NPORT-P
    false
    
      
      
        
          0001068663
          XXXXXXXX
        
      
      
      
      
        S000053590
        C000168426
      
      
    
  
  
    
      Victory Variable Insurance Funds
      811-08979
      0001068663
      549300PUY11D0HHITF56
      4900 Tiedeman Road 4th Floor
      Brooklyn
      
      44144
      800-539-3863
      Victory High Yield VIP Series
      S000053590
      5493006EXFOI9V1GPY03
      2022-12-31
      2022-03-31
      N
    
    
      30901158.86
      3383387.15
      27517771.71
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      1063445.13000000
      
        
          EUR
          
          
        
        
          USD
          
          
        
      
      
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      N
      
        
          
        
        
        
        
      
      
      
      
      
    
    
      
        GRAY TELEVISION, INC.
        529900TM5726KDN7UU35
        GRAY ESCROW INC
        389284AA8
        
          
        
        250000.00000000
        PA
        USD
        260732.50000000
        0.947505861840
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2027-05-15
          Fixed
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AUDACY CAPITAL CORP.
        549300S5JUSXRHNCHD80
        ENTERCOM MEDIA CORP
        29365DAB5
        
          
        
        200000.00000000
        PA
        USD
        186768.00000000
        0.678717746365
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2029-03-31
          Fixed
          6.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ANTERO RESOURCES CORPORATION
        APVBKPOULHUX7YZLKU17
        ANTERO RESOURCES CORP
        03674XAN6
        
          
        
        162000.00000000
        PA
        USD
        179094.24000000
        0.650831186069
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2026-07-15
          Fixed
          8.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        IHEARTCOMMUNICATIONS, INC.
        54930076J6KDZL504O62
        IHEARTCOMMUNICATIONS INC
        45174HBD8
        
          
        
        350000.00000000
        PA
        USD
        361816.00000000
        1.314844834869
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-05-01
          Fixed
          8.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        COMPASS GROUP DIVERSIFIED HOLDINGS LLC
        549300I6PTUQPX21TE93
        COMPASS GROUP DIVERSIFIE
        20451RAB8
        
          
        
        200000.00000000
        PA
        USD
        188006.00000000
        0.683216657152
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2029-04-15
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TRANSDIGM INC.
        88Q84GB3X55CF5OC7582
        TRANSDIGM INC
        893647BP1
        
          
        
        325000.00000000
        PA
        USD
        304076.50000000
        1.105018615622
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-01-15
          Fixed
          4.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THE HERTZ CORPORATION
        549300PD0C69OJ0NLB27
        HERTZ CORP THE
        42804VBC4
        
          
        
        0.01000000
        PA
        USD
        0.01000000
        0.000000036340
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-06-30
          Floating
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VERITAS US INC.
        549300RFUWCPWS8FQ104
        VERITAS US INC VERITAS BERMUDA LTD
        92346LAE3
        
          
        
        200000.00000000
        PA
        USD
        189802.00000000
        0.689743348408
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2025-09-01
          Fixed
          7.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RADIOLOGY PARTNERS, INC.
        549300SFTAG2177WUZ08
        RADIOLOGY PARTNERS INC
        75041EAB8
        
          
        
        250000.00000000
        PA
        USD
        246385.00000000
        0.895366829104
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-07-09
          Floating
          4.72
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AMBIENCE MERGER SUB, INC.
        N/A
        AMBIENCE MERGER SUB INC
        04650YAB6
        
          
        
        200000.00000000
        PA
        USD
        173170.00000000
        0.629302408003
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2029-07-15
          Fixed
          7.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ANTERO MIDSTREAM PARTNERS LP
        529900HFO1BDEIT4QU11
        ANTERO MIDSTREAM PARTNERS LP
        03690AAH9
        
          
        
        50000.00000000
        PA
        USD
        49935.50000000
        0.181466364814
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2029-06-15
          Fixed
          5.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SWF HOLDINGS I CORP.
        N/A
        SWF HOLDINGS I CORP
        78489HAB4
        
          
        
        400000.00000000
        PA
        USD
        387332.00000000
        1.407570366096
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-10-06
          Floating
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PBF HOLDING COMPANY LLC
        549300TILVIIV9FLL461
        PBF HOLDING CO LLC PBF FINANCE CORP
        69318FAJ7
        
          
        
        250000.00000000
        PA
        USD
        200975.00000000
        0.730346199968
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-02-15
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Life Time Inc.
        N/A
        LIFE TIME INC
        50218KAG3
        
          
        
        80477.94000000
        PA
        USD
        79974.95000000
        0.290630181988
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-12-15
          Floating
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LABL, INC.
        5493004FUZN8R6Y3VB98
        LABL ESCROW ISSUER LLC
        50168AAA8
        
          
        
        250000.00000000
        PA
        USD
        250917.50000000
        0.911838002888
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2027-07-15
          Fixed
          10.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DIAMOND SPORTS GROUP, LLC
        5493002K6DHWNZH8YA34
        DIAMOND SPORTS GROUP LLC
        25277BAE8
        
          
        
        37943.67000000
        PA
        USD
        38423.28000000
        0.139630782626
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-05-25
          Floating
          9.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PBF HOLDING COMPANY LLC
        549300TILVIIV9FLL461
        PBF HOLDING CO LLC PBF FINANCE CORP
        69318FAK4
        
          
        
        200000.00000000
        PA
        USD
        205776.00000000
        0.747793106827
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2025-05-15
          Fixed
          9.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DIAMOND SPORTS GROUP, LLC
        5493002K6DHWNZH8YA34
        DIAMOND SPORTS GROUP LLC
        25277BAG3
        
          
        
        425000.00000000
        PA
        USD
        143705.25000000
        0.522227059350
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-08-24
          Floating
          3.56
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VISTAJET MALTA FINANCE P.L.C.
        5299001UK94VGT0CPQ36
        VISTAJET MALTA XO MGMT
        92840JAB5
        
          
        
        100000.00000000
        PA
        USD
        94107.00000000
        0.341986266154
        Long
        DBT
        CORP
        MT
        
        Y
        
        2
        
          2030-02-01
          Fixed
          6.37500000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        IHEARTMEDIA, INC.
        N/A
        IHEARTMEDIA INC
        45174J509
        
          
        
        3500.00000000
        NS
        USD
        66255.00000000
        0.240771675476
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        TELESAT CANADA
        5493004V5GLBY6SO5Y34
        TELESAT CANADA TELESAT LLC
        87952VAR7
        
          
        
        400000.00000000
        PA
        USD
        305320.00000000
        1.109537513493
        Long
        DBT
        CORP
        CA
        
        Y
        
        2
        
          2026-12-06
          Fixed
          5.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NEXSTAR ESCROW, INC.
        N/A
        NEXSTAR ESCROW INC
        65343HAA9
        
          
        
        500000.00000000
        PA
        USD
        506285.00000000
        1.839847373310
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2027-07-15
          Fixed
          5.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        COMSTOCK RESOURCES, INC.
        I03QQGEA4SS774AURI46
        COMSTOCK RESOURCES INC
        205768AS3
        
          
        
        250000.00000000
        PA
        USD
        257357.50000000
        0.935241060621
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2029-03-01
          Fixed
          6.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WHITE CAP PARENT, LLC
        N/A
        WHITE CAP PARENT LLC
        96351CAA4
        
          
        
        150000.00000000
        PA
        USD
        147822.00000000
        0.537187391326
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2026-03-15
          Fixed
          8.25000000
          N
          N
          Y
        
        
          N
          N
          N
        
      
      
        LUCID ENERGY GROUP II BORROWER, LLC
        549300L1MUKRPJY1ND11
        LUCID ENERGY GROUP II BORROWER LLC
        54948FAH1
        
          
        
        500000.00000000
        PA
        USD
        495315.00000000
        1.799982226831
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-11-24
          Floating
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MATTEL, INC.
        549300VELLG24KHTJ564
        MATTEL INC
        577081AW2
        
          
        
        100000.00000000
        PA
        USD
        106396.00000000
        0.386644678650
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2041-11-01
          Fixed
          5.45000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LIFESCAN GLOBAL CORPORATION
        549300VL0F83S4LR4105
        LIFESCAN GLOBAL CORP
        53227PAC4
        
          
        
        395000.00000000
        PA
        USD
        376237.50000000
        1.367252784727
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-10-01
          Floating
          6.96
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CSC HOLDINGS, LLC
        3HG2WD2W22M120IUNG49
        CSC HOLDINGS LLC
        126307BA4
        
          
        
        250000.00000000
        PA
        USD
        222675.00000000
        0.809204329284
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2030-01-15
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WABASH NATIONAL CORPORATION
        5299004ZAWHQZI5XO485
        WABASH NATIONAL CORP
        929566AL1
        
          
        
        100000.00000000
        PA
        USD
        90292.00000000
        0.328122498258
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2028-10-15
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ARAMARK SERVICES, INC.
        42YMHYH0XMHJEXDUB065
        ARAMARK SERVICES INC
        038522AR9
        
          
        
        250000.00000000
        PA
        USD
        256745.00000000
        0.933015226326
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2025-05-01
          Fixed
          6.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FIDELITY GOVERNMENT PORTFOLIO
        N/A
        FIDELITY GOVERNMENT PORTFOLIO FRGXX 0.01% 11/12/2021 - Extendable
        1849969A6
        
          
        
        1547373.55000000
        NS
        USD
        1547373.55000000
        5.623178963424
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          
          N
          N
        
      
      
        TEAM HEALTH HOLDINGS, INC.
        549300PVTQ4UDTTMQT11
        TENNESSEE MERGER SUB INC
        88047PAA2
        
          
        
        350000.00000000
        PA
        USD
        314919.50000000
        1.144422242174
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2025-02-01
          Fixed
          6.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TRIUMPH GROUP, INC.
        5493007L6S47Q14SL582
        TRIUMPH GROUP INC
        896818AQ4
        
          
        
        175000.00000000
        PA
        USD
        174009.50000000
        0.632353163743
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2024-09-15
          Fixed
          6.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SWF ESCROW ISSUER CORPORATION
        N/A
        SWF ESCROW ISSUER CORP
        78500AAA6
        
          
        
        50000.00000000
        PA
        USD
        42837.50000000
        0.155672125095
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2029-10-01
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CITGO HOLDING, INC.
        549300NYHOALWZ2BSL72
        CITGO HOLDING INC
        17302WAB4
        
          
        
        200000.00000000
        PA
        USD
        202058.00000000
        0.734281838403
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2024-08-01
          Fixed
          9.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BOMBARDIER INC.
        W7L3VLU8EHQY34Z36697
        BOMBARDIER INC
        097751BT7
        
          
        
        400000.00000000
        PA
        USD
        391748.00000000
        1.423618177112
        Long
        DBT
        CORP
        CA
        
        Y
        
        2
        
          2027-04-15
          Fixed
          7.87500000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        TEGNA INC.
        549300YC5EDBGX85AO10
        TEGNA INC
        87901JAH8
        
          
        
        500000.00000000
        PA
        USD
        502740.00000000
        1.826964789512
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-09-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THE MICHAELS COMPANIES, INC.
        549300H9LWMBP7HYLR98
        MICHAELS COS INC THE
        59408UAB3
        
          
        
        298500.00000000
        PA
        USD
        279387.05000000
        1.015296779638
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-04-15
          Floating
          5.26000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NESCO HOLDINGS II, INC.
        254900FAHT0HW9T6L409
        NESCO HOLDINGS II INC
        64083YAA9
        
          
        
        100000.00000000
        PA
        USD
        98569.00000000
        0.358201241869
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2029-04-15
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THE HERTZ CORPORATION
        549300PD0C69OJ0NLB27
        HERTZ CORP THE
        428040DB2
        
          
        
        500000.00000000
        PA
        USD
        454810.00000000
        1.652786442133
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2029-12-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ADAMS HOMES, INC.
        N/A
        ADAMS HOMES INC
        00623PAA9
        
          
        
        200000.00000000
        PA
        USD
        199782.00000000
        0.726010819863
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2025-02-15
          Fixed
          7.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Covis Finco S.a r.l.
        549300NNIZ3SBBEUQM24
        COVIS FINCO SARL
        L3680LAH4
        
          
        
        250000.00000000
        PA
        USD
        228750.00000000
        0.831280971478
        Long
        DBT
        CORP
        LU
        
        N
        
        2
        
          2027-02-14
          Floating
          7.30
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Clarios Global LP
        549300474L1ZLXZY2P98
        PANTHER BF AGGREGATOR 2
        69867DAC2
        
          
        
        500000.00000000
        PA
        USD
        518840.00000000
        1.885472433843
        Long
        DBT
        CORP
        CA
        
        Y
        
        2
        
          2027-05-15
          Fixed
          8.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PETCO HEALTH AND WELLNESS COMPANY, INC.
        N/A
        PETCO ANIMAL SUPPLIES INC
        71601HAB2
        
          
        
        397000.00000000
        PA
        USD
        392748.13000000
        1.427252664710
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-02-25
          Floating
          4.26
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pike Corporation
        549300P4EKEP6HK0NC58
        PIKE CORP
        721283AA7
        
          
        
        500000.00000000
        PA
        USD
        470470.00000000
        1.709695119787
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2028-09-01
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ENVISION HEALTHCARE CORPORATION
        549300OL60X0LPKY8N60
        ENVISION HEALTHCARE CORP
        29373UAC5
        
          
        
        250000.00000000
        PA
        USD
        165417.50000000
        0.601129705352
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-10-10
          Floating
          4.21000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MIDAS OPCO HOLDINGS LLC
        N/A
        MIDAS OPCO HOLDINGS LLC
        59565JAA9
        
          
        
        250000.00000000
        PA
        USD
        235977.50000000
        0.857545816161
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2029-08-15
          Fixed
          5.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TECHNIPFMC PLC
        549300D5I93QWCJTCK36
        TECHNIPFMC PLC
        87854XAE1
        
          
        
        200000.00000000
        PA
        USD
        207176.00000000
        0.752880728074
        Long
        DBT
        CORP
        GB
        
        Y
        
        2
        
          2026-02-01
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MIWD HOLDCO II LLC
        254900X3SPV5RVFJEY72
        MIWD HOLDCO II LLC MIWD FINANCE CORP
        55337PAA0
        
          
        
        100000.00000000
        PA
        USD
        93513.00000000
        0.339827661140
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2030-02-01
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AFFINITY GAMING
        N/A
        AFFINITY GAMING
        00842XAA7
        
          
        
        250000.00000000
        PA
        USD
        244212.50000000
        0.887471931134
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2027-12-15
          Fixed
          6.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HUSKY INJECTION MOLDING SYSTEMS LTD.
        N/A
        TITAN ACQ CO BORROWER
        88827AAA1
        
          
        
        250000.00000000
        PA
        USD
        248630.00000000
        0.903525193174
        Long
        DBT
        CORP
        CA
        
        Y
        
        2
        
          2026-04-15
          Fixed
          7.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GRAY ESCROW II, INC.
        N/A
        GRAY ESCROW II INC
        389286AA3
        
          
        
        125000.00000000
        PA
        USD
        119563.75000000
        0.434496481982
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2031-11-15
          Fixed
          5.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RADIOLOGY PARTNERS, INC.
        549300SFTAG2177WUZ08
        RADIOLOGY PARTNERS INC
        75041VAA2
        
          
        
        300000.00000000
        PA
        USD
        301434.00000000
        1.095415730520
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2028-02-01
          Fixed
          9.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AMWINS GROUP, INC.
        549300SJE7MUB8NMRG61
        AMWINS GROUP INC
        031921AB5
        
          
        
        150000.00000000
        PA
        USD
        143290.50000000
        0.520719851556
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2029-06-30
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FORD MOTOR COMPANY
        20S05OYHG0MQM4VUIC57
        FORD MOTOR CO
        345370CW8
        
          
        
        250000.00000000
        PA
        USD
        286392.50000000
        1.040754691252
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-04-22
          Fixed
          9.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SCIENTIFIC GAMES INTERNATIONAL, INC.
        RLTHESQ0RNFQJWPBJN60
        SCIENTIFIC GAMES INTERNA
        80874YBA7
        
          
        
        300000.00000000
        PA
        USD
        312375.00000000
        1.135175490559
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2026-03-15
          Fixed
          8.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNITED AIRLINES, INC.
        K1OQBWM7XEOO08LDNP29
        UNITED AIRLINES INC
        90932RAJ3
        
          
        
        173687.50000000
        PA
        USD
        171372.25000000
        0.622769357221
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-04-21
          Floating
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AMERICAN AIRLINES, INC.
        IWUQB36BXD6OWD6X4T14
        AMERICAN AIRLINES INC
        023771S58
        
          
        
        250000.00000000
        PA
        USD
        292012.50000000
        1.061177856540
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2025-07-15
          Fixed
          11.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LIFEPOINT HEALTH, INC.
        549300G8ZVHRTBBBSZ90
        REGIONALCARE LIFEPOINT
        53219LAR0
        
          
        
        300000.00000000
        PA
        USD
        314085.00000000
        1.141389656510
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2026-12-01
          Fixed
          9.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ORTHO-CLINICAL DIAGNOSTICS, INC.
        5493006VJVVGE5PD4517
        ORTHO CLINICAL INC SA
        68752DAA6
        
          
        
        148000.00000000
        PA
        USD
        152398.56000000
        0.553818679819
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2028-02-01
          Fixed
          7.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AADVANTAGE LOYALTY IP LTD.
        N/A
        AMERICAN AIRLINES INC AADVAN
        00253XAB7
        
          
        
        150000.00000000
        PA
        USD
        149487.00000000
        0.543238026593
        Long
        DBT
        CORP
        KY
        
        Y
        
        2
        
          2029-04-20
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TENNECO INC.
        549300U0EXXFAQFAD785
        TENNECO INC
        880349AR6
        
          
        
        130000.00000000
        PA
        USD
        127856.30000000
        0.464631734529
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-07-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        AIR METHODS CORPORATION
        54930081QGNZXVDOZF63
        ASP AMC MERGER SUB
        00215JAA7
        
          
        
        250000.00000000
        PA
        USD
        216230.00000000
        0.785783101476
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2025-05-15
          Fixed
          8.00000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        JO-ANN STORES, LLC
        549300GM65RR2EMGLI48
        JO ANN STORES LLC
        47759DAE5
        
          
        
        248750.00000000
        PA
        USD
        215880.18000000
        0.784511850287
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-06-30
          Floating
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PREMIER ENTERTAINMENT SUB, LLC
        549300KRDMIL2NJVZ267
        PREMIER ENTERTAINMENT SUB LLC
        74052HAB0
        
          
        
        400000.00000000
        PA
        USD
        342492.00000000
        1.244621125610
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2031-09-01
          Fixed
          5.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NEXSTAR MEDIA GROUP, INC.
        52990083ZRR5UT591988
        NEXSTAR MEDIA GROUP INC
        65336K103
        
          
        
        167.00000000
        NS
        USD
        31476.16000000
        0.114384843117
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CITGO PETROLEUM CORPORATION
        YX52P86PXMLYDOTUQ225
        CITGO PETROLEUM CORP
        17302XAK2
        
          
        
        250000.00000000
        PA
        USD
        252915.00000000
        0.919096948202
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2025-06-15
          Fixed
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BEAZER HOMES USA, INC.
        549300DUPYT2T0F60I45
        BEAZER HOMES USA
        07556QBR5
        
          
        
        400000.00000000
        PA
        USD
        386336.00000000
        1.403950886981
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-10-15
          Fixed
          5.87500000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        AMERICAN AXLE & MANUFACTURING, INC.
        RY5TAKFOBLDUGX31MS24
        AMERICAN AXLE MANUFACTURING INC
        02406PBB5
        
          
        
        500000.00000000
        PA
        USD
        468765.00000000
        1.703499123912
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-10-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        ALTICE USA, INC.
        54930064K3612MGCER95
        ALTICE USA INC
        02156K103
        
          
        
        4380.00000000
        NS
        USD
        54662.40000000
        0.198643991148
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        BAUSCH HEALTH COMPANIES INC.
        B3BS7ACMDUWISF18KY76
        BAUSCH HEALTH COS INC
        C9413PBD4
        
          
        
        250000.00000000
        PA
        USD
        247187.50000000
        0.898283126282
        Long
        DBT
        CORP
        CA
        
        N
        
        2
        
          2027-01-27
          Floating
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BCPE CYCLE MERGER SUB II, INC.
        N/A
        BCPE CYCLE MERGER SUB II
        07335BAA4
        
          
        
        300000.00000000
        PA
        USD
        286467.00000000
        1.041025425383
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2027-07-15
          Fixed
          10.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CAESARS RESORT COLLECTION, LLC
        549300V3UCT773B1KR38
        CAESARS RESORT COLLECTION LLC
        12769LAD1
        
          
        
        246875.00000000
        PA
        USD
        245764.06000000
        0.893110323721
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-06-19
          Floating
          3.96000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CUMULUS MEDIA NEW HOLDINGS INC.
        5493001D9VBAVY1OKJ46
        CUMULUS MEDIA NEW HLDGS
        23110AAA4
        
          
        
        452000.00000000
        PA
        USD
        452027.12000000
        1.642673413980
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2026-07-01
          Fixed
          6.75000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        GLOBAL MEDICAL RESPONSE, INC.
        549300ZFWD4ZFCEJCQ87
        AIR MEDICAL GROUP HOLDINGS INC
        00169QAD1
        
          
        
        498713.73000000
        PA
        USD
        494793.84000000
        1.798088323482
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-03-14
          Floating
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MILEAGE PLUS HOLDINGS, LLC
        N/A
        MILEAGE PLUS HLDINGS LLC
        599191AA1
        
          
        
        250000.00000000
        PA
        USD
        260285.00000000
        0.945879640048
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2027-06-20
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SURGERY PARTNERS, INC.
        549300LC82HG33S19I03
        SURGERY PARTNERS INC
        86881A100
        
          
        
        939.00000000
        NS
        USD
        51691.95000000
        0.187849330769
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        INTELSAT JACKSON HOLDINGS S.A.
        8XJ8KF85PBKK1TLMFN29
        INTELSAT JACKSON HOLDINGS SA
        BL3836725
        
          
        
        325000.00000000
        PA
        USD
        319211.75000000
        1.160020343812
        Long
        DBT
        CORP
        LU
        
        N
        
        2
        
          2029-01-27
          Floating
          4.67
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BAUSCH HEALTH COMPANIES INC.
        B3BS7ACMDUWISF18KY76
        BAUSCH HEALTH COS INC
        91831AAC5
        
          
        
        313000.00000000
        PA
        USD
        315444.53000000
        1.146330209162
        Long
        DBT
        CORP
        CA
        
        Y
        
        2
        
          2025-04-15
          Fixed
          6.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BCPE ULYSSES INTERMEDIATE, INC.
        N/A
        BCPE ULYSSES INTERMEDIAT
        05553LAA1
        
          
        
        50000.00000000
        PA
        USD
        45412.00000000
        0.165027897166
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2027-04-01
          Fixed
          7.75000000
          N
          N
          Y
        
        
          N
          N
          N
        
      
      
        ACADEMY, LTD.
        549300BN53IR80C35Z14
        ACADEMY LTD
        00401YAA8
        
          
        
        200000.00000000
        PA
        USD
        204790.00000000
        0.744209967864
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2027-11-15
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TENET HEALTHCARE CORPORATION
        0W9AIBT6U6ADJ2I8HK17
        TENET HEALTHCARE CORP
        88033GDJ6
        
          
        
        300000.00000000
        PA
        USD
        304935.00000000
        1.108138417650
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2028-10-01
          Fixed
          6.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VICTORS MERGER CORPORATION
        N/A
        VICTORS MERGER CORP
        92641PAA4
        
          
        
        200000.00000000
        PA
        USD
        164020.00000000
        0.596051169144
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2029-05-15
          Fixed
          6.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SIMMONS FOODS, INC.
        5493002Z1TVWRIL6NM97
        SIMMONS FOODS INC SIMMONS
        82873MAA1
        
          
        
        50000.00000000
        PA
        USD
        46886.50000000
        0.170386252542
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2029-03-01
          Fixed
          4.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WESCO DISTRIBUTION, INC.
        549300I2CEZJG9N4AH67
        WESCO DISTRIBUTION INC
        95081QAP9
        
          
        
        250000.00000000
        PA
        USD
        265372.50000000
        0.964367692255
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2028-06-15
          Fixed
          7.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DAYCO PRODUCTS, LLC
        549300KMSX88XFVFQO13
        DAYCO PRODUCTS LLC
        239579BA2
        
          
        
        476250.00000000
        PA
        USD
        465929.66000000
        1.693195455323
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-05-19
          Floating
          4.76000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SINCLAIR TELEVISION GROUP, INC.
        549300CQGEN0CH65UD62
        SINCLAIR TELEVISION GROU
        829259AY6
        
          
        
        250000.00000000
        PA
        USD
        217025.00000000
        0.788672143541
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2030-03-01
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SCIENTIFIC GAMES HOLDINGS LP
        N/A
        SCIENTIFIC GAMES HOLDINGS LP
        80874DAA4
        
          
        
        250000.00000000
        PA
        USD
        246350.00000000
        0.895239638573
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2030-03-01
          Fixed
          6.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MADISON IAQ LLC
        549300IXDNBXNHUPBU73
        MADISON IAQ LLC
        55760LAB3
        
          
        
        200000.00000000
        PA
        USD
        179322.00000000
        0.651658869365
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2029-06-30
          Fixed
          5.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RANGE RESOURCES CORPORATION
        H3Y3WLYCX0BTO1TRW162
        RANGE RESOURCES CORP
        75281ABA6
        
          
        
        100000.00000000
        PA
        USD
        100833.00000000
        0.366428652227
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-03-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KNIGHT HEALTH HOLDINGS LLC
        N/A
        KNIGHT HEALTH HOLDINGS LLC
        49902TAB8
        
          
        
        500000.00000000
        PA
        USD
        453125.00000000
        1.646663126561
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-12-17
          Floating
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TEMPFUND
        N/A
        Blackrock Liquidity Funds Temp Fund Portfolio - TMPXX 1.67% 1/30/2020 - Extendable
        09248U619
        
          
        
        55165.02000000
        NS
        USD
        55165.02000000
        0.200470519856
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          
          N
          N
        
      
      
        AHERN RENTALS, INC.
        N/A
        AHERN RENTALS INC
        008674AH6
        
          
        
        425000.00000000
        PA
        USD
        395148.00000000
        1.435973828710
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2023-05-15
          Fixed
          7.37500000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        TRITON WATER HOLDINGS, INC.
        5493005IYCEL7QJFZZ63
        TRITON WATER HOLDINGS INC
        89680EAA7
        
          
        
        200000.00000000
        PA
        USD
        170908.00000000
        0.621082265675
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2029-04-01
          Fixed
          6.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ANTERO RESOURCES CORPORATION
        APVBKPOULHUX7YZLKU17
        ANTERO RESOURCES CORP
        03674XAQ9
        
          
        
        84000.00000000
        PA
        USD
        90940.08000000
        0.330477630813
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2029-02-01
          Fixed
          7.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SRS DISTRIBUTION INC.
        549300ZQ3XP75BCYM468
        SRS DISTRIBUTION INC
        78471RAC0
        
          
        
        125000.00000000
        PA
        USD
        116092.50000000
        0.421881906803
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2029-07-01
          Fixed
          6.12500000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        19TH HOLDINGS GOLF, LLC
        N/A
        19TH HOLDINGS DELAWARE INC
        68250XAB7
        
          
        
        250000.00000000
        PA
        USD
        246875.00000000
        0.897147496540
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-01-27
          Floating
          3.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GOLDMAN SACHS FINANCIAL SQUARE PRIME OBLIGATIONS FUND
        N/A
        Goldman Sachs Financial Sq Prime Obligations- FPOXX 0.2% 7/30/2020 - Extendable
        38141W364
        
          
        
        27530.07000000
        NS
        USD
        27530.07000000
        0.100044692172
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          
          N
          N
        
      
      
        ALLEGHENY TECHNOLOGIES INCORPORATED
        ZW1LRE7C3H17O2ZN9B45
        ALLEGHENY TECHNOLOGIES INC
        01741RAM4
        
          
        
        250000.00000000
        PA
        USD
        235625.00000000
        0.856264825812
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-10-01
          Fixed
          5.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Life Time Inc.
        N/A
        LIFE TIME INC
        53190FAA3
        
          
        
        250000.00000000
        PA
        USD
        249712.50000000
        0.907459014602
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2026-01-15
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PETSMART LLC
        N/A
        PETSMART INC
        71677HAL9
        
          
        
        74625.00000000
        PA
        USD
        74313.81000000
        0.270057513316
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-02-12
          Floating
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMORGAN PRIME MONEY MARKET FUND
        N/A
        JPMorgan Prime Money Market Fund - CJPXX 1.67% 1/31/2020 - Extendable
        4812A0367
        
          
        
        219516.24000000
        NS
        USD
        219516.23999999
        0.797725347507
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          
          N
          N
        
      
      
        GRAY TELEVISION, INC.
        529900TM5726KDN7UU35
        GRAY TELEVISION INC
        389375AL0
        
          
        
        250000.00000000
        PA
        USD
        232195.00000000
        0.843800153758
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2030-10-15
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LBM ACQUISITION, LLC
        549300FAEB3VWZL4NI86
        LBM ACQUISITION LLC
        05552BAA4
        
          
        
        200000.00000000
        PA
        USD
        187278.00000000
        0.680571094104
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2029-01-15
          Fixed
          6.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ION TRADING TECHNOLOGIES S.a r.l.
        5493009ZVXOKZLQ6QJ12
        ION TRADING TECHNOLOGIES SARL
        46205YAA9
        
          
        
        200000.00000000
        PA
        USD
        193856.00000000
        0.704475645931
        Long
        DBT
        CORP
        LU
        
        Y
        
        2
        
          2028-05-15
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MGM RESORTS INTERNATIONAL
        54930066VBP7DZEGGJ87
        MGM RESORTS INTL
        552953CF6
        
          
        
        250000.00000000
        PA
        USD
        253490.00000000
        0.921186506928
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-04-15
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CAESARS ENTERTAINMENT, INC.
        549300FA4CTCW903Y781
        COLT MERGER SUB INC
        28470RAK8
        
          
        
        250000.00000000
        PA
        USD
        268152.50000000
        0.974470254444
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2027-07-01
          Fixed
          8.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MSILF PRIME PORTFOLIO
        N/A
        Morgan Stanley Institutional Liquidity Fund - MPFXX 0.25% 7/31/2020 - Extendable
        61747C715
        
          
        
        986987.84000000
        NS
        USD
        986987.83999999
        3.586728788949
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          
          N
          N
        
      
      
        VIKING CRUISES LTD
        549300IJP90T4MV2GL84
        VIKING CRUISES LTD
        92676XAE7
        
          
        
        300000.00000000
        PA
        USD
        333027.00000000
        1.210225171971
        Long
        DBT
        CORP
        BM
        
        Y
        
        2
        
          2025-05-15
          Fixed
          13.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CVR PARTNERS, LP
        529900LE0OS06MYQRP11
        CVR PARTNERS LP CVR NITROGEN FINANCE CORP
        12663QAC9
        
          
        
        200000.00000000
        PA
        USD
        200760.00000000
        0.729564886705
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2028-06-15
          Fixed
          6.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PREMIER ENTERTAINMENT SUB, LLC
        549300KRDMIL2NJVZ267
        PREMIER ENTERTAINMENT SUB LLC
        74052HAA2
        
          
        
        200000.00000000
        PA
        USD
        172178.00000000
        0.625697464949
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2029-09-01
          Fixed
          5.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNIVISION COMMUNICATIONS INC.
        549300YQDE2JSGTL8V47
        UNIVISION COMMUNICATIONS INC
        914906AU6
        
          
        
        500000.00000000
        PA
        USD
        523915.00000000
        1.903915060860
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2027-06-01
          Fixed
          6.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GREAT OUTDOORS GROUP, LLC
        549300IYLDI2E8I2AU46
        GREAT OUTDOORS GROUP LLC
        07014QAN1
        
          
        
        247504.69000000
        PA
        USD
        246267.17000000
        0.894938633096
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-03-05
          Floating
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Trinseo Materials Operating S.C.A.
        549300WNMXD3KV7LO256
        TRINSEO MATERIALS OPERATING SCA
        89668QAF5
        
          
        
        100000.00000000
        PA
        USD
        92397.00000000
        0.335772100203
        Long
        DBT
        CORP
        LU
        
        Y
        
        2
        
          2029-04-01
          Fixed
          5.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SINCLAIR BROADCAST GROUP, INC.
        529900879GWQV880PQ28
        SINCLAIR BROADCAST GROUP A
        829226109
        
          
        
        1800.00000000
        NS
        USD
        50436.00000000
        0.183285189409
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CHARIOT BUYER LLC
        25490092IFNOZBRVE539
        CHARIOT BUYER LLC
        15963CAC0
        
          
        
        200000.00000000
        PA
        USD
        197334.00000000
        0.717114750713
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-11-03
          Floating
          4.51
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CHS/COMMUNITY HEALTH SYSTEMS, INC.
        5493007X5NC5XI1BB106
        CHS COMMUNITY HEALTH SYSTEMS INC
        12543DBL3
        
          
        
        300000.00000000
        PA
        USD
        279909.00000000
        1.017193553859
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2030-04-01
          Fixed
          6.12500000
          N
          N
          N
        
        
          N
          N
          
        
      
    
    
      
    
    
      2022-05-02
      Victory Variable Insurance Funds
      Allan Shaer
      Allan Shaer
      Treasurer
    
  
  XXXX

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments
Victory High Yield VIP Series March 31, 2022
  (Unaudited)

 

Security Description  Shares or
Principal Amount		   Value 
Common Stocks (0.9%)          
Communication Services (0.7%):          
Altice USA, Inc., Class A (a)   4,380   $54,662 
iHeartMedia, Inc., Class A (a)   3,500    66,255 
Nexstar Media Group, Inc., Class A   167    31,476 
Sinclair Broadcast Group, Inc., Class A   1,800    50,436 
         202,829 
Health Care (0.2%):          
Surgery Partners, Inc. (a)   939    51,692 
Total Common Stocks (Cost $215,343)        254,521 
           
Senior Secured Loans (22.5%)          
19th Holdings Golf LLC, Initial Term Loans, First Lien, 3.75%  (SOFR03M+325bps), 1/27/29 (b)  $250,000    246,875 
Air Medical Group Holdings, Inc., Incremental Term Loan B, First Lien, 5.25%  (LIBOR06M+425bps), 3/14/25 (b)   497,427    493,518 
Bausch Health Cos., Inc., Term B, First Lien, 1/27/27 (c)(d)   250,000    247,187 
Caesars Resort Collection LLC, Term B-1 Loans, First Lien, 3.71%  (LIBOR01M+350bps), 6/19/25 (b)   246,250    245,142 
Chariot Buyer LLC, Initial Term Loans, First Lien, 4.00%  (LIBOR01M+350bps), 11/3/28 (b)   199,500    196,841 
Covis Pharma Holdings S.a.r.l., Dollar Term B Loans, First Lien, 7.25%  (SOFR01M+650bps), 2/14/27 (b)   250,000    228,750 
Dayco Products LLC, Term Loans, First Lien, 4.76%  (LIBOR03M+425bps), 5/19/24 (b)   476,250    465,930 
Diamond Sports Group LLC, Term Loan, First Lien, 9.00%  (SOFR01M+800bps), 5/25/26 (b)   37,944    38,423 
Diamond Sports Group LLC, Term Loan, Second Lien, 3.54%  (SOFR01M+325bps), 8/24/26 (b)(d)   425,000    143,705 
Envision Healthcare Corp., Initial Term Loans, First Lien, 10/10/25 (c)(d)   250,000    165,417 
Great Outdoors Group LLC, Term B1, First Lien, 4.50%  (LIBOR03M+375bps), 3/5/28 (b)   246,884    245,650 
Intelsat Jackson Holdings S.A., Term B Loan, First Lien, 4.75%  (SOFR06M+425bps), 1/27/29 (b)   324,188    318,414 
Jo-Ann Stores LLC, Term B-1 Loan, First Lien, 5.50%  (LIBOR03M+475bps), 6/30/28 (b)   248,750    215,880 
Knight Health Holdings LLC, Term B Loans, First Lien, 5.75%  (LIBOR01M+525bps), 12/17/28 (b)   498,750    451,992 
Life Time, Inc., 2021 Refinancing Term Loan, First Lien, 5.75%  (LIBOR03M+475bps), 12/15/24 (b)   80,478    79,975 
LifeScan Global Corp., Initial Term Loan, First Lien, 6.21%  (LIBOR03M+600bps), 10/1/24 (b)   386,250    367,903 
Lucid Energy Group II Borrower LLC, Term Loan, First Lien, 5.00%  (LIBOR01M+425bps), 11/24/28 (b)   500,000    495,315 
Petco Health and Wellness Co., Inc, Initial Term Loans, First Lien, 4.00%  (LIBOR03M+325bps), 2/25/28 (b)   396,000    391,759 
PetSmart, Inc., Initial Term Loans, First Lien, 4.50%  (LIBOR06M+375bps), 2/12/28 (b)   74,625    74,314 
Radiology Partners, Inc., Term Loan New, First Lien, 4.72%  (LIBOR01M+425bps), 7/9/25 (b)   250,000    246,385 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory High Yield VIP Series March 31, 2022
  (Unaudited)

 

Security Description 

Principal Amount

  

Value

 
SWF Holdings Corp. I, Initial Term Loans, First Lien, 4.75%  (LIBOR01M+400bps), 10/6/28 (b)  $400,000   $387,332 
The Michaels Cos., Inc., Term B Loans, First Lien, 5.00%  (LIBOR03M+425bps), 4/15/28 (b)   297,750    278,685 
United Airlines, Inc., Class B Term Loans, First Lien, 4.50%  (LIBOR03M+375bps), 4/21/28 (b)   173,250    170,941 
Total Senior Secured Loans (Cost $6,350,475)        6,196,333 
           
Corporate Bonds (65.8%)          
Communication Services (11.7%):          
CSC Holdings LLC, 5.75%, 1/15/30, Callable 1/15/25 @ 102.88(e)   250,000    222,675 
Cumulus Media New Holdings, Inc., 6.75%, 7/1/26, Callable 7/1/22 @ 103.38(e)(f)   452,000    452,027 
Entercom Media Corp., 6.75%, 3/31/29, Callable 3/31/24 @ 103.38(e)   200,000    186,768 
Gray Television, Inc., 4.75%, 10/15/30, Callable 10/15/25 @ 102.38(e)   250,000    232,195 
iHeartCommunications, Inc., 8.38%, 5/1/27, Callable 5/1/22 @ 104.19   350,000    361,816 
Nexstar Broadcasting, Inc., 5.63%, 7/15/27, Callable 7/15/22 @ 104.22(e)   500,000    506,285 
Sinclair Television Group, Inc., 5.50%, 3/1/30, Callable 12/1/24 @ 102.75(e)(g)   250,000    217,025 
TEGNA, Inc., 5.00%, 9/15/29, Callable 9/15/24 @ 102.5(g)   500,000    502,740 
Univision Communications, Inc., 6.63%, 6/1/27, Callable 6/1/23 @ 103.31(e)   500,000    523,915 
         3,205,446 
Consumer Discretionary (16.8%):          
Academy Ltd., 6.00%, 11/15/27, Callable 11/15/23 @ 103(e)   200,000    204,790 
Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44(e)(g)   250,000    244,213 
Ambience Merger Sub, Inc., 7.13%, 7/15/29, Callable 7/15/24 @ 103.56(e)   200,000    173,170 
American Axle & Manufacturing, Inc., 5.00%, 10/1/29, Callable 10/1/24 @ 102.5(f)   500,000    468,765 
Beazer Homes USA, Inc., 5.88%, 10/15/27, Callable 10/15/22 @ 102.94(f)   400,000    386,336 
Ford Motor Co., 9.00%, 4/22/25, Callable 3/22/25 @ 100(g)   250,000    286,392 
LBM Acquisition LLC, 6.25%, 1/15/29, Callable 1/15/24 @ 103.13(e)   200,000    187,278 
Life Time, Inc., 5.75%, 1/15/26, Callable 1/15/23 @ 102.88(e)(g)   250,000    249,713 
Mattel, Inc., 5.45%, 11/1/41, Callable 5/1/41 @ 100   25,000    26,599 
MGM Resorts International, 5.50%, 4/15/27, Callable 1/15/27 @ 100   250,000    253,490 
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 2/1/30, Callable 2/1/25 @ 102.75(e)   100,000    93,513 
Panther BF Aggregator 2 LP/Panther Finance Co., Inc., 8.50%, 5/15/27, Callable 5/15/22 @ 104.25(e)   500,000    518,840 
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.          
5.63%, 9/1/29, Callable 9/1/24 @ 102.81 (e)   200,000    172,178 
5.88%, 9/1/31, Callable 9/1/26 @ 102.98 (e)   400,000    342,492 
Scientific Games Holdings LP/Scientific Games US FinCo., Inc., 6.63%, 3/1/30, Callable 3/1/25 @ 103.31(e)   250,000    246,350 
Scientific Games International, Inc., 8.25%, 3/15/26, Callable 4/14/22 @ 104.13(e)   300,000    312,375 
Tenneco, Inc., 5.00%, 7/15/26, Callable 5/13/22 @ 102.5(f)   130,000    127,856 
Viking Cruises Ltd., 13.00%, 5/15/25, Callable 5/15/22 @ 109.75(e)(g)   300,000    333,027 
         4,627,377 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory High Yield VIP Series March 31, 2022
  (Unaudited)

 

Security Description 

Principal Amount

  

Value

 
Consumer Staples (0.8%):          
Simmons Foods, Inc./Simmons prepared Foods, Inc./Simmons Pet Food, Inc./ Simmons Feed, 4.63%, 3/1/29, Callable 3/1/24 @ 102.31(e)  $50,000   $46,887 
Triton Water Holdings, Inc., 6.25%, 4/1/29, Callable 4/1/24 @ 103.13(e)   200,000    170,908 
         217,795 
Energy (5.8%):          
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 6/15/29, Callable 6/15/24 @ 102.69(e)   50,000    49,936 
Antero Resources Corp.          
8.38%, 7/15/26, Callable 1/15/24 @ 104.19 (e)   162,000    179,094 
7.63%, 2/1/29, Callable 2/1/24 @ 103.81 (e)(g)   84,000    90,940 
Citgo Holding, Inc., 9.25%, 8/1/24, Callable 5/13/22 @ 104.63(e)   250,000    252,572 
CITGO Petroleum Corp., 7.00%, 6/15/25, Callable 6/15/22 @ 103.5(e)   250,000    252,915 
Comstock Resources, Inc., 6.75%, 3/1/29, Callable 3/1/24 @ 103.38(e)   250,000    257,358 
PBF Holding Co. LLC/PBF Finance Corp.          
9.25%, 5/15/25, Callable 5/15/22 @ 104.63 (e)   200,000    205,776 
6.00%, 2/15/28, Callable 2/15/23 @ 103   250,000    200,975 
Range Resources Corp., 5.00%, 3/15/23, Callable 12/15/22 @ 100   100,000    100,833 
         1,590,399 
Financials (6.0%):          
AmWINS Group, Inc., 4.88%, 6/30/29, Callable 6/30/24 @ 102.44(e)   150,000    143,291 
BCPE Cycle Merger Sub II, Inc., 10.63%, 7/15/27, Callable 7/15/22 @ 105.31(e)   300,000    286,467 
BCPE Ulysses Intermediate, Inc. (7.75% Cash or 8.50% PIK), 7.75%, 4/1/27, Callable 4/1/23 @ 102(e)   50,000    45,412 
Compass Group Diversified Holdings LLC, 5.25%, 4/15/29, Callable 4/15/24 @ 102.63(e)   200,000    188,006 
Gray Escrow II, Inc., 5.38%, 11/15/31, Callable 11/15/26 @ 102.69(e)   125,000    119,564 
Gray Television, Inc., 7.00%, 5/15/27, Callable 5/15/22 @ 105.25(e)   250,000    260,732 
LABL Escrow Issuer LLC, 10.50%, 7/15/27, Callable 7/15/22 @ 105.25(e)(g)   250,000    250,917 
SWF Escrow Issuer Corp., 6.50%, 10/1/29, Callable 10/1/24 @ 103.25(e)(g)   50,000    42,838 
Victors Merger Corp., 6.38%, 5/15/29, Callable 5/15/24 @ 103.19(e)   200,000    164,020 
White Capital Parent LLC, 8.25%, 3/15/26, Callable 5/13/22 @ 102(e)   150,000    147,822 
         1,649,069 
Health Care (7.2%):          
Air Methods Corp., 8.00%, 5/15/25, Callable 5/13/22 @ 102(e)(f)(g)   350,000    302,722 
CHS/Community Health Systems, Inc., 6.13%, 4/1/30, Callable 4/1/25 @ 103.06(e)(f)   300,000    279,909 
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 7.25%, 2/1/28, Callable 2/1/23 @ 103.63(e)   148,000    152,399 
Radiology Partners, Inc., 9.25%, 2/1/28, Callable 2/1/23 @ 104.63(e)(g)   300,000    301,434 
Regional Care Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/1/26, Callable 5/13/22 @ 104.88(e)   300,000    314,085 
Team Health Holdings, Inc., 6.38%, 2/1/25, Callable 4/28/22 @ 100(e)   350,000    314,919 
Tenet Healthcare Corp., 6.13%, 10/1/28, Callable 10/1/23 @ 103.06(e)   300,000    304,935 
         1,970,403 
Industrials (12.7%):          
Ahern Rentals, Inc., 7.38%, 5/15/23, Callable 5/13/22 @ 100(e)(f)   425,000    395,148 
American Airlines, Inc., 11.75%, 7/15/25(e)   250,000    292,012 
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/29(e)   150,000    149,487 
Aramark Services, Inc., 6.38%, 5/1/25, Callable 5/13/22 @ 103.19(e)   250,000    256,745 
Madison IAQ LLC, 5.88%, 6/30/29, Callable 6/30/24 @ 102.94(e)   200,000    179,322 
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27, Callable 6/30/23 @ 103.25(e)   250,000    260,285 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory High Yield VIP Series March 31, 2022
  (Unaudited)

 

Security Description 

Principal Amount

  

Value

 
NESCO Holdings II, Inc., 5.50%, 4/15/29, Callable 4/15/24 @ 102.75(e)  $100,000   $98,569 
Pike Corp., 5.50%, 9/1/28, Callable 9/1/23 @ 102.75(e)   500,000    470,470 
SRS Distribution, Inc., 6.13%, 7/1/29, Callable 7/1/24 @ 103.06(e)(f)   125,000    116,093 
The Hertz Corp., 5.00%, 12/1/29, Callable 12/1/24 @ 102.5(e)(g)   500,000    454,810 
TransDigm, Inc., 4.63%, 1/15/29, Callable 1/15/24 @ 102.31   325,000    304,077 
Triumph Group, Inc., 6.25%, 9/15/24, Callable 5/13/22 @ 101.56(e)   175,000    174,009 
Wabash National Corp., 4.50%, 10/15/28, Callable 10/15/24 @ 102.25(e)   100,000    90,292 
WESCO Distribution, Inc., 7.25%, 6/15/28, Callable 6/15/23 @ 103.63(e)   250,000    265,372 
         3,506,691 
Information Technology (1.7%):          
Caesars Entertainment, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06(e)   250,000    268,152 
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 9/1/25, Callable 5/13/22 @ 103.75(e)   200,000    189,802 
         457,954 
Materials (2.4%):          
Allegheny Technologies, Inc., 5.13%, 10/1/31, Callable 10/1/26 @ 102.56   250,000    235,625 
CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 6/15/28, Callable 6/15/24 @ 103.06(e)   200,000    200,760 
Midas OpCo Holdings LLC, 5.63%, 8/15/29, Callable 8/15/24 @ 102.81(e)   250,000    235,978 
         672,363 
Real Estate (0.7%):          
Adams Homes, Inc., 7.50%, 2/15/25, Callable 4/28/22 @ 103.75(e)   200,000    199,782 
Total Corporate Bonds (Cost $18,528,931)        18,097,279 
           
Yankee Dollars (6.7%)          
Communications (1.1%):          
Telesat Canada/Telesat LLC, 5.63%, 12/6/26, Callable 12/6/23 @ 102.81(e)   400,000    305,320 
           
Energy (0.8%):          
TechnipFMC PLC, 6.50%, 2/1/26, Callable 2/1/23 @ 103.25(e)   200,000    207,176 
           
Health Care (1.1%):          
Bausch Health Cos., Inc., 6.13%, 4/15/25, Callable 4/19/22 @ 102.04(e)   313,000    315,444 
           
Industrials (1.8%):          
Bombardier, Inc., 7.88%, 4/15/27, Callable 5/13/22 @ 103.94(e)(f)   400,000    391,748 
VistaJet Malta Finance PLC/XO Management Holding, Inc., 6.38%, 2/1/30, Callable 2/1/25 @ 103.19(e)(f)   100,000    94,107 
         485,855 
Information Technology (0.7%):          
ION Trading Technologies Sarl, 5.75%, 5/15/28, Callable 5/15/24 @ 102.88(e)   200,000    193,856 
           
Materials (1.2%):          
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 4/15/26, Callable 5/13/22 @ 101.94(e)(g)   250,000    248,630 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory High Yield VIP Series March 31, 2022
  (Unaudited)

 

Security Description 

Shares or
Principal Amount

  

Value

 
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 5.13%, 4/1/29, Callable 4/1/24 @ 102.56(e)  $100,000   $92,397 
         341,027 
Total Yankee Dollars (Cost $1,914,195)        1,848,678 
           
Collateral for Securities Loaned (10.3%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (h)   55,165    55,165 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (h)   1,547,374    1,547,374 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (h)   27,530    27,530 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (h)   219,516    219,516 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (h)   986,988    986,988 
Total Collateral for Securities Loaned (Cost $2,836,573)        2,836,573 
Total Investments (Cost $29,845,517) — 106.2%        29,233,384 
Liabilities in excess of other assets — (6.2)%        (1,716,287)
NET ASSETS - 100.00%       $27,517,097 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2022.
(c) The rates for this senior secured loan will be known on settlement date of the loan, subsequent to this report date. Senior secured loans have rates that will fluctuate over time in line with prevailing interest rates.
(d) Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis.
(e) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $16,690,453 and amounted to 60.7% of net assets.
(f) All or a portion of this security is on loan.
(g) All or a portion of the security has been segregated as collateral for securities purchased on a delayed-delivery and/or when-issued basis.
(h) Rate disclosed is the daily yield on March 31, 2022.

 

bps—Basis points
LIBOR—London InterBank Offered Rate
LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security
LIBOR06M—6 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security
LLC—Limited Liability Company
LP—Limited Partnership
PIK—Payment-in-Kind
PLC—Public Limited Company
SOFR—Secured Overnight Financing Rate
 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments
Victory INCORE Investment Quality Bond VIP Series March 31, 2022
  (Unaudited)

 

Security Description   Principal Amount     Value  
Asset-Backed Securities (4.0%)
Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02%, 6/15/27, Callable 9/15/23 @ 100 (a)   $ 2,487,000     $ 2,453,806  
GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class C, 1.28%, 1/19/27, Callable 10/16/24 @ 100 (a)     2,218,000       2,105,527  
JPMorgan Chase Bank NA, Series 2021-2, Class C, 0.97%, 12/26/28, Callable 3/25/25 @ 100 (b)     1,290,437       1,265,671  
Santander Drive Auto Receivables Trust, Series 2021-4, Class C, 1.26%, 2/16/27, Callable 6/15/24 @ 100 (a)     2,213,000       2,112,430  
Santander Retail Auto Lease Trust, Series 2021-A, Class C, 1.14%, 3/20/26, Callable 4/20/24 @ 100 (a)(b)     6,080,000       5,830,512  
United Auto Credit Securitization Trust, Series 2022-1, Class C, 2.61%, 6/10/27, Callable 4/10/25 @ 100 (a)(b)     1,952,000       1,920,470  
Westlake Automobile Receivables Trust, Series 2021-1A, Class C, 0.95%, 3/16/26, Callable 3/15/24 @ 100 (a)(b)     3,001,000       2,906,447  
Westlake Automobile Receivables Trust, Series 2021-2A, Class C, 0.89%, 7/15/26, Callable 8/15/24 @ 100 (a)(b)     3,162,000       3,013,003  
Total Asset-Backed Securities (Cost $22,401,289)             21,607,866  
 
Collateralized Mortgage Obligations (3.9%)
BANK, Series 2020-BN26, Class AS, 2.69%, 3/15/63, Callable 3/15/30 @ 100 (a)     2,590,000       2,406,977  
Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class AS, 2.92%, 1/15/53, Callable 2/15/30 @ 100 (a)     2,241,000       2,140,830  
Citigroup Commercial Mortgage Trust, Series 2016-P4, Class A4, 2.90%, 7/10/49, Callable 7/10/26 @ 100 (a)     2,060,505       2,012,933  
Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A4, 3.78%, 9/10/58, Callable 9/10/25 @ 100     1,204,737       1,217,093  
Citigroup Commercial Mortgage Trust, Series 2015-P1, Class A5, 3.72%, 9/15/48, Callable 7/15/25 @ 100 (a)     1,367,000       1,379,663  
COMM Mortgage Trust, Series 2015-CR25, Class A4, 3.76%, 8/10/48, Callable 8/10/25 @ 100 (a)     1,535,000       1,551,526  
CSAIL Commercial Mortgage Trust, Series 2016-C7, Class A5, 3.50%, 11/15/49, Callable 10/15/26 @ 100     1,161,000       1,163,276  
GS Mortgage Securities Trust, Series 2016-GS2, Class A4, 3.05%, 5/10/49, Callable 2/10/26 @ 100 (a)     1,510,087       1,486,398  
GS Mortgage Securities Trust, Series 2015-GC30, Class A4, 3.38%, 5/10/50, Callable 5/10/25 @ 100 (a)     1,428,000       1,422,926  
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class A4, 2.82%, 8/15/49, Callable 7/15/26 @ 100 (a)     1,943,000       1,891,802  
JPMBB Commercial Mortgage Securities Trust, Series 2015-C28, Class A4, 3.23%, 10/15/48, Callable 3/15/25 @ 100 (a)     1,694,000       1,678,414  
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4, 3.72%, 12/15/49, Callable 12/15/26 @ 100 (a)     1,335,542       1,348,428  
Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.81%, 12/15/48, Callable 12/15/25 @ 100 (a)     1,374,000       1,391,760  
Total Collateralized Mortgage Obligations (Cost $22,170,470)             21,092,026  

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond VIP Series March 31, 2022

(Unaudited)

 

Security Description  Shares or
Principal Amount		   Value 
Preferred Stocks (5.0%)          
Financials (2.0%):          
AMG Capital Trust II, 10/15/37, 5.15% (a)   48,455   $2,689,282 
Bank of America Corp., Series L, 7.25% (a)(c)   2,568    3,370,500 
KKR & Co., Inc., Series C, 9/15/23, 6.00% (a)   23,207    1,724,512 
Wells Fargo & Co., Series L, 7.50% (a)(c)   2,285    3,027,625 
         10,811,919 
Health Care (0.1%):          
Danaher Corp., Series B, 4/15/23, 5.00%   349    551,155 
           
Industrials (0.5%):          
Stanley Black & Decker, Inc., 11/15/22, 5.25% (a)   28,302    2,488,029 
           
Utilities (2.4%):          
American Electric Power Co., Inc., 8/15/23, 6.13% (d)   15,205    849,503 
CenterPoint Energy, Inc., 9/15/29, 4.57%   8,930    454,894 
Dominion Energy, Inc., Series A, 6/1/22, 7.25% (a)   28,460    2,890,113 
DTE Energy Co., 11/1/22, 6.25% (a)   41,640    2,218,996 
NextEra Energy, Inc., 3/1/23, 5.28% (a)   67,460    3,518,039 
NiSource, Inc., 3/1/24, 7.75%   1,950    232,011 
The Southern Co., Series 2019, 8/1/22, 6.75% (a)   46,025    2,513,425 
         12,676,981 
Total Preferred Stocks (Cost $27,052,701)        26,528,084 
           
Corporate Bonds (52.7%)          
Communication Services (2.1%):          
AT&T, Inc.          
4.25%, 3/1/27, Callable 12/1/26 @ 100 (a)  $1,140,000    1,191,904 
5.15%, 11/15/46, Callable 5/15/46 @ 100 (a)   2,433,000    2,775,128 
CenturyLink, Inc., 6.75%, 12/1/23   962,000    1,000,230 
Comcast Corp.          
3.45%, 2/1/50, Callable 8/1/49 @ 100 (a)   1,346,000    1,267,447 
2.80%, 1/15/51, Callable 7/15/50 @ 100   1,166,000    980,886 
Sirius XM Radio, Inc., 4.13%, 7/1/30, Callable 7/1/25 @ 102.06(a)(b)   1,190,000    1,115,066 
Verizon Communications, Inc.          
3.38%, 2/15/25 (a)(d)   1,017,000    1,029,418 
3.55%, 3/22/51, Callable 9/22/50 @ 100 (a)   2,110,000    1,990,152 
         11,350,231 
Consumer Discretionary (7.6%):          
Booking Holdings, Inc., 0.75%, 5/1/25(a)(d)   2,765,000    4,038,697 
D.R. Horton, Inc., 2.50%, 10/15/24, Callable 9/15/24 @ 100(a)   5,960,000    5,875,964 
Dana, Inc., 5.63%, 6/15/28, Callable 6/15/23 @ 102.81   1,118,000    1,129,851 
Expedia Group, Inc., 3.60%, 12/15/23, Callable 11/15/23 @ 100(a)   1,712,000    1,723,316 
Expedia Group, Inc., 2/15/26(a)(d)(e)   2,760,000    3,325,386 
Ford Motor Co., 3/15/26(e)   885,000    1,048,946 
General Motors Co., 4.88%, 10/2/23(a)   1,976,000    2,036,189 
Lennar Corp., 5.00%, 6/15/27, Callable 12/15/26 @ 100(a)   1,781,000    1,870,282 
Marriott International, Inc., 3.60%, 4/15/24, Callable 3/15/24 @ 100(a)   2,784,000    2,814,875 
Meritage Homes Corp., 6.00%, 6/1/25, Callable 3/1/25 @ 100   587,000    617,753 
Murphy Oil USA, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88(a)(b)   1,721,000    1,577,193 
NIKE, Inc., 3.88%, 11/1/45, Callable 5/1/45 @ 100(a)   2,026,000    2,119,277 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond VIP Series March 31, 2022

(Unaudited)

 

Security Description  Principal Amount   Value 
NVR, Inc.          
3.95%, 9/15/22, Callable 6/15/22 @ 100 (a)  $2,375,000   $2,384,761 
3.00%, 5/15/30, Callable 11/15/29 @ 100 (a)   2,303,000    2,153,489 
PulteGroup, Inc., 5.00%, 1/15/27, Callable 10/15/26 @ 100(a)(d)   2,051,000    2,164,790 
Ross Stores, Inc., 3.38%, 9/15/24, Callable 6/15/24 @ 100(a)   1,220,000    1,223,172 
The Goodyear Tire Rubber Co., 5.25%, 4/30/31, Callable 1/30/31 @ 100(a)(d)   1,626,000    1,530,034 
Whirlpool Corp., 2.40%, 5/15/31, Callable 2/15/31 @ 100(a)   1,625,000    1,484,649 
Yum! Brands, Inc., 3.63%, 3/15/31, Callable 12/15/30 @ 100(a)   1,478,000    1,348,512 
         40,467,136 
Consumer Staples (2.2%):          
7-Eleven, Inc., 0.80%, 2/10/24, Callable 5/13/22 @ 100(a)(b)   3,126,000    3,003,117 
Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100(a)   898,000    929,592 
BAT Capital Corp., 5.28%, 4/2/50, Callable 10/2/49 @ 100(a)   1,686,000    1,666,897 
Church & Dwight Co., Inc.          
2.45%, 8/1/22, Callable 7/1/22 @ 100 (a)   620,000    621,581 
2.30%, 12/15/31, Callable 9/15/31 @ 100   1,231,000    1,124,186 
Estee Lauder Cos., Inc., 4.15%, 3/15/47, Callable 9/15/46 @ 100(a)   1,000,000    1,079,950 
Reynolds American, Inc., 5.70%, 8/15/35, Callable 2/15/35 @ 100(a)   1,835,000    1,939,999 
Tyson Foods, Inc., 5.10%, 9/28/48, Callable 3/28/48 @ 100   1,271,000    1,477,703 
         11,843,025 
Energy (4.3%):          
Continental Resources, Inc.          
4.50%, 4/15/23, Callable 1/15/23 @ 100 (a)   2,084,000    2,112,967 
2.27%, 11/15/26, Callable 11/15/23 @ 100 (a)(b)   2,295,000    2,147,454 
EOG Resources, Inc., 4.95%, 4/15/50, Callable 10/15/49 @ 100(a)(d)   1,196,000    1,468,808 
EQM Midstream Partners LP, 4.75%, 7/15/23, Callable 6/15/23 @ 100(a)   737,000    742,417 
HollyFrontier Corp., 2.63%, 10/1/23(a)   2,069,000    2,050,069 
Marathon Oil Corp., 6.60%, 10/1/37(a)(d)   2,476,000    3,017,179 
Pioneer Natural Resources Co.          
0.25%, 5/15/25 (a)   2,485,000    5,912,039 
1.90%, 8/15/30, Callable 5/15/30 @ 100 (a)   1,976,000    1,751,428 
Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 10/31/22 @ 100(a)   2,215,000    2,218,721 
Western Midstream Operating LP, 4.80%, 2/1/30, Callable 11/1/29 @ 100(a)   1,626,000    1,625,138 
         23,046,220 
Financials (13.6%):          
Aflac, Inc., 4.75%, 1/15/49, Callable 7/15/48 @ 100   341,000    390,803 
Alleghany Corp., 3.63%, 5/15/30, Callable 2/15/30 @ 100(a)   965,000    971,330 
Ares Capital Corp., 4.63%, 3/1/24(a)   3,170,000    3,567,582 
Bank of America Corp.          
4.20%, 8/26/24 (a)   1,400,000    1,434,692 
3.25%, 10/21/27, Callable 10/21/26 @ 100, MTN (a)   1,775,000    1,770,101 
2.57% (SOFR+121bps), 10/20/32, Callable 10/20/31 @ 100 (a)(f)   3,040,000    2,768,741 
Capital One Financial Corp.          
3.30%, 10/30/24, Callable 9/30/24 @ 100 (a)   1,935,000    1,946,862 
2.36% (SOFR+134bps), 7/29/32, Callable 7/29/31 @ 100 (a)(f)   3,930,000    3,364,159 
Cincinnati Financial Corp., 6.13%, 11/1/34(a)   1,795,000    2,205,947 
Citigroup, Inc.          
3.88%, 3/26/25   929,000    940,891 
4.60%, 3/9/26 (a)   873,000    906,060 
4.45%, 9/29/27 (a)   1,000,000    1,030,940 
4.41% (SOFR+391bps), 3/31/31, Callable 3/31/30 @ 100 (f)   3,763,000    3,918,337 
Fifth Third Bancorp          
1.63%, 5/5/23, Callable 4/5/23 @ 100   1,165,000    1,153,991 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond VIP Series March 31, 2022

(Unaudited)

 

Security Description  Principal Amount   Value 
3.65%, 1/25/24, Callable 12/25/23 @ 100 (a)  $5,053,000   $5,117,982 
Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100(a)   2,510,000    2,503,650 
General Motors Financial Co., Inc., 4.15%, 6/19/23, Callable 5/19/23 @ 100   966,000    981,427 
Globe Life, Inc., 2.15%, 8/15/30, Callable 5/15/30 @ 100(a)   2,094,000    1,876,182 
JPMorgan Chase & Co.          
2.95%, 10/1/26, Callable 7/1/26 @ 100 (a)   3,400,000    3,378,206 
2.55% (SOFR+118bps), 11/8/32, Callable 11/8/31 @ 100 (a)(f)   3,348,000    3,055,887 
5.60%, 7/15/41   980,000    1,190,386 
JPMorgan Chase Financial Co. LLC, 0.25%, 5/1/23(a)(b)   2,555,000    2,799,769 
Morgan Stanley          
4.88%, 11/1/22 (a)   2,718,000    2,764,070 
3.75%, 2/25/23 (a)   3,000,000    3,047,010 
3.13%, 7/27/26, MTN (a)   5,500,000    5,451,270 
Old Republic International Corp., 3.85%, 6/11/51, Callable 12/11/50 @ 100   976,000    907,387 
Regions Financial Corp., 1.80%, 8/12/28, Callable 6/12/28 @ 100(a)   2,186,000    1,961,760 
Sixth Street Specialty Lending, Inc., 4.50%, 8/1/22   770,000    943,165 
SVB Financial Group, 3.13%, 6/5/30, Callable 3/5/30 @ 100(a)   3,110,000    2,993,686 
Wachovia Corp., 5.50%, 8/1/35(a)   1,000,000    1,131,660 
Wells Fargo & Co.          
4.30%, 7/22/27, MTN (a)   3,553,000    3,691,780 
4.90%, 11/17/45 (a)   890,000    985,141 
Zions Bancorp NA, 3.25%, 10/29/29, Callable 7/29/29 @ 100   2,000,000    1,926,880 
         73,077,734 
Health Care (6.8%):          
AbbVie, Inc.          
3.85%, 6/15/24, Callable 3/15/24 @ 100   3,000,000    3,058,740 
3.20%, 11/21/29, Callable 8/21/29 @ 100 (a)   2,580,000    2,549,324 
4.45%, 5/14/46, Callable 11/14/45 @ 100 (a)   1,278,000    1,360,840 
Anthem, Inc.          
2.38%, 1/15/25, Callable 12/15/24 @ 100 (a)   1,278,000    1,260,964 
2.75%, 10/15/42 (a)   640,000    4,464,396 
Baxter International, Inc.          
2.54%, 2/1/32, Callable 11/1/31 @ 100 (a)(b)   3,469,000    3,172,123 
3.50%, 8/15/46, Callable 2/15/46 @ 100   862,000    790,273 
Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13(a)   1,410,000    1,415,429 
HCA, Inc., 4.13%, 6/15/29, Callable 3/15/29 @ 100(a)   1,716,000    1,747,557 
Hologic, Inc., 3.25%, 2/15/29, Callable 9/28/23 @ 101.63(a)(b)   2,186,000    2,040,697 
Humana, Inc., 2.90%, 12/15/22, Callable 11/15/22 @ 100(a)   1,234,000    1,241,762 
Illumina, Inc., 8/15/23(a)(d)(e)\   2,555,000    2,814,971 
Mylan, Inc., 4.55%, 4/15/28, Callable 1/15/28 @ 100(a)   3,228,000    3,263,895 
Regeneron Pharmaceuticals, Inc., 2.80%, 9/15/50, Callable 3/15/50 @ 100   1,328,000    1,063,994 
Universal Health Services, Inc.          
1.65%, 9/1/26, Callable 8/1/26 @ 100 (a)(b)   3,623,000    3,322,762 
2.65%, 10/15/30, Callable 7/15/30 @ 100 (b)   854,000    776,534 
Viatris, Inc.          
2.30%, 6/22/27, Callable 4/22/27 @ 100   730,000    664,541 
4.00%, 6/22/50, Callable 12/22/49 @ 100 (a)   1,735,000    1,464,843 
         36,473,645 
Industrials (4.5%):          
Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100   909,000    798,920 
Air Lease Corp.          
0.70%, 2/15/24, Callable 1/15/24 @ 100, MTN (a)   2,401,000    2,291,082 
0.80%, 8/18/24, Callable 7/18/24 @ 100 (a)   1,340,000    1,261,503 
CSX Corp., 3.35%, 9/15/49, Callable 3/15/49 @ 100(a)   1,635,000    1,524,932 
Delta Air Lines, Inc., 3.80%, 4/19/23, Callable 3/19/23 @ 100(a)   2,465,000    2,490,537 

 

 

 

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(Unaudited)

 

Security Description  Principal Amount   Value 
Hillenbrand, Inc., 5.00%, 9/15/26, Callable 7/15/26 @ 100(a)  $3,720,000   $3,802,993 
Norfolk Southern Corp.          
2.30%, 5/15/31, Callable 2/15/31 @ 100 (d)   2,139,000    1,989,848 
2.90%, 8/25/51, Callable 2/25/51 @ 100   1,073,000    928,488 
Oshkosh Corp., 3.10%, 3/1/30, Callable 12/1/29 @ 100(a)   1,190,000    1,111,758 
Rockwell Automation, Inc., 6.25%, 12/1/37(a)   1,351,000    1,661,028 
Sensata Technologies, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88(b)   1,094,000    1,013,460 
Snap-on, Inc., 4.10%, 3/1/48, Callable 9/1/47 @ 100(a)   1,100,000    1,166,033 
Southwest Airlines Co., 1.25%, 5/1/25(a)   2,760,000    3,754,814 
         23,795,396 
Information Technology (5.6%):          
Akamai Technologies, Inc., 0.13%, 5/1/25(a)   1,165,000    1,538,872 
Apple, Inc., 4.65%, 2/23/46, Callable 8/23/45 @ 100(a)   1,074,000    1,266,117 
Block, Inc., 0.25%, 11/1/27   505,000    461,166 
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 1/15/24, Callable 11/15/23 @ 100(a)   3,175,000    3,213,195 
Broadcom, Inc., 5.00%, 4/15/30, Callable 1/15/30 @ 100(a)   1,300,000    1,386,203 
Cadence Design Systems, Inc., 4.38%, 10/15/24, Callable 7/15/24 @ 100(a)   2,969,000    3,047,559 
Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100(a)(d)   2,885,000    3,247,587 
Micron Technology, Inc., 5.33%, 2/6/29, Callable 11/6/28 @ 100(a)   4,252,000    4,622,009 
NCR Corp., 5.25%, 10/1/30, Callable 10/1/25 @ 102.63(b)   729,000    690,523 
NetApp, Inc., 3.25%, 12/15/22, Callable 9/15/22 @ 100(a)   1,345,000    1,351,093 
Texas Instruments, Inc., 4.15%, 5/15/48, Callable 11/15/47 @ 100(a)   1,299,000    1,447,320 
Visa, Inc., 2.00%, 8/15/50, Callable 2/15/50 @ 100   2,488,000    1,930,663 
Vishay Intertechnology, Inc., 2.25%, 6/15/25(d)   975,000    981,669 
Western Digital Corp.          
1.50%, 2/1/24 (a)   3,972,000    3,837,548 
2.85%, 2/1/29, Callable 12/1/28 @ 100   1,293,000    1,185,358 
         30,206,882 
Materials (1.0%):          
Celanese US Holdings LLC, 4.63%, 11/15/22(a)   1,870,000    1,898,069 
Newmont Corp., 2.60%, 7/15/32, Callable 4/15/32 @ 100   885,000    813,934 
Southern Copper Corp., 5.25%, 11/8/42(a)   850,000    964,724 
The Scotts Miracle-Gro Co., 4.50%, 10/15/29, Callable 10/15/24 @ 102.25(a)(d)   1,626,000    1,524,034 
         5,200,761 
Real Estate (3.4%):          
Essential Properties LP, 2.95%, 7/15/31, Callable 4/15/31 @ 100   1,148,000    1,008,105 
Highwoods Realty LP, 3.63%, 1/15/23, Callable 10/15/22 @ 100(a)   5,523,000    5,548,958 
Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 102.63(b)   910,000    891,554 
Kite Realty Group LP, 0.75%, 4/1/27(a)(b)   1,670,000    1,751,730 
Kite Realty Group Trust, 4.00%, 3/15/25, Callable 12/15/24 @ 100(a)   3,006,000    3,022,653 
Physicians Realty LP          
3.95%, 1/15/28, Callable 10/15/27 @ 100 (a)   1,180,000    1,192,874 
2.63%, 11/1/31, Callable 8/1/31 @ 100   1,137,000    1,025,506 
Regency Centers LP, 4.65%, 3/15/49, Callable 9/15/48 @ 100   1,055,000    1,135,370 
Sabra Health Care LP, 5.13%, 8/15/26, Callable 5/15/26 @ 100(a)   1,230,000    1,258,733 
STORE Capital Corp., 2.75%, 11/18/30, Callable 8/18/30 @ 100(a)   1,570,000    1,425,010 
         18,260,493 
Utilities (1.6%):          
Ameren Illinois Co., 1.55%, 11/15/30, Callable 8/15/30 @ 100(a)   1,910,000    1,666,819 
Consolidated Edison Co. of New York, Inc., 6.30%, 8/15/37   1,640,000    2,055,888 
Nevada Power Co., 6.65%, 4/1/36(a)   600,000    771,012 

 

 

 

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(Unaudited)

 

Security Description  Principal Amount   Value 
Oklahoma Gas and Electric Co., 5.25%, 5/15/41, Callable 11/15/40 @ 100(a)  $1,546,000   $1,753,411 
Public Service Electric & Gas Co., 4.00%, 6/1/44, Callable 12/1/43 @ 100(a)   1,289,000    1,301,941 
Wisconsin Public Service Corp., 2.85%, 12/1/51, Callable 6/1/51 @ 100   1,370,000    1,174,652 
         8,723,723 
Total Corporate Bonds (Cost $288,336,881)        282,445,246 
           
Residential Mortgage-Backed Securities (0.2%)          
Bear Stearns ALT-A Trust, Series 2003-3, Class 2A, 2.82%, 10/25/33, Callable 4/25/22 @ 100 (a)(g)   611,215    585,861 
Credit Suisse First Boston Mortgage Securities Corp., Series 2002-HE16, Class M1, 1.78%  (LIBOR01M+132bps), 10/25/32, Callable 4/25/22 @ 100 (f)   577,312    581,851 
JPMorgan Mortgage Trust, Series 2004-S2, Class 1A3, 4.75%, 11/25/34, Callable 4/25/22 @ 100 (a)   16,289    10,638 
Total Residential Mortgage-Backed Securities (Cost $1,198,994)        1,178,350 
           
Yankee Dollars (9.2%)          
Communication Services (0.4%):          
Vodafone Group PLC, 5.25%, 5/30/48(a)   1,718,000    1,933,695 
           
Consumer Staples (3.3%):          
Barry Callebaut Services NV, 5.50%, 6/15/23(b)   5,438,000    5,566,977 
Kerry Group Financial Services Unlimited Co., 3.20%, 4/9/23, Callable 1/9/23 @ 100(a)(b)   5,337,000    5,361,390 
Suntory Holdings Ltd.          
2.55%, 6/28/22, Callable 5/28/22 @ 100 (a)(b)   4,966,000    4,974,691 
2.25%, 10/16/24, Callable 9/16/24 @ 100 (a)(b)   1,600,000    1,557,056 
         17,460,114 
Energy (0.9%):          
Canadian Natural Resources Ltd., 2.95%, 1/15/23, Callable 12/15/22 @ 100   1,255,000    1,260,986 
Ecopetrol SA, 5.88%, 9/18/23(a)   2,780,000    2,847,526 
Statoil ASA, 3.95%, 5/15/43   930,000    962,904 
         5,071,416 
Financials (2.1%):          
Barclays Bank PLC          
2/4/25 (a)(e)   1,030,000    1,646,270 
2/18/25 (e)   595,000    660,289 
HSBC Holdings PLC, 2.87%, 11/22/32, Callable 11/22/31 @ 100(a)   2,807,000    2,555,437 
Newcrest Finance Pty Ltd.          
5.75%, 11/15/41 (b)   1,720,000    1,966,527 
4.20%, 5/13/50, Callable 11/13/49 @ 100 (b)   665,000    649,339 
NXP BV/NXP Funding LLC, 4.63%, 6/1/23, Callable 5/1/23 @ 100(a)(b)   2,500,000    2,537,225 
Total Capital International SA, 2.99%, 6/29/41, Callable 12/29/40 @ 100(a)   1,431,000    1,307,791 
         11,322,878 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond VIP Series March 31, 2022

(Unaudited)

 

Security Description  Principal Amount   Value 
Industrials (1.1%):          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust          
6.50%, 7/15/25, Callable 6/15/25 @ 100 (a)  $1,250,000   $1,325,662 
1.75%, 1/30/26, Callable 12/30/25 @ 100   1,385,000    1,272,552 
Canadian National Railway Co., 3.20%, 8/2/46, Callable 2/2/46 @ 100(a)   1,525,000    1,433,546 
Canadian Pacific Railway Co., 3.10%, 12/2/51, Callable 6/2/51 @ 100   813,000    722,960 
Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102(b)   1,343,000    1,278,429 
         6,033,149 
Materials (1.3%):          
Anglo American Capital PLC          
2.88%, 3/17/31, Callable 12/17/30 @ 100 (a)(b)(d)   2,500,000    2,293,375 
3.95%, 9/10/50, Callable 3/10/50 @ 100 (b)(d)   1,710,000    1,612,923 
Fresnillo PLC, 4.25%, 10/2/50, Callable 4/2/50 @ 100(b)   800,000    706,608 
Rio Tinto Finance USA Ltd., 5.20%, 11/2/40(a)   723,000    867,065 
Vale Overseas Ltd., 6.25%, 8/10/26(a)   1,184,000    1,298,860 
         6,778,831 
Utilities (0.1%):          
Iberdrola International BV, 6.75%, 9/15/33   373,000    455,870 
Total Yankee Dollars (Cost $50,263,177)        49,055,953 
           
U.S. Government Mortgage-Backed Agencies (25.7%)          
Federal Home Loan Bank          
1.10%, 4/29/26 (a)   6,750,000    6,332,985 
Federal Home Loan Mortgage Corp.          
5.00%, 6/15/23 - 7/1/39 (a)   1,183,495    1,276,543 
Series 4395, Class PA, 2.50%, 4/15/37 - 7/1/50 (a)   3,127,202    3,044,712 
7.00%, 9/1/38 (a)   20,936    23,597 
Series 4320, Class AP, 3.50%, 7/15/39 - 10/15/40 (a)   2,976,317    3,024,904 
4.50%, 1/1/41 - 12/1/45 (a)   3,657,996    3,885,089 
Series 4444, Class CH, 3.00%, 1/15/41 (a)   25,909    26,024 
2.00%, 3/1/51 (a)   5,369,647    4,996,508 
         16,277,377 
Federal National Mortgage Association          
5.00%, 4/1/23 - 12/1/39 (a)   587,731    632,812 
7.50%, 12/1/29 (a)   23,584    26,224 
8.00%, 1/1/30 - 9/1/30 (a)   10,320    11,550 
8.00%, 6/1/30   470    531 
7.00%, 2/1/32 - 6/1/32 (a)   23,320    26,376 
Series 2005-19, Class PB, 5.50%, 3/25/35 - 12/1/38 (a)   4,605,035    4,937,650 
1.91% (LIBOR12M+166bps), 12/1/36 (a)(f)   87,524    89,339 
6.00%, 2/1/37 (a)   1,416,050    1,571,769 
4.50%, 12/1/38 - 6/1/40 (a)   3,293,804    3,410,478 
5.50%, 2/1/39   776    822 
Series 2013-33, Class UD, 2.50%, 4/25/39 - 7/1/51 (a)   17,239,713    16,532,008 
3.50%, 8/1/39 - 12/25/50 (a)   5,415,982    5,486,955 
3.00%, 6/1/40 - 5/1/48 (a)   11,077,070    11,001,387 
Series 2013-31, Class PA, 2.50%, 2/25/43   913,852    910,367 
4.00%, 11/1/43 - 10/1/48 (a)   10,005,053    10,382,366 
3.00%, 2/1/47 - 2/25/49   2,757,110    2,729,274 
4.00%, 3/1/47 - 6/1/49   1,203,741    1,234,583 
4.50%, 5/1/50   416,536    433,301 
2.00%, 3/1/51 (a)   9,413,112    8,750,521 
2.00%, 4/25/52 (h)   12,200,000    11,315,341 
2.50%, 4/25/52 (h)   17,300,000    16,500,688 
3.00%, 4/25/52 (h)   8,100,000    7,920,253 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond VIP Series March 31, 2022

(Unaudited)

 

Security Description  Shares or
Principal Amount		   Value 
3.50%, 5/25/52 (h)  $10,800,000   $10,775,063 
         114,679,658 
Government National Mortgage Association          
6.00%, 10/15/32 - 12/15/33 (a)   65,850    72,174 
Series 2014-42, Class AD, 2.50%, 7/16/41   175,289    174,719 
         246,893 
Total U.S. Government Mortgage-Backed Agencies (Cost $141,803,806)        137,536,913 
           
U.S. Treasury Obligations (3.7%)          
U.S. Treasury Bonds, 1.25%, 5/15/50 (a)  6,600,000    4,926,281 
U.S. Treasury Notes          
0.13%, 2/15/24   1,311,000    1,258,970 
0.75%, 4/30/26 (a)   8,009,000    7,460,258 
1.25%, 5/31/28 (a)   3,471,000    3,231,555 
1.63%, 5/15/31 (a)   3,217,000    3,030,012 
Total U.S. Treasury Obligations (Cost $20,581,353)        19,907,076 
           
Collateral for Securities Loaned (3.6%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (i)   376,461    376,461 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (i)   10,559,706    10,559,706 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (i)   187,873    187,873 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (i)   1,498,040    1,498,040 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (i)   6,735,478    6,735,478 
Total Collateral for Securities Loaned (Cost $19,357,558)        19,357,558 
Total Investments (Cost $593,166,229) — 108.0%        578,709,072 
Liabilities in excess of other assets — (8.0)%        (42,838,165)
NET ASSETS - 100.00%       $535,870,907 

 

^ Purchased with cash collateral from securities on loan.
(a) All or a portion of this security has been segregated as collateral for derivative instruments, delayed delivered and/or when-issued securities.
(b) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $67,742,625 and amounted to 12.6% of net assets.
(c) Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future.
(d) All or a portion of this security is on loan.
(e) Zero-coupon bond.
(f) Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2022.
(g) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at March 31, 2022.
(h) Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis.
(i) Rate disclosed is the daily yield on March 31, 2022.

 

bps—Basis points
LIBOR—London InterBank Offered Rate
LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security
LIBOR12M—12 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security
LLC—Limited Liability Company
LP—Limited Partnership
MTN—Medium Term Note
PLC—Public Limited Company
SOFR—Secured Overnight Financing Rate

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond VIP Series March 31, 2022

(Unaudited)

 

Futures Contracts Purchased    

 

   Number of
Contracts		  Expiration
Date		  Notional
Amount		   Value   Unrealized
Appreciation
(Depreciation)		 
2-Year U.S. Treasury Note Futures  150  6/30/22  $32,229,312   $31,788,281   $(441,031)
5-Year U.S. Treasury Note Futures  90  6/30/22   10,504,297    10,321,875    (182,422)
Mexican Peso Currency Futures  241  6/13/22   5,627,355    5,992,465    365,110 
Ultra Long Term U.S. Treasury Bond Futures  161  6/21/22   29,664,809    28,517,125    (1,147,684)
                   $(1,406,027)

 

Futures Contracts Sold    

 

   Number of
Contracts		  Expiration
Date		  Notional
Amount		   Value   Unrealized
Appreciation
(Depreciation)		 
10-Year U.S. Treasury Note Futures  220  6/21/22  $27,890,751   $27,032,500   $858,251 
Canadian Dollar Futures  106  6/14/22   8,264,818    8,489,540    (224,722)
Japanese Yen Futures  100  6/13/22   10,874,998    10,296,875    578,123 
Micro E-Mini S&P 500 Futures  886  6/20/22   18,637,546    20,071,223    (1,433,677)
                   $(222,025)
                      
  Total unrealized appreciation           $1,801,484 
  Total unrealized depreciation         (3,429,536)
  Total net unrealized appreciation (depreciation)        $(1,628,052)

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments
Victory INCORE Low Duration Bond VIP Series March 31, 2022
  (Unaudited)

 

Security Description  Principal Amount   Value 
Asset-Backed Securities (6.1%)          
AmeriCredit Automobile Receivables Trust, Series 2021-1, Class C, 0.89%, 10/19/26, Callable 6/18/24 @ 100  $1,815,000   $1,726,309 
CarMax Auto Owner Trust, Series 2020-4, Class B, 0.85%, 6/15/26, Callable 7/15/24 @ 100   497,000    470,134 
GM Financial Automobile Leasing Trust, Series 2021-1, Class C, 0.70%, 2/20/25, Callable 7/20/23 @ 100   1,164,000    1,129,079 
GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class C, 1.28%, 1/19/27, Callable 10/16/24 @ 100 (a)   951,000    902,776 
JPMorgan Chase Bank NA, Series 2021-2, Class B, 0.89%, 12/26/28, Callable 3/25/25 @ 100 (b)   884,871    867,449 
Santander Drive Auto Receivables Trust, Series 2021-1, Class C, 0.75%, 2/17/26, Callable 12/15/23 @ 100   1,164,000    1,141,761 
Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90%, 6/15/26, Callable 2/15/24 @ 100   1,400,000    1,361,538 
Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.95%, 9/15/27, Callable 2/15/24 @ 100   1,023,000    1,004,391 
Santander Retail Auto Lease Trust, Series 2021-A, Class C, 1.14%, 3/20/26, Callable 4/20/24 @ 100 (a)(b)   2,366,000    2,268,913 
United Auto Credit Securitization Trust, Series 2022-1, Class C, 2.61%, 6/10/27, Callable 4/10/25 @ 100 (a)(b)   833,000    819,545 
Westlake Automobile Receivables Trust, Series 2021-1A, Class C, 0.95%, 3/16/26, Callable 3/15/24 @ 100 (a)(b)   1,295,000    1,254,198 
Westlake Automobile Receivables Trust, Series 2021-2A, Class C, 0.89%, 7/15/26, Callable 8/15/24 @ 100 (a)(b)   1,348,000    1,284,481 
Total Asset-Backed Securities (Cost $14,724,588)        14,230,574 
           
Collateralized Mortgage Obligations (5.6%)          
Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class A4, 3.71%, 9/15/48, Callable 9/15/25 @ 100   540,000    541,673 
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3, 3.87%, 1/10/48, Callable 12/10/25 @ 100   598,000    605,593 
Citigroup Commercial Mortgage Trust, Series 2015-P1, Class A5, 3.72%, 9/15/48, Callable 7/15/25 @ 100 (a)   594,000    599,502 
Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A4, 3.78%, 9/10/58, Callable 9/10/25 @ 100   446,000    450,574 
Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class A4, 3.19%, 4/10/48, Callable 4/10/25 @ 100   535,000    531,344 
COMM Mortgage Trust, Series 2015-CR25, Class A4, 3.76%, 8/10/48, Callable 8/10/25 @ 100 (a)   691,000    698,439 
CSAIL Commercial Mortgage Trust, Series 2016-C6, Class A5, 3.09%, 1/15/49, Callable 3/15/26 @ 100   833,000    821,723 
Galaxy CLO Ltd., Series 2017-24A, Class A, 1.36%  (LIBOR03M+112bps), 1/15/31, Callable 4/15/22 @ 100 (a)(b)(c)   1,000,000    994,897 
GS Mortgage Securities Trust, Series 2015-GC30, Class A4, 3.38%, 5/10/50, Callable 5/10/25 @ 100 (a)   603,000    600,857 
JPMBB Commercial Mortgage Securities Trust, Series 2016-C1, Class A5, 3.58%, 3/15/49, Callable 1/15/26 @ 100   651,000    653,068 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond VIP Series March 31, 2022
  (Unaudited)

 

Security Description 

Shares or
Principal Amount

  

Value

 
JPMBB Commercial Mortgage Securities Trust, Series 2015-C33, Class A4, 3.77%, 12/15/48, Callable 11/15/25 @ 100  $625,000   $631,242 
JPMBB Commercial Mortgage Securities Trust, Series 2015-C28, Class A4, 3.23%, 10/15/48, Callable 3/15/25 @ 100 (a)   735,000    728,237 
Steele Creek CLO Ltd., Series 2017-1A, Class A, 1.49%  (LIBOR03M+125bps), 1/15/30, Callable 4/15/22 @ 100 (a)(b)(c)   2,175,000    2,164,523 
Voya CLO Ltd., Series 2017-4A, Class A1, 1.37%  (LIBOR03M+113bps), 10/15/30, Callable 4/15/22 @ 100 (a)(b)(c)   1,000,000    996,950 
Wells Fargo Commercial Mortgage Trust, Series 2015-C31, Class A4, 3.70%, 11/15/48, Callable 10/15/25 @ 100   650,000    655,417 
Wells Fargo Commercial Mortgage Trust, Series 2015-C29, Class A4, 3.64%, 6/15/48, Callable 6/15/25 @ 100   761,000    765,630 
Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.81%, 12/15/48, Callable 12/15/25 @ 100 (a)   607,000    614,846 
Total Collateralized Mortgage Obligations (Cost $13,382,088)        13,054,515 
           
Preferred Stocks (3.2%)          
Financials (1.3%):          
AMG Capital Trust II, 10/15/37, 5.15% (a)   13,215    733,440 
Bank of America Corp., Series L, 7.25% (a)(d)   730    958,125 
KKR & Co., Inc., Series C, 9/15/23, 6.00% (a)   8,083    600,648 
Wells Fargo & Co., Series L, 7.50% (a)(d)   610    808,250 
         3,100,463 
Health Care (0.1%):          
Danaher Corp., Series B, 4/15/23, 5.00%   149    235,307 
           
Industrials (0.3%):          
Stanley Black & Decker, Inc., 11/15/22, 5.25% (a)   8,720    766,575 
           
Utilities (1.5%):          
American Electric Power Co., Inc., 8/15/23, 6.13% (e)   4,295    239,962 
CenterPoint Energy, Inc., 9/15/29, 4.57%   3,690    187,969 
Dominion Energy, Inc., Series A, 6/1/22, 7.25% (a)   7,395    750,962 
DTE Energy Co., 11/1/22, 6.25% (a)   11,370    605,907 
NextEra Energy, Inc., 3/1/23, 5.28% (a)   15,600    813,540 
NiSource, Inc., 3/1/24, 7.75%   815    96,969 
The Southern Co., Series 2019, 8/1/22, 6.75% (a)   12,740    695,731 
         3,391,040 
Total Preferred Stocks (Cost $7,583,324)        7,493,385 
           
Corporate Bonds (52.3%)          
Communication Services (2.9%):          
AT&T, Inc., 1.70%, 3/25/26, Callable 3/25/23 @ 100  $3,500,000    3,320,380 
CenturyLink, Inc., 6.75%, 12/1/23   402,000    417,976 
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.50%, 2/1/24, Callable 1/1/24 @ 100   504,000    516,383 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond VIP Series March 31, 2022
  (Unaudited)

 

Security Description 

Principal Amount

  

Value

 
Fox Corp., 4.03%, 1/25/24, Callable 12/25/23 @ 100  $1,412,000   $1,441,511 
Verizon Communications, Inc.          
3.38%, 2/15/25 (a)   325,000    328,968 
1.61% (LIBOR03M+110bps), 5/15/25, Callable 3/15/25 @ 100 (a)(c)   719,000    728,261 
         6,753,479 
Consumer Discretionary (6.6%):          
Amazon.com, Inc., 1.00%, 5/12/26, Callable 4/12/26 @ 100   2,780,000    2,607,723 
AutoZone, Inc., 3.13%, 4/18/24, Callable 3/18/24 @ 100   2,682,000    2,689,751 
Booking Holdings, Inc., 0.75%, 5/1/25(a)(e)   760,000    1,110,094 
D.R. Horton, Inc., 4.75%, 2/15/23, Callable 11/15/22 @ 100(a)   3,006,000    3,054,427 
Expedia Group, Inc., 3.60%, 12/15/23, Callable 11/15/23 @ 100(a)   980,000    986,478 
Expedia Group, Inc., 2/15/26(a)(e)(f)   780,000    939,783 
Ford Motor Co., 3/15/26(f)   325,000    385,206 
General Motors Co., 4.88%, 10/2/23(a)   1,191,000    1,227,278 
Kohl's Corp., 4.25%, 7/17/25, Callable 4/17/25 @ 100(e)   1,138,000    1,153,511 
Marriott International, Inc., 3.60%, 4/15/24, Callable 3/15/24 @ 100(a)   1,225,000    1,238,585 
         15,392,836 
Consumer Staples (2.4%):          
7-Eleven, Inc., 0.80%, 2/10/24, Callable 5/13/22 @ 100(a)(b)   2,296,000    2,205,744 
Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100(a)   295,000    305,378 
Constellation Brands, Inc., 4.25%, 5/1/23(a)   954,000    971,888 
Keurig Dr Pepper, Inc., 4.06%, 5/25/23(a)   638,000    648,967 
Tyson Foods, Inc.          
3.90%, 9/28/23, Callable 8/28/23 @ 100 (a)   400,000    406,032 
3.95%, 8/15/24, Callable 5/15/24 @ 100   1,130,000    1,151,787 
         5,689,796 
Energy (3.2%):          
Boardwalk Pipelines LP, 3.38%, 2/1/23, Callable 11/1/22 @ 100   400,000    402,020 
Continental Resources, Inc.          
4.50%, 4/15/23, Callable 1/15/23 @ 100 (a)   732,000    742,175 
2.27%, 11/15/26, Callable 11/15/23 @ 100 (a)(b)   1,048,000    980,624 
EQM Midstream Partners LP, 4.75%, 7/15/23, Callable 6/15/23 @ 100(a)   310,000    312,278 
HollyFrontier Corp., 2.63%, 10/1/23(a)   929,000    920,500 
Pioneer Natural Resources Co.          
0.55%, 5/15/23   1,280,000    1,251,494 
0.25%, 5/15/25 (a)   785,000    1,867,586 
Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 10/31/22 @ 100(a)   925,000    926,554 
         7,403,231 
Financials (16.1%):          
Ares Capital Corp., 4.63%, 3/1/24(a)   945,000    1,063,522 
Bank of America Corp.          
4.20%, 8/26/24 (a)   2,551,000    2,614,214 
1.53% (SOFR+65bps), 12/6/25, Callable 12/6/24 @ 100, MTN (c)   1,720,000    1,645,834 
Capital One Financial Corp.          
3.30%, 10/30/24, Callable 9/30/24 @ 100 (a)   627,000    630,843 
1.34%, 12/6/24, Callable 12/6/23 @ 100   2,158,000    2,094,296 
2.64% (SOFR+129bps), 3/3/26, Callable 3/3/25 @ 100 (c)   1,999,000    1,957,201 
Citigroup, Inc., 3.11% (SOFR+284bps), 4/8/26, Callable 4/8/25 @ 100(c)   3,016,000    2,990,635 
Dana Financing Luxembourg Sarl, 5.75%, 4/15/25, Callable 5/13/22 @ 101.44(a)(b)   808,000    816,241 
Fifth Third Bancorp          
1.63%, 5/5/23, Callable 4/5/23 @ 100 (e)   1,880,000    1,862,234 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond VIP Series March 31, 2022
  (Unaudited)

 

Security Description 

Principal Amount

  

Value

 
3.65%, 1/25/24, Callable 12/25/23 @ 100 (a)  $731,000   $740,401 
Ford Motor Credit Co. LLC, 3.10%, 5/4/23(a)   1,500,000    1,498,545 
General Motors Financial Co., Inc., 5.10%, 1/17/24, Callable 12/17/23 @ 100   2,451,000    2,536,319 
Harley-Davidson Financial Services, Inc., 3.35%, 2/15/23, Callable 1/15/23 @ 100(b)   1,512,000    1,513,527 
JPMorgan Chase & Co.          
2.30%, 10/15/25, Callable 10/15/24 @ 100   3,934,000    3,843,793 
2.60%, 2/24/26, Callable 2/24/25 @ 100 (e)   1,067,000    1,048,050 
JPMorgan Chase Financial Co. LLC, 0.25%, 5/1/23(a)(b)   1,005,000    1,101,279 
Morgan Stanley, 0.53%, 1/25/24, Callable 1/25/23 @ 100   3,425,000    3,369,686 
Sixth Street Specialty Lending, Inc., 4.50%, 8/1/22   330,000    404,214 
The Bank of New York Mellon Corp., 0.75%, 1/28/26, Callable 12/28/25 @ 100, MTN   1,085,000    1,004,515 
The Goldman Sachs Group, Inc., 2.03% (LIBOR03M+175bps), 10/28/27, Callable 10/28/26 @ 100(a)(c)   1,500,000    1,548,195 
Wells Fargo & Co.          
0.81%, 5/19/25, Callable 5/19/24 @ 100, MTN   700,000    668,612 
2.41%, 10/30/25, Callable 10/30/24 @ 100, MTN   2,488,000    2,438,116 
         37,390,272 
Health Care (6.1%):          
AbbVie, Inc., 3.85%, 6/15/24, Callable 3/15/24 @ 100   3,455,000    3,522,649 
Anthem, Inc., 2.75%, 10/15/42(a)   120,000    837,074 
Biogen, Inc., 3.63%, 9/15/22   925,000    932,862 
Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13(a)   588,000    590,264 
HCA, Inc., 5.00%, 3/15/24   2,521,000    2,613,218 
Humana, Inc., 2.90%, 12/15/22, Callable 11/15/22 @ 100(a)   515,000    518,239 
Illumina, Inc., 8/15/23(a)(e)(f)   745,000    820,804 
Mylan, Inc., 3.13%, 1/15/23(b)   2,521,000    2,532,042 
Universal Health Services, Inc., 1.65%, 9/1/26, Callable 8/1/26 @ 100(a)(b)   1,554,000    1,425,220 
Viatris, Inc., 1.13%, 6/22/22   475,000    474,877 
         14,267,249 
Industrials (4.4%):          
Air Lease Corp., 0.70%, 2/15/24, Callable 1/15/24 @ 100, MTN(a)   3,385,000    3,230,035 
Delta Air Lines, Inc., 3.80%, 4/19/23, Callable 3/19/23 @ 100(a)   1,025,000    1,035,619 
EnPro Industries, Inc., 5.75%, 10/15/26, Callable 5/13/22 @ 104.31(a)   1,000,000    1,024,560 
Sensata Technologies BV, 5.63%, 11/1/24(a)(b)   785,000    815,607 
Southwest Airlines Co.          
4.75%, 5/4/23   1,973,000    2,017,274 
1.25%, 5/1/25 (a)   895,000    1,217,594 
Waste Management, Inc., 2.40%, 5/15/23, Callable 3/15/23 @ 100(a)   782,000    782,000 
         10,122,689 
Information Technology (4.4%):          
Akamai Technologies, Inc., 0.13%, 5/1/25(a)   415,000    548,182 
Block, Inc., 0.25%, 11/1/27(e)   215,000    196,338 
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 1/15/24, Callable 11/15/23 @ 100(a)   2,520,000    2,550,315 
Cadence Design Systems, Inc., 4.38%, 10/15/24, Callable 7/15/24 @ 100(a)   1,334,000    1,369,298 
Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100(a)(e)   945,000    1,063,767 
KLA Corp., 4.65%, 11/1/24, Callable 8/1/24 @ 100   504,000    522,366 
Marvell Technology Group Ltd., 4.20%, 6/22/23, Callable 5/22/23 @ 100   842,000    853,434 
NCR Corp., 5.00%, 10/1/28, Callable 10/1/23 @ 102.5(b)   608,000    582,604 
Seagate HDD Cayman, 4.88%, 3/1/24, Callable 1/1/24 @ 100   1,000,000    1,029,450 
Vishay Intertechnology, Inc., 2.25%, 6/15/25   250,000    251,710 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond VIP Series March 31, 2022
  (Unaudited)

 

Security Description 

Principal Amount

  

Value

 
Western Digital Corp., 1.50%, 2/1/24(a)  $1,265,000   $1,222,180 
         10,189,644 
Materials (2.8%):          
Celanese US Holdings LLC, 4.63%, 11/15/22(a)   780,000    791,708 
Graphic Packaging International LLC, 0.82%, 4/15/24, Callable 3/15/24 @ 100(b)   2,022,000    1,923,084 
Nucor Corp., 4.13%, 9/15/22, Callable 6/15/22 @ 100(a)   1,527,000    1,533,413 
Southern Copper Corp., 3.88%, 4/23/25   2,352,000    2,377,566 
         6,625,771 
Real Estate (2.4%):          
American Tower Corp., 3.00%, 6/15/23(a)   1,000,000    1,003,970 
Brandywine Operating Partnership LP, 3.95%, 2/15/23, Callable 11/15/22 @ 100   750,000    754,965 
Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 102.63(b)   602,000    589,797 
Kite Realty Group LP, 0.75%, 4/1/27(a)(b)   550,000    576,917 
Piedmont Operating Partnership LP, 3.40%, 6/1/23, Callable 3/1/23 @ 100(a)   1,680,000    1,682,722 
Post Apartment Homes LP, 3.38%, 12/1/22, Callable 9/1/22 @ 100   250,000    250,753 
Weingarten Realty Investors          
3.38%, 10/15/22, Callable 7/15/22 @ 100 (a)   300,000    301,326 
3.50%, 4/15/23, Callable 1/15/23 @ 100   505,000    508,858 
         5,669,308 
Utilities (1.0%):          
Ameren Corp., 2.50%, 9/15/24, Callable 8/15/24 @ 100   597,000    588,099 
Exelon Corp., 3.95%, 6/15/25, Callable 3/15/25 @ 100(a)   541,000    553,302 
NextEra Energy Capital Holdings, Inc., 0.65%, 3/1/23   1,186,000    1,169,420 
         2,310,821 
Total Corporate Bonds (Cost $122,823,623)        121,815,096 
           
Residential Mortgage-Backed Securities (1.5%)          
Bear Stearns ALT-A Trust, Series 2003-3, Class 2A, 2.82%, 10/25/33, Callable 4/25/22 @ 100 (a)(g)   259,022    248,278 
Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 2A8, 4.50%, 10/31/33 (a)   184    184 
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-AR7, Class 4A1, 2.46%, 11/25/34, Callable 4/25/22 @ 100 (a)(g)   182,263    176,178 
JPMorgan Mortgage Trust, Series 2004-S2, Class 1A3, 4.75%, 11/25/34, Callable 4/25/22 @ 100 (a)   1,070    698 
JPMorgan Mortgage Trust, Series 2004-S1, Class 1A7, 5.00%, 9/25/34, Callable 4/25/22 @ 100 (a)   1,564    1,400 
JPMorgan Mortgage Trust, Series 2014-5, Class A11, 2.86%, 10/25/29, Callable 9/25/23 @ 100 (a)(b)(g)   696,662    684,470 
JPMorgan Mortgage Trust, Series 2017-3, Class 2A2, 2.50%, 8/25/47, Callable 6/25/29 @ 100 (a)(b)(g)   708,846    680,191 
Madison Park Funding Ltd., Series 2007-4A, Class AR, 1.50%  (LIBOR03M+120bps), 7/29/30, Callable 4/29/22 @ 100 (a)(b)(c)   1,750,000    1,743,924 
Total Residential Mortgage-Backed Securities (Cost $3,602,446)        3,535,323 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond VIP Series March 31, 2022
  (Unaudited)

 

Security Description 

Principal Amount

  

Value

 
Yankee Dollars (11.7%)          
Communication Services (0.2%):          
SES SA, 3.60%, 4/4/23(b)  $510,000   $513,560 
           
Consumer Discretionary (1.0%):          
Stellantis NV, 5.25%, 4/15/23   2,211,000    2,261,720 
           
Consumer Staples (3.8%):          
Barry Callebaut Services NV, 5.50%, 6/15/23(b)   2,303,000    2,357,622 
Heineken NV, 3.40%, 4/1/22(b)   1,420,000    1,420,000 
Kerry Group Financial Services Unlimited Co., 3.20%, 4/9/23, Callable 1/9/23 @ 100(a)(b)   2,202,000    2,212,063 
Pernod Ricard SA, 4.25%, 7/15/22(a)(b)   767,000    773,159 
Suntory Holdings Ltd., 2.55%, 6/28/22, Callable 5/28/22 @ 100(a)(b)   2,080,000    2,083,640 
         8,846,484 
Energy (1.4%):          
Canadian Natural Resources Ltd.          
2.95%, 1/15/23, Callable 12/15/22 @ 100   1,170,000    1,175,581 
3.80%, 4/15/24, Callable 1/15/24 @ 100   1,201,000    1,217,442 
Ecopetrol SA, 5.88%, 9/18/23(a)   776,000    794,849 
         3,187,872 
Financials (3.0%):          
Barclays Bank PLC          
 2/4/25 (a)(f)   300,000    479,496 
 2/18/25 (f)   265,000    294,079 
HSBC Holdings PLC, 1.16% (SOFR+58bps), 11/22/24, Callable 11/22/23 @ 100(c)   1,250,000    1,207,725 
NXP BV/NXP Funding LLC, 4.63%, 6/1/23, Callable 5/1/23 @ 100(a)(b)   3,470,000    3,521,668 
The Toronto-Dominion Bank, 2.35%, 3/8/24(e)   1,510,000    1,501,061 
         7,004,029 
Industrials (0.7%):          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 1/30/26, Callable 12/30/25 @ 100   1,100,000    1,010,691 
Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102(b)   651,000    619,700 
         1,630,391 
Materials (1.3%):          
Anglo American Capital PLC, 3.63%, 9/11/24(b)   2,984,000    2,991,997 
           
Utilities (0.3%):          
Enel Generacion Chile SA, 4.25%, 4/15/24, Callable 1/15/24 @ 100(e)   615,000    622,441 
Total Yankee Dollars (Cost $27,597,024)        27,058,494 
           
U.S. Government Mortgage-Backed Agencies (3.4%)          
Federal Home Loan Mortgage Corp.          
5.00%, 6/15/23 - 8/1/40 (a)   354,052    382,078 
5.50%, 10/25/23 (a)   934    947 
Series 4207, Class JD, 1.50%, 5/15/28 (a)   925,755    902,722 
7.00%, 9/1/38 (a)   1,781    2,007 
Series 4320, Class AP, 3.50%, 7/15/39 (a)   414,853    422,019 
Series 3713, Class PA, 2.00%, 2/15/40 - 3/15/40 (a)   2,133,559    2,127,056 
Series 4444, Class CH, 3.00%, 1/15/41 (a)   264,269    265,446 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond VIP Series March 31, 2022
  (Unaudited)

 

Security Description 

Shares or
Principal Amount

  

Value

 
Series 4049, Class AB, 2.75%, 12/15/41 (a)  $39,040   $39,146 
         4,141,421 
Federal National Mortgage Association          
Series 2010-156, Class DY, 3.50%, 1/25/26 (a)   461,534    466,226 
6.00%, 2/1/37 (a)   542,509    602,167 
Series 2013-33, Class UD, 2.50%, 4/25/39 (a)   147,894    148,113 
Series 2011-21, Class PA, 4.50%, 5/25/40 (a)   883,096    904,068 
Series 2011-101, Class LA, 3.00%, 10/25/40 (a)   15,341    15,352 
5.00%, 2/1/41 - 10/1/41 (a)   1,449,226    1,564,589 
         3,700,515 
Total U.S. Government Mortgage-Backed Agencies (Cost $7,900,213)        7,841,936 
           
U.S. Treasury Obligations (13.2%)          
U. S. Treasury Notes, 1.50%, 2/15/25   15,058,000    14,639,200 
U.S. Treasury Notes          
0.13%, 7/15/23   1,703,000    1,661,955 
0.13%, 10/15/23   2,127,000    2,061,528 
0.13%, 2/15/24   7,930,000    7,615,278 
0.75%, 11/15/24 (a)   4,923,000    4,705,311 
Total U.S. Treasury Obligations (Cost $31,556,642)        30,683,272 
           
Collateral for Securities Loaned (2.1%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (h)   97,075    97,075 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (h)   2,722,936    2,722,936 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (h)   48,445    48,445 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (h)   386,286    386,286 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (h)   1,736,817    1,736,817 
Total Collateral for Securities Loaned (Cost $4,991,559)        4,991,559 
Total Investments (Cost $234,161,507) — 99.1%        230,704,154 
Other assets in excess of liabilities — 0.9%        2,182,456 
NET ASSETS - 100.00%       $232,886,610 

 

^ Purchased with cash collateral from securities on loan.
(a) All or a portion of this security has been segregated as collateral for derivative instruments.
(b) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $45,315,636 and amounted to 19.5% of net assets.
(c) Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2022.
(d) Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future.
(e) All or a portion of this security is on loan.
(f) Zero-coupon bond.
(g) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at March 31, 2022.
(h) Rate disclosed is the daily yield on March 31, 2022.

 

bps—Basis points
LIBOR—London InterBank Offered Rate
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security
LLC—Limited Liability Company
LP—Limited Partnership
MTN—Medium Term Note
PLC—Public Limited Company
SOFR—Secured Overnight Financing Rate

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond VIP Series March 31, 2022
  (Unaudited)

 

Futures Contracts Purchased  

 

   Number of
Contracts		   Expiration
Date		  Notional
Amount		   Value   Unrealized Appreciation (Depreciation) 
Mexican Peso Currency Futures   103   6/13/22  $2,405,052   $2,561,095   $156,043 

 

Futures Contracts Sold  

 

   Number of
Contracts		   Expiration
Date		  Notional
Amount		   Value   Unrealized Appreciation (Depreciation) 
10-Year U.S. Treasury Note Futures   13   6/21/22  $1,645,627   $1,597,375   $48,252 
5-Year U.S. Treasury Note Futures   100   6/30/22   11,775,434    11,468,750    306,684 
Canadian Dollar Futures   45   6/14/22   3,508,649    3,604,050    (95,401)
Japanese Yen Futures   43   6/13/22   4,676,249    4,427,656    248,593 
Micro E-Mini S&P 500 Futures   226   6/20/22   4,736,962    5,119,748    (382,786)
Ultra Long Term U.S. Treasury Bond Futures   4   6/21/22   736,900    708,500    28,400 
                     $153,742 
                        
    Total unrealized appreciation         $787,972 
    Total unrealized depreciation          (478,187)
    Total net unrealized appreciation (depreciation)   $309,785 

 

Centrally Cleared

 

Credit Default Swap Agreements - Sell Protection(a)

 

Underlying Instruments   Fixed Deal
Receive
Rate		   Maturity
Date		  Payment
Frequency		   Implied
Credit
Spread at
March 31,
2022(b)		   Notional
Amount(c)		   Value   Premiums
Paid
(Received)		   Unrealized
Appreciation
(Depreciation)		 
CDX North America High Yield Index; Series 37   5.00%  12/20/26  Quarterly   3.45%  $8,000,000   $507,513   $689,600   $(182,087)
                        $507,513   $689,600   $(182,087)

 

(a) When a credit event occurs as defined under the terms of the swap agreement, the Fund as a seller of credit protection will either (i) pay to the buyer of protection an amount equal to the par value of the defaulted reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value.  
(b) Implied credit spread, represented in absolute terms, utilized in determining the value of the credit default swap agreements as of period end will serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement.
(c) The notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection if a credit event occurs, as defined under the terms of the swap agreement, for each security included in the CDX North America High Yield Index.

 

 

  

Victory Variable Insurance Funds Schedule of Portfolio Investments
Victory RS International VIP Series March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (97.6%)          
Australia (7.4%):          
Consumer Discretionary (1.0%):          
Aristocrat Leisure Ltd.   47,373   $1,285,455 
           
Financials (1.3%):          
Macquarie Group Ltd.   11,333    1,713,478 
           
Health Care (1.7%):          
CSL Ltd.   11,767    2,348,565 
           
Materials (2.3%):          
BHP Group Ltd.   80,843    3,115,460 
           
Real Estate (1.1%):          
Scentre Group   675,847    1,536,234 
         9,999,192 
Belgium (0.9%):          
Information Technology (0.9%):          
Melexis NV   12,986    1,195,358 
           
China (1.1%):          
Communication Services (0.8%):          
Tencent Holdings Ltd.   21,700    1,000,286 
           
Consumer Discretionary (0.0%):(a)          
JD.com, Inc., Class A  (b)   938    26,654 
           
Financials (0.3%):          
China Merchants Bank Co. Ltd., Class H   54,000    420,375 
         1,447,315 
Denmark (1.4%):          
Consumer Discretionary (0.6%):          
Pandora A/S   8,272    788,167 
           
Consumer Staples (0.8%):          
Royal Unibrew A/S   12,553    1,172,982 
         1,961,149 
France (8.5%):          
Consumer Discretionary (4.0%):          
La Francaise des Jeux SAEM  (c)   38,192    1,514,967 
LVMH Moet Hennessy Louis Vuitton SE   5,408    3,859,692 
         5,374,659 
Energy (0.7%):          
Gaztransport Et Technigaz SA   8,464    945,554 
           
Industrials (0.8%):          
Safran SA   9,400    1,106,561 
           
Information Technology (1.5%):          
Capgemini SE   8,835    1,960,243 
           
Materials (1.5%):          
Arkema SA   17,492    2,090,706 
         11,477,723 
Germany (7.3%):          
Consumer Discretionary (0.8%):          
Volkswagen AG, Preference Shares   6,570    1,128,907 
           
Financials (2.0%):          
Allianz SE, Registered Shares   11,501    2,746,152 
           
Industrials (2.4%):          
Siemens AG, Registered Shares   22,991    3,183,062 

 

   

 

  

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory RS International VIP Series March 31, 2022
  (Unaudited)

  

Security Description  Shares   Value 
Information Technology (2.1%):          
SAP SE   25,295   $2,803,010 
         9,861,131 
Hong Kong (3.2%):          
Financials (1.4%):          
AIA Group Ltd.   185,200    1,933,911 
           
Real Estate (1.8%):          
CK Asset Holdings Ltd.   350,000    2,392,493 
         4,326,404 
Italy (3.4%):          
Health Care (1.0%):          
Recordati Industria Chimica e Farmaceutica SpA   27,577    1,382,502 
           
Utilities (2.4%):          
Enel SpA   237,247    1,583,821 
Snam SpA   271,345    1,564,508 
         3,148,329 
         4,530,831 
Japan (21.5%):          
Communication Services (1.8%):          
Capcom Co. Ltd.   54,600    1,323,958 
Kakaku.com, Inc.   51,000    1,139,158 
         2,463,116 
Consumer Discretionary (4.2%):          
Toyota Motor Corp.   232,400    4,192,721 
ZOZO, Inc.   53,200    1,420,955 
         5,613,676 
Consumer Staples (1.0%):          
Toyo Suisan Kaisha Ltd.   39,600    1,417,206 
           
Financials (2.8%):          
Mitsubishi UFJ Financial Group, Inc.   429,100    2,652,763 
Tokio Marine Holdings, Inc.   20,300    1,181,517 
         3,834,280 
Health Care (2.7%):          
Hoya Corp.   18,700    2,131,363 
Shionogi & Co. Ltd.   24,300    1,493,319 
         3,624,682 
Industrials (4.5%):          
en Japan, Inc.   25,100    601,916 
Fuji Electric Co. Ltd.   43,900    2,188,372 
Nippon Yusen KK  (d)   14,300    1,251,090 
OKUMA Corp.   18,300    757,963 
Sanwa Holdings Corp.   120,700    1,221,774 
         6,021,115 
Information Technology (3.4%):          
Fujitsu Ltd.   13,600    2,037,965 
Oracle Corp.   17,500    1,212,897 
Ulvac, Inc.   25,600    1,302,192 
         4,553,054 
Real Estate (0.5%):          
Sumitomo Realty & Development Co. Ltd.   25,200    697,533 
           
Utilities (0.6%):          
Chubu Electric Power Co., Inc.   75,800    784,647 
         29,009,309 

 

   

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory RS International VIP Series March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Netherlands (5.2%):          
Communication Services (1.7%):          
Koninklijke KPN NV  (d)   639,094   $2,217,338 
           
Financials (1.1%):          
ING Groep NV   146,207    1,526,326 
           
Industrials (1.4%):          
Wolters Kluwer NV   17,766    1,893,708 
           
Information Technology (1.0%):          
ASM International NV   3,801    1,383,873 
         7,021,245 
New Zealand (0.6%):          
Health Care (0.6%):          
Fisher & Paykel Healthcare Corp. Ltd.   46,461    779,342 
           
Norway (2.1%):          
Energy (0.9%):          
Aker BP ASA  (d)   31,835    1,187,956 
           
Financials (1.2%):          
SpareBank 1 SMN   99,399    1,588,561 
         2,776,517 
Russian Federation (0.0%):(a)          
Materials (0.0%):          
Raspadskaya OJSC  (e)(f)   35,301    5,742 
           
Spain (1.6%):          
Communication Services (0.0%):(a)          
Telefonica SA   1    5 
           
Financials (1.6%):          
Banco Bilbao Vizcaya Argentaria SA   377,276    2,153,921 
         2,153,926 
Sweden (2.7%):          
Industrials (2.7%):          
Atlas Copco AB, Class B   51,927    2,355,993 
Nibe Industrier AB, Class B  (b)   121,130    1,343,315 
         3,699,308 
Switzerland (13.8%):          
Consumer Staples (4.7%):          
Coca-Cola HBC AG   27,985    583,544 
Nestle SA, Registered Shares   45,096    5,864,274 
         6,447,818 
Financials (2.2%):          
Partners Group Holding AG   785    972,147 
UBS Group AG   101,801    1,989,648 
         2,961,795 
Health Care (6.0%):          
Novartis AG, Registered Shares   33,415    2,934,031 
Roche Holding AG   12,986    5,138,899 
         8,072,930 
Industrials (0.9%):          
Adecco Group AG   26,648    1,208,991 
         18,691,534 

 

   

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory RS International VIP Series March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
United Kingdom (16.9%):          
Communication Services (0.6%):          
ITV PLC (b)   787,666   $842,822 
           
Consumer Discretionary (0.8%):          
Next PLC   13,399    1,053,643 
           
Consumer Staples (3.2%):          
Diageo PLC   52,669    2,671,114 
Imperial Brands PLC   77,448    1,631,117 
         4,302,231 
Energy (3.9%):          
BP PLC   437,170    2,142,774 
Shell PLC   116,975    3,205,536 
         5,348,310 
Financials (3.3%):          
Barclays PLC   606,401    1,175,275 
HSBC Holdings PLC   232,402    1,587,141 
Intermediate Capital Group PLC   27,757    644,316 
Legal & General Group PLC   284,975    1,010,159 
         4,416,891 
Health Care (0.6%):          
CVS Group PLC   32,992    773,321 
           
Industrials (1.2%):          
Ashtead Group PLC   26,286    1,654,774 
           
Materials (3.3%):          
Croda International PLC   16,169    1,663,022 
Rio Tinto PLC   34,430    2,752,046 
         4,415,068 
         22,807,060 
Total Common Stocks (Cost $110,283,265)        131,743,086 
           
Exchange-Traded Funds (0.1%)          
United States (0.1%):          
iShares MSCI EAFE ETF   1,927    141,827 
Total Exchange-Traded Funds (Cost $139,450)        141,827 
           
Collateral for Securities Loaned (3.0%)^          
United States (3.0%):          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (g)   76,938    76,938 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (g)   2,158,091    2,158,091 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (g)   38,396    38,396 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (g)   306,155    306,155 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (g)   1,376,532    1,376,532 
Total Collateral for Securities Loaned (Cost $3,956,112)        3,956,112 
Total Investments (Cost $114,378,827) — 100.7%        135,841,025 
Liabilities in excess of other assets — (0.7)%        (893,322)
NET ASSETS - 100.00%       $134,947,703 

 

^ Purchased with cash collateral from securities on loan.
(a) Amount represents less than 0.05% of net assets.
(b) Non-income producing security.
(c) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $1,514,967 and amounted to 1.1% of net assets.
(d) All or a portion of this security is on loan.
(e) Security was fair valued using significant unobservable inputs as of March 31, 2022.
(f) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees.  As of March 31, 2022, illiquid securities were less than 0.05% of net assets.
(g) Rate disclosed is the daily yield on March 31, 2022.

 

ETF—Exchange-Traded Fund

PLC—Public Limited Company

 

   

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments
Victory RS Large Cap Alpha VIP Series March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (96.3%)          
Communication Services (3.4%):          
Alphabet, Inc., Class A (a)   4,585   $12,752,490 
Meta Platforms, Inc., Class A (a)   81,620    18,149,023 
         30,901,513 
Consumer Discretionary (3.4%):          
LKQ Corp.   438,320    19,904,111 
Target Corp.   51,120    10,848,687 
         30,752,798 
Consumer Staples (6.5%):          
Keurig Dr Pepper, Inc.   685,180    25,968,322 
Lamb Weston Holdings, Inc.   171,380    10,267,376 
Mondelez International, Inc., Class A   235,140    14,762,089 
US Foods Holding Corp. (a)   223,340    8,404,284 
         59,402,071 
Energy (8.0%):          
Enterprise Products Partners LP   759,870    19,612,245 
Hess Corp.   138,350    14,808,984 
Marathon Oil Corp.   557,540    13,999,829 
Pioneer Natural Resources Co.   55,090    13,774,153 
Valero Energy Corp.   104,220    10,582,499 
         72,777,710 
Financials (20.9%):          
Cboe Global Markets, Inc.   195,720    22,394,282 
Comerica, Inc.   400,980    36,260,622 
Fairfax Financial Holdings Ltd.   10,440    5,696,315 
Interactive Brokers Group, Inc.   257,390    16,964,575 
JPMorgan Chase & Co.   65,660    8,950,771 
KeyCorp   540,110    12,087,662 
State Street Corp.   201,250    17,532,900 
The Progressive Corp.   347,480    39,609,245 
Willis Towers Watson PLC   130,320    30,784,190 
         190,280,562 
Health Care (19.9%):          
AbbVie, Inc.   142,250    23,060,148 
Cigna Corp.   107,990    25,875,484 
Humana, Inc.   73,440    31,958,885 
Johnson & Johnson   83,510    14,800,477 
Medtronic PLC   238,500    26,461,575 
Merck & Co., Inc.   238,400    19,560,720 
Sotera Health Co. (a)   885,170    19,172,782 
UnitedHealth Group, Inc.   40,865    20,839,924 
         181,729,995 
Industrials (10.3%):          
Johnson Controls International PLC   152,190    9,979,098 
L3Harris Technologies, Inc.   42,210    10,487,919 
Leidos Holdings, Inc.   167,470    18,090,109 
PACCAR, Inc.   90,340    7,956,244 
Parker-Hannifin Corp.   33,190    9,417,995 
Raytheon Technologies Corp.   104,071    10,310,314 
Sensata Technologies Holding PLC (a)   246,220    12,520,287 
Union Pacific Corp.   54,930    15,007,425 
         93,769,391 

 

   

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments — continued
Victory RS Large Cap Alpha VIP Series March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Information Technology (8.2%):          
Euronet Worldwide, Inc. (a)   138,310   $18,001,046 
Fidelity National Information Services, Inc.   230,730    23,169,907 
FleetCor Technologies, Inc. (a)   55,470    13,815,358 
Global Payments, Inc.   145,850    19,958,114 
         74,944,425 
Materials (5.1%):          
Freeport-McMoRan, Inc.   166,150    8,264,301 
Newmont Corp.   73,450    5,835,602 
PPG Industries, Inc.   53,400    6,999,138 
Sealed Air Corp.   382,460    25,609,522 
         46,708,563 
Real Estate (2.2%):          
Host Hotels & Resorts, Inc.   1,048,010    20,362,834 
           
Utilities (8.4%):          
Constellation Energy Corp.   176,079    9,904,444 
Exelon Corp.   389,700    18,561,411 
FirstEnergy Corp.   279,580    12,821,539 
Vistra Corp.   1,503,430    34,954,747 
         76,242,141 
Total Common Stocks (Cost $707,234,450)        877,872,003 
Total Investments (Cost $707,234,450) — 96.3%        877,872,003 
Other assets in excess of liabilities — 3.7%        33,501,965 
NET ASSETS - 100.00%       $911,373,968 

 

(a) Non-income producing security.

 

LP—Limited Partnership

PLC—Public Limited Company

 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments
Victory RS Small Cap Growth Equity VIP Series  March 31, 2022
   (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (97.6%)
Biotechnology (10.7%):    
Apellis Pharmaceuticals, Inc. (a)   23,940   $1,216,391 
Beam Therapeutics, Inc. (a)(b)   16,070    920,811 
Bicycle Therapeutics PLC, ADR (a)   11,110    487,507 
BioCryst Pharmaceuticals, Inc. (a)   61,190    994,949 
DermTech, Inc. (a)(b)   25,580    375,514 
Equillium, Inc. (a)   80,707    254,227 
Fate Therapeutics, Inc. (a)   24,080    933,582 
Intellia Therapeutics, Inc. (a)   13,570    986,132 
Karuna Therapeutics, Inc. (a)   8,220    1,042,214 
Kezar Life Sciences, Inc. (a)   36,900    613,278 
Opthea Ltd., ADR (a)(c)   37,590    231,179 
Rubius Therapeutics, Inc. (a)(b)   72,880    401,569 
Scholar Rock Holding Corp. (a)(b)   35,290    454,888 
SpringWorks Therapeutics, Inc. (a)   18,070    1,019,871 
         9,932,112 
Communication Services (1.1%):          
ZipRecruiter, Inc. (a)   43,050    989,289 
           
Consumer Discretionary (12.3%):          
Acushnet Holdings Corp. (b)   30,700    1,235,982 
Boot Barn Holdings, Inc. (a)   8,860    839,839 
Fox Factory Holding Corp. (a)   7,570    741,482 
Gentherm, Inc. (a)   17,090    1,248,254 
Houghton Mifflin Harcourt Co. (a)   23,200    487,432 
Papa John's International, Inc.   9,480    998,054 
Planet Fitness, Inc., Class A (a)   16,410    1,386,317 
Porch Group, Inc. (a)(b)   65,330    453,717 
SeaWorld Entertainment, Inc. (a)   17,310    1,288,556 
Wingstop, Inc.   10,520    1,234,522 
YETI Holdings, Inc. (a)   23,910    1,434,122 
         11,348,277 
Consumer Staples (7.1%):          
BJ's Wholesale Club Holdings, Inc. (a)   22,140    1,496,885 
elf Beauty, Inc. (a)   69,880    1,805,000 
Freshpet, Inc. (a)   15,660    1,607,343 
The Beauty Health Co. (a)(b)   43,120    727,866 
The Simply Good Foods Co. (a)   23,500    891,825 
         6,528,919 
Energy (3.0%):          
Matador Resources Co.   31,490    1,668,340 
Ranger Oil Corp. (a)   31,820    1,098,745 
         2,767,085 
Financials (7.7%):          
Customers Bancorp, Inc. (a)   19,430    1,013,080 
Focus Financial Partners, Inc., Class A (a)   31,960    1,461,850 
PacWest Bancorp   22,010    949,291 
PRA Group, Inc. (a)   21,210    956,147 
PROG Holdings, Inc. (a)   14,190    408,246 
Walker & Dunlop, Inc.   8,690    1,124,660 
Wintrust Financial Corp.   13,290    1,235,040 
         7,148,314 
Health Care Equipment & Supplies (6.4%):          
Axonics, Inc. (a)   12,840    803,784 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments — continued
Victory RS Small Cap Growth Equity VIP Series  March 31, 2022
   (Unaudited)

 

Security Description 

Shares

  

Value

 
CONMED Corp.   7,490   $1,112,639 
CryoPort, Inc. (a)   33,320    1,163,201 
LivaNova PLC (a)   8,610    704,556 
Nevro Corp. (a)   11,690    845,538 
Shockwave Medical, Inc. (a)   6,380    1,322,957 
         5,952,675 
Health Care Providers & Services (4.6%):          
Acadia Healthcare Co., Inc. (a)   7,960    521,619 
HealthEquity, Inc. (a)   27,400    1,847,856 
Surgery Partners, Inc. (a)   34,440    1,895,922 
         4,265,397 
Health Care Technology (2.9%):          
Health Catalyst, Inc. (a)(b)   25,826    674,834 
Inspire Medical Systems, Inc. (a)   7,880    2,022,717 
         2,697,551 
Industrials (9.9%):          
Chart Industries, Inc. (a)   6,590    1,131,964 
Evoqua Water Technologies Corp. (a)   54,500    2,560,410 
Herc Holdings, Inc.   5,660    945,729 
John Bean Technologies Corp.   6,180    732,145 
Saia, Inc. (a)   4,640    1,131,325 
Simpson Manufacturing Co., Inc.   8,580    935,563 
The AZEK Co., Inc. (a)   21,420    532,073 
Zurn Water Solutions Corp.   32,630    1,155,102 
         9,124,311 
IT Services (4.9%):          
DigitalOcean Holdings, Inc. (a)   21,000    1,214,850 
Flywire Corp. (a)   8,350    255,343 
Paya Holdings, Inc. (a)   65,790    385,529 
Paymentus Holdings, Inc., Class A (a)(b)   26,040    548,923 
WNS Holdings Ltd., ADR (a)   24,456    2,090,744 
         4,495,389 
Life Sciences Tools & Services (0.7%):          
Codexis, Inc. (a)   30,310    624,992 
           
Materials (2.3%):          
Avient Corp.   15,480    743,040 
Summit Materials, Inc., Class A (a)   46,030    1,429,692 
         2,172,732 
Pharmaceuticals (1.3%):          
Compass Pathways PLC, ADR (a)   21,560    277,909 
Intra-Cellular Therapies, Inc. (a)   15,090    923,357 
         1,201,266 
Real Estate (1.4%):          
National Storage Affiliates Trust   20,290    1,273,400 
           
Semiconductors & Semiconductor Equipment (9.4%):          
Advanced Energy Industries, Inc.   29,800    2,565,184 
Impinj, Inc. (a)   12,020    763,751 
Lattice Semiconductor Corp. (a)   15,840    965,448 
MACOM Technology Solutions Holdings, Inc. (a)   44,540    2,666,610 
Silicon Laboratories, Inc. (a)   6,490    974,798 
SiTime Corp. (a)   3,080    763,285 
         8,699,076 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments — continued
Victory RS Small Cap Growth Equity VIP Series  March 31, 2022
   (Unaudited)

 
Security Description  

Shares

    

Value

  
Software (11.9%):                
ACI Worldwide, Inc. (a)     35,430     $ 1,115,691  
Avaya Holdings Corp. (a)     182,320       2,309,994  
Jamf Holding Corp. (a)(b)     32,930       1,146,293  
Q2 Holdings, Inc. (a)     8,630       532,039  
Smartsheet, Inc., Class A (a)     20,420       1,118,608  
Sprout Social, Inc., Class A (a)     9,090       728,291  
Telos Corp. (a)     44,340       442,070  
Tenable Holdings, Inc. (a)     13,560       783,632  
Varonis Systems, Inc. (a)     59,950       2,850,023  
              11,026,641  
Total Common Stocks (Cost $91,151,687)             90,247,426  
                 
Collateral for Securities Loaned (4.2%)^                
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (d)     75,009       75,009  
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (d)     2,104,004       2,104,004  
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (d)     37,433       37,433  
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (d)     298,482       298,482  
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (d)     1,342,033       1,342,033  
Total Collateral for Securities Loaned (Cost $3,856,961)             3,856,961  
Total Investments (Cost $95,008,648) — 101.8%             94,104,387  
Liabilities in excess of other assets — (1.8)%             (1,696,133 )
NET ASSETS - 100.00%           $ 92,408,254  

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees.  As of March 31, 2022, illiquid securities were 0.3% of net assets.
(d) Rate disclosed is the daily yield on March 31, 2022.

 

ADR—American Depositary Receipt
PLC—Public Limited Company

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments
Victory 500 Index VIP Series  March 31, 2022
   (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (99.1%)
Communication Services (9.5%):          
Activision Blizzard, Inc.   2,141   $171,516 
Alphabet, Inc., Class C (a)   865    2,415,936 
Alphabet, Inc., Class A (a)   809    2,250,112 
AT&T, Inc.   19,626    463,762 
Charter Communications, Inc., Class A (a)   320    174,567 
Comcast Corp., Class A   11,999    561,793 
DISH Network Corp., Class A (a)   612    19,370 
Electronic Arts, Inc.   732    92,605 
Endeavor Group Holdings, Inc., Class A (a)   60    1,771 
Live Nation Entertainment, Inc. (a)   409    48,115 
Match Group, Inc. (a)   769    83,621 
Meta Platforms, Inc., Class A (a)   6,025    1,339,719 
Netflix, Inc. (a)   1,207    452,130 
Omnicom Group, Inc.   568    48,212 
Paramount Global, Class A   27    1,091 
Paramount Global, Class B   1,404    53,085 
Pinterest, Inc., Class A (a)   266    6,546 
ROBLOX Corp., Class A (a)   576    26,634 
Roku, Inc. (a)(b)   59    7,391 
Sirius XM Holdings, Inc. (c)   2,170    14,366 
Snap, Inc., Class A (a)   3,368    121,214 
Take-Two Interactive Software, Inc. (a)   314    48,274 
The Interpublic Group of Cos., Inc.   957    33,926 
The Walt Disney Co. (a)   4,476    613,928 
T-Mobile U.S., Inc. (a)   1,915    245,790 
Twitter, Inc. (a)   2,154    83,338 
Verizon Communications, Inc.   11,291    575,164 
Warner Music Group Corp., Class A   223    8,441 
ZoomInfo Technologies, Inc. (a)   140    8,364 
         9,970,781 
Communications Equipment (0.8%):          
Arista Networks, Inc. (a)   748    103,957 
Cisco Systems, Inc.   11,414    636,445 
Motorola Solutions, Inc.   428    103,662 
Ubiquiti, Inc. (c)   16    4,658 
         848,722 
Consumer Discretionary (12.1%):          
Airbnb, Inc., Class A (a)   167    28,684 
Amazon.com, Inc. (a)   1,325    4,319,434 
AutoZone, Inc. (a)   57    116,541 
Bath & Body Works, Inc.   656    31,357 
Best Buy Co., Inc.   584    53,085 
Booking Holdings, Inc. (a)   113    265,375 
Burlington Stores, Inc. (a)   168    30,604 
Caesars Entertainment, Inc. (a)   489    37,829 
CarMax, Inc. (a)   440    42,451 
Carnival Corp. (a)   2,453    49,600 
Carvana Co. (a)   30    3,579 
Chewy, Inc., Class A (a)(c)   145    5,913 
Chipotle Mexican Grill, Inc. (a)   75    118,652 
D.R. Horton, Inc.   902    67,208 
Darden Restaurants, Inc.   281    37,359 
Dollar General Corp.   570    126,899 
Dollar Tree, Inc. (a)   592    94,809 
Domino's Pizza, Inc.   99    40,294 
DoorDash, Inc., Class A (a)   99    11,602 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments — continued
Victory 500 Index VIP Series  March 31, 2022
   (Unaudited)

 

Security Description 

Shares

  

Value

 
DraftKings, Inc., Class A (a)   1,971   $38,375 
eBay, Inc.   1,614    92,418 
Etsy, Inc. (a)(b)   345    42,877 
Expedia Group, Inc. (a)   366    71,615 
Ford Motor Co.   10,659    180,244 
General Motors Co. (a)   3,698    161,750 
Genuine Parts Co.   386    48,644 
Hilton Worldwide Holdings, Inc. (a)   743    112,743 
Las Vegas Sands Corp. (a)(b)   972    37,782 
Lennar Corp., Class A   667    54,140 
Lennar Corp., Class B   42    2,871 
Lowe's Cos., Inc.   1,783    360,505 
Lucid Group, Inc. (a)(c)   1,817    46,152 
Marriott International, Inc., Class A (a)   840    147,630 
McDonald's Corp.   1,871    462,661 
MGM Resorts International   1,092    45,798 
NIKE, Inc., Class B   3,525    474,324 
NVR, Inc. (a)   9    40,205 
O'Reilly Automotive, Inc. (a)   184    126,033 
Pool Corp.   109    46,091 
Rivian Automotive, Inc., Class A (a)(c)   443    22,256 
Ross Stores, Inc.   869    78,610 
Royal Caribbean Cruises Ltd. (a)(c)   523    43,817 
Starbucks Corp.   3,094    281,461 
Target Corp. (b)   1,303    276,523 
Tesla, Inc. (a)   2,481    2,673,526 
The Home Depot, Inc.   2,869    858,778 
The TJX Cos., Inc.   3,278    198,581 
Tractor Supply Co.   307    71,644 
Ulta Beauty, Inc. (a)   149    59,335 
VF Corp.   832    47,307 
Wayfair, Inc., Class A (a)(c)   130    14,401 
Yum! Brands, Inc.   694    82,260 
         12,782,632 
Consumer Staples (6.1%):          
Altria Group, Inc.   4,957    259,003 
Archer-Daniels-Midland Co.   1,366    123,295 
Brown-Forman Corp., Class B   720    48,254 
Bunge Ltd.   340    37,675 
Church & Dwight Co., Inc.   660    65,591 
Colgate-Palmolive Co.   2,243    170,087 
Conagra Brands, Inc.   1,249    41,929 
Constellation Brands, Inc., Class A   461    106,178 
Costco Wholesale Corp.   1,180    679,503 
General Mills, Inc.   1,553    105,169 
Hormel Foods Corp. (c)   832    42,881 
Kellogg Co.   642    41,403 
Keurig Dr Pepper, Inc.   2,543    96,380 
Kimberly-Clark Corp.   926    114,046 
McCormick & Co., Inc.   541    53,992 
Mondelez International, Inc., Class A   3,734    234,421 
Monster Beverage Corp. (a)   1,102    88,050 
PepsiCo, Inc.   3,801    636,211 
Philip Morris International, Inc.   4,258    399,997 
Sysco Corp.   1,365    111,452 
The Clorox Co.   335    46,575 
The Coca-Cola Co.   11,370    704,940 
The Estee Lauder Cos., Inc.   551    150,048 
The Hershey Co.   380    82,319 
The J.M. Smucker Co.   295    39,946 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments — continued
Victory 500 Index VIP Series  March 31, 2022
   (Unaudited)

 

Security Description 

Shares

  

Value

 
The Kraft Heinz Co.   2,053   $80,868 
The Kroger Co.   1,808    103,725 
The Procter & Gamble Co.   6,448    985,254 
Tyson Foods, Inc., Class A   672    60,231 
Walgreens Boots Alliance, Inc.   2,072    92,764 
Walmart, Inc.   4,252    633,208 
         6,435,395 
Electronic Equipment, Instruments & Components (0.5%):          
Amphenol Corp., Class A   1,507    113,552 
CDW Corp.   371    66,368 
Corning, Inc.   2,226    82,162 
Keysight Technologies, Inc. (a)   533    84,198 
Teledyne Technologies, Inc. (a)   119    56,243 
Trimble, Inc. (a)   683    49,272 
Zebra Technologies Corp. (a)   144    59,573 
         511,368 
Energy (3.9%):          
Baker Hughes Co.   1,870    68,087 
Cheniere Energy, Inc.   699    96,916 
Chevron Corp.   5,295    862,185 
ConocoPhillips   3,571    357,100 
Continental Resources, Inc. (c)   105    6,440 
Coterra Energy, Inc.   1,859    50,137 
Devon Energy Corp.   1,806    106,789 
Diamondback Energy, Inc.   488    66,895 
EOG Resources, Inc.   1,388    165,491 
Exxon Mobil Corp.   11,265    930,376 
Halliburton Co.   2,417    91,532 
Hess Corp.   699    74,821 
Kinder Morgan, Inc.   5,837    110,378 
Marathon Oil Corp.   1,860    46,705 
Marathon Petroleum Corp.   1,520    129,960 
Occidental Petroleum Corp.   2,566    145,595 
ONEOK, Inc.   1,199    84,685 
Phillips 66   1,198    103,495 
Pioneer Natural Resources Co.   660    165,020 
Schlumberger NV   3,883    160,407 
Targa Resources Corp.   609    45,961 
The Williams Cos., Inc.   3,338    111,522 
Valero Energy Corp.   1,113    113,014 
         4,093,511 
Financials (11.0%):          
Aflac, Inc.   1,735    111,717 
Ally Financial, Inc.   877    38,132 
American Express Co.   1,757    328,559 
American International Group, Inc.   2,144    134,579 
Ameriprise Financial, Inc.   305    91,610 
Apollo Global Management, Inc.   1,139    70,607 
Arch Capital Group Ltd. (a)   932    45,127 
Ares Management Corp., Class A   551    44,758 
Arthur J Gallagher & Co.   567    98,998 
Bank of America Corp.   20,306    837,013 
Berkshire Hathaway, Inc., Class B (a)   3,735    1,318,119 
Berkshire Hathaway, Inc., Class A (a)   1    528,921 
BlackRock, Inc.   396    302,611 
Blackstone, Inc.   1,924    244,233 
Brown & Brown, Inc.   653    47,192 
Capital One Financial Corp.   1,137    149,277 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments — continued
Victory 500 Index VIP Series  March 31, 2022
   (Unaudited)

 

Security Description 

Shares

  

Value

 
Cincinnati Financial Corp.   385   $52,345 
Citigroup, Inc.   5,338    285,049 
Citizens Financial Group, Inc.   1,062    48,140 
CME Group, Inc.   779    185,293 
Coinbase Global, Inc., Class A (a)(c)   550    104,423 
Discover Financial Services   746    82,202 
FactSet Research Systems, Inc.   103    44,717 
Fifth Third Bancorp   1,720    74,029 
First Republic Bank   486    78,781 
Franklin Resources, Inc.   871    24,318 
Huntington Bancshares, Inc.   3,910    57,164 
Intercontinental Exchange, Inc.   1,544    203,993 
JPMorgan Chase & Co.   7,943    1,082,790 
KeyCorp   2,281    51,049 
Loews Corp.   488    31,632 
LPL Financial Holdings, Inc.   206    37,632 
M&T Bank Corp.   332    56,274 
Markel Corp. (a)   35    51,633 
MarketAxess Holdings, Inc.   92    31,298 
Marsh & McLennan Cos., Inc.   1,381    235,350 
MetLife, Inc.   2,006    140,982 
Moody's Corp.   466    157,233 
Morgan Stanley   4,100    358,340 
MSCI, Inc.   223    112,142 
Nasdaq, Inc.   304    54,173 
Northern Trust Corp.   571    66,493 
Principal Financial Group, Inc.   612    44,927 
Prudential Financial, Inc.   1,022    120,770 
Raymond James Financial, Inc.   540    59,351 
Regions Financial Corp.   2,521    56,117 
Rocket Cos., Inc., Class A (c)   287    3,191 
S&P Global, Inc.   966    396,234 
Signature Bank   145    42,556 
State Street Corp.   995    86,684 
SVB Financial Group (a)   160    89,512 
Synchrony Financial   1,191    41,459 
T Rowe Price Group, Inc.   620    93,738 
The Allstate Corp.   771    106,791 
The Bank of New York Mellon Corp.   2,174    107,896 
The Carlyle Group, Inc.   701    34,286 
The Charles Schwab Corp.   4,146    349,549 
The Goldman Sachs Group, Inc.   925    305,342 
The Hartford Financial Services Group, Inc.   796    57,161 
The PNC Financial Services Group, Inc.   1,142    210,642 
The Progressive Corp.   1,607    183,182 
The Travelers Cos., Inc.   650    118,774 
Tradeweb Markets, Inc., Class A   122    10,720 
Truist Financial Corp.   3,611    204,744 
U.S. Bancorp   3,906    207,604 
W.R. Berkley Corp.   606    40,354 
Wells Fargo & Co.   10,371    502,579 
         11,573,091 
Health Care (13.1%):          
Abbott Laboratories   4,859    575,111 
AbbVie, Inc.   4,809    779,587 
ABIOMED, Inc. (a)   113    37,430 
Agilent Technologies, Inc.   756    100,041 
Align Technology, Inc. (a)   214    93,304 
Alnylam Pharmaceuticals, Inc. (a)   247    40,333 
AmerisourceBergen Corp.   436    67,454 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments — continued
Victory 500 Index VIP Series  March 31, 2022
   (Unaudited)

 

Security Description 

Shares

  

Value

 
Amgen, Inc.   1,514   $366,115 
Anthem, Inc.   663    325,679 
Avantor, Inc. (a)(c)   1,552    52,489 
Baxter International, Inc.   1,307    101,345 
Becton Dickinson & Co.   725    192,850 
Biogen, Inc. (a)   357    75,184 
BioMarin Pharmaceutical, Inc. (a)   415    31,996 
Bio-Rad Laboratories, Inc., Class A (a)   53    29,851 
Bio-Techne Corp.   107    46,335 
Boston Scientific Corp. (a)   3,879    171,801 
Bristol-Myers Squibb Co.   6,099    445,410 
Cardinal Health, Inc.   721    40,881 
Catalent, Inc. (a)   435    48,241 
Centene Corp. (a)   1,468    123,591 
Cerner Corp.   806    75,409 
Charles River Laboratories International, Inc. (a)   130    36,916 
Cigna Corp.   873    209,180 
CVS Health Corp.   3,417    345,835 
Danaher Corp.   1,945    570,527 
Dexcom, Inc. (a)   264    135,062 
Edwards Lifesciences Corp. (a)   1,712    201,537 
Eli Lilly & Co.   2,286    654,642 
Gilead Sciences, Inc. (b)   3,083    183,284 
HCA Healthcare, Inc.   615    154,131 
Hologic, Inc. (a)   564    43,326 
Horizon Therapeutics PLC (a)   610    64,178 
Humana, Inc.   311    135,338 
IDEXX Laboratories, Inc. (a)   214    117,071 
Illumina, Inc. (a)   395    138,013 
Incyte Corp. (a)   602    47,811 
Insulet Corp. (a)   130    34,631 
Intuitive Surgical, Inc. (a)   962    290,216 
IQVIA Holdings, Inc. (a)   525    121,385 
Johnson & Johnson (b)   6,996    1,239,901 
Laboratory Corp. of America Holdings (a)   257    67,761 
McKesson Corp.   412    126,126 
Merck & Co., Inc.   6,945    569,837 
Mettler-Toledo International, Inc. (a)   58    79,645 
Moderna, Inc. (a)   1,037    178,634 
Molina Healthcare, Inc. (a)   128    42,700 
PerkinElmer, Inc.   285    49,721 
Pfizer, Inc.   15,451    799,898 
Quest Diagnostics, Inc.   334    45,711 
Regeneron Pharmaceuticals, Inc. (a)   185    129,208 
ResMed, Inc.   372    90,214 
Royalty Pharma PLC, Class A   228    8,883 
Seagen, Inc. (a)   497    71,593 
Stryker Corp.   972    259,864 
Teleflex, Inc.   110    39,031 
The Cooper Cos., Inc.   125    52,199 
Thermo Fisher Scientific, Inc.   1,075    634,949 
UnitedHealth Group, Inc.   2,585    1,318,272 
Veeva Systems, Inc., Class A (a)   284    60,339 
Vertex Pharmaceuticals, Inc. (a)   692    180,591 
Waters Corp. (a)   151    46,869 
West Pharmaceutical Services, Inc.   183    75,160 
Zimmer Biomet Holdings, Inc.   538    68,810 
Zoetis, Inc.   1,297    244,601 
         13,784,037 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments — continued
Victory 500 Index VIP Series  March 31, 2022
   (Unaudited)

 

Security Description 

Shares

  

Value

 
Industrials (7.7%):          
3M Co.   1,571   $233,890 
AMETEK, Inc.   596    79,375 
Builders FirstSource, Inc. (a)   424    27,365 
Carrier Global Corp.   1,924    88,254 
Caterpillar, Inc.   1,426    317,741 
Cintas Corp.   261    111,027 
Copart, Inc. (a)   645    80,928 
CoStar Group, Inc. (a)(b)   1,062    70,740 
CSX Corp.   5,519    206,687 
Cummins, Inc.   391    80,198 
Deere & Co.   807    335,276 
Delta Air Lines, Inc. (a)   1,647    65,172 
Dover Corp.   387    60,720 
Eaton Corp. PLC   1,096    166,329 
Emerson Electric Co.   1,581    155,017 
Equifax, Inc.   335    79,428 
Expeditors International of Washington, Inc.   440    45,390 
Fastenal Co.   1,581    93,911 
FedEx Corp.   713    164,981 
Fortive Corp.   975    59,407 
Generac Holdings, Inc. (a)   173    51,426 
General Dynamics Corp.   675    162,796 
General Electric Co.   2,671    244,397 
Honeywell International, Inc.   1,845    359,000 
Howmet Aerospace, Inc.   1,151    41,367 
IDEX Corp.   209    40,072 
Illinois Tool Works, Inc.   769    161,029 
Ingersoll Rand, Inc. (b)   944    47,530 
J.B. Hunt Transport Services, Inc.   227    45,579 
Jacobs Engineering Group, Inc.   333    45,891 
Johnson Controls International PLC   1,931    126,616 
L3Harris Technologies, Inc.   514    127,714 
Leidos Holdings, Inc.   362    39,103 
Lockheed Martin Corp.   748    330,167 
Norfolk Southern Corp.   659    187,960 
Northrop Grumman Corp.   415    185,596 
Old Dominion Freight Line, Inc.   276    82,436 
Otis Worldwide Corp.   1,143    87,954 
PACCAR, Inc.   955    84,107 
Parker-Hannifin Corp.   349    99,032 
Plug Power, Inc. (a)   1,417    40,540 
Quanta Services, Inc.   392    51,591 
Raytheon Technologies Corp.   4,057    401,927 
Republic Services, Inc. (b)   595    78,837 
Rockwell Automation, Inc.   319    89,330 
Rollins, Inc.   783    27,444 
Roper Technologies, Inc.   275    129,863 
Southwest Airlines Co. (a)   1,559    71,402 
Stanley Black & Decker, Inc.   449    62,766 
Textron, Inc.   489    36,372 
The Boeing Co. (a)   1,602    306,783 
TransDigm Group, Inc. (a)   133    86,655 
TransUnion   488    50,430 
Uber Technologies, Inc. (a)   5,257    187,570 
Union Pacific Corp.   1,695    463,091 
United Airlines Holdings, Inc. (a)   864    40,055 
United Parcel Service, Inc., Class B   1,863    399,539 
United Rentals, Inc. (a)   199    70,687 
Verisk Analytics, Inc.   444    95,296 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments — continued
Victory 500 Index VIP Series  March 31, 2022
   (Unaudited)

 

Security Description 

Shares

  

Value

 
W.W. Grainger, Inc.   135   $69,632 
Waste Management, Inc.   1,139    180,531 
Westinghouse Air Brake Technologies Corp.   509    48,951 
Xylem, Inc.   464    39,561 
         8,100,461 
IT Services (3.9%):          
Akamai Technologies, Inc. (a)   436    52,054 
Automatic Data Processing, Inc.   1,154    262,581 
Block, Inc. (a)(b)   990    134,244 
Broadridge Financial Solutions, Inc.   317    49,360 
Cognizant Technology Solutions Corp., Class A   1,411    126,524 
Fidelity National Information Services, Inc.   1,657    166,396 
Fiserv, Inc. (a)   1,641    166,397 
FleetCor Technologies, Inc. (a)   202    50,310 
Gartner, Inc. (a)   226    67,226 
Global Payments, Inc.   767    104,956 
International Business Machines Corp.   2,419    314,518 
Mastercard, Inc., Class A   2,409    860,929 
MongoDB, Inc. (a)(c)   139    61,659 
Okta, Inc. (a)   103    15,549 
Paychex, Inc.   876    119,548 
PayPal Holdings, Inc. (a)   3,167    366,264 
Snowflake, Inc., Class A (a)   88    20,164 
Twilio, Inc., Class A (a)   204    33,621 
VeriSign, Inc. (a)   264    58,730 
Visa, Inc., Class A   4,877    1,081,572 
         4,112,602 
Materials (1.9%):          
Air Products and Chemicals, Inc.   603    150,696 
Albemarle Corp.   322    71,210 
Avery Dennison Corp.   210    36,534 
Ball Corp.   809    72,810 
Celanese Corp.   297    42,432 
CF Industries Holdings, Inc.   480    49,469 
Corteva, Inc.   1,998    114,845 
Crown Holdings, Inc.   347    43,406 
Dow, Inc.   2,000    127,440 
DuPont de Nemours, Inc.   1,394    102,571 
Eastman Chemical Co.   319    35,747 
Ecolab, Inc.   738    130,301 
FMC Corp.   305    40,129 
Freeport-McMoRan, Inc.   3,703    184,187 
International Flavors & Fragrances, Inc.   663    87,072 
International Paper Co.   947    43,704 
Martin Marietta Materials, Inc.   157    60,428 
Newmont Corp.   2,168    172,248 
Nucor Corp.   621    92,312 
PPG Industries, Inc.   607    79,559 
Southern Copper Corp.   246    18,671 
The Mosaic Co.   937    62,310 
The Sherwin-Williams Co.   698    174,235 
Vulcan Materials Co.   357    65,581 
         2,057,897 
Real Estate (3.0%):          
Alexandria Real Estate Equities, Inc.   430    86,537 
American Tower Corp.   1,251    314,276 
AvalonBay Communities, Inc.   404    100,341 
Boston Properties, Inc.   412    53,066 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments — continued
Victory 500 Index VIP Series  March 31, 2022
   (Unaudited)

 

Security Description 

Shares

  

Value

 
Camden Property Trust   299   $49,694 
CBRE Group, Inc., Class A (a)   910    83,283 
Crown Castle International Corp.   1,188    219,305 
Digital Realty Trust, Inc.   821    116,418 
Duke Realty Corp.   1,107    64,272 
Equinix, Inc.   262    194,304 
Equity Residential   1,000    89,920 
Essex Property Trust, Inc.   189    65,296 
Extra Space Storage, Inc.   388    79,773 
Healthpeak Properties, Inc.   1,560    53,555 
Invitation Homes, Inc.   1,757    70,596 
Iron Mountain, Inc.   695    38,510 
Kimco Realty Corp.   1,784    44,065 
Mid-America Apartment Communities, Inc.   343    71,841 
Prologis, Inc.   2,140    345,567 
Public Storage   457    178,358 
Realty Income Corp.   1,608    111,434 
SBA Communications Corp.   315    108,392 
Simon Property Group, Inc.   884    116,299 
Sun Communities, Inc.   335    58,722 
UDR, Inc.   921    52,838 
Ventas, Inc.   1,155    71,333 
VICI Properties, Inc.   2,165    61,616 
Welltower, Inc.   1,294    124,405 
Weyerhaeuser Co.   1,900    72,010 
WP Carey, Inc.   552    44,624 
         3,140,650 
Semiconductors & Semiconductor Equipment (5.9%):          
Advanced Micro Devices, Inc. (a)   4,471    488,859 
Analog Devices, Inc.   1,408    232,573 
Applied Materials, Inc.   2,427    319,879 
Broadcom, Inc.   912    574,268 
Enphase Energy, Inc. (a)   360    72,641 
Entegris, Inc.   349    45,810 
GLOBALFOUNDRIES, Inc. (a)   170    10,611 
Intel Corp.   11,188    554,477 
KLA Corp.   392    143,495 
Lam Research Corp.   383    205,905 
Marvell Technology, Inc.   2,099    150,519 
Microchip Technology, Inc.   1,512    113,612 
Micron Technology, Inc.   3,077    239,668 
Monolithic Power Systems, Inc.   126    61,196 
NVIDIA Corp.   6,797    1,854,629 
ON Semiconductor Corp. (a)   1,138    71,250 
Qorvo, Inc. (a)   279    34,624 
QUALCOMM, Inc.   3,097    473,284 
Skyworks Solutions, Inc.   446    59,443 
Teradyne, Inc.   413    48,829 
Texas Instruments, Inc.   2,538    465,672 
         6,221,244 
Software (9.4%):          
Adobe, Inc. (a)   1,296    590,483 
ANSYS, Inc. (a)   227    72,107 
AppLovin Corp., Class A (a)   76    4,185 
Autodesk, Inc. (a)   592    126,895 
Bill.com Holdings, Inc. (a)   252    57,151 
Cadence Design Systems, Inc. (a)   754    124,003 
Cloudflare, Inc., Class A (a)   112    13,406 
Crowdstrike Holdings, Inc., Class A (a)   60    13,625 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments — continued
Victory 500 Index VIP Series  March 31, 2022
   (Unaudited)

 

Security Description 

Shares

  

Value

 
Datadog, Inc., Class A (a)   73   $11,057 
DocuSign, Inc. (a)   544    58,273 
Fortinet, Inc. (a)   349    119,267 
HubSpot, Inc. (a)   116    55,093 
Intuit, Inc.   729    350,532 
Microsoft Corp. (b)   19,948    6,150,168 
NortonLifeLock, Inc.   1,430    37,924 
Oracle Corp.   4,480    370,630 
Palantir Technologies, Inc., Class A (a)   821    11,272 
Palo Alto Networks, Inc. (a)(b)   262    163,098 
Paycom Software, Inc. (a)   150    51,957 
Qualtrics International, Inc., Class A (a)   151    4,311 
Salesforce, Inc. (a)   2,649    562,436 
ServiceNow, Inc. (a)(b)   538    299,607 
Splunk, Inc. (a)   432    64,200 
SS&C Technologies Holdings, Inc.   653    48,988 
Synopsys, Inc. (a)   390    129,975 
The Trade Desk, Inc., Class A (a)   839    58,101 
Tyler Technologies, Inc. (a)   111    49,383 
UiPath, Inc., Class A (a)(c)   76    1,641 
Unity Software, Inc. (a)   493    48,911 
VMware, Inc., Class A   485    55,227 
Workday, Inc., Class A (a)   268    64,175 
Zendesk, Inc. (a)   310    37,290 
Zoom Video Communications, Inc., Class A (a)   68    7,972 
Zscaler, Inc. (a)   247    59,596 
         9,872,939 
Technology Hardware, Storage & Peripherals (7.7%):          
Apple, Inc.   44,840    7,829,512 
Dell Technologies, Inc., Class C (a)   597    29,963 
Hewlett Packard Enterprise Co.   3,535    59,070 
HP, Inc.   2,912    105,706 
NetApp, Inc.   495    41,085 
Western Digital Corp. (a)   860    42,699 
         8,108,035 
Utilities (2.6%):          
Alliant Energy Corp.   659    41,174 
Ameren Corp.   634    59,444 
American Electric Power Co., Inc. (b)   1,385    138,181 
American Water Works Co., Inc.   499    82,599 
Atmos Energy Corp.   364    43,494 
Avangrid, Inc. (c)   201    9,395 
CenterPoint Energy, Inc.   1,583    48,503 
CMS Energy Corp.   729    50,986 
Consolidated Edison, Inc. (b)   942    89,189 
Constellation Energy Corp.   840    47,250 
Dominion Energy, Inc.   2,227    189,228 
DTE Energy Co.   482    63,725 
Duke Energy Corp. (b)   2,114    236,049 
Edison International   967    67,787 
Entergy Corp.   517    60,360 
Evergy, Inc. (b)   630    43,054 
Eversource Energy (b)   936    82,546 
Exelon Corp.   2,523    120,171 
FirstEnergy Corp.   1,551    71,129 
NextEra Energy, Inc. (b)   5,393    456,841 
PG&E Corp. (a)   3,809    45,479 
PPL Corp.   2,019    57,663 
Public Service Enterprise Group, Inc.   1,365    95,550 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments — continued
Victory 500 Index VIP Series  March 31, 2022
   (Unaudited)

 
Security Description  

Shares

     Value  
Sempra Energy     758     $ 127,435  
The AES Corp.     1,562       40,190  
The Southern Co. (b)     2,913       211,222  
WEC Energy Group, Inc. (b)     848       84,639  
Xcel Energy, Inc. (b)     1,480       106,812  
              2,770,095  
Total Common Stocks (Cost $28,161,385)             104,383,460  
                 
Collateral for Securities Loaned (0.3%)^                
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (d)     7,147       7,147  
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (d)     200,478       200,478  
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (d)     3,567       3,567  
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (d)     28,441       28,441  
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (d)     127,874       127,874  
Total Collateral for Securities Loaned (Cost $367,507)             367,507  
Total Investments (Cost $28,528,892) — 99.4%             104,750,967  
Other assets in excess of liabilities — 0.6%             677,849  
NET ASSETS - 100.00%           $ 105,428,816  

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security has been segregated as collateral for derivative instruments.
(c) All or a portion of this security is on loan.
(d) Rate disclosed is the daily yield on March 31, 2022.

 

PLC—Public Limited Company

 

Futures Contracts Purchased    

 

   Number of
Contracts		  Expiration
Date		  Notional
Amount		   Value   Unrealized
Appreciation
(Depreciation)		 
E-Mini S&P 500 Futures  5  6/20/22  $1,117,311   $1,132,688   $15,377 
                      
   Total unrealized appreciation            $15,377 
   Total unrealized depreciation             – 
   Total net unrealized appreciation (depreciation)        $15,377 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments
Victory Sophus Emerging Markets VIP Series March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (99.2%)
Brazil (6.8%):          
Consumer Discretionary (1.3%):          
Vibra Energia SA   92,000   $451,854 
           
Consumer Staples (1.9%):          
Sao Martinho SA   25,600    238,560 
Sendas Distribuidora SA   66,453    227,405 
SLC Agricola SA   16,950    177,323 
         643,288 
Financials (1.0%):          
Itau Unibanco Holding SA, ADR   58,165    332,122 
           
Health Care (0.6%):          
Hypera SA   27,300    221,999 
           
Industrials (0.9%):          
Randon SA Implementos e Participacoes, Preference Shares   77,800    174,549 
SIMPAR SA   60,172    148,398 
         322,947 
Materials (1.1%):          
Dexco SA   51,602    159,133 
Gerdau SA, Preference Shares   32,900    212,938 
         372,071 
         2,344,281 
Canada (0.9%):          
Energy (0.9%):          
Parex Resources, Inc.   15,112    310,098 
           
Chile (0.0%):(a)          
Financials (0.0%):          
Banco de Credito e Inversiones SA  (b)   1    36 
           
China (26.2%):          
Communication Services (5.5%):          
Baidu, Inc., ADR  (b)   1,973    261,028 
NetEase, Inc., ADR   4,583    411,049 
Tencent Holdings Ltd.   26,130    1,204,492 
         1,876,569 
Consumer Discretionary (5.9%):          
Alibaba Group Holding Ltd., ADR  (b)   7,206    784,013 
BYD Co. Ltd., Class H   6,500    180,806 
China Meidong Auto Holdings Ltd.  (c)   34,000    129,221 
Fuyao Glass Industry Group Co. Ltd., Class H  (d)   33,200    134,803 
JD.com, Inc., ADR  (b)(c)   7,142    413,307 
JD.com, Inc., Class A  (b)   1,372    38,987 
Jiumaojiu International Holdings Ltd.  (d)   66,000    139,617 
Meituan, Class B  (b)(d)   10,200    193,236 
         2,013,990 
Consumer Staples (1.9%):          
Chacha Food Co. Ltd., Class A   26,500    223,596 
Chenguang Biotech Group Co. Ltd., Class A  (b)   80,500    222,972 
Inner Mongolia Yili Industrial Group Co. Ltd., Class A   36,800    213,181 
         659,749 
Energy (1.2%):          
PetroChina Co. Ltd., Class H   830,000    421,504 
           
Financials (3.2%):          
China Merchants Bank Co. Ltd., Class H   75,500    587,747 

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory Sophus Emerging Markets VIP Series March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Postal Savings Bank of China Co. Ltd., Class H  (c)(d)   619,000   $498,467 
         1,086,214 
Health Care (1.2%):          
Hygeia Healthcare Holdings Co. Ltd.  (d)   27,000    103,581 
Pharmaron Beijing Co. Ltd., Class H  (d)   11,200    134,701 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A   3,700    178,778 
         417,060 
Industrials (2.0%):          
China Railway Group Ltd., Class H   579,000    322,499 
Xinte Energy Co. Ltd., Class H  (b)   83,600    202,390 
Zhefu Holding Group Co. Ltd., Class A   199,600    166,469 
         691,358 
Information Technology (2.3%):          
Chinasoft International Ltd.   144,000    118,036 
Luxshare Precision Industry Co. Ltd., Class A   30,900    153,233 
Shenzhen Sunline Tech Co. Ltd., Class A   75,300    159,434 
WUS Printed Circuit Kunshan Co. Ltd., Class A   113,020    234,641 
Yonyou Network Technology Co. Ltd., Class A   35,800    128,714 
         794,058 
Materials (2.1%):          
China Hongqiao Group Ltd.  (c)   220,500    289,693 
Shandong Nanshan Aluminum Co. Ltd., Class A   259,000    164,917 
Wanhua Chemical Group Co. Ltd., Class A   21,600    273,832 
         728,442 
Utilities (0.9%):          
China Longyuan Power Group Corp. Ltd., Class H   140,000    314,696 
         9,003,640 
Greece (1.3%):          
Financials (0.8%):          
National Bank of Greece SA  (b)   68,687    252,963 
           
Industrials (0.5%):          
Mytilineos SA   10,918    178,747 
         431,710 
Hong Kong (3.1%):          
Consumer Discretionary (0.5%):          
Bosideng International Holdings Ltd.   362,000    167,736 
           
Financials (0.7%):          
BOC Hong Kong Holdings Ltd.   66,000    248,354 
           
Industrials (0.8%):          
Pacific Basin Shipping Ltd.   531,000    284,322 
           
Real Estate (1.1%):          
China Resources Land Ltd.   78,000    361,165 
         1,061,577 
India (10.8%):          
Consumer Discretionary (0.8%):          
Balkrishna Industries Ltd.   9,877    277,002 
           
Consumer Staples (0.4%):          
Dabur India Ltd.   20,176    142,291 
           
Energy (1.0%):          
Hindustan Petroleum Corp. Ltd.   93,647    331,570 
           
Financials (2.6%):          
Cholamandalam Investment & Finance Co. Ltd.   35,108    330,648 
ICICI Bank Ltd., ADR   21,029    398,289 

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory Sophus Emerging Markets VIP Series March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
UTI Asset Management Co. Ltd.   13,543   $176,814 
         905,751 
Health Care (0.8%):          
Apollo Hospitals Enterprise Ltd.   4,735    281,031 
           
Industrials (1.0%):          
Larsen & Toubro Ltd.   15,436    357,998 
           
Information Technology (3.3%):          
Infosys Ltd., ADR   33,274    828,190 
WNS Holdings Ltd., ADR  (b)   3,515    300,497 
         1,128,687 
Materials (0.9%):          
Tata Steel Ltd.  (e)   17,774    304,090 
         3,728,420 
Indonesia (1.5%):          
Communication Services (0.9%):          
PT Telkom Indonesia Persero Tbk   954,400    303,697 
           
Financials (0.6%):          
PT Bank Mandiri Persero Tbk   387,700    212,676 
         516,373 
Korea, Republic Of (15.7%):          
Communication Services (1.7%):          
JYP Entertainment Corp.   5,774    289,735 
LG Uplus Corp.   26,415    303,929 
         593,664 
Consumer Discretionary (1.0%):          
Hanon Systems   10,292    99,604 
Shinsegae, Inc.   1,124    236,098 
         335,702 
Financials (2.6%):          
Hana Financial Group, Inc.   8,874    352,991 
Samsung Securities Co. Ltd.   5,809    199,507 
Woori Financial Group, Inc.   26,713    334,854 
         887,352 
Health Care (1.0%):          
InBody Co. Ltd.   5,489    126,112 
Samsung Biologics Co. Ltd.  (b)(d)   337    229,012 
         355,124 
Industrials (1.2%):          
CJ Corp.   2,065    142,856 
Samsung Engineering Co. Ltd.  (b)   12,019    257,996 
         400,852 
Information Technology (7.2%):          
Innox Advanced Materials Co. Ltd.   6,099    267,735 
Samsung Electro-Mechanics Co. Ltd.   1,522    204,955 
Samsung Electronics Co. Ltd.   26,672    1,526,440 
SK Hynix, Inc.   4,763    458,254 
         2,457,384 
Materials (1.0%):          
Kolon Industries, Inc.   2,323    120,424 
PI Advanced Materials Co. Ltd.   6,246    235,875 
         356,299 
         5,386,377 

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory Sophus Emerging Markets VIP Series March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Malaysia (2.2%):          
Consumer Discretionary (0.4%):          
MR DIY Group M Bhd  (d)   163,600   $134,489 
           
Consumer Staples (0.5%):          
Kuala Lumpur Kepong Bhd   27,000    161,920 
           
Financials (0.9%):          
Public Bank Bhd   274,900    305,068 
           
Materials (0.4%):          
Petronas Chemicals Group Bhd   69,500    158,620 
         760,097 
Mexico (2.0%):          
Consumer Discretionary (0.5%):          
Alsea SAB de CV  (b)   68,364    171,404 
           
Financials (1.1%):          
Grupo Financiero Banorte SAB de CV, Class O   50,733    381,521 
           
Real Estate (0.4%):          
Corp Inmobiliaria Vesta SAB de CV  (c)   76,024    145,423 
         698,348 
Peru (1.0%):          
Financials (1.0%):          
Credicorp Ltd.   1,898    326,209 
           
Philippines (0.6%):          
Financials (0.6%):          
BDO Unibank, Inc.   82,180    209,983 
           
Qatar (1.4%):          
Financials (0.8%):          
Qatar Islamic Bank SAQ   39,660    259,560 
           
Industrials (0.6%):          
Industries Qatar QSC   40,796    212,652 
         472,212 
Romaia (0.0%):(a)          
Real Estate (0.0%):          
NEPI Rockcastle PLC   1    7 
           
Russian Federation (0.1%):          
Consumer Staples (0.0%):(a)          
Magnit PJSC  (f)(g)   2,805    102 
           
Energy (0.1%):          
Gazprom PJSC  (f)(g)   117,150    14,143 
Rosneft Oil Co. PJSC, GDR  (f)(g)   48,095    9,203 
         23,346 
Financials (0.0%):(a)          
Sberbank of Russia PJSC, ADR  (f)(g)   31,735    698 
         24,146 
Saudi Arabia (3.8%):          
Consumer Discretionary (0.8%):          
Leejam Sports Co. JSC   8,590    287,507 
           
Financials (2.2%):          
Alinma Bank   31,585    325,720 
The Saudi National Bank   23,636    444,746 
         770,466 

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory Sophus Emerging Markets VIP Series March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Materials (0.8%):          
Saudi Arabian Mining Co.  (b)   7,333   $260,358 
         1,318,331 
South Africa (4.1%):          
Communication Services (1.0%):          
MTN Group Ltd.   25,993    336,499 
           
Financials (2.2%):          
Absa Group Ltd.   29,715    385,493 
Capitec Bank Holdings Ltd.   2,483    395,647 
         781,140 
Materials (0.9%):          
Impala Platinum Holdings Ltd.   19,591    301,706 
         1,419,345 
Taiwan (13.0%):          
Financials (1.1%):          
CTBC Financial Holding Co. Ltd.   388,000    395,503 
           
Information Technology (11.2%):          
Gold Circuit Electronics Ltd.   91,000    266,541 
Hon Hai Precision Industry Co. Ltd.   81,000    297,486 
MediaTek, Inc.   13,000    404,659 
Taiwan Semiconductor Manufacturing Co. Ltd.   130,259    2,672,677 
Unimicron Technology Corp.   24,000    204,609 
         3,845,972 
Materials (0.7%):          
Formosa Plastics Corp.   61,000    225,663 
         4,467,138 
Thailand (3.7%):          
Energy (0.8%):          
PTT PCL   244,400    281,675 
           
Financials (0.9%):          
The Siam Commercial Bank PCL   89,200    304,198 
           
Health Care (0.6%):          
Mega Lifesciences PCL   143,800    196,284 
           
Materials (0.8%):          
Indorama Ventures PCL   191,600    266,778 
           
Real Estate (0.6%):          
AP Thailand PCL   696,100    229,689 
         1,278,624 
United Kingdom (1.0%):          
Materials (1.0%):          
Anglo American PLC   6,526    339,043 
Total Common Stocks (Cost $29,637,943)        34,095,995 
           
Rights (0.0%)(a)
Korea, Republic Of (0.0%):          
Health Care (0.0%):          
Samsung Biologics Co. Ltd. , Expires 4/11/22  (b)   22    — 
Total Rights (Cost $–)        — 

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory Sophus Emerging Markets VIP Series March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Collateral for Securities Loaned (3.9%)^
United States (3.9%):          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (h)   26,306   $26,306 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (h)   737,883    737,883 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (h)   13,128    13,128 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (h)   104,679    104,679 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (h)   470,656    470,656 
Total Collateral for Securities Loaned (Cost $1,352,652)        1,352,652 
Total Investments (Cost $30,990,595) — 103.1%        35,448,647 
Liabilities in excess of other assets — (3.1)%        (1,073,367)
NET ASSETS - 100.00%       $34,375,280 

 

^ Purchased with cash collateral from securities on loan.
(a) Amount represents less than 0.05% of net assets.
(b) Non-income producing security.
(c) All or a portion of this security is on loan.
(d) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $1,567,906 and amounted to 4.6% of net assets.
(e) Issuer filed for bankruptcy.
(f) Security was fair valued using significant unobservable inputs as of March 31, 2022.
(g) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees.  As of March 31, 2022, illiquid securities were 0.1% of net assets.
(h) Rate disclosed is the daily yield on March 31, 2022.

 

ADR—American Depositary Receipt
GDR—Global Depositary Receipt
PCL—Public Company Limited
PLC—Public Limited Company