Victory Variable Insurance Funds Schedule of Portfolio Investments
Victory High Yield VIP Series September 30, 2022
  (Unaudited)

  

Security Description  Shares or Principal
Amount		   Value 
Common Stocks (0.5%)          
Communication Services (0.4%):          
Altice USA, Inc., Class A (a)   4,380   $25,535 
iHeartMedia, Inc., Class A (a)(b)   3,500    25,655 
Sinclair Broadcast Group, Inc., Class A (b)   1,800    32,562 
         83,752 
Health Care (0.1%):          
Surgery Partners, Inc. (a)(b)   939    21,973 
           
Total Common Stocks (Cost $194,694)        105,725 
           
Senior Secured Loans (22.4%)          
19th Holdings Golf LLC, Initial Term Loans, First Lien, 5.70% (SOFR01M+300bps), 1/27/29 (c)  $249,375    230,672 
Air Medical Group Holdings, Inc., Incremental Term Loan B, First Lien, 6.77% (LIBOR01M+425bps), 3/14/25 (c)   494,855    427,342 
Bausch Health Cos., Inc., Second Amended Term Loan, First Lien, 8.00% (SOFR01M+525bps), 2/1/27 (c)   246,875    188,975 
Caesars Resort Collection LLC, Term B-1 Loans, First Lien, 6.02% (LIBOR01M+350bps), 6/19/25 (c)   140,139    137,876 
Chariot Buyer LLC, Initial Term Loans, First Lien, 6.02% (LIBOR01M+350bps), 11/3/28 (c)   199,000    180,344 
Covis Pharma Holdings S.a.r.l., Dollar Term B Loans, First Lien, 8.55% (SOFR03M+650bps), 2/14/27 (c)   243,750    191,344 
Delta Air Lines, Inc. and Skymiles IP Ltd., Initial Term Loan, First Lien, 6.46% (LIBOR03M+375bps), 10/20/27 (c)   375,000    375,292 
Diamond Sports Group LLC, Term Loan, First Lien, 10.60% (SOFR01M+800bps), 5/25/26 (c)   37,754    36,102 
Diamond Sports Group LLC, Term Loan, Second Lien, 5.95% (SOFR01M+335bps), 8/24/26 (c)   421,813    80,444 
Envision Healthcare Corp., First Out Term Loan, First Lien, 10.38% (SOFR03M+788bps), 7/22/27 (c)   24,957    23,896 
Envision Healthcare Corp., Second Out Term Loan, First Lien, 6.83% (SOFR03M+425bps), 3/31/27 (c)(d)   147,663    64,233 
Envision Healthcare Corp., Third Out term Loans, First Lien, 6.33% (SOFR03M+375bps), 3/31/27 (c)   69,445    17,824 
Great Outdoors Group LLC, Term B1, First Lien, 6.27% (LIBOR01M+375bps), 3/5/28 (c)   245,644    226,361 
Intelsat Jackson Holdings SA, Term B loan, First Lien, 7.19% (SOFR06M+425bps), 2/1/29 (c)   291,708    273,112 
Jo-Ann Stores LLC, Term B-1 Loan, First Lien, 7.52% (LIBOR03M+475bps), 6/30/28 (c)   247,500    160,180 
Knight Health Holdings LLC, Term B Loans, First Lien, 7.77% (LIBOR01M+525bps), 12/17/28 (c)   496,250    359,161 
LifeScan Global Corp., Initial Term Loan, First Lien, 8.29% (LIBOR03M+600bps), 10/1/24 (c)   368,750    295,737 
Petco Health and Wellness Co., Inc., Initial Term Loans, First Lien, 5.50% (LIBOR03M+325bps), 2/25/28 (c)   395,000    372,165 
PetSmart, Inc., Initial Term Loans, First Lien, 6.27% (LIBOR01M+375bps), 2/12/28 (c)   74,250    70,105 
Radiology Partners, Inc., Term Loan New, First Lien, 7.33% (LIBOR01M+425bps), 7/9/25 (c)   250,000    208,750 

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory High Yield VIP Series September 30, 2022
  (Unaudited)

  

Security Description  Principal Amount   Value 
SWF Holdings Corp. I, Initial Term Loans, First Lien, 7.60% (LIBOR03M+400bps), 10/6/28 (c)  $398,000   $309,644 
The Michaels Cos., Inc., Term B Loans, First Lien, 6.50% (LIBOR03M+425bps), 4/15/28 (c)   296,250    237,593 
TIBCO Software, Inc., Dollar Term B Loan, First Lien, 3/20/29 (d)   500,000    448,035 
United Airlines, Inc., Class B Term Loans, First Lien, 6.53% (LIBOR03M+375bps), 4/21/28 (c)   172,375    164,211 
Total Senior Secured Loans (Cost $5,910,367)        5,079,398 
           
Corporate Bonds (63.7%)          
Communication Services (10.7%):          
CSC Holdings LLC, 5.75%, 1/15/30, Callable 1/15/25 @ 102.88(e)   250,000    177,780 
Cumulus Media New Holdings, Inc., 6.75%, 7/1/26, Callable 11/14/22 @ 103.38(b)(e)   452,000    382,604 
Entercom Media Corp., 6.75%, 3/31/29, Callable 3/31/24 @ 103.38(e)   200,000    48,702 
Gray Television, Inc.          
7.00%, 5/15/27, Callable 10/24/22 @ 105.25 (b)(e)   250,000    234,805 
4.75%, 10/15/30, Callable 10/15/25 @ 102.38 (e)   250,000    187,550 
iHeartCommunications, Inc., 8.38%, 5/1/27, Callable 10/27/22 @ 104.19(b)   350,000    294,753 
Nexstar Broadcasting, Inc., 5.63%, 7/15/27, Callable 10/24/22 @ 104.22(e)   500,000    460,390 
Sinclair Television Group, Inc., 5.50%, 3/1/30, Callable 12/1/24 @ 102.75(b)(e)   250,000    180,000 
TEGNA, Inc., 5.00%, 9/15/29, Callable 9/15/24 @ 102.5   500,000    461,490 
         2,428,074 
Consumer Discretionary (17.7%):          
Academy Ltd., 6.00%, 11/15/27, Callable 11/15/23 @ 103(e)   200,000    182,392 
Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44(e)   200,000    162,928 
American Axle & Manufacturing, Inc., 5.00%, 10/1/29, Callable 10/1/24 @ 102.5(b)   500,000    378,900 
Beazer Homes USA, Inc., 5.88%, 10/15/27, Callable 10/27/22 @ 102.94   400,000    309,340 
Caesars Entertainment, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06(b)(e)   250,000    239,115 
Cinemark USA, Inc., 5.25%, 7/15/28, Callable 7/15/24 @ 102.63(b)(e)   250,000    192,135 
LBM Acquisition LLC, 6.25%, 1/15/29, Callable 1/15/24 @ 103.13(e)   200,000    135,436 
Life Time, Inc., 5.75%, 1/15/26, Callable 1/15/23 @ 102.88(e)   250,000    228,477 
MGM Resorts International, 5.50%, 4/15/27, Callable 1/15/27 @ 100   250,000    224,087 
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 2/1/30, Callable 2/1/25 @ 102.75(e)   100,000    74,459 
Panther BF Aggregator 2 LP/Panther Finance Co., Inc., 8.50%, 5/15/27, Callable 11/14/22 @ 104.25(e)   500,000    477,870 
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.          
5.63%, 9/1/29, Callable 9/1/24 @ 102.81 (e)   200,000    138,404 
5.88%, 9/1/31, Callable 9/1/26 @ 102.98 (e)   400,000    269,908 
Scientific Games Holdings LP/Scientific Games US FinCo., Inc., 6.63%, 3/1/30, Callable 3/1/25 @ 103.31(e)   250,000    200,283 
The Hertz Corp., 5.00%, 12/1/29, Callable 12/1/24 @ 102.5(e)   500,000    371,930 
The Michaels Cos., Inc., 7.88%, 5/1/29, Callable 5/1/24 @ 103.94(b)(e)   200,000    115,372 
Viking Cruises Ltd., 13.00%, 5/15/25, Callable 10/27/22 @ 109.75(e)   300,000    311,523 
         4,012,559 
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    40,859 

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory High Yield VIP Series September 30, 2022
  (Unaudited)

 

Security Description  Principal Amount   Value 
Triton Water Holdings, Inc., 6.25%, 4/1/29, Callable 4/1/24 @ 103.13(e)  $200,000   $153,100 
         193,959 
Energy (8.2%):          
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 6/15/29, Callable 6/15/24 @ 102.69(e)   50,000    44,028 
Antero Resources Corp., 7.63%, 2/1/29, Callable 2/1/24 @ 103.81(e)   50,000    50,005 
Callon Petroleum Co., 7.50%, 6/15/30, Callable 6/15/25 @ 103.75(b)(e)   250,000    219,040 
CITGO Holding, Inc., 9.25%, 8/1/24, Callable 11/14/22 @ 102.31(e)   500,000    496,350 
CITGO Petroleum Corp., 7.00%, 6/15/25, Callable 11/14/22 @ 103.5(e)   250,000    238,805 
Comstock Resources, Inc., 6.75%, 3/1/29, Callable 3/1/24 @ 103.38(e)   250,000    231,365 
PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 2/15/28, Callable 2/15/23 @ 103   250,000    215,770 
Range Resources Corp., 5.00%, 3/15/23, Callable 12/15/22 @ 100   100,000    99,665 
Talos Production, Inc., 12.00%, 1/15/26, Callable 1/15/23 @ 106   250,000    260,745 
         1,855,773 
Financials (3.8%):          
AmWINS Group, Inc., 4.88%, 6/30/29, Callable 6/30/24 @ 102.44(e)   150,000    125,484 
Compass Group Diversified Holdings LLC, 5.25%, 4/15/29, Callable 4/15/24 @ 102.63(e)   200,000    157,270 
Gray Escrow II, Inc., 5.38%, 11/15/31, Callable 11/15/26 @ 102.69(b)(e)   125,000    98,001 
Midas OpCo Holdings LLC, 5.63%, 8/15/29, Callable 8/15/24 @ 102.81(e)   250,000    205,695 
SWF Escrow Issuer Corp., 6.50%, 10/1/29, Callable 10/1/24 @ 103.25(e)   50,000    29,632 
Victors Merger Corp., 6.38%, 5/15/29, Callable 5/15/24 @ 103.19(b)(e)   200,000    121,276 
White Capital Parent LLC, 8.25%, 3/15/26, Callable 11/14/22 @ 102(e)   150,000    127,618 
         864,976 
Health Care (6.3%):          
Air Methods Corp., 8.00%, 5/15/25, Callable 11/14/22 @ 100(e)   350,000    177,401 
CHS/Community Health Systems, Inc., 6.13%, 4/1/30, Callable 4/1/25 @ 103.06(e)   300,000    141,432 
LifePoint Health, Inc., 5.38%, 1/15/29, Callable 1/15/24 @ 102.69(e)   350,000    246,341 
Radiology Partners, Inc., 9.25%, 2/1/28, Callable 2/1/23 @ 104.63(e)   300,000    196,305 
Team Health Holdings, Inc., 6.38%, 2/1/25, Callable 10/27/22 @ 100(e)   350,000    260,284 
Tenet Healthcare Corp., 6.13%, 10/1/28, Callable 10/1/23 @ 103.06(e)   300,000    264,663 
U.S. Renal Care, Inc., 10.63%, 7/15/27, Callable 11/14/22 @ 105.31(e)   300,000    136,683 
         1,423,109 
Industrials (12.2%):          
Ahern Rentals, Inc., 7.38%, 5/15/23, Callable 11/14/22 @ 100(e)   425,000    289,357 
American Airlines, Inc., 11.75%, 7/15/25(e)   250,000    261,335 
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/29(e)   150,000    130,907 
Aramark Services, Inc., 6.38%, 5/1/25, Callable 11/14/22 @ 103.19(e)   250,000    244,932 
Madison IAQ LLC, 5.88%, 6/30/29, Callable 6/30/24 @ 102.94(e)   200,000    139,458 
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27, Callable 6/30/23 @ 103.25(e)   250,000    244,862 
NESCO Holdings II, Inc., 5.50%, 4/15/29, Callable 4/15/24 @ 102.75(e)   100,000    83,340 
Pike Corp., 5.50%, 9/1/28, Callable 9/1/23 @ 102.75(e)   500,000    405,050 
SRS Distribution, Inc.          
6.13%, 7/1/29, Callable 7/1/24 @ 103.06 (e)   125,000    100,509 
6.00%, 12/1/29, Callable 12/1/24 @ 103 (e)   150,000    119,510 
TransDigm, Inc., 4.63%, 1/15/29, Callable 1/15/24 @ 102.31   325,000    262,412 
Triumph Group, Inc., 6.25%, 9/15/24, Callable 11/14/22 @ 100(e)   175,000    159,411 
Wabash National Corp., 4.50%, 10/15/28, Callable 10/15/24 @ 102.25(e)   100,000    78,046 

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory High Yield VIP Series September 30, 2022
  (Unaudited)

  

Security Description  Shares or
Principal Amount		   Value 
WESCO Distribution, Inc., 7.25%, 6/15/28, Callable 6/15/23 @ 103.63(e)  $250,000   $246,052 
         2,765,181 
Information Technology (1.6%):          
Black Knight InfoServ LLC, 3.63%, 9/1/28, Callable 9/1/23 @ 101.81(e)   150,000    127,770 
Nielsen Finance LLC/Nielsen Finance Co., 4.50%, 7/15/29, Callable 7/15/24 @ 102.25(e)   250,000    249,800 
         377,570 
Materials (1.7%):          
Allegheny Technologies, Inc., 5.13%, 10/1/31, Callable 10/1/26 @ 102.56   250,000    205,333 
CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 6/15/28, Callable 6/15/24 @ 103.06(e)   200,000    175,142 
         380,475 
Real Estate (0.7%):          
Adams Homes, Inc., 7.50%, 2/15/25, Callable 10/27/22 @ 103.75(e)   200,000    165,030 
           
Total Corporate Bonds (Cost $17,588,696)        14,466,706 
           
Yankee Dollars (5.5%)          
Communication Services (0.8%):          
Telesat Canada/Telesat LLC, 5.63%, 12/6/26, Callable 12/6/23 @ 102.81(e)   400,000    192,176 
           
Energy (0.8%):          
TechnipFMC PLC, 6.50%, 2/1/26, Callable 2/1/23 @ 103.25(e)   200,000    191,944 
           
Industrials (2.9%):          
Bombardier, Inc., 7.88%, 4/15/27, Callable 11/14/22 @ 103.94(b)(e)   400,000    368,040 
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 4/15/26, Callable 11/11/22 @ 101.94(e)   250,000    199,410 
VistaJet Malta Finance PLC/XO Management Holding, Inc., 6.38%, 2/1/30, Callable 2/1/25 @ 103.19(b)(e)   100,000    80,670 
         648,120 
Information Technology (0.7%):          
ION Trading Technologies Sarl, 5.75%, 5/15/28, Callable 5/15/24 @ 102.88(e)   200,000    162,562 
           
Materials (0.3%):          
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 5.13%, 4/1/29, Callable 4/1/24 @ 102.56(e)   100,000    59,003 
           
Total Yankee Dollars (Cost $1,599,793)        1,253,805 
           
Collateral for Securities Loaned (12.1%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (f)   58,873    58,873 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (f)   39,627    39,627 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (f)   29,381    29,381 
HSBC U.S. Government Money Market Fund, I Shares, 2.91% (f)   1,337,687    1,337,687 
JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (f)   58,661    58,661 

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory High Yield VIP Series September 30, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (f)   159,284   $159,284 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (f)   1,053,333    1,053,333 
Total Collateral for Securities Loaned (Cost $2,736,846)        2,736,846 
Total Investments (Cost $28,030,396) — 104.2%        23,642,480 
Liabilities in excess of other assets — (4.2)%        (945,082)
NET ASSETS - 100.00%       $22,697,398 

  

^ 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) Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2022.
(d) 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.
(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 September 30, 2022, the fair value of these securities was $13,008,016 and amounted to 57.3% of net assets.
(f) Rate disclosed is the daily yield on September 30, 2022.

 

bps—Basis points

CVR—Contingent Value Right

LIBOR—London Interbank Offered Rate
LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of September 30, 2022, based on the last reset date of the security
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of September 30, 2022, based on the last reset date of the security
LLC—Limited Liability Company
LP—Limited Partnership
PLC—Public Limited Company
SOFR—Secured Overnight Financing Rate

 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments
Victory RS International VIP Series  September 30, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (96.9%)
Australia (7.7%):          
Consumer Discretionary (1.1%):          
Aristocrat Leisure Ltd.   52,601   $1,108,917 
           
Financials (1.3%):          
Macquarie Group Ltd.   14,346    1,399,272 
           
Health Care (2.1%):          
CSL Ltd.   11,882    2,160,441 
           
Materials (2.2%):          
BHP Group Ltd.   93,939    2,334,603 
           
Real Estate (1.0%):          
Scentre Group   626,995    1,024,196 
         8,027,429 
Belgium (0.7%):          
Information Technology (0.7%):          
Melexis NV   11,008    744,605 
           
China (0.8%):          
Communication Services (0.8%):          
Tencent Holdings Ltd.   23,900    807,280 
           
Denmark (3.6%):          
Consumer Discretionary (0.5%):          
Pandora A/S   9,770    456,991 
           
Consumer Staples (0.5%):          
Royal Unibrew A/S   8,124    526,499 
           
Health Care (2.6%):          
Novo Nordisk A/S, Class B   27,478    2,737,803 
         3,721,293 
France (8.4%):          
Consumer Discretionary (4.1%):          
La Francaise des Jeux SAEM (a)   38,978    1,156,066 
LVMH Moet Hennessy Louis Vuitton SE   5,323    3,137,834 
         4,293,900 
Energy (0.7%):          
Gaztransport Et Technigaz SA   6,603    727,960 
           
Industrials (1.2%):          
Safran SA   14,296    1,300,593 
           
Information Technology (1.2%):          
Capgemini SE   7,616    1,219,142 
           
Materials (1.2%):          
Arkema SA   17,492    1,274,606 
           
         8,816,201 
Germany (6.9%):          
Consumer Discretionary (1.0%):          
Volkswagen AG, Preference Shares   8,099    989,484 
           
Financials (1.5%):          
Allianz SE, Registered Shares   10,083    1,588,180 
           
Industrials (1.5%):          
Siemens AG, Registered Shares   16,448    1,607,432 
           
Information Technology (1.7%):          
SAP SE   21,587    1,758,971 

 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments — continued
Victory RS International VIP Series  September 30, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Utilities (1.2%):          
RWE AG   33,212   $1,220,556 
         7,164,623 
Hong Kong (3.1%):          
Financials (1.4%):          
AIA Group Ltd.   177,600    1,478,728 
           
Real Estate (1.7%):          
CK Asset Holdings Ltd.   286,000    1,717,024 
         3,195,752 
Italy (1.0%):          
Utilities (1.0%):          
Snam SpA   262,721    1,061,741 
           
Japan (22.4%):          
Communication Services (2.0%):          
Capcom Co. Ltd.   42,500    1,070,189 
Kakaku.com, Inc.   58,100    984,709 
         2,054,898 
Consumer Discretionary (3.5%):          
Toyota Motor Corp.   203,500    2,660,205 
ZOZO, Inc.   49,100    983,002 
         3,643,207 
Consumer Staples (1.4%):          
Toyo Suisan Kaisha Ltd.   35,700    1,472,407 
           
Financials (2.9%):          
Mitsubishi UFJ Financial Group, Inc.   324,100    1,468,417 
Tokio Marine Holdings, Inc.   85,500    1,519,813 
         2,988,230 
Health Care (2.9%):          
Hoya Corp.   19,100    1,840,704 
Shionogi & Co. Ltd.   24,300    1,173,710 
         3,014,414 
Industrials (5.5%):          
Fuji Electric Co. Ltd.   38,900    1,425,917 
Misumi Group, Inc.   38,200    822,652 
Mitsubishi Heavy Industries Ltd.   35,200    1,170,888 
Nippon Yusen KK (b)   38,100    646,794 
OKUMA Corp.   14,300    491,136 
Sanwa Holdings Corp.   137,700    1,182,824 
         5,740,211 
Information Technology (2.9%):          
Fujitsu Ltd.   11,300    1,239,239 
Oracle Corp.   17,400    922,416 
Ulvac, Inc.   25,600    904,724 
         3,066,379 
Real Estate (0.7%):          
Sumitomo Realty & Development Co. Ltd.   32,200    732,395 
           
Utilities (0.6%):          
Chubu Electric Power Co., Inc.   75,800    681,808 
         23,393,949 
Netherlands (5.4%):          
Communication Services (1.6%):          
Koninklijke KPN NV   619,808    1,677,174 
           
Financials (1.2%):          
ING Groep NV   145,129    1,243,340 

 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments — continued
Victory RS International VIP Series  September 30, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Industrials (1.7%):          
Wolters Kluwer NV   17,991   $1,751,585 
           
Information Technology (0.9%):          
ASM International NV   4,315    966,013 
         5,638,112 
New Zealand (0.5%):          
Health Care (0.5%):          
Fisher & Paykel Healthcare Corp. Ltd. (b)   55,750    577,584 
           
Norway (1.4%):          
Energy (0.5%):          
Aker BP ASA   17,101    491,138 
           
Financials (0.9%):          
SpareBank 1 SMN   97,807    998,590 
         1,489,728 
Spain (1.5%):          
Communication Services (0.0%):(c)          
Telefonica SA   1    3 
           
Financials (1.5%):          
Banco Bilbao Vizcaya Argentaria SA   352,346    1,580,332 
         1,580,335 
Sweden (2.6%):          
Industrials (2.6%):          
Atlas Copco AB, Class B   203,995    1,691,794 
Nibe Industrier AB, Class B   118,863    1,060,834 
         2,752,628 
Switzerland (14.4%):          
Consumer Staples (5.5%):          
Coca-Cola HBC AG   46,697    975,506 
Nestle SA, Registered Shares   44,220    4,783,686 
         5,759,192 
Financials (2.1%):          
Partners Group Holding AG   1,032    830,706 
UBS Group AG   95,879    1,391,291 
         2,221,997 
Health Care (6.8%):          
Novartis AG, Registered Shares   36,343    2,771,243 
Roche Holding AG   13,250    4,314,184 
         7,085,427 
         15,066,616 
United Kingdom (16.5%):          
Consumer Discretionary (0.6%):          
Next PLC   11,944    633,794 
           
Consumer Staples (3.9%):          
Diageo PLC   55,914    2,353,082 
Imperial Brands PLC   84,762    1,742,553 
         4,095,635 
Energy (3.7%):          
BP PLC   266,442    1,272,874 
Shell PLC   103,559    2,568,499 
         3,841,373 
Financials (3.7%):          
Barclays PLC   790,808    1,257,996 

 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments — continued
Victory RS International VIP Series  September 30, 2022
  (Unaudited)

 

Security Description  Shares   Value 
HSBC Holdings PLC   336,768   $1,743,340 
Intermediate Capital Group PLC   27,757    299,361 
Legal & General Group PLC   246,161    587,448 
         3,888,145 
Health Care (0.4%):          
CVS Group PLC   21,504    409,628 
           
Industrials (1.2%):          
Ashtead Group PLC   28,592    1,283,769 
           
Materials (3.0%):          
Croda International PLC   16,511    1,179,014 
Rio Tinto PLC   34,966    1,891,435 
         3,070,449 
         17,222,793 
Total Common Stocks (Cost $107,984,543)        101,260,669 
           
Exchange-Traded Funds (0.2%)          
United States (0.2%):          
iShares MSCI EAFE ETF   3,731    208,973 
           
Total Exchange-Traded Funds (Cost $235,669)        208,973 
           
Collateral for Securities Loaned (1.1%)^          
United States (1.1%):          
BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (d)   25,134    25,134 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (d)   16,917    16,917 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (d)   12,543    12,543 
HSBC U.S. Government Money Market Fund, I Shares, 2.91% (d)   571,078    571,078 
JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (d)   25,043    25,043 
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (d)   68,001    68,001 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (d)   449,683    449,683 
Total Collateral for Securities Loaned (Cost $1,168,399)        1,168,399 
Total Investments (Cost $109,388,611) — 98.2%        102,638,041 
Other assets in excess of liabilities — 1.8%        1,894,887 
NET ASSETS - 100.00%       $104,532,928 

 

^ Purchased with cash collateral from securities on loan.
(a) 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 September 30, 2022, the fair value of these securities was $1,156,066 and amounted to 1.1% of net assets.
(b) All or a portion of this security is on loan.
(c) Amount represents less than 0.05% of net assets.
(d) Rate disclosed is the daily yield on September 30, 2022.

 

ETF—Exchange-Traded Fund
PLC—Public Limited Company

 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments
Victory RS Large Cap Alpha VIP Series September 30, 2022
  (Unaudited)

 

Security Description  Shares   Value 
         
Common Stocks (95.5%)
Communication Services (2.4%):          
Alphabet, Inc., Class A (a)   75,900   $7,259,835 
Meta Platforms, Inc., Class A (a)   77,340    10,493,491 
         17,753,326 
Consumer Discretionary (4.5%):          
Darden Restaurants, Inc.   66,040    8,342,173 
LKQ Corp.   360,320    16,989,088 
Target Corp.   51,120    7,585,697 
         32,916,958 
Consumer Staples (7.1%):          
Keurig Dr Pepper, Inc.   448,380    16,060,972 
Lamb Weston Holdings, Inc.   101,560    7,858,713 
Mondelez International, Inc., Class A   295,470    16,200,620 
U.S. Foods Holding Corp. (a)   457,130    12,086,517 
         52,206,822 
Energy (6.7%):          
Enterprise Products Partners LP   674,220    16,032,951 
Hess Corp.   88,830    9,681,582 
Marathon Oil Corp.   627,510    14,169,176 
Ovintiv, Inc.   193,050    8,880,300 
         48,764,009 
Financials (24.7%):          
Cboe Global Markets, Inc.   203,990    23,942,306 
Comerica, Inc.   402,100    28,589,310 
Fairfax Financial Holdings Ltd.   69,630    31,804,859 
Interactive Brokers Group, Inc.   297,220    18,995,330 
JPMorgan Chase & Co.   105,650    11,040,425 
Markel Corp. (a)   19,360    20,990,499 
State Street Corp.   221,090    13,444,483 
The Progressive Corp.   280,220    32,564,366 
         181,371,578 
Health Care (18.9%):          
AbbVie, Inc.   142,700    19,151,767 
Cigna Corp.   57,270    15,890,707 
Humana, Inc.   46,010    22,323,592 
Johnson & Johnson   83,510    13,642,194 
McKesson Corp.   23,730    8,065,115 
Medtronic PLC   250,340    20,214,955 
Merck & Co., Inc.   230,520    19,852,382 
UnitedHealth Group, Inc.   39,145    19,769,791 
         138,910,503 
Industrials (11.2%):          
Eaton Corp. PLC   62,960    8,396,346 
FedEx Corp.   40,960    6,081,331 
Johnson Controls International PLC   236,110    11,621,334 
L3Harris Technologies, Inc.   42,210    8,772,504 
Leidos Holdings, Inc.   142,540    12,467,974 
PACCAR, Inc.   68,130    5,701,800 
Raytheon Technologies Corp.   104,071    8,519,252 
Sensata Technologies Holding PLC   348,660    12,998,045 
Union Pacific Corp.   37,430    7,292,112 
         81,850,698 

 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments — continued
Victory RS Large Cap Alpha VIP Series September 30, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Information Technology (6.4%):          
Euronet Worldwide, Inc. (a)   96,990   $7,347,962 
Fidelity National Information Services, Inc.   266,440    20,134,871 
FleetCor Technologies, Inc. (a)   51,930    9,148,508 
Global Payments, Inc.   95,790    10,350,110 
         46,981,451 
Materials (3.5%):          
PPG Industries, Inc.   89,410    9,896,793 
Sealed Air Corp.   357,470    15,910,990 
         25,807,783 
Real Estate (3.8%):          
Equity LifeStyle Properties, Inc.   174,560    10,969,350 
Invitation Homes, Inc.   491,450    16,596,267 
         27,565,617 
Utilities (6.3%):          
Constellation Energy Corp.   97,549    8,115,101 
Exelon Corp.   331,920    12,433,723 
Vistra Corp.   1,237,179    25,980,759 
         46,529,583 
Total Common Stocks (Cost $676,258,398)        700,658,328 
Total Investments (Cost $676,258,398) — 95.5%        700,658,328 
Other assets in excess of liabilities — 4.5%        32,731,818 
NET ASSETS - 100.00%       $733,390,146 

 

(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 September 30, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (95.0%)          
Biotechnology (12.1%):          
Agios Pharmaceuticals, Inc. (a)(b)   22,570   $638,280 
Apellis Pharmaceuticals, Inc. (a)(b)   18,670    1,275,161 
BioCryst Pharmaceuticals, Inc. (a)   71,500    900,900 
Chinook Therapeutics, Inc. (a)(b)   30,130    592,356 
Cytokinetics, Inc. (a)(b)   15,970    773,747 
Equillium, Inc. (a)   82,237    182,566 
Fate Therapeutics, Inc. (a)   27,610    618,740 
Halozyme Therapeutics, Inc. (a)   16,560    654,782 
Kezar Life Sciences, Inc. (a)(b)   63,930    550,437 
Krystal Biotech, Inc. (a)   8,700    606,390 
Kura Oncology, Inc. (a)   37,550    512,933 
Mirum Pharmaceuticals, Inc. (a)(b)   19,840    416,838 
Opthea Ltd., ADR (a)(c)   38,140    236,087 
SpringWorks Therapeutics, Inc. (a)(b)   26,780    764,033 
Twist Bioscience Corp. (a)   8,670    305,531 
         9,028,781 
Communication Services (2.6%):          
World Wrestling Entertainment, Inc., Class A (b)   16,730    1,173,944 
ZipRecruiter, Inc. (a)   47,140    777,810 
         1,951,754 
Consumer Discretionary (6.3%):          
Acushnet Holdings Corp. (b)   42,040    1,828,319 
Funko, Inc., Class A (a)(b)   38,940    787,367 
Ollie's Bargain Outlet Holdings, Inc. (a)   17,970    927,252 
Texas Roadhouse, Inc.   4,900    427,574 
Wingstop, Inc.   6,050    758,791 
         4,729,303 
Consumer Staples (6.9%):          
BellRing Brands, Inc. (a)   61,480    1,267,103 
Celsius Holdings, Inc. (a)   7,250    657,430 
e.l.f. Beauty, Inc. (a)   18,730    704,623 
Grocery Outlet Holding Corp. (a)   30,890    1,028,328 
Hostess Brands, Inc. (a)   20,300    471,772 
The Beauty Health Co. (a)(b)   40,690    479,735 
The Simply Good Foods Co. (a)   18,660    596,933 
         5,205,924 
Energy (5.1%):          
Callon Petroleum Co. (a)(b)   12,810    448,478 
Denbury, Inc. (a)   10,430    899,692 
Matador Resources Co.   26,050    1,274,366 
Range Resources Corp.   9,920    250,579 
Ranger Oil Corp.   29,970    942,557 
         3,815,672 
Financials (6.9%):          
Customers Bancorp, Inc. (a)   23,230    684,821 
Focus Financial Partners, Inc., Class A (a)   18,620    586,716 
Kinsale Capital Group, Inc.   3,610    922,066 
PRA Group, Inc. (a)   31,050    1,020,303 
Walker & Dunlop, Inc.   7,290    610,392 
Wintrust Financial Corp.   16,880    1,376,564 
         5,200,862 

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory RS Small Cap Growth Equity VIP Series September 30, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Health Care Equipment & Supplies (6.4%):          
Axonics, Inc. (a)   17,470   $1,230,587 
Inspire Medical Systems, Inc. (a)   8,510    1,509,419 
LivaNova PLC (a)   11,660    591,978 
Shockwave Medical, Inc. (a)   5,260    1,462,648 
         4,794,632 
Health Care Providers & Services (6.8%):          
Acadia Healthcare Co., Inc. (a)   17,210    1,345,478 
HealthEquity, Inc. (a)   26,910    1,807,545 
Option Care Health, Inc. (a)   33,060    1,040,398 
Privia Health Group, Inc. (a)   7,080    241,145 
Surgery Partners, Inc. (a)(b)   28,350    663,390 
         5,097,956 
Health Care Technology (1.5%):          
Evolent Health, Inc., Class A (a)   30,360    1,090,835 
           
Industrials (11.7%):          
AAON, Inc. (b)   16,040    864,235 
AAR Corp. (a)   23,040    825,293 
Applied Industrial Technologies, Inc.   11,650    1,197,387 
Bloom Energy Corp., Class A (a)(b)   35,920    718,041 
Chart Industries, Inc. (a)   7,240    1,334,694 
Clean Harbors, Inc. (a)   4,130    454,217 
Evoqua Water Technologies Corp. (a)   61,000    2,017,270 
Mercury Systems, Inc. (a)   8,360    339,416 
Simpson Manufacturing Co., Inc.   6,960    545,664 
Zurn Elkay Water Solutions Corp.   20,150    493,675 
         8,789,892 
Information Technology (24.2%):          
ACI Worldwide, Inc. (a)   42,750    893,475 
Advanced Energy Industries, Inc. (b)   29,240    2,263,468 
Box, Inc., Class A (a)   39,470    962,673 
Braze, Inc., Class A (a)(b)   18,870    657,242 
CyberArk Software Ltd. (a)   4,720    707,717 
Digi International, Inc. (a)(b)   12,270    424,174 
DigitalOcean Holdings, Inc. (a)(b)   19,610    709,294 
Flywire Corp. (a)   21,510    493,870 
Gitlab, Inc., Class A (a)(b)   11,300    578,786 
Impinj, Inc. (a)(b)   13,350    1,068,400 
Jamf Holding Corp. (a)   15,990    354,338 
Lattice Semiconductor Corp. (a)   5,990    294,768 
MACOM Technology Solutions Holdings, Inc. (a)   45,040    2,332,622 
Marqeta, Inc., Class A (a)   50,360    358,563 
Paya Holdings, Inc. (a)(b)   30,760    187,944 
Paycor HCM, Inc. (a)(b)   23,570    696,729 
Smartsheet, Inc., Class A (a)   17,760    610,234 
Sprout Social, Inc., Class A (a)(b)   25,000    1,517,000 
Telos Corp. (a)(b)   44,260    393,471 
Varonis Systems, Inc. (a)   25,380    673,078 
WNS Holdings Ltd., ADR (a)   23,516    1,924,549 
         18,102,395 
Life Sciences Tools & Services (0.7%):          
CryoPort, Inc. (a)   20,870    508,393 
           
Materials (3.1%):          
Avient Corp.   14,050    425,715 

 

 

 

  

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory RS Small Cap Growth Equity VIP Series September 30, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Silgan Holdings, Inc.   30,970   $1,301,979 
Summit Materials, Inc., Class A (a)   23,470    562,341 
         2,290,035 
Real Estate (0.7%):          
National Storage Affiliates Trust   12,290    511,018 
           
Total Common Stocks (Cost $76,737,957)        71,117,452 
           
Collateral for Securities Loaned (14.6%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (d)   235,965    235,965 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (d)   158,825    158,825 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (d)   117,758    117,758 
HSBC U.S. Government Money Market Fund, I Shares, 2.91% (d)   5,361,469    5,361,469 
JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (d)   235,115    235,115 
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (d)   638,414    638,414 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (d)   4,221,774    4,221,774 
Total Collateral for Securities Loaned (Cost $10,969,320)        10,969,320 
Total Investments (Cost $87,707,277) — 109.6%        82,086,772 
Liabilities in excess of other assets — (9.6)%        (7,188,736)
NET ASSETS - 100.00%       $74,898,036 

 

^ 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 September 30, 2022, illiquid securities were 0.3% of net assets.
(d) Rate disclosed is the daily yield on September 30, 2022.

 

ADR—American Depositary Receipt
PLC—Public Limited Company

 

 

 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments
Victory 500 Index VIP Series September 30, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (99.2%)                
Communication Services (8.1%):          
Activision Blizzard, Inc.   1,922   $142,881 
Alphabet, Inc., Class C (a)   14,014    1,347,446 
Alphabet, Inc., Class A (a)   15,671    1,498,931 
AT&T, Inc.   18,624    285,692 
Charter Communications, Inc., Class A (a)   290    87,972 
Comcast Corp., Class A   11,395    334,215 
Electronic Arts, Inc.   683    79,030 
Endeavor Group Holdings, Inc., Class A (a)   467    9,461 
Fox Corp., Class A   777    23,838 
Fox Corp., Class B   358    10,203 
Liberty Media Corp.-Liberty SiriusXM, Class A (a)   244    9,289 
Liberty Media Corp.-Liberty SiriusXM, Class C (a)   510    19,232 
Live Nation Entertainment, Inc. (a)   373    28,363 
Match Group, Inc. (a)   740    35,335 
Meta Platforms, Inc., Class A (a)   5,901    800,648 
Netflix, Inc. (a)   1,139    268,166 
Omnicom Group, Inc.   530    33,438 
Paramount Global, Class B (b)   1,509    28,731 
Paramount Global, Class A   24    517 
Pinterest, Inc., Class A (a)   1,496    34,857 
ROBLOX Corp., Class A (a)   980    35,123 
Sirius XM Holdings, Inc. (b)   1,730    9,878 
Snap, Inc., Class A (a)   2,697    26,485 
Take-Two Interactive Software, Inc. (a)   401    43,709 
The Trade Desk, Inc., Class A (a)   1,146    68,474 
The Walt Disney Co. (a)   4,760    449,011 
T-Mobile U.S., Inc. (a)   1,442    193,473 
Twitter, Inc. (a)   1,660    72,774 
Verizon Communications, Inc.   10,976    416,759 
Warner Bros Discovery, Inc. (a)   5,717    65,746 
Warner Music Group Corp., Class A   300    6,963 
ZoomInfo Technologies, Inc. (a)   769    32,037 
         6,498,677 
Communications Equipment (0.8%):          
Arista Networks, Inc. (a)   612    69,089 
Cisco Systems, Inc.   10,823    432,920 
Motorola Solutions, Inc.   436    97,651 
Ubiquiti, Inc. (b)   11    3,229 
         602,889 
Consumer Discretionary (11.3%):          
Airbnb, Inc., Class A (a)   983    103,254 
Amazon.com, Inc. (a)   23,165    2,617,645 
AutoZone, Inc. (a)   51    109,238 
Best Buy Co., Inc.   524    33,190 
Booking Holdings, Inc. (a)   105    172,537 
CarMax, Inc. (a)   416    27,464 
Chewy, Inc., Class A (a)(b)   241    7,404 
Chipotle Mexican Grill, Inc. (a)   72    108,199 
D.R. Horton, Inc.   808    54,419 
Darden Restaurants, Inc.   325    41,054 
Dollar General Corp.   589    141,278 
Dollar Tree, Inc. (a)   579    78,802 
Domino's Pizza, Inc.   93    28,849 
DoorDash, Inc., Class A (a)   659    32,588 
DraftKings, Inc. (a)(b)   996    15,080 
eBay, Inc.   1,436    52,859 

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
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Etsy, Inc. (a)   328   $32,843 
Expedia Group, Inc. (a)   393    36,820 
Ford Motor Co.   10,322    115,606 
General Motors Co.   3,809    122,231 
Genuine Parts Co.   362    54,054 
Hilton Worldwide Holdings, Inc.   702    84,675 
Las Vegas Sands Corp. (a)   859    32,230 
Lennar Corp., Class A   653    48,681 
Lennar Corp., Class B   38    2,261 
LKQ Corp.   703    33,147 
Lowe's Cos., Inc.   1,622    304,628 
Lucid Group, Inc. (a)   1,399    19,544 
Marriott International, Inc., Class A   729    102,162 
McDonald's Corp.   1,922    443,482 
MGM Resorts International   853    25,351 
NIKE, Inc., Class B   3,270    271,802 
NVR, Inc. (a)   8    31,897 
O'Reilly Automotive, Inc. (a)   164    115,349 
Pool Corp.   100    31,821 
Rivian Automotive, Inc., Class A (a)(b)   1,321    43,474 
Ross Stores, Inc.   879    74,073 
Starbucks Corp.   2,909    245,112 
Target Corp.   1,203    178,513 
Tesla, Inc. (a)   6,797    1,802,904 
The Home Depot, Inc.   2,676    738,416 
The TJX Cos., Inc.   3,035    188,534 
Tractor Supply Co.   287    53,348 
Ulta Beauty, Inc. (a)   133    53,358 
VF Corp.   963    28,803 
Yum! Brands, Inc.   743    79,011 
         9,017,990 
Consumer Staples (6.9%):          
Albertsons Cos., Inc., Class A (b)   399    9,919 
Altria Group, Inc.   4,707    190,069 
Archer-Daniels-Midland Co.   1,449    116,572 
Brown-Forman Corp., Class B   793    52,790 
Bunge Ltd.   393    32,450 
Campbell Soup Co.   513    24,173 
Church & Dwight Co., Inc.   635    45,364 
Colgate-Palmolive Co.   2,190    153,847 
Conagra Brands, Inc.   1,242    40,526 
Constellation Brands, Inc., Class A   400    91,872 
Costco Wholesale Corp.   1,158    546,889 
General Mills, Inc.   1,560    119,512 
Hormel Foods Corp.   757    34,398 
Kellogg Co.   877    61,092 
Keurig Dr Pepper, Inc.   2,221    79,556 
Kimberly-Clark Corp.   882    99,260 
McCormick & Co., Inc. (b)   653    46,539 
Mondelez International, Inc., Class A   3,582    196,401 
Monster Beverage Corp. (a)   964    83,829 
PepsiCo, Inc.   3,607    588,879 
Philip Morris International, Inc.   4,051    336,274 
Sysco Corp.   1,323    93,549 
The Clorox Co.   322    41,342 
The Coca-Cola Co.   11,188    626,752 
The Estee Lauder Cos., Inc.   604    130,404 
The Hershey Co.   384    84,660 
The J.M. Smucker Co.   270    37,101 
The Kraft Heinz Co.   2,874    95,848 

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
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The Kroger Co.   1,850   $80,938 
The Procter & Gamble Co.   6,245    788,431 
Tyson Foods, Inc., Class A   733    48,327 
Walgreens Boots Alliance, Inc.   1,875    58,875 
Walmart, Inc.   3,689    478,463 
         5,514,901 
Electronic Equipment, Instruments & Components (0.5%):          
Amphenol Corp., Class A   1,538    102,984 
CDW Corp.   353    55,096 
Corning, Inc.   1,988    57,692 
Keysight Technologies, Inc. (a)   463    72,858 
Teledyne Technologies, Inc. (a)   121    40,834 
Trimble, Inc. (a)   647    35,113 
Zebra Technologies Corp. (a)   134    35,109 
         399,686 
Energy (4.9%):          
APA Corp.   845    28,891 
Baker Hughes Co.   2,610    54,706 
Cheniere Energy, Inc.   646    107,178 
Chesapeake Energy Corp.   256    24,118 
Chevron Corp.   5,116    735,016 
ConocoPhillips   3,327    340,485 
Continental Resources, Inc.   357    23,851 
Coterra Energy, Inc.   2,035    53,154 
Devon Energy Corp.   1,694    101,860 
Diamondback Energy, Inc.   442    53,243 
EOG Resources, Inc.   1,530    170,947 
EQT Corp.   910    37,082 
Exxon Mobil Corp.   10,892    950,980 
Halliburton Co.   2,369    58,325 
Hess Corp.   728    79,345 
Kinder Morgan, Inc.   5,123    85,247 
Marathon Oil Corp.   1,770    39,967 
Marathon Petroleum Corp.   1,303    129,427 
Occidental Petroleum Corp.   2,432    149,446 
ONEOK, Inc.   1,156    59,233 
Ovintiv, Inc.   652    29,992 
Phillips 66   1,256    101,384 
Pioneer Natural Resources Co.   605    131,001 
Schlumberger NV   3,697    132,722 
Targa Resources Corp.   580    34,997 
Texas Pacific Land Corp.   20    35,545 
The Williams Cos., Inc.   3,185    91,187 
Valero Energy Corp.   1,030    110,055 
         3,949,384 
Financials (10.9%):          
Aflac, Inc.   1,503    84,469 
American Express Co.   1,957    264,019 
American International Group, Inc.   1,987    94,343 
Ameriprise Financial, Inc.   283    71,302 
Apollo Global Management, Inc.   1,119    52,033 
Arch Capital Group Ltd. (a)   935    42,580 
Ares Management Corp., Class A   355    21,992 
Arthur J. Gallagher & Co.   544    93,144 
Bank of America Corp.   20,987    633,807 
Berkshire Hathaway, Inc., Class B (a)   3,401    908,135 
Berkshire Hathaway, Inc., Class A (a)   1    406,470 
BlackRock, Inc.   388    213,509 

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory 500 Index VIP Series September 30, 2022
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Blackstone, Inc.   1,816   $151,999 
Brown & Brown, Inc.   613    37,074 
Capital One Financial Corp.   993    91,525 
Cincinnati Financial Corp.   408    36,545 
Citigroup, Inc.   5,075    211,475 
Citizens Financial Group, Inc.   1,282    44,049 
CME Group, Inc.   938    166,148 
Coinbase Global, Inc., Class A (a)(b)   397    25,603 
Discover Financial Services   714    64,917 
FactSet Research Systems, Inc.   99    39,611 
Fifth Third Bancorp   1,774    56,697 
First Citizens BancShares, Inc., Class A   30    23,923 
First Republic Bank   469    61,228 
Franklin Resources, Inc. (b)   742    15,968 
Huntington Bancshares, Inc.   3,732    49,188 
Intercontinental Exchange, Inc.   1,445    130,556 
JPMorgan Chase & Co.   7,588    792,946 
KeyCorp   2,435    39,009 
Loews Corp.   522    26,016 
LPL Financial Holdings, Inc.   206    45,007 
M&T Bank Corp.   454    80,049 
Markel Corp. (a)   35    37,948 
Marsh & McLennan Cos., Inc.   1,304    194,674 
MetLife, Inc.   1,751    106,426 
Moody's Corp.   479    116,450 
Morgan Stanley   3,500    276,535 
MSCI, Inc.   204    86,045 
Nasdaq, Inc.   886    50,218 
Northern Trust Corp.   534    45,689 
Principal Financial Group, Inc.   644    46,465 
Prudential Financial, Inc.   972    83,378 
Raymond James Financial, Inc.   508    50,201 
Regions Financial Corp.   2,442    49,011 
Rocket Cos., Inc., Class A   269    1,700 
S&P Global, Inc.   872    266,265 
State Street Corp.   961    58,438 
SVB Financial Group (a)   153    51,374 
Synchrony Financial   1,245    35,097 
T. Rowe Price Group, Inc. (b)   582    61,116 
The Allstate Corp.   699    87,046 
The Bank of New York Mellon Corp.   2,111    81,316 
The Charles Schwab Corp.   4,418    317,522 
The Goldman Sachs Group, Inc.   889    260,521 
The Hartford Financial Services Group, Inc.   844    52,277 
The PNC Financial Services Group, Inc.   1,072    160,178 
The Progressive Corp.   1,529    177,685 
The Travelers Cos., Inc.   620    94,984 
Tradeweb Markets, Inc., Class A   277    15,628 
Truist Financial Corp.   3,467    150,953 
U.S. Bancorp   3,882    156,522 
W.R. Berkley Corp.   548    35,390 
Wells Fargo & Co.   9,913    398,701 
         8,681,089 
Health Care (14.7%):          
Abbott Laboratories   4,531    438,420 
AbbVie, Inc.   4,621    620,184 
Agilent Technologies, Inc.   773    93,958 
Align Technology, Inc. (a)   192    39,765 
Alnylam Pharmaceuticals, Inc. (a)   310    62,050 
AmerisourceBergen Corp.   401    54,267 

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
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Amgen, Inc.   1,398   $315,109 
Avantor, Inc. (a)   1,708    33,477 
Baxter International, Inc.   1,316    70,880 
Becton Dickinson & Co.   745    166,008 
Biogen, Inc. (a)   379    101,193 
BioMarin Pharmaceutical, Inc. (a)   474    40,181 
Bio-Rad Laboratories, Inc., Class A (a)   56    23,360 
Bio-Techne Corp.   101    28,684 
Boston Scientific Corp. (a)   3,704    143,456 
Bristol-Myers Squibb Co.   5,581    396,753 
Cardinal Health, Inc.   705    47,009 
Catalent, Inc. (a)   442    31,983 
Centene Corp. (a)   1,464    113,914 
Cigna Corp.   781    216,704 
CVS Health Corp.   3,430    327,119 
Danaher Corp.   1,711    441,934 
Dexcom, Inc. (a)   1,016    81,829 
Edwards Lifesciences Corp. (a)   1,604    132,538 
Elevance Health, Inc.   627    284,808 
Eli Lilly & Co.   2,061    666,424 
Gilead Sciences, Inc.   3,273    201,911 
HCA Healthcare, Inc.   563    103,474 
Hologic, Inc. (a)   645    41,615 
Horizon Therapeutics PLC (a)   590    36,515 
Humana, Inc.   327    158,657 
IDEXX Laboratories, Inc. (a)   215    70,047 
Illumina, Inc. (a)   411    78,415 
Incyte Corp. (a)   576    38,385 
Insulet Corp. (a)   179    41,063 
Intuitive Surgical, Inc. (a)   924    173,195 
IQVIA Holdings, Inc. (a)   483    87,491 
Johnson & Johnson   6,871    1,122,447 
Laboratory Corp. of America Holdings   236    48,335 
McKesson Corp.   376    127,791 
Merck & Co., Inc.   6,621    570,200 
Mettler-Toledo International, Inc. (a)   58    62,879 
Moderna, Inc. (a)   879    103,942 
Molina Healthcare, Inc. (a)   150    49,476 
PerkinElmer, Inc.   329    39,589 
Pfizer, Inc.   14,668    641,872 
Quest Diagnostics, Inc.   302    37,052 
Regeneron Pharmaceuticals, Inc. (a)   268    184,617 
ResMed, Inc.   379    82,736 
Royalty Pharma PLC, Class A   926    37,207 
Seagen, Inc. (a)   477    65,268 
Stryker Corp.   920    186,337 
The Cooper Cos., Inc.   128    33,779 
Thermo Fisher Scientific, Inc.   1,024    519,363 
UnitedHealth Group, Inc.   2,445    1,234,823 
Veeva Systems, Inc., Class A (a)   363    59,851 
Vertex Pharmaceuticals, Inc. (a)   670    193,992 
Waters Corp. (a)   156    42,047 
West Pharmaceutical Services, Inc.   191    47,001 
Zimmer Biomet Holdings, Inc.   548    57,293 
Zoetis, Inc.   1,224    181,507 
         11,732,179 
Industrials (7.8%):          
3M Co.   1,488    164,424 
AMETEK, Inc.   594    67,366 
Booz Allen Hamilton Holding Corp.   336    31,030 

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory 500 Index VIP Series September 30, 2022
  (Unaudited)

 

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C.H. Robinson Worldwide, Inc.   317   $30,530 
Carlisle Cos., Inc.   133    37,295 
Carrier Global Corp.   2,195    78,054 
Caterpillar, Inc.   1,380    226,430 
Cintas Corp.   225    87,343 
Copart, Inc. (a)   559    59,478 
CoStar Group, Inc. (a)   1,024    71,322 
CSX Corp.   5,593    148,998 
Cummins, Inc.   361    73,467 
Deere & Co.   734    245,075 
Delta Air Lines, Inc. (a)   1,675    47,001 
Dover Corp.   371    43,251 
Eaton Corp. PLC   1,041    138,828 
Emerson Electric Co.   1,530    112,027 
Equifax, Inc.   320    54,858 
Expeditors International of Washington, Inc.   423    37,355 
Fastenal Co.   1,502    69,152 
FedEx Corp.   625    92,794 
Fortive Corp.   920    53,636 
Generac Holdings, Inc. (a)   163    29,037 
General Dynamics Corp.   709    150,429 
General Electric Co.   2,835    175,515 
HEICO Corp.   95    13,678 
HEICO Corp., Class A   191    21,892 
Honeywell International, Inc.   1,761    294,034 
Howmet Aerospace, Inc.   1,075    33,250 
IDEX Corp.   197    39,370 
Illinois Tool Works, Inc.   809    146,146 
Ingersoll Rand, Inc.   1,052    45,510 
J.B. Hunt Transport Services, Inc.   214    33,474 
Jacobs Solutions, Inc.   330    35,802 
Johnson Controls International PLC   1,782    87,710 
L3Harris Technologies, Inc.   500    103,915 
Leidos Holdings, Inc.   335    29,302 
Lockheed Martin Corp.   693    267,699 
Nordson Corp.   136    28,869 
Norfolk Southern Corp.   614    128,725 
Northrop Grumman Corp.   404    190,009 
Old Dominion Freight Line, Inc.   251    62,441 
Otis Worldwide Corp.   1,105    70,499 
PACCAR, Inc.   891    74,568 
Parker-Hannifin Corp.   332    80,447 
Plug Power, Inc. (a)(b)   1,346    28,279 
Quanta Services, Inc.   370    47,134 
Raytheon Technologies Corp.   3,859    315,898 
Republic Services, Inc.   537    73,053 
Rockwell Automation, Inc.   302    64,963 
Rollins, Inc.   618    21,432 
Southwest Airlines Co. (a)   1,550    47,802 
Stanley Black & Decker, Inc.   382    28,730 
Textron, Inc.   547    31,868 
The Boeing Co. (a)   1,552    187,916 
TransDigm Group, Inc.   137    71,900 
TransUnion   503    29,923 
Uber Technologies, Inc. (a)   4,916    130,274 
Union Pacific Corp.   1,632    317,946 
United Parcel Service, Inc., Class B   1,912    308,864 
United Rentals, Inc. (a)   181    48,892 
Verisk Analytics, Inc.   406    69,235 
W.W. Grainger, Inc.   118    57,724 
Waste Management, Inc.   1,037    166,138 

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory 500 Index VIP Series September 30, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Westinghouse Air Brake Technologies Corp.   458   $37,258 
Xylem, Inc.   471    41,147 
         6,238,411 
IT Services (4.1%):          
Akamai Technologies, Inc. (a)   407    32,690 
Automatic Data Processing, Inc.   1,075    243,154 
Block, Inc. (a)   1,366    75,116 
Broadridge Financial Solutions, Inc.   304    43,873 
Cloudflare, Inc., Class A (a)   719    39,768 
Cognizant Technology Solutions Corp., Class A   1,353    77,716 
EPAM Systems, Inc. (a)   144    52,155 
Fidelity National Information Services, Inc.   1,573    118,872 
Fiserv, Inc. (a)   1,571    146,999 
FleetCor Technologies, Inc. (a)   190    33,472 
Gartner, Inc. (a)   186    51,464 
Global Payments, Inc.   728    78,660 
International Business Machines Corp.   2,361    280,510 
Jack Henry & Associates, Inc.   187    34,085 
Mastercard, Inc., Class A   2,230    634,078 
MongoDB, Inc. (a)(b)   172    34,152 
Okta, Inc. (a)   382    21,724 
Paychex, Inc.   837    93,920 
PayPal Holdings, Inc. (a)   2,992    257,522 
Snowflake, Inc., Class A (a)   713    121,182 
SS&C Technologies Holdings, Inc.   580    27,695 
VeriSign, Inc. (a)   277    48,115 
Visa, Inc., Class A   4,273    759,099 
         3,306,021 
Materials (1.9%):          
Air Products and Chemicals, Inc.   568    132,191 
Albemarle Corp.   306    80,919 
Avery Dennison Corp.   208    33,841 
Ball Corp.   813    39,284 
CF Industries Holdings, Inc.   515    49,569 
Corteva, Inc.   1,878    107,328 
Dow, Inc.   1,877    82,457 
DuPont de Nemours, Inc.   1,309    65,974 
Ecolab, Inc.   663    95,750 
FMC Corp.   326    34,458 
Freeport-McMoRan, Inc.   3,697    101,039 
International Flavors & Fragrances, Inc.   666    60,493 
International Paper Co.   936    29,671 
Martin Marietta Materials, Inc.   161    51,856 
Newmont Corp.   2,074    87,170 
Nucor Corp.   676    72,325 
Packaging Corp. of America   238    26,725 
PPG Industries, Inc.   614    67,964 
Southern Copper Corp.   222    9,954 
Steel Dynamics, Inc.   444    31,502 
The Mosaic Co.   902    43,594 
The Sherwin-Williams Co.   623    127,559 
Vulcan Materials Co.   347    54,725 
Westlake Corp.   86    7,472 
         1,493,820 
Real Estate (2.8%):          
Alexandria Real Estate Equities, Inc.   422    59,160 
American Tower Corp.   1,205    258,714 
AvalonBay Communities, Inc.   365    67,229 

 

 

 

  

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory 500 Index VIP Series September 30, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Camden Property Trust   273   $32,610 
CBRE Group, Inc., Class A (a)   831    56,101 
Crown Castle, Inc.   1,120    161,896 
Digital Realty Trust, Inc.   751    74,484 
Duke Realty Corp.   1,006    48,489 
Equinix, Inc.   238    135,384 
Equity LifeStyle Properties, Inc.   458    28,781 
Equity Residential   963    64,733 
Essex Property Trust, Inc.   169    40,937 
Extra Space Storage, Inc.   343    59,240 
Healthpeak Properties, Inc.   1,410    32,317 
Host Hotels & Resorts, Inc.   1,832    29,092 
Invitation Homes, Inc.   1,595    53,863 
Iron Mountain, Inc.   751    33,022 
Kimco Realty Corp.   1,584    29,161 
Mid-America Apartment Communities, Inc.   299    46,366 
Prologis, Inc.   1,916    194,666 
Public Storage   404    118,295 
Realty Income Corp.   1,614    93,935 
SBA Communications Corp.   279    79,417 
Simon Property Group, Inc.   847    76,018 
Sun Communities, Inc.   316    42,764 
UDR, Inc.   841    35,078 
Ventas, Inc.   1,034    41,536 
VICI Properties, Inc.   2,517    75,132 
Welltower, Inc.   1,211    77,892 
Weyerhaeuser Co.   1,934    55,235 
WP Carey, Inc.   499    34,830 
         2,236,377 
Semiconductors & Semiconductor Equipment (4.7%):          
Advanced Micro Devices, Inc. (a)   4,177    264,655 
Analog Devices, Inc.   1,344    187,273 
Applied Materials, Inc.   2,248    184,179 
Broadcom, Inc.   1,036    459,994 
Enphase Energy, Inc. (a)   343    95,172 
Entegris, Inc.   385    31,963 
First Solar, Inc. (a)   259    34,258 
GLOBALFOUNDRIES, Inc. (a)(b)   183    8,848 
Intel Corp.   10,731    276,538 
KLA Corp.   371    112,276 
Lam Research Corp.   354    129,564 
Marvell Technology, Inc.   2,204    94,574 
Microchip Technology, Inc.   1,415    86,357 
Micron Technology, Inc.   2,883    144,438 
Monolithic Power Systems, Inc.   115    41,791 
NVIDIA Corp.   6,248    758,445 
ON Semiconductor Corp. (a)   1,120    69,810 
QUALCOMM, Inc.   2,935    331,596 
Skyworks Solutions, Inc.   419    35,728 
Teradyne, Inc.   410    30,811 
Texas Instruments, Inc.   2,388    369,615 
Wolfspeed, Inc. (a)   318    32,868 
         3,780,753 
Software (9.2%):          
Adobe, Inc. (a)   1,211    333,267 
ANSYS, Inc. (a)   227    50,326 
Aspen Technology, Inc. (a)   171    40,732 
Autodesk, Inc. (a)   564    105,355 
Bill.com Holdings, Inc. (a)(b)   257    34,019 

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory 500 Index VIP Series September 30, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Cadence Design Systems, Inc. (a)   709   $115,872 
Citrix Systems, Inc.   325    33,800 
Crowdstrike Holdings, Inc., Class A (a)   550    90,646 
Datadog, Inc., Class A (a)   663    58,861 
Fortinet, Inc. (a)   1,710    84,012 
HubSpot, Inc. (a)   119    32,144 
Intuit, Inc.   714    276,547 
Microsoft Corp.   19,102    4,448,856 
NortonLifeLock, Inc.   1,719    34,621 
Oracle Corp.   4,016    245,257 
Palantir Technologies, Inc., Class A (a)(b)   4,430    36,016 
Palo Alto Networks, Inc. (a)   766    125,463 
Paycom Software, Inc. (a)   133    43,889 
Paylocity Holding Corp. (a)   104    25,124 
PTC, Inc. (a)   277    28,974 
Roper Technologies, Inc.   277    99,620 
Salesforce, Inc. (a)   2,535    364,634 
ServiceNow, Inc. (a)   523    197,490 
Splunk, Inc. (a)   387    29,102 
Synopsys, Inc. (a)   395    120,677 
Tyler Technologies, Inc. (a)   108    37,530 
Unity Software, Inc. (a)(b)   495    15,771 
VMware, Inc., Class A   585    62,279 
Workday, Inc., Class A (a)   518    78,850 
Zoom Video Communications, Inc., Class A (a)   540    39,739 
Zscaler, Inc. (a)   219    35,997 
         7,325,470 
Technology Hardware, Storage & Peripherals (7.5%):          
Apple, Inc.   42,002    5,804,676 
Dell Technologies, Inc., Class C   656    22,415 
Hewlett Packard Enterprise Co.   3,363    40,289 
HP, Inc.   2,629    65,515 
NetApp, Inc.   567    35,069 
Western Digital Corp. (a)   806    26,235 
         5,994,199 
Utilities (3.1%):          
Alliant Energy Corp.   656    34,761 
Ameren Corp.   668    53,807 
American Electric Power Co., Inc.   1,343    116,102 
American Water Works Co., Inc.   475    61,826 
Atmos Energy Corp.   362    36,870 
Avangrid, Inc.   182    7,589 
CenterPoint Energy, Inc.   1,644    46,328 
CMS Energy Corp.   758    44,146 
Consolidated Edison, Inc.   927    79,499 
Constellation Energy Corp.   845    70,296 
Dominion Energy, Inc.   2,171    150,038 
DTE Energy Co.   501    57,640 
Duke Energy Corp.   2,012    187,156 
Edison International   996    56,354 
Entergy Corp.   531    53,435 
Essential Utilities, Inc.   679    28,097 
Evergy, Inc.   594    35,284 
Eversource Energy   905    70,554 
Exelon Corp.   2,591    97,059 
FirstEnergy Corp.   1,493    55,241 
NextEra Energy, Inc.   5,192    407,105 
PG&E Corp. (a)   4,052    50,650 
PPL Corp.   1,924    48,773 

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory 500 Index VIP Series September 30, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Public Service Enterprise Group, Inc.   1,304   $73,324 
Sempra Energy   820    122,951 
The AES Corp.   1,743    39,392 
The Southern Co.   2,844    193,392 
WEC Energy Group, Inc.   824    73,690 
Xcel Energy, Inc.   1,430    91,520 
         2,442,879 
Total Common Stocks (Cost $28,179,503)        79,214,725 
           
Collateral for Securities Loaned (0.5%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (c)   7,757    7,757 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (c)   5,221    5,221 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (c)   3,871    3,871 
HSBC U.S. Government Money Market Fund, I Shares, 2.91% (c)   176,257    176,257 
JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (c)   7,729    7,729 
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (c)   20,988    20,988 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (c)   138,789    138,789 
Total Collateral for Securities Loaned (Cost $360,612)        360,612 
Total Investments (Cost $28,540,115) — 99.7%        79,575,337 
Other assets in excess of liabilities — 0.3%        237,258 
NET ASSETS - 100.00%       $79,812,595 

 

^ 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) Rate disclosed is the daily yield on September 30, 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  3  12/19/22  $612,965   $540,225   $(72,740)
                      
   Total unrealized appreciation    $– 
   Total unrealized depreciation     (72,740)
   Total net unrealized appreciation (depreciation)    $(72,740)

  

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments
Victory Sophus Emerging Markets VIP Series September 30, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (98.7%)                
Brazil (7.9%):          
Consumer Discretionary (1.7%):          
Grupo SBF SA   27,713   $103,322 
Lojas Renner SA   34,500    178,132 
Vibra Energia SA   42,181    134,897 
         416,351 
Consumer Staples (1.0%):          
Sao Martinho SA   24,200    114,497 
Sendas Distribuidora SA   39,072    127,127 
         241,624 
Energy (1.6%):          
Petroleo Brasileiro SA, ADR   31,672    390,833 
           
Financials (1.1%):          
Itau Unibanco Holding SA, ADR   53,537    276,786 
           
Health Care (0.9%):          
Hypera SA   27,300    223,961 
           
Industrials (0.3%):          
SIMPAR SA   45,972    82,332 
           
Materials (0.7%):          
Dexco SA   16,819    29,155 
Gerdau SA, Preference Shares   32,900    149,071 
         178,226 
Real Estate (0.6%):          
Multiplan Empreendimentos Imobiliarios SA   35,000    156,835 
         1,966,948 
Canada (0.5%):          
Energy (0.5%):          
Parex Resources, Inc.   8,431    123,120 
           
Chile (0.0%):(a)          
Financials (0.0%):          
Banco de Credito e Inversiones SA   1    25 
           
China (28.2%):          
Communication Services (4.5%):          
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A   58,400    142,906 
Baidu, Inc., Class A (b)   15,784    232,367 
Tencent Holdings Ltd.   21,830    737,360 
         1,112,633 
Consumer Discretionary (8.5%):          
Alibaba Group Holding Ltd. (b)   64,148    640,175 
BYD Co. Ltd., Class H   8,500    209,409 
JD.com, Inc., Class A   16,406    413,907 
Meituan, Class B (b)(c)   18,200    382,512 
Pinduoduo, Inc., ADR (b)   5,007    313,338 
Yadea Group Holdings Ltd. (c)   98,000    156,636 
         2,115,977 
Consumer Staples (2.8%):          
Chacha Food Co. Ltd., Class A   26,500    172,282 
Chenguang Biotech Group Co. Ltd., Class A   80,500    178,561 
Inner Mongolia Yili Industrial Group Co. Ltd., Class A   34,100    158,240 
Tongwei Co. Ltd., Class A   27,700    182,417 
         691,500 

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory Sophus Emerging Markets VIP Series September 30, 2022
  (Unaudited)

 

Security Description   Shares    Value 
Energy (1.4%):          
PetroChina Co. Ltd., Class H   830,000   $339,307 
           
Financials (3.5%):          
CITIC Securities Co. Ltd., Class A   45,200    110,658 
Industrial & Commercial Bank of China Ltd., Class H   481,000    225,647 
PICC Property & Casualty Co. Ltd., Class H   332,000    343,327 
Postal Savings Bank of China Co. Ltd., Class H (c)(d)   310,000    182,213 
         861,845 
Health Care (1.7%):          
Hygeia Healthcare Holdings Co. Ltd. (b)(c)   27,000    151,037 
Pharmaron Beijing Co. Ltd., Class H (c)   17,700    85,630 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A   4,400    185,103 
         421,770 
Industrials (1.5%):          
China Railway Group Ltd., Class H   442,000    217,076 
Xinte Energy Co. Ltd., Class H   75,600    159,094 
         376,170 
Information Technology (1.6%):          
Glodon Co. Ltd., Class A   21,700    139,360 
Luxshare Precision Industry Co. Ltd., Class A   42,300    174,502 
WUS Printed Circuit Kunshan Co. Ltd., Class A   68,320    95,561 
         409,423 
Materials (2.0%):          
China Hongqiao Group Ltd.   206,500    169,049 
Shandong Nanshan Aluminum Co. Ltd., Class A   259,000    109,447 
Wanhua Chemical Group Co. Ltd., Class A   16,500    213,458 
         491,954 
Utilities (0.7%):          
China Longyuan Power Group Corp. Ltd., Class H   140,000    174,949 
         6,995,528 
Greece (1.3%):          
Financials (0.6%):          
National Bank of Greece SA (b)   46,204    136,019 
           
Industrials (0.7%):          
Mytilineos SA   12,882    175,910 
         311,929 
Hong Kong (2.8%):          
Consumer Discretionary (0.7%):          
Bosideng International Holdings Ltd.   362,000    178,523 
           
Financials (0.5%):          
BOC Hong Kong Holdings Ltd.   36,500    121,392 
           
Health Care (0.8%):          
CSPC Pharmaceutical Group Ltd.   190,000    188,329 
           
Real Estate (0.8%):          
China Resources Land Ltd.   54,000    211,519 
         699,763 
India (14.5%):          
Communication Services (0.6%):          
Sun TV Network Ltd.   25,080    155,835 
           
Consumer Discretionary (2.5%):          
Mahindra & Mahindra Ltd.   30,719    475,309 
Raymond Ltd.   11,057    138,353 
         613,662 

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory Sophus Emerging Markets VIP Series September 30, 2022
  (Unaudited)

 

Security Description   Shares    Value 
Consumer Staples (1.3%):          
Dabur India Ltd.   20,176   $141,398 
Varun Beverages Ltd.   14,135    180,680 
         322,078 
Financials (4.2%):          
Cholamandalam Investment & Finance Co. Ltd.   35,108    313,746 
ICICI Bank Ltd., ADR   34,552    724,555 
         1,038,301 
Health Care (1.0%):          
Apollo Hospitals Enterprise Ltd.   4,735    253,354 
           
Industrials (1.7%):          
Larsen & Toubro Ltd.   18,347    414,215 
           
Information Technology (2.0%):          
Infosys Ltd., ADR   14,526    246,506 
WNS Holdings Ltd., ADR (b)   3,072    251,413 
         497,919 
Materials (0.5%):          
JK Paper Ltd.   28,973    133,685 
           
Utilities (0.7%):          
Power Grid Corp. of India Ltd.   71,508    185,683 
         3,614,732 
Indonesia (1.9%):          
Consumer Staples (0.5%):          
PT Sumber Alfaria Trijaya Tbk   862,300    135,346 
           
Energy (0.3%):          
PT Adaro Energy Indonesia Tbk   240,100    61,928 
           
Financials (1.1%):          
PT Bank Mandiri Persero Tbk   436,900    268,318 
         465,592 
Korea, Republic Of (12.7%):          
Communication Services (1.7%):          
JYP Entertainment Corp.   5,774    234,598 
KT Corp.   7,553    189,877 
         424,475 
Consumer Discretionary (1.9%):          
Hyundai Mobis Co. Ltd.   979    129,241 
Kia Corp.   3,477    173,069 
Shinsegae, Inc.   1,124    179,617 
         481,927 
Consumer Staples (0.2%):          
BGF retail Co. Ltd.   467    53,738 
           
Financials (2.2%):          
Hana Financial Group, Inc.   8,874    217,916 
Samsung Securities Co. Ltd.   5,809    123,669 
Woori Financial Group, Inc.   26,713    198,256 
         539,841 
Health Care (1.0%):          
InBody Co. Ltd.   3,798    50,752 
Samsung Biologics Co. Ltd. (b)(c)   337    188,656 
         239,408 
Industrials (0.4%):          
CJ Corp.   2,065    99,573 
           
Information Technology (5.3%):          
Innox Advanced Materials Co. Ltd.   5,468    100,366 
Samsung Electro-Mechanics Co. Ltd.   1,522    117,437 

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory Sophus Emerging Markets VIP Series September 30, 2022
  (Unaudited)

 

Security Description   Shares    Value 
Samsung Electronics Co. Ltd.   22,277   $818,052 
SK Hynix, Inc.   4,763    272,464 
         1,308,319 
         3,147,281 
Malaysia (1.5%):          
Financials (1.0%):          
Public Bank Bhd   274,900    250,299 
           
Materials (0.5%):          
Petronas Chemicals Group Bhd   69,500    125,041 
         375,340 
Mexico (2.0%):          
Consumer Discretionary (0.5%):          
Alsea SAB de CV  (b)   68,364    123,213 
           
Financials (1.3%):          
Grupo Financiero Banorte SAB de CV, Class O   52,207    335,304 
           
Industrials (0.2%):          
Grupo Aeroportuario del Pacifico SAB de CV, Class B   3,056    38,634 
         497,151 
Netherlands (0.0%):(a)          
Real Estate (0.0%):          
NEPI Rockcastle NV   1    4 
           
Peru (0.9%):          
Financials (0.9%):          
Credicorp Ltd.   1,898    233,074 
           
Philippines (0.6%):          
Financials (0.6%):          
BDO Unibank, Inc.   81,000    153,476 
           
Qatar (0.9%):          
Industrials (0.9%):          
Industries Qatar QSC   46,096    212,807 
           
Russian Federation (0.0%):(a)          
Consumer Staples (0.0%):          
Magnit PJSC (e)(f)   2,805    42 
           
Energy (0.0%):          
Gazprom PJSC (e)(f)(g)(h)   117,150    4,690 
Rosneft Oil Co. PJSC, GDR (e)(f)(g)(h)   48,095    2,254 
         6,944 
Financials (0.0%):          
Sberbank of Russia PJSC, ADR (b)(e)(f)(g)(h)   31,735    212 
         7,198 
Saudi Arabia (4.9%):          
Financials (2.7%):          
Alinma Bank   31,585    302,212 
The Saudi National Bank   22,530    376,024 
         678,236 
Health Care (0.5%):          
Mouwasat Medical Services Co.   2,560    134,235 
           
Materials (1.7%):          
SABIC Agri-Nutrients Co.   4,785    198,820 

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory Sophus Emerging Markets VIP Series September 30, 2022
  (Unaudited)

 

Security Description   Shares    Value 
Saudi Arabian Mining Co. (b)   11,857   $216,848 
         415,668 
         1,228,139 
South Africa (3.3%):          
Communication Services (0.7%):          
MTN Group Ltd.   24,318    160,527 
           
Consumer Discretionary (0.5%):          
Woolworths Holdings Ltd.   37,396    125,719 
           
Financials (1.6%):          
Absa Group Ltd.   23,174    225,220 
Capitec Bank Holdings Ltd.   2,038    174,689 
         399,909 
Industrials (0.5%):          
The Bidvest Group Ltd.   11,334    122,828 
         808,983 
Taiwan (10.4%):          
Consumer Discretionary (0.5%):          
Fulgent Sun International Holding Co. Ltd.   25,000    124,678 
           
Health Care (0.3%):          
Universal Vision Biotechnology Co. Ltd.   10,200    90,260 
           
Information Technology (8.9%):          
Gold Circuit Electronics Ltd.   75,600    220,000 
Hon Hai Precision Industry Co. Ltd.   81,000    259,388 
Taiwan Semiconductor Manufacturing Co. Ltd.   114,259    1,514,643 
Unimicron Technology Corp.   24,000    87,863 
Wiwynn Corp.   5,000    126,359 
         2,208,253 
Materials (0.7%):          
Formosa Plastics Corp.   61,000    166,051 
         2,589,242 
Thailand (2.5%):          
Energy (0.9%):          
PTT PCL   244,400    219,818 
           
Health Care (0.5%):          
Mega Lifesciences PCL   106,300    129,756 
           
Materials (0.7%):          
Indorama Ventures PCL   161,500    165,735 
           
Real Estate (0.4%):          
AP Thailand PCL   440,200    110,622 
         625,931 
Turkey (0.0%):(a)          
Consumer Discretionary (0.0%):          
Yatas Yatak ve Yorgan Sanayi ve Ticaret A/S   –(i)   1 
           
United Kingdom (1.4%):          
Materials (1.4%):          
Anglo American PLC   6,526    195,904 
Mondi PLC   9,569    146,970 
         342,874 

 

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory Sophus Emerging Markets VIP Series September 30, 2022
  (Unaudited)

 

Security Description   Shares    Value 
United States (0.5%):          
Consumer Discretionary (0.5%):          
Samsonite International SA (b)(c)   53,700   $128,798 
Total Common Stocks (Cost $27,069,673)        24,527,936 
           
Collateral for Securities Loaned (0.5%)^          
United States (0.5%):          
BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (j)   2,681    2,681 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (j)   1,805    1,805 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (j)   1,338    1,338 
HSBC U.S. Government Money Market Fund, I Shares, 2.91% (j)   60,927    60,927 
JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (j)   2,672    2,672 
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (j)   7,255    7,255 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (j)   47,975    47,975 
Total Collateral for Securities Loaned (Cost $124,653)        124,653 
Total Investments (Cost $27,194,326) — 99.2%        24,652,589 
Other assets in excess of liabilities — 0.8%        198,083 
NET ASSETS - 100.00%       $24,850,672 

 

^ 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 September 30, 2022, the fair value of these securities was $1,275,482 and amounted to 5.1% 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 September 30, 2022.
(f) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees.  As of September 30, 2022, illiquid securities were less than 0.05% of net assets.
(g) Restricted security due to trading restrictions. Russian sanctioned entity by the United States Government.
(h) The following table details the acquisition date and cost of the Fund's restricted securities at September 30, 2022.

 

Security Name  Acquisition Date  Cost 
Gazprom PJSC  7/28/2021  $464,042 
Rosneft Oil Co. PJSC, GDR  3/6/2020   298,051 
Sberbank of Russia PJSC, ADR  11/11/2020   416,883 
         

(i) Rounds to less than 1.
(j) Rate disclosed is the daily yield on September 30, 2022.

 

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