUSIP: 52110M109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42596 | NS      | $2043756.08   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| SITIO ROYALTIES CORP.                          | SITIO ROYALTIES CORP A                    | CUSIP: 82983N108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    148385 | NS      | $2727316.30   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERICAN FINANCIAL CORPORATION           | FIRST AMERICAN FINANCIAL CORP             | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |     62600 | NS      | $3843014.00   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| AVISTA CORPORATION                             | AVISTA CORP                               | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |    104760 | NS      | $3975642.00   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| LINCOLN NATIONAL CORPORATION                   | LINCOLN NATIONAL CORP                     | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |     63825 | NS      | $2208345.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEARWAY ENERGY, INC.                          | CLEARWAY ENERGY INC                       | CUSIP: 18539C204<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               | CORP              | US        |    104002 | NS      | $3328064.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| HELMERICH & PAYNE, INC.                        | HELMERICH PAYNE INC                       | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |     75151 | NS      | $1139289.16   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Spire Inc.                                     | SPIRE INC                                 | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |     52488 | NS      | $3831099.12   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| KODIAK GAS SERVICES, INC.                      | KODIAK GAS SERVICES INC                   | CUSIP: 50012A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47952 | NS      | $1643315.04   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Energizer Holdings, Inc.                       | ENERGIZER HOLDINGS INC                    | CUSIP: 29272W109<br>LEI: 5493000D6NN0V57UME20 | Long             | EC               | CORP              | US        |    113577 | NS      | $2289712.32   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN STATES WATER COMPANY                  | AMERICAN STATES WATER CO                  | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |     54264 | NS      | $4159878.24   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF HAWAII CORPORATION                     | BANK OF HAWAII CORP                       | CUSIP: 062540109<br>LEI: 5493006Q8BQ8AD8M2U33 | Long             | EC               | CORP              | US        |     38585 | NS      | $2605645.05   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEMAIN HOLDINGS, INC.                         | ONEMAIN HOLDINGS INC                      | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |     46840 | NS      | $2669880.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST HAWAIIAN, INC.                           | FIRST HAWAIIAN INC                        | CUSIP: 32051X108<br>LEI: 5493002DJSH46F5OLV06 | Long             | EC               | CORP              | US        |    112463 | NS      | $2807076.48   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FULTON FINANCIAL CORPORATION                   | FULTON FINANCIAL CORP                     | CUSIP: 360271100<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EC               | CORP              | US        |    126274 | NS      | $2277982.96   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| TEGNA INC.                                     | TEGNA INC COM                             | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |    147912 | NS      | $2479005.12   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| First BanCorp.                                 | FIRST BANCORP PUERTO RICO                 | CUSIP: 318672706<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |    135668 | NS      | $2825964.44   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MAGNOLIA OIL & GAS CORPORATION                 | MAGNOLIA OIL GAS CORP                     | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    123780 | NS      | $2782574.40   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MURPHY OIL CORPORATION                         | MURPHY OIL CORP                           | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |    105667 | NS      | $2377507.50   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| WaFd, Inc                                      | WAFD INC                                  | CUSIP: 938824109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     90641 | NS      | $2653968.48   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| MOELIS & COMPANY                               | MOELIS CO CLASS A                         | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |     32390 | NS      | $2018544.80   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| STRATEGIC EDUCATION, INC.                      | STRATEGIC EDUCATION INC                   | CUSIP: 86272C103<br>LEI: 2549002UYIM8Q5EC8H36 | Long             | EC               | CORP              | US        |     29894 | NS      | $2544876.22   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO          | INVESCO GVT & AGNCY-INST                  | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    674883 | NS      | $674883.15    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ONE GAS, INC.                                  | ONE GAS INC                               | CUSIP: 68235P108<br>LEI: 549300HXDWI0LATTX840 | Long             | EC               | CORP              | US        |     57258 | NS      | $4114559.88   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU RESOURCES GROUP, INC.                      | MDU RESOURCES GROUP INC                   | CUSIP: 552690109<br>LEI: 549300MA0UV6AI6SNV27 | Long             | EC               | CORP              | US        |    180067 | NS      | $3001716.89   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| TRAVEL + LEISURE CO.                           | TRAVEL LEISURE CO                         | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |     52628 | NS      | $2716131.08   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LCI INDUSTRIES                                 | LCI INDUSTRIES                            | CUSIP: 50189K103<br>LEI: 549300E1B98YNJ1WIQ04 | Long             | EC               | CORP              | US        |     23048 | NS      | $2101747.12   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** Victory Portfolios II

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer